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Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2016	Feb. 15, 2017	Jun. 30, 2016
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2016
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	FY
Entity Registrant Name	CONSOLIDATED TOMOKA LAND CO
Entity Central Index Key	0000023795
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		5,718,489
Entity Public Float			$ 263,176,258

Consolidated Balance Sheets - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Property, Plant, and Equipment:
Income Properties, Land, Buildings, and Improvements	$ 274,334,139	$ 268,970,875
Golf Buildings, Improvements, and Equipment	3,528,194	3,432,681
Other Furnishings and Equipment	1,032,911	1,044,139
Construction in Progress	5,267,676	50,610
Total Property, Plant, and Equipment	284,162,920	273,498,305
Less, Accumulated Depreciation and Amortization	(16,552,077)	(16,242,277)
Property, Plant, and Equipment—Net	267,610,843	257,256,028
Land and Development Costs ($-0- and $11,329,574 Related to Consolidated VIE as of December 31, 2016 and December 31, 2015, respectively)	51,955,278	53,406,020
Intangible Lease Assets—Net	34,725,822	20,087,151
Impact Fee and Mitigation Credits	2,322,906	4,554,227
Commercial Loan Investments	23,960,467	38,331,956
Cash and Cash Equivalents	7,779,562	4,060,677
Restricted Cash	9,855,469	14,060,523
Investment Securities		5,703,767
Refundable Income Taxes	943,991	858,471
Other Assets	9,469,088	6,034,824
Total Assets	408,623,426	404,353,644
Liabilities:
Accounts Payable	1,518,105	1,934,417
Accrued and Other Liabilities	8,667,897	8,867,919
Deferred Revenue	1,991,666	14,724,610
Intangible Lease Liabilities - Net	30,518,051	31,979,559
Accrued Stock-Based Compensation	42,092	135,554
Deferred Income Taxes—Net	51,364,572	39,526,406
Long-Term Debt	166,245,201	166,796,853
Total Liabilities	260,347,584	263,965,318
Commitments and Contingencies - See Note 20
Consolidated-Tomoka Land Co. Shareholders' Equity:
Common Stock – 25,000,000 shares authorized; $1 par value, 6,021,564 shares issued and 5,710,238 shares outstanding at December 31, 2016; 6,068,310 shares issued and 5,908,437 shares outstanding at December 31, 2015	5,914,560	5,901,510
Treasury Stock – 311,326 shares at December 31, 2016; 159,873 shares at December 31, 2015	(15,298,306)	(7,866,410)
Additional Paid-In Capital	20,511,388	16,991,257
Retained Earnings	136,892,311	120,444,002
Accumulated Other Comprehensive Income (Loss)	255,889	(688,971)
Total Consolidated-Tomoka Land Co. Shareholders' Equity	148,275,842	134,781,388
Noncontrolling Interest in Consolidated VIE		5,606,938
Total Shareholders’ Equity	148,275,842	140,388,326
Total Liabilities and Shareholders’ Equity	$ 408,623,426	$ 404,353,644

Consolidated Balance Sheets (Parenthetical) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Land and Development Costs	$ 51,955,278	$ 53,406,020
Common Stock, shares authorized	25,000,000
Common Stock, par value	$ 1	$ 1
Common Stock, shares issued	6,021,564	6,068,310
Common Stock, shares outstanding	5,710,238	5,908,437
Treasury Stock, shares held	311,326	159,873
Variable Interest Entity [Member]
Land and Development Costs	$ 0	$ 11,329,574

Consolidated Statements of Operations - USD ($)	3 Months Ended								12 Months Ended
Consolidated Statements of Operations - USD ($)	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Revenues
Total Revenues	$ 27,635,543	$ 12,210,945	$ 12,873,938	$ 18,354,435	$ 19,783,432	$ 8,297,715	$ 7,608,208	$ 7,308,325	$ 71,074,861	$ 42,997,680	$ 36,056,637
Direct Cost of Revenues
Total Direct Cost of Revenues	(13,081,483)	(4,043,639)	(3,828,511)	(4,886,387)	(5,874,273)	(2,721,326)	(2,488,167)	(2,684,332)	(25,840,020)	(13,768,098)	(12,536,870)
General and Administrative Expenses	(1,779,467)	(1,821,827)	(1,899,126)	(4,797,457)	(2,630,176)	(2,778,960)	(1,874,877)	(1,469,766)	(10,297,877)	(8,753,779)	(7,017,236)
Impairment Charges			(1,970,822)	(209,908)				(510,041)	(2,180,730)	(510,041)	(421,040)
Depreciation and Amortization	(2,377,031)	(1,945,460)	(1,805,559)	(2,067,367)	(1,568,277)	(1,417,129)	(1,071,752)	(1,155,739)	(8,195,417)	(5,212,897)	(3,490,485)
Gain on Disposition of Assets	(83,668)	11,479,490	1,362,948		1,735,115	3,763,140	12,749	5,440	12,758,770	5,516,444	1,500
Total Operating Expenses	(17,321,649)	3,668,564	(8,141,070)	(11,961,119)	(8,337,611)	(3,154,275)	(5,422,047)	(5,814,438)	(33,755,274)	(22,728,371)	(23,464,131)
Operating Income	10,313,894	15,879,509	4,732,868	6,393,316	11,445,821	5,143,440	2,186,161	1,493,887	37,319,587	20,269,309	12,592,506
Investment Income (Loss)	31,181	2,531	2,691	(566,384)	(186,864)	170,466	74,818	150,459	(529,981)	208,879	61,736
Interest Expense	(2,052,745)	(2,454,390)	(2,154,437)	(2,091,766)	(2,072,686)	(1,892,145)	(1,888,434)	(1,066,502)	(8,753,338)	(6,919,767)	(2,439,561)
Income Before Income Tax Expense	8,292,330	13,427,650	2,581,122	3,735,166	9,186,271	3,421,761	372,545	577,844	28,036,268	13,558,421	10,214,681
Income Tax Expense	(3,212,127)	(5,281,646)	(1,000,480)	(2,342,601)	(3,547,208)	(1,349,480)	(147,928)	(224,488)	(11,836,854)	(5,269,104)	(3,830,863)
Net Income	5,080,203	8,146,004	1,580,642	1,392,565	5,639,063	2,072,281	224,617	353,356	16,199,414	8,289,317	6,383,818
Less: Net Loss Attributable to Noncontrolling Interest in Consolidated VIE	14,870	15,010	(10,199)	32,153	50,259	7,590			51,834	57,849
Net Income Attributable to Consolidated-Tomoka Land Co.	$ 5,095,073	$ 8,161,014	$ 1,570,443	$ 1,424,718	$ 5,689,322	$ 2,079,871	$ 224,617	$ 353,356	$ 16,251,248	$ 8,347,166	$ 6,383,818
Per Share Information- See Note 10
Basic Net Income Attributable to Consolidated-Tomoka Land Co.	$ 0.91	$ 1.44	$ 0.28	$ 0.25	$ 0.99	$ 0.36	$ 0.04	$ 0.06	$ 2.86	$ 1.44	$ 1.11
Diluted Net Income Attributable to Consolidated-Tomoka Land Co.	$ 0.90	$ 1.44	$ 0.28	$ 0.25	$ 0.98	$ 0.36	$ 0.04	$ 0.06	2.85	1.43	1.10
Dividends Declared and Paid									$ 0.12	$ 0.08	$ 0.07
Income Properties \| Operating Segments
Revenues
Total Revenues	$ 6,608,830	$ 6,021,331	$ 6,033,082	$ 6,429,241	$ 5,614,294	$ 5,034,090	$ 4,132,052	$ 4,260,675	$ 25,092,484	$ 19,041,111	$ 14,969,647
Direct Cost of Revenues
Total Direct Cost of Revenues	(1,393,474)	(1,430,642)	(1,204,040)	(1,176,707)	(1,334,442)	(997,760)	(682,887)	(640,846)	(5,204,863)	(3,655,935)	(1,954,534)
Depreciation and Amortization									(7,872,689)	(4,898,803)	(3,210,028)
Operating Income									19,887,621	15,385,176	13,015,113
Commercial Loan Investments \| Operating Segments
Revenues
Total Revenues	537,728	534,212	635,050	881,245	874,551	546,640	638,710	631,484	2,588,235	2,691,385	2,190,924
Direct Cost of Revenues
Operating Income									2,588,235	2,691,385	2,190,924
Real Estate Operations \| Operating Segments
Revenues
Total Revenues	19,165,183	4,643,646	4,774,620	9,560,898	11,966,554	1,748,398	1,368,141	859,801	38,144,347	15,942,894	13,492,734
Direct Cost of Revenues
Total Direct Cost of Revenues	(10,242,446)	(1,257,183)	(1,124,641)	(2,257,041)	(3,071,335)	(316,613)	(305,853)	(598,723)	(14,881,311)	(4,292,524)	(4,862,289)
Operating Income									23,263,036	11,650,370	8,630,445
Golf Operations \| Operating Segments
Revenues
Total Revenues	1,312,471	1,001,368	1,412,196	1,464,359	1,308,409	949,083	1,448,567	1,537,426	5,190,394	5,243,485	5,125,501
Direct Cost of Revenues
Total Direct Cost of Revenues	(1,432,393)	(1,302,920)	(1,447,176)	(1,404,588)	(1,391,772)	(1,355,469)	(1,456,232)	(1,389,612)	(5,587,077)	(5,593,085)	(5,530,743)
Depreciation and Amortization									(266,074)	(263,335)	(241,134)
Operating Income									(396,683)	(349,600)	(405,242)
Agriculture and Other Income \| Operating Segments
Revenues
Total Revenues	11,331	10,388	18,990	18,692	19,624	19,504	20,738	18,939	59,401	78,805	277,831
Direct Cost of Revenues
Total Direct Cost of Revenues	$ (13,170)	$ (52,894)	$ (52,654)	$ (48,051)	$ (76,724)	$ (51,484)	$ (43,195)	$ (55,151)	(166,769)	(226,554)	(189,304)
Depreciation and Amortization									(56,654)	(50,759)	(39,323)
Operating Income									$ (107,368)	$ (147,749)	$ 88,527

Consolidated Statements of Comprehensive Income - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Statement of Comprehensive Income [Abstract]
Net Income Attributable to Consolidated-Tomoka Land Co.	$ 16,251,248	$ 8,347,166	$ 6,383,818
Other Comprehensive Income
Pension Actuarial Net Gain (Loss) (Net of Tax of $-0-, $-0-, and $147,878, respectively)			(235,462)
Realized Loss (Gain) on Investment Securities Sold (Net of Tax of $222,025, $61,738, and $-0-, respectively)	353,542	(101,451)
Unrealized Gain (Loss) on Investment Securities (Net of Income Tax of $210,652, $414,962, and $44,022, respectively)	335,429	(660,761)	73,241
Cash Flow Hedging Derivative - Interest Rate Swap (Net of Income Tax of $160,701, $-0-, and $-0-, respectively)	255,889
Total Other Comprehensive Income (Loss), Net of Income Tax	944,860	(762,212)	308,703
Total Comprehensive Income	$ 17,196,108	$ 7,584,954	$ 6,692,521

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Statement of Comprehensive Income [Abstract]
Other Comprehensive Income Realized Gain on Investment Securities, tax	$ 222,025	$ 61,738	$ 0
Other Comprehensive Income Unrealized Gain (Loss) on Available-for-Sale Investment Securities, tax	210,652	414,962	44,022
Cash Flow Hedging Derivative - Interest Rate Swap, Net of tax	160,701	0	0
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), Tax	$ 0	$ 0	$ 147,878

Consolidated Statements of Shareholders' Equity - USD ($)	Common Stock [Member]	Treasury Stock [Member]	Additional Paid-In Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Total Consolidated-Tomoka Land Co. Shareholders’ Equity [Member]	Noncontrolling Interest in Consolidated VIE [Member]	Total
Beginning balance at Dec. 31, 2013	$ 5,767,192	$ (453,654)	$ 8,509,976	$ 106,581,305	$ (235,462)	$ 120,169,357		$ 120,169,357
Net Income				6,383,818		6,383,818		6,383,818
Stock Repurchase		(927,912)				(927,912)		(927,912)
Exercise of Stock Options	38,235		1,522,104			1,560,339		1,560,339
Vested Restricted Stock	56,500		630,854			687,354		687,354
Stock Issuance	136		6,106			6,242		6,242
Stock Compensation Expense from Restricted Stock Grants and Equity Classified Stock Options			620,806			620,806		620,806
Cash Dividends ($0.07, $0.08, and $0.12 per share, during the years ended December 31, 2014, 2015, and 2016, respectively)				(404,008)		(404,008)		(404,008)
Other Comprehensive Income, Net of Tax					308,703	308,703		308,703
Ending balance at Dec. 31, 2014	5,862,063	(1,381,566)	11,289,846	112,561,115	73,241	128,404,699		128,404,699
Net Income				8,347,166		8,347,166	$ (57,849)	8,289,317
Contributions from Noncontrolling Interest in Consolidated VIE							5,664,787	5,664,787
Stock Repurchase		(6,484,844)				(6,484,844)		(6,484,844)
Equity Component of Convertible Debt			2,130,002			2,130,002		2,130,002
Exercise of Stock Options	33,455		1,062,405			1,095,860		1,095,860
Vested Restricted Stock	5,348		(25,509)			(20,161)		(20,161)
Stock Issuance	644		34,258			34,902		34,902
Stock Compensation Expense from Restricted Stock Grants and Equity Classified Stock Options			2,500,255			2,500,255		2,500,255
Cash Dividends ($0.07, $0.08, and $0.12 per share, during the years ended December 31, 2014, 2015, and 2016, respectively)				(464,279)		(464,279)		(464,279)
Other Comprehensive Income, Net of Tax					(762,212)	(762,212)		(762,212)
Ending balance at Dec. 31, 2015	5,901,510	(7,866,410)	16,991,257	120,444,002	(688,971)	134,781,388	5,606,938	140,388,326
Net Income				16,251,248		16,251,248	(51,834)	16,199,414
Contributions from Noncontrolling Interest in Consolidated VIE							102,844	102,844
Acquisition of Noncontrolling Interest				879,158		879,158	$ (5,657,948)	(4,778,790)
Stock Repurchase		(7,431,896)				(7,431,896)		(7,431,896)
Exercise of Stock Options	3,350		413,577			416,927		416,927
Vested Restricted Stock	8,884		(205,090)			(196,206)		(196,206)
Stock Issuance	816		39,299			40,115		40,115
Stock Compensation Expense from Restricted Stock Grants and Equity Classified Stock Options			3,272,345			3,272,345		3,272,345
Cash Dividends ($0.07, $0.08, and $0.12 per share, during the years ended December 31, 2014, 2015, and 2016, respectively)				(682,097)		(682,097)		(682,097)
Other Comprehensive Income, Net of Tax					944,860	944,860		944,860
Ending balance at Dec. 31, 2016	$ 5,914,560	$ (15,298,306)	$ 20,511,388	$ 136,892,311	$ 255,889	$ 148,275,842		$ 148,275,842

Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Statement of Stockholders' Equity [Abstract]
Dividends Declared and Paid	$ 0.12	$ 0.08	$ 0.07

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Cash Flow from Operating Activities:
Net Income	$ 16,199,414	$ 8,289,317	$ 6,383,818
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation and Amortization	8,195,417	5,212,897	3,490,485
Amortization of Intangible Liabilities to Income Property Revenue	(2,240,008)	(158,599)
Loan Cost Amortization	828,075	365,860	256,332
Amortization of Discount on Convertible Debt	1,120,859	852,368	0
Amortization of Discount on Investments		(6,555)	(649,658)
Gain on Disposition of Property, Plant, and Equipment and Intangible Assets	(12,758,770)	(5,516,444)
Gain on Disposition of Assets held for sale			(1,500)
Gain on Disposition of Assets held for sale	(12,758,770)	(5,516,444)	(1,500)
Impairment Charges	2,180,730	510,041	421,040
Accretion of Commercial Loan Origination Fees	(164,893)	(74,781)	(20,326)
Amortization of Fees on Acquisition of Commercial Loan Investments	36,382	3,618	29,711
Discount on Commercial Loan Investment Payoff	217,500
Realized Loss (Gain) on Investment Securities	575,567	(163,189)	(4,835)
Impairment Charge on Investment Securities		59,553
Deferred Income Taxes	11,658,864	4,627,019	1,677,814
Non-Cash Compensation	3,178,883	2,186,408	1,271,924
Decrease (Increase) in Assets:
Refundable Income Taxes	(85,520)	(591,191)	(267,280)
Land and Development Costs	422,020	(4,005,182)	563,165
Impact Fees and Mitigation Credits	2,231,321	641,537	885,669
Net Pension Asset			407,670
Other Assets	(4,128,648)	(3,497,262)	(2,110,730)
Increase (Decrease) in Liabilities:
Accounts Payable	(416,312)	1,075,192	(13,106)
Accrued and Other Liabilities	(29,492)	3,373,508	674,700
Deferred Revenue	(12,732,944)	12,006,067	(625,808)
Income Taxes Payable			(1,044,061)
Net Cash Provided By Operating Activities	14,288,445	25,190,182	11,325,024
Cash Flow from Investing Activities:
Acquisition of Property, Plant, and Equipment and Intangible Lease Assets and Liabilities	(42,623,497)	(2,398,915)	(1,959,673)
Acquisition of Property, Plant, and Equipment and Intangible Lease Assets and Liabilities through Business Combinations	(49,926,604)	(76,034,452)	(42,166,499)
Acquisition of Commercial Loan Investments		(15,253,628)	(30,187,748)
Acquisition of Land	(4,778,790)	(5,664,787)
Decrease (Increase) in Restricted Cash	4,205,054	(9,620,425)	(4,073,453)
Proceeds from Sale of Investment Securities	6,252,362	4,751,987	30,476
Proceeds from Sale of Put Options		92,902
Acquisition of Investment Securities		(10,763,038)
Proceeds from Disposition of Property, Plant, and Equipment	49,170,314	23,493,205	3,219,025
Principal Payments Received on Commercial Loan Investments	14,282,500	7,200,909	19,465,000
Net Cash Used In Investing Activities	(23,418,661)	(84,196,242)	(55,672,872)
Cash Flow from Financing Activities:
Proceeds from Long-Term Debt	70,050,000	137,675,000	91,775,000
Payments on Long-Term Debt	(49,050,000)	(70,540,011)	(51,062,021)
Cash Paid for Loan Fees	(400,586)
Cash Proceeds from Exercise of Stock Options	157,197	1,019,837	1,228,118
Contributions from Noncontrolling Interest in Consolidated VIE	102,844
Cash Used to Purchase Common Stock	(7,431,896)	(6,484,844)	(927,912)
Cash from Excess Tax Benefit (Expense) from Vesting of Restricted Stock	299,845	(20,161)	687,354
Cash Paid for Vesting of Restricted Stock	(196,206)
Dividends Paid	(682,097)	(464,279)	(404,008)
Net Cash Provided By Financing Activities	12,849,101	61,185,542	41,296,531
Net Increase in Cash	3,718,885	2,179,482	(3,051,317)
Cash, Beginning of Year	4,060,677	1,881,195	4,932,512
Cash, End of Period	$ 7,779,562	$ 4,060,677	$ 1,881,195

Consolidated Statements of Cash Flows (Parenthetical)	12 Months Ended
Consolidated Statements of Cash Flows (Parenthetical)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($) a
Income Taxes Paid	$ 510,000	$ 1,200,000
Interest paid	6,800,000	4,700,000
Interest capitalized	0	0
Income tax refunds	133,000
Discount on acquisition of noncontrolling interest	4,778,790
Amount of loan issued	171,600,000
Estimated restoration costs		1,700,000
Net realized gain (loss) on investments	576,000
Reduction in the value of accrued stock based Compensation	93,000	$ 314,000
Sold \| Portfolio Sale
Sales price, non-cash transaction amount	51,600,000
6 Acres of Undeveloped Land in Daytona Beach Florida [Member]
Area of a real estate property \| a		6
Acquisition of interest in property		$ 5,700,000
Payment to acquire noncontrolling interest	4,800,000
Discount on acquisition of noncontrolling interest	$ 879,000
4.50% Convertible Senior Notes due 2020 [Member]
Amount of loan issued		$ 75,000,000
Debt Instrument Maturity Year	2020	2020
Equity component of the convertible notes issued		$ 2,100,000
Decrease in long-term debt		3,400,000
Increase in deferred income taxes		$ 1,300,000
BOA Mortgage Note Payable [Member] \| Sold \| Portfolio Sale \| Mortgage Notes Payable [Member]
Sales price, non-cash transaction amount	$ 23,100,000
Decrease in long-term debt, buyer assumption of mortgage loan	23,100,000
Land, Underlying Subsurface Interests [Member]
Percentage of Interest received in the subsurface rights		50.00%
Land, Underlying Subsurface Interests [Member] \| Lee and Hendry County Florida [Member]
Area of a real estate property \| a		1,400
Acquisition of interest in property		$ 68,000
Environmental Reserve, Wetlands Mitigation and Restoration Costs [Member]
Area of a real estate property \| a		148.4
Estimated restoration costs	1,100,000
Payments of restoration costs	$ 935,000

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2016

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2016, 2015, and 2014

NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NATURE OF OPERATIONS

The terms “us,” “we,” “our,” and “the Company” as used in this report refer to Consolidated-Tomoka Land Co. together with our consolidated subsidiaries.

We are a diversified real estate operating company. We own and manage thirty-one commercial real estate properties in ten states in the U.S. As of December 31, 2016, we owned twenty-one single-tenant and ten multi-tenant income-producing properties with approximately 1,700,000 square feet of gross leasable space. We also own and manage a land portfolio of approximately 9,800 acres. As of February 10, 2017, subsequent to the Minto Sale (hereinafter defined), the Company’s land holdings totaled approximately 8,200 acres. As of December 31, 2016, we had three commercial loan investments including one fixed-rate and one variable-rate mezzanine commercial mortgage loan, and a variable-rate B-Note representing a secondary tranche in a commercial mortgage loan. Our golf operations consist of the LPGA International Golf Club, which is managed by a third party. We also lease some of our land for nineteen billboards, have agricultural operations that are managed by a third party, which consists of leasing land for hay and sod production, timber harvesting, and hunting leases, and own and manage Subsurface Interests (hereinafter defined). The results of our agricultural and subsurface leasing operations are included in Agriculture and Other Income and Real Estate Operations, respectively, in our consolidated statements of operations.

PRINCIPLES OF CONSOLIDATION

The consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries, and other entities in which we have a controlling interest. Any real estate entities or properties included in the consolidated financial statements have been consolidated only for the periods that such entities or properties were owned or under control by us. All significant inter-company balances and transactions have been eliminated in the consolidated financial statements. Noncontrolling interests in consolidated pass-through entities are recognized before income taxes.

USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS

The preparation of financial statements in conformity with U.S. generally accepted accounting principles 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. Actual results could differ from those estimates.

Because of the fluctuating market conditions that currently exist in the Florida and national real estate markets, and the volatility and uncertainty in the financial and credit markets, it is possible that the estimates and assumptions, most notably those related to the Company’s investment in income properties and commercial loans, could change materially during the time span associated with the continued volatility of the real estate and financial markets or as a result of a significant dislocation in those markets.

CASH AND CASH EQUIVALENTS

Cash and cash equivalents includes cash on hand, bank demand accounts, and money market accounts having original maturities at acquisition date of 90 days or less. The Company’s bank balances as of December 31, 2016 include certain amounts over the Federal Deposit Insurance Corporation limits.

RESTRICTED CASH

Restricted cash totaled approximately $9.8 million at December 31, 2016 of which approximately $8.2 million of cash is being held in escrow to be reinvested through the like-kind exchange structure into other income properties; approximately $172,000 is being held in a reserve primarily for property taxes and insurance escrows in connection with our financing of two properties acquired in January 2013; approximately $432,000 is being held in three separate escrow accounts related to three separate land transactions of which one closed in December 2013 and two closed in December 2015; approximately $375,000 is being held in escrow for funding of customary tenant improvements pursuant to a lease with 24 Hour Fitness USA, Inc. (“24 Hour Fitness”) at The Grove property located in Winter Park, Florida; and approximately $659,000 is being held in a reserve primarily for certain required tenant improvements for the Lowes in Katy, Texas.

INVESTMENT SECURITIES

In accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 320, Investments – Debt and Equity Securities, the Company’s investments in debt and equity securities (“Investment Securities”) have been determined to be classified as available-for-sale. Available-for-sale securities are carried at fair value in the consolidated balance sheets, with the unrealized gains and losses, net of income tax, reported in other comprehensive income.

Realized gains and losses, and declines in value judged to be other-than-temporary related to equity securities, are included in investment income in the consolidated statements of operations. With respect to debt securities, when the fair value of a debt security classified as available-for-sale is less than its cost, management assesses whether or not: (i) it has the intent to sell the security or (ii) it is more likely than not that the Company will be required to sell the security before its anticipated recovery. If either of these conditions are met, the Company must recognize an other-than-temporary impairment through earnings for the differences between the debt security’s cost basis and its fair value, and such amount is included in investment income in the consolidated statements of operations. There were no other-than-temporary impairments during the years ended December 31, 2016 or 2014, respectively. As of and for the year ended December 31, 2015, an other-than-temporary impairment was deemed to exist on a portion of the Company’s equity securities resulting in an impairment charge of approximately $60,000 which is included as a reduction in investment income in the consolidated statements of operations. The Company completed the disposition of its remaining position in Investment Securities during the year ended December 31, 2016 resulting in a loss of approximately $576,000.

The cost of Investment Securities sold is based on the specific identification method. Interest and dividends on Investment Securities classified as available-for-sale are included in investment income in the consolidated statements of operations.

The fair value of the Company’s available-for-sale equity securities was measured quarterly, on a recurring basis, using Level 1 inputs, or quoted prices for identical, actively traded assets. The fair value of the Company’s available-for-sale debt securities was measured quarterly, on a recurring basis, using Level 2 inputs.

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITY

Interest Rate Swap. During the year ended December 31, 2016, in conjunction with the variable-rate mortgage loan secured by our property located in Raleigh, North Carolina leased to Wells Fargo Bank, NA (“Wells Fargo”), the Company entered into an interest rate swap to fix the interest rate (the “Interest Rate Swap”). The Company accounts for its cash flow hedging derivative in accordance with FASB ASC Topic 815-20, Derivatives and Hedging. Depending upon the hedge’s value at each balance sheet date, the derivative is included in either Other Assets or Accrued and Other Liabilities on the consolidated balance sheet at its fair value. On the date the Interest Rate Swap was entered into, the Company designated the derivative as a hedge of the variability of cash flows to be paid related to the recognized long-term debt liability.

The Company formally documented the relationship between the hedging instrument and the hedged item, as well as its risk-management objective and strategy for undertaking the hedge transaction. At the hedge’s inception, the Company formally assessed whether the derivative that is used in hedging the transaction is highly effective in offsetting changes in cash flows of the hedged item. As the terms of the Interest Rate Swap and the associated debt are identical, the Interest Rate Swap qualifies for the shortcut method, therefore, it is assumed that there is no hedge ineffectiveness throughout the entire term of the Interest Rate Swap.

Changes in fair value of the Interest Rate Swap that are highly effective and designated and qualified as a cash-flow hedge are recorded in other comprehensive income and loss, until earnings are affected by the variability in cash flows of the designated hedged item.

Put Options. There were no derivatives outstanding as of December 31, 2016 or 2015. There were certain derivatives outstanding as of September 30, 2015 which were exercised during the quarter ended December 31, 2015. These derivatives were not designated as hedging instruments and, accordingly, the changes in fair value (i.e. gains or losses) were recorded in the consolidated statements of operations through investment income. The fair value of the Company’s derivatives not designated as hedging instruments are measured quarterly, on a recurring basis, using Level 2 inputs. The Company’s derivatives exercised during the year ended December 31, 2015 were for put options sold related to common stock investments included in the investment securities asset category; see Note 5, “Investment Securities.” The liability for the fair market value of the put options sold was included on the consolidated balance sheet in Accrued and Other Liabilities prior to their execution.

FAIR VALUE OF FINANCIAL INSTRUMENTS

The carrying amounts of the Company’s financial assets and liabilities including cash and cash equivalents, restricted cash, accounts receivable, accounts payable, and accrued and other liabilities at December 31, 2016 and 2015, approximate fair value because of the short maturity of these instruments. The carrying amount of the Company’s investments in variable rate commercial loans approximates fair value at December 31, 2016 and 2015, since the floating rates of the loans reasonably approximate current rates for notes with similar risks and maturities. The carrying amount of the Company’s credit facility approximates current market rates for revolving credit arrangements with similar risks and maturities. The face value of the Company’s fixed rate commercial loan investment, mortgage notes, and convertible debt is measured at fair value based on current market rates for financial instruments with similar risks and maturities, see Note 6, “Fair Value of Financial Instruments.”

FAIR VALUE MEASUREMENTS

The Company’s estimates of fair value of financial and non-financial assets and liabilities based on the framework established in the fair value accounting guidance. The framework specifies a hierarchy of valuation inputs which was established to increase consistency, clarity and comparability in fair value measurements and related disclosures. The guidance describes a fair value hierarchy based upon three levels of inputs that may be used to measure fair value, two of which are considered observable and one that is considered unobservable. The following describes the three levels:

Level 1 – Valuation is based upon quoted prices in active markets for identical assets or liabilities.

Level 2 – Valuation is based upon inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 – Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include option pricing models, discounted cash flow models and similar techniques.

CLASSIFICATION OF COMMERCIAL LOAN INVESTMENTS

Loans held for investment are stated at the principal amount outstanding and include the unamortized deferred loan fees offset by any unaccreted purchase discounts and origination fees, if applicable.

COMMERCIAL LOAN INVESTMENT IMPAIRMENT

The Company’s commercial loans are held for investment. For each loan, the Company evaluates the performance of the collateral property and the financial and operating capabilities of the borrower/guarantor, in part, to assess whether any deterioration in the credit has occurred and for possible impairment of the loan. Impairment would reflect the Company’s determination that it is probable that all amounts due according to the contractual terms of the loan would not be collected. Impairment is measured based on the present value of the expected future cash flows from the loan discounted at the effective rate of the loan or the fair value of the collateral. Upon measurement of impairment, the Company would record an allowance to reduce the carrying value of the loan with a corresponding recognition of loss in the results of operations. Significant exercise of judgment is required in determining impairment, including assumptions regarding the estimate of expected future cash flows, collectability of the loan, the value of the underlying collateral and other provisions including guarantees. The Company has determined that, as of December 31, 2016 and 2015, no allowance for impairment was required.

RECOGNITION OF INTEREST INCOME FROM COMMERCIAL LOAN INVESTMENTS

Interest income on commercial loan investments includes interest payments made by the borrower and the accretion of purchase discounts and loan origination fees, offset by the amortization of loan costs. Interest payments are accrued based on the actual coupon rate and the outstanding principal balance and purchase discounts and loan origination fees are accreted into income using the effective yield method, adjusted for prepayments.

IMPACT FEES AND MITIGATION CREDITS

Impact fees and mitigation credits are stated at historical cost. As these assets are sold, the related revenues and cost basis are reported as revenues from, and direct costs of, real estate operations, respectively, in the consolidated statements of operations.

ACCOUNTS RECEIVABLE

Accounts receivable related to income properties, which are classified in other assets on the consolidated balance sheets, primarily consist of tenant reimbursable expenses. Receivables related to the tenant reimbursable expenses totaled approximately $125,000 and $831,000 as of December 31, 2016 and 2015, respectively.

Accounts receivable related to real estate operations, which are classified in other assets on the consolidated balance sheets, totaled approximately $3.8 million and $1.3 million as of December 31, 2016 and 2015, respectively. The accounts receivable as of December 31, 2016 and 2015 are primarily related to the reimbursement of certain infrastructure costs completed by the Company in conjunction with two land sale transactions that closed during the fourth quarter of 2015 as more fully described in Note 9, “Other Assets.”

Trade accounts receivable primarily consist of receivables related to golf operations, which are classified in other assets on the consolidated balance sheets. Trade accounts receivable related to golf operations, which primarily consist of membership and event receivables, totaled approximately $326,000 and $253,000 as of December 31, 2016 and 2015, respectively.

The collectability of the aforementioned receivables is determined based on a review of specifically identified accounts using judgments. As of December 31, 2016 and 2015, no allowance for doubtful accounts was required.

PURCHASE ACOUNTING FOR ACQUISITIONS OF REAL ESTATE SUBJECT TO A LEASE

In accordance with the FASB guidance on business combinations, the fair value of the real estate acquired with in-place leases is allocated to the acquired tangible assets, consisting of land, building and tenant improvements, and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases, the value of in-place leases, and the value of leasing costs, based in each case on their relative fair values.

The fair value of the tangible assets of an acquired leased property is determined by valuing the property as if it were vacant, and the “as-if-vacant” value is then allocated to land, building and tenant improvements based on the determination of the fair values of these assets.

In allocating the fair value of the identified intangible assets and liabilities of an acquired property, above-market and below-market in-place lease values are recorded as other assets or liabilities based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases, and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining term of the lease, including the probability of renewal periods. The capitalized above-market lease values are amortized as a reduction of rental income over the remaining terms of the respective leases. The capitalized below-market lease values are amortized as an increase to rental income over the initial term unless the Company believes that it is likely that the tenant will renew the option whereby the Company amortizes the value attributable to the renewal over the renewal period.

The aggregate value of other acquired intangible assets, consisting of in-place leases, is measured by the excess of (i) the purchase price paid for a property after adjusting existing in-place leases to market rental rates over (ii) the estimated fair value of the property as-if-vacant, determined as set forth above. The value of in-place leases exclusive of the value of above-market and below-market in-place leases is amortized to expense over the remaining non-cancelable periods of the respective leases. If a lease were to be terminated prior to its stated expiration, all unamortized amounts relating to that lease would be written off. The value of tenant relationships is reviewed on individual transactions to determine if future value was derived from the acquisition.

Prior to October 1, 2016, the Company determined that income property purchases subject to a lease, whether that lease is in-place or originated at the time of acquisition, qualify as a business combination, and acquisition costs are expensed in the period the transaction closes. In January 2017, the FASB issued Accounting Standards Update (“ASU”) 2017-01, Business Combinations which clarified the definition of a business. Pursuant to ASU 2017-01, the acquisition of an income property subject to a lease no longer qualifies as a business combination, but rather determined to be an asset acquisition. The Company early adopted ASU 2017-01 effective October 1, 2016 on a prospective basis. Accordingly, for income property acquisitions during the fourth quarter of 2016, acquisition costs have been capitalized.

LAND AND DEVELOPMENT COSTS

The carrying value of land and development includes the initial acquisition costs of land, improvements thereto, and other costs incidental to the acquisition or development of land. Subsurface Interests (hereinafter defined) and capitalized costs relating to timber and hay operations are also included in land and development costs. These costs are allocated to properties on a relative sales value basis and are charged to costs of sales as specific properties are sold. Due to the nature of the business, land and development costs have been classified as an operating activity on the consolidated statements of cash flows.

SALE OF REAL ESTATE

Gains and losses on sales of real estate are accounted for as required by FASB ASC Topic 976-605-25, Accounting for Sales of Real Estate. The Company recognizes revenue from the sale of real estate at the time the sale is consummated, unless the property is sold on a deferred payment plan and the initial payment does not meet established criteria, or the Company retains some form of continuing involvement in the property. As market information becomes available, real estate cost basis is analyzed and recorded at the lower of cost or market.

PROPERTY, PLANT, AND EQUIPMENT

Property, plant, and equipment are stated at cost, less accumulated depreciation and amortization. Such properties are depreciated on a straight-line basis over their estimated useful lives. Renewals and betterments are capitalized to property accounts. The cost of maintenance and repairs is expensed as incurred. The cost of property retired or otherwise disposed of, and the related accumulated depreciation or amortization, are removed from the accounts, and any resulting gain or loss is recorded in the statement of operations. The amount of depreciation of property, plant, and equipment, exclusive of amortization related to intangible assets, recognized for the years ended December 31, 2016, 2015, and 2014, was approximately $5.5 million, $3.5 million, and $2.7 million respectively. Interest of approximately $11,000 was capitalized to construction in progress during 2014, respectively with no interest capitalized in 2016 or 2015.

The range of estimated useful lives for property, plant, and equipment is as follows:


Golf Buildings and Improvements	10	-	43	Years
Golf Equipment	3	-	10	Years
Income Properties Buildings and Improvements	10	-	55	Years
Other Furnishings and Equipment	3	-	25	Years
Agriculture Equipment	5	-	10	Years

LONG-LIVED ASSETS

The Company follows FASB ASC Topic 360-10, Property, Plant, and Equipment in conducting its impairment analyses. The Company reviews the recoverability of long-lived assets, including land and development costs, real estate held for sale, and property, plant, and equipment, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Examples of situations considered to be triggering events include: a substantial decline in operating cash flows during the period, a current or projected loss from operations, an income property not fully leased or leased at rates that are less than current market rates, and any other quantitative or qualitative events deemed significant by our management. Long-lived assets are evaluated for impairment by using an undiscounted cash flow approach, which considers future estimated capital expenditures. Impairment of long-lived assets is measured at fair value less cost to sell.

INCOME PROPERTY LEASES

The rental of the Company’s income properties are classified as operating leases. The Company recognizes lease income on these properties on a straight-line basis over the term of the lease.

OPERATING LEASE EXPENSE

The Company leases property and equipment, which are classified as operating leases. The Company recognizes lease expense on a straight-line basis over the term of the lease.

GOLF OPERATIONS

The Company operates two 18-hole golf courses, a clubhouse facility, including food and beverage operations, and a fitness center. Revenues from this operation, including greens fees, cart rentals, merchandise, and food and beverage sales, are recognized at the time of sale. Initiation fees and membership dues are recognized over the life of the membership, which is generally twelve months.

OTHER REAL ESTATE INTERESTS

From time to time the Company will release surface or subsurface entry rights upon request of the surface owner. The Company recognizes revenue from the release at the time the transaction is consummated, unless the property is released under a deferred payment plan and the initial payment does not meet the criteria established under FASB ASC Topic 976-605-25, Accounting for Sales of Real Estate, the Company retains some form of continuing involvement in the property, or the transaction does not meet other requirements.

STOCK-BASED COMPENSATION

Prior to 2010, the Company maintained a stock option plan (the “2001 Plan”) pursuant to which 500,000 shares of the Company’s common stock may be issued. The 2001 Plan in place was approved at the April 25, 2001 shareholders’ meeting and expired in April 2011, with no new option shares issued after that date. Under the 2001 Plan, the option exercise price equals the average of the high and low stock market price on the date of grant. The options generally vest over five years and expire after ten years. In connection with the grant of non-qualified options, a stock appreciation right for each share covered by the option may also be granted. The stock appreciation right will entitle the optionee to receive a supplemental payment, which may be paid in whole or in part in cash or in shares of common stock equal to a portion of the spread between the exercise price and the fair market value of the underlying share at the time of exercise. The expenses associated with stock options and stock appreciation rights are recognized over their requisite service period.

Both the Company’s stock options and stock appreciation rights awarded under the 2001 Plan are liability classified awards and are required to be remeasured to fair value at each balance sheet date until the award is settled, as required by applicable provisions of FASB ASC Topic, Share-Based Payments. See Note 18, “Stock-Based Compensation.”

At the Annual Meeting of Shareholders of the Company held on April 28, 2010, the Company’s shareholders approved the Consolidated-Tomoka Land Co. 2010 Equity Incentive Plan (the “2010 Plan”). The 2010 Plan replaced the Company’s 2001 Plan. At the Annual Meeting of Shareholders of the Company held on April 24, 2013, the Company’s shareholders approved an amendment and restatement of the entire 2010 Plan which among other things incorporated claw back provisions and clarified language regarding the shares available subsequent to forfeiture of any awards of restricted shares. At the Annual Meeting of Shareholders of the Company held on April 23, 2014, the Company’s shareholders approved an amendment to the 2010 Plan increasing the number of shares authorized for issuance by 240,000 shares bringing the total number of shares authorized for issuance to 450,000. Awards under the 2010 Plan may be in the form of stock options, stock appreciation rights, restricted shares, restricted share units, performance shares, and performance units. Employees of the Company and its subsidiaries and non-employee directors may be selected by the Compensation Committee to receive awards under the 2010 Plan. The maximum number of shares of which stock awards may be granted under the 2010 Plan is 450,000 shares. No participant may receive awards during any one calendar year representing more than 50,000 shares of common stock. In no event will the number of shares of common stock issued under the plan upon the exercise of incentive stock options exceed 450,000 shares. These limits are subject to adjustments by the Compensation Committee as provided in the 2010 Plan for stock splits, stock dividends, recapitalizations, and other similar transactions or events. The 2010 Plan will terminate on the tenth anniversary of the date that it was adopted by the Board, and no awards will be granted under the plan after that date.

All non-qualified stock option awards and the restricted share awards granted under the 2010 plan were determined to be equity-based awards under FASB ASC Topic, Share-Based Payments.

The Company used the Black-Scholes valuation pricing model to determine the fair value of its non-qualified stock option awards. The determination of the fair value of the awards is affected by the stock price as well as assumptions regarding a number of other variables. These variables include expected stock price volatility over the term of the awards, annual dividends, and a risk-free interest rate assumption.

The Company used a Monte Carlo simulation pricing model to determine the fair value and vesting period of the restricted share awards. The determination of the fair value of market condition-based awards is affected by the stock price as well as assumptions regarding a number of other variables. These variables include expected stock price volatility over the requisite performance term of awards, the performance of the Company’s stock price, annual dividends, and a risk-free interest rate assumption. Compensation cost is recognized regardless of the achievement of the market conditions, provided the requisite service period is met.

INCOME TAXES

The Company uses the asset and liability method to account for income taxes. Deferred income taxes result primarily from the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, see Note 19, “Income Taxes.” In June 2006, the FASB issued additional guidance, which clarifies the accounting for uncertainty in income taxes recognized in a company’s financial statements included in income taxes. The interpretation prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The interpretation also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. In accordance with FASB guidance included in income taxes, the Company has analyzed its various federal and state filing positions and believes that its income tax filing positions and deductions are well documented and supported. Additionally, the Company believes that its accruals for tax liabilities are adequate. Therefore, no reserves for uncertain income tax positions have been recorded pursuant to the FASB guidance.

EARNINGS PER COMMON SHARE

Basic earnings per common share is computed by dividing net income by the weighted average number of shares outstanding. Diluted earnings per common share are based on the assumption of the conversion of stock options using the treasury stock method at average cost for the year, see Note 10, “Common Stock and Earnings Per Share.”

CONCENTRATION OF CREDIT RISK

Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents.

Approximately 33% of the Company’s income property portfolio and all of the land holdings, golf operations, agriculture operations, and Subsurface Interests (hereinafter defined) are in the State of Florida. Uncertainty of the duration of a prolonged real estate and economic downturn could have an adverse impact on the Company’s real estate values.

Due to the continuing diversification of our income property tenant mix and the addition of new revenue sources including the interest income from commercial loan investments, on a revenue basis, none of the Company’s income property tenants individually accounted for more than 10% of consolidated revenues during the years ended December 31, 2016, 2015, or 2014.

RECENTLY ISSUED ACCOUNTING STANDARDS

In May 2014, the FASB issued ASU 2014-09, which amends its guidance on the recognition and reporting of revenue from contracts with customers. The amendments in this update are effective for annual reporting periods beginning after December 15, 2017. The Company is currently evaluating the provisions and has determined that ASU 2014-09 will have little to no impact on the Company’s consolidated financial statements. The Company plans to implement ASU 2014-09 effective January 1, 2018.

In April 2015, the FASB issued ASU 2015-03, related to simplifying the presentation of debt issuance costs. The amendments in this update are effective for annual reporting periods beginning after December 15, 2015. The amendment requires entities to present debt issuance costs related to a recognized debt liability as a direct deduction from the carrying amount of the debt liability, whereas previously, debt issuance costs were presented as a deferred charge in the asset section of the balance sheet. The Company has adopted ASU 2015-03 effective January 1, 2016 on a retrospective basis. The amount of unamortized debt issuance costs to be included as a direct deduction from the carrying amount of the debt liability is approximately $1.7 million as of January 1, 2016.

In January 2016, the FASB issued ASU 2016-01, relating to the recognition and measurement of financial assets and financial liabilities. The amendments in this update are effective for annual reporting periods beginning after December 15, 2017. The Company is currently evaluating the provisions to determine the potential impact, if any, the adoption will have on its consolidated financial statements. The Company plans to implement ASU 2016-01 effective January 1, 2018.

In February 2016, the FASB issued ASU 2016-02, which requires entities to recognize assets and liabilities that arise from financing and operating leases and to classify those finance and operating lease payments in the financing or operating sections, respectively, of the statement of cash flows. The amendments in this update are effective for annual reporting periods beginning after December 15, 2018. The Company is currently evaluating the provisions to determine the potential impact, if any, the adoption will have on its consolidated financial statements. The Company plans to implement ASU 2016-02 effective January 1, 2019.

In March 2016, the FASB issued ASU 2016-09, which amends certain aspects of the stock-based compensation guidance. The amendments in this update are effective for annual reporting periods beginning after December 15, 2016. The Company has evaluated the provisions of ASU 2016-09, noting the provisions are generally expected to have a positive impact on income tax expense in the Company’s consolidated financial statements due to the tax effects of exercised or vested stock awards being treated as discrete items in the reporting period in which they occur. The Company has implemented ASU 2016-09 effective January 1, 2017.

In August 2016, the FASB issued ASU 2016-15, which clarifies the appropriate classification of certain cash receipts and payments in the statement of cash flows. The amendments in this update are effective for annual reporting periods beginning after December 15, 2017. The Company is currently evaluating the provisions to determine the potential impact, if any, the adoption will have on its consolidated statements of cash flows. The Company plans to implement ASU 2016-15 effective January 1, 2018.

In January 2017, the FASB issued ASU 2017-01, which clarified the definition of a business with respect to business combination guidance. Pursuant to ASU 2017-01, the acquisition of an income property subject to a lease no longer qualifies as a business combination, but rather is determined to be an asset acquisition. The Company early adopted ASU 2017-01 effective October 1, 2016 on a prospective basis and determined that acquisitions of income properties in the fourth quarter of 2016 did not qualify as a business combination. Accordingly, for income property acquisitions during the fourth quarter of 2016, acquisition costs have been capitalized.

Income Properties

12 Months Ended

Dec. 31, 2016

Business Combinations [Abstract]

Income Properties

NOTE 2. INCOME PROPERTIES

2016 Activity. During the year ended December 31, 2016, the Company acquired ten income properties, seven single-tenant and three multi-tenant, at an aggregate purchase price of approximately $86.7 million. Based on independent third-party purchase price allocation valuations, of the total acquisition cost, approximately $40.4 million was allocated to land, approximately $27.4 million was allocated to buildings and improvements, approximately $20.0 million was allocated to intangible assets pertaining to the in-place lease value and above-market lease value, and approximately $1.1 million was allocated to intangible liabilities pertaining to the below-market lease value. The weighted average amortization period for the intangible assets and liabilities was approximately 14.3 years at the time of acquisition. Acquisitions consisted of the following:

On February 18, 2016, the Company acquired a 4,685 square-foot building situated on approximately 0.37 acres in Dallas, Texas which was 100% occupied and leased to two tenants, anchored by 7-Eleven, Inc. The purchase price was approximately $2.5 million, and as of the acquisition date, the weighted average remaining term of the leases was approximately 8.2 years.

On August 17, 2016, the Company acquired approximately 1.26 acres in Monterey, California, leased to Bank of America. The 1.26 acres contains a 32,692 square-foot building occupied by the tenant. The purchase price was approximately $8.4 million, and as of the acquisition date, the remaining term of the lease was approximately 4.3 years.

On September 15, 2016, the Company acquired four buildings in a sales-leaseback transaction with Bloomin’ Brands, Inc. (the “Bloomin’ Portfolio”) for a total purchase price of approximately $14.9 million as described below. As of the acquisition date, the remaining lease terms were each approximately 15.0 years:

6,528 square-foot building leased to Carrabba’s Italian Grill located in Austin, Texas;

6,176 square-foot building leased to Outback Steakhouse located in Austin, Texas;

7,216 square-foot building leased to Outback Steakhouse located in Charlottesville, Virginia; and

6,297 square-foot building leased to Outback Steakhouse located in Huntersville, North Carolina.

On September 22, 2016, the Company acquired approximately 0.91 acres in Dallas, Texas, leased to CVS Pharmacy (“CVS”). The 0.91 acres contains a 10,340 square-foot building occupied by the tenant. The purchase price was approximately $14.9 million, and as of the acquisition date, the remaining term of the lease was approximately 25.4 years.

On September 29, 2016, the Company acquired a 116,334 square-foot building situated on approximately 10.64 acres in Raleigh, North Carolina, leased to a subsidiary of At Home Group, Inc. The purchase price was approximately $9.2 million, and as of the acquisition date, the remaining term of the lease was approximately 13.0 years.

On October 14, 2016, the Company acquired a 75,841 square-foot building situated on approximately 5.24 acres in Santa Clara, California for a purchase price of approximately $30.0 million. The two-tenant office building is 100% leased to Centrify Corporation and Adesto Technologies, and as of the acquisition date, the remaining lease terms were approximately 4.0 and 7.0 years, respectively.

On November 30, 2016, the Company acquired a 52,474 square-foot building situated on approximately 1.39 acres in Reno, Nevada for a purchase price of approximately $6.9 million. The retail building is 95% leased to Century Theatres, an affiliate of Cinemark, and as of the acquisition date, the remaining term of the lease was approximately 3.0 years.

Nineteen income properties were disposed of during the year ended December 31, 2016 for an aggregate sales price of approximately $74.3 million as described below:

On April 5, 2016, the Company sold its income property leased to American Signature Furniture located in Daytona Beach, Florida, which had 3.8 years remaining on the lease, for a sales price of approximately $5.2 million. The Company’s gain on the sale was approximately $197,000, or $0.02 per share after tax.

On April 6, 2016, the Company sold its income property leased to an affiliate of CVS, located in Sebring, Florida, which was sub-leased to Advanced Auto Parts and had approximately 3.1 years remaining on the lease, for a sales price of approximately $2.4 million. The Company’s loss on the sale was approximately $210,000, or $0.02 per share after tax, which was charged to earnings as an impairment during the three months ended March 31, 2016.

On April 22, 2016, the Company sold its 15,360 square foot self-developed property leased to Teledyne ODI, located in Daytona Beach, Florida, which had approximately 9.3 years remaining on the lease, for a sales price of approximately $3.0 million. The Company’s gain on the sale was approximately $822,000, or $0.09 per share after tax.

On June 22, 2016, the Company sold its income property leased to Lowe’s located in Lexington, North Carolina, which had 9.6 years remaining on the lease, for a sales price of approximately $9.1 million. The Company’s gain on the sale was approximately $344,000, or $0.04 per share after tax.

On September 16, 2016, the Company sold its portfolio of fourteen single-tenant income properties (the “Portfolio Sale”). The properties include nine properties leased to Bank of America, located primarily in Orange County and also in Los Angeles County, California; two properties leased to Walgreens, located in Boulder, Colorado and Palm Bay, Florida; a property leased to a subsidiary of CVS located in Tallahassee, Florida; a ground lease for a property leased to Chase Bank located in Chicago, Illinois; and a ground lease for a property leased to Buffalo Wild Wings in Phoenix, Arizona. The sales price for the Portfolio Sale was approximately $51.6 million, which included the buyer’s assumption of the Company’s existing $23.1 million mortgage loan secured by the fourteen properties. The Portfolio Sale resulted in a net gain of approximately $11.1 million, or approximately $1.20 per share, after tax, during the third quarter of 2016, with a loss due to additional legal costs of approximately $82,000 recognized in the fourth quarter of 2016 for a final net gain of approximately $11.0 million. The Company’s net gain on the Portfolio Sale of approximately $11.1 million consists of approximately $11.4 million, which is included in gain on disposition of assets, offset by approximately $367,000 of unamortized loan costs on the $23.1 million mortgage loan which were written off and included in interest expense on the consolidated statement of operations.

On September 30, 2016, the Company sold its income property leased to PNC Bank, N.A. located in Altamonte Springs, Florida, which was vacant and had approximately 3.1 years remaining on the lease, for a sales price of approximately $3.0 million. The Company’s loss on the sale was approximately $922,000, or $0.10 per share after tax, of which approximately $942,000 was previously recognized as an impairment charge during the three months ended June 30, 2016, with the difference of approximately $20,000 included in gain on disposition of assets during the three months ended September 30, 2016. The impairment charge of approximately $942,000 is described in Note 8, “Impairment of Long-Lived Assets.”

On April 5, 2016, the Company entered into a 15-year lease with 24 Hour Fitness for the anchor space at The Grove property located in Winter Park, Florida. The lease is for approximately 40,000 square feet, or 36%, of the 112,000 square foot multi-tenant retail center. On July 6, 2016, the Company funded approximately $4.0 million into an escrow account for customary tenant improvements for the build out of the space to be occupied by 24 Hour Fitness. 24 Hour Fitness began drawing funds from escrow in September of 2016, and continued doing so in accordance with the lease as construction progressed. As of December 31, 2016, approximately $3.6 million of construction has been funded from the escrow account, leaving a remaining cash commitment of approximately $375,000. The balance was funded during January of 2017, 24 Hour Fitness completed construction, and the grand opening took place on February 4, 2017.

2015 Activity. During the year ended December 31, 2015, the Company acquired four income properties, two single-tenant, one multi-tenant, and one vacant outparcel adjacent to one of our multi-tenant properties, at an aggregate acquisition cost of approximately $76.5 million, for an aggregate purchase price of approximately $76.4 million. Based on the finalization of independent third-party purchase price allocation valuations completed during 2015, of the total acquisition cost, approximately $17.1 million was allocated to land, approximately $78.9 million was allocated to buildings and improvements, approximately $12.1 million was allocated to intangible assets pertaining to the in-place lease value and above-market lease value, and approximately $31.6 million was allocated to intangible liabilities pertaining to the below-market lease value. The weighted average amortization period for the intangible assets and liabilities was approximately 15.7 years at the time of acquisition. Six income properties were disposed of during the year ended December 31, 2015, for an aggregate sales price of approximately $24.3 million. Aggregate gains on 2015 dispositions were approximately $5.5 million, while impairments on disposals were approximately $510,000.

2014 Activity. During the year ended December 31, 2014, the Company acquired four income properties, two single-tenant and two multi-tenant, at an aggregate acquisition cost of approximately $42.2 million. During the first quarter of 2015 independent third-party purchase price allocation valuations were completed on three of the four income properties acquired during the year ended December 31, 2014. As a result of the valuations, of the total acquisition cost, approximately $17.4 million was allocated to land, approximately $20.5 million was allocated to buildings and improvements, and approximately $4.3 million was allocated to intangible assets and liabilities pertaining to the in-place lease value and the above/below market lease value. The weighted average amortization period for the $4.3 million allocated to intangible assets and liabilities was approximately 9.1 years at the time of acquisition. One income property was disposed of during the year ended December 31, 2014. On November 17, 2014, the Company sold its interest in a 14,560 square-foot building, located in Apopka, Florida for approximately $3.3 million, which was leased to Walgreens.

- Definition

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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+ Details

Commercial Loan Investments

12 Months Ended

Dec. 31, 2016

Receivables [Abstract]

Commercial Loan Investments

NOTE 3. COMMERCIAL LOAN INVESTMENTS

Our investments in commercial loans or similar structured finance investments, such as mezzanine loans or other subordinated debt, have been and are expected to continue to be secured by commercial or residential real estate or the borrower’s pledge of its ownership interest in the entity that owns the real estate. The first mortgage loans we invest in or originate are for commercial real estate located in the United States and its territories, and are current or performing with either a fixed or floating rate. Some of these loans may be syndicated in either a pari-passu or senior/subordinated structure. Commercial first mortgage loans generally provide for a higher recovery rate due to their senior position in the underlying collateral. Commercial mezzanine loans are typically secured by a pledge of the borrower’s equity ownership in the underlying commercial real estate. Unlike a mortgage, a mezzanine loan is not secured by a lien on the property. An investor’s rights in a mezzanine loan are usually governed by an intercreditor agreement that provides holders with the rights to cure defaults and exercise control on certain decisions of any senior debt secured by the same commercial property.

On September 24, 2015, the Company originated a $14.5 million first mortgage loan secured by a hotel in San Juan, Puerto Rico. The loan was to have matured in September 2018 and bore a floating interest rate of 30-day London Interbank Offer Rate (“LIBOR”) plus 900 basis points, of which 700 basis points were payable currently and 200 basis points accrued over the term of the loan. At closing, a loan origination fee of approximately $181,000 was received by the Company and was being accreted ratably into income through the contractual maturity date. On May 26, 2016, this $14.5 million first mortgage loan was repaid at a discount of approximately $218,000. At payoff, the remaining loan origination fee of approximately $145,000, net of loan costs of approximately $32,000, was accreted into income.

During the year ended December 31, 2016, the approximately $9.0 million B-Note secured by a property in Sarasota, Florida and the $10.0 mezzanine loan secured by property in Dallas, Texas were extended by the borrowers, each borrower having exercised one-year extension options thereby extending the maturity dates to June 2017 and September 2017, respectively, with maximum maturity extensions to June 2018 and September 2019, respectively.

As of December 31, 2016, the Company owned three performing commercial loan investments which have an aggregate outstanding principal balance of approximately $24.0 million. These loans are secured by real estate, or the borrower’s equity interest in real estate, located in Dallas, Texas, Sarasota, Florida, and Atlanta, Georgia and have an average remaining maturity of approximately 0.9 years and a weighted average interest rate of 8.9%.

The Company’s commercial loan investment portfolio was comprised of the following at December 31, 2016:


	Date of	Maturity	Original Face		Current Face		Carrying
Description	Investment	Date	Amount		Amount		Value		Coupon Rate
Mezz – Hotel – Atlanta, GA	January 2014	February 2019	$	5,000,000	$	5,000,000	$	5,000,000	12.00%
B-Note – Retail Shopping Center, Sarasota, FL	May 2014	June 2017		8,960,467		8,960,467		8,960,467	30 ‑day LIBOR plus 7.50%
Mezz – Hotel, Dallas, TX	September 2014	September 2017		10,000,000		10,000,000		10,000,000	30 day LIBOR plus 7.25%
Total			$	23,960,467	$	23,960,467	$	23,960,467

The carrying value of the commercial loan investment as of December 31, 2016 consisted of the following:


	Total
Current Face Amount	$	23,960,467
Unamortized Fees		—
Unaccreted Origination Fees		—
Total Commercial Loan Investments	$	23,960,467

The Company’s commercial loan investment portfolio was comprised of the following at December 31, 2015:


	Date of	Maturity	Original Face		Current Face		Carrying
Description	Investment	Date	Amount		Amount		Value		Coupon Rate
Mezz – Hotel – Atlanta, GA	January 2014	February 2019	$	5,000,000	$	5,000,000	$	5,000,000	12.00%
B-Note – Retail Shopping Center, Sarasota, FL	May 2014	June 2016		8,960,467		8,960,467		8,960,467	30 day LIBOR plus 7.50%
Mezz – Hotel, Dallas, TX	September 2014	September 2016		10,000,000		10,000,000		10,000,000	30 day LIBOR plus 7.25%
First Mortgage – Hotel, San Juan, Puerto Rico	September 2015	September 2018		14,500,000		14,500,000		14,371,489	30 day LIBOR plus 9.00%
Total			$	38,460,467	$	38,460,467	$	38,331,956

The carrying value of the commercial loan investment as of December 31, 2015 consisted of the following:


	Total
Current Face Amount	$	38,460,467
Unamortized Fees		36,382
Unaccreted Origination Fees		(164,893)
Total Commercial Loan Investments	$	38,331,956

- Definition

The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.

+ References + Details

Land and Development Costs and Subsurface Interests

12 Months Ended

Dec. 31, 2016

Real Estate [Abstract]

Land and Development Costs and Subsurface Interests

NOTE 4. LAND AND DEVELOPMENT COSTS AND SUBSURFACE INTERESTS

As of December 31, 2016, the Company owned approximately 9,800 acres of land in Daytona Beach, Florida, along six miles of the west and east side of Interstate 95. Presently, the majority of this land is used for agricultural purposes. Approximately 1,100 acres of our land holdings are located on the east side of Interstate 95 and are generally well suited for commercial development. Approximately 8,700 acres of our land holdings are located on the west side of Interstate 95 and the majority of this land is generally well suited for residential development. Included in the western land is approximately 1,100 acres which are located further west of Interstate 95 and a few miles north of Interstate 4 and this land is generally well suited for industrial purposes. As of February 10, 2017, subsequent to the Minto Sale (hereinafter defined), the Company’s land holdings totaled approximately 8,200 acres of which approximately 7,100 acres are located on the west side of Interstate 95.

Land and development costs at December 31, 2016 and 2015, are summarized as follows:


	December 31,
	2016		2015
Land and Development Costs ($-0- and $11,329,574 Related to Consolidated VIE as of December 31, 2016 and 2015, respectively)	$	39,681,558	$	38,736,865
Land, Timber, and Subsurface Interests		12,273,720		14,669,155
Total Land and Development Costs	$	51,955,278	$	53,406,020

Real estate operations revenue consisted of the following for the years ended December 31, 2016, 2015, and 2014, respectively:


	2016		2015		2014
Revenue Description	($000's)		($000's)		($000's)
Land Sales Revenue	$	11,871	$	4,276	$	8,744
Tomoka Town Center - Percentage of Completion Revenue		17,490		8,128		—
Revenue from Reimbursement of Infrastructure Costs		4,500		—		—
Impact Fee and Mitigation Credit Sales		2,220		463		926
Subsurface Revenue		1,802		3,003		3,704
Fill Dirt and Other Revenue		261		73		119
Total Real Estate Operations Revenue	$	38,144	$	15,943	$	13,493

The Tomoka Town Center consists of approximately 235 acres of which approximately 180 acres are developable. Land sales with a gross sales price totaling approximately $21.4 million within the Tomoka Town Center consisted of sales of approximately 99 acres to Tanger, Sam’s Club, and North American Development Group “NADG”) in 2015 and 2016 (the “Tomoka Town Center Sales Agreements”). The remaining developable acreage of approximately 82 acres is currently under contract with NADG as described in the land pipeline in Note 20, “Commitment and Contingencies.” The Company performed certain infrastructure work, beginning in the fourth quarter of 2015 through its completion in the fourth quarter of 2016, which required the sales price on the Tomoka Town Center Sales Agreements to be recognized on the percentage-of-completion basis. All revenue related to the Tomoka Town Center Sales Agreements has been recognized as of December 31, 2016. The timing of the reimbursements of the remaining infrastructure worth approximately $3.8 million is more fully described in Note 9, “Other Assets.”

Land Sales. During the year ended December 31, 2016, a total of approximately 707.7 acres were sold for approximately $13.8 million as described below:


					Gross Sales				Gain
			Date of	No. of	Price (1)		Price		on Sale
	Buyer (or Description)	Location	Sale	Acres	($000's)		per Acre		($000's)
1	Commercial / Retail	East of I-95	02/12/16	3.1	$	190	$	61,000	$	145
2	NADG - OutParcel	East of I-95	03/30/16	4.4		2,000		455,000		1,304
3	Minto Sales Center	West of I-95	09/27/16	4.5		205		46,000		126
4	Commercial / Retail	West of I-95	10/13/16	17.1		3,034		177,000		2,675
5	Commercial / Retail	East of I-95	12/22/16	74.6		830		11,000		751
6	ICI Homes	West of I-95	12/29/16	604.0		7,500		12,000		3,303
				707.7	$	13,759	$	19,000	$	8,304

⁽¹⁾

Land Sales Revenue for 2016 is equal to the Gross Sales Price of land sales during 2016 of $13,759, less the $2.0 million sales price for the NADG – OutParcel, plus approximately $112,000 of incentives earned and received during 2016 related to the Distribution Center sale which closed during 2014.

During the year ended December 31, 2015, a total of approximately 114.1 acres were sold for approximately $22.5 million as described below:


					Gross Sales				Gain
			Date of	No. of	Price (1)		Price		on Sale
	Buyer (or Description)	Location	Sale	Acres	($000's)		per Acre		($000's)
1	Commercial / Retail	East of I-95	06/01/15	3.0	$	505	$	168,000	$	476
2	Commercial / Retail	Highlands County	06/17/15	0.9		250		278,000		223
3	Tanger	East of I-95	11/12/15	38.9		9,700		249,000		2,793
4	Integra Land Company	East of I-95	12/18/15	15.0		2,376		158,000		2,265
5	Sam's Club	East of I-95	12/23/15	18.1		4,500		249,000		1,279
6	NADG - First Parcel	East of I-95	12/29/15	37.3		5,168		139,000		1,421
7	Commercial / Retail	East of I-95	12/29/15	0.9		30		33,000		20
				114.1	$	22,529	$	197,000	$	8,477

⁽¹⁾

Land Sales Revenue for 2015 is equal to the Gross Sales Price of land sales during 2015 of $22,529, less the aggregate $19.4 million sales price for the Tomoka Town Center Sales (Tanger, Sam’s Club, and NADG – First Parcel), plus approximately $1.03 million of incentives received and earned during 2015 related to the Distribution Center sale which closed during 2014, plus approximately $87,000 of percentage-of-completion revenue earned during 2015 for the Distribution Center Sale which closed during 2014.

During the year ended December 31, 2014, a total of 99.7 acres were sold for approximately $8.8 million as described below:


					Gross Sales				Gain
			Date of	No. of	Price (1)		Price		on Sale
	Buyer (or Description)	Location	Sale	Acres	($000's)		per Acre		($000's)
1	Halifax Humane Society, Inc.	West of I-95	02/18/14	3.1	$	392	$	126,000	$	347
2	Distribution Center	East of I-95	08/15/14	75.6		7,790		103,000		3,903
3	Victor Indigo Lakes, L.L.C.	East of I-95	10/30/14	21.0		625		30,000		552
				99.7	$	8,807	$	88,000	$	4,802

⁽¹⁾

Land Sales Revenue for 2014 is equal to the Gross Sales Price of land sales during 2014 of $8,807, less approximately $87,000 of percentage-of-completion revenue recognized during 2015 for the Distribution Center Sale which closed during 2014, plus approximately $25,000 for the sale of a ditch parcel.

Land Impairments. As more fully described in Note 8, “Impairment of Long-Lived Assets,” during the year ended December 31, 2016, impairment charges totaled approximately $1.0 million on our undeveloped land holdings. Two of the ten executed purchase and sale agreements as described in Note 20, “Commitments and Contingencies,” include approximately eight acres of land that have a higher cost basis than the remainder of the Company’s historic land holdings as these acres were repurchased by the Company in previous years from the prior purchasers thereof (the “Repurchased Land”). In connection with those two contracts, the Company recognized impairment charges of approximately $717,000 and $311,000, respectively, in the second quarter of 2016. The total impairment charges represent the anticipated losses on the sales plus estimated closing costs. As of December 31, 2016, the land upon which the impairments were charged is still under contract to be sold. During the years ended December 31, 2015 and 2014, the Company did not recognize any impairments of its land holdings.

Beachfront Venture. During the year ended December 31, 2015, the Company acquired, through a real estate venture with an unaffiliated third party institutional investor, an interest in approximately six acres of vacant beachfront property located in Daytona Beach, Florida. The property was acquired for approximately $11.3 million of which the Company contributed approximately $5.7 million. As of December 31, 2015, the real estate venture was fully consolidated as the Company determined that it was the primary beneficiary of the variable interest entity. On November 17, 2016, the Company acquired the unaffiliated third party’s interest for approximately $4.8 million, a discount of approximately $879,000. The discount was recorded through equity on the consolidated balance sheet during the quarter and year ended December 31, 2016. The Company evaluated its interest in the six-acre vacant beachfront property for impairment and determined that no impairment was necessary as of December 31, 2016. As the Company owns the entire real estate venture as of December 31, 2016, there is no longer a consolidated VIE. The six acre vacant beachfront property asset totaled approximately $11.7 million as of December 31, 2016 which includes the additional land basis related to entitlement costs. The beachfront property received approval of the rezoning and entitlement of the site for up to approximately 1.2 million square feet of density. The Company is in negotiations with two prospective tenants, Cocina 214 Mexican Restaurant & Bar and LandShark Bar & Grill, to lease the two restaurants the Company intends to develop on the parcel. The zoning and entitlements received allow for the restaurant development and a larger scale vertical development should market conditions permit.

Other Real Estate Assets. The Company owns impact fees of approximately $925,000 and mitigation credits of approximately $1.4 million for a combined total of approximately $2.3 million as of December 31, 2016. As of December 31, 2015, the Company owned impact fees of approximately $3.1 million and mitigation credits of approximately $1.4 million for a combined total of approximately $4.5 million. During the years ended December 31, 2016 and 2015, the Company received cash payments of approximately $2.2 million and $463,000, respectively, for impact fees with a cost basis that was generally of equal value.

Subsurface Interests. The Company owns full or fractional subsurface oil, gas, and mineral interests underlying approximately 500,000 “surface” acres of land owned by others in 20 counties in Florida (the “Subsurface Interests”). The Company leases the Subsurface Interests to mineral exploration firms for exploration. Our subsurface operations consist of revenue from the leasing of exploration rights and in some instances additional revenues from royalties applicable to production from the leased acreage.

During November 2015, the Company hired Lantana Advisors, a subsidiary of SunTrust, to evaluate the possible sale of the Subsurface Interests. On April 13, 2016, the Company entered into a purchase and sale agreement with an affiliate of Land Venture Partners, LLC (“LVP”) for the sale of the Subsurface Interests, including the royalty interests in two operating oil wells in Lee County, Florida and its interests in the oil exploration lease with Kerogen Florida Energy Company LP, for a sales price of approximately $24 million (the “Subsurface Sale”). The Subsurface Sale was terminated on November 8, 2016. The Company and LVP, amongst other things, were unable to reach a resolution on issues pertaining to the acceptability of title for a portion of the total acres in the Subsurface Interests.

During 2011, an eight-year oil exploration lease was executed. The lease calls for annual lease payments which are recognized as revenue ratably over the respective twelve-month lease periods. In addition, non-refundable drilling penalty payments are made as required by the drilling requirements in the lease which are recognized as revenue when received. Cash payments for both the annual lease payment and the drilling penalty, if applicable, are received in full on or before the first day of the respective lease year.

Lease payments on the respective acreages and drilling penalties received through lease year six are as follows:


	Acreage
Lease Year	(Approximate)	Florida County	Lease Payment (1)		Drilling Penalty (1)
Lease Year 1 - 9/23/2011 - 9/22/2012	136,000	Lee and Hendry	$	913,657	$	—
Lease Year 2 - 9/23/2012 - 9/22/2013	136,000	Lee and Hendry		922,114		—
Lease Year 3 - 9/23/2013 - 9/22/2014	82,000	Hendry		3,293,000		1,000,000
Lease Year 4 - 9/23/2014 - 9/22/2015	42,000	Hendry		1,866,146		600,000
Lease Year 5 - 9/23/2015 - 9/22/2016	25,000	Hendry		1,218,838		175,000
Lease Year 6 - 9/23/2016 - 9/22/2017	15,000	Hendry		806,683		150,000
Total Payments Received to Date			$	9,020,438	$	1,925,000

⁽¹⁾

Cash payment for the Lease Payment and Drilling Penalty is received on or before the first day of the lease year. The Drilling Penalty is recorded as revenue when received, while the Lease Payment is recognized on a straight-line basis over the respective lease term. See separate disclosure of the revenue per year below.

The terms of the lease state the Company will receive royalty payments if production occurs, and may receive additional annual rental payments if the lease is continued in years seven and eight. The lease is effectively eight one-year terms as the lessee has the option to terminate the lease annually or modify the acres subject to the lease.

Lease income generated by the annual lease payments is recognized on a straight-line basis over the guaranteed lease term. For the years December 31, 2016, 2015, and 2014, lease income of approximately $1.1 million, $1.7 million, and $2.9 million was recognized, respectively. There can be no assurance that the oil exploration lease will be extended beyond the expiration of the current term of September 22, 2017 or, if renewed, on similar terms or conditions.

During the years ended December 31, 2016, 2015, and 2014, the Company also received oil royalties from operating oil wells on 800 acres under a separate lease with a separate operator. Production volume from these oil wells was 50,441 barrels in 2016, 62,745 barrels in 2015, and 64,835 barrels in 2014, resulting in revenues received from oil royalties of approximately $50,000, $68,000 and $198,000, respectively.

The Company is not prohibited from the disposition of any or all of its Subsurface Interests. Should the Company complete a transaction to sell all or a portion of its Subsurface Interests, the Company may utilize the like-kind exchange structure in acquiring one or more replacement investments such as income-producing properties. The Company may release surface entry rights or other rights upon request of a surface owner for a negotiated release fee based on a percentage of the surface value. Cash payments for the release of surface entry rights totaled approximately $493,000, $995,000, and $4,000 during the years ended December 31, 2016, 2015, and 2014, respectively, which is included in revenue from real estate operations. During the fourth quarter of 2015, in conjunction with the release of the Company’s surface entry rights related to approximately 1,400 acres in Lee County, Florida, for a cash payment of approximately $920,000, the Company also received the 50% interest in the subsurface rights of those acres, which the Company did not previously own, for a fair value of approximately $68,000, which is also included in revenue from real estate operations.

In addition, the Company generated revenue of approximately $250,000, $73,000, and $119,000 during the years ended December 31, 2016, 2015, and 2014, respectively, from fill dirt excavation agreements.

Investment Securities

12 Months Ended

Dec. 31, 2016

Investments, Debt and Equity Securities [Abstract]

Investment Securities

NOTE 5. INVESTMENT SECURITIES

During the year ended December 31, 2016, the Company completed the disposition of its remaining position in investment securities, including common stock and debt securities of a publicly traded real estate company, with a total basis of approximately $6.8 million, resulting in net proceeds of approximately $6.3 million, or a loss of approximately $576,000.

Available-for-Sale securities consisted of the following as of December 31, 2015, with no such investments remaining as of December 31, 2016:


	As of December 31, 2015
			Gains in		Losses in
			Accumulated		Accumulated		Estimated
			Other		Other		Fair Value
			Comprehensive		Comprehensive		(Level 1 and 2
	Cost (1)		Income		Income		(Inputs)
Debt Securities (Level 2)	$	843,951	$	—	$	(41,451)	$	802,500
Total Debt Securities		843,951		—		(41,451)		802,500
Common Stock (Level 1)		5,981,464		—		(1,080,197)		4,901,267
Total Equity Securities		5,981,464		—		(1,080,197)		4,901,267
Total Available-for-Sale Securities	$	6,825,415	$	—	$	(1,121,648)	$	5,703,767

⁽¹⁾

The cost basis in the common stock investment is net of an other-than-temporary impairment charge of approximately $60,000 charged to earnings through investment income in the consolidated statements of operations.

The total unrealized loss of approximately $1.1 million during the year ended December 31, 2015, net of income tax of approximately $415,000, is included in other comprehensive income.

The following is a table reflecting the gains and losses recognized on the sale of investment securities during the years ended December 31, 2016, 2015, and 2014:

, 2015
	For the Year Ended December 31,
	2016		2015		2014
Proceeds from the Disposition of Debt Securities	$	827,738	$	2,084,994	$	—
Cost Basis of Debt Securities Sold		(843,951)		(1,930,080)		—
Loss recognized in Statement of Operations on the Disposition of Debt Securities		(16,213)		154,914		—
Proceeds from the Disposition of Equity Securities		5,424,624		2,574,091		30,476
Cost Basis of Equity Securities Sold		(5,983,978)		(2,565,816)		(25,641)
Gain (Loss) recognized in Statement of Operations on the Disposition of Equity Securities	$	(559,354)	$	8,275	$	4,835
Total Gain (Loss) recognized in Statement of Operations on the Disposition of Debt and Equity Securities	$	(575,567)	$	163,189	$	4,835

- Definition

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

+ References + Details

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2016

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

NOTE 6. FAIR VALUE OF FINANCIAL INSTRUMENTS

The following table presents the carrying value and estimated fair value of the Company’s financial instruments not carried at fair value on the consolidated balance sheets at December 31, 2016 and 2015:


	December 31, 2016				December 31, 2015
	Carrying		Estimated		Carrying		Estimated
	Value		Fair Value		Value		Fair Value
Cash and Cash Equivalents - Level 1	$	7,779,562	$	7,779,562	$	4,060,677	$	4,060,677
Restricted Cash - Level 1		9,855,469		9,855,469		14,060,523		14,060,523
Commercial Loan Investments - Level 2		23,960,467		24,228,242		38,331,956		38,460,467
Long-Term Debt - Level 2		166,245,201		171,111,337		166,796,853		172,572,305

To determine estimated fair values of the financial instruments listed above, market rates of interest, which include credit assumptions, were used to discount contractual cash flows. The estimated fair values are not necessarily indicative of the amount the Company could realize on disposition of the financial instruments. The use of different market assumptions or estimation methodologies could have a material effect on the estimated fair value amounts.

The following table presents the fair value of assets measured on a recurring basis by Level at December 31, 2016:


			Fair Value at Reporting Date Using
			Quoted Prices in				Significant
			Active Markets		Significant Other		Unobservable
			for Identical		Observable Inputs		Inputs
	12/31/2016		Assets (Level 1)		(Level 2)		(Level 3)

Cash Flow Hedge - Interest Rate Swap	$	416,590	$	—	$	416,590	$	—
Total	$	416,590	$	—	$	416,590	$	—

At December 31, 2016, approximately eight acres of undeveloped land under contract for sale as of December 31, 2016 were measured on a non-recurring basis using Level 3 inputs in the fair value hierarchy, which resulted in aggregate impairment charge of approximately $1.0 million as further described in Note 8, “Impairment of Long-Lived Assets.” The following table presents the fair value of those assets measured on a non-recurring basis by Level as of December 31, 2016:


			Fair Value at Reporting Date Using
			Quoted Prices in				Significant
			Active Markets		Significant Other		Unobservable
			for Identical		Observable Inputs		Inputs
	12/31/2016		Assets (Level 1)		(Level 2)		(Level 3)

Land Parcel - 3.6 Repurchased Acres	$	1,398,374	$	—	$	—	$	1,398,374
Land Parcel - 4.5 Repurchased Acres		1,119,410		—		—		1,119,410
Total	$	2,517,784	$	—	$	—	$	2,517,784

The following table presents the fair value of assets measured on a recurring basis by Level at December 31, 2015:


			Fair Value at Reporting Date Using
			Quoted Prices in				Significant
			Active Markets		Significant Other		Unobservable
			for Identical		Observable Inputs		Inputs
	12/31/2015		Assets (Level 1)		(Level 2)		(Level 3)
Available-for-Sale Securities
Available-for-Sale Debt Securities	$	802,500	$	—	$	802,500	$	—
Available-for-Sale Equity Securities		4,901,267		4,901,267		—		—
Total Available-for-Sale Securities		5,703,767		4,901,267		802,500		—
Total	$	5,703,767	$	4,901,267	$	802,500	$	—

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Intangible Lease Assets and Liabilities

12 Months Ended

Dec. 31, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Lease Assets and Liabilities

NOTE 7. INTANGIBLE ASSETS AND LIABILITIES

Intangible assets and liabilities consist of the value of above-market and below-market leases, the value of in-places, and the value of leasing costs, based in each case on their fair values.

Intangible assets and liabilities consisted of the following as of December 31, 2016 and 2015:


	As of
	December 31, 2016		December 31, 2015
Intangible Lease Assets:
Value of In-Place Leases	$	30,978,776	$	19,588,642
Value of Above Market In-Place Leases		2,905,624		1,469,143
Value of Intangible Leasing Costs		7,010,192		3,835,158
Sub-total Intangible Lease Assets		40,894,592		24,892,943
Accumulated Amortization		(6,168,770)		(4,805,792)
Sub-total Intangible Lease Assets—Net		34,725,822		20,087,151
Intangible Lease Liabilities (included in accrued and other liabilities):
Value of Below Market In-Place Leases		(33,370,217)		(32,315,741)
Sub-total Intangible Lease Liabilities		(33,370,217)		(32,315,741)
Accumulated Amortization		2,852,166		336,182
Sub-total Intangible Lease Liabilities—Net		(30,518,051)		(31,979,559)
Total Intangible Assets and Liabilities—Net	$	4,207,771	$	(11,892,408)

During the year ended December 31, 2016, the value of in-place leases increased by approximately $14.9 million, the value of above-market in-place leases increased by approximately $1.7 million, the value of intangible leasing costs increased by approximately $3.3 million, and the value of below-market in-place leases increased by approximately $1.1 million due to the acquisition of ten income properties, offset by the disposal of approximately $2.4 million due to the sale of nineteen income properties and net amortization of approximately $456,000 for a net increase during 2016 of approximately $16.1 million.

As of December 31, 2016 and 2015, approximately $29.0 and $31.6 million, respectively, of the total below market in-place lease value is related to the Wells Fargo property located in Raleigh, North Carolina which was acquired on November 18, 2015.

Total net amortization of intangible assets and liabilities was approximately $456,000, $1.5 million and $768,000 for the years ending December 31, 2016, 2015, and 2014, respectively. During the years ended December 31, 2016 and 2015, approximately $2.7 million and $1.7 million, respectively, of the total amortization expense was included in depreciation and amortization expense while approximately $2.2 million and $200,000, respectively, was included as an increase to income properties revenue in the consolidated statements of operations. During the year ended December 31, 2014 total amortization expense was included in depreciation and amortization expense.

The estimated future amortization expense (income) related to net intangible assets and liabilities is as follows:


			Future Accretion		Net Future
	Future		to Income		Amortization of
	Amortization		Property		Intangible Assets
Year Ending December 31,	Amount		Revenue		and Liabilities
2017	$	4,168,654	$	(2,048,941)	$	2,119,713
2018		4,165,055		(2,050,973)		2,114,082
2019		4,136,496		(2,045,849)		2,090,647
2020		3,695,075		(1,978,241)		1,716,834
2021		2,077,107		(2,121,186)		(44,079)
Thereafter		13,942,643		(17,732,069)		(3,789,426)
Total	$	32,185,030	$	(27,977,259)	$	4,207,771

As of December 31, 2016, the weighted average amortization period of the total intangible assets and liabilities was approximately 13 and 14 years, respectively.

Impairment of Long-Lived Assets	12 Months Ended
Impairment of Long-Lived Assets	Dec. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment of Long-Lived Assets	NOTE 8. IMPAIRMENT OF LONG-LIVED ASSETS The Company assesses the impairment of long-lived assets whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The fair value of long-lived assets required to be assessed for impairment is determined on a non-recurring basis using Level 3 inputs in the fair value hierarchy. These Level 3 inputs may include, but are not limited to, executed purchase and sale agreements on specific properties, third party valuations, discounted cash flow models, and other model-based techniques. In the second quarter of 2016, an impairment charge of approximately $942,000 was recognized on an income property in Altamonte Springs, Florida leased to PNC Bank under contract for sale as of June 30, 2016. The total impairment charge represented the anticipated loss on the sale plus estimated closing costs. The property was sold on September 30, 2016 for a final loss of approximately $922,000, resulting in a gain of approximately $20,000 during the third quarter of 2016. In the second quarter of 2016, an impairment charge of approximately $717,000 was recognized on approximately four acres included in a contract for the sale of a total of approximately six acres of undeveloped land in the City which was executed during the three months ended June 30, 2016. The total impairment charge represented the anticipated loss on the sale of approximately $646,000 plus estimated closing costs of approximately $71,000. As of December 31, 2016, the land is still under contract to be sold. In the second quarter of 2016, an impairment charge of approximately $311,000 was recognized on approximately four acres of undeveloped land in the City for which a contract for sale was executed during the three months ended September 30, 2016. The total impairment charge represented the anticipated loss on the sale of approximately $256,000 plus estimated closing costs of approximately $55,000. As of December 31, 2016, the land is still under contract to be sold. In the first quarter of 2016, an impairment charge of approximately $210,000 was recognized on an income property held for sale as of March 31, 2016 for which the sale closed on April 6, 2016, as described in Note 2, “Income Properties.” The total impairment charge represented the loss on the sale of approximately $134,000 plus closing costs of approximately $76,000. During the first quarter of 2015, an impairment charge of approximately $510,000 was recognized on two income properties held for sale as of March 31, 2015, for which the sale closed on April 17, 2015. The total impairment charge represented the loss on the sale of approximately $277,000 plus estimated closing costs of approximately $233,000. As the actual loss on the sale was approximately $497,000, an adjustment to reduce that charge in the amount of approximately $13,000 was recognized during the three months ended June 30, 2015. During the year ended December 31, 2014, an impairment charge of approximately $421,000 was recognized on an income property sold during October 2014. The total impairment charge, which was recognized during the third quarter of 2014, represents the loss on the sale of approximately $228,000 plus estimated closing costs of approximately $193,000.

Other Assets

12 Months Ended

Dec. 31, 2016

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Other Assets

NOTE 9. OTHER ASSETS

Other assets consisted of the following:


	As of
	December 31, 2016		December 31, 2015
Income Property Tenant Receivables	$	125,383	$	830,574
Income Property Straight-line Rent Adjustment		1,773,946		1,781,798
Interest Receivable from Commercial Loan Investments		72,418		155,163
Cash Flow Hedge - Interest Rate Swap		416,590		—
Infrastructure Reimbursement Receivables		3,844,236		1,306,602
Golf Operations Receivables		325,510		253,358
Deferred Deal Costs		745,878		520,308
Prepaid Expenses, Deposits, and Other		2,165,127		1,187,021
Total Other Assets	$	9,469,088	$	6,034,824

As of December 31, 2016, the Infrastructure Reimbursement Receivables were all related to the Tomoka Town Center land sales and consisted of approximately $1.1 million in incentives due from the community development district, approximately $250,000 due from NADG for a fill dirt agreement, approximately $1,750,000 due from Tanger for infrastructure reimbursement to be repaid over 10 years in $175,000 installments, net of a discount of approximately $191,000, and approximately $990,000 due from Sam’s Club for infrastructure reimbursement to be repaid over 9 remaining years in $110,000 installments, net of a discount of approximately $80,000. The $1.1 million and $250,000 receivables, as well as the second installment of $110,000 from Sam’s Club were all received subsequent to December 31, 2016.

Common Stock and Earnings Per Share

12 Months Ended

Dec. 31, 2016

Earnings Per Share [Abstract]

Common Stock and Earnings Per Share

NOTE 10. COMMON STOCK AND EARNINGS PER SHARE

Basic earnings per common share were computed by dividing net income by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per common share were determined based on the assumption of the conversion of stock options and vesting of restricted stock using the treasury stock method at average market prices for the periods.


		Year Ended
		December 31, 2016		December 31, 2015		December 31, 2014
Income Available to Common Shareholders:
Net Income Attributable to Consolidated-Tomoka Land Co.	$	16,251,248	$	8,347,166	$	6,383,818
Weighted Average Shares Outstanding		5,680,165		5,804,655		5,765,997
Common Shares Applicable to Stock
Options Using the Treasury Stock Method		13,697		25,423		22,853
Total Shares Applicable to Diluted Earnings Per Share		5,693,862		5,830,078		5,788,850

Per Share Information:
Basic
Net Income Attributable to Consolidated-Tomoka Land Co.	$	2.86	$	1.44	$	1.11

Diluted
Net Income Attributable to Consolidated-Tomoka Land Co.	$	2.85	$	1.43	$	1.10

In addition to the dilutive securities presented above, the effect of 85,500, 60,200, and 40,400 potentially dilutive securities were not included for the years ended December 31, 2016, 2015, and 2014, respectively, as the effect would be antidilutive.

The Company intends to settle its 4.50% Convertible Senior Notes due 2020 in cash upon conversion with any excess conversion value to be settled in shares of our common stock. Therefore, only the amount in excess of the par value of the Notes will be included in our calculation of diluted net income per share using the treasury stock method. As such, the Notes have no impact on diluted net income per share until the price of our common stock exceeds the conversion price of $68.90. The average price of our common stock during the year ended December 31, 2016 did not exceed the conversion price which resulted in no additional diluted outstanding shares.

Treasury Stock	12 Months Ended
Treasury Stock	Dec. 31, 2016
Equity [Abstract]
Treasury Stock	NOTE 11. TREASURY STOCK In November 2008, the Company’s Board of Directors authorized the Company to repurchase from time to time up to $8 million of its common stock. There was no expiration date for the repurchase authorization. The Company repurchased 4,660 shares of its common stock at a cost of approximately $105,000, or an average price per share of $22.46, through December 31, 2013, and those shares were retired. During 2014, the Company repurchased an additional 25,836 shares of its common stock on the open market for a total cost of approximately $928,000, or an average price per share of $35.92, and placed those shares in treasury. During the year ended December 31, 2015, the Company repurchased an additional 119,403 shares of its common stock on the open market for a total cost of approximately $6.5 million, or an average price per share of $54.31, and placed those shares in treasury, thereby completing the $8 million share repurchase program. In the fourth quarter of 2015, the Company announced a new $10 million stock repurchase program (the “$10 Million Repurchase Program”). Under the $10 Million Repurchase Program, during the year ended December 31, 2016, the Company repurchased 151,453 shares of its common stock on the open market for a total cost of approximately $7.4 million, or an average price per share of $49.07, and placed those shares in treasury.

Long-Term Debt

12 Months Ended

Dec. 31, 2016

Debt Disclosure [Abstract]

Long-Term Debt

NOTE 12. LONG-TERM DEBT

Credit Facility. The Company has a revolving credit facility (the “Credit Facility”) with Bank of Montreal (“BMO”) as the administrative agent for the lenders thereunder. The Credit Facility is guaranteed by certain wholly-owned subsidiaries of the Company. The Credit Facility bank group is led by BMO and also includes Wells Fargo and Branch Banking & Trust Company. The Credit Facility matures on August 1, 2018 with the ability to extend the term for 1 year.

The Credit Facility has a total borrowing capacity of $75.0 million with the ability to increase that capacity up to $125.0 million during the term. The Credit Facility provides the lenders with a secured interest in the equity of the Company subsidiaries that own the properties included in the borrowing base. The indebtedness outstanding under the Credit Facility accrues interest at a rate ranging from the 30-day LIBOR plus 135 basis points to the 30-day LIBOR plus 225 basis points based on the total balance outstanding under the Credit Facility as a percentage of the total asset value of the Company, as defined in the Credit Facility. The Credit Facility also accrues a fee of 20 to 25 basis points for any unused portion of the borrowing capacity based on whether the unused portion is greater or less than 50% of the total borrowing capacity.

At December 31, 2016, the current commitment level under the Credit Facility was $75.0 million. The available borrowing capacity under the Credit Facility was approximately $40.7 million, based on the level of borrowing base assets. As of December 31, 2016, the Credit Facility had a $34.3 million balance.

On March 21, 2016, the Company entered into an amendment of the Credit Facility (the “First Amendment”). The First Amendment modified certain terms of the Company’s Credit Facility effective as of September 30, 2015, including, among other things, (i) modifying certain non-cash or non-recurring items in the calculation of Adjusted EBITDA, as defined in the Credit Facility, and eliminating stock repurchases from the calculation of fixed charges, both of which are part of the calculation of the fixed charge coverage ratio financial covenant, (ii) the addition of a measure for the fixed charge coverage ratio that must be met before the Company may repurchase shares of its own stock, and (iii) providing a consent of the lenders regarding the amount of the Company’s stock repurchases since the third quarter of 2015.

On April 13, 2016, the Company entered into an amendment of the Credit Facility (the “Second Amendment”). The Second Amendment modified section 8.8(n) of the Credit Facility which pertains to permitted stock repurchases by the Company by, among other things, (i) adding the gains from the sale of unimproved land, including the sale of Subsurface Interests or the release of surface entry rights, net of taxes incurred in connection with the sale, to the calculation of Adjusted EBITDA, for the purpose of determining the coverage ratio that must be met before the Company may repurchase shares of its own stock, and (ii) reducing the coverage ratio that must be met before the Company may repurchase shares of its own stock pursuant to section 8.8(n) from 1.75x to 1.50x. As of the date of the Second Amendment, the Company met the required coverage ratio; therefore, subject to black-out periods and other restrictions applicable to share repurchases, the Company will be able to continue to make additional repurchases of its own common stock under the $10 Million Repurchase Program.

The Credit Facility is subject to customary restrictive covenants, including, but not limited to, limitations on the Company’s ability to: (a) incur indebtedness; (b) make certain investments; (c) incur certain liens; (d) engage in certain affiliate transactions; and (e) engage in certain major transactions such as mergers. In addition, the Company is subject to various financial maintenance covenants, including, but not limited to, a maximum indebtedness ratio, a maximum secured indebtedness ratio, and a minimum fixed charge coverage ratio. The Credit Facility also contains affirmative covenants and events of default, including, but not limited to, a cross default to the Company’s other indebtedness and upon the occurrence of a change of control. The Company’s failure to comply with these covenants or the occurrence of an event of default could result in acceleration of the Company’s debt and other financial obligations under the Credit Facility.

Mortgage Notes Payable. On February 22, 2013, the Company closed on a $7.3 million non-recourse first mortgage loan originated with UBS Real Estate Securities Inc., secured by its interest in the two-building office complex leased to Hilton Grand Vacations, which was acquired on January 31, 2013. The mortgage loan matures in February 2018, carries a fixed rate of interest of 3.655% per annum, and requires payments of interest only prior to maturity.

On March 8, 2013, the Company closed on a $23.1 million non-recourse first mortgage loan originated with Bank of America, N.A., secured by its interest in fourteen income properties. The mortgage loan carried a fixed rate of 3.67% per annum, and required payments of interest only prior to its maturity. On September 16, 2016, in conjunction with the Portfolio Sale closing, pursuant to the Portfolio Sale agreement, the buyer assumed the $23.1 million mortgage loan. Accordingly, the Company is no longer subject to this loan.

On September 30, 2014, the Company closed on a $30.0 million non-recourse first mortgage loan originated with Wells Fargo Bank, N.A., secured by its interest in six income properties. The mortgage loan matures in October 2034, and carries a fixed rate of 4.33% per annum during the first ten years of the term, and requires payments of interest only during the first ten years of the loan. After the tenth anniversary of the effective date of the loan, the cash flows, as defined in the related loan agreement, generated by the underlying six income properties must be used to pay down the principal balance of the loan until paid off or until the loan matures. The loan is fully pre-payable after the tenth anniversary date of the effective date of the loan.

On April 15, 2016, the Company closed on a $25.0 million non-recourse first mortgage loan originated with Wells Fargo, secured by the Company’s income property leased to Wells Fargo located in Raleigh, North Carolina. The mortgage loan has a 5-year term, maturing in April 2021, with two years’ interest only, and interest and a 25-year amortization for the balance of the term. The mortgage loan bears a variable rate of interest based on the 30-day LIBOR plus a rate of 190 basis points. The interest rate for this mortgage loan has been fixed through the use of an interest rate swap that fixed the rate at 3.17%. The mortgage loan can be prepaid at any time subject to the termination of the interest rate swap.

Convertible Debt. On March 11, 2015, the Company issued $75.0 million aggregate principal amount of 4.50% Convertible Senior Notes due 2020 (the “Notes”). The Notes bear interest at a rate of 4.50% per year, payable semiannually in arrears on March 15 and September 15 of each year, beginning on September 15, 2015. The Notes will mature on March 15, 2020, unless earlier purchased or converted. The initial conversion rate is 14.5136 shares of common stock for each $1,000 principal amount of Notes, which represented an initial conversion price of approximately $68.90 per share of common stock. On July 20, 2016 the Company’s Board of Directors implemented a quarterly dividend in place of the previous semi-annual dividend. As a result, effective November 7, 2016, the adjusted conversion rate is 14.5253 shares of common stock for each $1,000 principal amount of Convertible Notes, which represents an adjusted conversion price of approximately $68.84 per share of common stock.

The conversion rate is subject to adjustment in certain circumstances. Holders may not surrender their Notes for conversion prior to December 15, 2019 except upon the occurrence of certain conditions relating to the closing sale price of the Company’s common stock, the trading price per $1,000 principal amount of Notes, or specified corporate events. The Company may not redeem the Notes prior to the stated maturity date and no sinking fund is provided for the Notes. The Notes are convertible, at the election of the Company, into solely cash, solely shares of the Company’s common stock, or a combination of cash and shares of the Company’s common stock. The Company intends to settle the Notes in cash upon conversion with any excess conversion value to be settled in shares of our common stock. In accordance with GAAP, the Notes are accounted for as a liability with a separate equity component recorded for the conversion option. A liability was recorded for the Notes on the issuance date at fair value based on a discounted cash flow analysis using current market rates for debt instruments with similar terms. The difference between the initial proceeds from the Notes and the estimated fair value of the debt instruments resulted in a debt discount, with an offset recorded to additional paid-in capital representing the equity component. The discount on the Notes was approximately $6.1 million at issuance, which represents the cash discount paid of approximately $2.6 million and the approximate $3.5 million attributable to the value of the conversion option recorded in equity, which is being amortized into interest expense through the maturity date of the Notes. As of December 31, 2016, the unamortized debt discount of our Notes was approximately $4.1 million to be recognized over the remaining amortization period of approximately 3.2 years.

Net proceeds from issuance of the Notes was approximately $72.4 million (net of the cash discount paid of approximately $2.6 million) of which approximately $47.5 million was used to repay the outstanding balance of our Credit Facility as of March 11, 2015. We utilized the remaining amount for investments in income-producing properties or investments in commercial loans secured by commercial real estate.

Long-term debt consisted of the following:


	December 31, 2016				December 31, 2015
			Due Within				Due Within
	Total		One Year		Total		One Year
Credit Facility	$	34,300,000	$	—	$	38,300,000	$	—
Mortgage Note Payable (originated with UBS)		7,300,000		—		7,300,000		—
Mortgage Note Payable (originated with BOA)		—		—		23,100,000		—
Mortgage Note Payable (originated with Wells Fargo)		30,000,000		—		30,000,000		—
Mortgage Note Payable (originated with Wells Fargo)		25,000,000		—		—		—
4.50% Convertible Senior Notes due 2020, net of discount		70,880,581		—		69,759,722		—
Loan Costs, net of accumulated amortization		(1,235,380)		—		(1,662,869)		—
Total Long-Term Debt	$	166,245,201	$	—	$	166,796,853	$	—

Payments applicable to reduction of principal amounts will be required as follows:


Year Ending December 31,	Amount
2017		—
2018		41,600,000
2019		—
2020		75,000,000
2021		25,000,000
Thereafter		30,000,000
Total Long-Term Debt - Face Value	$	171,600,000

The carrying value of long-term debt as of December 31, 2016 consisted of the following:


	Total
Current Face Amount	$	171,600,000
Unamortized Discount on Convertible Debt		(4,119,419)
Loan Costs, net of accumulated amortization		(1,235,380)
Total Long-Term Debt	$	166,245,201

For the year ended December 31, 2016, interest expense was approximately $6.8 million with approximately $6.8 paid during the year. For the year ended December 31, 2015, interest expense was approximately $5.7 million with approximately $4.7 million paid during the year. For the year ended December 31, 2014, interest expense was approximately $2.2 million with approximately $2.1 million paid during the period. No interest was capitalized during the years ended December 31, 2016 or 2015, while approximately $11,000 of interest was capitalized during the year ended December 31, 2014.

The amortization of loan costs incurred in connection with the Company’s long-term debt is included in interest expense in the consolidated financial statements. These loan costs are being amortized over the term of the respective loan agreements using the straight-line method, which approximates the effective interest method. For the years ended December 31, 2016, 2015, and 2014, the amortization of loan costs totaled approximately $828,000, $365,000 and $256,000, respectively. The $828,000 for the year ended December 31, 2016 included approximately $367,000 of unamortized loan costs which were written off and included in interest expense related to the $23.1 million mortgage loan assumed by the buyer upon closing the Portfolio Sale on September 16, 2016.

The amortization of the approximate $6.1 million discount on the Company’s Notes is also included in interest expense in the consolidated financial statements. The discount is being amortized over the term of the Notes using the effective interest method. For the years ended December 31, 2016 and 2015 the amortization of the discount was approximately $1.1 million and $852,000, respectively. No amount was recognized during the year ended December 31, 2014 as the Notes were issued in March 2015.

The Company was in compliance with all of its debt covenants as of December 31, 2016 and 2015.

Interest Rate Swap	12 Months Ended
Interest Rate Swap	Dec. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Interest Rate Swap	NOTE 13. INTEREST RATE SWAP During April 2016, the Company entered into an interest rate swap agreement to hedge cash flows tied to changes in the underlying floating interest rate tied to LIBOR for the $25.0 million mortgage note payable as discussed in Note 12, “Long-Term Debt.” During the year ended December 31, 2016, the interest rate swap agreement was 100% effective. Accordingly, the change in fair value on the interest rate swap has been classified in accumulated other comprehensive income. As of December 31, 2016, the fair value of our interest rate swap agreement, which was a gain of approximately $417,000, was included in other assets on the consolidated balance sheets. The interest rate swap was effective on April 7, 2016 and matures on April 7, 2021. The interest rate swap fixed the variable rate debt on the notional amount of related debt of $25.0 million to a rate of 3.17%.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

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-Name Accounting Standards Codification
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+ Details

Accrued and Other Liabilities

12 Months Ended

Dec. 31, 2016

Payables and Accruals [Abstract]

Accrued Liabilities and Other Liabilities

NOTE 14. ACCRUED AND OTHER LIABILITIES

Accrued and other liabilities consisted of the following:


	As of
	December 31, 2016		December 31, 2015
Golf Course Lease	$	2,226,527	$	2,602,638
Accrued Property Taxes		28,973		40,042
Reserve for Tenant Improvements		398,621		812,493
Accrued Construction Costs		856,947		—
Accrued Interest		1,220,990		1,195,231
Environmental Reserve and Restoration Cost Accrual		1,505,757		2,405,635
Other		2,430,082		1,811,880
Total Accrued and Other Liabilities	$	8,667,897	$	8,867,919

As of December 31, 2016, the Company leased approximately 690 acres of land and certain improvements attributable to the golf courses under a long-term lease with the City of Daytona Beach, Florida (the “City”), which was to have expired in 2022. In July 2012, the Company entered into an agreement with the City to, among other things, amend the lease payments under its golf course lease (the “Lease Amendment”) whereby the base rent payment, which was scheduled to increase from $250,000 to $500,000 as of September 1, 2012, would remain at $250,000 for the remainder of the lease term and any extensions would be subject to an annual rate increase of 1.75% beginning September 1, 2013. In addition, pursuant to the Lease Amendment, beginning September 1, 2012, and continuing throughout the initial lease term and any extension option, the Company was to have paid additional rent to the City equal to 5.0% of gross revenues exceeding $5,500,000 and 7.0% of gross revenues exceeding $6,500,000. Since the inception of the lease, the Company has recognized the rent expense on a straight-line basis resulting in an estimated accrual for deferred rent. Upon the effective date of the Lease Amendment, the Company’s straight-line rent was revised to reflect the lower rent levels through expiration of the lease. As a result, approximately $3.0 million of the rent previously deferred will not be due to the City, and will be recognized into income over the remaining lease term. As of December 31, 2016, the Company’s accrued total liability related to the straight-line rent on the lease between the Company and the City was approximately $2.2 million. As more fully described in Note 23, “Subsequent Events,” the lease between the Company and the City was terminated subsequent to December 31, 2016.

In connection with the acquisition on April 22, 2014 of the property in Katy, Texas leased to Lowe’s, the Company was credited approximately $651,000 at closing for certain required tenant improvements, some of which were not required to be completed until December 2016. As of December 31, 2016, $100,000 of these tenant improvements had been completed and funded, leaving approximately $551,000 remaining to be funded. The remaining commitment as of December 31, 2016, totaled approximately $381,000, which is equal to the amount of the final reimbursement request the Company received from Lowe’s.

During the year ended December 31, 2014, the Company accrued an environmental reserve of approximately $110,000 in connection with an estimate of additional costs required to monitor a parcel of less than one acre of land owned by the Company in Highlands County, Florida on which environmental remediation work had previously been performed. The Company engaged legal counsel who, in turn, engaged environmental engineers to review the site and the prior monitoring test results. During the year ended December 31, 2015, their review was completed, and the Company made an additional accrual of approximately $500,000, representing the low end of the range of possible costs estimated by the engineers to be between approximately $500,000 and $1.0 million to resolve this matter subject to the approval of the state department of environmental protection (the “FDEP”). The FDEP issued a Remedial Action Plan Modification Approval Order (the “FDEP Approval”) in August 2016 which supports the approximate $500,000 accrual made in 2015. The Company is implementing the remediation plan pursuant to the FDEP Approval and since the total accrual of approximately $610,000 was made, approximately $361,000 in costs have been incurred through December 31, 2016, leaving a remaining accrual of approximately $249,000.

During the year ended December 31, 2015, the Company accrued $187,500 for the estimated penalty associated with a regulatory matter pertaining to the Company’s prior agricultural activities on certain of the Company’s land located in Daytona Beach, Florida. The penalty of $187,500 was paid during the year ended December 31, 2016. Additionally, as part of the resolution of the regulatory matter, as of December 31, 2015, the Company accrued an obligation of approximately $1.7 million, representing the low end of the estimated range of possible wetlands restoration costs for approximately 148.4 acres within such land, and included such estimated costs on the consolidated balance sheets as an increase in the basis of our land and development costs associated with those and benefitting surrounding acres. The final proposal for restoration work was received during the second quarter of 2016 which totaled approximately $2.0 million. Accordingly, an increase in the accrual of approximately $300,000 was recorded during the second quarter of 2016. The Company funded approximately $935,000 of the total $2.0 million of estimated costs during the year ended December 31, 2016, leaving a remaining accrual of approximately $1.1 million. This matter is more fully described in Note 20, “Commitments and Contingencies.”

Deferred Revenue

12 Months Ended

Dec. 31, 2016

Deferred Revenue Disclosure [Abstract]

Deferred Revenue

NOTE 15. DEFERRED REVENUE

Deferred revenue consisted of the following:


	As of
	December 31, 2016		December 31, 2015
Deferred Oil Exploration Lease Revenue	$	585,674	$	885,822
Deferred Land Sale Revenue		—		12,656,773
Prepaid Rent		1,068,972		907,325
Other Deferred Revenue		337,020		274,690
Total Deferred Revenue	$	1,991,666	$	14,724,610

On September 20, 2016, the Company received an approximate $807,000 rent payment for the sixth year of the Company’s eight-year oil exploration lease, which is being recognized ratably over the twelve-month lease period ending in September 2017. On September 22, 2015, the Company received an approximate $1.2 million rent payment for the fifth year of the Company’s eight-year oil exploration lease, which had been fully recognized as revenue as of September 30, 2016.

In connection with the total 94.3 acres of land sales in the Tomoka Town Center which closed during the fourth quarter of 2015, approximately $12.7 million of the total aggregate $19.4 million sale price was deferred as of December 31, 2015 to be recognized as revenue on a percentage-of-completion basis as the required infrastructure costs are completed. The infrastructure work was completed during the fourth quarter of 2016, accordingly, all previously deferred revenue was recognized during the year ended December 31, 2016.

- Definition

The entire disclosure for deferred revenues at the end of the reporting period, and description and amounts of significant changes that occurred during the reporting period. Deferred revenue is a liability as of the balance sheet date related to a revenue producing activity for which revenue has not yet been recognized. Generally, an entity records deferred revenue when it receives consideration from a customer before achieving certain criteria that must be met for revenue to be recognized in conformity with GAAP.

+ References + Details

Pension Plan

12 Months Ended

Dec. 31, 2016

Compensation And Retirement Disclosure [Abstract]

Pension Plan

NOTE 16. PENSION PLAN

The Company maintained a Defined Benefit Pension Plan (the “Pension Plan”) which had been, prior to December 31, 2011, for all employees who had attained the age of 21 and completed one year of service. The pension benefits were based primarily on years of service and the average compensation for the five highest consecutive years during the final ten years of employment. The benefit formula generally provided for a life annuity benefit.

Effective December 31, 2011, the Company amended its Pension Plan to freeze participants’ benefits with no future accruals after that date. Any current or future employee who was not a participant of the Pension Plan on December 31, 2011 was not eligible to enter the Pension Plan.

On October 23, 2013 the Company’s Board of Directors approved the commencement of the steps necessary to terminate the Pension Plan, pursuant to the Pension Plan, and, if necessary, for the Company to make the required level of contribution whereby the Pension Plan would have sufficient funds to pay all benefits owed participants and beneficiaries. On January 22, 2014, the Company’s Board of Directors approved the termination of the Pension Plan effective March 31, 2014. Termination of the Pension Plan was completed through the distribution of the Pension Plan assets to participants and beneficiaries through either the purchase of an annuity from an insurance company or, payment of the benefit owed in a one-time lump sum payment based on a final calculation of benefit as of March 31, 2014. The final termination settlement was completed during the three months ended December 31, 2014. The Company contributed approximately $43,000 in 2014 to fully fund the Pension Plan to enable the distribution to participants of a lump sum benefit or the purchase of a life annuity to effectuate the termination. In addition, the Company incurred approximately $170,000 for the cost of legal and other advisors to complete the termination. During the year ended December 31, 2015, the Company received the favorable determination letter from the IRS, which was the final step in terminating the Pension Plan.

The Company used a December 31 measurement date.

Following are the components of the Net Period Pension Cost (Benefit):


	December 31,
	2016		2015		2014
Service Cost	$	—	$	—	$	87,219
Interest Cost		—		—		425,735
Actual Return on Plan Assets		—		—		342,637
Amortization of Unrecognized Transition Loss (Gain) from Earlier Periods		—		—		—
Amortization of Unrecognized Prior Service Cost		—		—		—
Amortization of Net Gain (Loss) from Earlier Periods		—		—		—
Net Periodic Pension Cost (Benefit)	$	—	$	—	$	855,591

The Pension Plan held no assets as of December 2016, 2015, or 2014 and there was no activity during the years ended December 31, 2016 or 2015.

Post-Retirement Benefit Plans Other Than Pensions	12 Months Ended
Post-Retirement Benefit Plans Other Than Pensions	Dec. 31, 2016
Compensation And Retirement Disclosure [Abstract]
Post-Retirement Benefit Plans Other Than Pensions	NOTE 17. POST-RETIREMENT BENEFIT PLANS OTHER THAN PENSIONS Other Post-Retirement Benefits The Company had a policy regarding post-retirement benefit programs for certain health care and life insurance benefits for eligible retired employees. All full-time employees became eligible to receive life benefits if they retire after reaching age 55 with 20 or more years of service, and supplemental Medicare benefits if they reach age 65 and 20 years of service. The post-retirement health care plan is contributory with retiree contributions adjusted annually; the life insurance plan is non-contributory up to $5,000 of coverage. The Company recognizes post-retirement expenses in accordance with FASB ASC Topic, Employers’ Accounting for Post-Retirement Benefits Other Than Pensions, which requires that expected costs of post-retirement benefits be charged to expense during the years the employees render service. The accrued post-retirement benefit cost reflected in the consolidated balance sheet in accrued liabilities at December 31, 2014, was approximately $143,000. During the first quarter of 2015, the Company terminated the post-retirement benefit program and recognized the remaining liability into income and no further benefits will be provided to retirees.

Stock-Based Compensation

12 Months Ended

Dec. 31, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-Based Compensation

NOTE 18. STOCK-BASED COMPENSATION

EQUITY-CLASSIFIED STOCK COMPENSATION

Market Condition Restricted Shares – Peer Group Vesting

Under the Amended and Restated 2010 Equity Incentive Plan (the “2010 Plan”), in September 2010 and January 2011, the Company granted to certain employees restricted shares of the Company’s common stock, which would vest upon the achievement of certain market conditions, including thresholds relating to the Company’s total shareholder return as compared to the total shareholder return of a certain peer group during a five-year performance period.

The Company used a Monte Carlo simulation pricing model to determine the fair value of its awards that are based on market conditions. The determination of the fair value of market condition-based awards is affected by the Company’s stock price as well as assumptions regarding a number of other variables. These variables include expected stock price volatility over the requisite performance term of the awards, the relative performance of the Company’s stock price and shareholder returns to companies in its peer group, annual dividends, and a risk-free interest rate assumption. Compensation cost is recognized regardless of the achievement of the market conditions, provided the requisite service period is met.

A summary of activity during the years ended December 31, 2016, 2015, and 2014 is presented below:


		Wtd. Avg.
		Grant Date
Market Condition Non-Vested Restricted Shares	Shares	Fair Value
Outstanding at January 1, 2014	5,067	$	23.13
Granted	—		—
Vested	—		—
Expired	—		—
Forfeited	—		—
Outstanding at December 31, 2014	5,067	$	23.13
Granted	—		—
Vested	(2,034)		22.80
Expired	—		—
Forfeited	(633)		22.80
Outstanding at December 31, 2015	2,400	$	23.42
Granted	—		—
Vested	(2,300)		23.42
Expired	—		—
Forfeited	(100)		23.42
Outstanding at December 31, 2016	—	$	—

As of December 31, 2016, there is no unrecognized compensation as there are no outstanding shares remaining.

Market Condition Restricted Shares– Stock Price Vesting

“Inducement” grants of 96,000 and 17,000 shares of restricted Company common stock were awarded to Mr. Albright and Mr. Patten, in 2011 and 2012, respectively. Mr. Albright’s restricted shares were granted outside of the 2010 Plan while Mr. Patten’s restricted shares were awarded under the 2010 Plan. The Company filed a registration statement with the Securities and Exchange Commission on Form S-8 to register the resale of Mr. Albright’s restricted stock award under this award. The restricted shares will vest in six increments based upon the price per share of the Company’s common stock during the term of their employment (or within sixty days after termination of employment by the Company without cause), meeting or exceeding the target trailing sixty-day average closing prices ranging from $36 per share for the first increment to $65 per share for the final increment. If any increment of the restricted shares fails to satisfy the applicable stock price condition prior to six years from the grant date, that increment of the restricted shares will be forfeited. As of December 31, 2016, four increments of Mr. Albright’s and Mr. Patten’s grants had vested.

Additional grants of 2,500 and 3,000 shares of restricted Company common stock were awarded to Mr. Smith and another officer under the 2010 Plan, during the fourth quarter of 2014 and the first quarter of 2015, respectively. The restricted stock will vest in two increments based upon the price per share of Company common stock during the term of their employment (or within sixty days after termination of employment by the Company without cause), meeting or exceeding the target trailing sixty-day average closing prices of $60 per share and $65 per share for the two increments. If any increment of the restricted shares fails to satisfy the applicable stock price condition prior to six years from the grant date, that increment of the restricted shares will be forfeited. As of December 31, 2016, no increments of Mr. Smith’s or the other officer’s grants had vested.

A grant of 94,000 shares of restricted Company common stock was awarded to Mr. Albright under the 2010 Plan during the second quarter of 2015. As more fully described at the end of this Note 18, “Stock-Based Compensation,” on February 26, 2016, 72,000 of these shares were surrendered, of which 4,000 were re-granted on February 26, 2016 with identical terms of the surrendered restricted stock and 68,000 were permanently surrendered. The 26,000 shares of restricted Company common stock outstanding from these grants will vest in four increments based upon the price per share of Company common stock during the term of his employment (or within sixty days after termination of employment by the Company without cause), meeting or exceeding the target trailing thirty-day average closing prices ranging from $60 per share for the first increment to $75 per share for the final increment. If any increment of the restricted shares fails to satisfy the applicable stock price condition prior to January 28, 2021, that increment of the restricted shares will be forfeited. As of December 31, 2016, no increments of this award had vested.

On February 26, 2016, the Company entered into amendments to the employment agreements and certain restricted share award agreements to clarify the Company’s intention that the restricted shares granted thereunder, if they are subject to performance-based vesting conditions will fully vest at any time during the 24-month period following a change in control and termination of the employee subsequent to the change in control.

A summary of the activity for these awards during the years ended December 31, 2016, 2015, and 2014 is presented below:


		Wtd. Avg.
Market Condition Non-Vested Restricted Shares	Shares	Fair Value
Outstanding at January 1, 2014	94,500	$	17.33
Granted	2,500		38.97
Vested	(56,500)		19.56
Expired	—		—
Forfeited	—		—
Outstanding at December 31, 2014	40,500	$	15.55
Granted	97,000		36.85
Vested	—		—
Expired	—		—
Forfeited	—		—
Outstanding at December 31, 2015	137,500	$	30.58
Granted	4,000		38.98
Vested	—		—
Expired	—		—
Forfeited	(72,000)		34.46
Outstanding at December 31, 2016	69,500	$	27.03

In connection with the permanent surrender of 68,000 shares of restricted Company common stock, approximately $1.6 million of related stock-based compensation expense was recognized during the year ended December 31, 2016 to accelerate the remaining expense pertaining the total grant date fair value of these awards.

As of December 31, 2016, there was approximately $6,000 of unrecognized compensation cost, adjusted for estimated forfeitures, related to market condition non-vested restricted shares, which will be recognized over a remaining weighted average period of 0.1 years. The determination of the weighted average period of 0.1 years over which the compensation cost is incurred is based on independent third party valuation reports which estimate the time at which the market conditions will be met versus the term of the awards.

Three Year Vest Restricted Shares

On January 22, 2014, the Company granted to certain employees 14,500 shares of restricted Company common stock under the 2010 Plan. One-third of the restricted shares will vest on each of the first, second, and third anniversaries of the grant date, provided they are an employee of the Company on those dates. In addition, any unvested portion of the restricted shares will vest upon a change in control.

On January 28, 2015, the Company granted to certain employees, which did not include Mr. Albright, 11,700 shares of restricted Company common stock under the 2010 Plan. Additionally, on February 9, 2015, the Company granted 8,000 shares of restricted Company common stock to Mr. Albright under the 2010 Plan. One-third of both awards of restricted shares will vest on each of the first, second, and third anniversaries of the January 28, 2015 grant date, provided the grantee is an employee of the Company on those dates. In addition, any unvested portion of the restricted shares will vest upon a change in control.

On January 27, 2016, the Company granted to certain employees 21,100 shares of restricted Company common stock under the 2010 Plan. One-third of the restricted shares will vest on each of the first, second, and third anniversaries of January 28, 2016, provided the grantee is an employee of the Company on those dates. In addition, any unvested portion of the restricted shares will vest upon a change in control.

The Company’s determination of the fair value of the three year vest restricted stock awards was calculated by multiplying the number of shares issued by the Company’s stock price at the grant date, less the present value of expected dividends during the vesting period. Compensation cost is recognized on a straight-line basis over the vesting period.

A summary of activity for these awards during the years ended December 31, 2016, 2015, and 2014, is presented below:


		Wtd. Avg.
		Fair Value
Three Year Vest Non-Vested Restricted Shares	Shares	Per Share
Outstanding at January 1, 2014	—	$	—
Granted	14,500		36.08
Vested	—		—
Expired	—		—
Forfeited	(300)		36.08
Outstanding at December 31, 2014	14,200		36.08
Granted	19,700		55.93
Vested	(4,734)		36.08
Expired	—		—
Forfeited	(2,266)		46.59
Outstanding at December 31, 2015	26,900		49.73
Granted	21,100		44.88
Vested	(10,363)		47.89
Expired	—		—
Forfeited	(133)		46.08
Outstanding at December 31, 2016	37,504	$	47.53

As of December 31, 2016, there was approximately $1.0 million of unrecognized compensation cost, adjusted for estimated forfeitures, related to the three year vest non-vested restricted shares, which will be recognized over a remaining weighted average period of 1.7 years.

Non-Qualified Stock Option Awards

Pursuant to the Non-Qualified Stock Option Award Agreements between the Company and Messrs. Albright, Patten, and Smith, each of these Company employees was granted an option to purchase 50,000, 10,000, and 10,000 shares of Company common stock, in 2011, 2012, and 2014, respectively, under the 2010 Plan with an exercise price per share equal to the fair market value on their respective grant dates. One-third of the options will vest on each of the first, second, and third anniversaries of their respective grant dates, provided the recipient is an employee of the Company on those dates. In addition, any unvested portion of the options will vest upon a change in control. The options expire on the earliest of: (a) the tenth anniversary of the grant date; (b) twelve months after the employee’s death or termination for disability; or (c) thirty days after the termination of employment for any reason other than death or disability.

On January 23, 2013, the Company granted options to purchase 51,000 shares of the Company’s common stock under the 2010 Plan to certain employees of the Company, including 10,000 shares to Mr. Patten, with an exercise price of $34.95. One-third of these options will vest on each of the first, second, and third anniversaries of the grant date, provided the recipient is an employee of the Company on those dates. In addition, any unvested portion of the options will vest upon a change in control. The options expire on the earliest of: (a) the fifth anniversary of the grant date; (b) twelve months after the employee’s death or termination for disability; or (c) thirty days after the termination of employment for any reason other than death or disability.

On February 9, 2015, the Company granted to Mr. Albright an option to purchase 20,000 shares of the Company’s common stock under the 2010 Plan with an exercise price of $57.50. The option vests on January 28, 2016, provided he is an employee of the Company on that date. In addition, any unvested portion of the option will vest upon a change in control. The option expires on the earliest of: (a) January 28, 2025; (b) twelve months after the employee’s death or termination for disability; or (c) thirty days after the termination of employment for any reason other than death or disability

On May 20, 2015, the Company granted to Mr. Albright an option to purchase 40,000 shares of the Company’s common stock under the 2010 Plan, with an exercise price of $55.62. As more fully described at the end of this Note 18, “Stock-Based Compensation,” on February 26, 2016, this option was surrendered and an option to purchase 40,000 shares was granted on February 26, 2016 with identical terms. One-third of the options vested immediately and the remaining two-thirds will vest on January 28, 2017 and January 28, 2018, provided he is an employee of the Company on such dates. In addition, any unvested portion of the option will vest upon a change in control. The option expires on the earliest of: (a) January 28, 2025; (b) twelve months after the employee’s death or termination for disability; or (c) thirty days after the termination of employment for any reason other than death or disability.

On June 29, 2015, the Company granted to an officer of the Company an option to purchase 10,000 shares of the Company’s common stock under the 2010 Plan, with an exercise price of $57.54. One-third of the option will vest on each of the first, second, and third anniversaries of the grant date, provided the recipient is an employee of the Company on those dates. In addition, any unvested portion of the option will vest upon a change in control. The option expires on the earliest of: (a) June 29, 2025; (b) twelve months after the employee’s death or termination for disability; or (c) thirty days after the termination of employment for any reason other than death or disability.

A summary of the activity for these awards during the years ended December 31, 2016, 2015, and 2014, is presented below:


				Wtd. Avg.
				Remaining
				Contractual		Aggregate
		Wtd. Avg.		Term		Intrinsic
Non-Qualified Stock Option Awards	Shares	Ex. Price		(Years)		Value
Outstanding at January 1, 2014	94,500	$	32.21
Granted	10,000		50.00
Exercised	(19,735)		31.88
Expired	—		—
Forfeited	—		—
Outstanding at December 31, 2014	84,765		34.39
Granted	70,000		56.43
Exercised	(30,155)		30.24
Expired	—		—
Forfeited	(7,760)		34.95
Outstanding at December 31, 2015	116,850		48.63
Granted	40,000		55.62
Exercised	(3,350)		34.95
Expired	—		—
Forfeited	(40,000)		55.62
Outstanding at December 31, 2016	113,500	$	49.03	6.60	$	498,245
Exercisable at December 31, 2015	28,590	$	32.73	4.41	$	514,193
Exercisable at December 31, 2016	76,600	$	45.94	1.87	$	573,181

A summary of the non-vested options for these awards during the years ended December 31, 2016, 2015, and 2014, is presented below:


		Fair Value
		of Shares
Non-Qualified Stock Option Awards	Shares	Vested
Non-Vested at January 1, 2014	74,700
Granted	10,000
Vested	(37,130)	$	1,176,331
Expired	—
Forfeited	—
Non-Vested at December 31, 2014	47,570
Granted	70,000
Vested	(21,550)	$	783,764
Expired	—
Forfeited	(7,760)
Non-Vested at December 31, 2015	88,260
Granted	40,000
Vested	(51,360)	$	2,643,088
Expired	—
Forfeited	(40,000)
Non-Vested at December 31, 2016	36,900

The weighted-average grant-date fair value of options granted during the year ended December 31, 2016 was $13.97. The total intrinsic value of options exercised during the year ended December 31, 2016 was approximately $51,000. As of December 31, 2016, there was approximately $354,000 of unrecognized compensation related to non-qualified, non-vested stock option awards, which will be recognized over a weighted average period of 1.4 years.

LIABILITY-CLASSIFIED STOCK COMPENSATION

The Company previously had a stock option plan (the “2001 Plan”) pursuant to which 500,000 shares of the Company’s common stock were eligible for issuance. The 2001 Plan expired in 2010, and no new stock options may be issued under the 2001 Plan. Under the 2001 Plan, both stock options and stock appreciation rights were issued in prior years and such issuances were deemed to be liability-classified awards under FASB ASC Topic, Share-Based Payments, which are required to be remeasured at fair value at each balance sheet date until the award is settled.

A summary of share option activity under the 2001 Plan during the years ended December 31, 2016, 2015, and 2014 is presented below:

Stock Options


				Wtd. Avg.
				Remaining
				Contractual	Aggregate
		Wtd. Avg.		Term	Intrinsic
Liability-Classified Stock Options	Shares	Ex. Price		(Years)	Value
Outstanding at January 1, 2014	53,800	$	53.99
Granted	—		—
Exercised	(18,500)		37.80
Expired	—		—
Forfeited	—		—
Outstanding at December 31, 2014	35,300		62.47
Granted	—		—
Exercised	(3,300)		33.16
Expired	—		—
Forfeited	(14,000)		66.54
Outstanding at December 31, 2015	18,000		64.69
Granted	—		—
Exercised	—		—
Expired	(3,000)		67.27
Forfeited	(4,000)		64.99
Outstanding at December 31, 2016	11,000	$	63.87	0.61	$	4,140
Exercisable at December 31, 2016	11,000	$	63.87	0.61	$	4,140

In connection with the grant of non-qualified stock options, a stock appreciation right for each share covered by the option was also granted. The stock appreciation right entitles the optionee to receive a supplemental payment, which may be paid in whole or in part in cash or in shares of common stock, equal to a portion of the spread between the exercise price and the fair market value of the underlying shares at the time of exercise. No options were exercised during the year ended December 31, 2016. All options had vested prior to January 1, 2014.

Stock Appreciation Rights


				Wtd. Avg.
				Remaining
				Contractual	Aggregate
		Wtd. Avg.		Term	Intrinsic
Liability-Classified Stock Appreciation Rights	Shares	Fair Value		(Years)	Value
Outstanding at January 1, 2014	53,800	$	1.61
Granted	—		—
Exercised	(18,500)		11.20
Expired	—		—
Forfeited	—		—
Outstanding at December 31, 2014	35,300		5.56
Granted	—		—
Exercised	(3,300)		12.19
Expired	—		—
Forfeited	(14,000)		4.84
Outstanding at December 31, 2015	18,000		2.64
Granted	—		—
Exercised	—		—
Expired	(3,000)		—
Forfeited	(4,000)		0.87
Outstanding at December 31, 2016	11,000	$	1.33	0.61	$	2,229
Exercisable at December 31, 2016	11,000	$	1.33	0.61	$	2,229

No stock appreciation rights were exercised during the year ended December 31, 2016. All stock appreciation rights had vested prior to January 1, 2014.

The aggregate intrinsic value of options is calculated by taking the current stock price of the Company as of the balance sheet date less the option exercise price, times the respective number of shares outstanding or exercisable, on a weighted average basis. Options with an exercise price greater than the current stock price are excluded from the calculation.

The fair value of each share option and stock appreciation right is estimated on the measurement date using the Black-Scholes option pricing model based on assumptions noted in the following table. Expected volatility is based on the historical volatility of the Company and other factors. The Company has elected to use the simplified method of estimating the expected term of the options and stock appreciation rights.

Due to the small number of employees included in the 2001 Plan, the Company uses the specific identification method to estimate forfeitures and includes all participants in one group. The risk-free rate for periods within the contractual term of the share option is based on the U.S. Treasury rates in effect at the time of measurement.

The Company issues new, previously unissued, shares as options are exercised.

Following are assumptions used in determining the fair value of stock options and stock appreciation rights:


Assumptions at:	December 31, 2016		December 31, 2015		December 31, 2014
Expected Volatility	14.13	%	29.40	%	34.07	%
Expected Dividends	0.22	%	0.15	%	0.07	%
Expected Term	0.61	years	1.3	years	2.00	years
Risk-Free Rate	0.66	%	0.75	%	0.78	%

There were no stock options or stock appreciation rights granted under the 2001 Plan during the years ended December 31, 2016, 2015, or 2014.

The liability for stock options and stock appreciation rights, at fair value, reflected on the consolidated balance sheets at December 31, 2016 and 2015, was approximately $42,000 and $136,000, respectively. These fair value measurements are based on Level 2 inputs based on Black-Scholes and market implied volatility. The Black-Scholes determination of fair value is affected by variables including stock price, expected stock price volatility over the term of the awards, annual dividends, and a risk-free interest rate assumption.

Amounts recognized in the financial statements for stock options, stock appreciation rights, and restricted stock are as follows:


	Year Ended
	December 31, 2016		December 31, 2015		December 31, 2014
Accelerated Charge for Stock-Based Compensation	$	1,649,513	$	—	$	—
Recurring Charge for Stock-Based Compensation		1,529,370		2,186,408		1,271,924
Total Cost of Share-Based Plans Charged Against Income Before Tax Effect	$	3,178,883	$	2,186,408	$	1,271,924

Income Tax Expense Recognized in Income	$	(1,226,254)	$	(843,407)	$	(490,645)

As described above, in January 2015, the Compensation Committee awarded to Mr. Albright 8,000 restricted shares of the Company’s common stock. In February 2015, the Compensation Committee awarded to Mr. Albright options to purchase a total of 20,000 shares of the Company’s common stock. In May 2015, in connection with the extension of Mr. Albright’s employment agreement, the Compensation Committee awarded to Mr. Albright 94,000 restricted shares of the Company’s common stock (the “May 2015 Restricted Share Grant”) and options to purchase a total of 40,000 shares of the Company’s common stock (the “May 2015 Option Grant”). Each of these awards were approved by the Company’s Board.

Upon review of the total equity awards to Mr. Albright in 2015, it was determined that the annual per person award limit under the 2010 Plan was inadvertently exceeded. In determining the extent to which the 2010 Plan’s individual annual award limit had been exceeded by the above awards, the Compensation Committee, as the administrator of the 2010 Plan, identified a conflict between Sections 3(d) and 3(e) of the 2010 Plan, the relevant provisions which provide limitations of the 2010 Plan. Section 3(d) of the 2010 Plan could be read to provide an overall limit of 50,000 shares applicable to all awards granted to a participant in any calendar year; however, the Compensation Committee could not disregard Section 3(e) of the 2010 Plan. Section 3(e) could be read to provide for two additional limits of 50,000 shares each for any (a) “Qualified Performance-Based Awards” (as defined in the 2010 Plan) constituting stock options and stock appreciation rights and (b) “Qualified Performance-Based Awards” other than stock options and stock appreciation rights. If the Compensation Committee were to determine that Section 3(e) of the 2010 Plan provides the applicable limits for two categories of “Qualified Performance-Based Awards,” then the Compensation Committee could conclude that Section 3(d) of the 2010 Plan provides the limit for awards other than Qualified Performance-Based Awards.

The Compensation Committee consulted with outside advisors and determined that it was not possible to conclude which interpretation of the 2010 Plan was conclusively correct. Pursuant to its authority to interpret the 2010 Plan, the Compensation Committee elected to comply with the limit in Section 3(d) of the 2010 Plan. As a result of applying this interpretation of the 2010 Plan, the awards granted to Mr. Albright in 2015 exceeded the 2010 Plan’s individual annual award limit by 112,000 shares of our common stock (the “Excess 2015 Awards”).

On February 26, 2016, the Company notified the NYSE MKT (i) that the Excess 2015 Awards may have violated Rule 711 of the NYSE MKT Company Guide and (ii) of the Company and Mr. Albright’s intention to rectify the Excess 2015 Awards in the manner described below. On March 4, 2016, the NYSE MKT notified the Company that it would not take any action and considered the matter closed.

In consultation with the Board, Mr. Albright elected to rectify the Excess 2015 Awards by surrendering, in full, the May 2015 Option Grant and surrendering, in part, the May 2015 Restricted Share Grant. A portion of the surrendered awards has been replaced with new awards under the 2010 Plan in 2016. Effective as of February 26, 2016, the Compensation Committee awarded Mr. Albright (i) an option to purchase an additional 40,000 shares of our common stock under the 2010 Plan (the “New Option Grant”) and (ii) a grant of 4,000 restricted shares of our common stock (the “New Restricted Share Grant”).

The New Option Grant has an exercise price per share of $55.62, which is equal to the exercise price per share applicable to the May 2015 Option Grant. This option is intended to have the same vesting terms as the May 2015 Option Grant, and as a result has vested with respect to 13,200 shares, and will vest with respect to 13,200 shares and 13,600 shares on January 28, 2017 and January 28, 2018, respectively. The New Restricted Share Grant is intended to have the same vesting terms as the May 2015 Restricted Share Grant, and as a result will vest upon the price per share of Company common stock during the term of Mr. Albright’s employment (or within 60 days after termination of his employment by the Company other than for cause, due to death or disability or due to his voluntary resignation) meeting or exceeding the target trailing 30-day average closing price of $75 per share. If the restricted shares fail to satisfy the stock price condition prior to January 28, 2021, the restricted shares will be forfeited. Any unvested restricted shares will vest immediately upon Mr. Albright’s termination of employment without Cause or for his resignation for Good Reason (as such terms are defined in his amended and restated employment agreement), in each case, at any time during the 24-month period following a change in control. Mr. Albright has the right to vote the restricted shares prior to their vesting but is not entitled to dividends paid on any unvested shares. These restricted shares have not yet vested.

Because the Excess 2015 Awards exceeded the 2010 Plan limits, the grants do not qualify, for purposes of calculating the Code Section 162(m) compensation for Mr. Albright for tax purposes, as performance-based awards.

As noted herein, 112,000 shares of the awards granted to Mr. Albright in 2015 were deemed to have exceeded the limits of the 2010 Plan. However, when granted these shares were issued and outstanding as of their grant date and all legal requirements for their issuance under Florida law and the Company’s organizational documents were fulfilled and Mr. Albright’s ability to enforce his rights to such grants could not be negated or otherwise impaired. All requirements under FASB ASC Topic 718-10-20 were met, including a mutual understanding of the key terms and conditions of the awards, the company was contingently liable to issue the shares underlying the awards, and all required approvals for the awards to be legally issued and outstanding were obtained as of the grant date. Consequently, the 112,000 shares were deemed appropriately reflected as stock compensation expense as of the year ended December 31, 2015.

Effective as of February 26, 2016, the Company entered into amendments to the employment agreements and certain restricted share award agreements of Messrs. Albright, Patten, and Smith to clarify the Company’s intention that the restricted shares granted thereunder, if they are subject to performance-based vesting conditions, will fully vest upon the executive’s termination of employment without cause or his resignation for good reason (as such terms are defined in his employment agreement), in each case, at any time during the 24-month period following a change in control. There was no impact to the valuation established at the original date of grant pertaining to this modification of the restricted share award agreements of Messrs. Albright, Patten, and Smith.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References + Details

Income Taxes

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Income Taxes

NOTE 19. INCOME TAXES

The provisions for income tax benefit (expense) are summarized as follows:


	2016				2015				2014
	Current		Deferred		Current		Deferred		Current		Deferred
Federal	$	(159,596)	$	(10,740,617)	$	479,671	$	(5,607,970)	$	(2,233,512)	$	(1,223,260)
State		(311,525)		(625,116)		185,584		(326,389)		(302,896)		(71,195)
Total	$	(471,121)	$	(11,365,733)	$	665,255	$	(5,934,359)	$	(2,536,408)	$	(1,294,455)

Deferred tax assets and liabilities are recognized for the future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

The sources of these differences and the related deferred income tax assets (liabilities) are summarized as follows:


	Deferred Tax
	2016		2015
Deferred Income Tax Assets
Depreciation	$	2,475,898	$	2,833,613
Intangible Lease Liabilities		11,714,651		12,336,115
Deferred Revenue (Net of Straight-line Rent Adjustments)		(105,729)		4,524,189
Deferred Oil Lease Income		225,924		405,313
Deferred Lease Expense		858,882		1,003,967
Stock Options and Restricted Stock		1,438,292		1,020,855
Unrealized Loss on Investment Securities		—		432,677
Impairment Reserves		2,085,808		1,688,979
Other - Net		217,887		381,897
Gross Deferred Income Tax Assets		18,911,613		24,627,605
Less - Valuation Allowance		(415,453)		(415,453)
Net Deferred Income Tax Assets		18,496,160		24,212,152
Deferred Income Tax Liabilities
Sales of Real Estate		(68,358,404)		(62,067,529)
Discount on Equity Component of Convertible Debt		(904,422)		(1,150,507)
Basis Difference in Joint Venture		(342,015)		(342,015)
Interest Rate Swap		(255,891)		—
Other - Net		—		(178,507)
Total Deferred Income Tax Liabilities		(69,860,732)		(63,738,558)
Net Deferred Income Tax Liabilities	$	(51,364,572)	$	(39,526,406)

In assessing the realizability of deferred income tax assets, Management considers whether it is more likely than not that some portion or all of the deferred income tax assets will not be realized. The ultimate realization of deferred income tax assets is dependent upon the realization of future taxable income during the periods in which those temporary differences become deductible. We consider past history, the scheduled reversal of taxable temporary differences, projected future taxable income, and tax planning strategies in making this assessment. As of December 31, 2016 and 2015, we believe it is more likely than not that a portion of the Company’s deferred income tax assets will not be realized, and accordingly, a valuation allowance has been provided. As of December 31, 2016 and 2015, the valuation allowance was approximately $415,000.

As of December 31, 2016 and 2015, the valuation allowance relates solely to a basis difference in a joint venture with a wholly owned and fully consolidated subsidiary, and no valuation allowance is provided for charitable contribution carryforwards due to the expectation of full utilization during 2016 and 2015.

Following is a reconciliation of the income tax computed at the federal statutory rate of 35% for 2016, 2015, and 2014:


	Year ended December 31,
	2016		2015		2014
Income Tax (Expense) Benefit Computed at Federal Statutory Rate	$	(9,219,942)	$	(4,481,029)	$	(3,575,138)
Increase (Decrease) Resulting from:
State Income Tax, Net of Federal Income Tax Benefit		(1,693,578)		(755,481)		(349,334)
Income Tax on Permanently Non-Deductible Items		(1,015,936)		—		—
Other Reconciling Items		92,602		(32,594)		93,609
Benefit (Expense) for Income Taxes	$	(11,836,854)	$	(5,269,104)	$	(3,830,863)

The effective income tax rate for each of the three years ended December 31, 2016, 2015, and 2014, including income taxes attributable to the discontinued operations, was 42.2%, 38.9%, and 37.5%, respectively. The provision for income taxes reflects the Company’s estimate of the effective rate expected to be applicable for the full fiscal year, adjusted for any discrete events, which are reported in the period that they occur. During the first quarter of 2016, 68,000 shares of restricted Company common stock were permanently surrendered which constituted a discrete event in which the total related stock compensation expense charged to earnings under GAAP of approximately $2.3 million, of which approximately $1.6 million was recognized during the first quarter of 2016 and approximately $676,000 was recognized during the year ended December 31, 2015, became permanently non-deductible for tax purposes as the surrendered shares will not vest. Accordingly, no income tax benefit was recorded related to the approximately $2.3 million of stock compensation expense.

The Company files a consolidated income tax return in the United States Federal jurisdiction and the States of Arizona, Colorado, California, Florida, Illinois, Georgia, Maryland, North Carolina, Texas, and Washington. The Internal Revenue Service has audited the federal tax returns through the year 2012, with all proposed adjustments settled. The Florida Department of Revenue has audited the Florida tax returns through the year 2014, with all proposed adjustments settled. The Company recognizes all potential accrued interest and penalties to unrecognized tax benefits in income tax expense. For the years ended December 31, 2016, 2015, and 2014 the Company recognized no uncertain tax positions or accrued interest and penalties for uncertain tax positions.

Net income taxes paid during the years ended December 31, 2016, 2015, and 2014 totaled approximately $510,000, $1.2 million, and $3.0 million, respectively. Additionally, income taxes totaling approximately $133,000 were refunded during the year ended December 31, 2016.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2016

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

NOTE 20. COMMITMENTS AND CONTINGENCIES

MINIMUM FUTURE RENTAL PAYMENTS

The Company leases, as lessee, certain equipment, land, and improvements under operating leases.

Minimum future rental payments under non-cancelable operating leases having remaining terms in excess of one year as of December 31, 2016, are summarized as follows:


Year Ending December 31,	Amounts
2017	$	580,483
2018		441,186
2019		441,944
2020		375,640
2021		307,674
2022 and thereafter (cumulative)		194,831
Total	$	2,341,758

Rental expense under all operating leases amounted to approximately $389,000, $410,000, and $408,000, for the years ended December 31, 2016, 2015, and 2014, respectively.

Effective January 24, 2017, the Company acquired the land and improvements comprising the golf courses, previously leased from the City for approximately $1.5 million (the “Golf Course Land Purchase”). Accordingly, the portion of the minimum future rental payments related to the golf lease as of December 31, 2016 included in the schedule above of approximately $1.7 million, will be not be paid.

MINIMUM FUTURE RENTAL RECEIPTS

Additionally, the Company, as lessor, leases certain land, buildings, and improvements under operating leases.

Minimum future rental receipts under non-cancelable operating leases having remaining terms in excess of one year as of December 31, 2016, are summarized as follows:


Year Ending December 31,	Amounts
2017	$	21,132,772
2018		20,623,899
2019		20,538,957
2020		19,461,644
2021		16,231,649
2022 and thereafter (cumulative)		68,269,361
Total	$	166,258,282

LEGAL PROCEEDINGS

From time to time, the Company may be a party to certain legal proceedings, incidental to the normal course of business. While the outcome of the legal proceedings cannot be predicted with certainty, the Company does not expect that these proceedings will have a material effect upon our financial condition or results of operations.

On November 21, 2011, the Company, Indigo Mallard Creek LLC and Indigo Development LLC, as owners of the property leased to Harris Teeter, Inc. (“Harris Teeter”) in Charlotte, North Carolina, were served with pleadings filed in the General Court of Justice, Superior Court Division for Mecklenburg County, North Carolina, for a highway condemnation action involving this property. The proposed road modifications would impact access to the property. The Company does not believe the road modifications provided a basis for Harris Teeter to terminate the Lease. Regardless, in January 2013, the North Carolina Department of Transportation (“NCDOT”) proposed to redesign the road modifications to keep the all access intersection open for ingress with no change to the planned limitation on egress to the right-in/right-out only. Additionally, NCDOT and the City of Charlotte proposed to build and maintain a new access road/point into the property. Construction has begun and is not expected to be completed before the second quarter of 2017. Harris Teeter has expressed satisfaction with the redesigned project and indicated that it will not attempt to terminate its lease if this project is built as currently redesigned. Because the redesigned project will not be completed until late 2017 to mid-2018, the condemnation case has been placed in administrative closure. As a result, the trial and mediation will not likely be scheduled until requested by the parties, most likely in late 2018.

On February 15, 2017, Wintergreen Advisers, LLC (“Wintergreen”) filed a complaint in the Circuit Court of the Seventh Judicial Circuit in Volusia County, Florida (the “Wintergreen Complaint”) against the Company and each of its directors. The Wintergreen Complaint seeks an order compelling the Company to either include Wintergreen’s four director nominees, all of whom are employees or hired consultants of Wintergreen, in the Company’s proxy statement as nominees to be voted on at the Company’s 2017 Annual Meeting of Shareholders (the “2017 Annual Meeting”) or permit Wintergreen to bring their proposed nominees before the Company’s shareholders at the 2017 Annual Meeting. The Company believes that the Wintergreen Complaint has no legal merit and the Company intends to defend the interests of all CTO shareholders by vigorously resisting the remedies sought in the Wintergreen Complaint. The Wintergreen Complaint does not seek monetary remedies or compensation for damages or similar contingencies. However, defending against the Wintergreen Complaint will likely require cash outlays, for legal and other expenses, as well as, commitment of management resources. As of the date of this report the Company is not able to estimate the amount of such costs.

CONTRACTUAL COMMITMENTS - EXPENDITURES

In connection with the acquisition of the Lowes on April 22, 2014, the Company was credited approximately $651,000 at closing for certain required tenant improvements, some of which were not required to be completed until December 2016. As of December 31, 2016, $100,000 of these tenant improvements had been completed and funded, leaving approximately $551,000 remaining to be funded. The remaining commitment as of December 31, 2016, totaled approximately $381,000, which is equal to the amount of the final reimbursement request the Company received from Lowe’s.

In conjunction with the Company’s sale of approximately 3.4 acres of land to RaceTrac in December 2013, the Company agreed to reimburse RaceTrac for a portion of the costs for road improvements and the other costs associated with bringing multiple ingress/egress points to the entire 23 acre Williamson Crossing site, including the Company’s remaining 19.6 acres. The estimated cost for the improvements equals approximately $1.26 million and the Company’s commitment is to reimburse RaceTrac in an amount equal to the lesser of 77.5% of the actual costs or $976,500. The Company’s commitment to fund the improvement costs benefiting the remaining acres of Company land can be paid over five years from sales of the remaining land or at the end of the fifth year. In 2013 the Company deposited $283,500 of cash in escrow related to the improvements, which is classified as restricted cash in the consolidated balance sheets. The total amount in escrow as of December 31, 2016 was approximately $287,000, including accrued interest. Accordingly, as of December 31, 2016, the remaining maximum commitment is approximately $690,000.

In conjunction with the Company’s sale of approximately 18.1 acres of land to an affiliate of Sam’s Club (“Sam’s”) in December 2015, the Company agreed to reimburse Sam’s for a portion of their construction costs applicable to adjacent outparcels retained by the Company. As a result, in December 2015, the Company deposited $125,000 of cash in escrow related to construction work which remains classified as restricted cash in the consolidated balance sheets as of December 31, 2016. The Company’s maximum commitment related to the construction work benefitting the outparcels adjacent to Sam’s is $125,000, to be paid from escrow upon completion.

In conjunction with the Company’s sale of approximately 15.0 acres of land to an affiliate of Integra Land Company (“Integra”) in December 2015, the Company agreed to reimburse Integra approximately $276,000 for a portion of the costs for road access and related utility improvements that will benefit the land parcel sold to Integra as well as the surrounding acreage still owned by the Company. The Company also agreed to reimburse Integra approximately $94,000 for site relocation costs. Accordingly, in December 2015, the Company deposited a combined $370,000 of cash in escrow related to these reimbursements which are classified as restricted cash in the consolidated balance sheets. During the year ended December 31, 2016, approximately $350,000 was disbursed from the escrow account. Accordingly, as of December 31, 2016, the Company’s maximum remaining commitment related to these reimbursements is approximately $20,000 to be paid from escrow as costs are incurred.

In conjunction with the Company’s Golf Course Land Purchase in January 2017, the Company agreed to renovate the greens on the Jones course within one year of the agreement. The Company expects to incur the cost of this renovation, which is estimated between approximately $200,000 and $300,000, prior to the fourth quarter of 2017.

CONTRACTUAL COMMITMENTS – LAND PIPELINE

Following the Minto Sale (hereinafter defined), as of February 10, 2017, the Company’s land holdings totaled approximately 8,200 acres and the pipeline of potential land sales transactions included the following ten definitive purchase and sale agreements with ten different buyers, representing approximately 27% of our land holdings:


			Contract
		No. of	Amount		Price		Estimated
	Contract (or Buyer) / Parcel	Acres	($000's)		per Acre		Timing
1	Commercial/Retail (1)	35	$	14,000	$	400,000	'17 - '19
2	Commercial/Retail	4		1,175		294,000	'17 - '18
3	Commercial/Retail	6		1,556		259,000	'17 - '18
4	Mixed-Use Retail	22		5,574		253,000	'17 - '18
5	Mixed-Use Retail (NADG)	82		20,187		246,000	'17 - '18
6	Residential (SF)	7		1,140		163,000	'18 - '19
7	Commercial (1)	28		3,215		115,000	'17 - '18
8	AR Residential (Minto)	1,686		31,360		19,000	'18 - '19
9	SF Residential	194		3,324		17,000	'18 - '19
10	SF Residential (ICI)	146		1,400		10,000	'18 - '19
	Total	2,210	$	82,931	$	38,000

⁽¹⁾

Contract amount and price per acre may be reduced by potential costs incurred for wetlands mitigation, if any.

As noted above, all of these agreements contemplate closing dates ranging from the first quarter of 2017 through fiscal year 2019, and the Company expects some of the transactions to close in 2017, although the buyers are not contractually obligated to close until after 2017. Each of the transactions are in varying stages of due diligence by the various buyers including, in some instances, having made submissions to the planning and development departments of the City of Daytona Beach, and other permitting activities with other applicable governmental authorities. In addition to other customary closing conditions, the majority of these transactions are conditioned upon the receipt of approvals or permits from those various governmental authorities, as well as other matters that are beyond our control. If such approvals are not obtained, the prospective buyers may have the ability to terminate their respective agreements prior to closing. As a result, there can be no assurances regarding the likelihood or timing of any one of these potential land transactions being completed or the final terms thereof, including the sales price.

OTHER MATTERS

In connection with a certain land sale contract to which the Company is a party, the purchaser’s pursuit of customary development entitlements gave rise to an inquiry by federal regulatory agencies regarding prior agricultural activities by the Company on such land. During the second quarter of 2015, we received a written information request regarding such activities. We submitted a written response to the information request along with supporting documentation. We believe the issues raised by, and the land which was the subject of, this inquiry are similar to or the same as those which were addressed and resolved by the settlement agreement executed in December 2012 between the Company and the St. Johns River Water Management District (the “District”) and the permit which the District subsequently issued to the Company. During the fourth quarter of 2015, based on discussions with the agency, a penalty related to this matter was deemed probable, and accordingly the estimated penalty of $187,500 was accrued as of December 31, 2015, for which payment was made during the year ended December 31, 2016. Also during the fourth quarter of 2015, the agency advised the Company that the resolution to the inquiry would likely require the Company to incur costs associated with wetlands restoration relating to approximately 148.4 acres of the Company’s land. At December 31, 2015, the Company’s third-party environmental engineers estimated the cost for such restoration activities to range from approximately $1.7 million to approximately $1.9 million. Accordingly, as of December 31, 2015, the Company accrued an obligation of approximately $1.7 million, representing the low end of the estimated range of possible restoration costs and included such estimated costs on the consolidated balance sheets as an increase in the basis of our land and development costs associated with those and benefitting surrounding acres. As of June 30, 2016 the final proposal from the Company’s third-party environmental engineer was received for a total cost of approximately $2.0 million. Accordingly, an increase in the accrual of approximately $300,000 was made during the second quarter of 2016. The Company funded approximately $935,000 of the total $2.0 million of estimated costs during the second quarter of 2016. The Company believes there is at least a reasonable possibility that the estimated remaining liability of approximately $1.1 million could change within one year of the date of the consolidated financial statements, which in turn could have a material impact on the Company’s consolidated balance sheets and future cash flows. The Company evaluates its estimates on an ongoing basis; however, actual results may differ from those estimates. Additionally, resolution of the regulatory matter required the Company to apply for an additional permit pertaining to an additional approximately 54.7 acres, which permit may require mitigation activities which the Company anticipates could be satisfied through the utilization of existing mitigation credits owned by the Company or the acquisition of mitigation credits. The Company anticipates that resolution of this matter will allow the Company to obtain certain permits from the applicable federal or state regulatory agencies needed in connection with the closing of the land sale contract that gave rise to this matter. The number of mitigation credits that may be required is not currently estimable and as the utilization or purchase of such credits would be incorporated into the basis of the land under contract, no amounts related to mitigation credits have been accrued as of December 31, 2016. In addition, in connection with other land sale contracts to which the Company is or may become a party, the pursuit of customary development entitlements by the potential purchasers may require the Company to utilize or acquire mitigation credits for the purpose of obtaining certain permits from the applicable federal or state regulatory agencies. Any costs incurred in connection with utilizing or acquiring such credits would be incorporated into the basis of the land under contract and, accordingly, no amounts related to such potential future costs have been accrued as of December 31, 2016.

During 2015 and 2016, the Company received communications from Wintergreen Advisers, LLC, an institutional investment advisory firm (“Wintergreen”) that manages the Wintergreen Fund, a public mutual fund, some of which have been filed publicly. In investigating the allegations contained in certain communications from Wintergreen and in pursuing the strategic alternatives process advocated by Wintergreen, the Company has incurred costs of approximately $1.2 million and approximately $229,000, respectively, to date, through December 31, 2016, including investigative work for legal representation, accounting services, additional director and committee meeting fees, or other third party costs. To date, none of the allegations have been found to have any basis or merit; however, such costs could continue to be incurred and, while not reasonably estimable, may represent significant costs for the Company which would have an adverse impact on the Company’s results of operations and cash flows.

Business Segment Data

12 Months Ended

Dec. 31, 2016

Segment Reporting [Abstract]

Business Segment Data

NOTE 21. BUSINESS SEGMENT DATA

The Company operates in four primary business segments: income properties, commercial loan investments, real estate operations, and golf operations. Our income property operations consist primarily of income-producing properties, and our business plan is focused on investing in additional income-producing properties. Our income property operations accounted for 74.1% and 68.6% of our identifiable assets as of December 31, 2016 and 2015, respectively, and 35.3%, 44.3%, and 41.5% of our consolidated revenues for the years ended December 31, 2016, 2015, and 2014, respectively. As of December 31, 2016, we had three commercial loan investments including one fixed-rate and one variable-rate mezzanine commercial mortgage loan and a variable-rate B-Note representing a secondary tranche in a commercial mortgage loan. Our real estate operations primarily consist of revenues generated from land transactions and leasing and royalty income from our interests in subsurface oil, gas and mineral rights. Our golf operations consist of a single property located in the City of Daytona Beach, with two 18-hole championship golf courses, a practice facility, and clubhouse facilities, including a restaurant and bar operation and pro-shop with retail merchandise. The majority of the revenues generated by our golf operations are derived from members and public customers playing golf, club memberships, and food and beverage operations.

The Company evaluates performance based on profit or loss from operations before income taxes. The Company’s reportable segments are strategic business units that offer different products. They are managed separately because each segment requires different management techniques, knowledge, and skills.

Information about the Company’s operations in different segments for the years ended December 31, 2016, 2015, and 2014 is as follows:


	Year Ended
	December 31, 2016		December 31, 2015		December 31, 2014
Revenues:
Income Properties	$	25,092,484	$	19,041,111	$	14,969,647
Commercial Loan Investments		2,588,235		2,691,385		2,190,924
Real Estate Operations		38,144,347		15,942,894		13,492,734
Golf Operations		5,190,394		5,243,485		5,125,501
Agriculture and Other Income		59,401		78,805		277,831
Total Revenues	$	71,074,861	$	42,997,680	$	36,056,637
Operating Income:
Income Properties	$	19,887,621	$	15,385,176	$	13,015,113
Commercial Loan Investments		2,588,235		2,691,385		2,190,924
Real Estate Operations		23,263,036		11,650,370		8,630,445
Golf Operations		(396,683)		(349,600)		(405,242)
Agriculture and Other Income		(107,368)		(147,749)		88,527
General and Corporate Expense		(7,915,254)		(8,960,273)		(10,927,261)
Total Operating Income	$	37,319,587	$	20,269,309	$	12,592,506
Depreciation and Amortization:
Income Properties	$	7,872,689	$	4,898,803	$	3,210,028
Golf Operations		266,074		263,335		241,134
Agriculture and Other		56,654		50,759		39,323
Total Depreciation and Amortization	$	8,195,417	$	5,212,897	$	3,490,485
Capital Expenditures:
Income Properties	$	92,434,774	$	84,261,324	$	43,766,003
Commercial Loan Investments		—		15,394,879		30,208,075
Real Estate Operations ($5,744,636 Contributed by Consolidated VIE in 2015)		—		11,489,272		—
Golf Operations		95,513		109,505		219,199
Agriculture and Other		19,881		38,714		140,970
Total Capital Expenditures	$	92,550,168	$	111,293,694	$	74,334,247


	As of
	December 31, 2016		December 31, 2015
Identifiable Assets:
Income Properties	$	302,757,565	$	277,519,902
Commercial Loan Investments		24,032,885		38,487,119
Real Estate Operations		58,868,298		59,787,157
Golf Operations		3,675,842		3,607,259
Agriculture and Other		19,288,836		24,952,207
Total Assets	$	408,623,426	$	404,353,644

Operating income represents income from continuing operations before loss on early extinguishment of debt, interest expense, investment income, and income taxes. General and corporate expenses are an aggregate of general and administrative expenses, impairment charges, depreciation and amortization expense, and gains (losses) on the disposition of assets. Identifiable assets by segment are those assets that are used in the Company’s operations in each segment. Other assets consist primarily of cash, property, plant, and equipment related to the other operations, as well as the general and corporate operations. Land, timber, and Subsurface Interests were previously stated as a separate line item within property, plant, and equipment on the consolidated financial statements and are now included with land, timber, and development costs as all of the costs are related to the Company’s land portfolio of approximately 9,800 acres. The land, timber, and Subsurface Interests were previously included in the Agriculture and Other segment, but have been reclassified to the Real Estate Operations segment to conform to the revised presentation on the consolidated balance sheets.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Variable Interest Entity	12 Months Ended
Variable Interest Entity	Dec. 31, 2016
Variable Interest Entity, Measure of Activity [Abstract]
Variable Interest Entity	NOTE 22. VARIABLE INTEREST ENTITY During the year ended December 31, 2015, the Company entered into a real estate venture with an unaffiliated third party institutional investor, whereby the venture acquired approximately six acres of vacant beachfront property located in Daytona Beach, Florida. The Company acquired its 50% interest in the real estate venture for approximately $5.7 million and served as its general partner with day-to-day management responsibilities. The venture was structured such that the Company earned a base management fee and would have received a preferred interest as well as a promoted interest if certain return hurdles were achieved. The Company’s preferred interest represents the first 9% of the investment return achieved at the disposition of the property. GAAP requires consolidation of a variable interest entity (“VIE”) in which an enterprise has a controlling financial interest and is the primary beneficiary. Upon entering into the venture described above and as of December 31, 2015, the Company determined it has a controlling financial interest and is the primary beneficiary; therefore, the venture is a VIE and has been consolidated in the Company’s financial statements. As of December 31, 2015, the VIE had one asset totaling $11,329,574 consisting of the six acre vacant beachfront property. During the year ended December 31, 2015 the Company contributed 50%, or $5,664,787, to the VIE for the initial property acquisition, with the other 50% contributed by the noncontrolling interest in the consolidated VIE. This consolidated venture has been accounted for in real estate operations with the inter-company management fees totaling approximately $9,000 during the year ended 2015 eliminated upon consolidation. On November 17, 2016, the Company acquired the unaffiliated third party’s interest for approximately $4.8 million, a discount of approximately $879,000. The discount was recorded through equity on the consolidated balance sheet during the quarter and year ended December 31, 2016. The Company evaluated its interest in the six-acre vacant beachfront property for impairment and determined that no impairment was necessary as of December 31, 2016. As the Company owns the entire real estate venture as of December 31, 2016, there is no longer a consolidated VIE. The six-acre vacant beachfront property asset totaled approximately $11.7 million as of December 31, 2016 which includes the additional land basis related to entitlement costs. The beachfront property received approval of the rezoning and entitlement of the site for up to approximately 1.2 million square feet of density. The Company is in negotiations with two prospective tenants, Cocina 214 Mexican Restaurant & Bar and LandShark Bar & Grill, to lease the two restaurants the Company intends to develop on the parcel. The zoning and entitlements received allow for the restaurant development and a larger scale vertical development should market conditions permit.

Subsequent Events

12 Months Ended

Dec. 31, 2016

Subsequent Events [Abstract]

Subsequent Events

NOTE 23. SUBSEQUENT EVENTS

The Company reviewed all subsequent events and transactions that have occurred after December 31, 2016, the date of the consolidated balance sheet.

On January 24, 2017, the Company acquired the land and improvements comprising the golf courses, previously leased from the City for approximately $1.5 million (the “Golf Course Land Purchase”). As a part of the Golf Course Land Purchase, the Company donated to the City three land parcels totaling approximately 14.3 acres located on the west side of Interstate 95 that are adjacent to the City’s Municipal Stadium. The Company had a cost basis of $0 in the donated land and paid approximately $100,000 to satisfy the community development district bonds associated with the acreage. Other terms of the Golf Course Land Purchase include the following:

The Company is obligated to pay the City an annual surcharge of $1 per golf round played each year (the “Per-Round Surcharge”) with an annual minimum Per-Round Surcharge of $70,000 and a maximum aggregate amount of the Per-Round Surcharges paid equal to $700,000;

Within one year following the date of the closing of the Golf Course Land Purchase, unless extended due to weather related delays outside the Company’s control, the Company is obligated to renovate the greens on the Jones Course; and

If the Company sells the LPGA International Golf Club within six years of the closing of the Golf Course Land Purchase, the Company is obligated to pay the City an amount equal to 10% of the difference between the sales price, less closing costs and any other costs required to be incurred in connection with the sale, and $4.0 million.

In conjunction with the Golf Course Land Purchase, the lease between the Company and the City was terminated. As of December 31, 2016, the Company’s accrued liability related to the straight-line rent on the lease between the Company and the City was approximately $2.2 million. Effective as of the closing date, the accrued liability will be eliminated as there is no remaining commitment related to the lease. As a result of eliminating the accrued liability, the Company will recognize approximately $0.40 per share in non-cash earnings in the first quarter of 2017.

On January 27, 2017, the Company acquired an approximately 18,120 square-foot retail building in Sarasota, Florida at a purchase price of $4.1 million. The property is situated on approximately 1.2 acres and is 100% leased to an affiliate of the Staples, Inc. under a triple-net lease with a remaining term at acquisition of approximately 5 years. The transaction is expected to be part of a 1031 like-kind exchange.

On February 10, 2017, the Company completed the sale of approximately 1,581 acres of land, or approximately 16% of its land holdings, to Minto Communities, LLC (“Minto”) for approximately $27.2 million (the “Minto Sale”), or approximately $17,200 an acre, resulting in an estimated gain of approximately $20.0 million, or $2.19 per share, after tax. On February 16, 2017, Margaritaville Holdings (“Margaritaville”) and Minto announced a partnership that will develop new active adult communities in some of the nation’s most popular destinations and that the first location of the all-new residential concept will open in Daytona Beach, Florida on the approximately 1,581 acres sold to Minto by the Company, and another approximately 1,686 acres the Company currently has under contract with Minto. Margaritaville and Minto indicated that the community would be branded as LATITUDE MARGARITAVILLE, Daytona Beach.

There were no other reportable subsequent events or transactions.

Quarterly Financial Data

12 Months Ended

Dec. 31, 2016

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Data

NOTE 24. QUARTERLY FINANCIAL DATA

QUARTERLY FINANCIAL DATA

(UNAUDITED)


	March 31,				June 30,				September 30,				December 31,
	2016		2015		2016		2015		2016		2015		2016		2015
Revenues
Income Properties	$	6,429,241	$	4,260,675	$	6,033,082	$	4,132,052	$	6,021,331	$	5,034,090	$	6,608,830	$	5,614,294
Interest Income from Commercial Loan Investments		881,245		631,484		635,050		638,710		534,212		546,640		537,728		874,551
Real Estate Operations		9,560,898		859,801		4,774,620		1,368,141		4,643,646		1,748,398		19,165,183		11,966,554
Golf Operations		1,464,359		1,537,426		1,412,196		1,448,567		1,001,368		949,083		1,312,471		1,308,409
Agriculture and Other Income		18,692		18,939		18,990		20,738		10,388		19,504		11,331		19,624
Total Revenues		18,354,435		7,308,325		12,873,938		7,608,208		12,210,945		8,297,715		27,635,543		19,783,432
Direct Cost of Revenues
Income Properties		(1,176,707)		(640,846)		(1,204,040)		(682,887)		(1,430,642)		(997,760)		(1,393,474)		(1,334,442)
Real Estate Operations		(2,257,041)		(598,723)		(1,124,641)		(305,853)		(1,257,183)		(316,613)		(10,242,446)		(3,071,335)
Golf Operations		(1,404,588)		(1,389,612)		(1,447,176)		(1,456,232)		(1,302,920)		(1,355,469)		(1,432,393)		(1,391,772)
Agriculture and Other Income		(48,051)		(55,151)		(52,654)		(43,195)		(52,894)		(51,484)		(13,170)		(76,724)
Total Direct Cost of Revenues		(4,886,387)		(2,684,332)		(3,828,511)		(2,488,167)		(4,043,639)		(2,721,326)		(13,081,483)		(5,874,273)
General and Administrative Expenses		(4,797,457)		(1,469,766)		(1,899,126)		(1,874,877)		(1,821,827)		(2,778,960)		(1,779,467)		(2,630,176)
Impairment Charges		(209,908)		(510,041)		(1,970,822)		—		—		—		—		—
Depreciation and Amortization		(2,067,367)		(1,155,739)		(1,805,559)		(1,071,752)		(1,945,460)		(1,417,129)		(2,377,031)		(1,568,277)
Gain on Disposition of Assets		—		5,440		1,362,948		12,749		11,479,490		3,763,140		(83,668)		1,735,115
Total Operating Expenses		(11,961,119)		(5,814,438)		(8,141,070)		(5,422,047)		3,668,564		(3,154,275)		(17,321,649)		(8,337,611)
Operating Income		6,393,316		1,493,887		4,732,868		2,186,161		15,879,509		5,143,440		10,313,894		11,445,821
Investment Income		(566,384)		150,459		2,691		74,818		2,531		170,466		31,181		(186,864)
Interest Expense		(2,091,766)		(1,066,502)		(2,154,437)		(1,888,434)		(2,454,390)		(1,892,145)		(2,052,745)		(2,072,686)
Income Before Income Tax Expense		3,735,166		577,844		2,581,122		372,545		13,427,650		3,421,761		8,292,330		9,186,271
Income Tax Expense		(2,342,601)		(224,488)		(1,000,480)		(147,928)		(5,281,646)		(1,349,480)		(3,212,127)		(3,547,208)
Net Income		1,392,565		353,356		1,580,642		224,617		8,146,004		2,072,281		5,080,203		5,639,063
Less: Net Loss (Income) Attributable to Noncontrolling Interest in Consolidated VIE		32,153		—		(10,199)		—		15,010		7,590		14,870		50,259
Net Income Attributable to Consolidated-Tomoka Land Co.	$	1,424,718	$	353,356	$	1,570,443	$	224,617	$	8,161,014	$	2,079,871	$	5,095,073	$	5,689,322

Per Share Information:
Basic
Net Income Attributable to Consolidated-Tomoka Land Co.	$	0.25	$	0.06	$	0.28	$	0.04	$	1.44	$	0.36	$	0.91	$	0.99

Diluted
Net Income Attributable to Consolidated-Tomoka Land Co.	$	0.25	$	0.06	$	0.28	$	0.04	$	1.44	$	0.36	$	0.90	$	0.98

Schedule III - Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2016

Real Estate And Accumulated Depreciation Disclosure [Abstract]

Schedule III - Real Estate and Accumulated Depreciation

SCHEDULE III

REAL ESTATE AND ACCUMULATED DEPRECIATION

FOR THE YEAR ENDED DECEMBER 31, 2016


				Costs Capitalized
				Subsequent to
	Initial Cost to Company			Acquisition
			Buildings &		Carrying
Description	Encumbrances	Land	Improvements	Improvements	Costs
	$	$	$	$	$
Income Properties:
3600 Peterson, Santa Clara, CA	—	17,855,023	8,414,925	—	—
7-Eleven, Inc., Dallas, TX	—	974,862	1,550,744	—	—
At Home, Raleigh, NC	—	2,118,420	5,774,284	—	—
Bank of America, Monterey, CA	—	4,458,840	—	—	—
Barnes & Noble, Daytona Beach, FL	—	1,798,600	3,803,000	—	—
Best Buy, McDonough, GA	—	2,622,682	3,150,000	—	—
Big Lots, Germantown, MD	3,300,000	1,781,918	2,951,231	—	—
Big Lots, Phoenix, AZ	3,400,000	1,715,717	3,050,164	—	—
Carrabba's Italian Grill, Austin, TX	—	1,160,925	1,305,117	—	—
Century Theatre, Reno, NV	—	1,669,377	4,484,938	—	—
Container Store, Glendale, AZ	—	1,968,398	5,493,102	—	—
CVS, Dallas, TX	—	7,535,013	—	—	—
Dick's Sporting Goods, McDonough, GA	—	3,934,022	4,725,000	—	—
Harris Teeter Supermarket, Charlotte, NC	6,600,000	5,601,837	3,409,338	—	—
Hilton Grand Vacations (Office), Orlando, FL	5,145,126	2,810,942	6,590,681	—	—
Hilton Grand Vacations (Office), Orlando, FL	2,154,874	1,210,138	2,453,690	273,745	—
Lowe's, Katy, TX	8,500,000	9,412,181	3,480,650	—	—
Outback Steakhouse, Austin, TX	—	1,376,793	1,585,791	—	—
Outback Steakhouse, Charlottesville, VA	—	1,308,881	3,135,515	—	—
Outback Steakhouse, Huntersville, NC	—	1,987,831	1,299,017	—	—
Rite Aid, Renton, WA	4,700,000	2,036,235	4,148,415	—	—
Riverside, Jacksonville, FL	—	6,019,815	14,239,515	126,617	—
The Grove, Winter Park, FL	—	1,240,000	1,860,000	23,177	—
Walgreens, Alpharetta, GA	—	3,265,623	1,406,160	—	—
Walgreens, Clermont, FL	3,500,000	3,021,665	1,269,449	—	—
Wells Fargo, Raleigh, NC	25,000,000	8,680,056	59,166,753	—	—
Whole Foods Market Centre, Sarasota, FL	—	4,497,825	13,104,352	274,085	—
Mason Commerce Center-Bldg 1, Daytona Beach, FL	—	66,304	1,277,027	1,057,679	—
Mason Commerce Center-Bldg 2, Daytona Beach, FL	—	66,304	1,277,027	913,032	—
Williamson Business Park-Bldg 3, Daytona Beach, FL	—	110,509	1,008,784	194,459	—
Concierge Office Building, Daytona Beach, FL	—	293,872	2,862,171	157,497	—
Vacant Pad Site, Winter Park, FL	—	436,400	—	—	—
	62,300,000	103,037,008	168,276,840	3,020,291	—

Gross Amount at Which

Carried at Close of Period

December 31, 2016


	Land	Buildings	Total	Accumulated Depreciation	Date of Completion of Construction	Date Acquired	Life
	$	$	$	$
Income Properties:
3600 Peterson, Santa Clara, CA	17,855,023	8,414,925	26,269,948	143,276	N/A	10/14/16	30 Yrs.
7-Eleven, Inc., Dallas, TX	974,862	1,550,744	2,525,606	32,307	N/A	02/18/16	40 Yrs.
At Home, Raleigh, NC	2,118,420	5,774,284	7,892,704	85,940	N/A	09/29/16	20 Yrs.
Bank of America, Monterey, CA	4,458,840	—	4,458,840	—	N/A	08/17/16	N/A
Barnes & Noble, Daytona Beach, FL	1,798,600	3,803,000	5,601,600	1,521,200	N/A	12/15/05	40 Yrs.
Best Buy, McDonough, GA	2,622,682	3,150,000	5,772,682	833,437	N/A	06/15/06	40 Yrs.
Big Lots, Germantown, MD	1,781,918	2,951,231	4,733,149	245,936	N/A	09/13/13	40 Yrs.
Big Lots, Phoenix, AZ	1,715,717	3,050,164	4,765,881	298,662	N/A	01/23/13	40 Yrs.
Carrabba's Italian Grill, Austin, TX	1,160,925	1,305,117	2,466,042	22,007	N/A	09/15/16	25 Yrs.
Century Theatre, Reno, NV	1,669,377	4,484,938	6,154,315	19,787	N/A	11/30/16	23 Yrs.
Container Store, Glendale, AZ	1,968,398	5,493,102	7,461,500	205,349	N/A	05/18/15	55 Yrs.
CVS, Dallas, TX	7,535,013	—	7,535,013	—	N/A	09/22/16	N/A
Dick's Sporting Goods, McDonough, GA	3,934,022	4,725,000	8,659,022	1,250,156	N/A	06/15/06	40 Yrs.
Harris Teeter Supermarket, Charlotte, NC	5,601,837	3,409,338	9,011,175	745,793	N/A	04/17/08	40 Yrs.
Hilton Grand Vacations (Office), Orlando, FL	2,810,942	6,590,681	9,401,623	634,905	N/A	01/30/13	40 Yrs.
Hilton Grand Vacations (Office), Orlando, FL	1,210,138	2,727,435	3,937,573	259,328	N/A	01/30/13	40 Yrs.
Lowe's, Katy, TX	9,412,181	3,480,650	12,892,831	358,822	N/A	04/22/14	30 Yrs.
Outback Steakhouse, Austin, TX	1,376,793	1,585,791	2,962,584	22,818	N/A	09/15/16	30 Yrs.
Outback Steakhouse, Charlottesville, VA	1,308,881	3,135,515	4,444,396	40,442	N/A	09/15/16	30 Yrs.
Outback steakhouse, Huntersville, NC	1,987,831	1,299,017	3,286,848	27,261	N/A	09/15/16	20 Yrs.
Rite Aid, Renton, WA	2,036,235	4,148,415	6,184,650	354,343	N/A	07/25/13	40 Yrs.
Riverside, Jacksonville, FL	6,019,815	14,366,132	20,385,947	950,758	N/A	07/16/15	43 Yrs.
The Grove, Winter Park, FL	1,240,000	1,883,177	3,123,177	94,783	N/A	12/30/14	40 Yrs.
Walgreens, Alpharetta, GA	3,265,623	1,406,160	4,671,783	448,213	N/A	03/31/04	40 Yrs.
Walgreens, Clermont, FL	3,021,665	1,269,449	4,291,114	399,347	N/A	05/27/04	40 Yrs.
Wells Fargo, Raleigh, NC	8,680,056	59,166,753	67,846,809	2,174,127	N/A	11/18/15	45 Yrs.
Whole Foods Market Centre, Sarasota, FL	4,497,825	13,378,437	17,876,262	743,438	N/A	10/07/14	40 Yrs.
Mason Commerce Center-Bldg 1, Daytona Beach, FL	66,304	2,334,706	2,401,010	819,035	09/01/08	N/A	40 Yrs.
Mason Commerce Center-Bldg 2, Daytona Beach, FL	66,304	2,190,059	2,256,363	756,154	09/01/08	N/A	40 Yrs.
Williamson Business Park-Bldg 3, Daytona Beach, FL	110,509	1,203,243	1,313,752	101,780	05/01/14	N/A	40 Yrs.
Concierge Office Building, Daytona Beach, FL	293,872	3,019,668	3,313,540	802,163	07/01/09	N/A	40 Yrs.
Vacant Pad Site, Winter Park, FL	436,400	—	436,400	—	N/A	05/28/15	N/A
	103,037,008	171,297,131	274,334,139	14,391,567

REAL ESTATE AND ACCUMULATED DEPRECIATION

FOR THE YEAR ENDED DECEMBER 31, 2016


	2016	2015	2014
	$	$	$
Cost:
Balance at Beginning of Year	268,970,875	209,294,277	170,194,285
Additions and Improvements	68,274,211	97,767,725	42,908,366
Adjust to Fair Value	—	(2,343,013)	—
Cost of Real Estate Sold	(62,910,947)	(20,431,548)	(3,808,374)
Reclassification to Land and Development Costs	—	(15,316,566)	—
Balance at End of Year	274,334,139	268,970,875	209,294,277

	$	$	$
Accumulated Depreciation:
Balance at Beginning of Year	14,374,079	14,073,096	11,986,949
Depreciation and Amortization	5,346,538	3,224,227	2,441,593
Depreciation on Real Estate Sold	(5,329,050)	(2,472,192)	(355,446)
Reclassification to Land and Development Costs	—	(451,052)	—
Balance at End of Year	14,391,567	14,374,079	14,073,096

(1) Reconciliation to Consolidated Balance Sheet at December 31, 2016
Income Properties, Land, Buildings, and Improvements			274,334,139
			274,334,139
(2) Cost Basis of Assets Classified as Held for Sale on Balance Sheet			—
Total Per Schedule			274,334,139

Schedule IV - Mortgage Loans on Real Estate

12 Months Ended

Dec. 31, 2016

Mortgage Loans On Real Estate [Abstract]

Schedule IV - Mortgage Loans on Real Estate

SCHEDULE IV

MORTGAGE LOANS ON REAL ESTATE

FOR THE YEAR ENDED DECEMBER 31, 2016


Description	Interest Rate	Final Maturity Date	Periodic Payment Terms	Prior Liens	Face Amount of Mortgages	Carrying Amounts of Mortgages	Principal Amount of Loans Subject to Delinquent Principal or Interest
	%			$	$	$	$
Mezzanine Mortgage Loans:
Hotel – Atlanta, GA	12.00%	February 2019	Principal payable in full at maturity	—	5,000,000	5,000,000	—
Hotel – Dallas, TX	30-day LIBOR plus 7.25%	September 2019	Principal payable in full at maturity	—	10,000,000	10,000,000	—
Junior Mortgage Loan:
Retail Shopping Center – Sarasota, FL	30-day LIBOR plus 7.50%	June 2018	Principal payable in full at maturity	—	8,960,467	8,960,467	—
Totals				—	23,960,467	23,960,467	—


	2016	2015	2014
	$	$	$
Balance at Beginning of Year	38,331,956	30,208,074	18,845,053
Additions During the Year:
New Mortgage Loans (1)	—	15,394,878	30,266,498
Loan Fees Paid	—	40,000	6,858
Accretion of Discount (2)	—	—	649,658
Accretion of Origination Fees (3)	132,923	74,781	30,326
Deductions During the Year:
Collection of Principal	(14,282,500)	(7,200,909)	(19,465,000)
Discount on Payoff	(217,500)	—	—
Collection of Origination Fees	—	(181,250)	(88,750)
Amortization of Fees	(4,412)	(3,618)	(36,569)
Balance at End of Year	23,960,467	38,331,956	30,208,074

⁽¹⁾

Includes 2015 construction loan draws

⁽²⁾

Non-cash accretion of discount

⁽³⁾

Non-cash accretion of loan origination fees

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2016

Accounting Policies [Abstract]

Principles of Consolidation

PRINCIPLES OF CONSOLIDATION

Use of Estimates in the Preparation of Financial Statements

USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS

Cash and Cash Equivalents

CASH AND CASH EQUIVALENTS

Restricted Cash

RESTRICTED CASH

Investment Securities

INVESTMENT SECURITIES

Derivative Instrument and Hedging Activity

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITY

Fair Value of Financial Instruments

FAIR VALUE OF FINANCIAL INSTRUMENTS

Fair Value Measurements

FAIR VALUE MEASUREMENTS

Level 1 – Valuation is based upon quoted prices in active markets for identical assets or liabilities.

Classification of Commercial Loan Investments

CLASSIFICATION OF COMMERCIAL LOAN INVESTMENTS

Commercial Loan Investment Impairment

COMMERCIAL LOAN INVESTMENT IMPAIRMENT

Recognition of Interest Income from Commercial Loan Investments

RECOGNITION OF INTEREST INCOME FROM COMMERCIAL LOAN INVESTMENTS

Impact Fees and Mitigation Credits

IMPACT FEES AND MITIGATION CREDITS

Accounts Receivable

ACCOUNTS RECEIVABLE

Purchase Accounting for Acquisitions of Real Estate Subject to a Lease

PURCHASE ACOUNTING FOR ACQUISITIONS OF REAL ESTATE SUBJECT TO A LEASE

Land and Development Costs

LAND AND DEVELOPMENT COSTS

Sale of Real Estate

SALE OF REAL ESTATE

Property, Plant, and Equipment

PROPERTY, PLANT, AND EQUIPMENT

The range of estimated useful lives for property, plant, and equipment is as follows:


Golf Buildings and Improvements	10	-	43	Years
Golf Equipment	3	-	10	Years
Income Properties Buildings and Improvements	10	-	55	Years
Other Furnishings and Equipment	3	-	25	Years
Agriculture Equipment	5	-	10	Years

Long-Lived Assets

LONG-LIVED ASSETS

Income Property Leases

INCOME PROPERTY LEASES

The rental of the Company’s income properties are classified as operating leases. The Company recognizes lease income on these properties on a straight-line basis over the term of the lease.

Operating Lease Expense

OPERATING LEASE EXPENSE

The Company leases property and equipment, which are classified as operating leases. The Company recognizes lease expense on a straight-line basis over the term of the lease.

Golf Operations

GOLF OPERATIONS

Other Real Estate Interests

OTHER REAL ESTATE INTERESTS

Stock-Based Compensation

STOCK-BASED COMPENSATION

All non-qualified stock option awards and the restricted share awards granted under the 2010 plan were determined to be equity-based awards under FASB ASC Topic, Share-Based Payments.

Income Taxes

INCOME TAXES

Earnings Per Common Share

EARNINGS PER COMMON SHARE

Concentration of Credit Risk

CONCENTRATION OF CREDIT RISK

Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents.

Recently Issued Accounting Standards

RECENTLY ISSUED ACCOUNTING STANDARDS

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2016

Accounting Policies [Abstract]

Schedule of Estimated Useful Lives for Property, Plant, and Equipment


Golf Buildings and Improvements	10	-	43	Years
Golf Equipment	3	-	10	Years
Income Properties Buildings and Improvements	10	-	55	Years
Other Furnishings and Equipment	3	-	25	Years
Agriculture Equipment	5	-	10	Years

Commercial Loan Investments (Tables)

12 Months Ended

Dec. 31, 2016

Receivables [Abstract]

Summary of Commercial Loan Investment Portfolio

The Company’s commercial loan investment portfolio was comprised of the following at December 31, 2016:


	Date of	Maturity	Original Face		Current Face		Carrying
Description	Investment	Date	Amount		Amount		Value		Coupon Rate
Mezz – Hotel – Atlanta, GA	January 2014	February 2019	$	5,000,000	$	5,000,000	$	5,000,000	12.00%
B-Note – Retail Shopping Center, Sarasota, FL	May 2014	June 2017		8,960,467		8,960,467		8,960,467	30 ‑day LIBOR plus 7.50%
Mezz – Hotel, Dallas, TX	September 2014	September 2017		10,000,000		10,000,000		10,000,000	30 day LIBOR plus 7.25%
Total			$	23,960,467	$	23,960,467	$	23,960,467

The Company’s commercial loan investment portfolio was comprised of the following at December 31, 2015:


	Date of	Maturity	Original Face		Current Face		Carrying
Description	Investment	Date	Amount		Amount		Value		Coupon Rate
Mezz – Hotel – Atlanta, GA	January 2014	February 2019	$	5,000,000	$	5,000,000	$	5,000,000	12.00%
B-Note – Retail Shopping Center, Sarasota, FL	May 2014	June 2016		8,960,467		8,960,467		8,960,467	30 day LIBOR plus 7.50%
Mezz – Hotel, Dallas, TX	September 2014	September 2016		10,000,000		10,000,000		10,000,000	30 day LIBOR plus 7.25%
First Mortgage – Hotel, San Juan, Puerto Rico	September 2015	September 2018		14,500,000		14,500,000		14,371,489	30 day LIBOR plus 9.00%
Total			$	38,460,467	$	38,460,467	$	38,331,956

Carrying Value of the Commercial Loan Investments Portfolio

The carrying value of the commercial loan investment as of December 31, 2016 consisted of the following:


	Total
Current Face Amount	$	38,460,467
Unamortized Fees		—
Unaccreted Origination Fees		—
Total Commercial Loan Investments	$	38,460,467

The carrying value of the commercial loan investment as of December 31, 2015 consisted of the following:


	Total
Current Face Amount	$	39,460,467
Unaccreted Origination Fees		(164,893)
Total Commercial Loan Investments	$	39,331,956

Land and Development Costs and Subsurface Interests (Tables)

12 Months Ended

Dec. 31, 2016

Real Estate [Abstract]

Summary of Land and Development Costs


	December 31,
	2016		2015
Land and Development Costs ($-0- and $11,329,574 Related to Consolidated VIE as of December 31, 2016 and 2015, respectively)	$	39,681,558	$	38,736,865
Land, Timber, and Subsurface Interests		12,273,720		14,669,155
Total Land and Development Costs	$	51,955,278	$	53,406,020

Summary of Real Estate operations revenue


	2016		2015		2014
Revenue Description	($000's)		($000's)		($000's)
Land Sales Revenue	$	11,871	$	4,276	$	8,744
Tomoka Town Center - Percentage of Completion Revenue		17,490		8,128		—
Revenue from Reimbursement of Infrastructure Costs		4,500		—		—
Impact Fee and Mitigation Credit Sales		2,220		463		926
Subsurface Revenue		1,802		3,003		3,704
Fill Dirt and Other Revenue		261		73		119
Total Real Estate Operations Revenue	$	38,144	$	15,943	$	13,493

Summary of land sales

					Gross Sales				Gain
			Date of	No. of	Price (1)		Price		on Sale
	Buyer (or Description)	Location	Sale	Acres	($000's)		per Acre		($000's)
1	Commercial / Retail	East of I-95	02/12/16	3.1	$	190	$	61,000	$	145
2	NADG - OutParcel	East of I-95	03/30/16	4.4		2,000		455,000		1,304
3	Minto Sales Center	West of I-95	09/27/16	4.5		205		46,000		126
4	Commercial / Retail	West of I-95	10/13/16	17.1		3,034		177,000		2,675
5	Commercial / Retail	East of I-95	12/22/16	74.6		830		11,000		751
6	ICI Homes	West of I-95	12/29/16	604.0		7,500		12,000		3,303
				707.7	$	13,759	$	19,000	$	8,304

⁽¹⁾

During the year ended December 31, 2015, a total of approximately 114.1 acres were sold for approximately $22.5 million as described below:


					Gross Sales				Gain
			Date of	No. of	Price (1)		Price		on Sale
	Buyer (or Description)	Location	Sale	Acres	($000's)		per Acre		($000's)
1	Commercial / Retail	East of I-95	06/01/15	3.0	$	505	$	168,000	$	476
2	Commercial / Retail	Highlands County	06/17/15	0.9		250		278,000		223
3	Tanger	East of I-95	11/12/15	38.9		9,700		249,000		2,793
4	Integra Land Company	East of I-95	12/18/15	15.0		2,376		158,000		2,265
5	Sam's Club	East of I-95	12/23/15	18.1		4,500		249,000		1,279
6	NADG - First Parcel	East of I-95	12/29/15	37.3		5,168		139,000		1,421
7	Commercial / Retail	East of I-95	12/29/15	0.9		30		33,000		20
				114.1	$	22,529	$	197,000	$	8,477

⁽¹⁾

During the year ended December 31, 2014, a total of 99.7 acres were sold for approximately $8.8 million as described below:


					Gross Sales				Gain
			Date of	No. of	Price (1)		Price		on Sale
	Buyer (or Description)	Location	Sale	Acres	($000's)		per Acre		($000's)
1	Halifax Humane Society, Inc.	West of I-95	02/18/14	3.1	$	392	$	126,000	$	347
2	Distribution Center	East of I-95	08/15/14	75.6		7,790		103,000		3,903
3	Victor Indigo Lakes, L.L.C.	East of I-95	10/30/14	21.0		625		30,000		552
				99.7	$	8,807	$	88,000	$	4,802

⁽¹⁾

Summary of Lease Payments and Drilling Penalties Received on Acreages

Lease payments on the respective acreages and drilling penalties received through lease year six are as follows:


	Acreage
Lease Year	(Approximate)	Florida County	Lease Payment (1)		Drilling Penalty (1)
Lease Year 1 - 9/23/2011 - 9/22/2012	136,000	Lee and Hendry	$	913,657	$	—
Lease Year 2 - 9/23/2012 - 9/22/2013	136,000	Lee and Hendry		922,114		—
Lease Year 3 - 9/23/2013 - 9/22/2014	82,000	Hendry		3,293,000		1,000,000
Lease Year 4 - 9/23/2014 - 9/22/2015	42,000	Hendry		1,866,146		600,000
Lease Year 5 - 9/23/2015 - 9/22/2016	25,000	Hendry		1,218,838		175,000
Lease Year 6 - 9/23/2016 - 9/22/2017	15,000	Hendry		806,683		150,000
Total Payments Received to Date			$	9,020,438	$	1,925,000

⁽¹⁾

Investment Securities (Tables)

12 Months Ended

Dec. 31, 2016

Investments, Debt and Equity Securities [Abstract]

Summary of Available for Sale Securities

Available-for-Sale securities consisted of the following as of December 31, 2015, with no such investments remaining as of December 31, 2016:


	As of December 31, 2015
			Gains in		Losses in
			Accumulated		Accumulated		Estimated
			Other		Other		Fair Value
			Comprehensive		Comprehensive		(Level 1 and 2
	Cost (1)		Income		Income		(Inputs)
Debt Securities (Level 2)	$	843,951	$	—	$	(41,451)	$	802,500
Total Debt Securities		843,951		—		(41,451)		802,500
Common Stock (Level 1)		5,981,464		—		(1,080,197)		4,901,267
Total Equity Securities		5,981,464		—		(1,080,197)		4,901,267
Total Available-for-Sale Securities	$	6,825,415	$	—	$	(1,121,648)	$	5,703,767

⁽¹⁾

Summary of Recognized Gain and Losses on Sale of Investment Securities

, 2015
	For the Year Ended December 31,
	2016		2015		2014
Proceeds from the Disposition of Debt Securities	$	827,738	$	2,084,994	$	—
Cost Basis of Debt Securities Sold		(843,951)		(1,930,080)		—
Loss recognized in Statement of Operations on the Disposition of Debt Securities		(16,213)		154,914		—
Proceeds from the Disposition of Equity Securities		5,424,624		2,574,091		30,476
Cost Basis of Equity Securities Sold		(5,983,978)		(2,565,816)		(25,641)
Gain (Loss) recognized in Statement of Operations on the Disposition of Equity Securities	$	(559,354)	$	8,275	$	4,835
Total Gain (Loss) recognized in Statement of Operations on the Disposition of Debt and Equity Securities	$	(575,567)	$	163,189	$	4,835

- Definition

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

+ References + Details

- Definition

Tabular disclosure of the realized and unrealized gains and losses reported in the statement of income which have resulted from the sale and holding of marketable securities, respectively, as well as the sale or disposal of cost method investments. Such amounts would include realized gains and losses on the sale or disposal of trading, available-for-sale, and held-to-maturity securities, unrealized gains and losses on trading securities, unrealized gains and losses on available-for-sale and held-to-maturity securities transferred to the trading securities category, realized gains and losses on the sale or disposal of cost method investments, and losses recognized for other than temporary impairments (OTTI) of such investments.

+ References + Details

Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2016

Fair Value Disclosures [Abstract]

Summary of Carrying Value and Estimated Fair Value of Financial Instruments


	December 31, 2016				December 31, 2015
	Carrying		Estimated		Carrying		Estimated
	Value		Fair Value		Value		Fair Value
Cash and Cash Equivalents - Level 1	$	7,779,562	$	7,779,562	$	4,060,677	$	4,060,677
Restricted Cash - Level 1		9,855,469		9,855,469		14,060,523		14,060,523
Commercial Loan Investments - Level 2		23,960,467		24,228,242		38,331,956		38,460,467
Long-Term Debt - Level 2		166,245,201		171,111,337		166,796,853		172,572,305

Summary of fair value of assets and liabilities by Level

The following table presents the fair value of assets measured on a recurring basis by Level at December 31, 2016:


			Fair Value at Reporting Date Using
			Quoted Prices in				Significant
			Active Markets		Significant Other		Unobservable
			for Identical		Observable Inputs		Inputs
	12/31/2016		Assets (Level 1)		(Level 2)		(Level 3)

Cash Flow Hedge - Interest Rate Swap	$	416,590	$	—	$	416,590	$	—
Total	$	416,590	$	—	$	416,590	$	—


			Fair Value at Reporting Date Using
			Quoted Prices in				Significant
			Active Markets		Significant Other		Unobservable
			for Identical		Observable Inputs		Inputs
	12/31/2016		Assets (Level 1)		(Level 2)		(Level 3)

Land Parcel - 3.6 Repurchased Acres	$	1,398,374	$	—	$	—	$	1,398,374
Land Parcel - 4.5 Repurchased Acres		1,119,410		—		—		1,119,410
Total	$	2,517,784	$	—	$	—	$	2,517,784

The following table presents the fair value of assets measured on a recurring basis by Level at December 31, 2015:


			Fair Value at Reporting Date Using
			Quoted Prices in				Significant
			Active Markets		Significant Other		Unobservable
			for Identical		Observable Inputs		Inputs
	12/31/2015		Assets (Level 1)		(Level 2)		(Level 3)
Available-for-Sale Securities
Available-for-Sale Debt Securities	$	802,500	$	—	$	802,500	$	—
Available-for-Sale Equity Securities		4,901,267		4,901,267		—		—
Total Available-for-Sale Securities		5,703,767		4,901,267		802,500		—
Total	$	5,703,767	$	4,901,267	$	802,500	$	—

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details

Intangible Lease Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Lease Assets and Liabilities

Intangible assets and liabilities consisted of the following as of December 31, 2016 and 2015:


	As of
	December 31, 2016		December 31, 2015
Intangible Lease Assets:
Value of In-Place Leases	$	30,978,776	$	19,588,642
Value of Above Market In-Place Leases		2,905,624		1,469,143
Value of Intangible Leasing Costs		7,010,192		3,835,158
Sub-total Intangible Lease Assets		40,894,592		24,892,943
Accumulated Amortization		(6,168,770)		(4,805,792)
Sub-total Intangible Lease Assets—Net		34,725,822		20,087,151
Intangible Lease Liabilities (included in accrued and other liabilities):
Value of Below Market In-Place Leases		(33,370,217)		(32,315,741)
Sub-total Intangible Lease Liabilities		(33,370,217)		(32,315,741)
Accumulated Amortization		2,852,166		336,182
Sub-total Intangible Lease Liabilities—Net		(30,518,051)		(31,979,559)
Total Intangible Assets and Liabilities—Net	$	4,207,771	$	(11,892,408)

Summary of Estimated Amortization and Accretion of Intangible Lease Assets and Liabilities

The estimated future amortization expense (income) related to net intangible assets and liabilities is as follows:


			Future Accretion		Net Future
	Future		to Income		Amortization of
	Amortization		Property		Intangible Assets
Year Ending December 31,	Amount		Revenue		and Liabilities
2017	$	4,168,654	$	(2,048,941)	$	2,119,713
2018		4,165,055		(2,050,973)		2,114,082
2019		4,136,496		(2,045,849)		2,090,647
2020		3,695,075		(1,978,241)		1,716,834
2021		2,077,107		(2,121,186)		(44,079)
Thereafter		13,942,643		(17,732,069)		(3,789,426)
Total	$	32,185,030	$	(27,977,259)	$	4,207,771

Other Assets (Tables)

12 Months Ended

Dec. 31, 2016

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Components of Other Assets


	As of
	December 31, 2016		December 31, 2015
Income Property Tenant Receivables	$	125,383	$	830,574
Income Property Straight-line Rent Adjustment		1,773,946		1,781,798
Interest Receivable from Commercial Loan Investments		72,418		155,163
Cash Flow Hedge - Interest Rate Swap		416,590		—
Infrastructure Reimbursement Receivables		3,844,236		1,306,602
Golf Operations Receivables		325,510		253,358
Deferred Deal Costs		745,878		520,308
Prepaid Expenses, Deposits, and Other		2,165,127		1,187,021
Total Other Assets	$	9,469,088	$	6,034,824

Common Stock and Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2016

Earnings Per Share [Abstract]

Summary of Common Stock and Earnings Per Share


		Year Ended
		December 31, 2016		December 31, 2015		December 31, 2014
Income Available to Common Shareholders:
Net Income Attributable to Consolidated-Tomoka Land Co.	$	16,251,248	$	8,347,166	$	6,383,818
Weighted Average Shares Outstanding		5,680,165		5,804,655		5,765,997
Common Shares Applicable to Stock
Options Using the Treasury Stock Method		13,697		25,423		22,853
Total Shares Applicable to Diluted Earnings Per Share		5,693,862		5,830,078		5,788,850

Per Share Information:
Basic
Net Income Attributable to Consolidated-Tomoka Land Co.	$	2.86	$	1.44	$	1.11

Diluted
Net Income Attributable to Consolidated-Tomoka Land Co.	$	2.85	$	1.43	$	1.10

Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2016

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

Long-term debt consisted of the following:


	December 31, 2016				December 31, 2015
			Due Within				Due Within
	Total		One Year		Total		One Year
Credit Facility	$	34,300,000	$	—	$	38,300,000	$	—
Mortgage Note Payable (originated with UBS)		7,300,000		—		7,300,000		—
Mortgage Note Payable (originated with BOA)		—		—		23,100,000		—
Mortgage Note Payable (originated with Wells Fargo)		30,000,000		—		30,000,000		—
Mortgage Note Payable (originated with Wells Fargo)		25,000,000		—		—		—
4.50% Convertible Senior Notes due 2020, net of discount		70,880,581		—		69,759,722		—
Loan Costs, net of accumulated amortization		(1,235,380)		—		(1,662,869)		—
Total Long-Term Debt	$	166,245,201	$	—	$	166,796,853	$	—

Summary of Payments Applicable to Reduction of Principal Amounts

Payments applicable to reduction of principal amounts will be required as follows:


Year Ending December 31,	Amount
2017		—
2018		41,600,000
2019		—
2020		75,000,000
2021		25,000,000
Thereafter		30,000,000
Total Long-Term Debt - Face Value	$	171,600,000

Summary of Carrying Value of Long-Term Debt

The carrying value of long-term debt as of December 31, 2016 consisted of the following:


	Total
Current Face Amount	$	171,600,000
Unamortized Discount on Convertible Debt		(4,119,419)
Loan Costs, net of accumulated amortization		(1,235,380)
Total Long-Term Debt	$	166,245,201

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=64930739&loc=d3e28878-108400

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28541-108399

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28551-108399

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644

+ Details

Accrued and Other Liabilities (Tables)

12 Months Ended

Dec. 31, 2016

Payables and Accruals [Abstract]

Summary of Accrued and Other Liabilities

Accrued and other liabilities consisted of the following:


	As of
	December 31, 2016		December 31, 2015
Golf Course Lease	$	2,226,527	$	2,602,638
Accrued Property Taxes		28,973		40,042
Reserve for Tenant Improvements		398,621		812,493
Accrued Construction Costs		856,947		—
Accrued Interest		1,220,990		1,195,231
Environmental Reserve and Restoration Cost Accrual		1,505,757		2,405,635
Other		2,430,082		1,811,880
Total Accrued and Other Liabilities	$	8,667,897	$	8,867,919

Deferred Revenue (Tables)

12 Months Ended

Dec. 31, 2016

Deferred Revenue Disclosure [Abstract]

Summary of Deferred Revenue

Deferred revenue consisted of the following:


	As of
	December 31, 2016		December 31, 2015
Deferred Oil Exploration Lease Revenue	$	585,674	$	885,822
Deferred Land Sale Revenue		—		12,656,773
Prepaid Rent		1,068,972		907,325
Other Deferred Revenue		337,020		274,690
Total Deferred Revenue	$	1,991,666	$	14,724,610

Pension Plan (Tables)

12 Months Ended

Dec. 31, 2016

Compensation And Retirement Disclosure [Abstract]

Summary of Components of Net Periodic Pension Cost (Benefit)

Following are the components of the Net Period Pension Cost (Benefit):


	December 31,
	2016		2015		2014
Service Cost	$	—	$	—	$	87,219
Interest Cost		—		—		425,735
Actual Return on Plan Assets		—		—		342,637
Amortization of Unrecognized Transition Loss (Gain) from Earlier Periods		—		—		—
Amortization of Unrecognized Prior Service Cost		—		—		—
Amortization of Net Gain (Loss) from Earlier Periods		—		—		—
Net Periodic Pension Cost (Benefit)	$	—	$	—	$	855,591

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2016

Summary of Stock Based Compensation Activity for Stock Appreciation Rights

Stock Appreciation Rights


				Wtd. Avg.
				Remaining
				Contractual	Aggregate
		Wtd. Avg.		Term	Intrinsic
Liability-Classified Stock Appreciation Rights	Shares	Fair Value		(Years)	Value
Outstanding at January 1, 2014	53,800	$	1.61
Granted	—		—
Exercised	(18,500)		11.20
Expired	—		—
Forfeited	—		—
Outstanding at December 31, 2014	35,300		5.56
Granted	—		—
Exercised	(3,300)		12.19
Expired	—		—
Forfeited	(14,000)		4.84
Outstanding at December 31, 2015	18,000		2.64
Granted	—		—
Exercised	—		—
Expired	(3,000)		—
Forfeited	(4,000)		0.87
Outstanding at December 31, 2016	11,000	$	1.33	0.61	$	2,229
Exercisable at December 31, 2016	11,000	$	1.33	0.61	$	2,229

Assumptions Used in Determining Fair Value of Stock Options and Stock Appreciation Rights

Following are assumptions used in determining the fair value of stock options and stock appreciation rights:


Assumptions at:	December 31, 2016		December 31, 2015		December 31, 2014
Expected Volatility	14.13	%	29.40	%	34.07	%
Expected Dividends	0.22	%	0.15	%	0.07	%
Expected Term	0.61	years	1.3	years	2.00	years
Risk-Free Rate	0.66	%	0.75	%	0.78	%

Schedule of Amounts Recognized in the Financial Statements for Stock Options, Stock Appreciation Rights, and Restricted Stock

Amounts recognized in the financial statements for stock options, stock appreciation rights, and restricted stock are as follows:


	Year Ended
	December 31, 2016		December 31, 2015		December 31, 2014
Accelerated Charge for Stock-Based Compensation	$	1,649,513	$	—	$	—
Recurring Charge for Stock-Based Compensation		1,529,370		2,186,408		1,271,924
Total Cost of Share-Based Plans Charged Against Income Before Tax Effect	$	3,178,883	$	2,186,408	$	1,271,924

Income Tax Expense Recognized in Income	$	(1,226,254)	$	(843,407)	$	(490,645)

Restricted Shares [Member] | Market Condition Restricted Shares - Peer Group Vesting

Summary of Restricted Shares Activity

A summary of activity during the years ended December 31, 2016, 2015, and 2014 is presented below:


		Wtd. Avg.
		Grant Date
Market Condition Non-Vested Restricted Shares	Shares	Fair Value
Outstanding at January 1, 2014	5,067	$	23.13
Granted	—		—
Vested	—		—
Expired	—		—
Forfeited	—		—
Outstanding at December 31, 2014	5,067	$	23.13
Granted	—		—
Vested	(2,034)		22.80
Expired	—		—
Forfeited	(633)		22.80
Outstanding at December 31, 2015	2,400	$	23.42
Granted	—		—
Vested	(2,300)		23.42
Expired	—		—
Forfeited	(100)		23.42
Outstanding at December 31, 2016	—	$	—

Restricted Shares [Member] | Market Condition Restricted Shares - Stock Price Vesting

Summary of Restricted Shares Activity

A summary of the activity for these awards during the years ended December 31, 2016, 2015, and 2014 is presented below:


		Wtd. Avg.
Market Condition Non-Vested Restricted Shares	Shares	Fair Value
Outstanding at January 1, 2014	94,500	$	17.33
Granted	2,500		38.97
Vested	(56,500)		19.56
Expired	—		—
Forfeited	—		—
Outstanding at December 31, 2014	40,500	$	15.55
Granted	97,000		36.85
Vested	—		—
Expired	—		—
Forfeited	—		—
Outstanding at December 31, 2015	137,500	$	30.58
Granted	4,000		38.98
Vested	—		—
Expired	—		—
Forfeited	(72,000)		34.46
Outstanding at December 31, 2016	69,500	$	27.03

Restricted Shares [Member] | Three Year Vest Restricted Shares

Summary of Restricted Shares Activity

A summary of activity for these awards during the years ended December 31, 2016, 2015, and 2014, is presented below:


		Wtd. Avg.
		Fair Value
Three Year Vest Non-Vested Restricted Shares	Shares	Per Share
Outstanding at January 1, 2014	—	$	—
Granted	14,500		36.08
Vested	—		—
Expired	—		—
Forfeited	(300)		36.08
Outstanding at December 31, 2014	14,200		36.08
Granted	19,700		55.93
Vested	(4,734)		36.08
Expired	—		—
Forfeited	(2,266)		46.59
Outstanding at December 31, 2015	26,900		49.73
Granted	21,100		44.88
Vested	(10,363)		47.89
Expired	—		—
Forfeited	(133)		46.08
Outstanding at December 31, 2016	37,504	$	47.53

Non-Qualified Stock Option Award [Member]

Summary of Stock Based Compensation Activity for Stock Option Awards

A summary of the activity for these awards during the years ended December 31, 2016, 2015, and 2014, is presented below:


				Wtd. Avg.
				Remaining
				Contractual		Aggregate
		Wtd. Avg.		Term		Intrinsic
Non-Qualified Stock Option Awards	Shares	Ex. Price		(Years)		Value
Outstanding at January 1, 2014	94,500	$	32.21
Granted	10,000		50.00
Exercised	(19,735)		31.88
Expired	—		—
Forfeited	—		—
Outstanding at December 31, 2014	84,765		34.39
Granted	70,000		56.43
Exercised	(30,155)		30.24
Expired	—		—
Forfeited	(7,760)		34.95
Outstanding at December 31, 2015	116,850		48.63
Granted	40,000		55.62
Exercised	(3,350)		34.95
Expired	—		—
Forfeited	(40,000)		55.62
Outstanding at December 31, 2016	113,500	$	49.03	6.60	$	498,245
Exercisable at December 31, 2015	28,590	$	32.73	4.41	$	514,193
Exercisable at December 31, 2016	76,600	$	45.94	1.87	$	573,181

Summary of Non-Vested Stock Awards

A summary of the non-vested options for these awards during the years ended December 31, 2016, 2015, and 2014, is presented below:


		Fair Value
		of Shares
Non-Qualified Stock Option Awards	Shares	Vested
Non-Vested at January 1, 2014	74,700
Granted	10,000
Vested	(37,130)	$	1,176,331
Expired	—
Forfeited	—
Non-Vested at December 31, 2014	47,570
Granted	70,000
Vested	(21,550)	$	783,764
Expired	—
Forfeited	(7,760)
Non-Vested at December 31, 2015	88,260
Granted	40,000
Vested	(51,360)	$	2,643,088
Expired	—
Forfeited	(40,000)
Non-Vested at December 31, 2016	36,900

Stock Option [Member]

Summary of Stock Based Compensation Activity for Stock Option Awards

A summary of share option activity under the 2001 Plan during the years ended December 31, 2016, 2015, and 2014 is presented below:

Stock Options


				Wtd. Avg.
				Remaining
				Contractual	Aggregate
		Wtd. Avg.		Term	Intrinsic
Liability-Classified Stock Options	Shares	Ex. Price		(Years)	Value
Outstanding at January 1, 2014	53,800	$	53.99
Granted	—		—
Exercised	(18,500)		37.80
Expired	—		—
Forfeited	—		—
Outstanding at December 31, 2014	35,300		62.47
Granted	—		—
Exercised	(3,300)		33.16
Expired	—		—
Forfeited	(14,000)		66.54
Outstanding at December 31, 2015	18,000		64.69
Granted	—		—
Exercised	—		—
Expired	(3,000)		67.27
Forfeited	(4,000)		64.99
Outstanding at December 31, 2016	11,000	$	63.87	0.61	$	4,140
Exercisable at December 31, 2016	11,000	$	63.87	0.61	$	4,140

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Summary of Provisions for Income Tax Benefit (Expense)

The provisions for income tax benefit (expense) are summarized as follows:


	2016				2015				2014
	Current		Deferred		Current		Deferred		Current		Deferred
Federal	$	(159,596)	$	(10,740,617)	$	479,671	$	(5,607,970)	$	(2,233,512)	$	(1,223,260)
State		(311,525)		(625,116)		185,584		(326,389)		(302,896)		(71,195)
Total	$	(471,121)	$	(11,365,733)	$	665,255	$	(5,934,359)	$	(2,536,408)	$	(1,294,455)

Summary of Deferred Income Tax Assets (Liabilities)

The sources of these differences and the related deferred income tax assets (liabilities) are summarized as follows:


	Deferred Tax
	2016		2015
Deferred Income Tax Assets
Depreciation	$	2,475,898	$	2,833,613
Intangible Lease Liabilities		11,714,651		12,336,115
Deferred Revenue (Net of Straight-line Rent Adjustments)		(105,729)		4,524,189
Deferred Oil Lease Income		225,924		405,313
Deferred Lease Expense		858,882		1,003,967
Stock Options and Restricted Stock		1,438,292		1,020,855
Unrealized Loss on Investment Securities		—		432,677
Impairment Reserves		2,085,808		1,688,979
Other - Net		217,887		381,897
Gross Deferred Income Tax Assets		18,911,613		24,627,605
Less - Valuation Allowance		(415,453)		(415,453)
Net Deferred Income Tax Assets		18,496,160		24,212,152
Deferred Income Tax Liabilities
Sales of Real Estate		(68,358,404)		(62,067,529)
Discount on Equity Component of Convertible Debt		(904,422)		(1,150,507)
Basis Difference in Joint Venture		(342,015)		(342,015)
Interest Rate Swap		(255,891)		—
Other - Net		—		(178,507)
Total Deferred Income Tax Liabilities		(69,860,732)		(63,738,558)
Net Deferred Income Tax Liabilities	$	(51,364,572)	$	(39,526,406)

Reconciliation of Income Tax Computed at Federal Statutory Rate

Following is a reconciliation of the income tax computed at the federal statutory rate of 35% for 2016, 2015, and 2014:


	Year ended December 31,
	2016		2015		2014
Income Tax (Expense) Benefit Computed at Federal Statutory Rate	$	(9,219,942)	$	(4,481,029)	$	(3,575,138)
Increase (Decrease) Resulting from:
State Income Tax, Net of Federal Income Tax Benefit		(1,693,578)		(755,481)		(349,334)
Income Tax on Permanently Non-Deductible Items		(1,015,936)		—		—
Other Reconciling Items		92,602		(32,594)		93,609
Benefit (Expense) for Income Taxes	$	(11,836,854)	$	(5,269,104)	$	(3,830,863)

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2016

Commitments and Contingencies Disclosure [Abstract]

Summary of Minimum Future Rental Payments under Non-Cancelable Operating Leases

Minimum future rental payments under non-cancelable operating leases having remaining terms in excess of one year as of December 31, 2016, are summarized as follows:


Year Ending December 31,	Amounts
2017	$	580,483
2018		441,186
2019		441,944
2020		375,640
2021		307,674
2022 and thereafter (cumulative)		194,831
Total	$	2,341,758

Summary of Minimum Future Rentals Receipts under Non-Cancelable Operating Leases

Minimum future rental receipts under non-cancelable operating leases having remaining terms in excess of one year as of December 31, 2016, are summarized as follows:


Year Ending December 31,	Amounts
2017	$	21,132,772
2018		20,623,899
2019		20,538,957
2020		19,461,644
2021		16,231,649
2022 and thereafter (cumulative)		68,269,361
Total	$	166,258,282

Schedule of Potential Land Sales Transactions


			Contract
		No. of	Amount		Price		Estimated
	Contract (or Buyer) / Parcel	Acres	($000's)		per Acre		Timing
1	Commercial/Retail (1)	35	$	14,000	$	400,000	'17 - '19
2	Commercial/Retail	4		1,175		294,000	'17 - '18
3	Commercial/Retail	6		1,556		259,000	'17 - '18
4	Mixed-Use Retail	22		5,574		253,000	'17 - '18
5	Mixed-Use Retail (NADG)	82		20,187		246,000	'17 - '18
6	Residential (SF)	7		1,140		163,000	'18 - '19
7	Commercial (1)	28		3,215		115,000	'17 - '18
8	AR Residential (Minto)	1,686		31,360		19,000	'18 - '19
9	SF Residential	194		3,324		17,000	'18 - '19
10	SF Residential (ICI)	146		1,400		10,000	'18 - '19
	Total	2,210	$	82,931	$	38,000

Business Segment Data (Tables)

12 Months Ended

Dec. 31, 2016

Segment Reporting [Abstract]

Summary of Operations in Different Segments

Information about the Company’s operations in different segments for the years ended December 31, 2016, 2015, and 2014 is as follows:


	Year Ended
	December 31, 2016		December 31, 2015		December 31, 2014
Revenues:
Income Properties	$	25,092,484	$	19,041,111	$	14,969,647
Commercial Loan Investments		2,588,235		2,691,385		2,190,924
Real Estate Operations		38,144,347		15,942,894		13,492,734
Golf Operations		5,190,394		5,243,485		5,125,501
Agriculture and Other Income		59,401		78,805		277,831
Total Revenues	$	71,074,861	$	42,997,680	$	36,056,637
Operating Income:
Income Properties	$	19,887,621	$	15,385,176	$	13,015,113
Commercial Loan Investments		2,588,235		2,691,385		2,190,924
Real Estate Operations		23,263,036		11,650,370		8,630,445
Golf Operations		(396,683)		(349,600)		(405,242)
Agriculture and Other Income		(107,368)		(147,749)		88,527
General and Corporate Expense		(7,915,254)		(8,960,273)		(10,927,261)
Total Operating Income	$	37,319,587	$	20,269,309	$	12,592,506
Depreciation and Amortization:
Income Properties	$	7,872,689	$	4,898,803	$	3,210,028
Golf Operations		266,074		263,335		241,134
Agriculture and Other		56,654		50,759		39,323
Total Depreciation and Amortization	$	8,195,417	$	5,212,897	$	3,490,485
Capital Expenditures:
Income Properties	$	92,434,774	$	84,261,324	$	43,766,003
Commercial Loan Investments		—		15,394,879		30,208,075
Real Estate Operations ($5,744,636 Contributed by Consolidated VIE in 2015)		—		11,489,272		—
Golf Operations		95,513		109,505		219,199
Agriculture and Other		19,881		38,714		140,970
Total Capital Expenditures	$	92,550,168	$	111,293,694	$	74,334,247


	As of
	December 31, 2016		December 31, 2015
Identifiable Assets:
Income Properties	$	302,757,565	$	277,519,902
Commercial Loan Investments		24,032,885		38,487,119
Real Estate Operations		58,868,298		59,787,157
Golf Operations		3,675,842		3,607,259
Agriculture and Other		19,288,836		24,952,207
Total Assets	$	408,623,426	$	404,353,644

Quarterly Financial Data (Tables)

12 Months Ended

Dec. 31, 2016

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financial Data


	March 31,				June 30,				September 30,				December 31,
	2016		2015		2016		2015		2016		2015		2016		2015
Revenues
Income Properties	$	6,429,241	$	4,260,675	$	6,033,082	$	4,132,052	$	6,021,331	$	5,034,090	$	6,608,830	$	5,614,294
Interest Income from Commercial Loan Investments		881,245		631,484		635,050		638,710		534,212		546,640		537,728		874,551
Real Estate Operations		9,560,898		859,801		4,774,620		1,368,141		4,643,646		1,748,398		19,165,183		11,966,554
Golf Operations		1,464,359		1,537,426		1,412,196		1,448,567		1,001,368		949,083		1,312,471		1,308,409
Agriculture and Other Income		18,692		18,939		18,990		20,738		10,388		19,504		11,331		19,624
Total Revenues		18,354,435		7,308,325		12,873,938		7,608,208		12,210,945		8,297,715		27,635,543		19,783,432
Direct Cost of Revenues
Income Properties		(1,176,707)		(640,846)		(1,204,040)		(682,887)		(1,430,642)		(997,760)		(1,393,474)		(1,334,442)
Real Estate Operations		(2,257,041)		(598,723)		(1,124,641)		(305,853)		(1,257,183)		(316,613)		(10,242,446)		(3,071,335)
Golf Operations		(1,404,588)		(1,389,612)		(1,447,176)		(1,456,232)		(1,302,920)		(1,355,469)		(1,432,393)		(1,391,772)
Agriculture and Other Income		(48,051)		(55,151)		(52,654)		(43,195)		(52,894)		(51,484)		(13,170)		(76,724)
Total Direct Cost of Revenues		(4,886,387)		(2,684,332)		(3,828,511)		(2,488,167)		(4,043,639)		(2,721,326)		(13,081,483)		(5,874,273)
General and Administrative Expenses		(4,797,457)		(1,469,766)		(1,899,126)		(1,874,877)		(1,821,827)		(2,778,960)		(1,779,467)		(2,630,176)
Impairment Charges		(209,908)		(510,041)		(1,970,822)		—		—		—		—		—
Depreciation and Amortization		(2,067,367)		(1,155,739)		(1,805,559)		(1,071,752)		(1,945,460)		(1,417,129)		(2,377,031)		(1,568,277)
Gain on Disposition of Assets		—		5,440		1,362,948		12,749		11,479,490		3,763,140		(83,668)		1,735,115
Total Operating Expenses		(11,961,119)		(5,814,438)		(8,141,070)		(5,422,047)		3,668,564		(3,154,275)		(17,321,649)		(8,337,611)
Operating Income		6,393,316		1,493,887		4,732,868		2,186,161		15,879,509		5,143,440		10,313,894		11,445,821
Investment Income		(566,384)		150,459		2,691		74,818		2,531		170,466		31,181		(186,864)
Interest Expense		(2,091,766)		(1,066,502)		(2,154,437)		(1,888,434)		(2,454,390)		(1,892,145)		(2,052,745)		(2,072,686)
Income Before Income Tax Expense		3,735,166		577,844		2,581,122		372,545		13,427,650		3,421,761		8,292,330		9,186,271
Income Tax Expense		(2,342,601)		(224,488)		(1,000,480)		(147,928)		(5,281,646)		(1,349,480)		(3,212,127)		(3,547,208)
Net Income		1,392,565		353,356		1,580,642		224,617		8,146,004		2,072,281		5,080,203		5,639,063
Less: Net Loss (Income) Attributable to Noncontrolling Interest in Consolidated VIE		32,153		—		(10,199)		—		15,010		7,590		14,870		50,259
Net Income Attributable to Consolidated-Tomoka Land Co.	$	1,424,718	$	353,356	$	1,570,443	$	224,617	$	8,161,014	$	2,079,871	$	5,095,073	$	5,689,322

Per Share Information:
Basic
Net Income Attributable to Consolidated-Tomoka Land Co.	$	0.25	$	0.06	$	0.28	$	0.04	$	1.44	$	0.36	$	0.91	$	0.99

Diluted
Net Income Attributable to Consolidated-Tomoka Land Co.	$	0.25	$	0.06	$	0.28	$	0.04	$	1.44	$	0.36	$	0.90	$	0.98

Summary of Significant Accounting Policies - Nature of Operations (Details)	12 Months Ended
	Dec. 31, 2016 a state loan property	Feb. 10, 2017 a	Dec. 31, 2014 a
Description of Business [Line Items]
Number of real estate properties \| property	31
Number of states in which entity operates \| state	10
Number of commercial mortgage loan investments \| loan	3
Fixed Rate Commercial Mortgage [Member]
Description of Business [Line Items]
Number of commercial mortgage loan investments \| loan	1
Adjustable Rate Commercial Mortgage [Member]
Description of Business [Line Items]
Number of commercial mortgage loan investments \| loan	1
Single-tenant
Description of Business [Line Items]
Number of real estate properties \| property	21
Multi-tenant
Description of Business [Line Items]
Number of real estate properties \| property	10
Land [Member]
Description of Business [Line Items]
Area of real estate property	9,800		99.7
Subsequent Event [Member]
Description of Business [Line Items]
Area of real estate property		2,210
Subsequent Event [Member] \| Single-tenant
Description of Business [Line Items]
Area of real estate property		194
Subsequent Event [Member] \| Land [Member]
Description of Business [Line Items]
Area of real estate property		8,200

Summary of Significant Accounting Policies - Cash and Restricted Cash (Details)	12 Months Ended
	Dec. 31, 2016 USD ($) item property	Dec. 31, 2015 USD ($) item property	Dec. 31, 2014 property	Dec. 31, 2013 item	Jan. 31, 2013 property
Restricted Cash and Cash Equivalents Items [Line Items]
Cash and cash equivalents maximum original maturity period	90 days
Restricted Cash	$ 9,855,469	$ 14,060,523
Number of income properties acquired \| property	10	4	4
Escrow Deposit to be Reinvested Through Like-Kind Exchange Structure
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted Cash	$ 8,200,000
Restricted Cash Reserve for Property Taxes and Insurance Escrows for Property Financing
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted Cash	172,000
Number of income properties acquired \| property					2
Restricted Cash, Escrow Deposit Related to Land Transactions
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted Cash	$ 432,000
Number of separate escrow accounts \| item	3
Number of separate land transactions \| item	3
Number of closed land transactions \| item		2		1
Winter Park, Florida \| Restricted Cash, Escrow for Tenant Improvements \| The Grove
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted Cash	$ 375,000
Katy, Texas \| Restricted Cash, Escrow for Tenant Improvements \| Lowes
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted Cash	$ 659,000

Summary of Significant Accounting Policies - Investments, Derivatives, Commercial Loan Investment Impairment, Accounts Receivable, and Land and Development Costs (Details)	12 Months Ended
	Dec. 31, 2016 USD ($) derivative	Dec. 31, 2015 USD ($) derivative item	Dec. 31, 2014 USD ($)
Description of Business [Line Items]
Impairment charge other-than-temporary impairments	$ 0	$ 60,000	$ 0
Realized Loss (Gain) on Investment Securities	$ 575,567	$ (163,189)	$ (4,835)
Derivatives outstanding \| derivative	0	0
Allowance for impairment of loans	$ 0	$ 0
Allowance for doubtful accounts	0	0
Tenant Reimbursable Expenses
Description of Business [Line Items]
Accounts receivable included in other assets	125,000	831,000
Real Estate Operations
Description of Business [Line Items]
Accounts receivable included in other assets	3,800,000	$ 1,300,000
Number of separate land transactions \| item		2
ship And Event Receivables
Description of Business [Line Items]
Accounts receivable included in other assets	$ 326,000	$ 253,000

Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives for Property, Plant, and Equipment (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Property Plant And Equipment [Line Items]
Depreciation and Amortization	$ 2,377,031	$ 1,945,460	$ 1,805,559	$ 2,067,367	$ 1,568,277	$ 1,417,129	$ 1,071,752	$ 1,155,739	$ 8,195,417	$ 5,212,897	$ 3,490,485
Interest capitalized									0	0	11,000
Property, Plant and Equipment, exclusive of intangible assets
Property Plant And Equipment [Line Items]
Depreciation and Amortization									$ 5,500,000	$ 3,500,000	$ 2,700,000
Building and Building Improvements [Member] \| Minimum [Member]
Property Plant And Equipment [Line Items]
Useful lives for property, plant, and equipment									10 years
Building and Building Improvements [Member] \| Maximum [Member]
Property Plant And Equipment [Line Items]
Useful lives for property, plant, and equipment									43 years
Golf Equipment [Member] \| Minimum [Member]
Property Plant And Equipment [Line Items]
Useful lives for property, plant, and equipment									3 years
Golf Equipment [Member] \| Maximum [Member]
Property Plant And Equipment [Line Items]
Useful lives for property, plant, and equipment									10 years
Income Properties Buildings and Improvements [Member] \| Minimum [Member]
Property Plant And Equipment [Line Items]
Useful lives for property, plant, and equipment									10 years
Income Properties Buildings and Improvements [Member] \| Maximum [Member]
Property Plant And Equipment [Line Items]
Useful lives for property, plant, and equipment									55 years
Other Furnishings and Equipment [Member] \| Minimum [Member]
Property Plant And Equipment [Line Items]
Useful lives for property, plant, and equipment									3 years
Other Furnishings and Equipment [Member] \| Maximum [Member]
Property Plant And Equipment [Line Items]
Useful lives for property, plant, and equipment									25 years
Agriculture Equipment [Member] \| Minimum [Member]
Property Plant And Equipment [Line Items]
Useful lives for property, plant, and equipment									5 years
Agriculture Equipment [Member] \| Maximum [Member]
Property Plant And Equipment [Line Items]
Useful lives for property, plant, and equipment									10 years

Summary of Significant Accounting Policies - Golf Operations, Stock-based Compensation, Income Taxes, and Concentration of Credit Risk (Details)	12 Months Ended
	Dec. 31, 2016 USD ($) facility shares	Dec. 31, 2015	Dec. 31, 2014	Apr. 25, 2001 shares
Description of Business [Line Items]
Facilities operated by company \| facility	2
Golf course and clubhouse facility membership period	12 months
Award plan, number of common stock that may be issued				500,000
2001 plan expiry date	2011-04
Number of new option shares issued after April 2011	0
Stock options vesting period	5 years
Stock options expiration period	10 years
Uncertain tax positions \| $	$ 0
Consolidated Revenues [Member]
Description of Business [Line Items]
Concentration risk percentage	0.00%	0.00%	0.00%
2010 Plan [Member]
Description of Business [Line Items]
Award plan, number of common stock that may be issued	450,000
Number of additional shares authorized	240,000
Share Based awards, maximum subscription per participant	50,000
2010 plan award termination description	The 2010 Plan will terminate on the tenth anniversary of the date that it was adopted by the Board, and no awards will be granted under the plan after that date.
Geographic Concentration Risk [Member] \| Income Property Portfolio and Land Holdings and Real Estate Operations and Interests, Geographic Area
Description of Business [Line Items]
Concentration risk percentage	33.00%

Summary of Significant Accounting Policies - Recently Issued Accounting Standards and Reclassifications (Details)	3 Months Ended								12 Months Ended
	Dec. 31, 2016 USD ($) a	Sep. 30, 2016 USD ($)	Jun. 30, 2016 USD ($)	Mar. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Sep. 30, 2015 USD ($)	Jun. 30, 2015 USD ($)	Mar. 31, 2015 USD ($)	Dec. 31, 2016 USD ($) a	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($) a	Feb. 10, 2017 a	Jan. 01, 2016 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Land and Development Costs	$ 51,955,278				$ 53,406,020				$ 51,955,278	$ 53,406,020
Revenues	27,635,543	$ 12,210,945	$ 12,873,938	$ 18,354,435	19,783,432	$ 8,297,715	$ 7,608,208	$ 7,308,325	71,074,861	42,997,680	$ 36,056,637
Direct costs of revenues	13,081,483	4,043,639	3,828,511	4,886,387	5,874,273	2,721,326	2,488,167	2,684,332	25,840,020	13,768,098	12,536,870
Net income	$ 5,095,073	$ 8,161,014	$ 1,570,443	$ 1,424,718	$ 5,689,322	$ 2,079,871	$ 224,617	$ 353,356	$ 16,251,248	$ 8,347,166	$ 6,383,818
ASU 2015-03
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Unamortized debt issuance costs													$ 1,700,000
Subsequent Event [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Area of a real estate property \| a												2,210
Land [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Area of a real estate property \| a	9,800								9,800		99.7
Land [Member] \| Subsequent Event [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Area of a real estate property \| a												8,200

Income Properties - Acquisitions (Details)									12 Months Ended
Income Properties - Acquisitions (Details)	Nov. 30, 2016 USD ($) a ft²	Oct. 14, 2016 USD ($) a ft² tenant	Sep. 26, 2016 USD ($) ft²	Sep. 22, 2016 USD ($) a ft²	Sep. 15, 2016 USD ($) ft² building	Aug. 17, 2016 USD ($) a ft²	Apr. 05, 2016 ft²	Feb. 18, 2016 USD ($) a ft² tenant	Dec. 31, 2016 USD ($) ft² property	Dec. 31, 2015 USD ($) property	Dec. 31, 2014 USD ($) property	Jul. 06, 2016 USD ($)
Business Acquisition [Line Items]
Number of income properties acquired \| property									10	4	4
Total acquisition cost of property									$ 86,700,000	$ 76,500,000	$ 42,200,000
Land acquired									40,400,000	17,100,000	17,400,000
Buildings and improvements acquired									27,400,000	$ 78,900,000	$ 20,500,000
Amortization allocated to intangible assets and liabilities, period										15 years 8 months 12 days	9 years 1 month 6 days
Carrying Amounts of Mortgages									23,960,467
Aggregate purchase price										$ 76,400,000
Restricted Cash									9,855,469	$ 14,060,523
Bloomin' Portfolio
Business Acquisition [Line Items]
Total acquisition cost of property					$ 14,900,000
Weighted average remaining lease term					15 years
Number of Buildings Acquired \| building					4
Dallas, Texas
Business Acquisition [Line Items]
Total acquisition cost of property								$ 2,500,000
Area of building \| ft²								4,685
Area of a real estate property \| a								0.37
Occupancy Percentage								100.00%
Number of tenants \| tenant								2
Weighted average remaining lease term								8 years 2 months 12 days
Dallas, Texas \| CVS Pharmacy
Business Acquisition [Line Items]
Total acquisition cost of property				$ 14,900,000
Area of building \| ft²				10,340
Area of a real estate property \| a				0.91
Weighted average remaining lease term				25 years 4 months 24 days
Monterey, California \| Bank of America
Business Acquisition [Line Items]
Total acquisition cost of property						$ 8,400,000
Area of building \| ft²						32,692
Area of a real estate property \| a						1.26
Weighted average remaining lease term						4 years 3 months 18 days
Austin, Texas \| Carrabba's Italian Grill
Business Acquisition [Line Items]
Area of building \| ft²					6,528
Austin, Texas \| Outback Steakhouse
Business Acquisition [Line Items]
Area of building \| ft²					6,176
Charlottesville, Virginia \| Outback Steakhouse
Business Acquisition [Line Items]
Area of building \| ft²					7,216
Huntersville, North Carolina \| Outback Steakhouse
Business Acquisition [Line Items]
Area of building \| ft²					6,297
Raleigh, North Carolina \| At Home Group, Inc. Subsidiary
Business Acquisition [Line Items]
Total acquisition cost of property			$ 9,200,000
Area of building \| ft²			116,334
Area of a real estate property \| ft²			10.64
Weighted average remaining lease term			13 years
Santa Clara, California
Business Acquisition [Line Items]
Total acquisition cost of property		$ 30,000,000
Area of building \| ft²		75,841
Area of a real estate property \| a		5.24
Occupancy Percentage		100.00%
Number of tenants \| tenant		2
Santa Clara, California \| Centrify Corporation
Business Acquisition [Line Items]
Weighted average remaining lease term		4 years
Santa Clara, California \| Adesto Technologies
Business Acquisition [Line Items]
Weighted average remaining lease term		7 years
Reno, Nevada \| Century Theatres
Business Acquisition [Line Items]
Total acquisition cost of property	$ 6,900,000
Area of building \| ft²	52,474
Area of a real estate property \| a	1.39
Occupancy Percentage	95.00%
Weighted average remaining lease term	3 years
Winter Park, Florida \| The Grove
Business Acquisition [Line Items]
Area of building \| ft²							112,000
Winter Park, Florida \| The Grove \| Restricted Cash, Escrow for Tenant Improvements
Business Acquisition [Line Items]
Restricted Cash									375,000
Winter Park, Florida \| Anchor space of the Grove
Business Acquisition [Line Items]
Area of building \| ft²							40,000
Lease term							15 years
Area of land in percentage							36.00%
Tenant improvements									375,000
Winter Park, Florida \| Anchor space of the Grove \| Restricted Cash, Escrow for Tenant Improvements
Business Acquisition [Line Items]
Funding for tenant improvements									3,600,000
Tenant improvements									$ 375,000			$ 4,000,000
Single-tenant
Business Acquisition [Line Items]
Number of income properties acquired \| property									7	2	2
Multi-tenant
Business Acquisition [Line Items]
Number of income properties acquired \| property									3	1	2
Vacant Parcel
Business Acquisition [Line Items]
Number of income properties acquired \| property										1
Income Properties
Business Acquisition [Line Items]
Amortization allocated to intangible assets and liabilities, period									14 years 3 months 18 days
Area of a real estate property \| ft²									1,700,000
Value of Above Market In-Place Leases
Business Acquisition [Line Items]
Intangible assets acquired									$ 20,000,000	$ 12,100,000	$ 4,300,000
Value of Below Market In-Place Leases
Business Acquisition [Line Items]
Intangible liabilities assumed									$ 1,100,000	$ 31,600,000	$ 4,300,000

Income Properties - Disposals (Details)									3 Months Ended									4 Months Ended	12 Months Ended
Income Properties - Disposals (Details)	Sep. 30, 2016 USD ($) $ / shares	Sep. 16, 2016 USD ($) property $ / shares	Jun. 22, 2016 USD ($) $ / shares	Apr. 22, 2016 USD ($) ft² $ / shares	Apr. 06, 2016 USD ($) $ / shares	Apr. 05, 2016 USD ($) $ / shares	Apr. 17, 2015 USD ($)	Nov. 17, 2014 USD ($) ft²	Dec. 31, 2016 USD ($) a property	Sep. 30, 2016 USD ($)	Jun. 30, 2016 USD ($)	Mar. 31, 2016 USD ($)	Dec. 31, 2015 USD ($) property	Sep. 30, 2015 USD ($)	Jun. 30, 2015 USD ($)	Mar. 31, 2015 USD ($)	Sep. 30, 2014 USD ($)	Dec. 31, 2016 USD ($) a property	Dec. 31, 2016 USD ($) a property	Dec. 31, 2015 USD ($) property	Dec. 31, 2014 USD ($) property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Write off of Deferred Debt Issuance Cost																			$ 367,000
Impairment Charges											$ 1,970,822	$ 209,908				$ 510,041			2,180,730	$ 510,041	$ 421,040
Gain on Disposition of Assets									$ (83,668)	$ 11,479,490	1,362,948		$ 1,735,115	$ 3,763,140	$ 12,749	$ 5,440			$ 12,758,770	$ 5,516,444	$ 1,500
Daytona Beach, Florida
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of a real estate property \| a									9,800									9,800	9,800
Sold \| 2016 Disposals
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of disposed properties \| property									19									19	19
Sales price									$ 74,300,000									$ 74,300,000	$ 74,300,000
Sold \| 2016 Disposals \| Daytona Beach, Florida \| American Signature Furniture
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sales price						$ 5,200,000
Weighted average remaining lease term						3 years 9 months 18 days
Gain (loss) on disposal						$ 197,000
Gain (loss) on sale of building per share after tax \| $ / shares						$ 0.02
Sold \| 2016 Disposals \| Daytona Beach, Florida \| Teledyne ODI
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sales price				$ 3,000,000
Weighted average remaining lease term				9 years 3 months 18 days
Gain (loss) on disposal				$ 822,000
Gain (loss) on sale of building per share after tax \| $ / shares				$ 0.09
Area of building \| ft²				15,360
Sold \| 2016 Disposals \| Sebring, Florida \| CVS Pharmacy
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sales price					$ 2,400,000
Weighted average remaining lease term					3 years 1 month 6 days
Gain (loss) on disposal					$ (210,000)
Gain (loss) on sale of building per share after tax \| $ / shares					$ (0.02)
Sold \| 2016 Disposals \| Lexington, North Carolina \| Lowes
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sales price			$ 9,100,000
Weighted average remaining lease term			9 years 7 months 6 days
Gain (loss) on disposal			$ 344,000
Gain (loss) on sale of building per share after tax \| $ / shares			$ 0.04
Sold \| 2016 Disposals \| Altamonte Springs Florida \| PNC Bank, N.A.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sales price	$ 3,000,000									3,000,000
Weighted average remaining lease term	3 years 1 month 6 days
Gain (loss) on disposal	$ (922,000)									20,000
Gain (Loss) recognized										$ 20,000
Gain (loss) on sale of building per share after tax \| $ / shares	$ (0.10)
Impairment Charges											$ 942,000
Gain on Disposition of Assets	$ (922,000)
Sold \| Portfolio Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sales price		$ 51,600,000
Gain (loss) on disposal		11,400,000
Gain (Loss) recognized		$ 11,100,000							$ (82,000)									$ 11,000,000
Gain (loss) on sale of building per share after tax \| $ / shares		$ 1.20
Write off of Deferred Debt Issuance Cost		$ 367,000
Mortgage loan secured by properties portfolio		$ 23,100,000
Sold \| Portfolio Sale \| Single-tenant
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of disposed properties \| property		14
Sold \| Portfolio Sale \| Single-tenant \| Bank of America
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of disposed properties \| property		9
Sold \| Portfolio Sale \| Single-tenant \| Walgreens
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of disposed properties \| property		2
Sold \| 2015 Disposals
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of disposed properties \| property									19				6					19	19	6
Sales price													$ 24,300,000							$ 24,300,000
Gain (loss) on disposal																				5,500,000
Gain (Loss) recognized							$ (497,000)								$ 13,000
Impairment Charges																				$ 510,000
Sold \| 2014 Disposals
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of disposed properties \| property																					1
Gain (Loss) recognized																	$ (228,000)
Impairment Charges																					$ 421,000
Sold \| 2014 Disposals \| Apopka, Florida \| CVS Pharmacy
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sales price								$ 3,300,000
Area of building \| ft²								14,560

Commercial Loan Investments - Additional Information (Details)		12 Months Ended
	Sep. 24, 2015 USD ($)	Dec. 31, 2016 USD ($) loan	Dec. 31, 2015 USD ($)	May 26, 2016 USD ($)
Accounts Notes And Loans Receivable [Line Items]
Debt discount		$ 4,119,419
Commercial loan investments, outstanding		$ 23,960,467	$ 38,331,956
Commercial Mortgage Backed Securities [Member]
Accounts Notes And Loans Receivable [Line Items]
Number of loans owned \| loan		3
Commercial loan investments, outstanding		$ 24,000,000
Commercial loan investments, average remaining maturity		10 months 24 days
Commercial loan investments, weighted average interest rate		8.90%
San Juan, Puerto Rico [Member] \| First Mortgage [Member] \| Hotel [Member]
Accounts Notes And Loans Receivable [Line Items]
Loan originated amount	$ 14,500,000
Maturity Date	2018-09		2018-09
Loan origination fee	$ 181,000
Loans receivable basis spread on variable rate	9.00%		9.00%
Debt discount				$ 218,000
Remaining loan origination fee, net of loan costs				145,000
Loan costs				$ 32,000
Commercial loan investments, outstanding			$ 14,371,489
Mortgage Payable Current [Member] \| San Juan, Puerto Rico [Member] \| First Mortgage [Member] \| Hotel [Member]
Accounts Notes And Loans Receivable [Line Items]
Loans receivable basis spread on variable rate	7.00%
Mortgage Accrue Over the Term of the Loan [Member] \| San Juan, Puerto Rico [Member] \| First Mortgage [Member] \| Hotel [Member]
Accounts Notes And Loans Receivable [Line Items]
Loans receivable basis spread on variable rate	2.00%

Commercial Loan Investments - Summary of Commercial Loan Investment Portfolio (Details) - USD ($)		12 Months Ended
	Sep. 24, 2015	Dec. 31, 2016	Dec. 31, 2015
Accounts Notes And Loans Receivable [Line Items]
Original Face Amount		$ 23,960,467	$ 38,460,467
Current Face Amount		23,960,467	38,460,467
Carrying Value		$ 23,960,467	$ 38,331,956
Hotel [Member] \| San Juan, Puerto Rico [Member] \| First Mortgage [Member]
Accounts Notes And Loans Receivable [Line Items]
Date of Investment			2015-09
Maturity Date	2018-09		2018-09
Original Face Amount			$ 14,500,000
Current Face Amount			14,500,000
Carrying Value			$ 14,371,489
Loans receivable basis spread on variable rate	9.00%		9.00%
Coupon Rate			30 day LIBOR plus 9.00%
Mezzanine [Member] \| Hotel [Member] \| Atlanta, GA [Member]
Accounts Notes And Loans Receivable [Line Items]
Date of Investment		2014-01	2014-01
Maturity Date		2019-02	2019-02
Original Face Amount		$ 5,000,000	$ 5,000,000
Current Face Amount		5,000,000	5,000,000
Carrying Value		$ 5,000,000	$ 5,000,000
Loans receivable, fixed rate		12.00%
Loans receivable basis spread on variable rate			12.00%
Coupon Rate			30-Day LIBOR plus 7.50%
Mezzanine [Member] \| Hotel [Member] \| Dallas, Texas
Accounts Notes And Loans Receivable [Line Items]
Date of Investment		2014-09	2014-09
Maturity Date		2017-09	2016-09
Original Face Amount		$ 10,000,000	$ 10,000,000
Current Face Amount		10,000,000	10,000,000
Carrying Value		$ 10,000,000	$ 10,000,000
Loans receivable basis spread on variable rate		7.25%	7.25%
Coupon Rate		30-day LIBOR 7.25%	30 day LIBOR plus 7.25%
Notes Receivable [Member] \| Retail Shopping Center [Member] \| Sarasota, Florida
Accounts Notes And Loans Receivable [Line Items]
Date of Investment		2014-05	2014-05
Maturity Date		2017-06	2016-06
Original Face Amount		$ 8,960,467	$ 8,960,467
Current Face Amount		8,960,467	8,960,467
Carrying Value		$ 8,960,467	$ 8,960,467
Loans receivable basis spread on variable rate		7.50%	7.50%
Coupon Rate		30-day LIBOR plus 7.50%

Commercial Loan Investments - Carrying Value of the Commercial Loan Investments Portfolio (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Receivables [Abstract]
Current Face Amount	$ 23,960,467	$ 38,460,467
Unamortized Fees		36,382
Unaccreted Origination Fees		(164,893)
Total Commercial Loan Investments	$ 23,960,467	$ 38,331,956

Land and Development Costs and Subsurface Interests - Additional Information (Details)	3 Months Ended							12 Months Ended
	Dec. 31, 2016 USD ($) a	Sep. 30, 2016 USD ($)	Jun. 30, 2016 USD ($)	Dec. 31, 2015 USD ($) a	Sep. 30, 2015 USD ($)	Jun. 30, 2015 USD ($)	Mar. 31, 2015 USD ($)	Dec. 31, 2016 USD ($) a $ / a	Dec. 31, 2015 USD ($) a $ / a	Dec. 31, 2014 USD ($) a $ / a	Feb. 10, 2017 a	Dec. 31, 2013 a
Real Estate Properties [Line Items]
Gain (Loss) from sale of land \| $	$ (83,668)	$ 11,479,490	$ 1,362,948	$ 1,735,115	$ 3,763,140	$ 12,749	$ 5,440	$ 12,758,770	$ 5,516,444	$ 1,500
Restricted Cash and Cash Equivalents, Current \| $	9,855,469			14,060,523				9,855,469	14,060,523
Restricted Cash, Escrow Deposit Related to Land Transactions
Real Estate Properties [Line Items]
Restricted Cash and Cash Equivalents, Current \| $	$ 432,000							$ 432,000
Williamson Crossing Site [Member]
Real Estate Properties [Line Items]
Area of a real estate property \| a												23
Daytona Beach, Florida
Real Estate Properties [Line Items]
Area of a real estate property \| a	9,800							9,800
Daytona Beach, Florida \| Property East of Interstate 95 [Member]
Real Estate Properties [Line Items]
Area of a real estate property \| a	1,100							1,100
Daytona Beach, Florida \| Property West of Interstate 95 [Member]
Real Estate Properties [Line Items]
Area of a real estate property \| a	8,700							8,700
Daytona Beach, Florida \| Property West of Interstate 95, Suited for Industrial Purposes [Member]
Real Estate Properties [Line Items]
Area of a real estate property \| a	1,100							1,100
Land [Member]
Real Estate Properties [Line Items]
Area of a real estate property \| a	9,800							9,800		99.7
Sales price \| $										$ 8,807,000
Sales price per acre \| $ / a										88,000
Incentives from community development district \| $								$ 112,000	1,030,000
Additional gain to be recognized as improvements are completed \| $									87,000
2016 Disposals \| Sold
Real Estate Properties [Line Items]
Sales price \| $	$ 74,300,000							$ 74,300,000
2016 Disposals \| Sold \| Land [Member]
Real Estate Properties [Line Items]
Area of a real estate property \| a	707.7							707.7
Sales price \| $	$ 13,759,000							$ 13,759,000
Sales price per acre \| $ / a								19,000
2015 Disposals \| Sold
Real Estate Properties [Line Items]
Sales price \| $				$ 24,300,000					$ 24,300,000
2015 Disposals \| Sold \| Lee County, Florida [Member]
Real Estate Properties [Line Items]
Area of a real estate property \| a				1,400					1,400
Sales price \| $				$ 920,000					$ 920,000
2015 Disposals \| Sold \| Land [Member]
Real Estate Properties [Line Items]
Area of a real estate property \| a				114.10					114.10
Sales price \| $				$ 22,529,000					$ 22,529,000
Sales price per acre \| $ / a									197,000
2014 Disposals \| Sold \| Land [Member] \| Ditch Parcel [Member]
Real Estate Properties [Line Items]
Sales price \| $										$ 25,000
Variable Interest Entity [Member] \| Land [Member] \| Daytona Beach, Florida
Real Estate Properties [Line Items]
Area of a real estate property \| a				6					6
Tomoka Town Center [Member] \| 2015 Disposals \| Sold
Real Estate Properties [Line Items]
Sales price \| $				$ 19,400,000					$ 19,400,000
Subsequent Event [Member]
Real Estate Properties [Line Items]
Area of a real estate property \| a											2,210
Subsequent Event [Member] \| Land [Member]
Real Estate Properties [Line Items]
Area of a real estate property \| a											8,200
Subsequent Event [Member] \| Land [Member] \| Property West of Interstate 95 [Member]
Real Estate Properties [Line Items]
Area of a real estate property \| a											7,100

Land and Development Costs and Subsurface Interests - Summary of Land and Development Costs (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Land and Development Costs	$ 51,955,278	$ 53,406,020
Developable Land
Land and Development Costs	39,681,558	38,736,865
Land, Underlying Subsurface Interests [Member]
Land and Development Costs	$ 12,273,720	$ 14,669,155

Land and Development Costs and Subsurface Interests - Summary of Land and Development Costs (Parenthetical) (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Land and Development Costs	$ 51,955,278	$ 53,406,020
Variable Interest Entity [Member]
Land and Development Costs	0	11,329,574
Developable Land
Land and Development Costs	39,681,558	38,736,865
Developable Land \| Variable Interest Entity [Member]
Land and Development Costs	$ 0	$ 11,329,574

Land and Development Costs and Subsurface Interests - Real Estate Revenues (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Total Revenues	$ 27,635,543	$ 12,210,945	$ 12,873,938	$ 18,354,435	$ 19,783,432	$ 8,297,715	$ 7,608,208	$ 7,308,325	$ 71,074,861	$ 42,997,680	$ 36,056,637
Operating Segments \| Real Estate Operations
Total Revenues	$ 19,165,183	$ 4,643,646	$ 4,774,620	$ 9,560,898	$ 11,966,554	$ 1,748,398	$ 1,368,141	$ 859,801	38,144,347	15,942,894	13,492,734
Operating Segments \| Real Estate Operations \| Tomoka Town Center [Member]
Total Revenues									17,490,000	8,128,000
Operating Segments \| Real Estate Operations \| Reimbursement of Infrastructure Costs [Member]
Total Revenues									4,500,000
Operating Segments \| Real Estate Operations \| Impact Fee and Mitigation Credit Sales [Member]
Total Revenues									2,220,000	463,000	926,000
Operating Segments \| Real Estate Operations \| Subsurface Interests [Member]
Total Revenues									1,802,000	3,003,000	3,704,000
Operating Segments \| Real Estate Operations \| Fill Dirt and Other [Member]
Total Revenues									261,000	73,000	119,000
Land [Member] \| Operating Segments \| Real Estate Operations
Total Revenues									$ 11,871,000	$ 4,276,000	$ 8,744,000

Land and Development Costs and Subsurface Interests - Land Sales (Details)																	3 Months Ended									12 Months Ended
	Dec. 29, 2016 USD ($) a $ / a	Dec. 22, 2016 USD ($) a $ / a	Oct. 13, 2016 USD ($) a $ / a	Sep. 27, 2016 USD ($) a $ / a	Mar. 30, 2016 USD ($) a $ / a	Feb. 12, 2016 USD ($) a $ / a	Dec. 29, 2015 USD ($) a $ / a	Dec. 23, 2015 USD ($) a $ / a	Dec. 18, 2015 USD ($) a $ / a	Nov. 12, 2015 USD ($) a $ / a	Jun. 17, 2015 USD ($) a $ / a	Jun. 01, 2015 USD ($) a $ / a	Apr. 17, 2015 USD ($)	Oct. 30, 2014 USD ($) a $ / a	Aug. 15, 2014 USD ($) a $ / a	Feb. 18, 2014 USD ($) a $ / a	Dec. 31, 2016 USD ($) a	Sep. 30, 2016 USD ($)	Jun. 30, 2016 USD ($)	Mar. 31, 2016 USD ($)	Dec. 31, 2015 USD ($) a	Sep. 30, 2015 USD ($)	Jun. 30, 2015 USD ($)	Mar. 31, 2015 USD ($)	Sep. 30, 2014 USD ($)	Dec. 31, 2016 USD ($) a $ / a	Dec. 31, 2015 USD ($) a $ / a	Dec. 31, 2014 USD ($) a $ / a
Real Estate Properties [Line Items]
Revenues																	$ 27,635,543	$ 12,210,945	$ 12,873,938	$ 18,354,435	$ 19,783,432	$ 8,297,715	$ 7,608,208	$ 7,308,325		$ 71,074,861	$ 42,997,680	$ 36,056,637
Infrastructure Reimbursement Receivables																	3,844,236				1,306,602					3,844,236	1,306,602
Tanger Outlet [Member]
Real Estate Properties [Line Items]
Infrastructure Reimbursement Receivables																	1,750,000									1,750,000
Sam’s Club [Member]
Real Estate Properties [Line Items]
Infrastructure Reimbursement Receivables																	990,000									990,000
NADG - First Parcel [Member]
Real Estate Properties [Line Items]
Infrastructure Reimbursement Receivables																	$ 250,000									$ 250,000
Tomoka Town Center [Member]
Real Estate Properties [Line Items]
Area of a real estate property \| a																	235									235
Infrastructure Reimbursement Receivables																	$ 3,800,000									$ 3,800,000
Sold \| 2016 Disposals
Real Estate Properties [Line Items]
Sales price																	$ 74,300,000									$ 74,300,000
Sold \| 2016 Disposals \| Tomoka Town Center [Member]
Real Estate Properties [Line Items]
Area of a real estate property \| a																	99									99
Sales price																	$ 21,400,000									$ 21,400,000
Sold \| 2015 Disposals
Real Estate Properties [Line Items]
Sales price																					$ 24,300,000						$ 24,300,000
Gain Recognized													$ (497,000)										$ 13,000
Sold \| 2015 Disposals \| Integra Land Company [Member]
Real Estate Properties [Line Items]
Area of a real estate property \| a																					15.0						15.0
Sold \| 2015 Disposals \| Sam’s Club [Member]
Real Estate Properties [Line Items]
Area of a real estate property \| a																					18.1						18.1
Sold \| 2015 Disposals \| Tomoka Town Center [Member]
Real Estate Properties [Line Items]
Sales price																					$ 19,400,000						$ 19,400,000
Sold \| 2014 Disposals
Real Estate Properties [Line Items]
Gain Recognized																									$ (228,000)
Under contract to be sold \| 2015 Disposals
Real Estate Properties [Line Items]
Gain Recognized																								$ (277,000)
Land [Member]
Real Estate Properties [Line Items]
Area of a real estate property \| a																	9,800									9,800		99.7
Sales price																												$ 8,807,000
Sales price per acre \| $ / a																												88,000
Gain Recognized																												$ 4,802,000
Land [Member] \| Halifax Humane Society, Inc [Member]
Real Estate Properties [Line Items]
Area of a real estate property \| a																3.1
Sales price																$ 392,000
Sales price per acre \| $ / a																126,000
Gain Recognized																$ 347,000
Land [Member] \| Distribution Center [Member]
Real Estate Properties [Line Items]
Area of a real estate property \| a															75.6
Sales price															$ 7,790,000
Sales price per acre \| $ / a															103,000
Gain Recognized															$ 3,903,000
Land [Member] \| Victor Indigo Lakes, L L C [Member]
Real Estate Properties [Line Items]
Area of a real estate property \| a														21.0
Sales price														$ 625,000
Sales price per acre \| $ / a														30,000
Gain Recognized														$ 552,000
Land [Member] \| Sold \| 2016 Disposals
Real Estate Properties [Line Items]
Area of a real estate property \| a																	707.7									707.7
Sales price																	$ 13,759,000									$ 13,759,000
Sales price per acre \| $ / a																										19,000
Gain Recognized																										$ 8,304,000
Land [Member] \| Sold \| 2016 Disposals \| Commercial
Real Estate Properties [Line Items]
Area of a real estate property \| a		74.6	17.1			3.1
Sales price		$ 830,000	$ 3,034,000			$ 190,000
Sales price per acre \| $ / a		11,000	177,000			61,000
Gain Recognized		$ 751,000	$ 2,675,000			$ 145,000
Land [Member] \| Sold \| 2016 Disposals \| NADG - Out Parcel [Member]
Real Estate Properties [Line Items]
Area of a real estate property \| a					4.4
Sales price					$ 2,000,000
Sales price per acre \| $ / a					455,000
Gain Recognized					$ 1,304,000
Land [Member] \| Sold \| 2016 Disposals \| Minto Communities
Real Estate Properties [Line Items]
Area of a real estate property \| a				4.5
Sales price				$ 205,000
Sales price per acre \| $ / a				46,000
Gain Recognized				$ 126,000
Land [Member] \| Sold \| 2016 Disposals \| ICI Homes
Real Estate Properties [Line Items]
Area of a real estate property \| a	604.0
Sales price	$ 7,500,000
Sales price per acre \| $ / a	12,000
Gain Recognized	$ 3,303,000
Land [Member] \| Sold \| 2015 Disposals
Real Estate Properties [Line Items]
Area of a real estate property \| a																					114.10						114.10
Sales price																					$ 22,529,000						$ 22,529,000
Sales price per acre \| $ / a																											197,000
Gain Recognized																											$ 8,477,000
Land [Member] \| Sold \| 2015 Disposals \| Commercial
Real Estate Properties [Line Items]
Area of a real estate property \| a							0.90				0.90	3.00
Sales price							$ 30,000				$ 250,000	$ 505,000
Sales price per acre \| $ / a							33,000				278,000	168,000
Gain Recognized							$ 20,000				$ 223,000	$ 476,000
Land [Member] \| Sold \| 2015 Disposals \| Tanger Outlet [Member]
Real Estate Properties [Line Items]
Area of a real estate property \| a										38.90
Sales price										$ 9,700,000
Sales price per acre \| $ / a										249,000
Gain Recognized										$ 2,793,000
Land [Member] \| Sold \| 2015 Disposals \| Integra Land Company [Member]
Real Estate Properties [Line Items]
Area of a real estate property \| a									15.00
Sales price									$ 2,376,000
Sales price per acre \| $ / a									158,000
Gain Recognized									$ 2,265,000
Land [Member] \| Sold \| 2015 Disposals \| Sam’s Club [Member]
Real Estate Properties [Line Items]
Area of a real estate property \| a								18.10
Sales price								$ 4,500,000
Sales price per acre \| $ / a								249,000
Gain Recognized								$ 1,279,000
Land [Member] \| Sold \| 2015 Disposals \| NADG - First Parcel [Member]
Real Estate Properties [Line Items]
Area of a real estate property \| a							37.30
Sales price							$ 5,168,000
Sales price per acre \| $ / a							139,000
Gain Recognized							$ 1,421,000
Land [Member] \| Sold \| 2015 Disposals \| Tomoka Town Center [Member]
Real Estate Properties [Line Items]
Area of a real estate property \| a																					94.30						94.30
Developable Land \| Tomoka Town Center [Member]
Real Estate Properties [Line Items]
Area of a real estate property \| a																	180									180
Developable Land \| Under contract to be sold \| 2016 Disposals \| Tomoka Town Center [Member]
Real Estate Properties [Line Items]
Area of a real estate property \| a																	82									82
Tomoka Town Center [Member] \| Sold \| 2015 Disposals
Real Estate Properties [Line Items]
Sales price																					$ 19,400,000						$ 19,400,000

Land and Development Costs and Subsurface Interests - Land Impairments (Details)	3 Months Ended			12 Months Ended
	Jun. 30, 2016 USD ($)	Mar. 31, 2016 USD ($)	Mar. 31, 2015 USD ($)	Dec. 31, 2016 USD ($) a item	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($) a
Real Estate Properties [Line Items]
Impairment Charges	$ 1,970,822	$ 209,908	$ 510,041	$ 2,180,730	$ 510,041	$ 421,040
Land [Member]
Real Estate Properties [Line Items]
Area of a real estate property \| a				9,800		99.7
Impairment Charges					$ 0	$ 0
Undeveloped Land [Member]
Real Estate Properties [Line Items]
Impairment Charges				$ 1,000,000
Town Center Sales Agreements \| Undeveloped Land [Member]
Real Estate Properties [Line Items]
Area of a real estate property \| a				8
Number of executed purchase and sale agreements \| item				2
Number of executed purchase and sale agreements impaired \| item				10
Town Center Sales Agreement, Impaired Contract 1 [Member]
Real Estate Properties [Line Items]
Impairment Charges	717,000
Town Center Sales Agreement, Impaired Contract 2 [Member]
Real Estate Properties [Line Items]
Impairment Charges	$ 311,000

Land and Development Costs and Subsurface Interests - Beachfront Venture (Details) ft² in Millions		3 Months Ended			12 Months Ended
	Nov. 17, 2016 USD ($) a	Jun. 30, 2016 USD ($)	Mar. 31, 2016 USD ($)	Mar. 31, 2015 USD ($)	Dec. 31, 2016 USD ($) ft² tenant	Dec. 31, 2015 USD ($) a	Dec. 31, 2014 USD ($)
Real Estate Properties [Line Items]
Discount on acquisition of noncontrolling interest					$ 4,778,790
Impairment Charges		$ 1,970,822	$ 209,908	$ 510,041	2,180,730	$ 510,041	$ 421,040
Property, asset total					274,334,139	268,970,875
Impact Fee Credits					925,000	3,100,000
Mitigation Credits					1,400,000	1,400,000
Impact Fee and Mitigation Credits, balance					2,322,906	4,554,227
Cash received for impact fee credits					2,200,000	$ 463,000
6 Acres of Undeveloped Land in Daytona Beach Florida [Member]
Real Estate Properties [Line Items]
Area of a real estate property \| a						6
Payment to acquire noncontrolling interest					4,800,000
Discount on acquisition of noncontrolling interest					879,000
Impairment Charges					0
Property, asset total					$ 11,700,000
Additional area density allowable under current zoning \| ft²					1.2
Number of tenants \| tenant					2
Variable Interest Entity [Member] \| 6 Acres of Undeveloped Land in Daytona Beach Florida [Member]
Real Estate Properties [Line Items]
Area of a real estate property \| a	6
Payment to acquire noncontrolling interest	$ 4,800,000
Discount on acquisition of noncontrolling interest	$ 879,000

Land and Development Costs and Subsurface Interests - Subsurface Interests (Details)	1 Months Ended	3 Months Ended								12 Months Ended
	Nov. 30, 2015 USD ($) item	Dec. 31, 2016 USD ($) a ft²	Sep. 30, 2016 USD ($)	Jun. 30, 2016 USD ($)	Mar. 31, 2016 USD ($)	Dec. 31, 2015 USD ($) a	Sep. 30, 2015 USD ($)	Jun. 30, 2015 USD ($)	Mar. 31, 2015 USD ($)	Dec. 31, 2016 USD ($) a ft² county bbl	Dec. 31, 2015 USD ($) a bbl	Dec. 31, 2014 USD ($) a bbl	Dec. 31, 2011
Real Estate Properties [Line Items]
Lease income recognized from oil exploration lease										$ 1,100,000	$ 1,700,000	$ 2,900,000
Area on which royalties received \| a										800
Production of oil \| bbl										50,441	62,745	64,835
Payments for release of surface entry rights										$ 493,000	$ 995,000	$ 4,000
Revenues		$ 27,635,543	$ 12,210,945	$ 12,873,938	$ 18,354,435	$ 19,783,432	$ 8,297,715	$ 7,608,208	$ 7,308,325	$ 71,074,861	42,997,680	$ 36,056,637
Daytona Beach, Florida
Real Estate Properties [Line Items]
Area of a real estate property \| a		9,800								9,800
Lee County, Florida [Member]
Real Estate Properties [Line Items]
Number of oil wells \| item	2
Income Properties
Real Estate Properties [Line Items]
Area of a real estate property \| ft²		1,700,000								1,700,000
Land [Member]
Real Estate Properties [Line Items]
Area of a real estate property \| a		9,800								9,800		99.7
Sales price												$ 8,807,000
Oil exploration
Real Estate Properties [Line Items]
Subsurface interest area of land \| a										500,000
Number of counties \| county										20
Lease term													8 years
Amended oil exploration lease term										The terms of the lease state the Company will receive royalty payments if production occurs, and may receive additional annual rental payments if the lease is continued in years seven and eight.
Under contract to be sold \| 2016 Disposals
Real Estate Properties [Line Items]
Sale price of subsurface interest area of land	$ 24,000,000
Sold \| 2016 Disposals
Real Estate Properties [Line Items]
Sales price		$ 74,300,000								$ 74,300,000
Sold \| 2016 Disposals \| Land [Member]
Real Estate Properties [Line Items]
Area of a real estate property \| a		707.7								707.7
Sales price		$ 13,759,000								$ 13,759,000
Sold \| 2015 Disposals
Real Estate Properties [Line Items]
Sales price						$ 24,300,000					$ 24,300,000
Sold \| 2015 Disposals \| Lee County, Florida [Member]
Real Estate Properties [Line Items]
Area of a real estate property \| a						1,400					1,400
Sales price						$ 920,000					$ 920,000
Sold \| 2015 Disposals \| Land [Member]
Real Estate Properties [Line Items]
Area of a real estate property \| a						114.10					114.10
Sales price						$ 22,529,000					$ 22,529,000
Subsurface Interests [Member]
Real Estate Properties [Line Items]
Oil royalty income recognized						$ 68,000				$ 50,000	$ 68,000	$ 198,000
Subsurface Interests [Member] \| Lee County, Florida [Member]
Real Estate Properties [Line Items]
Interest percentage subsurface rights						50.00%

Land and Subsurface Interests - Summary of Lease Payments on the Respective Acreages and Drilling Penalties Received (Details) - Oil exploration	12 Months Ended
	Dec. 31, 2016 USD ($) a
Real Estate Properties [Line Items]
Lease Payment, Received	$ 9,020,438
Drilling Penalty, Received	$ 1,925,000
Lease Year 1 - 9/23/2011 - 9/22/2012 [Member] \| Lee and Hendry County Florida [Member]
Real Estate Properties [Line Items]
Oil exploration lease covering area \| a	136,000
Lease Payment, Received	$ 913,657
Lease Year 2 - 9/23/2012 - 9/22/2013 [Member] \| Lee and Hendry County Florida [Member]
Real Estate Properties [Line Items]
Oil exploration lease covering area \| a	136,000
Lease Payment, Received	$ 922,114
Lease Year 3 - 9/23/2013 - 9/22/2014 [Member] \| Hendry County Florida
Real Estate Properties [Line Items]
Oil exploration lease covering area \| a	82,000
Lease Payment, Received	$ 3,293,000
Drilling Penalty, Received	$ 1,000,000
Lease Year 4 - 9/23/2014 - 9/22/2015 [Member] \| Hendry County Florida
Real Estate Properties [Line Items]
Oil exploration lease covering area \| a	42,000
Lease Payment, Received	$ 1,866,146
Drilling Penalty, Received	$ 600,000
Lease Year 5 - 9/23/2015 - 9/22/2016 [Member] \| Hendry County Florida
Real Estate Properties [Line Items]
Oil exploration lease covering area \| a	25,000
Lease Payment, Received	$ 1,218,838
Drilling Penalty, Received	$ 175,000
Lease Year 6 - 9/23/2016 - 9/22/2017 \| Hendry County Florida
Real Estate Properties [Line Items]
Oil exploration lease covering area \| a	15,000
Lease Payment, Received	$ 806,683
Drilling Penalty, Received	$ 150,000

Investment Securities - Security Activity (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Investments, Debt and Equity Securities [Abstract]
Total basis of investment sold	$ 6,800,000
Proceeds from Sale of Investment Securities	6,252,362	$ 4,751,987	$ 30,476
Net realized gain (loss) on investments	$ 576,000

Investment Securities - Summary of Available for Sale Securities (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Debt Securities
Estimated Fair Value(Level 1 and 2 Inputs)		$ 802,500
Equity Securities
Estimated Fair Value (Level 1 and 2 Inputs)	$ 416,590	4,901,267
Available-for-Sale Securities
Cost		6,825,415
Losses in Accumulated Other Comprehensive Income		(1,121,648)
Estimated Fair Value(Level 1 and 2 Inputs)		5,703,767
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Equity Securities
Estimated Fair Value (Level 1 and 2 Inputs)		4,901,267
Available-for-Sale Securities
Estimated Fair Value(Level 1 and 2 Inputs)		4,901,267
Significant Other Observable Inputs (Level 2) [Member]
Debt Securities
Estimated Fair Value(Level 1 and 2 Inputs)		802,500
Equity Securities
Estimated Fair Value (Level 1 and 2 Inputs)	$ 416,590
Available-for-Sale Securities
Estimated Fair Value(Level 1 and 2 Inputs)		802,500
Quoted Prices in Active Markets (Level 1 and 2 Inputs) [Member]
Available-for-Sale Securities
Estimated Fair Value(Level 1 and 2 Inputs)		5,703,767
Debt Securities
Debt Securities
Cost		843,951
Losses in Accumulated Other Comprehensive Income		(41,451)
Debt Securities \| Significant Other Observable Inputs (Level 2) [Member]
Debt Securities
Cost		843,951
Debt Securities \| Quoted Prices in Active Markets (Level 1 and 2 Inputs) [Member]
Debt Securities
Estimated Fair Value(Level 1 and 2 Inputs)		802,500
Common Stock [Member]
Equity Securities
Losses in Accumulated Other Comprehensive Income		(1,080,197)
Common Stock [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Equity Securities
Cost		5,981,464
Common Stock [Member] \| Quoted Prices in Active Markets (Level 1 and 2 Inputs) [Member]
Equity Securities
Estimated Fair Value (Level 1 and 2 Inputs)		4,901,267
Equity Securities
Equity Securities
Cost		5,981,464
Losses in Accumulated Other Comprehensive Income		(1,080,197)
Equity Securities \| Quoted Prices in Active Markets (Level 1 and 2 Inputs) [Member]
Equity Securities
Estimated Fair Value (Level 1 and 2 Inputs)		$ 4,901,267

Investment Securities - Summary of Available for Sale Securities (Parenthetical) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Impairment charge other-than-temporary impairments	$ 0	$ 60,000	$ 0
Common Stock [Member]
Impairment charge other-than-temporary impairments		$ 60,000

Investment Securities - Unrealized (Loss) Gain (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Investments, Debt and Equity Securities [Abstract]
Unrealized Gain (Loss) on Investment Securities, Gross		$ (1,100,000)
Other Comprehensive Income Unrealized Gain (Loss) on Available-for-Sale Investment Securities, tax	$ 210,652	$ 414,962	$ 44,022

Investment Securities - Summary of Recognized Gain and Losses on Sale of Investment Securities (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Schedule Of Gain Loss On Investments Including Marketable Securities And Investments Held At Cost Income Statement Reported Amounts Summary [Line Items]
Proceeds from Sale of Investment Securities	$ 6,252,362	$ 4,751,987	$ 30,476
Gain (Loss) recognized in Statement of Operations on the Disposition of Securities	(575,567)	163,189	4,835
Debt Securities
Schedule Of Gain Loss On Investments Including Marketable Securities And Investments Held At Cost Income Statement Reported Amounts Summary [Line Items]
Proceeds from Sale of Investment Securities	827,738	2,084,994
Cost Basis of Securities Sold	(843,951)	(1,930,080)
Gain (Loss) recognized in Statement of Operations on the Disposition of Securities	(16,213)	154,914
Equity Securities
Schedule Of Gain Loss On Investments Including Marketable Securities And Investments Held At Cost Income Statement Reported Amounts Summary [Line Items]
Proceeds from Sale of Investment Securities	5,424,624	2,574,091	30,476
Cost Basis of Securities Sold	(5,983,978)	(2,565,816)	(25,641)
Gain (Loss) recognized in Statement of Operations on the Disposition of Securities	$ (559,354)	$ 8,275	$ 4,835

- Definition

This item represents the net total realized and unrealized gain (loss) included in earnings for the period as a result of selling or holding marketable securities categorized as trading, available-for-sale, or held-to-maturity, including the unrealized holding gain (loss) of held-to-maturity securities transferred to the trading security category and the cumulative unrealized gain (loss) which was included in other comprehensive income (a separate component of shareholders' equity) for available-for-sale securities transferred to trading securities during the period. Additionally, this item would include any gains (losses) realized during the period from the sale of investments accounted for under the cost method of accounting and losses recognized for other than temporary impairments (OTTI) of the subject investments.

+ References + Details

Fair Value of Financial Instruments - Summary of Carrying Value and Estimated Fair Value of Financial Instruments (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Carrying Value
Cash and Cash Equivalents	$ 7,779,562	$ 4,060,677	$ 1,881,195	$ 4,932,512
Restricted Cash	9,855,469	14,060,523
Commercial Loan Investments	23,960,467	38,331,956
Long-Term Debt	166,245,201	166,796,853
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Estimated Fair Value
Cash and Cash Equivalents	7,779,562	4,060,677
Restricted Cash	9,855,469	14,060,523
Significant Other Observable Inputs (Level 2) [Member]
Estimated Fair Value
Commercial Loan Investments	24,228,242	38,460,467
Estimated Fair Value
Long-Term Debt	$ 171,111,337	$ 172,572,305

Fair Value of Financial Instruments - Summary of Fair Value of Assets and Liabilities by Level (Details)	3 Months Ended			12 Months Ended
	Jun. 30, 2016 USD ($)	Mar. 31, 2016 USD ($)	Mar. 31, 2015 USD ($)	Dec. 31, 2016 USD ($) a	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)
Assets, Fair Value Disclosure [Abstract]
Cash Flow Hedge - Interest Rate Swap				$ 416,590
Available-for-Sale Securities
Available-for-Sale Debt Securities					$ 802,500
Available-for-Sale Equity Securities				416,590	4,901,267
Total Available-for-Sale Securities					5,703,767
Total				416,590	5,703,767
Impairment Charges	$ 1,970,822	$ 209,908	$ 510,041	2,180,730	510,041	$ 421,040
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Available-for-Sale Securities
Available-for-Sale Equity Securities					4,901,267
Total Available-for-Sale Securities					4,901,267
Total					4,901,267
Significant Other Observable Inputs (Level 2) [Member]
Available-for-Sale Securities
Available-for-Sale Debt Securities					802,500
Available-for-Sale Equity Securities				416,590
Total Available-for-Sale Securities					802,500
Total				416,590	$ 802,500
Fair Value, Measurements, Nonrecurring [Member]
Available-for-Sale Securities
Total				$ 2,517,784
Fair Value, Measurements, Nonrecurring [Member] \| Land Under Contract for Sale [Member]
Available-for-Sale Securities
Area of Real Estate Property \| a				8
Impairment Charges				$ 1,000,000
Fair Value, Measurements, Nonrecurring [Member] \| Land Under Contract for Sale, Parcel Repurchased Tranche One
Assets, Fair Value Disclosure [Abstract]
Land repurchased				1,398,374
Fair Value, Measurements, Nonrecurring [Member] \| Land Under Contract for Sale, Parcel Repurchased Tranche Two
Assets, Fair Value Disclosure [Abstract]
Land repurchased				1,119,410
Fair Value, Measurements, Nonrecurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Available-for-Sale Securities
Total				2,517,784
Fair Value, Measurements, Nonrecurring [Member] \| Fair Value, Inputs, Level 3 [Member] \| Land Under Contract for Sale, Parcel Repurchased Tranche One
Assets, Fair Value Disclosure [Abstract]
Land repurchased				1,398,374
Fair Value, Measurements, Nonrecurring [Member] \| Fair Value, Inputs, Level 3 [Member] \| Land Under Contract for Sale, Parcel Repurchased Tranche Two
Assets, Fair Value Disclosure [Abstract]
Land repurchased				$ 1,119,410

Intangible Lease Assets and Liabilities - Schedule of Intangible Lease Assets and Liabilities (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	$ 40,894,592	$ 24,892,943
Accumulated Amortization	(6,168,770)	(4,805,792)
Sub-total Intangible Lease Assets—Net	34,725,822	20,087,151
Intangible Lease Liabilities
Value of Below Market In-Place Leases	(33,370,217)	(32,315,741)
Below Market Lease, Accumulated Amortization	2,852,166	336,182
Sub-total Intangible Lease Liabilities—Net	(30,518,051)	(31,979,559)
Total	4,207,771	(11,892,408)
Value of In-Place Leases [Member]
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	30,978,776	19,588,642
Value of Above Market In-Place Leases
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	2,905,624	1,469,143
Value of Intangible Leasing Costs [Member]
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	7,010,192	3,835,158
Value of Below Market In-Place Leases
Intangible Lease Liabilities
Value of Below Market In-Place Leases	$ (33,370,217)	$ (32,315,741)

Intangible Assets and Liabilities - Additional Information (Details)	12 Months Ended
	Dec. 31, 2016 USD ($) property	Dec. 31, 2015 USD ($) property	Dec. 31, 2014 USD ($) property
Intangible Assets And Liabilities [Line Items]
Number of income properties acquired \| property	10	4	4
Net increase in intangible assets and liabilities	$ 16,100,000
Amortization expense of intangible assets and liabilities	456,000	$ 1,500,000	$ 768,000
Depreciation and amortization
Intangible Assets And Liabilities [Line Items]
Amortization expense of intangible assets and liabilities	2,700,000	1,700,000
Income properties revenue
Intangible Assets And Liabilities [Line Items]
Amortization expense of intangible assets and liabilities	(2,200,000)	(200,000)
Value of In-Place Leases [Member]
Intangible Assets And Liabilities [Line Items]
Increase in sub total intangible lease assets	$ 14,900,000
Number of income properties acquired \| property	10
Value of Above Market In-Place Leases
Intangible Assets And Liabilities [Line Items]
Increase in sub total intangible lease assets	$ 1,700,000
Value of Intangible Leasing Costs [Member]
Intangible Assets And Liabilities [Line Items]
Increase in sub total intangible lease assets	3,300,000
Value of Below Market In-Place Leases
Intangible Assets And Liabilities [Line Items]
Increase (decrease) in below market value	1,100,000
Value of Below Market In-Place Leases \| Wells Fargo \| Raleigh, North Carolina
Intangible Assets And Liabilities [Line Items]
Increase (decrease) in below market value	$ 29,000,000	$ 31,600,000
2016 Disposals \| Sold
Intangible Assets And Liabilities [Line Items]
Number of disposed properties \| property	19
2015 Disposals \| Sold
Intangible Assets And Liabilities [Line Items]
Increase (decrease) in below market value	$ (2,400,000)
Number of disposed properties \| property	19	6
2014 Disposals \| Sold
Intangible Assets And Liabilities [Line Items]
Number of disposed properties \| property			1

Intangible Lease Assets and Liabilities - Summary of Estimated Amortization and Accretion of Intangible Lease Assets and Liabilities (Details)	Dec. 31, 2016 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Future Amortization Expense, 2017	$ 4,168,654
Future Amortization Expense, 2018	4,165,055
Future Amortization Expense, 2019	4,136,496
Future Amortization Expense, 2020	3,695,075
Future Amortization Expense, 2021	2,077,107
Future Amortization Expense, Thereafter	13,942,643
Future Amortization Expense, Total	32,185,030
Future Accretion to Income Property Revenue, 2017	(2,048,941)
Future Accretion to Income Property Revenue, 2018	(2,050,973)
Future Accretion to Income Property Revenue, 2019	(2,045,849)
Future Accretion to Income Property Revenue, 2020	(1,978,241)
Future Accretion to Income Property Revenue, 2021	(2,121,186)
Future Accretion to Income Property Revenue, Thereafter	(17,732,069)
Future Accretion to Income Property Revenue, Total	(27,977,259)
Net Future Amortization of Intangible Assets and Liabilities, 2017	2,119,713
Net Future Amortization of Intangible Assets and Liabilities, 2018	2,114,082
Net Future Amortization of Intangible Assets and Liabilities, 2019	2,090,647
Net Future Amortization of Intangible Assets and Liabilities, 2020	1,716,834
Net Future Amortization of Intangible Assets and Liabilities, 2021	(44,079)
Net Future Amortization of Intangible Assets and Liabilities, Thereafter	(3,789,426)
Net Future Amortization of Intangible Assets and Liabilities, Total	$ 4,207,771

Intangible Assets and Liabilities - Weighted Average Amortization (Details)	12 Months Ended
	Dec. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Weighted average amortization period of intangible assets	13 years
Weighted average amortization period of intangible liabilities	14 years

Impairment of Long-Lived Assets - Additional Information (Details)				3 Months Ended									4 Months Ended	12 Months Ended
	Sep. 30, 2016 USD ($)	Sep. 16, 2016 USD ($)	Apr. 17, 2015 USD ($)	Dec. 31, 2016 USD ($) a	Sep. 30, 2016 USD ($)	Jun. 30, 2016 USD ($) a	Mar. 31, 2016 USD ($)	Dec. 31, 2015 USD ($) a	Sep. 30, 2015 USD ($)	Jun. 30, 2015 USD ($)	Mar. 31, 2015 USD ($) property	Sep. 30, 2014 USD ($)	Dec. 31, 2016 USD ($) a	Dec. 31, 2016 USD ($) a $ / a	Dec. 31, 2015 USD ($) a $ / a	Dec. 31, 2014 USD ($) a $ / a
Property Plant And Equipment [Line Items]
Impairment Charges						$ 1,970,822	$ 209,908				$ 510,041			$ 2,180,730	$ 510,041	$ 421,040
Gain (Loss) from sale of land				$ (83,668)	$ 11,479,490	$ 1,362,948		$ 1,735,115	$ 3,763,140	$ 12,749	5,440			$ 12,758,770	5,516,444	1,500
Land [Member]
Property Plant And Equipment [Line Items]
Impairment Charges															$ 0	0
Gain (Loss) recognized																$ 4,802,000
Area of Real Estate Property \| a				9,800									9,800	9,800		99.7
Sales price																$ 8,807,000
Sales price per acre \| $ / a																88,000
6 Acres of Undeveloped Land in Daytona Beach Florida [Member]
Property Plant And Equipment [Line Items]
Impairment Charges														$ 0
Area of land \| a						6
Area of Real Estate Property \| a								6							6
6 Acres of Undeveloped Land in Daytona Beach Florida [Member] \| Land [Member]
Property Plant And Equipment [Line Items]
Impairment Charges														0
2016 Disposals \| Sold
Property Plant And Equipment [Line Items]
Sales price				$ 74,300,000									$ 74,300,000	74,300,000
2016 Disposals \| Sold \| Land [Member]
Property Plant And Equipment [Line Items]
Gain (Loss) recognized														$ 8,304,000
Area of Real Estate Property \| a				707.7									707.7	707.7
Sales price				$ 13,759,000									$ 13,759,000	$ 13,759,000
Sales price per acre \| $ / a														19,000
2016 Disposals \| Under contract to be sold \| 6 Acres of Undeveloped Land in Daytona Beach Florida [Member]
Property Plant And Equipment [Line Items]
Impairment Charges						$ 717,000
Gain (Loss) from sale of land														$ (646,000)
Estimated closing costs														71,000
Area of land impairment charges recognized \| a						4
2016 Disposals \| Under contract to be sold \| 4 Acres of Undeveloped Land in Daytona Beach Florida [Member]
Property Plant And Equipment [Line Items]
Impairment Charges						$ 311,000
Gain (Loss) from sale of land														(256,000)
Estimated closing costs														$ 55,000
Area of land \| a						4
Portfolio Sale \| Sold
Property Plant And Equipment [Line Items]
Gain (Loss) recognized		$ 11,100,000		$ (82,000)									$ 11,000,000
Sales price		$ 51,600,000
2015 Disposals \| Sold
Property Plant And Equipment [Line Items]
Impairment Charges															$ 510,000
Gain (Loss) recognized			$ (497,000)							$ 13,000
Sales price								$ 24,300,000							24,300,000
2015 Disposals \| Sold \| Land [Member]
Property Plant And Equipment [Line Items]
Gain (Loss) recognized															$ 8,477,000
Area of Real Estate Property \| a								114.10							114.10
Sales price								$ 22,529,000							$ 22,529,000
Sales price per acre \| $ / a															197,000
2015 Disposals \| Under contract to be sold
Property Plant And Equipment [Line Items]
Impairment Charges											$ 510,000
Number of income properties held for sales \| property											2
Gain (Loss) recognized											$ (277,000)
Estimated closing costs											$ 233,000
2014 Disposals \| Sold
Property Plant And Equipment [Line Items]
Impairment Charges																$ 421,000
Gain (Loss) recognized												$ (228,000)
Estimated closing costs												$ 193,000
PNC Bank, N.A. \| 2016 Disposals \| Sold \| Altamonte Springs Florida
Property Plant And Equipment [Line Items]
Impairment Charges						$ 942,000
Gain (Loss) from sale of land	$ (922,000)
Gain (Loss) recognized					20,000
Sales price	$ 3,000,000				$ 3,000,000
PNC Bank, N.A. \| 2016 Disposals \| Under contract to be sold \| Altamonte Springs Florida
Property Plant And Equipment [Line Items]
Impairment Charges						$ 942,000

Other Assets - Components of Other Assets (Details) - USD ($)		12 Months Ended
	Jan. 01, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Property Tenant Receivables		$ 125,383	$ 830,574
Income Property Straight-line Rent Adjustment		1,773,946	1,781,798
Interest Receivable from Commercial Loan Investments		72,418	155,163
Cash Flow Hedge - Interest Rate Swap		416,590
Infrastructure Reimbursement Receivables		3,844,236	1,306,602
Golf Operations Receivables		325,510	253,358
Deferred Deal Costs		745,878	520,308
Prepaid Expenses, Deposits, and Other		2,165,127	1,187,021
Total Other Assets		9,469,088	$ 6,034,824
Community Development District
Infrastructure Reimbursement Receivables		1,100,000
Community Development District \| Subsequent Event [Member]
Infrastructure reimbursements received	$ 1,100,000
NADG - First Parcel [Member]
Infrastructure Reimbursement Receivables		250,000
NADG - First Parcel [Member] \| Subsequent Event [Member]
Infrastructure reimbursements received	250,000
Tanger Outlet [Member]
Infrastructure Reimbursement Receivables		$ 1,750,000
Reimbursement repayment term, in years		10 years
Infrastructure reimbursement receivables, installment payment amounts		$ 175,000
Infrastructure reimbursement receivable, discount		191,000
Sam’s Club [Member]
Infrastructure Reimbursement Receivables		$ 990,000
Reimbursement repayment term, in years		9 years
Infrastructure reimbursement receivables, installment payment amounts		$ 110,000
Infrastructure reimbursement receivable, discount		$ 80,000
Sam’s Club [Member] \| Subsequent Event [Member]
Infrastructure reimbursements received	$ 110,000

Common Stock and Earnings Per Share - Summary of Common Stock and Earnings Per Share (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Available to Common Shareholders:
Net Income Attributable to Consolidated-Tomoka Land Co.	$ 5,095,073	$ 8,161,014	$ 1,570,443	$ 1,424,718	$ 5,689,322	$ 2,079,871	$ 224,617	$ 353,356	$ 16,251,248	$ 8,347,166	$ 6,383,818
Weighted Average Shares Outstanding									5,680,165	5,804,655	5,765,997
Common Shares Applicable to Stock
Options Using the Treasury Stock Method									13,697	25,423	22,853
Total Shares Applicable to Diluted Earnings Per Share									5,693,862	5,830,078	5,788,850
Earnings Per Share, Basic [Abstract]
Basic Net Income Attributable to Consolidated-Tomoka Land Co.	$ 0.91	$ 1.44	$ 0.28	$ 0.25	$ 0.99	$ 0.36	$ 0.04	$ 0.06	$ 2.86	$ 1.44	$ 1.11
Earnings Per Share, Diluted [Abstract]
Diluted Net Income Attributable to Consolidated-Tomoka Land Co.	$ 0.90	$ 1.44	$ 0.28	$ 0.25	$ 0.98	$ 0.36	$ 0.04	$ 0.06	$ 2.85	$ 1.43	$ 1.10

Common Stock and Earnings Per Share - Additional Information (Details) - $ / shares		12 Months Ended
	Mar. 11, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Aug. 05, 2016
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive potentially securities		85,500	60,200	40,400
Additional diluted outstanding shares		0
4.50% Convertible Senior Notes due 2020 [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Debt instrument interest rate	4.50%	4.50%
Debt Instrument Maturity Year	2020	2020	2020
Conversion price per share	$ 68.90	$ 68.90			$ 68.84

Treasury Stock - Additional Information (Details) - USD ($)	12 Months Ended			62 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Nov. 30, 2008
Equity, Class of Treasury Stock [Line Items]
Costs of shares repurchased	$ 7,431,896	$ 6,484,844	$ 927,912
November 2008 Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Repurchase of common stock, authorized amount					$ 8,000,000
Number of shares retired				4,660
Costs of shares repurchased		$ 6,500,000	$ 928,000	$ 105,000
Number of shares repurchased		119,403	25,836
Average price per share		$ 54.31	$ 35.92	$ 22.00
New Repurchase Program [Member]
Equity, Class of Treasury Stock [Line Items]
Repurchase of common stock, authorized amount	10,000,000	$ 10,000,000
Costs of shares repurchased	$ 7,400,000
Number of shares repurchased	151,453
Average price per share	$ 49.07

Long-Term Debt - Credit Facility (Details) - USD ($)	12 Months Ended
Long-Term Debt - Credit Facility (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Amount outstanding	$ 34,300,000	$ 38,300,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit facility, extension term	1 year
Line of credit facility, maximum borrowing capacity	$ 75,000,000
Line of credit facility, maximum borrowing capacity, after possible increase	125,000,000
Line of credit facility, current borrowing capacity	$ 40,700,000
Line of credit facility unused portion of the borrowing capacity fee percentage condition	50.00%
Amount outstanding	$ 34,300,000
Revolving Credit Facility [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Line of credit facility, basis points added to LIBOR interest rate	1.35%
Line of credit facility, commitment fee percentage on unused portion of the borrowing capacity	0.20%
Revolving Credit Facility [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Line of credit facility, basis points added to LIBOR interest rate	2.25%
Line of credit facility, commitment fee percentage on unused portion of the borrowing capacity	0.25%
New Repurchase Program [Member]
Debt Instrument [Line Items]
Repurchase of common stock, authorized amount	$ 10,000,000	$ 10,000,000

Long-Term Debt - Mortgage Notes Payable (Details)	Apr. 15, 2016 USD ($)	Sep. 30, 2014 USD ($) property	Dec. 31, 2016 USD ($)	Sep. 16, 2016 USD ($)	Dec. 31, 2015 USD ($)	Mar. 08, 2013 USD ($) property	Feb. 22, 2013 USD ($) building
UBS Mortgage Note Payable [Member]
Debt Instrument [Line Items]
Mortgage Notes Payable							$ 7,300,000
Mortgage Notes Payable [Member] \| UBS Mortgage Note Payable [Member]
Debt Instrument [Line Items]
Mortgage Notes Payable			$ 7,300,000		$ 7,300,000
Number of office building \| building							2
Interest rate on mortgage loan							3.655%
Mortgage Notes Payable [Member] \| BOA Mortgage Note Payable [Member]
Debt Instrument [Line Items]
Mortgage Notes Payable				$ 23,100,000	23,100,000	$ 23,100,000
Number of income properties \| property						14
Mortgage Notes Payable [Member] \| Wells Fargo Mortgage Note Payable
Debt Instrument [Line Items]
Mortgage Notes Payable		$ 30,000,000	30,000,000		$ 30,000,000
Interest rate on mortgage loan		4.33%
Number of income properties \| property		6
Mortgage loan payment terms		The mortgage loan matures in October 2034, and carries a fixed rate of 4.33% per annum during the first ten years of the term, and requires payments of interest only during the first ten years of the loan. After the tenth anniversary of the effective date of the loan, the cash flows, as defined in the related loan agreement, generated by the underlying six income properties must be used to pay down the principal balance of the loan until paid off or until the loan matures. The loan is fully pre-payable after the tenth anniversary date of the effective date of the loan.
Mortgage Notes Payable [Member] \| Wells Fargo Mortgage Note Payable Two
Debt Instrument [Line Items]
Mortgage Notes Payable	$ 25,000,000		$ 25,000,000
Interest rate on mortgage loan	3.17%
Mortgage loan payment terms	The mortgage loan has a 5-year term, maturing in April 2021, with two years' interest only, and interest and a 25-year amortization for the balance of the term. The mortgage loan bears a variable rate of interest based on the 30-day LIBOR plus a rate of 190 basis points. The interest rate for this mortgage loan has been fixed through the use of an interest rate swap that fixed the rate at 3.17%. The mortgage loan can be prepaid at any time subject to the termination of the interest rate swap.
Term of mortgage loan	5 years
Interest rate spread	1.90%

Long-Term Debt - Convertible Debt (Details)			12 Months Ended
Long-Term Debt - Convertible Debt (Details)	Aug. 05, 2016 USD ($) $ / shares	Mar. 11, 2015 USD ($) $ / shares	Dec. 31, 2016 USD ($) $ / shares	Dec. 31, 2015 USD ($)
Debt Instrument [Line Items]
Convertible notes face amount			$ 171,600,000
Unamortized debt discount of notes			$ 4,119,419
4.50% Convertible Senior Notes due 2020 [Member]
Debt Instrument [Line Items]
Convertible notes face amount		$ 75,000,000		$ 75,000,000
Debt Instrument Maturity Year		2020	2020	2020
Debt instrument interest rate		4.50%	4.50%
Line of credit facility, maturity date		Mar. 15, 2020
Debt instrument conversion ratio	14.5253	14.5136
Convertible notes principal amount	$ 1,000	$ 1,000
Conversion price per share \| $ / shares	$ 68.84	$ 68.90	$ 68.90
Unamortized debt discount of notes		$ 6,100,000	$ 4,100,000
Remaining amortization period (in years)			3 years 2 months 12 days
Cash Discount for issuance of the notes		2,600,000
Equity component of the convertible notes issued		3,500,000		$ 2,100,000
Net proceeds from issuance of notes		72,400,000
Payments of Debt Issuance Costs		2,600,000
Credit facility repayments		$ 47,500,000

Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($)	Dec. 31, 2016	Sep. 16, 2016	Apr. 15, 2016	Dec. 31, 2015	Sep. 30, 2014	Mar. 08, 2013	Feb. 22, 2013
Debt Instrument [Line Items]
Credit Facility	$ 34,300,000			$ 38,300,000
4.50% Convertible Senior Notes due 2020, net of discount	70,880,581			69,759,722
Loan Costs, net of accumulated amortization	(1,235,380)			(1,662,869)
Total Long-Term Debt	166,245,201			166,796,853
UBS Mortgage Note Payable [Member]
Debt Instrument [Line Items]
Mortgage Notes Payable							$ 7,300,000
Mortgage Notes Payable [Member] \| UBS Mortgage Note Payable [Member]
Debt Instrument [Line Items]
Mortgage Notes Payable	7,300,000			7,300,000
Mortgage Notes Payable [Member] \| BOA Mortgage Note Payable [Member]
Debt Instrument [Line Items]
Mortgage Notes Payable		$ 23,100,000		23,100,000		$ 23,100,000
Mortgage Notes Payable [Member] \| Wells Fargo Mortgage Note Payable
Debt Instrument [Line Items]
Mortgage Notes Payable	30,000,000			$ 30,000,000	$ 30,000,000
Mortgage Notes Payable [Member] \| Wells Fargo Mortgage Note Payable Two
Debt Instrument [Line Items]
Mortgage Notes Payable	$ 25,000,000		$ 25,000,000

Long-Term Debt - Schedule of Long-Term Debt (Parenthetical) (Details) - 4.50% Convertible Senior Notes due 2020 [Member]		12 Months Ended
	Mar. 11, 2015	Dec. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Debt instrument interest rate	4.50%	4.50%
Debt Instrument Maturity Year	2020	2020	2020

Long-Term Debt - Summary of Payments Applicable to Reduction of Principal Amounts (Details)	Dec. 31, 2016 USD ($)
Debt Disclosure [Abstract]
2018	$ 41,600,000
2020	75,000,000
2021	25,000,000
Thereafter	30,000,000
Total Long-Term Debt - Face Value	$ 171,600,000

Long-Term Debt - Summary of Carrying Value of Long-Term Debt (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Debt Disclosure [Abstract]
Current Face Amount	$ 171,600,000
Unamortized Discount on Convertible Debt	(4,119,419)
Loan Costs, net of accumulated amortization	(1,235,380)	$ (1,662,869)
Total Long-Term Debt	$ 166,245,201	$ 166,796,853

Long-Term Debt - Additional Information (Details) - USD ($)		12 Months Ended
	Mar. 11, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Sep. 16, 2016	Mar. 08, 2013
Debt Instrument [Line Items]
Interest expense		$ 6,800,000	$ 5,700,000	$ 2,200,000
Interest paid		6,800,000	4,700,000	2,100,000
Interest capitalized		0	0	11,000
Loan Cost Amortization		828,075	365,860	256,332
Amortization of Discount on Convertible Debt		1,120,859	852,368	$ 0
Write off of unamortized loan costs		$ 367,000
4.50% Convertible Senior Notes due 2020 [Member]
Debt Instrument [Line Items]
Write off of unamortized loan costs	$ 6,100,000
BOA Mortgage Note Payable [Member] \| Mortgage Notes Payable [Member]
Debt Instrument [Line Items]
Mortgage Notes Payable			$ 23,100,000		$ 23,100,000	$ 23,100,000

Interest Rate Swap - Additional Information (Details) - Interest Rate Swap - USD ($)	1 Months Ended
	Apr. 30, 2016	Dec. 31, 2016
Derivatives Fair Value [Line Items]
Mortgage Note Payable	$ 25,000,000
Interest swap agreement effective interest rate		100.00%
Gain on fair value of swap agreement		$ 417,000
Notional amount		$ 25,000,000
Derivative variable interest rate		3.17%
Interest rate swap agreement effective date	Apr. 07, 2016
Interest rate swap agreement maturity date	Apr. 07, 2021

Accrued and Other Liabilities - Summary of Accrued and Other Liabilities (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Payables and Accruals [Abstract]
Golf Course Lease	$ 2,226,527	$ 2,602,638
Accrued Property Taxes	28,973	40,042
Reserve for Tenant Improvements	398,621	812,493
Accrued Construction Costs	856,947
Accrued Interest	1,220,990	1,195,231
Environmental Reserve and Restoration Cost Accrual	1,505,757	2,405,635
Other	2,430,082	1,811,880
Total Accrued and Other Liabilities	$ 8,667,897	$ 8,867,919

Accrued and Other Liabilities - Golf Course Lease (Details)		1 Months Ended	12 Months Ended
	Sep. 01, 2012 USD ($)	Jul. 31, 2012 USD ($)	Dec. 31, 2016 USD ($) a	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)
Accrued Liabilities [Line Items]
Lease, base rent			$ 389,000	$ 410,000	$ 408,000
Accrued Rent			$ 2,226,527	$ 2,602,638
Golf Course Lease [Member]
Accrued Liabilities [Line Items]
Area of Land \| a			690
Lease, base rent	$ 500,000	$ 250,000
Golf Course Lease Amendment [Member]
Accrued Liabilities [Line Items]
Lease, base rent	$ 250,000
Annual rate adjustment percentage	1.75%
Additional rent percentage exceeding $5,500,000 gross revenue	5.00%
Additional rent percentage on exceeding $6,500,000 gross revenue	7.00%
Gross revenue value for additional rent under lease amendment lower limit	$ 5,500,000
Gross revenue value for additional rent under lease amendment upper limit	6,500,000
Deferred rent, no longer due, to be recognized as revenue over the remaining lease term	$ 3,000,000
Accrued Rent			$ 2,200,000

Accrued and Other Liabilities - Tenant Improvement Credits (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Apr. 22, 2014
Accrued Liabilities [Line Items]
Tenant improvement credits	$ 398,621	$ 812,493
Katy, Texas \| Lowes
Accrued Liabilities [Line Items]
Tenant improvement credits	381,000		$ 651,000
Funding for tenant improvements	100,000
Tenant improvements	$ 551,000

Accrued and Other Liabilities - Environmental Reserves (Details)		3 Months Ended	12 Months Ended
	Jun. 30, 2016 USD ($)	Jun. 30, 2016 USD ($)	Dec. 31, 2016 USD ($) a	Dec. 31, 2015 USD ($) a	Dec. 31, 2014 USD ($) a
Site Contingency [Line Items]
Restoration cost accrual			$ 1,505,757	$ 2,405,635
Estimated restoration costs				1,700,000
Land [Member]
Site Contingency [Line Items]
Area of a real estate property \| a			9,800		99.7
Environmental Reserve for Monitoring Environmental Remediation Work Previously Performed [Member]
Site Contingency [Line Items]
Environmental reserve accrued			$ 249,000	187,500	$ 110,000
Additional environmental reserve accrued				500,000
Environmental remediation cost			361,000
Payments of restoration costs			187,500
Environmental Reserve, Wetlands Mitigation and Restoration Costs [Member]
Site Contingency [Line Items]
Environmental reserve accrued			1,100,000	$ 1,700,000
Area of a real estate property \| a				148.4
Estimated restoration costs	$ 2,000,000	$ 2,000,000	1,100,000
Increase in accrual of restoration Costs		300,000	325,000
Funded on estimated costs		$ 935,000	935,000
Payments of restoration costs			$ 935,000
Minimum [Member] \| Environmental Reserve for Monitoring Environmental Remediation Work Previously Performed [Member]
Site Contingency [Line Items]
Additional environmental reserve accrued				$ 500,000
Minimum [Member] \| Environmental Reserve, Wetlands Mitigation and Restoration Costs [Member]
Site Contingency [Line Items]
Estimated restoration costs				1,700,000
Maximum [Member] \| Environmental Reserve for Monitoring Environmental Remediation Work Previously Performed [Member]
Site Contingency [Line Items]
Additional environmental reserve accrued				1,000,000
Maximum [Member] \| Environmental Reserve for Monitoring Environmental Remediation Work Previously Performed [Member] \| Land [Member]
Site Contingency [Line Items]
Area of a real estate property \| a					1
Maximum [Member] \| Environmental Reserve, Wetlands Mitigation and Restoration Costs [Member]
Site Contingency [Line Items]
Estimated restoration costs				$ 1,900,000

Deferred Revenue - Summary of Deferred Revenue (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Deferred Revenue Disclosure [Abstract]
Deferred Oil Exploration Lease Revenue	$ 585,674	$ 885,822
Deferred Land Sale Revenue		12,656,773
Prepaid Rent	1,068,972	907,325
Other Deferred Revenue	337,020	274,690
Total Deferred Revenue	$ 1,991,666	$ 14,724,610

Deferred Revenue - Additional Information (Details)	Sep. 22, 2015 USD ($)	Dec. 31, 2016 USD ($) a	Sep. 16, 2016 USD ($)	Dec. 31, 2015 USD ($) a	Dec. 31, 2014 USD ($) a
Deferred Revenue Arrangement [Line Items]
Received rent payment	$ 807,000
Term of oil exploration lease	8 years
Lease expiration year	2016-09
Deferred Land Sale Revenue				$ 12,656,773
Land [Member]
Deferred Revenue Arrangement [Line Items]
Area of a real estate property \| a		9,800			99.7
Sales price					$ 8,807,000
Tomoka Town Center [Member]
Deferred Revenue Arrangement [Line Items]
Area of a real estate property \| a		235
2016 Disposals \| Sold
Deferred Revenue Arrangement [Line Items]
Sales price		$ 74,300,000
2016 Disposals \| Sold \| Land [Member]
Deferred Revenue Arrangement [Line Items]
Area of a real estate property \| a		707.7
Sales price		$ 13,759,000
2016 Disposals \| Sold \| Tomoka Town Center [Member]
Deferred Revenue Arrangement [Line Items]
Area of a real estate property \| a		99
Sales price		$ 21,400,000
Portfolio Sale \| Sold
Deferred Revenue Arrangement [Line Items]
Sales price			$ 51,600,000
2015 Disposals \| Sold
Deferred Revenue Arrangement [Line Items]
Sales price				$ 24,300,000
2015 Disposals \| Sold \| Land [Member]
Deferred Revenue Arrangement [Line Items]
Area of a real estate property \| a				114.10
Sales price				$ 22,529,000
2015 Disposals \| Sold \| Tomoka Town Center [Member]
Deferred Revenue Arrangement [Line Items]
Deferred Land Sale Revenue				12,700,000
Sales price				$ 19,400,000
2015 Disposals \| Sold \| Tomoka Town Center [Member] \| Land [Member]
Deferred Revenue Arrangement [Line Items]
Area of a real estate property \| a				94.30

Pension Plan - Background Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, general information	The Company maintained a Defined Benefit Pension Plan (the "Pension Plan") which had been, prior to December 31, 2011, for all employees who had attained the age of 21 and completed one year of service. The pension benefits were based primarily on years of service and the average compensation for the five highest consecutive years during the final ten years of employment. The benefit formula generally provided for a life annuity benefit.
Pension benefits average compensation highest consecutive years	5 years
Pension benefits average compensation highest consecutive final years of employment	10 years
Cost of legal and other advisors to complete termination		$ 170,000	$ 43,000
Minimum [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, eligibility age criteria	21 years
Defined benefit plan eligibility year of service rendered	1 year

Pension Plan - Summary of Components of Net Periodic Pension Cost (Benefit) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Compensation And Retirement Disclosure [Abstract]
Service Cost			$ 87,219
Interest Cost			425,735
Actual Return on Plan Assets			342,637
Net Periodic Pension Cost (Benefit)			855,591
Fair Value of Plan Assets	$ 0	$ 0	$ 0
Plan activity during the year	$ 0	$ 0

Post-Retirement Benefit Plans Other than Pensions - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2014
Deferred Compensation Arrangement With Individual Postretirement Benefits [Line Items]
Post retirement benefit plans other than pensions, life insurance plan, coverage value maximum	$ 5,000
Post-Retirement Life Benefit Programs [Member]
Deferred Compensation Arrangement With Individual Postretirement Benefits [Line Items]
Post retirement benefit plans other than pensions, supplemental benefits, age	55 years
Post retirement benefit plans other than pensions, supplemental benefits, years of service	20 years
Post-Retirement Supplemental Medicare Benefits Programs [Member]
Deferred Compensation Arrangement With Individual Postretirement Benefits [Line Items]
Post retirement benefit plans other than pensions, supplemental benefits, age	65 years
Post retirement benefit plans other than pensions, supplemental benefits, years of service	20 years
Other Postretirement Benefit Plan [Member]
Deferred Compensation Arrangement With Individual Postretirement Benefits [Line Items]
Accrued post-retirement benefit cost		$ 143,000

Stock-Based Compensation - Market Condition Restricted Shares, Peer Group Vesting (Details) - Restricted Shares [Member] - Market Condition Restricted Shares - Peer Group Vesting - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation, Other Than Options, Shares
Stock based compensation, Shares Outstanding, ending balance	0
Share-based Compensation, Other Than Options, Weighted Average Fair Value
Unrecognized compensation cost related to market condition non-vested restricted shares	$ 0
2010 Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Performance period	5 years
Share-based Compensation, Other Than Options, Shares
Stock based compensation, Shares Outstanding, beginning balance	2,400	5,067
Stock based compensation, Shares, Exercised	(2,300)	(2,034)
Stock based compensation, Shares, Forfeited	(100)	(633)
Stock based compensation, Shares Outstanding, ending balance		2,400
Share-based Compensation, Other Than Options, Weighted Average Fair Value
Stock based compensation, Weighted Average Fair Value Per Share, beginning balance	$ 23.42	$ 23.13
Stock based compensation, Weighted Average Fair Value Per Share, Exercised	23.42	22.80
Stock based compensation, Weighted Average Fair Value Per Share, Forfeited	$ 23.42	22.80
Stock based compensation, Weighted Average Fair Value Per Share, ending balance		$ 23.42

Stock-Based Compensation - Market Condition Restricted Shares, Stock Price Vesting (Details)		1 Months Ended		3 Months Ended				12 Months Ended					15 Months Ended
	Feb. 26, 2016 shares	May 31, 2015 $ / shares shares	Jan. 31, 2015 $ / shares shares	Mar. 31, 2016 USD ($) $ / shares shares	Jun. 30, 2015 shares	Mar. 31, 2015 $ / shares shares	Dec. 31, 2014 $ / shares shares	Dec. 31, 2016 USD ($) item $ / shares shares	Dec. 31, 2015 USD ($) $ / shares shares	Dec. 31, 2014 $ / shares shares	Dec. 31, 2012 shares	Dec. 31, 2011 shares	Mar. 31, 2016 USD ($) $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted share award closing prices range per share, Minimum \| $ / shares								$ 36
Restricted share award closing prices range per share, Maximum \| $ / shares								$ 65
Restricted share award average closing prices, period								60 days
Mr Smith [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted share award closing prices range per share, Minimum \| $ / shares								$ 60
Restricted share award closing prices range per share, Maximum \| $ / shares								$ 65
Restricted share award average closing prices, period								60 days
2010 Plan [Member] \| Mr Albright [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted shares vesting description		The New Restricted Share Grant is intended to have the same vesting terms as the May 2015 Restricted Share Grant, and as a result will vest upon the price per share of Company common stock during the term of Mr. Albright's employment (or within 60 days after termination of his employment by the Company other than for cause, due to death or disability or due to his voluntary resignation) meeting or exceeding the target trailing 30-day average closing price of $75 per share. If the restricted shares fail to satisfy the stock price condition prior to January 28, 2021, the restricted shares will be forfeited. Any unvested restricted shares will vest immediately upon Mr. Albright's termination of employment without Cause or for his resignation for Good Reason (as such terms are defined in his amended and restated employment agreement), in each case, at any time during the 24-month period following a change in control.
Restricted share award closing prices range per share, Minimum \| $ / shares		$ 75
Restricted Shares [Member] \| 2010 Plan [Member] \| Mr Albright [Member]
Share-based Compensation, Other Than Options, Shares
Stock based compensation, Shares, Granted	4,000	94,000	8,000
Market Condition Restricted Shares - Stock Price Vesting \| Restricted Shares [Member] \| 2010 Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted shares vesting description								The restricted shares will vest in six increments based upon the price per share of the Company's common stock during the term of their employment (or within sixty days after termination of employment by the Company without cause), meeting or exceeding the target trailing sixty-day average closing prices ranging from $36 per share for the first increment to $65 per share for the final increment.
Number of increments to vest \| item								6
Share-based Compensation, Other Than Options, Shares
Stock based compensation, Shares Outstanding, beginning balance			40,500	137,500		40,500		137,500	40,500	94,500			40,500
Stock based compensation, Shares, Granted								4,000	97,000	2,500
Stock based compensation, Shares, Exercised										(56,500)
Stock based compensation, Shares, Forfeited								(72,000)
Stock based compensation, Shares Outstanding, ending balance							40,500	69,500	137,500	40,500
Share-based Compensation, Other Than Options, Weighted Average Fair Value
Stock based compensation, Weighted Average Fair Value Per Share, beginning balance \| $ / shares			$ 15.55	$ 30.58		$ 15.55		$ 30.58	$ 15.55	$ 17.33			$ 15.55
Stock based compensation, Weighted Average Fair Value Per Share, Granted \| $ / shares								38.98	36.85	38.97
Stock based compensation, Weighted Average Fair Value Per Share, Exercised \| $ / shares										19.56
Stock based compensation, Weighted Average Fair Value Per Share, Forfeited \| $ / shares								34.46
Stock based compensation, Weighted Average Fair Value Per Share, ending balance \| $ / shares							$ 15.55	$ 27.03	$ 30.58	$ 15.55
Unrecognized compensation cost related to market condition non-vested restricted shares \| $								$ 6,000
Weighted average period of compensation cost to be recognized								1 month 6 days
Market Condition Restricted Shares - Stock Price Vesting \| Restricted Shares [Member] \| 2010 Plan [Member] \| Mr Albright [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted shares vesting description								The 26,000 shares of restricted Company common stock outstanding from these grants will vest in four increments based upon the price per share of Company common stock during the term of his employment (or within sixty days after termination of employment by the Company without cause), meeting or exceeding the target trailing thirty-day average closing prices ranging from $60 per share for the first increment to $75 per share for the final increment. If any increment of the restricted shares fails to satisfy the applicable stock price condition prior to January 28, 2021, that increment of the restricted shares will be forfeited.
Restricted share award closing prices range per share, Minimum \| $ / shares								$ 60
Restricted share award closing prices range per share, Maximum \| $ / shares								$ 75
Restricted share award average closing prices, period								30 days
Number of increments to vest \| item								4
Stock based compensation, shares, surrendered	72,000
Stock based compensation, shares, permanently surrendered	68,000			68,000
Stock-based compensation expense \| $				$ 1,600,000				$ 1,600,000	$ 676,000				$ 2,300,000
Share-based Compensation, Other Than Options, Shares
Stock based compensation, Shares, Granted	4,000				94,000						96,000	96,000
Stock based compensation, Shares Outstanding, ending balance								26,000
Market Condition Restricted Shares - Stock Price Vesting \| Restricted Shares [Member] \| 2010 Plan [Member] \| Mr Patten [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of increments to vest \| item								4
Share-based Compensation, Other Than Options, Shares
Stock based compensation, Shares, Granted											17,000	17,000
Market Condition Restricted Shares - Stock Price Vesting \| Restricted Shares [Member] \| 2010 Plan [Member] \| Mr Smith [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted shares vesting description								The restricted stock will vest in two increments based upon the price per share of Company common stock during the term of their employment (or within sixty days after termination of employment by the Company without cause), meeting or exceeding the target trailing sixty-day average closing prices of $60 per share and $65 per share for the two increments.
Number of increments to vest \| item								0
Share-based Compensation, Other Than Options, Shares
Stock based compensation, Shares, Granted							2,500
Market Condition Restricted Shares - Stock Price Vesting \| Restricted Shares [Member] \| 2010 Plan [Member] \| Officer [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of increments to vest \| item								0
Share-based Compensation, Other Than Options, Shares
Stock based compensation, Shares, Granted						3,000

Stock-Based Compensation - Three Year Vest Restricted Shares (Details) - USD ($) $ / shares in Units, $ in Millions						1 Months Ended		12 Months Ended
	Feb. 26, 2016	Jan. 27, 2016	Feb. 09, 2015	Jan. 28, 2015	Jan. 22, 2014	May 31, 2015	Jan. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Restricted Shares [Member] \| 2010 Plan [Member] \| Mr Albright [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation, Shares, Granted	4,000					94,000	8,000
Share-based Compensation, Other Than Options, Shares
Stock based compensation, Shares, Granted	4,000					94,000	8,000
Three Year Vest Restricted Shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation, Shares, Granted		21,100
Percent of restricted shares vested in each anniversaries, description		One-third of the restricted shares will vest on each of the first, second, and third anniversaries of January 28, 2016, provided the grantee is an employee of the Company on those dates.
Share-based Compensation, Other Than Options, Shares
Stock based compensation, Shares, Granted		21,100
Three Year Vest Restricted Shares \| Restricted Shares [Member] \| 2010 Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation, Shares, Granted				11,700	14,500			21,100	19,700	14,500
Percent of restricted shares vested in each anniversaries, description								One-third of both awards of restricted shares will vest on each of the first, second, and third anniversaries of the January 28, 2015 grant date, provided the grantee is an employee of the Company on those dates.
Share-based Compensation, Other Than Options, Shares
Stock based compensation, Shares Outstanding, beginning balance							14,200	26,900	14,200
Stock based compensation, Shares, Granted				11,700	14,500			21,100	19,700	14,500
Stock based compensation, Shares, Vested								(10,363)	(4,734)
Stock based compensation, Shares, Forfeited								(133)	(2,266)	(300)
Stock based compensation, Shares Outstanding, ending balance								37,504	26,900	14,200
Share-based Compensation, Other Than Options, Weighted Average Fair Value
Stock based compensation, Weighted Average Fair Value Per Share, beginning balance							$ 36.08	$ 49.73	$ 36.08
Stock based compensation, Weighted Average Fair Value Per Share, Granted								44.88	55.93	$ 36.08
Stock based compensation, Weighted Average Fair Value, Vested								47.89	36.08
Stock based compensation, Weighted Average Fair Value Per Share, Forfeited								46.08	46.59	36.08
Stock based compensation, Weighted Average Fair Value Per Share, ending balance								$ 47.53	$ 49.73	$ 36.08
Unrecognized compensation cost								$ 1.0
Weighted average period of compensation cost to be recognized								1 year 8 months 12 days
Three Year Vest Restricted Shares \| Restricted Shares [Member] \| 2010 Plan [Member] \| Mr Albright [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation, Shares, Granted			8,000
Share-based Compensation, Other Than Options, Shares
Stock based compensation, Shares, Granted			8,000

Stock-Based Compensation - Equity-Classified Stock Compensation (Non-Qualified Stock Option Awards) - Additional Information (Details) - USD ($)						1 Months Ended		12 Months Ended
	Feb. 26, 2016	Jun. 29, 2015	May 20, 2015	Feb. 09, 2015	Jan. 23, 2013	May 31, 2015	Feb. 28, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2012	Dec. 31, 2011
2010 Plan [Member] \| Mr Albright [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation, Shares, Granted	40,000					40,000	20,000
Options granted exercise price	$ 55.62
2010 Plan [Member] \| Mr Patten [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options granted exercise price					$ 34.95
Non-Qualified Stock Option Award [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expiry of option								(a) the tenth anniversary of the grant date; (b) twelve months after the employee's death or termination for disability; or (c) thirty days after the termination of employment for any reason other than death or disability.
Percent of options vested in each anniversaries, description								One-third of these options will vest on each of the first, second, and third anniversaries of the grant date, provided the recipient is an employee of the Company on those dates.
Non-Qualified Stock Option Award [Member] \| Mr Patten [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expiry of option								: (a) the fifth anniversary of the grant date; (b) twelve months after the employee's death or termination for disability; or (c) thirty days after the termination of employment for any reason other than death or disability.
Non-Qualified Stock Option Award [Member] \| 2010 Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation, Shares, Granted					51,000
Expiry of option		(a) June 29, 2025; (b) twelve months after the employee's death or termination for disability; or (c) thirty days after the termination of employment for any reason other than death or disability.
Stock based compensation, Shares, Granted		10,000						40,000	70,000	10,000
Percent of options vested in each anniversaries, description		One-third of the option will vest on each of the first, second, and third anniversaries of the grant date, provided the recipient is an employee of the Company on those dates.
Options granted exercise price		$ 57.54						$ 55.62	$ 56.43	$ 50.00
Weighted-average grant-date fair value of options granted								$ 13.97
Total intrinsic value of options exercised								$ 51,000
Unrecognized compensation cost								$ 354,000
Weighted average period of compensation cost to be recognized								1 year 4 months 24 days
Non-Qualified Stock Option Award [Member] \| 2010 Plan [Member] \| Mr Albright [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation, Shares, Granted	40,000
Expiry of option	(a) January 28, 2025; (b) twelve months after the employee's death or termination for disability; or (c) thirty days after the termination of employment for any reason other than death or disability.
Stock based compensation, Shares, Granted			40,000	20,000
Percent of options vested in each anniversaries, description	One-third of the options vested immediately and the remaining two-thirds will vest on January 28, 2017 and January 28, 2018, provided he is an employee of the Company on such dates.
Options granted exercise price			$ 55.62	$ 57.50
Non-Qualified Stock Option Award [Member] \| 2010 Plan [Member] \| Mr Patten [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation, Shares, Granted					10,000
Non-Qualified Stock Option Award [Member] \| 2010 Plan [Member] \| Albright, Patten, and Smith
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation, Shares, Granted										10,000	10,000	50,000

Stock-Based Compensation - Summary of Stock Based Compensation Activity for Non-Qualified Stock Option Award (Details) - 2010 Plan [Member] - Non-Qualified Stock Option Award [Member] - USD ($)		12 Months Ended
	Jun. 29, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation, Shares Outstanding, beginning balance		116,850	84,765	94,500
Stock based compensation, Shares, Granted	10,000	40,000	70,000	10,000
Stock based compensation, Shares, Exercised		(3,350)	(30,155)	(19,735)
Stock based compensation, Shares, Forfeited		(40,000)	(7,760)
Stock based compensation, Shares Outstanding, ending balance		113,500	116,850	84,765
Stock based compensation, Shares, Exercisable		76,600	28,590
Stock based compensation, Weighted Average Exercise Price, beginning balance		$ 48.63	$ 34.39	$ 32.21
Stock based compensation, Weighted Average Exercise Price, Granted	$ 57.54	55.62	56.43	50.00
Stock based compensation, Weighted Average Exercise Price, Exercised		34.95	30.24	31.88
Stock based compensation, Weighted Average Exercise Price, Forfeited		55.62	34.95
Stock based compensation, Weighted Average Exercise Price, ending balance		49.03	48.63	$ 34.39
Stock based compensation, Weighted Average Exercise Price, Exercisable		$ 45.94	$ 32.73
Stock based compensation, Weighted Average Remaining Contractual Term, Outstanding		6 years 7 months 6 days
Stock based compensation, Weighted Average Remaining Contractual Term, Exercisable		1 year 10 months 13 days	4 years 4 months 28 days
Stock based compensation, Aggregate Intrinsic Value, Outstanding		$ 498,245
Stock based compensation, Aggregate Intrinsic Value, Exercisable		$ 573,181	$ 514,193

Stock-Based Compensation - Summary of Non-Vested Options for Non-Qualified, Equity-Classified Stock Option Awards (Details) - 2010 Plan [Member] - Non-Qualified Stock Option Award [Member] - USD ($)		12 Months Ended
	Jun. 29, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Non-Vested Shares, beginning balance		88,260	47,570	74,700
Granted	10,000	40,000	70,000	10,000
Vested		(51,360)	(21,550)	(37,130)
Forfeited		(40,000)	(7,760)
Non-Vested Shares, ending balance		36,900	88,260	47,570
Fair Value of Shares Vested		$ 2,643,088	$ 783,764	$ 1,176,331

Stock-Based Compensation - Liability-Classified Stock Compensation Activity (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Apr. 25, 2001
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award plan, number of common stock that may be issued				500,000
2001 Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award plan, number of common stock that may be issued	500,000
Stock Options, Shares
Stock based compensation, Shares Outstanding, beginning balance	18,000	35,300	53,800
Stock based compensation, Shares, Granted	0	0	0
Stock based compensation, Shares, Exercised	0	(3,300)	(18,500)
Stock based compensation, Shares, Expired	(3,000)
Forfeited	(4,000)	(14,000)
Stock based compensation, Shares Outstanding, ending balance	11,000	18,000	35,300
Stock based compensation, Shares, Exercisable	11,000
Stock Options, Weighted Average Fair Value
Stock based compensation, Weighted Average Exercise Price, beginning balance	$ 64.69	$ 62.47	$ 53.99
Stock based compensation, Weighted Average Exercise Price, Exercised		33.16	37.80
Stock based compensation, Weighted Average Exercise Price, Expired	67.27
Stock based compensation, Weighted Average Exercise Price, Forfeited	64.99	66.54
Stock based compensation, Weighted Average Exercise Price, ending balance	63.87	$ 64.69	$ 62.47
Stock based compensation, Weighted Average Exercise Price, Exercisable	$ 63.87
Stock Options, Weighted Average Remaining Contractual Term
Stock based compensation, Weighted Average Remaining Contractual Term, Outstanding	7 months 10 days
Stock based compensation, Weighted Average Remaining Contractual Term, Exercisable	7 months 10 days
Stock based compensation, Aggregate Intrinsic Value, Outstanding	$ 4,140
Stock based compensation, Aggregate Intrinsic Value, Exercisable	$ 4,140
2001 Plan [Member] \| Stock Option [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of new stock options issued under 2001 plan	0
2001 Plan [Member] \| Stock Appreciation Rights [Member]
Share-based Compensation, Other Than Options, Shares
Stock based compensation, Shares Outstanding, beginning balance	18,000	35,300	53,800
Stock based compensation, Shares, Granted	0	0	0
Stock based compensation, Shares, Exercised	0	(3,300)	(18,500)
Stock based compensation, Shares, Expired	(3,000)
Stock based compensation, Shares, Forfeited	(4,000)	(14,000)
Stock based compensation, Shares Outstanding, ending balance	11,000	18,000	35,300
Stock based compensation, Shares, Exercisable	11,000
Share-based Compensation, Other Than Options, Weighted Average Fair Value
Stock based compensation, Weighted Average Fair Value Per Share, beginning balance	$ 2.64	$ 5.56	$ 1.61
Stock based compensation, Weighted Average Fair Value Per Share, Exercised		12.19	11.20
Stock based compensation, Weighted Average Fair Value Per Share, Forfeited	0.87	4.84
Stock based compensation, Weighted Average Fair Value Per Share, ending balance	1.33	$ 2.64	$ 5.56
Stock based compensation, Weighted Average Fair Value Per Share, Exercisable	$ 1.33
Share-based Compensation, Other Than Options, Weighted Average Remaining Contractual Term
Share based compensation, Weighted Average Remaining Contractual Term, Outstanding	7 months 10 days
Share based compensation, Weighted Average Remaining Contractual Term, Exercisable	7 months 10 days
Share-based Compensation, Other Than Options, Aggregate Intrinsic Value
Share based compensation, Aggregate Intrinsic Value, Outstanding	$ 2,229
Share based compensation, Aggregate Intrinsic Value, Exercisable	$ 2,229

Stock-Based Compensation - Summary of Non-Vested Options for Liability-Classified Stock Options and Stock Appreciation Rights (Details)	12 Months Ended
	Dec. 31, 2016 shares
2001 Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation, Shares, Expired	(3,000)

Stock-Based Compensation - Assumptions Used in Determining Fair Value of Stock Options and Stock Appreciation Rights (Details)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Expected Volatility	14.13%	29.40%	34.07%
Expected Dividends	0.22%	0.15%	0.07%
Expected Term	7 months 10 days	1 year 3 months 18 days
Risk-Free Rate	0.66%	0.75%	0.78%

Stock-Based Compensation - Liability-Classifed Stock Compensation, Additional Information (Details) - $ / shares		1 Months Ended		12 Months Ended
	Feb. 26, 2016	May 31, 2015	Jan. 31, 2015	Dec. 31, 2016
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted share award closing prices range per share, Minimum				$ 36
2010 Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share Based awards, maximum subscription per participant				50,000
2010 Plan [Member] \| Mr Albright [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options granted exercise price	$ 55.62
Restricted share award closing prices range per share, Minimum		$ 75
2010 Plan [Member] \| Mr Albright [Member] \| Restricted Shares [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Non-option shares granted	4,000	94,000	8,000

Stock-Based Compensation - Stock-Based Compensation Liability (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Accrued Stock-Based Compensation	$ 42,092	$ 135,554
Stock Option and Stock Appreciation Rights [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Accrued Stock-Based Compensation	$ 42,000	$ 136,000

Stock-Based Compensation - Recognized in Financial Statements (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Accelerated Charge for Stock-Based Compensation	$ 1,649,513
Recurring Charge for Stock-Based Compensation	1,529,370	$ 2,186,408	$ 1,271,924
Total Cost of Share-Based Plans Charged Against Income Before Tax Effect	3,178,883	2,186,408	1,271,924
Income Tax Expense Recognized in Income	$ (1,226,254)	$ (843,407)	$ (490,645)

Stock-Based Compensation - Excess 2015 Awards (Details)			1 Months Ended			3 Months Ended			12 Months Ended
Stock-Based Compensation - Excess 2015 Awards (Details)	Feb. 26, 2016 $ / shares shares	Jan. 23, 2013 $ / shares	May 31, 2015 $ / shares shares	Feb. 28, 2015 shares	Jan. 31, 2015 shares	Jun. 30, 2015 shares	Mar. 31, 2015 shares	Dec. 31, 2014 shares	Dec. 31, 2016 $ / shares shares	Dec. 31, 2015 item shares	Dec. 31, 2014 shares	Dec. 31, 2012 shares	Dec. 31, 2011 shares	Jan. 28, 2018 shares	Jan. 28, 2017 shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted share award closing prices range per share, Minimum \| $ / shares									$ 36
Mr Smith [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted share award closing prices range per share, Minimum \| $ / shares									$ 60
2010 Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share Based awards, maximum subscription per participant									50,000
2010 Plan [Member] \| Mr Albright [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation, Shares, Granted	40,000		40,000	20,000
Shares awarded in excess of the individual annual limit										112,000
Options granted exercise price \| $ / shares	$ 55.62
Options vested or expected to vest									13,200
Restricted shares vesting description			The New Restricted Share Grant is intended to have the same vesting terms as the May 2015 Restricted Share Grant, and as a result will vest upon the price per share of Company common stock during the term of Mr. Albright's employment (or within 60 days after termination of his employment by the Company other than for cause, due to death or disability or due to his voluntary resignation) meeting or exceeding the target trailing 30-day average closing price of $75 per share. If the restricted shares fail to satisfy the stock price condition prior to January 28, 2021, the restricted shares will be forfeited. Any unvested restricted shares will vest immediately upon Mr. Albright's termination of employment without Cause or for his resignation for Good Reason (as such terms are defined in his amended and restated employment agreement), in each case, at any time during the 24-month period following a change in control.
Restricted share award closing prices range per share, Minimum \| $ / shares			$ 75
2010 Plan [Member] \| Mr Albright [Member] \| Forecast
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options vested or expected to vest														13,600	13,200
2010 Plan [Member] \| Mr Patten [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options granted exercise price \| $ / shares		$ 34.95
2010 Plan, Section 3(d)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share Based awards, maximum subscription per participant										50,000
2010 Plan, Section 3(e)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of additional share limits per employee \| item										2
Restricted Shares [Member] \| 2010 Plan [Member] \| Mr Albright [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation, Shares, Granted	4,000		94,000		8,000
Restricted Shares [Member] \| 2010 Plan, Section 3(e)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share Based awards, maximum subscription per participant										50,000
Stock Option [Member] \| 2010 Plan, Section 3(e)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share Based awards, maximum subscription per participant										50,000
Market Condition Restricted Shares - Stock Price Vesting \| Restricted Shares [Member] \| 2010 Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation, Shares, Granted									4,000	97,000	2,500
Restricted shares vesting description									The restricted shares will vest in six increments based upon the price per share of the Company's common stock during the term of their employment (or within sixty days after termination of employment by the Company without cause), meeting or exceeding the target trailing sixty-day average closing prices ranging from $36 per share for the first increment to $65 per share for the final increment.
Market Condition Restricted Shares - Stock Price Vesting \| Restricted Shares [Member] \| 2010 Plan [Member] \| Mr Albright [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation, Shares, Granted	4,000					94,000						96,000	96,000
Restricted shares vesting description									The 26,000 shares of restricted Company common stock outstanding from these grants will vest in four increments based upon the price per share of Company common stock during the term of his employment (or within sixty days after termination of employment by the Company without cause), meeting or exceeding the target trailing thirty-day average closing prices ranging from $60 per share for the first increment to $75 per share for the final increment. If any increment of the restricted shares fails to satisfy the applicable stock price condition prior to January 28, 2021, that increment of the restricted shares will be forfeited.
Restricted share award closing prices range per share, Minimum \| $ / shares									$ 60
Market Condition Restricted Shares - Stock Price Vesting \| Restricted Shares [Member] \| 2010 Plan [Member] \| Mr Patten [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation, Shares, Granted												17,000	17,000
Market Condition Restricted Shares - Stock Price Vesting \| Restricted Shares [Member] \| 2010 Plan [Member] \| Mr Smith [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation, Shares, Granted								2,500
Restricted shares vesting description									The restricted stock will vest in two increments based upon the price per share of Company common stock during the term of their employment (or within sixty days after termination of employment by the Company without cause), meeting or exceeding the target trailing sixty-day average closing prices of $60 per share and $65 per share for the two increments.
Market Condition Restricted Shares - Stock Price Vesting \| Restricted Shares [Member] \| 2010 Plan [Member] \| Officer [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation, Shares, Granted							3,000

Income Taxes - Summary of Provisions for Income Tax Benefit (Expense) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Federal - Current	$ (159,596)	$ 479,671	$ (2,233,512)
State - Current	(311,525)	185,584	(302,896)
Total - Current	(471,121)	665,255	(2,536,408)
Federal - Deferred	(10,740,617)	(5,607,970)	(1,223,260)
State - Deferred	(625,116)	(326,389)	(71,195)
Total - Deferred	$ (11,365,733)	$ (5,934,359)	$ (1,294,455)

Income Taxes - Summary of Deferred Income Tax Assets (Liabilities) (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Deferred Income Tax Assets
Depreciation	$ 2,475,898	$ 2,833,613
Intangible Lease Liabilities	11,714,651	12,336,115
Deferred Revenue (Net of Straight-line Rent Adjustments)	(105,729)	4,524,189
Deferred Oil Lease Income	225,924	405,313
Deferred Lease Expense	858,882	1,003,967
Stock Options	1,438,292	1,020,855
Unrealized Loss on Investment Securities		432,677
Impairment Reserves	2,085,808	1,688,979
Other - Net	217,887	381,897
Gross Deferred Income Tax Assets	18,911,613	24,627,605
Less - Valuation Allowance	(415,453)	(415,453)
Net Deferred Income Tax Assets	18,496,160	24,212,152
Deferred Income Tax Liabilities
Sales of Real Estate	(68,358,404)	(62,067,529)
Discount on Equity Component of Convertible Debt	(904,422)	(1,150,507)
Basis Difference in Joint Venture	(342,015)	(342,015)
Interest Rate Swap	(255,891)
Other - Net		(178,507)
Total Deferred Income Tax Liabilities	(69,860,732)	(63,738,558)
Net Deferred Income Tax Liabilities	$ (51,364,572)	$ (39,526,406)

Income Taxes - Valuation Allowance - Charitable Contributions (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Valuation Allowance [Line Items]
Valuation allowance	$ 415,453	$ 415,453
Charitable Contributions [Member]
Valuation Allowance [Line Items]
Valuation allowance	$ 0	$ 0

Income Taxes - Reconciliation of Income Tax Computed at Federal Statutory Rate (Details) - USD ($)		3 Months Ended								12 Months Ended			15 Months Ended
	Feb. 26, 2016	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Mar. 31, 2016
Federal statutory rate										35.00%	35.00%	35.00%
Income Tax (Expense) Benefit Computed at Federal Statutory Rate										$ (9,219,942)	$ (4,481,029)	$ (3,575,138)
Increase (Decrease) Resulting from:
State Income Tax, Net of Federal Income Tax Benefit										(1,693,578)	(755,481)	(349,334)
Income Tax on Permanently Non-Deductible Items										(1,015,936)
Other Reconciling Items										92,602	(32,594)	93,609
Benefit (Expense) for Income Taxes		$ (3,212,127)	$ (5,281,646)	$ (1,000,480)	$ (2,342,601)	$ (3,547,208)	$ (1,349,480)	$ (147,928)	$ (224,488)	$ (11,836,854)	$ (5,269,104)	$ (3,830,863)
Effective income tax rate										42.20%	38.90%	37.50%
Restricted Shares [Member] \| 2010 Plan [Member] \| Mr Albright [Member] \| Market Condition Restricted Shares - Stock Price Vesting
Increase (Decrease) Resulting from:
Benefit (Expense) for Income Taxes													$ 0
Stock based compensation, shares, permanently surrendered	68,000				68,000
Stock-based compensation expense					$ 1,600,000					$ 1,600,000	$ 676,000		$ 2,300,000

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Year for audit of federal and state tax return by revenue service	2012
Accrued interest and penalties for uncertain tax positions	$ 0	$ 0	$ 0
Income Taxes Paid	510,000	$ 1,200,000	$ 3,000,000
Income tax refunds	$ 133,000

Commitments and Contingencies - Summary of Minimum Future Rental Payments under Non-Cancelable Operating Leases (Details) - USD ($)		12 Months Ended
	Jan. 24, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
2017		$ 580,483
2018		441,186
2019		441,944
2020		375,640
2021		307,674
2022 and thereafter (cumulative)		194,831
Total		2,341,758
Rental expense under operating leases		389,000	$ 410,000	$ 408,000
Total acquisition cost of property		86,700,000	$ 76,500,000	$ 42,200,000
Golf Course [Member]
Total		$ 1,700,000
Golf Course [Member] \| Subsequent Event [Member]
Total acquisition cost of property	$ 1,500,000

Commitments and Contingencies - Summary of Minimum Future Rentals Receipts under Non-Cancelable Operating Leases (Details) $ in Thousands	Dec. 31, 2016 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2017	$ 21,132,772
2018	20,623,899
2019	20,538,957
2020	19,461,644
2021	16,231,649
2022 and thereafter (cumulative)	68,269,361
Total	$ 166,258,282

Commitments and Contingencies - Contractual Commitments - Expenditures (Details)			1 Months Ended		9 Months Ended	12 Months Ended
	Jan. 24, 2017 a	Apr. 05, 2016 ft²	Jan. 31, 2017	Dec. 31, 2015 USD ($) a	Sep. 30, 2017 USD ($)	Dec. 31, 2016 USD ($) a	Dec. 31, 2013 USD ($) a	Feb. 10, 2017 a	Jul. 06, 2016 USD ($)	Dec. 23, 2015 a	Dec. 18, 2015 a	Dec. 31, 2014 a	Apr. 22, 2014 USD ($)
Loss Contingencies [Line Items]
Reserve for Tenant Improvements				$ 812,493		$ 398,621
Restricted Cash				14,060,523		9,855,469
Lease commitments
Subsequent Event [Member]
Loss Contingencies [Line Items]
Area of a real estate property \| a								2,210
Land [Member]
Loss Contingencies [Line Items]
Area of a real estate property \| a						9,800						99.7
Land [Member] \| Subsequent Event [Member]
Loss Contingencies [Line Items]
Area of a real estate property \| a								8,200
Williamson Crossing Site [Member]
Loss Contingencies [Line Items]
Area of a real estate property \| a							23
Estimated cost for improvements							$ 1,260,000
Williamson Crossing Site [Member] \| Race Trac Petroleum [Member]
Loss Contingencies [Line Items]
Percentage of cost paid							77.50%
Actual cost paid for the next five years							$ 976,500
Reimbursement period of land improvement cost							5 years
Williamson Crossing Remaining Site [Member]
Loss Contingencies [Line Items]
Area of a real estate property \| a							19.6
Golf Course [Member] \| Subsequent Event [Member]
Loss Contingencies [Line Items]
Area of a real estate property \| a	14.3
Greens renovation agreement term	1 year		1 year
Minimum [Member] \| Golf Course [Member] \| Forecast
Loss Contingencies [Line Items]
Estimated cost for improvements					$ 200,000
Maximum [Member] \| Golf Course [Member] \| Forecast
Loss Contingencies [Line Items]
Estimated cost for improvements					$ 300,000
Katy, Texas \| Lowes
Loss Contingencies [Line Items]
Reserve for Tenant Improvements						$ 381,000							$ 651,000
Funding for tenant improvements						100,000
Tenant improvements						551,000
Winter Park, Florida \| The Grove
Loss Contingencies [Line Items]
Area of Building \| ft²		112,000
Winter Park, Florida \| Anchor space of the Grove
Loss Contingencies [Line Items]
Tenant improvements						375,000
Lease term		15 years
Area of Building \| ft²		40,000
Area of land in percentage		36.00%
Restricted Cash, Escrow for Tenant Improvements \| Williamson Crossing Site [Member] \| Race Trac Petroleum [Member]
Loss Contingencies [Line Items]
Restricted Cash						287,000	$ 283,500
Restricted Cash, Escrow for Tenant Improvements \| Sam’s Club [Member]
Loss Contingencies [Line Items]
Restricted Cash				125,000
Restricted Cash, Escrow for Tenant Improvements \| Maximum [Member] \| Williamson Crossing Site [Member] \| Race Trac Petroleum [Member]
Loss Contingencies [Line Items]
Estimated cost for improvements						690,000
Restricted Cash, Escrow for Tenant Improvements \| Maximum [Member] \| Sam’s Club [Member]
Loss Contingencies [Line Items]
Estimated cost for improvements						125,000
Restricted Cash, Escrow for Tenant Improvements \| Katy, Texas \| Lowes
Loss Contingencies [Line Items]
Restricted Cash						659,000
Restricted Cash, Escrow for Tenant Improvements \| Winter Park, Florida \| The Grove
Loss Contingencies [Line Items]
Restricted Cash						375,000
Restricted Cash, Escrow for Tenant Improvements \| Winter Park, Florida \| Anchor space of the Grove
Loss Contingencies [Line Items]
Funding for tenant improvements						3,600,000
Tenant improvements						375,000			$ 4,000,000
Restricted Cash, Escrow Deposit Related to Land Transactions
Loss Contingencies [Line Items]
Restricted Cash						432,000
Restricted Cash, Escrow Deposit Related to Land Transactions \| Integra Land Company [Member]
Loss Contingencies [Line Items]
Restricted Cash				370,000		20,000
Funding from escrow						$ 350,000
Estimated cost for improvements				276,000
Reimbursement of Capital Expenditure Commitments				$ 94,000
Sold \| 2015 Disposals \| Land [Member]
Loss Contingencies [Line Items]
Area of a real estate property \| a				114.10
Sold \| 2015 Disposals \| Sam’s Club [Member]
Loss Contingencies [Line Items]
Area of a real estate property \| a				18.1
Sold \| 2015 Disposals \| Sam’s Club [Member] \| Land [Member]
Loss Contingencies [Line Items]
Area of a real estate property \| a										18.10
Sold \| 2015 Disposals \| Integra Land Company [Member]
Loss Contingencies [Line Items]
Area of a real estate property \| a				15.0
Sold \| 2015 Disposals \| Integra Land Company [Member] \| Land [Member]
Loss Contingencies [Line Items]
Area of a real estate property \| a											15.00
Sold \| 2013 Disposals \| Williamson Crossing Site [Member] \| Race Trac Petroleum [Member]
Loss Contingencies [Line Items]
Area of a real estate property \| a							3.4

Commitments and Contingencies - Contractual Commitments - Land Pipeline (Details) $ / shares in Units, $ in Thousands		12 Months Ended
	Feb. 10, 2017 USD ($) a $ / shares $ / a	Dec. 31, 2014 USD ($) a $ / a	Feb. 16, 2017 a	Dec. 31, 2016 a
Subsequent Event [Member]
Loss Contingencies [Line Items]
Area of a real estate property	2,210
Contract Amount \| $	$ 82,931
Price per Acre \| $ / a	38,000
Subsequent Event [Member] \| Minto Communities
Loss Contingencies [Line Items]
Percentage area of real estate property	16.00%
Area of a real estate property	1,581
Sales price \| $	$ 27,200
Sales price per acre \| $ / a	17,200
Gain (loss) on disposal \| $	$ 20,000
Gain (loss) on sale of building per share after tax \| $ / shares	$ 2.19
Commercial \| Subsequent Event [Member]
Loss Contingencies [Line Items]
Area of a real estate property	35
Contract Amount \| $	$ 14,000
Price per Acre \| $ / a	400,000
Commercial Tranche Two \| Subsequent Event [Member]
Loss Contingencies [Line Items]
Area of a real estate property	4
Contract Amount \| $	$ 1,175
Price per Acre \| $ / a	294,000
Commercial Tranche Three \| Subsequent Event [Member]
Loss Contingencies [Line Items]
Area of a real estate property	6
Contract Amount \| $	$ 1,556
Price per Acre \| $ / a	259,000
Mixed-Use Retail \| Subsequent Event [Member]
Loss Contingencies [Line Items]
Area of a real estate property	22
Contract Amount \| $	$ 5,574
Price per Acre \| $ / a	253,000
Mixed-Use Retail Tranche Two \| Subsequent Event [Member]
Loss Contingencies [Line Items]
Area of a real estate property	82
Contract Amount \| $	$ 20,187
Price per Acre \| $ / a	246,000
Residential \| Subsequent Event [Member]
Loss Contingencies [Line Items]
Area of a real estate property	7
Contract Amount \| $	$ 1,140
Price per Acre \| $ / a	163,000
Commercial Tranche Four \| Subsequent Event [Member]
Loss Contingencies [Line Items]
Area of a real estate property	28
Contract Amount \| $	$ 3,215
Price per Acre \| $ / a	115,000
Age Restricted Residential [Member] \| Subsequent Event [Member]
Loss Contingencies [Line Items]
Area of a real estate property	1,686
Contract Amount \| $	$ 31,360
Price per Acre \| $ / a	19,000
Single-tenant \| Subsequent Event [Member]
Loss Contingencies [Line Items]
Area of a real estate property	194
Contract Amount \| $	$ 3,324
Price per Acre \| $ / a	17,000
Single-tenant Tranche Two \| Subsequent Event [Member]
Loss Contingencies [Line Items]
Area of a real estate property	146
Contract Amount \| $	$ 1,400
Price per Acre \| $ / a	10,000
Land [Member]
Loss Contingencies [Line Items]
Area of a real estate property		99.7		9,800
Sales price \| $		$ 8,807
Sales price per acre \| $ / a		88,000
Land [Member] \| Subsequent Event [Member]
Loss Contingencies [Line Items]
Area of a real estate property	8,200
2017 Disposals \| Sold \| Subsequent Event [Member] \| Minto Communities
Loss Contingencies [Line Items]
Area of a real estate property			1,581

Commitments and Contingencies - Other Matters (Details)		3 Months Ended	12 Months Ended
Commitments and Contingencies - Other Matters (Details)	Jun. 30, 2016 USD ($)	Jun. 30, 2016 USD ($)	Dec. 31, 2016 USD ($) a	Dec. 31, 2015 USD ($) a	Dec. 31, 2014 a
Loss Contingencies [Line Items]
Environmental Reserve and Restoration Cost Accrual			$ 1,505,757	$ 2,405,635
Estimated restoration costs				1,700,000
Mitigation Activities [Member]
Loss Contingencies [Line Items]
Environmental reserve accrued			$ 0
Area of real estate property \| a			54.7
Definitive Sales Contracts [Member]
Loss Contingencies [Line Items]
Cost of pursuing strategic alternatives			$ 229,000
Environmental Restoration Costs [Member]
Loss Contingencies [Line Items]
Accrued Penalties				187,500
Environmental Reserve, Wetlands Mitigation and Restoration Costs [Member]
Loss Contingencies [Line Items]
Environmental reserve accrued			1,100,000	$ 1,700,000
Area of real estate property \| a				148.4
Estimated restoration costs	$ 2,000,000	$ 2,000,000	1,100,000
Increase in accrual of restoration Costs		300,000	325,000
Funded on estimated costs		$ 935,000	$ 935,000
Anticipated costs change, term			1 year
Environmental Reserve, Wetlands Mitigation and Restoration Costs [Member] \| Minimum [Member]
Loss Contingencies [Line Items]
Estimated restoration costs				$ 1,700,000
Environmental Reserve, Wetlands Mitigation and Restoration Costs [Member] \| Maximum [Member]
Loss Contingencies [Line Items]
Estimated restoration costs				$ 1,900,000
Land [Member]
Loss Contingencies [Line Items]
Area of real estate property \| a			9,800		99.7

Business Segment Data - Additional Information (Details)	12 Months Ended
	Dec. 31, 2016 a segment loan	Dec. 31, 2015	Dec. 31, 2014 a
Segment Reporting Information [Line Items]
Number of operating segment \| segment	4
Number of commercial mortgage loan investments	3
Golf operation description	Our golf operations consist of a single property located in the City of Daytona Beach, with two 18-hole championship golf courses
Consolidated Revenues [Member]
Segment Reporting Information [Line Items]
Concentration risk percentage	0.00%	0.00%	0.00%
Income Property Operations [Member] \| Identifiable Assets [Member]
Segment Reporting Information [Line Items]
Concentration risk percentage	74.10%	68.60%
Income Property Operations [Member] \| Consolidated Revenues [Member]
Segment Reporting Information [Line Items]
Concentration risk percentage	35.30%	44.30%	41.50%
Fixed Rate Commercial Mortgage [Member]
Segment Reporting Information [Line Items]
Number of commercial mortgage loan investments	1
Adjustable Rate Commercial Mortgage [Member]
Segment Reporting Information [Line Items]
Number of commercial mortgage loan investments	1
Land [Member]
Segment Reporting Information [Line Items]
Area of a real estate property \| a	9,800		99.7

Business Segment Data - Summary of Operations in Different Segments (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Segment Reporting Information [Line Items]
Total Revenues	$ 27,635,543	$ 12,210,945	$ 12,873,938	$ 18,354,435	$ 19,783,432	$ 8,297,715	$ 7,608,208	$ 7,308,325	$ 71,074,861	$ 42,997,680	$ 36,056,637
Operating Income (Loss)	10,313,894	15,879,509	4,732,868	6,393,316	11,445,821	5,143,440	2,186,161	1,493,887	37,319,587	20,269,309	12,592,506
Depreciation and Amortization	2,377,031	1,945,460	1,805,559	2,067,367	1,568,277	1,417,129	1,071,752	1,155,739	8,195,417	5,212,897	3,490,485
Capital Expenditures									92,550,168	111,293,694	74,334,247
Identifiable Assets	408,623,426				404,353,644				408,623,426	404,353,644
General and Corporate Expense
Segment Reporting Information [Line Items]
Operating Income (Loss)									(7,915,254)	(8,960,273)	(10,927,261)
Income Properties \| Operating Segments
Segment Reporting Information [Line Items]
Total Revenues	6,608,830	6,021,331	6,033,082	6,429,241	5,614,294	5,034,090	4,132,052	4,260,675	25,092,484	19,041,111	14,969,647
Operating Income (Loss)									19,887,621	15,385,176	13,015,113
Depreciation and Amortization									7,872,689	4,898,803	3,210,028
Capital Expenditures									92,434,774	84,261,324	43,766,003
Identifiable Assets	302,757,565				277,519,902				302,757,565	277,519,902
Commercial Loan Investments \| Operating Segments
Segment Reporting Information [Line Items]
Total Revenues	537,728	534,212	635,050	881,245	874,551	546,640	638,710	631,484	2,588,235	2,691,385	2,190,924
Operating Income (Loss)									2,588,235	2,691,385	2,190,924
Capital Expenditures										15,394,879	30,208,075
Identifiable Assets	24,032,885				38,487,119				24,032,885	38,487,119
Real Estate Operations \| Operating Segments
Segment Reporting Information [Line Items]
Total Revenues	19,165,183	4,643,646	4,774,620	9,560,898	11,966,554	1,748,398	1,368,141	859,801	38,144,347	15,942,894	13,492,734
Operating Income (Loss)									23,263,036	11,650,370	8,630,445
Capital Expenditures										11,489,272
Identifiable Assets	58,868,298				59,787,157				58,868,298	59,787,157
Golf Operations \| Operating Segments
Segment Reporting Information [Line Items]
Total Revenues	1,312,471	1,001,368	1,412,196	1,464,359	1,308,409	949,083	1,448,567	1,537,426	5,190,394	5,243,485	5,125,501
Operating Income (Loss)									(396,683)	(349,600)	(405,242)
Depreciation and Amortization									266,074	263,335	241,134
Capital Expenditures									95,513	109,505	219,199
Identifiable Assets	3,675,842				3,607,259				3,675,842	3,607,259
Agriculture and Other Income \| Operating Segments
Segment Reporting Information [Line Items]
Total Revenues	11,331	$ 10,388	$ 18,990	$ 18,692	19,624	$ 19,504	$ 20,738	$ 18,939	59,401	78,805	277,831
Operating Income (Loss)									(107,368)	(147,749)	88,527
Depreciation and Amortization									56,654	50,759	39,323
Capital Expenditures									19,881	38,714	$ 140,970
Identifiable Assets	$ 19,288,836				$ 24,952,207				$ 19,288,836	$ 24,952,207

Business Segment Data - Summary of Operations in Different Segments (Parenthetical) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Segment Reporting Information [Line Items]
Capital Expenditures	$ 92,550,168	$ 111,293,694	$ 74,334,247
Operating Segments \| Real Estate Operations
Segment Reporting Information [Line Items]
Capital Expenditures		11,489,272
Operating Segments \| Real Estate Operations \| Variable Interest Entity [Member]
Segment Reporting Information [Line Items]
Capital Expenditures		$ 5,744,636

Variable Interest Entity - Additional Information (Details) ft² in Millions		3 Months Ended			12 Months Ended
	Nov. 17, 2016 USD ($) a	Jun. 30, 2016 USD ($)	Mar. 31, 2016 USD ($)	Mar. 31, 2015 USD ($)	Dec. 31, 2016 USD ($) a ft² tenant	Dec. 31, 2015 USD ($) a	Dec. 31, 2014 USD ($) a
Variable Interest Entity [Line Items]
Land and Development Costs					$ 51,955,278	$ 53,406,020
Discount on acquisition of noncontrolling interest					4,778,790
Asset Impairment Charges		$ 1,970,822	$ 209,908	$ 510,041	2,180,730	510,041	$ 421,040
Property, asset total					$ 274,334,139	$ 268,970,875
Daytona Beach, Florida
Variable Interest Entity [Line Items]
Area of a real estate property \| a					9,800
6 Acres of Undeveloped Land in Daytona Beach Florida [Member]
Variable Interest Entity [Line Items]
Area of a real estate property \| a						6
Number of tenants \| tenant					2
Payment to acquire noncontrolling interest					$ 4,800,000
Discount on acquisition of noncontrolling interest					879,000
Asset Impairment Charges					0
Property, asset total					$ 11,700,000
Additional area density allowable under current zoning \| ft²					1.2
Variable Interest Entity [Member]
Variable Interest Entity [Line Items]
Land and Development Costs					$ 0	$ 11,329,574
Variable Interest Entity [Member] \| 6 Acres of Undeveloped Land in Daytona Beach Florida [Member]
Variable Interest Entity [Line Items]
Area of a real estate property \| a	6
Payment to acquire noncontrolling interest	$ 4,800,000
Discount on acquisition of noncontrolling interest	$ 879,000
Land [Member]
Variable Interest Entity [Line Items]
Area of a real estate property \| a					9,800		99.7
Asset Impairment Charges						$ 0	$ 0
Land [Member] \| 6 Acres of Undeveloped Land in Daytona Beach Florida [Member]
Variable Interest Entity [Line Items]
Asset Impairment Charges					$ 0
Land [Member] \| Variable Interest Entity [Member] \| Daytona Beach, Florida
Variable Interest Entity [Line Items]
Area of a real estate property \| a						6
Percentage acquired in real estate venture						50.00%
Cash paid to acquire real estate venture						$ 5,664,787
Preferred interest rate						9.00%
Land and Development Costs						$ 11,329,574
Real estate operations with management fees						$ 9,000

Subsequent Events - Additional Information (Details)				1 Months Ended	3 Months Ended									12 Months Ended
Subsequent Events - Additional Information (Details)	Feb. 10, 2017 USD ($) a $ / shares $ / a	Jan. 27, 2017 USD ($) a ft²	Jan. 24, 2017 USD ($) a item $ / item	Jan. 31, 2017	Mar. 31, 2017 $ / shares	Dec. 31, 2016 USD ($) ft² $ / shares	Sep. 30, 2016 $ / shares	Jun. 30, 2016 $ / shares	Mar. 31, 2016 $ / shares	Dec. 31, 2015 USD ($) $ / shares	Sep. 30, 2015 $ / shares	Jun. 30, 2015 $ / shares	Mar. 31, 2015 $ / shares	Dec. 31, 2016 USD ($) ft² $ / shares	Dec. 31, 2015 USD ($) $ / shares	Dec. 31, 2014 USD ($) $ / shares	Feb. 16, 2017 a
Subsequent Event [Line Items]
Total acquisition cost of property														$ 86,700,000	$ 76,500,000	$ 42,200,000
Cost basis of land						$ 103,037,008								103,037,008
Accrued Rent						$ 2,226,527				$ 2,602,638				$ 2,226,527	$ 2,602,638
Basic Net Income Attributable to Consolidated-Tomoka Land Co. \| $ / shares						$ 0.91	$ 1.44	$ 0.28	$ 0.25	$ 0.99	$ 0.36	$ 0.04	$ 0.06	$ 2.86	$ 1.44	$ 1.11
Income Properties
Subsequent Event [Line Items]
Area of a real estate property \| ft²						1,700,000								1,700,000
Subsequent Event [Member]
Subsequent Event [Line Items]
Area of a real estate property \| a	2,210
Subsequent Event [Member] \| Sarasota, Florida
Subsequent Event [Line Items]
Total acquisition cost of property		$ 4,100,000
Area of a real estate property \| a		1.2
Area of Building \| ft²		18,120
Occupancy Percentage		100.00%
Weighted Average Remaining Lease Term		5 years
Golf Course [Member]
Subsequent Event [Line Items]
Accrued Rent						$ 2,200,000								$ 2,200,000
Golf Course [Member] \| Subsequent Event [Member]
Subsequent Event [Line Items]
Total acquisition cost of property			$ 1,500,000
Number of Land Parcels \| item			3
Area of a real estate property \| a			14.3
Cost basis of land			$ 0
Payment of community development bonds			$ 100,000
Annual surcharge, per round of golf played \| $ / item			1
Minimum annual per round surcharge			$ 70,000
Maximum aggregate amount of per round surcharge			$ 700,000
Greens renovation agreement term			1 year	1 year
Term of payment obligation			6 years
Payment obligation as a percent of the difference in sales price			10.00%
Payment obligation fixed amount			$ 4,000,000
Accrued Rent			$ 0
Minto Communities \| Subsequent Event [Member]
Subsequent Event [Line Items]
Area of a real estate property \| a	1,581
Percentage area of real estate property	16.00%
Sales price	$ 27,200,000
Sales price per acre \| $ / a	17,200
Gain (loss) on disposal	$ 20,000,000
Gain (loss) on sale of building per share after tax \| $ / shares	$ 2.19
Minto Communities \| 2017 Disposals \| Sold \| Subsequent Event [Member]
Subsequent Event [Line Items]
Area of a real estate property \| a																	1,581
Minto Communities \| 2017 Disposals \| Under contract to be sold \| Subsequent Event [Member]
Subsequent Event [Line Items]
Area of a real estate property \| a																	1,686
Forecast \| Golf Course [Member]
Subsequent Event [Line Items]
Basic Net Income Attributable to Consolidated-Tomoka Land Co. \| $ / shares					$ 0.40

Quarterly Financial Data (UNAUDITED) (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Revenues
Total Revenues	$ 27,635,543	$ 12,210,945	$ 12,873,938	$ 18,354,435	$ 19,783,432	$ 8,297,715	$ 7,608,208	$ 7,308,325	$ 71,074,861	$ 42,997,680	$ 36,056,637
Direct Cost of Revenues
Total Direct Cost of Revenues	(13,081,483)	(4,043,639)	(3,828,511)	(4,886,387)	(5,874,273)	(2,721,326)	(2,488,167)	(2,684,332)	(25,840,020)	(13,768,098)	(12,536,870)
General and Administrative Expenses	(1,779,467)	(1,821,827)	(1,899,126)	(4,797,457)	(2,630,176)	(2,778,960)	(1,874,877)	(1,469,766)	(10,297,877)	(8,753,779)	(7,017,236)
Impairment Charges			(1,970,822)	(209,908)				(510,041)	(2,180,730)	(510,041)	(421,040)
Depreciation and Amortization	(2,377,031)	(1,945,460)	(1,805,559)	(2,067,367)	(1,568,277)	(1,417,129)	(1,071,752)	(1,155,739)	(8,195,417)	(5,212,897)	(3,490,485)
Gain on Disposition of Assets	(83,668)	11,479,490	1,362,948		1,735,115	3,763,140	12,749	5,440	12,758,770	5,516,444	1,500
Total Operating Expenses	(17,321,649)	3,668,564	(8,141,070)	(11,961,119)	(8,337,611)	(3,154,275)	(5,422,047)	(5,814,438)	(33,755,274)	(22,728,371)	(23,464,131)
Operating Income	10,313,894	15,879,509	4,732,868	6,393,316	11,445,821	5,143,440	2,186,161	1,493,887	37,319,587	20,269,309	12,592,506
Investment Income (Loss)	31,181	2,531	2,691	(566,384)	(186,864)	170,466	74,818	150,459	(529,981)	208,879	61,736
Interest Expense	(2,052,745)	(2,454,390)	(2,154,437)	(2,091,766)	(2,072,686)	(1,892,145)	(1,888,434)	(1,066,502)	(8,753,338)	(6,919,767)	(2,439,561)
Income Before Income Tax Expense	8,292,330	13,427,650	2,581,122	3,735,166	9,186,271	3,421,761	372,545	577,844	28,036,268	13,558,421	10,214,681
Income Tax Expense	(3,212,127)	(5,281,646)	(1,000,480)	(2,342,601)	(3,547,208)	(1,349,480)	(147,928)	(224,488)	(11,836,854)	(5,269,104)	(3,830,863)
Net Income	5,080,203	8,146,004	1,580,642	1,392,565	5,639,063	2,072,281	224,617	353,356	16,199,414	8,289,317	6,383,818
Less: Net Loss Attributable to Noncontrolling Interest in Consolidated VIE	14,870	15,010	(10,199)	32,153	50,259	7,590			51,834	57,849
Net Income Attributable to Consolidated-Tomoka Land Co.	$ 5,095,073	$ 8,161,014	$ 1,570,443	$ 1,424,718	$ 5,689,322	$ 2,079,871	$ 224,617	$ 353,356	$ 16,251,248	$ 8,347,166	$ 6,383,818
Per Share Information: Basic
Net Income (Loss) Attributable to Consolidated-Tomoka Land Co.	$ 0.91	$ 1.44	$ 0.28	$ 0.25	$ 0.99	$ 0.36	$ 0.04	$ 0.06	$ 2.86	$ 1.44	$ 1.11
Per Share Information: Diluted
Net Income (Loss) Attributable to Consolidated-Tomoka Land Co.	$ 0.90	$ 1.44	$ 0.28	$ 0.25	$ 0.98	$ 0.36	$ 0.04	$ 0.06	$ 2.85	$ 1.43	$ 1.10
Operating Segments \| Income Properties
Revenues
Total Revenues	$ 6,608,830	$ 6,021,331	$ 6,033,082	$ 6,429,241	$ 5,614,294	$ 5,034,090	$ 4,132,052	$ 4,260,675	$ 25,092,484	$ 19,041,111	$ 14,969,647
Direct Cost of Revenues
Total Direct Cost of Revenues	(1,393,474)	(1,430,642)	(1,204,040)	(1,176,707)	(1,334,442)	(997,760)	(682,887)	(640,846)	(5,204,863)	(3,655,935)	(1,954,534)
Depreciation and Amortization									(7,872,689)	(4,898,803)	(3,210,028)
Operating Income									19,887,621	15,385,176	13,015,113
Operating Segments \| Commercial Loan Investments
Revenues
Total Revenues	537,728	534,212	635,050	881,245	874,551	546,640	638,710	631,484	2,588,235	2,691,385	2,190,924
Direct Cost of Revenues
Operating Income									2,588,235	2,691,385	2,190,924
Operating Segments \| Real Estate Operations
Revenues
Total Revenues	19,165,183	4,643,646	4,774,620	9,560,898	11,966,554	1,748,398	1,368,141	859,801	38,144,347	15,942,894	13,492,734
Direct Cost of Revenues
Total Direct Cost of Revenues	(10,242,446)	(1,257,183)	(1,124,641)	(2,257,041)	(3,071,335)	(316,613)	(305,853)	(598,723)	(14,881,311)	(4,292,524)	(4,862,289)
Operating Income									23,263,036	11,650,370	8,630,445
Operating Segments \| Golf Operations
Revenues
Total Revenues	1,312,471	1,001,368	1,412,196	1,464,359	1,308,409	949,083	1,448,567	1,537,426	5,190,394	5,243,485	5,125,501
Direct Cost of Revenues
Total Direct Cost of Revenues	(1,432,393)	(1,302,920)	(1,447,176)	(1,404,588)	(1,391,772)	(1,355,469)	(1,456,232)	(1,389,612)	(5,587,077)	(5,593,085)	(5,530,743)
Depreciation and Amortization									(266,074)	(263,335)	(241,134)
Operating Income									(396,683)	(349,600)	(405,242)
Operating Segments \| Agriculture and Other Income
Revenues
Total Revenues	11,331	10,388	18,990	18,692	19,624	19,504	20,738	18,939	59,401	78,805	277,831
Direct Cost of Revenues
Total Direct Cost of Revenues	$ (13,170)	$ (52,894)	$ (52,654)	$ (48,051)	$ (76,724)	$ (51,484)	$ (43,195)	$ (55,151)	(166,769)	(226,554)	(189,304)
Depreciation and Amortization									(56,654)	(50,759)	(39,323)
Operating Income									$ (107,368)	$ (147,749)	$ 88,527

Schedule III - Real Estate and Accumulated Depreciation (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cost:
Encumbrances	$ 62,300,000
Land	103,037,008
Building & Improvements	168,276,840
Improvements	3,020,291
Gross Amount Carried at Close
Land	103,037,008
Buildings	171,297,131
SEC Schedule III, Real Estate, Gross, Total	274,334,139
3600 Peterson \| Santa Clara, California
Cost:
Land	17,855,023
Building & Improvements	8,414,925
Gross Amount Carried at Close
Land	17,855,023
Buildings	8,414,925
SEC Schedule III, Real Estate, Gross, Total	26,269,948
Accumulated Depreciation	$ 143,276
Acquired	Oct. 14, 2016
Life	30 years
7-Eleven, Inc. \| Dallas, Texas
Cost:
Land	$ 974,862
Building & Improvements	1,550,744
Gross Amount Carried at Close
Land	974,862
Buildings	1,550,744
SEC Schedule III, Real Estate, Gross, Total	2,525,606
Accumulated Depreciation	$ 32,307
Acquired	Feb. 18, 2016
Life	40 years
At Home Group, Inc. Subsidiary \| Raleigh, North Carolina
Cost:
Land	$ 2,118,420
Building & Improvements	5,774,284
Gross Amount Carried at Close
Land	2,118,420
Buildings	5,774,284
SEC Schedule III, Real Estate, Gross, Total	7,892,704
Accumulated Depreciation	$ 85,940
Acquired	Sep. 29, 2016
Life	20 years
Bank of America \| Monterey, California
Cost:
Land	$ 4,458,840
Gross Amount Carried at Close
Land	4,458,840
SEC Schedule III, Real Estate, Gross, Total	$ 4,458,840
Acquired	Aug. 17, 2016
Barnes and Noble \| Daytona Beach, Florida
Cost:
Land	$ 1,798,600
Building & Improvements	3,803,000
Gross Amount Carried at Close
Land	1,798,600
Buildings	3,803,000
SEC Schedule III, Real Estate, Gross, Total	5,601,600
Accumulated Depreciation	$ 1,521,200
Acquired	Dec. 15, 2005
Life	40 years
Best Buy \| McDonough, Georgia
Cost:
Land	$ 2,622,682
Building & Improvements	3,150,000
Gross Amount Carried at Close
Land	2,622,682
Buildings	3,150,000
SEC Schedule III, Real Estate, Gross, Total	5,772,682
Accumulated Depreciation	$ 833,437
Acquired	Jun. 15, 2006
Life	40 years
Big Lots \| Germantown, Maryland
Cost:
Encumbrances	$ 3,300,000
Land	1,781,918
Building & Improvements	2,951,231
Gross Amount Carried at Close
Land	1,781,918
Buildings	2,951,231
SEC Schedule III, Real Estate, Gross, Total	4,733,149
Accumulated Depreciation	$ 245,936
Acquired	Sep. 13, 2013
Life	40 years
Big Lots \| Phoenix, Arizona
Cost:
Encumbrances	$ 3,400,000
Land	1,715,717
Building & Improvements	3,050,164
Gross Amount Carried at Close
Land	1,715,717
Buildings	3,050,164
SEC Schedule III, Real Estate, Gross, Total	4,765,881
Accumulated Depreciation	$ 298,662
Acquired	Jan. 23, 2013
Life	40 years
Carrabba's Italian Grill \| Austin, Texas
Cost:
Land	$ 1,160,925
Building & Improvements	1,305,117
Gross Amount Carried at Close
Land	1,160,925
Buildings	1,305,117
SEC Schedule III, Real Estate, Gross, Total	2,466,042
Accumulated Depreciation	$ 22,007
Acquired	Sep. 15, 2016
Life	25 years
Century Theatres \| Reno, Nevada
Cost:
Land	$ 1,669,377
Building & Improvements	4,484,938
Gross Amount Carried at Close
Land	1,669,377
Buildings	4,484,938
SEC Schedule III, Real Estate, Gross, Total	6,154,315
Accumulated Depreciation	$ 19,787
Acquired	Nov. 30, 2016
Life	23 years
Container Store \| Glendale, AZ
Cost:
Land	$ 1,968,398
Building & Improvements	5,493,102
Gross Amount Carried at Close
Land	1,968,398
Buildings	5,493,102
SEC Schedule III, Real Estate, Gross, Total	7,461,500
Accumulated Depreciation	$ 205,349
Acquired	May 18, 2015
Life	55 years
CVS Pharmacy \| Dallas, Texas
Cost:
Land	$ 7,535,013
Gross Amount Carried at Close
Land	7,535,013
SEC Schedule III, Real Estate, Gross, Total	$ 7,535,013
Acquired	Sep. 22, 2016
Dick's Sporting Goods \| McDonough, Georgia
Cost:
Land	$ 3,934,022
Building & Improvements	4,725,000
Gross Amount Carried at Close
Land	3,934,022
Buildings	4,725,000
SEC Schedule III, Real Estate, Gross, Total	8,659,022
Accumulated Depreciation	$ 1,250,156
Acquired	Jun. 15, 2006
Life	40 years
Harris Teeter Supermarket \| Charlotte, North Carolina
Cost:
Encumbrances	$ 6,600,000
Land	5,601,837
Building & Improvements	3,409,338
Gross Amount Carried at Close
Land	5,601,837
Buildings	3,409,338
SEC Schedule III, Real Estate, Gross, Total	9,011,175
Accumulated Depreciation	$ 745,793
Acquired	Apr. 17, 2008
Life	40 years
Hilton Resorts Corporation \| Orlando, Florida
Cost:
Encumbrances	$ 5,145,126
Land	2,810,942
Building & Improvements	6,590,681
Gross Amount Carried at Close
Land	2,810,942
Buildings	6,590,681
SEC Schedule III, Real Estate, Gross, Total	9,401,623
Accumulated Depreciation	$ 634,905
Acquired	Jan. 30, 2013
Life	40 years
Hilton Resorts Corporation, Office Two \| Orlando, Florida
Cost:
Encumbrances	$ 2,154,874
Land	1,210,138
Building & Improvements	2,453,690
Improvements	273,745
Gross Amount Carried at Close
Land	1,210,138
Buildings	2,727,435
SEC Schedule III, Real Estate, Gross, Total	3,937,573
Accumulated Depreciation	$ 259,328
Acquired	Jan. 30, 2013
Life	40 years
Lowes \| Katy, Texas
Cost:
Encumbrances	$ 8,500,000
Land	9,412,181
Building & Improvements	3,480,650
Gross Amount Carried at Close
Land	9,412,181
Buildings	3,480,650
SEC Schedule III, Real Estate, Gross, Total	12,892,831
Accumulated Depreciation	$ 358,822
Acquired	Apr. 22, 2014
Life	30 years
Outback Steakhouse \| Austin, Texas
Cost:
Land	$ 1,376,793
Building & Improvements	1,585,791
Gross Amount Carried at Close
Land	1,376,793
Buildings	1,585,791
SEC Schedule III, Real Estate, Gross, Total	2,962,584
Accumulated Depreciation	$ 22,818
Acquired	Sep. 15, 2016
Life	30 years
Outback Steakhouse \| Charlottesville, Virginia
Cost:
Land	$ 1,308,881
Building & Improvements	3,135,515
Gross Amount Carried at Close
Land	1,308,881
Buildings	3,135,515
SEC Schedule III, Real Estate, Gross, Total	4,444,396
Accumulated Depreciation	$ 40,442
Acquired	Sep. 15, 2016
Life	30 years
Outback Steakhouse \| Huntersville, North Carolina
Cost:
Land	$ 1,987,831
Building & Improvements	1,299,017
Gross Amount Carried at Close
Land	1,987,831
Buildings	1,299,017
SEC Schedule III, Real Estate, Gross, Total	3,286,848
Accumulated Depreciation	$ 27,261
Acquired	Sep. 15, 2016
Life	20 years
Rite Aid \| Renton, Washington
Cost:
Encumbrances	$ 4,700,000
Land	2,036,235
Building & Improvements	4,148,415
Gross Amount Carried at Close
Land	2,036,235
Buildings	4,148,415
SEC Schedule III, Real Estate, Gross, Total	6,184,650
Accumulated Depreciation	$ 354,343
Acquired	Jul. 25, 2013
Life	40 years
Riverside \| Jacksonville, Florida
Cost:
Land	$ 6,019,815
Building & Improvements	14,239,515
Improvements	126,617
Gross Amount Carried at Close
Land	6,019,815
Buildings	14,366,132
SEC Schedule III, Real Estate, Gross, Total	20,385,947
Accumulated Depreciation	$ 950,758
Acquired	Jul. 16, 2015
Life	43 years
The Grove \| Winter Park, Florida
Cost:
Land	$ 1,240,000
Building & Improvements	1,860,000
Improvements	23,177
Gross Amount Carried at Close
Land	1,240,000
Buildings	1,883,177
SEC Schedule III, Real Estate, Gross, Total	3,123,177
Accumulated Depreciation	$ 94,783
Acquired	Dec. 30, 2014
Life	40 years
Walgreens \| Alpharetta, Georgia
Cost:
Land	$ 3,265,623
Building & Improvements	1,406,160
Gross Amount Carried at Close
Land	3,265,623
Buildings	1,406,160
SEC Schedule III, Real Estate, Gross, Total	4,671,783
Accumulated Depreciation	$ 448,213
Acquired	Mar. 31, 2004
Life	40 years
Walgreens \| Clermont, Florida
Cost:
Encumbrances	$ 3,500,000
Land	3,021,665
Building & Improvements	1,269,449
Gross Amount Carried at Close
Land	3,021,665
Buildings	1,269,449
SEC Schedule III, Real Estate, Gross, Total	4,291,114
Accumulated Depreciation	$ 399,347
Acquired	May 27, 2004
Life	40 years
Wells Fargo \| Raleigh, North Carolina
Cost:
Encumbrances	$ 25,000,000
Land	8,680,056
Building & Improvements	59,166,753
Gross Amount Carried at Close
Land	8,680,056
Buildings	59,166,753
SEC Schedule III, Real Estate, Gross, Total	67,846,809
Accumulated Depreciation	$ 2,174,127
Acquired	Nov. 18, 2015
Life	45 years
Whole Foods \| Sarasota, Florida
Cost:
Land	$ 4,497,825
Building & Improvements	13,104,352
Improvements	274,085
Gross Amount Carried at Close
Land	4,497,825
Buildings	13,378,437
SEC Schedule III, Real Estate, Gross, Total	17,876,262
Accumulated Depreciation	$ 743,438
Acquired	Oct. 07, 2014
Life	40 years
Mason Commerce Center Building One \| Daytona Beach, Florida
Cost:
Land	$ 66,304
Building & Improvements	1,277,027
Improvements	1,057,679
Gross Amount Carried at Close
Land	66,304
Buildings	2,334,706
SEC Schedule III, Real Estate, Gross, Total	2,401,010
Accumulated Depreciation	$ 819,035
Construction	Sep. 01, 2008
Life	40 years
Mason Commerce Center Building Two \| Daytona Beach, Florida
Cost:
Land	$ 66,304
Building & Improvements	1,277,027
Improvements	913,032
Gross Amount Carried at Close
Land	66,304
Buildings	2,190,059
SEC Schedule III, Real Estate, Gross, Total	2,256,363
Accumulated Depreciation	$ 756,154
Construction	Sep. 01, 2008
Life	40 years
Williamson Business Park Building Three \| Daytona Beach, Florida
Cost:
Land	$ 110,509
Building & Improvements	1,008,784
Improvements	194,459
Gross Amount Carried at Close
Land	110,509
Buildings	1,203,243
SEC Schedule III, Real Estate, Gross, Total	1,313,752
Accumulated Depreciation	$ 101,780
Construction	May 01, 2014
Life	40 years
Concierge Office Building \| Daytona Beach, Florida
Cost:
Land	$ 293,872
Building & Improvements	2,862,171
Improvements	157,497
Gross Amount Carried at Close
Land	293,872
Buildings	3,019,668
SEC Schedule III, Real Estate, Gross, Total	3,313,540
Accumulated Depreciation	$ 802,163
Construction	Jul. 01, 2009
Life	40 years
Vacant Pad Site \| Winter Park, Florida
Cost:
Land	$ 436,400
Gross Amount Carried at Close
Land	436,400
SEC Schedule III, Real Estate, Gross, Total	$ 436,400
Acquired	May 28, 2015
Real Estate [Member]
Gross Amount Carried at Close
SEC Schedule III, Real Estate, Gross, Total	$ 274,334,139	$ 268,970,875	$ 209,294,277	$ 170,194,285
Accumulated Depreciation	$ 14,391,567	$ 14,374,079	$ 14,073,096	$ 11,986,949

Schedule III - Summary of Cost and Accumulated Depreciation (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2016	Dec. 31, 2015
Cost:
SEC Schedule III, Real Estate, Gross, Ending Balance	$ 274,334,139
Accumulated Depreciation:
Income Properties, Land, Buildings, and Improvements				$ 274,334,139	$ 268,970,875
SEC Schedule III, Real Estate, Gross, Total	274,334,139			274,334,139
Real Estate [Member]
Cost:
SEC Schedule III, Real Estate, Gross, Beginning Balance	268,970,875	$ 209,294,277	$ 170,194,285
Additions and Improvements	68,274,211	97,767,725	42,908,366
Adjust to Fair Value		(2,343,013)
Cost of Real Estate Sold	(62,910,947)	(20,431,548)	(3,808,374)
Reclassification to Land and Development Costs		(15,316,566)
SEC Schedule III, Real Estate, Gross, Ending Balance	274,334,139	268,970,875	209,294,277
Accumulated Depreciation:
Depreciation, Balance at Beginning of Year	14,374,079	14,073,096	11,986,949
Depreciation and Amortization	5,346,538	3,224,227	2,441,593
Depreciation on Real Estate Sold	(5,329,050)	(2,472,192)	(355,446)
Reclassification to Land and Development Costs		(451,052)
Depreciation, Balance at End of Year	14,391,567	14,374,079	14,073,096
Income Properties, Land, Buildings, and Improvements				274,334,139
SEC Schedule III, Real Estate, Gross, Total	$ 268,970,875	$ 209,294,277	$ 170,194,285	$ 274,334,139	$ 268,970,875

Schedule IV - Mortgage Loans on Real Estate (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Mortgage Loans on Real Estate [Line Items]
Prior Liens	$ 0
Face Amount of Mortgages	23,960,467
Carrying Amounts of Mortgages	23,960,467
Principal Amount of Loans Subject to Delinquent Principal or Interest	0
Mortgage Loans on Real Estate Roll Forward
Balance at Beginning of Year	38,331,956	$ 30,208,074	$ 18,845,053
New Mortgage Loans		15,394,878	30,266,498
Loan Fees Paid		40,000	6,858
Accretion of Discount			649,658
Accretion of Origination Fees	132,923	74,781	30,326
Collection of Principal	(14,282,500)	(7,200,909)	(19,465,000)
Discount on payoff	(217,500)
Collection of Origination Fees		(181,250)	(88,750)
Amortization of Fees	(4,412)	(3,618)	(36,569)
Balance at End of Year	$ 23,960,467	$ 38,331,956	$ 30,208,074
Mezzanine Mortgage Loans [Member] \| Hotel [Member] \| Atlanta, GA [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate	12.00%
Final Maturity Date	February 2019
Mortgage loan agreement, description	Principal payablein full at maturity
Prior Liens	$ 0
Face Amount of Mortgages	5,000,000
Carrying Amounts of Mortgages	5,000,000
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0
Mezzanine Mortgage Loans [Member] \| Hotel [Member] \| Dallas, Texas
Mortgage Loans on Real Estate [Line Items]
Interest Rate Description	30-day LIBOR plus 7.25%
Interest Rate	7.25%
Final Maturity Date	September 2019
Mortgage loan agreement, description	Principal payablein full at maturity
Prior Liens	$ 0
Face Amount of Mortgages	10,000,000
Carrying Amounts of Mortgages	10,000,000
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0
Junior Mortgage Loan [Member] \| Retail Shopping Center [Member] \| Sarasota, Florida
Mortgage Loans on Real Estate [Line Items]
Interest Rate Description	30-day LIBOR plus 7.25%
Interest Rate	7.50%
Final Maturity Date	June 2018
Mortgage loan agreement, description	Principal payablein full at maturity
Prior Liens	$ 0
Face Amount of Mortgages	8,960,467
Carrying Amounts of Mortgages	8,960,467
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0