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QUARTERLY FINANCIAL DATA

12 Months Ended

Dec. 31, 2019

QUARTERLY FINANCIAL DATA

QUARTERLY FINANCIAL DATA

NOTE 25. QUARTERLY FINANCIAL DATA

QUARTERLY FINANCIAL DATA

(UNAUDITED)


	March 31,				June 30,				September 30,				December 31,
	2019		2018		2019		2018		2019		2018		2019		2018
Revenues
Income Properties	$	10,724,418	$	9,205,727	$	10,375,295	$	9,781,299	$	10,260,831	$	9,360,155	$	10,594,870	$	11,728,550
Management Fee Income		—		—		—		—		—		—		304,553		—
Interest Income from Commercial Loan Investments		—		300,999		52,765		273,467		855,559		41,262		920,691		—
Real Estate Operations		234,901		862,450		260,771		750,296		213,589		1,042,059		143,003		311,624
Total Revenues		10,959,319		10,369,176		10,688,831		10,805,062		11,329,979		10,443,476		11,963,117		12,040,174
Direct Cost of Revenues
Income Properties		(1,932,488)		(1,869,029)		(1,634,720)		(2,034,889)		(1,476,288)		(1,773,840)		(1,956,505)		(2,492,325)
Real Estate Operations		(46,167)		(144,983)		(40,129)		(123,418)		(8,484)		(215,534)		(9,886)		(107,445)
Total Direct Cost of Revenues		(1,978,655)		(2,014,012)		(1,674,849)		(2,158,307)		(1,484,772)		(1,989,374)		(1,966,391)		(2,599,770)
General and Administrative Expenses		(2,501,620)		(2,823,548)		(2,119,176)		(2,429,181)		(2,260,728)		(1,928,008)		(2,936,551)		(2,604,633)
Depreciation and Amortization		(3,346,287)		(3,796,823)		(4,074,587)		(3,755,546)		(4,286,836)		(3,756,507)		(4,089,568)		(4,452,647)
Total Operating Expenses		(7,826,562)		(8,634,383)		(7,868,612)		(8,343,034)		(8,032,336)		(7,673,889)		(8,992,510)		(9,657,050)
Gain (Loss) on Disposition of Assets		6,869,957		3,650,858		11,811,907		18,384,808		2,187,332		—		1,108,269		—
Operating Income		10,002,714		5,385,651		14,632,126		20,846,836		5,484,975		2,769,587		4,078,876		2,383,124
Investment Income		38,755		12,312		14,560		11,892		33,048		14,179		258,480		13,838
Interest Expense		(2,923,229)		(2,561,465)		(3,042,058)		(2,537,301)		(3,253,908)		(2,345,156)		(3,246,867)		(2,979,364)
Income from Continuing Operations Before Income Tax Benefit (Expense)		7,118,240		2,836,498		11,604,628		18,321,427		2,264,115		438,610		1,090,489		(582,402)
Income Tax Benefit (Expense) from Continuing Operations		(1,774,640)		(585,068)		(2,941,213)		(4,645,012)		(573,731)		(153,550)		(182,594)		(641,518)
Income from Continuing Operations		5,343,600		2,251,430		8,663,415		13,676,415		1,690,384		285,060		907,895		(1,223,920)
Income (Loss) from Discontinued Operations (Net of Tax)		1,124,499		8,660,869		1,933,385		486,493		(204,364)		11,112		95,514,044		13,020,331
Net Income	$	6,468,099	$	10,912,299	$	10,596,800	$	14,162,908	$	1,486,020	$	296,172	$	96,421,939	$	11,796,411

Per Share Information:
Basic
Income from Continuing Operations	$	1.00	$	0.40	$	1.75	$	2.47	$	0.35	$	0.05	$	0.19	$	(0.23)
Income (Loss) from Discontinued Operations (Net of Tax)		0.21		1.57		0.39		0.09		(0.04)		-		19.86		2.40
Net Income	$	1.21	$	1.97	$	2.14	$	2.56	$	0.31	$	0.05	$	20.05	$	2.17

Diluted
Income from Continuing Operations	$	1.00	$	0.40	$	1.75	$	2.47	$	0.35	$	0.05	$	0.19	$	(0.23)
Income (Loss) from Discontinued Operations (Net of Tax)		0.21		1.56		0.39		0.09		(0.04)		-		19.85		2.40
Net Income	$	1.21	$	1.96	$	2.14	$	2.56	$	0.31	$	0.05	$	20.04	$	2.17

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Property, Plant, and Equipment:
Total Property, Plant, and Equipment	$ 393,599,852	$ 393,268,984
Less, Accumulated Depreciation and Amortization	(23,008,382)	(24,518,215)
Property, Plant, and Equipment—Net	370,591,470	368,750,769
Land and Development Costs	6,732,291	5,624,845
Intangible Lease Assets—Net	49,022,178	43,555,445
Assets Held for Sale—See Note 23	833,167	96,838,264
Investment in Joint Ventures	55,736,668	6,788,034
Investment in Alpine Income Property Trust Inc.	38,814,425
Mitigation Credits	2,322,596	462,040
Commercial Loan Investments	34,625,173
Cash and Cash Equivalents	6,474,637	2,310,489
Restricted Cash	128,430,049	18,889,509
Refundable Income Taxes		225,024
Other Assets—See Note 12	9,703,549	12,885,453
Total Assets	703,286,203	556,329,872
Liabilities:
Accounts Payable	1,385,739	1,036,547
Accrued and Other Liabilities—See Note 17	5,687,192	5,197,884
Deferred Revenue—See Note 18	5,830,720	6,370,284
Intangible Lease Liabilities—Net	26,198,248	27,390,350
Liabilities Held for Sale—See Note 23	831,320	2,178,616
Income Taxes Payable	439,086
Deferred Income Taxes—Net	90,282,173	54,769,907
Long-Term Debt	287,218,303	247,624,811
Total Liabilities	417,872,781	344,568,399
Commitments and Contingencies—See Note 21
Shareholders' Equity:
Common Stock – 25,000,000 shares authorized; $1 par value, 6,076,813 shares issued and 4,770,454 shares outstanding at December 31, 2019; 6,052,209 shares issued and 5,436,952 shares outstanding at December 31, 2018	6,017,218	5,995,257
Treasury Stock – 1,306,359 shares at December 31, 2019 and 615,257 shares at December 31, 2018	(73,440,714)	(32,345,002)
Additional Paid-In Capital	26,689,795	24,326,778
Retained Earnings	326,073,199	213,297,897
Accumulated Other Comprehensive Income	73,924	486,543
Total Shareholders' Equity	285,413,422	211,761,473
Total Liabilities and Shareholders’ Equity	703,286,203	556,329,872
Income Properties, Land, Buildings, and Improvements
Property, Plant, and Equipment:
Total Property, Plant, and Equipment	392,841,899	392,520,783
Other Furnishings and Equipment
Property, Plant, and Equipment:
Total Property, Plant, and Equipment	733,165	728,817
Construction in Progress
Property, Plant, and Equipment:
Total Property, Plant, and Equipment	$ 24,788	$ 19,384

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net Income	$ 114,972,858	$ 37,167,790	$ 41,719,424
Other Comprehensive Income (Loss)
Cash Flow Hedging Derivative - Interest Rate Swap (Net of Tax of $(140,082), $11,431 and $73,304, respectively)	(412,619)	113,927	116,727
Total Other Comprehensive Income (Loss), Net of Income Tax	(412,619)	113,927	116,727
Total Comprehensive Income	$ 114,560,239	$ 37,281,717	$ 41,836,151

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

LONG-TERM DEBT (Tables)

12 Months Ended

Dec. 31, 2019

LONG-TERM DEBT

Schedule of outstanding indebtedness, at face value

As of December 31, 2019, the Company’s outstanding indebtedness, at face value, was as follows:


	Face		Maturity	Interest
	Value Debt		Date	Rate
Credit Facility	$	159,845,349	May 2023		30 ‑day LIBOR plus 1.35% -1.95%
Mortgage Note Payable (originated with Wells Fargo) (1)		30,000,000	October 2034		4.330%
Mortgage Note Payable (originated with Wells Fargo) (2)		23,884,373	April 2021		30 ‑day LIBOR plus 1.90%
4.50% Convertible Senior Notes due 2020, net of discount		75,000,000	March 2020		4.500%
Total Long-Term Face Value Debt	$	288,729,722

(1)Secured by the Company’s interest in six income properties. The mortgage loan 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 of the effective date of the loan.

(2)Secured by the Company’s income property leased to Wells Fargo located in Raleigh, North Carolina. The mortgage loan has a 5-year term 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. Amortization of the principal balance began in May 2018.

Schedule of components of long-term debt

Long-term debt consisted of the following:


	December 31, 2019				December 31, 2018
			Due Within				Due Within
	Total		One Year		Total		One Year
Credit Facility	$	159,845,349	$	—	$	120,745,579	$	—
Mortgage Note Payable (originated with Wells Fargo)		30,000,000		—		30,000,000		—
Mortgage Note Payable (originated with Wells Fargo)		23,884,373		—		24,557,468		—
4.50% Convertible Senior Notes due 2020, net of discount		74,706,078		75,000,000		73,348,731		—
Loan Costs, net of accumulated amortization		(1,217,497)		—		(1,026,967)		—
Total Long-Term Debt	$	287,218,303	$	75,000,000	$	247,624,811	$	—

Schedule of payments applicable to reduction of principal amounts


Year Ending December 31,	Amount
2020	$	75,000,000	(1)
2021		23,884,373
2022		—
2023		159,845,349
2024		—
Thereafter		30,000,000
Total Long-Term Debt - Face Value	$	288,729,722

Schedule of carrying value of long-term debt

The carrying value of long-term debt as of December 31, 2019 consisted of the following:


	Total
Current Face Amount	$	288,729,722
Unamortized Discount on Convertible Debt		(293,922)
Loan Costs, net of accumulated amortization		(1,217,497)
Total Long-Term Debt	$	287,218,303

Schedule of interest expense on debt


	Year Ended
	December 31, 2019		December 31, 2018		December 31, 2017
	($000's)		($000's)		($000's)
Interest Expense	$	10,665	$	8,655	$	7,034
Amortization of Loan Costs		444		495		509
Amortization of Discount on Convertible Notes		1,357		1,273		1,195
Capitalized Interest		—		—		(215)
Total Interest Expense	$	12,466	$	10,423	$	8,523

Total Interest Paid	$	10,782	$	8,419	$	7,060

- 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://fasb.org/us-gaap/role/ref/legacyRef
-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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28551-108399

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

INCOME PROPERTIES - Leasing Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Leasing Revenue
Lease Payments	$ 37,431	$ 33,842	$ 26,794
Variable Lease Payments	4,525	6,234	4,613
Total Leasing Revenue	$ 41,956	$ 40,076	$ 31,407

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Common Stock
Cash Dividends (in dollars per share)	$ 0.44	$ 0.27	$ 0.18

SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE - Number of commercial loan investments (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2017	Dec. 31, 2016
Mortgage Loans On Real Estate [Line Items]
Face Amount of Mortgages	$ 34,570,000
Carrying Amounts of Mortgages	34,625,173	$ 11,925,699	$ 23,960,467
Carpenter Hotel-400 Josephine Street, Austin, TX
Mortgage Loans On Real Estate [Line Items]
Face Amount of Mortgages	16,250,000
Carrying Amounts of Mortgages	$ 16,443,942
First Mortgage, 72-Acre Land Parcel, Orlando, FL
Mortgage Loans On Real Estate [Line Items]
Interest rate (as a percent)	12.00%
Face Amount of Mortgages	$ 8,000,000
Carrying Amounts of Mortgages	$ 7,927,869
Mortgage Note, 400 Josephine Street, Austin, TX
Mortgage Loans On Real Estate [Line Items]
Interest rate (as a percent)	11.50%
Face Amount of Mortgages	$ 8,250,000
Carrying Amounts of Mortgages	$ 8,207,964
LPGA Buyer Loan - Daytona Beach, FL
Mortgage Loans On Real Estate [Line Items]
Interest rate (as a percent)	7.50%
Face Amount of Mortgages	$ 2,070,000
Carrying Amounts of Mortgages	$ 2,045,398

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - STOCK-BASED COMPENSATION (Details) - shares		12 Months Ended
	Apr. 23, 2014	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2009
STOCK-BASED COMPENSATION
Stock options and stock appreciation rights outstanding (in shares)		188,870	165,032
2001 Stock Option Plan
STOCK-BASED COMPENSATION
Shares authorized for issuance				500,000
Amended and Restated 2010 Equity Incentive Plan
STOCK-BASED COMPENSATION
Shares authorized for issuance	450,000	702,000
Number of additional shares authorized	240,000
Maximum award per participant		50,000
Period after adoption that plan expires		10 years
Second Amended and Restated 2010 Equity Incentive Plan
STOCK-BASED COMPENSATION
Shares authorized for issuance		720,000
Stock Option Awards \| 2001 Stock Option Plan
STOCK-BASED COMPENSATION
Awards available for issue ( in shares)				0

COMMERCIAL LOAN INVESTMENTS - Summary of Commercial Loan Investments (Details) - USD ($)			12 Months Ended
	Jul. 05, 2019	Jun. 14, 2019	Dec. 31, 2019	Oct. 17, 2019	Dec. 31, 2017	Dec. 31, 2016
Mortgage Loans On Real Estate [Line Items]
Original Face Amount			$ 34,570,000
Current Face Amount			34,570,000
Carrying Value			34,625,173		$ 11,925,699	$ 23,960,467
First Mortgage, 72-Acre Land Parcel, Orlando, FL
Mortgage Loans On Real Estate [Line Items]
Original Face Amount		$ 8,000,000	8,000,000
Current Face Amount			8,000,000
Carrying Value			$ 7,927,869
Interest rate (as a percent)		12.00%	12.00%
Mortgage Note, 400 Josephine Street, Austin, TX
Mortgage Loans On Real Estate [Line Items]
Original Face Amount	$ 8,300,000		$ 8,250,000
Current Face Amount			8,250,000
Carrying Value			$ 8,207,964
Interest rate (as a percent)	11.50%		11.50%
LPGA Buyer Loan - Daytona Beach, FL
Mortgage Loans On Real Estate [Line Items]
Original Face Amount			$ 2,070,000	$ 2,100,000
Current Face Amount			2,070,000
Carrying Value			$ 2,045,398
Interest rate (as a percent)			7.50%
Carpenter Hotel-400 Josephine Street, Austin, TX
Mortgage Loans On Real Estate [Line Items]
Original Face Amount	$ 16,250,000		$ 16,250,000
Current Face Amount			16,250,000
Carrying Value			$ 16,443,942

INCOME TAXES - General Information (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
INCOME TAXES
Effective income tax rate (as a percent)		24.90%	26.70%	(31.00%)
Income tax benefit recorded due to the impact of the reduction in the corporate tax rate	$ 22.2
Corporate tax rate (as a percent)		21.00%	21.00%	35.00%

INTANGIBLE LEASE ASSETS AND LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2019

INTANGIBLE ASSETS AND LIABILITIES

Schedule of components of intangible lease assets and liabilities


	As of
	December 31, 2019		December 31, 2018
Intangible Lease Assets:
Value of In-Place Leases	$	42,584,264	$	39,189,008
Value of Above Market In-Place Leases		7,119,316		4,114,715
Value of Intangible Leasing Costs		14,645,780		14,791,111
Sub-total Intangible Lease Assets		64,349,360		58,094,834
Accumulated Amortization		(15,327,182)		(14,539,389)
Sub-total Intangible Lease Assets—Net		49,022,178		43,555,445
Intangible Lease Liabilities (included in accrued and other liabilities):
Value of Below Market In-Place Leases		(36,507,336)		(35,321,234)
Sub-total Intangible Lease Liabilities		(36,507,336)		(35,321,234)
Accumulated Amortization		10,309,088		7,930,884
Sub-total Intangible Lease Liabilities—Net		(26,198,248)		(27,390,350)
Total Intangible Assets and Liabilities—Net	$	22,823,930	$	16,165,095

Schedule of amortization of intangible assets and liabilities


	Year Ended
	December 31, 2019		December 31, 2018		December 31, 2017
	($000's)		($000's)		($000's)
Depreciation and Amortization Expense	$	5,854	$	5,872	$	4,776
Increase to Income Properties Revenue		(2,383)		(2,339)		(2,194)
Net Amortization of Intangible Assets and Liabilities	$	3,471	$	3,533	$	2,582

Schedule of estimated future amortization and accretion of intangible lease assets and liabilities


			Future Accretion		Net Future
	Future		to Income		Amortization of
	Amortization		Property		Intangible Assets
Year Ending December 31,	Amount		Revenue		and Liabilities
2020	$	5,812,069	$	(1,932,881)	$	3,879,188
2021		4,383,899		(2,004,052)		2,379,847
2022		3,976,582		(2,075,213)		1,901,369
2023		3,851,554		(2,070,019)		1,781,535
2024		3,808,092		(1,972,289)		1,835,803
Thereafter		21,294,453		(10,248,265)		11,046,188
Total	$	43,126,649	$	(20,302,719)	$	22,823,930

RELATED PARTY MANAGEMENT SERVICES BUSINESS

12 Months Ended

Dec. 31, 2019

NOTE 5. RELATED PARTY MANAGEMENT SERVICES BUSINESS

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

During the year ended December 31, 2019, the Company earned management fee revenue from PINE of approximately $254,000 which represents the initial stub period of PINE’s operations from November 26, 2019 to December 31, 2019 and is included in management services in the accompanying consolidated statements of operations. Dividends received totaled approximately $118,000 for the year ended December 31, 2019 and are included in investment income in the accompanying consolidated statements of operations.

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


Description	Amounts ($000's)
Management Services Fee due from PINE	$	254
Dividend Receivable on OP Units		71
Other		56
Total	$	381

Land JV. Pursuant to the terms of the operating agreement for the Land JV, the initial amount of the management fee is $20,000 per month. The management fee is evaluated quarterly and as land sales occur in the Land JV, the basis for our management fee will be reduced as the management fee is based on the value of real property that remains in the Land JV. During the year ended December 31, 2019, the Company earned management fee revenue from the Land JV of approximately $50,000 which represents the initial stub period of the Land JV’s operations from October 16, 2019 to December 31, 2019 and is included in management services in the accompanying consolidated statements of operations.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - COMMERCIAL LOAN INVESTMENTS AND ACCOUNTS RECEIVABLE (Details)		3 Months Ended
	Jul. 16, 2019 USD ($)	Dec. 31, 2015 Transaction	Dec. 31, 2019 USD ($)	Sep. 30, 2019 USD ($)	Dec. 31, 2018 USD ($)
Accounts Receivable
Income Property Tenant Receivables			$ 532,636		$ 627,691
Number of closed land transactions \| Transaction		2
Receivable from Golf operations for rounds surcharge			549,000
Allowance for doubtful accounts			14,000		185,000
Cocina 214 Restaurant and Bar
Accounts Receivable
Allowance for doubtful accounts				$ 250,000
Proceeds from rents received	$ 300,000
Other Assets
Accounts Receivable
Income Property Tenant Receivables			533,000		628,000
Accounts receivable related to real estate operations			$ 1,600,000		1,800,000
Assets Held for Sale
Accounts Receivable
Golf Operations Receivables					$ 290,000

LAND AND INVESTMENT IN THE LAND JV - Real Estate Operations Revenues (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenues
Revenue from contract with customer, including assessed tax									$ 852,000	$ 2,966,000	$ 5,191,000
Subsurface Revenue									748,000	1,625,000	3,048,000
Total Revenues	$ 11,963,117	$ 11,329,979	$ 10,688,831	$ 10,959,319	$ 12,040,174	$ 10,443,476	$ 10,805,062	$ 10,369,176	44,941,246	43,657,888	38,650,570
Real Estate Operations
Revenues
Total Revenues	$ 143,003	$ 213,589	$ 260,771	$ 234,901	$ 311,624	$ 1,042,059	$ 750,296	$ 862,450	852,264	2,966,429	5,190,951
Impact Fee and Mitigation Credit Sales
Revenues
Revenue from contract with customer, including assessed tax										1,338,000	2,126,000
Impact Fee and Mitigation Credit Sales \| Real Estate Operations
Revenues
Revenue from contract with customer, including assessed tax										1,338,000	2,126,000
Fill Dirt and Other Revenue
Revenues
Revenue from contract with customer, including assessed tax									104,000	3,000	17,000
Fill Dirt and Other Revenue \| Real Estate Operations
Revenues
Revenue from contract with customer, including assessed tax									104,000	3,000	17,000
Discontinued Operations
Revenues
Revenue from contract with customer, including assessed tax									11,043,000	43,031,000	47,666,000
Discontinued Operations \| Land
Revenues
Revenue from contract with customer, including assessed tax									10,975,000	41,452,000	45,471,000
Discontinued Operations \| Revenue from Reimbursement of Infrastructure Costs
Revenues
Revenue from contract with customer, including assessed tax										1,556,000	1,860,000
Discontinued Operations \| Agriculture
Revenues
Revenue from contract with customer, including assessed tax										$ 23,000	$ 335,000
Discontinued Operations \| Agriculture \| Real Estate Operations
Revenues
Revenue from contract with customer, including assessed tax									$ 68,000

STOCK-BASED COMPENSATION - All Equity and Liability Classified Award Activity (Details) - shares								12 Months Ended
	Feb. 11, 2020	Jan. 23, 2019	Jan. 24, 2018	Feb. 03, 2017	Jan. 25, 2017	Jan. 27, 2016	Jan. 22, 2014	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Shares
Outstanding (in shares)								0
Outstanding (in shares)								0	0
Shares
Outstanding (in shares)								165,032
Granted (in shares)								41,891
Vested / Exercised (in shares)								(18,053)
Outstanding (in shares)								188,870	165,032
Peer Group Market Condition Vesting \| Performance Shares
Shares
Outstanding (in shares)								28,080	12,635
Granted (in shares)		21,195	15,445	12,635				21,195	15,445	12,635
Vested (in shares)	(14,214)
Outstanding (in shares)								49,275	28,080	12,635
Stock Price Vesting \| Restricted Shares
Shares
Outstanding (in shares)								22,000	29,750	69,500
Vested (in shares)									(7,750)	(7,750)
Expired (in shares)										(32,000)
Outstanding (in shares)								22,000	22,000	29,750
Three-Year Vesting \| Restricted Shares
Shares
Outstanding (in shares)								34,952	37,390	37,504
Granted (in shares)		20,696	17,712		17,451	21,100	14,500	20,696	17,712	17,451
Vested (in shares)								(18,053)	(18,883)	(17,298)
Forfeited (in shares)									(1,267)	(267)
Outstanding (in shares)								37,595	34,952	37,390
Amended and Restated 2010 Equity Incentive Plan \| Stock Option Awards
Shares
Outstanding (in shares)								80,000	90,000	113,500
Granted (in shares)								0
Exercised (in shares)								0	(10,000)	(23,500)
Outstanding (in shares)								80,000	80,000	90,000
2001 Stock Option Plan \| Stock Option Awards
Shares
Outstanding (in shares)								0		11,000
Exercised (in shares)										(6,000)
Expired (in shares)										(5,000)
Outstanding (in shares)								0	0
2001 Stock Option Plan \| Stock Options and Stock Appreciation Rights
Shares
Granted (in shares)								0	0	0

LAND AND INVESTMENT IN THE LAND JV - Other Real Estate Assets (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Land and development costs and subsurface interests
Revenue from contract with customer, including assessed tax	$ 852,000	$ 2,966,000	$ 5,191,000
Type of Revenue [Extensible List]	Impact Fee and Mitigation Credit Sales
Mitigation credits	$ 2,322,596	462,040
Mitigation credits sold		1,000,000	1,600,000
Gain on mitigation credits sold		$ 882,000	$ 1,300,000
Gain on mitigation credits sold (in dollars per share)		$ 0.12	$ 0.15
Cash payments received for impact fees		$ 338,000	$ 519,000
LandShark Bar and Grill
Land and development costs and subsurface interests
Cash payments received for impact fees	$ 2,000	72,000
Impact Fee and Mitigation Credit Sales
Land and development costs and subsurface interests
Revenue from contract with customer, including assessed tax		1,338,000	2,126,000
Real Estate Operations \| Cost of revenues
Land and development costs and subsurface interests
Mitigation credits transferred			298,000
Real Estate Operations \| Buc'ees - East of I-95
Land and development costs and subsurface interests
Mitigation credits transferred		124,000
Real Estate Operations \| Impact Fee and Mitigation Credit Sales
Land and development costs and subsurface interests
Revenue from contract with customer, including assessed tax		$ 1,338,000	$ 2,126,000

RELATED PARTY MANAGEMENT SERVICES BUSINESS - Summary of Amounts Due (Details) - Management Agreement PINE $ in Thousands	Dec. 31, 2019 USD ($)
Real Estate [Line Items]
Management Services Fee due from PINE	$ 254
Dividend receivable on OP Units	71
Other	56
Total	$ 381

STOCK-BASED COMPENSATION - Recognized in Financial Statements (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
STOCK-BASED COMPENSATION
Total Cost of Share-Based Plans Charged Against Income Before Tax Effect	$ 2,688,292	$ 1,922,962	$ 1,540,359
Income Tax Expense Recognized in Income	$ (681,348)	$ (487,375)	$ (594,194)

LONG-TERM DEBT - Mortgage Notes Payable (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
LONG-TERM DEBT
Borrowings repaid	$ 103,073,325	$ 55,996,954	$ 35,100,000

LONG-TERM DEBT - Interest Expense (Details) - USD ($)	12 Months Ended
LONG-TERM DEBT - Interest Expense (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
LONG-TERM DEBT
Interest expense	$ 10,665,000	$ 8,655,000	$ 7,034,000
Amortization of Loan Costs	443,902	495,438	509,263
Amortization of Discount on Convertible Notes	1,357,347	1,273,436	1,194,714
Capitalized Interest			(215,000)
Total Interest Expense	12,466,000	10,423,000	8,523,000
Total Interest Paid	$ 10,782,000	$ 8,419,000	$ 7,060,000

STOCK-BASED COMPENSATION - Non-Qualified Stock Option Non-Vested Award Activity (Details) - Amended and Restated 2010 Equity Incentive Plan - Stock Option Awards - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Non-Vested Shares
Outstanding (in shares)		17,000	36,900
Granted (in shares)	0
Vested (in shares)		(17,000)	(19,900)
Outstanding (in shares)			17,000
Stock-based compensation
Fair Value of Shares Vested		$ 952,068	$ 1,094,066
Unrecognized compensation cost (in dollars)	$ 0

ACCRUED AND OTHER LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2019

ACCRUED AND OTHER LIABILITIES

Schedule of components of accrued and other liabilities


	As of
	December 31, 2019		December 31, 2018
Accrued Property Taxes	$	44,232	$	12,312
Reserve for Tenant Improvements		617,968		100,519
Accrued Construction Costs		93,270		350,593
Accrued Interest		1,312,801		1,430,236
Environmental Reserve and Restoration Cost Accrual		205,774		520,404
Operating Leases - Liability		364,888		—
Other		3,048,259		2,783,820
Total Accrued and Other Liabilities	$	5,687,192	$	5,197,884

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONCENTRATION OF CREDIT RISK (Details)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Segment square footage \| Geographic Concentration Risk \| Income Properties \| Florida
CONCENTRATION OF CREDIT RISK
Concentration risk percentage	24.00%
Consolidated revenues \| Office Properties \| Hillsboro, Oregon and Raleigh, North Caroline
CONCENTRATION OF CREDIT RISK
Concentration risk percentage	12.50%	13.50%	15.30%

TREASURY STOCK	12 Months Ended
TREASURY STOCK	Dec. 31, 2019
TREASURY STOCK
TREASURY STOCK	NOTE 14. TREASURY STOCK In January 2019 and November 2019, the Company’s Board of Directors approved two equal increases totaling $20.0 million to the open market stock repurchase program. During the year ended December 31, 2019, the Company repurchased 691,102 shares of its common stock for a total cost of approximately $41.1 million, or an average price per share of $59.46, which includes both open market purchases and the Block Share Repurchase (hereinafter defined). The shares of the Company’s common stock repurchased during the year ended December 31, 2019 were returned to the Company’s treasury and substantially completed the aggregate $20.0 million buyback program. On April 10, 2019, the Company repurchased 320,741 shares of common stock, or approximately 6% of the Company’s outstanding shares, for approximately $18.4 million (the “Block Share Repurchase”). The shares were purchased from investment vehicles managed by Wintergreen Advisers, LLC (collectively, the “Wintergreen Entities”) in connection with the disposition of their entire position in the Company’s common stock (approximately 28% of the Company’s outstanding shares of common stock at the time of the Block Share Repurchase). The shares that were sold by the Wintergreen Entities and not repurchased by the Company were acquired by multiple third-party investors. The Block Share Repurchase was completed outside of the Company’s aggregate $20.0 million buyback program, which was substantially complete as of December 31, 2019.

LAND AND INVESTMENT IN THE LAND JV (Tables)

12 Months Ended

Dec. 31, 2019

LAND AND INVESTMENT IN THE LAND JV

Summary of land and development costs


	December 31,
	2019		2018
Land and Development Costs	$	6,068,810	$	5,001,795
Land, Timber, and Subsurface Interests		663,481		623,050
Total Land and Development Costs	$	6,732,291	$	5,624,845

Schedule of components of real estate operations revenue


	2019		2018		2017
Revenue Description	($000's)		($000's)		($000's)
Land Sales Revenue	$	10,975	$	41,452	$	45,471
Revenue from Reimbursement of Infrastructure Costs		—		1,556		1,860
Agriculture		68		23		335
Total Real Estate Operations Revenue - Discontinued Operations	$	11,043	$	43,031	$	47,666


	2019		2018		2017
Revenue Description	($000's)		($000's)		($000's)
Impact Fee and Mitigation Credit Sales		—		1,338		2,126
Subsurface Revenue		748		1,625		3,048
Fill Dirt and Other Revenue		104		3		17
Total Real Estate Operations Revenue - Continuing Operations	$	852	$	2,966	$	5,191

Schedule of lease payments on respective acreages and drilling penalties received


	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
Lease Year 7 - 9/23/2017 - 9/22/2018	15,000	Hendry		806,683		50,000
Lease Year 8 - 9/23/2018 - 9/22/2019	15,000	Hendry		806,684		150,000
Total Payments			$	10,633,805	$	2,125,000

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - PROPERTY, PLANT, AND EQUIPMENT and GOLF OPERATIONS (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($) item property	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
PROPERTY, PLANT, AND EQUIPMENT
Depreciation \| $	$ 9,900	$ 10,300	$ 7,900
Interest capitalized \| $	$ 0	$ 0	$ 215
Golf Operations
PROPERTY, PLANT, AND EQUIPMENT
Number of golf courses \| property	2
Number of holes to the golf course \| item	18
Number of holes to the golf course practice facility \| item	3
Golf course and clubhouse facility membership period	12 months
Building and Building Improvements \| Golf Operations \| Minimum
PROPERTY, PLANT, AND EQUIPMENT
Useful lives for property, plant, and equipment	10 years
Building and Building Improvements \| Golf Operations \| Maximum
PROPERTY, PLANT, AND EQUIPMENT
Useful lives for property, plant, and equipment	43 years
Equipment \| Golf Operations \| Minimum
PROPERTY, PLANT, AND EQUIPMENT
Useful lives for property, plant, and equipment	3 years
Equipment \| Golf Operations \| Maximum
PROPERTY, PLANT, AND EQUIPMENT
Useful lives for property, plant, and equipment	10 years
Income Properties, Land, Buildings, and Improvements \| Minimum
PROPERTY, PLANT, AND EQUIPMENT
Useful lives for property, plant, and equipment	5 years
Income Properties, Land, Buildings, and Improvements \| Maximum
PROPERTY, PLANT, AND EQUIPMENT
Useful lives for property, plant, and equipment	55 years
Other Furnishings and Equipment \| Minimum
PROPERTY, PLANT, AND EQUIPMENT
Useful lives for property, plant, and equipment	3 years
Other Furnishings and Equipment \| Maximum
PROPERTY, PLANT, AND EQUIPMENT
Useful lives for property, plant, and equipment	20 years

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION - Reconciliation (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
REAL ESTATE AND ACCUMULATED DEPRECIATION
Real Estate Cost for Federal Income Tax Purpose	$ 231,000,000
Total	392,841,899	$ 463,703,673	$ 358,130,350	$ 274,334,139
Income Properties, Land, Buildings, and Improvements
REAL ESTATE AND ACCUMULATED DEPRECIATION
Income Properties, Land, Buildings, and Improvements	$ 392,841,899

COMMON STOCK AND EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2019

COMMON STOCK AND EARNINGS PER SHARE

COMMON STOCK AND EARNINGS PER SHARE

NOTE 13. COMMON STOCK AND EARNINGS PER SHARE

Basic earnings per common share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per common share is based on the assumption of the conversion of stock options and vesting of restricted stock at the beginning of each period using the treasury stock method at average cost for the periods.


	Year Ended
	December 31, 2019		December 31, 2018		December 31, 2017
Income Available to Common Shareholders:
Net Income	$	114,972,858	$	37,167,790	$	41,719,424
Weighted Average Shares Outstanding		4,991,656		5,495,792		5,538,859
Common Shares Applicable to Stock
Options Using the Treasury Stock Method		6,387		33,529		40,933
Total Shares Applicable to Diluted Earnings Per Share		4,998,043		5,529,321		5,579,792

Per Share Information:
Basic
Net Income from Continuing Operations	$	3.32	$	2.72	$	3.92
Net Loss from Discontinued Operations (Net of Tax)		19.71		4.04		3.61
Net Income	$	23.03	$	6.76	$	7.53

Diluted
Net Income from Continuing Operations	$	3.32	$	2.71	$	3.90
Net Loss from Discontinued Operations (Net of Tax)		19.68		4.01		3.58
Net Income	$	23.00	$	6.72	$	7.48

In addition to the dilutive securities presented above, the effect of 7,500, 15,000, and 57,750, potentially dilutive securities were not included for the years ended December 31, 2019, 2018, and 2017, 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 current conversion price of $68.11. The average price of our common stock during the years ended December 31, 2019, 2018, or 2017 did not exceed the conversion price which resulted in no additional diluted outstanding shares.

OTHER ASSETS (Tables)

12 Months Ended

Dec. 31, 2019

OTHER ASSETS

Schedule of components of other assets


	As of
	December 31, 2019		December 31, 2018
Income Property Tenant Receivables	$	532,636	$	627,691
Income Property Straight-line Rent Adjustment		3,352,245		4,304,279
Income Property Lease Incentive		—		2,394,246
Interest Receivable from Commercial Loan Investment		96,604		—
Operating Leases - Right-of-Use Asset		363,631		—
Golf Rounds Surcharge - LPGA		549,251		—
Cash Flow Hedge - Interest Rate Swap		99,021		651,722
Infrastructure Reimbursement Receivables		1,591,445		1,847,375
Deferred Deal Costs		4,787		425,476
Prepaid Expenses, Deposits, and Other		3,113,929		2,634,664
Total Other Assets	$	9,703,549	$	12,885,453

STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2019

STOCK-BASED COMPENSATION

Summary of share activity for all equity classified stock compensation

A summary of share activity for all equity classified stock compensation during the year ended December 31, 2019, is presented below:


	Shares					Shares
	Outstanding at	Granted	Vested / Exercised	Expired	Forfeited	Outstanding at
Type of Award	1/1/2019	Shares	Shares	Shares	Shares	12/31/2019
Equity Classified - Performance Share Awards - Peer Group Market Condition Vesting	28,080	21,195	—	—	—	49,275
Equity Classified - Market Condition Restricted Shares - Stock Price Vesting	22,000	—	—	—	—	22,000
Equity Classified - Three Year Vest Restricted Shares	34,952	20,696	(18,053)	—	—	37,595
Equity Classified - Non-Qualified Stock Option Awards	80,000	—	—	—	—	80,000
Total Shares	165,032	41,891	(18,053)	—	—	188,870

Schedule of amounts recognized for stock options, stock appreciation rights, and restricted stock


	Year Ended
	December 31, 2019		December 31, 2018		December 31, 2017
Total Cost of Share-Based Plans Charged Against Income Before Tax Effect	$	2,688,292	$	1,922,962	$	1,540,359

Income Tax Expense Recognized in Income	$	(681,348)	$	(487,375)	$	(594,194)

Summary of stock appreciation rights activity


				Wtd. Avg.
				Remaining
				Contractual	Aggregate
		Wtd. Avg.		Term	Intrinsic
Liability-Classified Stock Appreciation Rights	Shares	Fair Value		(Years)	Value
Outstanding at January 1, 2017	11,000	$	1.33
Granted	—		—
Exercised	(6,000)		3.84
Expired	(5,000)		—
Forfeited	—		—
Outstanding at December 31, 2017	—		—
Granted	—		—
Exercised	—		—
Expired	—		—
Forfeited	—		—
Outstanding at December 31, 2018	—		—
Granted	—		—
Exercised	—		—
Expired	—		—
Forfeited	—		—
Outstanding at December 31, 2019	—	$	—	—	$	—
Exercisable at December 31, 2019	—	$	—	—	$	—

Peer Group Market Condition Vesting

STOCK-BASED COMPENSATION

Summary of performance share awards activity

A summary of activity during the years ended December 31, 2019, 2018, and 2017 is presented below:


		Wtd. Avg.
Performance Shares with Market Conditions	Shares	Fair Value
Outstanding at January 1, 2017	—	$	—
Granted	12,635		55.66
Vested	—		—
Expired	—		—
Forfeited	—		—
Outstanding at December 31, 2017	12,635		55.66
Granted	15,445		74.99
Vested	—		—
Expired	—		—
Forfeited	—		—
Outstanding at December 31, 2018	28,080		66.29
Granted	21,195		64.66
Vested	—		—
Expired	—		—
Forfeited	—		—
Outstanding at December 31, 2019	49,275	$	65.59

Stock Price Vesting

STOCK-BASED COMPENSATION

Summary of nonvested restricted stock award activity

A summary of the activity for these awards during the years ended December 31, 2019, 2018, and 2017 is presented below:


		Wtd. Avg.
Market Condition Non-Vested Restricted Shares	Shares	Fair Value
Outstanding at January 1, 2017	69,500	$	27.03
Granted	—		—
Vested	(7,750)		34.30
Expired	(32,000)		14.08
Forfeited	—		—
Outstanding at December 31, 2017	29,750		39.07
Granted	—		—
Vested	(7,750)		31.58
Expired	—		—
Forfeited	—		—
Outstanding at December 31, 2018	22,000		41.71
Granted	—		—
Vested	—		—
Expired	—		—
Forfeited	—		—
Outstanding at December 31, 2019	22,000	$	41.71

Three-Year Vesting

STOCK-BASED COMPENSATION

Summary of nonvested restricted stock award activity

A summary of activity for these awards during the years ended December 31, 2019, 2018, and 2017, is presented below:


		Wtd. Avg.
		Fair Value
Three Year Vest Non-Vested Restricted Shares	Shares	Per Share
Outstanding at January 1, 2017	37,504	$	47.53
Granted	17,451		55.06
Vested	(17,298)		46.70
Expired	—		—
Forfeited	(267)		52.51
Outstanding at December 31, 2017	37,390		51.39
Granted	17,712		65.33
Vested	(18,883)		51.57
Expired	—		—
Forfeited	(1,267)		59.39
Outstanding at December 31, 2018	34,952		58.07
Granted	20,696		58.78
Vested	(18,053)		54.43
Expired	—		—
Forfeited	—		—
Outstanding at December 31, 2019	37,595	$	60.21

Amended and Restated 2010 Equity Incentive Plan

STOCK-BASED COMPENSATION

Summary of activity for stock option awards

A summary of the activity for these awards during the years ended December 31, 2019, 2018, and 2017, 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, 2017	113,500	$	49.03
Granted	—		—
Exercised	(23,500)		34.95
Expired	—		—
Forfeited	—		—
Outstanding at December 31, 2017	90,000		52.71
Granted	—		—
Exercised	(10,000)		29.34
Expired	—		—
Forfeited	—		—
Outstanding at December 31, 2018	80,000		55.63
Granted	—		—
Exercised	—		—
Expired	—		—
Forfeited	—		—
Outstanding at December 31, 2019	80,000	$	55.63	5.26	$	375,400
Exercisable at January 1, 2019	80,000	$	55.63	6.50	$	25,000
Exercisable at December 31, 2019	80,000	$	55.63	5.26	$	375,400

Summary of non-vested stock option awards

A summary of the non-vested options for these awards during the years ended December 31, 2019, 2018, and 2017, is presented below:


		Fair Value
		of Shares
Non-Qualified Stock Option Awards	Shares	Vested
Non-Vested at January 1, 2017	36,900
Granted	—
Vested	(19,900)	$	1,094,066
Expired	—
Forfeited	—
Non-Vested at December 31, 2017	17,000
Granted	—
Vested	(17,000)	$	952,068
Expired	—
Forfeited	—
Non-Vested at December 31, 2018	—
Granted	—
Vested	—	$	—
Expired	—
Forfeited	—
Non-Vested at December 31, 2019	—

2001 Stock Option Plan

STOCK-BASED COMPENSATION

Summary of activity for stock option awards


				Wtd. Avg.
				Remaining
				Contractual	Aggregate
		Wtd. Avg.		Term	Intrinsic
Liability-Classified Stock Options	Shares	Ex. Price		(Years)	Value
Outstanding at January 1, 2017	11,000	$	63.87
Granted	—		—
Exercised	(6,000)		52.73
Expired	(5,000)		52.73
Forfeited	—		—
Outstanding at December 31, 2017	—		—
Granted	—		—
Exercised	—		—
Expired	—		—
Forfeited	—		—
Outstanding at December 31, 2018	—		—
Granted	—		—
Exercised	—		—
Expired	—		—
Forfeited	—		—
Outstanding at December 31, 2019	—	$	—	—	$	—
Exercisable at December 31, 2019	—	$	—	—	$	—

INCOME TAXES - Components of Provision (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
INCOME TAXES
Federal - Current	$ (225,495)	$ (231,239)	$ 1,729,007
State - Current	19,998	(127,470)	153,234
Total - Current	(205,497)	(358,709)	1,882,241
Federal - Deferred	(4,973,699)	(5,380,837)	18,959,360
State - Deferred	(292,982)	(285,602)	1,639,922
Total - Deferred	$ (5,266,681)	$ (5,666,439)	$ 20,599,282

INVESTMENTS IN JOINT VENTURES - General information (Details)	1 Months Ended	12 Months Ended
	Dec. 31, 2019 USD ($) instrument item	Dec. 31, 2019 USD ($) a instrument	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Aug. 06, 2018 item	Jun. 08, 2018 state
Schedule of Equity Method Investments [Line Items]
Land sale acres \| a		5,400
Number of state credits awarded \| item					88.84
Gain on Sale		$ 133,000,000		$ 31,800,000
Gross Sales Price		108,000,000		$ 45,500,000
Investment in Joint Ventures	$ 55,736,668	55,736,668	$ 6,788,034
Mitigation credits, Put Right, fair value	$ 1,900,000	1,900,000
Number of mitigation credits \| item	25
Mitigation credits value per credit.	$ 75,000	$ 75,000
Maximum
Schedule of Equity Method Investments [Line Items]
Number of state credits awarded \| state						355
Land Sales \| Mitigation Bank West of Interstate Ninety Five
Schedule of Equity Method Investments [Line Items]
Land sales, ownership interest sold (as a percent)		70.00%
Land sale acres \| a		2,492
Land sales, non-controlling interest (as a percent)	30.00%	30.00%
Gain on Sale		$ 18,400,000
Gross Sales Price		$ 15,300,000
Black Rock
Schedule of Equity Method Investments [Line Items]
Sale of interest in joint venture		70.00%
Consolidated Tomoka Land Co
Schedule of Equity Method Investments [Line Items]
Investment in Joint Ventures			$ 6,800,000
Interest in the joint venture (as a percent)			30.00%
Mitigation Bank
Schedule of Equity Method Investments [Line Items]
Sale of interest in joint venture			70.00%
Investment in Joint Ventures	$ 6,900,000	$ 6,900,000	$ 6,800,000
Interest in the joint venture (as a percent)		30.00%	30.00%
Mitigation credits, Operating Agreement, credit sales, Minimum Sales Requirement, minimum revenue, net of commissions	$ 6,000,000	$ 6,000,000
Mitigation credits, Operating Agreement, credit sales, Minimum Sales Requirement, maximum credits, number \| instrument	60	60
Mitigation credits, Operating Agreement, credit sales, Minimum Sales Guarantee, fair value			$ 100,000
Mitigation credits, Put Right, maximum credits the Company must purchase, per quarter, number \| instrument	8.536	8.536
Mitigation credits, Put Right, maximum credits the Company must purchase, per quarter, price to fair value (as a percent)	60.00%	60.00%
Mitigation credits, Put Right, third-party credit sales, reduction in Put Rights outstanding if sales price equals or exceeds price stipulated by Put Right, ratio	1	1
Mitigation credits, Put Right, maximum potential future payments	$ 27,000,000	$ 27,000,000
Mitigation credits, Put Right, fair value			$ 200,000

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2019

INCOME TAXES

Schedule of total income tax benefit (expense)


	Year ended December 31,
	2019		2018		2017
Income Tax (Expense) Benefit from Continuing Operations	$	(5,472,178)	$	(6,025,148)	$	22,481,523
Income Tax (Expense) Benefit from Discontinued Operations		(32,641,194)		(7,529,596)		(12,546,257)
Total Consolidated Income Tax Benefit (Expense)	$	(38,113,372)	$	(13,554,744)	$	9,935,266

Summary of provisions for income tax benefit (expense)


	2019				2018				2017
	Current		Deferred		Current		Deferred		Current		Deferred
Federal	$	(225,495)	$	(4,973,699)	$	(231,239)	$	(5,380,837)	$	1,729,007	$	18,959,360
State		19,998		(292,982)		(127,470)		(285,602)		153,234		1,639,922
Total	$	(205,497)	$	(5,266,681)	$	(358,709)	$	(5,666,439)	$	1,882,241	$	20,599,282

Summary of deferred income tax assets (liabilities)


	Deferred Tax
	2019		2018
Deferred Income Tax Assets
Depreciation	$	4,785,992	$	4,904,976
Intangible Lease Liabilities		6,503,574		7,111,608
Income Property Tenant Contributions		732,172		1,069,882
Impairment Reserves		92,751		1,393,415
Stock Options and Restricted Stock		1,274,694		977,210
Capital Loss Carryforward		20,750		20,750
Deferred Oil Lease Income		—		121,323
Other - Net		6,638		44,967
Gross Deferred Income Tax Assets		13,416,571		15,644,131
Less - Valuation Allowance		(272,966)		(272,966)
Net Deferred Income Tax Assets		13,143,605		15,371,165
Deferred Income Tax Liabilities
Sales of Real Estate		(87,353,465)		(67,388,733)
Income Property Lease Incentive		—		(606,820)
Discount on Equity Component of Convertible Debt		(42,400)		(238,200)
Basis Differences in Joint Ventures		(11,789,044)		(764,566)
Basis Difference in Alpine Income Property OP, LP		(3,979,966)		—
Interest Rate Swap		(73,924)		(486,543)
Deferred Revenue (Net of Straight-line Rent Adjustments)		(186,979)		(578,034)
Other - Net		—		(78,176)
Total Deferred Income Tax Liabilities		(103,425,778)		(70,141,072)
Net Deferred Income Tax Liabilities	$	(90,282,173)	$	(54,769,907)

Schedule of reconciliation of income tax computed at the federal statutory rate


	Year ended December 31,
	2019		2018		2017
Income Tax (Expense) Benefit Computed at Federal Statutory Rate	$	(4,410,318)	$	(4,557,366)	$	245,168
Increase (Decrease) Resulting from:
State Income Tax, Net of Federal Income Tax Benefit		(1,075,960)		(1,363,007)		39,677
Income Tax on Permanently Non-Deductible Items		(85,842)		(31,466)		66,015
Change in Corporate Federal Tax Rate		—		—		22,249,536
Other Reconciling Items		99,942		(73,309)		(118,873)
Benefit (Expense) for Income Taxes	$	(5,472,178)	$	(6,025,148)	$	22,481,523

INVESTMENT SECURITIES (Tables)

12 Months Ended

Dec. 31, 2019

INVESTMENT SECURITIES

Schedule of marketable securities


	As of December 31, 2019
	Cost		Unrealized Gains in Investment Income		Unrealized Losses in Investment Income		Estimated Fair Value (Level 1 and 2 Inputs)
Common Stock	$	15,500,000	$	24,484	$	—	$	15,524,484
Operating Units		23,253,230		36,711		—		23,289,941
Total Equity Securities		38,753,230		61,195		—		38,814,425
Total Investment Securities	$	38,753,230	$	61,195	$	—	$	38,814,425

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - RECENTLY ISSUED ACCOUNTING STANDARDS - General Information (Details)	Dec. 31, 2019
Accounting Standards Update 2016-01
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adopted	true
Change in Accounting Principle, Accounting Standards Update, Adoption Date	Jan. 01, 2018
Change in Accounting Principle, Accounting Standards Update, Early Adoption	false
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Change in Accounting Principle, Accounting Standards Update, Early Adoption	false
Accounting Standards Update 2016-15
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adopted	true
Change in Accounting Principle, Accounting Standards Update, Adoption Date	Jan. 01, 2018
Change in Accounting Principle, Accounting Standards Update, Early Adoption	false
Accounting Standards Update 2016-18
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adopted	false
Change in Accounting Principle, Accounting Standards Update, Adoption Date	Jan. 01, 2018
Change in Accounting Principle, Accounting Standards Update, Early Adoption	false
Accounting Standards Update 2018-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Change in Accounting Principle, Accounting Standards Update, Early Adoption	false

INCOME PROPERTIES - General Information (Details)				12 Months Ended
INCOME PROPERTIES - General Information (Details)	Nov. 26, 2019 USD ($) tenant property shares	Jul. 16, 2019 USD ($) Options	Mar. 23, 2019 USD ($) ft²	Dec. 31, 2019 USD ($) ft² Options property shares	Dec. 31, 2018 USD ($) ft² building property	Dec. 31, 2017 USD ($) property	Aug. 07, 2019 USD ($) a	Jun. 24, 2019 USD ($) ft²	Feb. 21, 2019 USD ($) ft²	Mar. 26, 2018 USD ($)	Dec. 31, 2016 USD ($)
Acquisitions of Income Properties
Number of real estate properties \| property				34
Payments to Acquire Commercial Real Estate				$ 164,670,000
Number of properties in the disposal group \| property					4
Stock Issuance				531,914	$ 238,712	$ 103,136
Gain on sale of properties (in dollars per share)				$ 20.60		3.51
Area of real estate property \| ft²				502,626
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate				$ 34,625,173		11,925,699					$ 23,960,467
Aggregate outstanding principal balance				$ 34,570,000
Amount allocated of total acquisition cost
Weighted average amortization period of intangible assets				13 years
Weighted average amortization period of intangible liabilities				13 years
Real Estate Operations
Acquisitions of Income Properties
Payments to Acquire Commercial Real Estate					$ 106,600,000
2019 dispositions
Acquisitions of Income Properties
Number of properties disposed for cash \| property	15
Number of properties disposed for units \| property	5
Gain on sale of properties (in dollars per share)	$ 0.16
Gain on Sale	$ 1,000,000
Carpenter Hotel-400 Josephine Street, Austin, TX
Acquisitions of Income Properties
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate				$ 16,443,942
Aggregate outstanding principal balance				$ 16,250,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 2019 dispositions \| Single-tenant
Acquisitions of Income Properties
Number of properties sold \| property				21
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 2019 dispositions \| Multi-tenant
Acquisitions of Income Properties
Number of properties sold \| property					3
Daytona Beach, FL
Acquisitions of Income Properties
Sales price										$ 11,400,000
Aspen, Colorado
Acquisitions of Income Properties
Payments to Acquire Commercial Real Estate					$ 28,000,000
Alpine
Acquisitions of Income Properties
Units issued \| shares	2,040,000
Percentage of investment in PINE	22.30%			22.30%
Alpine \| 2019 dispositions
Acquisitions of Income Properties
Units issued \| shares	2,040,000
Alpine \| 2019 dispositions \| Single-tenant
Acquisitions of Income Properties
Number of properties in the disposal group \| tenant	20
Alpine \| OP Units
Acquisitions of Income Properties
Sales price	$ 125,900,000
Units issued \| shares	1,223,854			1,223,854
Stock Issuance	$ 23,300,000			$ 23,300,000
Alpine \| OP Units \| 2019 dispositions
Acquisitions of Income Properties
Stock Issuance	$ 15,500,000
Alpine \| Common Stock \| 2019 dispositions
Acquisitions of Income Properties
Units issued \| shares	815,790
Percentage of investment in PINE	22.30%
2019 acquisitions of income property subject to lease
Acquisitions of Income Properties
Aggregate acquisition cost including capitalized acquisition costs				$ 165,700,000
Amount allocated of total acquisition cost
Weighted average amortization period of intangible assets				9 years 8 months 12 days
Weighted average amortization period of intangible liabilities				9 years 8 months 12 days
2019 acquisitions of income property subject to lease \| Single-tenant
Acquisitions of Income Properties
Number of real estate properties \| property				10
2019 acquisitions of income property subject to lease \| Multi-tenant
Acquisitions of Income Properties
Number of real estate properties \| property				1
2019 acquisitions of income property subject to lease \| Nonrecurring basis
Acquisitions of Income Properties
Land				$ 45,600,000
Buildings and improvements				83,500,000
Intangible assets pertaining to the in-place lease value, leasing fees and above market lease value				23,400,000
Intangible liabilities for below market lease value				$ 3,100,000
2017 acquisitions of income property subject to a lease
Acquisitions of Income Properties
Payments to Acquire Commercial Real Estate						79,800,000
Aggregate acquisition cost including capitalized acquisition costs						$ 80,600,000
Amount allocated of total acquisition cost
Weighted average amortization period of intangible assets						8 years 10 months 24 days
Weighted average amortization period of intangible liabilities						8 years 10 months 24 days
2017 acquisitions of income property subject to a lease \| Single-tenant
Acquisitions of Income Properties
Number of real estate properties \| property						4
2017 acquisitions of income property subject to a lease \| Multi-tenant
Acquisitions of Income Properties
Number of real estate properties \| property						2
2017 acquisitions of income property subject to a lease \| Nonrecurring basis
Acquisitions of Income Properties
Land						$ 28,000,000
Buildings and improvements						45,200,000
Intangible assets pertaining to the in-place lease value, leasing fees and above market lease value						9,300,000
Intangible liabilities for below market lease value						$ 1,900,000
2018 acquisitions of income property subject to a lease \| Real Estate Operations
Acquisitions of Income Properties
Aggregate acquisition cost including capitalized acquisition costs					$ 107,800,000
Amount allocated of total acquisition cost
Weighted average amortization period of intangible assets					13 years 2 months 12 days
Weighted average amortization period of intangible liabilities					13 years 2 months 12 days
2018 acquisitions of income property subject to a lease \| Single-tenant
Acquisitions of Income Properties
Number of real estate properties \| property				10	11
2018 acquisitions of income property subject to a lease \| Multi-tenant
Acquisitions of Income Properties
Number of real estate properties \| property				1
2018 acquisitions of income property subject to a lease \| Nonrecurring basis \| Real Estate Operations
Acquisitions of Income Properties
Land					$ 47,900,000
Buildings and improvements					45,600,000
Intangible assets pertaining to the in-place lease value, leasing fees and above market lease value					15,600,000
Intangible liabilities for below market lease value					$ 1,300,000
Concierge Office Building
Acquisitions of Income Properties
Area of real estate property \| ft²					22,012
Williamson Business Park office building
Acquisitions of Income Properties
Gain on sale of properties (in dollars per share)					$ 0.49
Area of real estate property \| ft²					15,360
Gain on Sale					$ 3,700,000
Area of real estate property leased \| ft²					7,600
Lease term					5 years
Mason Commerce Center
Acquisitions of Income Properties
Area of real estate property \| ft²					30,720
Number of office building \| building					2
Whole Foods \| Sarasota, FL \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Acquisitions of Income Properties
Sales price									$ 24,600,000
Gain on sale of properties (in dollars per share)				$ 0.96
Area of real estate property \| ft²									59,000
Gain on Sale				6,900,000
3600 Peterson \| Santa Clara, CA \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Acquisitions of Income Properties
Sales price								$ 37,000,000
Gain on sale of properties (in dollars per share)				1.36
Area of real estate property \| ft²								76,000
Gain on Sale				9,000,000
The Grove \| Winter Park, FL \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Acquisitions of Income Properties
Sales price			$ 18,300,000
Gain on sale of properties (in dollars per share)				0.42
Gain on Sale				2,800,000
Area of real estate property leased \| ft²			112,000
Wawa Sale \| Winter Park, FL \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Acquisitions of Income Properties
Sales price							$ 2,800,000
Gain on sale of properties (in dollars per share)				0.33
Area of real estate property \| a							1.56
Gain on Sale				2,100,000
Beachfront restaurant properties \| Daytona Beach, FL \| Cocina 214
Acquisitions of Income Properties
Amount funded to tenants		$ 1,000,000
Collection of lease rent		300,000
Payments for Tenant Improvements		$ 693,000
Beachfront restaurant properties \| Daytona Beach, FL \| Broken Hook LLC
Acquisitions of Income Properties
Lease term		10 years
Option to extend		true
Number of renewal options \| Options		4
Renewal term		5 years
2019 acquisitions of income property subject to lease - Carpenter Hotel
Acquisitions of Income Properties
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate				$ 16,250,000
Number Of Tenant Repurchase Options \| Options				2

INTANGIBLE ASSETS AND LIABILITIES - Amortization (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
INTANGIBLE ASSETS AND LIABILITIES
Depreciation and Amortization Expense	$ 5,854,000	$ 5,872,000	$ 4,776,000
Increase to Income Properties Revenue	(2,382,874)	(2,338,531)	(2,193,957)
Net Amortization of Intangible Assets and Liabilities	$ 3,471,000	$ 3,533,000	$ 2,582,000

BUSINESS SEGMENT DATA - Summary of Operations in Different Segments (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Business segment data
Total Revenues	$ 11,963,117	$ 11,329,979	$ 10,688,831	$ 10,959,319	$ 12,040,174	$ 10,443,476	$ 10,805,062	$ 10,369,176	$ 44,941,246	$ 43,657,888	$ 38,650,570
Operating Income	4,078,876	5,484,975	14,632,126	10,002,714	2,383,124	2,769,587	20,846,836	5,385,651	34,198,691	31,385,198	7,744,993
Gain on Disposition of Assets	1,108,269	2,187,332	11,811,907	6,869,957			18,384,808	3,650,858	21,977,465	22,035,666	38
Depreciation and Amortization	4,089,568	4,286,836	4,074,587	3,346,287	4,452,647	3,756,507	3,755,546	3,796,823	15,797,278	15,761,523	12,314,700
Identifiable Assets	703,286,203				556,329,872				703,286,203	556,329,872
Operating Segments
Business segment data
Operating Income									34,198,691	31,385,199	7,744,993
Gain on Disposition of Assets									21,977,465	22,035,666	38
Capital Expenditures									187,525,624	113,764,212	97,627,672
General and Corporate Expense
Business segment data
Operating Income									(25,615,353)	(25,546,893)	(22,567,310)
Income Properties
Business segment data
Total Revenues	10,594,870	10,260,831	10,375,295	10,724,418	11,728,550	9,360,155	9,781,299	9,205,727	41,955,414	40,075,731	31,406,930
Depreciation and Amortization									15,774,228	15,728,095	12,272,265
Identifiable Assets	464,285,272				492,093,615				464,285,272	492,093,615
Income Properties \| Operating Segments
Business segment data
Operating Income									34,955,413	31,905,648	24,489,187
Capital Expenditures									166,683,689	108,996,747	92,125,062
Management Services
Business segment data
Total Revenues	304,553								304,553
Identifiable Assets	0				0				0	0
Management Services \| Operating Segments
Business segment data
Operating Income									304,553
Commercial Loan Investments
Business segment data
Total Revenues	920,691	855,559	52,765			41,262	273,467	300,999	1,829,015	615,728	2,052,689
Identifiable Assets	35,742,218								35,742,218
Commercial Loan Investments \| Operating Segments
Business segment data
Operating Income									1,829,015	615,728	2,052,689
Capital Expenditures									18,046,450		3,000,000
Real Estate Operations
Business segment data
Total Revenues	143,003	$ 213,589	$ 260,771	$ 234,901	311,624	$ 1,042,059	$ 750,296	$ 862,450	852,264	2,966,429	5,190,951
Identifiable Assets	65,554,619				14,315,805				65,554,619	14,315,805
Real Estate Operations \| Operating Segments
Business segment data
Operating Income									747,598	2,375,050	3,770,389
Capital Expenditures									2,791,137	4,658,956
Land Operations
Business segment data
Identifiable Assets	833,167				20,971,754				833,167	20,971,754
Golf Operations
Business segment data
Gain on Disposition of Assets	15,000
Identifiable Assets					4,462,477					4,462,477
Golf Operations \| Operating Segments
Business segment data
Capital Expenditures										94,734	2,373,894
Corporate and Other
Business segment data
Depreciation and Amortization									23,050	33,428	42,435
Identifiable Assets	$ 136,870,927				$ 24,486,221				136,870,927	24,486,221
Corporate and Other \| Operating Segments
Business segment data
Capital Expenditures									$ 4,348	$ 13,775	$ 128,716

INVESTMENT SECURITIES

12 Months Ended

Dec. 31, 2019

INVESTMENT SECURITIES

INVESTMENT SECURITIES

NOTE 8. INVESTMENT SECURITIES

On November 26, 2019, the Company purchased 394,737 shares of PINE common stock for a total purchase price of $7.5 million (the “Private Placement”). Also, on November 26, 2019, the Company purchased 421,053 shares of PINE common stock in the IPO for a total purchase price of $8.0 million. Including the Company’s investment in PINE as a result of receiving 1,223,854 OP Units, the Company owns, in the aggregate, approximately 2.04 million shares of PINE, or approximately 22.3% of PINE’s total shares outstanding for approximately $38.8 million. The Company has elected the fair value option related to the aggregate investment in securities of PINE pursuant to ASC 825, otherwise such investments would have been accounted for under the equity method.


	As of December 31, 2019
	Cost		Unrealized Gains in Investment Income		Unrealized Losses in Investment Income		Estimated Fair Value (Level 1 and 2 Inputs)
Common Stock	$	15,500,000	$	24,484	$	—	$	15,524,484
Operating Units		23,253,230		36,711		—		23,289,941
Total Equity Securities		38,753,230		61,195		—		38,814,425
Total Investment Securities	$	38,753,230	$	61,195	$	—	$	38,814,425

The Company had no investment securities as of December 31, 2018 or 2017.

LAND AND INVESTMENT IN THE LAND JV - Land and Development Costs (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
LAND AND INVESTMENT IN THE LAND JV
Land and Development Costs	$ 6,068,810	$ 5,001,795
Land, Timber, and Subsurface Interests	663,481	623,050
Total Land and Development Costs	$ 6,732,291	$ 5,624,845

LONG-TERM DEBT - Convertible Notes (Details)		3 Months Ended
LONG-TERM DEBT - Convertible Notes (Details)	Mar. 11, 2015 USD ($) $ / shares	Dec. 31, 2017 $ / shares	Dec. 31, 2019 USD ($)	Dec. 31, 2018	Mar. 31, 2015 $ / shares
Long-term debt
Face amount of debt			$ 288,729,722
Unamortized debt discount of notes			293,922
4.50% Convertible Senior Notes due 2020
Long-term debt
Face amount of debt	$ 75,000,000		$ 75,000,000
Stated interest rate (as a percent)			4.50%	4.50%
Debt instrument conversion ratio	0.0145136	0.0145515
Conversion price per share \| $ / shares	$ 68.90	$ 68.11			$ 68.11
Sinking fund provided			$ 0
Unamortized debt discount of notes	$ 6,100,000		$ 293,000
Debt discount, cash portion	2,600,000
Debt discount, equity component	$ 3,500,000

OTHER ASSETS (Details)	12 Months Ended
OTHER ASSETS (Details)	Dec. 31, 2019 USD ($) installment property	Dec. 31, 2018 USD ($) building	Dec. 31, 2017 USD ($)
Other Assets
Income Property Tenant Receivables	$ 532,636	$ 627,691
Income Property Straight-line Rent Adjustment	3,352,245	4,304,279
Income Property Lease Incentive		2,394,246
Interest Receivable from Commercial Loan Investment	96,604
Operating Leases - Right-of-Use Asset	363,631
Golf Rounds Surcharge - LPGA	549,251
Cash Flow Hedge - Interest Rate Swap	99,021	651,722
Infrastructure Reimbursement Receivables	1,591,445	1,847,375
Deferred Deal Costs	4,787	425,476
Prepaid Expenses, Deposits, and Other	3,113,929	2,634,664
Total Other Assets	$ 9,703,549	12,885,453
Number of real estate properties \| property	34
Deal Costs for Completed Transactions	$ 322,000	380,000	$ 717,000
Deal Costs for Incomplete Transactions	552,000	150,000	$ 15,000
Tanger
Other Assets
Infrastructure Reimbursement Receivables	$ 1,200,000
Number of installments to repay infrastructure reimbursement receivable \| installment	7
Infrastructure reimbursement receivables, installment payment amounts	$ 175,000
Infrastructure reimbursement receivable, discount	134,000
Sam's Club
Other Assets
Infrastructure Reimbursement Receivables	$ 550,000
Number of installments to repay infrastructure reimbursement receivable \| installment	5
Infrastructure reimbursement receivables, installment payment amounts	$ 110,000
Infrastructure reimbursement receivable, discount	$ 50,000
Hilton Grand Vacations
Other Assets
Income Property Lease Incentive		$ 2,400,000
Number of real estate properties \| building		2
Funding for tenant improvements		$ 2,700,000

DEFERRED REVENUE - Rent Paid in Advance (Details) - USD ($)		12 Months Ended
	Feb. 21, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Mar. 31, 2018	Sep. 20, 2017	Dec. 31, 2011
Deferred revenue
Lease revenue		$ 41,956,000	$ 40,076,000	$ 31,407,000
Tenant contribution		1,000,000
Total deferred revenue		5,830,720	6,370,284
Tenant Contributions			1,900,000
Acquisition of Property, Plant, and Equipment and Intangible Lease Assets and Liabilities		150,704,654	109,394,481	94,627,373
Master tenant funded incurred related to property acquisition from their leasing reserve escrow		935,000
Aggregate contributions related to total acquisition cost will be recognized into income property rental revenue over the remaining term of the lease		29,000,000
Oil exploration
Deferred revenue
Lease revenue		598,000	807,000	$ 807,000
Lease Payment		10,633,805
Aspen, Colorado
Deferred revenue
Lease revenue		223,000
Total deferred revenue		2,200,000
Tenant Contributions	$ 1,500,000	1,500,000	$ 1,500,000
Acquisition of Property, Plant, and Equipment and Intangible Lease Assets and Liabilities	$ 28,000,000
Florida
Deferred revenue
Lease revenue		212,000
Total deferred revenue		677,000
Tenant Contributions		$ 1,900,000
Maximum \| Oil exploration
Deferred revenue
Lease term		8 years				13 years	8 years
Lease Payment		$ 807,000
Buc'ees - East of I-95
Deferred revenue
Escrow reserve					$ 831,000
Remaining gain to be recognized					831,000
Total deferred revenue					$ 25,000
Cocina 214
Deferred revenue
Lease revenue		$ 690,000

INCOME TAXES - Sources of Deferred Income Tax Assets (Liabilities) (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Deferred Income Tax Assets
Depreciation	$ 4,785,992	$ 4,904,976
Intangible Lease Liabilities	6,503,574	7,111,608
Income Property Lease Incentive	732,172	1,069,882
Impairment Reserves	92,751	1,393,415
Stock Options and Restricted Stock	1,274,694	977,210
Capital Loss Carryforward	20,750	20,750
Deferred Oil Lease Income		121,323
Other - Net	6,638	44,967
Gross Deferred Income Tax Assets	13,416,571	15,644,131
Less - Valuation Allowance	(272,966)	(272,966)
Net Deferred Income Tax Assets	13,143,605	15,371,165
Deferred Income Tax Liabilities
Sales of Real Estate	(87,353,465)	(67,388,733)
Income Property Tenant Contributions		(606,820)
Discount on Equity Component of Convertible Debt	(42,400)	(238,200)
Basis Difference in Joint Venture	(11,789,044)	(764,566)
Basis Difference in Alpine Income Property OP, LP	(3,979,966)
Interest Rate Swap	(73,924)	(486,543)
Deferred Revenue (Net of Straight-line Rent Adjustments)	(186,979)	(578,034)
Other - Net		(78,176)
Total Deferred Income Tax Liabilities	(103,425,778)	(70,141,072)
Net Deferred Income Tax Liabilities	$ (90,282,173)	$ (54,769,907)

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2019

FAIR VALUE OF FINANCIAL INSTRUMENTS

Schedule of carrying value and estimated fair value of financial instruments


	December 31, 2019				December 31, 2018
	Carrying		Estimated		Carrying		Estimated
	Value		Fair Value		Value		Fair Value
Cash and Cash Equivalents - Level 1	$	6,474,637	$	6,474,637	$	2,310,489	$	2,310,489
Restricted Cash - Level 1		128,430,049		128,430,049		19,721,475		19,721,475
Commercial Loan Investments - Level 2		34,625,173		35,001,997		—		—
Long-Term Debt - Level 2		287,218,303		288,830,346		247,624,811		248,765,650

Schedule of fair value of assets measured on recurring basis by Level

The following table presents the fair value of assets measured on a recurring basis by Level at December 31, 2019:


			Fair Value at Reporting Date Using
			Quoted Prices in				Significant
			Active Markets		Significant Other		Unobservable
			for Identical		Observable Inputs		Inputs
	12/31/2019		Assets (Level 1)		(Level 2)		(Level 3)
Cash Flow Hedge - Interest Rate Swap	$	99,021	$	—	$	99,021	$	—
Investment Securities		38,814,425		38,814,425		—		—
Total	$	38,814,425	$	38,814,425	$	—	$	—

The following table presents the fair value of assets measured on a recurring basis by Level at December 31, 2018:


			Fair Value at Reporting Date Using
			Quoted Prices in				Significant
			Active Markets		Significant Other		Unobservable
			for Identical		Observable Inputs		Inputs
	12/31/2018		Assets (Level 1)		(Level 2)		(Level 3)
Cash Flow Hedge - Interest Rate Swap	$	651,722	$	—	$	651,722	$	—
Total	$	651,722	$	—	$	651,722	$	—

LAND AND INVESTMENT IN THE LAND JV - Land Sales and Impairments (Details)		12 Months Ended
	Oct. 16, 2019 USD ($)	Dec. 31, 2019 USD ($) a Transaction	Dec. 31, 2018 USD ($) a	Dec. 31, 2017 USD ($) a Transaction	Mar. 31, 2018 USD ($)
Land and development costs and subsurface interests
Number of land sale transactions \| Transaction		5
Mitigation credits sold			$ 1,000,000	$ 1,600,000
No. of Acres \| a		5,400
Gross Sales Price		$ 108,000,000		45,500,000
Gain on Sale		133,000,000		31,800,000
Gain on disposal per share		20.60		3.51
Land JV
Land and development costs and subsurface interests
Gross Sales Price		48,900,000
Gain on Sale	$ 48,900,000
Gain on disposal per share	7.59
Undeveloped land
Land and development costs and subsurface interests
Impairment charges		0	0	$ 0
Buc'ees - East of I-95
Land and development costs and subsurface interests
Escrow reserve					$ 831,000
Remaining gain to be recognized					$ 831,000
Third Nadg Land Sale
Land and development costs and subsurface interests
Number of land sale transactions \| Transaction				2
No. of Acres \| a				46
Gross Sales Price				$ 10,600,000
NADG - Fourth Parcel
Land and development costs and subsurface interests
Number of land sale transactions \| Transaction				5
No. of Acres \| a				73.5
Gross Sales Price				$ 9,200,000
Undeveloped Land in Daytona Beach, Florida, Along Interstate 95
Land and development costs and subsurface interests
Impairment charges		0	$ 0	$ 0
Land Sales
Land and development costs and subsurface interests
No. of Acres \| a			2,697	1,700
Land Sales \| Land JV
Land and development costs and subsurface interests
Gain on Sale	78,600,000	$ 127,500,000
Gain on disposal per share	$ 12.21
Land sales, ownership interest sold (as a percent)	66.50%
Land Sales \| Minto Communities LLC
Land and development costs and subsurface interests
No. of Acres \| a				1,600
Gross Sales Price				$ 27,200,000
Land Sales \| Mitigation Bank
Land and development costs and subsurface interests
No. of Acres \| a			2,492
Gross Sales Price			$ 15,300,000
Land sales, ownership interest sold (as a percent)			70.00%
Magnetar Land Sale
Land and development costs and subsurface interests
No. of Acres \| a		5,300
Gross Sales Price		$ 97,000,000
Unicorp Development One
Land and development costs and subsurface interests
Number of land sale transactions \| Transaction		2
No. of Acres \| a		23.6
Gross Sales Price		$ 7,100,000
Unicorp Development Two
Land and development costs and subsurface interests
No. of Acres \| a		38
Gross Sales Price		$ 710,000
Land sale to NADG
Land and development costs and subsurface interests
No. of Acres \| a		13
Gross Sales Price		$ 3,000,000

STOCK-BASED COMPENSATION - Non-Qualified Stock Option Awards Granted (Details) - Stock Option Awards - Amended and Restated 2010 Equity Incentive Plan - $ / shares							12 Months Ended
	Aug. 04, 2017	Feb. 26, 2016	Jun. 29, 2015	May 20, 2015	Feb. 09, 2015	Oct. 22, 2014	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Stock-based compensation
Granted (in shares)							0
Exercised (in shares)							0	10,000	23,500
Mr. Albright
Stock-based compensation
Granted (in shares)		40,000		40,000	20,000
Period of expiration after death or termination for disability		12 months			12 months
Period of expiration after termination of employment for reason other than death or disability		30 days			30 days
Exercise price (in dollars per share)				$ 55.62	$ 57.50
Mr. Smith
Stock-based compensation
Granted (in shares)						10,000
Vesting per year (as a percent)						33.00%
Period of expiration from grant date						10 years
Period of expiration after death or termination for disability						12 months
Period of expiration after termination of employment for reason other than death or disability						30 days
Exercise price (in dollars per share)						$ 50.00
Officer
Stock-based compensation
Granted (in shares)			10,000
Vesting per year (as a percent)			33.00%
Period of expiration after death or termination for disability			12 months
Period of expiration after termination of employment for reason other than death or disability			30 days
Exercise price (in dollars per share)			$ 57.54
Equity Award Agreements
Award agreements
Period after change of control for equity award to fully vest upon termination of employment without cause or resignation	24 months

ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS - Discontinued Operations (Details)		1 Months Ended	3 Months Ended								12 Months Ended
	Jan. 24, 2017 USD ($)	Oct. 31, 2019 USD ($) $ / item	Dec. 31, 2019 USD ($)	Sep. 30, 2019 USD ($)	Jun. 30, 2019 USD ($)	Mar. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Sep. 30, 2018 USD ($)	Jun. 30, 2018 USD ($)	Mar. 31, 2018 USD ($)	Dec. 31, 2019 USD ($) $ / item	Dec. 31, 2018 USD ($) $ / item	Dec. 31, 2017 USD ($)	Jan. 31, 2019 USD ($)	Jan. 31, 2018 USD ($)
ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS
Increase (decrease) in assets held for sale											$ (3,892,476)
Increase in liabilities held for sale											$ (49,470)
Annual surcharge, per round of golf played \| $ / item		1.50									1	1
Maximum aggregate amount of per round surcharge											$ 700,000	$ 700,000
Annual payment												70,000
Accrued surcharge commitment														$ 560,000	$ 560,000
Per round surcharge liability paid		$ 560,000
Surcharge receivable		$ 560,000
Income Tax (Expense) Benefit from Discontinued Operations											(32,641,194)	(7,529,596)	$ (12,546,257)
Income (Loss) from Discontinued Operations (Net of Income Tax)			$ 95,514,044	$ (204,364)	$ 1,933,385	$ 1,124,499	$ 13,020,331	$ 11,112	$ 486,493	$ 8,660,869	98,367,564	22,178,805	19,978,059
Discontinued Operations
ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS
Income (Loss) from Discontinued Operations (Net of Income Tax)											98,367,564	22,178,805	19,978,059
Golf Operations \| Discontinued Operations, Held-for-sale
ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS
Increase (decrease) in assets held for sale											208,000
Increase in liabilities held for sale											208,000
Revenue											4,096,594	4,941,997	5,095,313
Cost of Revenues											(5,259,424)	(5,848,429)	(5,958,888)
Loss from Operations											(1,162,830)	(906,432)	(863,575)
Impairment Charges												(1,119,362)
Depreciation and Amortization												(373,979)	(349,259)
Gain on Disposition of Assets											15,050
Land Lease Income													2,226,526
Income (Loss) from Discontinued Operations Before Income Tax											(1,147,780)	(2,399,773)	1,013,692
Income Tax (Expense) Benefit from Discontinued Operations											290,906	608,222	(391,032)
Income (Loss) from Discontinued Operations (Net of Income Tax)											(856,874)	(1,791,551)	622,660
Land Operations \| Discontinued Operations, Held-for-sale
ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS
Revenue											11,043,151	43,030,713	47,666,408
Cost of Revenues											(6,404,844)	(10,922,539)	(16,155,784)
Loss from Operations											4,638,307	32,108,174	31,510,624
Gain on Disposition of Assets											127,518,231
Income (Loss) from Discontinued Operations Before Income Tax											132,156,538	32,108,174	31,510,624
Income Tax (Expense) Benefit from Discontinued Operations											(32,932,100)	(8,137,818)	(12,155,225)
Income (Loss) from Discontinued Operations (Net of Income Tax)											$ 99,224,438	$ 23,970,356	$ 19,355,399
Golf Assets
ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS
Annual surcharge, per round of golf played \| $ / item												1
Golf course land purchase
ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS
Purchase price	$ 1,500,000

INVESTMENTS IN JOINT VENTURES - Adjustments (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Schedule of Equity Method Investments [Line Items]
Net Income	$ 114,972,858	$ 37,167,790	$ 41,719,424
Investment in Joint Ventures	55,736,668	6,788,034
Mitigation Bank
Schedule of Equity Method Investments [Line Items]
Investment in Joint Ventures	$ 6,900,000	6,800,000
Sales price		$ 15,300,000
Sale of interest in joint venture		70.00%
Interest in the joint venture (as a percent)	30.00%	30.00%
Land JV
Schedule of Equity Method Investments [Line Items]
Net Income	$ 0
Investment in Joint Ventures	48,900,000
Sales price	$ 97,000,000
Sale of interest in joint venture	66.50%
Interest in the joint venture (as a percent)	33.50%

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

INCOME PROPERTIES

12 Months Ended

Dec. 31, 2019

INCOME PROPERTIES

INCOME PROPERTIES

NOTE 3. INCOME PROPERTIES

Leasing revenue consists of long-term rental revenue from retail, office, and commercial income properties, and billboards, which is recognized as earned, using the straight-line method over the life of each lease. Lease payments below include straight-line base rental revenue as well as the non-cash accretion of above and below market lease amortization.

The components of leasing revenue are as follows:


	Year Ended December 31,
	2019		2018		2017
	($000's)		($000's)		($000's)
Leasing Revenue
Lease Payments	$	37,431	$	33,842	$	26,794
Variable Lease Payments		4,525		6,234		4,613
Total Leasing Revenue	$	41,956	$	40,076	$	31,407

Minimum future base rental revenue on non-cancelable leases subsequent to December 31, 2019, for the next five years ended December 31 are summarized as follows:


Year Ending December 31,	Amounts ($000's)
2020	$	25,698
2021		24,979
2022		24,074
2023		23,343
2024		23,069
2025 and thereafter (cumulative)		174,852
Total	$	296,015

2019 Activity. During the year ended December 31, 2019, the Company acquired ten single-tenant income properties and one multi-tenant income property, for an aggregate purchase price of approximately $164.7 million, or an aggregate acquisition cost of approximately $165.7 million including capitalized acquisition costs. Based on independent third-party purchase price allocation valuations, of the total acquisition cost, approximately $45.6 million was allocated to land, approximately $83.5 million was allocated to buildings and improvements, approximately $23.4 million was allocated to intangible assets pertaining to the in-place lease value, leasing fees and above market lease value, and approximately $3.1 million was allocated to intangible liabilities for the below market lease value. The remaining approximately $16.3 million was classified as a commercial loan investment as described below and in Note 4, “Commercial Loan Investments.” The weighted average amortization period for the intangible assets and liabilities was approximately 9.7 years at acquisition. The properties acquired during the year ended December 31, 2019 are described below:


Tenant Description	Tenant Type	Property Location	Date of Acquisition	Property Square-Feet	Property Acres	Purchase Price		Percentage Leased		Remaining Lease Term at Acquisition Date (in years)
Hobby Lobby Stores, Inc.	Single-Tenant	Winston-Salem, NC	05/16/19	55,000	7.6	$	8,075,000		100%	10.9
24 Hour Fitness USA, Inc.	Single-Tenant	Falls Church, VA	05/23/19	46,000	3.1		21,250,000		100%	8.6
Walgreen Co.	Single-Tenant	Birmingham, AL	06/05/19	14,516	2.1		5,500,000		100%	9.8
Family Dollar Stores of Massachusetts, Inc.	Single-Tenant	Lynn, MA	06/07/19	9,228	0.7		2,100,000		100%	4.8
Walgreen Co.	Single-Tenant	Albany, GA	06/21/19	14,770	3.6		3,634,000		100%	13.6
Carpenter Hotel (1)	Single-Tenant	Austin, TX	07/05/19	N/A	1.4		16,250,000		100%	99.1
General Dynamics Corporation	Single-Tenant	Reston, VA	07/12/19	64,319	3.0		18,600,000		100%	9.9
Live Nation Entertainment, Inc.	Single-Tenant	East Troy, WI	08/30/19	N/A	158.3		7,500,000		100%	10.6
Party City Corporation	Single-Tenant	Oceanside, NY	09/24/19	15,500	1.2		7,120,000		100%	10.2
Burlington Stores, Inc.	Single-Tenant	N. Richland Hills, TX	10/28/19	70,891	5.3		11,940,000		100%	9.3
The Strand	Multi-Tenant	Jacksonville, FL	12/09/19	212,402	52.0		62,701,000		95%	9.5
	Total / Weighted Average			502,626		$	164,670,000			18.4

(1)The ground lease with The Carpenter Hotel includes two tenant repurchase options. Pursuant to FASB ASC Topic 842, Leases, the $16.25 million investment has been recorded in the accompanying consolidated balance sheet as of December 31, 2019 as a commercial loan investment. See Note 4, “Commercial Loan Investments”.

2019 Dispositions. Twenty-one single-tenant income properties were disposed of during the year ended December 31, 2019 as follows:

On November 26, 2019, as part of the initial public offering (the “IPO”) of PINE, the Company sold or contributed 20 single-tenant net-leased income properties to Alpine and its operating partnership (the “Alpine OP”) for aggregate cash consideration of approximately $125.9 million for 15 of the properties and an aggregate of 1,223,854 units of the Alpine OP (“OP Units”) for 5 of the properties, with the OP Units having an initial value of approximately $23.3 million, based on Alpine’s IPO price, resulting in a gain of approximately $1.0 million, or approximately $0.16 per share after tax (the “PINE Income Property Sale Transactions”).

In addition to investing in Alpine by way of receipt of the OP Units, the Company invested $15.5 million of cash in Alpine at its IPO, receiving 815,790 shares of Alpine’s common stock. In aggregate, the Company owns approximately 2.04 million shares of Alpine, or approximately 22.3% of its total shares outstanding.

On August 7, 2019, the Company sold its 1.56-acre outparcel subject to a ground lease with Wawa located in Winter Park, Florida for approximately $2.8 million (the “Wawa Sale”). The property is an outparcel to the Grove at Winter Park which the Company sold in May 2019. The gain on the Wawa Sale totaled approximately $2.1 million, or approximately $0.33 per share, after tax.

Additionally, three multi-tenant income properties, which were classified in Assets Held for Sale as of December 31, 2018, were disposed of during the year ended December 31, 2019 (the “Multi-Tenant Dispositions”) as described below. The Multi-Tenant Dispositions continue the Company’s objective of transitioning the income property portfolio to primarily single-tenant net lease properties.

On June 24, 2019, the Company sold its approximately 76,000 square foot multi-tenant retail property located in Santa Clara, California for approximately $37.0 million (the “Peterson Sale”). The gain on the Peterson Sale totaled approximately $9.0 million, or approximately $1.36 per share, after tax.

On May 23, 2019, the Company sold its approximately 112,000 square foot multi-tenant retail property, anchored by a 24 Hour Fitness, located in Winter Park, Florida for approximately $18.3 million (the “Grove Sale”). The gain on the Grove Sale totaled approximately $2.8 million, or approximately $0.42 per share, after tax.

On February 21, 2019, the Company sold its approximately 59,000 square foot multi-tenant retail property, anchored by a Whole Foods Market retail store, located in Sarasota, Florida for approximately $24.6 million (the “Whole Foods Sale”). The gain on the Whole Foods Sale totaled approximately $6.9 million, or approximately $0.96 per share, after tax.

2019 Leasing Activity. On July 16, 2019, the Company entered into a lease termination agreement (the “Termination Agreement”) with Cocina 214, the tenant of one of the Company’s beachfront restaurant properties located in Daytona Beach, Florida. Pursuant to the Termination Agreement, the Company agreed to fund Cocina 214 approximately $1.0 million of their original contribution towards the completion of the building and tenant improvements and other personal property as described in Note 18, “Deferred Revenue.” Additionally, pursuant to the Termination Agreement, the Company collected the balance of unpaid rent of approximately $0.3 million that was due through the date Cocina 214 vacated the property. Accordingly, the Company made a net payment to Cocina 214 of approximately $693,000 in August 2019 (the “Termination Payment”).

On July 18, 2019, the Company entered into a lease agreement with Broken Hook, LLC to operate the beachfront restaurant as Crabby’s Oceanside Daytona Beach (the “Crabby’s Lease”). The Crabby’s Lease commenced on August 4, 2019 with rent commencing on August 26, 2019 and has an original lease term of ten years with four five-year renewal options.

2018 Activity. During the year ended December 31, 2018, the Company acquired eleven single-tenant income properties, for an aggregate purchase price of approximately $106.6 million, or an aggregate acquisition cost of approximately $107.8 million including capitalized acquisition costs. Based on independent third-party purchase price allocation valuations, of the total acquisition cost, approximately $47.9 million was allocated to land, approximately $45.6 million was allocated to buildings and improvements, approximately $15.6 million was allocated to intangible assets pertaining to the in-place lease value, leasing fees and above market lease value, and approximately $1.3 million was allocated to intangible liabilities for the below market lease value. The weighted average amortization period for the intangible assets and liabilities was approximately 13.2 years at acquisition.

Four income properties were disposed of during the year ended December 31, 2018. On March 26, 2018, the Company sold its four self-developed, multi-tenant office properties located in Daytona Beach, Florida, for approximately $11.4 million (the “Self-Developed Properties Sale”). The sale included the 22,012 square-foot Concierge office building, the 30,720 square-foot Mason Commerce Center comprised of two office buildings, and the 15,360 square-foot Williamson Business Park office building. The gain on the sale totaled approximately $3.7 million, or approximately $0.49 per share, after tax. The Company utilized the proceeds to fund a portion of the previously acquired income property located near Portland, Oregon, leased to Wells Fargo, through a reverse 1031 like-kind exchange structure. As part of the transaction, the Company entered into a lease of its approximately 7,600 square-foot office space in Williamson Business Park for approximately 5 years at a market rental rate.

2017 Activity. During the year ended December 31, 2017, the Company acquired four single-tenant income properties and two multi-tenant income properties, for an aggregate purchase price of approximately $79.8 million, or an aggregate acquisition cost of approximately $80.6 million including capitalized acquisition costs. Based on independent third-party purchase price allocation valuations, of the total acquisition cost, approximately $28.0 million was allocated to land, approximately $45.2 million was allocated to buildings and improvements, approximately $9.3 million was allocated to intangible assets pertaining to the in-place lease value, leasing fees and above market lease value, and approximately $1.9 million was allocated to intangible liabilities for the below market lease value. The weighted average amortization period for the intangible assets and liabilities was approximately 8.9 years at acquisition.

No income properties were disposed of during the year ended December 31, 2017.

LAND AND INVESTMENT IN THE LAND JV - Tiger Bay Mitigation (Details)	12 Months Ended
	Dec. 31, 2019 USD ($) a	Dec. 31, 2018 USD ($) a	Dec. 31, 2017 USD ($) a
Real Estate [Line Items]
Land sale acres \| a	5,400
Investment in Joint Ventures	$ 55,736,668	$ 6,788,034
Gain on Sale	133,000,000		$ 31,800,000
Gross Sales Price	108,000,000		$ 45,500,000
Third Nadg Land Sale
Real Estate [Line Items]
Land sale acres \| a			46
Gross Sales Price			$ 10,600,000
Land Sales
Real Estate [Line Items]
Land sale acres \| a		2,697	1,700
Land Sales \| Mitigation Bank West of Interstate Ninety Five
Real Estate [Line Items]
Gain on Sale	18,400,000
Consolidated Tomoka Land Co
Real Estate [Line Items]
Investment in Joint Ventures		$ 6,800,000
Mitigation Bank
Real Estate [Line Items]
Sale of interest in joint venture		70.00%
Investment in Joint Ventures	6,900,000	$ 6,800,000
Mitigation credits, Put Right, maximum potential future payments	$ 27,000,000
Black Rock
Real Estate [Line Items]
Sale of interest in joint venture	70.00%

RELATED PARTY MANAGEMENT SERVICES BUSINESS (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended	12 Months Ended
	Nov. 30, 2019	Dec. 31, 2019	Dec. 31, 2019	Dec. 31, 2019
Land JV
Real Estate [Line Items]
Management fee revenue earned			$ 50
Management fee revenue earned per month				$ 20
Management Agreement PINE
Real Estate [Line Items]
Management fee (as a percent)				1.50%
Management fee revenue earned	$ 254	$ 254
Proceeds from Dividends Received				$ 118

IMPAIRMENT OF LONG-LIVED ASSETS	12 Months Ended
IMPAIRMENT OF LONG-LIVED ASSETS	Dec. 31, 2019
IMPAIRMENT OF LONG-LIVED ASSETS
IMPAIRMENT OF LONG-LIVED ASSETS	NOTE 11. 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. During the years ended December 31, 2019, 2018, and 2017, there were no impairment charges on the Company’s undeveloped land holdings or its income property portfolio. During the year ended December 31, 2018, the Company wrote down the value of the golf assets comprising the Club, which resulted in a corresponding impairment charge of approximately $1.1 million, or $0.15 per share, after tax. The write-down of the golf operation assets to approximately $3.1 million and the related $1.1 million impairment charge were the result of the Company’s assessment of certain triggering events, including activities related to a review of strategic alternatives for the golf operations, occurring during the third quarter of 2018, which required an assessment of the carrying value of the golf assets comprising the Club. In the fourth quarter of 2018, the Company commenced efforts to pursue the monetization of the golf operations and assets comprising the Club. Accordingly, as of December 31, 2018, the golf assets comprising the Club were classified as held for sale in the accompanying consolidated balance sheets until the completion of the sale of the golf operation assets during the fourth quarter of 2019, which resulted in a nominal gain of approximately $15,000.

COMMITMENTS AND CONTINGENCIES - Contractual commitments - Expenditures (Details) - USD ($) $ in Thousands		12 Months Ended
	Jan. 01, 2020	Dec. 31, 2019	Dec. 09, 2019
Daytona Beach, FL
Commitment amount		$ 316
Strand property, FL
Payments for contractual obligation	$ 450
Strand property, FL \| Accrued and Other Liabilities
Amount of contractual obligation			$ 450

LAND AND INVESTMENT IN THE LAND JV - Subsurface Interests (Details)	12 Months Ended
	Dec. 31, 2019 USD ($) a county $ / shares	Dec. 31, 2018 USD ($) a	Dec. 31, 2017 USD ($) a $ / shares	Sep. 20, 2017	Dec. 31, 2011
Subsurface interests
Acres sold \| a	5,400
Revenue from contract with customer, including assessed tax	$ 852,000	$ 2,966,000	$ 5,191,000
Type of revenue	cto:ImpactFeeAndMitigationCreditSalesMember
Gain on Sale	$ 133,000,000		31,800,000
Lease payments on the respective acreages and drilling penalties received
Over Lease Term	$ 41,956,000	$ 40,076,000	$ 31,407,000
Hendry County
Lease payments on the respective acreages and drilling penalties received
Area of land for which surface entry rights were released \| a	40
Subsurface Interests
Subsurface interests
Acres sold \| a			38,750
Revenue from contract with customer, including assessed tax			$ 2,100,000
Gain on Sale			$ 2,080,000
After tax gain on sale (in dollars per share) \| $ / shares			$ 0.23
Lease payments on the respective acreages and drilling penalties received
Number of acres with operating oil wells \| a	800	800	800
Oil exploration
Subsurface interests
Period of extended lease term				5 years
Lease payments on the respective acreages and drilling penalties received
Lease Payment	$ 10,633,805
Drilling Penalty	$ 2,125,000
Period from end of prior lease year payment for drilling penalty is due	30 days
Over Lease Term	$ 598,000	$ 807,000	$ 807,000
Oil exploration \| Lease Year 1 - 9/23/2011 - 9/22/2012
Lease payments on the respective acreages and drilling penalties received
Acreage \| a	136,000
Lease Payment	$ 913,657
Oil exploration \| Lease Year 2 - 9/23/2012 - 9/22/2013
Lease payments on the respective acreages and drilling penalties received
Acreage \| a	136,000
Lease Payment	$ 922,114
Oil exploration \| Lease Year 3 - 9/23/2013 - 9/22/2014
Lease payments on the respective acreages and drilling penalties received
Acreage \| a	82,000
Lease Payment	$ 3,293,000
Drilling Penalty	$ 1,000,000
Oil exploration \| Lease Year 4 - 9/23/2014 - 9/22/2015
Lease payments on the respective acreages and drilling penalties received
Acreage \| a	42,000
Lease Payment	$ 1,866,146
Drilling Penalty	$ 600,000
Oil exploration \| Lease Year 5 - 9/23/2015 - 9/22/2016
Lease payments on the respective acreages and drilling penalties received
Acreage \| a	25,000
Lease Payment	$ 1,218,838
Drilling Penalty	$ 175,000
Oil exploration \| Lease Year 6 - 9/23/2016 - 9/22/2017
Lease payments on the respective acreages and drilling penalties received
Acreage \| a	15,000
Lease Payment	$ 806,683
Drilling Penalty	$ 150,000
Oil exploration \| Lease Year 7 - 9/23/2017 - 9/22/2018
Lease payments on the respective acreages and drilling penalties received
Acreage \| a	15,000
Lease Payment	$ 806,683
Drilling Penalty	$ 50,000
Oil exploration \| Lease Year 8 - 9/23/2018 - 9/22/2019
Lease payments on the respective acreages and drilling penalties received
Acreage \| a	15,000
Lease Payment	$ 806,684
Drilling Penalty	$ 150,000
Oil exploration \| Minimum
Subsurface interests
Lease term				1 year
Oil exploration \| Maximum
Subsurface interests
Lease term	8 years			13 years	8 years
Lease payments on the respective acreages and drilling penalties received
Lease Payment	$ 807,000
Surface land over subsurface interests
Subsurface interests
Area of land (in acres) \| a	455,000
Number of counties in which Subsurface Interests are owned \| county	20
Gain on Sale	$ 435,000
After tax gain on sale (in dollars per share) \| $ / shares	$ 0.06
Lease payments on the respective acreages and drilling penalties received
Revenue recognized for cash payments for the release of surface entry rights	$ 104,000	73,000	0
Area of land for which surface entry rights were released \| a	600
Surface land over subsurface interests \| Hendry County
Subsurface interests
Revenue from contract with customer, including assessed tax	$ 320,000
Real Estate Operations \| Subsurface Interests
Subsurface interests
Revenue from contract with customer, including assessed tax	$ 42,000	$ 72,000	$ 86,000
Type of revenue	us-gaap:RoyaltyMember	us-gaap:RoyaltyMember	us-gaap:RoyaltyMember
Real Estate Operations \| Surface land over subsurface interests
Subsurface interests
Revenue from contract with customer, including assessed tax	$ 185,000

COMMERCIAL LOAN INVESTMENTS

12 Months Ended

Dec. 31, 2019

COMMERCIAL LOAN INVESTMENTS

COMMERCIAL LOAN INVESTMENTS

NOTE 4. 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 generally 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 July 5, 2019, the Company originated an approximately $8.3 million first mortgage loan secured by the leasehold interest in the Carpenter Hotel in Austin, Texas. The loan is interest-only with a term of one-year with a fixed interest rate of 11.50%. The Company received an origination fee of 1%, or $82,500.

On July 5, 2019, the Company acquired approximately 1.4 acres of land under the Carpenter Hotel in Austin, Texas (the “Carpenter Purchase”), for approximately $16.25 million. Separately, the Company entered into a new 99-year ground lease (the “Ground Lease”) whereby the Company leased back the land to the seller. The Ground Lease includes annual escalations and certain future repurchase rights. Pursuant to FASB ASC Topic 842, Leases, due to the future repurchase rights, the Ground Lease does not qualify for treatment as a property purchase and has been accounted for on the consolidated balance sheets as a commercial loan investment (the “Ground Lease Loan”). The Company has imputed interest on the Ground Lease Loan which is being recognized as interest income on commercial loan investments in the Company’s consolidated statements of operations.

On June 14, 2019, the Company originated an $8.0 million first mortgage bridge loan secured by 72 acres of land in Orlando, Florida. The loan is interest-only with a term of one-year with two 1-year extensions with a fixed interest rate of 12.00%. The Company received an origination fee of 2%, or $160,000.

On October 17, 2019, the Company originated an approximately $2.1 million first mortgage loan secured by the LPGA golf assets which were sold on October 17, 2019. The loan is interest-only with a term of one-year with two six-month extensions with a fixed interest rate of 7.50%. The Company received an origination fee of 1.5%, or approximately $31,000.

The Company’s commercial loan investment portfolio was comprised of the following at December 31, 2019:


	Date of	Maturity	Original Face		Current Face		Carrying
Description	Investment	Date	Amount		Amount		Value		Coupon Rate
First Mortgage – 72-Acre Land Parcel, Orlando, FL	June 2019	June 2020	$	8,000,000	$	8,000,000	$	7,927,869	12.00%
Mortgage Note – 400 Josephine Street, Austin, TX	July 2019	July 2020		8,250,000		8,250,000		8,207,964	11.50%
Ground Lease Loan – 400 Josephine Street, Austin, TX	July 2019	N/A		16,250,000		16,250,000		16,443,942	N/A
LPGA Buyer Loan – Daytona Beach, FL	Oct 2019	Oct 2020		2,070,000		2,070,000		2,045,398	7.50%
			$	34,570,000	$	34,570,000	$	34,625,173

The carrying value of the commercial loan investment portfolio at December 31, 2019 consisted of the following:


	Total
Current Face Amount	$	34,570,000
Imputed Interest over Rent Payments Received on Ground Lease Loan		193,943
Unaccreted Origination Fees		(138,770)
Total Commercial Loan Investments	$	34,625,173

As of December 31, 2018, the Company had no commercial loan investments.

INCOME PROPERTIES - Properties Acquired (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($) ft² a
Acquisitions of Income Properties
Square-Feet \| ft²	502,626
Purchase price	$ 164,670
Winston-Salem, NC \| 2019 acquisitions of income property subject to lease - Hobby Lobby Stores, Inc
Acquisitions of Income Properties
Square-Feet \| ft²	55,000
Area of land (in acres) \| a	7.60
Purchase price	$ 8,075
Percentage Leased	100.00%
Falls Church, VA \| 2019 acquisitions of income property subject to lease - 24 Hour Fitness USA, Inc
Acquisitions of Income Properties
Square-Feet \| ft²	46,000
Area of land (in acres) \| a	3.10
Purchase price	$ 21,250
Percentage Leased	100.00%
Birmingham, AL \| 2019 acquisitions of income property subject to lease - Walgreen Co.
Acquisitions of Income Properties
Square-Feet \| ft²	14,516
Area of land (in acres) \| a	2.10
Purchase price	$ 5,500
Percentage Leased	100.00%
Lynn, MA \| 2019 acquisitions of income property subject to lease - Family Dollar Stores of Massachusetts, Inc
Acquisitions of Income Properties
Square-Feet \| ft²	9,228
Area of land (in acres) \| a	0.70
Purchase price	$ 2,100
Percentage Leased	100.00%
Albany, GA \| 2019 acquisitions of income property subject to lease - Walgreen Co.
Acquisitions of Income Properties
Square-Feet \| ft²	14,770
Area of land (in acres) \| a	3.60
Purchase price	$ 3,634
Percentage Leased	100.00%
Austin, TX \| 2019 acquisitions of income property subject to lease - Carpenter Hotel
Acquisitions of Income Properties
Area of land (in acres) \| a	1.40
Purchase price	$ 16,250
Percentage Leased	100.00%
Reston, VA \| 2019 acquisitions of income property subject to lease - General Dynamics Corporation
Acquisitions of Income Properties
Square-Feet \| ft²	64,319
Area of land (in acres) \| a	3.00
Purchase price	$ 18,600
Percentage Leased	100.00%
East Troy, WI \| 2019 acquisitions of income property subject to lease - Live Nation Entertainment, Inc.
Acquisitions of Income Properties
Area of land (in acres) \| a	158.30
Purchase price	$ 7,500
Percentage Leased	100.00%
Oceanside, NY \| 2019 acquisitions of income property subject to lease - Party City Corporation
Acquisitions of Income Properties
Square-Feet \| ft²	15,500
Area of land (in acres) \| a	1.20
Purchase price	$ 7,120
Percentage Leased	100.00%
N. Richland Hills, TX \| 2019 acquisitions of income property subject to lease - Burlington Stores, Inc.
Acquisitions of Income Properties
Square-Feet \| ft²	70,891
Area of land (in acres) \| a	5.30
Purchase price	$ 11,940
Percentage Leased	100.00%
Jacksonville, FL \| 2019 acquisitions of income property subject to lease - The Strand
Acquisitions of Income Properties
Square-Feet \| ft²	212,402
Area of land (in acres) \| a	52.00
Purchase price	$ 62,701
Percentage Leased	95.00%

COMMON STOCK AND EARNINGS PER SHARE - Anti-dilutive Securities and Convertible Notes (Details) - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Mar. 31, 2015	Mar. 11, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	7,500	15,000	57,750
Additional diluted outstanding shares related to Convertible Notes	0	0	0
4.50% Convertible Senior Notes due 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stated interest rate (as a percent)	4.50%	4.50%
Conversion price per share			$ 68.11	$ 68.11	$ 68.90

DEFERRED REVENUE (Tables)

12 Months Ended

Dec. 31, 2019

DEFERRED REVENUE

Schedule of components of deferred revenue


	As of
	December 31, 2019		December 31, 2018
Deferred Oil Exploration Lease Revenue	$	—	$	585,675
Interest Reserve from Commercial Loan Investment		834,972		—
Prepaid Rent		2,063,173		1,621,620
Tenant Contributions		2,888,822		4,104,151
Other Deferred Revenue		43,753		58,838
Total Deferred Revenue	$	5,830,720	$	6,370,284

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2019

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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	5	-	55	Years
Other Furnishings and Equipment	3	-	20	Years

BUSINESS SEGMENT DATA - Description (Details)	3 Months Ended								12 Months Ended
BUSINESS SEGMENT DATA - Description (Details)	Dec. 31, 2019 USD ($)	Sep. 30, 2019 USD ($)	Jun. 30, 2019 USD ($)	Mar. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Sep. 30, 2018 USD ($)	Jun. 30, 2018 USD ($)	Mar. 31, 2018 USD ($)	Dec. 31, 2019 USD ($) segment loan	Dec. 31, 2018 USD ($) segment loan	Dec. 31, 2017 USD ($)
Business segment data
Number of operating segment \| segment									4	4
Assets	$ 703,286,203				$ 556,329,872				$ 703,286,203	$ 556,329,872
Depreciation and Amortization	4,089,568	$ 4,286,836	$ 4,074,587	$ 3,346,287	4,452,647	$ 3,756,507	$ 3,755,546	$ 3,796,823	15,797,278	15,761,523	$ 12,314,700
Income Properties
Business segment data
Assets	464,285,272				492,093,615				464,285,272	492,093,615
Depreciation and Amortization									15,774,228	15,728,095	12,272,265
Management Services
Business segment data
Assets	$ 0				0				0	0
Depreciation and Amortization									0	0	0
Capital Expenditures									$ 0	0	$ 0
Golf Operations
Business segment data
Assets					$ 4,462,477					$ 4,462,477
Commercial loans
Business segment data
Mortgage Loans on Real Estate, Number of Loans \| loan										0
Product concentration \| Identifiable assets \| Income Properties
Business segment data
Percentage of total									66.00%	88.50%
Product concentration \| Consolidated revenues \| Income Properties
Business segment data
Percentage of total									93.40%	91.80%	81.30%
Fixed–rate mezzanine \| Commercial loans
Business segment data
Mortgage Loans on Real Estate, Number of Loans \| loan									3

INTANGIBLE ASSETS AND LIABILITIES - Activity (Details)	12 Months Ended
INTANGIBLE ASSETS AND LIABILITIES - Activity (Details)	Dec. 31, 2019 USD ($) property	Dec. 31, 2018 USD ($) property	Dec. 31, 2017 USD ($)
Intangible Assets And Liabilities
Increase in below-market in-place leases from acquisitions	$ 3,700,000
Number of real estate properties \| property	34
Net amortization related to intangible lease assets and liabilities	$ 3,471,000	$ 3,533,000	$ 2,582,000
Reclassification to accumulated amortization from assets held for sale	160,101,806
Reclassification of intangible lease assets and liabilities to held for sale	10,700,000
Net increase in intangible assets and liabilities	6,600,000
Below market lease value	$ 26,198,248	$ 27,390,350
2018 acquisitions of income property subject to a lease \| Single-tenant
Intangible Assets And Liabilities
Number of real estate properties \| property	10	11
2018 acquisitions of income property subject to a lease \| Multi-tenant
Intangible Assets And Liabilities
Number of real estate properties \| property	1
Wells Fargo property \| Raleigh, NC
Intangible Assets And Liabilities
Below market lease value	$ 22,200,000	$ 24,400,000
Westcliff property
Intangible Assets And Liabilities
Reclassification to accumulated amortization from assets held for sale	10,500,000
Value of In-Place Leases
Intangible Assets And Liabilities
Increase from acquisitions	16,100,000
Value of Above Market In-Place Leases
Intangible Assets And Liabilities
Increase from acquisitions	3,200,000
Value of Intangible Leasing Costs
Intangible Assets And Liabilities
Increase from acquisitions	$ 5,700,000

SUBSEQUENT EVENTS	12 Months Ended
SUBSEQUENT EVENTS	Dec. 31, 2019
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 24. SUBSEQUENT EVENTS The Company reviewed all subsequent events and transactions that have occurred after December 31, 2019, the date of the consolidated balance sheet. Income Property Acquisitions. On January 23, 2020, the Company acquired the Crossroads Towne Center (“Crossroads”), an approximately 254,000 square-foot retail center in Chandler, Arizona, for a purchase price of approximately $61.8 million. The acquisition was purchased using the remaining 1031 like-kind exchange proceeds from the Land JV transaction and a portion of the 1031 like-kind exchange proceeds from the PINE Income Property Sale Transactions. On February 21, 2020, the Company acquired Perimeter Place (“Perimeter”), an approximately 269,000 square foot retail center situated on over 24 acres of land in Atlanta, Georgia, for a purchase price of approximately $75.4 million. The acquisition was purchased using the remaining approximately $65 million of 1031 like-kind exchange proceeds from the PINE Income Property Sale Transactions. The balance of the purchase price was funded using the Company’s line of credit and structured as a reverse 1031 like-kind exchange in order to account for possible future dispositions of income properties by the Company. Commercial Loan Investments. On January 13, 2020, the Company originated a $3.5 million first mortgage loan secured by the fee simple interest in a redevelopment property located in Honolulu, Hawaii. The loan is interest-only with a term of one-year with a fixed interest rate of 11.0%. The Company received an origination fee of 2%, or $70,000. On February 28, 2020, the Company originated an approximately $3.4 million first mortgage loan secured by property sold by the Land JV of approximately 12 acres, which consisted of a land sale and conveyance of certain interests. The loan is interest-only with a term of one-year with a fixed interest rate of 9.50%. The Company received an origination fee of 1.5%, or approximately $51,000. Convertible Notes. On February 4, 2020, the Company closed privately negotiated exchange agreements with certain holders of its outstanding 4.50% Convertible Senior Notes due 2020 (the “2020 Notes”) pursuant to which the Company issued $57.4 million principal amount of 3.875% Convertible Senior Notes due 2025 (the “2025 Notes”) in exchange for $57.4 million principal amount of the 2020 Notes (the “Note Exchanges”). In addition, the Company closed a privately negotiated purchase agreement with an investor, who had not invested in the 2020 Notes, and issued approximately $17.6 million principal amount of the 2025 Notes (the “New Notes Placement,” and together with the Note Exchanges, the “Convert Transactions”). The Company used approximately $5.9 million of the proceeds from the New Notes Placement to repurchase approximately $5.9 million of the 2020 Notes. As a result of the Convert Transactions there is a total of $75 million of outstanding 2025 Notes. In exchange for issuing the 2025 Notes pursuant to the Note Exchanges, the Company received and cancelled the exchanged 2020 Notes. The $11.7 million of net proceeds from the New Notes Placement will be used to redeem at maturity on March 15, 2020 approximately $11.7 million of the aggregate principal amount of the 2020 Notes that remain outstanding. The 2025 Notes represent senior unsecured obligations of the Company and pay interest semi-annually in arrears on each April 15th and October 15th, commencing on April 15, 2020, at a rate of 3.875% per annum. The 2025 Notes mature on April 15, 2025 and may not be redeemed by the Company prior to the maturity date. The conversion rate for the 2025 Notes is initially 12.7910 shares of the Company’s common stock per $1,000 of principal of the 2025 Notes (equivalent to an initial conversion price of approximately $78.18 per share of the Company’s common stock). The initial conversion price of the 2025 Notes represents a premium of approximately 20% to the $65.15 closing sale price of the Company’s common stock on the NYSE American on January 29, 2020. The 2025 Notes are convertible into cash, common stock or a combination thereof, subject to various conditions, at the Company’s option. Should certain corporate transactions or events occur prior to the stated maturity date, the Company will increase the conversion rate for a holder that elects to convert its 2025 Notes in connection with such corporate transaction or event. There were no other reportable subsequent events or transactions.

INTANGIBLE ASSETS AND LIABILITIES - Summary of Estimated Amortization and Accretion (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Future Amortization Amount
Total	$ 49,022,178	$ 43,555,445
Future Accretion to Income Property Revenue
Total	(26,198,248)	$ (27,390,350)
Net Future Amortization of Intangible Assets and Liabilities
2020	3,879,188
2021	2,379,847
2022	1,901,369
2023	1,781,535
2024	1,835,803
Thereafter	11,046,188
Total	22,823,930
Future Amortization
Future Amortization Amount
2020	5,812,069
2021	4,383,899
2022	3,976,582
2023	3,851,554
2024	3,808,092
Thereafter	21,294,453
Total	43,126,649
Future Accretion to Income Property Revenue
Future Accretion to Income Property Revenue
2020	(1,932,881)
2021	(2,004,052)
2022	(2,075,213)
2023	(2,070,019)
2024	(1,972,289)
Thereafter	(10,248,265)
Total	$ (20,302,719)

LAND AND INVESTMENT IN THE LAND JV - Daytona Beach, Florida Land (Details)		6 Months Ended	12 Months Ended
	Oct. 16, 2019 USD ($)	Mar. 31, 2020 USD ($) a item	Dec. 31, 2019 USD ($) a	Dec. 31, 2018 USD ($) a contract mi $ / a	Dec. 31, 2017 USD ($) a
Land and development costs and subsurface interests
Land sale acres \| a			5,400
Gain on Sale			$ 133,000,000		$ 31,800,000
Gain on sale of properties (in dollars per share)			20.60		$ 3.51
Land Sales
Land and development costs and subsurface interests
Land sale acres \| a				2,697	1,700
Magnetar Investors \| Land Sales
Land and development costs and subsurface interests
Area of land (in acres) \| a				205
Total proceeds from sale of controlling interest in wholly-owned entity				$ 43,700,000
Gain on Sale				$ 32,600,000
Number of contracts \| contract				12
Price per Acre \| $ / a				4.44
Land JV
Land and development costs and subsurface interests
Total proceeds from sale of controlling interest in wholly-owned entity	$ 97,000,000	$ 97,000,000
Proceeds from sale of land		$ 22,000,000
Number of purchase and sale agreements \| item		10
Area of land remaining under contract \| a		4,200
Percentage of remaining land under contract		84.00%
Gain on Sale	48,900,000
Gain on sale of properties (in dollars per share)	7.59
Property Management Fee Revenue Per Month			20,000
Land JV \| Land Sales
Land and development costs and subsurface interests
Gain on Sale	78,600,000		$ 127,500,000
Gain on sale of properties (in dollars per share)	$ 12.21
Land sales, ownership interest sold (as a percent)	66.50%
Land JV \| Magnetar Investors
Land and development costs and subsurface interests
Noncontrolling interest (as a percent)	66.50%
Ownership interest of controlling interest holders (as a percent)	33.50%		33.50%
Undeveloped Land in Daytona Beach, Florida, Along Interstate 95
Land and development costs and subsurface interests
Area of land (in acres) \| a			5,300	5,400
Distance of land owned along Interstate \| mi				6
Property east of I-95
Land and development costs and subsurface interests
Distance of land owned along Interstate \| mi				6

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION - Initial Cost and Subsequent Costs Capitalized (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Cost:
Encumbrances	$ 53,884,373
Land	160,101,806
Building & Improvements	230,666,905
Improvements	2,073,188
Gross Amount Carried at Close
Land	160,101,806
Buildings	232,740,093
Total	392,841,899	$ 463,703,673	$ 358,130,350	$ 274,334,139
Accumulated Depreciation	22,551,716	$ 28,732,504	$ 21,878,465	$ 14,391,567
24 Hour Fitness USA, Inc \| Falls Church, VA
Cost:
Land	7,308,225
Building & Improvements	11,559,506
Gross Amount Carried at Close
Land	7,308,225
Buildings	11,559,506
Total	18,867,731
Accumulated Depreciation	$ 201,852
Life	30 years
7-Eleven \| Dallas, TX
Cost:
Land	$ 974,862
Building & Improvements	1,550,744
Gross Amount Carried at Close
Land	974,862
Buildings	1,550,744
Total	2,525,606
Accumulated Depreciation	$ 148,613
Life	40 years
Aspen Development \| Aspen, CO
Cost:
Land	$ 11,973,930
Building & Improvements	14,968,210
Gross Amount Carried at Close
Land	11,973,930
Buildings	14,968,210
Total	26,942,140
Accumulated Depreciation	$ 583,973
Life	52 years
Bank of America \| Monterey, CA
Cost:
Land	$ 4,458,840
Gross Amount Carried at Close
Land	4,458,840
Total	4,458,840
WAWA (formerly Barnes & Noble) \| Daytona Beach, FL
Cost:
Land	1,798,600
Building & Improvements	3,803,000
Gross Amount Carried at Close
Land	1,798,600
Buildings	3,803,000
Total	5,601,600
Accumulated Depreciation	$ 1,806,425
Life	40 years
Big Lots \| Germantown, MD
Cost:
Encumbrances	$ 3,300,000
Land	1,781,918
Building & Improvements	2,951,231
Improvements	6,750
Gross Amount Carried at Close
Land	1,781,918
Buildings	2,957,981
Total	4,739,899
Accumulated Depreciation	$ 468,403
Life	40 years
Big Lots \| Phoenix, AZ
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
Total	4,765,881
Accumulated Depreciation	$ 527,424
Life	40 years
Burlington Stores, Inc \| Richland Hills, TX
Cost:
Land	$ 3,915,679
Building & Improvements	7,028,945
Gross Amount Carried at Close
Land	3,915,679
Buildings	7,028,945
Total	10,944,624
Accumulated Depreciation	$ 57,361
Life	30 years
Carrabba's Italian Grill \| Austin, TX
Cost:
Land	$ 1,160,925
Building & Improvements	1,305,117
Gross Amount Carried at Close
Land	1,160,925
Buildings	1,305,117
Total	2,466,042
Accumulated Depreciation	$ 220,066
Life	25 years
Chuy'S Restaurant & Bar \| Jacksonville, FL
Cost:
Land	$ 5,504,039
Gross Amount Carried at Close
Land	5,504,039
Total	5,504,039
Crabby's Restaurant (formerly Cocina 214) \| Daytona Beach, FL
Cost:
Land	5,835,939
Building & Improvements	4,249,199
Improvements	8,662
Gross Amount Carried at Close
Land	5,835,939
Buildings	4,257,861
Total	10,093,800
Accumulated Depreciation	$ 434,517
Life	40 years
Fidelity Investment (affiliate of) \| Albuquerque, NM
Cost:
Land	$ 5,751,131
Building & Improvements	29,537,069
Gross Amount Carried at Close
Land	5,751,131
Buildings	29,537,069
Total	35,288,200
Accumulated Depreciation	$ 1,405,493
Life	45 years
Firebirds Woodfired Grill \| Jacksonville, FL
Cost:
Land	$ 4,202,924
Gross Amount Carried at Close
Land	4,202,924
Total	4,202,924
General Dynamics Corporation \| Reston, VA
Cost:
Land	7,530,432
Building & Improvements	9,068,274
Gross Amount Carried at Close
Land	7,530,432
Buildings	9,068,274
Total	16,598,706
Accumulated Depreciation	$ 243,267
Life	35 years
J P Morgan Chase Bank \| Jacksonville, FL
Cost:
Land	$ 4,516,486
Gross Amount Carried at Close
Land	4,516,486
Total	4,516,486
CVS Pharmacy \| Dallas, TX
Cost:
Land	7,535,013
Gross Amount Carried at Close
Land	7,535,013
Total	7,535,013
Harris Teeter \| Charlotte, NC
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
Total	9,011,175
Accumulated Depreciation	$ 1,001,493
Life	40 years
LandShark Bar and Grill \| Daytona Beach, FL
Cost:
Land	$ 5,835,939
Building & Improvements	4,578,168
Improvements	8,662
Gross Amount Carried at Close
Land	5,835,939
Buildings	4,586,830
Total	10,422,769
Accumulated Depreciation	$ 422,800
Life	40 years
Lowe's Corporation \| Katy, TX
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
Total	12,892,831
Accumulated Depreciation	$ 758,345
Life	30 years
Macaroni Grill \| Arlington, TX
Cost:
Land	$ 956,685
Building & Improvements	1,069,700
Gross Amount Carried at Close
Land	956,685
Buildings	1,069,700
Total	2,026,385
Accumulated Depreciation	$ 54,714
Life	30 years
Maple Ave Land \| Dallas, TX
Cost:
Land	$ 359,116
Gross Amount Carried at Close
Land	359,116
Total	359,116
Outback Steakhouse \| Austin, TX
Cost:
Land	1,376,793
Building & Improvements	1,585,791
Gross Amount Carried at Close
Land	1,376,793
Buildings	1,585,791
Total	2,962,584
Accumulated Depreciation	$ 228,176
Life	30 years
Party City Corporation \| Oceanside, NY
Cost:
Land	$ 2,964,507
Building & Improvements	3,288,786
Gross Amount Carried at Close
Land	2,964,507
Buildings	3,288,786
Total	6,253,293
Accumulated Depreciation	$ 26,376
Life	35 years
Rite Aid Corp. \| Renton, WA
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
Total	6,184,650
Accumulated Depreciation	$ 665,475
Life	40 years
Riverside Avenue \| Jacksonville, FL
Cost:
Land	$ 6,019,815
Building & Improvements	14,239,515
Improvements	767,532
Gross Amount Carried at Close
Land	6,019,815
Buildings	15,007,047
Total	21,026,862
Accumulated Depreciation	$ 2,866,175
Life	43 years
Staples \| Sarasota, FL
Cost:
Land	$ 2,728,083
Building & Improvements	1,145,137
Gross Amount Carried at Close
Land	2,728,083
Buildings	1,145,137
Total	3,873,220
Accumulated Depreciation	$ 167,313
Life	40 years
The Strand \| Jacksonville, FL
Cost:
Land	$ 13,886,294
Building & Improvements	38,832,707
Gross Amount Carried at Close
Land	13,886,294
Buildings	38,832,707
Total	52,719,001
Accumulated Depreciation	$ 123,295
Life	48 years
Walgreens \| Clermont, FL
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
Total	4,291,114
Accumulated Depreciation	$ 494,556
Life	40 years
Wells Fargo \| Raleigh, NC
Cost:
Encumbrances	$ 23,884,373
Land	8,680,056
Building & Improvements	59,166,753
Improvements	1,186,118
Gross Amount Carried at Close
Land	8,680,056
Buildings	60,352,871
Total	69,032,927
Accumulated Depreciation	$ 8,309,888
Life	45 years
Westcliff property
Cost:
Land	$ 10,500,000
Westcliff Shopping Center \| Fort Worth, TX
Cost:
Land	10,520,822
Building & Improvements	4,196,359
Improvements	95,464
Gross Amount Carried at Close
Land	10,520,822
Buildings	4,291,823
Total	14,812,645
Accumulated Depreciation	$ 1,203,607
Life	10 years
Moe's Southwest Grill \| Jacksonville, FL
Cost:
Land	$ 1,862,284
Gross Amount Carried at Close
Land	1,862,284
Total	1,862,284
PDQ \| Jacksonville, FL
Cost:
Land	2,205,539
Gross Amount Carried at Close
Land	2,205,539
Total	2,205,539
Wawa \| Jacksonville, FL
Cost:
Land	6,252,632
Gross Amount Carried at Close
Land	6,252,632
Total	6,252,632
World of Beer/Fuzzy's Taco Shop \| Brandon, FL
Cost:
Land	416,663
Building & Improvements	1,184,678
Gross Amount Carried at Close
Land	416,663
Buildings	1,184,678
Total	1,601,341
Accumulated Depreciation	$ 132,109
Life	30 years

INCOME TAXES - Uncertain Tax Positions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
INCOME TAXES
Change to unrecognized tax benefits	$ 0	$ 0	$ 0
Interest and penalties accrued for uncertain positions	$ 0	$ 0	$ 0

ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS - Assets and Liabilities Held for Sale (Details)	3 Months Ended	12 Months Ended
	Jun. 30, 2019 USD ($)	Dec. 31, 2019 USD ($) property	Dec. 31, 2018 USD ($) property
Assets held for sale
Number of real estate properties \| property		34
Increase (decrease) in assets held for sale		$ (3,892,476)
Property, Plant, and Equipment—Net			$ 71,470,583
Land and Development Costs			20,139,788
Cash and Cash Equivalents			156,489
Restricted Cash			831,966
Other Assets			646,285
Intangible Lease Assets—Net			4,366,858
Intangible Lease Liabilities—Net			(773,705)
Total Assets Held for Sale		833,167	96,838,264
Liabilities held for sale
Accounts Payable			199,422
Accrued and Other Liabilities		924,323	924,323
Deferred Revenue			1,054,871
Total Liabilities Held for Sale		831,320	2,178,616
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Assets held for sale
Increase (decrease) in assets held for sale		(56,800,000)
Disposal Group, Held-for-sale, Not Discontinued Operations
Assets held for sale
Increase (decrease) in assets held for sale	$ (14,600,000)
Land JV Assets \| Disposal Group, Held-for-sale, Not Discontinued Operations
Assets held for sale
Land and Development Costs			20,139,788
Restricted Cash			831,966
Total Assets Held for Sale			20,971,754
Land JV Liabilities \| Disposal Group, Held-for-sale, Not Discontinued Operations
Liabilities held for sale
Deferred Revenue			831,320
Total Liabilities Held for Sale			$ 831,320
Multi-Tenant Income Properties
Assets held for sale
Number of real estate properties \| property			4
Multi-Tenant Income Properties \| Disposal Group, Held-for-sale, Not Discontinued Operations
Assets held for sale
Property, Plant, and Equipment—Net			$ 67,810,880
Intangible Lease Assets—Net			4,366,858
Intangible Lease Liabilities—Net			(773,705)
Total Assets Held for Sale			71,404,033
Golf Operations \| Discontinued Operations, Held-for-sale
Assets held for sale
Increase (decrease) in assets held for sale		208,000
Property, Plant, and Equipment—Net			3,659,703
Cash and Cash Equivalents			156,489
Other Assets			646,285
Total Assets Held for Sale			4,462,477
Liabilities held for sale
Accounts Payable			199,422
Accrued and Other Liabilities			924,323
Deferred Revenue			223,551
Total Liabilities Held for Sale			$ 1,347,296
Golf Operations \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Assets held for sale
Total Assets Held for Sale		0
Liabilities held for sale
Total Liabilities Held for Sale		$ 0

INTANGIBLE ASSETS AND LIABILITIES - Components (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	$ 64,349,360	$ 58,094,834
Accumulated Amortization	(15,327,182)	(14,539,389)
Total	49,022,178	43,555,445
Intangible Lease Liabilities
Value of Below Market In-Place Leases	(36,507,336)	(35,321,234)
Sub-total Intangible Lease Liabilities—Net	(36,507,336)	(35,321,234)
Accumulated Amortization	10,309,088	7,930,884
Total	(26,198,248)	(27,390,350)
Total Intangible Assets and Liabilities—Net	22,823,930	16,165,095
Value of In-Place Leases
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	42,584,264	39,189,008
Value of Above Market In-Place Leases
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	7,119,316	4,114,715
Value of Intangible Leasing Costs
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	$ 14,645,780	$ 14,791,111

FAIR VALUE OF FINANCIAL INSTRUMENTS - Measured on a Recurring Basis (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Fair value of assets
Cash Flow Hedge - Interest Rate Swap	$ 99,021	$ 651,722
Recurring basis
Fair value of assets
Investment Securities	38,814,425
Total	38,814,425	651,722
Recurring basis \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair value of assets
Investment Securities	38,814,425
Total	38,814,425
Recurring basis \| Significant Other Observable Inputs (Level 2)
Fair value of assets
Total		651,722
Recurring basis \| Interest Rate Swap
Fair value of assets
Cash Flow Hedge - Interest Rate Swap	99,021	651,722
Recurring basis \| Interest Rate Swap \| Significant Other Observable Inputs (Level 2)
Fair value of assets
Cash Flow Hedge - Interest Rate Swap	$ 99,021	$ 651,722

INCOME PROPERTIES (Tables)

12 Months Ended

Dec. 31, 2019

INCOME PROPERTIES

Schedule of components of leasing revenue


	Year Ended December 31,
	2019		2018		2017
	($000's)		($000's)		($000's)
Leasing Revenue
Lease Payments	$	37,431	$	33,842	$	26,794
Variable Lease Payments		4,525		6,234		4,613
Total Leasing Revenue	$	41,956	$	40,076	$	31,407

Schedule of minimum future base rental revenue on non-cancelable leases

Minimum future base rental revenue on non-cancelable leases subsequent to December 31, 2019, for the next five years ended December 31 are summarized as follows:


Year Ending December 31,	Amounts ($000's)
2020	$	25,698
2021		24,979
2022		24,074
2023		23,343
2024		23,069
2025 and thereafter (cumulative)		174,852
Total	$	296,015

Schedule of properties acquired

. The properties acquired during the year ended December 31, 2019 are described below:


Tenant Description	Tenant Type	Property Location	Date of Acquisition	Property Square-Feet	Property Acres	Purchase Price		Percentage Leased		Remaining Lease Term at Acquisition Date (in years)
Hobby Lobby Stores, Inc.	Single-Tenant	Winston-Salem, NC	05/16/19	55,000	7.6	$	8,075,000		100%	10.9
24 Hour Fitness USA, Inc.	Single-Tenant	Falls Church, VA	05/23/19	46,000	3.1		21,250,000		100%	8.6
Walgreen Co.	Single-Tenant	Birmingham, AL	06/05/19	14,516	2.1		5,500,000		100%	9.8
Family Dollar Stores of Massachusetts, Inc.	Single-Tenant	Lynn, MA	06/07/19	9,228	0.7		2,100,000		100%	4.8
Walgreen Co.	Single-Tenant	Albany, GA	06/21/19	14,770	3.6		3,634,000		100%	13.6
Carpenter Hotel (1)	Single-Tenant	Austin, TX	07/05/19	N/A	1.4		16,250,000		100%	99.1
General Dynamics Corporation	Single-Tenant	Reston, VA	07/12/19	64,319	3.0		18,600,000		100%	9.9
Live Nation Entertainment, Inc.	Single-Tenant	East Troy, WI	08/30/19	N/A	158.3		7,500,000		100%	10.6
Party City Corporation	Single-Tenant	Oceanside, NY	09/24/19	15,500	1.2		7,120,000		100%	10.2
Burlington Stores, Inc.	Single-Tenant	N. Richland Hills, TX	10/28/19	70,891	5.3		11,940,000		100%	9.3
The Strand	Multi-Tenant	Jacksonville, FL	12/09/19	212,402	52.0		62,701,000		95%	9.5
	Total / Weighted Average			502,626		$	164,670,000			18.4

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2019	Feb. 28, 2020	Jun. 30, 2019
Cover [Abstract]
Entity Central Index Key	0000023795
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2019
Document Transition Report	false
Entity File Number	001-11350
Entity Registrant Name	CONSOLIDATED TOMOKA LAND CO
Entity Incorporation, State or Country Code	FL
Entity Tax Identification Number	59-0483700
Entity Address, Address Line One	1140 N. Williamson Blvd.
Entity Address, Address Line Two	Suite 140
Entity Address, City or Town	Daytona Beach
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32114
City Area Code	386
Local Phone Number	274-2202
Title of 12(b) Security	common stock, $1.00 par value
Trading Symbol	CTO
Security Exchange Name	NYSEAMER
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 282,627,143
Entity Listing, Par Value Per Share	$ 1.00
Entity Common Stock, Shares Outstanding		4,794,923
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Amendment Flag	false

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2019

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

NOTE 21. COMMITMENTS AND CONTINGENCIES

MINIMUM FUTURE RENTAL PAYMENTS

The Company leases, as lessee, certain equipment under operating leases.

Minimum future rental payments under non-cancelable operating leases having remaining terms in excess of one year as of December 31, 2019, are summarized as follows:


Year Ending December 31,	Amounts ($000's)
2020	$	127
2021		123
2022		118
2023		33
2024		—
2025 and thereafter (cumulative)		—
Total	$	401

Rental expense under all operating leases amounted to approximately $286,000, $309,000, and $339,000, for the years ended December 31, 2019, 2018, and 2017, respectively.

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 until 2020. 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 2020, 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 2021.

CONTRACTUAL COMMITMENTS - EXPENDITURES

In connection with the acquisition of The Strand property located in Jacksonville, FL on December 9, 2019, the Company received a credit of approximately $450,000 for a tenant improvement allowance for one of the tenants of The Strand. Accordingly, this amount is included in Accrued and Other Liabilities in the accompanying consolidated balance sheets as of December 31, 2019. Subsequent to December 31, 2019, the improvements were completed by the tenant and the Company funded the $450,000.

In connection with the Daytona Beach Development, the Company has executed agreements for the demolition of certain existing structures, which commitments totaled approximately $316,000 as of December 31, 2019.

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. 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 quarter ended September 30, 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 reflecting 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. During the first quarter of 2019, the Company received a revised estimate for completion of the restoration work for which the adjusted final total cost was approximately $2.4 million. Accordingly, an increase in the accrual of approximately $361,000 was recorded during the first quarter of 2019. The Company has funded approximately $2.3 million of the total $2.4 million of estimated costs through December 31, 2019, leaving a remaining accrual of approximately $121,000. The Company believes there is at least a reasonable possibility that the estimated remaining liability of approximately $121,000 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.

During the first quarter of 2017, the Company completed the sale of approximately 1,581 acres of land to Minto Communities LLC which acreage represents a portion of the Company’s remaining $430,000 obligation. Accordingly, the Company deposited $423,000 of cash in escrow to secure performance on the obligation. The funds in escrow can be drawn upon completion of certain milestones including completion of restoration and annual required monitoring. The first such milestone was achieved during the fourth quarter of 2017 and $189,500 of the escrow was refunded. The second milestone related to the completion of the first-year maintenance and monitoring was achieved during the first quarter of 2019 and $77,833 of the escrow was refunded leaving an escrow balance of approximately $156,000 as of December 31, 2019. Additionally, resolution of the regulatory matter required the Company to apply for an additional permit pertaining to an additional approximately 54.66 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. Resolution of this matter allowed 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. As of June 30, 2017, the Company determined that approximately 36 mitigation credits were required to be utilized, which represents approximately $298,000 in cost basis of the Company’s mitigation credits. Accordingly, the Company transferred the mitigation credits through a charge to direct cost of revenues of real estate operations during the three months ended June 30, 2017, thereby resolving the required mitigation activities related to the approximately 54.66 acres. 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. No amounts related to such potential future costs have been accrued as of December 31, 2019.

INTANGIBLE ASSETS AND LIABILITIES

12 Months Ended

Dec. 31, 2019

INTANGIBLE ASSETS AND LIABILITIES

INTANGIBLE ASSETS AND LIABILITIES

NOTE 10. INTANGIBLE ASSETS AND LIABILITIES

Intangible assets and liabilities consist 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 fair values. Intangible assets and liabilities consisted of the following as of December 31, 2019 and 2018:


	As of
	December 31, 2019		December 31, 2018
Intangible Lease Assets:
Value of In-Place Leases	$	42,584,264	$	39,189,008
Value of Above Market In-Place Leases		7,119,316		4,114,715
Value of Intangible Leasing Costs		14,645,780		14,791,111
Sub-total Intangible Lease Assets		64,349,360		58,094,834
Accumulated Amortization		(15,327,182)		(14,539,389)
Sub-total Intangible Lease Assets—Net		49,022,178		43,555,445
Intangible Lease Liabilities (included in accrued and other liabilities):
Value of Below Market In-Place Leases		(36,507,336)		(35,321,234)
Sub-total Intangible Lease Liabilities		(36,507,336)		(35,321,234)
Accumulated Amortization		10,309,088		7,930,884
Sub-total Intangible Lease Liabilities—Net		(26,198,248)		(27,390,350)
Total Intangible Assets and Liabilities—Net	$	22,823,930	$	16,165,095

During the year ended December 31, 2019, the value of in-place leases increased by approximately $16.1 million, the value of above-market in-place leases increased by approximately $3.2 million, the value of intangible leasing costs increased by approximately $5.7 million, and the value of below-market in-place leases increased by approximately $3.7 million due to the acquisition of ten single-tenant and one multi-tenant income properties, offset by the net amortization of approximately $3.5 million, the reclass to accumulated amortization from assets held for sale for the Westcliff property of approximately $10.5 million, and the disposition of approximately $10.7 million of intangible lease assets and liabilities related to the 2019 Multi-Tenant Dispositions, the PINE Income Property Sale Transactions, the Wawa Disposition, for a net increase during 2019 of approximately $6.6 million.

As of December 31, 2019 and 2018, approximately $22.2 and $24.4 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.

The following table reflects the net amortization of intangible assets and liabilities during the years ended December 31, 2019, 2018, and 2017:


	Year Ended
	December 31, 2019		December 31, 2018		December 31, 2017
	($000's)		($000's)		($000's)
Depreciation and Amortization Expense	$	5,854	$	5,872	$	4,776
Increase to Income Properties Revenue		(2,383)		(2,339)		(2,194)
Net Amortization of Intangible Assets and Liabilities	$	3,471	$	3,533	$	2,582

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
2020	$	5,812,069	$	(1,932,881)	$	3,879,188
2021		4,383,899		(2,004,052)		2,379,847
2022		3,976,582		(2,075,213)		1,901,369
2023		3,851,554		(2,070,019)		1,781,535
2024		3,808,092		(1,972,289)		1,835,803
Thereafter		21,294,453		(10,248,265)		11,046,188
Total	$	43,126,649	$	(20,302,719)	$	22,823,930

As of December 31, 2019, the weighted average amortization period of both the total intangible assets and liabilities was approximately 13 years.

INCOME TAXES - Income Tax Benefit (Expense) (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Total income tax benefit (expense)
Income Tax (Expense) Benefit from Continuing Operations	$ (182,594)	$ (573,731)	$ (2,941,213)	$ (1,774,640)	$ (641,518)	$ (153,550)	$ (4,645,012)	$ (585,068)	$ (5,472,178)	$ (6,025,148)	$ 22,481,523
Income Tax (Expense) Benefit from Discontinued Operations									(32,641,194)	(7,529,596)	(12,546,257)
Total Consolidated Income Tax Benefit (Expense)									$ (38,113,372)	$ (13,554,744)	$ 9,935,266

- Definition

Amount of tax expense (benefit) related to a discontinued operation. Includes, but is not limited to, tax expense (benefit) related to income (loss) from operations during the phase-out period, tax expense (benefit) related to gain (loss) on disposal, tax expense (benefit) related to gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and tax expense (benefit) related to adjustments of a prior period gain (loss) on disposal.

+ References + Details

STOCK-BASED COMPENSATION - Three Year Vest Restricted Shares (Details) - Three-Year Vesting - USD ($) $ / shares in Units, $ in Millions									12 Months Ended
	Jan. 23, 2019	Jan. 24, 2018	Aug. 04, 2017	Jan. 25, 2017	Jan. 27, 2016	Feb. 09, 2015	Jan. 28, 2015	Jan. 22, 2014	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Restricted Shares
Stock-based compensation
Vesting per year (as a percent)	33.00%	33.00%		33.00%	33.00%			33.00%
Shares
Outstanding (in shares)									34,952	37,390	37,504
Granted (in shares)	20,696	17,712		17,451	21,100			14,500	20,696	17,712	17,451
Vested (in shares)									(18,053)	(18,883)	(17,298)
Forfeited (in shares)										(1,267)	(267)
Outstanding (in shares)									37,595	34,952	37,390
Weighted Average Fair Value
Outstanding (in dollars per share)									$ 58.07	$ 51.39	$ 47.53
Granted (in dollars per share)									58.78	65.33	55.06
Vested (in dollars per share)									54.43	51.57	46.70
Forfeited (in dollars per share)										59.39	52.51
Outstanding (in dollars per share)									$ 60.21	$ 58.07	$ 51.39
Compensation cost
Unrecognized compensation cost									$ 1.2
Weighted average period of recognition of unrecognized compensation cost									1 year 8 months 12 days
Restricted Shares \| Certain employees, excluding Mr. Albright
Stock-based compensation
Vesting per year (as a percent)							33.00%
Shares
Granted (in shares)						8,000	11,700
Restricted Shares \| Mr. Albright
Stock-based compensation
Vesting per year (as a percent)						33.00%
Equity Award Agreements
Award agreements
Period after change of control for equity award to fully vest upon termination of employment without cause or resignation			24 months

ACCRUED AND OTHER LIABILITIES - Components (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
ACCRUED AND OTHER LIABILITIES
Accrued Property Taxes	$ 44,232	$ 12,312
Reserve for Tenant Improvements	617,968	100,519
Accrued Construction Costs	93,270	350,593
Accrued Interest	1,312,801	1,430,236
Environmental Reserve and Restoration Cost Accrual	205,774	520,404
Operating Leases - Liability	364,888
Other	3,048,259	2,783,820
Total Accrued and Other Liabilities	$ 5,687,192	$ 5,197,884
Operating lease liability, financial position	Below Market Lease, Net

COMMERCIAL LOAN INVESTMENTS - General Information (Details)				12 Months Ended
	Oct. 17, 2019 USD ($) item	Jul. 05, 2019 USD ($) a	Jun. 14, 2019 USD ($) a item	Dec. 31, 2019 USD ($)	Dec. 31, 2018 loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Face Amount of Mortgages				$ 34,570,000
Commercial loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of mortgage loan investments \| loan					0
First Mortgage, 72-Acre Land Parcel, Orlando, FL
Accounts, Notes, Loans and Financing Receivable [Line Items]
Face Amount of Mortgages			$ 8,000,000	$ 8,000,000
Area of land (in acres) \| a			72
Term			1 year
Number of extensions \| item			2
Extension term			1 year
Interest rate (as a percent)			12.00%	12.00%
Origination fee (as a percent)			2.00%
Origination fee received			$ 160,000
Mortgage Note, 400 Josephine Street, Austin, TX
Accounts, Notes, Loans and Financing Receivable [Line Items]
Face Amount of Mortgages		$ 8,300,000		$ 8,250,000
Term		1 year
Interest rate (as a percent)		11.50%		11.50%
Origination fee (as a percent)		1.00%
Origination fee received		$ 82,500
First Mortgage, Golf Club, Daytona Beach, FL
Accounts, Notes, Loans and Financing Receivable [Line Items]
Term	1 year
Number of extensions \| item	2
Extension term	6 months
Interest rate (as a percent)	7.50%
Origination fee (as a percent)	1.50%
Origination fee received	$ 31,000
LPGA Buyer Loan - Daytona Beach, FL
Accounts, Notes, Loans and Financing Receivable [Line Items]
Face Amount of Mortgages	$ 2,100,000			$ 2,070,000
Interest rate (as a percent)				7.50%
Carpenter Hotel-400 Josephine Street, Austin, TX
Accounts, Notes, Loans and Financing Receivable [Line Items]
Face Amount of Mortgages		$ 16,250,000		$ 16,250,000
Area of land (in acres) \| a		1.4
Term		99 years

FAIR VALUE OF FINANCIAL INSTRUMENTS - Assets Measured on a Nonrecurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Nonrecurring basis
Fair value of assets
Asset fair value	$ 0	$ 0

INCOME TAXES - Valuation Allowance - Charitable Contributions (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Valuation Allowance [Line Items]
Valuation allowance	$ 272,966	$ 272,966
Charitable contribution carryforwards
Valuation Allowance [Line Items]
Valuation allowance	$ 0	$ 0

LONG-TERM DEBT - Payments Applicable to Reduction of Principal (Details) - USD ($)	Feb. 04, 2020	Dec. 31, 2019
Payments applicable to reduction of principal amounts
2020		$ 75,000,000
2021		23,884,373
2023		159,845,349
Thereafter		30,000,000
Total Long-Term Debt - Face Value		$ 288,729,722
3.875% Convertible Senior Notes due 2025 \| Subsequent Event
Payments applicable to reduction of principal amounts
Total Long-Term Debt - Face Value	$ 17,600,000
Outstanding amount	$ 75,000,000

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2019	Dec. 31, 2018
Common Stock
Common Stock, shares authorized	25,000,000	25,000,000
Common Stock, par value (in dollars per share)	$ 1	$ 1
Common Stock, shares issued	6,076,813	6,052,209
Common Stock, shares outstanding	4,770,454	5,436,952
Treasury Stock
Treasury Stock, shares held	1,306,359	615,257

INTEREST RATE SWAP (Details) - USD ($)	12 Months Ended
INTEREST RATE SWAP (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2019	Apr. 30, 2016
Derivative [Line Items]
Face amount of debt			$ 288,729,722
Wells Fargo Mortgage Note Payable Originated April 15, 2016
Derivative [Line Items]
Face amount of debt			23,884,373	$ 25,000,000
Interest Rate Swap
Derivative [Line Items]
Effectiveness of interest rate cash flow hedge (as a percent)	100.00%	100.00%
Notional amount			$ 23,900,000
Derivative fixed interest rate (as a percent)			3.17%
Interest Rate Swap \| Other Assets
Derivative [Line Items]
Fair value of interest rate swap agreement to hedge cash flows	$ 652,000		$ 99,000

SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE - Activity (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Mortgage Loans on Real Estate Roll Forward
Balance at Beginning of Year		$ 11,925,699	$ 23,960,467
New Mortgage Loans	$ 34,570,000		3,000,000
Accretion of Origination Fees	(138,770)	34,768	(34,768)
Imputed Interest Over Rent Payments on Ground Lease Loan	193,943
Collection of Principal		$ (11,960,467)	(15,000,000)
Balance at End of Year	$ 34,625,173		$ 11,925,699

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY - USD ($)	Common Stock	Treasury Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Total
Balance at Dec. 31, 2016	$ 5,914,560	$ (15,298,306)	$ 20,511,388	$ 136,892,311	$ 255,889	$ 148,275,842
Increase (decrease) in shareholders' equity
Net Income				41,719,424		41,719,424
Stock Repurchase		(7,209,454)				(7,209,454)
Exercise of Stock Options	28,527		1,056,406			1,084,933
Vested Restricted Stock	18,930		(413,184)			(394,254)
Stock Issuance	1,833		101,303			103,136
Stock Compensation Expense from Restricted Stock Grants and Equity Classified Stock Options			1,479,315			1,479,315
Cash Dividends				(997,461)		(997,461)
Other Comprehensive Income (Loss), Net of Income Tax					116,727	116,727
Balance at Dec. 31, 2017	5,963,850	(22,507,760)	22,735,228	177,614,274	372,616	184,178,208
Increase (decrease) in shareholders' equity
Net Income				37,167,790		37,167,790
Stock Repurchase		(9,837,242)				(9,837,242)
Exercise of Stock Options	8,520		189,849			198,369
Vested Restricted Stock	19,065		(517,439)			(498,374)
Stock Issuance	3,822		234,890			238,712
Stock Compensation Expense from Restricted Stock Grants and Equity Classified Stock Options			1,684,250			1,684,250
Cash Dividends				(1,484,167)		(1,484,167)
Other Comprehensive Income (Loss), Net of Income Tax					113,927	113,927
Balance at Dec. 31, 2018	5,995,257	(32,345,002)	24,326,778	213,297,897	486,543	211,761,473
Increase (decrease) in shareholders' equity
Net Income				114,972,858		114,972,858
Stock Repurchase		(41,095,712)				(41,095,712)
Vested Restricted Stock	12,957		(316,272)			(303,315)
Stock Issuance	9,004		522,910			531,914
Stock Compensation Expense from Restricted Stock Grants and Equity Classified Stock Options			2,156,379			2,156,379
Cash Dividends				(2,197,556)		(2,197,556)
Other Comprehensive Income (Loss), Net of Income Tax					(412,619)	(412,619)
Balance at Dec. 31, 2019	$ 6,017,218	$ (73,440,714)	$ 26,689,795	$ 326,073,199	$ 73,924	$ 285,413,422

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2019

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation

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. The Company has retained interests in the Land JV and the Mitigation Bank JV, as well as an equity investment in PINE. The Company has concluded that these entities are variable interest entities of which the Company is not the primary beneficiary and as a result, these entities are not consolidated.

Use of Estimates in Preparation of Financial Statements

USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS

The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. 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, 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.

Recently Issued Accounting Standards

RECENTLY ISSUED ACCOUNTING STANDARDS

In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, which amends its guidance on the measurement of credit losses on financial instruments. The amendments in this update are effective for annual reporting periods beginning after December 31, 2019. ASU 2016-13 affects entities holding financial assets that are not accounted for at fair value through net income, including but not limited to, loans, trade receivables, and net investments in leases. The Company adopted the changes to Accounting Standards Codification (“ASC”) 326, Financial Instruments-Credit Losses on January 1, 2020 and there was no material impact on the consolidated financial statements.

In May 2014, the FASB issued ASU 2014-09, which amends its guidance on the recognition and reporting of revenue from contracts with customers. In April 2016, the FASB ASC issued Topic 606, Revenue from Contracts with Customers. The amendments in this update are effective for annual reporting periods beginning after December 15, 2017. The Company completed its evaluation of the provisions during the year ended December 31, 2017 and determined there was no impact on the Company’s revenue recognition within the consolidated financial statements. All required disclosures relating to FASB ASC Topic 606 have been implemented herein as required by the standard. The Company adopted FASB ASC Topic 606 effective January 1, 2018 utilizing the modified retrospective method.

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 adopted ASU 2016-01 effective January 1, 2018 and determined there was no material impact on its consolidated financial statements.

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 pursuant to FASB ASC Topic 842, Leases. The amendments in this update are effective for annual reporting periods beginning after December 15, 2018.

The Company implemented ASC 842 effective January 1, 2019 and has elected to follow the practical expedients and accounting policies below:

The Company, as lessee and as lessor, will not reassess (i) whether any expired or existing contracts are or contain leases (ii) lease classification for any expired or existing leases or (iii) initial direct costs for any expired or existing leases.

The Company, as lessee, will not apply the recognition requirements of ASC 842 to short-term (twelve months or less) leases. Instead, the Company, as lessee, will recognize the lease payments in profit or loss on a straight-line basis over the lease term and variable lease payments in the period in which the obligation for those payments is incurred. As of the date of this report, the Company has no such short-term leases.

The Company, as lessor, will not separate nonlease components from lease components and, instead, will account for each separate lease component and the nonlease components associated with that lease as a single component if the nonlease components otherwise would be accounted for under ASC Topic 606. The primary reason for this election is related to instances where common area maintenance is, or may be, a component of base rent within a lease agreement.

At the beginning of the period of adoption, January 1, 2019, through a cumulative-effect adjustment, the Company increased right-of use assets and lease liabilities for operating leases for which the Company is the lessee. The amount of the adjustment totaled approximately $681,000 and was reflected as an increase in Other Assets and Accrued and Other Liabilities for corporate leases totaling approximately $473,000 and an increase in Assets Held for Sale and Liabilities Held for sale for golf operations segment leases totaling approximately $208,000. There were no adjustments related to the leases for which the Company is the lessor.

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 adopted ASU 2016-15 effective January 1, 2018 and determined there was no material impact on its consolidated financial statements.

In November 2016, the FASB issued ASU 2016-18, which addresses diversity in the classification and presentation of changes in restricted cash in the statement of cash flows as operating, investing, or financing activities. The Company adopted ASU 2016-18 effective January 1, 2018 and has classified the changes in restricted cash between operating, investing, and financing in the consolidated statements of cash flows as applicable per the new guidance.

In February 2018, the FASB issued ASU 2018-02, which amends the guidance allowing for a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act effective January 1, 2018 (the “2018 Tax Cuts and Jobs Act”). The amendments in this update are effective for annual reporting periods beginning after December 15, 2018. The Company implemented ASU 2018-02 effective January 1, 2019 and there were no such reclassifications related to the Tax Cuts and Jobs Act.

Reclassifications

RECLASSIFICATIONS

Certain items in the prior period’s consolidated statements of operations have been reclassified to conform to the presentation as of and for the year ended December 31, 2019. Specifically, in the fourth quarter of 2019, the Company completed the sale of its remaining land holdings through the Land JV transaction. Accordingly, the results of the real estate operations related to land sales have been classified as discontinued operations in the accompanying consolidated statements of income for the years ended December 31, 2019, 2018, and 2017. Additionally, the identifiable assets and liabilities related to the discontinued real estate operations were reclassified as assets and liabilities held for sale as of December 31, 2019 and 2018.

Cash and Cash Equivalents

CASH AND CASH EQUIVALENTS

Cash and cash equivalents includes cash on hand, bank demand accounts, and money market accounts having original maturities of 90 days or less. The Company’s bank balances as of December 31, 2019 include certain amounts over the Federal Deposit Insurance Corporation limits.

Restricted Cash

RESTRICTED CASH

Restricted cash totaled approximately $128.4 million at December 31, 2019 of which approximately $125.7 million of cash is being held in multiple separate escrow accounts to be reinvested through the like-kind exchange structure into other income properties; approximately $746,000 is being held in an entitlement and interest reserve for the $8.0 million first mortgage loan originated in June 2019, approximately $275,000 is being held in an interest and real estate tax reserve for the $8.3 million first mortgage originated in July 2019, approximately $156,000 is being held in an escrow account related to a separate land transaction which closed in February 2017; approximately $261,000 is being held in a capital replacement reserve account in connection with our financing of six income properties with Wells Fargo Bank, NA (“Wells Fargo”); and approximately $1.3 million is being held in a general tenant improvement reserve account with Wells Fargo in connection with our financing of the property located in Raleigh, NC leased to Wells Fargo.

Investment Securities

INVESTMENT SECURITIES

In accordance with FASB ASC Topic 320, Investments – Debt and Equity Securities and pursuant to ASU 2016-01, effective January 1, 2018, the Company’s investments in equity securities (“Investment Securities”) are carried at fair value in the consolidated balance sheets, with the unrealized gains and losses recognized in net income. The unrealized gains and losses are included in investment income in the consolidated statements of operations.

The cost of Investment Securities sold, if any, is based on the specific identification method. Interest and dividends on Investment Securities are included in investment income in the consolidated statements of operations.

Derivative Financial Instruments and Hedging Activity

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, 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.

Fair Value of Financial Instruments

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, 2019 and 2018, approximate fair value because of the short maturity of these instruments. The carrying value 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 investments held as of December 31, 2019 and the mortgage notes and convertible debt held as of December 31, 2019 and 2018 are measured at fair value based on current market rates for financial instruments with similar risks and maturities. See Note 9, “Fair Value of Financial Instruments.”

Fair Value Measurements

FAIR VALUE MEASUREMENTS

The Company’s estimates of fair value of financial and non-financial assets and liabilities based on the framework established by GAAP. The framework specifies a hierarchy of valuation inputs which was established to increase consistency, clarity and comparability in fair value measurements and related disclosures. GAAP 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.

Recognition of Interest Income From Commercial Loan Investments

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.

Mitigation Credits

MITIGATION CREDITS

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

Accounts receivable related to income properties, which are classified in Other Assets on the consolidated balance sheets, primarily consists of tenant reimbursable expenses. Receivables related to the tenant reimbursable expenses totaled approximately $533,000 and $628,000 as of December 31, 2019 and 2018, respectively.

Accounts receivable related to real estate operations, which are classified in Other Assets on the consolidated balance sheets, totaled approximately $1.6 million and $1.8 million as of December 31, 2019 and 2018, respectively. The accounts receivable as of December 31, 2019 and 2018 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 12, “Other Assets.”

Trade accounts receivable primarily consists of receivables related to golf operations, which were classified in Assets Held for Sale on the consolidated balance sheets as of December 31, 2018 and thereafter until the sale of the golf operations during the fourth quarter of 2019. Trade accounts receivable related to golf operations, which primarily consists of membership and event receivables, totaled approximately $290,000 as of December 31, 2018. As of December 31, 2019, approximately $549,000 is due from the buyer of the golf operations for the rounds surcharge the Company paid to the City, as further described in Note 23, “Assets Held for Sale and Discontinued Operations.”

The collectability of the aforementioned receivables is determined based on a review of specifically identified accounts using judgments. As of December 31, 2019 and 2018, the Company recorded an allowance for doubtful accounts of approximately $14,000 and $185,000, respectively. During the third quarter of 2019, approximately $250,000 of previously recorded allowance for doubtful accounts related to a single income property; Cocina 214 Restaurant & Bar (“Cocina 214”), located in Daytona Beach, Florida, was reversed as the previously uncollected rent totaling approximately $0.3 million was paid in accordance with the termination agreement executed in July 2019. The termination payment is more fully described in Note 3, “Income Properties.”

Purchase Accounting for Acquisitions of Real Estate Subject to a Lease

PURCHASE ACCOUNTING 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.

In January 2017, the FASB issued 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 does not qualify as a business combination, but rather is an asset acquisition. Accordingly, the Company capitalizes acquisition costs for income property acquisitions.

Land and Development Costs

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.

Sales of Real Estate

SALES OF REAL ESTATE

Gains and losses on sales of real estate are accounted for as required by FASB ASC Topic 606, Revenue from Contracts with Customers. The Company recognizes revenue from the sales of real estate when the Company transfers the promised goods and/or services in the contract based on the transaction price allocated to the performance obligations within the contract. 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

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 consolidated 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, 2019, 2018, and 2017, was approximately $9.9 million, $10.3 million, and $7.9 million respectively. Interest of approximately $215,000 was capitalized to construction in progress during 2017, respectively with no interest capitalized in 2019 or 2018.

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	5	-	55	Years
Other Furnishings and Equipment	3	-	20	Years

Long-Lived Assets

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

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

The Company previously owned the LPGA International Golf Club (the “Club”), which consists of two 18-hole golf courses and a 3-hole practice facility, 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 pursuant to FASB ASC Topic 606, Revenue from Contracts with Customers. Initiation fees and membership dues are recognized over the life of the membership, pursuant to FASB ASC Topic 606, Revenue from Contracts with Customers, which is generally twelve months.

Other Real Estate Interests

OTHER REAL ESTATE INTERESTS

From time to time, the Company will release surface entry rights related to subsurface acres owned by the Company upon request of the surface owner. The Company recognizes revenue from the release at the time the transaction is consummated, unless the right is released under a deferred payment plan and the initial payment does not meet the criteria established under FASB ASC Topic 606, Revenue from Contracts with Customers.

Stock-Based Compensation

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 were available to be issued. The 2001 Plan was approved at the April 25, 2001 shareholders’ meeting and expired in April 2011, with no new option shares issued after that date.

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 “Original 2010 Plan”). The Original 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 Original 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 Original 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. At the Annual Meeting of Shareholders of the Company held on April 25, 2018, the Company’s shareholders approved the Second Amended and Restated 2010 Equity Incentive Plan (the “2010 Plan”) which, among other things, increased the number of shares available thereunder to 720,000. 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 702,000 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 720,000 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 currently provides that it will expire on the tenth anniversary of the date that it was adopted by the Board, and that no awards will be granted under the plan after that date.

All non-qualified stock option awards, restricted share awards, and performance 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

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 20, “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

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 13, “Common Stock and Earnings Per 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.

Approximately 24% of the Company’s income property portfolio, based on square footage, and prior to December 31, 2019, all of the Company’s land holdings, golf operations, agriculture operations, and Subsurface Interests (hereinafter defined) are in the State of Florida. During the year ended December 31, 2019, the Company’s remaining land holdings, and its golf operations were sold, thereby significantly reducing the concentration of assets 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.

LONG-TERM DEBT

12 Months Ended

Dec. 31, 2019

LONG-TERM DEBT

LONG-TERM DEBT

NOTE 15. LONG-TERM DEBT

As of December 31, 2019, the Company’s outstanding indebtedness, at face value, was as follows:


	Face		Maturity	Interest
	Value Debt		Date	Rate
Credit Facility	$	159,845,349	May 2023		30 ‑day LIBOR plus 1.35% -1.95%
Mortgage Note Payable (originated with Wells Fargo) (1)		30,000,000	October 2034		4.330%
Mortgage Note Payable (originated with Wells Fargo) (2)		23,884,373	April 2021		30 ‑day LIBOR plus 1.90%
4.50% Convertible Senior Notes due 2020, net of discount		75,000,000	March 2020		4.500%
Total Long-Term Face Value Debt	$	288,729,722

Credit Facility. The Company’s revolving credit facility (the “Credit Facility”), with Bank of Montreal (“BMO”) serving as the administrative agent for the lenders thereunder, is unsecured with regard to our income property portfolio but 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. On September 7, 2017, the Company executed the second amendment and restatement of the Credit Facility (the “2017 Amended Credit Facility”).

On May 24, 2019, the Company executed the Second Amendment to the 2017 Amended Credit Facility (the “Second Revolver Amendment”). As a result of the Second Revolver Amendment, the Credit Facility has a total borrowing capacity of $200.0 million with the ability to increase that capacity up to $300.0 million during the term, subject to lender approval. The Credit Facility provides the lenders with a security 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 195 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 2017 Amended Credit Facility, as amended by the Second Revolver Amendment. The Credit Facility also accrues a fee of 15 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. Pursuant to the Second Revolver Amendment, the Credit Facility matures on May 24, 2023, with the ability to extend the term for 1 year.

On November 26, 2019, the Company entered into the Third Amendment to the Second Amended and Restated Credit Agreement (the “Second 2019 Revolver Amendment”), which further amends the 2017 Amended Credit Facility. The Second 2019 Revolver Amendment included, among other things, an adjustment of certain financial maintenance covenants, including a temporary reduction of the minimum fixed charge coverage ratio to allow the Company to redeploy the proceeds received from the PINE Income Property Sale Transactions, and an increase in the maximum amount the Company may invest in stock and stock equivalents of real estate investment trusts to allow the Company to invest in the common stock and operating partnership units of PINE.

At December 31, 2019, the current commitment level under the Credit Facility was $200.0 million. The available borrowing capacity under the Credit Facility was approximately $40.2 million, based on the level of borrowing base assets. As of December 31, 2019, the Credit Facility had a $159.8 million balance outstanding.

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 in 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. In addition to the Credit Facility, the Company has certain other borrowings, as noted in the table above, all of which are non-recourse.

Convertible Debt. The Company’s $75.0 million aggregate principal amount of 4.50% Convertible Notes (the “Notes”) will mature on March 15, 2020, unless earlier purchased or converted. See description of the 2025 Notes as hereinafter defined in Note 24. Subsequent Events. The initial conversion rate was 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. Since July of 2016, when the Company’s Board of Directors implemented a quarterly dividend in place of the previous semi-annual dividend, the conversion rate has been adjusted with each successive quarterly dividend and is currently, after the fourth quarter 2019 dividend, equal to 14.6813 shares of common stock for each $1,000 principal amount of Notes, which represents an adjusted conversion price of approximately $68.11 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 including a change in control of the Company. 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, 2019, the unamortized debt discount of our Notes was approximately $293,000.

Long-term debt consisted of the following:


	December 31, 2019				December 31, 2018
			Due Within				Due Within
	Total		One Year		Total		One Year
Credit Facility	$	159,845,349	$	—	$	120,745,579	$	—
Mortgage Note Payable (originated with Wells Fargo)		30,000,000		—		30,000,000		—
Mortgage Note Payable (originated with Wells Fargo)		23,884,373		—		24,557,468		—
4.50% Convertible Senior Notes due 2020, net of discount		74,706,078		75,000,000		73,348,731		—
Loan Costs, net of accumulated amortization		(1,217,497)		—		(1,026,967)		—
Total Long-Term Debt	$	287,218,303	$	75,000,000	$	247,624,811	$	—

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


Year Ending December 31,	Amount
2020	$	75,000,000	(1)
2021		23,884,373
2022		—
2023		159,845,349
2024		—
Thereafter		30,000,000
Total Long-Term Debt - Face Value	$	288,729,722

(1) See Note 24, Subsequent Events for a description of the New Notes, which effectively extends the 2020 Maturity of the $75.0 million face value Notes to 2025.

The carrying value of long-term debt as of December 31, 2019 consisted of the following:


	Total
Current Face Amount	$	288,729,722
Unamortized Discount on Convertible Debt		(293,922)
Loan Costs, net of accumulated amortization		(1,217,497)
Total Long-Term Debt	$	287,218,303

The following table reflects a summary of interest expense incurred and paid during the years ended December 31, 2019, 2018, and 2017:


	Year Ended
	December 31, 2019		December 31, 2018		December 31, 2017
	($000's)		($000's)		($000's)
Interest Expense	$	10,665	$	8,655	$	7,034
Amortization of Loan Costs		444		495		509
Amortization of Discount on Convertible Notes		1,357		1,273		1,195
Capitalized Interest		—		—		(215)
Total Interest Expense	$	12,466	$	10,423	$	8,523

Total Interest Paid	$	10,782	$	8,419	$	7,060

The Company was in compliance with all of its debt covenants as of December 31, 2019 and 2018.

ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS

12 Months Ended

Dec. 31, 2019

ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS

ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS

NOTE 23. ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS

During the fourth quarter of 2018, the Company commenced efforts to pursue monetization of certain of its multi-tenant income properties and the golf operations and assets comprising the Club. Accordingly, four multi-tenant income properties and the golf assets comprising the Club were classified as held for sale as of December 31, 2018. Additionally, the golf operations qualify as discontinued operations and have been reclassified as such in the accompanying consolidated statements of income for the years ended December 31, 2019, 2018, and 2017.

As described in Note 3, “Income Properties”, the Multi-Tenant Dispositions were completed during the year ended December 31, 2019 comprising $56.8 million of the reduction in assets held for sale. Additionally, the Westcliff property located in Fort Worth, Texas is no longer being actively marketed and was reclassified as held and used during the quarter ended June 30, 2019 comprising $14.6 million of the reduction in assets held for sale.

In October 2019, the Company completed the sale of the Golf Club. There were no assets or liabilities held for sale as of December 31, 2019.

The following is a summary of assets and liabilities held for sale as of December 31, 2018:


	As of December 31, 2018
	Land JV Assets		Multi-Tenant Income Properties		Golf Assets		Total Assets Held for Sale
Property, Plant, and Equipment—Net	$	—	$	67,810,880	$	3,659,703	$	71,470,583
Land and Development Costs		20,139,788		—		—		20,139,788
Cash and Cash Equivalents		—		—		156,489		156,489
Restricted Cash		831,966		—		—		831,966
Other Assets		—		—		646,285		646,285
Intangible Lease Assets—Net		—		4,366,858		—		4,366,858
Intangible Lease Liabilities—Net		—		(773,705)		—		(773,705)
Total Assets Held for Sale	$	20,971,754	$	71,404,033	$	4,462,477	$	96,838,264


	As of December 31, 2018
	Land JV Liabilities		Multi-Tenant Income Properties		Golf Liabilities		Total Liabilities Held for Sale
Accounts Payable	$	—	$	—	$	199,422	$	199,422
Accrued and Other Liabilities		—		—		924,323		924,323
Deferred Revenue		831,320		—		223,551		1,054,871
Total Liabilities Held for Sale	$	831,320	$	—	$	1,347,296	$	2,178,616

Golf $1 Round Surcharge. Accrued and Other Liabilities within Liabilities Held for Sale of approximately $924,000 is primarily comprised of a $1 per round of golf surcharge. 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”). In connection with the Golf Course Land Purchase, each year the Company is obligated to pay the City additional consideration in the amount of an annual surcharge of $1 per golf round played (the “Per-Round Surcharge”) with an annual minimum Per-Round Surcharge of $70,000 and a maximum aggregate of Per-Round Surcharges of $700,000. The maximum amount of $700,000 represents contingent consideration and was recorded as an increase in Golf Buildings, Improvements, and Equipment and Accrued and Other Liabilities in the accompanying consolidated balance sheets. The first two annual payments were made in January 2018 and 2019 leaving a remaining commitment of approximately $560,000. In conjunction with the sale of the Golf Club in October 2019, the Company repaid its remaining $560,000 obligation to the City. As a part of the sale of the Golf Club, the buyer agreed to pay the Company approximately $560,000 in the future based on a per round surcharge of $1.50 per round for each round played at the Golf Club.

Deferred Revenue on Land Sales. In conjunction with the land sale to Buc-ee’s in March 2018, the Company funded an escrow account for approximately $831,000 related to the portion of the acreage sold for which the Company remains obligated to perform wetlands mitigation. As a result of the Company’s continuing obligation, approximately $831,000 of the sales price collected at closing was deferred and the revenue will be recognized upon the Company’s performance of the obligation. The Company estimates the obligation related to the wetlands mitigation will total approximately $25,000.

The following is a summary of discontinued operations for the years ended December 31, 2019, 2018, and 2017:


	Year Ended
	December 31, 2019		December 31, 2018		December 31, 2017
Golf Operations Revenue	$	4,096,594	$	4,941,997	$	5,095,313
Golf Operations Direct Cost of Revenues		(5,259,424)		(5,848,429)		(5,958,888)
Loss from Operations		(1,162,830)		(906,432)		(863,575)
Impairment Charges		—		(1,119,362)		—
Depreciation and Amortization		—		(373,979)		(349,259)
Gain on Disposition of Assets		15,050		—		—
Land Lease Income		—		—		2,226,526
Income (Loss) from Discontinued Operations Before Income Tax		(1,147,780)		(2,399,773)		1,013,692
Income Tax Benefit (Expense)		290,906		608,222		(391,032)
Income (Loss) from Discontinued Operations (Net of Income Tax)	$	(856,874)	$	(1,791,551)	$	622,660

Land Operations Revenue	$	11,043,151	$	43,030,713	$	47,666,408
Land Operations Direct Cost of Revenues		(6,404,844)		(10,922,539)		(16,155,784)
Loss from Operations		4,638,307		32,108,174		31,510,624
Gain on Disposition of Assets		127,518,231		—		—
Income from Discontinued Operations Before Income Tax		132,156,538		32,108,174		31,510,624
Income Tax Expense		(32,932,100)		(8,137,818)		(12,155,225)
Income from Discontinued Operations (Net of Income Tax)	$	99,224,438	$	23,970,356	$	19,355,399

Total Income from Discontinued Operations (Net of Income Tax)	$	98,367,564	$	22,178,805	$	19,978,059

INVESTMENTS IN JOINT VENTURES

12 Months Ended

Dec. 31, 2019

INVESTMENTS IN JOINT VENTURES

INVESTMENTS IN JOINT VENTURES

NOTE 7. INVESTMENTS IN JOINT VENTURES

Land JV. The Investment in Joint Ventures on the Company’s consolidated balance sheets includes the Company’s ownership interest in the Land JV. We have concluded the Land JV is a variable interest entity and is accounted for under the equity method of accounting as the Company is not the primary beneficiary as defined in FASB ASC Topic 810, Consolidation. The significant factors related to this determination include, but are not limited to, the Land JV being jointly controlled by the members through the use of unanimous approval for all material actions. Under the guidance of FASB ASC 323, Investments-Equity Method and Joint Ventures, the Company uses the equity method to account for the JV Investment.

The following table provides summarized financial information of the Land JV as of December 31, 2019. There were no balances as of December 31, 2018.


	As of
	December 31, 2019
	($000's)
Assets, cash and cash equivalents	$	15,066
Assets, prepaid expenses		61
Assets, investment in land assets		17,058
Total Assets	$	32,185

Liabilities, accounts payable, deferred revenue	$	987
Equity	$	31,198
Total Liabilities & Equity	$	32,185

The following table provides summarized financial information of the Land JV for the year ended December 31, 2019. There was no activity for the years ended December 31, 2018 and 2017.


	Year Ended
	December 31, 2019
	($000's)
Revenues	$	14,635
Direct Cost of Revenues		1,268
Operating Income	$	13,367
Other Operating Expenses	$	90
Net Income	$	13,277

The Company’s share of the Land JV’s net income was zero for the year ended December 31, 2019. Pursuant to ASC 323, certain adjustments are made when calculating the Company’s share of net income, including adjustments required to reflect the investor’s share of changes in investee’s capital to reflect distributions from the venture. Additionally, basis differences are also considered. The Company recorded the retained interest in the Land JV of approximately $48.9 million at the estimated fair market value based on the relationship of the $97.0 million sales price of the 66.5% equity interest to the 33.5% retained interest. The Land JV recorded the assets contributed by the Company at carry-over basis pursuant to ASC 845 which states that transfers of nonmonetary assets to should typically be recorded at the transferor’s historical cost basis. Accordingly, the Company’s basis difference in the 33.5% retained equity interest will be evaluated each quarter upon determining the Company’s share of the Land JV’s net income.

Mitigation Bank. The mitigation bank transaction consists of the sale of a 70% interest in the entity that holds approximately 2,492 acres of land that has been permitted for the creation of a wetland mitigation bank (the “Mitigation Bank JV”). The purchaser of the 70% interest in the Mitigation Bank JV is comprised of certain funds and accounts managed by an investment advisor subsidiary of BlackRock, Inc. (“BlackRock”). The Company retained an approximately 30% non-controlling interest in the Mitigation Bank JV. A third-party was retained by the Mitigation Bank JV as the day-to-day manager of the Mitigation Bank property, responsible for the maintenance, generation, tracking, and other aspects of wetland mitigation credits.

The Mitigation Bank JV intends to engage in the creation and sale of both federal and state wetland mitigation credits. These credits will be created pursuant to the applicable permits that have been or will be issued to the Mitigation Bank JV from the federal and state regulatory agencies that exercise jurisdiction over the awarding of such credits, but no assurances can be given as to the ultimate issuance, marketability or value of the credits. The Mitigation Bank JV received the permit from the state regulatory agency on June 8, 2018 (the “State Permit”). The state regulatory agency may award up to 355 state credits under the State Permit. On August 6, 2018, the state regulatory agency awarded the initial 88.84 credits under the State Permit. Receipt of the remaining federal permit is anticipated to occur prior to the end of 2020.

The gain on the sale of the 70% interest in the Mitigation Bank JV totaled approximately $18.4 million and is comprised of the gain on the sale of 70% interest for proceeds of $15.3 million as well as the gain on the retained 30% interest pursuant to FASB ASC Topic 610-20, Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets. The gain is included in the Gain on Disposition of Assets in the Company’s consolidated statements of operations. As of December 31, 2018, the approximately $6.8 million Investments in Joint Ventures included on the Company’s consolidated balance sheets is comprised of the fair market value of the 30% retained interest in the Mitigation Bank JV.

The operating agreement of the Mitigation Bank JV (the “Operating Agreement”) executed in conjunction with the mitigation bank transaction stipulates that the Company shall arrange for sales of the Mitigation Bank JV’s mitigation credits to unrelated third parties totaling no less than $6 million of revenue to the Mitigation Bank JV, net of commissions, by the end of 2020, utilizing a maximum of 60 mitigation credits (the “Minimum Sales Requirement”). The Operating Agreement stipulates that if the Minimum Sales Requirement is not achieved, then BlackRock has the right, but is not required, to cause the Company to purchase the number of mitigation credits necessary to reach the Minimum Sales Requirement (the “Minimum Sales Guarantee”). The Company estimates the fair value of the Minimum Sales Guarantee to be approximately $100,000 which was recorded as a reduction in the gain on the transaction and is included in Accrued and Other Liabilities in the Company’s consolidated balance sheet as of December 31, 2018.

Additionally, the Operating Agreement provides BlackRock the right to cause the Company to purchase a maximum of 8.536 mitigation credits per quarter (the “Commitment Amount”) from the Mitigation Bank JV at a price equal to 60% of the then fair market value for mitigation credits (the “Put Right”). The Put Right is applicable even if the Mitigation Bank JV has not yet been awarded a sufficient number of mitigation credits by the applicable federal and state regulatory agencies. Further, in any quarter that BlackRock does not exercise its Put Right, the unexercised Commitment Amount for the applicable quarter may be rolled over to future calendar quarters. However, the Operating Agreement also stipulates that any amount of third-party sales of mitigation credits will reduce the Put Rights outstanding on a one-for-one basis, if the sales price of the third-party sales equals or exceeds the prices stipulated by the Put Right. Further, any sales of mitigation credits to third parties at the requisite minimum prices in a quarter that exceeds the quarterly amount of the Put Right will reduce the Put Rights in future calendar quarters on a one-for-one basis. The maximum potential of future payments for the Company pursuant to the Put Right is approximately $27 million. The Company estimates the fair value of the Put Right to be approximately $200,000, which was recorded as a reduction in the gain on the transaction and is included in Accrued and Other Liabilities in the Company’s consolidated balance sheet as of December 31, 2018. In December 2019, BlackRock exercised its Put Right and put 25 mitigation credits to the Company, which the Company purchased for approximately $1.9 million, or approximately $75,000 per credit. The credits acquired were included as an increase to Impact Fees and Mitigation Credits on the accompanying consolidated balance sheets as of December 31, 2019. The Company evaluated the impact of the exercised put right on the fair value of the Company’s investment in the Mitigation Bank JV as of December 31, 2019 of approximately $6.9 million and on the fair value of the mitigation credits purchased as of December 31, 2019, noting no impairment issues. The Company evaluates its estimates of fair value on an ongoing basis; however, actual results may differ from those estimates.

The following tables provide summarized financial information of the Mitigation Bank JV as of December 31, 2019 and 2018:


	As of		As of
	December 31, 2019		December 31, 2018
	($000's)		($000's)
Assets, cash and cash equivalents	$	4,015	$	2,316
Assets, prepaid expenses		19		19
Assets, investment in mitigation credit assets		1,521		1,511
Assets, property, plant, and equipment		17		18
Total Assets	$	5,572	$	3,864

Liabilities, accounts payable, deferred mitigation credit sale revenue	$	39	$	62
Equity	$	5,533	$	3,802
Total Liabilities & Equity	$	5,572	$	3,864

The following table provides summarized financial information of the Mitigation Bank JV for the year ended December 31, 2019 and 2018. There was no activity for the year ended December 31, 2017.


	Year Ended
	December 31, 2019		December 31, 2018
	($000's)		($000's)
Revenues	$	1,922	$	—
Direct Cost of Revenues		76		—
Operating Income	$	1,846	$	—
Other Operating Expenses	$	197	$	117
Net Income	$	1,649	$	(117)

The Company’s share of the Mitigation Bank JV’s net income was zero for the years ended December 31, 2019 and 2018. Pursuant to ASC 323, certain adjustments are made when calculating the Company’s share of net income, including adjustments required to reflect the investor’s share of changes in investee’s capital to reflect distributions from the venture. Additionally, basis differences are also considered. The Company recorded the retained interest in the Mitigation Bank JV of approximately $6.8 million at the estimated fair market value based on the relationship of the $15.3 million sales price of the 70% equity interest to the 30% retained interest. The Mitigation Bank JV recorded the assets contributed by the Company at carry-over basis pursuant to ASC 845 which states that transfers of nonmonetary assets to should typically be recorded at the transferor’s historical cost basis. Accordingly, the Company’s basis difference in the 30% retained equity interest will be evaluated each quarter upon determining the Company’s share of the Mitigation Bank JV’s net income.

SUBSEQUENT EVENTS (Details)									3 Months Ended	12 Months Ended
SUBSEQUENT EVENTS (Details)	Apr. 15, 2020 USD ($) $ / shares	Feb. 28, 2020 USD ($) a	Feb. 21, 2020 USD ($) ft² a	Feb. 04, 2020 USD ($)	Jan. 29, 2020 $ / shares	Jan. 23, 2020 USD ($) ft²	Jan. 13, 2020 USD ($)	Mar. 11, 2015 USD ($) $ / shares	Dec. 31, 2017 $ / shares	Dec. 31, 2019 USD ($) ft²	Dec. 31, 2018 USD ($)	Mar. 31, 2015 $ / shares
Subsequent Event [Line Items]
Square-Feet \| ft²										502,626
Purchase price										$ 164,670,000
Face Amount of Mortgages										34,570,000
Face amount of debt										$ 288,729,722
4.50% Convertible Senior Notes due 2020
Subsequent Event [Line Items]
Stated interest rate (as a percent)										4.50%	4.50%
Face amount of debt								$ 75,000,000		$ 75,000,000
Outstanding amount										$ 74,706,078	$ 73,348,731
Conversion price per share								0.0145136	0.0145515
Conversion price per share \| $ / shares								$ 68.90	$ 68.11			$ 68.11
Subsequent Event
Subsequent Event [Line Items]
Stated interest rate (as a percent)	3.875%
Subsequent Event \| 4.50% Convertible Senior Notes due 2020
Subsequent Event [Line Items]
Stated interest rate (as a percent)				4.50%
Face amount of debt				$ 57,400,000
Proceeds from private placement				5,900,000
Repurchase of notes				5,900,000
Outstanding amount				$ 11,700,000
Subsequent Event \| 3.875% Convertible Senior Notes due 2025
Subsequent Event [Line Items]
Stated interest rate (as a percent)				3.875%
Face amount of debt				$ 17,600,000
Proceeds from private placement				11,700,000
Outstanding amount				$ 75,000,000
Subsequent Event \| 2025 Notes maturing on April 15, 2025
Subsequent Event [Line Items]
Conversion price per share	12.7910
Threshold principal amount for adjusted conversion price	$ 1,000
Conversion price per share \| $ / shares	$ 78.18
Premium initial conversion price					20.00%
Closing share price (in dollars per share) \| $ / shares					$ 65.15
Subsequent Event \| Crossroads
Subsequent Event [Line Items]
Square-Feet \| ft²						254,000
Purchase price						$ 61,800,000
Subsequent Event \| Perimeter
Subsequent Event [Line Items]
Square-Feet \| ft²			269,000
Purchase price			$ 75,400,000
Area of land (in acres) \| a			24
Remaining proceeds from sale of properties			$ 65,000,000
Subsequent Event \| First Mortgage, Redevelopment Property Honolulu, Hawaii
Subsequent Event [Line Items]
Face Amount of Mortgages							$ 3,500,000
Term							1 year
Interest rate (as a percent)							11.00%
Origination fee (as a percent)							2.00%
Origination fee received							$ 70,000
Subsequent Event \| First Mortgage, Land JV
Subsequent Event [Line Items]
Area of land (in acres) \| a		12
Face Amount of Mortgages		$ 3,400,000
Term		1 year
Interest rate (as a percent)		9.50%
Origination fee (as a percent)		1.50%
Origination fee received		$ 51,000

INTEREST RATE SWAP	12 Months Ended
INTEREST RATE SWAP	Dec. 31, 2019
INTEREST RATE SWAP
INTEREST RATE SWAP	NOTE 16. 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 15, “Long-Term Debt.” During the years ended December 31, 2018 and 2017, 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, 2019 and 2018, the fair value of our interest rate swap agreement, which was a gain of approximately $99,000 and $652,000, respectively, 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 $23.9 million to a rate of 3.17%.

STOCK-BASED COMPENSATION - Non-Employee Director Stock Compensation (Details) - Share-based Payment Arrangement, Nonemployee - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Stock-based compensation
Annual award	$ 20
Number of shares awarded calculated based on the number of days of average price of the Company’s common stock	20 days
Number of business days based on which number of days of average price of the Company’s common stock, the number of shares awarded are calculated	2 days
Expense recognized		$ 532	$ 239	$ 103
Expense recognized (in shares)		9,004	3,822	1,833
Annual award received	$ 174

LAND AND INVESTMENT IN THE LAND JV

12 Months Ended

Dec. 31, 2019

LAND AND INVESTMENT IN THE LAND JV

LAND AND INVESTMENT IN THE LAND JV

NOTE 6. LAND AND INVESTMENT IN THE LAND JV

Land and development costs at December 31, 2019 and 2018 were as follows:


	December 31,
	2019		2018
Land and Development Costs	$	6,068,810	$	5,001,795
Land, Timber, and Subsurface Interests		663,481		623,050
Total Land and Development Costs	$	6,732,291	$	5,624,845

As of December 31, 2018, the Company owned approximately 5,400 acres of undeveloped land in Daytona Beach, Florida, along six miles of the west and east sides of Interstate 95. The significant decrease in land and development costs above is primarily the result of the Company’s completion of the sale of a controlling interest in its wholly-owned subsidiary, Crisp39 SPV LLC to affiliates of Magnetar Capital LLC (the “Magnetar Investors”) (the “Magnetar Land Sale”) on October 16, 2019, pursuant to an Interest Purchase Agreement (the “Purchase Agreement”) for proceeds of approximately $97.0 million. Crisp39 SPV LLC holds the approximately 5,300 acres of undeveloped land in Daytona Beach, Florida (the “Land JV”).

As a result of the closing of the Purchase Agreement, the Magnetar Investors collectively own a notional 66.50% equity interest in the Land JV, and the Company owns a notional 33.50% equity interest in the Land JV (collectively the Company and the Magnetar Investors are herein referred to as the “JV Partners”). The transaction resulted in a gain of approximately $78.6 million, or approximately $12.21 per share, after tax, on the sale of the 66.50% equity interest in the Land JV and a non-cash gain of approximately $48.9 million on the Company’s retained interest in the Land JV, or approximately $7.59 per share, after tax.

The direct impact of the Magnetar Land Sale is that the Company divested itself of its land holdings, but for the 6-acre Daytona Beach development land described below, and as such the occurrence of land sales, which had been a primary element of the Company’s business for virtually its entire 109-year history, has been essentially discontinued. Consequently, the operations associated with our land holdings were treated as discontinued operations and accordingly the revenues and expenses that had been presented within the Company’s real estate operations segment in prior periods were reclassified in the statement of operations for the year ended December 31, 2019 and all prior periods presented.

However, the Company is continuing to pursue land sales on the approximately 5,300 acres that formerly comprised its land holdings in its role as Manager (of the Land JV) on behalf of the JV Partners. The Company’s retained interest in the Land JV represents a notional 33.5% stake in the venture, the value of which may be realized in the form of distributions based on the timing and the amount of proceeds achieved when the land is ultimately sold by the Land JV. As of March 6, 2020, the Land JV has completed approximately $22 million in land sales since its inception in mid-October 2019 and currently has a pipeline of 10 purchase and sale agreements for potential land sale transactions representing approximately $97 million of potential proceeds to the Land JV. The 4,200 acres under contract represents approximately 84% of the total remaining land in the Land JV.

The Company will serve as the initial manager of the Land JV and is responsible for day-to-day operations at the direction of the JV Partners. All major decisions and certain other actions that can be made by the Manager must be approved by the unanimous consent of the JV Partners (the “Unanimous Actions”). Unanimous Actions include such matters as the approval of pricing for all land parcels in the Land JV; approval of contracts for the sale of land that contain material revisions to the standard purchase contract of the Land JV; entry into any lease agreement affiliated with the Land JV; entering into listing or brokerage agreements; approval and amendment of the Land JV’s operating budget; obtaining financing for the Land JV; admission of additional members; and dispositions of the Land JV’s real property for amounts less than market value. Pursuant to the LLC Agreement the Land JV will pay the Manager a management fee in the initial amount of $20,000 per month, which amount will be evaluated on a quarterly basis and reduced based on the value of real property that remains in the Land JV.

Real Estate Operations – Discontinued Operations

Since the transition in our land operations occurred late in 2019, the impact of land sales for the periods prior to October 2019 are no longer germane to our financial condition, results of operations and cash flows. As such the following summarized information is provided regarding land sales activity prior to October 2019.

Revenue from discontinued real estate operations consisted of the following for the years ended December 31, 2019, 2018, and 2017:


	2019		2018		2017
Revenue Description	($000's)		($000's)		($000's)
Land Sales Revenue	$	10,975	$	41,452	$	45,471
Revenue from Reimbursement of Infrastructure Costs		—		1,556		1,860
Agriculture		68		23		335
Total Real Estate Operations Revenue - Discontinued Operations	$	11,043	$	43,031	$	47,666

2019 Land Sales. During the year ended December 31, 2019, the Company completed five land sales transactions, including: (i) the Magnetar Land Sale for approximately 5,300 acres of land, for total proceeds of approximately $97.0 million; (ii) two transactions with Unicorp Development representing approximately 23.6 acres and generating aggregate proceeds of approximately $7.1 million; (iii) the sale of approximately 38 acres for total proceeds of $710,000, and (iv) a land sale to NADG for approximately 13 acres generating proceeds of approximately $3 million. In total the Company, in 2019, sold approximately 5,400 acres generating proceeds of approximately $108 million. Including the approximately $48.9 million recognized on the retained interest in the Land JV, resulting in gains of approximately $133 million, or approximately $20.60 per share after tax, were recognized.

2018 Land Sales. During the year ended December 31, 2018, the Company completed land transactions representing approximately 2,697 acres including: (i) the sale of a 70% interest in the Mitigation Bank (hereinafter defined) that holds approximately 2,492 acres for proceeds of $15.3 million and (ii) twelve land sales totaling approximately 205 acres for aggregate proceeds of approximately $43.7 million. The twelve land sales generated gains of approximately $32.6 million, or approximately $4.44 per share, after tax.

2017 Land Sales. During the year ended December 31, 2017, the Company completed land transactions representing approximately 1,700 acres including: (i) the sale of nearly 1,600 acres to Minto Communities generating proceeds of approximately $27.2 million; (ii) two transactions with NADG of approximately 46 acres for total proceeds of approximately $10.6 million, and (iii) five other transactions representing approximately 73.5 acres that generated approximately $9.2 million of proceeds. The land sales in 2017 generated aggregate proceeds of approximately $45.5 million and gains of approximately $31.8 million, or approximately $3.51 per share, after tax.

Land Impairments. As more fully described in Note 11, "Impairment of Long-Lived Assets," during the years ended December 31, 2019, 2018, and 2017, the Company did not recognize any impairments on its undeveloped land holdings.

Real Estate Operations – Continuing

Revenue from continuing real estate operations consisted of the following for the years ended December 31, 2019, 2018, and 2017:


	2019		2018		2017
Revenue Description	($000's)		($000's)		($000's)
Impact Fee and Mitigation Credit Sales		—		1,338		2,126
Subsurface Revenue		748		1,625		3,048
Fill Dirt and Other Revenue		104		3		17
Total Real Estate Operations Revenue - Continuing Operations	$	852	$	2,966	$	5,191

Daytona Beach Development. During 2018, the Company acquired a 5-acre parcel of land with existing structures in downtown Daytona Beach, for a purchase price of approximately $2.0 million. As of December 31, 2019, the Company had also acquired other contiguous parcels totaling approximately 1-acre for approximately $2.1 million. Combined, these parcels represent the substantial portion of an entire city block in downtown Daytona Beach adjacent to International Speedway Boulevard, a major thoroughfare in Daytona Beach. We have engaged a national real estate brokerage firm to assist us in identifying a developer or investor to acquire a portion or all of the property or to contribute into a potential joint venture to redevelop the property. We are pursuing entitlements for the potential redevelopment of these parcels, along with certain other adjacent land parcels, some of which we have under contract for purchase. As of December 31, 2019, we have incurred approximately $1.1 million in raze and entitlement costs related to these parcels.

Other Real Estate Assets. The Company owns mitigation credits with a cost basis of approximately $2.3 million as of December 31, 2019. The increase in mitigation credits includes the 25 credits acquired from the Mitigation Bank during December 2019 as described in Note 7, Investment in Joint Ventures. There were no mitigation credit sales during the year ended December 31, 2019. During the year ended December 31, 2018, the Company transferred mitigation credits with a basis of approximately $124,000 to the land acquired by Buc-ee’s. During the year ended December 31, 2018, the Company sold mitigation credits for approximately $1.0 million, for a gain of approximately $882,000, or $0.12 per share, after tax. During the year ended December 31, 2017, the Company sold mitigation credits for approximately $1.6 million, for a gain of approximately $1.3 million, or $0.15 per share, after tax. Additionally, the Company recorded the transfer of mitigation credits with a cost basis of approximately $298,000 as a charge to direct cost of revenues of real estate operations during the year ended December 31, 2017, as more fully described in Note 21, “Commitments and Contingencies.” During the years ended December 31, 2018 and 2017, the Company received cash payments of approximately $338,000 and $519,000, respectively, for impact fees with a cost basis that was generally of equal value, with no such impact fee sales during the year ended December 31, 2019 as the balance of impact fees is only approximately $2,000. Additionally, during the year ended December 31, 2018, impact fees with a cost basis of approximately $72,000 were transferred to the beachfront restaurant leased to LandShark Bar & Grill.

Subsurface Interests. As of December 31, 2019, the Company owns full or fractional subsurface oil, gas, and mineral interests underlying approximately 455,000 “surface” acres of land owned by others in 20 counties in Florida (the “Subsurface Interests”). The Company leases certain of 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.

Prior to September 2019, the Company leased certain of the Subsurface Interests to a mineral exploration organization for exploration. An eight-year oil exploration lease was executed in 2011 that covered a portion of our Subsurface Interests. On September 20, 2017, the Company amended the oil exploration lease to, among other things, extend the expiration of the original term for five additional years to the new expiration date of September 22, 2024. As a result, the lease was effectively comprised of thirteen one-year terms as the lessee had the option to terminate the lease at the end of each lease year. The lessee had previously exercised renewal options through the eighth year of the lease which ended on September 22, 2019. The Lessee elected not to renew the oil exploration lease beyond September 22, 2019. During the eight years the lease was active the annual lease payments were recognized as revenue ratably over the respective twelve-month lease period. During the lease term a number of the renewals included the payment of a drilling penalty by the Lessee. The non-refundable drilling penalty payments were recognized as revenue when earned, i.e. when the amount agreed upon was paid. 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, 2019, 2018, and 2017, lease income of approximately $598,000, approximately $807,000, and approximately $807,000 was recognized, respectively.

Lease payments on the respective acreages and drilling penalties received through lease year eight 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
Lease Year 7 - 9/23/2017 - 9/22/2018	15,000	Hendry		806,683		50,000
Lease Year 8 - 9/23/2018 - 9/22/2019	15,000	Hendry		806,684		150,000
Total Payments			$	10,633,805	$	2,125,000

(1) Generally, cash payment for the Lease Payment and Drilling Penalty is received on or before the first day of the lease year. The Drilling Penalty, which is due within thirty days from the end of the prior lease year, is recorded as revenue when earned, i.e. when the amount is agreed upon, while the Lease Payment is recognized on a straight-line basis over the respective lease term. The oil exploration lease has not been renewed beyond September 22, 2019 and has effectively terminated.

There were no sales of subsurface acres during the years ended December 31, 2019 or 2018. During the year ended December 31, 2017, the Company sold approximately 38,750 acres of subsurface interests in Osceola County, Florida for approximately $2.1 million (the "Osceola Subsurface Sale"). The gain from the Osceola Subsurface Sale totaled approximately $2.08 million, or $0.23 per share, after tax.

During the years ended December 31, 2019, 2018, and 2017, 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 resulted in revenues received from oil royalties of approximately $42,000, $72,000, and $86,000, respectively.

The Company is not prohibited from selling any or all of its Subsurface Interests. The Company may release surface entry rights or other rights upon request of a surface owner for a negotiated release fee typically based on a percentage of the surface value. Should the Company complete a transaction to sell all or a portion of its Subsurface Interests or complete a release transaction, the Company may utilize the like-kind exchange structure in acquiring one or more replacement investments including income-producing properties. During the year ended December 31, 2018, the Company completed a transaction releasing our surface entry rights on approximately 600 acres in exchange for approximately $185,000 in cash and fee title to approximately 40 additional acres in Hendry County, valued at approximately $320,000. Including the non-cash value received, the gain from the transaction totaled approximately $435,000, or $0.06 per share, after tax. Additional cash payments for the release of surface entry rights during 2018 totaled approximately $73,000. Cash payments for the release of surface entry rights totaled approximately $104,000 during the year ended December 31, 2019, while there were no releases of surface entry rights during the year ended December 31, 2017.

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION - Rollforward (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cost:
Balance at Beginning of Year	$ 463,703,673	$ 358,130,350	$ 274,334,139
Additions and Improvements	130,004,868	104,043,734	83,796,211
Cost of Real Estate Sold	(200,866,642)	(10,142,289)
Reclassification to Land and Development Costs		11,671,878
Balance at End of Year	392,841,899	463,703,673	358,130,350
Accumulated Depreciation:
Balance at Beginning of Year	28,732,504	21,878,465	14,391,567
Depreciation and Amortization	9,891,813	9,827,154	7,486,898
Depreciation on Real Estate Sold	(16,072,601)	(2,973,115)
Balance at End of Year	$ 22,551,716	$ 28,732,504	$ 21,878,465

OTHER ASSETS

12 Months Ended

Dec. 31, 2019

OTHER ASSETS

OTHER ASSETS

NOTE 12. OTHER ASSETS

Other assets consisted of the following:


	As of
	December 31, 2019		December 31, 2018
Income Property Tenant Receivables	$	532,636	$	627,691
Income Property Straight-line Rent Adjustment		3,352,245		4,304,279
Income Property Lease Incentive		—		2,394,246
Interest Receivable from Commercial Loan Investment		96,604		—
Operating Leases - Right-of-Use Asset		363,631		—
Golf Rounds Surcharge - LPGA		549,251		—
Cash Flow Hedge - Interest Rate Swap		99,021		651,722
Infrastructure Reimbursement Receivables		1,591,445		1,847,375
Deferred Deal Costs		4,787		425,476
Prepaid Expenses, Deposits, and Other		3,113,929		2,634,664
Total Other Assets	$	9,703,549	$	12,885,453

Income Property Lease Incentive. As of December 31, 2018, the Income Property Lease Incentive of approximately $2.4 million relates to a tenant improvement allowance of approximately $2.7 million provided to Hilton Grand Vacations in conjunction with the extension of their leases of two buildings from November 30, 2021 to November 30, 2026, offset by accumulated amortization which had been recognized as an offset to rental revenue. The properties leased to Hilton Grand Vacations were part of the PINE Income Property Sale Transactions, and therefore the remaining balance was written off as part of the gain at the time of sale on November 26, 2019.

Infrastructure Reimbursement Receivables. As of December 31, 2019 and 2018, the Infrastructure Reimbursement Receivables were all related to the land sales within the Tomoka Town Center. The balance as of December 31, 2019 consisted of approximately $1,200,000 due from Tanger for infrastructure reimbursement to be repaid in seven remaining annual installments of $175,000, net of a discount of approximately $134,000, and approximately $550,000 due from Sam’s Club for infrastructure reimbursement to be repaid in five remaining annual installments of $110,000, net of a discount of approximately $50,000.

Deferred Deal Costs. Deferred deal costs represent legal costs incurred in advance of the potential execution of and/or closing of a contract for the disposition of assets, primarily land sales. The costs are deferred and expensed at the time the transaction closes or at the time it becomes evident that the transaction will not be completed. During the years ended December 31, 2019, 2018, and 2017, approximately $322,000, $380,000, and $717,000, respectively, of deal costs were expensed at the time the related transactions were closed. Additionally, during the years ended December 31, 2019, 2018, and 2017, approximately $552,000, $150,000, and $15,000, respectively, of deal costs were expensed at the time it became evident that the transaction would not be completed.

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenues
Total Revenues	$ 44,941,246	$ 43,657,888	$ 38,650,570
Direct Cost of Revenues
Total Direct Cost of Revenues	(7,104,667)	(8,761,463)	(8,338,305)
General and Administrative Expenses	(9,818,075)	(9,785,370)	(10,252,610)
Depreciation and Amortization	(15,797,278)	(15,761,523)	(12,314,700)
Total Operating Expenses	(32,720,020)	(34,308,356)	(30,905,615)
Gain on Disposition of Assets	21,977,465	22,035,666	38
Total Operating Income	34,198,691	31,385,198	7,744,993
Investment Income	344,843	52,221	37,985
Interest Expense	(12,466,062)	(10,423,286)	(8,523,136)
Income (Loss) from Continuing Operations Before Income Tax Expense	22,077,472	21,014,133	(740,158)
Income Tax Benefit (Expense) from Continuing Operations	(5,472,178)	(6,025,148)	22,481,523
Net Income from Continuing Operations	16,605,294	14,988,985	21,741,365
Income from Discontinued Operations (Net of Income Tax)—See Note 23	98,367,564	22,178,805	19,978,059
Net Income	$ 114,972,858	$ 37,167,790	$ 41,719,424
Basic
Net Income from Continuing Operations (in dollars per share)	$ 3.32	$ 2.72	$ 3.92
Net Income from Discontinued Operations (Net of Income Tax) (in dollars per share)	19.71	4.04	3.61
Basic Net Income per Share (in dollars per share)	23.03	6.76	7.53
Diluted
Net Income from Continuing Operations (in dollars per share)	3.32	2.71	3.90
Net Income from Discontinued Operations (Net of Income Tax) -Diluted (in dollars per share)	19.68	4.01	3.58
Diluted Net Income per Share (in dollars per share)	23.00	6.72	7.48
Dividends Declared and Paid (in dollars per share)	$ 0.44	$ 0.27	$ 0.18
Income Properties
Revenues
Total Revenues	$ 41,955,414	$ 40,075,731	$ 31,406,930
Direct Cost of Revenues
Total Direct Cost of Revenues	(7,000,001)	(8,170,083)	(6,917,743)
Depreciation and Amortization	(15,774,228)	(15,728,095)	(12,272,265)
Management Services
Revenues
Total Revenues	304,553
Commercial Loan Investments
Revenues
Total Revenues	1,829,015	615,728	2,052,689
Real Estate Operations
Revenues
Total Revenues	852,264	2,966,429	5,190,951
Direct Cost of Revenues
Total Direct Cost of Revenues	$ (104,666)	$ (591,380)	$ (1,420,562)

BUSINESS SEGMENT DATA (Tables)

12 Months Ended

Dec. 31, 2019

BUSINESS SEGMENT DATA

Schedule of operations in different segments


	Year Ended
	December 31, 2019		December 31, 2018		December 31, 2017
Revenues:
Income Properties	$	41,955,414	$	40,075,731	$	31,406,930
Management Services		304,553		—		—
Commercial Loan Investments		1,829,015		615,728		2,052,689
Real Estate Operations		852,264		2,966,429		5,190,951
Total Revenues	$	44,941,246	$	43,657,888	$	38,650,570
Operating Income:
Income Properties	$	34,955,413	$	31,905,648	$	24,489,187
Management Services		304,553		—		—
Commercial Loan Investments		1,829,015		615,728		2,052,689
Real Estate Operations		747,598		2,375,050		3,770,389
General and Corporate Expense		(25,615,353)		(25,546,893)		(22,567,310)
Gains on Disposition of Assets		21,977,465		22,035,666		38
Total Operating Income	$	34,198,691	$	31,385,199	$	7,744,993
Depreciation and Amortization:
Income Properties	$	15,774,228	$	15,728,095	$	12,272,265
Corporate and Other		23,050		33,428		42,435
Total Depreciation and Amortization	$	15,797,278	$	15,761,523	$	12,314,700
Capital Expenditures:
Income Properties	$	166,683,689	$	108,996,747	$	92,125,062
Commercial Loan Investments		18,046,450		—		3,000,000
Real Estate Operations		2,791,137		4,658,956		—
Discontinued Golf Operations		—		94,734		2,373,894
Corporate and Other		4,348		13,775		128,716
Total Capital Expenditures	$	187,525,624	$	113,764,212	$	97,627,672


	As of
	December 31, 2019		December 31, 2018
Identifiable Assets:
Income Properties	$	464,285,272	$	492,093,615
Commercial Loan Investments		35,742,218		—
Real Estate Operations		65,554,619		14,315,805
Discontinued Land Operations		833,167		20,971,754
Discontinued Golf Operations		—		4,462,477
Corporate and Other		136,870,927		24,486,221
Total Assets	$	703,286,203	$	556,329,872

LONG-TERM DEBT - Components (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Long-term debt
Loan Costs, net of accumulated amortization	$ (1,217,497)	$ (1,026,967)
Long-Term Debt	287,218,303	247,624,811
Long-term debt due within one year
Due Within One Year	75,000,000
Credit Facility
Long-term debt
Long-term debt	159,845,349	120,745,579
Wells Fargo Mortgage Note Payable Originated September 30, 2014
Long-term debt
Long-term debt	$ 30,000,000	30,000,000
Long-term debt due within one year
Stated interest rate (as a percent)	4.33%
Wells Fargo Mortgage Note Payable Originated April 15, 2016
Long-term debt
Long-term debt	$ 23,884,373	24,557,468
4.50% Convertible Senior Notes due 2020
Long-term debt
Long-term debt	74,706,078	$ 73,348,731
Long-term debt due within one year
Due Within One Year	$ 75,000,000
Stated interest rate (as a percent)	4.50%	4.50%

INCOME PROPERTIES - Dispositions and Impairment Charges (Details)	12 Months Ended
	Dec. 31, 2019 USD ($) ft² property	Dec. 31, 2018 USD ($) ft² building property	Dec. 31, 2017 USD ($) property	Feb. 21, 2019 USD ($) ft²	Mar. 26, 2018 USD ($)
Dispositions of Income Properties
Number of properties in the disposal group \| property		4
Area of real estate property \| ft²	502,626
Gain on sale of properties (in dollars per share)	$ 20.60		$ 3.51
Number of real estate properties \| property	34
Daytona Beach, FL
Dispositions of Income Properties
Sales price					$ 11,400,000
Concierge Office Building
Dispositions of Income Properties
Area of real estate property \| ft²		22,012
Williamson Business Park office building
Dispositions of Income Properties
Area of real estate property \| ft²		15,360
Area of real estate property leased \| ft²		7,600
Gain on Sale		$ 3,700,000
Gain on sale of properties (in dollars per share)		$ 0.49
Lease term		5 years
Mason Commerce Center
Dispositions of Income Properties
Area of real estate property \| ft²		30,720
Number of office building \| building		2
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Whole Foods \| Sarasota, FL
Dispositions of Income Properties
Sales price				$ 24,600,000
Area of real estate property \| ft²				59,000
Gain on Sale	$ 6,900,000
Gain on sale of properties (in dollars per share)	$ 0.96
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 2017 dispositions of income property subject to a lease
Dispositions of Income Properties
Number of properties in the disposal group \| property			0

STOCK-BASED COMPENSATION - Stock Options and Stock Appreciation Rights Grants and Liability (Details) - shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Stock-based compensation
Granted (in shares)	41,891
2001 Stock Option Plan \| Stock Options and Stock Appreciation Rights
Stock-based compensation
Granted (in shares)	0	0	0

REVENUE RECOGNITION - Major Good or Service (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenues
Lease revenue									$ 41,956,000	$ 40,076,000	$ 31,407,000
Lease Incentive Amortization									(277,000)	(302,000)	(50,000)
Commercial Loan Investments									1,829,000	616,000	2,053,000
Revenue from contract with customer, including assessed tax									$ 852,000	2,966,000	5,191,000
Type of revenue									cto:ImpactFeeAndMitigationCreditSalesMember
Interest and Other Revenue									$ 101,000
Total Revenues	$ 11,963,117	$ 11,329,979	$ 10,688,831	$ 10,959,319	$ 12,040,174	$ 10,443,476	$ 10,805,062	$ 10,369,176	44,941,246	43,657,888	38,650,570
Lease Revenue - Base Rent
Revenues
Lease revenue									35,109,000	31,587,000	24,650,000
Lease Revenue - CAM
Revenues
Lease revenue									1,422,000	2,905,000	2,208,000
Lease Revenue - Reimbursements
Revenues
Lease revenue									2,759,000	2,934,000	2,125,000
Lease Revenue - Billboards
Revenues
Lease revenue									243,000	250,000	251,000
Above / Below Market Lease Accretion
Revenues
Lease revenue									2,382,000	2,339,000	2,194,000
Contributed Leased Assets Accretion
Revenues
Lease revenue									217,000	218,000
Management Fee Income
Revenues
Revenue from contract with customer, including assessed tax									304,000
Impact Fee and Mitigation Credit Sales
Revenues
Revenue from contract with customer, including assessed tax										1,338,000	2,126,000
Subsurface Lease Revenue
Revenues
Revenue from contract with customer, including assessed tax									598,000	957,000	856,000
Subsurface Revenue - Other
Revenues
Revenue from contract with customer, including assessed tax									150,000	668,000	2,192,000
Fill Dirt and Other Revenue
Revenues
Revenue from contract with customer, including assessed tax									104,000	3,000	17,000
Interest and Other Revenue
Revenues
Interest and Other Revenue										145,000	29,000
Income Properties
Revenues
Lease Incentive Amortization									(277,000)	(302,000)	(50,000)
Interest and Other Revenue									101,000
Total Revenues	10,594,870	10,260,831	10,375,295	10,724,418	11,728,550	9,360,155	9,781,299	9,205,727	41,955,414	40,075,731	31,406,930
Income Properties \| Lease Revenue - Base Rent
Revenues
Lease revenue									35,109,000	31,587,000	24,650,000
Income Properties \| Lease Revenue - CAM
Revenues
Lease revenue									1,422,000	2,905,000	2,208,000
Income Properties \| Lease Revenue - Reimbursements
Revenues
Lease revenue									2,759,000	2,934,000	2,125,000
Income Properties \| Lease Revenue - Billboards
Revenues
Lease revenue									243,000	250,000	251,000
Income Properties \| Above / Below Market Lease Accretion
Revenues
Lease revenue									2,382,000	2,339,000	2,194,000
Income Properties \| Contributed Leased Assets Accretion
Revenues
Lease revenue									217,000	218,000
Income Properties \| Interest and Other Revenue
Revenues
Interest and Other Revenue										145,000	29,000
Management Services
Revenues
Total Revenues	304,553								304,553
Management Services \| Management Fee Income
Revenues
Revenue from contract with customer, including assessed tax									304,000
Commercial Loan Investments
Revenues
Commercial Loan Investments									1,829,000	616,000	2,053,000
Total Revenues	920,691	855,559	52,765			41,262	273,467	300,999	1,829,015	615,728	2,052,689
Real Estate Operations
Revenues
Total Revenues	$ 143,003	$ 213,589	$ 260,771	$ 234,901	$ 311,624	$ 1,042,059	$ 750,296	$ 862,450	852,264	2,966,429	5,190,951
Real Estate Operations \| Impact Fee and Mitigation Credit Sales
Revenues
Revenue from contract with customer, including assessed tax										1,338,000	2,126,000
Real Estate Operations \| Subsurface Lease Revenue
Revenues
Revenue from contract with customer, including assessed tax									598,000	957,000	856,000
Real Estate Operations \| Subsurface Revenue - Other
Revenues
Revenue from contract with customer, including assessed tax									150,000	668,000	2,192,000
Real Estate Operations \| Fill Dirt and Other Revenue
Revenues
Revenue from contract with customer, including assessed tax									$ 104,000	$ 3,000	$ 17,000

FAIR VALUE OF FINANCIAL INSTRUMENTS

12 Months Ended

Dec. 31, 2019

FAIR VALUE OF FINANCIAL INSTRUMENTS

FAIR VALUE OF FINANCIAL INSTRUMENTS

NOTE 9. 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, 2019 and 2018:


	December 31, 2019				December 31, 2018
	Carrying		Estimated		Carrying		Estimated
	Value		Fair Value		Value		Fair Value
Cash and Cash Equivalents - Level 1	$	6,474,637	$	6,474,637	$	2,310,489	$	2,310,489
Restricted Cash - Level 1		128,430,049		128,430,049		19,721,475		19,721,475
Commercial Loan Investments - Level 2		34,625,173		35,001,997		—		—
Long-Term Debt - Level 2		287,218,303		288,830,346		247,624,811		248,765,650

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, 2019:


			Fair Value at Reporting Date Using
			Quoted Prices in				Significant
			Active Markets		Significant Other		Unobservable
			for Identical		Observable Inputs		Inputs
	12/31/2019		Assets (Level 1)		(Level 2)		(Level 3)
Cash Flow Hedge - Interest Rate Swap	$	99,021	$	—	$	99,021	$	—
Investment Securities		38,814,425		38,814,425		—		—
Total	$	38,814,425	$	38,814,425	$	—	$	—

The following table presents the fair value of assets measured on a recurring basis by Level at December 31, 2018:


			Fair Value at Reporting Date Using
			Quoted Prices in				Significant
			Active Markets		Significant Other		Unobservable
			for Identical		Observable Inputs		Inputs
	12/31/2018		Assets (Level 1)		(Level 2)		(Level 3)
Cash Flow Hedge - Interest Rate Swap	$	651,722	$	—	$	651,722	$	—
Total	$	651,722	$	—	$	651,722	$	—

No assets were measured on a non-recurring basis as of December 31, 2019 or 2018.

- 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

QUARTERLY FINANCIAL DATA (Tables)

12 Months Ended

Dec. 31, 2019

QUARTERLY FINANCIAL DATA

Schedule of quarterly financial data


	March 31,				June 30,				September 30,				December 31,
	2019		2018		2019		2018		2019		2018		2019		2018
Revenues
Income Properties	$	10,724,418	$	9,205,727	$	10,375,295	$	9,781,299	$	10,260,831	$	9,360,155	$	10,594,870	$	11,728,550
Management Fee Income		—		—		—		—		—		—		304,553		—
Interest Income from Commercial Loan Investments		—		300,999		52,765		273,467		855,559		41,262		920,691		—
Real Estate Operations		234,901		862,450		260,771		750,296		213,589		1,042,059		143,003		311,624
Total Revenues		10,959,319		10,369,176		10,688,831		10,805,062		11,329,979		10,443,476		11,963,117		12,040,174
Direct Cost of Revenues
Income Properties		(1,932,488)		(1,869,029)		(1,634,720)		(2,034,889)		(1,476,288)		(1,773,840)		(1,956,505)		(2,492,325)
Real Estate Operations		(46,167)		(144,983)		(40,129)		(123,418)		(8,484)		(215,534)		(9,886)		(107,445)
Total Direct Cost of Revenues		(1,978,655)		(2,014,012)		(1,674,849)		(2,158,307)		(1,484,772)		(1,989,374)		(1,966,391)		(2,599,770)
General and Administrative Expenses		(2,501,620)		(2,823,548)		(2,119,176)		(2,429,181)		(2,260,728)		(1,928,008)		(2,936,551)		(2,604,633)
Depreciation and Amortization		(3,346,287)		(3,796,823)		(4,074,587)		(3,755,546)		(4,286,836)		(3,756,507)		(4,089,568)		(4,452,647)
Total Operating Expenses		(7,826,562)		(8,634,383)		(7,868,612)		(8,343,034)		(8,032,336)		(7,673,889)		(8,992,510)		(9,657,050)
Gain (Loss) on Disposition of Assets		6,869,957		3,650,858		11,811,907		18,384,808		2,187,332		—		1,108,269		—
Operating Income		10,002,714		5,385,651		14,632,126		20,846,836		5,484,975		2,769,587		4,078,876		2,383,124
Investment Income		38,755		12,312		14,560		11,892		33,048		14,179		258,480		13,838
Interest Expense		(2,923,229)		(2,561,465)		(3,042,058)		(2,537,301)		(3,253,908)		(2,345,156)		(3,246,867)		(2,979,364)
Income from Continuing Operations Before Income Tax Benefit (Expense)		7,118,240		2,836,498		11,604,628		18,321,427		2,264,115		438,610		1,090,489		(582,402)
Income Tax Benefit (Expense) from Continuing Operations		(1,774,640)		(585,068)		(2,941,213)		(4,645,012)		(573,731)		(153,550)		(182,594)		(641,518)
Income from Continuing Operations		5,343,600		2,251,430		8,663,415		13,676,415		1,690,384		285,060		907,895		(1,223,920)
Income (Loss) from Discontinued Operations (Net of Tax)		1,124,499		8,660,869		1,933,385		486,493		(204,364)		11,112		95,514,044		13,020,331
Net Income	$	6,468,099	$	10,912,299	$	10,596,800	$	14,162,908	$	1,486,020	$	296,172	$	96,421,939	$	11,796,411

Per Share Information:
Basic
Income from Continuing Operations	$	1.00	$	0.40	$	1.75	$	2.47	$	0.35	$	0.05	$	0.19	$	(0.23)
Income (Loss) from Discontinued Operations (Net of Tax)		0.21		1.57		0.39		0.09		(0.04)		-		19.86		2.40
Net Income	$	1.21	$	1.97	$	2.14	$	2.56	$	0.31	$	0.05	$	20.05	$	2.17

Diluted
Income from Continuing Operations	$	1.00	$	0.40	$	1.75	$	2.47	$	0.35	$	0.05	$	0.19	$	(0.23)
Income (Loss) from Discontinued Operations (Net of Tax)		0.21		1.56		0.39		0.09		(0.04)		-		19.85		2.40
Net Income	$	1.21	$	1.96	$	2.14	$	2.56	$	0.31	$	0.05	$	20.04	$	2.17

DEFERRED REVENUE

12 Months Ended

Dec. 31, 2019

DEFERRED REVENUE

DEFERRED REVENUE

NOTE 18. DEFERRED REVENUE

Deferred revenue consisted of the following:


	As of
	December 31, 2019		December 31, 2018
Deferred Oil Exploration Lease Revenue	$	—	$	585,675
Interest Reserve from Commercial Loan Investment		834,972		—
Prepaid Rent		2,063,173		1,621,620
Tenant Contributions		2,888,822		4,104,151
Other Deferred Revenue		43,753		58,838
Total Deferred Revenue	$	5,830,720	$	6,370,284

Deferred Oil Exploration Lease Revenue. Pursuant to the amendment for the lease year eight renewal of the oil exploration lease, the annual lease payment is approximately $807,000, which has been recognized ratably over the twelve-month lease period ended September 22, 2019. The oil exploration lease has not been extended beyond the expiration of the current term of September 22, 2019 and has effectively terminated.

Interest Reserve from Commercial Loan Investment. In conjunction with certain of the Company’s commercial loan investments, the borrower has deposited interest and real estate tax reserves in escrow accounts held by the Company. The corresponding liability is recorded in Deferred Revenue on the Company’s consolidated balance sheets as the interest reserves are utilized to fund the monthly interest due on the loans.

Tenant Contributions. In connection with the acquisition of the property in Aspen, Colorado, the master tenant contributed $1.5 million of the $28.0 million purchase price at closing on February 21, 2018. Additionally, the master tenant funded, from its leasing reserve escrow, approximately $935,000 of the Company’s acquisition-related costs. The tenant contributions are being recognized ratably over the remaining term of the lease into income property rental revenue. Approximately $223,000 was recognized into income property rental revenue through December 31, 2019, leaving an aggregate balance of approximately $2.2 million, related to the Company’s total acquisition cost of approximately $29.0 million, to be recognized over the remaining term of the lease.

In connection with the construction of the Company’s beachfront restaurant formerly leased to Cocina 214 in Daytona Beach, Florida, pursuant to the lease agreement, the tenant contributed approximately $1.9 million towards the completion of the building and tenant improvements through direct payments to various third-party construction vendors. The tenant contribution is being recognized ratably over the remaining term of the lease into income property rental revenue. As a result of the Termination Payment described in Note 3, “Income Properties,” the balance of the tenant contribution liability was reduced by $1.0 million, leaving a balance of approximately $690,000 to be recognized into income property rental revenue ratably over the remaining term of the original Cocina 214 lease. Approximately $212,000 was recognized into income property rental revenue through December 31, 2019, leaving a balance of approximately $677,000 to be recognized over the remaining term of the lease.

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash Flow from Operating Activities:
Net Income	$ 114,972,858	$ 37,167,790	$ 41,719,424
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation and Amortization	15,797,278	16,135,502	12,663,959
Amortization of Intangible Liabilities to Income Property Revenue	(2,382,874)	(2,338,531)	(2,193,957)
Loan Cost Amortization	443,902	495,438	509,263
Amortization of Discount on Convertible Debt	1,357,347	1,273,436	1,194,714
Gain on Disposition of Property, Plant, and Equipment and Intangible Assets	(3,295,601)	(3,650,858)	(38)
Gain on Disposition of Assets Held for Sale	(18,696,914)	1,119,362
Gain on Sale of Equity Interest in Joint Ventures	(127,518,231)	(18,384,808)
Discount Accretion on Commercial Loan Investments		(34,768)
Accretion of Commercial Loan Origination Fees	(134,780)		(25,232)
Non-Cash Imputed Interest on Commercial Loan Investment	(193,943)
Deferred Income Taxes	35,099,647	12,589,970	(8,953,981)
Unrealized Gain on Investment Securities	(61,195)
Non-Cash Compensation	2,688,292	1,684,250	1,437,223
Decrease (Increase) in Assets:
Refundable Income Taxes	225,024	891,556	(172,589)
Assets Held for Sale	3,892,476
Land and Development Costs	(1,107,446)	5,477,221	12,477,581
Impact Fees and Mitigation Credits	(1,860,556)	663,229	1,197,637
Other Assets	(3,503,744)	(522,436)	(3,502,041)
Increase (Decrease) in Liabilities:
Accounts Payable	349,192	(630,667)	362,411
Accrued and Other Liabilities	489,308	(4,357,411)	792,629
Deferred Revenue	(539,564)	245,219	38,793
Liabilities Held for Sale	(49,470)
Income Taxes Payable	439,086
Net Cash Provided By Operating Activities	16,410,092	47,823,494	57,545,796
Cash Flow from Investing Activities:
Acquisition of Property, Plant, and Equipment and Intangible Lease Assets and Liabilities	(150,704,654)	(109,394,481)	(94,627,373)
Acquisition of Commercial Loan Investments	(34,296,450)		(2,940,000)
Acquisition of Land		(4,702,243)
Cash Contribution for Interest in Joint Venture	(83,972)	(2,137,018)
Proceeds from Disposition of Property, Plant, and Equipment, Net, and Assets Held for Sale	207,551,807	11,077,525
Proceeds from Sale of Equity Interests in Joint Ventures	96,132,204	15,300,000
Principal Payments Received on Commercial Loan Investments		11,960,467	15,000,000
Acquisition of Investment Securities	(15,500,000)
Net Cash Used In Investing Activities	103,098,935	(77,895,750)	(82,567,373)
Cash Flow from Financing Activities:
Proceeds from Long-Term Debt	141,500,000	106,300,000	63,500,000
Payments on Long-Term Debt	(103,073,325)	(55,996,954)	(35,100,000)
Cash Paid for Loan Fees	(634,431)	(263,473)	(532,814)
Cash Proceeds from Exercise of Stock Options and Stock Issuance		437,081	1,188,069
Cash Used to Purchase Common Stock	(41,095,712)	(9,837,242)	(7,209,454)
Cash Paid for Vesting of Restricted Stock	(303,315)	(498,374)	(394,254)
Dividends Paid	(2,197,556)	(1,484,167)	(997,461)
Net Cash Provided By (Used In) Financing Activities	(5,804,339)	38,656,871	20,454,086
Net Increase (Decrease) in Cash	113,704,688	8,584,615	(4,567,491)
Cash, Beginning of Year	21,199,998	12,615,383	17,182,874
Cash, End of Period	134,904,686	21,199,998	12,615,383
Reconciliation of Cash to the Consolidated Balance Sheets:
Cash and Cash Equivalents	6,474,637	2,310,489	6,107,252
Restricted Cash	128,430,049	18,889,509	6,508,131
Total Cash as of December 31, 2019, 2018, and 2017, respectively	$ 21,199,998	$ 12,615,383	$ 17,182,874

COMMON STOCK AND EARNINGS PER SHARE - Summary of Common Stock and Earnings Per Share (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Available to Common Shareholders:
Net Income									$ 114,972,858	$ 37,167,790	$ 41,719,424
Weighted Average Shares Outstanding									4,991,656	5,495,792	5,538,859
Common Shares Applicable to Stock
Options Using the Treasury Stock Method									6,387	33,529	40,933
Total Shares Applicable to Diluted Earnings Per Share									4,998,043	5,529,321	5,579,792
Basic
Net Income from Continuing Operations (in dollars per share)	$ 0.19	$ 0.35	$ 1.75	$ 1.00	$ (0.23)	$ 0.05	$ 2.47	$ 0.40	$ 3.32	$ 2.72	$ 3.92
Net Income from Discontinued Operations (Net of Income Tax) (in dollars per share)	19.86	(0.04)	0.39	0.21	2.40		0.09	1.57	19.71	4.04	3.61
Net Income (in dollars per share)	20.05	0.31	2.14	1.21	2.17	0.05	2.56	1.97	23.03	6.76	7.53
Diluted
Net Income from Continuing Operations (in dollars per share)	0.19	0.35	1.75	1.00	(0.23)	0.05	2.47	0.40	3.32	2.71	3.90
Net Income from Discontinued Operations (Net of Income Tax) -Diluted (in dollars per share)	19.85	(0.04)	0.39	0.21	2.40		0.09	1.56	19.68	4.01	3.58
Net Income - Diluted (in dollars per share)	$ 20.04	$ 0.31	$ 2.14	$ 1.21	$ 2.17	$ 0.05	$ 2.56	$ 1.96	$ 23.00	$ 6.72	$ 7.48

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2019

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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. As of December 31, 2019, we own and manage, sometimes utilizing third-party property management companies, thirty-four commercial real estate properties in eleven states in the United States, with approximately 1.8 million square feet of gross leasable space. These thirty-four properties in our portfolio comprise our income property operations segment.

In addition to our income property portfolio, as of December 31, 2019, or business included the following:

Management Services:

A fee-based management business that is engaged in managing Alpine Income Property Trust, Inc. (“PINE”) and the entity that holds the approximately 5,300 acres of undeveloped land in Daytona Beach, Florida (the “Land JV”), see Note 5, “Related Party Management Services Business”.

Commercial Loan Investments:

A portfolio of commercial loan investments.

Real Estate Operations:

A portfolio of mineral interests consisting of approximately 455,000 subsurface acres in 20 counties in the state of Florida and a portfolio of mitigation credits;

A retained interest in the Land JV which is seeking to sell approximately 5,300 acres of undeveloped land in Daytona Beach, Florida; and

An interest in a joint venture (the “Mitigation Bank JV”) that owns an approximately 2,500 acre parcel of land in the western part of Daytona Beach, Florida which is engaged in the operation of a mitigation bank, which, pursuant to a mitigation plan approved by the applicable state and federal authorities, produces mitigation credits that are marketed and sold to developers of land in the Daytona Beach area for the purpose of enabling the developers to obtain certain regulatory permits.

Our business also includes, as outlined above, our investment in PINE of approximately $38.8 million, or approximately 22.3% of the PINE’s outstanding equity, including the OP Units which are exchangeable into common stock of PINE on a one-for-one basis, at PINE’s election. Our investment in PINE should generate investment income through the dividends distributed by PINE. In addition to the dividends we receive from PINE, our investment in PINE may benefit from any appreciation in PINE’s stock price, although no assurances can be provided that such appreciation will occur, the amount by which our investment will increase in value, or the timing thereof. Any dividends received from PINE are included in Investment Income on the accompanying statement of operations.

Discontinued Operations. The Company reports the historical financial position and results of operations of disposed businesses as discontinued operations when it has no continuing interest in the business. On October 16, 2019, the Company sold a controlling interest in its wholly owned subsidiary that held the approximately 5,300 acres of undeveloped land in Daytona Beach, Florida. On October 17, 2019, the Company sold its interest in the LPGA golf operations. For all periods presented herein, the Company has reported the historical financial position and the results of operations related to the Land JV and the golf operations as discontinued operations (see Note 23). The cash flows related to discontinued operations have been disclosed.

PRINCIPLES OF CONSOLIDATION

USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS

RECENTLY ISSUED ACCOUNTING STANDARDS

The Company implemented ASC 842 effective January 1, 2019 and has elected to follow the practical expedients and accounting policies below:

RECLASSIFICATIONS

CASH AND CASH EQUIVALENTS

RESTRICTED CASH

INVESTMENT SECURITIES

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITY

FAIR VALUE OF FINANCIAL INSTRUMENTS

FAIR VALUE MEASUREMENTS

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

RECOGNITION OF INTEREST INCOME FROM COMMERCIAL LOAN INVESTMENTS

MITIGATION CREDITS

ACCOUNTS RECEIVABLE

PURCHASE ACCOUNTING FOR ACQUISITIONS OF REAL ESTATE SUBJECT TO A LEASE

LAND AND DEVELOPMENT COSTS

SALES OF REAL ESTATE

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	5	-	55	Years
Other Furnishings and Equipment	3	-	20	Years

LONG-LIVED ASSETS

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

OTHER REAL ESTATE INTERESTS

STOCK-BASED COMPENSATION

INCOME TAXES

EARNINGS PER COMMON SHARE

CONCENTRATION OF CREDIT RISK

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

ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS (Tables)

12 Months Ended

Dec. 31, 2019

ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS

Schedule of assets and liabilities held for sale and discontinued operations

The following is a summary of assets and liabilities held for sale as of December 31, 2018:


	As of December 31, 2018
	Land JV Assets		Multi-Tenant Income Properties		Golf Assets		Total Assets Held for Sale
Property, Plant, and Equipment—Net	$	—	$	67,810,880	$	3,659,703	$	71,470,583
Land and Development Costs		20,139,788		—		—		20,139,788
Cash and Cash Equivalents		—		—		156,489		156,489
Restricted Cash		831,966		—		—		831,966
Other Assets		—		—		646,285		646,285
Intangible Lease Assets—Net		—		4,366,858		—		4,366,858
Intangible Lease Liabilities—Net		—		(773,705)		—		(773,705)
Total Assets Held for Sale	$	20,971,754	$	71,404,033	$	4,462,477	$	96,838,264


	As of December 31, 2018
	Land JV Liabilities		Multi-Tenant Income Properties		Golf Liabilities		Total Liabilities Held for Sale
Accounts Payable	$	—	$	—	$	199,422	$	199,422
Accrued and Other Liabilities		—		—		924,323		924,323
Deferred Revenue		831,320		—		223,551		1,054,871
Total Liabilities Held for Sale	$	831,320	$	—	$	1,347,296	$	2,178,616

Summary of discontinued operations


	Year Ended
	December 31, 2019		December 31, 2018		December 31, 2017
Golf Operations Revenue	$	4,096,594	$	4,941,997	$	5,095,313
Golf Operations Direct Cost of Revenues		(5,259,424)		(5,848,429)		(5,958,888)
Loss from Operations		(1,162,830)		(906,432)		(863,575)
Impairment Charges		—		(1,119,362)		—
Depreciation and Amortization		—		(373,979)		(349,259)
Gain on Disposition of Assets		15,050		—		—
Land Lease Income		—		—		2,226,526
Income (Loss) from Discontinued Operations Before Income Tax		(1,147,780)		(2,399,773)		1,013,692
Income Tax Benefit (Expense)		290,906		608,222		(391,032)
Income (Loss) from Discontinued Operations (Net of Income Tax)	$	(856,874)	$	(1,791,551)	$	622,660

Land Operations Revenue	$	11,043,151	$	43,030,713	$	47,666,408
Land Operations Direct Cost of Revenues		(6,404,844)		(10,922,539)		(16,155,784)
Loss from Operations		4,638,307		32,108,174		31,510,624
Gain on Disposition of Assets		127,518,231		—		—
Income from Discontinued Operations Before Income Tax		132,156,538		32,108,174		31,510,624
Income Tax Expense		(32,932,100)		(8,137,818)		(12,155,225)
Income from Discontinued Operations (Net of Income Tax)	$	99,224,438	$	23,970,356	$	19,355,399

Total Income from Discontinued Operations (Net of Income Tax)	$	98,367,564	$	22,178,805	$	19,978,059

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

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+ Details

INVESTMENTS IN JOINT VENTURES - Financial Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Land JV
Schedule of Equity Method Investments [Line Items]
Revenues	$ 14,635
Direct Cost of Revenues	1,268
Operating Income	13,367
Other Operating Expenses	90
Net Income	13,277
Mitigation Bank
Schedule of Equity Method Investments [Line Items]
Revenues	1,922
Direct Cost of Revenues	76
Operating Income	1,846
Other Operating Expenses	197	$ 117
Net Income	$ 1,649	$ (117)

INVESTMENTS IN JOINT VENTURES (Tables)

12 Months Ended

Dec. 31, 2019

Land JV

Summarized financial information of the Company’s JV Investment

The following table provides summarized financial information of the Land JV as of December 31, 2019. There were no balances as of December 31, 2018.


	As of
	December 31, 2019
	($000's)
Assets, cash and cash equivalents	$	15,066
Assets, prepaid expenses		61
Assets, investment in land assets		17,058
Total Assets	$	32,185

Liabilities, accounts payable, deferred revenue	$	987
Equity	$	31,198
Total Liabilities & Equity	$	32,185

The following table provides summarized financial information of the Land JV for the year ended December 31, 2019. There was no activity for the years ended December 31, 2018 and 2017.


	Year Ended
	December 31, 2019
	($000's)
Revenues	$	14,635
Direct Cost of Revenues		1,268
Operating Income	$	13,367
Other Operating Expenses	$	90
Net Income	$	13,277

Mitigation Bank

Summarized financial information of the Company’s JV Investment

The following tables provide summarized financial information of the Mitigation Bank JV as of December 31, 2019 and 2018:


	As of		As of
	December 31, 2019		December 31, 2018
	($000's)		($000's)
Assets, cash and cash equivalents	$	4,015	$	2,316
Assets, prepaid expenses		19		19
Assets, investment in mitigation credit assets		1,521		1,511
Assets, property, plant, and equipment		17		18
Total Assets	$	5,572	$	3,864

Liabilities, accounts payable, deferred mitigation credit sale revenue	$	39	$	62
Equity	$	5,533	$	3,802
Total Liabilities & Equity	$	5,572	$	3,864

The following table provides summarized financial information of the Mitigation Bank JV for the year ended December 31, 2019 and 2018. There was no activity for the year ended December 31, 2017.


	Year Ended
	December 31, 2019		December 31, 2018
	($000's)		($000's)
Revenues	$	1,922	$	—
Direct Cost of Revenues		76		—
Operating Income	$	1,846	$	—
Other Operating Expenses	$	197	$	117
Net Income	$	1,649	$	(117)

STOCK-BASED COMPENSATION - Market Condition Restricted Shares - Stock Price Vesting (Details) $ / shares in Units, $ in Thousands				12 Months Ended
	Aug. 04, 2017	Feb. 26, 2016 item $ / shares shares	May 20, 2015 item shares	Dec. 31, 2019 USD ($) item $ / shares shares	Dec. 31, 2018 $ / shares shares	Dec. 31, 2017 $ / shares shares
Stock Price Vesting \| Restricted Shares
Shares
Outstanding (in shares)				22,000	29,750	69,500
Vested (in shares)					(7,750)	(7,750)
Expired (in shares)						(32,000)
Outstanding (in shares)				22,000	22,000	29,750
Weighted Average Fair Value
Outstanding (in dollars per share) \| $ / shares				$ 41.71	$ 39.07	$ 27.03
Vested (in dollars per share) \| $ / shares					31.58	34.30
Expired (in dollars per share) \| $ / shares						14.08
Outstanding (in dollars per share) \| $ / shares				$ 41.71	$ 41.71	$ 39.07
Compensation cost
Unrecognized compensation cost \| $				$ 0
Stock Price Vesting \| Restricted Shares \| Mr. Albright
Stock-based compensation
Number of increments to vest \| item		4	4
Restricted share award period after termination of employment		60 days	60 days
Period for average closing price		30 days	30 days
Stock based compensation, shares, permanently surrendered		68,000
Shares
Granted (in shares)			26,000
Outstanding (in shares)		26,000
Stock Price Vesting \| Restricted Shares \| Mr. Albright \| 2015 and February 26, 2016 grants
Stock-based compensation
Number of increments vested \| item				2
Share-based Compensation Award Stock Price Vesting Price Increment One \| Restricted Shares \| Mr. Albright
Stock-based compensation
Number of increments to vest \| item		2
Number of shares in each vesting increment		2,000
Share-based Compensation Award Stock Price Vesting Price Increment One \| Restricted Shares \| Mr. Albright \| Minimum
Stock-based compensation
Closing share price (in dollars per share) \| $ / shares		$ 60
Share-based Compensation Award Stock Price Vesting Price Increment One \| Restricted Shares \| Mr. Albright \| Maximum
Stock-based compensation
Closing share price (in dollars per share) \| $ / shares		65
Share-based Compensation Award Stock Price Vesting Price Increment Two \| Restricted Shares \| Mr. Albright
Stock-based compensation
Closing share price (in dollars per share) \| $ / shares		$ 70
Number of shares in each vesting increment		18,000
Share-based Compensation Award Stock Price Vesting Price Increment Three \| Restricted Shares \| Mr. Albright
Stock-based compensation
Closing share price (in dollars per share) \| $ / shares		$ 75
Number of shares in each vesting increment		4,000
Equity Award Agreements \| Mr. Albright
Stock-based compensation
Term of employment agreement			5 years
Equity Award Agreements \| Stock Price Vesting
Award agreements
Period after change of control for equity award to fully vest upon termination of employment without cause or resignation	24 months	24 months

STOCK-BASED COMPENSATION

12 Months Ended

Dec. 31, 2019

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION

NOTE 19. STOCK-BASED COMPENSATION

SUMMARY OF STOCK-BASED COMPENSATION

A summary of share activity for all equity classified stock compensation during the year ended December 31, 2019, is presented below:


	Shares					Shares
	Outstanding at	Granted	Vested / Exercised	Expired	Forfeited	Outstanding at
Type of Award	1/1/2019	Shares	Shares	Shares	Shares	12/31/2019
Equity Classified - Performance Share Awards - Peer Group Market Condition Vesting	28,080	21,195	—	—	—	49,275
Equity Classified - Market Condition Restricted Shares - Stock Price Vesting	22,000	—	—	—	—	22,000
Equity Classified - Three Year Vest Restricted Shares	34,952	20,696	(18,053)	—	—	37,595
Equity Classified - Non-Qualified Stock Option Awards	80,000	—	—	—	—	80,000
Total Shares	165,032	41,891	(18,053)	—	—	188,870

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


	Year Ended
	December 31, 2019		December 31, 2018		December 31, 2017
Total Cost of Share-Based Plans Charged Against Income Before Tax Effect	$	2,688,292	$	1,922,962	$	1,540,359

Income Tax Expense Recognized in Income	$	(681,348)	$	(487,375)	$	(594,194)

EQUITY-CLASSIFIED STOCK COMPENSATION

Performance Share Awards – Peer Group Market Condition Vesting

On February 3, 2017, the Company awarded to certain employees 12,635 Performance Shares under the Amended and Restated 2010 Equity Incentive Plan (the “2010 Plan”). The Performance Shares awards entitle the recipient to receive, upon the vesting thereof, shares of common stock of the Company equal to between 0% and 150% of the number of Performance Shares awarded. The number of shares of common stock so vesting will be determined based on the Company’s total shareholder return as compared to the total shareholder return of a certain peer group during a three-year performance period commencing on January 1, 2017, and ending on December 31, 2019. Subsequent to December 31, 2019, on February 11, 2020, the actual number of shares that vested related to this award totaled 14,214.

On January 24, 2018, the Company awarded to certain employees 15,445 Performance Shares under the 2010 Plan. The Performance Shares awards entitle the recipient to receive, upon the vesting thereof, shares of common stock of the Company equal to between 0% and 150% of the number of Performance Shares awarded. The number of shares of common stock so vesting will be determined based on the Company’s total shareholder return as compared to the total shareholder return of a certain peer group during a three-year performance period commencing on January 1, 2018, and ending on December 31, 2020.

On January 23, 2019, the Company awarded to certain employees 21,195 Performance Shares under the Second Amended and Restated 2010 Equity Incentive Plan (the “Amended 2010 Plan”). The Performance Shares awards entitle the recipient to receive, upon the vesting thereof, shares of common stock of the Company equal to between 0% and 150% of the number of Performance Shares awarded. The number of shares of common stock so vesting will be determined based on the Company’s total shareholder return as compared to the total shareholder return of a certain peer group during a three-year performance period commencing on January 1, 2019, and ending on December 31, 2021.

Pursuant to amendments to the employment agreements and certain restricted share award agreements entered into by the Company on August 4, 2017, the restricted shares granted thereunder, if they are subject to performance-based vesting conditions, will fully vest following a change in control only if the executive’s employment is terminated without cause or if the executive resigns for good reason (as such terms are defined in the executive’s employment agreement), in each case, at any time during the 24-month period following the change in control (as defined in the executive’s employment agreement).

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 three-year performance period, the relative performance of the Company’s stock price and shareholder return compared to the companies in the peer group, annual dividends paid by the Company, 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, 2019, 2018, and 2017 is presented below:


		Wtd. Avg.
Performance Shares with Market Conditions	Shares	Fair Value
Outstanding at January 1, 2017	—	$	—
Granted	12,635		55.66
Vested	—		—
Expired	—		—
Forfeited	—		—
Outstanding at December 31, 2017	12,635		55.66
Granted	15,445		74.99
Vested	—		—
Expired	—		—
Forfeited	—		—
Outstanding at December 31, 2018	28,080		66.29
Granted	21,195		64.66
Vested	—		—
Expired	—		—
Forfeited	—		—
Outstanding at December 31, 2019	49,275	$	65.59

As of December 31, 2019, there was approximately $1.3 million of unrecognized compensation cost, adjusted for estimated forfeitures, related to Performance Share awards, which will be recognized over a remaining weighted average period of 1.7 years.

Market Condition Restricted Shares– Stock Price Vesting

On May 20, 2015 and February 26, 2016, a combined grant of 26,000 shares, net of 68,000 shares permanently surrendered during 2016, of restricted Company common stock was awarded to Mr. Albright under the Original 2010 Plan under a new five-year employment agreement. The 26,000 shares of restricted Company common stock outstanding from these grants were to 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 and $65 per share for the first two increments of 2,000 shares each, $70 per share for the third increment of 18,000 shares, and $75 per share for the fourth increment of 4,000 shares. 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, 2019, the first two increments of this award had vested, leaving 22,000 shares outstanding.

Pursuant to amendments to the employment agreements and certain restricted share award agreements entered into by the Company on February 26, 2016 and August 4, 2017, the restricted shares granted thereunder, if they are subject to performance-based vesting conditions, will fully vest following a change in control only if the executive’s employment is terminated without cause or if the executive resigns for good reason (as such terms are defined in the executive’s employment agreement), in each case, at any time during the 24-month period following the change in control (as defined in the executive’s employment agreement).

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 the activity for these awards during the years ended December 31, 2019, 2018, and 2017 is presented below:


		Wtd. Avg.
Market Condition Non-Vested Restricted Shares	Shares	Fair Value
Outstanding at January 1, 2017	69,500	$	27.03
Granted	—		—
Vested	(7,750)		34.30
Expired	(32,000)		14.08
Forfeited	—		—
Outstanding at December 31, 2017	29,750		39.07
Granted	—		—
Vested	(7,750)		31.58
Expired	—		—
Forfeited	—		—
Outstanding at December 31, 2018	22,000		41.71
Granted	—		—
Vested	—		—
Expired	—		—
Forfeited	—		—
Outstanding at December 31, 2019	22,000	$	41.71

As of December 31, 2019, there is no unrecognized compensation cost related to market condition restricted stock.

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 vested on each of the first, second, and third anniversaries of the grant date, provided the grantee was an employee of the Company on those dates.

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 vested on each of the first, second, and third anniversaries of January 28, 2015, provided the grantee was an employee of the Company on those dates.

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.

On January 25, 2017, the Company granted to certain employees 17,451 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, 2017, 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 24, 2018, the Company granted to certain employees 17,712 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, 2018, 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 23, 2019, the Company granted to certain employees 20,696 shares of restricted Company common stock under the Amended 2010 Plan. One-third of the restricted shares will vest on each of the first, second, and third anniversaries of January 28, 2019, 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.

Effective as of August 4, 2017, the Company entered into amendments to the employment agreements and certain stock option award agreements and restricted share award agreements whereby such awards will fully vest following a change in control (as defined in the executive’s employment agreement) only if the executive’s employment is terminated without cause or if the executive resigns for good reason (as such terms are defined in the executive’s employment agreement), in each case, at any time during the 24-month period following the 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, 2019, 2018, and 2017, is presented below:


		Wtd. Avg.
		Fair Value
Three Year Vest Non-Vested Restricted Shares	Shares	Per Share
Outstanding at January 1, 2017	37,504	$	47.53
Granted	17,451		55.06
Vested	(17,298)		46.70
Expired	—		—
Forfeited	(267)		52.51
Outstanding at December 31, 2017	37,390		51.39
Granted	17,712		65.33
Vested	(18,883)		51.57
Expired	—		—
Forfeited	(1,267)		59.39
Outstanding at December 31, 2018	34,952		58.07
Granted	20,696		58.78
Vested	(18,053)		54.43
Expired	—		—
Forfeited	—		—
Outstanding at December 31, 2019	37,595	$	60.21

As of December 31, 2019, there was approximately $1.2 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

On October 22, 2014, the Company granted to Mr. Smith an option to purchase 10,000 shares of the Company’s common stock under the Original 2010 Plan, with an exercise price of $50.00. One-third of the options vested on each of the first, second, and third anniversaries of the grant date. 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 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 vested on January 28, 2016. 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. 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 option vested immediately, and the remaining two-thirds vested on January 28, 2017, and January 28, 2018. 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 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) 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, 2019, 2018, and 2017, 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, 2017	113,500	$	49.03
Granted	—		—
Exercised	(23,500)		34.95
Expired	—		—
Forfeited	—		—
Outstanding at December 31, 2017	90,000		52.71
Granted	—		—
Exercised	(10,000)		29.34
Expired	—		—
Forfeited	—		—
Outstanding at December 31, 2018	80,000		55.63
Granted	—		—
Exercised	—		—
Expired	—		—
Forfeited	—		—
Outstanding at December 31, 2019	80,000	$	55.63	5.26	$	375,400
Exercisable at January 1, 2019	80,000	$	55.63	6.50	$	25,000
Exercisable at December 31, 2019	80,000	$	55.63	5.26	$	375,400

A summary of the non-vested options for these awards during the years ended December 31, 2019, 2018, and 2017, is presented below:


		Fair Value
		of Shares
Non-Qualified Stock Option Awards	Shares	Vested
Non-Vested at January 1, 2017	36,900
Granted	—
Vested	(19,900)	$	1,094,066
Expired	—
Forfeited	—
Non-Vested at December 31, 2017	17,000
Granted	—
Vested	(17,000)	$	952,068
Expired	—
Forfeited	—
Non-Vested at December 31, 2018	—
Granted	—
Vested	—	$	—
Expired	—
Forfeited	—
Non-Vested at December 31, 2019	—

No options were granted or exercised during the year ended December 31, 2019. As of December 31, 2019, there is no unrecognized compensation cost related to non-qualified, non-vested stock option awards.

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.

There was no remaining liability as of December 31, 2019 or 2018, because there were no options outstanding and exercisable.

A summary of share option activity under the 2001 Plan during the years ended December 31, 2019, 2018, and 2017 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, 2017	11,000	$	63.87
Granted	—		—
Exercised	(6,000)		52.73
Expired	(5,000)		52.73
Forfeited	—		—
Outstanding at December 31, 2017	—		—
Granted	—		—
Exercised	—		—
Expired	—		—
Forfeited	—		—
Outstanding at December 31, 2018	—		—
Granted	—		—
Exercised	—		—
Expired	—		—
Forfeited	—		—
Outstanding at December 31, 2019	—	$	—	—	$	—
Exercisable at December 31, 2019	—	$	—	—	$	—

No options remained outstanding and exercisable as of December 31, 2019 or 2018.

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, 2017	11,000	$	1.33
Granted	—		—
Exercised	(6,000)		3.84
Expired	(5,000)		—
Forfeited	—		—
Outstanding at December 31, 2017	—		—
Granted	—		—
Exercised	—		—
Expired	—		—
Forfeited	—		—
Outstanding at December 31, 2018	—		—
Granted	—		—
Exercised	—		—
Expired	—		—
Forfeited	—		—
Outstanding at December 31, 2019	—	$	—	—	$	—
Exercisable at December 31, 2019	—	$	—	—	$	—

No stock appreciation rights remained outstanding and exercisable as of December 31, 2019 or 2018.

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.

There were no stock options or stock appreciation rights granted under the 2001 Plan during the years ended December 31, 2019, 2018, or 2017.

NON-EMPLOYEE DIRECTOR STOCK COMPENSATION

Each member of the Company’s Board of Directors has the option to receive his or her annual retainer in shares of Company common stock rather than cash. The number of shares awarded to the directors making such election is calculated quarterly by dividing (i) the sum of (A) the amount of the quarterly retainer payment due to such director plus (B) meeting fees earned by such director during the quarter, by (ii) the closing price of the Company’s common stock on the last business day of the quarter for which such payment applied, rounded down to the nearest whole number of shares.

Commencing in 2019, each non-employee director serving as of the beginning of each calendar year shall receive an annual award of the Company’s common stock valued at $20,000 (the “Annual Award”). The number of shares awarded will be calculated based on the trailing 20-day average price of the Company’s common stock as of the date two business days prior to the date of the award, rounded down to the nearest whole number of shares.

During the year ended December 31, 2019, 2018 and 2017, the expense recognized for the value of the Company’s common stock received by non-employee directors totaled approximately $532,000, or 9,004 shares, $239,000, or 3,822 shares, and $103,000, or 1,833 shares, respectively. The 2019 amount includes the approximately $174,000 Annual Award received during the first quarter of 2019.

IMPAIRMENT OF LONG-LIVED ASSETS (Details) - USD ($)	3 Months Ended						12 Months Ended
IMPAIRMENT OF LONG-LIVED ASSETS (Details) - USD ($)	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Impairment of Long-Lived Assets
Gain on Disposition of Assets	$ 1,108,269	$ 2,187,332	$ 11,811,907	$ 6,869,957	$ 18,384,808	$ 3,650,858	$ 21,977,465	$ 22,035,666	$ 38
Golf Operations
Impairment of Long-Lived Assets
Impairment Charges								$ 1,100,000
Impairment charge (in dollars per share)								$ 0.15
Total asset impairment								$ 3,100,000
Gain on Disposition of Assets	$ 15,000
Undeveloped Land in Daytona Beach, Florida, Along Interstate 95
Impairment of Long-Lived Assets
Impairment Charges							$ 0	$ 0	$ 0

COMMITMENTS AND CONTINGENCIES - Other Matters (Details)			3 Months Ended					12 Months Ended
COMMITMENTS AND CONTINGENCIES - Other Matters (Details)	Jun. 30, 2017 a item	Jun. 30, 2016 USD ($)	Mar. 31, 2019 USD ($)	Dec. 31, 2017 USD ($)	Jun. 30, 2017 USD ($) a	Mar. 31, 2017 USD ($) a	Jun. 30, 2016 USD ($)	Dec. 31, 2019 USD ($) a	Dec. 31, 2018 USD ($) a	Dec. 31, 2017 USD ($) a	Dec. 31, 2015 USD ($) a
Contingencies
Acres sold \| a								5,400
Escrow balance				$ 6,508,131				$ 128,430,049	$ 18,889,509	$ 6,508,131
Potential future costs accrued								0
Unfavorable regulatory action
Contingencies
Accrued loss contingency											$ 187,500
Minto Communities LLC
Contingencies
Acres sold \| a						1,581
Land Sales
Contingencies
Acres sold \| a									2,697	1,700
Wetlands restoration
Contingencies
Area of land (in acres) \| a											148.4
Estimated cost		$ 2,000,000	$ 2,400,000				$ 2,000,000	2,400,000
Increase in accrual of remediation costs			361,000				$ 300,000
Environmental costs funded								2,300,000
Accrued restoration cost						$ 430,000		121,000			$ 1,700,000
Cost incurred								2,300,000
Wetlands restoration \| Minto Communities LLC
Contingencies
Cash deposited in (refunded from) escrow			$ 77,833	$ 189,500		$ 423,000
Escrow balance								$ 156,000
Wetlands restoration \| Minimum
Contingencies
Estimated cost											1,700,000
Wetlands restoration \| Maximum
Contingencies
Estimated cost											$ 1,900,000
Mitigation activities
Contingencies
Area of land (in acres) \| a	54.66				54.66	54.66
Number of mitigation credits required to be utilized \| item	36
Mitigation credits transferred					$ 298,000

INCOME TAXES - Reconciliation of Income Tax Computed at Federal Statutory Rate (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
INCOME TAXES
Federal statutory rate (as a percent)									21.00%	21.00%	35.00%
Increase (Decrease) Resulting from:
Income Tax (Expense) Benefit Computed at Federal Statutory Rate									$ (4,410,318)	$ (4,557,366)	$ 245,168
State Income Tax, Net of Federal Income Tax Benefit									(1,075,960)	(1,363,007)	39,677
Income Tax on Permanently Non-Deductible Items									(85,842)	(31,466)	66,015
Change in Corporate Federal Tax Rate											22,249,536
Other Reconciling Items									99,942	(73,309)	(118,873)
Benefit (Expense) for Income Taxes	$ (182,594)	$ (573,731)	$ (2,941,213)	$ (1,774,640)	$ (641,518)	$ (153,550)	$ (4,645,012)	$ (585,068)	$ (5,472,178)	$ (6,025,148)	$ 22,481,523

STOCK-BASED COMPENSATION - Non-Qualified Stock Option Award Activity (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Shares
Outstanding (in shares)	0
Outstanding (in shares)	0	0
Amended and Restated 2010 Equity Incentive Plan \| Stock Option Awards
Shares
Outstanding (in shares)	80,000	90,000	113,500
Granted (in shares)	0
Exercised (in shares)	0	(10,000)	(23,500)
Outstanding (in shares)	80,000	80,000	90,000
Exercisable (in shares)	80,000	80,000
Weighted Average Exercise Price (in dollars per share)
Outstanding (in dollars per share)	$ 55.63	$ 52.71	$ 49.03
Exercised (in dollars per share)		29.34	34.95
Outstanding (in dollars per share)	55.63	55.63	$ 52.71
Exercisable (in dollars per share)	$ 55.63	$ 55.63
Weighted Average Remaining Contractual Term
Outstanding	5 years 3 months 4 days
Exercisable	5 years 3 months 4 days	6 years 6 months
Stock-based compensation
Aggregate Intrinsic Value, Outstanding (in dollars)	$ 375,400
Aggregate Intrinsic Value, Exercisable (in dollars)	375,400	$ 25,000
Unrecognized compensation cost (in dollars)	$ 0

COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2019

COMMITMENTS AND CONTINGENCIES

Schedule of minimum future rental payments under non-cancelable operating leases having remaining terms in excess of one year


Year Ending December 31,	Amounts ($000's)
2020	$	127
2021		123
2022		118
2023		33
2024		—
2025 and thereafter (cumulative)		—
Total	$	401

ACCRUED AND OTHER LIABILITIES

12 Months Ended

Dec. 31, 2019

ACCRUED AND OTHER LIABILITIES

ACCRUED AND OTHER LIABILITIES

NOTE 17. ACCRUED AND OTHER LIABILITIES

Accrued and other liabilities consisted of the following:


	As of
	December 31, 2019		December 31, 2018
Accrued Property Taxes	$	44,232	$	12,312
Reserve for Tenant Improvements		617,968		100,519
Accrued Construction Costs		93,270		350,593
Accrued Interest		1,312,801		1,430,236
Environmental Reserve and Restoration Cost Accrual		205,774		520,404
Operating Leases - Liability		364,888		—
Other		3,048,259		2,783,820
Total Accrued and Other Liabilities	$	5,687,192	$	5,197,884

Environmental Reserve. 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. During the fourth quarter of 2017, the Company made an additional accrual of approximately $51,000 for the second year of monitoring as the low end of the original range of estimated costs was increased for the amount of monitoring now anticipated. Since the total accrual of approximately $661,000 was made, approximately $577,000 in costs have been incurred through December 31, 2019, leaving a remaining accrual of approximately $84,000.

Restoration Accrual. As part of the resolution of a regulatory matter pertaining to the Company’s prior agricultural activities on certain of the Company’s land located in Daytona Beach, Florida, 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 such estimated costs were included 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. During the first quarter of 2019, the Company received a revised estimate for completion of the restoration work for which the adjusted final total cost was approximately $2.4 million. Accordingly, an increase in the accrual of approximately $361,000 was recorded during the first quarter of 2019. The Company has funded approximately $2.3 million of the total $2.4 million of estimated costs through December 31, 2019, leaving a remaining accrual of approximately $121,000. This matter is more fully described in Note 21 “Commitments and Contingencies.”

Operating Leases – Liability. The Company implemented FASB ASC Topic 842, Leases, effective January 1, 2019, resulting in a cumulative effect adjustment to increase right-of-use assets and related liabilities for operating leases for which the Company is the lessee.

INVESTMENT SECURITIES - Shares (Details)	12 Months Ended
INVESTMENT SECURITIES - Shares (Details)	Dec. 31, 2019 USD ($)
Marketable Securities [Line Items]
Cost	$ 38,753,230
Unrealized Gain on Investment Securities	61,195
Estimated Fair Value (Level 1 and 2 Inputs)	38,814,425
Cost	38,753,230
Unrealized Gains in Investment Income	61,195
Estimated Fair Value (Level 1 and 2 Inputs)	38,814,425
OP Units
Marketable Securities [Line Items]
Cost	23,253,230
Unrealized Gain on Investment Securities	36,711
Estimated Fair Value (Level 1 and 2 Inputs)	23,289,941
Common Stock
Marketable Securities [Line Items]
Cost	15,500,000
Unrealized Gain on Investment Securities	24,484
Estimated Fair Value (Level 1 and 2 Inputs)	$ 15,524,484

STOCK-BASED COMPENSATION - Performance Share Awards – Peer Group Market Condition Vesting (Details) - USD ($) $ / shares in Units, $ in Millions							12 Months Ended
	Feb. 11, 2020	Jan. 23, 2019	Jan. 24, 2018	Aug. 04, 2017	Feb. 03, 2017	Feb. 26, 2016	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Peer Group Market Condition Vesting \| Equity Award Agreements
Award agreements
Period after change of control for equity award to fully vest upon termination of employment without cause or resignation				24 months
Performance Shares \| Peer Group Market Condition Vesting
Stock-based compensation
Performance period		3 years	3 years		3 years
Vested	14,214
Shares
Outstanding (in shares)							28,080	12,635
Granted (in shares)		21,195	15,445		12,635		21,195	15,445	12,635
Vested (in shares)	(14,214)
Outstanding (in shares)							49,275	28,080	12,635
Weighted Average Fair Value
Outstanding (in dollars per share)							$ 66.29	$ 55.66
Granted (in dollars per share)							64.66	74.99	$ 55.66
Outstanding (in dollars per share)							$ 65.59	$ 66.29	$ 55.66
Compensation cost
Unrecognized compensation cost							$ 1.3
Weighted average period of recognition of unrecognized compensation cost							1 year 8 months 12 days
Performance Shares \| Minimum \| Peer Group Market Condition Vesting
Stock-based compensation
Vesting percentage		0.00%	0.00%		0.00%
Performance Shares \| Maximum \| Peer Group Market Condition Vesting
Stock-based compensation
Vesting percentage		150.00%	150.00%		150.00%
Stock Option Awards \| Amended and Restated 2010 Equity Incentive Plan \| Equity Award Agreements
Award agreements
Period after change of control for equity award to fully vest upon termination of employment without cause or resignation				24 months
Stock Option Awards \| Mr. Albright \| Amended and Restated 2010 Equity Incentive Plan \| Vesting on designated anniversary dates
Stock-based compensation
Vesting percentage						67.00%
Stock Option Awards \| Mr. Albright \| Amended and Restated 2010 Equity Incentive Plan \| Immediate vesting
Stock-based compensation
Vesting percentage						33.00%

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Cash Flow Hedging Derivative - Interest Rate Swap, Income Tax	$ (140,082)	$ 11,431	$ 73,304

STOCK-BASED COMPENSATION - Liability-Classified Stock Compensation Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2009
Shares
Outstanding (in shares)	0
Outstanding (in shares)	0	0
2001 Stock Option Plan
Stock-based compensation
Shares eligible for issuance				500,000
2001 Stock Option Plan \| Stock Option Awards
Stock-based compensation
Awards available for issue ( in shares)				0
Remaining liability	$ 0	$ 0
Shares
Outstanding (in shares)	0		11,000
Exercised (in shares)			(6,000)
Expired (in shares)			(5,000)
Outstanding (in shares)	0	0
Exercisable (in shares)	0
Weighted Average Fair Value
Outstanding (in dollars per share)			$ 63.87
Exercised (in dollars per share)			52.73
Expired (in dollars per share)			$ 52.73
2001 Stock Option Plan \| Stock Appreciation Rights
Shares
Outstanding (in shares)	0
Outstanding (in shares)	0	0
Exercisable (in shares)	0	0
Shares
Outstanding (in shares)			11,000
Exercised (in shares)			(6,000)
Expired (in shares)			(5,000)
Weighted Average Fair Value
Outstanding (in dollars per share)			$ 1.33
Exercised (in dollars per share)			$ 3.84

REVENUE RECOGNITION (Tables)

12 Months Ended

Dec. 31, 2019

REVENUE RECOGNITION

Summary of revenue by segment, major good and/or service, and the related timing of revenue recognition

The following table summarizes the Company’s revenue from continuing operations by segment, major good and/or service, and the related timing of revenue recognition for the year ended December 31, 2019:




		Income Properties		Management Fee Income		Commercial Loan Investments		Real Estate Operations		Total Revenues
		($000's)		($000's)		($000's)		($000's)		($000's)
Major Good / Service:
	Lease Revenue - Base Rent	$	35,109	$	—	$	—	$	—	$	35,109
	Lease Revenue - CAM		1,422		—		—		—		1,422
	Lease Revenue - Reimbursements		2,759		—		—		—		2,759
	Lease Revenue - Billboards		243		—		—		—		243
	Above / Below Market Lease Accretion		2,382		—		—		—		2,382
	Contributed Leased Assets Accretion		217		—		—		—		217
	Lease Incentive Amortization		(277)		—		—		—		(277)
	Management Fee Income		—		304		—		—		304
	Commercial Loan Investments		—		—		1,829		—		1,829
	Impact Fee and Mitigation Credit Sales		—		—		—		—		—
	Subsurface Lease Revenue		—		—		—		598		598
	Subsurface Revenue - Other		—		—		—		150		150
	Fill Dirt and Other Revenue		—		—		—		104		104
	Timber Sales Revenue		—		—		—		—		—
	Interest and Other Revenue		101		—		—		—		101
	Total Revenues	$	41,956	$	304	$	1,829	$	852	$	44,941

Timing of Revenue Recognition:
	Asset/Good Transferred at a Point in Time	$	—	$	—	$	—	$	254	$	254
	Services Transferred Over Time		101		304		—		—		405
	Over Lease Term		41,855		—		—		598		42,453
	Commercial Loan Investment Related Revenue		—		—		1,829		—		1,829
	Total Revenues	$	41,956	$	304	$	1,829	$	852	$	44,941


		Income Properties		Commercial Loan Investments		Real Estate Operations		Total Revenues
		($000's)		($000's)		($000's)		($000's)
Major Good / Service:
	Lease Revenue - Base Rent	$	31,587	$	—	$	—	$	31,587
	Lease Revenue - CAM		2,905		—		—		2,905
	Lease Revenue - Reimbursements		2,934		—		—		2,934
	Lease Revenue - Billboards		250		—		—		250
	Above / Below Market Lease Accretion		2,339		—		—		2,339
	Contributed Leased Assets Accretion		218		—		—		218
	Lease Incentive Amortization		(302)		—		—		(302)
	Commercial Loan Investments		—		616		—		616
	Impact Fee and Mitigation Credit Sales		—		—		1,338		1,338
	Subsurface Lease Revenue		—		—		957		957
	Subsurface Revenue - Other		—		—		668		668
	Fill Dirt and Other Revenue		—		—		3		3
	Interest and Other Revenue		145		—		—		145
	Total Revenues	$	40,076	$	616	$	2,966	$	43,658

Timing of Revenue Recognition:
	Asset/Good Transferred at a Point in Time	$	—	$	—	$	2,009	$	2,009
	Services Transferred Over Time		145		—		—		145
	Over Lease Term		39,931		—		957		40,888
	Commercial Loan Investment Related Revenue		—		616		—		616
	Total Revenues	$	40,076	$	616	$	2,966	$	43,658


		Income Properties		Commercial Loan Investments		Real Estate Operations		Total Revenues
		($000's)		($000's)		($000's)		($000's)
Major Good / Service:
	Lease Revenue - Base Rent	$	24,650	$	—	$	—	$	24,650
	Lease Revenue - CAM		2,208		—		—		2,208
	Lease Revenue - Reimbursements		2,125		—		—		2,125
	Lease Revenue - Billboards		251		—		—		251
	Above / Below Market Lease Accretion		2,194		—		—		2,194
	Lease Incentive Amortization		(50)		—		—		(50)
	Commercial Loan Investments		—		2,053		—		2,053
	Impact Fee and Mitigation Credit Sales		—		—		2,126		2,126
	Subsurface Lease Revenue		—		—		856		856
	Subsurface Revenue - Other		—		—		2,192		2,192
	Fill Dirt and Other Revenue		—		—		17		17
	Interest and Other Revenue		29		—		—		29
	Total Revenues	$	31,407	$	2,053	$	5,191	$	38,651

Timing of Revenue Recognition:
	Asset/Good Transferred at a Point in Time	$	—	$	—	$	4,335	$	4,335
	Services Transferred Over Time		29		—		—		29
	Over Lease Term		31,378		—		856		32,234
	Commercial Loan Investment Related Revenue		—		2,053		—		2,053
	Total Revenues	$	31,407	$	2,053	$	5,191	$	38,651

INCOME TAXES - Paid and Refunded (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
INCOME TAXES
Net income taxes paid	$ 2,500	$ 323	$ 334
Income tax refunds	$ 687	$ 204	$ 958

TREASURY STOCK (Details) - USD ($)		12 Months Ended
TREASURY STOCK (Details) - USD ($)	Apr. 10, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Jan. 31, 2019
Treasury Stock
Stock repurchase program authorized amount		$ 20,000,000			$ 20,000,000
Shares repurchased (in shares)		691,102
Stock repurchased amount		$ 41,095,712	$ 9,837,242	$ 7,209,454
Average price per share of stock repurchased		$ 59.46
Block Share Repurchase
Treasury Stock
Existing buyback program	20,000,000
Shares repurchased (in shares)	320,741
Percentage of Company’s outstanding shares purchased	6.00%
Stock repurchased amount	$ 18,400,000
Minimum ownership interest held by largest shareholder	28.00%

BUSINESS SEGMENT DATA

12 Months Ended

Dec. 31, 2019

BUSINESS SEGMENT DATA

BUSINESS SEGMENT DATA

NOTE 22. BUSINESS SEGMENT DATA

Prior to 2019, the Company operated in four primary business segments: income properties, commercial loan investments, real estate operations, and golf operations. During the fourth quarter of 2018, the Company commenced efforts to monetize the golf operations and accordingly, as of December 31, 2018, the golf assets and liabilities related to the golf operations were classified has held for sale in the accompanying consolidated balance sheets and the results of golf operations were classified as discontinued operations in the accompanying consolidated statements of income for all years presented. The golf operations segment, although discontinued in 2018, held assets as of the December 31, 2018. Accordingly, the identifiable assets and liabilities, and the related capital expenditures and depreciation and amortization have been disclosed separately as discontinued golf operations for the years presented.

As a result of the significant transactions during the fourth quarter of 2019, including the Land JV transaction, the PINE Income Property Sale Transactions, and the Golf Sale, the Company’s segment structure has been modified to more closely align with the continuing operations of the Company. The Company now operates in four primary business segments: income properties, management services, commercial loan investments, and real estate operations. The new management services segment consists of the revenue generated from managing PINE and the Land JV. The management services segment had no assets as of December 31, 2019, 2018, or 2017, and therefore there are no related capital expenditures or depreciation and amortization for the years presented. The real estate operations segment previously included land sales from the Daytona Beach land portfolio as well as revenue and expenses related to the sale of mitigation credits and subsurface operations. Upon the completion of the Land JV transaction in the fourth quarter of 2019, the real estate operations related to land sales have been classified as discontinued operations in the accompanying consolidated statements of income for the years ended December 31, 2019, 2018, and 2017 and the real estate operations segment remaining consists of subsurface operations and mitigation credit sales. The identifiable assets and liabilities related to the discontinued real estate operations have been separately disclosed as discontinued real estate operations for the years presented.

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 66.0% and 88.5% of our identifiable assets as of December 31, 2019 and 2018, respectively, and 93.4%, 91.8%, and 81.3% of our consolidated revenues for the years ended December 31, 2019, 2018, and 2017, respectively. Our management fee income consists of the management fees earned for the management of PINE and the Land JV. As of December 31, 2019, our commercial loan investment portfolio consisted of three fixed-rate first mortgages and the Ground Lease Loan. Our continuing real estate operations primarily consist of revenues generated from leasing and royalty income from our interests in subsurface oil, gas and mineral rights.

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, 2019, 2018, and 2017 is as follows:


	Year Ended
	December 31, 2019		December 31, 2018		December 31, 2017
Revenues:
Income Properties	$	41,955,414	$	40,075,731	$	31,406,930
Management Services		304,553		—		—
Commercial Loan Investments		1,829,015		615,728		2,052,689
Real Estate Operations		852,264		2,966,429		5,190,951
Total Revenues	$	44,941,246	$	43,657,888	$	38,650,570
Operating Income:
Income Properties	$	34,955,413	$	31,905,648	$	24,489,187
Management Services		304,553		—		—
Commercial Loan Investments		1,829,015		615,728		2,052,689
Real Estate Operations		747,598		2,375,050		3,770,389
General and Corporate Expense		(25,615,353)		(25,546,893)		(22,567,310)
Gains on Disposition of Assets		21,977,465		22,035,666		38
Total Operating Income	$	34,198,691	$	31,385,199	$	7,744,993
Depreciation and Amortization:
Income Properties	$	15,774,228	$	15,728,095	$	12,272,265
Corporate and Other		23,050		33,428		42,435
Total Depreciation and Amortization	$	15,797,278	$	15,761,523	$	12,314,700
Capital Expenditures:
Income Properties	$	166,683,689	$	108,996,747	$	92,125,062
Commercial Loan Investments		18,046,450		—		3,000,000
Real Estate Operations		2,791,137		4,658,956		—
Discontinued Golf Operations		—		94,734		2,373,894
Corporate and Other		4,348		13,775		128,716
Total Capital Expenditures	$	187,525,624	$	113,764,212	$	97,627,672


	As of
	December 31, 2019		December 31, 2018
Identifiable Assets:
Income Properties	$	464,285,272	$	492,093,615
Commercial Loan Investments		35,742,218		—
Real Estate Operations		65,554,619		14,315,805
Discontinued Land Operations		833,167		20,971,754
Discontinued Golf Operations		—		4,462,477
Corporate and Other		136,870,927		24,486,221
Total Assets	$	703,286,203	$	556,329,872

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 on the disposition of assets. Identifiable assets by segment are those assets that are used in the Company’s operations in each segment. Real Estate Operations includes the identifiable assets of the Mitigation Bank JV and Land JV. Corporate and other assets consist primarily of cash, property, plant, and equipment related to the other operations, as well as the general and corporate operations.

The Management Services segment had no capital expenditures and held no assets as of December 31, 2019 or 2018.

INTANGIBLE ASSETS AND LIABILITIES - Weighted Average Amortization Period (Details)	12 Months Ended
	Dec. 31, 2019
INTANGIBLE ASSETS AND LIABILITIES
Weighted average amortization period of intangible assets	13 years
Weighted average amortization period of intangible liabilities	13 years

LAND AND INVESTMENT IN THE LAND JV - Tomoka Town Center (Details)	3 Months Ended								12 Months Ended
	Dec. 31, 2019 USD ($) ft²	Sep. 30, 2019 USD ($)	Jun. 30, 2019 USD ($)	Mar. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Sep. 30, 2018 USD ($)	Jun. 30, 2018 USD ($)	Mar. 31, 2018 USD ($)	Dec. 31, 2019 USD ($) ft² a	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
LAND AND INVESTMENT IN THE LAND JV
Gross Sales Price	$ 11,963,117	$ 11,329,979	$ 10,688,831	$ 10,959,319	$ 12,040,174	$ 10,443,476	$ 10,805,062	$ 10,369,176	$ 44,941,246	$ 43,657,888	$ 38,650,570
Acres sold \| a									5,400
Infrastructure Reimbursement Receivables	$ 1,591,445				$ 1,847,375				$ 1,591,445	$ 1,847,375
Area of real estate property \| ft²	502,626								502,626

ACCRUED AND OTHER LIABILITIES - Environmental Reserves (Details) $ in Thousands		3 Months Ended		12 Months Ended				60 Months Ended
	Jun. 30, 2016 USD ($)	Mar. 31, 2019 USD ($)	Jun. 30, 2016 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2015 USD ($) a	Dec. 31, 2014 USD ($) a	Dec. 31, 2018 USD ($)	Mar. 31, 2017 USD ($)
Environmental Reserve for Monitoring Environmental Remediation Work Previously Performed
Environmental reserves
Additional environmental reserve accrued					$ 51	$ 500	$ 110	$ 661
Environmental costs funded				$ 577
Environmental reserve accrued				84
Wetlands restoration
Environmental reserves
Area of land (in acres) \| a						148.4
Estimated cost	$ 2,000	$ 2,400	$ 2,000	2,400
Environmental costs funded				2,300
Accrued restoration cost				$ 121		$ 1,700			$ 430
Increase in accrual of remediation costs		$ 361	$ 300
Minimum \| Environmental Reserve for Monitoring Environmental Remediation Work Previously Performed
Environmental reserves
Estimated cost						500
Minimum \| Wetlands restoration
Environmental reserves
Estimated cost						1,700
Maximum \| Environmental Reserve for Monitoring Environmental Remediation Work Previously Performed
Environmental reserves
Area of land (in acres) \| a							1
Estimated cost						1,000
Maximum \| Wetlands restoration
Environmental reserves
Estimated cost						$ 1,900

COMMERCIAL LOAN INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2019

COMMERCIAL LOAN INVESTMENTS

Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]

The Company’s commercial loan investment portfolio was comprised of the following at December 31, 2019:


	Date of	Maturity	Original Face		Current Face		Carrying
Description	Investment	Date	Amount		Amount		Value		Coupon Rate
First Mortgage – 72-Acre Land Parcel, Orlando, FL	June 2019	June 2020	$	8,000,000	$	8,000,000	$	7,927,869	12.00%
Mortgage Note – 400 Josephine Street, Austin, TX	July 2019	July 2020		8,250,000		8,250,000		8,207,964	11.50%
Ground Lease Loan – 400 Josephine Street, Austin, TX	July 2019	N/A		16,250,000		16,250,000		16,443,942	N/A
LPGA Buyer Loan – Daytona Beach, FL	Oct 2019	Oct 2020		2,070,000		2,070,000		2,045,398	7.50%
			$	34,570,000	$	34,570,000	$	34,625,173

The carrying value of the commercial loan investment portfolio at December 31, 2019 consisted of the following:


	Total
Current Face Amount	$	34,570,000
Imputed Interest over Rent Payments Received on Ground Lease Loan		193,943
Unaccreted Origination Fees		(138,770)
Total Commercial Loan Investments	$	34,625,173

COMMERCIAL LOAN INVESTMENTS - Carrying Value (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2017	Dec. 31, 2016
COMMERCIAL LOAN INVESTMENTS
Current Face Amount	$ 34,570,000
Imputed Interest over Rent Payments Received on Ground Lease Loan	193,943
Unaccreted Origination Fees	(138,770)
Total Commercial Loan Investments	$ 34,625,173	$ 11,925,699	$ 23,960,467

INVESTMENT SECURITIES (Details) - USD ($)		12 Months Ended
INVESTMENT SECURITIES (Details) - USD ($)	Nov. 26, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Marketable Securities [Line Items]
Purchase price of shares		$ 531,914	$ 238,712	$ 103,136
Investment in PINE		$ 38,814,425
Available-for-Sale Debt Securities			$ 0
Alpine
Marketable Securities [Line Items]
Share purchased	2,040,000
Units issued	2,040,000
Percentage of investment in PINE	22.30%	22.30%
Investment in PINE	$ 38,800,000	$ 38,800,000
Alpine \| OP Units
Marketable Securities [Line Items]
Share purchased	1,223,854	1,223,854
Purchase price of shares	$ 23,300,000	$ 23,300,000
Units issued	1,223,854	1,223,854
Private placement \| Alpine
Marketable Securities [Line Items]
Share purchased	394,737
Purchase price of shares	$ 7,500,000
Units issued	394,737
IPO Purchase \| Alpine
Marketable Securities [Line Items]
Share purchased	421,053
Purchase price of shares	$ 8,000,000
Units issued	421,053

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - RESTRICTED CASH AND INVESTMENT SECURITIES (Details)	1 Months Ended		12 Months Ended
	Jul. 31, 2019 USD ($)	Jun. 30, 2019 USD ($)	Dec. 31, 2019 USD ($) property	Dec. 31, 2017 USD ($)	Dec. 31, 2018 USD ($)
Restricted Cash
Restricted Cash			$ 128,430,049	$ 6,508,131	$ 18,889,509
Mortgage loan originated			34,570,000	$ 3,000,000
Investment Securities
Available-for-sale Securities, Debt Securities					$ 0
First Mortgage
Restricted Cash
Mortgage loan originated	$ 8,300,000	$ 8,000,000
Escrow deposit to be reinvested through like-kind exchange structure
Restricted Cash
Restricted Cash			125,700,000
Restricted cash, escrow deposit related to land transactions
Restricted Cash
Restricted Cash			156,000
Restricted cash, escrow deposit related to other income properties
Restricted Cash
Restricted Cash		$ 746,000	275,000
Capital replacement reserve account
Restricted Cash
Restricted Cash			$ 261,000
Number of real estate properties in financing \| property			6
Restricted cash, escrow for general tenant improvements
Restricted Cash
Restricted Cash			$ 1,300,000

FAIR VALUE OF FINANCIAL INSTRUMENTS - Carrying Value and Estimated Fair Value (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Carrying Value \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Carrying value and estimated fair value of financial instruments
Cash and Cash Equivalents	$ 6,474,637	$ 2,310,489
Restricted Cash	128,430,049	19,721,475
Carrying Value \| Significant Other Observable Inputs (Level 2)
Carrying value and estimated fair value of financial instruments
Commercial Loan Investments	34,625,173
Long-Term Debt	287,218,303	247,624,811
Estimated Fair Value \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Carrying value and estimated fair value of financial instruments
Cash and Cash Equivalents	6,474,637	2,310,489
Restricted Cash	128,430,049	19,721,475
Estimated Fair Value \| Significant Other Observable Inputs (Level 2)
Carrying value and estimated fair value of financial instruments
Commercial Loan Investments	35,001,997
Long-Term Debt	$ 288,830,346	$ 248,765,650

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION

12 Months Ended

Dec. 31, 2019

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION

SCHEDULE III

REAL ESTATE AND ACCUMULATED DEPRECIATION

FOR THE YEAR ENDED DECEMBER 31, 2019



				Costs Capitalized
		Initial Cost to Company		Subsequent to Acquisition
			Buildings &		Carrying
Description	Encumbrances	Land	Improvements	Improvements	Costs
	$	$	$	$	$
Income Properties:
24 Hour Fitness USA, Inc., Falls Church, VA	—	7,308,225	11,559,506	—	—
7-Eleven, Dallas, TX	—	974,862	1,550,744	—	—
Aspen Development, Aspen, CO	—	11,973,930	14,968,210	—	—
Bank of America, Monterey, CA	—	4,458,840	—	—	—
Wawa (formerly Barnes & Noble), Daytona Beach, FL	—	1,798,600	3,803,000	—	—
Big Lots, Germantown, MD	3,300,000	1,781,918	2,951,231	6,750	—
Big Lots, Phoenix, AZ	3,400,000	1,715,717	3,050,164	—	—
Burlington Stores, Inc., N. Richland Hills, TX	—	3,915,679	7,028,945	—	—
Carrabba's Italian Grill, Austin, TX	—	1,160,925	1,305,117	—	—
Chuy's Restaurant & Bar, Jacksonville, FL	—	5,504,039	—	—	—
Crabby's Restaurant (formerly Cocina 214), Daytona Beach, FL	—	5,835,939	4,249,199	8,662	—
General Dynamics Corporation, Reston, VA	—	7,530,432	9,068,274	—	—
CVS, Dallas, TX	—	7,535,013	—	—	—
Fidelity Investments (affiliate of), Albuquerque, NM	—	5,751,131	29,537,069	—	—
Firebirds Woodfired Grill, Jacksonville, FL	—	4,202,924	—	—	—
Harris Teeter, Charlotte, NC	6,600,000	5,601,837	3,409,338	—	—
JPMorgan Chase Bank, Jacksonville, FL	—	4,516,486	—	—	—
LandShark Bar & Grill, Daytona Beach, FL	—	5,835,939	4,578,168	8,662	—
Lowe's Corporation, Katy, TX	8,500,000	9,412,181	3,480,650	—	—
Macaroni Grill, Arlington, TX	—	956,685	1,069,700	—	—
Maple Ave Land, Dallas, TX	—	359,116	—	—	—
Moe's Southwest Grill, Jacksonville, FL	—	1,862,284	—	—	—
Outback Steakhouse, Austin, TX	—	1,376,793	1,585,791	—	—
Party City Corporation, Oceanside, NY	—	2,964,507	3,288,786	—	—
PDQ, Jacksonville, FL	—	2,205,539	—	—	—
Rite Aid Corp., Renton, WA	4,700,000	2,036,235	4,148,415	—	—
Riverside Avenue, Jacksonville, FL	—	6,019,815	14,239,515	767,532	—
Staples, Sarasota, FL	—	2,728,083	1,145,137	—	—
The Strand, Jacksonville, FL	—	13,886,294	38,832,707	—	—
Walgreens, Clermont, FL	3,500,000	3,021,665	1,269,449	—	—
Wawa, Jacksonville, FL	—	6,252,632	—	—	—
Wells Fargo, Raleigh, NC	23,884,373	8,680,056	59,166,753	1,186,118	—
Westcliff Shopping Center, Fort Worth, TX	—	10,520,822	4,196,359	95,464	—
World of Beer/Fuzzy's Taco Shop, Brandon, FL	—	416,663	1,184,678	—	—
	53,884,373	160,101,806	230,666,905	2,073,188	—

Gross Amount at Which

Carried at Close of Period

December 31, 2019


	Land	Buildings	Total		Accumulated Depreciation	Date of Completion of Construction	Date Acquired	Life
	$	$	$		$
Income Properties:
24 Hour Fitness USA, Inc., Falls Church, VA	7,308,225	11,559,506	18,867,731		201,852	N/A	10/14/16	30 Yrs.
7-Eleven, Dallas, TX	974,862	1,550,744	2,525,606		148,613	N/A	02/18/16	40 Yrs.
Aspen Development, Aspen, CO	11,973,930	14,968,210	26,942,140		583,973	N/A	02/21/18	52 Yrs.
Bank of America, Monterey, CA	4,458,840	—	4,458,840		—	N/A	08/17/16	N/A
Wawa (formerly Barnes & Noble), Daytona Beach, FL	1,798,600	3,803,000	5,601,600		1,806,425	N/A	12/15/05	40 Yrs.
Big Lots, Germantown, MD	1,781,918	2,957,981	4,739,899		468,403	N/A	09/13/13	40 Yrs.
Big Lots, Phoenix, AZ	1,715,717	3,050,164	4,765,881		527,424	N/A	01/23/13	40 Yrs.
Burlington Stores, Inc., N. Richland Hills, TX	3,915,679	7,028,945	10,944,624		57,361	N/A	10/28/19	30 Yrs.
Carrabba's Italian Grill, Austin, TX	1,160,925	1,305,117	2,466,042		220,066	N/A	09/15/16	25 Yrs.
Chuy's Restaurant & Bar, Jacksonville, FL	5,504,039	—	5,504,039		—	N/A	10/10/18	N/A
Crabby's Restaurant (formerly Cocina 214), Daytona Beach, FL	5,835,939	4,257,861	10,093,800		434,517	01/25/18	N/A	40 Yrs.
General Dynamics Corporation, Reston, VA	7,530,432	9,068,274	16,598,706		243,267	N/A	07/12/19	35 Yrs.
CVS, Dallas, TX	7,535,013	—	7,535,013		—	N/A	09/22/16	N/A
Fidelity Investments (affiliate of), Albuquerque, NM	5,751,131	29,537,069	35,288,200		1,405,493	N/A	10/04/18	45 Yrs.
Firebirds Woodfired Grill, Jacksonville, FL	4,202,924	—	4,202,924		—	N/A	10/10/18	N/A
Harris Teeter, Charlotte, NC	5,601,837	3,409,338	9,011,175		1,001,493	N/A	04/17/08	40 Yrs.
JPMorgan Chase Bank, Jacksonville, FL	4,516,486	—	4,516,486		—	N/A	10/10/18	N/A
LandShark Bar & Grill, Daytona Beach, FL	5,835,939	4,586,830	10,422,769		422,800	01/25/18	N/A	40 Yrs.
Lowe's Corporation, Katy, TX	9,412,181	3,480,650	12,892,831		758,345	N/A	04/22/14	30 Yrs.
Macaroni Grill, Arlington, TX	956,685	1,069,700	2,026,385		54,714	N/A	12/20/18	30 Yrs.
Maple Ave Land, Dallas, TX	359,116	—	359,116		—	N/A	03/17/17	N/A
Moe's Southwest Grill, Jacksonville, FL	1,862,284	—	1,862,284		—	N/A	10/10/18	N/A
Outback Steakhouse, Austin, TX	1,376,793	1,585,791	2,962,584		228,176	N/A	09/15/16	30 Yrs.
Party City Corporation, Oceanside, NY	2,964,507	3,288,786	6,253,293		26,376	N/A	09/24/19	35 Yrs.
PDQ, Jacksonville, FL	2,205,539	—	2,205,539		—	N/A	10/10/18	N/A
Rite Aid Corp., Renton, WA	2,036,235	4,148,415	6,184,650		665,475	N/A	07/25/13	40 Yrs.
Riverside Avenue, Jacksonville, FL	6,019,815	15,007,047	21,026,862		2,866,175	N/A	07/16/15	43 Yrs.
Staples, Sarasota, FL	2,728,083	1,145,137	3,873,220		167,313	N/A	01/27/17	40 Yrs.
The Strand, Jacksonville, FL	13,886,294	38,832,707	52,719,001		123,295	N/A	12/09/19	48 Yrs.
Walgreens, Clermont, FL	3,021,665	1,269,449	4,291,114		494,556	N/A	05/27/04	40 Yrs.
Wawa, Jacksonville, FL	6,252,632	—	6,252,632		—	N/A	10/10/18	N/A
Wells Fargo, Raleigh, NC	8,680,056	60,352,871	69,032,927		8,309,888	N/A	11/18/15	45 Yrs.
Westcliff Shopping Center, Fort Worth, TX	10,520,822	4,291,823	14,812,645		1,203,607	N/A	03/01/17	10 Yrs.
World of Beer/Fuzzy's Taco Shop, Brandon, FL	416,663	1,184,678	1,601,341		132,109	N/A	04/28/17	30 Yrs.
	160,101,806	232,740,093	392,841,899	(1)	22,551,716

⁽¹⁾

The aggregate cost, net of deferred tax liabilities, of Income Properties, Land, Buildings, and Improvements for Federal income tax purposes at December 31, 2019 is approximately $231.0 million.

REAL ESTATE AND ACCUMULATED DEPRECIATION

FOR THE YEAR ENDED DECEMBER 31, 2019


	2019	2018	2017
	$	$	$
Cost:
Balance at Beginning of Year	463,703,673	358,130,350	274,334,139
Additions and Improvements	130,004,868	104,043,734	83,796,211
Cost of Real Estate Sold	(200,866,642)	(10,142,289)	—
Reclassification from Land and Development Costs	—	11,671,878	—
Balance at End of Year	392,841,899	463,703,673	358,130,350

	$	$	$
Accumulated Depreciation:
Balance at Beginning of Year	28,732,504	21,878,465	14,391,567
Depreciation and Amortization	9,891,813	9,827,154	7,486,898
Depreciation on Real Estate Sold	(16,072,601)	(2,973,115)	—
Balance at End of Year	22,551,716	28,732,504	21,878,465

(1) Reconciliation to Consolidated Balance Sheet at December 31, 2019
Income Properties, Land, Buildings, and Improvements			392,841,899
			392,841,899
(2) Cost Basis of Assets Classified as Held for Sale on Balance Sheet			—
Total Per Schedule			392,841,899

COMMON STOCK AND EARNINGS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2019

COMMON STOCK AND EARNINGS PER SHARE

Schedule of computation of earnings per share


	Year Ended
	December 31, 2019		December 31, 2018		December 31, 2017
Income Available to Common Shareholders:
Net Income	$	114,972,858	$	37,167,790	$	41,719,424
Weighted Average Shares Outstanding		4,991,656		5,495,792		5,538,859
Common Shares Applicable to Stock
Options Using the Treasury Stock Method		6,387		33,529		40,933
Total Shares Applicable to Diluted Earnings Per Share		4,998,043		5,529,321		5,579,792

Per Share Information:
Basic
Net Income from Continuing Operations	$	3.32	$	2.72	$	3.92
Net Loss from Discontinued Operations (Net of Tax)		19.71		4.04		3.61
Net Income	$	23.03	$	6.76	$	7.53

Diluted
Net Income from Continuing Operations	$	3.32	$	2.71	$	3.90
Net Loss from Discontinued Operations (Net of Tax)		19.68		4.01		3.58
Net Income	$	23.00	$	6.72	$	7.48

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - NATURE OF OPERATIONS (Details)	12 Months Ended
	Dec. 31, 2019 USD ($) ft² a state county property	Nov. 26, 2019 USD ($)	Dec. 31, 2018 a
Description of business
Number of real estate properties \| property	34
Gross leasable space \| ft²	502,626
Investment in PINE \| $	$ 38,814,425
Mitigation Bank
Description of business
Area of land owned	2,500
Florida
Description of business
Subsurface area of portfolio of mineral interests	455,000
Number of countries \| county	20
Commercial
Description of business
Number of real estate properties \| property	34
Number of states in which entity operates \| state	11
Gross leasable space \| ft²	1,800,000
Undeveloped land \| Land JV
Description of business
Area of land held for sale	5,300
Undeveloped Land in Daytona Beach, Florida, Along Interstate 95
Description of business
Area of land (in acres)	5,300		5,400
Alpine
Description of business
Investment in PINE \| $	$ 38,800,000	$ 38,800,000
Percentage of investment in PINE	22.30%	22.30%
Stock split ratio	1

QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenues
Total Revenues	$ 11,963,117	$ 11,329,979	$ 10,688,831	$ 10,959,319	$ 12,040,174	$ 10,443,476	$ 10,805,062	$ 10,369,176	$ 44,941,246	$ 43,657,888	$ 38,650,570
Direct Cost of Revenues
Total Direct Cost of Revenues	(1,966,391)	(1,484,772)	(1,674,849)	(1,978,655)	(2,599,770)	(1,989,374)	(2,158,307)	(2,014,012)	(7,104,667)	(8,761,463)	(8,338,305)
General and Administrative Expenses	(2,936,551)	(2,260,728)	(2,119,176)	(2,501,620)	(2,604,633)	(1,928,008)	(2,429,181)	(2,823,548)	(9,818,075)	(9,785,370)	(10,252,610)
Depreciation and Amortization	(4,089,568)	(4,286,836)	(4,074,587)	(3,346,287)	(4,452,647)	(3,756,507)	(3,755,546)	(3,796,823)	(15,797,278)	(15,761,523)	(12,314,700)
Total Operating Expenses	8,992,510	8,032,336	7,868,612	7,826,562	9,657,050	7,673,889	8,343,034	8,634,383
Gain (Loss) on Disposition of Assets	1,108,269	2,187,332	11,811,907	6,869,957			18,384,808	3,650,858	21,977,465	22,035,666	38
Total Operating Income	4,078,876	5,484,975	14,632,126	10,002,714	2,383,124	2,769,587	20,846,836	5,385,651	34,198,691	31,385,198	7,744,993
Investment Income	258,480	33,048	14,560	38,755	13,838	14,179	11,892	12,312	344,843	52,221	37,985
Interest Expense	(3,246,867)	(3,253,908)	(3,042,058)	(2,923,229)	(2,979,364)	(2,345,156)	(2,537,301)	(2,561,465)	(12,466,062)	(10,423,286)	(8,523,136)
Income (Loss) from Continuing Operations Before Income Tax Expense	1,090,489	2,264,115	11,604,628	7,118,240	(582,402)	438,610	18,321,427	2,836,498	22,077,472	21,014,133	(740,158)
Income Tax Benefit (Expense) from Continuing Operations	(182,594)	(573,731)	(2,941,213)	(1,774,640)	(641,518)	(153,550)	(4,645,012)	(585,068)	(5,472,178)	(6,025,148)	22,481,523
Net Income from Continuing Operations	907,895	1,690,384	8,663,415	5,343,600	(1,223,920)	285,060	13,676,415	2,251,430	16,605,294	14,988,985	21,741,365
Income (Loss) from Discontinued Operations (Net of Tax)	95,514,044	(204,364)	1,933,385	1,124,499	13,020,331	11,112	486,493	8,660,869	98,367,564	22,178,805	19,978,059
Net Income	$ 96,421,939	$ 1,486,020	$ 10,596,800	$ 6,468,099	$ 11,796,411	$ 296,172	$ 14,162,908	$ 10,912,299	$ 114,972,858	$ 37,167,790	$ 41,719,424
Basic
Income from Continuing Operations (in dollars per share)	$ 0.19	$ 0.35	$ 1.75	$ 1.00	$ (0.23)	$ 0.05	$ 2.47	$ 0.40	$ 3.32	$ 2.72	$ 3.92
Net Income from Discontinued Operations (Net of Income Tax) (in dollars per share)	19.86	(0.04)	0.39	0.21	2.40		0.09	1.57	19.71	4.04	3.61
Basic Net Income per Share (in dollars per share)	20.05	0.31	2.14	1.21	2.17	0.05	2.56	1.97	23.03	6.76	7.53
Diluted
Income from Continuing Operations - Diluted (in dollars per share)	0.19	0.35	1.75	1.00	(0.23)	0.05	2.47	0.40	3.32	2.71	3.90
Net Income from Discontinued Operations (Net of Income Tax) -Diluted (in dollars per share)	19.85	(0.04)	0.39	0.21	2.40		0.09	1.56	19.68	4.01	3.58
Net Income - Diluted (in dollars per share)	$ 20.04	$ 0.31	$ 2.14	$ 1.21	$ 2.17	$ 0.05	$ 2.56	$ 1.96	$ 23.00	$ 6.72	$ 7.48
Income Properties
Revenues
Total Revenues	$ 10,594,870	$ 10,260,831	$ 10,375,295	$ 10,724,418	$ 11,728,550	$ 9,360,155	$ 9,781,299	$ 9,205,727	$ 41,955,414	$ 40,075,731	$ 31,406,930
Direct Cost of Revenues
Total Direct Cost of Revenues	(1,956,505)	(1,476,288)	(1,634,720)	(1,932,488)	(2,492,325)	(1,773,840)	(2,034,889)	(1,869,029)	(7,000,001)	(8,170,083)	(6,917,743)
Depreciation and Amortization									(15,774,228)	(15,728,095)	(12,272,265)
Management Services
Revenues
Total Revenues	304,553								304,553
Commercial Loan Investments
Revenues
Total Revenues	920,691	855,559	52,765			41,262	273,467	300,999	1,829,015	615,728	2,052,689
Real Estate Operations
Revenues
Total Revenues	143,003	213,589	260,771	234,901	311,624	1,042,059	750,296	862,450	852,264	2,966,429	5,190,951
Direct Cost of Revenues
Total Direct Cost of Revenues	(9,886)	$ (8,484)	$ (40,129)	$ (46,167)	$ (107,445)	$ (215,534)	$ (123,418)	$ (144,983)	$ (104,666)	(591,380)	$ (1,420,562)
Golf Operations
Direct Cost of Revenues
Impairment Charges										$ (1,100,000)
Gain (Loss) on Disposition of Assets	$ 15,000

LONG-TERM DEBT - Outstanding Indebtedness (Details)	12 Months Ended
LONG-TERM DEBT - Outstanding Indebtedness (Details)	Dec. 31, 2019 USD ($) property	Dec. 31, 2018	Apr. 30, 2016 USD ($)	Mar. 11, 2015 USD ($)
Long-term debt
Face Value of Debt	$ 288,729,722
Interest Rate Swap
Long-term debt
Fixed interest rate through use of derivative (as a percent)	3.17%
Credit Facility
Long-term debt
Face Value of Debt	$ 159,845,349
Credit Facility \| LIBOR \| Minimum
Long-term debt
Margin added to variable rate basis (as a percent)	1.35%
Credit Facility \| LIBOR \| Maximum
Long-term debt
Margin added to variable rate basis (as a percent)	1.95%
Wells Fargo Mortgage Note Payable Originated September 30, 2014
Long-term debt
Face Value of Debt	$ 30,000,000
Stated interest rate (as a percent)	4.33%
Number of income properties securing debt \| property	6
Period of fixed interest rate	10 years
Period of interest only payments	10 years
Period after which cash flows generated by underlying income properties must be used to pay down principal balance	10 years
Period to when loan is pre-payable	10 years
Wells Fargo Mortgage Note Payable Originated April 15, 2016
Long-term debt
Face Value of Debt	$ 23,884,373		$ 25,000,000
Period of interest only payments	2 years
Period of amortization for principal payments	25 years
Term of loan	5 years
Wells Fargo Mortgage Note Payable Originated April 15, 2016 \| LIBOR
Long-term debt
Margin added to variable rate basis (as a percent)	1.90%
4.50% Convertible Senior Notes due 2020
Long-term debt
Face Value of Debt	$ 75,000,000			$ 75,000,000
Stated interest rate (as a percent)	4.50%	4.50%

COMMITMENTS AND CONTINGENCIES - Minimum Future Rental Payments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Minimum future rental payments under non-cancelable operating leases having remaining terms in excess of one year
2020	$ 127
2021	123
2022	118
2023	33
Total	401
Operating leases
Rental expense under all operating leases	$ 286	$ 309	$ 339

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical)	Dec. 31, 2019 USD ($) tenant $ / shares $ / item shares	Dec. 31, 2018 USD ($) $ / item	Dec. 31, 2017 USD ($)
Supplemental Disclosure of Cash Flows:
Interest paid	$ 10,782,000	$ 8,419,000	$ 7,060,000
Income taxes paid	2,500,000	323,000	334,000
Income taxes refunded	687,000	204,000	958,000
Interest capitalized	0	0	215,000
Gain on Sale	133,000,000		31,800,000
Stock Issuance	531,914	238,712	103,136
Accrued and Other Liabilities	489,308	(4,357,411)	792,629
Land and Development Costs	(1,107,446)	5,477,221	12,477,581
Supplemental disclosure of investing and financing activities
Tenant contribution		$ 1,900,000
Purchase price	$ 164,670,000
Annual surcharge, per round of golf played \| $ / item	1	1
Annual Minimum Per Round Surcharge	$ 70,000
Maximum aggregate amount of per round surcharge	700,000	$ 700,000
Contingent consideration on Golf Course Land Purchase reflected as an increase in increase in Golf Buildings, Improvements, and Equipment and also as an increase in Accrued and Other Liabilities	700,000
Repayment in connection with Gulf course sale	560,000
Remaining liability for Gulf course sale	0
Net cash provided by Operating activities discontinued operations	6,500,000	36,800,000	43,300,000
Net cash provided by investing activities discontinued operations	98,400,000	0	$ 0
Aspen, Colorado
Supplemental disclosure of investing and financing activities
Tenant contribution	1,500,000	1,500,000
Purchase price		$ 28,000,000
Florida
Supplemental disclosure of investing and financing activities
Tenant contribution	1,900,000
Alpine
Supplemental Disclosure of Cash Flows:
Increase in the Investment in Joint Ventures	23,300,000
Decrease in intangible assets	3,100,000
Decrease in Property Plant and Equipment	20,800,000
Decrease in intangible liabilities	$ 452,000
OP Units
Supplemental Disclosure of Cash Flows:
Number of single tenant properties \| tenant	5
OP Units \| Alpine
Supplemental Disclosure of Cash Flows:
Units issued \| shares	1,223,854
Stock Issuance	$ 23,300,000
Closing share price (in dollars per share) \| $ / shares	$ 19.00
Land Sales \| Land JV
Supplemental Disclosure of Cash Flows:
Gain on Sale	$ 127,500,000
Gain on Sale, noncash	48,900,000
Increase in the Investment in Joint Ventures	48,900,000
Land Sales \| Mitigation Bank West of Interstate Ninety Five
Supplemental Disclosure of Cash Flows:
Gain on Sale	18,400,000
Gain on Sale, noncash	5,100,000
Increase in the Investment in Joint Ventures	6,800,000
Accrued and Other Liabilities	300,000
Land and Development Costs	$ 1,300,000

SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE

12 Months Ended

Dec. 31, 2019

SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE

Schedule IV MORTGAGE LOANS ON REAL ESTATE

SCHEDULE IV

MORTGAGE LOANS ON REAL ESTATE

FOR THE YEAR ENDED DECEMBER 31, 2019

There were four commercial loan investments as of December 31, 2019.


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
	%			$	$	$	$
Ground Lease Loan:
Carpenter Hotel-400 Josephine Street, Austin, TX	N/A	N/A	Monthly Rent Payments	—	16,250,000	16,443,942	—
First Mortgage:
72-Acre Land Parcel, Orlando, FL	12.00%	June 2020	Principal payable in full at maturity	—	8,000,000	7,927,869	—
Mortgage Note-400 Josephine Street, Austin, TX	11.50%	July 2020	Principal payable in full at maturity	—	8,250,000	8,207,964	—
LPGA Golf Loan-Daytona Beach, FL	7.50%	October 2020	Principal payable in full at maturity	—	2,070,000	2,045,398	—
Totals				—	34,570,000	34,625,173	—

The following represents the activity within the Company’s commercial loan investment segment for the years ended December 31, 2019, 2018, and 2017:


	2019	2018	2017
	$	$	$
Balance at Beginning of Year	—	11,925,699	23,960,467
Additions During the Year:
New Mortgage Loans	34,570,000	—	3,000,000
Accretion of Origination Fees (1)	(138,770)	34,768	(34,768)
Imputed Interest Over Rent Payments on Ground Lease Loan	193,943	—	—
Deductions During the Year:
Collection of Principal	—	(11,960,467)	(15,000,000)
Balance at End of Year	34,625,173	—	11,925,699

⁽¹⁾

Non-cash accretion of loan origination fees

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - INCOME TAXES (Details) $ in Thousands	Dec. 31, 2019 USD ($)
Income Taxes
Reserves for uncertain income tax positions	$ 0

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - RECENTLY ISSUED ACCOUNTING STANDARDS - Leases (Details)	12 Months Ended
	Dec. 31, 2019 USD ($)
Recently Issued Accounting Standards
Lease, Practical Expedients, Package	true
Lease, Practical Expedient, Lessor Single Lease Component	true
Right-of-use assets	$ 363,631
Lease liabilities	364,888
Increase (decrease) in assets held for sale	(3,892,476)
Increase in liabilities held for sale	(49,470)
Golf Operations \| Discontinued Operations, Held-for-sale
Recently Issued Accounting Standards
Increase (decrease) in assets held for sale	208,000
Increase in liabilities held for sale	208,000
Accounting Standards Update 2016-02 \| Restatement
Recently Issued Accounting Standards
Right-of-use assets	681,000
Lease liabilities	$ 473,000

DEFERRED REVENUE - Summary of Deferred Revenue (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
DEFERRED REVENUE
Deferred Oil Exploration Lease Revenue		$ 585,675
Interest Reserve from Commercial Loan Investment	$ 834,972
Prepaid Rent	2,063,173	1,621,620
Tenant Contributions	2,888,822	4,104,151
Other Deferred Revenue	43,753	58,838
Deferred Revenue, Total	$ 5,830,720	$ 6,370,284

INCOME TAXES

12 Months Ended

Dec. 31, 2019

INCOME TAXES

INCOME TAXES

NOTE 20. INCOME TAXES

Total income tax benefit (expense) are summarized as follows:


	Year ended December 31,
	2019		2018		2017
Income Tax (Expense) Benefit from Continuing Operations	$	(5,472,178)	$	(6,025,148)	$	22,481,523
Income Tax (Expense) Benefit from Discontinued Operations		(32,641,194)		(7,529,596)		(12,546,257)
Total Consolidated Income Tax Benefit (Expense)	$	(38,113,372)	$	(13,554,744)	$	9,935,266

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


	2019				2018				2017
	Current		Deferred		Current		Deferred		Current		Deferred
Federal	$	(225,495)	$	(4,973,699)	$	(231,239)	$	(5,380,837)	$	1,729,007	$	18,959,360
State		19,998		(292,982)		(127,470)		(285,602)		153,234		1,639,922
Total	$	(205,497)	$	(5,266,681)	$	(358,709)	$	(5,666,439)	$	1,882,241	$	20,599,282

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
	2019		2018
Deferred Income Tax Assets
Depreciation	$	4,785,992	$	4,904,976
Intangible Lease Liabilities		6,503,574		7,111,608
Income Property Tenant Contributions		732,172		1,069,882
Impairment Reserves		92,751		1,393,415
Stock Options and Restricted Stock		1,274,694		977,210
Capital Loss Carryforward		20,750		20,750
Deferred Oil Lease Income		—		121,323
Other - Net		6,638		44,967
Gross Deferred Income Tax Assets		13,416,571		15,644,131
Less - Valuation Allowance		(272,966)		(272,966)
Net Deferred Income Tax Assets		13,143,605		15,371,165
Deferred Income Tax Liabilities
Sales of Real Estate		(87,353,465)		(67,388,733)
Income Property Lease Incentive		—		(606,820)
Discount on Equity Component of Convertible Debt		(42,400)		(238,200)
Basis Differences in Joint Ventures		(11,789,044)		(764,566)
Basis Difference in Alpine Income Property OP, LP		(3,979,966)		—
Interest Rate Swap		(73,924)		(486,543)
Deferred Revenue (Net of Straight-line Rent Adjustments)		(186,979)		(578,034)
Other - Net		—		(78,176)
Total Deferred Income Tax Liabilities		(103,425,778)		(70,141,072)
Net Deferred Income Tax Liabilities	$	(90,282,173)	$	(54,769,907)

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, 2019 and 2018, 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, 2019 and 2018, the valuation allowance was approximately $273,000.

As of December 31, 2019 and 2018, 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 2019.

Following is a reconciliation of the income tax computed at the federal statutory rate of 21% for 2019 and 2018 and 35% for 2017 for continuing operations:


	Year ended December 31,
	2019		2018		2017
Income Tax (Expense) Benefit Computed at Federal Statutory Rate	$	(4,410,318)	$	(4,557,366)	$	245,168
Increase (Decrease) Resulting from:
State Income Tax, Net of Federal Income Tax Benefit		(1,075,960)		(1,363,007)		39,677
Income Tax on Permanently Non-Deductible Items		(85,842)		(31,466)		66,015
Change in Corporate Federal Tax Rate		—		—		22,249,536
Other Reconciling Items		99,942		(73,309)		(118,873)
Benefit (Expense) for Income Taxes	$	(5,472,178)	$	(6,025,148)	$	22,481,523

The effective income tax rate for each of the three years ended December 31, 2019, 2018, and 2017, including income taxes attributable to the discontinued operations, was 24.9%, 26.7%, and (31.0)%, 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 fourth quarter of 2017, the Company recorded an income tax benefit of approximately $22.2 million due to the impact of the reduction in the corporate tax rate from 35% to 21% for the Tax Cuts and Jobs Act.

The Company files a consolidated income tax return in the United States Federal jurisdiction and the States of Alabama, Arizona, Colorado, California, Florida, Georgia, Maryland, Massachusetts, Nevada, New Mexico, New York, North Carolina, Oregon, Texas, Virginia, Washington, and Wisconsin. 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, 2019, 2018, and 2017 the Company recognized no uncertain tax positions or accrued interest and penalties for uncertain tax positions.

Income taxes totaling approximately $2.5 million, $323,000, and $334,000 were paid during the years ended December 31, 2019, 2018, and 2017, respectively. Additionally, income taxes totaling approximately $687,000, $204,000 and $958,000 were refunded during the years ended December 31, 2019, 2018, and 2017, respectively.

LONG-TERM DEBT - Credit Facility (Details) - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2019	Apr. 10, 2019	Sep. 07, 2017
Block Share Repurchase
Long-term debt
Existing buyback program		20.0
Credit Facility
Long-term debt
Extension term	1 year
Maximum borrowing capacity			$ 200.0
Maximum borrowing capacity, after possible increase			$ 300.0
Unused portion of the borrowing capacity fee percentage condition	50.00%
Available borrowing capacity	$ 40.2
Amount outstanding	159.8
Line of Credit Facility, Current Borrowing Capacity	$ 200.0
Credit Facility \| Minimum
Long-term debt
Commitment fee percentage on unused portion of the borrowing capacity	15.00%
Credit Facility \| Maximum
Long-term debt
Commitment fee percentage on unused portion of the borrowing capacity	25.00%
Credit Facility \| LIBOR \| Minimum
Long-term debt
Margin added to variable rate basis (as a percent)	1.35%
Credit Facility \| LIBOR \| Maximum
Long-term debt
Margin added to variable rate basis (as a percent)	1.95%

REVENUE RECOGNITION

12 Months Ended

Dec. 31, 2019

REVENUE RECOGNITION

REVENUE RECOGNITION

NOTE 2. REVENUE RECOGNITION

The Company implemented FASB ASC Topic 606, Revenue from Contracts with Customers effective January 1, 2018 utilizing the modified retrospective method.




		Income Properties		Management Fee Income		Commercial Loan Investments		Real Estate Operations		Total Revenues
		($000's)		($000's)		($000's)		($000's)		($000's)
Major Good / Service:
	Lease Revenue - Base Rent	$	35,109	$	—	$	—	$	—	$	35,109
	Lease Revenue - CAM		1,422		—		—		—		1,422
	Lease Revenue - Reimbursements		2,759		—		—		—		2,759
	Lease Revenue - Billboards		243		—		—		—		243
	Above / Below Market Lease Accretion		2,382		—		—		—		2,382
	Contributed Leased Assets Accretion		217		—		—		—		217
	Lease Incentive Amortization		(277)		—		—		—		(277)
	Management Fee Income		—		304		—		—		304
	Commercial Loan Investments		—		—		1,829		—		1,829
	Impact Fee and Mitigation Credit Sales		—		—		—		—		—
	Subsurface Lease Revenue		—		—		—		598		598
	Subsurface Revenue - Other		—		—		—		150		150
	Fill Dirt and Other Revenue		—		—		—		104		104
	Timber Sales Revenue		—		—		—		—		—
	Interest and Other Revenue		101		—		—		—		101
	Total Revenues	$	41,956	$	304	$	1,829	$	852	$	44,941

Timing of Revenue Recognition:
	Asset/Good Transferred at a Point in Time	$	—	$	—	$	—	$	254	$	254
	Services Transferred Over Time		101		304		—		—		405
	Over Lease Term		41,855		—		—		598		42,453
	Commercial Loan Investment Related Revenue		—		—		1,829		—		1,829
	Total Revenues	$	41,956	$	304	$	1,829	$	852	$	44,941


		Income Properties		Commercial Loan Investments		Real Estate Operations		Total Revenues
		($000's)		($000's)		($000's)		($000's)
Major Good / Service:
	Lease Revenue - Base Rent	$	31,587	$	—	$	—	$	31,587
	Lease Revenue - CAM		2,905		—		—		2,905
	Lease Revenue - Reimbursements		2,934		—		—		2,934
	Lease Revenue - Billboards		250		—		—		250
	Above / Below Market Lease Accretion		2,339		—		—		2,339
	Contributed Leased Assets Accretion		218		—		—		218
	Lease Incentive Amortization		(302)		—		—		(302)
	Commercial Loan Investments		—		616		—		616
	Impact Fee and Mitigation Credit Sales		—		—		1,338		1,338
	Subsurface Lease Revenue		—		—		957		957
	Subsurface Revenue - Other		—		—		668		668
	Fill Dirt and Other Revenue		—		—		3		3
	Interest and Other Revenue		145		—		—		145
	Total Revenues	$	40,076	$	616	$	2,966	$	43,658

Timing of Revenue Recognition:
	Asset/Good Transferred at a Point in Time	$	—	$	—	$	2,009	$	2,009
	Services Transferred Over Time		145		—		—		145
	Over Lease Term		39,931		—		957		40,888
	Commercial Loan Investment Related Revenue		—		616		—		616
	Total Revenues	$	40,076	$	616	$	2,966	$	43,658


		Income Properties		Commercial Loan Investments		Real Estate Operations		Total Revenues
		($000's)		($000's)		($000's)		($000's)
Major Good / Service:
	Lease Revenue - Base Rent	$	24,650	$	—	$	—	$	24,650
	Lease Revenue - CAM		2,208		—		—		2,208
	Lease Revenue - Reimbursements		2,125		—		—		2,125
	Lease Revenue - Billboards		251		—		—		251
	Above / Below Market Lease Accretion		2,194		—		—		2,194
	Lease Incentive Amortization		(50)		—		—		(50)
	Commercial Loan Investments		—		2,053		—		2,053
	Impact Fee and Mitigation Credit Sales		—		—		2,126		2,126
	Subsurface Lease Revenue		—		—		856		856
	Subsurface Revenue - Other		—		—		2,192		2,192
	Fill Dirt and Other Revenue		—		—		17		17
	Interest and Other Revenue		29		—		—		29
	Total Revenues	$	31,407	$	2,053	$	5,191	$	38,651

Timing of Revenue Recognition:
	Asset/Good Transferred at a Point in Time	$	—	$	—	$	4,335	$	4,335
	Services Transferred Over Time		29		—		—		29
	Over Lease Term		31,378		—		856		32,234
	Commercial Loan Investment Related Revenue		—		2,053		—		2,053
	Total Revenues	$	31,407	$	2,053	$	5,191	$	38,651

RELATED PARTY MANAGEMENT SERVICES BUSINESS (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of amounts due from PINE

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


Description	Amounts ($000's)
Management Services Fee due from PINE	$	254
Dividend Receivable on OP Units		71
Other		56
Total	$	381

INVESTMENTS IN JOINT VENTURES (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Mitigation Bank
Summarized financial information of the Company’s JV Investment
Assets, cash and cash equivalents	$ 4,015	$ 2,316
Assets, prepaid expenses	19	19
Assets, investment in mitigation credit assets	1,521	1,511
Assets, property, plant, and equipment	17	18
Total Assets	5,572	3,864
Liabilities, accounts payable, deferred mitigation credit sale revenue	39	62
Equity	5,533	3,802
Total Liabilities & Equity	5,572	$ 3,864
Land JV
Summarized financial information of the Company’s JV Investment
Assets, cash and cash equivalents	15,066
Assets, prepaid expenses	61
Assets, investment in mitigation credit assets	17,058
Total Assets	32,185
Liabilities, accounts payable, deferred mitigation credit sale revenue	987
Equity	31,198
Total Liabilities & Equity	$ 32,185

INCOME PROPERTIES - Minimum future base rental revenue on non-cancelable leases (Details) $ in Thousands	Dec. 31, 2019 USD ($)
Minimum future base rental revenue on non-cancelable leases
2020	$ 25,698
2021	24,979
2022	24,074
2023	23,343
2024	23,069
2025 and thereafter (cumulative)	174,852
Total	$ 296,015

LAND AND INVESTMENT IN THE LAND JV - Beachfront Venture and Daytona Beach (Details)	12 Months Ended
	Dec. 31, 2019 USD ($) a	Dec. 31, 2018 USD ($) a
Land and subsurface interests
Acquisition of property		$ 4,702,243
Land Parcel with Structures Beach Property
Land and subsurface interests
Area of land (in acres) \| a		5
Acquisition of property		$ 2,000,000
Contiguous Parcels Beach Property
Land and subsurface interests
Area of land (in acres) \| a	1
Acquisition of property	$ 2,100,000
Daytona Beach Development
Land and subsurface interests
Raze and entitlement cost	$ 1,100,000

LONG-TERM DEBT - Carrying Value (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
LONG-TERM DEBT
Current Face Amount	$ 288,729,722
Unamortized Discount on Convertible Debt	(293,922)
Loan Costs, net of accumulated amortization	(1,217,497)	$ (1,026,967)
Total Long-Term Debt	$ 287,218,303	$ 247,624,811

REVENUE RECOGNITION - Timing of Revenue Recognition (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenues
Revenue from contract with customer, including assessed tax									$ 852,000	$ 2,966,000	$ 5,191,000
Lease revenue									41,956,000	40,076,000	31,407,000
Over Lease Term									42,453,000	40,888,000	32,234,000
Commercial Loan Investment Related Revenue									1,829,000	616,000	2,053,000
Total Revenues	$ 11,963,117	$ 11,329,979	$ 10,688,831	$ 10,959,319	$ 12,040,174	$ 10,443,476	$ 10,805,062	$ 10,369,176	44,941,246	43,657,888	38,650,570
Asset/Good Transferred at a Point in Time
Revenues
Revenue from contract with customer, including assessed tax									254,000	2,009,000	4,335,000
Services Transferred Over Time
Revenues
Revenue from contract with customer, including assessed tax									405,000	145,000	29,000
Income Properties
Revenues
Over Lease Term									41,855,000	39,931,000	31,378,000
Total Revenues	10,594,870	10,260,831	10,375,295	10,724,418	11,728,550	9,360,155	9,781,299	9,205,727	41,955,414	40,075,731	31,406,930
Income Properties \| Services Transferred Over Time
Revenues
Revenue from contract with customer, including assessed tax									101,000	145,000	29,000
Management Services
Revenues
Total Revenues	304,553								304,553
Management Services \| Services Transferred Over Time
Revenues
Revenue from contract with customer, including assessed tax									304,000
Commercial Loan Investments
Revenues
Commercial Loan Investment Related Revenue									1,829,000	616,000	2,053,000
Total Revenues	920,691	855,559	52,765			41,262	273,467	300,999	1,829,015	615,728	2,052,689
Real Estate Operations
Revenues
Over Lease Term									598,000	957,000	856,000
Total Revenues	$ 143,003	$ 213,589	$ 260,771	$ 234,901	$ 311,624	$ 1,042,059	$ 750,296	$ 862,450	852,264	2,966,429	5,190,951
Real Estate Operations \| Asset/Good Transferred at a Point in Time
Revenues
Revenue from contract with customer, including assessed tax									$ 254,000	$ 2,009,000	$ 4,335,000