0001558370-20-013020 | 10-Q | XBRL Viewer

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Document and Entity Information - $ / shares	9 Months Ended
Document and Entity Information - $ / shares	Sep. 30, 2020	Oct. 30, 2020
Cover [Abstract]
Entity Central Index Key	0000023795
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Transition Report	false
Entity File Number	01-11350
Entity Registrant Name	CTO REALTY GROWTH, INC.
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 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 Listing, Par Value Per Share	$ 1.00
Entity Common Stock, Shares Outstanding		4,716,793
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Property, Plant, and Equipment:
Total Property, Plant, and Equipment	$ 473,942,977	$ 393,599,852
Less, Accumulated Depreciation and Amortization	(28,269,448)	(23,008,382)
Property, Plant, and Equipment-Net	445,673,529	370,591,470
Land and Development Costs	7,200,397	6,732,291
Intangible Lease Assets-Net	52,746,436	49,022,178
Assets Held for Sale-See Note 23	29,413,951	833,167
Investment in Joint Ventures	55,772,263	55,736,668
Investment in Alpine Income Property Trust, Inc.	31,716,464	38,814,425
Mitigation Credits	2,220,167	2,322,596
Commercial Loan and Master Lease Investments-See Note 4	39,679,612	34,625,173
Cash and Cash Equivalents	6,351,772	6,474,637
Restricted Cash	2,425,944	128,430,049
Other Assets-See Note 12	12,231,426	9,703,549
Total Assets	685,431,961	703,286,203
Liabilities:
Accounts Payable	1,705,922	1,385,739
Accrued and Other Liabilities-See Note 17	9,697,498	5,687,192
Deferred Revenue-See Note 18	3,684,843	5,830,720
Intangible Lease Liabilities-Net	24,910,921	26,198,248
Liabilities Held for Sale-See Note 23	831,320	831,320
Income Taxes Payable	3,597,093	439,086
Deferred Income Taxes-Net	83,105,934	90,282,173
Long-Term Debt	276,916,118	287,218,303
Total Liabilities	404,449,649	417,872,781
Commitments and Contingencies-See Note 21
Shareholders' Equity:
Common Stock - 25,000,000 shares authorized; $1 par value, 6,105,732 shares issued and 4,710,808 shares outstanding at September 30, 2020; 6,076,813 shares issued and 4,770,454 shares outstanding at December 31, 2019	6,049,253	6,017,218
Treasury Stock - 1,394,924 shares at September 30, 2020 and 1,306,359 shares at December 31, 2019	(77,540,735)	(73,440,714)
Additional Paid-In Capital	33,502,507	26,689,795
Retained Earnings	320,690,858	326,073,199
Accumulated Other Comprehensive Income (Loss)	(1,719,571)	73,924
Total Shareholders' Equity	280,982,312	285,413,422
Total Liabilities and Shareholders' Equity	685,431,961	703,286,203
Income Properties, Land, Buildings, and Improvements
Property, Plant, and Equipment:
Total Property, Plant, and Equipment	473,126,519	392,841,899
Other Furnishings and Equipment
Property, Plant, and Equipment:
Total Property, Plant, and Equipment	735,049	733,165
Construction in Progress
Property, Plant, and Equipment:
Total Property, Plant, and Equipment	$ 81,409	$ 24,788

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2020	Dec. 31, 2019
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	6,105,732	6,076,813
Common Stock, shares outstanding	4,710,808	4,770,454
Treasury Stock
Treasury Stock, shares held	1,394,924	1,306,359

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		9 Months Ended
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues
Total Revenues	$ 14,571,974	$ 11,329,979	$ 40,420,149	$ 32,978,129
Direct Cost of Revenues
Total Direct Cost of Revenues	(5,274,458)	(1,484,772)	(11,537,016)	(5,138,276)
General and Administrative Expenses	(3,340,982)	(2,260,728)	(8,603,393)	(6,881,524)
Impairment Charges			(1,904,500)
Depreciation and Amortization	(4,762,057)	(4,286,836)	(14,335,715)	(11,707,710)
Total Operating Expenses	(13,377,497)	(8,032,336)	(36,380,624)	(23,727,510)
Gain on Disposition of Assets	289,736	2,187,332	7,365,594	20,869,196
Gain on Extinguishment of Debt			1,141,481
Other Gains and Income	289,736	2,187,332	8,507,075	20,869,196
Total Operating Income	1,484,213	5,484,975	12,546,600	30,119,815
Investment and Other Income (Loss)	(1,029,496)	33,048	(5,746,282)	86,363
Interest Expense	(2,477,232)	(3,253,908)	(8,382,792)	(9,219,195)
Income (Loss) from Continuing Operations Before Income Tax Benefit (Expense)	(2,022,515)	2,264,115	(1,582,474)	20,986,983
Income Tax Benefit (Expense) from Continuing Operations	501,011	(573,731)	409,635	(5,289,584)
Income (Loss) from Continuing Operations	(1,521,504)	1,690,384	(1,172,839)	15,697,399
Income (Loss) from Discontinued Operations (Net of Income Tax)-See Note 23		(204,364)		2,853,520
Net Income (Loss)	$ (1,521,504)	$ 1,486,020	$ (1,172,839)	$ 18,550,919
Basic and Diluted
Net Income (Loss) from Continuing Operations	$ (0.33)	$ 0.35	$ (0.25)	$ 3.11
Net Income (Loss) from Discontinued Operations (Net of Income Tax)		(0.04)		0.56
Basic and Diluted Net Income (Loss) per Share	(0.33)	0.31	(0.25)	3.67
Dividends Declared and Paid (in dollars per share)	$ 0.40	$ 0.11	$ 0.90	$ 0.31
Income Properties
Revenues
Total Revenues	$ 12,933,029	$ 10,260,831	$ 35,409,172	$ 31,360,544
Direct Cost of Revenues
Total Direct Cost of Revenues	(3,592,875)	(1,476,288)	(8,274,432)	(5,043,496)
Depreciation and Amortization	(4,751,289)	(4,281,286)	(14,314,300)	(11,690,110)
Management Services
Revenues
Total Revenues	682,153		2,079,805
Direct Cost of Revenues
Depreciation and Amortization			0
Interest Income from Commercial Loan and Master Lease Investments
Revenues
Total Revenues	413,092	855,559	2,300,331	908,324
Real Estate Operations
Revenues
Total Revenues	543,700	213,589	630,841	709,261
Direct Cost of Revenues
Total Direct Cost of Revenues	$ (1,681,583)	$ (8,484)	$ (3,262,584)	$ (94,780)

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net Income (Loss)	$ (1,521,504)	$ 1,486,020	$ (1,172,839)	$ 18,550,919
Other Comprehensive Income (Loss)
Cash Flow Hedging Derivative - Interest Rate Swap (Net of Income Tax Benefit (Expense) of $24,670, $(21,153), $(526,455) and $(137,543), respectively)	72,666	(62,307)	(1,793,495)	(405,138)
Total Other Comprehensive Income (Loss), Net of Income Tax	72,666	(62,307)	(1,793,495)	(405,138)
Total Comprehensive Income (Loss)	$ (1,448,838)	$ 1,423,713	$ (2,966,334)	$ 18,145,781

- Definition

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

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+ Details

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Cash Flow Hedging Derivative - Interest Rate Swap, Income Tax	$ 24,670	$ (21,153)	$ (526,455)	$ (137,543)

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, 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 (Loss)				18,550,919		18,550,919
Stock Repurchase		(31,096,662)				(31,096,662)
Vested Restricted Stock and Performance Shares	12,957		(316,272)			(303,315)
Stock Issuance	7,653		434,867			442,520
Stock Compensation Expense from Restricted Stock Grants and Equity Classified Stock Options			1,616,648			1,616,648
Cash Dividends				(1,564,523)		(1,564,523)
Other Comprehensive Loss, Net of Income Tax					(405,138)	(405,138)
Balance at Sep. 30, 2019	6,015,867	(63,441,664)	26,062,021	230,284,293	81,405	199,001,922
Balance at Jun. 30, 2019	6,014,536	(63,441,664)	25,450,060	229,333,766	143,712	197,500,410
Increase (decrease) in shareholders' equity
Net Income (Loss)				1,486,020		1,486,020
Stock Issuance	1,331		77,944			79,275
Stock Compensation Expense from Restricted Stock Grants and Equity Classified Stock Options			534,017			534,017
Cash Dividends				(535,493)		(535,493)
Other Comprehensive Loss, Net of Income Tax					(62,307)	(62,307)
Balance at Sep. 30, 2019	6,015,867	(63,441,664)	26,062,021	230,284,293	81,405	199,001,922
Balance at Dec. 31, 2019	6,017,218	(73,440,714)	26,689,795	326,073,199	73,924	285,413,422
Increase (decrease) in shareholders' equity
Net Income (Loss)				(1,172,839)		(1,172,839)
Stock Repurchase		(4,100,021)				(4,100,021)
Equity Component of Convertible Debt			5,247,550			5,247,550
Vested Restricted Stock and Performance Shares	23,892		(561,973)			(538,081)
Stock Issuance	8,143		416,257			424,400
Stock Compensation Expense from Restricted Stock Grants and Equity Classified Stock Options			1,710,878			1,710,878
Cash Dividends				(4,209,502)		(4,209,502)
Other Comprehensive Loss, Net of Income Tax					(1,793,495)	(1,793,495)
Balance at Sep. 30, 2020	6,049,253	(77,540,735)	33,502,507	320,690,858	(1,719,571)	280,982,312
Balance at Jun. 30, 2020	6,047,393	(77,540,735)	32,888,012	324,074,094	(1,792,237)	283,676,527
Increase (decrease) in shareholders' equity
Net Income (Loss)				(1,521,504)		(1,521,504)
Stock Issuance	1,860		71,610			73,470
Stock Compensation Expense from Restricted Stock Grants and Equity Classified Stock Options			542,885			542,885
Cash Dividends				(1,861,732)		(1,861,732)
Other Comprehensive Loss, Net of Income Tax					72,666	72,666
Balance at Sep. 30, 2020	$ 6,049,253	$ (77,540,735)	$ 33,502,507	$ 320,690,858	$ (1,719,571)	$ 280,982,312

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Common Stock
Cash Dividends (in dollars per share)	$ 0.40	$ 0.11	$ 0.90	$ 0.31

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Sep. 30, 2020	Sep. 30, 2019
Cash Flow from Operating Activities:
Net Income (Loss)	$ (1,172,839)	$ 18,550,919
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities:
Depreciation and Amortization	14,335,715	11,707,710
Amortization of Intangible Liabilities to Income Property Revenue	(1,351,927)	(1,810,459)
Loan Cost Amortization	337,861	323,672
Amortization of Discount on Convertible Debt	1,067,199	1,009,847
Gain on Disposition of Property, Plant, and Equipment and Intangible Assets	(5,788,088)	(2,187,332)
Gain on Disposition of Assets Held for Sale	(1,930,465)	(18,681,864)
Loss on Disposition of Commercial Loan and Master Lease Investments	352,959
Gain on Extinguishment of Debt	(1,141,481)
Impairment Charges	1,904,500
Accretion of Commercial Loan and Master Lease Investments Origination Fees	(163,530)	(67,432)
Non-Cash Imputed Interest on Commercial Loan and Master Lease Investments	(290,312)	(94,761)
Deferred Income Taxes	(10,756,434)	3,586,574
Unrealized Loss on Investment Securities	7,097,961
Non-Cash Compensation	2,135,278	2,059,167
Decrease (Increase) in Assets:
Refundable Income Taxes		225,024
Golf Assets Held for Sale		(40,159)
Land and Development Costs	(468,106)	2,243,651
Mitigation Credits	3,083,304	14,444
Other Assets	(2,814,578)	(2,865,683)
Increase (Decrease) in Liabilities:
Accounts Payable	320,183	1,587,549
Accrued and Other Liabilities	4,010,306	429,590
Deferred Revenue	(25,614)	256,061
Golf Liabilities Held for Sale		381,753
Income Taxes Payable	3,158,007	112,896
Net Cash Provided By Operating Activities	11,899,899	16,741,167
Cash Flow from Investing Activities:
Acquisition of Property, Plant, and Equipment and Intangible Lease Assets and Liabilities	(165,418,743)	(75,313,805)
Acquisition of Commercial Loan and Master Lease Investments	(27,839,277)	(32,257,500)
Acquisition of Mitigation Credits	(2,980,875)
Cash Contribution for Interest in Joint Venture	(35,595)	(62,560)
Proceeds from Disposition of Property, Plant, and Equipment, Net, and Assets Held for Sale	49,645,518	80,321,554
Principal Payments Received on Commercial Loan and Master Lease Investments	20,981,221
Net Cash Used In Investing Activities	(125,647,751)	(27,312,311)
Cash Flow from Financing Activities:
Proceeds from Long-Term Debt	62,641,000	122,500,000
Payments on Long-Term Debt	(64,089,503)	(88,901,414)
Cash Paid for Loan Fees	(2,083,011)	(469,885)
Cash Used to Purchase Common Stock	(4,100,021)	(31,096,662)
Cash Paid for Vesting of Restricted Stock	(538,081)	(303,314)
Dividends Paid	(4,209,502)	(1,564,523)
Net Cash Provided By (Used In) Financing Activities	(12,379,118)	164,202
Net Decrease in Cash	(126,126,970)	(10,406,942)
Cash, Beginning of Period	134,904,686	22,031,964
Cash, End of Period	8,777,716	11,625,022
Reconciliation of Cash to the Consolidated Balance Sheets:
Cash and Cash Equivalents	6,351,772	5,411,727
Restricted Cash	2,425,944	6,213,295
Total Cash as of September 30, 2020 and 2019, respectively	$ 8,777,716	$ 11,625,022

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($)		9 Months Ended
	Feb. 04, 2020	Sep. 30, 2020	Sep. 30, 2019
Supplemental Disclosure of Cash Flows:
Income taxes paid, net of refunds received		$ 4,800,000	$ 1,800,000
Interest paid		7,096,000	8,142,000
Interest capitalized		0	0
Outstanding Principal		284,675,779
Net cash provided by operating activities discontinued operations			6,800,000
Right-of-use assets		275,756
Lease liabilities		274,480
Increase in assets held for sale			40,159
Increase in liabilities held for sale			381,753
4.50% Convertible Senior Notes due 2020
Supplemental Disclosure of Cash Flows:
Debt conversion amount	$ 57,400,000
Outstanding Principal	75,000,000.0
3.875% Convertible Senior Notes due 2025
Supplemental Disclosure of Cash Flows:
Debt conversion amount	57,400,000
Proceeds and payment on convertible notes	17,600,000
Outstanding Principal	17,600,000	62,468,000
Convertible senior notes issuance amount allocated to equity component for the conversion option, net of tax effect	5,200,000
Convertible senior notes decrease in long-term debt for the conversion option	7,000,000.0
Convertible senior notes issuance increase in deferred income taxes for the tax effect on the amount allocated to equity component for the conversion option	$ 1,800,000
Real Estate Operations
Supplemental Disclosure of Cash Flows:
Net cash provided by operating activities discontinued operations			7,600,000
Golf Operations \| Discontinued Operations, Held-for-sale
Supplemental Disclosure of Cash Flows:
Net cash provided by operating activities discontinued operations			$ (800,000)
Increase in assets held for sale		208,000
Increase in liabilities held for sale		208,000
Accounting Standards Update 2016-02 \| Restatement
Supplemental Disclosure of Cash Flows:
Right-of-use assets		681,000
Lease liabilities		$ 473,000

DESCRIPTION OF BUSINESS AND PRINCIPLES OF INTERIM STATEMENTS

9 Months Ended

Sep. 30, 2020

DESCRIPTION OF BUSINESS AND PRINCIPLES OF INTERIM STATEMENTS

DESCRIPTION OF BUSINESS AND PRINCIPLES OF INTERIM STATEMENTS

NOTE 1. DESCRIPTION OF BUSINESS AND PRINCIPLES OF INTERIM STATEMENTS

General Overview of the CTO REIT Conversion and the Merger

As previously announced on September 3, 2020, the Company’s board of directors (the “Board”) unanimously approved a plan for the Company to elect to be subject to tax as a real estate investment trust (“REIT”) for U.S. federal income tax purposes commencing with its taxable year ending December 31, 2020. However, this Quarterly Report on Form 10-Q as of and for the three and nine months ended September 30, 2020 presents the Company’s results of operations for such periods as an entity organized and taxed as a C Corporation.

As of September 30, 2020, we have completed certain internal reorganization transactions necessary for us to begin operating in compliance with the requirements for qualification and taxation as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”), for our taxable year ending December 31, 2020. In connection with the REIT conversion, we also intend to undertake a merger pursuant to which the surviving entity will be a corporation organized in the state of Maryland (“NEWCO”) whose charter will include certain standard REIT ownership limitations and transfer restrictions applicable to its capital stock. On September 3, 2020, the Company and NEWCO entered into an agreement and plan of merger, pursuant to which the Company will merge with and into NEWCO, with NEWCO continuing as the surviving corporation (the “Merger”). As a result of the Merger, NEWCO will replace the Company as the publicly held corporation through which our operations are conducted and will (through its subsidiaries) conduct all of the operations conducted by the Company immediately prior to the Merger. Promptly following the Merger, NEWCO will be renamed “CTO Realty Growth, Inc.” Although the Merger is not required, it will allow CTO to reincorporate in Maryland and facilitate its ongoing compliance with the REIT requirements by ensuring that certain standard REIT ownership limitations and transfer restrictions apply to CTO’s capital stock.

The Merger is subject to shareholder approval, which shall be solicited in conjunction with the previously announced special meeting of shareholders to be held on November 9, 2020.

COVID-19 Pandemic

In March 2020, the World Health Organization declared the outbreak of the novel coronavirus as a pandemic (the “COVID-19 Pandemic”), which has spread throughout the United States. The spread of the COVID-19 Pandemic has continued to cause significant volatility in the U.S. and international markets, and in many industries, business activity has experienced periods of almost complete shutdown. There continues to be uncertainty around the duration and severity of business disruptions related to the COVID-19 Pandemic, as well as its impact on the U.S. economy and international economies.

The actions taken by federal, state and local governments to mitigate the spread of COVID-19, initially by ordering closures of non-essential businesses and ordering residents to generally stay at home, and subsequent phased re-openings, have resulted in some of our tenants temporarily closing their businesses, and for some, impacting their ability to pay rent.

The Company collected 91% of the Contractual Base Rent due for the three months ended September 30, 2020. Contractual Base Rent (“CBR”) represents the amount owed to the Company under the terms of its lease agreements in each respective month. The Company has previously agreed to defer or abate certain CBRs in exchange for additional lease term or other lease enhancing additions. In general, repayment of the deferred CBR, whereby an agreement has been reached by the Company and the tenant, will generally occur from the time of deferment, with ratable payments continuing, in some cases, through the end of 2021. The Company has not yet reached an agreement with certain tenants responsible for approximately 6% of CBR due during the three months ended September 30, 2020. The Company continues to negotiate with the tenants responsible for the outstanding CBR. In connection with the leases in which rent was abated, other lease modifications, including extended lease terms and imposition of percentage rent, were agreed to by the Company and the tenants. Depending upon the duration of tenant closures and the overall economic downturn resulting from the COVID-19 Pandemic, we may find deferred rents difficult to collect. See Note 24, “Subsequent Events” for the Company’s disclosure related to October 2020 rent collections.

We have seen a positive uptick in our rent collections levels since the initial disruption experienced during the onset of the COVID-19 Pandemic. While this is a positive trend, in part driven by government mandated restrictions gradually being lifted, our rent collections could be below our tenants’ CBR and historical levels, which would adversely impact our results of operations and cash flows. The extent of such impact will depend on future developments, which are highly uncertain and cannot be predicted. Depending upon the duration of tenant closures, operating restrictions, and the overall economic downturn resulting from future disruption related to the COVID-19 Pandemic, we may find that deferred rents are difficult to collect, and we may experience higher vacancies.

An assessment of the current or identifiable potential financial and operational impacts on the Company as a result of the COVID-19 Pandemic are as follows:

●

The total borrowing capacity on the Company’s revolving credit facility (the “Credit Facility”) is based on the assets currently in the borrowing base, as defined by the Company’s Credit Facility agreement. Pursuant to the terms of the Credit Facility, any property in the borrowing base with a tenant that is more than 60 days past due on its contractual rent obligations would be automatically removed from the borrowing base and the Company’s borrowing capacity would be reduced. For the tenants requesting rent relief with which the Company has reached an agreement, such deferral and/or abatement agreements for current rent, under the terms of the credit facility, would not be past due if it adheres to such modification, and thus those properties would not be required to be removed from the borrowing base. The Company’s available borrowing capacity has not been limited as a result of the referenced terms of the revolving credit facility.

●

As a result of the outbreak of the COVID-19 Pandemic, the federal government and the state of Florida issued orders encouraging everyone to remain in their residence and not go into work. In response to these orders and in the best interest of our employees and directors, we have implemented significant preventative measures to ensure the health and safety of our employees and Board, including: (i) conducting all meetings of the Board and Committees of the Board telephonically or via a visual conferencing service, (ii) permitting the Company’s employees to work from home at their election, (iii) enforcing appropriate social distancing practices in the Company’s office, (iv) encouraging the Company’s employees to wash their hands often and use face masks, (v) providing hand sanitizer and other disinfectant products throughout the Company’s office, (vi) requiring employees who do not feel well in any capacity to stay at home, and (vii) requiring all third-party delivery services (e.g. mail, food delivery, etc.) to complete their service outside the front door of the Company’s office. The Company also offered COVID-19 testing to its employees to ensure a safe working environment. These preventative measures have not had any material adverse impact on the Company’s financial reporting systems, internal controls over financial reporting or disclosure controls and procedures. At this time, we have not laid off, furloughed, or terminated any employee in response to the COVID-19 Pandemic. The Compensation Committee of the Board may reevaluate the performance goals and other aspects of the compensation arrangements of the Company’s executive officers later in 2020 as more information about the effects of the COVID-19 Pandemic become known.

Description of Business

The terms “us,” “we,” “our,” and “the Company” as used in this report refer to CTO Realty Growth, Inc. together with our consolidated subsidiaries.

We are a diversified real estate operating company. We own and manage, sometimes utilizing third-party property management companies, 30 commercial real estate properties in 11 states in the United States. As of September 30, 2020, we owned 24 single-tenant and six multi-tenant income-producing properties with approximately 2.5 million square feet of gross leasable space. See Note 24, “Subsequent Events”, for information related to the single-tenant income property sold subsequent to September 30, 2020.

In addition to our income property portfolio, as of September 30, 2020, our 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 approximately 1,700 acres of undeveloped land in Daytona Beach, Florida (the “Land JV”), see Note 5, “Related Party Management Services Business”.

Commercial Loan and Master Lease Investments:

●

A portfolio of one commercial loan investment and two commercial properties whose leases are classified as commercial loan and master lease investments.

Real Estate Operations:

●

A portfolio of mineral interests associated with 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 1,700 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, the current value of our investment in PINE of approximately $31.7 million, or approximately 23.5% of the PINE’s outstanding equity, including the units of limited partnership interest (“OP Units”) we hold in Alpine Income Property OP, LP (the “Operating Partnership”), which are exchangeable into common stock of PINE on a one-for-one basis, at PINE’s election. Our investment in PINE generates 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 and other income (loss) on the accompanying consolidated statements 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 approximately 5,300 acres of undeveloped land in Daytona Beach, Florida. On October 17, 2019, the Company sold its interest in the golf operations. For the nine months ended September 30, 2019, 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, “Assets and Liabilities Held for Sale and Discontinued Operations”). The cash flows related to discontinued operations have been disclosed. There were no discontinued operations during the three and nine months ended September 30, 2020.

Interim Financial Information

The accompanying unaudited consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. These unaudited consolidated financial statements do not include all of the information and notes required by accounting principles generally accepted in the United States of America (“U.S. GAAP”) for complete financial statements, and should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, which provides a more complete understanding of the Company’s accounting policies, financial position, operating results, business properties, and other matters. The unaudited consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary to present fairly the financial position of the Company and the results of operations for the interim periods.

The results of operations for the three and nine months ended September 30, 2020 are not necessarily indicative of results to be expected for the year ending December 31, 2020.

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 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

The preparation of financial statements in conformity with U.S. 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.

Among other factors, fluctuating market conditions that can exist in the national real estate markets and the volatility and uncertainty in the financial and credit markets make it possible that the estimates and assumptions, most notably those related to the Company’s investment in income properties, could change materially due to continued volatility in the real estate and financial markets, or as a result of a significant dislocation in those markets.

Recently Issued Accounting Standards

Lease Modifications. In April 2020, the FASB issued interpretive guidance relating to the accounting for lease concessions provided as a result of the COVID-19 Pandemic. In this guidance, entities can elect not to apply lease modification accounting with respect to such lease concessions and, instead, treat the concession as if it was a part of the existing contract. This guidance is only applicable to lease concessions related to the COVID-19 Pandemic that do not result in a substantial increase in the rights of the lessor or the obligations of the lessee. As of and for the nine months ended September 30, 2020, the Company elected to not apply lease modification accounting with respect to rent deferrals as the concessions were related to the COVID-19 Pandemic and there was not a substantial increase in the lessor’s rights under the lease agreement. Accordingly, for leases in which deferred rent agreements were reached, the Company has continued to account for the lease by recognizing the normal straight-line rental income and as the deferred rents are repaid by the tenant, the straight-line receivable will be reduced. The portion of the straight-line adjustment related to the COVID-19 Pandemic concessions has been reflected separately in the Company’s statement of cash flows for the nine months ended September 30, 2020. With respect to rent abatement agreements, lease modification accounting applies as an extended term was a part of such agreements, accordingly the Company re-calculated straight-line rental income for such leases to recognize over the new lease term.

Tax Cuts and Jobs Act. 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.

ASC Topic 326, Financial Instruments-Credit Losses. In June 2016, the FASB issued 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 FASB Accounting Standards Codification (“ASC”) 326, Financial Instruments-Credit Losses on January 1, 2020. The Company’s evaluation of current expected credit losses (“CECL”) resulted in a reserve of approximately $252,000 on the Company’s commercial loan and master lease investments portfolio during the nine months ended September 30, 2020. See Note 4, “Commercial Loan and Master Lease Investments” for further information.

ASC Topic 842, Leases. 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’s 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, Revenue from Contracts with Customers. 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.

Cash and Cash Equivalents

Cash and cash equivalents include 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 September 30, 2020 include certain amounts over the Federal Deposit Insurance Corporation limits.

Restricted Cash

Restricted cash totaled approximately $2.4 million at September 30, 2020 of which $1.9 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 (“Wells Fargo Raleigh”); approximately $298,000 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”); $100,000 is being held in an escrow account in connection with the sale of the Company’s ground lease located in Daytona Beach, FL, and approximately $79,000 is being held in an escrow account related to a separate land transaction which closed in February 2017.

Derivative Financial Instruments and Hedging Activity

Interest Rate Swaps. During the year ended December 31, 2016, in conjunction with the variable-rate mortgage loan secured by Wells Fargo Raleigh, the Company entered into an interest rate swap to fix the interest rate (the “Wells Interest Rate Swap”).

Effective March 31, 2020, in conjunction with the variable-rate Credit Facility (hereinafter defined in Note 15, “Long-Term Debt”), the Company entered into an interest rate swap to fix the interest rate on $100.0 million of the outstanding Credit Facility balance (the “Credit Facility $100.0 Million Interest Rate Swap”). Effective August 31, 2020, the Company entered into a separate interest rate swap to fix the interest rate on an additional $50.0 million of the outstanding Credit Facility balance (the “Credit Facility $50.0 Million Interest Rate Swap”).

The Company accounts for its cash flow hedging derivatives in accordance with FASB ASC Topic 815-20, Derivatives and Hedging. Depending upon the hedge’s value at each balance sheet date, the derivatives are included in either other assets or accrued and other liabilities on the consolidated balance sheet at its fair value. On the date each interest rate swap was entered into, the Company designated the derivatives as a hedge of the variability of cash flows to be paid related to the recognized long-term debt liabilities.

The Company documented the relationship between the hedging instruments and the hedged item, as well as its risk-management objective and strategy for undertaking the hedge transactions. At the hedges’ inception, the Company formally assessed whether the derivatives that are used in hedging the transactions are highly effective in offsetting changes in cash flows of the hedged items, and we will continue to do so on an ongoing basis. As the terms of the Wells Interest Rate Swap, Credit Facility $100.0 Million Interest Rate Swap, and Credit Facility $50.0 Million Interest Rate Swap, and the associated debts are identical, both hedging instruments qualify for the shortcut method, therefore, it is assumed that there is no hedge ineffectiveness throughout the entire term of the hedging instruments.

Changes in fair value of the hedging instruments that are highly effective and designated and qualified as cash-flow hedges are recorded in other comprehensive income and loss, until earnings are affected by the variability in cash flows of the designated hedged items.

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 September 30, 2020 and December 31, 2019, approximate fair value because of the short maturity of these instruments. The carrying value of the Company’s Credit Facility, as defined in Note 15, “Long-Term Debt,” approximates current market rates for revolving credit arrangements with similar risks and maturities. The face value of the Company’s fixed rate commercial loan and master lease investments held as of September 30, 2020 and December 31, 2019 and the mortgage notes and convertible debt held as of September 30, 2020 and December 31, 2019 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

The Company’s estimates of fair value of financial and non-financial assets and liabilities is based on the framework established by U.S. 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. U.S. 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 and Master Lease Investments

Interest income on commercial loan and master lease 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 are stated at historical cost. As these assets are sold, the related revenues and cost basis are reported as revenues from, and direct costs of, real estate operations, respectively, in the consolidated statements of operations.

Accounts Receivable

Accounts receivable related to income properties, which are classified in other assets on the consolidated balance sheets, primarily consist of accrued tenant reimbursable expenses and unresolved collections as a result of the COVID-19 Pandemic. Receivables related to income property tenants totaled approximately $2.9 million and $533,000 as of September 30, 2020 and December 31, 2019, respectively. The increase of approximately $2.3 million is primarily attributable to an increase of approximately $1.1 million in accrued property tax receivables due largely to the significant multi-tenant acquisitions during the three months ended March 31, 2020 as well as approximately $1.2 of unpaid receivables representing the approximately 6% of rents regarding which the Company has not reached an agreed resolution.

Accounts receivable related to real estate operations, which are classified in other assets on the consolidated balance sheets, totaled approximately $1.6 million as of September 30, 2020 and December 31, 2019. The accounts receivable as of September 30, 2020 and December 31, 2019 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. As of September 30, 2020, approximately $477,000 is due from the buyer of the golf operations for the rounds surcharge the Company paid to the City of Daytona Beach.

The collectability of the aforementioned receivables shall be considered and adjusted through an allowance for credit losses pursuant to ASC 326, Financial Instruments-Credit Losses. As of September 30, 2020 and December 31, 2019, the Company recorded an allowance for doubtful accounts of approximately $49,000 and $14,000, respectively.

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 and leasing costs, 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 no longer qualifies as a business combination, but rather an asset acquisition, accordingly, acquisition costs have been capitalized.

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.

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, and 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.

REVENUE RECOGNITION

9 Months Ended

Sep. 30, 2020

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.

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 three months ended September 30, 2020:


		Income Properties		Management Services		Commercial Loan and Master Lease Investments		Real Estate Operations		Total Revenues
		($000's)		($000's)		($000's)		($000's)		($000's)
Major Good / Service:
	Lease Revenue - Base Rent	$	9,610	$	—	$	—	$	—	$	9,610
	Lease Revenue - CAM		866		—		—		—		866
	Lease Revenue - Reimbursements		1,432		—		—		—		1,432
	Lease Revenue - Billboards		43		—		—		—		43
	Above / Below Market Lease Accretion		433		—		—		—		433
	Lease Incentive Amortization		43		—		—		—		43
	Management Services		—		682		—		—		682
	Commercial Loan and Master Lease Investments		—		—		413		—		413
	Subsurface Revenue - Other		—		—		—		544		544
	Interest and Other Revenue		506		—		—		—		506
	Total Revenues	$	12,933	$	682	$	413	$	544	$	14,572

Timing of Revenue Recognition:
	Asset/Good Transferred at a Point in Time	$	—	$	—	$	—	$	544	$	544
	Services Transferred Over Time		506		682		—		—		1,188
	Over Lease Term		12,427		—		—		—		12,427
	Commercial Loan and Master Lease Investments Related Revenue		—		—		413		—		413
	Total Revenues	$	12,933	$	682	$	413	$	544	$	14,572


		Income Properties		Commercial Loan and Master Lease Investments		Real Estate Operations		Total Revenues
		($000's)		($000's)		($000's)		($000's)
Major Good / Service:
	Lease Revenue - Base Rent	$	8,811	$	—	$	18	$	8,829
	Lease Revenue - CAM		277		—		—		277
	Lease Revenue - Reimbursements		508		—		—		508
	Lease Revenue - Billboards		62		—		—		62
	Above / Below Market Lease Accretion		607		—		—		607
	Contributed Leased Assets Accretion		49		—		—		49
	Lease Incentive Amortization		(76)		—		—		(76)
	Commercial Loan and Master Lease Investments		—		855		—		855
	Subsurface Lease Revenue		—		—		186		186
	Subsurface Revenue - Other		—		—		10		10
	Interest and Other Revenue		23		—		—		23
	Total Revenues	$	10,261	$	855	$	214	$	11,330

Timing of Revenue Recognition:
	Asset/Good Transferred at a Point in Time	$	—	$	—	$	10	$	10
	Services Transferred Over Time		23		—		—		23
	Over Lease Term		10,238		—		204		10,442
	Commercial Loan and Master Lease Investments Related Revenue		—		855		—		855
	Total Revenues	$	10,261	$	855	$	214	$	11,330

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 nine months ended September 30, 2020:



		Income Properties ($000's)		Management Services ($000's)		Commercial Loan and Master Lease Investments ($000's)		Real Estate Operations ($000's)		Total Revenues ($000's)
Major Good / Service:
	Lease Revenue - Base Rent	$	27,630	$	—	$	—	$	—	$	27,630
	Lease Revenue - CAM		2,452		—		—		—		2,452
	Lease Revenue - Reimbursements		2,918		—		—		—		2,918
	Lease Revenue - Billboards		170		—		—		—		170
	Above / Below Market Lease Accretion		1,352		—		—		—		1,352
	Lease Incentive Amortization		130		—		—		—		130
	Management Services		—		2,080		—		—		2,080
	Commercial Loan and Master Lease Investments		—		—		2,300		—		2,300
	Mitigation Credit Sales		—		—		—		4		4
	Subsurface Revenue - Other		—		—		—		627		627
	Interest and Other Revenue		757		—		—		—		757
	Total Revenues	$	35,409	$	2,080	$	2,300	$	631	$	40,420

Timing of Revenue Recognition:
	Asset/Good Transferred at a Point in Time	$	—	$	—	$	—	$	631	$	631
	Services Transferred Over Time		757		2,080		—		—		2,837
	Over Lease Term		34,652		—		—		—		34,652
	Commercial Loan and Master Lease Investments Related Revenue		—		—		2,300		—		2,300
	Total Revenues	$	35,409	$	2,080	$	2,300	$	631	$	40,420


		Income Properties ($000's)		Commercial Loan and Master Lease Investments ($000's)		Real Estate Operations ($000's)		Total Revenues ($000's)
Major Good / Service:
	Lease Revenue - Base Rent	$	26,652	$	—	$	72	$	26,724
	Lease Revenue - CAM		1,092		—		—		1,092
	Lease Revenue - Reimbursements		1,597		—		—		1,597
	Lease Revenue - Billboards		191		—		—		191
	Above / Below Market Lease Accretion		1,811		—		—		1,811
	Contributed Leased Assets Accretion		173		—		—		173
	Lease Incentive Amortization		(227)		—		—		(227)
	Commercial Loan and Master Lease Investments		—		908		—		908
	Subsurface Lease Revenue		—		—		598		598
	Subsurface Revenue - Other		—		—		39		39
	Interest and Other Revenue		72		—		—		72
	Total Revenues	$	31,361	$	908	$	709	$	32,978

Timing of Revenue Recognition:
	Asset/Good Transferred at a Point in Time	$	—	$	—	$	39	$	39
	Services Transferred Over Time		72		—		—		72
	Over Lease Term		31,289		—		670		31,959
	Commercial Loan and Master Lease Investments Related Revenue		—		908		—		908
	Total Revenues	$	31,361	$	908	$	709	$	32,978

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

INCOME PROPERTIES AND LEASES

9 Months Ended

Sep. 30, 2020

INCOME PROPERTIES AND LEASES

INCOME PROPERTIES AND LEASES

NOTE 3. INCOME PROPERTIES AND LEASES

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:


	Three Months Ended				Nine Months Ended
	September 30, 2020		September 30, 2019		September 30, 2020		September 30, 2019
	($000's)		($000's)		($000's)		($000's)
Leasing Revenue
Lease Payments	$	10,086	$	9,391	$	29,112	$	28,409
Variable Lease Payments		2,847		870		6,297		2,952
Total Leasing Revenue	$	12,933	$	10,261	$	35,409	$	31,361

Minimum future base rental revenue on non-cancelable leases subsequent to September 30, 2020, for the next five years ended December 31 are summarized as follows:


Year Ending December 31,	Amounts ($000's)
Remainder of 2020	$	9,192
2021		40,087
2022		38,101
2023		35,736
2024		34,096
2025 and thereafter (cumulative)		226,539
Total	$	383,751

See Note 1, “Description of Business and Principles of Interim Statements” for the accounting treatment of lease modifications associated with tenant rent relief requests due to the COVID-19 Pandemic.

2020 Acquisitions. During the nine months ended September 30, 2020, the Company acquired two multi-tenant income properties and two single-tenant income properties for a purchase price of approximately $185.1 million, or an acquisition cost of approximately $185.7 million including capitalized acquisition costs. Of the total acquisition cost, approximately $50.0 million was allocated to land, approximately $94.6 million was allocated to buildings and improvements, approximately $21.9 million was allocated to intangible assets pertaining to the in-place lease value, leasing costs, and above market lease value, and approximately $1.8 million was allocated to intangible liabilities for the below market lease value. The remaining $21.0 million was classified as a commercial loan investment, see below in addition to Note 4, “Commercial Loan and Master Lease Investments.” The weighted average amortization period for the intangible assets and liabilities was approximately 4.5 years at acquisition.

The properties acquired during the nine months ended September 30, 2020 are described below:


Tenant Description	Tenant Type	Property Location	Date of Acquisition	Property Square-Feet	Purchase Price		Percentage Leased at Acquisition	Remaining Lease Term at Acquisition Date (in years)
Crossroads Towne Center	Multi-Tenant	Chandler, AZ	01/24/20	254,109	$	61,800,000	99%	5.0
Ashford Lane (fka Perimeter Place)	Multi-Tenant	Atlanta, GA	02/21/20	268,572		75,435,000	80%	3.6
Ford Motor Credit	Single-Tenant	Tampa, FL	08/21/20	120,500		26,900,000	100%	5.6
Master Tenant - Hialeah ⁽¹⁾	Single-Tenant	Hialeah, FL	09/25/20	108,029		21,000,000	100%	25.0
		Total / Weighted Average		751,210	$	185,135,000		6.5

⁽¹⁾

The lease with the Master Tenant – Hialeah (“Master Tenant – Hialeah Lease”) includes three tenant repurchase options. Pursuant to FASB ASC Topic 842, Leases, the $21.0 million investment has been recorded in the accompanying consolidated balance sheet as of September 30, 2020 as a commercial loan investment. See Note 4, “Commercial Loan and Master Lease Investments.”

2020 Dispositions. During the nine months ended September 30, 2020, the Company disposed of seven single-tenant income properties, including six ground leases, and one multi-tenant income property. See Note 24, “Subsequent Events”, for information related to the single-tenant income property and vacant land parcel sold subsequent to September 30, 2020.

The properties disposed of during the nine months ended September 30, 2020 are described below:


Tenant Description	Tenant Type	Date of Disposition	Sales Price		Gain (Loss) on Sale		EPS, After Tax
CVS, Dallas, TX	Single-Tenant	04/24/20	$	15,222,000	$	854,336	$	0.14
Wawa, Daytona Beach, FL	Single-Tenant	04/29/20		6,002,400		1,768,603		0.29
JPMorgan Chase Bank, Jacksonville, FL	Single-Tenant	06/18/20		6,714,738		959,444		0.15
7-Eleven, Dallas, TX	Multi-Tenant	06/26/20		2,400,000		(45,615)		(0.01)
Bank of America, Monterey, CA	Single-Tenant	06/29/20		9,000,000		3,892,049		0.63
Wawa, Jacksonville, FL	Single-Tenant	07/23/20		7,143,000		245,696		0.04
Carrabbas, Austin, TX	Single-Tenant	08/05/20		2,554,772		(83,834)		(0.01)
PDQ, Jacksonville, FL	Single-Tenant	09/08/20		2,540,000		127,874		0.02
	Total / Weighted Average		$	51,576,910	$	7,718,553	$	1.25

2019 Acquisitions. During the nine months ended September 30, 2019, the Company acquired nine single-tenant income properties for a purchase price of approximately $90.0 million, or an acquisition cost of approximately $90.6 million including capitalized acquisition costs. Of the total acquisition cost, approximately $27.8 million was allocated to land, approximately $37.7 million was allocated to buildings and improvements, approximately $9.2 million was allocated to intangible assets pertaining to the in-place lease value, leasing costs, and above market lease value, and approximately $0.4 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 and Master Lease Investments.” The weighted average amortization period for the intangible assets and liabilities was approximately 9.8 years at acquisition.

The properties acquired during the nine months ended September 30, 2019 are described below:


Tenant Description	Tenant Type	Property Location	Date of Acquisition	Property Square-Feet	Purchase Price		Percentage Leased at Acquisition	Remaining Lease Term at Acquisition Date (in years)
Hobby Lobby Stores, Inc.	Single-Tenant	Winston-Salem, NC	05/16/19	55,000	$	8,075,000	100%	10.9
24 Hour Fitness USA, Inc.	Single-Tenant	Falls Church, VA	05/23/19	46,000		21,250,000	100%	8.6
Walgreen Co.	Single-Tenant	Birmingham, AL	06/05/19	14,516		5,500,000	100%	9.8
Family Dollar Stores of Massachusetts, Inc.	Single-Tenant	Lynn, MA	06/07/19	9,228		2,100,000	100%	4.8
Walgreen Co.	Single-Tenant	Albany, GA	06/21/19	14,770		3,634,000	100%	13.6
Carpenter Hotel ⁽¹⁾	Single-Tenant	Austin, TX	07/05/19	N/A		16,250,000	100%	99.1
General Dynamics Corporation	Single-Tenant	Reston, VA	07/12/19	64,319		18,600,000	100%	9.9
Live Nation Entertainment, Inc.	Single-Tenant	East Troy, WI	08/30/19	N/A		7,500,000	100%	10.6
Party City Corporation	Single-Tenant	Oceanside, NY	09/24/19	15,500		7,120,000	100%	10.2
	Total / Weighted Average			219,333	$	90,029,000		25.9

⁽¹⁾

The ground lease with The Carpenter Hotel (the “Ground Lease”) 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 September 30, 2020 and December 31, 2019 as a commercial loan investment. See Note 4, “Commercial Loan and Master Lease Investments.”

2019 Dispositions. During the nine months ended September 30, 2019, three multi-tenant income properties and one single-tenant income property were disposed of, as described below:


Tenant Description	Tenant Type	Date of Disposition	Sales Price		Gain on Sale		EPS, After Tax
Whole Foods, Sarasota, FL	Multi-Tenant	02/21/19	$	24,620,000	$	6,869,957	$	0.96
The Grove, Winter Park, FL	Multi-Tenant	05/23/19		18,250,000		2,803,198		0.42
3600 Peterson, Santa Clara, CA	Multi-Tenant	06/24/19		37,000,000		9,008,709		1.36
Wawa, Winter Park, FL	Single-Tenant	08/07/19		2,777,778		2,123,955		0.33
		Total / Weighted Average	$	82,647,778	$	20,805,819	$	3.07

COMMERCIAL LOAN AND MASTER LEASE INVESTMENTS

9 Months Ended

Sep. 30, 2020

COMMERCIAL LOAN AND MASTER LEASE INVESTMENTS

COMMERCIAL LOAN AND MASTER LEASE INVESTMENTS

NOTE 4. COMMERCIAL LOAN AND MASTER LEASE INVESTMENTS

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

In light of the COVID-19 Pandemic, the Company began marketing its commercial loan portfolio in advance of their upcoming maturities to further strengthen the Company’s liquidity. The Company received multiple bids for the portfolio including a bid offering a value that was at a discount to par. Additionally, the Company implemented the guidance regarding CECL effective January 1, 2020, which resulted in an allowance reserve of approximately $252,000. The CECL reserve combined with the impairment related to marketing the loan portfolio resulted in an aggregate impairment charge on the loan portfolio of approximately $1.9 million, or $0.30 per share, after tax during the three months ended March 31, 2020.

During the three months ended June 30, 2020, the Company sold four of its commercial loan and master lease investments in two separate transactions generating aggregate proceeds of approximately $20.0 million and resulting in a second quarter loss of approximately $353,000, or approximately $0.06 per share, after tax. For the nine months ended September 30, 2020, the total loss on the loan portfolio disposition, including the impairment and CECL reserve charges on the four loans disposed of, in the three months ended March 31, 2020, was approximately $2.1 million, or $0.33 per share, after tax.

On September 25, 2020, the Company acquired an approximately 108,000 square foot retail property in Hialeah, Florida for $21 million which is master-leased to a national retail developer (the “Master Tenant”) . The 25-year lease

includes annual rent escalations as well as certain future purchase rights by the Master Tenant (“Master Tenant – Hialeah Lease”). Pursuant to FASB ASC Topic 842, Leases, due to the future repurchase rights, the Master Tenant – Hialeah 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 Company has imputed interest on the Master Tenant – Hialeah Lease which is being recognized as interest income on commercial loan and master lease investments in the Company’s consolidated statements of operations.

See Note 24, “Subsequent Events” for disclosure related to the repayment of the $2.07 million loan with the buyer of the Company’s former golf operations in addition to a $400,000 loan origination in connection with the sale of a vacant land parcel located adjacent to the formerly owned property in Dallas, Texas, leased to 7-Eleven.

The Company’s commercial loan and master lease investments were comprised of the following at September 30, 2020:


Description	Date of Investment	Maturity Date	Original Face Amount		Current Face Amount		Carrying Value		Coupon Rate
Ground Lease Loan – 400 Josephine Street, Austin, TX	July 2019	N/A	$	16,250,000	$	16,250,000	$	16,734,256	N/A
Golf Operations Buyer Loan – Daytona Beach, FL	Oct 2019	Oct 2020		2,070,000		2,070,000		1,860,455	7.50%
Master Tenant – Hialeah Lease Loan – Hialeah, FL	September 2020	N/A		21,084,901		21,084,901		21,084,901	N/A
			$	39,404,901	$	39,404,901	$	39,679,612

The carrying value of the commercial loan and master lease investments portfolio at September 30, 2020 and December 31, 2019 consisted of the following:


	September 30, 2020		December 30, 2019
Current Face Amount	$	39,404,901	$	34,570,000
Imputed Interest over Rent Payments Received on Ground Lease Loan		484,256		193,943
Unaccreted Origination Fees		(2,545)		(138,770)
Impairment / CECL Reserve		(207,000)		—
Total Commercial Loan and Master Lease Investments	$	39,679,612	$	34,625,173

RELATED PARTY MANAGEMENT SERVICES BUSINESS

9 Months Ended

Sep. 30, 2020

NOTE 5. RELATED PARTY MANAGEMENT SERVICES BUSINESS

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

During the three and nine months ended September 30, 2020, the Company earned management fee revenue from PINE totaling approximately $631,000 and $1.9 million, respectively, which is included in management services in the accompanying consolidated statements of operations. Dividend income for the three and nine months ended September 30, 2020 totaled approximately $408,000 and $1.2 million, respectively, and is included in investment and other income (loss) in the accompanying consolidated statements of operations.

The following table represents amounts due from PINE to the Company as of September 30, 2020 and December 31, 2019 which are included in other assets on the consolidated balance sheets:


	As of
Description	September 30, 2020		December 31, 2019
Management Services Fee due from PINE	$	631	$	254
Dividend Receivable		79		71
Other		(1)		56
Total	$	709	$	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 three and nine months ended September 30, 2020, the Company earned management fee revenue from the Land JV totaling approximately $51,000 and $157,000, respectively, which is included in management services in the accompanying consolidated statements of operations and was collected in full during the periods earned.

REAL ESTATE OPERATIONS

9 Months Ended

Sep. 30, 2020

REAL ESTATE OPERATIONS

REAL ESTATE OPERATIONS

NOTE 6. REAL ESTATE OPERATIONS

Real Estate Operations – Continuing

Revenue from continuing real estate operations consisted of the following for the three and nine months ended September 30, 2020 and 2019:


		Three Months Ended				Nine Months Ended
	September 30, 2020		September 30, 2019		September 30, 2020		September 30, 2019
Revenue Description	($000's)		($000's)		($000's)		($000's)
Mitigation Credit Sales	$	—	$	—	$	4	$	—
Subsurface Revenue		544		196		621		637
Fill Dirt and Other Revenue		—		18		6		72
Total Real Estate Operations Revenue	$	544	$	214	$	631	$	709

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 September 30, 2020, the Company has 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 September 30, 2020, we have incurred approximately $1.6 million in raze and entitlement costs related to these parcels which is included in land and development costs on the consolidated balance sheets.

Other Real Estate Assets. The Company owns mitigation credits with a cost basis of approximately $2.2 million as of September 30, 2020. As of December 31, 2019, the Company owned mitigation credits with a cost basis of approximately $2.3 million. The increase in mitigation credit cost basis for the nine months ended September 30, 2020 compared to December 31, 2019 is primarily the result of the 20 mitigation credits acquired from the Mitigation Bank, as defined in Note 7, “Investments in Joint Ventures”, during the three months ended March 31, 2020 totaling $1.5 million, or $75,000 per credit, in addition to the approximately 20 mitigation credits acquired from the Mitigation Bank during the three months ended September 30, 2020 totaling approximately $1.5 million, or $75,000 per credit. The cost basis was reduced by the impact of approximately 16 mitigation credits with a cost basis of approximately $1.2 million and approximately 21 mitigation credits with a cost basis of approximately $1.6 million that were provided at no cost to buyers during the first and third quarter of 2020, respectively. Additionally, the Company purchased two mitigation credits from the Mitigation Bank JV, for approximately $224,000 during the first quarter of 2020. The aggregate cost of sales charge of approximately $3 million was included in direct costs of revenues of real estate operations during the nine months ended September 30, 2020 in the consolidated statements of operations. Mitigation credit sales totaled approximately $4,000 during the nine months ended September 30, 2020. There were no mitigation credit sales during the nine months ended September 30, 2019.

Subsurface Interests. As of September 30, 2020, 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.

During the nine months ended September 30, 2020, the Company sold 345 acres of subsurface interests totaling $412,000, of which revenues are included within real estate operations in the consolidated statements of operations for the three and nine months ended September 30, 2020. There were no subsurface sales during the nine months ended September 30, 2019.

Prior to September 2019, the Company leased certain of the Subsurface Interests to a mineral exploration organization for exploration. 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.

Lease income generated by the annual lease payments is recognized on a straight-line basis over the guaranteed lease term. For the three and nine months ended September 30, 2019, lease income of approximately $186,000 and $586,000 was recognized, respectively, with no lease income recognized during the three and nine months ended September 30, 2020.

During the three and nine months ended September 30, 2020 and 2019, the Company also received oil royalties from operating oil wells on 800 acres under a separate lease with a separate operator. Revenues received from oil royalties totaled approximately $12,000 and $10,000 during the three months ended September 30, 2020 and 2019, respectively. Revenues received from oil royalties totaled approximately $22,000 and $39,000, during the nine months ended September 30, 2020 and 2019, 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.

Cash payments for the release of surface entry rights totaled approximately $186,000 during the nine months ended September 30, 2020. There were no releases of surface entry rights during the nine months ended September 30, 2019.

Real Estate Operations – Discontinued Operations

As of September 30, 2020, the Company continues to pursue land sales of the approximately 1,700 acres that formerly comprised its land holdings on behalf of the partners of the Land JV (“JV Partners”) in its role as manager of the Land JV. 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 September 30, 2020, the Land JV has completed approximately $68.2 million in land sales since its inception in mid-October 2019 and currently has a pipeline of five purchase and sale agreements for potential land sale transactions representing approximately $16.3 million of potential proceeds to the Land JV. The roughly 134 acres under contract represents approximately 8% of the total remaining land in the Land JV.

The Company currently serves as the 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 taken 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 Land JV’s operating agreement, the Land JV will pay the manager a management

fee in the initial amount of $20,000 per month, which amount will be reevaluated on a quarterly basis and reduced based on the value of real property that remains in the Land JV.

During the nine months ended September 30, 2019, prior to the inception of the Land JV, a total of approximately 76 acres were sold for approximately $11.1 million.

INVESTMENTS IN JOINT VENTURES

9 Months Ended

Sep. 30, 2020

INVESTMENTS IN JOINT VENTURES

INVESTMENTS IN JOINT VENTURES

NOTE 7. INVESTMENTS IN JOINT VENTURES

The Company’s Investment in Joint Ventures were as follows as of September 30, 2020 and December 31, 2020:


	As of
	September 30, 2020		December 31, 2019
Land JV	$	48,864,662	$	48,864,662
Mitigation Bank JV		6,907,601		6,872,006
Total Investments in Joint Ventures	$	55,772,263	$	55,736,668

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 September 30, 2020 and December 31, 2019:


	As of
	September 30, 2020		December 31, 2019
	($000's)		($000's)
Assets, cash and cash equivalents	$	1,204	$	15,066
Assets, prepaid expenses		77		61
Assets, receivables		5		—
Assets, investment in land assets		7,265		17,058
Total Assets	$	8,551	$	32,185

Liabilities, accounts payable, deferred revenue	$	199	$	987
Equity	$	8,352	$	31,198
Total Liabilities & Equity	$	8,551	$	32,185

The following table provides summarized financial information of the Land JV for the three and nine months ended September 30, 2020. There was no activity for the three and nine months ended September 30, 2019.


	Three Months Ended		Nine Months Ended
	September 30, 2020		September 30, 2020
	($000's)		($000's)
Revenues	$	46,051	$	53,877
Direct Cost of Revenues		8,377		11,752
Operating Income	$	37,674	$	42,125
Other Operating Expenses		105		379
Net Income	$	37,569	$	41,746

The Company’s share of the Land JV’s net income was zero for the three and nine months ended September 30, 2020. 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. No adjustment was required for the three and nine months ended September 30, 2020.

Mitigation Bank. The mitigation bank transaction completed in June 2018 consists of the sale of a 70% interest in 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 approximately $6.9 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 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 2021.

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 $6.0 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.

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 initial maximum potential of future payments for the Company pursuant to the Put Right is approximately $27.0 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.

During the nine months ended September 30, 2020, BlackRock exercised its Put Right and put approximately 40 mitigation credits to the Company inclusive of (i) approximately 20 mitigation credits purchased in July 2020 for approximately $1.5 million, or $75,000 per credit and (ii) 20 mitigation credits purchased in March 2020 for $1.5 million, or $75,000 per credit. 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 $75,000 per credit. The credits acquired were included

as an increase to Mitigation Credits on the accompanying consolidated balance sheets as of September 30, 2020 and December 31, 2019, respectively. 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 September 30, 2020 and December 31, 2019 of approximately $6.9 million, and on the fair value of the mitigation credits purchased as of September 30, 2020 and December 31, 2019, noting no impairment. The Company evaluates its estimates of fair value on an ongoing basis; however, actual results may differ from those estimates. See Note 24, “Subsequent Events” for additional disclosure related to the Put Right exercised in October 2020.

The following tables provide summarized financial information of the Mitigation Bank JV as of September 30, 2020 and December 31, 2019:


	As of
	September 30, 2020		December 31, 2019
	($000's)		($000's)
Assets, cash and cash equivalents	$	1,905	$	4,015
Assets, prepaid expenses		30		19
Assets, investment in mitigation credit assets		1,432		1,521
Assets, property, plant, and equipment—net		15		17
Total Assets	$	3,382	$	5,572

Liabilities, accounts payable, deferred mitigation credit sale revenue	$	18	$	39
Equity	$	3,364	$	5,533
Total Liabilities & Equity	$	3,382	$	5,572

The following table provides summarized financial information of the Mitigation Bank JV for the three and nine months ended September 30, 2020 and 2019:


	Three Months Ended				Nine Months Ended
	September 30, 2020		September 30, 2019		September 30, 2020		September 30, 2019
	($000's)		($000's)		($000's)		($000's)
Revenues	$	1,481	$	—	$	3,359	$	47
Direct Cost of Revenues		58		—		139		4
Operating Income	$	1,423	$	—	$	3,220	$	43
Other Operating Expenses		12		36		159		162
Net Income	$	1,411	$	(36)	$	3,061	$	(119)

The Company’s share of the Mitigation Bank JV’s net income was zero for the three and nine months ended September 30, 2020 and 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 initial retained interest in the Mitigation Bank JV of approximately $6.8 million in June 2018 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.

INVESTMENT SECURITIES

9 Months Ended

Sep. 30, 2020

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. 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 1,223,854 OP Units the Company received in exchange for the contribution of certain income properties to the Operating Partnership, as of September 30, 2020, the Company owns, in the aggregate, approximately 2.04 million shares of PINE, or approximately 23.5% of PINE’s total shares outstanding for an initial investment of 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.

During the three months ended September 30, 2020, the closing stock price of PINE decreased by $0.71 per share, with a closing price of $15.55 on September 30, 2020. This decrease resulted in an unrealized, non-cash loss on the Company’s investment in PINE of approximately $1.4 million, or $0.23 per share, after tax, which is included in investment and other income (loss) in the consolidated statements of operations for the three months ended September 30, 2020.

During the nine months ended September 30, 2020, the closing stock price of PINE decreased by $3.48 per share, with a closing price of $15.55 on September 30, 2020. This decrease resulted in an unrealized, non-cash loss on the Company’s investment in PINE of approximately $7.1 million, or $1.14 per share, after tax, which is included in investment and other income (loss) in the consolidated statements of operations for the nine months ended September 30, 2020.


	As of September 30, 2020
	Cost		Unrealized Gains in Investment Income		Unrealized Losses in Investment Income		Estimated Fair Value (Level 1 and 2 Inputs)
Common Stock	$	15,500,000	$	—	$	(2,814,466)	$	12,685,534
Operating Units		23,253,230		—		(4,222,300)		19,030,930
Total Equity Securities		38,753,230		—		(7,036,766)		31,716,464
Total Available-for-Sale Securities	$	38,753,230	$	—	$	(7,036,766)	$	31,716,464


	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 Available-for-Sale Securities	$	38,753,230	$	61,195	$	—	$	38,814,425

FAIR VALUE OF FINANCIAL INSTRUMENTS

9 Months Ended

Sep. 30, 2020

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 at September 30, 2020 and December 31, 2019:


	September 30, 2020				December 31, 2019
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Cash and Cash Equivalents - Level 1	$	6,351,772	$	6,351,772	$	6,474,637	$	6,474,637
Restricted Cash - Level 1	$	2,425,944	$	2,425,944	$	128,430,049	$	128,430,049
Commercial Loan and Master Lease Investments - Level 2	$	39,679,612	$	39,679,612	$	34,625,173	$	35,001,997
Long-Term Debt - Level 2	$	276,916,118	$	282,792,605	$	287,218,303	$	288,830,346

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 (liabilities) measured on a recurring basis by Level as of September 30, 2020:


			Fair Value at Reporting Date Using
	9/30/2020		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash Flow Hedge - Interest Rate Swap - Wells Fargo	$	(152,264)	$	—	$	(152,264)	$	—
Cash Flow Hedge - Interest Rate Swap - BMO ⁽¹⁾	$	(2,027,237)	$	—	$	(2,027,237)	$	—
Cash Flow Hedge - Interest Rate Swap - BMO ⁽²⁾	$	(114,692)	$	—	$	(114,692)	$	—
Investment Securities	$	31,716,464	$	31,716,464	$	—	$	—

⁽¹⁾	Effective March 31, 2020, utilized interest rate swap to achieve fixed interest rate of 0.7325% plus the applicable spread on $100.0 million of the outstanding principal balance on the Credit Facility.

⁽²⁾	Effective August 31, 2020, utilized a separate interest rate swap to achieve fixed interest rate of 0.2200% plus the applicable spread on $50.0 million of the outstanding principal balance on the Credit Facility.

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


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

- Definition

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

+ References + Details

INTANGIBLE ASSETS AND LIABILITIES

9 Months Ended

Sep. 30, 2020

INTANGIBLE ASSETS AND LIABILITIES

INTANGIBLE ASSETS AND LIABILITIES

NOTE 10. INTANGIBLE LEASE ASSETS AND LIABILITIES

Intangible lease 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 lease assets and liabilities consisted of the following as of September 30, 2020 and December 31, 2019:


	As of
	September 30, 2020		December 31, 2019
Intangible Lease Assets:
Value of In-Place Leases	$	44,808,735	$	42,584,264
Value of Above Market In-Place Leases		10,603,647		7,119,316
Value of Intangible Leasing Costs		13,469,844		14,645,780
Sub-total Intangible Lease Assets		68,882,226		64,349,360
Accumulated Amortization		(16,135,790)		(15,327,182)
Sub-total Intangible Lease Assets—Net		52,746,436		49,022,178
Intangible Lease Liabilities (included in accrued and other liabilities):
Value of Below Market In-Place Leases		(36,816,543)		(36,507,336)
Sub-total Intangible Lease Liabilities		(36,816,543)		(36,507,336)
Accumulated Amortization		11,905,622		10,309,088
Sub-total Intangible Lease Liabilities—Net		(24,910,921)		(26,198,248)
Total Intangible Assets and Liabilities—Net	$	27,835,515	$	22,823,930

During the nine months ended September 30, 2020, the value of in-place leases increased by approximately $2.2 million, the value of above-market in-place leases increased by approximately $3.5 million, the value of intangible leasing costs decreased by approximately $1.2, and the value of below-market in-place leases increased by approximately $300,000 due to the acquisition of two multi-tenant income properties completed during the first quarter of 2020 and the acquisition of two single-tenant income properties completed during the third quarter of 2020, such increases reflect acquisitions, net of the disposition of four single-tenant income properties and one multi-tenant income property during

the second quarter of 2020 and three single-tenant income properties during the third quarter of 2020. Net amortization increased by approximately $788,000, for a net increase during the nine months ended September 30, 2020 of approximately $5.0 million.

As of September 30, 2020 and December 31, 2019, approximately $20.4 and $22.2 million, respectively, of the total below market in-place lease value is related to Wells Fargo Raleigh, which was acquired on November 18, 2015.

The following table reflects the amortization of intangible assets and liabilities during the three and nine months ended September 30, 2020 and 2019:


	Three Months Ended				Nine Months Ended
	September 30, 2020		September 30, 2019		September 30, 2020		September 30, 2019
	($000's)		($000's)		($000's)		($000's)
Depreciation and Amortization Expense	$	1,875	$	1,590	$	5,892	$	4,276
Increase to Income Properties Revenue		(434)		(607)		(1,352)		(1,810)
Net Amortization of Intangible Assets and Liabilities	$	1,441	$	983	$	4,540	$	2,466

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
Remainder of 2020	$	1,945,990	$	(397,857)	$	1,548,133
2021		7,292,037		(1,683,643)		5,608,394
2022		6,884,720		(1,754,803)		5,129,917
2023		6,761,361		(1,752,426)		5,008,935
2024		6,725,808		(1,667,747)		5,058,061
2025 and thereafter		14,692,622		(9,210,547)		5,482,075
Total	$	44,302,538	$	(16,467,023)	$	27,835,515

IMPAIRMENT OF LONG-LIVED ASSETS

9 Months Ended

Sep. 30, 2020

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 nine months ended September 30, 2020 and 2019 there were no impairment charges on the Company’s undeveloped land holdings, or its income property portfolio.

OTHER ASSETS

9 Months Ended

Sep. 30, 2020

OTHER ASSETS

OTHER ASSETS

NOTE 12. OTHER ASSETS

Other assets consisted of the following:


	As of
	September 30, 2020		December 31, 2019
Income Property Tenant Receivables	$	2,852,893	$	532,636
Income Property Straight-line Rent Adjustment		5,599,487		3,352,245
Interest Receivable from Commercial Loan and Master Lease Investments		6,038		96,604
Operating Leases - Right-of-Use Asset		275,756		363,631
Golf Rounds Surcharge		476,584		549,251
Cash Flow Hedge - Interest Rate Swap		—		99,021
Infrastructure Reimbursement Receivables		1,613,247		1,591,445
Deferred Deal Costs		—		4,787
Prepaid Expenses, Deposits, and Other		698,256		3,113,929
Due from Alpine Income Property Trust, Inc.		709,165		—
Total Other Assets	$	12,231,426	$	9,703,549

Income Property Straight-Line Rent Adjustment. As of September 30, 2020, the straight-line rent adjustment includes a balance of approximately $1.1 million of deferred rent related to the COVID-19 Pandemic. Pursuant to the April 2020 FASB guidance on lease modifications, for leases in which deferred rent agreements were reached, the Company has continued to account for the lease concessions by recognizing the normal straight-line rental income and as the deferred rents are repaid by the tenant, the straight-line receivable will be reduced.

Infrastructure Reimbursement Receivables. As of September 30, 2020 and December 31, 2019, the Infrastructure Reimbursement Receivables were all related to the land sales within the Tomoka Town Center. The balance as of September 30, 2020 consisted of approximately $1.1 million due from Tanger for infrastructure reimbursement to be repaid in seven remaining annual installments of $175,000, net of a discount of approximately $119,000, and approximately $508,000 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 $42,000.

Operating Leases – Right-of-Use Asset. 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.

COMMON STOCK AND EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2020

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.


		Three Months Ended				Nine Months Ended
	September 30, 2020		September 30, 2019		September 30, 2020		September 30, 2019
Income Available to Common Shareholders:
Net Income (Loss)	$	(1,521,504)	$	1,486,020	$	(1,172,839)	$	18,550,919
Weighted Average Shares Outstanding		4,654,329		4,868,133		4,673,049		5,053,407
Common Shares Applicable to Stock
Options Using the Treasury Stock Method		—		—		—		811
Total Shares Applicable to Diluted Earnings Per Share		4,654,329		4,868,133		4,673,049		5,054,218

Per Share Information:
Basic and Diluted
Net Income (Loss) from Continuing Operations	$	(0.33)	$	0.35	$	(0.25)	$	3.11
Net Income (Loss) from Discontinued Operations (Net of Tax)		—		(0.04)		—		0.56
Net Income (Loss)	$	(0.33)	$	0.31	$	(0.25)	$	3.67

There were no potentially dilutive securities for the three and nine months ended September 30, 2020 or 2019. The effect of 41,558 and 7,500 potentially dilutive securities was not included for the nine months ended September 30, 2020 and 2019, respectively, as the effect would be anti-dilutive.

The Company intends to settle its 3.875% Convertible Senior Notes due 2025 (the “Convertible Notes”) 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 Convertible Notes will be included in our calculation of diluted net income per share using the treasury stock method. As such, the Convertible Notes have no impact on diluted net income per share until the price of our common stock exceeds the current conversion price of $77.29. The average price of our common stock during the nine months ended September 30, 2020 did not exceed the conversion price which resulted in no additional diluted outstanding shares.

TREASURY STOCK

9 Months Ended

Sep. 30, 2020

TREASURY STOCK

TREASURY STOCK

NOTE 14. TREASURY STOCK

In February 2020, the Company’s Board of Directors approved a $10.0 million stock repurchase program (the “$10.0 Million Repurchase Program”). During the nine months ended September 30, 2020, the Company repurchased 88,565 shares of its common stock on the open market for a total cost of approximately $4.1 million, or an average price per share of $46.29. The shares of the Company’s common stock repurchased during the nine months ended September 30, 2020 were returned to the Company’s treasury. The $10.0 Million Repurchase Program does not have an expiration date.

LONG-TERM DEBT

9 Months Ended

Sep. 30, 2020

LONG-TERM DEBT

LONG-TERM DEBT

NOTE 15. LONG-TERM DEBT

As of September 30, 2020, the Company’s outstanding indebtedness, at face value, was as follows:


	Face		Maturity	Interest
	Value Debt		Date	Rate
Credit Facility⁽¹⁾	$	168,845,349	May 2023		30-day LIBOR plus 1.35% - 1.95%
Mortgage Note Payable (originated with Wells Fargo) ⁽²⁾		30,000,000	October 2034		4.330%
Mortgage Note Payable (originated with Wells Fargo) ⁽³⁾		23,362,430	April 2021		3.170%
3.875% Convertible Senior Notes due 2025		62,468,000	April 2025		3.875%
Total Long-Term Face Value Debt	$	284,675,779

⁽¹⁾

Effective March 31, 2020, utilized interest rate swap to achieve fixed interest rate of 0.7325% plus the applicable spread on $100.0 million of the outstanding principal balance. Effective August 31, 2020, utilized a separate interest rate swap to achieve fixed interest rate of 0.2200% plus the applicable spread on $50.0 million of the outstanding principal balance.

⁽²⁾

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.

⁽³⁾

Secured by the Company’s income property leased to Wells Fargo Raleigh. 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.

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 sale of certain income properties to PINE (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.

On July 1, 2020, the Company entered into the Fourth Amendment to the Second Amended and Restated Credit Agreement (the “2020 Revolver Amendment”) whereby the tangible net worth covenant was adjusted to be more reflective of market terms. The 2020 Revolver Amendment was effective as of March 31, 2020.

At September 30, 2020, the current commitment level under the Credit Facility was $200.0 million. The available borrowing capacity under the Credit Facility was approximately $31.2 million, based on the level of borrowing base assets. As of September 30, 2020, the Credit Facility had a $168.8 million balance outstanding. See Note 1, “Description of Business and Principles of Interim Statements” for a discussion of the potential impact on borrowing base assets due to the COVID-19 Pandemic.

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 “2020 Notes”) were scheduled to mature on March 15, 2020; however, the Company completed the Note Exchanges, hereinafter defined, on February 4, 2020. The initial conversion rate was 14.5136 shares of common stock for each $1,000 principal amount of the 2020 Notes, which represented an initial conversion price of approximately $68.90 per share of common stock.

On February 4, 2020, the Company closed privately negotiated exchange agreements with certain holders of its outstanding 2020 Notes pursuant to which the Company issued approximately $57.4 million principal amount of 3.875% Convertible Senior Notes due 2025 (the “2025 Notes”) in exchange for approximately $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 was a total of $75.0 million aggregate principal amount of 2025 Notes outstanding.

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 were used to redeem at maturity on March 15, 2020 approximately $11.7 million of the aggregate principal amount of the 2020 Notes that remained outstanding.

Through September 30, 2020, the Company repurchased approximately $12.5 million aggregate principal amount of 2025 Notes at an approximate $2.6 million discount, resulting in a gain on the extinguishment of debt of approximately $1.1 million. All such repurchases were made during the first and second quarter of 2020. Following the repurchase of the 2025 Notes, $62.5 million aggregate principal amount of the 2025 Notes remains outstanding at September 30, 2020.

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. If the Company’s Board of Directors increases the quarterly dividend above the $0.13 per share in place at issuance, the conversion rate is adjusted with each such increase in the quarterly dividend amount. After the third quarter 2020 dividend, the conversion rate is equal to 12.9383 shares of common stock for each $1,000 principal amount of 2025 Notes, which represents an adjusted conversion price of approximately $77.29 per share of common stock. 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.

The conversion rate is subject to adjustment in certain circumstances. Holders may not surrender their 2025 Notes for conversion prior to January 15, 2025 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 2025 Notes, or specified corporate events including a change in control of the Company. The Company may not redeem the 2025 Notes prior to the stated maturity date and no sinking fund is provided for the 2025 Notes. The 2025 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 2025 Notes in cash upon conversion, with any excess conversion value to be settled in shares of our common stock. In accordance with U.S. GAAP, the 2025 Notes were accounted for as a liability with a separate equity component recorded for the conversion option. A liability was recorded for the 2025 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 2025 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. As of September 30, 2020, the unamortized debt discount of our Notes was approximately $6.5 million.

Long-term debt consisted of the following:


	September 30, 2020				December 31, 2019
			Due Within				Due Within
	Total		One Year		Total		One Year
Credit Facility	$	168,845,349	$	—	$	159,845,349	$	—
Mortgage Note Payable (originated with Wells Fargo)		30,000,000		—		30,000,000		—
Mortgage Note Payable (originated with Wells Fargo)		23,362,430		23,362,430		23,884,373		—
4.500% Convertible Senior Notes, net of discount		—		—		74,706,078		75,000,000
3.875% Convertible Senior Notes, net of discount		55,983,486		—		—		—
Loan Costs, net of accumulated amortization		(1,275,147)		—		(1,217,497)		—
Total Long-Term Debt	$	276,916,118	$	23,362,430	$	287,218,303	$	75,000,000

Payments applicable to reduction of principal amounts as of September 30, 2020 will be required as follows:


Year Ending December 31,	Amount
Remainder of 2020	$	—
2021		23,362,430
2022		—
2023		168,845,349
2024		—
2025 and thereafter		92,468,000
Total Long-Term Debt - Face Value	$	284,675,779

The carrying value of long-term debt as of September 30, 2020 consisted of the following:


	Total
Current Face Amount	$	284,675,779
Unamortized Discount on Convertible Debt		(6,484,514)
Loan Costs, net of accumulated amortization		(1,275,147)
Total Long-Term Debt	$	276,916,118

The following table reflects a summary of interest expense incurred and paid during the three and nine months ended September 30, 2020 and 2019:


	Three Months Ended				Nine Months Ended
	September 30, 2020		September 30, 2019		September 30, 2020		September 30, 2019
	($000's)		($000's)		($000's)		($000's)
Interest Expense	$	2,056	$	2,801	$	6,978	$	7,885
Amortization of Loan Costs		114		111		338		324
Amortization of Discount on Convertible Notes		307		342		1,067		1,010
Total Interest Expense	$	2,477	$	3,254	$	8,383	$	9,219

Total Interest Paid	$	1,460	$	3,075	$	7,096	$	8,142

The Company was in compliance with all of its debt covenants as of September 30, 2020 and December 31, 2019.

INTEREST RATE SWAPS

9 Months Ended

Sep. 30, 2020

INTEREST RATE SWAPS

INTEREST RATE SWAPS

NOTE 16. INTEREST RATE SWAPS

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 nine months ended September 30, 2020, 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 (loss). As of September 30, 2020, the fair value of our interest rate swap agreement, which was a loss of approximately $152,000 is included in accrued and other liabilities on the consolidated balance sheets. As of December 31, 2019, the fair value of our interest rate swap agreement, which was a gain of approximately $99,000, was included in other assets on the consolidated balance sheets. The interest rate swap was effective on April 7, 2016 and matures on April 7, 2021. The interest rate swap fixed the variable rate debt on the notional amount of related debt of $23.4 million to a rate of 3.17%.

During March 2020, 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 $100.0 million of the outstanding balance on the Credit Facility as discussed in Note 15, “Long-Term Debt.” During the nine months ended September 30, 2020, 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 (loss). As of September 30, 2020, the fair value of our interest rate swap agreement, which was a loss of approximately $2.0 million, was included in accrued and other liabilities on the consolidated balance sheets. The interest rate swap was effective on March 31, 2020 and matures on March 29, 2024. The interest rate swap fixed the variable rate debt on the notional amount of related debt of $100.0 million to a rate of 0.73250% plus the applicable spread.

During August 2020, the Company entered into a separate interest rate swap agreement to hedge cash flows tied to changes in the underlying floating interest rate tied to LIBOR for $50.0 million of the outstanding balance on the Credit Facility as discussed in Note 15, “Long-Term Debt.” During the nine months ended September 30, 2020, 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 (loss). As of September 30, 2020, the fair value of our interest rate swap agreement, which was a loss of approximately $115,000, was included in accrued and other liabilities on the consolidated balance sheets. The interest rate swap was effective on August 31, 2020 and matures on March 29, 2024. The interest rate swap fixed the variable rate debt on the notional amount of related debt of $50.0 million to a rate of 0.22000% plus the applicable spread.

ACCRUED AND OTHER LIABILITIES

9 Months Ended

Sep. 30, 2020

ACCRUED AND OTHER LIABILITIES

ACCRUED AND OTHER LIABILITIES

NOTE 17. ACCRUED AND OTHER LIABILITIES

Accrued and other liabilities consisted of the following:


	As of
	September 30, 2020		December 31, 2019
Accrued Property Taxes	$	1,671,365	$	44,232
Reserve for Tenant Improvements		1,644,246		617,968
Accrued Construction Costs		83,077		93,270
Accrued Interest		1,194,059		1,312,801
Environmental Reserve and Restoration Cost Accrual		106,069		205,774
Interest Rate Swaps		2,294,193		—
Operating Leases - Liability		274,480		364,888
Other		2,430,009		3,048,259
Total Accrued and Other Liabilities	$	9,697,498	$	5,687,192

Reserve for Tenant Improvements. In connection with the acquisition of Ashford Lane (fka Perimeter Place) in Atlanta, Georgia on February 21, 2020, the Company received approximately $460,000 of credits from the seller of the property for tenant improvement allowances and leasing commissions for multiple tenants. Such credits have been included in accrued and other liabilities. During the nine months ended September 30, 2020, payments totaling approximately $138,000 were made, leaving a remaining commitment of approximately $322,000.

In connection with the acquisition of the Crossroads Towne Center property in Chandler, Arizona on January 24, 2020, the Company received approximately $1.3 million of credits from the seller of the property for tenant improvement allowances and leasing commissions for two tenants. Such credits have been included in accrued and other liabilities. During the nine months ended September 30, 2020, payments totaling approximately $671,000 were made, leaving a remaining commitment of approximately $653,000.

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 $582,000 in costs have been incurred through September 30, 2020, leaving a remaining accrual of approximately $79,000.

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 $2.4 million of the total $2.4 million of estimated costs through the period ended September 30, 2020, leaving a remaining accrual of approximately $27,000. On August 10, 2020, the Company transferred 13.31 federal mitigation credits to the permit related to the land that gave rise to the environmental restoration matter. The credits were

transferred in anticipation of completing the steps necessary to receive the final acceptance from the federal regulatory agency. These credits had an aggregate cost basis of approximately $109,000 and were included in general and administrative expenses in the consolidated statements of operations during the three and nine months ended September 30, 2020. Final acceptance is still pending. 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.

DEFERRED REVENUE

9 Months Ended

Sep. 30, 2020

DEFERRED REVENUE

DEFERRED REVENUE

NOTE 18. DEFERRED REVENUE

Deferred revenue consisted of the following:


	As of
	September 30, 2020		December 31, 2019
Interest Reserve from Commercial Loan and Master Lease Investments	$	—	$	834,972
Prepaid Rent		2,838,831		2,063,173
Tenant Contributions		638,432		2,888,822
Other Deferred Revenue		207,580		43,753
Total Deferred Revenue	$	3,684,843	$	5,830,720

Interest Reserve from Commercial Loan and Master Lease Investments. In conjunction with certain of the Company’s commercial loan and master lease 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. As of September 30, 2020, the escrow balance, related to four of the Company’s commercial loan and master lease investments, had been released in connection with the sale transactions completed during the second quarter of 2020, see Note 4, “Commercial Loan and Master Lease Investments”, for further disclosure.

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 $314,000 was recognized into income property rental revenue through September 30, 2020, leaving an aggregate balance of approximately $2.1 million, related to the Company’s total acquisition cost of approximately $29.0 million, which was transferred to assets held for sale as of September 30, 2020.

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 lease termination agreement, entered into on July 16, 2019 by the Company and Cocina 214, 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 $251,000 was recognized into income property rental revenue through September 30, 2020, leaving a balance of approximately $638,000 to be recognized over the remaining term of the lease.

STOCK-BASED COMPENSATION

9 Months Ended

Sep. 30, 2020

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 nine months ended September 30, 2020, is presented below:


Type of Award	Shares Outstanding at 1/1/2020	Granted Shares	Vested / Exercised Shares	Expired Shares	Forfeited Shares	Shares Outstanding at 9/30/2020
Equity Classified - Performance Share Awards - Peer Group Market Condition Vesting	49,275	19,641	(12,635)	—	(7,230)	49,051
Equity Classified - Market Condition Restricted Shares - Stock Price Vesting	22,000	—	—	—	—	22,000
Equity Classified - Three Year Vest Restricted Shares	37,595	19,451	(18,054)	—	(4,513)	34,479
Equity Classified - Non-Qualified Stock Option Awards	80,000	—	—	—	—	80,000
Total Shares	188,870	39,092	(30,689)	—	(11,743)	185,530

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


	Three Months Ended				Nine Months Ended
	September 30, 2020		September 30, 2019		September 30, 2020		September 30, 2019
Total Cost of Share-Based Plans Charged Against Income Before Tax Effect	$	616,355	$	613,292	$	2,135,278	$	2,059,167

Income Tax Expense Recognized in Income	$	(150,052)	$	(155,439)	$	(519,833)	$	(521,896)

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 “Original 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. On February 11, 2020, pursuant to the calculation of the vesting criteria, as performed by an independent third party, the recipients vested 14,214 shares in the aggregate. The Company’s total shareholder return for the performance period was 15.18% and the Company’s percentile rank for the performance period was the 55^th percentile. Based on the formula, as defined in the award agreements, the actual vested percentage of the performance shares was 112.5%.

On January 24, 2018, the Company awarded to certain employees 15,445 Performance Shares under the Original 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.

On February 24, 2020, the Company awarded to certain employees 19,641 Performance Shares under 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, 2020, and ending on December 31, 2022.

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 requisite performance term of the awards, the relative performance of the Company’s stock price and shareholder returns to companies in its peer group, annual dividends, and a risk-free interest rate assumption. Compensation cost is recognized regardless of the achievement of the market conditions, provided the requisite service period is met.

A summary of activity during the nine months ended September 30, 2020, is presented below:


		Wtd. Avg.
Performance Shares with Market Conditions	Shares	Fair Value
Outstanding at January 1, 2020	49,275	$	65.59
Granted	19,641		54.69
Vested	(12,635)		54.66
Expired	—		—
Forfeited	(7,230)		63.81
Outstanding at September 30, 2020	49,051	$	64.05

As of September 30, 2020, there was approximately $1.8 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 1.9 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 September 30, 2020, 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).

A summary of the activity for these awards during the nine months ended September 30, 2020, is presented below:


		Wtd. Avg.
Market Condition Non-Vested Restricted Shares	Shares	Fair Value
Outstanding at January 1, 2020	22,000	$	41.71
Granted	—		—
Vested	—		—
Expired	—		—
Forfeited	—		—
Outstanding at September 30, 2020	22,000	$	41.71

As of September 30, 2020, there is no unrecognized compensation cost related to market condition restricted stock.

Three Year Vest Restricted Shares

On January 25, 2017, the Company granted to certain employees 17,451 shares of restricted Company common stock under the Original 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. No shares remain outstanding under this award as the remaining shares vested during the first quarter of 2020.

On January 24, 2018, the Company granted to certain employees 17,712 shares of restricted Company common stock under the Original 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.

On February 24, 2020, the Company granted to certain employees 19,451 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 February 28, 2020, 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 during the nine months ended September 30, 2020, is presented below:


		Wtd. Avg.
		Fair Value
Three Year Vest Non-Vested Restricted Shares	Shares	Per Share
Outstanding at January 1, 2020	37,595	$	60.21
Granted	19,451		59.70
Vested	(18,054)		59.69
Expired	—		—
Forfeited	(4,513)		60.14
Outstanding at September 30, 2020	34,479	$	60.20

As of September 30, 2020, there was approximately $1.6 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 1.8 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 Original 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 Original 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 options 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 Original 2010 Plan, with an exercise price of $57.54. One-third of the options vested on each of the first, second, and third anniversaries of the grant date. 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.

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.

A summary of the activity for the awards during the nine months ended September 30, 2020, is presented below:


Non-Qualified Stock Option Awards	Shares	Wtd. Avg. Ex. Price		Wtd. Avg. Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding at January 1, 2020	80,000	$	55.63
Granted	—		—
Exercised	—		—
Expired	—		—
Forfeited	—		—
Outstanding at September 30, 2020	80,000	$	55.63	4.51	$	—
Exercisable at January 1, 2020	80,000	$	55.63	6.50	$	25,000
Exercisable at September 30, 2020	80,000	$	55.63	4.51	$	—

No options were granted, and no options were exercised during the nine months ended September 30, 2020. As of September 30, 2020, there is no unrecognized compensation cost related to non-qualified, non-vested stock option awards.

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 nine months ended September 30, 2020 and 2019, the expense recognized for the value of the Company’s common stock received by non-employee directors totaled approximately $424,000, or 8,143 shares, and $443,000, or 7,653 shares, respectively. The 2020 amount includes the approximately $120,000 Annual Award received during the first quarter of 2020, while the 2019 amount includes the approximately $174,000 Annual Award received during the first quarter of 2019.

INCOME TAXES

9 Months Ended

Sep. 30, 2020

INCOME TAXES

INCOME TAXES

NOTE 20. INCOME TAXES

If the Company were a C corporation for its taxable year ending December 31, 2020, the Company’s effective income tax rate for the nine months ended September 30, 2020 would be 25.9% and the Company’s results of operations are presented assuming such an effective tax rate. The effective income tax rate assumes a blended rate for estimated state and local taxes on its income and property. The Company’s effective income tax rate for the nine months ended September 30, 2019 was 25.2%. 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. There were no discrete events during the nine months ended September 30, 2020 or 2019.

For its taxable year ending December 31, 2020, the Company intends to file its U.S. federal income tax returns as a REIT. The Company has filed a consolidated income tax return in the United States Federal jurisdiction and the states of Alabama, Arizona, California, Colorado, Florida, Georgia, Maryland, Massachusetts, Nevada, New Mexico, New York, North Carolina, Oregon, Texas, Virginia, Washington, and Wisconsin for 2019. The Internal Revenue Service (“IRS”) 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.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

COMMITMENTS AND CONTINGENCIES

9 Months Ended

Sep. 30, 2020

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

NOTE 21. COMMITMENTS AND CONTINGENCIES

Legal Proceedings

From time to time, the Company may be a party to certain legal proceedings, incidental to the normal course of its 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 the latter part of 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 Ashford Lane (fka Perimeter Place) in Atlanta, Georgia on February 21, 2020, the Company received approximately $460,000 of credits from the seller of the property for tenant improvement allowances and leasing commissions for multiple tenants. Such credits have been included in accrued and other liabilities. During the nine months ended September 30, 2020, payments totaling approximately $138,000 were made, leaving a remaining commitment of approximately $322,000.

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. During the nine months ended September 30, 2020, the improvements were completed by the tenant and the Company funded the $450,000.

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 $2.4 million of the total $2.4 million of estimated costs through September 30, 2020, leaving a remaining accrual of approximately $27,000. On August 10, 2020, the Company transferred 13.31 federal mitigation credits to the permit related to the land that gave rise to the environmental restoration matter. The credits were transferred in anticipation of completing the steps necessary to receive the final acceptance from the federal regulatory agency. These credits had an aggregate cost basis of approximately $109,000 and were included in general and administrative expenses in the consolidated statements of operations during the three and nine months ended September 30, 2020. Final acceptance is still pending. The Company believes there is at least a reasonable possibility that the estimated remaining liability of approximately $27,000 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. The third milestone related to the completion of the second-year maintenance and monitoring was achieved during the first quarter of 2020 and $77,833 of the escrow was refunded, leaving an escrow balance of approximately $79,000 as of September 30, 2020. 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.

BUSINESS SEGMENT DATA

9 Months Ended

Sep. 30, 2020

BUSINESS SEGMENT DATA

BUSINESS SEGMENT DATA

NOTE 22. BUSINESS SEGMENT DATA

The Company operates in four primary business segments: income properties, management services, commercial loan and master lease investments, and real estate operations. The management services segment consists of the revenue generated from managing PINE and the Land JV. The management services segment had no assets as of September 30, 2020 and December 31, 2019, and therefore there are no related capital expenditures or depreciation and amortization for the periods 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 operations for the three and nine months ended September 30, 2019 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 periods 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 82.8% and 66.0% of our identifiable assets as of September 30, 2020 and December 31, 2019, respectively, and 87.6% and 95.1% of our consolidated revenues for the nine months ended September 30, 2020 and 2019, respectively. Our management fee income consists of the management fees earned for the management of PINE and the Land JV. As of September 30, 2020, our commercial loan and master lease investments portfolio consisted of one commercial loan investment and two commercial properties whose leases are classified as commercial loan and master lease investments. 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, and the sale of mitigation credits.

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 three and nine months ended September 30, 2020 and 2019 is as follows:


	Three Months Ended				Nine Months Ended
	September 30, 2020		September 30, 2019		September 30, 2020		September 30, 2019
Revenues:
Income Properties	$	12,933,029	$	10,260,831	$	35,409,172	$	31,360,544
Management Services		682,153		—		2,079,805		—
Commercial Loan and Master Lease Investments		413,092		855,559		2,300,331		908,324
Real Estate Operations		543,700		213,589		630,841		709,261
Total Revenues	$	14,571,974	$	11,329,979	$	40,420,149	$	32,978,129
Operating Income:
Income Properties	$	9,340,154	$	8,784,543	$	27,134,740	$	26,317,048
Management Services		682,153		—		2,079,805		—
Commercial Loan and Master Lease Investments		413,092		855,559		2,300,331		908,324
Real Estate Operations		(1,137,883)		205,105		(2,631,743)		614,481
General and Corporate Expense		(8,103,039)		(6,547,564)		(24,843,608)		(18,589,234)
Gain on Disposition of Assets		289,736		2,187,332		7,365,594		20,869,196
Gain on Extinguishment of Debt		—		—		1,141,481		—
Total Operating Income	$	1,484,213	$	5,484,975	$	12,546,600	$	30,119,815
Depreciation and Amortization:
Income Properties	$	4,751,289	$	4,281,286	$	14,314,300	$	11,690,110
Corporate and Other		10,768		5,550		21,415		17,600
Total Depreciation and Amortization	$	4,762,057	$	4,286,836	$	14,335,715	$	11,707,710
Capital Expenditures:
Income Properties	$	48,189,074	$	50,099,717	$	186,430,666	$	91,130,209
Commercial Loan and Master Lease Investments		—		8,167,500		6,754,375		16,007,500
Discontinued Real Estate Operations		—		694,310		—		2,593,803
Corporate and Other		4,040		—		16,357		2,061
Total Capital Expenditures	$	48,193,114	$	58,961,527	$	193,201,398	$	109,733,573

Identifiable assets of each segment as of September 30, 2020 and December 31, 2019 are as follows:


	As of
	September 30, 2020		December 31, 2019
Identifiable Assets:
Income Properties	$	567,604,674	$	464,285,272
Commercial Loan and Master Lease Investments		39,685,650		35,742,218
Real Estate Operations		66,806,074		65,554,619
Discontinued Land Operations		833,167		833,167
Corporate and Other		10,502,396		136,870,927
Total Assets	$	685,431,961	$	703,286,203

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 September 30, 2020 or December 31, 2019.

- Definition

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

+ References

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

ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS

9 Months Ended

Sep. 30, 2020

ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS

ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS

NOTE 23. ASSETS AND LIABILITIES HELD FOR SALE AND DISCONTINUED OPERATIONS

Assets and liabilities held for sale as of September 30, 2020 and December 31, 2019 are summarized below. The two single-tenant income properties classified as held for sale as of June 30, 2020 were sold during the three months ended September 30, 2020. Two single-tenant income properties and one vacant land parcel were classified as held for sale as of September 30, 2020. See Note 24, “Subsequent Events”, for information related to the single-tenant income property and vacant land parcel sold subsequent to September 30, 2020.


	As of September 30, 2020
	Land JV		Single-Tenant Income Properties		Total Assets (Liabilities) Held for Sale
Plant, Property, and Equipment—Net	$	—	$	26,296,202	$	26,296,202
Restricted Cash		834,044		—		834,044
Intangible Lease Assets—Net		—		2,716,968		2,716,968
Intangible Lease Liabilities—Net		—		(433,263)		(433,263)
Total Assets Held for Sale	$	834,044	$	28,579,907	$	29,413,951

Deferred Revenue	$	(831,320)	$	—	$	(831,320)
Total Liabilities Held for Sale	$	(831,320)	$	—	$	(831,320)


	As of December 31, 2019
	Land JV		Single-Tenant Income Properties		Total Assets (Liabilities) Held for Sale
Restricted Cash	$	833,167	$	—	$	833,167
Total Assets Held for Sale	$	833,167	$	—	$	833,167

Deferred Revenue	$	(831,320)	$	—	$	(831,320)
Total Liabilities Held for Sale	$	(831,320)	$	—	$	(831,320)

There were no discontinued operations for the three and nine months ended September 30, 2020. The following is a summary of discontinued operations for the three and nine months ended September 30, 2019:


	Three Months Ended		Nine Months Ended
	September 30, 2019		September 30, 2019
Golf Operations Revenue	$	967,919	$	3,918,471
Golf Operations Direct Cost of Revenues		(1,326,150)		(4,711,113)
Loss from Operations		(358,231)		(792,642)
Loss from Discontinued Operations Before Income Tax		(358,231)		(792,642)
Income Tax Benefit		90,794		200,896
Loss from Discontinued Operations (Net of Income Tax)	$	(267,437)	$	(591,746)

Land Operations Revenue	$	418,151	$	10,968,151
Land Operations Direct Cost of Revenues		(333,664)		(6,353,235)
Income from Discontinued Operations Before Income Tax		84,487		4,614,916
Income Tax Expense		(21,414)		(1,169,650)
Income from Discontinued Operations (Net of Income Tax)	$	63,073	$	3,445,266

Total Income (Loss) from Discontinued Operations (Net of Income Tax)	$	(204,364)	$	2,853,520

SUBSEQUENT EVENTS

9 Months Ended

Sep. 30, 2020

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

NOTE 24. SUBSEQUENT EVENTS

The Company reviewed all subsequent events and transactions through November 6, 2020, the date the consolidated financial statements were available to be issued.

COVID-19 Pandemic – October Collections Update

As of November 6, 2020, the Company had received payments from tenants representing approximately 93% of the CBR due during the month of October.

Dispositions

On October 13, 2020, the Company completed the sale of the property located in Arlington, Texas, formerly leased to Macaroni Grill, for a sales price of $2.5 million. The gain on the sale was approximately $68,000, or $0.01 per share, after tax, of which proceeds are expected to be a part of a 1031 like-kind exchange transaction.

On October 13, 2020, the Company completed the sale of a vacant land parcel located adjacent to the property in Dallas, Texas, leased to 7-Eleven which was sold in June 2020. The sales price on the vacant land parcel was $475,000 and the gain on the sale was approximately $76,000, or $0.01 per share, after tax. In conjunction with the sale, the Company originated a loan with the buyer at a principal loan amount of $400,000 which bears interest at a fixed rate of 7.50% and an initial term of 2.5 years.

Commercial Loan Payoff

On November 3, 2020, the Company’s $2.07 million loan with the buyer of the Company’s former golf operations was repaid by the borrower generating proceeds of approximately $2.0 million.

Billboard Sale

On November 2, 2020, the Company sold eight of its nine remaining billboard sights for a sales price of approximately $1.5 million, an estimated gain of approximately $1.5 million, or $0.24 per share, after tax. The Company expects to use the proceeds as part of a 1031 like-kind exchange.

Mitigation Bank JV – Put Right

In October 2020, BlackRock exercised its Put Right and put 8.536 mitigation credits to the Company, which the Company purchased for approximately $640,000, or $75,000 per credit. The Company evaluated the impact of the exercised Put Right on the fair value of the Company’s investment in the Mitigation Bank JV noting no impairment. The Company evaluates its estimates of fair value on an ongoing basis; however, actual results may differ from those estimates.

Intercompany Transactions

On October 1, 2020, the wholly owned, consolidated subsidiary that holds the interest in the Land JV entered into an inter-company note with CTO Realty Growth, Inc. for a principal amount of $7.0 million, the proceeds of which will be used for the payment of estimated income taxes and other operating expenses. The fixed interest at 5.0% will be eliminated upon consolidation.

Special Distribution upon REIT Conversion

As discussed above under Note 1, “Description of Business and Principles of Interim Statements”, the Board has unanimously approved a plan for the Company to elect to be subject to tax as a REIT for U.S. federal income tax purposes commencing with its taxable year ending December 31, 2020. A REIT is required to distribute any earnings and profits accumulated during years when the company, or its predecessor, was taxed as a C corporation by the end of its first REIT year (or the following January, if the distribution was declared and has a record date in October, November, or December of the first REIT year). For us to elect REIT status for our 2020 taxable year, we must declare one or more distributions to our shareholders, on or before December 31, 2020, of our previously undistributed earnings and profits attributable to the taxable periods ended on or prior to December 31, 2019, which we refer to as our “Pre-REIT Conversion Earnings and Profits.”

Therefore, for purposes of qualifying as a REIT, we plan to make a one-time special distribution to our shareholders, which we refer to as the “Special Distribution,” to ensure that we have distributed all of our Pre-REIT Conversion Earnings and Profits. We expect to pay the Special Distribution in a combination of cash and our common stock, with each shareholder being permitted to elect to receive the shareholder’s entire entitlement under the Special Distribution in either cash or common stock, subject to a limit on the total amount of cash that will be payable in the Special Distribution.

We currently expect that the aggregate amount of the Special Distribution will be between approximately $52.0 million and $56.0 million, which we expect to pay in a combination of 90% NEWCO common stock and 10% cash. A holder of our common stock will be required to report dividend income as a result of the Special Distribution even if such shareholder receives no cash or only nominal amounts of cash in the distribution.

We expect that that the Special Distribution will be declared in the fourth quarter of 2020 and paid in December 2020. The details and consequences of the Special Distribution will be described in the election form and accompanying materials that will be mailed to shareholders in connection with the Special Distribution.

There were no other reportable subsequent events or transactions.

DESCRIPTION OF BUSINESS AND PRINCIPLES OF INTERIM STATEMENTS (Policies)

9 Months Ended

Sep. 30, 2020

DESCRIPTION OF BUSINESS AND PRINCIPLES OF INTERIM STATEMENTS

Interim Financial Information

The results of operations for the three and nine months ended September 30, 2020 are not necessarily indicative of results to be expected for the year ending December 31, 2020.

Principles of Consolidation

Use of Estimates in Preparation of Financial Statements

Recently Issued Accounting Standards

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

●

Cash and Cash Equivalents

Restricted Cash

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

Recognition of Interest Income from Commercial Loan and Master Lease Investments

Mitigation Credits

Accounts Receivable

Purchase Accounting for Acquisitions of Real Estate Subject to a Lease

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.

Sales of Real Estate

Income Taxes

REVENUE RECOGNITION (Tables)

9 Months Ended

Sep. 30, 2020

REVENUE RECOGNITION

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


		Income Properties		Management Services		Commercial Loan and Master Lease Investments		Real Estate Operations		Total Revenues
		($000's)		($000's)		($000's)		($000's)		($000's)
Major Good / Service:
	Lease Revenue - Base Rent	$	9,610	$	—	$	—	$	—	$	9,610
	Lease Revenue - CAM		866		—		—		—		866
	Lease Revenue - Reimbursements		1,432		—		—		—		1,432
	Lease Revenue - Billboards		43		—		—		—		43
	Above / Below Market Lease Accretion		433		—		—		—		433
	Lease Incentive Amortization		43		—		—		—		43
	Management Services		—		682		—		—		682
	Commercial Loan and Master Lease Investments		—		—		413		—		413
	Subsurface Revenue - Other		—		—		—		544		544
	Interest and Other Revenue		506		—		—		—		506
	Total Revenues	$	12,933	$	682	$	413	$	544	$	14,572

Timing of Revenue Recognition:
	Asset/Good Transferred at a Point in Time	$	—	$	—	$	—	$	544	$	544
	Services Transferred Over Time		506		682		—		—		1,188
	Over Lease Term		12,427		—		—		—		12,427
	Commercial Loan and Master Lease Investments Related Revenue		—		—		413		—		413
	Total Revenues	$	12,933	$	682	$	413	$	544	$	14,572


		Income Properties		Commercial Loan and Master Lease Investments		Real Estate Operations		Total Revenues
		($000's)		($000's)		($000's)		($000's)
Major Good / Service:
	Lease Revenue - Base Rent	$	8,811	$	—	$	18	$	8,829
	Lease Revenue - CAM		277		—		—		277
	Lease Revenue - Reimbursements		508		—		—		508
	Lease Revenue - Billboards		62		—		—		62
	Above / Below Market Lease Accretion		607		—		—		607
	Contributed Leased Assets Accretion		49		—		—		49
	Lease Incentive Amortization		(76)		—		—		(76)
	Commercial Loan and Master Lease Investments		—		855		—		855
	Subsurface Lease Revenue		—		—		186		186
	Subsurface Revenue - Other		—		—		10		10
	Interest and Other Revenue		23		—		—		23
	Total Revenues	$	10,261	$	855	$	214	$	11,330

Timing of Revenue Recognition:
	Asset/Good Transferred at a Point in Time	$	—	$	—	$	10	$	10
	Services Transferred Over Time		23		—		—		23
	Over Lease Term		10,238		—		204		10,442
	Commercial Loan and Master Lease Investments Related Revenue		—		855		—		855
	Total Revenues	$	10,261	$	855	$	214	$	11,330



		Income Properties ($000's)		Management Services ($000's)		Commercial Loan and Master Lease Investments ($000's)		Real Estate Operations ($000's)		Total Revenues ($000's)
Major Good / Service:
	Lease Revenue - Base Rent	$	27,630	$	—	$	—	$	—	$	27,630
	Lease Revenue - CAM		2,452		—		—		—		2,452
	Lease Revenue - Reimbursements		2,918		—		—		—		2,918
	Lease Revenue - Billboards		170		—		—		—		170
	Above / Below Market Lease Accretion		1,352		—		—		—		1,352
	Lease Incentive Amortization		130		—		—		—		130
	Management Services		—		2,080		—		—		2,080
	Commercial Loan and Master Lease Investments		—		—		2,300		—		2,300
	Mitigation Credit Sales		—		—		—		4		4
	Subsurface Revenue - Other		—		—		—		627		627
	Interest and Other Revenue		757		—		—		—		757
	Total Revenues	$	35,409	$	2,080	$	2,300	$	631	$	40,420

Timing of Revenue Recognition:
	Asset/Good Transferred at a Point in Time	$	—	$	—	$	—	$	631	$	631
	Services Transferred Over Time		757		2,080		—		—		2,837
	Over Lease Term		34,652		—		—		—		34,652
	Commercial Loan and Master Lease Investments Related Revenue		—		—		2,300		—		2,300
	Total Revenues	$	35,409	$	2,080	$	2,300	$	631	$	40,420


		Income Properties ($000's)		Commercial Loan and Master Lease Investments ($000's)		Real Estate Operations ($000's)		Total Revenues ($000's)
Major Good / Service:
	Lease Revenue - Base Rent	$	26,652	$	—	$	72	$	26,724
	Lease Revenue - CAM		1,092		—		—		1,092
	Lease Revenue - Reimbursements		1,597		—		—		1,597
	Lease Revenue - Billboards		191		—		—		191
	Above / Below Market Lease Accretion		1,811		—		—		1,811
	Contributed Leased Assets Accretion		173		—		—		173
	Lease Incentive Amortization		(227)		—		—		(227)
	Commercial Loan and Master Lease Investments		—		908		—		908
	Subsurface Lease Revenue		—		—		598		598
	Subsurface Revenue - Other		—		—		39		39
	Interest and Other Revenue		72		—		—		72
	Total Revenues	$	31,361	$	908	$	709	$	32,978

Timing of Revenue Recognition:
	Asset/Good Transferred at a Point in Time	$	—	$	—	$	39	$	39
	Services Transferred Over Time		72		—		—		72
	Over Lease Term		31,289		—		670		31,959
	Commercial Loan and Master Lease Investments Related Revenue		—		908		—		908
	Total Revenues	$	31,361	$	908	$	709	$	32,978

INCOME PROPERTIES AND LEASES (Tables)

9 Months Ended

Sep. 30, 2020

Schedule of components of leasing revenue

The components of leasing revenue are as follows:


	Three Months Ended				Nine Months Ended
	September 30, 2020		September 30, 2019		September 30, 2020		September 30, 2019
	($000's)		($000's)		($000's)		($000's)
Leasing Revenue
Lease Payments	$	10,086	$	9,391	$	29,112	$	28,409
Variable Lease Payments		2,847		870		6,297		2,952
Total Leasing Revenue	$	12,933	$	10,261	$	35,409	$	31,361

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

Minimum future base rental revenue on non-cancelable leases subsequent to September 30, 2020, for the next five years ended December 31 are summarized as follows:


Year Ending December 31,	Amounts ($000's)
Remainder of 2020	$	9,192
2021		40,087
2022		38,101
2023		35,736
2024		34,096
2025 and thereafter (cumulative)		226,539
Total	$	383,751

Schedule of properties disposed


	As of September 30, 2020
	Land JV		Single-Tenant Income Properties		Total Assets (Liabilities) Held for Sale
Plant, Property, and Equipment—Net	$	—	$	26,296,202	$	26,296,202
Restricted Cash		834,044		—		834,044
Intangible Lease Assets—Net		—		2,716,968		2,716,968
Intangible Lease Liabilities—Net		—		(433,263)		(433,263)
Total Assets Held for Sale	$	834,044	$	28,579,907	$	29,413,951

Deferred Revenue	$	(831,320)	$	—	$	(831,320)
Total Liabilities Held for Sale	$	(831,320)	$	—	$	(831,320)


	As of December 31, 2019
	Land JV		Single-Tenant Income Properties		Total Assets (Liabilities) Held for Sale
Restricted Cash	$	833,167	$	—	$	833,167
Total Assets Held for Sale	$	833,167	$	—	$	833,167

Deferred Revenue	$	(831,320)	$	—	$	(831,320)
Total Liabilities Held for Sale	$	(831,320)	$	—	$	(831,320)

2020 acquisitions of income property subject to lease

Schedule of properties acquired

The properties acquired during the nine months ended September 30, 2020 are described below:


Tenant Description	Tenant Type	Property Location	Date of Acquisition	Property Square-Feet	Purchase Price		Percentage Leased at Acquisition	Remaining Lease Term at Acquisition Date (in years)
Crossroads Towne Center	Multi-Tenant	Chandler, AZ	01/24/20	254,109	$	61,800,000	99%	5.0
Ashford Lane (fka Perimeter Place)	Multi-Tenant	Atlanta, GA	02/21/20	268,572		75,435,000	80%	3.6
Ford Motor Credit	Single-Tenant	Tampa, FL	08/21/20	120,500		26,900,000	100%	5.6
Master Tenant - Hialeah ⁽¹⁾	Single-Tenant	Hialeah, FL	09/25/20	108,029		21,000,000	100%	25.0
		Total / Weighted Average		751,210	$	185,135,000		6.5

⁽¹⁾

2019 acquisitions of income property subject to lease

Schedule of properties acquired


Tenant Description	Tenant Type	Property Location	Date of Acquisition	Property Square-Feet	Purchase Price		Percentage Leased at Acquisition	Remaining Lease Term at Acquisition Date (in years)
Hobby Lobby Stores, Inc.	Single-Tenant	Winston-Salem, NC	05/16/19	55,000	$	8,075,000	100%	10.9
24 Hour Fitness USA, Inc.	Single-Tenant	Falls Church, VA	05/23/19	46,000		21,250,000	100%	8.6
Walgreen Co.	Single-Tenant	Birmingham, AL	06/05/19	14,516		5,500,000	100%	9.8
Family Dollar Stores of Massachusetts, Inc.	Single-Tenant	Lynn, MA	06/07/19	9,228		2,100,000	100%	4.8
Walgreen Co.	Single-Tenant	Albany, GA	06/21/19	14,770		3,634,000	100%	13.6
Carpenter Hotel ⁽¹⁾	Single-Tenant	Austin, TX	07/05/19	N/A		16,250,000	100%	99.1
General Dynamics Corporation	Single-Tenant	Reston, VA	07/12/19	64,319		18,600,000	100%	9.9
Live Nation Entertainment, Inc.	Single-Tenant	East Troy, WI	08/30/19	N/A		7,500,000	100%	10.6
Party City Corporation	Single-Tenant	Oceanside, NY	09/24/19	15,500		7,120,000	100%	10.2
	Total / Weighted Average			219,333	$	90,029,000		25.9

⁽¹⁾

Disposal Group, Disposed of by Sale, Not Discontinued Operations

Schedule of properties disposed


Tenant Description	Tenant Type	Date of Disposition	Sales Price		Gain (Loss) on Sale		EPS, After Tax
CVS, Dallas, TX	Single-Tenant	04/24/20	$	15,222,000	$	854,336	$	0.14
Wawa, Daytona Beach, FL	Single-Tenant	04/29/20		6,002,400		1,768,603		0.29
JPMorgan Chase Bank, Jacksonville, FL	Single-Tenant	06/18/20		6,714,738		959,444		0.15
7-Eleven, Dallas, TX	Multi-Tenant	06/26/20		2,400,000		(45,615)		(0.01)
Bank of America, Monterey, CA	Single-Tenant	06/29/20		9,000,000		3,892,049		0.63
Wawa, Jacksonville, FL	Single-Tenant	07/23/20		7,143,000		245,696		0.04
Carrabbas, Austin, TX	Single-Tenant	08/05/20		2,554,772		(83,834)		(0.01)
PDQ, Jacksonville, FL	Single-Tenant	09/08/20		2,540,000		127,874		0.02
	Total / Weighted Average		$	51,576,910	$	7,718,553	$	1.25

Disposal Group, Disposed of by Sale, Not Discontinued Operations | Multi-tenant

Schedule of properties disposed


Tenant Description	Tenant Type	Date of Disposition	Sales Price		Gain on Sale		EPS, After Tax
Whole Foods, Sarasota, FL	Multi-Tenant	02/21/19	$	24,620,000	$	6,869,957	$	0.96
The Grove, Winter Park, FL	Multi-Tenant	05/23/19		18,250,000		2,803,198		0.42
3600 Peterson, Santa Clara, CA	Multi-Tenant	06/24/19		37,000,000		9,008,709		1.36
Wawa, Winter Park, FL	Single-Tenant	08/07/19		2,777,778		2,123,955		0.33
		Total / Weighted Average	$	82,647,778	$	20,805,819	$	3.07

- 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.

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+ Details

COMMERCIAL LOAN AND MASTER LEASE INVESTMENTS (Tables)

9 Months Ended

Sep. 30, 2020

COMMERCIAL LOAN AND MASTER LEASE INVESTMENTS

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

The Company’s commercial loan and master lease investments were comprised of the following at September 30, 2020:


Description	Date of Investment	Maturity Date	Original Face Amount		Current Face Amount		Carrying Value		Coupon Rate
Ground Lease Loan – 400 Josephine Street, Austin, TX	July 2019	N/A	$	16,250,000	$	16,250,000	$	16,734,256	N/A
Golf Operations Buyer Loan – Daytona Beach, FL	Oct 2019	Oct 2020		2,070,000		2,070,000		1,860,455	7.50%
Master Tenant – Hialeah Lease Loan – Hialeah, FL	September 2020	N/A		21,084,901		21,084,901		21,084,901	N/A
			$	39,404,901	$	39,404,901	$	39,679,612

The carrying value of the commercial loan and master lease investments portfolio at September 30, 2020 and December 31, 2019 consisted of the following:


	September 30, 2020		December 30, 2019
Current Face Amount	$	39,404,901	$	34,570,000
Imputed Interest over Rent Payments Received on Ground Lease Loan		484,256		193,943
Unaccreted Origination Fees		(2,545)		(138,770)
Impairment / CECL Reserve		(207,000)		—
Total Commercial Loan and Master Lease Investments	$	39,679,612	$	34,625,173

RELATED PARTY MANAGEMENT SERVICES BUSINESS (Tables)

9 Months Ended

Sep. 30, 2020

Schedule of amounts due from PINE

The following table represents amounts due from PINE to the Company as of September 30, 2020 and December 31, 2019 which are included in other assets on the consolidated balance sheets:


	As of
Description	September 30, 2020		December 31, 2019
Management Services Fee due from PINE	$	631	$	254
Dividend Receivable		79		71
Other		(1)		56
Total	$	709	$	381

REAL ESTATE OPERATIONS (Tables)

9 Months Ended

Sep. 30, 2020

REAL ESTATE OPERATIONS

Schedule of components of real estate operations revenue


		Three Months Ended				Nine Months Ended
	September 30, 2020		September 30, 2019		September 30, 2020		September 30, 2019
Revenue Description	($000's)		($000's)		($000's)		($000's)
Mitigation Credit Sales	$	—	$	—	$	4	$	—
Subsurface Revenue		544		196		621		637
Fill Dirt and Other Revenue		—		18		6		72
Total Real Estate Operations Revenue	$	544	$	214	$	631	$	709

INVESTMENTS IN JOINT VENTURES (Tables)

9 Months Ended

Sep. 30, 2020

Summarized financial information of the Company's JV Investment


	As of
	September 30, 2020		December 31, 2019
Land JV	$	48,864,662	$	48,864,662
Mitigation Bank JV		6,907,601		6,872,006
Total Investments in Joint Ventures	$	55,772,263	$	55,736,668

Land JV

Summarized financial information of the Company's JV Investment

The following table provides summarized financial information of the Land JV as of September 30, 2020 and December 31, 2019:


	As of
	September 30, 2020		December 31, 2019
	($000's)		($000's)
Assets, cash and cash equivalents	$	1,204	$	15,066
Assets, prepaid expenses		77		61
Assets, receivables		5		—
Assets, investment in land assets		7,265		17,058
Total Assets	$	8,551	$	32,185

Liabilities, accounts payable, deferred revenue	$	199	$	987
Equity	$	8,352	$	31,198
Total Liabilities & Equity	$	8,551	$	32,185


	Three Months Ended		Nine Months Ended
	September 30, 2020		September 30, 2020
	($000's)		($000's)
Revenues	$	46,051	$	53,877
Direct Cost of Revenues		8,377		11,752
Operating Income	$	37,674	$	42,125
Other Operating Expenses		105		379
Net Income	$	37,569	$	41,746

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 September 30, 2020 and December 31, 2019:


	As of
	September 30, 2020		December 31, 2019
	($000's)		($000's)
Assets, cash and cash equivalents	$	1,905	$	4,015
Assets, prepaid expenses		30		19
Assets, investment in mitigation credit assets		1,432		1,521
Assets, property, plant, and equipment—net		15		17
Total Assets	$	3,382	$	5,572

Liabilities, accounts payable, deferred mitigation credit sale revenue	$	18	$	39
Equity	$	3,364	$	5,533
Total Liabilities & Equity	$	3,382	$	5,572

The following table provides summarized financial information of the Mitigation Bank JV for the three and nine months ended September 30, 2020 and 2019:


	Three Months Ended				Nine Months Ended
	September 30, 2020		September 30, 2019		September 30, 2020		September 30, 2019
	($000's)		($000's)		($000's)		($000's)
Revenues	$	1,481	$	—	$	3,359	$	47
Direct Cost of Revenues		58		—		139		4
Operating Income	$	1,423	$	—	$	3,220	$	43
Other Operating Expenses		12		36		159		162
Net Income	$	1,411	$	(36)	$	3,061	$	(119)

INVESTMENT SECURITIES (Tables)

9 Months Ended

Sep. 30, 2020

INVESTMENT SECURITIES

Schedule of marketable securities


	As of September 30, 2020
	Cost		Unrealized Gains in Investment Income		Unrealized Losses in Investment Income		Estimated Fair Value (Level 1 and 2 Inputs)
Common Stock	$	15,500,000	$	—	$	(2,814,466)	$	12,685,534
Operating Units		23,253,230		—		(4,222,300)		19,030,930
Total Equity Securities		38,753,230		—		(7,036,766)		31,716,464
Total Available-for-Sale Securities	$	38,753,230	$	—	$	(7,036,766)	$	31,716,464


	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 Available-for-Sale Securities	$	38,753,230	$	61,195	$	—	$	38,814,425

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2020

FAIR VALUE OF FINANCIAL INSTRUMENTS

Schedule of carrying value and estimated fair value of financial instruments


	September 30, 2020				December 31, 2019
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Cash and Cash Equivalents - Level 1	$	6,351,772	$	6,351,772	$	6,474,637	$	6,474,637
Restricted Cash - Level 1	$	2,425,944	$	2,425,944	$	128,430,049	$	128,430,049
Commercial Loan and Master Lease Investments - Level 2	$	39,679,612	$	39,679,612	$	34,625,173	$	35,001,997
Long-Term Debt - Level 2	$	276,916,118	$	282,792,605	$	287,218,303	$	288,830,346

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

The following table presents the fair value of assets (liabilities) measured on a recurring basis by Level as of September 30, 2020:


			Fair Value at Reporting Date Using
	9/30/2020		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash Flow Hedge - Interest Rate Swap - Wells Fargo	$	(152,264)	$	—	$	(152,264)	$	—
Cash Flow Hedge - Interest Rate Swap - BMO ⁽¹⁾	$	(2,027,237)	$	—	$	(2,027,237)	$	—
Cash Flow Hedge - Interest Rate Swap - BMO ⁽²⁾	$	(114,692)	$	—	$	(114,692)	$	—
Investment Securities	$	31,716,464	$	31,716,464	$	—	$	—

⁽¹⁾	Effective March 31, 2020, utilized interest rate swap to achieve fixed interest rate of 0.7325% plus the applicable spread on $100.0 million of the outstanding principal balance on the Credit Facility.

⁽²⁾	Effective August 31, 2020, utilized a separate interest rate swap to achieve fixed interest rate of 0.2200% plus the applicable spread on $50.0 million of the outstanding principal balance on the Credit Facility.

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


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

INTANGIBLE LEASE ASSETS AND LIABILITIES (Tables)

9 Months Ended

Sep. 30, 2020

INTANGIBLE ASSETS AND LIABILITIES

Schedule of components of intangible lease assets and liabilities


	As of
	September 30, 2020		December 31, 2019
Intangible Lease Assets:
Value of In-Place Leases	$	44,808,735	$	42,584,264
Value of Above Market In-Place Leases		10,603,647		7,119,316
Value of Intangible Leasing Costs		13,469,844		14,645,780
Sub-total Intangible Lease Assets		68,882,226		64,349,360
Accumulated Amortization		(16,135,790)		(15,327,182)
Sub-total Intangible Lease Assets—Net		52,746,436		49,022,178
Intangible Lease Liabilities (included in accrued and other liabilities):
Value of Below Market In-Place Leases		(36,816,543)		(36,507,336)
Sub-total Intangible Lease Liabilities		(36,816,543)		(36,507,336)
Accumulated Amortization		11,905,622		10,309,088
Sub-total Intangible Lease Liabilities—Net		(24,910,921)		(26,198,248)
Total Intangible Assets and Liabilities—Net	$	27,835,515	$	22,823,930

Schedule of amortization of intangible assets and liabilities


	Three Months Ended				Nine Months Ended
	September 30, 2020		September 30, 2019		September 30, 2020		September 30, 2019
	($000's)		($000's)		($000's)		($000's)
Depreciation and Amortization Expense	$	1,875	$	1,590	$	5,892	$	4,276
Increase to Income Properties Revenue		(434)		(607)		(1,352)		(1,810)
Net Amortization of Intangible Assets and Liabilities	$	1,441	$	983	$	4,540	$	2,466

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
Remainder of 2020	$	1,945,990	$	(397,857)	$	1,548,133
2021		7,292,037		(1,683,643)		5,608,394
2022		6,884,720		(1,754,803)		5,129,917
2023		6,761,361		(1,752,426)		5,008,935
2024		6,725,808		(1,667,747)		5,058,061
2025 and thereafter		14,692,622		(9,210,547)		5,482,075
Total	$	44,302,538	$	(16,467,023)	$	27,835,515

OTHER ASSETS (Tables)

9 Months Ended

Sep. 30, 2020

OTHER ASSETS

Schedule of components of other assets


	As of
	September 30, 2020		December 31, 2019
Income Property Tenant Receivables	$	2,852,893	$	532,636
Income Property Straight-line Rent Adjustment		5,599,487		3,352,245
Interest Receivable from Commercial Loan and Master Lease Investments		6,038		96,604
Operating Leases - Right-of-Use Asset		275,756		363,631
Golf Rounds Surcharge		476,584		549,251
Cash Flow Hedge - Interest Rate Swap		—		99,021
Infrastructure Reimbursement Receivables		1,613,247		1,591,445
Deferred Deal Costs		—		4,787
Prepaid Expenses, Deposits, and Other		698,256		3,113,929
Due from Alpine Income Property Trust, Inc.		709,165		—
Total Other Assets	$	12,231,426	$	9,703,549

COMMON STOCK AND EARNINGS PER SHARE (Tables)

9 Months Ended

Sep. 30, 2020

COMMON STOCK AND EARNINGS PER SHARE

Schedule of computation of earnings per share


		Three Months Ended				Nine Months Ended
	September 30, 2020		September 30, 2019		September 30, 2020		September 30, 2019
Income Available to Common Shareholders:
Net Income (Loss)	$	(1,521,504)	$	1,486,020	$	(1,172,839)	$	18,550,919
Weighted Average Shares Outstanding		4,654,329		4,868,133		4,673,049		5,053,407
Common Shares Applicable to Stock
Options Using the Treasury Stock Method		—		—		—		811
Total Shares Applicable to Diluted Earnings Per Share		4,654,329		4,868,133		4,673,049		5,054,218

Per Share Information:
Basic and Diluted
Net Income (Loss) from Continuing Operations	$	(0.33)	$	0.35	$	(0.25)	$	3.11
Net Income (Loss) from Discontinued Operations (Net of Tax)		—		(0.04)		—		0.56
Net Income (Loss)	$	(0.33)	$	0.31	$	(0.25)	$	3.67

LONG-TERM DEBT (Tables)

9 Months Ended

Sep. 30, 2020

LONG-TERM DEBT

Schedule of outstanding indebtedness, at face value

As of September 30, 2020, the Company’s outstanding indebtedness, at face value, was as follows:


	Face		Maturity	Interest
	Value Debt		Date	Rate
Credit Facility⁽¹⁾	$	168,845,349	May 2023		30-day LIBOR plus 1.35% - 1.95%
Mortgage Note Payable (originated with Wells Fargo) ⁽²⁾		30,000,000	October 2034		4.330%
Mortgage Note Payable (originated with Wells Fargo) ⁽³⁾		23,362,430	April 2021		3.170%
3.875% Convertible Senior Notes due 2025		62,468,000	April 2025		3.875%
Total Long-Term Face Value Debt	$	284,675,779

⁽¹⁾

⁽²⁾

⁽³⁾

Schedule of components of long-term debt


	September 30, 2020				December 31, 2019
			Due Within				Due Within
	Total		One Year		Total		One Year
Credit Facility	$	168,845,349	$	—	$	159,845,349	$	—
Mortgage Note Payable (originated with Wells Fargo)		30,000,000		—		30,000,000		—
Mortgage Note Payable (originated with Wells Fargo)		23,362,430		23,362,430		23,884,373		—
4.500% Convertible Senior Notes, net of discount		—		—		74,706,078		75,000,000
3.875% Convertible Senior Notes, net of discount		55,983,486		—		—		—
Loan Costs, net of accumulated amortization		(1,275,147)		—		(1,217,497)		—
Total Long-Term Debt	$	276,916,118	$	23,362,430	$	287,218,303	$	75,000,000

Schedule of payments applicable to reduction of principal amounts


Year Ending December 31,	Amount
Remainder of 2020	$	—
2021		23,362,430
2022		—
2023		168,845,349
2024		—
2025 and thereafter		92,468,000
Total Long-Term Debt - Face Value	$	284,675,779

Schedule of carrying value of long-term debt


	Total
Current Face Amount	$	284,675,779
Unamortized Discount on Convertible Debt		(6,484,514)
Loan Costs, net of accumulated amortization		(1,275,147)
Total Long-Term Debt	$	276,916,118

Schedule of interest expense on debt


	Three Months Ended				Nine Months Ended
	September 30, 2020		September 30, 2019		September 30, 2020		September 30, 2019
	($000's)		($000's)		($000's)		($000's)
Interest Expense	$	2,056	$	2,801	$	6,978	$	7,885
Amortization of Loan Costs		114		111		338		324
Amortization of Discount on Convertible Notes		307		342		1,067		1,010
Total Interest Expense	$	2,477	$	3,254	$	8,383	$	9,219

Total Interest Paid	$	1,460	$	3,075	$	7,096	$	8,142

- 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

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-Name Accounting Standards Codification
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 835
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-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
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-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

ACCRUED AND OTHER LIABILITIES (Tables)

9 Months Ended

Sep. 30, 2020

ACCRUED AND OTHER LIABILITIES

Schedule of components of accrued and other liabilities


	As of
	September 30, 2020		December 31, 2019
Accrued Property Taxes	$	1,671,365	$	44,232
Reserve for Tenant Improvements		1,644,246		617,968
Accrued Construction Costs		83,077		93,270
Accrued Interest		1,194,059		1,312,801
Environmental Reserve and Restoration Cost Accrual		106,069		205,774
Interest Rate Swaps		2,294,193		—
Operating Leases - Liability		274,480		364,888
Other		2,430,009		3,048,259
Total Accrued and Other Liabilities	$	9,697,498	$	5,687,192

DEFERRED REVENUE (Tables)

9 Months Ended

Sep. 30, 2020

DEFERRED REVENUE

Schedule of components of deferred revenue


	As of
	September 30, 2020		December 31, 2019
Interest Reserve from Commercial Loan and Master Lease Investments	$	—	$	834,972
Prepaid Rent		2,838,831		2,063,173
Tenant Contributions		638,432		2,888,822
Other Deferred Revenue		207,580		43,753
Total Deferred Revenue	$	3,684,843	$	5,830,720

STOCK-BASED COMPENSATION (Tables)

9 Months Ended

Sep. 30, 2020

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 nine months ended September 30, 2020, is presented below:


Type of Award	Shares Outstanding at 1/1/2020	Granted Shares	Vested / Exercised Shares	Expired Shares	Forfeited Shares	Shares Outstanding at 9/30/2020
Equity Classified - Performance Share Awards - Peer Group Market Condition Vesting	49,275	19,641	(12,635)	—	(7,230)	49,051
Equity Classified - Market Condition Restricted Shares - Stock Price Vesting	22,000	—	—	—	—	22,000
Equity Classified - Three Year Vest Restricted Shares	37,595	19,451	(18,054)	—	(4,513)	34,479
Equity Classified - Non-Qualified Stock Option Awards	80,000	—	—	—	—	80,000
Total Shares	188,870	39,092	(30,689)	—	(11,743)	185,530

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

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


	Three Months Ended				Nine Months Ended
	September 30, 2020		September 30, 2019		September 30, 2020		September 30, 2019
Total Cost of Share-Based Plans Charged Against Income Before Tax Effect	$	616,355	$	613,292	$	2,135,278	$	2,059,167

Income Tax Expense Recognized in Income	$	(150,052)	$	(155,439)	$	(519,833)	$	(521,896)

Peer Group Market Condition Vesting

STOCK-BASED COMPENSATION

Summary of performance share awards activity

A summary of activity during the nine months ended September 30, 2020, is presented below:


		Wtd. Avg.
Performance Shares with Market Conditions	Shares	Fair Value
Outstanding at January 1, 2020	49,275	$	65.59
Granted	19,641		54.69
Vested	(12,635)		54.66
Expired	—		—
Forfeited	(7,230)		63.81
Outstanding at September 30, 2020	49,051	$	64.05

Stock Price Vesting

STOCK-BASED COMPENSATION

Summary of nonvested restricted stock award activity

A summary of the activity for these awards during the nine months ended September 30, 2020, is presented below:


		Wtd. Avg.
Market Condition Non-Vested Restricted Shares	Shares	Fair Value
Outstanding at January 1, 2020	22,000	$	41.71
Granted	—		—
Vested	—		—
Expired	—		—
Forfeited	—		—
Outstanding at September 30, 2020	22,000	$	41.71

Three-Year Vesting

STOCK-BASED COMPENSATION

Summary of nonvested restricted stock award activity

A summary of activity during the nine months ended September 30, 2020, is presented below:


		Wtd. Avg.
		Fair Value
Three Year Vest Non-Vested Restricted Shares	Shares	Per Share
Outstanding at January 1, 2020	37,595	$	60.21
Granted	19,451		59.70
Vested	(18,054)		59.69
Expired	—		—
Forfeited	(4,513)		60.14
Outstanding at September 30, 2020	34,479	$	60.20

Amended and Restated 2010 Equity Incentive Plan

STOCK-BASED COMPENSATION

Summary of non-vested stock option awards

A summary of the activity for the awards during the nine months ended September 30, 2020, is presented below:


Non-Qualified Stock Option Awards	Shares	Wtd. Avg. Ex. Price		Wtd. Avg. Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding at January 1, 2020	80,000	$	55.63
Granted	—		—
Exercised	—		—
Expired	—		—
Forfeited	—		—
Outstanding at September 30, 2020	80,000	$	55.63	4.51	$	—
Exercisable at January 1, 2020	80,000	$	55.63	6.50	$	25,000
Exercisable at September 30, 2020	80,000	$	55.63	4.51	$	—

BUSINESS SEGMENT DATA (Tables)

9 Months Ended

Sep. 30, 2020

BUSINESS SEGMENT DATA

Schedule of operations in different segments


	Three Months Ended				Nine Months Ended
	September 30, 2020		September 30, 2019		September 30, 2020		September 30, 2019
Revenues:
Income Properties	$	12,933,029	$	10,260,831	$	35,409,172	$	31,360,544
Management Services		682,153		—		2,079,805		—
Commercial Loan and Master Lease Investments		413,092		855,559		2,300,331		908,324
Real Estate Operations		543,700		213,589		630,841		709,261
Total Revenues	$	14,571,974	$	11,329,979	$	40,420,149	$	32,978,129
Operating Income:
Income Properties	$	9,340,154	$	8,784,543	$	27,134,740	$	26,317,048
Management Services		682,153		—		2,079,805		—
Commercial Loan and Master Lease Investments		413,092		855,559		2,300,331		908,324
Real Estate Operations		(1,137,883)		205,105		(2,631,743)		614,481
General and Corporate Expense		(8,103,039)		(6,547,564)		(24,843,608)		(18,589,234)
Gain on Disposition of Assets		289,736		2,187,332		7,365,594		20,869,196
Gain on Extinguishment of Debt		—		—		1,141,481		—
Total Operating Income	$	1,484,213	$	5,484,975	$	12,546,600	$	30,119,815
Depreciation and Amortization:
Income Properties	$	4,751,289	$	4,281,286	$	14,314,300	$	11,690,110
Corporate and Other		10,768		5,550		21,415		17,600
Total Depreciation and Amortization	$	4,762,057	$	4,286,836	$	14,335,715	$	11,707,710
Capital Expenditures:
Income Properties	$	48,189,074	$	50,099,717	$	186,430,666	$	91,130,209
Commercial Loan and Master Lease Investments		—		8,167,500		6,754,375		16,007,500
Discontinued Real Estate Operations		—		694,310		—		2,593,803
Corporate and Other		4,040		—		16,357		2,061
Total Capital Expenditures	$	48,193,114	$	58,961,527	$	193,201,398	$	109,733,573

Identifiable assets of each segment as of September 30, 2020 and December 31, 2019 are as follows:


	As of
	September 30, 2020		December 31, 2019
Identifiable Assets:
Income Properties	$	567,604,674	$	464,285,272
Commercial Loan and Master Lease Investments		39,685,650		35,742,218
Real Estate Operations		66,806,074		65,554,619
Discontinued Land Operations		833,167		833,167
Corporate and Other		10,502,396		136,870,927
Total Assets	$	685,431,961	$	703,286,203

ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS (Tables)

9 Months Ended

Sep. 30, 2020

ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS

Schedule of assets and liabilities held for sale and discontinued operations


	As of September 30, 2020
	Land JV		Single-Tenant Income Properties		Total Assets (Liabilities) Held for Sale
Plant, Property, and Equipment—Net	$	—	$	26,296,202	$	26,296,202
Restricted Cash		834,044		—		834,044
Intangible Lease Assets—Net		—		2,716,968		2,716,968
Intangible Lease Liabilities—Net		—		(433,263)		(433,263)
Total Assets Held for Sale	$	834,044	$	28,579,907	$	29,413,951

Deferred Revenue	$	(831,320)	$	—	$	(831,320)
Total Liabilities Held for Sale	$	(831,320)	$	—	$	(831,320)


	As of December 31, 2019
	Land JV		Single-Tenant Income Properties		Total Assets (Liabilities) Held for Sale
Restricted Cash	$	833,167	$	—	$	833,167
Total Assets Held for Sale	$	833,167	$	—	$	833,167

Deferred Revenue	$	(831,320)	$	—	$	(831,320)
Total Liabilities Held for Sale	$	(831,320)	$	—	$	(831,320)

Summary of discontinued operations


	Three Months Ended		Nine Months Ended
	September 30, 2019		September 30, 2019
Golf Operations Revenue	$	967,919	$	3,918,471
Golf Operations Direct Cost of Revenues		(1,326,150)		(4,711,113)
Loss from Operations		(358,231)		(792,642)
Loss from Discontinued Operations Before Income Tax		(358,231)		(792,642)
Income Tax Benefit		90,794		200,896
Loss from Discontinued Operations (Net of Income Tax)	$	(267,437)	$	(591,746)

Land Operations Revenue	$	418,151	$	10,968,151
Land Operations Direct Cost of Revenues		(333,664)		(6,353,235)
Income from Discontinued Operations Before Income Tax		84,487		4,614,916
Income Tax Expense		(21,414)		(1,169,650)
Income from Discontinued Operations (Net of Income Tax)	$	63,073	$	3,445,266

Total Income (Loss) from Discontinued Operations (Net of Income Tax)	$	(204,364)	$	2,853,520

- Definition

+ References

+ Details

DESCRIPTION OF BUSINESS AND PRINCIPLES OF INTERIM STATEMENTS - Description of Business (Details)	3 Months Ended	9 Months Ended
	Sep. 30, 2020 USD ($) ft² a county property	Sep. 30, 2020 USD ($) ft² a county property	Dec. 31, 2019 USD ($)	Nov. 26, 2019 USD ($)	Oct. 16, 2019 a	Sep. 30, 2019 ft²
Description of business
Percentage of contractual base rent received	91.00%
Percentage of contractual base rent for which the company has not yet reached an agreement	6.00%
Number of real estate properties \| property	1	1
Gross leasable space \| ft²	751,210	751,210				219,333
Estimated Fair Value (Level 1 and 2 Inputs) \| $	$ 31,716,464	$ 31,716,464	$ 38,814,425
Mitigation Bank
Description of business
Area of land owned	2,500	2,500
Florida
Description of business
Subsurface area of portfolio of mineral interests	455,000	455,000
Number of countries \| county	20	20
Commercial
Description of business
Number of real estate properties \| property	30	30
Number of states in which entity operates \| county	11	11
Gross leasable space \| ft²	2,500,000	2,500,000
Single-tenant
Description of business
Number of real estate properties \| property	24	24
Multi-tenant
Description of business
Number of real estate properties \| property	6	6
Undeveloped land \| Land JV
Description of business
Area of land held for sale	1,700	1,700
Undeveloped land \| Daytona Beach, FL
Description of business
Area of land (in acres)	1,700	1,700
Undeveloped Land in Daytona Beach, Florida, Along Interstate 95
Description of business
Area of land (in acres)					5,300
Alpine
Description of business
Estimated Fair Value (Level 1 and 2 Inputs) \| $	$ 31,700,000	$ 31,700,000		$ 38,800,000
Percentage of investment in PINE	23.50%	23.50%		23.50%
Stock split ratio		1
Credit Facility
Description of business
Borrowing capacity \| $	$ 200,000,000.0	$ 200,000,000.0
Remaining borrowing capacity \| $	$ 31,200,000	$ 31,200,000
Term for removal of property from borrowing base		60 days

DESCRIPTION OF BUSINESS AND PRINCIPLES OF INTERIM STATEMENTS - Recently Issued Accounting Standards - General Information (Details)	Sep. 30, 2020
Accounting Standards Update 2016-13
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, 2020
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, Adopted	true
Change in Accounting Principle, Accounting Standards Update, Adoption Date	Jan. 01, 2019

- Definition

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DESCRIPTION OF BUSINESS AND PRINCIPLES OF INTERIM STATEMENTS - Recently Issued Accounting Standards - Credit Losses (Details) $ in Thousands	Sep. 30, 2020 USD ($)
Commercial loan and master lease investments
Credit Losses
Current expected credit losses reserve	$ 252

DESCRIPTION OF BUSINESS AND PRINCIPLES OF INTERIM STATEMENTS - Recently Issued Accounting Standards - Leases (Details) - USD ($)	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Recently Issued Accounting Standards
Lease, Practical Expedients, Package	true
Lease, Practical Expedient, Lessor Single Lease Component	true
Right-of-use assets	$ 275,756		$ 363,631
Lease liabilities	274,480		$ 364,888
Increase in assets held for sale		$ 40,159
Increase in liabilities held for sale		$ 381,753
Golf Operations \| Discontinued Operations, Held-for-sale
Recently Issued Accounting Standards
Increase 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

DESCRIPTION OF BUSINESS AND PRINCIPLES OF INTERIM STATEMENTS - Restricted Cash and Investment Securities (Details)	Sep. 30, 2020 USD ($) property	Aug. 31, 2020 USD ($)	Mar. 31, 2020 USD ($)	Mar. 19, 2020 USD ($)	Dec. 31, 2019 USD ($)	Sep. 30, 2019 USD ($)
Restricted Cash
Restricted Cash	$ 2,425,944				$ 128,430,049	$ 6,213,295
Investment Securities
Derivatives fixed interest	2,294,193	$ 50,000,000.0	$ 100,000,000.0
Interest Rate Swap
Investment Securities
Derivatives fixed interest		50,000,000.0
Notional amount	23,400,000
Credit Facility \| Interest Rate Swap
Investment Securities
Derivatives fixed interest				$ 100,000,000.0
Notional amount	3.17	$ 50,000,000.0	$ 100,000,000.0
Escrow deposit to be reinvested through like-kind exchange structure
Restricted Cash
Restricted Cash	1,900,000
Restricted cash, escrow deposit related to land transactions
Restricted Cash
Restricted Cash	79,000
Restricted cash, escrow account in connection with sale of ground lease
Restricted Cash
Restricted Cash	100,000
Capital replacement reserve account
Restricted Cash
Restricted Cash	$ 298,000
Number of real estate properties in financing \| property	6

DESCRIPTION OF BUSINESS AND PRINCIPLES OF INTERIM STATEMENTS - Commercial Loan Investments and Accounts Receivable (Details)	3 Months Ended
	Mar. 31, 2020 USD ($)	Dec. 31, 2015 Transaction	Sep. 30, 2020 USD ($)	Dec. 31, 2019 USD ($)
Accounts Receivable
Income Property Tenant Receivables			$ 2,852,893	$ 532,636
Accrued Property Tax Receivables, Increase (Decrease)	$ 1,100,000
Income Property Tenant Receivables, Unpaid Receivables	$ 1,200,000
Income Property Tenant Receivables, Unpaid Receivables, Rents, No Agreement Reached, Percentage	6.00%
Number of closed land transactions \| Transaction		2
Allowance for doubtful accounts			49,000	14,000
Other Assets
Accounts Receivable
Income Property Tenant Receivables			2,900,000	533,000
Income Property Tenant Receivables, Increase (Decrease)	$ 2,300,000
Accounts receivable related to real estate operations			1,600,000	$ 1,600,000
Receivable from Golf operations for rounds surcharge			$ 477,000

DESCRIPTION OF BUSINESS AND PRINCIPLES OF INTERIM STATEMENTS - Income Taxes (Details) $ in Thousands	Sep. 30, 2020 USD ($)
Income Taxes
Reserves for uncertain income tax positions	$ 0

REVENUE RECOGNITION - Major Good or Service (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues
Lease revenue	$ 12,933,000	$ 10,261,000	$ 35,409,000	$ 31,361,000
Lease Incentive Amortization	43,000	(76,000)	130,000	(227,000)
Commercial Loan and Master Lease Investments	413,000	855,000	2,300,000	908,000
Revenue from contract with customer, including assessed tax	544,000	214,000	631,000	709,000
Total Revenues	14,571,974	11,329,979	40,420,149	32,978,129
Lease Revenue - Base Rent
Revenues
Lease revenue	9,610,000	8,829,000	27,630,000	26,724,000
Lease Revenue - CAM
Revenues
Lease revenue	866,000	277,000	2,452,000	1,092,000
Lease Revenue - Reimbursements
Revenues
Lease revenue	1,432,000	508,000	2,918,000	1,597,000
Lease Revenue - Billboards
Revenues
Lease revenue	43,000	62,000	170,000	191,000
Above / Below Market Lease Accretion
Revenues
Lease revenue	433,000	607,000	1,352,000	1,811,000
Contributed Leased Assets Accretion
Revenues
Lease revenue		49,000		173,000
Management Services
Revenues
Total Revenues	682,000		2,080,000
Mitigation Credit Sales
Revenues
Revenue from contract with customer, including assessed tax			4,000
Subsurface Lease Revenue
Revenues
Revenue from contract with customer, including assessed tax		186,000		598,000
Subsurface Revenue - Other
Revenues
Revenue from contract with customer, including assessed tax	544,000	10,000	627,000	39,000
Fill Dirt and Other Revenue
Revenues
Revenue from contract with customer, including assessed tax		18,000	6,000	72,000
Interest and Other Revenue
Revenues
Revenue from contract with customer, including assessed tax	506,000	23,000	757,000	72,000
Income Properties
Revenues
Lease Incentive Amortization	43,000	(76,000)	130,000	(227,000)
Total Revenues	12,933,029	10,260,831	35,409,172	31,360,544
Income Properties \| Lease Revenue - Base Rent
Revenues
Lease revenue	9,610,000	8,811,000	27,630,000	26,652,000
Income Properties \| Lease Revenue - CAM
Revenues
Lease revenue	866,000	277,000	2,452,000	1,092,000
Income Properties \| Lease Revenue - Reimbursements
Revenues
Lease revenue	1,432,000	508,000	2,918,000	1,597,000
Income Properties \| Lease Revenue - Billboards
Revenues
Lease revenue	43,000	62,000	170,000	191,000
Income Properties \| Above / Below Market Lease Accretion
Revenues
Lease revenue	433,000	607,000	1,352,000	1,811,000
Income Properties \| Contributed Leased Assets Accretion
Revenues
Lease revenue		49,000		173,000
Income Properties \| Interest and Other Revenue
Revenues
Revenue from contract with customer, including assessed tax	506,000	23,000	757,000	72,000
Management Services
Revenues
Total Revenues	682,153		2,079,805
Management Services \| Management Services
Revenues
Total Revenues	682,000		2,080,000
Interest Income from Commercial Loan and Master Lease Investments
Revenues
Commercial Loan and Master Lease Investments	413,000	855,000	2,300,000	908,000
Total Revenues	413,092	855,559	2,300,331	908,324
Real Estate Operations
Revenues
Total Revenues	543,700	213,589	630,841	709,261
Real Estate Operations \| Lease Revenue - Base Rent
Revenues
Lease revenue		18,000		72,000
Real Estate Operations \| Mitigation Credit Sales
Revenues
Revenue from contract with customer, including assessed tax			4,000
Real Estate Operations \| Subsurface Lease Revenue
Revenues
Revenue from contract with customer, including assessed tax		186,000		598,000
Real Estate Operations \| Subsurface Revenue - Other
Revenues
Revenue from contract with customer, including assessed tax	$ 544,000	$ 10,000	$ 627,000	$ 39,000

REVENUE RECOGNITION - Timing of Revenue Recognition (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues
Revenue from contract with customer, including assessed tax	$ 544,000	$ 214,000	$ 631,000	$ 709,000
Over lease term	12,427,000	10,442,000	34,652,000	31,959,000
Commercial Loan and Master Lease Investments Related Revenue	413,000	855,000	2,300,000	908,000
Total Revenues	14,571,974	11,329,979	40,420,149	32,978,129
Asset/Good Transferred at a Point in Time
Revenues
Revenue from contract with customer, including assessed tax	544,000	10,000	631,000	39,000
Services Transferred Over Time
Revenues
Revenue from contract with customer, including assessed tax	1,188,000	23,000	2,837,000	72,000
Income Properties
Revenues
Over lease term	12,427,000	10,238,000	34,652,000	31,289,000
Total Revenues	12,933,029	10,260,831	35,409,172	31,360,544
Income Properties \| Services Transferred Over Time
Revenues
Revenue from contract with customer, including assessed tax	506,000	23,000	757,000	72,000
Management Services
Revenues
Total Revenues	682,153		2,079,805
Management Services \| Services Transferred Over Time
Revenues
Revenue from contract with customer, including assessed tax	682,000		2,080,000
Interest Income from Commercial Loan and Master Lease Investments
Revenues
Commercial Loan and Master Lease Investments Related Revenue	413,000	855,000	2,300,000	908,000
Total Revenues	413,092	855,559	2,300,331	908,324
Real Estate Operations
Revenues
Over lease term		204,000		670,000
Total Revenues	543,700	213,589	630,841	709,261
Real Estate Operations \| Asset/Good Transferred at a Point in Time
Revenues
Revenue from contract with customer, including assessed tax	$ 544,000	$ 10,000	$ 631,000	$ 39,000

INCOME PROPERTIES AND LEASES - General Information (Details)		3 Months Ended		9 Months Ended
	Nov. 26, 2019 shares	Sep. 30, 2020 USD ($) ft² property item	Sep. 30, 2019 USD ($) ft² property	Sep. 30, 2020 USD ($) ft² property item	Sep. 30, 2019 USD ($) ft² property	Mar. 31, 2020 property
Acquisitions of Income Properties
Number of real estate properties \| property		1		1
Payments to Acquire Commercial Real Estate				$ 185,135,000	$ 90,029,000
Stock Issuance		$ 73,470	$ 79,275	$ 424,400	$ 442,520
Area of real estate property \| ft²		751,210	219,333	751,210	219,333
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate		$ 39,679,612	$ 34,625,173	$ 39,679,612	$ 34,625,173
Aggregate outstanding principal balance		$ 39,404,901	34,570,000	$ 39,404,901	$ 34,570,000
Single-tenant
Acquisitions of Income Properties
Number of real estate properties \| property		2		2
Number of income properties sold \| property					1
Multi-tenant
Acquisitions of Income Properties
Number of income properties sold \| property					3
2020 dispositions \| Single-tenant
Acquisitions of Income Properties
Number of income properties sold \| property				7
2020 dispositions \| Multi-tenant
Acquisitions of Income Properties
Number of real estate properties \| property		1		1
Ground Lease \| 2020 dispositions
Acquisitions of Income Properties
Number of real estate properties \| item		6		6
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		$ 16,734,256		$ 16,734,256
Aggregate outstanding principal balance		16,250,000		16,250,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Acquisitions of Income Properties
Sales price		$ 51,576,910	82,647,778	51,576,910	$ 82,647,778
Gain on Sale				$ 7,718,553	20,805,819
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Single-tenant
Acquisitions of Income Properties
Number of real estate properties \| property		3		3
2020 acquisitions of income property subject to lease
Acquisitions of Income Properties
Payments to Acquire Commercial Real Estate				$ 185,100,000
Aggregate acquisition cost including capitalized acquisition costs				$ 185,700,000
Amount allocated of total acquisition cost
Weighted average amortization period of intangible assets				4 years 6 months
2020 acquisitions of income property subject to lease \| Single-tenant
Acquisitions of Income Properties
Number of real estate properties \| property		2		2
2020 acquisitions of income property subject to lease \| Multi-tenant
Acquisitions of Income Properties
Number of real estate properties \| property		2		2
2020 acquisitions of income property subject to lease \| Commercial loan and master lease investments
Acquisitions of Income Properties
Payments to Acquire Commercial Real Estate				$ 21,000,000.0
2020 acquisitions of income property subject to lease \| Nonrecurring basis
Acquisitions of Income Properties
Land		$ 50,000,000.0		50,000,000.0
Buildings and improvements		94,600,000		94,600,000
Intangible assets pertaining to the in-place lease value, leasing fees and above market lease value		21,900,000		21,900,000
Intangible liabilities for below market lease value		$ 1,800,000		$ 1,800,000
Alpine
Acquisitions of Income Properties
Units issued \| shares	2,040,000.00
Percentage of investment in PINE	23.50%	23.50%		23.50%
Alpine \| OP Units
Acquisitions of Income Properties
Units issued \| shares	1,223,854
2019 acquisitions of income property subject to lease
Acquisitions of Income Properties
Payments to Acquire Commercial Real Estate					$ 16,300,000
Amount allocated of total acquisition cost
Weighted average amortization period of intangible assets					9 years 9 months 18 days
2019 acquisitions of income property subject to lease \| Nonrecurring basis
Acquisitions of Income Properties
Payments to Acquire Commercial Real Estate					$ 90,000,000.0
Buildings and improvements			37,700,000		37,700,000
Intangible assets pertaining to the in-place lease value, leasing fees and above market lease value			9,200,000		9,200,000
Intangible liabilities for below market lease value			$ 400,000		$ 400,000
2018 acquisitions of income property subject to a lease \| Single-tenant
Acquisitions of Income Properties
Number of real estate properties \| property		4		4
2018 acquisitions of income property subject to a lease \| Multi-tenant
Acquisitions of Income Properties
Number of real estate properties \| property		1		1		2
2019 acquisitions of income property subject to lease - Carpenter Hotel \| Single-tenant
Acquisitions of Income Properties
Number of real estate properties \| property			9		9
2019 acquisitions of income property subject to lease - Carpenter Hotel \| Nonrecurring basis
Acquisitions of Income Properties
Aggregate acquisition cost including capitalized acquisition costs					$ 90,600,000
Land			$ 27,800,000		$ 27,800,000

INCOME PROPERTIES AND LEASES - Leasing Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Leasing Revenue
Lease Payments	$ 10,086	$ 9,391	$ 29,112	$ 28,409
Variable Lease Payments	2,847	870	6,297	2,952
Total Leasing Revenue	$ 12,933	$ 10,261	$ 35,409	$ 31,361

INCOME PROPERTIES AND LEASES - Minimum future base rental revenue on non-cancelable leases (Details) $ in Thousands	Sep. 30, 2020 USD ($)
Minimum future base rental revenue on non-cancelable leases
Remainder of 2020	$ 9,192
2021	40,087
2022	38,101
2023	35,736
2024	34,096
2025 and thereafter (cumulative)	226,539
Total	$ 383,751

INCOME PROPERTIES AND LEASES - Property disposed (Details) - Disposal Group, Disposed of by Sale, Not Discontinued Operations - USD ($)	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Sales price	$ 51,576,910	$ 82,647,778
Gain (Loss) on Sale	$ 7,718,553	$ 20,805,819
EPS, After Tax	$ 1.25	$ 3.07
C V S, Dallas TX, [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Sales price	$ 15,222,000
Gain (Loss) on Sale	$ 854,336
EPS, After Tax	$ 0.14
Wawa, Daytona Beach, FL [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Sales price	$ 6,002,400
Gain (Loss) on Sale	$ 1,768,603
EPS, After Tax	$ 0.29
J P Morgan Chase Bank, Jacksonville FL [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Sales price	$ 6,714,738
Gain (Loss) on Sale	$ 959,444
EPS, After Tax	$ 0.15
Seven-Eleven Dallas, TX [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Sales price	$ 2,400,000
Gain (Loss) on Sale	$ (45,615)
EPS, After Tax	$ (0.01)
Bank Of America, Monterey, CA [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Sales price	$ 9,000,000
Gain (Loss) on Sale	$ 3,892,049
EPS, After Tax	$ 0.63
Whole Foods, Sarasota, FL [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Sales price		$ 24,620,000
Gain (Loss) on Sale		$ 6,869,957
EPS, After Tax		$ 0.96
The Grove, Winter Park, FL [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Sales price		$ 18,250,000
Gain (Loss) on Sale		$ 2,803,198
EPS, After Tax		$ 0.42
3600 Peterson, Santa Clara, CA [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Sales price		$ 37,000,000
Gain (Loss) on Sale		$ 9,008,709
EPS, After Tax		$ 1.36
Wawa, Jacksonville, FL [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Sales price	$ 7,143,000
Gain (Loss) on Sale	$ 245,696
EPS, After Tax	$ 0.04
Wawa, Winter Park, FL [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Sales price		$ 2,777,778
Gain (Loss) on Sale		$ 2,123,955
EPS, After Tax		$ 0.33
Carrabbas, Austin, TX [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Sales price	$ 2,554,772
Gain (Loss) on Sale	$ (83,834)
EPS, After Tax	$ (0.01)
PDQ, Jacksonville, FL [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Sales price	$ 2,540,000
Gain (Loss) on Sale	$ 127,874
EPS, After Tax	$ 0.02

INCOME PROPERTIES AND LEASES - Properties Acquired (Details)		9 Months Ended
	Sep. 25, 2020 USD ($) ft²	Sep. 30, 2020 USD ($) ft² Options	Sep. 30, 2019 USD ($) ft² Options	Dec. 31, 2019 USD ($)
Acquisitions of Income Properties
Square-Feet \| ft²		751,210	219,333
Purchase price		$ 185,135,000	$ 90,029,000
Remaining Lease Term		6 years 6 months	25 years 10 months 24 days
2019 acquisitions of income property subject to lease
Acquisitions of Income Properties
Purchase price			$ 16,300,000
2020 acquisitions of income property subject to lease
Acquisitions of Income Properties
Purchase price		$ 185,100,000
2020 acquisitions of income property subject to lease \| Commercial loan and master lease investments
Acquisitions of Income Properties
Purchase price		21,000,000.0
Acquisitions of income property subject to lease - Master Tenant - Hialeah [Member] \| Commercial loan and master lease investments
Acquisitions of Income Properties
Aggregate outstanding principal balance		$ 21,000,000.0
Winston-Salem, NC \| 2020 acquisitions of income property subject to lease
Acquisitions of Income Properties
Square-Feet \| ft²		254,109
Purchase price		$ 61,800,000
Percentage Leased at Acquisition		99.00%
Remaining Lease Term		5 years
Winston-Salem, NC \| 2019 acquisitions of income property subject to lease - Hobby Lobby Stores, Inc
Acquisitions of Income Properties
Square-Feet \| ft²			55,000
Purchase price			$ 8,075,000
Percentage Leased at Acquisition			100.00%
Remaining Lease Term			10 years 10 months 24 days
Falls Church, VA \| 2020 acquisitions of income property subject to lease
Acquisitions of Income Properties
Square-Feet \| ft²		268,572
Purchase price		$ 75,435,000
Percentage Leased at Acquisition		80.00%
Remaining Lease Term		3 years 7 months 6 days
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
Purchase price			$ 21,250,000
Percentage Leased at Acquisition			100.00%
Remaining Lease Term			8 years 7 months 6 days
Birmingham, AL \| 2019 acquisitions of income property subject to lease - Walgreen Co.
Acquisitions of Income Properties
Square-Feet \| ft²			14,516
Purchase price			$ 5,500,000
Percentage Leased at Acquisition			100.00%
Remaining Lease Term			9 years 9 months 18 days
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
Purchase price			$ 2,100,000
Percentage Leased at Acquisition			100.00%
Remaining Lease Term			4 years 9 months 18 days
Albany, GA \| 2019 acquisitions of income property subject to lease - Walgreen Co.
Acquisitions of Income Properties
Square-Feet \| ft²			14,770
Purchase price			$ 3,634,000
Percentage Leased at Acquisition			100.00%
Remaining Lease Term			13 years 7 months 6 days
Austin, TX \| 2019 acquisitions of income property subject to lease - Carpenter Hotel
Acquisitions of Income Properties
Purchase price			$ 16,250,000
Percentage Leased at Acquisition			100.00%
Remaining Lease Term			99 years 1 month 6 days
Number Of Tenant Repurchase Options \| Options			2
Austin, TX \| 2019 acquisitions of income property subject to lease - Carpenter Hotel \| Commercial loan and master lease investments
Acquisitions of Income Properties
Aggregate outstanding principal balance			$ 16,250,000	$ 16,250,000
Reston, VA \| 2019 acquisitions of income property subject to lease - General Dynamics Corporation
Acquisitions of Income Properties
Square-Feet \| ft²			64,319
Purchase price			$ 18,600,000
Percentage Leased at Acquisition			100.00%
Remaining Lease Term			9 years 10 months 24 days
East Troy, WI \| 2019 acquisitions of income property subject to lease - Live Nation Entertainment, Inc.
Acquisitions of Income Properties
Purchase price			$ 7,500,000
Percentage Leased at Acquisition			100.00%
Remaining Lease Term			10 years 7 months 6 days
Oceanside, NY \| 2019 acquisitions of income property subject to lease - Party City Corporation
Acquisitions of Income Properties
Square-Feet \| ft²			15,500
Purchase price			$ 7,120,000
Percentage Leased at Acquisition			100.00%
Remaining Lease Term			10 years 2 months 12 days
Tampa, FL \| 2019 acquisitions of income property subject to lease - Ford Motor Credit [Member]
Acquisitions of Income Properties
Square-Feet \| ft²		120,500
Purchase price		$ 26,900,000
Percentage Leased at Acquisition		100.00%
Remaining Lease Term		5 years 7 months 6 days
Hialeah, FL
Acquisitions of Income Properties
Square-Feet \| ft²	108,000
Purchase price	$ 21,000,000
Hialeah, FL \| Acquisitions of income property subject to lease - Master Tenant - Hialeah [Member]
Acquisitions of Income Properties
Square-Feet \| ft²		108,029
Purchase price		$ 21,000,000
Percentage Leased at Acquisition		100.00%
Remaining Lease Term		25 years
Number Of Tenant Repurchase Options \| Options		3

COMMERCIAL LOAN AND MASTER LEASE INVESTMENTS - General Information (Details)			3 Months Ended		9 Months Ended
	Nov. 03, 2020 USD ($)	Sep. 25, 2020 USD ($) ft²	Jun. 30, 2020 USD ($) $ / shares	Mar. 31, 2020 USD ($) $ / shares	Sep. 30, 2020 USD ($) ft²	Sep. 30, 2019 USD ($) ft²	Jan. 01, 2020 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current expected credit losses reserve					$ 207,000		$ 252,000
Face Amount of Mortgages					$ 39,404,901
Area of Real Estate Property \| ft²					751,210	219,333
Purchase price					$ 185,135,000	$ 90,029,000
Loan Origination		$ 400,000
Repayments of Debt		$ 2,070,000.00
Term		25 years
Gain (Loss) on Sales of Loans, Net					$ (352,959)
Subsequent Event
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan Origination	$ 2,000,000.0
Repayments of Debt	$ 2,070,000.00
Hialeah, FL
Accounts, Notes, Loans and Financing Receivable [Line Items]
Area of Real Estate Property \| ft²		108,000
Purchase price		$ 21,000,000
Commercial loan and master lease investments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aggregate impairment charges after tax				$ 1,900,000
Aggregate impairment charges per share, after tax \| $ / shares				$ 0.30
Number Of Commercial Loan Investment Sold			4
Number Of Transactions In Which Commercial Loan Investments Were Sold			2
Proceeds from Sale of Loans Held-for-investment			$ 20,000,000.0
Gain (Loss) on Sales of Loans, Net			$ 353,000	$ 2,100,000
Gain (Loss) On Sale Of Loans Held For Investment Per Share, Net Of Tax \| $ / shares			$ 0.06	$ 0.33

COMMERCIAL LOAN AND MASTER LEASE INVESTMENTS - Summary of Commercial Loan Investments (Details) - USD ($)	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Mortgage Loans On Real Estate [Line Items]
Original Face Amount	$ 39,404,901
Current Face Amount	39,404,901	$ 34,570,000
Carrying Value	39,679,612	$ 34,625,173
LPGA Buyer Loan - Daytona Beach, FL
Mortgage Loans On Real Estate [Line Items]
Original Face Amount	2,070,000
Current Face Amount	2,070,000
Carrying Value	$ 1,860,455
Interest rate (as a percent)	7.50%
Master Tenant - Hialeah Lease Loan - Hialeah FL [Member]
Mortgage Loans On Real Estate [Line Items]
Original Face Amount	$ 21,084,901
Current Face Amount	21,084,901
Carrying Value	21,084,901
Carpenter Hotel-400 Josephine Street, Austin, TX
Mortgage Loans On Real Estate [Line Items]
Original Face Amount	16,250,000
Current Face Amount	16,250,000
Carrying Value	$ 16,734,256

COMMERCIAL LOAN AND MASTER LEASE INVESTMENTS - Carrying Value (Details) - USD ($)	Sep. 30, 2020	Jan. 01, 2020	Sep. 30, 2019
COMMERCIAL LOAN AND MASTER LEASE INVESTMENTS
Current Face Amount	$ 39,404,901		$ 34,570,000
Imputed Interest over Rent Payments Received on Ground Lease Loan	484,256		193,943
Unaccreted Origination Fees	(2,545)		(138,770)
Impairment / CECL Reserve	(207,000)	$ (252,000)
Total Commercial Loan and Master Lease Investments	$ 39,679,612		$ 34,625,173

RELATED PARTY MANAGEMENT SERVICES BUSINESS - General Information (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020
Land JV
Real Estate [Line Items]
Management fee revenue earned	$ 51
Land JV
Real Estate [Line Items]
Management fee revenue earned		$ 157
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	631	$ 1,900
Proceeds from Dividends Received	$ 408	$ 1,200

RELATED PARTY MANAGEMENT SERVICES BUSINESS - Summary of Amounts Due (Details) - Management Agreement PINE - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Real Estate [Line Items]
Management Services Fee due from PINE	$ 631	$ 254
Dividend receivable	79	71
Other	(1)	56
Total	$ 709	$ 381

REAL ESTATE OPERATIONS - Real Estate Operations Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues
Revenue from contract with customer, including assessed tax	$ 544	$ 214	$ 631	$ 709
Subsurface Revenue	$ 544	196	621	637
Impact Fee and Mitigation Credit Sales
Revenues
Revenue from contract with customer, including assessed tax			4
Fill Dirt and Other Revenue
Revenues
Revenue from contract with customer, including assessed tax		$ 18	$ 6	$ 72

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130543-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

REAL ESTATE OPERATIONS - Beachfront Venture and Daytona Beach (Details) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2020 USD ($) a	Dec. 31, 2018 USD ($) a
Land Parcel with Structures Beach Property
Land and subsurface interests
Area of land (in acres) \| a		5
Acquisition of property		$ 2.0
Contiguous Parcels Beach Property
Land and subsurface interests
Area of land (in acres) \| a	1
Acquisition of property	$ 2.1
Daytona Beach Development
Land and subsurface interests
Raze and entitlement cost	$ 1.6

REAL ESTATE OPERATIONS - Other Real Estate Assets (Details)	3 Months Ended			9 Months Ended
	Sep. 30, 2020 USD ($) item	Mar. 31, 2020 USD ($) item	Sep. 30, 2019 USD ($)	Sep. 30, 2020 USD ($) item	Sep. 30, 2019 USD ($)	Jul. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Land and development costs and subsurface interests
Revenue from contract with customer, including assessed tax	$ 544,000		$ 214,000	$ 631,000	$ 709,000
Investment mitigation credits assets	$ 2,220,167			2,220,167			$ 2,322,596
Mitigation credits value per credit		$ 75,000				$ 75,000	$ 75,000
Aggregate cost of sales				4,000	$ 0
Cost of revenues
Land and development costs and subsurface interests
Aggregate cost of sales				$ 3,000,000
Mitigation Bank
Land and development costs and subsurface interests
Number of mitigation credits acquired \| item	20			20
Mitigation credits purchased	$ 1,500,000	1,500,000
Mitigation credits value per credit	$ 75,000	$ 75,000		$ 75,000
Number of mitigation credits with cost basis \| item	21	16
Amount of Mitigation Credits With Cost Basis	$ 1,600,000	$ 1,200,000
Mitigation Bank JV
Land and development costs and subsurface interests
Number of mitigation credits acquired \| item		2
Mitigation credits purchased		$ 224,000
Impact Fee and Mitigation Credit Sales
Land and development costs and subsurface interests
Revenue from contract with customer, including assessed tax				$ 4,000

REAL ESTATE OPERATIONS - Subsurface Interests (Details)	3 Months Ended		9 Months Ended
REAL ESTATE OPERATIONS - Subsurface Interests (Details)	Sep. 30, 2020 USD ($) a county	Sep. 30, 2019 USD ($) a	Sep. 30, 2020 USD ($) a county	Sep. 30, 2019 USD ($) a
Subsurface interests
Revenue from contract with customer, including assessed tax	$ 544,000	$ 214,000	$ 631,000	$ 709,000
Over Lease Term	$ 12,933,000	10,261,000	$ 35,409,000	31,361,000
Subsurface Interests
Subsurface interests
Area of land (in acres) \| a	345		345
Revenue from contract with customer, including assessed tax	$ 412,000		$ 412,000	0
Over Lease Term		$ 186,000	$ 0	$ 586,000
Number of acres with operating oil wells \| a	800	800	800	800
Surface land over subsurface interests
Subsurface interests
Area of land (in acres) \| a	455,000		455,000
Number of counties in which Subsurface Interests are owned \| county	20		20
Revenue recognized for cash payments for the release of surface entry rights			$ 186,000	$ 0
Real Estate Operations \| Subsurface Interests
Subsurface interests
Revenue from contract with customer, including assessed tax	$ 12,000	$ 10,000	$ 22,000	$ 39,000

REAL ESTATE OPERATIONS - Real Estate Operations (Details) - Land JV $ in Thousands	9 Months Ended
	Sep. 30, 2020 USD ($) a item	Sep. 30, 2019 USD ($) a
Disaggregation of Revenue [Line Items]
No. of Acres \| a	1,700	76
Area of land sales as a percentage of land holdings	33.50%
Gross Sales Price	$ 68,200	$ 11,100
Number of purchase and sale agreements \| item	5
Proceeds from sale of land	$ 16,300
Area of land remaining under contract \| a	134
Percentage of remaining land under contract	8.00%
Management fee revenue earned per month	$ 20

INVESTMENTS IN JOINT VENTURES - Summary (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Equity Method Investment, Financial Statement, Reported Amounts [Abstract]
Equity method investments	$ 55,772,263	$ 55,736,668
Land JV
Equity Method Investment, Financial Statement, Reported Amounts [Abstract]
Equity method investments	48,864,662	48,864,662
Mitigation Bank
Equity Method Investment, Financial Statement, Reported Amounts [Abstract]
Equity method investments	$ 6,907,601	$ 6,872,006

INVESTMENTS IN JOINT VENTURES - Summarized Financial Information - Balance Sheet (Details) - USD ($)	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2018
Equity Method Investment, Summarized Financial Information [Abstract]
Cash and Cash Equivalents	$ 6,351,772		$ 6,474,637	$ 5,411,727
Investment mitigation credits assets	2,220,167		2,322,596
Property, plant, and equipment	445,673,529		370,591,470
Total Assets	685,431,961		703,286,203
Liabilities	404,449,649		417,872,781
Equity	280,982,312	$ 283,676,527	285,413,422	$ 199,001,922	$ 197,500,410	$ 211,761,473
Total Liabilities and Shareholders' Equity	685,431,961		703,286,203
Land JV
Equity Method Investment, Summarized Financial Information [Abstract]
Cash and Cash Equivalents	1,204,000		15,066,000
Prepaid expenses	77,000		61,000
Receivables	5,000
Investment in land assets	7,265,000		17,058,000
Total Assets	8,551,000		32,185,000
Liabilities	199,000		987,000
Equity	8,352,000		31,198,000
Total Liabilities and Shareholders' Equity	8,551,000		32,185,000
Mitigation Bank
Equity Method Investment, Summarized Financial Information [Abstract]
Cash and Cash Equivalents	1,905,000		4,015,000
Prepaid expenses	30,000		19,000
Investment mitigation credits assets	1,432,000		1,521,000
Property, plant, and equipment	15,000		17,000
Total Assets	3,382,000		5,572,000
Liabilities	18,000		39,000
Equity	3,364,000		5,533,000
Total Liabilities and Shareholders' Equity	$ 3,382,000		$ 5,572,000

INVESTMENTS IN JOINT VENTURES - Summarized Financial Information - Statement of Operations (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Equity Method Investment, Summarized Financial Information [Abstract]
Total Revenues	$ 14,571,974	$ 11,329,979	$ 40,420,149	$ 32,978,129
Direct costs of revenues	5,274,458	1,484,772	11,537,016	5,138,276
Operating Income	1,484,213	5,484,975	12,546,600	30,119,815
Net Income	(1,521,504)	1,486,020	(1,172,839)	18,550,919
Land JV
Equity Method Investment, Summarized Financial Information [Abstract]
Total Revenues	46,051,000		53,877,000
Direct costs of revenues	8,377,000		11,752,000
Operating Income	37,674,000		42,125,000
Other Operating Expenses	105,000		379,000
Net Income	37,569,000		41,746,000
Mitigation Bank
Equity Method Investment, Summarized Financial Information [Abstract]
Total Revenues	1,481,000		3,359,000	47,000
Direct costs of revenues	58,000		139,000	4,000
Operating Income	1,423,000		3,220,000	43,000
Other Operating Expenses	12,000	36,000	159,000	162,000
Net Income	$ 1,411,000	$ (36,000)	$ 3,061,000	$ (119,000)

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

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- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

INVESTMENTS IN JOINT VENTURES - Adjustments (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2018	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
Net Income (Loss)	$ (1,521,504)	$ 1,486,020	$ (1,172,839)	$ 18,550,919
Investment in Joint Ventures	55,772,263		55,772,263			$ 55,736,668
Mitigation Bank
Schedule of Equity Method Investments [Line Items]
Net Income (Loss)	0	$ 0	0	$ 0
Investment in Joint Ventures	6,900,000		$ 6,900,000			$ 6,900,000
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 (Loss)	0		$ 0
Investment in Joint Ventures	$ 48,900,000		48,900,000
Sales price			$ 97,000,000.0
Sale of interest in joint venture			66.50%
Interest in the joint venture (as a percent)			33.50%
Black Rock
Schedule of Equity Method Investments [Line Items]
Sale of interest in joint venture					70.00%

- Definition

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

+ References

+ Details

INVESTMENTS IN JOINT VENTURES - General information (Details)	1 Months Ended			9 Months Ended	12 Months Ended
	Jul. 31, 2020 USD ($) item	Mar. 31, 2020 USD ($) item	Dec. 31, 2019 USD ($) item	Sep. 30, 2020 USD ($) instrument item	Dec. 31, 2018 USD ($)	Aug. 06, 2018 item	Jun. 08, 2018 item
Schedule of Equity Method Investments [Line Items]
Number of state credits awarded \| item						88.84
Investment in Joint Ventures			$ 55,736,668	$ 55,772,263
Mitigation credits, Put Right, fair value	$ 1,500,000	$ 1,500,000	$ 1,900,000
Number of mitigation credits \| item	20	20	25	40
Mitigation credits value per credit	$ 75,000	$ 75,000	$ 75,000
Maximum
Schedule of Equity Method Investments [Line Items]
Number of state credits awarded \| item							355
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%
Gross Sales Price					$ 15,300,000
Investment in Joint Ventures			$ 6,900,000	$ 6,900,000
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				$ 6,000,000.0
Mitigation credits, Operating Agreement, credit sales, Minimum Sales Requirement, maximum credits, number \| instrument				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 \| instrument				8.536
Mitigation credits, Put Right, maximum credits the Company must purchase, per quarter, price to fair value (as a percent)				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
Mitigation credits, Put Right, maximum potential future payments				$ 27,000,000.0
Mitigation credits, Put Right, fair value				$ 200,000

INVESTMENT SECURITIES - General Information (Details) - USD ($)		3 Months Ended		9 Months Ended
	Nov. 26, 2019	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Marketable Securities [Line Items]
Purchase price of shares		$ 73,470	$ 79,275	$ 424,400	$ 442,520
Estimated Fair Value (Level 1 and 2 Inputs)		$ 31,716,464		$ 31,716,464		$ 38,814,425
Increase (decrease) in closing stock price		$ 0.71		$ 3.48
Closing share price (in dollars per share)		15.55		15.55
After tax value of non-cash		$ 0.23		$ 1.14
Unrealized, non-cash gain on investment		$ 1,400,000		$ 7,100,000
Alpine
Marketable Securities [Line Items]
Share purchased	2,040,000.00
Units issued	2,040,000.00
Percentage of investment in PINE	23.50%	23.50%		23.50%
Estimated Fair Value (Level 1 and 2 Inputs)	$ 38,800,000	$ 31,700,000		$ 31,700,000
Alpine \| OP Units
Marketable Securities [Line Items]
Share purchased	1,223,854
Units issued	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	$ 8,000,000.0
Units issued	421,053

INVESTMENT SECURITIES - Tabular Disclosure (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Debt Securities, Trading, and Equity Securities, FV-NI [Abstract]
Cost	$ 38,753,230	$ 38,753,230
Equity Securities, FV-NI, Accumulated Gross Unrealized Gain, before Tax		61,195
Equity Securities, FV-NI, Accumulated Gross Unrealized Loss, before Tax	(7,036,766)
Investment in Alpine Income Property Trust, Inc.	31,716,464	38,814,425
Common Stock
Debt Securities, Trading, and Equity Securities, FV-NI [Abstract]
Cost	15,500,000	15,500,000
Equity Securities, FV-NI, Accumulated Gross Unrealized Gain, before Tax		24,484
Equity Securities, FV-NI, Accumulated Gross Unrealized Loss, before Tax	(2,814,466)
Investment in Alpine Income Property Trust, Inc.	12,685,534	15,524,484
Operating Units
Debt Securities, Trading, and Equity Securities, FV-NI [Abstract]
Cost	23,253,230	23,253,230
Equity Securities, FV-NI, Accumulated Gross Unrealized Gain, before Tax		36,711
Equity Securities, FV-NI, Accumulated Gross Unrealized Loss, before Tax	(4,222,300)
Investment in Alpine Income Property Trust, Inc.	$ 19,030,930	$ 23,289,941

FAIR VALUE OF FINANCIAL INSTRUMENTS - Carrying Value and Estimated Fair Value (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
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	$ 6,351,772	$ 6,474,637
Restricted Cash	2,425,944	128,430,049
Carrying Value \| Significant Other Observable Inputs (Level 2)
Carrying value and estimated fair value of financial instruments
Commercial Loan Investments	39,679,612	34,625,173
Long-Term Debt	276,916,118	287,218,303
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	6,351,772	6,474,637
Restricted Cash	2,425,944	128,430,049
Estimated Fair Value \| Significant Other Observable Inputs (Level 2)
Carrying value and estimated fair value of financial instruments
Commercial Loan Investments	39,679,612	35,001,997
Long-Term Debt	$ 282,792,605	$ 288,830,346

FAIR VALUE OF FINANCIAL INSTRUMENTS - Measured on a Recurring Basis (Details) - USD ($)	Sep. 30, 2020	Aug. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Fair value of assets
Cash Flow Hedge - Interest Rate Swap				$ 99,021
Interest Rate Swap
Fair value of assets
Interest rate (as a percent)		0.22%	0.7325%
Notional amount	$ 23,400,000
Credit Facility \| Interest Rate Swap
Fair value of assets
Notional amount	3.17	$ 50,000,000.0	$ 100,000,000.0
Recurring basis
Fair value of assets
Investment Securities	31,716,464			38,814,425
Recurring basis \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair value of assets
Investment Securities	31,716,464			38,814,425
Recurring basis \| Wells Fargo \| Interest Rate Swap
Fair value of assets
Cash Flow Hedge - Interest Rate Swap	(152,264)			99,021
Recurring basis \| Wells Fargo \| Interest Rate Swap \| Significant Other Observable Inputs (Level 2)
Fair value of assets
Cash Flow Hedge - Interest Rate Swap	(152,264)			$ 99,021
Recurring basis \| BMO \| Interest Rate Swap
Fair value of assets
Cash Flow Hedge - Interest Rate Swap	(2,027,237)
Recurring basis \| BMO \| Interest Rate Swap \| Significant Other Observable Inputs (Level 2)
Fair value of assets
Cash Flow Hedge - Interest Rate Swap	(2,027,237)
Recurring basis \| BMO \| Interest Rate Swap
Fair value of assets
Cash Flow Hedge - Interest Rate Swap	(114,692)
Recurring basis \| BMO \| Interest Rate Swap \| Significant Other Observable Inputs (Level 2)
Fair value of assets
Cash Flow Hedge - Interest Rate Swap	$ (114,692)

INTANGIBLE ASSETS AND LIABILITIES - Components (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	$ 68,882,226	$ 64,349,360
Accumulated Amortization	(16,135,790)	(15,327,182)
Total	52,746,436	49,022,178
Intangible Lease Liabilities
Value of Below Market In-Place Leases	(36,816,543)	(36,507,336)
Sub-total Intangible Lease Liabilities-Net	(36,816,543)	(36,507,336)
Accumulated Amortization	11,905,622	10,309,088
Total	(24,910,921)	(26,198,248)
Total Intangible Assets and Liabilities-Net	27,835,515	22,823,930
Value of In-Place Leases
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	44,808,735	42,584,264
Value of Above Market In-Place Leases
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	10,603,647	7,119,316
Value of Intangible Leasing Costs
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	$ 13,469,844	$ 14,645,780

INTANGIBLE ASSETS AND LIABILITIES - Activity (Details)	9 Months Ended
INTANGIBLE ASSETS AND LIABILITIES - Activity (Details)	Sep. 30, 2020 USD ($) property	Mar. 31, 2020 property	Dec. 31, 2019 USD ($)
Intangible Assets And Liabilities
Number of real estate properties \| property	1
Net amortization increase (decrease)	$ 788,000
Net increase in intangible assets and liabilities	5,000,000.0
Below market lease value	$ 24,910,921		$ 26,198,248
Single-tenant
Intangible Assets And Liabilities
Number of real estate properties \| property	2
2018 acquisitions of income property subject to a lease \| Single-tenant
Intangible Assets And Liabilities
Number of real estate properties \| property	4
2018 acquisitions of income property subject to a lease \| Multi-tenant
Intangible Assets And Liabilities
Number of real estate properties \| property	1	2
Wells Fargo property \| Raleigh, NC
Intangible Assets And Liabilities
Below market lease value	$ 20,400,000		$ 22,200,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Single-tenant
Intangible Assets And Liabilities
Number of real estate properties \| property	3
Value of In-Place Leases
Intangible Assets And Liabilities
Increase from acquisitions	$ 2,200,000
Value of Above Market In-Place Leases
Intangible Assets And Liabilities
Increase from acquisitions	3,500,000
Value of Intangible Leasing Costs
Intangible Assets And Liabilities
Decrease from acquisitions	(1,200,000)
Value of Below Market In-Place Leases
Intangible Assets And Liabilities
Decrease in below-market in-place leases from acquisitions	$ 300,000

INTANGIBLE ASSETS AND LIABILITIES - Amortization (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
INTANGIBLE ASSETS AND LIABILITIES
Depreciation and Amortization Expense	$ 1,875,000	$ 1,590,000	$ 5,892,000	$ 4,276,000
Increase to Income Properties Revenue	(434,000)	(607,000)	(1,351,927)	(1,810,459)
Net Amortization of Intangible Assets and Liabilities	$ 1,441,000	$ 983,000	$ 4,540,000	$ 2,466,000

INTANGIBLE ASSETS AND LIABILITIES - Summary of Estimated Amortization and Accretion (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Future Amortization Amount
Total	$ 52,746,436	$ 49,022,178
Future Accretion to Income Property Revenue
Total	(24,910,921)	$ (26,198,248)
Net Future Amortization of Intangible Assets and Liabilities
2020	1,548,133
2021	5,608,394
2022	5,129,917
2023	5,008,935
2024	5,058,061
2025 and thereafter	5,482,075
Total	27,835,515
Future Amortization
Future Amortization Amount
2020	1,945,990
2021	7,292,037
2022	6,884,720
2023	6,761,361
2024	6,725,808
2025 and thereafter	14,692,622
Total	44,302,538
Future Accretion to Income Property Revenue
Future Accretion to Income Property Revenue
2020	(397,857)
2021	(1,683,643)
2022	(1,754,803)
2023	(1,752,426)
2024	(1,667,747)
2025 and thereafter	(9,210,547)
Total	$ (16,467,023)

IMPAIRMENT OF LONG-LIVED ASSETS (Details) - USD ($)	3 Months Ended		9 Months Ended
IMPAIRMENT OF LONG-LIVED ASSETS (Details) - USD ($)	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Impairment of Long-Lived Assets
Impairment Charges			$ 1,904,500
Gain on Disposition of Assets	$ 289,736	$ 2,187,332	7,365,594	$ 20,869,196
Impairment charge			1,904,500
Undeveloped Land in Daytona Beach, Florida, Along Interstate 95
Impairment of Long-Lived Assets
Impairment Charges			$ 0	$ 0

OTHER ASSETS (Details)	Sep. 30, 2020 USD ($) property instrument	Dec. 31, 2019 USD ($)
Other Assets
Income Property Tenant Receivables	$ 2,852,893	$ 532,636
Income Property Straight-line Rent Adjustment	5,599,487	3,352,245
Interest Receivable from Commercial Loan Investment	6,038	96,604
Operating Leases - Right-of-Use Asset	275,756	363,631
Golf Rounds Surcharge - LPGA	476,584	549,251
Cash Flow Hedge - Interest Rate Swap		99,021
Infrastructure Reimbursement Receivables	1,613,247	1,591,445
Deferred Deal Costs		4,787
Prepaid Expenses, Deposits, and Other	698,256	3,113,929
Due from Alpine Income Property Trust, Inc.	709,165
Total Other Assets	$ 12,231,426	$ 9,703,549
Number of real estate properties \| property	1
COVID-19
Other Assets
Income Property Straight-line Rent Adjustment	$ 1,100,000
Tanger
Other Assets
Infrastructure Reimbursement Receivables	$ 1,100,000
Number of installments to repay infrastructure reimbursement receivable \| instrument	7
Infrastructure reimbursement receivables, installment payment amounts	$ 175,000
Infrastructure reimbursement receivable, discount	119,000
Sam's Club
Other Assets
Infrastructure Reimbursement Receivables	$ 508,000
Number of installments to repay infrastructure reimbursement receivable \| instrument	5
Infrastructure reimbursement receivables, installment payment amounts	$ 110,000
Infrastructure reimbursement receivable, discount	$ 42,000

COMMON STOCK AND EARNINGS PER SHARE - Summary of Common Stock and Earnings Per Share (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Available to Common Shareholders:
Net Income (Loss)	$ (1,521,504)	$ 1,486,020	$ (1,172,839)	$ 18,550,919
Weighted Average Shares Outstanding	4,654,329	4,868,133	4,673,049	5,053,407
Common Shares Applicable to Stock
Options Using the Treasury Stock Method				811
Total Shares Applicable to Diluted Earnings Per Share	4,654,329	4,868,133	4,673,049	5,054,218
Per Share Information:
Net Income (Loss) from Continuing Operations	$ (0.33)	$ 0.35	$ (0.25)	$ 3.11
Net Income (Loss) from Discontinued Operations (Net of Tax) (in dollars per share)		(0.04)		0.56
Basic and Diluted Net Income (Loss) per Share	$ (0.33)	$ 0.31	$ (0.25)	$ 3.67

COMMON STOCK AND EARNINGS PER SHARE - Anti-dilutive Securities and Convertible Notes (Details) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Mar. 15, 2020	Feb. 04, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	0	0	41,558	7,500
Additional diluted outstanding shares related to Convertible Notes			0
4.50% Convertible Senior Notes due 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Interest rate (as a percent)	4.50%		4.50%		4.50%
Conversion price per share (in dollars per share)					$ 68.90
3.875% Convertible Senior Notes due 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Interest rate (as a percent)	3.875%		3.875%			3.875%
Conversion price per share (in dollars per share)	$ 77.29		$ 77.29

TREASURY STOCK (Details) - USD ($)	9 Months Ended
TREASURY STOCK (Details) - USD ($)	Sep. 30, 2020	Sep. 30, 2019	Feb. 29, 2020
Treasury Stock
Stock repurchased amount	$ 4,100,021	$ 31,096,662
"$10 Million Repurchase Program
Treasury Stock
Stock repurchase program authorized amount	$ 10,000,000.0		$ 10,000,000.0
Shares repurchased (in shares)	88,565
Stock repurchased amount	$ 4,100,000
Average price per share of stock repurchased	$ 46.29

LONG-TERM DEBT - Outstanding Indebtedness (Details)	9 Months Ended
LONG-TERM DEBT - Outstanding Indebtedness (Details)	Sep. 30, 2020 USD ($) property	Aug. 31, 2020 USD ($)	Mar. 31, 2020 USD ($)	Mar. 19, 2020 USD ($)	Feb. 04, 2020 USD ($)	Apr. 30, 2016 USD ($)
Long-term debt
Face Value of Debt	$ 284,675,779					$ 25,000,000.0
Derivatives fixed interest	$ 2,294,193	$ 50,000,000.0	$ 100,000,000.0
Interest Rate Swap
Long-term debt
Interest rate (as a percent)		0.22%	0.7325%
Fixed interest rate through use of derivative (as a percent)	3.17%
Derivatives fixed interest		$ 50,000,000.0
Credit Facility
Long-term debt
Face Value of Debt	$ 168,845,349
Credit Facility \| Interest Rate Swap
Long-term debt
Face Value of Debt		$ 50,000,000.0	$ 100,000,000.0
Fixed interest rate through use of derivative (as a percent)		0.22%	0.7325%	0.7325%
Derivatives fixed interest				$ 100,000,000.0
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
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	$ 23,362,430
Interest rate (as a percent)	3.17%
Term of loan	5 years
Period of interest only payments	2 years
Period of amortization for principal payments	25 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%
3.875% Convertible Senior Notes due 2025
Long-term debt
Face Value of Debt	$ 62,468,000				$ 17,600,000
Interest rate (as a percent)	3.875%				3.875%

LONG-TERM DEBT - Credit Facility (Details) - Credit Facility - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Sep. 07, 2017
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	$ 31.2
Amount outstanding	168.8
Line of Credit Facility, Current Borrowing Capacity	$ 200.0
Minimum
Long-term debt
Commitment fee percentage on unused portion of the borrowing capacity	15.00%
Maximum
Long-term debt
Commitment fee percentage on unused portion of the borrowing capacity	25.00%
LIBOR \| Minimum
Long-term debt
Margin added to variable rate basis (as a percent)	1.35%
LIBOR \| Maximum
Long-term debt
Margin added to variable rate basis (as a percent)	1.95%

LONG-TERM DEBT - Convertible Notes (Details)					3 Months Ended		9 Months Ended
LONG-TERM DEBT - Convertible Notes (Details)	Apr. 15, 2020 USD ($) $ / shares	Mar. 15, 2020 USD ($) $ / shares	Feb. 04, 2020 USD ($)	Jan. 29, 2020 $ / shares	Sep. 30, 2020 USD ($) $ / shares	Sep. 30, 2019 $ / shares	Sep. 30, 2020 USD ($) $ / shares	Sep. 30, 2019 $ / shares	Dec. 31, 2019 USD ($)	Apr. 30, 2016 USD ($)
Long-term debt
Outstanding Principal					$ 284,675,779		$ 284,675,779			$ 25,000,000.0
Dividends Declared and Paid (in dollars per share) \| $ / shares					$ 0.40	$ 0.11	$ 0.90	$ 0.31
Closing share price (in dollars per share) \| $ / shares					$ 15.55		$ 15.55
Unamortized debt discount of notes					$ 6,484,514		$ 6,484,514
Gain (Loss) on Extinguishment of Debt							$ 1,141,481
4.50% Convertible Senior Notes due 2020
Long-term debt
Outstanding Principal		$ 75,000,000.0	$ 75,000,000.0
Debt conversion amount			57,400,000
Interest rate (as a percent)		4.50%			4.50%		4.50%
Debt instrument conversion ratio		14.5136
Conversion price per share (in dollars per share) \| $ / shares		$ 68.90
Proceeds from private placement			5,900,000
Repurchase of notes			5,900,000
Outstanding amount			11,700,000						$ 74,706,078
3.875% Convertible Senior Notes due 2025
Long-term debt
Outstanding Principal			17,600,000		$ 62,468,000		$ 62,468,000
Debt conversion amount			$ 57,400,000
Interest rate (as a percent)			3.875%		3.875%		3.875%
Conversion price per share (in dollars per share) \| $ / shares					$ 77.29		$ 77.29
Proceeds from private placement			$ 11,700,000
Outstanding amount			$ 75,000,000.0		$ 55,983,486		$ 55,983,486
2025 Notes maturing on April 15, 2025
Long-term debt
Interest rate (as a percent)	3.875%
Debt instrument conversion ratio	12.7910				12.9383
Conversion price per share (in dollars per share) \| $ / shares	$ 78.18				$ 77.29		$ 77.29
Threshold principal amount for adjusted conversion price	$ 1,000
Dividends Declared and Paid (in dollars per share) \| $ / shares	$ 0.13
Premium initial conversion price				20.00%
Closing share price (in dollars per share) \| $ / shares				$ 65.15
Sinking fund provided					$ 0		$ 0
Unamortized debt discount of notes					2,600,000		2,600,000
Repurchase of notes					12,500,000		12,500,000
Convertible Debt
Long-term debt
Unamortized debt discount of notes					6,500,000		6,500,000
Convertible Debt \| 3.875% Convertible Senior Notes due 2025
Long-term debt
Outstanding Principal					$ 62,500,000		$ 62,500,000

LONG-TERM DEBT - Components (Details) - USD ($)	Sep. 30, 2020	Mar. 15, 2020	Feb. 04, 2020	Dec. 31, 2019
Long-term debt
Loan Costs, net of accumulated amortization	$ (1,275,147)			$ (1,217,497)
Long-Term Debt	276,916,118			287,218,303
Long-term debt due within one year
Due Within One Year	23,362,430			75,000,000
Credit Facility
Long-term debt
Long-term debt	168,845,349			159,845,349
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
Interest rate (as a percent)	4.33%
Wells Fargo Mortgage Note Payable Originated April 15, 2016
Long-term debt
Long-term debt	$ 23,362,430			23,884,373
Long-term debt due within one year
Due Within One Year	$ 23,362,430
Interest rate (as a percent)	3.17%
4.50% Convertible Senior Notes due 2020
Long-term debt
Long-term debt			$ 11,700,000	74,706,078
Long-term debt due within one year
Due Within One Year				$ 75,000,000
Interest rate (as a percent)	4.50%	4.50%
3.875% Convertible Senior Notes due 2025
Long-term debt
Long-term debt	$ 55,983,486		$ 75,000,000.0
Long-term debt due within one year
Interest rate (as a percent)	3.875%		3.875%

LONG-TERM DEBT - Payments Applicable to Reduction of Principal (Details) - USD ($)	Sep. 30, 2020	Apr. 30, 2016
Payments applicable to reduction of principal amounts
2021	$ 23,362,430
2023	168,845,349
2025 and thereafter	92,468,000
Total Long-Term Debt - Face Value	$ 284,675,779	$ 25,000,000.0

LONG-TERM DEBT - Carrying Value (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019	Apr. 30, 2016
LONG-TERM DEBT
Current Face Amount	$ 284,675,779		$ 25,000,000.0
Unamortized Discount on Convertible Debt	(6,484,514)
Loan Costs, net of accumulated amortization	(1,275,147)	$ (1,217,497)
Total Long-Term Debt	$ 276,916,118	$ 287,218,303

LONG-TERM DEBT - Interest Expense (Details) - USD ($)	3 Months Ended		9 Months Ended
LONG-TERM DEBT - Interest Expense (Details) - USD ($)	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
LONG-TERM DEBT
Interest expense	$ 2,056,000	$ 2,801,000	$ 6,978,000	$ 7,885,000
Amortization of Loan Costs	114,000	111,000	337,861	323,672
Amortization of Discount on Convertible Notes	307,000	342,000	1,067,199	1,009,847
Total Interest Expense	2,477,000	3,254,000	8,383,000	9,219,000
Total Interest Paid	$ 1,460,000	$ 3,075,000	$ 7,096,000	$ 8,142,000

INTEREST RATE SWAPS (Details) - USD ($)	1 Months Ended	9 Months Ended
INTEREST RATE SWAPS (Details) - USD ($)	Aug. 31, 2020	Sep. 30, 2020	Mar. 31, 2020	Mar. 19, 2020	Dec. 31, 2019	Apr. 30, 2016
Derivative [Line Items]
Outstanding Principal		$ 284,675,779				$ 25,000,000.0
Wells Fargo Mortgage Note Payable Originated April 15, 2016
Derivative [Line Items]
Outstanding Principal		23,362,430
Credit Facility
Derivative [Line Items]
Outstanding Principal		$ 168,845,349
Interest Rate Swap
Derivative [Line Items]
Effectiveness of interest rate cash flow hedge (as a percent)		100.00%
Notional amount		$ 23,400,000
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					$ 99,000
Interest Rate Swap \| Accrued and Other Liabilities
Derivative [Line Items]
Fair value of interest rate swap agreement to hedge cash flows		$ 152,000	$ 2,000,000.0
Interest Rate Swap \| Credit Facility
Derivative [Line Items]
Outstanding Principal	$ 50,000,000.0		100,000,000.0
Effectiveness of interest rate cash flow hedge (as a percent)	100.00%	100.00%
Notional amount	$ 50,000,000.0	$ 3.17	$ 100,000,000.0
Derivative fixed interest rate (as a percent)	0.22%		0.7325%	0.7325%
Interest Rate Swap \| Credit Facility \| Accrued and Other Liabilities
Derivative [Line Items]
Fair value of interest rate swap agreement to hedge cash flows		$ 115,000

ACCRUED AND OTHER LIABILITIES - Components (Details) - USD ($)	Sep. 30, 2020	Aug. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
ACCRUED AND OTHER LIABILITIES
Accrued Property Taxes	$ 1,671,365			$ 44,232
Reserve for Tenant Improvements	1,644,246			617,968
Accrued Construction Costs	83,077			93,270
Accrued Interest	1,194,059			1,312,801
Environmental Reserve and Restoration Cost Accrual	106,069			205,774
Interest Rate Swaps	2,294,193	$ 50,000,000.0	$ 100,000,000.0
Operating Leases - Liability	274,480			364,888
Other	2,430,009			3,048,259
Total Accrued and Other Liabilities	$ 9,697,498			$ 5,687,192

ACCRUED AND OTHER LIABILITIES - Reserve for Tenant Improvements and Environmental Reserves (Details) $ in Thousands				1 Months Ended			3 Months Ended				9 Months Ended	12 Months Ended		60 Months Ended
	Aug. 10, 2020 item	Jun. 30, 2016 USD ($)	Dec. 31, 2015 USD ($) a	Jul. 31, 2020 item	Mar. 31, 2020 item	Dec. 31, 2019 item	Sep. 30, 2020 USD ($)	Mar. 31, 2019 USD ($)	Dec. 31, 2017 USD ($)	Jun. 30, 2016 USD ($)	Sep. 30, 2020 USD ($) item	Dec. 31, 2015 USD ($) a	Dec. 31, 2014 USD ($) a	Dec. 31, 2018 USD ($)	Feb. 21, 2020 USD ($)	Jan. 24, 2020 USD ($) tenant
Environmental reserves
Number Of Mitigation Credits \| item				20	20	25					40
Environmental Reserve for Monitoring Environmental Remediation Work Previously Performed
Environmental reserves
Additional environmental reserve accrued									$ 51			$ 500	$ 110	$ 661
Environmental costs funded											$ 582
Environmental reserve accrued							$ 79				79
Environmental Reserve for Monitoring Environmental Remediation Work Previously Performed \| Minimum
Environmental reserves
Estimated cost												500
Environmental Reserve for Monitoring Environmental Remediation Work Previously Performed \| Maximum
Environmental reserves
Area of land (in acres) \| a													1
Estimated cost												$ 1,000
Wetlands restoration
Environmental reserves
Area of land (in acres) \| a			148.4									148.4
Estimated cost		$ 2,000						$ 2,400		$ 2,000	2,400
Environmental costs funded											2,400
Accrued restoration cost			$ 1,700				27				27	$ 1,700
Increase in accrual of remediation costs								$ 361		$ 300
Number Of Mitigation Credits \| item	13.31
Wetlands restoration \| General and Administrative Expense
Environmental reserves
Amount of Mitigation Credits With Cost Basis							109				109
Wetlands restoration \| Minimum
Environmental reserves
Estimated cost			1,700
Wetlands restoration \| Maximum
Environmental reserves
Estimated cost			$ 1,900
Atlanta, Georgia
Environmental reserves
Tenant improvement allowances and leasing commissions							322				322				$ 460
Payment of tenant improvement allowances and leasing commissions											138
Chandler, Arizona
Environmental reserves
Tenant improvement allowances and leasing commissions							$ 653				653					$ 1,300
Payment of tenant improvement allowances and leasing commissions											$ 671
Number of tenant \| tenant																2

DEFERRED REVENUE - Summary of Deferred Revenue (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
DEFERRED REVENUE
Interest Reserve from Commercial Loan and Master Lease Investments		$ 834,972
Prepaid Rent	$ 2,838,831	2,063,173
Tenant Contributions	638,432	2,888,822
Other Deferred Revenue	207,580	43,753
Deferred Revenue, Total	$ 3,684,843	$ 5,830,720

DEFERRED REVENUE - Rent Paid in Advance (Details) - USD ($)		3 Months Ended		9 Months Ended
	Feb. 21, 2018	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Deferred revenue
Purchase price				$ 165,418,743	$ 75,313,805
Master tenant funded incurred related to property acquisition from their leasing reserve escrow		$ 935,000		935,000
Lease revenue		12,933,000	$ 10,261,000	35,409,000	$ 31,361,000
Total deferred revenue		3,684,843		3,684,843		$ 5,830,720
Aggregate contributions related to total acquisition cost will be recognized into income property rental revenue over the remaining term of the lease		29,000,000.0		29,000,000.0
Aspen, Colorado
Deferred revenue
Tenant contribution	$ 1,500,000
Purchase price	$ 28,000,000.0
Lease revenue				314,000
Total deferred revenue		2,100,000		2,100,000
Florida
Deferred revenue
Tenant contribution				1,900,000
Lease revenue				251,000
Total deferred revenue		$ 638,000		638,000
Cocina 214
Deferred revenue
Tenant contribution				1,000,000.0
Lease revenue				$ 690,000

STOCK-BASED COMPENSATION - All Equity and Liability Classified Award Activity (Details) - shares							9 Months Ended	21 Months Ended
	Feb. 24, 2020	Feb. 11, 2020	Jan. 23, 2019	Jan. 24, 2018	Feb. 03, 2017	Jan. 25, 2017	Sep. 30, 2020	Sep. 30, 2020
Shares
Outstanding (in shares)							188,870
Granted (in shares)							39,092
Vested (in shares)							(30,689)
Forfeited (in shares)							(11,743)
Outstanding (in shares)							185,530	185,530
Peer Group Market Condition Vesting \| Performance Shares
Shares
Outstanding (in shares)							49,275
Granted (in shares)	19,641		21,195	15,445	12,635		19,641
Vested (in shares)		(14,214)					(12,635)
Forfeited (in shares)							(7,230)
Outstanding (in shares)							49,051	49,051
Stock Price Vesting \| Restricted Shares
Shares
Outstanding (in shares)							22,000
Outstanding (in shares)							22,000	22,000
Three-Year Vesting \| Restricted Shares
Shares
Outstanding (in shares)							37,595
Granted (in shares)	19,451		20,696	17,712		17,451	19,451
Vested (in shares)							(18,054)
Forfeited (in shares)							(4,513)
Outstanding (in shares)							34,479	34,479
Amended and Restated 2010 Equity Incentive Plan \| Stock Option Awards
Shares
Outstanding (in shares)							80,000
Granted (in shares)								0
Exercised (in shares)							0
Outstanding (in shares)							80,000	80,000

STOCK-BASED COMPENSATION - Recognized in Financial Statements (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
STOCK-BASED COMPENSATION
Total Cost of Share-Based Plans Charged Against Income Before Tax Effect	$ 616,355	$ 613,292	$ 2,135,278	$ 2,059,167
Income Tax Expense Recognized in Income	$ (150,052)	$ (155,439)	$ (519,833)	$ (521,896)

STOCK-BASED COMPENSATION - Performance Share Awards - Peer Group Market Condition Vesting (Details) - USD ($) $ / shares in Units, $ in Millions							9 Months Ended
	Feb. 24, 2020	Feb. 11, 2020	Jan. 23, 2019	Jan. 24, 2018	Aug. 04, 2017	Feb. 03, 2017	Sep. 30, 2020
Stock-based compensation
Total shareholders percentage							15.18%
Vested							30,689
Shares
Outstanding (in shares)							188,870
Granted (in shares)							39,092
Vested (in shares)							(30,689)
Forfeited (in shares)							(11,743)
Outstanding (in shares)							185,530
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
Stock-based compensation
Vesting percentage							112.50%
Performance period	3 years		3 years
Performance Shares \| Peer Group Market Condition Vesting
Stock-based compensation
Performance period				3 years		3 years
Vested		14,214					12,635
Shares
Outstanding (in shares)							49,275
Granted (in shares)	19,641		21,195	15,445		12,635	19,641
Vested (in shares)		(14,214)					(12,635)
Forfeited (in shares)							(7,230)
Outstanding (in shares)							49,051
Weighted Average Fair Value
Outstanding (in dollars per share)							$ 65.59
Granted (in dollars per share)							54.69
Vested (in dollars per share)							54.66
Forfeited (in dollars per share)							63.81
Outstanding (in dollars per share)							$ 64.05
Compensation cost
Unrecognized compensation cost							$ 1.8
Weighted average period of recognition of unrecognized compensation cost							1 year 10 months 24 days
Performance Shares \| Minimum \| Peer Group Market Condition Vesting
Stock-based compensation
Vesting percentage	0.00%		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%		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-BASED COMPENSATION - Market Condition Restricted Shares - Stock Price Vesting (Details) $ / shares in Units, $ in Thousands				9 Months Ended
	Aug. 04, 2017	Feb. 26, 2016 item $ / shares shares	May 20, 2015 item shares	Sep. 30, 2020 USD ($) item $ / shares shares
Stock-based compensation
Closing share price (in dollars per share) \| $ / shares				$ 15.55
Total shares surrendered				11,743
Shares
Outstanding (in shares)				188,870
Granted (in shares)				39,092
Vested (in shares)				(30,689)
Forfeited (in shares)				(11,743)
Outstanding (in shares)				185,530
Stock Price Vesting \| Restricted Shares
Shares
Outstanding (in shares)				22,000
Outstanding (in shares)				22,000
Weighted Average Fair Value
Outstanding (in dollars per share) \| $ / shares				$ 41.71
Outstanding (in dollars per share) \| $ / shares				$ 41.71
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 - Three Year Vest Restricted Shares (Details) - USD ($) $ / shares in Units, $ in Millions						9 Months Ended
	Feb. 24, 2020	Jan. 23, 2019	Jan. 24, 2018	Aug. 04, 2017	Jan. 25, 2017	Sep. 30, 2020
Shares
Outstanding (in shares)						188,870
Granted (in shares)						39,092
Vested (in shares)						(30,689)
Forfeited (in shares)						(11,743)
Outstanding (in shares)						185,530
Three-Year Vesting \| Restricted Shares
Stock-based compensation
Vesting per year (as a percent)	33.33%	33.33%	33.33%		33.33%
Shares
Outstanding (in shares)						37,595
Granted (in shares)	19,451	20,696	17,712		17,451	19,451
Vested (in shares)						(18,054)
Forfeited (in shares)						(4,513)
Outstanding (in shares)						34,479
Weighted Average Fair Value
Outstanding (in dollars per share)						$ 60.21
Granted (in dollars per share)						59.70
Vested (in dollars per share)						59.69
Forfeited (in dollars per share)						60.14
Outstanding (in dollars per share)						$ 60.20
Compensation cost
Unrecognized compensation cost						$ 1.6
Weighted average period of recognition of unrecognized compensation cost						1 year 9 months 18 days
Equity Award Agreements \| Three-Year Vesting
Award agreements
Period after change of control for equity award to fully vest upon termination of employment without cause or resignation				24 months

STOCK-BASED COMPENSATION - Non-Qualified Stock Option Awards Granted (Details) - Stock Option Awards - Amended and Restated 2010 Equity Incentive Plan - $ / shares							9 Months Ended	21 Months Ended
	Aug. 04, 2017	Feb. 26, 2016	Jun. 29, 2015	May 20, 2015	Feb. 09, 2015	Oct. 22, 2014	Sep. 30, 2020	Sep. 30, 2020
Stock-based compensation
Granted (in shares)								0
Exercised (in shares)							0
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
Surrendered (in shares)		40,000
Mr. Smith
Stock-based compensation
Granted (in shares)						10,000
Vesting per year (as a percent)						33.33%
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)			33.33%
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

STOCK-BASED COMPENSATION - Non-Qualified Stock Option Award Activity (Details) - Amended and Restated 2010 Equity Incentive Plan - Stock Option Awards - USD ($)	9 Months Ended	12 Months Ended	21 Months Ended
	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2020
Shares
Outstanding (in shares)	80,000
Granted (in shares)			0
Exercised (in shares)	0
Outstanding (in shares)	80,000	80,000	80,000
Exercisable (in shares)	80,000	80,000	80,000
Weighted Average Exercise Price (in dollars per share)
Outstanding (in dollars per share)	$ 55.63
Outstanding (in dollars per share)	55.63	$ 55.63	$ 55.63
Exercisable (in dollars per share)	$ 55.63	$ 55.63	$ 55.63
Weighted Average Remaining Contractual Term
Outstanding	4 years 6 months 3 days
Exercisable	4 years 6 months 3 days	6 years 6 months
Stock-based compensation
Aggregate Intrinsic Value, Exercisable (in dollars)		$ 25,000
Unrecognized compensation cost (in dollars)	$ 0		$ 0

STOCK-BASED COMPENSATION - Non-Employee Director Stock Compensation (Details) - Share-based Payment Arrangement, Nonemployee - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
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			$ 424	$ 443
Expense recognized (in shares)			8,143	7,653
Annual award received	$ 120	$ 174

INCOME TAXES (Details)	9 Months Ended
INCOME TAXES (Details)	Sep. 30, 2020	Sep. 30, 2019
INCOME TAXES
Effective income tax rate (as a percent)	25.90%	25.20%

COMMITMENTS AND CONTINGENCIES - Contractual Commitments - Expenditures (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2020 USD ($)	Feb. 21, 2020 USD ($)	Jan. 24, 2020 USD ($) tenant	Dec. 19, 2019 tenant	Dec. 09, 2019 USD ($)
Atlanta, Georgia
Commitments
Tenant improvement allowances and leasing commissions	$ 322	$ 460
Payment of tenant improvement allowances and leasing commissions	138
Chandler, Arizona
Commitments
Tenant improvement allowances and leasing commissions	653		$ 1,300
Payment of tenant improvement allowances and leasing commissions	671
Number of tenant \| tenant			2
Jacksonville, FL
Commitments
Tenant improvement allowances and leasing commissions	$ 450
Number of tenant \| tenant				1
Jacksonville, FL \| Accrued and Other Liabilities
Commitments
Tenant improvement allowances and leasing commissions					$ 450

COMMITMENTS AND CONTINGENCIES - Other Matters (Details)					1 Months Ended			3 Months Ended					9 Months Ended
COMMITMENTS AND CONTINGENCIES - Other Matters (Details)	Aug. 10, 2020 item	Jun. 30, 2017 USD ($) a item	Jun. 30, 2016 USD ($)	Dec. 31, 2015 USD ($) a	Jul. 31, 2020 item	Mar. 31, 2020 item	Dec. 31, 2019 USD ($) item	Sep. 30, 2020 USD ($)	Sep. 30, 2019 USD ($)	Mar. 31, 2019 USD ($)	Mar. 31, 2017 USD ($) a	Jun. 30, 2016 USD ($)	Sep. 30, 2020 USD ($) item
Contingencies
Escrow balance							$ 128,430,049	$ 2,425,944	$ 6,213,295				$ 2,425,944
Number of mitigation credits \| item					20	20	25						40
Unfavorable regulatory action
Contingencies
Accrued loss contingency				$ 187,500
Minto Communities LLC
Contingencies
Acres sold \| a											1,581
Accrued restoration cost											$ 430,000
Cash deposited in (refunded from) escrow											423,000
Wetlands restoration
Contingencies
Area of land (in acres) \| a				148.4
Estimated cost			$ 2,000,000.0							$ 2,400,000		$ 2,000,000.0	$ 2,400,000
Increase in accrual of remediation costs										$ 361,000		$ 300,000
Environmental costs funded													2,400,000
Accrued restoration cost				$ 1,700,000				27,000					27,000
Number of mitigation credits \| item	13.31
Wetlands restoration \| General and Administrative Expense
Contingencies
Amount of mitigation credits with cost basis								109,000					109,000
Wetlands restoration \| Minto Communities LLC
Contingencies
Cash deposited in (refunded from) escrow									$ 77,833		$ 189,500		77,833
Escrow balance							$ 156,000	$ 79,000					$ 79,000
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
Number of mitigation credits required to be utilized \| item		36
Mitigation credits transferred		$ 298,000

BUSINESS SEGMENT DATA - Description (Details)	3 Months Ended		9 Months Ended		12 Months Ended
BUSINESS SEGMENT DATA - Description (Details)	Sep. 30, 2020 USD ($)	Sep. 30, 2019 USD ($)	Sep. 30, 2020 USD ($) loan segment property	Sep. 30, 2019 USD ($)	Dec. 31, 2019 USD ($)
Business segment data
Number of operating segment \| segment			4
Assets	$ 685,431,961		$ 685,431,961		$ 703,286,203
Capital Expenditures	48,193,114	$ 58,961,527	193,201,398	$ 109,733,573
Depreciation and Amortization	4,762,057	4,286,836	14,335,715	11,707,710
Income Properties
Business segment data
Assets	567,604,674		567,604,674		464,285,272
Depreciation and Amortization	4,751,289	$ 4,281,286	14,314,300	$ 11,690,110
Management Services
Business segment data
Assets	$ 0		0		0
Capital Expenditures			0		0
Depreciation and Amortization			$ 0		$ 0
Commercial loan and master lease investments
Business segment data
Number of commercial loan investment \| loan			1
Number of commercial Properties \| property			2
Product concentration \| Identifiable assets \| Income Properties
Business segment data
Percentage of total			82.80%		66.00%
Product concentration \| Consolidated revenues \| Income Properties
Business segment data
Percentage of total			87.60%		95.10%

BUSINESS SEGMENT DATA - Summary of Operations in Different Segments (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Business segment data
Total Revenues	$ 14,571,974	$ 11,329,979	$ 40,420,149	$ 32,978,129
Operating Income	1,484,213	5,484,975	12,546,600	30,119,815
Gain on Disposition of Assets	289,736	2,187,332	7,365,594	20,869,196
Gain on Extinguishment of Debt			1,141,481
Depreciation and Amortization	4,762,057	4,286,836	14,335,715	11,707,710
Capital Expenditures	48,193,114	58,961,527	193,201,398	109,733,573
Identifiable Assets	685,431,961		685,431,961		$ 703,286,203
Operating Segments
Business segment data
Operating Income	289,736	2,187,332	7,365,594	20,869,196
General and Corporate Expense
Business segment data
Operating Income	(8,103,039)	(6,547,564)	(24,843,608)	(18,589,234)
Income Properties
Business segment data
Total Revenues	12,933,029	10,260,831	35,409,172	31,360,544
Depreciation and Amortization	4,751,289	4,281,286	14,314,300	11,690,110
Identifiable Assets	567,604,674		567,604,674		464,285,272
Income Properties \| Operating Segments
Business segment data
Operating Income	9,340,154	8,784,543	27,134,740	26,317,048
Capital Expenditures	48,189,074	50,099,717	186,430,666	91,130,209
Management Services
Business segment data
Total Revenues	682,153		2,079,805
Depreciation and Amortization			0		0
Capital Expenditures			0		0
Identifiable Assets	0		0		0
Management Services \| Operating Segments
Business segment data
Operating Income	682,153		2,079,805
Interest Income from Commercial Loan and Master Lease Investments
Business segment data
Total Revenues	413,092	855,559	2,300,331	908,324
Identifiable Assets	39,685,650		39,685,650		35,742,218
Interest Income from Commercial Loan and Master Lease Investments \| Operating Segments
Business segment data
Operating Income	413,092	855,559	2,300,331	908,324
Capital Expenditures		8,167,500	6,754,375	16,007,500
Real Estate Operations
Business segment data
Total Revenues	543,700	213,589	630,841	709,261
Identifiable Assets	66,806,074		66,806,074		65,554,619
Real Estate Operations \| Operating Segments
Business segment data
Operating Income	(1,137,883)	205,105	(2,631,743)	614,481
Capital Expenditures		694,310		2,593,803
Land Operations
Business segment data
Identifiable Assets	833,167		833,167		833,167
Corporate and Other
Business segment data
Depreciation and Amortization	10,768	$ 5,550	21,415	17,600
Identifiable Assets	10,502,396		10,502,396		$ 136,870,927
Corporate and Other \| Operating Segments
Business segment data
Capital Expenditures	$ 4,040		$ 16,357	$ 2,061

ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS - Assets and Liabilities Held for Sale (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Assets held for sale
Property, Plant, and Equipment-Net	$ 26,296,202
Restricted Cash	834,044	$ 833,167
Intangible Lease Assets - Net	2,716,968
Intangible Lease Liabilities - Net	(433,263)
Total Assets Held for Sale	29,413,951	833,167
Liabilities held for sale
Deferred Revenue	(831,320)	(831,320)
Total Liabilities Held for Sale	(831,320)	(831,320)
Land JV Assets \| Discontinued Operations, Held-for-sale or Disposed of by Sale [Member]
Assets held for sale
Restricted Cash	834,044	833,167
Total Assets Held for Sale	834,044	833,167
Land JV Liabilities \| Discontinued Operations, Held-for-sale or Disposed of by Sale [Member]
Liabilities held for sale
Deferred Revenue	(831,320)	(831,320)
Total Liabilities Held for Sale	(831,320)	$ (831,320)
Single-Tenant Income Properties \| Discontinued Operations, Held-for-sale or Disposed of by Sale [Member]
Assets held for sale
Property, Plant, and Equipment-Net	26,296,202
Intangible Lease Assets - Net	2,716,968
Intangible Lease Liabilities - Net	(433,263)
Total Assets Held for Sale	$ 28,579,907

ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS - Discontinued Operations (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019
ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS
Total Income (loss) from Discontinued Operations (Net of Income Tax)	$ (204,364)	$ 2,853,520
Discontinued Operations, Held-for-sale
ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS
Total Income (loss) from Discontinued Operations (Net of Income Tax)	(204,364)	2,853,520
Golf Operations \| Discontinued Operations, Held-for-sale
ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS
Revenue	967,919	3,918,471
Cost of Revenues	(1,326,150)	(4,711,113)
Loss from Operations	(358,231)	(792,642)
Income (Loss) from Discontinued Operations Before Income Tax	(358,231)	(792,642)
Income Tax Benefit (Expense)	90,794	200,896
Total Income (loss) from Discontinued Operations (Net of Income Tax)	(267,437)	(591,746)
Land Operations \| Discontinued Operations, Held-for-sale
ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS
Revenue	418,151	10,968,151
Cost of Revenues	(333,664)	(6,353,235)
Income (Loss) from Discontinued Operations Before Income Tax	84,487	4,614,916
Income Tax Benefit (Expense)	(21,414)	(1,169,650)
Total Income (loss) from Discontinued Operations (Net of Income Tax)	$ 63,073	$ 3,445,266

SUBSEQUENT EVENTS (Details)						1 Months Ended				3 Months Ended		9 Months Ended
SUBSEQUENT EVENTS (Details)	Nov. 06, 2020	Nov. 03, 2020 USD ($)	Nov. 02, 2020 USD ($) item $ / shares	Oct. 13, 2020 USD ($) $ / shares	Sep. 25, 2020 USD ($)	Oct. 31, 2020 USD ($) item	Jul. 31, 2020 USD ($) item	Mar. 31, 2020 USD ($) item	Dec. 31, 2019 USD ($) item	Dec. 31, 2020 USD ($)	Sep. 30, 2020 USD ($) item	Sep. 30, 2020 USD ($) item $ / shares	Sep. 30, 2019 USD ($) $ / shares	Oct. 01, 2020 USD ($)	Apr. 30, 2016 USD ($)
Subsequent Event [Line Items]
Percentage of contractual base rent received											91.00%
Repayment of debt					$ 2,070,000.00
Proceeds from issuance of debt					$ 400,000
Number of billboards \| item											9	9
Number of mitigation credits \| item							20	20	25			40
Mitigation credits, Put Right, fair value							$ 1,500,000	$ 1,500,000	$ 1,900,000
Mitigation credits value per credit							$ 75,000	$ 75,000	$ 75,000
Outstanding Principal											$ 284,675,779	$ 284,675,779			$ 25,000,000.0
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Subsequent Event [Line Items]
Sales price											51,576,910	51,576,910	$ 82,647,778
Gain on Sale												$ 7,718,553	$ 20,805,819
Earning per share, after tax \| $ / shares												$ 1.25	$ 3.07
Seven-Eleven Dallas, TX [Member] \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Subsequent Event [Line Items]
Sales price											$ 2,400,000	$ 2,400,000
Gain on Sale												$ (45,615)
Earning per share, after tax \| $ / shares												$ (0.01)
Subsequent Event
Subsequent Event [Line Items]
Percentage of contractual base rent received	93.00%
Repayment of debt		$ 2,070,000.00
Proceeds from issuance of debt		$ 2,000,000.0
Number of billboard sold \| item			8
Sale price of billboard			$ 1,500,000
Estimated sale price of billboard			$ 1,500,000
Sale price per share, after tax \| $ / shares			$ 0.24
Number of mitigation credits \| item						8.536
Mitigation credits, Put Right, fair value						$ 640,000
Mitigation credits value per credit						$ 75,000
Outstanding Principal														$ 7,000,000.0
Interest rate (as a percent)														5.00%
Percentage of common stock										90.00%
Percentage of cash										10.00%
Cash distribution										$ 0
Subsequent Event \| Minimum
Subsequent Event [Line Items]
Aggregate amount of the Special Distribution										52,000,000.0
Subsequent Event \| Maximum
Subsequent Event [Line Items]
Aggregate amount of the Special Distribution										$ 56,000,000.0
Subsequent Event \| Promissory note
Subsequent Event [Line Items]
Outstanding Principal				$ 400,000
Interest rate (as a percent)				7.50%
Term of loan				2 years 6 months
Subsequent Event \| Arlington, TX \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Subsequent Event [Line Items]
Sales price				$ 2,500,000
Gain on Sale				$ 68,000
Earning per share, after tax \| $ / shares				$ 0.01
Subsequent Event \| Seven-Eleven Dallas, TX [Member] \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Subsequent Event [Line Items]
Sales price				$ 475,000
Gain on Sale				$ 76,000
Earning per share, after tax \| $ / shares				$ 0.01