0001558370-21-009609 | 10-Q | XBRL Viewer

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Document and Entity Information - $ / shares	6 Months Ended
Document and Entity Information - $ / shares	Jun. 30, 2021	Jul. 22, 2021
Document Information [Line Items]
Entity Central Index Key	0000023795
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	01-11350
Entity Registrant Name	CTO REALTY GROWTH, INC.
Entity Incorporation, State or Country Code	MD
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
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	$ 0.01
Entity Common Stock, Shares Outstanding		5,956,540
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	CTO
Security Exchange Name	NYSE
Cumulative Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	6.375% Series A Cumulative Redeemable
Trading Symbol	CTO PrA
Security Exchange Name	NYSE

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Real Estate:
Total Real Estate, at cost	$ 495,106	$ 473,121
Less, Accumulated Depreciation	(31,211)	(30,737)
Real Estate-Net	463,895	442,384
Land and Development Costs	6,684	7,083
Intangible Lease Assets-Net	71,470	50,176
Assets Held for Sale-See Note 25	3,720	833
Investment in Joint Ventures	32,497	48,677
Investment in Alpine Income Property Trust, Inc.	38,794	30,574
Mitigation Credits	2,621	2,622
Commercial Loan and Master Lease Investments	38,884	38,320
Cash and Cash Equivalents	4,701	4,289
Restricted Cash	13,918	29,536
Refundable Income Taxes	599	26
Deferred Income Taxes-Net	473
Other Assets-See Note 13	11,616	12,180
Total Assets	689,872	666,700
Liabilities:
Accounts Payable	1,332	1,047
Accrued and Other Liabilities-See Note 19	11,437	9,090
Deferred Revenue-See Note 20	4,036	3,319
Intangible Lease Liabilities-Net	22,459	24,163
Liabilities Held for Sale-See Note 25	831	831
Deferred Income Taxes-Net		3,521
Long-Term Debt	304,886	273,830
Total Liabilities	344,981	315,801
Commitments and Contingencies-See Note 23
Stockholders' Equity:
Preferred Stock - 100,000,000 shares authorized; $0.01 par value, no shares issued or outstanding at June 30, 2021; 50,000 shares authorized; $100.00 par value, no shares issued or outstanding at December 31, 2020
Common Stock - 500,000,000 shares authorized; $0.01 par value, 5,955,154 shares issued and outstanding at June 30, 2021; 25,000,000 shares authorized; $1.00 par value, 7,310,680 shares issued and 5,915,756 shares outstanding at December 31, 2020	60	7,250
Treasury Stock - 0 shares at June 30, 2021 and 1,394,924 shares at December 31, 2020		(77,541)
Additional Paid-In Capital	13,676	83,183
Retained Earnings	331,895	339,917
Accumulated Other Comprehensive Loss	(740)	(1,910)
Total Stockholders' Equity	344,891	350,899
Total Liabilities and Stockholders' Equity	689,872	666,700
Land Sales Revenue
Real Estate:
Total Real Estate, at cost	172,304	166,512
Building and Improvements, at cost
Real Estate:
Total Real Estate, at cost	320,769	305,614
Other Furnishings and Equipment, at cost
Real Estate:
Total Real Estate, at cost	682	672
Construction in Process, at cost
Real Estate:
Total Real Estate, at cost	$ 1,351	$ 323

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
Preferred Stock
Preferred Stock, Shares Authorized	100,000,000	50,000
Preferred Stock, par value (in dollars per share)	$ 0.01	$ 100.00
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common Stock
Common Stock, shares authorized	500,000,000	25,000,000
Common Stock, par value (in dollars per share)	$ 0.01	$ 1.00
Common Stock, shares issued	5,955,154	7,310,680
Common Stock, shares outstanding	5,955,154	5,915,756
Treasury Stock
Treasury Stock, shares held	0	1,394,924

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenues
Total Revenues	$ 14,283	$ 13,010	$ 28,995	$ 25,848
Direct Cost of Revenues
Total Direct Cost of Revenues	(3,320)	(2,625)	(6,319)	(6,262)
General and Administrative Expenses	(2,665)	(2,171)	(5,797)	(5,263)
Impairment Charges	(16,527)		(16,527)	(1,905)
Depreciation and Amortization	(5,031)	(5,021)	(9,861)	(9,573)
Total Operating Expenses	(27,543)	(9,817)	(38,504)	(23,003)
Gain on Disposition of Assets	4,732	7,076	5,440	7,076
Gain (Loss) on Extinguishment of Debt	(641)	504	(641)	1,141
Other Gains and Income	4,091	7,580	4,799	8,217
Total Operating Income (Loss)	(9,169)	10,773	(4,710)	11,062
Investment and Other Income (Loss)	3,903	8,470	9,235	(4,716)
Interest Expense	(2,421)	(2,453)	(4,865)	(5,906)
Income (Loss) Before Income Tax Benefit (Expense)	(7,687)	16,790	(340)	440
Income Tax Benefit (Expense)	3,963	(4,179)	4,401	(91)
Net Income (Loss)	$ (3,724)	$ 12,611	$ 4,061	$ 349
Basic Net Income (Loss) per Share
Basic Net Income (Loss) per Share (in dollars per share)	$ (0.63)	$ 2.71	$ 0.69	$ 0.07
Diluted Net Income (Loss) per Share
Diluted Net Income (Loss) per Share (in dollars per share)	$ (0.63)	$ 2.71	$ 0.69	$ 0.07
Basic	5,898,280	4,653,627	5,888,735	4,682,511
Diluted	5,898,280	4,653,627	5,888,735	4,682,511
Dividends Declared and Paid (in dollars per share)	$ 1.00	$ 0.25	$ 2.00	$ 0.50
Income Properties
Revenues
Total Revenues	$ 11,574	$ 11,473	$ 23,023	$ 22,476
Direct Cost of Revenues
Total Direct Cost of Revenues	(2,787)	(2,568)	(5,704)	(4,681)
Depreciation and Amortization	(5,026)	(5,016)	(9,851)	(9,563)
Management Fee Income
Revenues
Total Revenues	752	695	1,421	1,397
Interest Income from Commercial Loan and Master Lease Investments
Revenues
Total Revenues	709	835	1,410	1,887
Real Estate Operations
Revenues
Total Revenues	1,248	7	3,141	88
Direct Cost of Revenues
Total Direct Cost of Revenues	$ (533)	$ (57)	$ (615)	$ (1,581)

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net Income (Loss)	$ (3,724)	$ 12,611	$ 4,061	$ 349
Other Comprehensive Income (Loss):
Cash Flow Hedging Derivative - Interest Rate Swaps (Net of Income Tax Expense of $0, ($0.2) million, $0, and ($0.6) million, respectively)	(67)	(493)	1,170	(1,866)
Total Other Comprehensive Income (Loss), Net of Income Tax	(67)	(493)	1,170	(1,866)
Total Comprehensive Income (Loss)	$ (3,791)	$ 12,118	$ 5,231	$ (1,517)

- 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 ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Cash Flow Hedging Derivative - Interest Rate Swap, Income Tax	$ 0.0	$ (0.2)	$ 0.0	$ (0.6)

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, 2019	$ 6,017,000	$ (73,441,000)	$ 26,690,000	$ 326,073,000	$ 74,000	$ 285,413,000
Increase (decrease) in shareholders' equity
Net Income (Loss)				349,000		349,000
Stock Repurchase		(4,100,000)				(4,100,000)
Equity Component of Convertible Debt			5,248,000			5,248,000
Vested Restricted Stock and Performance Shares	24,000		(562,000)			(538,000)
Exercise of Stock Options and Stock Issuance	6,000		344,000			350,000
Stock Compensation Expense from Restricted Stock Grants and Equity Classified Stock Options			1,168,000			1,168,000
Dividends Declared for the Period				(2,347,000)		(2,347,000)
Other Comprehensive Income (Loss), Net of Income Tax					(1,866,000)	(1,866,000)
Balance at Jun. 30, 2020	6,047,000	(77,541,000)	32,888,000	324,075,000	(1,792,000)	283,677,000
Balance at Mar. 31, 2020	6,045,000	(77,356,000)	32,191,000	312,627,000	(1,299,000)	272,208,000
Increase (decrease) in shareholders' equity
Net Income (Loss)				12,611,000		12,611,000
Stock Repurchase		(185,000)				(185,000)
Exercise of Stock Options and Stock Issuance	2,000		107,000			109,000
Stock Compensation Expense from Restricted Stock Grants and Equity Classified Stock Options			590,000			590,000
Dividends Declared for the Period				(1,163,000)		(1,163,000)
Other Comprehensive Income (Loss), Net of Income Tax					(493,000)	(493,000)
Balance at Jun. 30, 2020	6,047,000	(77,541,000)	32,888,000	324,075,000	(1,792,000)	283,677,000
Balance at Dec. 31, 2020	7,250,000	(77,541,000)	83,183,000	339,917,000	(1,910,000)	350,899,000
Increase (decrease) in shareholders' equity
Net Income (Loss)				4,061,000		4,061,000
Stock Repurchase						0
Vested Restricted Stock and Performance Shares			(436,000)			(436,000)
Exercise of Stock Options and Stock Issuance			372,000			372,000
Stock Compensation Expense from Restricted Stock Grants and Equity Classified Stock Options			1,336,000			1,336,000
Par Value $0.01 per Share and Treasury Stock Derecognized at January 29, 2021	(7,190,000)	$ 77,541,000	(70,351,000)
Equity Issuance Costs			(428,000)			(428,000)
Dividends Declared for the Period				(12,083,000)		(12,083,000)
Other Comprehensive Income (Loss), Net of Income Tax					1,170,000	1,170,000
Balance at Jun. 30, 2021	60,000		13,676,000	331,895,000	(740,000)	344,891,000
Balance at Mar. 31, 2021	60,000		13,341,000	341,645,000	(673,000)	354,373,000
Increase (decrease) in shareholders' equity
Net Income (Loss)				(3,724,000)		(3,724,000)
Exercise of Stock Options and Stock Issuance			80,000			80,000
Stock Compensation Expense from Restricted Stock Grants and Equity Classified Stock Options			667,000			667,000
Equity Issuance Costs			(412,000)			(412,000)
Dividends Declared for the Period				(6,026,000)		(6,026,000)
Other Comprehensive Income (Loss), Net of Income Tax					(67,000)	(67,000)
Balance at Jun. 30, 2021	$ 60,000		$ 13,676,000	$ 331,895,000	$ (740,000)	$ 344,891,000

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical)	6 Months Ended
	Jun. 30, 2021 $ / shares
Common Stock
Special Distribution (in dollars per share)	$ 0.01

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Cash Flow from Operating Activities:
Net Income			$ 4,061	$ 349
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation and Amortization			9,861	9,573
Amortization of Intangible Liabilities to Income Property Revenue	$ (338)	$ (444)	(734)	(918)
Amortization of Deferred Financing Costs to Interest Expense	159	73	324	223
Amortization of Discount on Convertible Debt	319	256	629	760
Gain on Disposition of Real Estate and Intangible Lease Assets and Liabilities			(5,440)	(3,628)
Gain on Disposition of Assets Held for Sale				(3,800)
Loss on Disposition of Commercial Loan and Master Lease Investments				352
Loss (Gain) on Extinguishment of Debt	641	(504)	641	(1,141)
Impairment Charges			16,527	1,905
Accretion of Commercial Loan and Master Lease Investment Origination Fees			(1)	(157)
Non-Cash Imputed Interest			(214)	(206)
Deferred Income Taxes			(3,994)	(3,354)
Unrealized (Gain) Loss on Investment Securities			(8,220)	5,650
Non-Cash Compensation			1,700	1,518
Decrease (Increase) in Assets:
Refundable Income Taxes			(573)
Land and Development Costs			399	(419)
Impact Fees and Mitigation Credits				1,325
Other Assets			(636)	(1,809)
Increase (Decrease) in Liabilities:
Accounts Payable			287	(627)
Accrued and Other Liabilities			2,956	3,940
Deferred Revenue			717	(652)
Income Taxes Payable				801
Net Cash Provided By Operating Activities			18,290	9,685
Cash Flow from Investing Activities:
Acquisition of Real Estate and Intangible Lease Assets and Liabilities			(114,021)	(138,455)
Acquisition of Commercial Loan Investments and Master Lease Investments			(364)	(6,754)
Acquisition of Mitigation Credits				(1,500)
Cash Contribution to Interest in Joint Venture			(346)	(22)
Proceeds from Disposition of Property, Plant, and Equipment, Net, and Assets Held for Sale			34,261	37,800
Principal Payments Received on Commercial Loan and Master Lease Investments				20,981
Net Cash Used In Investing Activities			(80,470)	(87,950)
Cash Flow from Financing Activities:
Proceeds from Long-Term Debt			147,500	56,641
Payments on Long-Term Debt			(86,963)	(63,916)
Cash Paid for Loan Fees			(900)	(1,968)
Cash Proceeds from Payments for Stock Options and Stock Issuance			(4)
Cash Used to Purchase Common Stock				(4,100)
Cash Paid for Vesting of Restricted Stock			(436)	(538)
Cash Paid for Equity Issuance Costs			(428)
Dividends Paid			(11,795)	(2,347)
Net Cash Provided By (Used In) Financing Activities			46,974	(16,228)
Net Decrease in Cash and Cash Equivalents			(15,206)	(94,493)
Cash and Cash Equivalents, Beginning of Period			33,825	134,904	$ 134,904
Cash and Cash Equivalents, End of Period	18,619	40,411	18,619	40,411	33,825
Reconciliation of Cash to the Consolidated Balance Sheets:
Cash and Cash Equivalents	4,701	10,701	4,701	10,701	4,289
Restricted Cash	13,918	29,710	13,918	29,710	29,536
Total Cash	$ 18,619	$ 40,411	$ 18,619	$ 40,411	$ 134,904

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Supplemental Disclosure of Cash Flow Information:
Cash Paid for Taxes, net of Refunds Received		$ 170	$ 203
Cash Paid for Interest	$ (2,496)	(4,022)	(5,636)
Convertible Note Exchange			57,359
Equity Component of Convertible Debt	$ 5,248		$ 5,248
Dividends Declared and Unpaid		287
Assumption of Mortgage Note Payable by Buyer		$ 30,000

DESCRIPTION OF BUSINESS

6 Months Ended

Jun. 30, 2021

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS

NOTE 1. DESCRIPTION OF BUSINESS

Description of Business

We are a publicly traded diversified real estate investment trust (“REIT”) that was founded in 1910. We own and manage, sometimes utilizing third-party property management companies, 20 commercial real estate properties in 10 states in the United States. As of June 30, 2021, we owned 12 single-tenant and eight multi-tenant income-producing properties comprising 2.7 million square feet of gross leasable space.

In addition to our income property portfolio, as of June 30, 2021, 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 currently holds 1,600 acres of undeveloped land in Daytona Beach, Florida (the “Land JV”), see Note 6, “Related Party Management Services Business”.

Commercial Loan and Master Lease Investments:

●

A portfolio of two commercial loan investments and two commercial properties, which are included in the 20 commercial real estate properties above, whose leases are classified as commercial loan and master lease investments.

Real Estate Operations:

●

A portfolio of subsurface mineral interests associated with approximately 420,000 surface acres in 20 counties in the State of Florida and a portfolio of mitigation credits (“Subsurface Interests”);

●

A retained interest in the Land JV, which has entered into an agreement to sell substantially all of its remaining 1,600 acres of undeveloped land in Daytona Beach, Florida; and

●

An interest in a joint venture that owns a 2,500 acre parcel of land in the western part of Daytona Beach, Florida and which is engaged in the operation of a mitigation bank (the “Mitigation Bank JV”), 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 our investment in PINE. As of June 30, 2021, our investment totaled $38.8 million, or 15.8% of the PINE’s outstanding equity, including the units of limited partnership interest (“OP Units”) we hold in Alpine Income Property OP, LP (the “PINE Operating Partnership”), which are redeemable for cash, based upon the value of an equivalent number of shares of PINE common stock at the time of the redemption, or shares of PINE common stock 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.

REIT Conversion

As of December 31, 2020, the Company had completed certain internal reorganization transactions necessary to begin operating in compliance with the requirements for qualification and taxation as a REIT for U.S. federal income tax purposes for the taxable year ended December 31, 2020.

In order to comply with certain REIT requirements set forth in the Internal Revenue Code of 1986, as amended (the “Code”), we hold certain of our non-REIT assets and operations through taxable REIT subsidiaries (“TRSs”) and subsidiaries of TRSs. A TRS is a subsidiary of a REIT that is generally subject to U.S. federal corporate income tax on its earnings. Net income from our TRSs either will be retained by our TRSs and used to fund their operations, or will be distributed to us, where it will either be reinvested by us into our business or available for distribution to our stockholders. However, distributions from our TRSs to us will not produce qualifying income for purposes of the 75% gross income test applicable to REITs and thus may be limited.

To qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of the Company’s annual REIT taxable income, without regard to the dividends paid deduction and excluding net capital gain, to its stockholders (which is computed and which does not necessarily equal net income as calculated in accordance with generally accepted accounting principles). As a REIT, the Company is generally not subject to U.S. federal corporate income tax to the extent of its distributions to stockholders. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to U.S. federal income tax on its taxable income at regular corporate rates and generally will not be permitted to qualify for treatment as a REIT for the four taxable years following the year during which qualification is lost unless the Internal Revenue Service (“IRS”) grants the Company relief under certain statutory provisions. Such an event could materially adversely affect the Company’s net income and net cash available for distribution to stockholders. Even if the Company qualifies for taxation as a REIT, the Company may be subject to state and local taxes on its income and property and federal income and excise taxes on its undistributed income.

Merger

On January 29, 2021, in connection with the REIT conversion, the Company completed the merger of CTO Realty Growth, Inc., a Florida corporation (“CTO FL”), with and into CTO NEWCO REIT, Inc. (“CTO MD ”), a wholly owned subsidiary of CTO FL (the “Merger”) in order 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 MD’s capital stock.

As a result of the Merger, existing shares of CTO FL common stock were automatically converted, on a one-for-one basis, into shares of common stock of CTO MD. CTO MD is a corporation organized in the state of Maryland and has been renamed “CTO Realty Growth, Inc.” CTO MD’s charter includes certain standard REIT provisions, including ownership limitations and transfer restrictions applicable to the Company’s capital stock. See Note 14, “Equity” for the Company’s disclosure related to the equity adjustments recorded during the three months ended March 31, 2021 in connection with the Merger.

In connection with the REIT conversion and the Merger, CTO FL applied to list CTO MD’s common stock on the New York Stock Exchange (the “NYSE”) under CTO FL’s ticker symbol, “CTO.” This application was approved, and CTO MD’s common stock began trading on the NYSE on February 1, 2021 under the ticker symbol “CTO.”

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 impact of the COVID-19 Pandemic has evolved rapidly, with many jurisdictions taking drastic measures to limit the spread of the virus by instituting quarantines or lockdowns and imposing travel restrictions. Such actions have created significant disruptions to global supply chains, and adversely impacted several industries, including airlines, hospitality, retail and the broader real estate industry.

As a result of the approval of multiple COVID-19 vaccines for use and the distribution of such vaccines among the general population, a number of jurisdictions have reopened and loosened restrictions. However, wide disparities in vaccination rates and continued vaccine hesitancy, combined with the emergence of COVID-19 variants and surges in COVID-19 cases, could trigger the reinstatement of further restrictions. Such restrictions could include mandatory business shut-downs, travel restrictions, reduced business operations and social distancing requirements.

The future impact of the COVID-19 Pandemic on the real estate industry and the Company’s financial condition and results of operations is uncertain and cannot be predicted currently since it depends on several factors beyond the control of the Company, including, but not limited to: (i) the uncertainty surrounding the severity and duration of the

COVID-19 Pandemic, including possible recurrences and differing economic and social impacts of the COVID-19 Pandemic in various regions of the United States; (ii) the effectiveness of the United States public health response; (iii) the COVID-19 Pandemic’s impact on the United States and global economies; (iv) the timing, scope and effectiveness of additional governmental responses to the COVID-19 Pandemic; (v) the availability of a treatment and effectiveness of vaccines approved for COVID-19 and the willingness of individuals to get vaccinated; (vi) changes in how certain types of commercial property are used while maintaining social distancing and other techniques intended to control the impact of COVID-19; (vii) the impact of phase out of economic stimulus measures, the inflationary pressure of economic stimulus, and the eventual halt and reversal by the U.S. Treasury of asset purchases; and (viii) the uneven impact on the Company’s tenants, real estate values and cost of capital.

Contractual Base Rent (“CBR”) represents the amount owed to the Company under the current terms of its lease agreements. As a result of the COVID-19 Pandemic, during the year ended December 31, 2020, the Company agreed to defer or abate certain CBR in exchange for additional lease term or other lease enhancing additions. Repayments of the remaining balance of deferred CBR began in the third quarter of 2020, with payments continuing, in some cases, into 2023.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

6 Months Ended

Jun. 30, 2021

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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, 2020, 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 six months ended June 30, 2021 are not necessarily indicative of results to be expected for the year ending December 31, 2021.

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

Debt with Conversion and Other Options. In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06 related to simplifying the accounting for convertible instruments by removing certain separation models for convertible instruments. Among other things, the amendments in the update also provide for improvements in the consistency in EPS calculations by amending the guidance by requiring that an entity use the if-converted method for convertible instruments. The amendments in ASU 2020-06 are effective for reporting periods beginning after December 15, 2021. The Company has not yet finalized the analysis related to the potential impact of ASU 2020-06.

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 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 $0.3 million on the Company’s commercial loan and master lease investments portfolio during the three months ended March 31, 2020. See Note 5 “Commercial Loan and Master Lease Investments” for further information.

Reclassifications

Certain items in the consolidated balance sheet as of December 31, 2020 have been reclassified to conform to the presentation as of March 31, 2021. Specifically, in the first quarter of 2021, the Company reclassified deferred financing costs incurred in connection with its Credit Facility (as further described in Note 17, Long-Term Debt), net of accumulated amortization, as a component of other assets on the accompanying consolidated balance sheet. Accordingly, deferred financing costs of $1.2 million, net of accumulated amortization of $0.5 million, were reclassified from long-term debt to other assets as of December 31, 2020.

Cash and Cash Equivalents

Cash and cash equivalents includes cash on hand, bank demand accounts, and money market accounts having original maturities of 90 days or less. The Company’s bank balances as of June 30, 2021 include certain amounts over the Federal Deposit Insurance Corporation limits.

Restricted Cash

Restricted cash totaled $13.9 million at June 30, 2021, of which $13.8 million is being held in an escrow account to be reinvested through the like-kind exchange structure into other income properties and $0.1 million is being held in a separate escrow account in connection with the sale of a ground lease located in Daytona Beach, Florida.

Derivative Financial Instruments and Hedging Activity

Interest Rate Swaps. 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 each 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 June 30, 2021 and December 31, 2020, approximate fair value because of the short maturity of these instruments. The carrying value of the Company’s Credit Facility (hereinafter defined) as of June 30, 2021 and December 31, 2020, 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, the 2026 Term Loan (hereinafter defined), and convertible debt held as of June 30, 2021 and December 31, 2020 are measured at fair value based on current market rates for financial instruments with similar risks and maturities (see Note 10, “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 other tenant receivables. Receivables related to income property tenants totaled $1.1 million and $2.3 million as of June 30, 2021 and December 31, 2020, respectively. The $1.2 million decrease is primarily attributable to a decrease in estimated accrued receivables for variable lease payments including common area maintenance, insurance, real estate taxes and other operating expenses.

Accounts receivable related to real estate operations, which are classified in other assets on the consolidated balance sheets, totaled $1.4 million and $1.3 million as of June 30, 2021 and December 31, 2020, respectively. The accounts receivable as of June 30, 2021 and December 31, 2020 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 13, “Other Assets.”

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 June 30, 2021 and December 31, 2020, the Company recorded an allowance for doubtful accounts of $0.4 million and $0.5 million, respectively.

Purchase Accounting for Acquisitions of Real Estate Subject to a Lease

Investments in real estate are carried at cost less accumulated depreciation and impairment losses, if any. The cost of investments in real estate reflects their purchase price or development cost. We evaluate each acquisition transaction to determine whether the acquired asset meets the definition of a business. Under ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business, an acquisition does not qualify as a business when there is no substantive process acquired or substantially all of the fair value is concentrated in a single identifiable asset or group of similar identifiable assets or the acquisition does not include a substantive process in the form of an acquired workforce or an acquired contract that cannot be replaced without significant cost, effort or delay. Transaction costs related to acquisitions that are asset acquisitions are capitalized as part of the cost basis of the acquired assets, while transaction costs for acquisitions that are deemed to be acquisitions of a business are expensed as incurred. Improvements and replacements are capitalized when they extend the useful life or improve the productive capacity of the asset. Costs of repairs and maintenance are expensed as incurred.

In accordance with FASB guidance, 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. 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. 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 management believes that it is likely that the tenant will renew the lease upon expiration, in which case the Company amortizes the value attributable to the renewal over the renewal period. The value of in-place leases and leasing costs are 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.

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 intends to elect to be taxed as a REIT for U.S. federal income tax purposes under the Code commencing with its taxable year ended December 31, 2020, upon filing of its tax return for such taxable year. The Company believes that, commencing with such taxable year, it has been organized and has operated in such a manner as to qualify for taxation as a REIT under the U.S. federal income tax laws. The Company intends to continue to operate in such a manner. As a REIT, the Company will be subject to U.S. federal and state income taxation at corporate rates on its net taxable income; the Company, however, may claim a deduction for the amount of dividends paid to its stockholders. Amounts distributed as dividends by the Company will be subject to taxation at the stockholder level only. While the Company must distribute at least 90% of its REIT taxable income, determined without regard to the dividends paid deduction and excluding any net capital gain, to qualify as a REIT, the Company intends to distribute all of its net taxable income. The Company is allowed certain other non-cash deductions or adjustments, such as depreciation expense, when

computing its REIT taxable income and distribution requirement. These deductions permit the Company to reduce its dividend payout requirement under U.S. federal income tax laws. Certain states may impose minimum franchise taxes. To comply with certain REIT requirements, we hold certain of our non-REIT assets and operations through TRSs and subsidiaries of TRSs, which will be subject to applicable U.S. federal, state and local corporate income tax on their taxable income. For the periods presented, the Company held a total of five TRSs subject to taxation. The Company’s TRSs will file separately as C-Corporations.

For the Company’s TRSs, and prior to the three months ended December 31, 2020 preceding the Company’s REIT election, 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 22, “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

6 Months Ended

Jun. 30, 2021

REVENUE RECOGNITION

REVENUE RECOGNITION

NOTE 3. 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 June 30, 2021 (in thousands):


		Income Properties		Management Services		Commercial Loan and Master Lease Investments		Real Estate Operations		Total Revenues
Major Good / Service:
	Lease Revenue - Base Rent	$	9,883	$	—	$	—	$	—	$	9,883
	Lease Revenue - CAM		565		—		—		—		565
	Lease Revenue - Reimbursements		692		—		—		—		692
	Lease Revenue - Billboards		3		—		—		—		3
	Above / Below Market Lease Accretion		338		—		—		—		338
	Contributed Leased Assets Accretion		38		—		—		—		38
	Management Services		—		752		—		—		752
	Commercial Loan and Master Lease Investments		—		—		709		—		709
	Subsurface Revenue		—		—		—		793		793
	Land Sales Revenue		—		—		—		455		455
	Interest and Other Revenue		55		—		—		—		55
	Total Revenues	$	11,574	$	752	$	709	$	1,248	$	14,283

Timing of Revenue Recognition:
	Asset/Good Transferred at a Point in Time	$	—	$	—	$	—	$	1,248	$	1,248
	Services Transferred Over Time		55		752		—		—		807
	Over Lease Term		11,519		—		—		—		11,519
	Commercial Loan and Master Lease Investment Related Revenue		—		—		709		—		709
	Total Revenues	$	11,574	$	752	$	709	$	1,248	$	14,283


		Income Properties		Management Services		Commercial Loan and Master Lease Investments		Real Estate Operations		Total Revenues
Major Good / Service:
	Lease Revenue - Base Rent	$	9,271	$	—	$	—	$	—	$	9,271
	Lease Revenue - CAM		856		—		—		—		856
	Lease Revenue - Reimbursements		612		—		—		—		612
	Lease Revenue - Billboards		82		—		—		—		82
	Above / Below Market Lease Accretion		444		—		—		—		444
	Contributed Leased Assets Accretion		44		—		—		—		44
	Management Services		—		695		—		—		695
	Commercial Loan and Master Lease Investments		—		—		835		—		835
	Subsurface Revenue - Other		—		—		—		1		1
	Fill Dirt and Other Revenue		—		—		—		6		6
	Interest and Other Revenue		164		—		—		—		164
	Total Revenues	$	11,473	$	695	$	835	$	7	$	13,010

Timing of Revenue Recognition:
	Asset/Good Transferred at a Point in Time	$	—	$	—	$	—	$	7	$	7
	Services Transferred Over Time		164		695		—		—		859
	Over Lease Term		11,309		—		—		—		11,309
	Commercial Loan and Master Lease Investment Related Revenue		—		—		835		—		835
	Total Revenues	$	11,473	$	695	$	835	$	7	$	13,010

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 six months ended June 30, 2021 (in thousands):


		Income Properties		Management Services		Commercial Loan and Master Lease Investments		Real Estate Operations		Total Revenues
Major Good / Service:
	Lease Revenue - Base Rent	$	19,064	$	—	$	—	$	—	$	19,064
	Lease Revenue - CAM		1,077		—		—		—		1,077
	Lease Revenue - Reimbursements		1,898		—		—		—		1,898
	Lease Revenue - Billboards		3		—		—		—		3
	Above / Below Market Lease Accretion		734		—		—		—		734
	Contributed Leased Assets Accretion		159		—		—		—		159
	Management Services		—		1,421		—		—		1,421
	Commercial Loan and Master Lease Investments		—		—		1,410		—		1,410
	Subsurface Revenue		—		—		—		2,686		2,686
	Land Sales Revenue				—		—		455		455
	Interest and Other Revenue		88		—		—		—		88
	Total Revenues	$	23,023	$	1,421	$	1,410	$	3,141	$	28,995

Timing of Revenue Recognition:
	Asset/Good Transferred at a Point in Time	$	—	$	—	$	—	$	3,141	$	3,141
	Services Transferred Over Time		88		1,421		—		—		1,509
	Over Lease Term		22,935		—		—		—		22,935
	Commercial Loan and Master Lease Investment Related Revenue		—		—		1,410		—		1,410
	Total Revenues	$	23,023	$	1,421	$	1,410	$	3,141	$	28,995


		Income Properties		Management Services		Commercial Loan and Master Lease Investments		Real Estate Operations		Total Revenues
Major Good / Service:
	Lease Revenue - Base Rent	$	18,021	$	—	$	—	$	—	$	18,021
	Lease Revenue - CAM		1,586		—		—		—		1,586
	Lease Revenue - Reimbursements		1,486		—		—		—		1,486
	Lease Revenue - Billboards		127		—		—		—		127
	Above / Below Market Lease Accretion		918		—		—		—		918
	Contributed Leased Assets Accretion		87		—		—		—		87
	Management Services		—		1,397		—		—		1,397
	Commercial Loan and Master Lease Investments		—		—		1,887		—		1,887
	Mitigation Credit Sales		—		—		—		4		4
	Subsurface Revenue - Other		—		—		—		78		78
	Fill Dirt and Other Revenue		—		—		—		6		6
	Interest and Other Revenue		251		—		—		—		251
	Total Revenues	$	22,476	$	1,397	$	1,887	$	88	$	25,848

Timing of Revenue Recognition:
	Asset/Good Transferred at a Point in Time	$	—	$	—	$	—	$	88	$	88
	Services Transferred Over Time		251		1,397		—		—		1,648
	Over Lease Term		22,225		—		—		—		22,225
	Commercial Loan and Master Lease Investment Related Revenue		—		—		1,887		—		1,887
	Total Revenues	$	22,476	$	1,397	$	1,887	$	88	$	25,848

- 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

6 Months Ended

Jun. 30, 2021

INCOME PROPERTIES AND LEASES

INCOME PROPERTIES AND LEASES

NOTE 4. 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 (in thousands):


	Three Months Ended				Six Months Ended
	June 30, 2021		June 30, 2020		June 30, 2021		June 30, 2020
Leasing Revenue
Lease Payments	$	10,259	$	9,759	$	19,957	$	19,026
Variable Lease Payments		1,315		1,714		3,066		3,450
Total Leasing Revenue	$	11,574	$	11,473	$	23,023	$	22,476

Minimum future base rental revenue on non-cancelable leases subsequent to June 30, 2021, for the next five years ended December 31 are summarized as follows (in thousands):


Year Ending December 31,	Amounts
Remainder of 2021	$	21,512
2022		43,476
2023		41,998
2024		38,494
2025		37,138
2026 and thereafter (cumulative)		197,004
Total	$	379,622

2021 Acquisitions. During the six months ended June 30, 2021, the Company acquired three multi-tenant income properties for an aggregate purchase price of $111.0 million, or a total acquisition cost of $111.3 million including capitalized acquisition costs. Of the total acquisition cost, $40.4 million was allocated to land, $41.4 million was allocated to buildings and improvements, and $29.5 million was allocated to intangible assets pertaining to the in-place lease value, leasing costs, and above market lease value and $0.05 million was allocated to intangible liabilities for the below market lease value. The weighted average amortization period for the intangible assets and liabilities was 7.1 years at acquisition.

The properties acquired during the six months ended June 30, 2021 are described below:


Tenant Description	Tenant Type	Property Location	Date of Acquisition	Property Square-Feet	Purchase Price ($000's)		Percentage Leased at Acquisition	Remaining Lease Term at Acquisition Date (in years)
Jordan Landing	Multi-Tenant	West Jordan, UT	03/02/21	170,996	$	20,000	100%	7.9
Eastern Commons	Multi-Tenant	Henderson, NV	03/10/21	146,667		18,500	88%	6.9
Shops at Legacy	Multi-Tenant	Plano, TX	06/23/21	236,432		72,500	83%	6.9
		Total / Weighted Average		554,095	$	111,000		7.1

2021 Dispositions. During the six months ended June 30, 2021, the Company disposed of one multi-tenant income property and nine single-tenant income properties.

The properties disposed of during the six months ended June 30, 2021 are described below (in thousands):


Tenant Description	Tenant Type	Date of Disposition	Sales Price		Gain on Sale
World of Beer/Fuzzy's Taco Shop, Brandon, FL	Multi-Tenant	01/20/21	$	2,310	$	599
Moe's Southwest Grill, Jacksonville, FL	Single-Tenant	02/23/21		2,541		109
Burlington, N. Richland Hills, TX	Single-Tenant	04/23/21		11,528		61
Staples, Sarasota, FL	Single-Tenant	05/07/21		4,650		662
CMBS Portfolio⁽¹⁾	Single-Tenant	06/30/21		44,500		3,899
Total			$	65,529	$	5,330

⁽¹⁾	On June 30, 2021, the Company sold six single-tenant income properties (the “CMBS Portfolio”) to PINE for an aggregate purchase price of $44.5 million.

2021 Operational Highlights. During the six months ended, the Company signed leases totaling 186,055 square feet. A summary of the Company’s leasing activity is as follows (in thousands, except square foot and lease term data):


Retail	Square Feet	Weighted Average Lease Term (in years)	Cash Rent Per Square Foot		Tenant Improvements		Leasing Commissions
New Leases	22.1	9.9	$	21.08	$	2,734	$	146
Renewals & Extensions	164.0	5.3	$	8.98		633		23
Total / Weighted Average	186.1	6.4	$	10.42	$	3,367	$	169

2020 Acquisitions. During the six months ended June 30, 2020, the Company acquired two multi-tenant income properties for an aggregate purchase price of $137.2 million, or a total acquisition cost of $137.7 million including capitalized acquisition costs. Of the total acquisition cost, $46.7 million was allocated to land, $74.0 million was allocated to buildings and improvements, $18.8 million was allocated to intangible assets pertaining to the in-place lease value, leasing fees, and above market lease value, and $1.8 million was allocated to intangible liabilities for the below market lease value.

The properties acquired during the six months ended June 30, 2020 are described below:


Tenant Description	Tenant Type	Property Location	Date of Acquisition	Property Square-Feet	Purchase Price ($000's)		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	99%	5.0
Ashford Lane	Multi-Tenant	Atlanta, GA	02/21/20	268,572		75,435	80%	3.6
		Total / Weighted Average		522,681	$	137,235		4.2

2020 Dispositions. During the six months ended June 30, 2020, the Company disposed of four single-tenant income properties, including three ground leases, and one multi-tenant income property.

The properties disposed of during the six months ended June 30, 2020 are described below (in thousands):


Tenant Description	Tenant Type	Date of Disposition	Sales Price		Gain (Loss) on Sale
CVS, Dallas, TX	Single-Tenant	04/24/20	$	15,222	$	854
Wawa, Daytona Beach, FL	Single-Tenant	04/29/20		6,002		1,769
JPMorgan Chase Bank, Jacksonville, FL	Single-Tenant	06/18/20		6,715		960
7-Eleven, Dallas, TX	Multi-Tenant	06/26/20		2,400		(46)
Bank of America, Monterey, CA	Single-Tenant	06/29/20		9,000		3,892
		Total / Weighted Average	$	39,339	$	7,429

COMMERCIAL LOAN AND MASTER LEASE INVESTMENTS

6 Months Ended

Jun. 30, 2021

COMMERCIAL LOAN AND MASTER LEASE INVESTMENTS.

COMMERCIAL LOAN AND MASTER LEASE INVESTMENTS

NOTE 5. 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 real estate or the borrower’s pledge of its ownership interest in the entity that owns the real estate. The 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.

2021 Activity. On June 30, 2021, the Company originated a loan in connection with the sale of a land parcel with an existing structure located in Daytona Beach, Florida. The principal loan amount of $0.4 million bears interest at a fixed rate of 10.00% and has an initial term of 1.5 years.

The Company’s commercial loan and master lease investments were comprised of the following at June 30, 2021 (in thousands):


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	$	16,250	$	17,006	N/A
Master Tenant – Hialeah Lease Loan – Hialeah, FL	September 2020	N/A		21,085		21,085		21,121	N/A
Mortgage Note – 4311 Maple Avenue – Dallas, TX	October 2020	April 2023		400		400		393	7.50%
Mortgage Note – 110 N Beach Street – Daytona Beach, FL	June 2021	December 2022		364		364		364	10.00%
			$	38,099	$	38,099	$	38,884

The Company’s commercial loan and master lease investments were comprised of the following at December 31, 2020 (in thousands):


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	$	16,250	$	16,827	N/A
Master Tenant – Hialeah Lease Loan – Hialeah, FL	September 2020	N/A		21,085		21,085		21,101	N/A
Mortgage Note – 4311 Maple Avenue – Dallas, TX	October 2020	April 2023		400		400		392	7.50%
			$	37,735	$	37,735	$	38,320

The carrying value of the commercial loan and master lease investments portfolio at June 30, 2021 and December 31, 2020 consisted of the following (in thousands):


	As of
	June 30, 2021		December 31, 2020
Current Face Amount	$	38,099	$	37,735
Imputed Interest over Rent Payments Received		792		593
Unaccreted Origination Fees		(3)		(4)
CECL Reserve		(4)		(4)
Total Commercial Loan and Master Lease Investments	$	38,884	$	38,320

RELATED PARTY MANAGEMENT SERVICES BUSINESS

6 Months Ended

Jun. 30, 2021

NOTE 6. RELATED PARTY MANAGEMENT SERVICES BUSINESS

Alpine Income Property Trust. Pursuant to the Company’s management agreement with PINE, we will generate a base management fee equal to 0.375% per quarter of PINE’s total equity (as defined in the management agreement and based on a 1.5% annual rate), calculated and payable in cash, quarterly in arrears. 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 an annual incentive fee based on PINE’s total stockholder return exceeding an 8% cumulative annual hurdle rate (the “Outperformance Amount”) subject to a high-water mark price. PINE would pay the Company an incentive fee with respect to each annual measurement period in the amount of the greater of (i) $0.00 and (ii) the product of (a) 15% multiplied by (b) the Outperformance Amount multiplied by (c) the weighted average shares. No incentive fee was earned for the year ended December 31, 2020.

During the three and six months ended June 30, 2021, the Company earned management fee revenue from PINE totaling $0.72 million and $1.36 million, respectively. Dividend income for the three and six months ended June 30, 2021 totaled $0.5 million and $1.0 million, respectively. During the three and six months ended June 30, 2020, the Company earned management fee revenue from PINE totaling $0.64 million and $1.29 million, respectively. Dividend income for the three and six months ended June 30, 2020 totaled $0.4 million and $0.8 million, respectively. Management fee revenue from PINE, included in management services, and dividend income, included in investment and other income (loss), are reflected in the accompanying consolidated statements of operations.

The following table represents amounts due from PINE to the Company as of June 30, 2021 and December 31, 2020 which are included in other assets on the consolidated balance sheets (in thousands):


	As of
Description	June 30, 2021		December 31, 2020
Management Services Fee due from PINE	$	721	$	631
Dividend Receivable		99		—
Other		560		35
Total	$	1,380	$	666

On November 26, 2019, as part of the initial public offering (the “IPO”) of PINE on the NYSE, the Company sold PINE 15 properties for aggregate cash consideration of $125.9 million. Additionally, in connection with the IPO, the Company contributed to the PINE Operating Partnership five properties in exchange for an aggregate of 1,223,854 OP Units, which had an initial value of $23.3 million.

During the three months ended June 30, 2021, PINE exercised its right to purchase the following properties from the Company pursuant to the exclusivity and right of first offer agreement (i) the CMBS Portfolio for a purchase price of $44.5 million, and (ii) one single-tenant income property for a purchase price of $11.5 million. In connection with the sale of the CMBS Portfolio, PINE assumed the related $30.0 million mortgage note payable which resulted in a loss on the extinguishment of debt of $0.5 million due to the write off of unamortized debt issuance costs. These sales were completed during the three months ended June 30, 2021.

Land JV. Pursuant to the terms of the operating agreement for the Land JV, the initial amount of the management fee was $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 is reduced as the management fee is based on the value of real property that remains in the Land JV. The monthly management fee as of June 30, 2021 was $10,000 per month.

During the three and six months ended June 30, 2021 the Company earned management fee revenue from the Land JV totaling $0.03 million and $0.06 million, respectively, and was collected in full during the periods earned. During the three and six months ended June 30, 2020 the Company earned management fee revenue from the Land JV totaling $0.05 million and $0.1 million, respectively, and was collected in full during the periods earned. Management fee revenue from the Land JV is included in management services in the accompanying consolidated statements of operations.

REAL ESTATE OPERATIONS

6 Months Ended

Jun. 30, 2021

REAL ESTATE OPERATIONS

REAL ESTATE OPERATIONS

NOTE 7. REAL ESTATE OPERATIONS

Real Estate Operations

Land and development costs at June 30, 2021 and December 31, 2020 were as follows (in thousands):


	As of
	June 30, 2021		December 31, 2020
Land and Development Costs	$	6,005	$	6,377
Subsurface Interests		679		706
Total Land and Development Costs	$	6,684	$	7,083

Revenue from continuing real estate operations consisted of the following for the three and six months ended June 30, 2021 and 2020 (in thousands):


	Three Months Ended				Six Months Ended
	June 30, 2021		June 30, 2020		June 30, 2021		June 30, 2020
Mitigation Credit Sales	$	—	$	—	$	—	$	4
Subsurface Revenue		793		1		2,686		78
Land Sales Revenue		455		—		455		—
Fill Dirt and Other Revenue		—		6		—		6
Total Real Estate Operations Revenue	$	1,248	$	7	$	3,141	$	88

Daytona Beach Development. The Company owns a six-acre parcel of land with existing structures in downtown Daytona Beach and other contiguous parcels that were acquired for an aggregate of $4.1 million, representing 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. As of June 30, 2021, we have incurred $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. Subsequent to June 30, 2021, the Company entered into a purchase and sale agreement to sell the six-acre parcel for a sales price of $6.25 million. The closing of the sale is anticipated to occur prior to year-end and is subject to completion of customary due diligence and closing conditions.

Other Real Estate Assets. The Company owns mitigation credits with a cost basis of $2.6 million as of June 30, 2021, representing no change from the balance as of December 31, 2020. During the six months ended June 30, 2020, a total of 20 mitigation credits were acquired from the Mitigation Bank, as defined in Note 7, “Investments in Joint Ventures,” totaling $1.5 million, or $75,000 per credit. The cost basis was reduced by the impact of 16 mitigation credits with a cost basis of $1.2 million that were provided at no cost to buyers. Additionally, the Company purchased 2 mitigation credits from the Mitigation Bank JV, for $0.2 million during the six months ended June 30, 2020. The aggregate cost of sales charge of $1.4 million, was included in direct costs of revenues of real estate operations during the six months ended June 30, 2020 in the consolidated statements of operations. Mitigation credit sales totaled less than $0.01 million during the six months ended June 30, 2020, with no such sales occurring during the six months ended June 30, 2021.

Subsurface Interests. As of June 30, 2021, the Company owns full or fractional subsurface oil, gas, and mineral interests underlying approximately 420,000 “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 six months ended June 30, 2021, the Company sold approximately 34,500 acres of subsurface oil, gas, and mineral rights for a sales price of $2.6 million, which revenues are included within real estate operations in the consolidated statements of operations. There were no subsurface sales during the six months ended June 30, 2020. Revenues received from oil royalties totaled $0.03 million and $0.01 million during the six months ended June 30, 2021 and 2020, 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 $0.07 million during each of the six months ended June 30, 2021 and 2020.

Land Impairments. There were no impairment charges on the Company’s undeveloped land holdings, or its income property portfolio during the three and six months ended June 30, 2021 and 2020. The $16.5 million impairment charge recognized during the three months ended June 30, 2021 is related to the Company’s retained interest in the Land JV as a result of the estimated proceeds to be received in connection with the contract entered into with Timberline Acquisition Partners, an affiliate of Timberline Real Estate Partners (“Timberline”), for the sale of substantially all of its remaining land, including any land that was previously under contract, for $67.0 million.

INVESTMENT IN JOINT VENTURES

6 Months Ended

Jun. 30, 2021

INVESTMENT IN JOINT VENTURES

INVESTMENT IN JOINT VENTURES

NOTE 8. INVESTMENTS IN JOINT VENTURES

The Company’s Investment in Joint Ventures was as follows as of June 30, 2021 and December 31, 2020 (in thousands):


	As of
	June 30, 2021		December 31, 2020
Land JV	$	25,576	$	41,765
Mitigation Bank JV		6,921		6,912
Total Investment in Joint Ventures	$	32,497	$	48,677

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 June 30, 2021, the Land JV had completed $79.7 million in land sales since its inception in mid-October 2019. During the second quarter of 2021, the Land JV entered into a binding contract with Timberline, for the sale of substantially all of its remaining 1,600 acres of land, including any parcels that were previously under contract, for $67.0 million. Completion of the sale to Timberline under the above-referenced contract would result in estimated proceeds to the Company, after distributions to the other member of the Land JV, and before taxes, of $25.6 million. Accordingly, during the three months ended June 30, 2021, the Company recorded an impairment charge of $16.5 million to reduce the balance of the investment in the Land JV to the amount of the estimated proceeds from the potential sale to Timberline. The closing of the sale to Timberline is anticipated to occur prior to year-end and is subject to completion of customary due diligence and closing conditions. As of June 30, 2021, the Company, as manager of the Land

JV, continues to pursue the sale of individual parcels within the remaining 1,600 acres, which sales would be subject to approval by Timberline.

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 paid the manager a management fee in the initial amount of $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 is reduced as the management fee is based on the value of real property that remains in the Land JV. The monthly management fee as of June 30, 2021 was $10,000 per month.

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 Land JV investment.

The following table provides summarized financial information of the Land JV as of June 30, 2021 and December 31, 2020 (in thousands):


	As of
	June 30, 2021		December 31, 2020
Assets, Cash and Cash Equivalents	$	810	$	802
Assets, Prepaid Expenses		173		117
Assets, Investment in Land Assets		6,278		5,658
Total Assets	$	7,261	$	6,577

Liabilities, Accounts Payable, Accrued Expenses, Deferred Revenue	$	164	$	228
Equity	$	7,097	$	6,349
Total Liabilities & Equity	$	7,261	$	6,577

The following table provides summarized financial information of the Land JV for the three and six months ended June 30, 2021 and 2020 (in thousands):


	Three Months Ended				Six Months Ended
	June 30, 2021		June 30, 2020		June 30, 2021		June 30, 2020
Revenues	$	—	$	680	$	21	$	7,826
Direct Cost of Revenues		(44)		(269)		(125)		(3,375)
Operating Income (Loss)	$	(44)	$	411	$	(104)	$	4,451
Other Operating Expenses		(77)		(137)		(148)		(274)
Net Income (Loss)	$	(121)	$	274	$	(252)	$	4,177

The Company’s share of the Land JV’s net income (loss) was zero for the three and six months ended June 30, 2021 and 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 $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 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. Although no adjustment was required related to the Company’s share of the Land JV’s net income for the three and six months ended June 30, 2021 or 2020, the Company did record an impairment of $16.5 million during the three months ended June 30, 2021 on the retained equity interest as a result of the estimated proceeds to be received from the potential sale to Timberline.

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 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 $6.9 million investment 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”). As a result of not having achieved the Minimum Sales Requirement prior to December 31, 2020, during the first and second quarters of 2021, the Company has had active discussions with BlackRock regarding the Minimum Sales Guarantee. Based on those discussions, the Company currently anticipates that the Minimum Sales Guarantee payment would be paid to BlackRock in the latter half of 2021. The Company is also in discussion with BlackRock regarding the Company’s potential buyout of BlackRock’s position in the Mitigation Bank JV, the timing of which could occur in the latter half of 2021. There can be no assurances regarding the likelihood, timing, or final terms of such potential buyout.

During June 2018, upon closing the Mitigation Bank JV, the Company estimated the fair value of the Minimum Sales Guarantee at $0.1 million which was recorded as a reduction in the gain on the transaction and is included in accrued and other liabilities in the Company’s consolidated balance sheet. As of June 30, 2021, the Company considers the $0.1 million reasonable as upon payment of the Minimum Sales Guarantee, the Company will obtain mitigation credits, or the right to such credits, which would be recorded as an asset at the time of payment.

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 was $27.0 million. The Company estimated the fair value of the Put Right to be $0.2 million, 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 year ended December 31, 2020, BlackRock exercised its Put Right and put 48 mitigation credits to the Company inclusive of (i) 20 mitigation credits acquired during the three months ended March 31, 2020 totaling $1.5 million, or $75,000 per credit, (ii) 20 mitigation credits acquired during the three months ended September 30, 2020 totaling $1.5 million, or $75,000 per credit, and (iii) 8 mitigation credits acquired during the three months ended December 31, 2020 totaling $0.6 million, or $75,000 per credit. During the six months ended June 30, 2021, BlackRock did not exercise its Put Right. The Company evaluated the impact of the exercised Put Right on the fair value of the Company’s investment in the Mitigation Bank JV of $6.9 million, and on the fair value of the mitigation credits purchased as of June 30, 2021 and December 31, 2020, noting no impairment issues. The Company evaluates its estimates of fair value on an ongoing basis; however, actual results may differ from those estimates.

The following tables provide summarized financial information of the Mitigation Bank JV as of June 30, 2021 and December 31, 2020 (in thousands):


	As of
	June 30, 2021		December 31, 2020
Assets, Cash and Cash Equivalents	$	1,764	$	1,890
Assets, Prepaid Expenses		25		20
Assets, Investment in Mitigation Credit Assets		1,413		1,409
Assets, Property, Plant, and Equipment—Net		13		14
Total Assets	$	3,215	$	3,333

Liabilities, Accounts Payable, Accrued Liabilities	$	3	$	17
Equity	$	3,212	$	3,316
Total Liabilities & Equity	$	3,215	$	3,333

The following table provides summarized financial information of the Mitigation Bank JV for the three and six months ended June 30, 2021 and 2020 (in thousands):


	Three Months Ended				Six Months Ended
	June 30, 2021		June 30, 2020		June 30, 2021		June 30, 2020
Revenues	$	—	$	12	$	104	$	1,878
Direct Cost of Revenues		—		(1)		(7)		(81)
Operating Income	$	—	$	11	$	97	$	1,797
Other Operating Expenses		(13)		(72)		(113)		(148)
Net Income (Loss)	$	(13)	$	(61)	$	(16)	$	1,649

The Company’s share of the Mitigation Bank JV’s net income (loss) was zero for the three and six months ended June 30, 2021 and 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 initial retained interest in the Mitigation Bank JV of $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 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

6 Months Ended

Jun. 30, 2021

INVESTMENT SECURITIES

INVESTMENT SECURITIES

NOTE 9. 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 in a private placement. Also, on November 26, 2019, the Company purchased 421,053 shares of PINE common stock in the IPO for a total purchase price of $8.0 million. Including the 1,223,854 OP Units the Company received in exchange for the contribution of certain income properties to the PINE Operating Partnership, as of June 30, 2021, the Company owns, in the aggregate, 2.04 million shares of PINE, or 15.8% of PINE’s total shares outstanding for an initial investment of $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.

The Company calculates the unrealized gain or loss based on the closing stock price of PINE at each respective balance sheet date. The unrealized, non-cash gains and losses resulting from the changes in the closing stock price of PINE are included in investment and other income (loss) in the consolidated statements of operations for the three and six months ended June 30, 2021 and 2020.

The Company’s available-for-sale securities as of June 30, 2021 and December 31, 2020 are summarized below (in thousands):


	Cost		Unrealized Gains in Investment Income		Unrealized Losses in Investment Income		Estimated Fair Value (Level 1 Inputs)
June 30, 2021
Common Stock	$	15,500	$	16	$	—	$	15,516
Operating Units		23,253		25		—		23,278
Total Equity Securities		38,753		41		—		38,794
Total Available-for-Sale Securities	$	38,753	$	41	$	—	$	38,794

December 31, 2020
Common Stock	$	15,500	$	—	$	(3,271)	$	12,229
Operating Units		23,253		—		(4,908)		18,345
Total Equity Securities		38,753		—		(8,179)		30,574
Total Available-for-Sale Securities	$	38,753	$	—	$	(8,179)	$	30,574

FAIR VALUE OF FINANCIAL INSTRUMENTS

6 Months Ended

Jun. 30, 2021

FAIR VALUE OF FINANCIAL INSTRUMENTS

FAIR VALUE OF FINANCIAL INSTRUMENTS

NOTE 10. FAIR VALUE OF FINANCIAL INSTRUMENTS

The following table presents the carrying value and estimated fair value of the Company’s financial instruments not carried at fair value on the consolidated balance sheets at June 30, 2021 and December 31, 2020 (in thousands):


	June 30, 2021				December 31, 2020
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Cash and Cash Equivalents - Level 1	$	4,701	$	4,701	$	4,289	$	4,289
Restricted Cash - Level 1	$	13,918	$	13,918	$	29,536	$	29,536
Commercial Loan and Master Lease Investments - Level 2	$	38,884	$	38,901	$	38,320	$	38,318
Long-Term Debt - Level 2	$	304,886	$	311,661	$	273,830	$	282,884

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 June 30, 2021 and December 31, 2020 (in thousands):


			Fair Value at Reporting Date Using
	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
June 30, 2021
Cash Flow Hedge - Interest Rate Swap - BMO ⁽¹⁾	$	(849)	$	—	$	(849)	$	—
Cash Flow Hedge - Interest Rate Swap - BMO ⁽²⁾	$	109	$	—	$	109	$	—
Investment Securities	$	38,794	$	38,794	$	—	$	—
December 31, 2020
Cash Flow Hedge - Interest Rate Swap - BMO ⁽¹⁾	$	(1,772)	$	—	$	(1,772)	$	—
Cash Flow Hedge - Interest Rate Swap - BMO ⁽²⁾	$	(50)	$	—	$	(50)	$	—
Cash Flow Hedge - Interest Rate Swap - Wells Fargo⁽³⁾	$	(88)	$	—	$	(88)	$	—
Investment Securities	$	30,574	$	30,574	$	—	$	—

⁽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, hereinafter defined.

⁽²⁾

Effective March 10, 2021, the Company redesignated the interest rate swap utilized to achieve a fixed interest rate of 0.2200% plus the applicable spread on $50.0 million of the outstanding principal balance under the Credit Facility, hereinafter defined, to $50.0 million principal balance on the 2026 Term Loan, hereinafter defined. The interest rate swap was entered into as of August 31, 2020. On April 13, 2021, the Company entered into an additional rate swap to extend the fixed rate through maturity on March 10, 2026.

⁽³⁾	Effective March 12, 2021, in connection with the payoff of the $23.2 million variable-rate mortgage loan secured by Wells Fargo Raleigh, the interest rate swap was terminated.

No assets were measured on a non-recurring basis as of June 30, 2021 or December 31, 2020.

- Definition

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

+ References + Details

INTANGIBLE LEASE ASSETS AND LIABILITIES

6 Months Ended

Jun. 30, 2021

INTANGIBLE LEASE ASSETS AND LIABILITIES

INTANGIBLE LEASE ASSETS AND LIABILITIES

NOTE 11. INTANGIBLE LEASE ASSETS AND LIABILITIES

Intangible assets and liabilities consist of the value of above-market and below-market leases, the value of in-place leases, and the value of leasing costs, based in each case on their fair values. Intangible assets and liabilities consisted of the following as of June 30, 2021 and December 31, 2020 (in thousands):


	As of
	June 30, 2021		December 31, 2020
Intangible Lease Assets:
Value of In-Place Leases	$	55,416	$	44,558
Value of Above Market In-Place Leases		19,184		10,604
Value of Intangible Leasing Costs		16,338		13,285
Sub-total Intangible Lease Assets		90,938		68,447
Accumulated Amortization		(19,468)		(18,271)
Sub-total Intangible Lease Assets—Net		71,470		50,176
Intangible Lease Liabilities (included in accrued and other liabilities):
Value of Below Market In-Place Leases		(36,403)		(36,817)
Sub-total Intangible Lease Liabilities		(36,403)		(36,817)
Accumulated Amortization		13,944		12,654
Sub-total Intangible Lease Liabilities—Net		(22,459)		(24,163)
Total Intangible Assets and Liabilities—Net	$	49,011	$	26,013

During the six months ended June 30, 2021, the value of in-place leases increased by $10.9 million, the value of above-market in-place leases increased by $8.6 million, the value of intangible leasing costs increased by $3.1 million, and the value of below-market in-place leases increased by $0.4 million. Such increases reflect 2021 acquisitions, net of 2021 dispositions and the transference of two single-tenant outparcels transferred to held for sale as of June 30, 2021. Net accumulated amortization increased by $0.01 million, for a net increase during the six months ended June 30, 2021 of $23.0 million.

As of June 30, 2021 and December 31, 2020, $18.7 million and $19.9 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 net amortization of intangible assets and liabilities during the three and six months ended June 30, 2021 and 2020 (in thousands):


	Three Months Ended				Six Months Ended
	June 30, 2021		June 30, 2020		June 30, 2021		June 30, 2020
Amortization Expense	$	1,935	$	2,136	$	3,762	$	4,017
Increase to Income Properties Revenue		(338)		(444)		(734)		(918)
Net Amortization of Intangible Assets and Liabilities	$	1,597	$	1,692	$	3,028	$	3,099

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


Year Ending December 31,	Future Amortization Amount		Future Accretion to Income Property Revenue		Net Future Amortization of Intangible Assets and Liabilities
Remainder of 2021	$	4,563	$	(377)	$	4,186
2022		8,911		(782)		8,129
2023		8,797		(759)		8,038
2024		8,785		(662)		8,123
2025		6,616		(618)		5,998
2026 and thereafter		17,799		(3,262)		14,537
Total	$	55,471	$	(6,460)	$	49,011

As of June 30, 2021, the weighted average amortization period of total intangible assets and liabilities was 8.4 years and 13.0 years, respectively.

IMPAIRMENT OF LONG-LIVED ASSETS

6 Months Ended

Jun. 30, 2021

IMPAIRMENT OF LONG-LIVED ASSETS

IMPAIRMENT OF LONG-LIVED ASSETS

NOTE 12. 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.

There were no impairment charges on the Company’s undeveloped land holdings, or its income property portfolio during the three and six months ended June 30, 2021 and 2020. The $16.5 million impairment charge recognized during the three months ended June 30, 2021 is related to the Company’s retained interest in the Land JV as a result of the estimated proceeds to be received in connection with the contract entered into with Timberline for the sale of substantially all of its remaining land, including any land that was previously under contract, for $67.0 million.

OTHER ASSETS

6 Months Ended

Jun. 30, 2021

OTHER ASSETS

OTHER ASSETS

NOTE 13. OTHER ASSETS

Other assets consisted of the following as of June 30, 2021 and December 31, 2020 (in thousands):


	As of
	June 30, 2021		December 31, 2020
Income Property Tenant Receivables	$	1,069	$	2,330
Income Property Straight-line Rent Adjustment and COVID-19 Deferral Balance		4,555		4,686
Operating Leases - Right-of-Use Asset		198		246
Golf Rounds Surcharge		390		454
Cash Flow Hedge - Interest Rate Swap		284		—
Infrastructure Reimbursement Receivables		1,350		1,336
Prepaid Expenses, Deposits, and Other		1,814		1,693
Due from Alpine Income Property Trust, Inc.		1,380		666
Financing Costs, Net of Accumulated Amortization		576		769
Total Other Assets	$	11,616	$	12,180

Income Property Straight-Line Rent Adjustment. As of June 30, 2021 and December 31, 2020, the straight-line rent adjustment includes a balance of $0.3 million and $1.0 million, respectively, of deferred rent related to the COVID-19 Pandemic. Pursuant to the interpretive guidance issued by the FASB in April 2020 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 June 30, 2021 and December 31, 2020, the infrastructure reimbursement receivables were all related to the land sales within the Tomoka Town Center. The balance as of June 30, 2021 consisted of $0.9 million due from Tanger for infrastructure reimbursement to be repaid in six remaining annual installments of approximately $0.2 million each, net of a discount of $0.1 million, and $0.4 million due from Sam’s Club for infrastructure reimbursement to be repaid in four remaining annual installments of $0.1 million each, net of a discount of $0.04 million.

EQUITY

6 Months Ended

Jun. 30, 2021

EQUITY

EQUITY

NOTE 14. EQUITY

MERGER

As a result of the Merger, as described in Note 1, “Description of Business”, the Company is authorized to issue 500,000,000 shares of common stock, $0.01 par value per share, and 100,000,000 shares of preferred stock, $0.01 par value per share. Prior to the Merger, the Company’s common stock had a par value of $1.00 per share. Accordingly, a $7.2 million adjustment to reduce common stock with a corresponding increase to additional paid-in capital was made during the three months ended March 31, 2021 and is reflected in the accompanying consolidated statements of stockholders’ equity.

Additionally, as a result of the Merger and pursuant to Maryland state law, the Company’s treasury stock ceased to be outstanding and was returned to unissued status. Accordingly, a $77.5 million adjustment to eliminate treasury stock with a corresponding decrease to additional paid-in capital was made during the three months ended March 31, 2021 and is reflected in the accompanying consolidated statements of stockholders’ equity.

SHELF REGISTRATION

On April 1, 2021, the Company filed a shelf registration statement on Form S-3, relating to the registration and potential issuance of its common stock, preferred stock, debt securities, warrants, rights, and units with a maximum aggregate offering price of up to $350.0 million. The Securities and Exchange Commission declared the Form S-3 effective on April 19, 2021.

ATM PROGRAM

On April 30, 2021, the Company implemented a $150.0 million “at-the-market” equity offering program (the “ATM Program”) pursuant to which the Company may sell, from time to time, shares of the Company’s common stock. The Company was not active under the ATM Program during the six months ended June 30, 2021.

PERPETUAL PREFERRED PUBLIC OFFERING

On June 28, 2021, the Company priced a public offering of 3,000,000 shares of its 6.375% Series A Cumulative Redeemable Preferred Stock at a public offering price of $25.00 per share. The offering closed on July 6, 2021 and generated total net proceeds to the Company of $72.4 million, after deducting the underwriting discount and expenses (see Note 26, “Subsequent Events”).

DIVIDENDS

The Company intends to elect to be taxed as a REIT for U.S. federal income tax purposes under the Code commencing with its taxable year ended December 31, 2020, upon filing of its tax return for such taxable year. To qualify as a REIT, the Company must annually distribute, at a minimum, an amount equal to 90% of its taxable income, determined without regard to the deduction for dividends paid and excluding net capital gains, and must distribute 100% of its taxable income (including net capital gains) to eliminate corporate federal income taxes payable by the Company. Because taxable income differs from cash flow from operations due to non-cash revenues and expenses (such as depreciation and other items), in certain circumstances, the Company may generate operating cash flow in excess of its dividends, or alternatively, may need to make dividend payments in excess of operating cash flows. During the three and six months ended June 30, 2021, the Company declared and paid cash dividends on its common stock of $1.00 per share and $2.00 per share, respectively.

COMMON STOCK AND EARNINGS (LOSS) PER SHARE

6 Months Ended

Jun. 30, 2021

COMMON STOCK AND EARNINGS (LOSS) PER SHARE

COMMON STOCK AND EARNINGS (LOSS) PER SHARE

NOTE 15. COMMON STOCK AND EARNINGS (LOSS) PER SHARE

Basic earnings per common share is computed by dividing net income (loss) during the period 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.

The following is a reconciliation of basic and diluted earnings per common share for each of the periods presented (in thousands, except share and per share data):


	Three Months Ended				Six Months Ended
	June 30, 2021		June 30, 2020		June 30, 2021		June 30, 2020
Income Available to Common Stockholders:
Net Income (Loss)	$	(3,724)	$	12,611	$	4,061	$	349

Weighted Average Shares Outstanding		5,898,280		4,653,627		5,888,735		4,682,511
Common Shares Applicable to Stock
Options Using the Treasury Stock Method		—		—		—		—
Total Shares Applicable to Diluted Earnings Per Share		5,898,280		4,653,627		5,888,735		4,682,511

Per Share Information:
Basic and Diluted Net Income (Loss) per Share	$	(0.63)	$	2.71	$	0.69	$	0.07

There were no potentially dilutive securities for the three and six month periods ended June 30, 2021 or 2020. The effect of 37,552 and 39,402 potentially dilutive securities were not included for the six months ended June 30, 2021 and 2020, 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 (loss) per share using the treasury stock method. As such, the Convertible Notes have no impact on diluted net income (loss) per share until the price of our common stock exceeds the current conversion price of $53.06. The average price of our common stock during the six months ended June 30, 2021 did not exceed the conversion price which resulted in no additional diluted outstanding shares.

STOCK REPURCHASES

6 Months Ended

Jun. 30, 2021

STOCK REPURCHASES

SHARE REPURCHASES

NOTE 16. SHARE REPURCHASES

In February 2020, the Company’s Board approved a $10.0 million stock repurchase program (the “$10.0 Million Repurchase Program”). During the six months ended June 30, 2020, the Company repurchased 88,565 shares of its common stock on the open market for a total cost of $4.1 million, or an average price per share of $46.29. The shares of the Company’s common stock repurchased during the six months ended June 30, 2020 were returned to the Company’s treasury. There were no repurchases of the Company’s common stock during the six months ended June 30, 2021. The $10.0 Million Repurchase Program does not have an expiration date.

As a result of the Merger and pursuant to Maryland state law, the Company’s treasury stock ceased to be outstanding and was returned to unissued status. Accordingly, a $77.5 million adjustment to eliminate treasury stock with a corresponding decrease to additional paid-in capital was made during the three months ended March 31, 2021 and is reflected in the accompanying consolidated statements of stockholders’ equity.

LONG-TERM DEBT

6 Months Ended

Jun. 30, 2021

LONG-TERM DEBT

LONG-TERM DEBT

NOTE 17. LONG-TERM DEBT

Our consolidated indebtedness as of June 30, 2021 was $311.0 million. The consolidated indebtedness was comprised of $249.3 million outstanding under our revolving credit facility (the “Credit Facility”), inclusive of the $65.0 million term loan (the “2026 Term Loan”) balance, and $61.7 million principal amount of 2025 Notes.

Long-term debt, at face value, totaled $311.0 million at June 30, 2021, representing an increase of $30.5 million from the balance of $280.5 million at December 31, 2020. The $30.5 million increase in long-term debt was related to the impact of (i) net draws on the Credit Facility totaling $19.5 million, (ii) origination of the $50.0 million 2026 Term Loan under the Company’s Credit Facility and subsequent exercise of the accordion option of $15.0 million, (iii) payoff of the $23.2 million variable-rate mortgage note, (iv) assumption of the $30.0 million fixed-rate mortgage note by the buyer in connection with the disposition of the CMBS Portfolio during the second quarter of 2021, and (v) repurchase of $0.8 million aggregate amount of convertible notes. In connection with the payoff of the variable-rate mortgage note originated with Wells Fargo, the associated interest rate swap was terminated on March 12, 2021.

As of June 30, 2021, the Company’s outstanding indebtedness, at face value, was as follows (in thousands):


	Face Value Debt		Maturity Date	Interest Rate
Credit Facility⁽¹⁾	$	184,345	May 2023		30-day LIBOR plus [1.35% - 1.95%]
2026 Term Loan ⁽²⁾		65,000	March 2026		0.22% plus [1.35% - 1.95%]
3.875% Convertible Senior Notes due 2025		61,688	April 2025		3.875%
Total Long-Term Face Value Debt	$	311,033

⁽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 under the Credit Facility.

⁽²⁾

Credit Facility. The Credit Facility, with Bank of Montreal (“BMO”) 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 Truist Bank and Wells Fargo. On September 7, 2017, the Company executed the second amendment and restatement of the Credit Facility (the

“2017 Amended Credit Facility”). As a result of the 2021 Revolver Amendment, as defined below, The Huntington National Bank has been added as a lender to the Company’s Credit Facility and 2026 Term Loan.

On May 24, 2019, the Company executed the second amendment to the 2017 Amended Credit Facility (the “May 2019 Revolver Amendment”). As a result of the May 2019 Revolver Amendment, the Credit Facility had 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 May 2019 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 May 2019 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 2017 Amended Credit Facility (the “November 2019 Revolver Amendment”), which further amends the 2017 Amended Credit Facility. The November 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, 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 OP Units.

On July 1, 2020, the Company entered into the fourth amendment to the 2017 Amended Credit Facility (the “July 2020 Revolver Amendment”) whereby the tangible net worth covenant was adjusted to be more reflective of market terms. The July 2020 Revolver Amendment was effective as of March 31, 2020.

On November 12, 2020, the Company entered into the fifth amendment to the 2017 Amended Credit Facility (the “November 2020 Revolver Amendment”). The November 2020 Revolver Amendment provided that, among other things, (i) the Company must comply with certain adjusted additional financial maintenance requirements, including (x) a new restricted payments covenant which limits the type and amount of cash distributions that may be made by the Company and (y) an adjusted fix charges ratio, which now excludes certain onetime expenses for purposes of calculation and (ii) the Company must, from and after the date that the Company elects to qualify as a REIT, maintain its status as a REIT.

On March 10, 2021, the Company entered into the sixth amendment to the 2017 Amended Credit Facility (the “2021 Revolver Amendment”). The 2021 Revolver Amendment included, among other things, (i) increase of the revolving credit commitment from $200.0 million to $210.0 million, (ii) addition of the 2026 Term Loan in the aggregate amount of $50.0 million, (iii) updates to certain financing rate provisions provided therein, and (iv) joinder of The Huntington National Bank as a 2026 Term Loan lender and Credit Facility lender. The 2021 Revolver Amendment also includes accordion options that allow the Company to request additional 2026 Term Loan lender commitments up to a total of $150.0 million and additional Credit Facility lender commitments up to a total of $300.0 million. During the three months ended June 30, 2021, the Company exercised the 2026 Term Loan accordion option for $15.0 million, increasing total lender commitments to $65.0 million.

At June 30, 2021, the current commitment level under the Credit Facility was $210.0 million. The available borrowing capacity under the Credit Facility was $25.7 million, based on the level of borrowing base assets. As of June 30, 2021, the Credit Facility had a $184.3 million balance outstanding.

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

Mortgage Notes Payable. On March 12, 2021, the Company repaid its $23.2 million variable-rate mortgage note payable and terminated the associated rate swap utilized to achieve a fixed interest rate of 3.17%. On June 30, 2021, the Company’s $30.0 million fixed-rate mortgage note payable was assumed by the buyer in connection with the disposition of the CMBS Portfolio during the second quarter of 2021.

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 $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 $57.4 million principal amount of 3.875% Convertible Senior Notes due 2025 (the “2025 Notes”) in exchange for $57.4 million principal amount of the 2020 Notes (the “Note Exchanges”). In addition, the Company closed a privately negotiated purchase agreement with an investor, who had not invested in the 2020 Notes, and issued $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 $5.9 million of the proceeds from the New Notes Placement to repurchase $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 $11.7 million of the aggregate principal amount of the 2020 Notes that remained outstanding.

During the year ended December 31, 2020, the Company repurchased $12.5 million aggregate principal amount of 2025 Notes at a $2.6 million discount, resulting in a gain on extinguishment of debt of $1.1 million. All such repurchases were made during first and second quarter of 2020. During the six months ended June 30, 2021, the Company repurchased $0.8 million aggregate principal amount of 2025 Notes at a $0.01 million premium, resulting in a loss on extinguishment of debt of $0.1 million. Following the repurchase of the 2025 Notes, $61.7 million aggregate principal amount of the 2025 Notes remains outstanding at June 30, 2021.

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 was 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 $78.18 per share of the Company’s common stock). The initial conversion price of the 2025 Notes represented a premium of 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 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 second quarter 2021 dividend, the conversion rate is equal to 18.8450 shares of common stock for each $1,000 principal amount of 2025 Notes, which represents an adjusted conversion price of $53.06 per share of common stock. At the maturity date, 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 June 30, 2021, the unamortized debt discount of our 2025 Notes was $5.5 million.

Long-term debt consisted of the following (in thousands):


	June 30, 2021				December 31, 2020
	Total		Due Within One Year		Total		Due Within One Year
Credit Facility	$	184,345	$	—	$	164,845	$	—
2026 Term Loan		65,000		—		—		—
Mortgage Note Payable (originated with Wells Fargo)		—		—		30,000		—
Mortgage Note Payable (originated with Wells Fargo)		—		—		23,183		23,183
3.875% Convertible Senior Notes, net of discount		56,236		—		56,296		—
Financing Costs, net of accumulated amortization		(695)		—		(494)		—
Total Long-Term Debt	$	304,886	$	—	$	273,830	$	23,183

Payments applicable to reduction of principal amounts as of June 30, 2021 will be required as follows (in thousands):


As of June 30, 2021	Amount
Remainder of 2021	$	—
2022		—
2023		184,345
2024		—
2025		61,688
2026 and thereafter		65,000
Total Long-Term Debt - Face Value	$	311,033

The carrying value of long-term debt as of June 30, 2021 consisted of the following (in thousands):


	Total
Current Face Amount	$	311,033
Unamortized Discount on Convertible Debt		(5,452)
Financing Costs, net of accumulated amortization		(695)
Total Long-Term Debt	$	304,886

In addition to the $0.7 million of financing costs, net of accumulated amortization included in the table above, as of June 30, 2021, the Company also had financing costs, net of accumulated amortization related to the Credit Facility of $0.6 million which is included in other assets on the consolidated balance sheets. These costs are amortized on a straight-line basis over the term of the Credit Facility and are included in interest expense in the Company’s accompanying consolidated statements of operations.

The following table reflects a summary of interest expense incurred and paid during the three and six months ended June 30, 2021 and 2020 (in thousands):


	Three Months Ended				Six Months Ended
	June 30, 2021		June 30, 2020		June 30, 2021		June 30, 2020
Interest Expense	$	1,943	$	2,124	$	3,912	$	4,923
Amortization of Deferred Financing Costs		159		73		324		223
Amortization of Discount on Convertible Notes		319		256		629		760
Total Interest Expense	$	2,421	$	2,453	$	4,865	$	5,906

Total Interest Paid	$	2,627	$	2,496	$	4,022	$	5,636

The Company was in compliance with all of its debt covenants as of June 30, 2021 and December 31, 2020.

ACCRUED AND OTHER LIABILITIES

6 Months Ended

Jun. 30, 2021

ACCRUED AND OTHER LIABILITIES

ACCRUED AND OTHER LIABILITIES

NOTE 19. ACCRUED AND OTHER LIABILITIES

Accrued and other liabilities consisted of the following (in thousands):


	As of
	June 30, 2021		December 31, 2020
Accrued Property Taxes	$	3,374	$	945
Reserve for Tenant Improvements		2,004		1,353
Accrued Construction Costs		729		1,783
Accrued Interest		491		602
Environmental Reserve		101		106
Cash Flow Hedge - Interest Rate Swaps		1,024		1,910
Operating Leases - Liability		190		245
Other		3,524		2,146
Total Accrued and Other Liabilities	$	11,437	$	9,090

Reserve for Tenant Improvements. In connection with the acquisition of the Shops at Legacy property in Plano, Texas on June 23, 2021, the Company received $1.9 million from the seller of the property for tenant improvement allowances, leasing commissions and other capital improvements. This amount was included in accrued and other liabilities on the consolidated balance sheets. Through the period ended June 30, 2021, no payments were made, leaving a remaining commitment of $1.9 million.

Accrued Construction Costs. During the three months ended June 30, 2021, the Company entered into a lease amendment which includes a $2.6 million tenant improvement allowance related to a food hall operator at Ashford Lane, the Company’s multi-tenant income property located in Atlanta, Georgia. During the three months ended June 30, 2021, $0.6 million of the tenant improvements were completed and accrued for which is included in accrued and other liabilities on the consolidated balance sheets.

Environmental Reserve. During the year ended December 31, 2014, the Company accrued an environmental reserve of $0.1 million 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 $0.5 million, representing the low end of the range of possible costs estimated by the engineers to be between $0.5 million 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 $0.5 million 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 less than $0.1 million 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 $0.7 million was made, $0.6 million in costs have been incurred through June 30, 2021, leaving a remaining accrual of $0.1 million.

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

6 Months Ended

Jun. 30, 2021

DEFERRED REVENUE

DEFERRED REVENUE

NOTE 20. DEFERRED REVENUE

Deferred revenue consisted of the following (in thousands):


	As of
	June 30, 2021		December 31, 2020
Prepaid Rent	$	2,993	$	2,684
Tenant Contributions		600		625
Other Deferred Revenue		443		10
Total Deferred Revenue	$	4,036	$	3,319

Tenant Contributions. 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 $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 $0.7 million to be recognized into income property rental revenue ratably over the remaining term of the original Cocina 214 lease. A total of $0.1 million was recognized into income property rental revenue through June 30, 2021, leaving a balance of $0.6 million to be recognized over the remaining term of the lease.

STOCK-BASED COMPENSATION

6 Months Ended

Jun. 30, 2021

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION

NOTE 21. STOCK-BASED COMPENSATION

SUMMARY OF STOCK-BASED COMPENSATION

A summary of share activity for all equity classified stock compensation during the six months ended June 30, 2021, is presented below:


Type of Award	Shares Outstanding at 1/1/2021		Granted Shares		Vested / Exercised Shares		Expired Shares		Forfeited Shares		Shares Outstanding at 6/30/2021
Equity Classified - Performance Share Awards - Peer Group Market Condition Vesting		55,851		48,134		(17,418)		—		—		86,567
Equity Classified - Market Condition Restricted Shares - Stock Price Vesting		22,000		—		—		(22,000)		—		—
Equity Classified - Three Year Vest Restricted Shares		38,479		43,050		(21,220)		—		(3,435)		56,874
Equity Classified - Non-Qualified Stock Option Awards		80,000		20,332		(43,624)		—		—		56,708
Total Shares		196,330		111,516		(82,262)		(22,000)		(3,435)		200,149

As contemplated under the terms of the Second Amended and Restated 2010 Equity Incentive Plan (together with its predecessor plan, the “2010 Plan”), on January 20, 2021, in order to address the dilutive effect of the stock component of the special distribution that was paid to the Company’s stockholders on December 21, 2020 in connection with the Company’s REIT conversion, the Board’s Compensation Committee made an equitable adjustment (the “Equitable Adjustment”) to certain of the awards outstanding as of December 31, 2020. Accordingly, during the three months ended March 31, 2021, the number of granted shares (111,516) includes 46,237 shares attributable to the Equitable Adjustment.

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


	Three Months Ended				Six Months Ended
	June 30, 2021		June 30, 2020		June 30, 2021		June 30, 2020
Total Cost of Share-Based Plans Charged Against Income Before Tax Effect	$	742	$	699	$	1,700	$	1,518

Income Tax Expense Recognized in Income	$	—	$	174	$	—	$	378

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.

EQUITY-CLASSIFIED STOCK COMPENSATION

Performance Share Awards – Peer Group Market Condition Vesting

Performance shares have been granted to certain employees under the 2010 Plan. The performance share 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 ultimately received by the award recipient is determined based on the Company’s total stockholder return as compared to the total stockholder return of a certain peer group during a three-year performance period. The Company granted a total of 48,134 performance shares during the three months ended March 31, 2021, of which 15,988 were attributable to the Equitable Adjustment.

During the three months ended March 31, 2021, pursuant to the calculation of the vesting criteria for the three-year performance period ended December 31, 2020, as performed by an independent third party, the grantees of performance shares received an aggregate of 15,197 shares of Company common stock related to the 17,418 shares outstanding as of January 20, 2021, post Equitable Adjustment, as the actual vesting percentage achieved during the relevant three-year performance period was 87.2%.

During the three months ended March 31, 2020, pursuant to the calculation of the vesting criteria for the three-year performance period ended December 31, 2019, as performed by an independent third party, the grantees of performance shares received an aggregate of 14,214 shares of Company common stock related to the 12,635 shares outstanding as of January 1, 2020 as the actual vesting percentage achieved during the relevant three-year performance period was 112.5%.

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 stockholder 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.

As of June 30, 2021, there was $2.5 million of unrecognized compensation cost, adjusted for estimated 1.9 years.

A summary of activity during the six months ended June 30, 2021 is presented below:


Performance Shares with Market Conditions	Shares		Wtd. Avg. Fair Value
Outstanding at January 1, 2021		55,851	$	63.44
Granted		48,134	$	32.04
Vested		(17,418)	$	58.30
Expired		—		—
Forfeited		—		—
Outstanding at June 30, 2021		86,567	$	47.01

Market Condition Restricted Shares– Stock Price Vesting

Restricted Company common stock has been granted to certain employees under the 2010 Plan. The restricted Company common stock outstanding from these grants vest in increments based upon the price per share of the Company common stock during the term of 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. Effective January 28, 2021, the 22,000 shares outstanding, consisting of 18,000 shares with a $70 per share price vesting criteria and 4,000 shares with a $75 per share price vesting criteria, expired prior to vesting.

As of June 30, 2021, there is no unrecognized compensation cost related to market condition restricted stock.

A summary of the activity for these awards during the six months ended June 30, 2021 is presented below:


Market Condition Non-Vested Restricted Shares	Shares		Wtd. Avg. Fair Value
Outstanding at January 1, 2021		22,000	$	41.71
Granted		—		—
Vested		—		—
Expired		(22,000)	$	41.71
Forfeited		—		—
Outstanding at June 30, 2021		—		—

Three Year Vest Restricted Shares

Restricted shares have been granted to certain employees under the 2010 Plan. One-third of the restricted shares will vest on each of the first, second, and third anniversaries of January 28 of the applicable year provided the grantee is an employee of the Company on those dates. In addition, any unvested portion of the restricted shares will vest upon a change in control. The Company granted a total of 43,050 shares of three-year restricted Company common stock during the three months ended March 31, 2021, of which 9,917 were attributable to the Equitable Adjustment.

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.

As of June 30, 2021, there was $2.1 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 2.1 years.

A summary of activity for these awards six months ended June 30, 2021 is presented below:


Three Year Vest Non-Vested Restricted Shares	Shares		Wtd. Avg. Fair Value Per Share
Outstanding at January 1, 2021		38,479	$	57.82
Granted		43,050	$	35.47
Vested		(21,220)	$	48.55
Expired		—		—
Forfeited		(3,435)	$	46.61
Outstanding at June 30, 2021		56,874	$	45.04

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 2010 Plan, with an exercise price of $50.00. Effective January 20, 2021, as a result of the Equitable Adjustment, the number of shares covered by the option was increased to 12,541 and the exercise price was adjusted to $39.87. The option vested for one-third of the shares on each of the first, second, and third anniversaries of the grant date. The option expires 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. During the three months ended March 31, 2021, the option was exercised on 3,541 shares, leaving 9,000 outstanding as of March 31, 2021. No options were exercised during the three months ended June 30, 2021.

On February 9, 2015, the Company granted to Mr. Albright an option to purchase 20,000 shares of the Company’s common stock under the 2010 Plan, with an exercise price of $57.50. Effective January 20, 2021, as a result of the Equitable Adjustment, the number of shares covered by the option was increased to 25,083 and the exercise price was adjusted to $45.85. 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. During the three months ended March 31, 2021, the option was exercised on 25,083 shares, leaving none outstanding as of March 31, 2021. No options were exercised during the three months ended June 30, 2021.

On May 20, 2015, the Company granted to Mr. Albright an option to purchase 40,000 shares of the Company’s common stock under the 2010 Plan, with an exercise price of $55.62. On February 26, 2016, this option was surrendered and an option to purchase 40,000 shares was granted on February 26, 2016, with identical terms. Effective January 20, 2021, as a result of the Equitable Adjustment, the number of shares covered by the option was increased to 50,167 and the exercise price was adjusted to $44.35. The option vested for one-third of the shares immediately when granted, and the option for the remaining two-thirds of the shares vested one-third each 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. During the three months ended March 31, 2021, the option was exercised on 15,000 shares, leaving 35,167 outstanding as of March 31, 2021. No options were exercised during the three months ended June 30, 2021.

On June 29, 2015, the Company granted to an officer of the Company an option to purchase 10,000 shares of the Company’s common stock under the 2010 Plan, with an exercise price of $57.54. Effective January 20, 2021, as a result of the Equitable Adjustment, the number of shares covered by the option was increased to 12,541 and the exercise price was adjusted to $45.88. The option vested for one-third of the shares 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. No options were exercised during the three months ended June 30, 2021.

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 these awards during the six months ended June 30, 2021 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, 2021	80,000	$	55.63
Granted	20,332		—
Exercised	(43,624)	$	44.85
Expired	—		—
Forfeited	—		—
Outstanding at June 30, 2021	56,708	$	43.98		3.82	$	541,145
Exercisable at January 1, 2021	80,000	$	55.63		4.26		—
Exercisable at June 30, 2021	56,708	$	43.98		3.82	$	541,145

The total intrinsic value of options exercised during the six months ended June 30, 2021 totaled $0.5 million. As of June 30, 2021, 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 and meeting fees 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 for the years ended December 31, 2019 and 2020 and $35,000 for the year ending December 31, 2021 (the “Annual Award”). The number of shares awarded is 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. Commencing in 2021, non-employee directors will no longer receive meeting fees, but will receive additional retainers for service on Board committees, as set forth in the Company’s Non-Employee Director Compensation Policy available on the Company’s website (www.ctoreit.com).

During the six months ended June 30, 2021 and 2020, the expense recognized for the value of the Company’s common stock received by non-employee directors totaled $0.4 million or 8,298 shares, and $0.4 million, or 6,283 shares, respectively. The expense recognized during the six months ended June 30, 2021 and 2020 includes the Annual Award received during the first quarter of each respective year which totaled $0.2 million and $0.1 million, respectively.

INCOME TAXES

6 Months Ended

Jun. 30, 2021

INCOME TAXES

INCOME TAXES

NOTE 22. INCOME TAXES

comply with certain REIT requirements, the Company holds certain of its non-REIT assets and operations through TRS and subsidiaries of TRSs, which will be subject to applicable U.S. federal, state and local corporate income tax on their taxable income. For the periods presented, the Company held a total of five TRSs subject to taxation. The Company’s TRSs will file separately as C-Corporations.

As a result of the Company’s election to be taxed as a REIT, during the year ended December 31, 2020, a $82.5 million deferred tax benefit was recorded to de-recognize the deferred tax assets and liabilities associated with the entities included in the REIT. A significant portion of the deferred tax benefit recognized relates to the de-recognition of deferred tax liabilities resulting from Internal Revenue Code Section 1031 like-kind exchanges (“1031 Exchanges”). The Company will be subject to corporate income taxes related to assets held by it that are sold during the 5-year period following the date of conversion to the extent such sold assets had a built-in gain as of January 1, 2020. The Company generally does not intend to dispose of any REIT assets after the REIT conversion within the 5-year period, unless various tax planning strategies, including 1031 Exchanges or other deferred tax structures are available to mitigate the built-in gain tax liability of conversion.

- 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

6 Months Ended

Jun. 30, 2021

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

NOTE 23. 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.

Buc-ee’s. On March 31, 2021, the Company and its wholly-owned subsidiary, Indigo Development LLC, a Florida limited liability company (collectively, “CTO”) filed a Complaint for Declaratory Relief in the Circuit Court, Seventh Judicial Circuit, in and for Volusia County, Florida (Case No. 2021-30415-CICI) against Buc-ee’s Ltd., a Texas limited partnership (“Buc-ee’s”), in connection with a dispute over funds deposited in escrow by CTO in the amount of $0.8 million (the “Escrowed Funds”). The Escrowed Funds were deposited simultaneously with CTO’s sale to Buc-ee’s in March 2018 of 35 acres of real property located in Daytona Beach, Volusia County, Florida (the “Buc-ee’s Parcel”). Pursuant to a post-closing escrow agreement between CTO and Buc-ee’s, the Escrowed Funds were to be released to CTO once CTO had obtained certain wetlands-related permits for the benefit of a portion of the Buc-ee’s Parcel. CTO was ultimately successful in obtaining the permits, although the permits were issued later than originally contemplated by the escrow agreement. Buc-ee’s was aware of and acquiesced to CTO’s continuing efforts and expenditures in obtaining the permits, including after the date originally contemplated in the escrow agreement; however, not until after the permits were issued did Buc-ee’s inform CTO that Buc-ee’s would not agree to release the Escrowed Funds to CTO. CTO’s complaint seeks a declaratory judgment determining the parties’ entitlement to the Escrowed Funds and to reimburse CTO for its costs associated with seeking legal relief.

Contractual Commitments – Expenditures

The Company has committed to fund commitments on eight income properties. The improvements on such properties are estimated to be completed generally within twelve months. These commitments, as of June 30, 2021, are as follows (in thousands):


	As of June 30, 2021
Total Commitment ⁽¹⁾	$	10,877
Less Amount Funded		(1,610)
Remaining Commitment	$	9,267

⁽¹⁾ Commitment includes tenant improvements, leasing commissions, rebranding, facility expansion and other capital improvements.

Off-Balance Sheet Arrangements

The Operating Agreement of the Mitigation Bank JV 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 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 Guarantee. As a result of not having achieved the Minimum Sales Requirement prior to December 31, 2020, during the first and second quarters of 2021, the Company has had active discussions with BlackRock regarding the Minimum Sales Guarantee. Based on those discussions, the Company currently anticipates that the Minimum Sales Guarantee payment would be paid to BlackRock in the latter half of 2021. The Company is also in discussion with BlackRock regarding the Company’s potential buyout of BlackRock’s position in the Mitigation Bank JV, the timing of which could occur in the latter half of 2021. There can be no assurances regarding the likelihood, timing, or final terms of such potential buyout.

BUSINESS SEGMENT DATA

6 Months Ended

Jun. 30, 2021

BUSINESS SEGMENT DATA

BUSINESS SEGMENT DATA

NOTE 24. 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. 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 84.7% and 80.0% of our identifiable assets as of June 30, 2021 and December 31, 2020, respectively, and 79.4% and 87.0% of our consolidated revenues for the six months ended June 30, 2021 and 2020, respectively. Our management fee income consists of the management fees earned for the management of PINE and the Land JV. As of June 30, 2021, our commercial loan and master lease investments portfolio consisted of two commercial loan investment and two commercial properties whose leases are classified as commercial loan and master lease investments. Our continuing real estate operations consists 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. 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 six months ended June 30, 2021 and 2020 are as follows (in thousands):


	Three Months Ended				Six Months Ended
	June 30, 2021		June 30, 2020		June 30, 2021		June 30, 2020
Revenues:
Income Properties	$	11,574	$	11,473	$	23,023	$	22,476
Management Fee Income		752		695		1,421		1,397
Interest Income from Commercial Loan and Master Lease Investments		709		835		1,410		1,887
Real Estate Operations		1,248		7		3,141		88
Total Revenues	$	14,283	$	13,010	$	28,995	$	25,848
Operating Income (Loss):
Income Properties	$	8,787	$	8,905	$	17,319	$	17,795
Management Fee Income		752		695		1,421		1,397
Interest Income from Commercial Loan and Master Lease Investments		709		835		1,410		1,887
Real Estate Operations		715		(50)		2,526		(1,493)
General and Corporate Expense		(7,696)		(7,192)		(15,658)		(14,836)
Impairment Charges		(16,527)		—		(16,527)		(1,905)
Gain on Disposition of Assets		4,732		7,076		5,440		7,076
Gain (Loss) on Extinguishment of Debt		(641)		504		(641)		1,141
Total Operating Income (Loss)	$	(9,169)	$	10,773	$	(4,710)	$	11,062
Depreciation and Amortization:
Income Properties	$	5,026	$	5,016	$	9,851	$	9,563
Corporate and Other		5		5		10		10
Total Depreciation and Amortization	$	5,031	$	5,021	$	9,861	$	9,573
Capital Expenditures:
Income Properties	$	74,767	$	250	$	114,107	$	138,242
Commercial Loan and Master Lease Investments		—		—		—		6,754
Corporate and Other		3		6		10		12
Total Capital Expenditures	$	74,770	$	256	$	114,117	$	145,008

Identifiable assets of each segment as of June 30, 2021 and December 31, 2020 are as follows (in thousands):


	As of
	June 30, 2021		December 31, 2020
Identifiable Assets:
Income Properties	$	584,058	$	531,325
Management Services		1,380		700
Commercial Loan and Master Lease Investments		38,884		38,321
Real Estate Operations		43,171		59,717
Discontinued Land Operations		834		833
Corporate and Other		21,545		35,804
Total Assets	$	689,872	$	666,700

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 and depreciation and amortization expense. 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 as of June 30, 2021 or December 31, 2020.

- 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
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 4: 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 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

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

Reference 11: 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 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

ASSETS AND LIABILITIES HELD FOR SALE

6 Months Ended

Jun. 30, 2021

ASSETS AND LIABILITIES HELD FOR SALE

ASSETS AND LIABILITIES HELD FOR SALE

NOTE 25. ASSETS AND LIABILITIES HELD FOR SALE

Assets and liabilities held for sale as of June 30, 2021 and December 31, 2020 are summarized below (in thousands). Two outparcels to Crossroads Towne Center, the Company’s multi-tenant income property located in Chandler, Arizona, were classified as held for sale as of June 30, 2021.


	As of June 30, 2021
	Land JV		Income Properties		Total Assets (Liabilities) Held for Sale
Plant, Property, and Equipment—Net	$	—	$	2,354	$	2,354
Restricted Cash		833		—		833
Intangible Lease Assets—Net		—		548		548
Intangible Lease Liabilities—Net		—		(15)		(15)
Total Assets Held for Sale	$	833	$	2,887	$	3,720

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


	As of December 31, 2020
	Land JV		Income Properties		Total Assets (Liabilities) Held for Sale
Restricted Cash	$	833	$	—	$	833
Total Assets Held for Sale	$	833	$	—	$	833

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

Deferred Revenue on Land Sales. In conjunction with the land sale to Buc-ee’s in March 2018, the Company funded an escrow account for $0.8 million related to the portion of the acreage sold for which the Company was obligated to perform wetlands mitigation. As a result of the Company’s obligation, $0.8 million of the sales price collected at closing was deferred and the revenue was to be recognized upon the Company’s performance of the obligation. See Note 23, “Commitments and Contingencies” for further discussion related to the escrowed funds.

SUBSEQUENT EVENTS

6 Months Ended

Jun. 30, 2021

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

NOTE 26. SUBSEQUENT EVENTS

The Company reviewed all subsequent events and transactions through July 29, 2021, the date the consolidated financial statements were issued.

Perpetual Preferred Public Offering

There were no other reportable subsequent events or transactions.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

6 Months Ended

Jun. 30, 2021

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Interim Financial Information

The results of operations for the three and six months ended June 30, 2021 are not necessarily indicative of results to be expected for the year ending December 31, 2021.

Principles of Consolidation

Use of Estimates in Preparation of Financial Statements

Recently Issued Accounting Standards

Reclassifications

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 And Master Lease 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

Sales of Real Estate

Income Taxes

REVENUE RECOGNITION (Tables)

6 Months Ended

Jun. 30, 2021

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
Major Good / Service:
	Lease Revenue - Base Rent	$	9,883	$	—	$	—	$	—	$	9,883
	Lease Revenue - CAM		565		—		—		—		565
	Lease Revenue - Reimbursements		692		—		—		—		692
	Lease Revenue - Billboards		3		—		—		—		3
	Above / Below Market Lease Accretion		338		—		—		—		338
	Contributed Leased Assets Accretion		38		—		—		—		38
	Management Services		—		752		—		—		752
	Commercial Loan and Master Lease Investments		—		—		709		—		709
	Subsurface Revenue		—		—		—		793		793
	Land Sales Revenue		—		—		—		455		455
	Interest and Other Revenue		55		—		—		—		55
	Total Revenues	$	11,574	$	752	$	709	$	1,248	$	14,283

Timing of Revenue Recognition:
	Asset/Good Transferred at a Point in Time	$	—	$	—	$	—	$	1,248	$	1,248
	Services Transferred Over Time		55		752		—		—		807
	Over Lease Term		11,519		—		—		—		11,519
	Commercial Loan and Master Lease Investment Related Revenue		—		—		709		—		709
	Total Revenues	$	11,574	$	752	$	709	$	1,248	$	14,283


		Income Properties		Management Services		Commercial Loan and Master Lease Investments		Real Estate Operations		Total Revenues
Major Good / Service:
	Lease Revenue - Base Rent	$	9,271	$	—	$	—	$	—	$	9,271
	Lease Revenue - CAM		856		—		—		—		856
	Lease Revenue - Reimbursements		612		—		—		—		612
	Lease Revenue - Billboards		82		—		—		—		82
	Above / Below Market Lease Accretion		444		—		—		—		444
	Contributed Leased Assets Accretion		44		—		—		—		44
	Management Services		—		695		—		—		695
	Commercial Loan and Master Lease Investments		—		—		835		—		835
	Subsurface Revenue - Other		—		—		—		1		1
	Fill Dirt and Other Revenue		—		—		—		6		6
	Interest and Other Revenue		164		—		—		—		164
	Total Revenues	$	11,473	$	695	$	835	$	7	$	13,010

Timing of Revenue Recognition:
	Asset/Good Transferred at a Point in Time	$	—	$	—	$	—	$	7	$	7
	Services Transferred Over Time		164		695		—		—		859
	Over Lease Term		11,309		—		—		—		11,309
	Commercial Loan and Master Lease Investment Related Revenue		—		—		835		—		835
	Total Revenues	$	11,473	$	695	$	835	$	7	$	13,010


		Income Properties		Management Services		Commercial Loan and Master Lease Investments		Real Estate Operations		Total Revenues
Major Good / Service:
	Lease Revenue - Base Rent	$	19,064	$	—	$	—	$	—	$	19,064
	Lease Revenue - CAM		1,077		—		—		—		1,077
	Lease Revenue - Reimbursements		1,898		—		—		—		1,898
	Lease Revenue - Billboards		3		—		—		—		3
	Above / Below Market Lease Accretion		734		—		—		—		734
	Contributed Leased Assets Accretion		159		—		—		—		159
	Management Services		—		1,421		—		—		1,421
	Commercial Loan and Master Lease Investments		—		—		1,410		—		1,410
	Subsurface Revenue		—		—		—		2,686		2,686
	Land Sales Revenue				—		—		455		455
	Interest and Other Revenue		88		—		—		—		88
	Total Revenues	$	23,023	$	1,421	$	1,410	$	3,141	$	28,995

Timing of Revenue Recognition:
	Asset/Good Transferred at a Point in Time	$	—	$	—	$	—	$	3,141	$	3,141
	Services Transferred Over Time		88		1,421		—		—		1,509
	Over Lease Term		22,935		—		—		—		22,935
	Commercial Loan and Master Lease Investment Related Revenue		—		—		1,410		—		1,410
	Total Revenues	$	23,023	$	1,421	$	1,410	$	3,141	$	28,995


		Income Properties		Management Services		Commercial Loan and Master Lease Investments		Real Estate Operations		Total Revenues
Major Good / Service:
	Lease Revenue - Base Rent	$	18,021	$	—	$	—	$	—	$	18,021
	Lease Revenue - CAM		1,586		—		—		—		1,586
	Lease Revenue - Reimbursements		1,486		—		—		—		1,486
	Lease Revenue - Billboards		127		—		—		—		127
	Above / Below Market Lease Accretion		918		—		—		—		918
	Contributed Leased Assets Accretion		87		—		—		—		87
	Management Services		—		1,397		—		—		1,397
	Commercial Loan and Master Lease Investments		—		—		1,887		—		1,887
	Mitigation Credit Sales		—		—		—		4		4
	Subsurface Revenue - Other		—		—		—		78		78
	Fill Dirt and Other Revenue		—		—		—		6		6
	Interest and Other Revenue		251		—		—		—		251
	Total Revenues	$	22,476	$	1,397	$	1,887	$	88	$	25,848

Timing of Revenue Recognition:
	Asset/Good Transferred at a Point in Time	$	—	$	—	$	—	$	88	$	88
	Services Transferred Over Time		251		1,397		—		—		1,648
	Over Lease Term		22,225		—		—		—		22,225
	Commercial Loan and Master Lease Investment Related Revenue		—		—		1,887		—		1,887
	Total Revenues	$	22,476	$	1,397	$	1,887	$	88	$	25,848

INCOME PROPERTIES AND LEASES (Tables)

6 Months Ended

Jun. 30, 2021

Schedule of components of leasing revenue

The components of leasing revenue are as follows (in thousands):


	Three Months Ended				Six Months Ended
	June 30, 2021		June 30, 2020		June 30, 2021		June 30, 2020
Leasing Revenue
Lease Payments	$	10,259	$	9,759	$	19,957	$	19,026
Variable Lease Payments		1,315		1,714		3,066		3,450
Total Leasing Revenue	$	11,574	$	11,473	$	23,023	$	22,476

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

Minimum future base rental revenue on non-cancelable leases subsequent to June 30, 2021, for the next five years ended December 31 are summarized as follows (in thousands):


Year Ending December 31,	Amounts
Remainder of 2021	$	21,512
2022		43,476
2023		41,998
2024		38,494
2025		37,138
2026 and thereafter (cumulative)		197,004
Total	$	379,622

Schedule of properties disposed


	As of June 30, 2021
	Land JV		Income Properties		Total Assets (Liabilities) Held for Sale
Plant, Property, and Equipment—Net	$	—	$	2,354	$	2,354
Restricted Cash		833		—		833
Intangible Lease Assets—Net		—		548		548
Intangible Lease Liabilities—Net		—		(15)		(15)
Total Assets Held for Sale	$	833	$	2,887	$	3,720

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


	As of December 31, 2020
	Land JV		Income Properties		Total Assets (Liabilities) Held for Sale
Restricted Cash	$	833	$	—	$	833
Total Assets Held for Sale	$	833	$	—	$	833

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

Schedule of leasing activity


Retail	Square Feet	Weighted Average Lease Term (in years)	Cash Rent Per Square Foot		Tenant Improvements		Leasing Commissions
New Leases	22.1	9.9	$	21.08	$	2,734	$	146
Renewals & Extensions	164.0	5.3	$	8.98		633		23
Total / Weighted Average	186.1	6.4	$	10.42	$	3,367	$	169

2021 Acquisitions

Schedule of properties acquired


Tenant Description	Tenant Type	Property Location	Date of Acquisition	Property Square-Feet	Purchase Price ($000's)		Percentage Leased at Acquisition	Remaining Lease Term at Acquisition Date (in years)
Jordan Landing	Multi-Tenant	West Jordan, UT	03/02/21	170,996	$	20,000	100%	7.9
Eastern Commons	Multi-Tenant	Henderson, NV	03/10/21	146,667		18,500	88%	6.9
Shops at Legacy	Multi-Tenant	Plano, TX	06/23/21	236,432		72,500	83%	6.9
		Total / Weighted Average		554,095	$	111,000		7.1

2020 Acquisitions

Schedule of properties acquired

The properties acquired during the six months ended June 30, 2020 are described below:


Tenant Description	Tenant Type	Property Location	Date of Acquisition	Property Square-Feet	Purchase Price ($000's)		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	99%	5.0
Ashford Lane	Multi-Tenant	Atlanta, GA	02/21/20	268,572		75,435	80%	3.6
		Total / Weighted Average		522,681	$	137,235		4.2

Dispositions

Schedule of properties disposed


Tenant Description	Tenant Type	Date of Disposition	Sales Price		Gain on Sale
World of Beer/Fuzzy's Taco Shop, Brandon, FL	Multi-Tenant	01/20/21	$	2,310	$	599
Moe's Southwest Grill, Jacksonville, FL	Single-Tenant	02/23/21		2,541		109
Burlington, N. Richland Hills, TX	Single-Tenant	04/23/21		11,528		61
Staples, Sarasota, FL	Single-Tenant	05/07/21		4,650		662
CMBS Portfolio⁽¹⁾	Single-Tenant	06/30/21		44,500		3,899
Total			$	65,529	$	5,330


Tenant Description	Tenant Type	Date of Disposition	Sales Price		Gain (Loss) on Sale
CVS, Dallas, TX	Single-Tenant	04/24/20	$	15,222	$	854
Wawa, Daytona Beach, FL	Single-Tenant	04/29/20		6,002		1,769
JPMorgan Chase Bank, Jacksonville, FL	Single-Tenant	06/18/20		6,715		960
7-Eleven, Dallas, TX	Multi-Tenant	06/26/20		2,400		(46)
Bank of America, Monterey, CA	Single-Tenant	06/29/20		9,000		3,892
		Total / Weighted Average	$	39,339	$	7,429

- 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)

6 Months Ended

Jun. 30, 2021

COMMERCIAL LOAN AND MASTER LEASE INVESTMENTS.

Schedule of components of commercial loan investment portfolio

The Company’s commercial loan and master lease investments were comprised of the following at June 30, 2021 (in thousands):


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	$	16,250	$	17,006	N/A
Master Tenant – Hialeah Lease Loan – Hialeah, FL	September 2020	N/A		21,085		21,085		21,121	N/A
Mortgage Note – 4311 Maple Avenue – Dallas, TX	October 2020	April 2023		400		400		393	7.50%
Mortgage Note – 110 N Beach Street – Daytona Beach, FL	June 2021	December 2022		364		364		364	10.00%
			$	38,099	$	38,099	$	38,884

The Company’s commercial loan and master lease investments were comprised of the following at December 31, 2020 (in thousands):


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	$	16,250	$	16,827	N/A
Master Tenant – Hialeah Lease Loan – Hialeah, FL	September 2020	N/A		21,085		21,085		21,101	N/A
Mortgage Note – 4311 Maple Avenue – Dallas, TX	October 2020	April 2023		400		400		392	7.50%
			$	37,735	$	37,735	$	38,320

The carrying value of the commercial loan and master lease investments portfolio at June 30, 2021 and December 31, 2020 consisted of the following (in thousands):


	As of
	June 30, 2021		December 31, 2020
Current Face Amount	$	38,099	$	37,735
Imputed Interest over Rent Payments Received		792		593
Unaccreted Origination Fees		(3)		(4)
CECL Reserve		(4)		(4)
Total Commercial Loan and Master Lease Investments	$	38,884	$	38,320

RELATED PARTY MANAGEMENT SERVICES BUSINESS (Tables)

6 Months Ended

Jun. 30, 2021

Schedule of amounts due from PINE

The following table represents amounts due from PINE to the Company as of June 30, 2021 and December 31, 2020 which are included in other assets on the consolidated balance sheets (in thousands):


	As of
Description	June 30, 2021		December 31, 2020
Management Services Fee due from PINE	$	721	$	631
Dividend Receivable		99		—
Other		560		35
Total	$	1,380	$	666

REAL ESTATE OPERATIONS (Tables)

6 Months Ended

Jun. 30, 2021

REAL ESTATE OPERATIONS

Summary of land and development costs

Land and development costs at June 30, 2021 and December 31, 2020 were as follows (in thousands):


	As of
	June 30, 2021		December 31, 2020
Land and Development Costs	$	6,005	$	6,377
Subsurface Interests		679		706
Total Land and Development Costs	$	6,684	$	7,083

Schedule of components of real estate operations revenue

Revenue from continuing real estate operations consisted of the following for the three and six months ended June 30, 2021 and 2020 (in thousands):


	Three Months Ended				Six Months Ended
	June 30, 2021		June 30, 2020		June 30, 2021		June 30, 2020
Mitigation Credit Sales	$	—	$	—	$	—	$	4
Subsurface Revenue		793		1		2,686		78
Land Sales Revenue		455		—		455		—
Fill Dirt and Other Revenue		—		6		—		6
Total Real Estate Operations Revenue	$	1,248	$	7	$	3,141	$	88

INVESTMENT IN JOINT VENTURES (Tables)

6 Months Ended

Jun. 30, 2021

Land JV

Summarized financial information of the Company's JV Investment

The Company’s Investment in Joint Ventures was as follows as of June 30, 2021 and December 31, 2020 (in thousands):


	As of
	June 30, 2021		December 31, 2020
Land JV	$	25,576	$	41,765
Mitigation Bank JV		6,921		6,912
Total Investment in Joint Ventures	$	32,497	$	48,677

The following table provides summarized financial information of the Land JV as of June 30, 2021 and December 31, 2020 (in thousands):


	As of
	June 30, 2021		December 31, 2020
Assets, Cash and Cash Equivalents	$	810	$	802
Assets, Prepaid Expenses		173		117
Assets, Investment in Land Assets		6,278		5,658
Total Assets	$	7,261	$	6,577

Liabilities, Accounts Payable, Accrued Expenses, Deferred Revenue	$	164	$	228
Equity	$	7,097	$	6,349
Total Liabilities & Equity	$	7,261	$	6,577

The following table provides summarized financial information of the Land JV for the three and six months ended June 30, 2021 and 2020 (in thousands):


	Three Months Ended				Six Months Ended
	June 30, 2021		June 30, 2020		June 30, 2021		June 30, 2020
Revenues	$	—	$	680	$	21	$	7,826
Direct Cost of Revenues		(44)		(269)		(125)		(3,375)
Operating Income (Loss)	$	(44)	$	411	$	(104)	$	4,451
Other Operating Expenses		(77)		(137)		(148)		(274)
Net Income (Loss)	$	(121)	$	274	$	(252)	$	4,177

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 June 30, 2021 and December 31, 2020 (in thousands):


	As of
	June 30, 2021		December 31, 2020
Assets, Cash and Cash Equivalents	$	1,764	$	1,890
Assets, Prepaid Expenses		25		20
Assets, Investment in Mitigation Credit Assets		1,413		1,409
Assets, Property, Plant, and Equipment—Net		13		14
Total Assets	$	3,215	$	3,333

Liabilities, Accounts Payable, Accrued Liabilities	$	3	$	17
Equity	$	3,212	$	3,316
Total Liabilities & Equity	$	3,215	$	3,333

The following table provides summarized financial information of the Mitigation Bank JV for the three and six months ended June 30, 2021 and 2020 (in thousands):


	Three Months Ended				Six Months Ended
	June 30, 2021		June 30, 2020		June 30, 2021		June 30, 2020
Revenues	$	—	$	12	$	104	$	1,878
Direct Cost of Revenues		—		(1)		(7)		(81)
Operating Income	$	—	$	11	$	97	$	1,797
Other Operating Expenses		(13)		(72)		(113)		(148)
Net Income (Loss)	$	(13)	$	(61)	$	(16)	$	1,649

INVESTMENT SECURITIES (Tables)

6 Months Ended

Jun. 30, 2021

INVESTMENT SECURITIES

Schedule of marketable securities

The Company’s available-for-sale securities as of June 30, 2021 and December 31, 2020 are summarized below (in thousands):


	Cost		Unrealized Gains in Investment Income		Unrealized Losses in Investment Income		Estimated Fair Value (Level 1 Inputs)
June 30, 2021
Common Stock	$	15,500	$	16	$	—	$	15,516
Operating Units		23,253		25		—		23,278
Total Equity Securities		38,753		41		—		38,794
Total Available-for-Sale Securities	$	38,753	$	41	$	—	$	38,794

December 31, 2020
Common Stock	$	15,500	$	—	$	(3,271)	$	12,229
Operating Units		23,253		—		(4,908)		18,345
Total Equity Securities		38,753		—		(8,179)		30,574
Total Available-for-Sale Securities	$	38,753	$	—	$	(8,179)	$	30,574

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2021

FAIR VALUE OF FINANCIAL INSTRUMENTS

Schedule of carrying value and estimated fair value of financial instruments


	June 30, 2021				December 31, 2020
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Cash and Cash Equivalents - Level 1	$	4,701	$	4,701	$	4,289	$	4,289
Restricted Cash - Level 1	$	13,918	$	13,918	$	29,536	$	29,536
Commercial Loan and Master Lease Investments - Level 2	$	38,884	$	38,901	$	38,320	$	38,318
Long-Term Debt - Level 2	$	304,886	$	311,661	$	273,830	$	282,884

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 June 30, 2021 and December 31, 2020 (in thousands):


			Fair Value at Reporting Date Using
	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
June 30, 2021
Cash Flow Hedge - Interest Rate Swap - BMO ⁽¹⁾	$	(849)	$	—	$	(849)	$	—
Cash Flow Hedge - Interest Rate Swap - BMO ⁽²⁾	$	109	$	—	$	109	$	—
Investment Securities	$	38,794	$	38,794	$	—	$	—
December 31, 2020
Cash Flow Hedge - Interest Rate Swap - BMO ⁽¹⁾	$	(1,772)	$	—	$	(1,772)	$	—
Cash Flow Hedge - Interest Rate Swap - BMO ⁽²⁾	$	(50)	$	—	$	(50)	$	—
Cash Flow Hedge - Interest Rate Swap - Wells Fargo⁽³⁾	$	(88)	$	—	$	(88)	$	—
Investment Securities	$	30,574	$	30,574	$	—	$	—

⁽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, hereinafter defined.

⁽²⁾

⁽³⁾	Effective March 12, 2021, in connection with the payoff of the $23.2 million variable-rate mortgage loan secured by Wells Fargo Raleigh, the interest rate swap was terminated.

INTANGIBLE LEASE ASSETS AND LIABILITIES (Tables)

6 Months Ended

Jun. 30, 2021

INTANGIBLE LEASE ASSETS AND LIABILITIES

Schedule of components of intangible lease assets and liabilities


	As of
	June 30, 2021		December 31, 2020
Intangible Lease Assets:
Value of In-Place Leases	$	55,416	$	44,558
Value of Above Market In-Place Leases		19,184		10,604
Value of Intangible Leasing Costs		16,338		13,285
Sub-total Intangible Lease Assets		90,938		68,447
Accumulated Amortization		(19,468)		(18,271)
Sub-total Intangible Lease Assets—Net		71,470		50,176
Intangible Lease Liabilities (included in accrued and other liabilities):
Value of Below Market In-Place Leases		(36,403)		(36,817)
Sub-total Intangible Lease Liabilities		(36,403)		(36,817)
Accumulated Amortization		13,944		12,654
Sub-total Intangible Lease Liabilities—Net		(22,459)		(24,163)
Total Intangible Assets and Liabilities—Net	$	49,011	$	26,013

Schedule of amortization of intangible assets and liabilities

The following table reflects the net amortization of intangible assets and liabilities during the three and six months ended June 30, 2021 and 2020 (in thousands):


	Three Months Ended				Six Months Ended
	June 30, 2021		June 30, 2020		June 30, 2021		June 30, 2020
Amortization Expense	$	1,935	$	2,136	$	3,762	$	4,017
Increase to Income Properties Revenue		(338)		(444)		(734)		(918)
Net Amortization of Intangible Assets and Liabilities	$	1,597	$	1,692	$	3,028	$	3,099

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

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


Year Ending December 31,	Future Amortization Amount		Future Accretion to Income Property Revenue		Net Future Amortization of Intangible Assets and Liabilities
Remainder of 2021	$	4,563	$	(377)	$	4,186
2022		8,911		(782)		8,129
2023		8,797		(759)		8,038
2024		8,785		(662)		8,123
2025		6,616		(618)		5,998
2026 and thereafter		17,799		(3,262)		14,537
Total	$	55,471	$	(6,460)	$	49,011

OTHER ASSETS (Tables)

6 Months Ended

Jun. 30, 2021

OTHER ASSETS

Schedule of components of other assets

Other assets consisted of the following as of June 30, 2021 and December 31, 2020 (in thousands):


	As of
	June 30, 2021		December 31, 2020
Income Property Tenant Receivables	$	1,069	$	2,330
Income Property Straight-line Rent Adjustment and COVID-19 Deferral Balance		4,555		4,686
Operating Leases - Right-of-Use Asset		198		246
Golf Rounds Surcharge		390		454
Cash Flow Hedge - Interest Rate Swap		284		—
Infrastructure Reimbursement Receivables		1,350		1,336
Prepaid Expenses, Deposits, and Other		1,814		1,693
Due from Alpine Income Property Trust, Inc.		1,380		666
Financing Costs, Net of Accumulated Amortization		576		769
Total Other Assets	$	11,616	$	12,180

COMMON STOCK AND EARNINGS (LOSS) PER SHARE (Tables)

6 Months Ended

Jun. 30, 2021

COMMON STOCK AND EARNINGS (LOSS) PER SHARE

Schedule of computation of earnings per share

The following is a reconciliation of basic and diluted earnings per common share for each of the periods presented (in thousands, except share and per share data):


	Three Months Ended				Six Months Ended
	June 30, 2021		June 30, 2020		June 30, 2021		June 30, 2020
Income Available to Common Stockholders:
Net Income (Loss)	$	(3,724)	$	12,611	$	4,061	$	349

Weighted Average Shares Outstanding		5,898,280		4,653,627		5,888,735		4,682,511
Common Shares Applicable to Stock
Options Using the Treasury Stock Method		—		—		—		—
Total Shares Applicable to Diluted Earnings Per Share		5,898,280		4,653,627		5,888,735		4,682,511

Per Share Information:
Basic and Diluted Net Income (Loss) per Share	$	(0.63)	$	2.71	$	0.69	$	0.07

LONG-TERM DEBT (Tables)

6 Months Ended

Jun. 30, 2021

LONG-TERM DEBT

Schedule of outstanding indebtedness, at face value

As of June 30, 2021, the Company’s outstanding indebtedness, at face value, was as follows (in thousands):


	Face Value Debt		Maturity Date	Interest Rate
Credit Facility⁽¹⁾	$	184,345	May 2023		30-day LIBOR plus [1.35% - 1.95%]
2026 Term Loan ⁽²⁾		65,000	March 2026		0.22% plus [1.35% - 1.95%]
3.875% Convertible Senior Notes due 2025		61,688	April 2025		3.875%
Total Long-Term Face Value Debt	$	311,033

⁽²⁾

Schedule of components of long-term debt

Long-term debt consisted of the following (in thousands):


	June 30, 2021				December 31, 2020
	Total		Due Within One Year		Total		Due Within One Year
Credit Facility	$	184,345	$	—	$	164,845	$	—
2026 Term Loan		65,000		—		—		—
Mortgage Note Payable (originated with Wells Fargo)		—		—		30,000		—
Mortgage Note Payable (originated with Wells Fargo)		—		—		23,183		23,183
3.875% Convertible Senior Notes, net of discount		56,236		—		56,296		—
Financing Costs, net of accumulated amortization		(695)		—		(494)		—
Total Long-Term Debt	$	304,886	$	—	$	273,830	$	23,183

Schedule of payments applicable to reduction of principal amounts


	June 30, 2021				December 31, 2020
	Total		Due Within One Year		Total		Due Within One Year
Credit Facility	$	184,345	$	—	$	164,845	$	—
2026 Term Loan		65,000		—		—		—
Mortgage Note Payable (originated with Wells Fargo)		—		—		30,000		—
Mortgage Note Payable (originated with Wells Fargo)		—		—		23,183		23,183
3.875% Convertible Senior Notes, net of discount		56,236		—		56,296		—
Financing Costs, net of accumulated amortization		(695)		—		(494)		—
Total Long-Term Debt	$	304,886	$	—	$	273,830	$	23,183

Schedule of carrying value of long-term debt

The carrying value of long-term debt as of June 30, 2021 consisted of the following (in thousands):


	Total
Current Face Amount	$	311,033
Unamortized Discount on Convertible Debt		(5,452)
Financing Costs, net of accumulated amortization		(695)
Total Long-Term Debt	$	304,886

Schedule of interest expense on debt

The following table reflects a summary of interest expense incurred and paid during the three and six months ended June 30, 2021 and 2020 (in thousands):


	Three Months Ended				Six Months Ended
	June 30, 2021		June 30, 2020		June 30, 2021		June 30, 2020
Interest Expense	$	1,943	$	2,124	$	3,912	$	4,923
Amortization of Deferred Financing Costs		159		73		324		223
Amortization of Discount on Convertible Notes		319		256		629		760
Total Interest Expense	$	2,421	$	2,453	$	4,865	$	5,906

Total Interest Paid	$	2,627	$	2,496	$	4,022	$	5,636

- 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.

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+ Details

INTEREST RATE SWAPS (Tables)

6 Months Ended

Jun. 30, 2021

INTEREST RATE SWAPS

Schedule of interest rate swap agreements


Hedged Item	Effective Date	Maturity Date	Rate	Amount		Fair Value
Credit Facility	3/31/2020	3/29/2024	0.7325% + applicable spread	$	100,000	$	(849)
2026 Term Loan	8/31/2020	3/29/2024	0.2200% + applicable spread	$	50,000	$	284
2026 Term Loan ⁽¹⁾	3/29/2024	3/10/2026	1.51% + applicable spread	$	50,000	$	(175)

⁽¹⁾ The interest rate swap agreement hedges the identical $50.0 million portion of the 2026 Term Loan borrowing under different terms and commences concurrent to the interest rate agreement maturing on March 29, 2024.

ACCRUED AND OTHER LIABILITIES (Tables)

6 Months Ended

Jun. 30, 2021

ACCRUED AND OTHER LIABILITIES

Schedule of components of accrued and other liabilities

Accrued and other liabilities consisted of the following (in thousands):


	As of
	June 30, 2021		December 31, 2020
Accrued Property Taxes	$	3,374	$	945
Reserve for Tenant Improvements		2,004		1,353
Accrued Construction Costs		729		1,783
Accrued Interest		491		602
Environmental Reserve		101		106
Cash Flow Hedge - Interest Rate Swaps		1,024		1,910
Operating Leases - Liability		190		245
Other		3,524		2,146
Total Accrued and Other Liabilities	$	11,437	$	9,090

DEFERRED REVENUE (Tables)

6 Months Ended

Jun. 30, 2021

DEFERRED REVENUE

Schedule of components of deferred revenue

Deferred revenue consisted of the following (in thousands):


	As of
	June 30, 2021		December 31, 2020
Prepaid Rent	$	2,993	$	2,684
Tenant Contributions		600		625
Other Deferred Revenue		443		10
Total Deferred Revenue	$	4,036	$	3,319

STOCK-BASED COMPENSATION (Tables)

6 Months Ended

Jun. 30, 2021

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 six months ended June 30, 2021, is presented below:


Type of Award	Shares Outstanding at 1/1/2021		Granted Shares		Vested / Exercised Shares		Expired Shares		Forfeited Shares		Shares Outstanding at 6/30/2021
Equity Classified - Performance Share Awards - Peer Group Market Condition Vesting		55,851		48,134		(17,418)		—		—		86,567
Equity Classified - Market Condition Restricted Shares - Stock Price Vesting		22,000		—		—		(22,000)		—		—
Equity Classified - Three Year Vest Restricted Shares		38,479		43,050		(21,220)		—		(3,435)		56,874
Equity Classified - Non-Qualified Stock Option Awards		80,000		20,332		(43,624)		—		—		56,708
Total Shares		196,330		111,516		(82,262)		(22,000)		(3,435)		200,149

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 (in thousands):


	Three Months Ended				Six Months Ended
	June 30, 2021		June 30, 2020		June 30, 2021		June 30, 2020
Total Cost of Share-Based Plans Charged Against Income Before Tax Effect	$	742	$	699	$	1,700	$	1,518

Income Tax Expense Recognized in Income	$	—	$	174	$	—	$	378

Peer Group Market Condition Vesting

STOCK-BASED COMPENSATION

Summary of performance share awards activity

A summary of activity during the six months ended June 30, 2021 is presented below:


Performance Shares with Market Conditions	Shares		Wtd. Avg. Fair Value
Outstanding at January 1, 2021		55,851	$	63.44
Granted		48,134	$	32.04
Vested		(17,418)	$	58.30
Expired		—		—
Forfeited		—		—
Outstanding at June 30, 2021		86,567	$	47.01

Stock Price Vesting

STOCK-BASED COMPENSATION

Summary of nonvested restricted stock award activity

A summary of the activity for these awards during the six months ended June 30, 2021 is presented below:


Market Condition Non-Vested Restricted Shares	Shares		Wtd. Avg. Fair Value
Outstanding at January 1, 2021		22,000	$	41.71
Granted		—		—
Vested		—		—
Expired		(22,000)	$	41.71
Forfeited		—		—
Outstanding at June 30, 2021		—		—

Three-Year Vesting

STOCK-BASED COMPENSATION

Summary of nonvested restricted stock award activity

A summary of activity for these awards six months ended June 30, 2021 is presented below:


Three Year Vest Non-Vested Restricted Shares	Shares		Wtd. Avg. Fair Value Per Share
Outstanding at January 1, 2021		38,479	$	57.82
Granted		43,050	$	35.47
Vested		(21,220)	$	48.55
Expired		—		—
Forfeited		(3,435)	$	46.61
Outstanding at June 30, 2021		56,874	$	45.04

Original 2010 Plan

STOCK-BASED COMPENSATION

Summary of activity for stock option awards

A summary of the activity for these awards during the six months ended June 30, 2021 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, 2021	80,000	$	55.63
Granted	20,332		—
Exercised	(43,624)	$	44.85
Expired	—		—
Forfeited	—		—
Outstanding at June 30, 2021	56,708	$	43.98		3.82	$	541,145
Exercisable at January 1, 2021	80,000	$	55.63		4.26		—
Exercisable at June 30, 2021	56,708	$	43.98		3.82	$	541,145

COMMITMENTS AND CONTINGENCIES (Tables)

6 Months Ended

Jun. 30, 2021

COMMITMENTS AND CONTINGENCIES

Schedule of Commitments

The improvements on such properties are estimated to be completed generally within twelve months. These commitments, as of June 30, 2021, are as follows (in thousands):


	As of June 30, 2021
Total Commitment ⁽¹⁾	$	10,877
Less Amount Funded		(1,610)
Remaining Commitment	$	9,267

⁽¹⁾ Commitment includes tenant improvements, leasing commissions, rebranding, facility expansion and other capital improvements.

BUSINESS SEGMENT DATA (Tables)

6 Months Ended

Jun. 30, 2021

BUSINESS SEGMENT DATA

Schedule of operations in different segments

Information about the Company’s operations in different segments for the three and six months ended June 30, 2021 and 2020 are as follows (in thousands):


	Three Months Ended				Six Months Ended
	June 30, 2021		June 30, 2020		June 30, 2021		June 30, 2020
Revenues:
Income Properties	$	11,574	$	11,473	$	23,023	$	22,476
Management Fee Income		752		695		1,421		1,397
Interest Income from Commercial Loan and Master Lease Investments		709		835		1,410		1,887
Real Estate Operations		1,248		7		3,141		88
Total Revenues	$	14,283	$	13,010	$	28,995	$	25,848
Operating Income (Loss):
Income Properties	$	8,787	$	8,905	$	17,319	$	17,795
Management Fee Income		752		695		1,421		1,397
Interest Income from Commercial Loan and Master Lease Investments		709		835		1,410		1,887
Real Estate Operations		715		(50)		2,526		(1,493)
General and Corporate Expense		(7,696)		(7,192)		(15,658)		(14,836)
Impairment Charges		(16,527)		—		(16,527)		(1,905)
Gain on Disposition of Assets		4,732		7,076		5,440		7,076
Gain (Loss) on Extinguishment of Debt		(641)		504		(641)		1,141
Total Operating Income (Loss)	$	(9,169)	$	10,773	$	(4,710)	$	11,062
Depreciation and Amortization:
Income Properties	$	5,026	$	5,016	$	9,851	$	9,563
Corporate and Other		5		5		10		10
Total Depreciation and Amortization	$	5,031	$	5,021	$	9,861	$	9,573
Capital Expenditures:
Income Properties	$	74,767	$	250	$	114,107	$	138,242
Commercial Loan and Master Lease Investments		—		—		—		6,754
Corporate and Other		3		6		10		12
Total Capital Expenditures	$	74,770	$	256	$	114,117	$	145,008

Identifiable assets of each segment as of June 30, 2021 and December 31, 2020 are as follows (in thousands):


	As of
	June 30, 2021		December 31, 2020
Identifiable Assets:
Income Properties	$	584,058	$	531,325
Management Services		1,380		700
Commercial Loan and Master Lease Investments		38,884		38,321
Real Estate Operations		43,171		59,717
Discontinued Land Operations		834		833
Corporate and Other		21,545		35,804
Total Assets	$	689,872	$	666,700

ASSETS AND LIABILITIES HELD FOR SALE (Tables)

6 Months Ended

Jun. 30, 2021

ASSETS AND LIABILITIES HELD FOR SALE

Schedule of assets and liabilities held for sale and discontinued operations


	As of June 30, 2021
	Land JV		Income Properties		Total Assets (Liabilities) Held for Sale
Plant, Property, and Equipment—Net	$	—	$	2,354	$	2,354
Restricted Cash		833		—		833
Intangible Lease Assets—Net		—		548		548
Intangible Lease Liabilities—Net		—		(15)		(15)
Total Assets Held for Sale	$	833	$	2,887	$	3,720

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


	As of December 31, 2020
	Land JV		Income Properties		Total Assets (Liabilities) Held for Sale
Restricted Cash	$	833	$	—	$	833
Total Assets Held for Sale	$	833	$	—	$	833

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

- Definition

+ References

+ Details

DESCRIPTION OF BUSINESS (Details) $ in Thousands	6 Months Ended
DESCRIPTION OF BUSINESS (Details) $ in Thousands	Jun. 30, 2021 USD ($) a ft² property county loan	Dec. 31, 2020 USD ($)	Jun. 30, 2020 ft²
Real Estate Properties
Gross leasable space \| ft²	554,095		522,681
Area of land (in acres)	34,500
Number of commercial loan investment \| loan	2
Estimated Fair Value (Level 1 and 2 Inputs) \| $	$ 38,794	$ 30,574
Alpine Income Property Trust, Inc.
Real Estate Properties
Estimated Fair Value (Level 1 and 2 Inputs) \| $	$ 38,800
Percentage of investment in PINE	15.80%
Stock split ratio	1
Mitigation Bank
Real Estate Properties
Area of land owned	2,500
Percentage of investment in PINE	30.00%
Florida
Real Estate Properties
Subsurface area of portfolio of mineral interests	420,000
Number of countries \| county	20
Commercial loan and master lease investments
Real Estate Properties
Number of commercial loan investment \| loan	2
Number of commercial properties \| property	2
Commercial
Real Estate Properties
Number of real estate properties \| property	20
Number of states in which entity operates \| county	10
Gross leasable space \| ft²	2,700,000
Single-tenant
Real Estate Properties
Number of real estate properties \| property	12
Multi-tenant
Real Estate Properties
Number of real estate properties \| property	8
Undeveloped land \| Land JV
Real Estate Properties
Area of land held for sale	1,600
Undeveloped land \| Land JV
Real Estate Properties
Area of land (in acres)	1,600

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Recently Issued Accounting Standards - General Information (Details) - Accounting Standards Update 2016-13	Jun. 30, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Change in Accounting Principle, Accounting Standards Update, Early Adoption	false
Change in Accounting Principle, Accounting Standards Update, Adopted	true
Change in Accounting Principle, Accounting Standards Update, Adoption Date	Jan. 01, 2020

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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Recently Issued Accounting Standards - Credit Losses (Details) $ in Millions	Jun. 30, 2020 USD ($)
Commercial loan and master lease investments
Credit Losses
Current expected credit losses reserve	$ 0.3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reclassifications (Details) - Revision of Prior Period, Reclassification, Adjustment - Other Assets $ in Millions	Dec. 31, 2020 USD ($)
Reclassification [Line Items]
Deferred financing costs	$ 1.2
Accumulated Amortization, Deferred Finance Costs, Revolving Line of Credit	$ 0.5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Restricted Cash and Investment Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020
Restricted Cash
Restricted Cash	$ 13,918	$ 29,536	$ 29,710
Restricted cash escrow account
Restricted Cash
Restricted Cash	13,800
Restricted cash, escrow account in connection with sale of ground lease
Restricted Cash
Restricted Cash	$ 100

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Accounts Receivable (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Dec. 31, 2015 Transaction	Jun. 30, 2021 USD ($)	Dec. 31, 2020 USD ($)
Accounts Receivable
Income Property Tenant Receivables		$ 1,069	$ 2,330
Number of closed land transactions \| Transaction	2
Allowance for doubtful accounts		400	500
Other Assets
Accounts Receivable
Income Property Tenant Receivables		1,100	2,300
Income Property Tenant Receivables, Increase (Decrease)		(1,200)
Accounts receivable related to real estate operations		$ 1,400	$ 1,300

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Income Taxes (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2021 USD ($) subsidiary
Income Taxes
REIT Eligibility, Distributable , Minimum Percentage of Taxable Income, Excluding Net Capital Gains	90.00%
Number of taxable REIT subsidiaries \| subsidiary	5
Reserves for uncertain income tax positions \| $	$ 0

REVENUE RECOGNITION - Major Good or Service (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenues
Lease revenue	$ 11,574	$ 11,473	$ 23,023	$ 22,476
Revenue from contract with customer, including assessed tax	1,248	7	3,141	88
Total Revenues	14,283	13,010	28,995	25,848
Lease Revenue - Base Rent
Revenues
Lease revenue	9,883	9,271	19,064	18,021
Lease Revenue - CAM
Revenues
Lease revenue	565	856	1,077	1,586
Lease Revenue - Reimbursements
Revenues
Lease revenue	692	612	1,898	1,486
Lease Revenue - Billboards
Revenues
Lease revenue	3	82	3	127
Above / Below Market Lease Accretion
Revenues
Lease revenue	338	444	734	918
Contributed Leased Assets Accretion
Revenues
Lease revenue	38	44	159	87
Management Services
Revenues
Revenue from contract with customer, including assessed tax	752			1,397
Mitigation Credit Sales
Revenues
Revenue from contract with customer, including assessed tax				4
Subsurface Revenue
Revenues
Revenue from contract with customer, including assessed tax	793	1	2,686	78
Land Sales Revenue
Revenues
Revenue from contract with customer, including assessed tax	455		455
Fill Dirt and Other Revenue
Revenues
Revenue from contract with customer, including assessed tax		6		6
Interest and Other Revenue
Revenues
Interest and Other Revenue	55	164	88	251
Income Properties
Revenues
Total Revenues	11,574	11,473	23,023	22,476
Income Properties \| Lease Revenue - Base Rent
Revenues
Lease revenue	9,883	9,271	19,064	18,021
Income Properties \| Lease Revenue - CAM
Revenues
Lease revenue	565	856	1,077	1,586
Income Properties \| Lease Revenue - Reimbursements
Revenues
Lease revenue	692	612	1,898	1,486
Income Properties \| Lease Revenue - Billboards
Revenues
Lease revenue	3	82	3	127
Income Properties \| Above / Below Market Lease Accretion
Revenues
Lease revenue	338	444	734	918
Income Properties \| Contributed Leased Assets Accretion
Revenues
Lease revenue	38	44	159	87
Income Properties \| Interest and Other Revenue
Revenues
Interest and Other Revenue	55	164	88	251
Management Fee Income
Revenues
Total Revenues	752	695	1,421	1,397
Management Fee Income \| Management Services
Revenues
Revenue from contract with customer, including assessed tax	752	695	1,421	1,397
Interest Income from Commercial Loan and Master Lease Investments
Revenues
Commercial Loan Investments	709	835	1,410	1,887
Total Revenues	709	835	1,410	1,887
Real Estate Operations
Revenues
Total Revenues	1,248	7	3,141	88
Real Estate Operations \| Mitigation Credit Sales
Revenues
Revenue from contract with customer, including assessed tax				4
Real Estate Operations \| Subsurface Revenue
Revenues
Revenue from contract with customer, including assessed tax	793	1	2,686	78
Real Estate Operations \| Land Sales Revenue
Revenues
Revenue from contract with customer, including assessed tax	$ 455		$ 455
Real Estate Operations \| Fill Dirt and Other Revenue
Revenues
Revenue from contract with customer, including assessed tax		$ 6		$ 6

REVENUE RECOGNITION - Timing of Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenues
Revenue from contract with customer, including assessed tax	$ 1,248	$ 7	$ 3,141	$ 88
Over Lease Term	11,519
Total Revenues	14,283	13,010	28,995	25,848
Asset/Good Transferred at a Point in Time
Revenues
Revenue from contract with customer, including assessed tax	1,248	7	3,141	88
Services Transferred Over Time
Revenues
Revenue from contract with customer, including assessed tax	807	859	1,509	1,648
Income Properties
Revenues
Over Lease Term	11,519	11,309	22,935	22,225
Total Revenues	11,574	11,473	23,023	22,476
Income Properties \| Services Transferred Over Time
Revenues
Revenue from contract with customer, including assessed tax	55	164	88	251
Management Fee Income
Revenues
Total Revenues	752	695	1,421	1,397
Management Fee Income \| Services Transferred Over Time
Revenues
Revenue from contract with customer, including assessed tax	752	695	1,421	1,397
Interest Income from Commercial Loan and Master Lease Investments
Revenues
Commercial Loan Investment Related Revenue	709	835	1,410	1,887
Total Revenues	709	835	1,410	1,887
Real Estate Operations
Revenues
Total Revenues	1,248	7	3,141	88
Real Estate Operations \| Asset/Good Transferred at a Point in Time
Revenues
Revenue from contract with customer, including assessed tax	$ 1,248	$ 7	$ 3,141	$ 88

INCOME PROPERTIES AND LEASES - Leasing Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Leasing Revenue
Lease Payments	$ 10,259	$ 9,759	$ 19,957	$ 19,026
Variable Lease Payments	1,315	1,714	3,066	3,450
Total Leasing Revenue	$ 11,574	$ 11,473	$ 23,023	$ 22,476

INCOME PROPERTIES AND LEASES - Minimum Future Base Rental Revenue on Non-cancelable Leases (Details) $ in Thousands	Jun. 30, 2021 USD ($)
Minimum future base rental revenue on non-cancelable leases
Remainder of 2021	$ 21,512
2022	43,476
2023	41,998
2024	38,494
2025	37,138
2026 and thereafter (cumulative)	197,004
Total	$ 379,622

INCOME PROPERTIES AND LEASES - 2021 and 2020 Acquisitions (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2021 USD ($) ft² property	Jun. 30, 2020 USD ($) ft² property
Acquisitions of Income Properties
Weighted average amortization period of intangible assets	8 years 4 months 24 days
Property Square-Feet \| ft²	554,095	522,681
Purchase Price	$ 111,000	$ 137,235
Remaining Lease Term at Acquisition Date (in years)	7 years 1 month 6 days	4 years 2 months 12 days
2021 Acquisitions
Acquisitions of Income Properties
Aggregate acquisition cost including capitalized acquisition costs	$ 111,300
Weighted average amortization period of intangible assets	7 years 1 month 6 days
Purchase Price	$ 111,000
2021 Acquisitions \| Nonrecurring basis
Acquisitions of Income Properties
Land	40,400
Buildings and improvements	41,400
Intangible assets pertaining to the in-place lease value, leasing fees and above market lease value	29,500
Intangible liabilities for below market lease value	$ 50
2021 Acquisitions \| Multi-tenant
Acquisitions of Income Properties
Number of real estate properties \| property	3
2020 Acquisitions
Acquisitions of Income Properties
Aggregate acquisition cost including capitalized acquisition costs		$ 137,700
Purchase Price		137,200
2020 Acquisitions \| Nonrecurring basis
Acquisitions of Income Properties
Land		46,700
Buildings and improvements		74,000
Intangible assets pertaining to the in-place lease value, leasing fees and above market lease value		18,800
Intangible liabilities for below market lease value		$ 1,800
2020 Acquisitions \| Multi-tenant
Acquisitions of Income Properties
Number of real estate properties \| property		2
Income Property, Multi-tenant, Jordan Landing, West Jordan, Utah
Acquisitions of Income Properties
Date of Acquisition	Mar. 02, 2021
Property Square-Feet \| ft²	170,996
Purchase Price	$ 20,000
Percentage Leased at Acquisition	100.00%
Remaining Lease Term at Acquisition Date (in years)	7 years 10 months 24 days
Income Property, Multi-tenant, Eastern Commons, Henderson, Nevada
Acquisitions of Income Properties
Date of Acquisition	Mar. 10, 2021
Property Square-Feet \| ft²	146,667
Purchase Price	$ 18,500
Percentage Leased at Acquisition	88.00%
Remaining Lease Term at Acquisition Date (in years)	6 years 10 months 24 days
Income Property, Multi-tenant, Shops at Legacy, Plano, Texas
Acquisitions of Income Properties
Date of Acquisition	Jun. 23, 2021
Property Square-Feet \| ft²	236,432
Purchase Price	$ 72,500
Percentage Leased at Acquisition	83.00%
Remaining Lease Term at Acquisition Date (in years)	6 years 10 months 24 days
Income Property, Multi-tenant, Crossroads Towne Center, Chandler, Arizona
Acquisitions of Income Properties
Date of Acquisition		Jan. 24, 2020
Property Square-Feet \| ft²		254,109
Purchase Price		$ 61,800
Percentage Leased at Acquisition		99.00%
Remaining Lease Term at Acquisition Date (in years)		5 years
Income Property, Multi-tenant, Ashford Lane, Atlanta, Georgia
Acquisitions of Income Properties
Date of Acquisition		Feb. 21, 2020
Property Square-Feet \| ft²		268,572
Purchase Price		$ 75,435
Percentage Leased at Acquisition		80.00%
Remaining Lease Term at Acquisition Date (in years)		3 years 7 months 6 days

INCOME PROPERTIES AND LEASES - 2021 Dispositions (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2021 USD ($) property	Jun. 30, 2020 USD ($) property
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Sales price	$ 65,529	$ 39,339
Gain (Loss) on Sale	5,330	7,429
Purchase Price	111,000	137,235
World of Beer/Fuzzy's Taco Shop, Brandon, FL
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Sales price	2,310
Gain (Loss) on Sale	599
Moe's Southwest Grill, Jacksonville, FL
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Sales price	2,541
Gain (Loss) on Sale	109
Burlington, N. Richland Hills, TX
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Sales price	11,528
Gain (Loss) on Sale	61
Staples, Sarasota, FL
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Sales price	4,650
Gain (Loss) on Sale	662
CMBS Portfolio
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Sales price	44,500
Gain (Loss) on Sale	$ 3,899
Number of real estate properties \| property	6
Purchase Price	$ 44,500
CVS, Dallas, TX
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Sales price		15,222
Gain (Loss) on Sale		854
Wawa, Daytona Beach, FL
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Sales price		6,002
Gain (Loss) on Sale		1,769
JPMorgan Chase Bank, Jacksonville, FL
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Sales price		6,715
Gain (Loss) on Sale		960
7-Eleven, Dallas, TX
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Sales price		2,400
Gain (Loss) on Sale		(46)
Bank of America, Monterey, CA
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Sales price		9,000
Gain (Loss) on Sale		$ 3,892
Dispositions \| Single-tenant
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of real estate properties \| property	9	4
Dispositions \| Multi-tenant
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of real estate properties \| property	1

INCOME PROPERTIES AND LEASES - 2021 Leasing Activity (Details)	6 Months Ended
	Jun. 30, 2021 USD ($) ft²
Square Feet \| ft²	186,055
Weighted Average Lease Term	6 years 4 months 24 days
Weighted Average Cash Rent Per Square Foot	$ 10.42
Tenant Improvements	3,367,000
Leasing Commissions	$ 169,000
New Leases
Square Feet \| ft²	22,100
Weighted Average Lease Term	9 years 10 months 24 days
Weighted Average Cash Rent Per Square Foot	$ 21.08
Tenant Improvements	2,734,000
Leasing Commissions	$ 146,000
Renewals & Extensions
Square Feet \| ft²	164,000.0
Weighted Average Lease Term	5 years 3 months 18 days
Weighted Average Cash Rent Per Square Foot	$ 8.98
Tenant Improvements	633,000
Leasing Commissions	$ 23,000

COMMERCIAL LOAN AND MASTER LEASE INVESTMENTS - Summary of Commercial Loan Investments (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Mortgage Loans On Real Estate [Line Items]
Original Face Amount	$ 38,099	$ 37,735
Current Face Amount	38,099	37,735
Carrying Value	38,884	38,320
Florida
Mortgage Loans On Real Estate [Line Items]
Loan Origination	$ 400
Term	1 year 6 months
Coupon Rate	10.00%
Ground Lease Loan - 400 Josephine Street, Austin, TX
Mortgage Loans On Real Estate [Line Items]
Original Face Amount	$ 16,250	16,250
Current Face Amount	16,250	16,250
Carrying Value	17,006	16,827
Master Tenant - Hialeah Lease Loan - Hialeah FL
Mortgage Loans On Real Estate [Line Items]
Original Face Amount	21,085	21,085
Current Face Amount	21,085	21,085
Carrying Value	21,121	21,101
Mortgage Note - 4311 Maple Avenue, Dallas, TX
Mortgage Loans On Real Estate [Line Items]
Original Face Amount	400	400
Current Face Amount	400	400
Carrying Value	$ 393	$ 392
Coupon Rate	7.50%	7.50%
Mortgage Note - 110 N Beach Street - Daytona Beach, FL
Mortgage Loans On Real Estate [Line Items]
Original Face Amount	$ 364
Current Face Amount	364
Carrying Value	$ 364
Coupon Rate	10.00%

COMMERCIAL LOAN AND MASTER LEASE INVESTMENTS - Carrying Value (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 30, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current Face Amount	$ 38,099	$ 37,735
Total Commercial Loan and Master Lease Investments	38,884	38,320
Commercial loan and master lease investments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current Face Amount	38,099	37,735
Imputed Interest over Rent Payments Received	792	593
Unaccreted Origination Fees	(3)	(4)
CECL Reserve	(4)	(4)
Total Commercial Loan and Master Lease Investments	$ 38,884	$ 38,320

RELATED PARTY MANAGEMENT SERVICES BUSINESS - General Information (Details) $ in Thousands		3 Months Ended		6 Months Ended
	Nov. 26, 2019 USD ($) property shares	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)	Dec. 31, 2020 USD ($)
Real Estate [Line Items]
Outstanding Principal		$ 311,033		$ 311,033		$ 280,500
Gain (Loss) on Extinguishment of Debt		(641)	$ 504	(641)	$ 1,141
Land JV
Real Estate [Line Items]
Management fee revenue earned		30	50	60	100
Management fee revenue earned per month				20
Monthly management fee				$ 10
Management Agreement PINE
Real Estate [Line Items]
Percentage of base management fee				0.375%
Management fee (as a percent)				1.50%
Percentage of cumulative annual hurdle rate				8.00%
Amount of threshold incentive fee				$ 0
Percentage of multiply factor				15.00%
Amount of incentive fee				$ 0
Management fee revenue earned		720	640	1,360	1,290
Proceeds from Dividends Received		500	$ 400	1,000	$ 800
Alpine
Real Estate [Line Items]
Number of properties sold \| property	15
Aggregate cash consideration	$ 125,900
Alpine \| Mortgage Notes Payable Under CMBS Portfolio
Real Estate [Line Items]
Real estate acquired purchase price				44,500
Outstanding Principal		$ 30,000		30,000
Gain (Loss) on Extinguishment of Debt				(500)
Alpine \| Mortgage Notes Payable Under CMBS Portfolio \| Income Property Single Tenant
Real Estate [Line Items]
Real estate acquired purchase price				$ 11,500
Alpine \| IPO Purchase
Real Estate [Line Items]
Number of contributed properties \| property	5
Aggregate of OP units \| shares	1,223,854
Initial value	$ 23,300

RELATED PARTY MANAGEMENT SERVICES BUSINESS - Summary of Amounts Due (Details) - Management Agreement PINE - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Real Estate [Line Items]
Management Services Fee due from PINE	$ 721	$ 631
Dividend receivable	99
Other	560	35
Total	$ 1,380	$ 666

REAL ESTATE OPERATIONS - Land and Development Costs (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
REAL ESTATE OPERATIONS
Land and Development Costs	$ 6,005	$ 6,377
Subsurface Interests	679	706
Total Land and Development Costs	$ 6,684	$ 7,083

REAL ESTATE OPERATIONS - Real Estate Operations Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenues
Subsurface Revenue	$ 793	$ 1	$ 2,686	$ 78
Revenue from contract with customer, including assessed tax	1,248	7	3,141	88
Mitigation Credit Sales
Revenues
Revenue from contract with customer, including assessed tax				4
Mitigation Credit Sales \| Real Estate Operations
Revenues
Revenue from contract with customer, including assessed tax				4
Land Sales Revenue \| Real Estate Operations
Revenues
Revenue from contract with customer, including assessed tax	$ 455		$ 455
Fill Dirt and Other Revenue \| Real Estate Operations
Revenues
Revenue from contract with customer, including assessed tax		$ 6		$ 6

- 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)
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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 - Daytona Beach (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2021 USD ($) a
Land and subsurface interests
Area of land (in acres) \| a	34,500
Land Parcel with Structures Beach Property
Land and subsurface interests
Area of land (in acres) \| a	6
Contiguous Parcels Beach Property
Land and subsurface interests
Acquisition of property	$ 4,100
Daytona Beach Development
Land and subsurface interests
Raze and entitlement cost	1,600
Sale price	$ 6,250

REAL ESTATE OPERATIONS - Other Real Estate Assets (Details)	6 Months Ended
	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($) item	Dec. 31, 2020 USD ($)	Sep. 30, 2020 USD ($)
Land and development costs and subsurface interests
Investment mitigation credits assets	$ 2,621,000	$ 1,200,000	$ 2,622,000
Number of mitigation credits with cost basis \| item		16
Mitigation credits value per credit		$ 75,000	75,000	$ 75,000
Amount of Mitigation Credits With Cost Basis	0
Minimum
Land and development costs and subsurface interests
Amount of Mitigation Credits With Cost Basis		10,000.00
Cost of revenues
Land and development costs and subsurface interests
Aggregate cost of sales		$ 1,400,000
Mitigation Bank
Land and development costs and subsurface interests
Investment mitigation credits assets	$ 2,600,000		$ 0
Number of mitigation credits acquired \| item		20
Mitigation credits purchased		$ 1,500,000
Mitigation credits value per credit		$ 75,000
Mitigation Bank JV
Land and development costs and subsurface interests
Number of mitigation credits acquired \| item		2
Mitigation credits purchased		$ 200,000

REAL ESTATE OPERATIONS - Subsurface Interests (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021 USD ($) a county	Jun. 30, 2020 USD ($)	Jun. 30, 2021 USD ($) a county	Jun. 30, 2020 USD ($)
Subsurface interests
Area of land (in acres) \| a	34,500		34,500
Revenue from contract with customer, including assessed tax	$ 1,248	$ 7	$ 3,141	$ 88
Subsurface Interests
Subsurface interests
Revenue from contract with customer, including assessed tax			$ 2,600	0
Surface land over subsurface interests
Subsurface interests
Area of land (in acres) \| a	420,000		420,000
Number of counties in which Subsurface Interests are owned \| county	20		20
Revenue recognized for cash payments for the release of surface entry rights			$ 70	70
Real Estate Operations \| Subsurface Interests
Subsurface interests
Revenue recognized for cash payments for the release of surface entry rights			$ 30	$ 10

- Definition

+ References

+ Details

REAL ESTATE OPERATIONS - Land Impairments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Real Estate [Line Items]
Impairment Charges			$ 16,527	$ 1,905
Land and Development Costs	$ 6,684		6,684		$ 7,083
Income Properties
Real Estate [Line Items]
Impairment Charges	0	$ 0	0	$ 0
Land JV
Real Estate [Line Items]
Impairment Charges	16,500		67,000
Land and Development Costs	$ 67,000		$ 67,000

INVESTMENT IN JOINT VENTURES - Summary (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Equity Method Investment, Financial Statement, Reported Amounts [Abstract]
Equity method investments	$ 32,497	$ 48,677
Land JV
Equity Method Investment, Financial Statement, Reported Amounts [Abstract]
Equity method investments	25,576	41,765
Mitigation Bank
Equity Method Investment, Financial Statement, Reported Amounts [Abstract]
Equity method investments	$ 6,921	$ 6,912

INVESTMENT IN JOINT VENTURES - Summarized Financial Information - Balance Sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Equity Method Investment, Summarized Financial Information [Abstract]
Cash and Cash Equivalents	$ 4,701		$ 4,289	$ 10,701
Investment mitigation credits assets	2,621		2,622	1,200
Property, plant, and equipment	463,895		442,384
Total Assets	689,872		666,700
Liabilities	344,981		315,801
Equity	344,891	$ 354,373	350,899	$ 283,677	$ 272,208	$ 285,413
Total Liabilities and Shareholders' Equity	689,872		666,700
Land JV
Equity Method Investment, Summarized Financial Information [Abstract]
Cash and Cash Equivalents	810		802
Prepaid expenses	173		117
Investment in land assets	6,278		5,658
Total Assets	7,261		6,577
Liabilities	164		228
Equity	7,097		6,349
Total Liabilities and Shareholders' Equity	7,261		6,577
Mitigation Bank
Equity Method Investment, Summarized Financial Information [Abstract]
Cash and Cash Equivalents	1,764		1,890
Prepaid expenses	25		20
Investment mitigation credits assets	1,413		1,409
Property, plant, and equipment	13		14
Total Assets	3,215		3,333
Liabilities	3		17
Equity	3,212		3,316
Total Liabilities and Shareholders' Equity	$ 3,215		$ 3,333

INVESTMENT IN JOINT VENTURES - Summarized Financial Information - Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Equity Method Investment, Summarized Financial Information [Abstract]
Total Revenues	$ 14,283	$ 13,010	$ 28,995	$ 25,848
Total Direct Cost of Revenues	(3,320)	(2,625)	(6,319)	(6,262)
Operating Income	(9,169)	10,773	(4,710)	11,062
Net Income (Loss)	(3,724)	12,611	4,061	349
Land JV
Equity Method Investment, Summarized Financial Information [Abstract]
Total Revenues		680	21	7,826
Total Direct Cost of Revenues	(44)	(269)	(125)	(3,375)
Operating Income	(44)	411	(104)	4,451
Other Operating Expenses	(77)	(137)	(148)	(274)
Net Income (Loss)	(121)	274	(252)	4,177
Mitigation Bank
Equity Method Investment, Summarized Financial Information [Abstract]
Total Revenues		12	104	1,878
Total Direct Cost of Revenues		(1)	(7)	(81)
Operating Income		11	97	1,797
Other Operating Expenses	(13)	(72)	(113)	(148)
Net Income (Loss)	$ (13)	$ (61)	$ (16)	$ 1,649

- Definition

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

+ References

+ Details

- 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).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
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-Paragraph 3
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
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-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14064-108612

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-Topic 280
-SubTopic 10
-Section 50
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-Subparagraph (b)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

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-Publisher FASB
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-Topic 235
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-Section S99
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 220
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-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1))
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

+ Details

INVESTMENT IN JOINT VENTURES - Adjustments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2018	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Investment in Joint Ventures	$ 32,497		$ 32,497			$ 48,677
Mitigation Bank
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments	0	$ 0	$ 0	$ 0
Investment in Joint Ventures					$ 6,800
Sales price					$ 15,300
Sale of interest in joint venture					70.00%
Interest in the joint venture (as a percent)			70.00%
Land JV
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments	0	$ 0	$ 0	$ 0
Investment in Joint Ventures	$ 48,900		48,900
Sales price			$ 97,000
Sale of interest in joint venture			66.50%
Interest in the joint venture (as a percent)			33.50%

INVESTMENT IN JOINT VENTURES - General information (Details)	3 Months Ended					6 Months Ended		12 Months Ended
	Jun. 30, 2021 USD ($) item	Dec. 31, 2020 USD ($) item	Sep. 30, 2020 USD ($) item	Jun. 30, 2020 USD ($)	Mar. 31, 2020 item	Jun. 30, 2021 USD ($) a item	Jun. 30, 2020 USD ($)	Dec. 31, 2020 USD ($) item	Dec. 31, 2018 USD ($)	Aug. 06, 2018 item
Schedule of Equity Method Investments [Line Items]
Number of state credits awarded \| item										88.84
Land and Development Costs	$ 6,684,000	$ 7,083,000				$ 6,684,000		$ 7,083,000
Impairment Charges						16,527,000	$ 1,905,000
Investment in Joint Ventures	32,497,000	$ 48,677,000				32,497,000		$ 48,677,000
Mitigation credits, Put Right, fair value	$ 6,900,000					$ 6,900,000
Number of mitigation credits \| item		8	20		20			48
Mitigation credits, acquired		$ 600,000	$ 1,500,000	$ 1,500,000
Mitigation credits value per credit		$ 75,000	$ 75,000	$ 75,000			$ 75,000	$ 75,000
Maximum
Schedule of Equity Method Investments [Line Items]
Number of state credits awarded \| item										355
Consolidated Tomoka Land Co
Schedule of Equity Method Investments [Line Items]
Retained equity interest (as a percent)									30.00%
Mitigation Bank
Schedule of Equity Method Investments [Line Items]
Sale of interest in joint venture									70.00%
Interest in the joint venture (as a percent)						70.00%
Gross Sales Price						$ 6,900,000
Investment in Joint Ventures									$ 6,800,000
Equity method investment, ownership percentage (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					$ 6,000,000.0
Mitigation credits, Operating Agreement, credit sales, Minimum Sales Requirement, maximum credits, number \| item	60					60
Mitigation credits, Operating Agreement, credit sales, Minimum Sales Guarantee, fair value	$ 100,000					$ 100,000
Mitigation credits, Put Right, maximum credits the Company must purchase, per quarter, number \| instrument	8.536					8.536
Mitigation credits, Put Right, maximum credits the Company must purchase, per quarter, price to fair value (as a percent)	60.00%					60.00%
Mitigation credits, Put Right, third-party credit sales, reduction in Put Rights outstanding if sales price equals or exceeds price stipulated by Put Right, ratio	1					1
Mitigation credits, Put Right, maximum potential future payments	$ 27,000,000.0					$ 27,000,000.0
Mitigation credits, Put Right, fair value	200,000					$ 200,000
Land JV
Schedule of Equity Method Investments [Line Items]
Sale of interest in joint venture						66.50%
Interest in the joint venture (as a percent)						33.50%
Gross Sales Price						$ 79,700,000
Land sale acres \| a						1,600
Land and Development Costs	67,000,000.0					$ 67,000,000.0
Proceeds from sale of land	25,600,000
Impairment Charges	16,500,000					67,000,000.0
Investment in Joint Ventures	$ 48,900,000					$ 48,900,000

INVESTMENT SECURITIES - General Information (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	Nov. 26, 2019	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Marketable Securities [Line Items]
Purchase price of shares		$ 80	$ 109	$ 372	$ 350
Estimated Fair Value (Level 1 and 2 Inputs)		$ 38,794		$ 38,794		$ 30,574
Alpine Income Property Trust, Inc.
Marketable Securities [Line Items]
Share purchased				2,040,000.00
Percentage of investment in PINE		15.80%		15.80%
Estimated Fair Value (Level 1 and 2 Inputs)		$ 38,800		$ 38,800
Alpine Income Property Trust, Inc. \| OP Units
Marketable Securities [Line Items]
Share purchased	1,223,854
Private placement
Marketable Securities [Line Items]
Share purchased	394,737
Purchase price of shares	$ 7,500
IPO Purchase \| Alpine Income Property Trust, Inc.
Marketable Securities [Line Items]
Share purchased	421,053
Purchase price of shares	$ 8,000

INVESTMENT SECURITIES - Tabular Disclosure (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Debt Securities, Trading, and Equity Securities, FV-NI [Abstract]
Cost	$ 38,753	$ 38,753
Unrealized Gains inInvestment Income	41
Unrealized Losses in Investment Income		(8,179)
Investment in Alpine Income Property Trust, Inc.	38,794	30,574
Common Stock
Debt Securities, Trading, and Equity Securities, FV-NI [Abstract]
Cost	15,500	15,500
Unrealized Gains inInvestment Income	16
Unrealized Losses in Investment Income		(3,271)
Investment in Alpine Income Property Trust, Inc.	15,516	12,229
Operating Units
Debt Securities, Trading, and Equity Securities, FV-NI [Abstract]
Cost	23,253	23,253
Unrealized Gains inInvestment Income	25
Unrealized Losses in Investment Income		(4,908)
Investment in Alpine Income Property Trust, Inc.	$ 23,278	$ 18,345

FAIR VALUE OF FINANCIAL INSTRUMENTS - Carrying Value and Estimated Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
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	$ 4,701	$ 4,289
Restricted Cash	13,918	29,536
Carrying Value \| Significant Other Observable Inputs (Level 2)
Carrying value and estimated fair value of financial instruments
Commercial Loan Investments	38,884	38,320
Long-Term Debt	304,886	273,830
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	4,701	4,289
Restricted Cash	13,918	29,536
Estimated Fair Value \| Significant Other Observable Inputs (Level 2)
Carrying value and estimated fair value of financial instruments
Commercial Loan Investments	38,901	38,318
Long-Term Debt	$ 311,661	$ 282,884

FAIR VALUE OF FINANCIAL INSTRUMENTS - Measured on a Recurring Basis (Details) - USD ($) $ in Thousands		6 Months Ended
	Mar. 12, 2021	Jun. 30, 2021	Jun. 30, 2020	Mar. 10, 2021	Dec. 31, 2020	Aug. 31, 2020	Mar. 31, 2020
Fair value of assets
Cash Flow Hedge - Interest Rate Swap		$ 284
Interest rate (as a percent)				0.22%			0.7325%
Notional amount				$ 50,000			$ 100,000
Payoff of variable-rate mortgage loan		86,963	$ 63,916
Credit Facility
Fair value of assets
Interest rate (as a percent)							0.7325%
Credit Facility \| Interest Rate Swap
Fair value of assets
Notional amount						$ 50,000
Wells Fargo Mortgage Loan
Fair value of assets
Payoff of variable-rate mortgage loan	$ 23,200	23,200
Recurring basis
Fair value of assets
Cash Flow Hedge - Interest Rate Swap		38,794			$ 30,574
Recurring basis \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair value of assets
Cash Flow Hedge - Interest Rate Swap		38,794			30,574
Recurring basis \| BMO
Fair value of assets
Cash Flow Hedge - Interest Rate Swap		(849)			(1,772)
Recurring basis \| BMO \| Significant Other Observable Inputs (Level 2)
Fair value of assets
Cash Flow Hedge - Interest Rate Swap		(849)			(1,772)
Recurring basis \| BMO
Fair value of assets
Cash Flow Hedge - Interest Rate Swap		109			(50)
Recurring basis \| BMO \| Significant Other Observable Inputs (Level 2)
Fair value of assets
Cash Flow Hedge - Interest Rate Swap		$ 109			(50)
Recurring basis \| Wells Fargo \| Interest Rate Swap
Fair value of assets
Cash Flow Hedge - Interest Rate Swap					(88)
Recurring basis \| Wells Fargo \| Interest Rate Swap \| Significant Other Observable Inputs (Level 2)
Fair value of assets
Cash Flow Hedge - Interest Rate Swap					$ (88)

FAIR VALUE OF FINANCIAL INSTRUMENTS - Assets Measured on a Nonrecurring Basis (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Nonrecurring basis
Fair value of assets
Asset fair value	$ 0.0	$ 0.0

INTANGIBLE LEASE ASSETS AND LIABILITIES - Components (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	$ 90,938	$ 68,447
Accumulated Amortization	(19,468)	(18,271)
Total	71,470	50,176
Intangible Lease Liabilities
Value of Below Market In-Place Leases	(36,403)	(36,817)
Sub-total Intangible Lease Liabilities-Net	(36,403)	(36,817)
Accumulated Amortization	13,944	12,654
Total	(22,459)	(24,163)
Total Intangible Assets and Liabilities-Net	49,011	26,013
Value of In-Place Leases
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	55,416	44,558
Value of Above Market In-Place Leases
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	19,184	10,604
Value of Intangible Leasing Costs
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	$ 16,338	$ 13,285

INTANGIBLE LEASE ASSETS AND LIABILITIES - Activity (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2021 USD ($) property	Dec. 31, 2020 USD ($)
Intangible Assets And Liabilities
Number of single tenant income property transferred to held for sale \| property	2
Net amortization increase (decrease)	$ 10
Net increase in intangible assets and liabilities	23,000
Below market lease value	22,459	$ 24,163
Income Property, Wells Fargo, Raleigh, North Carolina
Intangible Assets And Liabilities
Below market lease value	18,700	$ 19,900
Value of In-Place Leases
Intangible Assets And Liabilities
Increase from acquisitions	10,900
Value of Above Market In-Place Leases
Intangible Assets And Liabilities
Increase from acquisitions	8,600
Value of Intangible Leasing Costs
Intangible Assets And Liabilities
Increase from acquisitions	3,100
Value of Below Market In-Place Leases
Intangible Assets And Liabilities
Increase from acquisitions	$ 400

INTANGIBLE LEASE ASSETS AND LIABILITIES - Amortization (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
INTANGIBLE LEASE ASSETS AND LIABILITIES
Amortization Expense	$ 1,935	$ 2,136	$ 3,762	$ 4,017
Increase to Income Properties Revenue	(338)	(444)	(734)	(918)
Net Amortization of Intangible Assets and Liabilities	$ 1,597	$ 1,692	$ 3,028	$ 3,099

INTANGIBLE LEASE ASSETS AND LIABILITIES - Summary of Estimated Amortization and Accretion (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Future Amortization Amount
Total	$ 71,470	$ 50,176
Future Accretion to Income Property Revenue
Total	(22,459)	$ (24,163)
Net Future Amortization of Intangible Assets and Liabilities
Remainder of 2021	4,186
2022	8,129
2023	8,038
2024	8,123
2025	5,998
2026 and thereafter	14,537
Total	49,011
Future Amortization
Future Amortization Amount
Remainder of 2021	4,563
2022	8,911
2023	8,797
2024	8,785
2025	6,616
2026 and thereafter	17,799
Total	55,471
Future Accretion to Income Property Revenue
Future Accretion to Income Property Revenue
Remainder of 2021	(377)
2022	(782)
2023	(759)
2024	(662)
2025	(618)
2026 and thereafter	(3,262)
Total	$ (6,460)

INTANGIBLE ASSETS AND LIABILITIES - Weighted Average Amortization Period (Details)	6 Months Ended
	Jun. 30, 2021
INTANGIBLE LEASE ASSETS AND LIABILITIES
Weighted average amortization period of intangible assets	8 years 4 months 24 days
Weighted average amortization period of intangible liabilities	13 years

IMPAIRMENT OF LONG-LIVED ASSETS (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Impairment of Long-Lived Assets
Impairment Charges			$ 16,527	$ 1,905
Land JV
Impairment of Long-Lived Assets
Impairment Charges	$ 16,500		67,000
Income Properties
Impairment of Long-Lived Assets
Impairment Charges	0	$ 0	$ 0	$ 0
Undeveloped Land in Daytona Beach, Florida, Along Interstate 95
Impairment of Long-Lived Assets
Impairment Charges	$ 16,500

OTHER ASSETS (Details) $ in Thousands	Jun. 30, 2021 USD ($) installment	Dec. 31, 2020 USD ($) installment
Other Assets
Income Property Tenant Receivables	$ 1,069	$ 2,330
Income Property Straight-line Rent Adjustment and Covid-19 Deferral Balance	4,555	4,686
Operating Leases, Right-of-Use Asset	198	246
Golf Rounds Surcharge	390	454
Cash Flow Hedge - Interest Rate Swap	284
Infrastructure Reimbursement Receivables	1,350	1,336
Prepaid Expenses, Deposits, and Other	1,814	1,693
Due from Alpine Income Property Trust, Inc.	1,380	666
Financing Costs, Net of Accumulated Amortization	576	769
Total Other Assets	11,616	12,180
COVID-19
Other Assets
Income Property Straight-line Rent Adjustment and Covid-19 Deferral Balance	300	1,000
Tanger
Other Assets
Infrastructure Reimbursement Receivables	$ 900	$ 900
Number of installments to repay infrastructure reimbursement receivable \| installment	6	6
Infrastructure reimbursement receivables, installment payment amounts	$ 200	$ 200
Infrastructure reimbursement receivable, discount	100	100
Sam's Club
Other Assets
Infrastructure Reimbursement Receivables	$ 400	$ 400
Number of installments to repay infrastructure reimbursement receivable \| installment	4	4
Infrastructure reimbursement receivables, installment payment amounts	$ 100	$ 100
Sam's Club \| Maximum
Other Assets
Infrastructure reimbursement receivable, discount	$ 40	$ 40

EQUITY (Details) - USD ($) $ / shares in Units, $ in Thousands				3 Months Ended		6 Months Ended
	Jul. 06, 2021	Jun. 28, 2021	Apr. 30, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Apr. 01, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Common Stock, shares authorized				500,000,000		500,000,000			25,000,000
Common Stock, par value (in dollars per share)				$ 0.01		$ 0.01			$ 1.00
Preferred stock, shares authorized				100,000,000		100,000,000			50,000
Preferred Stock, par value (in dollars per share)				$ 0.01		$ 0.01			$ 100.00
Aggregate offering price								$ 350,000
Cash dividends paid and declared (in dollars per share)				$ 1.00		$ 2.00
Purchase price of shares				$ 80	$ 109	$ 372	$ 350
At Market Offering Program
Class of Stock [Line Items]
Purchase price of shares			$ 150,000
Follow on Public Offering
Class of Stock [Line Items]
Units issued		3,000,000
Dividend rate (as a percent)		6.375%
Share Price		$ 25.00
Total net proceeds	$ 72,400
Follow on Public Offering \| Subsequent Events
Class of Stock [Line Items]
Total net proceeds	$ 72,400
Common Stock
Class of Stock [Line Items]
Treasury stock, retired, par value method, amount						(7,190)
Purchase price of shares					$ 2		$ 6
Treasury Stock
Class of Stock [Line Items]
Treasury stock, retired, par value method, amount						$ 77,541

COMMON STOCK AND EARNINGS (LOSS) PER SHARE - Summary of Common Stock and Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Available to Common Shareholders:
Net Income (Loss)	$ (3,724)	$ 12,611	$ 4,061	$ 349
Weighted Average Shares Outstanding	5,898,280	4,653,627	5,888,735	4,682,511
Total Shares Applicable to Diluted Earnings Per Share	5,898,280	4,653,627	5,888,735	4,682,511
Per Share Information:
Basic Net Income (Loss) per Share (in dollars per share)	$ (0.63)	$ 2.71	$ 0.69	$ 0.07
Diluted Net Income (Loss) per Share (in dollars per share)	$ (0.63)	$ 2.71	$ 0.69	$ 0.07

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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COMMON STOCK AND EARNINGS (LOSS) PER SHARE - Anti-dilutive Securities and Convertible Notes (Details) - $ / shares	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Mar. 10, 2021	Dec. 31, 2020	Mar. 31, 2020	Mar. 15, 2020	Feb. 04, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	37,552	39,402
Interest rate (as a percent)			0.22%		0.7325%
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%
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)	$ 53.06

STOCK REPURCHASES (Details) - USD ($)	3 Months Ended	6 Months Ended
STOCK REPURCHASES (Details) - USD ($)	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Feb. 29, 2020
Stock Repurchases
Stock repurchase program authorized amount				$ 10,000,000.0
Stock repurchased amount	$ 185,000	$ 0	$ 4,100,000
Amount of treasury shares retired		$ 77,500,000
Stock Repurchase Program, February 2020
Stock Repurchases
Stock repurchase program authorized amount				$ 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) - USD ($) $ in Thousands		3 Months Ended	6 Months Ended		12 Months Ended
	Mar. 12, 2021	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Mar. 10, 2021	Mar. 31, 2020	Mar. 10, 2020	Feb. 04, 2020
Long-term debt
Face Value of Debt		$ 311,033	$ 311,033		$ 280,500
Interest rate (as a percent)						0.22%	0.7325%
Increase (decrease) in long term debt			(30,500)		(30,500)
Borrowings repaid			86,963	$ 63,916
Proceeds from line of credit			19,500
Fixed interest rate through use of derivative (as a percent)								0.22%
Derivatives fixed interest		1,024	1,024		$ 1,910			$ 50,000
Credit Facility
Long-term debt
Face Value of Debt		184,345	$ 184,345
Interest rate (as a percent)							0.7325%
Derivatives fixed interest							$ 100,000
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%
3.875% Convertible Senior Notes due 2025
Long-term debt
Face Value of Debt		$ 61,688	$ 61,688						$ 17,600
Interest rate (as a percent)		3.875%	3.875%		3.875%				3.875%
Wells Fargo Mortgage Loan
Long-term debt
Face Value of Debt	$ 30,000	$ 30,000	$ 30,000
Borrowings repaid	$ 23,200		23,200
Fixed interest rate through use of derivative (as a percent)	3.17%
Wells Fargo Mortgage Loan \| Interest Rate Swap
Long-term debt
Face Value of Debt		800	800
Credit Revolver Amendment 2021
Long-term debt
Face Value of Debt		249,300	249,300
2026 Term Loan
Long-term debt
Face Value of Debt		$ 65,000	$ 65,000			$ 50,000
Interest rate (as a percent)		0.22%	0.22%
Proceeds from line of credit		$ 15,000	$ 50,000
2026 Term Loan \| Minimum
Long-term debt
Margin added to variable rate basis (as a percent)			1.35%
2026 Term Loan \| Maximum
Long-term debt
Margin added to variable rate basis (as a percent)			1.95%
Credit Facility and Subsequent Draw
Long-term debt
Proceeds from line of credit			$ 15,000

LONG-TERM DEBT - Credit Facility (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Mar. 10, 2021	Mar. 09, 2021	Dec. 31, 2020	Sep. 07, 2017
Long-term debt
Outstanding Principal	$ 311,033			$ 280,500
Credit Facility
Long-term debt
Extension term	1 year
Maximum borrowing capacity					$ 200,000
Maximum borrowing capacity, after possible increase					$ 300,000
Unused portion of the borrowing capacity fee percentage condition	50.00%
Available borrowing capacity	$ 25,700
Amount outstanding	184,300
Borrowing capacity	210,000
Outstanding Principal	$ 184,345
Credit Facility \| Minimum
Long-term debt
Commitment fee percentage on unused portion of the borrowing capacity	0.15%
Credit Facility \| Maximum
Long-term debt
Commitment fee percentage on unused portion of the borrowing capacity	0.25%
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%
Credit Revolver Amendment 2021
Long-term debt
Maximum borrowing capacity		$ 210,000	$ 200,000
Outstanding Principal	$ 249,300
Aggregate borrowing capacity, additional commitments		300,000
2026 Term Loan
Long-term debt
Outstanding Principal	65,000	50,000
Aggregate borrowing capacity, additional commitments	$ 65,000	$ 150,000
2026 Term Loan \| Minimum
Long-term debt
Margin added to variable rate basis (as a percent)	1.35%
2026 Term Loan \| Maximum
Long-term debt
Margin added to variable rate basis (as a percent)	1.95%

LONG-TERM DEBT - Mortgage Notes Payable (Details) - USD ($) $ in Thousands		6 Months Ended
	Mar. 12, 2021	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Mar. 10, 2020
Debt Instrument [Line Items]
Borrowings repaid		$ 86,963	$ 63,916
Derivative fixed interest rate (as a percent)					0.22%
Outstanding Principal		311,033		$ 280,500
Wells Fargo Mortgage Loan
Debt Instrument [Line Items]
Borrowings repaid	$ 23,200	23,200
Derivative fixed interest rate (as a percent)	3.17%
Outstanding Principal	$ 30,000	$ 30,000

LONG-TERM DEBT - Convertible Notes (Details)					3 Months Ended		6 Months Ended		12 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	Jun. 30, 2021 USD ($) $ / shares	Jun. 30, 2020 USD ($) $ / shares	Jun. 30, 2021 USD ($) $ / shares	Jun. 30, 2020 USD ($) $ / shares	Dec. 31, 2020 USD ($)	Mar. 10, 2021	Mar. 31, 2020
Long-term debt
Outstanding Principal					$ 311,033,000		$ 311,033,000		$ 280,500,000
Debt conversion amount								$ 57,359,000
Interest rate (as a percent)										0.22%	0.7325%
Dividends Declared and Paid (in dollars per share) \| $ / shares					$ 1.00	$ 0.25	$ 2.00	$ 0.50
Unamortized debt discount of notes					$ 5,452,000		$ 5,452,000
Gain (Loss) on Extinguishment of Debt					(641,000)	$ 504,000	(641,000)	$ 1,141,000
Outstanding amount					304,886,000		304,886,000		$ 273,830,000
4.50% Convertible Senior Notes due 2020
Long-term debt
Outstanding Principal		$ 75,000,000.0
Interest rate (as a percent)		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
Outstanding amount			75,000,000.0
3.875% Convertible Senior Notes due 2025
Long-term debt
Outstanding Principal			17,600,000		$ 61,688,000		$ 61,688,000
Debt conversion amount			$ 57,400,000
Interest rate (as a percent)			3.875%		3.875%		3.875%		3.875%
Conversion price per share (in dollars per share) \| $ / shares					$ 53.06		$ 53.06
Proceeds from private placement			$ 11,700,000
Repurchase of notes			5,900,000
Outstanding amount			$ 11,700,000		$ 56,236,000		$ 56,236,000		$ 56,296,000
2025 Notes maturing on April 15, 2025
Long-term debt
Debt instrument conversion ratio	12.7910				18.8450
Conversion price per share (in dollars per share) \| $ / shares	$ 78.18				$ 53.06		$ 53.06
Threshold principal amount for adjusted conversion price	$ 1,000				$ 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					10,000.00		10,000.00		2,600,000
Gain (Loss) on Extinguishment of Debt							(100,000)		1,100,000
Repurchase of notes					800,000		800,000		$ 12,500,000
Convertible Debt \| 3.875% Convertible Senior Notes due 2025
Long-term debt
Outstanding amount					61,700,000		61,700,000
Convertible Debt \| 2025 Notes maturing on April 15, 2025
Long-term debt
Threshold principal amount for adjusted conversion price							1,000
Unamortized debt discount of notes					$ 5,500,000		$ 5,500,000

LONG-TERM DEBT - Components (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Mar. 10, 2021	Dec. 31, 2020	Mar. 31, 2020	Feb. 04, 2020
Long-term debt
Long-term debt	$ 304,886		$ 273,830
Financing Costs, net of accumulated amortization	(695)		(494)
Long-Term Debt	304,886		273,830
Long-term debt due within one year
Due Within One Year			23,183
Interest rate (as a percent)		0.22%		0.7325%
Credit Facility
Long-term debt
Long-term debt	184,345		164,845
Long-term debt due within one year
Interest rate (as a percent)				0.7325%
2026 Term Loan
Long-term debt
Long-term debt	$ 65,000
Long-term debt due within one year
Interest rate (as a percent)	0.22%
Wells Fargo Mortgage Note Payable Originated September 30, 2014
Long-term debt
Long-term debt			30,000
Wells Fargo Mortgage Note Payable Originated April 15, 2016
Long-term debt
Long-term debt			23,183
Long-term debt due within one year
Due Within One Year			23,183
3.875% Convertible Senior Notes due 2025
Long-term debt
Long-term debt	$ 56,236		$ 56,296		$ 11,700
Long-term debt due within one year
Interest rate (as a percent)	3.875%		3.875%		3.875%

LONG-TERM DEBT - Payments Applicable to Reduction of Principal (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Payments applicable to reduction of principal amounts
2023	$ 184,345
2025	61,688
2026 and thereafter	65,000
Total Long-Term Debt - Face Value	$ 311,033	$ 280,500

LONG-TERM DEBT - Carrying Value (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
LONG-TERM DEBT
Current Face Amount	$ 311,033	$ 280,500
Unamortized Discount on Convertible Debt	(5,452)
Financing Costs, net of accumulated amortization	(695)	(494)
Total Long-Term Debt	$ 304,886	$ 273,830

LONG-TERM DEBT - Financing Costs (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
LONG-TERM DEBT
Deferred financing costs, net	$ 695	$ 494
Financing Costs, Net of Accumulated Amortization	$ 576	$ 769

LONG-TERM DEBT - Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
LONG-TERM DEBT
Interest expense	$ 1,943	$ 2,124	$ 3,912	$ 4,923
Amortization of Deferred Financing Costs	159	73	324	223
Amortization of Discount on Convertible Notes	319	256	629	760
Total Interest Expense	2,421	2,453	4,865	5,906
Total Interest Paid	$ 2,627	$ 2,496	$ 4,022	$ 5,636

INTEREST RATE SWAPS (Details) - USD ($) $ in Thousands	6 Months Ended
INTEREST RATE SWAPS (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Mar. 10, 2021	Dec. 31, 2020	Aug. 31, 2020	Mar. 31, 2020	Mar. 10, 2020
Derivative [Line Items]
Derivative fixed interest rate (as a percent)						0.22%
Notional amount		$ 50,000			$ 100,000
Outstanding Principal	$ 311,033		$ 280,500
Credit Facility
Derivative [Line Items]
Outstanding Principal	184,345
2026 Term Loan
Derivative [Line Items]
Outstanding Principal	$ 65,000	$ 50,000
Interest Rate Swap
Derivative [Line Items]
Effectiveness of interest rate cash flow hedge (as a percent)	100.00%
Interest Rate Swap \| Credit Facility
Derivative [Line Items]
Notional amount				$ 50,000
Designated as a hedge \| Interest Rate Swap \| Credit Facility
Derivative [Line Items]
Derivative fixed interest rate (as a percent)					0.7325%
Notional amount					$ 100,000
Fair value of interest rate swap agreement to hedge cash flows, liabilities					$ (849)
Designated as a hedge \| Interest Rate Swap \| 2026 Term Loan
Derivative [Line Items]
Derivative fixed interest rate (as a percent)	1.51%			0.22%
Notional amount	$ 50,000			$ 50,000
Fair value of interest rate swap agreement to hedge cash flows, assets				$ 284
Fair value of interest rate swap agreement to hedge cash flows, liabilities	(175)
Outstanding Principal	$ 50,000

ACCRUED AND OTHER LIABILITIES - Components (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Mar. 10, 2020
ACCRUED AND OTHER LIABILITIES
Accrued Property Taxes	$ 3,374	$ 945
Reserve for Tenant Improvements	2,004	1,353
Accrued Construction Costs	729	1,783
Accrued Interest	491	602
Environmental Reserve	101	106
Cash Flow Hedge - Interest Rate Swap	1,024	1,910	$ 50,000
Operating Leases - Liability	190	245
Other	3,524	2,146
Total Accrued and Other Liabilities	$ 11,437	$ 9,090

ACCRUED AND OTHER LIABILITIES - Reserve for Tenant Improvements and Environmental Reserves (Details) $ in Millions	3 Months Ended		6 Months Ended	12 Months Ended
	Jun. 30, 2021 USD ($) a	Dec. 31, 2017 USD ($)	Jun. 30, 2021 USD ($) a	Dec. 31, 2018 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($) a	Jun. 23, 2021 USD ($)
Environmental reserves
Area of land (in acres) \| a	34,500		34,500
Environmental Reserve for Monitoring Environmental Remediation Work Previously Performed
Environmental reserves
Additional environmental reserve accrued				$ 0.7	$ 0.5	$ 0.1
Environmental costs funded			$ 0.6
Environmental reserve accrued	$ 0.1		0.1
Environmental Reserve for Monitoring Environmental Remediation Work Previously Performed \| Minimum
Environmental reserves
Additional environmental reserve accrued		$ 0.1
Estimated cost					0.5
Environmental Reserve for Monitoring Environmental Remediation Work Previously Performed \| Maximum
Environmental reserves
Area of land (in acres) \| a						1
Estimated cost					$ 1.0
Income Property, Multi-tenant, Ashford Lane, Atlanta, Georgia
Environmental reserves
Tenant improvement allowances and leasing commissions	2.6		2.6
Payment of tenant improvement allowances and leasing commissions	0.6
Income Property, Multi-tenant, Shops at Legacy, Plano, Texas
Environmental reserves
Tenant improvement allowances and leasing commissions	$ 1.9		1.9				$ 1.9
Payment of tenant improvement allowances and leasing commissions			$ 0.0

DEFERRED REVENUE - Summary of Deferred Revenue (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
DEFERRED REVENUE
Prepaid Rent	$ 2,993	$ 2,684
Tenant Contributions	600	625
Other Deferred Revenue	443	10
Deferred Revenue, Total	$ 4,036	$ 3,319

DEFERRED REVENUE - Rent Paid in Advance (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Deferred revenue
Lease revenue	$ 11,574	$ 11,473	$ 23,023	$ 22,476
Deferred Revenue.	4,036		4,036		$ 3,319
Florida
Deferred revenue
Tenant contribution			1,900
Lease revenue			100
Deferred Revenue.	$ 600		600
Cocina 214
Deferred revenue
Tenant contribution			1,000
Lease revenue			$ 700

STOCK-BASED COMPENSATION - All Equity and Liability Classified Award Activity (Details) - shares			3 Months Ended	6 Months Ended
	Jan. 20, 2021	Jan. 01, 2020	Mar. 31, 2021	Jun. 30, 2021
Shares
Outstanding (in shares)			196,330	196,330
Granted (in shares)				111,516
Vested / Exercised (in shares)				(82,262)
Expired (in shares)				(22,000)
Forfeited (in shares)				(3,435)
Outstanding (in shares)				200,149
Peer Group Market Condition Vesting
Shares
Vested / Exercised (in shares)				(17,418)
Peer Group Market Condition Vesting \| Performance Shares
Shares
Outstanding (in shares)			55,851	55,851
Granted (in shares)			48,134	48,134
Vested / Exercised (in shares)	(17,418)	(12,635)		(17,418)
Outstanding (in shares)				86,567
Shares
Number of shares attributable to Equitable Adjustment (in shares)			15,988
Stock Price Vesting \| Restricted Shares
Shares
Outstanding (in shares)			22,000	22,000
Expired (in shares)				(22,000)
Three-Year Vesting \| Restricted Shares
Shares
Outstanding (in shares)			38,479	38,479
Granted (in shares)			43,050	43,050
Vested / Exercised (in shares)				(21,220)
Forfeited (in shares)				(3,435)
Outstanding (in shares)				56,874
Original 2010 Plan
Shares
Granted (in shares)			111,516
Number of shares attributable to Equitable Adjustment (in shares)			46,237
Original 2010 Plan \| Stock Option Awards
Shares
Outstanding (in shares)			80,000	80,000
Granted (in shares)				20,332
Vested / Exercised Shares				(43,624)
Outstanding (in shares)				56,708

STOCK-BASED COMPENSATION - Recognized in Financial Statements (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
STOCK-BASED COMPENSATION
Total Cost of Share-Based Plans Charged Against Income Before Tax Effect	$ 742	$ 699	$ 1,700	$ 1,518
Income Tax Expense Recognized in Income		$ 174		$ 378

STOCK-BASED COMPENSATION - Performance Share Awards - Peer Group Market Condition Vesting (Details) - USD ($) $ / shares in Units, $ in Millions			3 Months Ended		6 Months Ended
	Jan. 20, 2021	Jan. 01, 2020	Mar. 31, 2021	Mar. 31, 2020	Jun. 30, 2021
Peer Group Market Condition Vesting
Stock-based compensation
Vested					17,418
Shares
Vested (in shares)					(17,418)
Weighted Average Fair Value
Vested (in dollars per share)					$ 58.30
Original 2010 Plan
Stock-based compensation
Number of shares attributable to Equitable Adjustment (in shares)			46,237
Performance Shares
Stock-based compensation
Vesting percentage	87.20%	112.50%
Performance Shares \| Peer Group Market Condition Vesting
Stock-based compensation
Performance period			3 years	3 years	3 years
Number of shares attributable to Equitable Adjustment (in shares)			15,988
Vested	17,418	12,635			17,418
Grantees, shares received (in shares)			15,197		14,214
Shares
Outstanding (in shares)			55,851		55,851
Granted (in shares)			48,134		48,134
Vested (in shares)	(17,418)	(12,635)			(17,418)
Outstanding (in shares)					86,567
Weighted Average Fair Value
Outstanding (in dollars per share)			$ 63.44		$ 63.44
Granted (in dollars per share)					32.04
Outstanding (in dollars per share)					$ 47.01
Compensation cost
Unrecognized compensation cost					$ 2.5
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%
Performance Shares \| Maximum \| Peer Group Market Condition Vesting
Stock-based compensation
Vesting percentage					150.00%

STOCK-BASED COMPENSATION - Market Condition Restricted Shares - Stock Price Vesting (Details) - Restricted Shares - USD ($) $ / shares in Units, $ in Thousands		6 Months Ended
	Jan. 28, 2021	Jun. 30, 2021
Stock Price Vesting
Shares
Outstanding (in shares)		22,000
Expired (in shares)		(22,000)
Stock Price Vesting \| Mr. Albright
Stock-based compensation
Restricted share award period after termination of employment		60 days
Period for average closing price		30 days
Share-based Compensation Award Stock Price Vesting Price Increment One \| Mr. Albright
Stock-based compensation
Number of shares in each vesting increment	22,000
Share-based Compensation Award Stock Price Vesting Price Increment Two
Shares
Outstanding (in shares)		22,000
Expired (in shares)		(22,000)
Weighted Average Fair Value
Outstanding (in dollars per share)		$ 41.71
Expired (in dollars per share)		$ 41.71
Compensation cost
Unrecognized compensation cost		$ 0
Share-based Compensation Award Stock Price Vesting Price Increment Two \| Mr. Albright
Stock-based compensation
Closing share price (in dollars per share)	$ 70
Number of shares in each vesting increment	18,000
Share-based Compensation Award Stock Price Vesting Price Increment Three \| Mr. Albright
Stock-based compensation
Closing share price (in dollars per share)	$ 75
Number of shares in each vesting increment	4,000

STOCK-BASED COMPENSATION - Three Year Vest Restricted Shares (Details) - Three-Year Vesting - Restricted Shares - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	6 Months Ended
	Mar. 31, 2021	Jun. 30, 2021
Stock-based compensation
Vesting per year (as a percent)		33.33%
Granted (in shares)	43,050	43,050
Shares
Outstanding (in shares)	38,479	38,479
Granted (in shares)	43,050	43,050
Vested (in shares)		(21,220)
Forfeited (in shares)		(3,435)
Outstanding (in shares)		56,874
Weighted Average Fair Value
Outstanding (in dollars per share)	$ 57.82	$ 57.82
Granted (in dollars per share)		35.47
Vested (in dollars per share)		48.55
Forfeited (in dollars per share)		46.61
Outstanding (in dollars per share)		$ 45.04
Compensation cost
Unrecognized compensation cost		$ 2.1
Weighted average period of recognition of unrecognized compensation cost		2 years 1 month 6 days
Equity Award Agreements
Stock-based compensation
Number of shares attributable to Equitable Adjustment (in shares)	9,917

STOCK-BASED COMPENSATION - Non-Qualified Stock Option Awards Granted (Details) - Stock Option Awards - Original 2010 Plan - $ / shares										3 Months Ended		6 Months Ended
	Jan. 21, 2021	Jan. 20, 2021	Jan. 28, 2018	Jan. 28, 2017	Feb. 26, 2016	Jun. 29, 2015	May 20, 2015	Feb. 09, 2015	Oct. 22, 2014	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2021
Stock-based compensation
Granted (in shares)												20,332
Exercised (in shares)												43,624
Outstanding (in shares)										56,708		56,708
Mr. Albright
Stock-based compensation
Granted (in shares)	25,083				40,000			20,000
Vesting per year (as a percent)			33.33%	33.33%	33.33%
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting, Percentage Remaining Unvested - NOT USED IN 10-K					66.67%
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
Exercised (in shares)										0	25,083
Exercise price (in dollars per share)	$ 45.85						$ 55.62	$ 57.50
Surrendered (in shares)							40,000
Outstanding (in shares)											0
Mr. Smith
Stock-based compensation
Granted (in shares)		12,541							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	30 days
Exercised (in shares)										0	3,541
Exercise price (in dollars per share)		$ 39.87							$ 50.00
Outstanding (in shares)											9,000
Officer
Stock-based compensation
Granted (in shares)	12,541					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
Exercised (in shares)										0
Exercise price (in dollars per share)	$ 45.88					$ 57.54
Equity Award Agreements
Stock-based compensation
Granted (in shares)	50,167						40,000
Exercised (in shares)										0	15,000
Exercise price (in dollars per share)	$ 44.35
Outstanding (in shares)											35,167

STOCK-BASED COMPENSATION - Non-Qualified Stock Option Award Activity (Details) - Original 2010 Plan - Stock Option Awards - USD ($)		6 Months Ended
	Jan. 01, 2021	Jun. 30, 2021	Dec. 31, 2020
Shares
Outstanding (in shares)	80,000	80,000
Granted (in shares)		20,332
Vested / Exercised Shares		(43,624)
Outstanding (in shares)		56,708
Exercisable (in shares)	80,000	56,708
Weighted Average Exercise Price (in dollars per share)
Exercised (in dollars per share)		$ 44.85
Outstanding (in dollars per share)		43.98
Exercisable (in dollars per share)	$ 55.63	$ 43.98	$ 55.63
Weighted Average Remaining Contractual Term
Outstanding		3 years 9 months 25 days
Exercisable	4 years 3 months 3 days	3 years 9 months 25 days
Stock-based compensation
Aggregate Intrinsic Value, Outstanding (in dollars)		$ 541,145
Aggregate Intrinsic Value, Exercisable (in dollars)		541,145
Unrecognized compensation cost (in dollars)		$ 0

STOCK-BASED COMPENSATION - Non-Employee Director Stock Compensation (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2019	Dec. 31, 2021	Dec. 31, 2020
Stock-based compensation
Annual award received	$ 200	$ 100
Share-based Payment Arrangement, Nonemployee
Stock-based compensation
Annual award			$ 20	$ 35	$ 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	$ 400	$ 400
Expense recognized (in shares)	8,298	6,283

INCOME TAXES (Details) $ in Millions	6 Months Ended	12 Months Ended
INCOME TAXES (Details) $ in Millions	Jun. 30, 2021 subsidiary	Dec. 31, 2020 USD ($)
INCOME TAXES
REIT Eligibility, Distributable , Minimum Percentage of Taxable Income, Excluding Net Capital Gains	90.00%
Number of taxable REIT subsidiaries \| subsidiary	5
Deferred tax benefit \| $		$ 82.5

COMMITMENTS AND CONTINGENCIES - Legal Proceedings (Details) - Complaint for Declaratory Relief Against Buc-ee's Ltd $ in Millions	6 Months Ended
	Jun. 30, 2021 a	Mar. 31, 2021 USD ($)
Commitments
Cash deposited related to improvements \| $		$ 0.8
Land Sales, Area of Land \| a	35

COMMITMENTS AND CONTINGENCIES - Contractual Commitments - Expenditures (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2021 USD ($)
COMMITMENTS AND CONTINGENCIES
Commitment amount	$ 10,877
Less Amount Funded	(1,610)
Remaining Commitment	$ 9,267

COMMITMENTS AND CONTINGENCIES - Off-Balance Sheet Arrangements (Details) - Operating agreement - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2018
Loss Contingencies [Line Items]
Fair value of Minimum Sales Guarantee			$ 0.1
MSG, Upfront payment	$ 0.1
Minimum
Loss Contingencies [Line Items]
Supply commitments		$ 6.0

BUSINESS SEGMENT DATA - Description (Details) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2021 USD ($) property segment loan	Jun. 30, 2020	Dec. 31, 2020 USD ($)
Business segment data
Number of operating segment \| segment	4
Assets	$ 689,872		$ 666,700
Number of commercial loan investment \| loan	2
Income Properties
Business segment data
Assets	$ 584,058		531,325
Management Fee Income
Business segment data
Assets	$ 1,380		$ 700
Commercial loan and master lease investments
Business segment data
Number of commercial loan investment \| loan	2
Number of commercial properties \| property	2
Product concentration \| Identifiable assets \| Income Properties
Business segment data
Percentage of total	84.70%		80.00%
Product concentration \| Consolidated revenues \| Income Properties
Business segment data
Percentage of total	79.40%	87.00%

BUSINESS SEGMENT DATA - Summary of Operations in Different Segments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Business segment data
Total Revenues	$ 14,283	$ 13,010	$ 28,995	$ 25,848
Operating Income (Loss)	(9,169)	10,773	(4,710)	11,062
Impairment charge	16,527		16,527	1,905
Gain on Disposition of Assets	4,732	7,076	5,440	7,076
Gain (Loss) on Extinguishment of Debt	(641)	504	(641)	1,141
Depreciation and Amortization	5,031	5,021	9,861	9,573
Capital Expenditures	74,770	256	114,117	145,008
Identifiable Assets	689,872		689,872		$ 666,700
Operating Segments
Business segment data
Impairment charge	(16,527)		(16,527)	(1,905)
Gain on Disposition of Assets	4,732	7,076	5,440	7,076
General and Corporate Expense
Business segment data
Operating Income (Loss)	(7,696)	(7,192)	(15,658)	(14,836)
Income Properties
Business segment data
Total Revenues	11,574	11,473	23,023	22,476
Depreciation and Amortization	5,026	5,016	9,851	9,563
Capital Expenditures	74,767	250	114,107	138,242
Identifiable Assets	584,058		584,058		531,325
Income Properties \| Operating Segments
Business segment data
Operating Income (Loss)	8,787	8,905	17,319	17,795
Management Fee Income
Business segment data
Total Revenues	752	695	1,421	1,397
Identifiable Assets	1,380		1,380		700
Management Fee Income \| Operating Segments
Business segment data
Operating Income (Loss)	752	695	1,421	1,397
Interest Income from Commercial Loan and Master Lease Investments
Business segment data
Total Revenues	709	835	1,410	1,887
Capital Expenditures				6,754
Identifiable Assets	38,884		38,884		38,321
Interest Income from Commercial Loan and Master Lease Investments \| Operating Segments
Business segment data
Operating Income (Loss)	709	835	1,410	1,887
Real Estate Operations
Business segment data
Total Revenues	1,248	7	3,141	88
Identifiable Assets	43,171		43,171		59,717
Real Estate Operations \| Operating Segments
Business segment data
Operating Income (Loss)	715	(50)	2,526	(1,493)
Land Operations
Business segment data
Identifiable Assets	834		834		833
Corporate and Other
Business segment data
Depreciation and Amortization	5	5	10	10
Capital Expenditures	3	$ 6	10	$ 12
Identifiable Assets	$ 21,545		$ 21,545		$ 35,804

ASSETS AND LIABILITIES HELD FOR SALE - Tabular Disclosure (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Assets held for sale
Property, Plant, and Equipment-Net	$ 2,354
Restricted Cash	833	$ 833
Intangible Lease Assets - Net	548
Intangible Lease Liabilities - Net	(15)
Total Assets Held for Sale	3,720	833
Liabilities held for sale
Deferred Revenue	(831)	(831)
Total Liabilities Held for Sale	(831)	(831)
Land JV Assets
Assets held for sale
Restricted Cash	833	833
Total Assets Held for Sale	833	833
Land JV Liabilities
Liabilities held for sale
Deferred Revenue	(831)	(831)
Total Liabilities Held for Sale	(831)	$ (831)
Single-Tenant Income Properties
Assets held for sale
Property, Plant, and Equipment-Net	2,354
Intangible Lease Assets - Net	548
Intangible Lease Liabilities - Net	(15)
Total Assets Held for Sale	$ 2,887

ASSETS AND LIABILITIES HELD FOR SALE - Deferred Revenue on Land Sales (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Mar. 31, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total deferred revenue	$ 4,036	$ 3,319
Buc'ees - East of I-95
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Escrow reserve			$ 800
Total deferred revenue			$ 800

SUBSEQUENT EVENTS (Details) - Follow on Public Offering - USD ($) $ / shares in Units, $ in Millions	Jul. 06, 2021	Jun. 28, 2021
Subsequent Event [Line Items]
Units issued		3,000,000
Dividend rate (as a percent)		6.375%
Share Price		$ 25.00
Total net proceeds	$ 72.4
Subsequent Events
Subsequent Event [Line Items]
Total net proceeds	$ 72.4