0001558370-22-001966 | 10-K | XBRL Viewer

Print Document View Excel Document

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Real Estate:
Land, at Cost	$ 189,589	$ 166,512
Building and Improvements, at Cost	325,418	305,614
Other Furnishings and Equipment, at Cost	707	672
Construction in Process, at Cost	3,150	323
Total Real Estate, at Cost	518,864	473,121
Less, Accumulated Depreciation	(24,169)	(30,737)
Real Estate-Net	494,695	442,384
Land and Development Costs	692	7,083
Intangible Lease Assets-Net	79,492	50,176
Assets Held for Sale-See Note 25	6,720	833
Investment in Joint Ventures		48,677
Investment in Alpine Income Property Trust, Inc.	41,037	30,574
Mitigation Credits	3,702	2,622
Mitigation Credit Rights	21,018
Commercial Loan and Master Lease Investments	39,095	38,320
Cash and Cash Equivalents	8,615	4,289
Restricted Cash	22,734	29,536
Refundable Income Taxes	442	26
Other Assets - See Note 13	14,897	12,180
Total Assets	733,139	666,700
Liabilities:
Accounts Payable	676	1,047
Accrued and Other Liabilities-See Note 19	13,121	9,090
Deferred Revenue-See Note 20	4,505	3,319
Intangible Lease Liabilities-Net	5,601	24,163
Liabilities Held for Sale-See Note 25		831
Deferred Income Taxes-Net	483	3,521
Long-Term Debt	278,273	273,830
Total Liabilities	302,659	315,801
Commitments and Contingencies-See Note 23
Stockholders' Equity:
Preferred Stock - 100,000,000 shares authorized; $0.01 par value, 6.375% Series A Cumulative Redeemable Preferred Stock, $25.00 Per Share Liquidation Preference, 3,000,000 shares issued and outstanding at December 31, 2021; 50,000 shares authorized; $100.00 par value, no shares issued or outstanding at December 31, 2020	30
Common Stock - 500,000,000 shares authorized; $0.01 par value, 7,351,703 shares issued and 5,916,226 shares outstanding at December 31, 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 December 31, 2021 and 1,394,924 shares at December 31, 2020		(77,541)
Additional Paid-In Capital	85,414	83,183
Retained Earnings	343,459	339,917
Accumulated Other Comprehensive Income (Loss)	1,517	(1,910)
Total Stockholders' Equity	430,480	350,899
Total Liabilities and Stockholders' Equity	$ 733,139	$ 666,700

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 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	3,000,000	0
Preferred Stock, Shares Outstanding	3,000,000	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	5,916,226	7,310,680
Common Stock, shares outstanding	5,916,226	5,915,756
Treasury Stock
Treasury Stock, shares held	0	1,394,924
Cumulative Preferred Stock
Preferred Stock
Dividend rate (as a percent)	6.375%
Share Price	$ 25.00

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues
Total Revenues	$ 70,272	$ 56,381	$ 44,941
Direct Cost of Revenues
Total Direct Cost of Revenues	(22,430)	(15,211)	(7,105)
General and Administrative Expenses	(11,202)	(11,567)	(9,818)
Impairment Charges	(17,599)	(9,147)
Depreciation and Amortization	(20,581)	(19,063)	(15,797)
Total Operating Expenses	(71,812)	(54,988)	(32,720)
Gain on Disposition of Assets	28,316	9,746	21,978
Gain (Loss) on Extinguishment of Debt	(3,431)	1,141
Other Gains and Income	24,885	10,887	21,978
Total Operating Income	23,345	12,280	34,199
Investment and Other Income (Loss)	12,445	(6,432)	344
Interest Expense	(8,929)	(10,838)	(12,466)
Income (Loss) From Continuing Operations Before Income Tax Benefit (Expense)	26,861	(4,990)	22,077
Income Tax Benefit (Expense) from Continuing Operations	3,079	83,499	(5,472)
Income from Continuing Operations	29,940	78,509	16,605
Income from Discontinued Operations (Net of Income Tax)-See Note 25			98,368
Net Income Attributable to the Company	29,940	78,509	114,973
Distributions to Preferred Stockholders	(2,325)
Net Income Attributable to Common Stockholders	$ 27,615	$ 78,509	$ 114,973
Per Share Information-See Note 15: Basic
Income From Continuing Operations Attributable to Common Stockholders (in dollars per share)	$ 4.69	$ 16.69	$ 3.32
Income From Discontinued Operations (Net of Income Tax) Attributable to Common Stockholders (in dollars per share)			19.71
Basic Net Income per Share Attributable to Common Stockholders (in dollars per share)	4.69	16.69	23.03
Per Share Information-See Note 15: Diluted
Income From Continuing Operations Attributable to Common Stockholders (in dollars per share)	4.69	16.69	3.32
Income From Discontinued Operations (Net of Income Tax) Attributable to Common Stockholders (in dollars per share)			19.68
Diluted Net Income per Share Attributable to Common Stockholders (in dollars per share)	$ 4.69	$ 16.69	$ 23.00
Weighted Average Number of Common Shares - Basic (in shares)	5,892,270	4,704,877	4,991,656
Weighted Average Number of Common Shares - Diluted (in shares)	5,892,270	4,704,877	4,998,043
Income Properties
Revenues
Total Revenues	$ 50,679	$ 49,953	$ 41,956
Direct Cost of Revenues
Total Direct Cost of Revenues	(13,815)	(11,988)	(7,000)
Management Fee Income
Revenues
Total Revenues	3,305	2,744	304
Interest Income from Commercial Loan and Master Lease Investments
Revenues
Total Revenues	2,861	3,034	1,829
Real Estate Operations
Revenues
Total Revenues	13,427	650	852
Direct Cost of Revenues
Total Direct Cost of Revenues	$ (8,615)	$ (3,223)	$ (105)

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net Income Attributable to the Company	$ 29,940	$ 78,509	$ 114,973
Other Comprehensive Income (Loss):
Cash Flow Hedging Derivative - Interest Rate Swaps (Net of Income Tax Benefit (Expense) of $0, $0, and ($0.1) million, respectively)	3,427	(1,984)	(413)
Total Other Comprehensive Income (Loss), Net of Income Tax	3,427	(1,984)	(413)
Total Comprehensive Income	$ 33,367	$ 76,525	$ 114,560

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 2: 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=123359005&loc=d3e8933-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22595-107794

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=124431353&loc=SL124452729-227067

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=123570139&loc=d3e3602-108585

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22499-107794

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22663-107794

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 17: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22583-107794

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=125511455&loc=SL5780133-109256

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22658-107794

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124509347&loc=SL7669619-108580

Reference 25: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124509347&loc=SL7669625-108580

Reference 30: 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=123359005&loc=d3e8736-108599

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

+ Details

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Cash Flow Hedging Derivative - Interest Rate Swap, Income Tax	$ 0.0	$ 0.0	$ (0.1)

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Preferred Stock	Common Stock	Treasury Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Total
Balance at Dec. 31, 2018		$ 5,995	$ (32,345)	$ 24,327	$ 213,298	$ 487	$ 211,762
Increase (decrease) in shareholders' equity
Net Income Attributable to the Company					114,973		114,973
Stock Repurchase			(41,096)				(41,096)
Vested Restricted Stock and Performance Shares		13		(316)			(303)
Stock Issuance		9		523			532
Cash Dividends					(2,198)		(2,198)
Stock-Based Compensation Expense				2,156			2,156
Other Comprehensive Income (Loss), Net of Income Tax						(413)	(413)
Balance at Dec. 31, 2019		6,017	(73,441)	26,690	326,073	74	285,413
Increase (decrease) in shareholders' equity
Net Income Attributable to the Company					78,509		78,509
Stock Repurchase			(4,100)				(4,100)
Equity Component of Convertible Debt				5,248			5,248
Vested Restricted Stock and Performance Shares		24		(562)			(538)
Stock Issuance		10		503			513
Cash Dividends					(8,866)		(8,866)
Stock-Based Compensation Expense				2,308			2,308
Special Distribution - REIT Conversion		1,199		48,996	(55,799)		(5,604)
Other Comprehensive Income (Loss), Net of Income Tax						(1,984)	(1,984)
Balance at Dec. 31, 2020		7,250	(77,541)	83,183	339,917	(1,910)	350,899
Increase (decrease) in shareholders' equity
Net Income Attributable to the Company					29,940		29,940
Issuance of Preferred Stock, Net of Underwriting Discount and Expenses	$ 30			72,400			72,430
Common Stock Equity Issuance Costs				(197)			(197)
Stock Repurchase				(2,210)			(2,210)
Vested Restricted Stock and Performance Shares				(436)			(436)
Stock Issuance				357			357
Cash Dividends					(24,073)		(24,073)
Stock-Based Compensation Expense				2,668			2,668
Par Value $0.01 per Share and Treasury Stock Derecognized at January 29, 2021		(7,190)	$ 77,541	(70,351)
Preferred Stock Dividends Declared for the Period					(2,325)		(2,325)
Other Comprehensive Income (Loss), Net of Income Tax						3,427	3,427
Balance at Dec. 31, 2021	$ 30	$ 60		$ 85,414	$ 343,459	$ 1,517	$ 430,480

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Common Stock
Special Distribution (in dollars per share)	$ 0.01	$ 11.98
Cash Dividends (in dollars per share)		$ 1.90

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash Flow from Operating Activities:
Net Income Attributable to the Company	$ 29,940	$ 78,509	$ 114,973
Adjustments to Reconcile Net Income Attributable to the Company to Net Cash Provided by Operating Activities:
Depreciation and Amortization	20,581	19,063	15,797
Amortization of Intangible Liabilities to Income Property Revenue	(404)	(1,754)	(2,383)
Amortization of Deferred Financing Costs to Interest Expense	586	454	444
Amortization of Discount on Convertible Debt	1,278	1,379	1,357
Gain on Disposition of Real Estate and Intangible Lease Assets and Liabilities	(28,316)	(7,509)	(3,296)
Gain on Disposition of Assets Held for Sale		(2,590)	(18,697)
Gain on Sale of Equity Interest in Joint Ventures			(127,518)
Loss on Disposition of Commercial Loan and Master Lease Investments		353
Loss (Gain) on Extinguishment of Debt	3,431	(1,141)
Impairment Charges	17,599	9,147
Accretion of Commercial Loan and Master Lease Investment Origination Fees	(2)	(161)	(135)
Non-Cash Imputed Interest	(438)	(428)	(218)
Deferred Income Taxes	(3,038)	(90,532)	35,100
Unrealized (Gain) Loss on Investment Securities	(10,340)	8,240	(61)
Non-Cash Compensation	3,168	2,786	2,688
Decrease (Increase) in Assets:
Refundable Income Taxes	(416)	(26)	225
Assets Held for Sale	833		3,893
Land and Development Costs	6,391	(493)	(1,107)
Mitigation Credits and Mitigation Credit Rights	(15,750)	3,323	(1,861)
Other Assets	(3,191)	(1,802)	(3,479)
Increase (Decrease) in Liabilities:
Accounts Payable	(370)	(340)	349
Accrued and Other Liabilities	5,680	3,402	490
Deferred Revenue	1,186	(2,511)	(540)
Liabilities Held for Sale	(831)		(49)
Income Taxes Payable		(439)	439
Net Cash Provided By Operating Activities	27,577	16,930	16,411
Cash Flow from Investing Activities:
Acquisition of Real Estate and Intangible Lease Assets and Liabilities	(256,381)	(167,811)	(150,705)
Acquisition of Commercial Loan Investments and Master Lease Investments	(364)	(28,235)	(34,296)
Acquisition of Mitigation Credits		(3,621)
Restricted Cash Balance Received in Acquisition of Interest in Joint Venture	596
Cash Received from (Contribution to) Joint Ventures	23,864	(41)	(84)
Proceeds from Disposition of Property, Plant, and Equipment, Net, and Assets Held for Sale	129,461	85,621	207,552
Proceeds from Sale of Equity Interests in Joint Ventures			96,132
Principal Payments Received on Commercial Loan and Master Lease Investments		22,965
Acquisition of Investment Securities	(143)		(15,500)
Net Cash Provided By (Used In) Investing Activities	(102,967)	(91,122)	103,099
Cash Flow from Financing Activities:
Proceeds from Long-Term Debt	314,500	66,640	141,500
Payments on Long-Term Debt	(283,519)	(72,269)	(103,073)
Cash Paid for Loan Fees	(1,587)	(2,187)	(635)
Payments for Exercise of Stock Options and Common Stock Issuance	(162)
Proceeds from Issuance of Preferred Stock, Net of Underwriting Discount and Expenses	72,430
Cash Used to Purchase Common Stock	(2,210)	(4,100)	(41,096)
Cash Paid for Vesting of Restricted Stock	(436)	(502)	(303)
Cash Paid for Equity Issuance Costs	(197)
Dividends Paid - Preferred Stock	(2,325)
Dividends Paid - Common Stock	(23,580)	(14,470)	(2,198)
Net Cash Provided By (Used In) Financing Activities	72,914	(26,888)	(5,805)
Net Increase (Decrease) in Cash and Cash Equivalents	(2,476)	(101,080)	113,705
Cash and Cash Equivalents, Beginning of Period	33,825	134,905	21,200
Cash and Cash Equivalents, End of Period	31,349	33,825	134,905
Reconciliation of Cash to the Consolidated Balance Sheets:
Cash and Cash Equivalents	8,615	4,289	6,475
Restricted Cash	22,734	29,536	128,430
Total Cash	$ 31,349	$ 33,825	$ 134,905

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Supplemental Disclosure of Cash Flow Information:
Cash Paid for Taxes, Net of Refunds Received	$ (406)	$ (5,026)	$ (1,793)
Cash Paid for Interest	(7,274)	(9,716)	(10,782)
Capital Expenditures Included in Accrued and Other Liabilities		1,600
Special Distribution Paid in Stock		50,194
Supplemental Disclosure of Non-Cash Investing and Financing Activities:
Contribution of Income Properties In Exchange Of OP Units			23,253
Right-of-use Assets and Corresponding Lease Liability Recorded Upon ASC 842 Adoption			681
Unrealized Gain (Loss) on Cash Flow Hedges	3,427	(1,984)	(413)
Convertible Note Exchange		57,359
Equity Component of Convertible Debt		$ 5,248
Common Stock Dividends Declared and Unpaid	493
Assumption of Mortgage Note Payable by Buyer	$ 30,000
Cash Provided by Operating Activities			6,486
Cash Provided by Investing Activities			98,386
Land JV
Supplemental Disclosure of Non-Cash Investing and Financing Activities:
Gain on Disposition			$ 48,865

ORGANIZATION

12 Months Ended

Dec. 31, 2021

ORGANIZATION

ORGANIZATION

NOTE 1. ORGANIZATION

NATURE OF OPERATIONS

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

We are a publicly traded, primarily retail-oriented, real estate investment trust (“REIT”) that was founded in 1910. We own and manage, sometimes utilizing third-party property management companies, 22 commercial real estate properties in 10 states in the United States. As of December 31, 2021, we owned 9 single-tenant and 13 multi-tenant income-producing properties comprising 2.7 million square feet of gross leasable space.

In addition to our income property portfolio, as of December 31, 2021, our business included the following:

Management Services:

●

A fee-based management business that is engaged in managing Alpine Income Property Trust, Inc. (“PINE”), 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 22 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 370,000 surface acres in 19 counties in the State of Florida (“Subsurface Interests”); and

●

An inventory of historically owned mitigation credits as well as mitigation credits produced by the Company’s mitigation bank. The mitigation bank owns a 2,500 acre parcel of land in the western part of Daytona Beach, Florida and, pursuant to a mitigation plan approved by the applicable state and federal authorities, produces mitigation credits that are sold to developers of land in the Daytona Beach area for the purpose of enabling the developers to obtain certain regulatory permits for property development (the “Mitigation Bank”). Prior to the Interest Purchase (hereinafter defined in Note 8, “Investment in Joint Ventures”) completed on September 30, 2021, the Company held a 30% retained interest in the entity that owns the Mitigation Bank.

On December 10, 2021, the entity that held approximately 1,600 acres of undeveloped land in Daytona Beach, Florida (the “Land JV”), of which the Company previously held a 33.5% retained interest, completed the sale of all of its remaining land holdings for $66.3 million to Timberline Acquisition Partners, LLC an affiliate of Timberline Real Estate Partners (the “Land JV Sale”). Proceeds to the Company after distributions to the other member of the Land JV, and before taxes, were $24.5 million. Prior to the completion of the Land JV Sale, the Company was engaged in managing the Land JV, as further described in Note 6, “Related Party Management Services Business.” As a result of the Land JV Sale and corresponding dissolution of the Land JV, the Company no longer holds a retained interest in the Land JV as of December 31, 2021.

Our business also includes our investment in PINE. As of December 31, 2021, the fair value of our investment totaled $41.0 million, or 15.6% of 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.

Discontinued Operations. The Company reports the historical financial position and results of operations of disposed businesses as discontinued operations when it has no continuing interest in the business. On October 16, 2019, the Company sold a controlling interest in its wholly owned subsidiary that held 5,300 acres of undeveloped land in Daytona Beach, Florida. On October 17, 2019, the Company sold its interest in the golf operations. For the year ended December 31, 2019, the Company has reported the historical financial position and the results of operations related to the Land JV and the golf operations as discontinued operations (see Note 25, “Assets and Liabilities Held for Sale and Discontinued Operations”). The cash flows related to discontinued operations have been disclosed. There were no discontinued operations during the years ended December 31, 2021 or 2020.

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 under the Internal Revenue Code of 1986, as amended (the “Code”), commencing with the taxable year ended December 31, 2020.

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., a wholly owned Maryland subsidiary of CTO FL (“CTO MD”), in order to reincorporate in Maryland and facilitate its ongoing compliance with the REIT requirements (the “Merger”).

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 the surviving entity (the “CTO Company”). The CTO Company is a corporation organized in the state of Maryland and has been renamed “CTO Realty Growth, Inc.” The CTO Company’s charter includes certain standard REIT provisions, including ownership limitations and transfer restrictions applicable to the Company’s capital stock.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2021

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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. As of December 31, 2021, the Company has an equity investment in PINE.

Prior to the Interest Purchase (hereinafter defined in Note 8, “Investment in Joint Ventures”) completed on September 30, 2021, the Company held a 30% retained interest in the entity that owns the Mitigation Bank. Additionally, prior to the Land JV Sale completed on December 10, 2021, the Company held a 33.5% retained interest in the Land JV. The Company concluded that these entities are variable interest entities, of which the Company is not the primary beneficiary and as a result, these entities were not consolidated. As of December 31, 2021, the Company had no remaining investments in joint ventures.

SEGMENT REPORTING

ASC Topic 280, Segment Reporting, establishes standards related to the manner in which enterprises report operating segment information. The Company operates in four primary business segments including income properties, management services, commercial loan and master lease investments, and real estate operations, as further discussed within Note 24, “Business Segment Data”. The Company has no other reportable segments. The Company’s chief executive officer, who is the chief operating decision maker, reviews financial information on an aggregate basis for purposes of allocating and evaluating financial performance.

USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“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

Cessation of LIBOR. In January 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2021-01 which is in response to concerns about structural risks of interbank offered rates (“IBORs”), and, particularly, the risk of cessation of the London Interbank Offered Rate (“LIBOR”), regulators in numerous jurisdictions around the world have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. The amendments in ASU 2021-01 are effective immediately and clarify that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The Company believes it’s interest rate swaps, hereinafter described in Note 18, “Interest Rate Swaps”, meet the scope of Topic 848-10-15-3A and therefore, Company will be able to continue to apply a perfectly effective assessment method for each interest rate swap by electing the corresponding optional expedient for subsequent assessments.

Debt with Conversion and Other Options. In August 2020, the FASB issued 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 adopted ASU 2020-06 as of January 1, 2022, at which time, the Company’s diluted EPS calculation will include the dilutive impact of the 2025 Notes (hereinafter defined), irrespective of intended cash settlement. Further, the Company elected, upon adoption, to utilize the modified retrospective approach, negating the required restatement of EPS for periods prior to adoption.

Lease Modifications. In April 2020, the FASB issued interpretive guidance relating to the accounting for lease concessions provided as a result of the COVID-19 Pandemic. In this guidance, entities can elect not to apply lease modification accounting with respect to such lease concessions and, instead, treat the concession as if it was a part of the existing contract. This guidance is only applicable to lease concessions related to the COVID-19 Pandemic that do not result in a substantial increase in the rights of the lessor or the obligations of the lessee. As of and for the year ended December 31, 2020, the Company elected to not apply lease modification accounting with respect to rent deferrals as the concessions were related to the COVID-19 Pandemic and there was not a substantial increase in the lessor’s rights under the lease agreement. Accordingly, for leases in which deferred rent agreements were reached, the Company has continued to account for the lease by recognizing the normal straight-line rental income and as the deferred rents are repaid by the tenant, the straight-line receivable will be reduced. The Company did not enter into any deferred rent agreements related to the COVID-19 Pandemic during the year ended December 31, 2021. The portion of the straight-line adjustment related to COVID-19 concessions and subsequent repayments have been reflected separately in the Company’s statement of cash flows for the years ended December 31, 2021 and 2020. With respect to rent abatement agreements, lease modification accounting applies as an extended term was a part of such agreements, accordingly the Company re-calculated straight-line rental income for such leases to recognize over the new lease term.

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 year ended December 31, 2020. See Note 5 “Commercial Loan and Master Lease Investments” for further information.

RECLASSIFICATIONS

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.

Additionally, certain items in the prior period’s consolidated statements of operations have been reclassified to conform to the presentation as of and for the year ended December 31, 2019. Specifically, in the fourth quarter of 2019, the Company completed the sale of its remaining land holdings through the Magnetar Land Sale, hereinafter defined. Accordingly, the results of the real estate operations related to land sales have been classified as discontinued operations in the accompanying consolidated statements of operations for the year ended December 31, 2019.

CASH AND CASH EQUIVALENTS

Cash and cash equivalents includes cash on hand, bank demand accounts, and money market accounts having original maturities of 90 days or less. The Company’s bank balances as of December 31, 2021 include certain amounts over the Federal Deposit Insurance Corporation limits.

RESTRICTED CASH

Restricted cash totaled $22.7 million at December 31, 2021, of which $21.2 million is being held in various escrow accounts to be reinvested through the like-kind exchange structure into other income properties, $0.6 million is being held in an escrow account in connection with the Mitigation Bank as required by the applicable state and federal permitting authorities, and the remaining $0.9 million is being held in various escrow accounts related to certain tenant improvements and commissions payable.

INVESTMENT SECURITIES

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

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

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITY

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 December 31, 2021 and 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 December 31, 2021 and 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), the 2027 Term Loan (hereinafter defined), and convertible debt held as of December 31, 2021 and 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 of sales 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 $0.9 million and $2.3 million as of December 31, 2021 and 2020, respectively. The $1.4 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 $1.1 million and $1.3 million as of December 31, 2021 and 2020, respectively. The accounts receivable as of December 31, 2021 and 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.”

As of December 31, 2021 and 2020, $0.3 million and $0.5 million was due from the buyer of the golf operations for the rounds surcharge the Company paid to the City of Daytona Beach, respectively.

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

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.

LAND AND DEVELOPMENT COSTS

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

SALES OF REAL ESTATE

When income properties are disposed of, the related cost basis of the real estate, intangible lease assets, and intangible lease liabilities, net of accumulated depreciation and/or amortization, and any accrued straight-line rental income balance for the underlying operating leases are removed, and gains or losses from the dispositions are reflected in net income within gain on disposition of assets. In accordance with the FASB guidance, gains or losses on sales of real estate are generally recognized using the full accrual method.

Gains and losses on land sales, in addition to the sale of Subsurface Interests and mitigation credits, are accounted for as required by FASB ASC Topic 606, Revenue from Contracts with Customers. The Company recognizes revenue from such sales when the Company transfers the promised goods in the contract based on the transaction price allocated to the performance obligations within the contract. As market information becomes available, the underlying cost basis is analyzed and recorded at the lower of cost or market.

PROPERTY, PLANT, AND EQUIPMENT

Property, plant, and equipment are stated at cost, less accumulated depreciation and amortization. Such properties are depreciated on a straight-line basis over their estimated useful lives. Renewals and betterments are capitalized to property accounts. The cost of maintenance and repairs is expensed as incurred. The cost of property retired or otherwise disposed of, and the related accumulated depreciation or amortization, are removed from the accounts, and any resulting gain or loss is recorded in the consolidated statement of operations. The amount of depreciation of property, plant, and equipment, exclusive of amortization related to intangible assets, recognized for the years ended December 31, 2021, 2020, and 2019, was $12.3 million, $11.3 million, and $9.9 million, respectively. No interest was capitalized during the years ended December 31, 2021, 2020, or 2019.

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


Income Properties Buildings and Improvements	3 - 48	Years
Other Furnishings and Equipment	3 - 20	Years

LONG-LIVED ASSETS

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

INCOME PROPERTY LEASES

The rental of the Company’s income properties are classified as operating leases. The Company recognizes lease income on these properties on a straight-line basis over the term of the lease. The periodic difference between lease income recognized under this method and contractual lease payment terms (i.e., straight-line rent) is recorded as a deferred operating lease receivable and is included in straight-line rent adjustment on the accompanying consolidated balance sheets. The Company’s leases provide for reimbursement from tenants for variable lease payments including common area maintenance, insurance, real estate taxes and other operating expenses. A portion of our variable lease payment revenue is estimated each period and is recognized as rental income in the period the recoverable costs are incurred and accrued.

OPERATING LEASE EXPENSE

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

GOLF OPERATIONS

The Company previously owned the LPGA International Golf Club (the “Club”), which consists of two 18-hole golf courses and a 3-hole practice facility, a clubhouse facility, including food and beverage operations, and a fitness center. Revenues from this operation, including greens fees, cart rentals, merchandise, and food and beverage sales, were recognized at the time of sale pursuant to FASB ASC Topic 606, Revenue from Contracts with Customers. Initiation fees

and membership dues were recognized over the life of the membership, pursuant to FASB ASC Topic 606, Revenue from Contracts with Customers, which was generally twelve months.

OTHER REAL ESTATE INTERESTS

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

STOCK-BASED COMPENSATION

At the Annual Meeting of Stockholders of the Company held on April 28, 2010, the Company’s stockholders approved the Consolidated-Tomoka Land Co. 2010 Equity Incentive Plan (the “Original 2010 Plan”). At the Annual Meeting of Stockholders of the Company held on April 24, 2013, the Company’s stockholders approved an amendment and restatement of the entire Original 2010 Plan, which among other things, incorporated claw back provisions and clarified language regarding the shares available subsequent to forfeiture of any awards of restricted shares. At the Annual Meeting of Stockholders of the Company held on April 23, 2014, the Company’s stockholders approved an amendment to the Original 2010 Plan increasing the number of shares authorized for issuance by 240,000 shares, bringing the total number of shares authorized for issuance to 454,000. At the Annual Meeting of Stockholders of the Company held on April 25, 2018, the Company’s stockholders approved the Second Amended and Restated 2010 Equity Incentive Plan (the “Second A&R 2010 Plan”) which, among other things, increased the number of shares available thereunder to 720,000. At the Annual Meeting of Stockholders of the Company held on April 29, 2020, the Company’s stockholders approved an amendment to the Second A&R 2010 Plan increasing the number of shares authorized for issuance by 175,000 shares, bringing the total number of shares authorized for issuance to 895,000. On July 28, 2021, the Board approved the Third Amended and Restated 2010 Equity Incentive Plan to reflect the Company's name change to CTO Realty Growth, Inc. and the Company's reincorporation in Maryland (together with its predecessor plans, the “2010 Plan”). Awards under the 2010 Plan may be in the form of stock options, stock appreciation rights, restricted shares, restricted share units, performance shares, and performance units. Employees of the Company and its subsidiaries and non-employee directors may be selected by the Compensation Committee to receive awards under the 2010 Plan. The maximum number of shares of which stock awards may be granted under the 2010 Plan is 895,000 shares. No participant may receive awards during any one calendar year representing more than 50,000 shares of common stock. In no event will the number of shares of common stock issued under the plan upon the exercise of incentive stock options exceed 895,000 shares. These limits are subject to adjustments by the Compensation Committee as provided in the 2010 Plan for stock splits, stock dividends, recapitalizations, and other similar transactions or events. The 2010 Plan currently provides that it will expire on April 25, 2028 and that no awards will be granted under the plan after that date. All non-qualified stock option awards, restricted share awards, and performance share awards granted under the 2010 Plan were determined to be equity-based awards under FASB ASC Topic, Share-Based Payments.

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

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

INCOME TAXES

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, the Company holds certain of its non-REIT assets and operations through taxable REIT subsidiaries (“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 tax returns 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.

EARNINGS PER COMMON SHARE

Basic earnings per common share is computed by dividing net income attributable to common stockholders for the period by the weighted average number of shares outstanding for the period. Diluted earnings per common share are based on the assumption of the conversion of stock options using the treasury stock method at average cost for the periods, see Note 15, “Common Stock and Earnings Per Share.”

CONCENTRATION OF CREDIT RISK

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

The Company also has certain tenants within our income property portfolio that make up more than 10% of our geographic concentration and/or revenues, as described below:

●

Square Footage Concentrations. As of December 31, 2021, a total of 23%, 13%, 13%, 12%, and 16% of the Company’s income property portfolio, based on square footage, were located in the state of Florida, Georgia, New Mexico, North Carolina, and Texas, respectively. As of December 31, 2020, a total of 11%, 12%, 17%, 20%, and 26% of the Company’s income property portfolio, based on square footage, were located in the state of Georgia, Arizona, Texas, North Carolina, and Florida, respectively.

●

Tenant Concentrations. We did not have any tenants that accounted for more than 10% of total revenues as of December 31, 2021. Ashford Lane, the Company’s multi-tenant income property located in Atlanta, Georgia, and Beaver Creek Crossings, the Company’s multi-tenant income property located in Apex, North Carolina, accounted for 10.5% and 11.8%, respectively, of the total square footage of our income property portfolio as of December 31, 2021. We had one tenant, Wells Fargo, located in Raleigh, North Carolina, that accounted for 10.9% and 12.5% of our total revenue during the years ended December 31, 2020 and 2019, respectively. This property also represented 18.1% of the total square footage of our income property portfolio as of December 31, 2020.

●

Base Rent Concentrations. A total of 11%, 31%, 13%, and 16% of our base rent revenue during the year ended December 31, 2021 was generated from tenants located in Arizona, Florida, Georgia, and Texas, respectively.

REVENUE RECOGNITION

12 Months Ended

Dec. 31, 2021

REVENUE RECOGNITION

REVENUE RECOGNITION

NOTE 3. REVENUE RECOGNITION

The following table summarizes the Company’s revenue from continuing operations by segment, major good and/or service, and the related timing of revenue recognition for the year ended December 31, 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	$	41,151	$	—	$	—	$	—	$	41,151
	Lease Revenue - CAM		3,791		—		—		—		3,791
	Lease Revenue - Reimbursements		4,763		—		—		—		4,763
	Lease Revenue - Billboards		6		—		—		—		6
	Above / Below Market Lease Accretion		404		—		—		—		404
	Contributed Leased Assets Accretion		236		—		—		—		236
	Management Services		—		3,305		—		—		3,305
	Commercial Loan and Master Lease Investments		—		—		2,861		—		2,861
	Mitigation Credit Sales		—		—		—		708		708
	Subsurface Revenue - Other		—		—		—		4,724		4,724
	Land Sales Revenue		—		—		—		7,995		7,995
	Interest and Other Revenue		328		—		—		—		328
	Total Revenues	$	50,679	$	3,305	$	2,861	$	13,427	$	70,272

Timing of Revenue Recognition:
	Asset/Good Transferred at a Point in Time	$	—	$	—	$	—	$	13,427	$	13,427
	Services Transferred Over Time		328		3,305		—		—		3,633
	Over Lease Term		50,351		—		—		—		50,351
	Commercial Loan and Master Lease Investments Related Revenue		—		—		2,861		—		2,861
	Total Revenues	$	50,679	$	3,305	$	2,861	$	13,427	$	70,272


		Income Properties		Management Services		Commercial Loan and Master Lease Investments		Real Estate Operations		Total Revenues
Major Good / Service:
	Lease Revenue - Base Rent	$	37,826	$	—	$	—	$	—	$	37,826
	Lease Revenue - CAM		3,154		—		—		—		3,154
	Lease Revenue - Reimbursements		6,182		—		—		—		6,182
	Lease Revenue - Billboards		231		—		—		—		231
	Above / Below Market Lease Accretion		1,754		—		—		—		1,754
	Contributed Leased Assets Accretion		245		—		—		—		245
	Management Services		—		2,744		—		—		2,744
	Commercial Loan and Master Lease Investments		—		—		3,034		—		3,034
	Mitigation Credit Sales		—		—		—		6		6
	Subsurface Revenue - Other		—		—		—		638		638
	Fill Dirt and Other Revenue		—		—		—		6		6
	Interest and Other Revenue		561		—		—		—		561
	Total Revenues	$	49,953	$	2,744	$	3,034	$	650	$	56,381

Timing of Revenue Recognition:
	Asset/Good Transferred at a Point in Time	$	—	$	—	$	—	$	6	$	6
	Services Transferred Over Time		561		2,744		—		644		3,949
	Over Lease Term		49,392		—		—		—		49,392
	Commercial Loan and Master Lease Investments Related Revenue		—		—		3,034		—		3,034
	Total Revenues	$	49,953	$	2,744	$	3,034	$	650	$	56,381


		Income Properties		Management Services		Commercial Loan and Master Lease Investments		Real Estate Operations		Total Revenues
Major Good / Service:
	Lease Revenue - Base Rent	$	35,108	$	—	$	—	$	—	$	35,108
	Lease Revenue - CAM		1,422		—		—		—		1,422
	Lease Revenue - Reimbursements		2,759		—		—		—		2,759
	Lease Revenue - Billboards		243		—		—		—		243
	Above / Below Market Lease Accretion		2,383		—		—		—		2,383
	Contributed Leased Assets Accretion		217		—		—		—		217
	Lease Incentive Amortization		(277)		—		—		—		(277)
	Management Services		—		304		—		—		304
	Commercial Loan and Master Lease Investments		—		—		1,829		—		1,829
	Subsurface Lease Revenue		—		—		—		598		598
	Subsurface Revenue - Other		—		—		—		150		150
	Fill Dirt and Other Revenue		—		—		—		104		104
	Interest and Other Revenue		101		—		—		—		101
	Total Revenues	$	41,956	$	304	$	1,829	$	852	$	44,941

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

- 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=123351226&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=123351226&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=123351226&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=123351226&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=123351226&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=123351226&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=123351226&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=123351226&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=123351226&loc=SL49130554-203045

+ Details

INCOME PROPERTIES

12 Months Ended

Dec. 31, 2021

INCOME PROPERTIES

INCOME PROPERTIES

NOTE 4. INCOME PROPERTIES

Leasing revenue consists of long-term rental revenue from retail, office, and commercial income properties, and billboards, which is recognized as earned, using the straight-line method over the life of each lease. Lease payments below include straight-line base rental revenue as well as the non-cash accretion of above and below market lease amortization. The variable lease payments are primarily comprised of reimbursements from tenants for common area maintenance, insurance, real estate taxes, and other operating expenses.

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


	Year Ended December 31,
	2021		2020		2019
Leasing Revenue
Lease Payments	$	41,791	$	39,825	$	37,431
Variable Lease Payments		8,888		10,128		4,525
Total Leasing Revenue	$	50,679	$	49,953	$	41,956

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


Year Ending December 31,	Amounts
2022	$	49,275
2023		47,369
2024		45,023
2025		43,658
2026		37,842
2027 and Thereafter (Cumulative)		168,754
Total	$	391,921

2021 Acquisitions. During the year ended December 31, 2021, the Company acquired eight multi-tenant income properties for an aggregate purchase price of $249.1 million, or a total acquisition cost of $249.8 million including capitalized acquisition costs. Of the total acquisition cost, $78.0 million was allocated to land, $124.9 million was allocated to buildings and improvements, $49.7 million was allocated to intangible assets pertaining to the in-place lease value, leasing costs, and above market lease value, and $2.8 million was allocated to intangible liabilities for the below market lease value. The weighted average amortization period for the intangible assets and liabilities was 6.8 years at acquisition.

The properties acquired during the year ended December 31, 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	133,304		18,500	96%	6.9
The Shops at Legacy	Multi-Tenant	Plano, TX	06/23/21	236,867		72,500	83%	6.9
Beaver Creek Crossings	Multi-Tenant	Apex, NC	12/02/21	320,732		70,500	97%	5.8
125 Lincoln & 150 Washington	Multi-Tenant	Santa Fe, NM	12/20/21	136,638		16,250	66%	2.7
369 N. New York Ave.	Multi-Tenant	Winter Park, FL	12/20/21	28,008		13,200	100%	5.0
The Exchange at Gwinnett	Multi-Tenant	Buford, GA	12/30/21	69,265		34,000	98%	10.7
Ashford Lane Outparcel ⁽¹⁾	Multi-Tenant	Atlanta, GA	12/30/21	15,681		4,100	19%	0.9
		Total / Weighted Average		1,111,491	$	249,050		6.5

⁽¹⁾	Represents a two-tenant outparcel to Ashford Lane, the Company’s multi-tenant income property located in Atlanta, Georgia.

During the year ended December 31, 2021, the Company sold one multi-tenant income property and 14 single-tenant income properties for a total disposition volume of $162.3 million. The sale of the properties generated aggregate gains of $28.2 million.

The income properties disposed of during the year ended December 31, 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 ⁽⁴⁾	Single-Tenant	02/23/21		2,541		109
Burlington, N. Richland Hills, TX	Single-Tenant	04/23/21		11,528		62
Staples, Sarasota, FL	Single-Tenant	05/07/21		4,650		662
CMBS Portfolio⁽¹⁾	Single-Tenant	06/30/21		44,500		3,899
Chick-fil-A, Chandler, AZ⁽⁴⁾	Single-Tenant⁽²⁾	07/14/21		2,884		1,582
JPMorgan Chase Bank, Chandler, AZ⁽⁴⁾	Single-Tenant⁽²⁾	07/27/21		4,710		2,738
Fogo De Chao, Jacksonville, FL⁽⁴⁾	Single-Tenant⁽³⁾	09/02/21		4,717		866
Wells Fargo, Raleigh, NC	Single-Tenant	09/16/21		63,000		17,480
24 Hour Fitness, Falls Church, VA	Single-Tenant	12/16/21		21,500		212
Total			$	162,340	$	28,209

⁽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.

⁽²⁾	Represents a single-tenant outparcel to Crossroads Towne Center, the Company’s multi-tenant income property located in Chandler, Arizona.

⁽³⁾	Represents a single-tenant property at The Strand at St. Johns Town Center, the Company’s multi-tenant income property located in Jacksonville, Florida.

⁽⁴⁾	Property or outparcel represents a ground lease.

2020 Acquisitions. During the year ended December 31, 2020, the Company acquired two multi-tenant income properties and two single-tenant income properties for an aggregate purchase price of $185.1 million, or a total acquisition cost of $185.7 million including capitalized acquisition costs. Of the total acquisition cost, $50.0 million was allocated to land, $94.6 million was allocated to buildings and improvements, $21.9 million was allocated to intangible assets pertaining to the in-place lease value, leasing costs, and above market lease value, and $1.8 million was allocated to intangible liabilities for the below market lease value. The remaining $21.0 million was classified as a commercial loan

investment, see below in addition to Note 5, “Commercial Loan and Master Lease Investments.” The weighted average amortization period for the intangible assets and liabilities was 4.5 years at acquisition.

The properties acquired during the year ended December 31, 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
Sabal Pavilion	Single-Tenant	Tampa, FL	08/21/20	120,500		26,900	100%	5.6
Westland Gateway Plaza ⁽¹⁾	Single-Tenant	Hialeah, FL	09/25/20	108,029		21,000	100%	25.0
		Total / Weighted Average		751,210	$	185,135		6.5

⁽¹⁾	The lease with the Master Tenant in Hialeah (“Westland Gateway Plaza”) includes three tenant repurchase options. Pursuant to FASB ASC Topic 842, Leases, the $21.0 million investment has been recorded in the accompanying consolidated balance sheets as a commercial loan and master lease investment.

2020 Dispositions. During the year ended December 31, 2020, the Company sold 11 income properties and one vacant land parcel for a total disposition volume of $86.5 million. The sale of the properties generated aggregate gains of $8.6 million. In addition to the income property and vacant land parcel dispositions, the Company sold eight of its remaining nine billboard sites for a sales price of $1.5 million, resulting in a gain equal to the sales price.

The income properties disposed of during the year ended December 31, 2020 are described below (in thousands):


Tenant Description	Tenant Type	Date of Disposition	Sales Price		Gain (Loss) on Sale
CVS, Dallas, TX ⁽¹⁾	Single-Tenant	04/24/20	$	15,222	$	854
Wawa, Daytona Beach, FL ⁽¹⁾	Single-Tenant	04/29/20		6,002		1,769
JPMorgan Chase Bank, Jacksonville, FL ⁽¹⁾	Single-Tenant	06/18/20		6,715		959
7-Eleven, Dallas, TX	Multi-Tenant	06/26/20		2,400		(46)
Bank of America, Monterey, CA ⁽¹⁾	Single-Tenant	06/29/20		9,000		3,892
Wawa, Jacksonville, FL⁽¹⁾	Single-Tenant	07/23/20		7,143		246
Carrabbas, Austin, TX	Single-Tenant	08/05/20		2,555		(84)
PDQ, Jacksonville, FL⁽¹⁾	Single-Tenant	09/08/20		2,540		128
Macaroni Grill, Arlington, TX	Single-Tenant	10/13/20		2,500		68
Aspen Development, Aspen, CO	Single-Tenant	12/21/20		28,500		501
Outback, Austin, TX	Single-Tenant	12/23/20		3,402		222
Total			$	85,979	$	8,509

⁽¹⁾	Property represents a ground lease.

2019 Acquisitions. During the year ended December 31, 2019, the Company acquired ten single-tenant income properties and one multi-tenant income property, for an aggregate purchase price of $164.7 million, or a total acquisition cost of $165.7 million including capitalized acquisition costs. Of the total acquisition cost, $45.6 million was allocated to land, $83.5 million was allocated to buildings and improvements, $23.4 million was allocated to intangible assets pertaining to the in-place lease value, leasing fees and above market lease value, and $3.1 million was allocated to intangible liabilities for the below market lease value. The remaining $16.3 million was classified as a commercial loan investment as described in Note 5, “Commercial Loan and Master Lease Investments.” The weighted average amortization period for the intangible assets and liabilities was 9.7 years at acquisition.

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

●

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

In addition to investing in PINE by way of receipt of the OP Units, the Company invested $15.5 million of cash in PINE at its IPO, receiving 815,790 shares of PINE’s common stock.

●

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

Additionally, three multi-tenant income properties, which were classified in Assets Held for Sale as of December 31, 2018, were disposed of during the year ended December 31, 2019 as described below.

●

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

●

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

●

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

2019 Leasing Activity. On July 16, 2019, the Company entered into a lease termination agreement (the “Termination Agreement”) with Cocina 214, the tenant of one of the Company’s beachfront restaurant properties located in Daytona Beach, Florida. Pursuant to the Termination Agreement, the Company agreed to fund Cocina 214 $1.0 million of their original contribution towards the completion of the building and tenant improvements and other personal property as described in Note 20, “Deferred Revenue.” Additionally, pursuant to the Termination Agreement, the Company collected the balance of unpaid rent totaling $0.3 million that was due through the date Cocina 214 vacated the property. Accordingly, the Company made a net payment to Cocina 214 of $0.7 million in August 2019.

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

COMMERCIAL LOAN AND MASTER LEASE INVESTMENTS

12 Months Ended

Dec. 31, 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 December 31, 2021 (in thousands):


Description	Date of Investment	Maturity Date	Original Face Amount		Current Face Amount		Carrying Value		Coupon Rate
Carpenter Hotel – 400 Josephine Street, Austin, TX	July 2019	N/A	$	16,250	$	16,250	$	17,189	N/A
Westland Gateway Plaza – Hialeah, FL	September 2020	N/A		21,085		21,085		21,148	N/A
Mortgage Note – 4311 Maple Avenue – Dallas, TX	October 2020	April 2023		400		400		394	7.50%
Mortgage Note – 110 N Beach Street – Daytona Beach, FL	June 2021	December 2022		364		364		364	10.00%
			$	38,099	$	38,099	$	39,095

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
Carpenter Hotel – 400 Josephine Street, Austin, TX	July 2019	N/A	$	16,250	$	16,250	$	16,827	N/A
Westland Gateway Plaza – 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 investment portfolio at December 31, 2021 and 2020 consisted of the following (in thousands):


	As of
	December 31, 2021		December 31, 2020
Current Face Amount	$	38,099	$	37,735
Imputed Interest over Rent Payments Received		1,002		593
Unaccreted Origination Fees		(2)		(4)
CECL Reserve		(4)		(4)
Total Commercial Loan and Master Lease Investments	$	39,095	$	38,320

2020 Activity. In light of the COVID-19 Pandemic, the Company began marketing its commercial loan portfolio in advance of their upcoming maturities to further strengthen the Company’s liquidity. The Company received multiple bids for the portfolio including a bid offering a value that was at a discount to par. Additionally, the Company implemented the guidance regarding CECL effective January 1, 2020, which resulted in an allowance reserve of $0.3 million. The CECL reserve combined with the impairment related to marketing the loan portfolio resulted in an aggregate impairment charge on the loan portfolio of $1.9 million, or $0.30 per share, after tax during the three months ended March 31, 2020.

During the three months ended June 30, 2020, the Company sold four of its commercial loan and master lease investments in two separate transactions generating aggregate proceeds of $20.0 million and resulting in a second quarter loss of $0.4 million, or $0.06 per share, after tax. For the year ended December 31, 2020, the total loss on the loan portfolio disposition, including the $1.9 million impairment and CECL reserve charges on the four loans disposed of was $2.1 million, or $0.33 per share, after tax.

On September 25, 2020, the Company acquired a 108,000 square foot retail property in Hialeah, Florida for $21.0 million which is master-leased to a national retail developer (the “Master Tenant”) . The 25-year lease includes annual rent escalations as well as certain future purchase rights by the Master Tenant (“Westland Gateway Plaza Lease”). Pursuant to FASB ASC Topic 842, Leases, due to the future repurchase rights, the Westland Gateway Plaza Lease does not qualify for treatment as a property purchase and has been accounted for on the consolidated balance sheets as a commercial loan and master lease investment. The Company has imputed interest on the Westland Gateway Plaza Lease which is being recognized as interest income on commercial loan and master lease investments in the Company’s consolidated statements of operations.

On October 13, 2020, the Company originated a loan in connection with the sale of a vacant land parcel located adjacent to the formerly owned property in Dallas, Texas, leased to 7-Eleven which was sold in June 2020. The principal loan amount of $0.4 million bears interest at a fixed rate of 7.50% and has an initial term of 2.5 years.

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

RELATED PARTY MANAGEMENT SERVICES BUSINESS

12 Months Ended

Dec. 31, 2021

NOTE 6. RELATED PARTY MANAGEMENT SERVICES BUSINESS

Alpine Income Property Trust. Pursuant to the Company’s management agreement with PINE, the Company generates 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 the Company with an opportunity for the base fee to grow should PINE’s independent board members determine to raise additional equity capital in the future. The Company also has 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 an amount equal to 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, 2021 or 2020.

During the years ended December 31, 2021, 2020, and 2019, the Company earned management fee revenue from PINE totaling $3.2 million, $2.6 million, and $0.3 million, respectively. Dividend income for the years ended December 31, 2021, 2020, and 2019 totaled $2.1 million, $1.7 million, and $0.1 million, respectively. The management fee revenue and dividend income for the year ended December 31, 2019 represents the initial stub period of PINE’s operations from November 26, 2019 to December 31, 2019. 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 December 31, 2021 and December 31, 2020 which are included in other assets on the consolidated balance sheets (in thousands):


	As of
Description	December 31, 2021		December 31, 2020
Management Services Fee due From PINE	$	913	$	631
Dividend Receivable		330		—
Other		410		35
Total	$	1,653	$	666

On November 26, 2019, as part of PINE’s IPO, the Company sold PINE 15 properties for aggregate cash consideration of $125.9 million. 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. Additionally, 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 and 421,053 shares of PINE common stock in the IPO for a total purchase price of $8.0 million.

On October 26, 2021, the Board authorized the purchase by the Company of up to $5.0 million in shares of common stock of PINE, at a weighted average price not to exceed $17.75 per share. During the year ended December 31, 2021, the Company purchased 8,088 shares of PINE common stock on the open market for a total of $0.1 million, or an average price of $17.65 per share. As of December 31, 2021, CTO owns, in the aggregate, 1,223,854 OP Units and 823,878 shares of PINE common stock, representing an investment totaling $41.0 million, or 15.6% of PINE’s outstanding equity.

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 (the “ROFO Agreement”) including, (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.

Subsequent to December 31, 2021, on January 7, 2022, PINE exercised its right, pursuant to the ROFO Agreement, to purchase one single-tenant income property from the Company for a purchase price of $6.9 million (see Note 26, “Subsequent Events”).

Land JV. Prior to the Land JV Sale on December 10, 2021, 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 was evaluated quarterly and as land sales occurred in the Land JV, the basis for the Company’s management fee was reduced as the management fee was based on the value of real property that remained in the Land JV. The monthly management fee as of December 31, 2021 was $10,000 per month. The Company will not receive management fees from the Land JV subsequent to December 31, 2021.

During the years ended December 31, 2021, 2020, and 2019, the Company earned management fee revenue from the Land JV totaling $0.1 million, $0.2 million and $0.1 million, respectively, and was collected in full during the periods earned. The management fee revenue earned during the year ended December 31, 2019 represents the initial stub period of the Land JV’s operations from October 16, 2019 to December 31, 2019. Management fee revenue from the Land JV is included in management services in the accompanying consolidated statements of operations.

REAL ESTATE OPERATIONS

12 Months Ended

Dec. 31, 2021

REAL ESTATE OPERATIONS

REAL ESTATE OPERATIONS

NOTE 7. REAL ESTATE OPERATIONS

Real Estate Operations

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


	As of
	December 31, 2021		December 31, 2020
Land and Development Costs	$	358	$	6,377
Subsurface Interests		334		706
Total Land and Development Costs	$	692	$	7,083

Revenue from continuing real estate operations consisted of the following for the years ended December 31, 2021, 2020, and 2019 (in thousands):


	December 31,
	2021		2020		2019
Mitigation Credit Sales	$	708	$	6	$	—
Subsurface Revenue - Other		4,724		638		748
Land Sales Revenue		7,995		—		—
Fill Dirt and Other Revenue		—		6		104
Total Real Estate Operations Revenue	$	13,427	$	650	$	852

Daytona Beach Development. During the three months ended September 30, 2021, the Company entered into a purchase and sale agreement to sell a six-acre parcel of land with existing structures in downtown Daytona Beach and other contiguous parcels (the “Daytona Beach Development”) for a sales price of $6.25 million, which sale was completed on December 28, 2021, resulting in a gain of $0.2 million. The Daytona Beach Development, representing a substantial portion of an entire city block in downtown Daytona Beach adjacent to International Speedway Boulevard, a major thoroughfare in Daytona Beach, was acquired by the Company for $4.1 million. Prior to its disposition, the Company incurred $1.6 million in raze and entitlement costs related to the Daytona Beach Development.

Mitigation Credits. The Company owns mitigation credits and mitigation credit rights with an aggregate cost basis of $24.7 million as of December 31, 2021, representing a $22.1 million increase from the balance as of December 31, 2020. During the three months ended September 30, 2021, the Company completed the Interest Purchase, hereinafter defined in Note 8, “Investments in Joint Ventures”. As a result of the Interest Purchase, as of September 30, 2021, the Company owns 100% of the Mitigation Bank, and therefore its underlying assets, which includes an inventory of mitigation credits. Certain of the mitigation credits are currently available for sale with the remainder to become available as they are released to the Mitigation Bank by the applicable state and federal authorities pursuant to the completion of phases of the approved mitigation plans (“Mitigation Credit Rights”). At the time of the Interest Purchase on September 30, 2021, the Company’s cost basis in the newly acquired mitigation credits and Mitigation Credit Rights totaled $0.9 million and $21.6 million, respectively, which is comprised of (i) $15.6 million of the $18.0 million Interest Purchase allocated to the mitigation credit assets and (ii) the $6.9 million previously recorded value of the retained interest in the entity that owns the Mitigation Bank.

Revenues and the cost of sales of mitigation credit sales are reported as revenues from, and direct costs of, real estate operations, respectively, in the consolidated statements of operations. During the year ended December 31, 2021, the Company sold six mitigation credits for proceeds of $0.7 million with a cost basis of $0.5 million. Additionally, two mitigation credits with a cost basis of $0.1 million were accrued for as an expense during the year ended December 31, 2021, as such credits are to be provided to buyers of land at no cost. Mitigation credit sales totaled less than $0.1 million during the year ended December 31, 2020, which sales were offset by an aggregate charge to cost of sales totaling $3.1 million, comprised of (i) 42 mitigation credits with a cost basis of $2.9 million that were provided at no cost to buyers, (ii) the Company’s purchase of two mitigation credits for $0.2 million, and (iii) 31 mitigation credits with a cost basis of less than $0.1 million transferred to buyers of land previously sold and of which costs were accrued for in prior years at the time of the original land sale. There were no mitigation credit sales during the year ended December 31, 2019. Additionally, during the year ended December 31, 2020, the Company transferred 13.31 federal mitigation credits to the permit related to the land that gave rise to an environmental restoration matter that has been fully resolved as of December 31, 2021. These credits had an aggregate cost basis of $0.1 million and are included in general and administrative expenses in the consolidated statements of operations for the year ended December 31, 2020.

Subsurface Interests. As of December 31, 2021, the Company owns 370,000 acres of Subsurface Interests. The Company leases certain of the Subsurface Interests to mineral exploration firms for exploration. The Company’s 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, which revenues are included within real estate operations in the consolidated statements of operations. During the year ended December 31, 2021, the Company sold approximately 84,900 acres of subsurface oil, gas, and mineral rights for a sales price of $4.6 million. During the year ended December 31, 2020, the Company sold 345 acres of subsurface interests totaling $0.4 million. There were no subsurface sales during the year ended December 31, 2019.

Prior to September 2019, the Company leased certain of the Subsurface Interests to a mineral exploration organization for exploration. The lessee had previously exercised renewal options through the eighth year of the lease which ended on September 22, 2019. The Lessee elected not to renew the oil exploration lease beyond September 22, 2019. Lease income generated by the annual lease payments was recognized on a straight-line basis over the guaranteed lease term. For the year ended December 31, 2019, lease income of $0.6 million was recognized with no lease income recognized during the years ended December 31, 2021 and 2020.

During the years ended December 31, 2021, 2020, and 2019, the Company also received oil royalties from operating oil wells on 800 acres under a separate lease with a separate operator. Revenues received from oil royalties totaled less than $0.1 million during each respective year.

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 $0.1 million, $0.2 million, and $0.1 million during the years ended December 31, 2021, 2020, and 2019, respectively.

Land Impairments. There were no impairment charges on the Company’s undeveloped land holdings, or its income property portfolio, during the years ended December 31, 2021, 2020, or 2019. The $17.6 million impairment charge recognized during the year ended December 31, 2021, which is comprised of a $16.5 million charge during the three months ended June 30, 2021 and a $1.1 million charge during the three months ended December 31, 2021, is related to the Company’s previously held retained interest in the Land JV. The aggregate impairment charge of $17.6 million is a result of eliminating the investment in joint ventures based on the final proceeds received through distributions of the Land JV in connection with closing the sale of substantially all of the Land JV’s remaining land to Timberline Acquisition Partners, an affiliate of Timberline Real Estate Partners (“Timberline”), for a final sales price of $66.3 million.

Additionally, during the year ended December 31, 2020, the Company recognized an aggregate $7.2 million impairment charge comprised of a $0.1 million impairment charge on one of the land parcels included in the Daytona Beach Development and a $7.1 million impairment charge on the Company’s previously held retained interest in the Land LV. The $7.1 million impairment on the Company’s previously held retained interest in the Land JV was the result of a

re-forecast of the anticipated undiscounted future cash flows to be received by the Company based on the estimated timing of future land sales from the Land JV.

Real Estate Operations – Discontinued Operations

As previously noted, the Land JV, of which the Company previously held a 33.5% retained interest, completed the sale of all of its remaining land holdings on December 10, 2021. From its inception on October 16, 2019 through December 31, 2021, the Land JV completed $147.0 million in land sales. Upon the closing of the sale of the Land JV's remaining assets to Timberline, the value of the Company’s previously held retained interest in the Land JV was realized in the form of proceeds, which totaled $24.5 million, to the Company after distributions to the other member of the Land JV.

Through December 31, 2021, the Company served as the manager of the Land JV and was responsible for day-to-day operations at the direction of the partners of the Land JV (the “JV Partners”). All major decisions and certain other actions taken by the manager were approved by the unanimous consent of the JV Partners (the “Unanimous Actions”). Unanimous Actions included 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.

On October 16, 2019, the Company sold a controlling interest in its wholly owned subsidiary that held 5,300 acres of undeveloped land in Daytona Beach, Florida (the “Magnetar Land Sale”). The following summarized information is provided regarding land sales activity prior to October 2019.

Revenue from discontinued real estate operations consisted of the following for the year ended December 31, 2019 (in thousands):


	December 31, 2019
Land Sales Revenue	$	10,975
Agriculture		68
Total Real Estate Operations Revenue	$	11,043

2019 Land Sales. During the year ended December 31, 2019, the Company completed five land sales transactions, including: (i) the Magnetar Land Sale, for total proceeds of $97.0 million; (ii) two transactions with Unicorp Development representing 23.6 acres and generating aggregate proceeds of $7.1 million; (iii) the sale of 38 acres for total proceeds of $0.7 million, and (iv) a land sale to NADG for 13 acres generating proceeds of $3.0 million. In total, during 2019, the Company sold 5,400 acres generating proceeds of $108.0 million. Including the $48.9 million recognized on the previously held retained interest in the Land JV, gains of $133.0 million, or $20.60 per share, after tax, were recognized.

INVESTMENT IN JOINT VENTURES

12 Months Ended

Dec. 31, 2021

INVESTMENT IN JOINT VENTURES

INVESTMENT IN JOINT VENTURES

NOTE 8. INVESTMENT IN JOINT VENTURES

The Company has no investments in joint ventures as of December 31, 2021. The Company’s investment in joint ventures were as follows as of December 31, 2020 (in thousands):


	As of
	December 31, 2020
Land JV	$	41,765
Mitigation Bank JV		6,912
Total Investment in Joint Ventures	$	48,677

Land JV. The Company’s previously held retained interest in the Land JV represented a notional 33.5% stake in the venture, the value of which was realized in the form of distributions based on the timing and the amount of proceeds achieved when the land was ultimately sold by the Land JV. As of September 30, 2021, the Land JV had completed $80.7 million in land sales since its inception in mid-October 2019. On December 10, 2021, the Land JV completed the sale of

all of its remaining land holdings to Timberline for $66.3 million. Proceeds to the Company after distributions to the other member of the Land JV, and before taxes, were $24.5 million.

Through December 31, 2021, the Company served as the manager of the Land JV and was responsible for day-to-day operations at the direction of the JV Partners. All Unanimous Actions taken by the manager were approved by the unanimous consent of the JV Partners. 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 was evaluated quarterly, and as land sales occurred in the Land JV, the basis for our management fee was reduced as the management fee was based on the value of real property that remained in the Land JV. The monthly management fee as of December 31, 2021, was $10,000 per month.

Prior to the Land JV Sale, the investment in joint ventures on the Company’s consolidated balance sheets included the Company’s previously held ownership interest in the Land JV. We concluded the Land JV to be a variable interest entity and therefore, it was accounted for under the equity method of accounting as the Company was not the primary beneficiary as defined in FASB ASC Topic 810, Consolidation. The significant factors related to this determination included, but were 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 used the equity method to account for the Land JV investment.

During the year ended December 31, 2021, the Company recognized impairment charges on its previously held retained interest in the Land JV totaling $17.6 million. The aggregate $17.6 million impairment on the previously held retained interest in the Land JV, is comprised of a $16.5 million charge during the three months ended June 30, 2021 and a $1.1 million charge during the three months ended December 31, 2021, which is a result of eliminating the investment in joint ventures based on the final proceeds received through distributions of the Land JV in connection with the sale of the Land JV’s remaining land.

Additionally, during the year ended December 31, 2020, the Company recognized an impairment on its previously held retained interest in the Land JV totaling $7.1 million. The $7.1 million impairment on the Company’s previously held retained interest in the Land JV is the result of a re-forecast of the then anticipated undiscounted future cash flows to be received by the Company based on the estimated timing of future land sales from the Land JV.

The following table provides summarized financial information of the Land JV as of December 31, 2020 (in thousands). No balances remain as of December 31, 2021 as a result of the Land JV Sale, the liquidation of the Land JV’s assets, and the dissolution of the underlying entities:


	As of
	December 31, 2020
Assets, Cash and Cash Equivalents	$	802
Assets, Receivables and Prepaid Expenses		117
Assets, Investment in Land Assets		5,658
Total Assets	$	6,577

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

The following table provides summarized financial information of the Land JV for the years ended December 31, 2021, 2020, and 2019 (in thousands):


	Year Ended
	December 31, 2021		December 31, 2020		December 31, 2019
Revenues	$	67,367	$	65,446	$	14,635
Direct Cost of Revenues		(8,867)		(13,012)		(1,268)
Operating Income	$	58,500	$	52,434	$	13,367
Other Operating Expenses		(376)		(462)		(90)
Net Income	$	58,124	$	51,972	$	13,277

The Company’s share of the Land JV’s net income (loss) was zero for the years ended December 31, 2021, 2020, and 2019. Pursuant to ASC 323, certain adjustments are made when calculating the Company’s share of net income, including adjustments required to reflect the investor’s share of changes in investee’s capital to reflect distributions from the venture. Additionally, basis differences are also considered. The Company recorded the initial retained interest in the 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 was evaluated each quarter upon determining the Company’s share of the Land JV’s net income. As a result of the Land JV Sale, the liquidation of the Land JV’s assets, and the dissolution of the underlying entities, such evaluation was and will no longer be required as of and subsequent to December 31, 2021.

Mitigation Bank. The mitigation bank transaction completed in June 2018 consisted of the sale of a 70% interest in the entity that owns the Mitigation Bank (the “Mitigation Bank JV”). The purchaser of the 70% interest in the Mitigation Bank JV was comprised of certain funds and accounts managed by an investment advisor subsidiary of BlackRock, Inc. (“BlackRock”). The Company retained a 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 JV property, responsible for the maintenance, generation, tracking, and other aspects of wetland mitigation credits. Prior to September 30, 2021, the investment in joint ventures included on the Company’s consolidated balance sheets included $6.9 million related to the fair market value of the 30% retained interest in the Mitigation Bank JV.

On September 30, 2021, the Company, through a wholly owned and fully consolidated TRS, purchased the remaining 70% interest in the Mitigation Bank JV from BlackRock for $18.0 million (the “Interest Purchase”) resulting in a net cash payment by the Company of $16.1 million after utilizing the available cash in the Mitigation Bank JV of $1.9 million. As a result of the Interest Purchase, the Mitigation Bank JV is now wholly owned by the Company and is referred to as the Mitigation Bank. Pursuant to ASU 2017-01, Business Combinations: Clarifying the Definition of a Business, the Interest Purchase represents an asset acquisition as substantially all of the fair value of the gross assets acquired are concentrated in a group of similar identifiable assets, i.e. the mitigation credits and mitigation credit rights. Accordingly, the Company recorded the Interest Purchase by allocating the total cost of the asset group to the individual assets acquired. The Company’s total cost of the Interest Purchase totaled $24.9 million which is comprised of (i) the $18.0 million Interest Purchase and (ii) the $6.9 million previously recorded value of the retained interest in the entity that owns the Mitigation Bank. In connection with the Interest Purchase, the previously recorded value of $6.9 million of the retained interest was eliminated and the $24.9 million total cost was allocated as follows: (i) $1.8 million to cash and cash equivalents, (ii) $0.6 million to restricted cash, (iii) $0.9 million to the mitigation credits, and (iv) $21.6 million to the mitigation credit rights.

During the period from June 2018 through the date of the Interest Purchase on September 30, 2021, the operations of the Mitigation Bank JV are summarized as follows. The operating agreement of the Mitigation Bank JV (the “Operating Agreement”) was executed in conjunction with the mitigation bank transaction and stipulated that the Company should have arranged 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 stipulated that if the Minimum Sales Requirement was not achieved, then BlackRock had the right, but was 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 nine months ended September 30, 2021, the Company had active discussions with BlackRock whereby BlackRock did not cause the Company to effectuate the Minimum Sales Guarantee, rather, the Company purchased the remaining 70% interest in the Mitigation Bank JV from BlackRock.

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 was included in accrued and other liabilities in the Company’s consolidated balance sheet. As a result of the Interest Purchase, as of September 30, 2021, there is no remaining liability related to the Minimum Sales Guarantee.

Additionally, the Operating Agreement provided BlackRock had 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 was applicable even if the Mitigation Bank JV had not yet been awarded a sufficient number of mitigation credits by the applicable federal and

state regulatory agencies. Further, in any quarter that BlackRock did not exercise its Put Right, the unexercised Commitment Amount for the applicable quarter may have been rolled over to future calendar quarters. However, the Operating Agreement also stipulated that any amount of third-party sales of mitigation credits would reduce the Put Rights outstanding on a one-for-one basis, if the sales price of the third-party sales equaled or exceeded 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 exceeded the quarterly amount of the Put Right would 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. During June 2018, 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 was included in accrued and other liabilities in the Company’s consolidated balance sheet. As a result of the Interest Purchase, as of September 30, 2021, there is no remaining liability related to the Put Right.

During the nine months ended September 30, 2021, BlackRock did not exercise its Put Right. 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. For periods prior to the Interest Purchase completed on September 30, 2021, 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, noting no impairment issues.

The following tables provide summarized financial information of the Mitigation Bank JV as of December 31, 2020 (in thousands). No balances remain as of December 31, 2021 as a result of the Interest Purchase:


	As of
	December 31, 2020
Assets, Cash and Cash Equivalents	$	1,890
Assets, Prepaid Expenses		20
Assets, Investment in Mitigation Credit Assets		1,409
Assets, Property, Plant, and Equipment—Net		14
Total Assets	$	3,333

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

The following table provides summarized financial information of the Mitigation Bank JV for the years ended December 31, 2021, 2020 and 2019 (in thousands).


	Year Ended
	December 31, 2021		December 31, 2020		December 31, 2019
Revenues	$	512	$	4,109	$	1,922
Direct Cost of Revenues		(16)		(167)		(76)
Operating Income	$	496	$	3,942	$	1,846
Other Operating Expenses		(162)		(175)		(197)
Net Income	$	334	$	3,767	$	1,649

The Company’s share of the Mitigation Bank JV’s net income (loss) was zero for the years ended December 31, 2021, 2020, and 2019. Pursuant to ASC 323, certain adjustments are made when calculating the Company’s share of net income, including adjustments required to reflect the investor’s share of changes in investee’s capital to reflect distributions from the venture. Additionally, basis differences are also considered. The Company recorded the initial retained interest in the Mitigation Bank JV of $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 was evaluated each quarter upon determining the Company’s share of the Mitigation

Bank JV’s net income. As a result of the Interest Purchase, such evaluation was and will no longer be required as of and subsequent to December 31, 2021.

INVESTMENT SECURITIES

12 Months Ended

Dec. 31, 2021

INVESTMENT SECURITIES

INVESTMENT SECURITIES

NOTE 9. INVESTMENT SECURITIES

As of December 31, 2019 and 2020, the Company owned 815,790 shares of PINE common stock which were acquired in connection with the IPO. During the year ended December 31, 2021, the Company purchased an additional 8,088 shares of PINE common stock on the open market for a total of $0.1 million, or an average price of $17.65 per share. As of December 31, 2021, the Company owns, in the aggregate, 2.05 million shares of PINE, or 15.6% of PINE’s total shares outstanding for an investment value of $41.0 million, which total includes 1.2 million OP Units, or 9.3%, which the Company received in exchange for the contribution of certain income properties to the PINE Operating Partnership, in addition to 823,878 shares of common stock owned by the Company, or 6.3%. 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 years ended December 31, 2021, 2020, and 2019.

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


	Cost		Unrealized Gains in Investment Income		Unrealized Losses in Investment Income		Estimated Fair Value (Level 1 Inputs)
December 31, 2021
Common Stock	$	15,643	$	868	$	—	$	16,511
Operating Units		23,253		1,273		—		24,526
Total Equity Securities		38,896		2,141		—		41,037
Total Available-for-Sale Securities	$	38,896	$	2,141	$	—	$	41,037

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

12 Months Ended

Dec. 31, 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 December 31, 2021 and 2020 (in thousands):


	December 31, 2021				December 31, 2020
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Cash and Cash Equivalents - Level 1	$	8,615	$	8,615	$	4,289	$	4,289
Restricted Cash - Level 1	$	22,734	$	22,734	$	29,536	$	29,536
Commercial Loan and Master Lease Investments - Level 2	$	39,095	$	39,109	$	38,320	$	38,318
Long-Term Debt - Level 2	$	278,273	$	288,000	$	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 December 31, 2021 and 2020 (in thousands). See Note 18, “Interest Rate Swaps” for further disclosure related to the Company’s interest rate swaps.


			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)
December 31, 2021
Cash Flow Hedge - 2026 Term Loan Interest Rate Swap ⁽¹⁾	$	727	$	—	$	727	$	—
Cash Flow Hedge - 2026 Term Loan Interest Rate Swap⁽²⁾	$	240	$	—	$	240	$	—
Cash Flow Hedge - 2027 Term Loan Interest Rate Swap⁽³⁾	$	550	$	—	$	550	$	—
Investment Securities	$	41,037	$	41,037	$	—	$	—
December 31, 2020
Cash Flow Hedge - Credit Facility Interest Rate Swap ⁽⁴⁾	$	(1,772)	$	—	$	(1,772)	$	—
Cash Flow Hedge - 2026 Term Loan Interest Rate Swap ⁽¹⁾	$	(50)	$	—	$	(50)	$	—
Cash Flow Hedge - Mortgage Note Payable Interest Rate Swap⁽⁵⁾	$	(88)	$	—	$	(88)	$	—
Investment Securities	$	30,574	$	30,574	$	—	$	—

⁽¹⁾	Effective March 10, 2021, the Company redesignated the interest rate swap, entered into as of August 31, 2020, to fix LIBOR and achieve a fixed interest rate of 0.22% plus the applicable spread on the $50.0 million 2026 Term Loan, hereinafter defined.

⁽²⁾	Effective August 31, 2021, the Company utilized an interest rate swap to fix LIBOR and achieve a fixed interest rate of 0.77% plus the applicable spread on the remaining $15.0 million outstanding principal balance on the 2026 Term Loan, hereinafter defined.

⁽³⁾	Effective November 5, 2021 the Company redesignated the interest rate swap, entered into as of March 31, 2020, to fix LIBOR and achieve a fixed interest rate of 0.73% plus the applicable spread on the $100.0 million 2027 Term Loan, hereinafter defined.

⁽⁴⁾

Effective March 31, 2020, the Company utilized an interest rate swap to fix LIBOR and achieve a fixed interest rate of 0.73% plus the applicable spread on $100.0 million of the outstanding balance on the Credit Facility, hereinafter defined, which interest rate swap was redesignated to the 2027 Term Loan, hereinafter defined, effective November 5, 2021 (see note 3 above).

⁽⁵⁾	Effective March 12, 2021, in connection with the payoff of the $23.2 million variable-rate mortgage loan secured by Wells Fargo in Raleigh, North Carolina, the interest rate swap was terminated.

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

12 Months Ended

Dec. 31, 2021

INTANGIBLE ASSETS AND LIABILITIES

INTANGIBLE ASSETS AND LIABILITIES

NOTE 11. INTANGIBLE ASSETS AND LIABILITIES

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


	As of
	December 31, 2021		December 31, 2020
Intangible Lease Assets:
Value of In-Place Leases	$	59,293	$	44,558
Value of Above Market In-Place Leases		23,216		10,604
Value of Intangible Leasing Costs		18,456		13,285
Sub-total Intangible Lease Assets		100,965		68,447
Accumulated Amortization		(21,473)		(18,271)
Sub-total Intangible Lease Assets—Net		79,492		50,176
Intangible Lease Liabilities (Included in Accrued and Other Liabilities):
Value of Below Market In-Place Leases		(6,942)		(36,817)
Sub-total Intangible Lease Liabilities		(6,942)		(36,817)
Accumulated Amortization		1,341		12,654
Sub-total Intangible Lease Liabilities—Net		(5,601)		(24,163)
Total Intangible Assets and Liabilities—Net	$	73,891	$	26,013

During the year ended December 31, 2021, the value of in-place leases increased by $14.7 million, the value of above-market in-place leases increased by $12.6 million, the value of intangible leasing costs increased by $5.2 million, and the value of below-market in-place leases decreased by $29.9 million. Such increases reflect 2021 acquisitions, net of 2021 dispositions. Net accumulated amortization decreased by $14.5 million, for a net increase during the year ended December 31, 2021 of $47.9 million. The $29.9 million decrease in the value of below market in-place leases is primarily attributable to the disposition of the Company’s office property in Raleigh, North Carolina leased to Wells Fargo (“Wells Fargo Raleigh”), which unamortized below market in-place lease value was $31.6 million prior to its disposition during the three months ended September 30, 2021. As of December 31, 2020, $19.9 million of the total below market in-place lease value was related to Wells Fargo Raleigh.

The following table reflects the net amortization of intangible assets and liabilities during the years ended December 31, 2021, 2020, and 2019 (in thousands):


	Year Ended
	December 31, 2021		December 31, 2020		December 31, 2019
Amortization Expense	$	8,264	$	7,805	$	5,854
Accretion to Income Properties Revenue		(404)		(1,754)		(2,383)
Net Amortization of Intangible Assets and Liabilities	$	7,860	$	6,051	$	3,471

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
2022	$	9,506	$	1,893	$	11,399
2023		9,392		1,917		11,309
2024		9,381		2,002		11,383
2025		7,554		2,049		9,603
2026		6,438		1,905		8,343
2027 and Thereafter		18,250		3,604		21,854
Total	$	60,521	$	13,370	$	73,891

As of December 31, 2021, the weighted average amortization period of total intangible assets and liabilities was 7.8 years and 8.7 years, respectively.

IMPAIRMENT OF LONG-LIVED ASSETS

12 Months Ended

Dec. 31, 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 years ended December 31, 2021, 2020, or 2019. The $17.6 million impairment charge recognized during the year ended December 31, 2021, which is comprised of a $16.5 million charge during the three months ended June 30, 2021 and a $1.1 million charge during the three months ended December 31, 2021, is related to the Company’s previously held retained interest in the Land JV. The aggregate impairment charge of $17.6 million is a result of eliminating the investment in joint ventures based on the final proceeds received through distributions of the Land JV in connection with closing the sale of the Land JV’s remaining land.

OTHER ASSETS

12 Months Ended

Dec. 31, 2021

OTHER ASSETS.

OTHER ASSETS

NOTE 13. OTHER ASSETS

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


	As of
	December 31, 2021		December 31, 2020
Income Property Tenant Receivables	$	885	$	2,330
Income Property Straight-line Rent Adjustment and COVID-19 Deferral Balance		5,180		4,686
Operating Leases - Right-of-Use Asset		168		246
Golf Rounds Surcharge		338		454
Cash Flow Hedge - Interest Rate Swap		1,543		—
Infrastructure Reimbursement Receivables		1,080		1,336
Prepaid Expenses, Deposits, and Other		3,526		1,693
Due from Alpine Income Property Trust, Inc.		1,653		666
Financing Costs, Net of Accumulated Amortization		524		769

Total Other Assets

14,897

12,180

Income Property Straight-Line Rent Adjustment. As of December 31, 2021 and 2020, the straight-line rent adjustment includes a balance of $0.1 million and $1.0 million of deferred rent related to the COVID-19 Pandemic, respectively. 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 December 31, 2021 and 2020, the infrastructure reimbursement receivables were all related to the land sales within the Tomoka Town Center. The balance as of December 31, 2021 consisted of $0.8 million due from Tanger for infrastructure reimbursement to be repaid in five remaining annual installments of approximately $0.2 million each, net of a discount of $0.1 million, and $0.3 million due from Sam’s Club for infrastructure reimbursement to be repaid in three remaining annual installments of $0.1 million each, net of a discount of $0.03 million.

EQUITY

12 Months Ended

Dec. 31, 2021

EQUITY

EQUITY

NOTE 14. EQUITY

REIT CONVERSION MERGER

As a result of the Merger, as described in Note 1, “Organization”, 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 year ended December 31, 2021.

PREFERRED STOCK

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 (the “Series A 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. The Series A Preferred Stock ranks senior to the Company’s common stock with respect to dividend rights and rights upon liquidation, dissolution or winding up of the Company. The Series A Preferred Stock has no maturity date and will remain outstanding unless redeemed.

The Series A Preferred Stock is not redeemable by the Company prior to July 6, 2026 except under limited circumstances intended to preserve the Company’s qualification as a REIT for U.S. federal income tax purposes or upon the occurrence of a change of control, as defined in the Articles Supplementary designating the Series A Preferred Stock (the “Articles Supplementary”). Upon such change in control, the Company may redeem, at its election, the Series A Preferred Stock at a redemption price of $25.00 per share plus any accumulated and unpaid dividends up to, but excluding

the date of redemption, and in limited circumstances, the holders of preferred stock shares may convert some or all of their Series A Preferred Stock into shares of the Company’s common stock at conversion rates set forth in the Articles Supplementary.

The following details the public offering (in thousands, except per share data):


Series	Dividend Rate	Issued	Shares Outstanding	Gross Proceeds		Net Proceeds		Dividend per Share		Earliest Redemption Date
Series A	6.375%	July 2021	3,000,000	$	75,000	$	72,428	$	0.3984	July 2026

DIVIDENDS

The Company elected 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. In order to maintain its qualification 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 U.S. 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.

In connection with the REIT conversion, on November 9, 2020, the Board declared a special distribution on its shares of common stock in an aggregate amount of $55.8 million (the “Special Distribution”), payable in cash and shares of the Company’s common stock, in order to distribute the Company’s previously undistributed earnings and profits attributable to taxable periods ended on or prior to December 31, 2019, as required in connection with the Company’s election to be taxable as a REIT. The Special Distribution was paid on December 21, 2020 to stockholders of record as of the close of business on November 19, 2020 through an aggregate of $5.6 million in cash and the issuance of 1,198,963 shares of the Company’s common stock.

The following table outlines dividends declared and paid for each issuance of CTO’s stock during the years ended December 31, 2021, 2020, and 2019 (in thousands, except per share data):


	Year Ended
	December 31, 2021		December 31, 2020			December 31, 2019
Series A Preferred Stock
Dividends	$	2,325	$	—		$	—
Per Share	$	0.77	$	—		$	—

Common Stock
Dividends	$	23,580	$	64,665	⁽¹⁾	$	2,198
Per Share	$	4.00	$	13.88	⁽¹⁾	$	0.44

⁽¹⁾	Represents the aggregate of (i) $1.90 per share of regular cash dividends totaling $8.9 million and (ii) $11.98 per share Special Distribution totaling $55.8 million, of which $5.6 million was paid in cash.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (g)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI http://asc.fasb.org/topic&trid=2208762

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 16
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496180-112644

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

COMMON STOCK AND EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2021

COMMON STOCK AND EARNINGS PER SHARE

COMMON STOCK AND EARNINGS PER SHARE

NOTE 15. COMMON STOCK AND EARNINGS PER SHARE

Basic earnings per common share is computed by dividing net income (loss) attributable to common stockholders 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):


	Year Ended
	December 31, 2021		December 31, 2020		December 31, 2019
Net Income Attributable to Common Stockholders	$	27,615	$	78,509	$	114,973

Weighted Average Shares Outstanding		5,892,270		4,704,877		4,991,656
Common Shares Applicable to Stock Options Using the Treasury Stock Method		—		—		6,387
Total Shares Applicable to Diluted Earnings Per Share		5,892,270		4,704,877		4,998,043

Per Share Information:
Basic
Income From Continuing Operations Attributable to Common Stockholders	$	4.69	$	16.69	$	3.32
Income From Discontinued Operations (Net of Income Tax) Attributable to Common Stockholders		—		—		19.71
Basic Net Income per Share Attributable to Common Stockholders	$	4.69	$	16.69	$	23.03

Diluted
Income From Continuing Operations Attributable to Common Stockholders	$	4.69	$	16.69	$	3.32
Income From Discontinued Operations (Net of Income Tax) Attributable to Common Stockholders		—		—		19.68
Diluted Net Income per Share Attributable to Common Stockholders	$	4.69	$	16.69	$	23.00

There were no potentially dilutive securities for years ended December 31, 2021, 2020, or 2019. The effect of 2,497, 39,558, and 7,500 potentially dilutive securities were not included for the years ended December 31, 2021, 2020 and 2019, respectively, as the effect would be anti-dilutive.

The Company intends to settle its 3.875% Convertible Senior Notes due 2025 (the “2025 Notes”) in cash upon conversion with any excess conversion value to be settled in shares of our common stock. Pursuant to ASC 260, Earnings per Share, the Company has overcome the presumption of share settlement and, therefore, there is no dilutive impact for the year ended December 31, 2021. The Company adopted ASU 2020-06 as of January 1, 2022, at which time, the Company’s diluted EPS calculation will include the dilutive impact of the 2025 Notes, irrespective of intended cash settlement. Further, the Company elected, upon adoption, to utilize the modified retrospective approach, negating the required restatement of EPS for periods prior to adoption.

SHARE REPURCHASES

12 Months Ended

Dec. 31, 2021

SHARE REPURCHASES

SHARE REPURCHASES

NOTE 16. SHARE REPURCHASES

Prior to March 31, 2021, repurchases of the Company’s common stock were returned to treasury. 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 year ended December 31, 2021 and is reflected in the accompanying consolidated statements of stockholders’ equity.

In February 2020, the Company’s Board approved a $10.0 million stock repurchase program (the “$10.0 Million Repurchase Program”). During the year ended December 31, 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. During the year ended December 31, 2021, the Company repurchased 40,553 shares of its common stock on the open market for a total cost of $2.2 million, or an average price per share of $54.48. The $10.0 Million Repurchase Program does not have an expiration date.

LONG-TERM DEBT

12 Months Ended

Dec. 31, 2021

LONG-TERM DEBT

LONG-TERM DEBT

NOTE 17. LONG-TERM DEBT

As of December 31, 2021, long-term debt, at face value, totaled $283.0 million, which was comprised of (i) $67.0 million outstanding under our revolving credit facility (the “Credit Facility”), (ii) the $65.0 million term loan (the “2026 Term Loan”), (iii) the $100.0 million term loan (the “2027 Term Loan”), and (iv) the $51.0 million principal amount of 2025 Notes.

The long-term debt, at face value, of $283.0 million at December 31, 2021, represented an increase of $2.5 million from the balance of $280.5 million at December 31, 2020. The $2.5 million increase in long-term debt was due to the impact of (i) the 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, (ii) the origination of the $100.0 million 2027 Term Loan under the Company’s Credit Facility, (iii) the net repayments on the Credit Facility totaling $97.9 million, (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, (v) the payoff of the $23.2 million variable-rate mortgage note, and (vi) the repurchase of $11.4 million aggregate amount of the 2025 Notes.

As of December 31, 2021, the Company’s outstanding indebtedness, at face value, was as follows (in thousands):


	Face Value Debt		Maturity Date	Interest Rate
Credit Facility	$	67,000	May 2023		30-day LIBOR + [1.35% - 1.95%]
2026 Term Loan ⁽¹⁾		65,000	March 2026		30-day LIBOR + [1.35% - 1.95%]
2027 Term Loan ⁽²⁾		100,000	January 2027		30-day LIBOR + [1.35% - 1.95%]
3.875% Convertible Senior Notes due 2025		51,034	April 2025		3.875%
Total Long-Term Face Value Debt	$	283,034

(1)

The Company utilized interest rate swaps on the $65.0 million 2026 Term Loan balance, including (i) its redesignation of the existing $50.0 million interest rate swap, entered into as of August 31, 2020, and (ii) a $15.0 million interest rate swap effective August 31, 2021, to fix LIBOR and achieve a weighted average fixed interest rate of 0.35% plus the applicable spread (see Note 18, “Interest Rate Swaps” for further disclosure related to the Company’s interest rate swaps).

(2)

Effective November 5, 2021 the Company redesignated the interest rate swap, entered into as of March 31, 2020, to fix LIBOR and achieve a fixed interest rate of 0.73% plus the applicable spread on the $100.0 million 2027 Term Loan balance (see Note 18, “Interest Rate Swaps” for further disclosure related to the Company’s interest rate swaps).

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 March 2021 Revolver Amendment, as defined below, The Huntington National Bank was added as a lender to the Company’s Credit Facility.

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 “March 2021 Revolver Amendment”). The March 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 March 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.

On November 5, 2021, the Company entered into the seventh amendment to the 2017 Amended Credit Facility (the “November 2021 Revolver Amendment”). The November 2021 Revolver Amendment included, among other things, (i) addition of the 2027 Term Loan in the aggregate amount of $100.0 million and (ii) joinder of KeyBank National Association, Raymond James Bank, and Synovus Bank as 2027 Term Loan lenders. The November 2021 Revolver Amendment also includes an accordion option that allows the Company to request additional term loan lender commitments up to a total of $400.0 million in the aggregate.

At December 31, 2021, the current commitment level under the Credit Facility was $210.0 million. The available borrowing capacity under the Credit Facility was $143.0 million, based on the level of borrowing base assets. As of December 31, 2021, the Credit Facility had a $67.0 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. There are no mortgage notes payable as of December 31, 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 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 year ended December 31, 2021, the Company repurchased $11.4 million aggregate principal amount of 2025 Notes at a $1.6 million premium, resulting in a loss on extinguishment of debt of $2.9 million. Following the repurchase, $51.0 million aggregate principal amount of the 2025 Notes remains outstanding at December 31, 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 fourth quarter 2021 dividend, the conversion rate is equal to 19.4453 shares of common stock for each $1,000 principal amount of 2025 Notes, which represents an adjusted conversion price of $51.43 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 December 31, 2021, the unamortized debt discount of our 2025 Notes was $3.6 million.

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


	December 31, 2021				December 31, 2020
	Total		Due Within One Year		Total		Due Within One Year
Credit Facility	$	67,000	$	—	$	164,845	$	—
2026 Term Loan		65,000		—		—		—
2027 Term Loan		100,000		—		—		—
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		47,469		—		56,296		—
Financing Costs, net of Accumulated Amortization		(1,196)		—		(494)		—
Total Long-Term Debt	$	278,273	$	—	$	273,830	$	23,183

Payments applicable to reduction of principal amounts as of December 31, 2021 will be required as follows (in thousands):


Year Ending December 31,	Amount
2022	$	—
2023		67,000
2024		—
2025		51,034
2026		65,000
2027 and Thereafter		100,000
Total Long-Term Debt - Face Value	$	283,034

The carrying value of long-term debt as of December 31, 2021 consisted of the following (in thousands):


	Total
Current Face Amount	$	283,034
Unamortized Discount on Convertible Debt		(3,565)
Financing Costs, net of Accumulated Amortization		(1,196)
Total Long-Term Debt	$	278,273

In addition to the $1.2 million of financing costs, net of accumulated amortization included in the table above, as of December 31, 2021, the Company also had financing costs, net of accumulated amortization related to the Credit Facility of $0.5 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 years ended December 31, 2021, 2020 and 2019 (in thousands):


	Year Ended
	December 31, 2021		December 31, 2020		December 31, 2019
Interest Expense	$	7,065	$	9,005	$	10,665
Amortization of Deferred Financing Costs		586		454		444
Amortization of Discount on Convertible Notes		1,278		1,379		1,357
Total Interest Expense	$	8,929	$	10,838	$	12,466

Total Interest Paid	$	7,274	$	9,716	$	10,782

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

INTEREST RATE SWAPS

12 Months Ended

Dec. 31, 2021

INTEREST RATE SWAPS

INTEREST RATE SWAPS

NOTE 18. INTEREST RATE SWAPS

The Company has entered into interest rate swap agreements to hedge against changes in future cash flows resulting from fluctuating interest rates related to the below noted borrowings. The interest rate agreements were 100% effective during the year ended December 31, 2021. Accordingly, the changes in fair value on the interest rate swaps have been classified in accumulated other comprehensive income (loss). The fair value of the interest rate swap agreements are included in other assets and accrued and other liabilities, respectively, on the consolidated balance sheets. Information related to the Company’s interest rate swap agreements are noted below (in thousands):


Hedged Item	Effective Date	Maturity Date	Rate	Amount		Fair Value as of December 31, 2021
2026 Term Loan⁽¹⁾	3/10/2021	3/29/2024	0.22% + applicable spread	$	50,000	$	753
2026 Term Loan ⁽²⁾	3/29/2024	3/10/2026	1.51% + applicable spread	$	50,000	$	(26)
2026 Term Loan	8/31/2021	3/10/2026	0.77% + applicable spread	$	15,000	$	240
2027 Term Loan ⁽³⁾	11/5/2021	3/29/2024	0.73% + applicable spread	$	100,000	$	352
2027 Term Loan ⁽⁴⁾	3/29/2024	1/31/2017	1.42% + applicable spread	$	100,000	$	198

⁽¹⁾	Effective March 10, 2021, the Company redesignated the interest rate swap, entered into as of August 31, 2020, that previously hedged $50.0 million of the outstanding principal balance on the Credit Facility.

⁽²⁾	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.

⁽³⁾	Effective November 5, 2021, the Company redesignated the interest rate swap, entered into as of March 31, 2020, that previously hedged $100.0 million of the outstanding principal balance on the Credit Facility.

⁽⁴⁾	The interest rate swap agreement hedges the identical $100.0 million portion of the 2027 Term Loan borrowing under different terms and commences concurrent to the interest rate agreement maturing on March 29, 2024.

ACCRUED AND OTHER LIABILITIES

12 Months Ended

Dec. 31, 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
	December 31, 2021		December 31, 2020
Accrued Property Taxes	$	813	$	945
Reserve for Tenant Improvements		5,457		1,353
Tenant Security Deposits		1,942		824
Accrued Construction Costs		190		1,783
Accrued Interest		431		602
Environmental Reserve		81		106
Cash Flow Hedge - Interest Rate Swaps		26		1,910
Operating Leases - Liability		198		245
Other		3,983		1,322
Total Accrued and Other Liabilities	$	13,121	$	9,090

Reserve for Tenant Improvements. In connection with the 2021 acquisitions, the Company received, an aggregate $6.7 million from the sellers of the properties for tenant improvement allowances, leasing commissions and other capital improvements. These amounts are included in accrued and other liabilities on the consolidated balance sheets. Through December 31, 2021, payments totaling $1.2 million were made, leaving a remaining reserve for tenant improvements of $5.5 million.

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 December 31, 2021, leaving a remaining accrual of less than $0.1 million.

DEFERRED REVENUE

12 Months Ended

Dec. 31, 2021

DEFERRED REVENUE

DEFERRED REVENUE

NOTE 20. DEFERRED REVENUE

Deferred revenue consisted of the following (in thousands):


	As of
	December 31, 2021		December 31, 2020
Prepaid Rent	$	3,921	$	2,684
Tenant Contributions		574		625
Other Deferred Revenue		10		10
Total Deferred Revenue	$	4,505	$	3,319

STOCK-BASED COMPENSATION

12 Months Ended

Dec. 31, 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 year ended December 31, 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 12/31/2021
Equity Classified - Performance Share Awards - Peer Group Market Condition Vesting		55,851		48,134		(17,418)		—		(8,449)		78,118
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)		—		(8,806)		51,503
Equity Classified - Non-Qualified Stock Option Awards		80,000		20,332		(78,791)		—		—		21,541
Total Shares		196,330		111,516		(117,429)		(22,000)		(17,255)		151,162

As contemplated under the terms of 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 111,516 shares granted includes 46,237 shares attributable to the Equitable Adjustment which resulted in no incremental compensation cost.

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.

Amounts recognized in the financial statements for stock-based compensation are as follows (in thousands):


	Year Ended
	December 31, 2021		December 31, 2020		December 31, 2019
Total Cost of Share-Based Plans Charged Against Income Before Tax Effect	$	3,168	$	2,786	$	2,688

Income Tax Expense Recognized in Income	$	—	$	(678)	$	(681)

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.

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 December 31, 2021, there was $1.4 million of unrecognized compensation cost, adjusted for estimated forfeitures, related to the outstanding performance share awards, which will be recognized over a remaining weighted average period of 1.7 years.

A summary of the activity for these awards during the years ended December 31, 2021, 2020, and 2019 is presented below:


Performance Shares With Market Conditions	Shares		Wtd. Avg. Fair Value
Non-Vested at January 1, 2019		28,080	$	66.29
Granted		21,195	$	64.66
Vested		—		—
Expired		—		—
Forfeited		—		—
Non-Vested at December 31, 2019		49,275	$	65.59
Granted		26,441	$	55.82
Vested		(12,635)	$	55.66
Expired		—		—
Forfeited		(7,230)	$	63.81
Non-Vested at December 31, 2020		55,851	$	63.44
Granted		48,134	$	32.04
Vested		(17,418)	$	58.30
Expired		—		—
Forfeited		(8,449)	$	47.04
Non-Vested at December 31, 2021		78,118	$	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 December 31, 2021, there is no unrecognized compensation cost related to market condition restricted stock.

A summary of the activity for these awards during the years ended December 31, 2021, 2020, and 2019 is presented below:


Market Condition Non-Vested Restricted Shares	Shares		Wtd. Avg. Fair Value
Non-Vested at January 1, 2019		22,000	$	41.71
Granted		—		—
Vested		—		—
Expired		—		—
Forfeited		—		—
Non-Vested at December 31, 2019		22,000	$	41.71
Granted		—		—
Vested		—		—
Expired		—		—
Forfeited		—		—
Non-Vested at December 31, 2020		22,000	$	41.71
Granted		—		—
Vested		—		—
Expired		(22,000)	$	41.71
Forfeited		—		—
Non-Vested at December 31, 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 December 31, 2021, there was $1.4 million of unrecognized compensation cost, adjusted for estimated forfeitures, related to the three-year vest non-vested restricted shares, which will be recognized over a remaining weighted average period of 1.7 years.

A summary of the activity for these awards during the years ended December 31, 2021, 2020, and 2019 is presented below:


Three Year Vest Non-Vested Restricted Shares	Shares		Wtd. Avg. Fair Value Per Share
Non-Vested at January 1, 2019		34,952	$	58.07
Granted		20,696	$	58.78
Vested		(18,053)	$	54.43
Expired		—		—
Forfeited		—		—
Non-Vested at December 31, 2019		37,595	$	60.21
Granted		23,451	$	55.89
Vested		(18,054)	$	59.69
Expired		—		—
Forfeited		(4,513)	$	60.14
Non-Vested at December 31, 2020		38,479	$	57.82
Granted		43,050	$	35.47
Vested		(21,220)	$	48.55
Expired		—		—
Forfeited		(8,806)	$	46.59
Non-Vested at December 31, 2021		51,503	$	44.88

Non-Qualified Stock Option Awards

Stock option awards have been granted to certain employees under the 2010 Plan. The vesting period of the options awards granted ranged from a period of one to three years. All options had vested as of December 31, 2018. 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. Effective January 20, 2021, as a result of the Equitable Adjustment, the number of shares covered by the options then outstanding were increased by a total of 20,332 with an adjustment to the respective exercise prices.

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 years ended December 31, 2021, 2020, and 2019 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, 2019	80,000	$	55.63
Granted	—		—
Exercised	—		—
Expired	—		—
Forfeited	—		—
Outstanding at December 31, 2019	80,000	$	55.63
Granted	—		—
Exercised	—		—
Expired	—		—
Forfeited	—		—
Outstanding at December 31, 2020	80,000	$	55.63
Granted	20,332		—
Exercised	(78,791)	$	44.63
Expired	—		—
Forfeited	—		—
Outstanding at December 31, 2021	21,541	$	43.37		3.21	$	388,837
Exercisable at January 1, 2021	80,000	$	55.63		4.26		—
Exercisable at December 31, 2021	21,541	$	43.37		3.21	$	388,837

The total intrinsic value of options exercised during the year ended December 31, 2021 totaled $0.9 million. As of December 31, 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 ended 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 years ended December 31, 2021, 2020, and 2019, the expense recognized for the value of the Company’s common stock received by non-employee directors totaled $0.5 million or 10,922 shares, $0.5 million or 10,128 shares, and $0.5 million, or 9,004 shares, respectively. The expense recognized during the years ended December 31, 2021, 2020, and 2019 includes the Annual Award received during the first quarter of each year which totaled $0.2 million, $0.1 million, and $0.2 million, respectively.

INCOME TAXES

12 Months Ended

Dec. 31, 2021

INCOME TAXES

INCOME TAXES

NOTE 22. INCOME TAXES

The Company elected 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. 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, the Company holds certain of its non-REIT assets and operations through taxable REIT subsidiaries (“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 tax returns 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, an $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 related to the de-recognition of deferred tax liabilities resulting from 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.

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


	Year Ended December 31,
	2021		2020		2019
Income Tax (Expense) Benefit from Continuing Operations	$	3,079	$	83,499	$	(5,472)
Income Tax Expense from Discontinued Operations		—		—		(32,641)
Total Consolidated Income Tax Benefit (Expense)	$	3,079	$	83,499	$	(38,113)

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


	2021				2020				2019
	Current		Deferred		Current		Deferred		Current		Deferred
Federal	$	235	$	2,362	$	341	$	70,106	$	(225)	$	(4,974)
State		44		438		63		12,989		20		(293)
Total	$	279	$	2,800	$	404	$	83,095	$	(205)	$	(5,267)

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

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


	Deferred Tax
	2021		2020
Deferred Income Tax Assets
Capital Loss Carryforward	$	2,249	$	—
Net Operating Loss Carryforward		291		1,103
Gross Deferred Income Tax Assets		2,540		1,103
Less - Valuation Allowance		(2,249)		—
Net Deferred Income Tax Assets		291		1,103
Deferred Income Tax Liabilities
Basis Differences in Joint Ventures		—		(4,624)
Basis Differences in Mitigation Credit Assets		(774)		—
Total Deferred Income Tax Liabilities		(774)		(4,624)
Net Deferred Income Tax Liabilities	$	(483)	$	(3,521)

In assessing the realizability of deferred income tax assets, management considers whether it is more likely than not that some portion or all of the deferred income tax assets will not be realized. The ultimate realization of deferred income tax assets is dependent upon the realization of future taxable income during the periods in which those temporary differences become deductible. We consider past history, the scheduled reversal of taxable temporary differences, projected future taxable income, and tax planning strategies in making this assessment. As of December 31, 2021 and 2020, the Company has $0.3 million and $1.1 million in net operating loss (“NOL”) carryforwards, respectively. The Tax Cuts and Jobs Act allows for indefinite carryforwards for all NOLs generated in taxable years beginning after December 31, 2017. Additionally, there is no taxable income limitation, thus allowing an NOL carryforward to fully offset taxable income in tax years beginning before January 1, 2021. Accordingly, as of December 31, 2021 and 2020, no valuation allowance was considered necessary related to the Company’s NOL carryforwards. As of December 31, 2021, the Company had a capital loss carryforward totaling $9.0 million related to the elimination of the Company’s interest in the Land JV. The Company does not currently anticipate being able to utilize the capital loss carryforward and accordingly, has allowed for the $2.2 million deferred tax asset in full as of December 31, 2021.

Following is a reconciliation of the income tax computed at the federal statutory rate of 21% for 2021, 2020, and 2019, individually, for continuing operations (in thousands):


	Year Ended December 31,
	2021				2020				2019
Income Tax (Expense) Benefit Computed at Federal Statutory Rate	$	4,408	16.4	%	$	971	(19.5)	%	$	(4,410)	(20.0)	%
Increase (Decrease) Resulting from:
State Income Tax, Net of Federal Income Tax Benefit		936	3.5	%		180	(3.6)	%		(1,076)	(5.0)	%
Income Tax on Permanently Non-Deductible Items		—	0.0	%		(112)	2.2	%		(86)	(0.4)	%
Tax Benefit due to De-Recognition of REIT Deferred Tax Liabilities		—	0.0	%		82,460	(1652.6)	%		—	0.0	%
Valuation Allowance		(2,216)	(8.2)	%		—	0.0	%		—	0.0	%
Other Reconciling Items		(49)	(0.2)	%		—	0.0	%		100	0.5	%
Benefit (Expense) for Income Taxes	$	3,079	11.5	%	$	83,499	(1673.4)	%	$	(5,472)	(24.9)	%

The effective income tax rate assumes a blended rate for estimated state and local taxes on its income and property. The effective income tax rate for the years ended December 31, 2021, 2020, and 2019, including the discontinued operations, was 11.5%, 1673.4%, and (24.9)%, respectively. The provision for income taxes reflects the Company’s estimate of the effective rate expected to be applicable for the full fiscal year, adjusted for any discrete events, which are reported in the period that they occur. The year ended December 31, 2021 included the impact of the capital loss carryforward valuation allowance. The year ended December 31, 2020 included the impact for the discrete event described above related to the de-recognition of the deferred tax assets and liabilities associated with the entities included in the REIT. There were no discrete events during the year ended December 31, 2019.

For prior taxable years through the year ended December 31, 2020, the Company has filed a consolidated income tax return in the United States Federal jurisdiction and the states of Alabama, Arizona, California, Colorado, Florida, Georgia, Maryland, Massachusetts, Nevada, New Mexico, New York, North Carolina, Oregon, Texas, Virginia, Washington, and Wisconsin. The Internal Revenue Service (“IRS”) has audited the federal tax returns through the year 2012, with all proposed adjustments settled. The Florida Department of Revenue has audited the Florida tax returns through the year 2014, with all proposed adjustments settled. For the years ended December 31, 2021, 2020, and 2019, the Company recognized no uncertain tax positions or accrued interest and penalties for uncertain tax positions. If such positions do arise, it is the Company’s intent that any interest or penalty amount related to such positions will be recorded as a component of the income tax provision (benefit) in the applicable period.

Income taxes totaling $0.4 million, $5.0 million, and $2.5 million were paid during the years ended December 31, 2021, 2020, and 2019, respectively. Additionally, income taxes totaling less than $0.1 million and $0.7 million were refunded during the years ended December 31, 2021 and 2019, respectively, with no income taxes refunded during the year ended December 31, 2020.

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2021

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

NOTE 23. COMMITMENTS AND CONTINGENCIES

MINIMUM FUTURE RENTAL PAYMENTS

The Company leases, as lessee, certain equipment under operating leases. Minimum future rental payments under non-cancelable operating leases having remaining terms in excess of one year as of December 31, 2021, are summarized as follows (in thousands):


Year Ending December 31,	Amounts
2022	$	132
2023		47
2024		12
2025		7
2026		—
2027 and Thereafter (Cumulative)		—
Total	$	198

Rental expense under all operating leases amounted to $0.1 million, $0.1 million, and $0.3 million for the years ended December 31, 2021, 2020, and 2019, respectively.

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 sought a declaratory judgment determining the parties’ entitlement to the Escrowed Funds and to reimburse CTO for its costs associated with seeking legal relief. On October 29, 2021, the Company entered into a settlement

agreement with Buc-ee’s whereby the Company received $0.6 million of the Escrowed Funds, which revenue is included within real estate operations in the consolidated statements of operations.

CONTRACTUAL COMMITMENTS – EXPENDITURES

The Company has committed to fund the following capital improvements. The improvements, which are related to several properties, are estimated to be generally completed within twelve months. These commitments, as of December 31, 2021, are as follows (in thousands):


	As of December 31, 2021
Total Commitment ⁽¹⁾	$	19,737
Less Amount Funded		(5,041)
Remaining Commitment	$	14,696

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

OFF-BALANCE SHEET ARRANGEMENTS

None.

OTHER MATTERS

None.

BUSINESS SEGMENT DATA

12 Months Ended

Dec. 31, 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. The management services segment consists of the revenue generated from managing PINE and the Land JV.

Our income property operations consist of income-producing properties, and our business plan is focused on investing in additional income-producing properties. Our income property operations accounted for 86% and 80.0% of our identifiable assets as of December 31, 2021 and 2020, respectively, and 72.1%, 88.6%, and 93.4% of our consolidated revenues for the years ended December 31, 2021, 2020, and 2019, respectively. Our management fee income consists of the management fees earned for the management of PINE and the Land JV. As of December 31, 2021, our commercial loan and master lease investments portfolio consisted of two commercial loan investments 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 generation and sale of mitigation credits.

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

Information about the Company’s operations in different segments for the years ended December 31, 2021, 2020, and 2019 is as follows (in thousands):


	For the Year Ended
	December 31, 2021		December 31, 2020		December 31, 2019
Revenues:
Income Properties	$	50,679	$	49,953	$	41,956
Management Fee Income		3,305		2,744		304
Interest Income From Commercial Loan and Master Lease Investments		2,861		3,034		1,829
Real Estate Operations		13,427		650		852
Total Revenues	$	70,272	$	56,381	$	44,941
Operating Income (Loss):
Income Properties	$	36,864	$	37,965	$	34,955
Management Fee Income		3,305		2,744		304
Interest Income From Commercial Loan and Master Lease Investments		2,861		3,034		1,829
Real Estate Operations		4,812		(2,573)		748
General and Corporate Expense		(31,783)		(30,630)		(25,615)
Impairment Charges		(17,599)		(9,147)		—
Gain on Disposition of Assets		28,316		9,746		21,978
Gain (Loss) on Extinguishment of Debt		(3,431)		1,141		—
Total Operating Income	$	23,345	$	12,280	$	34,199
Depreciation and Amortization:
Income Properties	$	20,561	$	19,036	$	15,774
Corporate and Other		20		27		23
Total Depreciation and Amortization	$	20,581	$	19,063	$	15,797
Capital Expenditures:
Income Properties	$	256,456	$	188,849	$	166,684
Commercial Loan and Master Lease Investments		364		7,150		18,047
Discontinued Real Estate Operations		—		—		2,791
Corporate and Other		34		30		4
Total Capital Expenditures	$	256,854	$	196,029	$	187,526

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


	As of
	December 31, 2021		December 31, 2020
Identifiable Assets:
Income Properties	$	630,747	$	531,325
Management Services		1,653		700
Commercial Loan and Master Lease Investments		39,095		38,321
Real Estate Operations		26,512		59,717
Discontinued Real Estate Operations		—		833
Corporate and Other		35,132		35,804
Total Assets	$	733,139	$	666,700

Operating income represents income from continuing operations before 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 Land JV, the Mitigation Bank, and Subsurface Interests. Corporate and other assets consist primarily of cash and restricted 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 December 31, 2021, 2020 or 2019.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&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=123359005&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=123359005&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=123359005&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=123359005&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=123359005&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=123359005&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=123359005&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=123359005&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=123359005&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=123359005&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=123359005&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=123359005&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 AND DISCONTINUED OPERATIONS

12 Months Ended

Dec. 31, 2021

ASSETS AND LIABILITIES HELD FOR SALE AND DISCONTINUED OPERATIONS

ASSETS AND LIABILITIES HELD FOR SALE

NOTE 25. ASSETS AND LIABILITIES HELD FOR SALE AND DISCONTINUED OPERATIONS

Assets and liabilities held for sale as of December 31, 2021 and 2020 are summarized below (in thousands).


	As of December 31, 2021
	Land JV		Income Properties		Total Assets Held for Sale
Plant, Property, and Equipment—Net	$	—	$	6,016	$	6,016
Intangible Lease Assets - Net		—		704		704
Total Assets Held for Sale	$	—	$	6,720	$	6,720


	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 release of the Escrowed Funds during the year ended December 31, 2021.

There were no discontinued operations for the years ended December 31, 2021 and 2020. The following is a summary of discontinued operations for the year ended December 31, 2019 (in thousands):


	Year Ended
	December 31, 2019
Golf Operations Revenue	$	4,097
Golf Operations Direct Cost of Revenues		(5,259)
Loss From Operations		(1,162)
Gain on Disposition of Assets		15
Loss From Discontinued Operations Before Income Tax		(1,147)
Income Tax Benefit		291
Loss From Discontinued Operations (Net of Income Tax)	$	(856)

Land Operations Revenue	$	11,043
Land Operations Direct Cost of Revenues		(6,405)
Income From Operations		4,638
Gain on Disposition of Assets		127,518
Income From Discontinued Operations Before Income Tax		132,156
Income Tax Expense		(32,932)
Income From Discontinued Operations (Net of Income Tax)	$	99,224

Total Income From Discontinued Operations (Net of Income Tax)	$	98,368

SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2021

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

NOTE 26. SUBSEQUENT EVENTS

The Company reviewed all subsequent events and transactions through February 24, 2022, the date the consolidated financial statements were issued.

Income Property Disposition

On January 5, 2022, the Company entered into a purchase and sale agreement with PINE for the sale of one single-tenant, net leased property located in Oceanside, New York, and occupied by Party City, for a purchase price of $6.9 million. The disposition was completed on January 7, 2022.

Commercial Loan Investment

On January 26, 2022, the Company originated a construction loan secured by the property and improvements to be constructed thereon for the second phase of The Exchange at Gwinnett project located in Buford, Georgia of an amount up to $8.7 million (the “Construction Loan”). Funding of the loan will occur as the borrower completes the underlying construction. The Construction Loan matures on January 26, 2024, has a one-year extension option, bears a fixed interest rate of 7.25%, and requires payments of interest only prior to maturity. At closing, a loan origination fee of $0.1 million was received by the Company.

There were no other reportable subsequent events or transactions.

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION

12 Months Ended

Dec. 31, 2021

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION

SCHEDULE III

REAL ESTATE AND ACCUMULATED DEPRECIATION

FOR THE YEAR ENDED DECEMBER 31, 2021

(In thousands)


							Costs Capitalized
			Initial Cost to Company				Subsequent to Acquisition
Description	Encumbrances		Land		Buildings & Improvements		Improvements		Carrying Costs
Income Properties:	$		$		$		$		$
245 Riverside, Jacksonville, FL		—		6,020		14,240		2,033		—
Westcliff Shopping Center, Fort Worth, TX		—		10,521		4,196		287		—
Crabby's Oceanside, Daytona Beach, FL		—		5,836		4,249		45		—
LandShark Bar & Grill, Daytona Beach, FL		—		5,836		4,577		10		—
Chuy's, Jacksonville, FL		—		5,504		—		—		—
Fidelity, Albuquerque, NM		—		5,739		29,537		12		—
Firebirds Wood Fired Grill, Jacksonville, FL		—		4,203		—		—		—
General Dynamics, Reston, VA		—		7,530		9,068		—		—
Party City Corporation, Oceanside, NY		—		2,965		3,289		—		—
The Strand at St. Johns Town Center, Jacksonville, FL		—		12,551		36,431		204		—
Crossroads Towne Center, Chandler, AZ		—		9,592		41,717		199		—
Ashford Lane, Atlanta, GA		—		37,717		33,422		825		—
Sabal Pavilion, Tampa, FL		—		3,265		20,629		—		—
Jordan Landing, West Jordan, UT		—		10,529		5,752		—		—
Eastern Commons, Henderson, NV		—		7,894		8,575		—		—
The Shops at Legacy, Plano, TX		—		22,008		27,192		87		—
Beaver Creek Crossings, Apex, NC		—		21,383		39,194		—		—
125 Lincoln & 150 Washington, Santa Fe, NM		—		459		12,525		—		—
369 N. New York Ave., Winter Park, FL		—		8,524		5,139		—		—
The Exchange at Gwinnett, Buford, GA		—		4,450		25,300		—		—
	$	—	$	192,526	$	325,032	$	3,702	$	—

(1)	The aggregate cost, net of deferred tax liabilities, of Income Properties, Land, Buildings, and Improvements for Federal income tax purposes at December 31, 2021 is approximately $290.8 million.

(2)	The company also owns two commercial properties whose leases are classified as a commercial loan and master lease investment pursuant to U.S. GAAP and, accordingly, are included on Schedule IV, Mortgage Loans on Real Estate.

Gross Amount at Which

Carried at Close of Period

December 31, 2021

(In thousands)


	Land		Buildings		Total		Accumulated Depreciation		Date of Completion of Construction	Date Acquired	Life
Income Properties:
245 Riverside, Jacksonville, FL	$	6,020	$	16,273	$	22,293	$	4,177	N/A	07/16/15	43 Yrs.
Westcliff Shopping Center, Fort Worth, TX		10,521		4,483		15,004		2,086	N/A	03/01/17	10 Yrs.
Crabby's Oceanside, Daytona Beach, FL		5,836		4,294		10,130		919	01/25/18	N/A	40 Yrs.
LandShark Bar & Grill, Daytona Beach, FL		5,836		4,587		10,423		869	01/25/18	N/A	40 Yrs.
Chuy's, Jacksonville, FL		5,504		—		5,504		—	N/A	10/10/18	N/A
Fidelity, Albuquerque, NM		5,739		29,549		35,288		3,655	N/A	10/04/18	45 Yrs.
Firebirds Wood Fired Grill, Jacksonville, FL		4,203		—		4,203		—	N/A	10/10/18	N/A
General Dynamics, Reston, VA		7,530		9,068		16,598		1,216	N/A	7/12/2019	35 Yrs.
Party City Corporation, Oceanside, NY		2,965		3,289		6,254		237	N/A	9/24/2019	35 Yrs.
The Strand at St. Johns Town Center, Jacksonville, FL		12,551		36,635		49,186		2,906	N/A	12/9/2019	48 Yrs
Crossroads Towne Center, Chandler, AZ		9,592		41,916		51,508		2,766	N/A	1/24/2020	35 Yrs.
Ashford Lane, Atlanta, GA		37,717		34,247		71,964		2,181	N/A	2/21/2020	36 Yrs.
Sabal Pavilion, Tampa, FL		3,265		20,629		23,894		1,248	N/A	8/21/2020	40 Yrs.
Jordan Landing, West Jordan, UT		10,529		5,752		16,281		250	N/A	3/2/2021	30 Yrs.
Eastern Commons, Henderson, NV		7,894		8,575		16,469		325	N/A	3/10/2021	35 Yrs.
The Shops at Legacy, Plano, TX		22,008		27,279		49,287		918	N/A	6/23/2021	32 Yrs.
Beaver Creek Crossings, Apex, NC		21,383		39,194		60,577		149	N/A	12/2/2021	30 Yrs.
125 Lincoln & 150 Washington, Santa Fe, NM		459		12,525		12,984		20	N/A	12/20/2021	30 Yrs.
369 N. New York Ave., Winter Park, FL		8,524		5,139		13,663		10	N/A	12/20/2021	30 Yrs.
The Exchange at Gwinnett, Buford, GA		4,450		25,300		29,750		4	N/A	12/30/2021	45 Yrs.
	$	192,526	$	328,734	$	521,260	$	23,936

REAL ESTATE AND ACCUMULATED DEPRECIATION

FOR THE YEAR ENDED DECEMBER 31, 2021

(In thousands)


	2021		2020		2019
Cost:
Balance at Beginning of Year	$	472,126	$	392,842	$	463,704
Additions and Improvements		206,646		147,359		130,005
Cost of Real Estate Sold		(157,512)		(68,075)		(200,867)
Balance at End of Year	$	521,260	$	472,126	$	392,842

Accumulated Depreciation:
Balance at Beginning of Year		30,316		22,552		28,733
Depreciation and Amortization		12,270		11,207		9,892
Depreciation on Real Estate Sold		(18,650)		(3,443)		(16,073)
Balance at End of Year	$	23,936	$	30,316	$	22,552

Reconciliation to Consolidated Balance Sheet at December 31, 2021:
Income Properties, Land, Buildings, and Improvements					$	515,007
						515,007
Cost Basis of Assets Classified as Held for Sale on Balance Sheet						6,253
Total Per Schedule					$	521,260

SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE

12 Months Ended

Dec. 31, 2021

SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE

Schedule IV MORTGAGE LOANS ON REAL ESTATE

SCHEDULE IV

MORTGAGE LOANS ON REAL ESTATE

FOR THE YEAR ENDED DECEMBER 31, 2021

There was a portfolio of two commercial loan investments and two commercial properties whose leases were classified as commercial loan and master lease investments as of December 31, 2021 (in thousands).


Description	Interest Rate	Final Maturity Date	Periodic Payment Terms	Prior Liens		Face Amount of Mortgages		Carrying Amounts of Mortgages ⁽²⁾		Principal Amount of Loans Subject to Delinquent Principal or Interest
Carpenter Hotel – 400 Josephine Street, Austin, TX⁽¹⁾	N/A	N/A	Monthly Rent Payments	$	—	$	16,250	$	17,189	$	—
Westland Gateway Plaza – Hialeah, FL ⁽¹⁾	N/A	N/A	Monthly Rent Payments		—		21,085		21,148		—
Mortgage Note – 4311 Maple Avenue, Dallas, TX	7.50%	April 2023	Principal payable in full at maturity		—		400		394		—
Mortgage Note – 110 N Beach Street, Daytona Beach, FL	10.00%	December 2022	Principal payable in full at maturity		—		364		364		—
Totals				$	—	$	38,099	$	39,095	$	—

The following represents the activity within the Company’s commercial loan and master lease investments segment for the years ended December 31, 2021, 2020, and 2019 (in thousands):


	2021		2020		2019
Balance at Beginning of Year	$	38,320	$	34,625	$	—
Additions During the Year:
New Mortgage Loans		364		28,360		34,570
Collection of Origination Fees		—		(125)		—
Accretion of Origination Fees ⁽³⁾		2		161		(139)
Imputed Interest Over Rent Payments on Ground Lease Loan		409		399		194
Deductions During the Year:
Collection of Principal		—		(23,132)		—
Impairment / CECL Reserve		—		(1,968)		—
Balance at End of Year	$	39,095	$	38,320	$	34,625

(1)	Represents a commercial property whose lease is classified as a commercial loan and master lease investment pursuant to U.S. GAAP.

(2)	The aggregate carrying amount of mortgages for Federal income tax purposes at December 31, 2021 totaled $18.4 million.

(3)	Non-cash accretion of loan origination fees

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2021

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation

PRINCIPLES OF CONSOLIDATION

Segment Reporting

SEGMENT REPORTING

Use of Estimates in the Preparation of Financial Statements

USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS

Recently Issued Accounting Standards

RECENTLY ISSUED ACCOUNTING STANDARDS

Reclassifications

RECLASSIFICATIONS

Cash and Cash Equivalents

CASH AND CASH EQUIVALENTS

Restricted Cash

RESTRICTED CASH

Investment Securities

INVESTMENT SECURITIES

Derivative Financial Instruments and Hedging Activity

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITY

Fair Value of Financial Instruments

FAIR VALUE OF FINANCIAL INSTRUMENTS

Fair Value Measurements

FAIR VALUE MEASUREMENTS

●

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

●

Recognition Of Interest Income From Commercial Loan And Master Lease Investments

RECOGNITION OF INTEREST INCOME FROM COMMERCIAL LOAN AND MASTER LEASE INVESTMENTS

Mitigation Credits

MITIGATION CREDITS

Accounts Receivable

ACCOUNTS RECEIVABLE

As of December 31, 2021 and 2020, $0.3 million and $0.5 million was due from the buyer of the golf operations for the rounds surcharge the Company paid to the City of Daytona Beach, respectively.

Purchase Accounting for Acquisitions of Real Estate Subject to a Lease

PURCHASE ACCOUNTING FOR ACQUISITIONS OF REAL ESTATE SUBJECT TO A LEASE

Land and Development Costs

LAND AND DEVELOPMENT COSTS

Sales of Real Estate

SALES OF REAL ESTATE

Property, Plant, and Equipment

PROPERTY, PLANT, AND EQUIPMENT

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


Income Properties Buildings and Improvements	3 - 48	Years
Other Furnishings and Equipment	3 - 20	Years

Long-Lived Assets

LONG-LIVED ASSETS

Income Property Leases

INCOME PROPERTY LEASES

Operating Lease Expense

OPERATING LEASE EXPENSE

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

Golf Operations

GOLF OPERATIONS

and membership dues were recognized over the life of the membership, pursuant to FASB ASC Topic 606, Revenue from Contracts with Customers, which was generally twelve months.

Other Real Estate Interests

OTHER REAL ESTATE INTERESTS

Stock-Based Compensation

STOCK-BASED COMPENSATION

Income Taxes

INCOME TAXES

Earnings Per Common Share

EARNINGS PER COMMON SHARE

Concentration of Credit Risk

CONCENTRATION OF CREDIT RISK

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

The Company also has certain tenants within our income property portfolio that make up more than 10% of our geographic concentration and/or revenues, as described below:

●

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2021

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Schedule of estimated useful lives for property, plant, and equipment


Income Properties Buildings and Improvements	3 - 48	Years
Other Furnishings and Equipment	3 - 20	Years

REVENUE RECOGNITION (Tables)

12 Months Ended

Dec. 31, 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	$	41,151	$	—	$	—	$	—	$	41,151
	Lease Revenue - CAM		3,791		—		—		—		3,791
	Lease Revenue - Reimbursements		4,763		—		—		—		4,763
	Lease Revenue - Billboards		6		—		—		—		6
	Above / Below Market Lease Accretion		404		—		—		—		404
	Contributed Leased Assets Accretion		236		—		—		—		236
	Management Services		—		3,305		—		—		3,305
	Commercial Loan and Master Lease Investments		—		—		2,861		—		2,861
	Mitigation Credit Sales		—		—		—		708		708
	Subsurface Revenue - Other		—		—		—		4,724		4,724
	Land Sales Revenue		—		—		—		7,995		7,995
	Interest and Other Revenue		328		—		—		—		328
	Total Revenues	$	50,679	$	3,305	$	2,861	$	13,427	$	70,272

Timing of Revenue Recognition:
	Asset/Good Transferred at a Point in Time	$	—	$	—	$	—	$	13,427	$	13,427
	Services Transferred Over Time		328		3,305		—		—		3,633
	Over Lease Term		50,351		—		—		—		50,351
	Commercial Loan and Master Lease Investments Related Revenue		—		—		2,861		—		2,861
	Total Revenues	$	50,679	$	3,305	$	2,861	$	13,427	$	70,272


		Income Properties		Management Services		Commercial Loan and Master Lease Investments		Real Estate Operations		Total Revenues
Major Good / Service:
	Lease Revenue - Base Rent	$	37,826	$	—	$	—	$	—	$	37,826
	Lease Revenue - CAM		3,154		—		—		—		3,154
	Lease Revenue - Reimbursements		6,182		—		—		—		6,182
	Lease Revenue - Billboards		231		—		—		—		231
	Above / Below Market Lease Accretion		1,754		—		—		—		1,754
	Contributed Leased Assets Accretion		245		—		—		—		245
	Management Services		—		2,744		—		—		2,744
	Commercial Loan and Master Lease Investments		—		—		3,034		—		3,034
	Mitigation Credit Sales		—		—		—		6		6
	Subsurface Revenue - Other		—		—		—		638		638
	Fill Dirt and Other Revenue		—		—		—		6		6
	Interest and Other Revenue		561		—		—		—		561
	Total Revenues	$	49,953	$	2,744	$	3,034	$	650	$	56,381

Timing of Revenue Recognition:
	Asset/Good Transferred at a Point in Time	$	—	$	—	$	—	$	6	$	6
	Services Transferred Over Time		561		2,744		—		644		3,949
	Over Lease Term		49,392		—		—		—		49,392
	Commercial Loan and Master Lease Investments Related Revenue		—		—		3,034		—		3,034
	Total Revenues	$	49,953	$	2,744	$	3,034	$	650	$	56,381


		Income Properties		Management Services		Commercial Loan and Master Lease Investments		Real Estate Operations		Total Revenues
Major Good / Service:
	Lease Revenue - Base Rent	$	35,108	$	—	$	—	$	—	$	35,108
	Lease Revenue - CAM		1,422		—		—		—		1,422
	Lease Revenue - Reimbursements		2,759		—		—		—		2,759
	Lease Revenue - Billboards		243		—		—		—		243
	Above / Below Market Lease Accretion		2,383		—		—		—		2,383
	Contributed Leased Assets Accretion		217		—		—		—		217
	Lease Incentive Amortization		(277)		—		—		—		(277)
	Management Services		—		304		—		—		304
	Commercial Loan and Master Lease Investments		—		—		1,829		—		1,829
	Subsurface Lease Revenue		—		—		—		598		598
	Subsurface Revenue - Other		—		—		—		150		150
	Fill Dirt and Other Revenue		—		—		—		104		104
	Interest and Other Revenue		101		—		—		—		101
	Total Revenues	$	41,956	$	304	$	1,829	$	852	$	44,941

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

INCOME PROPERTIES (Tables)

12 Months Ended

Dec. 31, 2021

Table Text Blocks

Schedule of components of leasing revenue


	Year Ended December 31,
	2021		2020		2019
Leasing Revenue
Lease Payments	$	41,791	$	39,825	$	37,431
Variable Lease Payments		8,888		10,128		4,525
Total Leasing Revenue	$	50,679	$	49,953	$	41,956

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

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


Year Ending December 31,	Amounts
2022	$	49,275
2023		47,369
2024		45,023
2025		43,658
2026		37,842
2027 and Thereafter (Cumulative)		168,754
Total	$	391,921

Schedule of properties acquired

The properties acquired during the year ended December 31, 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	133,304		18,500	96%	6.9
The Shops at Legacy	Multi-Tenant	Plano, TX	06/23/21	236,867		72,500	83%	6.9
Beaver Creek Crossings	Multi-Tenant	Apex, NC	12/02/21	320,732		70,500	97%	5.8
125 Lincoln & 150 Washington	Multi-Tenant	Santa Fe, NM	12/20/21	136,638		16,250	66%	2.7
369 N. New York Ave.	Multi-Tenant	Winter Park, FL	12/20/21	28,008		13,200	100%	5.0
The Exchange at Gwinnett	Multi-Tenant	Buford, GA	12/30/21	69,265		34,000	98%	10.7
Ashford Lane Outparcel ⁽¹⁾	Multi-Tenant	Atlanta, GA	12/30/21	15,681		4,100	19%	0.9
		Total / Weighted Average		1,111,491	$	249,050		6.5

⁽¹⁾	Represents a two-tenant outparcel to Ashford Lane, the Company’s multi-tenant income property located in Atlanta, Georgia.

The properties acquired during the year ended December 31, 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
Sabal Pavilion	Single-Tenant	Tampa, FL	08/21/20	120,500		26,900	100%	5.6
Westland Gateway Plaza ⁽¹⁾	Single-Tenant	Hialeah, FL	09/25/20	108,029		21,000	100%	25.0
		Total / Weighted Average		751,210	$	185,135		6.5

⁽¹⁾	The lease with the Master Tenant in Hialeah (“Westland Gateway Plaza”) includes three tenant repurchase options. Pursuant to FASB ASC Topic 842, Leases, the $21.0 million investment has been recorded in the accompanying consolidated balance sheets as a commercial loan and master lease investment.

Disposal Group, Disposed of by Sale, Not Discontinued Operations

Table Text Blocks

Schedule of properties disposed

The income properties disposed of during the year ended December 31, 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 ⁽⁴⁾	Single-Tenant	02/23/21		2,541		109
Burlington, N. Richland Hills, TX	Single-Tenant	04/23/21		11,528		62
Staples, Sarasota, FL	Single-Tenant	05/07/21		4,650		662
CMBS Portfolio⁽¹⁾	Single-Tenant	06/30/21		44,500		3,899
Chick-fil-A, Chandler, AZ⁽⁴⁾	Single-Tenant⁽²⁾	07/14/21		2,884		1,582
JPMorgan Chase Bank, Chandler, AZ⁽⁴⁾	Single-Tenant⁽²⁾	07/27/21		4,710		2,738
Fogo De Chao, Jacksonville, FL⁽⁴⁾	Single-Tenant⁽³⁾	09/02/21		4,717		866
Wells Fargo, Raleigh, NC	Single-Tenant	09/16/21		63,000		17,480
24 Hour Fitness, Falls Church, VA	Single-Tenant	12/16/21		21,500		212
Total			$	162,340	$	28,209

⁽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.

⁽²⁾	Represents a single-tenant outparcel to Crossroads Towne Center, the Company’s multi-tenant income property located in Chandler, Arizona.

⁽³⁾	Represents a single-tenant property at The Strand at St. Johns Town Center, the Company’s multi-tenant income property located in Jacksonville, Florida.

⁽⁴⁾	Property or outparcel represents a ground lease.

The income properties disposed of during the year ended December 31, 2020 are described below (in thousands):


Tenant Description	Tenant Type	Date of Disposition	Sales Price		Gain (Loss) on Sale
CVS, Dallas, TX ⁽¹⁾	Single-Tenant	04/24/20	$	15,222	$	854
Wawa, Daytona Beach, FL ⁽¹⁾	Single-Tenant	04/29/20		6,002		1,769
JPMorgan Chase Bank, Jacksonville, FL ⁽¹⁾	Single-Tenant	06/18/20		6,715		959
7-Eleven, Dallas, TX	Multi-Tenant	06/26/20		2,400		(46)
Bank of America, Monterey, CA ⁽¹⁾	Single-Tenant	06/29/20		9,000		3,892
Wawa, Jacksonville, FL⁽¹⁾	Single-Tenant	07/23/20		7,143		246
Carrabbas, Austin, TX	Single-Tenant	08/05/20		2,555		(84)
PDQ, Jacksonville, FL⁽¹⁾	Single-Tenant	09/08/20		2,540		128
Macaroni Grill, Arlington, TX	Single-Tenant	10/13/20		2,500		68
Aspen Development, Aspen, CO	Single-Tenant	12/21/20		28,500		501
Outback, Austin, TX	Single-Tenant	12/23/20		3,402		222
Total			$	85,979	$	8,509

⁽¹⁾	Property represents a ground lease.

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=109226691&loc=SL51724579-110230

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1474-107760

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5D
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721677-107760

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=109222160&loc=SL51721533-107759

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721659-107760

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721665-107760

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109226691&loc=d3e2941-110230

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5C
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721675-107760

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1361-107760

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5A
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721671-107760

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5B
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721673-107760

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721663-107760

+ Details

COMMERCIAL LOAN AND MASTER LEASE INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2021 (in thousands):


Description	Date of Investment	Maturity Date	Original Face Amount		Current Face Amount		Carrying Value		Coupon Rate
Carpenter Hotel – 400 Josephine Street, Austin, TX	July 2019	N/A	$	16,250	$	16,250	$	17,189	N/A
Westland Gateway Plaza – Hialeah, FL	September 2020	N/A		21,085		21,085		21,148	N/A
Mortgage Note – 4311 Maple Avenue – Dallas, TX	October 2020	April 2023		400		400		394	7.50%
Mortgage Note – 110 N Beach Street – Daytona Beach, FL	June 2021	December 2022		364		364		364	10.00%
			$	38,099	$	38,099	$	39,095

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
Carpenter Hotel – 400 Josephine Street, Austin, TX	July 2019	N/A	$	16,250	$	16,250	$	16,827	N/A
Westland Gateway Plaza – 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 investment portfolio at December 31, 2021 and 2020 consisted of the following (in thousands):


	As of
	December 31, 2021		December 31, 2020
Current Face Amount	$	38,099	$	37,735
Imputed Interest over Rent Payments Received		1,002		593
Unaccreted Origination Fees		(2)		(4)
CECL Reserve		(4)		(4)
Total Commercial Loan and Master Lease Investments	$	39,095	$	38,320

RELATED PARTY MANAGEMENT SERVICES BUSINESS (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of amounts due from PINE

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


	As of
Description	December 31, 2021		December 31, 2020
Management Services Fee due From PINE	$	913	$	631
Dividend Receivable		330		—
Other		410		35
Total	$	1,653	$	666

REAL ESTATE OPERATIONS (Tables)

12 Months Ended

Dec. 31, 2021

REAL ESTATE OPERATIONS

Summary of land and development costs

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


	As of
	December 31, 2021		December 31, 2020
Land and Development Costs	$	358	$	6,377
Subsurface Interests		334		706
Total Land and Development Costs	$	692	$	7,083

Schedule of components of real estate operations revenue

Revenue from continuing real estate operations consisted of the following for the years ended December 31, 2021, 2020, and 2019 (in thousands):


	December 31,
	2021		2020		2019
Mitigation Credit Sales	$	708	$	6	$	—
Subsurface Revenue - Other		4,724		638		748
Land Sales Revenue		7,995		—		—
Fill Dirt and Other Revenue		—		6		104
Total Real Estate Operations Revenue	$	13,427	$	650	$	852

Revenue from discontinued real estate operations consisted of the following for the year ended December 31, 2019 (in thousands):


	December 31, 2019
Land Sales Revenue	$	10,975
Agriculture		68
Total Real Estate Operations Revenue	$	11,043

INVESTMENT IN JOINT VENTURES (Tables)

12 Months Ended

Dec. 31, 2021

Land JV

Summarized financial information of the Company's JV Investment

The Company has no investments in joint ventures as of December 31, 2021. The Company’s investment in joint ventures were as follows as of December 31, 2020 (in thousands):


	As of
	December 31, 2020
Land JV	$	41,765
Mitigation Bank JV		6,912
Total Investment in Joint Ventures	$	48,677


	As of
	December 31, 2020
Assets, Cash and Cash Equivalents	$	802
Assets, Receivables and Prepaid Expenses		117
Assets, Investment in Land Assets		5,658
Total Assets	$	6,577

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

The following table provides summarized financial information of the Land JV for the years ended December 31, 2021, 2020, and 2019 (in thousands):


	Year Ended
	December 31, 2021		December 31, 2020		December 31, 2019
Revenues	$	67,367	$	65,446	$	14,635
Direct Cost of Revenues		(8,867)		(13,012)		(1,268)
Operating Income	$	58,500	$	52,434	$	13,367
Other Operating Expenses		(376)		(462)		(90)
Net Income	$	58,124	$	51,972	$	13,277

Mitigation Bank

Summarized financial information of the Company's JV Investment


	As of
	December 31, 2020
Assets, Cash and Cash Equivalents	$	1,890
Assets, Prepaid Expenses		20
Assets, Investment in Mitigation Credit Assets		1,409
Assets, Property, Plant, and Equipment—Net		14
Total Assets	$	3,333

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

The following table provides summarized financial information of the Mitigation Bank JV for the years ended December 31, 2021, 2020 and 2019 (in thousands).


	Year Ended
	December 31, 2021		December 31, 2020		December 31, 2019
Revenues	$	512	$	4,109	$	1,922
Direct Cost of Revenues		(16)		(167)		(76)
Operating Income	$	496	$	3,942	$	1,846
Other Operating Expenses		(162)		(175)		(197)
Net Income	$	334	$	3,767	$	1,649

INVESTMENT SECURITIES (Tables)

12 Months Ended

Dec. 31, 2021

INVESTMENT SECURITIES

Schedule of marketable securities

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


	Cost		Unrealized Gains in Investment Income		Unrealized Losses in Investment Income		Estimated Fair Value (Level 1 Inputs)
December 31, 2021
Common Stock	$	15,643	$	868	$	—	$	16,511
Operating Units		23,253		1,273		—		24,526
Total Equity Securities		38,896		2,141		—		41,037
Total Available-for-Sale Securities	$	38,896	$	2,141	$	—	$	41,037

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)

12 Months Ended

Dec. 31, 2021

FAIR VALUE OF FINANCIAL INSTRUMENTS

Schedule of carrying value and estimated fair value of financial instruments


	December 31, 2021				December 31, 2020
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Cash and Cash Equivalents - Level 1	$	8,615	$	8,615	$	4,289	$	4,289
Restricted Cash - Level 1	$	22,734	$	22,734	$	29,536	$	29,536
Commercial Loan and Master Lease Investments - Level 2	$	39,095	$	39,109	$	38,320	$	38,318
Long-Term Debt - Level 2	$	278,273	$	288,000	$	273,830	$	282,884

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


			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)
December 31, 2021
Cash Flow Hedge - 2026 Term Loan Interest Rate Swap ⁽¹⁾	$	727	$	—	$	727	$	—
Cash Flow Hedge - 2026 Term Loan Interest Rate Swap⁽²⁾	$	240	$	—	$	240	$	—
Cash Flow Hedge - 2027 Term Loan Interest Rate Swap⁽³⁾	$	550	$	—	$	550	$	—
Investment Securities	$	41,037	$	41,037	$	—	$	—
December 31, 2020
Cash Flow Hedge - Credit Facility Interest Rate Swap ⁽⁴⁾	$	(1,772)	$	—	$	(1,772)	$	—
Cash Flow Hedge - 2026 Term Loan Interest Rate Swap ⁽¹⁾	$	(50)	$	—	$	(50)	$	—
Cash Flow Hedge - Mortgage Note Payable Interest Rate Swap⁽⁵⁾	$	(88)	$	—	$	(88)	$	—
Investment Securities	$	30,574	$	30,574	$	—	$	—

INTANGIBLE ASSETS AND LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2021

INTANGIBLE ASSETS AND LIABILITIES

Schedule of components of intangible lease assets and liabilities


	As of
	December 31, 2021		December 31, 2020
Intangible Lease Assets:
Value of In-Place Leases	$	59,293	$	44,558
Value of Above Market In-Place Leases		23,216		10,604
Value of Intangible Leasing Costs		18,456		13,285
Sub-total Intangible Lease Assets		100,965		68,447
Accumulated Amortization		(21,473)		(18,271)
Sub-total Intangible Lease Assets—Net		79,492		50,176
Intangible Lease Liabilities (Included in Accrued and Other Liabilities):
Value of Below Market In-Place Leases		(6,942)		(36,817)
Sub-total Intangible Lease Liabilities		(6,942)		(36,817)
Accumulated Amortization		1,341		12,654
Sub-total Intangible Lease Liabilities—Net		(5,601)		(24,163)
Total Intangible Assets and Liabilities—Net	$	73,891	$	26,013

Schedule of amortization of intangible assets and liabilities

The following table reflects the net amortization of intangible assets and liabilities during the years ended December 31, 2021, 2020, and 2019 (in thousands):


	Year Ended
	December 31, 2021		December 31, 2020		December 31, 2019
Amortization Expense	$	8,264	$	7,805	$	5,854
Accretion to Income Properties Revenue		(404)		(1,754)		(2,383)
Net Amortization of Intangible Assets and Liabilities	$	7,860	$	6,051	$	3,471

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
2022	$	9,506	$	1,893	$	11,399
2023		9,392		1,917		11,309
2024		9,381		2,002		11,383
2025		7,554		2,049		9,603
2026		6,438		1,905		8,343
2027 and Thereafter		18,250		3,604		21,854
Total	$	60,521	$	13,370	$	73,891

OTHER ASSETS (Tables)

12 Months Ended

Dec. 31, 2021

OTHER ASSETS.

Schedule of components of other assets


	As of
	December 31, 2021		December 31, 2020
Income Property Tenant Receivables	$	885	$	2,330
Income Property Straight-line Rent Adjustment and COVID-19 Deferral Balance		5,180		4,686
Operating Leases - Right-of-Use Asset		168		246
Golf Rounds Surcharge		338		454
Cash Flow Hedge - Interest Rate Swap		1,543		—
Infrastructure Reimbursement Receivables		1,080		1,336
Prepaid Expenses, Deposits, and Other		3,526		1,693
Due from Alpine Income Property Trust, Inc.		1,653		666
Financing Costs, Net of Accumulated Amortization		524		769

Total Other Assets

14,897

12,180

EQUITY (Tables)

12 Months Ended

Dec. 31, 2021

EQUITY

Schedule of details of public offering

The following details the public offering (in thousands, except per share data):


Series	Dividend Rate	Issued	Shares Outstanding	Gross Proceeds		Net Proceeds		Dividend per Share		Earliest Redemption Date
Series A	6.375%	July 2021	3,000,000	$	75,000	$	72,428	$	0.3984	July 2026

Schedule of dividend declared and paid for stock

The following table outlines dividends declared and paid for each issuance of CTO’s stock during the years ended December 31, 2021, 2020, and 2019 (in thousands, except per share data):


	Year Ended
	December 31, 2021		December 31, 2020			December 31, 2019
Series A Preferred Stock
Dividends	$	2,325	$	—		$	—
Per Share	$	0.77	$	—		$	—

Common Stock
Dividends	$	23,580	$	64,665	⁽¹⁾	$	2,198
Per Share	$	4.00	$	13.88	⁽¹⁾	$	0.44

⁽¹⁾	Represents the aggregate of (i) $1.90 per share of regular cash dividends totaling $8.9 million and (ii) $11.98 per share Special Distribution totaling $55.8 million, of which $5.6 million was paid in cash.

COMMON STOCK AND EARNINGS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2021

COMMON STOCK AND EARNINGS 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):


	Year Ended
	December 31, 2021		December 31, 2020		December 31, 2019
Net Income Attributable to Common Stockholders	$	27,615	$	78,509	$	114,973

Weighted Average Shares Outstanding		5,892,270		4,704,877		4,991,656
Common Shares Applicable to Stock Options Using the Treasury Stock Method		—		—		6,387
Total Shares Applicable to Diluted Earnings Per Share		5,892,270		4,704,877		4,998,043

Per Share Information:
Basic
Income From Continuing Operations Attributable to Common Stockholders	$	4.69	$	16.69	$	3.32
Income From Discontinued Operations (Net of Income Tax) Attributable to Common Stockholders		—		—		19.71
Basic Net Income per Share Attributable to Common Stockholders	$	4.69	$	16.69	$	23.03

Diluted
Income From Continuing Operations Attributable to Common Stockholders	$	4.69	$	16.69	$	3.32
Income From Discontinued Operations (Net of Income Tax) Attributable to Common Stockholders		—		—		19.68
Diluted Net Income per Share Attributable to Common Stockholders	$	4.69	$	16.69	$	23.00

LONG-TERM DEBT (Tables)

12 Months Ended

Dec. 31, 2021

LONG-TERM DEBT

Schedule of outstanding indebtedness, at face value

As of December 31, 2021, the Company’s outstanding indebtedness, at face value, was as follows (in thousands):


	Face Value Debt		Maturity Date	Interest Rate
Credit Facility	$	67,000	May 2023		30-day LIBOR + [1.35% - 1.95%]
2026 Term Loan ⁽¹⁾		65,000	March 2026		30-day LIBOR + [1.35% - 1.95%]
2027 Term Loan ⁽²⁾		100,000	January 2027		30-day LIBOR + [1.35% - 1.95%]
3.875% Convertible Senior Notes due 2025		51,034	April 2025		3.875%
Total Long-Term Face Value Debt	$	283,034

(1)

(2)

Schedule of components of long-term debt

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


	December 31, 2021				December 31, 2020
	Total		Due Within One Year		Total		Due Within One Year
Credit Facility	$	67,000	$	—	$	164,845	$	—
2026 Term Loan		65,000		—		—		—
2027 Term Loan		100,000		—		—		—
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		47,469		—		56,296		—
Financing Costs, net of Accumulated Amortization		(1,196)		—		(494)		—
Total Long-Term Debt	$	278,273	$	—	$	273,830	$	23,183

Schedule of payments applicable to reduction of principal amounts


Year Ending December 31,	Amount
2022	$	—
2023		67,000
2024		—
2025		51,034
2026		65,000
2027 and Thereafter		100,000
Total Long-Term Debt - Face Value	$	283,034

Schedule of carrying value of long-term debt

The carrying value of long-term debt as of December 31, 2021 consisted of the following (in thousands):


	Total
Current Face Amount	$	283,034
Unamortized Discount on Convertible Debt		(3,565)
Financing Costs, net of Accumulated Amortization		(1,196)
Total Long-Term Debt	$	278,273

Schedule of interest expense on debt


	Total
Current Face Amount	$	283,034
Unamortized Discount on Convertible Debt		(3,565)
Financing Costs, net of Accumulated Amortization		(1,196)
Total Long-Term Debt	$	278,273

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=124435984&loc=d3e28541-108399

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21506-112644

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 55
-Paragraph 69B
-URI http://asc.fasb.org/extlink&oid=123466577&loc=SL123495735-112612

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=124435984&loc=d3e28551-108399

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 55
-Paragraph 69E
-URI http://asc.fasb.org/extlink&oid=123466577&loc=SL123495743-112612

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21521-112644

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21538-112644

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=123599511&loc=d3e64711-112823

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21475-112644

+ Details

INTEREST RATE SWAPS (Tables)

12 Months Ended

Dec. 31, 2021

INTEREST RATE SWAPS

Schedule of interest rate swap agreements


Hedged Item	Effective Date	Maturity Date	Rate	Amount		Fair Value as of December 31, 2021
2026 Term Loan⁽¹⁾	3/10/2021	3/29/2024	0.22% + applicable spread	$	50,000	$	753
2026 Term Loan ⁽²⁾	3/29/2024	3/10/2026	1.51% + applicable spread	$	50,000	$	(26)
2026 Term Loan	8/31/2021	3/10/2026	0.77% + applicable spread	$	15,000	$	240
2027 Term Loan ⁽³⁾	11/5/2021	3/29/2024	0.73% + applicable spread	$	100,000	$	352
2027 Term Loan ⁽⁴⁾	3/29/2024	1/31/2017	1.42% + applicable spread	$	100,000	$	198

⁽¹⁾	Effective March 10, 2021, the Company redesignated the interest rate swap, entered into as of August 31, 2020, that previously hedged $50.0 million of the outstanding principal balance on the Credit Facility.

⁽²⁾	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.

⁽³⁾	Effective November 5, 2021, the Company redesignated the interest rate swap, entered into as of March 31, 2020, that previously hedged $100.0 million of the outstanding principal balance on the Credit Facility.

⁽⁴⁾	The interest rate swap agreement hedges the identical $100.0 million portion of the 2027 Term Loan borrowing under different terms and commences concurrent to the interest rate agreement maturing on March 29, 2024.

ACCRUED AND OTHER LIABILITIES (Tables)

12 Months Ended

Dec. 31, 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
	December 31, 2021		December 31, 2020
Accrued Property Taxes	$	813	$	945
Reserve for Tenant Improvements		5,457		1,353
Tenant Security Deposits		1,942		824
Accrued Construction Costs		190		1,783
Accrued Interest		431		602
Environmental Reserve		81		106
Cash Flow Hedge - Interest Rate Swaps		26		1,910
Operating Leases - Liability		198		245
Other		3,983		1,322
Total Accrued and Other Liabilities	$	13,121	$	9,090

DEFERRED REVENUE (Tables)

12 Months Ended

Dec. 31, 2021

DEFERRED REVENUE

Schedule of components of deferred revenue


	As of
	December 31, 2021		December 31, 2020
Prepaid Rent	$	3,921	$	2,684
Tenant Contributions		574		625
Other Deferred Revenue		10		10
Total Deferred Revenue	$	4,505	$	3,319

STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 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 year ended December 31, 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 12/31/2021
Equity Classified - Performance Share Awards - Peer Group Market Condition Vesting		55,851		48,134		(17,418)		—		(8,449)		78,118
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)		—		(8,806)		51,503
Equity Classified - Non-Qualified Stock Option Awards		80,000		20,332		(78,791)		—		—		21,541
Total Shares		196,330		111,516		(117,429)		(22,000)		(17,255)		151,162

Schedule of amounts recognized for stock-based compensation

Amounts recognized in the financial statements for stock-based compensation are as follows (in thousands):


	Year Ended
	December 31, 2021		December 31, 2020		December 31, 2019
Total Cost of Share-Based Plans Charged Against Income Before Tax Effect	$	3,168	$	2,786	$	2,688

Income Tax Expense Recognized in Income	$	—	$	(678)	$	(681)

January 28, 2017

STOCK-BASED COMPENSATION

Summary of performance share awards activity


Performance Shares With Market Conditions	Shares		Wtd. Avg. Fair Value
Non-Vested at January 1, 2019		28,080	$	66.29
Granted		21,195	$	64.66
Vested		—		—
Expired		—		—
Forfeited		—		—
Non-Vested at December 31, 2019		49,275	$	65.59
Granted		26,441	$	55.82
Vested		(12,635)	$	55.66
Expired		—		—
Forfeited		(7,230)	$	63.81
Non-Vested at December 31, 2020		55,851	$	63.44
Granted		48,134	$	32.04
Vested		(17,418)	$	58.30
Expired		—		—
Forfeited		(8,449)	$	47.04
Non-Vested at December 31, 2021		78,118	$	47.01

January 28, 2018

STOCK-BASED COMPENSATION

Summary of nonvested restricted stock award activity

A summary of the activity for these awards during the years ended December 31, 2021, 2020, and 2019 is presented below:


Market Condition Non-Vested Restricted Shares	Shares		Wtd. Avg. Fair Value
Non-Vested at January 1, 2019		22,000	$	41.71
Granted		—		—
Vested		—		—
Expired		—		—
Forfeited		—		—
Non-Vested at December 31, 2019		22,000	$	41.71
Granted		—		—
Vested		—		—
Expired		—		—
Forfeited		—		—
Non-Vested at December 31, 2020		22,000	$	41.71
Granted		—		—
Vested		—		—
Expired		(22,000)	$	41.71
Forfeited		—		—
Non-Vested at December 31, 2021		—		—

Three-Year Vesting

STOCK-BASED COMPENSATION

Summary of nonvested restricted stock award activity


Three Year Vest Non-Vested Restricted Shares	Shares		Wtd. Avg. Fair Value Per Share
Non-Vested at January 1, 2019		34,952	$	58.07
Granted		20,696	$	58.78
Vested		(18,053)	$	54.43
Expired		—		—
Forfeited		—		—
Non-Vested at December 31, 2019		37,595	$	60.21
Granted		23,451	$	55.89
Vested		(18,054)	$	59.69
Expired		—		—
Forfeited		(4,513)	$	60.14
Non-Vested at December 31, 2020		38,479	$	57.82
Granted		43,050	$	35.47
Vested		(21,220)	$	48.55
Expired		—		—
Forfeited		(8,806)	$	46.59
Non-Vested at December 31, 2021		51,503	$	44.88

Original 2010 Plan

STOCK-BASED COMPENSATION

Summary of activity for stock option awards


Non-Qualified Stock Option Awards	Shares	Wtd. Avg. Ex. Price		Wtd. Avg. Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding at January 1, 2019	80,000	$	55.63
Granted	—		—
Exercised	—		—
Expired	—		—
Forfeited	—		—
Outstanding at December 31, 2019	80,000	$	55.63
Granted	—		—
Exercised	—		—
Expired	—		—
Forfeited	—		—
Outstanding at December 31, 2020	80,000	$	55.63
Granted	20,332		—
Exercised	(78,791)	$	44.63
Expired	—		—
Forfeited	—		—
Outstanding at December 31, 2021	21,541	$	43.37		3.21	$	388,837
Exercisable at January 1, 2021	80,000	$	55.63		4.26		—
Exercisable at December 31, 2021	21,541	$	43.37		3.21	$	388,837

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2021

INCOME TAXES

Schedule of total income tax benefit (expense)

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


	Year Ended December 31,
	2021		2020		2019
Income Tax (Expense) Benefit from Continuing Operations	$	3,079	$	83,499	$	(5,472)
Income Tax Expense from Discontinued Operations		—		—		(32,641)
Total Consolidated Income Tax Benefit (Expense)	$	3,079	$	83,499	$	(38,113)

Summary of provisions for income tax benefit (expense)


	Year Ended December 31,
	2021		2020		2019
Income Tax (Expense) Benefit from Continuing Operations	$	3,079	$	83,499	$	(5,472)
Income Tax Expense from Discontinued Operations		—		—		(32,641)
Total Consolidated Income Tax Benefit (Expense)	$	3,079	$	83,499	$	(38,113)

Summary of deferred income tax assets (liabilities)

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


	Deferred Tax
	2021		2020
Deferred Income Tax Assets
Capital Loss Carryforward	$	2,249	$	—
Net Operating Loss Carryforward		291		1,103
Gross Deferred Income Tax Assets		2,540		1,103
Less - Valuation Allowance		(2,249)		—
Net Deferred Income Tax Assets		291		1,103
Deferred Income Tax Liabilities
Basis Differences in Joint Ventures		—		(4,624)
Basis Differences in Mitigation Credit Assets		(774)		—
Total Deferred Income Tax Liabilities		(774)		(4,624)
Net Deferred Income Tax Liabilities	$	(483)	$	(3,521)

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

Following is a reconciliation of the income tax computed at the federal statutory rate of 21% for 2021, 2020, and 2019, individually, for continuing operations (in thousands):


	Year Ended December 31,
	2021				2020				2019
Income Tax (Expense) Benefit Computed at Federal Statutory Rate	$	4,408	16.4	%	$	971	(19.5)	%	$	(4,410)	(20.0)	%
Increase (Decrease) Resulting from:
State Income Tax, Net of Federal Income Tax Benefit		936	3.5	%		180	(3.6)	%		(1,076)	(5.0)	%
Income Tax on Permanently Non-Deductible Items		—	0.0	%		(112)	2.2	%		(86)	(0.4)	%
Tax Benefit due to De-Recognition of REIT Deferred Tax Liabilities		—	0.0	%		82,460	(1652.6)	%		—	0.0	%
Valuation Allowance		(2,216)	(8.2)	%		—	0.0	%		—	0.0	%
Other Reconciling Items		(49)	(0.2)	%		—	0.0	%		100	0.5	%
Benefit (Expense) for Income Taxes	$	3,079	11.5	%	$	83,499	(1673.4)	%	$	(5,472)	(24.9)	%

COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2021

COMMITMENTS AND CONTINGENCIES

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


Year Ending December 31,	Amounts
2022	$	132
2023		47
2024		12
2025		7
2026		—
2027 and Thereafter (Cumulative)		—
Total	$	198

Schedule of Commitments


	As of December 31, 2021
Total Commitment ⁽¹⁾	$	19,737
Less Amount Funded		(5,041)
Remaining Commitment	$	14,696

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

BUSINESS SEGMENT DATA (Tables)

12 Months Ended

Dec. 31, 2021

BUSINESS SEGMENT DATA

Schedule of operations in different segments

Information about the Company’s operations in different segments for the years ended December 31, 2021, 2020, and 2019 is as follows (in thousands):


	For the Year Ended
	December 31, 2021		December 31, 2020		December 31, 2019
Revenues:
Income Properties	$	50,679	$	49,953	$	41,956
Management Fee Income		3,305		2,744		304
Interest Income From Commercial Loan and Master Lease Investments		2,861		3,034		1,829
Real Estate Operations		13,427		650		852
Total Revenues	$	70,272	$	56,381	$	44,941
Operating Income (Loss):
Income Properties	$	36,864	$	37,965	$	34,955
Management Fee Income		3,305		2,744		304
Interest Income From Commercial Loan and Master Lease Investments		2,861		3,034		1,829
Real Estate Operations		4,812		(2,573)		748
General and Corporate Expense		(31,783)		(30,630)		(25,615)
Impairment Charges		(17,599)		(9,147)		—
Gain on Disposition of Assets		28,316		9,746		21,978
Gain (Loss) on Extinguishment of Debt		(3,431)		1,141		—
Total Operating Income	$	23,345	$	12,280	$	34,199
Depreciation and Amortization:
Income Properties	$	20,561	$	19,036	$	15,774
Corporate and Other		20		27		23
Total Depreciation and Amortization	$	20,581	$	19,063	$	15,797
Capital Expenditures:
Income Properties	$	256,456	$	188,849	$	166,684
Commercial Loan and Master Lease Investments		364		7,150		18,047
Discontinued Real Estate Operations		—		—		2,791
Corporate and Other		34		30		4
Total Capital Expenditures	$	256,854	$	196,029	$	187,526

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


	As of
	December 31, 2021		December 31, 2020
Identifiable Assets:
Income Properties	$	630,747	$	531,325
Management Services		1,653		700
Commercial Loan and Master Lease Investments		39,095		38,321
Real Estate Operations		26,512		59,717
Discontinued Real Estate Operations		—		833
Corporate and Other		35,132		35,804
Total Assets	$	733,139	$	666,700

ASSETS AND LIABILITIES HELD FOR SALE AND DISCONTINUED OPERATIONS (Tables)

12 Months Ended

Dec. 31, 2021

Table Text Blocks

Summary of discontinued operations


	Year Ended
	December 31, 2019
Golf Operations Revenue	$	4,097
Golf Operations Direct Cost of Revenues		(5,259)
Loss From Operations		(1,162)
Gain on Disposition of Assets		15
Loss From Discontinued Operations Before Income Tax		(1,147)
Income Tax Benefit		291
Loss From Discontinued Operations (Net of Income Tax)	$	(856)

Land Operations Revenue	$	11,043
Land Operations Direct Cost of Revenues		(6,405)
Income From Operations		4,638
Gain on Disposition of Assets		127,518
Income From Discontinued Operations Before Income Tax		132,156
Income Tax Expense		(32,932)
Income From Discontinued Operations (Net of Income Tax)	$	99,224

Total Income From Discontinued Operations (Net of Income Tax)	$	98,368

Disposal Group, Held-for-sale, Not Discontinued Operations

Table Text Blocks

Schedule of assets and liabilities held for sale and discontinued operations


	As of December 31, 2021
	Land JV		Income Properties		Total Assets Held for Sale
Plant, Property, and Equipment—Net	$	—	$	6,016	$	6,016
Intangible Lease Assets - Net		—		704		704
Total Assets Held for Sale	$	—	$	6,720	$	6,720


	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

ORGANIZATION (Details)			6 Months Ended	12 Months Ended
ORGANIZATION (Details)	Dec. 10, 2021 USD ($) a	Jan. 29, 2021	Jun. 30, 2021	Dec. 31, 2021 USD ($) ft² a loan country property	Dec. 31, 2019 a	Sep. 30, 2021	Dec. 31, 2020 USD ($) a	Sep. 25, 2020 ft²	Oct. 16, 2019 a	Jun. 30, 2018
Real Estate Properties
Area of land (in acres) \| a				84,900			345
Acres sold \| a					5,400
Number of commercial loan investment \| loan				2
Investment in Alpine Income Property Trust, Inc.				$ 41,037,000			$ 30,574,000
Equity method investment, ownership percentage (as a percent)				6.30%
Conversion ratio on merger		1
Undeveloped Land in Daytona Beach, Florida, Along Interstate 95
Real Estate Properties
Area of land (in acres) \| a									5,300
Alpine Income Property Trust, Inc.
Real Estate Properties
Investment in Alpine Income Property Trust, Inc.				$ 41,000,000.0
Equity method investment, ownership percentage (as a percent)				15.60%
Stock split ratio				1
Land JV
Real Estate Properties
Acres sold \| a	1,600
Interest in the joint venture (as a percent)	33.50%		33.50%	33.50%
Final sales price	$ 66,300,000
Proceeds from sale of land	$ 24,500,000			$ 24,500,000
Equity method investment, ownership percentage (as a percent)	33.50%
Mitigation Bank
Real Estate Properties
Interest in the joint venture (as a percent)				70.00%
Area of land owned				2,500
Equity method investment, ownership percentage (as a percent)						30.00%				30.00%
Florida
Real Estate Properties
Gross leasable space \| ft²								108,000
Subsurface area of portfolio of mineral interests				370,000
Number of countries \| country				19
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				22
Number of states in which entity operates \| country				10
Gross leasable space \| ft²				2,700,000
Single-tenant
Real Estate Properties
Number of real estate properties \| property				9
Multi-tenant
Real Estate Properties
Number of real estate properties \| property				13

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Principles of Consolidation (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 10, 2021	Sep. 30, 2021	Dec. 31, 2020	Jun. 30, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Equity method investment, ownership percentage (as a percent)	6.30%
Equity Method Investments	$ 0			$ 48,677
Mitigation Bank
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Equity method investment, ownership percentage (as a percent)			30.00%		30.00%
Equity Method Investments				6,912
Land JV
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Equity method investment, ownership percentage (as a percent)		33.50%
Equity Method Investments				$ 41,765

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Segment Reporting (Details)	12 Months Ended
	Dec. 31, 2021 segment
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Number of business segments	4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Recently Issued Accounting Standards (Details) $ in Millions	Dec. 31, 2021 USD ($)
Commercial loan and master lease investments
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Current expected credit losses reserve	$ 0.3
Accounting Standards Update 2016-13
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

- Definition

Indicates (true false) whether accounting standards update was adopted.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 65
-Paragraph 15
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22499-107794

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 20
-Section 65
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121483254&loc=SL120254523-199619

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 4
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=122640432&loc=SL121648383-210437

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S65
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=124359872&loc=SL124427846-239511

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 20
-Section 65
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124402435&loc=SL124402458-218513

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 65
-Paragraph 8
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123459177&loc=SL121830611-158277

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=122640432&loc=SL121648383-210437

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 926
-SubTopic 20
-Section 65
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120154821&loc=SL120154904-197079

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 926
-SubTopic 20
-Section 65
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120154821&loc=SL120154904-197079

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 65
-Paragraph 7
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123597120&loc=SL122642865-165497

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 65
-Paragraph 7
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123597120&loc=SL122642865-165497

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 65
-Paragraph 5
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123597120&loc=SL120254526-165497

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 65
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=123597120&loc=SL120254526-165497

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 65
-Paragraph 15
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 65
-Paragraph 15
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=122640432&loc=SL120254519-210437

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 10
-Section 65
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123341672&loc=SL120154346-209984

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 848
-SubTopic 10
-Section 65
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=122150657&loc=SL122150809-237846

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 20
-Section 65
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=124402435&loc=SL124402458-218513

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (a)(1)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 65
-Paragraph 6
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123597120&loc=SL121967933-165497

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 3
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=122640432&loc=SL120320025-210437

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 105
-SubTopic 10
-Section 65
-Paragraph 6
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124434974&loc=SL124442142-165695

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 65
-Paragraph 6
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123597120&loc=SL121967933-165497

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 3
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=122640432&loc=SL120320025-210437

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 105
-SubTopic 10
-Section 65
-Paragraph 6
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=124434974&loc=SL124442142-165695

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (a)(2)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Publisher FASB
-Subparagraph (a)

Reference 32: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 45
-Paragraph 24
-URI http://asc.fasb.org/extlink&oid=124436220&loc=d3e21930-107793

Reference 33: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 45
-Paragraph 23
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=124436220&loc=d3e21914-107793

+ Details

- Definition

Date accounting standards update was adopted, in YYYY-MM-DD format.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S65
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=124359872&loc=SL124427846-239511

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 20
-Section 65
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124402435&loc=SL124402458-218513

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (a)(1)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 65
-Paragraph 7
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123597120&loc=SL122642865-165497

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 65
-Paragraph 5
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123597120&loc=SL120254526-165497

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 20
-Section 65
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=124402435&loc=SL124402458-218513

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 4
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=122640432&loc=SL121648383-210437

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 3
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=122640432&loc=SL120320025-210437

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 105
-SubTopic 10
-Section 65
-Paragraph 6
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=124434974&loc=SL124442142-165695

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 105
-SubTopic 10
-Section 65
-Paragraph 6
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124434974&loc=SL124442142-165695

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 3
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=122640432&loc=SL120320025-210437

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 926
-SubTopic 20
-Section 65
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120154821&loc=SL120154904-197079

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 65
-Paragraph 7
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123597120&loc=SL122642865-165497

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 65
-Paragraph 6
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123597120&loc=SL121967933-165497

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (a)(2)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 16: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22583-107794

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (a)(3)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 848
-SubTopic 10
-Section 65
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=122150657&loc=SL122150809-237846

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 65
-Paragraph 15
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 10
-Section 65
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123341672&loc=SL120154346-209984

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 65
-Paragraph 8
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123459177&loc=SL121830611-158277

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 20
-Section 65
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121483254&loc=SL120254523-199619

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=122640432&loc=SL121648383-210437

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 926
-SubTopic 20
-Section 65
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120154821&loc=SL120154904-197079

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 65
-Paragraph 6
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123597120&loc=SL121967933-165497

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 65
-Paragraph 15
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 65
-Paragraph 15
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=122640432&loc=SL120254519-210437

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 65
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=123597120&loc=SL120254526-165497

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Publisher FASB
-Subparagraph (a)

Reference 34: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 45
-Paragraph 24
-URI http://asc.fasb.org/extlink&oid=124436220&loc=d3e21930-107793

Reference 35: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 45
-Paragraph 23
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=124436220&loc=d3e21914-107793

+ Details

- Definition

Indicates (true false) whether accounting standards update was early adopted.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 65
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=123597120&loc=SL120254526-165497

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 20
-Section 65
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=124402435&loc=SL124402458-218513

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 65
-Paragraph 6
-Subparagraph (c)(1)
-URI http://asc.fasb.org/extlink&oid=123597120&loc=SL121967933-165497

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22499-107794

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 65
-Paragraph 8
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123459177&loc=SL121830611-158277

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 4
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=122640432&loc=SL121648383-210437

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 65
-Paragraph 7
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123597120&loc=SL122642865-165497

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 958
-SubTopic 10
-Section 65
-Paragraph 3
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123877278&loc=SL120174030-210619

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S65
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=124359872&loc=SL124427846-239511

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 65
-Paragraph 6
-Subparagraph (c)(2)
-URI http://asc.fasb.org/extlink&oid=123597120&loc=SL121967933-165497

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 926
-SubTopic 20
-Section 65
-Paragraph 2
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=120154821&loc=SL120154904-197079

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 65
-Paragraph 5
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123597120&loc=SL120254526-165497

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=122640432&loc=SL120320025-210437

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (a)(3)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 65
-Paragraph 15
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=122640432&loc=SL120254519-210437

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 20
-Section 65
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121483254&loc=SL120254523-199619

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 105
-SubTopic 10
-Section 65
-Paragraph 6
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=124434974&loc=SL124442142-165695

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 10
-Section 65
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123341672&loc=SL120154346-209984

+ Details

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reclassifications (Details) - Revision of Prior Period, Reclassification, Adjustment - Other Asset $ 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	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Restricted Cash
Restricted Cash	$ 22,734	$ 29,536	$ 128,430
Restricted cash escrow account
Restricted Cash
Restricted Cash	21,200
Restricted cash, escrow account in connection with sale of ground lease
Restricted Cash
Restricted Cash	900
Restricted cash, escrow account in connection with Mitigation Bank \| Mitigation Bank
Restricted Cash
Restricted Cash	$ 600

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Accounts Receivable (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2015 Transaction	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Accounts Receivable
Income Property Tenant Receivables		$ 885	$ 2,330
Number of closed land transactions \| Transaction	2
Allowance for doubtful accounts		500	500
Other Asset
Accounts Receivable
Income Property Tenant Receivables		900	2,300
Income Property Tenant Receivables, Increase (Decrease)		(1,400)
Accounts receivable related to real estate operations		1,100	1,300
Receivable from Golf operations for rounds surcharge		$ 300	$ 500

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property, Plant, and Equipment and Golf Operations (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($) property item	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
PROPERTY, PLANT, AND EQUIPMENT
Depreciation \| $	$ 12.3	$ 11.3	$ 9.9
Interest capitalized \| $	$ 0.0	$ 0.0	$ 0.0
Golf Operations
PROPERTY, PLANT, AND EQUIPMENT
Number of golf courses \| property	2
Number of holes to the golf course \| item	18
Number of holes to the golf course practice facility \| item	3
Golf course and clubhouse facility membership period	12 months
Building and Building Improvements [Member] \| Minimum
PROPERTY, PLANT, AND EQUIPMENT
Useful lives for property, plant, and equipment	3 years
Building and Building Improvements [Member] \| Maximum
PROPERTY, PLANT, AND EQUIPMENT
Useful lives for property, plant, and equipment	48 years
Other Furnishings and Equipment \| Minimum
PROPERTY, PLANT, AND EQUIPMENT
Useful lives for property, plant, and equipment	3 years
Other Furnishings and Equipment \| Maximum
PROPERTY, PLANT, AND EQUIPMENT
Useful lives for property, plant, and equipment	20 years

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Stock-based Compensation (Details) - shares			12 Months Ended
	Apr. 29, 2020	Apr. 23, 2014	Dec. 31, 2021	Apr. 25, 2018
Original 2010 Plan
STOCK-BASED COMPENSATION
Shares authorized for issuance		454,000
Number of additional shares authorized		240,000
Second Amended and Restated 2010 Equity Incentive Plan
STOCK-BASED COMPENSATION
Shares authorized for issuance	895,000			720,000
Number of additional shares authorized	175,000
Maximum award per participant			50,000
Awards available for issue ( in shares)			0
Second Amended and Restated 2010 Equity Incentive Plan \| Maximum
STOCK-BASED COMPENSATION
Shares authorized for issuance			895,000

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Income Taxes (Details) $ in Thousands	12 Months Ended
	Dec. 31, 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

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Concentration of Credit Risk (Details) - tenant	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Square Footage \| Geographic Concentration Risk \| Income Properties
CONCENTRATION OF CREDIT RISK
Concentration risk percentage		18.10%
Square Footage \| Geographic Concentration Risk \| Income Properties \| Florida
CONCENTRATION OF CREDIT RISK
Concentration risk percentage	23.00%	26.00%
Square Footage \| Geographic Concentration Risk \| Income Properties \| Georgia
CONCENTRATION OF CREDIT RISK
Concentration risk percentage	13.00%	11.00%
Square Footage \| Geographic Concentration Risk \| Income Properties \| New Mexico
CONCENTRATION OF CREDIT RISK
Concentration risk percentage	13.00%
Square Footage \| Geographic Concentration Risk \| Income Properties \| North Carolina
CONCENTRATION OF CREDIT RISK
Concentration risk percentage	12.00%	20.00%
Square Footage \| Geographic Concentration Risk \| Income Properties \| Texas
CONCENTRATION OF CREDIT RISK
Concentration risk percentage	16.00%	17.00%
Square Footage \| Geographic Concentration Risk \| Income Properties \| Arizona
CONCENTRATION OF CREDIT RISK
Concentration risk percentage		12.00%
Multi-Tenant Income Property \| Geographic Concentration Risk \| Income Properties \| Income Property, Multi-tenant, Ashford Lane, Atlanta, Georgia
CONCENTRATION OF CREDIT RISK
Concentration risk percentage	10.50%
Multi-Tenant Income Property \| Geographic Concentration Risk \| Income Properties \| Income Property, Multi Tenant, Beaver Creek, Apex, North Carolina
CONCENTRATION OF CREDIT RISK
Concentration risk percentage	11.80%
Base Rent Revenues
CONCENTRATION OF CREDIT RISK
Number of tenants	1
Base Rent Revenues \| Geographic Concentration Risk \| Florida
CONCENTRATION OF CREDIT RISK
Concentration risk percentage	31.00%
Base Rent Revenues \| Geographic Concentration Risk \| Georgia
CONCENTRATION OF CREDIT RISK
Concentration risk percentage	13.00%
Base Rent Revenues \| Geographic Concentration Risk \| Texas
CONCENTRATION OF CREDIT RISK
Concentration risk percentage	16.00%
Base Rent Revenues \| Geographic Concentration Risk \| Arizona
CONCENTRATION OF CREDIT RISK
Concentration risk percentage	11.00%
Base Rent Revenues \| Customer Concentration Risk \| Income Property, Wells Fargo, Raleigh, North Carolina
CONCENTRATION OF CREDIT RISK
Concentration risk percentage		10.90%	12.50%

REVENUE RECOGNITION - Major Good or Service (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues
Lease revenue	$ 50,679	$ 49,953	$ 41,956
Revenue from contract with customer, including assessed tax	13,427	650	852
Lease Incentive Amortization			(277)
Commercial Loan Investments		3,034	1,829
Interest and Other Revenue		561
Total Revenues	70,272	56,381	44,941
Lease Revenue - Base Rent
Revenues
Lease revenue	41,151	37,826	35,108
Lease Revenue - CAM
Revenues
Lease revenue	3,791	3,154	1,422
Lease Revenue - Reimbursements
Revenues
Lease revenue	4,763	6,182	2,759
Lease Revenue - Billboards
Revenues
Lease revenue	6	231	243
Subsurface Revenue, Lease
Revenues
Lease revenue			598
Above / Below Market Lease Accretion
Revenues
Lease revenue	404	1,754	2,383
Contributed Leased Assets Accretion
Revenues
Lease revenue	236	245	217
Management Services
Revenues
Revenue from contract with customer, including assessed tax	3,305	2,744	304
Mitigation Credit Sales
Revenues
Revenue from contract with customer, including assessed tax	708	6
Subsurface Revenue - Other
Revenues
Revenue from contract with customer, including assessed tax	4,724	638	150
Land Sales Revenue
Revenues
Revenue from contract with customer, including assessed tax	7,995
Fill Dirt and Other Revenue
Revenues
Revenue from contract with customer, including assessed tax		6	104
Interest and Other Revenue
Revenues
Interest and Other Revenue	328		101
Income Properties
Revenues
Lease Incentive Amortization			(277)
Interest and Other Revenue		561
Total Revenues	50,679	49,953	41,956
Income Properties \| Lease Revenue - Base Rent
Revenues
Lease revenue	41,151	37,826	35,108
Income Properties \| Lease Revenue - CAM
Revenues
Lease revenue	3,791	3,154	1,422
Income Properties \| Lease Revenue - Reimbursements
Revenues
Lease revenue	4,763	6,182	2,759
Income Properties \| Lease Revenue - Billboards
Revenues
Lease revenue	6	231	243
Income Properties \| Above / Below Market Lease Accretion
Revenues
Lease revenue	404	1,754	2,383
Income Properties \| Contributed Leased Assets Accretion
Revenues
Lease revenue	236	245	217
Income Properties \| Interest and Other Revenue
Revenues
Interest and Other Revenue	328		101
Management Fee Income
Revenues
Total Revenues	3,305	2,744	304
Management Fee Income \| Management Services
Revenues
Revenue from contract with customer, including assessed tax	3,305	2,744	304
Interest Income from Commercial Loan and Master Lease Investments
Revenues
Commercial Loan Investments	2,861	3,034	1,829
Total Revenues	2,861	3,034	1,829
Real Estate Operations
Revenues
Total Revenues	13,427	650	852
Real Estate Operations \| Subsurface Revenue, Lease
Revenues
Lease revenue			598
Real Estate Operations \| Mitigation Credit Sales
Revenues
Revenue from contract with customer, including assessed tax	708	6
Real Estate Operations \| Subsurface Revenue - Other
Revenues
Revenue from contract with customer, including assessed tax	4,724	638	150
Real Estate Operations \| Land Sales Revenue
Revenues
Revenue from contract with customer, including assessed tax	$ 7,995
Real Estate Operations \| Fill Dirt and Other Revenue
Revenues
Revenue from contract with customer, including assessed tax		$ 6	$ 104

REVENUE RECOGNITION - Timing of Revenue Recognition (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues
Revenue from contract with customer, including assessed tax	$ 13,427	$ 650	$ 852
Over Lease Term	50,351	49,392	42,453
Commercial Loan Investment Related Revenue		3,034	1,829
Total Revenues	70,272	56,381	44,941
Asset/Good Transferred at a Point in Time
Revenues
Revenue from contract with customer, including assessed tax	13,427	6	254
Services Transferred Over Time
Revenues
Revenue from contract with customer, including assessed tax	3,633	3,949	405
Income Properties
Revenues
Over Lease Term	50,351	49,392	41,855
Total Revenues	50,679	49,953	41,956
Income Properties \| Services Transferred Over Time
Revenues
Revenue from contract with customer, including assessed tax	328	561	101
Management Fee Income
Revenues
Total Revenues	3,305	2,744	304
Management Fee Income \| Services Transferred Over Time
Revenues
Revenue from contract with customer, including assessed tax	3,305	2,744	304
Interest Income from Commercial Loan and Master Lease Investments
Revenues
Commercial Loan Investment Related Revenue	2,861	3,034	1,829
Total Revenues	2,861	3,034	1,829
Real Estate Operations
Revenues
Over Lease Term			598
Total Revenues	13,427	650	852
Real Estate Operations \| Asset/Good Transferred at a Point in Time
Revenues
Revenue from contract with customer, including assessed tax	$ 13,427	6	$ 254
Real Estate Operations \| Services Transferred Over Time
Revenues
Revenue from contract with customer, including assessed tax		$ 644

INCOME PROPERTIES - Leasing Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Leasing Revenue
Lease Payments	$ 41,791	$ 39,825	$ 37,431
Variable Lease Payments	8,888	10,128	4,525
Total Leasing Revenue	$ 50,679	$ 49,953	$ 41,956

INCOME PROPERTIES - Minimum Future Base Rental Revenue on Non-cancelable Leases (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Minimum future base rental revenue on non-cancelable leases
2022	$ 49,275
2023	47,369
2024	45,023
2025	43,658
2026	37,842
2027 and thereafter (cumulative)	168,754
Total	$ 391,921

INCOME PROPERTIES - Acquisitions (Details) $ in Thousands	12 Months Ended
INCOME PROPERTIES - Acquisitions (Details) $ in Thousands	Dec. 31, 2021 USD ($) ft² property item	Dec. 31, 2020 USD ($) ft² property	Dec. 31, 2019 USD ($) property	Nov. 03, 2020 USD ($)
Acquisitions of Income Properties
Weighted average amortization period of intangible assets	7 years 9 months 18 days
Aggregate outstanding principal balance				$ 2,000
Income Property, Multi-tenant, Crossroads Towne Center, Chandler, Arizona
Acquisitions of Income Properties
Date of Acquisition	Jan. 24, 2020
Income Property, Multi-tenant, Ashford Lane, Atlanta, Georgia
Acquisitions of Income Properties
Date of Acquisition	Feb. 21, 2020
Income Property, Single-tenant, Ford Motor Credit, Tampa, Florida
Acquisitions of Income Properties
Date of Acquisition	Aug. 21, 2020
2021 Acquisitions
Acquisitions of Income Properties
Number of real estate properties \| property	8
Aggregate acquisition cost including capitalized acquisition costs	$ 249,800
Weighted average amortization period of intangible assets	6 years 9 months 18 days
Property Square-Feet \| ft²	1,111,491
Purchase Price	$ 249,050
Remaining Lease Term at Acquisition Date (in years)	6 years 6 months
2021 Acquisitions \| Nonrecurring basis
Acquisitions of Income Properties
Land	$ 78,000
Buildings and improvements	124,900
Intangible assets pertaining to the in-place lease value, leasing fees and above market lease value	49,700
Intangible liabilities for below market lease value	$ 2,800
2021 Acquisitions \| 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
2021 Acquisitions \| Income Property, Multi-tenant, Eastern Commons, Henderson, Nevada
Acquisitions of Income Properties
Date of Acquisition	Mar. 10, 2021
Property Square-Feet \| ft²	133,304
Purchase Price	$ 18,500
Percentage Leased at Acquisition	96.00%
Remaining Lease Term at Acquisition Date (in years)	6 years 10 months 24 days
2021 Acquisitions \| Income Property, Multi-tenant, Shops at Legacy, Plano, Texas
Acquisitions of Income Properties
Date of Acquisition	Jun. 23, 2021
Property Square-Feet \| ft²	236,867
Purchase Price	$ 72,500
Percentage Leased at Acquisition	83.00%
Remaining Lease Term at Acquisition Date (in years)	6 years 10 months 24 days
2021 Acquisitions \| Income Property, Multi Tenant, Beaver Creek, Apex, North Carolina
Acquisitions of Income Properties
Date of Acquisition	Dec. 02, 2021
Property Square-Feet \| ft²	320,732
Purchase Price	$ 70,500
Percentage Leased at Acquisition	97.00%
Remaining Lease Term at Acquisition Date (in years)	5 years 9 months 18 days
2021 Acquisitions \| Income Property, Multi Tenant ,125 Lincoln & 150 Washington ,Santa Fe, New Mexico
Acquisitions of Income Properties
Date of Acquisition	Dec. 20, 2021
Property Square-Feet \| ft²	136,638
Purchase Price	$ 16,250
Percentage Leased at Acquisition	66.00%
Remaining Lease Term at Acquisition Date (in years)	2 years 8 months 12 days
2021 Acquisitions \| Income Property, Multi Tenant, Synovus ,Winter Park ,Florida
Acquisitions of Income Properties
Date of Acquisition	Dec. 20, 2021
Property Square-Feet \| ft²	28,008
Purchase Price	$ 13,200
Percentage Leased at Acquisition	100.00%
Remaining Lease Term at Acquisition Date (in years)	5 years
2021 Acquisitions \| Income Property, Multi Tenant ,Exchange at Gwinnett ,Buford ,Georgia
Acquisitions of Income Properties
Date of Acquisition	Dec. 30, 2021
Property Square-Feet \| ft²	69,265
Purchase Price	$ 34,000
Percentage Leased at Acquisition	98.00%
Remaining Lease Term at Acquisition Date (in years)	10 years 8 months 12 days
2021 Acquisitions \| Income Property, Two Tenant, Ashford Lane Outparcel, Atlanta, Georgia
Acquisitions of Income Properties
Date of Acquisition	Dec. 30, 2021
Property Square-Feet \| ft²	15,681
Purchase Price	$ 4,100
Percentage Leased at Acquisition	19.00%
Remaining Lease Term at Acquisition Date (in years)	10 months 24 days
2020 Acquisitions
Acquisitions of Income Properties
Aggregate acquisition cost including capitalized acquisition costs		$ 185,700
Weighted average amortization period of intangible assets		4 years 6 months
Property Square-Feet \| ft²		751,210
Purchase Price		$ 185,135
Remaining Lease Term at Acquisition Date (in years)		6 years 6 months
2020 Acquisitions \| Commercial loan and master lease investments
Acquisitions of Income Properties
Purchase Price		$ 21,000
2020 Acquisitions \| Nonrecurring basis
Acquisitions of Income Properties
Land		50,000
Buildings and improvements		94,600
Intangible assets pertaining to the in-place lease value, leasing fees and above market lease value		21,900
Intangible liabilities for below market lease value		$ 1,800
2020 Acquisitions \| 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
2020 Acquisitions \| 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
2020 Acquisitions \| Income Property, Single-tenant, Ford Motor Credit, Tampa, Florida
Acquisitions of Income Properties
Date of Acquisition		Aug. 21, 2020
Property Square-Feet \| ft²		120,500
Purchase Price		$ 26,900
Percentage Leased at Acquisition		100.00%
Remaining Lease Term at Acquisition Date (in years)		5 years 7 months 6 days
2020 Acquisitions \| Income Property, Single-tenant, Master Tenant, Hialeah, Florida
Acquisitions of Income Properties
Date of Acquisition		Sep. 25, 2020
Property Square-Feet \| ft²		108,029
Purchase Price		$ 21,000
Percentage Leased at Acquisition		100.00%
Remaining Lease Term at Acquisition Date (in years)		25 years
Number Of Tenant Repurchase Options \| item	3
2020 Acquisitions \| Income Property, Single-tenant, Master Tenant, Hialeah, Florida \| Commercial loan and master lease investments
Acquisitions of Income Properties
Aggregate outstanding principal balance	$ 21,000
2020 Acquisitions, Multi-tenant
Acquisitions of Income Properties
Number of real estate properties \| property		2
2020 Acquisitions, Single-tenant
Acquisitions of Income Properties
Number of real estate properties \| property		2
2019 Acquisitions
Acquisitions of Income Properties
Aggregate acquisition cost including capitalized acquisition costs			$ 165,700
Weighted average amortization period of intangible assets			9 years 8 months 12 days
Purchase Price			$ 164,700
2019 Acquisitions \| Nonrecurring basis
Acquisitions of Income Properties
Land			45,600
Buildings and improvements			83,500
Intangible assets pertaining to the in-place lease value, leasing fees and above market lease value			23,400
Intangible liabilities for below market lease value			$ 3,100
2019 Acquisitions, Multi-tenant
Acquisitions of Income Properties
Number of real estate properties \| property			1
2019 Acquisitions, Single-tenant
Acquisitions of Income Properties
Number of real estate properties \| property			10

INCOME PROPERTIES - Dispositions (Details) $ in Thousands		12 Months Ended
INCOME PROPERTIES - Dispositions (Details) $ in Thousands	Nov. 26, 2019 USD ($)	Dec. 31, 2021 USD ($) property	Dec. 31, 2020 USD ($)	Jun. 30, 2021 USD ($) property
Dispositions of Income Properties
Sales price		$ 162,300
Gain (Loss) on Sale		28,200
2019 Dispositions, Income Properties
Dispositions of Income Properties
Gain (Loss) on Sale	$ 1,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 2021 Dispositions, Income Properties
Dispositions of Income Properties
Sales price		162,340
Gain (Loss) on Sale		28,209
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 2021 Dispositions, Income Properties \| Income Property, World of Beer, Fuzzys Taco Shop, Brandon, Florida
Dispositions of Income Properties
Sales price		2,310
Gain (Loss) on Sale		599
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 2021 Dispositions, Income Properties \| Income Property, Single-tenant, Moe's Southwest Grill, Jacksonville, Florida
Dispositions of Income Properties
Sales price		2,541
Gain (Loss) on Sale		109
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 2021 Dispositions, Income Properties \| Income Property, Burlington Coat Stores, Inc, North Richland Hills, Texas
Dispositions of Income Properties
Sales price		11,528
Gain (Loss) on Sale		62
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 2021 Dispositions, Income Properties \| Income Property, Staples, Sarasota, Florida
Dispositions of Income Properties
Sales price		4,650
Gain (Loss) on Sale		662
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 2021 Dispositions, Income Properties \| Income Property, The Strand - Fogo De Chao, Jacksonville, Florida
Dispositions of Income Properties
Sales price		4,717
Gain (Loss) on Sale		866
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 2021 Dispositions, Income Properties \| Income Property, Wells Fargo, Raleigh, North Carolina
Dispositions of Income Properties
Sales price		63,000
Gain (Loss) on Sale		17,480
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 2021 Dispositions, Income Properties \| Income Properties, Single-tenant, CMBS Portfolio
Dispositions of Income Properties
Sales price		44,500
Gain (Loss) on Sale		3,899
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 2021 Dispositions, Income Properties \| Income Property, Single-tenant, Chick-fil-A, Chandler, Arizona
Dispositions of Income Properties
Sales price		2,884
Gain (Loss) on Sale		1,582
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 2021 Dispositions, Income Properties \| Income Property, Single-tenant, JPMorgan Chase Bank, Chandler, Arizona
Dispositions of Income Properties
Sales price		4,710
Gain (Loss) on Sale		2,738
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 2021 Dispositions, Income Properties \| Twenty Four Hour Fitness, Falls Church, VA
Dispositions of Income Properties
Sales price		21,500
Gain (Loss) on Sale		$ 212
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 2021 Dispositions, Multi-tenant
Dispositions of Income Properties
Number of real estate properties \| property		1
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 2021 Dispositions, Single-tenant
Dispositions of Income Properties
Number of real estate properties \| property		14
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 2021 Dispositions, Single-tenant \| Income Properties, Single-tenant, CMBS Portfolio
Dispositions of Income Properties
Sales price				$ 44,500
Number of real estate properties \| property				6
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 2020 Dispositions, Income Properties and Land Parcels
Dispositions of Income Properties
Sales price			$ 86,500
Gain (Loss) on Sale			8,600
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 2020 Dispositions, Income Properties
Dispositions of Income Properties
Sales price			85,979
Gain (Loss) on Sale			8,509
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 2020 Dispositions, Income Properties \| CVS, Dallas, TX
Dispositions of Income Properties
Sales price			15,222
Gain (Loss) on Sale			854
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 2020 Dispositions, Income Properties \| Wawa, Daytona Beach, FL
Dispositions of Income Properties
Sales price			6,002
Gain (Loss) on Sale			1,769
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 2020 Dispositions, Income Properties \| JPMorgan Chase Bank, Jacksonville, FL
Dispositions of Income Properties
Sales price			6,715
Gain (Loss) on Sale			959
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 2020 Dispositions, Income Properties \| 7-Eleven, Dallas, TX
Dispositions of Income Properties
Sales price			2,400
Gain (Loss) on Sale			(46)
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 2020 Dispositions, Income Properties \| Bank of America, Monterey, CA
Dispositions of Income Properties
Sales price			9,000
Gain (Loss) on Sale			3,892
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 2020 Dispositions, Income Properties \| Wawa, Jacksonville, FL
Dispositions of Income Properties
Sales price			7,143
Gain (Loss) on Sale			246
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 2020 Dispositions, Income Properties \| Carrabbas, Austin, TX
Dispositions of Income Properties
Sales price			2,555
Gain (Loss) on Sale			(84)
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 2020 Dispositions, Income Properties \| PDQ, Jacksonville, FL
Dispositions of Income Properties
Sales price			2,540
Gain (Loss) on Sale			128
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 2020 Dispositions, Income Properties \| Macaroni Grill
Dispositions of Income Properties
Sales price			2,500
Gain (Loss) on Sale			68
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 2020 Dispositions, Income Properties \| Aspen Development, Aspen, CO
Dispositions of Income Properties
Sales price			28,500
Gain (Loss) on Sale			501
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 2020 Dispositions, Income Properties \| Outback, Austin, TX
Dispositions of Income Properties
Sales price			3,402
Gain (Loss) on Sale			$ 222

INCOME PROPERTIES - General Information (Details)						12 Months Ended
INCOME PROPERTIES - General Information (Details)	Sep. 25, 2020 USD ($) ft²	Nov. 26, 2019 USD ($) property shares	Jul. 16, 2019 USD ($) Options	May 23, 2019 USD ($) ft²	Feb. 21, 2019 USD ($) ft²	Dec. 31, 2021 USD ($) ft² property shares	Dec. 31, 2020 USD ($) ft² property	Dec. 31, 2019 USD ($) property	Aug. 07, 2019 USD ($) a	Jun. 24, 2019 USD ($) ft²	Dec. 31, 2018 property
Acquisitions of Income Properties
Sales price						$ 162,300,000
Number of properties disposed for cash \| property		15
Units issued \| shares		1,223,854				823,878
Number of properties disposed for units \| property		5
Stock Issuance						$ 357,000	$ 513,000	$ 532,000
Gain on sale of properties (in dollars per share)								20.60
Percentage of investment in PINE						6.30%
Gain (Loss) on Sale						$ 28,200,000
Payments for Tenant Improvements						5,041,000
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate						39,095,000	38,320,000	34,625,000
Aggregate outstanding principal balance						$ 38,099,000	37,735,000
Amount allocated of total acquisition cost
Weighted average amortization period of intangible assets						7 years 9 months 18 days
Weighted average amortization period of intangible liabilities						8 years 8 months 12 days
2021 Acquisitions
Acquisitions of Income Properties
Number of real estate properties \| property						8
Payments to Acquire Commercial Real Estate						$ 249,050,000
Aggregate acquisition cost including capitalized acquisition costs						$ 249,800,000
Area of real estate property \| ft²						1,111,491
Amount allocated of total acquisition cost
Weighted average amortization period of intangible assets						6 years 9 months 18 days
2020 Acquisitions
Acquisitions of Income Properties
Payments to Acquire Commercial Real Estate							185,135,000
Aggregate acquisition cost including capitalized acquisition costs							$ 185,700,000
Area of real estate property \| ft²							751,210
Amount allocated of total acquisition cost
Weighted average amortization period of intangible assets							4 years 6 months
2020 Acquisitions, Multi-tenant
Acquisitions of Income Properties
Number of real estate properties \| property							2
2020 Acquisitions, Single-tenant
Acquisitions of Income Properties
Number of real estate properties \| property							2
2019 Acquisitions
Acquisitions of Income Properties
Payments to Acquire Commercial Real Estate								164,700,000
Aggregate acquisition cost including capitalized acquisition costs								165,700,000
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate								$ 16,300,000
Amount allocated of total acquisition cost
Weighted average amortization period of intangible assets								9 years 8 months 12 days
Weighted average amortization period of intangible liabilities						9 years 8 months 12 days
2019 Acquisitions, Multi-tenant
Acquisitions of Income Properties
Number of real estate properties \| property								1
2019 Acquisitions, Single-tenant
Acquisitions of Income Properties
Number of real estate properties \| property								10
Commercial loan and master lease investments
Acquisitions of Income Properties
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate						$ 39,095,000	$ 38,320,000
Aggregate outstanding principal balance						38,099,000	37,735,000
Commercial loan and master lease investments \| 2020 Acquisitions
Acquisitions of Income Properties
Payments to Acquire Commercial Real Estate							21,000,000.0
2019 Dispositions, Income Properties
Acquisitions of Income Properties
Gain on sale of properties (in dollars per share)		$ 0.16
Gain (Loss) on Sale		1,000,000.0
Cocina 214
Acquisitions of Income Properties
Amount funded to tenants			$ 1,000,000.0
Collection of lease rent			300,000
Payments for Tenant Improvements			$ 700,000
Broken Hook LLC
Acquisitions of Income Properties
Lease term			10 years
Option to extend			true
Number of renewal options \| Options			4
Renewal term			5 years
Ground Lease Loan - 400 Josephine Street, Austin, TX
Acquisitions of Income Properties
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate						17,189,000	16,827,000
Aggregate outstanding principal balance						16,250,000	$ 16,250,000
Lease Revenue - Billboards
Acquisitions of Income Properties
Number of real estate properties \| property							9
Nonrecurring basis \| 2021 Acquisitions
Acquisitions of Income Properties
Land						78,000,000.0
Buildings and improvements						124,900,000
Intangible assets pertaining to the in-place lease value, leasing fees and above market lease value						49,700,000
Intangible liabilities for below market lease value						$ 2,800,000
Nonrecurring basis \| 2020 Acquisitions
Acquisitions of Income Properties
Land							$ 50,000,000.0
Buildings and improvements							94,600,000
Intangible assets pertaining to the in-place lease value, leasing fees and above market lease value							21,900,000
Intangible liabilities for below market lease value							1,800,000
Nonrecurring basis \| 2019 Acquisitions
Acquisitions of Income Properties
Land								$ 45,600,000
Buildings and improvements								83,500,000
Intangible assets pertaining to the in-place lease value, leasing fees and above market lease value								23,400,000
Intangible liabilities for below market lease value								$ 3,100,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Acquisitions of Income Properties
Number of properties sold \| property								21
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Income Property Subject To Lease Disposal Group2019 \| Single-tenant
Acquisitions of Income Properties
Number of properties sold \| property								21
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Income Property Subject To Lease Disposal Group2019 \| Multi-tenant
Acquisitions of Income Properties
Number of properties sold \| property											3
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 2020 Dispositions, Income Properties and Land Parcels
Acquisitions of Income Properties
Sales price							86,500,000
Gain (Loss) on Sale							8,600,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 2020 Dispositions, Income Properties
Acquisitions of Income Properties
Sales price							$ 85,979,000
Number of properties sold \| property							11
Gain (Loss) on Sale							$ 8,509,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 2020 Dispositions, Billboard Sites
Acquisitions of Income Properties
Sales price							$ 1,500,000
Number of properties sold \| property							8
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 2020 Dispositions, Land Parcels
Acquisitions of Income Properties
Number of properties sold \| property							1
Florida
Acquisitions of Income Properties
Payments to Acquire Commercial Real Estate	$ 21,000,000.0
Area of real estate property \| ft²	108,000
Alpine Income Property Trust, Inc.
Acquisitions of Income Properties
Units issued \| shares						8,088
Stock Issuance						$ 100,000
Percentage of investment in PINE						15.60%
Alpine Income Property Trust, Inc. \| OP Units
Acquisitions of Income Properties
Sales price		125,900,000
Stock Issuance		23,300,000
Percentage of investment in PINE						9.30%
Alpine Income Property Trust, Inc. \| OP Units \| 2019 Dispositions, Income Properties
Acquisitions of Income Properties
Stock Issuance		$ 15,500,000
Alpine Income Property Trust, Inc. \| Common Stock \| 2019 Dispositions, Income Properties
Acquisitions of Income Properties
Units issued \| shares		815,790
Alpine Income Property Trust, Inc. \| Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 2019 Dispositions, Income Properties, Single-tenant
Acquisitions of Income Properties
Number of properties in the disposal group \| property		20
Income Property, Multi-tenant, The Grove, Wawa Outparcel, Winter Park, Florida \| Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 2019 Dispositions, Income Properties
Acquisitions of Income Properties
Sales price									$ 2,800,000
Gain on sale of properties (in dollars per share)						$ 0.33
Area of real estate property \| a									1.56
Gain (Loss) on Sale						2,100,000
Income Property, Multi-tenant, 3600 Peterson, Santa Clara, California \| Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 2019 Dispositions, Income Properties
Acquisitions of Income Properties
Sales price										$ 37,000,000.0
Gain on sale of properties (in dollars per share)						1.36
Area of real estate property \| ft²										76,000
Gain (Loss) on Sale						$ 9,000,000.0
Income Property, Multi-tenant, The Grove, Winter Park, Florida \| Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 2019 Dispositions, Income Properties
Acquisitions of Income Properties
Sales price				$ 18,300,000
Gain on sale of properties (in dollars per share)				$ 0.42
Area of real estate property \| ft²				112,000
Gain (Loss) on Sale				$ 2,800,000
Income Property, Multi-tenant, Whole Foods Market Centre, Sarasota, Florida \| Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 2019 Dispositions, Income Properties
Acquisitions of Income Properties
Sales price					$ 24,600,000
Gain on sale of properties (in dollars per share)					$ 0.96
Area of real estate property \| ft²					59,000
Gain (Loss) on Sale					$ 6,900,000

COMMERCIAL LOAN AND MASTER LEASE INVESTMENTS - Summary of Commercial Loan Investments (Details) - USD ($) $ in Thousands		6 Months Ended	12 Months Ended
	Sep. 25, 2020	Jun. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Mortgage Loans On Real Estate [Line Items]
Original Face Amount			$ 38,099	$ 37,735
Current Face Amount			38,099	37,735
Carrying Value			39,095	38,320	$ 34,625
Florida
Mortgage Loans On Real Estate [Line Items]
Loan Origination		$ 400
Term	25 years	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			17,189	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			21,148	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			$ 394	$ 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	Dec. 31, 2021	Dec. 31, 2020	Jan. 01, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current Face Amount	$ 38,099	$ 37,735
Imputed Interest over Rent Payments Received	409	399		$ 194
CECL Reserve		(1,968)	$ (300)
Total Commercial Loan and Master Lease Investments	39,095	38,320		$ 34,625
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	1,002	593
Unaccreted Origination Fees	(2)	(4)
CECL Reserve	(4)	(4)
Total Commercial Loan and Master Lease Investments	$ 39,095	$ 38,320

COMMERCIAL LOAN AND MASTER LEASE INVESTMENTS - General Information (Details) $ / shares in Units, $ in Thousands					3 Months Ended	6 Months Ended	12 Months Ended
	Nov. 03, 2020 USD ($)	Oct. 13, 2020 USD ($)	Sep. 25, 2020 USD ($) ft²	Jan. 01, 2020 USD ($) $ / shares	Jun. 30, 2020 USD ($) property Transaction $ / shares	Jun. 30, 2021 USD ($)	Dec. 31, 2020 USD ($) a loan $ / shares	Dec. 31, 2021 USD ($) a
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current expected credit losses reserve				$ 300			$ 1,968
Loss on sale of loans							$ (353)
Area of land (in acres) \| a							345	84,900
Aggregate outstanding principal balance	$ 2,000
Proceeds from Collection of Loans Receivable	$ 2,000
Florida
Accounts, Notes, Loans and Financing Receivable [Line Items]
Area of Real Estate Property \| ft²			108,000
Purchase price			$ 21,000
Loan Origination						$ 400
Term			25 years			1 year 6 months
Coupon Rate						10.00%
Promissory note
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan Origination		$ 400
Term		2 years 6 months
Coupon Rate		7.50%
Commercial loan and master lease investments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current expected credit losses reserve							$ 4	$ 4
Aggregate impairment charges after tax				$ 1,900			$ 1,900
Aggregate impairment charges per share, after tax \| $ / shares				$ 0.30
Number Of Commercial Loan Investment Sold					4		4
Number Of Transactions In Which Commercial Loan Investments Were Sold \| Transaction					2
Proceeds from Sale of Loans Held-for-investment					$ 20,000
Loss on sale of loans					$ 400		$ 2,100
Loss on sale of loans (in dollars per share) \| $ / shares					$ 0.06		$ 0.33

RELATED PARTY MANAGEMENT SERVICES BUSINESS - General Information (Details) $ / shares in Units, $ in Thousands			3 Months Ended	12 Months Ended
	Dec. 10, 2021 USD ($)	Nov. 26, 2019 USD ($) property shares	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) shares	Dec. 31, 2019 USD ($) shares	Jan. 07, 2022 USD ($) property	Aug. 26, 2021 USD ($) $ / shares
Real Estate [Line Items]
Share purchased \| shares		1,223,854		823,878
Purchase price of shares				$ 357	$ 513	$ 532
Equity Method Investments				0	48,677
Investment in Alpine Income Property Trust, Inc.				$ 41,037	30,574
Percentage of investment in PINE				6.30%
Sales price				$ 162,300
Outstanding Principal				283,034	280,500
Gain (Loss) on Extinguishment of Debt				$ (3,431)	$ 1,141
Alpine Income Property Trust, Inc.
Real Estate [Line Items]
Share purchased \| shares				8,088
Purchase price of shares				$ 100
Closing share price (in dollars per share) \| $ / shares				$ 17.65
Investment in Alpine Income Property Trust, Inc.				$ 41,000
Percentage of investment in PINE				15.60%
Private placement
Real Estate [Line Items]
Share purchased \| shares		394,737
Purchase price of shares		$ 7,500
IPO Purchase
Real Estate [Line Items]
Share purchased \| shares					815,790	815,790
IPO Purchase \| Alpine Income Property Trust, Inc.
Real Estate [Line Items]
Share purchased \| shares		421,053
Purchase price of shares		$ 8,000
OP Units \| Alpine Income Property Trust, Inc.
Real Estate [Line Items]
Share purchased \| shares				1,223,854
2022 Acquisitions \| Subsequent Event
Real Estate [Line Items]
Number of real estate properties \| property							1
Sales price							$ 6,900
Land JV
Real Estate [Line Items]
Management fee revenue earned				$ 100	$ 200	$ 100
Equity Method Investments					41,765
Percentage of investment in PINE	33.50%
Management fee revenue earned per month	$ 20			20,000
Monthly management fee	$ 10			$ 10,000
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	0
Management fee revenue earned				3,200	2,600	300
Proceeds from Dividends Received				$ 2,100	$ 1,700	$ 100
Alpine
Real Estate [Line Items]
Number of properties sold \| property		15
Aggregate cash consideration		$ 125,900
Share purchased \| shares				823,878
Amount of shares authorized for purchase by the board								$ 5,000
Closing share price (in dollars per share) \| $ / shares				$ 17.65				$ 17.75
Alpine \| Mortgage Notes Payable Under CMBS Portfolio
Real Estate [Line Items]
Real estate acquired purchase price			$ 44,500
Outstanding Principal			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	Dec. 31, 2021	Dec. 31, 2020
Real Estate [Line Items]
Management Services Fee due from PINE	$ 913	$ 631
Dividend receivable	330
Other	410	35
Total	$ 1,653	$ 666

- Definition

For an unclassified balance sheet, amounts due from related parties including affiliates, employees, joint ventures, officers and stockholders, immediate families thereof, and pension funds.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(1))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03.10(3))
-URI http://asc.fasb.org/extlink&oid=120398452&loc=d3e534808-122878

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(C))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(B))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03.3)
-URI http://asc.fasb.org/extlink&oid=120400017&loc=d3e572229-122910

+ Details

REAL ESTATE OPERATIONS - Land and Development Costs (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
REAL ESTATE OPERATIONS
Land and Development Costs	$ 358	$ 6,377
Subsurface Interests	334	706
Total Land and Development Costs	$ 692	$ 7,083

REAL ESTATE OPERATIONS - Real Estate Operations Revenues (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues
Subsurface Revenue	$ 4,724	$ 638	$ 748
Revenue from contract with customer, including assessed tax	13,427	650	852
Discontinued operations
Revenues
Revenue from contract with customer, including assessed tax			11,043
Mitigation Credit Sales
Revenues
Revenue from contract with customer, including assessed tax	708	6
Mitigation Credit Sales \| Real Estate Operations
Revenues
Revenue from contract with customer, including assessed tax	708	6
Land Sales Revenue
Revenues
Revenue from contract with customer, including assessed tax	7,995
Land Sales Revenue \| Discontinued operations
Revenues
Revenue from contract with customer, including assessed tax			10,975
Land Sales Revenue \| Real Estate Operations
Revenues
Revenue from contract with customer, including assessed tax	$ 7,995
Fill Dirt and Other Revenue
Revenues
Revenue from contract with customer, including assessed tax		6	104
Fill Dirt and Other Revenue \| Real Estate Operations
Revenues
Revenue from contract with customer, including assessed tax		$ 6	104
Agriculture \| Discontinued operations
Revenues
Revenue from contract with customer, including assessed tax			$ 68

- 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=123359005&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=123351226&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=123359005&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=123359005&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&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=123359005&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=123351226&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=123359005&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=123359005&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	3 Months Ended	12 Months Ended
	Sep. 30, 2021 USD ($) a	Dec. 31, 2019 USD ($)	Dec. 31, 2021 a	Dec. 31, 2020 a
Land and subsurface interests
Area of land (in acres) \| a			84,900	345
Gain on Sale		$ 133,000
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
Gain on Sale	200
Daytona Beach Development
Land and subsurface interests
Raze and entitlement cost	1,600
Sale price	$ 6,250

REAL ESTATE OPERATIONS - Mitigation Credits (Details) $ in Thousands		3 Months Ended			12 Months Ended
	Sep. 30, 2022 USD ($)	Dec. 31, 2020 USD ($)	Sep. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2021 USD ($) item	Dec. 31, 2020 USD ($) item	Dec. 31, 2019 USD ($) item	Dec. 10, 2021	Sep. 30, 2021
Real Estate Properties [Line Items]
Equity method investment, ownership percentage (as a percent)					6.30%
Number of mitigation credits sold \| item					6
Mitigation credits, acquired		$ 600	$ 1,500	$ 1,500
Asset Acquisition, Interest Purchase Amount Allocated to Mitigation Credits	$ 15,600
Increase in mitigation credits and mitigation credit rights					$ 15,750	$ (3,323)	$ 1,861
Investment mitigation credits assets		2,622			$ 3,702	2,622
Mitigation credits, cost basis						$ 2,900
Number of mitigation credits accrued \| item					2
Mitigation credits accrued as an expense					$ 100
Number of Mitigation Credits Acquired \| item						42	0
Mitigation credits value per credit		$ 75,000	$ 75,000			$ 75,000
Aggregate cost of sales				$ 75,000		3,100
Amount of Mitigation Credits With Cost Basis					700	100
Mitigation credits sold					500
Maximum
Real Estate Properties [Line Items]
Amount of Mitigation Credits With Cost Basis						$ 100
Mitigation Bank
Real Estate Properties [Line Items]
Mitigation credits, acquired	900
Asset Acquisition, Consideration Transferred, Contingent Consideration	18,000
Asset Retained Interest, Previously Recorded Value	6,900
Mitigation credit and mitigation credit rights					24,700
Increase in mitigation credits and mitigation credit rights					$ 22,100
Mitigation credit rights acquired	$ 21,600
Number of Mitigation Credits Acquired \| item						2
Mitigation Credits Purchased						$ 200
Land JV
Real Estate Properties [Line Items]
Equity method investment, ownership percentage (as a percent)								33.50%
Number of Mitigation Credits With Cost Basis \| item						31
Amount of Mitigation Credits With Cost Basis						$ 100
Land JV \| Mitigation Bank
Real Estate Properties [Line Items]
Equity method investment, ownership percentage (as a percent)									100.00%

REAL ESTATE OPERATIONS - Subsurface Interests (Details) $ in Thousands	12 Months Ended			36 Months Ended
	Dec. 31, 2021 USD ($) a	Dec. 31, 2020 USD ($) a	Dec. 31, 2019 USD ($)	Dec. 31, 2021 USD ($) a
Subsurface interests
Area of land (in acres) \| a	84,900	345		84,900
Revenue from contract with customer, including assessed tax	$ 13,427	$ 650	$ 852
Lease revenue	50,679	49,953	41,956
Subsurface Revenue - Other
Subsurface interests
Revenue from contract with customer, including assessed tax	$ 4,724	638	150
Royalty
Subsurface interests
Area of land (in acres) \| a	800			800
Revenue from contract with customer, including assessed tax				$ 100
Subsurface Revenue, Lease
Subsurface interests
Lease revenue			598
Subsurface Interests
Subsurface interests
Revenue from contract with customer, including assessed tax		400	0
Surface land over subsurface interests
Subsurface interests
Area of land (in acres) \| a	370,000			370,000
Revenue recognized for cash payments for the release of surface entry rights	$ 100	200	100
Surface land over subsurface interests \| Lease Revenue [Member]
Subsurface interests
Lease revenue	0	0	600
Real Estate Operations \| Subsurface Revenue - Other
Subsurface interests
Revenue from contract with customer, including assessed tax	4,724	$ 638	150
Real Estate Operations \| Subsurface Revenue, Land Sales
Subsurface interests
Revenue from contract with customer, including assessed tax	$ 4,600
Real Estate Operations \| Subsurface Revenue, Lease
Subsurface interests
Lease revenue			$ 598

REAL ESTATE OPERATIONS - Land Impairments and Discontinued Operations (Details)			3 Months Ended			9 Months Ended	12 Months Ended			27 Months Ended
	Dec. 10, 2021 USD ($) a	Oct. 16, 2019 a	Dec. 31, 2021 USD ($)	Jun. 30, 2021 USD ($)	Sep. 30, 2020 USD ($)	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($) item	Dec. 31, 2019 USD ($) a Transaction	Dec. 31, 2021 USD ($)
Land and development costs and subsurface interests
Number of land sale transactions \| Transaction									5
No. of Acres \| a									5,400
Gross Sales Price									$ 108,000,000.0
Gain on Sale									133,000,000.0
Gain on disposal per share									20.60
Impairment Charges							$ 17,599,000	$ 9,147,000
Undeveloped land
Land and development costs and subsurface interests
Impairment Charges								7,200,000
Daytona Beach Development
Land and development costs and subsurface interests
Impairment Charges					$ 100,000			$ 100,000
Land JV
Land and development costs and subsurface interests
Number of land sale transactions \| item								1
No. of Acres \| a	1,600
Area of land sales as a percentage of land holdings							33.50%
Gross Sales Price						$ 80,700,000			48,900,000	$ 147,000,000.0
Proceeds from sale of land	$ 24,500,000						$ 24,500,000
Final sales price	$ 66,300,000
Impairment Charges			$ 1,100,000	$ 16,500,000			17,600,000	$ 7,100,000
Land JV \| Daytona Beach Development
Land and development costs and subsurface interests
No. of Acres \| a		5,300
Impairment Charges								7,100,000
Income Properties
Land and development costs and subsurface interests
Impairment Charges							0	0	0
Undeveloped Land in Daytona Beach, Florida, Along Interstate 95
Land and development costs and subsurface interests
Impairment Charges							17,600,000	$ 7,200,000
Undeveloped Land in Daytona Beach, Florida, Along Interstate 95 \| Land JV
Land and development costs and subsurface interests
Impairment Charges			$ 1,100,000	$ 16,500,000			$ 17,600,000
Magnetar Land Sale
Land and development costs and subsurface interests
Gross Sales Price									$ 97,000,000.0
Unicorp Development One
Land and development costs and subsurface interests
Number of land sale transactions \| Transaction									2
No. of Acres \| a									23.6
Gross Sales Price									$ 7,100,000
Unicorp Development Two
Land and development costs and subsurface interests
No. of Acres \| a									38
Gross Sales Price									$ 700,000
Land sale to NADG
Land and development costs and subsurface interests
No. of Acres \| a									13
Gross Sales Price									$ 3,000,000.0

INVESTMENT IN JOINT VENTURES - Summary (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Equity Method Investment, Financial Statement, Reported Amounts [Abstract]
Equity method investments	$ 0	$ 48,677
Land JV
Equity Method Investment, Financial Statement, Reported Amounts [Abstract]
Equity method investments		41,765
Mitigation Bank
Equity Method Investment, Financial Statement, Reported Amounts [Abstract]
Equity method investments		$ 6,912

INVESTMENT IN JOINT VENTURES - Summarized Financial Information - Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Equity Method Investment, Summarized Financial Information [Abstract]
Cash and Cash Equivalents	$ 8,615	$ 4,289	$ 6,475
Mitigation Credits	3,702	2,622
Total Assets	733,139	666,700
Liabilities	302,659	315,801
Equity	430,480	350,899	$ 285,413	$ 211,762
Total Liabilities and Shareholders' Equity	$ 733,139	666,700
Land JV
Equity Method Investment, Summarized Financial Information [Abstract]
Cash and Cash Equivalents		802
Prepaid expenses		117
Investment in land assets		5,658
Total Assets		6,577
Liabilities		228
Equity		6,349
Total Liabilities and Shareholders' Equity		6,577
Mitigation Bank
Equity Method Investment, Summarized Financial Information [Abstract]
Cash and Cash Equivalents		1,890
Prepaid expenses		20
Mitigation Credits		1,409
Property, Plant and Equipment, Net		14
Total Assets		3,333
Liabilities		17
Equity		3,316
Total Liabilities and Shareholders' Equity		$ 3,333

INVESTMENT IN JOINT VENTURES - Summarized Financial Information - Statement of Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Equity Method Investment, Summarized Financial Information [Abstract]
Total Revenues	$ 70,272	$ 56,381	$ 44,941
Total Direct Cost of Revenues	(22,430)	(15,211)	(7,105)
Operating Income	23,345	12,280	34,199
Net Income	29,940	78,509	114,973
Land JV
Equity Method Investment, Summarized Financial Information [Abstract]
Total Revenues	67,367	65,446	14,635
Total Direct Cost of Revenues	(8,867)	(13,012)	(1,268)
Operating Income	58,500	52,434	13,367
Other Operating Expenses	(376)	(462)	(90)
Net Income	58,124	51,972	13,277
Mitigation Bank
Equity Method Investment, Summarized Financial Information [Abstract]
Total Revenues	512	4,109	1,922
Total Direct Cost of Revenues	(16)	(167)	(76)
Operating Income	496	3,942	1,846
Other Operating Expenses	(162)	(175)	(197)
Net Income	$ 334	$ 3,767	$ 1,649

- Definition

The aggregate cost of goods produced and sold and services rendered during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.2)
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

+ Details

- 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)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 4: 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=123359005&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 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 7: 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=123359005&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

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=123359005&loc=d3e9031-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 15: 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=123359005&loc=d3e9038-108599

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 18: 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=123359005&loc=d3e9054-108599

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI http://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 22: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1))
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

+ Details

INVESTMENT IN JOINT VENTURES - Adjustments (Details) - USD ($) $ in Thousands		1 Months Ended	6 Months Ended	12 Months Ended			36 Months Ended
	Dec. 10, 2021	Jun. 30, 2018	Jun. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2021	Sep. 30, 2021
Schedule of Equity Method Investments [Line Items]
Investment in Joint Ventures					$ 48,677
Equity method investment, ownership percentage (as a percent)				6.30%			6.30%
Mitigation Bank
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments							$ 0
Investment in Joint Ventures		$ 6,800
Sales price		$ 15,300
Sale of interest in joint venture		70.00%		70.00%
Interest in the joint venture (as a percent)				70.00%
Equity method investment, ownership percentage (as a percent)		30.00%						30.00%
Land JV
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments				$ 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%		33.50%	33.50%
Equity method investment, ownership percentage (as a percent)	33.50%

INVESTMENT IN JOINT VENTURES - General information (Details) $ in Thousands			1 Months Ended	3 Months Ended					6 Months Ended	9 Months Ended	12 Months Ended			27 Months Ended
	Dec. 10, 2021 USD ($)	Nov. 26, 2019 shares	Jun. 30, 2018 USD ($)	Dec. 31, 2021 USD ($) item	Jun. 30, 2021 USD ($)	Dec. 31, 2020 USD ($) item	Sep. 30, 2020 USD ($)	Mar. 31, 2020 USD ($) item	Jun. 30, 2021	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($) item shares	Dec. 31, 2020 USD ($) item	Dec. 31, 2019 USD ($)	Dec. 31, 2021 USD ($) item
Schedule of Equity Method Investments [Line Items]
Gain on Sale													$ 133,000
Units issued \| shares		1,223,854									823,878
Stock Issuance											$ 357	$ 513	532
Gross Sales Price													108,000
Land and Development Costs				$ 692		$ 7,083					692	7,083		$ 692
Impairment Charges											$ 17,599	9,147
Investment in Joint Ventures						48,677						48,677
Equity method investment, ownership percentage (as a percent)				6.30%							6.30%			6.30%
Capital Expenditures											$ 256,854	196,029	187,526
Cash and Cash Equivalents				$ 8,615		4,289					8,615	4,289	6,475	$ 8,615
Migration credits				3,702		2,622					3,702	2,622		3,702
Mitigation credits, Put Right, fair value						$ 6,900						$ 6,900
Mitigation credits, exercised Put Right \| item												48
Number of mitigation credits \| item						8		20				13.31
Mitigation credits, acquired						$ 600	$ 1,500	$ 1,500
Mitigation credits value per credit						$ 75,000	$ 75,000					$ 75,000
Mitigation Credit Rights				21,018							$ 21,018			21,018
Aggregate cost of sales								$ 75,000				3,100
Mitigation Bank
Schedule of Equity Method Investments [Line Items]
Equity interest acquired										70.00%
Acquired price										$ 18,000
Capital Expenditures										16,100
Cash										1,900
Previously recorded value										6,900
Total cost										24,900
Cash and Cash Equivalents										1,800
Restricted cash										600
Migration credits										900
Mitigation Credit Rights										$ 21,600
Mitigation Bank
Schedule of Equity Method Investments [Line Items]
Sale of interest in joint venture			70.00%								70.00%
Interest in the joint venture (as a percent)											70.00%
Investment in Joint Ventures			$ 6,800
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							$ 6,000			$ 6,000
Mitigation credits, Operating Agreement, credit sales, Minimum Sales Requirement, maximum credits, number \| item				60							60			60
Mitigation credits, Operating Agreement, credit sales, Minimum Sales Guarantee, fair value			$ 100
Mitigation credits, Put Right, maximum credits the Company must purchase, per quarter, number \| instrument										8.536
Mitigation credits, Put Right, maximum credits the Company must purchase, per quarter, price to fair value (as a percent)										60.00%
Mitigation credits, Put Right, third-party credit sales, reduction in Put Rights outstanding if sales price equals or exceeds price stipulated by Put Right, ratio										1
Mitigation credits, Put Right, maximum potential future payments										$ 27,000
Mitigation credits, Put Right, fair value			$ 200
Mitigation Bank \| Mitigation Bank
Schedule of Equity Method Investments [Line Items]
Gross Sales Price										6,900
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%								33.50%		33.50%
Gross Sales Price										$ 80,700			$ 48,900	$ 147,000
Final sales price	$ 66,300
Proceeds from sale of land	$ 24,500										$ 24,500
Impairment Charges				$ 1,100	$ 16,500						17,600	$ 7,100
Investment in Joint Ventures				$ 48,900							48,900			$ 48,900
Equity method investment, ownership percentage (as a percent)	33.50%
Monthly management fee	$ 10										10,000
Management fee revenue earned per month	$ 20										$ 20,000

INVESTMENT SECURITIES - General Information (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Nov. 26, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Aug. 26, 2021
Marketable Securities [Line Items]
Share purchased	1,223,854	823,878
Purchase price of shares		$ 357	$ 513	$ 532
Equity Method Investments		$ 0	48,677
Equity method investment, ownership percentage (as a percent)		6.30%
Investment in Alpine Income Property Trust, Inc.		$ 41,037	$ 30,574
Alpine Income Property Trust, Inc.
Marketable Securities [Line Items]
Share purchased		8,088
Number of shares owned		2,050,000.00
Purchase price of shares		$ 100
Closing share price (in dollars per share)		$ 17.65
Equity method investment, ownership percentage (as a percent)		15.60%
Investment in Alpine Income Property Trust, Inc.		$ 41,000
Alpine Income Property Trust, Inc. \| OP Units
Marketable Securities [Line Items]
Purchase price of shares	$ 23,300
Equity method investment, ownership percentage (as a percent)		9.30%
Alpine
Marketable Securities [Line Items]
Share purchased		823,878
Closing share price (in dollars per share)		$ 17.65			$ 17.75
Private placement
Marketable Securities [Line Items]
Share purchased	394,737
Purchase price of shares	$ 7,500
IPO Purchase
Marketable Securities [Line Items]
Share purchased			815,790	815,790
IPO Purchase \| Alpine Income Property Trust, Inc.
Marketable Securities [Line Items]
Share purchased	421,053
Purchase price of shares	$ 8,000
OP Units \| Alpine Income Property Trust, Inc.
Marketable Securities [Line Items]
Share purchased		1,223,854

INVESTMENT SECURITIES - Tabular Disclosure (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Securities, Trading, and Equity Securities, FV-NI [Abstract]
Cost	$ 38,896	$ 38,753
Unrealized Gains inInvestment Income	2,141
Unrealized Losses in Investment Income		(8,179)
Estimated Fair Value (Level 1 Inputs)	41,037	30,574
Common Stock
Debt Securities, Trading, and Equity Securities, FV-NI [Abstract]
Cost	15,643	15,500
Unrealized Gains inInvestment Income	868
Unrealized Losses in Investment Income		(3,271)
Estimated Fair Value (Level 1 Inputs)	16,511	12,229
Operating Units
Debt Securities, Trading, and Equity Securities, FV-NI [Abstract]
Cost	23,253	23,253
Unrealized Gains inInvestment Income	1,273
Unrealized Losses in Investment Income		(4,908)
Estimated Fair Value (Level 1 Inputs)	$ 24,526	$ 18,345

FAIR VALUE OF FINANCIAL INSTRUMENTS - Carrying Value and Estimated Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Carrying Value \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Carrying value and estimated fair value of financial instruments
Cash and Cash Equivalents	$ 8,615	$ 4,289
Restricted Cash	22,734	29,536
Carrying Value \| Significant Other Observable Inputs (Level 2) [Member]
Carrying value and estimated fair value of financial instruments
Commercial Loan Investments	39,095	38,320
Long-Term Debt	278,273	273,830
Estimated Fair Value \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Carrying value and estimated fair value of financial instruments
Cash and Cash Equivalents	8,615	4,289
Restricted Cash	22,734	29,536
Estimated Fair Value \| Significant Other Observable Inputs (Level 2) [Member]
Carrying value and estimated fair value of financial instruments
Commercial Loan Investments	39,109	38,318
Long-Term Debt	$ 288,000	$ 282,884

FAIR VALUE OF FINANCIAL INSTRUMENTS - Measured on a Recurring Basis (Details) - USD ($) $ in Thousands		12 Months Ended
	Mar. 12, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Nov. 05, 2021	Aug. 31, 2021	Mar. 31, 2021	Mar. 10, 2021
Fair value of assets
Cash Flow Hedge - Interest Rate Swap		$ 1,543
Interest rate (as a percent)					0.73%	0.77%	0.73%	0.22%
Notional amount	$ 23,200				$ 100,000	$ 15,000	$ 100,000	$ 50,000
Payoff of variable-rate mortgage loan		283,519	$ 72,269	$ 103,073
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		41,037	30,574
Recurring basis \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Fair value of assets
Cash Flow Hedge - Interest Rate Swap		41,037	30,574
Recurring basis \| 2026 Term Loan One [Member] \| Interest Rate Swap
Fair value of assets
Cash Flow Hedge - Interest Rate Swap		240	(50)
Recurring basis \| 2026 Term Loan One [Member] \| Interest Rate Swap \| Significant Other Observable Inputs (Level 2) [Member]
Fair value of assets
Cash Flow Hedge - Interest Rate Swap		240	(50)
Recurring basis \| 2027 Term Loan Two [Member] \| Interest Rate Swap
Fair value of assets
Cash Flow Hedge - Interest Rate Swap		550
Recurring basis \| 2027 Term Loan Two [Member] \| Interest Rate Swap \| Significant Other Observable Inputs (Level 2) [Member]
Fair value of assets
Cash Flow Hedge - Interest Rate Swap		550
Recurring basis \| Credit Facility \| Interest Rate Swap
Fair value of assets
Cash Flow Hedge - Interest Rate Swap		727	(1,772)
Recurring basis \| Credit Facility \| Interest Rate Swap \| Significant Other Observable Inputs (Level 2) [Member]
Fair value of assets
Cash Flow Hedge - Interest Rate Swap		$ 727	(1,772)
Recurring basis \| Wells Fargo Mortgage Note Payable [Member] \| Interest Rate Swap
Fair value of assets
Cash Flow Hedge - Interest Rate Swap			(88)
Recurring basis \| Wells Fargo Mortgage Note Payable [Member] \| Interest Rate Swap \| Significant Other Observable Inputs (Level 2) [Member]
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 Thousands	Dec. 31, 2021	Dec. 31, 2020
Nonrecurring basis
Fair value of assets
Asset fair value	$ 0	$ 0

INTANGIBLE ASSETS AND LIABILITIES - Components (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	$ 100,965	$ 68,447
Accumulated Amortization	(21,473)	(18,271)
Total	79,492	50,176
Intangible Lease Liabilities (Included in Accrued and Other Liabilities):
Value of Below Market In-Place Leases	(6,942)	(36,817)
Sub-total Intangible Lease Liabilities-Net	(6,942)	(36,817)
Accumulated Amortization	1,341	12,654
Total	(5,601)	(24,163)
Total Intangible Assets and Liabilities-Net	73,891	26,013
Value of In-Place Leases [Member]
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	59,293	44,558
Value of Above Market In-Place Leases [Member]
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	23,216	10,604
Value of Intangible Leasing Costs [Member]
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	$ 18,456	$ 13,285

INTANGIBLE ASSETS AND LIABILITIES - Activity (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
Intangible Assets And Liabilities
Net amortization increase (decrease)		$ 14,500
Net increase in intangible assets and liabilities		47,900
Below market lease value		5,601	$ 24,163
Income Property, Wells Fargo, Raleigh, North Carolina
Intangible Assets And Liabilities
Below market lease value		19,900
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Income Property, Wells Fargo, Raleigh, North Carolina
Intangible Assets And Liabilities
Increase from acquisitions		29,900
Value of In-Place Leases [Member]
Intangible Assets And Liabilities
Increase from acquisitions		14,700
Value of Above Market In-Place Leases [Member]
Intangible Assets And Liabilities
Increase from acquisitions		12,600
Value of Intangible Leasing Costs [Member]
Intangible Assets And Liabilities
Increase from acquisitions		5,200
Value of Below Market In-Place Leases
Intangible Assets And Liabilities
Increase from acquisitions		$ 29,900
Value of Below Market In-Place Leases \| Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Income Property, Wells Fargo, Raleigh, North Carolina
Intangible Assets And Liabilities
Increase from acquisitions	$ 31,600

INTANGIBLE ASSETS AND LIABILITIES - Amortization (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
INTANGIBLE ASSETS AND LIABILITIES
Amortization Expense	$ 8,264	$ 7,805	$ 5,854
Accretion to Income Properties Revenue	(404)	(1,754)	(2,383)
Net Amortization of Intangible Assets and Liabilities	$ 7,860	$ 6,051	$ 3,471

INTANGIBLE ASSETS AND LIABILITIES - Summary of Estimated Amortization and Accretion (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Future Amortization Amount
Total	$ 79,492	$ 50,176
Future Accretion to Income Property Revenue
Total	(5,601)	$ (24,163)
Net Future Amortization of Intangible Assets and Liabilities
2022	11,399
2023	11,309
2024	11,383
2025	9,603
2026	8,343
2027 and Thereafter	21,854
Total	73,891
Future Amortization
Future Amortization Amount
2022	9,506
2023	9,392
2024	9,381
2025	7,554
2026	6,438
2027 and Thereafter	18,250
Total	60,521
Future Accretion to Income Property Revenue
Future Accretion to Income Property Revenue
2022	1,893
2023	1,917
2024	2,002
2025	2,049
2026	1,905
2027 and Thereafter	3,604
Total	$ 13,370

INTANGIBLE ASSETS AND LIABILITIES - Weighted Average Amortization Period (Details)	12 Months Ended
	Dec. 31, 2021
INTANGIBLE ASSETS AND LIABILITIES
Weighted average amortization period of intangible assets	7 years 9 months 18 days
Weighted average amortization period of intangible liabilities	8 years 8 months 12 days

IMPAIRMENT OF LONG-LIVED ASSETS (Details) - USD ($) $ in Thousands	3 Months Ended			12 Months Ended
	Dec. 31, 2021	Jun. 30, 2021	Sep. 30, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Impairment of Long-Lived Assets
Impairment Charges				$ 17,599	$ 9,147
Land JV
Impairment of Long-Lived Assets
Impairment Charges	$ 1,100	$ 16,500		17,600	7,100
Daytona Beach Development
Impairment of Long-Lived Assets
Impairment Charges			$ 100		100
Daytona Beach Development \| Land JV
Impairment of Long-Lived Assets
Impairment Charges					7,100
Income Properties
Impairment of Long-Lived Assets
Impairment Charges				0	0	$ 0
Undeveloped Land in Daytona Beach, Florida, Along Interstate 95
Impairment of Long-Lived Assets
Impairment Charges				17,600	$ 7,200
Undeveloped Land in Daytona Beach, Florida, Along Interstate 95 \| Land JV
Impairment of Long-Lived Assets
Impairment Charges	$ 1,100	$ 16,500		$ 17,600

OTHER ASSETS (Details) $ in Thousands	Dec. 31, 2021 USD ($) installment	Dec. 31, 2020 USD ($)
Other Assets
Income Property Tenant Receivables	$ 885	$ 2,330
Income Property Straight-line Rent Adjustment and Covid-19 Deferral Balance	5,180	4,686
Operating Leases, Right-of-Use Asset	$ 168	$ 246
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Total Other Assets	Total Other Assets
Golf Rounds Surcharge	$ 338	$ 454
Cash Flow Hedge - Interest Rate Swap	1,543
Infrastructure Reimbursement Receivables	1,080	1,336
Prepaid Expenses, Deposits, and Other	3,526	1,693
Due from Alpine Income Property Trust, Inc.	1,653	666
Financing Costs, Net of Accumulated Amortization	524	769
Total Other Assets	14,897	12,180
COVID-19
Other Assets
Income Property Straight-line Rent Adjustment and Covid-19 Deferral Balance	100	$ 1,000
Tanger
Other Assets
Infrastructure Reimbursement Receivables	$ 800
Number of installments to repay infrastructure reimbursement receivable \| installment	5
Infrastructure reimbursement receivables, installment payment amounts	$ 200
Infrastructure reimbursement receivable, discount	$ 100
Sam's Club
Other Assets
Number of installments to repay infrastructure reimbursement receivable \| installment	3
Infrastructure reimbursement receivables, installment payment amounts	$ 100
Infrastructure reimbursement receivable, discount	300
Sam's Club \| Maximum
Other Assets
Infrastructure reimbursement receivable, discount	$ 30

EQUITY - General Information (Details) - USD ($) $ / shares in Units, $ in Thousands					3 Months Ended	12 Months Ended
	Jun. 28, 2021	Jun. 07, 2021	Apr. 30, 2021	Nov. 26, 2019	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Sep. 30, 2021	Apr. 01, 2021
Class of Stock [Line Items]
Common Stock, shares authorized						500,000,000	25,000,000
Common Stock, par value (in dollars per share)						$ 0.01	$ 1.00
Preferred stock, shares authorized						100,000,000	50,000
Preferred Stock, par value (in dollars per share)						$ 0.01	$ 100.00
Aggregate offering price										$ 350,000
Purchase price of shares						$ 357	$ 513	$ 532
Units issued				1,223,854		823,878
Preferred stock, redemption price per share									$ 25.00
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
Common Stock
Class of Stock [Line Items]
Treasury stock, retired, par value method, amount					$ 7,200	$ (7,190)
Purchase price of shares							$ 10	$ 9
Treasury Stock
Class of Stock [Line Items]
Treasury stock, retired, par value method, amount					$ 77,500	$ 77,541

EQUITY - Public Offering (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Jun. 28, 2021	Dec. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Shares Outstanding		3,000,000	0
Gross Proceeds		$ 72,430
Follow on Public Offering
Class of Stock [Line Items]
Dividend Rate	6.375%
Series A Preferred Stock \| Follow on Public Offering
Class of Stock [Line Items]
Dividend Rate		6.375%
Shares Outstanding		3,000,000
Gross Proceeds		$ 75,000
Net Proceeds		$ 72,428
Dividend per Share		$ 0.3984

EQUITY - Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Nov. 09, 2020
Class of Stock [Line Items]
Special distribution paid in cash		$ 5,600
Special distribution paid in shares		1,198,963
Dividends, Preferred Stock	$ 2,325
Cash dividends paid and declared (in dollars per share)		$ 1.90	$ 0.44
Cash dividends	24,073	$ 8,866	$ 2,198
Special distribution (in dollars per share)		$ 11.98
Aggregate amount of special distribution		$ 55,800		$ 55,800
Common Stock
Class of Stock [Line Items]
Dividends, Common Stock	$ 23,580	$ 64,665	$ 2,198
Cash dividends paid and declared (in dollars per share)	$ 4.00	$ 13.88	$ 0.44
Series A Preferred Stock
Class of Stock [Line Items]
Dividends, Preferred Stock	$ 2,325
Cash dividends paid and declared (in dollars per share)	$ 0.77

COMMON STOCK AND EARNINGS (LOSS) PER SHARE - Summary of Common Stock and Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
COMMON STOCK AND EARNINGS PER SHARE
Net Income (Loss) Attributable to Common Stockholders - Basic	$ 27,615	$ 78,509	$ 114,973
Net Income (Loss) Attributable to Common Stockholders - Diluted	$ 27,615	$ 78,509	$ 114,973
Weighted Average Shares Outstanding (in shares)	5,892,270	4,704,877	4,991,656
Common Shares Applicable to Stock Options Using the Treasury Stock Method			6,387
Total Shares Applicable to Diluted Earnings Per Share (in shares)	5,892,270	4,704,877	4,998,043
Per Share Information-See Note 15: Basic
Income From Continuing Operations Attributable to Common Stockholders (in dollars per share)	$ 4.69	$ 16.69	$ 3.32
Income From Discontinued Operations (Net of Income Tax) Attributable to Common Stockholders (in dollars per share)			19.71
Basic Net Income per Share Attributable to Common Stockholders (in dollars per share)	4.69	16.69	23.03
Diluted
Income From Continuing Operations Attributable to Common Stockholders (in dollars per share)	4.69	16.69	3.32
Income From Discontinued Operations (Net of Income Tax) Attributable to Common Stockholders (in dollars per share)			19.68
Diluted Net Income per Share Attributable to Common Stockholders (in dollars per share)	$ 4.69	$ 16.69	$ 23.00

COMMON STOCK AND EARNINGS (LOSS) PER SHARE - Anti-dilutive Securities and Convertible Notes (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Nov. 05, 2021	Aug. 31, 2021	Mar. 31, 2021	Mar. 10, 2021	Mar. 15, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	2,497	39,558	7,500
Interest rate (as a percent)				0.73%	0.77%	0.73%	0.22%
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%
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%

SHARE REPURCHASES (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Feb. 29, 2020
Stock Repurchases
Stock repurchased amount		$ 2,210	$ 4,100	$ 41,096
Amount of treasury shares retired	$ 77,500
Stock Repurchase Program, February 2020
Stock Repurchases
Stock repurchase program authorized amount		$ 10,000			$ 10,000
Shares repurchased (in shares)		40,553	88,565
Stock repurchased amount		$ 2,200	$ 4,100
Average price per share of stock repurchased		$ 54.48	$ 46.29

LONG-TERM DEBT - Outstanding Indebtedness (Details) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
	Mar. 12, 2021	Jun. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Nov. 05, 2021	Aug. 31, 2021	Mar. 31, 2021	Mar. 10, 2021	Aug. 31, 2020	Feb. 04, 2020
Long-term debt
Face Value of Debt			$ 283,034	$ 280,500
Interest rate (as a percent)						0.73%	0.77%	0.73%	0.22%
Increase (decrease) in long term debt			2,500
Borrowings repaid			283,519	72,269	$ 103,073
Derivatives fixed interest			26	1,910		$ 100,000			$ 50,000	$ 50,000
Outstanding amount			$ 278,273	273,830			$ 15,000
Weighted average fixed interest rate			0.35%
Credit Facility
Long-term debt
Face Value of Debt			$ 67,000
Outstanding amount			$ 67,000	164,845
Credit Facility \| Minimum
Long-term debt
Margin added to variable rate basis (as a percent)			1.35%
Credit Facility \| LIBOR \| Minimum
Long-term debt
Margin added to variable rate basis (as a percent)			1.35%
Credit Facility \| LIBOR \| Maximum
Long-term debt
Margin added to variable rate basis (as a percent)			1.95%
Wells Fargo Mortgage Note Payable Originated September 30, 2014
Long-term debt
Outstanding amount				30,000
Wells Fargo Mortgage Note Payable Originated April 15, 2016
Long-term debt
Outstanding amount				23,183
3.875% Convertible Senior Notes due 2025
Long-term debt
Face Value of Debt			$ 51,034								$ 17,600
Interest rate (as a percent)			3.875%
Outstanding amount			$ 47,469	$ 56,296							$ 11,700
Wells Fargo Mortgage Loan
Long-term debt
Face Value of Debt		$ 30,000	0
Borrowings repaid	$ 23,200		23,200
Fixed interest rate through use of derivative (as a percent)	3.17%
Credit Revolver Amendment 2021
Long-term debt
Proceeds from line of credit			97,900
2026 Term Loan
Long-term debt
Face Value of Debt			65,000						$ 50,000
Proceeds from line of credit		$ 15,000	50,000
Outstanding amount			$ 65,000
2026 Term Loan \| LIBOR \| Minimum
Long-term debt
Margin added to variable rate basis (as a percent)			1.35%
2026 Term Loan \| LIBOR \| Maximum
Long-term debt
Margin added to variable rate basis (as a percent)			1.95%
2025 Notes
Long-term debt
Face Value of Debt			$ 51,000
2025 Notes \| Interest Rate Swap
Long-term debt
Outstanding amount			11,400
2027 Term loan
Long-term debt
Face Value of Debt			100,000			$ 100,000
Interest rate (as a percent)						0.73%
Proceeds from line of credit			100,000
Derivatives fixed interest						$ 100,000
Outstanding amount			$ 100,000
2027 Term loan \| LIBOR \| Minimum
Long-term debt
Margin added to variable rate basis (as a percent)			1.35%
2027 Term loan \| LIBOR \| 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	12 Months Ended
	Dec. 31, 2021	Nov. 05, 2021	Mar. 10, 2021	Mar. 09, 2021	Dec. 31, 2020	Sep. 07, 2017
Long-term debt
Outstanding Principal	$ 283,034				$ 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	$ 143,000
Amount outstanding	67,000
Borrowing capacity	210,000
Outstanding Principal	$ 67,000
Credit Facility \| Minimum
Long-term debt
Margin added to variable rate basis (as a percent)	1.35%
Commitment fee percentage on unused portion of the borrowing capacity	15.00%
Credit Facility \| Maximum
Long-term debt
Commitment fee percentage on unused portion of the borrowing capacity	25.00%
Credit Facility \| LIBOR \| Minimum
Long-term debt
Margin added to variable rate basis (as a percent)	1.35%
Credit Facility \| LIBOR \| Maximum
Long-term debt
Margin added to variable rate basis (as a percent)	1.95%
Credit Revolver Amendment 2021
Long-term debt
Maximum borrowing capacity			$ 210,000	$ 200,000
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 \| LIBOR \| Minimum
Long-term debt
Margin added to variable rate basis (as a percent)	1.35%
2026 Term Loan \| LIBOR \| Maximum
Long-term debt
Margin added to variable rate basis (as a percent)	1.95%
2027 Term loan
Long-term debt
Maximum borrowing capacity		$ 400,000
Outstanding Principal	$ 100,000	$ 100,000
2027 Term loan \| LIBOR \| Minimum
Long-term debt
Margin added to variable rate basis (as a percent)	1.35%
2027 Term loan \| LIBOR \| 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		12 Months Ended
	Mar. 12, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Jun. 30, 2021
Debt Instrument [Line Items]
Borrowings repaid		$ 283,519	$ 72,269	$ 103,073
Outstanding Principal		283,034	$ 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		$ 0			$ 30,000

LONG-TERM DEBT - Convertible Notes (Details)					3 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	Dec. 31, 2021 USD ($) $ / shares	Dec. 31, 2021 USD ($) $ / shares	Dec. 31, 2020 USD ($)	Nov. 05, 2021	Aug. 31, 2021 USD ($)	Mar. 31, 2021	Mar. 10, 2021
Long-term debt
Outstanding Principal					$ 283,034,000	$ 283,034,000	$ 280,500,000
Debt conversion amount							57,359,000
Interest rate (as a percent)								0.73%	0.77%	0.73%	0.22%
Unamortized debt discount of notes					3,565,000	3,565,000
Gain (Loss) on Extinguishment of Debt						(3,431,000)	1,141,000
Outstanding amount					278,273,000	278,273,000	273,830,000		$ 15,000,000.0
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
Threshold principal amount for adjusted conversion price		$ 1,000
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		$ 51,034,000	$ 51,034,000
Debt conversion amount			57,400,000
Interest rate (as a percent)					3.875%	3.875%
Proceeds from private placement			11,700,000
Repurchase of notes			5,900,000
Outstanding amount			$ 11,700,000		$ 47,469,000	$ 47,469,000	56,296,000
2025 Notes maturing on April 15, 2025
Long-term debt
Debt instrument conversion ratio	12.7910				19.4453
Conversion price per share (in dollars per share) \| $ / shares	$ 78.18				$ 51.43	$ 51.43
Threshold principal amount for adjusted conversion price	$ 1,000				$ 1,000
Dividends Declared and Paid - Common Stock (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					1,600,000	1,600,000	2,600,000
Gain (Loss) on Extinguishment of Debt						2,900,000	1,100,000
Repurchase of notes					11,400,000	11,400,000	$ 12,500,000
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					3,600,000	3,600,000
Outstanding amount					$ 51,000,000.0	$ 51,000,000.0

LONG-TERM DEBT - Components (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Nov. 05, 2021	Aug. 31, 2021	Mar. 31, 2021	Mar. 10, 2021	Dec. 31, 2020	Feb. 04, 2020
Long-term debt
Long-term debt	$ 278,273		$ 15,000			$ 273,830
Financing Costs, net of accumulated amortization	(1,196)					(494)
Long-term debt due within one year
Due Within One Year						23,183
Interest rate (as a percent)		0.73%	0.77%	0.73%	0.22%
Credit Facility
Long-term debt
Long-term debt	67,000					164,845
2026 Term Loan
Long-term debt
Long-term debt	65,000
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	$ 47,469					$ 56,296	$ 11,700
Long-term debt due within one year
Interest rate (as a percent)	3.875%
2027 Term loan
Long-term debt
Long-term debt	$ 100,000
Long-term debt due within one year
Interest rate (as a percent)		0.73%

LONG-TERM DEBT - Payments Applicable to Reduction of Principal (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Payments applicable to reduction of principal amounts
2023	$ 67,000
2025	51,034
2026	65,000
2027 and thereafter	100,000
Total Long-Term Debt - Face Value	$ 283,034	$ 280,500

LONG-TERM DEBT - Carrying Value (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
LONG-TERM DEBT
Current Face Amount	$ 283,034	$ 280,500
Unamortized Discount on Convertible Debt	(3,565)
Financing Costs, net of accumulated amortization	(1,196)	(494)
Total Long-Term Debt	$ 278,273	$ 273,830

- Definition

Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References + Details

LONG-TERM DEBT - Financing Costs (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
LONG-TERM DEBT
Deferred financing costs, net	$ 1,196	$ 494
Financing Costs, Net of Accumulated Amortization	$ 524	$ 769

LONG-TERM DEBT - Interest Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
LONG-TERM DEBT
Interest expense	$ 7,065	$ 9,005	$ 10,665
Amortization of Deferred Financing Costs	586	454	444
Amortization of Discount on Convertible Notes	1,278	1,379	1,357
Total Interest Expense	8,929	10,838	12,466
Total Interest Paid	$ 7,274	$ 9,716	$ 10,782

INTEREST RATE SWAPS (Details) - USD ($) $ in Thousands	12 Months Ended
INTEREST RATE SWAPS (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Nov. 05, 2021	Aug. 31, 2021	Mar. 31, 2021	Mar. 12, 2021	Mar. 10, 2021	Dec. 31, 2020	Aug. 31, 2020
Derivative [Line Items]
Notional amount		$ 100,000	$ 15,000	$ 100,000	$ 23,200	$ 50,000
Outstanding Principal	$ 283,034						$ 280,500
Derivatives fixed interest	26	100,000				50,000	$ 1,910	$ 50,000
Credit Facility
Derivative [Line Items]
Outstanding Principal	67,000
2026 Term Loan
Derivative [Line Items]
Outstanding Principal	65,000					$ 50,000
2027 Term loan
Derivative [Line Items]
Outstanding Principal	$ 100,000	100,000
Derivatives fixed interest		$ 100,000
Interest Rate Swap
Derivative [Line Items]
Effectiveness of interest rate cash flow hedge (as a percent)	100.00%
Designated as a hedge \| Interest Rate Swap \| 2026 Term Loan
Derivative [Line Items]
Derivative fixed interest rate (as a percent)	1.51%		0.77%			0.22%
Notional amount	$ 50,000		$ 15,000			$ 50,000
Fair value of interest rate swap agreement to hedge cash flows, assets			$ 240			$ 753
Fair value of interest rate swap agreement to hedge cash flows, liabilities	(26)
Outstanding Principal	$ 50,000
Designated as a hedge \| Interest Rate Swap \| 2027 Term loan
Derivative [Line Items]
Derivative fixed interest rate (as a percent)	1.42%	0.73%
Notional amount	$ 100,000	$ 100,000
Fair value of interest rate swap agreement to hedge cash flows, assets	198	$ 352
Outstanding Principal	$ 100,000

ACCRUED AND OTHER LIABILITIES - Components (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Nov. 05, 2021	Mar. 10, 2021	Dec. 31, 2020	Aug. 31, 2020
ACCRUED AND OTHER LIABILITIES.
Accrued Property Taxes	$ 813			$ 945
Reserve for Tenant Improvements	5,457			1,353
Tenant Security Deposits	1,942			824
Accrued Construction Costs	190			1,783
Accrued Interest	431			602
Environmental Reserve	81			106
Cash Flow Hedge - Interest Rate Swap	26	$ 100,000	$ 50,000	1,910	$ 50,000
Operating Leases - Liability	$ 198			$ 245
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Total Accrued and Other Liabilities			Total Accrued and Other Liabilities
Other	$ 3,983			$ 1,322
Total Accrued and Other Liabilities	$ 13,121			$ 9,090

ACCRUED AND OTHER LIABILITIES - Reserve for Tenant Improvements and Environmental Reserves (Details) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2017 USD ($)	Dec. 31, 2021 USD ($) a	Dec. 31, 2018 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($) a	Dec. 31, 2020 a
Environmental reserves
Tenant improvement allowances and leasing commissions		$ 6.7
Area of land (in acres) \| a		84,900				345
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
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, Shops at Legacy, Plano, Texas
Environmental reserves
Payment of tenant improvement allowances and leasing commissions		1.2
Remaining reserve for tenant improvements		$ 5.5

DEFERRED REVENUE (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
DEFERRED REVENUE
Prepaid Rent	$ 3,921	$ 2,684
Tenant Contributions	574	625
Other Deferred Revenue	10	10
Deferred Revenue, Total	$ 4,505	$ 3,319

STOCK-BASED COMPENSATION - All Equity and Liability Classified Award Activity (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Shares
Incremental compensation cost	$ 0
Shares
Outstanding (in shares)	196,330	196,330
Granted (in shares)		111,516
Vested / Exercised (in shares)		(117,429)
Expired (in shares)		(22,000)
Forfeited (in shares)		(17,255)
Outstanding (in shares)		151,162	196,330
January 28, 2017 \| Performance Shares
Shares
Nonvested (in shares)	55,851	55,851	49,275	28,080
Granted (in shares)	48,134	48,134	26,441	21,195
Vested / Exercised (in shares)		(17,418)	(12,635)
Forfeited (in shares)		(8,449)	(7,230)
Nonvested (in shares)		78,118	55,851	49,275
Shares
Number of shares attributable to Equitable Adjustment (in shares)	15,988
January 28, 2018 \| Restricted Shares [Member]
Shares
Nonvested (in shares)	22,000	22,000
Expired (in shares)		(22,000)
Nonvested (in shares)			22,000
Three-Year Vesting \| Restricted Shares [Member]
Shares
Nonvested (in shares)	38,479	38,479	37,595	34,952
Granted (in shares)	43,050	43,050	23,451	20,696
Vested / Exercised (in shares)		(21,220)	(18,054)	(18,053)
Forfeited (in shares)		(8,806)	(4,513)
Nonvested (in shares)		51,503	38,479	37,595
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 [Member]
Shares
Outstanding (in shares)	80,000	80,000	80,000	80,000
Granted (in shares)		20,332	0	0
Vested / Exercised Shares		(78,791)
Outstanding (in shares)		21,541	80,000	80,000

STOCK-BASED COMPENSATION - Recognized in Financial Statements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
STOCK-BASED COMPENSATION
Total Cost of Share-Based Plans Charged Against Income Before Tax Effect	$ 3,168	$ 2,786	$ 2,688
Income Tax Expense Recognized in Income		$ (678)	$ (681)

STOCK-BASED COMPENSATION - Performance Share Awards - Peer Group Market Condition Vesting (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Original 2010 Plan
Stock-based compensation
Number of shares attributable to Equitable Adjustment (in shares)	46,237
Performance Shares \| January 28, 2017
Stock-based compensation
Performance period		3 years
Number of shares attributable to Equitable Adjustment (in shares)	15,988
Shares
Nonvested (in shares)	55,851	55,851	49,275	28,080
Granted (in shares)	48,134	48,134	26,441	21,195
Vested (in shares)		(17,418)	(12,635)
Forfeited (in shares)		(8,449)	(7,230)
Nonvested (in shares)		78,118	55,851	49,275
Weighted Average Fair Value
Nonvested (in dollars per share)	$ 63.44	$ 63.44	$ 65.59	$ 66.29
Granted (in dollars per share)		32.04	55.82	64.66
Vested (in dollars per share)		58.30	55.66
Forfeited (in dollars per share)		47.04	63.81
Nonvested (in dollars per share)		$ 47.01	$ 63.44	$ 65.59
Compensation cost
Unrecognized compensation cost		$ 1.4
Weighted average period of recognition of unrecognized compensation cost		1 year 8 months 12 days
Performance Shares \| Minimum \| January 28, 2017
Stock-based compensation
Vesting percentage		0.00%
Performance Shares \| Maximum \| January 28, 2017
Stock-based compensation
Vesting percentage		150.00%

STOCK-BASED COMPENSATION - Market Condition Restricted Shares - Stock Price Vesting (Details) - Restricted Shares [Member] - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Jan. 28, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
January 28, 2018
Shares
Nonvested (in shares)		22,000
Expired (in shares)		(22,000)
Nonvested (in shares)			22,000
January 28, 2018 \| Mr Albright [Member]
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 [Member]
Stock-based compensation
Number of shares in each vesting increment	22,000
Share-based Compensation Award Stock Price Vesting Price Increment Two
Shares
Nonvested (in shares)		22,000	22,000	22,000
Expired (in shares)		(22,000)
Nonvested (in shares)			22,000	22,000
Weighted Average Fair Value
Nonvested (in dollars per share)		$ 41.71	$ 41.71	$ 41.71
Expired (in dollars per share)		$ 41.71
Nonvested (in dollars per share)			$ 41.71	$ 41.71
Compensation cost
Unrecognized compensation cost		$ 0
Share-based Compensation Award Stock Price Vesting Price Increment Two \| Mr Albright [Member]
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 [Member]
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 [Member] - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Stock-based compensation
Vesting per year (as a percent)		0.33%
Granted (in shares)	43,050	43,050	23,451	20,696
Shares
Nonvested (in shares)	38,479	38,479	37,595	34,952
Granted (in shares)	43,050	43,050	23,451	20,696
Vested (in shares)		(21,220)	(18,054)	(18,053)
Forfeited (in shares)		(8,806)	(4,513)
Nonvested (in shares)		51,503	38,479	37,595
Weighted Average Fair Value
Nonvested (in dollars per share)	$ 57.82	$ 57.82	$ 60.21	$ 58.07
Granted (in dollars per share)		35.47	55.89	58.78
Vested (in dollars per share)		48.55	59.69	54.43
Forfeited (in dollars per share)		46.59	60.14
Nonvested (in dollars per share)		$ 44.88	$ 57.82	$ 60.21
Compensation cost
Unrecognized compensation cost		$ 1.4
Weighted average period of recognition of unrecognized compensation cost		1 year 8 months 12 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) - shares		3 Months Ended	12 Months Ended
	Jan. 20, 2021	Mar. 31, 2021	Dec. 31, 2021
Original 2010 Plan
Stock-based compensation
Number of shares attributable to Equitable Adjustment (in shares)		46,237
Non-Qualified Stock Option Awards
Stock-based compensation
Number of shares attributable to Equitable Adjustment (in shares)	20,332
Non-Qualified Stock Option Awards \| Minimum
Stock-based compensation
Vesting period			1 year
Non-Qualified Stock Option Awards \| Maximum
Stock-based compensation
Vesting period			3 years

STOCK-BASED COMPENSATION - Non-Qualified Stock Option Award Activity (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Weighted Average Remaining Contractual Term
Outstanding	3 years 2 months 15 days
Exercisable	3 years 2 months 15 days	4 years 3 months 3 days
Stock-based compensation
Aggregate Intrinsic Value, Outstanding (in dollars)	$ 388,837
Aggregate Intrinsic Value, Exercisable (in dollars)	$ 388,837
Original 2010 Plan \| Stock Option [Member]
Shares
Outstanding (in shares)	80,000	80,000	80,000
Granted (in shares)	20,332	0	0
Exercised (in shares)	(78,791)
Outstanding (in shares)	21,541	80,000	80,000
Exercisable (in shares)	21,541	80,000
Weighted Average Exercise Price (in dollars per share)
Outstanding (in dollars per share)	$ 55.63	$ 55.63	$ 55.63
Granted (in dollars per share)		0	0
Exercised (in dollars per share)	44.63
Outstanding (in dollars per share)	43.37	55.63	$ 55.63
Exercisable (in dollars per share)	$ 43.37	$ 55.63
Stock-based compensation
Total intrinsic value of options exercised	$ 900,000
Unrecognized compensation cost (in dollars)	$ 0

STOCK-BASED COMPENSATION - Non-Employee Director Stock Compensation (Details) - Share-based Payment Arrangement, Nonemployee - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Stock-based compensation
Annual award	$ 35,000	$ 20,000	$ 20,000
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	$ 500,000	$ 500,000	$ 500,000
Expense recognized (in shares)	10,922	10,128	9,004
Annual award received	$ 200,000	$ 100,000	$ 200,000

INCOME TAXES - Income Tax Benefit (Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Total income tax benefit (expense)
Income Tax (Expense) Benefit from Continuing Operations	$ 3,079	$ 83,499	$ (5,472)
Income Tax Expense from Discontinued Operations			(32,641)
Total Consolidated Income Tax Benefit (Expense)	$ 3,079	$ 83,499	$ (38,113)

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 3B
-URI http://asc.fasb.org/extlink&oid=109222160&loc=SL51721525-107759

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 20
-Section 45
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123586238&loc=d3e38679-109324

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=109222160&loc=d3e1012-107759

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1361-107760

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=109222160&loc=SL51721523-107759

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.7)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5C
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721675-107760

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721673-107760

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32672-109319

+ Details

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

INCOME TAXES - Components of Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
INCOME TAXES
Federal - Current	$ 235	$ 341	$ (225)
State - Current	44	63	20
Total - Current	279	404	(205)
Federal - Deferred	2,362	70,106	(4,974)
State - Deferred	438	12,989	(293)
Total - Deferred	$ 2,800	$ 83,095	$ (5,267)

INCOME TAXES - Sources of Deferred Income Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred Income Tax Assets
Capital Loss Carryforward	$ 2,249
Net Operating Loss Carryforward	291	$ 1,103
Gross Deferred Income Tax Assets	2,540	1,103
Less - Valuation Allowance	(2,249)
Net Deferred Income Tax Assets	291	1,103
Deferred Income Tax Liabilities
Basis Difference in Joint Venture		(4,624)
Basis Differences in Mitigation Credit Assets	(774)
Total Deferred Income Tax Liabilities	(774)	(4,624)
Net Deferred Income Tax Liabilities	$ (483)	$ (3,521)

INCOME TAXES - Valuation Allowance (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Valuation Allowance [Line Items]
Net Operating Loss Carryforward	$ 291	$ 1,103
Capital Loss Carryforward	2,249
Valuation allowance	2,249
Valuation allowance related to carryforwards	0	$ 0
Land JV
Valuation Allowance [Line Items]
Capital Loss Carryforward	$ 9,000

INCOME TAXES - Reconciliation of Income Tax Computed at Federal Statutory Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Effective Income Tax Rate Reconciliation, Amount
Income Tax (Expense) Benefit Computed at Federal Statutory Rate	$ 4,408	$ 971	$ (4,410)
State Income Tax, Net of Federal Income Tax Benefit	936	180	(1,076)
Income Tax on Permanently Non-Deductible Items		(112)	(86)
Tax Benefit due to De-Recognition of REIT Deferred Tax Liabilities		82,460
Valuation Allowance	(2,216)
Other Reconciling Items	(49)		100
Benefit (Expense) for Income Taxes	$ 3,079	$ 83,499	$ (5,472)
Effective Income Tax Rate Reconciliation, Percent
Federal statutory rate (as a percent)	21.00%	21.00%	21.00%
Income Tax (Expense) Benefit Computed at Federal Statutory Rate (as a percent)	16.40%	(19.50%)	(20.00%)
State Income Tax, Net of Federal Income Tax Benefit (as a percent)	3.50%	(3.60%)	(5.00%)
Income Tax on Permanently Non-Deductible Items (as a percent)	0.00%	2.20%	(0.40%)
Tax Benefit due to De-Recognition of REIT Deferred Tax Liabilities (as a percent)	0.00%	(1652.60%)	0.00%
Valuation Allowance (as a percent)	(8.20%)	0.00%	0.00%
Other Reconciling Items	(0.20%)	0.00%	0.50%
Benefit (Expense) for Income Taxes (as a percent)	11.50%	(1673.40%)	(24.90%)

INCOME TAXES - General Information (Details) $ in Millions	12 Months Ended
INCOME TAXES - General Information (Details) $ in Millions	Dec. 31, 2021 subsidiary	Dec. 31, 2020 USD ($)	Dec. 31, 2019
INCOME TAXES
REIT Eligibility, Distributable , Minimum Percentage of Taxable Income, Excluding Net Capital Gains	90.00%
Number of taxable REIT subsidiaries \| subsidiary	5
Effective income tax rate (as a percent)	11.50%	(1673.40%)	(24.90%)
Deferred tax benefit \| $		$ 82.5
Effective income tax rate, including income taxes attributable to the discontinued operations (as a percent)	11.50%	1673.40%	(24.90%)
Corporate tax rate (as a percent)	21.00%	21.00%	21.00%

INCOME TAXES - Uncertain Tax Positions (Details) $ in Millions	36 Months Ended
	Dec. 31, 2021 USD ($)
INCOME TAXES
Interest and penalties accrued for uncertain positions	$ 0.0

INCOME TAXES - Paid and Refunded (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
INCOME TAXES
Income taxes paid, gross	$ 400	$ 5,000	$ 2,500
Income tax refunds	$ 100	$ 0	$ 700

COMMITMENTS AND CONTINGENCIES - Minimum Future Rental Payments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Minimum future rental payments under non-cancelable operating leases having remaining terms in excess of one year
2022	$ 132
2023	47
2024	12
2025	7
Total	198
Operating leases
Rental expense under all operating leases	$ 100	$ 100	$ 300

COMMITMENTS AND CONTINGENCIES - Legal Proceedings (Details) $ in Millions		12 Months Ended
	Oct. 29, 2022 USD ($)	Dec. 31, 2021 a	Dec. 31, 2019 a	Mar. 31, 2021 USD ($)
Commitments
Land Sales, Area of Land \| a			5,400
Complaint for Declaratory Relief Against Buc-ee's Ltd
Commitments
Cash deposited related to improvements \| $				$ 0.8
Land Sales, Area of Land \| a		35
Escrow funds received \| $	$ 0.6

COMMITMENTS AND CONTINGENCIES - Contractual Commitments - Expenditures (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)
COMMITMENTS AND CONTINGENCIES
Total Commitment	$ 19,737
Less Amount Funded	(5,041)
Remaining Commitment	$ 14,696

BUSINESS SEGMENT DATA - Description (Details)	12 Months Ended
BUSINESS SEGMENT DATA - Description (Details)	Dec. 31, 2021 loan segment property	Dec. 31, 2020	Dec. 31, 2019
Business segment data
Number of operating segment \| segment	4
Number of commercial loan investment	2
Commercial loan and master lease investments
Business segment data
Number of commercial loan investment	2
Number of commercial properties \| property	2
Product concentration \| Identifiable Assets [Member] \| Income Properties
Business segment data
Percentage of total	86.00%	80.00%
Product concentration \| Base Rent Revenues \| Income Properties
Business segment data
Percentage of total	72.10%	88.60%	93.40%

BUSINESS SEGMENT DATA - Summary of Operations in Different Segments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Business segment data
Total Revenues	$ 70,272	$ 56,381	$ 44,941
Operating Income	23,345	12,280	34,199
Impairment charge	17,599	9,147
Gain on Disposition of Assets	28,316	9,746	21,978
Gain (Loss) on Extinguishment of Debt	(3,431)	1,141
Depreciation and Amortization	20,581	19,063	15,797
Capital Expenditures	256,854	196,029	187,526
Identifiable Assets	733,139	666,700
Operating Segments
Business segment data
Impairment charge	(17,599)	(9,147)
Gain on Disposition of Assets	28,316	9,746	21,978
General and Corporate Expense
Business segment data
Operating Income	(31,783)	(30,630)	(25,615)
Depreciation and Amortization	20	27	23
Capital Expenditures	34	30	4
Identifiable Assets	35,132	35,804
Income Properties
Business segment data
Total Revenues	50,679	49,953	41,956
Capital Expenditures	256,456	188,849	166,684
Identifiable Assets	630,747	531,325
Income Properties \| Operating Segments
Business segment data
Operating Income	36,864	37,965	34,955
Depreciation and Amortization	20,561	19,036	15,774
Management Fee Income
Business segment data
Total Revenues	3,305	2,744	304
Capital Expenditures	0	0	0
Identifiable Assets	1,653	700
Management Fee Income \| Operating Segments
Business segment data
Operating Income	3,305	2,744	304
Interest Income from Commercial Loan and Master Lease Investments
Business segment data
Total Revenues	2,861	3,034	1,829
Capital Expenditures	364	7,150	18,047
Identifiable Assets	39,095	38,321
Interest Income from Commercial Loan and Master Lease Investments \| Operating Segments
Business segment data
Operating Income	2,861	3,034	1,829
Real Estate Operations
Business segment data
Total Revenues	13,427	650	852
Identifiable Assets	26,512	59,717
Real Estate Operations \| Operating Segments
Business segment data
Operating Income	$ 4,812	(2,573)	748
Discontinued Real Estate Operations
Business segment data
Capital Expenditures			$ 2,791
Identifiable Assets		$ 833

ASSETS AND LIABILITIES HELD FOR SALE AND DISCONTINUED OPERATIONS - Tabular Disclosure (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets held for sale
Total Assets Held for Sale	$ 6,720	$ 833
Liabilities held for sale
Total Liabilities Held for Sale		(831)
Disposal Group, Held-for-sale, Not Discontinued Operations
Assets held for sale
Property, Plant, and Equipment-Net	6,016
Restricted Cash		833
Intangible Lease Assets - Net	704
Total Assets Held for Sale	6,720	833
Liabilities held for sale
Deferred Revenue		(831)
Total Liabilities Held for Sale		(831)
Land JV Assets \| Disposal Group, Held-for-sale, Not Discontinued Operations
Assets held for sale
Restricted Cash		833
Total Assets Held for Sale		833
Land JV Liabilities \| Disposal Group, Held-for-sale, Not Discontinued Operations
Liabilities held for sale
Deferred Revenue		(831)
Total Liabilities Held for Sale		$ (831)
Income Properties. \| Disposal Group, Held-for-sale, Not Discontinued Operations
Assets held for sale
Property, Plant, and Equipment-Net	6,016
Intangible Lease Assets - Net	704
Total Assets Held for Sale	$ 6,720

ASSETS AND LIABILITIES HELD FOR SALE AND DISCONTINUED OPERATIONS - Deferred Revenue on Land Sales (Details) - USD ($) $ in Thousands	Dec. 31, 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	$ 4,505	$ 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

ASSETS AND LIABILITIES HELD FOR SALE AND DISCONTINUED OPERATIONS - Discontinued Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS
Income Tax Benefit (Expense)			$ (32,641)
Total Income (loss) from Discontinued Operations (Net of Income Tax)			98,368
Discontinued Operations, Held-for-sale
ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS
Total Income (loss) from Discontinued Operations (Net of Income Tax)	$ 0	$ 0	98,368
Golf Operations \| Discontinued Operations, Held-for-sale
ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS
Revenue			4,097
Cost of Revenues			(5,259)
Loss from Operations			(1,162)
Gain on Disposition of Assets			15
Income (Loss) from Discontinued Operations Before Income Tax			(1,147)
Income Tax Benefit (Expense)			291
Total Income (loss) from Discontinued Operations (Net of Income Tax)			(856)
Land Operation \| Discontinued Operations, Held-for-sale
ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS
Revenue			11,043
Cost of Revenues			(6,405)
Loss from Operations			4,638
Gain on Disposition of Assets			127,518
Income (Loss) from Discontinued Operations Before Income Tax			132,156
Income Tax Benefit (Expense)			(32,932)
Total Income (loss) from Discontinued Operations (Net of Income Tax)			$ 99,224

SUBSEQUENT EVENTS (Details) $ in Millions	Jan. 26, 2022 USD ($)	Jan. 07, 2022 USD ($) property	Dec. 31, 2021 USD ($) property	Nov. 05, 2021	Aug. 31, 2021	Mar. 31, 2021	Mar. 10, 2021
Subsequent Events
Purchase price			$ 162.3
Interest rate (as a percent)				0.73%	0.77%	0.73%	0.22%
2021 Acquisitions
Subsequent Events
Number of real estate properties \| property			8
Subsequent Event \| Construction Loan
Subsequent Events
Loan amount	$ 8.7
Extension period (in years)	1 year
Interest rate (as a percent)	7.25%
Origination fee	$ 0.1
Subsequent Event \| 2022 Acquisitions
Subsequent Events
Number of real estate properties \| property		1
Purchase price		$ 6.9

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION - Initial Cost and Subsequent Costs Capitalized (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cost:
Land	$ 192,526
Building & Improvements	325,032
Improvements	3,702
Gross Amount Carried at Close
Land	192,526
Buildings	328,734
Total	521,260	$ 472,126	$ 392,842	$ 463,704
Accumulated Depreciation	23,936	$ 30,316	$ 22,552	$ 28,733
Aggregate cost, net of deferred tax liabilities, of Income Properties, Land, Buildings, and Improvements for Federal income tax	290,800
Income Property, Riverside Avenue, Jacksonville, Florida
Cost:
Land	6,020
Building & Improvements	14,240
Improvements	2,033
Gross Amount Carried at Close
Land	6,020
Buildings	16,273
Total	22,293
Accumulated Depreciation	$ 4,177
Date Acquired	Jul. 16, 2015
Life	43 years
Income Property, Westcliff Shopping Center, Fort Worth, Texas
Cost:
Land	$ 10,521
Building & Improvements	4,196
Improvements	287
Gross Amount Carried at Close
Land	10,521
Buildings	4,483
Total	15,004
Accumulated Depreciation	$ 2,086
Date Acquired	Mar. 01, 2017
Life	10 years
Income Property, Single-tenant, Chuy's Restaurant and Bar, Jacksonville, Florida
Cost:
Land	$ 5,504
Gross Amount Carried at Close
Land	5,504
Total	$ 5,504
Date Acquired	Oct. 10, 2018
Income Property, Crabby's Restaurant, Daytona Beach, Florida
Cost:
Land	$ 5,836
Building & Improvements	4,249
Improvements	45
Gross Amount Carried at Close
Land	5,836
Buildings	4,294
Total	10,130
Accumulated Depreciation	$ 919
Date of Completion	Jan. 25, 2018
Life	40 years
Income Property, Multi-tenant, Crossroads Towne Center, Chandler, Arizona
Cost:
Land	$ 9,592
Building & Improvements	41,717
Improvements	199
Gross Amount Carried at Close
Land	9,592
Buildings	41,916
Total	51,508
Accumulated Depreciation	$ 2,766
Date Acquired	Jan. 24, 2020
Life	35 years
Income Property, General Dynamics Corporation, Reston, Virginia
Cost:
Land	$ 7,530
Building & Improvements	9,068
Gross Amount Carried at Close
Land	7,530
Buildings	9,068
Total	16,598
Accumulated Depreciation	$ 1,216
Date Acquired	Jul. 12, 2019
Life	35 years
Income Property, Single-tenant, Fidelity Investments (affiliate of), Albuquerque, New Mexico
Cost:
Land	$ 5,739
Building & Improvements	29,537
Improvements	12
Gross Amount Carried at Close
Land	5,739
Buildings	29,549
Total	35,288
Accumulated Depreciation	$ 3,655
Date Acquired	Oct. 04, 2018
Life	45 years
Income Property, Single-tenant, Firebirds Wood Fired Grill, Jacksonville, Florida
Cost:
Land	$ 4,203
Gross Amount Carried at Close
Land	4,203
Total	$ 4,203
Date Acquired	Oct. 10, 2018
Income Property, Single-tenant, Ford Motor Credit, Tampa, Florida
Cost:
Land	$ 3,265
Building & Improvements	20,629
Gross Amount Carried at Close
Land	3,265
Buildings	20,629
Total	23,894
Accumulated Depreciation	$ 1,248
Date Acquired	Aug. 21, 2020
Life	40 years
Income Property, LandShark Bar and Grill, Daytona Beach, Florida
Cost:
Land	$ 5,836
Building & Improvements	4,577
Improvements	10
Gross Amount Carried at Close
Land	5,836
Buildings	4,587
Total	10,423
Accumulated Depreciation	$ 869
Date of Completion	Jan. 25, 2018
Life	40 years
Income Property, Party City Corporation, Oceanside, New York
Cost:
Land	$ 2,965
Building & Improvements	3,289
Gross Amount Carried at Close
Land	2,965
Buildings	3,289
Total	6,254
Accumulated Depreciation	$ 237
Date Acquired	Sep. 24, 2019
Life	35 years
Income Property, Multi-tenant, Ashford Lane, Atlanta, Georgia
Cost:
Land	$ 37,717
Building & Improvements	33,422
Improvements	825
Gross Amount Carried at Close
Land	37,717
Buildings	34,247
Total	71,964
Accumulated Depreciation	$ 2,181
Date Acquired	Feb. 21, 2020
Life	36 years
Income Property, The Strand - Fogo De Chao, Jacksonville, Florida
Cost:
Land	$ 12,551
Building & Improvements	36,431
Improvements	204
Gross Amount Carried at Close
Land	12,551
Buildings	36,635
Total	49,186
Accumulated Depreciation	$ 2,906
Date Acquired	Dec. 09, 2019
Life	48 years
Income Property Beaver Creek, Apex, North Carolina
Cost:
Land	$ 21,383
Building & Improvements	39,194
Gross Amount Carried at Close
Land	21,383
Buildings	39,194
Total	60,577
Accumulated Depreciation	$ 149
Date Acquired	Dec. 02, 2021
Life	30 years
Income Property Eastern Commons, Henderson, Nevada
Cost:
Land	$ 7,894
Building & Improvements	8,575
Gross Amount Carried at Close
Land	7,894
Buildings	8,575
Total	16,469
Accumulated Depreciation	$ 325
Date Acquired	Mar. 10, 2021
Life	35 years
Income Property Exchange at Gwinnett, Buford, Georgia
Cost:
Land	$ 4,450
Building & Improvements	25,300
Gross Amount Carried at Close
Land	4,450
Buildings	25,300
Total	29,750
Accumulated Depreciation	$ 4
Date Acquired	Dec. 30, 2021
Life	45 years
Income Property Jordan Landing, West Jordan, Utah
Cost:
Land	$ 10,529
Building & Improvements	5,752
Gross Amount Carried at Close
Land	10,529
Buildings	5,752
Total	16,281
Accumulated Depreciation	$ 250
Date Acquired	Mar. 02, 2021
Life	30 years
Income Property Shops at Legacy, Plano, Texas
Cost:
Land	$ 22,008
Building & Improvements	27,192
Improvements	87
Gross Amount Carried at Close
Land	22,008
Buildings	27,279
Total	49,287
Accumulated Depreciation	$ 918
Date Acquired	Jun. 23, 2021
Life	32 years
Income Property 120 Lincoln & 150 Washington, Santa Fe, New Mexico
Cost:
Land	$ 459
Building & Improvements	12,525
Gross Amount Carried at Close
Land	459
Buildings	12,525
Total	12,984
Accumulated Depreciation	$ 20
Date Acquired	Dec. 20, 2021
Life	30 years
Income Property Synovus, Winter Park, Florida
Cost:
Land	$ 8,524
Building & Improvements	5,139
Gross Amount Carried at Close
Land	8,524
Buildings	5,139
Total	13,663
Accumulated Depreciation	$ 10
Date Acquired	Dec. 20, 2021
Life	30 years

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION - Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cost:
Balance at Beginning of Year	$ 472,126	$ 392,842	$ 463,704
Additions and Improvements	206,646	147,359	130,005
Cost of Real Estate Sold	(157,512)	(68,075)	(200,867)
Balance at End of Year	521,260	472,126	392,842
Accumulated Depreciation:
Balance at Beginning of Year	30,316	22,552	28,733
Depreciation and Amortization	12,270	11,207	9,892
Depreciation on Real Estate Sold	(18,650)	(3,443)	(16,073)
Balance at End of Year	$ 23,936	$ 30,316	$ 22,552

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION - Reconciliation (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
Income Properties, Land, Buildings, and Improvements	$ 515,007
Cost Basis of Assets Classified as Held for Sale on Balance Sheet	6,253
Total	$ 521,260	$ 472,126	$ 392,842	$ 463,704

SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE - Number of commercial loan investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Mortgage Loans On Real Estate [Line Items]
Face Amount of Mortgages	$ 38,099	$ 37,735
Carrying Amounts of Mortgages	39,095	$ 38,320	$ 34,625
Ground Lease Loan - 400 Josephine Street, Austin, TX
Mortgage Loans On Real Estate [Line Items]
Face Amount of Mortgages	16,250
Carrying Amounts of Mortgages	17,189
Master Tenant - Hialeah Lease Loan - Hialeah, FL
Mortgage Loans On Real Estate [Line Items]
Face Amount of Mortgages	21,085
Carrying Amounts of Mortgages	$ 21,148
Mortgage Note - 4311 Maple Avenue, Dallas, TX
Mortgage Loans On Real Estate [Line Items]
Coupon Rate	7.50%
Face Amount of Mortgages	$ 400
Carrying Amounts of Mortgages	$ 394
Mortgage Note - 110 N Beach Street - Daytona Beach, FL
Mortgage Loans On Real Estate [Line Items]
Coupon Rate	10.00%
Face Amount of Mortgages	$ 364
Carrying Amounts of Mortgages	$ 364

SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE - Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Jan. 01, 2020
Mortgage Loans on Real Estate
Balance at Beginning of Year	$ 38,320	$ 34,625
New Mortgage Loans	364	28,360	$ 34,570
Collection of Origination Fees		(125)
Accretion of Origination Fees	2	161	(139)
Imputed Interest Over Rent Payments on Ground Lease Loan	409	399	194
Collection of Principal		(23,132)
CECL Reserve		(1,968)		$ (300)
Balance at End of Year	39,095	$ 38,320	$ 34,625
Carrying amount of mortgages for Federal income tax	$ 18,400