0001558370-22-006299 | 10-Q | XBRL Viewer

Three Months Ended

March 31, 2022

March 31, 2021

Total Cost of Share-Based Plans Charged Against Income Before Tax Effect

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Document and Entity Information - $ / shares	3 Months Ended
Document and Entity Information - $ / shares	Mar. 31, 2022	Apr. 21, 2022
Document Information [Line Items]
Entity Central Index Key	0000023795
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2022
Current Fiscal Year End Date	--12-31
Entity File Number	001-11350
Entity Registrant Name	CTO REALTY GROWTH, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	59-0483700
Entity Address, Address Line One	1140 N. Williamson Blvd.
Entity Address, Address Line Two	Suite 140
Entity Address, City or Town	Daytona Beach
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32114
City Area Code	386
Local Phone Number	274-2202
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Listing, Par Value Per Share	$ 0.01
Entity Common Stock, Shares Outstanding		6,034,355
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	CTO
Security Exchange Name	NYSE
Entity Listing, Par Value Per Share	$ 0.01
Cumulative Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	6.375% Series A Cumulative Redeemable
Trading Symbol	CTO PrA
Security Exchange Name	NYSE
Entity Listing, Par Value Per Share	$ 0.01

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Real Estate:
Land, at Cost	$ 205,241	$ 189,589
Building and Improvements, at Cost	343,717	325,418
Other Furnishings and Equipment, at Cost	736	707
Construction in Process, at Cost	5,163	3,150
Total Real Estate, at Cost	554,857	518,864
Less, Accumulated Depreciation	(27,844)	(24,169)
Real Estate-Net	527,013	494,695
Land and Development Costs	694	692
Intangible Lease Assets-Net	81,925	79,492
Assets Held for Sale-See Note 24	0	6,720
Investment in Alpine Income Property Trust, Inc.	38,587	41,037
Mitigation Credits	3,702	3,702
Mitigation Credit Rights	21,018	21,018
Commercial Loan and Master Lease Investments	21,830	39,095
Cash and Cash Equivalents	9,450	8,615
Restricted Cash	26,385	22,734
Refundable Income Taxes	413	442
Deferred Income Taxes-Net	75
Other Assets - See Note 12	23,127	14,897
Total Assets	754,219	733,139
Liabilities:
Accounts Payable	1,553	676
Accrued and Other Liabilities-See Note 18	13,913	13,121
Deferred Revenue-See Note 19	4,592	4,505
Intangible Lease Liabilities-Net	5,543	5,601
Deferred Income Taxes-Net		483
Long-Term Debt	298,079	278,273
Total Liabilities	323,680	302,659
Commitments and Contingencies-See Note 22
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 March 31, 2022 and December 31, 2021	30	30
Common Stock - 500,000,000 shares authorized; $0.01 par value, 6,011,611 shares issued and outstanding at March 31, 2022 and 5,916,226 shares issued and outstanding at December 31, 2021	60	60
Additional Paid-In Capital	81,092	85,414
Retained earnings	339,828	343,459
Accumulated Other Comprehensive Income	9,529	1,517
Total Stockholders' Equity	430,539	430,480
Total Liabilities and Stockholders' Equity	$ 754,219	$ 733,139

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Preferred Stock
Preferred Stock, Shares Authorized	100,000,000	100,000,000
Preferred Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred Stock, Shares Issued	3,000,000	3,000,000
Preferred Stock, Shares Outstanding	3,000,000	3,000,000
Common Stock
Common Stock, shares authorized	500,000,000	500,000,000
Common Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common Stock, shares issued	6,011,611	5,916,226
Common Stock, shares outstanding	6,011,611	5,916,226
Cumulative Preferred Stock
Preferred Stock
Dividend rate (as a percent)	6.375%	6.375%
Share Price	$ 25.00	$ 25.00

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues
Total Revenues	$ 17,210	$ 14,712
Direct Cost of Revenues
Direct Cost of Revenues	(4,067)	(2,999)
General and Administrative Expenses	(3,043)	(3,132)
Depreciation and Amortization	(6,369)	(4,830)
Total Operating Expenses	(13,479)	(10,961)
Gain (Loss) on Disposition of Assets	(245)	708
Other Gains and Income(Loss)	(245)	708
Total Operating Income	3,486	4,459
Investment and Other Income (Loss)	(1,894)	5,332
Interest Expense	(1,902)	(2,444)
Income (Loss) Before Income Tax Benefit	(310)	7,347
Income Tax Benefit	512	438
Net Income Attributable to the Company	202	7,785
Distributions to Preferred Stockholders	(1,195)
Net Income (Loss) Attributable to Common Stockholders	$ (993)	$ 7,785
Per Share Information-See Note 14: Basic
Basic Net Income (Loss) per Share Attributable to Common Stockholders (in dollars per share)	$ (0.17)	$ 1.32
Per Share Information-See Note 14: Diluted
Diluted Net Income (Loss) per Share Attributable to Common Stockholders (in dollars per share)	$ (0.17)	$ 1.32
Weighted Average Number of Common Shares - Basic (in shares)	5,908,892	5,879,085
Weighted Average Number of Common Shares - Diluted (in shares)	5,908,892	5,879,085
Income Properties
Revenues
Total Revenues	$ 15,168	$ 11,449
Direct Cost of Revenues
Direct Cost of Revenues	(4,016)	(2,917)
Management Fee Income
Revenues
Total Revenues	936	669
Interest Income from Commercial Loan and Master Lease Investments
Revenues
Total Revenues	718	701
Real Estate Operations
Revenues
Total Revenues	388	1,893
Direct Cost of Revenues
Direct Cost of Revenues	$ (51)	$ (82)

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net Income Attributable to the Company	$ 202	$ 7,785
Other Comprehensive Income:
Cash Flow Hedging Derivative - Interest Rate Swaps	8,012	1,237
Total Other Comprehensive Income	8,012	1,237
Total Comprehensive Income	$ 8,214	$ 9,022

- Definition

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

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+ Details

CONSOLIDATED STATEMENTS OF 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, 2020		$ 7,250	$ (77,541)	$ 83,183	$ 339,917	$ (1,910)	$ 350,899
Increase (decrease) in shareholders' equity
Net Income Attributable to the Company					7,785		7,785
Vested Restricted Stock and Performance Shares				(436)			(436)
Stock-Based Compensation Expense				669			669
Par Value $0.01 per Share and Treasury Stock Derecognized at January 29, 2021		(7,190)	77,541	(70,351)
Stock Issuance, Net of Equity Issuance Costs				(16)			(16)
Stock Issuance				292			292
Cash Dividends					(6,057)		(6,057)
Other Comprehensive Income						1,237	1,237
Balance at Mar. 31, 2021		60		13,341	341,645	(673)	354,373
Balance at Dec. 31, 2020		7,250	$ (77,541)	83,183	339,917	(1,910)	350,899
Balance at Dec. 31, 2021	$ 30	60		85,414	343,459	1,517	430,480
Increase (decrease) in shareholders' equity
Net Income Attributable to the Company					202		202
Adjustment to Equity Component of Convertible Debt Upon Adoption of ASU 2020-06				(7,034)	4,022		(3,012)
Vested Restricted Stock and Performance Shares				(845)			(845)
Stock-Based Compensation Expense				619			619
Stock Issuance, Net of Equity Issuance Costs				2,789			2,789
Stock Issuance				149			149
Preferred Stock Dividends Declared for the Period					(1,195)		(1,195)
Cash Dividends					(6,660)		(6,660)
Other Comprehensive Income						8,012	8,012
Balance at Mar. 31, 2022	$ 30	$ 60		$ 81,092	$ 339,828	$ 9,529	$ 430,539

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical)	3 Months Ended
	Mar. 31, 2021 $ / shares
Common Stock
Special Distribution (in dollars per share)	$ 0.01

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Cash Flow from Operating Activities:
Net Income Attributable to the Company	$ 202	$ 7,785
Adjustments to Reconcile Net Income Attributable to the Company to Net Cash Provided by Operating Activities:
Depreciation and Amortization	6,369	4,830
Amortization of Intangible Liabilities to Income Property Revenue	481	(396)
Amortization of Deferred Financing Costs to Interest Expense	165	165
Amortization of Discount on Convertible Debt	69	310
Loss (Gain) on Disposition of Assets	66	(708)
Loss on Disposition of Commercial Loan and Master Lease Investments	179
Impairment Charges	0	0
Accretion of Commercial Loan and Master Lease Investment Origination Fees	(8)
Non-Cash Imputed Interest	(93)	(103)
Deferred Income Taxes	(558)	(178)
Unrealized (Gain) Loss on Investment Securities	2,457	(4,834)
Non-Cash Compensation	906	958
Decrease (Increase) in Assets:
Refundable Income Taxes	29	(252)
Land and Development Costs	(2)	(1)
Mitigation Credits and Mitigation Credit Rights		9
Other Assets	(345)	143
Increase (Decrease) in Liabilities:
Accounts Payable	876	(308)
Accrued and Other Liabilities	548	(1,225)
Deferred Revenue	87	143
Net Cash Provided By Operating Activities	11,428	6,338
Cash Flow from Investing Activities:
Acquisition of Real Estate and Intangible Lease Assets and Liabilities	(23,864)	(39,115)
Cash Contribution to Joint Ventures		(9)
Proceeds from Disposition of Property, Plant, and Equipment, Net, and Assets Held for Sale	6,754	4,702
Principal Payments Received on Commercial Loan and Master Lease Investments	17,182
Acquisition of Investment Securities	(88)
Net Cash Provided By (Used In) Investing Activities	(16)	(34,422)
Cash Flow From Financing Activities:
Proceeds from Long-Term Debt	4,000	84,000
Payments on Long-Term Debt	(5,000)	(77,183)
Cash Paid for Loan Fees	(148)	(873)
Payments for Exercise of Stock Options and Common Stock Issuance	(110)	(4)
Cash Paid for Vesting of Restricted Stock	(845)	(436)
Proceeds from Issuance of Common Stock, Net	2,789	(16)
Dividends Paid - Preferred Stock	(1,195)
Dividends Paid - Common Stock	(6,417)	(5,929)
Net Cash Used In Financing Activities	(6,926)	(441)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash	4,486	(28,525)
Cash, Cash Equivalents and Restricted Cash, Beginning of Period	31,349	33,825	$ 33,825
Cash, Cash Equivalents and Restricted Cash, End of Period	35,835	5,300	31,349
Reconciliation of Cash to the Consolidated Balance Sheets:
Cash and Cash Equivalents	9,450	4,691	8,615
Restricted Cash	26,385	609	22,734
Total Cash	$ 35,835	$ 5,300	$ 31,349

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Supplemental Disclosure of Cash Flow Information:
Cash Paid for Taxes, Net of Refunds Received		$ (8)
Cash Paid for Interest	$ (1,087)	(1,395)
Supplemental Disclosure of Non-Cash Investing and Financing Activities:
Unrealized Gain on Cash Flow Hedges	8,012	1,237
Adjustment to Equity Component of Convertible Debt Upon Adoption of ASU 2020-06	3,012
Equity Component of Convertible Debt	3,012
Common Stock Dividends Declared and Unpaid	243	$ 128
Assumption of Mortgage Note Payable	$ 17,800

DESCRIPTION OF BUSINESS

3 Months Ended

Mar. 31, 2022

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS

NOTE 1. DESCRIPTION OF BUSINESS

Description of Business

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, 21 commercial real estate properties in nine states in the United States. As of March 31, 2022, we owned seven single-tenant and 14 multi-tenant income-producing properties comprising 2.8 million square feet of gross leasable space.

In addition to our income property portfolio, as of March 31, 2022, 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 5, “Related Party Management Services Business”.

Commercial Loan and Master Lease Investments:

●

A portfolio of three commercial loan investments and one commercial property, which is included in the 21 commercial real estate properties above, whose lease is classified as commercial loan and master lease investment.

Real Estate Operations:

●

A portfolio of subsurface mineral interests associated with approximately 365,000 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 7, “Investment in Joint Ventures”) completed on September 30, 2021, the Company held a 30% retained interest in the entity that owns the Mitigation Bank.

Our business also includes our investment in PINE. As of March 31, 2022, the fair value of our investment totaled $38.6 million, or 15.2% 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.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Mar. 31, 2022

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Interim Financial Information

The accompanying unaudited consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. These unaudited consolidated financial statements do not include all of the information and notes required by accounting principles generally accepted in the United States of America (“U.S. GAAP”) for complete financial statements, and should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, which provides a more complete understanding of the Company’s accounting policies, financial position, operating results, business properties, and other matters. The unaudited consolidated financial

statements reflect all adjustments which are, in the opinion of management, necessary to present fairly the financial position of the Company and the results of operations for the interim periods.

The results of operations for the three months ended March 31, 2022 are not necessarily indicative of results to be expected for the year ending December 31, 2022.

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 March 31, 2022, the Company has an equity investment in PINE.

Prior to the Interest Purchase (hereinafter defined in Note 7, “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, the Company held a 33.5% retained interest in the entity that held approximately 1,600 acres of undeveloped land in Daytona Beach, Florida (the “Land JV”) prior the sale of all of its remaining land holdings, which sale was completed on December 10, 2021, for $66.3 million to Timberline Acquisition Partners, LLC an affiliate of Timberline Real Estate Partners (the “Land JV Sale”).

Use of Estimates in the Preparation of Financial Statements

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Among other factors, fluctuating market conditions that can exist in the national real estate markets and the volatility and uncertainty in the financial and credit markets make it possible that the estimates and assumptions, most notably those related to the Company’s investments 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 that its interest rate swaps, hereinafter described in Note 17, “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. Effective January 1, 2022, the Company adopted ASU 2020-06 whereby diluted EPS includes the dilutive impact, if any, of the 2025 Notes (hereinafter defined) using the if-converted method. Further, the Company elected, upon adoption, to utilize the modified retrospective approach, negating the required restatement of EPS for periods prior to adoption.

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 March 31, 2022 and December 31, 2021 include certain amounts over the Federal Deposit Insurance Corporation limits.

Restricted Cash

Restricted cash totaled $26.4 million at March 31, 2022, of which $24.3 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 $1.5 million is being held in various escrow accounts related to certain tenant improvements and commissions payable.

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 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 a quarterly basis.

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 March 31, 2022 and December 31, 2021, approximate fair value because of the short maturity of these instruments. The carrying value of the Company’s Credit Facility (hereinafter defined) as of March 31, 2022 and December 31, 2021, 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), mortgage note, and convertible debt held as of March 31, 2022 and December 31, 2021 are measured at fair value based on current market rates for financial instruments with similar risks and maturities (see Note 9, “Fair Value of Financial Instruments”).

Fair Value Measurements

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

●

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

●

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

●

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

Recognition of Interest Income from Commercial Loan and Master Lease Investments

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

Mitigation Credits

Mitigation credits are stated at historical cost. As these assets are sold, the related revenues and cost 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 $1.7 million and $0.9 million as of March 31, 2022 and December 31, 2021, respectively. The $0.8 million increase is primarily attributable to an increase 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 as of March 31, 2022 and December 31, 2021. The accounts receivable as of March 31, 2022 and December 31, 2021 are primarily related to the reimbursement of certain infrastructure costs completed by the Company in conjunction with two land sale transactions that closed during the fourth quarter of 2015 as more fully described in Note 12, “Other Assets.”

As of March 31, 2022 and December 31, 2021, $0.3 million was due from the buyer of the golf operations for the rounds surcharge the Company paid to the City of Daytona Beach.

The collectability of the aforementioned receivables shall be considered and adjusted through an allowance for credit losses pursuant to ASC 326, Financial Instruments-Credit Losses. As of March 31, 2022 and December 31, 2021, 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.

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 (loss) 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.

Income Taxes

The Company elected to be taxed as a REIT for U.S. federal income tax purposes under the Internal Revenue Code of 1986, as amended (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 two TRSs subject to taxation. The Company’s TRSs will file tax returns separately as C-Corporations.

The Company uses the asset and liability method to account for income taxes for the Company’s TRSs. 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 21, “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.

INCOME PROPERTIES

3 Months Ended

Mar. 31, 2022

INCOME PROPERTIES

INCOME PROPERTIES

NOTE 3. INCOME PROPERTIES

Leasing revenue consists of long-term rental revenue from retail, office, and commercial income properties, 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 comprised of percentage rent and 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):


	Three Months Ended
	March 31, 2022		March 31, 2021
Leasing Revenue
Lease Payments	$	12,285	$	9,698
Variable Lease Payments		2,883		1,751
Total Leasing Revenue	$	15,168	$	11,449

Minimum future base rental revenue on non-cancelable leases subsequent to March 31, 2022, for the next five years ended December 31 are summarized as follows (in thousands):


Year Ending December 31,	Amounts
Remainder of 2022	$	40,077
2023		51,224
2024		49,231
2025		47,631
2026		41,211
2027		34,104
2028 and Thereafter (Cumulative)		123,230
Total	$	386,708

2022 Acquisitions. During the three months ended March 31, 2022, the Company acquired Price Plaza Shopping Center, a multi-tenant income property located in Katy, Texas for a purchase price of $39.1 million, or a total acquisition cost of $39.2 million including capitalized acquisition costs. Price Plaza Shopping Center comprises 205,813 square feet, was 95% leased at acquisition, and had a weighted average remaining lease term of 5.7 years at acquisition. In connection with the acquisition of Price Plaza Shopping Center, the company assumed a $17.8 million fixed-rate mortgage note, as further discussed in Note 16, “Long-Term Debt.”

Of the $39.2 million total acquisition cost, $15.6 million was allocated to land, $17.9 million was allocated to buildings and improvements, and $5.9 million was allocated to intangible assets pertaining to the in-place lease value, leasing costs, and above market lease value and $0.2 million was allocated to intangible liabilities for the below market lease value. The amortization period for the intangible assets and liabilities was 5.7 years at acquisition.

2022 Dispositions. During the three months ended March 31, 2022, the Company sold two income properties, including (i) Party City, a single-tenant income property located in Oceanside, New York for $6.9 million resulting in a $0.06 million loss and (ii) the Carpenter Hotel ground lease, a single-tenant income property located in Austin, Texas for $17.1 million resulting in a $0.2 million loss. The lease with Carpenter Hotel included two tenant repurchase options. Pursuant to FASB ASC Topic 842, Leases, the $16.25 million investment was recorded in the accompanying consolidated balance sheets as a commercial loan and master lease investment prior to its disposition during the three months ended March 31, 2022. The sale of the properties reflect a total disposition volume of $24.0 million, resulting in aggregate losses of $0.2 million.

2021 Acquisitions. During the three months ended March 31, 2021, the Company acquired two income properties including (i) Jordan Landing, a multi-tenant income property located in West Jordan, Utah for a purchase price of $20.0 million, or a total acquisition cost of $20.1 million including capitalized acquisition costs, which income property comprises 170,996 square feet, was 100% leased at acquisition, and had a weighted average remaining lease term of 7.9 years at acquisition and (ii) Eastern Commons, a multi-tenant income property located in Henderson, Nevada for a purchase price of $18.5 million, or a total acquisition cost of $18.6 million including capitalized acquisition costs, which income property comprises 133,304 square feet, was 96% leased at acquisition, and had a weighted average remaining lease term of 6.9 years at acquisition.

The two multi-tenant income properties acquired during the three months ended March 31, 2021, represent an aggregate purchase price of $38.5 million, or a total acquisition cost of $38.6 million including capitalized acquisition costs. Of the total $38.6 million acquisition cost, $18.4 million was allocated to land, $14.3 million was allocated to buildings and improvements, and $5.9 million was allocated to intangible assets pertaining to the in-place lease value, leasing costs, and above market lease value. The weighted average amortization period for the intangible assets and liabilities was 7.6 years at acquisition.

2021 Dispositions. During the three months ended March 31, 2021, the Company sold two income properties, including (i) World of Beer/Fuzzy’s Taco Shop, a multi-tenant income property located in Brandon, Florida for $2.3 million resulting in a $0.6 million gain and (ii) Moe’s Southwest Grill, a single-tenant income property located in Jacksonville, Florida for $2.5 million resulting in a $0.1 million gain. The sale of the properties reflect a total disposition volume of $4.9 million, resulting in aggregate gains of $0.7 million.

COMMERCIAL LOAN AND MASTER LEASE INVESTMENTS

3 Months Ended

Mar. 31, 2022

COMMERCIAL LOAN AND MASTER LEASE INVESTMENTS

COMMERCIAL LOAN AND MASTER LEASE INVESTMENTS

NOTE 4. COMMERCIAL LOAN AND MASTER LEASE INVESTMENTS

Our investments in commercial loans or similar structured finance investments, such as mezzanine loans or other subordinated debt, have been and are expected to continue to be secured by 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.

2022 Activity. 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 for $8.7 million. 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. Funding of the loan will occur as the borrower completes the underlying construction. As of March 31, 2022, the Company has not disbursed any funds to the borrower.

On March 11, 2022, the Company sold the Carpenter Hotel ground lease located in Austin, Texas for $17.1 million. The lease with Carpenter Hotel included two tenant repurchase options. Pursuant to FASB ASC Topic 842, Leases, the initial $16.25 million investment was recorded in the consolidated balance sheets as a commercial loan and master lease investment at the time of acquisition. The carrying value at the time of sale totaled $17.3 million.

The Company’s commercial loan and master lease investments were comprised of the following at March 31, 2022 (in thousands):


Description	Date of Investment	Maturity Date	Original Face Amount		Current Face Amount		Carrying Value		Coupon Rate
Westland Gateway Plaza – Hialeah, FL	September 2020	N/A		21,085		21,085		21,151	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%
Construction Loan – The Exchange At Gwinnett – Buford, GA	January 2022	January 2024		8,700		—		(79)	7.25%
			$	30,549	$	21,849	$	21,830

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 carrying value of the commercial loan and master lease investments portfolio at March 31, 2022 and December 31, 2021 consisted of the following (in thousands):


	As of
	March 31, 2022		December 31, 2021
Current Face Amount	$	21,849	$	38,099
Imputed Interest over Rent Payments Received		66		1,002
Unaccreted Origination Fees		(81)		(2)
CECL Reserve		(4)		(4)
Total Commercial Loan and Master Lease Investments	$	21,830	$	39,095

RELATED PARTY MANAGEMENT SERVICES BUSINESS

3 Months Ended

Mar. 31, 2022

NOTE 5. 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.

During the three months ended March 31, 2022 and 2021, the Company earned management fee revenue from PINE totaling $0.9 million and $0.6 million, respectively. Dividend income for the three months ended March 31, 2022 and 2021 totaled $0.6 million and $0.5 million, respectively. Management fee revenue from PINE, included in management services, and dividend income, included in investment and other income (loss), are reflected in the accompanying consolidated statements of operations.

The following table represents amounts due (to) from PINE as of March 31, 2022 and December 31, 2021 which are included in other assets on the consolidated balance sheets (in thousands):


	As of
Description	March 31, 2022		December 31, 2021
Management Services Fee due From PINE	$	936	$	913
Dividend Receivable		330		330
Other		(39)		410
Total	$	1,227	$	1,653

On November 26, 2019, as part of the initial public offering (the “IPO”) of PINE on the NYSE, the Company sold PINE 15 properties for aggregate cash consideration of $125.9 million. 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 three months ended March 31, 2022, the Company purchased 4,765 shares of PINE common stock on the open market for a total of $0.1 million, or an average price of $18.47 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 March 31, 2022, CTO owns, in the aggregate, 1,223,854 OP Units and 828,643 shares of PINE common stock, representing an investment totaling $38.6 million, or 15.2% of PINE’s outstanding equity.

During the three months ended March 31, 2022, PINE exercised its right, pursuant to an Exclusivity and Right of First Offer Agreement between the Company and PINE (the “ROFO Agreement”), to purchase one single-tenant income property from the Company for a purchase price of $6.9 million, which sale was completed on January 7, 2022. During the year ended December 31, 2021, PINE exercised its right to purchase the following properties from the Company pursuant to the ROFO Agreement: (i) a portfolio of six net leased properties (the “CMBS Portfolio”) for an aggregate purchase price of $44.5 million, and (ii) one single-tenant income property for a purchase price of $11.5 million. In connection with the sale of the CMBS Portfolio, PINE assumed the related $30.0 million mortgage note payable which resulted in a loss on the extinguishment of debt of $0.5 million due to the write off of unamortized debt issuance costs. These sales were completed during the three months ended June 30, 2021.

Land JV. 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 March 31, 2021 was $10,000 per month. During the three months ended March 31, 2021, the Company earned management fee revenue from the Land JV totaling $0.03 million which is included in management fee income in the accompanying consolidated statements of operations and was collected in full during the period earned. As a result of the Land JV Sale, no management fee revenues were earned during the three months ended March 31, 2022.

REAL ESTATE OPERATIONS

3 Months Ended

Mar. 31, 2022

REAL ESTATE OPERATIONS

REAL ESTATE OPERATIONS

NOTE 6. REAL ESTATE OPERATIONS

Real Estate Operations

Land and development costs at March 31, 2022 and December 31, 2021 were as follows (in thousands):


	As of
	March 31, 2022		December 31, 2021
Land and Development Costs	$	358	$	358
Subsurface Interests		336		334
Total Land and Development Costs	$	694	$	692

Mitigation Credits. The Company owns mitigation credits and mitigation credit rights with an aggregate cost basis of $24.7 million as of March 31, 2022 and December 31, 2021. During the three months ended September 30, 2021, the Company completed the Interest Purchase, hereinafter defined in Note 7, “Investment 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. There were no mitigation credit sales during the three months ended March 31, 2022 or March 31, 2021.

Subsurface Interests. As of March 31, 2022, the Company owns 365,000 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 three months ended March 31, 2022, the Company sold approximately 4,750 acres of subsurface oil, gas, and mineral rights for a sales price of $0.4 million. During the three months ended March 31, 2021, the Company sold approximately 25,000 acres of subsurface oil, gas, and mineral rights for a sales price of $1.9 million. Revenues received from oil royalties totaled $0.01 million during each of the three months ended March 31, 2022 and 2021.

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 $0.02 million and $0.01 million during the three months ended March 31, 2022 and 2021, respectively.

INVESTMENT IN JOINT VENTURES

3 Months Ended

Mar. 31, 2022

INVESTMENT IN JOINT VENTURES

INVESTMENT IN JOINT VENTURES

NOTE 7. INVESTMENT IN JOINT VENTURES

The Company had no investments in joint ventures as of March 31, 2022 or December 31, 2021.

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. On December 10, 2021, the Land JV completed the sale of all of its remaining land holdings.

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 prior to the Land JV Sale. All major decisions and certain other actions that could be taken by the Company, as manager, were approved by the unanimous consent of the JV Partners. Pursuant to the Land JV’s operating agreement, the Land JV paid the Company, as 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 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 final monthly management fee was received in December 2021 and totaled $10,000.

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 Land JV Sale.

The following table provides summarized financial information of the Land JV for the three months ended March 31, 2021 (in thousands):


	Three Months Ended
	March 31, 2021
Revenues	$	21
Direct Cost of Revenues		(81)
Operating Loss	$	(60)
Other Operating Expenses		(71)
Net Loss	$	(131)

The Company’s share of the Land JV’s net loss was zero for the three months ended March 31, 2021. Pursuant to ASC 323, certain adjustments are made when calculating the Company’s share of net income (loss) of the Land JV, including adjustments required to reflect the investor’s share of changes in investee’s capital to reflect distributions from the Land JV. 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 (loss). 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 no longer required 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.

The following table provides summarized financial information of the Mitigation Bank JV for the three months ended March 31, 2021 (in thousands):


	Three Months Ended
	March 31, 2021
Revenues	$	104
Direct Cost of Revenues		(7)
Operating Income	$	97
Other Operating Expenses		(100)
Net Loss	$	(3)

The Company’s share of the Mitigation Bank JV’s net loss was zero for the three months ended March 31, 2021. Pursuant to ASC 323, certain adjustments are made when calculating the Company’s share of net income (loss), including adjustments required to reflect the investor’s share of changes in investee’s capital to reflect distributions from the Mitigation Bank JV. 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 (loss). As a result of the Interest Purchase, such evaluation was no longer required subsequent to December 31, 2021.

INVESTMENT SECURITIES

3 Months Ended

Mar. 31, 2022

INVESTMENT SECURITIES

INVESTMENT SECURITIES

NOTE 8. INVESTMENT SECURITIES

The Company acquired 815,790 shares of PINE common stock in connection with the IPO. During the three months ended March 31, 2022, the Company purchased 4,765 shares of PINE common stock on the open market for a total of $0.1 million, or an average price of $18.47 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 March 31, 2022, the Company owns, in the aggregate and on a fully diluted basis, 2.05 million shares of PINE, or 15.2% of PINE’s total shares outstanding for an investment value of $38.6 million, which total includes 1.2 million OP Units, or 9.1%, which the Company received in exchange for the contribution of certain income properties to the PINE Operating Partnership, in addition to 828,643 shares of common stock owned by the Company, or 7.0%. The Company has elected the fair value option related to the aggregate investment in securities of PINE pursuant to ASC 825, otherwise such investments would have been accounted for under the equity method.

The Company calculates the unrealized gain or loss based on the closing stock price of PINE at each respective balance sheet date. The unrealized, non-cash gains and losses resulting from the changes in the closing stock price of PINE are included in investment and other income (loss) in the consolidated statements of operations for the three months ended March 31, 2022 and 2021.

The Company’s available-for-sale securities as of March 31, 2022 and December 31, 2021 are summarized below (in thousands):


	Cost		Unrealized Gains in Investment Income		Unrealized Losses in Investment Income		Estimated Fair Value (Level 1 Inputs)
March 31, 2022
Common Stock	$	15,731	$	—	$	(152)	$	15,579
Operating Units		23,253		—		(245)		23,008
Total Equity Securities		38,984		—		(397)		38,587
Total Available-for-Sale Securities	$	38,984	$	—	$	(397)	$	38,587

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

FAIR VALUE OF FINANCIAL INSTRUMENTS

3 Months Ended

Mar. 31, 2022

FAIR VALUE OF FINANCIAL INSTRUMENTS

FAIR VALUE OF FINANCIAL INSTRUMENTS

NOTE 9. FAIR VALUE OF FINANCIAL INSTRUMENTS

The following table presents the carrying value and estimated fair value of the Company’s financial instruments not carried at fair value on the consolidated balance sheets at March 31, 2022 and December 31, 2021 (in thousands):


	March 31, 2022				December 31, 2021
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Cash and Cash Equivalents - Level 1	$	9,450	$	9,450	$	8,615	$	8,615
Restricted Cash - Level 1	$	26,385	$	26,385	$	22,734	$	22,734
Commercial Loan and Master Lease Investments - Level 2	$	21,830	$	21,922	$	39,095	$	39,109
Long-Term Debt - Level 2	$	298,079	$	301,902	$	278,273	$	288,000

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

The following table presents the fair value of assets measured on a recurring basis by level as of March 31, 2022 and December 31, 2021 (in thousands). See Note 17, “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)
March 31, 2022
Cash Flow Hedge - 2026 Term Loan Interest Rate Swap ⁽¹⁾	$	2,984	$	—	$	2,984	$	—
Cash Flow Hedge - 2026 Term Loan Interest Rate Swap⁽²⁾	$	929	$	—	$	929	$	—
Cash Flow Hedge - 2027 Term Loan Interest Rate Swap⁽³⁾	$	5,616	$	—	$	5,616	$	—
Investment Securities	$	38,587	$	38,587	$	—	$	—
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	$	—	$	—

⁽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.

No assets were measured on a non-recurring basis as of March 31, 2022 or December 31, 2021.

- Definition

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

+ References + Details

INTANGIBLE ASSETS AND LIABILITIES

3 Months Ended

Mar. 31, 2022

INTANGIBLE ASSETS AND LIABILITIES

INTANGIBLE ASSETS AND LIABILITIES

NOTE 10. INTANGIBLE ASSETS AND LIABILITIES

Intangible assets and liabilities consist of the value of above-market and below-market leases, the value of in-place leases, and the value of leasing costs, based in each case on their fair values. Intangible assets and liabilities consisted of the following as of March 31, 2022 and December 31, 2021 (in thousands):


	As of
	March 31, 2022		December 31, 2021
Intangible Lease Assets:
Value of In-Place Leases	$	63,206	$	59,293
Value of Above Market In-Place Leases		24,001		23,216
Value of Intangible Leasing Costs		19,626		18,456
Sub-total Intangible Lease Assets		106,833		100,965
Accumulated Amortization		(24,908)		(21,473)
Sub-total Intangible Lease Assets—Net		81,925		79,492
Intangible Lease Liabilities (Included in Accrued and Other Liabilities):
Value of Below Market In-Place Leases		(7,146)		(6,942)
Sub-total Intangible Lease Liabilities		(7,146)		(6,942)
Accumulated Amortization		1,603		1,341
Sub-total Intangible Lease Liabilities—Net		(5,543)		(5,601)
Total Intangible Assets and Liabilities—Net	$	76,382	$	73,891

During the three months ended March 31, 2022, the value of in-place leases increased by $3.9 million, the value of above-market in-place leases increased by $0.8 million, the value of intangible leasing costs increased by $1.2 million, and the value of below-market in-place leases increased by $0.2 million. Such changes reflect the acquisition of one multi-tenant income property, net of two single-tenant income properties sold during the three months ended March 31, 2022. Net accumulated amortization increased by $3.2 million, for a net increase during the three months ended March 31, 2022 of $2.5 million.

The following table reflects the net amortization of intangible assets and liabilities during the three months ended March 31, 2022 and 2021 (in thousands):


	Three Months Ended
	March 31, 2022		March 31, 2021
Amortization Expense	$	2,695	$	1,827
Accretion to Income Properties Revenue		481		(396)
Net Amortization of Intangible Assets and Liabilities	$	3,176	$	1,431

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


Year Ending December 31,	Future Amortization Amount		Future Accretion to Income Property Revenue		Net Future Amortization of Intangible Assets and Liabilities
Remainder of 2022	$	8,419	$	1,492	$	9,911
2023		11,128		2,013		13,141
2024		11,117		2,097		13,214
2025		8,891		2,153		11,044
2026		7,384		1,871		9,255
2027		7,125		1,550		8,675
2028 and Thereafter		8,848		2,294		11,142
Total	$	62,912	$	13,470	$	76,382

As of March 31, 2022, the weighted average amortization period of total intangible assets and liabilities was 7.7 years and 8.5 years, respectively.

IMPAIRMENT OF LONG-LIVED ASSETS

3 Months Ended

Mar. 31, 2022

IMPAIRMENT OF LONG-LIVED ASSETS

IMPAIRMENT OF LONG-LIVED ASSETS

NOTE 11. IMPAIRMENT OF LONG-LIVED ASSETS

The Company assesses the impairment of long-lived assets whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The fair value of long-lived assets required to be assessed for impairment is determined on a non-recurring basis using Level 3 inputs in the fair value hierarchy. These Level 3 inputs may include, but are not limited to, executed purchase and sale agreements on specific properties, third party valuations, discounted cash flow models, and other model-based techniques.

There were no impairment charges on the Company’s income property portfolio during the three months ended March 31, 2022 or 2021.

OTHER ASSETS

3 Months Ended

Mar. 31, 2022

OTHER ASSETS.

OTHER ASSETS

NOTE 12. OTHER ASSETS

Other assets consisted of the following as of March 31, 2022 and December 31, 2021 (in thousands):


	As of
	March 31, 2022		December 31, 2021
Income Property Tenant Receivables	$	1,679	$	885
Income Property Straight-line Rent Adjustment and COVID-19 Deferral Balance		5,597		5,180
Operating Leases - Right-of-Use Asset		143		168
Golf Rounds Surcharge		306		338
Cash Flow Hedge - Interest Rate Swap		9,529		1,543
Infrastructure Reimbursement Receivables		1,087		1,080
Prepaid Expenses, Deposits, and Other		3,129		3,526
Due from Alpine Income Property Trust, Inc.		1,227		1,653
Financing Costs, Net of Accumulated Amortization		430		524
Total Other Assets	$	23,127	$	14,897

Income Property Straight-Line Rent Adjustment. As of March 31, 2022 and December 31, 2021, the straight-line rent adjustment includes a balance of $0.1 million of deferred rent related to the COVID-19 Pandemic. Pursuant to the interpretive guidance issued by the FASB in April 2020 on lease modifications, for leases in which deferred rent agreements were reached, the Company has continued to account for the lease concessions by recognizing the normal straight-line rental income and as the deferred rents are repaid by the tenant, the straight-line receivable will be reduced.

Infrastructure Reimbursement Receivables. As of March 31, 2022 and December 31, 2021, the infrastructure reimbursement receivables were all related to the land sales within the Tomoka Town Center. The balance as of March 31, 2022 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

3 Months Ended

Mar. 31, 2022

EQUITY

EQUITY

NOTE 13. 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. During the three months ended March 31, 2022, the Company sold 43,793 shares under the ATM Program for gross proceeds of $2.9 million at a weighted average price of $65.47 per share, generating net proceeds of $2.8 million after deducting transaction fees totaling less than $0.1 million.

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.

The following table outlines dividends declared and paid for each issuance of CTO’s stock during the three months ended March 31, 2022 and 2021 (in thousands, except per share data):


	Three Months Ended
	March 31, 2022		March 31, 2021
Series A Preferred Stock
Dividends	$	1,195	$	—
Per Share	$	0.40	$	—

Common Stock
Dividends	$	6,417	$	5,929
Per Share	$	1.08	$	1.00

2025 NOTES

Effective January 1, 2022, the Company adopted ASU 2020-06 whereby diluted EPS includes the dilutive impact of the 2025 Notes (hereinafter defined) using the if-converted method. Upon adoption, the Company recorded a $7.0 million adjustment to reduce additional paid-in capital to eliminate the non-cash equity component of the 2025 Notes with corresponding offsets including (i) a $4.0 million cumulative effect adjustment to the opening balance of retained earnings and (ii) a $3.0 million adjustment to eliminate the non-cash portion of the convertible notes discount, net of accumulated amortization (the “2025 Notes Adjustment”). The 2025 Notes Adjustment was made on January 1, 2022 and is reflected in the accompanying consolidated statements of stockholders’ equity.

- 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)
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+ Details

COMMON STOCK AND EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2022

COMMON STOCK AND EARNINGS PER SHARE

COMMON STOCK AND EARNINGS PER SHARE

NOTE 14. COMMON STOCK AND EARNINGS PER SHARE

Basic earnings per common share is computed by dividing net income 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. Effective as of January 1, 2022, diluted earnings per common share also reflects the 2025 Notes on an if-converted basis.

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


	Three Months Ended
	March 31, 2022		March 31, 2021
Basic and Diluted Earnings:
Net Income (Loss) Attributable to Common Stockholders, Used in Basic EPS	$	(993)	$	7,785
Add Back: Effect of Dilutive Interest Related to 2025 Notes ⁽¹⁾		—		—
Net Income (Loss) Attributable to Common Stockholders, Used in Diluted EPS		(993)		7,785

Basic and Diluted Shares:
Weighted Average Shares Outstanding, Basic		5,908,892		5,879,085
Common Shares Applicable to Dilutive Effect of 2025 Notes ⁽²⁾		—		—
Weighted Average Shares Outstanding, Diluted		5,908,892		5,879,085

Per Share Information:
Net Income (Loss) Attributable to Common Stockholders
Basic and Diluted	$	(0.17)	$	1.32

⁽¹⁾

As applicable, includes interest expense, amortization of discount, amortization of fees, and other changes in net income or loss that would result from the assumed conversion. For the three months ended March 31, 2022, a total of $0.6 million was not included, as the impact of the 2025 Notes (hereinafter defined), if-converted, would be antidilutive due to the net loss of $1.0 million.

⁽²⁾

A total of 1.0 million shares representing the dilutive impact of the Company’s 2025 Notes (hereinafter defined), upon adoption of ASU 2020-06 effective January 1, 2022, were not included in the computation of diluted net income (loss) attributable to common stockholders for the three months ended March 31, 2022 because they were antidilutive due to the net loss of $1.0 million.

There were no potentially dilutive securities for the three months ended March 31, 2022 or 2021 related to the Company’s stock options and restricted stock. The effect of 8,259 and 19,490 potentially dilutive stock options and restricted stock units were not included for the three months ended March 31, 2022 and 2021, respectively, as the effect would be anti-dilutive.

Effective January 1, 2022, the Company adopted ASU 2020-06 whereby diluted EPS includes the dilutive impact, if any, of the 2025 Notes (hereinafter defined) using the if-converted method, irrespective of intended cash settlement. 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. The Company elected, upon adoption, to utilize the modified retrospective approach, negating the required restatement of EPS for periods prior to adoption. The Company overcame the presumption of share settlement prior to the adoption of ASU 2020-06, and therefore, there was no dilutive impact for the year ended December 31, 2021. The effect of 1.0 million potentially dilutive 2025 Notes, if-converted, were not included for the three months ended March 31, 2022, as the effect would be anti-dilutive.

SHARE REPURCHASES

3 Months Ended

Mar. 31, 2022

SHARE REPURCHASES

SHARE REPURCHASES

NOTE 15. SHARE REPURCHASES

In February 2020, the Company’s Board approved a $10.0 million stock repurchase program (the “$10.0 Million Repurchase Program”). During the 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 Company did not repurchase any shares of its common stock during the three months ended March 31, 2022 or 2021. The $10.0 Million Repurchase Program has $3.7 million remaining and does not have an expiration date.

LONG-TERM DEBT

3 Months Ended

Mar. 31, 2022

LONG-TERM DEBT

LONG-TERM DEBT

NOTE 16. LONG-TERM DEBT

As of March 31, 2022, long-term debt, at face value, totaled $299.8 million, which was comprised of (i) $66.0 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”), (iv) the $17.8 million fixed-rate mortgage note assumed in connection with the acquisition of Price Plaza Shopping Center during the three months ended March 31, 2022, and (v) the $51.0 million principal amount of 2025 Notes.

The long-term debt, at face value, of $299.8 million at March 31, 2022, represented an increase of $16.8 million from the balance of $283.0 million at December 31, 2021. The $16.8 million increase in long-term debt was due to the impact of (i) the net repayments on the Credit Facility totaling $1.0 million and (ii) the assumption of the $17.8 million fixed-rate mortgage note in connection with the acquisition of Price Plaza Shopping Center.

As of March 31, 2022, the Company’s outstanding indebtedness, at face value, was as follows (in thousands):


	Face Value Debt		Maturity Date	Interest Rate
Credit Facility	$	66,000	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%
Mortgage Note Payable		17,800	August 2026		4.060%
Total Long-Term Face Value Debt	$	299,834

⁽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 17, “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 17, “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 PINE’s 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 March 31, 2022, the current commitment level under the Credit Facility was $210.0 million. The undrawn commitment under the Credit Facility totaled $144.0 million. As of March 31, 2022, the Credit Facility had a $66.0 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 3, 2022, in connection with the acquisition of Price Plaza Shopping Center, the Company assumed an existing $17.8 million secured fixed-rate mortgage note payable, which bears interest at a fixed rate of 4.06% and matures in August 2026.

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 these repurchases, $51.0 million aggregate principal amount of the 2025 Notes remains outstanding at March 31, 2022.

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 first quarter 2022 dividend, the conversion rate is equal to 19.7377 shares of common stock for each $1,000 principal amount of 2025 Notes, which represents an adjusted conversion price of $50.66 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. At time of issuance, 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. The equity component was eliminated on January 1, 2022 with the 2025 Notes Adjustment.

As of March 31, 2022, the unamortized debt discount of our 2025 Notes was $0.5 million, which represents the cash component of the discount.

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


	March 31, 2022				December 31, 2021
	Total		Due Within One Year		Total		Due Within One Year
Credit Facility	$	66,000	$	—	$	67,000	$	—
2026 Term Loan		65,000		—		65,000		—
2027 Term Loan		100,000		—		100,000		—
3.875% Convertible Senior Notes, net of Discount		50,551		—		47,469		—
Mortgage Note Payable		17,800		—		—
Financing Costs, net of Accumulated Amortization		(1,272)		—		(1,196)		—
Total Long-Term Debt	$	298,079	$	—	$	278,273	$	—

Payments applicable to reduction of principal amounts as of March 31, 2022 will be required as follows (in thousands):


As of March 31, 2022	Amount
Remainder of 2022	$	—
2023		66,000
2024		—
2025		51,034
2026		82,800
2027		100,000
2028 and Thereafter		—
Total Long-Term Debt - Face Value	$	299,834

The carrying value of long-term debt as of March 31, 2022 consisted of the following (in thousands):


	Total
Current Face Amount	$	299,834
Unamortized Discount on Convertible Debt		(483)
Financing Costs, net of Accumulated Amortization		(1,272)
Total Long-Term Debt	$	298,079

In addition to the $1.3 million of financing costs, net of accumulated amortization included in the table above, as of March 31, 2022, the Company also had financing costs, net of accumulated amortization related to the Credit Facility of $0.4 million which is included in other assets on the consolidated balance sheets. These costs are amortized on a straight-line basis over the term of the Credit Facility and are included in interest expense in the Company’s accompanying consolidated statements of operations.

The following table reflects a summary of interest expense incurred and paid during the three months ended March 31, 2022 and 2021 (in thousands):


	Three Months Ended
	March 31, 2022		March 31, 2021
Interest Expense	$	1,668	$	1,969
Amortization of Deferred Financing Costs		165		165
Amortization of Discount on Convertible Notes		69		310
Total Interest Expense	$	1,902	$	2,444

Total Interest Paid	$	1,087	$	1,395

The Company was in compliance with all of its debt covenants as of March 31, 2022 and December 31, 2021.

INTEREST RATE SWAPS

3 Months Ended

Mar. 31, 2022

INTEREST RATE SWAPS

INTEREST RATE SWAPS

NOTE 17. 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 three months ended March 31, 2022. 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 March 31, 2022
2026 Term Loan⁽¹⁾	3/10/2021	3/29/2024	0.22% + applicable spread	$	50,000	$	2,116
2026 Term Loan ⁽²⁾	3/29/2024	3/10/2026	1.51% + applicable spread	$	50,000	$	868
2026 Term Loan	8/31/2021	3/10/2026	0.77% + applicable spread	$	15,000	$	929
2027 Term Loan ⁽³⁾	11/5/2021	3/29/2024	0.73% + applicable spread	$	100,000	$	3,219
2027 Term Loan ⁽⁴⁾	3/29/2024	1/31/2027	1.42% + applicable spread	$	100,000	$	2,397

⁽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

3 Months Ended

Mar. 31, 2022

ACCRUED AND OTHER LIABILITIES.

ACCRUED AND OTHER LIABILITIES

NOTE 18. ACCRUED AND OTHER LIABILITIES

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


	As of
	March 31, 2022		December 31, 2021
Accrued Property Taxes	$	1,831	$	813
Reserve for Tenant Improvements		5,120		5,457
Tenant Security Deposits		2,062		1,942
Accrued Construction Costs		1,130		190
Accrued Interest		975		431
Environmental Reserve		73		81
Cash Flow Hedge - Interest Rate Swaps		—		26
Operating Leases - Liability		143		198
Other		2,579		3,983
Total Accrued and Other Liabilities	$	13,913	$	13,121

Reserve for Tenant Improvements. In connection with recent acquisitions, the Company received an aggregate of $6.7 million from the sellers of certain 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 March 31, 2022, payments totaling $1.6 million were made, leaving a remaining reserve for tenant improvements of $5.1 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 March 31, 2022, leaving a remaining accrual of less than $0.1 million.

DEFERRED REVENUE

3 Months Ended

Mar. 31, 2022

DEFERRED REVENUE

DEFERRED REVENUE

NOTE 19. DEFERRED REVENUE

Deferred revenue consisted of the following (in thousands):


	As of
	March 31, 2022		December 31, 2021
Prepaid Rent	$	3,212	$	3,921
Interest Reserve from Commercial Loan and Master Lease Investment		639		—
Tenant Contributions		561		574
Other Deferred Revenue		180		10
Total Deferred Revenue	$	4,592	$	4,505

Interest Reserve from Commercial Loan and Master Lease Investment. In connection with one of the Company’s commercial loan investments, the borrower has deposited interest reserves in an account held by the Company. The corresponding liability is recorded in deferred revenue in the Company’s consolidated balance sheets. The interest reserves are utilized to fund the monthly interest due on the loan.

STOCK-BASED COMPENSATION

3 Months Ended

Mar. 31, 2022

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION

NOTE 20. STOCK-BASED COMPENSATION

SUMMARY OF STOCK-BASED COMPENSATION

A summary of share activity for all equity classified stock compensation during the three months ended March 31, 2022, is presented below:


Type of Award	Shares Outstanding at 1/1/2022		Granted Shares		Vested / Exercised Shares		Expired Shares		Forfeited Shares		Shares Outstanding at 3/31/22
Equity Classified - Performance Share Awards - Peer Group Market Condition Vesting		78,118		23,056		(24,425)		—		—		76,749
Equity Classified - Three Year Vest Restricted Shares		51,503		23,446		(24,155)		—		(772)		50,022
Equity Classified - Non-Qualified Stock Option Awards		21,541		—		(12,541)		—		—		9,000
Total Shares		151,162		46,502		(61,121)		—		(772)		135,771

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):

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 23,056 performance shares during the three months ended March 31, 2022.

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 March 31, 2022, there was $2.4 million of unrecognized compensation cost, adjusted for estimated forfeitures, related to the non-vested performance share awards, which will be recognized over a remaining weighted average period of 2.2 years.

A summary of the activity for these awards during the three months ended March 31, 2022 is presented below:


Performance Shares With Market Conditions	Shares		Wtd. Avg. Fair Value Per Share
Non-Vested at January 1, 2022		78,118	$	47.01
Granted		23,056	$	62.27
Vested		(24,425)	$	(50.27)
Expired		—		—
Forfeited		—		—
Non-Vested at March 31, 2022		76,749	$	50.56

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 23,446 shares of three-year restricted Company common stock during the three months ended March 31, 2022.

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. Compensation cost is recognized on a straight-line basis over the vesting period.

As of March 31, 2022, there was $2.3 million of unrecognized compensation cost, adjusted for estimated forfeitures, related to the three-year vest non-vested restricted share awards, which will be recognized over a remaining weighted average period of 2.3 years.

A summary of the activity for these awards during the three months ended March 31, 2022 is presented below:


Three Year Vest Non-Vested Restricted Shares	Shares		Wtd. Avg. Fair Value Per Share
Non-Vested at January 1, 2022		51,503	$	44.88
Granted		23,446	$	59.40
Vested		(24,155)	$	44.89
Expired		—		—
Forfeited		(772)	$	52.34
Non-Vested at March 31, 2022		50,022	$	51.57

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.

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 three months ended March 31, 2022 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, 2022	21,541	$	43.37
Granted	—		—
Exercised	(12,541)	$	45.88
Expired	—		—
Forfeited	—		—
Outstanding at March 31, 2022	9,000	$	39.87		2.56	$	238,050
Exercisable at January 1, 2022	21,541	$	43.37		3.21	$	388,837
Exercisable at March 31, 2022	9,000	$	39.87		2.56	$	238,050

The total intrinsic value of options exercised during the three months ended March 31, 2022 totaled $0.2 million. As of March 31, 2022, there is no unrecognized compensation cost related to the 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 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.

Each non-employee director serving as of the beginning of each calendar year shall receive an annual award of the Company’s common stock. The value of such award totaled $35,000 for the years ended December 31, 2022 and 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 three months ended March 31, 2022 and 2021, the expense recognized for the value of the Company’s common stock received by non-employee directors totaled $0.3 million, or 4,704 shares, and $0.3 million, or 6,788 shares, respectively. The expense recognized includes the Annual Award received during the first quarter of each respective year, which totaled $0.2 million during each of the three months ended March 31, 2022 and 2021.

INCOME TAXES

3 Months Ended

Mar. 31, 2022

INCOME TAXES

INCOME TAXES

NOTE 21. 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 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 two 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 Internal Revenue Code Section 1031 like-kind exchanges (“1031 Exchanges”). The Company will be subject to corporate income taxes related to assets held by it that are sold during the 5-year period following the date of conversion to the extent such sold assets had a built-in gain as of January 1, 2020. The Company generally does not intend to dispose of any REIT assets after the REIT conversion within the 5-year period, unless various tax planning strategies, including 1031 Exchanges or other deferred tax structures are available to mitigate the built-in gain tax liability of conversion.

- Definition

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

+ References

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+ Details

COMMITMENTS AND CONTINGENCIES

3 Months Ended

Mar. 31, 2022

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

NOTE 22. COMMITMENTS AND CONTINGENCIES

Legal Proceedings

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

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 March 31, 2022, are as follows (in thousands):


	As of March 31, 2022
Total Commitment ⁽¹⁾	$	23,533
Less Amount Funded		(8,139)
Remaining Commitment	$	15,394

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

In addition, the Company is committed to fund the construction loan originated on January 26, 2022 as described in Note 4. Commercial Loan and Master Lease Investments. The construction loan is for an amount up to $8.7 million, of which none was funded as of March 31, 2022.

BUSINESS SEGMENT DATA

3 Months Ended

Mar. 31, 2022

BUSINESS SEGMENT DATA

BUSINESS SEGMENT DATA

NOTE 23. 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, prior to the Land JV Sale. 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 87.1% and 86.0% of our identifiable assets as of March 31, 2022 and December 31, 2021, respectively, and 88.1% and 77.8% of our consolidated revenues for the three months ended March 31, 2022 and 2021, respectively. As of March 31, 2022, our commercial loan and master lease investments portfolio consisted of three commercial loan investments and one commercial property whose lease is classified as a commercial loan and master lease investment. Our real estate operations consist of revenues generated from the sale of and royalty income related to 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 three months ended March 31, 2022 and 2021 are as follows (in thousands):


	Three Months Ended
	March 31, 2022		March 31, 2021
Revenues:
Income Properties	$	15,168	$	11,449
Management Fee Income		936		669
Interest Income From Commercial Loan and Master Lease Investments		718		701
Real Estate Operations		388		1,893
Total Revenues	$	17,210	$	14,712
Operating Income:
Income Properties	$	11,152	$	8,532
Management Fee Income		936		669
Interest Income From Commercial Loan and Master Lease Investments		718		701
Real Estate Operations		337		1,811
General and Corporate Expense		(9,412)		(7,962)
Gain (Loss) on Disposition of Assets		(245)		708
Total Operating Income	$	3,486	$	4,459
Depreciation and Amortization:
Income Properties	$	6,356	$	4,825
Corporate and Other		13		5
Total Depreciation and Amortization	$	6,369	$	4,830
Capital Expenditures:
Income Properties	$	40,499	$	39,340
Corporate and Other		16		7
Total Capital Expenditures	$	40,515	$	39,347

Identifiable assets of each segment as of March 31, 2022 and December 31, 2021 are as follows (in thousands):


	As of
	March 31, 2022		December 31, 2021
Identifiable Assets:
Income Properties	$	657,128	$	630,747
Management Services		1,227		1,653
Commercial Loan and Master Lease Investments		21,830		39,095
Real Estate Operations		26,521		26,512
Corporate and Other		47,513		35,132
Total Assets	$	754,219	$	733,139

Operating income represents income from 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 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, commercial loan and master lease investments, and real estate operations segments had no capital expenditures during the three months ended March 31, 2022 or 2021.

- 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.

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+ Details

ASSETS HELD FOR SALE

3 Months Ended

Mar. 31, 2022

ASSETS HELD FOR SALE

ASSETS HELD FOR SALE

NOTE 24. ASSETS HELD FOR SALE

Assets held for sale as of December 31, 2021 are summarized below (in thousands). There were no assets held for sale as of March 31, 2022.


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

SUBSEQUENT EVENTS

3 Months Ended

Mar. 31, 2022

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

NOTE 25. SUBSEQUENT EVENTS

The Company reviewed all subsequent events and transactions through April 28, 2022, the date the consolidated financial statements were issued.

Stock Split

On April 27, 2022, the Company announced that its Board of Directors has approved a three-for-one stock split of the Company’s common stock to be effected in the form of a stock dividend. Each stockholder of record at the close of business on June 27, 2022 (the “Record Date”), will receive two additional shares of the Company’s common stock for each share held as of the Record Date. The new shares will be distributed on June 30, 2022. The Company’s stock will begin trading at the post-split price on July 1, 2022. The Company’s second quarter regular common stock cash dividend, which will apply to pre-split shares only, will not be impacted by the stock split.

Commercial Loan and Master Lease Investment

On April 7, 2022, the Company entered into a preferred equity agreement to provide $30.0 million of funding towards the acquisition of the Watters Creek at Montgomery Farm, a grocery-anchored, mixed-use property located in Allen, Texas. The three-year preferred investment for the acquisition was fully funded at closing, is interest-only through maturity, includes an origination fee, and bears a fixed preferred return.

There were no other reportable subsequent events or transactions.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

3 Months Ended

Mar. 31, 2022

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Interim Financial Information

statements reflect all adjustments which are, in the opinion of management, necessary to present fairly the financial position of the Company and the results of operations for the interim periods.

The results of operations for the three months ended March 31, 2022 are not necessarily indicative of results to be expected for the year ending December 31, 2022.

Principles of Consolidation

Use of Estimates in the Preparation of Financial Statements

Recently Issued Accounting Standards

Cash and Cash Equivalents

Restricted Cash

Derivative Financial Instruments and Hedging Activity

Fair Value of Financial Instruments

Fair Value Measurements

●

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

●

Recognition Of Interest Income From Commercial Loan And Master Lease Investments

Recognition of Interest Income from Commercial Loan and Master Lease Investments

Mitigation Credits

Accounts Receivable

As of March 31, 2022 and December 31, 2021, $0.3 million was due from the buyer of the golf operations for the rounds surcharge the Company paid to the City of Daytona Beach.

Purchase Accounting for Acquisitions of Real Estate Subject to a Lease

Sales of Real Estate

Income Taxes

INCOME PROPERTIES (Tables)

3 Months Ended

Mar. 31, 2022

Table Text Blocks

Schedule of components of leasing revenue

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


	Three Months Ended
	March 31, 2022		March 31, 2021
Leasing Revenue
Lease Payments	$	12,285	$	9,698
Variable Lease Payments		2,883		1,751
Total Leasing Revenue	$	15,168	$	11,449

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

Minimum future base rental revenue on non-cancelable leases subsequent to March 31, 2022, for the next five years ended December 31 are summarized as follows (in thousands):


Year Ending December 31,	Amounts
Remainder of 2022	$	40,077
2023		51,224
2024		49,231
2025		47,631
2026		41,211
2027		34,104
2028 and Thereafter (Cumulative)		123,230
Total	$	386,708

COMMERCIAL LOAN AND MASTER LEASE INVESTMENTS (Tables)

3 Months Ended

Mar. 31, 2022

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 March 31, 2022 (in thousands):


Description	Date of Investment	Maturity Date	Original Face Amount		Current Face Amount		Carrying Value		Coupon Rate
Westland Gateway Plaza – Hialeah, FL	September 2020	N/A		21,085		21,085		21,151	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%
Construction Loan – The Exchange At Gwinnett – Buford, GA	January 2022	January 2024		8,700		—		(79)	7.25%
			$	30,549	$	21,849	$	21,830

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 carrying value of the commercial loan and master lease investments portfolio at March 31, 2022 and December 31, 2021 consisted of the following (in thousands):


	As of
	March 31, 2022		December 31, 2021
Current Face Amount	$	21,849	$	38,099
Imputed Interest over Rent Payments Received		66		1,002
Unaccreted Origination Fees		(81)		(2)
CECL Reserve		(4)		(4)
Total Commercial Loan and Master Lease Investments	$	21,830	$	39,095

RELATED PARTY MANAGEMENT SERVICES BUSINESS (Tables)

3 Months Ended

Mar. 31, 2022

Schedule of amounts due from PINE

The following table represents amounts due (to) from PINE as of March 31, 2022 and December 31, 2021 which are included in other assets on the consolidated balance sheets (in thousands):


	As of
Description	March 31, 2022		December 31, 2021
Management Services Fee due From PINE	$	936	$	913
Dividend Receivable		330		330
Other		(39)		410
Total	$	1,227	$	1,653

REAL ESTATE OPERATIONS (Tables)

3 Months Ended

Mar. 31, 2022

REAL ESTATE OPERATIONS

Summary of land and development costs

Land and development costs at March 31, 2022 and December 31, 2021 were as follows (in thousands):


	As of
	March 31, 2022		December 31, 2021
Land and Development Costs	$	358	$	358
Subsurface Interests		336		334
Total Land and Development Costs	$	694	$	692

INVESTMENT IN JOINT VENTURES (Tables)

3 Months Ended

Mar. 31, 2022

Land JV

Summarized financial information of the Company's JV Investment

The following table provides summarized financial information of the Land JV for the three months ended March 31, 2021 (in thousands):


	Three Months Ended
	March 31, 2021
Revenues	$	21
Direct Cost of Revenues		(81)
Operating Loss	$	(60)
Other Operating Expenses		(71)
Net Loss	$	(131)

Mitigation Bank

Summarized financial information of the Company's JV Investment

The following table provides summarized financial information of the Mitigation Bank JV for the three months ended March 31, 2021 (in thousands):


	Three Months Ended
	March 31, 2021
Revenues	$	104
Direct Cost of Revenues		(7)
Operating Income	$	97
Other Operating Expenses		(100)
Net Loss	$	(3)

INVESTMENT SECURITIES (Tables)

3 Months Ended

Mar. 31, 2022

INVESTMENT SECURITIES

Schedule of marketable securities

The Company’s available-for-sale securities as of March 31, 2022 and December 31, 2021 are summarized below (in thousands):


	Cost		Unrealized Gains in Investment Income		Unrealized Losses in Investment Income		Estimated Fair Value (Level 1 Inputs)
March 31, 2022
Common Stock	$	15,731	$	—	$	(152)	$	15,579
Operating Units		23,253		—		(245)		23,008
Total Equity Securities		38,984		—		(397)		38,587
Total Available-for-Sale Securities	$	38,984	$	—	$	(397)	$	38,587

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

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2022

FAIR VALUE OF FINANCIAL INSTRUMENTS

Schedule of carrying value and estimated fair value of financial instruments


	March 31, 2022				December 31, 2021
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Cash and Cash Equivalents - Level 1	$	9,450	$	9,450	$	8,615	$	8,615
Restricted Cash - Level 1	$	26,385	$	26,385	$	22,734	$	22,734
Commercial Loan and Master Lease Investments - Level 2	$	21,830	$	21,922	$	39,095	$	39,109
Long-Term Debt - Level 2	$	298,079	$	301,902	$	278,273	$	288,000

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)
March 31, 2022
Cash Flow Hedge - 2026 Term Loan Interest Rate Swap ⁽¹⁾	$	2,984	$	—	$	2,984	$	—
Cash Flow Hedge - 2026 Term Loan Interest Rate Swap⁽²⁾	$	929	$	—	$	929	$	—
Cash Flow Hedge - 2027 Term Loan Interest Rate Swap⁽³⁾	$	5,616	$	—	$	5,616	$	—
Investment Securities	$	38,587	$	38,587	$	—	$	—
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	$	—	$	—

⁽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.

INTANGIBLE ASSETS AND LIABILITIES (Tables)

3 Months Ended

Mar. 31, 2022

INTANGIBLE ASSETS AND LIABILITIES

Schedule of components of intangible lease assets and liabilities

Intangible assets and liabilities consisted of the following as of March 31, 2022 and December 31, 2021 (in thousands):


	As of
	March 31, 2022		December 31, 2021
Intangible Lease Assets:
Value of In-Place Leases	$	63,206	$	59,293
Value of Above Market In-Place Leases		24,001		23,216
Value of Intangible Leasing Costs		19,626		18,456
Sub-total Intangible Lease Assets		106,833		100,965
Accumulated Amortization		(24,908)		(21,473)
Sub-total Intangible Lease Assets—Net		81,925		79,492
Intangible Lease Liabilities (Included in Accrued and Other Liabilities):
Value of Below Market In-Place Leases		(7,146)		(6,942)
Sub-total Intangible Lease Liabilities		(7,146)		(6,942)
Accumulated Amortization		1,603		1,341
Sub-total Intangible Lease Liabilities—Net		(5,543)		(5,601)
Total Intangible Assets and Liabilities—Net	$	76,382	$	73,891

Schedule of amortization of intangible assets and liabilities

The following table reflects the net amortization of intangible assets and liabilities during the three months ended March 31, 2022 and 2021 (in thousands):


	Three Months Ended
	March 31, 2022		March 31, 2021
Amortization Expense	$	2,695	$	1,827
Accretion to Income Properties Revenue		481		(396)
Net Amortization of Intangible Assets and Liabilities	$	3,176	$	1,431

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

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


Year Ending December 31,	Future Amortization Amount		Future Accretion to Income Property Revenue		Net Future Amortization of Intangible Assets and Liabilities
Remainder of 2022	$	8,419	$	1,492	$	9,911
2023		11,128		2,013		13,141
2024		11,117		2,097		13,214
2025		8,891		2,153		11,044
2026		7,384		1,871		9,255
2027		7,125		1,550		8,675
2028 and Thereafter		8,848		2,294		11,142
Total	$	62,912	$	13,470	$	76,382

OTHER ASSETS (Tables)

3 Months Ended

Mar. 31, 2022

OTHER ASSETS.

Schedule of components of other assets

Other assets consisted of the following as of March 31, 2022 and December 31, 2021 (in thousands):


	As of
	March 31, 2022		December 31, 2021
Income Property Tenant Receivables	$	1,679	$	885
Income Property Straight-line Rent Adjustment and COVID-19 Deferral Balance		5,597		5,180
Operating Leases - Right-of-Use Asset		143		168
Golf Rounds Surcharge		306		338
Cash Flow Hedge - Interest Rate Swap		9,529		1,543
Infrastructure Reimbursement Receivables		1,087		1,080
Prepaid Expenses, Deposits, and Other		3,129		3,526
Due from Alpine Income Property Trust, Inc.		1,227		1,653
Financing Costs, Net of Accumulated Amortization		430		524
Total Other Assets	$	23,127	$	14,897

EQUITY (Tables)

3 Months Ended

Mar. 31, 2022

EQUITY

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 three months ended March 31, 2022 and 2021 (in thousands, except per share data):


	Three Months Ended
	March 31, 2022		March 31, 2021
Series A Preferred Stock
Dividends	$	1,195	$	—
Per Share	$	0.40	$	—

Common Stock
Dividends	$	6,417	$	5,929
Per Share	$	1.08	$	1.00

COMMON STOCK AND EARNINGS PER SHARE (Tables)

3 Months Ended

Mar. 31, 2022

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):


	Three Months Ended
	March 31, 2022		March 31, 2021
Basic and Diluted Earnings:
Net Income (Loss) Attributable to Common Stockholders, Used in Basic EPS	$	(993)	$	7,785
Add Back: Effect of Dilutive Interest Related to 2025 Notes ⁽¹⁾		—		—
Net Income (Loss) Attributable to Common Stockholders, Used in Diluted EPS		(993)		7,785

Basic and Diluted Shares:
Weighted Average Shares Outstanding, Basic		5,908,892		5,879,085
Common Shares Applicable to Dilutive Effect of 2025 Notes ⁽²⁾		—		—
Weighted Average Shares Outstanding, Diluted		5,908,892		5,879,085

Per Share Information:
Net Income (Loss) Attributable to Common Stockholders
Basic and Diluted	$	(0.17)	$	1.32

⁽¹⁾

⁽²⁾

LONG-TERM DEBT (Tables)

3 Months Ended

Mar. 31, 2022

LONG-TERM DEBT

Schedule of outstanding indebtedness, at face value

As of March 31, 2022, the Company’s outstanding indebtedness, at face value, was as follows (in thousands):


	Face Value Debt		Maturity Date	Interest Rate
Credit Facility	$	66,000	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%
Mortgage Note Payable		17,800	August 2026		4.060%
Total Long-Term Face Value Debt	$	299,834

⁽²⁾

Schedule of components of long-term debt

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


	March 31, 2022				December 31, 2021
	Total		Due Within One Year		Total		Due Within One Year
Credit Facility	$	66,000	$	—	$	67,000	$	—
2026 Term Loan		65,000		—		65,000		—
2027 Term Loan		100,000		—		100,000		—
3.875% Convertible Senior Notes, net of Discount		50,551		—		47,469		—
Mortgage Note Payable		17,800		—		—
Financing Costs, net of Accumulated Amortization		(1,272)		—		(1,196)		—
Total Long-Term Debt	$	298,079	$	—	$	278,273	$	—

Schedule of payments applicable to reduction of principal amounts

Payments applicable to reduction of principal amounts as of March 31, 2022 will be required as follows (in thousands):


As of March 31, 2022	Amount
Remainder of 2022	$	—
2023		66,000
2024		—
2025		51,034
2026		82,800
2027		100,000
2028 and Thereafter		—
Total Long-Term Debt - Face Value	$	299,834

Schedule of carrying value of long-term debt

The carrying value of long-term debt as of March 31, 2022 consisted of the following (in thousands):


	Total
Current Face Amount	$	299,834
Unamortized Discount on Convertible Debt		(483)
Financing Costs, net of Accumulated Amortization		(1,272)
Total Long-Term Debt	$	298,079

Schedule of interest expense on debt

The following table reflects a summary of interest expense incurred and paid during the three months ended March 31, 2022 and 2021 (in thousands):


	Three Months Ended
	March 31, 2022		March 31, 2021
Interest Expense	$	1,668	$	1,969
Amortization of Deferred Financing Costs		165		165
Amortization of Discount on Convertible Notes		69		310
Total Interest Expense	$	1,902	$	2,444

Total Interest Paid	$	1,087	$	1,395

- Definition

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

+ References

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+ Details

INTEREST RATE SWAPS (Tables)

3 Months Ended

Mar. 31, 2022

INTEREST RATE SWAPS

Schedule of interest rate swap agreements


Hedged Item	Effective Date	Maturity Date	Rate	Amount		Fair Value as of March 31, 2022
2026 Term Loan⁽¹⁾	3/10/2021	3/29/2024	0.22% + applicable spread	$	50,000	$	2,116
2026 Term Loan ⁽²⁾	3/29/2024	3/10/2026	1.51% + applicable spread	$	50,000	$	868
2026 Term Loan	8/31/2021	3/10/2026	0.77% + applicable spread	$	15,000	$	929
2027 Term Loan ⁽³⁾	11/5/2021	3/29/2024	0.73% + applicable spread	$	100,000	$	3,219
2027 Term Loan ⁽⁴⁾	3/29/2024	1/31/2027	1.42% + applicable spread	$	100,000	$	2,397

⁽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)

3 Months Ended

Mar. 31, 2022

ACCRUED AND OTHER LIABILITIES.

Schedule of components of accrued and other liabilities

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


	As of
	March 31, 2022		December 31, 2021
Accrued Property Taxes	$	1,831	$	813
Reserve for Tenant Improvements		5,120		5,457
Tenant Security Deposits		2,062		1,942
Accrued Construction Costs		1,130		190
Accrued Interest		975		431
Environmental Reserve		73		81
Cash Flow Hedge - Interest Rate Swaps		—		26
Operating Leases - Liability		143		198
Other		2,579		3,983
Total Accrued and Other Liabilities	$	13,913	$	13,121

DEFERRED REVENUE (Tables)

3 Months Ended

Mar. 31, 2022

DEFERRED REVENUE

Schedule of components of deferred revenue

Deferred revenue consisted of the following (in thousands):


	As of
	March 31, 2022		December 31, 2021
Prepaid Rent	$	3,212	$	3,921
Interest Reserve from Commercial Loan and Master Lease Investment		639		—
Tenant Contributions		561		574
Other Deferred Revenue		180		10
Total Deferred Revenue	$	4,592	$	4,505

STOCK-BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2022

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 three months ended March 31, 2022, is presented below:


Type of Award	Shares Outstanding at 1/1/2022		Granted Shares		Vested / Exercised Shares		Expired Shares		Forfeited Shares		Shares Outstanding at 3/31/22
Equity Classified - Performance Share Awards - Peer Group Market Condition Vesting		78,118		23,056		(24,425)		—		—		76,749
Equity Classified - Three Year Vest Restricted Shares		51,503		23,446		(24,155)		—		(772)		50,022
Equity Classified - Non-Qualified Stock Option Awards		21,541		—		(12,541)		—		—		9,000
Total Shares		151,162		46,502		(61,121)		—		(772)		135,771

Schedule of amounts recognized for stock-based compensation

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

January 28, 2017

STOCK-BASED COMPENSATION

Summary of performance share awards activity

A summary of the activity for these awards during the three months ended March 31, 2022 is presented below:


Performance Shares With Market Conditions	Shares		Wtd. Avg. Fair Value Per Share
Non-Vested at January 1, 2022		78,118	$	47.01
Granted		23,056	$	62.27
Vested		(24,425)	$	(50.27)
Expired		—		—
Forfeited		—		—
Non-Vested at March 31, 2022		76,749	$	50.56

Three-Year Vesting

STOCK-BASED COMPENSATION

Summary of nonvested restricted stock award activity

A summary of the activity for these awards during the three months ended March 31, 2022 is presented below:


Three Year Vest Non-Vested Restricted Shares	Shares		Wtd. Avg. Fair Value Per Share
Non-Vested at January 1, 2022		51,503	$	44.88
Granted		23,446	$	59.40
Vested		(24,155)	$	44.89
Expired		—		—
Forfeited		(772)	$	52.34
Non-Vested at March 31, 2022		50,022	$	51.57

Original 2010 Plan

STOCK-BASED COMPENSATION

Summary of activity for stock option awards

A summary of the activity for these awards during the three months ended March 31, 2022 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, 2022	21,541	$	43.37
Granted	—		—
Exercised	(12,541)	$	45.88
Expired	—		—
Forfeited	—		—
Outstanding at March 31, 2022	9,000	$	39.87		2.56	$	238,050
Exercisable at January 1, 2022	21,541	$	43.37		3.21	$	388,837
Exercisable at March 31, 2022	9,000	$	39.87		2.56	$	238,050

COMMITMENTS AND CONTINGENCIES (Tables)

3 Months Ended

Mar. 31, 2022

COMMITMENTS AND CONTINGENCIES

Schedule of Commitments

The improvements, which are related to several properties, are estimated to be generally completed within twelve months. These commitments, as of March 31, 2022, are as follows (in thousands):


	As of March 31, 2022
Total Commitment ⁽¹⁾	$	23,533
Less Amount Funded		(8,139)
Remaining Commitment	$	15,394

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

BUSINESS SEGMENT DATA (Tables)

3 Months Ended

Mar. 31, 2022

BUSINESS SEGMENT DATA

Schedule of operations in different segments

Information about the Company’s operations in different segments for the three months ended March 31, 2022 and 2021 are as follows (in thousands):


	Three Months Ended
	March 31, 2022		March 31, 2021
Revenues:
Income Properties	$	15,168	$	11,449
Management Fee Income		936		669
Interest Income From Commercial Loan and Master Lease Investments		718		701
Real Estate Operations		388		1,893
Total Revenues	$	17,210	$	14,712
Operating Income:
Income Properties	$	11,152	$	8,532
Management Fee Income		936		669
Interest Income From Commercial Loan and Master Lease Investments		718		701
Real Estate Operations		337		1,811
General and Corporate Expense		(9,412)		(7,962)
Gain (Loss) on Disposition of Assets		(245)		708
Total Operating Income	$	3,486	$	4,459
Depreciation and Amortization:
Income Properties	$	6,356	$	4,825
Corporate and Other		13		5
Total Depreciation and Amortization	$	6,369	$	4,830
Capital Expenditures:
Income Properties	$	40,499	$	39,340
Corporate and Other		16		7
Total Capital Expenditures	$	40,515	$	39,347

Identifiable assets of each segment as of March 31, 2022 and December 31, 2021 are as follows (in thousands):


	As of
	March 31, 2022		December 31, 2021
Identifiable Assets:
Income Properties	$	657,128	$	630,747
Management Services		1,227		1,653
Commercial Loan and Master Lease Investments		21,830		39,095
Real Estate Operations		26,521		26,512
Corporate and Other		47,513		35,132
Total Assets	$	754,219	$	733,139

ASSETS HELD FOR SALE (Tables)

3 Months Ended

Mar. 31, 2022

Table Text Blocks

Schedule of assets and liabilities held for sale and discontinued operations


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

- 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
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+ Details

DESCRIPTION OF BUSINESS (Details) $ in Thousands, ft² in Millions	3 Months Ended
	Mar. 31, 2022 USD ($) ft² a country county loan property	Dec. 31, 2021 USD ($)	Sep. 30, 2021	Mar. 31, 2021 a	Jun. 30, 2018
Real Estate Properties
Area of land (in acres) \| a	4,750			25,000
Number of commercial loan investment \| loan	3
Investment in Alpine Income Property Trust, Inc. \| $	$ 38,587	$ 41,037
Investment ownership percentage (as a percent)	7.00%
Mitigation Bank
Real Estate Properties
Interest in the joint venture (as a percent)	70.00%
Area of land owned \| a	2,500
Equity method investment, ownership percentage (as a percent)			30.00%		30.00%
Florida
Real Estate Properties
Number of states in which entity operates \| country	19
Subsurface area of portfolio of mineral interests \| a	365,000
Commercial Real Estate Portfolio Segment [Member]
Real Estate Properties
Number of commercial loan investment \| loan	3
Number of commercial properties	1
Commercial
Real Estate Properties
Number of real estate properties	21
Number of states in which entity operates \| county	9
Gross leasable space \| ft²	2.8
Single-tenant
Real Estate Properties
Number of real estate properties	7
Multi-tenant
Real Estate Properties
Number of real estate properties	14

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Principles of Consolidation (Details) $ in Millions	Dec. 10, 2021 USD ($) a	Sep. 30, 2021	Jun. 30, 2018
Mitigation Bank
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Equity method investment, ownership percentage (as a percent)		30.00%	30.00%
Land JV
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Equity method investment, ownership percentage (as a percent)	33.50%
Acres sold \| a	1,600
Final sales price \| $	$ 66.3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Restricted Cash and Investment Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021
Restricted Cash
Restricted Cash	$ 26,385	$ 22,734	$ 609
Restricted cash escrow account
Restricted Cash
Restricted Cash	24,300
Restricted cash, escrow account in connection with sale of ground lease
Restricted Cash
Restricted Cash	1,500
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
	Mar. 31, 2022 USD ($)	Dec. 31, 2015 Transaction	Dec. 31, 2021 USD ($)
Accounts Receivable
Income Property Tenant Receivables	$ 1,679		$ 885
Number of closed land transactions \| Transaction		2
Allowance for doubtful accounts	500		500
Other Asset
Accounts Receivable
Income Property Tenant Receivables	1,700		900
Income Property Tenant Receivables, Increase (Decrease)	800
Accounts receivable related to real estate operations	1,100		1,100
Receivable from Golf operations for rounds surcharge	$ 300		$ 300

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Income Taxes (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($) subsidiary
Income Taxes
REIT Eligibility, Distributable , Minimum Percentage of Taxable Income, Excluding Net Capital Gains	90.00%
Number of taxable REIT subsidiaries \| subsidiary	2
Reserves for uncertain income tax positions \| $	$ 0

INCOME PROPERTIES - Leasing Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Leasing Revenue
Lease Payments	$ 12,285	$ 9,698
Variable Lease Payments	2,883	1,751
Total Leasing Revenue	$ 15,168	$ 11,449

INCOME PROPERTIES - Minimum Future Base Rental Revenue on Non-cancelable Leases (Details) $ in Thousands	Mar. 31, 2022 USD ($)
Minimum future base rental revenue on non-cancelable leases
Remainder of 2022	$ 40,077
2023	51,224
2024	49,231
2025	47,631
2026	41,211
2027	34,104
2028 and Thereafter (Cumulative)	123,230
Total	$ 386,708

INCOME PROPERTIES - Acquisitions (Details) $ in Thousands	3 Months Ended
INCOME PROPERTIES - Acquisitions (Details) $ in Thousands	Mar. 31, 2022 USD ($) ft²	Mar. 31, 2021 USD ($) ft² property
Acquisitions of Income Properties
Weighted average amortization period of intangible assets	7 years 8 months 12 days
2022 Acquisitions
Acquisitions of Income Properties
Weighted average amortization period of intangible assets	5 years 8 months 12 days
2022 Acquisitions \| Nonrecurring basis
Acquisitions of Income Properties
Land	$ 15,600
Buildings and improvements	17,900
Intangible assets pertaining to the in-place lease value, leasing fees and above market lease value	5,900
Intangible liabilities for below market lease value	200
2022 Acquisitions \| Income Property, Multi-tenant, Katy, Texas [Member]
Acquisitions of Income Properties
Aggregate acquisition cost including capitalized acquisition costs	$ 39,200
Property Square-Feet \| ft²	205,813
Purchase Price	$ 39,100
Percentage Leased at Acquisition	95.00%
Remaining Lease Term at Acquisition Date (in years)	5 years 8 months 12 days
2022 Acquisitions \| Income Property, Multi-tenant, Katy, Texas [Member] \| Fixed-Rate Mortgage Note
Acquisitions of Income Properties
Aggregate outstanding principal balance	$ 17,800
2021 Acquisitions
Acquisitions of Income Properties
Number of real estate properties \| property		2
Aggregate acquisition cost including capitalized acquisition costs		$ 38,600
Land		18,400
Buildings and improvements		14,300
Intangible assets pertaining to the in-place lease value, leasing fees and above market lease value		$ 5,900
Weighted average amortization period of intangible assets		7 years 7 months 6 days
Purchase Price		$ 38,500
2021 Acquisitions \| Income Property, Multi-tenant, Jordan Landing, West Jordan, Utah
Acquisitions of Income Properties
Aggregate acquisition cost including capitalized acquisition costs		$ 20,100
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
Aggregate acquisition cost including capitalized acquisition costs		$ 18,600
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

INCOME PROPERTIES - Dispositions (Details) $ in Thousands	3 Months Ended
INCOME PROPERTIES - Dispositions (Details) $ in Thousands	Mar. 31, 2022 USD ($) item property	Mar. 31, 2021 USD ($) property	Dec. 31, 2021 USD ($)
Dispositions of Income Properties
Carrying Value	$ 21,830		$ 39,095
2022 Dispositions, Income Properties
Dispositions of Income Properties
Number of real estate properties \| property	2
2022 Dispositions, Income Properties \| Income Property, Single-tenant, Outback, Austin, Texas
Dispositions of Income Properties
Number Of Tenant Repurchase Options \| item	2
Carrying Value	$ 16,250
2022 Dispositions, Income Properties, Single-tenant \| Income Property, Party City Corporation, Oceanside, New York
Dispositions of Income Properties
Sales price	6,900
Gain (Loss) on Sale	(60)
2022 Dispositions, Income Properties, Single-tenant \| Income Property, Single-tenant, Outback, Austin, Texas
Dispositions of Income Properties
Sales price	17,100
Gain (Loss) on Sale	(200)
2021 Dispositions, Income Properties
Dispositions of Income Properties
Number of real estate properties \| property		2
2021 Dispositions, Multi-tenant \| Income Property, World of Beer, Fuzzys Taco Shop, Brandon, Florida
Dispositions of Income Properties
Sales price		$ 2,300
Gain (Loss) on Sale		600
2021 Dispositions, Single-tenant \| Income Property, Single-tenant, Moe's Southwest Grill, Jacksonville, Florida
Dispositions of Income Properties
Sales price		2,500
Gain (Loss) on Sale		100
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 2022 Dispositions, Income Properties
Dispositions of Income Properties
Sales price	24,000
Gain (Loss) on Sale	$ (200)
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 2021 Dispositions, Income Properties
Dispositions of Income Properties
Sales price		4,900
Gain (Loss) on Sale		$ 700

COMMERCIAL LOAN AND MASTER LEASE INVESTMENTS - Summary of Commercial Loan Investments (Details) $ in Thousands			3 Months Ended
	Mar. 11, 2022 USD ($) item	Jan. 26, 2022 USD ($)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 USD ($)	Dec. 31, 2021 USD ($)	Nov. 05, 2021	Aug. 31, 2021	Mar. 10, 2021
Mortgage Loans On Real Estate [Line Items]
Original Face Amount			$ 30,549	$ 38,099
Current Face Amount			21,849	38,099
Carrying Value			21,830	39,095
Interest rate (as a percent)						0.73%	0.77%	0.22%
Commercial Loan and Master Lease Investments			21,830		$ 39,095
Ground Lease Loan - 400 Josephine Street, Austin, TX
Mortgage Loans On Real Estate [Line Items]
Original Face Amount				16,250
Current Face Amount				16,250
Carrying Value	$ 17,300			17,189
Sales price	$ 17,100
Number Of Tenant Repurchase Options \| item	2
Commercial Loan and Master Lease Investments	$ 16,250
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			21,151	21,148
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	$ 394
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	$ 364
Current Face Amount			364	364
Carrying Value			$ 364	$ 364
Coupon Rate			10.00%	10.00%
Construction Loan - The Exchange At Gwinnett - Buford, GA
Mortgage Loans On Real Estate [Line Items]
Loan Origination		$ 8,700
Original Face Amount		$ 8,700	$ 8,700
Carrying Value, Net			$ (79)
Coupon Rate			7.25%
Extension period (in years)		1 year
Interest rate (as a percent)		7.25%
Origination fee		$ 100

COMMERCIAL LOAN AND MASTER LEASE INVESTMENTS - Carrying Value (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current Face Amount	$ 21,849	$ 38,099
Total Commercial Loan and Master Lease Investments	21,830	39,095
Commercial loan and master lease investments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current Face Amount	21,849	38,099
Imputed Interest over Rent Payments Received	66	1,002
Unaccreted Origination Fees	(81)	(2)
CECL Reserve	(4)	(4)
Total Commercial Loan and Master Lease Investments	$ 21,830	$ 39,095

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	Mar. 31, 2022 USD ($) $ / shares shares	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Dec. 31, 2021 USD ($) property $ / shares shares	Jan. 07, 2022 USD ($) property	Oct. 26, 2021 USD ($) $ / shares
Real Estate [Line Items]
Share purchased \| shares			828,643
Purchase price of shares			$ 149		$ 292
Equity Method Investments			0			$ 0
Investment in Alpine Income Property Trust, Inc.			$ 38,587			41,037
Investment ownership percentage (as a percent)			7.00%
Outstanding Principal			$ 299,834			$ 283,000
Alpine Income Property Trust, Inc.
Real Estate [Line Items]
Share purchased \| shares			4,765			8,088
Purchase price of shares			$ 100			$ 100
Closing share price (in dollars per share) \| $ / shares			$ 18.47			$ 17.65
Investment in Alpine Income Property Trust, Inc.			$ 38,600
Investment ownership percentage (as a percent)			15.20%
Mortgage Notes Payable Under CMBS Portfolio
Real Estate [Line Items]
Outstanding Principal				$ 30,000
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
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
Investment ownership percentage (as a percent)			9.10%
2022 Acquisitions \| Income Property Single Tenant
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			$ 0		30
Management fee revenue earned per month	$ 20
Monthly management fee			$ 20,000		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
Management fee revenue earned			$ 900		600
Proceeds from Dividends Received			$ 600		$ 500
Alpine
Real Estate [Line Items]
Number of properties sold \| property		15
Aggregate cash consideration		$ 125,900
Share purchased \| shares			828,643
Amount of shares authorized for purchase by the board								$ 5,000
Closing share price (in dollars per share) \| $ / shares			$ 18.47			$ 17.65		$ 17.75
Alpine \| Mortgage Notes Payable Under CMBS Portfolio
Real Estate [Line Items]
Real estate acquired purchase price						$ 44,500
Number of real estate properties \| property						6
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
Number of real estate properties \| property						1
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	Mar. 31, 2022	Dec. 31, 2021
Real Estate [Line Items]
Management Services Fee due from PINE	$ 936	$ 913
Dividend receivable	330	330
Other	(39)	410
Total	$ 1,227	$ 1,653

- 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
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-Name Accounting Standards Codification
-Topic 850
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-Section 50
-Paragraph 1
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Section S99
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+ Details

REAL ESTATE OPERATIONS - Land and Development Costs (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
REAL ESTATE OPERATIONS
Land and Development Costs	$ 358	$ 358
Subsurface Interests	336	334
Total Land and Development Costs	$ 694	$ 692

REAL ESTATE OPERATIONS - Mitigation Credits (Details) - USD ($) $ in Millions		3 Months Ended
	Sep. 30, 2021	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 10, 2021
Real Estate Properties [Line Items]
Asset Acquisition, Interest Purchase Amount Allocated to Mitigation Credits	$ 15.6
Mitigation Bank
Real Estate Properties [Line Items]
Mitigation credits, acquired	0.9
Asset Acquisition, Consideration Transferred, Contingent Consideration	18.0
Asset Retained Interest, Previously Recorded Value	6.9
Mitigation credit and mitigation credit rights		$ 24.7		$ 24.7
Mitigation credit rights acquired	$ 21.6
Mitigation Credit Sales \| Real Estate Operations
Real Estate Properties [Line Items]
Gross Sales Price		$ 0.0	$ 0.0
Land JV
Real Estate Properties [Line Items]
Equity method investment, ownership percentage (as a percent)					33.50%
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	3 Months Ended
	Mar. 31, 2022 USD ($) a	Mar. 31, 2021 USD ($) a
Subsurface interests
Area of land (in acres) \| a	4,750	25,000
Lease revenue	$ 15,168	$ 11,449
Royalty
Subsurface interests
Revenue from contract with customer, including assessed tax	$ 10	10
Surface land over subsurface interests
Subsurface interests
Area of land (in acres) \| a	365,000
Revenue recognized for cash payments for the release of surface entry rights	$ 20	10
Real Estate Operations \| Subsurface Revenue, Land Sales
Subsurface interests
Revenue from contract with customer, including assessed tax	400	1,900
Real Estate Operations \| Mitigation Credit Sales
Subsurface interests
Revenue from contract with customer, including assessed tax	$ 0	$ 0

REAL ESTATE OPERATIONS - Land Impairments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
REAL ESTATE OPERATIONS
Impairment Charges	$ 0	$ 0

INVESTMENT IN JOINT VENTURES - Summary (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Equity Method Investment, Financial Statement, Reported Amounts [Abstract]
Equity method investments	$ 0	$ 0

INVESTMENT IN JOINT VENTURES - Summarized Financial Information - Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Equity Method Investment, Summarized Financial Information [Abstract]
Revenues	$ 17,210	$ 14,712
Direct Cost of Revenues	(4,067)	(2,999)
Operating Loss	3,486	4,459
Other Operating Expenses	245	(708)
Net loss	$ 202	7,785
Land JV
Equity Method Investment, Summarized Financial Information [Abstract]
Revenues		21
Direct Cost of Revenues		(81)
Operating Loss		(60)
Other Operating Expenses		(71)
Net loss		(131)
Mitigation Bank
Equity Method Investment, Summarized Financial Information [Abstract]
Revenues		104
Direct Cost of Revenues		(7)
Operating Loss		97
Other Operating Expenses		(100)
Net loss		$ (3)

- 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
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-Name Accounting Standards Codification
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+ 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).

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+ Details

INVESTMENT IN JOINT VENTURES - Adjustments (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended		9 Months Ended	12 Months Ended
	Dec. 10, 2021	Jun. 30, 2018	Mar. 31, 2022	Mar. 31, 2021	Sep. 30, 2021	Dec. 31, 2021
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
Investment in Joint Ventures						$ 48,900
Sales price						$ 97,000
Sale of interest in joint venture			66.50%			66.50%
Interest in the joint venture (as a percent)	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				9 Months Ended	12 Months Ended
	Dec. 10, 2021 USD ($)	Sep. 30, 2021 USD ($) item	Sep. 29, 2021 USD ($)	Jun. 30, 2018 USD ($)	Mar. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($)	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Sep. 30, 2021 USD ($) item	Dec. 31, 2021 USD ($)
Schedule of Equity Method Investments [Line Items]
Units issued \| shares					828,643
Stock Issuance					$ 149			$ 292
Land and Development Costs					694	$ 692				$ 692
Impairment Charges					0			0
Capital Expenditures					40,515			39,347
Cash and Cash Equivalents					9,450	8,615		4,691		8,615
Migration credits					3,702	3,702				3,702
Mitigation Credit Rights					$ 21,018	21,018				$ 21,018
Mitigation Bank
Schedule of Equity Method Investments [Line Items]
Equity interest acquired		70.00%							70.00%
Acquired price		$ 18,000
Capital Expenditures		16,100
Cash		1,900							$ 1,900
Previously recorded value		6,900							6,900
Total cost		24,900							24,900
Cash and Cash Equivalents		1,800							1,800
Restricted cash		600							600
Migration credits		900							900
Mitigation Credit Rights		$ 21,600							$ 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%					30.00%
Mitigation credits, Operating Agreement, credit sales, Minimum Sales Requirement, minimum revenue, net of commissions		$ 6,000							$ 6,000
Mitigation credits, Operating Agreement, credit sales, Minimum Sales Requirement, maximum credits, number \| item		60							60
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%					66.50%
Interest in the joint venture (as a percent)	33.50%									33.50%
Final sales price	$ 66,300
Impairment Charges						1,100	$ 16,500			$ 17,600
Investment in Joint Ventures						$ 48,900				48,900
Equity method investment, ownership percentage (as a percent)	33.50%
Monthly management fee					$ 20,000			$ 10		$ 10,000
Management fee revenue earned per month	$ 20

INVESTMENT SECURITIES - General Information (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		12 Months Ended
	Nov. 26, 2019	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Oct. 26, 2021
Marketable Securities [Line Items]
Share purchased		828,643
Purchase price of shares		$ 149	$ 292
Equity Method Investments		0		$ 0
Investment in Alpine Income Property Trust, Inc.		$ 38,587		$ 41,037
Alpine Income Property Trust, Inc.
Marketable Securities [Line Items]
Share purchased		4,765		8,088
Number of shares owned		2,050,000.00
Purchase price of shares		$ 100		$ 100
Closing share price (in dollars per share)		$ 18.47		$ 17.65
Investment in Alpine Income Property Trust, Inc.		$ 38,600
Alpine
Marketable Securities [Line Items]
Share purchased		828,643
Closing share price (in dollars per share)		$ 18.47		$ 17.65	$ 17.75
IPO Purchase
Marketable Securities [Line Items]
Share purchased		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	Mar. 31, 2022	Dec. 31, 2021
Debt Securities, Trading, and Equity Securities, FV-NI [Abstract]
Cost	$ 38,984	$ 38,896
Unrealized Gains in Investment Income		2,141
Unrealized Losses in Investment Income	(397)
Estimated Fair Value (Level 1 Inputs)	38,587	41,037
Common Stock
Debt Securities, Trading, and Equity Securities, FV-NI [Abstract]
Cost	15,731	15,643
Unrealized Gains in Investment Income		868
Unrealized Losses in Investment Income	(152)
Estimated Fair Value (Level 1 Inputs)	15,579	16,511
Operating Units
Debt Securities, Trading, and Equity Securities, FV-NI [Abstract]
Cost	23,253	23,253
Unrealized Gains in Investment Income		1,273
Unrealized Losses in Investment Income	(245)
Estimated Fair Value (Level 1 Inputs)	$ 23,008	$ 24,526

FAIR VALUE OF FINANCIAL INSTRUMENTS - Carrying Value and Estimated Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
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	$ 9,450	$ 8,615
Restricted Cash	26,385	22,734
Carrying Value \| Significant Other Observable Inputs (Level 2) [Member]
Carrying value and estimated fair value of financial instruments
Commercial Loan and Master Lease Investments	21,830	39,095
Long-Term Debt	298,079	278,273
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	9,450	8,615
Restricted Cash	26,385	22,734
Estimated Fair Value \| Significant Other Observable Inputs (Level 2) [Member]
Carrying value and estimated fair value of financial instruments
Commercial Loan and Master Lease Investments	21,922	39,109
Long-Term Debt	$ 301,902	$ 288,000

FAIR VALUE OF FINANCIAL INSTRUMENTS - Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Nov. 05, 2021	Aug. 31, 2021	Mar. 10, 2021
Fair value of assets
Cash Flow Hedge - Interest Rate Swap	$ 9,529		$ 1,543
Interest rate (as a percent)				0.73%	0.77%	0.22%
Notional amount				$ 100,000	$ 15,000	$ 50,000
Payoff of variable-rate mortgage loan	5,000	$ 77,183
Recurring basis
Fair value of assets
Cash Flow Hedge - Interest Rate Swap	38,587		41,037
Recurring basis \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Fair value of assets
Cash Flow Hedge - Interest Rate Swap	38,587		41,037
Recurring basis \| 2026 Term Loan One [Member] \| Interest Rate Swap
Fair value of assets
Cash Flow Hedge - Interest Rate Swap	2,984		727
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	2,984		727
Recurring basis \| 2026 Term Loan Two [Member] \| Interest Rate Swap
Fair value of assets
Cash Flow Hedge - Interest Rate Swap	929		240
Recurring basis \| 2026 Term Loan Two [Member] \| Interest Rate Swap \| Significant Other Observable Inputs (Level 2) [Member]
Fair value of assets
Cash Flow Hedge - Interest Rate Swap	929		240
Recurring basis \| 2027 Term Loan [Member] \| Interest Rate Swap
Fair value of assets
Cash Flow Hedge - Interest Rate Swap	5,616		550
Recurring basis \| 2027 Term Loan [Member] \| Interest Rate Swap \| Significant Other Observable Inputs (Level 2) [Member]
Fair value of assets
Cash Flow Hedge - Interest Rate Swap	$ 5,616		$ 550

FAIR VALUE OF FINANCIAL INSTRUMENTS - Assets Measured on a Nonrecurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Nonrecurring basis
Fair value of assets
Asset fair value	$ 0	$ 0

INTANGIBLE ASSETS AND LIABILITIES - Components (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	$ 106,833	$ 100,965
Accumulated Amortization	(24,908)	(21,473)
Total	81,925	79,492
Intangible Lease Liabilities (Included in Accrued and Other Liabilities):
Value of Below Market In-Place Leases	(7,146)	(6,942)
Sub-total Intangible Lease Liabilities-Net	(7,146)	(6,942)
Accumulated Amortization	1,603	1,341
Total	(5,543)	(5,601)
Total Intangible Assets and Liabilities-Net	76,382	73,891
Value of In-Place Leases [Member]
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	63,206	59,293
Value of Above Market In-Place Leases [Member]
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	24,001	23,216
Value of Intangible Leasing Costs [Member]
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	$ 19,626	$ 18,456

INTANGIBLE ASSETS AND LIABILITIES - Activity (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($) property	Dec. 31, 2021 USD ($)
Intangible Assets And Liabilities
Number of multi-tenant income properties sold \| property	1
Number of single-tenant income properties sold \| property	2
Net amortization increase (decrease)	$ 3,200
Net increase in intangible assets and liabilities	2,500
Below market lease value	5,543	$ 5,601
Value of In-Place Leases [Member]
Intangible Assets And Liabilities
Increase from acquisitions	3,900
Value of Above Market In-Place Leases [Member]
Intangible Assets And Liabilities
Increase from acquisitions	800
Value of Intangible Leasing Costs [Member]
Intangible Assets And Liabilities
Increase from acquisitions	1,200
Value of Below Market In-Place Leases
Intangible Assets And Liabilities
Increase from acquisitions	$ 200

INTANGIBLE ASSETS AND LIABILITIES - Amortization (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
INTANGIBLE ASSETS AND LIABILITIES
Amortization Expense	$ 2,695	$ 1,827
Accretion to Income Properties Revenue	481	(396)
Net Amortization of Intangible Assets and Liabilities	$ 3,176	$ 1,431

INTANGIBLE ASSETS AND LIABILITIES - Summary of Estimated Amortization and Accretion (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Future Amortization Amount
Total	$ 81,925	$ 79,492
Future Accretion to Income Property Revenue
Total	(5,543)	$ (5,601)
Net Future Amortization of Intangible Assets and Liabilities
Remainder of 2022	9,911
2023	13,141
2024	13,214
2025	11,044
2026	9,255
2027	8,675
2028 and Thereafter	11,142
Total	76,382
Future Amortization
Future Amortization Amount
Remainder of 2022	8,419
2023	11,128
2024	11,117
2025	8,891
2026	7,384
2027	7,125
2028 and Thereafter	8,848
Total	62,912
Future Accretion to Income Property Revenue
Future Accretion to Income Property Revenue
Remainder of 2022	1,492
2023	2,013
2024	2,097
2025	2,153
2026	1,871
2027	1,550
2028 and Thereafter	2,294
Total	$ 13,470

INTANGIBLE ASSETS AND LIABILITIES - Weighted Average Amortization Period (Details)	3 Months Ended
	Mar. 31, 2022
INTANGIBLE ASSETS AND LIABILITIES
Weighted average amortization period of intangible assets	7 years 8 months 12 days
Weighted average amortization period of intangible liabilities	8 years 6 months

IMPAIRMENT OF LONG-LIVED ASSETS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
IMPAIRMENT OF LONG-LIVED ASSETS
Impairment Charges	$ 0	$ 0

OTHER ASSETS (Details) $ in Thousands	Mar. 31, 2022 USD ($) installment	Dec. 31, 2021 USD ($) installment
Other Assets
Income Property Tenant Receivables	$ 1,679	$ 885
Income Property Straight-line Rent Adjustment and Covid-19 Deferral Balance	5,597	5,180
Operating Leases, Right-of-Use Asset	143	168
Golf Rounds Surcharge	306	338
Cash Flow Hedge - Interest Rate Swap	9,529	1,543
Infrastructure Reimbursement Receivables	1,087	1,080
Prepaid Expenses, Deposits, and Other	3,129	3,526
Due from Alpine Income Property Trust, Inc.	1,227	1,653
Financing Costs, Net of Accumulated Amortization	430	524
Total Other Assets	23,127	14,897
COVID-19
Other Assets
Income Property Straight-line Rent Adjustment and Covid-19 Deferral Balance	100	100
Tanger
Other Assets
Infrastructure Reimbursement Receivables	$ 800	$ 800
Number of installments to repay infrastructure reimbursement receivable \| installment	5	5
Infrastructure reimbursement receivables, installment payment amounts	$ 200	$ 200
Infrastructure reimbursement receivable, discount	100	100
Sam's Club
Other Assets
Infrastructure Reimbursement Receivables	$ 300	$ 300
Number of installments to repay infrastructure reimbursement receivable \| installment	3	3
Infrastructure reimbursement receivables, installment payment amounts	$ 100	$ 100
Infrastructure reimbursement receivable, discount	$ 30	$ 30

EQUITY - General Information (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
	Apr. 30, 2021	Mar. 31, 2022	Mar. 31, 2021	Apr. 01, 2021
Class of Stock [Line Items]
Aggregate offering price				$ 350,000
Purchase price of shares		$ 149	$ 292
Units issued		828,643
At Market Offering Program
Class of Stock [Line Items]
Purchase price of shares	$ 150,000
Units issued		43,793
Gross proceeds from issuance of common stock		$ 2,900
Total net proceeds		$ 2,800
Shares issued price per share		$ 65.47
Transaction fees		$ 100

EQUITY - Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Class of Stock [Line Items]
Dividends, Preferred Stock	$ 1,195
Cash dividends	6,660	$ 6,057
Common Stock
Class of Stock [Line Items]
Dividends, Common Stock	$ 6,417	$ 5,929
Cash dividends paid and declared (in dollars per share)	$ 1.08	$ 1.00
Series A Preferred Stock
Class of Stock [Line Items]
Dividends, Preferred Stock	$ 1,195
Dividend per Share	$ 0.40

EQUITY - 2025 NOTES (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Jan. 01, 2022	Dec. 31, 2021
Additional paid-in capital	$ 81,092		$ 85,414
Retained earnings	$ 339,828		$ 343,459
2025 Notes \| ASU 2020-06 \| Restatement
Additional paid-in capital		$ 7,000
Retained earnings		4,000
Non-cash portion of convertible notes		$ 3,000

- Definition

The cumulative amount of the reporting entity's undistributed earnings or deficit.

+ References + Details

COMMON STOCK AND EARNINGS PER SHARE - Summary of Common Stock and Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
COMMON STOCK AND EARNINGS PER SHARE
Net Income (Loss) Attributable to Common Stockholders - Basic	$ (993)	$ 7,785
Net Income (Loss) Attributable to Common Stockholders - Diluted	$ (993)	$ 7,785
Weighted Average Shares Outstanding, Basic (in shares)	5,908,892	5,879,085
Weighted Average Shares Outstanding, Diluted (in shares)	5,908,892	5,879,085
Per Share Information:
Basic Net Income (Loss) per Share Attributable to Common Stockholders (in dollars per share)	$ (0.17)	$ 1.32
Diluted Net Income (Loss) per Share Attributable to Common Stockholders (in dollars per share)	$ (0.17)	$ 1.32

- Definition

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

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

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Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

COMMON STOCK AND EARNINGS PER SHARE - Anti-dilutive Securities and Convertible Notes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Nov. 05, 2021	Aug. 31, 2021	Mar. 10, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net Income (Loss) Attributable to Common Stockholders - Basic	$ (993)	$ 7,785
Net Income (Loss) Attributable to Common Stockholders - Diluted	$ (993)	$ 7,785
Dilutive securities	0	0
Anti-dilutive securities (in shares)	8,259	19,490
Interest rate (as a percent)				0.73%	0.77%	0.22%
3.875% Convertible Senior Notes due 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Interest rate (as a percent)	3.875%		3.875%
2025 Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive convertible securities excluded	$ 600
2025 Notes \| ASU 2020-06
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from computation of diluted net income (loss)	1,000,000.0

SHARE REPURCHASES (Details) - Stock Repurchase Program, February 2020 - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Feb. 29, 2020
Stock Repurchases
Stock repurchase program authorized amount				$ 10.0
Shares repurchased (in shares)	0	0	40,553
Stock repurchased amount			$ 2.2
Average price per share of stock repurchased			$ 54.48
Remaining authorized repurchase amount	$ 3.7

LONG-TERM DEBT - Outstanding Indebtedness (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Mar. 03, 2022	Dec. 31, 2021	Nov. 05, 2021	Aug. 31, 2021	Mar. 10, 2021	Aug. 31, 2020	Feb. 04, 2020
Long-term debt
Face Value of Debt	$ 299,834				$ 283,000
Interest rate (as a percent)						0.73%	0.77%	0.22%
Increase (decrease) in long term debt	16,800
Borrowings repaid	5,000		$ 77,183
Derivatives fixed interest					26	$ 100,000		$ 50,000	$ 50,000
Outstanding amount	$ 298,079				278,273		$ 15,000
Weighted average fixed interest rate	0.35%
Credit Facility
Long-term debt
Face Value of Debt	$ 66,000
Borrowings repaid	1,000
Outstanding amount	$ 66,000				$ 67,000
Credit Facility \| LIBOR \| Minimum
Long-term debt
Margin added to variable rate basis (as a percent)	1.35%
Credit Facility \| LIBOR \| Maximum
Long-term debt
Margin added to variable rate basis (as a percent)	1.95%
3.875% Convertible Senior Notes due 2025
Long-term debt
Face Value of Debt	$ 51,034									$ 17,600
Interest rate (as a percent)	3.875%				3.875%
Outstanding amount	$ 50,551				$ 47,469					$ 11,700
Mortgage Note Payable
Long-term debt
Face Value of Debt	$ 17,800
Interest rate (as a percent)	4.06%
Outstanding amount	$ 17,800
Fixed-Rate Mortgage Note
Long-term debt
Face Value of Debt	17,800			$ 17,800
Interest rate (as a percent)				4.06%
2026 Term Loan
Long-term debt
Face Value of Debt	65,000							$ 50,000
Proceeds from line of credit		$ 15,000
Outstanding amount	$ 65,000				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
2027 Term loan
Long-term debt
Face Value of Debt	100,000					$ 100,000
Interest rate (as a percent)						0.73%
Derivatives fixed interest						$ 100,000
Outstanding amount	$ 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 - Credit Facility (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Nov. 05, 2021	Mar. 10, 2021	Mar. 09, 2021	Sep. 07, 2017
Long-term debt
Outstanding Principal	$ 299,834	$ 283,000
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	$ 144,000
Amount outstanding	66,000
Borrowing capacity	210,000
Outstanding Principal	$ 66,000
Credit Facility \| Minimum
Long-term debt
Commitment fee percentage on unused portion of the borrowing capacity	0.15%
Credit Facility \| Maximum
Long-term debt
Commitment fee percentage on unused portion of the borrowing capacity	0.25%
Credit Facility \| LIBOR \| Minimum
Long-term debt
Margin added to variable rate basis (as a percent)	1.35%
Credit Facility \| LIBOR \| Maximum
Long-term debt
Margin added to variable rate basis (as a percent)	1.95%
Credit Revolver Amendment 2021
Long-term debt
Maximum borrowing capacity				$ 210,000	$ 200,000
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	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 03, 2022	Dec. 31, 2021	Nov. 05, 2021	Aug. 31, 2021	Mar. 10, 2021
Debt Instrument [Line Items]
Borrowings repaid	$ 5,000	$ 77,183
Outstanding Principal	299,834			$ 283,000
Interest rate (as a percent)					0.73%	0.77%	0.22%
Fixed-Rate Mortgage Note
Debt Instrument [Line Items]
Outstanding Principal	$ 17,800		$ 17,800
Interest rate (as a percent)			4.06%

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	Mar. 31, 2022 USD ($) $ / shares	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Nov. 05, 2021	Aug. 31, 2021 USD ($)	Mar. 10, 2021
Long-term debt
Outstanding Principal					$ 299,834,000	$ 283,000,000.0
Interest rate (as a percent)								0.73%	0.77%	0.22%
Unamortized debt discount of notes					483,000
Outstanding amount					298,079,000	$ 278,273,000			$ 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
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		$ 50,551,000	$ 47,469,000
2025 Notes maturing on April 15, 2025
Long-term debt
Debt instrument conversion ratio	12.7910				19.7377
Conversion price per share (in dollars per share) \| $ / shares	$ 78.18				$ 50.66
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
Unamortized debt discount of notes						1,600,000	$ 2,600,000
Gain (Loss) on Extinguishment of Debt						(2,900,000)	1,100,000
Repurchase of notes						$ 11,400,000	$ 12,500,000
Outstanding amount					51,000,000.0
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					$ 500,000

LONG-TERM DEBT - Components (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 03, 2022	Dec. 31, 2021	Nov. 05, 2021	Aug. 31, 2021	Mar. 10, 2021	Feb. 04, 2020
Long-term debt
Long-term debt	$ 298,079		$ 278,273		$ 15,000
Financing Costs, net of Accumulated Amortization	(1,272)		(1,196)
Long-term debt due within one year
Interest rate (as a percent)				0.73%	0.77%	0.22%
Credit Facility
Long-term debt
Long-term debt	66,000		67,000
2026 Term Loan
Long-term debt
Long-term debt	65,000		65,000
2027 Term loan
Long-term debt
Long-term debt	100,000		100,000
Long-term debt due within one year
Interest rate (as a percent)				0.73%
Fixed-Rate Mortgage Note
Long-term debt due within one year
Interest rate (as a percent)		4.06%
3.875% Convertible Senior Notes due 2025
Long-term debt
Long-term debt	$ 50,551		$ 47,469				$ 11,700
Long-term debt due within one year
Interest rate (as a percent)	3.875%		3.875%
Mortgage Note Payable
Long-term debt
Long-term debt	$ 17,800
Long-term debt due within one year
Interest rate (as a percent)	4.06%

LONG-TERM DEBT - Payments Applicable to Reduction of Principal (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Payments applicable to reduction of principal amounts
2023	$ 66,000
2025	51,034
2026	82,800
2027	100,000
Total Long-Term Debt - Face Value	$ 299,834	$ 283,000

LONG-TERM DEBT - Carrying Value (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
LONG-TERM DEBT
Current Face Amount	$ 299,834	$ 283,000
Unamortized Discount on Convertible Debt	(483)
Financing Costs, net of Accumulated Amortization	(1,272)	(1,196)
Total Long-Term Debt	$ 298,079	$ 278,273

- 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	Mar. 31, 2022	Dec. 31, 2021
LONG-TERM DEBT
Deferred financing costs, net	$ 1,272	$ 1,196
Financing Costs, Net of Accumulated Amortization	$ 430	$ 524

LONG-TERM DEBT - Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
LONG-TERM DEBT
Interest expense	$ 1,668	$ 1,969
Amortization of Deferred Financing Costs	165	165
Amortization of Discount on Convertible Notes	69	310
Total Interest Expense	1,902	2,444
Total Interest Paid	$ 1,087	$ 1,395

INTEREST RATE SWAPS (Details) - USD ($) $ in Thousands	3 Months Ended
INTEREST RATE SWAPS (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Nov. 05, 2021	Aug. 31, 2021	Mar. 10, 2021	Aug. 31, 2020
Derivative [Line Items]
Notional amount			$ 100,000	$ 15,000	$ 50,000
Outstanding Principal	$ 299,834	$ 283,000
Derivatives fixed interest		$ 26	100,000		50,000	$ 50,000
Credit Facility
Derivative [Line Items]
Outstanding Principal	66,000
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	868			$ 929	$ 2,116
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	2,397		$ 3,219
Outstanding Principal	$ 100,000

ACCRUED AND OTHER LIABILITIES - Components (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Nov. 05, 2021	Mar. 10, 2021	Aug. 31, 2020
ACCRUED AND OTHER LIABILITIES.
Accrued Property Taxes	$ 1,831	$ 813
Reserve for Tenant Improvements	5,120	5,457
Tenant Security Deposits	2,062	1,942
Accrued Construction Costs	1,130	190
Accrued Interest	975	431
Environmental Reserve	73	81
Cash Flow Hedge - Interest Rate Swaps		26	$ 100,000	$ 50,000	$ 50,000
Operating Leases - Liability	143	198
Other	2,579	3,983
Total Accrued and Other Liabilities	$ 13,913	$ 13,121

ACCRUED AND OTHER LIABILITIES - Reserve for Tenant Improvements and Environmental Reserves (Details) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2022 USD ($) a	Dec. 31, 2017 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($) a	Mar. 31, 2021 a
Environmental reserves
Tenant improvement allowances and leasing commissions	$ 6.7
Area of land (in acres) \| a	4,750					25,000
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	1.6
Remaining reserve for tenant improvements	$ 5.1

DEFERRED REVENUE (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
DEFERRED REVENUE
Prepaid Rent	$ 3,212	$ 3,921
Interest Reserve from Commercial Loan and Master Lease Investment	639
Tenant Contributions	561	574
Other Deferred Revenue	180	10
Deferred Revenue, Total	$ 4,592	$ 4,505

STOCK-BASED COMPENSATION - All Equity and Liability Classified Award Activity (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Shares
Outstanding (in shares)	151,162
Granted (in shares)	46,502
Vested / Exercised (in shares)	(61,121)
Forfeited (in shares)	(772)
Outstanding (in shares)	135,771
January 28, 2017 \| Performance Shares
Shares
Nonvested (in shares)	78,118
Granted (in shares)	23,056	23,056
Vested / Exercised (in shares)	(24,425)
Nonvested (in shares)	76,749
Three-Year Vesting \| Restricted Shares [Member]
Shares
Nonvested (in shares)	51,503
Granted (in shares)	23,446
Vested / Exercised (in shares)	(24,155)
Forfeited (in shares)	(772)
Nonvested (in shares)	50,022
Original 2010 Plan \| Stock Option [Member]
Shares
Outstanding (in shares)	21,541
Vested / Exercised Shares	(12,541)
Outstanding (in shares)	9,000

STOCK-BASED COMPENSATION - Performance Share Awards - Peer Group Market Condition Vesting (Details) - Performance Shares - January 28, 2017 - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Stock-based compensation
Performance period	3 years
Shares
Nonvested (in shares)	78,118
Granted (in shares)	23,056	23,056
Vested (in shares)	(24,425)
Nonvested (in shares)	76,749
Weighted Average Fair Value
Nonvested (in dollars per share)	$ 47.01
Granted (in dollars per share)	62.27
Vested (in dollars per share)	(50.27)
Nonvested (in dollars per share)	$ 50.56
Compensation cost
Unrecognized compensation cost	$ 2.4
Weighted average period of recognition of unrecognized compensation cost	2 years 2 months 12 days
Minimum
Stock-based compensation
Vesting percentage	0.00%
Maximum
Stock-based compensation
Vesting percentage	150.00%

STOCK-BASED COMPENSATION - Recognized in Financial Statements (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
STOCK-BASED COMPENSATION
Total Cost of Share-Based Plans Charged Against Income Before Tax Effect	$ 906	$ 958

STOCK-BASED COMPENSATION - Three Year Vest Restricted Shares (Details) - Three-Year Vesting - Restricted Shares [Member] $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($) $ / shares shares
Stock-based compensation
Vesting per year (as a percent)	33.33%
Granted (in shares)	23,446
Shares
Nonvested (in shares)	51,503
Granted (in shares)	23,446
Vested (in shares)	(24,155)
Forfeited (in shares)	(772)
Nonvested (in shares)	50,022
Weighted Average Fair Value
Nonvested (in dollars per share) \| $ / shares	$ 44.88
Granted (in dollars per share) \| $ / shares	59.40
Vested (in dollars per share) \| $ / shares	44.89
Forfeited (in dollars per share) \| $ / shares	52.34
Nonvested (in dollars per share) \| $ / shares	$ 51.57
Compensation cost
Unrecognized compensation cost \| $	$ 2.3
Weighted average period of recognition of unrecognized compensation cost	2 years 3 months 18 days

STOCK-BASED COMPENSATION - Non-Qualified Stock Option Awards Granted (Details) - Non-Qualified Stock Option Awards	3 Months Ended
	Mar. 31, 2022
Minimum
Stock-based compensation
Vesting period	1 year
Maximum
Stock-based compensation
Vesting period	3 years

STOCK-BASED COMPENSATION - Non-Qualified Stock Option Award Activity (Details) - Original 2010 Plan - Stock Option [Member] - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Shares
Outstanding (in shares)	21,541
Exercised (in shares)	(12,541)
Outstanding (in shares)	9,000	21,541
Exercisable (in shares)	9,000	21,541
Weighted Average Exercise Price (in dollars per share)
Outstanding (in dollars per share)	$ 43.37
Exercised (in dollars per share)	45.88
Outstanding (in dollars per share)	39.87	$ 43.37
Exercisable (in dollars per share)	$ 39.87	$ 43.37
Weighted Average Remaining Contractual Term
Outstanding	2 years 6 months 21 days
Exercisable	2 years 6 months 21 days	3 years 2 months 15 days
Stock-based compensation
Aggregate Intrinsic Value, Outstanding (in dollars)	$ 238,050
Aggregate Intrinsic Value, Exercisable (in dollars)	238,050	$ 388,837
Total intrinsic value of options exercised	200
Unrecognized compensation cost (in dollars)	$ 0

STOCK-BASED COMPENSATION - Non-Employee Director Stock Compensation (Details) - Share-based Payment Arrangement, Nonemployee - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Stock-based compensation
Annual award	$ 35		$ 35
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	$ 300	$ 300
Expense recognized (in shares)	4,704	6,788
Annual award received	$ 200	$ 200

INCOME TAXES (Details) $ in Millions	3 Months Ended	12 Months Ended
INCOME TAXES (Details) $ in Millions	Mar. 31, 2022 subsidiary	Dec. 31, 2020 USD ($)
INCOME TAXES
REIT Eligibility, Distributable , Minimum Percentage of Taxable Income, Excluding Net Capital Gains	90.00%
Number of taxable REIT subsidiaries \| subsidiary	2
Deferred tax benefit \| $		$ 82.5

COMMITMENTS AND CONTINGENCIES - Contractual Commitments - Expenditures (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($)
COMMITMENTS AND CONTINGENCIES
Total Commitment	$ 23,533
Less Amount Funded	(8,139)
Remaining Commitment	$ 15,394

COMMITMENTS AND CONTINGENCIES - Construction Loans (Details) $ in Millions	Jan. 26, 2022 USD ($)
Construction Loan - The Exchange At Gwinnett - Buford, GA
Mortgage Loans On Real Estate [Line Items]
Loan Origination	$ 8.7

BUSINESS SEGMENT DATA - Description (Details)	3 Months Ended		12 Months Ended
BUSINESS SEGMENT DATA - Description (Details)	Mar. 31, 2022 segment loan property	Mar. 31, 2021	Dec. 31, 2021
Business segment data
Number of operating segment \| segment	4
Number of commercial loan investment	3
Commercial Real Estate Portfolio Segment [Member]
Business segment data
Number of commercial loan investment	3
Number of commercial properties \| property	1
Product concentration \| Identifiable Assets [Member] \| Income Properties
Business segment data
Percentage of total	87.10%		86.00%
Product concentration \| Base Rent Revenues \| Income Properties
Business segment data
Percentage of total	88.10%	77.80%

BUSINESS SEGMENT DATA - Summary of Operations in Different Segments (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Business segment data
Total Revenues	$ 17,210	$ 14,712
Operating Loss	3,486	4,459
Gain (Loss) on Disposition of Assets	(245)	708
Depreciation and Amortization	6,369	4,830
Capital Expenditures	40,515	39,347
Identifiable Assets	754,219		$ 733,139
Operating Segments
Business segment data
Gain (Loss) on Disposition of Assets	(245)	708
General and Corporate Expense
Business segment data
Operating Loss	(9,412)	(7,962)
Depreciation and Amortization	13	5
Capital Expenditures	16	7
Identifiable Assets	47,513		35,132
Income Properties
Business segment data
Total Revenues	15,168	11,449
Capital Expenditures	40,499	39,340
Identifiable Assets	657,128		630,747
Income Properties \| Operating Segments
Business segment data
Operating Loss	11,152	8,532
Depreciation and Amortization	6,356	4,825
Management Fee Income
Business segment data
Total Revenues	936	669
Capital Expenditures	0		0
Identifiable Assets	1,227		1,653
Management Fee Income \| Operating Segments
Business segment data
Operating Loss	936	669
Interest Income from Commercial Loan and Master Lease Investments
Business segment data
Total Revenues	718	701
Capital Expenditures	0		0
Identifiable Assets	21,830		39,095
Interest Income from Commercial Loan and Master Lease Investments \| Operating Segments
Business segment data
Operating Loss	718	701
Real Estate Operations
Business segment data
Total Revenues	388	1,893
Identifiable Assets	26,521		$ 26,512
Real Estate Operations \| Operating Segments
Business segment data
Operating Loss	$ 337	$ 1,811

ASSETS HELD FOR SALE (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Assets held for sale
Property, Plant, and Equipment-Net		$ 6,016
Intangible Lease Assets - Net		704
Total Assets Held for Sale	$ 0	$ 6,720

SUBSEQUENT EVENTS - Stock Split (Details)	Jun. 30, 2022
Subsequent Event \| Forecast
Subsequent Events
Stock split ratio	3

SUBSEQUENT EVENTS - Commercial Loan and Master Lease Investments (Details) - USD ($) $ in Thousands	Apr. 07, 2022	Mar. 31, 2022	Mar. 31, 2021
Subsequent Events
Original Face Amount		$ 30,549	$ 38,099
Subsequent Event \| Preferred Equity Agreement - Watters Creek at Montgomery Farm, a grocery-anchored, mixed-use property located in Allen, Texas
Subsequent Events
Original Face Amount	$ 30,000
Term	3 years