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Document And Entity Information - USD ($)	12 Months Ended
Document And Entity Information - USD ($)	Dec. 31, 2011	Mar. 11, 2012	Jun. 30, 2011
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2011
Document Fiscal Year Focus	2011
Document Fiscal Period Focus	FY
Entity Registrant Name	CONSOLIDATED TOMOKA LAND CO
Entity Central Index Key	0000023795
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		5,830,759
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Public Float			$ 159,763,448

Consolidated Balance Sheets - USD ($)	Dec. 31, 2011	Dec. 31, 2010
Assets
Cash	$ 6,174	$ 337,617
Restricted Cash	2,779,511
Investment Securities (Note 5)		4,939,625
Refundable Income Taxes (Note 6)	399,905	29,351
Land and Development Costs (Note 7)	27,825,924	27,047,317
Intangible Assets (Note 1)	3,572,096	4,167,478
Assets Held for Sale (Note 3)	7,694,710
Other Assets	8,023,872	8,192,705
Total Assets Before Property, Plant and Equipment	50,302,192	44,714,093
Property, Plant, and Equipment
Land, Timber, and Subsurface Interests	15,109,298	14,770,388
Golf Buildings, Improvements, and Equipment (Note 4)	2,535,294	11,823,081
Income Properties: Land, Buildings, and Improvements	111,564,673	119,935,128
Other Furnishings and Equipment	2,320,766	3,262,345
Construction in Process		346,968
Total Property, Plant, and Equipment	131,530,031	150,137,910
Less Accumulated Depreciation and Amortization (Note 4)	(11,566,420)	(17,093,053)
Net Property, Plant, and Equipment	119,963,611	133,044,857
Total Assets	170,265,803	177,758,950
Liabilities
Accounts Payable	385,685	1,046,581
Accrued Liabilities	7,317,676	7,216,039
Accrued Stock Based Compensation (Note 11)	484,489	761,827
Pension Liability (Note 9)	1,586,513	791,941
Deferred Income Taxes (Note 6)	32,060,283	35,093,214
Notes Payable (Note 8)	15,266,714	15,249,248
Total Liabilities	57,101,360	60,158,850
Shareholders' Equity
Preferred Stock - 50,000 Shares Authorized; $100 Par Value; None Issued
Common Stock - 25,000,000 Shares Authorized; $1 Par Value; 5,724,147 and 5,723,980 Shares Issued at December 31, 2011 and 2010, respectively, and 5,829,464 and 5,729,680 Outstanding at December 31, 2011 and 2010, Respectively	5,724,147	5,723,980
Additional Paid-In Capital	5,697,554	5,164,102
Retained Earnings	102,872,167	107,807,321
Accumulated Other Comprehensive Loss	(1,129,425)	(1,095,303)
Total Shareholders' Equity	113,164,443	117,600,100
Total Liabilities and Shareholders' Equity	$ 170,265,803	$ 177,758,950

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2011	Dec. 31, 2010
Consolidated Balance Sheets [Abstract]
Preferred stock, shares authorized	50,000	50,000
Preferred stock, par value	$ 100	$ 100
Preferred stock, shares issued	0	0
Common stock, shares authorized	25,000,000	25,000,000
Common stock, par value	$ 1	$ 1
Common stock, shares issued	5,724,147	5,723,980
Common stock, shares outstanding	5,829,464	5,729,680

Consolidated Statements Of Operations - USD ($)	12 Months Ended
Consolidated Statements Of Operations - USD ($)	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Real Estate Operations:
Sales and Other Income	$ 546,584	$ (932,669)	$ 2,633,947
Costs and Other Expenses	(1,554,248)	(1,314,587)	(1,255,353)
Impairment Charges (Note 4)	(2,606,412)
Total Real Estate Income	(3,614,076)	(2,247,256)	1,378,594
Income Properties
Leasing Revenues and Other Income	9,035,370	8,986,771	8,601,106
Costs and Other Expenses	(2,500,081)	(2,419,162)	(2,155,038)
Total Properties Income	6,535,289	6,567,609	6,446,068
Golf Operations
Sales and Other Income	4,660,802	4,473,429	4,723,825
Costs and Other Expenses	(6,314,880)	(6,442,703)	(6,643,825)
Impairment Charges (Note 4)	(4,012,476)
Total Golf Operations	(5,666,554)	(1,969,274)	(1,920,000)
Total Real Estate Operations	(2,745,341)	2,351,079	5,904,662
Profit on Sales of Other Real Estate Interests	22,000	19,225	35,839
Interest and Other Income	437,391	156,914	195,609
Operating Income	(2,285,950)	2,527,218	6,136,110
General and Administrative Expenses	(6,089,133)	(3,914,218)	(5,744,659)
Income (Loss) from Continuing Operations Before Income Taxes	(8,375,083)	(1,387,000)	391,451
Income Tax Benefit (Expense) (Note 6)	3,286,642	456,833	(114,919)
Income (Loss) from Continuing Operations	(5,088,441)	(930,167)	276,532
Income from Discontinued Operations, Net of Tax (Note 3)	382,250	327,213	524,038
Net Income (Loss)	$ (4,706,191)	$ (602,954)	$ 800,570
Basic and Diluted Per Share Information (Note 12):
Income (Loss) from Continuing Operations	$ (0.89)	$ (0.16)	$ 0.05
Income from Discontinued Operations	0.07	0.05	0.09
Net Income (Loss) Per Share	$ (0.82)	$ (0.11)	$ 0.14

Consolidated Statements Of Shareholders' Equity And Comprehensive Income - USD ($)	Common Stock [Member]	Additional Paid-In Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Loss [Member]	Comprehensive Income (Loss) [Member]	Total
Balance at Dec. 31, 2008	$ 5,727,515	$ 5,217,955	$ 109,556,103	$ (2,687,266)		$ 117,814,307
Net Income (Loss)			800,570		$ 800,570	800,570
Other Comprehensive Income (Loss):
Cash Flow Hedging Derivative (Net of Tax)				161,088	161,088	161,088
Pension:
Transition Obligation (Net of Tax)				(4,599)	(4,599)	(4,599)
Prior Service Cost (Net of Tax)				13,033	13,033	13,033
Actuarial Net Gain (Loss) (Net of Tax)				1,057,582	1,057,582	1,057,582
Comprehensive Income (Loss)					2,027,674
Exercise of Liability Classified Stock Options	413	13,278				13,691
Stock Buyback	(4,660)	(99,987)				(104,647)
Cash Dividends			(1,717,446)			(1,717,446)
Balance at Dec. 31, 2009	5,723,268	5,131,246	108,639,227	(1,460,162)		118,033,579
Net Income (Loss)			(602,954)		(602,954)	(602,954)
Other Comprehensive Income (Loss):
Cash Flow Hedging Derivative (Net of Tax)				106,716	106,716	106,716
Pension:
Transition Obligation (Net of Tax)				(4,599)	(4,599)	(4,599)
Prior Service Cost (Net of Tax)				13,033	13,033	13,033
Actuarial Net Gain (Loss) (Net of Tax)				249,709	249,709	249,709
Comprehensive Income (Loss)					(238,095)
Exercise of Liability Classified Stock Options	712	24,192				24,904
Stock Compensation Expense from Restricted Stock Grants		8,664				8,664
Cash Dividends			(228,952)			(228,952)
Balance at Dec. 31, 2010	5,723,980	5,164,102	107,807,321	(1,095,303)		117,600,100
Net Income (Loss)			(4,706,191)		(4,706,191)	(4,706,191)
Other Comprehensive Income (Loss):
Cash Flow Hedging Derivative (Net of Tax)				314,361	314,361	314,361
Pension:
Transition Obligation (Net of Tax)				(4,919)	(4,919)	(4,919)
Prior Service Cost (Net of Tax)				34,479	34,479	34,479
Actuarial Net Gain (Loss) (Net of Tax)				(378,043)	(378,043)	(378,043)
Comprehensive Income (Loss)					$ (4,740,313)
Exercise of Liability Classified Stock Options	167	5,339				5,506
Stock Compensation Expense from Restricted Stock Grants		528,113				528,113
Cash Dividends			(228,963)			(228,963)
Balance at Dec. 31, 2011	$ 5,724,147	$ 5,697,554	$ 102,872,167	$ (1,129,425)		$ 113,164,443

Consolidated Statements Of Shareholders' Equity And Comprehensive Income (Parenthetical) - USD ($)	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Consolidated Statements Of Shareholders' Equity And Comprehensive Income [Abstract]
Cash flow hedging derivative, tax	$ 197,419	$ 67,018	$ 101,164
Transition obligation, tax	3,089	2,888	2,888
Prior service cost, tax	21,653	8,185	8,185
Actuarial net gain (loss), tax	$ 237,412	$ 156,818	$ 664,163
Cash dividends, per share	$ 0.04	$ 0.04	$ 0.3

- Definition

Tax effect on adjustment out of other comprehensive income for prior service costs recognized as a component of net period benefit cost during the period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 158
-Paragraph 7
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 25
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 87
-Paragraph 25
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e640-108580

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph c(3)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

- Definition

For each annual statement of income presented, the tax effect of the net gain (loss) recognized in other comprehensive income that is a reclassification adjustment of other comprehensive income as a result of being recognized as a component of net periodic benefit cost for the period.

+ References + Details

Consolidated Statements Of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements Of Cash Flows - USD ($)	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Cash Flow from Operating Activities:
Net Income (Loss)	$ (4,706,191)	$ (602,954)	$ 800,570
Adjustments to Reconcile Net Income (Loss) to Net Cash (Used In) Provided by Operating Activities:
Depreciation and Amortization	2,512,366	2,727,399	2,771,633
Impairment of Long-lived Assets	6,618,888
Gain of Disposition of Property, Plant, and Equipment	(456,152)	6,395
Deferred Income Taxes	(3,032,931)	817,846	958,932
Non-Cash Compensation	253,812	(632,894)	253,424
Decrease (Increase) in Assets:
Refundable Income Taxes	(370,554)	403,655
Notes Receivable			150,000
Land and Development Costs	(3,385,019)	(3,094,729)	(3,723,663)
Other Assets	168,833	189,218	(18,897)
(Decrease) Increase in Liabilities:
Accounts Payable	(660,896)	182,395	158,091
Income Taxes Payable			(1,236,206)
Accrued Liabilities, and Accrued Stock Based Compensation	862,087	(390,130)	(341,904)
Net Cash (Used In) Provided by Operating Activities	(2,195,757)	(393,799)	(228,020)
Cash Flow from Investing Activities:
Acquisition of Property, Plant, and Equipment	(3,197,276)	(1,372,047)	(3,487,029)
(Increase) Decrease in Restricted Cash for Acquisitions Through the Like-Kind Exchange Process	(2,779,511)		462,765
Investment in Intangible Assets	(130,070)
Proceeds from Calls or Maturities of Investment Securities	6,813,222	5,856,951	7,596,993
Acquisition of Investment Securities	(1,873,597)	(5,829,712)	(7,302,989)
Proceeds from Disposition of Property, Plant, and Equipment	3,240,573
Net Cash Provided By (Used In) Investing Activities	2,073,341	(1,344,808)	(2,730,260)
Cash Flow from Financing Activities:
Proceeds from Notes Payable	14,863,000	10,981,000	16,463,000
Payments on Notes Payable	(14,845,534)	(8,942,141)	(11,802,926)
Cash Proceeds from Exercise of Stock Options	3,378	7,181	2,059
Cash Used to Settle Stock Appreciation Rights	(908)	(7,533)	(3,878)
Cash Used for Repurchase of Common Stock			(104,647)
Dividends Paid	(228,963)	(228,952)	(1,717,446)
Net Cash Provided By (Used In) Financing Activities	(209,027)	1,809,555	2,836,162
Net (Decrease) Increase in Cash	(331,443)	70,948	(122,118)
Cash, Beginning of Year	337,617	266,669	388,787
Cash, End of Period	$ 6,174	$ 337,617	$ 266,669

Consolidated Statements Of Cash Flows (Parenthetical) - USD ($)	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Consolidated Statements Of Cash Flows [Abstract]
Completed foreclosure on notes receivable			$ 4,153,693
Completed foreclosure on accrued interest			211,799
Interest paid	$ 684,008	$ 693,496	546,383
Interest paid, capitalized	28,733	3,793	137,644
Income tax paid (refunded)	$ 335,467	(1,243,711)	$ 1,924,972
Received impact fee credits as reimbursement for road construction costs incurred in prior years		$ 2,747,906

Summary Of Significant Accounting Policies

12 Months Ended

Dec. 31, 2011

Summary Of Significant Accounting Policies [Abstract]

Summary Of Significant Accounting Policies

NOTE 1.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

PRINCIPLES OF CONSOLIDATION

The consolidated financial statements include the accounts of Consolidated-Tomoka Land Co., a Florida corporation, and its wholly owned subsidiaries: Indigo Clermont LLC, Indigo Group Inc., Indigo Group Ltd., Indigo Henry LLC, Indigo International LLC, Indigo Development LLC, Indigo Grand Champions One LLC, Indigo Grand Champions Two LLC, Indigo Grand Champions Three LLC, Indigo Grand Champions Four LLC, Indigo Grand Champions Five LLC, Indigo Grand Champions Six LLC, Indigo Grand Champions Seven LLC, Indigo Grand Champions Eight LLC, Indigo Grand Champions Nine LLC, Indigo Grand Champions Ten LLC, Indigo Mallard Creek LLC, Indigo Melbourne LLC, Indigo Sanford LLC, Palms Del Mar Inc., W. Hay Inc., and W. Hay LLC, (collectively, "the Company"). All significant intercompany accounts and transactions have been eliminated in consolidation.

NATURE OF OPERATIONS

The Company is primarily engaged, through its wholly owned subsidiaries, in the real estate industry. Real estate operations, which are primarily commercial in nature, also include golf operations, income properties, leasing properties for oil and mineral exploration, and agricultural operations. These operations are predominantly located in Volusia County, Florida, with various income properties located within Florida, Georgia, and North Carolina.

USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS

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

Because of the adverse market conditions that currently exist in the Florida and national real estate markets, and financial and credit markets, it is possible that the estimates and assumptions, most notably with the Company's investment in income properties and its pension liability, could change materially during the time span associated with the continued weakened state of these real estate and financial markets.

CASH

Cash includes cash on hand, bank demand accounts, and money market accounts having original maturities at acquisition date of 90 days or less.

RESTRICTED CASH

The Company's qualified intermediary held $2,779,511 in escrow, for the benefit of the Company at December 31, 2011, with no funds being held at December 31, 2010. The funds were being held to complete the purchase of income properties through the like-kind exchange process.

ACCOUNTS RECEIVABLE

Accounts receivable primarily consist of rent receivables from income properties. The impairment of these receivables is determined based on a review of specifically identified accounts using judgments, which are made with respect to the collectability of the receivable based on historical experience and current economic trends. Accounts receivable are classified in other assets on the balance sheet.

LAND AND DEVELOPMENT COSTS

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

Interest of $96,762 was capitalized to land and development during 2009, with no interest capitalized during 2010 and 2011.

INTANGIBLE ASSETS

Intangible assets consist of the in-place lease value associated with single-tenant income properties acquired by the Company. This in-place lease value was determined by estimating the cost of replacing the lease should it not be in-place. Factors, such as foregone rent and leasing commissions among others, are taken into account to determine the in-place lease value. This value is amortized over the remaining term of the lease at the time the properties are purchased. At December 31, 2011, the in-place lease value totaled $3,572,096, net of amortization of $2,588,823. At December 31, 2010, the in-place lease value totaled $4,167,478, net of amortization of $2,429,061.

The estimated amortization expense for each of the calendar years 2012–2015 is $389,628, with the estimated amortization in 2016 totaling $351,539. The weighted average amortization period of the in-place lease value is 17 years.

PROPERTY, PLANT, AND EQUIPMENT

Property, plant, and equipment are stated at cost, less accumulated depreciation and amortization. Such properties are depreciated on a straight-line basis over their estimated useful lives. Renewals and betterments are capitalized to property accounts. The cost of maintenance and repairs is expensed as incurred. The cost of property retired or otherwise disposed of, and the related accumulated depreciation or amortization, are removed from the accounts, and any resulting gain or loss is recorded in the statement of operations. Subsurface interests are included in property, plant, and equipment with no net cost basis at December 31, 2011. The amount of depreciation and amortization of property, plant, and equipment, exclusive of amortization related to intangible assets, recognized for the years 2011, 2010, and 2009, was $2,088,506, $2,306,229, and $2,350,464, respectively. Interest of $28,733, $3,793, and $40,882 was capitalized to construction in process during 2011, 2010, and 2009, respectively.

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


Golf Buildings and Improvements			10-43 Years
Golf Equipment			5-10 Years
Income Properties Buildings and Improvements			40 Years
Other Furnishings and Equipment			5-25 Years
Agriculture Equipment			5-10 Years

The acquisition cost of land, timber, real estate taxes, site preparation, and other costs relating to the planting and growing of timber are capitalized to land, timber, and subsurface interests. Such costs attributed to the timber are charged to cost of sales at the time timber is harvested. Timber and timberlands are stated at the lower cost or market value.

Costs associated with the conversion of property to hay, including site preparation, and other costs related to the planting of the permanent crop, are capitalized to land, timber & subsurface interests. Costs of growing the crop is accumulated until the time of harvest and recorded as inventory until sold, at which time it is charged to cost of sales. Hay inventory is stated at the lower of cost or market value.

LONG-LIVED ASSETS

The Company reviews the recoverability of long-lived assets, including real estate held for development and sale, and property, plant, and equipment, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Examples of situations considered to be triggering events include: a substantial decline in operating cash flows during the period, a current or projected loss from operations, an income property not fully leased or leased at rates that are less than current market rates, and any other quantitative or qualitative events deemed significant by our management. Long-lived assets are evaluated for impairment by using an undiscounted cash flow approach, which considers future estimated capital expenditures. Impairment on long-lived assets is measured at fair value less cost to sell. During the third quarter of 2011, the Company recognized impairment charges of $4,012,476 on its golf course operation, and $2,606,412 on 300 acres of land, see Note 4 – "Impairment of Long-Lived Assets" for further discussion on these charges.

SALE OF REAL ESTATE

The profit on sales of real estate is accounted for as required by the "Accounting for Sales of Real Estate Topic of Financial Accounting Standards Board Accounting Standards Codification" ("FASB ASC"). The Company recognizes revenue from the sale of real estate at the time the sale is consummated, unless the property is sold on a deferred payment plan and the initial payment does not meet established criteria, or the Company retains some form of continuing involvement in the property.

During 2009, a real estate sales transaction closed in which the Company had a commitment to fund up to $1,125,000 for its share of road construction costs. During 2010, the Company's revised project cost participation, amounting to $554,196, was paid. The remaining balance, totaling $570,804, is recorded as a liability on the balance sheet at December 31, 2011. This amount is subject to true-up based on the actual cost of construction and an adjustment will be recorded as income upon the final true-up.

INCOME PROPERTIES

The rental of the Company's income properties are classified as operating leases. The Company recognizes lease income on these properties on a straight-line basis over the term of the lease.

OPERATING LEASE EXPENSE

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

GOLF OPERATIONS

The Company operates two golf courses and a clubhouse facility, including food and beverage operations. Revenues from this operation, including greens fees, cart rentals, merchandise, and food and beverage sales, are recognized at the time of sale. Initiation fees and membership dues are recognized over the life of the membership.

OTHER REAL ESTATE INTERESTS

The Company owns full or fractional subsurface oil, gas, and mineral interest in approximately 490,000 "surface" acres of land owned by others in 20 counties in Florida. The Company leases its interest to mineral exploration firms for exploration. Leases on 800 acres have reached maturity; but, in accordance with their terms, are held by oil companies without annual rental payments because of producing oil wells, from which the Company receives royalties. Revenues are recognized at the time the Company receives the royalty payment.

From time to time the Company will release surface or subsurface entry rights upon request of the surface owner. The Company recognizes revenue from the release at the time the transaction is consummated, unless the property is released under a deferred payment plan and the initial payment does not meet the criteria establish under the "Sales of Real Estate Topic of FASB ASC," the Company retains some form of continuing involvement in the property, or the transaction does not meet other requirements.

UNFUNDED DEFERRED COMPENSATION PLANS

The Company previously established the Consolidated-Tomoka Land Co. Deferred Compensation Plan for Directors, and for Officers and Key Employees (the "Plans"). Both plans provide that the Plans may be amended in whole or in part from time to time by the Board of Directors of the Company (the "Board"). At its Board meeting on October 26, 2011, the Board approved an amendment to the Plans to: 1) Freeze the Plans, effective January 1, 2012, to allow no new participants or deferrals into the Plan; and 2) to apply an interest rate of 6% to account balances for the year 2011 with the rate to be reviewed annually.

The amount of deferred compensation reflected in accrued liabilities on the consolidated balance sheets at December 31, 2011 and 2010 was $1,598,871 and $1,984,132, respectively. Deferred compensation earnings allocated to the deferred compensation balance for the three years ended December 31, 2011, 2010, and 2009, was $91,552, $125,012, and $147,026, respectively.

PENSION

The Company has funded a non-contributory, defined benefit pension plan (the "Plan"), covering all eligible employees.

Effective December 31, 2011, the Company amended its Defined Benefit Pension Plan (the "Plan") to freeze participants' benefits with no future accruals after that date. Any current or future employee who was not a participant of the Plan on December 31, 2011 will not be eligible to enter the Plan. Although the Plan will remain active with no new entrants and no future accruals, the Company's contribution level is expected to be reduced over time.

STOCK OPTIONS

The Company maintains a stock option plan ("the Plan") pursuant to which 500,000 shares of the Company's common stock may be issued. The Plan in place was approved at the April 25, 2001 shareholders' meeting and expired in April 2011, with no new option shares issued after that date. Under the Plan, the option exercise price equals the stock market price on the date of grant. The options generally vest over five years and all expire after ten years. In connection with the grant of non-qualified options, a stock appreciation right for each share covered by the option may also be granted. The stock appreciation right will entitle the optionee to receive a supplemental payment, which may be paid in whole or in part in cash or in shares of common stock equal to a portion of the spread between the exercise price and the fair market value of the underlying share at the time of exercise. The expenses associated with stock options and stock appreciation rights are recognized over their requisite service period.

Both the Company's stock options and stock appreciation rights are liability classified awards and are required to be remeasured to fair value at each balance sheet date until the award is settled, as required by provisions of the "Share-Based Payments Topic of FASB ASC." (See Note 9 "Stock Option Plan").

At the Annual Meeting of Shareholders of the Company held on April 28, 2010, the Company's shareholders approved the Consolidated-Tomoka Land Co. 2010 Equity Incentive Plan (the "2010 Plan"). The 2010 Plan is intended to replace the Company's 2001 Stock Option Plan. Awards under the 2010 Plan may be in the form of stock options, stock appreciation rights, restricted shares, restricted share units, performance shares, and performance units. Employees of the Company and its subsidiaries and non-employee directors may be selected by the Compensation Committee to receive awards under the 2010 Plan. The maximum number of shares of which stock awards may be granted under the 2010 Plan is 210,000 shares. No participant may receive awards during any one calendar year representing more than 50,000 shares of common stock. In no event will the number of shares of common stock issued under the plan upon the exercise of incentive stock options exceed 210,000 shares. These limits are subject to adjustments by the Compensation Committee as provided in the 2010 Plan for stock splits, stock dividends, recapitalizations, and other similar transactions or events. The 2010 Plan will terminate on the tenth anniversary of the date that it was adopted by the Board, and no awards will be granted under the plan after that date.

Under the 2010 Plan, the Company grants to key employees non-vested restricted stock where vesting is based upon the achievement of certain market conditions, which are defined as the Company's total shareholder return as compared to the total shareholder return of certain peer groups during a five-year performance period.

The Company uses a Monte Carlo simulation pricing model to determine the fair value of its market condition awards. The determination of the fair value of market condition-based awards is affected by the stock price as well as assumptions regarding a number of other variables. These variables include expected stock price volatility over the requisite performance term of awards, the relative performance of the Company's stock price, and shareholder returns to those 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 condition, provided the requisite service period is met.

In connection with the appointment of John P. Albright as President and Chief Executive Officer of the Company, the Board authorized grants of the following equity awards, effective August 1, 2011:

•

Non-Qualified Stock Option Award: Pursuant to the Consolidated-Tomoka Land Co. Nonqualified Stock Option Award Agreement between the Company and Mr. Albright (the "Stock Option Award Agreement"), Mr. Albright was granted an option to purchase 50,000 shares of Company common stock under the Company's 2010 Equity Incentive Plan (the "2010 Plan") with an exercise price per share equal to the fair market value on the grant date. One-third of the option will vest on each of the first, second, and third anniversaries of the grant date, provided Mr. Albright is an employee of the Company on those dates. In addition, any unvested portion of the option will vest upon a change in control. The option expires on the earliest of (a) the tenth anniversary of the grant date, (b) twelve months after Mr. Albright's death or termination for disability, or (c) thirty days after the termination of Mr. Albright's employment for any reason other than death or disability.

•

Restricted Share Award: An "inducement" grant of 96,000 shares of restricted Company common stock outside of the 2010 Plan was awarded to Mr. Albright pursuant to the Consolidated-Tomoka Land Co. Restricted Share Award Agreement (the "Restricted Share Award Agreement") between the Company and Mr. Albright. The restricted shares will vest in six increments of 16,000 shares each based upon the price per share of Company common stock during the term of Mr. Albright's employment (or within 60 days after termination of his employment by the Company without cause) which meets or exceeds target trailing 60-day average closing prices ranging from $36 per share for the first increment to $65 per share for the final increment. If any increment of the restricted shares fails to satisfy the applicable stock price condition prior to six years from the grant date, that increment of the restricted shares will be forfeited. The Company filed a registration statement on Form S-8 to register the restricted stock.

Both the non-qualified stock option award and the restricted share award were determined to be equity-based awards under the "Share-Based Payment Topic of FASB ASC."

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

INCOME TAXES

The Company uses the asset and liability method to account for income taxes. Deferred income taxes result primarily from the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes (See Note 6 "Income Taxes").

EARNINGS PER COMMON SHARE

Basic and diluted earnings per common share are presented in accordance with the "Earnings Per Share Topic of FASB ASC." Basic earnings per common share is computed by dividing net income by the weighted average number of shares outstanding. Diluted earnings per common share are based on the assumption of the conversion of stock options using the treasury stock method at average cost for the year (see Note 12 "Earnings Per Share").

CONCENTRATION OF CREDIT RISK

Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of cash, investment securities, and accounts receivables.

The Company's real estate investments are concentrated in the State of Florida. Uncertainty of the duration of a prolonged real estate and economic downturn could have an adverse impact on the Company's real estate values.

The largest of the Company's income property tenants consist of Holiday CVS, L.L.C. and Walgreen Co., which the Company considers good credit-quality tenants. Holiday CVS L.L.C. revenues accounted for 18% of consolidated revenue during 2011, with Walgreen Co. accounting for 16% of consolidated revenue. Holiday CVS, L.L.C. and Walgreen Co. accounted for 22% and 20% of the Company's income portfolio in terms of rentable square feet in 2011, respectively. The Company has diversified its income property tenant mix with Barnes & Noble, Lowe's Home Improvement Center, Northern Tool & Equipment Co., RBC Centura Bank, Dick's Sporting Goods, Harris Teeter Supermarket, and Best Buy, as tenants.

FAIR VALUE OF FINANCIAL INSTRUMENTS

The Company accounts for financial instruments as required by the "Fair Value Measurements and Disclosure Topic of FASB ASC." The largest carrying amounts of the Company's financial assets and liabilities, including cash, accounts receivable, and accounts payable at December 31, 2011 and 2010, approximate fair value because of the short maturity of these instruments. The carrying amount of the Company's notes payable approximates fair value at December 31, 2011 and 2010, since the notes are at floating rates or fixed rates, which approximate current market rates for notes with similar risks and maturities. The interest rate swap derivative, which was terminated in the fourth quarter of 2011, was carried at its fair value at December 31, 2010 and 2009.

The fair market value of the interest rate swap agreement was determined using Significant Other Observable Inputs (Level 2). A financial model was used to determine the fair market value of the interest rate swap. The model estimated the expected cash flows discounted at the risk-free rate, using the treasury yield curve, plus the current market observable LIBOR interest rate spread to treasuries, adjusted for the credit risk of the Company. The fair market value recorded on the consolidated balance sheet at December 31, 2010, was a liability of $511,779, and included in accrued liabilities on the balance sheet.

Following is a table summarizing the assets valued at fair value on the balance sheet:


			Fair Value Measurements at Reporting Date Using:
Description	December 31, 2011		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Gains (Losses)
Assets Held for Sale	$	7,694,710	$	—		—	$	7,694,710	$	(68,454	)
Golf Buildings, Improvements, and Equipment, (Net of Accumulated Depreciation)		2,493,273		—		—		2,493,273		(4,012,476	)

	$	10,187,983	$	—		—	$	10,187,983	$	(4,023,466	)

In determining the fair value of both the assets held for sale and golf, buildings, improvements, and equipment the market approach incorporating market comparables were used utilizing third party valuation firms. Costs to sell were taken into account to determine the fair value of the assets.

The following table is a reconciliation for the year ended December 31, 2011, of assets which level 3 inputs were used in determining fair value:

There were no transfers between levels for the years ended December 31, 2011 and 2010. All losses are included in earnings during 2011.

DERIVATIVE INSTRUMENT AND CERTAIN HEDGING ACTIVITY

Until it was terminated on December 31, 2011, the Company had a cash flow derivative related to the interest rate swap on its term loan.

The Company accounted for its cash flow hedging derivative under the "Accounting for Derivative Instruments and Certain Hedging Activities Topic of FASB ASC."

The derivative was recognized on the balance sheet at its fair value. On the date the derivative contract was entered into, the Company designated the derivative as a hedge of the variability of cash flows to be paid related to a recognized liability ("cash flow hedge").

The Company formally documented the relationship between the hedging instrument and the hedged item, as well as its risk-management objective and strategy for undertaking the hedge transaction. The Company also formally assessed, both at the hedge's inception and on an ongoing basis, whether the derivative that is used in hedging the transaction is highly effective in offsetting changes in cash flows of the hedged item.

Changes in the fair value of the derivative, that is highly effective, and that was designated and qualified as a cash-flow hedge is recorded in other comprehensive loss, until earnings are affected by the variability in cash flows of the designated hedged item.

The Company discontinues hedge accounting prospectively when it is determined that the derivative is no longer effective in offsetting changes in the cash flows of the hedged item, the derivative expires or is sold, terminated, or exercised, the derivative is re-designated as a non-hedging instrument or management determines that designation of the derivative as a hedging instrument is no longer appropriate. When hedge accounting is discontinued, the Company continues to carry the derivative at its fair value on the balance sheet, and recognizes any changes in its fair value in earnings.

RECENTLY ISSUED ACCOUNTING STANDARDS

Fair Value Measurement

In May 2011, the FASB issued ASU No. 2011-04, "Fair Value Measurement (Topic 820) - Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS." This update establishes common requirements for measuring fair value and for disclosing information about fair value measurements in accordance with U.S. generally accepted accounting principles (GAAP) and International Financial Reporting Standards (IFRS). The amendments in this update are effective during interim and annual periods beginning after December 15, 2011. The adoption of this update is not expected to have a material effect on the Company's financial position, results of operations, or cash flows.

Comprehensive Income

In June 2011, the FASB issued ASU No. 2011-05, "Comprehensive Income (Topic 220) - Presentation of Comprehensive Income." The objective of this update is to improve the comparability, consistency, and transparency of financial reporting to increase the prominence of items reported in other comprehensive income. This update requires that all non-owner changes in stockholders' equity be presented in either a single continuous statement of comprehensive income or in two separate but consecutive statements and eliminates the option in U.S. GAAP to present other comprehensive income in the statement of equity. The amendments in this update are effective for fiscal years, and interim periods within those years, beginning after December 15, 2011. In December of 2011, the FASB issued ASU No. 2011-12, "Comprehensive Income (Topic 220) - Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05 this update deferred the effective date of certain requirements of ASU No. 2011-05." The adoption of these updates is not expected to have a material effect on the Company's financial position, results of operations or cash flows.

RECLASSIFICATIONS

Certain reclassifications were made to the 2010 and 2009 consolidated financial statements to conform to the 2011 presentation.

Modification Of An Accounting Treatment

12 Months Ended

Dec. 31, 2011

Modification Of An Accounting Treatment [Abstract]

Modification Of An Accounting Treatment

NOTE 2.

MODIFICATION OF AN ACCOUNTING TREATMENT

During the second quarter of 2009, the Company sold two parcels of land and an easement to Volusia County for right-of-way, retention ponds, and construction access for the Dunn Avenue extension road project. The Company and Volusia County executed a joint funding agreement, which required the Company, Volusia County, and the City of Daytona Beach to each fund $1,125,000 of the estimated $9,900,000 construction, engineering, and inspection costs for the Dunn Avenue extension project. The land sales were recorded at closing when the cash proceeds were received in full. The commitment to fund a portion of the construction costs was initially expected to be recorded as land development cost when incurred since the Company owned additional adjoining land benefitting from the expenditure. The $1,125,000 funding commitment was previously disclosed in the second quarter 2009 Form 10-Q and 2009 Form 10-K.

Subsequent to June 30, 2009, the Company determined that the original accounting for these transactions was incorrect. The appropriate accounting would have been to record the road construction contribution, in the amount of $1,125,000, as a reduction of the land sales price during the second quarter of 2009. After evaluating the quantitative and qualitative aspects of the misstatement, in accordance with Staff Accounting Bulletin ("SAB") 99, Materiality, and SAB 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements, the Company determined the correction was not material to the quarters ended June 30, 2009 and 2010 and the year ended December 31, 2009. As a result, the accounting correction reduced revenues and profits from real estate sales by $1,125,000, in addition to reducing income tax expense and deferred taxes by $405,000, and was recorded in the second quarter of 2010. The adjustment had the effect of decreasing net income by $720,000 during the second quarter, equivalent to $0.13 per share.

- Definition

The entire disclosure for reporting accounting changes and error corrections. It includes the conveyance of information necessary for a user of the Company's financial information to understand all aspects and required disclosure information concerning all changes and error corrections reported in the Company's financial statements for the period.

+ References + Details

Discontinued Operations

12 Months Ended

Dec. 31, 2011

Discontinued Operations [Abstract]

Discontinued Operations

NOTE 3.

DISCONTINUED OPERATIONS

During the fourth quarter of 2011, two income properties were classified as held for sale as we have an active program to market and sell the properties with a high probability that a sales transaction will occur within one year. A property classified as held for sale is carried at the lower of carrying cost or estimated fair value, less estimated cost to sell. During the period, we recorded a provision for impairment totaling $68,454 on the two properties.

Also during the period we sold the former Barnes & Noble property in Lakeland, Florida. This property had been vacant since the lease expired at the end of January 2010. Profits totaling $146,977 were recognized on the sales transaction

Operations from two investment properties classified as held for sale at December 31, 2011, plus the property, sold are reported as discontinued operations. Their respective results of operations have been reclassified as income from discontinued operations on our consolidated statements of operations. In accordance with FAS ASC 360, depreciation was discontinued once the properties were classified as held for sale.

The following is a summary of income from discontinued operations:


	Calendar Year
	2011			2010			2009
Leasing Revenue and Other Income	$	718,138		$	707,063		$	969,023
Costs and Other Expenses		(174,357	)		(174,360	)		(115,889	)

Income from Operations		543,781			532,703			853,134
Impairment Charges		(68,454	)		—			—
Gain on Sale of Property		146,977			—			—

Income before Income Tax		622,304			532,703			853,134
Income Tax		(240,054	)		(205,490	)		(329,096	)

Income from Discontinued Operations	$	382,250		$	327,213		$	524,038

- Definition

The entire disclosure for the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 144
-Paragraph 43-48
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Impairment Of Long-Lived Assets

12 Months Ended

Dec. 31, 2011

Impairment Of Long-Lived Assets [Abstract]

Impairment Of Long-Lived Assets

NOTE 4.

IMPAIRMENT OF LONG-LIVED ASSETS

During the third quarter of 2011, the Company recognized an impairment charge for its golf operations' assets totaling $4,012,476. The fair market value of the property was determined to be $2,500,000 through a third party valuation specialist in the golf course industry. The impairment charge was taken as several facts and circumstances changed surrounding the property during the period, including the following:

•

The community master developer abandoned its property and vacated the development.

•

The national, state, and local economies, after showing earlier signs of recovery, weakened further during the period.

•

This economic slowdown is significantly impacted by the residential home market which is soft. The absence of significant residential home growth in and around LPGA International, as well as the Volusia and Flagler Counties' market, significantly reduces the potential for increased golf play.

•

Fully developed lots within the community are being sold at low prices indicating that the product to be sold in the community will be sold to a first time home buyers' market segment. This market segment is not expected to support the golf operations in the same manner as the premium priced market segment.

•

The Company had a change in management, who changed the asset's estimated holding period. New management does not believe it is in the Company's best interest to absorb the negative income and cash flow losses until the possibility of a turnaround in future years may be realized and made the decision that this is not a future core holding of the Company.

The Company also conducted an impairment analysis on approximately 300 acres of land. The analysis resulted in an impairment charge of $2,606,412. The charge represents the entire cost basis of the property as management has decided to abandon the property due to the high carrying costs associated with these parcels relative to the current market environment. During the third quarter 2011, several facts and circumstances changed surrounding the property, including the following:

•

The master developer abandoned its property and vacated the development.

•

Proposed property tax and Community Development District assessments were received and reflected significant increases.

•

Fully developed lots were recently sold within the community at depressed prices.

•

The national, state, and local economies, after showing earlier signs of recovery, weakened further during the period.

The impairment analyses were conducted in accordance with the "Accounting for the Impairment or Disposal of Long-Lived Assets Topic of Financial Accounting Standards Board Accounting Standards Codification" ("FASB ASC").

Investment Securities

12 Months Ended

Dec. 31, 2011

Investment Securities [Abstract]

Investment Securities

NOTE 5.

INVESTMENT SECURITIES

The Company held a portfolio of investment securities until they were fully liquidated in the fourth quarter of 2011. The Company accounted for investment securities in accordance with the "Accounting for Certain Investments in Debt and Equity Securities Topic of FASB ASC." This standard requires classification of the investment portfolio into three categories: held to maturity, trading, and available for sale.

Until the decision was made to liquidate the investment securities portfolio, the Company classified as held to maturity those securities which the Company had the intent and ability to hold through their stated maturity date. Investment securities, which were classified as held to maturity, were carried at cost, adjusted for amortization of premiums, and accretion of discounts. Gains and losses were determined using the specific identification method.

Following is a table reflecting the sale of investment securities and losses recognized in the three years ended December 31, 2011:


	Year Ended December 31,
	2011			2010			2009
Proceeds from the Disposition of Investment Securities	$	6,929,493		$	5,903,865		$	7,641,959
Cost Basis of Investment Securities Sold		(7,069,929	)		(5,950,779	)		(7,686,925	)


Loss recognized in Statement of Operation on the Disposition of Investment Securities	$	(140,436	)	$	(46,914	)	$	(44,966	)

Investment securities as of December 31, 2010, were as follows:


	2010
Investments Held to Maturity
Debt Securities Issued by States and Political Subdivisions of States	$	4,810,381
Preferred Stocks		129,244

Total Investments Held to Maturity	$	4,939,625

The amortized cost, gross unrealized holding gains, gross unrealized holding losses, and fair value of held-to-maturity securities by major security type and class of security at December 31, 2010, were as follows:


At December 31, 2010	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses			Fair Value
Debt Securities Issued by States and Political Subdivisions of States	$	4,810,381	$	12,009	$	(85,826	)	$	4,736,564
Preferred Stocks		129,244		—		(25,377	)		103,867

	$	4,939,625	$	12,009	$	(111,203	)	$	4,840,431

The Fair Value of all investment securities were measured using quoted prices in active markets, Level 1 inputs, throughout each of the years.

The following tables show the Company's investments' gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2010. The unrealized losses on investments in debt securities issued by states and political subdivisions of states were caused by interest rate increases. The contractual terms of these investments do not permit the issuer to settle the securities at a price less than the amortized cost of the investment. Because the Company had the ability and intent to hold these investments until a market price recovery or maturity, these investments were not considered other-than-temporarily impaired.


	Less than 12 Months				12 Months or More				Total
Held at December 31, 2010	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Securities Issued by States and Political Subdivisions of States	$	2,454,164	$	17,807	$	1,349,667	$	68,019	$	3,803,831	$	85,826
Preferred Stocks		—		—		103,867		25,377		103,867		25,377

	$	2,454,164	$	17,807	$	1,453,534	$	93,396	$	3,907,698	$	111,203

At December 31, 2010, investment securities totaling $2,116,584, were pledged as collateral for a $1.6 million letter credit which guaranteed payment of leasehold improvements at the CVS store in Tallahassee, Florida. These leasehold improvements were made in exchange for a twenty-five year lease extension.

- Definition

Tabular disclosure of investments in certain debt and equity securities (and certain other trading assets) which include all debt and equity securities (other than those equity securities accounted for under the equity or cost methods of accounting) with readily determinable fair values. Other trading assets include assets that are carried on the balance sheet at fair value and held for trading purposes. A debt security represents a creditor relationship with an enterprise that is in the form of a security. Debt securities include, among other items, US Treasury securities, US government securities, municipal securities, corporate bonds, convertible debt, commercial paper, and all securitized debt instruments. An equity security represents an ownership interest in an enterprise or the right to acquire or dispose of an ownership interest in an enterprise at fixed or determinable prices. Equity securities include, among other things, common stock, certain preferred stock, warrant rights, call options, and put options, but do not include convertible debt. An entity may opt to provide the reader with additional narrative text to better understand the nature of investments in debt and equity securities (and other trading assets).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 115
-Paragraph 3, 19, 20, 21, 22, 137
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
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Reference 10: http://www.xbrl.org/2003/role/presentationRef
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-Topic 320

+ Details

Income Taxes

12 Months Ended

Dec. 31, 2011

Income Taxes [Abstract]

Income Taxes

NOTE 6.

INCOME TAXES

The Company accounts for income taxes under the "Accounting for Income Taxes Topic of FASB ASC."

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


	2011				2010					2009
	Current		Deferred		Current		Deferred			Current			Deferred
Federal	$	241,987	$	2,597,799	$	979,770	$	(561,921	)	$	130,522		$	(195,969	)
State		33,151		413,705		65,776		(26,792	)		(6,760	)		(42,712	)

Total	$	275,138	$	3,011,504	$	1,045,546	$	(588,713	)	$	123,762		$	(238,681	)

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

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


	DEFERRED TAX
	2011			2010
Deferred Tax Assets
Depreciation	$	1,609,610		$	1,575,923
Deferred Compensation		616,764			765,379
Charitable Contributions Carryforward		254,595			1,978,574
Interest Rate Swap		—			197,419
Deferred Lease Expense		1,462,797			1,410,303
Pension and Other Post Retirement Benefits		669,486			397,632
Stock Options		393,953			297,217
Impairment Reserves		2,553,236			—

Gross Deferred Tax Assets		7,560,441			6,622,447
Less-Valuation Allowance		(607,353	)		(2,309,787	)

Net Deferred Tax Assets		6,953,088			4,312,660


Deferred Tax Liabilities
Sales of Real Estate		(38,666,418	)		(38,757,251	)
Basis Difference in Joint Venture		(342,638	)		(342,638	)
Other – Net		(4,315	)		(305,985	)

Total Deferred Tax Liabilities		(39,013,371	)		(39,405,874	)

Net Deferred Tax Liability	$	(32,060,283	)	$	(35,093,214	)

In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the realization of future taxable income during the periods in which those temporary differences become deductible. We consider past history, the scheduled reversal of taxable temporary differences, projected future taxable income, and tax planning strategies in making this assessment. As of December 31, 2011 and 2010, we believe it is more likely than not that a portion of the Company's deferred tax assets will not be realized. A valuation allowance for deferred tax assets is provided when it is more likely than not that some portion of all of the deferred tax assets will not be realized. As of December 31, 2011 and 2010, the valuation allowance was $607,353, and $2,309,787, respectively.

The valuation allowance is primarily related to charitable contribution carryforwards. The valuation allowance was decreased by $1,702,434 in 2011 with an increase of $216,406 in 2010. The change in valuation allowance in 2011 was due to the expiration of charitable contribution carryforwards, which had previously been reserved. The change in valuation allowance in 2010 was due to the modification of management's projections of the utilization of the charitable contributions over the five-year carryforward period. Taxes related to the deduction for charitable contribution carryforwards, which expire in 2012, approximate $217,000, respectively.

Following is a reconciliation of the income tax computed at the federal statutory rate of 35% for 2011, 2010, and 2009:


	CALENDAR YEAR
	2011			2010			2009
Income Tax Benefit (Expense) Computed at Federal Statutory Rate	$	2,931,279		$	485,450		$	(137,008	)
Increase (Decrease) Resulting from:
State Income Tax, Net of Federal Income Tax Benefit		294,444			48,043			(16,868	)
Tax Exempt Interest Income		55,922			71,799			83,161
Adjustment to Valuation Allowance		(28,810	)		(216,406	)		(49,797	)
Other Reconciling Items		33,807			67,947			5,593

Benefit (Expense) for Income Taxes	$	3,286,642		$	456,833		$	(114,919	)

The Company files a consolidated income tax return in the United States Federal jurisdiction and the States of Florida, Georgia, and North Carolina. The Internal Revenue Service has audited the federal tax returns through the year 2006, with all proposed adjustments settled. The Company recognizes all potential accrued interest and penalties to unrecognized tax benefits in income tax expense. For the year ended December 31, 2011, the Company recognized no uncertain tax positions or accrued interest and penalties for uncertain tax positions.

Income taxes of $335,467 were paid in the year ended December 31, 2011.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph h
-Article 4

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 136, 172
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 43, 44, 45, 46, 47, 48, 49
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(h))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319

+ Details

Land And Development Costs

12 Months Ended

Dec. 31, 2011

Land And Development Costs [Abstract]

Land And Development Costs

NOTE 7.

LAND AND DEVELOPMENT COSTS

Land and development costs at December 31, 2011 and 2010, are summarized as follows:


	December 31,
	2011		2010
Undeveloped Land	$	1,004,607	$	1,004,607
Developed Land and Development Costs		26,821,317		26,042,710

	$	27,825,924	$	27,047,317

Notes Payable

12 Months Ended

Dec. 31, 2011

Notes Payable [Abstract]

Notes Payable

NOTE 8.

NOTES PAYABLE

Notes Payable consisted of the following:


	December 31,
	2011		2010
NOTES PAYABLE

Payable monthly based on 20-year amortization, interest floating based on the 30-day LIBOR Market Index rate plus 1.25%. Principal balance due July 2012 (See discussion of interest rate swap below)	$	5,582,988	$	5,923,507

LINE OF CREDIT
A line of credit totaling $25,000,000 at December 31, 2011, expiring June 27, 2014, with interest at the 30-day LIBOR Market Index rate plus 2.5%		9,683,726		—

A line of credit totaling $15,000,000 at December 31, 2010, with interest at the 30-day LIBOR Market Index rate plus 3.1%		—		9,325,741

	$	15,266,714	$	15,249,248

The required annual principal payments on notes payable are as follows:


Year Ending December 31,	Amount
2012	$	5,582,988
2013		—
2014		9,683,726
2015		—
2016 and Thereafter		—

	$	15,266,714

The 30-day LIBOR Market Index Rate was approximately 0.295% at December 31, 2011.

On June 28, 2011, the Company amended the line of credit and loan agreement in order to among other things:

•

Increase the maximum loan amount to $25,000,000 from $15,000,000.

•

Add a first mortgage on 13 CVS and Walgreen properties in Florida and Georgia, owned by related entities of the borrower as loan security.

•

Change the maturity date of the loan to June 27, 2014.

•

Change the interest rate from a floating rate of three hundred ten (310) basis points over the one month London Interbank Offer Rate ("LIBOR Rate") to two hundred fifty (250) basis points over the one-month LIBOR Rate.

•

Establish an annual commitment fee of $40,750 and an unused capacity fee of fifty (50) basis points annually on the average unused loan facility calculated and charged on an annual basis.

•

Remove the negative covenant in regards to annual new indebtedness to provide that the Company will not, in any single fiscal year, incur, create, assume or add any additional indebtedness or liability in an amount which exceeds $1,000,000 without bank approval.

•

Add financial covenants in respect to debt service coverage and loan-to-value ratios.

The Company had letters of credit outstanding totaling $1,600,000 at December 31, 2010, with no letters of credit outstanding at December 31, 2011. The balance available to borrow on the line of credit was $15,316,274 and $5,674,259 at December 31, 2011 and 2010 respectively.

The Company was in compliance with all debt covenants in December 31, 2011.

During the fourth quarter of 2011, the Company terminated its interest rate swap agreement, which the Company had entered into on April 8, 2002, at a cost of $188,600. The interest rate swap agreement was entered into essentially to fix the interest rate on the $8,000,000 long-term financing, entered into on July 1, 2002, at 7.35%. Until its termination, the interest rate swap was accounted for as a cash flow derivative under the "Accounting Derivative Instruments and Certain Hedging Activities Topic of FASB ASC," with the change in fair value of the interest rate swap, from its inception, resulting in the recording of an accrued liability of $511,779 at December 31, 2010, the cumulative change in fair value, net of applicable taxes, in the amount of $314,361 at December 31, 2010 had been recorded as accumulated other comprehensive loss, a component of shareholders' equity.

On February 27, 2012, the Company closed on a new $46,000,000 unsecured revolving credit facility, replacing its existing $25,000,000 secured revolving line of credit and paying-off its existing term loan, which had a balance of $5,582,988 at December 31, 2011. The new credit facility matures in February 2015, with a Company option to extend one year. The interest rate on the facility ranges from LIBOR plus 175 basis points to LIBOR plus 250 basis points, based on the amount drawn on the facility. It also includes an accordion feature allowing the Company to increase the facility size to $75,000,000.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References + Details

Pension Plan

12 Months Ended

Dec. 31, 2011

Pension Plan [Abstract]

Pension Plan

NOTE 9.

PENSION PLAN

The Company maintains a defined benefit plan for all employees who have attained the age of 21 and completed one year of service. The pension benefits are based primarily on years of service and the average compensation for the five highest consecutive years during the final ten years of employment. The benefit formula generally provides for a life annuity benefit.

Effective December 31, 2011, the Company amended its Defined Benefit Pension Plan (the"Plan") to freeze participants' benefits with no future accruals after that date. Any current or future employee who is not a participant of the Plan on December 31, 2011 will not be eligible to enter the Plan. Although the Plan will remain active with no new entrants and no future accruals, the Company's contribution level is expected to be reduced over time.

The Company uses a December 31 measurement date.

Following are the components of the Net Period Benefit Cost:


	December 31,
	2011			2010			2009
Service Cost	$	298,378		$	265,495		$	355,211
Interest Cost		455,732			462,936			451,011
Expected Return on Plan Assets		(396,687	)		(580,594	)		(464,385	)
Amortization of Unrecognized Transition Gain		(7,487	)		(7,487	)		(7,487	)
Amortization of Unrecognized Prior Service Cost		21,218			21,218			21,218
Amortization of Net Loss from Earlier Periods		(129,257	)		53,593			175,612

Net Periodic Benefit Cost	$	241,897		$	215,161		$	531,180

The Company made contributions totaling $49,048 in 2011.

The change in projected benefit obligation is as follows:


	December 31,
	2011			2010
Benefit Obligation at Beginning of Year	$	8,607,103		$	8,106,316
Service Cost		298,378			265,495
Interest Cost		455,732			462,936
Actuarial (Gain) Loss		566,102			185,349
Benefits and Plan Expenses Paid		(537,825	)		(412,993	)
Curtailment		(79,905	)		—

Benefit Obligation at End of Year	$	9,309,585		$	8,607,103

The change in plan assets is as follows:


	December 31,
	2011			2010
Fair Value of Plan Assets at Beginning of Year	$	7,815,162		$	6,728,597
Actual Return on Plan Assets		396,687			1,118,877
Employer Contribution		49,048			380,681
Plan Expenses Paid		(90,310	)		(83,064	)
Benefits Paid		(447,515	)		(329,929	)

Fair Value of Plan Assets at End of Year	$	7,723,072		$	7,815,162

The funded status of the pension obligation consists of the following:


	December 31,
	2011			2010
Estimated Pension Benefit Obligation
Accumulated Benefit Obligation	$	(9,389,490	)	$	(8,305,256	)
Additional Benefits Based on Estimated
Future Salary Levels		—			(301,847	)
Effect of Curtailment		79,905			—

Projected Benefit Obligation		(9,309,585	)		(8,607,103	)
Fair Value of Plan Assets		7,723,072			7,815,162

Accrued Pension Liability	$	(1,586,513	)	$	(791,941	)

The actuarial assumptions made to determine the projected benefit obligation and the fair value of plan assets are as follows:


	December 31,
	2011			2010
Weighted Average Discount Rate		4.50	%		5.50	%
Weighted Average Asset Rate of Return		7.00	%		8.50	%
Compensation Scale		N/A			5.00	%

The Company uses the "Citigroup Pension Liability Index" to determine the discount rate. The weighted average asset rate of return is primarily based on both historical and projected future returns of the portfolio as a whole.

OTHER PENSION PLAN DISCLOSURE INFORMATION

Amortization Periods:

The transition liability (asset) re-established on January 1, 2001, is being amortized in level amounts over 11.07 years. It was considered fully amortized as a result of the curtailment.

The excess of the unrecognized (gain) or loss (if any) over the larger of 10% of the projected benefit obligation or 10% of the market related value of assets is amortized in level amounts over 11.50 years.

The prior service cost re-established on January 1, 2001, is being amortized in level amounts over 11.07 years. It was considered fully amortized as a result of the curtailment.

The prior service cost established on January 1, 2002, is being amortized in level amounts over 11.67 years. It was considered fully amortized as a result of the curtailment.

Funding Policy:

Periodic employer contributions are made in conformance with minimum funding requirements and maximum deductible limitations.

Benefit Payments and Other Disbursements:

During the measurement period, disbursements from plan assets were as follows:


Benefit Payments	$	447,515
Administrative Expenses		90,310

Total	$	537,825

Unrecognized (Gain) or Loss:

The unrecognized (gain) or loss determined subsequent to last year's measurement date is determined as follows:


Liability gain determined from the January 1, 2011 census and included in this year's net periodic cost	$	(115,552	)
Asset loss occurring over the measurement period		151,739
Loss due to assumption changes effective as of December 31, 2011		681,654

Total unrecognized loss	$	717,841

Plan Assets

The Company's investment policy for pension funds is to achieve four major objectives as follows:

Growth in the invested assets to maintain future purchasing power.

Provide a stable, increasing stream of investment income to support needs.

Ensure the preservation of asset values equal to or greater than the nominal book value of assets over the intermediate term or a complete economic cycle, whichever is longer.

Maintain liquidity.

The Company's overall investment strategy is to achieve a mix of approximately 75-85% of investments for long-term growth and 15-25% for near-term benefit payments with a diversification of asset types and strategies.

The allocation of investments are targeted at 60% in common equities and 40% in fixed income securities, exclusive of cash and cash equivalents with a typical 10% range of fluctuation. Equity securities primarily include investments in large-cap, mid-cap, and small-cap companies primarily located in the United States. Fixed income securities primarily include corporate bonds of diversified industries also primarily located in the United States. No single security, except short-term obligations of the U.S. government, shall constitute more than 4% of consolidated assets.

The plan's weighted average asset allocations at December 31, 2011 and 2010 by asset category are as follows:


	December 31,
	2011			2010
Equity Securities		58	%		57	%
Fixed Income Securities		26	%		30	%
Cash and Money Market Funds		16	%		13	%

Total		100	%		100	%

The following is a table of the Fair Values of Plan Assets and Fair Value Measurements at December 31, 2011:


Asset Category	Total		Quoted Prices in Active Markets (Level 1 Inputs)
Cash and Cash Equivalents	$	1,245,742	$	1,245,742
Equity Securities		4,440,898		4,440,898
Fixed Income Securities		2,036,432		2,036,432

Total	$	7,723,072	$	7,723,072

The long-term rate of return on plan assets represents an estimate of long-term returns on an investment portfolio consisting of a mixture of equities, fixed income, and alternative investments. When determining the long-term rate of return on plan assets, the Company considers long-term rates of return on the asset classes (both historical and forecasted) in which the Company expects the pension funds to be invested.

Cash Flows:

Contributions

The Company makes periodic contributions in accordance with minimum funding requirements and maximum allowable deductions. It is estimated the 2012 contribution will be in the $300,000 to $350,000 range.

Estimated Future Benefit Payments

The following benefit payments, which reflect expected future service as appropriate, are expected to be paid.


Year Ending December 31,	Amount
2012	$	568,100
2013		653,900
2014		658,000
2015		672,900
2016		684,300
2017-2021		3,551,800

The following assumptions have been made regarding estimated benefit payments:

All currently retired participants survive through 2021.

All currently active participants survive and retire on their normal retirement dates.

No additional benefits will accrue after December 31, 2011.

Post-Retirement Benefit Plans Other Than Pensions

12 Months Ended

Dec. 31, 2011

Post-Retirement Benefit Plans Other Than Pensions [Abstract]

Post-Retirement Benefit Plans Other Than Pensions

NOTE 10.

POST-RETIREMENT BENEFIT PLANS OTHER THAN PENSIONS

The Company has a policy regarding post-retirement benefit programs for certain health care and life insurance benefits for eligible retired employees. All full-time employees became eligible to receive life benefits if they retire after reaching age 55 with 20 or more years of service, and supplemental medicare benefits if they reach age 65 and 20 years of service. The post-retirement health care plan is contributory with retiree contributions adjusted annually; the life insurance plan is non-contributory up to $5,000 of coverage.

The Company recognizes post-retirement expenses in accordance with the "Employers' Accounting for Post-Retirement Benefits Other Than Pensions Topic of FASB ASC," which requires that expected costs of post-retirement benefits be charged to expense during the years the employees render service. The accrued post-retirement benefit cost reflected in the consolidated balance sheet in accrued liabilities at December 31, 2011 and 2010, was $207,319 and $204,709, respectively.

Stock Option Plan

12 Months Ended

Dec. 31, 2011

Stock Option Plan [Abstract]

Stock Option Plan

NOTE 11.

STOCK OPTION PLAN

Under the 2010 Consolidated-Tomoka Land Co. Equity Incentive Plan (the "2010 Plan"), the Company granted to certain key employees non-vested restricted stock where vesting is based upon the achievement of certain market conditions, which are defined as the Company's total shareholder return as compared to the total shareholder return of certain peer groups during a five-year performance period.

The Company used a Monte Carlo simulation valuation model to determine the fair value of its market condition based awards. The determination of the fair value of market condition-based awards is affected by the stock price as well as assumptions regarding a number of other variables. These variables include expected stock price volatility over the requisite performance term of awards, the relative performance of the Company's stock price, and shareholder returns to those companies in its peer group, annual dividends, and a risk-free interest rate assumption. Compensation cost is recognized regardless of the achievement of the market conditions, provided the requisite service period is met.

A summary of activity during the twelve months ended December 31, 2011, is presented below:

Market Condition Non-Vested Restricted Shares


	Shares			Wgt. Avg. Grant Date Fair Value
Outstanding at December 31, 2010		5,700		$	22.80
Granted		6,450			23.42
Vested		—			—
Forfeited		(2,833	)		23.13


Outstanding at December 31, 2011		9,317		$	23.13

As of December 31, 2011, there was $167,692 of unrecognized compensation cost adjusted for estimated forfeitures, related to market condition non-vested restricted shares, which will be recognized over a weighted average period of 3.9 years.

The weighted average grant date fair value of restricted shares of the 6,450 shares granted in 2011 and the 5,700 shares granted in 2010 was $23.42, respectively. There were no restricted shares granted in 2009.

In connection with the appointment of John P. Albright as President and Chief Executive Officer of the Company, the Company granted equity awards.

A summary of the activity for the new awards during the twelve months ended December 31, 2011, is presented below:

NON-QUALIFIED STOCK OPTION AWARD


	Shares		Wtd. Avg. Ex. Price		Wtd. Avg. Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding at December 31, 2010		—		—
Granted		50,000	$	28.90
Exercised		—		—
Expired		—		—


Outstanding at December 31, 2011		50,000	$	28.90		9.58		—


Exercisable at December 31, 2011		—		—		—		—

As of December 31, 2011, there was $432,112 of unrecognized compensation related to non-qualified, non-vested stock option awards, which will be recognized over a period of 2.6 years.

MARKET CONDITION INDUCEMENT GRANT OF RESTRICTED SHARES


	Shares		Wtd. Avg. Fair Value
Outstanding at December 31, 2010		—		—
Granted		96,000	$	18.47
Vested		—		—
Forfeited		—		—


Outstanding at September 30, 2011		96,000	$	18.47

As of December 31, 2011, there was $1,353,196 of unrecognized compensation cost adjusted for estimated forfeitures, related to market condition non-vested restricted shares, which will be recognized over a weighted average period of 1.8 years.

Both the non-qualified stock option award and the restricted share award were determined to be equity-based awards under the "Share-Based Payment Topic of FASB ASC."

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

The Company has maintained a stock option plan (the "2001 Plan") pursuant to which 500,000 shares of the Company's common stock could be issued. The plan expired in 2010. No new stock options can be issued.

A summary of share option activity under the 2001 Plan as of December 31, 2011, and changes during the year ended is presented below:

STOCK OPTIONS FOR THE YEAR

ENDED DECEMBER 31, 2011


	Shares			Wtd. Avg. Ex. Price		Wtd. Avg. Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding at December 31, 2010		254,000		$	52.91
Granted		—			—
Exercised		(1,600	)		31.64
Expired		(46,600	)		52.72


Outstanding at December 31, 2011		205,800		$	53.12		4.82	$	52,820


Exercisable at December 31, 2011		163,640		$	53.95		4.44	$	52,820

STOCK APPRECIATION RIGHTS FOR THE YEAR

ENDED DECEMBER 31, 2011


	Shares			Wtd. Avg. Fair Value		Wtd. Avg. Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding at December 31, 2010		254,000		$	1.59
Granted		—			—
Exercised		(1,600	)		0.57
Expired		(46,600	)		1.22


Outstanding at December 30, 2011		205,800		$	0.93		4.82	$	28,442


Exercisable at December 30, 2011		163,640		$	0.76		4.44	$	28,442

The fair value of each share option and stock appreciation right is estimated on the measurement date using the Black-Scholes option pricing model based on assumptions noted in the following table. Expected volatility is based on the historical volatility and other factors of the Company. The Company has elected to use the simplified method of estimating the expected term of the options and stock appreciation rights.

Due to the small number of employees included in the Plan, the Company uses the specific identification method to estimate forfeitures and includes all participants in one group. The risk-free rate for periods within the contractual term of the share option is based on the U.S. Treasury rates in effect at the time of measurement.

The Company issues new, previously unissued, shares as options are exercised.

Following are assumptions used in determining the fair value of stock options and stock appreciation rights:


Assumptions at December 31,	2011			2010			2009
Expected Volatility		31.05	%		32.20	%		37.97	%
Expected Dividends		.15	%		.14	%		.57	%
Expected Term		2 years			3 years			4 years
Risk-Free Rate		.23	%		1.16	%		2.03	%

In connection with the exercise of 1,600 option shares in 2011, 167 shares of stock were issued and 1,433 shares of stock were surrendered to relieve the stock option liability by $2,128. Cash proceeds of $3,378 were received on the exercise of stock options.

There were no stock options or stock appreciation rights granted under this plan in 2011 and 2010. The weighted-average grant date fair value of options granted during 2009 was $13.48. Stock appreciation rights granted during 2009, had weighted-average a fair value of $7.26. The total intrinsic value of options exercised for the year ended December 31, 2011, 2010, and 2009 was $2,128, $17,724, and $11,632, respectively. Stock appreciation rights exercised during the years ended December 31, 2011, 2010, and 2009 had intrinsic values of $909, $7,533, and $3,878, respectively.

There were 23,000 stock options which expired in 2009 with a weighted average exercise price of $61.32. The corresponding 23,000 stock appreciation rights, which had a weighted average fair value of $2.41, also expired in 2009.

As of December 31, 2011, there was $60,902 unrecognized compensation related to stock options and stock appreciation rights under the 2001 Plan, which will be recognized over a weighted average period of 1.8 years.

The total fair value of shares vested during the three years ended December 31, 2011 were $71,870, $139,857, and $368,224, respectively.

The liability for stock options and stock appreciation rights valued at fair value, reflected on the consolidated balance sheet at December 31, 2011 and 2010, was $484,488 and $761,827, respectively.

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


	Year Ended December 31,
	2011			2010			2009
Total Cost of Share-Based Plans Charged Against
Income (Added To) Before Tax Effect	$	253,812		$	(632,894	)	$	253,425


Income Tax Expense (Benefit)
Recognized in Income	$	(97,908	)	$	244,139		$	(97,759	)

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 123R
-Paragraph 64, 65, A240
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Statement of Position (SOP)
-Number 93-6
-Paragraph 53
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 14

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 50
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 40
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929

+ Details

Common Stock And Earnings Per Share

12 Months Ended

Dec. 31, 2011

Common Stock And Earnings Per Share [Abstract]

Common Stock And Earnings Per Share

NOTE 12.

COMMON STOCK AND EARNINGS PER SHARE

Basic earnings per common share were computed by dividing net income by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per common share were determined based on the assumption of the conversion of stock options using the treasury stock method at average market prices for the periods.


	Calendar Year
	2011			2010			2009
Income Available to Common Shareholders:
Income (Loss) from Continuing Operations	$	(5,088,441	)	$	(906,800	)	$	276,532
Discontinued Operations		382,250			303,846			524,038

Net Income (Loss)	$	(4,706,191	)	$	(602,954	)	$	800,570

Weighted Average Shares Outstanding		5,724,147			5,723,795			5,724,067
Common Shares Applicable to Stock
Options Using the Treasury Stock Method		—			—			—

Total Shares Applicable to Diluted Earnings Per Share		5,724,147			5,723,795			5,724,067


Per Share Information:
Basic Net Income (Loss) Per Share
Income (Loss) from Continuing Operations	$	(0.89	)	$	(0.16	)	$	0.05
Discontinued Operations		0.07			0.05			0.09

Net Income (Loss)	$	(0.82	)	$	(0.11	)	$	0.14


Diluted Net Income (Loss) Per Share:
Income (Loss) from Continuing Operations	$	(0.89	)	$	(0.16	)	$	0.05
Discontinued Operations		0.07			0.05			0.09

Net Income (Loss)	$	(0.82	)	$	(0.11	)	$	0.14

No impact was considered on the conversion of stock options during 2011, 2010, and 2009 as the effect would be antidilutive. The number of anti-dilutive common shares for 2011, 2010, and 2009 were 205,113; 202,037; and 171,375, respectively.

Commitments And Contingencies

12 Months Ended

Dec. 31, 2011

Commitments And Contingencies [Abstract]

Commitments And Contingencies

NOTE 13.

COMMITMENTS AND CONTINGENCIES

The Company leases, as lessee, certain equipment, land, and improvements under operating leases.

Minimum future rental payments under non-cancelable operating leases having remaining terms in excess of one year as of December 31, 2011, are summarized as follows:


Year Ending December 31,	Amounts

2012	$	682,667
2013		726,035
2014		632,598
2015		632,600
2016		532,421
2017 and thereafter (cumulative)		2,833,333

Total	$	6,039,654

Rental expense under all operating leases amounted to $902,414, $879,028, and $1,085,741, for the years ended December 31, 2011, 2010, and 2009, respectively.

Additionally, the Company, as lessor, leases certain land, buildings, and improvements under operating leases.

Minimum future rental receipts under non-cancelable operating leases having remaining terms in excess of one year as of December 31, 2011, are summarized as follows:


Year Ending December 31,	Amounts

2012	$	9,584,089
2013		9,636,177
2014		9,665,225
2015		9,312,005
2016		8,804,863
2017 and thereafter (cumulative)		162,973,234

Total	$	209,975,593

In December 2008, Wintergreen Advisers, LLC ("Wintergreen"), a Delaware limited liability company and the largest shareholder of the Company, filed a Verified Application for Court Ordered Inspection of the Company's business records in the Circuit Court for the Seventh Judicial Circuit for Volusia County, Florida. Following a hearing on this matter, the trial court entered a Final Order Partially Granting and Partially Denying Wintergreen's Verified Application in May 2010. Wintergreen subsequently appealed this matter to Florida Fifth District Court of Appeal, which affirmed the trial court's decision and in January 2012 denied a motion for rehearing. On March 2, 2012, the Company and Wintergreen reached a resolution and the Company considers this matter to be concluded.

In September 2010, St. Johns River Water Management District (the "District") served the Company with an administrative complaint in connection with certain Company agricultural operations. The complaint alleges that the Company constructed and operated a surface water management system without the proper permit. The Company disagreed with the District's assertions in the complaint and requested an administrative hearing originally scheduled for late March 2011, which was subsequently rescheduled for July 2011. Due to proposed legislation involving the agricultural exemption, the parties agreed to place this matter in abeyance. The legislation, which passed and was made effective July 1, 2011, clarifies the application of the agricultural exemption to certain agricultural activities.

It also provided that, in the event of a dispute between the District and a landowner as to whether the agricultural exemption is applicable to particular activities, either party could request a binding determination by the Florida Department of Agriculture and Consumer Services ("DACS"). Since the new law was applicable retroactively, the case continued in abeyance until the facts of the case could be assessed in context with the new law. The District has since elected to have a determination made by DACS and made its request for a binding determination on January 31, 2012. The parties were required to file a status report with the Court on February 17, 2012. On February 16, 2012, the parties filed a joint motion for extension of abeyance, which was granted on February 17, 2012. The parties are to confer and advise the court of the status of this matter no later than May 15, 2012. While it is too early to evaluate a potential outcome, the Company does not believe the resolution of this matter will have a material adverse effect on the Company's net income or financial condition.

On November 21, 2011, the Company (and its affiliates, Indigo Mallard Creek LLC and Indigo Development LLC) was served with pleadings for a highway condemnation action for the Harris Teeter income property located in Charlotte, North Carolina. As a result of the accompanying road modifications, an all-access intersection with a traffic signal at Mallard Creek Road will be modified to a right-in/right-out only access. Harris Teeter, as the tenant under the lease for this property, recently notified the Company that it believes the loss of the all-access intersection materially adversely affects its business at this location. According to Harris Teeter's interpretation of the lease, this allows it the right to terminate the lease, which it anticipates would occur immediately preceding construction commencement (which Harris Teeter estimates to be approximately July 31, 2012). The Company does not agree with Harris Teeter's position in this matter and has engaged North Carolina counsel to represent its interests in both the condemnation proceedings and the tenant matter.

From time to time, the Company may be a party to certain legal proceedings, incidental to the normal course of our 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.

- Definition

The entire disclosure for commitments and contingencies.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 14
-Paragraph 3
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 9, 10, 11, 12
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.25)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 450
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-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6952336&loc=d3e14435-108349

Reference 5: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 460
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6398077&loc=d3e12565-110249

Reference 6: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 440
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6394976&loc=d3e25287-109308

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6449706&loc=d3e16207-108621

+ Details

Business Segment Data

12 Months Ended

Dec. 31, 2011

Business Segment Data [Abstract]

Business Segment Data

NOTE 14.

BUSINESS SEGMENT DATA

The Company primarily operates in three business segments: real estate, income properties, and golf operations. Real estate sales include land sales and development, agricultural operations, and leasing properties for oil and mineral exploration.

The Company evaluates performance based on profit or loss from operations before income taxes. The Company's reportable segments are strategic business units that offer different products. They are managed separately because each segment requires different management techniques, knowledge, and skills.

Information about the Company's operations in different segments for each of the three years ended December 31, is as follows (amounts in thousands):


	Calendar Year
	2011			2010			2009
Revenues:
Real Estate	$	547		$	(933	)	$	2,634
Income Properties		9,035			8,987			8,601
Golf		4,661			4,474			4,724
General, Corporate, and Other		459			176			231

	$	14,702		$	12,704		$	16,190


Income (Loss) from Continuing Operations before Income Tax:
Real Estate	$	(3,614	)	$	(2,247	)	$	1,379
Income Properties		6,535			6,567			6,446
Golf		(5,666	)		(1,969	)		(1,920	)
General, Corporate, and Other		(5,630	)		(3,738	)		(5,513	)

	$	(8,375	)	$	(1,387	)	$	392


Identifiable Assets:
Real Estate	$	45,314		$	44,568		$	41,255
Income Properties		116,944			116,329			117,551
Golf		2,858			6,888			7,349
General, Corporate, and Other		5,150			9,974			10,420

	$	170,266		$	177,759		$	176,575


Depreciation and Amortization:
Real Estate	$	176		$	313		$	417
Income Properties		1,895			1,850			1,778
Golf		360			491			488
General, Corporate, and Other		81			73			89

	$	2,512		$	2,727		$	2,772


Capital Expenditures:
Real Estate	$	543		$	810		$	1,301
Income Properties		2,364			482			2,116
Golf		267			80			49
General, Corporate, and Other		23			—			21

	$	3,197		$	1,372		$	3,487

Income represents income (loss) from continuing operations before income taxes. Identifiable assets by segment are those assets that are used in the Company's operations in each segment. General corporate assets and assets used in the Company's other operations consist primarily of cash, investment securities, notes receivable, and property, plant, and equipment. There were no transactions between segments for each of the years presented.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 131
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599

+ Details

Quarterly Financial Data

12 Months Ended

Dec. 31, 2011

Quarterly Financial Data [Abstract]

Quarterly Financial Data

QUARTERLY FINANCIAL DATA (UNAUDITED)


	March 31						June 30						September 30						December 31
	2011			2010			2011			2010			2011			2010			2011			2010
	$			$			$			$			$			$			$			$
Income
Real Estate Operations:
Real Estate Sales
Sales and Other Income		69,824			53,554			67,502			(1,071,704	)		68,496			34,969			340,762			50,512
Costs and Other Expenses		(318,093	)		(244,992	)		(370,628	)		(279,184	)		(396,251	)		(436,647	)		(469,276	)		(353,764	)
Impairment Charges		—			—			—			—			(2,606,412	)		—			—			—

		(248,269	)		(191,438	)		(303,126	)		(1,350,888	)		(2,934,167	)		(401,678	)		(128,514	)		(303,252	)


Income Properties
Leasing Revenues and Other Income		2,208,209			2,250,864			2,227,488			2,236,035			2,284,241			2,263,829			2,315,432			2,236,043
Costs and Other Expenses		(609,752	)		(557,615	)		(613,778	)		(587,006	)		(613,691	)		(591,750	)		(662,860	)		(682,791	)

		1,598,457			1,693,249			1,613,710			1,649,029			1,670,550			1,672,079			1,652,572			1,553,252


Golf Operations
Sales and Other Income		1,373,576			1,168,881			1,347,704			1,295,544			838,646			899,209			1,100,876			1,109,795
Costs and Other Expenses		(1,634,160	)		(1,530,420	)		(1,759,244	)		(1,690,635	)		(1,388,206	)		(1,533,710	)		(1,533,270	)		(1,687,938	)
Impairment Charges		—			—			—			—			(4,012,476	)		—			—			—

		(260,584	)		(361,539	)		(411,540	)		(395,091	)		(4,562,036	)		(634,501	)		(432,394	)		(578,143	)

Total Real Estate Operations		1,089,604			1,140,272			899,044			(96,950	)		(5,825,653	)		635,900			1,091,664			671,857

Profit on Sales of Other Real Estate Interests		0			12,825			1,500			0			8,750			0			11,750			6,400

Interest and Other Income		175,211			54,239			83,007			56,670			86,210			30,003			92,963			16,002

		1,264,815			1,207,336			983,551			(40,280	)		(5,730,693	)		665,903			1,196,377			694,259

General and Administrative Expenses		(1,792,613	)		(1,205,947	)		(644,502	)		(1,006,653	)		(1,357,749	)		(1,088,344	)		(2,294,269	)		(613,274	)

Income (Loss) from Continuing Operations Before Income Taxes		(527,798	)		1,389			339,049			(1,046,933	)		(7,088,442	)		(422,441	)		(1,097,892	)		80,985
Income Taxes		192,991			2,464			(95,758	)		380,256			2,778,395			159,586			411,014			(85,473	)

Income (Loss) from Continuing Operations		(334,807	)		3,853			243,291			(666,677	)		(4,310,047	)		(262,855	)		(686,878	)		(4,488	)
Income from Discontinued Operations		75,902			73,966			75,491			73,506			92,055			85,862			138,802			93,879

Net Income (Loss)		(258,905	)		77,819			318,782			(593,171	)		(4,217,992	)		(176,993	)		(548,076	)		89,391


Per Share Information:
Income (Loss) from Continuing Operations	$	(0.06	)	$	0.00		$	0.04		$	(0.11	)	$	(0.75	)	$	(0.05	)	$	(0.12	)	$	(0.00	)
Income from Discontinued Operations	$	0.01		$	0.01		$	0.02		$	0.01		$	0.02		$	0.01		$	0.02		$	0.02
Net Income (Loss)	$	(0.05	)	$	0.01		$	0.06		$	(0.10	)	$	(0.73	)	$	(0.04	)	$	(0.11	)	$	0.02

- Definition

The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished.

+ References + Details

Schedule III - Real Estate And Accumulated Depreciation

12 Months Ended

Dec. 31, 2011

Schedule III - Real Estate And Accumulated Depreciation [Abstract]

Schedule III - Real Estate And Accumulated Depreciation

SCHEDULE III

REAL ESTATE AND ACCUMULATED DEPRECIATION

FOR THE YEAR ENDED DECEMBER 31, 2011


	Initial Cost to Company						Costs Capitalized Subsequent to Acquisition
Description	Encumbrances		Land		Buildings & Improvements		Improvements		Carrying Costs
			$		$		$		$
Income Properties:
CVS, Tallahassee, FL		1,246,828		590,800		1,595,000		1,485,878		0
CVS, Sanford, FL		1,274,535		1,565,176		1,890,671		0		0
Barnes & Noble, Daytona Beach, FL		0		1,798,600		3,803,000		0		0
CVS, Clermont, FL		997,462		1,493,985		1,452,823		0		0
CVS, Sebring, FL		0		1,312,472		1,722,559		0		0
CVS, Melbourne, FL		0		1,567,788		919,186		0		0
CVS, Sanford, FL		0		2,345,694		1,275,625		0		0
CVS, Sebastian, FL		969,755		2,205,708		1,288,995		0		0
Walgreen, Palm Bay, FL		1,385,364		1,102,640		3,157,360		0		0
Walgreen, Kissimmee, FL		997,462		1,327,847		1,770,986		0		0
Walgreen, Orlando, FL		1,108,291		2,280,841		1,148,507		0		0
Walgreen, Clermont, FL		1,246,828		3,021,665		1,269,449		0		0
Walgreen, Apopka, FL		1,080,584		2,390,532		1,354,080		0		0
Walgreen, Alpharetta, GA		1,385,364		3,265,623		1,406,160		0		0
Lowe's, Lexington, NC		0		5,048,640		4,548,880		0		0
RBC Centura Bank, Alpharetta, GA		0		3,402,926		426,100		0		0
RBC Centura Bank, Altamonte Springs, FL		0		3,435,502		410,961		0		0
CVS, Vero Beach, FL		1,274,535		3,113,661		1,312,235		0		0
RBC Centura Bank, Orlando, FL		0		2,875,052		418,992		0		0
CVS, Clermont, FL		1,080,584		2,414,044		1,575,184		0		0
Best Buy, McDonough, GA		0		2,622,682		3,150,000		0		0
Dick's Sporting Goods, McDonough, GA		0		3,934,022		4,725,000		0		0
Harris Teeter Supermarket, Charlotte, NC		0		5,601,837		3,409,339		0		0
Walgreen, Powder Springs, GA⁽²⁾		1,219,122		2,668,255		1,406,160		0		0
Northern Tool & Equipment, Ashville, NC⁽²⁾		0		2,535,926		1,345,200		0		0
Mason Commerce Center, Daytona Beach, FL		0		132,609		2,554,055		1,487,260		0
1616 Concierge Office Building, Daytona Beach, FL		0		293,872		2,862,171		0		0
Agricultural Lands & Subsurface Interests		0		4,203,083		0		10,439,413		466,801


		15,266,714		68,551,482		52,198,678		13,412,551		466,801

Gross Amount at Which

Carried at Close of Period


	Land and Improvements		Buildings		Total		Accumulated Depreciation		Date of Completion of Construction	Date Acquired		Depr Life
	$		$		$		$
Income Properties:
CVS, Tallahassee, FL		1,411,550		2,260,128		3,671,678		451,648	N/A		12/13/00		40 Yrs.
CVS, Sanford, FL		1,565,176		1,890,671		3,455,847		480,546	N/A		11/15/01		40 Yrs.
Barnes & Noble, Daytona Beach, FL		1,798,600		3,803,000		5,601,600		1,045,825	N/A		01/11/01		40 Yrs.
CVS, Clermont, FL		1,493,985		1,452,823		2,946,808		331,659	N/A		11/22/02		40 Yrs.
CVS, Sebring, FL		1,312,472		1,722,559		3,035,031		383,987	N/A		02/04/03		40 Yrs.
CVS, Melbourne, FL		1,567,788		919,186		2,486,974		202,987	N/A		03/05/03		40 Yrs.
CVS, Sanford, FL		2,345,694		1,275,625		3,621,319		256,759	N/A		09/17/03		40 Yrs.
CVS, Sebastian, FL		2,205,708		1,288,995		3,494,703		247,685	N/A		04/23/04		40 Yrs.
Walgreen, Palm Bay, FL		1,102,640		3,157,360		4,260,000		835,385	N/A		06/12/01		40 Yrs.
Walgreen, Kissimmee, FL		1,327,847		1,770,986		3,098,833		394,782	N/A		02/12/03		40 Yrs.
Walgreen, Orlando, FL		2,280,841		1,148,507		3,429,348		256,021	N/A		02/13/03		40 Yrs.
Walgreen, Clermont, FL		3,021,665		1,269,449		4,291,114		240,666	N/A		05/27/04		40 Yrs.
Walgreen, Apopka, FL		2,390,532		1,354,080		3,744,612		262,353	N/A		03/29/04		40 Yrs.
Walgreen, Alpharetta, GA		3,265,623		1,406,160		4,671,783		272,444	N/A		03/31/04		40 Yrs.
Lowe's, Lexington, NC		5,048,640		4,548,880		9,597,520		786,577	N/A		01/20/05		40 Yrs.
RBC Centura Bank, Alpharetta, GA		3,402,926		426,100		3,829,026		70,129	N/A		05/25/05		40 Yrs.
RBC Centura Bank, Altamonte Springs, FL		3,435,502		410,961		3,846,463		68,494	N/A		05/12/05		40 Yrs.
CVS, Vero Beach, FL		3,113,661		1,312,235		4,425,896		215,972	N/A		06/02/05		40 Yrs.
RBC Centura Bank, Orlando, FL		2,875,052		418,992		3,294,044		67,213	N/A		08/15/05		40 Yrs.
CVS, Clermont, FL		2,414,044		1,575,184		3,989,228		239,559	N/A		12/15/05		40 Yrs.
Best Buy, McDonough, GA		2,622,682		3,150,000		5,772,682		439,688	N/A		06/15/06		40 Yrs.
Dick's Sporting Goods, McDonough, GA		3,934,022		4,725,000		8,659,022		659,530	N/A		06/15/06		40 Yrs.
Harris Teeter Supermarket, Charlotte, NC		5,601,837		3,409,339		9,011,176		319,625	N/A		04/17/08		40 Yrs.
Walgreen, Powder Springs, GA⁽²⁾		2,644,829		1,406,160		4,050,989		272,444	N/A		03/31/07		40 Yrs.
Northern Tool & Equipment, Ashville, NC⁽²⁾		2,490,898		1,345,200		3,836,098		221,398	N/A		05/25/05		40 Yrs.
Mason Commerce Center, Daytona Beach, FL		132,609		4,041,315		4,173,924		364,169	09/01/08		N/A		40 Yrs.
1616 Concierge Office Building, Daytona Beach, FL		293,872		2,862,171		3,156,043		259,290	7/1/09		N/A		40 Yrs.
Agriculture Lands & Subsurface Interests		15,109,297		0		15,109,297		442,519	Various		N/A

(1)		80,209,992		54,351,066		134,561,058		10,089,354

SCHEDULE III (Continued)

REAL ESTATE AND ACCUMULATED DEPRECIATION

FOR THE YEAR ENDED DECEMBER 31, 2011


	2011			2010		2009
	$			$		$
Cost:

Balance at Beginning of Year		134,705,516			133,760,110		129,160,925
Additions and Improvements		3,050,496			945,406		4,599,185
Adjust to Fair Value		(68,454	)		—		—
Cost of Real Estate Sold		(3,126,500	)		—		—


Balance at End of Year		134,561,058			134,705,516		133,760,110


	$			$		$
Accumulated Depreciation:

Balance at Beginning of Year		9,136,562			7,708,823		6,353,151
Depreciation and Amortization		1,470,947			1,427,739		1,355,672
Depreciation on Real Estate Sold		(518,155	)		—		—


Balance at End of Year		10,089,354			9,136,562		7,708,823


⁽¹⁾	Reconciliation to Consolidated Balance Sheet at December 31, 2011 Land, Timber, and Subsurface Interests	$	15,109,298
	Income Properties: Land, Buildings, and Improvements		111,564,673

			126,673,971
⁽²⁾	Assets Classified as Held for Sale on Balance Sheet		7,887,087

	Total Per Schedule	$	134,561,058

- Definition

The entire disclosure for real estate and accumulated depreciation. This may include a schedule that describes the property and lists the initial cost of land, buildings and improvements, improvements and carrying costs capitalized after acquisition, and the total carrying cost for land, buildings and improvements for each property and in aggregate. The schedule also lists the accumulated depreciation for each property and in aggregate, the date each property was constructed and acquired, the useful life used to calculate depreciation and any encumbrances on the properties. The entity provides a reconciliation of the carrying amount of real estate from the beginning of the period to the end of the period. Any real estate investments that have been written down or reserved against are described, including the basis of the write-down. A material amount of intercompany profit in the total carrying amount of real estate is disclosed. The aggregate cost of all real estate investments for federal income tax purposes is also disclosed.

+ References + Details