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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2013	Apr. 29, 2013
Document and Entity Information [Abstract]
Entity Registrant Name	CONSOLIDATED TOMOKA LAND CO
Entity Central Index Key	0000023795
Document Type	10-Q
Document Period End Date	Mar. 31, 2013
Amendment Flag	false
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		5,850,192

Consolidated Balance Sheets - USD ($)	Mar. 31, 2013	Dec. 31, 2012
ASSETS
Cash and Cash Equivalents	$ 1,429,630	$ 1,301,739
Restricted Cash	888,150
Refundable Income Tax	765,225	239,720
Land and Development Costs	27,150,497	27,848,525
Intangible Assets - Net	6,369,095	4,527,426
Assets Held for Sale		3,433,500
Other Assets	8,671,630	8,254,399
Total assets before property, plant and equipment	45,274,227	45,605,309
Property, Plant, and Equipment:
Land, Timber, and Subsurface Interests	15,210,501	15,194,901
Golf Buildings, Improvements, and Equipment	2,945,387	2,879,263
Income Properties, Land, Buildings, and Improvements	153,836,295	132,202,887
Other Furnishings and Equipment	912,021	906,441
Total Property, Plant, and Equipment	172,904,204	151,183,492
Less, Accumulated Depreciation and Amortization	(12,379,354)	(12,091,901)
Property, Plant, and Equipment - Net	160,524,850	139,091,591
TOTAL ASSETS	205,799,077	184,696,900
LIABILITIES
Accounts Payable	246,086	440,541
Accrued Liabilities	6,662,555	6,972,343
Accrued Stock-Based Compensation	414,620	265,311
Pension Liability	1,230,701	1,317,683
Deferred Income Taxes - Net	33,006,809	32,357,505
Notes Payable and Line of Credit	49,148,158	29,126,849
TOTAL LIABILITIES	90,708,929	70,480,232
Commitments and Contingencies
SHAREHOLDERS' EQUITY
Common Stock - 25,000,000 shares authorized; $1 par value, 5,850,192 shares issued and 5,835,558 shares outstanding at March 31,2013; 5,847,036 shares issued and 5,832,402 shares outstanding at December 31,2012	5,750,625	5,726,136
Treasury Stock, at cost - 14,634 shares held at March 31, 2013 and December 31, 2012	(453,654)	(453,654)
Additional Paid In Capital	7,450,969	6,939,023
Retained Earnings	103,579,688	103,242,643
Accumulated Other Comprehensive Loss	(1,237,480)	(1,237,480)
TOTAL SHAREHOLDERS' EQUITY	115,090,148	114,216,668
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 205,799,077	$ 184,696,900

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2013	Dec. 31, 2012
Consolidated Balance Sheets [Abstract]
Common Stock, shares authorized	25,000,000	25,000,000
Common Stock, par value	$ 1	$ 1
Common Stock, shares issued	5,850,192	5,847,036
Common Stock, shares outstanding	5,835,558	5,832,402
Treasury Stock, shares held	14,634	14,634

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Revenues
Income Properties	$ 3,154,668	$ 2,190,511
Real Estate Operations	338,348	1,065,667
Golf Operations	1,464,685	1,329,579
Other Income	97,677	42,668
Total Revenues	5,055,378	4,628,425
Direct Cost of Revenues
Income Properties	(229,509)	(144,404)
Real Estate Operations	(121,478)	(164,818)
Golf Operations	(1,407,629)	(1,461,227)
Other Income	(31,369)	(71,558)
Total Direct Cost of Revenues	(1,789,985)	(1,842,007)
General and Administrative Expenses	(1,753,564)	(1,423,648)
Depreciation and Amortization	(772,516)	(537,408)
Gain on Disposition of Assets		85,000
Total Operating Expenses	(4,316,065)	(3,718,063)
Operating Income	739,313	910,362
Interest Income	166
Interest Expense	(296,668)	(150,229)
Loss on Early Extinguishment of Debt		(245,726)
Income from Continuing Operations Before Income Tax Expense	442,811	514,407
Income Tax Expense	(165,753)	(196,257)
Income from Continuing Operations	277,058	318,150
Income from Discontinued Operations (Net of Tax)	59,987	176,251
Net Income	$ 337,045	$ 494,401
Per Share Information : Basic and Diluted
Income from Continuing Operations	$ 0.05	$ 0.06
Income from Discontinued Operations (Net of Tax)	0.01	0.03
Net Income	0.06	0.09
Dividends Declared and Paid

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Consolidated Statements of Comprehensive Income [Abstract]
Net Income	$ 337,045	$ 494,401
Total Other Comprehensive Income, Net of Tax
Total Comprehensive Income	$ 337,045	$ 494,401

- Definition

The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the reporting entity. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, but excludes any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent.

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- Definition

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

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- Definition

Net of tax amount of other comprehensive income (loss) attributable to the parent entity.

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+ Details

Consolidated Statements of Shareholders' Equity (Unaudited) - 3 months ended Mar. 31, 2013 - USD ($)	Total	Common Stock	Treasury Stock	Additional Paid- In Capital	Retained Earnings	Accumulated Other Comprehensive Loss
Beginning Balance at Dec. 31, 2012	$ 114,216,668	$ 5,726,136	$ (453,654)	$ 6,939,023	$ 103,242,643	$ (1,237,480)
Shareholders' Equity
Net Income	337,045				337,045
Exercise of Stock Options	177,853	5,989		171,864
Vested Restricted Stock	119,532	18,500		101,032
Stock Compensation Expense from Restricted Stock Grants and Equity Classified Stock Options	239,050			239,050
Ending Balance at Mar. 31, 2013	$ 115,090,148	$ 5,750,625	$ (453,654)	$ 7,450,969	$ 103,579,688	$ (1,237,480)

- Definition

This element represents the amount of recognized equity-based compensation during the period, that is, the amount recognized as expense in the income statement (or as asset if compensation is capitalized). Alternate captions include the words "stock-based compensation".

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+ Details

- Definition

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

+ References

+ Details

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Cash Flow from Operating Activities:
Net Income	$ 337,045	$ 494,401
Adjustments to Reconcile Net Income to Net Cash Provided By Operating Activities:
Depreciation and Amortization	778,046	537,808
Gain on Disposition of Property, Plant, and Equipment and Intangible Assets	(54,179)	(85,000)
Loss on Disposition of Assets Held for Sale	26,367
Deferred Income Taxes	649,304	14,681
Non-Cash Compensation	444,416	250,025
Decrease (Increase) in Assets:
Refundable Income Taxes	(424,473)	399,905
Land and Development Costs	(4,799)	(32,772)
Other Assets	(458,094)	(419,541)
Increase (Decrease) in Liabilities:
Accounts Payable	(194,455)	58,123
Accrued Liabilities and Accrued Stock Based Compensation	291,349	119,860
Income Taxes Payable		(704,485)
Net Cash Provided By Operating Activities	1,390,527	633,005
Cash Flow From Investing Activities:
Acquisition of Property, Plant, and Equipment	(25,709,940)	(9,484)
Acquisition of Intangible Assets	(2,183,538)
Increase in Restricted Cash	(888,150)
Proceeds from Disposition of Property, Plant, and Equipment, Net	3,935,547	85,000
Proceeds from Disposition of Assets Held for Sale, Net	3,407,133
Net Cash Provided By (Used In) Investing Activities	(21,438,948)	75,516
Cash Flow from Financing Activities:
Proceeds from Notes Payable and Line of Credit	57,700,000	17,115,849
Payments on Notes Payable and Line of Credit	(37,678,691)	(16,155,714)
Cash Proceeds from Exercise of Stock Options	155,003	2,089
Net Cash Provided By Financing Activities	20,176,312	962,224
Net Increase in Cash	127,891	1,670,745
Cash, Beginning of Year	1,301,739	6,174
Cash, End of Period	$ 1,429,630	$ 1,676,919

Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($)	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Consolidated Statements of Cash Flows [Abstract]
Income tax refunds	$ 39,406	$ 227,500
Interest Paid	229,169	$ 115,440
Non-cash conveyance of certain acreage	$ 702,827

Description of Business and Principles of Interim Statements

3 Months Ended

Mar. 31, 2013

Description of Business and Principles of Interim Statements [Abstract]

DESCRIPTION OF BUSINESS AND PRINCIPLES OF INTERIM STATEMENTS

NOTE 1. DESCRIPTION OF BUSINESS AND PRINCIPLES OF INTERIM STATEMENTS

Description of Business

The terms “us,” “we,” “our,” and “the Company” as used in this report refer to Consolidated-Tomoka Land Co. (“CTLC”) together with our consolidated subsidiaries.

We are a diversified real estate operating company. We own and manage commercial real estate properties in seven states in the U.S., and two self-developed properties located in Florida. As of March 31, 2013, we own 36 single-tenant income producing properties, in seven states, with more than 790,000 square feet of gross leasable space. We also own and manage a land portfolio of over 10,000 acres in Florida, a majority of which is located within and forms a substantial portion of the western boundary of the City of Daytona Beach. Our land is well located along both sides of Interstate 95 and near central Florida’s Interstate 4 corridor. We also have a golf course operation, which consists of the LPGA International golf club, lease property for billboards, have agricultural operations, which are managed by a third party and consist of leasing land for hay production, timber harvesting, and hunting leases, and own and manage subsurface oil, gas, and mineral interests. The results of our agricultural and subsurface leasing operations are included in Other Income and Real Estate Operations on our consolidated statement of operations, respectively.

More than 50% of the Company’s income property portfolio and all of the land, golf operations, agriculture operations, and subsurface interests are in the State of Florida.

Interim Financial Information

The accompanying unaudited consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. These unaudited consolidated financial statements do not include all of the information and notes required by accounting principles in the United States of America for complete financial statements and should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2012, which provides a more complete understanding of the Company’s accounting policies, financial position, operating results, business properties and other matters. The unaudited consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary to present fairly the financial position of the Company and the results of operations for the interim periods.

Certain items in the prior year’s consolidated statement of operations have been reclassified to conform to the presentation of statements of operations for the three months ended March 31, 2013. Specifically, the amounts of depreciation and amortization expense, and interest expense have been segregated into separate line items whereas previously these amounts were included in direct cost of revenues and general and administrative expense, respectively. These reclassifications had no effect on the current year and prior year presentation of income (loss) from continuing operations before taxes.

The results of operations for the first three months ended March 31, 2013 are not necessarily indicative of results to be expected for the year ending December 31, 2013.

Principles of Consolidation

The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. Any real estate entities or properties included in the consolidated financial statements have been consolidated only for the periods that such entities or properties were owned or under control by us. All significant inter-company balances and transactions have been eliminated in the consolidated financial statements.

Use of Estimates in 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 the real estate and financial markets.

Fair Value of Financial Instruments

The largest carrying amounts of the Company’s financial assets and liabilities, including cash and cash equivalents, restricted cash, accounts receivable, and accounts payable at March 31, 2013 and December 31, 2012, approximate fair value because of the short maturity of these instruments. The carrying amount of the Company’s notes payable approximates fair value at March 31, 2013 and December 31, 2012, since the notes are at floating rates or fixed rates, which approximate current market rates for notes with similar risks and maturities.

Intangible Assets

As of March 31, 2013, the in-place lease value totaled $6,369,095, net of accumulated amortization of $2,934,139. At December 31, 2012 the in-place lease value totaled $4,527,426, net of accumulated amortization of $3,443,102. Amortization expense for the three months ended March 31, 2013 and 2012 was $167,509 and $97,407, respectively.

- Definition

The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.

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-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 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 46R
-Paragraph 4, 14, 15
-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 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Staff Position (FSP)
-Number FAS140-4/FIN46(R)-8
-Paragraph 8, C1, C7
-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

Discontinued Operations

3 Months Ended

Mar. 31, 2013

Discontinued Operations [Abstract]

DISCONTINUED OPERATIONS

NOTE 2. DISCONTINUED OPERATIONS

In May 2012, we sold our income property in Asheville, North Carolina, which was leased to Northern Tool and Equipment, for $3.925 million. We also sold our income property in Powder Springs, Georgia, which was leased to Walgreen Co., for $4.09 million. A gain of $78,455 was recognized on the sale of the two properties in the quarter ended June 30, 2012. Discontinued operations for the three months ended March 31, 2012, includes the operating results of these two income properties that were sold in the quarter ended June 30, 2012.

In the fourth quarter of 2012, one income property, the PNC Bank in Alpharetta, Georgia, was classified as held for sale as we had commenced an active program to market and sell the property and determined there was a high probability that a sales transaction would 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, and is reported as discontinued operations with its respective results of operations classified as income from discontinued operations on our consolidated statements of operations. In accordance with FAS ASC 360, depreciation was discontinued once the property was classified as held for sale.

On February 14, 2013, the Company sold its interest in the 4,128 square-foot building under lease to PNC Bank, located in Alpharetta, Georgia. The sales price on this transaction amounted to $3,550,000. The property was presented as assets held for sale on the consolidated balance sheet at December 31, 2012; and as of December 31, 2012, the value was written down to reflect the contractual sales price resulting in a loss of $426,794. The property’s operating results were included in discontinued operations for each of the three month periods ended March 31, 2013 and 2012.

On February 21, 2013, the Company sold its interest in the 13,824 square-foot building under lease to CVS, located in Clermont, Florida. The sales price on this transaction amounted to $4,050,000. As of December 31, 2012, no contract was in place, therefore, this property was not presented as assets held for sale on the balance sheet at December 31, 2012. Upon the sale in February 2013, the property’s operating results were included in discontinued operations for each of the three month periods ended March 31, 2013 and 2012.

Following is a summary of income from discontinued operations for the periods:


	Three Months Ended
	March 31, 2013			March 31, 2012
Leasing Revenue and Other Income	$	75,377		$	307,300
Costs and Other Expenses		(5,530	)		(20,363	)

Income from Operations		69,847			286,937
Gain on Sale of Property		27,812			—

Income before Income Tax Expense		97,659			286,937
Income Tax Expense		(37,672	)		(110,686	)

Income from Discontinued Operations	$	59,987		$	176,251

- 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 Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1436-107760

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1510-107760

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1474-107760

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1020-107759

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e957-107759

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1012-107759

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 45
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=8077374&loc=d3e2443-110228

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6391110&loc=d3e2941-110230

Reference 10: 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.

+ Details

Common Stock and Earnings Per Share

3 Months Ended

Mar. 31, 2013

Common Stock and Earnings Per Share [Abstract]

COMMON STOCK AND EARNINGS PER SHARE

NOTE 3. COMMON STOCK AND EARNINGS PER SHARE

Basic earnings per common share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per common share is based on the assumption of the conversion of stock options at the beginning of each period using the treasury stock method at average cost for the periods.


	Three Months Ended
	March 31, 2013		March 31, 2012
Income Available to Common Shareholders:
Income from Continuing Operations	$	277,058	$	318,150
Discontinued Operations		59,987		176,251

Net Income	$	337,045	$	494,401

Weighted Average Shares Outstanding		5,717,139		5,725,086
Common Shares Applicable to Stock
Options Using the Treasury Stock Method		—		—

Total Shares Applicable to Diluted Earnings Per Share		5,717,139		5,725,086

Basic and Diluted Per Share Information:

Income from Continuing Operations	$	0.05	$	0.06
Discontinued Operations		0.01		0.03

Net Income	$	0.06	$	0.09

The effect of 32,480 and 139,151 potentially dilutive securities were not included for the three months ended March 31, 2013 and 2012, respectively, as the effect would be antidilutive.

Pension Plan

3 Months Ended

Mar. 31, 2013

Pension Plan [Abstract]

PENSION PLAN

NOTE 4. PENSION PLAN

The Company maintains a Defined Benefit Pension Plan (the “Pension 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 Pension Plan to freeze participants’ benefits with no future accruals after that date. Any current or future employee who was not a participant of the Pension Plan on December 31, 2011 will not be eligible to enter the Pension Plan. Although the Pension Plan will remain active with no new entrants and no future accruals, the Company’s contribution level is expected to be reduced over time. In January 2013, the Company made a cash contribution to the Pension Plan of $84,600, related to the 2012 Pension Plan year. There are no quarterly contribution requirements for 2013.

- Definition

The entire disclosure for pension and other postretirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-URI http://asc.fasb.org/topic&trid=2235017

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Implementation Guide (Q and A)
-Number FAS88
-Paragraph 63
-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 132R
-Paragraph 5
-Subparagraph b
-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 Statement of Financial Accounting Standard (FAS)
-Number 106
-Paragraph 518
-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 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-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 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 03-2
-Paragraph 8
-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 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 87
-Paragraph 264
-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 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph q
-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 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph h
-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 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 8
-Subparagraph m
-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 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5, 6, 7, 8
-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 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 158
-Paragraph 7, 21, 22
-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 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Staff Position (FSP)
-Number FAS106-2
-Paragraph 20, 21, 22
-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 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 30
-Paragraph 26
-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

Notes Payable and Line of Credit

3 Months Ended

Mar. 31, 2013

Notes Payable and Line of Credit [Abstract]

NOTES PAYABLE AND LINE OF CREDIT

NOTE 5. NOTES PAYABLE AND LINE OF CREDIT

On February 27, 2012, the Company entered into a Credit Agreement (the “Agreement”) with Bank of Montreal (“BMO”) as Administrative Agent, Letter of Credit Issuer, and a Lender. The Agreement consisted of a $46.0 million revolving credit facility with a maturity date of February 27, 2015 (the “Credit Facility”). The indebtedness outstanding under the Agreement accrued interest, prior to the amendments of the Agreement, at a rate ranging from the 30-day London Interbank Offer Rate (“LIBOR”) plus 175 basis points to LIBOR plus 250 basis points based on the total balance outstanding under the Credit Facility as a percentage of total asset value of the Company. The Credit Facility is unsecured and is guaranteed by certain subsidiaries of the Company.

The Credit Facility replaced the $25.0 million revolving credit facility with SunTrust Bank, which had a maturity date of June 27, 2014. Approximately $9.7 million of the initial disbursement of the Credit Facility was used to pay off the outstanding balance of the existing credit facility with SunTrust Bank and approximately $5.6 million was used to pay off the term loan with SunTrust Bank, which had a maturity date of July 1, 2012. The indebtedness under the prior SunTrust revolving credit facility and term loan were secured by certain assets of the Company. The Company wrote off $245,726 of deferred loan costs in the first quarter of 2012 as a result of this early extinguishment of debt.

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

In September 2012, the Company entered into the First Amendment to the Credit Agreement (“Amendment”) and added a second participating lender to the Agreement. This Amendment, under the accordion feature, expanded the credit facility to $62.0 million. The Amendment also modified some of the restrictive covenants contained in the original Agreement. These changes to the restrictive covenants are not considered material in nature. On February 14, 2013, the Company added a third participant lender to the Agreement and pursuant to the accordion feature, the Credit Facility was expanded to $66.0 million.

On March 29, 2013, the Company entered into the second amendment to the Credit Agreement (“Second Amendment”). The Second Amendment, expands the accordion feature allowing the Company to increase the facility up to $125 million and reduces the interest rate by 25 basis points, which now ranges from LIBOR plus 150 basis points up to LIBOR plus 225 basis points, based on the Company’s debt level. The Second Amendment also extends the maturity date to March 31, 2016 from February 27, 2015, and reduces the limitations on the Company’s ability to make certain investments.

On February 22, 2013, the Company closed on a $7.3 million loan with UBS Real Estate Securities Inc., secured by its interest in the two-building office complex leased to Hilton Resorts Corporation which was acquired on January 31, 2013. The new mortgage loan matures in February 2018, carries a fixed rate of interest of 3.655% per annum, and requires payments of interest only prior to maturity. The proceeds from the borrowing were used to pay-down a portion of the Company’s outstanding balance on its revolving credit facility.

On March 8, 2013, the Company closed on a $23.1 million loan with Bank of America, N.A., secured by its interest in fourteen income properties. The new mortgage loan matures in April 2023, carries a fixed rate of 3.67% per annum, and requires payments of interest only prior to maturity. The net proceeds from the borrowing were used to pay-down a portion of the Company’s outstanding balance on its revolving credit facility.

Notes payable and line of credit consist of the following:


	March 31, 2013
	Total		Due Within One Year
$66 Million Credit Facility	$	18,748,158	$	—
UBS Note Payable		7,300,000		—
BOA Note Payable		23,100,000		—

	$	49,148,158	$	—

Payments applicable to reduction of principal amounts will be required as follows:


Year Ending December 31,	Amount
2013	$	—
2014		—
2015		—
2016		18,748,158
2017 and Thereafter		30,400,000

	$	49,148,158

At March 31, 2013, there was approximately $47.3 million of available borrowing capacity on the existing $66.0 million credit facility, subject to the borrowing base requirements.

For the first three months of 2013, interest expense was $296,668 with $299,169 paid during the period. For the first three months of 2012, interest expense was $150,229 with $115,440 paid during the period. No interest was capitalized during the first three months of 2013 or 2012.

The Company is in compliance with all of its debt covenants as of March 31, 2013 and December 31, 2012.

- 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

Stock-Based Compensation

3 Months Ended

Mar. 31, 2013

Stock-Based Compensation [Abstract]

STOCK-BASED COMPENSATION

NOTE 6. STOCK-BASED COMPENSATION

EQUITY-CLASSIFIED STOCK COMPENSATION

Market Condition Restricted Shares

Under the 2010 Equity Incentive Plan (the “2010 Plan”), the Company granted to certain employees non-vested restricted stock which vest upon the achievement of certain market conditions, including the Company’s total shareholder return as compared to the total shareholder return of a certain peer group during a five-year performance period.

The Company used a Monte Carlo simulation pricing 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 three months ended March 31, 2013, is presented below:


Market Condition Non-Vested Restricted Shares	Shares			Wgt. Avg. Grant Date Fair Value
Outstanding at December 31, 2012		7,900		$	23.13
Granted		—			—
Vested		—			—
Forfeited		(2,833	)		23.13

Outstanding at March 31, 2013		5,067		$	23.13

As of March 31, 2013, there was $61,917 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 2.6 years.

Non-Qualified Stock Option Awards

Pursuant to the Non-Qualified Stock Option Award Agreements between the Company and Mr. Albright and Mr. Patten, Mr. Albright and Mr. Patten were granted options to purchase 50,000 and 10,000 shares of Company common stock, respectively, under the 2010 Plan with an exercise price per share equal to the fair market value on their respective grant dates of August 1, 2011 and April 16, 2012. One-third of the options will vest on each of the first, second, and third anniversaries of their respective grant dates, provided they are an employee of the Company on those dates. In addition, any unvested portion of the options will vest upon a change in control. The options expire on the earliest of: (a) the tenth anniversary of the grant date; (b) twelve months after the employee’s death or termination for disability; or (c) thirty days after the termination of employment for any reason other than death or disability.

On January 23, 2013 the Company granted options to purchase 51,000 shares of the Company’s common stock under the 2010 Plan to certain employees of the Company, including 10,000 shares to Mr. Patten, with an exercise price of $34.95 per share, which was equal to the fair market value at the date of grant. One-third of these options will vest on each of the first, second, and third anniversaries of the grant date, provided the recipient is an employee of the Company on those dates. Any unvested portion of the options will vest upon a change in control. The options expire on the earliest of: (a) the fifth anniversary of the grant date; (b) twelve months after the employee’s death or termination for disability; or (c) thirty days after the termination of employment for any reason other than death or disability.

A summary of the activity for both awards during the three months ended March 31, 2013, is presented below:


	Shares			Wtd. Avg. Ex. Price		Wtd. Avg. Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding at December 31, 2012		60,000		$	28.97
Granted		51,000			34.95
Exercised		(5,000	)		28.90
Expired		—			—


Outstanding at March 31, 2013		106,000		$	31.85		6.71	$	784,150

Exercisable at March 31, 2013		11,667		$	28.90		8.33	$	120,753

The weighted-average grant-date fair value of options granted during the three months ended March 31, 2013 was $6.58. The total intrinsic value of options exercised during the three months ended March 31, 2013 was $44,950. As of March 31, 2013, there was $580,744 of unrecognized compensation related to non-qualified, non-vested stock option awards, which will be recognized over a period of 2.2 years.

Market Condition Inducement Grant of Restricted Shares

“Inducement” grants of 96,000 and 17,000 restricted shares of the Company’s common stock were awarded to Mr. Albright and Mr. Patten on August 1, 2011 and April 16, 2012, respectively. Mr. Albright’s restricted shares were granted outside of the 2010 Plan while Mr. Patten’s restricted shares were awarded under the 2010 Plan. The Company filed a registration statement with the Securities and Exchange Commission on Form S-8 to register the resale of Mr. Albright’s restricted stock award. The restricted shares will vest in six increments based upon the price per share of the Company’s common stock during the term of their employment (or within sixty days after termination of employment by the Company without cause), meeting or exceeding the target trailing sixty-day average closing prices ranging from $36.00 per share for the first increment to $65.00 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.

During the three months ended March 31, 2013, the closing price per share of the Company’s common stock on a sixty-day trading average reached $36.00, and as a result, 16,000 shares and 2,500 shares vested for Mr. Albright and Mr. Patten, respectively.

A summary of the activity for both awards during the three months ended March 31, 2013, is presented below:


	Shares			Wtd. Avg. Fair Value
Outstanding at December 31, 2012		113,000		$	18.40
Granted		—
Vested		(18,500	)		23.89
Forfeited		—			—

Outstanding at March 31, 2013		94,500		$	17.33

As of March 31, 2013, there was $504,155 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 0.8 years.

LIABILITY-CLASSIFIED STOCK COMPENSATION

The Company previously had a stock option plan (the “2001 Plan”) pursuant to which 500,000 shares of the Company’s common stock could be issued. The 2001 Plan expired in 2010, and no new stock options may be issued under the 2001 Plan. Under the 2001 Plan, both stock options and stock appreciation rights were issued in prior years and such issuances were deemed to be liability-classified awards under the Share-Based Payment Topic of FASB ASC.

A summary of share option activity under the 2001 Plan for the three months ended March 31, 2013 is presented below:

Stock Options


	Shares			Wtd. Avg. Ex. Price		Wtd. Avg. Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding at December 31, 2012		80,800		$	52.43
Granted		—			—
Exercised		(2,000	)		20.12
Expired		(13,000	)		67.41

Outstanding at March 31, 2013		65,800		$	50.45		4.12	$	155,894

Exercisable at March 31, 2013		65,800		$	50.45		4.12	$	155,894

In connection with the grant of non-qualified stock options, a stock appreciation right for each share covered by the option was also granted. The stock appreciation right entitles 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 shares at the time of exercise. The total intrinsic value of options exercised during the three months ended March 31, 2013 was $28,544.

Stock Appreciation Rights


	Shares			Wtd. Avg. Fair Value		Wtd. Avg. Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding at December 31, 2012		80,800		$	1.12
Granted		—			—
Exercised		(2,000	)		5.86
Expired		(13,000	)		0.09

Outstanding at March 31, 2013		65,800		$	2.23		4.12	$	83,943

Exercisable at March 31, 2013		65,800		$	2.23		4.12	$	83,943

The total intrinsic value of stock appreciation rights exercised during the three months ended March 31, 2013 was $15,370.

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 of the Company and other factors. 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 2001 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,	March 31, 2013			December 31, 2012
Expected Volatility		25.08	%		24.34	%
Expected Dividends		0.10	%		0.13	%
Expected Term		2 years			3 years
Risk-Free Rate		0.40	%		0.39	%

There were no stock options or stock appreciation rights granted under the 2001 Plan in the three months ended March 31, 2013 or year ended December 31, 2012.

The liability for stock options and stock appreciation rights, valued at fair value, reflected on the consolidated balance sheets at March 31, 2013 and December 31, 2012 was $414,620 and $265,311, respectively. These fair value measurements are based on quoted prices in active markets (Level 1 Inputs).

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


	Three Months Ended
	March 31, 2013			March 31, 2012
Total Cost of Share-Based Plans Charged Against
Income Before Tax Effect	$	444,416		$	250,025

Income Tax Expense
Recognized in Income	$	(171,433	)	$	(96,477	)

- 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 Accounting Standards Codification
-Topic 505
-SubTopic 50
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666

Reference 2: 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

Reference 3: 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 4: 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 5: 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 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 14

Reference 7: 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 8: 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.

+ Details

Accrued Liabilities

3 Months Ended

Mar. 31, 2013

Accrued Liabilities [Abstract]

ACCRUED LIABILITIES

NOTE 7. ACCRUED LIABILITIES

Accrued liabilities consist of the following:


	As of
	March 31, 2013		December 31, 2012
Golf Course Lease	$	3,612,131	$	3,702,194
Deferred Compensation		664,190		828,998
Accrued Property Taxes		205,151		—
Deferred Lease and Other Income		866,255		970,802
Other Post-Retirement Benefits		177,733		186,695
Legal Reserves		—		723,058
Reserve for Tenant Improvement		773,000		—
Other		364,095		560,596

	$	6,662,555	$	6,972,343

In July 2012, the Company entered into an agreement with the City of Daytona Beach, Florida (the “City”) to, among other things, amend the lease payments under its golf course lease (the “Lease Amendment”) whereby the base rent payment, which was scheduled to increase from $250,000 to $500,000 as of September 1, 2012, for the remainder of the lease term and any extensions would remain at $250,000 subject to an annual rate increase of 1.75% beginning September 1, 2013. Under the Lease Amendment, the Company agreed to invest $200,000 prior to September 1, 2015 for certain improvements to the facilities. In addition, pursuant to the Lease Amendment, beginning September 1, 2012, and continuing throughout the initial lease term and any extension option, the Company will pay additional rent to the City equal to 5.0% of gross revenues (as defined in the Lease Amendment) exceeding $5,500,000 and 7.0% of gross revenues (as defined in the Lease Amendment) exceeding $6,500,000. Since the inception of the lease, the Company has been recognizing the rent expense on a straight-line basis resulting in an estimated accrual for deferred rent. Upon the effective date of the amendment to the lease, the Company’s straight-line rent was revised to reflect the lower rent levels through expiration of the lease. As a result, approximately $3.0 million of the rent previously deferred will not be due to the landlord, and will be recognized into income over the remaining lease term, which expires in 2022.

In connection with the acquisition of the two properties leased to Hilton Resorts Corporation on January 31, 2013, the Company was credited $773,000 at closing for certain required tenant improvements. The accrued liability will be relieved upon satisfactory completion of the improvements which were in progress as of March 31, 2013. In connection with the closing of the UBS Note Payable described in Note 5, loan proceeds sufficient to fund the improvements were reserved and are included in restricted cash as of March 31, 2013.

Income Taxes

3 Months Ended

Mar. 31, 2013

Income Taxes [Abstract]

INCOME TAXES

NOTE 8. INCOME TAXES

The effective income tax rate for the three month periods ended March 31, 2013, and 2012, including income taxes attributable to the discontinued operations, was 37.6% and 38.3%, respectively. The provision for income taxes reflects the Company’s estimate of the effective rate expected to be applicable for the full fiscal year, adjusted for any discrete events, which are reported in the period that they occur. The net deferred income tax liability as of March 31, 2013 was impacted primarily by the recognition of approximately $442,653 of previously unrecognized tax benefits. The Company and its subsidiaries file consolidated income tax returns in the United States Federal jurisdiction and in several states. The Internal Revenue Service has audited the Company’s consolidated federal tax returns through the year 2006, with all proposed adjustments settled.

- 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 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 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319

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 5: http://www.xbrl.org/2003/role/presentationRef
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Reference 6: 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 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph h
-Article 4

Reference 8: 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.

+ Details

Commitments and Contingencies

3 Months Ended

Mar. 31, 2013

Commitments and Contingencies [Abstract]

COMMITMENTS AND CONTINGENCIES

NOTE 9. COMMITMENTS AND CONTINGENCIES

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

In September 2010, St. Johns River Water Management District (the “District”) served the Company with an administrative complaint filed with the Florida Division of Administrative Hearings in connection with certain Company agricultural operations. In August 2012 the Company submitted a proposed settlement offer to the District, offering certain undeveloped acreage owned by the Company. The Company accrued a reserve equal to $611,691 in the quarter ended September 30, 2012, reflecting the Company’s carrying value of the acreage offered to settle the matter. In December 2012, the Company and the District executed a settlement agreement (“SJRWMD Agreement”) in which the Company agreed to submit an after-the-fact permit application and increased the undeveloped acreage offered for mitigation in connection with the permit. The Company adjusted the reserve to a total of $723,058 to reflect the increased acreage offered in the SJRWMD Agreement. The SJRWMD Agreement was contingent upon the Company and the District reaching agreement on a management fee and issuance of the permit. The Company submitted its permit application on January 28, 2013. In March 2013 the Company conveyed the acreage contemplated by the SJRWMD Agreement, the District issued the after-the-fact permit and the litigation was settled.

On November 21, 2011, the Company, Indigo Mallard Creek LLC and Indigo Development LLC, as owners of the property leased to Harris Teeter, Inc. (“Harris Teeter”) in Charlotte, North Carolina, were served with pleadings filed in the General Court of Justice, Superior Court Division for Mecklenburg County, North Carolina, for a highway condemnation action involving the property. The proposed road modifications would impact access to the Company’s property that is leased to Harris Teeter. The Company does not believe the road modifications provide a basis for Harris Teeter to terminate the Lease. In May 2012, the North Carolina Department of Transportation (“NCDOT”) indicated that while it had not reached a final decision on its consideration of this matter, the intersection would remain all-access. On November 6, 2012, the Company filed its response to the condemnation pleadings. The trial in this matter has been initially scheduled for the week of September 16, 2013, with mediation to occur prior to July 22, 2013. In January 30, 2013, NCDOT proposed to redesign the road modifications to keep the all access intersection open for ingress with no change to the planned limitation on egress to the right-in/right-out only. Additionally, NCDOT and the City of Charlotte (“Charlotte”) proposed to build and maintain a new access road/point into the property. These proposals are tentative and any proposed action by NCDOT and Charlotte would require NCDOT and Charlotte to obtain additional public funding.

In May 2010, the Company filed a lawsuit in the Circuit Court, Seventh Judicial Circuit, in and for Volusia County, Florida, in order to enforce its approximate $3.8 million claim of lien on real property owned by FM Bayberry Cove Holding, LLC (“FM Bayberry”) for its share of the costs for construction of a road. BB&T was included as a defendant as the current mortgage holder of the property subject to the Company’s lien. BB&T filed a counterclaim asserting that its mortgage is superior to the Company’s claim of lien which the Company denied. BB&T and the Company each filed motions for summary judgment as to the priority of their respective interests in the property which were heard by the court on January 12, 2012. The Circuit Court determined that the Company’s interests were superior to the lien imposed by BB&T and all other interests. The Company subsequently filed a motion for summary judgment of foreclosure, which was granted and the Final Judgment of Foreclosure was entered in August 2012. However, all further proceedings in the Circuit Court (including the foreclosure sale) are stayed pending BB&T’s appeal to the Florida District Court of Appeal, Fifth District regarding the Circuit Court’s determination in the matter of priority. In December 2012, the Company and BB&T attended an appellate court-ordered mediation. The mediation was terminated on or about January 10, 2013, when the parties were unable to reach agreement. This matter is continuing in the appeal at this time with BB&T’s initial brief due to be filed on or about May 1, 2013. As of March 31, 2013, the amount of the judgment plus interest is in excess of $4.4 million.

- Definition

The entire disclosure for commitments and contingencies.

+ References

Reference 1: 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

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
-Publisher FASB
-Name Accounting Standards Codification
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-Subparagraph (SX 210.5-02.25)
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6394976&loc=d3e25287-109308

Reference 6: 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 7: 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.

+ Details

Treasury Stock

3 Months Ended

Mar. 31, 2013

Treasury Stock [Abstract]

TREASURY STOCK

NOTE 10. TREASURY STOCK

On April 26, 2012, the Company announced a voluntary Odd-Lot Buy-Back Program (the “Program”), whereby the Company offered to purchase shares from shareholders who owned less than 100 shares of the Company’s common stock as of April 26, 2012, for $31.00 per share. The Program reflected the Company’s interest in reducing the ongoing costs associated with shareholder recordkeeping and communications and to assist shareholders who may be deterred from selling their small lots of stock due to the costs that would be incurred. The Company paid all costs associated with the Program and purchased 14,634 shares under the Program at a total cost of $453,654. The Program expired June 30, 2012. The Company did not provide any recommendation regarding shareholder participation and the decision was entirely that of each shareholder as to whether to sell shares in this Program.

Business Segment Data

3 Months Ended

Mar. 31, 2013

Business Segment Data [Abstract]

BUSINESS SEGMENT DATA

NOTE 11. BUSINESS SEGMENT DATA

The Company primarily operates in three business segments: income properties, real estate operations, and golf operations. Our income property operations consist primarily of income producing properties and our business plan is focused on investing in additional income producing properties. Our income property operations accounted for 73.4% and 70.8% of our identifiable assets and 62.4% and 47.3% of our consolidated revenues as of and for the three months ended March 31, 2013 and year ended December 31, 2012, respectively. Our real estate operations primarily consist of revenues generated from land transactions and leasing and royalty income from our interests in subsurface oil, gas and mineral rights. Our golf operations consist of a single property located in the City, with two 18-hole championship golf courses, a practice facility, and clubhouse facilities, including a restaurant and bar operation. The majority of the revenues generated by the golf operation are derived from members and public customers playing golf, club memberships, and food and beverage operations.

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 the different segments for the three months ended March 31, 2013 and 2012 is as follows:


	Three Months Ended
	March 31, 2013			March 31, 2012
Revenues:
Income Properties	$	3,154,668		$	2,190,511
Real Estate Operations		338,348			1,065,667
Golf Operations		1,464,685			1,329,579
Other Income		97,677			42,668

	$	5,055,378		$	4,628,425

Operating Income:
Income Properties	$	2,925,159		$	2,046,107
Real Estate Operations		216,870			900,849
Golf Operations		57,056			(131,648	)
Other Income		66,308			(28,890	)
General and Corporate Expense		(2,526,080	)		(1,876,056	)

	$	739,313		$	910,362

Depreciation and Amortization:
Income Properties	$	672,290		$	460,551
Real Estate Operations		173			173
Golf Operations		49,675			43,763
Other		50,378			32,921

	$	772,516		$	537,408


Capital Expenditures:
Income Properties	$	27,806,176		$	—
Real Estate Operations		—			—
Golf Operations		66,123			—
Other		21,179			9,484

	$	27,893,478		$	9,484


	As of
	March 31, 2013		December 31, 2012
Identifiable Assets:
Income Properties	$	151,042,040	$	130,726,326
Real Estate		33,402,814		34,161,944
Golf		3,232,200		3,230,225
Other		18,122,023		16,578,405

	$	205,799,077	$	184,696,900

Operating income represents income from continuing operations before loss on early extinguishment of debt, interest expense, interest income, and income taxes. General and corporate expenses are an aggregate of general and administrative expenses, impairment charges, depreciation and amortization expense, and gains (losses) on the disposition of assets. Identifiable assets by segment are those assets that are used in the Company’s operations in each segment. Other assets consist primarily of cash, property, plant, and equipment related to the other operations as well as the general and corporate operations. There were no transactions between segments for any of the periods presented. Certain items in the prior years’ consolidated statement of operations have been reclassified to conform to the presentation of the consolidated statements of operations for the three months ended March 31, 2013 and year ended December 31, 2012. Specifically, the depreciation and amortization expense and interest expense have been segregated into separate line times, whereas previously, these amounts were included in direct cost of revenues and general and administrative expenses, respectively. These reclassifications had no effect on the prior year presentation of income from continuing operations before income tax.

- 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 Accounting Standards Codification
-Topic 280
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-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.

+ Details

Recently Issued Accounting Policies

3 Months Ended

Mar. 31, 2013

Recently Issued Accounting Policies [Abstract]

RECENTLY ISSUED ACCOUNTING POLICIES

NOTE 12. RECENTLY ISSUED ACCOUNTING POLICIES

On January 1, 2012, the Company adopted Financial Accounting Standards Board (“FASB”) changes related to fair value measurement and disclosure. The changes are the result of convergence with International Financial Reporting Standards and clarify certain fair value measurement concepts and expand on existing disclosure requirements on Level 3 fair value measurements. The adoption of these changes did not have a material impact on the Company’s consolidated financial statements.

On January 1, 2012, the Company adopted FASB changes related to the presentation of comprehensive income. The changes remove certain presentation options and require entities to report components of comprehensive income in either a continuous statement of comprehensive income or two separate but consecutive statements. There were no changes to the items that are reported in other comprehensive income. In December 2011, the FASB indefinitely deferred a requirement dealing with the presentation of reclassification adjustments out of accumulated other comprehensive income. Other than the sequencing of financial statements, the adoption of these changes did not have an impact on the Company’s consolidated financial statements.

On January 1, 2013 the Company adopted FASB changes related to offsetting assets and liabilities. The changes require additional disclosure information regarding offsetting assets and liabilities to enable users of financial statements to understand the effect on financial position. The adoption of these changes did not have a material impact on the Company’s consolidated financial statements.

On January 1, 2013, the Company adopted FASB ASU 2013-2, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. This guidance requires an organization to present the effects on the line items of net income of significant amounts reclassified out of accumulated other comprehensive income, but only if the item reclassified is required under U.S. generally accepted accounting principles to be reclassified to net income in its entirety in the same reporting period. The adoption of these changes did not have a material impact on the Company’s consolidated financial statements.

- Definition

The entire disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Direct Effects of a Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6510796

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6507316

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6801783&loc=d3e22583-107794

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Indirect Effects of a Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6515603

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.10-01.(b)(6))
-URI http://asc.fasb.org/extlink&oid=6958853&loc=d3e46468-122699

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6801783&loc=d3e22580-107794

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Accounting Change
-URI http://asc.fasb.org/extlink&oid=6503790

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6801783&loc=d3e22499-107794

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Retrospective Application
-URI http://asc.fasb.org/extlink&oid=6523989

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e725-108305

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e765-108305

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 01
-Paragraph b
-Subparagraph 6
-Article 10

+ Details

Recent Acquisitions of Income Properties

3 Months Ended

Mar. 31, 2013

Recent Acquisitions of Income Properties [Abstract]

RECENT ACQUISITIONS OF INCOME PROPERTIES

NOTE 13. RECENT ACQUISITIONS OF INCOME PROPERTIES

During the three months ended March 31, 2013, the Company acquired seven income properties at a total acquisition cost of approximately $27.8 million. Of the total acquisition cost, approximately $9.4 million was allocated to land, approximately $16.2 million was allocated to buildings and improvements, and approximately $2.2 million was allocated to intangible assets pertaining to the in-place lease value. The weighted average amortization period for the $2.2 million allocated to intangible assets is approximately 10.1 years.

- Definition

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=7659399&loc=d3e1497-128463

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 805
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Reference 12: http://www.xbrl.org/2003/role/presentationRef
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-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=7659399&loc=d3e1383-128463

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 88-16
-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 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph F4
-Subparagraph e
-Appendix F

Reference 18: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141
-Paragraph 51, 52
-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 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 67-73
-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

Description of business and Principles of Interim Statements (Policies)	3 Months Ended
	Mar. 31, 2013
Description of Business and Principles of Interim Statements [Abstract]
Description of Business	*Description of Business* The terms “us,” “we,” “our,” and “the Company” as used in this report refer to Consolidated-Tomoka Land Co. (“CTLC”) together with our consolidated subsidiaries. We are a diversified real estate operating company. We own and manage commercial real estate properties in seven states in the U.S., and two self-developed properties located in Florida. As of March 31, 2013, we own 36 single-tenant income producing properties, in seven states, with more than 790,000 square feet of gross leasable space. We also own and manage a land portfolio of over 10,000 acres in Florida, a majority of which is located within and forms a substantial portion of the western boundary of the City of Daytona Beach. Our land is well located along both sides of Interstate 95 and near central Florida’s Interstate 4 corridor. We also have a golf course operation, which consists of the LPGA International golf club, lease property for billboards, have agricultural operations, which are managed by a third party and consist of leasing land for hay production, timber harvesting, and hunting leases, and own and manage subsurface oil, gas, and mineral interests. The results of our agricultural and subsurface leasing operations are included in Other Income and Real Estate Operations on our consolidated statement of operations, respectively. More than 50% of the Company’s income property portfolio and all of the land, golf operations, agriculture operations, and subsurface interests are in the State of Florida.
Interim Financial Information	*Interim Financial Information* The accompanying unaudited consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. These unaudited consolidated financial statements do not include all of the information and notes required by accounting principles in the United States of America for complete financial statements and should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2012, which provides a more complete understanding of the Company’s accounting policies, financial position, operating results, business properties and other matters. The unaudited consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary to present fairly the financial position of the Company and the results of operations for the interim periods. Certain items in the prior year’s consolidated statement of operations have been reclassified to conform to the presentation of statements of operations for the three months ended March 31, 2013. Specifically, the amounts of depreciation and amortization expense, and interest expense have been segregated into separate line items whereas previously these amounts were included in direct cost of revenues and general and administrative expense, respectively. These reclassifications had no effect on the current year and prior year presentation of income (loss) from continuing operations before taxes. The results of operations for the first three months ended March 31, 2013 are not necessarily indicative of results to be expected for the year ending December 31, 2013.
Principles of Consolidation	*Principles of Consolidation* The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. Any real estate entities or properties included in the consolidated financial statements have been consolidated only for the periods that such entities or properties were owned or under control by us. All significant inter-company balances and transactions have been eliminated in the consolidated financial statements.
Use of Estimates in Preparation of Financial Statements	*Use of Estimates in 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 the real estate and financial markets.
Fair Value of Financial Instruments	*Fair Value of Financial Instruments* The largest carrying amounts of the Company’s financial assets and liabilities, including cash and cash equivalents, restricted cash, accounts receivable, and accounts payable at March 31, 2013 and December 31, 2012, approximate fair value because of the short maturity of these instruments. The carrying amount of the Company’s notes payable approximates fair value at March 31, 2013 and December 31, 2012, since the notes are at floating rates or fixed rates, which approximate current market rates for notes with similar risks and maturities.
Intangible Assets	*Intangible Assets* As of March 31, 2013, the in-place lease value totaled $6,369,095, net of accumulated amortization of $2,934,139. At December 31, 2012 the in-place lease value totaled $4,527,426, net of accumulated amortization of $3,443,102. Amortization expense for the three months ended March 31, 2013 and 2012 was $167,509 and $97,407, respectively.
Fair value measurement and disclosure	On January 1, 2012, the Company adopted Financial Accounting Standards Board (“FASB”) changes related to fair value measurement and disclosure. The changes are the result of convergence with International Financial Reporting Standards and clarify certain fair value measurement concepts and expand on existing disclosure requirements on Level 3 fair value measurements. The adoption of these changes did not have a material impact on the Company’s consolidated financial statements.
Presentation of comprehensive income	On January 1, 2012, the Company adopted FASB changes related to the presentation of comprehensive income. The changes remove certain presentation options and require entities to report components of comprehensive income in either a continuous statement of comprehensive income or two separate but consecutive statements. There were no changes to the items that are reported in other comprehensive income. In December 2011, the FASB indefinitely deferred a requirement dealing with the presentation of reclassification adjustments out of accumulated other comprehensive income. Other than the sequencing of financial statements, the adoption of these changes did not have an impact on the Company’s consolidated financial statements.
Offsetting financial assets and financial liabilities	On January 1, 2013 the Company adopted FASB changes related to offsetting assets and liabilities. The changes require additional disclosure information regarding offsetting assets and liabilities to enable users of financial statements to understand the effect on financial position. The adoption of these changes did not have a material impact on the Company’s consolidated financial statements.
Reporting of amounts reclassified out of accumulated other comprehensive income	On January 1, 2013, the Company adopted FASB ASU 2013-2, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. This guidance requires an organization to present the effects on the line items of net income of significant amounts reclassified out of accumulated other comprehensive income, but only if the item reclassified is required under U.S. generally accepted accounting principles to be reclassified to net income in its entirety in the same reporting period. The adoption of these changes did not have a material impact on the Company’s consolidated financial statements.

Discontinued Operations (Tables)

3 Months Ended

Mar. 31, 2013

Discontinued Operations [Abstract]

Summary of income from discontinued operations

Following is a summary of income from discontinued operations for the periods:


	Three Months Ended
	March 31, 2013			March 31, 2012
Leasing Revenue and Other Income	$	75,377		$	307,300
Costs and Other Expenses		(5,530	)		(20,363	)

Income from Operations		69,847			286,937
Gain on Sale of Property		27,812			—

Income before Income Tax Expense		97,659			286,937
Income Tax Expense		(37,672	)		(110,686	)

Income from Discontinued Operations	$	59,987		$	176,251

- Definition

Tabular disclosure of disposal groups, which may include 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 classification and carrying value of the assets and liabilities comprising the disposal group, and the segment in which the disposal group was reported. Also may include the amount of adjustments to amounts previously reported in discontinued operations such as resolution of contingencies arising from the disposal transaction or the operations of the component prior to disposal.

+ References + Details

Common Stock and Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2013

Common Stock and Earnings Per Share [Abstract]

Summary of common stock and earnings per share


	Three Months Ended
	March 31, 2013		March 31, 2012
Income Available to Common Shareholders:
Income from Continuing Operations	$	277,058	$	318,150
Discontinued Operations		59,987		176,251

Net Income	$	337,045	$	494,401

Weighted Average Shares Outstanding		5,717,139		5,725,086
Common Shares Applicable to Stock
Options Using the Treasury Stock Method		—		—

Total Shares Applicable to Diluted Earnings Per Share		5,717,139		5,725,086

Basic and Diluted Per Share Information:

Income from Continuing Operations	$	0.05	$	0.06
Discontinued Operations		0.01		0.03

Net Income	$	0.06	$	0.09

Notes Payable and Line of Credit (Tables)

3 Months Ended

Mar. 31, 2013

Notes Payable and Line of Credit [Abstract]

Summary of notes payable and line of credit

Notes payable and line of credit consist of the following:


	March 31, 2013
	Total		Due Within One Year
$66 Million Credit Facility	$	18,748,158	$	—
UBS Note Payable		7,300,000		—
BOA Note Payable		23,100,000		—

	$	49,148,158	$	—

Summary of payments applicable to reduction of principal amounts

Payments applicable to reduction of principal amounts will be required as follows:


Year Ending December 31,	Amount
2013	$	—
2014		—
2015		—
2016		18,748,158
2017 and Thereafter		30,400,000

	$	49,148,158

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823

Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 4: 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.(e),(f))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

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-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6584090&loc=d3e28878-108400

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-Publisher FASB
-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 835
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-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28541-108399

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-Name Accounting Standards Codification
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-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

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-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 22
-Article 5

+ Details

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2013

Stock-Based Compensation [Abstract]

Summary of stock based compensation activity

A summary of activity during the three months ended March 31, 2013, is presented below:


Market Condition Non-Vested Restricted Shares	Shares			Wgt. Avg. Grant Date Fair Value
Outstanding at December 31, 2012		7,900		$	23.13
Granted		—			—
Vested		—			—
Forfeited		(2,833	)		23.13

Outstanding at March 31, 2013		5,067		$	23.13

Summary of stock based compensation activity for non-qualified stock option award

A summary of the activity for both awards during the three months ended March 31, 2013, is presented below:


	Shares			Wtd. Avg. Ex. Price		Wtd. Avg. Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding at December 31, 2012		60,000		$	28.97
Granted		51,000			34.95
Exercised		(5,000	)		28.90
Expired		—			—


Outstanding at March 31, 2013		106,000		$	31.85		6.71	$	784,150

Exercisable at March 31, 2013		11,667		$	28.90		8.33	$	120,753

Summary of market condition inducement grant of restricted shares

A summary of the activity for both awards during the three months ended March 31, 2013, is presented below:


	Shares			Wtd. Avg. Fair Value
Outstanding at December 31, 2012		113,000		$	18.40
Granted		—
Vested		(18,500	)		23.89
Forfeited		—			—

Outstanding at March 31, 2013		94,500		$	17.33

Summary of share option activity of stock option and stock appreciation rights under 2001 Plan

A summary of share option activity under the 2001 Plan for the three months ended March 31, 2013 is presented below:

Stock Options


	Shares			Wtd. Avg. Ex. Price		Wtd. Avg. Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding at December 31, 2012		80,800		$	52.43
Granted		—			—
Exercised		(2,000	)		20.12
Expired		(13,000	)		67.41

Outstanding at March 31, 2013		65,800		$	50.45		4.12	$	155,894

Exercisable at March 31, 2013		65,800		$	50.45		4.12	$	155,894

Stock Appreciation Rights


	Shares			Wtd. Avg. Fair Value		Wtd. Avg. Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding at December 31, 2012		80,800		$	1.12
Granted		—			—
Exercised		(2,000	)		5.86
Expired		(13,000	)		0.09

Outstanding at March 31, 2013		65,800		$	2.23		4.12	$	83,943

Exercisable at March 31, 2013		65,800		$	2.23		4.12	$	83,943

Assumptions used in determining the fair value of stock options and stock appreciation rights

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


Assumptions at,	March 31, 2013			December 31, 2012
Expected Volatility		25.08	%		24.34	%
Expected Dividends		0.10	%		0.13	%
Expected Term		2 years			3 years
Risk-Free Rate		0.40	%		0.39	%

Recognized financial statements for stock options, stock appreciation rights, and restricted stock

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


	Three Months Ended
	March 31, 2013			March 31, 2012
Total Cost of Share-Based Plans Charged Against
Income Before Tax Effect	$	444,416		$	250,025

Income Tax Expense
Recognized in Income	$	(171,433	)	$	(96,477	)

Accrued Liabilities (Tables)

3 Months Ended

Mar. 31, 2013

Accrued Liabilities [Abstract]

Summary of accrued liabilities

Accrued liabilities consist of the following:


	As of
	March 31, 2013		December 31, 2012
Golf Course Lease	$	3,612,131	$	3,702,194
Deferred Compensation		664,190		828,998
Accrued Property Taxes		205,151		—
Deferred Lease and Other Income		866,255		970,802
Other Post-Retirement Benefits		177,733		186,695
Legal Reserves		—		723,058
Reserve for Tenant Improvement		773,000		—
Other		364,095		560,596

	$	6,662,555	$	6,972,343

Business Segment Data (Tables)

3 Months Ended

Mar. 31, 2013

Business Segment Data [Abstract]

Summary of operations in different segments

Information about the Company’s operations in the different segments for the three months ended March 31, 2013 and 2012 is as follows:


	Three Months Ended
	March 31, 2013			March 31, 2012
Revenues:
Income Properties	$	3,154,668		$	2,190,511
Real Estate Operations		338,348			1,065,667
Golf Operations		1,464,685			1,329,579
Other Income		97,677			42,668

	$	5,055,378		$	4,628,425

Operating Income:
Income Properties	$	2,925,159		$	2,046,107
Real Estate Operations		216,870			900,849
Golf Operations		57,056			(131,648	)
Other Income		66,308			(28,890	)
General and Corporate Expense		(2,526,080	)		(1,876,056	)

	$	739,313		$	910,362

Depreciation and Amortization:
Income Properties	$	672,290		$	460,551
Real Estate Operations		173			173
Golf Operations		49,675			43,763
Other		50,378			32,921

	$	772,516		$	537,408


Capital Expenditures:
Income Properties	$	27,806,176		$	—
Real Estate Operations		—			—
Golf Operations		66,123			—
Other		21,179			9,484

	$	27,893,478		$	9,484


	As of
	March 31, 2013		December 31, 2012
Identifiable Assets:
Income Properties	$	151,042,040	$	130,726,326
Real Estate		33,402,814		34,161,944
Golf		3,232,200		3,230,225
Other		18,122,023		16,578,405

	$	205,799,077	$	184,696,900

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References + Details

Description of business and Principles of Interim Statements (Details Textual)	3 Months Ended
	Mar. 31, 2013 USD ($) a State Property ft²	Mar. 31, 2012 USD ($)	Dec. 31, 2012 USD ($)
Description of Business and Principles of Interim Statements (Textual) [Abstract]
Commercial real estate properties \| State	7
Self developed properties \| Property	2
Number of states in which entity operates \| Property	36
Gross leasable space \| ft²	790,000
Land portfolio \| a	10,000
Income property portfolio description	More than 50%
Income property portfolio, interest rate	50.00%
Intangible asset, in place lease value net	$ 6,369,095		$ 4,527,426
Amortization expense	2,934,139		$ 3,443,102
Amortization expense	$ 167,509	$ 97,407

Discontinued Operations (Details) - USD ($)	3 Months Ended
Discontinued Operations (Details) - USD ($)	Mar. 31, 2013	Jun. 30, 2012	Mar. 31, 2012
Summary of income from discontinued operations
Leasing Revenue and Other Income	$ 75,377		$ 307,300
Costs and Other Expenses	(5,530)		(20,363)
Income from Operations	69,847		286,937
Gain on Sale of Property	27,812	$ 78,455
Income before Income Tax Expense	97,659		286,937
Income Tax Expense	(37,672)		(110,686)
Income from Discontinued Operations	$ 59,987		$ 176,251

- Definition

Overall income (loss) from a disposal group that is classified as a component of the entity, before income tax, reported as a separate component of income before extraordinary items. Includes the following (before income tax): income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal.

+ References + Details

- Definition

Tax effect allocated to a disposal group that is classified as a component of the entity reported as a separate component of income before extraordinary items. Includes the tax effects of the following: income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (b),(c)
-URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32672-109319

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 20
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=18498875&loc=d3e38679-109324

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e957-107759

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 144
-Paragraph 47
-Subparagraph c
-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 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 46
-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 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 144
-Paragraph 43
-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

Amount of income (loss) from a disposal group, net of income tax before extraordinary items allocable to noncontrolling interests. Includes, net of tax, income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.12)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.14)
-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e957-107759

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph 13
-Article 7

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 29
-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 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 144
-Paragraph 43
-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 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 144
-Paragraph 47
-Subparagraph c
-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 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 15
-Article 5

+ Details

Discontinued Operations (Details Textual)	1 Months Ended			3 Months Ended
Discontinued Operations (Details Textual)	Feb. 28, 2013 USD ($)	Feb. 14, 2013 USD ($) ft² Property	May 31, 2012 USD ($)	Mar. 31, 2013 USD ($)	Dec. 31, 2012 Property	Jun. 30, 2012 USD ($) Property	Mar. 31, 2012 USD ($)	Mar. 08, 2013 Property	Feb. 21, 2013 ft²
Discontinued Operations (Textual) [Abstract]
Real Estate Operations				$ 338,348			$ 1,065,667
Discontinued Operations (Additional Textual) [Abstract]
Number of income properties \| Property		2			1			14
Possible period during sales transaction					1 year
Gain/loss from Disposal of Property Discontinued Operation Before Income Tax				$ 27,812		$ 78,455
Loss from Disposal of Property Discontinued Operation Before Income Tax		$ 426,794
Number of Investment Properties \| Property						2
Area of Discontinued Operations Sold Property Under Lease \| ft²		4,128							13,824
Selling price of disposition of assets	$ 4,050,000	$ 3,550,000
North Carolina [Member]
Discontinued Operations (Textual) [Abstract]
Real Estate Operations			$ 3,925,000
Powder Springs [Member]
Discontinued Operations (Textual) [Abstract]
Real Estate Operations			$ 4,090,000

Common Stock and Earnings Per Share (Details) - USD ($)	3 Months Ended
Common Stock and Earnings Per Share (Details) - USD ($)	Mar. 31, 2013	Mar. 31, 2012
Income Available to Common Shareholders:
Income from Continuing Operations	$ 277,058	$ 318,150
Discontinued Operations	59,987	176,251
Net Income	$ 337,045	$ 494,401
Weighted Average Shares Outstanding	5,717,139	5,725,086
Common Shares Applicable to Stock
Options Using the Treasury Stock Method
Total Shares Applicable to Diluted Earnings Per Share	5,717,139	5,725,086
Basic and Diluted Per Share Information:
Income from Continuing Operations	$ 0.05	$ 0.06
Discontinued Operations	0.01	0.03
Net Income	$ 0.06	$ 0.09

Common Stock and Earnings Per Share (Details Textual) - shares	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Common Stock and Earnings Per Share (Textual) [Abstract]
Antidilutive potentially securities	32,480	139,151

- Definition

Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Antidilution
-URI http://asc.fasb.org/extlink&oid=6505113

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Diluted Earnings Per Share
-URI http://asc.fasb.org/extlink&oid=6510752

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Contingent Stock Agreement
-URI http://asc.fasb.org/extlink&oid=6508534

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 40
-Subparagraph c
-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 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 13, 14
-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 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 07-4
-Paragraph 4
-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 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 171
-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

Pension Plan (Details Textual)	3 Months Ended
Pension Plan (Details Textual)	Mar. 31, 2013 USD ($) Age	Mar. 31, 2012 USD ($)
Pension Plan (Additional Textual) [Abstract]
Defined benefit plan, General Information	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.
Pension benefits average compensation highest consecutive years	5 years
Pension benefits average compensation highest consecutive final years of employment	10 years
Total contribution to defined benefit plan \| $	$ 0	$ 84,600
Minimum [Member]
Pension Plan (Textual) [Abstract]
Defined benefit plan, eligibility age criteria \| Age	21
Defined benefit plan eligibility year of service rendered	1 year

- Definition

General information regarding defined benefit plans. A defined benefit pension plan is a plan that defines an amount of pension benefit to be provided, usually as a function of one or more factors such as age, years of service, or compensation. An other postretirement defined benefit plan is an arrangement that is mutually understood by an employer and its employees, whereby an employer undertakes to provide its employees with benefits other than pensions, after they retire in exchange for their services over a specified period of time, upon attaining a specified age while in service, or a combination of both. Any plan that is not a defined contribution plan is a defined benefit plan. General descriptive information about the employer's defined benefit plans, including employee groups covered, type of benefit formula, type of benefits, cost sharing arrangements, funding policy, types of assets held, and significant nonbenefit liabilities, if any. Also includes information pertaining to multiple employer plans, which are accounted for as single-employer plans.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=21915506&loc=d3e1928-114920

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 60
-Glossary Defined Benefit Postretirement Plan
-URI http://asc.fasb.org/extlink&oid=6749240

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 30
-Glossary Defined Benefit Pension Plan
-URI http://asc.fasb.org/extlink&oid=6510300

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 87
-Paragraph 264
-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 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 158
-Paragraph 7
-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 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-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 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 106
-Paragraph 518
-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

Notes Payable and Line of Credit (Details) - USD ($)	Mar. 31, 2013	Dec. 31, 2012
Summary of notes payable and line of credit
Notes Payable and Line of Credit	$ 49,148,158	$ 29,126,849
Notes Payable and Line of Credit Due Within One Year
$66 Million Credit Facility [Member]
Summary of notes payable and line of credit
Notes Payable and Line of Credit	18,748,158
Notes Payable and Line of Credit Due Within One Year
UBS Note Payable [Member]
Summary of notes payable and line of credit
Notes Payable and Line of Credit	7,300,000
Notes Payable and Line of Credit Due Within One Year
BOA Note Payable [Member]
Summary of notes payable and line of credit
Notes Payable and Line of Credit	23,100,000
Notes Payable and Line of Credit Due Within One Year

Notes Payable and Line of Credit (Details 1) - USD ($)	Mar. 31, 2013	Dec. 31, 2012
Summary of payments applicable to reduction of principal amounts
2013
2014
2015
2016	18,748,158
2017 and Thereafter	30,400,000
Notes Payable	$ 49,148,158	$ 29,126,849

Notes Payable and Line of Credit (Details Textual)	1 Months Ended			3 Months Ended
Notes Payable and Line of Credit (Details Textual)	Mar. 31, 2013 USD ($)	Feb. 28, 2013 USD ($)	Sep. 30, 2012 USD ($)	Mar. 31, 2013 USD ($)	Mar. 31, 2012 USD ($)	Mar. 29, 2013 USD ($)	Mar. 08, 2013 Property	Feb. 14, 2013 Property	Dec. 31, 2012 Property	Feb. 27, 2012 USD ($)
Notes Payable (Additional Textual) [Abstract]
Expiring date of Line of Credit				Mar. 31, 2016
Deferred loan costs write off					$ 245,726
Loan closed	$ 23,100,000	$ 7,300,000
Number of income properties \| Property							14	2	1
Maturity Period	2023-04	2018-02
Interest rate on mortgage loan	3.67%	3.655%
Notes Payable (Textual) [Abstract]
Initial disbursement of credit facility	$ 9,700,000			$ 9,700,000
Capacity available on existing credit facility		$ 66,000,000	$ 62,000,000
Credit facility capacity available	47,300,000			47,300,000
Interest expense				296,668	150,229
Interest Paid				229,169	115,440
Interest capitalized				$ 0	0
Note Payable to Banks [Member]
Notes Payable (Additional Textual) [Abstract]
Long Term Debt LIBOR Plus interest rate, Reckoning Period				30 days
Line of Credit Amended [Member]
Notes Payable (Additional Textual) [Abstract]
Line of credit facility maximum borrowing capacity	66,000,000			$ 66,000,000
Line of Credit New [Member]
Notes Payable (Additional Textual) [Abstract]
Revolving credit facility										$ 46,000,000
Line of Credit New [Member] \| Minimum [Member]
Notes Payable (Additional Textual) [Abstract]
Interest rate Description				LIBOR plus 175 basis points
LIBOR plus interest rate										1.75%
Line of Credit New [Member] \| Maximum [Member]
Notes Payable (Additional Textual) [Abstract]
Interest rate Description				LIBOR plus 250 basis points
LIBOR plus interest rate										2.50%
Sun Trust Bank [Member]
Notes Payable (Additional Textual) [Abstract]
Revolving credit facility	25,000,000			$ 25,000,000
Expiring date of Line of Credit				Feb. 27, 2015
Revolving credit facility expiration date				Jun. 27, 2014
Term loan	$ 5,600,000			$ 5,600,000
Term loan maturity date				Jul. 01, 2012
Deferred loan costs write off					$ 245,726
Line of Credit Facility Second Amended [Member]
Notes Payable (Additional Textual) [Abstract]
Line of credit facility maximum borrowing capacity						$ 125,000,000
Debt instrument decrease in variable interest rate						0.25%
Line of Credit Facility Second Amended [Member] \| Minimum [Member]
Notes Payable (Additional Textual) [Abstract]
Line of credit facility interest rate description				LIBOR plus 150 basis points
Line Of Credit Facility LIBOR Plus interest rate Percentage						1.50%
Line of Credit Facility Second Amended [Member] \| Maximum [Member]
Notes Payable (Additional Textual) [Abstract]
Line of credit facility interest rate description				LIBOR plus 225 basis points
Line Of Credit Facility LIBOR Plus interest rate Percentage						2.25%

Stock-Based Compensation (Details)	3 Months Ended
Stock-Based Compensation (Details)	Mar. 31, 2013 $ / shares shares
Summary of stock based compensation activity
Stock based compensation, Shares Outstanding, beginning balance \| shares	7,900
Stock based compensation, Weighted Average Shares, beginning balance \| $ / shares	$ 23.13
Stock based compensation, Shares, Granted \| shares
Stock based compensation, Weighted Average Shares, Granted \| $ / shares
Stock based compensation, Shares Vested \| shares
Stock based compensation, Weighted Average Shares Vested \| $ / shares
Stock based compensation, Forfeited \| shares	(2,833)
Stock based compensation, Weighted Average Shares, Forfeited \| $ / shares	$ 23.13
Stock based compensation, Shares Outstanding, ending balance \| shares	5,067
Stock based compensation, Weighted Average Shares, ending balance \| $ / shares	$ 23.13

Stock-Based Compensation (Details 1)	3 Months Ended
Stock-Based Compensation (Details 1)	Mar. 31, 2013 USD ($) $ / shares shares
Summary of stock based compensation activity for non-qualified stock option award
Stock based compensation, Shares, Granted \| shares
Stock based compensation, Weighted Average Shares, beginning balance	$ 23.13
Stock based compensation, Weighted Average Shares, Granted
Stock based compensation, Weighted Average Shares, Exercised	23.13
Stock based compensation, Weighted Average Shares, ending balance	$ 23.13
Non Qualified Stock Option Award [Member]
Summary of stock based compensation activity for non-qualified stock option award
Stock based compensation, Shares Outstanding, beginning balance \| shares	60,000
Stock based compensation, Shares, Granted \| shares	51,000
Stock based compensation, Shares Exercised \| shares	(5,000)
Stock-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period \| shares
Stock based compensation, Shares Outstanding, ending balance \| shares	106,000
Stock based compensation, Shares, Exercisable \| shares	11,667
Stock based compensation, Weighted Average Shares, beginning balance	$ 28.97
Stock based compensation, Weighted Average Shares, Granted	34.95
Stock based compensation, Weighted Average Shares, Exercised	28.90
Stock based compensation, Weighted Average Shares, shares expired
Stock based compensation, Weighted Average Shares, ending balance	31.85
Stock based compensation, Weighted Average Shares, Exercisable	$ 28.90
Stock based compensation, Weighted Average Remaining Contractual Term	6 years 8 months 16 days
Stock based compensation, Weighted Average Remaining Contractual Term, Exercisable	8 years 3 months 29 days
Stock based compensation, Aggregate Intrinsic Value, ending balance \| $	$ 784,150
Stock based compensation, Aggregate Intrinsic Value, Exercisable \| $	$ 120,753

Stock-Based Compensation (Details 2)	3 Months Ended
Stock-Based Compensation (Details 2)	Mar. 31, 2013 $ / shares shares
Summary of market condition inducement grant of restricted shares
Stock based compensation, Shares Outstanding, beginning balance	7,900
Stock based compensation, Shares Vested
Stock based compensation, Forfeited	(2,833)
Stock based compensation, Shares Outstanding, ending balance	5,067
Restricted Shares [Member]
Summary of market condition inducement grant of restricted shares
Stock based compensation, Shares Outstanding, beginning balance	113,000
Stock based compensation, Shares, Granted
Stock based compensation, Shares Vested	(18,500)
Stock based compensation, Forfeited
Stock based compensation, Shares Outstanding, ending balance	94,500
Stock based compensation, Weighted Average Shares, beginning balance \| $ / shares	$ 18.40
Stock based compensation, Weighted Average Shares Granted \| $ / shares
Stock based compensation, Weighted Average Shares Vested \| $ / shares	23.89
Stock based compensation, Weighted Average Shares Forfeited \| $ / shares
Stock based compensation, Weighted Average Shares, ending balance \| $ / shares	$ 17.33

Stock-Based Compensation (Details 3) - USD ($)	3 Months Ended	12 Months Ended
Stock-Based Compensation (Details 3) - USD ($)	Mar. 31, 2013	Dec. 31, 2012
Summary of share option activity of stock option and stock appreciation rights under 2001 Plan
Stock based compensation, Shares, Granted
Stock based compensation, Weighted Average Shares, beginning balance	$ 23.13
Stock based compensation, Weighted Average Shares, Granted
Stock based compensation, Weighted Average Shares, Exercised	23.13
Stock based compensation, Weighted Average Shares, ending balance	$ 23.13	$ 23.13
2001 Plan [Member] \| Stock Options [Member]
Summary of share option activity of stock option and stock appreciation rights under 2001 Plan
Stock based compensation, Shares Outstanding, beginning balance	80,800
Stock based compensation, Shares, Granted
Stock based compensation, Shares Exercised	(2,000)
Stock based compensation, Shares, Expired	(13,000)
Stock based compensation, Shares Outstanding, ending balance	65,800	80,800
Stock based compensation, Shares, Exercisable	65,800
Stock based compensation, Weighted Average Shares, beginning balance	$ 52.43
Stock based compensation, Weighted Average Shares, Granted
Stock based compensation, Weighted Average Shares, Exercised	20.12
Stock based compensation, Weighted Average Shares, shares expired	67.41
Stock based compensation, Weighted Average Shares, ending balance	50.45	$ 52.43
Stock based compensation, Weighted Average Shares, Exercisable	$ 50.45
Stock based compensation, Weighted Average Remaining Contractual Term	4 years 1 month 13 days
Stock based compensation, Weighted Average Remaining Contractual Term, Exercisable	4 years 1 month 13 days
Stock based compensation, Aggregate Intrinsic Value, ending balance	$ 155,894
Stock based compensation, Aggregate Intrinsic Value, Exercisable	$ 155,894
2001 Plan [Member] \| Stock Appreciation Rights [Member]
Summary of share option activity of stock option and stock appreciation rights under 2001 Plan
Stock based compensation, Shares Outstanding, beginning balance	80,800
Stock based compensation, Shares, Granted
Stock based compensation, Shares Exercised	(2,000)
Stock based compensation, Shares, Expired	(13,000)
Stock based compensation, Shares Outstanding, ending balance	65,800	80,800
Stock based compensation, Shares, Exercisable	65,800
Stock based compensation, Weighted Average Shares, beginning balance	$ 1.12
Stock based compensation, Weighted Average Shares, Granted
Stock based compensation, Weighted Average Shares, Exercised	5.86
Stock based compensation, Weighted Average Shares, shares expired	0.09
Stock based compensation, Weighted Average Shares, ending balance	2.23	$ 1.12
Stock based compensation, Weighted Average Shares, Exercisable	$ 2.23
Stock based compensation, Weighted Average Remaining Contractual Term	4 years 1 month 13 days
Stock based compensation, Weighted Average Remaining Contractual Term, Exercisable	4 years 1 month 13 days
Stock based compensation, Aggregate Intrinsic Value, ending balance	$ 83,943
Stock based compensation, Aggregate Intrinsic Value, Exercisable	$ 83,943

Stock-Based Compensation (Details 4)	3 Months Ended	12 Months Ended
Stock-Based Compensation (Details 4)	Mar. 31, 2013	Dec. 31, 2012
Assumptions used in determining the fair value of stock options and stock appreciation rights
Expected Volatility	25.08%	24.34%
Expected Dividends	0.10%	0.13%
Expected Term	2 years	3 years
Risk-Free Rate	0.40%	0.39%

Stock-Based Compensation (Details 5) - USD ($)	3 Months Ended
Stock-Based Compensation (Details 5) - USD ($)	Mar. 31, 2013	Mar. 31, 2012
Recognized financial statements for stock options, stock appreciation rights, and restricted stock
Total Cost of Share-Based Plans Charged Against Income Before Tax Effect	$ 444,416	$ 250,025
Income Tax Expense Recognized in Income	$ (171,433)	$ (96,477)

- Definition

Represents the expense recognized during the period arising from equity-based compensation arrangements (for example, shares of stock, unit, stock options or other equity instruments) with employees, directors and certain consultants qualifying for treatment as employees.

+ References + Details

Stock-Based Compensation (Details Textual) - USD ($)	1 Months Ended	3 Months Ended	12 Months Ended
Stock-Based Compensation (Details Textual) - USD ($)	Jan. 31, 2013	Mar. 31, 2013	Dec. 31, 2012
Stock Based Compensation (Additional Textual) [Abstract]
Weighted average period of compensation cost to be recognized		9 months 18 days
Stock based compensation, Shares, Granted
Options granted exercise price
Stock based compensation, Shares Vested
Stock-based Compensation (Textual) [Abstract]
Restricted share award average closing prices, period		60 days
Restricted share award closing prices range per share, Average	$ 36.00
Restricted share award closing prices range per share, Minimum		$ 36.00
Restricted share award closing prices range per share, Maximum		$ 65.00
Stock price condition applicable period		6 years
Percent of options vested in each anniversaries Description		One-third of the options will vest on each of the first, second, and third anniversaries of their respective grant dates, provided they are an employee of the Company on those dates.
Restricted shares vesting description		The restricted shares will vest in six increments based upon the price per share of the Company’s common stock during the term of their employment (or within sixty days after termination of employment by the Company without cause), meeting or exceeding the target trailing sixty-day average closing prices ranging from $36.00 per share for the first increment to $65.00 per share for the final increment.
Mr. Albright [Member]
Stock Based Compensation (Additional Textual) [Abstract]
Stock based compensation, Shares Vested		16,000
Mr. Patten [Member]
Stock Based Compensation (Additional Textual) [Abstract]
Stock based compensation, Shares Vested		2,500
2010 Plan [Member]
Stock Based Compensation (Additional Textual) [Abstract]
Stock based compensation, Shares, Granted	51,000
2001 Plan [Member]
Stock Based Compensation (Additional Textual) [Abstract]
Common stock could be issued under stock option plan 2001		500,000
Number of new stock options issued under 2001 plan		0
Non Qualified Stock Option Award [Member]
Stock Based Compensation (Additional Textual) [Abstract]
Unrecognized compensation related to non-qualified stock option awards market condition non-vested restricted shares		$ 580,744
Weighted average period of compensation cost to be recognized		2 years 2 months 12 days
Stock based compensation, Shares, Granted		51,000
Expiry of option	(a) the fifth anniversary of the grant date; (b) twelve months after the employee's death or termination for disability; or (c) thirty days after the termination of employment for any reason other than death or disability.	(a) the tenth anniversary of the grant date; (b) twelve months after the employee's death or termination for disability; or (c) thirty days after the termination of employment for any reason other than death or disability.
Options granted exercise price		$ 34.95
Weighted-average grant-date fair value of options granted		$ 6.58
Intrinsic value of options exercised		$ 44,950
Non Qualified Stock Option Award [Member] \| 2010 Plan [Member]
Stock Based Compensation (Additional Textual) [Abstract]
Options granted exercise price	$ 34.95
Non Qualified Stock Option Award [Member] \| 2010 Plan [Member] \| Mr. Albright [Member]
Stock Based Compensation (Additional Textual) [Abstract]
Stock based compensation, Shares, Granted		50,000
Non Qualified Stock Option Award [Member] \| 2010 Plan [Member] \| Mr. Patten [Member]
Stock Based Compensation (Additional Textual) [Abstract]
Stock based compensation, Shares, Granted		10,000
Restricted Shares [Member]
Stock Based Compensation (Additional Textual) [Abstract]
Unrecognized compensation related to non-qualified stock option awards market condition non-vested restricted shares		$ 61,917
Weighted average period of compensation cost to be recognized		2 years 7 months 6 days
Stock based compensation, Shares, Granted
Unrecognized compensation cost		$ 504,155
Stock based compensation, Shares Vested		18,500
Restricted Shares [Member] \| 2010 Plan [Member]
Stock Based Compensation (Additional Textual) [Abstract]
Performance period		5 years
Restricted Shares [Member] \| 2010 Plan [Member] \| Mr. Albright [Member]
Stock Based Compensation (Additional Textual) [Abstract]
Stock based compensation, Shares, Granted		96,000
Restricted Shares [Member] \| 2010 Plan [Member] \| Mr. Patten [Member]
Stock Based Compensation (Additional Textual) [Abstract]
Stock based compensation, Shares, Granted		17,000
Stock Options [Member]
Stock Based Compensation (Additional Textual) [Abstract]
Intrinsic value of options exercised		$ 28,544
Stock Options [Member] \| 2001 Plan [Member]
Stock Based Compensation (Additional Textual) [Abstract]
Stock based compensation, Shares, Granted
Stock option plan 2001 expiration date		2010
Options granted exercise price
Stock Options and Stock Appreciation Rights [Member]
Stock Based Compensation (Additional Textual) [Abstract]
Unrecognized compensation cost
Stock Option liability		$ 414,620	$ 265,311
Stock Appreciation Rights [Member]
Stock Based Compensation (Additional Textual) [Abstract]
Option shares issued under stock appreciation rights		0
Intrinsic value of options exercised		$ 15,370
Stock Appreciation Rights [Member] \| 2001 Plan [Member]
Stock Based Compensation (Additional Textual) [Abstract]
Stock based compensation, Shares, Granted
Options granted exercise price

Accrued Liabilities (Details) - USD ($)	Mar. 31, 2013	Dec. 31, 2012
Summary of accrued liabilities
Golf Course Lease	$ 3,612,131	$ 3,702,194
Deferred Compensation	664,190	828,998
Accrued Property Taxes	205,151
Deferred Lease and Other Income	866,255	970,802
Other Post-Retirement Benefits	177,733	186,695
Legal Reserves		723,058
Reserve for Tenant Improvement	773,000
Other	364,095	560,596
Accrued Liabilities	$ 6,662,555	$ 6,972,343

Accrued Liabilities (Details Textual)	1 Months Ended	3 Months Ended
Accrued Liabilities (Details Textual)	Jul. 31, 2012 USD ($)	Mar. 31, 2013 USD ($) Property
Accrued Liabilities (Additional Textual) [Abstract]
Lease, base rent		$ 250,000
Annual rate adjustment percentage		1.75%
Investments agreed under lease arrangement	$ 200,000
Description of additional rent payable	Company will pay additional rent to the City equal to 5.0% of gross revenues (as defined in the Lease Amendment) exceeding $5,500,000 and 7.0% of gross revenues (as defined in the Lease Amendment) exceeding $6,500,000.
Additional rent percentage exceeding $5,500,000 gross revenue	5.00%
Additional rent percentage on exceeding $6,500,000 gross revenue	7.00%
Gross revenue value for additional rent under lease amendment lower limit	$ 5,500,000
Gross revenue value for additional rent under lease amendment upper limit	6,500,000
Rent deferred, no longer due	$ 3,000,000
Lease term expiration year	2022
Number of properties acquired \| Property		2
Tenant improvements credited at closing balance		$ 773,000
Maximum [Member]
Accrued Liabilities (Textual) [Abstract]
Base rent payments per year	$ 500,000
Minimum [Member]
Accrued Liabilities (Textual) [Abstract]
Base rent payments per year	$ 250,000

Income Taxes (Details Textual) - USD ($)	3 Months Ended
Income Taxes (Details Textual) - USD ($)	Mar. 31, 2013	Mar. 31, 2012
Income Taxes (Textual) [Abstract]
Effective income tax rate including income taxes attributable to the discontinued operations	37.60%	38.30%
Net deferred income tax liability	$ 442,653
Year for Audit of Federal tax return by revenue service	2006

Commitments and Contingencies (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2013	Sep. 30, 2012	Dec. 31, 2012	May 31, 2010
Commitments and Contingencies (Additional Textual) [Abstract]
Settlement reserve accrued		$ 611,691
Additional reserve reflect value of additional underdeveloped acres and cost			$ 723,058
Minimum [Member]
Commitments and Contingencies (Textual) [Abstract]
Amount of the judgment plus interest	$ 4,400,000
FM Bayberry Cove Holding LLC [Member]
Commitments and Contingencies (Textual) [Abstract]
Claim of lien on real property				$ 3,800,000

Treasury Stock (Details Textual) - USD ($)	Mar. 31, 2013	Dec. 31, 2012	Apr. 26, 2012
Treasury Stock (Textual) [Abstract]
Number of shares purchased	14,634	14,634
Costs of shares purchased	$ 453,654	$ 453,654
Maximum [Member]
Treasury Stock (Textual) [Abstract]
Number of shares held by shareholders			100
Odd Lot Buy Back Program [Member]
Treasury Stock (Textual) [Abstract]
Description of number of shares held by shareholder maximum			Less than 100
Number of shares purchased			14,634
Costs of shares purchased			$ 453,654
Buy back expiration date			Jun. 30, 2012
Repurchase of Equity [Member]
Treasury Stock (Textual) [Abstract]
Purchase of shares from shareholders, per share			$ 31.00

Business Segment Data (Details) - USD ($)	3 Months Ended
Business Segment Data (Details) - USD ($)	Mar. 31, 2013	Mar. 31, 2012	Dec. 31, 2012
Summary of operations in different segments
Revenues	$ 5,055,378	$ 4,628,425
Operating Income (Loss)	739,313	910,362
Depreciation and Amortization	772,516	537,408
Capital Expenditures	27,893,478	9,484
Identifiable Assets	205,799,077		$ 184,696,900
Income Properties [Member]
Summary of operations in different segments
Revenues	3,154,668	2,190,511
Operating Income (Loss)	2,925,159	2,046,107
Depreciation and Amortization	672,290	460,551
Capital Expenditures	27,806,175
Identifiable Assets	151,042,040		130,726,326
Real Estate Operations [Member]
Summary of operations in different segments
Revenues	338,348	1,065,667
Operating Income (Loss)	216,870	900,849
Depreciation and Amortization	173	173
Capital Expenditures
Identifiable Assets	33,402,814		34,161,944
Golf Operations [Member]
Summary of operations in different segments
Revenues	1,464,685	1,329,579
Operating Income (Loss)	57,056	(131,648)
Depreciation and Amortization	49,675	43,763
Capital Expenditures	66,123
Identifiable Assets	3,232,200		3,230,225
Other Income [Member]
Summary of operations in different segments
Revenues	97,677	42,668
Operating Income (Loss)	66,308	(28,890)
Other [Member]
Summary of operations in different segments
Depreciation and Amortization	50,378	32,921
Capital Expenditures	21,179	9,484
Identifiable Assets	18,122,023		$ 16,578,405
General and Corporate Expenses [Member]
Summary of operations in different segments
Operating Income (Loss)	$ (2,526,080)	$ (1,876,056)

Business Segment Data (Details Textual)	3 Months Ended
Business Segment Data (Details Textual)	Mar. 31, 2013 USD ($) Segment	Mar. 31, 2012
Business Segment Data (Textual) [Abstract]
Number of Operating Segment \| Segment	3
Income property operation percent of identifiable asset	73.40%	70.80%
Income property operation percent of consolidated revenue	62.40%	47.30%
Golf operation description	Our golf operations consist of a single property located in the City, with two 18-hole championship golf courses
Prior Period Reclassification Adjustment \| $	$ 0

Recent Acquisitions of Income Properties (Details Textual) $ in Millions	3 Months Ended
	Mar. 31, 2013 USD ($) Property
Recent Acquisitions of Income Properties (Textual) [Abstract]
Number of income properties acquired \| Property	7
Total Acquisition Cost of Property	$ 27.8
Recent Acquisitions of Income Properties (Additional Textual) [Abstract]
Weighted average amortization allocated to intangible assets, period	10 years 1 month 6 days
Land [Member]
Recent Acquisitions of Income Properties (Textual) [Abstract]
Purchase Price Allocated to Land	$ 9.4
Buildings and improvements [Member]
Recent Acquisitions of Income Properties (Textual) [Abstract]
Purchase Price Allocated to Building and Improvement	16.2
Intangible assets pertaining [Member]
Recent Acquisitions of Income Properties (Textual) [Abstract]
Purchase Price Allocated to Amortizable intangible assets	$ 2.2