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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2013	Jul. 23, 2013
Document Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2013
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q2
Entity Registrant Name	CONSOLIDATED TOMOKA LAND CO
Entity Central Index Key	0000023795
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		5,864,359

Consolidated Balance Sheets - USD ($)	Jun. 30, 2013	Dec. 31, 2012
ASSETS
Cash and Cash Equivalents	$ 1,254,002	$ 1,301,739
Restricted Cash	233,589
Refundable Income Tax	824,550	239,720
Land and Development Costs	26,537,831	27,848,525
Intangible Assets - Net	6,127,641	4,527,426
Assets Held for Sale		3,433,500
Other Assets	8,708,495	8,254,399
Total assets before property, plant and equipment	43,686,108	45,605,309
Property, Plant, and Equipment:
Land, Timber, and Subsurface Interests	15,226,101	15,194,901
Golf Buildings, Improvements, and Equipment	2,965,083	2,879,263
Income Properties, Land, Buildings, and Improvements	150,700,923	132,202,887
Other Furnishings and Equipment	920,703	906,441
Total Property, Plant, and Equipment	169,812,810	151,183,492
Less, Accumulated Depreciation and Amortization	(12,482,040)	(12,091,901)
Property, Plant, and Equipment - Net	157,330,770	139,091,591
TOTAL ASSETS	201,016,878	184,696,900
LIABILITIES
Accounts Payable	184,622	440,541
Accrued Liabilities	5,845,323	6,972,343
Accrued Stock-Based Compensation	258,802	265,311
Pension Liability	1,228,317	1,317,683
Deferred Income Taxes - Net	33,210,661	32,357,505
Notes Payable and Line of Credit	44,427,033	29,126,849
TOTAL LIABILITIES	85,154,758	70,480,232
Commitments and Contingencies
SHAREHOLDERS' EQUITY
Common Stock - 25,000,000 shares authorized; $1 par value, 5,864,359 shares issued and 5,849,725 shares outstanding at June 30, 2013; 5,847,036 shares issued and 5,832,402 shares outstanding at December 31, 2012	5,764,792	5,726,136
Treasury Stock, at cost - 14,634 shares held at June 30, 2013 and December 31, 2012	(453,654)	(453,654)
Additional Paid-In Capital	8,129,084	6,939,023
Retained Earnings	103,659,378	103,242,643
Accumulated Other Comprehensive Loss	(1,237,480)	(1,237,480)
TOTAL SHAREHOLDERS' EQUITY	115,862,120	114,216,668
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 201,016,878	$ 184,696,900

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2013	Dec. 31, 2012
Statement Of Financial Position [Abstract]
Common Stock, shares authorized	25,000,000	25,000,000
Common Stock, par value	$ 1	$ 1
Common Stock, shares issued	5,864,359	5,847,036
Common Stock, shares outstanding	5,849,725	5,832,402
Treasury Stock, shares held	14,634	14,634

Consolidated Statements of Operations - USD ($)	3 Months Ended		6 Months Ended
Consolidated Statements of Operations - USD ($)	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Revenues
Income Properties	$ 3,325,616	$ 2,238,516	$ 6,413,034	$ 4,361,777
Real Estate Operations	302,977	929,717	641,325	1,995,384
Golf Operations	1,312,826	1,253,079	2,777,511	2,582,658
Agriculture and Other Income	30,506	7,990	128,183	50,658
Total Revenues	4,971,925	4,429,302	9,960,053	8,990,477
Direct Cost of Revenues
Income Properties	(382,072)	(174,790)	(611,581)	(319,194)
Real Estate Operations	(184,263)	(223,957)	(305,741)	(388,775)
Golf Operations	(1,425,372)	(1,435,306)	(2,833,001)	(2,896,533)
Agriculture and Other Income	(55,085)	(66,332)	(86,454)	(137,890)
Total Direct Cost of Revenues	(2,046,792)	(1,900,385)	(3,836,777)	(3,742,392)
General and Administrative Expenses	(1,260,674)	(1,335,287)	(3,014,238)	(2,758,935)
Impairment Charges	(616,278)		(616,278)
Depreciation and Amortization	(714,199)	(520,035)	(1,430,908)	(1,022,489)
Gain on Disposition of Assets		190,564		275,564
Total Operating Expenses	(4,637,943)	(3,565,143)	(8,898,201)	(7,248,252)
Operating Income	333,982	864,159	1,061,852	1,742,225
Interest Income	225	367	391	367
Interest Expense	(468,596)	(152,362)	(806,128)	(322,602)
Loss on Early Extinguishment of Debt				(245,726)
Income (Loss) from Continuing Operations Before Income Tax Expense	(134,389)	712,164	256,115	1,174,264
Income Tax (Expense) Benefit	56,193	(269,073)	(89,383)	(445,153)
Income (Loss) from Continuing Operations	(78,196)	443,091	166,732	729,111
Income from Discontinued Operations (Net of Tax)	329,966	156,495	422,083	364,876
Net Income	$ 251,770	$ 599,586	$ 588,815	$ 1,093,987
Per Share Information: Basic and Diluted
Income (Loss) from Continuing Operations	$ (0.02)	$ 0.08	$ 0.03	$ 0.13
Income from Discontinued Operations (Net of Tax)	0.06	0.02	0.07	0.06
Net Income	0.04	0.10	0.10	0.19
Dividends Declared and Paid	$ 0.03	$ 0.02	$ 0.03	$ 0.02

Consolidated Statements of Comprehensive Income - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Statement Of Income And Comprehensive Income [Abstract]
Net Income	$ 251,770	$ 599,586	$ 588,815	$ 1,093,987
Total Other Comprehensive Income, Net of Tax
Total Comprehensive Income	$ 251,770	$ 599,586	$ 588,815	$ 1,093,987

- Definition

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

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+ Details

Consolidated Statements of Shareholders' Equity - 6 months ended Jun. 30, 2013 - USD ($)	Total	Common Stock [Member]	Treasury Stock [Member]	Additional Paid-In Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Loss [Member]
Beginning Balance at Dec. 31, 2012	$ 114,216,668	$ 5,726,136	$ (453,654)	$ 6,939,023	$ 103,242,643	$ (1,237,480)
Net Income	588,815				588,815
Exercise of Stock Options	613,532	20,156		593,436
Vested Restricted Stock	119,532	18,500		101,032
Stock Compensation Expense from Restricted Stock Grants and Equity Classified Stock Options	495,593			495,593
Cash Dividends ($0.03 per share)	(172,080)				(172,080)
Ending Balance at Jun. 30, 2013	$ 115,862,120	$ 5,764,792	$ (453,654)	$ 8,129,084	$ 103,659,378	$ (1,237,480)

- 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 Shareholders' Equity (Parenthetical)	6 Months Ended
	Jun. 30, 2013 $ / shares
Cash dividends, Per Share	$ 0.03
Retained Earnings [Member]
Cash dividends, Per Share	$ 0.03

Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Jun. 30, 2013	Jun. 30, 2012
Cash Flow from Operating Activities:
Net Income	$ 588,815	$ 1,093,987
Adjustments to Reconcile Net Income to Net Cash Provided By Operating Activities:
Depreciation and Amortization	1,461,343	1,292,734
Loan Cost Amortization	93,688	46,191
Gain on Disposition of Property, Plant, and Equipment and Intangible Assets	(557,216)	(354,019)
Loss on Disposition of Assets Held for Sale	26,367
Impairment Charges	616,278
Deferred Income Taxes	853,156	116,319
Non-Cash Compensation	601,326	423,625
Decrease (Increase) in Assets:
Refundable Income Taxes	(483,798)	399,905
Land and Development Costs	694,416	(21,210)
Other Assets	(547,784)	(241,847)
Increase (Decrease) in Liabilities:
Accounts Payable	(255,919)	89,898
Accrued Liabilities and Accrued Stock Based Compensation	(1,222,895)	(1,308,772)
Income Taxes Payable		385,573
Net Cash Provided By Operating Activities	1,867,777	1,922,384
Cash Flow From Investing Activities:
Acquisition of Property, Plant, and Equipment	(25,758,419)	(6,927,626)
Acquisition of Intangible Assets	(2,183,538)	(506,096)
Increase in Restricted Cash	(233,589)	(1,594,896)
Proceeds from Disposition of Property, Plant, and Equipment, Net	7,198,436	517,605
Proceeds from Disposition of Assets Held for Sale, Net	3,407,133	7,694,710
Net Cash Used In Investing Activities	(17,569,977)	(816,303)
Cash Flow from Financing Activities:
Proceeds from Notes Payable and Line of Credit	58,450,000	22,341,849
Payments on Notes Payable and Line of Credit	(43,149,816)	(16,731,714)
Cash Proceeds from Exercise of Stock Options	526,359	2,089
Dividends Paid	(172,080)	(114,510)
Net Cash Provided By Financing Activities	15,654,463	5,497,714
Net Increase (Decrease) in Cash	(47,737)	6,603,795
Cash, Beginning of Year	1,301,739	6,174
Cash, End of Period	$ 1,254,002	$ 6,609,969

Consolidated Statements of Cash Flows (Parenthetical) - USD ($)	1 Months Ended	6 Months Ended
	Mar. 31, 2013	Jun. 30, 2013	Jun. 30, 2012
Statement Of Cash Flows [Abstract]
Income tax refunds		$ 39,406	$ 227,500
Income taxes paid		24,500	0
Interest Paid		$ 662,755	$ 249,191
Non-cash conveyance of certain acreage	$ 702,827

Description of Business and Principles of Interim Statements

6 Months Ended

Jun. 30, 2013

Accounting Policies [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 multi-tenant properties located in Florida. As of June 30, 2013, we owned 35 single-tenant income-producing properties, in seven states, with more than 770,000 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, that 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 Agriculture and Other Income and Real Estate Operations in our consolidated statements of operations, respectively.

More than 50% of the Company’s income property portfolio, based on annual revenues, and all of the land, golf operations, agriculture operations, and subsurface interests, are located 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 generally accepted in the United States of America (“GAAP”) for complete financial statements and should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 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.

The results of operations for the six months ended June 30, 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 GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Because of the fluctuating market conditions that currently exist in the Florida and national real estate markets, and the volatility and uncertainty in the financial and credit markets, it is possible that the estimates and assumptions, most notably those related to the Company’s investment in income properties and pension liability, could change materially during the time span associated with the continued volatility of the real estate and financial markets or as a result of a significant dislocation in those 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 June 30, 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 June 30, 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.

Cash and Cash Equivalents

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

Restricted Cash

Restricted cash totaled approximately $234,000 at June 30, 2013 and consisted of cash being held in a reserve primarily for property taxes and insurance escrows in connection with our financing of two properties acquired in January 2013.

Intangible Assets

As of June 30, 2013, the in-place lease value totaled $6,127,641, net of accumulated amortization of $2,937,976. 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 June 30, 2013 and 2012 was $163,969 and $102,715, respectively. Amortization expense for the six months ended June 30, 2013 and 2012 was $331,478 and $200,122, respectively.

The estimated future amortization expense related to intangible assets is as follows:


Year Ending December 31,	Amount
2013	$	645,547
2014		645,547
2015		628,234
2016		562,149
2017		511,676
Thereafter		3,134,488

	$	6,127,641

Reclassifications

Certain items in the prior year’s consolidated financial statements and notes to consolidated financial statements have been reclassified to conform to the current presentation. Certain items in the prior year’s consolidated statements of operations have been reclassified to conform to the presentation of statements of operations for the three and six months ended June 30, 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. In addition, loan cost amortization was previously included in depreciation and amortization on the consolidated financial statements and is now included in interest expense. These reclassifications had no effect on the current year and prior year presentation of income (loss) from continuing operations before taxes.

- Definition

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

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Recent Acquisitions of Income Properties	6 Months Ended
Recent Acquisitions of Income Properties	Jun. 30, 2013
Business Combinations [Abstract]
Recent Acquisitions of Income Properties	NOTE 2. RECENT ACQUISITIONS OF INCOME PROPERTIES During the six months ended June 30, 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. On July 25, 2013, the Company acquired a 16,280 square foot building leased to a subsidiary of Rite Aid Corp. in Renton, Washington, a suburb of Seattle. The total purchase price was approximately $6.6 million. The remaining term of the lease is 13 years, with lease escalations during the six 5 year option periods.

- Definition

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-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4926-128472

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 1
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Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=7488404&loc=d3e6996-128479

+ Details

Discontinued Operations

6 Months Ended

Jun. 30, 2013

Discontinued Operations And Disposal Groups [Abstract]

Discontinued Operations

NOTE 3. DISCONTINUED OPERATIONS

On May 31, 2013, the Company sold its interest in the 13,905 square-foot building, located in Kissimmee, Florida, which was leased to Walgreens, for $3,400,000. Upon the sale in May 2013, the property’s operating results were included in discontinued operations for each of the three and six month periods ended June 30, 2013 and 2012. The proceeds from the sale of this property were used to complete a Section 1031 exchange for an income property the Company acquired in January 2013, leased to an affiliate of Big Lots, located in Phoenix, Arizona. The Company recognized a gain of approximately $503,000 on this sale and as outlined below, this gain is included in the reported income from discontinued operations.

On February 21, 2013, the Company sold its interest in the 13,824 square-foot building, located in Clermont, Florida, which was leased to CVS, for $4,050,000 with a gain of approximately $54,000. Upon the sale in February 2013, the property’s operating results were included in discontinued operations for each of the three and six month periods ended June 30, 2013 and 2012.

On February 14, 2013, the Company sold its interest in the 4,128 square-foot building, located in Alpharetta, Georgia, which was leased to PNC Bank, for $3,550,000. The property was presented as assets held for sale on the consolidated balance sheet at December 31, 2012. As a result, the value was written down to reflect the contractual sales price resulting in a loss of approximately $427,000 for the year ended December 31, 2012. The property’s operating results were included in discontinued operations for each of the three and six month periods ended June 30, 2013 and 2012.

On May 31, 2012, the Company sold its interest in the 25,454 square-foot building, located in Asheville, North Carolina, which was leased to Northern Tool and Equipment, for $3,925,000. Upon the sale in May 2012, the property’s operating results were included in discontinued operations for each of the three and six month periods ended June 30, 2012.

On May 31, 2012, the Company sold its interest in the 15,120 square-foot building, located in Powder Springs, Georgia, which was leased to Walgreens, for $4,090,323. Upon the sale in May 2012, the property’s operating results were included in discontinued operations for each of the three and six month periods ended June 30, 2012.

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 and six months ended June 30, 2012, includes the operating results of these two income properties.

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


	Three Months Ended						Six Months Ended
	June 30, 2013			June 30, 2012			June 30, 2013			June 30, 2012
Leasing Revenue and Other Income	$	44,110		$	211,625		$	186,737		$	586,176
Costs and Other Expenses		(9,962	)		(35,306	)		(30,435	)		(70,612	)

Income from Operations		34,148			176,319			156,302			515,564
Gain on Sale of Property		503,037			78,455			530,849			78,455

Income before Income Tax Expense		537,185			254,774			687,151			594,019
Income Tax Expense		(207,219	)		(98,279	)		(265,068	)		(229,143	)

Income from Discontinued Operations	$	329,966		$	156,495		$	422,083		$	364,876

- 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 2
-URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1436-107760

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760

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

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
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-Section 45
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1020-107759

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

+ Details

Common Stock and Earnings Per Share

6 Months Ended

Jun. 30, 2013

Earnings Per Share [Abstract]

Common Stock and Earnings Per Share

NOTE 4. 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					Six Months Ended
	June 30, 2013			June 30, 2012		June 30, 2013		June 30, 2012
Income Available to Common Shareholders:
Income (Loss) from Continuing Operations	$	(78,196	)	$	443,091	$	166,732	$	729,111
Discontinued Operations		329,966			156,495		422,083		364,876

Net Income	$	251,770		$	599,586	$	588,815	$	1,093,987

Weighted Average Shares Outstanding		5,739,096			5,725,120		5,728,178		5,725,120
Common Shares Applicable to Stock
Options Using the Treasury Stock Method		—			—		—		—

Total Shares Applicable to Diluted Earnings Per Share		5,739,096			5,725,120		5,728,178		5,725,120

Basic and Diluted Per Share Information:
Income (Loss) from Continuing Operations	$	(0.02	)	$	0.08	$	0.03	$	0.13
Discontinued Operations		0.06			0.02		0.07		0.06

Net Income	$	0.04		$	0.10	$	0.10	$	0.19

The effect of 15,532 and 26,198 potentially dilutive securities were not included for the three and six months ended June 30, 2013, respectively, as the effect would be antidilutive. The effect of 165,708 and 140,939 potentially dilutive securities were not included for the three and six months ended June 30, 2012, respectively, as the effect would be antidilutive.

Pension Plan	6 Months Ended
Pension Plan	Jun. 30, 2013
Compensation And Retirement Disclosure [Abstract]
Pension Plan	NOTE 5. 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 and during the six months ended June 30, 2013, the Company did not make any contributions related to the 2013 Pension Plan year.

Notes Payable and Line of Credit

6 Months Ended

Jun. 30, 2013

Debt Disclosure [Abstract]

Notes Payable and Line of Credit

NOTE 6. 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 Company’s $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 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 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.

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.

On March 29, 2013, the Company entered into the second amendment to the Agreement (“Second Amendment”). The Second Amendment, expands the accordion feature allowing the Company to increase the Credit 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 total balance outstanding under the Credit Facility as a percentage of total asset value of the Company. 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.

Notes payable and the line of credit consisted of the following:


	June 30, 2013
	Total		Due Within One Year
$66 Million Credit Facility	$	14,027,033	$	—
UBS Note Payable		7,300,000		—
BOA Note Payable		23,100,000		—

	$	44,427,033	$	—

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


Year Ending December 31,	Amount
2013	$	—
2014		—
2015		—
2016		14,027,033
2017		—
Thereafter		30,400,000

	$	44,427,033

At June 30, 2013, there was approximately $52.0 million of available borrowing capacity on the existing $66.0 million credit facility, subject to the borrowing base requirements.

For the three months ended June 30, 2013, interest expense was $415,772 with $363,585 paid during the period. For the three months ended June 30, 2012, interest expense was $126,181 with $133,751 paid during the period. For the first six months of 2013, interest expense was $712,439 with $662,755 paid during the period. For the first six months of 2012, interest expense was $276,411 with $249,191 paid during the period. No interest was capitalized during the first six months of 2013 or 2012.

Included in interest expense in the consolidated financial statements is the amortization of loan costs incurred in connection with the Company’s notes payable and line of credit. These loan costs are being amortized over the term of the respective loan agreements using the straight-line method, which approximates the effective interest method. For the three months ended June 30, 2013 and 2012, the amortization of loan costs totaled $52,824 and $26,181, respectively. For the first six months of 2013 and 2012, the amortization of loan costs totaled $93,689 and $46,191, respectively. Previously, loan cost amortization was included in depreciation and amortization in the consolidated financial statements. The consolidated financial statements have been reclassified for all periods presented to conform to the current presentation.

The Company was in compliance with all of its debt covenants as of June 30, 2013 and December 31, 2012.

Stock-Based Compensation

6 Months Ended

Jun. 30, 2013

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-Based Compensation

NOTE 7. 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 Company’s stock price as well as assumptions regarding a number of other variables. These variables include expected stock price volatility over the requisite performance term of the awards, the relative performance of the Company’s stock price, and 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 six months ended June 30, 2013, is presented below:


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

Outstanding at June 30, 2013		5,067		$	23.13

As of June 30, 2013, there was $56,057 of unrecognized compensation cost, adjusted for forfeitures, related to market condition non-vested restricted shares, which will be recognized over a weighted average period of 2.4 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 the awards during the six months ended June 30, 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		(16,500	)		28.90
Expired		—			—

Outstanding at June 30, 2013		94,500		$	32.21		6.26	$	562,120

Exercisable at June 30, 2013		3,300		$	29.34		8.79	$	29,106

The weighted-average grant-date fair value of options granted during the six months ended June 30, 2013 was $6.58. The total intrinsic value of options exercised during the six months ended June 30, 2013 was $166,850. As of June 30, 2013, there was $465,547 of unrecognized compensation related to non-qualified, non-vested stock option awards, which will be recognized over a weighted average period of 2.0 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 six months ended June 30, 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 six months ended June 30, 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 June 30, 2013		94,500		$	17.33

As of June 30, 2013, there was $375,339 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 0.6 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 six months ended June 30, 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		(9,200	)		30.06
Expired		(15,400	)		63.58

Outstanding at June 30, 2013		56,200		$	53.03		3.90	$	90,648

Exercisable at June 30, 2013		56,200		$	53.03		3.90	$	90,648

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 six months ended June 30, 2013 was $72,008.

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		(9,200	)		5.01
Expired		(15,400	)		0.17

Outstanding at June 30, 2013		56,200		$	1.63		3.90	$	48,810

Exercisable at June 30, 2013		56,200		$	1.63		3.90	$	48,810

The total intrinsic value of stock appreciation rights exercised during the six months ended June 30, 2013 was $38,774.

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:	June 30, 2013			December 31, 2012
Expected Volatility		25.01	%		24.34	%
Expected Dividends		0.10	%		0.13	%
Expected Term		1 year			3 years
Risk-Free Rate		0.76	%		0.39	%

There were no stock options or stock appreciation rights granted under the 2001 Plan in the six months ended June 30, 2013 or in the 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 June 30, 2013 and December 31, 2012 was $258,802 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						Six Months Ended
	June 30, 2013			June 30, 2012			June 30, 2013			June 30, 2012
Total Cost of Share-Based Plans Charged Against Income Before Tax Effect	$	156,910		$	173,600		$	601,326		$	423,625

Income Tax Expense Recognized in Income	$	(60,528	)	$	(66,966	)	$	(231,961	)	$	(163,413	)

Accrued Liabilities

6 Months Ended

Jun. 30, 2013

Payables And Accruals [Abstract]

Accrued Liabilities

NOTE 8. ACCRUED LIABILITIES

Accrued liabilities consist of the following:


	As of
	June 30, 2013		December 31, 2012
Golf Course Lease	$	3,522,068	$	3,702,194
Deferred Compensation		376,736		828,998
Accrued Property Taxes		455,439		—
Deferred Lease and Other Income		808,725		970,802
Other Post-Retirement Benefits		169,011		186,695
Legal Reserves		—		723,058
Reserve for Tenant Improvement		63,888		—
Other		449,456		560,596

	$	5,845,323	$	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, would remain at $250,000 for the remainder of the lease term and any extensions 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 exceeding $5,500,000 and 7.0% of gross revenues exceeding $6,500,000. Since the inception of the lease, the Company has recognized the rent expense on a straight-line basis resulting in an estimated accrual for deferred rent. Upon the effective date of the Lease Amendment, 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 City, and will be recognized into income over the remaining lease term, which expires in 2022. As of June 30, 2013, approximately $2.6 million of the rent previously deferred that will not be due to the City remained to be amortized.

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 improvements were complete as of June 30, 2013, and during the six months ended June 30, 2013, the accrued liability was relieved in the amount of $709,112 in payment for completion of the improvements. The remaining balance of $63,888 is to be paid when the final funding request is received from the tenant.

On July 24, 2013, the Company’s Board of Directors terminated the Deferred Compensation Plan effective August 1, 2013. Accordingly, the Company will make the normal required distributions prior to March 1, 2014 with the balance of the accounts liquidated after August 1, 2013. the final payments are expected to be made prior to December 31, 2014.

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2013
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 9. INCOME TAXES The effective income tax rate for the six month periods ended June 30, 2013 and 2012, including income taxes attributable to the discontinued operations, was 37.58% and 38.13%, 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 June 30, 2013, was impacted primarily by the recognition of approximately $612,000 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 and all proposed adjustments have been settled.

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2013
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 10. 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. 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. The trial in this matter was initially scheduled for the week of September 16, 2013, with mediation to occur prior to July 22, 2013. In light of the proposed redesign, the trial has been continued until April 2014, with mediation to occur prior. 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. Briefing in the appeal is complete. Oral arguments will be scheduled by the Court and are anticipated to occur in the fourth quarter of 2013. As of June 30, 2013, the amount of the judgment plus interest is in excess of $4.4 million.

Treasury Stock	6 Months Ended
Treasury Stock	Jun. 30, 2013
Equity [Abstract]
Treasury Stock	NOTE 11. 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

6 Months Ended

Jun. 30, 2013

Segment Reporting [Abstract]

Business Segment Data

NOTE 12. 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 73.1% and 70.8% of our identifiable assets as of June 30, 2013 and December 31, 2012, respectively, and 64.4% and 48.5% of our consolidated revenues for the six months ended June 30, 2013 and 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 and pro-shop with retail merchandise. 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 and six months ended June 30, 2013 and 2012 is as follows:


	Three Months Ended						Six Months Ended
	June 30, 2013			June 30, 2012			June 30, 2013			June 30, 2012
Revenues:
Income Properties	$	3,325,616		$	2,238,516		$	6,413,034		$	4,361,777
Real Estate Operations		302,977			929,717			641,325			1,995,384
Golf Operations		1,312,826			1,253,079			2,777,511			2,582,658
Agriculture and Other Income		30,506			7,990			128,183			50,658

	$	4,971,925		$	4,429,302		$	9,960,053		$	8,990,477

Operating Income (Loss):
Income Properties	$	2,943,544		$	2,063,726		$	5,801,453		$	4,042,583
Real Estate Operations		118,714			705,760			335,584			1,606,609
Golf Operations		(112,546	)		(182,227	)		(55,490	)		(313,578	)
Agriculture and Other Income		(24,579	)		(58,342	)		41,729			(87,232	)
General and Corporate Expense		(1,974,873	)		(1,664,758	)		(4,445,146	)		(3,505,860	)

	$	950,260		$	864,159		$	1,678,130		$	1,742,522

Depreciation and Amortization:
Income Properties	$	657,544		$	461,622		$	1,315,064		$	878,287
Real Estate Operations		—			—			—			—
Golf Operations		50,318			34,293			99,993			87,207
Agriculture and Other		6,337			24,120			15,851			56,995

	$	714,199		$	520,035		$	1,430,908		$	1,022,489


Capital Expenditures:
Income Properties	$	4,498		$	6,890,120		$	27,810,674		$	6,890,120
Real Estate Operations		—			—			—			—
Golf Operations		19,697			—			85,820			—
Agriculture and Other		24,282			28,024			45,461			37,506

	$	48,477		$	6,918,144		$	27,941,955		$	6,927,626


	As of
	June 30, 2013		December 31, 2012
Identifiable Assets:
Income Properties	$	146,909,609	$	130,726,326
Real Estate		32,781,686		34,161,944
Golf		3,042,257		3,230,225
Agriculture and Other		18,283,326		16,578,405

	$	201,016,878	$	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 six months ended June 30, 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
-SubTopic 10
-Section 50
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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+ Details

Recently Issued Accounting Policies	6 Months Ended
Recently Issued Accounting Policies	Jun. 30, 2013
Accounting Changes And Error Corrections [Abstract]
Recently Issued Accounting Policies	NOTE 13. RECENTLY ISSUED ACCOUNTING POLICIES 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 Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6507316

Reference 2: 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 3: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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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
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-URI http://asc.fasb.org/extlink&oid=6523989

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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

Land Impairment	6 Months Ended
Land Impairment	Jun. 30, 2013
Goodwill And Intangible Assets Disclosure [Abstract]
Land Impairment	NOTE 14. LAND IMPAIRMENT During the three months ended June 30, 2013, the Company executed a contract for the sale of 3.21 acres of land. While there can be no assurance the sale will be consummated, based on the sales price for the land under contract and in accordance with Section 360 “Property, Plant and Equipment” under subsection 10 “Recoverability of Carry Amounts” of the GAAP codification, the Company determined an assessment of the recoverability of the recorded asset value for this land and a related parcel of 3.02 acres, which had been reacquired by the Company through a foreclosure in 2009, was required. Accordingly, the Company completed an impairment analysis on the 6.23 acres, which resulted in an impairment charge of approximately $616,000. The charge represented the portion of the cost basis of the property that management considers to be un-recoverable based on the value of the land under contract and other relevant market prices.

Description of Business and Principles of Interim Statements (Policies)

6 Months Ended

Jun. 30, 2013

Accounting Changes And Error Corrections [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.

Interim Financial Information

Interim Financial Information

The results of operations for the six months ended June 30, 2013 are not necessarily indicative of results to be expected for the year ending December 31, 2013.

Principles of Consolidation

Principles of Consolidation

Use of Estimates in Preparation of Financial Statements

Use of Estimates in Preparation of Financial Statements

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 June 30, 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 June 30, 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.

Cash and Cash Equivalents

Cash and Cash Equivalents

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

Restricted Cash

Restricted Cash

Intangible Assets

Intangible Assets

The estimated future amortization expense related to intangible assets is as follows:


Year Ending December 31,	Amount
2013	$	645,547
2014		645,547
2015		628,234
2016		562,149
2017		511,676
Thereafter		3,134,488

	$	6,127,641

Reclassifications

Reclassifications

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.

Description of Business and Principles of Interim Statements (Tables)

6 Months Ended

Jun. 30, 2013

Accounting Policies [Abstract]

Summary of Estimated Amortization Expense

The estimated future amortization expense related to intangible assets is as follows:


Year Ending December 31,	Amount
2013	$	645,547
2014		645,547
2015		628,234
2016		562,149
2017		511,676
Thereafter		3,134,488

	$	6,127,641

Discontinued Operations (Tables)

6 Months Ended

Jun. 30, 2013

Discontinued Operations And Disposal Groups [Abstract]

Summary of Income from Discontinued Operations

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


	Three Months Ended						Six Months Ended
	June 30, 2013			June 30, 2012			June 30, 2013			June 30, 2012
Leasing Revenue and Other Income	$	44,110		$	211,625		$	186,737		$	586,176
Costs and Other Expenses		(9,962	)		(35,306	)		(30,435	)		(70,612	)

Income from Operations		34,148			176,319			156,302			515,564
Gain on Sale of Property		503,037			78,455			530,849			78,455

Income before Income Tax Expense		537,185			254,774			687,151			594,019
Income Tax Expense		(207,219	)		(98,279	)		(265,068	)		(229,143	)

Income from Discontinued Operations	$	329,966		$	156,495		$	422,083		$	364,876

- 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)

6 Months Ended

Jun. 30, 2013

Earnings Per Share [Abstract]

Summary of Common Stock and Earnings Per Share


	Three Months Ended					Six Months Ended
	June 30, 2013			June 30, 2012		June 30, 2013		June 30, 2012
Income Available to Common Shareholders:
Income (Loss) from Continuing Operations	$	(78,196	)	$	443,091	$	166,732	$	729,111
Discontinued Operations		329,966			156,495		422,083		364,876

Net Income	$	251,770		$	599,586	$	588,815	$	1,093,987

Weighted Average Shares Outstanding		5,739,096			5,725,120		5,728,178		5,725,120
Common Shares Applicable to Stock
Options Using the Treasury Stock Method		—			—		—		—

Total Shares Applicable to Diluted Earnings Per Share		5,739,096			5,725,120		5,728,178		5,725,120

Basic and Diluted Per Share Information:
Income (Loss) from Continuing Operations	$	(0.02	)	$	0.08	$	0.03	$	0.13
Discontinued Operations		0.06			0.02		0.07		0.06

Net Income	$	0.04		$	0.10	$	0.10	$	0.19

Notes Payable and Line of Credit (Tables)

6 Months Ended

Jun. 30, 2013

Debt Disclosure [Abstract]

Summary of Notes Payable and Line of Credit

Notes payable and the line of credit consisted of the following:


	June 30, 2013
	Total		Due Within One Year
$66 Million Credit Facility	$	14,027,033	$	—
UBS Note Payable		7,300,000		—
BOA Note Payable		23,100,000		—

	$	44,427,033	$	—

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		14,027,033
2017		—
Thereafter		30,400,000

	$	44,427,033

- 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)
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823

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=26873400&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6584090&loc=d3e28878-108400

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28541-108399

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28551-108399

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-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)

6 Months Ended

Jun. 30, 2013

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Stock Based Compensation Activity

A summary of activity during the six months ended June 30, 2013, is presented below:


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

Outstanding at June 30, 2013		5,067		$	23.13

Summary of Stock Based Compensation Activity for Non-Qualified Stock Option Award

A summary of the activity for the awards during the six months ended June 30, 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		(16,500	)		28.90
Expired		—			—

Outstanding at June 30, 2013		94,500		$	32.21		6.26	$	562,120

Exercisable at June 30, 2013		3,300		$	29.34		8.79	$	29,106

Summary of Market Condition Inducement Grant of Restricted Shares

A summary of the activity for both awards during the six months ended June 30, 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 June 30, 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 six months ended June 30, 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		(9,200	)		30.06
Expired		(15,400	)		63.58

Outstanding at June 30, 2013		56,200		$	53.03		3.90	$	90,648

Exercisable at June 30, 2013		56,200		$	53.03		3.90	$	90,648

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		(9,200	)		5.01
Expired		(15,400	)		0.17

Outstanding at June 30, 2013		56,200		$	1.63		3.90	$	48,810

Exercisable at June 30, 2013		56,200		$	1.63		3.90	$	48,810

Assumptions Used in Determining 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:	June 30, 2013			December 31, 2012
Expected Volatility		25.01	%		24.34	%
Expected Dividends		0.10	%		0.13	%
Expected Term		1 year			3 years
Risk-Free Rate		0.76	%		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						Six Months Ended
	June 30, 2013			June 30, 2012			June 30, 2013			June 30, 2012
Total Cost of Share-Based Plans Charged Against Income Before Tax Effect	$	156,910		$	173,600		$	601,326		$	423,625

Income Tax Expense Recognized in Income	$	(60,528	)	$	(66,966	)	$	(231,961	)	$	(163,413	)

Accrued Liabilities (Tables)

6 Months Ended

Jun. 30, 2013

Payables And Accruals [Abstract]

Summary of Accrued Liabilities

Accrued liabilities consist of the following:


	As of
	June 30, 2013		December 31, 2012
Golf Course Lease	$	3,522,068	$	3,702,194
Deferred Compensation		376,736		828,998
Accrued Property Taxes		455,439		—
Deferred Lease and Other Income		808,725		970,802
Other Post-Retirement Benefits		169,011		186,695
Legal Reserves		—		723,058
Reserve for Tenant Improvement		63,888		—
Other		449,456		560,596

	$	5,845,323	$	6,972,343

Business Segment Data (Tables)

6 Months Ended

Jun. 30, 2013

Segment Reporting [Abstract]

Summary of Operations in Different Segments

Information about the Company’s operations in the different segments for the three and six months ended June 30, 2013 and 2012 is as follows:


	Three Months Ended						Six Months Ended
	June 30, 2013			June 30, 2012			June 30, 2013			June 30, 2012
Revenues:
Income Properties	$	3,325,616		$	2,238,516		$	6,413,034		$	4,361,777
Real Estate Operations		302,977			929,717			641,325			1,995,384
Golf Operations		1,312,826			1,253,079			2,777,511			2,582,658
Agriculture and Other Income		30,506			7,990			128,183			50,658

	$	4,971,925		$	4,429,302		$	9,960,053		$	8,990,477

Operating Income (Loss):
Income Properties	$	2,943,544		$	2,063,726		$	5,801,453		$	4,042,583
Real Estate Operations		118,714			705,760			335,584			1,606,609
Golf Operations		(112,546	)		(182,227	)		(55,490	)		(313,578	)
Agriculture and Other Income		(24,579	)		(58,342	)		41,729			(87,232	)
General and Corporate Expense		(1,974,873	)		(1,664,758	)		(4,445,146	)		(3,505,860	)

	$	950,260		$	864,159		$	1,678,130		$	1,742,522

Depreciation and Amortization:
Income Properties	$	657,544		$	461,622		$	1,315,064		$	878,287
Real Estate Operations		—			—			—			—
Golf Operations		50,318			34,293			99,993			87,207
Agriculture and Other		6,337			24,120			15,851			56,995

	$	714,199		$	520,035		$	1,430,908		$	1,022,489


Capital Expenditures:
Income Properties	$	4,498		$	6,890,120		$	27,810,674		$	6,890,120
Real Estate Operations		—			—			—			—
Golf Operations		19,697			—			85,820			—
Agriculture and Other		24,282			28,024			45,461			37,506

	$	48,477		$	6,918,144		$	27,941,955		$	6,927,626


	As of
	June 30, 2013		December 31, 2012
Identifiable Assets:
Income Properties	$	146,909,609	$	130,726,326
Real Estate		32,781,686		34,161,944
Golf		3,042,257		3,230,225
Agriculture and Other		18,283,326		16,578,405

	$	201,016,878	$	184,696,900

Description of Business and Principles of Interim Statements - Additional Information (Detail)	3 Months Ended		6 Months Ended
	Jun. 30, 2013 USD ($) ft² a Property State	Jun. 30, 2012 USD ($)	Jun. 30, 2013 USD ($) ft² a Property State	Jun. 30, 2012 USD ($)	Jan. 31, 2013 Property	Dec. 31, 2012 USD ($)
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Number of states in which entity operates \| State	7		7
Self developed multi tenant properties \| Property	2		2
Commercial real estate properties \| Property	35		35
Gross leasable space \| ft²	770,000		770,000
Land portfolio \| a	10,000		10,000
Income property portfolio description			More than 50%
Cash and cash equivalents maximum original maturity period			90 days
Restricted Cash	$ 233,589		$ 233,589
Number of properties acquired \| Property					2
Intangible asset, in place lease value net	6,127,641		6,127,641			$ 4,527,426
Accumulated amortization expense	2,937,976		2,937,976			$ 3,443,102
Amortization expense	$ 163,969	$ 102,715	$ 331,478	$ 200,122

Description of Business and Principles of Interim Statements - Summary of Estimated Amortization Expense (Detail) - USD ($)	Jun. 30, 2013	Dec. 31, 2012
Organization Consolidation And Presentation Of Financial Statements [Abstract]
2013	$ 645,547
2014	645,547
2015	628,234
2016	562,149
2017	511,676
Thereafter	3,134,488
Total	$ 6,127,641	$ 4,527,426

Recent Acquisitions of Income Properties - Additional Information (Detail)	1 Months Ended	6 Months Ended
	Jul. 25, 2013 USD ($) ft² Lease	Jun. 30, 2013 USD ($) Property	Jun. 30, 2012 USD ($)
Business Acquisition [Line Items]
Number of income properties acquired \| Property		7
Total acquisition cost of property		$ 27,800,000
Purchase price allocated to amortizable intangible assets		$ 2,183,538	$ 506,096
Weighted average amortization allocated to intangible assets, period		10 years 1 month 6 days
Total acquisition cost of property		$ 25,758,419	$ 6,927,626
Subsequent Event [Member]
Business Acquisition [Line Items]
Area of property acquired \| ft²	16,280
Total acquisition cost of property	$ 6,600,000
Remaining term of lease	13 years
Number of lease extension Options \| Lease	6
Period of lease extension	5 years
Intangible Assets Pertaining [Member]
Business Acquisition [Line Items]
Purchase price allocated to amortizable intangible assets		2,200,000
Land [Member]
Business Acquisition [Line Items]
Purchase price allocated to land		9,400,000
Building and Building Improvements [Member]
Business Acquisition [Line Items]
Purchase price allocated to building and improvement		$ 16,200,000

Discontinued Operations - Additional Information (Detail)	1 Months Ended				3 Months Ended		6 Months Ended
	May 31, 2013 USD ($) ft²	Feb. 28, 2013 USD ($)	Feb. 14, 2013 USD ($) ft²	May 31, 2012 USD ($) ft²	Jun. 30, 2013 USD ($)	Jun. 30, 2012 USD ($) Property	Jun. 30, 2013 USD ($)	Jun. 30, 2012 USD ($) Property	Feb. 21, 2013 ft²
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of Discontinued Operations Sold Property Under Lease \| ft²	13,905		4,128						13,824
Selling price of disposition of assets	$ 3,400,000	$ 4,050,000	$ 3,550,000
Gain on Sale of Property	$ 503,000				$ 503,037	$ 78,455	$ 530,849	$ 78,455
Gain on disposition of assets							557,216	354,019
Loss from Disposal of Property Discontinued Operation Before Income Tax			$ 427,000
Real Estate Operations					$ 302,977	$ 929,717	$ 641,325	$ 1,995,384
Number of Investment Properties \| Property						2		2
Florida [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on disposition of assets		$ 54,000
North Carolina [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of Discontinued Operations Sold Property Under Lease \| ft²				25,454
Real Estate Operations				$ 3,925,000
Powder Springs [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of Discontinued Operations Sold Property Under Lease \| ft²				15,120
Real Estate Operations				$ 4,090,323

Discontinued Operations - Summary of Income from Discontinued Operations (Detail) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended
	May 31, 2013	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Disposal Group Not Discontinued Operation Income Statement Disclosures [Abstract]
Leasing Revenue and Other Income		$ 44,110	$ 211,625	$ 186,737	$ 586,176
Costs and Other Expenses		(9,962)	(35,306)	(30,435)	(70,612)
Income from Operations		34,148	176,319	156,302	515,564
Gain on Sale of Property	$ 503,000	503,037	78,455	530,849	78,455
Income before Income Tax Expense		537,185	254,774	687,151	594,019
Income Tax Expense		(207,219)	(98,279)	(265,068)	(229,143)
Income from Discontinued Operations		$ 329,966	$ 156,495	$ 422,083	$ 364,876

Common Stock and Earnings Per Share - Summary of Common Stock and Earnings Per Share (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Income Available to Common Shareholders:
Income (Loss) from Continuing Operations	$ (78,196)	$ 443,091	$ 166,732	$ 729,111
Discontinued Operations	329,966	156,495	422,083	364,876
Net Income	$ 251,770	$ 599,586	$ 588,815	$ 1,093,987
Weighted Average Shares Outstanding	5,739,096	5,725,120	5,728,178	5,725,120
Common Shares Applicable to Stock
Options Using the Treasury Stock Method
Total Shares Applicable to Diluted Earnings Per Share	5,739,096	5,725,120	5,728,178	5,725,120
Basic and Diluted Per Share Information:
Income (Loss) from Continuing Operations	$ (0.02)	$ 0.08	$ 0.03	$ 0.13
Discontinued Operations	0.06	0.02	0.07	0.06
Net Income	$ 0.04	$ 0.10	$ 0.10	$ 0.19

Common Stock and Earnings Per Share - Additional Information (Detail) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Earnings Per Share [Abstract]
Antidilutive potentially securities	15,532	165,708	26,198	140,939

Pension Plan - Additional Information (Detail)	1 Months Ended	3 Months Ended	6 Months Ended
Pension Plan - Additional Information (Detail)	Jan. 31, 2013 USD ($)	Jun. 30, 2013 USD ($)	Jun. 30, 2013 USD ($) Age
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Defined benefit plan, General Information			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.
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 \| $	$ 84,600	$ 0	$ 0
Minimum [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Defined benefit plan, eligibility age criteria \| Age			21
Defined benefit plan eligibility year of service rendered			1 year

Notes Payable and Line of Credit - Additional Information (Detail)	1 Months Ended				3 Months Ended			6 Months Ended
	Mar. 29, 2013 USD ($)	Feb. 14, 2013 USD ($)	Sep. 30, 2012 USD ($)	Feb. 27, 2012 USD ($)	Jun. 30, 2013 USD ($)	Jun. 30, 2012 USD ($)	Mar. 31, 2012 USD ($)	Jun. 30, 2013 USD ($)	Jun. 30, 2012 USD ($)	Mar. 08, 2013 USD ($) Property	Feb. 22, 2013 USD ($)
Proforma Debt Instrument [Line Items]
Expiration date of Line of Credit	Mar. 31, 2016
Deferred loan costs write off									$ 245,726
Capacity available on existing credit facility		$ 66,000,000	$ 62,000,000
Credit facility capacity available					$ 52,000,000			$ 52,000,000
Interest Expense					415,772	$ 126,181		712,439	276,411
Interest Paid					363,585	133,751		662,755	249,191
Interest capitalized								0	0
Amortization of loan costs					52,824	$ 26,181		$ 93,688	$ 46,191
Note Payable to Banks [Member]
Proforma Debt Instrument [Line Items]
Long Term Debt LIBOR Plus interest rate, Reckoning Period				30 days
BOA Note Payable [Member]
Proforma Debt Instrument [Line Items]
Loan closed										$ 23,100,000
Maturity Period								2023-04
Interest rate on mortgage loan								3.67%
Number of income properties \| Property										14
UBS Note Payable [Member]
Proforma Debt Instrument [Line Items]
Loan closed											$ 7,300,000
Maturity Period								2018-02
Interest rate on mortgage loan								3.655%
Line of Credit New [Member]
Proforma Debt Instrument [Line Items]
Revolving credit facility				$ 46,000,000
Line of Credit New [Member] \| Minimum [Member]
Proforma Debt Instrument [Line Items]
Interest rate Description				LIBOR plus 175 basis points
LIBOR plus interest rate				1.75%
Line of Credit New [Member] \| Maximum [Member]
Proforma Debt Instrument [Line Items]
Interest rate Description				LIBOR plus 250 basis points
LIBOR plus interest rate				2.50%
Sun Trust Bank [Member]
Proforma Debt Instrument [Line Items]
Revolving credit facility					25,000,000			$ 25,000,000
Expiration date of Line of Credit				Feb. 27, 2015
Revolving credit facility expiration date								Jun. 27, 2014
Initial disbursement of credit facility								$ 9,700,000
Term loan								$ 5,600,000
Term loan maturity date								Jul. 01, 2012
Deferred loan costs write off							$ 245,726
Line of Credit Facility Second Amended [Member]
Proforma Debt Instrument [Line Items]
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]
Proforma Debt Instrument [Line Items]
Interest rate Description	LIBOR plus 150 basis points
LIBOR plus interest rate	1.50%
Line of Credit Facility Second Amended [Member] \| Maximum [Member]
Proforma Debt Instrument [Line Items]
Interest rate Description	LIBOR plus 225 basis points
LIBOR plus interest rate	2.25%
Line of Credit Amended [Member]
Proforma Debt Instrument [Line Items]
Line of credit facility maximum borrowing capacity					$ 66,000,000			$ 66,000,000

Notes Payable and Line of Credit - Summary of Notes Payable and Line of Credit (Detail) - USD ($)	Jun. 30, 2013	Dec. 31, 2012
Proforma Debt Instrument [Line Items]
Notes Payable and Line of Credit	$ 44,427,033	$ 29,126,849
Notes Payable and Line of Credit Due Within One Year
$66 Million Credit Facility [Member]
Proforma Debt Instrument [Line Items]
Notes Payable and Line of Credit	14,027,033
Notes Payable and Line of Credit Due Within One Year
UBS Note Payable [Member]
Proforma Debt Instrument [Line Items]
Notes Payable and Line of Credit	7,300,000
Notes Payable and Line of Credit Due Within One Year
BOA Note Payable [Member]
Proforma Debt Instrument [Line Items]
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 - Summary of Payments Applicable to Reduction of Principal Amounts (Detail) - USD ($)	Jun. 30, 2013	Dec. 31, 2012
Debt Disclosure [Abstract]
2013
2014
2015
2016	14,027,033
2017
Thereafter	30,400,000
Notes Payable	$ 44,427,033	$ 29,126,849

Stock-Based Compensation - Additional Information (Detail) - USD ($)	1 Months Ended	6 Months Ended	12 Months Ended
	Jan. 31, 2013	Jun. 30, 2013	Dec. 31, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average period of compensation cost to be recognized		7 months 6 days
Stock based compensation, Shares, Granted
Options granted exercise price
Percent of options vested in each anniversaries Description		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.
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.
Restricted share award closing prices range per share, Minimum		$ 36.00
Restricted share award closing prices range per share, Maximum		$ 65.00
Restricted share award average closing prices, period		60 days
Stock based compensation, Shares Vested
Restricted share award closing prices range per share, Average		$ 36
Mr Albright [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, Shares Vested		16,000
Mr Patten [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, Shares Vested		2,500
Non Qualified Stock Option Award [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation related to non-qualified stock option awards market condition non-vested restricted shares		$ 465,547
Weighted average period of compensation cost to be recognized		2 years
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		$ 166,850
Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Intrinsic value of options exercised		72,008
Restricted Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation related to non-qualified stock option awards market condition non-vested restricted shares		$ 56,057
Weighted average period of compensation cost to be recognized		2 years 4 months 24 days
Stock based compensation, Shares, Granted
Stock based compensation, Shares Vested		18,500
Unrecognized compensation cost		$ 375,339
Stock Appreciation Rights [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Intrinsic value of options exercised		$ 38,774
Option shares issued under stock appreciation rights		0	0
Stock Options And Stock Appreciation Rights [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Option liability		$ 258,802	$ 265,311
2010 Plan [Member] \| Non Qualified Stock Option Award [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, Shares, Granted		51,000
Options granted exercise price	$ 34.95
2010 Plan [Member] \| Non Qualified Stock Option Award [Member] \| Mr Albright [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, Shares, Granted		50,000
2010 Plan [Member] \| Non Qualified Stock Option Award [Member] \| Mr Patten [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, Shares, Granted		10,000
2010 Plan [Member] \| Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option plan 2001 expiration date		2010
2010 Plan [Member] \| Restricted Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period		5 years
2010 Plan [Member] \| Restricted Shares [Member] \| Mr Albright [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, Shares, Granted		96,000
2010 Plan [Member] \| Restricted Shares [Member] \| Mr Patten [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, Shares, Granted		17,000
2001 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock could be issued under stock option plan 2001		500,000
Number of new stock options issued under 2001 plan		0
2001 Plan [Member] \| Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, Shares, Granted
Options granted exercise price
2001 Plan [Member] \| Stock Appreciation Rights [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, Shares, Granted

Stock-Based Compensation - Summary of Stock Based Compensation Activity (Detail)	6 Months Ended
	Jun. 30, 2013 $ / shares shares
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock based compensation, Shares Outstanding, beginning balance \| shares	7,900
Stock based compensation, Shares, Granted \| shares
Stock based compensation, Shares, Vested \| shares
Stock based compensation, Shares, Forfeited \| shares	(2,833)
Stock based compensation, Shares Outstanding, ending balance \| shares	5,067
Stock based compensation, Weighted Average Exercise Price, beginning balance \| $ / shares	$ 23.13
Stock based compensation, Weighted Average Shares, Granted \| $ / shares
Stock based compensation, Weighted Average Shares, Vested \| $ / shares
Stock based compensation, Weighted Average Shares, Forfeited \| $ / shares	23.13
Stock based compensation, Weighted Average Exercise Price, ending balance \| $ / shares	$ 23.13

Stock-Based Compensation - Summary of Stock Based Compensation Activity for Non-Qualified Stock Option Award (Detail)	6 Months Ended
	Jun. 30, 2013 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, Shares, Granted \| shares
Stock based compensation, Weighted Average Exercise Price, 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 Exercise Price, ending balance	$ 23.13
Non Qualified Stock Option Award [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, Shares Outstanding, beginning balance \| shares	60,000
Stock based compensation, Shares, Granted \| shares	51,000
Stock based compensation, Shares Exercised \| shares	(16,500)
Stock based compensation, Shares Expired \| shares
Stock based compensation, Shares Outstanding, ending balance \| shares	94,500
Stock based compensation, Shares, Exercisable \| shares	3,300
Stock based compensation, Weighted Average Exercise Price, 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 Exercise Price, ending balance	32.21
Stock based compensation, Weighted Average Shares, Exercisable	$ 29.34
Stock based compensation, Weighted Average Remaining Contractual Term	6 years 3 months 4 days
Stock based compensation, Weighted Average Remaining Contractual Term, Exercisable	8 years 9 months 15 days
Stock based compensation, Aggregate Intrinsic Value, ending balance \| $	$ 562,120
Stock based compensation, Aggregate Intrinsic Value, Exercisable \| $	$ 29,106

Stock-Based Compensation - Summary of Market Condition Inducement Grant of Restricted Shares (Detail)	6 Months Ended
	Jun. 30, 2013 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
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]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
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 \| $ / 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 \| $ / shares	$ 17.33

Stock-Based Compensation - Summary of Share Option Activity of Stock Option and Stock Appreciation Rights Under 2001 Plan (Detail)	6 Months Ended
	Jun. 30, 2013 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, Shares, Granted \| shares
Stock based compensation, Weighted Average Exercise Price, beginning balance	$ 23.13
Stock based compensation, Weighted Average Exercise Price, Granted
Stock based compensation, Weighted Average Exercise Price, Exercised	23.13
Stock based compensation, Weighted Average Exercise Price, ending balance	$ 23.13
Stock Option [Member] \| 2001 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, Shares Outstanding, beginning balance \| shares	80,800
Stock based compensation, Shares, Granted \| shares
Stock based compensation, Shares Exercised \| shares	(9,200)
Stock based compensation, Shares, Expired \| shares	(15,400)
Stock based compensation, Shares Outstanding, ending balance \| shares	56,200
Stock based compensation, Shares, Exercisable \| shares	56,200
Stock based compensation, Weighted Average Exercise Price, beginning balance	$ 52.43
Stock based compensation, Weighted Average Exercise Price, Granted
Stock based compensation, Weighted Average Exercise Price, Exercised	30.06
Stock based compensation, Weighted Average Exercise Price, shares expired	63.58
Stock based compensation, Weighted Average Exercise Price, ending balance	53.03
Stock based compensation, Weighted Average Exercise Price, Exercisable	$ 53.03
Stock based compensation, Weighted Average Remaining Contractual Term	3 years 10 months 24 days
Stock based compensation, Weighted Average Remaining Contractual Term, Exercisable	3 years 10 months 24 days
Stock based compensation, Aggregate Intrinsic Value, ending balance \| $	$ 90,648
Stock based compensation, Aggregate Intrinsic Value, Exercisable \| $	$ 90,648
Stock Appreciation Rights [Member] \| 2001 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, Shares Outstanding, beginning balance \| shares	80,800
Stock based compensation, Shares, Granted \| shares
Stock based compensation, Shares Exercised \| shares	(9,200)
Stock based compensation, Shares, Expired \| shares	(15,400)
Stock based compensation, Shares Outstanding, ending balance \| shares	56,200
Stock based compensation, Shares, Exercisable \| shares	56,200
Stock based compensation, Weighted Average Exercise Price, beginning balance	$ 1.12
Stock based compensation, Weighted Average Exercise Price, Exercised	5.01
Stock based compensation, Weighted Average Exercise Price, shares expired	0.17
Stock based compensation, Weighted Average Exercise Price, ending balance	1.63
Stock based compensation, Weighted Average Exercise Price, Exercisable	$ 1.63
Stock based compensation, Weighted Average Remaining Contractual Term	3 years 10 months 24 days
Stock based compensation, Weighted Average Remaining Contractual Term, Exercisable	3 years 10 months 24 days
Stock based compensation, Aggregate Intrinsic Value, ending balance \| $	$ 48,810
Stock based compensation, Aggregate Intrinsic Value, Exercisable \| $	$ 48,810

Stock-Based Compensation - Assumptions Used in Determining Fair Value of Stock Options and Stock Appreciation Rights (Detail)	6 Months Ended	12 Months Ended
	Jun. 30, 2013	Dec. 31, 2012
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Expected Volatility	25.01%	24.34%
Expected Dividends	0.10%	0.13%
Expected Term	1 year	3 years
Risk-Free Rate	0.76%	0.39%

Stock-Based Compensation - Recognized Financial Statements for Stock Options, Stock Appreciation Rights, and Restricted Stock (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Total Cost of Share-Based Plans Charged Against Income Before Tax Effect	$ 156,910	$ 173,600	$ 601,326	$ 423,625
Income Tax Expense Recognized in Income	$ (60,528)	$ (66,966)	$ (231,961)	$ (163,413)

Accrued Liabilities - Summary of Accrued Liabilities (Detail) - USD ($)	Jun. 30, 2013	Dec. 31, 2012
Payables And Accruals [Abstract]
Golf Course Lease	$ 3,522,068	$ 3,702,194
Deferred Compensation	376,736	828,998
Accrued Property Taxes	455,439
Deferred Lease and Other Income	808,725	970,802
Other Post-Retirement Benefits	169,011	186,695
Legal Reserves		723,058
Reserve for Tenant Improvement	63,888
Other	449,456	560,596
Accrued Liabilities	$ 5,845,323	$ 6,972,343

Accrued Liabilities - Additional Information (Detail)	1 Months Ended	6 Months Ended
Accrued Liabilities - Additional Information (Detail)	Jul. 31, 2012 USD ($)	Jun. 30, 2013 USD ($)	Jan. 31, 2013 USD ($) Property
Accrued Liabilities [Line Items]
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 exceeding $5,500,000 and 7.0% of gross revenues 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	$ 2,600,000
Lease term expiration year	2022
Number of acquisition properties leased \| Property			2
Tenant improvements credited at closing balance			$ 733,000
Decrease in accrued liabilities for payments of completion of improvements		709,112
Remaining balance of completion of improvements to be paid on client request		$ 63,888
Maximum [Member]
Accrued Liabilities [Line Items]
Base rent payments per year	$ 500,000
Minimum [Member]
Accrued Liabilities [Line Items]
Base rent payments per year	$ 250,000

Income Taxes - Additional Information (Detail) - USD ($)	6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012
Income Tax Disclosure [Abstract]
Effective income tax rate including income taxes attributable to the discontinued operations	37.58%	38.13%
Net deferred income tax liability	$ 612,000
Year for audit of federal tax return by revenue service	2006

Commitments and Contingencies - Additional Information (Detail) - USD ($)	3 Months Ended	6 Months Ended
	Sep. 30, 2012	Jun. 30, 2013	Dec. 31, 2012	May 31, 2010
Commitment And Contingencies [Line Items]
Settlement reserve accrued	$ 611,691
Additional reserve reflect value of additional underdeveloped acres and cost			$ 723,058
Minimum [Member]
Commitment And Contingencies [Line Items]
Amount of the judgment plus interest		$ 4,400,000
FM Bayberry Cove Holding, LLC [Member]
Commitment And Contingencies [Line Items]
Claim of lien on real property				$ 3,800,000

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

Business Segment Data - Additional Information (Detail)	6 Months Ended		12 Months Ended
Business Segment Data - Additional Information (Detail)	Jun. 30, 2013 USD ($) Segment	Jun. 30, 2012	Dec. 31, 2012
Segment Reporting [Abstract]
Number of operating segment \| Segment	3
Income property operation percent of identifiable asset	73.10%		70.80%
Income property operation percent of consolidated revenue	64.40%	48.50%
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

Business Segment Data - Summary of Operations in Different Segments (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012	Dec. 31, 2012
Segment Reporting Information [Line Items]
Revenues	$ 4,971,925	$ 4,429,302	$ 9,960,053	$ 8,990,477
Operating Income (Loss)	950,260	864,159	1,678,130	1,742,522
Depreciation and Amortization	714,199	520,035	1,430,908	1,022,489
Capital Expenditures	48,477	6,918,144	27,941,955	6,927,626
Identifiable Assets	201,016,878		201,016,878		$ 184,696,900
Income Properties [Member]
Segment Reporting Information [Line Items]
Revenues	3,325,616	2,238,516	6,413,034	4,361,777
Operating Income (Loss)	2,943,544	2,063,726	5,801,453	4,042,583
Depreciation and Amortization	657,544	461,622	1,315,064	878,287
Capital Expenditures	4,498	6,890,120	27,810,674	6,890,120
Identifiable Assets	146,909,609		146,909,609		130,726,326
Real Estate Operations [Member]
Segment Reporting Information [Line Items]
Revenues	302,977	929,717	641,325	1,995,384
Operating Income (Loss)	118,714	705,760	335,584	1,606,609
Depreciation and Amortization
Capital Expenditures
Identifiable Assets	32,781,686		32,781,686		34,161,944
Golf Operations [Member]
Segment Reporting Information [Line Items]
Revenues	1,312,826	1,253,079	2,777,511	2,582,658
Operating Income (Loss)	(112,546)	(182,227)	(55,490)	(313,578)
Depreciation and Amortization	50,318	34,293	99,993	87,207
Capital Expenditures	19,697		85,820
Identifiable Assets	3,042,257		3,042,257		3,230,225
Agriculture and Other [Member]
Segment Reporting Information [Line Items]
Revenues	30,506	7,990	128,183	50,658
Operating Income (Loss)	(24,579)	(58,342)	41,729	(87,232)
Depreciation and Amortization	6,337	24,120	15,851	56,995
Capital Expenditures	24,282	28,024	45,461	37,506
Identifiable Assets	18,283,326		18,283,326		$ 16,578,405
General and Corporate Expense [Member]
Segment Reporting Information [Line Items]
Operating Income (Loss)	$ (1,974,873)	$ (1,664,758)	$ (4,445,146)	$ (3,505,860)

Land Impairment - Additional Information (Detail)	3 Months Ended	6 Months Ended
Land Impairment - Additional Information (Detail)	Jun. 30, 2013 USD ($) a	Jun. 30, 2013 USD ($)
Property Plant And Equipment Useful Life And Values [Abstract]
Acres of land under agreement to sale	3.21
Acres of land subject to assessment of recoverability	3.02
Impairment analysis for specified acres of land	6.23
Impairment Charges \| $	$ 616,278	$ 616,278