View Filing Data

Print Document View Excel Document

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2016	Oct. 21, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2016
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q3
Entity Registrant Name	CONSOLIDATED TOMOKA LAND CO
Entity Central Index Key	0000023795
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		5,739,566

Consolidated Balance Sheets (Unaudited) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Property, Plant, and Equipment:
Income Properties, Land, Buildings, and Improvements	$ 241,841,215	$ 268,970,875
Golf Buildings, Improvements, and Equipment	3,450,342	3,432,681
Other Furnishings and Equipment	1,062,472	1,044,139
Construction in Progress	2,519,706	50,610
Total Property, Plant, and Equipment	248,873,735	273,498,305
Less, Accumulated Depreciation and Amortization	(15,016,672)	(16,242,277)
Property, Plant, and Equipment—Net	233,857,063	257,256,028
Land and Development Costs ($11,613,782 and $11,329,574 Related to Consolidated VIE as of September 30, 2016 and December 31, 2015, respectively)	58,460,992	53,406,020
Intangible Lease Assets—Net	31,002,084	20,087,151
Impact Fee and Mitigation Credits	4,062,228	4,554,227
Commercial Loan Investments	23,960,467	38,331,956
Cash and Cash Equivalents	9,041,486	4,060,677
Restricted Cash	6,643,732	14,060,523
Investment Securities	0	5,703,767
Refundable Income Taxes	1,931,359	858,471
Other Assets	8,584,059	6,034,824
Total Assets	377,543,470	404,353,644
Liabilities:
Accounts Payable	1,761,159	1,934,417
Accrued and Other Liabilities	8,117,733	8,867,919
Deferred Revenue	3,031,700	14,724,610
Intangible Lease Liabilities - Net	30,919,973	31,979,559
Accrued Stock-Based Compensation	52,154	135,554
Deferred Income Taxes—Net	48,835,542	39,526,406
Long-Term Debt	135,553,756	166,796,853
Total Liabilities	228,272,017	263,965,318
Commitments and Contingencies - See Note 18
Consolidated-Tomoka Land Co. Shareholders' Equity:
Common Stock – 25,000,000 shares authorized; $1 par value, 6,018,816 shares issued and 5,745,514 shares outstanding at September 30, 2016; 6,068,310 shares issued and 5,908,437 shares outstanding at December 31, 2015	5,911,812	5,901,510
Treasury Stock – 273,302 shares at September 30, 2016; 159,873 shares at December 31, 2015	(13,350,705)	(7,866,410)
Additional Paid-In Capital	20,118,710	16,991,257
Retained Earnings	131,144,058	120,444,002
Accumulated Other Comprehensive Loss	(225,240)	(688,971)
Total Consolidated-Tomoka Land Co. Shareholders' Equity	143,598,635	134,781,388
Noncontrolling Interest in Consolidated VIE	5,672,818	5,606,938
Total Shareholders’ Equity	149,271,453	140,388,326
Total Liabilities and Shareholders’ Equity	$ 377,543,470	$ 404,353,644

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Land and Development Costs	$ 58,460,992	$ 53,406,020
Common Stock, shares authorized	25,000,000	25,000,000
Common Stock, par value	$ 1	$ 1
Common Stock, shares issued	6,018,816	6,068,310
Common Stock, shares outstanding	5,745,514	5,908,437
Treasury Stock, shares held	273,302	159,873
Variable Interest Entity [Member]
Land and Development Costs	$ 11,613,782	$ 11,329,574

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Revenues
Income Properties	$ 6,021,331	$ 5,034,090	$ 18,483,654	$ 13,426,817
Interest Income from Commercial Loan Investments	534,212	546,640	2,050,507	1,816,834
Real Estate Operations	4,643,646	1,748,398	18,979,164	3,976,340
Golf Operations	1,001,368	949,083	3,877,923	3,935,076
Agriculture and Other Income	10,388	19,504	48,070	59,181
Total Revenues	12,210,945	8,297,715	43,439,318	23,214,248
Direct Cost of Revenues
Income Properties	(1,430,642)	(997,760)	(3,811,389)	(2,321,493)
Real Estate Operations	(1,257,183)	(316,613)	(4,638,865)	(1,221,189)
Golf Operations	(1,302,920)	(1,355,469)	(4,154,684)	(4,201,313)
Agriculture and Other Income	(52,894)	(51,484)	(153,599)	(149,830)
Total Direct Cost of Revenues	(4,043,639)	(2,721,326)	(12,758,537)	(7,893,825)
General and Administrative Expenses	(1,821,827)	(2,778,960)	(8,518,410)	(6,123,603)
Impairment Charges			(2,180,730)	(510,041)
Depreciation and Amortization	(1,945,460)	(1,417,129)	(5,818,386)	(3,644,620)
Gain on Disposition of Assets	11,479,490	3,763,140	12,842,438	3,781,329
Total Operating Expenses	3,668,564	(3,154,275)	(16,433,625)	(14,390,760)
Operating Income	15,879,509	5,143,440	27,005,693	8,823,488
Investment Income (Loss)	2,531	170,466	(561,162)	395,743
Interest Expense	(2,454,390)	(1,892,145)	(6,700,593)	(4,847,081)
Income Before Income Tax Expense	13,427,650	3,421,761	19,743,938	4,372,150
Income Tax Expense	(5,281,646)	(1,349,480)	(8,624,727)	(1,721,896)
Net Income	8,146,004	2,072,281	11,119,211	2,650,254
Less: Net Loss (Income) Attributable to Noncontrolling Interest in Consolidated VIE	15,010	7,590	36,964	7,590
Net Income Attributable to Consolidated-Tomoka Land Co.	$ 8,161,014	$ 2,079,871	$ 11,156,175	$ 2,657,844
Per Share Information- See Note 10
Basic Net Income Attributable to Consolidated-Tomoka Land Co.	$ 1.44	$ 0.36	$ 1.96	$ 0.46
Diluted Net Income Attributable to Consolidated-Tomoka Land Co.	1.44	$ 0.36	1.95	0.45
Dividends Declared and Paid	$ 0.04		$ 0.08	$ 0.04

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Statement of Comprehensive Income [Abstract]
Net Income Attributable to Consolidated-Tomoka Land Co.	$ 8,161,014	$ 2,079,871	$ 11,156,175	$ 2,657,844
Other Comprehensive Income
Realized Loss (Gain) on Investment Securities Sold (Net of Tax of $-0- and $(59,758) for the for the three months ended September 30, 2016 and 2015, respectively, and Net of Tax of $222,025 and $(108,998) for the nine months ended September 30, 2016 and 2015, respectively)		(95,156)	353,542	(176,707)
Unrealized Gain (Loss) on Investment Securities (Net of Tax of $-0- and $11,193 for the three months ended September 30, 2016 and 2015, respectively, and Net of Tax of $210,652 and $(29,901) for the nine months ended September 30, 2016 and 2015, respectively)		17,824	335,429	(47,607)
Cash Flow Hedging Derivative - Interest Rate Swap (Net of Tax of $69,100 and $-0- for the three months ended September 30, 2016 and 2015, respectively, and Net of Tax of $(141,450) and $-0- for the nine months ended September 30, 2016 and 2015, respectively)	110,031		(225,240)
Total Other Comprehensive Income (Loss), Net of Tax	110,031	(77,332)	463,731	(224,314)
Total Comprehensive Income	$ 8,271,045	$ 2,002,539	$ 11,619,906	$ 2,433,530

Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Statement of Comprehensive Income [Abstract]
Other Comprehensive Income Realized Gain on Investment Securities, tax	$ 0	$ (59,758)	$ 222,025	$ (108,998)
Other Comprehensive Income Unrealized Gain (Loss) on Available-for-Sale Investment Securities, tax	0	11,193	210,652	(29,901)
Cash Flow Hedging Derivative - Interest Rate Swap, Net of tax	$ 69,100	$ 0	$ (141,450)	$ 0

Consolidated Statements of Shareholders' Equity (Imported) - 9 months ended Sep. 30, 2016 - USD ($)	Common Stock [Member]	Treasury Stock [Member]	Additional Paid-In Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Total Consolidated-Tomoka Land Co. Shareholders’ Equity [Member]	Noncontrolling Interest in Consolidated VIE [Member]	Total
Beginning balance at Dec. 31, 2015	$ 5,901,510	$ (7,866,410)	$ 16,991,257	$ 120,444,002	$ (688,971)	$ 134,781,388	$ 5,606,938	$ 140,388,326
Net Income				11,156,175		11,156,175	(36,964)	11,119,211
Stock Repurchase		(5,484,295)				(5,484,295)		(5,484,295)
Exercise of Stock Options	850		328,703			329,553		329,553
Vested Restricted Stock	8,884		(205,090)			(196,206)		(196,206)
Stock Issuance	568		26,852			27,420		27,420
Stock Compensation Expense from Restricted Stock Grants and Equity Classified Stock Options			2,976,988			2,976,988		2,976,988
Cash Dividends ($0.08 per share)				(456,119)		(456,119)		(456,119)
Contributions from Noncontrolling Interest in Consolidated VIE							102,844	102,844
Other Comprehensive Income, Net of Tax					463,731	463,731		463,731
Ending balance at Sep. 30, 2016	$ 5,911,812	$ (13,350,705)	$ 20,118,710	$ 131,144,058	$ (225,240)	$ 143,598,635	$ 5,672,818	$ 149,271,453

Consolidated Statements of Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2016	Sep. 30, 2015
Statement of Stockholders' Equity [Abstract]
Dividends Declared and Paid	$ 0.04	$ 0.08	$ 0.04

Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Sep. 30, 2016	Sep. 30, 2015
Cash Flow from Operating Activities:
Net Income	$ 11,119,211	$ 2,650,254
Adjustments to Reconcile Net Income to Net Cash Provided by (Used In) Operating Activities:
Depreciation and Amortization	5,818,386	3,644,620
Amortization of Intangible Liabilities to Income Property Revenue	(1,722,165)
Loan Cost Amortization	715,448	265,443
Amortization of Discount on Convertible Debt	833,903	583,152
Amortization of Discount on Debt Securities within Investment Securities		(6,519)
Gain on Disposition of Property, Plant, and Equipment and Intangible Assets	(12,842,438)	(3,781,329)
Impairment Charges	2,180,730	510,041
Accretion of Commercial Loan Origination Fees	(164,893)	(59,581)
Amortization of Fees on Acquisition of Commercial Loan Investments	36,382	224
Discount on Commercial Loan Investment Payoff	217,500
Realized Loss (Gain) on Investment Securities	575,567	(285,705)
Realized Loss (Gain) on Investment Securities		(15,622)
Deferred Income Taxes	8,648,705	673,023
Non-Cash Compensation	2,893,589	1,350,557
Decrease (Increase) in Assets:
Refundable Income Taxes	(1,072,888)	267,280
Land and Development Costs	(6,083,694)	(847,124)
Impact Fees and Mitigation Credits	491,999	503,183
Other Assets	(3,243,619)	(1,814,321)
Increase (Decrease) in Liabilities:
Accounts Payable	(173,258)	525,586
Accrued and Other Liabilities	(750,186)	1,060,091
Deferred Revenue	(11,692,910)	(478,127)
Income Taxes Payable		201,433
Net Cash Provided By (Used In) Operating Activities	(4,214,631)	4,946,559
Cash Flow from Investing Activities:
Acquisition of Property, Plant, and Equipment	(2,714,273)	(2,015,545)
Acquisition of Property, Plant, and Equipment and Intangible Lease Assets and Liabilities through Business Combinations	(49,926,670)	(33,734,452)
Acquisition of Commercial Loan Investments		(15,248,628)
Acquisition of Land		(5,664,787)
Decrease (Increase) in Restricted Cash	7,416,791	(6,185,419)
Proceeds from Sale of Investment Securities	6,252,362	2,919,958
Proceeds from Sale of Put Options		92,902
Acquisition of Investment Securities		(10,036,588)
Proceeds from Disposition of Property, Plant, and Equipment	49,253,982	15,226,084
Principal Payments Received on Commercial Loan Investments	14,282,500	7,200,909
Net Cash Provided By (Used In) Investing Activities	24,564,692	(47,445,566)
Cash Flow from Financing Activities:
Proceeds from Long-Term Debt	32,750,000	95,875,000
Payments on Long-Term Debt	(42,050,000)	(47,540,011)
Cash Paid for Loan Fees	(392,448)
Cash Proceeds from Exercise of Stock Options	57,127	622,218
Contributions from Noncontrolling Interest in Consolidated VIE	102,844
Cash Used to Purchase Common Stock	(5,484,295)	(3,857,601)
Cash From (Used For) Excess Tax Benefit (Expense) from Vesting of Restricted Stock	302,352	(29,563)
Cash Paid for Vesting of Restricted Stock	(198,713)
Dividends Paid	(456,119)	(233,187)
Net Cash Provided By (Used In) Financing Activities	(15,369,252)	44,836,856
Net Increase in Cash	4,980,809	2,337,849
Cash, Beginning of Year	4,060,677	1,881,195
Cash, End of Period	$ 9,041,486	$ 4,219,044

Consolidated Statements of Cash Flows (Parenthetical) ft² in Millions		9 Months Ended
	Sep. 16, 2016 USD ($)	Sep. 30, 2016 USD ($) a	Sep. 30, 2015 USD ($) a
Interest paid		$ 6,000,000	$ 3,900,000
Interest capitalized		0	0
Income Taxes Paid		510,000	577,000
Income tax refunds		133,000	$ 3,000
Reduction in the value of accrued stock based Compensation		$ 83,000
Area of a real estate property		1,581
Net realized gain loss on investments		$ (576,000)
Sold \| Portfolio Sale
Sales price	$ 51,600,000
Sales price, non-cash transaction amount	23,100,000
Transfer of Portfolio Loans and Leases to Held-for-sale	$ 23,100,000
6 Acres of Undeveloped Land in Daytona Beach Florida [Member]
Area of a real estate property \| a			6
Acquisition of interest in property			$ 5,700,000
4.50% Convertible Senior Notes due 2020 [Member]
Amount of loan issued			$ 75,000,000
Debt Instrument Maturity Year		2020	2020
Equity component of the convertible notes issued			$ 2,100,000
Decrease in long-term debt			3,400,000
Increase in deferred income taxes			$ 1,300,000

Description of Business and Principles of Interim Statements

9 Months Ended

Sep. 30, 2016

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Description of Business and Principles of Interim Statements

NOTE 1. DESCRIPTION OF BUSINESS AND PRINCIPLES OF INTERIM STATEMENTS

Description of Business

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

We are a diversified real estate operating company. We own and manage twenty-nine commercial real estate properties in nine states in the U.S. As of September 30, 2016, we owned twenty-one single-tenant and eight multi-tenant income-producing properties with over 1.5 million square feet of gross leasable space. We also own and manage a land portfolio of approximately 10,500 acres in the City of Daytona Beach, Florida (the “City”). As of September 30, 2016, we had three commercial loan investments including one fixed-rate and one variable–rate mezzanine loan and a variable-rate B-Note representing a secondary tranche in a commercial mortgage loan. Our golf operations consist of the LPGA International golf club, which is managed by a third party. We also lease property for nineteen billboards, have agricultural operations on our land holdings that are managed by a third party, which consists of leasing land for hay and sod production, timber harvesting, and hunting leases, and own and manage subsurface interests. The results of our agricultural and subsurface leasing operations are included in Agriculture and Other Income and Real Estate Operations, respectively, in our consolidated statements of operations.

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, 2015, 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 nine months ended September 30, 2016 are not necessarily indicative of results to be expected for the year ending December 31, 2016.

Principles of Consolidation

The consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries, and other entities in which we have a controlling interest. Any real estate entities or properties included in the consolidated financial statements have been consolidated only for the periods that such entities or properties were owned or under control by us. All significant inter-company balances and transactions have been eliminated in the consolidated financial statements. Noncontrolling interests in consolidated pass-through entities are recognized before income taxes.

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.

Cash and Cash Equivalents

Cash and cash equivalents include cash on hand, bank demand accounts, and money market accounts having maturities at acquisition date of 90 days or less. The Company’s bank balances as of September 30, 2016 include certain amounts over the Federal Deposit Insurance Corporation limits.

Restricted Cash

Restricted cash totaled approximately $6.6 million at September 30, 2016 of which approximately $3.1 million of cash is being held in escrow, to be reinvested through the like-kind exchange structure into one or more other income properties. Approximately $393,000 is being held in a reserve primarily for property taxes and insurance escrows in connection with our financing of two properties acquired in January 2013; approximately $432,000 is being held in three separate escrow accounts related to three separate land transactions of which one closed in December 2013 and two closed in December 2015; approximately $28,000 is being held by the consolidated variable interest entity in which the Company is the primary beneficiary; approximately $2.1 million is being held in escrow for funding of customary tenant improvements pursuant to a lease with 24 Hour Fitness USA, Inc. (“24 Hour Fitness”) at The Grove at Winter Park property located in Winter Park, Florida; and approximately $647,000 is being held in a reserve primarily for certain required tenant improvements for the Lowe’s in Katy, Texas.

Investment Securities

In accordance with ASC Topic 320, Investments – Debt and Equity Securities, the Company’s investments in debt and equity securities (“Investment Securities”) have been determined to be classified as available-for-sale. Available-for-sale securities are carried at fair value in the consolidated balance sheets, with the unrealized gains and losses, net of tax, reported in other comprehensive income.

Realized gains and losses, and declines in value judged to be other-than-temporary related to equity securities, are included in investment income in the consolidated statements of operations. With respect to debt securities, when the fair value of a debt security classified as available-for-sale is less than its cost, management assesses whether or not: (i) it has the intent to sell the security or (ii) it is more likely than not that the Company will be required to sell the security before its anticipated recovery. If either of these conditions are met, the Company must recognize an other-than-temporary impairment through earnings for the differences between the debt security’s cost basis and its fair value, and such amount is included in investment income in the consolidated statements of operations. There were no other-than-temporary impairments during the nine months ended September 30, 2016 or 2015. During the fourth quarter of 2015, an other-than-temporary impairment was deemed to exist on a portion of the equity securities held by the Company, resulting in an impairment charge of approximately $60,000. The Company completed the disposition of its remaining position in Investment Securities during the nine months ended September 30, 2016 resulting in a loss of approximately $576,000.

The cost of Investment Securities sold is based on the specific identification method. Interest and dividends on Investment Securities classified as available-for-sale are included in investment income in the consolidated statements of operations.

The fair value of the Company’s available-for-sale equity securities were measured quarterly, on a recurring basis, using Level 1 inputs, or quoted prices for identical, actively traded assets. The fair value of the Company’s available-for-sale debt securities were measured quarterly, on a recurring basis, using Level 2 inputs.

Derivative Instrument and Hedging Activity

In conjunction with the variable-rate mortgage loan secured by our property located in Raleigh, North Carolina leased to Wells Fargo Bank, NA (“Wells Fargo”), the Company entered into an interest rate swap to fix the interest rate (the “Interest Rate Swap”). The Company accounts for its cash flow hedging derivative in accordance with ASC 815-20 “Derivatives and Hedging.” The derivative is included in Accrued and Other Liabilities on the consolidated balance sheet at its fair value. On the date the Interest Rate Swap was entered into, the Company designated the derivative as a hedge of the variability of cash flows to be paid related to the recognized long-term debt liability.

The Company formally documented the relationship between the hedging instrument and the hedged item, as well as its risk-management objective and strategy for undertaking the hedge transaction. At the hedge’s inception, the Company formally assessed whether the derivative that is used in hedging the transaction is highly effective in offsetting changes in cash flows of the hedged item, and we will continue to do so on an ongoing basis.

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

Fair Value of Financial Instruments

The carrying amounts of the Company’s financial assets and liabilities including cash and cash equivalents, restricted cash, accounts receivable, and accounts payable at September 30, 2016 and December 31, 2015, approximate fair value because of the short maturity of these instruments. The carrying amount of the Company’s investments in commercial loans approximates fair value at September 30, 2016 and December 31, 2015, since the floating rates of the loans reasonably approximate current market rates for notes with similar risks and maturities. The carrying value of the Company’s credit facility approximates fair value at September 30, 2016 and December 31, 2015, since the floating rate reasonably approximates current market rates for revolving credit arrangements with similar risks and maturities. The face value of the Company’s fixed rate commercial loan investment, mortgage notes, and convertible debt is measured at fair value based on current market rates for financial instruments with similar risks and maturities, see Note 6, “Fair Value of Financial Instruments.”

Fair Value Measurements

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

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

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

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

Classification of Commercial Loan Investments

Loans held for investment are stated at the principal amount outstanding and include the unamortized deferred loan fees offset by any applicable unaccreted purchase discounts and origination fees, if applicable, in accordance with GAAP.

Commercial Loan Investment Impairment

The Company’s commercial loans are held for investment. On a quarterly basis, the Company evaluates each loan and the performance of the collateral property and the financial and operating capabilities of the borrower/guarantor, in part, to assess whether any deterioration in the credit has occurred and for possible impairment of the loan. Impairment would reflect the Company’s determination that it is probable that all amounts due according to the contractual terms of the loan would not be collected. Impairment is measured based on the present value of the expected future cash flows from the loan discounted at the effective rate of the loan or the fair value of the collateral. Upon determination of an impairment, the Company would record an allowance to reduce the carrying value of the loan with a corresponding recognition of loss in the results of operations. Exercise of significant judgment is required in determining impairment, including assumptions regarding the estimate of expected future cash flows, collectability of the loan, the value of the underlying collateral, the operating performance of the borrower, and other factors including the existence and amount of guarantees. The Company has determined that, as of September 30, 2016 and December 31, 2015, no allowance for impairment was required.

Recognition of Interest Income from Commercial Loan Investments

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

Impact Fees and Mitigation Credits

Impact fees and mitigation credits are stated at historical cost. As these assets are sold, the related revenues and cost basis are reported as revenues from, and direct costs of, real estate operations, respectively, in the consolidated statements of operations.

Accounts Receivable

Accounts receivable related to income properties, which are classified in other assets on the consolidated balance sheets, primarily consist of tenant reimbursable expenses. Receivables related to tenant reimbursable expenses totaled approximately $53,000 and $831,000 as of September 30, 2016 and December 31, 2015, respectively.

Accounts receivable related to real estate operations, which are classified in other assets on the consolidated balance sheets, totaled approximately $4.0 million and $1.3 million as of as of September 30, 2016 and December 31, 2015, respectively. These accounts receivable are related to the reimbursement of certain infrastructure costs completed by the Company in conjunction with three land sale transactions that closed during the fourth quarter of 2015 and one land sale transaction that closed during the first quarter of 2016.

Trade accounts receivable primarily consist of receivables related to golf operations, which are classified in other assets on the consolidated balance sheets. Trade accounts receivable related to golf operations, which primarily consist of amounts due from members or private events, totaled approximately $242,000 and $253,000 as of September 30, 2016 and December 31, 2015, respectively.

The collectability of the aforementioned receivables is determined based on the aging of the receivable and a review of the specifically identified accounts using judgments. As of as of September 30, 2016 and December 31, 2015, no allowance for doubtful accounts was required.

Purchase Accounting for Acquisitions of Real Estate Subject to a Lease

In accordance with the Financial Accounting Standards Board (“FASB”) guidance on business combinations, the fair value of the real estate acquired with in-place leases is allocated to the acquired tangible assets, consisting of land, building and tenant improvements, and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases, the value of in-place leases, and the value of leasing costs, based in each case on their relative fair values. The Company has determined that income property purchases subject to a lease, whether that lease is in-place or originated at the time of acquisition, qualify as a business combination, and acquisition costs are expensed in the period the transaction closes and value is assigned to the identified lease assets.

The fair value of the tangible assets of an acquired leased property is determined by valuing the property as if it were vacant, and the “as-if-vacant” value is then allocated to land, building and tenant improvements based on the determination of the fair values of these assets.

In allocating the fair value of the identified intangible assets and liabilities of an acquired property, above-market and below-market in-place lease values are recorded as other assets or liabilities based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases, and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining term of the lease, including the probability of renewal periods. The capitalized above-market lease values are amortized as a reduction of rental income over the remaining terms of the respective leases. The capitalized below-market lease values are amortized as an increase to rental income over the initial term unless the Company believes that it is likely that the tenant will renew the option whereby the Company amortizes the value attributable to the renewal over the renewal period.

The aggregate value of other acquired intangible assets, consisting of in-place leases, is measured by the excess of (i) the purchase price paid for a property after adjusting existing in-place leases to market rental rates over (ii) the estimated fair value of the property as-if-vacant, determined as set forth above. The value of in-place leases exclusive of the value of above-market and below-market in-place leases is amortized to expense over the remaining non-cancelable periods of the respective leases. If a lease were to be terminated prior to its stated expiration, all unamortized amounts relating to that lease would be written off. The value of tenant relationships is reviewed for each individual transaction to determine if future value was derived from the acquisition.

Sales of Real Estate

Gains and losses on sales of real estate are accounted for as required by the “Accounting for Sales of Real Estate” Topic of FASB Accounting Standards Codification (“FASB ASC”) FASB ASC 976-605-25. The Company recognizes revenue from the sale of real estate at the time the sale is consummated, unless the property is sold on a deferred payment plan and the initial payment does not meet established criteria, or the Company retains some form of continuing involvement in the property. As market information becomes available, real estate cost basis is analyzed and recorded at the lower of cost or market.

Adoption of New Accounting Standard

A certain item in the prior period’s consolidated balance sheet has been reclassified to conform to the presentation as of and for the nine months ended September 30, 2016. Specifically, upon the adoption of ASU 2015-03, related to simplifying the presentation of debt issuance costs effective January 1, 2016, debt issuance costs, net of accumulated amortization, are required to be presented as a direct deduction from the carrying amount of the related long-term debt liability. The amount reclassified from other assets to long-term debt was approximately $1.7 million as of December 31, 2015.

Income Properties

9 Months Ended

Sep. 30, 2016

Business Combinations [Abstract]

Income Properties

NOTE 2. INCOME PROPERTIES

During the nine months ended September 30, 2016, the Company acquired seven single-tenant income properties and one multi-tenant income property, for an aggregate purchase price of approximately $49.8 million. Of the total acquisition cost, approximately $20.9 million was allocated to land, approximately $14.6 million was allocated to buildings and improvements, approximately $15.1 million was allocated to intangible assets pertaining to the in-place lease value, leasing fees and above market lease value, and approximately $800,000 was allocated to intangible liabilities for the below market lease value. The weighted average amortization period for the intangible assets and liabilities is approximately 17.2 years. The properties acquired during the nine months ended September 30, 2016 are described below:

On February 18, 2016, the Company acquired a 4,685 square-foot building situated on approximately 0.37 acres in Dallas, Texas which was 100% occupied and leased to two tenants, anchored by 7-Eleven, Inc. The purchase price was approximately $2.5 million, and as of the acquisition date, the weighted average remaining term of the leases was approximately 8.2 years.

On August 17, 2016, the Company acquired approximately 1.26 acres in Monterey, California, leased to Bank of America. The 1.26 acres contains a 32,692 square-foot building occupied by the tenant. The purchase price was approximately $8.4 million, and as of the acquisition date, the remaining term of the lease was approximately 4.3 years.

On September 15, 2016, the Company acquired four buildings in a sales-leaseback transaction with Bloomin’ Brands, Inc. (the “Bloomin’ Portfolio”) for a total purchase price of approximately $14.9 million as described below. As of the acquisition date, the remaining lease terms were each approximately 15.0 years:

6,528 square-foot building leased to Carrabba’s Italian Grill located in Austin, Texas;

6,176 square-foot building leased to Outback Steakhouse located in Austin, Texas;

7,216 square-foot building leased to Outback Steakhouse located in Charlottesville, Virginia; and

6,297 square-foot building leased to Outback Steakhouse located in Huntersville, North Carolina.

On September 22, 2016, the Company acquired approximately 0.91 acres in Dallas, Texas, leased to CVS Pharmacy (“CVS”). The 0.91 acres contains a 10,340 square-foot building occupied by the tenant. The purchase price was approximately $14.9 million, and as of the acquisition date, the remaining term of the lease was approximately 25.4 years.

On September 29, 2016, the Company acquired a 116,334 square-foot building situated on approximately 10.64 acres in Raleigh, North Carolina, leased to a subsidiary of At Home Group, Inc. The purchase price was approximately $9.2 million, and as of the acquisition date, the remaining term of the lease was approximately 13.0 years.

Nineteen income properties were disposed of during the nine months ended September 30, 2016 for an aggregate sales price of approximately $74.3 million as described below:

On April 5, 2016, the Company sold its income property leased to American Signature Furniture located in Daytona Beach, Florida, which had 3.8 years remaining on the lease, for a sales price of approximately $5.2 million. The Company’s gain on the sale was approximately $197,000, or $0.02 per share after tax.

On April 6, 2016, the Company sold its income property leased to an affiliate of CVS, located in Sebring, Florida, which was sub-leased to Advanced Auto Parts and had approximately 3.1 years remaining on the lease, for a sales price of approximately $2.4 million. The Company’s loss on the sale was approximately $210,000, or $0.02 per share after tax, which was charged to earnings as an impairment during the three months ended March 31, 2016.

On April 22, 2016, the Company sold its 15,360 square foot self-developed property leased to Teledyne ODI, located in Daytona Beach, Florida, which had approximately 9.3 years remaining on the lease, for a sales price of approximately $3.0 million. The Company’s gain on the sale was approximately $822,000, or $0.09 per share after tax.

On June 22, 2016, the Company sold its income property leased to Lowe’s located in Lexington, North Carolina, which had 9.6 years remaining on the lease, for a sales price of approximately $9.1 million. The Company’s gain on the sale was approximately $344,000, or $0.04 per share after tax.

On September 16, 2016, the Company sold its portfolio of fourteen single-tenant income properties (the “Portfolio Sale”). The properties include nine properties leased to Bank of America, located primarily in Orange County and also in Los Angeles County, California; two properties leased to Walgreens, located in Boulder, Colorado and Palm Bay, Florida; a property leased to a subsidiary of CVS located in Tallahassee, Florida; a ground lease for a property leased to Chase Bank located in Chicago, Illinois; and a ground lease for a property leased to Buffalo Wild Wings in Phoenix, Arizona. The sales price for the Portfolio Sale was approximately $51.6 million, which included the buyer’s assumption of the Company’s existing $23.1 million mortgage loan secured by the fourteen properties. The Portfolio Sale resulted in a net gain of approximately $11.1 million, or approximately $1.20 per share, after tax. The Company’s gain on the Portfolio Sale, was approximately $11.4 million, which is included in gain on disposition of assets, offset by approximately $367,000 of unamortized loan costs on the $23.1 million mortgage loan which were written off and included in interest expense on the consolidated statement of operations.

On September 30, 2016, the Company sold its income property leased to PNC Bank, N.A. located in Altamonte Springs, Florida, which was vacant and had approximately 3.1 years remaining on the lease, for a sales price of approximately $3.0 million. The Company’s loss on the sale was approximately $922,000, or $0.10 per share after tax, of which approximately $942,000 was previously recognized as an impairment charge during the three months ended June 30, 2016, with the difference of approximately $20,000 included in gain on disposition of assets during the three months ended September 30, 2016. The impairment charge of approximately $942,000 is described in Note 8, “Impairment of Long-Lived Assets.”

On April 5, 2016, the Company entered into a 15 year lease with 24 Hour Fitness for the anchor space at The Grove at Winter Park property located in Winter Park, Florida. The lease is for approximately 40,000 square feet, or 36%, of the 112,000 square foot multi-tenant retail center. On July 6, 2016, the Company funded approximately $4.0 million into an escrow account for customary tenant improvements for the build out of the space to be occupied by 24 Hour Fitness, which we estimate will open in the first quarter of 2017. 24 Hour Fitness will draw funding from escrow as construction progresses. As of September 30, 2016, approximately $1.9 million of construction has been funded from the escrow account, leaving a remaining commitment of approximately $2.1 million.

During the nine months ended September 30, 2015, the Company acquired three properties: one multi-tenant income property, one single-tenant income property, and a vacant outparcel adjacent to one of our multi-tenant properites, at an aggregate acquisition cost of approximately $34.2 million. Also during the nine months ended September 30, 2015, four single-tenant income properties were sold at an aggregate sales price of approximately $15.8 million, generating aggregate pre-tax gains of approximately $3.8 million. An impairment of approximately $510,000 was charged to earnings during the three months ended March 31, 2015, related to one of the four income property sales as more fully described in Note 8, “Impairment of Long-Lived Assets.”

- Definition

The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures.

+ References + Details

Commercial Loan Investments

9 Months Ended

Sep. 30, 2016

Receivables [Abstract]

Commercial Loan Investments

NOTE 3. COMMERCIAL LOAN INVESTMENTS

On May 26, 2016, the Company’s $14.5 million first mortgage loan secured by the Sheraton Old San Juan Hotel located in San Juan, Puerto Rico was paid off at a discount of approximately $218,000. At payoff, the remaining loan origination fee of approximately $145,000 net of loan costs of approximately $32,000 was accreted into income.

During the nine months ended September 30, 2016, the approximately $9.1 million B-Note secured by a property in Sarasota, Florida and the $10.0 million mezzanine loan secured by a property in Dallas, Texas were extended by the borrowers, each borrower having exercised one-year extension options, to June 2017 and September 2017, respectively.

As of September 30, 2016, the Company owned three performing commercial loan investments which have an aggregate outstanding principal balance of approximately $24.0 million. These loans are secured by real estate, or the borrower’s equity interest in real estate, located in Dallas, Texas, Sarasota, Florida, and Atlanta, Georgia and have an average remaining maturity of approximately 1.1 years and a weighted average interest rate of 8.8%.

The Company’s commercial loan investment portfolio was comprised of the following at September 30, 2016:


	Date of	Maturity	Original Face		Current Face		Carrying
Description	Investment	Date	Amount		Amount		Value		Coupon Rate
Mezz – Hotel – Atlanta, GA	January 2014	February 2019	$	5,000,000	$	5,000,000	$	5,000,000	12.00%
B-Note – Retail Shopping Center, Sarasota, FL	May 2014	June 2017		8,960,467		8,960,467		8,960,467	30‑day LIBOR plus 7.50%
Mezz – Hotel, Dallas, TX	September 2014	September 2017		10,000,000		10,000,000		10,000,000	30 day LIBOR plus 7.25%
Total			$	23,960,467	$	23,960,467	$	23,960,467

The carrying value of the commercial loan investment portfolio as of September 30, 2016 consisted of the following:


	Total
Current Face Amount	$	23,960,467
Unamortized Fees		—
Unaccreted Origination Fees		—
Total Commercial Loan Investments	$	23,960,467

The Company’s commercial loan investment portfolio was comprised of the following at December 31, 2015:


	Date of	Maturity	Original Face		Current Face		Carrying
Description	Investment	Date	Amount		Amount		Value		Coupon Rate
Mezz – Hotel – Atlanta, GA	January 2014	February 2019	$	5,000,000	$	5,000,000	$	5,000,000	12.00%
B-Note – Retail Shopping Center, Sarasota, FL	May 2014	June 2016		8,960,467		8,960,467		8,960,467	30 day LIBOR plus 7.50%
Mezz – Hotel, Dallas, TX	September 2014	September 2016		10,000,000		10,000,000		10,000,000	30 day LIBOR plus 7.25%
First Mortgage – Hotel, San Juan, Puerto Rico	September 2015	September 2018		14,500,000		14,500,000		14,371,489	30 day LIBOR plus 9.00%
Total			$	38,460,467	$	38,460,467	$	38,331,956

The carrying value of the commercial loan investment portfolio as of December 31, 2015 consisted of the following:


	Total
Current Face Amount	$	38,460,467
Unamortized Fees		36,382
Unaccreted Origination Fees		(164,893)
Total Commercial Loan Investments	$	38,331,956

- Definition

The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.

+ References + Details

Land and Subsurface Interests

9 Months Ended

Sep. 30, 2016

Real Estate [Abstract]

Land and Subsurface Interests

NOTE 4. LAND AND SUBSURFACE INTERESTS

During the nine months ended September 30, 2016, a total of approximately 11.96 acres of land was sold for approximately $2.4 million as described below:

On February 12, 2016, the Company sold approximately 3.06 acres of land located in Daytona Beach, Florida at a sales price of $190,000, or approximately $62,000 per acre, for a gain of approximately $145,000.

On March 30, 2016, the Company sold approximately 4.40 acres of land located within the 235-acre Tomoka Town Center located in Daytona Beach, Florida east of Interstate 95 and south of LPGA Boulevard (the “Town Center”) at a sales price of approximately $2.0 million, or approximately $455,000 per acre, for a gain of approximately $1.25 million recognized at closing, with the remaining estimated gain of approximately $683,000 to be recognized as related infrastructure work is completed.

On September 27, 2016 the Company sold approximately 4.50 acres of land (the “Sales Center Site”) to an affiliate of Minto Communities (“Minto”) at a sales price of approximately $205,000, or approximately $46,000 per acre, for a gain of approximately $126,000. The Sales Center Site is located within the land parcel already under contract to Minto. Minto has begun construction on the Sales Center Site of the sales center for Oasis Daytona.

In addition, the gain recognized on the percentage-of-completion basis for the sales within the Town Center, of which approximately 180 of the total 235 acres are developable, is described below. The Town Center infrastructure work was approximately 95% complete as of September 30, 2016. The gain consists of revenue from a portion of the sales price and revenue from expected reimbursement of infrastructure costs, less the allocated cost basis of the infrastructure costs incurred, as the infrastructure work is completed:


							Revenue (1)								Deferred
					Avg. Sales		Recognized		Revenue (1)		Gain (2)		Gain (2)		Revenue (3) as
		No. of			Price per		in		Recognized in		Recognized		Recognized in		of September 30,
Land Tract	Date Closed	Acres	Sales Price		Acre		Q3 2016		YTD Q3 2016		in Q3 2016		YTD Q3 2016		2016
Tanger Outlet	11/12/2015	38.93	$	9,700,000	$	249,165	$	1,553,551	$	6,682,681	$	1,250,016	$	5,356,247	$	393,546
Sam's Club	12/23/2015	18.10		4,500,000		248,619		796,397		3,423,880		655,273		2,807,171		130,463
NADG - First Parcel	12/29/2015	37.26		5,168,335		138,710		989,346		4,258,592		698,832		2,989,057		283,751
NADG - Outparcel	3/30/2016	4.40		2,000,000		454,545		314,462		2,089,796		264,409		1,811,018		109,802
Total Tomoka Town Center Sales		98.69	$	21,368,335	$	216,520	$	3,653,756	$	16,454,949	$	2,868,530	$	12,963,493	$	917,562

⁽¹⁾

The revenue recognized in each quarter consists of revenue from a portion of the sales price that was previously deferred and revenue from expected reimbursements, as the infrastructure work is completed.

⁽²⁾

The gain recognized in each quarter consists of revenue less the allocated cost basis of the infrastructure costs, as the infrastructure work is completed.

⁽³⁾

The total revenue remaining to be recognized for the above land transactions includes the above approximately $918,000 of deferred revenue plus an estimated approximately $191,000 of revenue related to the reimbursement of the infrastructure costs to be incurred through completion of the work, less the estimated remaining cost basis of approximately $241,000. See Note 18, "Commitments and Contingencies" for a description of the commitments related to the remaining infrastructure costs to be incurred.

The NADG First Parcel and Outparcel sales represent the first two of multiple transactions contemplated under a single purchase and sale agreement (the “NADG Agreement”) with an affiliate of North American Development Group (“NADG”). The NADG Agreement provides NADG with the ability to acquire portions of the remaining acreage under contract within the Town Center (the “Remaining Option Parcels”) in multiple, separate transactions through 2018 (the “Option Period”). The Remaining Option Parcels represent a total of approximately 81.50 acres and total potential proceeds to the Company of approximately $20.2 million, or approximately $248,000 per acre. Pursuant to the NADG Agreement, NADG can close on any and all of the Remaining Option Parcels at any time during the Option Period. The NADG Agreement also establishes a price escalation percentage that would be applied to any of the Remaining Option Parcels that are acquired after January 2017, and an additional price escalation percentage that would be applied to any Remaining Option Parcels acquired in 2018.

Pursuant to the agreements with Tanger, Sam’s Club, and NADG (the “Town Center Sales Agreements”), which together represent the potential sale of the developable acreage in the Town Center, the Company is responsible for the completion of certain infrastructure improvements (the “Infrastructure Work”) at the Town Center. The Infrastructure Work is currently estimated to cost approximately $12.8 million and is expected to be completed before the end of November 2016. In connection with the transaction with Tanger, the Company expects to receive approximately $4.5 million for the portion of the Infrastructure Work attributable to the Tanger property from the Tomoka Town Center Community Development District (the “Town Center District”), a special purpose governmental entity, based upon the achievement of certain milestones related to the Infrastructure Work and the Tanger project, and based upon when the Company dedicates the Infrastructure Work to the Town Center District. The payment of the $4.5 million will be recognized into revenue when earned. The Company expects to receive payments, in addition to the sales proceeds from each of the Town Center Sales Agreements (the “Incremental Payments”), including certain fixed annual payments, over the next ten years from Tanger and Sam’s, which annual amounts are included in the estimated gains from the transactions. In aggregate, the majority of the Incremental Payments and the payment received from the Town Center District are expected to largely offset the cost of the Infrastructure Work. As a result of our responsibility for completing the Infrastructure Work, we have applied the percentage of completion basis of accounting to the Tanger Outlet, Sam’s Club and NADG transactions whereby we will recognize the revenue deferred for each transaction as the Infrastructure Work is completed. The Incremental Payments recorded as receivables as of September 30, 2016 and December 31, 2015 totaled approximately $4.0 million and $1.3 million, respectively, and are included as a part of other assets on the consolidated balance sheets.

The following table provides a reconciliation of the land transactions closed (as of September 30, 2016) or under contract for all the developable parcels of the Town Center (sales price and estimated infrastructure reimbursement presented in $000’s) and the reimbursement amounts for the Infrastructure Work from each buyer:


						Infrastructure
		Sales Price		Sales Price per		Reimbursement
Land Tract	No. of Acres	(In $000's)		Acre		(in $000s)
Tanger Outlet [Closed] (1)	38.93	$	9,700	$	249,165	$	5,500
Sam's Club [Closed] (2)	18.10		4,500		248,619		1,100
NADG - First Parcel [Closed] (3)	37.26		5,168		138,710		1,800
NADG - Outparcel [Closed] (3)	4.40		2,000		454,545		211
NADG - Option Parcels (4)	81.50		20,188		247,689		3,889
Total Developable Area	180.19		41,556		230,618		12,500
Common Area (5)	54.32		N/A		N/A		(12,800)
Total Town Center	234.51	$	41,556	$	177,199	$	(300)

⁽¹⁾

Includes $4.5 million in incentives from the Town Center District, with remainder to be paid in equal installments over 10 years;

⁽²⁾

Infrastructure reimbursement, pursuant to contract, paid in equal installments over 10 years;

⁽³⁾

Infrastructure reimbursement due upon the later of i) Infrastructure Work completion or, ii) August 31, 2016;

⁽⁴⁾

Under Contract. Sales price reflects current contract price; price escalations would occur should any of the transactions close in 2017 and 2018. Infrastructure reimbursements for each Option Parcel occurs upon later of i) transaction closing, ii) Infrastructure Work completion, or iii) August 31, 2016; and

⁽⁵⁾

Includes common area for the Town Center association and land dedicated for public use, both to be conveyed by the Company.

During the nine months ended September 30, 2015, the Company sold approximately 3.9 acres. On June 1, 2015, the Company sold approximately 3.0 acres of land located on the south side of LPGA Boulevard, just east of Clyde Morris Boulevard, at a sales price of $505,000, or approximately $167,000 per acre, for a gain of approximately $476,000. On June 17, 2015, the Company sold approximately 0.9 acres of land located in Highlands County, Florida, at a sales price of $250,000 for a gain of approximately $223,000.

For a description of impairment charges totaling approximately $1.0 million on the Company’s undeveloped land during the nine months ended September 30, 2016, see Note 8, “Impairment of Long-Lived Assets.”

During the year ended December 31, 2015, the Company acquired, through a real estate venture with an unaffiliated third party institutional investor, an interest in approximately six acres of vacant beachfront property located in Daytona Beach, Florida as more fully described in Note 21, “Variable Interest Entity.”

The Company owns full or fractional subsurface oil, gas, and mineral interests underlying approximately 500,000 “surface” acres of land owned by others in 20 counties in Florida. The Company leases its interests to mineral exploration firms for exploration. Our subsurface operations consist of revenue from the leasing of exploration rights and in some instances additional revenues from royalties applicable to production from the leased acreage.

During November 2015, the Company hired Lantana Advisors, a subsidiary of SunTrust, to evaluate the possible sale of its subsurface interests. On April 13, 2016, the Company entered into a purchase and sale agreement with an affiliate of Land Venture Partners, LLC (“LVP”) for the sale of its approximately 500,000 acres of subsurface interests (the “Interests”), including the royalty interests in two operating oil wells in Lee County, Florida and its interests in the oil exploration lease with Kerogen Florida Energy Company LP, for a sales price of approximately $24 million (the “Subsurface Sale”). The Subsurface Sale agreement was subsequently amended to allow for certain portions of the Interests to be excluded from the Subsurface Sale and retained by the Company, with a corresponding reduction in transaction price. The agreement currently contemplates a closing of the Subsurface Sale prior to year-end 2016.

Subsequent to September 30, 2016, LVP provided the Company with a proposal to significantly reduce the Interests covered by the Subsurface Sale. The Company is currently reviewing LVP’s submission and intends to formalize a response in the near term.

During 2011, an eight-year oil exploration lease was executed. The lease calls for annual lease payments which are recognized as revenue ratably over the respective twelve month lease periods. In addition, non-refundable drilling penalty payments are made as required by the drilling requirements in the lease which are recognized as revenue when received. Cash payments for both the annual lease payment and the drilling penalty, if applicable, are received in full on or before the first day of the respective lease year.

Lease payments on the respective acreages and drilling penalties received through lease year six are as follows:


	Acreage
Lease Year	(Approximate)	Florida County	Lease Payment (1)		Drilling Penalty (1)
Lease Year 1 - 9/23/2011 - 9/22/2012	136,000	Lee and Hendry	$	913,657	$	—
Lease Year 2 - 9/23/2012 - 9/22/2013	136,000	Lee and Hendry		922,114		—
Lease Year 3 - 9/23/2013 - 9/22/2014	82,000	Hendry		3,293,000		1,000,000
Lease Year 4 - 9/23/2014 - 9/22/2015	42,000	Hendry		1,866,146		600,000
Lease Year 5 - 9/23/2015 - 9/22/2016	25,000	Hendry		1,218,838		175,000
Lease Year 6 - 9/23/2016 - 9/22/2017	15,000	Hendry		806,683		150,000
Total Payments Received to Date			$	9,020,438	$	1,925,000

⁽¹⁾

Cash payment for the Lease Payment and Drilling Penalty is received on or before the first day of the lease year. The Drilling Penalty is recorded as revenue when received, while the Lease Payment is recognized on a straight-line basis over the respective lease term. See separate disclosure of the revenue per year below.

The terms of the lease state the Company will receive royalty payments if production occurs, and may receive additional annual rental payments if the lease is continued in years seven and eight. The lease is effectively eight one-year terms as the lessee has the option to terminate the lease at the end of each lease year.

Lease income generated by the annual lease payments is recognized on a straight-line basis over the guaranteed lease term. For the three months ended September 30, 2016 and 2015, lease income of approximately $297,000 and $456,000, respectively, was recognized. For the nine months ended September 30, 2016 and 2015, lease income of approximately $904,000 and $1.4, respectively, was recognized. There can be no assurance that the oil exploration lease will be extended beyond the expiration of the current term of September 22, 2017 or, if renewed, on similar terms or conditions.

The Company also received oil royalties from operating oil wells on 800 acres under a separate lease with a separate operator. This operator recently filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code. Revenues received from oil royalties totaled approximately $16,000 and $11,000, during the three months ended September 30, 2016 and 2015, respectively. Revenues from oil royalties totaled approximately $32,000 and $60,000, during the nine months ended September 30, 2016 and 2015, respectively.

The Company may release surface entry rights or other rights upon request of a surface owner for a negotiated release fee based on a percentage of the surface value. Cash payments for the release of surface entry rights totaled approximately $450,000 and $2,000 during the nine months ended September 30, 2016 and 2015, respectively, which is included in revenue from real estate operations. The May 2016 transaction for approximately $450,000 reflected gross proceeds net of fees, for the release of the Company’s surface entry rights related to approximately 960 acres of surface rights in Hendry County, Florida. The Company utilized the proceeds from this transaction as part of a like-kind exchange transaction.

Investment Securities

9 Months Ended

Sep. 30, 2016

Investments, Debt and Equity Securities [Abstract]

Investment Securities

NOTE 5. INVESTMENT SECURITIES

During the nine months ended September 30, 2016, the Company completed the disposition of its remaining position in investment securities, including common stock and debt securities of a publicly traded real estate company, with a total basis of approximately $6.8 million, resulting in net proceeds of approximately $6.3 million, or a loss of approximately $576,000. During the nine months ended September 30, 2015, the Company sold preferred stock of a publicly traded real estate company and debt securities of another publicly traded real estate company for aggregate proceeds of approximately $2.9 million.

The Company had no remaining available-for-sale securities as of September 30, 2016.

Available-for-sale securities consisted of the following as of December 31, 2015:


	As of December 31, 2015
			Gains in		Losses in
			Accumulated		Accumulated		Estimated
			Other		Other		Fair Value
			Comprehensive		Comprehensive		(Level 1 and 2
	Cost (1)		Income		Income		(Inputs)
Debt Securities	$	843,951	$	—	$	(41,451)	$	802,500
Total Debt Securities		843,951		—		(41,451)		802,500
Common Stock		5,981,464		—		(1,080,197)		4,901,267
Total Equity Securities	$	5,981,464		—		(1,080,197)		4,901,267
Total Available-for-Sale Securities	$	6,825,415	$	—	$	(1,121,648)	$	5,703,767

⁽¹⁾

The cost basis in the common stock investment is net of an other-than-temporary impairment charge of approximately $60,000 charged to earnings through investment income in the consolidated statements of operations.

The gross unrealized loss included in accumulated other comprehensive income as of December 31, 2015 was approximately $1.1 million, net of tax of approximately $433,000. During the nine months ended September 30, 2016, but prior to the disposition of the investment securities, gross unrealized gains of approximately $546,000, net of tax of approximately $211,000, were earned and included in other comprehensive income to reduce the accumulated comprehensive loss balance. The remaining unrealized loss of approximately $576,000, was then realized upon disposition during the nine months ended September 30, 2016, and removed from accumulated other comprehensive income, net of tax of approximately $222,000, and charged to earnings as an investment loss.

During the nine months ended September 30, 2015, gross unrealized losses of approximately $78,000, net of tax of approximately $30,000, were recorded through other comprehensive income. The gross unrealized losses of approximately $78,000 include a gross unrealized loss of approximately $246,000, offset by approximately $168,000 in gross unrealized gains on the preferred stock investments prior to their sale in the third quarter of 2015.

Following is a table reflecting the sale of investment securities and the gains or losses recognized during the nine months ended September 30, 2016 and 2015:


	For the Nine Months Ended September 30,
	2016		2015
Proceeds from the Disposition of Debt Securities	$	827,738	$	2,084,994
Cost Basis of Debt Securities Sold		(843,951)		(1,930,080)
Loss recognized in Statement of Operations on the Disposition of Debt Securities	$	(16,213)	$	154,914
Proceeds from the Disposition of Equity Securities		5,424,624		834,964
Cost Basis of Equity Securities Sold		(5,983,978)		(704,173)
Gain (Loss) recognized in Statement of Operations on the Disposition of Equity Securities	$	(559,354)	$	130,791
Total Gain (Loss) recognized in Statement of Operations on the Disposition of Debt and Equity Securities	$	(575,567)	$	285,705

- Definition

The entire disclosure for investments in certain debt and equity securities.

+ References + Details

Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2016

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

NOTE 6. FAIR VALUE OF FINANCIAL INSTRUMENTS

The following table presents the carrying value and estimated fair value of the Company’s financial instruments at September 30, 2016 and December 31, 2015:


	September 30, 2016				December 31, 2015
	Carrying		Estimated		Carrying		Estimated
	Value		Fair Value		Value		Fair Value
Cash and Cash Equivalents - Level 1	$	9,041,486	$	9,041,486	$	4,060,677	$	4,060,677
Restricted Cash - Level 1		6,643,732		6,643,732		14,060,523		14,060,523
Commercial Loan Investments - Level 2		23,960,467		23,960,467		38,331,956		38,460,467
Long-Term Debt - Level 2		135,553,756		141,268,301		166,796,853		172,572,305

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

The following table presents the fair value of liabilities by Level at September 30, 2016:


			Fair Value at Reporting Date Using
			Quoted Prices in				Significant
			Active Markets		Significant Other		Unobservable
			for Identical		Observable Inputs		Inputs
	9/30/2016		Assets (Level 1)		(Level 2)		(Level 3)
Cash Flow Hedge - Interest Rate Swap	$	366,690	$	—	$	366,690	$	—
Total	$	366,690	$	—	$	366,690	$	—

The following table presents the fair value of assets by Level at December 31, 2015:


			Fair Value at Reporting Date Using
			Quoted Prices in				Significant
			Active Markets		Significant Other		Unobservable
			for Identical		Observable Inputs		Inputs
	12/31/2015		Assets (Level 1)		(Level 2)		(Level 3)
Available-for-Sale Securities
Available-for-Sale Debt Securities	$	802,500	$	—	$	802,500	$	—
Available-for-Sale Equity Securities		4,901,267		4,901,267		—		—
Total Available-for-Sale Securities		5,703,767		4,901,267		802,500		—
Total	$	5,703,767	$	4,901,267	$	802,500	$	—

- Definition

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

+ References + Details

Intangible Lease Assets and Liabilities

9 Months Ended

Sep. 30, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Lease Assets and Liabilities

NOTE 7. INTANGIBLE LEASE ASSETS AND LIABILITIES

Intangible lease assets and liabilities consist of the value of above-market and below-market leases, the value of in-place leases, and the value of leasing costs, based in each case on their fair values.

Intangible lease assets and liabilities consisted of the following as of September 30, 2016 and December 31, 2015:


	As of
	September 30, 2016		December 31, 2015
Intangible Lease Assets:
Value of In-Place Leases	$	28,787,992	$	19,588,642
Value of Above Market In-Place Leases		1,198,228		1,469,143
Value of Intangible Leasing Costs		6,092,040		3,835,158
Sub-total Intangible Lease Assets		36,078,260		24,892,943
Accumulated Amortization		(5,076,176)		(4,805,792)
Sub-total Intangible Lease Assets—Net		31,002,084		20,087,151
Intangible Lease Liabilities (included in accrued and other liabilities):
Value of Below Market In-Place Leases		(33,142,746)		(32,315,741)
Sub-total Intangible Lease Liabilities		(33,142,746)		(32,315,741)
Accumulated Amortization		2,222,773		336,182
Sub-total Intangible Lease Liabilities—Net		(30,919,973)		(31,979,559)
Total Intangible Assets and Liabilities—Net	$	82,111	$	(11,892,408)

Total amortization related to intangible lease assets during the nine months ended September 30, 2016 and 2015 was approximately $1.7 million and $1.2 million, respectively, and was included in depreciation and amortization in the consolidated statements of operations. Total amortization related to intangible lease liabilities during the nine months ended September 30, 2016 was approximately $1.7 million and was included as an increase to income properties revenue in the consolidated statements of operations.

The estimated future amortization and accretion of intangible lease assets and liabilities is as follows:


			Future Accretion		Net Future
	Future		to Income		Amortization of
	Amortization		Property		Intangible Assets
Year Ending December 31,	Amount		Revenue		and Liabilities
Remainder of 2016	$	866,880	$	(572,294)	$	294,586
2017		3,427,929		(2,255,656)		1,172,273
2018		3,424,330		(2,257,688)		1,166,642
2019		3,424,330		(2,258,883)		1,165,447
2020		3,308,655		(2,256,726)		1,051,929
2021		1,918,705		(2,319,993)		(401,288)
Thereafter		13,686,309		(18,053,787)		(4,367,478)
Total	$	30,057,138	$	(29,975,027)	$	82,111

Impairment of Long-Lived Assets	9 Months Ended
Impairment of Long-Lived Assets	Sep. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment of Long-Lived Assets	NOTE 8. IMPAIRMENT OF LONG-LIVED ASSETS The Company assesses the impairment of long-lived assets whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The fair value of long-lived assets required to be assessed for impairment is determined on a non-recurring basis using Level 3 inputs in the fair value hierarchy. These Level 3 inputs may include, but are not limited to, executed purchase and sale agreements on specific properties, third party valuations, discounted cash flow models, and other model-based techniques. In the second quarter of 2016, an impairment charge of approximately $942,000 was recognized on an income property in Altamonte Springs, Florida leased to PNC Bank under contract for sale as of June 30, 2016. The total impairment charge represented the anticipated loss on the sale plus estimated closing costs. The property was sold on September 30, 2016 for a final loss of approximately $922,000, resulting in a gain of approximately $20,000 during the third quarter of 2016. In the second quarter of 2016, an impairment charge of approximately $717,000 was recognized on approximately four acres included in a contract for the sale of a total of approximately six acres of undeveloped land in the City which was executed during the three months ended June 30, 2016. The approximately four acres was repurchased in prior years by the Company and carried a higher cost basis than the remainder of the Company’s historical land holdings. The total impairment charge represented the anticipated loss on the sale of approximately $646,000 plus estimated closing costs of approximately $71,000. As of September 30, 2016, the land is still under contract to be sold. In the second quarter of 2016, an impairment charge of approximately $311,000 was recognized on approximately four acres of undeveloped land in the City for which a contract for sale was executed during the three months ended September 30, 2016. Such acreage was repurchased in a prior year by the Company and carried a higher cost basis than the remainder of the Company’s historical land holdings. The total impairment charge represented the anticipated loss on the sale of approximately $256,000 plus estimated closing costs of approximately $55,000. As of September 30, 2016, the land is still under contract to be sold. In the first quarter of 2016, an impairment charge of approximately $210,000 was recognized on an income property held for sale as of March 31, 2016 for which the sale closed on April 6, 2016, as described in Note 2, “Income Properties.” The total impairment charge represented the loss on the sale of approximately $134,000 plus closing costs of approximately $76,000. In the first quarter of 2015, an impairment charge of approximately $510,000 was recognized on two income properties held for sale as of March 31, 2015, for which the sale closed on April 17, 2015. The total impairment charge represented the loss on the sale of approximately $277,000 plus estimated closing costs of approximately $233,000.

Other Assets

9 Months Ended

Sep. 30, 2016

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Other Assets

NOTE 9. OTHER ASSETS

Other assets consisted of the following:


	As of
	September 30, 2016		December 31, 2015
Income Property Tenant Receivables	$	52,843	$	830,574
Income Property Straight-line Rent Adjustment		1,569,282		1,781,798
Interest Receivable from Commercial Loan Investments		66,718		155,163
Infrastructure Reimbursement Receivables		4,022,340		1,306,602
Golf Operations Receivables		242,097		253,358
Deferred Deal Costs		709,509		520,308
Prepaid Expenses, Deposits, and Other		1,921,270		1,187,021
Total Other Assets	$	8,584,059	$	6,034,824

Common Stock and Earnings Per Share

9 Months Ended

Sep. 30, 2016

Earnings Per Share [Abstract]

Common Stock and Earnings Per Share

NOTE 10. 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 and vesting of restricted stock at the beginning of each period using the treasury stock method at average cost for the periods.


		Three Months Ended				Nine Months Ended
	September 30, 2016		September 30, 2015		September 30, 2016		September 30, 2015
Income Available to Common Shareholders:
Net Income Attributable to Consolidated-Tomoka Land Co.	$	8,161,014	$	2,079,871	$	11,156,175	$	2,657,844
Weighted Average Shares Outstanding		5,662,933		5,802,363		5,700,316		5,817,184
Common Shares Applicable to Stock
Options Using the Treasury Stock Method		4,009		15,315		9,920		27,290
Total Shares Applicable to Diluted Earnings Per Share		5,666,942		5,817,678		5,710,236		5,844,474

Basic
Net Income Attributable to Consolidated-Tomoka Land Co.	$	1.44	$	0.36	$	1.96	$	0.46

Diluted
Net Income Attributable to Consolidated-Tomoka Land Co.	$	1.44	$	0.36	$	1.95	$	0.45
Per Share Information:

The effect of 93,000 and 85,500 potentially dilutive securities was not included for the three and nine months ended September 30, 2016, respectively, as the effect would be antidilutive. The effect of 32,500 and 40,200 potentially dilutive securities were not included for the three and nine months ended September 30, 2015, respectively, as the effect would be antidilutive.

The Company intends to settle its 4.50% Convertible Senior Notes due 2020 (the “Convertible Notes”) in cash upon conversion with any excess conversion value to be settled in shares of our common stock. Therefore, only the amount in excess of the par value of the Convertible Notes will be included in our calculation of diluted net income per share using the treasury stock method. As such, the Convertible Notes have no impact on diluted net income per share until the price of our common stock exceeds the initial conversion price of $68.90, adjusted effective August 5, 2016 to $68.87. The average price of our common stock during the three and nine months ended September 30, 2016 and 2015 did not exceed the conversion price which resulted in no additional diluted outstanding shares.

Treasury Stock	9 Months Ended
Treasury Stock	Sep. 30, 2016
Equity [Abstract]
Treasury Stock	NOTE 11. TREASURY STOCK In November 2008, the Company’s Board of Directors authorized the Company to repurchase from time to time up to $8 million of its common stock. There was no expiration date for the repurchase authorization. The Company repurchased 4,660 shares of its common stock at a cost of approximately $105,000 through December 31, 2013 and those shares were retired. During 2014, the Company repurchased an additional 25,836 shares of its common stock on the open market for a total cost of approximately $928,000, or an average price per share of $35.92, and placed those shares in treasury. During the year ended December 31, 2015, the Company repurchased an additional 119,403 shares of its common stock on the open market for a total cost of approximately $6.5 million, or an average price per share of $54.31, and placed those shares in treasury, thereby completing the $8 million share repurchase program. In the fourth quarter of 2015, the Company announced a new $10 million stock repurchase program. Under the new $10 million repurchase program, during the nine months ended September 30, 2016, the Company repurchased 113,429 shares of its common stock on the open market for a total cost of approximately $5.5 million, or an average price per share of $48.35, and placed those shares in treasury.

Long-Term Debt

9 Months Ended

Sep. 30, 2016

Debt Disclosure [Abstract]

Long-Term Debt

NOTE 12. LONG-TERM DEBT

Credit Facility. The Company has a revolving credit facility (the “Credit Facility”) with Bank of Montreal (“BMO”) as the administrative agent for the lenders thereunder. The Credit Facility is guaranteed by certain wholly-owned subsidiaries of the Company. The Credit Facility bank group is led by BMO and also includes Wells Fargo and Branch Banking & Trust Company. The Credit Facility matures on August 1, 2018 with the ability to extend the term for 1 year.

The Credit Facility has a total borrowing capacity of $75.0 million with the ability to increase that capacity up to $125.0 million during the term. The Credit Facility provides the lenders with a secured interest in the equity of the Company subsidiaries that own the properties included in the borrowing base. The indebtedness outstanding under the Credit Facility accrues interest at a rate ranging from the 30-day LIBOR plus 135 basis points to the 30-day LIBOR plus 225 basis points based on the total balance outstanding under the Credit Facility as a percentage of the total asset value of the Company, as defined in the Credit Facility. The Credit Facility also accrues a fee of 20 to 25 basis points for any unused portion of the borrowing capacity based on whether the unused portion is greater or less than 50% of the total borrowing capacity.

At September 30, 2016, the current commitment level under the Credit Facility was $75.0 million. The available borrowing capacity under the Credit Facility was approximately $58.8 million, based on the level of borrowing base assets. As of September 30, 2016, the Credit Facility had a $4.0 million balance.

On March 21, 2016, the Company entered into an amendment of the Credit Facility (the “First Amendment”). The First Amendment modified certain terms of the Company’s Credit Facility effective as of September 30, 2015, including, among other things, (i) modifying certain non-cash or non-recurring items in the calculation of Adjusted EBITDA, as defined in the Credit Facility, and eliminating stock repurchases from the calculation of fixed charges, both of which are part of the calculation of the fixed charge coverage ratio financial covenant, (ii) the addition of a measure for the fixed charge coverage ratio that must be met before the Company may repurchase shares of its own stock, and (iii) providing a consent of the lenders regarding the amount of the Company’s stock repurchases since the third quarter of 2015.

On April 13, 2016, the Company entered into an amendment of the Credit Facility (the “Second Amendment”). The Second Amendment modified section 8.8(n) of the Credit Facility which pertains to permitted stock repurchases by the Company by, among other things, (i) adding the gains from the sale of unimproved land, including the sale of subsurface interests or the release of surface entry rights, net of taxes incurred in connection with the sale, to the calculation of Adjusted EBITDA, for the purpose of determining the coverage ratio that must be met before the Company may repurchase shares of its own stock, and (ii) reducing the coverage ratio that must be met before the Company may repurchase shares of its own stock pursuant to section 8.8(n) from 1.75x to 1.50x. As of the date of the Second Amendment, the Company met the required coverage ratio; therefore, subject to black-out periods and other restrictions applicable to share repurchases, the Company will be able to continue to make additional repurchases of its own common stock under its existing $10 million repurchase program.

The Credit Facility is subject to customary restrictive covenants, including, but not limited to, limitations on the Company’s ability to: (a) incur indebtedness; (b) make certain investments; (c) incur certain liens; (d) engage in certain affiliate transactions; and (e) engage in certain major transactions such as mergers. In addition, the Company is subject to various financial maintenance covenants, including, but not limited to, a maximum indebtedness ratio, a maximum secured indebtedness ratio, and a minimum fixed charge coverage ratio. The Credit Facility also contains affirmative covenants and events of default, including, but not limited to, a cross default to the Company’s other indebtedness and upon the occurrence of a change 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 Credit Facility.

Mortgage Notes Payable. On February 22, 2013, the Company closed on a $7.3 million non-recourse first mortgage loan originated 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 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 non-recourse first mortgage loan originated with Bank of America, N.A., secured by its interest in fourteen income properties. The mortgage loan carried a fixed rate of 3.67% per annum, and required payments of interest only prior to its maturity. On September 16, 2016, in conjunction with the Portfolio Sale closing, pursuant to the Portfolio Sale agreement, the buyer assumed the $23.1 million mortgage loan. Accordingly, the Company is no longer subject to this loan as of September 30, 2016.

On September 30, 2014, the Company closed on a $30.0 million non-recourse first mortgage loan originated with Wells Fargo, secured by its interest in six income properties. The mortgage loan matures in October 2034, and carries a fixed rate of 4.33% per annum during the first ten years of the term, and requires payments of interest only during the first ten years of the loan. After the tenth anniversary of the effective date of the loan, the cash flows generated by the underlying six income properties must be used to pay down the principal balance of the loan until paid off or until the loan matures. The loan is fully pre-payable after the tenth anniversary date of the effective date of the loan.

On April 15, 2016, the Company closed on a $25.0 million non-recourse first mortgage loan originated with Wells Fargo, secured by the Company’s income property leased to Wells Fargo located in Raleigh, North Carolina. The mortgage loan has a 5-year term with two years interest only, and interest and a 25-year amortization for the balance of the term. The mortgage loan bears a variable rate of interest based on the 30-day LIBOR plus a rate of 190 basis points. The interest rate for this mortgage loan has been fixed through the use of an interest rate swap that fixed the rate at 3.17%. The mortgage loan can be prepaid at any time subject to the termination of the interest rate swap.

Convertible Debt. On March 11, 2015, the Company issued $75.0 million aggregate principal amount of 4.50% Convertible Notes. The Convertible Notes bear interest at a rate of 4.50% per year, payable semiannually in arrears on March 15 and September 15 of each year, beginning on September 15, 2015. The Convertible Notes will mature on March 15, 2020, unless earlier purchased or converted. The initial conversion rate was 14.5136 shares of common stock for each $1,000 principal amount of Convertible Notes, which represented an initial conversion price of approximately $68.90 per share of common stock. On July 20, 2016 the Company’s Board of Directors implemented a quarterly dividend in place of the previous semi-annual dividend. As a result, effective August 5, 2016, the adjusted conversion rate is 14.5195 shares of common stock for each $1,000 principal amount of Convertible Notes, which represents an adjusted conversion price of approximately $68.87 per share of common stock.

The conversion rate is subject to adjustment in certain circumstances. Holders may not surrender their Convertible Notes for conversion prior to December 15, 2019 except upon the occurrence of certain conditions relating to the closing sale price of the Company’s common stock, the trading price per $1,000 principal amount of Convertible Notes, or specified corporate events. The Company may not redeem the Convertible Notes prior to the stated maturity date and no sinking fund is provided for the Convertible Notes. The Convertible Notes are convertible, at the election of the Company, into solely cash, solely shares of the Company’s common stock, or a combination of cash and shares of the Company’s common stock. The Company intends to settle the Convertible Notes in cash upon conversion, with any excess conversion value to be settled in shares of our common stock. In accordance with GAAP, the Convertible Notes are accounted for as a liability with a separate equity component recorded for the conversion option. A liability was recorded for the Convertible Notes on the issuance date at fair value based on a discounted cash flow analysis using current market rates for debt instruments with similar terms. The difference between the initial proceeds from the Convertible Notes and the estimated fair value of the debt instruments resulted in a debt discount, with an offset recorded to additional paid-in capital representing the equity component. The discount on the Convertible Notes was approximately $6.1 million at issuance, which represents the cash discount paid of approximately $2.6 million and the approximate $3.5 million attributable to the value of the conversion option recorded in equity, which is being amortized into interest expense through the maturity date of the Convertible Notes. As of September 30, 2016, the unamortized debt discount of our Convertible Notes was approximately $4.4 million.

Net proceeds from issuance of the Convertible Notes was approximately $72.4 million (net of the cash discount paid of approximately $2.6 million) of which approximately $47.5 million was used to repay the outstanding balance of our Credit Facility as of March 11, 2015. We utilized the remaining amount for investments in income-producing properties or investments in commercial loans secured by commercial real estate.

Long-term debt as of September 30, 2016 consisted of the following:


	September 30, 2016
			Due Within
	Total		One Year
Credit Facility	$	4,000,000	$	—
Mortgage Note Payable (originated with UBS)		7,300,000		—
Mortgage Note Payable (originated with Wells Fargo)		30,000,000		—
Mortgage Note Payable (originated with Wells Fargo)		25,000,000		—
4.50% Convertible Senior Notes due 2020, net of discount		70,593,625		—
Loan Costs, net of accumulated amortization		(1,339,869)		—
Total Long-Term Debt	$	135,553,756	$	—

Payments applicable to reduction of principal amounts as of September 30, 2016 will be required as follows:


Year Ending December 31,	Amount
Remainder of 2016	$	—
2017		—
2018		11,300,000
2019		—
2020		75,000,000
2021		25,000,000
Thereafter		30,000,000
Total Long-Term Debt - Face Value	$	141,300,000

The carrying value of long-term debt as of September 30, 2016 consisted of the following:


	Total
Current Face Amount	$	141,300,000
Unamortized Discount on Convertible Debt		(4,406,375)
Loan Costs, net of accumulated amortization		(1,339,869)
Total Long-Term Debt	$	135,553,756

For the three months ended September 30, 2016, interest expense, excluding amortization of loan costs and debt discounts, was approximately $1.7 million with approximately $2.6 million paid during the period. For the nine months ended September 30, 2016, interest expense, excluding amortization of loan costs and debt discounts, was approximately $5.2 million with approximately $6.0 million paid during the quarter. No interest was capitalized during the three or nine months ended September 30, 2016.

For the three months ended September 30, 2015, interest expense, excluding amortization of loan costs and debt discounts, was approximately $1.5 million with approximately $2.4 million paid during the period. For the nine months ended September 30, 2015, interest expense, excluding amortization of loan costs and debt discounts, was approximately $4.0 million with approximately $3.9 million paid during the period. No interest was capitalized during the three and nine months ended September 30, 2015.

The amortization of loan costs incurred in connection with the Company’s long-term debt is included in interest expense in the consolidated financial statements. Loan costs are 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 September 30, 2016 and 2015, the amortization of loan costs totaled approximately $488,000 and $98,000, respectively. For the nine months ended September 30, 2016 and 2015, the amortization of loan costs totaled approximately $715,000 and $265,000, respectively. The three months ended September 30, 2016 included approximately $367,000 of unamortized loan costs which were written off and included in interest expense related to the $23.1 million mortgage loan assumed by the buyer upon closing the Portfolio Sale on September 16, 2016.

The amortization of the approximately $6.1 million discount on the Convertible Notes is also included in interest expense in the consolidated financial statements. The discount is amortized over the term of the Convertible Notes using the effective interest method. For the three months ended September 30, 2016 and 2015 the amortization of the discount totaled approximately $282,000 and $265,000, respectively. For the nine months ended September 30, 2016 and 2015 the amortization of the discount totaled approximately $834,000 and $583,000, respectively.

The Company was in compliance with all of its debt covenants as of December 31, 2015 and September 30, 2016. With the completion of income property acquisitions during the three months ended September 30, 2016, as of September 30, 2016, the Company was compliant with the covenant under the Credit Facility which requires the Company to maintain a borrowing base value of $75.0 million for income properties included in the borrowing base.

Interest Rate Swap	9 Months Ended
Interest Rate Swap	Sep. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Interest Rate Swap	NOTE 13. INTEREST RATE SWAP During April 2016, the Company entered into an interest rate swap agreement to hedge cash flows tied to changes in the underlying floating interest rate tied to LIBOR for the $25.0 million mortgage note payable as discussed in Note 12, “Long-Term Debt.” During the three and nine months ended September 30, 2016, the interest rate swap agreement was 100% effective. Accordingly, the change in fair value on the interest rate swap has been classified in accumulated other comprehensive income. As of September 30, 2016, the fair value of our interest rate swap agreement, which was a loss of approximately $367,000, was included in accrued and other liabilities on the consolidated balance sheets. The interest rate swap was effective on April 7, 2016 and matures on April 7, 2021. The interest rate swap fixed the variable rate debt on the notional amount of related debt of $25.0 million to a rate of 3.17%.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6441202&loc=d3e80720-113993

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624171-113959

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=64837297&loc=d3e41620-113959

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624163-113959

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5579240-113959

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4D
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624177-113959

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=35736893&loc=d3e80784-113994

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=64837297&loc=d3e41641-113959

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5579245-113959

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4H
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624258-113959

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=35736893&loc=d3e80748-113994

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4K
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5708775-113959

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4J
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5708773-113959

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5618551-113959

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5580258-113959

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4E
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624181-113959

Reference 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 25
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986

Reference 18: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=64837297&loc=d3e41638-113959

Reference 19: 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.(n))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

+ Details

Accrued and Other Liabilities

9 Months Ended

Sep. 30, 2016

Payables and Accruals [Abstract]

Accrued and Other Liabilities

NOTE 14. ACCRUED AND OTHER LIABILITIES

Accrued and other liabilities consisted of the following:


	As of
	September 30, 2016		December 31, 2015
Golf Course Lease	$	2,321,373	$	2,602,638
Accrued Property Taxes		1,097,110		40,042
Reserve for Tenant Improvements		569,151		812,493
Accrued Interest		298,520		1,195,231
Environmental Reserve and Restoration Cost Accrual		1,581,377		2,405,635
Cash Flow Hedge - Interest Rate Swap		366,690		—
Other		1,883,512		1,811,880
Total Accrued and Other Liabilities	$	8,117,733	$	8,867,919

In July 2012, the Company entered into an agreement with the City to, among other things, amend the lease payments under its golf course lease (the “Lease Amendment”). Under the Lease Amendment, the base rent payment, which was scheduled to increase from $250,000 to $500,000 as of September 1, 2012, will remain at $250,000 for the remainder of the lease term and any extensions would be subject to an annual rate increase of 1.75% beginning September 1, 2013. The Company also agreed to invest $200,000 prior to September 1, 2015 for improvements to certain of 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 September 30, 2016, approximately $1.4 million of the rent previously deferred that will not be due to the City remained to be amortized through September 2022.

In connection with the acquisition on April 22, 2014 of the property in Katy, Texas leased to Lowe’s, the Company was credited approximately $651,000 at closing for certain required tenant improvements, some of which are not required to be completed until December 2016. As of September 30, 2016, approximately $100,000 of these tenant improvements had been completed and funded, leaving approximately $551,000 remaining to be funded.

During the year ended December 31, 2014, the Company accrued an environmental reserve of approximately $110,000 in connection with an estimate of additional costs required to monitor a parcel of less than one acre of land owned by the Company in Highlands County, Florida on which environmental remediation work had previously been performed. The Company engaged legal counsel who, in turn, engaged environmental engineers to review the site and the prior monitoring test results. During the year ended December 31, 2015, their review was completed, and the Company made an additional accrual of approximately $500,000, representing the low end of the range of possible costs estimated by the engineers to be between $500,000 and $1.0 million to resolve this matter subject to the approval of the state department of environmental protection (the “FDEP”). The FDEP has preliminarily accepted the Company’s proposed remediation plan which supports the approximate $500,000 accrual. Since the initial accrual of approximately $110,000 was made, approximately $148,000 in costs have been incurred through September 30, 2016.

During the year ended December 31, 2015, the Company accrued $187,500 for the estimated penalty associated with a regulatory matter pertaining to the Company’s prior agricultural activities on certain of the Company’s land located in Daytona Beach, Florida. The penalty of $187,500 was paid during the three months ended September 30, 2016. Additionally, as part of the resolution of the regulatory matter, as of December 31, 2015, the Company accrued an obligation of approximately $1.7 million, representing the low end of the estimated range of possible wetlands restoration costs for approximately 148.35 acres within such land, and included such estimated costs on the consolidated balance sheets as an increase in the basis of our land and development costs associated with those and benefitting surrounding acres. The final proposal for restoration work was received during the second quarter of 2016 which totaled approximately $2.0 million. Accordingly, an increase in the accrual of approximately $300,000 was recorded during the second quarter of 2016. The Company funded approximately $905,000 of the total $2.0 million of estimated costs during the nine months ended September 30, 2016, leaving a remaining accrual of approximately $1.1 million. This matter is more fully described in Note 18 “Commitments and Contingencies.”

Deferred Revenue

9 Months Ended

Sep. 30, 2016

Deferred Revenue Disclosure [Abstract]

Deferred Revenue

NOTE 15. DEFERRED REVENUE

Deferred revenue consisted of the following:


	As of
	September 30, 2016		December 31, 2015
Deferred Oil Exploration Lease Revenue	$	789,003	$	885,822
Deferred Land Sale Revenue		917,562		12,656,773
Prepaid Rent		1,011,372		907,325
Other Deferred Revenue		313,763		274,690
Total Deferred Revenue	$	3,031,700	$	14,724,610

On September 20, 2016, the Company received an approximate $807,000 rent payment for the sixth year of the Company’s eight-year oil exploration lease, which is being recognized ratably over the twelve month lease period ending in September 2017.

In connection with the 98.69 acres of land sales in the Town Center which closed during the fourth quarter of 2015 and the first quarter of 2016, approximately $918,000 of the aggregate $21.4 million sales price is deferred as of September 30, 2016 to be recognized as revenue on a percentage-of-completion basis as the required infrastructure improvements are completed. The estimated completion date is before the end of November 2016.

- Definition

The entire disclosure for deferred revenues at the end of the reporting period, and description and amounts of significant changes that occurred during the reporting period. Deferred revenue is a liability as of the balance sheet date related to a revenue producing activity for which revenue has not yet been recognized. Generally, an entity records deferred revenue when it receives consideration from a customer before achieving certain criteria that must be met for revenue to be recognized in conformity with GAAP.

+ References + Details

Stock-Based Compensation

9 Months Ended

Sep. 30, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-Based Compensation

NOTE 16. STOCK-BASED COMPENSATION

EQUITY-CLASSIFIED STOCK COMPENSATION

Market Condition Restricted Shares – Peer Group Vesting

Under the Amended and Restated 2010 Equity Incentive Plan (the “2010 Plan”) in September 2010 and January 2011, the Company granted to certain employees restricted shares of the Company’s common stock, which would vest upon the achievement of certain market conditions, including thresholds relating to 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 awards that are based on market conditions. The determination of the fair value of market condition-based awards is affected by the Company’s stock price as well as assumptions regarding a number of other variables. These variables include expected stock price volatility over the requisite performance term of the awards, the relative performance of the Company’s stock price and shareholder returns to companies in its peer group, annual dividends, and a risk-free interest rate assumption. Compensation cost is recognized regardless of the achievement of the market conditions, provided the requisite service period is met.

A summary of activity during the nine months ended September 30, 2016, is presented below:


		Wtd. Avg.
		Grant Date
Market Condition Non-Vested Restricted Shares	Shares	Fair Value
Outstanding at January 1, 2016	2,400	$	23.42
Granted	—		—
Vested	(2,300)		23.42
Expired	—		—
Forfeited	(100)		23.42
Outstanding at September 30, 2016	—	$	—

As of September 30, 2016, there is no unrecognized compensation cost as there are no outstanding shares remaining.

Market Condition Restricted Shares – Stock Price Vesting

“Inducement” grants of 96,000 and 17,000 shares of restricted Company common stock were awarded to Mr. Albright and Mr. Patten in 2011 and 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 under this 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 per share for the first increment to $65 per share for the final increment. If any increment of the restricted shares fails to satisfy the applicable stock price condition prior to six years from the grant date, that increment of the restricted shares will be forfeited. As of September 30, 2016, four increments of Mr. Albright’s and Mr. Patten’s awards had vested.

Additional grants of 2,500 and 3,000 shares of restricted Company common stock were awarded to Mr. Smith and another officer under the 2010 Plan, during the fourth quarter of 2014 and the first quarter of 2015, respectively. The restricted stock will vest in two increments based upon the price per share of Company 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 of $60 per share and $65 per share for the two increments. 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. As of September 30, 2016, no increments of Mr. Smith’s or the other officer’s awards had vested.

A grant of 94,000 shares of restricted Company common stock was awarded to Mr. Albright under the 2010 Plan during the second quarter of 2015. As more fully described at the end of Note 16 “Stock-Based Compensation,” on February 26, 2016, 72,000 of these shares were surrendered, of which 4,000 were re-granted on February 26, 2016 with identical terms of the surrendered restricted stock and 68,000 were permanently surrendered. The 26,000 shares of restricted Company common stock outstanding from these grants will vest in four increments based upon the price per share of Company common stock during the term of his employment (or within sixty days after termination of employment by the Company without cause), meeting or exceeding the target trailing thirty-day average closing prices ranging from $60 per share for the first increment to $75 per share for the final increment. If any increment of the restricted shares fails to satisfy the applicable stock price condition prior to January 28, 2021, that increment of the restricted shares will be forfeited. As of September 30, 2016, no increments of this award had vested.

On February 26, 2016, the Company entered into amendments to the employment agreements and certain restricted share award agreements to clarify the Company’s intention that the restricted shares granted thereunder, if they are subject to performance-based vesting conditions, will fully vest at any time during the 24-month period following a change in control and termination of the employee subsequent to the change in control.

A summary of the activity for these awards during the nine months ended September 30, 2016, is presented below:


		Wtd. Avg.
Market Condition Non-Vested Restricted Shares	Shares	Fair Value
Outstanding at January 1, 2016	137,500	$	30.58
Granted	4,000		38.98
Vested	—		—
Expired	—		—
Forfeited	(72,000)		34.46
Outstanding at September 30, 2016	69,500	$	27.03

In connection with the permanent surrender of 68,000 shares of restricted Company common stock, approximately $1.6 million of related stock-based compensation expense was recognized during the nine months ended September 30, 2016 to accelerate the remaining expense pertaining the total grant date fair value of these awards.

As of September 30, 2016, there was approximately $30,000 of unrecognized compensation cost, adjusted for estimated forfeitures, related to market condition non-vested restricted shares, which will be recognized over a remaining weighted average period of 0.3 years.

Three Year Vest Restricted Shares

On January 22, 2014, the Company granted to certain employees 14,500 shares of restricted Company common stock under the 2010 Plan. One-third of the restricted shares vest on each of the first, second, and third anniversaries of the grant date, provided the grantee is an employee of the Company on those dates. In addition, any unvested portion of the restricted shares will vest upon a change in control.

On January 28, 2015, the Company granted to certain employees, which did not include Mr. Albright, 11,700 shares of restricted Company common stock under the 2010 Plan. Additionally, on February 9, 2015, the Company granted 8,000 shares of restricted Company common stock to Mr. Albright under the 2010 Plan. One-third of both awards of restricted shares will vest on each of the first, second, and third anniversaries of the January 28, 2015 grant date, provided the grantee is an employee of the Company on those dates. In addition, any unvested portion of the restricted shares will vest upon a change in control.

On January 27, 2016, the Company granted to certain employees 21,100 shares of restricted Company common stock under the 2010 Plan. One-third of the restricted shares will vest on each of the first, second, and third anniversaries of January 28, 2016, provided the grantee is an employee of the Company on those dates. In addition, any unvested portion of the restricted shares will vest upon a change in control.

The Company’s determination of the fair value of the three year vest restricted stock awards was calculated by multiplying the number of shares issued by the Company’s stock price at the grant date, less the present value of expected dividends during the vesting period. Compensation cost is recognized on a straight-line basis over the vesting period.

A summary of activity during the nine months ended September 30, 2016, is presented below:


		Wtd. Avg.
		Fair Value
Three Year Vest Non-Vested Restricted Shares	Shares	Per Share
Outstanding at January 1, 2016	26,900	$	49.73
Granted	21,100		44.88
Vested	(10,363)		47.89
Expired	—		—
Forfeited	(133)		46.08
Outstanding at September 30, 2016	37,504	$	47.53

As of September 30, 2016, there was approximately $1.2 million of unrecognized compensation cost, adjusted for estimated forfeitures, related to the three year vest non-vested restricted shares, which will be recognized over a remaining weighted average period of 1.9 years.

Non-Qualified Stock Option Awards

Pursuant to the Non-Qualified Stock Option Award Agreements between the Company and Messrs. Albright, Patten, and Smith, each of these Company employees was granted an option to purchase 50,000, 10,000, and 10,000 shares of Company common stock, in 2011, 2012, and 2014, respectively, under the 2010 Plan, with an exercise price per share equal to the fair market value on their respective grant dates. One-third of the options will vest on each of the first, second, and third anniversaries of their respective grant dates, provided the recipient is 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 per share equal to the fair market value at the date of grant. One-third of these options vested on each of the first, second, and third anniversaries of the grant date, provided the recipient was an employee of the Company on those dates. 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.

On February 9, 2015, the Company granted to Mr. Albright an option to purchase 20,000 shares of the Company’s common stock under the 2010 Plan with an exercise price of $57.50. The option vested on January 28, 2016. The option expires on the earliest of: (a) January 28, 2025; (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 May 20, 2015, the Company granted to Mr. Albright an option to purchase 40,000 shares of the Company’s common stock under the 2010 Plan, with an exercise price of $55.62. As more fully described at the end of Note 16 “Stock-Based Compensation,” on February 26, 2016, this option was surrendered and an option to purchase 40,000 shares was granted on February 26, 2016 with identical terms. One-third of the option vested immediately and the remaining two-thirds will vest on January 28, 2017 and January 28, 2018, provided he is an employee of the Company on such dates. In addition, any unvested portion of the option will vest upon a change in control. The option expires on the earliest of: (a) January 28, 2025; (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 June 29, 2015, the Company granted to an officer of the Company an option to purchase 10,000 shares of the Company’s common stock under the 2010 Plan, with an exercise price of $57.54. One-third of the option 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 such dates. In addition, any unvested portion of the option will vest upon a change in control. The option expires on the earliest of: (a) June 29, 2025; (b) twelve months after the employee’s death or termination for disability; or (c) thirty days after the termination of employment for any reason other than death or disability.

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

A summary of the activity for the awards during the nine months ended September 30, 2016, is presented below:


				Wtd. Avg.
				Remaining
				Contractual		Aggregate
		Wtd. Avg.		Term		Intrinsic
Non-Qualified Stock Option Awards	Shares	Ex. Price		(Years)		Value
Outstanding at January 1, 2016	116,850	$	48.63
Granted	40,000		55.62
Exercised	(850)		34.95
Expired	—		—
Forfeited	(40,000)		55.62
Outstanding at September 30, 2016	116,000	$	48.73	6.66	$	285,740
Exercisable at September 30, 2016	75,800	$	45.40	1.60	$	439,036

A summary of the non-vested options for these awards during the nine months ended September 30, 2016, is presented below:


		Fair Value
		of Shares
Non-Qualified Stock Option Awards	Shares	Vested
Non-Vested at January 1, 2016	88,260
Granted	40,000
Vested	(48,060)	$	2,478,088
Expired	—
Forfeited	(40,000)
Non-Vested at September 30, 2016	40,200

The weighted average grant date fair value of options granted during the nine months ended September 30, 2016 was approximately $13.97 per share. The total intrinsic value of options exercised during the nine months ended September 30, 2016 was approximately $30,000. As of September 30, 2016, there was approximately $424,000 of unrecognized compensation related to non-qualified, non-vested stock option awards, which will be recognized over a remaining weighted average period of 1.6 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 were eligible for issuance. 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, which are required to be remeasured at fair value at each balance sheet date until the award is settled.

A summary of share option activity under the 2001 Plan for the nine months ended September 30, 2016 is presented below:

Stock Options


				Wtd. Avg.
				Remaining
				Contractual	Aggregate
		Wtd. Avg.		Term	Intrinsic
Liability-Classified Stock Options	Shares	Ex. Price		(Years)	Value
Outstanding at January 1, 2016	18,000	$	64.69
Granted	—		—
Exercised	—		—
Expired	(3,000)		67.27
Forfeited	(4,000)		64.99
Outstanding at September 30, 2016	11,000	$	63.87	0.86	$	—
Exercisable at September 30, 2016	11,000	$	63.87	0.86	$	—

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. No options were exercised during the nine months ended September 30, 2016. All options had vested as of December 31, 2013.

Stock Appreciation Rights


				Wtd. Avg.
				Remaining
				Contractual	Aggregate
		Wtd. Avg.		Term	Intrinsic
Liability-Classified Stock Appreciation Rights	Shares	Fair Value		(Years)	Value
Outstanding at January 1, 2016	18,000	$	2.64
Granted	—		—
Exercised	—		—
Expired	(3,000)		—
Forfeited	(4,000)		0.87
Outstanding at September 30, 2016	11,000	$	1.66	0.86	$	—
Exercisable at September 30, 2016	11,000	$	1.66	0.86	$	—

No stock appreciation rights were exercised during the nine months ended September 30, 2016. All stock appreciation rights had vested as of December 31, 2013.

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’s share price 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:	September 30, 2016		December 31, 2015
Expected Volatility	21.20	%	29.40	%
Expected Dividends	0.16	%	0.15	%
Expected Term	0.86	years	1.3	years
Risk-Free Rate	0.45	%	0.75	%

There were no stock options or stock appreciation rights granted under the 2001 Plan during the nine months ended September 30, 2016 or 2015. The liability for stock options and stock appreciation rights, valued at fair value, reflected on the consolidated balance sheets at September 30, 2016 and December 31, 2015, was approximately $52,000 and $136,000, respectively. These fair value measurements are based on Level 2 inputs based on Black-Scholes and market implied volatility. The Black-Scholes determination of fair value is affected by variables including stock price, expected stock price volatility over the term of the awards, annual dividends, and a risk-free interest rate assumption.

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


	Three Months Ended				Nine Months Ended
	September 30, 2016		September 30, 2015		September 30, 2016		September 30, 2015
Total Cost of Share-Based Plans Charged
Against Income Before Tax Effect	$	401,967	$	728,833	$	2,893,589	$	1,350,557
Income Tax Expense
Recognized in Income	$	(155,059)	$	(281,147)	$	(1,116,202)	$	(520,977)

As described above, in January 2015, the Compensation Committee awarded to Mr. Albright 8,000 restricted shares of the Company’s common stock. In February 2015, the Compensation Committee awarded to Mr. Albright options to purchase a total of 20,000 shares of the Company’s common stock. In May 2015, in connection with the extension of Mr. Albright’s employment agreement, the Compensation Committee awarded to Mr. Albright 94,000 restricted shares of the Company’s common stock (the “May 2015 Restricted Share Grant”) and options to purchase a total of 40,000 shares of the Company’s common stock (the “May 2015 Option Grant”). Each of these awards were approved by the Company’s Board.

Upon review of the total equity awards to Mr. Albright in 2015, it was determined that the annual per person award limit under the 2010 Plan was inadvertently exceeded. In determining the extent to which the 2010 Plan’s individual annual award limit had been exceeded by the above awards, the Compensation Committee, as the administrator of the 2010 Plan, identified a conflict between Sections 3(d) and 3(e) of the 2010 Plan, the relevant provisions which provide limitations of the 2010 Plan. Section 3(d) of the 2010 Plan could be read to provide an overall limit of 50,000 shares applicable to all awards granted to a participant in any calendar year; however, the Compensation Committee could not disregard Section 3(e) of the 2010 Plan. Section 3(e) could be read to provide for two additional limits of 50,000 shares each for any (a) “Qualified Performance-Based Awards” (as defined in the 2010 Plan) constituting stock options and stock appreciation rights and (b) “Qualified Performance-Based Awards” other than stock options and stock appreciation rights. If the Compensation Committee were to determine that Section 3(e) of the 2010 Plan provides the applicable limits for two categories of “Qualified Performance-Based Awards,” then the Compensation Committee could conclude that Section 3(d) of the 2010 Plan provides the limit for awards other than Qualified Performance-Based Awards.

The Compensation Committee consulted with outside advisors and determined that it was not possible to conclude which interpretation of the 2010 Plan was conclusively correct. Pursuant to its authority to interpret the 2010 Plan, the Compensation Committee elected to comply with the limit in Section 3(d) of the 2010 Plan. As a result of applying this interpretation of the 2010 Plan, the awards granted to Mr. Albright in 2015 exceeded the 2010 Plan’s individual annual award limit by 112,000 shares of our common stock (the “Excess 2015 Awards”).

On February 26, 2016, the Company notified the NYSE MKT (i) that the Excess 2015 Awards may have violated Rule 711 of the NYSE MKT Company Guide and (ii) of the Company and Mr. Albright’s intention to rectify the Excess 2015 Awards in the manner described below. On March 4, 2016, the NYSE MKT notified the Company that it would not take any action and considered the matter closed.

In consultation with the Board, Mr. Albright elected to rectify the Excess 2015 Awards by surrendering, in full, the May 2015 Option Grant and surrendering, in part, the May 2015 Restricted Share Grant. A portion of the surrendered awards has been replaced with new awards under the 2010 Plan in 2016. Effective as of February 26, 2016, the Compensation Committee awarded Mr. Albright (i) an option to purchase an additional 40,000 shares of our common stock under the 2010 Plan (the “New Option Grant”) and (ii) a grant of 4,000 restricted shares of our common stock (the “New Restricted Share Grant”).

The New Option Grant has an exercise price per share of $55.62, which is equal to the exercise price per share applicable to the May 2015 Option Grant. This option is intended to have the same vesting terms as the May 2015 Option Grant, and as a result has vested with respect to 13,200 shares, and will vest with respect to 13,200 shares and 13,600 shares on January 28, 2017 and January 28, 2018, respectively. The New Restricted Share Grant is intended to have the same vesting terms as the May 2015 Restricted Share Grant, and as a result will vest upon the price per share of Company common stock during the term of Mr. Albright’s employment (or within 60 days after termination of his employment by the Company other than for cause, due to death or disability or due to his voluntary resignation) meeting or exceeding the target trailing 30-day average closing price of $75 per share. If the restricted shares fail to satisfy the stock price condition prior to January 28, 2021, the restricted shares will be forfeited. Any unvested restricted shares will vest immediately upon Mr. Albright’s termination of employment without Cause or for his resignation for Good Reason (as such terms are defined in his amended and restated employment agreement), in each case, at any time during the 24-month period following a change in control. Mr. Albright has the right to vote the restricted shares prior to their vesting but is not entitled to dividends paid on any unvested shares. These restricted shares have not yet vested.

Because the Excess 2015 Awards exceeded the 2010 Plan limits, the grants do not qualify, for purposes of calculating the Code Section 162(m) compensation for Mr. Albright for tax purposes, as performance-based awards.

As noted herein, 112,000 shares of the awards granted to Mr. Albright in 2015 were deemed to have exceeded the limits of the 2010 Plan. However, when granted these shares were issued and outstanding as of their grant date and all legal requirements for their issuance under Florida law and the Company’s organizational documents were fulfilled and Mr. Albright’s ability to enforce his rights to such grants could not be negated or otherwise impaired. All requirements under ASC 718-10-20 were met, including a mutual understanding of the key terms and conditions of the awards, the company was contingently liable to issue the shares underlying the awards, and all required approvals for the awards to be legally issued and outstanding were obtained as of the grant date. Consequently, the 112,000 shares were deemed appropriately reflected as stock compensation expense as of the year ended December 31, 2015.

Effective as of February 26, 2016, the Company entered into amendments to the employment agreements and certain restricted share award agreements of Messrs. Albright, Patten, and Smith to clarify the Company’s intention that the restricted shares granted thereunder, if they are subject to performance-based vesting conditions, will fully vest upon the executive’s termination of employment without cause or his resignation for good reason (as such terms are defined in his employment agreement), in each case, at any time during the 24-month period following a change in control. There was no impact to the valuation established at the original date of grant pertaining to this modification of the restricted share award agreements of Messrs. Albright, Patten, and Smith.

- Definition

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

+ References + Details

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2016
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 17. INCOME TAXES The Company’s effective income tax rate was 43.7% and 39.4% for the nine months ended September 30, 2016 and 2015, 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. During the first quarter of 2016, 68,000 shares of restricted Company common stock were permanently surrendered which constituted a discrete event in which the total related stock compensation expense charged to earnings under GAAP of approximately $2.3 million, of which approximately $1.6 million was recognized during the first quarter of 2016 and approximately $676,000 was recognized during the year ended December 31, 2015, became permanently non-deductible for tax purposes as the surrendered shares will not vest. Accordingly, no income tax benefit was recorded related to the approximately $2.3 million of stock compensation expense. The Company files a consolidated income tax return in the United States Federal jurisdiction and the States of Arizona, Colorado, California, Florida, Illinois, Georgia, Maryland, North Carolina, Texas, and Washington. The Internal Revenue Service has audited the federal tax returns through the year 2012, with all proposed adjustments settled. The Florida Department of Revenue has audited the Florida tax returns through the year 2014, with all proposed adjustments settled. The Company recognizes all potential accrued interest and penalties to unrecognized tax benefits in income tax expense.

Commitments and Contingencies

9 Months Ended

Sep. 30, 2016

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

NOTE 18. COMMITMENTS AND CONTINGENCIES

Legal Proceedings

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

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 this property. The proposed road modifications would impact access to the property. The Company does not believe the road modifications provided a basis for Harris Teeter to terminate the Lease. Regardless, in January 2013, the North Carolina Department of Transportation (“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 proposed to build and maintain a new access road/point into the property. Construction has begun and is not expected to be completed before the second quarter of 2017. Harris Teeter has expressed satisfaction with the redesigned project and indicated that it will not attempt to terminate its lease if this project is built as currently redesigned. Because the redesigned project will not be completed until 2017, the condemnation case has been placed in administrative closure. As a result, the trial and mediation will not likely be scheduled until requested by the parties, most likely in 2017.

Contractual Commitments – Expenditures

In conjunction with the Company’s sale of approximately 3.4 acres of land to RaceTrac Petroleum, Inc. (“RaceTrac”) in December 2013, the Company agreed to reimburse RaceTrac for a portion of the costs for road improvements and the other costs associated with bringing multiple ingress/egress points to the entire approximately 23 acre Williamson Crossing site, including the Company’s remaining approximately 19.6 acres. The estimated cost for the improvements equals approximately $1.26 million of which the Company’s commitment is to reimburse RaceTrac in an amount equal to the lesser of 77.5% of the actual costs or $976,500, and can be paid over five years from sales of the remaining land or at the end of the fifth year after the sale to RaceTrac. In 2013 the Company deposited $283,500 of cash in escrow related to the improvements, which is classified as restricted cash in the consolidated balance sheets. The total amount in escrow as of September 30, 2016 was approximately $286,000, including accrued interest. Accordingly as of September 30, 2016, the remaining maximum commitment is approximately $690,000.

In connection with the acquisition on April 22, 2014 of the property in Katy, Texas leased to Lowe’s, the Company was credited approximately $651,000 at closing for certain required tenant improvements, some of which are not required to be completed until December 2016. As of September 30, 2016, $100,000 of these tenant improvements had been completed and funded, leaving approximately $551,000 remaining to be funded as of September 30, 2016.

In conjunction with the Company’s sale of approximately 98.69 acres within the Town Center, the Company is obligated to complete certain infrastructure improvements, including, but not limited to, the addition or expansion of roads and underlying utilities, and storm water retention (the “Infrastructure Work”). The Company entered into a construction agreement for approximately $9.1 million, including change orders through September 30, 2016, for the substantial portion of the Infrastructure Work. Approximately $8.6 million of the costs under this agreement have been incurred through September 30, 2016 and therefore, the remaining maximum commitment as of September 30, 2016 under this agreement is approximately $508,000. The anticipated completion for the Infrastructure Work is before the end of November 2016.

In conjunction with the Company’s sale of approximately 18.10 acres of land to an affiliate of Sam’s Club (“Sam’s”) in December 2015, the Company agreed to reimburse Sam’s for a portion of their construction costs applicable to adjacent outparcels retained by the Company. As a result, in December 2015, the Company deposited $125,000 of cash in escrow related to construction work which is classified as restricted cash in the consolidated balance sheets. The total amount in escrow as of September 30, 2016 was approximately $125,000, including accrued interest. Accordingly, the Company’s maximum commitment related to the construction work benefitting the outparcels adjacent to Sam’s land parcel is approximately $125,000, to be paid from escrow upon completion.

In conjunction with the Company’s sale of approximately 14.98 acres of land to an affiliate of Integra Land Company (“Integra”) in December 2015, the Company agreed to reimburse Integra approximately $276,000 for a portion of the costs for road access and related utility improvements that will benefit the 14.98 acre land parcel sold to Integra as well as the surrounding acreage still owned by the Company. The Company also agreed to reimburse Integra approximately $94,000 for site relocation costs. Accordingly, in December 2015, the Company deposited a combined $370,000 of cash in escrow related to these reimbursements which are classified as restricted cash in the consolidated balance sheets. During the nine months ended September 30, 2016, approximately $350,000 was disbursed from the escrow account. Accordingly, as of September 30, 2016, the Company’s maximum remaining commitment related to these reimbursements is approximately $20,000 to be paid from escrow as costs are incurred.

Contractual Commitments – Land Pipeline

As of October 28, 2016, the Company’s pipeline of potential land sales transactions included the following eight definitive purchase and sale agreements with seven different buyers, representing approximately 39% of our land holdings:


			Contract		Price
		No. of	Amount		per Acre		Estimated
	Contract (or Buyer) / Parcel	Acres	($000's)		($000's)		Timing
1	Commercial/Retail	4	$	1,175	$	294,000	'18
2	Mixed-Use Retail	22		5,574		253,000	'17
3	Mixed-Use Retail (NADG)	82		20,187		248,000	'17 - '18
4	Commercial/Retail	6		1,470		245,000	'17
5	AR Residential (Minto)	1,581		28,651		18,000	'16 - '17
6	AR Residential (Minto)	1,686		31,360		19,000	'18 - '19
7	SF Residential (ICI)	600		9,000		15,000	'16 - '17
8	SF Residential	73		1,050		14,000	'17
	Total	4,054	$	98,467	$	24,000

As noted above, all of these agreements contemplate closing dates ranging from the fourth quarter of 2016 through fiscal year 2019, and the Company expects some of the transactions to close in 2016, although the buyers are not contractually obligated to close until after 2016. Each of the transactions are in varying stages of due diligence by the various buyers including, in some instances, having made submissions to the planning and development departments of the City of Daytona Beach, and other permitting activities with other applicable governmental authorities. In addition to other customary closing conditions, the majority of these transactions are conditioned upon the receipt of approvals or permits from those various governmental authorities, as well as other matters that are beyond our control. If such approvals are not obtained, the prospective buyers may have the ability to terminate their respective agreements prior to closing. As a result, there can be no assurances regarding the likelihood or timing of any one of these potential land transactions being completed or the final terms thereof, including the sales price.

Minto Communities

One of the definitive sales contracts is with an affiliate of Minto Communities for Minto’s development of Oasis Daytona, a 3,400-unit master planned age-restricted resort-style community on a 1,586-acre parcel (the “Minto Parcel”) of the Company’s land holdings west of Interstate 95 (the “First Minto Contract”). The First Minto Contract was originally executed in May 2014. Minto received zoning and entitlement approvals from the City in April 2016 for the 3,400 residential units and approximately 215,000 square feet of commercial space. On September 27, 2016, the Company sold approximately 4.5 acres (the “Sales Center Site”) included in the Minto Parcel to Minto for a purchase price of approximately $205,000, or approximately $46,000 per acre. Minto has begun construction on the Sales Center Site of the sales center for Oasis Daytona. In addition, during the quarter the Company agreed to a price reduction of $1.0 million for the remaining 1,581 acres under the First Minto Contract to reflect the estimated costs Minto will incur in connection with the wetlands restoration program the Company agreed to in its settlement with governmental environmental agencies regarding the Company’s agricultural activities prior to 2012. The First Minto Contract provides for recourse seller financing (the “Minto Note”), which if Minto elects to utilize will require the Company to monetize the Minto Note within 180 days of closing to effectuate a 1031 exchange transaction for the total amount of the land transaction proceeds. Should Minto elect to utilize the seller financing option, it is reasonably probable that the Company’s monetization of the resulting Minto Note would be at a discount to the face value of the Minto Note. With the Company having resolved certain regulatory matters related to the Company’s prior agricultural activities on the land that includes the property under contract with Minto, and with Minto’s filing of its permit application with the U.S. Army Corps of Engineers (the “ACOE”), the Company expects this transaction to close in late 2016 subject to Minto’s receipt of their permit from the ACOE.

Tomoka Town Center

The NADG First Parcel and Outparcel sales represent the first two of multiple transactions contemplated under the NADG Agreement. The NADG Agreement provides NADG with the ability to acquire the Remaining Option Parcels during the Option Period. The Remaining Option Parcels represent a total of approximately 81.50 acres and total potential proceeds to the Company of approximately $20.2 million, or approximately $248,000 per acre. Pursuant to the NADG Agreement, NADG can close on any or all of the Remaining Option Parcels at any time during the Option Period, should certain conditions be met. The NADG Agreement also establishes a price escalation percentage that would be applied to any of the Remaining Option Parcels that are acquired after January 2017, and an additional price escalation percentage that would be applied to any Remaining Option Parcels acquired in 2018.

Other Matters

In connection with a certain land sale contract to which the Company is a party, the purchaser’s pursuit of customary development entitlements gave rise to an inquiry by federal regulatory agencies regarding prior agricultural activities by the Company on such land. During the second quarter of 2015, we received a written information request regarding such activities. We submitted a written response to the information request along with supporting documentation. We believe the issues raised by, and the land which was the subject of, this inquiry are similar to or the same as those which were addressed and resolved by the settlement agreement executed in December 2012 between the Company and the St. Johns River Water Management District (the “District”) and the permit which the District subsequently issued to the Company. During the fourth quarter of 2015, based on discussions with the agency, a penalty related to this matter was deemed probable, and accordingly the estimated penalty of $187,500 was accrued as of December 31, 2015, for which payment was made during the quarter ended September 30, 2016. Also during the fourth quarter of 2015, the agency advised the Company that the resolution to the inquiry would likely require the Company to incur costs associated with wetlands restoration relating to approximately 148.35 acres of the Company’s land. At December 31, 2015, the Company’s third-party environmental engineers estimated the cost for such restoration activities to range from approximately $1.7 million to approximately $1.9 million. Accordingly, as of December 31, 2015, the Company accrued an obligation of approximately $1.7 million, representing the low end of the estimated range of possible restoration costs and included such estimated costs on the consolidated balance sheets as an increase in the basis of our land and development costs associated with those and benefitting surrounding acres. As of June 30, 2016 the final proposal from the Company’s third-party environmental engineer was received for a total cost of approximately $2.0 million. Accordingly, an increase in the accrual of approximately $300,000 was made during the second quarter of 2016. The Company funded approximately $905,000 of the total $2.0 million of estimated costs during the nine months ended September 30, 2016. The Company believes there is at least a reasonable possibility that the estimated remaining liability of approximately $1.1 million could change within one year of the date of the consolidated financial statements, which in turn could have a material impact on the Company’s consolidated balance sheets and future cash flows. The Company evaluates its estimates on an ongoing basis; however, actual results may differ from those estimates. Additionally, resolution of the regulatory matter required the Company to apply for an additional permit pertaining to an additional approximately 54.66 acres, which permit may require mitigation activities which the Company anticipates could be satisfied through the utilization of existing mitigation credits owned by the Company or the acquisition of mitigation credits. The Company anticipates that resolution of this matter will allow the Company to obtain certain permits from the applicable federal or state regulatory agencies needed in connection with the closing of the land sale contract that gave rise to this matter. The number of mitigation credits that may be required is not currently estimable and as the utilization or purchase of such credits would be incorporated into the basis of the land under contract, no amounts related to mitigation credits have been accrued as of September 30, 2016. In addition, in connection with other land sale contracts to which the Company is or may become a party, the pursuit of customary development entitlements by the potential purchasers may require the Company to utilize or acquire mitigation credits for the purpose of obtaining certain permits from the applicable federal or state regulatory agencies. Any costs incurred in connection with utilizing or acquiring such credits would be incorporated into the basis of the land under contract and, accordingly, no amounts related to such potential future costs have been accrued as of September 30, 2016.

During the fourth quarter of 2015 and the first quarter of 2016, the Company received communications from a single institutional shareholder, some of which have been filed publicly. In investigating the shareholder’s allegations contained in certain communications and pursuing the strategic alternatives process, the Company has incurred costs of approximately $1.2 million and approximately $219,000, respectively, to date, through September 30, 2016. Approximately $1.3 million was incurred during the nine months ended September 30, 2016, primarily in connection with the investigative work for legal representation, accounting services, additional director and committee meeting fees, or other third party costs. To date, none of the shareholder’s allegations have been found to have any basis or merit; however, such costs could continue to be incurred and, while not reasonably estimable, may represent significant costs for the Company which would have an adverse impact on the Company’s results of operations and cash flows.

Business Segment Data

9 Months Ended

Sep. 30, 2016

Segment Reporting [Abstract]

Business Segment Data

NOTE 19. BUSINESS SEGMENT DATA

The Company operates in four primary business segments: income properties, commercial loan investments, 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 70.3% and 68.6% of our identifiable assets as of September 30, 2016 and December 31, 2015, respectively, and 42.6% and 57.8% of our consolidated revenues for the nine months ended September 30, 2016 and 2015, respectively. As of September 30, 2016, we had three commercial loan investments including one fixed-rate and one variable-rate mezzanine loan and a variable-rate B-Note representing a secondary tranche in a commercial mortgage loan. Our real estate operations primarily consist of revenues generated from land transactions and leasing, royalty income, and revenue from the release of surface entry rights from our subsurface interests. 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, fitness facility, and pro-shop with retail merchandise. The majority of the revenues generated by our golf operations 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 nine months ended September 30, 2016 and 2015 is as follows:


	Three Months Ended				Nine Months Ended
	September 30, 2016		September 30, 2015		September 30, 2016		September 30, 2015
Revenues:
Income Properties	$	6,021,331	$	5,034,090	$	18,483,654	$	13,426,817
Commercial Loan Investments		534,212		546,640		2,050,507		1,816,834
Real Estate Operations		4,643,646		1,748,398		18,979,164		3,976,340
Golf Operations		1,001,368		949,083		3,877,923		3,935,076
Agriculture and Other Income		10,388		19,504		48,070		59,181
Total Revenues	$	12,210,945	$	8,297,715	$	43,439,318	$	23,214,248
Operating Income:
Income Properties	$	4,590,689	$	4,036,330	$	14,672,265	$	11,105,324
Commercial Loan Investments		534,212		546,640		2,050,507		1,816,834
Real Estate Operations		3,386,463		1,431,785		14,340,299		2,755,151
Golf Operations		(301,552)		(406,386)		(276,761)		(266,237)
Agriculture and Other Income		(42,506)		(31,980)		(105,529)		(90,649)
General and Corporate Expense		7,712,203		(432,949)		(3,675,088)		(6,496,935)
Total Operating Income	$	15,879,509	$	5,143,440	$	27,005,693	$	8,823,488
Depreciation and Amortization:
Income Properties	$	1,866,162	$	1,335,214	$	5,571,785	$	3,413,024
Golf Operations		64,676		68,712		201,944		194,618
Agriculture and Other		14,622		13,203		44,657		36,978
Total Depreciation and Amortization	$	1,945,460	$	1,417,129	$	5,818,386	$	3,644,620
Capital Expenditures:
Income Properties	$	49,751,977	$	25,596,355	$	52,604,951	$	35,610,312
Commercial Loan Investments		—		14,500,000		—		15,394,879
Real Estate Operations ($5,744,636 Contributed by Consolidated VIE)		—		11,489,272		—		11,489,272
Golf Operations		4,500		2,045		17,661		108,462
Agriculture and Other		2,465		17,817		18,332		31,223
Total Capital Expenditures	$	49,758,942	$	51,605,489	$	52,640,944	$	62,634,148


	As of
	September 30, 2016		December 31, 2015
Identifiable Assets:
Income Properties	$	265,252,097	$	277,519,902
Commercial Loan Investments		24,027,185		38,487,119
Real Estate Operations		67,255,069		59,787,157
Golf Operations		2,906,098		3,607,259
Agriculture and Other		18,103,021		24,952,207
Total Assets	$	377,543,470	$	404,353,644

Operating income represents income from continuing operations before loss on early extinguishment of debt, interest expense, investment 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.

- 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
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8981-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9038-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 33
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8971-108599

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8595-108599

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8380-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 35
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8984-108599

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9031-108599

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9054-108599

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8538-108599

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 29
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8864-108599

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8924-108599

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8906-108599

+ Details

Recently Issued Accounting Policies	9 Months Ended
Recently Issued Accounting Policies	Sep. 30, 2016
Accounting Changes and Error Corrections [Abstract]
Recently Issued Accounting Policies	NOTE 20. RECENTLY ISSUED ACCOUNTING POLICIES In May 2014, the FASB issued ASU 2014-09, which amends its guidance on the recognition and reporting of revenue from contracts with customers. In April 2016, the FASB issued ASU 2016-10, which further amends ASU 2014-09. The amendments in these updates are effective for annual reporting periods beginning after December 15, 2018. The Company is currently evaluating the provisions to determine the potential impact, if any, the adoption will have on its consolidated financial statements. The Company plans to implement ASU 2014-09 effective January 1, 2019. In April 2015, the FASB issued ASU 2015-03, related to simplifying the presentation of debt issuance costs. The amendments in this update are effective for annual reporting periods beginning after December 15, 2015. The amendment requires entities to present debt issuance costs related to a recognized debt liability as a direct deduction from the carrying amount of the debt liability, whereas previously, debt issuance costs were presented as a deferred charge in the asset section of the balance sheet. The Company has adopted ASU 2015-03 effective January 1, 2016. The amount of unamortized debt issuance costs as of December 31, 2015 that were reclassified to be included as a direct deduction from the carrying amount of the debt liability was approximately $1.7 million. In January 2016, the FASB issued ASU 2016-01, relating to the recognition and measurement of financial assets and financial liabilities. The amendments in this update are effective for annual reporting periods beginning after December 15, 2017. The Company is currently evaluating the provisions to determine the potential impact, if any, the adoption will have on its consolidated financial statements. The Company plans to implement ASU 2016-01 effective January 1, 2018. In February 2016, the FASB issued ASU 2016-02, which requires entities to recognize assets and liabilities that arise from financing and operating leases and to classify those finance and operating lease payments in the financing or operating sections, respectively, of the statement of cash flows. The amendments in this update are effective for annual reporting periods beginning after December 15, 2018. The Company is currently evaluating the provisions to determine the potential impact, if any, the adoption will have on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, which amends certain aspects of the stock-based compensation guidance. The amendments in this update are effective for annual reporting periods beginning after December 15, 2016. The Company is currently evaluating the provisions to determine the potential impact, if any, the adoption will have on its consolidated financial statements. The Company plans to implement ASU 2016-09 effective January 1, 2017.

- 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=66092750

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=64853466&loc=d3e22583-107794

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

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=64853466&loc=d3e22580-107794

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.10-01.(b)(6))
-URI http://asc.fasb.org/extlink&oid=27015980&loc=d3e46468-122699

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

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=64853466&loc=d3e22499-107794

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

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=68064558&loc=d3e765-108305

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=68064558&loc=d3e725-108305

+ Details

Variable Interest Entity	9 Months Ended
Variable Interest Entity	Sep. 30, 2016
Variable Interest Entity, Measure of Activity [Abstract]
Variable Interest Entity	NOTE 21. VARIABLE INTEREST ENTITY During the year ended December 31, 2015, the Company entered into a real estate venture (the “Beach Venture”) with an unaffiliated third party institutional investor (the “Venture Partner”), whereby the Beach Venture acquired approximately six acres of vacant beachfront property located in Daytona Beach, Florida. The Company acquired its 50% interest in the Beach Venture for approximately $5.7 million and serves as its general partner with day-to-day management responsibilities. The Beach Venture is structured such that the Company earns a base management fee and will receive a preferred interest as well as a promoted interest if certain return hurdles are achieved. The Company’s preferred interest represents the first 9% of the investment return achieved at the disposition of the property. GAAP requires consolidation of a variable interest entity (“VIE”) in which an enterprise has a controlling financial interest and is the primary beneficiary. Upon entering into the Beach Venture described above and as of September 30, 2016, the Company determined it has a controlling financial interest and is the primary beneficiary; therefore, the Beach Venture is a VIE and has been consolidated in the Company’s financial statements. As of September 30, 2016, the Beach Venture has one asset totaling $11,613,782 consisting of the six acre vacant beachfront property. During the year ended December 31, 2015, the Company contributed 50%, or $5,664,787, to the Beach Venture for the initial property acquisition, with the other 50% contributed by the Venture Partner. The Beach Venture has been accounted for in real estate operations with the inter-company management fees totaling approximately $18,000 during the nine months ended September 30, 2016, eliminated upon consolidation. The Company and the Venture Partner are currently under contract for the Company to purchase the Venture Partner’s interest in the Beach Venture. There can be no assurances regarding the likelihood or timing of the potential purchase of the Venture Partner’s non-controlling interest by the Company or, if it does occur, the final terms including the purchase price. The Beach Venture has received approval from the City planning board for the development of the site including construction of two structures that are intended to be occupied by two different branded restaurants. The Company expects that the Beach Venture will provide the capital for the development of the restaurants which is estimated to be approximately $6 million.

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2016
Subsequent Events [Abstract]
Subsequent Events	NOTE 22. SUBSEQUENT EVENTS Under the $10.0 million stock repurchase program, subsequent to September 30, 2016 through October 27, 2016, the Company has repurchased 12,196 shares of its common stock on the open market for a total cost of approximately $613,000, or an average price per share of $50.25, and placed those shares in treasury. On October 13, 2016, the Company sold approximately 17 acres of land at a sales price of approximately $3.0 million, or approximately $174,000 per acre, resulting in an estimated gain at closing of approximately $2.7 million, or approximately $0.29 per share after tax. The land is located on the west side of Interstate 95 on Tomoka Farms Road just south of the soon to open CarMax dealership. The proceeds from the transaction are expected to be used as part of one or more Section 1031 like-kind exchange transactions. On October 14, 2016, the Company acquired an approximately 76,000 square foot single-story Class A two-tenant office building in Santa Clara, California (the “Property”) for $30 million. The Property is situated on approximately 5.24 acres and is 100% leased to Centrify Corporation and Adesto Technologies under triple-net leases with remaining terms of approximately 4 years and 7 years, respectively. The Property was built in 1978 and underwent a complete renovation in 2014 totaling approximately $14 million. The current zoning of the 5.24 acre parcel also allows for an additional 100,000 square feet of density. The purchase is expected to be part of a 1031 like-kind exchange. During October 2016, the Company received cash payments totaling approximately $1.6 million from two of the buyers of the Company’s land sold in the fourth quarter of 2015 to purchase impact fees from the Company with a basis of equal value.

Description of Business and Principles of Interim Statements (Policies)

9 Months Ended

Sep. 30, 2016

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Description of Business

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

Interim Financial Information

The results of operations for the nine months ended September 30, 2016 are not necessarily indicative of results to be expected for the year ending December 31, 2016.

Principles of Consolidation

Use of Estimates in the Preparation of Financial Statements

Use of Estimates in Preparation of Financial Statements

Cash and Cash Equivalents

Restricted Cash

Investment Securities

Derivative Instrument and Hedging Activity

Fair Value Measurements

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

Fair Value of Financial Instruments

Classification of Commercial Loan Investments

Commercial Loan Investment Impairment

Recognition of Interest Income from Commercial Loan Investments

Impact Fees and Mitigation Credits

Accounts Receivable

Purchase Accounting for Acquisitions of Real Estate Subject to a Lease

Sale of Real Estate

Sales of Real Estate

Adoption of New Accounting Standard

Commercial Loan Investments (Tables)

9 Months Ended

Sep. 30, 2016

Receivables [Abstract]

Summary of Commercial Loan Investment Portfolio

The Company’s commercial loan investment portfolio was comprised of the following at September 30, 2016:


	Date of	Maturity	Original Face		Current Face		Carrying
Description	Investment	Date	Amount		Amount		Value		Coupon Rate
Mezz – Hotel – Atlanta, GA	January 2014	February 2019	$	5,000,000	$	5,000,000	$	5,000,000	12.00%
B-Note – Retail Shopping Center, Sarasota, FL	May 2014	June 2017		8,960,467		8,960,467		8,960,467	30‑day LIBOR plus 7.50%
Mezz – Hotel, Dallas, TX	September 2014	September 2017		10,000,000		10,000,000		10,000,000	30 day LIBOR plus 7.25%
Total			$	23,960,467	$	23,960,467	$	23,960,467

The Company’s commercial loan investment portfolio was comprised of the following at December 31, 2015:


	Date of	Maturity	Original Face		Current Face		Carrying
Description	Investment	Date	Amount		Amount		Value		Coupon Rate
Mezz – Hotel – Atlanta, GA	January 2014	February 2019	$	5,000,000	$	5,000,000	$	5,000,000	12.00%
B-Note – Retail Shopping Center, Sarasota, FL	May 2014	June 2016		8,960,467		8,960,467		8,960,467	30 day LIBOR plus 7.50%
Mezz – Hotel, Dallas, TX	September 2014	September 2016		10,000,000		10,000,000		10,000,000	30 day LIBOR plus 7.25%
First Mortgage – Hotel, San Juan, Puerto Rico	September 2015	September 2018		14,500,000		14,500,000		14,371,489	30 day LIBOR plus 9.00%
Total			$	38,460,467	$	38,460,467	$	38,331,956

Carrying Value of the Commercial Loan Investments Portfolio

The carrying value of the commercial loan investment portfolio as of September 30, 2016 consisted of the following:


	Total
Current Face Amount	$	38,460,467
Unamortized Fees		36,382
Unaccreted Origination Fees		(164,893)
Total Commercial Loan Investments	$	38,331,956

The carrying value of the commercial loan investment portfolio as of December 31, 2015 consisted of the following:


	Total
Current Face Amount	$	23,960,467
Unamortized Fees		—
Unaccreted Origination Fees		—
Total Commercial Loan Investments	$	23,960,467

Land and Development Costs and Subsurface Interests (Tables)

9 Months Ended

Sep. 30, 2016

Real Estate [Abstract]

Summary of Sales within the Tomoka Town Center

							Revenue (1)								Deferred
					Avg. Sales		Recognized		Revenue (1)		Gain (2)		Gain (2)		Revenue (3) as
		No. of			Price per		in		Recognized in		Recognized		Recognized in		of September 30,
Land Tract	Date Closed	Acres	Sales Price		Acre		Q3 2016		YTD Q3 2016		in Q3 2016		YTD Q3 2016		2016
Tanger Outlet	11/12/2015	38.93	$	9,700,000	$	249,165	$	1,553,551	$	6,682,681	$	1,250,016	$	5,356,247	$	393,546
Sam's Club	12/23/2015	18.10		4,500,000		248,619		796,397		3,423,880		655,273		2,807,171		130,463
NADG - First Parcel	12/29/2015	37.26		5,168,335		138,710		989,346		4,258,592		698,832		2,989,057		283,751
NADG - Outparcel	3/30/2016	4.40		2,000,000		454,545		314,462		2,089,796		264,409		1,811,018		109,802
Total Tomoka Town Center Sales		98.69	$	21,368,335	$	216,520	$	3,653,756	$	16,454,949	$	2,868,530	$	12,963,493	$	917,562

⁽¹⁾

⁽²⁾

The gain recognized in each quarter consists of revenue less the allocated cost basis of the infrastructure costs, as the infrastructure work is completed.

⁽³⁾

Summary of Reconciliation of the Land Transactions Closed


						Infrastructure
		Sales Price		Sales Price per		Reimbursement
Land Tract	No. of Acres	(In $000's)		Acre		(in $000s)
Tanger Outlet [Closed] (1)	38.93	$	9,700	$	249,165	$	5,500
Sam's Club [Closed] (2)	18.10		4,500		248,619		1,100
NADG - First Parcel [Closed] (3)	37.26		5,168		138,710		1,800
NADG - Outparcel [Closed] (3)	4.40		2,000		454,545		211
NADG - Option Parcels (4)	81.50		20,188		247,689		3,889
Total Developable Area	180.19		41,556		230,618		12,500
Common Area (5)	54.32		N/A		N/A		(12,800)
Total Town Center	234.51	$	41,556	$	177,199	$	(300)

⁽¹⁾

Includes $4.5 million in incentives from the Town Center District, with remainder to be paid in equal installments over 10 years;

⁽²⁾

Infrastructure reimbursement, pursuant to contract, paid in equal installments over 10 years;

⁽³⁾

Infrastructure reimbursement due upon the later of i) Infrastructure Work completion or, ii) August 31, 2016;

⁽⁴⁾

⁽⁵⁾

Includes common area for the Town Center association and land dedicated for public use, both to be conveyed by the Company.

Summary of Lease Payments and Drilling Penalties Received on Acreages

Lease payments on the respective acreages and drilling penalties received through lease year six are as follows:


	Acreage
Lease Year	(Approximate)	Florida County	Lease Payment (1)		Drilling Penalty (1)
Lease Year 1 - 9/23/2011 - 9/22/2012	136,000	Lee and Hendry	$	913,657	$	—
Lease Year 2 - 9/23/2012 - 9/22/2013	136,000	Lee and Hendry		922,114		—
Lease Year 3 - 9/23/2013 - 9/22/2014	82,000	Hendry		3,293,000		1,000,000
Lease Year 4 - 9/23/2014 - 9/22/2015	42,000	Hendry		1,866,146		600,000
Lease Year 5 - 9/23/2015 - 9/22/2016	25,000	Hendry		1,218,838		175,000
Lease Year 6 - 9/23/2016 - 9/22/2017	15,000	Hendry		806,683		150,000
Total Payments Received to Date			$	9,020,438	$	1,925,000

⁽¹⁾

Investment Securities (Tables)

9 Months Ended

Sep. 30, 2016

Investments, Debt and Equity Securities [Abstract]

Summary of Available for Sale Securities

Available-for-sale securities consisted of the following as of December 31, 2015:


	As of December 31, 2015
			Gains in		Losses in
			Accumulated		Accumulated		Estimated
			Other		Other		Fair Value
			Comprehensive		Comprehensive		(Level 1 and 2
	Cost (1)		Income		Income		(Inputs)
Debt Securities	$	843,951	$	—	$	(41,451)	$	802,500
Total Debt Securities		843,951		—		(41,451)		802,500
Common Stock		5,981,464		—		(1,080,197)		4,901,267
Total Equity Securities	$	5,981,464		—		(1,080,197)		4,901,267
Total Available-for-Sale Securities	$	6,825,415	$	—	$	(1,121,648)	$	5,703,767

⁽¹⁾

Summary of Recognized Gain and Losses on Sale of Investment Securities


	For the Nine Months Ended September 30,
	2016		2015
Proceeds from the Disposition of Debt Securities	$	827,738	$	2,084,994
Cost Basis of Debt Securities Sold		(843,951)		(1,930,080)
Loss recognized in Statement of Operations on the Disposition of Debt Securities	$	(16,213)	$	154,914
Proceeds from the Disposition of Equity Securities		5,424,624		834,964
Cost Basis of Equity Securities Sold		(5,983,978)		(704,173)
Gain (Loss) recognized in Statement of Operations on the Disposition of Equity Securities	$	(559,354)	$	130,791
Total Gain (Loss) recognized in Statement of Operations on the Disposition of Debt and Equity Securities	$	(575,567)	$	285,705

- Definition

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

+ References + Details

- Definition

Tabular disclosure of the realized and unrealized gains and losses reported in the statement of income which have resulted from the sale and holding of marketable securities, respectively, as well as the sale or disposal of cost method investments. Such amounts would include realized gains and losses on the sale or disposal of trading, available-for-sale, and held-to-maturity securities, unrealized gains and losses on trading securities, unrealized gains and losses on available-for-sale and held-to-maturity securities transferred to the trading securities category, realized gains and losses on the sale or disposal of cost method investments, and losses recognized for other than temporary impairments (OTTI) of such investments.

+ References + Details

Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2016

Fair Value Disclosures [Abstract]

Summary of Carrying Value and Estimated Fair Value of Financial Instruments

The following table presents the carrying value and estimated fair value of the Company’s financial instruments at September 30, 2016 and December 31, 2015:


	September 30, 2016				December 31, 2015
	Carrying		Estimated		Carrying		Estimated
	Value		Fair Value		Value		Fair Value
Cash and Cash Equivalents - Level 1	$	9,041,486	$	9,041,486	$	4,060,677	$	4,060,677
Restricted Cash - Level 1		6,643,732		6,643,732		14,060,523		14,060,523
Commercial Loan Investments - Level 2		23,960,467		23,960,467		38,331,956		38,460,467
Long-Term Debt - Level 2		135,553,756		141,268,301		166,796,853		172,572,305

Summary of fair value of assets and liabilities by Level

The following table presents the fair value of liabilities by Level at September 30, 2016:


			Fair Value at Reporting Date Using
			Quoted Prices in				Significant
			Active Markets		Significant Other		Unobservable
			for Identical		Observable Inputs		Inputs
	9/30/2016		Assets (Level 1)		(Level 2)		(Level 3)
Cash Flow Hedge - Interest Rate Swap	$	366,690	$	—	$	366,690	$	—
Total	$	366,690	$	—	$	366,690	$	—

The following table presents the fair value of assets by Level at December 31, 2015:


			Fair Value at Reporting Date Using
			Quoted Prices in				Significant
			Active Markets		Significant Other		Unobservable
			for Identical		Observable Inputs		Inputs
	12/31/2015		Assets (Level 1)		(Level 2)		(Level 3)
Available-for-Sale Securities
Available-for-Sale Debt Securities	$	802,500	$	—	$	802,500	$	—
Available-for-Sale Equity Securities		4,901,267		4,901,267		—		—
Total Available-for-Sale Securities		5,703,767		4,901,267		802,500		—
Total	$	5,703,767	$	4,901,267	$	802,500	$	—

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details

Intangible Lease Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Lease Assets and Liabilities

Intangible lease assets and liabilities consisted of the following as of September 30, 2016 and December 31, 2015:


	As of
	September 30, 2016		December 31, 2015
Intangible Lease Assets:
Value of In-Place Leases	$	28,787,992	$	19,588,642
Value of Above Market In-Place Leases		1,198,228		1,469,143
Value of Intangible Leasing Costs		6,092,040		3,835,158
Sub-total Intangible Lease Assets		36,078,260		24,892,943
Accumulated Amortization		(5,076,176)		(4,805,792)
Sub-total Intangible Lease Assets—Net		31,002,084		20,087,151
Intangible Lease Liabilities (included in accrued and other liabilities):
Value of Below Market In-Place Leases		(33,142,746)		(32,315,741)
Sub-total Intangible Lease Liabilities		(33,142,746)		(32,315,741)
Accumulated Amortization		2,222,773		336,182
Sub-total Intangible Lease Liabilities—Net		(30,919,973)		(31,979,559)
Total Intangible Assets and Liabilities—Net	$	82,111	$	(11,892,408)

Summary of Estimated Amortization and Accretion of Intangible Lease Assets and Liabilities

The estimated future amortization and accretion of intangible lease assets and liabilities is as follows:


			Future Accretion		Net Future
	Future		to Income		Amortization of
	Amortization		Property		Intangible Assets
Year Ending December 31,	Amount		Revenue		and Liabilities
Remainder of 2016	$	866,880	$	(572,294)	$	294,586
2017		3,427,929		(2,255,656)		1,172,273
2018		3,424,330		(2,257,688)		1,166,642
2019		3,424,330		(2,258,883)		1,165,447
2020		3,308,655		(2,256,726)		1,051,929
2021		1,918,705		(2,319,993)		(401,288)
Thereafter		13,686,309		(18,053,787)		(4,367,478)
Total	$	30,057,138	$	(29,975,027)	$	82,111

Other Assets (Tables)

9 Months Ended

Sep. 30, 2016

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Components of Other Assets

Other assets consisted of the following:


	As of
	September 30, 2016		December 31, 2015
Income Property Tenant Receivables	$	52,843	$	830,574
Income Property Straight-line Rent Adjustment		1,569,282		1,781,798
Interest Receivable from Commercial Loan Investments		66,718		155,163
Infrastructure Reimbursement Receivables		4,022,340		1,306,602
Golf Operations Receivables		242,097		253,358
Deferred Deal Costs		709,509		520,308
Prepaid Expenses, Deposits, and Other		1,921,270		1,187,021
Total Other Assets	$	8,584,059	$	6,034,824

Common Stock and Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2016

Earnings Per Share [Abstract]

Summary of Common Stock and Earnings Per Share


		Three Months Ended				Nine Months Ended
	September 30, 2016		September 30, 2015		September 30, 2016		September 30, 2015
Income Available to Common Shareholders:
Net Income Attributable to Consolidated-Tomoka Land Co.	$	8,161,014	$	2,079,871	$	11,156,175	$	2,657,844
Weighted Average Shares Outstanding		5,662,933		5,802,363		5,700,316		5,817,184
Common Shares Applicable to Stock
Options Using the Treasury Stock Method		4,009		15,315		9,920		27,290
Total Shares Applicable to Diluted Earnings Per Share		5,666,942		5,817,678		5,710,236		5,844,474

Basic
Net Income Attributable to Consolidated-Tomoka Land Co.	$	1.44	$	0.36	$	1.96	$	0.46

Diluted
Net Income Attributable to Consolidated-Tomoka Land Co.	$	1.44	$	0.36	$	1.95	$	0.45
Per Share Information:

Long-Term Debt (Tables)

9 Months Ended

Sep. 30, 2016

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

Long-term debt as of September 30, 2016 consisted of the following:


	September 30, 2016
			Due Within
	Total		One Year
Credit Facility	$	4,000,000	$	—
Mortgage Note Payable (originated with UBS)		7,300,000		—
Mortgage Note Payable (originated with Wells Fargo)		30,000,000		—
Mortgage Note Payable (originated with Wells Fargo)		25,000,000		—
4.50% Convertible Senior Notes due 2020, net of discount		70,593,625		—
Loan Costs, net of accumulated amortization		(1,339,869)		—
Total Long-Term Debt	$	135,553,756	$	—

Summary of Payments Applicable to Reduction of Principal Amounts

Payments applicable to reduction of principal amounts as of September 30, 2016 will be required as follows:


Year Ending December 31,	Amount
Remainder of 2016	$	—
2017		—
2018		11,300,000
2019		—
2020		75,000,000
2021		25,000,000
Thereafter		30,000,000
Total Long-Term Debt - Face Value	$	141,300,000

Summary of Carrying Value of Long-Term Debt

The carrying value of long-term debt as of September 30, 2016 consisted of the following:


	Total
Current Face Amount	$	141,300,000
Unamortized Discount on Convertible Debt		(4,406,375)
Loan Costs, net of accumulated amortization		(1,339,869)
Total Long-Term Debt	$	135,553,756

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

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

Reference 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=64930739&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=64930785&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=64930785&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

+ Details

Accrued Liabilities (Tables)

9 Months Ended

Sep. 30, 2016

Payables and Accruals [Abstract]

Summary of Accrued Liabilities

Accrued and other liabilities consisted of the following:


	As of
	September 30, 2016		December 31, 2015
Golf Course Lease	$	2,321,373	$	2,602,638
Accrued Property Taxes		1,097,110		40,042
Reserve for Tenant Improvements		569,151		812,493
Accrued Interest		298,520		1,195,231
Environmental Reserve and Restoration Cost Accrual		1,581,377		2,405,635
Cash Flow Hedge - Interest Rate Swap		366,690		—
Other		1,883,512		1,811,880
Total Accrued and Other Liabilities	$	8,117,733	$	8,867,919

Deferred Revenue (Tables)

9 Months Ended

Sep. 30, 2016

Deferred Revenue Disclosure [Abstract]

Summary of Deferred Revenue

Deferred revenue consisted of the following:


	As of
	September 30, 2016		December 31, 2015
Deferred Oil Exploration Lease Revenue	$	789,003	$	885,822
Deferred Land Sale Revenue		917,562		12,656,773
Prepaid Rent		1,011,372		907,325
Other Deferred Revenue		313,763		274,690
Total Deferred Revenue	$	3,031,700	$	14,724,610

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2016

Summary of Stock Based Compensation Activity

A summary of activity during the nine months ended September 30, 2016, is presented below:


		Wtd. Avg.
		Grant Date
Market Condition Non-Vested Restricted Shares	Shares	Fair Value
Outstanding at January 1, 2016	2,400	$	23.42
Granted	—		—
Vested	(2,300)		23.42
Expired	—		—
Forfeited	(100)		23.42
Outstanding at September 30, 2016	—	$	—

Summary of Market Condition Inducement Grant of Restricted Shares

A summary of the activity for these awards during the nine months ended September 30, 2016, is presented below:


		Wtd. Avg.
Market Condition Non-Vested Restricted Shares	Shares	Fair Value
Outstanding at January 1, 2016	137,500	$	30.58
Granted	4,000		38.98
Vested	—		—
Expired	—		—
Forfeited	(72,000)		34.46
Outstanding at September 30, 2016	69,500	$	27.03

Summary of Stock Based Compensation Activity for Stock Appreciation Rights

Stock Appreciation Rights


				Wtd. Avg.
				Remaining
				Contractual	Aggregate
		Wtd. Avg.		Term	Intrinsic
Liability-Classified Stock Appreciation Rights	Shares	Fair Value		(Years)	Value
Outstanding at January 1, 2016	18,000	$	2.64
Granted	—		—
Exercised	—		—
Expired	(3,000)		—
Forfeited	(4,000)		0.87
Outstanding at September 30, 2016	11,000	$	1.66	0.86	$	—
Exercisable at September 30, 2016	11,000	$	1.66	0.86	$	—

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:	September 30, 2016		December 31, 2015
Expected Volatility	21.20	%	29.40	%
Expected Dividends	0.16	%	0.15	%
Expected Term	0.86	years	1.3	years
Risk-Free Rate	0.45	%	0.75	%

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				Nine Months Ended
	September 30, 2016		September 30, 2015		September 30, 2016		September 30, 2015
Total Cost of Share-Based Plans Charged
Against Income Before Tax Effect	$	401,967	$	728,833	$	2,893,589	$	1,350,557
Income Tax Expense
Recognized in Income	$	(155,059)	$	(281,147)	$	(1,116,202)	$	(520,977)

Three Year Vest Non-Vested Restricted Stock [Member]

Summary of Stock Based Compensation Activity

A summary of activity during the nine months ended September 30, 2016, is presented below:


		Wtd. Avg.
		Fair Value
Three Year Vest Non-Vested Restricted Shares	Shares	Per Share
Outstanding at January 1, 2016	26,900	$	49.73
Granted	21,100		44.88
Vested	(10,363)		47.89
Expired	—		—
Forfeited	(133)		46.08
Outstanding at September 30, 2016	37,504	$	47.53

Non-Qualified Stock Option Award [Member]

Summary of Stock Based Compensation Activity for Stock Option Awards

A summary of the activity for the awards during the nine months ended September 30, 2016, is presented below:


				Wtd. Avg.
				Remaining
				Contractual		Aggregate
		Wtd. Avg.		Term		Intrinsic
Non-Qualified Stock Option Awards	Shares	Ex. Price		(Years)		Value
Outstanding at January 1, 2016	116,850	$	48.63
Granted	40,000		55.62
Exercised	(850)		34.95
Expired	—		—
Forfeited	(40,000)		55.62
Outstanding at September 30, 2016	116,000	$	48.73	6.66	$	285,740
Exercisable at September 30, 2016	75,800	$	45.40	1.60	$	439,036

Summary of Non-Vested Options for Non-Qualified Stock Option Awards

A summary of the non-vested options for these awards during the nine months ended September 30, 2016, is presented below:


		Fair Value
		of Shares
Non-Qualified Stock Option Awards	Shares	Vested
Non-Vested at January 1, 2016	88,260
Granted	40,000
Vested	(48,060)	$	2,478,088
Expired	—
Forfeited	(40,000)
Non-Vested at September 30, 2016	40,200

Stock Option [Member]

Summary of Stock Based Compensation Activity for Stock Option Awards

A summary of share option activity under the 2001 Plan for the nine months ended September 30, 2016 is presented below:

Stock Options


				Wtd. Avg.
				Remaining
				Contractual	Aggregate
		Wtd. Avg.		Term	Intrinsic
Liability-Classified Stock Options	Shares	Ex. Price		(Years)	Value
Outstanding at January 1, 2016	18,000	$	64.69
Granted	—		—
Exercised	—		—
Expired	(3,000)		67.27
Forfeited	(4,000)		64.99
Outstanding at September 30, 2016	11,000	$	63.87	0.86	$	—
Exercisable at September 30, 2016	11,000	$	63.87	0.86	$	—

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2016

Commitments and Contingencies Disclosure [Abstract]

Schedule of Potential Land Sales Transactions


			Contract		Price
		No. of	Amount		per Acre		Estimated
	Contract (or Buyer) / Parcel	Acres	($000's)		($000's)		Timing
1	Commercial/Retail	4	$	1,175	$	294,000	'18
2	Mixed-Use Retail	22		5,574		253,000	'17
3	Mixed-Use Retail (NADG)	82		20,187		248,000	'17 - '18
4	Commercial/Retail	6		1,470		245,000	'17
5	AR Residential (Minto)	1,581		28,651		18,000	'16 - '17
6	AR Residential (Minto)	1,686		31,360		19,000	'18 - '19
7	SF Residential (ICI)	600		9,000		15,000	'16 - '17
8	SF Residential	73		1,050		14,000	'17
	Total	4,054	$	98,467	$	24,000

Business Segment Data (Tables)

9 Months Ended

Sep. 30, 2016

Segment Reporting [Abstract]

Summary of Operations in Different Segments

Information about the Company’s operations in the different segments for the three and nine months ended September 30, 2016 and 2015 is as follows:


	Three Months Ended				Nine Months Ended
	September 30, 2016		September 30, 2015		September 30, 2016		September 30, 2015
Revenues:
Income Properties	$	6,021,331	$	5,034,090	$	18,483,654	$	13,426,817
Commercial Loan Investments		534,212		546,640		2,050,507		1,816,834
Real Estate Operations		4,643,646		1,748,398		18,979,164		3,976,340
Golf Operations		1,001,368		949,083		3,877,923		3,935,076
Agriculture and Other Income		10,388		19,504		48,070		59,181
Total Revenues	$	12,210,945	$	8,297,715	$	43,439,318	$	23,214,248
Operating Income:
Income Properties	$	4,590,689	$	4,036,330	$	14,672,265	$	11,105,324
Commercial Loan Investments		534,212		546,640		2,050,507		1,816,834
Real Estate Operations		3,386,463		1,431,785		14,340,299		2,755,151
Golf Operations		(301,552)		(406,386)		(276,761)		(266,237)
Agriculture and Other Income		(42,506)		(31,980)		(105,529)		(90,649)
General and Corporate Expense		7,712,203		(432,949)		(3,675,088)		(6,496,935)
Total Operating Income	$	15,879,509	$	5,143,440	$	27,005,693	$	8,823,488
Depreciation and Amortization:
Income Properties	$	1,866,162	$	1,335,214	$	5,571,785	$	3,413,024
Golf Operations		64,676		68,712		201,944		194,618
Agriculture and Other		14,622		13,203		44,657		36,978
Total Depreciation and Amortization	$	1,945,460	$	1,417,129	$	5,818,386	$	3,644,620
Capital Expenditures:
Income Properties	$	49,751,977	$	25,596,355	$	52,604,951	$	35,610,312
Commercial Loan Investments		—		14,500,000		—		15,394,879
Real Estate Operations ($5,744,636 Contributed by Consolidated VIE)		—		11,489,272		—		11,489,272
Golf Operations		4,500		2,045		17,661		108,462
Agriculture and Other		2,465		17,817		18,332		31,223
Total Capital Expenditures	$	49,758,942	$	51,605,489	$	52,640,944	$	62,634,148


	As of
	September 30, 2016		December 31, 2015
Identifiable Assets:
Income Properties	$	265,252,097	$	277,519,902
Commercial Loan Investments		24,027,185		38,487,119
Real Estate Operations		67,255,069		59,787,157
Golf Operations		2,906,098		3,607,259
Agriculture and Other		18,103,021		24,952,207
Total Assets	$	377,543,470	$	404,353,644

Description of Business and Principles of Interim Statements - Description of Business (Detail) ft² in Millions	9 Months Ended
	Sep. 30, 2016 state loan	Sep. 30, 2016 item	Sep. 30, 2016 property	Sep. 30, 2016 a	Sep. 30, 2016 ft²	Dec. 31, 2015 a
Description of Business [Line Items]
Number of real estate properties \| state	29
Number of states in which entity operates \| property			9
Gross leasable space				1,581	1.5	148.35
Area of land \| a				10,500
Number of billboards leased for property \| item		19
Fixed Rate Commercial Mortgage [Member]
Description of Business [Line Items]
Number of commercial mortgage loan investments \| loan	1
Adjustable Rate Commercial Mortgage [Member]
Description of Business [Line Items]
Number of commercial mortgage loan investments \| loan	1
Single-tenant
Description of Business [Line Items]
Number of real estate properties \| property			21
Multi-tenant
Description of Business [Line Items]
Number of real estate properties \| property			8
Atlanta, GA [Member]
Description of Business [Line Items]
Number of commercial mortgage loan investments \| loan	3

Description of Business and Principles of Interim Statements - Cash and Restricted Cash (Detail)	9 Months Ended
	Sep. 30, 2016 USD ($) item	Dec. 31, 2015 USD ($) item	Sep. 30, 2015 property	Dec. 31, 2013 item
Description of Business [Line Items]
Restricted Cash	$ 6,643,732	$ 14,060,523
Cash and cash equivalents maximum original maturity period	90 days
Number of income properties acquired \| property			3
Escrow Deposit to be Reinvested Through Like-Kind Exchange Structure [Member]
Description of Business [Line Items]
Restricted Cash	$ 3,100,000
Number of income properties to be reinvested \| item	1
Restricted Cash Reserve for Property Taxes and Insurance Escrows for Property Financing [Member]
Description of Business [Line Items]
Restricted Cash	$ 393,000
Number of separate escrow accounts \| item	2
Restricted Cash, Escrow Deposit Related to Land Transactions [Member]
Description of Business [Line Items]
Restricted Cash	$ 432,000
Number of separate escrow accounts \| item	3
Number of separate land transactions \| item	3
Number of closed land transactions \| item		2		1
Restricted Cash, Consolidated Variable Interest Entity [Member]
Description of Business [Line Items]
Restricted Cash	$ 28,000
Winter Park, Florida \| Restricted Cash, Escrow for Tenant Improvements [Member]
Description of Business [Line Items]
Restricted Cash	2,100,000
Katy, Texas [Member] \| Restricted Cash, Escrow for Tenant Improvements [Member]
Description of Business [Line Items]
Restricted Cash	$ 647,000

Description of Business and Principles of Interim Statements - Additional Information (Detail) - USD ($)	3 Months Ended	9 Months Ended		12 Months Ended
	Dec. 31, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Description of Business [Line Items]
Impairment charge other-than-temporary impairments	$ 60,000	$ 0	$ 0	$ 60,000
Net realized loss on investments		(575,567)	$ 285,705
Allowance for doubtful accounts	0	0		0
Amount reclassified from other assets to long-term debt	1,700,000			1,700,000
Tenant Reimbursable Expenses
Description of Business [Line Items]
Accounts receivable included in other assets	831,000	53,000		831,000
Real Estate Operations
Description of Business [Line Items]
Accounts receivable included in other assets	1,300,000	4,000,000		1,300,000
ship And Event Receivables
Description of Business [Line Items]
Accounts receivable included in other assets	$ 253,000	$ 242,000		$ 253,000

- Definition

This item represents the net total realized and unrealized gain (loss) included in earnings for the period as a result of selling or holding marketable securities categorized as trading, available-for-sale, or held-to-maturity, including the unrealized holding gain (loss) of held-to-maturity securities transferred to the trading security category and the cumulative unrealized gain (loss) which was included in other comprehensive income (a separate component of shareholders' equity) for available-for-sale securities transferred to trading securities during the period. Additionally, this item would include any gains (losses) realized during the period from the sale of investments accounted for under the cost method of accounting and losses recognized for other than temporary impairments (OTTI) of the subject investments.

+ References + Details

Income Properties - Additional Information (Detail)		3 Months Ended		9 Months Ended
Income Properties - Additional Information (Detail)	Sep. 16, 2016 USD ($) property	Mar. 31, 2016 USD ($)	Mar. 31, 2015 USD ($)	Sep. 30, 2016 USD ($) property	Sep. 30, 2015 USD ($) property
Schedule Of Business Acquisitions And Disposition [Line Items]
Number of income properties acquired \| property					3
Total acquisition cost of property				$ 49,800,000	$ 34,200,000
Land acquired				20,900,000
Buildings and improvements acquired				14,600,000
Intangible assets acquired				15,100,000
Intangible liabilities assumed				$ 800,000
Amortization allocated to intangible assets and liabilities, period				17 years 2 months 12 days
Impairment Charges				$ 2,180,730	$ 510,041
Single-tenant
Schedule Of Business Acquisitions And Disposition [Line Items]
Number of income properties acquired \| property				7	1
Multi-tenant
Schedule Of Business Acquisitions And Disposition [Line Items]
Number of income properties acquired \| property				1	1
2016 Disposals \| Sold
Schedule Of Business Acquisitions And Disposition [Line Items]
Number of disposed properties \| property				19
Sales price				$ 74,300,000
Impairment Charges		$ 210,000
Portfolio Sale \| Sold
Schedule Of Business Acquisitions And Disposition [Line Items]
Sales price	$ 51,600,000
Gain (loss) on disposal	$ 11,400,000
Portfolio Sale \| Sold \| Single-tenant
Schedule Of Business Acquisitions And Disposition [Line Items]
Number of disposed properties \| property	14
2015 Disposals \| Sold
Schedule Of Business Acquisitions And Disposition [Line Items]
Impairment Charges			$ 510,000
2015 Disposals \| Sold \| Single-tenant
Schedule Of Business Acquisitions And Disposition [Line Items]
Number of disposed properties \| property					4
Sales price					$ 15,800,000
Gain (loss) on disposal					$ 3,800,000
Impairment Charges			$ 510,000

Income Properties - Acquisitions (Detail) $ in Millions								9 Months Ended
Income Properties - Acquisitions (Detail) $ in Millions	Sep. 29, 2016 USD ($) a ft²	Sep. 22, 2016 USD ($) a ft²	Sep. 15, 2016 USD ($) ft² building	Aug. 17, 2016 USD ($) a ft²	Jul. 06, 2016 USD ($)	Apr. 05, 2016 ft²	Feb. 18, 2016 USD ($) a ft² item	Sep. 30, 2016 USD ($) a	Sep. 30, 2015 USD ($)	Sep. 30, 2016 ft²	Sep. 30, 2016 USD ($)	Dec. 31, 2015 a
Schedule Of Business Acquisitions And Disposition [Line Items]
Area of a real estate property								1,581		1,500,000		148.35
Occupancy Percentage							100.00%
Total acquisition cost of property \| $								$ 49.8	$ 34.2
Bloomin' Portfolio
Schedule Of Business Acquisitions And Disposition [Line Items]
Total acquisition cost of property \| $			$ 14.9
Weighted average remaining lease term			15 years
Number of Buildings Acquired \| building			4
Dallas, Texas
Schedule Of Business Acquisitions And Disposition [Line Items]
Area of building							4,685
Area of a real estate property \| a							0.37
Number of tenants \| item							2
Total acquisition cost of property \| $							$ 2.5
Weighted average remaining lease term							8 years 2 months 12 days
Dallas, Texas \| CVS Pharmacy
Schedule Of Business Acquisitions And Disposition [Line Items]
Area of building		10,340
Area of a real estate property \| a		0.91
Total acquisition cost of property \| $		$ 14.9
Weighted average remaining lease term		25 years 4 months 24 days
Monterey, California \| Bank of America
Schedule Of Business Acquisitions And Disposition [Line Items]
Area of building				32,692
Area of a real estate property \| a				1.26
Total acquisition cost of property \| $				$ 8.4
Weighted average remaining lease term				4 years 3 months 18 days
Austin, Texas \| Carrabba's Italian Grill
Schedule Of Business Acquisitions And Disposition [Line Items]
Area of building			6,528
Austin, Texas \| Outback Steakhouse
Schedule Of Business Acquisitions And Disposition [Line Items]
Area of building			6,176
Charlottesville, Virginia \| Outback Steakhouse
Schedule Of Business Acquisitions And Disposition [Line Items]
Area of building			7,216
Huntersville, North Carolina \| Outback Steakhouse
Schedule Of Business Acquisitions And Disposition [Line Items]
Area of building			6,297
Raleigh, North Carolina \| At Home Group, Inc. Subsidiary
Schedule Of Business Acquisitions And Disposition [Line Items]
Area of building	116,334
Area of a real estate property \| a	10.64
Total acquisition cost of property \| $	$ 9.2
Weighted average remaining lease term	13 years
Winter Park, Florida \| The Grove
Schedule Of Business Acquisitions And Disposition [Line Items]
Area of building						112,000
Winter Park, Florida \| Anchor space of the Grove
Schedule Of Business Acquisitions And Disposition [Line Items]
Area of building						40,000
Lease term						15 years
Area of land in percentage						36.00%
Funding for tenant improvements \| $								$ 1.9
Tenant improvements \| $											$ 2.1
Winter Park, Florida \| Restricted Cash, Escrow for Tenant Improvements [Member] \| Anchor space of the Grove
Schedule Of Business Acquisitions And Disposition [Line Items]
Funding for tenant improvements \| $					$ 4.0

Income Properties - Disposals (Detail)							3 Months Ended				9 Months Ended
Income Properties - Disposals (Detail)	Sep. 30, 2016 USD ($) property $ / shares	Sep. 16, 2016 USD ($) property $ / shares	Jun. 22, 2016 USD ($) $ / shares	Apr. 22, 2016 USD ($) ft² $ / shares	Apr. 06, 2016 USD ($) $ / shares	Apr. 05, 2016 USD ($) $ / shares	Sep. 30, 2016 USD ($) property	Jun. 30, 2016 USD ($)	Mar. 31, 2016 USD ($)	Sep. 30, 2015 USD ($)	Sep. 30, 2016 USD ($) property	Sep. 30, 2015 USD ($)	Sep. 30, 2016 a	Sep. 30, 2016 ft²	Sep. 30, 2016 USD ($)	Dec. 31, 2015 a
Schedule Of Business Acquisitions And Disposition [Line Items]
Write off of Deferred Debt Issuance Cost							$ 367,000
Area of a real estate property													1,581	1,500,000		148.35
Impairment Charges											$ 2,180,730	$ 510,041
Gain on Disposition of Assets							11,479,490			$ 3,763,140	$ 12,842,438	$ 3,781,329
Daytona Beach, Florida
Schedule Of Business Acquisitions And Disposition [Line Items]
Area of a real estate property \| a													6			6
Altamonte Springs Florida \| PNC Bank, N.A.
Schedule Of Business Acquisitions And Disposition [Line Items]
Impairment Charges								$ 942,000
Gain on Disposition of Assets	$ (922,000)						$ 20,000
Sold \| 2016 Disposals
Schedule Of Business Acquisitions And Disposition [Line Items]
Sales price															$ 74,300,000
Gain (Loss) recognized									$ (134,000)
Number of disposed properties \| property	19						19				19
Impairment Charges									$ 210,000
Sold \| 2016 Disposals \| Daytona Beach, Florida \| American Signature Furniture
Schedule Of Business Acquisitions And Disposition [Line Items]
Weighted average remaining lease term						3 years 9 months 18 days
Sales price						$ 5,200,000
Gain (loss) on disposal						$ 197,000
Gain (loss) on sale of building per share after tax \| $ / shares						$ 0.02
Sold \| 2016 Disposals \| Daytona Beach, Florida \| Teledyne ODI
Schedule Of Business Acquisitions And Disposition [Line Items]
Weighted average remaining lease term				9 years 3 months 18 days
Sales price				$ 3,000,000
Gain (loss) on disposal				$ 822,000
Gain (loss) on sale of building per share after tax \| $ / shares				$ 0.09
Area of building \| ft²				15,360
Sold \| 2016 Disposals \| Sebring, Florida \| CVS Pharmacy
Schedule Of Business Acquisitions And Disposition [Line Items]
Weighted average remaining lease term					3 years 1 month 6 days
Sales price					$ 2,400,000
Gain (loss) on disposal					$ (210,000)
Gain (loss) on sale of building per share after tax \| $ / shares					$ (0.02)
Sold \| 2016 Disposals \| Lexington, North Carolina \| Lowes
Schedule Of Business Acquisitions And Disposition [Line Items]
Weighted average remaining lease term			9 years 7 months 6 days
Sales price			$ 9,100,000
Gain (loss) on disposal			$ 344,000
Gain (loss) on sale of building per share after tax \| $ / shares			$ 0.04
Sold \| 2016 Disposals \| Altamonte Springs Florida \| PNC Bank, N.A.
Schedule Of Business Acquisitions And Disposition [Line Items]
Weighted average remaining lease term	3 years 1 month 6 days
Sales price															$ 3,000,000
Gain (loss) on disposal	$ (922,000)
Gain (loss) on sale of building per share after tax \| $ / shares	$ (0.10)
Impairment Charges								$ 942,000
Gain on Disposition of Assets							$ 20,000
Sold \| Portfolio Sale
Schedule Of Business Acquisitions And Disposition [Line Items]
Sales price		$ 51,600,000
Gain (loss) on disposal		11,400,000
Gain (Loss) recognized		$ 11,100,000
Gain (loss) on sale of building per share after tax \| $ / shares		$ 1.20
Write off of Deferred Debt Issuance Cost		$ 367,000
Mortgage loan secured by properties portfolio		$ 23,100,000
Sold \| Portfolio Sale \| Single-tenant
Schedule Of Business Acquisitions And Disposition [Line Items]
Number of disposed properties \| property		14
Sold \| Portfolio Sale \| Single-tenant \| Bank of America
Schedule Of Business Acquisitions And Disposition [Line Items]
Number of disposed properties \| property		9
Sold \| Portfolio Sale \| Single-tenant \| Walgreens
Schedule Of Business Acquisitions And Disposition [Line Items]
Number of disposed properties \| property		2

Commercial Loan Investments - Additional Information (Detail)		3 Months Ended	9 Months Ended
	May 26, 2016 USD ($)	Sep. 30, 2016 USD ($) loan	Sep. 30, 2016 USD ($) loan	Sep. 30, 2015 USD ($)	Dec. 31, 2015 USD ($)
Accounts Notes And Loans Receivable [Line Items]
Principal Payments Received on Commercial Loan Investments			$ 14,282,500	$ 7,200,909
Debt discount		$ 4,406,375	4,406,375
Current Face Amount		23,960,467	23,960,467		$ 38,460,467
Commercial Loan Investments		$ 23,960,467	$ 23,960,467		38,331,956
Commercial Mortgage Backed Securities [Member]
Accounts Notes And Loans Receivable [Line Items]
Number of loans owned \| loan		3	3
San Juan, Puerto Rico [Member] \| First Mortgage [Member] \| Hotel [Member]
Accounts Notes And Loans Receivable [Line Items]
Principal Payments Received on Commercial Loan Investments	$ 14,500,000
Debt discount	218,000
Remaining loan origination fee, net of loan costs	145,000
Loan costs	$ 32,000
Current Face Amount					14,500,000
Commercial Loan Investments					14,371,489
Sarasota, Florida [Member] \| Notes Receivable [Member]
Accounts Notes And Loans Receivable [Line Items]
Extended maturity date		2017-06
Sarasota, Florida [Member] \| Notes Receivable [Member] \| Retail Shopping Center [Member]
Accounts Notes And Loans Receivable [Line Items]
Current Face Amount		$ 8,960,467	$ 8,960,467		8,960,467
Commercial Loan Investments		$ 8,960,467	8,960,467		8,960,467
Dallas, Texas \| Mezzanine [Member]
Accounts Notes And Loans Receivable [Line Items]
Extended maturity date		2017-09
Dallas, Texas \| Hotel [Member] \| Mezzanine [Member]
Accounts Notes And Loans Receivable [Line Items]
Current Face Amount		$ 10,000,000	10,000,000		10,000,000
Commercial Loan Investments		10,000,000	10,000,000		$ 10,000,000
Dallas, TX , Sarasota, FL, and Atlanta, GA [Member] \| Commercial Mortgage Backed Securities [Member]
Accounts Notes And Loans Receivable [Line Items]
Commercial Loan Investments		$ 24,000,000	$ 24,000,000
Commercial loan investments, average remaining maturity			1 year 1 month 6 days
Commercial loan investments, weighted average interest rate			8.80%

Commercial Loan Investments - Summary of Commercial Loan Investment Portfolio (Detail) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Accounts Notes And Loans Receivable [Line Items]
Original Face Amount	$ 23,960,467	$ 38,460,467
Current Face Amount	23,960,467	38,460,467
Carrying Value	$ 23,960,467	$ 38,331,956
Hotel [Member] \| San Juan, Puerto Rico [Member] \| First Mortgage [Member]
Accounts Notes And Loans Receivable [Line Items]
Date of Investment		2015-09
Maturity Date		2018-09
Original Face Amount		$ 14,500,000
Current Face Amount		14,500,000
Carrying Value		$ 14,371,489
Coupon Rate		30-day LIBOR plus 9.00%
Mezzanine [Member] \| Hotel [Member] \| Atlanta, GA [Member]
Accounts Notes And Loans Receivable [Line Items]
Date of Investment	2014-01	2014-01
Maturity Date	2019-02	2019-02
Original Face Amount	$ 5,000,000	$ 5,000,000
Current Face Amount		5,000,000
Carrying Value		$ 5,000,000
Loans receivable, fixed rate	12.00%	12.00%
Mezzanine [Member] \| Hotel [Member] \| Dallas, Texas
Accounts Notes And Loans Receivable [Line Items]
Date of Investment	2014-09	2014-09
Maturity Date	2017-09	2016-09
Original Face Amount	$ 10,000,000	$ 10,000,000
Current Face Amount	10,000,000	10,000,000
Carrying Value	$ 10,000,000	$ 10,000,000
Coupon Rate	30-day LIBOR plus 7.25%	30-day LIBOR plus 7.25%
Notes Receivable [Member] \| Retail Shopping Center [Member] \| Sarasota, Florida [Member]
Accounts Notes And Loans Receivable [Line Items]
Date of Investment	2014-05	2014-05
Maturity Date	2017-06	2016-06
Original Face Amount	$ 8,960,467	$ 8,960,467
Current Face Amount	8,960,467	8,960,467
Carrying Value	$ 8,960,467	$ 8,960,467
Coupon Rate	30-day LIBOR plus 7.50%	30-day LIBOR plus 7.50%

Commercial Loan Investments - Carrying Value of the Commercial Loan Investments Portfolio (Detail) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Receivables [Abstract]
Current Face Amount	$ 23,960,467	$ 38,460,467
Unamortized Fees		36,382
Unaccreted Origination Fees		(164,893)
Total Commercial Loan Investments	$ 23,960,467	$ 38,331,956

Land and Subsurface Interests - Additional Information (Detail) ft² in Millions							1 Months Ended	3 Months Ended			9 Months Ended
	Sep. 27, 2016 USD ($) a $ / a	Apr. 13, 2016 USD ($) a item	Mar. 30, 2016 USD ($) a $ / a	Feb. 12, 2016 USD ($) a $ / a	Jun. 17, 2015 USD ($) a	Jun. 01, 2015 USD ($) a $ / a	May 31, 2016 USD ($)	Sep. 30, 2016 USD ($) a	Mar. 31, 2016 USD ($)	Sep. 30, 2015 USD ($)	Sep. 30, 2016 USD ($) a county $ / a	Sep. 30, 2015 USD ($)	Sep. 30, 2016 ft²	Sep. 30, 2016	Sep. 30, 2016 USD ($)	Dec. 31, 2015 USD ($) a	Jun. 30, 2015 a
Real Estate Properties [Line Items]
Area of a real estate property								1,581			1,581		1.5			148.35
Area of Land \| a								10,500			10,500
Gain (Loss) from sale of land								$ 11,479,490		$ 3,763,140	$ 12,842,438	$ 3,781,329
Percentage of infrastructure work completed														95.00%
Other Assets															$ 8,584,059	$ 6,034,824
Impairment Charges											$ 2,180,730	510,041
Subsurface interest area of land \| a											500,000
Subsurface Interest in number of countries \| county											20
Amended oil exploration lease term											The terms of the lease state the Company will receive royalty payments if production occurs, and may receive additional annual rental payments if the lease is continued in years seven and eight.
Lease income recognized from oil exploration lease								297,000		456,000	$ 904,000	1,400,000
Area on which royalties received \| a											800
Oil royalty income recognized								$ 16,000		$ 11,000	$ 32,000	60,000
Payments for release of surface entry rights											$ 450,000	$ 2,000
Gross proceeds from release of surface entry rights							$ 450,000
Town Center Sales Agreements
Real Estate Properties [Line Items]
Area of a real estate property \| a								235			235
Cost of the contract															12,800,000
Amount of contractual obligation															4,500,000
Other Assets															$ 4,000,000	$ 1,300,000
NADG
Real Estate Properties [Line Items]
Area of a real estate property \| a								81.50			81.50
Revenue from land sold											$ 20,200,000
Revenue per acre \| $ / a											248,000
Daytona Beach, Florida
Real Estate Properties [Line Items]
Area of a real estate property \| a								6			6					6
South of LPGA Boulevard East of Clyde Morris Boulevard [Member]
Real Estate Properties [Line Items]
Revenue from land sold						$ 505,000
Revenue per acre \| $ / a						167,000
Highlands County [Member]
Real Estate Properties [Line Items]
Revenue from land sold					$ 250,000
Hendry County Florida
Real Estate Properties [Line Items]
Area of a real estate property \| a								960			960
Land [Member]
Real Estate Properties [Line Items]
Area of a real estate property \| a																	3.9
Land [Member] \| South of LPGA Boulevard East of Clyde Morris Boulevard [Member]
Real Estate Properties [Line Items]
Area of a real estate property \| a						3.0
Gain (Loss) from sale of land						$ 476,000
Land [Member] \| Highlands County [Member]
Real Estate Properties [Line Items]
Area of a real estate property \| a					0.9
Gain (Loss) from sale of land					$ 223,000
Undeveloped Land [Member]
Real Estate Properties [Line Items]
Impairment Charges											$ 1,000,000
Developable Land \| Town Center Sales Agreements
Real Estate Properties [Line Items]
Area of a real estate property \| a								180			180
2016 Disposals \| Sold
Real Estate Properties [Line Items]
Revenue from land sold											$ 2,400,000
Impairment Charges									$ 210,000
2016 Disposals \| Sold \| Town Center Sales Agreements
Real Estate Properties [Line Items]
Area of a real estate property \| a	4.50
Revenue from land sold	$ 205,000		$ 2,000,000
Revenue per acre \| $ / a	46,000		455,000
Gain (Loss) from sale of land	$ 126,000
2016 Disposals \| Sold \| Daytona Beach, Florida
Real Estate Properties [Line Items]
Revenue from land sold				$ 190,000
Revenue per acre \| $ / a				62,000
2016 Disposals \| Sold \| Land [Member]
Real Estate Properties [Line Items]
Area of a real estate property \| a								11.96			11.96
2016 Disposals \| Sold \| Land [Member] \| Town Center Sales Agreements
Real Estate Properties [Line Items]
Area of a real estate property \| a			4.40
Gain (Loss) from sale of land			$ 1,250,000
Remaining gain (loss) from sale of land			$ 683,000
2016 Disposals \| Sold \| Land [Member] \| Daytona Beach, Florida
Real Estate Properties [Line Items]
Area of a real estate property \| a				3.06
Gain (Loss) from sale of land				$ 145,000
2016 Disposals \| Under contract to be sold \| Land, Underlying Subsurface Interests [Member] \| Land Venture Partners, LLC [Member]
Real Estate Properties [Line Items]
Subsurface interest area of land \| a		500,000
Number of oil wells \| item		2
Sale price of subsurface interest area of land		$ 24,000,000

Land and Subsurface Interests - Summary of Sales within the Tomoka Town Center (Detail) ft² in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016 USD ($) a	Sep. 30, 2015 USD ($)	Sep. 30, 2016 USD ($) a $ / a	Sep. 30, 2015 USD ($)	Sep. 30, 2016 ft²	Sep. 30, 2016 USD ($)	Dec. 31, 2015 a
Real Estate Properties [Line Items]
Area of a real estate property	1,581		1,581		1.5		148.35
Revenue Recognized	$ 12,210,945	$ 8,297,715	$ 43,439,318	$ 23,214,248
Tanger Outlet [Member]
Real Estate Properties [Line Items]
Date Closed			Nov. 12, 2015
Area of a real estate property \| a	38.93		38.93
Sales Price			$ 9,700,000
Avg. Sales Price per Acre \| $ / a			249,165
Revenue Recognized	$ 1,553,551		$ 6,682,681
Gain Recognized	$ 1,250,016		$ 5,356,247
Deferred Revenue as of September 30, 2016						$ 393,546
Sam’s Club [Member]
Real Estate Properties [Line Items]
Date Closed			Dec. 23, 2015
Area of a real estate property \| a	18.10		18.10
Sales Price			$ 4,500,000
Avg. Sales Price per Acre \| $ / a			248,619
Revenue Recognized	$ 796,397		$ 3,423,880
Gain Recognized	$ 655,273		$ 2,807,171
Deferred Revenue as of September 30, 2016						130,463
NADG - First Parcel [Member]
Real Estate Properties [Line Items]
Date Closed			Dec. 29, 2015
Area of a real estate property \| a	37.26		37.26
Sales Price			$ 5,168,335
Avg. Sales Price per Acre \| $ / a			138,710
Revenue Recognized	$ 989,346		$ 4,258,592
Gain Recognized	$ 698,832		$ 2,989,057
Deferred Revenue as of September 30, 2016						283,751
NADG - Out Parcel [Member]
Real Estate Properties [Line Items]
Date Closed			Mar. 30, 2016
Area of a real estate property \| a	4.40		4.40
Sales Price			$ 2,000,000
Avg. Sales Price per Acre \| $ / a			454,545
Revenue Recognized	$ 314,462		$ 2,089,796
Gain Recognized	$ 264,409		$ 1,811,018
Deferred Revenue as of September 30, 2016						109,802
Tomoka Town Center [Member]
Real Estate Properties [Line Items]
Area of a real estate property \| a	98.69		98.69
Sales Price			$ 21,368,335
Avg. Sales Price per Acre \| $ / a			216,520
Revenue Recognized	$ 3,653,756		$ 16,454,949
Gain Recognized	$ 2,868,530		$ 12,963,493
Deferred Revenue as of September 30, 2016						$ 917,562

Land and Subsurface Interests - Summary of Sales within the Tomoka Town Center (Parenthetical) (Detail)	Sep. 30, 2016 USD ($)
Real Estate Properties [Line Items]
Reimbursement on infrastructure costs	$ 191,000
Estimated remaining infrastructure cost	241,000
Tomoka Town Center [Member]
Real Estate Properties [Line Items]
Total deferred revenue	$ 917,562

Land and Subsurface Interests - Summary of Reconciliation of the Land Transactions Closed (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2016 USD ($) a $ / a
Real Estate Properties [Line Items]
Incentives from community development district	$ 4,500
Installment period for incentives repayment	10 years
Infrastructure reimbursement, equal installments	10 years
Tanger Outlet [Member]
Real Estate Properties [Line Items]
No. of Acres \| a	38.93
Sales Price	$ 9,700
Sales Price per Acre \| $ / a	249,165
Infrastructure Reimbursement	$ 5,500
Sam’s Club [Member]
Real Estate Properties [Line Items]
No. of Acres \| a	18.10
Sales Price	$ 4,500
Sales Price per Acre \| $ / a	248,619
Infrastructure Reimbursement	$ 1,100
NADG - First Parcel [Member]
Real Estate Properties [Line Items]
No. of Acres \| a	37.26
Sales Price	$ 5,168
Sales Price per Acre \| $ / a	138,710
Infrastructure Reimbursement	$ 1,800
NADG - Out Parcel [Member]
Real Estate Properties [Line Items]
No. of Acres \| a	4.40
Sales Price	$ 2,000
Sales Price per Acre \| $ / a	454,545
Infrastructure Reimbursement	$ 211
NADG - Option Parcels [Member]
Real Estate Properties [Line Items]
No. of Acres \| a	81.50
Sales Price	$ 20,188
Sales Price per Acre \| $ / a	247,689
Infrastructure Reimbursement	$ 3,889
Total Developable Area [Member]
Real Estate Properties [Line Items]
No. of Acres \| a	180.19
Sales Price	$ 41,556
Sales Price per Acre \| $ / a	230,618
Infrastructure Reimbursement	$ 12,500
Common Area [Member]
Real Estate Properties [Line Items]
No. of Acres \| a	54.32
Infrastructure Reimbursement	$ (12,800)
Tomoka Town Center [Member]
Real Estate Properties [Line Items]
No. of Acres \| a	234.51
Sales Price	$ 41,556
Sales Price per Acre \| $ / a	177,199
Infrastructure Reimbursement	$ (300)

Land and Subsurface Interests - Summary of Lease Payments on the Respective Acreages and Drilling Penalties Received (Detail)	9 Months Ended
	Sep. 30, 2016 USD ($) a
Real Estate Properties [Line Items]
Lease Payment, Received	$ 9,020,438
Drilling Penalty, Received	$ 1,925,000
Lease Year 1 - 9/23/2011 - 9/22/2012 [Member] \| Lee and Hendry County Florida [Member]
Real Estate Properties [Line Items]
Oil exploration lease covering area \| a	136,000
Lease Payment, Received	$ 913,657
Lease Year 2 - 9/23/2012 - 9/22/2013 [Member] \| Lee and Hendry County Florida [Member]
Real Estate Properties [Line Items]
Oil exploration lease covering area \| a	136,000
Lease Payment, Received	$ 922,114
Lease Year 3 - 9/23/2013 - 9/22/2014 [Member] \| Hendry County Florida
Real Estate Properties [Line Items]
Oil exploration lease covering area \| a	82,000
Lease Payment, Received	$ 3,293,000
Drilling Penalty, Received	$ 1,000,000
Lease Year 4 - 9/23/2014 - 9/22/2015 [Member] \| Hendry County Florida
Real Estate Properties [Line Items]
Oil exploration lease covering area \| a	42,000
Lease Payment, Received	$ 1,866,146
Drilling Penalty, Received	$ 600,000
Lease Year 5 - 9/23/2015 - 9/22/2016 [Member] \| Hendry County Florida
Real Estate Properties [Line Items]
Oil exploration lease covering area \| a	25,000
Lease Payment, Received	$ 1,218,838
Drilling Penalty, Received	$ 175,000
Lease Year 6 - 9/23/2016 - 9/22/2017 \| Hendry County Florida
Real Estate Properties [Line Items]
Oil exploration lease covering area \| a	15,000
Lease Payment, Received	$ 806,683
Drilling Penalty, Received	$ 150,000

Investment Securities - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Investment sold			$ 6,800,000
Proceeds from Sale of Investment Securities			6,252,362	$ 2,919,958
Net realized gain loss on investments			(576,000)
Investment Securities	$ 0		0		$ 5,703,767
Investment securities unrealized gains (losses)			(576,000)		(1,100,000)
Other Comprehensive Income Unrealized Gain (Loss) on Available-for-Sale Investment Securities, tax	0	$ 11,193	210,652	(29,901)	$ 433,000
Other Comprehensive Income Realized Gain on Investment Securities, tax	$ 0	$ (59,758)	222,025	(108,998)
Available-for-sale Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Investment securities unrealized gains (losses)			$ 546,000	(78,000)
Investment securities unrealized loss				246,000
Investment securities unrealized gain				168,000
Preferred Stock [Member]
Schedule of Available-for-sale Securities [Line Items]
Proceeds from Sale of Investment Securities				$ 2,900,000

Investment Securities - Summary of Available for Sale Securities (Detail) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Estimated Fair Value(Level 1 and 2 Inputs)		$ 802,500
Estimated Fair Value (Level 1 and 2 Inputs)		4,901,267
Cost		6,825,415
Losses in Accumulated Other Comprehensive Income		(1,121,648)
Estimated Fair Value(Level 1 and 2 Inputs)	$ 0	5,703,767
Quoted Prices in Active Markets (Level 1 and 2 Inputs) [Member]
Schedule of Available-for-sale Securities [Line Items]
Estimated Fair Value(Level 1 and 2 Inputs)		5,703,767
Equity Securities
Schedule of Available-for-sale Securities [Line Items]
Cost		5,981,464
Losses in Accumulated Other Comprehensive Income		(1,080,197)
Equity Securities \| Quoted Prices in Active Markets (Level 1 and 2 Inputs) [Member]
Schedule of Available-for-sale Securities [Line Items]
Estimated Fair Value (Level 1 and 2 Inputs)		4,901,267
Debt Securities
Schedule of Available-for-sale Securities [Line Items]
Cost		843,951
Losses in Accumulated Other Comprehensive Income		(41,451)
Debt Securities \| Corporate Debt Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost		843,951
Losses in Accumulated Other Comprehensive Income		(41,451)
Debt Securities \| Quoted Prices in Active Markets (Level 1 and 2 Inputs) [Member]
Schedule of Available-for-sale Securities [Line Items]
Estimated Fair Value(Level 1 and 2 Inputs)		802,500
Debt Securities \| Quoted Prices in Active Markets (Level 1 and 2 Inputs) [Member] \| Corporate Debt Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Estimated Fair Value(Level 1 and 2 Inputs)		802,500
Common Stock [Member] \| Equity Securities
Schedule of Available-for-sale Securities [Line Items]
Cost		5,981,464
Losses in Accumulated Other Comprehensive Income		(1,080,197)
Common Stock [Member] \| Equity Securities \| Quoted Prices in Active Markets (Level 1 and 2 Inputs) [Member]
Schedule of Available-for-sale Securities [Line Items]
Estimated Fair Value (Level 1 and 2 Inputs)		$ 4,901,267

Investment Securities - Summary of Available for Sale Securities (Parenthetical) (Detail) - USD ($)	3 Months Ended	9 Months Ended		12 Months Ended
	Dec. 31, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Investments, Debt and Equity Securities [Abstract]
Impairment charge other-than-temporary impairments	$ 60,000	$ 0	$ 0	$ 60,000

Investment Securities - Summary of Recognized Gain and Losses on Sale of Investment Securities (Detail) - USD ($)	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Schedule Of Gain Loss On Investments Including Marketable Securities And Investments Held At Cost Income Statement Reported Amounts Summary [Line Items]
Proceeds from Sale of Investment Securities	$ 6,252,362	$ 2,919,958
Gain (Loss) recognized in Statement of Operations on the Disposition of Securities	(575,567)	285,705
Debt Securities
Schedule Of Gain Loss On Investments Including Marketable Securities And Investments Held At Cost Income Statement Reported Amounts Summary [Line Items]
Proceeds from Sale of Investment Securities	827,738	2,084,994
Cost Basis of Securities Sold	(843,951)	(1,930,080)
Gain (Loss) recognized in Statement of Operations on the Disposition of Securities	(16,213)	154,914
Equity Securities
Schedule Of Gain Loss On Investments Including Marketable Securities And Investments Held At Cost Income Statement Reported Amounts Summary [Line Items]
Proceeds from Sale of Investment Securities	5,424,624	834,964
Cost Basis of Securities Sold	(5,983,978)	(704,173)
Gain (Loss) recognized in Statement of Operations on the Disposition of Securities	$ (559,354)	$ 130,791

- Definition

+ References + Details

Fair Value of Financial Instruments - Summary of Carrying Value and Estimated Fair Value of Financial Instruments (Detail) - USD ($)	Sep. 30, 2016	Dec. 31, 2015	Sep. 30, 2015	Dec. 31, 2014
Carrying And Estimated Fair Value Financial Instruments [Line Items]
Cash and Cash Equivalents, Carrying Value	$ 9,041,486	$ 4,060,677	$ 4,219,044	$ 1,881,195
Restricted Cash, Carrying Value	6,643,732	14,060,523
Commercial Loan Investments, Carrying Value	23,960,467	38,331,956
Long-Term Debt, Carrying Value	135,553,756	166,796,853
Interest Rate Swap, Estimated Fair Value	366,690
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Carrying And Estimated Fair Value Financial Instruments [Line Items]
Cash and Cash Equivalents, Carrying Value	9,041,486	4,060,677
Restricted Cash, Carrying Value	6,643,732	14,060,523
Cash and Cash Equivalents, Estimated Fair Value	9,041,486	4,060,677
Restricted Cash, Estimated Fair Value	6,643,732	14,060,523
Significant Other Observable Inputs (Level 2) [Member]
Carrying And Estimated Fair Value Financial Instruments [Line Items]
Long-Term Debt, Carrying Value	135,553,756	166,796,853
Long-Term Debt, Estimated Fair Value	141,268,301	172,572,305
Commercial Portfolio Segment \| Significant Other Observable Inputs (Level 2) [Member]
Carrying And Estimated Fair Value Financial Instruments [Line Items]
Commercial Loan Investments, Carrying Value	23,960,467	38,331,956
Commercial Loan Investments, Estimated Fair Value	$ 23,960,467	$ 38,460,467

Fair Value of Financial Instruments - Summary of Fair Value of Assets and Liabilities by Level (Detail) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Liabilities
Total	$ 366,690
Available-for-Sale Securities
Available-for-Sale Debt Securities		$ 802,500
Available-for-Sale Equity Securities		4,901,267
Total Available-for-Sale Securities	0	5,703,767
Total		5,703,767
Interest Rate Swap
Liabilities
Derivative Liability	366,690
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Available-for-Sale Securities
Available-for-Sale Equity Securities		4,901,267
Total Available-for-Sale Securities		4,901,267
Total		4,901,267
Significant Other Observable Inputs (Level 2) [Member]
Liabilities
Total	366,690
Available-for-Sale Securities
Available-for-Sale Debt Securities		802,500
Total Available-for-Sale Securities		802,500
Total		$ 802,500
Significant Other Observable Inputs (Level 2) [Member] \| Interest Rate Swap
Liabilities
Derivative Liability	$ 366,690

Intangible Lease Assets and Liabilities - Schedule of Intangible Lease Assets and Liabilities (Detail) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	$ 36,078,260	$ 24,892,943
Accumulated Amortization	(5,076,176)	(4,805,792)
Sub-total Intangible Lease Assets—Net	31,002,084	20,087,151
Value of Below Market In-Place Leases	(33,142,746)	(32,315,741)
Sub-total Intangible Lease Liabilities	(33,142,746)	(32,315,741)
Accumulated Amortization	2,222,773	336,182
Sub-total Intangible Lease Liabilities—Net	(30,919,973)	(31,979,559)
Total	82,111	(11,892,408)
Value of In-Place Leases [Member]
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	28,787,992	19,588,642
Value of Above Market In-Place Leases [Member]
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	1,198,228	1,469,143
Value of Intangible Leasing Costs [Member]
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	$ 6,092,040	$ 3,835,158

Intangible Lease Assets and Liabilities - Additional Information (Detail) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Intangible Assets And Liabilities [Line Items]
Total amortization expense	$ 1.7	$ 1.2
Income Properties Revenue [Member]
Intangible Assets And Liabilities [Line Items]
Amortization of lease liabilities in income properties	$ 1.7

Intangible Lease Assets and Liabilities - Summary of Estimated Amortization and Accretion of Intangible Lease Assets and Liabilities (Detail)	Sep. 30, 2016 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Future Amortization Expense, Remainder of 2016	$ 866,880
Future Amortization Expense, 2017	3,427,929
Future Amortization Expense, 2018	3,424,330
Future Amortization Expense, 2019	3,424,330
Future Amortization Expense, 2020	3,308,655
Future Amortization Expense, 2021	1,918,705
Future Amortization Expense, Thereafter	13,686,309
Future Amortization Expense, Total	30,057,138
Future Accretion to Income Property Revenue, Remainder of 2016	(572,294)
Future Accretion to Income Property Revenue, 2017	(2,255,656)
Future Accretion to Income Property Revenue, 2018	(2,257,688)
Future Accretion to Income Property Revenue, 2019	(2,258,883)
Future Accretion to Income Property Revenue, 2020	(2,256,726)
Future Accretion to Income Property Revenue, 2021	(2,319,993)
Future Accretion to Income Property Revenue, Thereafter	(18,053,787)
Future Accretion to Income Property Revenue, Total	(29,975,027)
Net Future Amortization of Intangible Assets and Liabilities, Remainder of 2016	294,586
Net Future Amortization of Intangible Assets and Liabilities, 2017	1,172,273
Net Future Amortization of Intangible Assets and Liabilities, 2018	1,166,642
Net Future Amortization of Intangible Assets and Liabilities, 2019	1,165,447
Net Future Amortization of Intangible Assets and Liabilities, 2020	1,051,929
Net Future Amortization of Intangible Assets and Liabilities, 2021	(401,288)
Net Future Amortization of Intangible Assets and Liabilities, Thereafter	(4,367,478)
Net Future Amortization of Intangible Assets and Liabilities, Total	$ 82,111

Impairment of Long-Lived Assets - Additional Information (Detail)			3 Months Ended					9 Months Ended
	Sep. 30, 2016 USD ($) a	Sep. 16, 2016 USD ($)	Sep. 30, 2016 USD ($) a	Jun. 30, 2016 USD ($) a	Mar. 31, 2016 USD ($)	Sep. 30, 2015 USD ($)	Mar. 31, 2015 USD ($) property	Sep. 30, 2016 USD ($) a	Sep. 30, 2015 USD ($)
Property Plant And Equipment [Line Items]
Impairment Charges								$ 2,180,730	$ 510,041
Gain (Loss) from sale of land			$ 11,479,490			$ 3,763,140		$ 12,842,438	$ 3,781,329
Area of land \| a	10,500		10,500					10,500
2016 Disposals \| Sold
Property Plant And Equipment [Line Items]
Impairment Charges					$ 210,000
Gain (Loss) recognized					(134,000)
Estimated closing costs					$ 76,000
2016 Disposals \| Under contract to be sold \| 6 Acres of Undeveloped Land in Daytona Beach Florida [Member]
Property Plant And Equipment [Line Items]
Impairment Charges				$ 717,000
Gain (Loss) recognized				(646,000)
Estimated closing costs				$ 71,000
Area of land impairment charges recognized \| a				4
Area of land \| a				6
2016 Disposals \| Under contract to be sold \| 4 Acres of Undeveloped Land in Daytona Beach Florida [Member]
Property Plant And Equipment [Line Items]
Impairment Charges				$ 311,000
Gain (Loss) recognized				(256,000)
Estimated closing costs				55,000
Area of land impairment charges recognized \| a	4		4					4
Portfolio Sale \| Sold
Property Plant And Equipment [Line Items]
Gain (Loss) recognized		$ 11,100,000
2015 Disposals \| Sold
Property Plant And Equipment [Line Items]
Impairment Charges							$ 510,000
Number of income properties held for sales \| property							2
Gain (Loss) recognized							$ (277,000)
Estimated closing costs							$ 233,000
PNC Bank, N.A. \| Altamonte Springs Florida
Property Plant And Equipment [Line Items]
Impairment Charges				942,000
Gain (Loss) from sale of land	$ (922,000)		$ 20,000
PNC Bank, N.A. \| 2016 Disposals \| Sold \| Altamonte Springs Florida
Property Plant And Equipment [Line Items]
Impairment Charges				$ 942,000
Gain (Loss) from sale of land			$ 20,000

Other Assets - Components of Other Assets (Detail) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Income Property Tenant Receivables	$ 52,843	$ 830,574
Income Property Straight-line Rent Adjustment	1,569,282	1,781,798
Interest Receivable from Commercial Loan Investments	66,718	155,163
Infrastructure Reimbursement Receivables	4,022,340	1,306,602
Golf Operations Receivables	242,097	253,358
Deferred Deal Costs	709,509	520,308
Prepaid Expenses, Deposits, and Other	1,921,270	1,187,021
Total Other Assets	$ 8,584,059	$ 6,034,824

Common Stock and Earnings Per Share - Summary of Common Stock and Earnings Per Share (Detail) - USD ($)	3 Months Ended				6 Months Ended		9 Months Ended
	Sep. 30, 2016	Jun. 30, 2016	Sep. 30, 2015	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Income Available to Common Shareholders:
Net Income Attributable to Consolidated-Tomoka Land Co.	$ 8,161,014	$ 8,161,014	$ 2,079,871	$ 2,079,871	$ 11,156,175	$ 2,657,844	$ 11,156,175	$ 2,657,844
Weighted Average Shares Outstanding		5,662,933		5,802,363	5,700,316	5,817,184
Common Shares Applicable to Stock
Options Using the Treasury Stock Method		4,009		15,315	9,920	27,290
Total Shares Applicable to Diluted Earnings Per Share		5,666,942		5,817,678	5,710,236	5,844,474
Earnings Per Share, Basic [Abstract]
Basic Net Income Attributable to Consolidated-Tomoka Land Co.	$ 1.44	$ 1.44	$ 0.36	$ 0.36	$ 1.96	$ 0.46	$ 1.96	$ 0.46
Earnings Per Share, Diluted [Abstract]
Diluted Net Income Attributable to Consolidated-Tomoka Land Co.	$ 1.44	$ 1.44	$ 0.36	$ 0.36	$ 1.95	$ 0.45	$ 1.95	$ 0.45

Common Stock and Earnings Per Share - Additional Information (Detail) - $ / shares	3 Months Ended		6 Months Ended		9 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Aug. 05, 2016	Mar. 11, 2015
Dilutive Securities Included And Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive potentially securities	93,000	32,500	85,500	40,200
Conversion price per share							$ 68.87	$ 68.90
Additional diluted outstanding shares	0	0	0	0
4.50% Convertible Senior Notes due 2020 [Member]
Dilutive Securities Included And Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Debt instrument interest rate	4.50%		4.50%		4.50%			4.50%
Debt Instrument Maturity Year			2020		2020	2020
Conversion price per share	$ 68.90		$ 68.90				$ 68.87

Treasury Stock - Additional Information (Details) - USD ($)	6 Months Ended	9 Months Ended	12 Months Ended
	Jun. 30, 2016	Sep. 30, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Nov. 30, 2008
Equity, Class of Treasury Stock [Line Items]
Number of shares purchased		273,302	159,873
Costs of shares purchased		$ 13,350,705	$ 7,866,410
Costs of shares repurchased		5,484,295
Odd-Lot Buy-Back Program [Member]
Equity, Class of Treasury Stock [Line Items]
Number of shares purchased			119,403	25,836
Costs of shares purchased			$ 6,500,000	$ 928,000
Repurchase of common stock, authorized amount						$ 8,000,000
Number of shares retired					4,660
Amount of treasury shares retired					$ 105,000
Average price per share			$ 54.31	$ 35.92
New Repurchase Program [Member]
Equity, Class of Treasury Stock [Line Items]
Costs of shares purchased		5,500,000
Repurchase of common stock, authorized amount		$ 10,000,000	$ 10,000,000
Number of shares repurchased	113,429
Average price per share		$ 48.35

Long-Term Debt (Credit Facility) - Additional Information (Detail) - USD ($)	9 Months Ended
	Sep. 30, 2016	Apr. 13, 2016
Debt Instrument [Line Items]
Line of credit facility, current borrowing capacity	$ 75,000,000
Credit Facility	$ 4,000,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit facility, maturity date	Aug. 01, 2018
Line of credit facility, extension term	1 year
Line of credit facility, maximum borrowing capacity	$ 125,000,000
Line of credit facility, current borrowing capacity	$ 75,000,000
Long-term debt LIBOR plus interest rate, reckoning period	30 days
Line of credit facility unused portion of borrowing capacity description	The Credit Facility also accrues a fee of 20 to 25 basis points for any unused portion of the borrowing capacity based on whether the unused portion is greater or less than 50% of the total borrowing capacity
Line of credit facility unused portion of the borrowing capacity fee percentage condition	50.00%
Repurchase of common stock, authorized amount		$ 10,000,000
Revolving Credit Facility [Member] \| Amended Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit facility, current borrowing capacity	$ 58,800,000
Revolving Credit Facility [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Line of credit facility, interest rate description	LIBOR plus 135 basis
Line of credit facility, basis points added to LIBOR interest rate	1.35%
Line of credit facility, commitment fee percentage on unused portion of the borrowing capacity	0.20%
Revolving Credit Facility [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Line of credit facility, interest rate description	LIBOR plus 225 basis
Line of credit facility, basis points added to LIBOR interest rate	2.25%
Line of credit facility, commitment fee percentage on unused portion of the borrowing capacity	0.25%

Long-Term Debt (Mortgage Notes Payable) - Additional Information (Detail)		1 Months Ended	9 Months Ended
	Apr. 15, 2016 USD ($)	Sep. 30, 2014 USD ($) property	Sep. 30, 2016 USD ($) building property	Mar. 08, 2013 USD ($)	Feb. 22, 2013 USD ($)
UBS Mortgage Note Payable [Member]
Debt Instrument [Line Items]
Mortgage Note Payable			$ 7,300,000
Wells Fargo Mortgage Note Payable [Member]
Debt Instrument [Line Items]
Mortgage Note Payable			$ 30,000,000
Mortgage Notes Payable [Member] \| UBS Mortgage Note Payable [Member]
Debt Instrument [Line Items]
Mortgage Note Payable					$ 7,300,000
Maturity period			2018-02
Interest rate on mortgage loan			3.655%
Date of acquisition			Jan. 31, 2013
Mortgage Notes Payable [Member] \| UBS Mortgage Note Payable [Member] \| Hilton Resorts Corporation [Member]
Debt Instrument [Line Items]
Number of office building \| building			2
Mortgage Notes Payable [Member] \| BOA Mortgage Note Payable [Member]
Debt Instrument [Line Items]
Mortgage Note Payable				$ 23,100,000
Interest rate on mortgage loan			3.67%
Number of income properties \| property			14
Mortgage Notes Payable [Member] \| Wells Fargo Mortgage Note Payable [Member]
Debt Instrument [Line Items]
Mortgage Note Payable		$ 30,000,000
Maturity period		2034-10
Interest rate on mortgage loan	3.17%	4.33%
Number of income properties \| property		6
Mortgage loan payment terms			The mortgage loan matures in October 2034, and carries a fixed rate of 4.33% per annum during the first ten years of the term, and requires payments of interest only during the first ten years of the loan. After the tenth anniversary of the effective date of the loan, the cash flows generated by the underlying six income properties must be used to pay down the principal balance of the loan until paid off or until the loan matures. The loan is fully pre-payable after the tenth anniversary date of the effective date of the loan
Proceeds from first mortgage bond	$ 25,000,000
Term of mortgage loan	5 years
Mortgage loan agreement, description			The mortgage loan has a 5-year term with two years interest only, and interest and a 25-year amortization for the balance of the term
Long-term debt LIBOR plus interest rate, reckoning period	30 days
Line of credit facility, interest rate description			LIBOR plus a rate of 190 basis points
Line of credit facility, basis points added to LIBOR interest rate	1.90%

Long-Term Debt (Convertible Debt) - Additional Information (Detail)			6 Months Ended	9 Months Ended
	Aug. 05, 2016 USD ($) $ / shares	Mar. 11, 2015 USD ($) $ / shares	Jun. 30, 2016 USD ($) $ / shares	Sep. 30, 2016 USD ($)	Sep. 30, 2015 USD ($)
Debt Instrument [Line Items]
Amount of loan issued			$ 141,300,000	$ 141,300,000
Debt instrument conversion ratio	14.5195
Convertible notes principal amount	$ 1,000
Conversion price per share \| $ / shares	$ 68.87	$ 68.90
Unamortized debt discount of notes				$ 4,406,375
4.50% Convertible Senior Notes due 2020 [Member]
Debt Instrument [Line Items]
Amount of loan issued		$ 75,000,000			$ 75,000,000
Debt Instrument Maturity Year			2020	2020	2020
Debt instrument interest rate		4.50%	4.50%	4.50%
Line of credit facility, maturity date		Mar. 15, 2020
Debt instrument conversion ratio		14.5136
Convertible notes principal amount		$ 1,000
Conversion price per share \| $ / shares	$ 68.87		$ 68.90
Unamortized debt discount of notes		6,100,000		$ 4,400,000
Cash Discount for issuance of the notes		2,600,000
Equity component of the convertible notes issued		3,500,000			$ 2,100,000
Net proceeds from issuance of notes		72,400,000
Credit facility repayments		$ 47,500,000

Long-Term Debt - Schedule of Long-Term Debt (Detail) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Credit Facility	$ 4,000,000
4.50% Convertible Senior Notes due 2020, net of discount	70,593,625
Loan Costs, net of accumulated amortization	(1,339,869)
Total Long-Term Debt	135,553,756	$ 166,796,853
UBS Mortgage Note Payable [Member]
Debt Instrument [Line Items]
Mortgage Note Payable	7,300,000
Wells Fargo Mortgage Note Payable [Member]
Debt Instrument [Line Items]
Mortgage Note Payable	30,000,000
Wells Fargo Mortgage Note Payable [Member]
Debt Instrument [Line Items]
Mortgage Note Payable	$ 25,000,000

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Long-Term Debt - Schedule of Long-Term Debt (Parenthetical) (Detail) - 4.50% Convertible Senior Notes due 2020 [Member]	6 Months Ended	9 Months Ended
	Jun. 30, 2016	Sep. 30, 2016	Sep. 30, 2015	Mar. 11, 2015
Debt Instrument [Line Items]
Debt instrument interest rate	4.50%	4.50%		4.50%
Debt Instrument Maturity Year	2020	2020	2020

Long-Term Debt - Summary of Payments Applicable to Reduction of Principal Amounts (Detail) - USD ($)	Sep. 30, 2016	Jun. 30, 2016
Debt Disclosure [Abstract]
2018		$ 11,300,000
2020		75,000,000
2021		25,000,000
Thereafter		30,000,000
Total Long-Term Debt - Face Value	$ 141,300,000	$ 141,300,000

Long-Term Debt - Summary of Carrying Value of Long-Term Debt (Detail) - USD ($)	Sep. 30, 2016	Jun. 30, 2016	Dec. 31, 2015
Debt Disclosure [Abstract]
Current Face Amount	$ 141,300,000	$ 141,300,000
Unamortized Discount on Convertible Debt	(4,406,375)
Loan Costs, net of accumulated amortization	(1,339,869)
Total Long-Term Debt	$ 135,553,756		$ 166,796,853

Long-Term Debt - Additional Information (Detail) - USD ($)		3 Months Ended		9 Months Ended
	Mar. 11, 2015	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Debt Instrument [Line Items]
Interest expense		$ 1,700,000	$ 1,500,000	$ 5,200,000	$ 4,000,000
Interest paid		2,600,000	2,400,000	6,000,000	3,900,000
Interest capitalized			0	0	0
Loan Cost Amortization		488,000	98,000	715,448	265,443
Amortization of Discount on Convertible Debt		282,000	$ 265,000	833,903	$ 583,152
Write off of unamortized loan costs		367,000
Line of credit facility, current borrowing capacity		$ 75,000,000		$ 75,000,000
4.50% Convertible Senior Notes due 2020 [Member]
Debt Instrument [Line Items]
Debt discount	$ 6,100,000

Interest Rate Swap - Additional Information (Detail)	9 Months Ended
Interest Rate Swap - Additional Information (Detail)	Sep. 30, 2016 USD ($)
Derivatives Fair Value [Line Items]
Loss on fair value of swap agreement	$ 366,690
Interest Rate Swap
Derivatives Fair Value [Line Items]
Mortgage Note Payable	$ 25,000,000
Interest swap agreement effective interest rate	100.00%
Loss on fair value of swap agreement	$ 367,000
Notional amount	$ 25,000,000
Derivative variable interest rate	3.17%
Interest rate swap agreement effective date	Apr. 07, 2016
Interest rate swap agreement maturity date	Apr. 07, 2021

Accrued and Other Liabilities - Summary of Accrued and Other Liabilities (Detail) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Payables and Accruals [Abstract]
Golf Course Lease	$ 2,321,373	$ 2,602,638
Accrued Property Taxes	1,097,110	40,042
Reserve for Tenant Improvements	569,151	812,493
Accrued Interest	298,520	1,195,231
Environmental Reserve and Restoration Cost Accrual	1,581,377	2,405,635
Cash Flow Hedge - Interest Rate Swap	366,690
Other	1,883,512	1,811,880
Total Accrued and Other Liabilities	$ 8,117,733	$ 8,867,919

Accrued and Other Liabilities - Additional Information (Detail) ft² in Millions	1 Months Ended	3 Months Ended		9 Months Ended	12 Months Ended
	Jul. 31, 2012 USD ($)	Sep. 30, 2016 USD ($) a	Jun. 30, 2016 USD ($)	Sep. 30, 2016 USD ($) a	Dec. 31, 2015 USD ($) a	Sep. 30, 2016 ft²	Sep. 30, 2016 USD ($)	Dec. 31, 2014 USD ($)	Apr. 22, 2014 USD ($)
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						$ 1,400,000
Lease term expiration year	2022
Tenant improvement credits					$ 812,493		569,151
Environmental reserve accrued								$ 110,000
Additional environmental reserve accrued				$ 500,000
Environmental remediation cost				$ 148,000
Costs affiliated with wetlands mitigation permits					$ 187,500
Payment of regulatory penalty		$ 187,500
Area of a real estate property		1,581		1,581	148.35	1.5
Restoration cost accrual					$ 2,405,635		1,581,377
Definitive Sales Contracts [Member]
Accrued Liabilities [Line Items]
Costs affiliated with wetlands mitigation permits				$ 0
Area of a real estate property \| a					148.35
Restoration cost accrual							1,100,000
Estimated restoration costs			$ 2,000,000	2,000,000
Increase in accrual of restoration Costs		$ 300,000	$ 300,000
Funded on estimated costs				905,000
Payments of restoration costs		$ 905,000
Lowes
Accrued Liabilities [Line Items]
Tenant improvement credits							551,000		$ 651,000
Tenant improvements							$ 100,000
Minimum [Member]
Accrued Liabilities [Line Items]
Base rent payments per year	$ 250,000
Estimated additional environmental remediation costs				500,000
Minimum [Member] \| Definitive Sales Contracts [Member]
Accrued Liabilities [Line Items]
Restoration cost accrual					$ 1,700,000
Maximum [Member]
Accrued Liabilities [Line Items]
Base rent payments per year	$ 500,000
Estimated additional environmental remediation costs				$ 1,000,000

Deferred Revenue - Summary of Deferred Revenue (Details) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Deferred Revenue Disclosure [Abstract]
Deferred Oil Exploration Lease Revenue	$ 789,003	$ 885,822
Deferred Land Sale Revenue	917,562	12,656,773
Prepaid Rent	1,011,372	907,325
Other Deferred Revenue	313,763	274,690
Total Deferred Revenue	$ 3,031,700	$ 14,724,610

Deferred Revenue - Additional Information (Detail) ft² in Millions		9 Months Ended
	Sep. 20, 2016 USD ($)	Sep. 30, 2016 USD ($) a	Sep. 30, 2016 ft²	Mar. 31, 2016 a	Dec. 31, 2015 a	Jun. 30, 2015 a
Deferred Revenue Arrangement [Line Items]
Received rent payment \| $	$ 807,000
Term of oil exploration lease	8 years
Lease period where payment recognized	12 months
Lease expiration year	2017-09
Area of a real estate property		1,581	1.5		148.35
Land [Member]
Deferred Revenue Arrangement [Line Items]
Area of a real estate property \| a						3.9
Tomoka Town Center [Member]
Deferred Revenue Arrangement [Line Items]
Area of a real estate property \| a		98.69
Deferred revenue recognized from sale of land \| $		$ 918,000,000,000
Revenue from land sold \| $		$ 21,368,335
Estimated Completion Date		2016-10
Tomoka Town Center [Member] \| Land [Member]
Deferred Revenue Arrangement [Line Items]
Area of a real estate property \| a				98.69	98.69

Stock-Based Compensation - Equity-Classified Stock Compensation (Market Condition Restricted Shares) - Additional Information (Detail) - Restricted Shares [Member]	9 Months Ended
	Sep. 30, 2016 USD ($)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation cost related to market condition non-vested restricted shares	$ 0
2010 Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Performance period	5 years

Stock-Based Compensation - Summary of Stock Based Compensation Activity (Detail)	9 Months Ended
	Sep. 30, 2016 $ / shares shares
Restricted Shares [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation, Shares Outstanding, beginning balance \| shares	2,400
Stock based compensation, Shares, Vested \| shares	(2,300)
Stock based compensation, Shares, Forfeited \| shares	(100)
Stock based compensation, Weighted Average Fair Value Per Share, beginning balance \| $ / shares	$ 23.42
Stock based compensation, Weighted Average Fair Value Per Share, Vested \| $ / shares	23.42
Stock based compensation, Weighted Average Fair Value Per Share, Forfeited \| $ / shares	$ 23.42
Three Year Vest Non-Vested Restricted Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation, Shares Outstanding, beginning balance \| shares	26,900
Stock based compensation, Shares, Granted \| shares	21,100
Stock based compensation, Shares, Vested \| shares	(10,363)
Stock based compensation, Shares, Forfeited \| shares	(133)
Stock based compensation, Shares Outstanding, ending balance \| shares	37,504
Stock based compensation, Weighted Average Fair Value Per Share, beginning balance \| $ / shares	$ 49.73
Stock based compensation, Weighted Average Fair Value Per Share, Granted \| $ / shares	44.88
Stock based compensation, Weighted Average Fair Value Per Share, Vested \| $ / shares	47.89
Stock based compensation, Weighted Average Fair Value Per Share, Forfeited \| $ / shares	46.08
Stock based compensation, Weighted Average Fair Value Per Share, ending balance \| $ / shares	$ 47.53

Stock-Based Compensation - Equity-Classified Stock Compensation (Market Condition Grants of Restricted Shares) - Additional Information (Detail)		1 Months Ended	3 Months Ended				6 Months Ended	9 Months Ended	12 Months Ended
	Feb. 26, 2016 $ / shares shares	Jan. 31, 2015 shares	Mar. 31, 2016 USD ($)	Jun. 30, 2015 shares	Mar. 31, 2015 shares	Dec. 31, 2014 shares	Jun. 30, 2016	Sep. 30, 2016 USD ($) item $ / shares shares	Dec. 31, 2015 USD ($) shares	Dec. 31, 2012 shares	Dec. 31, 2011 shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
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 per share for the first increment to $65 per share for the final increment.
Restricted share award closing prices range per share, Minimum \| $ / shares	$ 75							$ 36
Restricted share award closing prices range per share, Maximum \| $ / shares								$ 65
Restricted share award average closing prices, period							60 days
Number of increments had vested \| item								6
Stock-based compensation expense \| $								$ (83,000)
Mr Albright [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted shares vesting description								The 26,000 shares of restricted Company common stock outstanding from these grants will vest in four increments based upon the price per share of Company common stock during the term of his employment (or within sixty days after termination of employment by the Company without cause), meeting or exceeding the target trailing thirty-day average closing prices ranging from $60 per share for the first increment to $75 per share for the final increment.
Restricted share award closing prices range per share, Minimum \| $ / shares								$ 60
Restricted share award closing prices range per share, Maximum \| $ / shares								$ 75
Restricted share award average closing prices, period								30 days
Number of increments had vested \| item								4
Mr Patten [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of increments had vested \| item								4
Mr Smith [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted shares vesting description								The restricted stock will vest in two increments based upon the price per share of Company 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 of $60 per share and $65 per share for the two increments.
Restricted share award closing prices range per share, Minimum \| $ / shares								$ 60
Restricted share award closing prices range per share, Maximum \| $ / shares								$ 65
Restricted share award average closing prices, period								60 days
Number of increments had vested \| item								0
Officer [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of increments had vested \| item								0
Restricted Shares [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation, shares, outstanding									2,400
Stock-based compensation expense \| $			$ 1,600,000					$ 1,600,000	$ 676,000
Unrecognized compensation cost related to market condition non-vested restricted shares \| $								$ 0
Restricted Shares [Member] \| 2010 Plan [Member] \| Mr Albright [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation, Shares, Granted	4,000	8,000		94,000						96,000	96,000
Stock based compensation, shares, outstanding	26,000
Stock based compensation, shares, surrendered	72,000
Stock based compensation, shares, permanently surrendered	68,000
Restricted Shares [Member] \| 2010 Plan [Member] \| Mr Patten [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation, Shares, Granted										17,000	17,000
Restricted Shares [Member] \| 2010 Plan [Member] \| Mr Smith [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation, Shares, Granted						2,500
Restricted Shares [Member] \| 2010 Plan [Member] \| Officer [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation, Shares, Granted					3,000
Inducement Grant of Restricted Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation, Shares, Granted								4,000
Stock based compensation, shares, outstanding								69,500	137,500
Unrecognized compensation cost related to market condition non-vested restricted shares \| $								$ 30,000
Weighted average period of compensation cost to be recognized								3 months 18 days

Stock-Based Compensation - Summary of Market Condition Grants of Restricted Shares (Detail) - Inducement Grant of Restricted Stock [Member]	9 Months Ended
	Sep. 30, 2016 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation, Shares Outstanding, beginning balance \| shares	137,500
Stock based compensation, Shares, Granted \| shares	4,000
Stock based compensation, Shares, Forfeited \| shares	(72,000)
Stock based compensation, Shares Outstanding, ending balance \| shares	69,500
Stock based compensation, Weighted Average Fair Value Per Share, beginning balance \| $ / shares	$ 30.58
Stock based compensation, Weighted Average Fair Value, Granted \| $ / shares	38.98
Stock based compensation, Weighted Average Fair Value, Forfeited \| $ / shares	34.46
Stock based compensation, Weighted Average Fair Value Per Share, ending balance \| $ / shares	$ 27.03

Stock-Based Compensation - Equity-Classified Stock Compensation (Three Year Vest Restricted Shares) - Additional Information (Detail) - Three Year Vest Non-Vested Restricted Stock [Member] - USD ($) $ in Millions					9 Months Ended
	Jan. 27, 2016	Feb. 09, 2015	Jan. 28, 2015	Jan. 22, 2014	Sep. 30, 2016
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation, Shares, Granted					21,100
Percent of restricted shares vested in each anniversaries, description					One-third of the restricted shares vest on each of the first, second, and third anniversaries of the grant date, provided the grantee is an employee of the Company on those dates.
Unrecognized compensation cost					$ 1.2
Weighted average period of compensation cost to be recognized					1 year 10 months 24 days
2010 Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation, Shares, Granted	21,100		11,700	14,500
2010 Plan [Member] \| Mr Albright [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation, Shares, Granted		8,000

Stock-Based Compensation - Equity-Classified Stock Compensation (Non-Qualified Stock Option Awards) - Additional Information (Detail) - USD ($)						9 Months Ended	12 Months Ended
	Feb. 26, 2016	Jun. 29, 2015	May 20, 2015	Feb. 09, 2015	Jan. 29, 2015	Sep. 30, 2016	Dec. 31, 2014	Dec. 31, 2012	Dec. 31, 2011
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options granted exercise price	$ 55.62
Non-Qualified Stock Option Award [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expiry of option						(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.
Stock based compensation, Shares, Granted						40,000
Options granted exercise price						$ 55.62
Weighted-average grant-date fair value of options granted						$ 13.97
Total intrinsic value of options exercised						$ 30,000.00
Unrecognized compensation cost						$ 424,000.00
Weighted average period of compensation cost to be recognized						1 year 7 months 6 days
Non-Qualified Stock Option Award [Member] \| Mr Albright [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expiry of option						(a) January 28, 2025; (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.
Percent of options vested in each anniversaries, description						The option vested on January 28, 2016.
Non-Qualified Stock Option Award [Member] \| Mr Patten [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
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.
Percent of options vested in each anniversaries, description						One-third of these options vested on each of the first, second, and third anniversaries of the grant date, provided the recipient was an employee of the Company on those dates.
Non-Qualified Stock Option Award [Member] \| Certain Employee [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expiry of option						(a) June 29, 2025; (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.
Percent of options vested in each anniversaries, description						One-third of the option 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 such dates.
Non-Qualified Stock Option Award [Member] \| 2010 Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation, Shares, Granted		10,000
Options granted exercise price					$ 57.54
Non-Qualified Stock Option Award [Member] \| 2010 Plan [Member] \| Mr Albright [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation, Shares, Granted									50,000
Stock based compensation, Shares, Granted	40,000		40,000	20,000
Options granted exercise price			$ 55.62	$ 57.50
Non-Qualified Stock Option Award [Member] \| 2010 Plan [Member] \| Mr Patten [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation, Shares, Granted								10,000
Non-Qualified Stock Option Award [Member] \| 2010 Plan [Member] \| Mr Smith [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation, Shares, Granted							10,000

Stock-Based Compensation - Summary of Stock Based Compensation Activity for Non-Qualified Stock Option Award (Detail) - USD ($)		9 Months Ended
	Feb. 26, 2016	Sep. 30, 2016
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation, Weighted Average Exercise Price, Granted	$ 55.62
Non-Qualified Stock Option Award [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation, Shares Outstanding, beginning balance		116,850
Stock based compensation, Shares, Granted		40,000
Stock based compensation, Shares, Exercised		(850)
Stock based compensation, Shares, Forfeited		(40,000)
Stock based compensation, Shares Outstanding, ending balance		116,000
Stock based compensation, Shares, Exercisable		75,800
Stock based compensation, Weighted Average Exercise Price, beginning balance		$ 48.63
Stock based compensation, Weighted Average Exercise Price, Granted		55.62
Stock based compensation, Weighted Average Exercise Price, Exercised		34.95
Stock based compensation, Weighted Average Exercise Price, Forfeited		55.62
Stock based compensation, Weighted Average Exercise Price, ending balance		48.73
Stock based compensation, Weighted Average Exercise Price, Exercisable		$ 45.40
Stock based compensation, Weighted Average Remaining Contractual Term, Outstanding		6 years 7 months 28 days
Stock based compensation, Weighted Average Remaining Contractual Term, Exercisable		1 year 7 months 6 days
Stock based compensation, Aggregate Intrinsic Value, Outstanding		$ 285,740
Stock based compensation, Aggregate Intrinsic Value, Exercisable		$ 439,036

Stock-Based Compensation - Summary of Non-Vested Options for Non-Qualified Stock Option Awards (Detail) - USD ($)		9 Months Ended
	Feb. 26, 2016	Sep. 30, 2016
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vested	(13,200)
Non-Qualified Stock Option Award [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Non-Vested Shares, beginning balance		88,260
Granted		40,000
Vested		(48,060)
Forfeited		(40,000)
Non-Vested Shares, ending balance		40,200
Fair Value of Shares Vested		$ 2,478,088

Stock-Based Compensation - Liability-Classified Stock Compensation - Additional Information (Detail) - USD ($)	9 Months Ended	21 Months Ended
	Sep. 30, 2016	Sep. 30, 2016	Dec. 31, 2015
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Accrued Stock-Based Compensation	$ 52,154	$ 52,154	$ 135,554
Stock Option [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock options exercised	0
Stock Appreciation Rights [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Option shares issued under stock appreciation rights		0
Stock Option and Stock Appreciation Rights [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Accrued Stock-Based Compensation	$ 52,000.00	$ 52,000.00	$ 136,000.00
2001 Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock eligible for issuance under stock option plan 2001	500,000
Number of new stock options issued under 2001 plan	0
2001 Plan [Member] \| Stock Appreciation Rights [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock options exercised	0

Stock-Based Compensation - Summary of Share Option Activity of Stock Option and Stock Appreciation Rights Under 2001 Plan (Detail) - $ / shares		9 Months Ended
	Feb. 26, 2016	Sep. 30, 2016	Jun. 30, 2016
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation, Weighted Average Exercise Price, Granted	$ 55.62
Stock Option [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation, Shares, Exercised		0
2001 Plan [Member] \| Stock Option [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation, Shares Outstanding, beginning balance		18,000
Stock based compensation, Shares, Expired		(3,000)
Stock based compensation, Shares, Forfeited		(4,000)
Stock based compensation, Shares Outstanding, ending balance		11,000
Stock based compensation, Shares, Exercisable		11,000
Stock based compensation, Weighted Average Exercise Price, beginning balance		$ 64.69
Stock based compensation, Weighted Average Exercise Price, Expired		67.27
Stock based compensation, Weighted Average Exercise Price, Forfeited		64.99
Stock based compensation, Weighted Average Exercise Price, ending balance		$ 63.87
Stock based compensation, Weighted Average Fair Value, Exercisable			$ 63.87
Stock based compensation, Weighted Average Remaining Contractual Term, Outstanding		10 months 10 days
Stock based compensation, Weighted Average Remaining Contractual Term, Exercisable		10 months 10 days
2001 Plan [Member] \| Stock Appreciation Rights [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation, Shares Outstanding, beginning balance		18,000
Stock based compensation, Shares, Exercised		0
Stock based compensation, Shares, Expired		(3,000)
Stock based compensation, Shares, Forfeited		(4,000)
Stock based compensation, Shares Outstanding, ending balance		11,000
Stock based compensation, Shares, Exercisable		11,000
Stock based compensation, Weighted Average Exercise Price, beginning balance		$ 2.64
Stock based compensation, Weighted Average Exercise Price, Forfeited		0.87
Stock based compensation, Weighted Average Exercise Price, ending balance		1.66
Stock based compensation, Weighted Average Fair Value, Exercisable		$ 1.66
Stock based compensation, Weighted Average Remaining Contractual Term, Outstanding		10 months 10 days
Stock based compensation, Weighted Average Remaining Contractual Term, Exercisable		10 months 10 days

Stock-Based Compensation - Assumptions Used in Determining Fair Value of Stock Options and Stock Appreciation Rights (Detail)	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Expected Volatility	21.20%	29.40%
Expected Dividends	0.16%	0.15%
Expected Term	10 months 10 days	1 year 3 months 18 days
Risk-Free Rate	0.45%	0.75%

Stock-Based Compensation - Recognized Financial Statements for Stock Options, Stock Appreciation Rights, and Restricted Stock (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Total Cost of Share-Based Plans Charged Against Income Before Tax Effect	$ 401,967	$ 728,833	$ 2,893,589	$ 1,350,557
Income Tax Expense Recognized in Income	$ (155,059)	$ (281,147)	$ (1,116,202)	$ (520,977)

Stock-Based Compensation - Additional Information (Detail) - $ / shares		1 Months Ended			3 Months Ended	9 Months Ended	12 Months Ended
	Feb. 26, 2016	May 31, 2015	Feb. 28, 2015	Jan. 31, 2015	Jun. 30, 2015	Sep. 30, 2016	Dec. 31, 2015	Dec. 31, 2012	Dec. 31, 2011
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares limit on compensation plan							112,000
Number of shares exceeding annual award limit	112,000
Options granted exercise price	$ 55.62
Stock based compensation, option grant vested	13,200
Restricted share award closing prices range per share, Minimum	$ 75					$ 36
January 28, 2017
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number	13,200
January 28, 2018
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number	13,600
Mr Albright [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted share award closing prices range per share, Minimum						$ 60
2010 Plan [Member] \| Mr Albright [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares limit on compensation plan						50,000
Number of shares exceeding annual award limit						112,000
2010 Plan [Member] \| Mr Albright [Member] \| Restricted Shares [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation, Shares, Granted	4,000			8,000	94,000			96,000	96,000
2010 Plan [Member] \| Mr Albright [Member] \| Restricted Common Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation, Shares, Granted	4,000
2010 Plan [Member] \| Mr Albright [Member] \| Common Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation, Shares, Granted	40,000	40,000	20,000

Income Taxes - Additional Information (Detail) - USD ($)	3 Months Ended			9 Months Ended		12 Months Ended
	Sep. 30, 2016	Mar. 31, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Income Taxes [Line Items]
Effective income tax rate including income taxes attributable to the discontinued operations				43.70%	39.40%
Stock-based compensation expense				$ (83,000)
Income tax benefit related to stock compensation expense	$ 155,059		$ 281,147	1,116,202	$ 520,977
Restricted Shares [Member]
Income Taxes [Line Items]
Number of common stock shares permanently surrendered		68,000
Total stock compensation expense		$ 2,300,000
Stock-based compensation expense		1,600,000		$ 1,600,000		$ 676,000
Income tax benefit related to stock compensation expense		$ 0

Commitments and Contingencies - Contractual Commitments - Expenditures (Detail)			9 Months Ended
	Jul. 06, 2016 USD ($)	Apr. 05, 2016 ft²	Sep. 30, 2016 USD ($) a	Sep. 30, 2016 ft²	Sep. 30, 2016 USD ($)	Dec. 31, 2015 USD ($) a	Apr. 22, 2014 USD ($)	Dec. 31, 2013 USD ($)
Loss Contingencies [Line Items]
Area of a real estate property			1,581	1,500,000		148.35
Reserve for Tenant Improvements					$ 569,151	$ 812,493
Lease commitments
Lowes
Loss Contingencies [Line Items]
Reserve for Tenant Improvements					551,000		$ 651,000
Tenant improvements					100,000
Construction and Other Commitment [Member]
Loss Contingencies [Line Items]
Reimbursement period of land improvement cost			5 years
Cash deposited related to improvements					286,000			$ 283,500
Construction and Other Commitment [Member] \| Williamson Crossing Remaining Site [Member]
Loss Contingencies [Line Items]
Area of a real estate property \| a			19.6
Construction and Other Commitment [Member] \| RaceTrac Petroleum, Inc. ("RaceTrac") [Member]
Loss Contingencies [Line Items]
Area of a real estate property \| a			3.4
Estimated cost for improvements			$ 1,260,000
Percentage of cost paid			77.50%
Actual cost paid for the next five years					976,500
Construction and Other Commitment [Member] \| Williamson Crossing [Member] \| Williamson Crossing Remaining Site [Member]
Loss Contingencies [Line Items]
Area of a real estate property \| a			23
Construction and Other Commitment [Member] \| Tomoka Town Center [Member]
Loss Contingencies [Line Items]
Area of a real estate property \| a			98.69
Remaining commitment					508,000
Lease commitments					9,100,000
Construction costs incurred			$ 8,600,000
Construction and Other Commitment [Member] \| Sam’s Club [Member]
Loss Contingencies [Line Items]
Area of a real estate property \| a						18.10
Cash deposited related to improvements					125,000	$ 125,000
Remaining commitment					125,000
Construction and Other Commitment [Member] \| Integra Land Company [Member]
Loss Contingencies [Line Items]
Area of a real estate property \| a						14.98
Actual cost paid for the next five years						$ 276,000
Cash deposited related to improvements						370,000
Remaining commitment					20,000
Reimbursement of Capital Expenditure Commitments						$ 94,000
Escrow Deposit Disbursements			350,000
Maximum [Member] \| Construction and Other Commitment [Member]
Loss Contingencies [Line Items]
Remaining commitment					690,000
Winter Park, Florida \| The Grove
Loss Contingencies [Line Items]
Area of Building \| ft²		112,000
Winter Park, Florida \| Anchor space of the Grove
Loss Contingencies [Line Items]
Lease term		15 years
Area of land in percentage		36.00%
Area of Building \| ft²		40,000
Funding for tenant improvements			$ 1,900,000
Tenant improvements					$ 2,100,000
Restricted Cash, Escrow for Tenant Improvements [Member] \| Winter Park, Florida \| Anchor space of the Grove
Loss Contingencies [Line Items]
Funding for tenant improvements	$ 4,000,000

Commitments and Contingencies - Contractual Commitments - Land Pipeline (Detail) $ / a in Thousands, $ in Thousands, ft² in Millions	Oct. 28, 2016 USD ($) a item $ / a	Sep. 30, 2016 a	Sep. 30, 2016 ft²	Dec. 31, 2015 a
Loss Contingencies [Line Items]
Area of a real estate property		1,581	1.5	148.35
Subsequent Event [Member]
Loss Contingencies [Line Items]
Area of a real estate property \| a	4,054
Anticipated sale proceeds \| $	$ 98,467
Anticipated revenue per acre \| $ / a	24,000
Construction and Other Commitment [Member] \| Subsequent Event [Member]
Loss Contingencies [Line Items]
Number of purchase and sale agreements \| item	8
Number of buyers \| item	7
Percentage area of real estate property	39.00%
Commercial \| Subsequent Event [Member]
Loss Contingencies [Line Items]
Area of a real estate property \| a	4
Anticipated sale proceeds \| $	$ 1,175
Anticipated revenue per acre \| $ / a	294,000
Mixed-Use Retail \| Subsequent Event [Member]
Loss Contingencies [Line Items]
Area of a real estate property \| a	22
Anticipated sale proceeds \| $	$ 5,574
Anticipated revenue per acre \| $ / a	253,000
Mixed-Use Retail \| NADG \| Subsequent Event [Member]
Loss Contingencies [Line Items]
Area of a real estate property \| a	82
Anticipated sale proceeds \| $	$ 20,187
Anticipated revenue per acre \| $ / a	248,000
Commercial Tranche II \| Subsequent Event [Member]
Loss Contingencies [Line Items]
Area of a real estate property \| a	6
Anticipated sale proceeds \| $	$ 1,470
Anticipated revenue per acre \| $ / a	245,000
Age-restricted Residential \| Minto Communities \| Subsequent Event [Member]
Loss Contingencies [Line Items]
Area of a real estate property \| a	1,581
Anticipated sale proceeds \| $	$ 28,651
Anticipated revenue per acre \| $ / a	18,000
AR Residential, Tranche II \| Minto Communities \| Subsequent Event [Member]
Loss Contingencies [Line Items]
Area of a real estate property \| a	1,686
Anticipated sale proceeds \| $	$ 31,360
Anticipated revenue per acre \| $ / a	19,000
Single-tenant \| Subsequent Event [Member]
Loss Contingencies [Line Items]
Area of a real estate property \| a	73
Anticipated sale proceeds \| $	$ 1,050
Anticipated revenue per acre \| $ / a	14,000
Single-tenant \| ICI \| Subsequent Event [Member]
Loss Contingencies [Line Items]
Area of a real estate property \| a	600
Anticipated sale proceeds \| $	$ 9,000
Anticipated revenue per acre \| $ / a	15,000

Commitments and Contingencies - Minto Communities (Detail)		3 Months Ended
	Sep. 27, 2016 USD ($) a $ / a	Sep. 30, 2016 USD ($) item	Sep. 30, 2016 a	Sep. 30, 2016 ft²	Apr. 30, 2016 ft² item	Dec. 31, 2015 a
Loss Contingencies [Line Items]
Area of a real estate property			1,581	1,500,000		148.35
Definitive Sales Contracts [Member]
Loss Contingencies [Line Items]
Area of a real estate property \| a						148.35
Definitive Sales Contracts [Member] \| Minto Communities
Loss Contingencies [Line Items]
Number of units planned on definitive sales contracts \| item		3,400
Area of a real estate property \| a	4.5		1,586
Number of residential units zoning and entitlements received \| item					3,400
Area of commercial space zoning and entitlements received \| ft²					215,000
Land Sales \| $	$ 205,000
Revenue Per Acre \| $ / a	46,000
Price reduction \| $		$ 1,000,000

Commitments and Contingencies - Tomoka Town Center (Detail) ft² in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016 USD ($) a	Sep. 30, 2015 USD ($)	Sep. 30, 2016 USD ($) a $ / a	Sep. 30, 2015 USD ($)	Sep. 30, 2016 ft²	Dec. 31, 2015 a
Loss Contingencies [Line Items]
Area of a real estate property	1,581		1,581		1.5	148.35
Revenue from sales of real estate property \| $	$ 4,643,646	$ 1,748,398	$ 18,979,164	$ 3,976,340
Definitive Sales Contracts [Member]
Loss Contingencies [Line Items]
Area of a real estate property \| a						148.35
NADG \| Definitive Sales Contracts [Member]
Loss Contingencies [Line Items]
Area of a real estate property \| a	81.50		81.50
Revenue from sales of real estate property \| $			$ 20,200,000
Revenue per acre \| $ / a			248,000

Commitments and Contingencies - Other Matters (Detail) ft² in Millions	3 Months Ended		9 Months Ended	12 Months Ended
	Sep. 30, 2016 USD ($) a	Jun. 30, 2016 USD ($)	Sep. 30, 2016 USD ($) a	Sep. 30, 2016 USD ($) a	Dec. 31, 2015 USD ($) a	Sep. 30, 2016 ft²	Sep. 30, 2016 USD ($)
Loss Contingencies [Line Items]
Area of real estate property	1,581		1,581	1,581	148.35	1.5
Costs affiliated with wetlands mitigation permits					$ 187,500
Legal costs of investigating allegations				$ 1,200,000
Cost of pursuing strategic alternatives				$ 219,000,000
Other third party cost			$ 1,300,000
Definitive Sales Contracts [Member]
Loss Contingencies [Line Items]
Area of real estate property \| a					148.35
Estimated cost of construction, current year					$ 1,700,000		$ 1,100,000
Estimated restoration costs		$ 2,000,000	2,000,000
Increase in accrual of restoration Costs	$ 300,000	$ 300,000
Funded on estimated costs			905,000
Cost of infrastructure improvements			0
Costs affiliated with wetlands mitigation permits			$ 0
Mitigation Activities [Member] \| Definitive Sales Contracts [Member]
Loss Contingencies [Line Items]
Area of real estate property \| a	54.66		54.66	54.66
Minimum [Member] \| Definitive Sales Contracts [Member]
Loss Contingencies [Line Items]
Cost of the contract					1,700,000
Maximum [Member] \| Definitive Sales Contracts [Member]
Loss Contingencies [Line Items]
Cost of the contract					1,900,000
Environmental Restoration Costs [Member]
Loss Contingencies [Line Items]
Accrued Penalties					$ 187,500

Business Segment Data - Additional Information (Detail)	9 Months Ended		12 Months Ended
Business Segment Data - Additional Information (Detail)	Sep. 30, 2016 segment loan	Sep. 30, 2015	Dec. 31, 2015 loan
Segment Reporting Information [Line Items]
Number of operating segment \| segment	4
Number of commercial loan investments	3
Golf operation description	Our golf operations consist of a single property located in the City, with two 18-hole championship golf courses
Income Property Operations [Member] \| Identifiable Assets [Member]
Segment Reporting Information [Line Items]
Concentration risk percentage	70.30%		68.60%
Income Property Operations [Member] \| Consolidated Revenues [Member]
Segment Reporting Information [Line Items]
Concentration risk percentage	42.60%	57.80%
Commercial Mortgage Loan [Member]
Segment Reporting Information [Line Items]
Number of fixed-rate commercial mortgage loan investment	1		1
Mezzanine Loan [Member]
Segment Reporting Information [Line Items]
Number of fixed-rate commercial mortgage loan investment	1		1

Business Segment Data - Summary of Operations in Different Segments (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Segment Reporting Information [Line Items]
Income Properties	$ 6,021,331	$ 5,034,090	$ 18,483,654	$ 13,426,817
Commercial Loan Investments	534,212	546,640	2,050,507	1,816,834
Real Estate Operations	4,643,646	1,748,398	18,979,164	3,976,340
Golf Operations	1,001,368	949,083	3,877,923	3,935,076
Agriculture and Other Income	10,388	19,504	48,070	59,181
Total Revenues	12,210,945	8,297,715	43,439,318	23,214,248
Operating Income (Loss)	15,879,509	5,143,440	27,005,693	8,823,488
Depreciation and Amortization	1,945,460	1,417,129	5,818,386	3,644,620
Capital Expenditures	49,758,942	51,605,489	52,640,944	62,634,148
Identifiable Assets	377,543,470		377,543,470		$ 404,353,644
Income Properties [Member]
Segment Reporting Information [Line Items]
Operating Income (Loss)	4,590,689	4,036,330	14,672,265	11,105,324
Depreciation and Amortization	1,866,162	1,335,214	5,571,785	3,413,024
Capital Expenditures	49,751,977	25,596,355	52,604,951	35,610,312
Identifiable Assets	265,252,097		265,252,097		277,519,902
Commercial Loan Investments [Member]
Segment Reporting Information [Line Items]
Operating Income (Loss)	534,212	546,640	2,050,507	1,816,834
Capital Expenditures		14,500,000		15,394,879
Identifiable Assets	24,027,185		24,027,185		38,487,119
Real Estate Operations [Member]
Segment Reporting Information [Line Items]
Operating Income (Loss)	3,386,463	1,431,785	14,340,299	2,755,151
Capital Expenditures		11,489,272		11,489,272
Identifiable Assets	67,255,069		67,255,069		59,787,157
Golf Operations [Member]
Segment Reporting Information [Line Items]
Operating Income (Loss)	(301,552)	(406,386)	(276,761)	(266,237)
Depreciation and Amortization	64,676	68,712	201,944	194,618
Capital Expenditures	4,500	2,045	17,661	108,462
Identifiable Assets	2,906,098		2,906,098		3,607,259
Agriculture and Other Income [Member]
Segment Reporting Information [Line Items]
Operating Income (Loss)	(42,506)	(31,980)	(105,529)	(90,649)
Depreciation and Amortization	14,622	13,203	44,657	36,978
Capital Expenditures	2,465	17,817	18,332	31,223
Identifiable Assets	18,103,021		18,103,021		$ 24,952,207
General and Corporate Expense [Member]
Segment Reporting Information [Line Items]
Operating Income (Loss)	$ 7,712,203	$ (432,949)	$ (3,675,088)	$ (6,496,935)

Business Segment Data - Summary of Operations in Different Segments (Parenthetical) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Segment Reporting Information [Line Items]
Capital Expenditures	$ 49,758,942	$ 51,605,489	$ 52,640,944	$ 62,634,148
Real Estate Operations [Member]
Segment Reporting Information [Line Items]
Capital Expenditures		$ 11,489,272		$ 11,489,272

Recently Issued Accounting Policies - Additional Information (Detail) $ in Millions	Dec. 31, 2015 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Unamortized debt issuance costs	$ 1.7

Variable Interest Entity - Additional Information (Detail) ft² in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2016 USD ($) tenant	Dec. 31, 2015 USD ($) a	Sep. 30, 2016 item	Sep. 30, 2016 a	Sep. 30, 2016 ft²	Sep. 30, 2016 USD ($)
Variable Interest Entity [Line Items]
Area of a real estate property		148.35		1,581	1.5
Daytona Beach, Florida
Variable Interest Entity [Line Items]
Area of a real estate property \| a		6		6
Percentage acquired in real estate venture		50.00%
Cash paid to acquire real estate venture		$ 5,700,000
Preferred interest rate		9.00%
Land and Development Costs						$ 11,613,782
Real estate operations with management fees	$ 18,000
Number of structures to be constructed \| item			2
Number of tenants \| tenant	2
Capital to be provided for development	$ 6,000,000

Subsequent Events - Additional Information (Detail)					1 Months Ended	6 Months Ended	9 Months Ended
Subsequent Events - Additional Information (Detail)	Oct. 27, 2016 USD ($) $ / shares shares	Oct. 14, 2016 USD ($) a ft² tenant	Oct. 13, 2016 USD ($) a $ / shares $ / a	Feb. 18, 2016	Oct. 28, 2016 USD ($) a item	Jun. 30, 2016 shares	Sep. 30, 2016 USD ($) a $ / shares	Sep. 30, 2015 USD ($)	Sep. 30, 2016 ft²	Sep. 30, 2016 USD ($)	Dec. 31, 2015 USD ($) a	Dec. 31, 2014 USD ($)
Subsequent Event [Line Items]
Costs of shares repurchased							$ 5,484,295
Area of a real estate property							1,581		1,500,000		148.35
Total acquisition cost of property							$ 49,800,000	$ 34,200,000
Occupancy Percentage				100.00%
Proceeds from land sold							$ 49,253,982	$ 15,226,084
Santa Clara, California
Subsequent Event [Line Items]
Total previous renovation amount												$ 14,000,000
Subsequent Event [Member]
Subsequent Event [Line Items]
Area of a real estate property \| a					4,054
Subsequent Event [Member] \| Santa Clara, California
Subsequent Event [Line Items]
Area of a real estate property \| a		5.24
Area of Building \| ft²		76,000
Number of Tenants, Leased Property \| tenant		2
Total acquisition cost of property		$ 30,000,000
Occupancy Percentage		100.00%
Additional area density allowable under current zoning \| ft²		100,000
New Repurchase Program [Member]
Subsequent Event [Line Items]
Repurchase of common stock, authorized amount										$ 10,000,000	$ 10,000,000
Number of shares repurchased \| shares						113,429
Average price per share \| $ / shares							$ 48.35
New Repurchase Program [Member] \| Subsequent Event [Member]
Subsequent Event [Line Items]
Number of shares repurchased \| shares	12,196
Costs of shares repurchased	$ 613,000
Average price per share \| $ / shares	$ 50.25
2016 Disposals \| Sold
Subsequent Event [Line Items]
Sales price										$ 74,300,000
2016 Disposals \| Sold \| Subsequent Event [Member]
Subsequent Event [Line Items]
Area of a real estate property \| a			17
Sales price			$ 3,000,000
Sales price per acre \| $ / a			174,000
Gain (loss) on disposal			$ 2,700,000
Gain (loss) on sale of building per share after tax \| $ / shares			$ 0.29
2015 Disposals \| Sold \| Subsequent Event [Member]
Subsequent Event [Line Items]
Proceeds from land sold					$ 1,600,000
Number of buyers \| item					2
Centrify Corporation \| Subsequent Event [Member] \| Santa Clara, California
Subsequent Event [Line Items]
Weighted Average Remaining Lease Term		4 years
Adesto Technologies \| Subsequent Event [Member] \| Santa Clara, California
Subsequent Event [Line Items]
Weighted Average Remaining Lease Term		7 years