Document_and_Entity_Informatio
| Document and Entity Information | 9 Months Ended | |
| Sep. 30, 2013 | Oct. 23, 2013 | |
| Document And Entity Information [Abstract] | ' | ' |
| Document Type | '10-Q | ' |
| Amendment Flag | 'false | ' |
| Document Period End Date | 30-Sep-13 | ' |
| Document Fiscal Year Focus | '2013 | ' |
| 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 Filer Category | 'Accelerated Filer | ' |
| Entity Common Stock, Shares Outstanding | ' | 5,864,359 |
Consolidated_Balance_Sheets
| Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
| ASSETS | ' | ' |
| Cash and Cash Equivalents | $743,424 | $1,301,739 |
| Restricted Cash | 322,562 | ' |
| Refundable Income Taxes | ' | 239,720 |
| Commercial Mortgage Loan, Held for Investment | 18,006,024 | ' |
| Land and Development Costs | 26,520,183 | 27,848,525 |
| Intangible Assets - Net | 6,616,419 | 4,527,426 |
| Assets Held for Sale | 3,203,100 | 3,433,500 |
| Other Assets | 8,654,440 | 8,254,399 |
| Total assets before property, plant and equipment | 64,066,152 | 45,605,309 |
| Property, Plant, and Equipment: | ' | ' |
| Land, Timber, and Subsurface Interests | 15,241,501 | 15,194,901 |
| Golf Buildings, Improvements, and Equipment | 3,013,856 | 2,879,263 |
| Income Properties, Land, Buildings, and Improvements | 158,189,373 | 132,202,887 |
| Other Furnishings and Equipment | 920,703 | 906,441 |
| Construction in Process | 51,215 | ' |
| Total Property, Plant, and Equipment | 177,416,648 | 151,183,492 |
| Less, Accumulated Depreciation and Amortization | -12,758,397 | -12,091,901 |
| Property, Plant, and Equipment - Net | 164,658,251 | 139,091,591 |
| TOTAL ASSETS | 228,724,403 | 184,696,900 |
| LIABILITIES | ' | ' |
| Accounts Payable | 453,883 | 440,541 |
| Accrued Liabilities | 5,499,913 | 6,121,392 |
| Deferred Revenue | 4,199,583 | 850,951 |
| Accrued Stock-Based Compensation | 346,418 | 265,311 |
| Pension Liability | 1,225,932 | 1,317,683 |
| Income Taxes Payable | 1,356,638 | ' |
| Deferred Income Taxes - Net | 31,646,987 | 32,357,505 |
| Long-Term Debt | 66,727,032 | 29,126,849 |
| TOTAL LIABILITIES | 111,456,386 | 70,480,232 |
| Commitments and Contingencies | ' | ' |
| SHAREHOLDERS' EQUITY | ' | ' |
| Common Stock - 25,000,000 shares authorized; $1 par value, 5,864,359 shares issued and 5,849,725 shares outstanding at September 30, 2013; 5,847,036 shares issued and 5,832,402 shares outstanding at December 31, 2012 | 5,764,792 | 5,726,136 |
| Treasury Stock, at cost - 14,634 shares held at September 30, 2013 and December 31, 2012 | -453,654 | -453,654 |
| Additional Paid-In Capital | 8,292,677 | 6,939,023 |
| Retained Earnings | 104,901,682 | 103,242,643 |
| Accumulated Other Comprehensive Loss | -1,237,480 | -1,237,480 |
| TOTAL SHAREHOLDERS' EQUITY | 117,268,017 | 114,216,668 |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $228,724,403 | $184,696,900 |
Consolidated_Balance_Sheets_Pa
| Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
| Statement Of Financial Position [Abstract] | ' | ' |
| Common Stock, shares authorized | 25,000,000 | 25,000,000 |
| Common Stock, par value | $1 | $1 |
| Common Stock, shares issued | 5,864,359 | 5,847,036 |
| Common Stock, shares outstanding | 5,849,725 | 5,832,402 |
| Treasury Stock, shares held | 14,634 | 14,634 |
Consolidated_Statements_of_Ope
| Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
| Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
| Revenues | ' | ' | ' | ' |
| Income Properties | $3,356,937 | $2,177,895 | $9,621,147 | $6,390,847 |
| Interest Income from Commercial Mortgage Loan | 644,198 | ' | 644,198 | ' |
| Real Estate Operations | 1,369,397 | 421,983 | 2,010,722 | 2,417,367 |
| Golf Operations | 981,118 | 861,326 | 3,758,629 | 3,443,984 |
| Agriculture and Other Income | 20,845 | 95,971 | 149,028 | 146,629 |
| Total Revenues | 6,372,495 | 3,557,175 | 16,183,724 | 12,398,827 |
| Direct Cost of Revenues | ' | ' | ' | ' |
| Income Properties | -427,341 | -199,710 | -1,038,922 | -518,904 |
| Real Estate Operations | -174,411 | -143,138 | -480,152 | -531,913 |
| Golf Operations | -1,321,337 | -1,314,428 | -4,154,338 | -4,210,961 |
| Agriculture and Other Income | -33,821 | -28,530 | -120,275 | -166,420 |
| Total Direct Cost of Revenues | -1,956,910 | -1,685,806 | -5,793,687 | -5,428,198 |
| General and Administrative Expenses | -1,207,593 | -2,311,448 | -4,221,831 | -5,070,383 |
| Impairment Charges | ' | ' | -616,278 | ' |
| Depreciation and Amortization | -738,537 | -509,242 | -2,146,515 | -1,508,801 |
| Gain (Loss) on Disposition of Assets | ' | -33,513 | ' | 242,051 |
| Total Operating Expenses | -3,903,040 | -4,540,009 | -12,778,311 | -11,765,331 |
| Operating Income | 2,469,455 | -982,834 | 3,405,413 | 633,496 |
| Interest Income | ' | 453 | 391 | 820 |
| Interest Expense | -509,898 | -152,847 | -1,316,026 | -475,449 |
| Loss on Early Extinguishment of Debt | ' | ' | ' | -245,726 |
| Income (Loss) from Continuing Operations Before Income Tax Expense | 1,959,557 | -1,135,228 | 2,089,778 | -86,859 |
| Income Tax (Expense) Benefit | -755,918 | 433,244 | -796,738 | 36,656 |
| Income (Loss) from Continuing Operations | 1,203,639 | -701,984 | 1,293,040 | -50,203 |
| Income from Discontinued Operations (Net of Tax) | 38,665 | 145,378 | 538,079 | 587,584 |
| Net Income (Loss) | $1,242,304 | ($556,606) | $1,831,119 | $537,381 |
| Per Share Information: Basic and Diluted | ' | ' | ' | ' |
| Income (Loss) from Continuing Operations | $0.21 | ($0.13) | $0.23 | ($0.01) |
| Income from Discontinued Operations (Net of Tax) | $0.01 | $0.03 | $0.09 | $0.10 |
| Net Income (Loss) | $0.22 | ($0.10) | $0.32 | $0.09 |
| Dividends Declared and Paid | ' | ' | $0.03 | $0.02 |
Consolidated_Statements_of_Com
| Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
| Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
| Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' | ' |
| Net Income (Loss) | $1,242,304 | ($556,606) | $1,831,119 | $537,381 |
| Total Other Comprehensive Income, Net of Tax | ' | ' | ' | ' |
| Total Comprehensive Income (Loss) | $1,242,304 | ($556,606) | $1,831,119 | $537,381 |
Consolidated_Statements_of_Sha
| Consolidated Statements of Shareholders' Equity (USD $) | Total | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] |
| Beginning Balance at Dec. 31, 2012 | $114,216,668 | $5,726,136 | ($453,654) | $6,939,023 | $103,242,643 | ($1,237,480) |
| Net Income | 1,831,119 | ' | ' | ' | 1,831,119 | ' |
| Exercise of Stock Options | 613,592 | 20,156 | ' | 593,436 | ' | ' |
| Vested Restricted Stock | 119,532 | 18,500 | ' | 101,032 | ' | ' |
| Stock Compensation Expense from Restricted Stock Grants and Equity Classified Stock Options | 659,186 | ' | ' | 659,186 | ' | ' |
| Cash Dividends ($0.03 per share) | -172,080 | ' | ' | ' | -172,080 | ' |
| Ending Balance at Sep. 30, 2013 | $117,268,017 | $5,764,792 | ($453,654) | $8,292,677 | $104,901,682 | ($1,237,480) |
Consolidated_Statements_of_Sha1
| Consolidated Statements of Shareholders' Equity (Parenthetical) (USD $) | 9 Months Ended |
| Sep. 30, 2013 | |
| Cash dividends, Per Share | $0.03 |
| Retained Earnings [Member] | ' |
| Cash dividends, Per Share | $0.03 |
Consolidated_Statements_of_Cas
| Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
| Sep. 30, 2013 | Sep. 30, 2012 | |
| Cash Flow from Operating Activities: | ' | ' |
| Net Income | $1,831,119 | $537,381 |
| Adjustments to Reconcile Net Income to Net Cash Provided By Operating Activities: | ' | ' |
| Depreciation and Amortization | 2,211,346 | 1,894,965 |
| Loan Cost Amortization | 147,917 | 74,389 |
| Gain on Disposition of Property, Plant, and Equipment and Intangible Assets | -557,216 | -242,051 |
| Loss on Disposition of Assets Held for Sale | 26,367 | ' |
| Impairment charges | 616,278 | ' |
| Discount Accretion on Commercial Mortgage Loan | -526,966 | ' |
| Amortization of Fees on Acquisition of Commercial Mortgage Loan | 20,021 | ' |
| Deferred Income Taxes | -710,518 | -185,447 |
| Non-Cash Compensation | 852,536 | 870,304 |
| Decrease (Increase) in Assets: | ' | ' |
| Refundable Income Taxes | 239,720 | 399,905 |
| Land and Development Costs | 712,064 | -18,363 |
| Other Assets | -486,670 | 108,562 |
| Increase (Decrease) in Liabilities: | ' | ' |
| Accounts Payable | 13,342 | -189,121 |
| Accrued Liabilities and Accrued Stock Based Compensation | -713,230 | -460,794 |
| Deferred Revenue | 3,348,632 | 427,843 |
| Income Taxes Payable | 1,356,638 | 345,393 |
| Net Cash Provided By Operating Activities | 8,381,380 | 3,562,966 |
| Cash Flow From Investing Activities: | ' | ' |
| Acquisition of Property, Plant, and Equipment | -36,790,580 | -8,661,344 |
| Acquisition of Intangible Assets | -2,920,739 | -610,870 |
| Acquisition of Commercial Mortgage Loan | -17,655,367 | ' |
| Increase in Restricted Cash | -322,562 | -984,547 |
| Proceeds from Disposition of Property, Plant, and Equipment, Net | 7,198,436 | 480,150 |
| Proceeds from Disposition of Assets Held for Sale, Net | 3,407,133 | 7,694,710 |
| Principal Payments Received on Commercial Mortgage Loan | 95,000 | ' |
| Net Cash Used In Investing Activities | -46,988,679 | -2,081,901 |
| Cash Flow from Financing Activities: | ' | ' |
| Proceeds from Long-Term Debt | 85,250,000 | 22,341,849 |
| Payments on Long-Term Debt | -47,649,817 | -20,881,714 |
| Cash Proceeds from Exercise of Stock Options | 519,849 | 2,089 |
| Cash Used to Purchase Common Stock | ' | -453,654 |
| Cash from Excess Tax Benefit from Vesting of Restricted Stock | 101,032 | ' |
| Dividends Paid | -172,080 | -114,510 |
| Net Cash Provided By Financing Activities | 38,048,984 | 894,060 |
| Net Increase (Decrease) in Cash | -558,315 | 2,375,125 |
| Cash, Beginning of Year | 1,301,739 | 6,174 |
| Cash, End of Period | $743,424 | $2,381,299 |
Consolidated_Statements_of_Cas1
| Consolidated Statements of Cash Flows (Parenthetical) (USD $) | 1 Months Ended | 9 Months Ended | |
| Mar. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | |
| Statement Of Cash Flows [Abstract] | ' | ' | ' |
| Income tax refunds | ' | $39,406 | $227,500 |
| Income taxes paid | ' | 187,186 | 0 |
| Interest paid | ' | 1,117,583 | 367,703 |
| Non-cash conveyance of certain real property acreage | $702,827 | ' | ' |
Description_of_Business_and_Pr
| Description of Business and Principles of Interim Statements | 9 Months Ended | ||||
| Sep. 30, 2013 | |||||
| Accounting Policies [Abstract] | ' | ||||
| Description of Business and Principles of Interim Statements | ' | ||||
| NOTE 1. DESCRIPTION OF BUSINESS AND PRINCIPLES OF INTERIM STATEMENTS | |||||
| Description of Business | |||||
| The terms “us,” “we,” “our,” and “the Company” as used in this report refer to Consolidated-Tomoka Land Co. (“CTLC”) together with our consolidated subsidiaries. | |||||
| We are a diversified real estate operating company. We own and manage commercial real estate properties in nine states in the U.S., and two self-developed multi-tenant properties located in Florida. As of September 30, 2013, we owned 37 single-tenant income-producing properties, in nine states, with more than 759,000 square feet of gross leasable space. We also own and manage a land portfolio of over 10,000 acres in Florida, a majority of which is located within and forms a substantial portion of, the western boundary of the City of Daytona Beach (the “City”). Our land is well-located along both sides of Interstate 95 and near central Florida’s Interstate 4 corridor. We also have an investment in a commercial mortgage loan collateralized by a hotel property in Atlanta, Georgia. We have a golf course operation which consists of the LPGA International golf club, lease property for billboards, have agricultural operations that are managed by a third party and consist of leasing land for hay production, timber harvesting, and hunting leases, and own and manage subsurface interests. The results of our agricultural and subsurface leasing operations are included in Agriculture and Other Income and Real Estate Operations in our consolidated statements of operations, respectively. | |||||
| More than 50% of the Company’s income property portfolio, based on annual revenues, and all of our land, golf operations, agriculture operations, and subsurface interests, are located in the State of Florida. | |||||
| Interim Financial Information | |||||
| The accompanying unaudited consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. These unaudited consolidated financial statements do not include all of the information and notes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete financial statements and should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2012, which provides a more complete understanding of the Company’s accounting policies, financial position, operating results, business properties, and other matters. The unaudited consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary to present fairly the financial position of the Company and the results of operations for the interim periods. | |||||
| The results of operations for the nine months ended September 30, 2013 are not necessarily indicative of results to be expected for the year ending December 31, 2013. | |||||
| Principles of Consolidation | |||||
| The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. Any real estate entities or properties included in the consolidated financial statements have been consolidated only for the periods that such entities or properties were owned or under control by us. All significant inter-company balances and transactions have been eliminated in the consolidated financial statements. | |||||
| Use of Estimates in Preparation of Financial Statements | |||||
| The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||
| Because of the fluctuating market conditions that currently exist in the Florida and national real estate markets, and the volatility and uncertainty in the financial and credit markets, it is possible that the estimates and assumptions, most notably those related to the Company’s investment in income properties and pension liability, could change materially during the time span associated with the continued volatility of the real estate and financial markets or as a result of a significant dislocation in those markets. | |||||
| Fair Value of Financial Instruments | |||||
| The largest carrying amounts of the Company’s financial assets and liabilities, including cash and cash equivalents, restricted cash, accounts receivable, and accounts payable at September 30, 2013 and December 31, 2012, approximate fair value because of the short maturity of these instruments. The carrying amount of the Company’s long-term debt and commercial mortgage loan approximates fair value at September 30, 2013 and December 31, 2012, since the notes are at floating rates or fixed rates, which approximate current market rates for notes with similar risks and maturities. | |||||
| Cash and Cash Equivalents | |||||
| Cash and cash equivalents includes cash on hand and bank demand accounts having maturities at acquisition date of 90 days or less. | |||||
| Restricted Cash | |||||
| Restricted cash totaled approximately $323,000 at September 30, 2013 and consisted of cash being held in a reserve primarily for property taxes and insurance escrows in connection with our financing of two properties acquired in January 2013. | |||||
| Classification of Loans | |||||
| Loans held for investment are stated at the principal amount outstanding and include the unamortized deferred loan fees in accordance with GAAP. | |||||
| Loan Impairment | |||||
| The Company’s commercial mortgage loan is held for investment and collateralized by a hotel property in Atlanta, Georgia. The Company evaluates 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 measurement of 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. Significant exercise of 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 and other provisions including guarantees. The Company has determined that, as of September 30, 2013, no allowance for impairment was required. | |||||
| Interest Income Recognition | |||||
| Interest income on commercial mortgage loans includes interest payments made by the borrower and the accretion of purchase discounts, offset by the amortization of fees. Interest payments are accrued based on the actual coupon rate and the outstanding principal balance and purchase discounts are accreted into income using the effective yield method, adjusted for prepayments. | |||||
| Intangible Assets | |||||
| As of September 30, 2013, the in-place lease value totaled $6,616,419, net of accumulated amortization of $2,923,476. At December 31, 2012, the in-place lease value totaled $4,527,426, net of accumulated amortization of $3,443,102. Amortization expense for the three months ended September 30, 2013 and 2012 was approximately $168,000 and $103,000, respectively. Amortization expense for the nine months ended September 30, 2013 and 2012 was approximately $500,000 and $303,000, respectively. | |||||
| The estimated future amortization expense related to intangible assets is as follows: | |||||
| Year Ending December 31, | Amount | ||||
| Remainder of 2013 | $ | 172,620 | |||
| 2014 | 690,481 | ||||
| 2015 | 690,481 | ||||
| 2016 | 652,393 | ||||
| 2017 | 561,639 | ||||
| 2018 | 553,951 | ||||
| Thereafter | 3,294,854 | ||||
| $ | 6,616,419 | ||||
| Reclassifications | |||||
| Certain items in the prior year’s consolidated statements of operations have been reclassified to conform to the presentation of statements of operations for the three and nine months ended September 30, 2013. Specifically, loan cost amortization was previously included in depreciation and amortization on the consolidated financial statements and is now included in interest expense. In addition, deferred revenue was previously included with accrued liabilities on the consolidated balance sheets and is now segregated as its own line item. These reclassifications had no effect on the current year and prior year presentation of income (loss) from continuing operations before taxes. | |||||
Recent_Acquisitions_of_Income_
| Recent Acquisitions of Income Properties | 9 Months Ended |
| Sep. 30, 2013 | |
| Business Combinations [Abstract] | ' |
| Recent Acquisitions of Income Properties | ' |
| NOTE 2. RECENT ACQUISITIONS OF INCOME PROPERTIES | |
| During the nine months ended September 30, 2013, the Company acquired nine income properties at a total acquisition cost of approximately $39.5 million. Of the total acquisition cost, approximately $13.2 million was allocated to land, approximately $23.4 million was allocated to buildings and improvements, and approximately $2.9 million was allocated to intangible assets pertaining to the in-place lease value. The weighted average amortization period for the $2.9 million allocated to intangible assets is approximately 10.5 years. | |
| On September 13, 2013, the Company acquired a 25,600 square foot building leased to Big Lots in Germantown, Maryland. The total purchase price was approximately $5.0 million. On the acquisition date, the remaining term of the lease was approximately 10.4 years, with three five-year option periods. | |
| On July 25, 2013, the Company acquired a 16,280 square foot building leased to a subsidiary of Rite Aid Corp. in Renton, Washington, a suburb of Seattle. The total purchase price was approximately $6.6 million. On the acquisition date, the remaining term of the lease was 13 years, with lease escalations during the six five-year option periods. |
Discontinued_Operations
| Discontinued Operations | 9 Months Ended | ||||||||||||||||
| Sep. 30, 2013 | |||||||||||||||||
| Discontinued Operations And Disposal Groups [Abstract] | ' | ||||||||||||||||
| Discontinued Operations | ' | ||||||||||||||||
| NOTE 3. DISCONTINUED OPERATIONS | |||||||||||||||||
| As described in Note 18 “Subsequent Events,” on October 14, 2013, the Company executed a purchase and sale agreement to sell its interest in the 15,120 square-foot building located in Orlando, Florida, which is leased to Walgreens. Accordingly, the property was presented as assets held for sale on the consolidated balance sheet at September 30, 2013 and the property’s operating results were included in discontinued operations for each of the three and nine month periods ending September 30, 2013 and 2012, respectively. | |||||||||||||||||
| On May 31, 2013, the Company sold its interest in the 13,905 square-foot building, located in Kissimmee, Florida, which was leased to Walgreens, for $3,400,000. Upon the sale in May 2013, the property’s operating results were included in discontinued operations for each of the three and nine month periods ended September 30, 2013 and 2012. The proceeds from the sale of this property were used to complete a Section 1031 exchange for an income property the Company acquired in January 2013 located in Phoenix, Arizona, and leased to an affiliate of Big Lots. The Company recognized a gain of approximately $503,000 on this sale and as outlined below, this gain is included in the reported income from discontinued operations. | |||||||||||||||||
| On February 21, 2013, the Company sold its interest in the 13,824 square-foot building, located in Clermont, Florida, which was leased to CVS, for $4,050,000 generating a gain of approximately $54,000. Upon the sale in February 2013, the property’s operating results were included in discontinued operations for each of the three and nine month periods ended September 30, 2013 and 2012. | |||||||||||||||||
| On February 14, 2013, the Company sold its interest in the 4,128 square-foot building, located in Alpharetta, Georgia, which was leased to PNC Bank, for $3,550,000. The property was presented as assets held for sale on the consolidated balance sheet for the year ended December 31, 2012. As a result, the value was written down to reflect the contractual sales price resulting in a loss of approximately $427,000 for the year ended December 31, 2012. The property’s operating results were included in discontinued operations for each of the three and nine month periods ended September 30, 2013 and 2012. | |||||||||||||||||
| On May 31, 2012, the Company sold its interest in the 25,454 square-foot building, located in Asheville, North Carolina, which was leased to Northern Tool and Equipment, for $3,925,000. Upon the sale in May 2012, the property’s operating results were included in discontinued operations for each of the three and nine month periods ended September 30, 2012. | |||||||||||||||||
| On May 31, 2012, the Company sold its interest in the 15,120 square-foot building, located in Powder Springs, Georgia, which was leased to Walgreens, for $4,090,323. Upon the sale in May 2012, the property’s operating results were included in discontinued operations for each of the three and nine month periods ended September 30, 2012. | |||||||||||||||||
| A gain of $78,455 was recognized on the sale of the properties in Asheville and Powder Springs during the nine months ended September 30, 2012. | |||||||||||||||||
| Following is a summary of income from discontinued operations: | |||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||
| September 30, | September 30, | September 30, | September 30, | ||||||||||||||
| 2013 | 2012 | 2013 | 2012 | ||||||||||||||
| Leasing Revenue and Other Income | $ | 74,412 | $ | 283,447 | $ | 409,973 | $ | 1,018,447 | |||||||||
| Costs and Other Expenses | (11,465 | ) | (46,771 | ) | (64,830 | ) | (140,313 | ) | |||||||||
| Income from Operations | 62,947 | 236,676 | 345,143 | 878,134 | |||||||||||||
| Gain on Sale of Property | — | — | 530,849 | 78,455 | |||||||||||||
| Income before Income Tax Expense | 62,947 | 236,676 | 875,992 | 956,589 | |||||||||||||
| Income Tax Expense | (24,282 | ) | (91,298 | ) | (337,913 | ) | (369,005 | ) | |||||||||
| Income from Discontinued Operations | $ | 38,665 | $ | 145,378 | $ | 538,079 | $ | 587,584 | |||||||||
Commercial_Mortgage_Loan
| Commercial Mortgage Loan | 9 Months Ended | ||||||||||||||||||||||
| Sep. 30, 2013 | |||||||||||||||||||||||
| Receivables [Abstract] | ' | ||||||||||||||||||||||
| Commercial Mortgage Loan | ' | ||||||||||||||||||||||
| NOTE 4. COMMERCIAL MORTGAGE LOAN | |||||||||||||||||||||||
| On August 7, 2013, the Company acquired a $19.56 million loan secured by a hotel in Atlanta, Georgia, for approximately $17.65 million, a discount of approximately $2.05 million. The discount is being accreted into income ratably through the contractual maturity date in March 2014, which is included in Interest Income from Commercial Mortgage Loan in the consolidated financial statements. | |||||||||||||||||||||||
| The Company’s commercial mortgage loan portfolio comprised the following at September 30, 2013: | |||||||||||||||||||||||
| Description | Date of | Maturity Date | Original Face | Current Face | Carrying | Coupon | Property | ||||||||||||||||
| Investment | Amount | Amount | Value | Size | |||||||||||||||||||
| Hotel – Atlanta, GA | August 2013 | March 2014 | $ | 19,560,000 | $ | 19,465,000 | $ | 18,006,024 | 30-day LIBOR plus 4.50% | 110 rooms | |||||||||||||
| Total | $ | 19,560,000 | $ | 19,465,000 | $ | 18,006,024 | |||||||||||||||||
| The carrying value of the commercial mortgage loan as of September 30, 2013 consisted of the following: | |||||||||||||||||||||||
| Total | |||||||||||||||||||||||
| Current Face Amount | $ | 19,465,000 | |||||||||||||||||||||
| Unamortized Fees | 67,558 | ||||||||||||||||||||||
| Unaccreted Purchase Discount | (1,526,534 | ) | |||||||||||||||||||||
| $ | 18,006,024 | ||||||||||||||||||||||
Common_Stock_and_Earnings_Per_
| Common Stock and Earnings Per Share | 9 Months Ended | ||||||||||||||||
| Sep. 30, 2013 | |||||||||||||||||
| Earnings Per Share [Abstract] | ' | ||||||||||||||||
| Common Stock and Earnings Per Share | ' | ||||||||||||||||
| NOTE 5. COMMON STOCK AND EARNINGS PER SHARE | |||||||||||||||||
| Basic earnings per common share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per common share is based on the assumption of the conversion of stock options at the beginning of each period using the treasury stock method at average cost for the periods. | |||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||
| September 30, | September 30, | September 30, | September 30, | ||||||||||||||
| 2013 | 2012 | 2013 | 2012 | ||||||||||||||
| Income Available to Common Shareholders: | |||||||||||||||||
| Income (Loss) from Continuing Operations | $ | 1,203,639 | $ | (701,984 | ) | $ | 1,293,040 | $ | (50,203 | ) | |||||||
| Discontinued Operations | 38,665 | 145,378 | 538,079 | 587,584 | |||||||||||||
| Net Income (Loss) | $ | 1,242,304 | $ | (566,606 | ) | $ | 1,831,119 | $ | 537,381 | ||||||||
| Weighted Average Shares Outstanding | 5,750,158 | 5,710,808 | 5,735,585 | 5,720,303 | |||||||||||||
| Common Shares Applicable to Stock | |||||||||||||||||
| Options Using the Treasury Stock Method | 5,657 | — | 3,598 | — | |||||||||||||
| Total Shares Applicable to Diluted Earnings Per Share | 5,755,815 | 5,710,808 | 5,739,183 | 5,720,303 | |||||||||||||
| Basic and Diluted Per Share Information: | |||||||||||||||||
| Income (Loss) from Continuing Operations | $ | 0.21 | $ | (0.13 | ) | $ | 0.23 | $ | (0.01 | ) | |||||||
| Discontinued Operations | 0.01 | 0.03 | 0.09 | 0.1 | |||||||||||||
| Net Income (Loss) | $ | 0.22 | $ | (0.10 | ) | $ | 0.32 | $ | 0.09 | ||||||||
| The effect of 38,800 and 58,800 potentially dilutive securities were not included for the three and nine months ended September 30, 2013, respectively, as the effect would be antidilutive. The effect of 179,600 and 217,700 potentially dilutive securities were not included for the three and nine months ended September 30, 2012, respectively, as the effect would be antidilutive. | |||||||||||||||||
Pension_Plan
| Pension Plan | 9 Months Ended |
| Sep. 30, 2013 | |
| Compensation And Retirement Disclosure [Abstract] | ' |
| Pension Plan | ' |
| NOTE 6. PENSION PLAN | |
| The Company maintains a Defined Benefit Pension Plan (the “Pension Plan”) for all employees who have attained the age of 21 and completed one year of service. The pension benefits are based primarily on years of service and the average compensation for the five highest consecutive years during the final ten years of employment. The benefit formula generally provides for a life annuity benefit. Effective December 31, 2011, the Company amended its Pension Plan to freeze participants’ benefits with no future accruals after that date. Any current or future employee who was not a participant of the Pension Plan on December 31, 2011 will not be eligible to enter the Pension Plan. Although the Pension Plan will remain active with no new entrants and no future accruals, the Company’s contribution level is expected to decline over time. In January 2013, the Company made a cash contribution to the Pension Plan of $84,600 related to the 2012 Pension Plan year. The Company did not make any contributions related to the 2013 Pension Plan year during the nine months ended September 30, 2013. | |
| On October 23, 2013 the Company’s Board of Directors approved the commencement of the steps necessary to terminate the Pension Plan, pursuant to the Plan, and for the Company to make the required level of contribution whereby the Pension Plan would have sufficient funds to pay all benefits owed participants and beneficiaries through either the purchase of an annuity from an insurance company or, pay the benefit owed in a one-time lump sum payment. No termination date has been set but the Company expects to make a $1.0 million contribution prior to December 31, 2013 as part of the termination process. There can be no assurance that the Company will complete the termination of the Pension Plan or if completed, the timing within which the termination will occur. |
LongTerm_Debt
| Long-Term Debt | 9 Months Ended | ||||||||
| Sep. 30, 2013 | |||||||||
| Debt Disclosure [Abstract] | ' | ||||||||
| Long-Term Debt | ' | ||||||||
| NOTE 7. LONG-TERM DEBT | |||||||||
| On February 27, 2012, the Company entered into a Credit Agreement (the “Agreement”) with Bank of Montreal (“BMO”) as Administrative Agent, Letter of Credit Issuer, and Lender. The Agreement consisted of a $46.0 million revolving credit facility with a maturity date of February 27, 2015 (the “Credit Facility”). The indebtedness outstanding under the Agreement accrued interest, prior to the amendments of the Agreement, at a rate ranging from the 30-day London Interbank Offer Rate (“LIBOR”) plus 175 basis points to LIBOR plus 250 basis points based on the total balance outstanding under the Credit Facility as a percentage of total asset value of the Company. The Credit Facility is unsecured and is guaranteed by certain subsidiaries of the Company. | |||||||||
| The Credit Facility replaced the Company’s $25.0 million revolving credit facility with SunTrust Bank, which had a maturity date of September 27, 2014. Approximately $9.7 million of the initial disbursement under the Credit Facility was used to pay off the outstanding balance of the existing credit facility with SunTrust Bank and approximately $5.6 million was used to pay off a related term loan with SunTrust Bank, which had a maturity date of July 1, 2012. The indebtedness under the prior SunTrust revolving credit facility and term loan were secured by certain assets of the Company. The Company wrote off $245,726 of deferred loan costs in the first quarter of 2012 as a result of this early extinguishment of debt. | |||||||||
| The Agreement contains restrictive covenants customary for this type of transaction, including, but not limited to, limitations on the Company’s ability to: (a) incur indebtedness; (b) make certain investments; (c) incur certain liens; (d) engage in certain affiliate transactions; and (e) engage in certain major transactions such as mergers. In addition, the Company is subject to various financial maintenance covenants, including, but not limited to, a maximum indebtedness ratio, a maximum secured indebtedness ratio, and a minimum fixed charge coverage ratio. The Agreement also contains affirmative covenants and events of default, including, but not limited to, a cross default to the Company’s other indebtedness and 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 Agreement. | |||||||||
| In September 2012, the Company entered into the First Amendment to the Agreement (“Amendment”) and added a second participating lender to the Agreement. Pursuant to the Agreement’s accordion feature, this Amendment expanded the Credit Facility to $62.0 million. The Amendment also modified some of the restrictive covenants contained in the original Agreement. These changes to the restrictive covenants were not material in nature. On February 14, 2013, the Company added a third participant lender to the Agreement, and pursuant to the accordion feature, the Credit Facility was expanded to $66.0 million. | |||||||||
| On February 22, 2013, the Company closed on a $7.3 million loan 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 new mortgage loan matures in February 2018, carries a fixed rate of interest of 3.655% per annum, and requires payments of interest only prior to maturity. | |||||||||
| On March 8, 2013, the Company closed on a $23.1 million loan originated with Bank of America, N.A., secured by its interest in fourteen income properties. The new mortgage loan matures in April 2023, carries a fixed rate of 3.67% per annum, and requires payments of interest only prior to maturity. | |||||||||
| On March 29, 2013, the Company entered into the second amendment to the Agreement (“Second Amendment”). The Second Amendment, expands the accordion feature allowing the Company to increase the Credit Facility up to $125 million and reduces the interest rate by 25 basis points, so that it now ranges from LIBOR plus 150 basis points up to LIBOR plus 225 basis points, based on the total balance outstanding under the Credit Facility as a percentage of total asset value of the Company. The Second Amendment also extends the maturity date to March 31, 2016 from February 27, 2015, and reduces the limitations on the Company’s ability to make certain investments. | |||||||||
| Notes payable and the line of credit consisted of the following: | |||||||||
| September 30, 2013 | |||||||||
| Total | Due Within | ||||||||
| One Year | |||||||||
| $66 Million Credit Facility | $ | 36,327,032 | $ | — | |||||
| Note Payable (originated with UBS) | 7,300,000 | — | |||||||
| Note Payable (originated with BOA) | 23,100,000 | — | |||||||
| $ | 66,727,032 | $ | — | ||||||
| Payments applicable to reduction of principal amounts will be required as follows: | |||||||||
| Year Ending December 31, | Amount | ||||||||
| 2014 | $ | — | |||||||
| 2015 | — | ||||||||
| 2016 | 36,327,032 | ||||||||
| 2017 | — | ||||||||
| 2018 | 7,300,000 | ||||||||
| Thereafter | 23,100,000 | ||||||||
| $ | 66,727,032 | ||||||||
| At September 30, 2013, there was approximately $29.7 million of available borrowing capacity under the Credit Facility, which has a current commitment level of $66.0 million, subject to the borrowing base requirements. | |||||||||
| For the three months ended September 30, 2013, interest expense was $455,670 with $454,828 paid during the period. For the three months ended September 30, 2012, interest expense was $124,650 with $118,512 paid during the period. For the first nine months of 2013, interest expense was $1,168,109 with $1,117,583 paid during the period. For the first nine months of 2012, interest expense was $401,060 with $367,703 paid during the period. No interest was capitalized during the first nine months of 2013 or 2012. | |||||||||
| 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. These loan costs are being amortized over the term of the respective loan agreements using the straight-line method, which approximates the effective interest method. For the three months ended September 30, 2013 and 2012, the amortization of loan costs totaled $54,228 and $28,197, respectively. For the first nine months of 2013 and 2012, the amortization of loan costs totaled $147,917 and $74,389, respectively. Previously, loan cost amortization was included in depreciation and amortization in the consolidated financial statements. The consolidated financial statements have been reclassified for all periods presented to conform to the current presentation. | |||||||||
| The Company was in compliance with all of its debt covenants as of September 30, 2013 and December 31, 2012. | |||||||||
StockBased_Compensation
| Stock-Based Compensation | 9 Months Ended | ||||||||||||||||
| Sep. 30, 2013 | |||||||||||||||||
| Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
| Stock-Based Compensation | ' | ||||||||||||||||
| NOTE 8. STOCK-BASED COMPENSATION | |||||||||||||||||
| EQUITY-CLASSIFIED STOCK COMPENSATION | |||||||||||||||||
| Market Condition Restricted Shares | |||||||||||||||||
| Under the 2010 Equity Incentive Plan (the “2010 Plan”), the Company granted to certain employees non-vested restricted stock, which vests 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 market condition based awards. The determination of the fair value of market condition-based awards is affected by the Company’s stock price as well as assumptions regarding a number of other variables. These variables include expected stock price volatility over the requisite performance term of the awards, the relative performance of the Company’s stock price and shareholder returns to 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, 2013, is presented below: | |||||||||||||||||
| Market Condition Non-Vested Restricted Shares | Shares | Wtd. Avg. | |||||||||||||||
| Grant Date | |||||||||||||||||
| Fair Value | |||||||||||||||||
| Outstanding at December 31, 2012 | 7,900 | $ | 23.13 | ||||||||||||||
| Granted | — | — | |||||||||||||||
| Vested | — | — | |||||||||||||||
| Forfeited | (2,833 | ) | 23.13 | ||||||||||||||
| Outstanding at September 30, 2013 | 5,067 | $ | 23.13 | ||||||||||||||
| As of September 30, 2013, there was approximately $50,000 of unrecognized compensation cost, adjusted for forfeitures, related to market condition non-vested restricted shares, which will be recognized over a weighted average period of 2.1 years. | |||||||||||||||||
| Market Condition Inducement Grant of Restricted Shares | |||||||||||||||||
| Inducement grants of 96,000 and 17,000 restricted shares of the Company’s common stock were awarded to the Company’s President and Chief Executive Officer, Mr. John P. Albright and the Company’s Senior Vice President and Chief Financial Officer, Mr. Mark E. Patten on August 1, 2011 and April 16, 2012, respectively. Mr. Albright’s restricted shares were granted outside of the 2010 Plan while Mr. Patten’s restricted shares were awarded under the 2010 Plan. The Company filed a registration statement with the Securities and Exchange Commission on Form S-8 to register the resale of Mr. Albright’s restricted stock award. The restricted shares will vest in six increments based upon the price per share of the Company’s common stock during the term of their employment (or within sixty days after termination of employment by the Company without cause), meeting or exceeding the target trailing sixty-day average closing prices ranging from $36.00 per share for the first increment to $65.00 per share for the final increment. If any increment of the restricted shares fails to satisfy the applicable stock price condition prior to six years from the grant date, that increment of the restricted shares will be forfeited. | |||||||||||||||||
| During the nine months ended September 30, 2013, the closing price per share of the Company’s common stock on a sixty-day trading average reached $36.00, and as a result, 16,000 shares and 2,500 shares vested for Mr. Albright and Mr. Patten, respectively. | |||||||||||||||||
| A summary of the activity for both awards during the nine months ended September 30, 2013, is presented below: | |||||||||||||||||
| Shares | Wtd. Avg. | ||||||||||||||||
| Fair Value | |||||||||||||||||
| Outstanding at December 31, 2012 | 113,000 | $ | 18.4 | ||||||||||||||
| Granted | — | — | |||||||||||||||
| Vested | (18,500 | ) | 23.89 | ||||||||||||||
| Forfeited | — | — | |||||||||||||||
| Outstanding at September 30, 2013 | 94,500 | $ | 17.33 | ||||||||||||||
| As of September 30, 2013, there was approximately $263,000 of unrecognized compensation cost, adjusted for estimated forfeitures, related to market condition non-vested restricted shares, which will be recognized over a weighted average period of 0.8 years. | |||||||||||||||||
| Non-Qualified Stock Option Awards | |||||||||||||||||
| Pursuant to the Non-Qualified Stock Option Award Agreements between the Company and Mr. Albright and Mr. Patten, Mr. Albright and Mr. Patten were granted options to purchase 50,000 and 10,000 shares of Company common stock, respectively, under the 2010 Plan with an exercise price per share equal to the fair market value on their respective grant dates of August 1, 2011 and April 16, 2012. One-third of the options will vest on each of the first, second, and third anniversaries of their respective grant dates, provided they are an employee of the Company on those dates. In addition, any unvested portion of the options will vest upon a change in control. The options expire on the earliest of: (a) the tenth anniversary of the grant date; (b) twelve months after the employee’s death or termination for disability; or (c) thirty days after the termination of employment for any reason other than death or disability. | |||||||||||||||||
| On January 23, 2013, the Company granted options to purchase 51,000 shares of the Company’s common stock under the 2010 Plan to certain employees of the Company, including 10,000 shares to Mr. Patten, with an exercise price of $34.95 per share, which was equal to the fair market value at the date of grant. One-third of these options will vest on each of the first, second, and third anniversaries of the grant date, provided the recipient is an employee of the Company on those dates. Any unvested portion of the options will vest upon a change in control. The options expire on the earliest of: (a) the fifth anniversary of the grant date; (b) twelve months after the employee’s death or termination for disability; or (c) thirty days after the termination of employment for any reason other than death or disability. | |||||||||||||||||
| A summary of the activity for the awards during the nine months ended September 30, 2013, is presented below: | |||||||||||||||||
| Shares | Wtd. Avg. | Wtd. Avg. | Aggregate | ||||||||||||||
| Ex. Price | Remaining | Intrinsic | |||||||||||||||
| Contractual | Value | ||||||||||||||||
| Term | |||||||||||||||||
| (Years) | |||||||||||||||||
| Outstanding at December 31, 2012 | 60,000 | $ | 28.97 | ||||||||||||||
| Granted | 51,000 | 34.95 | |||||||||||||||
| Exercised | (16,500 | ) | 28.9 | ||||||||||||||
| Expired | — | — | |||||||||||||||
| Outstanding at September 30, 2013 | 94,500 | $ | 32.21 | 6.01 | $ | 593,305 | |||||||||||
| Exercisable at September 30, 2013 | 19,800 | $ | 28.97 | 7.95 | $ | 188,430 | |||||||||||
| The weighted-average grant-date fair value of options granted during the nine months ended September 30, 2013 was $6.58. The total intrinsic value of options exercised during the nine months ended September 30, 2013 was $166,850. As of September 30, 2013, there was approximately $419,000 of unrecognized compensation related to non-qualified, non-vested stock option awards, which will be recognized over a weighted average period of 1.7 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. | |||||||||||||||||
| A summary of share option activity under the 2001 Plan for the nine months ended September 30, 2013 is presented below: | |||||||||||||||||
| Stock Options | |||||||||||||||||
| Shares | Wtd. Avg. | Wtd. Avg. | Aggregate | ||||||||||||||
| Ex. Price | Remaining | Intrinsic | |||||||||||||||
| Contractual | Value | ||||||||||||||||
| Term | |||||||||||||||||
| (Years) | |||||||||||||||||
| Outstanding at December 31, 2012 | 80,800 | $ | 52.43 | ||||||||||||||
| Granted | — | — | |||||||||||||||
| Exercised | (9,200 | ) | 30.06 | ||||||||||||||
| Expired | (15,400 | ) | 63.58 | ||||||||||||||
| Outstanding at September 30, 2013 | 56,200 | $ | 53.03 | 3.65 | $ | 96,390 | |||||||||||
| Exercisable at September 30, 2013 | 56,200 | $ | 53.03 | 3.65 | $ | 96,390 | |||||||||||
| In connection with the grant of non-qualified stock options, a stock appreciation right for each share covered by the option was also granted. The stock appreciation right entitles the optionee to receive a supplemental payment, which may be paid in whole or in part in cash or in shares of common stock, equal to a portion of the spread between the exercise price and the fair market value of the underlying shares at the time of exercise. The total intrinsic value of options exercised during the nine months ended September 30, 2013 was $72,008. | |||||||||||||||||
| Stock Appreciation Rights | |||||||||||||||||
| Shares | Wtd. Avg. | Wtd. Avg. | Aggregate | ||||||||||||||
| Fair Value | Remaining | Intrinsic | |||||||||||||||
| Contractual | Value | ||||||||||||||||
| Term | |||||||||||||||||
| (Years) | |||||||||||||||||
| Outstanding at December 31, 2012 | 80,800 | $ | 1.12 | ||||||||||||||
| Granted | — | — | |||||||||||||||
| Exercised | (9,200 | ) | 5.04 | ||||||||||||||
| Expired | (15,400 | ) | 0.76 | ||||||||||||||
| Outstanding at September 30, 2013 | 56,200 | $ | 2.16 | 3.65 | $ | 51,902 | |||||||||||
| Exercisable at September 30, 2013 | 56,200 | $ | 2.16 | 3.65 | $ | 51,902 | |||||||||||
| The total intrinsic value of stock appreciation rights exercised during the nine months ended September 30, 2013 was $38,774. | |||||||||||||||||
| The fair value of each share option and stock appreciation right is estimated on the measurement date using the Black-Scholes option pricing model based on assumptions noted in the following table. Expected volatility is based on the historical volatility of the Company and other factors. The Company has elected to use the simplified method of estimating the expected term of the options and stock appreciation rights. Due to the small number of employees included in the 2001 Plan, the Company uses the specific identification method to estimate forfeitures and includes all participants in one group. The risk-free rate for periods within the contractual term of the share option is based on the U.S. Treasury rates in effect at the time of measurement. The Company issues new, previously unissued, shares as options are exercised. | |||||||||||||||||
| Following are assumptions used in determining the fair value of stock options and stock appreciation rights: | |||||||||||||||||
| Assumptions at: | September 30, | December 31, | |||||||||||||||
| 2013 | 2012 | ||||||||||||||||
| Expected Volatility | 24.08 | % | 24.34 | % | |||||||||||||
| Expected Dividends | 0.1 | % | 0.13 | % | |||||||||||||
| Expected Term | 3 years | 3 years | |||||||||||||||
| Risk-Free Rate | 0.93 | % | 0.39 | % | |||||||||||||
| There were no stock options or stock appreciation rights granted under the 2001 Plan in the nine months ended September 30, 2013 or in the year ended December 31, 2012. | |||||||||||||||||
| The liability for stock options and stock appreciation rights, valued at fair value, reflected on the consolidated balance sheets at September 30, 2013 and December 31, 2012, was $346,418 and $265,311, respectively. These fair value measurements are based on quoted prices in active markets (Level 1 Inputs). | |||||||||||||||||
| Amounts recognized in the consolidated financial statements for stock options, stock appreciation rights, and restricted stock are as follows: | |||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||
| September 30, | September 30, | September 30, | September 30, | ||||||||||||||
| 2013 | 2012 | 2013 | 2012 | ||||||||||||||
| Total Cost of Share-Based Plans Charged | |||||||||||||||||
| Against Income Before Tax Effect | $ | 251,210 | $ | 446,679 | $ | 852,536 | $ | 870,304 | |||||||||
| Income Tax Expense | |||||||||||||||||
| Recognized in Income | $ | (96,904 | ) | $ | (172,306 | ) | $ | (328,866 | ) | $ | (335,720 | ) | |||||
Accrued_Liabilities
| Accrued Liabilities | 9 Months Ended | ||||||||
| Sep. 30, 2013 | |||||||||
| Payables And Accruals [Abstract] | ' | ||||||||
| Accrued Liabilities | ' | ||||||||
| NOTE 9. ACCRUED LIABILITIES | |||||||||
| Accrued liabilities consisted of the following: | |||||||||
| As of | |||||||||
| September 30, | December 31, | ||||||||
| 2013 | 2012 | ||||||||
| Golf Course Lease | $ | 3,431,617 | $ | 3,702,194 | |||||
| Deferred Compensation | 379,668 | 828,998 | |||||||
| Accrued Property Taxes | 682,556 | — | |||||||
| Other Post-Retirement Benefits | 165,409 | 186,695 | |||||||
| Legal Reserves | — | 723,058 | |||||||
| Reserve for Tenant Improvement | 58,977 | — | |||||||
| Other | 781,686 | 680,447 | |||||||
| $ | 5,499,913 | $ | 6,121,392 | ||||||
| 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 Amendment, the base rent payment, which was scheduled to increase from $250,000 to $500,000 as of September 1, 2012, would remain at $250,000 for the remainder of the lease term and any extensions 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 certain improvements to the facilities. In addition, pursuant to the Lease Amendment, beginning September 1, 2012, and continuing throughout the initial lease term and any extension option, the Company will pay additional rent to the City equal to 5.0% of gross revenues exceeding $5,500,000 and 7.0% of gross revenues exceeding $6,500,000. Since the inception of the lease, the Company has recognized the rent expense on a straight-line basis resulting in an estimated accrual for deferred rent. Upon the effective date of the Lease Amendment, the Company’s straight-line rent was revised to reflect the lower rent levels through expiration of the lease. As a result, approximately $3.0 million of the rent previously deferred will not be due to the City, and will be recognized into income over the remaining lease term, which expires in 2022. As of September 30, 2013, approximately $2.5 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 of the two properties leased to Hilton Resorts Corporation on January 31, 2013, the Company was credited $773,000 at closing for certain required tenant improvements. The improvements were complete as of September 30, 2013, and during the nine months ended September 30, 2013, the accrued liability has been relieved in the amount of approximately $714,000 in payment for completion of the improvements. The remaining balance of approximately $59,000 is to be paid when the final funding request is received from the tenant. | |||||||||
| On July 24, 2013, the Company’s Board of Directors terminated the Deferred Compensation Plan effective August 1, 2013. Accordingly, the Company will make the normal required distributions prior to March 1, 2014 with the balance of the accounts liquidated after August 1, 2014. The final payments are expected to be made prior to December 31, 2014. | |||||||||
Deferred_Revenue
| Deferred Revenue | 9 Months Ended | ||||||||
| Sep. 30, 2013 | |||||||||
| Revenue Recognition [Abstract] | ' | ||||||||
| Deferred Revenue | ' | ||||||||
| NOTE 10. DEFERRED REVENUE | |||||||||
| Deferred revenue consisted of the following: | |||||||||
| As of | |||||||||
| September 30, | December 31, | ||||||||
| 2013 | 2012 | ||||||||
| Deferred Oil Exploration Lease Revenue | $ | 3,220,825 | $ | 665,499 | |||||
| Prepaid Rent | 725,083 | — | |||||||
| Other Deferred Revenue | 253,675 | 185,452 | |||||||
| $ | 4,199,583 | $ | 850,951 | ||||||
| On September 22, 2013, the Company received a $3.293 million rent payment for the third year of the Company’s eight-year oil exploration lease. The payment is being recognized ratably over the 12 month lease period ending in September 2014. | |||||||||
Fair_Value_of_Financial_Instru
| Fair Value of Financial Instruments | 9 Months Ended | ||||||||||||||||
| Sep. 30, 2013 | |||||||||||||||||
| Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
| Fair Value of Financial Instruments | ' | ||||||||||||||||
| NOTE 11. FAIR VALUE OF FINANCIAL INSTRUMENTS | |||||||||||||||||
| The following table presents the carrying value and estimated fair value of the Company’s financial instruments not carried at fair value on the consolidated balance sheets at September 30, 2013 and December 31, 2012: | |||||||||||||||||
| September 30, 2013 | December 31, 2012 | ||||||||||||||||
| Carrying | Estimated | Carrying | Estimated | ||||||||||||||
| Value | Fair Value | Value | Fair Value | ||||||||||||||
| Cash and Cash Equivalents | $ | 743,424 | $ | 743,424 | $ | 1,301,739 | $ | 1,301,739 | |||||||||
| Restricted Cash | 322,562 | 322,562 | — | — | |||||||||||||
| Commercial Mortgage Loan | 18,006,024 | 19,072,063 | — | — | |||||||||||||
| Long-Term Debt | 66,727,032 | 66,727,032 | 29,126,849 | 29,126,849 | |||||||||||||
| 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. | |||||||||||||||||
Income_Taxes
| Income Taxes | 9 Months Ended |
| Sep. 30, 2013 | |
| Income Tax Disclosure [Abstract] | ' |
| Income Taxes | ' |
| NOTE 12. INCOME TAXES | |
| The effective income tax rate for the nine month periods ended September 30, 2013 and 2012, including income taxes attributable to the discontinued operations, was 38.26% and 38.21%, respectively. The provision for income taxes reflects the Company’s estimate of the effective rate expected to be applicable for the full fiscal year, adjusted for any discrete events, which are reported in the period that they occur. The Company and its subsidiaries file consolidated income tax returns in the United States Federal jurisdiction and in several states. The Internal Revenue Service has audited the Company’s consolidated federal tax returns through the year 2006 and all proposed adjustments have been settled. |
Commitments_and_Contingencies
| Commitments and Contingencies | 9 Months Ended |
| Sep. 30, 2013 | |
| Commitments And Contingencies Disclosure [Abstract] | ' |
| Commitments and Contingencies | ' |
| NOTE 13. COMMITMENTS AND CONTINGENCIES | |
| From time to time, the Company may be a party to certain legal proceedings, incidental to the normal course of its business. While the outcome of the legal proceedings cannot be predicted with certainty, the Company does not expect that these proceedings will have a material effect upon our financial condition or results of operations. | |
| In September 2010, St. Johns River Water Management District (“SJRWMD”) served the Company with an administrative complaint filed with the Florida Division of Administrative Hearings in connection with certain Company agricultural operations. In August 2012 the Company submitted a proposed settlement offer to SJRWMD, offering certain undeveloped acreage owned by the Company. The Company accrued a reserve equal to $611,691 in the quarter ended September 30, 2012, reflecting the Company’s carrying value of the acreage offered to settle the matter. In December 2012, the Company and SJRWMD executed a settlement agreement (“SJRWMD Agreement”) in which the Company agreed to submit an after-the-fact permit application and increased the undeveloped acreage offered for mitigation in connection with the permit. The Company adjusted the reserve to a total of $723,058 to reflect the increased acreage offered in the SJRWMD Agreement. The SJRWMD Agreement was contingent upon the Company and SJRWMD reaching agreement on a management fee and issuance of the permit. The Company submitted its permit application on January 28, 2013. In March 2013 the Company conveyed the acreage contemplated by the SJRWMD Agreement, SJRWMD issued the after-the-fact permit, and the litigation was settled. | |
| On November 21, 2011, the Company, Indigo Mallard Creek LLC and Indigo Development LLC, as owners of the property leased to Harris Teeter, Inc. (“Harris Teeter”) in Charlotte, North Carolina, were served with pleadings filed in the General Court of Justice, Superior Court Division for Mecklenburg County, North Carolina, for a highway condemnation action involving the property. The proposed road modifications would impact access to the Company’s property that is leased to Harris Teeter. The Company does not believe the road modifications provide a basis for Harris Teeter to terminate the Lease. In May 2012, the North Carolina Department of Transportation (“NCDOT”) indicated that while it had not reached a final decision on its consideration of this matter, the intersection would remain all-access. In January 30, 2013, NCDOT proposed to redesign the road modifications to keep the all access intersection open for ingress with no change to the planned limitation on egress to the right-in/right-out only. Additionally, NCDOT and the City of Charlotte (“Charlotte”) proposed to build and maintain a new access road/point into the property. These proposals are tentative and any proposed action by NCDOT and Charlotte would require NCDOT and Charlotte to obtain additional public funding. In light of the proposed redesign, the trial, initially scheduled for September 2013, has been continued until April 2014, with mediation to occur prior. | |
| In May 2010, the Company filed a lawsuit in the Circuit Court, Seventh Judicial Circuit, in and for Volusia County, Florida, in order to enforce its approximate $3.8 million claim of lien on real property owned by FM Bayberry Cove Holding, LLC (“FM Bayberry”) for its share of the costs for construction of a road. BB&T was included as a defendant as the current mortgage holder of the property subject to the Company’s lien. BB&T filed a counterclaim asserting that its mortgage is superior to the Company’s claim of lien which the Company denied. BB&T and the Company each filed motions for summary judgment as to the priority of their respective interests in the property which were heard by the court on January 12, 2012. The Circuit Court determined that the Company’s interests were superior to the lien imposed by BB&T and all other interests and a final judgment of foreclosure was subsequently entered. However, all further proceedings in the Circuit Court (including the foreclosure sale) were stayed pending BB&T’s appeal to the Florida District Court of Appeal, Fifth District (the “Appellate Court”), regarding the Circuit Court’s determination in the matter of priority. On October 29, 2013, the Appellate Court ruled in favor of the Company, affirming the Circuit Court’s determination that the Company’s lien against the approximately 600-acre parcel of residential land (lying west of I-95 near the LPGA International development and adjacent to Bayberry Colony) is superior to the lien imposed by BB&T. The judgment has accrued to over $4.6 million, including interest. The Company has not included an accrual related to interest in the consolidated financial statements. At this time, the Appellate Court’s decision is subject to possible motion for rehearing by BB&T. |
Treasury_Stock
| Treasury Stock | 9 Months Ended |
| Sep. 30, 2013 | |
| Equity [Abstract] | ' |
| Treasury Stock | ' |
| NOTE 14. TREASURY STOCK | |
| On April 26, 2012, the Company announced a voluntary Odd-Lot Buy-Back Program (the “Program”), whereby the Company offered to purchase shares from shareholders who owned less than 100 shares of the Company’s common stock as of April 26, 2012, for $31.00 per share. The Program reflected the Company’s interest in reducing the ongoing costs associated with shareholder recordkeeping and communications and to assist shareholders who may be deterred from selling their small lots of stock due to the costs that would be incurred. The Company paid all costs associated with the Program and purchased 14,634 shares under the Program at a total cost of $453,654. The Program expired June 30, 2012. The Company did not provide any recommendation regarding shareholder participation and the decision was entirely that of each shareholder as to whether to sell shares in this Program. |
Business_Segment_Data
| Business Segment Data | 9 Months Ended | ||||||||||||||||
| Sep. 30, 2013 | |||||||||||||||||
| Segment Reporting [Abstract] | ' | ||||||||||||||||
| Business Segment Data | ' | ||||||||||||||||
| NOTE 15. BUSINESS SEGMENT DATA | |||||||||||||||||
| The Company primarily operates in four business segments: income properties, investment in a commercial mortgage loan, 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 69.1% and 70.8% of our identifiable assets as of September 30, 2013 and December 31, 2012, respectively, and 59.4% and 51.5% of our consolidated revenues for the nine months ended September 30, 2013 and 2012, respectively. Our commercial mortgage loan investment consisted of one loan collateralized by a hotel property in Atlanta, Georgia as of September 30, 2013. Our real estate operations primarily consist of revenues generated from land transactions and leasing and royalty income from our interests in subsurface oil, gas and mineral rights. Our golf operations consist of a single property located in the City, with two 18-hole championship golf courses, a practice facility, and clubhouse facilities, including a restaurant and bar operation and pro-shop with retail merchandise. The majority of the revenues generated by 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, 2013 and 2012 is as follows: | |||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||
| September 30, | September 30, | September 30, | September 30, | ||||||||||||||
| 2013 | 2012 | 2013 | 2012 | ||||||||||||||
| Revenues: | |||||||||||||||||
| Income Properties | $ | 3,356,937 | $ | 2,177,895 | $ | 9,621,147 | $ | 6,390,847 | |||||||||
| Commercial Mortgage Loan | 644,198 | — | 644,198 | — | |||||||||||||
| Real Estate Operations | 1,369,397 | 421,983 | 2,010,722 | 2,417,367 | |||||||||||||
| Golf Operations | 981,118 | 861,326 | 3,758,629 | 3,443,984 | |||||||||||||
| Agriculture and Other Income | 20,845 | 95,971 | 149,028 | 146,629 | |||||||||||||
| $ | 6,372,495 | $ | 3,557,175 | $ | 16,183,724 | $ | 12,398,827 | ||||||||||
| Operating Income (Loss): | |||||||||||||||||
| Income Properties | $ | 2,929,596 | $ | 1,978,185 | $ | 8,582,225 | $ | 5,871,943 | |||||||||
| Commercial Mortgage Loan | 644,198 | — | 644,198 | — | |||||||||||||
| Real Estate Operations | 1,194,986 | 278,845 | 1,530,570 | 1,885,454 | |||||||||||||
| Golf Operations | (340,219 | ) | (453,102 | ) | (395,709 | ) | (766,977 | ) | |||||||||
| Agriculture and Other Income | (12,976 | ) | 67,441 | 28,753 | (19,791 | ) | |||||||||||
| General and Corporate Expense | (1,946,130 | ) | (2,854,203 | ) | (6,984,624 | ) | (6,337,133 | ) | |||||||||
| $ | 2,469,455 | $ | (982,834 | ) | $ | 3,405,413 | $ | 633,496 | |||||||||
| Depreciation and Amortization: | |||||||||||||||||
| Income Properties | $ | 680,868 | $ | 440,939 | $ | 1,973,002 | $ | 1,296,296 | |||||||||
| Commercial Mortgage Loan | — | — | — | — | |||||||||||||
| Real Estate Operations | — | — | — | — | |||||||||||||
| Golf Operations | 51,600 | 42,940 | 151,593 | 130,147 | |||||||||||||
| Agriculture and Other | 6,069 | 25,363 | 21,920 | 82,358 | |||||||||||||
| $ | 738,537 | $ | 509,242 | $ | 2,146,515 | $ | 1,508,801 | ||||||||||
| Capital Expenditures: | |||||||||||||||||
| Income Properties | $ | 11,706,215 | $ | 1,718,374 | $ | 39,516,889 | $ | 8,608,494 | |||||||||
| Commercial Mortgage Loan | 17,655,367 | — | 17,655,367 | — | |||||||||||||
| Real Estate Operations | — | — | — | — | |||||||||||||
| Golf Operations | 47,747 | — | 133,567 | — | |||||||||||||
| Agriculture and Other | 15,400 | 15,344 | 60,861 | 52,850 | |||||||||||||
| $ | 29,424,729 | $ | 1,733,718 | $ | 57,366,684 | $ | 8,661,344 | ||||||||||
| As of | |||||||||||||||||
| September 30, | December 31, | ||||||||||||||||
| 2013 | 2012 | ||||||||||||||||
| Identifiable Assets: | |||||||||||||||||
| Income Properties | $ | 158,068,190 | $ | 130,726,326 | |||||||||||||
| Commercial Mortgage Loan | 18,046,598 | — | |||||||||||||||
| Real Estate | 32,684,740 | 34,161,944 | |||||||||||||||
| Golf | 3,159,984 | 3,230,225 | |||||||||||||||
| Agriculture and Other | 16,764,891 | 16,578,405 | |||||||||||||||
| $ | 228,724,403 | $ | 184,696,900 | ||||||||||||||
| Operating income represents income from continuing operations before loss on early extinguishment of debt, interest expense, interest income, and income taxes. General and corporate expenses are an aggregate of general and administrative expenses, impairment charges, depreciation and amortization expense, and gains (losses) on the disposition of assets. Identifiable assets by segment are those assets that are used in the Company’s operations in each segment. Other assets consist primarily of cash, property, plant, and equipment related to the other operations, as well as the general and corporate operations. There were no transactions between segments for any of the periods presented. Certain items in the prior years’ consolidated statement of operations have been reclassified to conform to the presentation of the consolidated statements of operations for the nine months ended September 30, 2013 and year ended December 31, 2012. Specifically, the depreciation and amortization expense and interest expense have been segregated into separate line times, whereas previously, these amounts were included in direct cost of revenues and general and administrative expenses, respectively. These reclassifications had no effect on the prior year presentation of income from continuing operations before income tax. | |||||||||||||||||
Recently_Issued_Accounting_Pol
| Recently Issued Accounting Policies | 9 Months Ended |
| Sep. 30, 2013 | |
| Accounting Changes And Error Corrections [Abstract] | ' |
| Recently Issued Accounting Policies | ' |
| NOTE 16. RECENTLY ISSUED ACCOUNTING POLICIES | |
| On January 1, 2013, the Company adopted FASB changes related to offsetting assets and liabilities. The changes require additional disclosure information regarding offsetting assets and liabilities to enable users of financial statements to understand the effect on financial position. The adoption of these changes did not have a material impact on the Company’s consolidated financial statements. | |
| On January 1, 2013, the Company adopted FASB ASU 2013-2, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. This guidance requires an organization to present the effects on the line items of net income of significant amounts reclassified out of accumulated other comprehensive income, but only if the item reclassified is required under U.S. generally accepted accounting principles to be reclassified to net income in its entirety in the same reporting period. The adoption of these changes did not have a material impact on the Company’s consolidated financial statements. | |
| In July 2013, the FASB issued ASU 2013-11, which amends its guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The amendments in this update are effective for annual reporting periods beginning after December 15, 2013. The Company is currently evaluating the provisions to determine the potential impact, if any, the adoption will have on its consolidated financial statements. |
Land_Impairment
| Land Impairment | 9 Months Ended |
| Sep. 30, 2013 | |
| Goodwill And Intangible Assets Disclosure [Abstract] | ' |
| Land Impairment | ' |
| NOTE 17. LAND IMPAIRMENT | |
| During the three months ended June 30, 2013, the Company executed a contract for the sale of 3.21 acres of land. Although at that time there was no assurance the sale would be consummated, based on the sales price for the land under contract and in accordance with Section 360 “Property, Plant and Equipment” under subsection 10 “Recoverability of Carry Amounts” of the GAAP codification, the Company determined an assessment of the recoverability of the recorded asset value for this land and a related parcel of 3.02 acres, which had been reacquired by the Company through a foreclosure in 2009, was required. Accordingly, the Company completed an impairment analysis on the 6.23 acres, which resulted in an impairment charge of approximately $616,000, during the three months ended June 30, 2013. The charge represented the portion of the cost basis of the property that management considered to be un-recoverable based on the value of the land under contract and other relevant market prices. During the three months ended September 30, 2013, the contract was terminated, however, management considers the value, as adjusted, to approximate fair values. |
Subsequent_Events
| Subsequent Events | 9 Months Ended |
| Sep. 30, 2013 | |
| Subsequent Events [Abstract] | ' |
| Subsequent Events | ' |
| NOTE 18. SUBSEQUENT EVENTS | |
| On October 14, 2013, the Company executed a purchase and sale agreement to sell its interest in the 15,120 square-foot building, located in Orlando, Florida, which is leased to Walgreens. No loss is anticipated from the sale based on the agreed sales price. The property’s operating results were included in discontinued operations for each of the three and nine month periods ending September 30, 2013 and 2012, respectively. |
Description_of_Business_and_Pr1
| Description of Business and Principles of Interim Statements (Policies) | 9 Months Ended | ||||
| Sep. 30, 2013 | |||||
| Accounting Changes And Error Corrections [Abstract] | ' | ||||
| Description of Business | ' | ||||
| Description of Business | |||||
| The terms “us,” “we,” “our,” and “the Company” as used in this report refer to Consolidated-Tomoka Land Co. (“CTLC”) together with our consolidated subsidiaries. | |||||
| We are a diversified real estate operating company. We own and manage commercial real estate properties in nine states in the U.S., and two self-developed multi-tenant properties located in Florida. As of September 30, 2013, we owned 37 single-tenant income-producing properties, in nine states, with more than 759,000 square feet of gross leasable space. We also own and manage a land portfolio of over 10,000 acres in Florida, a majority of which is located within and forms a substantial portion of, the western boundary of the City of Daytona Beach (the “City”). Our land is well-located along both sides of Interstate 95 and near central Florida’s Interstate 4 corridor. We also have an investment in a commercial mortgage loan collateralized by a hotel property in Atlanta, Georgia. We have a golf course operation which consists of the LPGA International golf club, lease property for billboards, have agricultural operations that are managed by a third party and consist of leasing land for hay production, timber harvesting, and hunting leases, and own and manage subsurface interests. The results of our agricultural and subsurface leasing operations are included in Agriculture and Other Income and Real Estate Operations in our consolidated statements of operations, respectively. | |||||
| More than 50% of the Company’s income property portfolio, based on annual revenues, and all of our land, golf operations, agriculture operations, and subsurface interests, are located in the State of Florida. | |||||
| Interim Financial Information | ' | ||||
| Interim Financial Information | |||||
| The accompanying unaudited consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. These unaudited consolidated financial statements do not include all of the information and notes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete financial statements and should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2012, which provides a more complete understanding of the Company’s accounting policies, financial position, operating results, business properties, and other matters. The unaudited consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary to present fairly the financial position of the Company and the results of operations for the interim periods. | |||||
| The results of operations for the nine months ended September 30, 2013 are not necessarily indicative of results to be expected for the year ending December 31, 2013. | |||||
| Principles of Consolidation | ' | ||||
| Principles of Consolidation | |||||
| The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. Any real estate entities or properties included in the consolidated financial statements have been consolidated only for the periods that such entities or properties were owned or under control by us. All significant inter-company balances and transactions have been eliminated in the consolidated financial statements. | |||||
| Use of Estimates in Preparation of Financial Statements | ' | ||||
| Use of Estimates in Preparation of Financial Statements | |||||
| The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||
| Because of the fluctuating market conditions that currently exist in the Florida and national real estate markets, and the volatility and uncertainty in the financial and credit markets, it is possible that the estimates and assumptions, most notably those related to the Company’s investment in income properties and pension liability, could change materially during the time span associated with the continued volatility of the real estate and financial markets or as a result of a significant dislocation in those markets. | |||||
| Fair Value of Financial Instruments | ' | ||||
| Fair Value of Financial Instruments | |||||
| The largest carrying amounts of the Company’s financial assets and liabilities, including cash and cash equivalents, restricted cash, accounts receivable, and accounts payable at September 30, 2013 and December 31, 2012, approximate fair value because of the short maturity of these instruments. The carrying amount of the Company’s long-term debt and commercial mortgage loan approximates fair value at September 30, 2013 and December 31, 2012, since the notes are at floating rates or fixed rates, which approximate current market rates for notes with similar risks and maturities. | |||||
| Cash and Cash Equivalents | ' | ||||
| Cash and Cash Equivalents | |||||
| Cash and cash equivalents includes cash on hand and bank demand accounts having maturities at acquisition date of 90 days or less. | |||||
| Restricted Cash | ' | ||||
| Restricted Cash | |||||
| Restricted cash totaled approximately $323,000 at September 30, 2013 and consisted of cash being held in a reserve primarily for property taxes and insurance escrows in connection with our financing of two properties acquired in January 2013. | |||||
| Classification of Loans | ' | ||||
| Classification of Loans | |||||
| Loans held-for-investment are stated at the principal amount outstanding and include the unamortized deferred loan fees in accordance with GAAP. | |||||
| Loan Impairment | ' | ||||
| Loan Impairment | |||||
| The Company’s commercial mortgage loan is held for investment and collateralized by a hotel property in Atlanta, Georgia. The Company evaluates 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 measurement of 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. Significant exercise of 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 and other provisions including guarantees. The Company has determined that, as of September 30, 2013, no allowance for impairment was required. | |||||
| Interest Income Recognition | ' | ||||
| Interest Income Recognition | |||||
| Interest income on commercial mortgage loans includes interest payments made by the borrower and the accretion of purchase discounts, offset by the amortization of fees. Interest payments are accrued based on the actual coupon rate and the outstanding principal balance and purchase discounts are accreted into income using the effective yield method, adjusted for prepayments. | |||||
| Intangible Assets | ' | ||||
| Intangible Assets | |||||
| As of September 30, 2013, the in-place lease value totaled $6,616,419, net of accumulated amortization of $2,923,476. At December 31, 2012, the in-place lease value totaled $4,527,426, net of accumulated amortization of $3,443,102. Amortization expense for the three months ended September 30, 2013 and 2012 was approximately $168,000 and $103,000, respectively. Amortization expense for the nine months ended September 30, 2013 and 2012 was approximately $500,000 and $303,000, respectively. | |||||
| The estimated future amortization expense related to intangible assets is as follows: | |||||
| Year Ending December 31, | Amount | ||||
| Remainder of 2013 | $ | 172,620 | |||
| 2014 | 690,481 | ||||
| 2015 | 690,481 | ||||
| 2016 | 652,393 | ||||
| 2017 | 561,639 | ||||
| 2018 | 553,951 | ||||
| Thereafter | 3,294,854 | ||||
| $ | 6,616,419 | ||||
| Reclassifications | ' | ||||
| Reclassifications | |||||
| Certain items in the prior year’s consolidated statements of operations have been reclassified to conform to the presentation of statements of operations for the three and nine months ended September 30, 2013. Specifically, loan cost amortization was previously included in depreciation and amortization on the consolidated financial statements and is now included in interest expense. In addition, deferred revenue was previously included with accrued liabilities on the consolidated balance sheets and is now segregated as its own line item. These reclassifications had no effect on the current year and prior year presentation of income (loss) from continuing operations before taxes. | |||||
| Offsetting Financial Assets and Financial Liabilities | ' | ||||
| On January 1, 2013, the Company adopted FASB changes related to offsetting assets and liabilities. The changes require additional disclosure information regarding offsetting assets and liabilities to enable users of financial statements to understand the effect on financial position. The adoption of these changes did not have a material impact on the Company’s consolidated financial statements. | |||||
| Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income | ' | ||||
| On January 1, 2013, the Company adopted FASB ASU 2013-2, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. This guidance requires an organization to present the effects on the line items of net income of significant amounts reclassified out of accumulated other comprehensive income, but only if the item reclassified is required under U.S. generally accepted accounting principles to be reclassified to net income in its entirety in the same reporting period. The adoption of these changes did not have a material impact on the Company’s consolidated financial statements. | |||||
| Operating Loss Carry Forward and Tax Credit Carry Forward | ' | ||||
| In July 2013, the FASB issued ASU 2013-11, which amends its guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The amendments in this update are effective for annual reporting periods beginning after December 15, 2013. The Company is currently evaluating the provisions to determine the potential impact, if any, the adoption will have on its consolidated financial statements. | |||||
Description_of_Business_and_Pr2
| Description of Business and Principles of Interim Statements (Tables) | 9 Months Ended | ||||
| Sep. 30, 2013 | |||||
| Accounting Policies [Abstract] | ' | ||||
| Summary of Estimated Amortization Expense | ' | ||||
| The estimated future amortization expense related to intangible assets is as follows: | |||||
| Year Ending December 31, | Amount | ||||
| Remainder of 2013 | $ | 172,620 | |||
| 2014 | 690,481 | ||||
| 2015 | 690,481 | ||||
| 2016 | 652,393 | ||||
| 2017 | 561,639 | ||||
| 2018 | 553,951 | ||||
| Thereafter | 3,294,854 | ||||
| $ | 6,616,419 | ||||
Discontinued_Operations_Tables
| Discontinued Operations (Tables) | 9 Months Ended | ||||||||||||||||
| Sep. 30, 2013 | |||||||||||||||||
| Discontinued Operations And Disposal Groups [Abstract] | ' | ||||||||||||||||
| Summary of Income from Discontinued Operations | ' | ||||||||||||||||
| Following is a summary of income from discontinued operations: | |||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||
| September 30, | September 30, | September 30, | September 30, | ||||||||||||||
| 2013 | 2012 | 2013 | 2012 | ||||||||||||||
| Leasing Revenue and Other Income | $ | 74,412 | $ | 283,447 | $ | 409,973 | $ | 1,018,447 | |||||||||
| Costs and Other Expenses | (11,465 | ) | (46,771 | ) | (64,830 | ) | (140,313 | ) | |||||||||
| Income from Operations | 62,947 | 236,676 | 345,143 | 878,134 | |||||||||||||
| Gain on Sale of Property | — | — | 530,849 | 78,455 | |||||||||||||
| Income before Income Tax Expense | 62,947 | 236,676 | 875,992 | 956,589 | |||||||||||||
| Income Tax Expense | (24,282 | ) | (91,298 | ) | (337,913 | ) | (369,005 | ) | |||||||||
| Income from Discontinued Operations | $ | 38,665 | $ | 145,378 | $ | 538,079 | $ | 587,584 | |||||||||
Commercial_Mortgage_Loan_Table
| Commercial Mortgage Loan (Tables) | 9 Months Ended | ||||||||||||||||||||||
| Sep. 30, 2013 | |||||||||||||||||||||||
| Receivables [Abstract] | ' | ||||||||||||||||||||||
| Summary of Commercial Mortgage Loan Portfolio | ' | ||||||||||||||||||||||
| The Company’s commercial mortgage loan portfolio comprised the following at September 30, 2013: | |||||||||||||||||||||||
| Description | Date of | Maturity Date | Original Face | Current Face | Carrying | Coupon | Property | ||||||||||||||||
| Investment | Amount | Amount | Value | Size | |||||||||||||||||||
| Hotel – Atlanta, GA | August 2013 | March 2014 | $ | 19,560,000 | $ | 19,465,000 | $ | 18,006,024 | 30-day LIBOR plus 4.50% | 110 rooms | |||||||||||||
| Total | $ | 19,560,000 | $ | 19,465,000 | $ | 18,006,024 | |||||||||||||||||
| Carrying Value of the Commercial Mortgage Loan | ' | ||||||||||||||||||||||
| The carrying value of the commercial mortgage loan as of September 30, 2013 consisted of the following: | |||||||||||||||||||||||
| Total | |||||||||||||||||||||||
| Current Face Amount | $ | 19,465,000 | |||||||||||||||||||||
| Unamortized Fees | 67,558 | ||||||||||||||||||||||
| Unaccreted Purchase Discount | (1,526,534 | ) | |||||||||||||||||||||
| $ | 18,006,024 | ||||||||||||||||||||||
Common_Stock_and_Earnings_Per_1
| Common Stock and Earnings Per Share (Tables) | 9 Months Ended | ||||||||||||||||
| Sep. 30, 2013 | |||||||||||||||||
| Earnings Per Share [Abstract] | ' | ||||||||||||||||
| Summary of Common Stock and Earnings Per Share | ' | ||||||||||||||||
| Basic earnings per common share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per common share is based on the assumption of the conversion of stock options at the beginning of each period using the treasury stock method at average cost for the periods. | |||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||
| September 30, | September 30, | September 30, | September 30, | ||||||||||||||
| 2013 | 2012 | 2013 | 2012 | ||||||||||||||
| Income Available to Common Shareholders: | |||||||||||||||||
| Income (Loss) from Continuing Operations | $ | 1,203,639 | $ | (701,984 | ) | $ | 1,293,040 | $ | (50,203 | ) | |||||||
| Discontinued Operations | 38,665 | 145,378 | 538,079 | 587,584 | |||||||||||||
| Net Income (Loss) | $ | 1,242,304 | $ | (566,606 | ) | $ | 1,831,119 | $ | 537,381 | ||||||||
| Weighted Average Shares Outstanding | 5,750,158 | 5,710,808 | 5,735,585 | 5,720,303 | |||||||||||||
| Common Shares Applicable to Stock | |||||||||||||||||
| Options Using the Treasury Stock Method | 5,657 | — | 3,598 | — | |||||||||||||
| Total Shares Applicable to Diluted Earnings Per Share | 5,755,815 | 5,710,808 | 5,739,183 | 5,720,303 | |||||||||||||
| Basic and Diluted Per Share Information: | |||||||||||||||||
| Income (Loss) from Continuing Operations | $ | 0.21 | $ | (0.13 | ) | $ | 0.23 | $ | (0.01 | ) | |||||||
| Discontinued Operations | 0.01 | 0.03 | 0.09 | 0.1 | |||||||||||||
| Net Income (Loss) | $ | 0.22 | $ | (0.10 | ) | $ | 0.32 | $ | 0.09 | ||||||||
LongTerm_Debt_Tables
| Long-Term Debt (Tables) | 9 Months Ended | ||||||||
| Sep. 30, 2013 | |||||||||
| Debt Disclosure [Abstract] | ' | ||||||||
| Summary of Notes Payable and Line of Credit | ' | ||||||||
| Notes payable and the line of credit consisted of the following: | |||||||||
| September 30, 2013 | |||||||||
| Total | Due Within | ||||||||
| One Year | |||||||||
| $66 Million Credit Facility | $ | 36,327,032 | $ | — | |||||
| Note Payable (originated with UBS) | 7,300,000 | — | |||||||
| Note Payable (originated with BOA) | 23,100,000 | — | |||||||
| $ | 66,727,032 | $ | — | ||||||
| Summary of Payments Applicable to Reduction of Principal Amounts | ' | ||||||||
| Payments applicable to reduction of principal amounts will be required as follows: | |||||||||
| Year Ending December 31, | Amount | ||||||||
| 2014 | $ | — | |||||||
| 2015 | — | ||||||||
| 2016 | 36,327,032 | ||||||||
| 2017 | — | ||||||||
| 2018 | 7,300,000 | ||||||||
| Thereafter | 23,100,000 | ||||||||
| $ | 66,727,032 | ||||||||
StockBased_Compensation_Tables
| Stock-Based Compensation (Tables) | 9 Months Ended | ||||||||||||||||
| Sep. 30, 2013 | |||||||||||||||||
| Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
| Summary of Stock Based Compensation Activity | ' | ||||||||||||||||
| A summary of activity during the nine months ended September 30, 2013, is presented below: | |||||||||||||||||
| Market Condition Non-Vested Restricted Shares | Shares | Wtd. Avg. | |||||||||||||||
| Grant Date | |||||||||||||||||
| Fair Value | |||||||||||||||||
| Outstanding at December 31, 2012 | 7,900 | $ | 23.13 | ||||||||||||||
| Granted | — | — | |||||||||||||||
| Vested | — | — | |||||||||||||||
| Forfeited | (2,833 | ) | 23.13 | ||||||||||||||
| Outstanding at September 30, 2013 | 5,067 | $ | 23.13 | ||||||||||||||
| Summary of Market Condition Inducement Grant of Restricted Shares | ' | ||||||||||||||||
| A summary of the activity for both awards during the nine months ended September 30, 2013, is presented below: | |||||||||||||||||
| Shares | Wtd. Avg. | ||||||||||||||||
| Fair Value | |||||||||||||||||
| Outstanding at December 31, 2012 | 113,000 | $ | 18.4 | ||||||||||||||
| Granted | — | — | |||||||||||||||
| Vested | (18,500 | ) | 23.89 | ||||||||||||||
| Forfeited | — | — | |||||||||||||||
| Outstanding at September 30, 2013 | 94,500 | $ | 17.33 | ||||||||||||||
| Summary of Stock Based Compensation Activity for Non-Qualified Stock Option Award | ' | ||||||||||||||||
| A summary of the activity for the awards during the nine months ended September 30, 2013, is presented below: | |||||||||||||||||
| Shares | Wtd. Avg. | Wtd. Avg. | Aggregate | ||||||||||||||
| Ex. Price | Remaining | Intrinsic | |||||||||||||||
| Contractual | Value | ||||||||||||||||
| Term | |||||||||||||||||
| (Years) | |||||||||||||||||
| Outstanding at December 31, 2012 | 60,000 | $ | 28.97 | ||||||||||||||
| Granted | 51,000 | 34.95 | |||||||||||||||
| Exercised | (16,500 | ) | 28.9 | ||||||||||||||
| Expired | — | — | |||||||||||||||
| Outstanding at September 30, 2013 | 94,500 | $ | 32.21 | 6.01 | $ | 593,305 | |||||||||||
| Exercisable at September 30, 2013 | 19,800 | $ | 28.97 | 7.95 | $ | 188,430 | |||||||||||
| Summary of Share Option Activity of Stock Option and Stock Appreciation Rights Under 2001 Plan | ' | ||||||||||||||||
| A summary of share option activity under the 2001 Plan for the nine months ended September 30, 2013 is presented below: | |||||||||||||||||
| Stock Options | |||||||||||||||||
| Shares | Wtd. Avg. | Wtd. Avg. | Aggregate | ||||||||||||||
| Ex. Price | Remaining | Intrinsic | |||||||||||||||
| Contractual | Value | ||||||||||||||||
| Term | |||||||||||||||||
| (Years) | |||||||||||||||||
| Outstanding at December 31, 2012 | 80,800 | $ | 52.43 | ||||||||||||||
| Granted | — | — | |||||||||||||||
| Exercised | (9,200 | ) | 30.06 | ||||||||||||||
| Expired | (15,400 | ) | 63.58 | ||||||||||||||
| Outstanding at September 30, 2013 | 56,200 | $ | 53.03 | 3.65 | $ | 96,390 | |||||||||||
| Exercisable at September 30, 2013 | 56,200 | $ | 53.03 | 3.65 | $ | 96,390 | |||||||||||
| Stock Appreciation Rights | |||||||||||||||||
| Shares | Wtd. Avg. | Wtd. Avg. | Aggregate | ||||||||||||||
| Fair Value | Remaining | Intrinsic | |||||||||||||||
| Contractual | Value | ||||||||||||||||
| Term | |||||||||||||||||
| (Years) | |||||||||||||||||
| Outstanding at December 31, 2012 | 80,800 | $ | 1.12 | ||||||||||||||
| Granted | — | — | |||||||||||||||
| Exercised | (9,200 | ) | 5.04 | ||||||||||||||
| Expired | (15,400 | ) | 0.76 | ||||||||||||||
| Outstanding at September 30, 2013 | 56,200 | $ | 2.16 | 3.65 | $ | 51,902 | |||||||||||
| Exercisable at September 30, 2013 | 56,200 | $ | 2.16 | 3.65 | $ | 51,902 | |||||||||||
| 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, | December 31, | |||||||||||||||
| 2013 | 2012 | ||||||||||||||||
| Expected Volatility | 24.08 | % | 24.34 | % | |||||||||||||
| Expected Dividends | 0.1 | % | 0.13 | % | |||||||||||||
| Expected Term | 3 years | 3 years | |||||||||||||||
| Risk-Free Rate | 0.93 | % | 0.39 | % | |||||||||||||
| Recognized Financial Statements for Stock Options, Stock Appreciation Rights, and Restricted Stock | ' | ||||||||||||||||
| Amounts recognized in the consolidated financial statements for stock options, stock appreciation rights, and restricted stock are as follows: | |||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||
| September 30, | September 30, | September 30, | September 30, | ||||||||||||||
| 2013 | 2012 | 2013 | 2012 | ||||||||||||||
| Total Cost of Share-Based Plans Charged | |||||||||||||||||
| Against Income Before Tax Effect | $ | 251,210 | $ | 446,679 | $ | 852,536 | $ | 870,304 | |||||||||
| Income Tax Expense | |||||||||||||||||
| Recognized in Income | $ | (96,904 | ) | $ | (172,306 | ) | $ | (328,866 | ) | $ | (335,720 | ) | |||||
Accrued_Liabilities_Tables
| Accrued Liabilities (Tables) | 9 Months Ended | ||||||||
| Sep. 30, 2013 | |||||||||
| Payables And Accruals [Abstract] | ' | ||||||||
| Summary of Accrued Liabilities | ' | ||||||||
| Accrued liabilities consisted of the following: | |||||||||
| As of | |||||||||
| September 30, | December 31, | ||||||||
| 2013 | 2012 | ||||||||
| Golf Course Lease | $ | 3,431,617 | $ | 3,702,194 | |||||
| Deferred Compensation | 379,668 | 828,998 | |||||||
| Accrued Property Taxes | 682,556 | — | |||||||
| Other Post-Retirement Benefits | 165,409 | 186,695 | |||||||
| Legal Reserves | — | 723,058 | |||||||
| Reserve for Tenant Improvement | 58,977 | — | |||||||
| Other | 781,686 | 680,447 | |||||||
| $ | 5,499,913 | $ | 6,121,392 | ||||||
Deferred_Revenue_Tables
| Deferred Revenue (Tables) | 9 Months Ended | ||||||||
| Sep. 30, 2013 | |||||||||
| Revenue Recognition [Abstract] | ' | ||||||||
| Summary of Deferred Revenue | ' | ||||||||
| Deferred revenue consisted of the following: | |||||||||
| As of | |||||||||
| September 30, | December 31, | ||||||||
| 2013 | 2012 | ||||||||
| Deferred Oil Exploration Lease Revenue | $ | 3,220,825 | $ | 665,499 | |||||
| Prepaid Rent | 725,083 | — | |||||||
| Other Deferred Revenue | 253,675 | 185,452 | |||||||
| $ | 4,199,583 | $ | 850,951 | ||||||
Fair_Value_of_Financial_Instru1
| Fair Value of Financial Instruments (Tables) | 9 Months Ended | ||||||||||||||||
| Sep. 30, 2013 | |||||||||||||||||
| 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 not carried at fair value on the consolidated balance sheets at September 30, 2013 and December 31, 2012: | |||||||||||||||||
| September 30, 2013 | December 31, 2012 | ||||||||||||||||
| Carrying | Estimated | Carrying | Estimated | ||||||||||||||
| Value | Fair Value | Value | Fair Value | ||||||||||||||
| Cash and Cash Equivalents | $ | 743,424 | $ | 743,424 | $ | 1,301,739 | $ | 1,301,739 | |||||||||
| Restricted Cash | 322,562 | 322,562 | — | — | |||||||||||||
| Commercial Mortgage Loan | 18,006,024 | 19,072,063 | — | — | |||||||||||||
| Long-Term Debt | 66,727,032 | 66,727,032 | 29,126,849 | 29,126,849 | |||||||||||||
Business_Segment_Data_Tables
| Business Segment Data (Tables) | 9 Months Ended | ||||||||||||||||
| Sep. 30, 2013 | |||||||||||||||||
| Segment Reporting [Abstract] | ' | ||||||||||||||||
| Summary of Operations in Different Segments | ' | ||||||||||||||||
| Information about the Company’s operations in the different segments for the three and nine months ended September 30, 2013 and 2012 is as follows: | |||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||
| September 30, | September 30, | September 30, | September 30, | ||||||||||||||
| 2013 | 2012 | 2013 | 2012 | ||||||||||||||
| Revenues: | |||||||||||||||||
| Income Properties | $ | 3,356,937 | $ | 2,177,895 | $ | 9,621,147 | $ | 6,390,847 | |||||||||
| Commercial Mortgage Loan | 644,198 | — | 644,198 | — | |||||||||||||
| Real Estate Operations | 1,369,397 | 421,983 | 2,010,722 | 2,417,367 | |||||||||||||
| Golf Operations | 981,118 | 861,326 | 3,758,629 | 3,443,984 | |||||||||||||
| Agriculture and Other Income | 20,845 | 95,971 | 149,028 | 146,629 | |||||||||||||
| $ | 6,372,495 | $ | 3,557,175 | $ | 16,183,724 | $ | 12,398,827 | ||||||||||
| Operating Income (Loss): | |||||||||||||||||
| Income Properties | $ | 2,929,596 | $ | 1,978,185 | $ | 8,582,225 | $ | 5,871,943 | |||||||||
| Commercial Mortgage Loan | 644,198 | — | 644,198 | — | |||||||||||||
| Real Estate Operations | 1,194,986 | 278,845 | 1,530,570 | 1,885,454 | |||||||||||||
| Golf Operations | (340,219 | ) | (453,102 | ) | (395,709 | ) | (766,977 | ) | |||||||||
| Agriculture and Other Income | (12,976 | ) | 67,441 | 28,753 | (19,791 | ) | |||||||||||
| General and Corporate Expense | (1,946,130 | ) | (2,854,203 | ) | (6,984,624 | ) | (6,337,133 | ) | |||||||||
| $ | 2,469,455 | $ | (982,834 | ) | $ | 3,405,413 | $ | 633,496 | |||||||||
| Depreciation and Amortization: | |||||||||||||||||
| Income Properties | $ | 680,868 | $ | 440,939 | $ | 1,973,002 | $ | 1,296,296 | |||||||||
| Commercial Mortgage Loan | — | — | — | — | |||||||||||||
| Real Estate Operations | — | — | — | — | |||||||||||||
| Golf Operations | 51,600 | 42,940 | 151,593 | 130,147 | |||||||||||||
| Agriculture and Other | 6,069 | 25,363 | 21,920 | 82,358 | |||||||||||||
| $ | 738,537 | $ | 509,242 | $ | 2,146,515 | $ | 1,508,801 | ||||||||||
| Capital Expenditures: | |||||||||||||||||
| Income Properties | $ | 11,706,215 | $ | 1,718,374 | $ | 39,516,889 | $ | 8,608,494 | |||||||||
| Commercial Mortgage Loan | 17,655,367 | — | 17,655,367 | — | |||||||||||||
| Real Estate Operations | — | — | — | — | |||||||||||||
| Golf Operations | 47,747 | — | 133,567 | — | |||||||||||||
| Agriculture and Other | 15,400 | 15,344 | 60,861 | 52,850 | |||||||||||||
| $ | 29,424,729 | $ | 1,733,718 | $ | 57,366,684 | $ | 8,661,344 | ||||||||||
| As of | |||||||||||||||||
| September 30, | December 31, | ||||||||||||||||
| 2013 | 2012 | ||||||||||||||||
| Identifiable Assets: | |||||||||||||||||
| Income Properties | $ | 158,068,190 | $ | 130,726,326 | |||||||||||||
| Commercial Mortgage Loan | 18,046,598 | — | |||||||||||||||
| Real Estate | 32,684,740 | 34,161,944 | |||||||||||||||
| Golf | 3,159,984 | 3,230,225 | |||||||||||||||
| Agriculture and Other | 16,764,891 | 16,578,405 | |||||||||||||||
| $ | 228,724,403 | $ | 184,696,900 | ||||||||||||||
Description_of_Business_and_Pr3
| Description of Business and Principles of Interim Statements - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||
| Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jan. 31, 2013 | Dec. 31, 2012 | |
| State | State | Property | ||||
| sqft | sqft | |||||
| Property | Property | |||||
| acre | acre | |||||
| Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' | ' | ' | ' | ' | ' |
| Number of states in which entity operates | 9 | ' | 9 | ' | ' | ' |
| Self developed multi-tenant properties | 2 | ' | 2 | ' | ' | ' |
| Commercial real estate properties | 37 | ' | 37 | ' | ' | ' |
| Gross leasable space | 759,000 | ' | 759,000 | ' | ' | ' |
| Land portfolio | 10,000 | ' | 10,000 | ' | ' | ' |
| Income property portfolio description | ' | ' | 'More than 50% | ' | ' | ' |
| Cash and cash equivalents maximum original maturity period | ' | ' | '90 days | ' | ' | ' |
| Restricted Cash | $322,562 | ' | $322,562 | ' | ' | ' |
| Number of properties acquired | ' | ' | ' | ' | 2 | ' |
| Intangible asset, in-place lease value net | 6,616,419 | ' | 6,616,419 | ' | ' | 4,527,426 |
| Accumulated amortization expense | 2,923,476 | ' | 2,923,476 | ' | ' | 3,443,102 |
| Amortization expense | $168,000 | $103,000 | $500,000 | $303,000 | ' | ' |
Description_of_Business_and_Pr4
| Description of Business and Principles of Interim Statements - Summary of Estimated Amortization Expense (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
| Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' | ' |
| Remainder of 2013 | $172,620 | ' |
| 2014 | 690,481 | ' |
| 2015 | 690,481 | ' |
| 2016 | 652,393 | ' |
| 2017 | 561,639 | ' |
| 2018 | 553,951 | ' |
| Thereafter | 3,294,854 | ' |
| Total | $6,616,419 | $4,527,426 |
Recent_Acquisitions_of_Income_1
| Recent Acquisitions of Income Properties - Additional Information (Detail) (USD $) | 9 Months Ended | 1 Months Ended | 9 Months Ended | ||||
| Sep. 30, 2013 | Sep. 30, 2012 | Sep. 13, 2013 | Jul. 25, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
| Property | Germantown [Member] | Seattle [Member] | Intangible Assets [Member] | Land [Member] | Buildings and Improvements [Member] | ||
| sqft | sqft | ||||||
| Lease | Lease | ||||||
| Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' |
| Number of income properties acquired | 9 | ' | ' | ' | ' | ' | ' |
| Total acquisition cost of property | $39,500,000 | ' | ' | ' | ' | ' | ' |
| Purchase price allocated to amortizable intangible assets | 2,920,739 | 610,870 | ' | ' | 2,900,000 | ' | ' |
| Purchase price allocated to land | ' | ' | ' | ' | ' | 13,200,000 | ' |
| Purchase price allocated to buildings and improvements | ' | ' | ' | ' | ' | ' | 23,400,000 |
| Weighted average amortization allocated to intangible assets, period | '10 years 6 months | ' | ' | ' | ' | ' | ' |
| Area of property acquired | ' | ' | 25,600 | 16,280 | ' | ' | ' |
| Total acquisition cost of property | $36,790,580 | $8,661,344 | $5,000,000 | $6,600,000 | ' | ' | ' |
| Remaining term of lease | ' | ' | '10 years 4 months 24 days | '13 years | ' | ' | ' |
| Number of lease extension options | ' | ' | 3 | 6 | ' | ' | ' |
| Period of lease extension | ' | ' | '5 years | '5 years | ' | ' | ' |
Discontinued_Operations_Additi
| Discontinued Operations - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 0 Months Ended | 12 Months Ended | 1 Months Ended | ||||
| Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | 31-May-13 | Feb. 21, 2013 | Feb. 14, 2013 | Dec. 31, 2012 | 31-May-12 | 31-May-12 | Oct. 14, 2013 | |
| Kissimmee [Member] | Clermont [Member] | Alpharetta [Member] | Alpharetta [Member] | Asheville [Member] | Powder Springs [Member] | Orlando [Member] | ||||
| Walgreens [Member] | CVS [Member] | PNC Bank [Member] | PNC Bank [Member] | Northern Tool and Equipment [Member] | Walgreens [Member] | Subsequent Event [Member] | ||||
| sqft | sqft | sqft | sqft | sqft | Walgreens [Member] | |||||
| sqft | ||||||||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Area of discontinued operations sold property under lease | ' | ' | ' | 13,905 | 13,824 | 4,128 | ' | 25,454 | 15,120 | 15,120 |
| Selling price of disposition of assets | ' | ' | ' | $3,400,000 | $4,050,000 | $3,550,000 | ' | $3,925,000 | $4,090,323 | ' |
| Gain on Sale of Property | 78,455 | 530,849 | 78,455 | 503,000 | ' | ' | ' | ' | ' | ' |
| Gain on disposition of assets | ' | 557,216 | 242,051 | ' | 54,000 | ' | ' | ' | ' | ' |
| Loss from disposal of property discontinued operation before income tax | ' | ' | ' | ' | ' | ' | $427,000 | ' | ' | ' |
Discontinued_Operations_Summar
| Discontinued Operations - Summary of Income from Discontinued Operations (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
| Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
| Discontinued Operations And Disposal Groups [Abstract] | ' | ' | ' | ' |
| Leasing Revenue and Other Income | $74,412 | $283,447 | $409,973 | $1,018,447 |
| Costs and Other Expenses | -11,465 | -46,771 | -64,830 | -140,313 |
| Income from Operations | 62,947 | 236,676 | 345,143 | 878,134 |
| Gain on Sale of Property | ' | 78,455 | 530,849 | 78,455 |
| Income before Income Tax Expense | 62,947 | 236,676 | 875,992 | 956,589 |
| Income Tax Expense | -24,282 | -91,298 | -337,913 | -369,005 |
| Income from Discontinued Operations | $38,665 | $145,378 | $538,079 | $587,584 |
Commercial_Mortgage_Loan_Addit
| Commercial Mortgage Loan - Additional Information (Detail) (USD $) | 9 Months Ended | 0 Months Ended | ||
| Sep. 30, 2013 | Sep. 30, 2013 | Aug. 07, 2013 | Sep. 30, 2013 | |
| Commercial Mortgage Loan [Member] | Commercial Mortgage Loan [Member] | Commercial Mortgage Loan [Member] | ||
| Atlanta [Member] | Atlanta [Member] | |||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
| Acquired loan | ' | $19,560,000 | $19,560,000 | $19,560,000 |
| Payment to acquired loan | 17,655,367 | ' | 17,650,000 | ' |
| Discount on acquired loan | ' | ' | $2,050,000 | ' |
| Maturity Date | ' | ' | '2014-03 | '2014-03 |
Commercial_Mortgage_Loan_Summa
| Commercial Mortgage Loan - Summary of Commercial Mortgage Loan Portfolio (Detail) (USD $) | 9 Months Ended | |
| Sep. 30, 2013 | Aug. 07, 2013 | |
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
| Carrying Value | $18,006,024 | ' |
| Commercial Mortgage Loan [Member] | ' | ' |
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
| Original Face Amount | 19,560,000 | ' |
| Current Face Amount | 19,465,000 | ' |
| Carrying Value | 18,006,024 | ' |
| Atlanta [Member] | Commercial Mortgage Loan [Member] | ' | ' |
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
| Date of Investment | '2013-08 | ' |
| Maturity Date | '2014-03 | '2014-03 |
| Original Face Amount | 19,560,000 | 19,560,000 |
| Current Face Amount | 19,465,000 | ' |
| Carrying Value | $18,006,024 | ' |
| Coupon | '30-day LIBOR plus 4.50% | ' |
| Property Size | '110 rooms | ' |
Commercial_Mortgage_Loan_Summa1
| Commercial Mortgage Loan - Summary of Commercial Mortgage Loan Portfolio (Parenthetical) (Detail) (Atlanta [Member], Commercial Mortgage Loan [Member]) | Sep. 30, 2013 |
| Hotel | |
| Atlanta [Member] | Commercial Mortgage Loan [Member] | ' |
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ' |
| Loans receivable basis spread on variable rate | 4.50% |
| Number of rooms in hotel | 110 |
Commercial_Mortgage_Loan_Carry
| Commercial Mortgage Loan - Carrying Value of the Commercial Mortgage Loan (Detail) (USD $) | Sep. 30, 2013 |
| Loans And Leases Receivable [Line Items] | ' |
| Carrying value | $18,006,024 |
| Commercial Mortgage Loan [Member] | ' |
| Loans And Leases Receivable [Line Items] | ' |
| Current Face Amount | 19,465,000 |
| Unamortized Fees | 67,558 |
| Unaccreted Purchase Discount | -1,526,534 |
| Carrying value | $18,006,024 |
Common_Stock_and_Earnings_Per_2
| Common Stock and Earnings Per Share - Summary of Common Stock and Earnings Per Share (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
| Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
| Income Available to Common Shareholders: | ' | ' | ' | ' |
| Income (Loss) from Continuing Operations | $1,203,639 | ($701,984) | $1,293,040 | ($50,203) |
| Discontinued Operations | 38,665 | 145,378 | 538,079 | 587,584 |
| Net Income (Loss) | $1,242,304 | ($556,606) | $1,831,119 | $537,381 |
| Weighted Average Shares Outstanding | 5,750,158 | 5,710,808 | 5,735,585 | 5,720,303 |
| Common Shares Applicable to Stock | ' | ' | ' | ' |
| Common Shares Applicable to Stock Options Using the Treasury Stock Method | 5,657 | ' | 3,598 | ' |
| Total Shares Applicable to Diluted Earnings Per Share | 5,755,815 | 5,710,808 | 5,739,183 | 5,720,303 |
| Basic and Diluted Per Share Information: | ' | ' | ' | ' |
| Income (Loss) from Continuing Operations | $0.21 | ($0.13) | $0.23 | ($0.01) |
| Discontinued Operations | $0.01 | $0.03 | $0.09 | $0.10 |
| Net Income (Loss) | $0.22 | ($0.10) | $0.32 | $0.09 |
Common_Stock_and_Earnings_Per_3
| Common Stock and Earnings Per Share - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | ||
| Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
| Earnings Per Share [Abstract] | ' | ' | ' | ' |
| Antidilutive potentially securities | 38,800 | 179,600 | 58,800 | 217,700 |
Pension_Plan_Additional_Inform
| Pension Plan - Additional Information (Detail) (USD $) | 1 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended |
| Jan. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | |
| Subsequent Event [Member] | Minimum [Member] | |||
| Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' | ' | ' |
| Defined benefit plan, general information | ' | 'The Company maintains a Defined Benefit Pension Plan (the "Pension Plan") for all employees who have attained the age of 21 and completed one year of service. The pension benefits are based primarily on years of service and the average compensation for the five highest consecutive years during the final ten years of employment. The benefit formula generally provides for a life annuity benefit. | ' | ' |
| Defined benefit plan, eligibility age criteria | ' | ' | ' | '21 years |
| Defined benefit plan eligibility year of service rendered | ' | ' | ' | '1 year |
| Pension benefits average compensation highest consecutive years | ' | '5 years | ' | ' |
| Pension benefits average compensation highest consecutive final years of employment | ' | '10 years | ' | ' |
| Total contribution to defined benefit plan | $84,600 | $0 | $1,000,000 | ' |
LongTerm_Debt_Additional_Infor
| Long-Term Debt - Additional Information (Detail) (USD $) | 0 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | |||||||||||||
| Feb. 14, 2013 | Mar. 29, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Feb. 27, 2012 | Sep. 30, 2013 | Feb. 22, 2013 | Sep. 30, 2013 | Mar. 08, 2013 | Feb. 27, 2012 | Feb. 27, 2012 | Feb. 27, 2012 | Feb. 27, 2012 | Mar. 31, 2012 | Sep. 30, 2013 | Mar. 29, 2013 | Mar. 29, 2013 | Mar. 29, 2013 | Sep. 30, 2013 | |
| Hilton Resorts Corporation [Member] | Note Payable to Banks [Member] | UBS Note Payable [Member] | UBS Note Payable [Member] | BOA Note Payable [Member] | BOA Note Payable [Member] | Line of Credit New [Member] | Line of Credit New [Member] | Line of Credit New [Member] | Bank of Montreal [Member] | SunTrust Bank [Member] | SunTrust Bank [Member] | Line of Credit Facility Second Amendment [Member] | Line of Credit Facility Second Amendment [Member] | Line of Credit Facility Second Amendment [Member] | Line of Credit Amended [Member] | |||||||||
| Buildings | Property | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | |||||||||||||||||||
| Proforma Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Line of credit facility maximum borrowing capacity | ' | ' | ' | $66,000,000 | ' | $66,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | $46,000,000 | ' | ' | ' | ' | $25,000,000 | $125,000,000 | ' | ' | $66,000,000 |
| Expiration date of line of credit | ' | 31-Mar-16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27-Feb-15 | ' | 27-Sep-14 | ' | ' | ' | ' |
| Long-term debt LIBOR plus interest rate, reckoning period | ' | ' | ' | ' | ' | ' | ' | ' | ' | '30 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Interest rate description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR plus 175 basis points | 'LIBOR plus 250 basis points | ' | ' | ' | ' | 'LIBOR plus 150 basis points | 'LIBOR plus 225 basis points | ' |
| LIBOR plus interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.75% | 2.50% | ' | ' | ' | ' | 1.50% | 2.25% | ' |
| Initial disbursement of credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,700,000 | ' | ' | ' | ' |
| Term loan | ' | ' | ' | ' | ' | 47,649,817 | 20,881,714 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,600,000 | ' | ' | ' | ' |
| Term loan maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Jul-12 | ' | ' | ' | ' |
| Deferred loan costs write off | ' | ' | ' | ' | ' | ' | 245,726 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 245,726 | ' | ' | ' | ' | ' |
| Capacity available on existing credit facility | 66,000,000 | ' | 62,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Amount of loan closed | ' | ' | ' | 66,727,032 | ' | 66,727,032 | ' | 29,126,849 | ' | ' | 7,300,000 | 7,300,000 | 23,100,000 | 23,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Maturity period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2018-02 | ' | '2023-04 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Interest rate on mortgage loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.66% | ' | 3.67% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Number of office building | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Date of acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31-Jan-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Number of income properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Debt instrument decrease in variable interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | ' | ' | ' |
| Credit facility capacity available | ' | ' | ' | 29,700,000 | ' | 29,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Interest expense | ' | ' | ' | 455,670 | 124,650 | 1,168,109 | 401,060 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Interest paid | ' | ' | ' | 454,828 | 118,512 | 1,117,583 | 367,703 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Interest capitalized | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Amortization of loan costs | ' | ' | ' | $54,228 | $28,197 | $147,917 | $74,389 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LongTerm_Debt_Summary_of_Notes
| Long-Term Debt - Summary of Notes Payable and Line of Credit (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Feb. 22, 2013 | Sep. 30, 2013 | Mar. 08, 2013 |
| $66 Million Credit Facility [Member] | UBS Note Payable [Member] | UBS Note Payable [Member] | BOA Note Payable [Member] | BOA Note Payable [Member] | |||
| Proforma Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' |
| Notes Payable and Line of Credit | $66,727,032 | $29,126,849 | $36,327,032 | $7,300,000 | $7,300,000 | $23,100,000 | $23,100,000 |
| Notes Payable and Line of Credit, Due Within One Year | ' | ' | ' | ' | ' | ' | ' |
LongTerm_Debt_Summary_of_Notes1
| Long-Term Debt - Summary of Notes Payable and Line of Credit (Parenthetical) (Detail) (USD $) | Sep. 30, 2013 |
| In Millions, unless otherwise specified | |
| Debt Disclosure [Abstract] | ' |
| Line of credit facility maximum borrowing capacity | $66 |
LongTerm_Debt_Summary_of_Payme
| Long-Term Debt - Summary of Payments Applicable to Reduction of Principal Amounts (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
| Debt Disclosure [Abstract] | ' | ' |
| 2014 | ' | ' |
| 2015 | ' | ' |
| 2016 | 36,327,032 | ' |
| 2017 | ' | ' |
| 2018 | 7,300,000 | ' |
| Thereafter | 23,100,000 | ' |
| Notes Payable | $66,727,032 | $29,126,849 |
StockBased_Compensation_Additi
| Stock-Based Compensation - Additional Information (Detail) (USD $) | 9 Months Ended | 1 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | |||||||||||||||
| Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jan. 23, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jan. 23, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
| Mr Albright [Member] | Mr Patten [Member] | Restricted Shares [Member] | Non-Qualified Stock Option Award [Member] | Non-Qualified Stock Option Award [Member] | Stock Option [Member] | Stock Appreciation Rights [Member] | Stock Appreciation Rights [Member] | Stock Options and Stock Appreciation Rights [Member] | Stock Options and Stock Appreciation Rights [Member] | 2010 Plan [Member] | 2010 Plan [Member] | 2010 Plan [Member] | 2010 Plan [Member] | 2010 Plan [Member] | 2010 Plan [Member] | 2010 Plan [Member] | 2010 Plan [Member] | 2001 Plan [Member] | 2001 Plan [Member] | 2001 Plan [Member] | ||
| Restricted Shares [Member] | Restricted Shares [Member] | Restricted Shares [Member] | Non-Qualified Stock Option Award [Member] | Non-Qualified Stock Option Award [Member] | Non-Qualified Stock Option Award [Member] | Non-Qualified Stock Option Award [Member] | Stock Option [Member] | Stock Option [Member] | Stock Appreciation Rights [Member] | |||||||||||||
| Mr Albright [Member] | Mr Patten [Member] | Mr Albright [Member] | Mr Patten [Member] | |||||||||||||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Performance period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Unrecognized compensation cost related to market condition non-vested restricted shares | ' | ' | ' | $50,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Weighted average period of compensation cost to be recognized | '9 months 18 days | ' | ' | '2 years 1 month 6 days | ' | '1 year 8 months 12 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Stock based compensation, Shares, Granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 96,000 | 17,000 | ' | ' | ' | ' | ' | ' | ' | ' |
| Restricted shares vesting description | 'The restricted shares will vest in six increments based upon the price per share of the Companybs common stock during the term of their employment (or within sixty days after termination of employment by the Company without cause), meeting or exceeding the target trailing sixty-day average closing prices ranging from $36.00 per share for the first increment to $65.00 per share for the final increment. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Restricted share award closing prices range per share, Minimum | $36 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Restricted share award closing prices range per share, Maximum | $65 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Restricted share award average closing prices, period | '60 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Stock based compensation, Shares Vested | ' | 16,000 | 2,500 | 18,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Restricted share award closing prices range per share, Average | $36 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Trading average days of common stock | '60 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Unrecognized compensation cost | ' | ' | ' | 263,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Stock based compensation, Shares, Granted | ' | ' | ' | ' | ' | 51,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 51,000 | 50,000 | 10,000 | ' | ' | ' | ' |
| Stock option plan 2001 expiration date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2010 | ' | ' | ' |
| Expiry of option | ' | ' | ' | ' | '(a) the fifth anniversary of the grant date; (b) twelve months after the employee's death or termination for disability; or (c) thirty days after the termination of employment for any reason other than death or disability. | '(a)the tenth anniversary of the grant date;(b) twelve months after the employee's death or termination for disability; or(c) thirty days after the termination of employment for any reason other than death or disability. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Options granted exercise price | ' | ' | ' | ' | ' | $34.95 | ' | ' | ' | ' | ' | ' | ' | ' | $34.95 | ' | ' | ' | ' | ' | ' | ' |
| Percent of options vested in each anniversaries Description | 'One-third of these options will vest on each of the first, second, and third anniversaries of the grant date, provided the recipient is an employee of the Company on those dates. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Weighted-average grant-date fair value of options granted | ' | ' | ' | ' | ' | $6.58 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Intrinsic value of options exercised | ' | ' | ' | ' | ' | 166,850 | 72,008 | 38,774 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Unrecognized compensation related to non-qualified stock option awards | ' | ' | ' | ' | ' | 419,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Common stock could be issued under stock option plan 2001 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' |
| Number of new stock options issued under 2001 plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
| Option shares issued under stock appreciation rights | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Stock Option liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | $346,418 | $265,311 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
StockBased_Compensation_Summar
| Stock-Based Compensation - Summary of Stock Based Compensation Activity (Detail) (USD $) | 9 Months Ended |
| Sep. 30, 2013 | |
| Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' |
| Stock based compensation, Shares Outstanding, beginning balance | 7,900 |
| Stock based compensation, Shares, Granted | ' |
| Stock based compensation, Shares, Vested | ' |
| Stock based compensation, Shares, Forfeited | -2,833 |
| Stock based compensation, Shares Outstanding, ending balance | 5,067 |
| Stock based compensation, Weighted Average Grant Date Fair Value, beginning balance | $23.13 |
| Stock based compensation, Weighted Average Grant Date Fair Value, Granted | ' |
| Stock based compensation, Weighted Average Grant Date Fair Value, Vested | ' |
| Stock based compensation, Weighted Average Grant Date Fair Value, Forfeited | $23.13 |
| Stock based compensation, Weighted Average Grant Date Fair Value, ending balance | $23.13 |
StockBased_Compensation_Summar1
| Stock-Based Compensation - Summary of Market Condition Inducement Grant of Restricted Shares (Detail) (USD $) | 9 Months Ended |
| Sep. 30, 2013 | |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
| Stock based compensation, Shares Outstanding, beginning balance | 7,900 |
| Stock based compensation, Shares, Granted | ' |
| Stock based compensation, Shares Vested | ' |
| Stock based compensation, Forfeited | -2,833 |
| Stock based compensation, Shares Outstanding, ending balance | 5,067 |
| Restricted Shares [Member] | ' |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
| Stock based compensation, Shares Outstanding, beginning balance | 113,000 |
| Stock based compensation, Shares, Granted | ' |
| Stock based compensation, Shares Vested | -18,500 |
| Stock based compensation, Forfeited | ' |
| Stock based compensation, Shares Outstanding, ending balance | 94,500 |
| Stock based compensation, Weighted Average Shares | 18.4 |
| Stock based compensation, Weighted Average Shares Granted | ' |
| Stock based compensation, Weighted Average Shares Vested | 23.89 |
| Stock based compensation, Weighted Average Shares Forfeited | ' |
| Stock based compensation, Weighted Average Shares | 17.33 |
StockBased_Compensation_Summar2
| Stock-Based Compensation - Summary of Stock Based Compensation Activity for Non-Qualified Stock Option Award (Detail) (Non-Qualified Stock Option Award [Member], USD $) | 9 Months Ended |
| Sep. 30, 2013 | |
| Non-Qualified Stock Option Award [Member] | ' |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
| Stock based compensation, Shares Outstanding, beginning balance | 60,000 |
| Stock based compensation, Shares, Granted | 51,000 |
| Stock based compensation, Shares Exercised | -16,500 |
| Stock based compensation, Shares Expired | ' |
| Stock based compensation, Shares Outstanding, ending balance | 94,500 |
| Stock based compensation, Shares, Exercisable | 19,800 |
| Stock based compensation, Weighted Average Exercise Price, beginning balance | $28.97 |
| Stock based compensation, Weighted Average Shares, Granted | $34.95 |
| Stock based compensation, Weighted Average Shares, Exercised | $28.90 |
| Stock based compensation, Weighted Average Shares, shares expired | ' |
| Stock based compensation, Weighted Average Exercise Price, ending balance | $32.21 |
| Stock based compensation, Weighted Average Shares, Exercisable | $28.97 |
| Stock based compensation, Weighted Average Remaining Contractual Term, Outstanding | '6 years 4 days |
| Stock based compensation, Weighted Average Remaining Contractual Term, Exercisable | '7 years 11 months 12 days |
| Stock based compensation, Aggregate Intrinsic Value, Outstanding | $593,305 |
| Stock based compensation, Aggregate Intrinsic Value, Exercisable | $188,430 |
StockBased_Compensation_Summar3
| Stock-Based Compensation - Summary of Share Option Activity of Stock Option and Stock Appreciation Rights Under 2001 Plan (Detail) (2001 Plan [Member], USD $) | 9 Months Ended |
| Sep. 30, 2013 | |
| Stock Option [Member] | ' |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
| Stock based compensation, Shares Outstanding, beginning balance | 80,800 |
| Stock based compensation, Shares, Granted | ' |
| Stock based compensation, Shares Exercised | -9,200 |
| Stock based compensation, Shares, Expired | -15,400 |
| Stock based compensation, Shares Outstanding, ending balance | 56,200 |
| Stock based compensation, Shares, Exercisable | 56,200 |
| Stock based compensation, Weighted Average Exercise Price, beginning balance | $52.43 |
| Stock based compensation, Weighted Average Exercise Price, Granted | ' |
| Stock based compensation, Weighted Average Exercise Price, Exercised | $30.06 |
| Stock based compensation, Weighted Average Exercise Price, shares expired | $63.58 |
| Stock based compensation, Weighted Average Exercise Price, ending balance | $53.03 |
| Stock based compensation, Weighted Average Exercise Price, Exercisable | $53.03 |
| Stock based compensation, Weighted Average Remaining Contractual Term, Outstanding | '3 years 7 months 24 days |
| Stock based compensation, Weighted Average Remaining Contractual Term, Exercisable | '3 years 7 months 24 days |
| Stock based compensation, Aggregate Intrinsic Value, Outstanding | $96,390 |
| Stock based compensation, Aggregate Intrinsic Value, Exercisable | 96,390 |
| Stock Appreciation Rights [Member] | ' |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
| Stock based compensation, Shares Outstanding, beginning balance | 80,800 |
| Stock based compensation, Shares, Granted | ' |
| Stock based compensation, Shares Exercised | -9,200 |
| Stock based compensation, Shares, Expired | -15,400 |
| Stock based compensation, Shares Outstanding, ending balance | 56,200 |
| Stock based compensation, Shares, Exercisable | 56,200 |
| Stock based compensation, Weighted Average Exercise Price, beginning balance | $1.12 |
| Stock based compensation, Weighted Average Exercise Price, Granted | ' |
| Stock based compensation, Weighted Average Exercise Price, Exercised | $5.04 |
| Stock based compensation, Weighted Average Exercise Price, shares expired | $0.76 |
| Stock based compensation, Weighted Average Exercise Price, ending balance | $2.16 |
| Stock based compensation, Weighted Average Exercise Price, Exercisable | $2.16 |
| Stock based compensation, Weighted Average Remaining Contractual Term, Outstanding | '3 years 7 months 24 days |
| Stock based compensation, Weighted Average Remaining Contractual Term, Exercisable | '3 years 7 months 24 days |
| Stock based compensation, Aggregate Intrinsic Value, Outstanding | 51,902 |
| Stock based compensation, Aggregate Intrinsic Value, Exercisable | $51,902 |
StockBased_Compensation_Assump
| 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, 2013 | Dec. 31, 2012 | |
| Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' |
| Expected Volatility | 24.08% | 24.34% |
| Expected Dividends | 0.10% | 0.13% |
| Expected Term | '3 years | '3 years |
| Risk-Free Rate | 0.93% | 0.39% |
StockBased_Compensation_Recogn
| 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, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
| Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' | ' | ' |
| Total Cost of Share-Based Plans Charged Against Income Before Tax Effect | $251,210 | $446,679 | $852,536 | $870,304 |
| Income Tax Expense Recognized in Income | ($96,904) | ($172,306) | ($328,866) | ($335,720) |
Accrued_Liabilities_Summary_of
| Accrued Liabilities - Summary of Accrued Liabilities (Detail) (USD $) | Sep. 30, 2013 | Jan. 31, 2013 | Dec. 31, 2012 |
| Payables And Accruals [Abstract] | ' | ' | ' |
| Golf Course Lease | $3,431,617 | ' | $3,702,194 |
| Deferred Compensation | 379,668 | ' | 828,998 |
| Accrued Property Taxes | 682,556 | ' | ' |
| Other Post-Retirement Benefits | 165,409 | ' | 186,695 |
| Legal Reserves | ' | ' | 723,058 |
| Reserve for Tenant Improvement | 58,977 | 773,000 | ' |
| Other | 781,686 | ' | 680,447 |
| Accrued Liabilities | $5,499,913 | ' | $6,121,392 |
Accrued_Liabilities_Additional
| Accrued Liabilities - Additional Information (Detail) (USD $) | 1 Months Ended | 9 Months Ended | |
| Jul. 31, 2012 | Sep. 30, 2013 | Jan. 31, 2013 | |
| Property | |||
| Accrued Liabilities [Line Items] | ' | ' | ' |
| Lease, base rent | ' | $250,000 | ' |
| Annual rate adjustment percentage | ' | 1.75% | ' |
| Investments agreed under lease arrangement | 200,000 | ' | ' |
| Description of additional rent payable | 'Company will pay additional rent to the City equal to 5.0% of gross revenues exceeding $5,500,000 and 7.0% of gross revenues exceeding $6,500,000. | ' | ' |
| Additional rent percentage exceeding $5,500,000 gross revenue | 5.00% | ' | ' |
| Additional rent percentage on exceeding $6,500,000 gross revenue | 7.00% | ' | ' |
| Gross revenue value for additional rent under lease amendment lower limit | 5,500,000 | ' | ' |
| Gross revenue value for additional rent under lease amendment upper limit | 6,500,000 | ' | ' |
| Rent deferred, no longer due | 3,000,000 | 2,500,000 | ' |
| Lease term expiration year | '2022 | ' | ' |
| Number of acquisition properties leased | ' | ' | 2 |
| Tenant improvements credited at closing balance | ' | 58,977 | 773,000 |
| Decrease in accrued liabilities for payments of completion of improvements | ' | 714,000 | ' |
| Remaining balance of completion of improvements to be paid on client request | ' | 59,000 | ' |
| Minimum [Member] | ' | ' | ' |
| Accrued Liabilities [Line Items] | ' | ' | ' |
| Base rent payments per year | 250,000 | ' | ' |
| Maximum [Member] | ' | ' | ' |
| Accrued Liabilities [Line Items] | ' | ' | ' |
| Base rent payments per year | $500,000 | ' | ' |
Deferred_Revenue_Summary_of_De
| Deferred Revenue - Summary of Deferred Revenue (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
| Deferred Revenue Disclosure [Abstract] | ' | ' |
| Deferred Oil Exploration Lease Revenue | $3,220,825 | $665,499 |
| Prepaid Rent | 725,083 | ' |
| Other Deferred Revenue | 253,675 | 185,452 |
| Total Deferred Revenue | $4,199,583 | $850,951 |
Deferred_Revenue_Additional_In
| Deferred Revenue - Additional Information (Detail) (USD $) | 1 Months Ended |
| In Thousands, unless otherwise specified | Sep. 22, 2013 |
| Deferred Revenue Disclosure [Abstract] | ' |
| Received rent payment | $3,293 |
| Term of oil exploration lease | '8 years |
| Lease period where payment recognized | '12 months |
Fair_Value_of_Financial_Instru2
| Fair Value of Financial Instruments - Summary of Carrying Value and Estimated Fair Value of Financial Instruments (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 |
| Fair Value Disclosures [Abstract] | ' | ' | ' | ' |
| Cash and Cash Equivalents, Carrying Value | $743,424 | $1,301,739 | $2,381,299 | $6,174 |
| Restricted Cash, Carrying Value | 322,562 | ' | ' | ' |
| Commercial Mortgage Loan, Carrying Value | 18,006,024 | ' | ' | ' |
| Long-Term Debt, Carrying Value | 66,727,032 | 29,126,849 | ' | ' |
| Cash and Cash Equivalents, Estimated Fair Value | 743,424 | 1,301,739 | ' | ' |
| Restricted Cash, Estimated Fair Value | 322,562 | ' | ' | ' |
| Commercial Mortgage Loan, Estimated Fair Value | 19,072,063 | ' | ' | ' |
| Long-Term Debt, Estimated Fair Value | $66,727,032 | $29,126,849 | ' | ' |
Income_Taxes_Additional_Inform
| Income Taxes - Additional Information (Detail) | 9 Months Ended | |
| Sep. 30, 2013 | Sep. 30, 2012 | |
| Income Tax Disclosure [Abstract] | ' | ' |
| Effective income tax rate including income taxes attributable to the discontinued operations | 38.26% | 38.21% |
| Year for audit of federal tax return by revenue service | '2006 | ' |
Commitments_and_Contingencies_
| Commitments and Contingencies - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||
| Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | 31-May-10 | |
| sqft | Minimum [Member] | FM Bayberry Cove Holding, LLC [Member] | FM Bayberry Cove Holding, LLC [Member] | |||
| acre | ||||||
| Commitment And Contingencies [Line Items] | ' | ' | ' | ' | ' | ' |
| Settlement reserve accrued | $611,691 | ' | ' | ' | ' | ' |
| Additional reserve reflect value of additional underdeveloped acres and cost | ' | ' | 723,058 | ' | ' | ' |
| Claim of lien on real property | ' | ' | ' | ' | ' | 3,800,000 |
| Amount of the judgment plus interest | ' | ' | ' | $4,600,000 | ' | ' |
| Area of real estate property | ' | 759,000 | ' | ' | 600 | ' |
Treasury_Stock_Additional_Info
| Treasury Stock - Additional Information (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Apr. 26, 2012 | Apr. 26, 2012 |
| Odd-Lot Buy-Back Program [Member] | Odd-Lot Buy-Back Program [Member] | |||
| Maximum [Member] | ||||
| Equity, Class of Treasury Stock [Line Items] | ' | ' | ' | ' |
| Description of number of shares held by shareholder, maximum | ' | ' | 'Less than 100 | ' |
| Purchase price of shares from shareholders | ' | ' | $31 | ' |
| Number of shares purchased | 14,634 | 14,634 | 14,634 | ' |
| Costs of shares purchased | $453,654 | $453,654 | $453,654 | ' |
| Buy back expiration date | ' | ' | 30-Jun-12 | ' |
| Number of shares held by shareholders | ' | ' | ' | 100 |
Business_Segment_Data_Addition
| Business Segment Data - Additional Information (Detail) (USD $) | 9 Months Ended | 12 Months Ended | |
| Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
| Segment | |||
| Segment Reporting Information [Line Items] | ' | ' | ' |
| Number of operating segment | 4 | ' | ' |
| Income property operation percent of identifiable asset | 69.10% | ' | 70.80% |
| Income property operation percent of consolidated revenue | 59.40% | 51.50% | ' |
| Golf operation description | 'Our golf operations consist of a single property located in the City, with two 18-hole championship golf courses | ' | ' |
| Prior period reclassification adjustment | $0 | ' | ' |
| Commercial Mortgage Loan [Member] | Atlanta [Member] | ' | ' | ' |
| Segment Reporting Information [Line Items] | ' | ' | ' |
| Number of commercial mortgage loan investment collateralized by a hotel property | 1 | ' | ' |
Business_Segment_Data_Summary_
| Business Segment Data - Summary of Operations in Different Segments (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
| Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
| Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
| Revenues | $6,372,495 | $3,557,175 | $16,183,724 | $12,398,827 | ' |
| Operating Income (Loss) | 2,469,455 | -982,834 | 3,405,413 | 633,496 | ' |
| Depreciation and Amortization | 738,537 | 509,242 | 2,146,515 | 1,508,801 | ' |
| Capital Expenditures | 29,424,729 | 1,733,718 | 57,366,684 | 8,661,344 | ' |
| Identifiable Assets | 228,724,403 | ' | 228,724,403 | ' | 184,696,900 |
| Operating Segments [Member] | Income Properties [Member] | ' | ' | ' | ' | ' |
| Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
| Revenues | 3,356,937 | 2,177,895 | 9,621,147 | 6,390,847 | ' |
| Operating Income (Loss) | 2,929,596 | 1,978,185 | 8,582,225 | 5,871,943 | ' |
| Depreciation and Amortization | 680,868 | 440,939 | 1,973,002 | 1,296,296 | ' |
| Capital Expenditures | 11,706,215 | 1,718,374 | 39,516,889 | 8,608,494 | ' |
| Identifiable Assets | 158,068,190 | ' | 158,068,190 | ' | 130,726,326 |
| Operating Segments [Member] | Commercial Mortgage Loan [Member] | ' | ' | ' | ' | ' |
| Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
| Revenues | 644,198 | ' | 644,198 | ' | ' |
| Operating Income (Loss) | 644,198 | ' | 644,198 | ' | ' |
| Depreciation and Amortization | ' | ' | ' | ' | ' |
| Capital Expenditures | 17,655,367 | ' | 17,655,367 | ' | ' |
| Identifiable Assets | 18,046,598 | ' | 18,046,598 | ' | ' |
| Operating Segments [Member] | Real Estate Operations [Member] | ' | ' | ' | ' | ' |
| Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
| Revenues | 1,369,397 | 421,983 | 2,010,722 | 2,417,367 | ' |
| Operating Income (Loss) | 1,194,986 | 278,845 | 1,530,570 | 1,885,454 | ' |
| Depreciation and Amortization | ' | ' | ' | ' | ' |
| Capital Expenditures | ' | ' | ' | ' | ' |
| Identifiable Assets | 32,684,740 | ' | 32,684,740 | ' | 34,161,944 |
| Operating Segments [Member] | Golf Operations [Member] | ' | ' | ' | ' | ' |
| Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
| Revenues | 981,118 | 861,326 | 3,758,629 | 3,443,984 | ' |
| Operating Income (Loss) | -340,219 | -453,102 | -395,709 | -766,977 | ' |
| Depreciation and Amortization | 51,600 | 42,940 | 151,593 | 130,147 | ' |
| Capital Expenditures | 47,747 | ' | 133,567 | ' | ' |
| Identifiable Assets | 3,159,984 | ' | 3,159,984 | ' | 3,230,225 |
| Operating Segments [Member] | Agriculture and Other [Member] | ' | ' | ' | ' | ' |
| Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
| Revenues | 20,845 | 95,971 | 149,028 | 146,629 | ' |
| Operating Income (Loss) | -12,976 | 67,441 | 28,753 | -19,791 | ' |
| Depreciation and Amortization | 6,069 | 25,363 | 21,920 | 82,358 | ' |
| Capital Expenditures | 15,400 | 15,344 | 60,861 | 52,850 | ' |
| Identifiable Assets | 16,764,891 | ' | 16,764,891 | ' | 16,578,405 |
| Operating Segments [Member] | General and Corporate Expense [Member] | ' | ' | ' | ' | ' |
| Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
| Operating Income (Loss) | ($1,946,130) | ($2,854,203) | ($6,984,624) | ($6,337,133) | ' |
Land_Impairment_Additional_Inf
| Land Impairment - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended |
| Jun. 30, 2013 | Sep. 30, 2013 | |
| acre | ||
| Property Plant And Equipment Useful Life And Values [Abstract] | ' | ' |
| Acres of land under agreement to sale | 3.21 | ' |
| Acres of land subject to assessment of recoverability | 3.02 | ' |
| Impairment analysis for specified acres of land | 6.23 | ' |
| Impairment charges | $616,000 | $616,278 |
Subsequent_Events_Additional_I
| Subsequent Events - Additional Information (Detail) (Orlando, Florida [Member], Subsequent Event [Member], Walgreens [Member], USD $) | 0 Months Ended |
| Oct. 14, 2013 | |
| sqft | |
| Orlando, Florida [Member] | Subsequent Event [Member] | Walgreens [Member] | ' |
| Subsequent Events [Line Items] | ' |
| Area of acquired building | 15,120 |
| Loss due to estimated fair value of property held for sale | $0 |