Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 22, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | CTO | |
Entity Registrant Name | CONSOLIDATED TOMOKA LAND CO | |
Entity Central Index Key | 23795 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 5,905,996 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Property, Plant, and Equipment: | ||
Income Properties, Land, Buildings, and Improvements | $184,562,408 | $191,634,698 |
Golf Buildings, Improvements, and Equipment | 3,339,194 | 3,323,177 |
Other Furnishings and Equipment | 1,016,497 | 1,008,150 |
Construction in Progress | 10,532 | |
Total Property, Plant, and Equipment | 188,928,631 | 195,966,025 |
Less, Accumulated Depreciation and Amortization | -15,196,389 | -15,177,102 |
Property, Plant, and Equipment - Net | 173,732,242 | 180,788,923 |
Land, Timber, and Development Costs | 38,290,326 | 38,071,264 |
Intangible Assets - Net | 9,618,115 | 10,352,123 |
Assets Held for Sale | 6,166,700 | |
Impact Fee and Mitigation Credits | 4,842,758 | 5,195,764 |
Commercial Loan Investments | 30,383,234 | 30,208,074 |
Cash and Cash Equivalents | 25,078,783 | 1,881,195 |
Restricted Cash | 5,383,695 | 4,440,098 |
Investment Securities | 5,410,628 | 821,436 |
Refundable Income Taxes | 665,474 | 267,280 |
Other Assets | 5,516,162 | 4,566,291 |
Total Assets | 305,088,117 | 276,592,448 |
Liabilities: | ||
Accounts Payable | 1,219,261 | 859,225 |
Accrued and Other Liabilities | 5,330,198 | 6,071,202 |
Deferred Revenue | 1,926,016 | 2,718,543 |
Accrued Stock-Based Compensation | 317,849 | 560,326 |
Deferred Income Taxes - Net | 35,510,568 | 34,038,442 |
Long-Term Debt | 129,332,812 | 103,940,011 |
Total Liabilities | 173,636,704 | 148,187,749 |
Shareholders' Equity: | ||
Common Stock -25,000,000 shares authorized; $1 par value, 5,946,341 shares issued and 5,905,871 shares outstanding at March 31, 2015; 5,922,130 shares issued and 5,881,660 shares outstanding at December 31, 2014 | 5,870,008 | 5,862,063 |
Treasury Stock - 40,470 shares at March 31, 2015 and December 31, 2014 | -1,381,566 | -1,381,566 |
Additional Paid-In Capital | 13,827,191 | 11,289,846 |
Retained Earnings | 112,914,471 | 112,561,115 |
Accumulated Other Comprehensive Income | 221,309 | 73,241 |
Total Shareholders' Equity | 131,451,413 | 128,404,699 |
Total Liabilities and Shareholders' Equity | $305,088,117 | $276,592,448 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
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 | 5,946,341 | 5,922,130 |
Common Stock, shares outstanding | 5,905,871 | 5,881,660 |
Treasury Stock, shares held | 40,470 | 40,470 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Revenues | ||
Income Properties | $4,260,675 | $3,404,359 |
Interest Income from Commercial Loan Investments | 631,484 | 943,890 |
Real Estate Operations | 859,801 | 1,349,247 |
Golf Operations | 1,537,426 | 1,417,379 |
Agriculture and Other Income | 18,939 | 57,844 |
Total Revenues | 7,308,325 | 7,172,719 |
Direct Cost of Revenues | ||
Income Properties | -640,846 | -340,019 |
Real Estate Operations | -598,723 | -251,950 |
Golf Operations | -1,389,612 | -1,333,026 |
Agriculture and Other Income | -55,151 | -61,413 |
Total Direct Cost of Revenues | -2,684,332 | -1,986,408 |
General and Administrative Expenses | -1,469,766 | -1,510,434 |
Impairment Charges | -510,041 | 0 |
Depreciation and Amortization | -1,155,739 | -772,008 |
Gain on Disposition of Assets | 5,440 | |
Total Operating Expenses | -5,814,438 | -4,268,850 |
Operating Income | 1,493,887 | 2,903,869 |
Investment Income | 150,459 | 13,947 |
Interest Expense | -1,066,502 | -467,651 |
Income Before Income Tax Expense | 577,844 | 2,450,165 |
Income Tax Expense | -224,488 | -949,758 |
Net Income | $353,356 | $1,500,407 |
Per Share Information:Basic and Diluted | ||
Net Income | $0.06 | $0.26 |
Dividends Declared and Paid | $0 | $0 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | ||
Net Income | $353,356 | $1,500,407 |
Other Comprehensive Income | ||
Realized Gain on Investment Securities Sold (Net of Tax of $(49,240) and $-0- for the three months ended March 31, 2015 and 2014, respectively) | -81,551 | |
Unrealized Gain on Investment Securities (Net of Tax of $144,200 and $27,245 for the three months ended March 31, 2015 and 2014, respectively) | 229,619 | 43,383 |
Total Other Comprehensive Income, Net of Tax | 148,068 | 43,383 |
Total Comprehensive Income | $501,424 | $1,543,790 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | ||
Other Comprehensive Income realized Gain on Investment Securities, tax | ($49,240) | $0 |
Other Comprehensive Income Unrealized Gain on Investment Securities, tax | $144,200 | $27,245 |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity (Unaudited) (USD $) | Total | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Beginning balance at Dec. 31, 2014 | $128,404,699 | $5,862,063 | ($1,381,566) | $11,289,846 | $112,561,115 | $73,241 |
Net Income | 353,356 | 353,356 | ||||
Equity Component of Convertible Debt | 2,130,002 | 2,130,002 | ||||
Exercise of Stock Options | 196,106 | 4,150 | 191,956 | |||
Vested Restricted Stock | -29,563 | 3,556 | -33,119 | |||
Stock Issuance | 12,481 | 239 | 12,242 | |||
Stock Compensation Expense from Restricted Stock Grants and Equity Classified Stock Options | 236,264 | 236,264 | ||||
Other Comprehensive Income, Net of Tax | 148,068 | 148,068 | ||||
Ending balance at Mar. 31, 2015 | $131,451,413 | $5,870,008 | ($1,381,566) | $13,827,191 | $112,914,471 | $221,309 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Cash Flow from Operating Activities: | ||
Net Income | $353,356 | $1,500,407 |
Adjustments to Reconcile Net Income to Net Cash Used In Operating Activities: | ||
Depreciation and Amortization | 1,155,739 | 772,008 |
Loan Cost Amortization | 72,537 | 54,775 |
Amortization of Discount on Convertible Debt | 25,458 | |
Amortization of Discount on Debt Securities within Investment Securities | -1,691 | |
Gain (Loss) on Disposition Property, Plant, and Equipment and Intangible Assets | -5,440 | |
Impairment Charges | 510,041 | 0 |
Discount Accretion on Commercial Loan Investments | -649,658 | |
Accretion of Commercial Loan Investments Origination Fees | -13,364 | |
Amortization of Fees on Acquisition of Commercial Loan Investments | 29,711 | |
Realized Gain on Investment Securities | -130,791 | |
Deferred Income Taxes | 39,522 | -150,335 |
Non-Cash Stock-Based Compensation | 75,352 | 291,092 |
Decrease (Increase) in Assets: | ||
Refundable Income Taxes | -398,194 | |
Land and Development Costs | -219,062 | -316,656 |
Impact Fees and Mitigation Credits | 353,006 | 72,735 |
Net Pension Asset | -28,379 | |
Other Assets | -1,022,408 | -536,098 |
Increase (Decrease) in Liabilities: | ||
Accounts Payable | 360,036 | 184,636 |
Accrued and Other Liabilities | -702,480 | -403,891 |
Deferred Revenue | -792,527 | -1,005,563 |
Income Taxes Payable | 60,092 | |
Net Cash Used In Operating Activities | -340,910 | -125,124 |
Cash Flow from Investing Activities: | ||
Acquisition of Property, Plant, and Equipment | -81,375 | -839,876 |
Acquisition of Commercial Loan Investment | -161,796 | -5,000,000 |
Increase in Restricted Cash | -943,597 | -445,948 |
Proceeds from Sales of Investment Securities | 834,964 | |
Acquisition of Investment Securities | -5,048,646 | |
Proceeds from Disposition of Property, Plant, and Equipment, Net | 6,500 | |
Principal Payments Received on Commercial Loan Investment | 19,465,000 | |
Net Cash Provided by (Used In) Investing Activities | -5,393,950 | 13,179,176 |
Cash Flow from Financing Activities: | ||
Proceeds from Long-Term Debt | 76,375,000 | 2,000,000 |
Payments on Long-Term Debt | -47,540,011 | -18,000,000 |
Cash Proceeds from Exercise of Stock Options | 127,022 | |
Cash Used to Purchase Common Stock | -927,912 | |
Cash from Excess Tax Benefit (Expense) from Vesting of Restricted Stock | -29,563 | |
Net Cash Provided By (Used In) Financing Activities | 28,932,448 | -16,927,912 |
Net Increase (Decrease) in Cash | 23,197,588 | -3,873,860 |
Cash, Beginning of Year | 1,881,195 | 4,932,512 |
Cash, End of Period | $25,078,783 | $1,058,652 |
Consolidated_Statements_of_Cas1
Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Income taxes paid | $577,000 | $1,000,000 |
Interest paid | 815,000 | 378,000 |
Interest paid, capitalized | 0 | 6,700 |
Decrease in long-term debt | 7,936,882 | |
Increase in deferred income taxes | 1,337,644 | |
Convertible notes face amount | 135,400,000 | |
4.50% Convertible Senior Notes due 2020 [Member] | ||
Debt instrument maturity year | 2020 | |
Equity component of the convertible notes issued | 2,100,000 | |
Decrease in long-term debt | 3,400,000 | |
Increase in deferred income taxes | 1,337,644 | |
Convertible notes face amount | $75,000,000 |
Description_of_Business_and_Pr
Description of Business and Principles of Interim Statements | 3 Months Ended | |||
Mar. 31, 2015 | ||||
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. together with our consolidated subsidiaries. | ||||
We are a diversified real estate operating company. We own and manage forty-three commercial real estate properties in ten states in the U.S. As of March 31, 2015, we owned thirty-six single-tenant and seven multi-tenant income-producing properties with over 1,100,000 square feet of gross leasable space. We also own and manage a land portfolio of over 10,500 acres. As of March 31, 2015, we had five commercial loan investments including one fixed-rate and one variable–rate mezzanine commercial mortgage loan, a variable-rate B-Note, and two variable-rate first mortgage loans. Our golf operations consist of the LPGA International golf club, which is managed by a third party. We also lease property for twenty-one billboards, have agricultural operations that are managed by a third party, which consists of leasing land for hay and sod production, timber harvesting, and hunting leases, and own and manage subsurface interests. The results of our agricultural and subsurface leasing operations are included in Agriculture and Other Income and Real Estate Operations, respectively, in our consolidated statements of operations. | ||||
Interim Financial Information | ||||
The accompanying unaudited consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. These unaudited consolidated financial statements do not include all of the information and notes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete financial statements and should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2014, 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 three months ended March 31, 2015 are not necessarily indicative of results to be expected for the year ending December 31, 2015. | ||||
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 net pension asset, 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. | ||||
Cash and Cash Equivalents | ||||
Cash and cash equivalents include cash on hand and bank demand accounts. | ||||
Restricted Cash | ||||
Restricted cash totaled approximately $5.4 million at March 31, 2015 of which approximately $3.2 million of cash is being held in escrow from the sale of the income property in Apopka, Florida to be reinvested through the like-kind exchange structure into another income property. On April 1, 2015, the Company completed the like-kind exchange related to the sale of the income property in Apopka, Florida and the approximately $3.2 million in cash became unrestricted. As of March 31, 2015, approximately $968,000 was being held as cash collateral in connection with a $940,000 letter of credit outstanding under the Credit Facility. The letter of credit was terminated on April 9, 2015 and as a result, the cash collateral became unrestricted cash. Additionally, approximately $571,000 is being held in a reserve related to certain required tenant improvements for the Lowes in Katy, Texas, approximately $266,000 is being held in a reserve primarily for property taxes and insurance escrows in connection with our financing of two properties acquired in January 2013, approximately $285,000 is being held in escrow related to a land transaction which closed in December 2013, and a combined approximately $138,000 is being held in reserves for future interest and property tax payments in connection with two of our commercial loan investments. | ||||
Purchase Accounting for Acquisitions of Real Estate Subject to a Lease | ||||
In accordance with the Financial Accounting Standards Board (“FASB”) guidance on business combinations, the fair value of the real estate acquired with in-place leases is allocated to the acquired tangible assets, consisting of land, building and tenant improvements, and identified intangible assets, consisting of the value of in-place leases, above and below market in-place leases, and leasing costs, based in each case on their relative fair values. The Company has determined that income property purchases with a pre-existing lease at the time of acquisition qualify as a business combination, in which case acquisition costs are expensed in the period the transaction closes. For income property purchases in which a new lease is originated at the time of acquisition, the Company has determined that these asset purchases are outside the scope of the business combination standards and accordingly, the acquisition costs are capitalized with the purchase. | ||||
Investment Securities | ||||
In accordance with ASC Topic 320, Investments – Debt and Equity Securities, the Company’s debt and equity securities investments have been determined to be equity securities classified as available-for-sale. Available-for-sale securities are carried at fair value in the consolidated balance sheets, with the unrealized gains and losses, net of tax, reported in other comprehensive income. The amortized cost of debt securities in this category is adjusted for amortization of premiums and accretion of discounts to maturity computed under a method that approximates the effective interest method. Such amortization is included in investment income. | ||||
Realized gains and losses, and declines in value judged to be other-than-temporary related to equity securities, are included in investment income in the consolidated statements of operations. With respect to debt securities, when the fair value of a debt security classified as available-for-sale is less than its amortized cost, management assesses whether or not: (i) it has the intent to sell the security or (ii) it is more likely than not that the Company will be required to sell the security before its anticipated recovery. If either of these conditions are met, the Company must recognize an other-than-temporary impairment through earnings for the differences between the debt security’s amortized cost basis and its fair value, and such amount is included in investment income in the consolidated statements of operations. There were no other-than-temporary impairments during the three months ended March 31, 2015 or 2014. | ||||
The cost of securities sold is based on the specific identification method. Interest and dividends on securities classified as available-for-sale are included in investment income in the consolidated statements of operations. | ||||
The fair value of the Company’s available-for-sale equity securities are measured quarterly, on a recurring basis, using Level 1 inputs, or quoted prices for identical, actively traded assets. The fair value of the Company’s available-for-sale debt securities are measured quarterly, on a recurring basis, using Level 2 inputs. | ||||
Fair Value of Financial Instruments | ||||
The carrying amounts of the Company’s financial assets and liabilities including cash and cash equivalents, restricted cash, investment securities, accounts receivable, and accounts payable at March 31, 2015 and December 31, 2014, approximate fair value because of the short maturity of these instruments. The carrying amount of the Company’s investments in commercial loans approximate fair value at March 31, 2015 and December 31, 2014, since the floating and fixed rates of the loans reasonably approximates current market rates for notes with similar risks and maturities. The carrying amount of the Company’s long-term debt approximates fair value at March 31, 2015 and December 31, 2014, since the floating rate of our credit facility and the fixed rates of our secured financings reasonably approximate current market rates for notes with similar risks and maturities. | ||||
Fair Value Measurements | ||||
The Company’s estimates of fair value of financial and non-financial assets and liabilities based on the framework established in the fair value accounting guidance. The framework specifies a hierarchy of valuation inputs which was established to increase consistency, clarity and comparability in fair value measurements and related disclosures. The guidance describes a fair value hierarchy based upon three levels of inputs that may be used to measure fair value, two of which are considered observable and one that is considered unobservable. The following describes the three levels: | ||||
• | Level 1 – Valuation is based upon quoted prices in active markets for identical assets or liabilities. | |||
• | Level 2 – Valuation is based upon inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | |||
• | Level 3 – Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include option pricing models, discounted cash flow models and similar techniques. | |||
Impact Fees and Mitigation Credits | ||||
Impact fees and mitigation credits are stated at the lower of cost or market. As these assets are sold, the related revenues and cost basis are reported as revenues from and direct costs of real estate operations, respectively, in the consolidated statements of operations. | ||||
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. | ||||
Commercial Loan Investment Impairment | ||||
The Company’s commercial loans are held for investment. For each loan, 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 March 31, 2015, no allowance for impairment was required. | ||||
Recognition of Interest Income from Commercial Loan Investments | ||||
Interest income on commercial loan investments includes interest payments made by the borrower and the accretion of purchase discounts and loan origination fees, offset by the amortization of fees. Interest payments are accrued based on the actual coupon rate and the outstanding principal balance and purchase discounts and origination fees are accreted into income using the effective yield method, adjusted for prepayments. | ||||
Reclassifications | ||||
Certain items in the prior period’s consolidated balance sheet and statement of operations have been reclassified to conform to the presentation as of and for the three months ended March 31, 2015. Specifically, land, timber, and subsurface interests were previously stated as a separate line item within property, plant, and equipment and accumulated depreciation on the consolidated balance sheets and are now included with land, timber, and development costs as all of the costs are related to the Company’s land portfolio of over 10,500 acres. The amount reclassified to land, timber, and development costs was approximately $14.9 million as of December 31, 2014. Also, third-party purchase price allocations performed during the three months ended March 31, 2015 related to three 2014 income property acquisitions resulted in a revised allocation between income properties, land, buildings, and improvements, intangible assets, and accrued and other liabilities. As of December 31, 2014, the reclassifications made relating to the purchase price allocations were to increase intangible assets by approximately $3.0 million, decrease income properties, land, buildings, and improvements by approximately $2.3 million, and increase accrued and other liabilities by approximately $670,000. In addition, revenue and cost of sales related to impact fees sold were previously reported net in the consolidated statements of income. Current presentation reports the revenues and cost basis of impact fees sold as revenues from and direct costs of real estate operations, respectively, in the consolidated statements of operations. The increase in revenues and the direct costs of revenues was approximately $73,000 for the three months ended March 31, 2014. These reclassifications had an immaterial effect on total assets and no effect on income from continuing operations as of and for the three months ended March 31, 2014. |
Income_Properties
Income Properties | 3 Months Ended |
Mar. 31, 2015 | |
Business Combinations [Abstract] | |
Income Properties | NOTE 2. INCOME PROPERTIES |
No income properties were acquired during the three months ended March 31, 2015 or 2014. | |
During the three months ended March 31, 2015, independent third-party purchase price allocation valuations were completed on three of the four income properties acquired during the year ended December 31, 2014 for a total purchase price of approximately $39.1 million. As a result of the valuations, the allocation of the total purchase price to intangible assets was increased by approximately $3.0 million while the allocation to income properties, land, buildings, and improvements decreased by approximately $2.3 million. In addition, the allocation to intangible lease liabilities was approximately $670,000 causing an increase in accrued and other liabilities of that amount. |
Commercial_Loan_Investments
Commercial Loan Investments | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||
Commercial Loan Investments | NOTE 3. COMMERCIAL LOAN INVESTMENTS | ||||||||||||||||||
No commercial loan investments were acquired during the three months ended March 31, 2015. | |||||||||||||||||||
On August 7, 2013, the Company acquired a $19.6 million first mortgage loan secured by an upper upscale hotel in Atlanta, Georgia, for approximately $17.5 million, a discount of approximately $2.05 million. The discount was being accreted into income ratably through the contractual maturity date in March 2014, which was included in Interest Income from Commercial Loan Investments in the consolidated financial statements. On January 6, 2014, the remaining commercial mortgage loan principal of $19.5 million was paid in full. The total revenue recognized during the three months ended March 31, 2014, was approximately $844,000 including the remaining accretion of the purchase discount of approximately $650,000, interest income of approximately $36,000, and an exit fee of approximately $195,000, offset by the remaining amortization of fees of approximately $37,000. No revenue was recognized during the three months ended March 31, 2015. | |||||||||||||||||||
On January 31, 2014, the Company acquired a mezzanine loan secured by the borrower’s equity interest in an upper upscale hotel in Atlanta, Georgia, that was previously subject to the Company’s first commercial loan investment. The Company purchased the $5.0 million performing loan at par. The loan matures in February 2019, bears a fixed interest rate of 12.00% per annum, and requires payments of interest only prior to maturity. Interest revenue recognized was approximately $150,000 and $100,000 during the three months ended March 31, 2015 and 2014, respectively. | |||||||||||||||||||
On May 16, 2014, the Company funded approximately $3.1 million of a $6.3 million first mortgage commitment for the redevelopment of an existing vacant retail property into a Container Store located in Glendale, Arizona, which opened on February 7, 2015. Through March 31, 2015, approximately $5.5 million in draws were funded by the Company, leaving a remaining commitment of approximately $832,000, which may be drawn by the borrower as construction costs are incurred. The Company expects to fund the remaining commitment in the second quarter of 2015. The loan matures in November 2015, includes one nine-month extension option, bears a fixed interest rate of 6.00% per annum prior to the commencement of rent on the Container Store lease, and requires payments of interest only prior to maturity. Effective on February 7, 2015, in conjunction with the commencement of rent on the Container Store, the interest rate increased to the 30-day London Interbank Offer Rate (“LIBOR”) plus 800 basis points. At closing, a loan origination fee of approximately $79,000 was received by the Company and is being accreted ratably into income through the contractual maturity date in November 2015. Total interest revenue recognized was approximately $111,000 for the three months ended March 31, 2015 with no interest recognized during the three months ended March 31, 2014. | |||||||||||||||||||
On May 20, 2014, the Company acquired an approximate $9.0 million B-Note secured by a retail shopping center located in Sarasota, Florida. The loan matures in June 2015, includes three one-year extension options, bears a floating interest rate of 30-day LIBOR plus 725 basis points, and requires payments of interest only prior to maturity. The loan is subordinate to an approximately $48.0 million A-Note collateralized by the same property, for a total debt balance of $57.0 million. Total interest revenue recognized was approximately $166,000 for the three months ended March 31, 2015 with no interest recognized during the three months ended March 31, 2014. | |||||||||||||||||||
On September 30, 2014, the Company acquired a mezzanine loan secured by the borrower’s equity interest in an upper upscale hotel in Dallas, Texas. The Company purchased the $10.0 million performing loan at par. The loan matures in September 2016, bears a floating interest rate of 30-day LIBOR plus 725 basis points, and requires payments of interest only prior to maturity. The loan is subordinate to a $64.0 million first mortgage on the hotel in Dallas, Texas. Total interest revenue recognized was approximately $185,000 for the three months ended March 31, 2015 with no interest recognized during the three months ended March 31, 2014. | |||||||||||||||||||
On November 14, 2014, the Company acquired a $1.0 million first mortgage loan secured by real estate in Ormond Beach, Florida. The loan matures in November 2015, includes a one-year extension option, bears a floating interest rate of 30-day LIBOR plus 725 basis points, and requires payments of interest only prior to maturity. At closing, a loan origination fee of approximately $10,000 was received by the Company and recognized as income. Total interest revenue recognized was approximately $19,000 for the three months ended March 31, 2015 with no interest recognized during the three months ended March 31, 2014. | |||||||||||||||||||
The Company’s commercial loan investment portfolio was comprised of the following at March 31, 2015: | |||||||||||||||||||
Description | Date of | Maturity | Original Face | Current Face | Carrying | Coupon Rate | |||||||||||||
Investment | Date | Amount | Amount | Value | |||||||||||||||
Mezz – Hotel – Atlanta, GA | January 2014 | Feb-19 | $ | 5,000,000 | $ | 5,000,000 | $ | 5,000,000 | 12.00% | ||||||||||
Construction – Container Store, Glendale, AZ | May-14 | November 2015 | 6,300,000 | 5,467,827 | 5,422,767 | 30-day LIBOR | |||||||||||||
plus 8.00 % | |||||||||||||||||||
B-Note – Retail Shopping Center, Sarasota, FL | May-14 | Jun-15 | 8,960,467 | 8,960,467 | 8,960,467 | 30-day LIBOR | |||||||||||||
plus 7.25 % | |||||||||||||||||||
Mezz – Hotel, Dallas, TX | September 2014 | September 2016 | 10,000,000 | 10,000,000 | 10,000,000 | 30-day LIBOR | |||||||||||||
plus 7.25 % | |||||||||||||||||||
Development – Real Estate, Ormond Beach, FL | Nov-14 | Nov-15 | 1,000,000 | 1,000,000 | 1,000,000 | 30-day LIBOR | |||||||||||||
plus 7.25 % | |||||||||||||||||||
Total | $ | 31,260,467 | $ | 30,428,294 | $ | 30,383,234 | |||||||||||||
The carrying value of the commercial loan investment as of March 31, 2015 consisted of the following: | |||||||||||||||||||
Total | |||||||||||||||||||
Current Face Amount | $ | 30,428,294 | |||||||||||||||||
Unaccreted Origination Fees | (45,060 | ) | |||||||||||||||||
Total Commercial Loan Investments | $ | 30,383,234 | |||||||||||||||||
The Company’s commercial loan investment portfolio was comprised of the following at December 31, 2014: | |||||||||||||||||||
Description | Date of | Maturity | Original Face | Current Face | Carrying | Coupon Rate | |||||||||||||
Investment | Date | Amount | Amount | Value | |||||||||||||||
Mezz – Hotel, Atlanta, GA | January 2014 | Feb-19 | $ | 5,000,000 | $ | 5,000,000 | $ | 5,000,000 | 12.00% | ||||||||||
Construction – Container Store, Glendale, AZ | May-14 | November 2015 | 6,300,000 | 5,306,031 | 5,247,607 | 6.00% | |||||||||||||
B-Note – Retail Shopping Center, Sarasota, FL | May-14 | Jun-15 | 8,960,467 | 8,960,467 | 8,960,467 | 30-day LIBOR | |||||||||||||
plus 7.25 % | |||||||||||||||||||
Mezz – Hotel, Dallas, TX | September 2014 | September 2016 | 10,000,000 | 10,000,000 | 10,000,000 | 30-day LIBOR | |||||||||||||
plus 7.25 % | |||||||||||||||||||
Development – Real Estate, Ormond Beach, FL | Nov-14 | Nov-15 | 1,000,000 | 1,000,000 | 1,000,000 | 30-day LIBOR | |||||||||||||
plus 7.25 % | |||||||||||||||||||
Total | $ | 31,260,467 | $ | 30,266,498 | $ | 30,208,074 | |||||||||||||
The carrying value of the commercial loan investment as of December 31, 2014 consisted of the following: | |||||||||||||||||||
Total | |||||||||||||||||||
Current Face Amount | $ | 30,266,498 | |||||||||||||||||
Unaccreted Origination Fees | (58,424 | ) | |||||||||||||||||
Total Commercial Loan Investments | $ | 30,208,074 | |||||||||||||||||
Land_and_Subsurface_Interests
Land and Subsurface Interests | 3 Months Ended |
Mar. 31, 2015 | |
Real Estate [Abstract] | |
Land and Subsurface Interests | NOTE 4. LAND AND SUBSURFACE INTERESTS |
During the three months ended March 31, 2015, there were no land transactions. | |
During the three months ended March 31, 2014, the Company sold approximately 3.1 acres to Halifax Humane Society, Inc. for $391,500, or approximately $128,000 per acre, for a gain of approximately $347,000. This parcel is located on LPGA Boulevard, just west of I-95 in Daytona Beach, Florida and is adjacent to an existing property owned by Halifax Humane Society, Inc. | |
During 2011, an eight-year oil exploration lease covering approximately 136,000 net mineral acres primarily located in Lee County and Hendry County, Florida was executed and an approximate $914,000 first year rental payment was received. An additional approximate $922,000, representing the guaranteed payment for the second year’s delay rent, was received in September 2012. The two payments totaling approximately $1.8 million have been recognized ratably into income through September 2013. On September 22, 2013, the Company entered into an amendment of the exploration lease (the “Oil Lease Amendment”). Under the Oil Lease Amendment, the net mineral acres under exploration lease was reduced from approximately 136,000 net mineral acres to approximately 82,000 net mineral acres in Hendry County, Florida. The approximately 54,000 net mineral acres removed from the exploration lease were located in Lee County, Florida. In connection with the Oil Lease Amendment, the Company received an approximate $3.3 million rent payment for the third year of the Company’s eight-year oil exploration lease. The payment was recognized ratably over the 12 month lease period ending in September 2014. Also during September 2013, the Company received, and recognized as revenue, a non-refundable penalty payment of $1.0 million relating to the drilling requirements in the lease. During September 2014, the Company received an approximate $1.9 million rent payment for the adjusted acreage of 42,000 acres for the fourth year of the Company’s eight-year exploration lease, which is being recognized ratably over the 12 month lease period ending in September 2015. Also during September 2014, the Company received, and recognized as revenue, a non-refundable penalty payment of $600,000 relating to drilling requirements in the lease. The terms of the lease state the Company will receive royalty payments if production occurs and may receive additional annual rental payments if the lease is continued in years five through eight. | |
Lease income generated by the Oil Lease Amendment is being recognized on a straight-line basis over the guaranteed lease term. For the three months ended March 31, 2015 and 2014, lease income of approximately $460,000 and $812,000 was recognized, respectively. There can be no assurance that the Oil Lease Amendment will be extended beyond the expiration of the current term of September 2015 or, if renewed, on similar terms or conditions. |
Investment_Securities
Investment Securities | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||
Investment Securities | NOTE 5. INVESTMENT SECURITIES | ||||||||||||||||
The Company purchased approximately $730,000 of preferred stock during December 2013, a small portion of which was sold during the fourth quarter of 2014 with the remainder being sold during the first quarter of 2015. During the three months ended March 31, 2015 the Company purchased approximately $5.1 million of common stock and debt securities. | |||||||||||||||||
Available-for-Sale securities consisted of the following as of March 31, 2015: | |||||||||||||||||
As of March 31, 2015 | |||||||||||||||||
Amortized | Gains in | Losses in | Estimated | ||||||||||||||
Cost | Accumulated | Accumulated | Fair Value | ||||||||||||||
Other | Other | (Level 1 and 2 | |||||||||||||||
Comprehensive | Comprehensive | Inputs) | |||||||||||||||
Income | Income | ||||||||||||||||
Debt Securities | $ | 1,926,697 | $ | 3,303 | $ | — | $ | 1,930,000 | |||||||||
Total Debt Securities | 1,926,697 | 3,303 | — | 1,930,000 | |||||||||||||
Common Stock | 3,123,640 | 356,988 | — | 3,480,628 | |||||||||||||
Total Equity Securities | 3,123,640 | 356,988 | — | 3,480,628 | |||||||||||||
Total Available-for-Sale Securities | $ | 5,050,337 | $ | 360,291 | $ | — | $ | 5,410,628 | |||||||||
The gross realized gains on sales of available-for-sale securities totaled approximately $131,000 during the three months ended March 31, 2015. The net adjustment to unrealized holding gains on available-for sale securities included in other comprehensive income totaled approximately $82,000 during the three months ended March 31, 2015. | |||||||||||||||||
The gross unrealized gains of approximately $374,000 during the three months ended March 31, 2015, net of tax of approximately $144,000, is included in other comprehensive income. | |||||||||||||||||
The debt securities have a maturity date of 5 – 10 years from March 31, 2015. | |||||||||||||||||
Available-for-Sale securities consisted of the following as of December 31, 2014: | |||||||||||||||||
As of December 31, 2014 | |||||||||||||||||
Cost | Gains in | Losses in | Estimated | ||||||||||||||
Accumulated | Accumulated | Fair Value | |||||||||||||||
Other | Other | ||||||||||||||||
Comprehensive | Comprehensive | ||||||||||||||||
Income | Income | ||||||||||||||||
Preferred Stock | $ | 704,173 | $ | 117,263 | $ | — | $ | 821,436 | |||||||||
Total Equity Securities | $ | 704,173 | $ | 117,263 | $ | — | $ | 821,436 | |||||||||
Total Available-for-Sale Securities | $ | 704,173 | $ | 117,263 | $ | — | $ | 821,436 | |||||||||
The gross unrealized gains of approximately $71,000 during the three months ended March 31, 2014, net of tax of approximately $28,000, is included in other comprehensive income. | |||||||||||||||||
Following is a table reflecting the sale of investment securities and gains recognized during the three months ended March 31, 2015 and 2014: | |||||||||||||||||
For the Three Months Ended March 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Proceeds from the Disposition of Equity Securities | $ | 834,964 | $ | — | |||||||||||||
Cost Basis of Investment Securities Sold | (704,173 | ) | — | ||||||||||||||
Gain recognized in Statement of Operations on the Disposition of Equity Securities | $ | 130,791 | $ | — | |||||||||||||
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value of Financial Instruments | NOTE 6. FAIR VALUE OF FINANCIAL INSTRUMENTS | ||||||||||||||||
The following table presents the carrying value and estimated fair value of the Company’s financial instruments at March 31, 2015 and December 31, 2014: | |||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||
Carrying | Estimated | Carrying | Estimated | ||||||||||||||
Value | Fair Value | Value | Fair Value | ||||||||||||||
Cash and Cash Equivalents | $ | 25,078,783 | $ | 25,078,783 | $ | 1,881,195 | $ | 1,881,195 | |||||||||
Restricted Cash | 5,383,695 | 5,383,695 | 4,440,098 | 4,440,098 | |||||||||||||
Investment Securities | 5,410,628 | 5,410,628 | 821,436 | 821,436 | |||||||||||||
Commercial Loan Investments | 30,383,234 | 30,428,294 | 30,208,074 | 30,266,498 | |||||||||||||
Long-Term Debt | 129,332,812 | 129,332,812 | 103,940,011 | 103,940,011 | |||||||||||||
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. |
Intangible_Assets
Intangible Assets | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||
Intangible Assets | NOTE 7. INTANGIBLE ASSETS | ||||||||
Intangible assets and liabilities consisted of the following as of March 31, 2015 and December 31, 2014: | |||||||||
As of | |||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Intangible Lease Assets: | |||||||||
Value of In-Place Leases, net | $ | 8,420,625 | $ | 9,043,617 | |||||
Value of Above Market In-Place Leases, net | 287,853 | 330,424 | |||||||
Value of Intangible Leasing Costs, net | 909,637 | 978,082 | |||||||
Sub-total Intangible Lease Assets | 9,618,115 | 10,352,123 | |||||||
Intangible Lease Liabilities (included in accrued and other liabilities): | |||||||||
Value of Below Market In-Place Leases, net | (631,170 | ) | (669,693 | ) | |||||
Sub-total Intangible Lease Liabilities | (631,170 | ) | (669,693 | ) | |||||
Total Intangible Assets - Net | $ | 8,986,945 | $ | 9,682,430 | |||||
Accumulated amortization was approximately $3.7 million and $3.6 million as of March, 31, 2015 and December 31, 2014, respectively. Amortization expense for the three months ended March 31, 2015 and 2014 was approximately $422,000 and $169,000, respectively. | |||||||||
The estimated future amortization expense related to net intangible assets is as follows: | |||||||||
Year Ending December 31, | Amount | ||||||||
Remainder of 2015 | $ | 856,577 | |||||||
2016 | 1,104,014 | ||||||||
2017 | 1,013,260 | ||||||||
2018 | 1,005,572 | ||||||||
2019 | 974,422 | ||||||||
2020 | 810,297 | ||||||||
Thereafter | 3,222,803 | ||||||||
Total | $ | 8,986,945 | |||||||
Impairment_of_LongLived_Assets
Impairment of Long-Lived Assets | 3 Months Ended |
Mar. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Impairment of Long-Lived Assets | NOTE 8. IMPAIRMENT OF LONG-LIVED ASSETS |
The Company assesses the impairment of long-lived assets whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The fair value of long-lived assets required to be assessed for impairment is determined on a non-recurring basis using Level 3 inputs in the fair value hierarchy. These Level 3 inputs may include, but are not limited to, executed purchase and sale agreements on specific properties, third party valuations, discounted cash flow models, and other model-based techniques. | |
During the three months ended March 31, 2015, an impairment charge of approximately $510,000 was recognized on the income properties held for sale as of March 31, 2015, for which the sale closed on April 17, 2015. The total impairment charge represents the loss on the sale of approximately $277,000 plus estimated closing costs of approximately $233,000. During the three months ended March 31, 2014, no impairment charges were recognized. |
Common_Stock_and_Earnings_Per_
Common Stock and Earnings Per Share | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Common Stock and Earnings Per Share | NOTE 9. COMMON STOCK AND EARNINGS PER SHARE | ||||||||
Basic earnings per common share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per common share is based on the assumption of the conversion of stock options and vesting of restricted stock at the beginning of each period using the treasury stock method at average cost for the periods. | |||||||||
Three Months Ended | |||||||||
March 31, | March 31, | ||||||||
2015 | 2014 | ||||||||
Income Available to Common Shareholders: | |||||||||
Net Income | $ | 353,356 | $ | 1,500,407 | |||||
Weighted Average Shares Outstanding | 5,826,640 | 5,745,341 | |||||||
Common Shares Applicable to Stock | |||||||||
Options Using the Treasury Stock Method | 33,721 | 2,188 | |||||||
Total Shares Applicable to Diluted Earnings Per Share | 5,860,361 | 5,747,529 | |||||||
Basic and Diluted Per Share Information: | |||||||||
Net Income | $ | 0.06 | $ | 0.26 | |||||
The effect of 25,200 and 38,800 potentially dilutive securities were not included for the three months ended March 31, 2015 and 2014, respectively, as the effect would be antidilutive. | |||||||||
The Company intends to settle its 4.50% Convertible Senior Notes due 2020 (the “Notes”) in cash upon conversion with any excess conversion value to be settled in shares of our common stock. Therefore, only the amount in excess of the par value of the Notes will be included in our calculation of diluted net income per share using the treasury stock method. As such, the Notes have no impact on diluted net income per share until the price of our common stock exceeds the conversion price of $68.90. The average price of our common stock during the three months ended March 31, 2015 did not exceed the conversion price which resulted in no additional diluted outstanding shares. |
Treasury_Stock
Treasury Stock | 3 Months Ended |
Mar. 31, 2015 | |
Equity [Abstract] | |
Treasury Stock | NOTE 10. TREASURY STOCK |
On April 26, 2012, the Company announced a voluntary Odd-Lot Buy-Back Program (the “Program”), whereby the Company offered to purchase shares from shareholders who owned less than 100 shares of the Company’s common stock as of April 26, 2012, for $31.00 per share. The Program reflected the Company’s interest in reducing the ongoing costs associated with shareholder recordkeeping and communications and to assist shareholders who may be deterred from selling their small lots of stock due to the costs that would be incurred. The Company paid all costs associated with the Program and purchased 14,634 shares under the Program at a total cost of approximately $454,000. 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. | |
The Company repurchased 4,660 shares of its common stock at a cost of approximately $105,000 through December 31, 2013. During 2014, the Company repurchased an additional 25,836 shares of its common stock on the open market for a total cost of approximately $928,000 and placed those shares in treasury. No shares were repurchased during the three months ended March 31, 2015. Pursuant to a covenant in our Credit Facility, which includes the Odd-Lot Buy-Back Program as part of our stock repurchase capacity, the maximum approximate dollar value of shares that may yet be purchased under the plan or program was approximately $6.5 million as of March 31, 2015. |
LongTerm_Debt
Long-Term Debt | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Long-Term Debt | NOTE 11. LONG-TERM DEBT | ||||||||
Credit Facility. The Company has a revolving credit facility, as amended on April 20, 2015 (the “Credit Facility”) which matures on August 1, 2018 with the ability to extend the term for 1 year. The Credit Facility has a total borrowing capacity of $75.0 million with the ability to increase that capacity up to $125.0 million during the term. The Credit Facility provides the lenders with a secured interest in the equity of the subsidiaries that own the properties included in the borrowing base. The indebtedness outstanding under the Credit Facility accrues interest at a rate ranging from the 30-day LIBOR plus 135 basis points to the 30-day LIBOR plus 225 basis points based on the total balance outstanding under the Credit Facility as a percentage of the total asset value of the Company, as defined in the Credit Facility. The Credit Facility also accrues a fee of 20 to 25 basis points for any unused portion of the borrowing capacity based on whether the unused portion is greater or less than 50% of the total borrowing capacity. The Credit Facility is guaranteed by certain wholly-owned subsidiaries of the Company. The Credit Facility bank group is led by Bank of Montreal (“BMO”) and also includes Wells Fargo Bank, N.A. and Branch Banking & Trust Company. | |||||||||
At March 31, 2015, the current commitment level under the Credit Facility, was $75.0 million. As a result of the amendment to the Credit Facility the available borrowing capacity under the Credit Facility was approximately $57.5 million subject to the borrowing base requirements. | |||||||||
The Credit Facility is subject to customary restrictive covenants, including, but not limited to, limitations on the Company’s ability to: (a) incur indebtedness; (b) make certain investments; (c) incur certain liens; (d) engage in certain affiliate transactions; and (e) engage in certain major transactions such as mergers. In addition, the Company is subject to various financial maintenance covenants, including, but not limited to, a maximum indebtedness ratio, a maximum secured indebtedness ratio, and a minimum fixed charge coverage ratio. The 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. | |||||||||
Mortgage Notes Payable. 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 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 mortgage loan matures in April 2023, carries a fixed rate of 3.67% per annum, and requires payments of interest only prior to maturity. | |||||||||
September 30, 2014, the Company closed on a $30.0 million loan originated with Wells Fargo Bank, N.A., secured by its interest in six income properties. The mortgage loan matures in October 2034, and carries a fixed rate of 4.33% per annum during the first ten years of the term, and requires payments of interest only during the first ten years of the loan. After the tenth anniversary of the effective date of the loan the cash flows generated by the underlying six income properties must be used to pay down the principal balance of the loan until paid off or until the loan matures. The loan is fully pre-payable after the tenth anniversary date of the effective date of the loan. | |||||||||
Convertible Debt. On March 11, 2015, the Company issued $75.0 million aggregate principal amount of 4.50% Convertible Senior Notes due 2020 (the “Notes”). The Notes bear interest at a rate of 4.50% per year, payable semiannually in arrears on March 15 and September 15 of each year, beginning on September 15, 2015. The Notes will mature on March 15, 2020, unless earlier purchased or converted. The initial conversion rate is 14.5136 shares of common stock for each $1,000 principal amount of Notes, which represents an initial conversion price of approximately $68.90 per share of common stock. The conversion rate is subject to adjustment in certain circumstances. Holders may surrender their Notes for conversion at any time prior to the close of business on the day immediately preceding December 15, 2019 only upon the satisfaction of certain conditions relating to the closing sale price of the Common Stock, the trading price per $1,000 principal amount of Notes or specified corporate events. The Company may not redeem the Notes prior to the stated maturity date and no sinking fund is provided for the Notes. The Notes are convertible, at the election of the Company, into solely cash, solely shares of the Company’s common stock, or a combination of cash and shares of the Company’s common stock. The Company intends to settle the Notes in cash upon conversion with any excess conversion value to be settled in shares of our common stock. In accordance with GAAP, the Notes are accounted for as a liability with a separate equity component recorded for the conversion option. A liability was recorded for the Notes on the issuance date at fair value based on a discounted cash flow analysis using current market rates for debt instruments with similar terms. The difference between the initial proceeds from the Notes and the estimated fair value of the debt instruments resulted in a debt discount, with an offset recorded to additional paid-in capital representing the equity component. The discount on the Notes was approximately $6.1 million at issuance, which represents the cash discount paid of approximately $2.6 million and the approximate $3.5 million attributable to the value of the conversion option recorded in equity, which is being amortized to interest expense through the maturity date of the Notes. As of March 31, 2015 the unamortized debt discount of our Notes was approximately $6.1 million. | |||||||||
Net proceeds from issuance of the Notes was approximately $72.4 million, net of the cash discount paid of approximately $2.6 million, of which approximately $47.5 million was used to repay our Credit Facility balance as of March 11, 2015. We intend to use the remaining amount for investments in income-producing properties or investments in commercial loans secured by commercial real estate. | |||||||||
The Company’s earnings release for the quarter ended March 31, 2015, issued on April 22, 2015, presented the Company’s estimate of the fair value of the Notes including the debt and equity components of the issuance. Subsequent to the earnings release and prior to the filing of this quarterly report on Form 10-Q the Company finalized its fair value estimates pursuant to a fair valuation prepared by an independent third-party valuation consultant, whereby the allocation of the fair value of the Notes attributable to the debt component and the equity component were adjusted. The following table reflects the amount of the adjustment to each balance sheet element: | |||||||||
Balance Sheet Element | Increase | ||||||||
(Decrease) | |||||||||
Liabilities: | |||||||||
Deferred Income Taxes - Net | $ | 1,337,644 | |||||||
Long-Term Debt | $ | 7,936,882 | |||||||
Shareholders’ Equity: | |||||||||
Additional Paid-In Capital | $ | (9,274,526 | ) | ||||||
The adjustments above resulted in an increase to total liabilities of approximately $9.3 million and a decrease to total shareholders’ equity of approximately $9.3 million, with a commensurate decrease in book value. | |||||||||
Long-term debt consisted of the following: | |||||||||
March 31, 2015 | |||||||||
Total | Due Within | ||||||||
One Year | |||||||||
Credit Facility | $ | — | $ | — | |||||
Mortgage Note Payable (originated with UBS) | 7,300,000 | — | |||||||
Mortgage Note Payable (originated with BOA) | 23,100,000 | — | |||||||
Mortgage Note Payable (originated with Wells Fargo) | 30,000,000 | — | |||||||
4.50% Convertible Senior Notes due 2020, net of discount | 68,932,812 | — | |||||||
Total Long-Term Debt | $ | 129,332,812 | $ | — | |||||
Payments applicable to reduction of principal amounts will be required as follows: | |||||||||
Year Ending December 31, | Amount | ||||||||
Remainder of 2015 | $ | — | |||||||
2016 | — | ||||||||
2017 | — | ||||||||
2018 | 7,300,000 | ||||||||
2019 | — | ||||||||
2020 | 75,000,000 | ||||||||
Thereafter | 53,100,000 | ||||||||
Total Long-Term Debt | $ | 135,400,000 | |||||||
The carrying value of long-term debt as of March 31, 2015 consisted of the following: | |||||||||
Total | |||||||||
Current Face Amount | $ | 135,400,000 | |||||||
Unamortized Discount on Convertible Debt | (6,067,188 | ) | |||||||
Total Long-Term Debt | $ | 129,332,812 | |||||||
For the three months ended March 31, 2015, interest expense was approximately $969,000 with approximately $815,000 paid during the period. For the three months ended March 31, 2014, interest expense was approximately $413,000 with approximately $378,000 paid during the period. Interest of approximately $6,700 was capitalized during the three months ended March 31, 2014, while no interest was capitalized during the three months ended March 31, 2015. | |||||||||
The amortization of loan costs incurred in connection with the Company’s long-term debt is included in interest expense in the consolidated financial statements. 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 March 31, 2015 and 2014, the amortization of loan costs totaled approximately $73,000 and $55,000, respectively. | |||||||||
The amortization of the approximate $6.1 million discount on the Company’s Notes is also included in interest expense in the consolidated financial statements. The discount is being amortized over the term of the Notes using the effective interest method. For the three months ended March 31, 2015 the amortization of the discount was approximately $25,000 with no amounts recognized during the three months ended March 31, 2014. | |||||||||
The Company was in compliance with all of its debt covenants as of March 31, 2015 and December 31, 2014. |
Accrued_and_Other_Liabilities
Accrued and Other Liabilities | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Payables and Accruals [Abstract] | |||||||||
Accrued and Other Liabilities | NOTE 12. ACCRUED AND OTHER LIABILITIES | ||||||||
Accrued and other liabilities consisted of the following: | |||||||||
As of | |||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Golf Course Lease | $ | 2,881,485 | $ | 2,973,898 | |||||
Accrued Property Taxes | 337,169 | — | |||||||
Other Post-Retirement Benefits | — | 142,797 | |||||||
Reserve for Tenant Improvements | 577,429 | 551,250 | |||||||
Accrued Interest | 351,623 | 197,929 | |||||||
Environmental Reserve | 100,985 | 108,733 | |||||||
Below Market In-Place Leases, net | 631,170 | 669,693 | |||||||
Other | 450,337 | 1,426,902 | |||||||
Total Accrued and Other Liabilities | $ | 5,330,198 | $ | 6,071,202 | |||||
In July 2012, the Company entered into an agreement with the City of Daytona Beach, Florida (the “City”) to, among other things, amend the lease payments under its golf course lease (the “Lease Amendment”), Under the Amendment, the base rent payment, which was scheduled to increase from $250,000 to $500,000 as of September 1, 2012, will remain at $250,000 for the remainder of the lease term and any extensions would be subject to an annual rate increase of 1.75% beginning September 1, 2013. The Company also agreed to invest $200,000 prior to September 1, 2015 for 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 March 31, 2015, approximately $2.0 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 Lowes on April 22, 2014, the Company was credited approximately $651,000 at closing for certain required tenant improvements, some of which are not required to be completed until December 2016. As of March 31, 2015, approximately $100,000 of these tenant improvements had been completed and funded. | |||||||||
During the year ended December 31, 2014, the Company accrued an environmental reserve of approximately $110,000 in connection with an estimate of additional costs to monitor a parcel of less than one acre of land owned by the Company that previously had environmental remediation work performed. Approximately $8,000 in costs have been incurred through March 31, 2015. |
Deferred_Revenue
Deferred Revenue | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Deferred Revenue Disclosure [Abstract] | |||||||||
Deferred Revenue | NOTE 13. DEFERRED REVENUE | ||||||||
Deferred revenue consisted of the following: | |||||||||
As of | |||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Deferred Oil Exploration Lease Revenue | $ | 894,728 | $ | 1,354,873 | |||||
Deferred Land Sale Revenue | — | 87,581 | |||||||
Prepaid Rent | 564,612 | 674,165 | |||||||
Escrow Reserve, Container Store Loan | 46,248 | 144,124 | |||||||
Escrow Reserve, Plantation Oaks Loan | 46,663 | 65,216 | |||||||
Other Deferred Revenue | 373,765 | 392,584 | |||||||
Total Deferred Revenue | $ | 1,926,016 | $ | 2,718,543 | |||||
On September 19, 2014, the Company received an approximate $1.9 million rent payment for the fourth year of the Company’s eight-year oil exploration lease, which is being recognized ratably over the 12 month lease period ending in September 2015. | |||||||||
In connection with the 75.6 acre land sale that closed in August 2014, approximately $597,000 of the $7.8 million sales price was deferred to be recognized as revenue on a percentage-of-completion basis as certain road improvements are. The road improvements were substantially completed as of March 31, 2015 and accordingly, through March 31, 2015, the entire approximate $597,000 of revenue had been recognized, with approximately $88,000 of the total recognized during the three months ended March 31, 2015. |
Pension_Plan
Pension Plan | 3 Months Ended |
Mar. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension Plan | NOTE 14. PENSION PLAN |
The Company maintained a Defined Benefit Pension Plan (the “Pension Plan”) which had been, prior to December 31, 2011, for all employees who had attained the age of 21 and completed one year of service. | |
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 Pension Plan, and, if necessary, 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. On January 22, 2014, the Company’s Board of Directors approved the termination of the Pension Plan effective March 31, 2014. Termination of the Pension Plan was completed through the distribution of the Pension Plan assets to participants and beneficiaries through either the purchase of an annuity from an insurance company or, payment of the benefit owed in a one-time lump sum payment based on a final calculation of benefit as of March 31, 2014. The final termination settlement was completed during the three months ended December 31, 2014. The Company contributed approximately $43,000 to fully fund the Pension Plan to enable the distribution to participants of a lump sum benefit or the purchase of a life annuity to effectuate the termination. In addition, the Company incurred approximately $170,000 for the cost of legal and other advisors to complete the termination. During the three months ended March 31, 2015, the Company received notice from the IRS of a favorable determination and expects to receive the determination letter, which is the final step in terminating the Pension Plan. |
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Stock-Based Compensation | NOTE 15. STOCK-BASED COMPENSATION | ||||||||||||||||
EQUITY-CLASSIFIED STOCK COMPENSATION | |||||||||||||||||
Market Condition Restricted Shares | |||||||||||||||||
Under the Amended and Restated 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 three months ended March 31, 2015, is presented below: | |||||||||||||||||
Market Condition Non-Vested Restricted Shares | Shares | Wtd. Avg. | |||||||||||||||
Grant Date | |||||||||||||||||
Fair Value | |||||||||||||||||
Outstanding at December 31, 2014 | 5,067 | $ | 23.13 | ||||||||||||||
Granted | — | — | |||||||||||||||
Vested | — | — | |||||||||||||||
Forfeited | (567 | ) | 23.13 | ||||||||||||||
Outstanding at March 31, 2015 | 4,500 | $ | 23.13 | ||||||||||||||
As of March 31, 2015, there was approximately $13,000 of unrecognized compensation cost, adjusted for forfeitures, related to market condition non-vested restricted shares, which will be recognized over a remaining weighted average period of 0.6 years. | |||||||||||||||||
Market Condition Inducement Grant of Restricted Shares | |||||||||||||||||
“Inducement” grants of 96,000 and 17,000 restricted shares of the Company’s common stock were awarded to Mr. Albright and Mr. Patten in 2011 and 2012, respectively. Mr. Albright’s restricted shares were granted outside of the 2010 Plan while Mr. Patten’s restricted shares were awarded under the 2010 Plan. The Company filed a registration statement with the Securities and Exchange Commission on Form S-8 to register the resale of Mr. Albright’s restricted stock 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 ninety days after termination of employment by the Company without cause), meeting or exceeding the target trailing ninety-day average closing prices ranging from $36 per share for the first increment to $65 per share for the final increment. If any increment of the restricted shares fails to satisfy the applicable stock price condition prior to six years from the grant date, that increment of the restricted shares will be forfeited. As of March 31, 2015, four increments of Mr. Albright’s and Mr. Patten’s grants had vested. | |||||||||||||||||
Additional “inducement” grants of 2,500 and 3,000 shares of restricted Company common stock were awarded to Mr. Smith and another senior executive, under the 2010 Plan, during the fourth quarter of 2014 and the first quarter of 2015, respectively. The restricted stock will vest in two increments based upon the price per share of Company common stock during the term of their employment (or within 60 days after termination of employment by the Company without cause), meeting or exceeding the target trailing 60-day average closing prices of $60 per share and $65 per share for the two increments. If any increment of the restricted shares fails to satisfy the applicable stock price condition prior to six years from the grant date, that increment of the restricted shares will be forfeited. As of March 31, 2015 no increments of Mr. Smith’s or the other senior executive’s grants had vested. | |||||||||||||||||
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 the activity for these awards during the three months ended March 31, 2015, is presented below: | |||||||||||||||||
Market Condition Non-Vested Restricted Shares | Shares | Wtd. Avg. | |||||||||||||||
Fair Value | |||||||||||||||||
Outstanding at December 31, 2014 | 40,500 | $ | 15.55 | ||||||||||||||
Granted | 3,000 | 46.81 | |||||||||||||||
Vested | — | — | |||||||||||||||
Forfeited | — | — | |||||||||||||||
Outstanding at March 31, 2015 | 43,500 | $ | 17.7 | ||||||||||||||
As of March 31, 2015, there was approximately $175,000 of unrecognized compensation cost, adjusted for estimated forfeitures, related to market condition non-vested restricted shares, which will be recognized over a remaining weighted average period of 0.4 years. | |||||||||||||||||
Three Year Vest Restricted Shares | |||||||||||||||||
On January 22, 2014, the Company granted to certain employees 14,500 shares of non-vested restricted stock under the 2010 Plan. One-third of the restricted shares will vest on each of the first, second, and third anniversaries of the grant date, provided they are an employee of the Company on those dates. In addition, any unvested portion of the restricted shares will vest upon a change in control. | |||||||||||||||||
On January 28, 2015, the Company granted to certain employees 11,700 shares of non-vested restricted stock under the 2010 Plan. Additionally, on February 9, 2015, the Company granted 8,000 shares of non-vested restricted stock to Mr. Albright under the 2010 Plan. One-third of both awards of restricted shares will vest on each of the first, second, and third anniversaries of the January 28, 2015 grant date, provided the grantee is an employee of the Company on those dates. In addition, any unvested portion of the restricted shares will vest upon a change in control. | |||||||||||||||||
The Company’s determination of the fair value of the three year vest restricted stock awards was calculated by multiplying the number of shares issued by the Company’s stock price at the grant date, less the present value of expected dividends during the vesting period. Compensation cost is recognized on a straight-line basis over the vesting period. | |||||||||||||||||
A summary of activity during the three months ended March 31, 2015, is presented below: | |||||||||||||||||
Three Year Vest Non-Vested Restricted Shares | Shares | Wtd. Avg. | |||||||||||||||
Fair Value | |||||||||||||||||
Per Share | |||||||||||||||||
Outstanding at December 31, 2014 | 14,200 | $ | 36.08 | ||||||||||||||
Granted | 19,700 | 55.93 | |||||||||||||||
Vested | (4,734 | ) | 36.08 | ||||||||||||||
Forfeited | (833 | ) | 48 | ||||||||||||||
Outstanding at March 31, 2015 | 28,333 | $ | 49.53 | ||||||||||||||
As of March 31, 2015, there was approximately $1.3 million of unrecognized compensation cost, adjusted for estimated forfeitures, related to the three year vest non-vested restricted shares, which will be recognized over a remaining weighted average period of 2.6 years. | |||||||||||||||||
Non-Qualified Stock Option Awards | |||||||||||||||||
Pursuant to the Non-Qualified Stock Option Award Agreements between the Company and Mr. Albright, Mr. Patten, and Mr. Smith, Mr. Albright, Mr. Patten, and Mr. Smith were granted options to purchase 50,000, 10,000, and 10,000 shares of Company common stock, in 2011, 2012, and 2014, respectively, under the 2010 Plan with an exercise price per share equal to the fair market value on their respective grant dates. One-third of the options will vest on each of the first, second, and third anniversaries of their respective grant dates, provided 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 per share 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. | |||||||||||||||||
On February 9, 2015, the Company granted options to purchase 20,000 shares of the Company’s common stock under the 2010 Plan to Mr. Albright, with an exercise price of $57.50. The options vest on January 28, 2016, provided he is an employee of the Company on that date. In addition, any unvested portion of the options will vest upon a change in control. The options expire on the earliest of: (a) January 28, 2025; (b) twelve months after the employee’s death or termination for disability; or (c) thirty days after the termination of employment for any reason other than death or disability. | |||||||||||||||||
The Company used the Black-Scholes valuation pricing model to determine the fair value of its non-qualified stock option awards. The determination of the fair value of the awards is affected by the stock price as well as assumptions regarding a number of other variables. These variables include expected stock price volatility over the term of the awards, annual dividends, and a risk-free interest rate assumption. | |||||||||||||||||
A summary of the activity for the awards during the three months ended March 31, 2015, is presented below: | |||||||||||||||||
Non-Qualified Stock Option Awards | Shares | Wtd. Avg. | Wtd. Avg. | Aggregate | |||||||||||||
Ex. Price | Remaining | Intrinsic | |||||||||||||||
Contractual | Value | ||||||||||||||||
Term | |||||||||||||||||
(Years) | |||||||||||||||||
Outstanding at December 31, 2014 | 84,765 | $ | 34.39 | ||||||||||||||
Granted | 20,000 | 57.5 | |||||||||||||||
Exercised | (1,650 | ) | 34.95 | ||||||||||||||
Forfeited | (4,870 | ) | 34.95 | ||||||||||||||
Outstanding at March 31, 2015 | 98,245 | $ | 39.05 | 6.2 | $ | 2,024,409 | |||||||||||
Exercisable at March 31, 2015 | 50,395 | $ | 31.39 | 5.01 | $ | 1,424,461 | |||||||||||
A summary of the non-vested options for these awards during the three months ended March 31, 2015, is presented below: | |||||||||||||||||
Non-Qualified Stock Option Awards | Shares | Fair Value | |||||||||||||||
of Shares | |||||||||||||||||
Vested | |||||||||||||||||
Non-Vested at December 31, 2014 | 47,570 | ||||||||||||||||
Granted | 20,000 | ||||||||||||||||
Vested | (14,850 | ) | $ | 519,008 | |||||||||||||
Forfeited | (4,870 | ) | |||||||||||||||
Non-Vested at March 31, 2015 | 47,850 | ||||||||||||||||
The weighted average grant date fair value of options granted during the three months ended March 31, 2015 was approximately $14.22 per share. The total intrinsic value of options exercised during the three months ended March 31, 2015, was approximately $32,000. As of March 31, 2015, there was approximately $437,000 of unrecognized compensation related to non-qualified, non-vested stock option awards, which will be recognized over a remaining weighted average period of 1.1 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 three months ended March 31, 2015 is presented below: | |||||||||||||||||
Stock Options | |||||||||||||||||
Liability-Classified Stock Options | Shares | Wtd. Avg. | Wtd. Avg. | Aggregate | |||||||||||||
Ex. Price | Remaining | Intrinsic | |||||||||||||||
Contractual | Value | ||||||||||||||||
Term | |||||||||||||||||
(Years) | |||||||||||||||||
Outstanding at December 31, 2014 | 35,300 | $ | 62.47 | ||||||||||||||
Granted | — | — | |||||||||||||||
Exercised | (2,500 | ) | 33.16 | ||||||||||||||
Forfeited | (14,000 | ) | 66.54 | ||||||||||||||
Outstanding at March 31, 2015 | 18,800 | $ | 63.35 | 2.17 | $ | 76,640 | |||||||||||
Exercisable at March 31, 2015 | 18,800 | $ | 63.35 | 2.17 | $ | 76,640 | |||||||||||
In connection with the grant of non-qualified stock options, a stock appreciation right for each share covered by the option was also granted. The stock appreciation right entitles the optionee to receive a supplemental payment, which may be paid in whole or in part in cash or in shares of common stock, equal to a portion of the spread between the exercise price and the fair market value of the underlying shares at the time of exercise. The total intrinsic value of options exercised during the three months ended March 31, 2015 was approximately $56,000. All options were vested as of December 31, 2013. | |||||||||||||||||
Stock Appreciation Rights | |||||||||||||||||
Liability-Classified Stock Appreciation Rights | Shares | Wtd. Avg. | Wtd. Avg. | Aggregate | |||||||||||||
Fair Value | Remaining | Intrinsic | |||||||||||||||
Contractual | Value | ||||||||||||||||
Term | |||||||||||||||||
(Years) | |||||||||||||||||
Outstanding at December 31, 2014 | 35,300 | $ | 5.56 | ||||||||||||||
Granted | — | — | |||||||||||||||
Exercised | (2,500 | ) | 15.58 | ||||||||||||||
Forfeited | (14,000 | ) | 4.84 | ||||||||||||||
Outstanding at March 31, 2015 | 18,800 | $ | 5.92 | 2.17 | $ | 41,268 | |||||||||||
Exercisable at March 31, 2015 | 18,800 | $ | 5.92 | 2.17 | $ | 41,268 | |||||||||||
The total intrinsic value of stock appreciation rights exercised during the three months ended March 31, 2015 was approximately $30,000. All stock appreciation rights had vested as of December 31, 2013. | |||||||||||||||||
The fair value of each share option and stock appreciation right is estimated on the measurement date using the Black-Scholes option pricing model based on assumptions noted in the following table. Expected volatility is based on the historical volatility of the Company and other factors. The Company has elected to use the simplified method of estimating the expected term of the options and stock appreciation rights. | |||||||||||||||||
Due to the small number of employees included in the 2001 Plan, the Company uses the specific identification method to estimate forfeitures and includes all participants in one group. The risk-free rate for periods within the contractual term of the share option is based on the U.S. Treasury rates in effect at the time of measurement. | |||||||||||||||||
The Company issues new, previously unissued, shares as options are exercised. | |||||||||||||||||
Following are assumptions used in determining the fair value of stock options and stock appreciation rights: | |||||||||||||||||
Assumptions at: | March 31, | December 31, | |||||||||||||||
2015 | 2014 | ||||||||||||||||
Expected Volatility | 33.31 | % | 34.07 | % | |||||||||||||
Expected Dividends | 0.13 | % | 0.07 | % | |||||||||||||
Expected Term | 2 years | 2 years | |||||||||||||||
Risk-Free Rate | 0.67 | % | 0.78 | % | |||||||||||||
There were no stock options or stock appreciation rights granted under the 2001 Plan in the three months ended March 31, 2015 or 2014. The liability for stock options and stock appreciation rights, valued at fair value, reflected on the consolidated balance sheets at March 31, 2015 and December 31, 2014, was approximately $318,000 and $560,000, respectively. These fair value measurements are based on Level 2 inputs based on Black-Scholes and market implied volatility. The Black-Scholes determination of fair value is affected by variables including stock price, expected stock price volatility over the term of the awards, annual dividends, and a risk-free interest rate assumption. | |||||||||||||||||
Amounts recognized in the consolidated financial statements for stock options, stock appreciation rights, and restricted stock are as follows: | |||||||||||||||||
Three Months Ended | |||||||||||||||||
March 31, | March 31, | ||||||||||||||||
2015 | 2014 | ||||||||||||||||
Total Cost of Share-Based Plans Charged | |||||||||||||||||
Against Income Before Tax Effect | $ | 75,352 | $ | 291,092 | |||||||||||||
Income Tax Expense | |||||||||||||||||
Recognized in Income | $ | (29,067 | ) | $ | (112,289 | ) | |||||||||||
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 16. INCOME TAXES |
The effective income tax rate for the three month periods ended March 31, 2015, and 2014 was 38.8%. 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 files a consolidated income tax return in the United States Federal jurisdiction and the States of Arizona, Colorado, California, Florida, Illinois, Georgia, Maryland, North Carolina, Texas, and Washington. The Internal Revenue Service has audited the federal tax returns through the year 2012, with all proposed adjustments settled. The Company recognizes all potential accrued interest and penalties to unrecognized tax benefits in income tax expense. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 17. COMMITMENTS AND CONTINGENCIES |
Legal Proceedings | |
From time to time, the Company may be a party to certain legal proceedings, incidental to the normal course of its business. While the outcome of the legal proceedings cannot be predicted with certainty, the Company does not expect that these proceedings will have a material effect upon our financial condition or results of operations. | |
On November 21, 2011, the Company, Indigo Mallard Creek LLC and Indigo Development LLC, as owners of the property leased to Harris Teeter, Inc. (“Harris Teeter”) in Charlotte, North Carolina, were served with pleadings filed in the General Court of Justice, Superior Court Division for Mecklenburg County, North Carolina, for a highway condemnation action involving 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 provided a basis for Harris Teeter to terminate the Lease. Regardless, in January 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 proposed to build and maintain a new access road/point into the property. Both government entities have confirmed that funding is available and the redesigned project is proceeding. Harris Teeter has expressed satisfaction with the redesigned project and indicated that it will not attempt to terminate its lease if this project is built as currently redesigned. Because the redesigned project will not be completed until 2016, the condemnation case has been placed in administrative closure. As a result, the trial and mediation will not likely be scheduled until requested by the parties, most likely in 2016. | |
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. On December 3, 2013, the Circuit Court entered a Second Amended Final Judgment of Foreclosure in Accordance with the Appellate Court’s Mandate, which, among other things, set the date of the Company’s foreclosure sale to occur on January 29, 2014. On January 29, 2014, the Company’s approximately $4.7 million claim for unreimbursed costs and accrued interest was satisfied through the successful foreclosure of approximately 600 acres of land. | |
Contractual Commitments | |
In conjunction with the Company’s sale of approximately 3.4 acres of land to RaceTrac Petroleum, Inc. (“RaceTrac”) in December 2013, the Company agreed to reimburse RaceTrac for a portion of the costs for road improvements and the other costs associated with bringing multiple ingress/egress points to the entire 23 acre Williamson Crossing site, including the Company’s remaining 19.6 acres. The estimated cost for the improvements equals approximately $1.26 million and the Company’s commitment is to reimburse RaceTrac in an amount equal to the lesser of 77.5% of the actual costs or $976,500, and can be paid over five years from sales of the remaining land or at the end of the fifth year. As of December 31, 2013, the Company deposited $283,500 of cash in escrow related to the improvements which was classified as restricted cash in the consolidated balance sheets as of March 31, 2015 and December 31, 2014. Accordingly, as of March 31, 2015, the remaining maximum commitment is $693,000. | |
As of March 31, 2015, the Company is committed to fund approximately $832,000 of the total $6.3 million first mortgage commitment for the redevelopment of an existing vacant retail property into a Container Store in Glendale, Arizona. Through March 31, 2015, approximately $5.5 million has been funded. The remaining $832,000 may be drawn by the borrower as construction costs are incurred. Construction was completed during the three months ended March 31, 2015 and the Container Store opened on February 7, 2015. Approximately $733,000 of the remaining commitment was funded during April 2015. | |
In March 2015, the Company entered into two separate construction agreements for certain tenant improvements required by an executed lease expansion and extension at the Mason Commerce Center as well as a newly executed lease at the Williamson Business Center property. No costs have been incurred as of March 31, 2015 under these agreements and therefore, the total remaining commitment as of March 31, 2015 is approximately $1.3 million. | |
In connection with a certain land sale contract to which the Company is a party, the purchaser’s pursuit of customary development entitlements has given rise to an informal inquiry by federal regulatory agencies regarding prior agricultural activities on such land, and we expect to receive a formal written information request regarding such activities. We believe the issues raised by, and the land which is the subject of, this inquiry are similar to or the same as those which were addressed and resolved by the settlement agreement executed in December 2012 between the Company and the St. Johns River Water Management District (the “District”) and the permit which the District subsequently issued to the Company. We have received no formal notification or information request regarding this matter. As a result, given the early stage of this process, we are unable to reasonably estimate the liability, if any, that the Company may incur arising from this inquiry. Accordingly, no amounts have been accrued as of March 31, 2015 related to this matter. In addition, in connection with other land sale contracts to which the Company is or may become a party, the pursuit of customary development entitlements by the potential purchasers may require the utilization or acquisition of mitigation credits for the purpose of obtaining certain permits from the applicable federal or state regulatory agencies. Any costs incurred in connection with utilizing or acquiring such credits would be incorporated into the basis of the land under contract and, accordingly, no amounts related to such potential future costs have been accrued as of March 31, 2015. |
Business_Segment_Data
Business Segment Data | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Segment Reporting [Abstract] | |||||||||
Business Segment Data | NOTE 18. BUSINESS SEGMENT DATA | ||||||||
The Company primarily operates in four primary business segments: income properties, commercial loan investments, real estate operations, and golf operations. Our income property operations consist primarily of income-producing properties and our business plan is focused on investing in additional income-producing properties. Our income property operations accounted for 61.8% and 68.7% of our identifiable assets as of March 31, 2015 and December 31, 2014, respectively, and 58.3% and 47.5% of our consolidated revenues for the three months ended March 31, 2015 and 2014, respectively. As of March 31, 2015 and December 31, 2014, we had five commercial loan investments including a fixed-rate mezzanine commercial mortgage loan, a fixed-rate first mortgage, a variable-rate B-Note, a variable-rate mezzanine commercial mortgage loan, and a variable-rate first mortgage loan. 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, fitness facility, and pro-shop with retail merchandise. The majority of the revenues generated by our golf operations are derived from members and public customers playing golf, club memberships, and food and beverage operations. | |||||||||
The Company evaluates performance based on profit or loss from operations before income taxes. The Company’s reportable segments are strategic business units that offer different products. They are managed separately because each segment requires different management techniques, knowledge, and skills. | |||||||||
Information about the Company’s operations in the different segments for the three months ended March 31, 2015 and 2014 is as follows: | |||||||||
Three Months Ended | |||||||||
March 31, | March 31, | ||||||||
2015 | 2014 | ||||||||
Revenues: | |||||||||
Income Properties | $ | 4,260,675 | $ | 3,404,359 | |||||
Commercial Loan Investments | 631,484 | 943,890 | |||||||
Real Estate Operations | 859,801 | 1,349,247 | |||||||
Golf Operations | 1,537,426 | 1,417,379 | |||||||
Agriculture and Other Income | 18,939 | 57,844 | |||||||
Total Revenues | $ | 7,308,325 | $ | 7,172,719 | |||||
Operating Income: | |||||||||
Income Properties | $ | 3,619,829 | $ | 3,064,340 | |||||
Commercial Loan Investments | 631,484 | 943,890 | |||||||
Real Estate Operations | 261,078 | 1,097,297 | |||||||
Golf Operations | 147,814 | 84,353 | |||||||
Agriculture and Other Income | (36,212 | ) | (3,569 | ) | |||||
General and Corporate Expense | (3,130,106 | ) | (2,282,442 | ) | |||||
Total Operating Income | $ | 1,493,887 | $ | 2,903,869 | |||||
Depreciation and Amortization: | |||||||||
Income Properties | $ | 1,085,637 | $ | 706,253 | |||||
Commercial Loan Investments | — | — | |||||||
Real Estate Operations | — | — | |||||||
Golf Operations | 58,776 | 56,863 | |||||||
Agriculture and Other | 11,326 | 8,892 | |||||||
Total Depreciation and Amortization | $ | 1,155,739 | $ | 772,008 | |||||
Capital Expenditures: | |||||||||
Income Properties | $ | 54,264 | $ | 752,024 | |||||
Commercial Loan Investments | — | 5,000,000 | |||||||
Real Estate Operations | — | — | |||||||
Golf Operations | 16,017 | 35,393 | |||||||
Agriculture and Other | 11,072 | 52,460 | |||||||
Total Capital Expenditures | $ | 81,353 | $ | 5,839,877 | |||||
As of | |||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Identifiable Assets: | |||||||||
Income Properties | $ | 188,683,961 | $ | 190,087,575 | |||||
Commercial Loan Investments | 30,501,263 | 30,274,302 | |||||||
Real Estate Operations | 43,757,954 | 43,833,515 | |||||||
Golf Operations | 3,276,832 | 3,639,903 | |||||||
Agriculture and Other | 38,868,107 | 8,757,153 | |||||||
Total Assets | $ | 305,088,117 | $ | 276,592,448 | |||||
Operating income represents income from continuing operations before loss on early extinguishment of debt, interest expense, investment income, and income taxes. General and corporate expenses are an aggregate of general and administrative expenses, impairment charges, depreciation and amortization expense, and gains (losses) on the disposition of assets. Identifiable assets by segment are those assets that are used in the Company’s operations in each segment. Other assets consist primarily of cash, property, plant, and equipment related to the other operations, as well as the general and corporate operations. Land, timber, and subsurface interests were previously stated as a separate line item within property, plant, and equipment on the consolidated financial statements and are now included with land, timber, and development costs as all of the costs are related to the Company’s land portfolio of over 10,500 acres. The land, timber, and subsurface interests were previously included in the Agriculture and Other segment, but have been reclassified to the Real Estate Operations segment to conform with the revised presentation on the consolidated balance sheets. |
Recently_Issued_Accounting_Pol
Recently Issued Accounting Policies | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Issued Accounting Policies | NOTE 19. RECENTLY ISSUED ACCOUNTING POLICIES |
In May 2014, the FASB issued ASU 2014-09, which amends its guidance on the recognition and reporting of revenue from contracts with customers. The amendments in this update are effective for annual reporting periods beginning after December 15, 2016. The Company is currently evaluating the provisions to determine the potential impact, if any, the adoption will have on its consolidated financial statements. |
Subsequent_Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 20. SUBSEQUENT EVENTS |
On April 17, 2015, the Company sold its interest in two 13,813 square-foot buildings, located in Sanford and Sebastian, Florida, which were both under lease to CVS but had been vacated by the tenant in a previous year, with a weighted average remaining lease term of 8.7 years, for proceeds of $6.4 million, generating a loss of approximately $510,000, which was recognized an impairment charge during the quarter ended March 31, 2015. | |
On April 20, 2015 the Company completed an amendment to the Credit Facility which, among other things, provided the lenders a secured interest in the equity of the subsidiaries that own the properties included in the borrowing base under the Credit Facility. As a result of the amendment the available borrowing capacity was $57.5 million. | |
On April 1, 2015, the Company completed the like-kind exchange related to the sale of the income property in Apopka, Florida and the approximately $3.2 million in cash became unrestricted. | |
As of March 31, 2015, approximately $968,000 was being held as cash collateral in connection with a $940,000 letter of credit outstanding under the Credit Facility. The letter of credit was terminated on April 9, 2015 and as a result, the cash collateral became unrestricted cash. |
Description_of_Business_and_Pr1
Description of Business and Principles of Interim Statements (Policies) | 3 Months Ended | |||
Mar. 31, 2015 | ||||
Accounting Policies [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. together with our consolidated subsidiaries. | ||||
We are a diversified real estate operating company. We own and manage forty-three commercial real estate properties in ten states in the U.S. As of March 31, 2015, we owned thirty-six single-tenant and seven multi-tenant income-producing properties with over 1,100,000 square feet of gross leasable space. We also own and manage a land portfolio of over 10,500 acres. As of March 31, 2015, we had five commercial loan investments including one fixed-rate and one variable–rate mezzanine commercial mortgage loan, a variable-rate B-Note, and two variable-rate first mortgage loans. Our golf operations consist of the LPGA International golf club, which is managed by a third party. We also lease property for twenty-one billboards, have agricultural operations that are managed by a third party, which consists of leasing land for hay and sod production, timber harvesting, and hunting leases, and own and manage subsurface interests. The results of our agricultural and subsurface leasing operations are included in Agriculture and Other Income and Real Estate Operations, respectively, in our consolidated statements of operations. | ||||
Interim Financial Information | 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, 2014, 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 three months ended March 31, 2015 are not necessarily indicative of results to be expected for the year ending December 31, 2015. | ||||
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 net pension asset, 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. | ||||
Cash and Cash Equivalents | Cash and Cash Equivalents | |||
Cash and cash equivalents include cash on hand and bank demand accounts. | ||||
Restricted Cash | Restricted Cash | |||
Restricted cash totaled approximately $5.4 million at March 31, 2015 of which approximately $3.2 million of cash is being held in escrow from the sale of the income property in Apopka, Florida to be reinvested through the like-kind exchange structure into another income property. On April 1, 2015, the Company completed the like-kind exchange related to the sale of the income property in Apopka, Florida and the approximately $3.2 million in cash became unrestricted. As of March 31, 2015, approximately $968,000 was being held as cash collateral in connection with a $940,000 letter of credit outstanding under the Credit Facility. The letter of credit was terminated on April 9, 2015 and as a result, the cash collateral became unrestricted cash. Additionally, approximately $571,000 is being held in a reserve related to certain required tenant improvements for the Lowes in Katy, Texas, approximately $266,000 is being held in a reserve primarily for property taxes and insurance escrows in connection with our financing of two properties acquired in January 2013, approximately $285,000 is being held in escrow related to a land transaction which closed in December 2013, and a combined approximately $138,000 is being held in reserves for future interest and property tax payments in connection with two of our commercial loan investments. | ||||
Investment Securities | Investment Securities | |||
In accordance with ASC Topic 320, Investments – Debt and Equity Securities, the Company’s debt and equity securities investments have been determined to be equity securities classified as available-for-sale. Available-for-sale securities are carried at fair value in the consolidated balance sheets, with the unrealized gains and losses, net of tax, reported in other comprehensive income. The amortized cost of debt securities in this category is adjusted for amortization of premiums and accretion of discounts to maturity computed under a method that approximates the effective interest method. Such amortization is included in investment income. | ||||
Realized gains and losses, and declines in value judged to be other-than-temporary related to equity securities, are included in investment income in the consolidated statements of operations. With respect to debt securities, when the fair value of a debt security classified as available-for-sale is less than its amortized cost, management assesses whether or not: (i) it has the intent to sell the security or (ii) it is more likely than not that the Company will be required to sell the security before its anticipated recovery. If either of these conditions are met, the Company must recognize an other-than-temporary impairment through earnings for the differences between the debt security’s amortized cost basis and its fair value, and such amount is included in investment income in the consolidated statements of operations. There were no other-than-temporary impairments during the three months ended March 31, 2015 or 2014. | ||||
The cost of securities sold is based on the specific identification method. Interest and dividends on securities classified as available-for-sale are included in investment income in the consolidated statements of operations. | ||||
The fair value of the Company’s available-for-sale equity securities are measured quarterly, on a recurring basis, using Level 1 inputs, or quoted prices for identical, actively traded assets. The fair value of the Company’s available-for-sale debt securities are measured quarterly, on a recurring basis, using Level 2 inputs. | ||||
Fair Value of Financial Instruments | Fair Value of Financial Instruments | |||
The carrying amounts of the Company’s financial assets and liabilities including cash and cash equivalents, restricted cash, investment securities, accounts receivable, and accounts payable at March 31, 2015 and December 31, 2014, approximate fair value because of the short maturity of these instruments. The carrying amount of the Company’s investments in commercial loans approximate fair value at March 31, 2015 and December 31, 2014, since the floating and fixed rates of the loans reasonably approximates current market rates for notes with similar risks and maturities. The carrying amount of the Company’s long-term debt approximates fair value at March 31, 2015 and December 31, 2014, since the floating rate of our credit facility and the fixed rates of our secured financings reasonably approximate current market rates for notes with similar risks and maturities. | ||||
Fair Value Measurements | Fair Value Measurements | |||
The Company’s estimates of fair value of financial and non-financial assets and liabilities based on the framework established in the fair value accounting guidance. The framework specifies a hierarchy of valuation inputs which was established to increase consistency, clarity and comparability in fair value measurements and related disclosures. The guidance describes a fair value hierarchy based upon three levels of inputs that may be used to measure fair value, two of which are considered observable and one that is considered unobservable. The following describes the three levels: | ||||
• | Level 1 – Valuation is based upon quoted prices in active markets for identical assets or liabilities. | |||
• | Level 2 – Valuation is based upon inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | |||
• | Level 3 – Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include option pricing models, discounted cash flow models and similar techniques. | |||
Impact Fees and Mitigation Credits | Impact Fees and Mitigation Credits | |||
Impact fees and mitigation credits are stated at the lower of cost or market. As these assets are sold, the related revenues and cost basis are reported as revenues from and direct costs of real estate operations, respectively, in the consolidated statements of operations. | ||||
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. | ||||
Commercial Loan Investment Impairment | Commercial Loan Investment Impairment | |||
The Company’s commercial loans are held for investment. For each loan, 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 March 31, 2015, no allowance for impairment was required. | ||||
Recognition of Interest Income from Commercial Loan Investments | Recognition of Interest Income from Commercial Loan Investments | |||
Interest income on commercial loan investments includes interest payments made by the borrower and the accretion of purchase discounts and loan origination fees, offset by the amortization of fees. Interest payments are accrued based on the actual coupon rate and the outstanding principal balance and purchase discounts and origination fees are accreted into income using the effective yield method, adjusted for prepayments. | ||||
Reclassifications | Reclassifications | |||
Certain items in the prior period’s consolidated balance sheet and statement of operations have been reclassified to conform to the presentation as of and for the three months ended March 31, 2015. Specifically, land, timber, and subsurface interests were previously stated as a separate line item within property, plant, and equipment and accumulated depreciation on the consolidated balance sheets and are now included with land, timber, and development costs as all of the costs are related to the Company’s land portfolio of over 10,500 acres. The amount reclassified to land, timber, and development costs was approximately $14.9 million as of December 31, 2014. Also, third-party purchase price allocations performed during the three months ended March 31, 2015 related to three 2014 income property acquisitions resulted in a revised allocation between income properties, land, buildings, and improvements, intangible assets, and accrued and other liabilities. As of December 31, 2014, the reclassifications made relating to the purchase price allocations were to increase intangible assets by approximately $3.0 million, decrease income properties, land, buildings, and improvements by approximately $2.3 million, and increase accrued and other liabilities by approximately $670,000. In addition, revenue and cost of sales related to impact fees sold were previously reported net in the consolidated statements of income. Current presentation reports the revenues and cost basis of impact fees sold as revenues from and direct costs of real estate operations, respectively, in the consolidated statements of operations. The increase in revenues and the direct costs of revenues was approximately $73,000 for the three months ended March 31, 2014. These reclassifications had an immaterial effect on total assets and no effect on income from continuing operations as of and for the three months ended March 31, 2014. | ||||
Operating Loss Carry Forward and Tax Credit Carry Forward | In May 2014, the FASB issued ASU 2014-09, which amends its guidance on the recognition and reporting of revenue from contracts with customers. The amendments in this update are effective for annual reporting periods beginning after December 15, 2016. The Company is currently evaluating the provisions to determine the potential impact, if any, the adoption will have on its consolidated financial statements. |
Commercial_Loan_Investments_Ta
Commercial Loan Investments (Tables) | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||
Summary of Commercial Loan Investment Portfolio | The Company’s commercial loan investment portfolio was comprised of the following at March 31, 2015: | ||||||||||||||||||
Description | Date of | Maturity | Original Face | Current Face | Carrying | Coupon Rate | |||||||||||||
Investment | Date | Amount | Amount | Value | |||||||||||||||
Mezz – Hotel – Atlanta, GA | January 2014 | Feb-19 | $ | 5,000,000 | $ | 5,000,000 | $ | 5,000,000 | 12.00% | ||||||||||
Construction – Container Store, Glendale, AZ | May-14 | November 2015 | 6,300,000 | 5,467,827 | 5,422,767 | 30-day LIBOR | |||||||||||||
plus 8.00 % | |||||||||||||||||||
B-Note – Retail Shopping Center, Sarasota, FL | May-14 | Jun-15 | 8,960,467 | 8,960,467 | 8,960,467 | 30-day LIBOR | |||||||||||||
plus 7.25 % | |||||||||||||||||||
Mezz – Hotel, Dallas, TX | September 2014 | September 2016 | 10,000,000 | 10,000,000 | 10,000,000 | 30-day LIBOR | |||||||||||||
plus 7.25 % | |||||||||||||||||||
Development – Real Estate, Ormond Beach, FL | Nov-14 | Nov-15 | 1,000,000 | 1,000,000 | 1,000,000 | 30-day LIBOR | |||||||||||||
plus 7.25 % | |||||||||||||||||||
Total | $ | 31,260,467 | $ | 30,428,294 | $ | 30,383,234 | |||||||||||||
The Company’s commercial loan investment portfolio was comprised of the following at December 31, 2014: | |||||||||||||||||||
Description | Date of | Maturity | Original Face | Current Face | Carrying | Coupon Rate | |||||||||||||
Investment | Date | Amount | Amount | Value | |||||||||||||||
Mezz – Hotel, Atlanta, GA | January 2014 | Feb-19 | $ | 5,000,000 | $ | 5,000,000 | $ | 5,000,000 | 12.00% | ||||||||||
Construction – Container Store, Glendale, AZ | May-14 | November 2015 | 6,300,000 | 5,306,031 | 5,247,607 | 6.00% | |||||||||||||
B-Note – Retail Shopping Center, Sarasota, FL | May-14 | Jun-15 | 8,960,467 | 8,960,467 | 8,960,467 | 30-day LIBOR | |||||||||||||
plus 7.25 % | |||||||||||||||||||
Mezz – Hotel, Dallas, TX | September 2014 | September 2016 | 10,000,000 | 10,000,000 | 10,000,000 | 30-day LIBOR | |||||||||||||
plus 7.25 % | |||||||||||||||||||
Development – Real Estate, Ormond Beach, FL | Nov-14 | Nov-15 | 1,000,000 | 1,000,000 | 1,000,000 | 30-day LIBOR | |||||||||||||
plus 7.25 % | |||||||||||||||||||
Total | $ | 31,260,467 | $ | 30,266,498 | $ | 30,208,074 | |||||||||||||
Carrying Value of the Commercial Loan Investments | The carrying value of the commercial loan investment as of March 31, 2015 consisted of the following: | ||||||||||||||||||
Total | |||||||||||||||||||
Current Face Amount | $ | 30,428,294 | |||||||||||||||||
Unaccreted Origination Fees | (45,060 | ) | |||||||||||||||||
Total Commercial Loan Investments | $ | 30,383,234 | |||||||||||||||||
The carrying value of the commercial loan investment as of December 31, 2014 consisted of the following: | |||||||||||||||||||
Total | |||||||||||||||||||
Current Face Amount | $ | 30,266,498 | |||||||||||||||||
Unaccreted Origination Fees | (58,424 | ) | |||||||||||||||||
Total Commercial Loan Investments | $ | 30,208,074 | |||||||||||||||||
Investment_Securities_Tables
Investment Securities (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||
Summary of Available for Sale Securities | Available-for-Sale securities consisted of the following as of March 31, 2015: | ||||||||||||||||
As of March 31, 2015 | |||||||||||||||||
Amortized | Gains in | Losses in | Estimated | ||||||||||||||
Cost | Accumulated | Accumulated | Fair Value | ||||||||||||||
Other | Other | (Level 1 and 2 | |||||||||||||||
Comprehensive | Comprehensive | Inputs) | |||||||||||||||
Income | Income | ||||||||||||||||
Debt Securities | $ | 1,926,697 | $ | 3,303 | $ | — | $ | 1,930,000 | |||||||||
Total Debt Securities | 1,926,697 | 3,303 | — | 1,930,000 | |||||||||||||
Common Stock | 3,123,640 | 356,988 | — | 3,480,628 | |||||||||||||
Total Equity Securities | 3,123,640 | 356,988 | — | 3,480,628 | |||||||||||||
Total Available-for-Sale Securities | $ | 5,050,337 | $ | 360,291 | $ | — | $ | 5,410,628 | |||||||||
Available-for-Sale securities consisted of the following as of December 31, 2014: | |||||||||||||||||
As of December 31, 2014 | |||||||||||||||||
Cost | Gains in | Losses in | Estimated | ||||||||||||||
Accumulated | Accumulated | Fair Value | |||||||||||||||
Other | Other | ||||||||||||||||
Comprehensive | Comprehensive | ||||||||||||||||
Income | Income | ||||||||||||||||
Preferred Stock | $ | 704,173 | $ | 117,263 | $ | — | $ | 821,436 | |||||||||
Total Equity Securities | $ | 704,173 | $ | 117,263 | $ | — | $ | 821,436 | |||||||||
Total Available-for-Sale Securities | $ | 704,173 | $ | 117,263 | $ | — | $ | 821,436 | |||||||||
Summary of Sale of Investment Securities and Losses | Following is a table reflecting the sale of investment securities and gains recognized during the three months ended March 31, 2015 and 2014: | ||||||||||||||||
For the Three Months Ended March 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Proceeds from the Disposition of Equity Securities | $ | 834,964 | $ | — | |||||||||||||
Cost Basis of Investment Securities Sold | (704,173 | ) | — | ||||||||||||||
Gain recognized in Statement of Operations on the Disposition of Equity Securities | $ | 130,791 | $ | — | |||||||||||||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Summary of Carrying Value and Estimated Fair Value of Financial Instruments | The following table presents the carrying value and estimated fair value of the Company’s financial instruments at March 31, 2015 and December 31, 2014: | ||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||
Carrying | Estimated | Carrying | Estimated | ||||||||||||||
Value | Fair Value | Value | Fair Value | ||||||||||||||
Cash and Cash Equivalents | $ | 25,078,783 | $ | 25,078,783 | $ | 1,881,195 | $ | 1,881,195 | |||||||||
Restricted Cash | 5,383,695 | 5,383,695 | 4,440,098 | 4,440,098 | |||||||||||||
Investment Securities | 5,410,628 | 5,410,628 | 821,436 | 821,436 | |||||||||||||
Commercial Loan Investments | 30,383,234 | 30,428,294 | 30,208,074 | 30,266,498 | |||||||||||||
Long-Term Debt | 129,332,812 | 129,332,812 | 103,940,011 | 103,940,011 |
Intangible_Assets_Tables
Intangible Assets (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||
Schedule of Intangible Assets and Liabilities | Intangible assets and liabilities consisted of the following as of March 31, 2015 and December 31, 2014: | ||||||||
As of | |||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Intangible Lease Assets: | |||||||||
Value of In-Place Leases, net | $ | 8,420,625 | $ | 9,043,617 | |||||
Value of Above Market In-Place Leases, net | 287,853 | 330,424 | |||||||
Value of Intangible Leasing Costs, net | 909,637 | 978,082 | |||||||
Sub-total Intangible Lease Assets | 9,618,115 | 10,352,123 | |||||||
Intangible Lease Liabilities (included in accrued and other liabilities): | |||||||||
Value of Below Market In-Place Leases, net | (631,170 | ) | (669,693 | ) | |||||
Sub-total Intangible Lease Liabilities | (631,170 | ) | (669,693 | ) | |||||
Total Intangible Assets - Net | $ | 8,986,945 | $ | 9,682,430 | |||||
Summary of Estimated Amortization Expense | The estimated future amortization expense related to net intangible assets is as follows: | ||||||||
Year Ending December 31, | Amount | ||||||||
Remainder of 2015 | $ | 856,577 | |||||||
2016 | 1,104,014 | ||||||||
2017 | 1,013,260 | ||||||||
2018 | 1,005,572 | ||||||||
2019 | 974,422 | ||||||||
2020 | 810,297 | ||||||||
Thereafter | 3,222,803 | ||||||||
Total | $ | 8,986,945 | |||||||
Common_Stock_and_Earnings_Per_1
Common Stock and Earnings Per Share (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
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 and vesting of restricted stock at the beginning of each period using the treasury stock method at average cost for the periods. | ||||||||
Three Months Ended | |||||||||
March 31, | March 31, | ||||||||
2015 | 2014 | ||||||||
Income Available to Common Shareholders: | |||||||||
Net Income | $ | 353,356 | $ | 1,500,407 | |||||
Weighted Average Shares Outstanding | 5,826,640 | 5,745,341 | |||||||
Common Shares Applicable to Stock | |||||||||
Options Using the Treasury Stock Method | 33,721 | 2,188 | |||||||
Total Shares Applicable to Diluted Earnings Per Share | 5,860,361 | 5,747,529 | |||||||
Basic and Diluted Per Share Information: | |||||||||
Net Income | $ | 0.06 | $ | 0.26 | |||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Summary of Amount of Adjustment to Each Balance Sheet Element | The following table reflects the amount of the adjustment to each balance sheet element: | ||||||||
Balance Sheet Element | Increase | ||||||||
(Decrease) | |||||||||
Liabilities: | |||||||||
Deferred Income Taxes - Net | $ | 1,337,644 | |||||||
Long-Term Debt | $ | 7,936,882 | |||||||
Shareholders’ Equity: | |||||||||
Additional Paid-In Capital | $ | (9,274,526 | ) | ||||||
Schedule of Long-Term Debt | Long-term debt consisted of the following: | ||||||||
March 31, 2015 | |||||||||
Total | Due Within | ||||||||
One Year | |||||||||
Credit Facility | $ | — | $ | — | |||||
Mortgage Note Payable (originated with UBS) | 7,300,000 | — | |||||||
Mortgage Note Payable (originated with BOA) | 23,100,000 | — | |||||||
Mortgage Note Payable (originated with Wells Fargo) | 30,000,000 | — | |||||||
4.50% Convertible Senior Notes due 2020, net of discount | 68,932,812 | — | |||||||
Total Long-Term Debt | $ | 129,332,812 | $ | — | |||||
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 | ||||||||
Remainder of 2015 | $ | — | |||||||
2016 | — | ||||||||
2017 | — | ||||||||
2018 | 7,300,000 | ||||||||
2019 | — | ||||||||
2020 | 75,000,000 | ||||||||
Thereafter | 53,100,000 | ||||||||
Total Long-Term Debt | $ | 135,400,000 | |||||||
Summary of Carrying Value of Long-Term Debt | The carrying value of long-term debt as of March 31, 2015 consisted of the following: | ||||||||
Total | |||||||||
Current Face Amount | $ | 135,400,000 | |||||||
Unamortized Discount on Convertible Debt | (6,067,188 | ) | |||||||
Total Long-Term Debt | $ | 129,332,812 | |||||||
Accrued_and_Other_Liabilities_
Accrued and Other Liabilities (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Payables and Accruals [Abstract] | |||||||||
Summary of Accrued and Other Liabilities | Accrued and other liabilities consisted of the following: | ||||||||
As of | |||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Golf Course Lease | $ | 2,881,485 | $ | 2,973,898 | |||||
Accrued Property Taxes | 337,169 | — | |||||||
Other Post-Retirement Benefits | — | 142,797 | |||||||
Reserve for Tenant Improvements | 577,429 | 551,250 | |||||||
Accrued Interest | 351,623 | 197,929 | |||||||
Environmental Reserve | 100,985 | 108,733 | |||||||
Below Market In-Place Leases, net | 631,170 | 669,693 | |||||||
Other | 450,337 | 1,426,902 | |||||||
Total Accrued and Other Liabilities | $ | 5,330,198 | $ | 6,071,202 | |||||
Deferred_Revenue_Tables
Deferred Revenue (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Deferred Revenue Disclosure [Abstract] | |||||||||
Summary of Deferred Revenue | Deferred revenue consisted of the following: | ||||||||
As of | |||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Deferred Oil Exploration Lease Revenue | $ | 894,728 | $ | 1,354,873 | |||||
Deferred Land Sale Revenue | — | 87,581 | |||||||
Prepaid Rent | 564,612 | 674,165 | |||||||
Escrow Reserve, Container Store Loan | 46,248 | 144,124 | |||||||
Escrow Reserve, Plantation Oaks Loan | 46,663 | 65,216 | |||||||
Other Deferred Revenue | 373,765 | 392,584 | |||||||
Total Deferred Revenue | $ | 1,926,016 | $ | 2,718,543 | |||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Summary of Stock Based Compensation Activity | A summary of activity during the three months ended March 31, 2015, is presented below: | ||||||||||||||||
Market Condition Non-Vested Restricted Shares | Shares | Wtd. Avg. | |||||||||||||||
Grant Date | |||||||||||||||||
Fair Value | |||||||||||||||||
Outstanding at December 31, 2014 | 5,067 | $ | 23.13 | ||||||||||||||
Granted | — | — | |||||||||||||||
Vested | — | — | |||||||||||||||
Forfeited | (567 | ) | 23.13 | ||||||||||||||
Outstanding at March 31, 2015 | 4,500 | $ | 23.13 | ||||||||||||||
Summary of Market Condition Inducement Grant of Restricted Shares | A summary of the activity for these awards during the three months ended March 31, 2015, is presented below: | ||||||||||||||||
Market Condition Non-Vested Restricted Shares | Shares | Wtd. Avg. | |||||||||||||||
Fair Value | |||||||||||||||||
Outstanding at December 31, 2014 | 40,500 | $ | 15.55 | ||||||||||||||
Granted | 3,000 | 46.81 | |||||||||||||||
Vested | — | — | |||||||||||||||
Forfeited | — | — | |||||||||||||||
Outstanding at March 31, 2015 | 43,500 | $ | 17.7 | ||||||||||||||
Summary of Stock Based Compensation Activity for Non-Qualified Stock Option Award | A summary of the activity for the awards during the three months ended March 31, 2015, is presented below: | ||||||||||||||||
Non-Qualified Stock Option Awards | Shares | Wtd. Avg. | Wtd. Avg. | Aggregate | |||||||||||||
Ex. Price | Remaining | Intrinsic | |||||||||||||||
Contractual | Value | ||||||||||||||||
Term | |||||||||||||||||
(Years) | |||||||||||||||||
Outstanding at December 31, 2014 | 84,765 | $ | 34.39 | ||||||||||||||
Granted | 20,000 | 57.5 | |||||||||||||||
Exercised | (1,650 | ) | 34.95 | ||||||||||||||
Forfeited | (4,870 | ) | 34.95 | ||||||||||||||
Outstanding at March 31, 2015 | 98,245 | $ | 39.05 | 6.2 | $ | 2,024,409 | |||||||||||
Exercisable at March 31, 2015 | 50,395 | $ | 31.39 | 5.01 | $ | 1,424,461 | |||||||||||
Summary of Share Option Activity of Stock Option and Stock Appreciation Rights Under 2001 Plan | A summary of share option activity under the 2001 Plan for the three months ended March 31, 2015 is presented below: | ||||||||||||||||
Stock Options | |||||||||||||||||
Liability-Classified Stock Options | Shares | Wtd. Avg. | Wtd. Avg. | Aggregate | |||||||||||||
Ex. Price | Remaining | Intrinsic | |||||||||||||||
Contractual | Value | ||||||||||||||||
Term | |||||||||||||||||
(Years) | |||||||||||||||||
Outstanding at December 31, 2014 | 35,300 | $ | 62.47 | ||||||||||||||
Granted | — | — | |||||||||||||||
Exercised | (2,500 | ) | 33.16 | ||||||||||||||
Forfeited | (14,000 | ) | 66.54 | ||||||||||||||
Outstanding at March 31, 2015 | 18,800 | $ | 63.35 | 2.17 | $ | 76,640 | |||||||||||
Exercisable at March 31, 2015 | 18,800 | $ | 63.35 | 2.17 | $ | 76,640 | |||||||||||
Stock Appreciation Rights | |||||||||||||||||
Liability-Classified Stock Appreciation Rights | Shares | Wtd. Avg. | Wtd. Avg. | Aggregate | |||||||||||||
Fair Value | Remaining | Intrinsic | |||||||||||||||
Contractual | Value | ||||||||||||||||
Term | |||||||||||||||||
(Years) | |||||||||||||||||
Outstanding at December 31, 2014 | 35,300 | $ | 5.56 | ||||||||||||||
Granted | — | — | |||||||||||||||
Exercised | (2,500 | ) | 15.58 | ||||||||||||||
Forfeited | (14,000 | ) | 4.84 | ||||||||||||||
Outstanding at March 31, 2015 | 18,800 | $ | 5.92 | 2.17 | $ | 41,268 | |||||||||||
Exercisable at March 31, 2015 | 18,800 | $ | 5.92 | 2.17 | $ | 41,268 | |||||||||||
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: | March 31, | December 31, | |||||||||||||||
2015 | 2014 | ||||||||||||||||
Expected Volatility | 33.31 | % | 34.07 | % | |||||||||||||
Expected Dividends | 0.13 | % | 0.07 | % | |||||||||||||
Expected Term | 2 years | 2 years | |||||||||||||||
Risk-Free Rate | 0.67 | % | 0.78 | % | |||||||||||||
Recognized Financial Statements for Stock Options, Stock Appreciation Rights, and Restricted Stock | Amounts recognized in the consolidated financial statements for stock options, stock appreciation rights, and restricted stock are as follows: | ||||||||||||||||
Three Months Ended | |||||||||||||||||
March 31, | March 31, | ||||||||||||||||
2015 | 2014 | ||||||||||||||||
Total Cost of Share-Based Plans Charged | |||||||||||||||||
Against Income Before Tax Effect | $ | 75,352 | $ | 291,092 | |||||||||||||
Income Tax Expense | |||||||||||||||||
Recognized in Income | $ | (29,067 | ) | $ | (112,289 | ) | |||||||||||
Three Year Vest Non-Vested Restricted Stock [Member] | |||||||||||||||||
Summary of Stock Based Compensation Activity | A summary of activity during the three months ended March 31, 2015, is presented below: | ||||||||||||||||
Three Year Vest Non-Vested Restricted Shares | Shares | Wtd. Avg. | |||||||||||||||
Fair Value | |||||||||||||||||
Per Share | |||||||||||||||||
Outstanding at December 31, 2014 | 14,200 | $ | 36.08 | ||||||||||||||
Granted | 19,700 | 55.93 | |||||||||||||||
Vested | (4,734 | ) | 36.08 | ||||||||||||||
Forfeited | (833 | ) | 48 | ||||||||||||||
Outstanding at March 31, 2015 | 28,333 | $ | 49.53 | ||||||||||||||
Non-Qualified Stock Option Award [Member] | |||||||||||||||||
Summary of Non-Vested Options for Non-Qualified Stock Option Awards | A summary of the non-vested options for these awards during the three months ended March 31, 2015, is presented below: | ||||||||||||||||
Non-Qualified Stock Option Awards | Shares | Fair Value | |||||||||||||||
of Shares | |||||||||||||||||
Vested | |||||||||||||||||
Non-Vested at December 31, 2014 | 47,570 | ||||||||||||||||
Granted | 20,000 | ||||||||||||||||
Vested | (14,850 | ) | $ | 519,008 | |||||||||||||
Forfeited | (4,870 | ) | |||||||||||||||
Non-Vested at March 31, 2015 | 47,850 | ||||||||||||||||
Business_Segment_Data_Tables
Business Segment Data (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Segment Reporting [Abstract] | |||||||||
Summary of Operations in Different Segments | Information about the Company’s operations in the different segments for the three months ended March 31, 2015 and 2014 is as follows: | ||||||||
Three Months Ended | |||||||||
March 31, | March 31, | ||||||||
2015 | 2014 | ||||||||
Revenues: | |||||||||
Income Properties | $ | 4,260,675 | $ | 3,404,359 | |||||
Commercial Loan Investments | 631,484 | 943,890 | |||||||
Real Estate Operations | 859,801 | 1,349,247 | |||||||
Golf Operations | 1,537,426 | 1,417,379 | |||||||
Agriculture and Other Income | 18,939 | 57,844 | |||||||
Total Revenues | $ | 7,308,325 | $ | 7,172,719 | |||||
Operating Income: | |||||||||
Income Properties | $ | 3,619,829 | $ | 3,064,340 | |||||
Commercial Loan Investments | 631,484 | 943,890 | |||||||
Real Estate Operations | 261,078 | 1,097,297 | |||||||
Golf Operations | 147,814 | 84,353 | |||||||
Agriculture and Other Income | (36,212 | ) | (3,569 | ) | |||||
General and Corporate Expense | (3,130,106 | ) | (2,282,442 | ) | |||||
Total Operating Income | $ | 1,493,887 | $ | 2,903,869 | |||||
Depreciation and Amortization: | |||||||||
Income Properties | $ | 1,085,637 | $ | 706,253 | |||||
Commercial Loan Investments | — | — | |||||||
Real Estate Operations | — | — | |||||||
Golf Operations | 58,776 | 56,863 | |||||||
Agriculture and Other | 11,326 | 8,892 | |||||||
Total Depreciation and Amortization | $ | 1,155,739 | $ | 772,008 | |||||
Capital Expenditures: | |||||||||
Income Properties | $ | 54,264 | $ | 752,024 | |||||
Commercial Loan Investments | — | 5,000,000 | |||||||
Real Estate Operations | — | — | |||||||
Golf Operations | 16,017 | 35,393 | |||||||
Agriculture and Other | 11,072 | 52,460 | |||||||
Total Capital Expenditures | $ | 81,353 | $ | 5,839,877 | |||||
As of | |||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Identifiable Assets: | |||||||||
Income Properties | $ | 188,683,961 | $ | 190,087,575 | |||||
Commercial Loan Investments | 30,501,263 | 30,274,302 | |||||||
Real Estate Operations | 43,757,954 | 43,833,515 | |||||||
Golf Operations | 3,276,832 | 3,639,903 | |||||||
Agriculture and Other | 38,868,107 | 8,757,153 | |||||||
Total Assets | $ | 305,088,117 | $ | 276,592,448 | |||||
Description_of_Business_and_Pr2
Description of Business and Principles of Interim Statements - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Apr. 01, 2015 | |
SecurityLoan | Property | |||
State | ||||
Billboard | ||||
Property | ||||
acre | ||||
sqft | ||||
Description of Business [Line Items] | ||||
Number of states in which entity operates | 10 | |||
Number of owned and managed commercial real estate properties | 43 | |||
Commercial real estate properties | 36 | |||
Self developed multi-tenant properties | 7 | |||
Gross leasable space | 1,100,000 | |||
Land portfolio | 10,500 | |||
Number of commercial mortgage loan investments | 2 | |||
Number of billboards leased for property | 21 | |||
Cash held in reserve for tenant improvements | $5,383,695 | $4,440,098 | ||
Cash held in reserve for property taxes and insurance escrows | 3,200,000 | |||
Cash held in escrow related to land transaction | 285,000 | |||
Cash held from collateral security agreement | 968,000 | |||
Letter of credit outstanding | 940,000 | |||
Number of properties acquired | 2 | |||
Number of income properties acquired | 3 | 0 | ||
Amount reclassified to land, timber, and development costs | 14,900,000 | |||
Reclassifications to the purchase price allocations, increase in intangible assets | 3,000,000 | |||
Reclassifications to the purchase price allocations, decrease in properties, land, buildings, and improvements | -2,300,000 | |||
Reclassifications to the purchase price allocations, increase in accrued and other liabilities | 670,000 | |||
Increase in revenues and the direct costs of revenues | 73,000 | |||
Atlanta, GA [Member] | ||||
Description of Business [Line Items] | ||||
Number of commercial mortgage loan investments | 5 | |||
Katy, Texas [Member] | ||||
Description of Business [Line Items] | ||||
Cash held in escrow related to land transaction | 266,000 | |||
Apopka, Florida [Member] | Subsequent Event [Member] | ||||
Description of Business [Line Items] | ||||
Restricted cash released | 3,200,000 | |||
Cash Held In Escrow For Exchange Transaction [Member] | ||||
Description of Business [Line Items] | ||||
Cash held in reserve for tenant improvements | 138,000 | |||
Tenant Improvements [Member] | Katy, Texas [Member] | ||||
Description of Business [Line Items] | ||||
Cash held in reserve for tenant improvements | $571,000 |
Income_Properties_Additional_I
Income Properties - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Property | Property | ||
Business Acquisition Information [Line Items] | |||
Income properties acquired | 3 | 0 | |
Acquisition cost of property | $81,375 | $839,876 | |
Reclassifications to the purchase price allocations, increase in intangible assets | 3,000,000 | ||
Reclassifications to the purchase price allocations, decrease in properties, land, buildings, and improvements | -2,300,000 | ||
Reclassifications to the purchase price allocations, increase in accrued and other liabilities | 670,000 | ||
Independent Third-Party [Member] | |||
Business Acquisition Information [Line Items] | |||
Acquisition cost of property | $39,100,000 | ||
Minimum [Member] | |||
Business Acquisition Information [Line Items] | |||
Income properties acquired | 3 | ||
Maximum [Member] | |||
Business Acquisition Information [Line Items] | |||
Income properties acquired | 4 |
Commercial_Loan_Investments_Ad
Commercial Loan Investments - Additional Information (Detail) (USD $) | 3 Months Ended | 0 Months Ended | 10 Months Ended | 0 Months Ended | |||||||
Mar. 31, 2015 | Mar. 31, 2014 | Aug. 07, 2013 | Sep. 30, 2014 | 16-May-14 | Mar. 31, 2015 | 20-May-14 | Nov. 14, 2014 | Dec. 31, 2014 | Jan. 31, 2014 | Jan. 06, 2014 | |
Option | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Commercial loan investments | $0 | ||||||||||
Total revenue | 7,308,325 | 7,172,719 | |||||||||
Acquisition of Commercial Mortgage Loan | 31,260,467 | 31,260,467 | 31,260,467 | ||||||||
Interest Income | 631,484 | 943,890 | |||||||||
Amount funded for Redevelopment of existing vacant retail property | 161,796 | 5,000,000 | |||||||||
Mezzanine [Member] | Hotel [Member] | Atlanta, GA [Member] | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Acquired loan | 19,600,000 | 19,500,000 | |||||||||
Payment to acquired loan | 17,500,000 | ||||||||||
Discount on acquired loan | 2,050,000 | ||||||||||
Total revenue | 0 | 844,000 | |||||||||
Accretion of purchase discount | 650,000 | ||||||||||
Interest Income | 36,000 | ||||||||||
Exit fees | 195,000 | ||||||||||
Remaining amortization of fees | 37,000 | ||||||||||
Acquisition of Commercial Mortgage Loan | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | |||||||
Loans receivable, fixed rate | 12.00% | 12.00% | 12.00% | 12.00% | |||||||
Interest Income | 150,000 | 100,000 | |||||||||
Loans receivable basis spread on variable rate | 12.00% | 12.00% | 12.00% | ||||||||
Mezzanine [Member] | Hotel [Member] | Dallas, TX [Member] | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Acquisition of Commercial Mortgage Loan | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | |||||||
Floating Interest Rate Period | 30 days | ||||||||||
Loans receivable basis spread on variable rate | 7.25% | 7.25% | 7.25% | 7.25% | |||||||
Interest revenue recognized | 185,000 | 0 | |||||||||
Mortgage loan on hotel | 64,000,000 | ||||||||||
Construction [Member] | Container Store [Member] | Glendale, AZ [Member] | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Interest Income | 111,000 | ||||||||||
Loans receivable, fixed rate | 6.00% | 6.00% | |||||||||
Amount funded for Redevelopment of existing vacant retail property | 3,100,000 | 5,500,000 | |||||||||
Mortgage loan commitments | 6,300,000 | 6,300,000 | 6,300,000 | 6,300,000 | |||||||
Mortgage loan commitments | 832,000 | 832,000 | |||||||||
Number of extension options | 1 | 1 | |||||||||
Duration of loan maturity extension | 9 months | ||||||||||
Loan origination fee | 79,000 | ||||||||||
Floating Interest Rate Period | 30 days | ||||||||||
Loans receivable basis spread on variable rate | 8.00% | 8.00% | 6.00% | ||||||||
Notes Receivable [Member] | Retail Shopping Center [Member] | Sarasota, FL [Member] | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Acquisition of Commercial Mortgage Loan | 8,960,467 | 8,960,467 | 9,000,000 | 8,960,467 | |||||||
Number of extension options | 3 | ||||||||||
Duration of loan maturity extension | 1 year | ||||||||||
Floating Interest Rate Period | 30 days | ||||||||||
Loans receivable basis spread on variable rate | 7.25% | 7.25% | 7.25% | 7.25% | |||||||
Acquisition of Commercial Mortgage Loan | 48,000,000 | ||||||||||
Long-term Debt, Total | 57,000,000 | ||||||||||
Interest revenue recognized | 166,000 | 0 | |||||||||
Development [Member] | Commercial Real Estate Portfolio Segment [Member] | Ormond Beach, FL [Member] | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Acquisition of Commercial Mortgage Loan | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | |||||||
Number of extension options | 1 | ||||||||||
Duration of loan maturity extension | 1 year | ||||||||||
Loan origination fee | 10,000 | ||||||||||
Floating Interest Rate Period | 30 days | ||||||||||
Loans receivable basis spread on variable rate | 7.25% | 7.25% | 7.25% | 7.25% | |||||||
Interest revenue recognized | $19,000 | $0 |
Commercial_Loan_Investments_Su
Commercial Loan Investments - Summary of Commercial Loan Investment Portfolio (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||
Mar. 31, 2015 | Dec. 31, 2014 | Jan. 31, 2014 | Sep. 30, 2014 | 16-May-14 | 20-May-14 | Nov. 14, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Original Face Amount | $31,260,467 | $31,260,467 | |||||
Current Face Amount | 30,428,294 | 30,266,498 | |||||
Carrying Value | 30,383,234 | 30,208,074 | |||||
Mezzanine [Member] | Hotel [Member] | Atlanta, GA [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Date of Investment | 2014-01 | 2014-01 | |||||
Maturity Date | 2019-02 | 2019-02 | |||||
Original Face Amount | 5,000,000 | 5,000,000 | 5,000,000 | ||||
Current Face Amount | 5,000,000 | 5,000,000 | |||||
Carrying Value | 5,000,000 | 5,000,000 | |||||
Loans receivable basis spread on variable rate | 12.00% | 12.00% | |||||
Loans receivable, fixed rate | 12.00% | 12.00% | 12.00% | ||||
Mezzanine [Member] | Hotel [Member] | Dallas, TX [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Date of Investment | 2014-09 | 2014-09 | |||||
Maturity Date | 2016-09 | 2016-09 | |||||
Original Face Amount | 10,000,000 | 10,000,000 | 10,000,000 | ||||
Current Face Amount | 10,000,000 | 10,000,000 | |||||
Carrying Value | 10,000,000 | 10,000,000 | |||||
Loans receivable basis spread on variable rate | 7.25% | 7.25% | 7.25% | ||||
Coupon Rate | 30-day LIBOR plus 7.25 % | 30-day LIBOR plus 7.25 % | |||||
Construction [Member] | Container Store [Member] | Glendale, AZ [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Date of Investment | 2014-05 | 2014-05 | |||||
Maturity Date | 2015-11 | 2015-11 | |||||
Current Face Amount | 5,467,827 | 5,306,031 | |||||
Carrying Value | 5,422,767 | 5,247,607 | |||||
Loans receivable basis spread on variable rate | 8.00% | 6.00% | |||||
Coupon Rate | 30-day LIBOR plus 8.00 % | ||||||
Original Face Amount | 6,300,000 | 6,300,000 | 6,300,000 | ||||
Loans receivable, fixed rate | 6.00% | ||||||
Notes Receivable [Member] | Retail Shopping Center [Member] | Sarasota, FL [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Date of Investment | 2014-05 | 2014-05 | |||||
Maturity Date | 2015-06 | 2015-06 | |||||
Original Face Amount | 8,960,467 | 8,960,467 | 9,000,000 | ||||
Current Face Amount | 8,960,467 | 8,960,467 | |||||
Carrying Value | 8,960,467 | 8,960,467 | |||||
Loans receivable basis spread on variable rate | 7.25% | 7.25% | 7.25% | ||||
Coupon Rate | 30-day LIBOR plus 7.25 % | 30-day LIBOR plus 7.25 % | |||||
Development [Member] | Commercial Real Estate Portfolio Segment [Member] | Ormond Beach, FL [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Date of Investment | 2014-11 | 2014-11 | |||||
Maturity Date | 2015-11 | 2015-11 | |||||
Original Face Amount | 1,000,000 | 1,000,000 | 1,000,000 | ||||
Current Face Amount | 1,000,000 | 1,000,000 | |||||
Carrying Value | $1,000,000 | $1,000,000 | |||||
Loans receivable basis spread on variable rate | 7.25% | 7.25% | 7.25% | ||||
Coupon Rate | 30-day LIBOR plus 7.25 % | 30-day LIBOR plus 7.25 % |
Commercial_Loan_Investments_Ca
Commercial Loan Investments - Carrying Value of Commercial Loan Investment (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Loans And Leases Receivable [Line Items] | ||
Current Face Amount | $30,428,294 | $30,266,498 |
Unaccreted Origination Fees | -45,060 | |
Total Commercial Loan Investments | 30,383,234 | 30,208,074 |
Commercial Mortgage Loan [Member] | ||
Loans And Leases Receivable [Line Items] | ||
Current Face Amount | 30,266,498 | |
Unaccreted Origination Fees | -58,424 | |
Total Commercial Loan Investments | $30,208,074 |
Land_and_Subsurface_Interests_
Land and Subsurface Interests - Additional Information (Detail) (USD $) | 0 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 19, 2014 | Sep. 22, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Mar. 31, 2015 | Mar. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2011 | |
acre | Payments | acre | acre | |||||
Transactions | ||||||||
sqft | ||||||||
Real Estate Properties [Line Items] | ||||||||
Number of Land transactions | 0 | |||||||
Area of land sold | 1,100,000 | |||||||
Oil exploration lease period | 8 years | 8 years | 8 years | |||||
Oil exploration lease covering area | 82,000 | 42,000 | 136,000 | |||||
Rental payment received | $3,300,000 | $922,000 | $914,000 | |||||
Number of payments aggregated and ratably recognized into income | 2 | |||||||
Aggregate amount of payments received and ratably recognized into income | 1,800,000 | |||||||
Areas removed from oil exploration lease | 54,000 | |||||||
Period considered to recognize revenue ratably for payments received | 12 months | |||||||
Non-refundable penalty payment received and recognized in revenue | 1,000,000 | 600,000 | ||||||
Amended oil exploration lease term | The terms of the lease state the Company will receive royality payments if production occurs and may receive additional annual rental payments if the lease is continued in years five through eight | |||||||
Lease income recognized from oil exploration lease | 460,000 | 812,000 | ||||||
Received rent payment | 1,900,000 | 1,900,000 | ||||||
Lease period where payment recognized | 12 months | 12 months | ||||||
Halifax Humane Society, Inc. [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Revenue from land sold | 391,500 | |||||||
Revenue per acre | 128,000 | |||||||
Land [Member] | Halifax Humane Society, Inc. [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Area of land sold | 3.1 | |||||||
Gain (Loss) from sale of land | $347,000 |
Investment_Securities_Addition
Investment Securities - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2013 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Purchased of common stock and debt securities | $5,048,646 | ||
Net adjustment to unrealized holding gains on available-for sale securities | 229,619 | 43,383 | |
Investment securities unrealized gain | 71,000 | ||
Other Comprehensive Income Unrealized Gain on Investment Securities, tax | 144,200 | 27,245 | |
Minimum [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Debt instrument maturity | 5 years | ||
Maximum [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Debt instrument maturity | 10 years | ||
Available-for-sale Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Realized gains on sales of available-for-sale securities | 131,000 | ||
Net adjustment to unrealized holding gains on available-for sale securities | 82,000 | ||
Investment securities unrealized gain | 374,000 | ||
Other Comprehensive Income Unrealized Gain on Investment Securities, tax | 144,000 | ||
Preferred Stock [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Purchased of common stock and debt securities | 730,000 | ||
Common Stock [Member] | Debt Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Purchased of common stock and debt securities | $5,100,000 |
Investment_Securities_Summary_
Investment Securities - Summary of Available for Sale Securities (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $5,050,337 | $704,173 |
Gains in Accumulated Other Comprehensive Income | 360,291 | 117,263 |
Losses in Accumulated Other Comprehensive Income | 0 | 0 |
Estimated Fair Value (Level 1 and 2 Inputs) | 5,410,628 | 821,436 |
Preferred Stock [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 704,173 | |
Gains in Accumulated Other Comprehensive Income | 117,263 | |
Losses in Accumulated Other Comprehensive Income | 0 | |
Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 3,123,640 | 704,173 |
Gains in Accumulated Other Comprehensive Income | 356,988 | 117,263 |
Losses in Accumulated Other Comprehensive Income | 0 | 0 |
Equity Securities [Member] | Common Stock [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 3,123,640 | |
Gains in Accumulated Other Comprehensive Income | 356,988 | |
Losses in Accumulated Other Comprehensive Income | 0 | |
Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,926,697 | |
Gains in Accumulated Other Comprehensive Income | 3,303 | |
Losses in Accumulated Other Comprehensive Income | 0 | |
Debt Securities [Member] | Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,926,697 | |
Gains in Accumulated Other Comprehensive Income | 3,303 | |
Losses in Accumulated Other Comprehensive Income | 0 | |
Quoted Prices in Active Markets (Level 1 Inputs) [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value (Level 1 and 2 Inputs) | 821,436 | |
Quoted Prices in Active Markets (Level 1 Inputs) [Member] | Preferred Stock [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value (Level 1 and 2 Inputs) | 821,436 | |
Quoted Prices in Active Markets (Level 1 Inputs) [Member] | Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value (Level 1 and 2 Inputs) | 821,436 | |
Quoted Prices in Active Markets (Level 1 and 2 Inputs) [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value (Level 1 and 2 Inputs) | 5,410,628 | |
Quoted Prices in Active Markets (Level 1 and 2 Inputs) [Member] | Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value (Level 1 and 2 Inputs) | 3,480,628 | |
Quoted Prices in Active Markets (Level 1 and 2 Inputs) [Member] | Equity Securities [Member] | Common Stock [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value (Level 1 and 2 Inputs) | 3,480,628 | |
Quoted Prices in Active Markets (Level 1 and 2 Inputs) [Member] | Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value (Level 1 and 2 Inputs) | 1,930,000 | |
Quoted Prices in Active Markets (Level 1 and 2 Inputs) [Member] | Debt Securities [Member] | Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value (Level 1 and 2 Inputs) | $1,930,000 |
Investment_Securities_Summary_1
Investment Securities - Summary of Sale of Investment Securities and Losses (Detail) (USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Proceeds from the Disposition of Equity Securities | $834,964 |
Cost Basis of Investment Securities Sold | -704,173 |
Gain recognized in Statement of Operations on the Disposition of Equity Securities | $130,791 |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments - Summary of Carrying Value and Estimated Fair Value of Financial Instruments (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
Debt Instrument Fair Value Carrying Value [Abstract] | ||||
Cash and Cash Equivalents, Carrying Value | $25,078,783 | $1,881,195 | $1,058,652 | $4,932,512 |
Restricted Cash, Carrying Value | 5,383,695 | 4,440,098 | ||
Investment Securities, Carrying Value | 5,410,628 | 821,436 | ||
Commercial Loan Investments, Carrying Value | 30,383,234 | 30,208,074 | ||
Long-Term Debt, Carrying Value | 129,332,812 | 103,940,011 | ||
Cash and Cash Equivalents, Estimated Fair Value | 25,078,783 | 1,881,195 | ||
Restricted Cash, Estimated Fair Value | 5,383,695 | 4,440,098 | ||
Investment Securities, Estimated Fair Value | 5,410,628 | 821,436 | ||
Commercial Loan Investments, Estimated Fair Value | 30,428,294 | 30,266,498 | ||
Long-Term Debt, Estimated Fair Value | $129,332,812 | $103,940,011 |
Intangible_Assets_Schedule_of_
Intangible Assets - Schedule of Intangible Assets and Liabilities (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Acquired Indefinite-lived Intangible Assets [Line Items] | ||
Sub-total Intangible Lease Assets | $8,420,625 | $9,043,617 |
Sub-total Intangible Lease Assets | 9,618,115 | 10,352,123 |
Value of Below Market In-Place Leases, net | -631,170 | -669,693 |
Total | 8,986,945 | 9,682,430 |
Value of Above Market In-Place Leases, Net [Member] | ||
Acquired Indefinite-lived Intangible Assets [Line Items] | ||
Sub-total Intangible Lease Assets | 287,853 | 330,424 |
Value of Intangible Leasing Costs, Net [Member] | ||
Acquired Indefinite-lived Intangible Assets [Line Items] | ||
Sub-total Intangible Lease Assets | $909,637 | $978,082 |
Intangible_Assets_Additional_I
Intangible Assets - Additional Information (Detail) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Accumulated amortization expense | $3,700,000 | $3,600,000 | |
Amortization expense | $422,000 | $169,000 |
Intangible_Assets_Summary_of_E
Intangible Assets - Summary of Estimated Amortization Expense (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Remainder of 2015 | $856,577 | |
2016 | 1,104,014 | |
2017 | 1,013,260 | |
2018 | 1,005,572 | |
2019 | 974,422 | |
2020 | 810,297 | |
Thereafter | 3,222,803 | |
Total | $8,986,945 | $9,682,430 |
Impairment_of_LongLived_Assets1
Impairment of Long-Lived Assets - Additional Information (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Property, Plant and Equipment [Abstract] | ||
Impairment Charges | $510,041 | $0 |
Loss on sale of property | 277,000 | |
Estimated closing costs | $233,000 |
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 | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Income Available to Common Shareholders: | ||
Net Income | $353,356 | $1,500,407 |
Weighted Average Shares Outstanding | 5,826,640 | 5,745,341 |
Common Shares Applicable to Stock | ||
Options Using the Treasury Stock Method | 33,721 | 2,188 |
Total Shares Applicable to Diluted Earnings Per Share | 5,860,361 | 5,747,529 |
Basic and Diluted Per Share Information: | ||
Net Income | $0.06 | $0.26 |
Common_Stock_and_Earnings_Per_3
Common Stock and Earnings Per Share - Additional Information (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Dilutive Securities Included And Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive potentially securities | 25,200 | 38,800 |
Impact on diluted net income per share | $0.06 | $0.26 |
Additional diluted outstanding shares | 5,860,361 | 5,747,529 |
Convertible Note [Member] | ||
Dilutive Securities Included And Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Debt instrument interest rate | 4.50% | |
Debt instrument interest rate terms | 2020 | |
4.50% Convertible Senior Notes due 2020 [Member] | ||
Dilutive Securities Included And Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Impact on diluted net income per share | $0 | |
Common stock exceeds conversion price | $68.90 | |
Additional diluted outstanding shares | 0 | |
Debt instrument interest rate | 4.50% |
Treasury_Stock_Additional_Info
Treasury Stock - Additional Information (Detail) (USD $) | 3 Months Ended | |||
Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Apr. 26, 2012 | |
Equity, Class of Treasury Stock [Line Items] | ||||
Number of shares purchased | 40,470 | 40,470 | ||
Costs of shares purchased | $1,381,566 | $1,381,566 | ||
Odd-Lot Buy-Back Program [Member] | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Description of number of shares held by shareholder, maximum | Less than 100 | |||
Purchase price of shares from shareholders | $31 | |||
Number of shares purchased | 25,836 | 4,660 | 14,634 | |
Costs of shares purchased | 928,000 | 105,000 | 454,000 | |
Buy back expiration date | 30-Jun-12 | |||
Repurchase occurred, amount | 0 | |||
Repurchase of remaining shares | $6,500,000 | |||
Odd-Lot Buy-Back Program [Member] | Maximum [Member] | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Number of shares held by shareholders | 100 |
LongTerm_Debt_Credit_Facility_
Long-Term Debt (Credit Facility) - Additional Information (Detail) (USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Debt Instrument [Line Items] | |
Line of credit facility, maximum borrowing capacity | $57,500,000 |
Credit Facility [Member] | |
Debt Instrument [Line Items] | |
Amended date of line of credit | 20-Apr-15 |
Expiration date of line of credit | 1-Aug-18 |
Line of credit facility, extension term | 1 year |
Line of credit facility, current borrowing capacity | 75,000,000 |
Long-term debt LIBOR plus interest rate, reckoning period | 30 days |
Line of credit facility unused portion of borrowing capacity description | The Credit Facility also accrues a fee of 20 to 25 basis points for any unused portion of the borrowing capacity based on whether the unused portion is greater or less than 50% of the total borrowing capacity. |
Line of credit facility unused portion of the borrowing capacity fee percentage condition | 50.00% |
Line of credit facility, maturity date | 1-Aug-18 |
Credit Facility [Member] | Minimum [Member] | |
Debt Instrument [Line Items] | |
Line of credit facility, commitment fee percentage on unused portion of the borrowing capacity | 0.20% |
Credit Facility [Member] | Maximum [Member] | |
Debt Instrument [Line Items] | |
Line of credit facility, commitment fee percentage on unused portion of the borrowing capacity | 0.25% |
Credit Facility [Member] | Line of Credit New [Member] | |
Debt Instrument [Line Items] | |
Line of credit facility, maximum borrowing capacity | $125,000,000 |
Credit Facility [Member] | Line of Credit New [Member] | Minimum [Member] | |
Debt Instrument [Line Items] | |
Line of credit facility, interest rate description | LIBOR plus 135 basis |
Line of credit facility, basis points added to LIBOR interest rate | 1.35% |
Credit Facility [Member] | Line of Credit New [Member] | Maximum [Member] | |
Debt Instrument [Line Items] | |
Line of credit facility, interest rate description | LIBOR plus 225 basis |
Line of credit facility, basis points added to LIBOR interest rate | 2.25% |
LongTerm_Debt_Summary_of_Amoun
Long-Term Debt - Summary of Amount of Adjustment to Each Balance Sheet Element (Detail) (USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Liabilities: | |
Deferred Income Taxes - Net | $1,337,644 |
Long-Term Debt | 7,936,882 |
Shareholders' Equity: | |
Additional Paid-In Capital | ($9,274,526) |
LongTerm_Debt_Mortgage_Notes_P
Long-Term Debt (Mortgage Notes Payable) - Additional Information (Detail) (Mortgage Notes Payable [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2015 | Sep. 30, 2014 | Feb. 22, 2013 | Mar. 08, 2013 | |
Property | ||||
UBS Mortgage Note Payable [Member] | ||||
Debt Instrument [Line Items] | ||||
Mortgage Note Payable | $7,300,000 | |||
Maturity period | 2018-02 | |||
Interest rate on mortgage loan | 3.66% | |||
Date of acquisition | 31-Jan-13 | |||
UBS Mortgage Note Payable [Member] | Hilton Resorts Corporation [Member] | ||||
Debt Instrument [Line Items] | ||||
Number of office building | 2 | |||
BOA Mortgage Note Payable [Member] | ||||
Debt Instrument [Line Items] | ||||
Mortgage Note Payable | 23,100,000 | |||
Maturity period | 2023-04 | |||
Interest rate on mortgage loan | 3.67% | |||
Number of income properties | 14 | |||
Wells Fargo Mortgage Note Payable [Member] | ||||
Debt Instrument [Line Items] | ||||
Mortgage Note Payable | $30,000,000 | |||
Maturity period | 2034-10 | |||
Interest rate on mortgage loan | 4.33% | |||
Number of income properties | 6 | |||
Mortgage loan payment terms | The mortgage loan matures in October 2034, and carries a fixed rate of 4.33% per annum during the first ten years of the term, and requires payments of interest only during the first ten years of the loan. After the tenth anniversary of the effective date of the loan the cash flows generated by the underlying six income properties must be used to pay down the principal balance of the loan until paid off or until the loan matures. The loan is fully pre-payable after the tenth anniversary date of the effective date of the loan. |
LongTerm_Debt_Convertible_Debt
Long-Term Debt (Convertible Debt) - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | |
Mar. 11, 2015 | Mar. 31, 2015 | Mar. 11, 2015 | |
Debt Instrument [Line Items] | |||
Amount of loan issued | $135,400,000 | ||
Unamortized debt discount of notes | 6,067,188 | ||
Decrease in total shareholders' equity | -9,274,526 | ||
4.50% Convertible Senior Notes due 2020 [Member] | |||
Debt Instrument [Line Items] | |||
Amount of loan issued | 75,000,000 | 75,000,000 | 75,000,000 |
Debt instrument maturity year | 2020 | 2020 | |
Debt instrument interest rate | 4.50% | 4.50% | |
New Series Convertible Notes maturity date | 15-Mar-20 | ||
Debt instrument conversion ratio | 14.5136 | ||
Initial conversion price per share | $68.90 | ||
Convertible notes principal amount | 1,000 | ||
Net proceeds from issuance of notes | 72,400,000 | ||
Cash Discount for issuance of the notes | 2,600,000 | ||
Credit facility repayments | 47,500,000 | ||
Equity Component of Convertible Debt | 3,500,000 | 2,100,000 | 3,500,000 |
Unamortized debt discount of notes | 6,100,000 | ||
Increase in total liabilities | 9,300,000 | ||
Decrease in total shareholders' equity | ($9,274,526) |
LongTerm_Debt_Schedule_of_Long
Long-Term Debt - Schedule of Long-Term Debt (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Credit Facility | $0 | |
4.50% Convertible Senior Notes due 2020, net of discount | 68,932,812 | |
Total Long-Term Debt | 129,332,812 | 103,940,011 |
Credit Facility | 0 | |
4.50% Convertible Senior Notes due 2020, net of discount | 0 | |
Total Long-Term Debt | 0 | |
UBS Mortgage Note Payable [Member] | ||
Debt Instrument [Line Items] | ||
Mortgage Note Payable | 7,300,000 | |
Mortgage Note Payable | 0 | |
BOA Mortgage Note Payable [Member] | ||
Debt Instrument [Line Items] | ||
Mortgage Note Payable | 23,100,000 | |
Mortgage Note Payable | 0 | |
Wells Fargo Mortgage Note Payable [Member] | ||
Debt Instrument [Line Items] | ||
Mortgage Note Payable | 30,000,000 | |
Mortgage Note Payable | $0 |
LongTerm_Debt_Schedule_of_Long1
Long-Term Debt - Schedule of Long-Term Debt (Parenthetical) (Detail) (4.50% Convertible Senior Notes due 2020 [Member]) | 3 Months Ended |
Mar. 31, 2015 | |
4.50% Convertible Senior Notes due 2020 [Member] | |
Debt Instrument [Line Items] | |
Debt instrument interest rate | 4.50% |
Debt instrument maturity year | 2020 |
LongTerm_Debt_Summary_of_Payme
Long-Term Debt - Summary of Payments Applicable to Reduction of Principal Amounts (Detail) (USD $) | Mar. 31, 2015 |
Debt Disclosure [Abstract] | |
Remainder of 2015 | $0 |
2016 | 0 |
2017 | 0 |
2018 | 7,300,000 |
2019 | 0 |
2020 | 75,000,000 |
Thereafter | 53,100,000 |
Total Long-Term Debt | $135,400,000 |
LongTerm_Debt_Summary_of_Carry
Long-Term Debt - Summary of Carrying Value of Long-Term Debt (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Debt Disclosure [Abstract] | ||
Current Face Amount | $135,400,000 | |
Unamortized Discount on Convertible Debt | -6,067,188 | |
Total Long-Term Debt | $129,332,812 | $103,940,011 |
LongTerm_Debt_Additional_Infor
Long-Term Debt - Additional Information (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Debt Disclosure [Abstract] | ||
Interest expense | $969,000 | $413,000 |
Interest paid | 815,000 | 378,000 |
Interest capitalized | 0 | 6,700 |
Amortization of loan costs | 72,537 | 54,775 |
Amortization of discount | 25,000 | |
Amortization of discount | ($6,067,188) |
Accrued_and_Other_Liabilities_1
Accrued and Other Liabilities - Summary of Accrued and Other Liabilities (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Payables and Accruals [Abstract] | ||
Golf Course Lease | $2,881,485 | $2,973,898 |
Accrued Property Taxes | 337,169 | |
Other Post-Retirement Benefits | 142,797 | |
Reserve for Tenant Improvements | 577,429 | 551,250 |
Accrued Interest | 351,623 | 197,929 |
Environmental Reserve | 100,985 | 108,733 |
Below Market In-Place Leases, net | 631,170 | 669,693 |
Other | 450,337 | 1,426,902 |
Total Accrued and Other Liabilities | $5,330,198 | $6,071,202 |
Accrued_and_Other_Liabilities_2
Accrued and Other Liabilities - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | ||
Jul. 31, 2012 | Mar. 31, 2015 | Dec. 31, 2014 | Apr. 22, 2014 | |
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 | 2,000,000 | ||
Lease term expiration year | 2022 | |||
Tenant improvements credited at closing balance | 577,429 | 551,250 | ||
Environmental reserve accrued | 110,000 | |||
Environmental remediation cost | 8,000 | |||
Lowes [Member] | ||||
Accrued Liabilities [Line Items] | ||||
Tenant improvements credited at closing balance | 651,000 | |||
Final payment for the completion of improvements on client request | 100,000 | |||
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 $) | Mar. 31, 2015 | Dec. 31, 2014 |
Deferred Revenue Arrangement [Line Items] | ||
Deferred Oil Exploration Lease Revenue | $894,728 | $1,354,873 |
Deferred Land Sale Revenue | 87,581 | |
Prepaid Rent | 564,612 | 674,165 |
Other Deferred Revenue | 373,765 | 392,584 |
Escrow Reserve | 1,926,016 | 2,718,543 |
Escrow Reserve, Container Store Loan [Member] | ||
Deferred Revenue Arrangement [Line Items] | ||
Escrow Reserve | 46,248 | 144,124 |
Escrow Reserve, Plantation Oaks Loan [Member] | ||
Deferred Revenue Arrangement [Line Items] | ||
Escrow Reserve | $46,663 | $65,216 |
Deferred_Revenue_Additional_In
Deferred Revenue - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Sep. 19, 2014 | Mar. 31, 2015 | Sep. 30, 2014 | Dec. 31, 2011 | |
sqft | ||||
Deferred Revenue Arrangement [Line Items] | ||||
Received rent payment | $1,900,000 | $1,900,000 | ||
Term of oil exploration lease | 8 years | 8 years | 8 years | |
Lease period where payment recognized | 12 months | 12 months | ||
Lease expiration year | 2015-09 | |||
Area of land sold | 1,100,000 | |||
Property East of Interstate 95 [Member] | ||||
Deferred Revenue Arrangement [Line Items] | ||||
Deferred revenue recognized from sale of land | 597,000 | |||
Deferred revenue recognized during the period | 88,000 | |||
Revenue from land sold | 7,800,000 | |||
Property East of Interstate 95 [Member] | Land [Member] | ||||
Deferred Revenue Arrangement [Line Items] | ||||
Area of land sold | 75.6 |
Pension_Plan_Additional_Inform
Pension Plan - Additional Information (Detail) (USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan, general information | The Company maintained a Defined Benefit Pension Plan (the "Pension Plan") which had been, prior to December 31, 2011, for all employees who had attained the age of 21 and completed one year of service. |
Contribution to fund the pension plan to effectuate termination | $43,000 |
Cost of legal and other advisors to complete termination | $170,000 |
Minimum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan, eligibility age criteria | 21 years |
Defined benefit plan eligibility year of service rendered | 1 year |
StockBased_Compensation_Equity
Stock-Based Compensation - Equity-Classified Stock Compensation (Market Condition Restricted Shares) - Additional Information (Detail) (USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Weighted average period of compensation cost to be recognized | 4 months 24 days |
Restricted Shares [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation cost related to market condition non-vested restricted shares | 13,000 |
Weighted average period of compensation cost to be recognized | 7 months 6 days |
2010 Plan [Member] | Restricted Shares [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Performance period | 5 years |
StockBased_Compensation_Summar
Stock-Based Compensation - Summary of Stock Based Compensation Activity (Detail) (USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Restricted Shares [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock based compensation, Shares Outstanding, beginning balance | 5,067 |
Stock based compensation, Shares, Forfeited | -567 |
Stock based compensation, Shares Outstanding, ending balance | 4,500 |
Stock based compensation, Weighted Average Fair Value Per Share, beginning balance | $23.13 |
Stock based compensation, Weighted Average Fair Value Per Share, Forfeited | $23.13 |
Stock based compensation, Weighted Average Fair Value Per Share, ending balance | $23.13 |
Three Year Vest Non-Vested Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock based compensation, Shares Outstanding, beginning balance | 14,200 |
Stock based compensation, Shares, Granted | 19,700 |
Stock based compensation, Shares, Vested | -4,734 |
Stock based compensation, Shares, Forfeited | -833 |
Stock based compensation, Shares Outstanding, ending balance | 28,333 |
Stock based compensation, Weighted Average Fair Value Per Share, beginning balance | $36.08 |
Stock based compensation, Weighted Average Fair Value Per Share, Granted | $55.93 |
Stock based compensation, Weighted Average Fair Value Per Share, Vested | $36.08 |
Stock based compensation, Weighted Average Fair Value Per Share, Forfeited | $48 |
Stock based compensation, Weighted Average Fair Value Per Share, ending balance | $49.53 |
StockBased_Compensation_Equity1
Stock-Based Compensation - Equity-Classified Stock Compensation (Market Condition Inducement Grant of Restricted Shares) - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2014 | |
Increment | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted shares vesting description | The restricted shares will vest in six increments based upon the price per share of the Companybs common stock during the term of their employment (or within ninety days after termination of employment by the Company without cause), meeting or exceeding the target trailing ninety-day average closing prices ranging from $36 per share for the first increment to $65 per share for the final increment. | |||
Restricted share award closing prices range per share, Minimum | $36 | |||
Restricted share award closing prices range per share, Maximum | $65 | |||
Restricted share award average closing prices, period | 90 days | |||
Number of increments had vested | 6 | |||
Weighted average period of compensation cost to be recognized | 4 months 24 days | |||
Mr Albright [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of increments had vested | 4 | |||
Mr Patten [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of increments had vested | 4 | |||
Mr Smith [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted shares vesting description | The restricted stock will vest in two increments based upon the price per share of Company common stock during the term of their employment (or within 60 days after termination of employment by the Company without cause), meeting or exceeding the target trailing 60-day average closing prices of $60 per share and $65 per share for the two increments. | |||
Restricted share award closing prices range per share, Minimum | $60 | |||
Restricted share award closing prices range per share, Maximum | $65 | |||
Restricted share award average closing prices, period | 60 days | |||
Number of increments had vested | 0 | |||
Senior Executive [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of increments had vested | 0 | |||
Restricted Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation cost | $175,000 | |||
Weighted average period of compensation cost to be recognized | 7 months 6 days | |||
Restricted Shares [Member] | 2010 Plan [Member] | Mr Albright [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock based compensation, Shares, Granted | 96,000 | 96,000 | ||
Restricted Shares [Member] | 2010 Plan [Member] | Mr Patten [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock based compensation, Shares, Granted | 17,000 | 17,000 | ||
Restricted Shares [Member] | 2010 Plan [Member] | Mr Smith [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock based compensation, Shares, Granted | 2,500 | |||
Restricted Shares [Member] | 2010 Plan [Member] | Senior Executive [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock based compensation, Shares, Granted | 3,000 |
StockBased_Compensation_Summar1
Stock-Based Compensation - Summary of Market Condition Inducement Grant of Restricted Shares (Detail) (Inducement Grant of Restricted Stock [Member], USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Inducement Grant of Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock based compensation, Shares Outstanding, beginning balance | 40,500 |
Stock based compensation, Shares, Granted | 3,000 |
Stock based compensation, Shares, Vested | 0 |
Stock based compensation, Shares, Forfeited | 0 |
Stock based compensation, Shares Outstanding, ending balance | 43,500 |
Stock based compensation, Weighted Average Fair Value, beginning balance | $15.55 |
Stock based compensation, Weighted Average Fair Value, Granted | $46.81 |
Stock based compensation, Weighted Average Fair Value, Vested | $0 |
Stock based compensation, Weighted Average Fair Value, Forfeited | $0 |
Stock based compensation, Weighted Average Fair Value, ending balance | $17.70 |
StockBased_Compensation_Equity2
Stock-Based Compensation - Equity-Classified Stock Compensation (Three Year Vest Restricted Shares) - Additional Information (Detail) (USD $) | 3 Months Ended | 0 Months Ended | ||
Mar. 31, 2015 | Jan. 28, 2015 | Jan. 22, 2014 | Feb. 09, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted average period of compensation cost to be recognized | 4 months 24 days | |||
Three Year Vest Non-Vested Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock based compensation, Shares, Granted | 19,700 | |||
Percent of restricted shares vested in each anniversaries, description | One-third of restricted shares will vest on each of the first, second, and third anniversaries of the grant date, provided they are an employee of the Company on those dates. | |||
Unrecognized compensation cost | 1,300,000 | |||
Weighted average period of compensation cost to be recognized | 2 years 7 months 6 days | |||
Three Year Vest Non-Vested Restricted Stock [Member] | 2010 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock based compensation, Shares, Granted | 11,700 | 14,500 | ||
Three Year Vest Non-Vested Restricted Stock [Member] | 2010 Plan [Member] | Mr Albright [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock based compensation, Shares, Granted | 8,000 |
StockBased_Compensation_Equity3
Stock-Based Compensation - Equity-Classified Stock Compensation (Non-Qualified Stock Option Awards) - Additional Information (Detail) (USD $) | 3 Months Ended | 0 Months Ended | 12 Months Ended | |||
Mar. 31, 2015 | Jan. 23, 2013 | Feb. 09, 2015 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Weighted average period of compensation cost to be recognized | 4 months 24 days | |||||
Non-Qualified Stock Option Award [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Expiry of option | (a) the tenth anniversary of the grant date; (b) twelve months after the employee's death or termination for disability; or (c) thirty days after the termination of employment for any reason other than death or disability | |||||
Stock based compensation, Shares, Granted | 20,000 | |||||
Weighted-average grant-date fair value of options granted | 14.22 | |||||
Total intrinsic value of options exercised | 32,000 | |||||
Unrecognized compensation cost related to market condition non-vested restricted shares | 437,000 | |||||
Weighted average period of compensation cost to be recognized | 1 year 1 month 6 days | |||||
Non-Qualified Stock Option Award [Member] | Mr Albright [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Expiry of option | (a) January 28, 2025; (b) twelve months after the employeebs death or termination for disability; or (c) thirty days after the termination of employment for any reason other than death or disability. | |||||
Percent of options vested in each anniversaries, description | The options vest on January 28, 2016, provided he is an employee of the Company on that date. | |||||
Non-Qualified Stock Option Award [Member] | Mr Patten [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Expiry of option | (a) the fifth anniversary of the grant date; (b) twelve months after the employee's death or termination for disability; or (c) thirty days after the termination of employment for any reason other than death or disability. | |||||
Percent of options vested in each anniversaries, description | One-third of these options 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. | |||||
Non-Qualified Stock Option Award [Member] | 2010 Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock based compensation, Shares, Granted | 51,000 | |||||
Non-Qualified Stock Option Award [Member] | 2010 Plan [Member] | Mr Albright [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock based compensation, Shares, Granted | 50,000 | |||||
Stock based compensation, Shares, Granted | 20,000 | |||||
Options granted exercise price | $57.50 | |||||
Non-Qualified Stock Option Award [Member] | 2010 Plan [Member] | Mr Patten [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock based compensation, Shares, Granted | 10,000 | |||||
Stock based compensation, Shares, Granted | 10,000 | |||||
Non-Qualified Stock Option Award [Member] | 2010 Plan [Member] | Mr Smith [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock based compensation, Shares, Granted | 10,000 |
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 $) | 3 Months Ended |
Mar. 31, 2015 | |
Non-Qualified Stock Option Award [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock based compensation, Shares Outstanding, beginning balance | 84,765 |
Stock based compensation, Shares, Granted | 20,000 |
Stock based compensation, Shares, Exercised | -1,650 |
Stock based compensation, Shares, Forfeited | -4,870 |
Stock based compensation, Shares Outstanding, ending balance | 98,245 |
Stock based compensation, Shares, Exercisable | 50,395 |
Stock based compensation, Weighted Average Exercise Price, beginning balance | $34.39 |
Stock based compensation, Weighted Average Exercise Price, Granted | $57.50 |
Stock based compensation, Weighted Average Exercise Price, Exercised | $34.95 |
Stock based compensation, Weighted Average Exercise Price, Forfeited | $34.95 |
Stock based compensation, Weighted Average Exercise Price, ending balance | $39.05 |
Stock based compensation, Weighted Average Exercise Price, Exercisable | $31.39 |
Stock based compensation, Weighted Average Remaining Contractual Term, Outstanding | 6 years 2 months 12 days |
Stock based compensation, Weighted Average Remaining Contractual Term, Exercisable | 5 years 4 days |
Stock based compensation, Aggregate Intrinsic Value, Outstanding | $2,024,409 |
Stock based compensation, Aggregate Intrinsic Value, Exercisable | $1,424,461 |
StockBased_Compensation_Summar3
Stock-Based Compensation - Summary of Non-Vested Options for Non-Qualified Stock Option Awards (Detail) (Non-Qualified Stock Option Award [Member], USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Non-Qualified Stock Option Award [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Non-Vested Shares, beginning balance | 47,570 |
Granted | 20,000 |
Vested | -14,850 |
Forfeited | -4,870 |
Non-Vested Shares, ending balance | 47,850 |
Fair Value of Shares Vested | $519,008 |
StockBased_Compensation_Liabil
Stock-Based Compensation - Liability-Classified Stock Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
2001 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock could be issued under stock option plan 2001 | 500,000 | ||
Number of new stock options issued under 2001 plan | 0 | ||
Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total intrinsic value of options exercised | 56,000 | ||
Stock Appreciation Rights [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Option shares issued under stock appreciation rights | 0 | 0 | |
Stock Appreciation Rights [Member] | 2001 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total intrinsic value of options exercised | 30,000 | ||
Stock Options and Stock Appreciation Rights [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock option liability | 318,000 | $560,000 |
StockBased_Compensation_Summar4
Stock-Based Compensation - Summary of Share Option Activity of Stock Option and Stock Appreciation Rights Under 2001 Plan (Detail) (2001 Plan [Member], USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Stock Option [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock based compensation, Shares Outstanding, beginning balance | 35,300 |
Stock based compensation, Shares, Granted | 0 |
Stock based compensation, Shares, Exercised | -2,500 |
Stock based compensation, Shares, Forfeited | -14,000 |
Stock based compensation, Shares Outstanding, ending balance | 18,800 |
Stock based compensation, Shares, Exercisable | 18,800 |
Stock based compensation, Weighted Average Fair Value, beginning balance | $62.47 |
Stock based compensation, Weighted Average Fair Value, Granted | $0 |
Stock based compensation, Weighted Average Fair Value, Exercised | $33.16 |
Stock based compensation, Weighted Average Fair Value Per Share, Forfeited | $66.54 |
Stock based compensation, Weighted Average Fair Value, ending balance | $63.35 |
Stock based compensation, Weighted Average Fair Value, Exercisable | $63.35 |
Stock based compensation, Weighted Average Remaining Contractual Term, Outstanding | 2 years 2 months 1 day |
Stock based compensation, Weighted Average Remaining Contractual Term, Exercisable | 2 years 2 months 1 day |
Stock based compensation, Aggregate Intrinsic Value, Outstanding | $76,640 |
Stock based compensation, Aggregate Intrinsic Value, Exercisable | 76,640 |
Stock Appreciation Rights [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock based compensation, Shares Outstanding, beginning balance | 35,300 |
Stock based compensation, Shares, Granted | 0 |
Stock based compensation, Shares, Exercised | -2,500 |
Stock based compensation, Shares, Forfeited | -14,000 |
Stock based compensation, Shares Outstanding, ending balance | 18,800 |
Stock based compensation, Shares, Exercisable | 18,800 |
Stock based compensation, Weighted Average Fair Value, beginning balance | $5.56 |
Stock based compensation, Weighted Average Fair Value, Granted | $0 |
Stock based compensation, Weighted Average Fair Value, Exercised | $15.58 |
Stock based compensation, Weighted Average Fair Value Per Share, Forfeited | $4.84 |
Stock based compensation, Weighted Average Fair Value, ending balance | $5.92 |
Stock based compensation, Weighted Average Fair Value, Exercisable | $5.92 |
Stock based compensation, Aggregate Intrinsic Value, Outstanding | 41,268 |
Stock based compensation, Aggregate Intrinsic Value, Exercisable | $41,268 |
StockBased_Compensation_Assump
Stock-Based Compensation - Assumptions Used in Determining Fair Value of Stock Options and Stock Appreciation Rights (Detail) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Expected Volatility | 33.31% | 34.07% |
Expected Dividends | 0.13% | 0.07% |
Expected Term | 2 years | 2 years |
Risk-Free Rate | 0.67% | 0.78% |
StockBased_Compensation_Recogn
Stock-Based Compensation - Recognized Financial Statements for Stock Options, Stock Appreciation Rights, and Restricted Stock (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Total Cost of Share-Based Plans Charged Against Income Before Tax Effect | $75,352 | $291,092 |
Income Tax Expense Recognized in Income | ($29,067) | ($112,289) |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Income Tax Disclosure [Abstract] | ||
Effective income tax rate including income taxes attributable to the discontinued operations | 38.80% | 38.80% |
Commitments_and_Contingencies_
Commitments and Contingencies (Legal Proceedings) - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | |
In Millions, unless otherwise specified | Jan. 29, 2014 | Mar. 31, 2015 | 31-May-10 |
acre | |||
Loss Contingencies [Line Items] | |||
Summary judgment of foreclosure hearing date | 12-Jan-12 | ||
Area of real estate property | 1,100,000 | ||
FM Bayberry Cove Holding, LLC [Member] | |||
Loss Contingencies [Line Items] | |||
Claim of lien on real property | $3.80 | ||
Area of real estate property | 600 | ||
Company's foreclosure sale date | 29-Jan-14 | ||
Claim for un-reimbursed costs and accrued interest | 4.7 | ||
FM Bayberry Cove Holding, LLC [Member] | Minimum [Member] | |||
Loss Contingencies [Line Items] | |||
Claim for un-reimbursed costs and accrued interest | 4.6 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Contractual Commitments) - Additional Information (Detail) (USD $) | 3 Months Ended | 0 Months Ended | 10 Months Ended | ||||
Mar. 31, 2015 | Mar. 31, 2014 | 16-May-14 | Mar. 31, 2015 | Dec. 31, 2014 | Apr. 30, 2015 | Dec. 31, 2013 | |
sqft | |||||||
Loss Contingencies [Line Items] | |||||||
Area of real estate property | 1,100,000 | 1,100,000 | |||||
Cash deposited related to improvements | $285,000 | $285,000 | |||||
Payments provided to fund contractual commitment | 161,796 | 5,000,000 | |||||
Estimated cost of construction, current year | 10,532 | 10,532 | |||||
Construction [Member] | Container Store [Member] | Glendale, AZ [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Payments provided to fund contractual commitment | 3,100,000 | 5,500,000 | |||||
Original Face Amount | 6,300,000 | 6,300,000 | 6,300,000 | 6,300,000 | |||
Mortgage loan commitments | 832,000 | 832,000 | |||||
Construction [Member] | Container Store [Member] | Glendale, AZ [Member] | Subsequent Event [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Remaining commitment | 733,000 | ||||||
Construction and Other Commitment [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Cash deposited related to improvements | 283,500 | ||||||
Reimbursement period of land improvement cost | 5 years | ||||||
Number of construction agreements | 2 | 2 | |||||
Total commitments | 0 | ||||||
Estimated cost of construction, current year | 1,300,000 | 1,300,000 | |||||
Construction and Other Commitment [Member] | Maximum [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Remaining commitment | 693,000 | 693,000 | |||||
Construction and Other Commitment [Member] | RaceTrac Petroleum, Inc. ("RaceTrac") [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Area of real estate property | 3.4 | 3.4 | |||||
Estimated cost for improvements | 1,260,000 | ||||||
Percentage of cost paid | 77.50% | ||||||
Actual cost paid for the next five years | $976,500 | $976,500 | |||||
Construction and Other Commitment [Member] | Williamson Crossing [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Area of real estate property | 23 | 23 | |||||
Construction and Other Commitment [Member] | Williamson Crossing Remaining Site [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Area of real estate property | 19.6 | 19.6 |
Business_Segment_Data_Addition
Business Segment Data - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Commercial_Loan | |||
Segment | |||
acre | |||
Segment Reporting Information [Line Items] | |||
Number of operating segment | 4 | ||
Income property operation percent of identifiable asset | 61.80% | 68.70% | |
Income property operation percent of consolidated revenue | 58.30% | 47.50% | |
Number of commercial loan investments | 5 | ||
Golf operation description | Our golf operations consist of a single property located in the City, with two 18-hole championship golf courses | ||
Land portfolio | 10,500 | ||
Commercial Mortgage Loan [Member] | Atlanta [Member] | |||
Segment Reporting Information [Line Items] | |||
Number of commercial mortgage loan investment collateralized by a hotel property | 1 | ||
Mezzanine Loan [Member] | Atlanta [Member] | |||
Segment Reporting Information [Line Items] | |||
Number of commercial mortgage loan investment collateralized by a hotel property | 5 |
Business_Segment_Data_Summary_
Business Segment Data - Summary of Operations in Different Segments (Detail) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||
Income Properties | $4,260,675 | $3,404,359 | |
Interest Income from Commercial Loan Investments | 631,484 | 943,890 | |
Real Estate Operations | 859,801 | 1,349,247 | |
Golf Operations | 1,537,426 | 1,417,379 | |
Agriculture and Other Income | 18,939 | 57,844 | |
Revenues | 7,308,325 | 7,172,719 | |
Operating Income (Loss) | 1,493,887 | 2,903,869 | |
Depreciation and Amortization | 1,155,739 | 772,008 | |
Capital Expenditures | 81,353 | 5,839,877 | |
Identifiable Assets | 305,088,117 | 276,592,448 | |
Income Properties [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating Income (Loss) | 3,619,829 | 3,064,340 | |
Depreciation and Amortization | 1,085,637 | 706,253 | |
Capital Expenditures | 54,264 | 752,024 | |
Identifiable Assets | 188,683,961 | 190,087,575 | |
Commercial Loan Investments [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating Income (Loss) | 631,484 | 943,890 | |
Capital Expenditures | 5,000,000 | ||
Identifiable Assets | 30,501,263 | 30,274,302 | |
Real Estate Operations [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating Income (Loss) | 261,078 | 1,097,297 | |
Identifiable Assets | 43,757,954 | 43,833,515 | |
Golf Operations [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating Income (Loss) | 147,814 | 84,353 | |
Depreciation and Amortization | 58,776 | 56,863 | |
Capital Expenditures | 16,017 | 35,393 | |
Identifiable Assets | 3,276,832 | 3,639,903 | |
Agriculture and Other Income [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating Income (Loss) | -36,212 | -3,569 | |
Depreciation and Amortization | 11,326 | 8,892 | |
Capital Expenditures | 11,072 | 52,460 | |
Identifiable Assets | 38,868,107 | 8,757,153 | |
General and Corporate Expense [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating Income (Loss) | ($3,130,106) | ($2,282,442) |
Subsequent_Events_Additional_I
Subsequent Events -Additional Information (Detail) (USD $) | 3 Months Ended | 0 Months Ended | ||
Mar. 31, 2015 | Apr. 17, 2015 | Apr. 01, 2015 | Apr. 20, 2015 | |
Buildings | ||||
sqft | ||||
Subsequent Event [Line Items] | ||||
Loss on sale of building | ($277,000) | |||
Line of credit facility, maximum borrowing capacity | 57,500,000 | |||
Cash held from collateral security agreement | 968,000 | |||
Letter of credit outstanding | 940,000 | |||
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Area of building sold | 13,813 | |||
Number of buildings sold | 2 | |||
Weighted average remaining lease term | 8 years 8 months 12 days | |||
Proceeds from building | 6,400,000 | |||
Line of credit facility, maximum borrowing capacity | 57,500,000 | |||
Impairment Charges [Member] | ||||
Subsequent Event [Line Items] | ||||
Loss on sale of building | 510,000 | |||
Apopka, Florida [Member] | Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Decrease in restricted cash | $3,200,000 |