CTO Realty Growth (CTO) 10-K 28 Feb 18 2017 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2017	Feb. 15, 2018	Jun. 30, 2017
Document And Entity Information
Entity Registrant Name	CONSOLIDATED TOMOKA LAND CO
Entity Central Index Key	23,795
Document Type	10-K
Document Period End Date	Dec. 31, 2017
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		5,595,040
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	FY
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Public Float			$ 307,616,923

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Property, Plant, and Equipment:
Income Properties, Land, Buildings, and Improvements	$ 358,130,350	$ 274,334,139
Golf Buildings, Improvements, and Equipment	6,617,396	3,528,194
Other Furnishings and Equipment	715,042	1,032,911
Construction in Progress	6,005,397	5,267,676
Total Property, Plant, and Equipment	371,468,185	284,162,920
Less, Accumulated Depreciation and Amortization	(23,779,780)	(16,552,077)
Property, Plant, and Equipment - Net	347,688,405	267,610,843
Land and Development Costs	39,477,697	51,955,278
Intangible Lease Assets - Net	38,758,059	34,725,822
Impact Fee and Mitigation Credits	1,125,269	2,322,906
Commercial Loan Investments	11,925,699	23,960,467
Cash and Cash Equivalents	6,559,409	7,779,562
Restricted Cash	6,508,131	9,855,469
Refundable Income Taxes	1,116,580	943,991
Other Assets	12,971,129	9,469,088
Total Assets	466,130,378	408,623,426
Liabilities:
Accounts Payable	1,880,516	1,518,105
Accrued and Other Liabilities	10,160,526	8,667,897
Deferred Revenue	2,030,459	1,991,666
Intangible Lease Liabilities - Net	29,770,441	30,518,051
Accrued Stock-Based Compensation		42,092
Deferred Income Taxes - Net	42,293,864	51,364,572
Long-Term Debt	195,816,364	166,245,201
Total Liabilities	281,952,170	260,347,584
Commitments and Contingencies - See Note 18
Shareholders' Equity:
Common Stock – 25,000,000 shares authorized; $1 par value, 6,030,990 shares issued and 5,584,335 shares outstanding at December 31, 2017; 6,021,564 shares issued and 5,710,238 shares outstanding at December 31, 2016	5,963,850	5,914,560
Treasury Stock – 446,655 shares at December 31, 2017; 311,326 shares at December 31, 2016	(22,507,760)	(15,298,306)
Additional Paid-In Capital	22,735,228	20,511,388
Retained Earnings	177,614,274	136,892,311
Accumulated Other Comprehensive Income	372,616	255,889
Total Shareholders' Equity	184,178,208	148,275,842
Total Liabilities and Shareholders’ Equity	$ 466,130,378	$ 408,623,426

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2017	Dec. 31, 2016
CONSOLIDATED BALANCE SHEETS
Common Stock, shares authorized	25,000,000	25,000,000
Common Stock, par value (in dollars per share)	$ 1	$ 1
Common Stock, shares issued	6,030,990	6,021,564
Common Stock, shares outstanding	5,584,335	5,710,238
Treasury Stock, shares held	446,655	311,326

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Revenues
Revenues	$ 91,412,291	$ 71,074,861	$ 42,997,680
Direct Cost of Revenues
Total Direct Cost of Revenues	(30,452,977)	(25,840,020)	(13,768,098)
General and Administrative Expenses	(10,252,610)	(10,297,877)	(8,753,779)
Impairment Charges	0	(2,180,730)	(510,041)
Depreciation and Amortization	(12,663,959)	(8,195,417)	(5,212,897)
Gain on Disposition of Assets	38	12,758,770	5,516,444
Land Lease Income	2,226,526
Total Operating Expenses	(51,142,982)	(33,755,274)	(22,728,371)
Operating Income	40,269,309	37,319,587	20,269,309
Investment Income (Loss)	37,985	(529,981)	208,879
Interest Expense	(8,523,136)	(8,753,338)	(6,919,767)
Income Before Income Tax Expense	31,784,158	28,036,268	13,558,421
Income Tax Benefit (Expense)	9,935,266	(11,836,854)	(5,269,104)
Net Income	41,719,424	16,199,414	8,289,317
Less: Net Loss Attributable to Noncontrolling Interest in Consolidated VIE		51,834	57,849
Net Income Attributable to Consolidated-Tomoka Land Co.	$ 41,719,424	$ 16,251,248	$ 8,347,166
Per Share Information- See Note 10
Basic Net Income Attributable to Consolidated-Tomoka Land Co.	$ 7.53	$ 2.86	$ 1.44
Diluted Net Income Attributable to Consolidated-Tomoka Land Co.	7.48	2.85	1.43
Dividends Declared (in dollars per share)	0.18	0.12	0.08
Dividends Paid (in dollars per share)	$ 0.18	$ 0.12	$ 0.08
Income Properties
Revenues
Revenues	$ 31,406,930	$ 25,092,484	$ 19,041,111
Direct Cost of Revenues
Total Direct Cost of Revenues	(6,917,743)	(5,204,863)	(3,655,935)
Depreciation and Amortization	(12,272,265)	(7,872,689)	(4,898,803)
Commercial Loan Investments
Revenues
Revenues	2,052,689	2,588,235	2,691,385
Real Estate Operations
Revenues
Revenues	52,522,555	38,144,347	15,942,894
Direct Cost of Revenues
Total Direct Cost of Revenues	(17,480,197)	(14,881,311)	(4,292,524)
Golf Operations
Revenues
Revenues	5,095,313	5,190,394	5,243,485
Direct Cost of Revenues
Total Direct Cost of Revenues	(5,958,888)	(5,587,077)	(5,593,085)
Depreciation and Amortization	(349,261)	(266,074)	(263,335)
Agriculture And Other
Revenues
Revenues	334,804	59,401	78,805
Direct Cost of Revenues
Total Direct Cost of Revenues	(96,149)	(166,769)	(226,554)
Depreciation and Amortization	$ (42,433)	$ (56,654)	$ (50,759)

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net Income Attributable to Consolidated-Tomoka Land Co.	$ 41,719,424	$ 16,251,248	$ 8,347,166
Other Comprehensive Income
Realized Loss (Gain) on Investment Securities Sold (Net of Income Tax of $-0-, $222,025, and $61,738, respectively)		353,542	(101,451)
Unrealized Gain (Loss) on Investment Securities (Net of Income Tax of $-0-, $210,652, and $414,962, respectively)		335,429	(660,761)
Cash Flow Hedging Derivative - Interest Rate Swap (Net of Income Tax of $73,304, $160,701, and $-0-, respectively)	116,727	255,889
Total Other Comprehensive Income (Loss), Net of Income Tax	116,727	944,860	(762,212)
Total Comprehensive Income	$ 41,836,151	$ 17,196,108	$ 7,584,954

CONSOLIDATED STATEMENTS OF COM6

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Realized Loss (Gain) on Investment Securities Sold, Income Tax, Expense (Benefit)	$ 0	$ 222,025	$ (61,738)
Unrealized Gain (Loss) on Investment Securities, Income Tax, Expense (Benefit)	0	210,652	(414,962)
Cash Flow Hedging Derivative - Interest Rate Swap, Income Tax	$ 73,304	$ 160,701	$ 0

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY - USD ($)	Common Stock	Treasury Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Total Consolidated-Tomoka Land Co. Shareholders’ Equity	Noncontrolling Interest in Consolidated VIE	Total
Balance at Dec. 31, 2014	$ 5,862,063	$ (1,381,566)	$ 11,289,846	$ 112,561,115	$ 73,241	$ 128,404,699		$ 128,404,699
Increase (decrease) in shareholders' equity
Net Income (Loss)				8,347,166		8,347,166	$ (57,849)	8,289,317
Contributions from Noncontrolling Interest in Consolidated VIE							5,664,787	5,664,787
Stock Repurchase		(6,484,844)				(6,484,844)		(6,484,844)
Equity Component of Convertible Debt			2,130,002			2,130,002		2,130,002
Exercise of Stock Options	33,455		1,062,405			1,095,860		1,095,860
Vested Restricted Stock	5,348		(25,509)			(20,161)		(20,161)
Stock Issuance	644		34,258			34,902		34,902
Stock Compensation Expense from Restricted Stock Grants and Equity Classified Stock Options			2,500,255			2,500,255		2,500,255
Cash Dividends ($0.18, $0.12 and $0.08 per share, for the years ended December 31, 2017, 2016 and 2015, respectively)				464,279		464,279		464,279
Other Comprehensive Loss, Net of Income Tax					(762,212)	(762,212)		(762,212)
Balance at Dec. 31, 2015	5,901,510	(7,866,410)	16,991,257	120,444,002	(688,971)	134,781,388	5,606,938	140,388,326
Increase (decrease) in shareholders' equity
Net Income (Loss)				16,251,248		16,251,248	(51,834)	16,199,414
Contributions from Noncontrolling Interest in Consolidated VIE							102,844	102,844
Acquisition of Noncontrolling Interest				879,158		879,158	$ (5,657,948)	(4,778,790)
Stock Repurchase		(7,431,896)				(7,431,896)		(7,431,896)
Exercise of Stock Options	3,350		413,577			416,927		416,927
Vested Restricted Stock	8,884		(205,090)			(196,206)		(196,206)
Stock Issuance	816		39,299			40,115		40,115
Stock Compensation Expense from Restricted Stock Grants and Equity Classified Stock Options			3,272,345			3,272,345		3,272,345
Cash Dividends ($0.18, $0.12 and $0.08 per share, for the years ended December 31, 2017, 2016 and 2015, respectively)				682,097		682,097		682,097
Other Comprehensive Loss, Net of Income Tax					944,860	944,860		944,860
Balance at Dec. 31, 2016	5,914,560	(15,298,306)	20,511,388	136,892,311	255,889	148,275,842		148,275,842
Increase (decrease) in shareholders' equity
Net Income (Loss)				41,719,424		41,719,424		41,719,424
Stock Repurchase		(7,209,454)				(7,209,454)		(7,209,454)
Exercise of Stock Options	28,527		1,056,406			1,084,933		1,084,933
Vested Restricted Stock	18,930		(413,184)			(394,254)		(394,254)
Stock Issuance	1,833		101,303			103,136		103,136
Stock Compensation Expense from Restricted Stock Grants and Equity Classified Stock Options			1,479,315			1,479,315		1,479,315
Cash Dividends ($0.18, $0.12 and $0.08 per share, for the years ended December 31, 2017, 2016 and 2015, respectively)				997,461		997,461		997,461
Other Comprehensive Loss, Net of Income Tax					116,727	116,727		116,727
Balance at Dec. 31, 2017	$ 5,963,850	$ (22,507,760)	$ 22,735,228	$ 177,614,274	$ 372,616	$ 184,178,208		$ 184,178,208

CONSOLIDATED STATEMENTS OF SHA8

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
Cash Dividends (in dollars per share)	$ 0.18	$ 0.12	$ 0.08

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Cash Flow from Operating Activities:
Net Income	$ 41,719,424	$ 16,199,414	$ 8,289,317
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation and Amortization	12,663,959	8,195,417	5,212,897
Amortization of Intangible Liabilities to Income Property Revenue	(2,193,957)	(2,240,008)	(158,599)
Loan Cost Amortization	509,263	828,075	365,860
Amortization of Discount on Convertible Debt	1,194,714	1,120,859	852,368
Amortization of Discount on Debt Securities within Investment Securities			(6,555)
Gain on Disposition of Property, Plant, and Equipment and Intangible Assets	(38)	(12,758,770)	(5,516,444)
Impairment Charges	0	2,180,730	510,041
Accretion of Commercial Loan Origination Fees	(25,232)	(164,893)	(74,781)
Amortization of Fees on Acquisition of Commercial Loan Investments		36,382	3,618
Discount on Commercial Loan Investment Payoff		217,500
Realized Loss (Gain) on Investment Securities		575,567	(163,189)
Impairment Charge on Investment Securities	0	0	59,553
Deferred Income Taxes	(8,953,981)	11,658,864	4,627,019
Non-Cash Compensation	1,437,223	3,178,883	2,186,408
Decrease (Increase) in Assets:
Refundable Income Taxes	(172,589)	(85,520)	(591,191)
Land and Development Costs	12,477,581	422,020	(4,005,182)
Impact Fees and Mitigation Credits	1,197,637	2,231,321	641,537
Other Assets	(3,502,041)	(4,128,648)	(3,497,262)
Increase (Decrease) in Liabilities:
Accounts Payable	362,411	(416,312)	1,075,192
Accrued and Other Liabilities	792,629	(29,492)	3,373,508
Deferred Revenue	38,793	(12,732,944)	12,006,067
Net Cash Provided By Operating Activities	57,545,796	14,288,445	25,190,182
Cash Flow from Investing Activities:
Acquisition of Property, Plant, and Equipment and Intangible Lease Assets and Liabilities	(94,627,373)	(42,623,497)	(2,398,915)
Acquisition of Property, Plant, and Equipment and Intangible Lease Assets and Liabilities through Business Combinations		(49,926,604)	(76,034,452)
Acquisition of Commercial Loan Investments	(2,940,000)		(15,253,628)
Acquisition of Land		(4,778,790)	(5,664,787)
Decrease (Increase) in Restricted Cash	3,347,338	4,205,054	(9,620,425)
Proceeds from Sale of Investment Securities		6,252,362	4,751,987
Proceeds from Sale of Put Options			92,902
Acquisition of Investment Securities			(10,763,038)
Proceeds from Disposition of Property, Plant, and Equipment		49,170,314	23,493,205
Principal Payments Received on Commercial Loan Investments	15,000,000	14,282,500	7,200,909
Net Cash Used In Investing Activities	(79,220,035)	(23,418,661)	(84,196,242)
Cash Flow from Financing Activities:
Proceeds from Long-Term Debt	63,500,000	70,050,000	137,675,000
Payments on Long-Term Debt	(35,100,000)	(49,050,000)	(70,540,011)
Cash Paid for Loan Fees	(532,814)	(400,586)
Cash Proceeds from Exercise of Stock Options and Stock Issuance	1,188,069	157,197	1,019,837
Contributions from Noncontrolling Interest in Consolidated VIE		102,844
Cash Used to Purchase Common Stock	(7,209,454)	(7,431,896)	(6,484,844)
Cash from Excess Tax Benefit (Expense) from Vesting of Restricted Stock		299,845	(20,161)
Cash Paid for Vesting of Restricted Stock	(394,254)	(196,206)
Dividends Paid	(997,461)	(682,097)	(464,279)
Net Cash Provided By (Used In) Financing Activities	20,454,086	12,849,101	61,185,542
Net Increase (Decrease) in Cash	(1,220,153)	3,718,885	2,179,482
Cash, Beginning of Year	7,779,562	4,060,677
Cash, End of Period	$ 6,559,409	$ 7,779,562	$ 4,060,677

CONSOLIDATED STATEMENTS OF CA10

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical)	12 Months Ended
	Dec. 31, 2017USD ($)a$ / item	Dec. 31, 2016USD ($)a	Dec. 31, 2015USD ($)a
Supplemental Disclosure of Cash Flows:
Interest paid	$ 7,060,000	$ 6,779,000	$ 4,705,000
Interest capitalized	215,000	0	0
Income taxes paid	334,000	510,000	1,200,000
Income taxes refunded	$ 958,000	133,000	0
Supplemental disclosure of investing and financing activities
Annual surcharge, per round of golf played | $ / item	1
Minimum annual per round surcharge	$ 70,000
Maximum aggregate amount of per round surcharge	700,000
Contingent consideration on Golf Course Land Purchase reflected as an increase in increase in Golf Buildings, Improvements, and Equipment and also as an increase in Accrued and Other Liabilities	700,000
Face amount of debt	200,000,000
Acquisition of property		4,778,790	5,664,787
Acquisition of noncontrolling interest and (discount on acquisition)		4,778,790
Reduction in the value of accrued stock-based compensation	$ 42,000	$ 93,000	$ 314,000
Land Parcel - Beachfront Property
Supplemental disclosure of investing and financing activities
Area of Land | a	6	6
Surface land over subsurface interests
Supplemental disclosure of investing and financing activities
Area of Land | a	462,000
Surface land over subsurface interests | Lee County
Supplemental disclosure of investing and financing activities
Subsurface rights interest (as a percent)			50.00%
Area of land for which surface entry rights were released | a			1,400
Fair value of subsurface rights received for release of surface entry rights			$ 68,000
Partially owned consolidated property | Land Parcel - Beachfront Property
Supplemental disclosure of investing and financing activities
Area of Land | a			6
Acquisition of property			$ 5,664,787
Non-cash portion of property acquired			5,700,000
Wetlands restoration
Supplemental disclosure of investing and financing activities
Accrued restoration cost	$ 708,000		$ 1,700,000
Area of Land | a			148.4
Additional accrual		$ 325,000
Amount spent related to restoration accrual	381,000	935,000
Retained Earnings
Supplemental disclosure of investing and financing activities
Acquisition of noncontrolling interest and (discount on acquisition)		(879,158)
4.50% Convertible Senior Notes due 2020
Supplemental disclosure of investing and financing activities
Face amount of debt	$ 75,000,000		$ 75,000,000
Convertible senior notes issuance amount allocated to equity component for the conversion option, net of tax effect			2,100,000
Convertible senior notes decrease in long-term debt for the conversion option			3,400,000
Convertible senior notes issuance increase in deferred income taxes for the tax effect on the amount allocated to equity component for the conversion option			$ 1,300,000
Portfolio Sale | Sold
Supplemental disclosure of investing and financing activities
Sales price		51,600,000
Portion of sales price not received in cash		23,100,000
Non-cash decrease in long-term debt for buyer assumption of mortgage loan		$ 23,100,000

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2017
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES NATURE OF OPERATIONS 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 thirty-seven commercial real estate properties in twelve states in the United States. As of December 31, 2017, we owned twenty-six single-tenant and eleven multi-tenant income-producing properties with over 2.1 million square feet of gross leasable space. We also own and manage a portfolio of undeveloped land totaling approximately 8,100 acres in the City of Daytona Beach, Florida (the “City”). As of December 31, 2017, we had two commercial loan investments including a variable-rate B-Note representing a secondary tranche in a commercial mortgage loan and a fixed-rate first mortgage loan. We have golf operations which consist of the LPGA International Golf Club, which is managed by a third party. We also lease some of our land for nineteen billboards, have agricultural operations that are managed by a third party, which consist of leasing land for hay production, timber harvesting, and hunting leases, and own and manage Subsurface Interests (hereinafter defined). 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. Subsequent to December 31, 2017, and prior to the date of this report, the Company completed two self-developed single-tenant net lease restaurant properties on a 6-acre beachfront parcel in Daytona Beach, Florida and acquired a newly constructed commercial building located in Aspen, Colorado under a twenty-year master lease to a single tenant, bringing the number of single-tenant and total income properties to 29 and 40, respectively. PRINCIPLES OF CONSOLIDATION The consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries, and other entities in which we have a controlling interest. Any real estate entities or properties included in the consolidated financial statements have been consolidated only for the periods that such entities or properties were owned or under control by us. All significant inter-company balances and transactions have been eliminated in the consolidated financial statements. Noncontrolling interests in consolidated pass-through entities are recognized before income taxes. USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Because of the 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 commercial loans, 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 includes cash on hand, bank demand accounts, and money market accounts having original maturities of 90 days or less. The Company’s bank balances as of December 31, 2017 include certain amounts over the Federal Deposit Insurance Corporation limits. RESTRICTED CASH Restricted cash totaled approximately $6.5 million at December 31, 2017 of which approximately $5.6 million of cash is being held in escrow to be reinvested through the like-kind exchange structure into other income properties; approximately $646,000 is being held in three separate escrow accounts related to three separate land transactions of which one closed in each of December 2013, December 2015, and February 2017; approximately $127,000 is being held in a reserve for interest and property taxes for the $3.0 million first mortgage loan investment originated in July 2017; and approximately $160,000 is being held in a capital replacement reserve account in connection with our financing of six income properties with Wells Fargo. INVESTMENT SECURITIES In accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 320, Investments – Debt and Equity Securities, the Company’s investments in debt and equity securities (“Investment Securities”) have been determined to be classified as available-for-sale. Available-for-sale securities are carried at fair value in the consolidated balance sheets, with the unrealized gains and losses, net of income tax, reported in other comprehensive income. Realized gains and losses, and declines in value judged to be other-than-temporary related to equity securities, are included in investment income in the consolidated statements of operations. With respect to debt securities, when the fair value of a debt security classified as available-for-sale is less than its cost, management assesses whether or not: (i) it has the intent to sell the security or (ii) it is more likely than not that the Company will be required to sell the security before its anticipated recovery. If either of these conditions are met, the Company must recognize an other-than-temporary impairment through earnings for the differences between the debt security’s cost basis and its fair value, and such amount is included in investment income in the consolidated statements of operations. There were no other-than-temporary impairments during the years ended December 31, 2017 or 2016, respectively. As of and for the year ended December 31, 2015, an other-than-temporary impairment was deemed to exist on a portion of the Company’s equity securities resulting in an impairment charge of approximately $60,000 which is included as a reduction in investment income in the consolidated statements of operations. The Company completed the disposition of its remaining position in Investment Securities during the year ended December 31, 2016 resulting in a loss of approximately $576,000. There were no Investment Securities remaining as of December 31, 2017 or 2016. The cost of Investment Securities sold is based on the specific identification method. Interest and dividends on Investment Securities classified as available-for-sale are included in investment income in the consolidated statements of operations. The fair value of the Company’s available-for-sale equity securities was 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 was measured quarterly, on a recurring basis, using Level 2 inputs. DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITY Interest Rate Swap. During the year ended December 31, 2016, in conjunction with the variable-rate mortgage loan secured by our property located in Raleigh, North Carolina leased to Wells Fargo Bank, NA (“Wells Fargo”), the Company entered into an interest rate swap to fix the interest rate (the “Interest Rate Swap”). The Company accounts for its cash flow hedging derivative in accordance with FASB ASC Topic 815-20, Derivatives and Hedging. Depending upon the hedge’s value at each balance sheet date, the derivative is included in either Other Assets or Accrued and Other Liabilities on the consolidated balance sheet at its fair value. On the date the Interest Rate Swap was entered into, the Company designated the derivative as a hedge of the variability of cash flows to be paid related to the recognized long-term debt liability. The Company formally documented the relationship between the hedging instrument and the hedged item, as well as its risk-management objective and strategy for undertaking the hedge transaction. At the hedge’s inception, the Company formally assessed whether the derivative that is used in hedging the transaction is highly effective in offsetting changes in cash flows of the hedged item. As the terms of the Interest Rate Swap and the associated debt are identical, the Interest Rate Swap qualifies for the shortcut method, therefore, it is assumed that there is no hedge ineffectiveness throughout the entire term of the Interest Rate Swap. Changes in fair value of the Interest Rate Swap that are highly effective and designated and qualified as a cash-flow hedge are recorded in other comprehensive income and loss, until earnings are affected by the variability in cash flows of the designated hedged item. Put Options. There were no derivatives outstanding as of December 31, 2017, 2016, or 2015. There were certain derivatives outstanding as of September 30, 2015 which were exercised during the quarter ended December 31, 2015. These derivatives were not designated as hedging instruments and, accordingly, the changes in fair value (i.e. gains or losses) were recorded in the consolidated statements of operations through investment income. The fair value of the Company’s derivatives not designated as hedging instruments are measured quarterly, on a recurring basis, using Level 2 inputs. The Company’s derivatives exercised during the year ended December 31, 2015 were for put options sold related to common stock investments included in the investment securities asset category; see Note 5, “Investment Securities.” The liability for the fair market value of the put options sold was included on the consolidated balance sheet in Accrued and Other Liabilities prior to their execution. FAIR VALUE OF FINANCIAL INSTRUMENTS The carrying amounts of the Company’s financial assets and liabilities including cash and cash equivalents, restricted cash, accounts receivable, accounts payable, and accrued and other liabilities at December 31, 2017 and 2016, approximate fair value because of the short maturity of these instruments. The carrying amount of the Company’s investments in variable rate commercial loans approximates fair value at December 31, 2017 and 2016, since the floating rates of the loans reasonably approximate current market rates for notes with similar risks and maturities. The carrying value of the Company’s credit facility approximates current market rates for revolving credit arrangements with similar risks and maturities. The face value of the Company’s fixed rate commercial loan investment, mortgage notes, and convertible debt is measured at fair value based on current market rates for financial instruments with similar risks and maturities. See Note 6, “Fair Value of Financial Instruments.” FAIR VALUE MEASUREMENTS The Company’s estimates of fair value of financial and non-financial assets and liabilities 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. CLASSIFICATION OF COMMERCIAL LOAN INVESTMENTS Loans held for investment are stated at the principal amount outstanding and include the unamortized deferred loan fees offset by any unaccreted purchase discounts and origination fees, if applicable. Loans held for sale are classified separately and stated at the lower of cost or fair value once a decision has been made to sell loans not previously for sale. COMMERCIAL LOAN INVESTMENT IMPAIRMENT For each of the Company’s commercial loans held for investment, 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 December 31, 2017 and 2016, no allowance for impairment was required. RECOGNITION OF INTEREST INCOME FROM COMMERCIAL LOAN INVESTMENTS Interest income on commercial loan investments includes interest payments made by the borrower and the accretion of purchase discounts and loan origination fees, offset by the amortization of loan costs. Interest payments are accrued based on the actual coupon rate and the outstanding principal balance and purchase discounts and loan origination fees are accreted into income using the effective yield method, adjusted for prepayments. IMPACT FEES AND MITIGATION CREDITS Impact fees and mitigation credits are stated at historical cost. As these assets are sold, the related revenues and cost basis are reported as revenues from, and direct costs of, real estate operations, respectively, in the consolidated statements of operations. ACCOUNTS RECEIVABLE Accounts receivable related to income properties, which are classified in Other Assets on the consolidated balance sheets, primarily consist of tenant reimbursable expenses. Receivables related to the tenant reimbursable expenses totaled approximately $895,000 and $125,000 as of December 31, 2017 and 2016, respectively. Accounts receivable related to real estate operations, which are classified in other assets on the consolidated balance sheets, totaled approximately $2.2 million and $3.8 million as of December 31, 2017 and 2016, respectively. The accounts receivable as of December 31, 2017 and 2016 are primarily related to the reimbursement of certain infrastructure costs completed by the Company in conjunction with two land sale transactions that closed during the fourth quarter of 2015 as more fully described in Note 9, “Other Assets.” Trade accounts receivable primarily consist of receivables related to golf operations, which are classified in other assets on the consolidated balance sheets. Trade accounts receivable related to golf operations, which primarily consist of membership and event receivables, totaled approximately $349,000 and $326,000 as of December 31, 2017 and 2016, respectively. The collectability of the aforementioned receivables is determined based on a review of specifically identified accounts using judgments. As of December 31, 2017 and 2016, no allowance for doubtful accounts was required. PURCHASE ACCOUNTING FOR ACQUISITIONS OF REAL ESTATE SUBJECT TO A LEASE In accordance with the FASB guidance on business combinations, the fair value of the real estate acquired with in-place leases is allocated to the acquired tangible assets, consisting of land, building and tenant improvements, and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases, the value of in-place leases, and the value of leasing costs, based in each case on their relative fair values. The fair value of the tangible assets of an acquired leased property is determined by valuing the property as if it were vacant, and the “as-if-vacant” value is then allocated to land, building and tenant improvements based on the determination of the fair values of these assets. In allocating the fair value of the identified intangible assets and liabilities of an acquired property, above-market and below-market in-place lease values are recorded as other assets or liabilities based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases, and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining term of the lease, including the probability of renewal periods. The capitalized above-market lease values are amortized as a reduction of rental income over the remaining terms of the respective leases. The capitalized below-market lease values are amortized as an increase to rental income over the initial term unless the Company believes that it is likely that the tenant will renew the option whereby the Company amortizes the value attributable to the renewal over the renewal period. The aggregate value of other acquired intangible assets, consisting of in-place leases, is measured by the excess of (i) the purchase price paid for a property after adjusting existing in-place leases to market rental rates over (ii) the estimated fair value of the property as-if-vacant, determined as set forth above. The value of in-place leases exclusive of the value of above-market and below-market in-place leases is amortized to expense over the remaining non-cancelable periods of the respective leases. If a lease were to be terminated prior to its stated expiration, all unamortized amounts relating to that lease would be written off. The value of tenant relationships is reviewed on individual transactions to determine if future value was derived from the acquisition. Prior to October 1, 2016, the Company determined that income property purchases subject to a lease, whether that lease is in-place or originated at the time of acquisition, qualify as a business combination, and acquisition costs are expensed in the period the transaction closes. In January 2017, the FASB issued Accounting Standards Update (“ASU”) 2017-01, Business Combinations which clarified the definition of a business. Pursuant to ASU 2017-01, the acquisition of an income property subject to a lease no longer qualifies as a business combination, but rather determined to be an asset acquisition. The Company early adopted ASU 2017-01 effective October 1, 2016 on a prospective basis. Accordingly, for income property acquisitions during the fourth quarter of 2016 and during 2017, acquisition costs have been capitalized. LAND AND DEVELOPMENT COSTS The carrying value of land and development includes the initial acquisition costs of land, improvements thereto, and other costs incidental to the acquisition or development of land. Subsurface Interests (hereinafter defined) and capitalized costs relating to timber and hay operations are also included in land and development costs. These costs are allocated to properties on a relative sales value basis and are charged to costs of sales as specific properties are sold. Due to the nature of the business, land and development costs have been classified as an operating activity on the consolidated statements of cash flows. SALE OF REAL ESTATE Gains and losses on sales of real estate are accounted for as required by FASB ASC Topic 976-605-25, Accounting for Sales of Real Estate. The Company recognizes revenue from the sale of real estate at the time the sale is consummated, unless the property is sold on a deferred payment plan and the initial payment does not meet established criteria, or the Company retains some form of continuing involvement in the property. As market information becomes available, real estate cost basis is analyzed and recorded at the lower of cost or market. PROPERTY, PLANT, AND EQUIPMENT Property, plant, and equipment are stated at cost, less accumulated depreciation and amortization. Such properties are depreciated on a straight-line basis over their estimated useful lives. Renewals and betterments are capitalized to property accounts. The cost of maintenance and repairs is expensed as incurred. The cost of property retired or otherwise disposed of, and the related accumulated depreciation or amortization, are removed from the accounts, and any resulting gain or loss is recorded in the statement of operations. The amount of depreciation of property, plant, and equipment, exclusive of amortization related to intangible assets, recognized for the years ended December 31, 2017, 2016, and 2015, was approximately $7.9 million, $5.5 million, and $3.5 million respectively. Interest of approximately $215,000 was capitalized to construction in progress during 2017, respectively with no interest capitalized in 2016 or 2015. The range of estimated useful lives for property, plant, and equipment is as follows: Golf Buildings and Improvements - 43 Years Golf Equipment - 10 Years Income Properties Buildings and Improvements - 55 Years Other Furnishings and Equipment - 10 Years Agriculture Equipment - 20 Years LONG-LIVED ASSETS The Company follows FASB ASC Topic 360-10, Property, Plant, and Equipment in conducting its impairment analyses. The Company reviews the recoverability of long-lived assets, including land and development costs, real estate held for sale, and property, plant, and equipment, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Examples of situations considered to be triggering events include: a substantial decline in operating cash flows during the period, a current or projected loss from operations, an income property not fully leased or leased at rates that are less than current market rates, and any other quantitative or qualitative events deemed significant by our management. Long-lived assets are evaluated for impairment by using an undiscounted cash flow approach, which considers future estimated capital expenditures. Impairment of long-lived assets is measured at fair value less cost to sell. INCOME PROPERTY LEASES The rental of the Company’s income properties are classified as operating leases. The Company recognizes lease income on these properties on a straight-line basis over the term of the lease. OPERATING LEASE EXPENSE The Company leases property and equipment, which are classified as operating leases. The Company recognizes lease expense on a straight-line basis over the term of the lease. GOLF OPERATIONS The Company operates two 18-hole golf courses and a 3-hole practice facility, a clubhouse facility, including food and beverage operations, and a fitness center. Revenues from this operation, including greens fees, cart rentals, merchandise, and food and beverage sales, are recognized at the time of sale. Initiation fees and membership dues are recognized over the life of the membership, which is generally twelve months. OTHER REAL ESTATE INTERESTS From time to time the Company will release surface or subsurface entry rights upon request of the surface owner. The Company recognizes revenue from the release at the time the transaction is consummated, unless the property is released under a deferred payment plan and the initial payment does not meet the criteria established under FASB ASC Topic 976-605-25, Accounting for Sales of Real Estate, the Company retains some form of continuing involvement in the property, or the transaction does not meet other requirements. STOCK-BASED COMPENSATION Prior to 2010, the Company maintained a stock option plan (the “2001 Plan”) pursuant to which 500,000 shares of the Company’s common stock were available to be issued. The 2001 Plan was approved at the April 25, 2001 shareholders’ meeting and expired in April 2011, with no new option shares issued after that date. Under the 2001 Plan, the option exercise price equaled the average of the high and low stock market price on the date of grant. The options generally vested over five years and expired after ten years. In connection with the grant of non-qualified options, a stock appreciation right for each share covered by the option could also be granted. The stock appreciation right entitled the optionee to receive a supplemental payment, which could 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 share at the time of exercise. The expenses associated with stock options and stock appreciation rights were recognized over their requisite service period. Both the Company’s stock options and stock appreciation rights awarded under the 2001 Plan were liability classified awards and were required to be remeasured to fair value at each balance sheet date until the award was settled, as required by applicable provisions of FASB ASC Topic, Share-Based Payments. See Note 16, “Stock-Based Compensation.” As of December 31, 2017, none of these options remained. At the Annual Meeting of Shareholders of the Company held on April 28, 2010, the Company’s shareholders approved the Consolidated-Tomoka Land Co. 2010 Equity Incentive Plan (the “2010 Plan”). The 2010 Plan replaced the Company’s 2001 Plan. At the Annual Meeting of Shareholders of the Company held on April 24, 2013, the Company’s shareholders approved an amendment and restatement of the entire 2010 Plan, which among other things, incorporated claw back provisions and clarified language regarding the shares available subsequent to forfeiture of any awards of restricted shares. At the Annual Meeting of Shareholders of the Company held on April 23, 2014, the Company’s shareholders approved an amendment to the 2010 Plan increasing the number of shares authorized for issuance by 240,000 shares, bringing the total number of shares authorized for issuance to 450,000. Awards under the 2010 Plan may be in the form of stock options, stock appreciation rights, restricted shares, restricted share units, performance shares, and performance units. Employees of the Company and its subsidiaries and non-employee directors may be selected by the Compensation Committee to receive awards under the 2010 Plan. The maximum number of shares of which stock awards may be granted under the 2010 Plan is 450,000 shares. No participant may receive awards during any one calendar year representing more than 50,000 shares of common stock. In no event will the number of shares of common stock issued under the plan upon the exercise of incentive stock options exceed 450,000 shares. These limits are subject to adjustments by the Compensation Committee as provided in the 2010 Plan for stock splits, stock dividends, recapitalizations, and other similar transactions or events. The 2010 Plan currently provides that it will expire on the tenth anniversary of the date that it was adopted by the Board, and that no awards will be granted under the plan after that date. All non-qualified stock option awards, restricted share awards, and performance share awards granted under the 2010 plan were determined to be equity-based awards under FASB ASC Topic, Share-Based Payments. 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. The Company used a Monte Carlo simulation pricing model to determine the fair value and vesting period of the restricted share awards. The determination of the fair value of market condition-based awards is affected by the stock price as well as assumptions regarding a number of other variables. These variables include expected stock price volatility over the requisite performance term of awards, the performance of the Company’s stock price, 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. INCOME TAXES The Company uses the asset and liability method to account for income taxes. Deferred income taxes result primarily from the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, see Note 17, “Income Taxes.” In June 2006, the FASB issued additional guidance, which clarifies the accounting for uncertainty in income taxes recognized in a company’s financial statements included in income taxes. The interpretation prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The interpretation also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. In accordance with FASB guidance included in income taxes, the Company has analyzed its various federal and state filing positions and believes that its income tax filing positions and deductions are well documented and supported. Additionally, the Company believes that its accruals for tax liabilities are adequate. Therefore, no reserves for uncertain income tax positions have been recorded pursuant to the FASB guidance. EARNINGS PER COMMON SHARE Basic earnings per common share is computed by dividing net income by the weighted average number of shares outstanding. Diluted earnings per common share are based on the assumption of the conversion of stock options using the treasury stock method at average cost for the year, see Note 10, “Common Stock and Earnings Per Share.” CONCENTRATION OF CREDIT RISK Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents. Approximately 29% of the Company’s income property portfolio, based on square footage, and all of the Company’s land holdings, golf operations, agriculture operations, and Subsurface Interests (hereinafter defined) are in the State of Florida. Uncertainty of the duration of a prolonged real estate and economic downturn could have an adverse impact on the Company’s real estate values. Due to the continuing diversification of our income property tenant mix, significant revenues from our real estate operations, and the addition of new revenue sources including the interest income from commercial loan investments, on a revenue basis, none of the Company’s income property tenants individually accounted for more than 10% of consolidated revenues during the years ended December 31, 2017, 2016, or 2015. RECENTLY ISSUED ACCOUNTING STANDARDS 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, 2017. The Company completed its evaluation of the provisions during the three months ended September 30, 2017 and has determined there will be no material impact on the Company’s revenue recognition within the consolidated financial statements. All required disclosures relating to ASU 2014-09 will be implemented as required by the sta

INCOME PROPERTIES

INCOME PROPERTIES	12 Months Ended
	Dec. 31, 2017
INCOME PROPERTIES
INCOME PROPERTIES	NOTE 2. INCOME PROPERTIES 2017 Activity. During the year ended December 31, 2017, the Company acquired four single-tenant income properties and two multi-tenant income properties, for an aggregate purchase price of approximately $79.8 million, or an aggregate acquisition cost of approximately $80.6 million including capitalized acquisition costs. Based on independent third-party purchase price allocation valuations, of the total acquisition cost, approximately $28.0 million was allocated to land, approximately $45.2 million was allocated to buildings and improvements, approximately $9.3 million was allocated to intangible assets pertaining to the in-place lease value, leasing fees and above market lease value, and approximately $1.9 million was allocated to intangible liabilities for the below market lease value. The weighted average amortization period for the intangible assets and liabilities was approximately 8.9 years at acquisition. The properties acquired during the year ended December 31, 2017 are described below: Tenant Description Tenant Type Property Location Date of Acquisition Property Square-Feet Property Acres Purchase Price Percentage Leased Remaining Lease Term (in years) Staples, Inc. (an affiliate of) Single-Tenant Sarasota, Florida 01/27/17 1.2 $ 4,075,000 5.0 Grocery-Anchored Shopping Center (Westcliff) Multi-Tenant Fort Worth, Texas 03/01/17 10.3 15,000,000 4.1 JoAnn Stores, Inc. Single-Tenant Saugus, Massachusetts 04/06/17 2.6 6,315,000 11.8 LA Fitness Single-Tenant Brandon, Florida 04/28/17 45,000 5.3 14,650,000 13.9 Wells Fargo Bank, N.A. Single-Tenant Hillsboro, Oregon 10/27/17 211,863 18.9 39,750,000 8.2 440,383 $ 79,790,000 No income properties were disposed of during the year ended December 31, 2017. On April 7, 2017, rent commenced on the 15-year lease with 24 Hour Fitness, the anchor tenant at The Grove at Winter Park located in Winter Park, Florida. The lease is for approximately 40,000 square feet, or 36% of the 112,000 square foot multi-tenant retail center. As of December 31, 2017, the multi-tenant retail center was approximately 63% leased with eleven different tenants including 24 Hour Fitness. 2016 Activity. During the year ended December 31, 2016, the Company acquired ten income properties, seven single-tenant and three multi-tenant, at an aggregate purchase price of approximately $86.7 million. Based on independent third-party purchase price allocation valuations, of the total acquisition cost, approximately $40.4 million was allocated to land, approximately $27.4 million was allocated to buildings and improvements, approximately $20.0 million was allocated to intangible assets pertaining to the in-place lease value and above-market lease value, and approximately $1.1 million was allocated to intangible liabilities pertaining to the below-market lease value. The weighted average amortization period for the intangible assets and liabilities was approximately 14.3 years at the time of acquisition. Nineteen income properties were disposed of during the year ended December 31, 2016 for an aggregate sales price of approximately $74.3 million. Aggregate gains on 2016 dispositions were approximately $12.8 million, while impairments on disposals were approximately $1.2 million. 2015 Activity. During the year ended December 31, 2015, the Company acquired four income properties, two single-tenant, one multi-tenant, and one vacant outparcel adjacent to one of our multi-tenant properties, at an aggregate acquisition cost of approximately $76.5 million, for an aggregate purchase price of approximately $76.4 million. Based on the finalization of independent third-party purchase price allocation valuations completed during 2015, of the total acquisition cost, approximately $17.1 million was allocated to land, approximately $78.9 million was allocated to buildings and improvements, approximately $12.1 million was allocated to intangible assets pertaining to the in-place lease value and above-market lease value, and approximately $31.6 million was allocated to intangible liabilities pertaining to the below-market lease value. The weighted average amortization period for the intangible assets and liabilities was approximately 15.7 years at the time of acquisition. Six income properties were disposed of during the year ended December 31, 2015, for an aggregate sales price of approximately $24.3 million. Aggregate gains on 2015 dispositions were approximately $5.5 million, while impairments on disposals were approximately $510,000.

COMMERCIAL LOAN INVESTMENTS

COMMERCIAL LOAN INVESTMENTS	12 Months Ended
	Dec. 31, 2017
COMMERCIAL LOAN INVESTMENTS
COMMERCIAL LOAN INVESTMENTS	NOTE 3. COMMERCIAL LOAN INVESTMENTS Our investments in commercial loans or similar structured finance investments, such as mezzanine loans or other subordinated debt, have been and are expected to continue to be secured by commercial or residential real estate or the borrower’s pledge of its ownership interest in the entity that owns the real estate. The first mortgage loans we invest in or originate are generally for commercial real estate located in the United States and its territories, and are current or performing with either a fixed or floating rate. Some of these loans may be syndicated in either a pari-passu or senior/subordinated structure. Commercial first mortgage loans generally provide for a higher recovery rate due to their senior position in the underlying collateral. Commercial mezzanine loans are typically secured by a pledge of the borrower’s equity ownership in the underlying commercial real estate. Unlike a mortgage, a mezzanine loan is not secured by a lien on the property. An investor’s rights in a mezzanine loan are usually governed by an intercreditor agreement that provides holders with the rights to cure defaults and exercise control on certain decisions of any senior debt secured by the same commercial property. On July 31, 2017, the Company originated a $3.0 million first mortgage loan secured by a parcel of beachfront land in the City of Daytona Beach Shores, Florida which the borrower intends to develop as a residential condominium (the “Beach Loan”). The Beach Loan matures on August 1, 2018, includes a one-year extension option, bears a fixed interest rate of 11.00%, and requires payments of interest only prior to maturity. At closing, a loan origination fee of $60,000 was received by the Company. Should the borrower seek to obtain financing for the development of the project, the Beach Loan would likely be paid off in connection with that financing. On October 23, 2017, the Company sold its two commercial loan investments secured by hotel properties in Atlanta, Georgia and Dallas, Texas. The Company sold these investments at a premium to par for proceeds of approximately $15.1 million on an aggregate principal value of $15.0 million. The Company utilized these proceeds to pay down the Credit Facility (hereinafter defined). As of December 31, 2017, the Company owned two performing commercial loan investments which have an aggregate outstanding principal balance of approximately $12.0 million. These loans are secured by real estate, or the borrower’s equity interest in real estate, located in Daytona Beach Shores, Florida and Sarasota, Florida and have an average remaining maturity of approximately 0.5 years and a weighted average interest rate of 9.5%. The Company’s commercial loan investment portfolio was comprised of the following at December 31, 2017: Date of Maturity Original Face Current Face Carrying Description Investment Date Amount Amount Value Coupon Rate B-Note – Retail Shopping Center, Sarasota, FL May 2014 June 2018 $ 8,960,467 $ 8,960,467 $ 8,960,467 30 ‑day LIBOR First Mortgage – Land Parcel, Daytona Beach, FL July 2017 July 2018 3,000,000 3,000,000 2,965,232 11.00% Total $ 11,960,467 $ 11,960,467 $ 11,925,699 The carrying value of the commercial loan investment as of December 31, 2017 consisted of the following: Total Current Face Amount $ 11,960,467 Unamortized Fees — Unaccreted Origination Fees (34,768) Total Commercial Loan Investments $ 11,925,699 No commercial loan investments were classified as held for sale as of December 31, 2017. The Company’s commercial loan investment portfolio was comprised of the following at December 31, 2016: Date of Maturity Original Face Current Face Carrying Description Investment Date Amount Amount Value Coupon Rate Mezz – Hotel – Atlanta, GA January 2014 February 2019 $ 5,000,000 $ 5,000,000 $ 5,000,000 12.00% B-Note – Retail Shopping Center, Sarasota, FL May 2014 June 2017 8,960,467 8,960,467 8,960,467 30 day LIBOR Mezz – Hotel, Dallas, TX September 2014 September 2017 10,000,000 10,000,000 10,000,000 30 day LIBOR Total $ 23,960,467 $ 23,960,467 $ 23,960,467 The carrying value of the commercial loan investment portfolio as of December 31, 2016 was equal to the face amount. No commercial loan investments were classified as held for sale as of December 31, 2016.

LAND AND DEVELOPMENT COSTS AND

LAND AND DEVELOPMENT COSTS AND SUBSURFACE INTERESTS	12 Months Ended
	Dec. 31, 2017
LAND AND DEVELOPMENT COSTS AND SUBSURFACE INTERESTS
LAND AND DEVELOPMENT COSTS AND SUBSURFACE INTERESTS	NOTE 4. LAND AND DEVELOPMENT COSTS AND SUBSURFACE INTERESTS As of December 31, 2017, the Company owned approximately 8,100 acres of undeveloped land in Daytona Beach, Florida, along six miles of the west and east sides of Interstate 95. Currently, the majority of this land is used for agricultural purposes. As of February 28, 2018, approximately 75% of this acreage, or approximately 6,042 acres, is under contract to be sold. Approximately 1,100 acres of our land holdings are located on the east side of Interstate 95 and are generally well suited for commercial development. Approximately 7,000 acres of our land holdings are located on the west side of Interstate 95 and the majority of this land is generally well suited for residential development. Included in the western land is approximately 1,100 acres, primarily an 850-acre parcel and three smaller parcels, which are located further west of Interstate 95 and a few miles north of Interstate 4 that is generally well suited for industrial purposes. Land and development costs at December 31, 2017 and 2016, are summarized as follows: December 31, 2017 2016 Land and Development Costs $ 32,625,857 $ 39,681,558 Land, Timber, and Subsurface Interests 6,851,840 12,273,720 Total Land and Development Costs $ 39,477,697 $ 51,955,278 Real estate operations revenue consisted of the following for the years ended December 31, 2017, 2016, and 2015, respectively: 2017 2016 2015 Revenue Description ($000's) ($000's) ($000's) Land Sales Revenue $ 45,472 $ 11,871 $ 4,276 Tomoka Town Center - Percentage of Completion Revenue — 17,490 8,128 Revenue from Reimbursement of Infrastructure Costs 1,860 4,500 — Impact Fee and Mitigation Credit Sales 2,126 2,220 463 Subsurface Revenue 3,048 1,802 3,003 Fill Dirt and Other Revenue 17 261 73 Total Real Estate Operations Revenue $ 52,523 $ 38,144 $ 15,943 Tomoka Town Center. The Tomoka Town Center consists of approximately 235 acres of which approximately 180 acres are developable. During 2015 and 2016, land sales with a gross sales price totaling approximately $21.4 million within the Tomoka Town Center consisted of sales of approximately 99 acres to Tanger Outlets, Sam’s Club, and North American Development Group (“NADG”) (the “Tomoka Town Center Sales Agreements”). The Company performed certain infrastructure work, beginning in the fourth quarter of 2015 through completion in the fourth quarter of 2016, which required the sales price on the Tomoka Town Center Sales Agreements to be recognized on the percentage-of-completion basis. As the infrastructure work was completed in the fourth quarter of 2016, all revenue related to the Tomoka Town Center Sales Agreements had been recognized as of December 31, 2016. The timing of the remaining reimbursements for the cost of the infrastructure work which totals approximately $2.2 million is more fully described in Note 9, “Other Assets.” Tanger Outlets completed its approximately 350,000 square foot outlet mall in November 2016. As of December 31, 2017, NADG has begun construction on its approximately 400,000 square foot retail power center. During the second quarter of 2017, the Company completed the sale of approximately 19 acres to NADG (the “Third NADG Land Sale”). During the fourth quarter of 2017, the Company completed the sale of approximately 27 acres to NADG (the “Fourth NADG Land Sale”). The remaining developable acreage of approximately 35 acres is currently under contract with NADG as described in the land pipeline in Note 18, “Commitment and Contingencies.” Land Sales. During the year ended December 31, 2017, a total of approximately 1,701 acres were sold for approximately $47.0 million as described below: Gross Sales Gain Date of No. of Price (1) Price on Sale Buyer (or Description) Location Sale Acres ($000's) per Acre ($000's) 1 Minto Communities, LLC West of I-95 02/10/17 1,581.0 $ 27,151 $ $ 20,041 2 Commercial East of I-95 03/22/17 6.4 1,556 11 3 Commercial East of I-95 04/05/17 27.5 3,218 2,955 4 Commercial East of I-95 04/13/17 4.5 1,235 13 5 Commercial West of I-95 04/25/17 30.0 2,938 627 6 Third NADG Land Sale East of I-95 06/27/17 19.4 4,422 3,263 7 Commercial West of I-95 10/13/17 5.1 275 239 8 Fourth NADG Land Sale East of I-95 12/29/17 27.0 6,216 4,609 1,700.9 $ 47,011 $ $ 31,758 (1) The Gross Sales Price of land sales during 2017 of approximately $47.0 million above includes the infrastructure reimbursement payments received in the amount of approximately $955,000 for the Third NADG Land Sale and approximately $584,000 for the Fourth NADG Land Sale. Additionally, during 2017, approximately $321,000 was received from Minto Communities, LLC as an infrastructure reimbursement for improvements to the I-95 off ramp, which is not included in the gross sales price in the table above. During the year ended December 31, 2016, a total of approximately 707.7 acres were sold for approximately $13.8 million as described below: Gross Sales Gain Date of No. of Price (1) Price on Sale Buyer (or Description) Location Sale Acres ($000's) per Acre ($000's) 1 Commercial / Retail East of I-95 02/12/16 3.1 $ 190 $ $ 145 2 NADG - OutParcel East of I-95 03/30/16 4.4 2,000 1,304 3 Minto Sales Center West of I-95 09/27/16 4.5 205 126 4 Commercial / Retail West of I-95 10/13/16 17.1 3,034 2,675 5 Commercial / Retail East of I-95 12/22/16 74.6 830 751 6 ICI Homes West of I-95 12/29/16 604.0 7,500 3,303 707.7 $ 13,759 $ $ 8,304 (1) Land Sales Revenue for 2016 is equal to the Gross Sales Price of land sales during 2016 of approximately $13.8 million above, less the $2.0 million sales price for the NADG – OutParcel, plus approximately $112,000 of incentives earned and received during 2016 related to the Distribution Center sale which closed during 2014. During the year ended December 31, 2015, a total of approximately 114.1 acres were sold for approximately $22.5 million as described below: Gross Sales Gain Date of No. of Price (1) Price on Sale Buyer (or Description) Location Sale Acres ($000's) per Acre ($000's) 1 Commercial / Retail East of I-95 06/01/15 3.0 $ 505 $ $ 476 2 Commercial / Retail Highlands County 06/17/15 0.9 250 223 3 Tanger East of I-95 11/12/15 38.9 9,700 2,793 4 Integra Land Company East of I-95 12/18/15 15.0 2,376 2,265 5 Sam's Club East of I-95 12/23/15 18.1 4,500 1,279 6 NADG - First Parcel East of I-95 12/29/15 37.3 5,168 1,421 7 Commercial / Retail East of I-95 12/29/15 0.9 30 20 114.1 $ 22,529 $ $ 8,477 (1) Land Sales Revenue for 2015 is equal to the Gross Sales Price of land sales during 2015 of approximately $22.5 million above, less the aggregate $19.4 million sales price for the Tomoka Town Center Sales (Tanger, Sam’s Club, and NADG – First Parcel), plus approximately $1.03 million of incentives received and earned during 2015 related to the Distribution Center sale which closed during 2014, plus approximately $87,000 of percentage-of-completion revenue earned during 2015 for the Distribution Center Sale which closed during 2014. Pipeline. For a description of our land which is currently under contract, see the land pipeline in Note 18, “Commitment and Contingencies.” Land Impairments. As more fully described in Note 8, "Impairment of Long-Lived Assets," during the years ended December 31, 2017 and 2015 the Company did not recognize any impairments on its undeveloped land holdings. During the year ended December 31, 2016, impairment charges totaled approximately $1.0 million on the Company’s undeveloped land. Beachfront Development. During the year ended December 31, 2015, the Company acquired, through a real estate venture with an unaffiliated third party institutional investor, an interest in approximately six acres of vacant beachfront property located in Daytona Beach, Florida. The property was acquired for approximately $11.3 million, of which the Company contributed approximately $5.7 million. As of December 31, 2015, the real estate venture was fully consolidated as the Company determined that it was the primary beneficiary of the variable interest entity (“VIE”). On November 17, 2016, the Company acquired the unaffiliated third party’s 50% interest for approximately $4.8 million, a discount of approximately $879,000. The discount was recorded through equity on the consolidated balance sheet during the year ended December 31, 2016. The Company evaluated its interest in the six-acre vacant beachfront property for impairment and determined that no impairment was necessary as of December 31, 2016. As the Company owns the entire real estate venture as of December 31, 2017, there is no longer a consolidated VIE. The cost basis of the six-acre vacant beachfront property asset totaled approximately $11.7 million as of December 31, 2017, which includes costs for entitlement. The beachfront property received approval of the rezoning and entitlement of the site to allow for the development of two restaurants and also for the future potential development of up to approximately 1.2 million square feet of vertical density. In the first quarter of 2017, the Company executed a 15-year lease agreement with the operator of LandShark Bar & Grill (“LandShark”), which provided for the development by the Company of an approximately 6,264 square foot restaurant property on the parcel. The annual rent under the LandShark lease is based on a percentage of the tenant’s net operating income (“NOI”) until the Company has received its investment basis in the property and thereafter, the Company will receive a lower percentage of the tenant’s NOI during the remaining lease term. In the second quarter of 2017, the Company executed a 15-year lease agreement with Cocina 214 Restaurant & Bar (“Cocina 214”), for the second restaurant property to be developed on the parcel. The annual rent under the Cocina 214 lease is equal to the greater of $360,000 per year or a certain percentage of gross sales. The lease also provides for additional percentage rent upon the achievement of certain gross sales thresholds. The Company completed the design phase and commenced construction on the two single-tenant restaurants during the third quarter of 2017. As of December 31, 2017, the Company has incurred approximately $5.9 million of design and construction costs. See Note 18, “Commitment and Contingencies” for the total expected cost to be incurred for the development of the site and both restaurant properties. The development of the two restaurant properties was completed in time for the tenants to commence operations during January of 2018. Accordingly, during the first quarter of 2018, the total investment in the beach parcel and the construction costs of the two single-tenant properties will be classified as Income Properties, Land, Building, and Improvements, within the Property, Plant, and Equipment classification on the Company’s consolidated balance sheets. Other Real Estate Assets . The Company owns impact fees with a cost basis of approximately $402,000 and mitigation credits with a cost basis of approximately $723,000, for a combined total of approximately $1.1 million as of December 31, 2017. During the year ended December 31, 2017, the Company sold mitigation credits for approximately $1.6 million, for a gain of approximately $1.3 million, or $0.15 per share, after tax. Additionally, the Company recorded the transfer of mitigation credits with a cost basis of approximately $298,000 as a charge to direct cost of revenues of real estate operations during the year ended December 31, 2017, as more fully described in Note 18, “Commitments and Contingencies.” During the years ended December 31, 2017 and 2016, the Company received cash payments of approximately $519,000 and $2.2 million, respectively, for impact fees with a cost basis that was generally of equal value. Subsurface Interests. As of December 31, 2017, the Company owns full or fractional subsurface oil, gas, and mineral interests underlying approximately 462,000 “surface” acres of land owned by others in 20 counties in Florida (the “Subsurface Interests”). The Company leases certain of the Subsurface Interests to mineral exploration firms for exploration. Our subsurface operations consist of revenue from the leasing of exploration rights and in some instances, additional revenues from royalties applicable to production from the leased acreage. During the year ended December 31, 2017, the Company sold approximately 38,750 acres of subsurface interests in Osceola County, Florida for approximately $2.1 million (the "Osceola Subsurface Sale"). The gain from the Osceola Subsurface Sale totaled approximately $2.08 million, or $0.23 per share, after tax. The Company expects to utilize the proceeds from this sale to acquire an income property through the 1031 like-kind exchange structure. During 2011, an eight-year oil exploration lease was executed covering a portion of our Subsurface Interests. On September 20, 2017, the Company amended the oil exploration lease to, among other things, extend the expiration of the original term for five additional years to the new expiration date of September 22, 2024. The lease is effectively thirteen one-year terms as the lessee has the option to terminate the lease at the end of each lease year. The lessee has exercised renewal options through lease year seven ending September 22, 2018. The terms of the lease state that the Company will receive royalty payments if production occurs, and may receive additional annual rental payments if the lease is continued in years eight through thirteen. The lease calls for annual lease payments which are recognized as revenue ratably over the respective twelve-month lease periods. In addition, non-refundable drilling penalty payments are made as required by the drilling requirements in the lease which are recognized as revenue when received. Lease payments on the respective acreages and drilling penalties received through lease year seven are as follows: Acreage Lease Year (Approximate) Florida County Lease Payment (1) Drilling Penalty (1) Lease Year 1 - 9/23/2011 - 9/22/2012 136,000 Lee and Hendry $ 913,657 $ — Lease Year 2 - 9/23/2012 - 9/22/2013 136,000 Lee and Hendry 922,114 — Lease Year 3 - 9/23/2013 - 9/22/2014 82,000 Hendry 3,293,000 1,000,000 Lease Year 4 - 9/23/2014 - 9/22/2015 42,000 Hendry 1,866,146 600,000 Lease Year 5 - 9/23/2015 - 9/22/2016 25,000 Hendry 1,218,838 175,000 Lease Year 6 - 9/23/2016 - 9/22/2017 15,000 Hendry 806,683 150,000 Lease Year 7 - 9/23/2017 - 9/22/2018 15,000 Hendry 806,683 50,000 Total Payments Received to Date $ 9,827,121 $ 1,975,000 (1) Generally, cash payment for the Lease Payment and Drilling Penalty is received on or before the first day of the lease year. The Drilling Penalty, which is due within thirty days from the end of the prior lease year, is recorded as revenue when received, while the Lease Payment is recognized on a straight-line basis over the respective lease term. Pursuant to the amendment for the Year 7 renewal, the Lease Payment and Drilling Penalty were both received on October 11, 2017. See separate disclosure of revenue recognized per period below. Lease income generated by the annual lease payments is recognized on a straight-line basis over the guaranteed lease term. For the years December 31, 2017, 2016, and 2015, lease income of approximately $807,000, $1.1 million, and $1.7 million was recognized, respectively. There can be no assurance that the oil exploration lease will be extended beyond the expiration of the current term of September 22, 2018 or, if extended, the terms or conditions of such extension. During the years ended December 31, 2017, 2016, and 2015, the Company also received oil royalties from operating oil wells on 800 acres under a separate lease with a separate operator. Production volume from these oil wells was 60,287 in 2017, 50,441 barrels in 2016, and 62,745 barrels in 2015, resulting in revenues received from oil royalties of approximately $86,000, $50,000 and $68,000, respectively. The Company is not prohibited from selling any or all of its Subsurface Interests. The Company may release surface entry rights or other rights upon request of a surface owner for a negotiated release fee typically based on a percentage of the surface value. Should the Company complete a transaction to sell all or a portion of its Subsurface Interests or complete a release transaction, the Company may utilize the like-kind exchange structure in acquiring one or more replacement investments including income-producing properties. There were no releases of surface entry rights during the year ended December 31, 2017. Cash payments for the release of surface entry rights totaled approximately $493,000 and $995,000 during the years ended December 31, 2016 and 2015, respectively, which is included in revenue from real estate operations. During 2015, in conjunction with the release of the Company’s surface entry rights related to approximately 1,400 acres in Lee County, Florida, for a cash payment of approximately $920,000, the Company also received the 50% interest in the subsurface rights of those acres, which the Company did not previously own, for a fair value of approximately $68,000, which is also included in revenue from real estate operations. In addition, the Company generated revenue of approximately $250,000 and $73,000 during the years ended December 31, 2016 and 2015, respectively, from fill dirt excavation agreements, with no such revenue generated during the year ended December 31, 2017.

INVESTMENT SECURITIES

INVESTMENT SECURITIES	12 Months Ended
	Dec. 31, 2017
INVESTMENT SECURITIES
INVESTMENT SECURITIES	NOTE 5. INVESTMENT SECURITIES During the year ended December 31, 2016, the Company completed the disposition of its remaining position in investment securities, including common stock and debt securities of a publicly traded real estate company, with a total basis of approximately $6.8 million, resulting in net proceeds of approximately $6.3 million, or a loss of approximately $576,000. The Company had no remaining available-for-sale securities as of December 31, 2017 or 2016. The following is a table reflecting the gains and losses recognized on the sale of investment securities during the years ended December 31, 2017, 2016, and 2015: For the Year Ended December 31, 2017 2016 2015 Proceeds from the Disposition of Debt Securities $ — $ 827,738 $ 2,084,994 Cost Basis of Debt Securities Sold — (843,951) (1,930,080) Loss recognized in Statement of Operations on the Disposition of Debt Securities — (16,213) 154,914 Proceeds from the Disposition of Equity Securities — 5,424,624 2,574,091 Cost Basis of Equity Securities Sold — (5,983,978) (2,565,816) Gain (Loss) recognized in Statement of Operations on the Disposition of Equity Securities $ — $ (559,354) $ 8,275 Total Gain (Loss) recognized in Statement of Operations on the Disposition of Debt and Equity Securities $ — $ (575,567) $ 163,189

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 2017
FAIR VALUE OF FINANCIAL INSTRUMENTS
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 not carried at fair value on the consolidated balance sheets at December 31, 2017 and 2016: December 31, 2017 December 31, 2016 Carrying Estimated Carrying Estimated Value Fair Value Value Fair Value Cash and Cash Equivalents - Level 1 $ 6,559,409 $ 6,559,409 $ 7,779,562 $ 7,779,562 Restricted Cash - Level 1 6,508,131 6,508,131 9,855,469 9,855,469 Commercial Loan Investments - Level 2 11,925,699 12,015,628 23,960,467 24,228,242 Long-Term Debt - Level 2 195,816,364 200,000,776 166,245,201 171,111,337 To determine estimated fair values of the financial instruments listed above, market rates of interest, which include credit assumptions, were used to discount contractual cash flows. The estimated fair values are not necessarily indicative of the amount the Company could realize on disposition of the financial instruments. The use of different market assumptions or estimation methodologies could have a material effect on the estimated fair value amounts. The following table presents the fair value of assets measured on a recurring basis by Level at December 31, 2017: Fair Value at Reporting Date Using Quoted Prices in Significant Active Markets Significant Other Unobservable for Identical Observable Inputs Inputs 12/31/2017 Assets (Level 1) (Level 2) (Level 3) Cash Flow Hedge - Interest Rate Swap $ 606,621 $ — $ 606,621 $ — Total $ 606,621 $ — $ 606,621 $ — The following table presents the fair value of assets measured on a recurring basis by Level at December 31, 2016: Fair Value at Reporting Date Using Quoted Prices in Significant Active Markets Significant Other Unobservable for Identical Observable Inputs Inputs 12/31/2016 Assets (Level 1) (Level 2) (Level 3) Cash Flow Hedge - Interest Rate Swap $ 416,590 $ — $ 416,590 $ — Total $ 416,590 $ — $ 416,590 $ — No assets were measured on a non-recurring basis as of December 31, 2017. At December 31, 2016, approximately eight acres of undeveloped land under contract for sale as of December 31, 2016 were measured on a non-recurring basis using Level 3 inputs in the fair value hierarchy, which resulted in aggregate impairment charge of approximately $1.0 million as further described in Note 8, “Impairment of Long-Lived Assets.” The following table presents the fair value of those assets measured on a non-recurring basis by Level as of December 31, 2016: Fair Value at Reporting Date Using Quoted Prices in Significant Active Markets Significant Other Unobservable for Identical Observable Inputs Inputs 12/31/2016 Assets (Level 1) (Level 2) (Level 3) Land Parcel - 3.6 Repurchased Acres $ 1,398,374 $ — $ — $ 1,398,374 Land Parcel - 4.5 Repurchased Acres 1,119,410 — — 1,119,410 Total $ 2,517,784 $ — $ — $ 2,517,784

INTANGIBLE ASSETS AND LIABILITI

INTANGIBLE ASSETS AND LIABILITIES	12 Months Ended
	Dec. 31, 2017
INTANGIBLE ASSETS AND LIABILITIES
INTANGIBLE ASSETS AND LIABILITIES	NOTE 7. INTANGIBLE ASSETS AND LIABILITIES Intangible assets and liabilities consist of the value of above-market and below-market leases, the value of in-place leases, and the value of leasing costs, based in each case on their fair values. Intangible assets and liabilities consisted of the following as of December 31, 2017 and 2016: As of December 31, 2017 December 31, 2016 Intangible Lease Assets: Value of In-Place Leases $ 36,827,226 $ 30,978,776 Value of Above Market In-Place Leases 2,966,322 2,905,624 Value of Intangible Leasing Costs 10,405,135 7,010,192 Sub-total Intangible Lease Assets 50,198,683 40,894,592 Accumulated Amortization (11,440,624) (6,168,770) Sub-total Intangible Lease Assets—Net 38,758,059 34,725,822 Intangible Lease Liabilities (included in accrued and other Value of Below Market In-Place Leases (35,312,017) (33,370,217) Sub-total Intangible Lease Liabilities (35,312,017) (33,370,217) Accumulated Amortization 5,541,576 2,852,166 Sub-total Intangible Lease Liabilities—Net (29,770,441) (30,518,051) Total Intangible Assets and Liabilities—Net $ 8,987,618 $ 4,207,771 During the year ended December 31, 2017, the value of in-place leases increased by approximately $5.8 million, the value of above-market in-place leases increased by approximately $61,000, the value of intangible leasing costs increased by approximately $3.4 million, and the value of below-market in-place leases increased by approximately $1.9 million due to the acquisition of ten income properties, offset by the net amortization of approximately $2.6 million, for a net increase during 2017 of approximately $4.8 million. As of December 31, 2017 and 2016, approximately $26.7 and $29.0 million, respectively, of the total below market in-place lease value is related to the Wells Fargo property located in Raleigh, North Carolina which was acquired on November 18, 2015. The following table reflects the net amortization of intangible assets and liabilities during the years ended December 31, 2017, 2016, and 2015: Year Ended Year Ended Year Ended 12/31/2017 12/31/2016 12/31/2015 ($000's) ($000's) ($000's) Depreciation and Amortization Expense $ 4,776 $ 2,696 $ 1,674 Increase to Income Properties Revenue (2,194) (2,240) (159) Net Amortization of Intangible Assets and Liabilities $ 2,582 $ 456 $ 1,515 The estimated future amortization expense (income) related to net intangible assets and liabilities is as follows: Future Accretion Net Future Future to Income Amortization of Amortization Property Intangible Assets Year Ending December 31, Amount Revenue and Liabilities 2018 $ 5,340,302 $ (2,269,867) $ 3,070,435 2019 5,311,743 (2,264,743) 3,047,000 2020 4,870,322 (2,198,014) 2,672,308 2021 3,179,886 (2,348,869) 831,017 2022 2,561,959 (2,420,029) 141,930 Thereafter 15,387,811 (16,162,883) (775,072) Total $ 36,652,023 $ (27,664,405) $ 8,987,618 As of December 31, 2017, the weighted average amortization period of both the total intangible assets and liabilities was approximately 13 years.

IMPAIRMENT OF LONG-LIVED ASSETS

IMPAIRMENT OF LONG-LIVED ASSETS	12 Months Ended
	Dec. 31, 2017
IMPAIRMENT OF LONG-LIVED ASSETS
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. There were no impairment charges during the year ended December 31, 2017. In the second quarter of 2016, an impairment charge of approximately $942,000 was recognized on an income property in Altamonte Springs, Florida leased to PNC Bank under contract for sale as of June 30, 2016. The total impairment charge represented the anticipated loss on the sale plus estimated closing costs. This sale closed in September 2016. In the second quarter of 2016, an impairment charge of approximately $717,000 was recognized on approximately four of the approximately six acres of undeveloped land in the City for which a contract for sale was executed during the three months ended June 30, 2016. Such acreage was repurchased in prior years by the Company and carried a higher cost basis than the remainder of the Company’s historical land holdings. The total impairment charge represented the anticipated loss on the sale of approximately $646,000 plus estimated closing costs of approximately $71,000. This sale closed in March 2017. In the second quarter of 2016, an impairment charge of approximately $311,000 was recognized on approximately four acres of undeveloped land in the City for which a contract for sale was executed during the three months ended June 30, 2016. Such acreage was repurchased in prior years by the Company and carried a higher cost basis than the remainder of the Company’s historical land holdings. The total impairment charge represented the anticipated loss on the sale of approximately $256,000 plus estimated closing costs of approximately $55,000. This sale closed in April 2017. In the first quarter of 2016, an impairment charge of approximately $210,000 was recognized on an income property held for sale as of March 31, 2016. The total impairment charge represented the loss on the sale of approximately $134,000 plus closing costs of approximately $76,000. This sale closed in April 2016. During the first quarter of 2015, an impairment charge of approximately $510,000 was recognized on two income properties held for sale as of March 31, 2015. The total impairment charge represented the loss on the sale of approximately $277,000 plus estimated closing costs of approximately $233,000. As the actual loss on the sale was approximately $497,000, an adjustment to reduce that charge in the amount of approximately $13,000 was recognized during the three months ended June 30, 2015. This sale closed in April 2015 .

OTHER ASSETS

OTHER ASSETS	12 Months Ended
	Dec. 31, 2017
OTHER ASSETS
OTHER ASSETS	NOTE 9. OTHER ASSETS Other assets consisted of the following: As of December 31, December 31, Income Property Tenant Receivables $ 895,476 $ 125,383 Income Property Straight-line Rent Adjustment 2,517,195 1,773,946 Income Property Lease Incentive 2,696,678 — Interest Receivable from Commercial Loan Investments 38,078 72,418 Cash Flow Hedge - Interest Rate Swap 606,621 416,590 Infrastructure Reimbursement Receivables 2,213,305 3,844,236 Golf Operations Receivables 349,220 325,510 Deferred Deal Costs 480,257 745,878 Prepaid Expenses, Deposits, and Other 3,174,299 2,165,127 Total Other Assets $ 12,971,129 $ 9,469,088 As of December 31, 2017, the Infrastructure Reimbursement Receivables were all related to the Tomoka Town Center land sales and consisted of approximately $1,575,000 due from Tanger for infrastructure reimbursement to be repaid in nine remaining annual installments of $175,000, net of a discount of approximately $172,000, and approximately $880,000 due from Sam’s Club for infrastructure reimbursement to be repaid in eight remaining annual installments of $110,000, net of a discount of approximately $75,000. As of December 31, 2017, the Income Property Lease Incentive of approximately $2.7 million relates to a tenant improvement allowance provided to Hilton Grand Vacations in conjunction with the extension of their leases of two buildings from November 30, 2021 to November 30, 2026 which will be recognized as an offset to rental revenue over the remaining term of the leases.

COMMON STOCK AND EARNINGS PER S

COMMON STOCK AND EARNINGS PER SHARE	12 Months Ended
	Dec. 31, 2017
COMMON STOCK AND EARNINGS PER SHARE
COMMON STOCK AND EARNINGS PER SHARE	NOTE 10. COMMON STOCK AND EARNINGS PER SHARE Basic earnings per common share were computed by dividing net income by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per common share were determined based on the assumption of the conversion of stock options and vesting of restricted stock using the treasury stock method at average market prices for the periods. Year Ended December 31, 2017 December 31, 2016 December 31, 2015 Income Available to Common Shareholders: Net Income Attributable to Consolidated-Tomoka Land Co. $ 41,719,424 $ 16,251,248 $ 8,347,166 Weighted Average Shares Outstanding 5,538,859 5,680,165 5,804,655 Common Shares Applicable to Stock Options Using the Treasury Stock Method 40,933 13,697 25,423 Total Shares Applicable to Diluted Earnings Per Share 5,579,792 5,693,862 5,830,078 Per Share Information: Basic Net Income Attributable to Consolidated-Tomoka Land Co. $ 7.53 $ 2.86 $ 1.44 Diluted Net Income Attributable to Consolidated-Tomoka Land Co. $ 7.48 $ 2.85 $ 1.43 In addition to the dilutive securities presented above, the effect of 57,750, 85,500, and 60,200 potentially dilutive securities were not included for the years ended December 31, 2017, 2016, and 2015, respectively, as the effect would be antidilutive. The Company intends to settle its 4.50% Convertible Senior Notes due 2020 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 current conversion price of $68.72. The average price of our common stock during the year ended December 31, 2017 did not exceed the conversion price which resulted in no additional diluted outstanding shares.

TREASURY STOCK

TREASURY STOCK	12 Months Ended
	Dec. 31, 2017
TREASURY STOCK
TREASURY STOCK	NOTE 11. TREASURY STOCK In the fourth quarter of 2015, the Company announced a $10 million stock repurchase program (the “$10 Million Repurchase Program”). As of March 29, 2017, the $10 Million Repurchase Program had been completed. In the first quarter of 2017, the Company announced a new $10 million stock repurchase program (the “New $10 Million Repurchase Program”) under which approximately $4.6 million of the Company’s common stock had been repurchased as of December 31, 2017. In the aggregate, during the year ended December 31, 2017, under both programs, the Company repurchased 135,329 shares of its common stock on the open market for a total cost of approximately $7.2 million, or an average price per share of $53.27, and placed those shares in treasury.

LONG-TERM DEBT

LONG-TERM DEBT	12 Months Ended
	Dec. 31, 2017
LONG-TERM DEBT
LONG-TERM DEBT	NOTE 12. LONG-TERM DEBT As of December 31, 2017, the Company’s outstanding indebtedness, at face value, was as follows: Face Maturity Interest Value Debt Date Rate Credit Facility $ 70,000,000 September 2021 30 ‑day LIBOR Mortgage Note Payable (originated with Wells Fargo) (1) 30,000,000 October 2034 4.330% Mortgage Note Payable (originated with Wells Fargo) (2) 25,000,000 April 2021 30 ‑day LIBOR 4.50% Convertible Senior Notes due 2020, net of discount 75,000,000 March 2020 4.500% Total Long-Term Face Value Debt $ 200,000,000 (1) Secured by the Company’s interest in six income properties. The mortgage loan 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, as defined in the related loan agreement, 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 of the effective date of the loan. (2) Secured by the Company’s income property leased to Wells Fargo located in Raleigh, North Carolina. The mortgage loan has a 5-year term with two years interest only, and interest and a 25-year amortization for the balance of the term. The mortgage loan bears a variable rate of interest based on the 30-day LIBOR plus a rate of 190 basis points. The interest rate for this mortgage loan has been fixed through the use of an interest rate swap that fixed the rate at 3.17%. The mortgage loan can be prepaid at any time subject to the termination of the interest rate swap. Credit Facility. Bank of Montreal (“BMO”) serving as the administrative agent for the lenders thereunder, is unsecured with regard to our income property portfolio but is guaranteed by certain wholly-owned subsidiaries of the Company. The Credit Facility bank group is led by BMO and also includes Wells Fargo and Branch Banking & Trust Company. On September 7, 2017, the Company executed the second amendment and restatement of the Credit Facility (the “Revolver Amendment”). Pursuant to the Revolver Amendment, the Credit Facility matures on September 7, 2021, with the ability to extend the term for 1 year. As a result of the Revolver Amendment, the Credit Facility has a total borrowing capacity of $100.0 million, with the ability to increase that capacity up to $150.0 million during the term. The Credit Facility provides the lenders with a security interest in the equity of the Company subsidiaries that own the properties included in the borrowing base. The indebtedness outstanding under the Credit Facility accrues interest at a rate ranging from the 30-day LIBOR plus 150 basis points to the 30-day LIBOR plus 220 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 15 to 25 basis points for any unused portion of the borrowing capacity based on whether the unused portion is greater or less than 50% of the total borrowing capacity. At December 31, 2017, the current commitment level under the Credit Facility was $100.0 million. The available borrowing capacity under the Credit Facility was approximately $30.0 million, based on the level of borrowing base assets. As of December 31, 2017, the Credit Facility had a $70.0 million balance. See Note 21, “Subsequent Events” for a description of increase in in the commitment level subsequent to December 31, 2017. The Credit Facility is subject to customary restrictive covenants including, but not limited to, limitations on the Company’s ability to: (a) incur indebtedness; (b) make certain investments; (c) incur certain liens; (d) engage in certain affiliate transactions; and (e) engage in certain major transactions such as mergers. In addition, the Company is subject to various financial maintenance covenants including, but not limited to, a maximum indebtedness ratio, a maximum secured indebtedness ratio, and a minimum fixed charge coverage ratio. The Credit Facility also contains affirmative covenants and events of default including, but not limited to, a cross default to the Company’s other indebtedness and upon the occurrence of a change in control. The Company’s failure to comply with these covenants or the occurrence of an event of default could result in acceleration of the Company’s debt and other financial obligations under the Credit Facility. Mortgage Notes Payable. In addition to the Credit Facility, the Company has certain other borrowings, as noted in the table above, all of which are non-recourse. The Mortgage Note Payable originated with UBS Real Estate Securities, Inc. for $7.3 million was repaid during the year ended December 31, 2017. Convertible Debt. The Company’s $75.0 million aggregate principal amount of 4.50% Convertible Notes (the “Notes”) will mature on March 15, 2020, unless earlier purchased or converted. The initial conversion rate was 14.5136 shares of common stock for each $1,000 principal amount of Convertible Notes, which represented an initial conversion price of approximately $68.90 per share of common stock. Since July of 2016, when the Company’s Board of Directors implemented a quarterly dividend in place of the previous semi-annual dividend, the conversion rate has been adjusted with each successive quarterly dividend and is currently, after the fourth quarter 2017 dividend, equal to 14.5515 shares of common stock for each $1,000 principal amount of Convertible Notes, which represents an adjusted conversion price of approximately $68.72 per share of common stock. The conversion rate is subject to adjustment in certain circumstances. Holders may not surrender their Convertible Notes for conversion prior to December 15, 2019 except upon the occurrence of certain conditions relating to the closing sale price of the Company’s common stock, the trading price per $1,000 principal amount of Convertible Notes, or specified corporate events including a change in control of the Company. The Company may not redeem the Convertible Notes prior to the stated maturity date and no sinking fund is provided for the Convertible Notes. The Convertible Notes are convertible, at the election of the Company, into solely cash, solely shares of the Company’s common stock, or a combination of cash and shares of the Company’s common stock. The Company intends to settle the Convertible Notes in cash upon conversion, with any excess conversion value to be settled in shares of our common stock. In accordance with GAAP, the Convertible Notes are accounted for as a liability with a separate equity component recorded for the conversion option. A liability was recorded for the Convertible Notes on the issuance date at fair value based on a discounted cash flow analysis using current market rates for debt instruments with similar terms. The difference between the initial proceeds from the Convertible Notes and the estimated fair value of the debt instruments resulted in a debt discount, with an offset recorded to additional paid-in capital representing the equity component. The discount on the Convertible Notes was approximately $6.1 million at issuance, which represents the cash discount paid of approximately $2.6 million and the approximate $3.5 million attributable to the value of the conversion option recorded in equity, which is being amortized into interest expense through the maturity date of the Convertible Notes. As of December 31, 2017, the unamortized debt discount of our Convertible Notes was approximately $2.9 million. Long-term debt consisted of the following: December 31, 2017 December 31, 2016 Due Within Due Within Total One Year Total One Year Credit Facility $ 70,000,000 $ — $ 34,300,000 $ — Mortgage Note Payable (originated with UBS) — — 7,300,000 — Mortgage Note Payable (originated with Wells Fargo) 30,000,000 — 30,000,000 — Mortgage Note Payable (originated with Wells Fargo) 25,000,000 — 25,000,000 — 4.50% Convertible Senior Notes due 2020, net of discount 72,075,295 — 70,880,581 — Loan Costs, net of accumulated amortization (1,258,931) — (1,235,380) — Total Long-Term Debt $ 195,816,364 $ — $ 166,245,201 $ — Payments applicable to reduction of principal amounts will be required as follows: Year Ending December 31, Amount 2018 $ — 2019 — 2020 75,000,000 2021 95,000,000 2022 — Thereafter 30,000,000 Total Long-Term Debt - Face Value $ 200,000,000 The carrying value of long-term debt as of December 31, 2017 consisted of the following: Total Current Face Amount $ 200,000,000 Unamortized Discount on Convertible Debt (2,924,705) Loan Costs, net of accumulated amortization (1,258,931) Total Long-Term Debt $ 195,816,364 The following table reflects a summary of interest expense incurred and paid during the years ended December 2017, 2016, and 2015: Year Ended Year Ended Year Ended 12/31/2017 12/31/2016 12/31/2015 ($000's) ($000's) ($000's) Interest Expense $ 7,034 $ 6,804 $ 5,703 Amortization of Loan Costs 509 828 (1) 365 Amortization of Discount on Convertible Notes 1,195 1,121 852 Capitalized Interest (215) — — Total Interest Expense $ 8,523 $ 8,753 $ 6,920 Total Interest Paid $ 7,060 $ 6,779 $ 4,705 The Company was in compliance with all of its debt covenants as of December 31, 2017 and 2016.

INTEREST RATE SWAP

INTEREST RATE SWAP	12 Months Ended
	Dec. 31, 2017
INTEREST RATE SWAP
INTEREST RATE SWAP	NOTE 13. INTEREST RATE SWAP During April 2016, the Company entered into an interest rate swap agreement to hedge cash flows tied to changes in the underlying floating interest rate tied to LIBOR for the $25.0 million mortgage note payable as discussed in Note 12, “Long-Term Debt.” During the years ended December 31, 2017 and 2016, the interest rate swap agreement was 100% effective. Accordingly, the change in fair value on the interest rate swap has been classified in accumulated other comprehensive income. As of December 31, 2017 and 2016, the fair value of our interest rate swap agreement, which was a gain of approximately $607,000 and $417,000, respectively, was included in other assets on the consolidated balance sheets. The interest rate swap was effective on April 7, 2016 and matures on April 7, 2021. The interest rate swap fixed the variable rate debt on the notional amount of related debt of $25.0 million to a rate of 3.17%.

ACCRUED AND OTHER LIABILITIES

ACCRUED AND OTHER LIABILITIES	12 Months Ended
	Dec. 31, 2017
ACCRUED AND OTHER LIABILITIES
ACCRUED AND OTHER LIABILITIES	NOTE 14. ACCRUED AND OTHER LIABILITIES Accrued and other liabilities consisted of the following: As of December 31, December 31, Golf Course Lease $ — $ 2,226,527 Golf $1 Round Surcharge 700,000 — Accrued Property Taxes 66,909 28,973 Reserve for Tenant Improvements 3,302,831 398,621 Accrued Construction Costs 1,360,950 856,947 Accrued Interest 1,194,681 1,220,990 Environmental Reserve and Restoration Cost Accrual 866,936 1,505,757 Other 2,668,219 2,430,082 Total Accrued and Other Liabilities $ 10,160,526 $ 8,667,897 Golf Course Lease. In July 2012, the Company entered into an agreement with the City to, among other things, amend the lease payments under its golf course lease (the “Lease Amendment”). Under the Lease Amendment, the base rent payment, which was scheduled to increase from $250,000 to $500,000 as of September 1, 2012, remained at $250,000 for the remainder of the lease term and any extensions would have been subject to an annual rate increase of 1.75% beginning September 1, 2013. On January 24, 2017, the Company acquired the approximately 690 acres of land and improvements comprising the golf courses, previously leased from the City, for approximately $1.5 million (the “Golf Course Land Purchase”). In conjunction with the Golf Course Land Purchase, the lease between the Company and the City was terminated. Therefore, during the first quarter of 2017, the Company eliminated the remaining accrued liability of approximately $2.2 million, resulting in the recognition of approximately $0.40 per share in non-cash earnings, or $0.24 per share after tax, which comprises the land lease termination in the consolidated statements of operations. The balance as of December 31, 2016 of approximately $2.2 million consisted of approximately $1.7 million which reflected the acceleration of the remaining amount of accrued rent that was no longer owed to the City as a result of the Lease Amendment, which prior to the Golf Course Land Purchase was being recognized into income over the remaining lease term which was originally to expire in 2022. The remaining approximately $500,000 reflected the amount of rent accrued pursuant to the lease, as amended, which is no longer owed to the City due to the lease termination on January 24, 2017. Golf $1 Round Surcharge. In connection with the Golf Course Land Purchase, each year the Company is obligated to pay the City additional consideration in the amount of an annual surcharge of $1 per golf round played (the “Per-Round Surcharge”) with an annual minimum Per-Round Surcharge of $70,000 and a maximum aggregate amount of the Per-Round Surcharges paid equal to $700,000. The maximum amount of $700,000 represents contingent consideration and has been recorded as an increase in Golf Buildings, Improvements, and Equipment and Accrued and Other Liabilities in the accompany consolidated balance sheets as of December 31, 2017. The first annual payment of $70,000 was made in January 2018 leaving a remaining commitment of $630,000 as of the date of this report. Reserve for Tenant Improvements. In connection with the acquisition on April 22, 2014 of the property in Katy, Texas leased to Lowe’s, the Company was credited approximately $651,000 at closing for certain required tenant improvements, some of which were not required to be completed until December 2016. Through December 31, 2016, approximately $100,000 of these tenant improvements had been completed and funded, leaving approximately $551,000 remaining to be funded. The remaining commitment as of December 31, 2016, totaled approximately $381,000, which was equal to the amount of the final reimbursement request the Company received from Lowe’s and was paid during the year ended December 31, 2017, leaving no remaining commitment related to the Lowe’s property. In connection with the acquisition on April 28, 2017 of the property in Tampa, Florida leased to LA Fitness, the Company was credited approximately $400,000 at closing for certain tenant improvements. As of December 31, 2017, no amounts have been completed and funded related to the LA Fitness property. Additionally, the Company is obligated to fund the Income Property Lease Incentive to Hilton Grand Vacations, as described in Note 9, “Other Assets” in the amount of approximately $2.7 million as of December 31, 2017. The approximately $2.7 million Income Property Lease Incentive payment was made during January 2018. These two items comprise the majority of the approximately $3.3 million reserve for tenant improvements as of December 31, 2017. Environmental Reserve. During the year ended December 31, 2014, the Company accrued an environmental reserve of approximately $110,000 in connection with an estimate of additional costs required to monitor a parcel of less than one acre of land owned by the Company in Highlands County, Florida on which environmental remediation work had previously been performed. The Company engaged legal counsel who, in turn, engaged environmental engineers to review the site and the prior monitoring test results. During the year ended December 31, 2015, their review was completed, and the Company made an additional accrual of approximately $500,000, representing the low end of the range of possible costs estimated by the engineers to be between approximately $500,000 and $1.0 million to resolve this matter subject to the approval of the state department of environmental protection (the “FDEP”). The FDEP issued a Remedial Action Plan Modification Approval Order (the “FDEP Approval”) in August 2016 which supports the approximate $500,000 accrual made in 2015. The Company is implementing the remediation plan pursuant to the FDEP Approval. During the fourth quarter of 2017, the Company made an additional accrual of approximately $51,000 for the second year of monitoring as the low end of the original range of estimated costs was increased for the amount of monitoring now expected. Since the total accrual of approximately $661,000 was made, approximately $502,000 in costs have been incurred through December 31, 2017, leaving a remaining accrual of approximately $159,000. Restoration Accrual. As part of the resolution of a regulatory matter pertaining to the Company’s prior agricultural activities on certain of the Company’s land located in Daytona Beach, Florida, as of December 31, 2015, the Company accrued an obligation of approximately $1.7 million, representing the low end of the estimated range of possible wetlands restoration costs for approximately 148.4 acres within such land, and such estimated costs were included on the consolidated balance sheets as an increase in the basis of our land and development costs associated with those and benefitting surrounding acres. The final proposal for restoration work was received during the second quarter of 2016 which totaled approximately $2.0 million. Accordingly, an increase in the accrual of approximately $300,000 was recorded during the second quarter of 2016. The Company funded approximately $1.3 million of the total $2.0 million of estimated costs through the period ended December 31, 2017, leaving a remaining accrual of approximately $708,000. This matter is more fully described in Note 18, “Commitments and Contingencies.”

DEFERRED REVENUE

DEFERRED REVENUE	12 Months Ended
	Dec. 31, 2017
DEFERRED REVENUE
DEFERRED REVENUE	NOTE 15. DEFERRED REVENUE Deferred revenue consisted of the following: As of December 31, December 31, Deferred Oil Exploration Lease Revenue $ 585,675 $ 585,674 Prepaid Rent 1,126,408 1,068,972 Other Deferred Revenue 318,376 337,020 Total Deferred Revenue $ 2,030,459 $ 1,991,666 On September 20, 2016, the Company received an approximate $807,000 rent payment for the sixth year of the Company’s thirteen-year oil exploration lease, which was recognized ratably over the twelve-month lease period ending in September 2017. On October 11, 2017, the Company received an approximate $807,000 rent payment for the seventh year of the Company’s thirteen-year oil exploration lease, which is being recognized ratably over the twelve-month lease period ending in September 2018. The oil exploration lease is more fully described in Note 4 “Land and Subsurface Interests.”

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	12 Months Ended
	Dec. 31, 2017
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	NOTE 16. STOCK-BASED COMPENSATION SUMMARY OF STOCK-BASED COMPENSATION A summary of share activity for all equity and liability classified stock compensation during the year ended December 31, 2017, is presented below: Shares Vested / Shares Outstanding Granted Exercised Expired Forfeited Outstanding Type of Award at 1/1/2017 Shares Shares Shares Shares at 12/31/2017 Equity Classified - Performance Share Awards - Peer Group Market Condition Vesting — 12,635 — — — 12,635 Equity Classified - Market Condition Restricted Shares - Stock Price Vesting 69,500 — (7,750) (32,000) — 29,750 Equity Classified - Three Year Vest Restricted Shares 37,504 17,451 (17,298) — (267) 37,390 Equity Classified - Non-Qualified Stock Option Awards 113,500 — (23,500) — — 90,000 Liability Classified - Stock Options and Stock Appreciation Rights 11,000 — (6,000) (5,000) — — Total Shares 231,504 30,086 (54,548) (37,000) (267) 169,775 EQUITY-CLASSIFIED STOCK COMPENSATION Performance Share Awards – Peer Group Market Condition Vesting On February 3, 2017, the Company awarded 12,635 Performance Shares to certain employees under the Amended and Restated 2010 Equity Incentive Plan (the “2010 Plan”). The Performance Shares awards entitle the recipient to receive, upon the vesting thereof, shares of common stock of the Company equal to between 0% and 150% of the number of Performance Shares awarded. The number of shares of common stock to be issued upon vesting will be determined based on the calculation of the Company’s total shareholder return compared to the total shareholder return of the peer group of companies, established at the grant date, during a three-year performance period commencing on January 1, 2017 and ending on December 31, 2019. The Company used a Monte Carlo simulation pricing model to determine the fair value of its awards that are based on market conditions. The determination of the fair value of market condition-based awards is affected by the Company’s stock price as well as assumptions regarding a number of other variables. These variables include expected stock price volatility over the three-year performance period, the relative performance of the Company’s stock price and shareholder return compared to the companies in the peer group, annual dividends paid by the Company, 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 years ended December 31, 2017, 2016, and 2015 is presented below: Wtd. Avg. Performance Shares with Market Conditions Shares Fair Value Outstanding at January 1, 2015 — $ — Granted — — Vested — — Expired — — Forfeited — — Outstanding at December 31, 2015 — $ — Granted — — Vested — — Expired — — Forfeited — — Outstanding at December 31, 2016 — $ — Granted 12,635 55.66 Vested — — Expired — — Forfeited — — Outstanding at December 31, 2017 12,635 $ 55.66 As of December 31, 2017, there was approximately $469,000 of unrecognized compensation cost, adjusted for estimated forfeitures, related to Performance Share awards, which will be recognized over a remaining weighted average period of 2.0 years. Market Condition Restricted Shares – Peer Group Vesting Under the 2010 Plan, in September 2010 and January 2011, the Company granted to certain employees restricted shares of the Company’s common stock, which would vest upon the achievement of certain market conditions, including thresholds relating to the Company’s total shareholder return as compared to the total shareholder return of a certain peer group during a five-year performance period. The Company used a Monte Carlo simulation pricing model to determine the fair value of its awards that are based on market conditions. The determination of the fair value of market condition-based awards is affected by the Company’s stock price as well as assumptions regarding a number of other variables. These variables include expected stock price volatility over the requisite performance term of the awards, the relative performance of the Company’s stock price and shareholder returns to companies in its peer group, annual dividends, and a risk-free interest rate assumption. Compensation cost is recognized regardless of the achievement of the market conditions, provided the requisite service period is met. A summary of activity during the years ended December 31, 2017, 2016, and 2015 is presented below: Wtd. Avg. Grant Date Market Condition Non-Vested Restricted Shares Shares Fair Value Outstanding at January 1, 2015 5,067 $ 23.13 Granted — — Vested (2,034) 22.80 Expired — — Forfeited (633) 22.80 Outstanding at December 31, 2015 2,400 $ 23.42 Granted — — Vested (2,300) 23.42 Expired — — Forfeited (100) 23.42 Outstanding at December 31, 2016 — $ — Granted — — Vested — — Expired — — Forfeited — — Outstanding at December 31, 2017 — $ — As of December 31, 2017, there is no unrecognized compensation as there are no outstanding shares remaining. Market Condition Restricted Shares– Stock Price Vesting “Inducement” grants of 96,000 and 17,000 shares of restricted Company common stock were awarded to Mr. Albright and Mr. Patten, in 2011 and 2012, respectively. Mr. Albright’s restricted shares were granted outside of the 2010 Plan while Mr. Patten’s restricted shares were awarded under the 2010 Plan. The Company filed a registration statement with the Securities and Exchange Commission on Form S-8 to register the resale of Mr. Albright’s restricted stock award under this award. The restricted shares will vest in six increments based upon the price per share of the Company’s common stock during the term of their employment (or within sixty days after termination of employment by the Company without cause), meeting or exceeding the target trailing sixty-day average closing prices ranging from $36 per share for the first increment to $65 per share for the final increment. If any increment of the restricted shares fails to satisfy the applicable stock price condition prior to six years from the grant date, that increment of the restricted shares will be forfeited. As of December 31, 2017, four increments of Mr. Albright’s grants had vested. On August 1, 2017, the remaining 32,000 unvested “inducement” grant restricted shares, for the $60 and $65 price increments, awarded to Mr. Albright expired without vesting. As of December 31, 2017, the first five increments of Mr. Patten’s grants had vested. Additional grants of 2,500 and 3,000 shares of restricted Company common stock were awarded to Mr. Smith and Steven R. Greathouse, the Company’s Sr. Vice President of Investments, under the 2010 Plan, during the fourth quarter of 2014 and the first quarter of 2015, respectively. The restricted stock will vest in two increments based upon the price per share of Company common stock during the term of their employment (or within sixty days after termination of employment by the Company without cause), meeting or exceeding the target trailing sixty-day average closing prices of $60 per share and $65 per share for the two increments. If any increment of the restricted shares fails to satisfy the applicable stock price condition prior to six years from the grant date, that increment of the restricted shares will be forfeited. As of December 31, 2017, the first increment of Mr. Smith’s and Mr. Greathouse’s grants had vested. A grant of 94,000 shares of restricted Company common stock was awarded to Mr. Albright under the 2010 Plan during the second quarter of 2015. As more fully described at the end of this Note 16, “Stock-Based Compensation,” on February 26, 2016, 72,000 of these shares were surrendered, of which 4,000 were re-granted on February 26, 2016 with identical terms of the surrendered restricted stock (68,000 of the shares having been permanently surrendered). The 26,000 shares of restricted Company common stock outstanding from these grants will vest in four increments based upon the price per share of the Company’s common stock during the term of his employment (or within sixty days after termination of employment by the Company without cause), meeting or exceeding the target trailing thirty-day average closing prices ranging from $60 per share for the first increment to $75 per share for the final increment. If any increment of the restricted shares fails to satisfy the applicable stock price condition prior to January 28, 2021, that increment of the restricted shares will be forfeited. As of December 31, 2017, one increment of this award had vested. Pursuant to amendments to the employment agreements and certain restricted share award agreements entered into by the Company on February 26, 2016 and August 4, 2017, the restricted shares granted thereunder will fully vest following a change in control only if the executive’s employment is terminated without cause or if the executive resigns for good reason (as such terms are defined in the executive’s employment agreement), in each case, at any time during the 24-month period following the change in control (as defined in the executive’s employment agreement). The Company used a Monte Carlo simulation pricing model to determine the fair value of its awards that are based on market conditions. The determination of the fair value of market condition-based awards is affected by the Company’s stock price as well as assumptions regarding a number of other variables. These variables include expected stock price volatility over the requisite performance term of the awards, the relative performance of the Company’s stock price and shareholder returns to companies in its peer group, annual dividends, and a risk-free interest rate assumption. Compensation cost is recognized regardless of the achievement of the market conditions, provided the requisite service period is met. A summary of the activity for these awards during the years ended December 31, 2017, 2016, and 2015 is presented below: Wtd. Avg. Market Condition Non-Vested Restricted Shares Shares Fair Value Outstanding at January 1, 2015 40,500 $ 15.55 Granted 97,000 36.85 Vested — — Expired — — Forfeited — — Outstanding at December 31, 2015 137,500 $ 30.58 Granted 4,000 38.98 Vested — — Expired — — Forfeited (72,000) 34.46 Outstanding at December 31, 2016 69,500 $ 27.03 Granted — — Vested (7,750) 34.30 Expired (32,000) 14.08 Forfeited — — Outstanding at December 31, 2017 29,750 $ 39.07 In connection with the permanent surrender of 68,000 shares of restricted Company common stock, approximately $1.6 million of related stock-based compensation expense was recognized during the year ended December 31, 2016 to accelerate the remaining expense pertaining the total grant date fair value of these awards. As of December 31, 2017, there is no unrecognized compensation cost related to market condition restricted stock. Three Year Vest Restricted Shares On January 22, 2014, the Company granted to certain employees 14,500 shares of restricted Company common stock under the 2010 Plan. One-third of the restricted shares 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, which did not include Mr. Albright, 11,700 shares of restricted Company common stock under the 2010 Plan. Additionally, on February 9, 2015, the Company granted 8,000 shares of restricted Company common stock to Mr. Albright under the 2010 Plan. One-third of both awards of restricted shares will vest on each of the first, second, and third anniversaries of the January 28, 2015 grant date, provided the grantee is an employee of the Company on those dates. In addition, any unvested portion of the restricted shares will vest upon a change in control. On January 27, 2016, the Company granted to certain employees 21,100 shares of restricted Company common stock under the 2010 Plan. One-third of the restricted shares will vest on each of the first, second, and third anniversaries of January 28, 2016, provided the grantee is an employee of the Company on those dates. In addition, any unvested portion of the restricted shares will vest upon a change in control. On January 25, 2017, the Company granted to certain employees 17,451 shares of restricted Company common stock under the 2010 Plan. One-third of the restricted shares will vest on each of the first, second, and third anniversaries of January 28, 2017 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. Effective as of August 4, 2017, the Company entered into amendments to the employment agreements and certain stock option award agreements and restricted share award agreements of certain employees including Messrs. Albright, Patten, Smith, and Greathouse, whereby such awards will fully vest following a change in control (as defined in the executive’s employment agreement) only if the executive’s employment is terminated without cause or if the executive resigns for good reason (as such terms are defined in the executive’s employment agreement), in each case, at any time during the 24-month period following the 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 for these awards during the years ended December 31, 2017, 2016, and 2015, is presented below: Wtd. Avg. Fair Value Three Year Vest Non-Vested Restricted Shares Shares Per Share Outstanding at January 1, 2015 14,200 36.08 Granted 19,700 55.93 Vested (4,734) 36.08 Expired — — Forfeited (2,266) 46.59 Outstanding at December 31, 2015 26,900 49.73 Granted 21,100 44.88 Vested (10,363) 47.89 Expired — — Forfeited (133) 46.08 Outstanding at December 31, 2016 37,504 47.53 Granted 17,451 55.06 Vested (17,298) 46.70 Expired — — Forfeited (267) 52.51 Outstanding at December 31, 2017 37,390 $ 51.39 As of December 31, 2017, there was approximately $1.0 million of unrecognized compensation cost, adjusted for estimated forfeitures, related to the three year vest non-vested restricted shares, which will be recognized over a remaining weighted average period of 1.7 years. Non-Qualified Stock Option Awards Pursuant to the Non-Qualified Stock Option Award Agreements between the Company and Messrs. Albright, Patten, and Smith, each of these Company employees was granted an option to purchase 50,000, 10,000, and 10,000 shares of Company common stock, in 2011, 2012, and 2014, respectively, under the 2010 Plan with an exercise price per share equal to the fair market value on their respective grant dates. One-third of the options vested on the first, second, and third anniversaries of their respective grant dates. The options expire on the earliest of: (a) the tenth anniversary of the grant date; (b) twelve months after the employee’s death or termination for disability; or (c) thirty days after the termination of employment for any reason other than death or disability. On January 23, 2013, the Company granted options to purchase 51,000 shares of the Company’s common stock under the 2010 Plan to certain employees of the Company, including 10,000 shares to Mr. Patten, with an exercise price of $34.95. One-third of these options vested on each of the first, second, and third anniversaries of the grant date. As of December 31, 2017, all 51,000 of these options have been exercised, including the 10,000 shares awarded to Mr. Patten. On February 9, 2015, the Company granted to Mr. Albright an option to purchase 20,000 shares of the Company’s common stock under the 2010 Plan with an exercise price of $57.50. The option vested on January 28, 2016. The option expires on the earliest of: (a) January 28, 2025; (b) twelve months after the employee’s death or termination for disability; or (c) thirty days after the termination of employment for any reason other than death or disability. On May 20, 2015, the Company granted to Mr. Albright an option to purchase 40,000 shares of the Company’s common stock under the 2010 Plan, with an exercise price of $55.62. As more fully described at the end of this Note 16, “Stock-Based Compensation,” on February 26, 2016, this option was surrendered and an option to purchase 40,000 shares was granted on February 26, 2016 with identical terms. One-third of the options vested immediately and the remaining two-thirds vested on January 28, 2017 and January 28, 2018. The option expires on the earliest of: (a) January 28, 2025; (b) twelve months after the employee’s death or termination for disability; or (c) thirty days after the termination of employment for any reason other than death or disability. On June 29, 2015, the Company granted to an officer of the Company an option to purchase 10,000 shares of the Company’s common stock under the 2010 Plan, with an exercise price of $57.54. One-third of the option will vest on each of the first, second, and third anniversaries of the grant date, provided the recipient is an employee of the Company on those dates. In addition, any unvested portion of the option will vest upon a change in control. The option expires on the earliest of: (a) June 29, 2025; (b) twelve months after the employee’s death or termination for disability; or (c) thirty days after the termination of employment for any reason other than death or disability. Effective as of August 4, 2017, the Company entered into amendments to the employment agreements and certain stock option award agreements and restricted share award agreements whereby such awards will fully vest following a change in control (as defined in the executive’s employment agreement) only if the executive’s employment is terminated without cause or if the executive resigns for good reason (as such terms are defined in the executive’s employment agreement), in each case, at any time during the 24-month period following the change in control. 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 these awards during the years ended December 31, 2017, 2016, and 2015, is presented below: Wtd. Avg. Remaining Contractual Aggregate Wtd. Avg. Term Intrinsic Non-Qualified Stock Option Awards Shares Ex. Price (Years) Value Outstanding at January 1, 2015 84,765 $ 34.39 Granted 70,000 56.43 Exercised (30,155) 30.24 Expired — — Forfeited (7,760) 34.95 Outstanding at December 31, 2015 116,850 48.63 Granted 40,000 55.62 Exercised (3,350) 34.95 Expired — — Forfeited (40,000) 55.62 Outstanding at December 31, 2016 113,500 49.03 Granted — — Exercised (23,500) 34.95 Expired — — Forfeited — — Outstanding at December 31, 2017 90,000 $ 52.71 6.98 $ 971,400 Exercisable at December 31, 2016 76,600 $ 45.94 1.87 $ 573,181 Exercisable at December 31, 2017 73,000 $ 51.94 6.88 $ 843,968 A summary of the non-vested options for these awards during the years ended December 31, 2017, 2016, and 2015, is presented below: Fair Value of Shares Non-Qualified Stock Option Awards Shares Vested Non-Vested at January 1, 2015 47,570 Granted 70,000 Vested (21,550) $ 783,764 Expired — Forfeited (7,760) Non-Vested at December 31, 2015 88,260 Granted 40,000 Vested (51,360) $ 2,643,088 Expired — Forfeited (40,000) Non-Vested at December 31, 2016 36,900 Granted — Vested (19,900) $ 1,094,066 Expired — Forfeited — Non-Vested at December 31, 2017 17,000 No options were granted during the year ended December 31, 2017. The total intrinsic value of options exercised during the year ended December 31, 2017 was approximately $451,000. As of December 31, 2017, there was approximately $78,000 of unrecognized compensation related to non-qualified, non-vested stock option awards, which will be recognized over a weighted average period of 0.4 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 FASB ASC Topic, Share-Based Payments, which are required to be remeasured at fair value at each balance sheet date until the award is settled. A summary of share option activity under the 2001 Plan during the years ended December 31, 2017, 2016, and 2015 is presented below: Stock Options Wtd. Avg. Remaining Contractual Aggregate Wtd. Avg. Term Intrinsic Liability-Classified Stock Options Shares Ex. Price (Years) Value Outstanding at January 1, 2015 35,300 62.47 Granted — — Exercised (3,300) 33.16 Expired — — Forfeited (14,000) 66.54 Outstanding at December 31, 2015 18,000 64.69 Granted — — Exercised — — Expired (3,000) 67.27 Forfeited (4,000) 64.99 Outstanding at December 31, 2016 11,000 63.87 Granted — — Exercised (6,000) 52.73 Expired (5,000) 52.73 Forfeited — — Outstanding at December 31, 2017 — $ — — $ — Exercisable at December 31, 2017 — $ — — $ — 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 year ended December 31, 2017 was approximately $316,000. No options remain outstanding and exercisable as of December 31, 2017. Stock Appreciation Rights Wtd. Avg. Remaining Contractual Aggregate Wtd. Avg. Term Intrinsic Liability-Classified Stock Appreciation Rights Shares Fair Value (Years) Value Outstanding at January 1, 2015 35,300 5.56 Granted — — Exercised (3,300) 12.19 Expired — — Forfeited (14,000) 4.84 Outstanding at December 31, 2015 18,000 2.64 Granted — — Exercised — — Expired (3,000) — Forfeited (4,000) 0.87 Outstanding at December 31, 2016 11,000 1.33 Granted — — Exercised (6,000) 3.84 Expired (5,000) — Forfeited — — Outstanding at December 31, 2017 — $ — — $ — Exercisable at December 31, 2017 — $ — — $ — The total intrinsic value of stock appreciation rights exercised during the year ended December 31, 2017 was approximately $23,000. No stock appreciation rights remain outstanding and exercisable as of December 31, 2017. The aggregate intrinsic value of options is calculated by taking the current stock price of the Company as of the balance sheet date less the option exercise price, times the respective number of shares outstanding or exercisable, on a weighted average basis. Options with an exercise price greater than the current stock price are excluded from the calculation. 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 for the years ended December 31, 2016 and 2015. There were no assumptions for the year ended December 31, 2017 as there are no remaining stock options or stock appreciation rights: Assumptions at: December 31, 2017 December 31, 2016 December 31, 2015 Expected Volatility — % 14.13 % 29.40 % Expected Dividends — % 0.22 % 0.15 % Expected Term — years 0.61 years years Risk-Free Rate — % 0.66 % 0.75 % There were no stock options or stock appreciation rights granted under the 2001 Plan during the years ended December 31, 2017, 2016, or 2015. The liability for stock options and stock appreciation rights, at fair value, reflected on the consolidated balance sheet at December 31, 2016, was approximately $42,000. There was no remaining liability as of December 31, 2017 because there were no options outstanding and exercisable as of December 31, 2017. 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 financial statements for stock options, stock appreciation rights, and restricted stock are as follows: Year Ended December 31, 2017 December 31, 2016 December 31, 2015 Accelerated Charge for Stock-Based Compensation $ — $ 1,649,513 $ — Recurring Charge for Stock-Based Compensation 1,437,223 1,529,370 2,186,408 Total Cost of Share-Based Plans Charged Against Income Before Tax Effect $ 1,437,223 $ 3,178,883 $ 2,186,408 Income Tax Expense Recognized in Income $ (554,409) $ (1,226,254) $ (843,407) In January 2015, the Compensation Committee awarded to Mr. Albright 8,000 restricted shares of the Company’s common stock. In February 2015, the Compensation Committee awarded to Mr. Albright options to purchase a total of 20,000 shares of the Company’s common stock. In May 2015, in connection with the extension of Mr. Albright’s employment agreement, the Compensation Committee awarded to Mr. Albright 94,000 restricted shares of the Company’s common stock (the “May 2015 Restricted Share Grant”) and options to purchase a total of 40,000 shares of the Company’s common stock (the “May 2015 Option Grant”). Each of these awards were approved by the Company’s Board. Upon review of the total equity awards to Mr. Albright in 2015, it was determined that the annual per person award limit under the 2010 Plan was inadvertently exceeded. In determining the extent to which the 2010 Plan’s individual annual award limit had been exceeded by the above awards, the Compensation Committee, as the administrator of the 2010 Plan, identified a conflict between Sections 3(d) and 3(e) of the 2010 Plan, the relevant provisions which provide limitations of the 2010 Plan. Section 3(d) of the 2010 Plan could be read to provide an overall limit of 50,000 shares applicable to all awards granted to a participant in any calendar year; however, the Compensation Committee could not disregard Section 3(e) of the 2010 Plan. Section 3(e) could be read to provide for two additional limits of 50,000 shares each for any (a) “Qualified Performance-Based Awards” (as defined in the 2010 Plan) constituting stock options and stock appreciation rights and (b) “Qualified Performance-Based Awards” other than stock options and stock appreciation rights. If the Compensation Committee were to determine that Section 3(e) of the 2010 Plan provides the applicable limits for two categories of “Qualified Performance-Based Awards,” then the Compensation Committee could conclude that Section 3(d) of the 2010 Plan provides the limit for awards other than Qualified Performance-Based Awards. The Compensation Committee consulted with outside advisors and determined that it was not possible to conclude which interpretation of the 2010 Plan was conclusively correct. Pursuant to its authority to interpret the 2010 Plan, the Compensation Committee elected to comply with the limit in Section 3(d) of the 2010 Plan. As a result of applying this interpretation of the 2010 Plan, the awards granted to Mr. Albright in 2015 exceeded the 2010 Plan’s individual annual award limit by 112,000 shares of our common stock (the “Excess 2015 Awards”). On February 26, 2016, the Company notified the NYSE American (i) that the Excess 2015 Awards may have violated Rule 711 of the NYSE American Company Guide and (ii) of the Company and Mr. Albright’s intention to rectify the Excess 2015 Awards in the manner described below. On March 4, 2016, the NYSE American notified the Company that it would not take any action and considered the matter closed. In consultation with the Board, Mr. Albright elected to rectify the Excess 2015 Awards by surrendering, in full, the May 2015 Option Grant and surrendering, in part, the May 2015 Restricted Share Grant. In 2016, a portion of the surrendered awards were replaced with new awards under the 2010 Plan. Effective as of February 26, 2016, the Compensation Committee awarded Mr. Albright (i) an option to purchase an additional 40,000 shares of our common stock under the 2010 Plan (the “New Option Grant”) and (ii) a grant of 4,000 restricted shares of our common stock (the “New Restricted Share Grant”). The New Option Grant has an exercise price per share of $55.62, which is equal to the exercise price per share applicable to the May 2015 Option Grant. This option is intended to have the same vesting terms as the May 2015 Option Grant, and as a result has vested with respect to 26,400 shares, and will vest with respect to 13,600 shares on January 28, 2018. The New Restricted Share Grant is intended to have the same vesting terms as the May 2015 Restricted Share Grant, and as a result will vest upon the price per share of Company common stock during the term of Mr. Albright’s employment (or within 60 days after termination of his employment by the Company other than for cause, due to death or disability or due to his voluntary resignation) meeting or exceeding the target trailing 30-day average closing price of $75 per share. If the restricted shares fail to satisfy the stock price condition prior to January 28, 2021, the restricted shares will be forfeited. Any unvested restricted shares will vest immediately upon Mr. Albright’s termination of employment without Cause or for his resignation for Good Reason (as such terms are defined in his amended and restated employment agreement), in each case, at any time during the 24-month period following a change in control. Mr. Albright has the right to vote the restricted shares prior to their vesting but is not entitled to dividends paid on any unvested shares. These restricted shares have not yet vested. Because the Excess 2015 Awards exceeded the 2010 Plan limits, the grants do not qualify, for purposes of calculating the Code Section 162(m) compensation for Mr. Albright for tax purposes, as performance-based awards. As noted herein, 112,000 shares of the awards granted to Mr. Albright in 2015 were deemed to have exceeded the limits of the 2010 Plan. However, when granted these shares were issued and outstanding as of their grant date and all legal requirements for their issuance under Florida law and the Company’s organizational documents were fulfilled and Mr. Albright’s ability to enforce his rights to such grants could not be negated or otherwise impaired. All requirements under FASB ASC Topic 718-10-20 were met, including a mutual understanding of the key terms and conditions of the awards, the Company was contingently liable to issue the shares underlying the awards, and all required approvals for the awards to be legally issued and outstanding were obtained as of the grant date. Consequently, the 112,000 shares were deemed appropriately reflected as stock compensation expense as of the year ended December 31, 2015. Effective as of February 26, 2016, the Company entered into amendments to the employment agreements and certain restricted share award agreements of Messrs. Albright, Patten, and Smith to

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2017
INCOME TAXES
INCOME TAXES	NOTE 17. INCOME TAXES The provisions for income tax benefit (expense) are summarized as follows: 2017 2016 2015 Current Deferred Current Deferred Current Deferred Federal $ 794,174 $ 8,317,453 $ (159,596) $ (10,740,617) $ 479,671 $ (5,607,970) State 70,384 753,255 (311,525) (625,116) 185,584 (326,389) Total $ 864,558 $ 9,070,708 $ (471,121) $ (11,365,733) $ 665,255 $ (5,934,359) Deferred tax assets and liabilities are recognized for the future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The sources of these differences and the related deferred income tax assets (liabilities) are summarized as follows: Deferred Tax 2017 2016 Deferred Income Tax Assets Depreciation $ 2,073,439 $ 2,475,898 Intangible Lease Liabilities 7,512,629 11,714,651 Impairment Reserves 1,139,918 2,085,808 Stock Options and Restricted Stock 883,725 1,438,292 Net Operating Loss Carryforward 266,036 — Capital Loss Carryforward 20,750 — Deferred Oil Lease Income 148,439 225,924 Deferred Lease Expense — 858,882 Other - Net 60,480 217,887 Gross Deferred Income Tax Assets 12,105,416 19,017,342 Less - Valuation Allowance (272,966) (415,453) Net Deferred Income Tax Assets 11,832,450 18,601,889 Deferred Income Tax Liabilities Sales of Real Estate (52,720,764) (68,358,404) Discount on Equity Component of Convertible Debt (421,895) (904,422) Basis Difference in Joint Venture (224,715) (342,015) Interest Rate Swap (452,873) (255,891) Deferred Revenue (Net of Straight-line Rent Adjustments) (226,673) (105,729) Other - Net (79,394) — Total Deferred Income Tax Liabilities (54,126,314) (69,966,461) Net Deferred Income Tax Liabilities $ (42,293,864) $ (51,364,572) In assessing the realizability of deferred income tax assets, Management considers whether it is more likely than not that some portion or all of the deferred income tax assets will not be realized. The ultimate realization of deferred income tax assets is dependent upon the realization of future taxable income during the periods in which those temporary differences become deductible. We consider past history, the scheduled reversal of taxable temporary differences, projected future taxable income, and tax planning strategies in making this assessment. As of December 31, 2017 and 2016, we believe it is more likely than not that a portion of the Company’s deferred income tax assets will not be realized, and accordingly, a valuation allowance has been provided. As of December 31, 2017 and 2016, the valuation allowance was approximately $273,000 and $415,000, respectively, with the decrease being related solely to the decrease in the federal corporate tax rate. As of December 31, 2017 and 2016, the valuation allowance relates solely to a basis difference in a joint venture with a wholly owned and fully consolidated subsidiary, and no valuation allowance is provided for charitable contribution carryforwards due to the expectation of full utilization during 2017 and 2016. Following is a reconciliation of the income tax computed at the federal statutory rate of 21% for 2017 and 35% 2016 and 2015: Year ended December 31, 2017 2016 2015 Income Tax (Expense) Benefit Computed at Federal Statutory Rate $ (10,528,124) $ (9,219,942) $ (4,481,029) Increase (Decrease) Resulting from: State Income Tax, Net of Federal Income Tax Benefit (1,703,805) (1,693,578) (755,481) Income Tax on Permanently Non-Deductible Items 66,015 (1,015,936) — Change in Corporate Federal Tax Rate 22,249,536 — — Other Reconciling Items (148,356) 92,602 (32,594) Benefit (Expense) for Income Taxes $ 9,935,266 $ (11,836,854) $ (5,269,104) The effective income tax rate for each of the three years ended December 31, 2017, 2016, and 2015, including income taxes attributable to the discontinued operations, was (31.0)%, 42.2%, and 38.9%, respectively. The provision for income taxes reflects the Company’s estimate of the effective rate expected to be applicable for the full fiscal year, adjusted for any discrete events, which are reported in the period that they occur. During the fourth quarter of 2017, the Company recorded an income tax benefit of approximately $22.2 million due to the impact of the reduction in the corporate tax rate from 35% to 21% for the Tax Cuts and Jobs Act. During the first quarter of 2016, 68,000 shares of restricted Company common stock were permanently surrendered which constituted a discrete event in which the total related stock compensation expense charged to earnings under GAAP of approximately $2.3 million, of which approximately $1.6 million was recognized during the first quarter of 2016 and approximately $676,000 was recognized during the year ended December 31, 2015, became permanently non-deductible for tax purposes as the surrendered shares will not vest. Accordingly, no income tax benefit was recorded related to the approximately $2.3 million of stock compensation expense. The Company files a consolidated income tax return in the United States Federal jurisdiction and the States of Arizona, Colorado, California, Florida, Illinois, Georgia, Maryland, North Carolina, Texas, and Washington. The Internal Revenue Service has audited the federal tax returns through the year 2012, with all proposed adjustments settled. The Florida Department of Revenue has audited the Florida tax returns through the year 2014, with all proposed adjustments settled. The Company recognizes all potential accrued interest and penalties to unrecognized tax benefits in income tax expense. For the years ended December 31, 2017, 2016, and 2015 the Company recognized no uncertain tax positions or accrued interest and penalties for uncertain tax positions. Net income taxes paid during the years ended December 31, 2017, 2016, and 2015 totaled approximately $334,000, $510,000, and $1.2 million, respectively. Additionally, income taxes totaling approximately $958,000 and $133,000 were refunded during the years ended December 31, 2017 and 2016, respectively.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2017
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	NOTE 18. COMMITMENTS AND CONTINGENCIES MINIMUM FUTURE RENTAL PAYMENTS The Company leases, as lessee, certain equipment under operating leases. Minimum future rental payments under non-cancelable operating leases having remaining terms in excess of one year as of December 31, 2017, are summarized as follows: Year Ending December 31, Amounts 2018 $ 150,689 2019 146,334 2020 71,804 2021 5,740 2022 — 2023 and thereafter (cumulative) — Total $ 374,567 Rental expense under all operating leases amounted to approximately $339,000, $389,000, and $410,000, for the years ended December 31, 2017, 2016, and 2015, respectively. MINIMUM FUTURE RENTAL RECEIPTS Additionally, the Company, as lessor, leases certain land, buildings, and improvements under operating leases. Minimum future rental receipts under non-cancelable operating leases having remaining terms in excess of one year as of December 31, 2017, are summarized as follows: Year Ending December 31, Amounts 2018 $ 27,723,892 2019 27,062,887 2020 25,829,071 2021 22,671,393 2022 21,043,187 2023 and thereafter (cumulative) 94,483,824 Total $ 218,814,254 LEGAL PROCEEDINGS From time to time, the Company may be a party to certain legal proceedings, incidental to the normal course of business. While the outcome of the legal proceedings cannot be predicted with certainty, the Company does not expect that these proceedings will have a material effect upon our financial condition or results of operations. On November 21, 2011, the Company, Indigo Mallard Creek LLC and Indigo Development LLC, as owners of the property leased to Harris Teeter, Inc. (“Harris Teeter”) in Charlotte, North Carolina, were served with pleadings filed in the General Court of Justice, Superior Court Division for Mecklenburg County, North Carolina, for a highway condemnation action involving this property. The proposed road modifications would impact access to the property. The Company does not believe the road modifications provided a basis for Harris Teeter to terminate its lease. Regardless, in January 2013, the North Carolina Department of Transportation (“NCDOT”) proposed to redesign the road modifications to keep the all access intersection open for ingress with no change to the planned limitation on egress to the right-in/right-out only. Additionally, NCDOT and the City of Charlotte proposed to build and maintain a new access road/point into the property. Construction has begun and is not expected to be completed before mid-2018 to 2019. 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 mid-2018 to 2019, 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 2019 . CONTRACTUAL COMMITMENTS - EXPENDITURES In conjunction with the Company’s sale of approximately 3.4 acres of land to 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. The Company’s commitment to fund the improvement costs benefiting the remaining Company land within Williamson Crossing can be paid over five years utilizing proceeds from sales of the remaining land or at the end of the fifth year. In 2013, the Company deposited $283,500 of cash in escrow related to the improvements, which is classified as restricted cash in the consolidated balance sheets. The total amount in escrow as of December 31, 2017 was approximately $288,000, including accrued interest. Accordingly, as of December 31, 2017, the remaining maximum commitment is approximately $689,000. In conjunction with the Company’s sale of approximately 18.1 acres of land to an affiliate of Sam’s Club (“Sam’s”) in December 2015, the Company agreed to reimburse Sam’s for a portion of their construction costs applicable to adjacent outparcels retained by the Company. As a result, in December 2015, the Company deposited $125,000 of cash in escrow related to construction work which remains classified as restricted cash in the consolidated balance sheets. The total amount in escrow as of December 31, 2017 was approximately $125,000, including accrued interest. Accordingly, the Company’s maximum commitment related to the construction work benefitting the outparcels adjacent to Sam’s land parcel is approximately $125,000, to be paid from escrow upon completion. In conjunction with the Company’s development of two income properties, both restaurants, on the beach parcel as described in Note 4, “Land and Subsurface Interests,” the Company has executed multiple contracts with third-parties to perform the work necessary to prepare the site, construct the restaurants, and acquire the related furniture and equipment. Pursuant to the leases with the tenants of the two restaurant properties, LandShark and Cocina 214, and based on the Company’s current cost estimates, the total estimated cost to improve the land and develop the income properties is approximately $6.7 million. Through December 31, 2017, the Company has incurred approximately $5.9 million of the total estimated cost, which is included in Construction in Progress on the Company’s consolidated balance sheets, leaving a remaining commitment of approximately $858,000. The development of the two restaurant properties was completed in time for the tenants to commence operations during January of 2018. Accordingly, during the first quarter of 2018, the total investment in the beach parcel and the construction costs of the two single-tenant properties will be classified as Income Properties, Land, Building, and Improvements, within the Property, Plant, and Equipment classification on the Company’s consolidated balance sheets. In conjunction with the extension of the leases with Hilton Grand Vacations executed during the fourth quarter of 2017, the Company is obligated to fund the Income Property Lease Incentive to Hilton Grand Vacations, as described in Note 9, “Other Assets” in the amount of approximately $2.7 million as of December 31, 2017. This payment was made during January 2018. In connection with the Golf Course Land Purchase, each year the Company is obligated to pay the City additional consideration in the amount of an annual surcharge of $1 per golf round played (the “Per-Round Surcharge”) with an annual minimum Per-Round Surcharge of $70,000 and a maximum aggregate amount of the Per-Round Surcharges paid equal to $700,000. The maximum amount of $700,000 represents contingent consideration and has been recorded as an increase in Golf Buildings, Improvements, and Equipment and Accrued and Other Liabilities in the accompany consolidated balance sheets as of December 31, 2017. The first annual payment of $70,000 was made in January 2018 leaving a remaining commitment of $630,000 as of the date of this report. CONTRACTUAL COMMITMENTS – LAND PIPELINE As of February 28, 2018, the Company’s pipeline of potential land sales transactions, including the terms of an executed non-binding term sheet to form a joint venture with an institutional investor to establish a mitigation bank on a parcel of our land (the “Mitigation Bank”), included the following eighteen potential transactions with sixteen different buyers, representing more than 6,000 acres or approximately 75% of our land holdings: No. of Amount Price Estimated Transaction (Buyer) Acres ($000's) per Acre Timing 1 Commercial/Retail - O'Connor - East of I-95 (2) 123 $ 29,250 $ '18 - '19 2 Residential (AR) - Minto Communities - West of I-95 1,614 26,500 Q4 '18 3 Residential (SF) - ICI Homes - West of I-95 1,016 21,000 '19 4 Mitigation Bank - Term Sheet - West of I-95 (1) 2,492 15,000 Q2 '18 5 Mixed-Use Retail - North American - East of I-95 (5) 35 14,362 409,000 Q4 '18 6 Commercial/Retail - Buc'ees - East of I-95 (2) 35 14,000 Q2 '18 7 Residential (Multi-Family) - East of I-95 (3) 45 5,200 Q3 '18 & '20 8 Distribution/Warehouse - VanTrust - East of I-95 71 5,000 '19 9 Commercial/Retail - East of I-95 20 4,250 Q4 '18 - '19 10 Residential (SF) - West of I-95 (4) 200 3,324 Q4 '18 & '20 11 Commercial/Distribution - VanTrust - East of I-95 26 3,215 Q4 '18 - '19 12 Specialty Grocer - East of I-95 9 2,790 Q4 '18 13 Auto Dealership - West of I-95 13 2,000 Q3 '18 14 Commercial (RV) - West of I-95 164 1,900 '19 15 Residential (SF) - ICI Homes - West of I-95 146 1,400 Q4 '18 16 Commercial/Retail - East of I-95 8 782 Q4 '18 17 Commercial/Retail - East of I-95 6 625 Q4 '18 18 Commercial/Retail - West of I-95 19 285 Q4 '18 Total (Average) 6,042 $ 150,883 $ (1) The amount for the Mitigation Bank represents the amount in the term sheet for buyer’s acquisition of approximately 70% of the joint venture that owns the Mitigation Bank, with the Company retaining 30%. (2) Land sales transactions which require the Company to incur the cost to provide the requisite mitigation credits necessary for obtaining the applicable regulatory permits for the buyer, with such costs representing either our basis in the credits that we own, or potentially up to 5% - 10% of the contract amount noted. (3) The acres and amount include the buyer’s option to acquire approximately 19 acres for approximately $2.0 million, in addition to the base contract of approximately 26 acres for approximately $3.2 million. (4) The acres and amount include the buyer’s option to acquire approximately 71 acres for approximately $574,000, in addition to the base contract of approximately 129 acres for approximately $2.75 million. (5) Pursuant to the contract, amount includes the reimbursement of infrastructure costs incurred by the Company for Tomoka Town Center plus interest accrued as of December 31, 2017. As noted above, these agreements contemplate closing dates ranging from early 2018 through fiscal year 2020, and although some of the transactions may close in 2018, some of the buyers are not contractually obligated to close until after 2018. Each of the transactions are in varying stages of due diligence by the various buyers including, in some instances, making submissions to the planning and development departments of the City, and other permitting activities with other applicable governmental authorities, including wetlands permits from the St. John’s River Water Management District and the U.S. Army Corps of Engineers, and conducting traffic analyses with local government and the Florida Department of Transportation and negotiating other matters with Volusia County. In addition to other customary closing conditions, the majority of these transactions are conditioned upon the receipt of approvals or permits from those various governmental authorities, as well as other matters that are beyond our control. If such approvals are not obtained, the prospective buyers may have the ability to terminate their respective agreements prior to closing. As a result, there can be no assurances regarding the likelihood or timing of any one of these potential land transactions being completed or the final terms thereof, including the sales price. OTHER MATTERS In connection with a certain land sale contract to which the Company is a party, the purchaser’s pursuit of customary development entitlements gave rise to an inquiry by federal regulatory agencies regarding prior agricultural activities by the Company on such land. During the second quarter of 2015, we received a written information request regarding such activities. We submitted a written response to the information request along with supporting documentation. During the fourth quarter of 2015, based on discussions with the agency, a penalty related to this matter was deemed probable, and accordingly the estimated penalty of $187,500 was accrued as of December 31, 2015, for which payment was made during the quarter ended September 30, 2016. Also during the fourth quarter of 2015, the agency advised the Company that the resolution to the inquiry would likely require the Company to incur costs associated with wetlands restoration relating to approximately 148.4 acres of the Company’s land. At December 31, 2015, the Company’s third-party environmental engineers estimated the cost for such restoration activities to range from approximately $1.7 million to approximately $1.9 million. Accordingly, as of December 31, 2015, the Company accrued an obligation of approximately $1.7 million, representing the low end of the estimated range of possible restoration costs, and included such estimated costs on the consolidated balance sheets as an increase in the basis of our land and development costs associated with those and benefitting surrounding acres. As of June 30, 2016, the final proposal from the Company’s third-party environmental engineer was received reflecting a total cost of approximately $2.0 million. Accordingly, an increase in the accrual of approximately $300,000 was made during the second quarter of 2016. The Company has funded approximately $1.3 million of the total $2.0 million of estimated costs through December 31, 2017. The Company believes there is at least a reasonable possibility that the estimated remaining liability of approximately $708,000 could change within one year of the date of the consolidated financial statements, which in turn could have a material impact on the Company’s consolidated balance sheets and future cash flows. The Company evaluates its estimates on an ongoing basis; however, actual results may differ from those estimates. During the first quarter of 2017, the Company completed the sale of approximately 1,581 acres of land to Minto Communities LLC which acreage represents a portion of the Company’s remaining $708,000 obligation. Accordingly, the Company deposited $423,000 of cash in escrow to secure performance on the obligation. The funds in escrow can be drawn upon completion of certain milestones including completion of restoration and annual required monitoring. The first such milestone was achieved during the fourth quarter of 2017 and $189,500 of the escrow was refunded leaving an escrow balance of approximately $234,000 as of December 31, 2017. Additionally, resolution of the regulatory matter required the Company to apply for an additional permit pertaining to an additional approximately 54.66 acres, which permit may require mitigation activities which the Company anticipates could be satisfied through the utilization of existing mitigation credits owned by the Company or the acquisition of mitigation credits. Resolution of this matter allowed the Company to obtain certain permits from the applicable federal or state regulatory agencies needed in connection with the closing of the land sale contract that gave rise to this matter. As of June 30, 2017, the Company determined that approximately 36 mitigation credits were required to be utilized, which represents approximately $298,000 in cost basis of the Company’s mitigation credits. Accordingly, the Company transferred the mitigation credits through a charge to direct cost of revenues of real estate operations during the three months ended June 30, 2017, thereby resolving the required mitigation activities related to the approximately 54.66 acres. In addition, in connection with other land sale contracts to which the Company is or may become a party, the pursuit of customary development entitlements by the potential purchasers may require the Company to utilize or acquire mitigation credits for the purpose of obtaining certain permits from the applicable federal or state regulatory agencies. Any costs incurred in connection with utilizing or acquiring such credits would be incorporated into the basis of the land under contract. No amounts related to such potential future costs have been accrued as of December 31, 2017. During the period from the fourth quarter of 2015 through the first quarter of 2016, the Company received communications from Wintergreen Advisers, LLC (“Wintergreen”), some of which have been filed publicly. In investigating Wintergreen’s allegations contained in certain of these communications, in pursuing the strategic alternatives process suggested by Wintergreen, and in engaging in a proxy contest in 2017, the Company has incurred costs of approximately $3.0 million, to date, through December 31, 2017. Approximately $1.6 million of the approximately $3.0 million was incurred during the year ended December 31, 2017, of which approximately $1.2 million is specifically for legal representation and third party costs related to the proxy contest. None of Wintergreen’s allegations, which included allegations regarding inadequate disclosure and other wrong-doing by the Company and its directors and officers, were found to have any basis or merit.

BUSINESS SEGMENT DATA

BUSINESS SEGMENT DATA	12 Months Ended
	Dec. 31, 2017
BUSINESS SEGMENT DATA
BUSINESS SEGMENT DATA	NOTE 19. BUSINESS SEGMENT DATA The Company operates in four primary business segments: income properties, commercial loan investments, real estate operations, and golf operations. Our income property operations consist primarily of income-producing properties, and our business plan is focused on investing in additional income-producing properties. Our income property operations accounted for 83.4% and 74.1% of our identifiable assets as of December 31, 2017 and 2016, respectively, and 34.4%, 35.3%, and 44.3% of our consolidated revenues for the years ended December 31, 2017, 2016, and 2015, respectively. As of December 31, 2017, we had two commercial loan investments including a variable-rate B-Note representing a secondary tranche in a commercial mortgage loan and a fixed-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 of Daytona Beach, with two 18-hole championship golf courses, a practice facility, and clubhouse facilities, including a restaurant and bar operation and pro-shop with retail merchandise. The majority of the revenues generated by our golf operations are derived from members and public customers playing golf, club memberships, and food and beverage operations. The Company evaluates performance based on profit or loss from operations before income taxes. The Company’s reportable segments are strategic business units that offer different products. They are managed separately because each segment requires different management techniques, knowledge, and skills. Information about the Company’s operations in different segments for the years ended December 31, 2017, 2016, and 2015 is as follows: Year Ended December 31, 2017 December 31, 2016 December 31, 2015 Revenues: Income Properties $ 31,406,930 $ 25,092,484 $ 19,041,111 Commercial Loan Investments 2,052,689 2,588,235 2,691,385 Real Estate Operations 52,522,555 38,144,347 15,942,894 Golf Operations 5,095,313 5,190,394 5,243,485 Agriculture and Other Income 334,804 59,401 78,805 Total Revenues $ 91,412,291 $ 71,074,861 $ 42,997,680 Operating Income: Income Properties $ 24,489,187 $ 19,887,621 $ 15,385,176 Commercial Loan Investments 2,052,689 2,588,235 2,691,385 Real Estate Operations 35,161,533 23,263,036 11,650,370 Golf Operations (863,575) (396,683) (349,600) Agriculture and Other Income 238,655 (107,368) (147,749) General and Corporate Expense (20,809,180) (7,915,254) (8,960,273) Total Operating Income $ 40,269,309 $ 37,319,587 $ 20,269,309 Depreciation and Amortization: Income Properties $ 12,272,265 $ 7,872,689 $ 4,898,803 Golf Operations 349,261 266,074 263,335 Agriculture and Other 42,433 56,654 50,759 Total Depreciation and Amortization $ 12,663,959 $ 8,195,417 $ 5,212,897 Capital Expenditures: Income Properties $ 92,125,062 $ 92,434,774 $ 84,261,324 Commercial Loan Investments 3,000,000 — 15,394,879 Real Estate Operations ($5,744,636 Contributed by Consolidated VIE in 2015) — — 11,489,272 Golf Operations 2,373,894 95,513 109,505 Agriculture and Other 128,716 19,881 38,714 Total Capital Expenditures $ 97,627,672 $ 92,550,168 $ 111,293,694 As of December 31, 2017 December 31, 2016 Identifiable Assets: Income Properties $ 388,602,721 $ 302,757,565 Commercial Loan Investments 11,963,777 24,032,885 Real Estate Operations 43,296,528 58,868,298 Golf Operations 6,262,634 3,675,842 Agriculture and Other 16,004,718 19,288,836 Total Assets $ 466,130,378 $ 408,623,426 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 approximately 8,100 acres.

VARIABLE INTEREST ENTITY

VARIABLE INTEREST ENTITY	12 Months Ended
	Dec. 31, 2017
VARIABLE INTEREST ENTITY
Variable Interest Entity	NOTE 20. VARIABLE INTEREST ENTITY During the year ended December 31, 2015, the Company entered into a real estate venture with an unaffiliated third party institutional investor, whereby the venture acquired approximately six acres of vacant beachfront property located in Daytona Beach, Florida. The Company acquired its 50% interest in the real estate venture for approximately $5.7 million and served as its general partner with day-to-day management responsibilities. The venture was structured such that the Company earned a base management fee and would have received a preferred interest as well as a promoted interest if certain return hurdles were achieved. The Company’s preferred interest represents the first 9% of the investment return achieved at the disposition of the property. GAAP requires consolidation of a VIE in which an enterprise has a controlling financial interest and is the primary beneficiary. Upon entering into the venture described above and as of December 31, 2015, the Company determined it has a controlling financial interest and is the primary beneficiary; therefore, the venture is a VIE and has been consolidated in the Company’s financial statements. As of December 31, 2015, the VIE had one asset totaling $11,329,574, consisting of the six acre vacant beachfront property. During the year ended December 31, 2015, the Company contributed 50%, or $5,664,787, to the VIE for the initial property acquisition, with the other 50% contributed by the noncontrolling interest in the consolidated VIE. This consolidated venture has been accounted for in real estate operations with the inter-company management fees totaling approximately $9,000 during the year ended 2015 eliminated upon consolidation. On November 17, 2016, the Company acquired the unaffiliated third party’s interest for approximately $4.8 million, a discount of approximately $879,000. The discount was recorded through equity on the consolidated balance sheet during the quarter and year ended December 31, 2016. The Company evaluated its interest in the six-acre vacant beachfront property for impairment and determined that no impairment was necessary as of December 31, 2017 and 2016. As the Company owned the entire real estate venture as of December 31, 2016, there is no longer a consolidated VIE. The cost basis of the six-acre vacant beachfront property asset totaled approximately $11.7 million as of December 31, 2017 which includes costs for entitlement. The beachfront property received approval of the rezoning and entitlement of the site to allow for the development of two restaurants and also for the future potential development of up to approximately 1.2 million square feet of vertical density. In the first quarter of 2017, the Company executed a 15-year lease agreement with the operator of LandShark, which provided for the development by the Company of an approximately 6,264 square foot restaurant property on the parcel. The annual rent under the LandShark lease is based on a percentage of the tenant’s net operating income (“NOI”) until the Company has received its investment basis in the property and thereafter, the Company will receive a lower percentage of the tenant’s NOI during the remaining lease term. In the second quarter of 2017, the Company executed a 15-year lease agreement with Cocina 214, for the second restaurant property to be developed on the parcel. The annual rent under the Cocina 214 lease is equal to the greater of $360,000 per year or a certain percentage of gross sales. The lease also provides for additional percentage rent upon the achievement of certain gross sales thresholds. The Company completed the design phase and commenced construction on the two restaurants during the third quarter of 2017. As of December 31, 2017, the Company has incurred approximately $5.9 million of design and construction costs. See Note 18, “Commitment and Contingencies” for the total expected cost to be incurred for the development of the site and both restaurants. The development of the two restaurant properties was completed in time for the tenants to commence operations during January of 2018. Accordingly, during the first quarter of 2018, the total investment in the beach parcel and the construction costs of the two single-tenant properties will be classified as Income Properties, Land, Building, and Improvements, within the Property, Plant, and Equipment classification on the Company’s consolidated balance sheets.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2017
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 21. SUBSEQUENT EVENTS The Company reviewed all subsequent events and transactions that have occurred after December 31, 2017, the date of the consolidated balance sheet. During the first quarter of 2018, the Company expanded the commitment under its Credit Facility to $130.0 million, providing an additional capacity of approximately $60.0 million, based on the outstanding balance as of December 31, 2017 of approximately $70.0 million. On February 21, 2018, the Company acquired a 19,596-square foot, newly constructed commercial building (the “Aspen Property”) located in downtown Aspen, Colorado for approximately $28 million, with the Company’s net investment totaling approximately $26.5 million after giving affect for contributions made by the Master Tenant. Simultaneously with the closing, the Company entered a twenty-year master lease on the Aspen Property with a Dallas, Texas based family office (the “Master Tenant”). The lease includes annual rent escalations, tenant repurchase options and is absolute net to the Company. There were no other reportable subsequent events or transactions.

QUARTERLY FINANCIAL DATA

QUARTERLY FINANCIAL DATA	12 Months Ended
	Dec. 31, 2017
QUARTERLY FINANCIAL DATA
QUARTERLY FINANCIAL DATA	NOTE 22. QUARTERLY FINANCIAL DATA QUARTERLY FINANCIAL DATA (UNAUDITED) March 31, June 30, September 30, December 31, 2017 2016 2017 2016 2017 2016 2017 2016 Revenues Income Properties $ 7,073,240 $ 6,429,241 $ 7,565,007 $ 6,033,082 $ 7,928,258 $ 6,021,331 $ 8,840,425 $ 6,608,830 Interest Income from Commercial Loan Investments 536,489 881,245 553,159 635,050 637,801 534,212 325,240 537,728 Real Estate Operations 29,474,460 9,560,898 13,257,355 4,774,620 2,926,406 4,643,646 6,864,334 19,165,183 Golf Operations 1,474,944 1,464,359 1,383,513 1,412,196 797,420 1,001,368 1,439,436 1,312,471 Agriculture and Other Income 154,151 18,692 78,749 18,990 90,717 10,388 11,187 11,331 Total Revenues 38,713,284 18,354,435 22,837,783 12,873,938 12,380,602 12,210,945 17,480,622 27,635,543 Direct Cost of Revenues Income Properties (1,411,713) (1,176,707) (1,629,515) (1,204,040) (1,715,516) (1,430,642) (2,160,999) (1,393,474) Real Estate Operations (9,156,849) (2,257,041) (5,792,529) (1,124,641) (459,169) (1,257,183) (2,071,650) (10,242,446) Golf Operations (1,498,678) (1,404,588) (1,401,919) (1,447,176) (1,272,647) (1,302,920) (1,785,644) (1,432,393) Agriculture and Other Income (40,437) (48,051) (30,536) (52,654) (18,874) (52,894) (6,302) (13,170) Total Direct Cost of Revenues (12,107,677) (4,886,387) (8,854,499) (3,828,511) (3,466,206) (4,043,639) (6,024,595) (13,081,483) General and Administrative Expenses (3,220,147) (4,797,457) (2,727,187) (1,899,126) (1,995,512) (1,821,827) (2,309,764) (1,779,467) Impairment Charges — (209,908) — (1,970,822) — — — — Depreciation and Amortization (2,762,575) (2,067,367) (3,215,690) (1,805,559) (3,161,169) (1,945,460) (3,524,525) (2,377,031) Gain (Loss) on Disposition of Assets — — — 1,362,948 (266) 11,479,490 304 (83,668) Land Lease Income 2,226,526 — — — — — — — Total Operating Expenses (15,863,873) (11,961,119) (14,797,376) (8,141,070) (8,623,153) 3,668,564 (11,858,580) (17,321,649) Operating Income 22,849,411 6,393,316 8,040,407 4,732,868 3,757,449 15,879,509 5,622,042 10,313,894 Investment Income (Loss) 9,183 (566,384) 8,524 2,691 9,724 2,531 10,554 31,181 Interest Expense (2,061,891) (2,091,766) (2,144,176) (2,154,437) (2,073,299) (2,454,390) (2,243,770) (2,052,745) Income Before Income Tax Benefit (Expense) 20,796,703 3,735,166 5,904,755 2,581,122 1,693,874 13,427,650 3,388,826 8,292,330 Income Tax Benefit (Expense) (8,050,311) (2,342,601) (2,225,847) (1,000,480) (726,974) (5,281,646) 20,938,398 (3,212,127) Net Income 12,746,392 1,392,565 3,678,908 1,580,642 966,900 8,146,004 24,327,224 5,080,203 Less: Net Loss (Income) Attributable to Noncontrolling Interest in Consolidated VIE — 32,153 — (10,199) — 15,010 14,870 Net Income Attributable to Consolidated-Tomoka Land Co. $ 12,746,392 $ 1,424,718 $ 3,678,908 $ 1,570,443 $ 966,900 $ 8,161,014 $ 24,327,224 $ 5,095,073 Per Share Information: Basic Net Income Attributable to Consolidated-Tomoka Land Co. $ 2.28 $ 0.25 $ 0.67 $ 0.28 $ 0.18 $ 1.44 $ 4.42 $ 0.91 Diluted Net Income Attributable to Consolidated-Tomoka Land Co. $ 2.27 $ 0.25 $ 0.66 $ 0.28 $ 0.18 $ 1.44 $ 4.38 $ 0.90

SCHEDULE III REAL ESTATE AND AC

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION	12 Months Ended
	Dec. 31, 2017
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION	SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION FOR THE YEAR ENDED DECEMBER 31, 2017 Costs Capitalized Subsequent to Initial Cost to Company Acquisition Buildings & Carrying Description Encumbrances Land Improvements Improvements Costs $ $ $ $ $ Income Properties: 3600 Peterson, Santa Clara, CA — 17,855,023 8,414,925 — — 7-Eleven, Inc., Dallas, TX — 974,862 1,550,744 — — At Home, Raleigh, NC — 2,118,420 5,774,284 — — Bank of America, Monterey, CA — 4,458,840 — — — Barnes & Noble, Daytona Beach, FL — 1,798,600 3,803,000 — — Best Buy, McDonough, GA — 2,622,682 3,150,000 82,264 — Big Lots, Germantown, MD 3,300,000 1,781,918 2,951,231 — — Big Lots, Phoenix, AZ 3,400,000 1,715,717 3,050,164 — — Carrabba's Italian Grill, Austin, TX — 1,160,925 1,305,117 — — Century Theatre, Reno, NV — 1,669,377 4,484,938 11,140 — Container Store, Glendale, AZ — 1,968,398 5,493,102 — — CVS, Dallas, TX — 7,535,013 — — — Dick's Sporting Goods, McDonough, GA — 3,934,022 4,725,000 — — Harris Teeter Supermarket, Charlotte, NC 6,600,000 5,601,837 3,409,338 — — Hilton Grand Vacations (Office), Orlando, FL — 2,810,942 6,590,681 20,188 — Hilton Grand Vacations (Office), Orlando, FL — 1,210,138 2,453,690 282,099 — Joann's, Saugus, MA — 1,574,594 4,769,946 — — LA Fitness, Brandon, FL — 3,208,889 9,677,636 — — Lowe's, Katy, TX 8,500,000 9,412,181 3,480,650 — — Maple Ave Land, Dallas, TX — 359,116 — — — Outback Steakhouse, Austin, TX — 1,376,793 1,585,791 — — Outback Steakhouse, Charlottesville, VA — 1,308,881 3,135,515 — — Outback steakhouse, Huntersville, NC — 1,987,831 1,299,017 — — Rite Aid, Renton, WA 4,700,000 2,036,235 4,148,415 — — Riverside, Jacksonville, FL — 6,019,815 14,239,515 264,128 — Staples, Sarasota, FL — 2,728,083 1,145,137 — — The Grove, Winter Park, FL — 1,240,000 1,860,000 8,431,336 — Walgreens, Alpharetta, GA — 3,265,623 1,406,160 — — Walgreens, Clermont, FL 3,500,000 3,021,665 1,269,449 — — Wells Fargo, Hillsboro, OR — 10,005,650 25,902,632 — — Wells Fargo, Raleigh, NC 25,000,000 8,680,056 59,166,753 241,641 — Westcliff, Fort Worth, TX — 10,520,822 4,196,359 — — Whole Foods Market Centre, Sarasota, FL — 4,497,825 13,104,352 274,085 — Mason Commerce Center-Bldg 1, Daytona Beach, FL — 66,304 1,277,027 1,064,124 — Mason Commerce Center-Bldg 2, Daytona Beach, FL — 66,304 1,277,027 913,032 — Williamson Business Park-Bldg 3, Daytona Beach, FL — 110,509 1,008,784 986,104 — Concierge Office Building, Daytona Beach, FL — 293,872 2,862,171 157,497 — Vacant Pad Site, Winter Park, FL — 436,400 — — — 55,000,000 131,434,162 213,968,550 12,727,638 — Gross Amount at Which Carried at Close of Period December 31, 2017 Land Buildings Total Accumulated Depreciation Date of Completion of Construction Date Acquired Life $ $ $ $ Income Properties: 3600 Peterson, Santa Clara, CA 17,855,023 8,414,925 26,269,948 718,307 N/A 10/14/16 30 Yrs. 7-Eleven, Inc., Dallas, TX 974,862 1,550,744 2,525,606 71,076 N/A 02/18/16 40 Yrs. At Home, Raleigh, NC 2,118,420 5,774,284 7,892,704 429,700 N/A 09/29/16 20 Yrs Bank of America, Monterey, CA 4,458,840 — 4,458,840 — N/A 08/17/16 N/A Barnes & Noble, Daytona Beach, FL 1,798,600 3,803,000 5,601,600 1,616,275 N/A 12/15/05 40 Yrs. Best Buy, McDonough, GA 2,622,682 3,232,264 5,854,946 915,616 N/A 06/15/06 40 Yrs. Big Lots, Germantown, MD 1,781,918 2,951,231 4,733,149 319,717 N/A 09/13/13 40 Yrs. Big Lots, Phoenix, AZ 1,715,717 3,050,164 4,765,881 374,916 N/A 01/23/13 40 Yrs. Carrabba's Italian Grill, Austin, TX 1,160,925 1,305,117 2,466,042 88,026 N/A 09/15/16 25 Yrs Century Theatre, Reno, NV 1,669,377 4,496,078 6,165,455 260,643 N/A 11/30/16 23 Yrs Container Store, Glendale, AZ 1,968,398 5,493,102 7,461,500 335,042 N/A 05/18/15 55 Yrs. CVS, Dallas, TX 7,535,013 — 7,535,013 — N/A 09/22/16 N/A Dick's Sporting Goods, McDonough, GA 3,934,022 4,725,000 8,659,022 1,368,280 N/A 06/15/06 40 Yrs. Harris Teeter Supermarket, Charlotte, NC 5,601,837 3,409,338 9,011,175 831,026 N/A 04/17/08 40 Yrs. Hilton Grand Vacations (Office), Orlando, FL 2,810,942 6,610,869 9,421,811 804,368 N/A 01/30/13 40 Yrs. Hilton Grand Vacations (Office), Orlando, FL 1,210,138 2,735,789 3,945,927 328,545 N/A 01/30/13 40 Yrs. Joann's, Saugus, MA 1,574,594 4,769,946 6,344,540 97,692 N/A 04/06/17 50 Yrs. LA Fitness, Brandon, FL 3,208,889 9,677,636 12,886,525 271,310 N/A 04/28/17 30 Yrs. Lowe's, Katy, TX 9,412,181 3,480,650 12,892,831 491,997 N/A 04/22/14 30 Yrs. Maple Ave Land, Dallas, TX 359,116 — 359,116 — N/A 03/17/17 N/A Outback Steakhouse, Austin, TX 1,376,793 1,585,791 2,962,584 91,270 N/A 09/15/16 30 Yrs. Outback Steakhouse, Charlottesville, VA 1,308,881 3,135,515 4,444,396 161,768 N/A 09/15/16 30 Yrs. Outback steakhouse, Huntersville, NC 1,987,831 1,299,017 3,286,848 109,046 N/A 09/15/16 20 Yrs. Rite Aid, Renton, WA 2,036,235 4,148,415 6,184,650 458,054 N/A 07/25/13 40 Yrs. Riverside, Jacksonville, FL 6,019,815 14,503,643 20,523,458 1,601,471 N/A 07/16/15 43 Yrs. Staples, Sarasota, FL 2,728,083 1,145,137 3,873,220 52,584 N/A 01/27/17 40 Yrs. The Grove, Winter Park, FL 1,240,000 10,291,336 11,531,336 439,199 N/A 12/30/14 40 Yrs. Walgreens, Alpharetta, GA 3,265,623 1,406,160 4,671,783 483,368 N/A 03/31/04 40 Yrs. Walgreens, Clermont, FL 3,021,665 1,269,449 4,291,114 431,084 N/A 05/27/04 40 Yrs. Wells Fargo, Hillsboro, OR 10,005,650 25,902,632 35,908,282 226,204 N/A 10/27/17 35 Yrs. Wells Fargo, Raleigh, NC 8,680,056 59,408,394 68,088,450 4,198,411 N/A 11/18/15 45 Yrs. Westcliff, Fort Worth, TX 10,520,822 4,196,359 14,717,181 338,105 N/A 03/01/17 10 Yrs. Whole Foods Market Centre, Sarasota, FL 4,497,825 13,378,437 17,876,262 1,099,829 N/A 10/07/14 40 Yrs. Mason Commerce Center-Bldg 1, Daytona Beach, FL 66,304 2,341,151 2,407,455 948,544 09/01/08 N/A 40 Yrs. Mason Commerce Center-Bldg 2, Daytona Beach, FL 66,304 2,190,059 2,256,363 843,737 09/01/08 N/A 40 Yrs. Williamson Business Park-Bldg 3, Daytona Beach, FL 110,509 1,994,888 2,105,397 157,395 05/01/14 N/A 40 Yrs. Concierge Office Building, Daytona Beach, FL 293,872 3,019,668 3,313,540 915,860 07/01/09 N/A 40 Yrs. Vacant Pad Site, Winter Park, FL 436,400 — 436,400 — N/A 05/28/15 N/A 131,434,162 226,696,188 358,130,350 21,878,465 REAL ESTATE AND ACCUMULATED DEPRECIATION FOR THE YEAR ENDED DECEMBER 31, 2017 2017 2016 2015 $ $ $ Cost: Balance at Beginning of Year 274,334,139 268,970,875 209,294,277 Additions and Improvements 83,796,211 68,274,211 97,767,725 Adjust to Fair Value — — (2,343,013) Cost of Real Estate Sold — (62,910,947) (20,431,548) Reclassification to Land and Development Costs — — (15,316,566) Balance at End of Year 358,130,350 274,334,139 268,970,875 $ $ $ Accumulated Depreciation: Balance at Beginning of Year 14,391,567 14,374,079 14,073,096 Depreciation and Amortization 7,486,898 5,346,538 3,224,227 Depreciation on Real Estate Sold — (5,329,050) (2,472,192) Reclassification to Land and Development Costs — — (451,052) Balance at End of Year 21,878,465 14,391,567 14,374,079 (1) Reconciliation to Consolidated Balance Sheet at December 31, 2017 Income Properties, Land, Buildings, and Improvements 358,130,350 358,130,350 (2) Cost Basis of Assets Classified as Held for Sale on Balance Sheet — Total Per Schedule 358,130,350

Schedule IV MORTGAGE LOANS ON R

Schedule IV MORTGAGE LOANS ON REAL ESTATE	12 Months Ended
	Dec. 31, 2017
SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE
Schedule IV MORTGAGE LOANS ON REAL ESTATE	SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE FOR THE YEAR ENDED DECEMBER 31, 2017 Description Interest Rate Final Maturity Periodic Payment Prior Face Amount Carrying Amounts Principal Amount of % $ $ $ $ Junior Mortgage Loan: Retail Shopping Center – Sarasota, FL 30-day LIBOR June 2018 Principal payable — 8,960,467 8,960,467 — First Mortgage: Land Parcel - 11.00% July 2018 Principal payable — 3,000,000 2,965,232 — Totals — 11,960,467 11,925,699 — 2017 2016 2015 $ $ $ Balance at Beginning of Year 23,960,467 38,331,956 30,208,074 Additions During the Year: New Mortgage Loans (1) 3,000,000 — 15,394,878 Loan Fees Paid — — 40,000 Accretion of Origination Fees (2) (34,768) 132,923 74,781 Deductions During the Year: Collection of Principal (15,000,000) (14,282,500) (7,200,909) Discount on Payoff — (217,500) — Collection of Origination Fees — — (181,250) Amortization of Fees — (4,412) (3,618) Balance at End of Year 11,925,699 23,960,467 38,331,956 (1) Includes 2015 construction loan draws (2) Non-cash accretion of loan origination fees

SUMMARY OF SIGNIFICANT ACCOUN35

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2017
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
PRINCIPLES OF CONSOLIDATION	PRINCIPLES OF CONSOLIDATION The consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries, and other entities in which we have a controlling interest. Any real estate entities or properties included in the consolidated financial statements have been consolidated only for the periods that such entities or properties were owned or under control by us. All significant inter-company balances and transactions have been eliminated in the consolidated financial statements. Noncontrolling interests in consolidated pass-through entities are recognized before income taxes.
USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS	USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Because of the 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 commercial loans, 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 includes cash on hand, bank demand accounts, and money market accounts having original maturities of 90 days or less. The Company’s bank balances as of December 31, 2017 include certain amounts over the Federal Deposit Insurance Corporation limits.
RESTRICTED CASH	RESTRICTED CASH Restricted cash totaled approximately $6.5 million at December 31, 2017 of which approximately $5.6 million of cash is being held in escrow to be reinvested through the like-kind exchange structure into other income properties; approximately $646,000 is being held in three separate escrow accounts related to three separate land transactions of which one closed in each of December 2013, December 2015, and February 2017; approximately $127,000 is being held in a reserve for interest and property taxes for the $3.0 million first mortgage loan investment originated in July 2017; and approximately $160,000 is being held in a capital replacement reserve account in connection with our financing of six income properties with Wells Fargo.
INVESTMENT SECURITIES	INVESTMENT SECURITIES In accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 320, Investments – Debt and Equity Securities, the Company’s investments in debt and equity securities (“Investment Securities”) have been determined to be classified as available-for-sale. Available-for-sale securities are carried at fair value in the consolidated balance sheets, with the unrealized gains and losses, net of income tax, reported in other comprehensive income. Realized gains and losses, and declines in value judged to be other-than-temporary related to equity securities, are included in investment income in the consolidated statements of operations. With respect to debt securities, when the fair value of a debt security classified as available-for-sale is less than its cost, management assesses whether or not: (i) it has the intent to sell the security or (ii) it is more likely than not that the Company will be required to sell the security before its anticipated recovery. If either of these conditions are met, the Company must recognize an other-than-temporary impairment through earnings for the differences between the debt security’s cost basis and its fair value, and such amount is included in investment income in the consolidated statements of operations. There were no other-than-temporary impairments during the years ended December 31, 2017 or 2016, respectively. As of and for the year ended December 31, 2015, an other-than-temporary impairment was deemed to exist on a portion of the Company’s equity securities resulting in an impairment charge of approximately $60,000 which is included as a reduction in investment income in the consolidated statements of operations. The Company completed the disposition of its remaining position in Investment Securities during the year ended December 31, 2016 resulting in a loss of approximately $576,000. There were no Investment Securities remaining as of December 31, 2017 or 2016. The cost of Investment Securities sold is based on the specific identification method. Interest and dividends on Investment Securities classified as available-for-sale are included in investment income in the consolidated statements of operations. The fair value of the Company’s available-for-sale equity securities was 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 was measured quarterly, on a recurring basis, using Level 2 inputs.
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITY	DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITY Interest Rate Swap. During the year ended December 31, 2016, in conjunction with the variable-rate mortgage loan secured by our property located in Raleigh, North Carolina leased to Wells Fargo Bank, NA (“Wells Fargo”), the Company entered into an interest rate swap to fix the interest rate (the “Interest Rate Swap”). The Company accounts for its cash flow hedging derivative in accordance with FASB ASC Topic 815-20, Derivatives and Hedging. Depending upon the hedge’s value at each balance sheet date, the derivative is included in either Other Assets or Accrued and Other Liabilities on the consolidated balance sheet at its fair value. On the date the Interest Rate Swap was entered into, the Company designated the derivative as a hedge of the variability of cash flows to be paid related to the recognized long-term debt liability. The Company formally documented the relationship between the hedging instrument and the hedged item, as well as its risk-management objective and strategy for undertaking the hedge transaction. At the hedge’s inception, the Company formally assessed whether the derivative that is used in hedging the transaction is highly effective in offsetting changes in cash flows of the hedged item. As the terms of the Interest Rate Swap and the associated debt are identical, the Interest Rate Swap qualifies for the shortcut method, therefore, it is assumed that there is no hedge ineffectiveness throughout the entire term of the Interest Rate Swap. Changes in fair value of the Interest Rate Swap that are highly effective and designated and qualified as a cash-flow hedge are recorded in other comprehensive income and loss, until earnings are affected by the variability in cash flows of the designated hedged item. Put Options. There were no derivatives outstanding as of December 31, 2017, 2016, or 2015. There were certain derivatives outstanding as of September 30, 2015 which were exercised during the quarter ended December 31, 2015. These derivatives were not designated as hedging instruments and, accordingly, the changes in fair value (i.e. gains or losses) were recorded in the consolidated statements of operations through investment income. The fair value of the Company’s derivatives not designated as hedging instruments are measured quarterly, on a recurring basis, using Level 2 inputs. The Company’s derivatives exercised during the year ended December 31, 2015 were for put options sold related to common stock investments included in the investment securities asset category; see Note 5, “Investment Securities.” The liability for the fair market value of the put options sold was included on the consolidated balance sheet in Accrued and Other Liabilities prior to their execution.
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, accounts receivable, accounts payable, and accrued and other liabilities at December 31, 2017 and 2016, approximate fair value because of the short maturity of these instruments. The carrying amount of the Company’s investments in variable rate commercial loans approximates fair value at December 31, 2017 and 2016, since the floating rates of the loans reasonably approximate current market rates for notes with similar risks and maturities. The carrying value of the Company’s credit facility approximates current market rates for revolving credit arrangements with similar risks and maturities. The face value of the Company’s fixed rate commercial loan investment, mortgage notes, and convertible debt is measured at fair value based on current market rates for financial instruments with similar risks and maturities. See Note 6, “Fair Value of Financial Instruments.”
FAIR VALUE MEASUREMENTS	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.
CLASSIFICATION OF COMMERCIAL LOAN INVESTMENTS	CLASSIFICATION OF COMMERCIAL LOAN INVESTMENTS Loans held for investment are stated at the principal amount outstanding and include the unamortized deferred loan fees offset by any unaccreted purchase discounts and origination fees, if applicable. Loans held for sale are classified separately and stated at the lower of cost or fair value once a decision has been made to sell loans not previously for sale.
COMMERCIAL LOAN INVESTMENT IMPAIRMENT	COMMERCIAL LOAN INVESTMENT IMPAIRMENT For each of the Company’s commercial loans held for investment, 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 December 31, 2017 and 2016, 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 loan costs. Interest payments are accrued based on the actual coupon rate and the outstanding principal balance and purchase discounts and loan origination fees are accreted into income using the effective yield method, adjusted for prepayments.
IMPACT FEES AND MITIGATION CREDITS	IMPACT FEES AND MITIGATION CREDITS Impact fees and mitigation credits are stated at historical cost. As these assets are sold, the related revenues and cost basis are reported as revenues from, and direct costs of, real estate operations, respectively, in the consolidated statements of operations.
ACCOUNTS RECEIVABLE	ACCOUNTS RECEIVABLE Accounts receivable related to income properties, which are classified in Other Assets on the consolidated balance sheets, primarily consist of tenant reimbursable expenses. Receivables related to the tenant reimbursable expenses totaled approximately $895,000 and $125,000 as of December 31, 2017 and 2016, respectively. Accounts receivable related to real estate operations, which are classified in other assets on the consolidated balance sheets, totaled approximately $2.2 million and $3.8 million as of December 31, 2017 and 2016, respectively. The accounts receivable as of December 31, 2017 and 2016 are primarily related to the reimbursement of certain infrastructure costs completed by the Company in conjunction with two land sale transactions that closed during the fourth quarter of 2015 as more fully described in Note 9, “Other Assets.” Trade accounts receivable primarily consist of receivables related to golf operations, which are classified in other assets on the consolidated balance sheets. Trade accounts receivable related to golf operations, which primarily consist of membership and event receivables, totaled approximately $349,000 and $326,000 as of December 31, 2017 and 2016, respectively. The collectability of the aforementioned receivables is determined based on a review of specifically identified accounts using judgments. As of December 31, 2017 and 2016, no allowance for doubtful accounts was required.
PURCHASE ACCOUNTING FOR ACQUISITIONS OF REAL ESTATE SUBJECT TO A LEASE	PURCHASE ACCOUNTING FOR ACQUISITIONS OF REAL ESTATE SUBJECT TO A LEASE In accordance with the FASB guidance on business combinations, the fair value of the real estate acquired with in-place leases is allocated to the acquired tangible assets, consisting of land, building and tenant improvements, and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases, the value of in-place leases, and the value of leasing costs, based in each case on their relative fair values. The fair value of the tangible assets of an acquired leased property is determined by valuing the property as if it were vacant, and the “as-if-vacant” value is then allocated to land, building and tenant improvements based on the determination of the fair values of these assets. In allocating the fair value of the identified intangible assets and liabilities of an acquired property, above-market and below-market in-place lease values are recorded as other assets or liabilities based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases, and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining term of the lease, including the probability of renewal periods. The capitalized above-market lease values are amortized as a reduction of rental income over the remaining terms of the respective leases. The capitalized below-market lease values are amortized as an increase to rental income over the initial term unless the Company believes that it is likely that the tenant will renew the option whereby the Company amortizes the value attributable to the renewal over the renewal period. The aggregate value of other acquired intangible assets, consisting of in-place leases, is measured by the excess of (i) the purchase price paid for a property after adjusting existing in-place leases to market rental rates over (ii) the estimated fair value of the property as-if-vacant, determined as set forth above. The value of in-place leases exclusive of the value of above-market and below-market in-place leases is amortized to expense over the remaining non-cancelable periods of the respective leases. If a lease were to be terminated prior to its stated expiration, all unamortized amounts relating to that lease would be written off. The value of tenant relationships is reviewed on individual transactions to determine if future value was derived from the acquisition. Prior to October 1, 2016, the Company determined that income property purchases subject to a lease, whether that lease is in-place or originated at the time of acquisition, qualify as a business combination, and acquisition costs are expensed in the period the transaction closes. In January 2017, the FASB issued Accounting Standards Update (“ASU”) 2017-01, Business Combinations which clarified the definition of a business. Pursuant to ASU 2017-01, the acquisition of an income property subject to a lease no longer qualifies as a business combination, but rather determined to be an asset acquisition. The Company early adopted ASU 2017-01 effective October 1, 2016 on a prospective basis. Accordingly, for income property acquisitions during the fourth quarter of 2016 and during 2017, acquisition costs have been capitalized.
LAND AND DEVELOPMENT COSTS	LAND AND DEVELOPMENT COSTS The carrying value of land and development includes the initial acquisition costs of land, improvements thereto, and other costs incidental to the acquisition or development of land. Subsurface Interests (hereinafter defined) and capitalized costs relating to timber and hay operations are also included in land and development costs. These costs are allocated to properties on a relative sales value basis and are charged to costs of sales as specific properties are sold. Due to the nature of the business, land and development costs have been classified as an operating activity on the consolidated statements of cash flows.
SALE OF REAL ESTATE	SALE OF REAL ESTATE Gains and losses on sales of real estate are accounted for as required by FASB ASC Topic 976-605-25, Accounting for Sales of Real Estate. The Company recognizes revenue from the sale of real estate at the time the sale is consummated, unless the property is sold on a deferred payment plan and the initial payment does not meet established criteria, or the Company retains some form of continuing involvement in the property. As market information becomes available, real estate cost basis is analyzed and recorded at the lower of cost or market.
PROPERTY, PLANT, AND EQUIPMENT	PROPERTY, PLANT, AND EQUIPMENT Property, plant, and equipment are stated at cost, less accumulated depreciation and amortization. Such properties are depreciated on a straight-line basis over their estimated useful lives. Renewals and betterments are capitalized to property accounts. The cost of maintenance and repairs is expensed as incurred. The cost of property retired or otherwise disposed of, and the related accumulated depreciation or amortization, are removed from the accounts, and any resulting gain or loss is recorded in the statement of operations. The amount of depreciation of property, plant, and equipment, exclusive of amortization related to intangible assets, recognized for the years ended December 31, 2017, 2016, and 2015, was approximately $7.9 million, $5.5 million, and $3.5 million respectively. Interest of approximately $215,000 was capitalized to construction in progress during 2017, respectively with no interest capitalized in 2016 or 2015. The range of estimated useful lives for property, plant, and equipment is as follows: Golf Buildings and Improvements - 43 Years Golf Equipment - 10 Years Income Properties Buildings and Improvements - 55 Years Other Furnishings and Equipment - 10 Years Agriculture Equipment - 20 Years
LONG-LIVED ASSETS	LONG-LIVED ASSETS The Company follows FASB ASC Topic 360-10, Property, Plant, and Equipment in conducting its impairment analyses. The Company reviews the recoverability of long-lived assets, including land and development costs, real estate held for sale, and property, plant, and equipment, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Examples of situations considered to be triggering events include: a substantial decline in operating cash flows during the period, a current or projected loss from operations, an income property not fully leased or leased at rates that are less than current market rates, and any other quantitative or qualitative events deemed significant by our management. Long-lived assets are evaluated for impairment by using an undiscounted cash flow approach, which considers future estimated capital expenditures. Impairment of long-lived assets is measured at fair value less cost to sell.
INCOME PROPERTY LEASES	INCOME PROPERTY LEASES The rental of the Company’s income properties are classified as operating leases. The Company recognizes lease income on these properties on a straight-line basis over the term of the lease.
OPERATING LEASE EXPENSE	OPERATING LEASE EXPENSE The Company leases property and equipment, which are classified as operating leases. The Company recognizes lease expense on a straight-line basis over the term of the lease.
GOLF OPERATIONS	GOLF OPERATIONS The Company operates two 18-hole golf courses and a 3-hole practice facility, a clubhouse facility, including food and beverage operations, and a fitness center. Revenues from this operation, including greens fees, cart rentals, merchandise, and food and beverage sales, are recognized at the time of sale. Initiation fees and membership dues are recognized over the life of the membership, which is generally twelve months.
OTHER REAL ESTATE INTERESTS	OTHER REAL ESTATE INTERESTS From time to time the Company will release surface or subsurface entry rights upon request of the surface owner. The Company recognizes revenue from the release at the time the transaction is consummated, unless the property is released under a deferred payment plan and the initial payment does not meet the criteria established under FASB ASC Topic 976-605-25, Accounting for Sales of Real Estate, the Company retains some form of continuing involvement in the property, or the transaction does not meet other requirements.
STOCK-BASED COMPENSATION	STOCK-BASED COMPENSATION Prior to 2010, the Company maintained a stock option plan (the “2001 Plan”) pursuant to which 500,000 shares of the Company’s common stock were available to be issued. The 2001 Plan was approved at the April 25, 2001 shareholders’ meeting and expired in April 2011, with no new option shares issued after that date. Under the 2001 Plan, the option exercise price equaled the average of the high and low stock market price on the date of grant. The options generally vested over five years and expired after ten years. In connection with the grant of non-qualified options, a stock appreciation right for each share covered by the option could also be granted. The stock appreciation right entitled the optionee to receive a supplemental payment, which could 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 share at the time of exercise. The expenses associated with stock options and stock appreciation rights were recognized over their requisite service period. Both the Company’s stock options and stock appreciation rights awarded under the 2001 Plan were liability classified awards and were required to be remeasured to fair value at each balance sheet date until the award was settled, as required by applicable provisions of FASB ASC Topic, Share-Based Payments. See Note 16, “Stock-Based Compensation.” As of December 31, 2017, none of these options remained. At the Annual Meeting of Shareholders of the Company held on April 28, 2010, the Company’s shareholders approved the Consolidated-Tomoka Land Co. 2010 Equity Incentive Plan (the “2010 Plan”). The 2010 Plan replaced the Company’s 2001 Plan. At the Annual Meeting of Shareholders of the Company held on April 24, 2013, the Company’s shareholders approved an amendment and restatement of the entire 2010 Plan, which among other things, incorporated claw back provisions and clarified language regarding the shares available subsequent to forfeiture of any awards of restricted shares. At the Annual Meeting of Shareholders of the Company held on April 23, 2014, the Company’s shareholders approved an amendment to the 2010 Plan increasing the number of shares authorized for issuance by 240,000 shares, bringing the total number of shares authorized for issuance to 450,000. Awards under the 2010 Plan may be in the form of stock options, stock appreciation rights, restricted shares, restricted share units, performance shares, and performance units. Employees of the Company and its subsidiaries and non-employee directors may be selected by the Compensation Committee to receive awards under the 2010 Plan. The maximum number of shares of which stock awards may be granted under the 2010 Plan is 450,000 shares. No participant may receive awards during any one calendar year representing more than 50,000 shares of common stock. In no event will the number of shares of common stock issued under the plan upon the exercise of incentive stock options exceed 450,000 shares. These limits are subject to adjustments by the Compensation Committee as provided in the 2010 Plan for stock splits, stock dividends, recapitalizations, and other similar transactions or events. The 2010 Plan currently provides that it will expire on the tenth anniversary of the date that it was adopted by the Board, and that no awards will be granted under the plan after that date. All non-qualified stock option awards, restricted share awards, and performance share awards granted under the 2010 plan were determined to be equity-based awards under FASB ASC Topic, Share-Based Payments. 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. The Company used a Monte Carlo simulation pricing model to determine the fair value and vesting period of the restricted share awards. The determination of the fair value of market condition-based awards is affected by the stock price as well as assumptions regarding a number of other variables. These variables include expected stock price volatility over the requisite performance term of awards, the performance of the Company’s stock price, 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.
INCOME TAXES	INCOME TAXES The Company uses the asset and liability method to account for income taxes. Deferred income taxes result primarily from the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, see Note 17, “Income Taxes.” In June 2006, the FASB issued additional guidance, which clarifies the accounting for uncertainty in income taxes recognized in a company’s financial statements included in income taxes. The interpretation prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The interpretation also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. In accordance with FASB guidance included in income taxes, the Company has analyzed its various federal and state filing positions and believes that its income tax filing positions and deductions are well documented and supported. Additionally, the Company believes that its accruals for tax liabilities are adequate. Therefore, no reserves for uncertain income tax positions have been recorded pursuant to the FASB guidance.
EARNINGS PER COMMON SHARE	EARNINGS PER COMMON SHARE Basic earnings per common share is computed by dividing net income by the weighted average number of shares outstanding. Diluted earnings per common share are based on the assumption of the conversion of stock options using the treasury stock method at average cost for the year, see Note 10, “Common Stock and Earnings Per Share.”
CONCENTRATION OF CREDIT RISK	CONCENTRATION OF CREDIT RISK Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents. Approximately 29% of the Company’s income property portfolio, based on square footage, and all of the Company’s land holdings, golf operations, agriculture operations, and Subsurface Interests (hereinafter defined) are in the State of Florida. Uncertainty of the duration of a prolonged real estate and economic downturn could have an adverse impact on the Company’s real estate values. Due to the continuing diversification of our income property tenant mix, significant revenues from our real estate operations, and the addition of new revenue sources including the interest income from commercial loan investments, on a revenue basis, none of the Company’s income property tenants individually accounted for more than 10% of consolidated revenues during the years ended December 31, 2017, 2016, or 2015.
RECENTLY ISSUED ACCOUNTING STANDARDS	RECENTLY ISSUED ACCOUNTING STANDARDS 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, 2017. The Company completed its evaluation of the provisions during the three months ended September 30, 2017 and has determined there will be no material impact on the Company’s revenue recognition within the consolidated financial statements. All required disclosures relating to ASU 2014-09 will be implemented as required by the standard. The Company adopted ASU 2014-09 effective January 1, 2018 utilizing the modified retrospective method. In January 2016, the FASB issued ASU 2016-01, relating to the recognition and measurement of financial assets and financial liabilities. The amendments in this update are effective for annual reporting periods beginning after December 15, 2017. The Company adopted ASU 2016-01 effective January 1, 2018 and has determined there will be no material impact on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, which requires entities to recognize assets and liabilities that arise from financing and operating leases and to classify those finance and operating lease payments in the financing or operating sections, respectively, of the statement of cash flows. The amendments in this update are effective for annual reporting periods beginning after December 15, 2018. The Company is currently evaluating the provisions to determine the potential impact, if any, the adoption will have on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, which amends certain aspects of the stock-based compensation guidance. The amendments in this update are effective for annual reporting periods beginning after December 15, 2016. The Company adopted ASU 2016-09 effective January 1, 2017. In August 2016, the FASB issued ASU 2016-15, which clarifies the appropriate classification of certain cash receipts and payments in the statement of cash flows. The amendments in this update are effective for annual reporting periods beginning after December 15, 2017. The Company adopted ASU 2016-15 effective January 1, 2018 and has determined there will be no material impact on its consolidated financial statements. In November 2016, the FASB issued ASU 2016-18, which addresses diversity in the classification and presentation of changes in restricted cash in the statement of cash flows as operating, investing, or financing activities. The Company is currently evaluating the provisions to determine the potential impact, if any, the adoption will have on its consolidated statements of cash flows. The Company adopted ASU 2016-18 effective January 1, 2018 and will classify the changes in restricted cash between operating, investing, and financing in the consolidated statements of cash flows as applicable per the new guidance. In February 2018, the FASB issued ASU 2018-02, which amends the guidance allowing for a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. The amendments in this update are effective for annual reporting periods beginning after December 15, 2018. The Company is currently evaluating the provisions to determine the potential impact, if any, the adoption will have on its consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUN36

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2017
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Schedule of estimated useful lives for property, plant, and equipment	Golf Buildings and Improvements - 43 Years Golf Equipment - 10 Years Income Properties Buildings and Improvements - 55 Years Other Furnishings and Equipment - 10 Years Agriculture Equipment - 20 Years

INCOME PROPERTIES (Tables)

INCOME PROPERTIES (Tables)	12 Months Ended
	Dec. 31, 2017
INCOME PROPERTIES
Schedule of income properties acquired	The properties acquired during the year ended December 31, 2017 are described below: Tenant Description Tenant Type Property Location Date of Acquisition Property Square-Feet Property Acres Purchase Price Percentage Leased Remaining Lease Term (in years) Staples, Inc. (an affiliate of) Single-Tenant Sarasota, Florida 01/27/17 1.2 $ 4,075,000 5.0 Grocery-Anchored Shopping Center (Westcliff) Multi-Tenant Fort Worth, Texas 03/01/17 10.3 15,000,000 4.1 JoAnn Stores, Inc. Single-Tenant Saugus, Massachusetts 04/06/17 2.6 6,315,000 11.8 LA Fitness Single-Tenant Brandon, Florida 04/28/17 45,000 5.3 14,650,000 13.9 Wells Fargo Bank, N.A. Single-Tenant Hillsboro, Oregon 10/27/17 211,863 18.9 39,750,000 8.2 440,383 $ 79,790,000

COMMERCIAL LOAN INVESTMENTS (Ta

COMMERCIAL LOAN INVESTMENTS (Tables)	12 Months Ended
	Dec. 31, 2017
COMMERCIAL LOAN INVESTMENTS
Schedule of components of commercial loan investment portfolio	The Company’s commercial loan investment portfolio was comprised of the following at December 31, 2017: Date of Maturity Original Face Current Face Carrying Description Investment Date Amount Amount Value Coupon Rate B-Note – Retail Shopping Center, Sarasota, FL May 2014 June 2018 $ 8,960,467 $ 8,960,467 $ 8,960,467 30 ‑day LIBOR First Mortgage – Land Parcel, Daytona Beach, FL July 2017 July 2018 3,000,000 3,000,000 2,965,232 11.00% Total $ 11,960,467 $ 11,960,467 $ 11,925,699 The carrying value of the commercial loan investment as of December 31, 2017 consisted of the following: Total Current Face Amount $ 11,960,467 Unamortized Fees — Unaccreted Origination Fees (34,768) Total Commercial Loan Investments $ 11,925,699 No commercial loan investments were classified as held for sale as of December 31, 2017. The Company’s commercial loan investment portfolio was comprised of the following at December 31, 2016: Date of Maturity Original Face Current Face Carrying Description Investment Date Amount Amount Value Coupon Rate Mezz – Hotel – Atlanta, GA January 2014 February 2019 $ 5,000,000 $ 5,000,000 $ 5,000,000 12.00% B-Note – Retail Shopping Center, Sarasota, FL May 2014 June 2017 8,960,467 8,960,467 8,960,467 30 day LIBOR Mezz – Hotel, Dallas, TX September 2014 September 2017 10,000,000 10,000,000 10,000,000 30 day LIBOR Total $ 23,960,467 $ 23,960,467 $ 23,960,467

LAND AND DEVELOPMENT COSTS AN39

LAND AND DEVELOPMENT COSTS AND SUBSURFACE INTERESTS (Tables)	12 Months Ended
	Dec. 31, 2017
LAND AND DEVELOPMENT COSTS AND SUBSURFACE INTERESTS
Summary of land and development costs	December 31, 2017 2016 Land and Development Costs $ 32,625,857 $ 39,681,558 Land, Timber, and Subsurface Interests 6,851,840 12,273,720 Total Land and Development Costs $ 39,477,697 $ 51,955,278
Schedule of components of real estate operations revenue	2017 2016 2015 Revenue Description ($000's) ($000's) ($000's) Land Sales Revenue $ 45,472 $ 11,871 $ 4,276 Tomoka Town Center - Percentage of Completion Revenue — 17,490 8,128 Revenue from Reimbursement of Infrastructure Costs 1,860 4,500 — Impact Fee and Mitigation Credit Sales 2,126 2,220 463 Subsurface Revenue 3,048 1,802 3,003 Fill Dirt and Other Revenue 17 261 73 Total Real Estate Operations Revenue $ 52,523 $ 38,144 $ 15,943
Summary of land sales	During the year ended December 31, 2017, a total of approximately 1,701 acres were sold for approximately $47.0 million as described below: Gross Sales Gain Date of No. of Price (1) Price on Sale Buyer (or Description) Location Sale Acres ($000's) per Acre ($000's) 1 Minto Communities, LLC West of I-95 02/10/17 1,581.0 $ 27,151 $ $ 20,041 2 Commercial East of I-95 03/22/17 6.4 1,556 11 3 Commercial East of I-95 04/05/17 27.5 3,218 2,955 4 Commercial East of I-95 04/13/17 4.5 1,235 13 5 Commercial West of I-95 04/25/17 30.0 2,938 627 6 Third NADG Land Sale East of I-95 06/27/17 19.4 4,422 3,263 7 Commercial West of I-95 10/13/17 5.1 275 239 8 Fourth NADG Land Sale East of I-95 12/29/17 27.0 6,216 4,609 1,700.9 $ 47,011 $ $ 31,758 (1) The Gross Sales Price of land sales during 2017 of approximately $47.0 million above includes the infrastructure reimbursement payments received in the amount of approximately $955,000 for the Third NADG Land Sale and approximately $584,000 for the Fourth NADG Land Sale. Additionally, during 2017, approximately $321,000 was received from Minto Communities, LLC as an infrastructure reimbursement for improvements to the I-95 off ramp, which is not included in the gross sales price in the table above. During the year ended December 31, 2016, a total of approximately 707.7 acres were sold for approximately $13.8 million as described below: Gross Sales Gain Date of No. of Price (1) Price on Sale Buyer (or Description) Location Sale Acres ($000's) per Acre ($000's) 1 Commercial / Retail East of I-95 02/12/16 3.1 $ 190 $ $ 145 2 NADG - OutParcel East of I-95 03/30/16 4.4 2,000 1,304 3 Minto Sales Center West of I-95 09/27/16 4.5 205 126 4 Commercial / Retail West of I-95 10/13/16 17.1 3,034 2,675 5 Commercial / Retail East of I-95 12/22/16 74.6 830 751 6 ICI Homes West of I-95 12/29/16 604.0 7,500 3,303 707.7 $ 13,759 $ $ 8,304 (1) Land Sales Revenue for 2016 is equal to the Gross Sales Price of land sales during 2016 of approximately $13.8 million above, less the $2.0 million sales price for the NADG – OutParcel, plus approximately $112,000 of incentives earned and received during 2016 related to the Distribution Center sale which closed during 2014. During the year ended December 31, 2015, a total of approximately 114.1 acres were sold for approximately $22.5 million as described below: Gross Sales Gain Date of No. of Price (1) Price on Sale Buyer (or Description) Location Sale Acres ($000's) per Acre ($000's) 1 Commercial / Retail East of I-95 06/01/15 3.0 $ 505 $ $ 476 2 Commercial / Retail Highlands County 06/17/15 0.9 250 223 3 Tanger East of I-95 11/12/15 38.9 9,700 2,793 4 Integra Land Company East of I-95 12/18/15 15.0 2,376 2,265 5 Sam's Club East of I-95 12/23/15 18.1 4,500 1,279 6 NADG - First Parcel East of I-95 12/29/15 37.3 5,168 1,421 7 Commercial / Retail East of I-95 12/29/15 0.9 30 20 114.1 $ 22,529 $ $ 8,477 (1) Land Sales Revenue for 2015 is equal to the Gross Sales Price of land sales during 2015 of approximately $22.5 million above, less the aggregate $19.4 million sales price for the Tomoka Town Center Sales (Tanger, Sam’s Club, and NADG – First Parcel), plus approximately $1.03 million of incentives received and earned during 2015 related to the Distribution Center sale which closed during 2014, plus approximately $87,000 of percentage-of-completion revenue earned during 2015 for the Distribution Center Sale which closed during 2014.
Schedule of lease payments on respective acreages and drilling penalties received	Acreage Lease Year (Approximate) Florida County Lease Payment (1) Drilling Penalty (1) Lease Year 1 - 9/23/2011 - 9/22/2012 136,000 Lee and Hendry $ 913,657 $ — Lease Year 2 - 9/23/2012 - 9/22/2013 136,000 Lee and Hendry 922,114 — Lease Year 3 - 9/23/2013 - 9/22/2014 82,000 Hendry 3,293,000 1,000,000 Lease Year 4 - 9/23/2014 - 9/22/2015 42,000 Hendry 1,866,146 600,000 Lease Year 5 - 9/23/2015 - 9/22/2016 25,000 Hendry 1,218,838 175,000 Lease Year 6 - 9/23/2016 - 9/22/2017 15,000 Hendry 806,683 150,000 Lease Year 7 - 9/23/2017 - 9/22/2018 15,000 Hendry 806,683 50,000 Total Payments Received to Date $ 9,827,121 $ 1,975,000 (1) Generally, cash payment for the Lease Payment and Drilling Penalty is received on or before the first day of the lease year. The Drilling Penalty, which is due within thirty days from the end of the prior lease year, is recorded as revenue when received, while the Lease Payment is recognized on a straight-line basis over the respective lease term. Pursuant to the amendment for the Year 7 renewal, the Lease Payment and Drilling Penalty were both received on October 11, 2017. See separate disclosure of revenue recognized per period below.

INVESTMENT SECURITIES (Tables)

INVESTMENT SECURITIES (Tables)	12 Months Ended
	Dec. 31, 2017
INVESTMENT SECURITIES
Schedule of gains and losses recognized on sale of investment securities	For the Year Ended December 31, 2017 2016 2015 Proceeds from the Disposition of Debt Securities $ — $ 827,738 $ 2,084,994 Cost Basis of Debt Securities Sold — (843,951) (1,930,080) Loss recognized in Statement of Operations on the Disposition of Debt Securities — (16,213) 154,914 Proceeds from the Disposition of Equity Securities — 5,424,624 2,574,091 Cost Basis of Equity Securities Sold — (5,983,978) (2,565,816) Gain (Loss) recognized in Statement of Operations on the Disposition of Equity Securities $ — $ (559,354) $ 8,275 Total Gain (Loss) recognized in Statement of Operations on the Disposition of Debt and Equity Securities $ — $ (575,567) $ 163,189

FAIR VALUE OF FINANCIAL INSTR41

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2017
FAIR VALUE OF FINANCIAL INSTRUMENTS
Schedule of carrying value and estimated fair value of financial instruments	December 31, 2017 December 31, 2016 Carrying Estimated Carrying Estimated Value Fair Value Value Fair Value Cash and Cash Equivalents - Level 1 $ 6,559,409 $ 6,559,409 $ 7,779,562 $ 7,779,562 Restricted Cash - Level 1 6,508,131 6,508,131 9,855,469 9,855,469 Commercial Loan Investments - Level 2 11,925,699 12,015,628 23,960,467 24,228,242 Long-Term Debt - Level 2 195,816,364 200,000,776 166,245,201 171,111,337
Schedule of fair value of assets measured on recurring basis by Level	The following table presents the fair value of assets measured on a recurring basis by Level at December 31, 2017: Fair Value at Reporting Date Using Quoted Prices in Significant Active Markets Significant Other Unobservable for Identical Observable Inputs Inputs 12/31/2017 Assets (Level 1) (Level 2) (Level 3) Cash Flow Hedge - Interest Rate Swap $ 606,621 $ — $ 606,621 $ — Total $ 606,621 $ — $ 606,621 $ — The following table presents the fair value of assets measured on a recurring basis by Level at December 31, 2016: Fair Value at Reporting Date Using Quoted Prices in Significant Active Markets Significant Other Unobservable for Identical Observable Inputs Inputs 12/31/2016 Assets (Level 1) (Level 2) (Level 3) Cash Flow Hedge - Interest Rate Swap $ 416,590 $ — $ 416,590 $ — Total $ 416,590 $ — $ 416,590 $ —
Schedule of fair value of assets measured on non-recurring basis by Level	Fair Value at Reporting Date Using Quoted Prices in Significant Active Markets Significant Other Unobservable for Identical Observable Inputs Inputs 12/31/2016 Assets (Level 1) (Level 2) (Level 3) Land Parcel - 3.6 Repurchased Acres $ 1,398,374 $ — $ — $ 1,398,374 Land Parcel - 4.5 Repurchased Acres 1,119,410 — — 1,119,410 Total $ 2,517,784 $ — $ — $ 2,517,784

INTANGIBLE ASSETS AND LIABILI42

INTANGIBLE ASSETS AND LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2017
INTANGIBLE ASSETS AND LIABILITIES
Schedule of components of intangible lease assets and liabilities	As of December 31, 2017 December 31, 2016 Intangible Lease Assets: Value of In-Place Leases $ 36,827,226 $ 30,978,776 Value of Above Market In-Place Leases 2,966,322 2,905,624 Value of Intangible Leasing Costs 10,405,135 7,010,192 Sub-total Intangible Lease Assets 50,198,683 40,894,592 Accumulated Amortization (11,440,624) (6,168,770) Sub-total Intangible Lease Assets—Net 38,758,059 34,725,822 Intangible Lease Liabilities (included in accrued and other Value of Below Market In-Place Leases (35,312,017) (33,370,217) Sub-total Intangible Lease Liabilities (35,312,017) (33,370,217) Accumulated Amortization 5,541,576 2,852,166 Sub-total Intangible Lease Liabilities—Net (29,770,441) (30,518,051) Total Intangible Assets and Liabilities—Net $ 8,987,618 $ 4,207,771
Schedule of amortization of intangible assets and liabilities	Year Ended Year Ended Year Ended 12/31/2017 12/31/2016 12/31/2015 ($000's) ($000's) ($000's) Depreciation and Amortization Expense $ 4,776 $ 2,696 $ 1,674 Increase to Income Properties Revenue (2,194) (2,240) (159) Net Amortization of Intangible Assets and Liabilities $ 2,582 $ 456 $ 1,515
Schedule of estimated future amortization and accretion of intangible lease assets and liabilities	Future Accretion Net Future Future to Income Amortization of Amortization Property Intangible Assets Year Ending December 31, Amount Revenue and Liabilities 2018 $ 5,340,302 $ (2,269,867) $ 3,070,435 2019 5,311,743 (2,264,743) 3,047,000 2020 4,870,322 (2,198,014) 2,672,308 2021 3,179,886 (2,348,869) 831,017 2022 2,561,959 (2,420,029) 141,930 Thereafter 15,387,811 (16,162,883) (775,072) Total $ 36,652,023 $ (27,664,405) $ 8,987,618

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	12 Months Ended
	Dec. 31, 2017
OTHER ASSETS
Schedule of components of other assets	As of December 31, December 31, Income Property Tenant Receivables $ 895,476 $ 125,383 Income Property Straight-line Rent Adjustment 2,517,195 1,773,946 Income Property Lease Incentive 2,696,678 — Interest Receivable from Commercial Loan Investments 38,078 72,418 Cash Flow Hedge - Interest Rate Swap 606,621 416,590 Infrastructure Reimbursement Receivables 2,213,305 3,844,236 Golf Operations Receivables 349,220 325,510 Deferred Deal Costs 480,257 745,878 Prepaid Expenses, Deposits, and Other 3,174,299 2,165,127 Total Other Assets $ 12,971,129 $ 9,469,088

COMMON STOCK AND EARNINGS PER44

COMMON STOCK AND EARNINGS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2017
COMMON STOCK AND EARNINGS PER SHARE
Schedule of computation of earnings per share	Year Ended December 31, 2017 December 31, 2016 December 31, 2015 Income Available to Common Shareholders: Net Income Attributable to Consolidated-Tomoka Land Co. $ 41,719,424 $ 16,251,248 $ 8,347,166 Weighted Average Shares Outstanding 5,538,859 5,680,165 5,804,655 Common Shares Applicable to Stock Options Using the Treasury Stock Method 40,933 13,697 25,423 Total Shares Applicable to Diluted Earnings Per Share 5,579,792 5,693,862 5,830,078 Per Share Information: Basic Net Income Attributable to Consolidated-Tomoka Land Co. $ 7.53 $ 2.86 $ 1.44 Diluted Net Income Attributable to Consolidated-Tomoka Land Co. $ 7.48 $ 2.85 $ 1.43

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	12 Months Ended
	Dec. 31, 2017
LONG-TERM DEBT
Schedule of outstanding indebtedness, at face value	As of December 31, 2017, the Company’s outstanding indebtedness, at face value, was as follows: Face Maturity Interest Value Debt Date Rate Credit Facility $ 70,000,000 September 2021 30 ‑day LIBOR Mortgage Note Payable (originated with Wells Fargo) (1) 30,000,000 October 2034 4.330% Mortgage Note Payable (originated with Wells Fargo) (2) 25,000,000 April 2021 30 ‑day LIBOR 4.50% Convertible Senior Notes due 2020, net of discount 75,000,000 March 2020 4.500% Total Long-Term Face Value Debt $ 200,000,000 (1) Secured by the Company’s interest in six income properties. The mortgage loan 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, as defined in the related loan agreement, 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 of the effective date of the loan. (2) Secured by the Company’s income property leased to Wells Fargo located in Raleigh, North Carolina. The mortgage loan has a 5-year term with two years interest only, and interest and a 25-year amortization for the balance of the term. The mortgage loan bears a variable rate of interest based on the 30-day LIBOR plus a rate of 190 basis points. The interest rate for this mortgage loan has been fixed through the use of an interest rate swap that fixed the rate at 3.17%. The mortgage loan can be prepaid at any time subject to the termination of the interest rate swap.
Schedule of components of long-term debt	Long-term debt consisted of the following: December 31, 2017 December 31, 2016 Due Within Due Within Total One Year Total One Year Credit Facility $ 70,000,000 $ — $ 34,300,000 $ — Mortgage Note Payable (originated with UBS) — — 7,300,000 — Mortgage Note Payable (originated with Wells Fargo) 30,000,000 — 30,000,000 — Mortgage Note Payable (originated with Wells Fargo) 25,000,000 — 25,000,000 — 4.50% Convertible Senior Notes due 2020, net of discount 72,075,295 — 70,880,581 — Loan Costs, net of accumulated amortization (1,258,931) — (1,235,380) — Total Long-Term Debt $ 195,816,364 $ — $ 166,245,201 $ —
Schedule of payments applicable to reduction of principal amounts	Year Ending December 31, Amount 2018 $ — 2019 — 2020 75,000,000 2021 95,000,000 2022 — Thereafter 30,000,000 Total Long-Term Debt - Face Value $ 200,000,000
Schedule of carrying value of long-term debt	The carrying value of long-term debt as of December 31, 2017 consisted of the following: Total Current Face Amount $ 200,000,000 Unamortized Discount on Convertible Debt (2,924,705) Loan Costs, net of accumulated amortization (1,258,931) Total Long-Term Debt $ 195,816,364
Schedule of interest expense on debt	Year Ended Year Ended Year Ended 12/31/2017 12/31/2016 12/31/2015 ($000's) ($000's) ($000's) Interest Expense $ 7,034 $ 6,804 $ 5,703 Amortization of Loan Costs 509 828 (1) 365 Amortization of Discount on Convertible Notes 1,195 1,121 852 Capitalized Interest (215) — — Total Interest Expense $ 8,523 $ 8,753 $ 6,920 Total Interest Paid $ 7,060 $ 6,779 $ 4,705

ACCRUED AND OTHER LIABILITIES (

ACCRUED AND OTHER LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2017
ACCRUED AND OTHER LIABILITIES
Schedule of components of accrued and other liabilities	As of December 31, December 31, Golf Course Lease $ — $ 2,226,527 Golf $1 Round Surcharge 700,000 — Accrued Property Taxes 66,909 28,973 Reserve for Tenant Improvements 3,302,831 398,621 Accrued Construction Costs 1,360,950 856,947 Accrued Interest 1,194,681 1,220,990 Environmental Reserve and Restoration Cost Accrual 866,936 1,505,757 Other 2,668,219 2,430,082 Total Accrued and Other Liabilities $ 10,160,526 $ 8,667,897

DEFERRED REVENUE (Tables)

DEFERRED REVENUE (Tables)	12 Months Ended
	Dec. 31, 2017
DEFERRED REVENUE
Schedule of components of deferred revenue	As of December 31, December 31, Deferred Oil Exploration Lease Revenue $ 585,675 $ 585,674 Prepaid Rent 1,126,408 1,068,972 Other Deferred Revenue 318,376 337,020 Total Deferred Revenue $ 2,030,459 $ 1,991,666

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	12 Months Ended
	Dec. 31, 2017
Summary of share activity for all equity and liability classified stock compensation	A summary of share activity for all equity and liability classified stock compensation during the year ended December 31, 2017, is presented below: Shares Vested / Shares Outstanding Granted Exercised Expired Forfeited Outstanding Type of Award at 1/1/2017 Shares Shares Shares Shares at 12/31/2017 Equity Classified - Performance Share Awards - Peer Group Market Condition Vesting — 12,635 — — — 12,635 Equity Classified - Market Condition Restricted Shares - Stock Price Vesting 69,500 — (7,750) (32,000) — 29,750 Equity Classified - Three Year Vest Restricted Shares 37,504 17,451 (17,298) — (267) 37,390 Equity Classified - Non-Qualified Stock Option Awards 113,500 — (23,500) — — 90,000 Liability Classified - Stock Options and Stock Appreciation Rights 11,000 — (6,000) (5,000) — — Total Shares 231,504 30,086 (54,548) (37,000) (267) 169,775
Summary of stock appreciation rights activity	Wtd. Avg. Remaining Contractual Aggregate Wtd. Avg. Term Intrinsic Liability-Classified Stock Appreciation Rights Shares Fair Value (Years) Value Outstanding at January 1, 2015 35,300 5.56 Granted — — Exercised (3,300) 12.19 Expired — — Forfeited (14,000) 4.84 Outstanding at December 31, 2015 18,000 2.64 Granted — — Exercised — — Expired (3,000) — Forfeited (4,000) 0.87 Outstanding at December 31, 2016 11,000 1.33 Granted — — Exercised (6,000) 3.84 Expired (5,000) — Forfeited — — Outstanding at December 31, 2017 — $ — — $ — Exercisable at December 31, 2017 — $ — — $ —
Schedule of assumptions used in determining the fair value of stock options and stock appreciation rights	Assumptions at: December 31, 2017 December 31, 2016 December 31, 2015 Expected Volatility — % 14.13 % 29.40 % Expected Dividends — % 0.22 % 0.15 % Expected Term — years 0.61 years years Risk-Free Rate — % 0.66 % 0.75 %
Schedule of amounts recognized for stock options, stock appreciation rights, and restricted stock	Year Ended December 31, 2017 December 31, 2016 December 31, 2015 Accelerated Charge for Stock-Based Compensation $ — $ 1,649,513 $ — Recurring Charge for Stock-Based Compensation 1,437,223 1,529,370 2,186,408 Total Cost of Share-Based Plans Charged Against Income Before Tax Effect $ 1,437,223 $ 3,178,883 $ 2,186,408 Income Tax Expense Recognized in Income $ (554,409) $ (1,226,254) $ (843,407)
Peer Group Market Condition Vesting
Summary of performance share awards activity	A summary of activity during the years ended December 31, 2017, 2016, and 2015 is presented below: Wtd. Avg. Performance Shares with Market Conditions Shares Fair Value Outstanding at January 1, 2015 — $ — Granted — — Vested — — Expired — — Forfeited — — Outstanding at December 31, 2015 — $ — Granted — — Vested — — Expired — — Forfeited — — Outstanding at December 31, 2016 — $ — Granted 12,635 55.66 Vested — — Expired — — Forfeited — — Outstanding at December 31, 2017 12,635 $ 55.66
Summary of nonvested restricted stock award activity	A summary of activity during the years ended December 31, 2017, 2016, and 2015 is presented below: Wtd. Avg. Grant Date Market Condition Non-Vested Restricted Shares Shares Fair Value Outstanding at January 1, 2015 5,067 $ 23.13 Granted — — Vested (2,034) 22.80 Expired — — Forfeited (633) 22.80 Outstanding at December 31, 2015 2,400 $ 23.42 Granted — — Vested (2,300) 23.42 Expired — — Forfeited (100) 23.42 Outstanding at December 31, 2016 — $ — Granted — — Vested — — Expired — — Forfeited — — Outstanding at December 31, 2017 — $ —
Stock Price Vesting
Summary of nonvested restricted stock award activity	A summary of the activity for these awards during the years ended December 31, 2017, 2016, and 2015 is presented below: Wtd. Avg. Market Condition Non-Vested Restricted Shares Shares Fair Value Outstanding at January 1, 2015 40,500 $ 15.55 Granted 97,000 36.85 Vested — — Expired — — Forfeited — — Outstanding at December 31, 2015 137,500 $ 30.58 Granted 4,000 38.98 Vested — — Expired — — Forfeited (72,000) 34.46 Outstanding at December 31, 2016 69,500 $ 27.03 Granted — — Vested (7,750) 34.30 Expired (32,000) 14.08 Forfeited — — Outstanding at December 31, 2017 29,750 $ 39.07
Three-Year Vesting
Summary of nonvested restricted stock award activity	A summary of activity for these awards during the years ended December 31, 2017, 2016, and 2015, is presented below: Wtd. Avg. Fair Value Three Year Vest Non-Vested Restricted Shares Shares Per Share Outstanding at January 1, 2015 14,200 36.08 Granted 19,700 55.93 Vested (4,734) 36.08 Expired — — Forfeited (2,266) 46.59 Outstanding at December 31, 2015 26,900 49.73 Granted 21,100 44.88 Vested (10,363) 47.89 Expired — — Forfeited (133) 46.08 Outstanding at December 31, 2016 37,504 47.53 Granted 17,451 55.06 Vested (17,298) 46.70 Expired — — Forfeited (267) 52.51 Outstanding at December 31, 2017 37,390 $ 51.39
Amended and Restated 2010 Equity Incentive Plan
Summary of activity for stock option awards	A summary of the activity for these awards during the years ended December 31, 2017, 2016, and 2015, is presented below: Wtd. Avg. Remaining Contractual Aggregate Wtd. Avg. Term Intrinsic Non-Qualified Stock Option Awards Shares Ex. Price (Years) Value Outstanding at January 1, 2015 84,765 $ 34.39 Granted 70,000 56.43 Exercised (30,155) 30.24 Expired — — Forfeited (7,760) 34.95 Outstanding at December 31, 2015 116,850 48.63 Granted 40,000 55.62 Exercised (3,350) 34.95 Expired — — Forfeited (40,000) 55.62 Outstanding at December 31, 2016 113,500 49.03 Granted — — Exercised (23,500) 34.95 Expired — — Forfeited — — Outstanding at December 31, 2017 90,000 $ 52.71 6.98 $ 971,400 Exercisable at December 31, 2016 76,600 $ 45.94 1.87 $ 573,181 Exercisable at December 31, 2017 73,000 $ 51.94 6.88 $ 843,968
Summary of non-vested stock option awards	A summary of the non-vested options for these awards during the years ended December 31, 2017, 2016, and 2015, is presented below: Fair Value of Shares Non-Qualified Stock Option Awards Shares Vested Non-Vested at January 1, 2015 47,570 Granted 70,000 Vested (21,550) $ 783,764 Expired — Forfeited (7,760) Non-Vested at December 31, 2015 88,260 Granted 40,000 Vested (51,360) $ 2,643,088 Expired — Forfeited (40,000) Non-Vested at December 31, 2016 36,900 Granted — Vested (19,900) $ 1,094,066 Expired — Forfeited — Non-Vested at December 31, 2017 17,000
2001 Stock Option Plan
Summary of activity for stock option awards	Wtd. Avg. Remaining Contractual Aggregate Wtd. Avg. Term Intrinsic Liability-Classified Stock Options Shares Ex. Price (Years) Value Outstanding at January 1, 2015 35,300 62.47 Granted — — Exercised (3,300) 33.16 Expired — — Forfeited (14,000) 66.54 Outstanding at December 31, 2015 18,000 64.69 Granted — — Exercised — — Expired (3,000) 67.27 Forfeited (4,000) 64.99 Outstanding at December 31, 2016 11,000 63.87 Granted — — Exercised (6,000) 52.73 Expired (5,000) 52.73 Forfeited — — Outstanding at December 31, 2017 — $ — — $ — Exercisable at December 31, 2017 — $ — — $ —

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2017
INCOME TAXES
Summary of provisions for income tax benefit (expense)	2017 2016 2015 Current Deferred Current Deferred Current Deferred Federal $ 794,174 $ 8,317,453 $ (159,596) $ (10,740,617) $ 479,671 $ (5,607,970) State 70,384 753,255 (311,525) (625,116) 185,584 (326,389) Total $ 864,558 $ 9,070,708 $ (471,121) $ (11,365,733) $ 665,255 $ (5,934,359)
Summary of deferred income tax assets (liabilities)	Deferred Tax 2017 2016 Deferred Income Tax Assets Depreciation $ 2,073,439 $ 2,475,898 Intangible Lease Liabilities 7,512,629 11,714,651 Impairment Reserves 1,139,918 2,085,808 Stock Options and Restricted Stock 883,725 1,438,292 Net Operating Loss Carryforward 266,036 — Capital Loss Carryforward 20,750 — Deferred Oil Lease Income 148,439 225,924 Deferred Lease Expense — 858,882 Other - Net 60,480 217,887 Gross Deferred Income Tax Assets 12,105,416 19,017,342 Less - Valuation Allowance (272,966) (415,453) Net Deferred Income Tax Assets 11,832,450 18,601,889 Deferred Income Tax Liabilities Sales of Real Estate (52,720,764) (68,358,404) Discount on Equity Component of Convertible Debt (421,895) (904,422) Basis Difference in Joint Venture (224,715) (342,015) Interest Rate Swap (452,873) (255,891) Deferred Revenue (Net of Straight-line Rent Adjustments) (226,673) (105,729) Other - Net (79,394) — Total Deferred Income Tax Liabilities (54,126,314) (69,966,461) Net Deferred Income Tax Liabilities $ (42,293,864) $ (51,364,572)
Schedule of reconciliation of income tax computed at the federal statutory rate	Year ended December 31, 2017 2016 2015 Income Tax (Expense) Benefit Computed at Federal Statutory Rate $ (10,528,124) $ (9,219,942) $ (4,481,029) Increase (Decrease) Resulting from: State Income Tax, Net of Federal Income Tax Benefit (1,703,805) (1,693,578) (755,481) Income Tax on Permanently Non-Deductible Items 66,015 (1,015,936) — Change in Corporate Federal Tax Rate 22,249,536 — — Other Reconciling Items (148,356) 92,602 (32,594) Benefit (Expense) for Income Taxes $ 9,935,266 $ (11,836,854) $ (5,269,104)

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Dec. 31, 2017
COMMITMENTS AND CONTINGENCIES
Schedule of minimum future rental payments under non-cancelable operating leases having remaining terms in excess of one year	Year Ending December 31, Amounts 2018 $ 150,689 2019 146,334 2020 71,804 2021 5,740 2022 — 2023 and thereafter (cumulative) — Total $ 374,567
Schedule of minimum future rental receipts under non-cancelable operating leases having remaining terms in excess of one year	Year Ending December 31, Amounts 2018 $ 27,723,892 2019 27,062,887 2020 25,829,071 2021 22,671,393 2022 21,043,187 2023 and thereafter (cumulative) 94,483,824 Total $ 218,814,254
Schedule of pipeline of potential land sales transactions	As of February 28, 2018, the Company’s pipeline of potential land sales transactions, including the terms of an executed non-binding term sheet to form a joint venture with an institutional investor to establish a mitigation bank on a parcel of our land (the “Mitigation Bank”), included the following eighteen potential transactions with sixteen different buyers, representing more than 6,000 acres or approximately 75% of our land holdings: No. of Amount Price Estimated Transaction (Buyer) Acres ($000's) per Acre Timing 1 Commercial/Retail - O'Connor - East of I-95 (2) 123 $ 29,250 $ '18 - '19 2 Residential (AR) - Minto Communities - West of I-95 1,614 26,500 Q4 '18 3 Residential (SF) - ICI Homes - West of I-95 1,016 21,000 '19 4 Mitigation Bank - Term Sheet - West of I-95 (1) 2,492 15,000 Q2 '18 5 Mixed-Use Retail - North American - East of I-95 (5) 35 14,362 409,000 Q4 '18 6 Commercial/Retail - Buc'ees - East of I-95 (2) 35 14,000 Q2 '18 7 Residential (Multi-Family) - East of I-95 (3) 45 5,200 Q3 '18 & '20 8 Distribution/Warehouse - VanTrust - East of I-95 71 5,000 '19 9 Commercial/Retail - East of I-95 20 4,250 Q4 '18 - '19 10 Residential (SF) - West of I-95 (4) 200 3,324 Q4 '18 & '20 11 Commercial/Distribution - VanTrust - East of I-95 26 3,215 Q4 '18 - '19 12 Specialty Grocer - East of I-95 9 2,790 Q4 '18 13 Auto Dealership - West of I-95 13 2,000 Q3 '18 14 Commercial (RV) - West of I-95 164 1,900 '19 15 Residential (SF) - ICI Homes - West of I-95 146 1,400 Q4 '18 16 Commercial/Retail - East of I-95 8 782 Q4 '18 17 Commercial/Retail - East of I-95 6 625 Q4 '18 18 Commercial/Retail - West of I-95 19 285 Q4 '18 Total (Average) 6,042 $ 150,883 $ (1) The amount for the Mitigation Bank represents the amount in the term sheet for buyer’s acquisition of approximately 70% of the joint venture that owns the Mitigation Bank, with the Company retaining 30%. (2) Land sales transactions which require the Company to incur the cost to provide the requisite mitigation credits necessary for obtaining the applicable regulatory permits for the buyer, with such costs representing either our basis in the credits that we own, or potentially up to 5% - 10% of the contract amount noted. (3) The acres and amount include the buyer’s option to acquire approximately 19 acres for approximately $2.0 million, in addition to the base contract of approximately 26 acres for approximately $3.2 million. (4) The acres and amount include the buyer’s option to acquire approximately 71 acres for approximately $574,000, in addition to the base contract of approximately 129 acres for approximately $2.75 million. (5) Pursuant to the contract, amount includes the reimbursement of infrastructure costs incurred by the Company for Tomoka Town Center plus interest accrued as of December 31, 2017.

BUSINESS SEGMENT DATA (Tables)

BUSINESS SEGMENT DATA (Tables)	12 Months Ended
	Dec. 31, 2017
BUSINESS SEGMENT DATA
Schedule of operations in different segments	Year Ended December 31, 2017 December 31, 2016 December 31, 2015 Revenues: Income Properties $ 31,406,930 $ 25,092,484 $ 19,041,111 Commercial Loan Investments 2,052,689 2,588,235 2,691,385 Real Estate Operations 52,522,555 38,144,347 15,942,894 Golf Operations 5,095,313 5,190,394 5,243,485 Agriculture and Other Income 334,804 59,401 78,805 Total Revenues $ 91,412,291 $ 71,074,861 $ 42,997,680 Operating Income: Income Properties $ 24,489,187 $ 19,887,621 $ 15,385,176 Commercial Loan Investments 2,052,689 2,588,235 2,691,385 Real Estate Operations 35,161,533 23,263,036 11,650,370 Golf Operations (863,575) (396,683) (349,600) Agriculture and Other Income 238,655 (107,368) (147,749) General and Corporate Expense (20,809,180) (7,915,254) (8,960,273) Total Operating Income $ 40,269,309 $ 37,319,587 $ 20,269,309 Depreciation and Amortization: Income Properties $ 12,272,265 $ 7,872,689 $ 4,898,803 Golf Operations 349,261 266,074 263,335 Agriculture and Other 42,433 56,654 50,759 Total Depreciation and Amortization $ 12,663,959 $ 8,195,417 $ 5,212,897 Capital Expenditures: Income Properties $ 92,125,062 $ 92,434,774 $ 84,261,324 Commercial Loan Investments 3,000,000 — 15,394,879 Real Estate Operations ($5,744,636 Contributed by Consolidated VIE in 2015) — — 11,489,272 Golf Operations 2,373,894 95,513 109,505 Agriculture and Other 128,716 19,881 38,714 Total Capital Expenditures $ 97,627,672 $ 92,550,168 $ 111,293,694 As of December 31, 2017 December 31, 2016 Identifiable Assets: Income Properties $ 388,602,721 $ 302,757,565 Commercial Loan Investments 11,963,777 24,032,885 Real Estate Operations 43,296,528 58,868,298 Golf Operations 6,262,634 3,675,842 Agriculture and Other 16,004,718 19,288,836 Total Assets $ 466,130,378 $ 408,623,426

QUARTERLY FINANCIAL DATA (Table

QUARTERLY FINANCIAL DATA (Tables)	12 Months Ended
	Dec. 31, 2017
QUARTERLY FINANCIAL DATA
Schedule of quarterly financial data	March 31, June 30, September 30, December 31, 2017 2016 2017 2016 2017 2016 2017 2016 Revenues Income Properties $ 7,073,240 $ 6,429,241 $ 7,565,007 $ 6,033,082 $ 7,928,258 $ 6,021,331 $ 8,840,425 $ 6,608,830 Interest Income from Commercial Loan Investments 536,489 881,245 553,159 635,050 637,801 534,212 325,240 537,728 Real Estate Operations 29,474,460 9,560,898 13,257,355 4,774,620 2,926,406 4,643,646 6,864,334 19,165,183 Golf Operations 1,474,944 1,464,359 1,383,513 1,412,196 797,420 1,001,368 1,439,436 1,312,471 Agriculture and Other Income 154,151 18,692 78,749 18,990 90,717 10,388 11,187 11,331 Total Revenues 38,713,284 18,354,435 22,837,783 12,873,938 12,380,602 12,210,945 17,480,622 27,635,543 Direct Cost of Revenues Income Properties (1,411,713) (1,176,707) (1,629,515) (1,204,040) (1,715,516) (1,430,642) (2,160,999) (1,393,474) Real Estate Operations (9,156,849) (2,257,041) (5,792,529) (1,124,641) (459,169) (1,257,183) (2,071,650) (10,242,446) Golf Operations (1,498,678) (1,404,588) (1,401,919) (1,447,176) (1,272,647) (1,302,920) (1,785,644) (1,432,393) Agriculture and Other Income (40,437) (48,051) (30,536) (52,654) (18,874) (52,894) (6,302) (13,170) Total Direct Cost of Revenues (12,107,677) (4,886,387) (8,854,499) (3,828,511) (3,466,206) (4,043,639) (6,024,595) (13,081,483) General and Administrative Expenses (3,220,147) (4,797,457) (2,727,187) (1,899,126) (1,995,512) (1,821,827) (2,309,764) (1,779,467) Impairment Charges — (209,908) — (1,970,822) — — — — Depreciation and Amortization (2,762,575) (2,067,367) (3,215,690) (1,805,559) (3,161,169) (1,945,460) (3,524,525) (2,377,031) Gain (Loss) on Disposition of Assets — — — 1,362,948 (266) 11,479,490 304 (83,668) Land Lease Income 2,226,526 — — — — — — — Total Operating Expenses (15,863,873) (11,961,119) (14,797,376) (8,141,070) (8,623,153) 3,668,564 (11,858,580) (17,321,649) Operating Income 22,849,411 6,393,316 8,040,407 4,732,868 3,757,449 15,879,509 5,622,042 10,313,894 Investment Income (Loss) 9,183 (566,384) 8,524 2,691 9,724 2,531 10,554 31,181 Interest Expense (2,061,891) (2,091,766) (2,144,176) (2,154,437) (2,073,299) (2,454,390) (2,243,770) (2,052,745) Income Before Income Tax Benefit (Expense) 20,796,703 3,735,166 5,904,755 2,581,122 1,693,874 13,427,650 3,388,826 8,292,330 Income Tax Benefit (Expense) (8,050,311) (2,342,601) (2,225,847) (1,000,480) (726,974) (5,281,646) 20,938,398 (3,212,127) Net Income 12,746,392 1,392,565 3,678,908 1,580,642 966,900 8,146,004 24,327,224 5,080,203 Less: Net Loss (Income) Attributable to Noncontrolling Interest in Consolidated VIE — 32,153 — (10,199) — 15,010 14,870 Net Income Attributable to Consolidated-Tomoka Land Co. $ 12,746,392 $ 1,424,718 $ 3,678,908 $ 1,570,443 $ 966,900 $ 8,161,014 $ 24,327,224 $ 5,095,073 Per Share Information: Basic Net Income Attributable to Consolidated-Tomoka Land Co. $ 2.28 $ 0.25 $ 0.67 $ 0.28 $ 0.18 $ 1.44 $ 4.42 $ 0.91 Diluted Net Income Attributable to Consolidated-Tomoka Land Co. $ 2.27 $ 0.25 $ 0.66 $ 0.28 $ 0.18 $ 1.44 $ 4.38 $ 0.90

SUMMARY OF SIGNIFICANT ACCOUN53

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - NATURE OF OPERATIONS (Details) ft² in Millions	Feb. 21, 2018property	Dec. 31, 2017ft²arestaurantitemstateloanproperty	Jan. 31, 2018arestaurant	Sep. 30, 2017restaurant	Dec. 31, 2016a
Land
Description of business
Number under lease | item		19
Commercial loans
Description of business
Number of mortgage loan investments | loan		2
Commercial
Description of business
Number of real estate properties	40	37
Number of states in which entity operates | state		12
Gross leasable space | ft²		2.1
Single-tenant
Description of business
Number of real estate properties	29	26
Multi-tenant
Description of business
Number of real estate properties		11
Land Parcel - Beachfront Property
Description of business
Acres | a		6	6		6
Land Parcel - Beachfront Property | Restaurant property
Description of business
Number under lease | restaurant		2	2	2
Daytona Beach, FL | Undeveloped land
Description of business
Acres | a		8,100
Subsequent Event | Aspen, Colorado | Commercial | Master lease
Description of business
Lease term	20 years

SUMMARY OF SIGNIFICANT ACCOUN54

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - RESTRICTED CASH and INVESTMENT SECURITIES (Details)	Jul. 31, 2017USD ($)	Jul. 31, 2017USD ($)	Feb. 28, 2017Transaction	Dec. 31, 2015Transaction	Dec. 31, 2013Transaction	Dec. 31, 2015Transaction	Dec. 31, 2017USD ($)Transactionitemproperty	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Restricted Cash
Restricted Cash							$ 6,508,131	$ 9,855,469
Number of closed land transactions | Transaction						2
Mortgage loan originated							3,000,000		$ 15,394,878
Investment Securities
Other-than-temporary impairment charge							0	0	59,553
Loss from disposition of Investment Securities								575,567	(163,189)
Investment Securities remaining							0	$ 0
Investment Income (Loss)
Investment Securities
Other-than-temporary impairment charge									$ 60,000
First mortgage loan
Restricted Cash
Mortgage loan originated	$ 3,000,000	$ 3,000,000
Escrow deposit to be reinvested through like-kind exchange structure
Restricted Cash
Restricted Cash							5,600,000
Restricted cash, escrow deposit related to land transactions
Restricted Cash
Restricted Cash							$ 646,000
Number of separate escrow accounts | item							3
Number of separate land transactions | Transaction							3
Number of closed land transactions | Transaction			1	1	1
Restricted cash reserve for interest and property taxes for first mortgage loan investment
Restricted Cash
Restricted Cash							$ 127,000
Capital replacement reserve account
Restricted Cash
Restricted Cash							$ 160,000
Number of real estate properties in financing | property							6

SUMMARY OF SIGNIFICANT ACCOUN55

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - DERIVATIVE FINANCIAL INSTRUMENTS (Details) - derivative	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Put Options
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITY
Derivatives outstanding	0	0	0

SUMMARY OF SIGNIFICANT ACCOUN56

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - COMMERCIAL LOAN INVESTMENTS and ACCOUNTS RECEIVABLE (Details)	3 Months Ended
	Dec. 31, 2015Transaction	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Commercial Loan Investment Impairment
Allowance for impairment of loans		$ 0	$ 0
Accounts Receivable
Receivables related to tenant reimbursable expenses		895,476	125,383
Accounts receivable related to golf operations		349,220	325,510
Number of closed land transactions | Transaction	2
Allowance for doubtful accounts		0	0
Other Assets
Accounts Receivable
Receivables related to tenant reimbursable expenses		895,000	125,000
Accounts receivable related to real estate operations		2,200,000	3,800,000
Accounts receivable related to golf operations		$ 349,000	$ 326,000

SUMMARY OF SIGNIFICANT ACCOUN57

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - PROPERTY, PLANT, AND EQUIPMENT and GOLF OPERATIONS (Details)	12 Months Ended
	Dec. 31, 2017USD ($)itemproperty	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
PROPERTY, PLANT, AND EQUIPMENT
Depreciation | $	$ 7,900,000	$ 5,500,000	$ 3,500,000
Interest capitalized | $	$ 215,000	$ 0	$ 0
Golf Operations
PROPERTY, PLANT, AND EQUIPMENT
Number of golf courses | property	2
Number of holes to the golf course | item	18
Number of holes to the golf course practice facility | item	3
Golf course and clubhouse facility membership period	12 months
Golf Buildings and Improvements | Minimum
PROPERTY, PLANT, AND EQUIPMENT
Useful lives for property, plant, and equipment	10 years
Golf Buildings and Improvements | Maximum
PROPERTY, PLANT, AND EQUIPMENT
Useful lives for property, plant, and equipment	43 years
Golf Equipment | Minimum
PROPERTY, PLANT, AND EQUIPMENT
Useful lives for property, plant, and equipment	3 years
Golf Equipment | Maximum
PROPERTY, PLANT, AND EQUIPMENT
Useful lives for property, plant, and equipment	10 years
Income Properties Buildings and Improvements | Minimum
PROPERTY, PLANT, AND EQUIPMENT
Useful lives for property, plant, and equipment	5 years
Income Properties Buildings and Improvements | Maximum
PROPERTY, PLANT, AND EQUIPMENT
Useful lives for property, plant, and equipment	55 years
Other Furnishings and Equipment | Minimum
PROPERTY, PLANT, AND EQUIPMENT
Useful lives for property, plant, and equipment	3 years
Other Furnishings and Equipment | Maximum
PROPERTY, PLANT, AND EQUIPMENT
Useful lives for property, plant, and equipment	10 years
Agriculture Equipment | Minimum
PROPERTY, PLANT, AND EQUIPMENT
Useful lives for property, plant, and equipment	10 years
Agriculture Equipment | Maximum
PROPERTY, PLANT, AND EQUIPMENT
Useful lives for property, plant, and equipment	20 years

SUMMARY OF SIGNIFICANT ACCOUN58

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - STOCK-BASED COMPENSATION (Details) - shares	Apr. 23, 2014	Apr. 30, 2011	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2009
STOCK-BASED COMPENSATION
Stock options and stock appreciation rights outstanding (in shares)			169,775	231,504
2001 Stock Option Plan
STOCK-BASED COMPENSATION
Shares authorized for issuance					500,000
Amended and Restated 2010 Equity Incentive Plan
STOCK-BASED COMPENSATION
Shares authorized for issuance	450,000		450,000
Number of additional shares authorized	240,000
Maximum award per participant			50,000
Period after adoption that plan expires			10 years
Stock Option Awards | 2001 Stock Option Plan
STOCK-BASED COMPENSATION
Awards available for issue ( in shares)					0
Vesting period		5 years
Period of expiration from grant date		10 years
Stock Options and Stock Appreciation Rights | 2001 Stock Option Plan
STOCK-BASED COMPENSATION
Stock options and stock appreciation rights outstanding (in shares)				11,000

SUMMARY OF SIGNIFICANT ACCOUN59

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - INCOME TAXES (Details)	Dec. 31, 2017USD ($)
Income Taxes
Reserves for uncertain income tax positions	$ 0

SUMMARY OF SIGNIFICANT ACCOUN60

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONCENTRATION OF CREDIT RISK (Details)	12 Months Ended
	Dec. 31, 2017
Segment square footage | Geographic Concentration Risk | Income Properties | State of Florida
CONCENTRATION OF CREDIT RISK
Concentration risk percentage	29.00%

INCOME PROPERTIES - 2017 Acquis

INCOME PROPERTIES - 2017 Acquisitions (Details)	12 Months Ended
	Dec. 31, 2017USD ($)property
Amount allocated of total acquisition cost
Weighted average amortization period of intangible assets	13 years
Weighted average amortization period of intangible liabilities	13 years
2017 acquisitions of income property subject to a lease
Acquisitions of Income Properties
Number of real estate properties | property	10
2017 acquisitions of income property subject to a lease | Commercial
Acquisitions of Income Properties
Purchase price	$ 79,790,000
Aggregate acquisition cost including capitalized acquisition costs	$ 80,600,000
Amount allocated of total acquisition cost
Weighted average amortization period of intangible assets	8 years 10 months 24 days
Weighted average amortization period of intangible liabilities	8 years 10 months 24 days
2017 acquisitions of income property subject to a lease | Commercial | Nonrecurring basis
Amount allocated of total acquisition cost
Land	$ 28,000,000
Buildings and improvements	45,200,000
Intangible assets pertaining to the in-place lease value, leasing fees and above market lease value	9,300,000
Intangible liabilities for below market lease value	$ 1,900,000
2017 acquisitions of income property subject to a lease | Single-tenant
Acquisitions of Income Properties
Number of real estate properties | property	4
2017 acquisitions of income property subject to a lease | Multi-tenant
Acquisitions of Income Properties
Number of real estate properties | property	2

INCOME PROPERTIES - 2017 Proper

INCOME PROPERTIES - 2017 Properties Acquired (Details) - 2017 acquisitions of income property subject to a lease	12 Months Ended
	Dec. 31, 2017USD ($)ft²a
Commercial
Description of properties acquired
Square-Feet	440,383
Purchase price | $	$ 79,790,000
Remaining Lease Term	8 years 10 months 24 days
Sarasota, FL | Single-tenant
Description of properties acquired
Square-Feet	18,120
Acres | a	1.2
Purchase price | $	$ 4,075,000
Percentage Leased	100.00%
Remaining Lease Term	5 years
Fort Worth, TX | Multi-tenant
Description of properties acquired
Square-Feet	136,185
Acres | a	10.3
Purchase price | $	$ 15,000,000
Percentage Leased	96.00%
Remaining Lease Term	4 years 1 month 6 days
Saugus, MA | Single-tenant
Description of properties acquired
Square-Feet	22,500
Acres | a	2.6
Purchase price | $	$ 6,315,000
Percentage Leased	100.00%
Remaining Lease Term	11 years 9 months 18 days
Brandon, FL | Commercial
Description of properties acquired
Acres | a	5.3
Purchase price | $	$ 14,650,000
Percentage Leased	100.00%
Remaining Lease Term	13 years 10 months 24 days
Brandon, FL | Single-tenant
Description of properties acquired
Square-Feet	45,000
Brandon, FL | Multi-tenant
Description of properties acquired
Square-Feet	6,715
Hillsboro, OR | Single-tenant
Description of properties acquired
Square-Feet	211,863
Acres | a	18.9
Purchase price | $	$ 39,750,000
Percentage Leased	100.00%
Remaining Lease Term	8 years 2 months 12 days

INCOME PROPERTIES - 2017 Dispos

INCOME PROPERTIES - 2017 Dispositions (Details)	12 Months Ended
	Dec. 31, 2017property
Sold | 2017 dispositions of income property subject to a lease
Dispositions of Income Properties
Number of properties in the disposal group	0

INCOME PROPERTIES - Rent and Le

INCOME PROPERTIES - Rent and Lease Information (Details) - Multi-tenant	Apr. 07, 2017	Dec. 31, 2017ft²tenant
The Grove of Winter Park
Income properties
Square-Feet		112,000
Property leased (as a percent)		63.00%
Number of tenants | tenant		11
24 Hour Fitness
Income properties
Lessor, Operating Lease, Term of Contract	15 years
Square-Feet		40,000
Percentage of the total area of real estate property leased by tenant		36.00%

INCOME PROPERTIES - 2016 Acquis

INCOME PROPERTIES - 2016 Acquisitions (Details) $ in Millions	12 Months Ended
	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)property
Acquisitions of Income Properties
Amount allocated to below market lease value	$ 1.9
Weighted average amortization period of intangible assets	13 years
Weighted average amortization period of intangible liabilities	13 years
2016 acquisitions
Acquisitions of Income Properties
Amount allocated to intangible assets		$ 20
Amount allocated to below market lease value		$ 1.1
2016 acquisitions | Commercial
Acquisitions of Income Properties
Number of income properties acquired | property		10
Aggregate purchase of income properties		$ 86.7
Weighted average amortization period of intangible assets		14 years 3 months 18 days
Weighted average amortization period of intangible liabilities		14 years 3 months 18 days
2016 acquisitions | Single-tenant
Acquisitions of Income Properties
Number of income properties acquired | property		7
2016 acquisitions | Multi-tenant
Acquisitions of Income Properties
Number of income properties acquired | property		3
2016 acquisitions | Land
Acquisitions of Income Properties
Amount allocated to land, buildings and improvements		$ 40.4
2016 acquisitions | Building and building improvements
Acquisitions of Income Properties
Amount allocated to land, buildings and improvements		$ 27.4

INCOME PROPERTIES - 2016 Dispos

INCOME PROPERTIES - 2016 Dispositions and Impairment Charges (Details) - Sold - 2016 dispositions of income property subject to a lease $ in Millions	12 Months Ended
	Dec. 31, 2016USD ($)property
Dispositions of Income Properties
Number of properties in the disposal group | property	19
Sales price	$ 74.3
Gain on Sale	12.8
Impairment charge	$ 1.2

INCOME PROPERTIES - 2015 Acquis

INCOME PROPERTIES - 2015 Acquisitions (Detail)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)property
Acquisitions
Aggregate purchase price		$ 49,926,604	$ 76,034,452
Recognized assets and liabilities
Weighted average amortization period of intangible assets	13 years
Weighted average amortization period of intangible liabilities	13 years
2015 Acquisitions
Acquisitions
Number of acquisitions | property			4
Purchase price			$ 76,500,000
Aggregate purchase price			76,400,000
Recognized assets and liabilities
Land			17,100,000
Buildings and improvements			78,900,000
Intangible assets			12,100,000
Intangible liabilities			$ 31,600,000
Weighted average amortization period of intangible assets			15 years 8 months 12 days
Weighted average amortization period of intangible liabilities			15 years 8 months 12 days
2015 Acquisitions | Single-tenant
Acquisitions
Number of acquisitions | property			2
2015 Acquisitions | Multi-tenant
Acquisitions
Number of acquisitions | property			1
2015 Acquisitions | Vacant Parcel
Acquisitions
Number of acquisitions | property			1

INCOME PROPERTIES - 2015 Dispos

INCOME PROPERTIES - 2015 Dispositions and Impairments (Details) - Sold - 2015 dispositions of income property subject to a lease	12 Months Ended
	Dec. 31, 2015USD ($)property
Dispositions of Income Properties
Number of properties in the disposal group | property	6
Sales price	$ 24,300,000
Gain on Sale	5,500,000
Impairment charge	$ 510,000

COMMERCIAL LOAN INVESTMENTS - P

COMMERCIAL LOAN INVESTMENTS - Portfolio Information (Details)	Dec. 31, 2017USD ($)loan	Oct. 23, 2017USD ($)loan	Jul. 31, 2017USD ($)	Jul. 31, 2017USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2015USD ($)	Sep. 30, 2017USD ($)
Commercial loan investment portfolio
Mortgage loan originated					$ 3,000,000	$ 15,394,878
Commercial loans
Commercial loan investment portfolio
Number of mortgage loan investments | loan	2
Commercial loans | Performing
Commercial loan investment portfolio
Number of mortgage loan investments | loan	2
Aggregate outstanding principal balance	$ 12,000,000				$ 12,000,000
Average remaining maturity	6 months
Interest Rate (as a percent)	9.50%
First mortgage loan
Commercial loan investment portfolio
Mortgage loan originated			$ 3,000,000	$ 3,000,000
Maturity extension period			1 year
Interest Rate (as a percent)			11.00%
Loan origination fee received			$ 60,000
Mezzanine loans
Commercial loan investment portfolio
Number of loans sold | loan		2
Proceeds from loans sold		$ 15,100,000
Aggregate principal value							$ 15,000,000

COMMERCIAL LOAN INVESTMENTS - C

COMMERCIAL LOAN INVESTMENTS - Composition of Portfolio (Details) - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Commercial loan investment portfolio
Original Face Amount	$ 11,960,467
Carrying Value	11,925,699
Commercial loans
Commercial loan investment portfolio
Original Face Amount	11,960,467	$ 23,960,467
Current Face Amount	11,960,467	23,960,467
Carrying Value	11,925,699	23,960,467
Fixed–rate mezzanine | Commercial loans
Commercial loan investment portfolio
Original Face Amount		5,000,000
Current Face Amount		5,000,000
Carrying Value		$ 5,000,000
Interest Rate (as a percent)		12.00%
Fixed-rate first mortgage | Commercial loans
Commercial loan investment portfolio
Original Face Amount	3,000,000
Current Face Amount	3,000,000
Carrying Value	$ 2,965,232
Interest Rate (as a percent)	11.00%
Variable-rate B-Note Junior Mortgage | Commercial loans
Commercial loan investment portfolio
Original Face Amount	$ 8,960,467	$ 8,960,467
Current Face Amount	8,960,467	8,960,467
Carrying Value	$ 8,960,467	$ 8,960,467
Variable-rate B-Note Junior Mortgage | Commercial loans | LIBOR
Commercial loan investment portfolio
Loans receivable basis spread on variable rate (as a percent)	7.50%	7.50%
Variable–rate mezzanine | Commercial loans
Commercial loan investment portfolio
Original Face Amount		$ 10,000,000
Current Face Amount		10,000,000
Carrying Value		$ 10,000,000
Variable–rate mezzanine | Commercial loans | LIBOR
Commercial loan investment portfolio
Loans receivable basis spread on variable rate (as a percent)		7.25%

COMMERCIAL LOAN INVESTMENTS -71

COMMERCIAL LOAN INVESTMENTS - Carrying Value of Held for Investment and Loans Classified as Held for Sale (Details) - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Carrying value of the commercial loan investment portfolio
Total Commercial Loan Investments	$ 11,925,699	$ 23,960,467
Commercial loans
Carrying value of the commercial loan investment portfolio
Current Face Amount	11,960,467	23,960,467
Unaccreted Origination Fees	(34,768)
Total Commercial Loan Investments	11,925,699
Loans classified as held for sale
Loan investments classified as held for sale	$ 0	$ 0

LAND AND DEVELOPMENT COSTS AN72

LAND AND DEVELOPMENT COSTS AND SUBSURFACE INTERESTS - Daytona Beach, Florida Land (Details)	Feb. 28, 2018a	Dec. 31, 2017apropertymi
Expected
Land and development costs and subsurface interests
Area of land sales as a percentage of land holdings	75.00%
Land sale acres	6,042
Undeveloped land | Daytona Beach, FL
Land and development costs and subsurface interests
Acres		8,100
Undeveloped land | Daytona Beach, FL | Property west of Interstate 95
Land and development costs and subsurface interests
Acres		7,000
Distance of land owned along Interstate | mi		6
Undeveloped land | Daytona Beach, FL | Property west of Interstate 95 and north of Interstate 4
Land and development costs and subsurface interests
Acres		1,100
Undeveloped land | Daytona Beach, FL | Property east of Interstate 95
Land and development costs and subsurface interests
Acres		1,100
Distance of land owned along Interstate | mi		6
Undeveloped land, parcel one | Daytona Beach, FL | Property west of Interstate 95 and north of Interstate 4
Land and development costs and subsurface interests
Acres		850
Undeveloped land, smaller parcels | Daytona Beach, FL | Property west of Interstate 95 and north of Interstate 4
Land and development costs and subsurface interests
Number of land parcels | property		3

LAND AND DEVELOPMENT COSTS AN73

LAND AND DEVELOPMENT COSTS AND SUBSURFACE INTERESTS - Land and Development Costs (Details) - USD ($)	Dec. 31, 2017	Dec. 31, 2016
LAND AND DEVELOPMENT COSTS AND SUBSURFACE INTERESTS
Land and Development Costs	$ 32,625,857	$ 39,681,558
Land, Timber, and Subsurface Interests	6,851,840	12,273,720
Total Land and Development Costs	$ 39,477,697	$ 51,955,278

LAND AND DEVELOPMENT COSTS AN74

LAND AND DEVELOPMENT COSTS AND SUBSURFACE INTERESTS - Real Estate Operations Revenues (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Land and development costs and subsurface interests
Total Revenues	$ 17,480,622	$ 12,380,602	$ 22,837,783	$ 38,713,284	$ 27,635,543	$ 12,210,945	$ 12,873,938	$ 18,354,435	$ 91,412,291	$ 71,074,861	$ 42,997,680
Real Estate Operations
Land and development costs and subsurface interests
Land Sales Revenue									45,472,000	11,871,000	4,276,000
Tomoka Town Center - Percentage of Completion Revenue										17,490,000	8,128,000
Revenue from Reimbursement of Infrastructure Costs									1,860,000	4,500,000
Impact Fee and Mitigation Credit Sales									2,126,000	2,220,000	463,000
Subsurface Revenue									3,048,000	1,802,000	3,003,000
Fill Dirt and Other Revenue									17,000	261,000	73,000
Total Revenues	$ 6,864,334	$ 2,926,406	$ 13,257,355	$ 29,474,460	$ 19,165,183	$ 4,643,646	$ 4,774,620	$ 9,560,898	$ 52,522,555	$ 38,144,347	$ 15,942,894

LAND AND DEVELOPMENT COSTS AN75

LAND AND DEVELOPMENT COSTS AND SUBSURFACE INTERESTS - Tomoka Town Center (Details)

3 Months Ended

12 Months Ended

24 Months Ended

Dec. 31, 2017USD ($)ft²a

Sep. 30, 2017USD ($)

Jun. 30, 2017USD ($)a

Mar. 31, 2017USD ($)

Dec. 31, 2016USD ($)

Sep. 30, 2016USD ($)

Jun. 30, 2016USD ($)

Mar. 31, 2016USD ($)

Dec. 31, 2017USD ($)ft²a

Dec. 31, 2016USD ($)

Dec. 31, 2015USD ($)

Dec. 31, 2016USD ($)a

Nov. 30, 2016ft²

Land and development costs and subsurface interests

Gross Sales Price | $

$ 17,480,622

$ 12,380,602

$ 22,837,783

$ 38,713,284

$ 27,635,543

$ 12,210,945

$ 12,873,938

$ 18,354,435

$ 91,412,291

$ 71,074,861

$ 42,997,680

Infrastructure Reimbursement Receivables | $

2,213,305

$ 3,844,236

2,213,305

$ 3,844,236

$ 3,844,236

Tomoka Town Center

Land and development costs and subsurface interests

Infrastructure Reimbursement Receivables | $

$ 2,200,000

$ 2,200,000

Tomoka Town Center | Land

Land and development costs and subsurface interests

Acres

235

235

Tomoka Town Center | Developable land

Land and development costs and subsurface interests

Acres

180

180

Tanger

Land and development costs and subsurface interests

Area of real estate property | ft²

350,000

NADG retail power center

Land and development costs and subsurface interests

Area of real estate property | ft²

400,000

400,000

Tomoka Town Center Sales Agreements | Tomoka Town Center

Land and development costs and subsurface interests

Gross Sales Price | $

$ 21,400,000

Acres sold

99

Third NADG Land Sale | Tomoka Town Center

Land and development costs and subsurface interests

Acres sold

19

Fourth NADG Land Sale | Tomoka Town Center

Land and development costs and subsurface interests

Acres sold

27

NADG Contract | Tomoka Town Center | Developable land

Land and development costs and subsurface interests

Acres

35

35

LAND AND DEVELOPMENT COSTS AN76

LAND AND DEVELOPMENT COSTS AND SUBSURFACE INTERESTS - Land Sales and Impairments (Details)	Dec. 29, 2017USD ($)a$ / a	Oct. 13, 2017USD ($)a$ / a	Jun. 27, 2017USD ($)a$ / a	Apr. 25, 2017USD ($)a$ / a	Apr. 13, 2017USD ($)a$ / a	Apr. 05, 2017USD ($)a$ / a	Mar. 22, 2017USD ($)a$ / a	Feb. 10, 2017USD ($)a$ / a	Dec. 29, 2016USD ($)a$ / a	Dec. 22, 2016USD ($)a$ / a	Oct. 13, 2016USD ($)a$ / a	Sep. 27, 2016USD ($)a$ / a	Mar. 30, 2016USD ($)a$ / a	Feb. 12, 2016USD ($)a$ / a	Dec. 29, 2015USD ($)a$ / a	Dec. 23, 2015USD ($)a$ / a	Dec. 18, 2015USD ($)a$ / a	Nov. 12, 2015USD ($)a$ / a	Jun. 17, 2015USD ($)a$ / a	Jun. 01, 2015USD ($)a$ / a	Dec. 31, 2017USD ($)	Sep. 30, 2017USD ($)	Jun. 30, 2017USD ($)	Mar. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Sep. 30, 2016USD ($)	Jun. 30, 2016USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2017USD ($)a$ / a	Dec. 31, 2016USD ($)a$ / a	Dec. 31, 2015USD ($)a$ / a
Land and development costs and subsurface interests
Gross Sales Price																					$ 17,480,622	$ 12,380,602	$ 22,837,783	$ 38,713,284	$ 27,635,543	$ 12,210,945	$ 12,873,938	$ 18,354,435	$ 91,412,291	$ 71,074,861	$ 42,997,680
Impairment charges																											$ 1,970,822	$ 209,908	0	2,180,730	510,041
Undeveloped land
Land and development costs and subsurface interests
Impairment charges																													$ 0	1,000,000	$ 0
NADG - Out Parcel
Land and development costs and subsurface interests
Total sales price																														$ 2,000,000
Land Sales
Land and development costs and subsurface interests
No. of Acres | a																													1,700.9	707.7	114.1
Gross Sales Price																													$ 47,011,000	$ 13,759,000	$ 22,529,000
Price per Acre | $ / a																													28,000	19,000	197,000
Gain on Sale																													$ 31,758,000	$ 8,304,000	$ 8,477,000
Land Sales | Commercial
Land and development costs and subsurface interests
No. of Acres | a		5.1		30	4.5	27.5	6.4
Gross Sales Price		$ 275,000		$ 2,938,000	$ 1,235,000	$ 3,218,000	$ 1,556,000
Price per Acre | $ / a		54,000		98,000	274,000	117,000	245,000
Gain on Sale		$ 239,000		$ 627,000	$ 13,000	$ 2,955,000	$ 11,000
Land Sales | Commercial/Retail Site
Land and development costs and subsurface interests
No. of Acres | a										74.6	17.1			3.1	0.9				0.9	3
Gross Sales Price										$ 830,000	$ 3,034,000			$ 190,000	$ 30,000				$ 250,000	$ 505,000
Price per Acre | $ / a										11,000	177,000			61,000	33,000				278,000	168,000
Gain on Sale										$ 751,000	$ 2,675,000			$ 145,000	$ 20,000				$ 223,000	$ 476,000
Land Sales | Minto Communities LLC
Land and development costs and subsurface interests
No. of Acres | a								1,581
Gross Sales Price								$ 27,151,000
Price per Acre | $ / a								17,000
Gain on Sale								$ 20,041,000
Land Sales | NADG - Third Parcel
Land and development costs and subsurface interests
No. of Acres | a			19.4
Gross Sales Price			$ 4,422,000
Price per Acre | $ / a			228,000
Gain on Sale			$ 3,263,000
Land Sales | NADG - Fourth Parcel
Land and development costs and subsurface interests
No. of Acres | a	27
Gross Sales Price	$ 6,216,000
Price per Acre | $ / a	230,000
Gain on Sale	$ 4,609,000
Land Sales | NADG - Out Parcel
Land and development costs and subsurface interests
No. of Acres | a													4.4
Gross Sales Price													$ 2,000,000
Price per Acre | $ / a													455,000
Gain on Sale													$ 1,304,000
Land Sales | Minto Sales Center
Land and development costs and subsurface interests
No. of Acres | a												4.5
Gross Sales Price												$ 205,000
Price per Acre | $ / a												46,000
Gain on Sale												$ 126,000
Land Sales | ICI Homes
Land and development costs and subsurface interests
No. of Acres | a									604
Gross Sales Price									$ 7,500,000
Price per Acre | $ / a									12,000
Gain on Sale									$ 3,303,000
Land Sales | Distribution Center
Land and development costs and subsurface interests
Percentage of completion revenue earned																															87,000
Incentives received and earned																														$ 112,000	1,030,000
Land Sales | Tanger
Land and development costs and subsurface interests
No. of Acres | a																		38.9
Gross Sales Price																		$ 9,700,000
Price per Acre | $ / a																		249,000
Gain on Sale																		$ 2,793,000
Land Sales | Integra Land Company
Land and development costs and subsurface interests
No. of Acres | a																	15
Gross Sales Price																	$ 2,376,000
Price per Acre | $ / a																	158,000
Gain on Sale																	$ 2,265,000
Land Sales | Sam's Club land
Land and development costs and subsurface interests
No. of Acres | a																18.1
Gross Sales Price																$ 4,500,000
Price per Acre | $ / a																249,000
Gain on Sale																$ 1,279,000
Land Sales | NADG - First Parcel
Land and development costs and subsurface interests
No. of Acres | a															37.3
Gross Sales Price															$ 5,168,000
Price per Acre | $ / a															139,000
Gain on Sale															$ 1,421,000
Infrastructure reimbursement | Minto Communities LLC
Land and development costs and subsurface interests
Reimbursement received																													321,000
Infrastructure reimbursement | NADG - Third Parcel
Land and development costs and subsurface interests
Reimbursement received																													955,000
Infrastructure reimbursement | NADG - Fourth Parcel
Land and development costs and subsurface interests
Reimbursement received																													$ 584,000
Tomoka Town Center Sales Agreements | Tomoka Town Center
Land and development costs and subsurface interests
Total sales price																															$ 19,400,000

LAND AND DEVELOPMENT COSTS AN77

LAND AND DEVELOPMENT COSTS AND SUBSURFACE INTERESTS - Beachfront Venture (Details)	Dec. 31, 2017USD ($)ft²arestaurant	Dec. 31, 2016USD ($)a	Nov. 17, 2016USD ($)	Jun. 30, 2017USD ($)	Mar. 31, 2017ft²	Jun. 30, 2016USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2017USD ($)ft²arestaurant	Dec. 31, 2016USD ($)a	Dec. 31, 2015USD ($)a	Jan. 31, 2018arestaurant	Sep. 30, 2017restaurant	Nov. 16, 2016
Land and subsurface interests
Acquisition of property									$ 4,778,790	$ 5,664,787
Acquisition of noncontrolling interest and (discount on acquisition)			$ 4,800,000						4,778,790
Impairment Charges						$ 1,970,822	$ 209,908	$ 0	2,180,730	$ 510,041
Cost basis	$ 39,477,697	$ 51,955,278						$ 39,477,697	51,955,278
Land and land improvements
Land and subsurface interests
Square-Feet | ft²	1,200,000							1,200,000
Retained Earnings
Land and subsurface interests
Acquisition of noncontrolling interest and (discount on acquisition)			$ (879,000)						$ (879,158)
Land Parcel - Beachfront Property
Land and subsurface interests
Acres | a	6	6						6	6		6
Impairment Charges	$ 0	$ 0
Cost basis	$ 11,700,000							$ 11,700,000
Land Parcel - Beachfront Property | Restaurant property
Land and subsurface interests
Number of properties | restaurant	2							2			2	2
Design and construction costs incurred								$ 5,900,000
Land Parcel - Beachfront Property | Restaurant property | LandShark Bar and Grill
Land and subsurface interests
Lease term					15 years
Square-Feet | ft²					6,264
Land Parcel - Beachfront Property | Restaurant property | Cocina 214 Restaurant and Bar
Land and subsurface interests
Lease term				15 years
Annual minimum rent per year				$ 360,000
Land Parcel - Beachfront Property | Land and land improvements
Land and subsurface interests
Square-Feet | ft²	1,200,000							1,200,000
Partially owned consolidated property | Land Parcel - Beachfront Property
Land and subsurface interests
Acres | a										6
Acquisition of property										$ 5,664,787
Beachfront Venture
Land and subsurface interests
Unaffiliated third party’s percentage ownership										50.00%			50.00%
Beachfront Venture | Land Parcel - Beachfront Property
Land and subsurface interests
Acquisition of property										$ 11,300,000

LAND AND DEVELOPMENT COSTS AN78

LAND AND DEVELOPMENT COSTS AND SUBSURFACE INTERESTS - Other Real Estate Assets (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Land and development costs and subsurface interests
Impact fees	$ 402,000
Mitigation credits	723,000
Impact Fee and Mitigation Credits	1,125,269	$ 2,322,906
Mitigation credits sold	1,600,000
Gain on mitigation credits sold	$ 1,300,000
Gain on mitigation credits sold (in dollars per share)	$ 0.15
Cash payments received for impact fees	$ 519,000	$ 2,200,000
Real Estate Operations | Cost of revenues
Land and development costs and subsurface interests
Mitigation credits transferred	$ 298,000

LAND AND DEVELOPMENT COSTS AN79

LAND AND DEVELOPMENT COSTS AND SUBSURFACE INTERESTS - Subsurface Interests (Details)	Oct. 11, 2017	Sep. 20, 2017	Sep. 20, 2016	Dec. 31, 2017USD ($)acounty$ / sharesbbl	Dec. 31, 2016USD ($)abbl	Dec. 31, 2015USD ($)abbl	Dec. 31, 2011	Dec. 31, 2017USD ($)acounty
Fill dirt excavation agreements
Lease income
Fill dirt and other revenue				$ 0	$ 250,000	$ 73,000
Subsurface Interests
Subsurface interests
Acres sold | a				38,750
Gross Sales Price				$ 2,100,000
Gain on Sale				$ 2,080,000
After tax gain on sale (in dollars per share) | $ / shares				$ 0.23
Lease income
Number of acres with operating oil wells | a				800	800	800		800
Oil production volume | bbl				60,287	50,441	62,745
Revenues received from royalties				$ 86,000	$ 50,000	$ 68,000
Oil exploration
Subsurface interests
Period of extended lease term		5 years
Period of lease term after which lessee has option to terminate lease				1 year
Lease payments on the respective acreages and drilling penalties received
Lease Payment								$ 9,827,121
Drilling Penalty								$ 1,975,000
Lease income
Period from end of prior lease year payment for drilling penalty is due				30 days
Lease income				$ 807,000	1,100,000	$ 1,700,000
Minimum | Oil exploration
Lease income
Period of lease term after which additional rental payments may be received				8 years
Maximum | Oil exploration
Subsurface interests
Lease term	13 years	13 years	13 years				8 years
Lease income
Period of lease term after which additional rental payments may be received				13 years
Surface land over subsurface interests
Subsurface interests
Acres | a				462,000				462,000
Number of counties in which Subsurface Interests are owned | county				20				20
Surface land over subsurface interests | Lee County
Lease income
Area of land for which surface entry rights were released | a						1,400
Subsurface rights interest (as a percent)						50.00%
Fair value of subsurface rights received for release of surface entry rights						$ 68,000
Real Estate Operations
Subsurface interests
Gross Sales Price				$ 45,472,000	11,871,000	4,276,000
Lease income
Revenues received from royalties				3,048,000	1,802,000	3,003,000
Fill dirt and other revenue				17,000	261,000	73,000
Real Estate Operations | Surface land over subsurface interests
Lease income
Revenue recognized for cash payments for the release of surface entry rights				$ 0	$ 493,000	995,000
Real Estate Operations | Surface land over subsurface interests | Lee County
Lease income
Revenue recognized for cash payments for the release of surface entry rights						920,000
Fair value of subsurface rights received for release of surface entry rights						$ 68,000
Lease Year 1 - 9/23/2011 - 9/22/2012 | Lee and Hendry County | Oil exploration
Lease payments on the respective acreages and drilling penalties received
Acreage | a				136,000				136,000
Lease Payment								$ 913,657
Lease Year 2 - 9/23/2012 - 9/22/2013 | Lee and Hendry County | Oil exploration
Lease payments on the respective acreages and drilling penalties received
Acreage | a				136,000				136,000
Lease Payment								$ 922,114
Lease Year 3 - 9/23/2013 - 9/22/2014 | Hendry County | Oil exploration
Lease payments on the respective acreages and drilling penalties received
Acreage | a				82,000				82,000
Lease Payment								$ 3,293,000
Drilling Penalty								$ 1,000,000
Lease Year 4 - 9/23/2014 - 9/22/2015 | Hendry County | Oil exploration
Lease payments on the respective acreages and drilling penalties received
Acreage | a				42,000				42,000
Lease Payment								$ 1,866,146
Drilling Penalty								$ 600,000
Lease Year 5 - 9/23/2015 - 9/22/2016 | Hendry County | Oil exploration
Lease payments on the respective acreages and drilling penalties received
Acreage | a				25,000				25,000
Lease Payment								$ 1,218,838
Drilling Penalty								$ 175,000
Lease Year 6 - 9/23/2016 - 9/22/2017 | Hendry County | Oil exploration
Lease payments on the respective acreages and drilling penalties received
Acreage | a				15,000				15,000
Lease Payment								$ 806,683
Drilling Penalty								$ 150,000
Lease Year 7 - 9/23/2017 - 9/22/2018 | Hendry County | Oil exploration
Lease payments on the respective acreages and drilling penalties received
Acreage | a				15,000				15,000
Lease Payment								$ 806,683
Drilling Penalty								$ 50,000

INVESTMENT SECURITIES - Disposi

INVESTMENT SECURITIES - Disposition of Remaining Position (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2017
INVESTMENT SECURITIES
Total basis of investment securities sold	$ 6,800,000
Proceeds from Sale of Investment Securities	6,252,362	$ 4,751,987
Loss from disposition of Investment Securities	575,567	$ (163,189)
Investment Securities remaining	$ 0		$ 0

INVESTMENT SECURITIES - Gains a

INVESTMENT SECURITIES - Gains and Losses Recognized on Sale of Investment Securities (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Gains and losses recognized on the sale of investment securities
Proceeds from the Disposition of Securities	$ 6,252,362	$ 4,751,987
Cost Basis of Securities Sold	(6,800,000)
Total Gain (Loss) recognized in Statement of Operations on the Disposition of Securities	(575,567)	163,189
Debt Securities
Gains and losses recognized on the sale of investment securities
Proceeds from the Disposition of Securities	827,738	2,084,994
Cost Basis of Securities Sold	(843,951)	(1,930,080)
Total Gain (Loss) recognized in Statement of Operations on the Disposition of Securities	(16,213)	154,914
Equity Securities
Gains and losses recognized on the sale of investment securities
Proceeds from the Disposition of Securities	5,424,624	2,574,091
Cost Basis of Securities Sold	(5,983,978)	(2,565,816)
Total Gain (Loss) recognized in Statement of Operations on the Disposition of Securities	$ (559,354)	$ 8,275

FAIR VALUE OF FINANCIAL INSTR82

FAIR VALUE OF FINANCIAL INSTRUMENTS - Carrying Value and Estimated Fair Value (Details) - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Carrying Value
Carrying value and estimated fair value of financial instruments
Cash and Cash Equivalents	$ 6,559,409	$ 7,779,562
Restricted Cash	6,508,131	9,855,469
Commercial Loan Investments	11,925,699	23,960,467
Long-Term Debt	195,816,364	166,245,201
Estimated Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1)
Carrying value and estimated fair value of financial instruments
Cash and Cash Equivalents	6,559,409	7,779,562
Restricted Cash	6,508,131	9,855,469
Estimated Fair Value | Significant Other Observable Inputs (Level 2)
Carrying value and estimated fair value of financial instruments
Commercial Loan Investments	12,015,628	24,228,242
Long-Term Debt	$ 200,000,776	$ 171,111,337

FAIR VALUE OF FINANCIAL INSTR83

FAIR VALUE OF FINANCIAL INSTRUMENTS - Measured on a Recurring Basis (Details) - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Fair value of assets
Cash Flow Hedge	$ 606,621	$ 416,590
Recurring basis
Fair value of assets
Cash Flow Hedge	606,621	416,590
Total	606,621	416,590
Recurring basis | Significant Other Observable Inputs (Level 2)
Fair value of assets
Cash Flow Hedge	606,621	416,590
Total	$ 606,621	$ 416,590

FAIR VALUE OF FINANCIAL INSTR84

FAIR VALUE OF FINANCIAL INSTRUMENTS - Assets Measured on a Nonrecurring Basis (Details)	3 Months Ended		12 Months Ended
	Jun. 30, 2016USD ($)a	Mar. 31, 2016USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)a	Dec. 31, 2015USD ($)
Fair value of financial instruments
Impairment charges	$ 1,970,822	$ 209,908	$ 0	$ 2,180,730	$ 510,041
Undeveloped land
Fair value of financial instruments
Impairment charges			0	$ 1,000,000	$ 0
Four acres of undeveloped land, (4.5 Repurchased Acres)
Fair value of financial instruments
Area of Land | a	4
Impairment charges	$ 311,000
Land Under Contract for Sale | Undeveloped land
Fair value of financial instruments
Area of Land | a	6			8
Impairment charges				$ 1,000,000
Land Under Contract for Sale | Four acres of undeveloped land, (3.6 Repurchased Acres)
Fair value of financial instruments
Area of Land | a	4
Impairment charges	$ 717,000
Nonrecurring basis
Fair value of assets
Asset fair value			$ 0
Nonrecurring basis | Land Under Contract for Sale | Undeveloped land
Fair value of assets
Asset fair value				$ 2,517,784
Nonrecurring basis | Land Under Contract for Sale | Four acres of undeveloped land, (3.6 Repurchased Acres)
Fair value of financial instruments
Area of Land | a				3.6
Fair value of assets
Asset fair value				$ 1,398,374
Nonrecurring basis | Land Under Contract for Sale | Four acres of undeveloped land, (4.5 Repurchased Acres)
Fair value of financial instruments
Area of Land | a				4.5
Fair value of assets
Asset fair value				$ 1,119,410
Nonrecurring basis | Significant Unobservable Inputs (Level 3) | Land Under Contract for Sale | Undeveloped land
Fair value of assets
Asset fair value				2,517,784
Nonrecurring basis | Significant Unobservable Inputs (Level 3) | Land Under Contract for Sale | Four acres of undeveloped land, (3.6 Repurchased Acres)
Fair value of assets
Asset fair value				1,398,374
Nonrecurring basis | Significant Unobservable Inputs (Level 3) | Land Under Contract for Sale | Four acres of undeveloped land, (4.5 Repurchased Acres)
Fair value of assets
Asset fair value				$ 1,119,410

INTANGIBLE LEASE ASSETS AND LIA

INTANGIBLE LEASE ASSETS AND LIABILITIES - Components (Details) - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	$ 50,198,683	$ 40,894,592
Accumulated Amortization	(11,440,624)	(6,168,770)
Total Intangible Lease Assets—Net	38,758,059	34,725,822
Intangible Lease Liabilities
Value of Below Market In-Place Leases	(35,312,017)	(33,370,217)
Sub-total Intangible Lease Liabilities	(35,312,017)	(33,370,217)
Accumulated Amortization	5,541,576	2,852,166
Total Intangible Lease Liabilities—Net	(29,770,441)	(30,518,051)
Total Intangible Assets and Liabilities—Net	8,987,618	4,207,771
Value of In-Place Leases
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	36,827,226	30,978,776
Value of Above Market In-Place Leases
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	2,966,322	2,905,624
Value of Intangible Leasing Costs
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	$ 10,405,135	$ 7,010,192

INTANGIBLE ASSETS AND LIABILI86

INTANGIBLE ASSETS AND LIABILITIES - Activity (Details)	12 Months Ended
	Dec. 31, 2017USD ($)property	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Intangible Assets And Liabilities
Increase in below-market in-place leases from acquisitions	$ 1,900,000
Net amortization related to intangible lease assets and liabilities	2,582,000	$ 456,000	$ 1,515,000
Net increase in intangible assets and liabilities	4,800,000
Below market lease value	$ 29,770,441	30,518,051
2017 acquisitions of income property subject to a lease
Intangible Assets And Liabilities
Number of real estate properties | property	10
Wells Fargo property | Raleigh, NC
Intangible Assets And Liabilities
Below market lease value	$ 26,700,000	$ 29,000,000
Value of In-Place Leases
Intangible Assets And Liabilities
Increase from acquisitions	5,800,000
Value of Above Market In-Place Leases
Intangible Assets And Liabilities
Increase from acquisitions	61,000
Value of Intangible Leasing Costs
Intangible Assets And Liabilities
Increase from acquisitions	$ 3,400,000

INTANGIBLE LEASE ASSETS AND L87

INTANGIBLE LEASE ASSETS AND LIABILITIES - Amortization (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
INTANGIBLE ASSETS AND LIABILITIES
Depreciation and amortization expense	$ 4,776,000	$ 2,696,000	$ 1,674,000
Increase to Income Properties Revenue	(2,193,957)	(2,240,008)	(158,599)
Net Amortization of Intangible Assets and Liabilities	$ 2,582,000	$ 456,000	$ 1,515,000

INTANGIBLE LEASE ASSETS AND L88

INTANGIBLE LEASE ASSETS AND LIABILITIES - Summary of Estimated Amortization and Accretion (Details) - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Future Amortization Amount
Total Intangible Lease Assets—Net	$ 38,758,059	$ 34,725,822
Future Accretion to Income Property Revenue
Total Intangible Lease Liabilities—Net	(29,770,441)	$ (30,518,051)
Net Future Amortization of Intangible Assets and Liabilities
2,018	3,070,435
2,019	3,047,000
2,020	2,672,308
2,021	831,017
2,022	141,930
Thereafter	(775,072)
Total	8,987,618
Value of In-Place Leases and Intangible Leasing Costs
Future Amortization Amount
2,018	5,340,302
2,019	5,311,743
2,020	4,870,322
2,021	3,179,886
2,022	2,561,959
Thereafter	15,387,811
Total Intangible Lease Assets—Net	36,652,023
Value of Below Market, net of Above Market In-Place Leases
Future Accretion to Income Property Revenue
2,018	(2,269,867)
2,019	(2,264,743)
2,020	(2,198,014)
2,021	(2,348,869)
2,022	(2,420,029)
Thereafter	(16,162,883)
Total Intangible Lease Liabilities—Net	$ (27,664,405)

INTANGIBLE ASSETS AND LIABILI89

INTANGIBLE ASSETS AND LIABILITIES - Weighted Average Amortization Period (Details)	12 Months Ended
	Dec. 31, 2017
INTANGIBLE ASSETS AND LIABILITIES
Weighted average amortization period of intangible assets	13 years
Weighted average amortization period of intangible liabilities	13 years

IMPAIRMENT OF LONG-LIVED ASSE90

IMPAIRMENT OF LONG-LIVED ASSETS (Details)	3 Months Ended				6 Months Ended	12 Months Ended
	Jun. 30, 2016USD ($)a	Mar. 31, 2016USD ($)	Jun. 30, 2015USD ($)	Mar. 31, 2015USD ($)property	Jun. 30, 2015USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)aproperty	Dec. 31, 2015USD ($)
Impairment of Long-Lived Assets
Impairment Charges	$ 1,970,822	$ 209,908				$ 0	$ 2,180,730	$ 510,041
2016 dispositions of income property subject to a lease | Sold
Impairment of Long-Lived Assets
Impairment charge (gain)							$ (1,200,000)
Number of properties in the disposal group | property							19
Gain (loss) on disposal							$ 12,800,000
September 2016 disposition of income property subject to a lease | Held for sale or under contract to be sold
Impairment of Long-Lived Assets
Impairment charge (gain)	$ 942,000
April 2016 disposition of income property subject to a lease | Held for sale or under contract to be sold
Impairment of Long-Lived Assets
Impairment charge (gain)		210,000
Gain (loss) on disposal		(134,000)
Closing costs		$ 76,000
April 2015 disposition of income property subject to a lease | Held for sale or under contract to be sold
Impairment of Long-Lived Assets
Impairment charge (gain)				$ 510,000
Number of properties in the disposal group | property				2
Gain (loss) on disposal				$ (277,000)
Closing costs				$ 233,000
April 2015 disposition of income property subject to a lease | Sold
Impairment of Long-Lived Assets
Impairment charge (gain)			$ (13,000)		$ 497,000
Undeveloped land
Impairment of Long-Lived Assets
Impairment Charges						$ 0	1,000,000	$ 0
Undeveloped land | Land Under Contract for Sale
Impairment of Long-Lived Assets
Impairment Charges							$ 1,000,000
Area of Land | a	6						8
Four acres of undeveloped land, (3.6 Repurchased Acres) | Land Under Contract for Sale
Impairment of Long-Lived Assets
Impairment Charges	$ 717,000
Area of Land | a	4
Anticipated loss on the sale	$ 646,000
Estimated closing costs	71,000
Four acres of undeveloped land, (4.5 Repurchased Acres)
Impairment of Long-Lived Assets
Impairment Charges	$ 311,000
Area of Land | a	4
Anticipated loss on the sale	$ 256,000
Estimated closing costs	$ 55,000

OTHER ASSETS - Components of Ot

OTHER ASSETS - Components of Other Assets (Details)	Dec. 31, 2017USD ($)buildinginstallment	Dec. 31, 2016USD ($)
Income properties
Income Property Tenant Receivables	$ 895,476	$ 125,383
Income Property Straight-line Rent Adjustment	2,517,195	1,773,946
Income Property Lease Incentive	2,696,678
Interest Receivable from Commercial Loan Investments	38,078	72,418
Cash Flow Hedge	606,621	416,590
Infrastructure Reimbursement Receivables	2,213,305	3,844,236
Golf Operations Receivables	349,220	325,510
Deferred Deal Costs	480,257	745,878
Prepaid Expenses, Deposits, and Other	3,174,299	2,165,127
Total Other Assets	12,971,129	$ 9,469,088
Tanger
Income properties
Infrastructure Reimbursement Receivables	$ 1,575,000
Number of installments to repay infrastructure reimbursement receivable | installment	9
Infrastructure reimbursement receivables, installment payment amounts	$ 175,000
Infrastructure reimbursement receivable, discount	172,000
Sam's Club
Income properties
Infrastructure Reimbursement Receivables	$ 880,000
Number of installments to repay infrastructure reimbursement receivable | installment	8
Infrastructure reimbursement receivables, installment payment amounts	$ 110,000
Infrastructure reimbursement receivable, discount	$ 75,000
Buildings | Hilton Grand Vacations
Income properties
Number of real estate properties | building	2

COMMON STOCK AND EARNINGS PER92

COMMON STOCK AND EARNINGS PER SHARE - Summary of Common Stock and Earnings Per Share (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Available to Common Shareholders:
Net Income Attributable to Consolidated-Tomoka Land Co.									$ 41,719,424	$ 16,251,248	$ 8,347,166
Weighted Average Shares Outstanding									5,538,859	5,680,165	5,804,655
Common Shares Applicable to Stock
Options Using the Treasury Stock Method									40,933	13,697	25,423
Total Shares Applicable to Diluted Earnings Per Share									5,579,792	5,693,862	5,830,078
Per Share Information:
Basic Net Income Attributable to Consolidated-Tomoka Land Co.	$ 4.42	$ 0.18	$ 0.67	$ 2.28	$ 0.91	$ 1.44	$ 0.28	$ 0.25	$ 7.53	$ 2.86	$ 1.44
Diluted Net Income Attributable to Consolidated-Tomoka Land Co.	$ 4.38	$ 0.18	$ 0.66	$ 2.27	$ 0.90	$ 1.44	$ 0.28	$ 0.25	$ 7.48	$ 2.85	$ 1.43

COMMON STOCK AND EARNINGS PER93

COMMON STOCK AND EARNINGS PER SHARE - Anti-dilutive Securities and Convertible Notes (Details) - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Mar. 11, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	57,750	85,500	60,200
Additional diluted outstanding shares related to Convertible Notes	0	0	0
4.50% Convertible Senior Notes due 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stated interest rate (as a percent)	4.50%	4.50%
Conversion price per share	$ 68.72			$ 68.72	$ 68.90

TREASURY STOCK (Details)

TREASURY STOCK (Details) - USD ($)	9 Months Ended	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Mar. 31, 2017	Mar. 29, 2017
Treasury Stock
Stock repurchased amount		$ 7,209,454	$ 7,431,896	$ 6,484,844
Fourth quarter 2015 and first quarter 2017 $10 Million Repurchase Programs
Treasury Stock
Stock repurchased (in shares)		135,329
Stock repurchased amount		$ 7,200,000
Average price per share of stock repurchased		$ 53.27
Fourth quarter 2015 $10 Million Repurchase Program
Treasury Stock
Stock repurchase program authorized amount				$ 10,000,000		$ 10,000,000
First quarter 2017 $10 Million Repurchase Program
Treasury Stock
Stock repurchase program authorized amount					$ 10,000,000
Stock repurchased amount	$ 4,600,000

LONG-TERM DEBT - Outstanding In

LONG-TERM DEBT - Outstanding Indebtedness (Details)	12 Months Ended
	Dec. 31, 2017USD ($)property	Dec. 31, 2016	Apr. 30, 2016USD ($)	Dec. 31, 2015USD ($)
Long-term debt
Face Value of Debt	$ 200,000,000
Interest Rate Swap
Long-term debt
Fixed interest rate through use of derivative (as a percent)	3.17%
Credit Facility
Long-term debt
Face Value of Debt	$ 70,000,000
Credit Facility | LIBOR | Minimum
Long-term debt
Margin added to variable rate basis (as a percent)	1.50%
Credit Facility | LIBOR | Maximum
Long-term debt
Margin added to variable rate basis (as a percent)	2.20%
Wells Fargo Mortgage Note Payable Originated September 30, 2014
Long-term debt
Face Value of Debt	$ 30,000,000
Stated interest rate (as a percent)	4.33%
Number of income properties securing debt | property	6
Period of fixed interest rate	10 years
Period of interest only payments	10 years
Period after which cash flows generated by underlying income properties must be used to pay down principal balance	10 years
Period to when loan is pre-payable	10 years
Wells Fargo Mortgage Note Payable Originated April 15, 2016
Long-term debt
Face Value of Debt	$ 25,000,000		$ 25,000,000
Term of loan	5 years
Period of interest only payments	2 years
Period of amortization for principal payments	25 years
Wells Fargo Mortgage Note Payable Originated April 15, 2016 | LIBOR
Long-term debt
Margin added to variable rate basis (as a percent)	1.90%
4.50% Convertible Senior Notes due 2020
Long-term debt
Face Value of Debt	$ 75,000,000			$ 75,000,000
Stated interest rate (as a percent)	4.50%	4.50%

LONG-TERM DEBT - Credit Facilit

LONG-TERM DEBT - Credit Facility (Details) - Credit Facility $ in Millions	12 Months Ended
	Dec. 31, 2017USD ($)
Long-term debt
Extension term	1 year
Maximum borrowing capacity	$ 100
Maximum borrowing capacity, after possible increase	$ 150
Unused portion of the borrowing capacity fee percentage condition	50.00%
Current borrowing capacity	$ 100
Available borrowing capacity	30
Amount outstanding	$ 70
Minimum
Long-term debt
Commitment fee percentage on unused portion of the borrowing capacity	0.15%
Maximum
Long-term debt
Commitment fee percentage on unused portion of the borrowing capacity	0.25%
LIBOR | Minimum
Long-term debt
Margin added to variable rate basis (as a percent)	1.50%
LIBOR | Maximum
Long-term debt
Margin added to variable rate basis (as a percent)	2.20%

LONG-TERM DEBT - Mortgage Notes

LONG-TERM DEBT - Mortgage Notes Payable (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Long-term debt
Borrowings repaid	$ 35,100,000	$ 49,050,000	$ 70,540,011
UBS Mortgage Note Payable
Long-term debt
Borrowings repaid	$ 7,300,000

LONG-TERM DEBT - Convertible No

LONG-TERM DEBT - Convertible Notes (Details)	Mar. 11, 2015USD ($)$ / shares	Dec. 31, 2017USD ($)$ / shares	Dec. 31, 2016	Dec. 31, 2015USD ($)	Mar. 31, 2015$ / shares
Long-term debt
Face amount of debt		$ 200,000,000
Unamortized debt discount of notes		2,924,705
4.50% Convertible Senior Notes due 2020
Long-term debt
Face amount of debt		$ 75,000,000		$ 75,000,000
Stated interest rate (as a percent)		4.50%	4.50%
Debt instrument conversion ratio	0.0145136	0.0145515
Conversion price per share | $ / shares	$ 68.90	$ 68.72			$ 68.72
Sinking fund provided		$ 0
Unamortized debt discount of notes	$ 6,100,000	$ 2,900,000
Debt discount, cash portion	2,600,000
Debt discount, equity component	$ 3,500,000

LONG-TERM DEBT - Components (De

LONG-TERM DEBT - Components (Details) - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Long-term debt
Long-term debt	$ 200,000,000
Loan Costs, net of accumulated amortization	(1,258,931)	$ (1,235,380)
Long-Term Debt	195,816,364	166,245,201
Credit Facility
Long-term debt
Long-term debt	70,000,000	34,300,000
UBS Mortgage Note Payable
Long-term debt
Long-term debt		7,300,000
Wells Fargo Mortgage Note Payable Originated September 30, 2014
Long-term debt
Long-term debt	$ 30,000,000	30,000,000
Long-term debt due within one year
Stated interest rate (as a percent)	4.33%
Wells Fargo Mortgage Note Payable Originated April 15, 2016
Long-term debt
Long-term debt	$ 25,000,000	25,000,000
4.50% Convertible Senior Notes due 2020
Long-term debt
Long-term debt, net of discount	$ 72,075,295	$ 70,880,581
Long-term debt due within one year
Stated interest rate (as a percent)	4.50%	4.50%

LONG-TERM DEBT - Payments Appli

LONG-TERM DEBT - Payments Applicable to Reduction of Principal (Details)	Dec. 31, 2017USD ($)
Payments applicable to reduction of principal amounts
2,020	$ 75,000,000
2,021	95,000,000
Thereafter	30,000,000
Total Long-Term Debt - Face Value	$ 200,000,000

LONG-TERM DEBT - Carrying Value

LONG-TERM DEBT - Carrying Value (Details) - USD ($)	Dec. 31, 2017	Dec. 31, 2016
LONG-TERM DEBT
Current Face Amount	$ 200,000,000
Unamortized Discount on Convertible Debt	(2,924,705)
Loan Costs, net of accumulated amortization	(1,258,931)	$ (1,235,380)
Total Long-Term Debt	$ 195,816,364	$ 166,245,201

LONG-TERM DEBT - Interest Expen

LONG-TERM DEBT - Interest Expense (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
LONG-TERM DEBT
Interest expense	$ 7,034,000	$ 6,804,000	$ 5,703,000
Amortization of loan costs	509,263	828,075	365,860
Amortization of discount	1,194,714	1,120,859	852,368
Capitalized Interest	(215,000)
Total Interest Expense	8,523,000	8,753,000	6,920,000
Interest paid	$ 7,060,000	$ 6,779,000	$ 4,705,000

INTEREST RATE SWAP (Details)

INTEREST RATE SWAP (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Apr. 30, 2016
Derivative [Line Items]
Face amount of debt	$ 200,000,000
Wells Fargo Mortgage Note Payable Originated April 15, 2016
Derivative [Line Items]
Face amount of debt	$ 25,000,000		$ 25,000,000
Interest Rate Swap
Derivative [Line Items]
Effectiveness of interest rate cash flow hedge (as a percent)	100.00%	100.00%
Derivative fixed interest rate (as a percent)	3.17%
Interest Rate Swap | Other Assets
Derivative [Line Items]
Fair value of interest rate swap agreement to hedge cash flows	$ 607,000	$ 417,000
Designated as a hedge | Interest Rate Swap
Derivative [Line Items]
Notional amount	$ 25,000,000

ACCRUED AND OTHER LIABILITIES -

ACCRUED AND OTHER LIABILITIES - Components (Details)	12 Months Ended
	Dec. 31, 2017USD ($)$ / item	Jan. 31, 2018USD ($)	Dec. 31, 2016USD ($)
ACCRUED AND OTHER LIABILITIES
Golf Course Lease			$ 2,226,527
Golf $1 Round Surcharge	$ 700,000	$ 630,000
Accrued Property Taxes	66,909		28,973
Reserve for Tenant Improvements	3,302,831		398,621
Accrued Construction Costs	1,360,950		856,947
Accrued Interest	1,194,681		1,220,990
Environmental Reserve and Restoration Cost Accrual	866,936		1,505,757
Other	2,668,219		2,430,082
Total Accrued and Other Liabilities	$ 10,160,526		$ 8,667,897
Annual surcharge, per round of golf played | $ / item	1

ACCRUED AND OTHER LIABILITIE105

ACCRUED AND OTHER LIABILITIES - Golf Course Lease and Surcharge (Details)	Jan. 24, 2017USD ($)a	Jan. 31, 2018USD ($)	Jul. 31, 2012USD ($)	Mar. 31, 2017USD ($)$ / shares	Dec. 31, 2017USD ($)$ / item	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Accrued and other liabilities
Land and land improvements acquired						$ 4,778,790	$ 5,664,787
Gain from elimination of accrued rent liability				$ 2,226,526	$ 2,226,526
Balance of accrued rent under golf course lease						2,226,527
Annual surcharge, per round of golf played | $ / item					1
Minimum annual per round surcharge					$ 70,000
Maximum Aggregate Amount of Per Round Surcharge					700,000
Annual per round surcharge payment made		$ 70,000
Accrued surcharge commitment		$ 630,000			$ 700,000
Golf course land purchase
Accrued and other liabilities
Acres | a	690
Land and land improvements acquired	$ 1,500,000
Golf course lease
Accrued and other liabilities
Base rent payment			$ 250,000
Base rent, including increase			500,000
Gain from elimination of accrued rent liability				$ 2,200,000
Noncash gain from elimination of accrued rent liability (in dollars per share) | $ / shares				$ 0.40
After tax gain from elimination of accrued rent liability (in dollars per share) | $ / shares				$ 0.24
Balance of accrued rent under golf course lease						$ 2,200,000
Acceleration of the remaining amount of accrued rent				$ 1,700,000
Amount of rent accrued pursuant to the lease, as amended, which will no longer be owed				$ 500,000
Golf course lease amendment
Accrued and other liabilities
Base rent payment			$ 250,000
Base rent annual rate increase during extensions (as a percent)			1.75%

ACCRUED AND OTHER LIABILITIE106

ACCRUED AND OTHER LIABILITIES - Tenant Improvement Credits (Details)	Apr. 22, 2014USD ($)	Jan. 31, 2018USD ($)	Dec. 31, 2017USD ($)tenant	Dec. 31, 2016USD ($)	Apr. 28, 2017USD ($)
Accrued and other liabilities
Tenant improvements			$ 3,302,831	$ 398,621
Tenant reimbursement commitment
Accrued and other liabilities
Number of counterparties with a tenant reimbursement commitment | tenant			2
Hilton Grand Vacations | Buildings | Tenant reimbursement commitment
Accrued and other liabilities
Tenant improvements			$ 2,700,000
Tenant improvements completed and funded		$ 2,700,000
Katy, TX | Property | Tenant reimbursement commitment
Accrued and other liabilities
Contractual Obligation			0
Tenant improvements				381,000
Tenant improvements completed and funded				100,000
Remaining amount of commitment				$ 551,000
Katy, TX | Property | Tenant reimbursement commitment | 2014 Acquisitions
Accrued and other liabilities
Liability incurred	$ 651,000
Tampa, Florida | Property | Tenant reimbursement commitment
Accrued and other liabilities
Tenant improvements completed and funded			$ 0
2017 acquisitions of income property subject to a lease | Tampa, Florida | Property | Tenant reimbursement commitment
Accrued and other liabilities
Tenant improvements					$ 400,000

ACCRUED AND OTHER LIABILITIE107

ACCRUED AND OTHER LIABILITIES - Environmental Reserves (Details)	Jun. 30, 2016USD ($)	Dec. 31, 2015USD ($)a	Dec. 31, 2017USD ($)	Jun. 30, 2016USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)a	Dec. 31, 2014USD ($)a	Dec. 31, 2017USD ($)	Dec. 31, 2017USD ($)
Environmental Reserve for Monitoring Environmental Remediation Work Previously Performed
Environmental reserves
Additional environmental reserve accrued			$ 51,000				$ 500,000	$ 110,000		$ 661,000
Environmental costs funded										502,000
Environmental reserve accrued			159,000		$ 159,000				$ 159,000	159,000
Wetlands restoration
Environmental reserves
Acres | a		148.4					148.4
Estimated cost	$ 2,000,000			$ 2,000,000	2,000,000				2,000,000
Environmental costs funded					381,000	$ 935,000			1,300,000
Accrued restoration cost		$ 1,700,000	$ 708,000		$ 708,000		$ 1,700,000		$ 708,000	$ 708,000
Area of previously disposed land subject to remediation | a		148.4					148.4
Increase in accrual of remediation costs				$ 300,000		$ 325,000
Minimum | Environmental Reserve for Monitoring Environmental Remediation Work Previously Performed
Environmental reserves
Estimated cost							$ 500,000
Minimum | Wetlands restoration
Environmental reserves
Estimated cost		$ 1,700,000
Maximum | Environmental Reserve for Monitoring Environmental Remediation Work Previously Performed
Environmental reserves
Acres | a								1
Estimated cost							$ 1,000,000
Maximum | Wetlands restoration
Environmental reserves
Estimated cost		$ 1,900,000

DEFERRED REVENUE - Summary of D

DEFERRED REVENUE - Summary of Deferred Revenue (Details) - USD ($)	Dec. 31, 2017	Dec. 31, 2016
DEFERRED REVENUE
Deferred Oil Exploration Lease Revenue	$ 585,675	$ 585,674
Prepaid Rent	1,126,408	1,068,972
Other Deferred Revenue	318,376	337,020
Total Deferred Revenue	$ 2,030,459	$ 1,991,666

DEFERRED REVENUE - Rent Paid in

DEFERRED REVENUE - Rent Paid in Advance (Details) - Oil exploration - USD ($)	Oct. 11, 2017	Sep. 20, 2017	Sep. 20, 2016	Dec. 31, 2011
Deferred Revenue Arrangement [Line Items]
Rent payment received	$ 807,000		$ 807,000
Period over which rent received in advance is recognized	12 months		12 months
Maximum
Deferred Revenue Arrangement [Line Items]
Lease term	13 years	13 years	13 years	8 years

STOCK-BASED COMPENSATION - All

STOCK-BASED COMPENSATION - All Equity and Liability Classified Award Activity (Details) - shares	Feb. 03, 2017	Jan. 25, 2017	Jan. 27, 2016	Jan. 22, 2014	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Shares
Outstanding (in shares)					231,504
Granted (in shares)					30,086
Vested / Exercised (in shares)					(54,548)
Expired (in shares)					(37,000)
Forfeited (in shares)					(267)
Outstanding (in shares)					169,775	231,504
Peer Group Market Condition Vesting | Performance Shares
Shares
Granted (in shares)	12,635				12,635
Outstanding (in shares)					12,635
Peer Group Market Condition Vesting | Restricted Shares
Shares
Outstanding (in shares)						2,400	5,067
Vested (in shares)						(2,300)	(2,034)
Forfeited (in shares)						(100)	(633)
Outstanding (in shares)							2,400
Stock Price Vesting | Restricted Shares
Shares
Outstanding (in shares)					69,500	137,500	40,500
Granted (in shares)						4,000	97,000
Vested (in shares)					(7,750)
Expired (in shares)					(32,000)
Forfeited (in shares)						(72,000)
Outstanding (in shares)					29,750	69,500	137,500
Three-Year Vesting | Restricted Shares
Shares
Outstanding (in shares)					37,504	26,900	14,200
Granted (in shares)		17,451	21,100	14,500	17,451	21,100	19,700
Vested (in shares)					(17,298)	(10,363)	(4,734)
Forfeited (in shares)					(267)	(133)	(2,266)
Outstanding (in shares)					37,390	37,504	26,900
Amended and Restated 2010 Equity Incentive Plan | Stock Option Awards
Shares
Outstanding (in shares)					113,500	116,850	84,765
Granted (in shares)						40,000	70,000
Exercised (in shares)					(23,500)	(3,350)	(30,155)
Forfeited (in shares)						(40,000)	(7,760)
Outstanding (in shares)					90,000	113,500	116,850
2001 Stock Option Plan | Stock Option Awards
Shares
Outstanding (in shares)					11,000	18,000	35,300
Exercised (in shares)					(6,000)		(3,300)
Expired (in shares)					(5,000)	(3,000)
Forfeited (in shares)						(4,000)	(14,000)
Outstanding (in shares)						11,000	18,000
2001 Stock Option Plan | Stock Options and Stock Appreciation Rights
Shares
Outstanding (in shares)					11,000
Granted (in shares)					0	0	0
Vested / Exercised (in shares)					(6,000)
Expired (in shares)					(5,000)
Outstanding (in shares)						11,000

STOCK-BASED COMPENSATION - Perf

STOCK-BASED COMPENSATION - Performance Share Awards – Peer Group Market Condition Vesting (Details) - Performance Shares - Peer Group Market Condition Vesting - USD ($)	Feb. 03, 2017	Dec. 31, 2017
Stock-based compensation
Performance period		3 years
Shares
Granted (in shares)	12,635	12,635
Outstanding (in shares)		12,635
Weighted Average Fair Value
Granted (in dollars per share		$ 55.66
Outstanding (in dollars per share)		$ 55.66
Compensation cost
Unrecognized compensation cost		$ 469,000
Weighted average period of recognition of unrecognized compensation cost		2 years
Minimum
Stock-based compensation
Vesting percentage	0.00%
Maximum
Stock-based compensation
Vesting percentage	150.00%

STOCK-BASED COMPENSATION - Mark

STOCK-BASED COMPENSATION - Market Condition Restricted Shares - Peer Group Vesting (Details) - Peer Group Market Condition Vesting - Restricted Shares - USD ($)	1 Months Ended		12 Months Ended
	Jan. 31, 2011	Sep. 30, 2010	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2017
Stock-based compensation
Performance period	5 years	5 years
Shares
Outstanding (in shares)			2,400	5,067
Vested (in shares)			(2,300)	(2,034)
Forfeited (in shares)			(100)	(633)
Outstanding (in shares)				2,400
Weighted Average Fair Value
Outstanding (in dollars per share)			$ 23.42	$ 23.13
Vested (in dollars per share)			23.42	22.80
Forfeited (in dollars per share)			$ 23.42	22.80
Outstanding (in dollars per share)				$ 23.42
Compensation cost
Unrecognized compensation cost					$ 0

STOCK-BASED COMPENSATION - M113

STOCK-BASED COMPENSATION - Market Condition Restricted Shares - Stock Price Vesting (Details)

Aug. 04, 2017

Aug. 01, 2017$ / sharesshares

Feb. 26, 2016item$ / sharesshares

May 31, 2015shares

Mar. 31, 2016USD ($)$ / sharesshares

Jun. 30, 2015shares

Mar. 31, 2015$ / sharesshares

Dec. 31, 2014$ / sharesshares

Mar. 31, 2015item$ / shares

Dec. 31, 2017USD ($)item$ / sharesshares

Dec. 31, 2016USD ($)$ / sharesshares

Dec. 31, 2015USD ($)$ / sharesshares

Dec. 31, 2012$ / sharesshares

Dec. 31, 2011shares

Mar. 31, 2016USD ($)$ / sharesshares

Dec. 31, 2012item$ / shares

Compensation cost

Accelerated stock compensation expense | $

$ 1,649,513

Stock Price Vesting | Restricted Shares

Stock-based compensation

Total shares surrendered

72,000

Shares

Outstanding (in shares)

137,500

40,500

69,500

137,500

40,500

40,500

Granted (in shares)

4,000

97,000

Vested (in shares)

(7,750)

Expired (in shares)

(32,000)

Forfeited (in shares)

(72,000)

Outstanding (in shares)

40,500

29,750

69,500

137,500

Weighted Average Fair Value

Outstanding (in dollars per share) | $ / shares

$ 30.58

$ 15.55

$ 27.03

$ 30.58

$ 15.55

$ 15.55

Granted (in dollars per share | $ / shares

38.98

36.85

Vested (in dollars per share) | $ / shares

34.30

Expired (in dollars per share) | $ / shares

14.08

Forfeited (in dollars per share) | $ / shares

34.46

Outstanding (in dollars per share) | $ / shares

$ 15.55

$ 39.07

$ 27.03

$ 30.58

Compensation cost

Accelerated stock compensation expense | $

$ 1,600,000

$ 1,600,000

$ 676,000

$ 2,300,000

Unrecognized compensation cost | $

$ 0

Stock Price Vesting | Restricted Shares | Mr. Albright

Stock-based compensation

Stock based compensation, shares, surrendered

72,000

Shares permanently surrendered

68,000

Stock based compensation, shares, permanently surrendered

68,000

Shares

Granted (in shares)

94,000

94,000

96,000

Stock Price Vesting | Restricted Shares | Mr. Albright | 2011 grant

Stock-based compensation

Number of increments vested | item

4

Shares

Expired (in shares)

(32,000)

Stock Price Vesting | Restricted Shares | Mr. Albright | 2011 grant | Minimum

Stock-based compensation

Closing share price (in dollars per share) | $ / shares

$ 60

Stock Price Vesting | Restricted Shares | Mr. Albright | 2011 grant | Maximum

Stock-based compensation

Closing share price (in dollars per share) | $ / shares

$ 65

Stock Price Vesting | Restricted Shares | Mr. Albright | February 26, 2016 grant

Stock-based compensation

Restricted share award period after termination of employment

60 days

Period for average closing price

30 days

Closing share price (in dollars per share) | $ / shares

$ 75

Shares

Granted (in shares)

4,000

Stock Price Vesting | Restricted Shares | Mr. Albright | 2015 and February 26, 2016 grants

Stock-based compensation

Number of increments to vest | item

4

Restricted share award period after termination of employment

60 days

Period for average closing price

30 days

Number of increments vested | item

1

Shares

Outstanding (in shares)

26,000

Stock Price Vesting | Restricted Shares | Mr. Albright | 2015 and February 26, 2016 grants | Minimum

Stock-based compensation

Closing share price (in dollars per share) | $ / shares

$ 60

Stock Price Vesting | Restricted Shares | Mr. Albright | 2015 and February 26, 2016 grants | Maximum

Stock-based compensation

Closing share price (in dollars per share) | $ / shares

$ 75

Stock Price Vesting | Restricted Shares | Mr. Patten

Shares

Granted (in shares)

17,000

Stock Price Vesting | Restricted Shares | Mr. Patten | 2012 grant

Stock-based compensation

Number of increments vested | item

5

Stock Price Vesting | Restricted Shares | Mr. Albright and Mr. Patten

Stock-based compensation

Number of increments to vest | item

6

Restricted share award period after termination of employment

60 days

Period for average closing price

60 days

Period subject to stock price condition

6 years

Stock Price Vesting | Restricted Shares | Mr. Albright and Mr. Patten | Minimum

Stock-based compensation

Closing share price (in dollars per share) | $ / shares

$ 36

$ 36

Stock Price Vesting | Restricted Shares | Mr. Albright and Mr. Patten | Maximum

Stock-based compensation

Closing share price (in dollars per share) | $ / shares

$ 65

$ 65

Stock Price Vesting | Restricted Shares | Mr. Smith

Shares

Granted (in shares)

2,500

Stock Price Vesting | Restricted Shares | Mr. Greathouse

Shares

Granted (in shares)

3,000

Stock Price Vesting | Restricted Shares | Mr. Smith and Mr. Greathouse

Stock-based compensation

Number of increments to vest | item

2

Restricted share award period after termination of employment

60 days

Period for average closing price

60 days

Period subject to stock price condition

6 years

Stock Price Vesting | Restricted Shares | Mr. Smith and Mr. Greathouse | Minimum

Stock-based compensation

Closing share price (in dollars per share) | $ / shares

$ 60

$ 60

Stock Price Vesting | Restricted Shares | Mr. Smith and Mr. Greathouse | Maximum

Stock-based compensation

Closing share price (in dollars per share) | $ / shares

$ 65

$ 65

Equity Award Agreements

Award agreements

Period after change of control for equity award to fully vest upon termination of employment without cause or resignation

24 months

Equity Award Agreements | Mr. Albright

Award agreements

Period after change of control for equity award to fully vest upon termination of employment without cause or resignation

24 months

Equity Award Agreements | Stock Price Vesting

Award agreements

Period after change of control for equity award to fully vest upon termination of employment without cause or resignation

24 months

24 months

STOCK-BASED COMPENSATION - Thre

STOCK-BASED COMPENSATION - Three Year Vest Restricted Shares (Details) - USD ($) $ / shares in Units, $ in Millions	Aug. 04, 2017	Jan. 25, 2017	Feb. 26, 2016	Jan. 27, 2016	Feb. 09, 2015	Jan. 28, 2015	Jan. 22, 2014	Feb. 09, 2015	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Three-Year Vesting | Restricted Shares
Stock-based compensation
Vesting per year (as a percent)		33.00%		33.00%			33.00%
Shares
Outstanding (in shares)								14,200	37,504	26,900	14,200
Granted (in shares)		17,451		21,100			14,500		17,451	21,100	19,700
Vested (in shares)									(17,298)	(10,363)	(4,734)
Forfeited (in shares)									(267)	(133)	(2,266)
Outstanding (in shares)									37,390	37,504	26,900
Weighted Average Fair Value
Outstanding (in dollars per share)								$ 36.08	$ 47.53	$ 49.73	$ 36.08
Granted (in dollars per share									55.06	44.88	55.93
Vested (in dollars per share)									46.70	47.89	36.08
Forfeited (in dollars per share)									52.51	46.08	46.59
Outstanding (in dollars per share)									$ 51.39	$ 47.53	$ 49.73
Compensation cost
Unrecognized compensation cost									$ 1
Weighted average period of recognition of unrecognized compensation cost									1 year 8 months 12 days
Three-Year Vesting | Restricted Shares | Certain employees, excluding Mr. Albright
Stock-based compensation
Vesting per year (as a percent)						33.00%
Shares
Granted (in shares)						11,700
Three-Year Vesting | Restricted Shares | Mr. Albright
Stock-based compensation
Vesting per year (as a percent)					33.00%
Shares
Granted (in shares)					8,000			8,000
Equity Award Agreements
Award agreements
Period after change of control for equity award to fully vest upon termination of employment without cause or resignation	24 months
Equity Award Agreements | Mr. Albright
Award agreements
Period after change of control for equity award to fully vest upon termination of employment without cause or resignation			24 months
Equity Award Agreements | Three-Year Vesting
Award agreements
Period after change of control for equity award to fully vest upon termination of employment without cause or resignation	24 months

STOCK-BASED COMPENSATION - Non-

STOCK-BASED COMPENSATION - Non-Qualified Stock Option Awards Granted (Details) - $ / shares

Aug. 04, 2017

Feb. 26, 2016

Jun. 29, 2015

May 20, 2015

Feb. 09, 2015

Jan. 23, 2013

May 31, 2015

Feb. 09, 2015

Dec. 31, 2017

Dec. 31, 2016

Dec. 31, 2015

Dec. 31, 2014

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2017

Stock Option Awards | Amended and Restated 2010 Equity Incentive Plan

Stock-based compensation

Granted (in shares)

40,000

70,000

Exercise price (in dollars per share)

$ 55.62

$ 56.43

Surrendered (in shares)

40,000

7,760

Exercised (in shares)

23,500

3,350

30,155

Stock Option Awards | Amended and Restated 2010 Equity Incentive Plan | Albright, Patten, and Smith

Stock-based compensation

Granted (in shares)

10,000

10,000

50,000

Vesting per year (as a percent)

33.00%

33.00%

33.00%

Period of expiration from grant date

10 years

10 years

10 years

Period of expiration after death or termination for disability

12 months

12 months

12 months

Period of expiration after termination of employment for reason other than death or disability

30 days

30 days

30 days

Stock Option Awards | Amended and Restated 2010 Equity Incentive Plan | Certain employees

Stock-based compensation

Granted (in shares)

51,000

Exercise price (in dollars per share)

$ 34.95

Vesting per year (as a percent)

33.00%

Stock Option Awards | Amended and Restated 2010 Equity Incentive Plan | Certain employees | January 23, 2013 grant

Stock-based compensation

Exercised (in shares)

51,000

Stock Option Awards | Amended and Restated 2010 Equity Incentive Plan | Mr. Patten

Stock-based compensation

Granted (in shares)

10,000

Stock Option Awards | Amended and Restated 2010 Equity Incentive Plan | Mr. Patten | January 23, 2013 grant

Stock-based compensation

Exercised (in shares)

10,000

Stock Option Awards | Amended and Restated 2010 Equity Incentive Plan | Mr. Albright

Stock-based compensation

Granted (in shares)

40,000

40,000

20,000

40,000

20,000

Exercise price (in dollars per share)

$ 55.62

$ 55.62

$ 57.50

Surrendered (in shares)

40,000

Period of expiration after death or termination for disability

12 months

12 months

Period of expiration after termination of employment for reason other than death or disability

30 days

30 days

Stock Option Awards | Amended and Restated 2010 Equity Incentive Plan | Mr. Albright | Immediate vesting

Stock-based compensation

Vesting percentage

33.00%

Stock Option Awards | Amended and Restated 2010 Equity Incentive Plan | Mr. Albright | Vesting on designated anniversary dates

Stock-based compensation

Vesting percentage

67.00%

Stock Option Awards | Amended and Restated 2010 Equity Incentive Plan | Officer

Stock-based compensation

Granted (in shares)

10,000

Exercise price (in dollars per share)

$ 57.54

Vesting per year (as a percent)

33.00%

Period of expiration after death or termination for disability

12 months

Period of expiration after termination of employment for reason other than death or disability

30 days

Equity Award Agreements

Award agreements

Period after change of control for equity award to fully vest upon termination of employment without cause or resignation

24 months

Equity Award Agreements | Albright, Patten, and Smith

Award agreements

Period after change of control for equity award to fully vest upon termination of employment without cause or resignation

24 months

Equity Award Agreements | Mr. Albright

Award agreements

Period after change of control for equity award to fully vest upon termination of employment without cause or resignation

24 months

Equity Award Agreements | Stock Option Awards | Amended and Restated 2010 Equity Incentive Plan

Award agreements

Period after change of control for equity award to fully vest upon termination of employment without cause or resignation

24 months

STOCK-BASED COMPENSATION - N116

STOCK-BASED COMPENSATION - Non-Qualified Stock Option Award Activity (Details) - Amended and Restated 2010 Equity Incentive Plan - Stock Option Awards - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Shares
Outstanding (in shares)	113,500	116,850	84,765
Granted (in shares)		40,000	70,000
Exercised (in shares)	(23,500)	(3,350)	(30,155)
Forfeited (in shares)		(40,000)	(7,760)
Outstanding (in shares)	90,000	113,500	116,850
Exercisable (in shares)	73,000	76,600
Weighted Average Exercise Price (in dollars per share)
Outstanding (in dollars per share)	$ 49.03	$ 48.63	$ 34.39
Granted (in dollars per share)		55.62	56.43
Exercised (in dollars per share)	34.95	34.95	30.24
Forfeited (in dollars per share)		55.62	34.95
Outstanding (in dollars per share)	52.71	49.03	$ 48.63
Exercisable (in dollars per share)	$ 51.94	$ 45.94
Weighted Average Remaining Contractual Term
Outstanding	6 years 11 months 23 days
Exercisable	6 years 10 months 17 days	1 year 10 months 13 days
Stock-based compensation
Aggregate Intrinsic Value, Outstanding (in dollars)	$ 971,400
Aggregate Intrinsic Value, Exercisable (in dollars)	$ 843,968	$ 573,181

STOCK-BASED COMPENSATION - N117

STOCK-BASED COMPENSATION - Non-Qualified Stock Option Non-Vested Award Activity (Details) - Amended and Restated 2010 Equity Incentive Plan - Stock Option Awards - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Non-Vested Shares
Outstanding (in shares)	36,900	88,260	47,570
Granted (in shares)		40,000	70,000
Vested (in shares)	(19,900)	(51,360)	(21,550)
Forfeited (in shares)		(40,000)	(7,760)
Outstanding (in shares)	17,000	36,900	88,260
Stock-based compensation
Fair Value of Shares Vested	$ 1,094,066	$ 2,643,088	$ 783,764
Total intrinsic value of options exercised (in dollars)	451,000
Unrecognized compensation cost (in dollars)	$ 78,000
Weighted average period of recognition of unrecognized compensation cost	4 months 24 days

STOCK-BASED COMPENSATION - Liab

STOCK-BASED COMPENSATION - Liability-Classified Stock Compensation Activity (Details) - 2001 Stock Option Plan - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2009
Stock-based compensation
Shares eligible for issuance				500,000
Stock Option Awards
Stock-based compensation
Awards available for issue ( in shares)				0
Shares
Outstanding (in shares)	11,000	18,000	35,300
Exercised (in shares)	(6,000)		(3,300)
Expired (in shares)	(5,000)	(3,000)
Forfeited (in shares)		(4,000)	(14,000)
Outstanding (in shares)		11,000	18,000
Weighted Average Fair Value
Outstanding (in dollars per share)	$ 63.87	$ 64.69	$ 62.47
Exercised (in dollars per share)	52.73		33.16
Expired (in dollars per share)	$ 52.73	67.27
Forfeited (in dollars per share)		64.99	66.54
Outstanding (in dollars per share)		$ 63.87	$ 64.69
Stock-based compensation
Total intrinsic value of options exercised (in dollars)	$ 316,000
Stock Appreciation Rights
Shares
Outstanding (in shares)	11,000	18,000	35,300
Exercised (in shares)	(6,000)		(3,300)
Expired (in shares)	(5,000)	(3,000)
Forfeited (in shares)		(4,000)	(14,000)
Outstanding (in shares)		11,000	18,000
Weighted Average Fair Value
Outstanding (in dollars per share)	$ 1.33	$ 2.64	$ 5.56
Exercised (in dollars per share)	$ 3.84		12.19
Forfeited (in dollars per share)		0.87	4.84
Outstanding (in dollars per share)		$ 1.33	$ 2.64
Aggregate Intrinsic Value
Total intrinsic value of options exercised	$ 23,000

STOCK-BASED COMPENSATION - Assu

STOCK-BASED COMPENSATION - Assumptions Used in Determining Fair Value of Liability-Classified Stock Options and Stock Appreciation Rights (Details) - Stock Options and Stock Appreciation Rights	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Stock-based compensation
Expected Volatility	14.13%	29.40%
Expected Dividends	0.22%	0.15%
Expected Term	7 months 10 days	1 year 3 months 18 days
Risk-Free Rate	0.66%	0.75%

STOCK-BASED COMPENSATION - Stoc

STOCK-BASED COMPENSATION - Stock Options and Stock Appreciation Rights Grants and Liability (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Stock-based compensation
Granted (in shares)	30,086
Accrued Stock-Based Compensation		$ 42,092
2001 Stock Option Plan | Stock Options and Stock Appreciation Rights
Stock-based compensation
Granted (in shares)	0	0	0
Accrued Stock-Based Compensation	$ 0	$ 42,000

STOCK-BASED COMPENSATION - Reco

STOCK-BASED COMPENSATION - Recognized in Financial Statements (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
STOCK-BASED COMPENSATION
Accelerated Charge for Stock-Based Compensation		$ 1,649,513
Recurring Charge for Stock-Based Compensation	$ 1,437,223	1,529,370	$ 2,186,408
Total Cost of Share-Based Plans Charged Against Income Before Tax Effect	1,437,223	3,178,883	2,186,408
Income Tax Expense Recognized in Income	$ (554,409)	$ (1,226,254)	$ (843,407)

STOCK-BASED COMPENSATION - Exce

STOCK-BASED COMPENSATION - Excess 2015 Awards (Details)

Aug. 04, 2017

Jan. 25, 2017shares

Feb. 26, 2016$ / sharesshares

Jan. 27, 2016shares

May 20, 2015$ / sharesshares

Feb. 09, 2015$ / sharesshares

Jan. 22, 2014shares

May 31, 2015shares

Feb. 09, 2015shares

Jun. 30, 2015shares

Dec. 31, 2017shares

Dec. 31, 2016$ / sharesshares

Dec. 31, 2015item$ / sharesshares

Dec. 31, 2014shares

Dec. 31, 2012shares

Dec. 31, 2011shares

Dec. 31, 2017shares

Jan. 28, 2018shares

Amended and Restated 2010 Equity Incentive Plan

Stock-based compensation

Annual per person overall award limit (in shares)

50,000

Number of additional share limits per employee | item

2

Amended and Restated 2010 Equity Incentive Plan | Mr. Albright

Stock-based compensation

Shares awarded in excess of the individual annual limit

112,000

Stock Options and Stock Appreciation Rights | Amended and Restated 2010 Equity Incentive Plan

Stock-based compensation

Additional annual per person award limit for Qualified Performance-Based Awards

50,000

Awards other than stock options and stock appreciation rights | Amended and Restated 2010 Equity Incentive Plan

Stock-based compensation

Additional annual per person award limit for Qualified Performance-Based Awards

50,000

Stock Option Awards | Amended and Restated 2010 Equity Incentive Plan

Stock-based compensation

Granted (in shares)

40,000

70,000

Exercise price (in dollars per share) | $ / shares

$ 55.62

$ 56.43

Vested (in shares)

19,900

51,360

21,550

Stock Option Awards | Amended and Restated 2010 Equity Incentive Plan | Mr. Albright

Stock-based compensation

Granted (in shares)

40,000

40,000

20,000

40,000

20,000

Exercise price (in dollars per share) | $ / shares

$ 55.62

$ 55.62

$ 57.50

Vested (in shares)

26,400

13,600

Stock Option Awards | Amended and Restated 2010 Equity Incentive Plan | Albright, Patten, and Smith

Stock-based compensation

Granted (in shares)

10,000

10,000

50,000

Three-Year Vesting | Restricted Shares

Stock-based compensation

Granted (in shares)

17,451

21,100

14,500

17,451

21,100

19,700

Three-Year Vesting | Restricted Shares | Mr. Albright

Stock-based compensation

Granted (in shares)

8,000

8,000

Stock Price Vesting | Restricted Shares

Stock-based compensation

Granted (in shares)

4,000

97,000

Stock Price Vesting | Restricted Shares | Mr. Albright

Stock-based compensation

Granted (in shares)

94,000

94,000

96,000

Stock Price Vesting | Restricted Shares | February 26, 2016 grant | Mr. Albright

Stock-based compensation

Granted (in shares)

4,000

Restricted share award period after termination of employment

60 days

Period for average closing price

30 days

Closing share price (in dollars per share) | $ / shares

$ 75

Equity Award Agreements

Award agreements

Period after change of control for equity award to fully vest upon termination of employment without cause or resignation

24 months

Equity Award Agreements | Mr. Albright

Award agreements

Period after change of control for equity award to fully vest upon termination of employment without cause or resignation

24 months

Equity Award Agreements | Albright, Patten, and Smith

Award agreements

Period after change of control for equity award to fully vest upon termination of employment without cause or resignation

24 months

Equity Award Agreements | Stock Option Awards | Amended and Restated 2010 Equity Incentive Plan

Award agreements

Period after change of control for equity award to fully vest upon termination of employment without cause or resignation

24 months

Equity Award Agreements | Three-Year Vesting

Award agreements

Period after change of control for equity award to fully vest upon termination of employment without cause or resignation

24 months

Equity Award Agreements | Stock Price Vesting

Award agreements

Period after change of control for equity award to fully vest upon termination of employment without cause or resignation

24 months

24 months

INCOME TAXES - Components of Pr

INCOME TAXES - Components of Provision (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
INCOME TAXES
Federal - Current	$ 794,174	$ (159,596)	$ 479,671
State - Current	70,384	(311,525)	185,584
Total - Current	864,558	(471,121)	665,255
Federal - Deferred	8,317,453	(10,740,617)	(5,607,970)
State - Deferred	753,255	(625,116)	(326,389)
Total - Deferred	$ 9,070,708	$ (11,365,733)	$ (5,934,359)

INCOME TAXES - Sources of Defer

INCOME TAXES - Sources of Deferred Income Tax Assets (Liabilities) (Details) - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Deferred Income Tax Assets
Depreciation	$ 2,073,439	$ 2,475,898
Intangible Lease Liabilities	7,512,629	11,714,651
Impairment Reserves	1,139,918	2,085,808
Stock Options and Restricted Stock	883,725	1,438,292
Net Operating Loss Carryforward	266,036
Capital Loss Carryforward	20,750
Deferred Oil Lease Income	148,439	225,924
Deferred Lease Expense		858,882
Other - Net	60,480	217,887
Gross Deferred Income Tax Assets	12,105,416	19,017,342
Less - Valuation Allowance	(272,966)	(415,453)
Net Deferred Income Tax Assets	11,832,450	18,601,889
Deferred Income Tax Liabilities
Sales of Real Estate	(52,720,764)	(68,358,404)
Discount on Equity Component of Convertible Debt	(421,895)	(904,422)
Basis Difference in Joint Venture	(224,715)	(342,015)
Interest Rate Swap	(452,873)	(255,891)
Deferred Revenue (Net of Straight-line Rent Adjustments)	(226,673)	(105,729)
Other - Net	(79,394)
Total Deferred Income Tax Liabilities	(54,126,314)	(69,966,461)
Net Deferred Income Tax Liabilities	$ (42,293,864)	$ (51,364,572)

INCOME TAXES - Valuation Allowa

INCOME TAXES - Valuation Allowance - Charitable Contributions (Details) - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Valuation Allowance [Line Items]
Valuation allowance	$ 272,966	$ 415,453
Charitable contribution carryforwards
Valuation Allowance [Line Items]
Valuation allowance	$ 0	$ 0

INCOME TAXES - Reconciliation o

INCOME TAXES - Reconciliation of Income Tax Computed at Federal Statutory Rate (Details) - USD ($)	Jan. 01, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income taxes
Federal statutory rate (as a percent)										35.00%	35.00%	35.00%
Increase (Decrease) Resulting from:
Income Tax (Expense) Benefit Computed at Federal Statutory Rate										$ (10,528,124)	$ (9,219,942)	$ (4,481,029)
State Income Tax, Net of Federal Income Tax Benefit										(1,703,805)	(1,693,578)	(755,481)
Income Tax on Permanently Non-Deductible Items											(1,015,936)
Income Tax on Permanently Non-Deductible Items										66,015
Change in Corporate Federal Tax Rate										22,249,536
Other Reconciling Items										(148,356)	92,602	(32,594)
Benefit (Expense) for Income Taxes		$ 20,938,398	$ (726,974)	$ (2,225,847)	$ (8,050,311)	$ (3,212,127)	$ (5,281,646)	$ (1,000,480)	$ (2,342,601)	$ 9,935,266	$ (11,836,854)	$ (5,269,104)
Expected
Income taxes
Federal statutory rate (as a percent)	21.00%

INCOME TAXES - Income Tax Rates

INCOME TAXES - Income Tax Rates (Details) - USD ($) $ in Millions	Jan. 01, 2018	Dec. 31, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income taxes
Effective income tax rate			(31.00%)	42.20%	38.90%
Income tax benefit recorded due to the impact of the reduction in the corporate tax rate		$ 22.2
Corporate tax rate (as a percent)			35.00%	35.00%	35.00%
Expected
Income taxes
Corporate tax rate (as a percent)	21.00%

INCOME TAXES - Stock-Based Comp

INCOME TAXES - Stock-Based Compensation (Details) - USD ($)	3 Months Ended	12 Months Ended		15 Months Ended
	Mar. 31, 2016	Dec. 31, 2016	Dec. 31, 2015	Mar. 31, 2016
Income taxes
Accelerated stock compensation expense		$ 1,649,513
Restricted Shares
Income taxes
Income tax benefit recorded related to additional stock compensation expense				$ 0
Restricted Shares | Stock Price Vesting
Income taxes
Accelerated stock compensation expense	$ 1,600,000	$ 1,600,000	$ 676,000	$ 2,300,000
Restricted Shares | Stock Price Vesting | Mr. Albright
Income taxes
Shares permanently surrendered	68,000

INCOME TAXES - Uncertain Tax Po

INCOME TAXES - Uncertain Tax Positions (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
INCOME TAXES
Change to unrecognized tax benefits	$ 0	$ 0	$ 0
Interest and penalties accrued for uncertain positions	$ 0	$ 0	$ 0

INCOME TAXES - Paid and Refunde

INCOME TAXES - Paid and Refunded (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
INCOME TAXES
Net income taxes paid	$ 334,000	$ 510,000	$ 1,200,000
Income tax refunds	$ 958,000	$ 133,000	$ 0

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Minimum Future Rental Payments (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Minimum future rental payments under non-cancelable operating leases having remaining terms in excess of one year
2,018	$ 150,689
2,019	146,334
2,020	71,804
2,021	5,740
Total	374,567
Operating leases
Rental expense under all operating leases	$ 339,000	$ 389,000	$ 410,000

COMMITMENTS AND CONTINGENCIE132

COMMITMENTS AND CONTINGENCIES - Minimum Future Rental Receipts (Details)	Dec. 31, 2017USD ($)
Minimum future rental receipts under non-cancelable operating leases having remaining terms in excess of one year
2,018	$ 27,723,892
2,019	27,062,887
2,020	25,829,071
2,021	22,671,393
2,022	21,043,187
2023 and thereafter (cumulative)	94,483,824
Total	$ 218,814,254

COMMITMENTS AND CONTINGENCIE133

COMMITMENTS AND CONTINGENCIES - Contractual Commitments - Expenditures (Details)	1 Months Ended		12 Months Ended
	Dec. 31, 2015USD ($)a	Dec. 31, 2013USD ($)a	Dec. 31, 2017USD ($)arestaurant$ / item	Dec. 31, 2013USD ($)a	Jan. 31, 2018USD ($)arestaurant	Sep. 30, 2017restaurant	Dec. 31, 2016USD ($)a
Commitments
Restricted Cash			$ 6,508,131				$ 9,855,469
Reserve for Tenant Improvements			$ 3,302,831				$ 398,621
Obligations
Annual surcharge, per round of golf played | $ / item			1
Minimum annual per round surcharge			$ 70,000
Maximum aggregate amount of per round surcharge			700,000
Accrued surcharge commitment			$ 700,000		$ 630,000
Land Parcel - Beachfront Property
Commitments
Acres | a			6		6		6
Land Parcel - Beachfront Property | Restaurant property
Commitments
Number of properties | restaurant			2		2	2
Total estimated cost to improve the land and develop the income properties			$ 6,700,000
Payments for construction in progress			5,900,000
Commitment amount			858,000
Race Trac
Commitments
Acres sold | a		3.4
Sam's Club affiliate
Commitments
Acres sold | a	18.1
Sam's Club affiliate | Buyer reimbursement
Commitments
Deposit of cash in escrow classified as restricted cash	$ 125,000
Restricted Cash			125,000
Hilton Grand Vacations | Tenant reimbursement commitment | Buildings
Commitments
Reserve for Tenant Improvements			2,700,000
Williamson Crossing site
Commitments
Acres | a		19.6		19.6
Williamson Crossing site | Road and other land improvements
Commitments
Area of land subject to contractual commitment | a		23
Estimated cost for improvements		$ 1,260,000
Williamson Crossing site | Buyer reimbursement
Commitments
Percentage of cost paid		77.50%
Commitment amount		$ 976,500		$ 976,500
Reimbursement period of land improvement cost		5 years
Deposit of cash in escrow classified as restricted cash				$ 283,500
Restricted Cash			288,000
Maximum | Sam's Club affiliate | Buyer reimbursement
Commitments
Commitment amount			125,000
Maximum | Williamson Crossing site | Buyer reimbursement
Commitments
Commitment amount			$ 689,000

COMMITMENTS AND CONTINGENCIE134

COMMITMENTS AND CONTINGENCIES - Contractual Commitments - Land Pipeline (Details) - Expected	Feb. 28, 2018USD ($)aentityTransaction$ / a
Contracts
Number of purchase and sale agreements | Transaction	18
Number of buyers | entity	16
No. of Acres	6,042
Area of land sales as a percentage of land holdings	75.00%
Contract Amount | $	$ 150,883,000
Price per Acre | $ / a	25,000
Minimum
Contracts
No. of Acres	6,000
Mitigation Bank joint venture
Contracts
Ownership interest retained (as a percent)	30.00%
Institutional investor | Mitigation Bank joint venture
Contracts
Interest acquired in joint venture (as a percent)	70.00%
Commercial/Retail | O'Connor - East Of I-95
Contracts
No. of Acres	123
Contract Amount | $	$ 29,250,000
Price per Acre | $ / a	238,000
Commercial/Retail | O'Connor - East Of I-95 | Minimum
Contracts
Cost of requisite mitigation credits as a percentage of land sale contract amount	5.00%
Commercial/Retail | O'Connor - East Of I-95 | Maximum
Contracts
Cost of requisite mitigation credits as a percentage of land sale contract amount	10.00%
Commercial/Retail | Buc'ees - East of I-95
Contracts
No. of Acres	35
Contract Amount | $	$ 14,000,000
Price per Acre | $ / a	400,000
Commercial/Retail | Buc'ees - East of I-95 | Minimum
Contracts
Cost of requisite mitigation credits as a percentage of land sale contract amount	5.00%
Commercial/Retail | Buc'ees - East of I-95 | Maximum
Contracts
Cost of requisite mitigation credits as a percentage of land sale contract amount	10.00%
Commercial/Retail | Property East of I-95, one
Contracts
No. of Acres	20
Contract Amount | $	$ 4,250,000
Price per Acre | $ / a	213,000
Commercial/Retail | Property East of I-95, two
Contracts
No. of Acres	8
Contract Amount | $	$ 782,000
Price per Acre | $ / a	98,000
Commercial/Retail | Property East of I-95, three
Contracts
No. of Acres	6
Contract Amount | $	$ 625,000
Price per Acre | $ / a	104,000
Commercial/Retail | Property west of Interstate 95
Contracts
No. of Acres	19
Contract Amount | $	$ 285,000
Price per Acre | $ / a	15,000
Residential (AR) | Minto Communities - West of I-95
Contracts
No. of Acres	1,614
Contract Amount | $	$ 26,500,000
Price per Acre | $ / a	16,000
Residential (SF) | ICI Homes - West of I-95
Contracts
No. of Acres	1,016
Contract Amount | $	$ 21,000,000
Price per Acre | $ / a	21,000
Residential (SF) | ICI Homes - West of I-95, property two
Contracts
No. of Acres	146
Contract Amount | $	$ 1,400,000
Price per Acre | $ / a	10,000
Residential (SF) | Property west of Interstate 95
Contracts
No. of Acres	200
Contract Amount | $	$ 3,324,000
Price per Acre | $ / a	17,000
Residential (SF) | Buyer's option | Property west of Interstate 95
Contracts
No. of Acres	71
Contract Amount | $	$ 574,000
Residential (SF) | Base contract | Property west of Interstate 95
Contracts
No. of Acres	129
Contract Amount | $	$ 2,750,000
Commercial | Mitigation Bank - Term Sheet - West of I-95
Contracts
No. of Acres	2,492
Contract Amount | $	$ 15,000,000
Price per Acre | $ / a	6,000
Commercial | Property west of Interstate 95
Contracts
No. of Acres	164
Contract Amount | $	$ 1,900,000
Price per Acre | $ / a	12,000
Mixed-Use Retail | North American - East of I-95
Contracts
No. of Acres	35
Contract Amount | $	$ 14,362,000
Price per Acre | $ / a	409,000
Residential (Multi-Family) | Property east of Interstate 95
Contracts
No. of Acres	45
Contract Amount | $	$ 5,200,000
Price per Acre | $ / a	116,000
Residential (Multi-Family) | Buyer's option | Property east of Interstate 95
Contracts
No. of Acres	19
Contract Amount | $	$ 2,000,000
Residential (Multi-Family) | Base contract | Property east of Interstate 95
Contracts
No. of Acres	26
Contract Amount | $	$ 3,200,000
Distribution/Warehouse | Property east of Interstate 95
Contracts
No. of Acres	71
Contract Amount | $	$ 5,000,000
Price per Acre | $ / a	70,000
Commercial/Distribution | Property east of Interstate 95
Contracts
No. of Acres	26
Contract Amount | $	$ 3,215,000
Price per Acre | $ / a	124,000
Specialty Grocer | Property east of Interstate 95
Contracts
No. of Acres	9
Contract Amount | $	$ 2,790,000
Price per Acre | $ / a	310,000
Auto Dealership | Property west of Interstate 95
Contracts
No. of Acres	13
Contract Amount | $	$ 2,000,000
Price per Acre | $ / a	154,000

COMMITMENTS AND CONTINGENCIE135

COMMITMENTS AND CONTINGENCIES - Other Matters (Details)	Jun. 30, 2017aitem	Jun. 30, 2016USD ($)	Dec. 31, 2015USD ($)a	Dec. 31, 2017USD ($)	Jun. 30, 2017USD ($)a	Mar. 31, 2017USD ($)a	Jun. 30, 2016USD ($)	Dec. 31, 2017USD ($)a	Dec. 31, 2016USD ($)a	Dec. 31, 2015USD ($)a	Dec. 31, 2017USD ($)	Dec. 31, 2017USD ($)
Contingencies
Escrow balance				$ 6,508,131				$ 6,508,131	$ 9,855,469		$ 6,508,131	$ 6,508,131
Unfavorable regulatory action
Contingencies
Accrued loss contingency			$ 187,500							$ 187,500
Wintergreen Advisers, LLC maters
Contingencies
Cost incurred								1,600,000				3,000,000
Legal representation and third party costs								$ 1,200,000
Minto Communities LLC
Contingencies
Acres sold | a						1,581
Land Sales
Contingencies
Acres sold | a								1,700.9	707.7	114.1
Wetlands restoration
Contingencies
Acres | a			148.4							148.4
Environmental costs funded								$ 381,000	$ 935,000		1,300,000
Estimated cost		$ 2,000,000					$ 2,000,000	2,000,000			2,000,000
Accrued restoration cost			$ 1,700,000	708,000				708,000		$ 1,700,000	708,000	708,000
Increase in accrual of remediation costs							$ 300,000		$ 325,000
Wetlands restoration | Minto Communities LLC
Contingencies
Cash deposited in (refunded from) escrow				(189,500)		$ 423,000
Escrow balance				$ 234,000				$ 234,000			$ 234,000	$ 234,000
Wetlands restoration | Minimum
Contingencies
Estimated cost			1,700,000
Wetlands restoration | Maximum
Contingencies
Estimated cost			$ 1,900,000
Mitigation activities
Contingencies
Acres | a	54.66				54.66	54.66
Number of mitigation credits required to be utilized | item	36
Mitigation credits transferred					$ 298,000

BUSINESS SEGMENT DATA - Descrip

BUSINESS SEGMENT DATA - Description (Details)	Dec. 31, 2017loanitemproperty	Dec. 31, 2017segmentitemproperty	Dec. 31, 2016	Dec. 31, 2015
Business segment data
Number of business segments | segment		4
Golf Operations
Business segment data
Number of golf courses owned | property	2	2
Number of holes to the golf course | item	18	18
Commercial loans
Business segment data
Number of mortgage loan investments | loan	2
Product concentration | Identifiable assets | Income Properties
Business segment data
Percentage of total		83.40%	74.10%
Product concentration | Consolidated revenues | Income Properties
Business segment data
Percentage of total		34.40%	35.30%	44.30%

BUSINESS SEGMENT DATA - Summary

BUSINESS SEGMENT DATA - Summary of Operations in Different Segments (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Business segment data
Revenues	$ 17,480,622	$ 12,380,602	$ 22,837,783	$ 38,713,284	$ 27,635,543	$ 12,210,945	$ 12,873,938	$ 18,354,435	$ 91,412,291	$ 71,074,861	$ 42,997,680
Operating Income	5,622,042	3,757,449	8,040,407	22,849,411	10,313,894	15,879,509	4,732,868	6,393,316	40,269,309	37,319,587	20,269,309
Depreciation and Amortization	3,524,525	3,161,169	3,215,690	2,762,575	2,377,031	1,945,460	1,805,559	2,067,367	12,663,959	8,195,417	5,212,897
Identifiable Assets	466,130,378				408,623,426				466,130,378	408,623,426
Operating Segments
Business segment data
Operating Income									40,269,309	37,319,587	20,269,309
Capital Expenditures									97,627,672	92,550,168	111,293,694
General and Corporate Expense
Business segment data
Operating Income									(20,809,180)	(7,915,254)	(8,960,273)
Income Properties
Business segment data
Revenues	8,840,425	7,928,258	7,565,007	7,073,240	6,608,830	6,021,331	6,033,082	6,429,241	31,406,930	25,092,484	19,041,111
Depreciation and Amortization									12,272,265	7,872,689	4,898,803
Identifiable Assets	388,602,721				302,757,565				388,602,721	302,757,565
Income Properties | Operating Segments
Business segment data
Operating Income									24,489,187	19,887,621	15,385,176
Capital Expenditures									92,125,062	92,434,774	84,261,324
Commercial Loan Investments
Business segment data
Revenues	325,240	637,801	553,159	536,489	537,728	534,212	635,050	881,245	2,052,689	2,588,235	2,691,385
Identifiable Assets	11,963,777				24,032,885				11,963,777	24,032,885
Commercial Loan Investments | Operating Segments
Business segment data
Operating Income									2,052,689	2,588,235	2,691,385
Capital Expenditures									3,000,000		15,394,879
Real Estate Operations
Business segment data
Revenues	6,864,334	2,926,406	13,257,355	29,474,460	19,165,183	4,643,646	4,774,620	9,560,898	52,522,555	38,144,347	15,942,894
Identifiable Assets	43,296,528				58,868,298				43,296,528	58,868,298
Real Estate Operations | Operating Segments
Business segment data
Operating Income									35,161,533	23,263,036	11,650,370
Capital Expenditures											11,489,272
Real Estate Operations | Primary beneficiary, Consolidated VIE | Operating Segments
Business segment data
Capital Expenditures											5,744,636
Golf Operations
Business segment data
Revenues	1,439,436	797,420	1,383,513	1,474,944	1,312,471	1,001,368	1,412,196	1,464,359	5,095,313	5,190,394	5,243,485
Depreciation and Amortization									349,261	266,074	263,335
Identifiable Assets	6,262,634				3,675,842				6,262,634	3,675,842
Golf Operations | Operating Segments
Business segment data
Operating Income									(863,575)	(396,683)	(349,600)
Capital Expenditures									2,373,894	95,513	109,505
Agriculture And Other
Business segment data
Revenues	11,187	$ 90,717	$ 78,749	$ 154,151	11,331	$ 10,388	$ 18,990	$ 18,692	334,804	59,401	78,805
Depreciation and Amortization									42,433	56,654	50,759
Identifiable Assets	$ 16,004,718				$ 19,288,836				16,004,718	19,288,836
Agriculture And Other | Operating Segments
Business segment data
Operating Income									238,655	(107,368)	(147,749)
Capital Expenditures									$ 128,716	$ 19,881	$ 38,714

BUSINESS SEGMENT DATA - Land Po

BUSINESS SEGMENT DATA - Land Portfolio (Details)	Dec. 31, 2017a
Daytona Beach, FL | Undeveloped land
Business segment data
Area of Land	8,100

VARIABLE INTEREST ENTITY (Detai

VARIABLE INTEREST ENTITY (Details)	Dec. 31, 2017USD ($)ft²arestaurant	Dec. 31, 2016USD ($)a	Nov. 17, 2016USD ($)	Jun. 30, 2017USD ($)	Mar. 31, 2017ft²	Jun. 30, 2016USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2017USD ($)ft²arestaurant	Dec. 31, 2016USD ($)a	Dec. 31, 2015USD ($)aproperty	Jan. 31, 2018arestaurant	Sep. 30, 2017restaurant	Nov. 16, 2016
Variable Interest Entity [Line Items]
Cost basis	$ 39,477,697	$ 51,955,278						$ 39,477,697	$ 51,955,278
Acquisition of property									4,778,790	$ 5,664,787
Acquisition of noncontrolling interest and (discount on acquisition)			$ 4,800,000						4,778,790
Impairment charges						$ 1,970,822	$ 209,908	$ 0	2,180,730	$ 510,041
Land and land improvements
Variable Interest Entity [Line Items]
Area of real estate property | ft²	1,200,000							1,200,000
Primary beneficiary, Consolidated VIE | Daytona Beach, FL
Variable Interest Entity [Line Items]
Cost basis		$ 11,329,574							11,329,574
Retained Earnings
Variable Interest Entity [Line Items]
Acquisition of noncontrolling interest and (discount on acquisition)			$ (879,000)						$ (879,158)
Land Parcel - Beachfront Property
Variable Interest Entity [Line Items]
Cost basis	$ 11,700,000							$ 11,700,000
Area of Land | a	6	6						6	6		6
Impairment charges	$ 0	$ 0
Land Parcel - Beachfront Property | Restaurant property
Variable Interest Entity [Line Items]
Number of properties | restaurant	2							2			2	2
Design and construction costs incurred								$ 5,900,000
Land Parcel - Beachfront Property | Restaurant property | LandShark Bar and Grill
Variable Interest Entity [Line Items]
Area of real estate property | ft²					6,264
Lease term					15 years
Land Parcel - Beachfront Property | Restaurant property | Cocina 214 Restaurant and Bar
Variable Interest Entity [Line Items]
Lease term				15 years
Annual minimum rent per year				$ 360,000
Land Parcel - Beachfront Property | Land and land improvements
Variable Interest Entity [Line Items]
Area of real estate property | ft²	1,200,000							1,200,000
Partially owned consolidated property | Land Parcel - Beachfront Property
Variable Interest Entity [Line Items]
Area of Land | a										6
Acquisition of property										$ 5,664,787
Preferred interest investment return (as a percent)										9.00%
Beachfront Venture
Variable Interest Entity [Line Items]
Ownership interest (as a percent)										50.00%
Unaffiliated third party’s percentage ownership										50.00%			50.00%
Eliminated upon consolidation | Partially owned consolidated property | Land Parcel - Beachfront Property
Variable Interest Entity [Line Items]
Management fee										$ 9,000
Beachfront Venture | Primary beneficiary, Consolidated VIE
Variable Interest Entity [Line Items]
Number of real estate properties | property										1
Cost basis										$ 11,329,574
Area of Land | a										6
Beachfront Venture | Land Parcel - Beachfront Property
Variable Interest Entity [Line Items]
Acquisition of property										$ 11,300,000

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details)	Feb. 21, 2018USD ($)ft²	Mar. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Credit Facility
Subsequent Events
Maximum borrowing capacity			$ 100,000,000
Available borrowing capacity			30,000,000
Amount outstanding			$ 70,000,000
Subsequent Event | Credit Facility
Subsequent Events
Maximum borrowing capacity		$ 130,000,000
Subsequent Event | Aspen, Colorado | Commercial | Master lease
Subsequent Events
Lease term	20 years
Subsequent Event | 2018 acquisitions of income property subject to a lease | Aspen, Colorado
Subsequent Events
Area of real estate property | ft²	19,596
Purchase price	$ 28,000,000
Net investment in property	$ 26,500,000
Subsequent Event | Expected | Credit Facility
Subsequent Events
Available borrowing capacity		$ 60,000,000

QUARTERLY FINANCIAL DATA (UNAUD

QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Revenues
Revenues	$ 17,480,622	$ 12,380,602	$ 22,837,783	$ 38,713,284	$ 27,635,543	$ 12,210,945	$ 12,873,938	$ 18,354,435	$ 91,412,291	$ 71,074,861	$ 42,997,680
Direct Cost of Revenues
Total Direct Cost of Revenues	(6,024,595)	(3,466,206)	(8,854,499)	(12,107,677)	(13,081,483)	(4,043,639)	(3,828,511)	(4,886,387)	(30,452,977)	(25,840,020)	(13,768,098)
General and Administrative Expenses	(2,309,764)	(1,995,512)	(2,727,187)	(3,220,147)	(1,779,467)	(1,821,827)	(1,899,126)	(4,797,457)	(10,252,610)	(10,297,877)	(8,753,779)
Impairment Charges							(1,970,822)	(209,908)	0	(2,180,730)	(510,041)
Depreciation and Amortization	(3,524,525)	(3,161,169)	(3,215,690)	(2,762,575)	(2,377,031)	(1,945,460)	(1,805,559)	(2,067,367)	(12,663,959)	(8,195,417)	(5,212,897)
Gain (Loss) on Disposition of Assets	304	(266)			(83,668)	11,479,490	1,362,948		38	12,758,770	5,516,444
Land Lease Income				2,226,526					2,226,526
Total Operating Expenses	(11,858,580)	(8,623,153)	(14,797,376)	(15,863,873)	(17,321,649)	3,668,564	(8,141,070)	(11,961,119)	(51,142,982)	(33,755,274)	(22,728,371)
Operating Income	5,622,042	3,757,449	8,040,407	22,849,411	10,313,894	15,879,509	4,732,868	6,393,316	40,269,309	37,319,587	20,269,309
Investment Income (Loss)	10,554	9,724	8,524	9,183	31,181	2,531	2,691	(566,384)	37,985	(529,981)	208,879
Interest Expense	(2,243,770)	(2,073,299)	(2,144,176)	(2,061,891)	(2,052,745)	(2,454,390)	(2,154,437)	(2,091,766)	(8,523,136)	(8,753,338)	(6,919,767)
Income Before Income Tax Benefit (Expense)	(3,388,826)	(1,693,874)	(5,904,755)	(20,796,703)	(8,292,330)	(13,427,650)	(2,581,122)	(3,735,166)	(31,784,158)	(28,036,268)	(13,558,421)
Income Tax Benefit (Expense)	20,938,398	(726,974)	(2,225,847)	(8,050,311)	(3,212,127)	(5,281,646)	(1,000,480)	(2,342,601)	9,935,266	(11,836,854)	(5,269,104)
Net Income	24,327,224	966,900	3,678,908	12,746,392	5,080,203	8,146,004	1,580,642	1,392,565	41,719,424	16,199,414	8,289,317
Less: Net Loss Attributable to Noncontrolling Interest in Consolidated VIE					14,870	15,010	(10,199)	32,153		51,834	57,849
Net Income Attributable to Consolidated-Tomoka Land Co.	$ 24,327,224	$ 966,900	$ 3,678,908	$ 12,746,392	$ 5,095,073	$ 8,161,014	$ 1,570,443	$ 1,424,718	$ 41,719,424	$ 16,251,248	$ 8,347,166
Basic
Net Income (Loss) Attributable to Consolidated-Tomoka Land Co.	$ 4.42	$ 0.18	$ 0.67	$ 2.28	$ 0.91	$ 1.44	$ 0.28	$ 0.25	$ 7.53	$ 2.86	$ 1.44
Diluted
Net Income (Loss) Attributable to Consolidated-Tomoka Land Co.	$ 4.38	$ 0.18	$ 0.66	$ 2.27	$ 0.90	$ 1.44	$ 0.28	$ 0.25	$ 7.48	$ 2.85	$ 1.43
Income Properties
Revenues
Revenues	$ 8,840,425	$ 7,928,258	$ 7,565,007	$ 7,073,240	$ 6,608,830	$ 6,021,331	$ 6,033,082	$ 6,429,241	$ 31,406,930	$ 25,092,484	$ 19,041,111
Direct Cost of Revenues
Total Direct Cost of Revenues	(2,160,999)	(1,715,516)	(1,629,515)	(1,411,713)	(1,393,474)	(1,430,642)	(1,204,040)	(1,176,707)	(6,917,743)	(5,204,863)	(3,655,935)
Depreciation and Amortization									(12,272,265)	(7,872,689)	(4,898,803)
Commercial Loan Investments
Revenues
Revenues	325,240	637,801	553,159	536,489	537,728	534,212	635,050	881,245	2,052,689	2,588,235	2,691,385
Real Estate Operations
Revenues
Revenues	6,864,334	2,926,406	13,257,355	29,474,460	19,165,183	4,643,646	4,774,620	9,560,898	52,522,555	38,144,347	15,942,894
Direct Cost of Revenues
Total Direct Cost of Revenues	(2,071,650)	(459,169)	(5,792,529)	(9,156,849)	(10,242,446)	(1,257,183)	(1,124,641)	(2,257,041)	(17,480,197)	(14,881,311)	(4,292,524)
Golf Operations
Revenues
Revenues	1,439,436	797,420	1,383,513	1,474,944	1,312,471	1,001,368	1,412,196	1,464,359	5,095,313	5,190,394	5,243,485
Direct Cost of Revenues
Total Direct Cost of Revenues	(1,785,644)	(1,272,647)	(1,401,919)	(1,498,678)	(1,432,393)	(1,302,920)	(1,447,176)	(1,404,588)	(5,958,888)	(5,587,077)	(5,593,085)
Depreciation and Amortization									(349,261)	(266,074)	(263,335)
Agriculture And Other
Revenues
Revenues	11,187	90,717	78,749	154,151	11,331	10,388	18,990	18,692	334,804	59,401	78,805
Direct Cost of Revenues
Total Direct Cost of Revenues	$ (6,302)	$ (18,874)	$ (30,536)	$ (40,437)	$ (13,170)	$ (52,894)	$ (52,654)	$ (48,051)	(96,149)	(166,769)	(226,554)
Depreciation and Amortization									$ (42,433)	$ (56,654)	$ (50,759)

SCHEDULE III REAL ESTATE AND142

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION - Initial Cost and Subsequent Costs Capitalized (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Cost:
Encumbrances	$ 55,000,000
Land	131,434,162
Building & Improvements	213,968,550
Improvements	12,727,638
Gross Amount Carried at Close
Land	131,434,162
Buildings	226,696,188
Total	358,130,350	$ 274,334,139	$ 268,970,875	$ 209,294,277
Accumulated Depreciation	21,878,465	$ 14,391,567	$ 14,374,079	$ 14,073,096
3600 Peterson | Santa Clara, CA
Cost:
Land	17,855,023
Building & Improvements	8,414,925
Gross Amount Carried at Close
Land	17,855,023
Buildings	8,414,925
Total	26,269,948
Accumulated Depreciation	$ 718,307
Life	30 years
7-Eleven, Inc. | Dallas, TX
Cost:
Land	$ 974,862
Building & Improvements	1,550,744
Gross Amount Carried at Close
Land	974,862
Buildings	1,550,744
Total	2,525,606
Accumulated Depreciation	$ 71,076
Life	40 years
At Home | Raleigh, NC
Cost:
Land	$ 2,118,420
Building & Improvements	5,774,284
Gross Amount Carried at Close
Land	2,118,420
Buildings	5,774,284
Total	7,892,704
Accumulated Depreciation	$ 429,700
Life	20 years
Bank of America | Monterey, CA
Cost:
Land	$ 4,458,840
Gross Amount Carried at Close
Land	4,458,840
Total	4,458,840
Barnes and Noble | Daytona Beach, FL
Cost:
Land	1,798,600
Building & Improvements	3,803,000
Gross Amount Carried at Close
Land	1,798,600
Buildings	3,803,000
Total	5,601,600
Accumulated Depreciation	$ 1,616,275
Life	40 years
Best Buy | McDonough, GA
Cost:
Land	$ 2,622,682
Building & Improvements	3,150,000
Improvements	82,264
Gross Amount Carried at Close
Land	2,622,682
Buildings	3,232,264
Total	5,854,946
Accumulated Depreciation	$ 915,616
Life	40 years
Big Lots | Germantown, MD
Cost:
Encumbrances	$ 3,300,000
Land	1,781,918
Building & Improvements	2,951,231
Gross Amount Carried at Close
Land	1,781,918
Buildings	2,951,231
Total	4,733,149
Accumulated Depreciation	$ 319,717
Life	40 years
Big Lots | Phoenix, AZ
Cost:
Encumbrances	$ 3,400,000
Land	1,715,717
Building & Improvements	3,050,164
Gross Amount Carried at Close
Land	1,715,717
Buildings	3,050,164
Total	4,765,881
Accumulated Depreciation	$ 374,916
Life	40 years
Carrabba's Italian Grill | Austin, TX
Cost:
Land	$ 1,160,925
Building & Improvements	1,305,117
Gross Amount Carried at Close
Land	1,160,925
Buildings	1,305,117
Total	2,466,042
Accumulated Depreciation	$ 88,026
Life	25 years
Century Theatres | Reno, NV
Cost:
Land	$ 1,669,377
Building & Improvements	4,484,938
Improvements	11,140
Gross Amount Carried at Close
Land	1,669,377
Buildings	4,496,078
Total	6,165,455
Accumulated Depreciation	$ 260,643
Life	23 years
Container Store | Glendale, AZ
Cost:
Land	$ 1,968,398
Building & Improvements	5,493,102
Gross Amount Carried at Close
Land	1,968,398
Buildings	5,493,102
Total	7,461,500
Accumulated Depreciation	$ 335,042
Life	55 years
CVS Pharmacy | Dallas, TX
Cost:
Land	$ 7,535,013
Gross Amount Carried at Close
Land	7,535,013
Total	7,535,013
Dick's Sporting Goods | McDonough, GA
Cost:
Land	3,934,022
Building & Improvements	4,725,000
Gross Amount Carried at Close
Land	3,934,022
Buildings	4,725,000
Total	8,659,022
Accumulated Depreciation	$ 1,368,280
Life	40 years
Harris Teeter Supermarket | Charlotte, NC
Cost:
Encumbrances	$ 6,600,000
Land	5,601,837
Building & Improvements	3,409,338
Gross Amount Carried at Close
Land	5,601,837
Buildings	3,409,338
Total	9,011,175
Accumulated Depreciation	$ 831,026
Life	40 years
Hilton Grand Vacations (Office), one | Orlando, FL
Cost:
Land	$ 2,810,942
Building & Improvements	6,590,681
Improvements	20,188
Gross Amount Carried at Close
Land	2,810,942
Buildings	6,610,869
Total	9,421,811
Accumulated Depreciation	$ 804,368
Life	40 years
Hilton Grand Vacations (Office), two | Orlando, FL
Cost:
Land	$ 1,210,138
Building & Improvements	2,453,690
Improvements	282,099
Gross Amount Carried at Close
Land	1,210,138
Buildings	2,735,789
Total	3,945,927
Accumulated Depreciation	$ 328,545
Life	40 years
Joann's | Saugus, MA
Cost:
Land	$ 1,574,594
Building & Improvements	4,769,946
Gross Amount Carried at Close
Land	1,574,594
Buildings	4,769,946
Total	6,344,540
Accumulated Depreciation	$ 97,692
Life	50 years
L.A. Fitness | Brandon, FL
Cost:
Land	$ 3,208,889
Building & Improvements	9,677,636
Gross Amount Carried at Close
Land	3,208,889
Buildings	9,677,636
Total	12,886,525
Accumulated Depreciation	$ 271,310
Life	30 years
Lowes | Katy, TX
Cost:
Encumbrances	$ 8,500,000
Land	9,412,181
Building & Improvements	3,480,650
Gross Amount Carried at Close
Land	9,412,181
Buildings	3,480,650
Total	12,892,831
Accumulated Depreciation	$ 491,997
Life	30 years
Maple Ave Land | Dallas, TX
Cost:
Land	$ 359,116
Gross Amount Carried at Close
Land	359,116
Total	359,116
Outback Steakhouse | Austin, TX
Cost:
Land	1,376,793
Building & Improvements	1,585,791
Gross Amount Carried at Close
Land	1,376,793
Buildings	1,585,791
Total	2,962,584
Accumulated Depreciation	$ 91,270
Life	30 years
Outback Steakhouse | Charlottesville, VA
Cost:
Land	$ 1,308,881
Building & Improvements	3,135,515
Gross Amount Carried at Close
Land	1,308,881
Buildings	3,135,515
Total	4,444,396
Accumulated Depreciation	$ 161,768
Life	30 years
Outback Steakhouse | Huntersville, NC
Cost:
Land	$ 1,987,831
Building & Improvements	1,299,017
Gross Amount Carried at Close
Land	1,987,831
Buildings	1,299,017
Total	3,286,848
Accumulated Depreciation	$ 109,046
Life	20 years
Rite Aid | Renton, WA
Cost:
Encumbrances	$ 4,700,000
Land	2,036,235
Building & Improvements	4,148,415
Gross Amount Carried at Close
Land	2,036,235
Buildings	4,148,415
Total	6,184,650
Accumulated Depreciation	$ 458,054
Life	40 years
Riverside | Jacksonville, FL
Cost:
Land	$ 6,019,815
Building & Improvements	14,239,515
Improvements	264,128
Gross Amount Carried at Close
Land	6,019,815
Buildings	14,503,643
Total	20,523,458
Accumulated Depreciation	$ 1,601,471
Life	43 years
Staples | Sarasota, FL
Cost:
Land	$ 2,728,083
Building & Improvements	1,145,137
Gross Amount Carried at Close
Land	2,728,083
Buildings	1,145,137
Total	3,873,220
Accumulated Depreciation	$ 52,584
Life	40 years
The Grove | Winter Park, FL
Cost:
Land	$ 1,240,000
Building & Improvements	1,860,000
Improvements	8,431,336
Gross Amount Carried at Close
Land	1,240,000
Buildings	10,291,336
Total	11,531,336
Accumulated Depreciation	$ 439,199
Life	40 years
Walgreens | Alpharetta, GA
Cost:
Land	$ 3,265,623
Building & Improvements	1,406,160
Gross Amount Carried at Close
Land	3,265,623
Buildings	1,406,160
Total	4,671,783
Accumulated Depreciation	$ 483,368
Life	40 years
Walgreens | Clermont, FL
Cost:
Encumbrances	$ 3,500,000
Land	3,021,665
Building & Improvements	1,269,449
Gross Amount Carried at Close
Land	3,021,665
Buildings	1,269,449
Total	4,291,114
Accumulated Depreciation	$ 431,084
Life	40 years
Wells Fargo | Raleigh, NC
Cost:
Encumbrances	$ 25,000,000
Land	8,680,056
Building & Improvements	59,166,753
Improvements	241,641
Gross Amount Carried at Close
Land	8,680,056
Buildings	59,408,394
Total	68,088,450
Accumulated Depreciation	$ 4,198,411
Life	45 years
Wells Fargo | Hillsboro, OR
Cost:
Land	$ 10,005,650
Building & Improvements	25,902,632
Gross Amount Carried at Close
Land	10,005,650
Buildings	25,902,632
Total	35,908,282
Accumulated Depreciation	$ 226,204
Life	35 years
Westcliff property | Fort Worth, TX
Cost:
Land	$ 10,520,822
Building & Improvements	4,196,359
Gross Amount Carried at Close
Land	10,520,822
Buildings	4,196,359
Total	14,717,181
Accumulated Depreciation	$ 338,105
Life	10 years
Whole Foods | Sarasota, FL
Cost:
Land	$ 4,497,825
Building & Improvements	13,104,352
Improvements	274,085
Gross Amount Carried at Close
Land	4,497,825
Buildings	13,378,437
Total	17,876,262
Accumulated Depreciation	$ 1,099,829
Life	40 years
Mason Commerce Center-Bldg 1 | Daytona Beach, FL
Cost:
Land	$ 66,304
Building & Improvements	1,277,027
Improvements	1,064,124
Gross Amount Carried at Close
Land	66,304
Buildings	2,341,151
Total	2,407,455
Accumulated Depreciation	$ 948,544
Life	40 years
Mason Commerce Center Bldg 2 | Daytona Beach, FL
Cost:
Land	$ 66,304
Building & Improvements	1,277,027
Improvements	913,032
Gross Amount Carried at Close
Land	66,304
Buildings	2,190,059
Total	2,256,363
Accumulated Depreciation	$ 843,737
Life	40 years
Williamson Business Park-Bldg 3 | Daytona Beach, FL
Cost:
Land	$ 110,509
Building & Improvements	1,008,784
Improvements	986,104
Gross Amount Carried at Close
Land	110,509
Buildings	1,994,888
Total	2,105,397
Accumulated Depreciation	$ 157,395
Life	40 years
Concierge Office Building | Daytona Beach, FL
Cost:
Land	$ 293,872
Building & Improvements	2,862,171
Improvements	157,497
Gross Amount Carried at Close
Land	293,872
Buildings	3,019,668
Total	3,313,540
Accumulated Depreciation	$ 915,860
Life	40 years
Vacant Pad Site | Winter Park, FL
Cost:
Land	$ 436,400
Gross Amount Carried at Close
Land	436,400
Total	$ 436,400

SCHEDULE III REAL ESTATE AND143

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION - Rollforward (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Cost:
Balance at Beginning of Year	$ 274,334,139	$ 268,970,875	$ 209,294,277
Additions and Improvements	83,796,211	68,274,211	97,767,725
Adjust to Fair Value			(2,343,013)
Cost of Real Estate Sold		(62,910,947)	(20,431,548)
Reclassification to Land and Development Costs			(15,316,566)
Balance at End of Year	358,130,350	274,334,139	268,970,875
Accumulated Depreciation:
Balance at Beginning of Year	14,391,567	14,374,079	14,073,096
Depreciation and Amortization	7,486,898	5,346,538	3,224,227
Depreciation on Real Estate Sold		(5,329,050)	(2,472,192)
Reclassification to Land and Development Costs			(451,052)
Balance at End of Year	$ 21,878,465	$ 14,391,567	$ 14,374,079

SCHEDULE III REAL ESTATE AND144

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION - Reconciliation (Details) - USD ($)	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
Income Properties, Land, Buildings, and Improvements	$ 358,130,350	$ 274,334,139
Total	$ 358,130,350	$ 274,334,139	$ 268,970,875	$ 209,294,277

SCHEDULE IV MORTGAGE LOANS O145

SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
MORTGAGE LOANS ON REAL ESTATE
Face Amount of Mortgages	$ 11,960,467
Carrying Amounts of Mortgages	11,925,699
Mortgage Loans on Real Estate Roll Forward
Balance at Beginning of Year	23,960,467	$ 38,331,956	$ 30,208,074
New Mortgage Loans	3,000,000		15,394,878
Loan Fees Paid			40,000
Accretion of Origination Fees	(34,768)	132,923	74,781
Collection of Principal	(15,000,000)	(14,282,500)	(7,200,909)
Discount on payoff		(217,500)
Collection of Origination Fees			(181,250)
Amortization of Fees		(4,412)	(3,618)
Balance at End of Year	11,925,699	$ 23,960,467	$ 38,331,956
Variable-rate B-Note Junior Mortgage | Retail Shopping Center | Sarasota, FL
MORTGAGE LOANS ON REAL ESTATE
Face Amount of Mortgages	8,960,467
Carrying Amounts of Mortgages	$ 8,960,467
Variable-rate B-Note Junior Mortgage | Retail Shopping Center | LIBOR | Sarasota, FL
MORTGAGE LOANS ON REAL ESTATE
Interest rate margin added to variable rate (as a percent)	7.50%
Fixed-rate first mortgage | Land Parcel - Beachfront Property | Daytona Beach, FL
MORTGAGE LOANS ON REAL ESTATE
Interest Rate (as a percent)	11.00%
Face Amount of Mortgages	$ 3,000,000
Carrying Amounts of Mortgages	$ 2,965,232