CTO Realty Growth (CTO) 10-Q 1 May 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2018	Apr. 20, 2018
Document and Entity Information [Abstract]
Entity Registrant Name	CONSOLIDATED TOMOKA LAND CO
Entity Central Index Key	23,795
Document Type	10-Q
Document Period End Date	Mar. 31, 2018
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		5,596,311
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Property, Plant, and Equipment:
Income Properties, Land, Buildings, and Improvements	$ 395,827,126	$ 358,130,350
Golf Buildings, Improvements, and Equipment	6,618,364	6,617,396
Other Furnishings and Equipment	715,595	715,042
Construction in Progress	55,163	6,005,397
Total Property, Plant, and Equipment	403,216,248	371,468,185
Less, Accumulated Depreciation and Amortization	(23,354,026)	(23,779,780)
Property, Plant, and Equipment - Net	379,862,222	347,688,405
Land and Development Costs	30,145,845	39,477,697
Intangible Lease Assets - Net	40,099,046	38,758,059
Impact Fee and Mitigation Credits	814,033	1,125,269
Commercial Loan Investments	11,940,459	11,925,699
Cash and Cash Equivalents	3,724,714	6,559,409
Restricted Cash	3,148,997	6,508,131
Refundable Income Taxes	1,282,904	1,116,580
Other Assets	13,425,384	12,971,129
Total Assets	484,443,604	466,130,378
Liabilities:
Accounts Payable	1,429,652	1,880,516
Accrued and Other Liabilities	6,067,382	10,160,526
Deferred Revenue	6,836,487	2,030,459
Intangible Lease Liabilities - Net	29,863,752	29,770,441
Deferred Income Taxes - Net	45,965,858	42,293,864
Long-Term Debt	199,259,588	195,816,364
Total Liabilities	289,422,719	281,952,170
Commitments and Contingencies - See Note 18
Shareholders' Equity:
Common Stock – 25,000,000 shares authorized; $1 par value, 6,041,695 shares issued and 5,595,040 shares outstanding at March 31, 2018; 6,030,990 shares issued and 5,584,335 shares outstanding at December 31, 2017	5,983,476	5,963,850
Treasury Stock – 446,655 shares at March 31, 2018 and December 31, 2017	(22,507,760)	(22,507,760)
Additional Paid-In Capital	22,720,123	22,735,228
Retained Earnings	188,194,364	177,614,274
Accumulated Other Comprehensive Income	630,682	372,616
Total Shareholders' Equity	195,020,885	184,178,208
Total Liabilities and Shareholders’ Equity	$ 484,443,604	$ 466,130,378

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2018	Dec. 31, 2017
Common Stock
Common Stock, shares authorized	25,000,000	25,000,000
Common Stock, par value (in dollars per share)	$ 1	$ 1
Common Stock, shares issued	6,041,695	6,030,990
Common Stock, shares outstanding	5,595,040	5,584,335
Treasury Stock
Treasury Stock, shares held	446,655	446,655

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenues
Revenues	$ 24,851,599	$ 38,713,284
Direct Cost of Revenues
Total Direct Cost of Revenues	(4,791,688)	(12,107,677)
General and Administrative Expenses	(2,823,548)	(3,220,147)
Depreciation and Amortization	(3,900,379)	(2,762,575)
Gain on Disposition of Assets	3,650,858
Land Lease Income		2,226,526
Total Operating Expenses	(7,864,757)	(15,863,873)
Operating Income	16,986,842	22,849,411
Investment Income	12,312	9,183
Interest Expense	(2,561,465)	(2,061,891)
Income Before Income Tax Expense	14,437,689	20,796,703
Income Tax Expense	(3,525,390)	(8,050,311)
Net Income	$ 10,912,299	$ 12,746,392
Per Share Information- See Note 10:
Basic Net Income per Share (in dollars per share)	$ 1.97	$ 2.28
Diluted Net Income per Share (in dollars per share)	1.96	2.27
Dividends Declared (in dollars per share)	0.06	0.04
Dividends Paid (in dollars per share)	$ 0.06	$ 0.04
Income Properties
Revenues
Revenues	$ 9,205,727	$ 7,073,240
Direct Cost of Revenues
Total Direct Cost of Revenues	(1,869,029)	(1,411,713)
Depreciation and Amortization	(3,787,415)	(2,686,312)
Commercial Loan Investments
Revenues
Revenues	300,999	536,489
Real Estate Operations
Revenues
Revenues	13,979,330	29,474,460
Direct Cost of Revenues
Total Direct Cost of Revenues	(1,535,662)	(9,156,849)
Golf Operations
Revenues
Revenues	1,354,356	1,474,944
Direct Cost of Revenues
Total Direct Cost of Revenues	(1,381,825)	(1,498,678)
Depreciation and Amortization	(103,556)	(65,367)
Agriculture and Other Income
Revenues
Revenues	11,187	154,151
Direct Cost of Revenues
Total Direct Cost of Revenues	(5,172)	(40,437)
Depreciation and Amortization	$ (9,408)	$ (10,896)

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net Income	$ 10,912,299	$ 12,746,392
Other Comprehensive Income
Cash Flow Hedging Derivative - Interest Rate Swap (Net of Income Tax of $60,365, and $18,152, respectively)	258,066	47,056
Total Other Comprehensive Income, Net of Income Tax	258,066	47,056
Total Comprehensive Income	$ 11,170,365	$ 12,793,448

CONSOLIDATED STATEMENTS OF COM6

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Cash Flow Hedging Derivative - Interest Rate Swap, Income Tax	$ 60,365	$ 18,152

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY - 3 months ended Mar. 31, 2018 - USD ($)	Common Stock	Treasury Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Total
Balance at Dec. 31, 2017	$ 5,963,850	$ (22,507,760)	$ 22,735,228	$ 177,614,274	$ 372,616	$ 184,178,208
Increase (decrease) in shareholders' equity
Net Income				10,912,299		10,912,299
Vested Restricted Stock	19,065		(517,439)			(498,374)
Stock Issuance	561		35,063			35,624
Stock Compensation Expense from Restricted Stock Grants and Equity Classified Stock Options			467,271			467,271
Cash Dividends ($0.06 per share)				(332,209)		(332,209)
Other Comprehensive Income, Net of Income Tax					258,066	258,066
Balance at Mar. 31, 2018	$ 5,983,476	$ (22,507,760)	$ 22,720,123	$ 188,194,364	$ 630,682	$ 195,020,885

CONSOLIDATED STATEMENTS OF SHA8

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Common Stock
Cash Dividends (in dollars per share)	$ 0.06	$ 0.04

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash Flow from Operating Activities:
Net Income	$ 10,912,299	$ 12,746,392
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation and Amortization	3,900,379	2,762,575
Amortization of Intangible Liabilities to Income Property Revenue	579,659	531,546
Loan Cost Amortization	149,895	113,288
Amortization of Discount on Convertible Debt	310,782	291,570
Gain on Disposition of Property, Plant, and Equipment and Intangible Assets	(3,650,858)
Accretion of Commercial Loan Origination Fees	(14,760)
Deferred Income Taxes	3,930,060	9,034,033
Non-Cash Compensation	467,271	353,579
Decrease (Increase) in Assets:
Refundable Income Taxes	(166,324)	(97,947)
Land and Development Costs	(198,173)	7,511,335
Impact Fees and Mitigation Credits	311,236	216,592
Other Assets	(711,750)	872,220
Increase (Decrease) in Liabilities:
Accounts Payable	(450,864)	471,575
Accrued and Other Liabilities	(4,093,144)	(3,887,645)
Deferred Revenue	483,305	(392,524)
Net Cash Provided By Operating Activities	10,599,695	29,463,497
Cash Flow from Investing Activities:
Acquisition of Property, Plant, and Equipment and Intangible Lease Assets and Liabilities	(27,916,784)	(23,557,356)
Acquisition of Land	(2,141,853)
Proceeds from Disposition of Property, Plant, and Equipment	11,077,525
Net Cash Used In Investing Activities	(18,981,112)	(23,557,356)
Cash Flow from Financing Activities:
Proceeds from Long-Term Debt	33,000,000	6,000,000
Payments on Long-Term Debt	(29,899,770)	(15,800,000)
Cash Paid for Loan Fees	(117,683)	(36,749)
Cash Proceeds from Exercise of Stock Options and Stock Issuance	35,624	19,979
Cash Used to Purchase Common Stock		(2,927,556)
Cash Paid for Vesting of Restricted Stock	(498,374)	(261,621)
Dividends Paid	(332,209)	(224,594)
Net Cash Provided By (Used In) Financing Activities	2,187,588	(13,230,541)
Net Decrease in Cash	(6,193,829)	(7,324,400)
Cash, Beginning of Year	13,067,540	17,635,031
Cash, End of Period	6,873,711	10,310,631
Reconciliation of Cash to the Consolidated Balance Sheets:
Cash and Cash Equivalents	3,724,714	4,427,864
Restricted Cash	3,148,997	5,882,767
Total Cash as of March 31, 2018 and 2017, respectively	$ 13,067,540	$ 17,635,031

CONSOLIDATED STATEMENTS OF CA10

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical)	3 Months Ended
	Mar. 31, 2018USD ($)$ / item	Mar. 31, 2017USD ($)
Supplemental Disclosure of Cash Flows:
Income taxes paid	$ 0
Income taxes refunded	0	$ 808,000
Interest paid	2,899,000	2,550,000
Interest capitalized	$ 0	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
Aspen, Colorado
Supplemental disclosure of investing and financing activities
Tenant contribution	1,500,000
Florida
Supplemental disclosure of investing and financing activities
Tenant contribution	1,900,000
Real Estate Operations
Supplemental disclosure of investing and financing activities
Purchase price		$ 19,100,000
Single-tenant | Aspen, Colorado
Supplemental disclosure of investing and financing activities
Purchase price	$ 28,000,000

DESCRIPTION OF BUSINESS AND PRI

DESCRIPTION OF BUSINESS AND PRINCIPLES OF INTERIM STATEMENTS	3 Months Ended
	Mar. 31, 2018
DESCRIPTION OF BUSINESS AND PRINCIPLES OF INTERIM STATEMENTS
DESCRIPTION OF BUSINESS AND PRINCIPLES OF INTERIM STATEMENTS	NOTE 1. DESCRIPTION OF BUSINESS AND PRINCIPLES OF INTERIM STATEMENTS Description of Business The terms “us,” “we,” “our,” and “the Company” as used in this report refer to Consolidated-Tomoka Land Co. together with our consolidated subsidiaries. We are a diversified real estate operating company. We own and manage thirty-six commercial real estate properties in thirteen states in the United States. As of March 31, 2018, we owned twenty-nine single-tenant and seven multi-tenant income-producing properties with approximately 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 March 31, 2018, we have 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 eighteen 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. Interim Financial Information The accompanying unaudited consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). These unaudited consolidated financial statements do not include all of the information and notes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete financial statements and should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2017, which provides a more complete understanding of the Company’s accounting policies, financial position, operating results, business properties, and other matters. The unaudited consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary to present fairly the financial position of the Company and the results of operations for the interim periods. The results of operations for the three months ended March 31, 2018 are not necessarily indicative of results to be expected for the year ending December 31, 2018. 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 inter-company balances and transactions have been eliminated in the consolidated financial statements. Use of Estimates in Preparation of Financial Statements The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Recently Issued Accounting Standards In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 year ended December 31, 2017 and determined there was no impact on the Company’s revenue recognition within the consolidated financial statements. All required disclosures relating to ASU 2014-09 have been implemented herein 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 determined there was 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 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 determined there was 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 adopted ASU 2016-18 effective January 1, 2018 and has classified 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. Cash and Cash Equivalents Cash and cash equivalents include 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 March 31, 2018 include certain amounts over the Federal Deposit Insurance Corporation limits. Restricted Cash Restricted cash totaled approximately $3.2 million at March 31, 2018 of which approximately $184,000 is being held in escrow, to be reinvested through the like-kind exchange structure; approximately $1.5 million is being held in four separate escrow accounts related to four separate land transactions which closed in December 2013, December 2015, February 2017, and March 2018; 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; approximately $172,000 is being held in a capital replacement reserve account in connection with our financing of six income properties with Wells Fargo; and approximately $1.2 million is being held in a leasing reserve in connection with our acquisition of the property in Aspen, Colorado in February 2018. Derivative Financial Instruments and Hedging Activity Interest Rate Swap. 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, and we will continue to do so on an ongoing basis. 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. 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 March 31, 2018 and December 31, 2017, 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 March 31, 2018 and December 31, 2017, 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 is based on the framework established by GAAP. The framework specifies a hierarchy of valuation inputs which was established to increase consistency, clarity and comparability in fair value measurements and related disclosures. GAAP describes a fair value hierarchy based upon three levels of inputs that may be used to measure fair value, two of which are considered observable and one that is considered unobservable. The following describes the three levels: · Level 1 – Valuation is based upon quoted prices in active markets for identical assets or liabilities. · Level 2 – Valuation is based upon inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. · Level 3 – Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include option pricing models, discounted cash flow models and similar techniques. Classification of Commercial Loan Investments Loans held for investment are stated at the principal amount outstanding and include the unamortized deferred loan fees offset by any applicable unaccreted purchase discounts and origination fees, if applicable. 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 March 31, 2018 and December 31, 2017, no allowance for impairment was required. Recognition of Interest Income from Commercial Loan Investments Interest income on commercial loan investments includes interest payments made by the borrower and the accretion of purchase discounts and loan origination fees, offset by the amortization of loan costs. Interest payments are accrued based on the actual coupon rate and the outstanding principal balance, and purchase discounts and loan origination fees are accreted into income using the effective yield method, adjusted for prepayments. Impact Fees and Mitigation Credits Impact fees and mitigation credits are stated at historical cost. As these assets are sold, the related revenues and cost basis are reported as revenues from, and direct costs of, real estate operations, respectively, in the consolidated statements of operations. Accounts Receivable Accounts receivable related to income properties, which are classified in other assets on the consolidated balance sheets, primarily consist of tenant reimbursable expenses. Receivables related to tenant reimbursable expenses totaled approximately $813,000 and $895,000 as of March 31, 2018 and December 31, 2017, respectively. Accounts receivable related to real estate operations, which are classified in other assets on the consolidated balance sheets, totaled approximately $2.1 million and $2.2 million as of as of March 31, 2018 and December 31, 2017, respectively. As more fully described in Note 9, “Other Assets,” these accounts receivable 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. Trade accounts receivable primarily consist of receivables related to the golf operations, which are classified in other assets on the consolidated balance sheets. Trade accounts receivable related to golf operations, which primarily consist of amounts due from members or from private events, totaled approximately $353,000 and $349,000 as of March 31, 2018 and December 31, 2017, respectively. The collectability of the aforementioned receivables is determined based on the aging of the receivable and a review of the specifically identified accounts using judgments. As of March 31, 2018 and December 31, 2017, 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. In January 2017, the FASB issued 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 an asset acquisition, accordingly acquisition costs have been capitalized. Sales of Real Estate Gains and losses on sales of real estate are accounted for as required by ASU 2014-09, Revenue from Contracts with Customers. The Company recognizes revenue from the sales of real estate when the Company transfers the promised goods and/or services in the contract based on the transaction price allocated to the performance obligations within the contract. As market information becomes available, real estate cost basis is analyzed and recorded at the lower of cost or market. 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.

REVENUE RECOGNITION

REVENUE RECOGNITION	3 Months Ended
	Mar. 31, 2018
REVENUE RECOGNITION
REVENUE RECOGNITION	NOTE 2. REVENUE RECOGNITION The Company adopted ASU 2014-09 effective January 1, 2018 utilizing the modified retrospective method. The following table summarizes the Company’s revenue by segment, major good and/or service, and the related timing of revenue recognition for the three months ended March 31, 2018: Interest Income Income from Commercial Real Estate Golf Agriculture and Total Properties Loan Investments Operations Operations Other Income Revenues ($000's) ($000's) ($000's) ($000's) ($000's) ($000's) Major Good / Service: Lease Revenue - Base Rent $ 7,422 $ — $ — $ — $ 11 $ 7,433 Lease Revenue - CAM 614 — — — — 614 Lease Revenue - Reimbursements 565 — — — — 565 Lease Revenue - Billboards 64 — — — — 64 Above / Below Market Lease Accretion 580 — — — — 580 Contributed Leased Assets Accretion 10 — — — — 10 Lease Incentive Amortization (76) — — — — (76) Interest from Commercial Loan Investments — 301 — — — 301 Land Sale Revenue — — 13,117 — — 13,117 Impact Fee and Mitigation Credit Sales — — 116 — — 116 Subsurface Lease Revenue — — 199 — — 199 Subsurface Revenue - Other — — 547 — — 547 Golf Operations — — — 1,355 — 1,355 Interest and Other Revenue 27 — — — — 27 Total Revenues $ 9,206 $ 301 $ 13,979 $ 1,355 $ 11 $ 24,852 Timing of Revenue Recognition: Asset/Good Transferred at a Point in Time $ — $ — $ 13,780 $ 1,095 $ — $ 14,875 Services Transferred Over Time 27 — — 260 — 287 Over Lease Term 9,179 — 199 — 11 9,389 Commercial Loan Investment Related Revenue — 301 — — — 301 Total Revenues $ 9,206 $ 301 $ 13,979 $ 1,355 $ 11 $ 24,852 The following table summarizes the Company’s revenue by segment, major good and/or service, and the related timing of revenue recognition for the three months ended March 31, 2017: Interest Income Income from Commercial Real Estate Golf Agriculture and Total Properties Loan Investments Operations Operations Other Income Revenues ($000's) ($000's) ($000's) ($000's) ($000's) ($000's) Major Good / Service: Lease Revenue - Base Rent $ 5,554 $ — $ — $ — $ 11 $ 5,565 Lease Revenue - CAM 499 — — — — 499 Lease Revenue - Reimbursements 420 — — — — 420 Lease Revenue - Billboards 61 — — — — 61 Above / Below Market Lease Accretion 531 — — — — 531 Interest from Commercial Loan Investments — 537 — — — 537 Land Sale Revenue — — 28,707 — — 28,707 Revenue from Reimbursement of Infrastructure Costs — — 320 — — 320 Impact Fee and Mitigation Credit Sales — — 216 — — 216 Subsurface Lease Revenue — — 199 — — 199 Subsurface Revenue - Other — — 32 — — 32 Golf Operations — — — 1,475 — 1,475 Timber Sales Revenue — — — — 143 143 Interest and Other Revenue 8 — — — — 8 Total Revenues $ 7,073 $ 537 $ 29,474 $ 1,475 $ 154 $ 38,713 Timing of Revenue Recognition: Asset/Good Transferred at a Point in Time $ — $ — $ 28,955 $ 1,232 $ 143 $ 30,330 Services Transferred Over Time 8 — 320 243 — 571 Over Lease Term 7,065 — 199 — 11 7,275 Commercial Loan Investment Related Revenue — 537 — — — 537 Total Revenues $ 7,073 $ 537 $ 29,474 $ 1,475 $ 154 $ 38,713

INCOME PROPERTIES

INCOME PROPERTIES	3 Months Ended
	Mar. 31, 2018
INCOME PROPERTIES
INCOME PROPERTIES	NOTE 3. INCOME PROPERTIES During the three months ended March 31, 2018, the Company acquired one single-tenant income property for a purchase price of $28.0 million, or an acquisition cost of approximately $29.0 million including capitalized acquisition costs. Of the total acquisition cost, approximately $12.0 million was allocated to land, approximately $15.0 million was allocated to buildings and improvements, approximately $2.8 million was allocated to intangible assets pertaining to the in-place lease value, leasing fees and above market lease value, and approximately $0.8 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 20.0 years at acquisition. The property acquired during the three months ended March 31, 2018 is 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) Master Tenant for Commercial Building Single-Tenant Aspen, Colorado 02/21/18 19,596 0.18 $ 28,000,000 20.0 In conjunction with the closing of the property in Aspen, Colorado, the master tenant contributed approximately $1.5 million of the purchase price, resulting in a net cash investment by the Company of approximately $26.5 million. The $1.5 million purchase price contribution is reflected as deferred revenue and will be accreted into income property rental revenue over the term of the lease. As more fully described in Note 5, “Land and Subsurface Interests,” in January 2018, construction was completed and the leases commenced on two restaurant properties on the Company’s six-acre beachfront parcel. The tenants, LandShark Bar & Grill and Cocina 214 Restaurant & Bar, both commenced operations in January 2018. Four income properties were disposed of during the three months ended March 31, 2018. On March 26, 2018, the Company sold its four self-developed, multi-tenant office properties located in Daytona Beach, Florida for approximately $11.4 million (the “Self-Developed Properties Sale”). The sale included the 22,012 square-foot Concierge office building, the 30,720 square-foot Mason Commerce Center comprising two office buildings, and the 15,360 Williamson Business Park office building. The gain on the sale totaled approximately $3.7 million, or approximately $0.49 per share, after tax. The Company utilized the proceeds to fund a portion of the previously acquired income property located near Portland, Oregon leased to Wells Fargo, through a reverse 1031 like-kind exchange structure. As part of the transaction, the Company entered into a lease of its approximately 7,600 square foot office space in Williamson Business Park for approximately 5 years at a market rental rate. During the three months ended March 31, 2017, the Company acquired one single-tenant income property and one multi-tenant income property, for an aggregate purchase price of approximately $19.1 million, or an aggregate acquisition cost of approximately $19.4 million including capitalized acquisition costs. Of the total acquisition cost, approximately $13.3 million was allocated to land, approximately $4.8 million was allocated to buildings and improvements, approximately $2.1 million was allocated to intangible assets pertaining to the in-place lease value, leasing fees and above market lease value, and approximately $800,000 was allocated to intangible liabilities for the below market lease value. The weighted average amortization period for the intangible assets and liabilities is approximately 3.9 years. No income properties were disposed of during the three months ended March 31, 2017.

COMMERCIAL LOAN INVESTMENTS

COMMERCIAL LOAN INVESTMENTS	3 Months Ended
	Mar. 31, 2018
COMMERCIAL LOAN INVESTMENTS
COMMERCIAL LOAN INVESTMENTS	NOTE 4. 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 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. As of March 31, 2018, 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 located in Daytona Beach Shores, Florida and Sarasota, Florida, and have an average remaining maturity of approximately 0.2 years and a weighted average interest rate of 9.7%. The portion of the Company’s commercial loan investment portfolio held for investment was comprised of the following at March 31, 2018: 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 2,979,992 11.00% Total $ 11,960,467 $ 11,960,467 $ 11,940,459 The carrying value of the commercial loan investment portfolio at March 31, 2018 consisted of the following: Total Current Face Amount $ 11,960,467 Unamortized Fees — Unaccreted Origination Fees (20,008) Total Commercial Loan Investments $ 11,940,459 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 portfolio at 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

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	3 Months Ended
	Mar. 31, 2018
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 at March 31, 2018 and December 31, 2017: March 31, 2018 December 31, 2017 Carrying Estimated Carrying Estimated Value Fair Value Value Fair Value Cash and Cash Equivalents - Level 1 $ 3,724,714 $ 3,724,714 $ 6,559,409 $ 6,559,409 Restricted Cash - Level 1 3,148,997 3,148,997 6,508,131 6,508,131 Commercial Loan Investments - Level 2 11,940,459 12,004,452 11,925,699 12,015,628 Long-Term Debt - Level 2 199,259,588 202,499,885 195,816,364 200,000,776 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 as of March 31, 2018: Fair Value at Reporting Date Using Quoted Prices in Significant Active Markets Significant Other Unobservable for Identical Observable Inputs Inputs 3/31/2018 Assets (Level 1) (Level 2) (Level 3) Cash Flow Hedge - Interest Rate Swap $ 844,796 $ — $ 844,796 $ — Total $ 844,796 $ — $ 844,796 $ — The following table presents the fair value of assets measured on a recurring basis by Level as of 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 $ —

INTANGIBLE LEASE ASSETS AND LIA

INTANGIBLE LEASE ASSETS AND LIABILITIES	3 Months Ended
	Mar. 31, 2018
INTANGIBLE LEASE ASSETS AND LIABILITIES
INTANGIBLE LEASE ASSETS AND LIABILITIES	NOTE 7. INTANGIBLE LEASE ASSETS AND LIABILITIES Intangible lease assets and liabilities consist of the value of above-market and below-market leases, the value of in-place leases, and the value of leasing costs, based in each case on their fair values. Intangible lease assets and liabilities consisted of the following as of March 31, 2018 and December 31, 2017: As of March 31, 2018 December 31, 2017 Intangible Lease Assets: Value of In-Place Leases $ 38,046,241 $ 36,827,226 Value of Above Market In-Place Leases 2,966,322 2,966,322 Value of Intangible Leasing Costs 12,004,653 10,405,135 Sub-total Intangible Lease Assets 53,017,216 50,198,683 Accumulated Amortization (12,918,170) (11,440,624) Sub-total Intangible Lease Assets—Net 40,099,046 38,758,059 Intangible Lease Liabilities (included in accrued and other liabilities): Value of Below Market In-Place Leases (36,109,518) (35,312,017) Sub-total Intangible Lease Liabilities (36,109,518) (35,312,017) Accumulated Amortization 6,245,766 5,541,576 Sub-total Intangible Lease Liabilities—Net (29,863,752) (29,770,441) Total Intangible Assets and Liabilities—Net $ 10,235,294 $ 8,987,618 The following table reflects the amortization of intangible assets and liabilities during the three months ended March 31, 2018 and 2017: Three Months Three Months Ended Ended 3/31/2018 3/31/2017 ($000's) ($000's) Depreciation and Amortization Expense $ 1,353 $ 1,089 Increase to Income Properties Revenue (580) (532) Net Amortization of Intangible Assets and Liabilities $ 773 $ 557 The estimated future amortization and accretion of intangible lease assets and liabilities is as follows: Future Accretion Net Future Future to Income Amortization of Amortization Property Intangible Assets Year Ending December 31, Amount Revenue and Liabilities Remainder of 2018 $ 4,110,921 $ (1,735,020) $ 2,375,901 2019 5,452,670 (2,299,476) 3,153,194 2020 5,011,249 (2,232,748) 2,778,501 2021 3,320,813 (2,383,602) 937,211 2022 2,702,885 (2,454,763) 248,122 2023 2,359,734 (2,463,234) (103,500) Thereafter 15,159,268 (14,313,403) 845,865 Total $ 38,117,540 $ (27,882,246) $ 10,235,294

IMPAIRMENT OF LONG-LIVED ASSETS

IMPAIRMENT OF LONG-LIVED ASSETS	3 Months Ended
	Mar. 31, 2018
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 three months ended March 31, 2018 and 2017.

OTHER ASSETS

OTHER ASSETS	3 Months Ended
	Mar. 31, 2018
OTHER ASSETS
OTHER ASSETS	NOTE 9. OTHER ASSETS Other assets consisted of the following: As of March 31, December 31, Income Property Tenant Receivables $ 812,542 $ 895,476 Income Property Straight-line Rent Adjustment 2,930,325 2,517,195 Income Property Lease Incentive 2,621,069 2,696,678 Interest Receivable from Commercial Loan Investments 39,299 38,078 Cash Flow Hedge - Interest Rate Swap 844,796 606,621 Infrastructure Reimbursement Receivables 2,110,573 2,213,305 Golf Operations Receivables 352,968 349,220 Deferred Deal Costs 564,574 480,257 Prepaid Expenses, Deposits, and Other 3,149,238 3,174,299 Total Other Assets $ 13,425,384 $ 12,971,129 Income Property Lease Incentive. As of March 31, 2018, the Income Property Lease Incentive of approximately $2.6 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. Infrastructure Reimbursement Receivables. As of March 31, 2018 and December 31, 2017, the Infrastructure Reimbursement Receivables were all related to the land sales within the Tomoka Town Center. The balance as of March 31, 2018 consisted of approximately $1.6 million due from Tanger for infrastructure reimbursement to be repaid in nine remaining annual installments of $175,000, net of a discount of approximately $167,000, and approximately $770,000 due from Sam’s Club for infrastructure reimbursement to be repaid in seven remaining annual installments of $110,000, net of a discount of approximately $72,000. Deferred Deal Costs. Deferred Deal Costs represent legal costs incurred in advance of the potential execution of and/or closing of a contract for the disposition of assets, primarily land sales. The costs are deferred and expensed at the time the transaction closes or at the time it becomes evident that the transaction will not be completed.

COMMON STOCK AND EARNINGS PER S

COMMON STOCK AND EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2018
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 is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per common share is based on the assumption of the conversion of stock options and vesting of restricted stock at the beginning of each period using the treasury stock method at average cost for the periods. Three Months Ended March 31, March 31, Income Available to Common Shareholders: Net Income $ 10,912,299 $ 12,746,392 Weighted Average Shares Outstanding 5,530,864 5,602,137 Common Shares Applicable to Stock Options Using the Treasury Stock Method 31,036 21,277 Total Shares Applicable to Diluted Earnings Per Share 5,561,900 5,623,414 Per Share Information: Basic Net Income $ 1.97 $ 2.28 Diluted Net Income $ 1.96 $ 2.27 The effect of 15,000 and 77,750 potentially dilutive securities was not included for the three months ended March 31, 2018 and 2017, respectively, as the effect would be anti-dilutive. The Company intends to settle its 4.50% Convertible Senior Notes due 2020 (the “Convertible Notes”) in cash upon conversion with any excess conversion value to be settled in shares of our common stock. Therefore, only the amount in excess of the par value of the Convertible Notes will be included in our calculation of diluted net income per share using the treasury stock method. As such, the Convertible Notes have no impact on diluted net income per share until the price of our common stock exceeds the current conversion price of $68.68. The average price of our common stock during the three months ended March 31, 2018 and 2017 did not exceed the conversion price which resulted in no additional diluted outstanding shares.

TREASURY STOCK

TREASURY STOCK	3 Months Ended
	Mar. 31, 2018
TREASURY STOCK
TREASURY STOCK	NOTE 11. TREASURY STOCK In the first quarter of 2017, the Company announced a $10 million stock repurchase program (the “$10 Million Repurchase Program”) under which approximately $4.6 million of the Company’s common stock had been repurchased as of December 31, 2017. No additional repurchases were made during the three months ended March 31, 2018.

LONG-TERM DEBT

LONG-TERM DEBT	3 Months Ended
	Mar. 31, 2018
LONG-TERM DEBT
LONG-TERM DEBT	NOTE 12. LONG-TERM DEBT As of March 31, 2018, the Company’s outstanding indebtedness, at face value, was as follows: Face Maturity Interest Value Debt Date Rate Credit Facility $ 73,100,230 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 $ 203,100,230 (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. The Company’s revolving credit facility (the “Credit Facility”), with 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 secured interest in the equity of the Company subsidiaries that own the properties included in the borrowing base. The indebtedness outstanding under the Credit Facility accrues interest at a rate ranging from the 30-day LIBOR plus 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 March 31, 2018, the current commitment level under the Credit Facility was $130.0 million. The available borrowing capacity under the Credit Facility was approximately $54.9 million, based on the level of borrowing base assets. As of March 31, 2018, the Credit Facility had a $73.1 million balance outstanding. The Credit Facility is subject to customary restrictive covenants including, but not limited to, limitations on the Company’s ability to: (a) incur indebtedness; (b) make certain investments; (c) incur certain liens; (d) engage in certain affiliate transactions; and (e) engage in certain major transactions such as mergers. In addition, the Company is subject to various financial maintenance covenants including, but not limited to, a maximum indebtedness ratio, a maximum secured indebtedness ratio, and a minimum fixed charge coverage ratio. The Credit Facility also contains affirmative covenants and events of default including, but not limited to, a cross default to the Company’s other indebtedness and upon the occurrence of a change of control. The Company’s failure to comply with these covenants or the occurrence of an event of default could result in acceleration of the Company’s debt and other financial obligations under the Credit Facility. Mortgage Notes Payable. In addition to the Credit Facility, the Company has certain other borrowings, as noted in the table above, all of which are non-recourse. Convertible Debt. The Company’s $75.0 million aggregate principal amount of 4.50% Convertible Notes will mature on March 15, 2020, unless earlier purchased or converted. The initial conversion rate was 14.5136 shares of common stock for each $1,000 principal amount of Convertible Notes, which represented an initial conversion price of approximately $68.90 per share of common stock. 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 first quarter 2018 dividend, equal to 14.5606 shares of common stock for each $1,000 principal amount of Convertible Notes, which represents an adjusted conversion price of approximately $68.68 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 March 31, 2018, the unamortized debt discount of our Convertible Notes was approximately $2.6 million. Long-term debt as of March 31, 2018 and December 31, 2017 consisted of the following: March 31, 2018 December 31, 2017 Due Within Due Within Total One Year Total One Year Credit Facility $ 73,100,230 $ — $ 70,000,000 $ — 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 72,386,077 — 72,075,295 — Loan Costs, net of accumulated amortization (1,226,719) — (1,258,931) — Total Long-Term Debt $ 199,259,588 $ — $ 195,816,364 $ — Payments applicable to reduction of principal amounts as of March 31, 2018 will be required as follows: Year Ending December 31, Amount 2019 $ — 2020 75,000,000 2021 98,100,230 2022 — 2023 — Thereafter 30,000,000 Total Long-Term Debt - Face Value $ 203,100,230 The carrying value of long-term debt as of March 31, 2018 consisted of the following: Total Current Face Amount $ 203,100,230 Unamortized Discount on Convertible Debt (2,613,923) Loan Costs, net of accumulated amortization (1,226,719) Total Long-Term Debt $ 199,259,588 The following table reflects a summary of interest expense incurred and paid during the three months ended March 31, 2018 and 2017: Three Months Three Months Ended Ended 3/31/2018 3/31/2017 ($000's) ($000's) Interest Expense $ 2,100 $ 1,657 Amortization of Loan Costs 150 113 Amortization of Discount on Convertible Notes 311 292 Total Interest Expense $ 2,561 $ 2,062 Total Interest Paid $ 2,899 $ 2,550 The Company was in compliance with all of its debt covenants as of March 31, 2018 and December 31, 2017.

INTEREST RATE SWAP

INTEREST RATE SWAP	3 Months Ended
	Mar. 31, 2018
INTEREST RATE SWAP
INTEREST RATE SWAP	NOTE 13. INTEREST RATE SWAP The Company entered into an interest rate swap agreement to hedge cash flows tied to changes in the underlying floating interest rate tied to LIBOR for the $25.0 million mortgage note payable as discussed in Note 12, “Long-Term Debt.” During the three months ended March 31, 2018, 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 March 31, 2018, the fair value of our interest rate swap agreement, which was a gain of approximately $845,000, 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	3 Months Ended
	Mar. 31, 2018
ACCRUED AND OTHER LIABILITIES
ACCRUED AND OTHER LIABILITIES	NOTE 14. ACCRUED AND OTHER LIABILITIES Accrued and other liabilities consisted of the following: As of March 31, December 31, Golf $1 Round Surcharge $ 630,000 $ 700,000 Accrued Property Taxes 544,127 66,909 Tenant Leasing Reserve Escrow 1,187,480 — Reserve for Tenant Improvements 544,702 3,302,831 Accrued Construction Costs 339,760 1,360,950 Accrued Interest 396,217 1,194,681 Environmental Reserve and Restoration Cost Accrual 833,320 866,936 Other 1,591,776 2,668,219 Total Accrued and Other Liabilities $ 6,067,382 $ 10,160,526 Golf $1 Round Surcharge. On January 24, 2017, the Company acquired the land and improvements comprising the golf courses, previously leased from the City, for approximately $1.5 million (the “Golf Course Land Purchase”). 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 was recorded as an increase in Golf Buildings, Improvements, and Equipment and Accrued and Other Liabilities in the accompany consolidated balance sheets. The first annual payment was made in January 2018 leaving a remaining commitment of approximately $630,000 as of March 31, 2018. Tenant Leasing Reserve Escrow. In connection with the acquisition of the property in Aspen, Colorado on February 21, 2018, the master tenant funded approximately $2.25 million at closing which is being held by the Company in a leasing reserve. During the three months ended March 31, 2018 eligible costs totaling approximately $1.1 million were funded from the escrow account which included approximately $935,000 of the Company’s costs incurred related to the property acquisition and approximately $128,000 in base rent payments, leaving a remaining escrow balance of approximately $1.2 million. The balance can be used for eligible costs which, pursuant to the lease, include rent payments up to a maximum of $1.0 million and taxes, insurance, leasing commissions, tenant improvements, or other third-party operating expenses incurred in connection with the operation of the property. Reserve for Tenant Improvements. The reduction of the balance during the three months ended March 31, 2018 represents the payment of approximately $2.7 million for 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 was accrued for as of December 31, 2017. 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 March 31, 2018, no amounts have been completed and funded related to the LA Fitness property, which comprises the majority of the approximately $545,000 reserve for tenant improvements. 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 anticipated. Since the total accrual of approximately $661,000 was made, approximately $528,000 in costs have been incurred through March 31, 2018, leaving a remaining accrual of approximately $133,000. 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 March 31, 2018, leaving a remaining accrual of approximately $700,000. This matter is more fully described in Note 18 “Commitments and Contingencies.”

DEFERRED REVENUE

DEFERRED REVENUE	3 Months Ended
	Mar. 31, 2018
DEFERRED REVENUE
DEFERRED REVENUE	NOTE 15. DEFERRED REVENUE Deferred revenue consisted of the following: As of March 31, December 31, Deferred Oil Exploration Lease Revenue $ 386,767 $ 585,675 Deferred Revenue on Land Sales 831,320 — Prepaid Rent 1,004,206 1,126,408 Tenant Contributions 4,312,578 — Other Deferred Revenue 301,616 318,376 Total Deferred Revenue $ 6,836,487 $ 2,030,459 Deferred Oil Exploration Lease Revenue. 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 5 “Land and Subsurface Interests.” Deferred Revenue on Land Sales. In conjunction with the land sale to Buc-ee’s in March 2018, the Company funded an escrow account for approximately $831,000 related to the portion of the acreage sold for which the Company remains obligated to perform wetlands mitigation. As a result of the Company’s continuing obligation, approximately $831,000 of the sales price collected at closing was deferred and the revenue will be recognized upon the Company’s performance of the obligation. Tenant Contributions. In connection with the acquisition of the property in Aspen, Colorado, the master tenant contributed $1.5 million of the $28.0 million purchase price at closing on February 21, 2018. Additionally, the master tenant funded, from its leasing reserve escrow, approximately $935,000 of the Company’s acquisition-related costs. The aggregate contributions related to the Company’s total acquisition cost of approximately $29.0 million will be recognized into income property rental revenue over the remaining term of the lease. In connection with the construction of the beachfront restaurant leased to Cocina 214 Restaurant & Bar in Daytona Beach, Florida, the tenant contributed approximately $1.9 million of the building and tenant improvements owned by the Company through direct payments to various third-party construction vendors. The approximately $1.9 million asset contribution will be recognized into income property rental revenue over the remaining term of the lease.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2018
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	NOTE 16. STOCK-BASED COMPENSATION SUMMARY OF STOCK-BASED COMPENSATION A summary of share activity for all equity classified stock compensation during the three months ended March 31, 2018, is presented below: Shares Vested / Shares Outstanding Granted Exercised Expired Forfeited Outstanding Type of Award at 1/1/2018 Shares Shares Shares Shares at 3/31/2018 Equity Classified - Performance Share Awards - Peer Group Market Condition Vesting 12,635 15,445 — — — 28,080 Equity Classified - Market Condition Restricted Shares - Stock Price Vesting 29,750 — (7,750) — — 22,000 Equity Classified - Three Year Vest Restricted Shares 37,390 17,712 (18,883) — — 36,219 Equity Classified - Non-Qualified Stock Option Awards 90,000 — — — — 90,000 Total Shares 169,775 33,157 (26,633) — — 176,299 Amounts recognized in the consolidated financial statements related to stock compensation are as follows: Three Months Ended March 31, March 31, Total Cost of Share-Based Plans Charged Against Income Before Tax Effect $ 467,271 $ 353,579 Income Tax Expense Recognized in Income $ (118,430) $ (136,393) EQUITY-CLASSIFIED STOCK COMPENSATION Performance Share Awards – Peer Group Market Condition Vesting On February 3, 2017, the Company awarded to certain employees 12,635 Performance Shares 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 so vesting will be determined based on the Company’s total shareholder return as compared to the total shareholder return of a certain peer group during a three-year performance period commencing on January 1, 2017 and ending on December 31, 2019. On January 24, 2018, the Company awarded to certain employees 15,445 Performance Shares under 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 so vesting will be determined based on the Company’s total shareholder return as compared to the total shareholder return of a certain peer group during a three-year performance period commencing on January 1, 2018 and ending on December 31, 2020. Pursuant to amendments to the employment agreements and certain restricted share award agreements entered into by the Company on August 4, 2017, the restricted shares granted thereunder, if they are subject to performance-based vesting conditions, 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 activity during the three months ended March 31, 2018, is presented below: Wtd. Avg. Performance Shares with Market Conditions Shares Fair Value Outstanding at January 1, 2018 12,635 $ 55.66 Granted 15,445 74.99 Vested — — Expired — — Forfeited — — Outstanding at March 31, 2018 28,080 $ 66.29 As of March 31, 2018, there was approximately $1.5 million of unrecognized compensation cost, adjusted for estimated forfeitures, related to Performance Share awards, which will be recognized over a remaining weighted average period of 2.5 years. Market Condition Restricted Shares – Stock Price Vesting “Inducement” grants of 96,000 and 17,000 shares of restricted Company common stock were awarded to John P. Albright and Mark E. Patten in 2011 and 2012, respectively. Mr. Albright’s restricted shares were granted outside of the 2010 Plan while Mr. Patten’s restricted shares were awarded under the 2010 Plan. The Company filed a registration statement with the Securities and Exchange Commission on Form S-8 to register the resale of Mr. Albright’s restricted stock under this award. The restricted shares were to 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 were to fail to satisfy the applicable stock price condition prior to six years from the grant date, that increment of the restricted shares would have been forfeited. The first four increments of Mr. Albright’s awards vested, while the remaining 32,000 unvested “inducement” grant restricted shares, for the $60 and $65 price increments, awarded to Mr. Albright in 2011, expired without vesting on August 1, 2017. As of March 31, 2018, all six 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 Daniel E. Smith and Steven R. Greathouse under the 2010 Plan, during the fourth quarter of 2014 and the first quarter of 2015, respectively. The restricted shares were to 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 were to fail to satisfy the applicable stock price condition prior to six years from the grant date, that increment of the restricted shares would have been forfeited. As of March 31, 2018, both increments of Mr. Smith’s and Mr. Greathouse’s awards had vested. A grant of 94,000 shares of restricted Company common stock was awarded to Mr. Albright under the 2010 Plan during the second quarter of 2015 under a new five-year employment agreement. On February 26, 2016, 72,000 of these shares were surrendered due to an over-grant by the Company, of which 4,000 were re-granted on February 26, 2016 with identical terms of the surrendered restricted stock and 68,000 were permanently surrendered. The 26,000 shares of restricted Company common stock outstanding from these grants were to vest in four increments based upon the price per share of Company common stock during the term of his employment (or within sixty days after termination of employment by the Company without cause), meeting or exceeding the target trailing thirty-day average closing prices ranging from $60 and $65 per share for the first two increments of 2,000 shares each, $70 per share for the third increment of 18,000 shares, and $75 per share for the fourth increment of 4,000 shares. 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 March 31, 2018, the first two increments 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, if they are subject to performance-based vesting conditions, 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 three months ended March 31, 2018, is presented below: Wtd. Avg. Market Condition Non-Vested Restricted Shares Shares Fair Value Outstanding at January 1, 2018 29,750 $ 39.07 Granted — — Vested (7,750) 31.58 Expired — — Forfeited — — Outstanding at March 31, 2018 22,000 $ 41.71 As of March 31, 2018, 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 vested on each of the first, second, and third anniversaries of the grant date, provided the grantee was an employee of the Company on those dates. 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 vested on each of the first, second, and third anniversaries of the January 28, 2015 grant date, provided the grantee was an employee of the Company on those dates. 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. On January 24, 2018, the Company granted to certain employees 17,712 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, 2018 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 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 during the three months ended March 31, 2018, is presented below: Wtd. Avg. Fair Value Three Year Vest Non-Vested Restricted Shares Shares Per Share Outstanding at January 1, 2018 37,390 $ 51.39 Granted 17,712 65.33 Vested (18,883) 51.57 Expired — — Forfeited — — Outstanding at March 31, 2018 36,219 $ 58.12 As of March 31, 2018, there was approximately $1.9 million of unrecognized compensation cost, adjusted for estimated forfeitures, related to the three-year vest non-vested restricted shares, which will be recognized over a remaining weighted average period of 2.20 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 each of the first, second, and third anniversaries of their respective grant dates, provided the recipient was an employee of the Company on those dates. In addition, any unvested portion of the options will vest upon a change in control. The options expire on the earliest of: (a) the tenth anniversary of the grant date; (b) twelve months after the employee’s death or termination for disability; or (c) thirty days after the termination of employment for any reason other than death or disability. On January 23, 2013, the Company granted options to purchase 51,000 shares of the Company’s common stock under the 2010 Plan to certain employees of the Company, including 10,000 shares to Mr. Patten, with an exercise price per share equal to the fair market value at the date of grant. One-third of these options vested on each of the first, second, and third anniversaries of the grant date, provided the recipient was an employee of the Company on those dates. The options expire on the earliest of: (a) the fifth anniversary of the grant date; (b) twelve months after the employee’s death or termination for disability; or (c) thirty days after the termination of employment for any reason other than death or disability. On February 9, 2015, the Company granted to Mr. Albright an option to purchase 20,000 shares of the Company’s common stock under the 2010 Plan with an exercise price of $57.50. The option vested on January 28, 2016. The option expires on the earliest of: (a) January 28, 2025; (b) twelve months after the employee’s death or termination for disability; or (c) thirty days after the termination of employment for any reason other than death or disability. On May 20, 2015, the Company granted to Mr. Albright an option to purchase 40,000 shares of the Company’s common stock under the 2010 Plan, with an exercise price of $55.62. On February 26, 2016, this option was surrendered and an option to purchase 40,000 shares was granted on February 26, 2016 with identical terms. One-third of the option vested immediately and the remaining two-thirds 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 such dates. In addition, any unvested portion of the option will vest upon a change in control. The option expires on the earliest of: (a) June 29, 2025; (b) twelve months after the employee’s death or termination for disability; or (c) thirty days after the termination of employment for any reason other than death or disability. 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 the awards during the three months ended March 31, 2018, 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, 2018 90,000 $ 52.71 Granted — — Exercised — — Expired — — Forfeited — — Outstanding at March 31, 2018 90,000 $ 52.71 6.73 $ 912,900 Exercisable at January 1, 2018 73,000 $ 51.94 6.88 $ 843,968 Exercisable at March 31, 2018 86,600 $ 52.52 6.71 $ 894,846 A summary of the non-vested options for these awards during the three months ended March 31, 2018, is presented below: Fair Value of Shares Non-Qualified Stock Option Awards Shares Vested Non-Vested at January 1, 2018 17,000 Granted — Vested (13,600) $ 756,432 Expired — Forfeited — Non-Vested at March 31, 2018 3,400 No options were granted during the three months ended March 31, 2018. No options were exercised during the three months ended March 31, 2018. As of March 31, 2018, there was approximately $18,000 of unrecognized compensation related to non-qualified, non-vested stock option awards, which will be recognized over a remaining weighted average period of 0.3 years. LIABILITY-CLASSIFIED STOCK COMPENSATION The Company previously had a stock option plan (the “2001 Plan”) pursuant to which 500,000 shares of the Company’s common stock were eligible for issuance. The 2001 Plan expired in 2010, and no new stock options may be issued under the 2001 Plan. Under the 2001 Plan, both stock options and stock appreciation rights were issued in prior years and such issuances were deemed to be liability-classified awards under the Share-Based Payment Topic of FASB ASC, which are required to be remeasured at fair value at each balance sheet date until the award is settled. There was no remaining liability as of December 31, 2017 because there were no options outstanding and exercisable as of December 31, 2017.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2018
INCOME TAXES
INCOME TAXES	NOTE 17. INCOME TAXES The Company’s effective income tax rate was 24.4% and 38.7% for the three months ended March 31, 2018 and 2017, respectively, with the reduction being primarily attributable to the reduction in the Federal corporate tax rate from 35% to 21% resulting from the Tax Cuts and Jobs Act effective January 1, 2018. 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. There were no discrete events during the three months ended March 31, 2018 or 2017. 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, Massachusetts, North Carolina, Oregon, Texas, Virginia and Washington. The Internal Revenue Service has audited the federal tax returns through the year 2012, with all proposed adjustments settled. The Florida Department of Revenue has audited the Florida tax returns through the year 2014, with all proposed adjustments settled. The Company recognizes all potential accrued interest and penalties to unrecognized tax benefits in income tax expense.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2018
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	NOTE 18. COMMITMENTS AND CONTINGENCIES Legal Proceedings From time to time, the Company may be a party to certain legal proceedings, incidental to the normal course of its business. While the outcome of the legal proceedings cannot be predicted with certainty, the Company does not expect that these proceedings will have a material effect upon our financial condition or results of operations. On November 21, 2011, the Company, Indigo Mallard Creek LLC and Indigo Development LLC, as owners of the property leased to Harris Teeter, Inc. (“Harris Teeter”) in Charlotte, North Carolina, were served with pleadings filed in the General Court of Justice, Superior Court Division for Mecklenburg County, North Carolina, for a highway condemnation action involving this property. The proposed road modifications would impact access to the property. The Company does not believe the road modifications provided a basis for Harris Teeter to terminate the Lease. Regardless, in January 2013, the North Carolina Department of Transportation (“NCDOT”) proposed to redesign the road modifications to keep the all access intersection open for ingress with no change to the planned limitation on egress to the right-in/right-out only. Additionally, NCDOT and the City of Charlotte proposed to build and maintain a new access road/point into the property. Construction has begun and is not expected to be completed before 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. On April 5, 2018, a complaint was filed in the United States District Court for the Eastern District of New York (the “Complaint”) which alleges that certain aspects of Proposal 4 (the “Equity Plan Proposal”) contained in the Company’s Notice of Annual Meeting of Shareholders and 2018 Proxy Statement filed with the SEC on March 12, 2018 (the “2018 Proxy Statement”) do not comply with the disclosure requirements for proxy statements pursuant to SEC regulations. The Complaint alleges that the Equity Plan Proposal does not state the number of participants, employees, and nonemployee directors of the Company and its subsidiaries who may be eligible to participate in the Company’s equity incentive plan (the “CTO Equity Plan”). The Complaint seeks injunctive relief and an award of attorney’s fees and expenses. While the Company believes the 2018 Proxy Statement is compliant with applicable SEC disclosure rules and that the Complaint is without merit, the Company voluntarily made a supplemental disclosure in its additional proxy materials reiterating that the Company currently has 14 employees and 7 nonemployee directors, and that the Company’s subsidiaries have no employees, and therefore the total number of persons currently eligible to receive equity awards under the CTO Equity Plan is 21. 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 acres of Company land can be paid over five years 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 March 31, 2018 was approximately $288,000, including accrued interest. Accordingly, as of March 31, 2018, 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 is classified as restricted cash in the consolidated balance sheets. The total amount in escrow as of March 31, 2018 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. During April of 2018, the Company executed a contract with a third-party to complete tenant improvements at The Grove at Winter Park property in Winter Park, Florida for a total of approximately $626,000. The Company has not incurred any of these costs as of March 31, 2018, leaving a remaining commitment of approximately $626,000. 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 was recorded as an increase in Golf Buildings, Improvements, and Equipment and Accrued and Other Liabilities in the accompany consolidated balance sheets during the year ended December 31, 2017. The first annual payment of $70,000 was made in January of 2018, leaving a remaining commitment of $630,000 as of March 31, 2018. Contractual Commitments – Land Pipeline On April 16, 2018, the Company executed an agreement with funds and accounts managed by an investment advisory subsidiary of BlackRock Inc. (“BlackRock”) to sell, for $15.3 million, an approximately 70% interest in a to-be-formed mitigation bank joint venture, comprising approximately 2,500 acres of land. Closing is contingent on applicable permitting for a wetlands mitigation bank, which is expected to occur during the second quarter of 2018. As of May 1, 2018, the Company’s pipeline of potential land sales transactions included the following seventeen potential transactions with fifteen different buyers, representing approximately 6,000 acres or approximately 74% 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 - BlackRock - West of I-95 (1) 2,492 15,300 Q2 '18 5 Mixed-Use Retail - North American - East of I-95 (3) 35 14,362 409,000 Q4 '18 6 Residential (Multi-Family) - East of I-95 (4) 45 5,200 Q3 '18 & '20 7 Distribution/Warehouse - VanTrust - East of I-95 71 5,000 '19 8 Commercial/Retail - East of I-95 20 4,250 Q4 '18 - '19 9 Residential (SF) - West of I-95 (5) 200 3,324 Q4 '18 & '20 10 Commercial/Retail - East of I-95 9 3,300 Q4 '18 11 Commercial/Distribution - VanTrust - East of I-95 26 3,215 Q4 '18 - '19 12 Auto Dealership - West of I-95 13 2,000 Q4 '18 13 Commercial (RV) - West of I-95 164 1,900 '19 14 Residential (SF) - ICI Homes - West of I-95 146 1,400 Q4 '18 15 Commercial/Retail - East of I-95 8 782 Q4 '18 16 Commercial/Retail - East of I-95 6 625 Q4 '18 17 Commercial/Retail - West of I-95 19 285 Q4 '18 Total (Average) 6,007 $ 137,693 $ (1) The amount for the Mitigation Bank represents the amount 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) Pursuant to the contract, amount includes the reimbursement of infrastructure costs incurred by the Company for Tomoka Town Center plus interest accrued as of March 31, 2018. (4) 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. (5) 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. As noted above, these agreements contemplate closing dates ranging from the second quarter of 2018 through fiscal year 2020, and although some of the transactions may close in 2018, 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, having made submissions to the planning and development departments of the City of Daytona Beach, 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 traffic analysis with the Florida Department of Transportation and 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 March 31, 2018. The Company believes there is at least a reasonable possibility that the estimated remaining liability of approximately $700,000 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 March 31, 2018. 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 March 31, 2018. 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. During the three months ended March 31, 2018, the Company incurred approximately $523,000, which includes legal representation and third-party costs related shareholder matters including the proxy contest in 2018. 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	3 Months Ended
	Mar. 31, 2018
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 87.2% and 83.4% of our identifiable assets as of March 31, 2018 and December 31, 2017, respectively, and 37.0% and 18.3% of our consolidated revenues for the three months ended March 31, 2018 and 2017, respectively. As of March 31, 2018, we have 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, royalty income, and revenue from the release of surface entry rights from our Subsurface Interests. Our golf operations consist of a single property located in the City, with two 18-hole championship golf courses, a practice facility, and clubhouse facilities, including a restaurant and bar operation, fitness facility, and pro-shop with retail merchandise. The majority of the revenues generated by our golf operations are derived from members and public customers playing golf, club memberships, and food and beverage operations. The Company reports performance based on profit or loss from operations before income taxes. The Company’s reportable segments are strategic business units that offer different products. They are managed separately because each segment requires different management techniques, knowledge, and skills. Information about the Company’s operations in the different segments for the three months ended March 31, 2018 and 2017 is as follows: Three Months Ended March 31, March 31, Revenues: Income Properties $ 9,205,727 $ 7,073,240 Commercial Loan Investments 300,999 536,489 Real Estate Operations 13,979,330 29,474,460 Golf Operations 1,354,356 1,474,944 Agriculture and Other Income 11,187 154,151 Total Revenues $ 24,851,599 $ 38,713,284 Operating Income: Income Properties $ 7,336,698 $ 5,661,527 Commercial Loan Investments 300,999 536,489 Real Estate Operations 12,443,668 20,317,611 Golf Operations (27,469) (23,734) Agriculture and Other Income 6,015 113,714 General and Corporate Expense (3,073,069) (3,756,196) Total Operating Income $ 16,986,842 $ 22,849,411 Depreciation and Amortization: Income Properties $ 3,787,415 $ 2,686,312 Golf Operations 103,556 65,367 Agriculture and Other 9,408 10,896 Total Depreciation and Amortization $ 3,900,379 $ 2,762,575 Capital Expenditures: Income Properties $ 27,915,262 $ 21,937,532 Real Estate Operations 2,111,983 — Golf Operations 2,663 1,607,742 Agriculture and Other 553 12,083 Total Capital Expenditures $ 30,030,461 $ 23,557,357 As of March 31, 2018 December 31, 2017 Identifiable Assets: Income Properties $ 422,321,016 $ 388,602,721 Commercial Loan Investments 11,979,758 11,963,777 Real Estate Operations 33,635,025 43,296,528 Golf Operations 6,243,858 6,262,634 Agriculture and Other 10,263,947 16,004,718 Total Assets $ 484,443,604 $ 466,130,378 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, land lease termination, 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.

DESCRIPTION OF BUSINESS AND P29

DESCRIPTION OF BUSINESS AND PRINCIPLES OF INTERIM STATEMENTS (Policies)	3 Months Ended
	Mar. 31, 2018
DESCRIPTION OF BUSINESS AND PRINCIPLES OF INTERIM STATEMENTS
Interim Financial Information	Interim Financial Information The accompanying unaudited consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). These unaudited consolidated financial statements do not include all of the information and notes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete financial statements and should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2017, which provides a more complete understanding of the Company’s accounting policies, financial position, operating results, business properties, and other matters. The unaudited consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary to present fairly the financial position of the Company and the results of operations for the interim periods. The results of operations for the three months ended March 31, 2018 are not necessarily indicative of results to be expected for the year ending December 31, 2018.
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 inter-company balances and transactions have been eliminated in the consolidated financial statements.
Use of Estimates in Preparation of Financial Statements	Use of Estimates in Preparation of Financial Statements The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Recently Issued Accounting Standards	Recently Issued Accounting Standards In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 year ended December 31, 2017 and determined there was no impact on the Company’s revenue recognition within the consolidated financial statements. All required disclosures relating to ASU 2014-09 have been implemented herein 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 determined there was 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 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 determined there was 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 adopted ASU 2016-18 effective January 1, 2018 and has classified 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.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include 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 March 31, 2018 include certain amounts over the Federal Deposit Insurance Corporation limits.
Restricted Cash	Restricted Cash Restricted cash totaled approximately $3.2 million at March 31, 2018 of which approximately $184,000 is being held in escrow, to be reinvested through the like-kind exchange structure; approximately $1.5 million is being held in four separate escrow accounts related to four separate land transactions which closed in December 2013, December 2015, February 2017, and March 2018; 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; approximately $172,000 is being held in a capital replacement reserve account in connection with our financing of six income properties with Wells Fargo; and approximately $1.2 million is being held in a leasing reserve in connection with our acquisition of the property in Aspen, Colorado in February 2018.
Derivative Financial Instruments and Hedging Activity	Derivative Financial Instruments and Hedging Activity Interest Rate Swap. 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, and we will continue to do so on an ongoing basis. 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.
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 March 31, 2018 and December 31, 2017, 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 March 31, 2018 and December 31, 2017, 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 is based on the framework established by GAAP. The framework specifies a hierarchy of valuation inputs which was established to increase consistency, clarity and comparability in fair value measurements and related disclosures. GAAP describes a fair value hierarchy based upon three levels of inputs that may be used to measure fair value, two of which are considered observable and one that is considered unobservable. The following describes the three levels: · Level 1 – Valuation is based upon quoted prices in active markets for identical assets or liabilities. · Level 2 – Valuation is based upon inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. · Level 3 – Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include option pricing models, discounted cash flow models and similar techniques.
Classification of Commercial Loan Investments	Classification of Commercial Loan Investments Loans held for investment are stated at the principal amount outstanding and include the unamortized deferred loan fees offset by any applicable unaccreted purchase discounts and origination fees, if applicable. 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 March 31, 2018 and December 31, 2017, 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 tenant reimbursable expenses totaled approximately $813,000 and $895,000 as of March 31, 2018 and December 31, 2017, respectively. Accounts receivable related to real estate operations, which are classified in other assets on the consolidated balance sheets, totaled approximately $2.1 million and $2.2 million as of as of March 31, 2018 and December 31, 2017, respectively. As more fully described in Note 9, “Other Assets,” these accounts receivable 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. Trade accounts receivable primarily consist of receivables related to the golf operations, which are classified in other assets on the consolidated balance sheets. Trade accounts receivable related to golf operations, which primarily consist of amounts due from members or from private events, totaled approximately $353,000 and $349,000 as of March 31, 2018 and December 31, 2017, respectively. The collectability of the aforementioned receivables is determined based on the aging of the receivable and a review of the specifically identified accounts using judgments. As of March 31, 2018 and December 31, 2017, 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. In January 2017, the FASB issued 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 an asset acquisition, accordingly acquisition costs have been capitalized.
Sales of Real Estate	Sales of Real Estate Gains and losses on sales of real estate are accounted for as required by ASU 2014-09, Revenue from Contracts with Customers. The Company recognizes revenue from the sales of real estate when the Company transfers the promised goods and/or services in the contract based on the transaction price allocated to the performance obligations within the contract. As market information becomes available, real estate cost basis is analyzed and recorded at the lower of cost or market.
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.

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	3 Months Ended
	Mar. 31, 2018
REVENUE RECOGNITION
Summary of revenue by segment, major good and/or service, and the related timing of revenue recognition	The following table summarizes the Company’s revenue by segment, major good and/or service, and the related timing of revenue recognition for the three months ended March 31, 2018: Interest Income Income from Commercial Real Estate Golf Agriculture and Total Properties Loan Investments Operations Operations Other Income Revenues ($000's) ($000's) ($000's) ($000's) ($000's) ($000's) Major Good / Service: Lease Revenue - Base Rent $ 7,422 $ — $ — $ — $ 11 $ 7,433 Lease Revenue - CAM 614 — — — — 614 Lease Revenue - Reimbursements 565 — — — — 565 Lease Revenue - Billboards 64 — — — — 64 Above / Below Market Lease Accretion 580 — — — — 580 Contributed Leased Assets Accretion 10 — — — — 10 Lease Incentive Amortization (76) — — — — (76) Interest from Commercial Loan Investments — 301 — — — 301 Land Sale Revenue — — 13,117 — — 13,117 Impact Fee and Mitigation Credit Sales — — 116 — — 116 Subsurface Lease Revenue — — 199 — — 199 Subsurface Revenue - Other — — 547 — — 547 Golf Operations — — — 1,355 — 1,355 Interest and Other Revenue 27 — — — — 27 Total Revenues $ 9,206 $ 301 $ 13,979 $ 1,355 $ 11 $ 24,852 Timing of Revenue Recognition: Asset/Good Transferred at a Point in Time $ — $ — $ 13,780 $ 1,095 $ — $ 14,875 Services Transferred Over Time 27 — — 260 — 287 Over Lease Term 9,179 — 199 — 11 9,389 Commercial Loan Investment Related Revenue — 301 — — — 301 Total Revenues $ 9,206 $ 301 $ 13,979 $ 1,355 $ 11 $ 24,852 The following table summarizes the Company’s revenue by segment, major good and/or service, and the related timing of revenue recognition for the three months ended March 31, 2017: Interest Income Income from Commercial Real Estate Golf Agriculture and Total Properties Loan Investments Operations Operations Other Income Revenues ($000's) ($000's) ($000's) ($000's) ($000's) ($000's) Major Good / Service: Lease Revenue - Base Rent $ 5,554 $ — $ — $ — $ 11 $ 5,565 Lease Revenue - CAM 499 — — — — 499 Lease Revenue - Reimbursements 420 — — — — 420 Lease Revenue - Billboards 61 — — — — 61 Above / Below Market Lease Accretion 531 — — — — 531 Interest from Commercial Loan Investments — 537 — — — 537 Land Sale Revenue — — 28,707 — — 28,707 Revenue from Reimbursement of Infrastructure Costs — — 320 — — 320 Impact Fee and Mitigation Credit Sales — — 216 — — 216 Subsurface Lease Revenue — — 199 — — 199 Subsurface Revenue - Other — — 32 — — 32 Golf Operations — — — 1,475 — 1,475 Timber Sales Revenue — — — — 143 143 Interest and Other Revenue 8 — — — — 8 Total Revenues $ 7,073 $ 537 $ 29,474 $ 1,475 $ 154 $ 38,713 Timing of Revenue Recognition: Asset/Good Transferred at a Point in Time $ — $ — $ 28,955 $ 1,232 $ 143 $ 30,330 Services Transferred Over Time 8 — 320 243 — 571 Over Lease Term 7,065 — 199 — 11 7,275 Commercial Loan Investment Related Revenue — 537 — — — 537 Total Revenues $ 7,073 $ 537 $ 29,474 $ 1,475 $ 154 $ 38,713

INCOME PROPERTIES (Tables)

INCOME PROPERTIES (Tables)	3 Months Ended
	Mar. 31, 2018
INCOME PROPERTIES
Schedule of income properties acquired	The property acquired during the three months ended March 31, 2018 is 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) Master Tenant for Commercial Building Single-Tenant Aspen, Colorado 02/21/18 19,596 0.18 $ 28,000,000 20.0

COMMERCIAL LOAN INVESTMENTS (Ta

COMMERCIAL LOAN INVESTMENTS (Tables)	3 Months Ended
	Mar. 31, 2018
COMMERCIAL LOAN INVESTMENTS
Schedule of components of commercial loan investment portfolio	The portion of the Company’s commercial loan investment portfolio held for investment was comprised of the following at March 31, 2018: 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 2,979,992 11.00% Total $ 11,960,467 $ 11,960,467 $ 11,940,459 The carrying value of the commercial loan investment portfolio at March 31, 2018 consisted of the following: Total Current Face Amount $ 11,960,467 Unamortized Fees — Unaccreted Origination Fees (20,008) Total Commercial Loan Investments $ 11,940,459 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 portfolio at 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

LAND AND SUBSURFACE INTERESTS (

LAND AND SUBSURFACE INTERESTS (Tables)	3 Months Ended
	Mar. 31, 2018
LAND AND SUBSURFACE INTERESTS
Schedule of components of real estate operations revenue	March 31, 2018 March 31, 2017 Revenue Description ($000's) ($000's) Land Sales Revenue $ 13,117 $ 28,707 Revenue from Reimbursement of Infrastructure Costs — 320 Impact Fee and Mitigation Credit Sales 116 216 Subsurface Revenue 746 231 Total Real Estate Operations Revenue $ 13,979 $ 29,474
Summary of land sales	During the three months ended March 31, 2018, a total of approximately 34.9 acres were sold for approximately $13.9 million, as described below: Gross Sales Gain Date of No. of Price Price on Sale (1) Buyer (or Description) Location Sale Acres ($000's) per Acre ($000's) 1 Buc-ee's East of I-95 03/16/18 34.9 $ 13,948 $ $ 11,926 34.9 $ 13,948 $ $ 11,926 (1) The gain recognized during the three months ended March 31, 2018 on the Buc-ee’s sale totaling approximately $11.9 million excludes approximately $831,000 held in an escrow reserve related to the portion of the acreage sold for which the Company remains obligated to perform wetlands mitigation. The Company expects to recognize the remaining gain of approximately $831,000 upon completion of the mitigation work. See Note 15, “Deferred Revenue”. During the three months ended March 31, 2017, a total of approximately 1,587.4 acres were sold for approximately $28.7 million as described below: Gross Sales Gain Date of No. of Price 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 1,587.4 $ 28,707 $ $ 20,052
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.

FAIR VALUE OF FINANCIAL INSTR34

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2018
FAIR VALUE OF FINANCIAL INSTRUMENTS
Schedule of carrying value and estimated fair value of financial instruments	March 31, 2018 December 31, 2017 Carrying Estimated Carrying Estimated Value Fair Value Value Fair Value Cash and Cash Equivalents - Level 1 $ 3,724,714 $ 3,724,714 $ 6,559,409 $ 6,559,409 Restricted Cash - Level 1 3,148,997 3,148,997 6,508,131 6,508,131 Commercial Loan Investments - Level 2 11,940,459 12,004,452 11,925,699 12,015,628 Long-Term Debt - Level 2 199,259,588 202,499,885 195,816,364 200,000,776
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 as of March 31, 2018: Fair Value at Reporting Date Using Quoted Prices in Significant Active Markets Significant Other Unobservable for Identical Observable Inputs Inputs 3/31/2018 Assets (Level 1) (Level 2) (Level 3) Cash Flow Hedge - Interest Rate Swap $ 844,796 $ — $ 844,796 $ — Total $ 844,796 $ — $ 844,796 $ — The following table presents the fair value of assets measured on a recurring basis by Level as of 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 $ —

INTANGIBLE LEASE ASSETS AND L35

INTANGIBLE LEASE ASSETS AND LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2018
INTANGIBLE LEASE ASSETS AND LIABILITIES
Schedule of components of intangible lease assets and liabilities	As of March 31, 2018 December 31, 2017 Intangible Lease Assets: Value of In-Place Leases $ 38,046,241 $ 36,827,226 Value of Above Market In-Place Leases 2,966,322 2,966,322 Value of Intangible Leasing Costs 12,004,653 10,405,135 Sub-total Intangible Lease Assets 53,017,216 50,198,683 Accumulated Amortization (12,918,170) (11,440,624) Sub-total Intangible Lease Assets—Net 40,099,046 38,758,059 Intangible Lease Liabilities (included in accrued and other liabilities): Value of Below Market In-Place Leases (36,109,518) (35,312,017) Sub-total Intangible Lease Liabilities (36,109,518) (35,312,017) Accumulated Amortization 6,245,766 5,541,576 Sub-total Intangible Lease Liabilities—Net (29,863,752) (29,770,441) Total Intangible Assets and Liabilities—Net $ 10,235,294 $ 8,987,618
Schedule of amortization of intangible assets and liabilities	Three Months Three Months Ended Ended 3/31/2018 3/31/2017 ($000's) ($000's) Depreciation and Amortization Expense $ 1,353 $ 1,089 Increase to Income Properties Revenue (580) (532) Net Amortization of Intangible Assets and Liabilities $ 773 $ 557
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 Remainder of 2018 $ 4,110,921 $ (1,735,020) $ 2,375,901 2019 5,452,670 (2,299,476) 3,153,194 2020 5,011,249 (2,232,748) 2,778,501 2021 3,320,813 (2,383,602) 937,211 2022 2,702,885 (2,454,763) 248,122 2023 2,359,734 (2,463,234) (103,500) Thereafter 15,159,268 (14,313,403) 845,865 Total $ 38,117,540 $ (27,882,246) $ 10,235,294

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	3 Months Ended
	Mar. 31, 2018
OTHER ASSETS
Schedule of components of other assets	As of March 31, December 31, Income Property Tenant Receivables $ 812,542 $ 895,476 Income Property Straight-line Rent Adjustment 2,930,325 2,517,195 Income Property Lease Incentive 2,621,069 2,696,678 Interest Receivable from Commercial Loan Investments 39,299 38,078 Cash Flow Hedge - Interest Rate Swap 844,796 606,621 Infrastructure Reimbursement Receivables 2,110,573 2,213,305 Golf Operations Receivables 352,968 349,220 Deferred Deal Costs 564,574 480,257 Prepaid Expenses, Deposits, and Other 3,149,238 3,174,299 Total Other Assets $ 13,425,384 $ 12,971,129

COMMON STOCK AND EARNINGS PER37

COMMON STOCK AND EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2018
COMMON STOCK AND EARNINGS PER SHARE
Schedule of computation of earnings per share	Three Months Ended March 31, March 31, Income Available to Common Shareholders: Net Income $ 10,912,299 $ 12,746,392 Weighted Average Shares Outstanding 5,530,864 5,602,137 Common Shares Applicable to Stock Options Using the Treasury Stock Method 31,036 21,277 Total Shares Applicable to Diluted Earnings Per Share 5,561,900 5,623,414 Per Share Information: Basic Net Income $ 1.97 $ 2.28 Diluted Net Income $ 1.96 $ 2.27

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	3 Months Ended
	Mar. 31, 2018
LONG-TERM DEBT
Schedule of outstanding indebtedness, at face value	As of March 31, 2018, the Company’s outstanding indebtedness, at face value, was as follows: Face Maturity Interest Value Debt Date Rate Credit Facility $ 73,100,230 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 $ 203,100,230 (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	March 31, 2018 December 31, 2017 Due Within Due Within Total One Year Total One Year Credit Facility $ 73,100,230 $ — $ 70,000,000 $ — 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 72,386,077 — 72,075,295 — Loan Costs, net of accumulated amortization (1,226,719) — (1,258,931) — Total Long-Term Debt $ 199,259,588 $ — $ 195,816,364 $ —
Schedule of payments applicable to reduction of principal amounts	Payments applicable to reduction of principal amounts as of March 31, 2018 will be required as follows: Year Ending December 31, Amount 2019 $ — 2020 75,000,000 2021 98,100,230 2022 — 2023 — Thereafter 30,000,000 Total Long-Term Debt - Face Value $ 203,100,230
Schedule of carrying value of long-term debt	The carrying value of long-term debt as of March 31, 2018 consisted of the following: Total Current Face Amount $ 203,100,230 Unamortized Discount on Convertible Debt (2,613,923) Loan Costs, net of accumulated amortization (1,226,719) Total Long-Term Debt $ 199,259,588
Schedule of interest expense on debt	Three Months Three Months Ended Ended 3/31/2018 3/31/2017 ($000's) ($000's) Interest Expense $ 2,100 $ 1,657 Amortization of Loan Costs 150 113 Amortization of Discount on Convertible Notes 311 292 Total Interest Expense $ 2,561 $ 2,062 Total Interest Paid $ 2,899 $ 2,550

ACCRUED AND OTHER LIABILITIES (

ACCRUED AND OTHER LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2018
ACCRUED AND OTHER LIABILITIES
Schedule of components of accrued and other liabilities	As of March 31, December 31, Golf $1 Round Surcharge $ 630,000 $ 700,000 Accrued Property Taxes 544,127 66,909 Tenant Leasing Reserve Escrow 1,187,480 — Reserve for Tenant Improvements 544,702 3,302,831 Accrued Construction Costs 339,760 1,360,950 Accrued Interest 396,217 1,194,681 Environmental Reserve and Restoration Cost Accrual 833,320 866,936 Other 1,591,776 2,668,219 Total Accrued and Other Liabilities $ 6,067,382 $ 10,160,526

DEFERRED REVENUE (Tables)

DEFERRED REVENUE (Tables)	3 Months Ended
	Mar. 31, 2018
DEFERRED REVENUE
Schedule of components of deferred revenue	As of March 31, December 31, Deferred Oil Exploration Lease Revenue $ 386,767 $ 585,675 Deferred Revenue on Land Sales 831,320 — Prepaid Rent 1,004,206 1,126,408 Tenant Contributions 4,312,578 — Other Deferred Revenue 301,616 318,376 Total Deferred Revenue $ 6,836,487 $ 2,030,459

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2018
STOCK-BASED COMPENSATION
Summary of share activity for all equity and liability classified stock compensation	A summary of share activity for all equity classified stock compensation during the three months ended March 31, 2018, is presented below: Shares Vested / Shares Outstanding Granted Exercised Expired Forfeited Outstanding Type of Award at 1/1/2018 Shares Shares Shares Shares at 3/31/2018 Equity Classified - Performance Share Awards - Peer Group Market Condition Vesting 12,635 15,445 — — — 28,080 Equity Classified - Market Condition Restricted Shares - Stock Price Vesting 29,750 — (7,750) — — 22,000 Equity Classified - Three Year Vest Restricted Shares 37,390 17,712 (18,883) — — 36,219 Equity Classified - Non-Qualified Stock Option Awards 90,000 — — — — 90,000 Total Shares 169,775 33,157 (26,633) — — 176,299
Schedule of amounts recognized for stock options, stock appreciation rights, and restricted stock	Three Months Ended March 31, March 31, Total Cost of Share-Based Plans Charged Against Income Before Tax Effect $ 467,271 $ 353,579 Income Tax Expense Recognized in Income $ (118,430) $ (136,393)
Peer Group Market Condition Vesting
STOCK-BASED COMPENSATION
Summary of nonvested restricted stock award activity	A summary of activity during the three months ended March 31, 2018, is presented below: Wtd. Avg. Performance Shares with Market Conditions Shares Fair Value Outstanding at January 1, 2018 12,635 $ 55.66 Granted 15,445 74.99 Vested — — Expired — — Forfeited — — Outstanding at March 31, 2018 28,080 $ 66.29
Stock Price Vesting
STOCK-BASED COMPENSATION
Summary of nonvested restricted stock award activity	A summary of the activity for these awards during the three months ended March 31, 2018, is presented below: Wtd. Avg. Market Condition Non-Vested Restricted Shares Shares Fair Value Outstanding at January 1, 2018 29,750 $ 39.07 Granted — — Vested (7,750) 31.58 Expired — — Forfeited — — Outstanding at March 31, 2018 22,000 $ 41.71
Three-Year Vesting
STOCK-BASED COMPENSATION
Summary of nonvested restricted stock award activity	A summary of activity during the three months ended March 31, 2018, is presented below: Wtd. Avg. Fair Value Three Year Vest Non-Vested Restricted Shares Shares Per Share Outstanding at January 1, 2018 37,390 $ 51.39 Granted 17,712 65.33 Vested (18,883) 51.57 Expired — — Forfeited — — Outstanding at March 31, 2018 36,219 $ 58.12
Amended and Restated 2010 Equity Incentive Plan
STOCK-BASED COMPENSATION
Summary of activity for stock option awards	A summary of the activity for the awards during the three months ended March 31, 2018, 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, 2018 90,000 $ 52.71 Granted — — Exercised — — Expired — — Forfeited — — Outstanding at March 31, 2018 90,000 $ 52.71 6.73 $ 912,900 Exercisable at January 1, 2018 73,000 $ 51.94 6.88 $ 843,968 Exercisable at March 31, 2018 86,600 $ 52.52 6.71 $ 894,846
Summary of non-vested stock option awards	Wtd. Avg. Remaining Contractual Aggregate Wtd. Avg. Term Intrinsic Non-Qualified Stock Option Awards Shares Ex. Price (Years) Value Outstanding at January 1, 2018 90,000 $ 52.71 Granted — — Exercised — — Expired — — Forfeited — — Outstanding at March 31, 2018 90,000 $ 52.71 6.73 $ 912,900 Exercisable at January 1, 2018 73,000 $ 51.94 6.88 $ 843,968 Exercisable at March 31, 2018 86,600 $ 52.52 6.71 $ 894,846 A summary of the non-vested options for these awards during the three months ended March 31, 2018, is presented below: Fair Value of Shares Non-Qualified Stock Option Awards Shares Vested Non-Vested at January 1, 2018 17,000 Granted — Vested (13,600) $ 756,432 Expired — Forfeited — Non-Vested at March 31, 2018 3,400

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	3 Months Ended
	Mar. 31, 2018
COMMITMENTS AND CONTINGENCIES
Schedule of potential land sales transactions	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 - BlackRock - West of I-95 (1) 2,492 15,300 Q2 '18 5 Mixed-Use Retail - North American - East of I-95 (3) 35 14,362 409,000 Q4 '18 6 Residential (Multi-Family) - East of I-95 (4) 45 5,200 Q3 '18 & '20 7 Distribution/Warehouse - VanTrust - East of I-95 71 5,000 '19 8 Commercial/Retail - East of I-95 20 4,250 Q4 '18 - '19 9 Residential (SF) - West of I-95 (5) 200 3,324 Q4 '18 & '20 10 Commercial/Retail - East of I-95 9 3,300 Q4 '18 11 Commercial/Distribution - VanTrust - East of I-95 26 3,215 Q4 '18 - '19 12 Auto Dealership - West of I-95 13 2,000 Q4 '18 13 Commercial (RV) - West of I-95 164 1,900 '19 14 Residential (SF) - ICI Homes - West of I-95 146 1,400 Q4 '18 15 Commercial/Retail - East of I-95 8 782 Q4 '18 16 Commercial/Retail - East of I-95 6 625 Q4 '18 17 Commercial/Retail - West of I-95 19 285 Q4 '18 Total (Average) 6,007 $ 137,693 $ (1) The amount for the Mitigation Bank represents the amount 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) Pursuant to the contract, amount includes the reimbursement of infrastructure costs incurred by the Company for Tomoka Town Center plus interest accrued as of March 31, 2018. (4) 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. (5) 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.

BUSINESS SEGMENT DATA (Tables)

BUSINESS SEGMENT DATA (Tables)	3 Months Ended
	Mar. 31, 2018
BUSINESS SEGMENT DATA
Schedule of operations in different segments	Three Months Ended March 31, March 31, Revenues: Income Properties $ 9,205,727 $ 7,073,240 Commercial Loan Investments 300,999 536,489 Real Estate Operations 13,979,330 29,474,460 Golf Operations 1,354,356 1,474,944 Agriculture and Other Income 11,187 154,151 Total Revenues $ 24,851,599 $ 38,713,284 Operating Income: Income Properties $ 7,336,698 $ 5,661,527 Commercial Loan Investments 300,999 536,489 Real Estate Operations 12,443,668 20,317,611 Golf Operations (27,469) (23,734) Agriculture and Other Income 6,015 113,714 General and Corporate Expense (3,073,069) (3,756,196) Total Operating Income $ 16,986,842 $ 22,849,411 Depreciation and Amortization: Income Properties $ 3,787,415 $ 2,686,312 Golf Operations 103,556 65,367 Agriculture and Other 9,408 10,896 Total Depreciation and Amortization $ 3,900,379 $ 2,762,575 Capital Expenditures: Income Properties $ 27,915,262 $ 21,937,532 Real Estate Operations 2,111,983 — Golf Operations 2,663 1,607,742 Agriculture and Other 553 12,083 Total Capital Expenditures $ 30,030,461 $ 23,557,357 As of March 31, 2018 December 31, 2017 Identifiable Assets: Income Properties $ 422,321,016 $ 388,602,721 Commercial Loan Investments 11,979,758 11,963,777 Real Estate Operations 33,635,025 43,296,528 Golf Operations 6,243,858 6,262,634 Agriculture and Other 10,263,947 16,004,718 Total Assets $ 484,443,604 $ 466,130,378

DESCRIPTION OF BUSINESS AND P44

DESCRIPTION OF BUSINESS AND PRINCIPLES OF INTERIM STATEMENTS - Description of Business (Details) ft² in Millions	3 Months Ended
	Mar. 31, 2018aft²itemstateloanproperty
Land
Description of business
Number under lease | item	18
Commercial loans
Description of business
Number of mortgage loan investments | loan	2
Real Estate Operations
Description of business
Number of real estate properties	36
Number of states in which entity operates | state	13
Gross leasable space | ft²	2.1
Single-tenant
Description of business
Number of real estate properties	29
Multi-tenant
Description of business
Number of real estate properties	7
Daytona Beach, FL
Description of business
Acres | a	3
Daytona Beach, FL | Undeveloped land
Description of business
Acres | a	8,100

DESCRIPTION OF BUSINESS AND P45

DESCRIPTION OF BUSINESS AND PRINCIPLES OF INTERIM STATEMENTS - Restricted Cash and Investment Securities (Details)	1 Months Ended	12 Months Ended
	Jul. 31, 2017USD ($)	Dec. 31, 2009USD ($)	Mar. 31, 2018USD ($)Transactionitemproperty	Feb. 28, 2018USD ($)	Feb. 21, 2018USD ($)	Dec. 31, 2017USD ($)	Mar. 31, 2017USD ($)
Restricted Cash
Restricted Cash			$ 3,148,997		$ 1,200,000	$ 6,508,131	$ 5,882,767
Investment Securities
Loss from disposition of Investment Securities		$ 0
First mortgage loan
Restricted Cash
Mortgage loan originated	$ 3,000,000
Escrow deposit to be reinvested through like-kind exchange structure
Restricted Cash
Restricted Cash			184,000
Restricted cash, escrow deposit related to land transactions
Restricted Cash
Restricted Cash			$ 1,500,000
Number of separate escrow accounts | item			4
Number of separate land transactions | Transaction			4
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			$ 172,000
Number of real estate properties in financing | property			6
Leasing reserve account
Restricted Cash
Restricted Cash				$ 1,200,000

DESCRIPTION OF BUSINESS AND P46

DESCRIPTION OF BUSINESS AND PRINCIPLES OF INTERIM STATEMENTS - Commercial Loan Investments and Accounts Receivable (Details)	3 Months Ended
	Dec. 31, 2015Transaction	Mar. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Commercial Loan Investment Impairment
Allowance for impairment of loans		$ 0	$ 0
Accounts Receivable
Allowance for doubtful accounts		0	0
Trade Accounts Receivable Golf Operations
Accounts Receivable
Accounts receivable		353,000	349,000
Accounts Receivable Income Properties Tenant Reimbursable Expenses
Accounts Receivable
Accounts receivable		813,000	895,000
Accounts Receivable Real Estate Operations [Member]
Accounts Receivable
Accounts receivable		$ 2,100,000	$ 2,200,000
Number of closed land transactions | Transaction	2

DESCRIPTION OF BUSINESS AND P47

DESCRIPTION OF BUSINESS AND PRINCIPLES OF INTERIM STATEMENTS - Income Taxes (Details) $ in Thousands	Mar. 31, 2018USD ($)
Income Taxes
Reserves for uncertain income tax positions	$ 0

REVENUE RECOGNITION - Major Goo

REVENUE RECOGNITION - Major Good or Service (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenues
Lease Revenue	$ 9,389,000	$ 7,275,000
Lease Incentive Amortization	(76,000)
Interest from Commercial Loan Investments	301,000	537,000
Total Revenues	24,851,599	38,713,284
Lease Revenue - Base Rent
Revenues
Lease Revenue	7,433,000	5,565,000
Lease Revenue - CAM
Revenues
Lease Revenue	614,000	499,000
Lease Revenue - Reimbursements
Revenues
Lease Revenue	565,000	420,000
Lease Revenue - Billboards
Revenues
Lease Revenue	64,000	61,000
Above / Below Market Lease Accretion
Revenues
Lease Revenue	580,000	531,000
Contributed Leased Assets Accretion
Revenues
Lease Revenue	10,000
Land
Revenues
Revenue from contract with customer, including assessed tax	13,117,000
Land | Calculated under Revenue Guidance in Effect before Topic 606
Revenues
Revenue from contract with customer, including assessed tax		28,707,000
Revenue from Reimbursement of Infrastructure Costs | Calculated under Revenue Guidance in Effect before Topic 606
Revenues
Revenue from contract with customer, including assessed tax		320,000
Impact Fee and Mitigation Credit Sales
Revenues
Revenue from contract with customer, including assessed tax	116,000
Impact Fee and Mitigation Credit Sales | Calculated under Revenue Guidance in Effect before Topic 606
Revenues
Revenue from contract with customer, including assessed tax		216,000
Subsurface Lease Revenue
Revenues
Lease Revenue	199,000	199,000
Subsurface Revenue - Other
Revenues
Revenue from contract with customer, including assessed tax	547,000
Subsurface Revenue - Other | Calculated under Revenue Guidance in Effect before Topic 606
Revenues
Revenue from contract with customer, including assessed tax		32,000
Golf Operations
Revenues
Revenue from contract with customer, including assessed tax	1,355,000
Golf Operations | Calculated under Revenue Guidance in Effect before Topic 606
Revenues
Revenue from contract with customer, including assessed tax		1,475,000
Timber Sales Revenue | Calculated under Revenue Guidance in Effect before Topic 606
Revenues
Revenue from contract with customer, including assessed tax		143,000
Interest and Other Revenue
Revenues
Revenue from contract with customer, including assessed tax	27,000
Interest and Other Revenue | Calculated under Revenue Guidance in Effect before Topic 606
Revenues
Revenue from contract with customer, including assessed tax		8,000
Income Properties
Revenues
Lease Revenue	9,179,000	7,065,000
Lease Incentive Amortization	(76,000)
Total Revenues	9,205,727	7,073,240
Income Properties | Lease Revenue - Base Rent
Revenues
Lease Revenue	7,422,000	5,554,000
Income Properties | Lease Revenue - CAM
Revenues
Lease Revenue	614,000	499,000
Income Properties | Lease Revenue - Reimbursements
Revenues
Lease Revenue	565,000	420,000
Income Properties | Lease Revenue - Billboards
Revenues
Lease Revenue	64,000	61,000
Income Properties | Above / Below Market Lease Accretion
Revenues
Lease Revenue	580,000	531,000
Income Properties | Contributed Leased Assets Accretion
Revenues
Lease Revenue	10,000
Income Properties | Interest and Other Revenue
Revenues
Revenue from contract with customer, including assessed tax	27,000
Income Properties | Interest and Other Revenue | Calculated under Revenue Guidance in Effect before Topic 606
Revenues
Revenue from contract with customer, including assessed tax		8,000
Commercial Loan Investments
Revenues
Interest from Commercial Loan Investments	301,000	537,000
Total Revenues	300,999	536,489
Real Estate Operations
Revenues
Lease Revenue	199,000	199,000
Total Revenues	13,979,330	29,474,460
Real Estate Operations | Land
Revenues
Revenue from contract with customer, including assessed tax	13,117,000
Real Estate Operations | Land | Calculated under Revenue Guidance in Effect before Topic 606
Revenues
Revenue from contract with customer, including assessed tax		28,707,000
Real Estate Operations | Revenue from Reimbursement of Infrastructure Costs | Calculated under Revenue Guidance in Effect before Topic 606
Revenues
Revenue from contract with customer, including assessed tax		320,000
Real Estate Operations | Impact Fee and Mitigation Credit Sales
Revenues
Revenue from contract with customer, including assessed tax	116,000
Real Estate Operations | Impact Fee and Mitigation Credit Sales | Calculated under Revenue Guidance in Effect before Topic 606
Revenues
Revenue from contract with customer, including assessed tax		216,000
Real Estate Operations | Subsurface Lease Revenue
Revenues
Lease Revenue	199,000	199,000
Real Estate Operations | Subsurface Revenue - Other
Revenues
Revenue from contract with customer, including assessed tax	547,000
Real Estate Operations | Subsurface Revenue - Other | Calculated under Revenue Guidance in Effect before Topic 606
Revenues
Revenue from contract with customer, including assessed tax		32,000
Golf Operations
Revenues
Total Revenues	1,354,356	1,474,944
Golf Operations | Golf Operations
Revenues
Revenue from contract with customer, including assessed tax	1,355,000
Golf Operations | Golf Operations | Calculated under Revenue Guidance in Effect before Topic 606
Revenues
Revenue from contract with customer, including assessed tax		1,475,000
Agriculture and Other Income
Revenues
Lease Revenue	11,000	11,000
Total Revenues	11,187	154,151
Agriculture and Other Income | Lease Revenue - Base Rent
Revenues
Lease Revenue	$ 11,000	11,000
Agriculture and Other Income | Timber Sales Revenue | Calculated under Revenue Guidance in Effect before Topic 606
Revenues
Revenue from contract with customer, including assessed tax		$ 143,000

REVENUE RECOGNITION - Timing of

REVENUE RECOGNITION - Timing of Revenue Recognition (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenues
Over Lease Term	$ 9,389,000	$ 7,275,000
Commercial Loan Investment Related Revenue	301,000	537,000
Total Revenues	24,851,599	38,713,284
Asset/Good Transferred at a Point in Time
Revenues
Revenue from contract with customer, including assessed tax	14,875,000
Services Transferred Over Time
Revenues
Revenue from contract with customer, including assessed tax	287,000
Income Properties
Revenues
Over Lease Term	9,179,000	7,065,000
Total Revenues	9,205,727	7,073,240
Income Properties | Services Transferred Over Time
Revenues
Revenue from contract with customer, including assessed tax	27,000
Commercial Loan Investments
Revenues
Commercial Loan Investment Related Revenue	301,000	537,000
Total Revenues	300,999	536,489
Real Estate Operations
Revenues
Over Lease Term	199,000	199,000
Total Revenues	13,979,330	29,474,460
Real Estate Operations | Asset/Good Transferred at a Point in Time
Revenues
Revenue from contract with customer, including assessed tax	13,780,000
Golf Operations
Revenues
Total Revenues	1,354,356	1,474,944
Golf Operations | Asset/Good Transferred at a Point in Time
Revenues
Revenue from contract with customer, including assessed tax	1,095,000
Golf Operations | Services Transferred Over Time
Revenues
Revenue from contract with customer, including assessed tax	260,000
Agriculture and Other Income
Revenues
Over Lease Term	11,000	11,000
Total Revenues	$ 11,187	154,151
Calculated under Revenue Guidance in Effect before Topic 606 | Asset/Good Transferred at a Point in Time
Revenues
Revenue from contract with customer, including assessed tax		30,330,000
Calculated under Revenue Guidance in Effect before Topic 606 | Services Transferred Over Time
Revenues
Revenue from contract with customer, including assessed tax		571,000
Calculated under Revenue Guidance in Effect before Topic 606 | Income Properties | Services Transferred Over Time
Revenues
Revenue from contract with customer, including assessed tax		8,000
Calculated under Revenue Guidance in Effect before Topic 606 | Real Estate Operations | Asset/Good Transferred at a Point in Time
Revenues
Revenue from contract with customer, including assessed tax		28,955,000
Calculated under Revenue Guidance in Effect before Topic 606 | Real Estate Operations | Services Transferred Over Time
Revenues
Revenue from contract with customer, including assessed tax		320,000
Calculated under Revenue Guidance in Effect before Topic 606 | Golf Operations | Asset/Good Transferred at a Point in Time
Revenues
Revenue from contract with customer, including assessed tax		1,232,000
Calculated under Revenue Guidance in Effect before Topic 606 | Golf Operations | Services Transferred Over Time
Revenues
Revenue from contract with customer, including assessed tax		243,000
Calculated under Revenue Guidance in Effect before Topic 606 | Agriculture and Other Income | Asset/Good Transferred at a Point in Time
Revenues
Revenue from contract with customer, including assessed tax		$ 143,000

INCOME PROPERTIES - Acquisition

INCOME PROPERTIES - Acquisitions (Details) $ in Millions	3 Months Ended
	Mar. 31, 2018USD ($)property	Mar. 31, 2017USD ($)property	Jan. 31, 2018arestaurant
LandShark Bar and Grill
Amount allocated of total acquisition cost
Number of restaurants | restaurant			2
Acres | a			6
Florida
Amount allocated of total acquisition cost
Tenant Contributions	$ 1.9
Net cash investment	26.5
Real Estate Operations
Acquisitions of Income Properties
Aggregate acquisition cost including capitalized acquisition costs	$ 29	$ 19.4
Amount allocated of total acquisition cost
Weighted average amortization period of intangible assets	20 years	3 years 10 months 24 days
Weighted average amortization period of intangible liabilities	20 years	3 years 10 months 24 days
Real Estate Operations | Nonrecurring basis
Acquisitions of Income Properties
Land	$ 12	$ 13.3
Buildings and improvements	15	$ 4.8
Intangible assets	2.8
Intangible liabilities	$ 0.8
Single-tenant
Acquisitions of Income Properties
Number of real estate properties | property	1	1

INCOME PROPERTIES - Properties

INCOME PROPERTIES - Properties Acquired (Details)	3 Months Ended
	Mar. 31, 2018USD ($)aft²	Mar. 31, 2017USD ($)
Real Estate Operations
Description of properties acquired
Purchase price		$ 19,100,000
Aspen, Colorado | Single-tenant
Description of properties acquired
Square-Feet | ft²	19,596
Acres | a	0.18
Purchase price	$ 28,000,000
Percentage Leased	100.00%
Remaining Lease Term	20 years

INCOME PROPERTIES - Disposition

INCOME PROPERTIES - Dispositions and Impairment Charges (Details)	3 Months Ended
	Mar. 31, 2018USD ($)ft²buildingproperty	Mar. 26, 2018USD ($)
Dispositions of Income Properties
Number of properties in the disposal group | property	4
Daytona Beach, FL
Dispositions of Income Properties
Sales price | $		$ 11,400,000
Concierge Office Building
Dispositions of Income Properties
Area of real estate property	22,012
Williamson Business Park office building
Dispositions of Income Properties
Area of real estate property	15,360
Area of real estate property leased	7,600
Gain on Sale | $	$ 3,700,000
Gain on sale of properties (in dollars per share) | $	$ 0.49
Lease term	5 years
Mason Commerce Center
Dispositions of Income Properties
Area of real estate property	30,720
Number of office building | building	2

INCOME PROPERTIES - Acquisiti53

INCOME PROPERTIES - Acquisitions (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)property	Mar. 31, 2017USD ($)property
Acquisitions
Number of properties in the disposal group | property	4
Single-tenant
Acquisitions
Number of real estate properties | property	29
Multi-tenant
Acquisitions
Number of real estate properties | property	7
Real Estate Operations
Acquisitions
Purchase price		$ 19,100
Aggregate acquisition cost including capitalized acquisition costs	$ 29,000	$ 19,400
Weighted average amortization period of intangible assets	20 years	3 years 10 months 24 days
Weighted average amortization period of intangible liabilities	20 years	3 years 10 months 24 days
Real Estate Operations | Nonrecurring basis
Acquisitions
Land	$ 12,000	$ 13,300
Buildings and improvements	$ 15,000	4,800
Intangible assets pertaining to the in-place lease value, leasing fees and above market lease value		2,100
Intangible liabilities for below market lease value		$ 800
Single-tenant
Acquisitions
Number of real estate properties | property	1	1
Multi-tenant
Acquisitions
Number of real estate properties | property		1

COMMERCIAL LOAN INVESTMENTS - P

COMMERCIAL LOAN INVESTMENTS - Portfolio Information (Details) - Commercial loans $ in Millions	3 Months Ended
	Mar. 31, 2018USD ($)loan
Commercial loan investment portfolio
Number of mortgage loan investments	2
Performing
Commercial loan investment portfolio
Number of mortgage loan investments	2
Aggregate outstanding principal balance | $	$ 12
Average remaining maturity	2 months 12 days
Interest Rate (as a percent)	9.70%

COMMERCIAL LOAN INVESTMENTS - C

COMMERCIAL LOAN INVESTMENTS - Composition of Portfolio (Details) - Commercial loans - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Commercial loan investment portfolio
Original Face Amount	$ 11,960,467	$ 11,960,467
Current Face Amount	11,960,467	11,960,467
Carrying Value	11,940,459	11,925,699
Fixed-rate first mortgage
Commercial loan investment portfolio
Original Face Amount	3,000,000	3,000,000
Current Face Amount	3,000,000	3,000,000
Carrying Value	$ 2,979,992	$ 2,965,232
Interest Rate (as a percent)	11.00%	11.00%
Variable-rate B-Note Junior Mortgage
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 | LIBOR
Commercial loan investment portfolio
Loans receivable basis spread on variable rate (as a percent)	7.50%	7.50%

COMMERCIAL LOAN INVESTMENTS -56

COMMERCIAL LOAN INVESTMENTS - Carrying Value of Held for Investment and Loans Classified as Held for Sale (Details) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Carrying value of the commercial loan investment portfolio
Total Commercial Loan Investments	$ 11,940,459	$ 11,925,699
Commercial loans
Carrying value of the commercial loan investment portfolio
Current Face Amount	11,960,467	11,960,467
Unaccreted Origination Fees	(20,008)	(34,768)
Total Commercial Loan Investments	$ 11,940,459	$ 11,925,699

LAND AND SUBSURFACE INTERESTS -

LAND AND SUBSURFACE INTERESTS - Daytona Beach, Florida Land (Details) $ in Millions	May 01, 2018a	Mar. 31, 2018USD ($)apropertymi
Land and development costs and subsurface interests
Area of land sales as a percentage of land holdings	74.00%
Land sale acres	6,007
Daytona Beach, FL
Land and development costs and subsurface interests
Acres		3
Purchase price | $		$ 2
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 SUBSURFACE INTERESTS58

LAND AND SUBSURFACE INTERESTS - Real Estate Operations Revenues (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenues
Total Revenues	$ 24,851,599	$ 38,713,284
Real Estate Operations
Revenues
Subsurface Revenue	746,000	231,000
Total Revenues	13,979,330	29,474,460
Land
Revenues
Revenue from contract with customer, including assessed tax	13,117,000
Land | Real Estate Operations
Revenues
Revenue from contract with customer, including assessed tax	13,117,000
Impact Fee and Mitigation Credit Sales
Revenues
Revenue from contract with customer, including assessed tax	116,000
Impact Fee and Mitigation Credit Sales | Real Estate Operations
Revenues
Revenue from contract with customer, including assessed tax	$ 116,000
Calculated under Revenue Guidance in Effect before Topic 606 | Land
Revenues
Revenue from contract with customer, including assessed tax		28,707,000
Calculated under Revenue Guidance in Effect before Topic 606 | Land | Real Estate Operations
Revenues
Revenue from contract with customer, including assessed tax		28,707,000
Calculated under Revenue Guidance in Effect before Topic 606 | Revenue from Reimbursement of Infrastructure Costs
Revenues
Revenue from contract with customer, including assessed tax		320,000
Calculated under Revenue Guidance in Effect before Topic 606 | Revenue from Reimbursement of Infrastructure Costs | Real Estate Operations
Revenues
Revenue from contract with customer, including assessed tax		320,000
Calculated under Revenue Guidance in Effect before Topic 606 | Impact Fee and Mitigation Credit Sales
Revenues
Revenue from contract with customer, including assessed tax		216,000
Calculated under Revenue Guidance in Effect before Topic 606 | Impact Fee and Mitigation Credit Sales | Real Estate Operations
Revenues
Revenue from contract with customer, including assessed tax		$ 216,000

LAND AND SUBSURFACE INTERESTS59

LAND AND SUBSURFACE INTERESTS - Land Sales and Impairments (Details)	May 01, 2018a$ / a	Mar. 16, 2018USD ($)a$ / a	Mar. 22, 2017USD ($)a$ / a	Feb. 10, 2017USD ($)a$ / a	Mar. 31, 2018USD ($)a$ / a	Mar. 31, 2018USD ($)	Mar. 31, 2017USD ($)a$ / a
Land and development costs and subsurface interests
No. of Acres | a	6,007
Price per Acre | $ / a	23,000
Undeveloped land
Land and development costs and subsurface interests
Impairment charges						$ 0	$ 0
Buc'ees - East of I-95
Land and development costs and subsurface interests
Escrow reserve					$ 831,000	831,000
Remaining gain to be recognized					$ 831,000	$ 831,000
Land Sales
Land and development costs and subsurface interests
No. of Acres | a							1,587.4
Gross Sales Price							$ 28,707,000
Price per Acre | $ / a							18,000
Gain on Sale							$ 20,052,000
Land Sales | Real Estate Operations
Land and development costs and subsurface interests
No. of Acres | a			6.4
Gross Sales Price			$ 1,556,000
Price per Acre | $ / a			245,000
Gain on Sale			$ 11,000
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 | Buc'ees - East of I-95
Land and development costs and subsurface interests
No. of Acres | a		34.9			34.9
Gross Sales Price		$ 13,948,000			$ 13,948,000
Price per Acre | $ / a		400,000			400,000
Gain on Sale		$ 11,926,000			$ 11,926,000

LAND AND SUBSURFACE INTERESTS60

LAND AND SUBSURFACE INTERESTS - Beachfront Venture and Daytona Beach (Details)	3 Months Ended
	Mar. 31, 2018USD ($)arestaurant	Jun. 30, 2016	Dec. 31, 2017USD ($)a
Land and subsurface interests
Acquisition of property	$ 2,141,853
Cost basis	$ 30,145,845		$ 39,477,697
Daytona Beach, FL
Land and subsurface interests
Acres | a	3
Land Parcel - Beachfront Property
Land and subsurface interests
Acres | a			6
Cost basis	$ 6,800,000
Land Parcel - Beachfront Property | Land and Development
Land and subsurface interests
Cost basis			$ 11,700,000
Land Parcel - Beachfront Property | Income Properties Land Buildings and Improvements
Land and subsurface interests
Cost basis	$ 18,500,000
Land Parcel - Beachfront Property | Restaurant property
Land and subsurface interests
Number of properties | restaurant	2
Land Parcel - Beachfront Property | Restaurant property | LandShark Bar and Grill
Land and subsurface interests
Lease term	15 years
Square-Feet | a	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 AND SUBSURFACE INTERESTS61

LAND AND SUBSURFACE INTERESTS - Other Real Estate Assets (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Land and development costs and subsurface interests
Impact fees	$ 214,000		$ 402,000
Mitigation credits	600,000		723,000
Impact Fee and Mitigation Credits	814,033		$ 1,125,269
Cash payments received for impact fees	116,000	$ 217,000
LandShark Bar and Grill
Land and development costs and subsurface interests
Cash payments received for impact fees	72,000
Real Estate Operations | Buc'ees - East of I-95
Land and development costs and subsurface interests
Mitigation credits transferred	$ 124,000

LAND AND SUBSURFACE INTERESTS62

LAND AND SUBSURFACE INTERESTS - Subsurface Interests (Details)	May 01, 2018a	Oct. 11, 2017	Sep. 20, 2017	Mar. 31, 2018USD ($)acounty$ / shares	Mar. 31, 2017USD ($)a	Dec. 31, 2011	Dec. 31, 2017USD ($)a
Subsurface interests
Acres sold | a	6,007
Lease income
Over Lease Term				$ 9,389,000	$ 7,275,000
Number of acres with operating oil wells | a				800	800
Subsurface Interests
Lease income
Revenue recognized for cash payments for the release of surface entry rights					$ 0
Oil exploration
Subsurface interests
Lease term			13 years
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
Over Lease Term				$ 199,000	199,000
Hendry County
Lease income
Area of land for which surface entry rights were released | a				40
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				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				461,000
Number of counties in which Subsurface Interests are owned | county				20
Gain on Sale				$ 435,000
After tax gain on sale (in dollars per share) | $ / shares				$ 0.06
Lease income
Area of land for which surface entry rights were released | a				600
Real Estate Operations
Lease income
Over Lease Term				$ 199,000	199,000
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
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
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
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
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
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
Lease Payment							$ 806,683
Drilling Penalty							$ 150,000
Lease Year 7 - 9/23/2017 - 9/22/2018 | Oil exploration
Lease payments on the respective acreages and drilling penalties received
Acreage | a							15,000
Lease Payment							$ 806,683
Drilling Penalty							$ 50,000
Subsurface Revenue - Other
Subsurface interests
Revenue from contract with customer, including assessed tax				547,000
Subsurface Revenue - Other | Real Estate Operations
Subsurface interests
Revenue from contract with customer, including assessed tax				547,000
Subsurface Revenue - Other | Real Estate Operations | Hendry County
Subsurface interests
Revenue from contract with customer, including assessed tax				320,000
Subsurface Revenue - Other | Real Estate Operations | Surface land over subsurface interests
Subsurface interests
Revenue from contract with customer, including assessed tax				185,000
Royalty | Real Estate Operations | Subsurface Interests
Subsurface interests
Revenue from contract with customer, including assessed tax				$ 32,000
Calculated under Revenue Guidance in Effect before Topic 606 | Subsurface Revenue - Other
Subsurface interests
Revenue from contract with customer, including assessed tax					32,000
Calculated under Revenue Guidance in Effect before Topic 606 | Subsurface Revenue - Other | Real Estate Operations
Subsurface interests
Revenue from contract with customer, including assessed tax					32,000
Calculated under Revenue Guidance in Effect before Topic 606 | Royalty | Real Estate Operations | Subsurface Interests
Subsurface interests
Revenue from contract with customer, including assessed tax					$ 31,000

FAIR VALUE OF FINANCIAL INSTR63

FAIR VALUE OF FINANCIAL INSTRUMENTS - Carrying Value and Estimated Fair Value (Details) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Carrying Value
Carrying value and estimated fair value of financial instruments
Cash and Cash Equivalents	$ 3,724,714	$ 6,559,409
Restricted Cash	3,148,997	6,508,131
Commercial Loan Investments	11,940,459	11,925,699
Long-Term Debt	199,259,588	195,816,364
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	3,724,714	6,559,409
Restricted Cash	3,148,997	6,508,131
Estimated Fair Value | Significant Other Observable Inputs (Level 2)
Carrying value and estimated fair value of financial instruments
Commercial Loan Investments	12,004,452	12,015,628
Long-Term Debt	$ 202,499,885	$ 200,000,776

FAIR VALUE OF FINANCIAL INSTR64

FAIR VALUE OF FINANCIAL INSTRUMENTS - Measured on a Recurring Basis (Details) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Fair value of assets
Cash Flow Hedge	$ 844,796	$ 606,621
Total		606,621
Significant Other Observable Inputs (Level 2)
Fair value of assets
Total		606,621
Interest Rate Swap
Fair value of assets
Cash Flow Hedge		606,621
Interest Rate Swap | Significant Other Observable Inputs (Level 2)
Fair value of assets
Cash Flow Hedge		$ 606,621
Recurring basis
Fair value of assets
Total	844,796
Recurring basis | Significant Other Observable Inputs (Level 2)
Fair value of assets
Total	844,796
Recurring basis | Interest Rate Swap
Fair value of assets
Cash Flow Hedge	844,796
Recurring basis | Interest Rate Swap | Significant Other Observable Inputs (Level 2)
Fair value of assets
Cash Flow Hedge	$ 844,796

INTANGIBLE LEASE ASSETS AND L65

INTANGIBLE LEASE ASSETS AND LIABILITIES - Components (Details) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	$ 53,017,216	$ 50,198,683
Accumulated Amortization	(12,918,170)	(11,440,624)
Total Intangible Lease Assets—Net	40,099,046	38,758,059
Intangible Lease Liabilities
Value of Below Market In-Place Leases	(36,109,518)	(35,312,017)
Sub-total Intangible Lease Liabilities	(36,109,518)	(35,312,017)
Accumulated Amortization	6,245,766	5,541,576
Total Intangible Lease Liabilities—Net	(29,863,752)	(29,770,441)
Total Intangible Assets and Liabilities—Net	10,235,294	8,987,618
Value of In-Place Leases
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	38,046,241	36,827,226
Value of Above Market In-Place Leases
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	2,966,322	2,966,322
Value of Intangible Leasing Costs
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	$ 12,004,653	$ 10,405,135

INTANGIBLE LEASE ASSETS AND L66

INTANGIBLE LEASE ASSETS AND LIABILITIES - Amortization (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
INTANGIBLE LEASE ASSETS AND LIABILITIES
Depreciation and amortization expense	$ 1,353,000	$ 1,089,000
Increase to Income Properties Revenue	(579,659)	(531,546)
Net Amortization of Intangible Assets and Liabilities	$ 773,000	$ 557,000

INTANGIBLE LEASE ASSETS AND L67

INTANGIBLE LEASE ASSETS AND LIABILITIES - Summary of Estimated Amortization and Accretion (Details) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Future Amortization Amount
Total Intangible Lease Assets—Net	$ 40,099,046	$ 38,758,059
Future Accretion to Income Property Revenue
Total Intangible Lease Liabilities—Net	(29,863,752)	$ (29,770,441)
Net Future Amortization of Intangible Assets and Liabilities
Remainder of 2018	2,375,901
2,019	3,153,194
2,020	2,778,501
2,021	937,211
2,022	248,122
2,023	(103,500)
Thereafter	845,865
Total	10,235,294
Value of In-Place Leases and Intangible Leasing Costs
Future Amortization Amount
Remainder of 2018	4,110,921
2,019	5,452,670
2,020	5,011,249
2,021	3,320,813
2,022	2,702,885
2,023	2,359,734
Thereafter	15,159,268
Total Intangible Lease Assets—Net	38,117,540
Value of Below Market, net of Above Market In-Place Leases
Future Accretion to Income Property Revenue
Remainder of 2018	(1,735,020)
2,019	(2,299,476)
2,020	(2,232,748)
2,021	(2,383,602)
2,022	(2,454,763)
2,023	(2,463,234)
Thereafter	(14,313,403)
Total Intangible Lease Liabilities—Net	$ (27,882,246)

IMPAIRMENT OF LONG-LIVED ASSE68

IMPAIRMENT OF LONG-LIVED ASSETS (Details)	3 Months Ended
	Mar. 31, 2018USD ($)property	Mar. 31, 2017USD ($)
Impairment of Long-Lived Assets
Number of properties in the disposal group | property	4
Undeveloped land
Impairment of Long-Lived Assets
Impairment Charges | $	$ 0	$ 0

OTHER ASSETS (Details)

OTHER ASSETS (Details)	Mar. 31, 2018USD ($)installmentbuilding	Dec. 31, 2017USD ($)installment
Income properties
Income Property Tenant Receivables	$ 812,542	$ 895,476
Income Property Straight-line Rent Adjustment	2,930,325	2,517,195
Income Property Lease Incentive	2,621,069	2,696,678
Interest Receivable from Commercial Loan Investments	39,299	38,078
Cash Flow Hedge	844,796	606,621
Infrastructure Reimbursement Receivables	2,110,573	2,213,305
Golf Operations Receivables	352,968	349,220
Deferred Deal Costs	564,574	480,257
Prepaid Expenses, Deposits, and Other	3,149,238	3,174,299
Total Other Assets	13,425,384	$ 12,971,129
Tanger
Income properties
Infrastructure Reimbursement Receivables	$ 1,600,000
Number of installments to repay infrastructure reimbursement receivable | installment	9
Infrastructure reimbursement receivables, installment payment amounts	$ 175,000
Infrastructure reimbursement receivable, discount	167,000
Sam's Club
Income properties
Infrastructure Reimbursement Receivables	770,000
Number of installments to repay infrastructure reimbursement receivable | installment		7
Infrastructure reimbursement receivables, installment payment amounts		$ 110,000
Infrastructure reimbursement receivable, discount		$ 72,000
Hilton Grand Vacations
Income properties
Income Property Lease Incentive	$ 2,600,000
Number of real estate properties | building	2

COMMON STOCK AND EARNINGS PER70

COMMON STOCK AND EARNINGS PER SHARE - Summary of Common Stock and Earnings Per Share (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Income Available to Common Shareholders:
Net Income	$ 10,912,299	$ 12,746,392
Weighted Average Shares Outstanding	5,530,864	5,602,137
Common Shares Applicable to Stock
Options Using the Treasury Stock Method	31,036	21,277
Total Shares Applicable to Diluted Earnings Per Share	5,561,900	5,623,414
Per Share Information:
Basic Net Income per Share (in dollars per share)	$ 1.97	$ 2.28
Diluted Net Income per Share (in dollars per share)	$ 1.96	$ 2.27

COMMON STOCK AND EARNINGS PER71

COMMON STOCK AND EARNINGS PER SHARE - Anti-dilutive Securities and Convertible Notes (Details) - $ / shares	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 11, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	15,000	77,750
Additional diluted outstanding shares related to Convertible Notes	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%
Conversion price per share	$ 68.68		$ 68.90

TREASURY STOCK (Details)

TREASURY STOCK (Details) - First quarter 2017 $10 Million Repurchase Program - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Treasury Stock
Stock repurchase program authorized amount		$ 10
Stock repurchased (in shares)	0
Stock repurchased amount	$ 4.6

LONG-TERM DEBT - Outstanding In

LONG-TERM DEBT - Outstanding Indebtedness (Details)	3 Months Ended
	Mar. 31, 2018USD ($)property	Apr. 30, 2016USD ($)	Mar. 11, 2015USD ($)
Long-term debt
Face Value of Debt	$ 203,100,230
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	$ 73,100,230
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
Fixed interest rate through use of derivative (as a percent)	3.17%
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%

LONG-TERM DEBT - Credit Facilit

LONG-TERM DEBT - Credit Facility (Details) - Credit Facility - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Sep. 07, 2017
Long-term debt
Extension term	1 year
Maximum borrowing capacity	$ 130	$ 100
Maximum borrowing capacity, after possible increase		$ 150
Unused portion of the borrowing capacity fee percentage condition	50.00%
Available borrowing capacity	$ 54.9
Amount outstanding	$ 73.1
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 - Convertible No

LONG-TERM DEBT - Convertible Notes (Details)	Mar. 11, 2015USD ($)$ / shares	Mar. 31, 2018USD ($)$ / shares
Long-term debt
Face amount of debt		$ 203,100,230
Unamortized debt discount of notes		2,613,923
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%
Debt instrument conversion ratio	0.0145136	0.0145439
Conversion price per share | $ / shares	$ 68.90	$ 68.68
Unamortized debt discount of notes	$ 6,100,000	$ 2,600,000
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 ($)	Mar. 31, 2018	Dec. 31, 2017
Long-term debt
Long-term debt	$ 203,100,230
Loan Costs, net of accumulated amortization	(1,226,719)	$ (1,258,931)
Long-Term Debt	199,259,588	195,816,364
Credit Facility
Long-term debt
Long-term debt	73,100,230	70,000,000
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	$ 72,386,077	$ 72,075,295
Long-term debt due within one year
Stated interest rate (as a percent)	4.50%

LONG-TERM DEBT - Payments Appli

LONG-TERM DEBT - Payments Applicable to Reduction of Principal (Details)	Mar. 31, 2018USD ($)
Payments applicable to reduction of principal amounts
2,020	$ 75,000,000
2,021	98,100,230
Thereafter	30,000,000
Total Long-Term Debt - Face Value	$ 203,100,230

LONG-TERM DEBT - Carrying Value

LONG-TERM DEBT - Carrying Value (Details) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
LONG-TERM DEBT
Current Face Amount	$ 203,100,230
Unamortized Discount on Convertible Debt	(2,613,923)
Loan Costs, net of accumulated amortization	(1,226,719)	$ (1,258,931)
Total Long-Term Debt	$ 199,259,588	$ 195,816,364

LONG-TERM DEBT - Interest Expen

LONG-TERM DEBT - Interest Expense (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
LONG-TERM DEBT
Interest expense	$ 2,100,000	$ 1,657,000
Amortization of Loan Costs	149,895	113,288
Amortization of Discount on Convertible Notes	310,782	291,570
Total Interest Expense	2,561,000	2,062,000
Interest paid	$ 2,899,000	$ 2,550,000

INTEREST RATE SWAP (Details)

INTEREST RATE SWAP (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Apr. 30, 2016
Derivative [Line Items]
Face amount of debt	$ 203,100,230
Wells Fargo Mortgage Note Payable Originated April 15, 2016
Derivative [Line Items]
Face amount of debt	$ 25,000,000	$ 25,000,000
Derivative fixed interest rate (as a percent)	3.17%
Interest Rate Swap
Derivative [Line Items]
Effectiveness of interest rate cash flow hedge (as a percent)	100.00%
Notional amount	$ 25,000,000
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	$ 845,000

ACCRUED AND OTHER LIABILITIES -

ACCRUED AND OTHER LIABILITIES - Components (Details)	3 Months Ended
	Mar. 31, 2018USD ($)$ / item	Jan. 31, 2018USD ($)	Dec. 31, 2017USD ($)
ACCRUED AND OTHER LIABILITIES
Golf $1 Round Surcharge	$ 630,000	$ 630,000	$ 700,000
Accrued Property Taxes	544,127		66,909
Tenant Leasing Reserve Escrow	1,187,480
Reserve for Tenant Improvements	544,702		3,302,831
Accrued Construction Costs	339,760		1,360,950
Accrued Interest	396,217		1,194,681
Environmental Reserve and Restoration Cost Accrual	833,320		866,936
Other	1,591,776		2,668,219
Total Accrued and Other Liabilities	$ 6,067,382		$ 10,160,526
Annual surcharge, per round of golf played | $ / item	1

ACCRUED AND OTHER LIABILITIES82

ACCRUED AND OTHER LIABILITIES - Golf Course Lease and Surcharge (Details)	Jan. 24, 2017USD ($)	Mar. 31, 2018USD ($)$ / item	Jan. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Accrued and other liabilities
Land and land improvements acquired		$ 2,141,853
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		$ 630,000	$ 630,000	$ 700,000
Golf course land purchase
Accrued and other liabilities
Land and land improvements acquired	$ 1,500,000

ACCRUED AND OTHER LIABILITIES83

ACCRUED AND OTHER LIABILITIES - Tenant Leasing Reserve Escrow (Details) - USD ($)	Feb. 21, 2018	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017
ACCRUED AND OTHER LIABILITIES
Master Tenant Funded Incurred Related To Leasing Reserve Escrow	$ 2,250,000	$ 935,000
Eligible costs funded from escrow account	1,100,000
Cost incurred related to property acquisition	935,000
Base rent payments	128,000
Escrow balance	1,200,000	$ 3,148,997	$ 6,508,131	$ 5,882,767
Maximum rent payments	$ 1,000,000

ACCRUED AND OTHER LIABILITIES84

ACCRUED AND OTHER LIABILITIES - Tenant Improvement Credits (Details)	Apr. 28, 2017USD ($)	Mar. 31, 2018USD ($)building	Dec. 31, 2017USD ($)
Accrued and other liabilities
Tenant improvements		$ 544,702	$ 3,302,831
Hilton Grand Vacations
Accrued and other liabilities
Tenant improvements		$ 2,700,000
Number of real estate properties | building		2
Tampa, Florida | Property | Tenant reimbursement commitment
Accrued and other liabilities
Tenant improvements completed and funded		$ 0
Tampa, Florida | Property | Tenant reimbursement commitment | 2017 acquisitions of income property subject to a lease
Accrued and other liabilities
Liability incurred	$ 400,000

ACCRUED AND OTHER LIABILITIES85

ACCRUED AND OTHER LIABILITIES - Environmental Reserves (Details)	Jun. 30, 2016USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Jun. 30, 2016USD ($)	Dec. 31, 2015USD ($)a	Dec. 31, 2014USD ($)a	Dec. 31, 2015USD ($)a	Mar. 31, 2018USD ($)	Mar. 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		$ 528,000
Environmental reserve accrued		133,000						$ 133,000
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		1,300,000						1,300,000
Accrued restoration cost		$ 700,000			$ 1,700,000		$ 1,700,000	$ 700,000	$ 708,000
Area of previously disposed land subject to remediation | a					148.4		148.4
Increase in accrual of remediation costs				$ 300,000
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 ($)	Mar. 31, 2018	Dec. 31, 2017
DEFERRED REVENUE
Deferred Oil Exploration Lease Revenue	$ 386,767	$ 585,675
Deferred Revenue on Land Sales	831,320
Prepaid Rent	1,004,206	1,126,408
Tenant Contributions	4,312,578
Other Deferred Revenue	301,616	318,376
Total Deferred Revenue	$ 6,836,487	$ 2,030,459

DEFERRED REVENUE - Rent Paid in

DEFERRED REVENUE - Rent Paid in Advance (Details) - USD ($)	Feb. 21, 2018	Oct. 11, 2017	Sep. 20, 2017	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2011
Deferred revenue
Rent payment received		$ 807,000
Period over which rent received in advance is recognized		12 months
Acquisition of Property, Plant, and Equipment and Intangible Lease Assets and Liabilities				$ 27,916,784	$ 23,557,356
Master tenant funded incurred related to property acquisition from their leasing reserve escrow	$ 2,250,000			935,000
Aggregate contributions related to total acquisition cost will be recognized into income property rental revenue over the remaining term of the lease				29,000,000
Oil exploration
Deferred revenue
Lease term			13 years
Aspen, Colorado
Deferred revenue
Tenant Contributions	1,500,000			1,500,000
Acquisition of Property, Plant, and Equipment and Intangible Lease Assets and Liabilities	$ 28,000,000
Florida
Deferred revenue
Tenant Contributions				1,900,000
Maximum | Oil exploration
Deferred revenue
Lease term		13 years				8 years
Buc'ees - East of I-95
Deferred revenue
Escrow reserve				831,000
Remaining gain to be recognized				$ 831,000

STOCK-BASED COMPENSATION - All

STOCK-BASED COMPENSATION - All Equity and Liability Classified Award Activity (Details) - USD ($)	Jan. 24, 2018	Feb. 03, 2017	Jan. 25, 2017	Jan. 27, 2016	Jan. 22, 2014	Mar. 31, 2018	Mar. 31, 2017
Shares
Outstanding (in shares)						169,775
Granted (in shares)						33,157
Vested / Exercised (in shares)						(26,633)
Outstanding (in shares)						176,299
Total Cost of Share-Based Plans Charged Against Income Before Tax Effect						$ 467,271	$ 353,579
Income Tax Expense Recognized in Income						$ (118,430)	$ (136,393)
Stock Option Awards
Shares
Outstanding (in shares)						0
Peer Group Market Condition Vesting | Performance Shares
Shares
Outstanding (in shares)						12,635
Granted (in shares)	15,445	12,635				15,445
Outstanding (in shares)						28,080
Stock Price Vesting | Restricted Shares
Shares
Outstanding (in shares)						29,750
Exercised (in shares)						(7,750)
Outstanding (in shares)						22,000
Three-Year Vesting | Restricted Shares
Shares
Outstanding (in shares)						37,390
Granted (in shares)	17,712		17,451	21,100	14,500	17,712
Vested (in shares)						(18,883)
Outstanding (in shares)						36,219
Shares
Outstanding (in shares)						37,390
Granted (in shares)						17,712
Exercised (in shares)						(18,883)
Outstanding (in shares)						36,219
Amended and Restated 2010 Equity Incentive Plan | Stock Option Awards
Shares
Outstanding (in shares)						90,000
Granted (in shares)						0
Exercised (in shares)						0
Outstanding (in shares)						90,000
Shares
Outstanding (in shares)						90,000
Outstanding (in shares)						90,000

STOCK-BASED COMPENSATION - Perf

STOCK-BASED COMPENSATION - Performance Share Awards – Peer Group Market Condition Vesting (Details) - Performance Shares - Peer Group Market Condition Vesting - USD ($) $ / shares in Units, $ in Millions	Jan. 24, 2018	Feb. 03, 2017	Mar. 31, 2018
Stock-based compensation
Performance period	3 years		3 years
Shares
Outstanding (in shares)			12,635
Granted (in shares)	15,445	12,635	15,445
Outstanding (in shares)			28,080
Weighted Average Fair Value
Outstanding (in dollars per share)			$ 55.66
Granted (in dollars per share			74.99
Outstanding (in dollars per share)			$ 66.29
Compensation cost
Unrecognized compensation cost			$ 1.5
Weighted average period of recognition of unrecognized compensation cost			2 years 6 months
Minimum
Stock-based compensation
Vesting percentage	0.00%	0.00%
Maximum
Stock-based compensation
Vesting percentage	150.00%	150.00%

STOCK-BASED COMPENSATION - Mark

STOCK-BASED COMPENSATION - Market Condition Restricted Shares - Stock Price Vesting (Details)	Aug. 04, 2017	Aug. 01, 2017$ / sharesshares	Feb. 26, 2016item$ / sharesshares	Mar. 31, 2018USD ($)item$ / sharesshares	Jun. 30, 2015itemshares	Mar. 31, 2015$ / sharesshares	Dec. 31, 2014shares	Mar. 31, 2015item$ / shares	Dec. 31, 2012$ / sharesshares	Dec. 31, 2011shares	Dec. 31, 2012item$ / shares
Stock Price Vesting | Restricted Shares | Mr. Albright | 2015 and February 26, 2016 grants
Stock-based compensation
Number of increments vested | item				2
Stock Price Vesting | Restricted Shares | Mr. Patten
Stock-based compensation
Number of increments vested | item				6
Stock Price Vesting | Restricted Shares
Shares
Outstanding (in shares)				29,750
Vested (in shares)				(7,750)
Outstanding (in shares)				22,000
Weighted Average Fair Value
Outstanding (in dollars per share) | $ / shares				$ 39.07
Vested (in dollars per share) | $ / shares				31.58
Outstanding (in dollars per share) | $ / shares				$ 41.71
Compensation cost
Unrecognized compensation cost | $				$ 0
Stock Price Vesting | Restricted Shares | Mr. Albright
Stock-based compensation
Number of increments to vest | item			4		4
Restricted share award period after termination of employment			60 days		60 days
Period for average closing price			30 days		30 days
Stock based compensation, shares, surrendered			72,000
Stock based compensation, shares, permanently surrendered			68,000
Shares
Granted (in shares)			4,000		94,000					96,000
Outstanding (in shares)			26,000
Stock Price Vesting | Restricted Shares | Mr. Patten
Shares
Granted (in shares)									17,000
Stock Price Vesting | Restricted Shares | Mr. Smith
Shares
Granted (in shares)							2,500
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
Number of increments vested | item				4
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 and other Officer
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 other Officer | Minimum
Stock-based compensation
Closing share price (in dollars per share) | $ / shares						$ 60		$ 60
Stock Price Vesting | Restricted Shares | Mr. Smith and other Officer | Maximum
Stock-based compensation
Closing share price (in dollars per share) | $ / shares						$ 65		$ 65
Stock Price Vesting | Restricted Shares | Officer
Shares
Granted (in shares)						3,000
Share-based Compensation Award Stock Price Vesting Price Increment One | Restricted Shares | Mr. Albright
Stock-based compensation
Number of increments to vest | item			2
Number of shares in each vesting increment			2,000
Shares
Expired (in shares)		32,000
Share-based Compensation Award Stock Price Vesting Price Increment One | Restricted Shares | Mr. Albright | Minimum
Stock-based compensation
Closing share price (in dollars per share) | $ / shares		$ 60	$ 60
Share-based Compensation Award Stock Price Vesting Price Increment One | Restricted Shares | Mr. Albright | Maximum
Stock-based compensation
Closing share price (in dollars per share) | $ / shares		$ 65	65
Share-based Compensation Award Stock Price Vesting Price Increment Two | Restricted Shares | Mr. Albright
Stock-based compensation
Closing share price (in dollars per share) | $ / shares			$ 70
Number of shares in each vesting increment			18,000
Share-based Compensation Award Stock Price Vesting Price Increment Three | Restricted Shares | Mr. Albright
Stock-based compensation
Closing share price (in dollars per share) | $ / shares			$ 75
Number of shares in each vesting increment			4,000
Equity Award Agreements | Mr. Albright
Stock-based compensation
Term of employment agreement					5 years
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
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) - Three-Year Vesting - USD ($) $ / shares in Units, $ in Millions	Jan. 24, 2018	Aug. 04, 2017	Jan. 25, 2017	Jan. 27, 2016	Feb. 09, 2015	Jan. 28, 2015	Jan. 22, 2014	Mar. 31, 2018
Restricted Shares
Stock-based compensation
Vesting per year (as a percent)	33.00%		33.00%	33.00%			33.00%
Shares
Outstanding (in shares)								37,390
Granted (in shares)	17,712		17,451	21,100			14,500	17,712
Vested (in shares)								(18,883)
Outstanding (in shares)								36,219
Weighted Average Fair Value
Outstanding (in dollars per share)								$ 51.39
Granted (in dollars per share								65.33
Vested (in dollars per share)								51.57
Outstanding (in dollars per share)								$ 58.12
Compensation cost
Unrecognized compensation cost								$ 1.9
Weighted average period of recognition of unrecognized compensation cost								2 years 2 months 12 days
Restricted Shares | Certain employees, excluding Mr. Albright
Stock-based compensation
Vesting per year (as a percent)						33.00%
Shares
Granted (in shares)						11,700
Restricted Shares | Mr. Albright
Stock-based compensation
Vesting per year (as a percent)					33.00%
Shares
Granted (in shares)					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

STOCK-BASED COMPENSATION - Non-

STOCK-BASED COMPENSATION - Non-Qualified Stock Option Awards Granted (Details) - Stock Option Awards - Amended and Restated 2010 Equity Incentive Plan - $ / shares	Aug. 04, 2017	Feb. 26, 2016	Jun. 29, 2015	May 20, 2015	Feb. 09, 2015	Jan. 23, 2013	Mar. 31, 2018	Dec. 31, 2014	Dec. 31, 2012	Dec. 31, 2011
Stock-based compensation
Granted (in shares)							0
Exercised (in shares)							0
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
Certain employees
Stock-based compensation
Granted (in shares)						51,000
Vesting per year (as a percent)						33.00%
Period of expiration from grant date						5 years
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
Mr. Patten
Stock-based compensation
Granted (in shares)						10,000
Mr. Albright
Stock-based compensation
Granted (in shares)		40,000		40,000	20,000
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
Exercise price (in dollars per share)				$ 55.62	$ 57.50
Surrendered (in shares)		40,000
Mr. Albright | Immediate vesting
Stock-based compensation
Vesting percentage		33.00%
Mr. Albright | Vesting on designated anniversary dates
Stock-based compensation
Vesting percentage		67.00%
Officer
Stock-based compensation
Granted (in shares)			10,000
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
Exercise price (in dollars per share)			$ 57.54
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

STOCK-BASED COMPENSATION - No93

STOCK-BASED COMPENSATION - Non-Qualified Stock Option Award Activity (Details) - Stock Option Awards - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Shares
Outstanding (in shares)	0
Outstanding (in shares)		0
Exercisable (in shares)		0
Amended and Restated 2010 Equity Incentive Plan
Shares
Outstanding (in shares)	90,000
Granted (in shares)	0
Exercised (in shares)	0
Outstanding (in shares)	90,000	90,000
Exercisable (in shares)	86,600	73,000
Weighted Average Exercise Price (in dollars per share)
Outstanding (in dollars per share)	$ 52.71
Outstanding (in dollars per share)	52.71	$ 52.71
Exercisable (in dollars per share)	$ 52.52	$ 51.94
Weighted Average Remaining Contractual Term
Outstanding	6 years 8 months 23 days
Exercisable	6 years 8 months 16 days	6 years 10 months 17 days
Stock-based compensation
Aggregate Intrinsic Value, Outstanding (in dollars)	$ 912,900
Aggregate Intrinsic Value, Exercisable (in dollars)	$ 894,846	$ 843,968

STOCK-BASED COMPENSATION - No94

STOCK-BASED COMPENSATION - Non-Qualified Stock Option Non-Vested Award Activity (Details) - Amended and Restated 2010 Equity Incentive Plan - Stock Option Awards	3 Months Ended
	Mar. 31, 2018USD ($)shares
Non-Vested Shares
Outstanding (in shares)	17,000
Granted (in shares)	0
Vested (in shares)	(13,600)
Outstanding (in shares)	3,400
Stock-based compensation
Fair Value of Shares Vested | $	$ 756,432
Unrecognized compensation cost (in dollars) | $	$ 18,000
Weighted average period of recognition of unrecognized compensation cost	3 months 18 days

STOCK-BASED COMPENSATION - Liab

STOCK-BASED COMPENSATION - Liability-Classified Stock Compensation Activity (Details) - shares	Dec. 31, 2017	Dec. 31, 2010	Dec. 31, 2009
Stock Option Awards
Shares
Exercisable (in shares)	0
2001 Stock Option Plan
Stock-based compensation
Shares eligible for issuance			500,000
2001 Stock Option Plan | Stock Option Awards
Stock-based compensation
Awards available for issue ( in shares)		0

INCOME TAXES (Details)

INCOME TAXES (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
INCOME TAXES
Effective income tax rate	24.40%	38.70%
Corporate tax rate (as a percent)	21.00%		35.00%

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Contractual Commitments - Expenditures (Details)	May 01, 2018a	Apr. 05, 2018plan	Dec. 31, 2015USD ($)a	Dec. 31, 2013USD ($)a	Mar. 31, 2018USD ($)plan$ / item	Dec. 31, 2013USD ($)a	Apr. 30, 2018USD ($)	Feb. 21, 2018USD ($)	Jan. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Mar. 31, 2017USD ($)
Commitments
Number of equity incentive plan | plan		21
Restricted Cash					$ 3,148,997			$ 1,200,000		$ 6,508,131	$ 5,882,767
Acres sold | a	6,007
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					630,000				$ 630,000	$ 700,000
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
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
Deposit of cash in escrow classified as restricted cash						$ 283,500
Reimbursement period of land improvement cost				5 years
Restricted Cash					288,000
The Grove at Winter Park | Construction commitment
Commitments
Commitment amount					626,000		$ 626,000
Maximum | Sam's Club affiliate | Buyer reimbursement
Commitments
Commitment amount					125,000
Maximum | Williamson Crossing site | Buyer reimbursement
Commitments
Commitment amount					$ 689,000
Employees
Commitments
Number of equity incentive plan | plan		14
Non Employees
Commitments
Number of equity incentive plan | plan		7
Subsidiaries | Employees
Commitments
Number of equity incentive plan | plan					0

COMMITMENTS AND CONTINGENCIES98

COMMITMENTS AND CONTINGENCIES - Contractual Commitments - Land Pipeline (Details) $ in Thousands	May 01, 2018USD ($)aentity$ / a	Apr. 16, 2018USD ($)a
Contracts
Number of purchase and sale agreements | entity	17
Number of buyers | entity	15
No. of Acres | a	6,007
Area of land sales as a percentage of land holdings	74.00%
Contract Amount | $	$ 137,693
Price per Acre | $ / a	23,000
Buyer's option
Contracts
No. of Acres | a	71
Contract Amount | $	$ 574
Base contract
Contracts
No. of Acres | a	129
Contract Amount | $	$ 2,750
Commercial/Retail | O'Connor - East Of I-95
Contracts
No. of Acres | a	123
Contract Amount | $	$ 29,250
Price per Acre | $ / a	238,000
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 | a	20
Contract Amount | $	$ 4,250
Price per Acre | $ / a	213,000
Commercial/Retail | Property East of I-95, one | Minimum
Contracts
Cost of requisite mitigation credits as a percentage of land sale contract amount	5.00%
Commercial/Retail | Property East of I-95, one | Maximum
Contracts
Cost of requisite mitigation credits as a percentage of land sale contract amount	10.00%
Commercial/Retail | Property East of I-95, two
Contracts
No. of Acres | a	8
Contract Amount | $	$ 782
Price per Acre | $ / a	98,000
Commercial/Retail | Property East of I-95, three
Contracts
No. of Acres | a	6
Contract Amount | $	$ 625
Price per Acre | $ / a	104,000
Commercial/Retail | Property west of Interstate 95
Contracts
No. of Acres | a	19
Contract Amount | $	$ 285
Price per Acre | $ / a	15,000
Residential (AR) | Minto Communities - West of I-95
Contracts
No. of Acres | a	1,614
Contract Amount | $	$ 26,500
Price per Acre | $ / a	16,000
Residential (SF) | ICI Homes - West of I-95
Contracts
No. of Acres | a	1,016
Contract Amount | $	$ 21,000
Price per Acre | $ / a	21,000
Residential (SF) | ICI Homes - West of I-95, property two
Contracts
No. of Acres | a	146
Contract Amount | $	$ 1,400
Price per Acre | $ / a	10,000
Residential (SF) | Property west of Interstate 95
Contracts
No. of Acres | a	200
Contract Amount | $	$ 3,324
Price per Acre | $ / a	17,000
Real Estate Operations | BlackRock - West of I-95
Contracts
No. of Acres | a	2,492	2,500
Contract Amount | $	$ 15,300	$ 15,300
Price per Acre | $ / a	6,000
Interest acquired in joint venture (as a percent)	70.00%	70.00%
Ownership interest retained (as a percent)	30.00%
Real Estate Operations | Property East of I-95, one
Contracts
No. of Acres | a	9
Contract Amount | $	$ 3,300
Price per Acre | $ / a	367,000
Real Estate Operations | Property west of Interstate 95
Contracts
No. of Acres | a	164
Contract Amount | $	$ 1,900
Price per Acre | $ / a	12,000
Mixed-Use Retail | North American - East of I-95
Contracts
No. of Acres | a	35
Contract Amount | $	$ 14,362
Price per Acre | $ / a	409,000
Residential (Multi-Family) | Property east of Interstate 95
Contracts
No. of Acres | a	45
Contract Amount | $	$ 5,200
Price per Acre | $ / a	116,000
Residential (Multi-Family) | Buyer's option | Property east of Interstate 95
Contracts
No. of Acres | a	19
Contract Amount | $	$ 2,000
Residential (Multi-Family) | Base contract | Property east of Interstate 95
Contracts
No. of Acres | a	26
Contract Amount | $	$ 3,200
Distribution/Warehouse | Property east of Interstate 95
Contracts
No. of Acres | a	71
Contract Amount | $	$ 5,000
Price per Acre | $ / a	70,000
Commercial/Distribution | Property east of Interstate 95
Contracts
No. of Acres | a	26
Contract Amount | $	$ 3,215
Price per Acre | $ / a	124,000
Auto Dealership | Property west of Interstate 95
Contracts
No. of Acres | a	13
Contract Amount | $	$ 2,000
Price per Acre | $ / a	154,000

COMMITMENTS AND CONTINGENCIES99

COMMITMENTS AND CONTINGENCIES - Other Matters (Details)	May 01, 2018a	Jun. 30, 2017aitem	Jun. 30, 2016USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Jun. 30, 2017USD ($)a	Mar. 31, 2017USD ($)a	Jun. 30, 2016USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2015USD ($)a	Mar. 31, 2018USD ($)	Mar. 31, 2018USD ($)	Feb. 21, 2018USD ($)
Contingencies
Acres sold | a	6,007
Escrow balance				$ 3,148,997	$ 6,508,131		$ 5,882,767		$ 6,508,131		$ 3,148,997	$ 3,148,997	$ 1,200,000
Unfavorable regulatory action
Contingencies
Accrued loss contingency										$ 187,500
Wintergreen Advisers, LLC maters
Contingencies
Cost incurred									1,600,000		3,000,000
Legal representation and third party costs				523,000					1,200,000
Minto Communities LLC
Contingencies
Acres sold | a							1,581
Number of mitigation credits required to be utilized | item		36
Land Sales
Contingencies
Acres sold | a							1,587.4
Wetlands restoration
Contingencies
Acres | a										148.4
Estimated cost			$ 2,000,000	2,000,000				$ 2,000,000				2,000,000
Increase in accrual of remediation costs								$ 300,000
Environmental costs funded				1,300,000								1,300,000
Accrued restoration cost				$ 700,000			$ 708,000			$ 1,700,000	$ 700,000	$ 700,000
Wetlands restoration | Minto Communities LLC
Contingencies
Cash deposited in (refunded from) escrow					189,500		$ 423,000
Escrow balance					$ 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
Mitigation credits transferred						$ 298,000

BUSINESS SEGMENT DATA - Descrip

BUSINESS SEGMENT DATA - Description (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2018segmentloanitemproperty	Mar. 31, 2017	Dec. 31, 2017
Business segment data
Number of business segments | segment	4
Golf Operations
Business segment data
Number of golf courses owned | property	2
Number of holes to the golf course | item	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	87.20%		83.40%
Product concentration | Consolidated revenues | Income Properties
Business segment data
Percentage of total	37.00%	18.30%

BUSINESS SEGMENT DATA - Summary

BUSINESS SEGMENT DATA - Summary of Operations in Different Segments (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Business segment data
Revenues	$ 24,851,599	$ 38,713,284
Operating Income	16,986,842	22,849,411
Depreciation and Amortization	3,900,379	2,762,575
Identifiable Assets	484,443,604		$ 466,130,378
Operating Segments
Business segment data
Capital Expenditures	30,030,461	23,557,357
General and Corporate Expense
Business segment data
Operating Income	(3,073,069)	(3,756,196)
Income Properties
Business segment data
Revenues	9,205,727	7,073,240
Depreciation and Amortization	3,787,415	2,686,312
Identifiable Assets	422,321,016		388,602,721
Income Properties | Operating Segments
Business segment data
Operating Income	7,336,698	5,661,527
Capital Expenditures	27,915,262	21,937,532
Commercial Loan Investments
Business segment data
Revenues	300,999	536,489
Identifiable Assets	11,979,758		11,963,777
Commercial Loan Investments | Operating Segments
Business segment data
Operating Income	300,999	536,489
Real Estate Operations
Business segment data
Revenues	13,979,330	29,474,460
Identifiable Assets	33,635,025		43,296,528
Real Estate Operations | Operating Segments
Business segment data
Operating Income	12,443,668	20,317,611
Capital Expenditures	2,111,983
Golf Operations
Business segment data
Revenues	1,354,356	1,474,944
Depreciation and Amortization	103,556	65,367
Identifiable Assets	6,243,858		6,262,634
Golf Operations | Operating Segments
Business segment data
Operating Income	(27,469)	(23,734)
Capital Expenditures	2,663	1,607,742
Agriculture and Other Income
Business segment data
Revenues	11,187	154,151
Depreciation and Amortization	9,408	10,896
Identifiable Assets	10,263,947		$ 16,004,718
Agriculture and Other Income | Operating Segments
Business segment data
Operating Income	6,015	113,714
Capital Expenditures	$ 553	$ 12,083