CTO Realty Growth (CTO) 10-K 28 Feb 19 2018 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2018	Feb. 15, 2019	Jun. 30, 2018
Document and Entity Information [Abstract]
Entity Registrant Name	CONSOLIDATED TOMOKA LAND CO
Entity Central Index Key	23,795
Document Type	10-K
Document Period End Date	Dec. 31, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Ex Transition Period	false
Entity Common Stock, Shares Outstanding		5,408,555
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	FY
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Public Float			$ 330,670,133

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Property, Plant, and Equipment:
Income Properties, Land, Buildings, and Improvements	$ 392,520,783	$ 358,130,350
Other Furnishings and Equipment	728,817	715,042
Construction in Progress	19,384	6,005,397
Total Property, Plant, and Equipment	393,268,984	364,850,789
Less, Accumulated Depreciation and Amortization	(24,518,215)	(22,222,388)
Property, Plant, and Equipment - Net	368,750,769	342,628,401
Land and Development Costs	25,764,633	39,477,697
Intangible Lease Assets - Net	43,555,445	38,758,059
Assets Held for Sale—See Note 22	75,866,510	6,262,633
Investment in Joint Venture	6,788,034
Impact Fee and Mitigation Credits	462,040	1,125,269
Commercial Loan Investments		11,925,699
Cash and Cash Equivalents	2,310,489	6,107,252
Restricted Cash	19,721,475	6,508,131
Refundable Income Taxes	225,024	1,116,580
Other Assets—See Note 11	12,885,453	12,220,657
Total Assets	556,329,872	466,130,378
Liabilities:
Accounts Payable	1,036,547	1,667,214
Accrued and Other Liabilities—See Note 16	5,197,884	9,068,461
Deferred Revenue—See Note 17	7,201,604	1,801,696
Intangible Lease Liabilities - Net	27,390,350	29,770,441
Liabilities Held for Sale—See Note 22	1,347,296	1,534,130
Deferred Income Taxes - Net	54,769,907	42,293,864
Long-Term Debt	247,624,811	195,816,364
Total Liabilities	344,568,399	281,952,170
Commitments and Contingencies—See Note 20
Shareholders' Equity:
Common Stock – 25,000,000 shares authorized; $1 par value, 6,052,209 shares issued and 5,436,952 shares outstanding at December 31, 2018; 6,030,990 shares issued and 5,584,335 shares outstanding at December 31, 2017	5,995,257	5,963,850
Treasury Stock – 615,257 shares at December 31, 2018 and 446,655 shares at December 31, 2017	(32,345,002)	(22,507,760)
Additional Paid-In Capital	24,326,778	22,735,228
Retained Earnings	213,297,897	177,614,274
Accumulated Other Comprehensive Income	486,543	372,616
Total Shareholders' Equity	211,761,473	184,178,208
Total Liabilities and Shareholders’ Equity	$ 556,329,872	$ 466,130,378

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 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	6,052,209	6,030,990
Common Stock, shares outstanding	5,436,952	5,584,335
Treasury Stock
Treasury Stock, shares held	615,257	446,655

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Revenues
Revenues	$ 86,688,600	$ 86,316,978	$ 65,884,467
Direct Cost of Revenues
Total Direct Cost of Revenues	(19,684,001)	(24,494,089)	(20,252,943)
General and Administrative Expenses	(9,785,370)	(10,252,610)	(10,297,877)
Impairment Charges			(2,180,730)
Depreciation and Amortization	(15,761,523)	(12,314,700)	(7,929,343)
Total Operating Expenses	(45,230,894)	(47,061,399)	(40,660,893)
Gain on Disposition of Assets	22,035,666	38	12,758,770
Total Operating Income	63,493,372	39,255,617	37,982,344
Investment Income (Loss)	52,221	37,985	(529,981)
Interest Expense	(10,423,286)	(8,523,136)	(8,753,338)
Income from Continuing Operations Before Income Tax Benefit (Expense)	53,122,307	30,770,466	28,699,025
Income Tax Benefit (Expense) from Continuing Operations	(14,162,966)	10,326,298	(12,092,513)
Net Income from Continuing Operations	38,959,341	41,096,764	16,606,512
Income (Loss) from Discontinued Operations (Net of Income Tax)—See Note 22	(1,791,551)	622,660	(407,098)
Net Income	37,167,790	41,719,424	16,199,414
Less: Net Loss Attributable to Noncontrolling Interest in Consolidated VIE			51,834
Net Income Attributable to Consolidated-Tomoka Land Co.	$ 37,167,790	$ 41,719,424	$ 16,251,248
Basic
Net Income from Continuing Operations Attributable to Consolidated-Tomoka Land Co (in dollars per share)	$ 7.09	$ 7.42	$ 2.93
Net Income from Discontinued Operations Attributable to Consolidated-Tomoka Land Co. (Net of Income Tax) (in dollars per share)	(0.33)	0.11	(0.07)
Basic Net Income per Share (in dollars per share)	6.76	7.53	2.86
Diluted
Net Income from Continuing Operations Attributable to Consolidated-Tomoka Land Co. (in dollars per share)	7.04	7.37	2.92
Net Income from Discontinued Operations Attributable to Consolidated-Tomoka Land Co. (Net of Income Tax) (in dollars per share)	(0.32)	0.11	(0.07)
Diluted Net Income per Share (in dollars per share)	6.72	7.48	2.85
Dividends Declared (in dollars per share)	$ 0.27	$ 0.18	$ 0.12
Income Properties
Revenues
Revenues	$ 40,075,731	$ 31,406,930	$ 25,092,484
Direct Cost of Revenues
Total Direct Cost of Revenues	(8,170,083)	(6,917,743)	(5,204,863)
Depreciation and Amortization	(15,728,095)	(12,272,265)	(7,872,689)
Commercial Loan Investments
Revenues
Revenues	615,728	2,052,689	2,588,235
Real Estate Operations
Revenues
Revenues	45,997,141	52,857,359	38,203,748
Direct Cost of Revenues
Total Direct Cost of Revenues	(11,513,918)	(17,576,346)	(15,048,080)
Agriculture and Other Income
Direct Cost of Revenues
Depreciation and Amortization	$ (33,428)	$ (42,435)	$ (56,654)

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net Income Attributable to Consolidated-Tomoka Land Co.	$ 37,167,790	$ 41,719,424	$ 16,251,248
Other Comprehensive Income
Realized Loss on Investment Securities Sold (Net of Income Tax of $-0-, $-0-, and $222,025, respectively)			353,542
Unrealized Gain on Investment Securities (Net of Income Tax of $-0-, $-0-, and $210,652, respectively)			335,429
Cash Flow Hedging Derivative - Interest Rate Swap (Net of Income Tax of $11,431, $73,304, and $160,701, respectively)	113,927	116,727	255,889
Total Other Comprehensive Income, Net of Income Tax	113,927	116,727	944,860
Total Comprehensive Income	$ 37,281,717	$ 41,836,151	$ 17,196,108

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Realized Loss on Investment Securities Sold, Income Tax, Expense (Benefit)	$ 0	$ 0	$ 222,025
Unrealized Gain on Investment Securities, Income Tax, Expense (Benefit)	0	0	210,652
Cash Flow Hedging Derivative - Interest Rate Swap, Income Tax	$ 11,431	$ 73,304	$ 160,701

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY - USD ($)	Common Stock	Treasury Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Total Consolidated-Tomoka Land Co. Shareholders’ Equity	Noncontrolling Interest in Consolidated VIE	Total
Balance at Dec. 31, 2015	$ 5,901,510	$ (7,866,410)	$ 16,991,257	$ 120,444,002	$ (688,971)	$ 134,781,388	$ 5,606,938	$ 140,388,326
Increase (decrease) in shareholders' equity
Net Income (Loss)				16,251,248		16,251,248	(51,834)	16,199,414
Contributions from Noncontrolling Interest in Consolidated VIE							102,844	102,844
Acquisition of Noncontrolling Interest				879,158		879,158	$ (5,657,948)	(4,778,790)
Stock Repurchase		(7,431,896)				(7,431,896)		(7,431,896)
Exercise of Stock Options	3,350		413,577			416,927		416,927
Vested Restricted Stock	8,884		(205,090)			(196,206)		(196,206)
Stock Issuance	816		39,299			40,115		40,115
Stock Compensation Expense from Restricted Stock Grants and Equity Classified Stock Options			3,272,345			3,272,345		3,272,345
Cash Dividends ($0.27, $0.18 and $0.12 per share, for the years ended December 31, 2018, 2017 and 2016, respectively)				(682,097)		(682,097)		(682,097)
Other Comprehensive Income, Net of Income Tax					944,860	944,860		944,860
Balance at Dec. 31, 2016	5,914,560	(15,298,306)	20,511,388	136,892,311	255,889	148,275,842		148,275,842
Increase (decrease) in shareholders' equity
Net Income (Loss)				41,719,424		41,719,424		41,719,424
Stock Repurchase		(7,209,454)				(7,209,454)		(7,209,454)
Exercise of Stock Options	28,527		1,056,406			1,084,933		1,084,933
Vested Restricted Stock	18,930		(413,184)			(394,254)		(394,254)
Stock Issuance	1,833		101,303			103,136		103,136
Stock Compensation Expense from Restricted Stock Grants and Equity Classified Stock Options			1,479,315			1,479,315		1,479,315
Cash Dividends ($0.27, $0.18 and $0.12 per share, for the years ended December 31, 2018, 2017 and 2016, respectively)				(997,461)		(997,461)		(997,461)
Other Comprehensive Income, Net of Income Tax					116,727	116,727		116,727
Balance at Dec. 31, 2017	5,963,850	(22,507,760)	22,735,228	177,614,274	372,616	184,178,208		184,178,208
Increase (decrease) in shareholders' equity
Net Income (Loss)				37,167,790		37,167,790		37,167,790
Stock Repurchase		(9,837,242)				(9,837,242)		(9,837,242)
Exercise of Stock Options	8,520		189,849			198,369		198,369
Vested Restricted Stock	19,065		(517,439)			(498,374)		(498,374)
Stock Issuance	3,822		234,890			238,712		238,712
Stock Compensation Expense from Restricted Stock Grants and Equity Classified Stock Options			1,684,250			1,684,250		1,684,250
Cash Dividends ($0.27, $0.18 and $0.12 per share, for the years ended December 31, 2018, 2017 and 2016, respectively)				(1,484,167)		(1,484,167)		(1,484,167)
Other Comprehensive Income, Net of Income Tax					113,927	113,927		113,927
Balance at Dec. 31, 2018	$ 5,995,257	$ (32,345,002)	$ 24,326,778	$ 213,297,897	$ 486,543	$ 211,761,473		$ 211,761,473

CONSOLIDATED STATEMENTS OF SH_2

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Common Stock
Cash Dividends (in dollars per share)	$ 0.27	$ 0.18	$ 0.12

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended				12 Months Ended			24 Months Ended
	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2018
Cash Flow from Operating Activities:
Net Income	$ 11,796,411	$ 10,912,299	$ 24,327,224	$ 12,746,392	$ 37,167,790	$ 41,719,424	$ 16,199,414
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation and Amortization					16,135,502	12,663,959	8,195,417
Amortization of Intangible Liabilities to Income Property Revenue					(2,338,531)	(2,193,957)	(2,240,008)
Loan Cost Amortization					495,438	509,263	828,075
Amortization of Discount on Convertible Debt					1,273,436	1,194,714	1,120,859
Gain on Disposition of Property, Plant, and Equipment and Intangible Assets		(3,650,858)	(304)		(22,035,666)	(38)	(12,758,770)
Impairment Charges					1,119,362	0	2,180,730
Discount Accretion on Commercial Loan Investments					(34,768)
Accretion of Commercial Loan Origination Fees						(25,232)	(164,893)
Amortization of Fees on Acquisition of Commercial Loan Investments							36,382
Discount on Commercial Loan Investment Payoff							217,500
Realized Loss on Investment Securities							575,567
Deferred Income Taxes					12,589,970	(8,953,981)	11,658,864
Non-Cash Compensation					1,684,250	1,437,223	3,178,883
Decrease (Increase) in Assets:
Refundable Income Taxes					891,556	(172,589)	(85,520)
Land and Development Costs					5,477,221	12,477,581	422,020
Impact Fees and Mitigation Credits					663,229	1,197,637	2,231,321
Other Assets					(522,436)	(3,502,041)	(4,128,648)
Increase (Decrease) in Liabilities:
Accounts Payable					(630,667)	362,411	(416,312)
Accrued and Other Liabilities					(4,357,411)	792,629	(29,492)
Deferred Revenue					1,077,185	38,793	(12,732,944)
Net Cash Provided By Operating Activities					48,655,460	57,545,796	14,288,445
Cash Flow from Investing Activities:
Acquisition of Property, Plant, and Equipment and Intangible Lease Assets and Liabilities					(109,394,481)	(94,627,373)	(42,623,497)
Acquisition of Property, Plant, and Equipment and Intangible Lease Assets and Liabilities through Business Combinations							(49,926,604)
Acquisition of Commercial Loan Investments						(2,940,000)
Acquisition of Land					(4,702,243)		(4,778,790)
Cash Contribution for Interest in Joint Venture					(2,137,018)
Proceeds from Sale of Investment Securities							6,252,362
Proceeds from Disposition of Property, Plant, and Equipment					26,377,525		49,170,314
Principal Payments Received on Commercial Loan Investments					11,960,467	15,000,000	14,282,500
Net Cash Used In Investing Activities					(77,895,750)	(82,567,373)	(27,623,715)
Cash Flow from Financing Activities:
Proceeds from Long-Term Debt					106,300,000	63,500,000	70,050,000
Payments on Long-Term Debt					(55,996,954)	(35,100,000)	(49,050,000)
Cash Paid for Loan Fees					(263,473)	(532,814)	(400,586)
Cash Proceeds from Exercise of Stock Options and Stock Issuance					437,081	1,188,069	157,197
Contributions from Noncontrolling Interest in Consolidated VIE							102,844
Cash Used to Purchase Common Stock					(9,837,242)	(7,209,454)	(7,431,896)
Cash from Excess Tax Benefit (Expense) from Vesting of Restricted Stock							299,845
Cash Paid for Vesting of Restricted Stock					(498,374)	(394,254)	(196,206)
Dividends Paid					(1,484,167)	(997,461)	(682,097)
Net Cash Provided By Financing Activities					38,656,871	20,454,086	12,849,101
Net Increase (Decrease) in Cash					9,416,581	(4,567,491)	(486,169)
Cash, Beginning of Year		12,615,383		17,182,874	12,615,383	17,182,874	17,669,043	$ 17,182,874
Cash, End of Period	22,031,964		12,615,383		22,031,964	12,615,383	17,182,874	22,031,964
Reconciliation of Cash to the Consolidated Balance Sheets:
Cash and Cash Equivalents	2,310,489		6,107,252		2,310,489	6,107,252	7,327,405	2,310,489
Restricted Cash	19,721,475		6,508,131		19,721,475	6,508,131	9,855,469	19,721,475
Total Cash as of December 31, 2018, 2017, and 2016, respectively	$ 22,031,964	$ 12,615,383	$ 12,615,383	$ 17,182,874	$ 12,615,383	$ 17,182,874	$ 17,669,043	$ 17,182,874

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical)	12 Months Ended
	Dec. 31, 2018USD ($)a$ / item	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Supplemental Disclosure of Cash Flows:
Income taxes paid	$ 323,000	$ 334,000	$ 510,000
Income taxes refunded	204,000	958,000	133,000
Interest paid	8,419,000	7,060,000	6,779,000
Interest capitalized	0	215,000	0
Accrued and Other Liabilities	(4,357,411)	792,629	(29,492)
Land and Development Costs	$ 5,477,221	12,477,581	422,020
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
Non-cash decrease in long-term debt for buyer assumption of mortgage loan			23,100,000
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
Surface land over subsurface interests
Supplemental Disclosure of Cash Flows:
Gain on Sale	$ 435,000
Supplemental disclosure of investing and financing activities
Area of Land | a	455,000
Portfolio Sale | Sold
Supplemental disclosure of investing and financing activities
Portion of sales price not received in cash			23,100,000
Sales price			51,600,000
Non-cash decrease in long-term debt for buyer assumption of mortgage loan			23,100,000
Real Estate Operations
Supplemental disclosure of investing and financing activities
Purchase price	$ 106,636,566
Single-tenant | Aspen, Colorado
Supplemental disclosure of investing and financing activities
Purchase price	28,000,000
Land Sales
Supplemental Disclosure of Cash Flows:
Gain on Sale	32,596,000	$ 31,758,000	$ 8,304,000
Land Sales | Mitigation Bank West of Interstate Ninety Five
Supplemental Disclosure of Cash Flows:
Gain on Sale	18,400,000
Gain on Sale, noncash	5,100,000
Investment in Joint Venture	6,800,000
Accrued and Other Liabilities	300,000
Land and Development Costs	$ 1,300,000

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2018
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES NATURE OF OPERATIONS The terms “us,” “we,” “our,” and “the Company” as used in this report refer to Consolidated-Tomoka Land Co. together with our consolidated subsidiaries. We are a diversified real estate operating company. We own and manage, sometimes utilizing third-party property management companies, forty-seven commercial real estate properties in fourteen states in the United States. As of December 31, 2018, we owned forty single-tenant and seven multi-tenant income-producing properties with over 2.3 million square feet of gross leasable space. We also own and manage a portfolio of undeveloped land totaling approximately 5,400 acres in the City of Daytona Beach, Florida (the “City”). We own the LPGA International Golf Club, which is managed by a third party and has been classified as held for sale as of December 31, 2018 (the “Club”). 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 and timber harvesting, and own and manage Subsurface Interests (hereinafter defined). PRINCIPLES OF CONSOLIDATION The consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries, and other entities in which we have a controlling interest. Any real estate entities or properties included in the consolidated financial statements have been consolidated only for the periods that such entities or properties were owned or under control by us. All significant inter-company balances and transactions have been eliminated in the consolidated financial statements. Noncontrolling interests in consolidated pass-through entities are recognized before income taxes. USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Because of the fluctuating market conditions that currently exist in the Florida and national real estate markets, and the volatility and uncertainty in the financial and credit markets, it is possible that the estimates and assumptions, most notably those related to the Company’s investment in income properties, could change materially during the time span associated with the continued volatility of the real estate and financial markets or as a result of a significant dislocation in those markets. 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. In April 2016, the FASB Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers was issued. 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 FASB ASC Topic 606 have been implemented herein as required by the standard. The Company adopted FASB ASC Topic 606 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 pursuant to FASB ASC Topic 842, Leases . The amendments in this update are effective for annual reporting periods beginning after December 15, 2018. During the Company’s evaluation of FASB ASC Topic 842, Leases , during the third quarter of 2018, the following practical expedients and accounting policies with respect to ASC 842 will be elected and/or adopted effective January 1, 2019: · The Company, as lessee and as lessor, will not reassess (i) whether any expired or existing contracts are or contain leases (ii) lease classification for any expired or existing leases or (iii) initial direct costs for any expired or existing leases. · The Company, as lessee, will not apply the recognition requirements of ASC 842 to short-term (twelve months or less) leases. Instead, the Company, as lessee, will recognize the lease payments in profit or loss on a straight-line basis over the lease term and variable lease payments in the period in which the obligation for those payments is incurred. As of the date of this report, the Company has no such short-term leases. · The Company, as lessor, will not separate nonlease components from lease components and, instead, will account for each separate lease component and the nonlease components associated with that lease as a single component if the nonlease components otherwise would be accounted for under ASC Topic 606. The primary reason for this election is related to instances where common area maintenance is, or may be, a component of base rent within a lease agreement. The Company completed its evaluation FASB ASC Topic 842, Leases , during the third quarter of 2018 with following conclusions with regards to implementation effective January 1, 2019: · The Company has elected to implement ASC 842 retrospectively at the beginning of the period of adoption, January 1, 2019, through a cumulative-effect adjustment. We estimate an immaterial adjustment ranging from approximately $650,000 to $700,000 to increase right-of use assets and lease liabilities for operating leases for which the Company is the lessee. The Company does not anticipate any adjustment related to the leases for which the Company is the lessor. 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 effective January 1, 2018 (the “2018 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. RECLASSIFICATIONS Certain items in the prior period’s consolidated statements of operations have been reclassified to conform to the presentation as of and for the year ended December 31, 2018. Specifically, the revenue and direct cost of revenues for Agriculture and Other Income were previously stated as separate line items within revenue and direct cost of revenues on the consolidated statements of operations, and are now included with the revenue and direct cost of revenues of Real Estate Operations as the Agriculture and Other Income activities relate to the Company’s land portfolio. The amount of revenue reclassified from Agriculture and Other Income to Real Estate Operations was approximately $335,000 and $59,000 for the years ended December 31, 2017 and 2016. The amount of direct cost of revenues reclassified from Agriculture and Other Income to Real Estate Operations was approximately $96,000 and $167,000 for the years ended December 31, 2017 and 2016. These reclassifications had no effect on net income as of and for the years ended December 31, 2017 and 2016. In the fourth quarter of 2018, the Company commenced efforts to pursue the monetization of the golf operations and assets comprising the Club. Accordingly, as of December 31, 2018 and 2017, the golf assets comprising the Club have been classified as held for sale in the accompanying consolidated balance sheets and the results of golf operations have been classified as discontinued operations in the accompanying consolidated statements of income for the years ended December 31, 2018, 2017, and 2016. CASH AND CASH EQUIVALENTS Cash and cash equivalents includes cash on hand, bank demand accounts, and money market accounts having original maturities of 90 days or less. The Company’s bank balances as of December 31, 2018 include certain amounts over the Federal Deposit Insurance Corporation limits. RESTRICTED CASH Restricted cash totaled approximately $19.7 million at December 31, 2018 of which approximately $18.3 million of cash is being held in five separate escrow accounts to be reinvested through the like-kind exchange structure into other income properties; approximately $1.2 million is being held in three separate escrow accounts related to three separate land transactions of which one closed in each of December 2013, February 2017, and March 2018; and approximately $210,000 is being held in a capital replacement reserve account in connection with our financing of six income properties with Wells Fargo Bank, NA (“Wells Fargo”). INVESTMENT SECURITIES In accordance with FASB ASC Topic 320, Investments – Debt and Equity Securities , the Company’s investments in debt and equity securities (“Investment Securities”) have been determined to be classified as available-for-sale. Available-for-sale securities are carried at fair value in the consolidated balance sheets, with the unrealized gains and losses, net of income tax, reported in other comprehensive income. The Company’s Investment Securities were disposed of during the year ended December 31, 2016 prior to the January 1, 2018 effective date of ASU 2016-01. The Company completed the disposition of its remaining position in Investment Securities during the year ended December 31, 2016 resulting in a loss of approximately $576,000. There were no Investment Securities remaining as of December 31, 2018 or 2017. The cost of Investment Securities sold is based on the specific identification method. Interest and dividends on Investment Securities classified as available-for-sale are included in investment income in the consolidated statements of operations. DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITY Interest Rate Swap. During the year ended December 31, 2016, in conjunction with the variable-rate mortgage loan secured by our property located in Raleigh, North Carolina leased to Wells Fargo, the Company entered into an interest rate swap to fix the interest rate (the “Interest Rate Swap”). The Company accounts for its cash flow hedging derivative in accordance with FASB ASC Topic 815-20, Derivatives and Hedging . Depending upon the hedge’s value at each balance sheet date, the derivative is included in either Other Assets or Accrued and Other Liabilities on the consolidated balance sheet at its fair value. On the date the Interest Rate Swap was entered into, the Company designated the derivative as a hedge of the variability of cash flows to be paid related to the recognized long-term debt liability. The Company formally documented the relationship between the hedging instrument and the hedged item, as well as its risk-management objective and strategy for undertaking the hedge transaction. At the hedge’s inception, the Company formally assessed whether the derivative that is used in hedging the transaction is highly effective in offsetting changes in cash flows of the hedged item. As the terms of the Interest Rate Swap and the associated debt are identical, the Interest Rate Swap qualifies for the shortcut method, therefore, it is assumed that there is no hedge ineffectiveness throughout the entire term of the Interest Rate Swap. Changes in fair value of the Interest Rate Swap that are highly effective and designated and qualified as a cash-flow hedge are recorded in other comprehensive income and loss, until earnings are affected by the variability in cash flows of the designated hedged item. FAIR VALUE OF FINANCIAL INSTRUMENTS The carrying amounts of the Company’s financial assets and liabilities including cash and cash equivalents, restricted cash, accounts receivable, accounts payable, and accrued and other liabilities at December 31, 2018 and 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 December 31, 2017, since the floating rates of the loans reasonably approximate current market rates for notes with similar risks and maturities. There were no investments in variable rate commercial loans as of December 31, 2018. 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 held as of December 31, 2017 and the mortgage notes and convertible debt held as of December 2018 and 2017 are measured at fair value based on current market rates for financial instruments with similar risks and maturities. See Note 8, “Fair Value of Financial Instruments.” FAIR VALUE MEASUREMENTS The Company’s estimates of fair value of financial and non-financial assets and liabilities based on the framework established 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. RECOGNITION OF INTEREST INCOME FROM COMMERCIAL LOAN INVESTMENTS Interest income on commercial loan investments includes interest payments made by the borrower and the accretion of purchase discounts and loan origination fees, offset by the amortization of loan costs. Interest payments are accrued based on the actual coupon rate and the outstanding principal balance and purchase discounts and loan origination fees are accreted into income using the effective yield method, adjusted for prepayments. IMPACT FEES AND MITIGATION CREDITS Impact fees and mitigation credits are stated at historical cost. As these assets are sold, the related revenues and cost basis are reported as revenues from, and direct costs of, real estate operations, respectively, in the consolidated statements of operations. ACCOUNTS RECEIVABLE Accounts receivable related to income properties, which are classified in Other Assets on the consolidated balance sheets, primarily consist of tenant reimbursable expenses. Receivables related to the tenant reimbursable expenses totaled approximately $628,000 and $895,000 as of December 31, 2018 and 2017, respectively. Accounts receivable related to real estate operations, which are classified in Other Assets on the consolidated balance sheets, totaled approximately $1.8 million and $2.2 million as of December 31, 2018 and 2017, respectively. The accounts receivable as of December 31, 2018 and 2017 are primarily related to the reimbursement of certain infrastructure costs completed by the Company in conjunction with two land sale transactions that closed during the fourth quarter of 2015 as more fully described in Note 11, “Other Assets.” Trade accounts receivable primarily consist of receivables related to golf operations, which are classified in Assets Held for Sale on the consolidated balance sheets. Trade accounts receivable related to golf operations, which primarily consist of membership and event receivables, totaled approximately $290,000 and $349,000 as of December 31, 2018 and 2017, respectively. The collectability of the aforementioned receivables is determined based on a review of specifically identified accounts using judgments. As of December 31, 2018, the Company recorded an allowance for doubtful accounts of approximately $185,000 with no allowance as of December 31, 2017. PURCHASE ACCOUNTING FOR ACQUISITIONS OF REAL ESTATE SUBJECT TO A LEASE In accordance with the FASB guidance on business combinations, the fair value of the real estate acquired with in-place leases is allocated to the acquired tangible assets, consisting of land, building and tenant improvements, and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases, the value of in-place leases, and the value of leasing costs, based in each case on their relative fair values. The fair value of the tangible assets of an acquired leased property is determined by valuing the property as if it were vacant, and the “as-if-vacant” value is then allocated to land, building and tenant improvements based on the determination of the fair values of these assets. In allocating the fair value of the identified intangible assets and liabilities of an acquired property, above-market and below-market in-place lease values are recorded as other assets or liabilities based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases, and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining term of the lease, including the probability of renewal periods. The capitalized above-market lease values are amortized as a reduction of rental income over the remaining terms of the respective leases. The capitalized below-market lease values are amortized as an increase to rental income over the initial term unless the Company believes that it is likely that the tenant will renew the option whereby the Company amortizes the value attributable to the renewal over the renewal period. The aggregate value of other acquired intangible assets, consisting of in-place leases, is measured by the excess of (i) the purchase price paid for a property after adjusting existing in-place leases to market rental rates over (ii) the estimated fair value of the property as-if-vacant, determined as set forth above. The value of in-place leases exclusive of the value of above-market and below-market in-place leases is amortized to expense over the remaining non-cancelable periods of the respective leases. If a lease were to be terminated prior to its stated expiration, all unamortized amounts relating to that lease would be written off. The value of tenant relationships is reviewed on individual transactions to determine if future value was derived from the acquisition. Prior to October 1, 2016, the Company determined that income property purchases subject to a lease, whether that lease is in-place or originated at the time of acquisition, qualify as a business combination, and acquisition costs are expensed in the period the transaction closes. In January 2017, the FASB issued ASU 2017-01, Business Combinations which clarified the definition of a business. Pursuant to ASU 2017-01, the acquisition of an income property subject to a lease no longer qualifies as a business combination, but rather determined to be an asset acquisition. The Company early adopted ASU 2017-01 effective October 1, 2016 on a prospective basis. Accordingly, for income property acquisitions during the fourth quarter of 2016 and during 2017 and 2018, acquisition costs have been capitalized. LAND AND DEVELOPMENT COSTS The carrying value of land and development includes the initial acquisition costs of land, improvements thereto, and other costs incidental to the acquisition or development of land. Subsurface Interests (hereinafter defined) and capitalized costs relating to timber and hay operations are also included in land and development costs. These costs are allocated to properties on a relative sales value basis and are charged to costs of sales as specific properties are sold. Due to the nature of the business, land and development costs have been classified as an operating activity on the consolidated statements of cash flows. SALE OF REAL ESTATE Gains and losses on sales of real estate are accounted for as required by FASB ASC Topic 606, 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. PROPERTY, PLANT, AND EQUIPMENT Property, plant, and equipment are stated at cost, less accumulated depreciation and amortization. Such properties are depreciated on a straight-line basis over their estimated useful lives. Renewals and betterments are capitalized to property accounts. The cost of maintenance and repairs is expensed as incurred. The cost of property retired or otherwise disposed of, and the related accumulated depreciation or amortization, are removed from the accounts, and any resulting gain or loss is recorded in the statement of operations. The amount of depreciation of property, plant, and equipment, exclusive of amortization related to intangible assets, recognized for the years ended December 31, 2018, 2017, and 2016, was approximately $10.3 million, $7.9 million, and $5.5 million respectively. Interest of approximately $215,000 was capitalized to construction in progress during 2017, respectively with no interest capitalized in 2018 or 2016. The range of estimated useful lives for property, plant, and equipment is as follows: Golf Buildings and Improvements - 43 Years Golf Equipment - 10 Years Income Properties Buildings and Improvements - 55 Years Other Furnishings and Equipment - 20 Years LONG-LIVED ASSETS The Company follows FASB ASC Topic 360-10, Property, Plant, and Equipment in conducting its impairment analyses. The Company reviews the recoverability of long-lived assets, including land and development costs, real estate held for sale, and property, plant, and equipment, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Examples of situations considered to be triggering events include: a substantial decline in operating cash flows during the period, a current or projected loss from operations, an income property not fully leased or leased at rates that are less than current market rates, and any other quantitative or qualitative events deemed significant by our management. Long-lived assets are evaluated for impairment by using an undiscounted cash flow approach, which considers future estimated capital expenditures. Impairment of long-lived assets is measured at fair value less cost to sell. INCOME PROPERTY LEASES The rental of the Company’s income properties are classified as operating leases. The Company recognizes lease income on these properties on a straight-line basis over the term of the lease. OPERATING LEASE EXPENSE The Company leases property and equipment, which are classified as operating leases. The Company recognizes lease expense on a straight-line basis over the term of the lease. GOLF OPERATIONS The Company owns the LPGA International Golf Club (the “Club”), which consists of two 18-hole golf courses and a 3-hole practice facility, a clubhouse facility, including food and beverage operations, and a fitness center. Revenues from this operation, including greens fees, cart rentals, merchandise, and food and beverage sales, are recognized at the time of sale pursuant to FASB ASC Topic 606, Revenue from Contracts with Customers . Initiation fees and membership dues are recognized over the life of the membership, pursuant to FASB ASC Topic 606, Revenue from Contracts with Customers , which is generally twelve months. OTHER REAL ESTATE INTERESTS From time to time the Company will release surface entry rights related to subsurface acres owned by the Company upon request of the surface owner. The Company recognizes revenue from the release at the time the transaction is consummated, unless the right is released under a deferred payment plan and the initial payment does not meet the criteria established under FASB ASC Topic 606, Revenue from Contracts with Customers . STOCK-BASED COMPENSATION Prior to 2010, the Company maintained a stock option plan (the “2001 Plan”) pursuant to which 500,000 shares of the Company’s common stock were available to be issued. The 2001 Plan was approved at the April 25, 2001 shareholders’ meeting and expired in April 2011, with no new option shares issued after that date. Under the 2001 Plan, the option exercise price equaled the average of the high and low stock market price on the date of grant. The options generally vested over five years and expired after ten years. In connection with the grant of non-qualified options, a stock appreciation right for each share covered by the option could also be granted. The stock appreciation right entitled the optionee to receive a supplemental payment, which could be paid in whole or in part in cash or in shares of common stock equal to a portion of the spread between the exercise price and the fair market value of the underlying share at the time of exercise. The expenses associated with stock options and stock appreciation rights were recognized over their requisite service period. Both the Company’s stock options and stock appreciation rights awarded under the 2001 Plan were liability classified awards and were required to be remeasured to fair value at each balance sheet date until the award was settled, as required by applicable provisions of FASB ASC Topic, Share-Based Payments . See Note 18, “Stock-Based Compensation.” As of December 31, 2018 and 2017, none of these options remained. At the Annual Meeting of Shareholders of the Company held on April 28, 2010, the Company’s shareholders approved the Consolidated-Tomoka Land Co. 2010 Equity Incentive Plan (the “Original 2010 Plan”). The Original 2010 Plan replaced the Company’s 2001 Plan. At the Annual Meeting of Shareholders of the Company held on April 24, 2013, the Company’s shareholders approved an amendment and restatement of the entire Original 2010 Plan, which among other things, incorporated claw back provisions and clarified language regarding the shares available subsequent to forfeiture of any awards of restricted shares. At the Annual Meeting of Shareholders of the Company held on April 23, 2014, the Company’s shareholders approved an amendment to the Original 2010 Plan increasing the number of shares authorized for issuance by 240,000 shares, bringing the total number of shares authorized for issuance to 450,000. At the Annual Meeting of Shareholders of the Company held on April 25, 2018, the Company’s shareholders approved the Second Amended and Restated 2010 Equity Incentive Plan (the “2010 Plan”) which, among other things, increased the number of shares available thereunder to 720,000. Awards under the 2010 Plan may be in the form of stock options, stock appreciation rights, restricted shares, restricted share units, performance shares, and performance units. Employees of the Company and its subsidiaries and non-employee directors may be selected by the Compensation Committee to receive awards under the 2010 Plan. The maximum number of shares of which stock awards may be granted under the 2010 Plan is 702,000 shares. No participant may receive awards during any one calendar year representing more than 50,000 shares of common stock. In no event will the number of shares of common stock issued under the plan upon the exercise of incentive stock options exceed 720,000 shares. These limits are subject to adjustments by the Compensation Committee as provided in the 2010 Plan for stock splits, stock dividends, recapitalizations, and other similar transactions or events. The 2010 Plan currently provides that it will expire on the tenth anniversary of the date that it was adopted by the Board, and that no awards will be granted under the plan after that date. All non-qualified stock option awards, restricted share awards, and performance share awards granted under the 2010 Plan were determined to be equity-based awards under FASB ASC Topic, Share-Based Payments . The Company used the Black-Scholes valuation pricing model to determine the fair value of its non-qualified stock option awards. The determination of the fair value of the awards is affected by the stock price as well as assumptions regarding a number of other variables. These variables include expected stock price volatility over the term of the awards, annual dividends, and a risk-free interest rate assumption. The Company used a Monte Carlo simulation pricing model to determine the fair value and vesting period of the restricted share awards. The determination of the fair value of market condition-based awards is affected by the stock price as well as assumptions regarding a number of other variables. These variables include expected stock price volatility over the requisite performance term of awards, the performance of the Company’s stock price, annual dividends, and a risk-free interest rate assumption. Compensation cost is recognized regardless of the achievement of the market conditions, provided the requisite service period is met. INCOME TAXES The Company uses the asset and liability method to account for income taxes. Deferred income taxes result primarily from the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, see Note 19, “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 v

REVENUE RECOGNITION

REVENUE RECOGNITION	12 Months Ended
	Dec. 31, 2018
REVENUE RECOGNITION
REVENUE RECOGNITION	NOTE 2. REVENUE RECOGNITION The Company implemented FASB ASC Topic 606, Revenue from Contracts with Customers effective January 1, 2018 utilizing the modified retrospective method. The following table summarizes the Company’s revenue from continuing operations by segment, major good and/or service, and the related timing of revenue recognition for the year ended December 31, 2018: Interest Income Income from Commercial Real Estate Total Properties Loan Investments Operations Revenues ($000's) ($000's) ($000's) ($000's) Major Good / Service: Lease Revenue - Base Rent $ 31,587 $ — $ 23 $ 31,610 Lease Revenue - CAM 2,905 — — 2,905 Lease Revenue - Reimbursements 2,934 — — 2,934 Lease Revenue - Billboards 250 — — 250 Above / Below Market Lease Accretion 2,339 — — 2,339 Contributed Leased Assets Accretion 218 — — 218 Lease Incentive Amortization (302) — — (302) Interest from Commercial Loan Investments — 616 — 616 Land Sale Revenue — — 41,452 41,452 Revenue from Reimbursement of Infrastructure Costs — — 1,556 1,556 Impact Fee and Mitigation Credit Sales — — 1,338 1,338 Subsurface Lease Revenue — — 957 957 Subsurface Revenue - Other — — 668 668 Fill Dirt and Other Revenue — — 3 3 Golf Operations — — — — Interest and Other Revenue 145 — — 145 Total Revenues $ 40,076 $ 616 $ 45,997 $ 86,689 Timing of Revenue Recognition: Asset/Good Transferred at a Point in Time $ — $ — $ 43,461 $ 43,461 Services Transferred Over Time 145 — 1,556 1,701 Over Lease Term 39,931 — 980 40,911 Commercial Loan Investment Related Revenue — 616 — 616 Total Revenues $ 40,076 $ 616 $ 45,997 $ 86,689 The following table summarizes the Company’s revenue from continuing operations by segment, major good and/or service, and the related timing of revenue recognition for the year ended December 31, 2017: Interest Income Income from Commercial Real Estate Total Properties Loan Investments Operations Revenues ($000's) ($000's) ($000's) ($000's) Major Good / Service: Lease Revenue - Base Rent $ 24,650 $ — $ 44 $ 24,694 Lease Revenue - CAM 2,208 — — 2,208 Lease Revenue - Reimbursements 2,125 — — 2,125 Lease Revenue - Billboards 251 — — 251 Above / Below Market Lease Accretion 2,194 — — 2,194 Lease Incentive Amortization (50) — — (50) Interest from Commercial Loan Investments — 2,053 — 2,053 Land Sale Revenue — — 45,471 45,471 Revenue from Reimbursement of Infrastructure Costs — — 1,860 1,860 Impact Fee and Mitigation Credit Sales — — 2,126 2,126 Subsurface Lease Revenue — — 856 856 Subsurface Revenue - Other — — 2,192 2,192 Fill Dirt and Other Revenue — — 17 17 Golf Operations — — — — Timber Sales Revenue — — 291 291 Interest and Other Revenue 29 — — 29 Total Revenues $ 31,407 $ 2,053 $ 52,857 $ 86,317 Timing of Revenue Recognition: Asset/Good Transferred at a Point in Time $ — $ — $ 50,097 $ 50,097 Services Transferred Over Time 29 — 1,860 1,889 Over Lease Term 31,378 — 900 32,278 Commercial Loan Investment Related Revenue — 2,053 — 2,053 Total Revenues $ 31,407 $ 2,053 $ 52,857 $ 86,317 The following table summarizes the Company’s revenue from continuing operations by segment, major good and/or service, and the related timing of revenue recognition for the year ended December 31, 2016: Interest Income Income from Commercial Real Estate Total Properties Loan Investments Operations Revenues ($000's) ($000's) ($000's) ($000's) Major Good / Service: Lease Revenue - Base Rent $ 19,155 $ — $ 50 $ 19,205 Lease Revenue - CAM 2,030 — — 2,030 Lease Revenue - Reimbursements 1,450 — — 1,450 Lease Revenue - Billboards 202 — — 202 Above / Below Market Lease Accretion 2,240 — — 2,240 Interest from Commercial Loan Investments — 2,588 — 2,588 Land Sale Revenue — — 11,871 11,871 Tomoka Town Center Percentage-of-Completion Revenue — — 17,490 17,490 Revenue from Reimbursement of Infrastructure Costs — — 4,500 4,500 Impact Fee and Mitigation Credit Sales — — 2,220 2,220 Subsurface Lease Revenue — — 1,257 1,257 Subsurface Revenue - Other — — 545 545 Fill Dirt and Other Revenue — — 261 261 Golf Operations — — — — Timber Sales Revenue — — 10 10 Interest and Other Revenue 16 — — 16 Total Revenues $ 25,093 $ 2,588 $ 38,204 $ 65,885 Timing of Revenue Recognition: Asset/Good Transferred at a Point in Time $ — $ — $ 14,907 $ 14,907 Services Transferred Over Time 16 — 21,990 22,006 Over Lease Term 25,077 — 1,307 26,384 Commercial Loan Investment Related Revenue — 2,588 — 2,588 Total Revenues $ 25,093 $ 2,588 $ 38,204 $ 65,885

INCOME PROPERTIES

INCOME PROPERTIES	12 Months Ended
	Dec. 31, 2018
INCOME PROPERTIES
INCOME PROPERTIES	NOTE 3. INCOME PROPERTIES 2018 Activity. During the year ended December 31, 2018, the Company acquired eleven single-tenant income properties, for an aggregate purchase price of approximately $106.6 million, or an aggregate acquisition cost of approximately $107.8 million including capitalized acquisition costs. Based on independent third-party purchase price allocation valuations, of the total acquisition cost, approximately $47.9 million was allocated to land, approximately $45.6 million was allocated to buildings and improvements, approximately $15.6 million was allocated to intangible assets pertaining to the in-place lease value, leasing fees and above market lease value, and approximately $1.3 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 13.2 years at acquisition. The properties acquired during the year ended December 31, 2018 are described below: Tenant Description Tenant Type Property Location Date of Acquisition Property Square-Feet Property Acres Purchase Price Percentage Leased Remaining Lease Term (in years) Master Tenant for Commercial Building Single-Tenant Aspen, CO 02/21/18 19,596 0.18 $ 28,000,000 (1) 20.0 Fidelity Investments (affiliate of) Single-Tenant Albuquerque, NM 10/04/18 210,067 26.25 44,000,000 10.2 Chase Bank (Ground Lease) Single-Tenant Jacksonville, FL 10/10/18 3,614 0.73 5,432,500 19.0 Cheddar's Scratch Kitchen (Ground Lease) Single-Tenant Jacksonville, FL 10/10/18 8,146 1.05 2,608,017 9.0 Chuy's (Ground Lease) Single-Tenant Jacksonville, FL 10/10/18 7,950 1.24 6,086,957 13.9 Firebirds Wood Fired Grill (Ground Lease) Single-Tenant Jacksonville, FL 10/10/18 6,948 1.03 4,441,080 9.1 Moe's Southwest Grill (Ground Lease) Single-Tenant Jacksonville, FL 10/10/18 3,111 0.98 2,309,958 19.2 PDQ (Ground Lease) Single-Tenant Jacksonville, FL 10/10/18 3,366 1.64 2,309,958 8.8 Scrubbles Car Wash (Ground Lease) Single-Tenant Jacksonville, FL 10/10/18 4,512 1.62 2,491,429 19.1 Wawa (Ground Lease) Single-Tenant Jacksonville, FL 10/10/18 6,267 2.16 6,666,667 19.3 Macaroni Grill Single-Tenant Arlington, TX 12/20/18 8,123 1.70 2,290,000 15.0 Total / Weighted Average 281,700 $ 106,636,566 14.4 (1) In conjunction with the acquisition 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 rent 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. The 112,000 square foot multi-tenant retail center known as The Grove at Winter Park located in Winter Park, Florida (“The Grove”) was approximately 70% leased as of December 31, 2018 with fifteen different tenants including 24 Hour Fitness. Additionally, during 2018, Wawa Florida, LLC (“Wawa”) completed construction of a building on the out-parcel site adjacent to The Grove which was acquired by the Company in 2015. On December 13, 2018, rent commenced on the Company’s 20-year lease with Wawa and the property was added to the Company’s single-tenant income property portfolio. Four income properties were disposed of during the year ended December 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 comprised of two office buildings, and the 15,360 square-foot 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. 2017 Activity. During the year ended December 31, 2017, the Company acquired four single-tenant income properties and two multi-tenant income properties, for an aggregate purchase price of approximately $79.8 million, or an aggregate acquisition cost of approximately $80.6 million including capitalized acquisition costs. Based on independent third-party purchase price allocation valuations, of the total acquisition cost, approximately $28.0 million was allocated to land, approximately $45.2 million was allocated to buildings and improvements, approximately $9.3 million was allocated to intangible assets pertaining to the in-place lease value, leasing fees and above market lease value, and approximately $1.9 million was allocated to intangible liabilities for the below market lease value. The weighted average amortization period for the intangible assets and liabilities was approximately 8.9 years at acquisition. No income properties were disposed of during the year ended December 31, 2017. 2016 Activity. During the year ended December 31, 2016, the Company acquired ten income properties, seven single-tenant and three multi-tenant, at an aggregate purchase price of approximately $86.7 million. Based on independent third-party purchase price allocation valuations, of the total acquisition cost, approximately $40.4 million was allocated to land, approximately $27.4 million was allocated to buildings and improvements, approximately $20.0 million was allocated to intangible assets pertaining to the in-place lease value and above-market lease value, and approximately $1.1 million was allocated to intangible liabilities pertaining to the below-market lease value. The weighted average amortization period for the intangible assets and liabilities was approximately 14.3 years at the time of acquisition. Nineteen income properties were disposed of during the year ended December 31, 2016 for an aggregate sales price of approximately $74.3 million. Aggregate gains on 2016 dispositions were approximately $12.8 million, while impairments on disposals were approximately $1.2 million. Included in the nineteen income properties disposed of during the year ended December 31, 2016, was the Company’s disposal of a portfolio of fourteen single-tenant income properties (the “Portfolio Sale”) on September 16, 2016 for a sales price of approximately $51.6 million, which included the buyer’s assumption of the Company’s existing $23.1 million mortgage loan secured by the fourteen properties.

COMMERCIAL LOAN INVESTMENTS

COMMERCIAL LOAN INVESTMENTS	12 Months Ended
	Dec. 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 generally for commercial real estate located in the United States and its territories, and are current or performing with either a fixed or floating rate. Some of these loans may be syndicated in either a pari-passu or senior/subordinated structure. Commercial first mortgage loans generally provide for a higher recovery rate due to their senior position in the underlying collateral. Commercial mezzanine loans are typically secured by a pledge of the borrower’s equity ownership in the underlying commercial real estate. Unlike a mortgage, a mezzanine loan is not secured by a lien on the property. An investor’s rights in a mezzanine loan are usually governed by an intercreditor agreement that provides holders with the rights to cure defaults and exercise control on certain decisions of any senior debt secured by the same commercial property. The Company purchased the variable rate B-Note (the “B-Note”), secured by real estate located in Sarasota, Florida in May 2014. On June 13, 2018, the B-Note held by the Company matured and was repaid by the borrower. The proceeds of approximately $9.0 million were used to pay down the Company’s Credit Facility. On August 10, 2018, the $3.0 million fixed rate first mortgage loan held by the Company and secured by real estate located in Daytona Beach Shores, Florida, matured and was repaid by the borrower. As of December 31, 2018, the Company had no commercial loan investments. 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 Shores, FL July 2017 August 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 as of December 31, 2017 consisted of the following: Total Current Face Amount $ 11,960,467 Unamortized Fees — Unaccreted Origination Fees (34,768) Total Commercial Loan Investments $ 11,925,699

LAND AND SUBSURFACE INTERESTS

LAND AND SUBSURFACE INTERESTS	12 Months Ended
	Dec. 31, 2018
LAND AND SUBSURFACE INTERESTS
LAND AND SUBSURFACE INTERESTS	NOTE 5. LAND AND SUBSURFACE INTERESTS As of December 31, 2018, the Company owned approximately 5,400 acres of undeveloped land in Daytona Beach, Florida, along six miles of the west and east sides of Interstate 95. Currently, a significant amount of this land is used for agricultural purposes. As of February 27, 2019, approximately 33% of this acreage, or nearly 1,800 acres, is under contract to be sold. Approximately 900 acres of our land holdings are located on the east side of Interstate 95 and are generally well suited for commercial development. Approximately 4,500 acres of our land holdings are located on the west side of Interstate 95 and the majority of this land is generally well suited for residential development. Included in the western land is approximately 1,000 acres, primarily an 850-acre parcel and three smaller parcels, which are located further west of Interstate 95 and a few miles north of Interstate 4 that is generally well suited for industrial purposes. Land and development costs at December 31, 2018 and 2017, are summarized as follows: December 31, 2018 2017 Land and Development Costs $ 19,697,551 $ 32,625,857 Land, Timber, and Subsurface Interests 6,067,082 6,851,840 Total Land and Development Costs $ 25,764,633 $ 39,477,697 Real estate operations revenue consisted of the following for the years ended December 31, 2018, 2017, and 2016, respectively: 2018 2017 2016 Revenue Description ($000's) ($000's) ($000's) Land Sales Revenue $ 41,452 $ 45,471 $ 11,871 Tomoka Town Center - Percentage of Completion Revenue — — 17,490 Revenue from Reimbursement of Infrastructure Costs 1,556 1,860 4,500 Impact Fee and Mitigation Credit Sales 1,338 2,126 2,220 Subsurface Revenue 1,625 3,048 1,802 Fill Dirt and Other Revenue 3 17 261 Agriculture 23 335 60 Total Real Estate Operations Revenue $ 45,997 $ 52,857 $ 38,204 Tomoka Town Center. The Tomoka Town Center consists of approximately 235 acres of which approximately 180 acres are developable. During 2015 and 2016, land sales with a gross sales price totaling approximately $21.4 million within the Tomoka Town Center consisted of sales of approximately 99 acres to Tanger Outlets, Sam’s Club, and North American Development Group (“NADG”) (the “Tomoka Town Center Sales Agreements”). The Company performed certain infrastructure work, beginning in the fourth quarter of 2015 through completion in the fourth quarter of 2016, which required the sales price on the Tomoka Town Center Sales Agreements to be recognized on the percentage-of-completion basis. As the infrastructure work was completed in the fourth quarter of 2016, all revenue related to the Tomoka Town Center Sales Agreements had been recognized as of December 31, 2016. The timing of the remaining reimbursements for the cost of the infrastructure work which totals approximately $1.8 million is more fully described in Note 11, “Other Assets.” During the second quarter of 2017, the Company completed the sale of approximately 19 acres to NADG (the “Third NADG Land Sale”). During the fourth quarter of 2017, the Company completed the sale of approximately 27 acres to NADG (the “Fourth NADG Land Sale”). During the fourth quarter of 2018, the Company completed the sale of approximately 23 acres to NADG (the “Final NADG Land Sale”). The remaining developable acreage of approximately 12.5 acres is not currently under contract. 2018 Land Sales. During the year ended December 31, 2018, the Company completed land transactions representing approximately 2,697 acres including: (i) the sale of a 70% interest in the Mitigation Bank (hereinafter defined) that holds approximately 2,492 acres for proceeds of $15.3 million and (ii) twelve land sales totaling approximately 205 acres for aggregate proceeds of approximately $43.7 million, as described below: Gross Sales Gain Date of No. of Price (1) Price on Sale Buyer (or Description) Location Sale Acres ($000's) per Acre ($000's) 1 Buc-ee's East of I-95 03/16/18 34.9 $ 13,948 $ $ 11,926 2 Residential West of I-95 06/12/18 19.0 265 226 3 Commercial / Retail East of I-95 06/25/18 5.7 625 224 4 Commercial / Retail East of I-95 06/28/18 7.7 819 628 5 Commercial / Retail East of I-95 07/16/18 3.5 285 262 6 Unicorp-Williamson Crossing East of I-95 08/30/18 20.6 6,685 1,502 7 Commercial / Retail East of I-95 10/03/18 12.7 2,100 1,904 8 Residential East of I-95 11/27/18 18.0 4,250 3,995 9 Residential East of I-95 12/17/18 29.9 3,200 2,826 10 Distribution East of I-95 12/19/18 26.8 2,433 1,725 11 Final NADG Land Sale East of I-95 12/21/18 22.5 8,174 6,522 12 Commercial East of I-95 12/27/18 4.1 935 856 205.4 $ 43,719 $ $ 32,596 (1) The Gross Sales Price of land sales during 2018 of approximately $43.7 million above includes the infrastructure reimbursement payments received in the amount of approximately $1.5 million for the Final NADG Land Sale. The Gross Sales Price also includes approximately $831,000 related to the Buc-ee’s land sale 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 17, “Deferred Revenue. Mitigation Bank. The mitigation bank transaction consists of the sale of a 70% interest in the entity that holds approximately 2,492 acres of land that has been permitted for the creation of a wetland mitigation bank (the “Venture” or the “Mitigation Bank”). The purchaser of the 70% interest in the Mitigation Bank is comprised of certain funds and accounts managed by an investment advisor subsidiary of BlackRock, Inc. (“BlackRock”). The Company retained an approximately 30% non-controlling interest in the Mitigation Bank. A third-party was retained by the Venture as the day-to-day manager of the Mitigation Bank property, responsible for the maintenance, generation, tracking, and other aspects of wetland mitigation credits. The Mitigation Bank intends to engage in the creation and sale of both federal and state wetland mitigation credits. These credits will be created pursuant to the applicable permits that have been or will be issued to the Venture from the federal and state regulatory agencies that exercise jurisdiction over the awarding of such credits, but no assurances can be given as to the ultimate issuance, marketability or value of the credits. The Venture received the permit from the state regulatory agency on June 8, 2018 (the “State Permit”). The state regulatory agency may award up to 355 state credits under the State Permit. On August 6, 2018, the state regulatory agency awarded the initial 88.84 credits under the State Permit. Receipt of the remaining federal permit is anticipated to occur prior to the end of 2019. The gain on the sale of the 70% interest in the Mitigation Bank totaled approximately $18.4 million and is comprised of the gain on the sale of 70% interest for proceeds of $15.3 million as well as the gain on the retained 30% interest pursuant to FASB ASC Topic 610-20, Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets . The gain is included in the Gain on Disposition of Assets in the Company’s consolidated statements of operations. As of December 31, 2018, the approximately $6.8 million Investment in Joint Venture included on the Company’s consolidated balance sheets is comprised of the fair market value of the 30% retained interest in the Venture. The operating agreement of the Venture (the “Operating Agreement”) executed in conjunction with the mitigation bank transaction stipulates that the Company shall arrange for sales of the Venture’s mitigation credits to unrelated third parties totaling no less than $6 million of revenue to the Mitigation Bank, net of commissions, by the end of 2020, utilizing a maximum of 60 mitigation credits (the “Minimum Sales Requirement”). The Operating Agreement stipulates that if the Minimum Sales Requirement is not achieved, then BlackRock has the right, but is not required, to cause the Company to purchase the number of mitigation credits necessary to reach the Minimum Sales Requirement (the “Minimum Sales Guarantee”). The Company estimates the fair value of the Minimum Sales Guarantee to be approximately $100,000 which was recorded as a reduction in the gain on the transaction and is included in Accrued and Other Liabilities in the Company’s consolidated balance sheet as of December 31, 2018. Additionally, the Operating Agreement provides BlackRock the right to cause the Company to purchase a maximum of 8.536 mitigation credits per quarter (the “Commitment Amount”) from the Mitigation Bank at a price equal to 60% of the then fair market value for mitigation credits (the “Put Right”). The Put Right is applicable even if the Mitigation Bank has not yet been awarded a sufficient number of mitigation credits by the applicable federal and state regulatory agencies. Further, in any quarter that BlackRock does not exercise its Put Right, the unexercised Commitment Amount for the applicable quarter may be rolled over to future calendar quarters. However, the Operating Agreement also stipulates that any amount of third-party sales of mitigation credits will reduce the Put Rights outstanding on a one-for-one basis, if the sales price of the third-party sales equals or exceeds the prices stipulated by the Put Right. Further, any sales of mitigation credits to third parties at the requisite minimum prices in a quarter that exceeds the quarterly amount of the Put Right will reduce the Put Rights in future calendar quarters on a one-for-one basis. The maximum potential of future payments by the Company pursuant to the Put Right is approximately $27 million. The Company estimates the fair value of the Put Right to be approximately $200,000, which was recorded as a reduction in the gain on the transaction and is included in Accrued and Other Liabilities in the Company’s consolidated balance sheet as of December 31, 2018. 2017 Land Sales. During the year ended December 31, 2017, a total of approximately 1,701 acres were sold for approximately $47.0 million as described below: Gross Sales Gain Date of No. of Price (1) Price on Sale Buyer (or Description) Location Sale Acres ($000's) per Acre ($000's) 1 Minto Communities, LLC West of I-95 02/10/17 1,581.0 $ 27,151 $ $ 20,041 2 Commercial East of I-95 03/22/17 6.4 1,556 11 3 Commercial East of I-95 04/05/17 27.5 3,218 2,955 4 Commercial East of I-95 04/13/17 4.5 1,235 13 5 Commercial West of I-95 04/25/17 30.0 2,938 627 6 Third NADG Land Sale East of I-95 06/27/17 19.4 4,422 3,263 7 Commercial West of I-95 10/13/17 5.1 275 239 8 Fourth NADG Land Sale East of I-95 12/29/17 27.0 6,216 4,609 1,700.9 $ 47,011 $ $ 31,758 (1) The Gross Sales Price of land sales during 2017 of approximately $47.0 million above includes the infrastructure reimbursement payments received in the amount of approximately $955,000 for the Third NADG Land Sale and approximately $584,000 for the Fourth NADG Land Sale. Additionally, during 2017, approximately $321,000 was received from Minto Communities, LLC as an infrastructure reimbursement for improvements to the I-95 off ramp, which is not included in the gross sales price in the table above. 2016 Land Sales. During the year ended December 31, 2016, a total of approximately 707.7 acres were sold for approximately $13.8 million as described below: Gross Sales Gain Date of No. of Price (1) Price on Sale Buyer (or Description) Location Sale Acres ($000's) per Acre ($000's) 1 Commercial / Retail East of I-95 02/12/16 3.1 $ 190 $ $ 145 2 NADG - OutParcel East of I-95 03/30/16 4.4 2,000 1,304 3 Minto Sales Center West of I-95 09/27/16 4.5 205 126 4 Commercial / Retail West of I-95 10/13/16 17.1 3,034 2,675 5 Commercial / Retail East of I-95 12/22/16 74.6 830 751 6 ICI Homes West of I-95 12/29/16 604.0 7,500 3,303 707.7 $ 13,759 $ $ 8,304 (1) Land Sales Revenue for 2016 is equal to the Gross Sales Price of land sales during 2016 of approximately $13.8 million above, less the $2.0 million sales price for the NADG – OutParcel, plus approximately $112,000 of incentives earned and received during 2016 related to the Distribution Center sale which closed during 2014. Pipeline. For a description of our land which is currently under contract, see the land pipeline in Note 20, “Commitment and Contingencies.” Land Impairments. As more fully described in Note 10, "Impairment of Long-Lived Assets," during the years ended December 31, 2018 and 2017, the Company did not recognize any impairments on its undeveloped land holdings. During the year ended December 31, 2016, impairment charges totaled approximately $1.0 million on the Company’s undeveloped land. Beachfront Parcel. During the year ended December 31, 2015, the Company acquired, through a real estate venture with an unaffiliated third-party institutional investor, an interest in approximately six acres of vacant beachfront property located in Daytona Beach, Florida (the “Beachfront Parcel”). The Beachfront Parcel was acquired by the venture for approximately $11.3 million, of which the Company contributed approximately $5.7 million. As of December 31, 2015, the real estate venture was fully consolidated as the Company determined that it was the primary beneficiary of the variable interest entity (“VIE”). On November 17, 2016, the Company acquired the unaffiliated third party’s 50% interest for approximately $4.8 million, a discount of approximately $879,000. The discount was recorded through equity on the consolidated balance sheet during the year ended December 31, 2016. The Company evaluated its interest in the Beachfront Parcel for impairment and determined that no impairment was necessary as of December 31, 2016. As the Company owned the entire real estate venture as of December 31, 2018 or 2017, there is no longer a consolidated VIE. During the first quarter of 2018, the Company completed the construction of two single-tenant restaurants located on the Beachfront Parcel with a cost basis of approximately $11.7 million, which was included in Land and Development Costs on the Company’s consolidated balance sheet as of December 31, 2017. The total cost of construction was approximately $6.8 million. Upon completion of the construction and commencement of the tenant leases (described herein), the total basis of approximately $18.5 million was transferred to Income Properties, Land, Buildings, and Improvements from Land and Development Costs and Construction in Process on the Company’s consolidated balance sheets. The Company’s 15-year lease agreement with the operator of LandShark Bar & Grill, for an approximately 6,264 square foot restaurant property, includes annual rent based on a percentage of the tenant’s net operating income (“NOI”) until the Company has received its investment basis in the property; thereafter, the Company will receive a lower percentage of the tenant’s NOI during the remaining lease term. The Company’s 15-year lease agreement with the operator of Cocina 214 Restaurant & Bar, for the second restaurant property includes annual rent equal to the greater of $360,000 per year or a certain percentage of gross sales, and also provides for additional percentage rent upon the achievement of certain gross sales thresholds. Daytona Beach Development. We may selectively acquire other real estate in Daytona Beach, Florida. We may target either vacant land or land with existing structures that we would demolish and develop into additional income properties. During 2018, the Company acquired a 5-acre parcel of land with existing structures in downtown Daytona Beach, for a purchase price of approximately $2.0 million. As of December 31, 2018, the Company has also acquired other contiguous parcels totaling approximately 1-acre for approximately $1.8 million. Combined, these parcels represent the substantial portion of an entire city block in downtown Daytona Beach adjacent to International Speedway Boulevard, a major thoroughfare in Daytona Beach. The combined 6 acres is located in an opportunity zone and a community redevelopment area. In addition, this property is proximate to the future headquarters of Brown & Brown Inc., the sixth largest insurance broker in the U.S. and a publicly listed company that will be occupied by at least 600 of their employees. We have engaged a national real estate brokerage firm to assist us in identifying a developer or investor to acquire a portion or all of the property or to contribute into a potential joint venture to redevelop the property. We are pursuing entitlements for the potential redevelopment of these parcels, along with certain other adjacent land parcels, some of which we have under contract for purchase. Our intent for investments in the Daytona Beach area is to target opportunistic acquisitions of select catalyst sites, which are typically distressed, with the objective of short-to-medium investment horizons. We may enter into joint ventures or other partnerships to develop land we have acquired or may acquire in the future in lieu of self-developing. Other Real Estate Assets . The Company owns impact fees with a cost basis of approximately $2,000 and mitigation credits with a cost basis of approximately $460,000, for a combined total of approximately $462,000 as of December 31, 2018. During the year ended December 31, 2018, the Company transferred mitigation credits with a basis of approximately $124,000 to the land acquired by Buc-ee’s. During the year ended December 31, 2018, the Company sold mitigation credits for approximately $1.0 million, for a gain of approximately $882,000, or $0.12 per share, after tax. During the year ended December 31, 2017, the Company sold mitigation credits for approximately $1.6 million, for a gain of approximately $1.3 million, or $0.15 per share, after tax. Additionally, the Company recorded the transfer of mitigation credits with a cost basis of approximately $298,000 as a charge to direct cost of revenues of real estate operations during the year ended December 31, 2017, as more fully described in Note 20, “Commitments and Contingencies.” During the years ended December 31, 2018 and 2017, the Company received cash payments of approximately $338,000 and $519,000, respectively, for impact fees with a cost basis that was generally of equal value. Additionally, during the year ended December 31, 2018, impact fees with a cost basis of approximately $72,000 were transferred to the beachfront restaurant leased to LandShark Bar & Grill. Subsurface Interests. As of December 31, 2018, the Company owns full or fractional subsurface oil, gas, and mineral interests underlying approximately 455,000 “surface” acres of land owned by others in 20 counties in Florida (the “Subsurface Interests”). The Company leases certain of the Subsurface Interests to mineral exploration firms for exploration. Our subsurface operations consist of revenue from the leasing of exploration rights and in some instances, additional revenues from royalties applicable to production from the leased acreage. There were no subsurface sales during the year ended December 31, 2018. During the year ended December 31, 2017, the Company sold approximately 38,750 acres of subsurface interests in Osceola County, Florida for approximately $2.1 million (the "Osceola Subsurface Sale"). The gain from the Osceola Subsurface Sale totaled approximately $2.08 million, or $0.23 per share, after tax. During 2011, an eight-year oil exploration lease was executed covering a portion of our Subsurface Interests. On September 20, 2017, the Company amended the oil exploration lease to, among other things, extend the expiration of the original term for five additional years to the new expiration date of September 22, 2024. The lease is effectively thirteen one-year terms as the lessee has the option to terminate the lease at the end of each lease year. The lessee has exercised renewal options through lease year eight ending September 22, 2019. The terms of the lease state that the Company will receive royalty payments if production occurs, and may receive additional annual rental payments if the lease is continued in years nine through thirteen. The lease calls for annual lease payments which are recognized as revenue ratably over the respective twelve-month lease periods. Pursuant to the amendment for the Year 8 renewal, the annual lease payment is to be paid in installments. In addition, non-refundable drilling penalty payments are made as required by the drilling requirements in the lease, which are recognized as revenue when earned, i.e. when the amount is agreed upon. The lessor, an affiliate of Kerogen Exploration LLC, has submitted a drilling permit application in Hendry County to allow for drilling to commence. Lease payments on the respective acreages and drilling penalties received through lease year eight are as follows: Acreage Lease Year (Approximate) Florida County Lease Payment (1) Drilling Penalty (1) Lease Year 1 - 9/23/2011 - 9/22/2012 136,000 Lee and Hendry $ 913,657 $ — Lease Year 2 - 9/23/2012 - 9/22/2013 136,000 Lee and Hendry 922,114 — Lease Year 3 - 9/23/2013 - 9/22/2014 82,000 Hendry 3,293,000 1,000,000 Lease Year 4 - 9/23/2014 - 9/22/2015 42,000 Hendry 1,866,146 600,000 Lease Year 5 - 9/23/2015 - 9/22/2016 25,000 Hendry 1,218,838 175,000 Lease Year 6 - 9/23/2016 - 9/22/2017 15,000 Hendry 806,683 150,000 Lease Year 7 - 9/23/2017 - 9/22/2018 15,000 Hendry 806,683 50,000 Lease Year 8 - 9/23/2018 - 9/22/2019 15,000 Hendry 806,684 150,000 Total Payments $ 10,633,805 $ 2,125,000 (1) Lease income generated by the annual lease payments is recognized on a straight-line basis over the guaranteed lease term. For the years December 31, 2018, 2017, and 2016, lease income of approximately $807,000, $807,000, and $1.1 million was recognized, respectively. There can be no assurance that the oil exploration lease will be extended beyond the expiration of the current term of September 22, 2019 or, if extended, the terms or conditions of such extension. During the years ended December 31, 2018, 2017, and 2016, the Company also received oil royalties from operating oil wells on 800 acres under a separate lease with a separate operator. Production volume from these oil wells was 39,186 barrels in 2018, 60,287 barrels in 2017, and 50,441 barrels in 2016, resulting in revenues received from oil royalties of approximately $72,000, $86,000, and $50,000, respectively. The Company is not prohibited from selling any or all of its Subsurface Interests. The Company may release surface entry rights or other rights upon request of a surface owner for a negotiated release fee typically based on a percentage of the surface value. Should the Company complete a transaction to sell all or a portion of its Subsurface Interests or complete a release transaction, the Company may utilize the like-kind exchange structure in acquiring one or more replacement investments including income-producing properties. During the year ended December 31, 2018, the Company completed a transaction releasing our surface entry rights on approximately 600 acres in exchange for approximately $185,000 in cash and fee title to approximately 40 additional acres in Hendry County, valued at approximately $320,000. Including the non-cash value received, the gain from the transaction totaled approximately $435,000, or $0.06 per share, after tax. Additional cash payments for the release of surface entry rights during 2018 totaled approximately $73,000. Cash payments for the release of surface entry rights totaled approximately $493,000 during the year ended December 31, 2016, while there were no releases of surface entry rights during the year ended December 31, 2017. In addition, the Company generated revenue of approximately $250,000 during the year ended December 31, 2016 from fill dirt excavation agreements, with no such revenue generated during the years ended December 31, 2018 and 2017.

INVESTMENT IN JOINT VENTURE

INVESTMENT IN JOINT VENTURE	12 Months Ended
	Dec. 31, 2018
INVESTMENT IN JOINT VENTURE
INVESTMENT IN JOINT VENTURE	NOTE 6. INVESTMENTS IN JOINT VENTURES Mitigation Bank. The Investment in Joint Venture on the Company’s consolidated balance sheet represents the Company’s ownership interest in the Mitigation Bank (the “JV Investment”). We have concluded the Mitigation Bank is a variable interest entity and is accounted for under the equity method of accounting as the Company is not the primary beneficiary as defined in FASB ASC Topic 810, Consolidation . The significant factors related to this determination include, but are not limited to, the Mitigation Bank being jointly controlled by the members through the use of unanimous approval for all material actions and the retention by the Venture of a third party as the day-to-day manager of the Mitigation Bank property, responsible for the maintenance, generation, tracking, and other aspects of wetland mitigation credits. Under the guidance of FASB ASC 323, Investments-Equity Method and Joint Ventures , the Company uses the equity method to account for the JV Investment. The following table provides summarized financial information of the Venture as of December 31, 2018: As of December 31, 2018 ($000's) Assets, cash and cash equivalents $ 2,316 Assets, prepaid expenses 19 Assets, investment in mitigation credit assets 1,511 Assets, property, plant, and equipment 18 Total Assets $ 3,864 Liabilities, accounts payable, deferred mitigation credit sale revenue $ 62 Equity $ 3,802 Total Liabilities & Equity $ 3,864 Beachfront Parcel. During the year ended December 31, 2015, the Company acquired, through a real estate venture with an unaffiliated third-party institutional investor, an interest in the Beachfront Parcel. The Company acquired its 50% interest in the real estate venture for approximately $5.7 million and served as its general partner with day-to-day management responsibilities. The venture was structured such that the Company earned a base management fee and would have received a preferred interest as well as a promoted interest if certain return hurdles were achieved. The Company’s preferred interest represented the first 9% of the investment return achieved at the disposition of the property. GAAP requires consolidation of a VIE in which an enterprise has a controlling financial interest and is the primary beneficiary. Upon entering into the venture described above and as of December 31, 2015, the Company determined it had a controlling financial interest and is the primary beneficiary; therefore, the venture was a VIE and was consolidated in the Company’s financial statements. On November 17, 2016, the Company acquired the unaffiliated third party’s interest for approximately $4.8 million, a discount of approximately $879,000. The discount was recorded through equity on the consolidated balance sheet during the quarter and year ended December 31, 2016. The Company evaluated its interest in Beachfront Parcel for impairment and determined that no impairment was necessary as of December 31, 2016. As the Company owned the entire real estate venture as of December 31, 2016, there is no longer a consolidated VIE. The Company’s consolidated statements of operations included a net loss from the noncontrolling interest in the Beachfront Parcel VIE of approximately $52,000 during the year ended December 31, 2016.

INVESTMENT SECURITIES

INVESTMENT SECURITIES	12 Months Ended
	Dec. 31, 2018
INVESTMENT SECURITIES
INVESTMENT SECURITIES	NOTE 7. INVESTMENT SECURITIES During the year ended December 31, 2016, the Company completed the disposition of its remaining position in investment securities, including common stock and debt securities of a publicly traded real estate company, with a total basis of approximately $6.8 million, resulting in net proceeds of approximately $6.3 million, or a loss of approximately $576,000. The Company had no remaining available-for-sale securities as of December 31, 2018, 2017, or 2016. The following is a table reflecting the gains and losses recognized on the sale of investment securities during the years ended December 31, 2018, 2017, and 2016: For the Year Ended December 31, 2018 2017 2016 Proceeds from the Disposition of Debt Securities $ — $ — $ 827,738 Cost Basis of Debt Securities Sold — — (843,951) Loss recognized in Statement of Operations on the Disposition of Debt Securities — — (16,213) Proceeds from the Disposition of Equity Securities — — 5,424,624 Cost Basis of Equity Securities Sold — — (5,983,978) Gain (Loss) recognized in Statement of Operations on the Disposition of Equity Securities $ — $ — $ (559,354) Total Gain (Loss) recognized in Statement of Operations on the Disposition of Debt and Equity Securities $ — $ — $ (575,567)

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 2018
FAIR VALUE OF FINANCIAL INSTRUMENTS
FAIR VALUE OF FINANCIAL INSTRUMENTS	NOTE 8. FAIR VALUE OF FINANCIAL INSTRUMENTS The following table presents the carrying value and estimated fair value of the Company’s financial instruments not carried at fair value on the consolidated balance sheets at December 31, 2018 and 2017: December 31, 2018 December 31, 2017 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Cash and Cash Equivalents - Level 1 $ 2,466,978 $ 2,466,978 $ 6,559,409 $ 6,559,409 Restricted Cash - Level 1 19,721,475 19,721,475 6,508,131 6,508,131 Commercial Loan Investments - Level 2 — — 11,925,699 12,015,628 Long-Term Debt - Level 2 247,624,811 248,765,650 195,816,364 200,000,776 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 at December 31, 2018: Fair Value at Reporting Date Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) 12/31/2018 Cash Flow Hedge - Interest Rate Swap $ 651,722 $ — $ 651,722 $ — Total $ 651,722 $ — $ 651,722 $ — The following table presents the fair value of assets measured on a recurring basis by Level at December 31, 2017: Fair Value at Reporting Date Using Quoted Prices in Significant Active Markets Significant Other Unobservable for Identical Observable Inputs Inputs 12/31/2017 Assets (Level 1) (Level 2) (Level 3) Cash Flow Hedge - Interest Rate Swap $ 606,621 $ — $ 606,621 $ — Total $ 606,621 $ — $ 606,621 $ — No assets were measured on a non-recurring basis as of December 31, 2018 or 2017.

INTANGIBLE ASSETS AND LIABILITI

INTANGIBLE ASSETS AND LIABILITIES	12 Months Ended
	Dec. 31, 2018
INTANGIBLE ASSETS AND LIABILITIES
INTANGIBLE ASSETS AND LIABILITIES	NOTE 9. INTANGIBLE ASSETS AND LIABILITIES Intangible assets and liabilities consist of the value of above-market and below-market leases, the value of in-place leases, and the value of leasing costs, based in each case on their fair values. Intangible assets and liabilities consisted of the following as of December 31, 2018 and 2017: As of December 31, 2018 December 31, 2017 Intangible Lease Assets: Value of In-Place Leases $ 39,189,008 $ 36,827,226 Value of Above Market In-Place Leases 4,114,715 2,966,322 Value of Intangible Leasing Costs 14,791,111 10,405,135 Sub-total Intangible Lease Assets 58,094,834 50,198,683 Accumulated Amortization (14,539,389) (11,440,624) Sub-total Intangible Lease Assets—Net 43,555,445 38,758,059 Intangible Lease Liabilities (included in accrued and other Value of Below Market In-Place Leases (35,321,234) (35,312,017) Sub-total Intangible Lease Liabilities (35,321,234) (35,312,017) Accumulated Amortization 7,930,884 5,541,576 Sub-total Intangible Lease Liabilities—Net (27,390,350) (29,770,441) Total Intangible Assets and Liabilities—Net $ 16,165,095 $ 8,987,618 During the year ended December 31, 2018, the value of in-place leases increased by approximately $6.7 million, the value of above-market in-place leases increased by approximately $2.9 million, the value of intangible leasing costs increased by approximately $6.0 million, and the value of below-market in-place leases increased by approximately $1.3 million due to the acquisition of eleven single-tenant income properties, offset by the net amortization of approximately $3.5 million and the reclassification of approximately $3.6 million of intangible lease assets and liabilities to held for sale for related to four multi-tenant income properties, for a net increase during 2018 of approximately $7.2 million. As of December 31, 2018 and 2017, approximately $24.4 and $26.7 million, respectively, of the total below market in-place lease value is related to the Wells Fargo property located in Raleigh, North Carolina which was acquired on November 18, 2015. The following table reflects the net amortization of intangible assets and liabilities during the years ended December 31, 2018, 2017, and 2016: Year Ended December 31, December 31, December 31, ($000's) ($000's) ($000's) Depreciation and Amortization Expense $ 5,872 $ 4,776 $ 2,696 Increase to Income Properties Revenue (2,339) (2,194) (2,240) Net Amortization of Intangible Assets and Liabilities $ 3,533 $ 2,582 $ 456 The estimated future amortization expense (income) related to net intangible assets and liabilities is as follows: Future Accretion Net Future Future to Income Amortization of Amortization Property Intangible Assets Year Ending December 31, Amount Revenue and Liabilities 2019 $ 5,312,683 $ (2,506,086) $ 2,806,597 2020 4,882,863 (2,434,424) 2,448,439 2021 3,492,913 (2,410,706) 1,082,207 2022 3,177,980 (2,379,065) 798,915 2023 3,085,976 (2,353,003) 732,973 Thereafter 20,241,440 (11,945,476) 8,295,964 Total $ 40,193,855 $ (24,028,760) $ 16,165,095 As of December 31, 2018, the weighted average amortization period of both the total intangible assets and liabilities was approximately 14 years.

IMPAIRMENT OF LONG-LIVED ASSETS

IMPAIRMENT OF LONG-LIVED ASSETS	12 Months Ended
	Dec. 31, 2018
IMPAIRMENT OF LONG-LIVED ASSETS
IMPAIRMENT OF LONG-LIVED ASSETS	NOTE 10. IMPAIRMENT OF LONG-LIVED ASSETS The Company assesses the impairment of long-lived assets whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The fair value of long-lived assets required to be assessed for impairment is determined on a non-recurring basis using Level 3 inputs in the fair value hierarchy. These Level 3 inputs may include, but are not limited to, executed purchase and sale agreements on specific properties, third party valuations, discounted cash flow models, and other model-based techniques. During the year ended December 31, 2018, there were no impairment charges on the Company’s undeveloped land holdings or its income property portfolio. During the year ended December 31, 2018, the Company wrote down the value of the golf assets comprising the Club, which resulted in a corresponding impairment charge of approximately $1.1 million, or $0.15 per share, after tax. The write-down of the golf operation assets to approximately $3.1 million and the related $1.1 million impairment charge were the result of the Company’s assessment of certain triggering events, including activities related to a review of strategic alternatives for the golf operations, occurring during the third quarter of 2018, which required an assessment of the carrying value of the golf assets comprising the Club. In the fourth quarter of 2018, the Company commenced efforts to pursue the monetization of the golf operations and assets comprising the Club. Accordingly, as of December 31, 2018 and 2017, the golf assets comprising the Club have been classified as held for sale in the accompanying consolidated balance sheets and the results of golf operations have been classified as discontinued operations in the accompanying consolidated statements of income for the years ended December 31, 2018, 2017, and 2016. There were no impairment charges during the year ended December 31, 2017. In the second quarter of 2016, an impairment charge of approximately $942,000 was recognized on an income property in Altamonte Springs, Florida leased to PNC Bank under contract for sale as of June 30, 2016. The total impairment charge represented the anticipated loss on the sale plus estimated closing costs. This sale closed in September 2016. In the second quarter of 2016, an impairment charge of approximately $717,000 was recognized on approximately four of the approximately six acres of undeveloped land in the City for which a contract for sale was executed during the three months ended June 30, 2016. Such acreage was repurchased in prior years by the Company and carried a higher cost basis than the remainder of the Company’s historical land holdings. The total impairment charge represented the anticipated loss on the sale of approximately $646,000 plus estimated closing costs of approximately $71,000. This sale closed in March 2017. In the second quarter of 2016, an impairment charge of approximately $311,000 was recognized on approximately four acres of undeveloped land in the City for which a contract for sale was executed during the three months ended June 30, 2016. Such acreage was repurchased in prior years by the Company and carried a higher cost basis than the remainder of the Company’s historical land holdings. The total impairment charge represented the anticipated loss on the sale of approximately $256,000 plus estimated closing costs of approximately $55,000. This sale closed in April 2017. In the first quarter of 2016, an impairment charge of approximately $210,000 was recognized on an income property held for sale as of March 31, 2016. The total impairment charge represented the loss on the sale of approximately $134,000 plus closing costs of approximately $76,000. This sale closed in April 2016.

OTHER ASSETS

OTHER ASSETS	12 Months Ended
	Dec. 31, 2018
OTHER ASSETS
OTHER ASSETS	NOTE 11. OTHER ASSETS Other assets consisted of the following: As of December 31, December 31, Income Property Tenant Receivables $ 627,691 $ 895,476 Income Property Straight-line Rent Adjustment 4,304,279 2,517,195 Income Property Lease Incentive 2,394,246 2,696,678 Interest Receivable from Commercial Loan Investments — 38,078 Cash Flow Hedge - Interest Rate Swap 651,722 606,621 Infrastructure Reimbursement Receivables 1,847,375 2,213,305 Deferred Deal Costs 425,476 480,257 Prepaid Expenses, Deposits, and Other 2,634,664 2,773,047 Total Other Assets $ 12,885,453 $ 12,220,657 Income Property Lease Incentive. As of December 31, 2018, the Income Property Lease Incentive of approximately $2.4 million relates to a tenant improvement allowance of approximately $2.7 million provided to Hilton Grand Vacations in conjunction with the extension of their leases of two buildings from November 30, 2021 to November 30, 2026, offset by approximately $353,000 of accumulated amortization which has been recognized as an offset to rental revenue. The remaining balance will be amortized over the remaining term of the leases. Infrastructure Reimbursement Receivables. As of December 31, 2018 and 2017, the Infrastructure Reimbursement Receivables were all related to the land sales within the Tomoka Town Center. The balance as of December 31, 2018 consisted of approximately $1,400,000 due from Tanger for infrastructure reimbursement to be repaid in eight remaining annual installments of $175,000, net of a discount of approximately $153,000, and approximately $660,000 due from Sam’s Club for infrastructure reimbursement to be repaid in six remaining annual installments of $110,000, net of a discount of approximately $60,000. 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. During the years ended December 31, 2018, 2017, and 2016, approximately $380,000, $717,000, and $243,000, respectively, of deal costs were expensed at the time the related transactions were closed. Additionally, during the years ended December 31, 2018, 2017, and 2016, approximately $150,000, $15,000, and $10,000, respectively, of deal costs were expensed at the time it became evident that the transaction would not be completed.

COMMON STOCK AND EARNINGS PER S

COMMON STOCK AND EARNINGS PER SHARE	12 Months Ended
	Dec. 31, 2018
COMMON STOCK AND EARNINGS PER SHARE
COMMON STOCK AND EARNINGS PER SHARE	NOTE 12. COMMON STOCK AND EARNINGS PER SHARE Basic earnings per common share were computed by dividing net income by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per common share were determined based on the assumption of the conversion of stock options and vesting of restricted stock using the treasury stock method at average market prices for the periods. Year Ended December 31, December 31, December 31, Income Available to Common Shareholders: Net Income $ 37,167,790 $ 41,719,424 $ 16,251,248 Weighted Average Shares Outstanding 5,495,792 5,538,859 5,680,165 Common Shares Applicable to Stock Options Using the Treasury Stock Method 33,529 40,933 13,697 Total Shares Applicable to Diluted Earnings Per Share 5,529,321 5,579,792 5,693,862 Per Share Information: Basic Net Income from Continuing Operations Attributable to Consolidated-Tomoka Land Co. $ 7.09 $ 7.42 $ 2.93 Net Income (Loss) from Discontinued Operations Attributable to Consolidated-Tomoka Land Co. (Net of Tax) (0.33) 0.11 (0.07) Net Income $ 6.76 $ 7.53 $ 2.86 Diluted Net Income from Continuing Operations Attributable to Consolidated-Tomoka Land Co. $ 7.04 $ 7.37 $ 2.92 Net Income (Loss) from Discontinued Operations Attributable to Consolidated-Tomoka Land Co. (Net of Tax) (0.32) 0.11 (0.07) Net Income $ 6.72 $ 7.48 $ 2.85 In addition to the dilutive securities presented above, the effect of 15,000, 57,750, and 85,500, potentially dilutive securities were not included for the years ended December 31, 2018, 2017, and 2016, respectively, as the effect would be antidilutive. The Company intends to settle its 4.50% Convertible Senior Notes due 2020 in cash upon conversion with any excess conversion value to be settled in shares of our common stock. Therefore, only the amount in excess of the par value of the Notes will be included in our calculation of diluted net income per share using the treasury stock method. As such, the Notes have no impact on diluted net income per share until the price of our common stock exceeds the current conversion price of $68.51. The average price of our common stock during the years ended December 31, 2018, 2017, or 2016 did not exceed the conversion price which resulted in no additional diluted outstanding shares.

TREASURY STOCK

TREASURY STOCK	12 Months Ended
	Dec. 31, 2018
TREASURY STOCK
TREASURY STOCK	NOTE 13. 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. On July 18, 2018, the Company’s Board of Directors approved an increase of approximately $7.1 million to the stock repurchase program, refreshing the total program to an aggregate of $10 million. During the year ended December 31, 2018, the Company repurchased 168,602 shares of its common stock on the open market for a total cost of approximately $9.8 million, or an average price per share of $58.35. The shares of the Company’s common stock repurchased during the year ended December 31, 2018 were returned to the Company’s treasury. Subsequent to December 31, 2018 and prior to the date of this report, the Company completed the $10 million program through the repurchase of 46,136 shares of its common stock on the open market for a total cost of approximately $2.7 million, or an average price per share of $57.82. In January 2019, the Company’s Board of Directors approved an increase of $10.0 million to the stock repurchase program, refreshing the total program to an aggregate of $10 million.

LONG-TERM DEBT

LONG-TERM DEBT	12 Months Ended
	Dec. 31, 2018
LONG-TERM DEBT
LONG-TERM DEBT	NOTE 14. LONG-TERM DEBT As of December 31, 2018, the Company’s outstanding indebtedness, at face value, was as follows: Face Maturity Interest Value Debt Date Rate Credit Facility $ 120,745,579 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) 24,557,468 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 $ 250,303,047 (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. Amortization of the principal balance began in May 2018. Credit Facility. On May 14, 2018, the Company executed the first amendment to the 2017 Amended Credit Facility (the “2018 Revolver Amendment”). As a result of the 2018 Revolver Amendment, the Credit Facility has a total borrowing capacity of $150.0 million with the ability to increase that capacity up to $250.0 million during the term, subject to lender approval. 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 2017 Amended Credit Facility, as amended by the 2018 Revolver Amendment. The Credit Facility also accrues a fee of 15 to 25 basis points for any unused portion of the borrowing capacity based on whether the unused portion is greater or less than 50% of the total borrowing capacity. At December 31, 2018, the current commitment level under the Credit Facility was $150.0 million. The available borrowing capacity under the Credit Facility was approximately $29.3 million, based on the level of borrowing base assets. As of December 31, 2018, the Credit Facility had a $120.7 million balance. On February 28, 2019, the Company paid down the outstanding balance on the Credit Facility in the amount of $23.0 million and as a result the outstanding balance on the Credit Facility totaled approximately $97.7 million and the available borrowing capacity, after removing the multi-tenant property sold in February 2019, was approximately $46.3 million, based on the level of borrowing base assets. The Credit Facility is subject to customary restrictive covenants including, but not limited to, limitations on the Company’s ability to: (a) incur indebtedness; (b) make certain investments; (c) incur certain liens; (d) engage in certain affiliate transactions; and (e) engage in certain major transactions such as mergers. In addition, the Company is subject to various financial maintenance covenants including, but not limited to, a maximum indebtedness ratio, a maximum secured indebtedness ratio, and a minimum fixed charge coverage ratio. The Credit Facility also contains affirmative covenants and events of default including, but not limited to, a cross default to the Company’s other indebtedness and upon the occurrence of a change in control. The Company’s failure to comply with these covenants or the occurrence of an event of default could result in acceleration of the Company’s debt and other financial obligations under the Credit Facility. Mortgage Notes Payable. In addition to the Credit Facility, the Company has certain other borrowings, as noted in the table above, all of which are non-recourse. Convertible Debt. The Company’s $75.0 million aggregate principal amount of 4.50% Convertible Notes (the “Notes”) will mature on March 15, 2020, unless earlier purchased or converted. The initial conversion rate was 14.5136 shares of common stock for each $1,000 principal amount of Notes, which represented an initial conversion price of approximately $68.90 per share of common stock. Since July of 2016, when the Company’s Board of Directors implemented a quarterly dividend in place of the previous semi-annual dividend, the conversion rate has been adjusted with each successive quarterly dividend and is currently, after the fourth quarter 2018 dividend, equal to 14.5969 shares of common stock for each $1,000 principal amount of Notes, which represents an adjusted conversion price of approximately $68.51 per share of common stock. The conversion rate is subject to adjustment in certain circumstances. Holders may not surrender their 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 Notes, or specified corporate events including a change in control of the Company. The Company may not redeem the Notes prior to the stated maturity date and no sinking fund is provided for the Notes. The Notes are convertible, at the election of the Company, into solely cash, solely shares of the Company’s common stock, or a combination of cash and shares of the Company’s common stock. The Company intends to settle the Notes in cash upon conversion, with any excess conversion value to be settled in shares of our common stock. In accordance with GAAP, the Notes are accounted for as a liability with a separate equity component recorded for the conversion option. A liability was recorded for the Notes on the issuance date at fair value based on a discounted cash flow analysis using current market rates for debt instruments with similar terms. The difference between the initial proceeds from the Notes and the estimated fair value of the debt instruments resulted in a debt discount, with an offset recorded to additional paid-in capital representing the equity component. The discount on the Notes was approximately $6.1 million at issuance, which represents the cash discount paid of approximately $2.6 million and the approximate $3.5 million attributable to the value of the conversion option recorded in equity, which is being amortized into interest expense through the maturity date of the Notes. As of December 31, 2018, the unamortized debt discount of our Notes was approximately $1.7 million. Long-term debt consisted of the following: December 31, 2018 December 31, 2017 Due Within Due Within Total One Year Total One Year Credit Facility $ 120,745,579 $ — $ 70,000,000 $ — Mortgage Note Payable (originated with Wells Fargo) 30,000,000 — 30,000,000 — Mortgage Note Payable (originated with Wells Fargo) 24,557,468 — 25,000,000 — 4.50% Convertible Senior Notes due 2020, net of discount 73,348,731 — 72,075,295 — Loan Costs, net of accumulated amortization (1,026,967) — (1,258,931) — Total Long-Term Debt $ 247,624,811 $ — $ 195,816,364 $ — Payments applicable to reduction of principal amounts will be required as follows: Year Ending December 31, Amount 2019 $ — 2020 75,000,000 2021 145,303,047 2022 — 2023 — Thereafter 30,000,000 Total Long-Term Debt - Face Value $ 250,303,047 The carrying value of long-term debt as of December 31, 2018 consisted of the following: Total Current Face Amount $ 250,303,047 Unamortized Discount on Convertible Debt (1,651,269) Loan Costs, net of accumulated amortization (1,026,967) Total Long-Term Debt $ 247,624,811 The following table reflects a summary of interest expense incurred and paid during the years ended December 31, 2018, 2017, and 2016: Year Ended December 31, December 31, December 31, ($000's) ($000's) ($000's) Interest Expense $ 8,655 $ 7,034 $ 6,804 Amortization of Loan Costs 495 509 828 (1) Amortization of Discount on Convertible Notes 1,273 1,195 1,121 Capitalized Interest — (215) — Total Interest Expense $ 10,423 $ 8,523 $ 8,753 Total Interest Paid $ 8,419 $ 7,060 $ 6,779 (1) The approximately $828,000 of amortization of loan costs during the year ended December 31, 2016 included approximately $367,000 of unamortized loan costs which were written off and included in interest expense related to the $23.1 million mortgage loan assumed by the buyer upon closing the Portfolio Sale on September 16, 2016. The Company was in compliance with all of its debt covenants as of December 31, 2018 and 2017.

INTEREST RATE SWAP

INTEREST RATE SWAP	12 Months Ended
	Dec. 31, 2018
INTEREST RATE SWAP
INTEREST RATE SWAP	NOTE 15. INTEREST RATE SWAP During April 2016, the Company entered into an interest rate swap agreement to hedge cash flows tied to changes in the underlying floating interest rate tied to LIBOR for the $25.0 million mortgage note payable as discussed in Note 14, “Long-Term Debt.” During the years ended December 31, 2018 and 2017, the interest rate swap agreement was 100% effective. Accordingly, the change in fair value on the interest rate swap has been classified in accumulated other comprehensive income. As of December 31, 2018 and 2017, the fair value of our interest rate swap agreement, which was a gain of approximately $652,000 and $607,000, respectively, was included in other assets on the consolidated balance sheets. The interest rate swap was effective on April 7, 2016 and matures on April 7, 2021. The interest rate swap fixed the variable rate debt on the notional amount of related debt of $24.6 million to a rate of 3.17%.

ACCRUED AND OTHER LIABILITIES

ACCRUED AND OTHER LIABILITIES	12 Months Ended
	Dec. 31, 2018
ACCRUED AND OTHER LIABILITIES
ACCRUED AND OTHER LIABILITIES	NOTE 16. ACCRUED AND OTHER LIABILITIES Accrued and other liabilities consisted of the following: As of December 31, December 31, Accrued Property Taxes $ 12,312 $ 66,909 Tenant Leasing Reserve Escrow — — Reserve for Tenant Improvements 100,519 3,302,831 Accrued Construction Costs 350,593 1,360,950 Accrued Interest 1,430,236 1,194,681 Environmental Reserve and Restoration Cost Accrual 520,404 866,936 Other 2,783,820 2,276,154 Total Accrued and Other Liabilities $ 5,197,884 $ 9,068,461 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 year ended December 31, 2018 eligible costs totaling approximately $2.25 million were funded from the escrow account which included approximately $935,000 of the Company’s costs incurred related to the property acquisition, approximately $852,000 in base rent payments, and a cash payment to the master tenant of approximately $463,000 for tenant improvements, leaving no remaining escrow balance as of December 31, 2018. Reserve for Tenant Improvements. The reduction of the balance during the year ended December 31, 2018 reflects 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 addition, 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. During the quarter ended June 30, 2018, the tenant completed the improvements and the Company funded $400,000 to LA Fitness. 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 $570,000 in costs have been incurred through December 31, 2018, leaving a remaining accrual of approximately $91,000. 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 has funded approximately $1.6 million of the total $2.0 million of estimated costs through the period ended December 31, 2018, leaving a remaining accrual of approximately $430,000. This matter is more fully described in Note 20 “Commitments and Contingencies.”

DEFERRED REVENUE

DEFERRED REVENUE	12 Months Ended
	Dec. 31, 2018
DEFERRED REVENUE
DEFERRED REVENUE	NOTE 17. DEFERRED REVENUE Deferred revenue consisted of the following: As of December 31, December 31, Deferred Oil Exploration Lease Revenue $ 585,675 $ 585,675 Deferred Revenue on Land Sales 831,320 — Prepaid Rent 1,621,620 1,126,408 Tenant Contributions 4,104,151 — Other Deferred Revenue 58,838 89,613 Total Deferred Revenue $ 7,201,604 $ 1,801,696 Deferred Oil Exploration Lease Revenue. Pursuant to the amendment for the Year 8 renewal of the oil exploration lease, the annual lease payment is approximately $807,000, which is being recognized ratably over the twelve-month lease period ending in September 2019. As of December 31, 2018, $705,000 of the total approximately $807,000 lease payment has been received with the remainder due in one remaining monthly installment. 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. The Company estimates the obligation related to the wetlands mitigation will total approximately $25,000. 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. Approximately $101,000 was recognized into income property rental revenue through December 31, 2018, leaving an aggregate balance of approximately $2.3 million, related to the Company’s total acquisition cost of approximately $29.0 million, to be recognized 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. Approximately $117,000 was recognized into income property rental revenue through December 31, 2018, leaving a balance of approximately $1.8 million to be recognized over the remaining term of the lease.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	12 Months Ended
	Dec. 31, 2018
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	NOTE 18. STOCK-BASED COMPENSATION SUMMARY OF STOCK-BASED COMPENSATION A summary of share activity for all equity classified stock compensation during the year ended December 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 12/31/2018 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) — (1,267) 34,952 Equity Classified - Non-Qualified Stock Option Awards 90,000 — (10,000) — — 80,000 Total Shares 169,775 33,157 (36,633) — (1,267) 165,032 Amounts recognized in the financial statements for stock options, stock appreciation rights, and restricted stock are as follows: Year Ended December 31, December 31, December 31, Accelerated Charge for Stock-Based Compensation $ — $ — $ 1,649,513 Recurring Charge for Stock-Based Compensation 1,684,250 1,437,223 1,529,370 Total Cost of Share-Based Plans Charged Against Income Before Tax Effect $ 1,684,250 $ 1,437,223 $ 3,178,883 Income Tax Expense Recognized in Income $ (426,873) $ (554,409) $ (1,226,254) 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 three-year performance period, the relative performance of the Company’s stock price and shareholder return compared to the companies in the peer group, annual dividends paid by the Company, and a risk-free interest rate assumption. Compensation cost is recognized regardless of the achievement of the market conditions, provided the requisite service period is met. A summary of activity during the years ended December 31, 2018, 2017, and 2016 is presented below: Wtd. Avg. Performance Shares with Market Conditions Shares Fair Value Outstanding at January 1, 2016 — $ — Granted — — Vested — — Expired — — Forfeited — — Outstanding at December 31, 2016 — — Granted 12,635 55.66 Vested — — Expired — — Forfeited — — Outstanding at December 31, 2017 12,635 55.66 Granted 15,445 74.99 Vested — — Expired — — Forfeited — — Outstanding at December 31, 2018 28,080 $ 66.29 As of December 31, 2018, there was approximately $1.0 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 1.8 years. Market Condition Restricted Shares – Peer Group Vesting Under the 2010 Plan, in September 2010 and January 2011, the Company granted to certain employees restricted shares of the Company’s common stock, which would vest upon the achievement of certain market conditions, including thresholds relating to the Company’s total shareholder return as compared to the total shareholder return of a certain peer group during a five-year performance period. The Company used a Monte Carlo simulation pricing model to determine the fair value of its awards that are based on market conditions. The determination of the fair value of market condition-based awards is affected by the Company’s stock price as well as assumptions regarding a number of other variables. These variables include expected stock price volatility over the requisite performance term of the awards, the relative performance of the Company’s stock price and shareholder returns to companies in its peer group, annual dividends, and a risk-free interest rate assumption. Compensation cost is recognized regardless of the achievement of the market conditions, provided the requisite service period is met. A summary of activity during the years ended December 31, 2018, 2017, and 2016 is presented below: Wtd. Avg. Grant Date Market Condition Non-Vested Restricted Shares Shares Fair Value Outstanding at January 1, 2016 2,400 $ 23.42 Granted — — Vested (2,300) 23.42 Expired — — Forfeited (100) 23.42 Outstanding at December 31, 2016 — — Granted — — Vested — — Expired — — Forfeited — — Outstanding at December 31, 2017 — — Granted — — Vested — — Expired — — Forfeited — — Outstanding at December 31, 2018 — $ — As of December 31, 2018, there is no unrecognized compensation as there are no outstanding shares remaining. Market Condition Restricted Shares– Stock Price Vesting “Inducement” grants of 96,000 and 17,000 shares of restricted Company common stock were awarded to 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 December 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 December 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 (i) 4,000 were re-granted on February 26, 2016 with terms identical to those of the surrendered restricted stock, and (ii) 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 December 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 years ended December 31, 2018, 2017, and 2016 is presented below: Wtd. Avg. Market Condition Non-Vested Restricted Shares Shares Fair Value Outstanding at January 1, 2016 137,500 $ 30.58 Granted 4,000 38.98 Vested — — Expired — — Forfeited (72,000) 34.46 Outstanding at December 31, 2016 69,500 27.03 Granted — — Vested (7,750) 34.30 Expired (32,000) 14.08 Forfeited — — Outstanding at December 31, 2017 29,750 39.07 Granted — — Vested (7,750) 31.58 Expired — — Forfeited — — Outstanding at December 31, 2018 22,000 $ 41.71 In connection with the permanent surrender of 68,000 shares of restricted Company common stock, approximately $1.6 million of related stock-based compensation expense was recognized during the year ended December 31, 2016 to accelerate the remaining expense pertaining the total grant date fair value of these awards. As of December 31, 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 January 28, 2015, 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 for these awards during the years ended December 31, 2018, 2017, and 2016, is presented below: Wtd. Avg. Fair Value Three Year Vest Non-Vested Restricted Shares Shares Per Share Outstanding at January 1, 2016 26,900 $ 49.73 Granted 21,100 44.88 Vested (10,363) 47.89 Expired — — Forfeited (133) 46.08 Outstanding at December 31, 2016 37,504 47.53 Granted 17,451 55.06 Vested (17,298) 46.70 Expired — — Forfeited (267) 52.51 Outstanding at December 31, 2017 37,390 51.39 Granted 17,712 65.33 Vested (18,883) 51.57 Expired — — Forfeited (1,267) 59.39 Outstanding at December 31, 2018 34,952 $ 58.07 As of December 31, 2018, there was approximately $1.1 million of unrecognized compensation cost, adjusted for estimated forfeitures, related to the three-year vest non-vested restricted shares, which will be recognized over a remaining weighted average period of 1.7 years. Non-Qualified Stock Option Awards Pursuant to the Non-Qualified Stock Option Award Agreements between the Company and Messrs. Albright, Patten, and Smith, each of these Company employees was granted an option to purchase 50,000, 10,000, and 10,000 shares of Company common stock, in 2011, 2012, and 2014, respectively, under the 2010 Plan, with an exercise price per share equal to the fair market value on their respective grant dates. One-third of the options vested on 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. Mr. Patten exercised his option to purchase 10,000 shares of Company common stock during the year ended December 31, 2018. 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 these awards during the years ended December 31, 2018, 2017, and 2016, is presented below: Wtd. Avg. Remaining Contractual Aggregate Wtd. Avg. Term Intrinsic Non-Qualified Stock Option Awards Shares Ex. Price (Years) Value Outstanding at January 1, 2016 116,850 $ 48.63 Granted 40,000 55.62 Exercised (3,350) 34.95 Expired — — Forfeited (40,000) 55.62 Outstanding at December 31, 2016 113,500 49.03 Granted — — Exercised (23,500) 34.95 Expired — — Forfeited — — Outstanding at December 31, 2017 90,000 52.71 Granted — — Exercised (10,000) 29.34 Expired — — Forfeited — — Outstanding at December 31, 2018 80,000 $ 55.63 6.50 $ 25,000 Exercisable at January 1, 2018 73,000 $ 51.94 6.88 $ 843,968 Exercisable at December 31, 2018 80,000 $ 55.63 6.50 $ 25,000 A summary of the non-vested options for these awards during the years ended December 31, 2018, 2017, and 2016, is presented below: Fair Value of Shares Non-Qualified Stock Option Awards Shares Vested Non-Vested at January 1, 2016 88,260 Granted 40,000 Vested (51,360) $ 2,643,088 Expired — Forfeited (40,000) Non-Vested at December 31, 2016 36,900 Granted — Vested (19,900) $ 1,094,066 Expired — Forfeited — Non-Vested at December 31, 2017 17,000 Granted — Vested (17,000) $ 952,068 Expired — Forfeited — Non-Vested at December 31, 2018 — No options were granted during the year ended December 31, 2018. The total intrinsic value of options exercised during the year ended December 31, 2018 was approximately $349,000. As of December 31, 2018, there is no unrecognized compensation cost related to non-qualified, non-vested stock option awards. LIABILITY-CLASSIFIED STOCK COMPENSATION The Company previously had a stock option plan (the “2001 Plan”) pursuant to which 500,000 shares of the Company’s common stock were eligible for issuance. The 2001 Plan expired in 2010, and no new stock options may be issued under the 2001 Plan. Under the 2001 Plan, both stock options and stock appreciation rights were issued in prior years and such issuances were deemed to be liability-classified awards under FASB ASC Topic, Share-Based Payments , which are required to be remeasured at fair value at each balance sheet date until the award is settled. There was no remaining liability as of December 31, 2018 or 2017, because there were no options outstanding and exercisable. A summary of share option activity under the 2001 Plan during the years ended December 31, 2018, 2017, and 2016 is presented below: Stock Options Wtd. Avg. Remaining Contractual Aggregate Wtd. Avg. Term Intrinsic Liability-Classified Stock Options Shares Ex. Price (Years) Value Outstanding at January 1, 2016 18,000 $ 64.69 Granted — — Exercised — — Expired (3,000) 67.27 Forfeited (4,000) 64.99 Outstanding at December 31, 2016 11,000 63.87 Granted — — Exercised (6,000) 52.73 Expired (5,000) 52.73 Forfeited — — Outstanding at December 31, 2017 — — Granted — — Exercised — — Expired — — Forfeited — — Outstanding at December 31, 2018 — $ — — $ — Exercisable at December 31, 2018 — $ — — $ — No options remained outstanding and exercisable as of December 31, 2018 or 2017. Stock Appreciation Rights Wtd. Avg. Remaining Contractual Aggregate Wtd. Avg. Term Intrinsic Liability-Classified Stock Appreciation Rights Shares Fair Value (Years) Value Outstanding at January 1, 2016 18,000 $ 2.64 Granted — — Exercised — — Expired (3,000) — Forfeited (4,000) 0.87 Outstanding at December 31, 2016 11,000 1.33 Granted — — Exercised (6,000) 3.84 Expired (5,000) — Forfeited — — Outstanding at December 31, 2017 — — Granted — — Exercised — — Expired — — Forfeited — — Outstanding at December 31, 2018 — $ — — $ — Exercisable at December 31, 2018 — $ — — $ — No stock appreciation rights remained outstanding and exercisable as of December 31, 2018 or 2017. The aggregate intrinsic value of options is calculated by taking the current stock price of the Company as of the balance sheet date less the option exercise price, times the respective number of shares outstanding or exercisable, on a weighted average basis. Options with an exercise price greater than the current stock price are excluded from the calculation. The fair value of each share option and stock appreciation right is estimated on the measurement date using the Black-Scholes option pricing model based on assumptions noted in the following table. Expected volatility is based on the historical volatility of the Company and other factors. The Company has elected to use the simplified method of estimating the expected term of the options and stock appreciation rights. Due to the small number of employees included in the 2001 Plan, the Company uses the specific identification method to estimate forfeitures and includes all participants in one group. The risk-free rate for periods within the contractual term of the share option is based on the U.S. Treasury rates in effect at the time of measurement. The Company issues new, previously unissued, shares as options are exercised. Following are assumptions used in determining the fair value of stock options and stock appreciation rights for the year ended December 31, 2016. There were no assumptions for the years ended December 31, 2018 and 2017 as there are no remaining stock options or stock appreciation rights: Assumptions at: December 31, 2018 December 31, 2017 December 31, 2016 Expected Volatility — % — % 14.13 % Expected Dividends — % — % 0.22 % Expected Term — years — years 0.61 years Risk-Free Rate — % — % 0.66 % There were no stock options or stock appreciation rights granted under the 2001 Plan during the years ended December 31, 2018, 2017, or 2016.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2018
INCOME TAXES
INCOME TAXES	NOTE 19. INCOME TAXES Total income tax benefit (expense) are summarized as follows: Year ended December 31, 2018 2017 2016 Income Tax (Expense) Benefit from Continuing Operations $ (14,162,966) $ 10,326,298 $ (12,092,513) Income Tax (Expense) Benefit from Discontinued Operations 608,222 (391,032) 255,659 Total Consolidated Income Tax Benefit (Expense) $ (13,554,744) $ 9,935,266 $ (11,836,854) The provisions for income tax benefit (expense) from continuing operations are summarized as follows: 2018 2017 2016 Current Deferred Current Deferred Current Deferred Federal $ (543,559) $ (12,648,423) $ 794,174 $ 8,708,485 $ (159,596) $ (10,996,276) State (299,636) (671,348) 70,384 753,255 (311,525) (625,116) Total $ (843,195) $ (13,319,771) $ 864,558 $ 9,461,740 $ (471,121) $ (11,621,392) Deferred tax assets and liabilities are recognized for the future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The sources of these differences and the related deferred income tax assets (liabilities) are summarized as follows: Deferred Tax 2018 2017 Deferred Income Tax Assets Depreciation $ 4,904,976 $ 2,073,439 Intangible Lease Liabilities 7,111,608 7,512,629 Income Property Tenant Contributions 1,069,882 — Impairment Reserves 1,393,415 1,139,918 Stock Options and Restricted Stock 977,210 883,725 Net Operating Loss Carryforward — 266,036 Capital Loss Carryforward 20,750 20,750 Deferred Oil Lease Income 121,323 148,439 Other - Net 44,967 60,480 Gross Deferred Income Tax Assets 15,644,131 12,105,416 Less - Valuation Allowance (272,966) (272,966) Net Deferred Income Tax Assets 15,371,165 11,832,450 Deferred Income Tax Liabilities Sales of Real Estate (67,388,733) (52,720,764) Income Property Lease Incentive (606,820) — Discount on Equity Component of Convertible Debt (238,200) (421,895) Basis Difference in Joint Venture (764,566) (224,715) Interest Rate Swap (486,543) (452,873) Deferred Revenue (Net of Straight-line Rent Adjustments) (578,034) (226,673) Other - Net (78,176) (79,394) Total Deferred Income Tax Liabilities (70,141,072) (54,126,314) Net Deferred Income Tax Liabilities $ (54,769,907) $ (42,293,864) In assessing the realizability of deferred income tax assets, Management considers whether it is more likely than not that some portion or all of the deferred income tax assets will not be realized. The ultimate realization of deferred income tax assets is dependent upon the realization of future taxable income during the periods in which those temporary differences become deductible. We consider past history, the scheduled reversal of taxable temporary differences, projected future taxable income, and tax planning strategies in making this assessment. As of December 31, 2018 and 2017, we believe it is more likely than not that a portion of the Company’s deferred income tax assets will not be realized, and accordingly, a valuation allowance has been provided. As of December 31, 2018 and 2017, the valuation allowance was approximately $273,000. As of December 31, 2018 and 2017, the valuation allowance relates solely to a basis difference in a joint venture with a wholly owned and fully consolidated subsidiary, and no valuation allowance is provided for charitable contribution carryforwards due to the expectation of full utilization during 2018. Following is a reconciliation of the income tax computed at the federal statutory rate of 21% for 2018 and 35% for 2017 and 2016 for continuing operations: Year ended December 31, 2018 2017 2016 Income Tax (Expense) Benefit Computed at Federal Statutory Rate $ (11,137,038) $ (10,137,092) $ (9,475,601) Increase (Decrease) Resulting from: State Income Tax, Net of Federal Income Tax Benefit (2,985,086) (1,703,805) (1,693,578) Income Tax on Permanently Non-Deductible Items (31,466) 66,015 (1,015,936) Change in Corporate Federal Tax Rate — 22,249,536 — Other Reconciling Items (9,376) (148,356) 92,602 Benefit (Expense) for Income Taxes $ (14,162,966) $ 10,326,298 $ (12,092,513) The effective income tax rate for each of the three years ended December 31, 2018, 2017, and 2016, including income taxes attributable to the discontinued operations, was 26.7%, (31.0)%, and 42.2%, respectively. The provision for income taxes reflects the Company’s estimate of the effective rate expected to be applicable for the full fiscal year, adjusted for any discrete events, which are reported in the period that they occur. During the fourth quarter of 2017, the Company recorded an income tax benefit of approximately $22.2 million due to the impact of the reduction in the corporate tax rate from 35% to 21% for the Tax Cuts and Jobs Act. During the first quarter of 2016, 68,000 shares of restricted Company common stock were permanently surrendered which constituted a discrete event in which the total related stock compensation expense charged to earnings under GAAP of approximately $2.3 million, of which approximately $1.6 million was recognized during the first quarter of 2016 and approximately $676,000 was recognized during the year ended December 31, 2016, became permanently non-deductible for tax purposes as the surrendered shares will not vest. Accordingly, no income tax benefit was recorded related to the approximately $2.3 million of stock compensation expense. The Company files a consolidated income tax return in the United States Federal jurisdiction and the States of Arizona, Colorado, California, Florida, Georgia, Maryland, Massachusetts, New Mexico, 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. For the years ended December 31, 2018, 2017, and 2016 the Company recognized no uncertain tax positions or accrued interest and penalties for uncertain tax positions. Income taxes totaling approximately $323,000, $334,000, and $510,000 were paid during the years ended December 31, 2018, 2017, and 2016, respectively. Additionally, income taxes totaling approximately $204,000, $958,000 and $133,000 were refunded during the years ended December 31, 2018, 2017, and 2016, respectively.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2018
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	NOTE 20. COMMITMENTS AND CONTINGENCIES MINIMUM FUTURE RENTAL PAYMENTS The Company leases, as lessee, certain equipment under operating leases. Minimum future rental payments under non-cancelable operating leases having remaining terms in excess of one year as of December 31, 2018, are summarized as follows: Year Ending December 31, Amounts 2019 $ 264,952 2020 187,877 2021 119,358 2022 116,341 2023 32,765 2024 and thereafter (cumulative) — Total $ 721,293 Rental expense under all operating leases amounted to approximately $309,000, $339,000, and $389,000, for the years ended December 31, 2018, 2017, and 2018, respectively. MINIMUM FUTURE RENTAL RECEIPTS Additionally, the Company, as lessor, leases certain land, buildings, and improvements under operating leases. Minimum future rental receipts under non-cancelable operating leases having remaining terms in excess of one year as of December 31, 2018, are summarized as follows: Year Ending December 31, Amounts 2019 $ 35,056,946 2020 34,247,241 2021 31,669,389 2022 30,692,646 2023 29,134,012 2024 and thereafter (cumulative) 158,540,049 Total $ 319,340,283 LEGAL PROCEEDINGS From time to time, the Company may be a party to certain legal proceedings, incidental to the normal course of business. While the outcome of the legal proceedings cannot be predicted with certainty, the Company does not expect that these proceedings will have a material effect upon our financial condition or results of operations. On November 21, 2011, the Company, Indigo Mallard Creek LLC and Indigo Development LLC, as owners of the property leased to Harris Teeter, Inc. (“Harris Teeter”) in Charlotte, North Carolina, were served with pleadings filed in the General Court of Justice, Superior Court Division for Mecklenburg County, North Carolina, for a highway condemnation action involving this property. The proposed road modifications would impact access to the property. The Company does not believe the road modifications provided a basis for Harris Teeter to terminate 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 until 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 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 2020 . 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 total cost for the improvements was approximately $1.26 million and the Company has committed to reimburse RaceTrac in an amount equal to $976,500. In 2013, the Company deposited $283,500 of cash in escrow related to the improvements, which was previously classified as restricted cash in the consolidated balance sheets. In the second quarter of 2018, the Company received confirmation that the required improvements were completed by RaceTrac. Accordingly, $283,500 was paid to RaceTrac leaving no remaining escrow balance as of December 31, 2018. During the year ended December 31, 2018, the remaining commitment of approximately $693,000 was paid to RaceTrac from the proceeds of the sale of the remaining Williamson Crossing land. There is no remaining commitment as of December 31, 2018. In conjunction with the Company’s sale of approximately 18.1 acres of land to an affiliate of Sam’s Club (“Sam’s”) in December 2015, the Company agreed to reimburse Sam’s for a portion of their construction costs applicable to adjacent outparcels retained by the Company. As a result, in December 2015, the Company deposited $125,000 of cash in escrow related to construction work which remains classified as restricted cash in the consolidated balance sheets. The total amount in escrow as of December 31, 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. 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 accompanying 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 December 31, 2018 . In conjunction with the execution of certain of the Company’s leases at The Grove at Winter Park property, tenant improvement allowances totaling approximately $731,000 have been committed to (the “Grove TI Allowances”). As of December 31, 2018, approximately $83,000 of the Grove TI Allowances have been funded, leaving a remaining commitment of approximately $648,000. CONTRACTUAL COMMITMENTS – LAND PIPELINE As of February 27, 2019, the Company’s pipeline of potential land sales transactions included the following twelve potential transactions with ten different buyers, representing nearly 1,800 acres or approximately 33% of our remaining land holdings: No. of Acres Amount Price Estimated Transaction (Buyer) (Rounded) ($000's) per Acre Timing 1 Commercial/Retail - O'Connor - East of I-95 (1) (2) 203 $ 45,252 $ '19 - '20 2 Residential (SF) - ICI Homes - West of I-95 1,016 21,000 '20 3 Commercial/Medical Office - East of I-95 32 8,089 '19 - '20 4 Residential (MF) - East of I-95 38 6,100 Q4 '19 5 Commercial/Residential - Unicorp - East of I-95 31 4,600 '19 - '20 6 Residential (MF) - East of I-95 20 4,000 '19 - '20 7 Commercial/Retail - Unicorp - East of I-95 14 3,800 '19 - '20 8 Residential - East of I-95 13 2,600 '19 - '20 9 Residential (SF) - West of I-95 98 2,600 '19 - '20 10 Residential (MF) - East of I-95 19 2,000 '20 11 Residential (SF) - ICI Homes - West of I-95 146 1,650 '19 12 Borrow Pit - West of I-95 149 1,600 '19 - '20 Total (Average) 1,779 $ 103,291 $ (1) Land sales transaction which requires 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. (2) The Company expects that the buyer will complete the transaction in two separate closings. As noted above, these agreements contemplate closing dates ranging from early 2019 through fiscal year 2020, and although some of the transactions will likely close in 2019, some of the buyers may not be contractually obligated to close until after 2019. 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, 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, conducting traffic analyses and potential road impact requirements with the Florida Department of Transportation and negotiating other matters with Volusia County. In addition to other customary closing conditions, the majority of these transactions are conditioned upon the receipt of approvals or permits from those various governmental authorities, as well as other matters that are beyond our control. If such approvals are not obtained or costs to meet governmental requirements or obligations are too high, 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 $1.6 million of the total $2.0 million of estimated costs through December 31, 2018. The Company believes there is at least a reasonable possibility that the estimated remaining liability of approximately $430,000 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 $430,000 obligation. Accordingly, the Company deposited $423,000 of cash in escrow to secure performance on the obligation. The funds in escrow can be drawn upon completion of certain milestones including completion of restoration and annual required monitoring. The first such milestone was achieved during the fourth quarter of 2017 and $189,500 of the escrow was refunded leaving an escrow balance of approximately $234,000 as of December 31, 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 December 31, 2018.

BUSINESS SEGMENT DATA

BUSINESS SEGMENT DATA	12 Months Ended
	Dec. 31, 2018
BUSINESS SEGMENT DATA
BUSINESS SEGMENT DATA	NOTE 21. BUSINESS SEGMENT DATA The Company operates in four primary business segments: income properties, commercial loan investments, real estate operations, and golf operations. During the fourth quarter of 2018, the Company commenced efforts to pursue the monetization of the golf operations and assets comprising the Club. Accordingly, as of December 31, 2018 and 2017, the golf assets comprising the Club have been classified as held for sale in the accompanying consolidated balance sheets and the results of golf operations have been classified as discontinued operations in the accompanying consolidated statements of income for the years ended December 31, 2018, 2017, and 2016. 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 88.5% and 83.4% of our identifiable assets as of December 31, 2018 and 2017, respectively, and 46.2%, 36.4%, and 38.1% of our consolidated revenues for the years ended December 31, 2018, 2017, and 2016, respectively. As of December 31, 2018, we had no commercial loan investments. Our real estate operations primarily consist of revenues generated from land transactions and leasing and royalty income from our interests in subsurface oil, gas and mineral rights. Our golf operations consist of a single property located in the City of Daytona Beach, with two 18-hole championship golf courses, a practice facility, and clubhouse facilities, including a restaurant and bar operation and pro-shop with retail merchandise. The majority of the revenues generated by our golf operations are derived from members and public customers playing golf, club memberships, and food and beverage operations. The Company evaluates performance based on profit or loss from operations before income taxes. The Company’s reportable segments are strategic business units that offer different products. They are managed separately because each segment requires different management techniques, knowledge, and skills. Information about the Company’s operations in different segments for the years ended December 31, 2018, 2017, and 2016 is as follows: Year Ended December 31, December 31, December 31, Revenues: Income Properties $ 40,075,731 $ 31,406,930 $ 25,092,484 Commercial Loan Investments 615,728 2,052,689 2,588,235 Real Estate Operations 45,997,141 52,857,359 38,203,748 Total Revenues $ 86,688,600 $ 86,316,978 $ 65,884,467 Operating Income: Income Properties $ 31,905,648 $ 24,489,187 $ 19,887,621 Commercial Loan Investments 615,728 2,052,689 2,588,235 Real Estate Operations 34,483,223 35,281,013 23,155,668 General and Corporate Expense (25,546,893) (22,567,310) (20,407,950) Other Gains and Income 22,035,666 38 12,758,770 Total Operating Income $ 63,493,372 $ 39,255,617 $ 37,982,344 Depreciation and Amortization: Income Properties $ 15,728,095 $ 12,272,265 $ 7,872,689 Corporate and Other 33,428 42,435 56,654 Total Depreciation and Amortization $ 15,761,523 $ 12,314,700 $ 7,929,343 Capital Expenditures: Income Properties $ 108,996,747 $ 92,125,062 $ 92,434,774 Commercial Loan Investments — 3,000,000 — Real Estate Operations 4,658,956 — — Golf Operations 94,734 2,373,894 95,513 Corporate and Other 13,775 128,716 19,881 Total Capital Expenditures $ 113,764,212 $ 97,627,672 $ 92,550,168 As of December 31, 2018 December 31, 2017 Identifiable Assets: Income Properties $ 492,093,615 $ 388,602,721 Commercial Loan Investments — 11,963,777 Real Estate Operations 35,287,559 43,296,528 Golf Operations-Held for Sale 4,462,477 6,262,634 Corporate and Other 24,486,221 16,004,718 Total Assets $ 556,329,872 $ 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, and gains 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.

ASSETS HELD FOR SALE AND DISCON

ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS	12 Months Ended
	Dec. 31, 2018
ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS
ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS	NOTE 22. ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS During the fourth quarter of 2018, the Company commenced efforts to pursue monetization of certain of its multi-tenant income properties and the golf operations and assets comprising the Club. Accordingly, four multi-tenant income properties and the golf assets comprising the Club were classified as held for sale as of December 31, 2018. Additionally, the golf operations qualify as discontinued operations and have been reclassified as such in the accompanying consolidated statements of income for the years ended December 31, 2018, 2017, and 2016. The following is a summary of assets and liabilities held for sale as of December 31, 2018 and 2017: As of December 31, 2018 As of December 31, 2017 Multi-Tenant Income Properties Golf Assets Total Assets Held for Sale Multi-Tenant Income Properties Golf Assets Total Assets Held for Sale Property, Plant, and Equipment—Net $ 67,810,880 $ 3,659,703 $ 71,470,583 $ — $ 5,060,005 $ 5,060,005 Cash and Cash Equivalents — 156,489 156,489 — 452,157 452,157 Other Assets — 646,285 646,285 — 750,471 750,471 Intangible Lease Assets—Net 4,366,858 — 4,366,858 — — — Intangible Lease Liabilities—Net (773,705) — (773,705) — — — Total Assets Held for Sale $ 71,404,033 $ 4,462,477 $ 75,866,510 $ — $ 6,262,633 $ 6,262,633 As of December 31, 2018 As of December 31, 2017 Multi-Tenant Income Properties Golf Assets Total Liabilities Held for Sale Multi-Tenant Income Properties Golf Assets Total Liabilities Held for Sale Accounts Payable $ — $ 199,422 $ 199,422 $ — $ 213,302 $ 213,302 Accrued and Other Liabilities — 924,323 924,323 — 1,092,065 1,092,065 Deferred Revenue — 223,551 223,551 — 228,763 228,763 Total Liabilities Held for Sale $ — $ 1,347,296 $ 1,347,296 $ — $ 1,534,130 $ 1,534,130 Golf $1 Round Surcharge. Accrued and Other Liabilities within Liabilities Held for Sale of approximately $924,000 is primarily comprised of a $1 per round of golf 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 of Per-Round Surcharges of $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 accompanying consolidated balance sheets. The first annual payment was made in January 2018 leaving a remaining commitment of approximately $630,000 as of December 31, 2018. The following is a summary of discontinued operations for the years ended December 31, 2018, 2017, and 2016: Year Ended December 31, December 31, December 31, Golf Operations Revenue $ 4,941,997 $ 5,095,313 $ 5,190,394 Golf Operations Direct Cost of Revenues (5,848,429) (5,958,888) (5,587,077) Loss from Operations (906,432) (863,575) (396,683) Impairment Charges (1,119,362) — — Depreciation and Amortization (373,979) (349,259) (266,074) Land Lease Income — 2,226,526 — Income (Loss) from Discontinued Operations Before Income Tax (2,399,773) 1,013,692 (662,757) Income Tax Benefit (Expense) 608,222 (391,032) 255,659 Income (Loss) from Discontinued Operations (Net of Income Tax) $ (1,791,551) $ 622,660 $ (407,098)

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2018
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 23. SUBSEQUENT EVENTS The Company reviewed all subsequent events and transactions that have occurred after December 31, 2018, the date of the consolidated balance sheet. On February 21, 2019, the Company completed the sale of the multi-tenant income property known as the Whole Foods Market Centre, located in Sarasota, Florida, for a sales price of approximately $24.6 million. The Whole Foods Market Centre was classified within Assets Held for Sale as of December 31, 2018 in the accompanying consolidated balance sheets. The estimated gain from the sale was approximately $6.9 million, or $0.96, per share, after tax. The Company utilized the proceeds from the aforementioned sale of the multi-tenant property in Sarasota to complete the 1031 reverse exchange related to acquisition of the fee simple interest in the eight single-tenant ground lease properties in Jacksonville, Florida, acquired in October 2018. As a result of completing the 1031 exchange the Company paid down the outstanding balance on the Credit Facility in the amount of $23.0 million on February 28, 2019. Subsequent to the pay-down, the outstanding balance on the Credit Facility totaled approximately $97.7 million and the available borrowing capacity, after removing the multi-tenant property sold in February 2019, was approximately $46.3 million, based on the level of borrowing base assets. On February 27, 2019, the Company completed the sale of approximately 9.9 acres for approximately $3.3 million, or approximately $333,000 per acre. The land parcel is located on the east side of Interstate 95 at the northeast corner of the intersection of LPGA Boulevard and Williamson Boulevard. The estimated gain on the land sale was approximately $2.3 million, or $0.32 per share, after tax. The Company does not intent to utilize the proceeds from this land sale in a 1031 like-kind exchange structure. There were no other reportable subsequent events or transactions.

QUARTERLY FINANCIAL DATA

QUARTERLY FINANCIAL DATA	12 Months Ended
	Dec. 31, 2018
QUARTERLY FINANCIAL DATA
QUARTERLY FINANCIAL DATA	NOTE 24. QUARTERLY FINANCIAL DATA QUARTERLY FINANCIAL DATA (UNAUDITED) March 31, June 30, September 30, December 31, 2018 2017 2018 2017 2018 2017 2018 2017 Revenues Income Properties $ 9,205,727 $ 7,073,240 $ 9,781,299 $ 7,565,007 $ 9,360,155 $ 7,928,258 $ 11,728,550 $ 8,840,425 Interest Income from Commercial Loan Investments 300,999 536,489 273,467 553,159 41,262 637,801 — 325,240 Real Estate Operations 13,990,517 29,628,611 2,495,501 13,336,104 8,012,509 3,017,123 21,498,614 6,875,521 Total Revenues 23,497,243 37,238,340 12,550,267 21,454,270 17,413,926 11,583,182 33,227,164 16,041,186 Direct Cost of Revenues Income Properties (1,869,029) (1,411,713) (2,034,889) (1,629,515) (1,773,840) (1,715,516) (2,492,325) (2,160,999) Real Estate Operations (1,540,834) (9,197,286) (875,442) (5,823,065) (5,577,491) (478,043) (3,520,151) (2,077,952) Total Direct Cost of Revenues (3,409,863) (10,608,999) (2,910,331) (7,452,580) (7,351,331) (2,193,559) (6,012,476) (4,238,951) General and Administrative Expenses (2,823,548) (3,220,147) (2,429,181) (2,727,187) (1,928,008) (1,995,512) (2,604,633) (2,309,764) Depreciation and Amortization (3,796,823) (2,697,208) (3,755,546) (3,120,368) (3,756,507) (3,063,211) (4,452,647) (3,433,913) Total Operating Expenses (10,030,234) (16,526,354) (9,095,058) (13,300,135) (13,035,846) (7,252,282) (13,069,756) (9,982,628) Gain (Loss) on Disposition of Assets 3,650,858 — 18,384,808 — — (266) — 304 Operating Income 17,117,867 20,711,986 21,840,017 8,154,135 4,378,080 4,330,634 20,157,408 6,058,862 Investment Income 12,312 9,183 11,892 8,524 14,179 9,724 13,838 10,554 Interest Expense (2,561,465) (2,061,891) (2,537,301) (2,144,176) (2,345,156) (2,073,299) (2,979,364) (2,243,770) Income from Continuing Operations Before Income Tax Benefit (Expense) 14,568,714 18,659,278 19,314,608 6,018,483 2,047,103 2,267,059 17,191,882 3,825,646 Income Tax Benefit (Expense) from Continuing Operations (3,558,599) (7,225,799) (4,896,734) (2,269,718) (561,223) (948,080) (5,146,410) 20,769,895 Income from Continuing Operations 11,010,115 11,433,479 14,417,874 3,748,765 1,485,880 1,318,979 12,045,472 24,595,541 Income (Loss) from Discontinued Operations (Net of Tax) (97,816) 1,312,913 (254,966) (69,857) (1,189,708) (352,079) (249,061) (268,317) Net Income $ 10,912,299 $ 12,746,392 $ 14,162,908 $ 3,678,908 $ 296,172 $ 966,900 $ 11,796,411 $ 24,327,224 Per Share Information: Basic Income from Continuing Operations $ 1.99 $ 2.05 $ 2.61 $ 0.68 $ 0.27 $ 0.24 $ 2.22 $ 4.47 Income (Loss) from Discontinued Operations (Net of Tax) (0.02) 0.23 (0.05) (0.01) (0.22) (0.06) (0.05) (0.05) Net Income $ 1.97 $ 2.28 $ 2.56 $ 0.67 $ 0.05 $ 0.18 $ 2.17 $ 4.42 Diluted Income from Continuing Operations $ 1.98 $ 2.04 $ 2.61 $ 0.67 $ 0.27 $ 0.24 $ 2.22 $ 4.43 Income (Loss) from Discontinued Operations (Net of Tax) (0.02) 0.23 (0.05) (0.01) (0.22) (0.06) (0.05) (0.05) Net Income $ 1.96 $ 2.27 $ 2.56 $ 0.66 $ 0.05 $ 0.18 $ 2.17 $ 4.38

SCHEDULE III REAL ESTATE AND AC

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION	12 Months Ended
	Dec. 31, 2018
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION	SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION FOR THE YEAR ENDED DECEMBER 31, 2018 Costs Capitalized Initial Cost to Company Subsequent to Acquisition Buildings & Carrying Description Encumbrances Land Improvements Improvements Costs $ $ $ $ $ Income Properties: 3600 Peterson, Santa Clara, CA — 17,855,023 8,414,925 — — 7-Eleven, Inc., Dallas, TX — 974,862 1,550,744 — — Aspen Core, Aspen, CO — 11,983,263 14,958,877 — — At Home, Raleigh, NC — 2,118,420 5,774,284 — — Bank of America, Monterey, CA — 4,458,840 — — — Barnes & Noble, Daytona Beach, FL — 1,798,600 3,803,000 — — Best Buy, McDonough, GA — 2,622,682 3,150,000 82,264 — Big Lots, Germantown, MD 3,300,000 1,781,918 2,951,231 6,750 — Big Lots, Phoenix, AZ 3,400,000 1,715,717 3,050,164 — — Carrabba's Italian Grill, Austin, TX — 1,160,925 1,305,117 — — Century Theatre, Reno, NV — 1,669,377 4,484,938 11,140 — Cheddar's, Jacksonville, FL — 2,599,048 — — — Chuy's, Jacksonville, FL — 5,504,039 — — — Cocina214, Daytona Beach, FL — 5,835,939 4,249,199 — — Container Store, Glendale, AZ — 1,968,398 5,493,102 — — CVS, Dallas, TX — 7,535,013 — — — Dick's Sporting Goods, McDonough, GA — 3,934,022 4,725,000 — — Fidelity, Albuquerque, NM — 5,751,131 29,537,069 — — Firebirds, Jacksonville, FL — 4,202,924 — — — Harris Teeter Supermarket, Charlotte, NC 6,600,000 5,601,837 3,409,338 — — Hilton Grand Vacations (Office), Orlando, FL — 2,810,942 6,590,681 20,188 — Hilton Grand Vacations (Office), Orlando, FL — 1,210,138 2,453,690 282,099 — Joann's, Saugus, MA — 1,574,594 4,769,946 — — JPMorgan Chase Bank, Jacksonville, FL — 4,516,486 — — — LA Fitness, Brandon, FL — 3,208,889 9,677,636 — — LandShark Bar & Grill, Daytona Beach, FL — 5,835,939 4,578,168 — — Lowe's, Katy, TX 8,500,000 9,412,181 3,480,650 — — Macaroni Grill, Arlington, TX — 956,685 1,069,700 — — Maple Ave Land, Dallas, TX — 359,116 — — — Moe's, Jacksonville, FL — 1,862,284 — — — Outback Steakhouse, Austin, TX — 1,376,793 1,585,791 — — Outback Steakhouse, Charlottesville, VA — 1,308,881 3,135,515 — — Outback Steakhouse, Huntersville, NC — 1,987,831 1,299,017 — — PDQ, Jacksonville, FL — 2,205,539 — — — Rite Aid, Renton, WA 4,700,000 2,036,235 4,148,415 — — Riverside, Jacksonville, FL — 6,019,815 14,239,515 685,114 — Scrubbles Car Wash, Jacksonville, FL — 2,140,459 — — — Staples, Sarasota, FL — 2,728,083 1,145,137 — — The Grove, Winter Park, FL — 1,240,000 1,860,000 9,202,368 — Walgreens, Alpharetta, GA — 3,265,623 1,406,160 69,987 — Walgreens, Clermont, FL 3,500,000 3,021,665 1,269,449 — — Wawa, Jacksonville, FL — 6,252,632 — — — Wawa, Winter Park, FL — 436,400 — 2,122 — Wells Fargo, Hillsboro, OR — 10,005,650 25,902,632 — — Wells Fargo, Raleigh, NC 24,557,468 8,680,056 59,166,753 570,259 — Westcliff, Fort Worth, TX — 10,520,822 4,196,359 9,702 — Whole Foods Market Centre, Sarasota, FL — 4,497,825 13,104,352 281,585 — 54,557,468 190,543,541 261,936,554 11,223,578 — Gross Amount at Which Carried at Close of Period December 31, 2018 Land Buildings Total Accumulated Depreciation Date of Completion of Construction Date Acquired Life $ $ $ $ Income Properties: 3600 Peterson, Santa Clara, CA 17,855,023 8,414,925 26,269,948 1,293,341 N/A 10/14/16 30 Yrs. 7-Eleven, Inc., Dallas, TX 974,862 1,550,744 2,525,606 109,844 N/A 02/18/16 40 Yrs. Aspen Core, Aspen, CO 11,983,263 14,958,877 26,942,140 265,442 N/A 02/21/18 52 Yrs. At Home, Raleigh, NC 2,118,420 5,774,284 7,892,704 773,460 N/A 09/29/16 20 Yrs. Bank of America, Monterey, CA 4,458,840 — 4,458,840 — N/A 08/17/16 N/A Barnes & Noble, Daytona Beach, FL 1,798,600 3,803,000 5,601,600 1,711,350 N/A 12/15/05 40 Yrs. Best Buy, McDonough, GA 2,622,682 3,232,264 5,854,946 977,578 N/A 06/15/06 40 Yrs. Big Lots, Germantown, MD 1,781,918 2,957,981 4,739,899 393,947 N/A 09/13/13 40 Yrs. Big Lots, Phoenix, AZ 1,715,717 3,050,164 4,765,881 451,170 N/A 01/23/13 40 Yrs. Carrabba's Italian Grill, Austin, TX 1,160,925 1,305,117 2,466,042 154,046 N/A 09/15/16 25 Yrs. Century Theatre, Reno, NV 1,669,377 4,496,078 6,165,455 501,592 N/A 11/30/16 23 Yrs. Cheddar's, Jacksonville, FL 2,599,048 — 2,599,048 — N/A 10/10/18 N/A Chuy's, Jacksonville, FL 5,504,039 — 5,504,039 — N/A 10/10/18 N/A Cocina214, Daytona Beach, FL 5,835,939 4,249,199 10,085,138 178,620 01/25/18 N/A 40 Yrs. Container Store, Glendale, AZ 1,968,398 5,493,102 7,461,500 464,736 N/A 05/18/15 55 Yrs. CVS, Dallas, TX 7,535,013 — 7,535,013 — N/A 09/22/16 N/A Dick's Sporting Goods, McDonough, GA 3,934,022 4,725,000 8,659,022 1,507,307 N/A 06/15/06 40 Yrs. Fidelity, Albuquerque, NM 5,751,131 29,537,069 35,288,200 281,047 N/A 10/04/18 45 Yrs. Firebirds, Jacksonville, FL 4,202,924 — 4,202,924 — N/A 10/10/18 N/A Harris Teeter Supermarket, Charlotte, NC 5,601,837 3,409,338 9,011,175 916,260 N/A 04/17/08 40 Yrs. Hilton Grand Vacations (Office), Orlando, FL 2,810,942 6,610,869 9,421,811 1,046,384 N/A 01/30/13 40 Yrs. Hilton Grand Vacations (Office), Orlando, FL 1,210,138 2,735,789 3,945,927 327,139 N/A 01/30/13 40 Yrs. Joann's, Saugus, MA 1,574,594 4,769,946 6,344,540 227,948 N/A 04/06/17 50 Yrs. JPMorgan Chase Bank, Jacksonville, FL 4,516,486 — 4,516,486 — N/A 10/10/18 N/A LA Fitness, Brandon, FL 3,208,889 9,677,636 12,886,525 678,275 N/A 04/28/17 30 Yrs. LandShark Bar & Grill, Daytona Beach, FL 5,835,939 4,578,168 10,414,107 199,828 01/25/18 N/A 40 Yrs. Lowe's, Katy, TX 9,412,181 3,480,650 12,892,831 625,171 N/A 04/22/14 30 Yrs. Macaroni Grill, Arlington, TX 956,685 1,069,700 2,026,385 — N/A 12/20/18 30 Yrs. Maple Ave Land, Dallas, TX 359,116 — 359,116 — N/A 03/17/17 N/A Moe's, Jacksonville, FL 1,862,284 — 1,862,284 — N/A 10/10/18 N/A Outback Steakhouse, Austin, TX 1,376,793 1,585,791 2,962,584 159,723 N/A 09/15/16 30 Yrs. Outback Steakhouse, Charlottesville, VA 1,308,881 3,135,515 4,444,396 283,094 N/A 09/15/16 30 Yrs. Outback Steakhouse, Huntersville, NC 1,987,831 1,299,017 3,286,848 190,830 N/A 09/15/16 20 Yrs. PDQ, Jacksonville, FL 2,205,539 — 2,205,539 — N/A 10/10/18 N/A Rite Aid, Renton, WA 2,036,235 4,148,415 6,184,650 561,765 N/A 07/25/13 40 Yrs. Riverside, Jacksonville, FL 6,019,815 14,924,629 20,944,444 2,206,489 N/A 07/16/15 43 Yrs. Scrubbles Car Wash, Jacksonville, FL 2,140,459 — 2,140,459 — N/A 10/10/18 N/A Staples, Sarasota, FL 2,728,083 1,145,137 3,873,220 109,948 N/A 01/27/17 40 Yrs. The Grove, Winter Park, FL 1,240,000 11,062,368 12,302,368 1,100,865 N/A 12/30/14 40 Yrs. Walgreens, Alpharetta, GA 3,265,623 1,476,147 4,741,770 521,146 N/A 03/31/04 40 Yrs. Walgreens, Clermont, FL 3,021,665 1,269,449 4,291,114 462,820 N/A 05/27/04 40 Yrs. Wawa, Jacksonville, FL 6,252,632 — 6,252,632 — N/A 10/10/18 N/A Wawa, Winter Park, FL 436,400 2,122 438,522 — N/A 05/28/15 N/A Wells Fargo, Hillsboro, OR 10,005,650 25,902,632 35,908,282 1,583,426 N/A 10/27/17 35 Yrs. Wells Fargo, Raleigh, NC 8,680,056 59,737,012 68,417,068 6,242,456 N/A 11/18/15 45 Yrs. Westcliff, Fort Worth, TX 10,520,822 4,206,061 14,726,883 768,923 N/A 03/01/17 10 Yrs. Whole Foods Market Centre, Sarasota, FL 4,497,825 13,385,937 17,883,762 1,456,534 N/A 10/07/14 40 Yrs. 190,543,541 273,160,132 463,703,673 (1) 28,732,504 (1) The aggregate cost, net of deferred tax liabilities, of Income Properties, Land, Buildings, and Improvements for Federal income tax purposes at December 31, 2018 is approximately $231.0 million. REAL ESTATE AND ACCUMULATED DEPRECIATION FOR THE YEAR ENDED DECEMBER 31, 2018 2018 2017 2016 $ $ $ Cost: Balance at Beginning of Year 358,130,350 274,334,139 268,970,875 Additions and Improvements 104,043,734 83,796,211 68,274,211 Cost of Real Estate Sold (10,142,289) — (62,910,947) Reclassification from Land and Development Costs 11,671,878 — — Balance at End of Year 463,703,673 358,130,350 274,334,139 $ $ $ Accumulated Depreciation: Balance at Beginning of Year 21,878,465 14,391,567 14,374,079 Depreciation and Amortization 9,827,154 7,486,898 5,346,538 Depreciation on Real Estate Sold (2,973,115) — (5,329,050) Balance at End of Year 28,732,504 21,878,465 14,391,567 (1) Reconciliation to Consolidated Balance Sheet at December 31, 2018 Income Properties, Land, Buildings, and Improvements 392,520,783 392,520,783 (2) Cost Basis of Assets Classified as Held for Sale on Balance Sheet 71,182,890 Total Per Schedule 463,703,673

SCHEDULE IV MORTGAGE LOANS ON R

SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE	12 Months Ended
	Dec. 31, 2018
SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE
Schedule IV MORTGAGE LOANS ON REAL ESTATE	SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE FOR THE YEAR ENDED DECEMBER 31, 2018 There were no commercial loan investments as of December 31, 2018. The following represents the activity within the Company’s commercial loan investment segment for the years ended December 31, 2018, 2017, and 2016: 2018 2017 2016 $ $ $ Balance at Beginning of Year 11,925,699 23,960,467 38,331,956 Additions During the Year: New Mortgage Loans — 3,000,000 — Accretion of Origination Fees (1) 34,768 (34,768) 132,923 Deductions During the Year: Collection of Principal (11,960,467) (15,000,000) (14,282,500) Discount on Payoff — — (217,500) Amortization of Fees — — (4,412) Balance at End of Year — 11,925,699 23,960,467 (1) Non-cash accretion of loan origination fees

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2018
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
PRINCIPLES OF CONSOLIDATION	PRINCIPLES OF CONSOLIDATION The consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries, and other entities in which we have a controlling interest. Any real estate entities or properties included in the consolidated financial statements have been consolidated only for the periods that such entities or properties were owned or under control by us. All significant inter-company balances and transactions have been eliminated in the consolidated financial statements. Noncontrolling interests in consolidated pass-through entities are recognized before income taxes.
USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS	USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Because of the fluctuating market conditions that currently exist in the Florida and national real estate markets, and the volatility and uncertainty in the financial and credit markets, it is possible that the estimates and assumptions, most notably those related to the Company’s investment in income properties, could change materially during the time span associated with the continued volatility of the real estate and financial markets or as a result of a significant dislocation in those markets.
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. In April 2016, the FASB Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers was issued. 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 FASB ASC Topic 606 have been implemented herein as required by the standard. The Company adopted FASB ASC Topic 606 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 pursuant to FASB ASC Topic 842, Leases . The amendments in this update are effective for annual reporting periods beginning after December 15, 2018. During the Company’s evaluation of FASB ASC Topic 842, Leases , during the third quarter of 2018, the following practical expedients and accounting policies with respect to ASC 842 will be elected and/or adopted effective January 1, 2019: · The Company, as lessee and as lessor, will not reassess (i) whether any expired or existing contracts are or contain leases (ii) lease classification for any expired or existing leases or (iii) initial direct costs for any expired or existing leases. · The Company, as lessee, will not apply the recognition requirements of ASC 842 to short-term (twelve months or less) leases. Instead, the Company, as lessee, will recognize the lease payments in profit or loss on a straight-line basis over the lease term and variable lease payments in the period in which the obligation for those payments is incurred. As of the date of this report, the Company has no such short-term leases. · The Company, as lessor, will not separate nonlease components from lease components and, instead, will account for each separate lease component and the nonlease components associated with that lease as a single component if the nonlease components otherwise would be accounted for under ASC Topic 606. The primary reason for this election is related to instances where common area maintenance is, or may be, a component of base rent within a lease agreement. The Company completed its evaluation FASB ASC Topic 842, Leases , during the third quarter of 2018 with following conclusions with regards to implementation effective January 1, 2019: · The Company has elected to implement ASC 842 retrospectively at the beginning of the period of adoption, January 1, 2019, through a cumulative-effect adjustment. We estimate an immaterial adjustment ranging from approximately $650,000 to $700,000 to increase right-of use assets and lease liabilities for operating leases for which the Company is the lessee. The Company does not anticipate any adjustment related to the leases for which the Company is the lessor. 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 effective January 1, 2018 (the “2018 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.
RECLASSIFICATIONS	RECLASSIFICATIONS Certain items in the prior period’s consolidated statements of operations have been reclassified to conform to the presentation as of and for the year ended December 31, 2018. Specifically, the revenue and direct cost of revenues for Agriculture and Other Income were previously stated as separate line items within revenue and direct cost of revenues on the consolidated statements of operations, and are now included with the revenue and direct cost of revenues of Real Estate Operations as the Agriculture and Other Income activities relate to the Company’s land portfolio. The amount of revenue reclassified from Agriculture and Other Income to Real Estate Operations was approximately $335,000 and $59,000 for the years ended December 31, 2017 and 2016. The amount of direct cost of revenues reclassified from Agriculture and Other Income to Real Estate Operations was approximately $96,000 and $167,000 for the years ended December 31, 2017 and 2016. These reclassifications had no effect on net income as of and for the years ended December 31, 2017 and 2016. In the fourth quarter of 2018, the Company commenced efforts to pursue the monetization of the golf operations and assets comprising the Club. Accordingly, as of December 31, 2018 and 2017, the golf assets comprising the Club have been classified as held for sale in the accompanying consolidated balance sheets and the results of golf operations have been classified as discontinued operations in the accompanying consolidated statements of income for the years ended December 31, 2018, 2017, and 2016.
CASH AND CASH EQUIVALENTS	CASH AND CASH EQUIVALENTS Cash and cash equivalents includes cash on hand, bank demand accounts, and money market accounts having original maturities of 90 days or less. The Company’s bank balances as of December 31, 2018 include certain amounts over the Federal Deposit Insurance Corporation limits.
RESTRICTED CASH	RESTRICTED CASH Restricted cash totaled approximately $19.7 million at December 31, 2018 of which approximately $18.3 million of cash is being held in five separate escrow accounts to be reinvested through the like-kind exchange structure into other income properties; approximately $1.2 million is being held in three separate escrow accounts related to three separate land transactions of which one closed in each of December 2013, February 2017, and March 2018; and approximately $210,000 is being held in a capital replacement reserve account in connection with our financing of six income properties with Wells Fargo Bank, NA (“Wells Fargo”).
INVESTMENT SECURITIES	INVESTMENT SECURITIES In accordance with FASB ASC Topic 320, Investments – Debt and Equity Securities , the Company’s investments in debt and equity securities (“Investment Securities”) have been determined to be classified as available-for-sale. Available-for-sale securities are carried at fair value in the consolidated balance sheets, with the unrealized gains and losses, net of income tax, reported in other comprehensive income. The Company’s Investment Securities were disposed of during the year ended December 31, 2016 prior to the January 1, 2018 effective date of ASU 2016-01. The Company completed the disposition of its remaining position in Investment Securities during the year ended December 31, 2016 resulting in a loss of approximately $576,000. There were no Investment Securities remaining as of December 31, 2018 or 2017. The cost of Investment Securities sold is based on the specific identification method. Interest and dividends on Investment Securities classified as available-for-sale are included in investment income in the consolidated statements of operations.
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITY	DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITY Interest Rate Swap. During the year ended December 31, 2016, in conjunction with the variable-rate mortgage loan secured by our property located in Raleigh, North Carolina leased to Wells Fargo, the Company entered into an interest rate swap to fix the interest rate (the “Interest Rate Swap”). The Company accounts for its cash flow hedging derivative in accordance with FASB ASC Topic 815-20, Derivatives and Hedging . Depending upon the hedge’s value at each balance sheet date, the derivative is included in either Other Assets or Accrued and Other Liabilities on the consolidated balance sheet at its fair value. On the date the Interest Rate Swap was entered into, the Company designated the derivative as a hedge of the variability of cash flows to be paid related to the recognized long-term debt liability. The Company formally documented the relationship between the hedging instrument and the hedged item, as well as its risk-management objective and strategy for undertaking the hedge transaction. At the hedge’s inception, the Company formally assessed whether the derivative that is used in hedging the transaction is highly effective in offsetting changes in cash flows of the hedged item. As the terms of the Interest Rate Swap and the associated debt are identical, the Interest Rate Swap qualifies for the shortcut method, therefore, it is assumed that there is no hedge ineffectiveness throughout the entire term of the Interest Rate Swap. Changes in fair value of the Interest Rate Swap that are highly effective and designated and qualified as a cash-flow hedge are recorded in other comprehensive income and loss, until earnings are affected by the variability in cash flows of the designated hedged item.
FAIR VALUE OF FINANCIAL INSTRUMENTS	FAIR VALUE OF FINANCIAL INSTRUMENTS The carrying amounts of the Company’s financial assets and liabilities including cash and cash equivalents, restricted cash, accounts receivable, accounts payable, and accrued and other liabilities at December 31, 2018 and 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 December 31, 2017, since the floating rates of the loans reasonably approximate current market rates for notes with similar risks and maturities. There were no investments in variable rate commercial loans as of December 31, 2018. 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 held as of December 31, 2017 and the mortgage notes and convertible debt held as of December 2018 and 2017 are measured at fair value based on current market rates for financial instruments with similar risks and maturities. See Note 8, “Fair Value of Financial Instruments.”
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS The Company’s estimates of fair value of financial and non-financial assets and liabilities based on the framework established 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.
RECOGNITION OF INTEREST INCOME FROM COMMERCIAL LOAN INVESTMENTS	RECOGNITION OF INTEREST INCOME FROM COMMERCIAL LOAN INVESTMENTS Interest income on commercial loan investments includes interest payments made by the borrower and the accretion of purchase discounts and loan origination fees, offset by the amortization of loan costs. Interest payments are accrued based on the actual coupon rate and the outstanding principal balance and purchase discounts and loan origination fees are accreted into income using the effective yield method, adjusted for prepayments.
IMPACT FEES AND MITIGATION CREDITS	IMPACT FEES AND MITIGATION CREDITS Impact fees and mitigation credits are stated at historical cost. As these assets are sold, the related revenues and cost basis are reported as revenues from, and direct costs of, real estate operations, respectively, in the consolidated statements of operations.
ACCOUNTS RECEIVABLE	ACCOUNTS RECEIVABLE Accounts receivable related to income properties, which are classified in Other Assets on the consolidated balance sheets, primarily consist of tenant reimbursable expenses. Receivables related to the tenant reimbursable expenses totaled approximately $628,000 and $895,000 as of December 31, 2018 and 2017, respectively. Accounts receivable related to real estate operations, which are classified in Other Assets on the consolidated balance sheets, totaled approximately $1.8 million and $2.2 million as of December 31, 2018 and 2017, respectively. The accounts receivable as of December 31, 2018 and 2017 are primarily related to the reimbursement of certain infrastructure costs completed by the Company in conjunction with two land sale transactions that closed during the fourth quarter of 2015 as more fully described in Note 11, “Other Assets.” Trade accounts receivable primarily consist of receivables related to golf operations, which are classified in Assets Held for Sale on the consolidated balance sheets. Trade accounts receivable related to golf operations, which primarily consist of membership and event receivables, totaled approximately $290,000 and $349,000 as of December 31, 2018 and 2017, respectively. The collectability of the aforementioned receivables is determined based on a review of specifically identified accounts using judgments. As of December 31, 2018, the Company recorded an allowance for doubtful accounts of approximately $185,000 with no allowance as of December 31, 2017.
PURCHASE ACCOUNTING FOR ACQUISITIONS OF REAL ESTATE SUBJECT TO A LEASE	PURCHASE ACCOUNTING FOR ACQUISITIONS OF REAL ESTATE SUBJECT TO A LEASE In accordance with the FASB guidance on business combinations, the fair value of the real estate acquired with in-place leases is allocated to the acquired tangible assets, consisting of land, building and tenant improvements, and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases, the value of in-place leases, and the value of leasing costs, based in each case on their relative fair values. The fair value of the tangible assets of an acquired leased property is determined by valuing the property as if it were vacant, and the “as-if-vacant” value is then allocated to land, building and tenant improvements based on the determination of the fair values of these assets. In allocating the fair value of the identified intangible assets and liabilities of an acquired property, above-market and below-market in-place lease values are recorded as other assets or liabilities based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases, and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining term of the lease, including the probability of renewal periods. The capitalized above-market lease values are amortized as a reduction of rental income over the remaining terms of the respective leases. The capitalized below-market lease values are amortized as an increase to rental income over the initial term unless the Company believes that it is likely that the tenant will renew the option whereby the Company amortizes the value attributable to the renewal over the renewal period. The aggregate value of other acquired intangible assets, consisting of in-place leases, is measured by the excess of (i) the purchase price paid for a property after adjusting existing in-place leases to market rental rates over (ii) the estimated fair value of the property as-if-vacant, determined as set forth above. The value of in-place leases exclusive of the value of above-market and below-market in-place leases is amortized to expense over the remaining non-cancelable periods of the respective leases. If a lease were to be terminated prior to its stated expiration, all unamortized amounts relating to that lease would be written off. The value of tenant relationships is reviewed on individual transactions to determine if future value was derived from the acquisition. Prior to October 1, 2016, the Company determined that income property purchases subject to a lease, whether that lease is in-place or originated at the time of acquisition, qualify as a business combination, and acquisition costs are expensed in the period the transaction closes. In January 2017, the FASB issued ASU 2017-01, Business Combinations which clarified the definition of a business. Pursuant to ASU 2017-01, the acquisition of an income property subject to a lease no longer qualifies as a business combination, but rather determined to be an asset acquisition. The Company early adopted ASU 2017-01 effective October 1, 2016 on a prospective basis. Accordingly, for income property acquisitions during the fourth quarter of 2016 and during 2017 and 2018, acquisition costs have been capitalized.
LAND AND DEVELOPMENT COSTS	LAND AND DEVELOPMENT COSTS The carrying value of land and development includes the initial acquisition costs of land, improvements thereto, and other costs incidental to the acquisition or development of land. Subsurface Interests (hereinafter defined) and capitalized costs relating to timber and hay operations are also included in land and development costs. These costs are allocated to properties on a relative sales value basis and are charged to costs of sales as specific properties are sold. Due to the nature of the business, land and development costs have been classified as an operating activity on the consolidated statements of cash flows.
SALE OF REAL ESTATE	SALE OF REAL ESTATE Gains and losses on sales of real estate are accounted for as required by FASB ASC Topic 606, 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.
PROPERTY, PLANT, AND EQUIPMENT	PROPERTY, PLANT, AND EQUIPMENT Property, plant, and equipment are stated at cost, less accumulated depreciation and amortization. Such properties are depreciated on a straight-line basis over their estimated useful lives. Renewals and betterments are capitalized to property accounts. The cost of maintenance and repairs is expensed as incurred. The cost of property retired or otherwise disposed of, and the related accumulated depreciation or amortization, are removed from the accounts, and any resulting gain or loss is recorded in the statement of operations. The amount of depreciation of property, plant, and equipment, exclusive of amortization related to intangible assets, recognized for the years ended December 31, 2018, 2017, and 2016, was approximately $10.3 million, $7.9 million, and $5.5 million respectively. Interest of approximately $215,000 was capitalized to construction in progress during 2017, respectively with no interest capitalized in 2018 or 2016. The range of estimated useful lives for property, plant, and equipment is as follows: Golf Buildings and Improvements - 43 Years Golf Equipment - 10 Years Income Properties Buildings and Improvements - 55 Years Other Furnishings and Equipment - 20 Years
LONG-LIVED ASSETS	LONG-LIVED ASSETS The Company follows FASB ASC Topic 360-10, Property, Plant, and Equipment in conducting its impairment analyses. The Company reviews the recoverability of long-lived assets, including land and development costs, real estate held for sale, and property, plant, and equipment, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Examples of situations considered to be triggering events include: a substantial decline in operating cash flows during the period, a current or projected loss from operations, an income property not fully leased or leased at rates that are less than current market rates, and any other quantitative or qualitative events deemed significant by our management. Long-lived assets are evaluated for impairment by using an undiscounted cash flow approach, which considers future estimated capital expenditures. Impairment of long-lived assets is measured at fair value less cost to sell.
INCOME PROPERTY LEASES	INCOME PROPERTY LEASES The rental of the Company’s income properties are classified as operating leases. The Company recognizes lease income on these properties on a straight-line basis over the term of the lease.
OPERATING LEASE EXPENSE	OPERATING LEASE EXPENSE The Company leases property and equipment, which are classified as operating leases. The Company recognizes lease expense on a straight-line basis over the term of the lease.
GOLF OPERATIONS	GOLF OPERATIONS The Company owns the LPGA International Golf Club (the “Club”), which consists of two 18-hole golf courses and a 3-hole practice facility, a clubhouse facility, including food and beverage operations, and a fitness center. Revenues from this operation, including greens fees, cart rentals, merchandise, and food and beverage sales, are recognized at the time of sale pursuant to FASB ASC Topic 606, Revenue from Contracts with Customers . Initiation fees and membership dues are recognized over the life of the membership, pursuant to FASB ASC Topic 606, Revenue from Contracts with Customers , which is generally twelve months.
OTHER REAL ESTATE INTERESTS	OTHER REAL ESTATE INTERESTS From time to time the Company will release surface entry rights related to subsurface acres owned by the Company upon request of the surface owner. The Company recognizes revenue from the release at the time the transaction is consummated, unless the right is released under a deferred payment plan and the initial payment does not meet the criteria established under FASB ASC Topic 606, Revenue from Contracts with Customers .
STOCK-BASED COMPENSATION	STOCK-BASED COMPENSATION Prior to 2010, the Company maintained a stock option plan (the “2001 Plan”) pursuant to which 500,000 shares of the Company’s common stock were available to be issued. The 2001 Plan was approved at the April 25, 2001 shareholders’ meeting and expired in April 2011, with no new option shares issued after that date. Under the 2001 Plan, the option exercise price equaled the average of the high and low stock market price on the date of grant. The options generally vested over five years and expired after ten years. In connection with the grant of non-qualified options, a stock appreciation right for each share covered by the option could also be granted. The stock appreciation right entitled the optionee to receive a supplemental payment, which could be paid in whole or in part in cash or in shares of common stock equal to a portion of the spread between the exercise price and the fair market value of the underlying share at the time of exercise. The expenses associated with stock options and stock appreciation rights were recognized over their requisite service period. Both the Company’s stock options and stock appreciation rights awarded under the 2001 Plan were liability classified awards and were required to be remeasured to fair value at each balance sheet date until the award was settled, as required by applicable provisions of FASB ASC Topic, Share-Based Payments . See Note 18, “Stock-Based Compensation.” As of December 31, 2018 and 2017, none of these options remained. At the Annual Meeting of Shareholders of the Company held on April 28, 2010, the Company’s shareholders approved the Consolidated-Tomoka Land Co. 2010 Equity Incentive Plan (the “Original 2010 Plan”). The Original 2010 Plan replaced the Company’s 2001 Plan. At the Annual Meeting of Shareholders of the Company held on April 24, 2013, the Company’s shareholders approved an amendment and restatement of the entire Original 2010 Plan, which among other things, incorporated claw back provisions and clarified language regarding the shares available subsequent to forfeiture of any awards of restricted shares. At the Annual Meeting of Shareholders of the Company held on April 23, 2014, the Company’s shareholders approved an amendment to the Original 2010 Plan increasing the number of shares authorized for issuance by 240,000 shares, bringing the total number of shares authorized for issuance to 450,000. At the Annual Meeting of Shareholders of the Company held on April 25, 2018, the Company’s shareholders approved the Second Amended and Restated 2010 Equity Incentive Plan (the “2010 Plan”) which, among other things, increased the number of shares available thereunder to 720,000. Awards under the 2010 Plan may be in the form of stock options, stock appreciation rights, restricted shares, restricted share units, performance shares, and performance units. Employees of the Company and its subsidiaries and non-employee directors may be selected by the Compensation Committee to receive awards under the 2010 Plan. The maximum number of shares of which stock awards may be granted under the 2010 Plan is 702,000 shares. No participant may receive awards during any one calendar year representing more than 50,000 shares of common stock. In no event will the number of shares of common stock issued under the plan upon the exercise of incentive stock options exceed 720,000 shares. These limits are subject to adjustments by the Compensation Committee as provided in the 2010 Plan for stock splits, stock dividends, recapitalizations, and other similar transactions or events. The 2010 Plan currently provides that it will expire on the tenth anniversary of the date that it was adopted by the Board, and that no awards will be granted under the plan after that date. All non-qualified stock option awards, restricted share awards, and performance share awards granted under the 2010 Plan were determined to be equity-based awards under FASB ASC Topic, Share-Based Payments . The Company used the Black-Scholes valuation pricing model to determine the fair value of its non-qualified stock option awards. The determination of the fair value of the awards is affected by the stock price as well as assumptions regarding a number of other variables. These variables include expected stock price volatility over the term of the awards, annual dividends, and a risk-free interest rate assumption. The Company used a Monte Carlo simulation pricing model to determine the fair value and vesting period of the restricted share awards. The determination of the fair value of market condition-based awards is affected by the stock price as well as assumptions regarding a number of other variables. These variables include expected stock price volatility over the requisite performance term of awards, the performance of the Company’s stock price, annual dividends, and a risk-free interest rate assumption. Compensation cost is recognized regardless of the achievement of the market conditions, provided the requisite service period is met.
INCOME TAXES	INCOME TAXES The Company uses the asset and liability method to account for income taxes. Deferred income taxes result primarily from the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, see Note 19, “Income Taxes.” In June 2006, the FASB issued additional guidance, which clarifies the accounting for uncertainty in income taxes recognized in a company’s financial statements included in income taxes. The interpretation prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The interpretation also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. In accordance with FASB guidance included in income taxes, the Company has analyzed its various federal and state filing positions and believes that its income tax filing positions and deductions are well documented and supported. Additionally, the Company believes that its accruals for tax liabilities are adequate. Therefore, no reserves for uncertain income tax positions have been recorded pursuant to the FASB guidance.
EARNINGS PER COMMON SHARE	EARNINGS PER COMMON SHARE Basic earnings per common share is computed by dividing net income by the weighted average number of shares outstanding. Diluted earnings per common share are based on the assumption of the conversion of stock options using the treasury stock method at average cost for the year, see Note 12, “Common Stock and Earnings Per Share.”
CONCENTRATION OF CREDIT RISK	CONCENTRATION OF CREDIT RISK Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents. Approximately 26% of the Company’s income property portfolio, based on square footage, and all of the Company’s land holdings, golf operations, agriculture operations, and Subsurface Interests (hereinafter defined) are in the State of Florida. Uncertainty of the duration of a prolonged real estate and economic downturn could have an adverse impact on the Company’s real estate values. Due to the continuing diversification of our income property tenant mix, significant revenues from our real estate operations, and the addition of new revenue sources including the interest income from commercial loan investments, on a revenue basis, none of the Company’s income property tenants individually accounted for more than 10% of consolidated revenues during the years ended December 31, 2018, 2017, or 2016.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2018
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Schedule of estimated useful lives for property, plant, and equipment	Golf Buildings and Improvements - 43 Years Golf Equipment - 10 Years Income Properties Buildings and Improvements - 55 Years Other Furnishings and Equipment - 20 Years

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	12 Months Ended
	Dec. 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 from continuing operations by segment, major good and/or service, and the related timing of revenue recognition for the year ended December 31, 2018: Interest Income Income from Commercial Real Estate Total Properties Loan Investments Operations Revenues ($000's) ($000's) ($000's) ($000's) Major Good / Service: Lease Revenue - Base Rent $ 31,587 $ — $ 23 $ 31,610 Lease Revenue - CAM 2,905 — — 2,905 Lease Revenue - Reimbursements 2,934 — — 2,934 Lease Revenue - Billboards 250 — — 250 Above / Below Market Lease Accretion 2,339 — — 2,339 Contributed Leased Assets Accretion 218 — — 218 Lease Incentive Amortization (302) — — (302) Interest from Commercial Loan Investments — 616 — 616 Land Sale Revenue — — 41,452 41,452 Revenue from Reimbursement of Infrastructure Costs — — 1,556 1,556 Impact Fee and Mitigation Credit Sales — — 1,338 1,338 Subsurface Lease Revenue — — 957 957 Subsurface Revenue - Other — — 668 668 Fill Dirt and Other Revenue — — 3 3 Golf Operations — — — — Interest and Other Revenue 145 — — 145 Total Revenues $ 40,076 $ 616 $ 45,997 $ 86,689 Timing of Revenue Recognition: Asset/Good Transferred at a Point in Time $ — $ — $ 43,461 $ 43,461 Services Transferred Over Time 145 — 1,556 1,701 Over Lease Term 39,931 — 980 40,911 Commercial Loan Investment Related Revenue — 616 — 616 Total Revenues $ 40,076 $ 616 $ 45,997 $ 86,689 The following table summarizes the Company’s revenue from continuing operations by segment, major good and/or service, and the related timing of revenue recognition for the year ended December 31, 2017: Interest Income Income from Commercial Real Estate Total Properties Loan Investments Operations Revenues ($000's) ($000's) ($000's) ($000's) Major Good / Service: Lease Revenue - Base Rent $ 24,650 $ — $ 44 $ 24,694 Lease Revenue - CAM 2,208 — — 2,208 Lease Revenue - Reimbursements 2,125 — — 2,125 Lease Revenue - Billboards 251 — — 251 Above / Below Market Lease Accretion 2,194 — — 2,194 Lease Incentive Amortization (50) — — (50) Interest from Commercial Loan Investments — 2,053 — 2,053 Land Sale Revenue — — 45,471 45,471 Revenue from Reimbursement of Infrastructure Costs — — 1,860 1,860 Impact Fee and Mitigation Credit Sales — — 2,126 2,126 Subsurface Lease Revenue — — 856 856 Subsurface Revenue - Other — — 2,192 2,192 Fill Dirt and Other Revenue — — 17 17 Golf Operations — — — — Timber Sales Revenue — — 291 291 Interest and Other Revenue 29 — — 29 Total Revenues $ 31,407 $ 2,053 $ 52,857 $ 86,317 Timing of Revenue Recognition: Asset/Good Transferred at a Point in Time $ — $ — $ 50,097 $ 50,097 Services Transferred Over Time 29 — 1,860 1,889 Over Lease Term 31,378 — 900 32,278 Commercial Loan Investment Related Revenue — 2,053 — 2,053 Total Revenues $ 31,407 $ 2,053 $ 52,857 $ 86,317 The following table summarizes the Company’s revenue from continuing operations by segment, major good and/or service, and the related timing of revenue recognition for the year ended December 31, 2016: Interest Income Income from Commercial Real Estate Total Properties Loan Investments Operations Revenues ($000's) ($000's) ($000's) ($000's) Major Good / Service: Lease Revenue - Base Rent $ 19,155 $ — $ 50 $ 19,205 Lease Revenue - CAM 2,030 — — 2,030 Lease Revenue - Reimbursements 1,450 — — 1,450 Lease Revenue - Billboards 202 — — 202 Above / Below Market Lease Accretion 2,240 — — 2,240 Interest from Commercial Loan Investments — 2,588 — 2,588 Land Sale Revenue — — 11,871 11,871 Tomoka Town Center Percentage-of-Completion Revenue — — 17,490 17,490 Revenue from Reimbursement of Infrastructure Costs — — 4,500 4,500 Impact Fee and Mitigation Credit Sales — — 2,220 2,220 Subsurface Lease Revenue — — 1,257 1,257 Subsurface Revenue - Other — — 545 545 Fill Dirt and Other Revenue — — 261 261 Golf Operations — — — — Timber Sales Revenue — — 10 10 Interest and Other Revenue 16 — — 16 Total Revenues $ 25,093 $ 2,588 $ 38,204 $ 65,885 Timing of Revenue Recognition: Asset/Good Transferred at a Point in Time $ — $ — $ 14,907 $ 14,907 Services Transferred Over Time 16 — 21,990 22,006 Over Lease Term 25,077 — 1,307 26,384 Commercial Loan Investment Related Revenue — 2,588 — 2,588 Total Revenues $ 25,093 $ 2,588 $ 38,204 $ 65,885

INCOME PROPERTIES (Tables)

INCOME PROPERTIES (Tables)	12 Months Ended
	Dec. 31, 2018
INCOME PROPERTIES
Schedule of income properties acquired	. The properties acquired during the year ended December 31, 2018 are described below: Tenant Description Tenant Type Property Location Date of Acquisition Property Square-Feet Property Acres Purchase Price Percentage Leased Remaining Lease Term (in years) Master Tenant for Commercial Building Single-Tenant Aspen, CO 02/21/18 19,596 0.18 $ 28,000,000 (1) 20.0 Fidelity Investments (affiliate of) Single-Tenant Albuquerque, NM 10/04/18 210,067 26.25 44,000,000 10.2 Chase Bank (Ground Lease) Single-Tenant Jacksonville, FL 10/10/18 3,614 0.73 5,432,500 19.0 Cheddar's Scratch Kitchen (Ground Lease) Single-Tenant Jacksonville, FL 10/10/18 8,146 1.05 2,608,017 9.0 Chuy's (Ground Lease) Single-Tenant Jacksonville, FL 10/10/18 7,950 1.24 6,086,957 13.9 Firebirds Wood Fired Grill (Ground Lease) Single-Tenant Jacksonville, FL 10/10/18 6,948 1.03 4,441,080 9.1 Moe's Southwest Grill (Ground Lease) Single-Tenant Jacksonville, FL 10/10/18 3,111 0.98 2,309,958 19.2 PDQ (Ground Lease) Single-Tenant Jacksonville, FL 10/10/18 3,366 1.64 2,309,958 8.8 Scrubbles Car Wash (Ground Lease) Single-Tenant Jacksonville, FL 10/10/18 4,512 1.62 2,491,429 19.1 Wawa (Ground Lease) Single-Tenant Jacksonville, FL 10/10/18 6,267 2.16 6,666,667 19.3 Macaroni Grill Single-Tenant Arlington, TX 12/20/18 8,123 1.70 2,290,000 15.0 Total / Weighted Average 281,700 $ 106,636,566 14.4 (1) In conjunction with the acquisition 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.

COMMERCIAL LOAN INVESTMENTS (Ta

COMMERCIAL LOAN INVESTMENTS (Tables)	12 Months Ended
	Dec. 31, 2018
COMMERCIAL LOAN INVESTMENTS
Schedule of components of commercial loan investment portfolio	The Company’s commercial loan investment portfolio was comprised of the following at December 31, 2017: Date of Maturity Original Face Current Face Carrying Description Investment Date Amount Amount Value Coupon Rate B-Note – Retail Shopping Center, Sarasota, FL May 2014 June 2018 $ 8,960,467 $ 8,960,467 $ 8,960,467 30 ‑day LIBOR First Mortgage – Land Parcel, Daytona Beach Shores, FL July 2017 August 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 as of December 31, 2017 consisted of the following: Total Current Face Amount $ 11,960,467 Unamortized Fees — Unaccreted Origination Fees (34,768) Total Commercial Loan Investments $ 11,925,699

LAND AND SUBSURFACE INTERESTS (

LAND AND SUBSURFACE INTERESTS (Tables)	12 Months Ended
	Dec. 31, 2018
LAND AND SUBSURFACE INTERESTS
Schedule of components of real estate operations revenue	2018 2017 2016 Revenue Description ($000's) ($000's) ($000's) Land Sales Revenue $ 41,452 $ 45,471 $ 11,871 Tomoka Town Center - Percentage of Completion Revenue — — 17,490 Revenue from Reimbursement of Infrastructure Costs 1,556 1,860 4,500 Impact Fee and Mitigation Credit Sales 1,338 2,126 2,220 Subsurface Revenue 1,625 3,048 1,802 Fill Dirt and Other Revenue 3 17 261 Agriculture 23 335 60 Total Real Estate Operations Revenue $ 45,997 $ 52,857 $ 38,204
Summary of land and development costs	December 31, 2018 2017 Land and Development Costs $ 19,697,551 $ 32,625,857 Land, Timber, and Subsurface Interests 6,067,082 6,851,840 Total Land and Development Costs $ 25,764,633 $ 39,477,697
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 Lease Year 8 - 9/23/2018 - 9/22/2019 15,000 Hendry 806,684 150,000 Total Payments $ 10,633,805 $ 2,125,000 (1)

INVESTMENT IN JOINT VENTURE (Ta

INVESTMENT IN JOINT VENTURE (Tables)	12 Months Ended
	Dec. 31, 2018
INVESTMENT IN JOINT VENTURE
Summarized financial information of the Company’s JV Investment	As of December 31, 2018 ($000's) Assets, cash and cash equivalents $ 2,316 Assets, prepaid expenses 19 Assets, investment in mitigation credit assets 1,511 Assets, property, plant, and equipment 18 Total Assets $ 3,864 Liabilities, accounts payable, deferred mitigation credit sale revenue $ 62 Equity $ 3,802 Total Liabilities & Equity $ 3,864

INVESTMENT SECURITIES (Tables)

INVESTMENT SECURITIES (Tables)	12 Months Ended
	Dec. 31, 2018
INVESTMENT SECURITIES
Schedule of gains and losses recognized on sale of investment securities	For the Year Ended December 31, 2018 2017 2016 Proceeds from the Disposition of Debt Securities $ — $ — $ 827,738 Cost Basis of Debt Securities Sold — — (843,951) Loss recognized in Statement of Operations on the Disposition of Debt Securities — — (16,213) Proceeds from the Disposition of Equity Securities — — 5,424,624 Cost Basis of Equity Securities Sold — — (5,983,978) Gain (Loss) recognized in Statement of Operations on the Disposition of Equity Securities $ — $ — $ (559,354) Total Gain (Loss) recognized in Statement of Operations on the Disposition of Debt and Equity Securities $ — $ — $ (575,567)

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2018
FAIR VALUE OF FINANCIAL INSTRUMENTS
Schedule of carrying value and estimated fair value of financial instruments	December 31, 2018 December 31, 2017 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Cash and Cash Equivalents - Level 1 $ 2,466,978 $ 2,466,978 $ 6,559,409 $ 6,559,409 Restricted Cash - Level 1 19,721,475 19,721,475 6,508,131 6,508,131 Commercial Loan Investments - Level 2 — — 11,925,699 12,015,628 Long-Term Debt - Level 2 247,624,811 248,765,650 195,816,364 200,000,776
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 at December 31, 2018: Fair Value at Reporting Date Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) 12/31/2018 Cash Flow Hedge - Interest Rate Swap $ 651,722 $ — $ 651,722 $ — Total $ 651,722 $ — $ 651,722 $ — The following table presents the fair value of assets measured on a recurring basis by Level at December 31, 2017: Fair Value at Reporting Date Using Quoted Prices in Significant Active Markets Significant Other Unobservable for Identical Observable Inputs Inputs 12/31/2017 Assets (Level 1) (Level 2) (Level 3) Cash Flow Hedge - Interest Rate Swap $ 606,621 $ — $ 606,621 $ — Total $ 606,621 $ — $ 606,621 $ —

INTANGIBLE ASSETS AND LIABILI_2

INTANGIBLE ASSETS AND LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2018
INTANGIBLE ASSETS AND LIABILITIES
Schedule of components of intangible lease assets and liabilities	As of December 31, 2018 December 31, 2017 Intangible Lease Assets: Value of In-Place Leases $ 39,189,008 $ 36,827,226 Value of Above Market In-Place Leases 4,114,715 2,966,322 Value of Intangible Leasing Costs 14,791,111 10,405,135 Sub-total Intangible Lease Assets 58,094,834 50,198,683 Accumulated Amortization (14,539,389) (11,440,624) Sub-total Intangible Lease Assets—Net 43,555,445 38,758,059 Intangible Lease Liabilities (included in accrued and other Value of Below Market In-Place Leases (35,321,234) (35,312,017) Sub-total Intangible Lease Liabilities (35,321,234) (35,312,017) Accumulated Amortization 7,930,884 5,541,576 Sub-total Intangible Lease Liabilities—Net (27,390,350) (29,770,441) Total Intangible Assets and Liabilities—Net $ 16,165,095 $ 8,987,618
Schedule of amortization of intangible assets and liabilities	Year Ended December 31, December 31, December 31, ($000's) ($000's) ($000's) Depreciation and Amortization Expense $ 5,872 $ 4,776 $ 2,696 Increase to Income Properties Revenue (2,339) (2,194) (2,240) Net Amortization of Intangible Assets and Liabilities $ 3,533 $ 2,582 $ 456
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 2019 $ 5,312,683 $ (2,506,086) $ 2,806,597 2020 4,882,863 (2,434,424) 2,448,439 2021 3,492,913 (2,410,706) 1,082,207 2022 3,177,980 (2,379,065) 798,915 2023 3,085,976 (2,353,003) 732,973 Thereafter 20,241,440 (11,945,476) 8,295,964 Total $ 40,193,855 $ (24,028,760) $ 16,165,095

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	12 Months Ended
	Dec. 31, 2018
OTHER ASSETS
Schedule of components of other assets	As of December 31, December 31, Income Property Tenant Receivables $ 627,691 $ 895,476 Income Property Straight-line Rent Adjustment 4,304,279 2,517,195 Income Property Lease Incentive 2,394,246 2,696,678 Interest Receivable from Commercial Loan Investments — 38,078 Cash Flow Hedge - Interest Rate Swap 651,722 606,621 Infrastructure Reimbursement Receivables 1,847,375 2,213,305 Deferred Deal Costs 425,476 480,257 Prepaid Expenses, Deposits, and Other 2,634,664 2,773,047 Total Other Assets $ 12,885,453 $ 12,220,657

COMMON STOCK AND EARNINGS PER_2

COMMON STOCK AND EARNINGS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2018
COMMON STOCK AND EARNINGS PER SHARE
Schedule of computation of earnings per share	Year Ended December 31, December 31, December 31, Income Available to Common Shareholders: Net Income $ 37,167,790 $ 41,719,424 $ 16,251,248 Weighted Average Shares Outstanding 5,495,792 5,538,859 5,680,165 Common Shares Applicable to Stock Options Using the Treasury Stock Method 33,529 40,933 13,697 Total Shares Applicable to Diluted Earnings Per Share 5,529,321 5,579,792 5,693,862 Per Share Information: Basic Net Income from Continuing Operations Attributable to Consolidated-Tomoka Land Co. $ 7.09 $ 7.42 $ 2.93 Net Income (Loss) from Discontinued Operations Attributable to Consolidated-Tomoka Land Co. (Net of Tax) (0.33) 0.11 (0.07) Net Income $ 6.76 $ 7.53 $ 2.86 Diluted Net Income from Continuing Operations Attributable to Consolidated-Tomoka Land Co. $ 7.04 $ 7.37 $ 2.92 Net Income (Loss) from Discontinued Operations Attributable to Consolidated-Tomoka Land Co. (Net of Tax) (0.32) 0.11 (0.07) Net Income $ 6.72 $ 7.48 $ 2.85

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	12 Months Ended
	Dec. 31, 2018
LONG-TERM DEBT
Schedule of outstanding indebtedness, at face value	As of December 31, 2018, the Company’s outstanding indebtedness, at face value, was as follows: Face Maturity Interest Value Debt Date Rate Credit Facility $ 120,745,579 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) 24,557,468 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 $ 250,303,047 (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. Amortization of the principal balance began in May 2018.
Schedule of components of long-term debt	Long-term debt consisted of the following: December 31, 2018 December 31, 2017 Due Within Due Within Total One Year Total One Year Credit Facility $ 120,745,579 $ — $ 70,000,000 $ — Mortgage Note Payable (originated with Wells Fargo) 30,000,000 — 30,000,000 — Mortgage Note Payable (originated with Wells Fargo) 24,557,468 — 25,000,000 — 4.50% Convertible Senior Notes due 2020, net of discount 73,348,731 — 72,075,295 — Loan Costs, net of accumulated amortization (1,026,967) — (1,258,931) — Total Long-Term Debt $ 247,624,811 $ — $ 195,816,364 $ —
Schedule of payments applicable to reduction of principal amounts	Year Ending December 31, Amount 2019 $ — 2020 75,000,000 2021 145,303,047 2022 — 2023 — Thereafter 30,000,000 Total Long-Term Debt - Face Value $ 250,303,047
Schedule of carrying value of long-term debt	The carrying value of long-term debt as of December 31, 2018 consisted of the following: Total Current Face Amount $ 250,303,047 Unamortized Discount on Convertible Debt (1,651,269) Loan Costs, net of accumulated amortization (1,026,967) Total Long-Term Debt $ 247,624,811
Schedule of interest expense on debt	Year Ended December 31, December 31, December 31, ($000's) ($000's) ($000's) Interest Expense $ 8,655 $ 7,034 $ 6,804 Amortization of Loan Costs 495 509 828 (1) Amortization of Discount on Convertible Notes 1,273 1,195 1,121 Capitalized Interest — (215) — Total Interest Expense $ 10,423 $ 8,523 $ 8,753 Total Interest Paid $ 8,419 $ 7,060 $ 6,779 (1) The approximately $828,000 of amortization of loan costs during the year ended December 31, 2016 included approximately $367,000 of unamortized loan costs which were written off and included in interest expense related to the $23.1 million mortgage loan assumed by the buyer upon closing the Portfolio Sale on September 16, 2016.

ACCRUED AND OTHER LIABILITIES (

ACCRUED AND OTHER LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2018
ACCRUED AND OTHER LIABILITIES
Schedule of components of accrued and other liabilities	As of December 31, December 31, Accrued Property Taxes $ 12,312 $ 66,909 Tenant Leasing Reserve Escrow — — Reserve for Tenant Improvements 100,519 3,302,831 Accrued Construction Costs 350,593 1,360,950 Accrued Interest 1,430,236 1,194,681 Environmental Reserve and Restoration Cost Accrual 520,404 866,936 Other 2,783,820 2,276,154 Total Accrued and Other Liabilities $ 5,197,884 $ 9,068,461

DEFERRED REVENUE (Tables)

DEFERRED REVENUE (Tables)	12 Months Ended
	Dec. 31, 2018
DEFERRED REVENUE
Schedule of components of deferred revenue	As of December 31, December 31, Deferred Oil Exploration Lease Revenue $ 585,675 $ 585,675 Deferred Revenue on Land Sales 831,320 — Prepaid Rent 1,621,620 1,126,408 Tenant Contributions 4,104,151 — Other Deferred Revenue 58,838 89,613 Total Deferred Revenue $ 7,201,604 $ 1,801,696

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	12 Months Ended
	Dec. 31, 2018
STOCK-BASED COMPENSATION
Summary of share activity for all equity classified stock compensation	A summary of share activity for all equity classified stock compensation during the year ended December 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 12/31/2018 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) — (1,267) 34,952 Equity Classified - Non-Qualified Stock Option Awards 90,000 — (10,000) — — 80,000 Total Shares 169,775 33,157 (36,633) — (1,267) 165,032
Summary of stock appreciation rights activity	Wtd. Avg. Remaining Contractual Aggregate Wtd. Avg. Term Intrinsic Liability-Classified Stock Appreciation Rights Shares Fair Value (Years) Value Outstanding at January 1, 2016 18,000 $ 2.64 Granted — — Exercised — — Expired (3,000) — Forfeited (4,000) 0.87 Outstanding at December 31, 2016 11,000 1.33 Granted — — Exercised (6,000) 3.84 Expired (5,000) — Forfeited — — Outstanding at December 31, 2017 — — Granted — — Exercised — — Expired — — Forfeited — — Outstanding at December 31, 2018 — $ — — $ — Exercisable at December 31, 2018 — $ — — $ —
Schedule of assumptions used in determining the fair value of stock options and stock appreciation rights	Assumptions at: December 31, 2018 December 31, 2017 December 31, 2016 Expected Volatility — % — % 14.13 % Expected Dividends — % — % 0.22 % Expected Term — years — years 0.61 years Risk-Free Rate — % — % 0.66 %
Schedule of amounts recognized for stock options, stock appreciation rights, and restricted stock	Year Ended December 31, December 31, December 31, Accelerated Charge for Stock-Based Compensation $ — $ — $ 1,649,513 Recurring Charge for Stock-Based Compensation 1,684,250 1,437,223 1,529,370 Total Cost of Share-Based Plans Charged Against Income Before Tax Effect $ 1,684,250 $ 1,437,223 $ 3,178,883 Income Tax Expense Recognized in Income $ (426,873) $ (554,409) $ (1,226,254)
Peer Group Market Condition Vesting
STOCK-BASED COMPENSATION
Summary of performance share awards activity	A summary of activity during the years ended December 31, 2018, 2017, and 2016 is presented below: Wtd. Avg. Performance Shares with Market Conditions Shares Fair Value Outstanding at January 1, 2016 — $ — Granted — — Vested — — Expired — — Forfeited — — Outstanding at December 31, 2016 — — Granted 12,635 55.66 Vested — — Expired — — Forfeited — — Outstanding at December 31, 2017 12,635 55.66 Granted 15,445 74.99 Vested — — Expired — — Forfeited — — Outstanding at December 31, 2018 28,080 $ 66.29
Summary of nonvested restricted stock award activity	A summary of activity during the years ended December 31, 2018, 2017, and 2016 is presented below: Wtd. Avg. Grant Date Market Condition Non-Vested Restricted Shares Shares Fair Value Outstanding at January 1, 2016 2,400 $ 23.42 Granted — — Vested (2,300) 23.42 Expired — — Forfeited (100) 23.42 Outstanding at December 31, 2016 — — Granted — — Vested — — Expired — — Forfeited — — Outstanding at December 31, 2017 — — Granted — — Vested — — Expired — — Forfeited — — Outstanding at December 31, 2018 — $ —
Stock Price Vesting
STOCK-BASED COMPENSATION
Summary of nonvested restricted stock award activity	A summary of the activity for these awards during the years ended December 31, 2018, 2017, and 2016 is presented below: Wtd. Avg. Market Condition Non-Vested Restricted Shares Shares Fair Value Outstanding at January 1, 2016 137,500 $ 30.58 Granted 4,000 38.98 Vested — — Expired — — Forfeited (72,000) 34.46 Outstanding at December 31, 2016 69,500 27.03 Granted — — Vested (7,750) 34.30 Expired (32,000) 14.08 Forfeited — — Outstanding at December 31, 2017 29,750 39.07 Granted — — Vested (7,750) 31.58 Expired — — Forfeited — — Outstanding at December 31, 2018 22,000 $ 41.71
Three-Year Vesting
STOCK-BASED COMPENSATION
Summary of nonvested restricted stock award activity	A summary of activity for these awards during the years ended December 31, 2018, 2017, and 2016, is presented below: Wtd. Avg. Fair Value Three Year Vest Non-Vested Restricted Shares Shares Per Share Outstanding at January 1, 2016 26,900 $ 49.73 Granted 21,100 44.88 Vested (10,363) 47.89 Expired — — Forfeited (133) 46.08 Outstanding at December 31, 2016 37,504 47.53 Granted 17,451 55.06 Vested (17,298) 46.70 Expired — — Forfeited (267) 52.51 Outstanding at December 31, 2017 37,390 51.39 Granted 17,712 65.33 Vested (18,883) 51.57 Expired — — Forfeited (1,267) 59.39 Outstanding at December 31, 2018 34,952 $ 58.07
Amended and Restated 2010 Equity Incentive Plan
STOCK-BASED COMPENSATION
Summary of activity for stock option awards	A summary of the activity for these awards during the years ended December 31, 2018, 2017, and 2016, is presented below: Wtd. Avg. Remaining Contractual Aggregate Wtd. Avg. Term Intrinsic Non-Qualified Stock Option Awards Shares Ex. Price (Years) Value Outstanding at January 1, 2016 116,850 $ 48.63 Granted 40,000 55.62 Exercised (3,350) 34.95 Expired — — Forfeited (40,000) 55.62 Outstanding at December 31, 2016 113,500 49.03 Granted — — Exercised (23,500) 34.95 Expired — — Forfeited — — Outstanding at December 31, 2017 90,000 52.71 Granted — — Exercised (10,000) 29.34 Expired — — Forfeited — — Outstanding at December 31, 2018 80,000 $ 55.63 6.50 $ 25,000 Exercisable at January 1, 2018 73,000 $ 51.94 6.88 $ 843,968 Exercisable at December 31, 2018 80,000 $ 55.63 6.50 $ 25,000
Summary of non-vested stock option awards	A summary of the non-vested options for these awards during the years ended December 31, 2018, 2017, and 2016, is presented below: Fair Value of Shares Non-Qualified Stock Option Awards Shares Vested Non-Vested at January 1, 2016 88,260 Granted 40,000 Vested (51,360) $ 2,643,088 Expired — Forfeited (40,000) Non-Vested at December 31, 2016 36,900 Granted — Vested (19,900) $ 1,094,066 Expired — Forfeited — Non-Vested at December 31, 2017 17,000 Granted — Vested (17,000) $ 952,068 Expired — Forfeited — Non-Vested at December 31, 2018 —
2001 Stock Option Plan
STOCK-BASED COMPENSATION
Summary of activity for stock option awards	Wtd. Avg. Remaining Contractual Aggregate Wtd. Avg. Term Intrinsic Liability-Classified Stock Options Shares Ex. Price (Years) Value Outstanding at January 1, 2016 18,000 $ 64.69 Granted — — Exercised — — Expired (3,000) 67.27 Forfeited (4,000) 64.99 Outstanding at December 31, 2016 11,000 63.87 Granted — — Exercised (6,000) 52.73 Expired (5,000) 52.73 Forfeited — — Outstanding at December 31, 2017 — — Granted — — Exercised — — Expired — — Forfeited — — Outstanding at December 31, 2018 — $ — — $ — Exercisable at December 31, 2018 — $ — — $ —

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2018
INCOME TAXES
Schedule of total income tax benefit (expense)	Year ended December 31, 2018 2017 2016 Income Tax (Expense) Benefit from Continuing Operations $ (14,162,966) $ 10,326,298 $ (12,092,513) Income Tax (Expense) Benefit from Discontinued Operations 608,222 (391,032) 255,659 Total Consolidated Income Tax Benefit (Expense) $ (13,554,744) $ 9,935,266 $ (11,836,854)
Summary of provisions for income tax benefit (expense)	2018 2017 2016 Current Deferred Current Deferred Current Deferred Federal $ (543,559) $ (12,648,423) $ 794,174 $ 8,708,485 $ (159,596) $ (10,996,276) State (299,636) (671,348) 70,384 753,255 (311,525) (625,116) Total $ (843,195) $ (13,319,771) $ 864,558 $ 9,461,740 $ (471,121) $ (11,621,392)
Summary of deferred income tax assets (liabilities)	Deferred Tax 2018 2017 Deferred Income Tax Assets Depreciation $ 4,904,976 $ 2,073,439 Intangible Lease Liabilities 7,111,608 7,512,629 Income Property Tenant Contributions 1,069,882 — Impairment Reserves 1,393,415 1,139,918 Stock Options and Restricted Stock 977,210 883,725 Net Operating Loss Carryforward — 266,036 Capital Loss Carryforward 20,750 20,750 Deferred Oil Lease Income 121,323 148,439 Other - Net 44,967 60,480 Gross Deferred Income Tax Assets 15,644,131 12,105,416 Less - Valuation Allowance (272,966) (272,966) Net Deferred Income Tax Assets 15,371,165 11,832,450 Deferred Income Tax Liabilities Sales of Real Estate (67,388,733) (52,720,764) Income Property Lease Incentive (606,820) — Discount on Equity Component of Convertible Debt (238,200) (421,895) Basis Difference in Joint Venture (764,566) (224,715) Interest Rate Swap (486,543) (452,873) Deferred Revenue (Net of Straight-line Rent Adjustments) (578,034) (226,673) Other - Net (78,176) (79,394) Total Deferred Income Tax Liabilities (70,141,072) (54,126,314) Net Deferred Income Tax Liabilities $ (54,769,907) $ (42,293,864)
Schedule of reconciliation of income tax computed at the federal statutory rate	Year ended December 31, 2018 2017 2016 Income Tax (Expense) Benefit Computed at Federal Statutory Rate $ (11,137,038) $ (10,137,092) $ (9,475,601) Increase (Decrease) Resulting from: State Income Tax, Net of Federal Income Tax Benefit (2,985,086) (1,703,805) (1,693,578) Income Tax on Permanently Non-Deductible Items (31,466) 66,015 (1,015,936) Change in Corporate Federal Tax Rate — 22,249,536 — Other Reconciling Items (9,376) (148,356) 92,602 Benefit (Expense) for Income Taxes $ (14,162,966) $ 10,326,298 $ (12,092,513)

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Dec. 31, 2018
COMMITMENTS AND CONTINGENCIES
Schedule of minimum future rental payments under non-cancelable operating leases having remaining terms in excess of one year	Year Ending December 31, Amounts 2019 $ 264,952 2020 187,877 2021 119,358 2022 116,341 2023 32,765 2024 and thereafter (cumulative) — Total $ 721,293
Schedule of minimum future rental receipts under non-cancelable operating leases having remaining terms in excess of one year	Year Ending December 31, Amounts 2019 $ 35,056,946 2020 34,247,241 2021 31,669,389 2022 30,692,646 2023 29,134,012 2024 and thereafter (cumulative) 158,540,049 Total $ 319,340,283
Schedule of potential land sales transactions	No. of Acres Amount Price Estimated Transaction (Buyer) (Rounded) ($000's) per Acre Timing 1 Commercial/Retail - O'Connor - East of I-95 (1) (2) 203 $ 45,252 $ '19 - '20 2 Residential (SF) - ICI Homes - West of I-95 1,016 21,000 '20 3 Commercial/Medical Office - East of I-95 32 8,089 '19 - '20 4 Residential (MF) - East of I-95 38 6,100 Q4 '19 5 Commercial/Residential - Unicorp - East of I-95 31 4,600 '19 - '20 6 Residential (MF) - East of I-95 20 4,000 '19 - '20 7 Commercial/Retail - Unicorp - East of I-95 14 3,800 '19 - '20 8 Residential - East of I-95 13 2,600 '19 - '20 9 Residential (SF) - West of I-95 98 2,600 '19 - '20 10 Residential (MF) - East of I-95 19 2,000 '20 11 Residential (SF) - ICI Homes - West of I-95 146 1,650 '19 12 Borrow Pit - West of I-95 149 1,600 '19 - '20 Total (Average) 1,779 $ 103,291 $ (1) Land sales transaction which requires 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. (2) The Company expects that the buyer will complete the transaction in two separate closings.

BUSINESS SEGMENT DATA (Tables)

BUSINESS SEGMENT DATA (Tables)	12 Months Ended
	Dec. 31, 2018
BUSINESS SEGMENT DATA
Schedule of operations in different segments	Year Ended December 31, December 31, December 31, Revenues: Income Properties $ 40,075,731 $ 31,406,930 $ 25,092,484 Commercial Loan Investments 615,728 2,052,689 2,588,235 Real Estate Operations 45,997,141 52,857,359 38,203,748 Total Revenues $ 86,688,600 $ 86,316,978 $ 65,884,467 Operating Income: Income Properties $ 31,905,648 $ 24,489,187 $ 19,887,621 Commercial Loan Investments 615,728 2,052,689 2,588,235 Real Estate Operations 34,483,223 35,281,013 23,155,668 General and Corporate Expense (25,546,893) (22,567,310) (20,407,950) Other Gains and Income 22,035,666 38 12,758,770 Total Operating Income $ 63,493,372 $ 39,255,617 $ 37,982,344 Depreciation and Amortization: Income Properties $ 15,728,095 $ 12,272,265 $ 7,872,689 Corporate and Other 33,428 42,435 56,654 Total Depreciation and Amortization $ 15,761,523 $ 12,314,700 $ 7,929,343 Capital Expenditures: Income Properties $ 108,996,747 $ 92,125,062 $ 92,434,774 Commercial Loan Investments — 3,000,000 — Real Estate Operations 4,658,956 — — Golf Operations 94,734 2,373,894 95,513 Corporate and Other 13,775 128,716 19,881 Total Capital Expenditures $ 113,764,212 $ 97,627,672 $ 92,550,168 As of December 31, 2018 December 31, 2017 Identifiable Assets: Income Properties $ 492,093,615 $ 388,602,721 Commercial Loan Investments — 11,963,777 Real Estate Operations 35,287,559 43,296,528 Golf Operations-Held for Sale 4,462,477 6,262,634 Corporate and Other 24,486,221 16,004,718 Total Assets $ 556,329,872 $ 466,130,378

ASSETS HELD FOR SALE AND DISC_2

ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS (Tables)	12 Months Ended
	Dec. 31, 2018
ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS
Schedule of assets and liabilities held for sale and discontinued operations	As of December 31, 2018 As of December 31, 2017 Multi-Tenant Income Properties Golf Assets Total Assets Held for Sale Multi-Tenant Income Properties Golf Assets Total Assets Held for Sale Property, Plant, and Equipment—Net $ 67,810,880 $ 3,659,703 $ 71,470,583 $ — $ 5,060,005 $ 5,060,005 Cash and Cash Equivalents — 156,489 156,489 — 452,157 452,157 Other Assets — 646,285 646,285 — 750,471 750,471 Intangible Lease Assets—Net 4,366,858 — 4,366,858 — — — Intangible Lease Liabilities—Net (773,705) — (773,705) — — — Total Assets Held for Sale $ 71,404,033 $ 4,462,477 $ 75,866,510 $ — $ 6,262,633 $ 6,262,633 As of December 31, 2018 As of December 31, 2017 Multi-Tenant Income Properties Golf Assets Total Liabilities Held for Sale Multi-Tenant Income Properties Golf Assets Total Liabilities Held for Sale Accounts Payable $ — $ 199,422 $ 199,422 $ — $ 213,302 $ 213,302 Accrued and Other Liabilities — 924,323 924,323 — 1,092,065 1,092,065 Deferred Revenue — 223,551 223,551 — 228,763 228,763 Total Liabilities Held for Sale $ — $ 1,347,296 $ 1,347,296 $ — $ 1,534,130 $ 1,534,130

QUARTERLY FINANCIAL DATA (Table

QUARTERLY FINANCIAL DATA (Tables)	12 Months Ended
	Dec. 31, 2018
QUARTERLY FINANCIAL DATA
Schedule of quarterly financial data	March 31, June 30, September 30, December 31, 2018 2017 2018 2017 2018 2017 2018 2017 Revenues Income Properties $ 9,205,727 $ 7,073,240 $ 9,781,299 $ 7,565,007 $ 9,360,155 $ 7,928,258 $ 11,728,550 $ 8,840,425 Interest Income from Commercial Loan Investments 300,999 536,489 273,467 553,159 41,262 637,801 — 325,240 Real Estate Operations 13,990,517 29,628,611 2,495,501 13,336,104 8,012,509 3,017,123 21,498,614 6,875,521 Total Revenues 23,497,243 37,238,340 12,550,267 21,454,270 17,413,926 11,583,182 33,227,164 16,041,186 Direct Cost of Revenues Income Properties (1,869,029) (1,411,713) (2,034,889) (1,629,515) (1,773,840) (1,715,516) (2,492,325) (2,160,999) Real Estate Operations (1,540,834) (9,197,286) (875,442) (5,823,065) (5,577,491) (478,043) (3,520,151) (2,077,952) Total Direct Cost of Revenues (3,409,863) (10,608,999) (2,910,331) (7,452,580) (7,351,331) (2,193,559) (6,012,476) (4,238,951) General and Administrative Expenses (2,823,548) (3,220,147) (2,429,181) (2,727,187) (1,928,008) (1,995,512) (2,604,633) (2,309,764) Depreciation and Amortization (3,796,823) (2,697,208) (3,755,546) (3,120,368) (3,756,507) (3,063,211) (4,452,647) (3,433,913) Total Operating Expenses (10,030,234) (16,526,354) (9,095,058) (13,300,135) (13,035,846) (7,252,282) (13,069,756) (9,982,628) Gain (Loss) on Disposition of Assets 3,650,858 — 18,384,808 — — (266) — 304 Operating Income 17,117,867 20,711,986 21,840,017 8,154,135 4,378,080 4,330,634 20,157,408 6,058,862 Investment Income 12,312 9,183 11,892 8,524 14,179 9,724 13,838 10,554 Interest Expense (2,561,465) (2,061,891) (2,537,301) (2,144,176) (2,345,156) (2,073,299) (2,979,364) (2,243,770) Income from Continuing Operations Before Income Tax Benefit (Expense) 14,568,714 18,659,278 19,314,608 6,018,483 2,047,103 2,267,059 17,191,882 3,825,646 Income Tax Benefit (Expense) from Continuing Operations (3,558,599) (7,225,799) (4,896,734) (2,269,718) (561,223) (948,080) (5,146,410) 20,769,895 Income from Continuing Operations 11,010,115 11,433,479 14,417,874 3,748,765 1,485,880 1,318,979 12,045,472 24,595,541 Income (Loss) from Discontinued Operations (Net of Tax) (97,816) 1,312,913 (254,966) (69,857) (1,189,708) (352,079) (249,061) (268,317) Net Income $ 10,912,299 $ 12,746,392 $ 14,162,908 $ 3,678,908 $ 296,172 $ 966,900 $ 11,796,411 $ 24,327,224 Per Share Information: Basic Income from Continuing Operations $ 1.99 $ 2.05 $ 2.61 $ 0.68 $ 0.27 $ 0.24 $ 2.22 $ 4.47 Income (Loss) from Discontinued Operations (Net of Tax) (0.02) 0.23 (0.05) (0.01) (0.22) (0.06) (0.05) (0.05) Net Income $ 1.97 $ 2.28 $ 2.56 $ 0.67 $ 0.05 $ 0.18 $ 2.17 $ 4.42 Diluted Income from Continuing Operations $ 1.98 $ 2.04 $ 2.61 $ 0.67 $ 0.27 $ 0.24 $ 2.22 $ 4.43 Income (Loss) from Discontinued Operations (Net of Tax) (0.02) 0.23 (0.05) (0.01) (0.22) (0.06) (0.05) (0.05) Net Income $ 1.96 $ 2.27 $ 2.56 $ 0.66 $ 0.05 $ 0.18 $ 2.17 $ 4.38

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - NATURE OF OPERATIONS (Details) ft² in Millions	12 Months Ended
	Dec. 31, 2018aft²itemstateloanproperty	Dec. 31, 2018aft²itemstateproperty
Description of business
Number of real estate properties	4	4
Land
Description of business
Number under lease | item	18	18
Commercial loans
Description of business
Number of mortgage loan investments	0	0
Commercial
Description of business
Number of real estate properties	47	47
Number of states in which entity operates | state	14	14
Gross leasable space | ft²	2.3	2.3
Single-tenant
Description of business
Number of real estate properties	40	40
Multi-tenant
Description of business
Number of real estate properties	7	7
Undeveloped land | Daytona Beach, FL
Description of business
Acres | a	5,400	5,400

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - RECENTLY ISSUED ACCOUNTING STANDARDS (Details) - Adjustment - ASU 2016-02 $ in Thousands	Dec. 31, 2018USD ($)
Minimum
RECENTLY ISSUED ACCOUNTING STANDARDS
Right-of use assets for operating leases	$ 650
Lease liabilities for operating leases	650
Maximum
RECENTLY ISSUED ACCOUNTING STANDARDS
Right-of use assets for operating leases	700
Lease liabilities for operating leases	$ 700

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - RECLASSIFICATIONS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Agriculture and Other Income
Segment Reporting Information [Line Items]
Increase (decrease) in revenues	$ (335)	$ (59)
Increase (decrease) in cost of revenues	(96)	(167)
Real Estate Operations
Segment Reporting Information [Line Items]
Increase (decrease) in revenues	335	59
Increase (decrease) in cost of revenues	$ 96	$ 167

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - RESTRICTED CASH AND INVESTMENT SECURITIES (Details)	1 Months Ended			3 Months Ended	12 Months Ended
	Mar. 31, 2018Transaction	Feb. 28, 2017Transaction	Dec. 31, 2013Transaction	Dec. 31, 2015Transaction	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2018USD ($)Transactionitemproperty
Restricted Cash
Restricted Cash					$ 6,508,131	$ 9,855,469	$ 19,721,475
Number of closed land transactions | Transaction				2
Mortgage loan originated					3,000,000
Investment Securities
Available-for-sale Securities, Debt Securities					$ 0		0
Debt Securities, Available-for-sale, Realized Gain (Loss), Excluding Other-than-temporary Impairment						$ (575,567)
Escrow deposit to be reinvested through like-kind exchange structure
Restricted Cash
Restricted Cash							$ 18,300,000
Number of separate escrow accounts | item							5
Restricted cash, escrow deposit related to land transactions
Restricted Cash
Restricted Cash							$ 1,200,000
Number of separate escrow accounts | item							3
Number of separate land transactions | Transaction							3
Number of closed land transactions | Transaction	1	1	1
Capital replacement reserve account
Restricted Cash
Restricted Cash							$ 210,000
Number of real estate properties in financing | property							6

SUMMARY OF SIGNIFICANT ACCOUN_8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Fair Value of Financial Instruments (Details) - USD ($)	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Commercial loan investment portfolio
Carrying Value	$ 11,925,699	$ 23,960,467	$ 38,331,956
Commercial loans
Commercial loan investment portfolio
Carrying Value	11,925,699
Commercial loans | Variable-rate B-Note Junior Mortgage
Commercial loan investment portfolio
Carrying Value	$ 8,960,467

SUMMARY OF SIGNIFICANT ACCOUN_9

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - COMMERCIAL LOAN INVESTMENTS AND ACCOUNTS RECEIVABLE (Details)	3 Months Ended
	Dec. 31, 2015Transaction	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Accounts Receivable
Income Property Tenant Receivables		$ 627,691	$ 895,476
Number of closed land transactions | Transaction	2
Other Assets
Accounts Receivable
Income Property Tenant Receivables		628,000	895,000
Infrastructure Reimbursement Receivables and Other Receivables Related to Real Estate Operations		1,800,000	2,200,000
Golf Operations Receivables		290,000	349,000
Allowance for doubtful accounts		185,000	0
Accounts receivable related to real estate operations		$ 1,800,000	$ 2,200,000

SUMMARY OF SIGNIFICANT ACCOU_10

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - PROPERTY, PLANT, AND EQUIPMENT and GOLF OPERATIONS (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)itemproperty	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
PROPERTY, PLANT, AND EQUIPMENT
Depreciation | $	$ 10,300	$ 7,900	$ 5,500
Interest capitalized | $	$ 0	$ 215	$ 0
Golf Operations
PROPERTY, PLANT, AND EQUIPMENT
Number of golf courses | property	2
Number of holes to the golf course | item	18
Number of holes to the golf course practice facility | item	3
Golf course and clubhouse facility membership period	12 months
Golf Buildings and Improvements | Minimum
PROPERTY, PLANT, AND EQUIPMENT
Useful lives for property, plant, and equipment	10 years
Golf Buildings and Improvements | Maximum
PROPERTY, PLANT, AND EQUIPMENT
Useful lives for property, plant, and equipment	43 years
Golf Equipment | Minimum
PROPERTY, PLANT, AND EQUIPMENT
Useful lives for property, plant, and equipment	3 years
Golf Equipment | Maximum
PROPERTY, PLANT, AND EQUIPMENT
Useful lives for property, plant, and equipment	10 years
Income Properties Buildings and Improvements | Minimum
PROPERTY, PLANT, AND EQUIPMENT
Useful lives for property, plant, and equipment	5 years
Income Properties Buildings and Improvements | Maximum
PROPERTY, PLANT, AND EQUIPMENT
Useful lives for property, plant, and equipment	55 years
Other Furnishings and Equipment | Minimum
PROPERTY, PLANT, AND EQUIPMENT
Useful lives for property, plant, and equipment	3 years
Other Furnishings and Equipment | Maximum
PROPERTY, PLANT, AND EQUIPMENT
Useful lives for property, plant, and equipment	20 years

SUMMARY OF SIGNIFICANT ACCOU_11

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - STOCK-BASED COMPENSATION (Details) - shares	Apr. 23, 2014	Apr. 30, 2011	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2009
STOCK-BASED COMPENSATION
Stock options and stock appreciation rights outstanding (in shares)			165,032	169,775
2001 Stock Option Plan
STOCK-BASED COMPENSATION
Shares authorized for issuance					500,000
Amended and Restated 2010 Equity Incentive Plan
STOCK-BASED COMPENSATION
Shares authorized for issuance	450,000		702,000
Number of additional shares authorized	240,000
Maximum award per participant			50,000
Period after adoption that plan expires			10 years
Second Amended and Restated 2010 Equity Incentive Plan
STOCK-BASED COMPENSATION
Shares authorized for issuance			720,000
Stock Option Awards | 2001 Stock Option Plan
STOCK-BASED COMPENSATION
Awards available for issue ( in shares)					0
Vesting period		5 years
Period of expiration from grant date		10 years

SUMMARY OF SIGNIFICANT ACCOU_12

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - INCOME TAXES (Details) $ in Thousands	Dec. 31, 2018USD ($)
Income Taxes
Reserves for uncertain income tax positions	$ 0

SUMMARY OF SIGNIFICANT ACCOU_13

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONCENTRATION OF CREDIT RISK (Details)	12 Months Ended
	Dec. 31, 2018
Segment square footage | Geographic Concentration Risk | Income Properties | Florida
CONCENTRATION OF CREDIT RISK
Concentration risk percentage	26.00%

REVENUE RECOGNITION - Major Goo

REVENUE RECOGNITION - Major Good or Service (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Revenues
Lease Revenue									$ 40,911,000	$ 32,278,000	$ 26,384,000
Lease Incentive Amortization									(302,000)	(50,000)
Interest from Commercial Loan Investments									616,000	2,053,000	2,588,000
Interest and Other Revenue									145,000
Total Revenues	$ 33,227,164	$ 17,413,926	$ 12,550,267	$ 23,497,243	$ 16,041,186	$ 11,583,182	$ 21,454,270	$ 37,238,340	86,688,600	86,316,978	65,884,467
Lease Revenue - Base Rent
Revenues
Lease Revenue									31,610,000	24,694,000	19,205,000
Lease Revenue - CAM
Revenues
Lease Revenue									2,905,000	2,208,000	2,030,000
Lease Revenue - Reimbursements
Revenues
Lease Revenue									2,934,000	2,125,000	1,450,000
Lease Revenue - Billboards
Revenues
Lease Revenue									250,000	251,000	202,000
Above / Below Market Lease Accretion
Revenues
Lease Revenue									2,339,000	2,194,000	2,240,000
Contributed Leased Assets Accretion
Revenues
Lease Revenue									218,000
Land
Revenues
Revenue from contract with customer, including assessed tax									41,452,000	45,471,000	11,871,000
Tomoka Town Center Percentage-of-Completion Revenue
Revenues
Revenue from contract with customer, including assessed tax											17,490,000
Revenue from Reimbursement of Infrastructure Costs
Revenues
Revenue from contract with customer, including assessed tax									1,556,000	1,860,000	4,500,000
Impact Fee and Mitigation Credit Sales
Revenues
Revenue from contract with customer, including assessed tax									1,338,000	2,126,000	2,220,000
Subsurface Lease Revenue
Revenues
Revenue from contract with customer, including assessed tax									957,000	856,000	1,257,000
Subsurface Revenue - Other
Revenues
Revenue from contract with customer, including assessed tax									668,000	2,192,000	545,000
Fill Dirt and Other Revenue
Revenues
Revenue from contract with customer, including assessed tax									3,000	17,000	261,000
Timber Sales Revenue
Revenues
Revenue from contract with customer, including assessed tax										291,000	10,000
Interest and Other Revenue
Revenues
Interest and Other Revenue										29,000	16,000
Income Properties
Revenues
Lease Revenue									39,931,000	31,378,000	25,077,000
Lease Incentive Amortization									(302,000)	(50,000)
Interest and Other Revenue									145,000
Total Revenues	11,728,550	9,360,155	9,781,299	9,205,727	8,840,425	7,928,258	7,565,007	7,073,240	40,075,731	31,406,930	25,092,484
Income Properties | Lease Revenue - Base Rent
Revenues
Lease Revenue									31,587,000	24,650,000	19,155,000
Income Properties | Lease Revenue - CAM
Revenues
Lease Revenue									2,905,000	2,208,000	2,030,000
Income Properties | Lease Revenue - Reimbursements
Revenues
Lease Revenue									2,934,000	2,125,000	1,450,000
Income Properties | Lease Revenue - Billboards
Revenues
Lease Revenue									250,000	251,000	202,000
Income Properties | Above / Below Market Lease Accretion
Revenues
Lease Revenue									2,339,000	2,194,000	2,240,000
Income Properties | Contributed Leased Assets Accretion
Revenues
Lease Revenue									218,000
Income Properties | Interest and Other Revenue
Revenues
Interest and Other Revenue										29,000	16,000
Commercial Loan Investments
Revenues
Interest from Commercial Loan Investments									616,000	2,053,000	2,588,000
Total Revenues		41,262	273,467	300,999	325,240	637,801	553,159	536,489	615,728	2,052,689	2,588,235
Real Estate Operations
Revenues
Lease Revenue									980,000	900,000	1,307,000
Total Revenues	$ 21,498,614	$ 8,012,509	$ 2,495,501	$ 13,990,517	$ 6,875,521	$ 3,017,123	$ 13,336,104	$ 29,628,611	45,997,141	52,857,359	38,203,748
Real Estate Operations | Lease Revenue - Base Rent
Revenues
Lease Revenue									23,000	44,000	50,000
Real Estate Operations | Land
Revenues
Revenue from contract with customer, including assessed tax									41,452,000	45,471,000	11,871,000
Real Estate Operations | Tomoka Town Center Percentage-of-Completion Revenue
Revenues
Revenue from contract with customer, including assessed tax											17,490,000
Real Estate Operations | Revenue from Reimbursement of Infrastructure Costs
Revenues
Revenue from contract with customer, including assessed tax									1,556,000	1,860,000	4,500,000
Real Estate Operations | Impact Fee and Mitigation Credit Sales
Revenues
Revenue from contract with customer, including assessed tax									1,338,000	2,126,000	2,220,000
Real Estate Operations | Subsurface Lease Revenue
Revenues
Revenue from contract with customer, including assessed tax									957,000	856,000	1,257,000
Real Estate Operations | Subsurface Revenue - Other
Revenues
Revenue from contract with customer, including assessed tax									668,000	2,192,000	545,000
Real Estate Operations | Fill Dirt and Other Revenue
Revenues
Revenue from contract with customer, including assessed tax									$ 3,000	17,000	261,000
Real Estate Operations | Timber Sales Revenue
Revenues
Revenue from contract with customer, including assessed tax										$ 291,000	$ 10,000

REVENUE RECOGNITION - Timing of

REVENUE RECOGNITION - Timing of Revenue Recognition (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Revenues
Over Lease Term									$ 40,911,000	$ 32,278,000	$ 26,384,000
Commercial Loan Investment Related Revenue									616,000	2,053,000	2,588,000
Total Revenues	$ 33,227,164	$ 17,413,926	$ 12,550,267	$ 23,497,243	$ 16,041,186	$ 11,583,182	$ 21,454,270	$ 37,238,340	86,688,600	86,316,978	65,884,467
Asset/Good Transferred at a Point in Time
Revenues
Revenue from contract with customer, including assessed tax									43,461,000	50,097,000	14,907,000
Services Transferred Over Time
Revenues
Revenue from contract with customer, including assessed tax									1,701,000	1,889,000	22,006,000
Income Properties
Revenues
Over Lease Term									39,931,000	31,378,000	25,077,000
Total Revenues	11,728,550	9,360,155	9,781,299	9,205,727	8,840,425	7,928,258	7,565,007	7,073,240	40,075,731	31,406,930	25,092,484
Income Properties | Services Transferred Over Time
Revenues
Revenue from contract with customer, including assessed tax									145,000	29,000	16,000
Commercial Loan Investments
Revenues
Commercial Loan Investment Related Revenue									616,000	2,053,000	2,588,000
Total Revenues		41,262	273,467	300,999	325,240	637,801	553,159	536,489	615,728	2,052,689	2,588,235
Real Estate Operations
Revenues
Over Lease Term									980,000	900,000	1,307,000
Total Revenues	$ 21,498,614	$ 8,012,509	$ 2,495,501	$ 13,990,517	$ 6,875,521	$ 3,017,123	$ 13,336,104	$ 29,628,611	45,997,141	52,857,359	38,203,748
Real Estate Operations | Asset/Good Transferred at a Point in Time
Revenues
Revenue from contract with customer, including assessed tax									43,461,000	50,097,000	14,907,000
Real Estate Operations | Services Transferred Over Time
Revenues
Revenue from contract with customer, including assessed tax									$ 1,556,000	$ 1,860,000	$ 21,990,000

INCOME PROPERTIES - Acquisition

INCOME PROPERTIES - Acquisitions (Details)	Feb. 21, 2018USD ($)	Dec. 31, 2018USD ($)property	Dec. 31, 2017USD ($)property	Jan. 31, 2018arestaurant
Acquisitions of Income Properties
Number of real estate properties | property		4
Amount allocated of total acquisition cost
Weighted average amortization period of intangible assets		14 years
Weighted average amortization period of intangible liabilities		14 years
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		$ 1,900,000
Net cash investment		26,500,000
Aspen, Colorado
Amount allocated of total acquisition cost
Tenant Contributions	$ 1,500,000	1,500,000
Net cash investment	$ 1,500,000
Real Estate Operations
Acquisitions of Income Properties
Payments to Acquire Commercial Real Estate		$ 106,636,566
Single-tenant
Acquisitions of Income Properties
Number of real estate properties | property		11
Single-tenant | Aspen, Colorado
Acquisitions of Income Properties
Payments to Acquire Commercial Real Estate		$ 28,000,000
Multi-tenant
Acquisitions of Income Properties
Number of real estate properties | property		4
2017 acquisitions of income property subject to a lease | Real Estate Operations
Acquisitions of Income Properties
Payments to Acquire Commercial Real Estate			$ 79,800,000
Aggregate acquisition cost including capitalized acquisition costs			$ 80,600,000
Amount allocated of total acquisition cost
Weighted average amortization period of intangible assets			8 years 10 months 24 days
Weighted average amortization period of intangible liabilities			8 years 10 months 24 days
2017 acquisitions of income property subject to a lease | Real Estate Operations | Nonrecurring basis
Acquisitions of Income Properties
Land			$ 28,000,000
Buildings and improvements			45,200,000
Intangible assets pertaining to the in-place lease value, leasing fees and above market lease value			9,300,000
Intangible liabilities for below market lease value			$ 1,900,000
2017 acquisitions of income property subject to a lease | Single-tenant
Acquisitions of Income Properties
Number of real estate properties | property			4
2017 acquisitions of income property subject to a lease | Multi-tenant
Acquisitions of Income Properties
Number of real estate properties | property			2
2018 acquisitions of income property subject to a lease | Real Estate Operations
Acquisitions of Income Properties
Aggregate acquisition cost including capitalized acquisition costs			$ 107,800,000
Amount allocated of total acquisition cost
Weighted average amortization period of intangible assets		13 years 2 months 12 days
Weighted average amortization period of intangible liabilities		13 years 2 months 12 days
2018 acquisitions of income property subject to a lease | Real Estate Operations | Nonrecurring basis
Acquisitions of Income Properties
Land			47,900,000
Buildings and improvements			45,600,000
Intangible assets pertaining to the in-place lease value, leasing fees and above market lease value			15,600,000
Intangible liabilities for below market lease value			$ 1,300,000
2018 acquisitions of income property subject to a lease | Single-tenant
Acquisitions of Income Properties
Number of real estate properties | property			11

INCOME PROPERTIES - Properties

INCOME PROPERTIES - Properties Acquired (Details)	12 Months Ended
	Dec. 31, 2018USD ($)aft²	Dec. 31, 2017USD ($)
Real Estate Operations
Description of properties acquired
Square-Feet | ft²	281,700
Purchase price	$ 106,636,566
Remaining Lease Term	14 years 4 months 24 days
Aspen, Colorado | Single-tenant
Description of properties acquired
Purchase price	$ 28,000,000
2017 acquisitions of income property subject to a lease | Real Estate Operations
Description of properties acquired
Purchase price		$ 79,800,000
2017 acquisitions of income property subject to a lease | Brandon, FL | Single-tenant
Description of properties acquired
Square-Feet | ft²	4,512
2018 acquisitions of income property subject to lease - Master Tenant for Commercial Building | 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
2018 acquisitions of income property subject to lease - Fidelity Investments | Albuquerque, NM | Single-tenant
Description of properties acquired
Square-Feet | ft²	210,067
Acres | a	26.25
Purchase price	$ 44,000,000
Percentage Leased	100.00%
Remaining Lease Term	10 years 2 months 12 days
2018 acquisitions of income property subject to lease - Chase Bank | Jacksonville, FL | Single-tenant
Description of properties acquired
Square-Feet | ft²	3,614
Acres | a	0.73
Purchase price	$ 5,432,500
Percentage Leased	100.00%
Remaining Lease Term	19 years
2018 acquisitions of income property subject to lease - Cheddar's Scratch Kitchen | Jacksonville, FL | Single-tenant
Description of properties acquired
Square-Feet | ft²	8,146
Acres | a	1.05
Purchase price	$ 2,608,017
Percentage Leased	100.00%
Remaining Lease Term	9 years
2018 acquisitions of income property subject to lease - Chuy's | Jacksonville, FL | Single-tenant
Description of properties acquired
Square-Feet | ft²	7,950
Acres | a	1.24
Purchase price	$ 6,086,957
Percentage Leased	100.00%
Remaining Lease Term	13 years 10 months 24 days
2018 acquisitions of income property subject to lease - Firebirds Wood Fired Grill | Jacksonville, FL | Single-tenant
Description of properties acquired
Square-Feet | ft²	6,948
Acres | a	1.03
Purchase price	$ 4,441,080
Percentage Leased	100.00%
Remaining Lease Term	9 years 1 month 6 days
2018 acquisitions of income property subject to lease - Moe's Southwest Grill | Jacksonville, FL | Single-tenant
Description of properties acquired
Square-Feet | ft²	3,111
Acres | a	0.98
Purchase price	$ 2,309,958
Percentage Leased	100.00%
Remaining Lease Term	19 years 2 months 12 days
2018 acquisitions of income property subject to lease - PDQ | Jacksonville, FL | Single-tenant
Description of properties acquired
Square-Feet | ft²	3,366
Acres | a	1.64
Purchase price	$ 2,309,958
Percentage Leased	100.00%
Remaining Lease Term	8 years 9 months 18 days
2018 acquisitions of income property subject to lease - Scrubbles Car Wash | Jacksonville, FL | Single-tenant
Description of properties acquired
Square-Feet | ft²	4,512
Acres | a	1.62
Purchase price	$ 2,491,429
Percentage Leased	100.00%
Remaining Lease Term	19 years 1 month 6 days
2018 acquisitions of income property subject to lease - Wawa | Jacksonville, FL | Single-tenant
Description of properties acquired
Square-Feet | ft²	6,267
Acres | a	2.16
Purchase price	$ 6,666,667
Percentage Leased	100.00%
Remaining Lease Term	19 years 3 months 18 days
2018 acquisitions of income property subject to lease - Macaroni Grill | Arlington, TX | Single-tenant
Description of properties acquired
Square-Feet | ft²	8,123
Acres | a	1.70
Purchase price	$ 2,290,000
Percentage Leased	100.00%
Remaining Lease Term	15 years

INCOME PROPERTIES - Rent and Le

INCOME PROPERTIES - Rent and Lease Information (Details)	12 Months Ended
	Dec. 31, 2018ft²tenant
The Grove of Winter Park
Income properties
Square-Feet	112,000
Property leased (as a percent)	70.00%
Number of tenants | tenant	15
Single-tenant | 2018 acquisitions of income property subject to lease - Wawa | Jacksonville, FL
Income properties
Lessor, Operating Lease, Term of Contract	20 years
Square-Feet	6,267
Property leased (as a percent)	100.00%

INCOME PROPERTIES - Disposition

INCOME PROPERTIES - Dispositions and Impairment Charges (Details)	Sep. 16, 2016property	Dec. 31, 2018USD ($)ft²buildingproperty	Dec. 31, 2017property	Dec. 31, 2016USD ($)property	Mar. 26, 2018USD ($)
Dispositions of Income Properties
Number of properties in the disposal group | property		4
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down				$ 2,180,730
Daytona Beach, FL
Dispositions of Income Properties
Sales price					$ 11,400,000
Concierge Office Building
Dispositions of Income Properties
Area of real estate property | ft²		22,012
Williamson Business Park office building
Dispositions of Income Properties
Area of real estate property | ft²		15,360
Area of real estate property leased | ft²		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 | ft²		30,720
Number of office building | building		2
Sold | 2016 dispositions of income property subject to a lease
Dispositions of Income Properties
Number of properties in the disposal group | property	14			19
Sales price				$ 74,300,000
Gain on Sale				12,800,000
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down				$ 1,200,000
Sold | 2017 dispositions of income property subject to a lease
Dispositions of Income Properties
Number of properties in the disposal group | property			0

INCOME PROPERTIES - 2016 Acquis

INCOME PROPERTIES - 2016 Acquisitions (Details) $ in Millions	Sep. 16, 2016USD ($)property	Dec. 31, 2018USD ($)property	Dec. 31, 2016USD ($)property
Acquisitions of Income Properties
Amount allocated to below market lease value		$ 1.3
Weighted average amortization period of intangible assets		14 years
Weighted average amortization period of intangible liabilities		14 years
Number of properties in the disposal group | property		4
Notes Reduction			$ 23.1
2016 dispositions of income property subject to a lease | Sold
Acquisitions of Income Properties
Number of properties in the disposal group | property	14		19
Sales price			$ 74.3
Single-tenant | 2016 dispositions of income property subject to a lease | Sold
Acquisitions of Income Properties
Number of properties in the disposal group | property	14
Sales price	$ 51.6
Notes Reduction	$ 23.1
2016 acquisitions
Acquisitions of Income Properties
Amount allocated to intangible assets			20
Amount allocated to below market lease value			$ 1.1
2016 acquisitions | Real Estate Operations
Acquisitions of Income Properties
Number of income properties acquired | property			10
Aggregate purchase of income properties			$ 86.7
Weighted average amortization period of intangible assets			14 years 3 months 18 days
Weighted average amortization period of intangible liabilities			14 years 3 months 18 days
2016 acquisitions | Land
Acquisitions of Income Properties
Amount allocated to land, buildings and improvements			$ 40.4
2016 acquisitions | Building and building improvements
Acquisitions of Income Properties
Amount allocated to land, buildings and improvements			$ 27.4
2016 acquisitions | Single-tenant
Acquisitions of Income Properties
Number of income properties acquired | property			7
2016 acquisitions | Multi-tenant
Acquisitions of Income Properties
Number of income properties acquired | property			3

COMMERCIAL LOAN INVESTMENTS - P

COMMERCIAL LOAN INVESTMENTS - Portfolio Information (Details)	Jun. 13, 2018USD ($)	Dec. 31, 2018loan	Dec. 31, 2018item	Dec. 31, 2017USD ($)
Commercial loan investment portfolio
Mortgage loan originated				$ 3,000,000
Proceeds from loans sold	$ 9,000,000
Commercial loans
Commercial loan investment portfolio
Number of mortgage loan investments		0	0

COMMERCIAL LOAN INVESTMENTS - C

COMMERCIAL LOAN INVESTMENTS - Composition of Portfolio (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Aug. 10, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Commercial loan investment portfolio
Current Face Amount		$ 3,000,000
Carrying Value			$ 11,925,699	$ 23,960,467	$ 38,331,956
Commercial loans
Commercial loan investment portfolio
Original Face Amount			11,960,467
Current Face Amount			11,960,467
Carrying Value			11,925,699
Variable-rate B-Note Junior Mortgage | Commercial loans
Commercial loan investment portfolio
Original Face Amount			8,960,467
Current Face Amount			8,960,467
Carrying Value			$ 8,960,467
Variable-rate B-Note Junior Mortgage | Commercial loans | LIBOR
Commercial loan investment portfolio
Loans receivable basis spread on variable rate (as a percent)			7.50%
Fixed-rate first mortgage | Commercial loans
Commercial loan investment portfolio
Original Face Amount			$ 3,000,000
Current Face Amount			3,000,000
Carrying Value			$ 2,965,232
Interest Rate (as a percent)	11.00%

COMMERCIAL LOAN INVESTMENTS -_2

COMMERCIAL LOAN INVESTMENTS - Carrying Value of Held for Investment and Loans Classified as Held for Sale (Details) - USD ($)	Aug. 10, 2018	Dec. 31, 2017
Carrying value of the commercial loan investment portfolio
Current Face Amount	$ 3,000,000
Total Commercial Loan Investments		$ 11,925,699
Commercial loans
Carrying value of the commercial loan investment portfolio
Current Face Amount		11,960,467
Unaccreted Origination Fees		(34,768)
Total Commercial Loan Investments		$ 11,925,699

LAND AND SUBSURFACE INTERESTS -

LAND AND SUBSURFACE INTERESTS - Daytona Beach, Florida Land (Details)	Feb. 28, 2019a	Dec. 31, 2018apropertymi
Land and development costs and subsurface interests
Area of land sales as a percentage of land holdings	33.00%
Land sale acres	1,800
Expected
Land and development costs and subsurface interests
Area of land sales as a percentage of land holdings	33.00%
Land sale acres	1,779
Undeveloped land | Daytona Beach, FL
Land and development costs and subsurface interests
Acres		5,400
Undeveloped land | Daytona Beach, FL | Property West of I-95
Land and development costs and subsurface interests
Acres		4,500
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		1,000
Undeveloped land | Daytona Beach, FL | Property east of Interstate 95
Land and development costs and subsurface interests
Acres		900
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 INTERESTS_2

LAND AND SUBSURFACE INTERESTS - Land and Development Costs (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
LAND AND SUBSURFACE INTERESTS
Land and Development Costs	$ 19,697,551	$ 32,625,857
Land, Timber, and Subsurface Interests	6,067,082	6,851,840
Total Land and Development Costs	$ 25,764,633	$ 39,477,697

LAND AND SUBSURFACE INTERESTS_3

LAND AND SUBSURFACE INTERESTS - Real Estate Operations Revenues (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Revenues
Total Revenues	$ 33,227,164	$ 17,413,926	$ 12,550,267	$ 23,497,243	$ 16,041,186	$ 11,583,182	$ 21,454,270	$ 37,238,340	$ 86,688,600	$ 86,316,978	$ 65,884,467
Real Estate Operations
Revenues
Subsurface Revenue									1,625,000	3,048,000	1,802,000
Total Revenues	$ 21,498,614	$ 8,012,509	$ 2,495,501	$ 13,990,517	$ 6,875,521	$ 3,017,123	$ 13,336,104	$ 29,628,611	45,997,141	52,857,359	38,203,748
Land
Revenues
Revenue from contract with customer, including assessed tax									41,452,000	45,471,000	11,871,000
Land | Real Estate Operations
Revenues
Revenue from contract with customer, including assessed tax									41,452,000	45,471,000	11,871,000
Tomoka Town Center Percentage-of-Completion Revenue
Revenues
Revenue from contract with customer, including assessed tax											17,490,000
Tomoka Town Center Percentage-of-Completion Revenue | Real Estate Operations
Revenues
Revenue from contract with customer, including assessed tax											17,490,000
Revenue from Reimbursement of Infrastructure Costs
Revenues
Revenue from contract with customer, including assessed tax									1,556,000	1,860,000	4,500,000
Revenue from Reimbursement of Infrastructure Costs | Real Estate Operations
Revenues
Revenue from contract with customer, including assessed tax									1,556,000	1,860,000	4,500,000
Impact Fee and Mitigation Credit Sales
Revenues
Revenue from contract with customer, including assessed tax									1,338,000	2,126,000	2,220,000
Impact Fee and Mitigation Credit Sales | Real Estate Operations
Revenues
Revenue from contract with customer, including assessed tax									1,338,000	2,126,000	2,220,000
Fill Dirt and Other Revenue
Revenues
Revenue from contract with customer, including assessed tax									3,000	17,000	261,000
Fill Dirt and Other Revenue | Real Estate Operations
Revenues
Revenue from contract with customer, including assessed tax									3,000	17,000	261,000
Agriculture | Real Estate Operations
Revenues
Revenue from contract with customer, including assessed tax									$ 23,000	$ 335,000	$ 60,000

LAND AND SUBSURFACE INTERESTS_4

LAND AND SUBSURFACE INTERESTS - Tomoka Town Center (Details)	Feb. 28, 2019a	Dec. 31, 2018USD ($)a	Sep. 30, 2018USD ($)	Jun. 30, 2018USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2017USD ($)a	Sep. 30, 2017USD ($)	Jun. 30, 2017USD ($)a	Mar. 31, 2017USD ($)	Dec. 31, 2018USD ($)a	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2016a
Land and development costs and subsurface interests
Gross Sales Price | $		$ 33,227,164	$ 17,413,926	$ 12,550,267	$ 23,497,243	$ 16,041,186	$ 11,583,182	$ 21,454,270	$ 37,238,340	$ 86,688,600	$ 86,316,978	$ 65,884,467
Acres sold	1,800
Infrastructure Reimbursement Receivables | $		1,847,375				$ 2,213,305				1,847,375	$ 2,213,305
Tomoka Town Center
Land and development costs and subsurface interests
Infrastructure Reimbursement Receivables | $		$ 1,800,000								$ 1,800,000
Tomoka Town Center | Land
Land and development costs and subsurface interests
Acres		235								235
Tomoka Town Center | Developable land
Land and development costs and subsurface interests
Acres		180								180
Tomoka Town Center Sales Agreements | Tomoka Town Center
Land and development costs and subsurface interests
Acres sold													99
Third NADG Land Sale | Tomoka Town Center
Land and development costs and subsurface interests
Acres sold								19
Fourth NADG Land Sale | Tomoka Town Center
Land and development costs and subsurface interests
Acres sold						27
North American Development Group Real Estate Property Contract Final | Tomoka Town Center
Land and development costs and subsurface interests
Acres sold		23
NADG Contract | Tomoka Town Center | Developable land
Land and development costs and subsurface interests
Acres		12.5								12.5

LAND AND SUBSURFACE INTERESTS_5

LAND AND SUBSURFACE INTERESTS - Land Sales and Impairments (Details) $ / a in Thousands	Feb. 28, 2019a	Dec. 27, 2018USD ($)a$ / a	Dec. 21, 2018USD ($)a$ / a	Dec. 19, 2018USD ($)a$ / a	Dec. 17, 2018USD ($)a$ / a	Nov. 27, 2018USD ($)a$ / a	Oct. 03, 2018USD ($)a$ / a	Aug. 30, 2018USD ($)a$ / a	Jul. 16, 2018USD ($)a$ / a	Jun. 28, 2018USD ($)a$ / a	Jun. 25, 2018USD ($)a$ / a	Jun. 12, 2018USD ($)a$ / a	Mar. 16, 2018USD ($)a$ / a	Dec. 29, 2017USD ($)a$ / a	Oct. 13, 2017USD ($)a$ / a	Jun. 27, 2017USD ($)a$ / a	Apr. 25, 2017USD ($)a$ / a	Apr. 13, 2017USD ($)a$ / a	Apr. 05, 2017USD ($)a$ / a	Mar. 22, 2017USD ($)a$ / a	Feb. 10, 2017USD ($)a$ / a	Dec. 29, 2016USD ($)a$ / a	Dec. 22, 2016USD ($)a$ / a	Oct. 13, 2016USD ($)a$ / a	Sep. 27, 2016USD ($)a$ / a	Mar. 30, 2016USD ($)a$ / a	Feb. 12, 2016USD ($)a$ / a	Dec. 31, 2018USD ($)property	Sep. 30, 2018USD ($)	Jun. 30, 2018USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Sep. 30, 2017USD ($)	Jun. 30, 2017USD ($)	Mar. 31, 2017USD ($)	Dec. 31, 2018USD ($)aproperty$ / a	Dec. 31, 2017USD ($)a$ / a	Dec. 31, 2016USD ($)a$ / a	Dec. 31, 2018USD ($)property	Dec. 31, 2016USD ($)a
Land and development costs and subsurface interests
Number of real estate properties | property																												4								4			4
No. of Acres | a	1,800
Impairment charges																																				$ 1,119,362	$ 0	$ 2,180,730
Revenues																												$ 33,227,164	$ 17,413,926	$ 12,550,267	$ 23,497,243	$ 16,041,186	$ 11,583,182	$ 21,454,270	$ 37,238,340	86,688,600	$ 86,316,978	65,884,467
Undeveloped land
Land and development costs and subsurface interests
Impairment charges																																				$ 0		1,000,000	$ 0
Commercial
Land and development costs and subsurface interests
Number of real estate properties | property																												47								47			47
Buc'ees - East of I-95
Land and development costs and subsurface interests
Escrow reserve																												$ 831,000			831,000					$ 831,000			$ 831,000
Remaining gain to be recognized																												$ 831,000			$ 831,000					$ 831,000			$ 831,000
NADG - Out Parcel
Land and development costs and subsurface interests
Deferred Revenue, Additions																																						$ 2,000,000
Tomoka Town Center | Tomoka Town Center Sales Agreements
Land and development costs and subsurface interests
No. of Acres | a																																								99
Gross Sales Price																																								$ 21,400,000
Land Sales
Land and development costs and subsurface interests
Number of real estate properties | property																												12								12			12
Area of land in land sale transactions | a																																				2,697
No. of Acres | a																																				205.4	1,700.9	707.7
Gross Sales Price																																				$ 43,719,000	$ 47,011,000	$ 13,759,000
Price per Acre | $ / a																																				213	28	19
Gain on Sale																																				$ 32,596,000	$ 31,758,000	$ 8,304,000
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
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
Gross Sales Price													$ 13,948,000
Price per Acre | $ / a													400
Gain on Sale													$ 11,926,000
Land Sales | Residential
Land and development costs and subsurface interests
No. of Acres | a					29.9	18						19
Gross Sales Price					$ 3,200,000	$ 4,250,000						$ 265,000
Price per Acre | $ / a					107	236						14
Gain on Sale					$ 2,826,000	$ 3,995,000						$ 226,000
Land Sales | Mitigation Bank West of Interstate Ninety Five
Land and development costs and subsurface interests
Area of land belonging to interest in entity sold | a																																				2,492
No. of Acres | a												2,492
Land sales, ownership interest sold (as a percent)												70.00%																								70.00%
Gross Sales Price																																				$ 15,300,000
Gain on Sale																																				18,400,000
Land Sales | Commercial/Retail Site
Land and development costs and subsurface interests
No. of Acres | a							12.7		3.5	7.7	5.7													17.1			3.1
Gross Sales Price							$ 2,100,000		$ 285,000	$ 819,000	$ 625,000													$ 3,034,000			$ 190,000
Price per Acre | $ / a							165		81	106	110													177			61
Gain on Sale							$ 1,904,000		$ 262,000	$ 628,000	$ 224,000													$ 2,675,000			$ 145,000
Land Sales | Commercial/Retail Site | Commercial/Retail Site
Land and development costs and subsurface interests
No. of Acres | a																							74.6
Gross Sales Price																							$ 830,000
Price per Acre | $ / a																							11
Gain on Sale																							$ 751,000
Land Sales | Distribution
Land and development costs and subsurface interests
No. of Acres | a				26.8
Gross Sales Price				$ 2,433,000
Price per Acre | $ / a				91
Gain on Sale				$ 1,725,000
Land Sales | Unicorp-Williamson Crossing
Land and development costs and subsurface interests
No. of Acres | a								20.6
Gross Sales Price								$ 6,685,000
Price per Acre | $ / a								325
Gain on Sale								$ 1,502,000
Land Sales | Commercial
Land and development costs and subsurface interests
No. of Acres | a		4.1															30	4.5	27.5	6.4
Gross Sales Price		$ 935,000															$ 2,938,000	$ 1,235,000	$ 3,218,000	$ 1,556,000
Price per Acre | $ / a		228															98	274	117	245
Gain on Sale		$ 856,000															$ 627,000	$ 13,000	$ 2,955,000	$ 11,000
Land Sales | Commercial | Commercial
Land and development costs and subsurface interests
No. of Acres | a															5.1
Gross Sales Price															$ 275,000
Price per Acre | $ / a															54
Gain on Sale															$ 239,000
Land Sales | North American Development Group Real Estate Property Contract Final
Land and development costs and subsurface interests
No. of Acres | a			22.5
Gross Sales Price			$ 8,174,000
Price per Acre | $ / a			363
Gain on Sale			$ 6,522,000
Infrastructure reimbursement received																																				$ 1,500,000
Land Sales | NADG - Third Parcel | Commercial
Land and development costs and subsurface interests
No. of Acres | a																19.4
Gross Sales Price																$ 4,422,000
Price per Acre | $ / a																228
Gain on Sale																$ 3,263,000
Land Sales | NADG - Fourth Parcel | Commercial
Land and development costs and subsurface interests
No. of Acres | a														27
Gross Sales Price														$ 6,216,000
Price per Acre | $ / a														230
Gain on Sale														$ 4,609,000
Land Sales | NADG - Out Parcel
Land and development costs and subsurface interests
No. of Acres | a																										4.4
Gross Sales Price																										$ 2,000,000
Price per Acre | $ / a																										455
Gain on Sale																										$ 1,304,000
Land Sales | Minto Sales Center
Land and development costs and subsurface interests
No. of Acres | a																									4.5
Gross Sales Price																									$ 205,000
Price per Acre | $ / a																									46
Gain on Sale																									$ 126,000
Land Sales | ICI Homes
Land and development costs and subsurface interests
No. of Acres | a																						604
Gross Sales Price																						$ 7,500,000
Price per Acre | $ / a																						12
Gain on Sale																						$ 3,303,000
Land Sales | Distribution Center
Land and development costs and subsurface interests
Incentives received and earned																																						$ 112,000
Infrastructure reimbursement | Minto Communities LLC
Land and development costs and subsurface interests
Infrastructure reimbursement received																																					321,000
Infrastructure reimbursement | NADG - Third Parcel
Land and development costs and subsurface interests
Infrastructure reimbursement received																																					955,000
Infrastructure reimbursement | NADG - Fourth Parcel
Land and development costs and subsurface interests
Infrastructure reimbursement received																																					$ 584,000

LAND AND SUBSURFACE INTERESTS_6

LAND AND SUBSURFACE INTERESTS - Tiger Bay Mitigation (Details)	Feb. 28, 2019a	Jun. 12, 2018a	Jun. 30, 2018USD ($)instrument	Dec. 31, 2018USD ($)a	Dec. 31, 2017USD ($)a	Dec. 31, 2016USD ($)a	Aug. 06, 2018item	Jun. 08, 2018item
Real Estate [Line Items]
Land sale acres | a	1,800
Investment in Joint Venture				$ 6,788,034
Number of state credits awarded | item							88.84
Area of land sales as a percentage of land holdings	33.00%
Maximum
Real Estate [Line Items]
Number of state credits awarded | item								355
Land Sales
Real Estate [Line Items]
Land sale acres | a				205.4	1,700.9	707.7
Gain on Sale				$ 32,596,000	$ 31,758,000	$ 8,304,000
Gross Sales Price				$ 43,719,000	$ 47,011,000	$ 13,759,000
Land Sales | Mitigation Bank West of Interstate Ninety Five
Real Estate [Line Items]
Land sales, ownership interest sold (as a percent)		70.00%		70.00%
Land sales, non-controlling interest (as a percent)			30.00%
Land sale acres | a		2,492
Gain on Sale				$ 18,400,000
Gross Sales Price				15,300,000
Consolidated Tomoka Land Co
Real Estate [Line Items]
Interest in the joint venture (as a percent)			30.00%
Investment in Joint Venture				$ 6,800,000
Mitigation Bank
Real Estate [Line Items]
Mitigation credits, Operating Agreement, credit sales, Minimum Sales Requirement, minimum revenue, net of commissions			$ 6,000,000
Mitigation credits, Operating Agreement, credit sales, Minimum Sales Requirement, maximum credits, number | instrument			60
Mitigation credits, Operating Agreement, credit sales, Minimum Sales Guarantee, fair value			$ 100,000
Mitigation credits, Put Right, maximum credits the Company must purchase, per quarter, number | instrument			8.536
Mitigation credits, Put Right, maximum credits the Company must purchase, per quarter, price to fair value (as a percent)			60.00%
Mitigation credits, Put Right, third-party credit sales, reduction in Put Rights outstanding if sales price equals or exceeds price stipulated by Put Right, ratio			1
Mitigation credits, Put Right, maximum potential future payments			$ 27,000,000
Mitigation credits, Put Right, fair value			$ 200,000
Black Rock
Real Estate [Line Items]
Sale of interest in joint venture		70.00%

LAND AND SUBSURFACE INTERESTS_7

LAND AND SUBSURFACE INTERESTS - Beachfront Venture and Daytona Beach (Details)	Nov. 17, 2016USD ($)	Dec. 31, 2018USD ($)aft²property	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)a	Mar. 31, 2018restaurant	Dec. 31, 2017USD ($)	Nov. 16, 2016
Land and subsurface interests
Acquisition of property		$ 4,702,243	$ 4,778,790
Acquisition of noncontrolling interest and (discount on acquisition)	$ 4,800,000
Cost basis		$ 25,764,633				$ 39,477,697
Number of real estate properties | property		4
Retained Earnings
Land and subsurface interests
Acquisition of noncontrolling interest and (discount on acquisition)	$ 879,000
Land Parcel - Beachfront Property
Land and subsurface interests
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 | ft²		6,264
Land Parcel - Beachfront Property | Restaurant property | Cocina 214 Restaurant and Bar
Land and subsurface interests
Lease term		15 years
Annual minimum rent per year		$ 360,000
Land Parcel with Structures Beach Property | Daytona Beach, FL
Land and subsurface interests
Acres | a		5
Acquisition of property		$ 2,000,000
Contiguous Parcels Beach Property | Daytona Beach, FL
Land and subsurface interests
Acres | a		1
Acquisition of property		$ 1,800,000
Opportunity Zone and Community Redevelopment Area Beach Property [Member] | Daytona Beach, FL
Land and subsurface interests
Acres | a		6
Partially owned consolidated property | Land Parcel - Beachfront Property
Land and subsurface interests
Acres | a				6
Acquisition of property				$ 5,700,000
Beachfront Venture
Land and subsurface interests
Unaffiliated third party’s percentage ownership							50.00%
Beachfront Venture | Land Parcel - Beachfront Property
Land and subsurface interests
Acquisition of property				$ 11,300,000

LAND AND SUBSURFACE INTERESTS_8

LAND AND SUBSURFACE INTERESTS - Other Real Estate Assets (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Land and development costs and subsurface interests
Impact fees	$ 2,000
Mitigation credits	460,000
Impact Fee and Mitigation Credits	462,040	$ 1,125,269
Mitigation credits sold	1,000,000	1,600,000
Gain on mitigation credits sold	$ 882,000	$ 1,300,000
Gain on mitigation credits sold (in dollars per share)	$ 0.12	$ 0.15
Cash payments received for impact fees	$ 338,000	$ 519,000
LandShark Bar and Grill
Land and development costs and subsurface interests
Cash payments received for impact fees	72,000
Real Estate Operations | Cost of revenues
Land and development costs and subsurface interests
Mitigation credits transferred		$ 298,000
Real Estate Operations | Buc'ees - East of I-95
Land and development costs and subsurface interests
Mitigation credits transferred	$ 124,000

LAND AND SUBSURFACE INTERESTS_9

LAND AND SUBSURFACE INTERESTS - Subsurface Interests (Details)	Feb. 28, 2019a	Dec. 31, 2018USD ($)acounty$ / sharesbbl	Dec. 31, 2017USD ($)a$ / sharesbbl	Dec. 31, 2016USD ($)abbl	Sep. 20, 2017	Dec. 31, 2011
Subsurface interests
Acres sold | a	1,800
Lease payments on the respective acreages and drilling penalties received
Lease Payment		$ 807,000
Lease income
Rent payment received		705,000
Over Lease Term		40,911,000	$ 32,278,000	$ 26,384,000
Fill dirt excavation agreements
Lease income
Fill dirt and other revenue		$ 0	$ 250,000
Subsurface Interests
Subsurface interests
Acres sold | a			38,750
Revenue from contract with customer, including assessed tax			$ 2,100,000
Gain on Sale			$ 2,080,000
After tax gain on sale (in dollars per share) | $ / shares			$ 0.23
Lease income
Number of acres with operating oil wells | a		800	800	800
Oil exploration
Subsurface interests
Period of extended lease term					5 years
Period of lease term after which lessee has option to terminate lease		1 year
Lease payments on the respective acreages and drilling penalties received
Lease Payment			$ 10,633,805
Drilling Penalty			2,125,000
Lease income
Period from end of prior lease year payment for drilling penalty is due		30 days
Rent payment received		$ 855,000
Lease payment and drilling penalty		957,000
Over Lease Term		$ 807,000	807,000	$ 1,100,000
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		9 years
Maximum | Oil exploration
Subsurface interests
Lease term		8 years			13 years	8 years
Lease income
Period of lease term after which additional rental payments may be received		13 years
Surface land over subsurface interests
Subsurface interests
Acres | a		455,000
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
Revenue recognized for cash payments for the release of surface entry rights		$ 73,000	0	493,000
Area of land for which surface entry rights were released | a		600
Surface land over subsurface interests | Hendry County
Subsurface interests
Revenue from contract with customer, including assessed tax		$ 320,000
Real Estate Operations
Lease income
Over Lease Term		980,000	900,000	1,307,000
Real Estate Operations | Subsurface Interests
Subsurface interests
Revenue from contract with customer, including assessed tax		$ 72,000	$ 86,000	$ 50,000
Type of revenue		us-gaap:RoyaltyMember	us-gaap:RoyaltyMember	us-gaap:RoyaltyMember
Lease income
Oil production volume | bbl		39,186	60,287	50,441
Real Estate Operations | Surface land over subsurface interests
Subsurface interests
Revenue from contract with customer, including assessed tax		$ 185,000
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 | Hendry County | Oil exploration
Lease payments on the respective acreages and drilling penalties received
Acreage | a		15,000
Lease Payment		$ 806,683
Drilling Penalty		$ 50,000
Lease Year 8 - 9/23/2018 - 9/22/2019 | Hendry County | Oil exploration
Lease payments on the respective acreages and drilling penalties received
Acreage | a		15,000
Lease Payment		$ 806,684
Drilling Penalty		$ 150,000

INVESTMENT IN JOINT VENTURE (De

INVESTMENT IN JOINT VENTURE (Details) - Mitigation Bank $ in Thousands	Dec. 31, 2018USD ($)
Summarized financial information of the Company’s JV Investment
Assets, cash and cash equivalents	$ 2,316
Assets, prepaid expenses	19
Assets, investment in mitigation credit assets	1,511
Assets, property, plant, and equipment	18
Total Assets	3,864
Liabilities, accounts payable, accrued expenses, deposits	62
Equity	3,802
Total Liabilities & Equity	$ 3,864

INVESTMENT IN JOINT VENTURE - B

INVESTMENT IN JOINT VENTURE - Beachfront Parcel (Details) - USD ($)	Nov. 17, 2016	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Schedule of Equity Method Investments [Line Items]
Payments To Acquire Land		$ 4,702,243		$ 4,778,790
Acquisition of noncontrolling interest and (discount on acquisition)	$ 4,800,000
Impairment Charges		$ 1,119,362	$ 0	2,180,730
Retained Earnings
Schedule of Equity Method Investments [Line Items]
Acquisition of noncontrolling interest and (discount on acquisition)	$ 879,000
Land Parcel - Beachfront Property
Schedule of Equity Method Investments [Line Items]
Preferred interest investment return (as a percent)					9.00%
Impairment Charges				0
Net loss from the noncontrolling interest				$ 52,000
Partially owned consolidated property | Land Parcel - Beachfront Property
Schedule of Equity Method Investments [Line Items]
Payments To Acquire Land					$ 5,700,000
Beachfront Venture
Schedule of Equity Method Investments [Line Items]
Ownership interest					50.00%

INVESTMENT SECURITIES - Disposi

INVESTMENT SECURITIES - Disposition of Remaining Position (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2018
INVESTMENT SECURITIES
Total basis of investment securities sold	$ 6,800,000
Proceeds from Sale of Investment Securities	6,252,362
Loss from disposition of Investment Securities	575,567
Investment Securities remaining		$ 0
Loss from disposition of Investment Securities	$ 575,567

INVESTMENT SECURITIES - Gains a

INVESTMENT SECURITIES - Gains and Losses Recognized on Sale of Investment Securities (Details)	12 Months Ended
	Dec. 31, 2016USD ($)
Gains and losses recognized on the sale of investment securities
Proceeds from the Disposition of Securities	$ 6,252,362
Cost Basis of Securities Sold	(6,800,000)
Total Gain (Loss) recognized in Statement of Operations on the Disposition of Securities	(575,567)
Debt Securities
Gains and losses recognized on the sale of investment securities
Proceeds from the Disposition of Securities	827,738
Cost Basis of Securities Sold	(843,951)
Total Gain (Loss) recognized in Statement of Operations on the Disposition of Securities	(16,213)
Equity Securities
Gains and losses recognized on the sale of investment securities
Proceeds from the Disposition of Securities	5,424,624
Cost Basis of Securities Sold	(5,983,978)
Total Gain (Loss) recognized in Statement of Operations on the Disposition of Securities	$ (559,354)

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS - Measured on a Recurring Basis (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Fair value of assets
Cash Flow Hedge	$ 651,722	$ 606,621
Recurring basis
Fair value of assets
Cash Flow Hedge		606,621
Total		606,621
Recurring basis | Significant Other Observable Inputs (Level 2)
Fair value of assets
Cash Flow Hedge		606,621
Total		$ 606,621

FAIR VALUE OF FINANCIAL INSTR_4

FAIR VALUE OF FINANCIAL INSTRUMENTS - Assets Measured on a Nonrecurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Nonrecurring basis
Fair value of assets
Asset fair value	$ 0	$ 0

INTANGIBLE ASSETS AND LIABILI_3

INTANGIBLE ASSETS AND LIABILITIES - Components (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	$ 58,094,834	$ 50,198,683
Accumulated Amortization	(14,539,389)	(11,440,624)
Total Intangible Lease Assets—Net	43,555,445	38,758,059
Intangible Lease Liabilities
Value of Below Market In-Place Leases	(35,321,234)	(35,312,017)
Sub-total Intangible Lease Liabilities	(35,321,234)	(35,312,017)
Accumulated Amortization	7,930,884	5,541,576
Total Intangible Lease Liabilities—Net	(27,390,350)	(29,770,441)
Total Intangible Assets and Liabilities—Net	16,165,095	8,987,618
Value of In-Place Leases
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	39,189,008	36,827,226
Value of Above Market In-Place Leases
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	4,114,715	2,966,322
Value of Intangible Leasing Costs
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	$ 14,791,111	$ 10,405,135

INTANGIBLE ASSETS AND LIABILI_4

INTANGIBLE ASSETS AND LIABILITIES - Activity (Details)	12 Months Ended
	Dec. 31, 2018USD ($)property	Dec. 31, 2017USD ($)property	Dec. 31, 2016USD ($)
Intangible Assets And Liabilities
Increase in below-market in-place leases from acquisitions	$ 1,300,000
Number of real estate properties | property	4
Net amortization related to intangible lease assets and liabilities	$ 3,533,000	$ 2,582,000	$ 456,000
Reclassification of intangible lease assets and liabilities to held for sale	3,600,000
Net increase in intangible assets and liabilities	7,200,000
Below market lease value	$ 27,390,350	$ 29,770,441
Single-tenant
Intangible Assets And Liabilities
Number of real estate properties | property	11
Multi-tenant
Intangible Assets And Liabilities
Number of real estate properties | property	4
2018 acquisitions of income property subject to a lease | Single-tenant
Intangible Assets And Liabilities
Number of real estate properties | property		11
Wells Fargo property | Raleigh, NC
Intangible Assets And Liabilities
Below market lease value	$ 24,400,000	$ 26,700,000
Value of In-Place Leases
Intangible Assets And Liabilities
Increase from acquisitions	6,700,000
Value of Above Market In-Place Leases
Intangible Assets And Liabilities
Increase from acquisitions	2,900,000
Value of Intangible Leasing Costs
Intangible Assets And Liabilities
Increase from acquisitions	$ 6,000,000

INTANGIBLE ASSETS AND LIABILI_5

INTANGIBLE ASSETS AND LIABILITIES - Amortization (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
INTANGIBLE ASSETS AND LIABILITIES
Depreciation and Amortization Expense	$ 5,872,000	$ 4,776,000	$ 2,696,000
Increase to Income Properties Revenue	(2,338,531)	(2,193,957)	(2,240,008)
Net Amortization of Intangible Assets and Liabilities	$ 3,533,000	$ 2,582,000	$ 456,000

INTANGIBLE ASSETS AND LIABILI_6

INTANGIBLE ASSETS AND LIABILITIES - Summary of Estimated Amortization and Accretion (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Future Amortization Amount
Total Intangible Lease Assets—Net	$ 43,555,445	$ 38,758,059
Future Accretion to Income Property Revenue
Total Intangible Lease Liabilities—Net	(27,390,350)	$ (29,770,441)
Net Future Amortization of Intangible Assets and Liabilities
2,019	2,806,597
2,020	2,448,439
2,021	1,082,207
2,022	798,915
2,023	732,973
Thereafter	8,295,964
Total	16,165,095
Value of In-Place Leases and Intangible Leasing Costs
Future Amortization Amount
2,019	5,312,683
2,020	4,882,863
2,021	3,492,913
2,022	3,177,980
2,023	3,085,976
Thereafter	20,241,440
Total Intangible Lease Assets—Net	40,193,855
Value of Below Market, net of Above Market In-Place Leases
Future Accretion to Income Property Revenue
2,019	(2,506,086)
2,020	(2,434,424)
2,021	(2,410,706)
2,022	(2,379,065)
2,023	(2,353,003)
Thereafter	(11,945,476)
Total Intangible Lease Liabilities—Net	$ (24,028,760)

INTANGIBLE ASSETS AND LIABILI_7

INTANGIBLE ASSETS AND LIABILITIES - Weighted Average Amortization Period (Details)	12 Months Ended
	Dec. 31, 2018
INTANGIBLE ASSETS AND LIABILITIES
Weighted average amortization period of intangible assets	14 years
Weighted average amortization period of intangible liabilities	14 years

IMPAIRMENT OF LONG-LIVED ASSE_2

IMPAIRMENT OF LONG-LIVED ASSETS (Details)	3 Months Ended		12 Months Ended			24 Months Ended
	Jun. 30, 2016USD ($)a	Mar. 31, 2016USD ($)	Dec. 31, 2018USD ($)$ / shares	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2018USD ($)
Impairment of Long-Lived Assets
Impairment Charges			$ 1,119,362	$ 0	$ 2,180,730
Impairment charge					2,180,730
2016 dispositions of income property subject to a lease | Sold
Impairment of Long-Lived Assets
Impairment charge					1,200,000
Gain (loss) on disposal					12,800,000
September 2016 disposition of income property subject to a lease | Held for sale - not discontinued operation
Impairment of Long-Lived Assets
Impairment charge	$ 942,000
April 2016 disposition of income property subject to a lease | Held for sale - not discontinued operation
Impairment of Long-Lived Assets
Impairment charge		$ 210,000
Gain (loss) on disposal		(134,000)
Closing costs		$ 76,000
Undeveloped land
Impairment of Long-Lived Assets
Impairment Charges			0		$ 1,000,000	$ 0
Undeveloped land | Land Under Contract for Sale
Impairment of Long-Lived Assets
Area of lease | a	6
Four acres of undeveloped land, (3.6 Repurchased Acres) | Land Under Contract for Sale
Impairment of Long-Lived Assets
Area of lease | a	4
Gain (Loss) on Sale of Properties	$ (646,000)
Estimated closing costs	71,000
Impairment charge	$ 717,000
Four acres of undeveloped land, (4.5 Repurchased Acres)
Impairment of Long-Lived Assets
Area of lease | a	4
Gain (Loss) on Sale of Properties	$ (256,000)
Estimated closing costs	55,000
Impairment charge	$ 311,000
Golf Operations
Impairment of Long-Lived Assets
Impairment Charges			$ 1,100,000
Impairment charge (usd per share) | $ / shares			$ 0.15
Total asset impairment			$ 3,100,000

OTHER ASSETS (Details)

OTHER ASSETS (Details)	12 Months Ended
	Dec. 31, 2018USD ($)installmentbuildingproperty	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Income properties
Income Property Tenant Receivables	$ 627,691	$ 895,476
Income Property Straight-line Rent Adjustment	4,304,279	2,517,195
Income Property Lease Incentive	2,394,246	2,696,678
Interest Receivable from Commercial Loan Investments		38,078
Cash Flow Hedge	651,722	606,621
Infrastructure Reimbursement Receivables	1,847,375	2,213,305
Deferred Deal Costs	425,476	480,257
Prepaid Expenses, Deposits, and Other	2,634,664	2,773,047
Total Other Assets	$ 12,885,453	12,220,657
Number of real estate properties | property	4
Deal Costs for Completed Transactions	$ 380,000	717,000	$ 243,000
Deal Costs for Incomplete Transactions	150,000	$ 15,000	$ 10,000
Tanger
Income properties
Infrastructure Reimbursement Receivables	$ 1,400,000
Number of installments to repay infrastructure reimbursement receivable | installment	8
Infrastructure reimbursement receivables, installment payment amounts	$ 175,000
Infrastructure reimbursement receivable, discount	153,000
Sam's Club
Income properties
Infrastructure Reimbursement Receivables	$ 660,000
Number of installments to repay infrastructure reimbursement receivable | installment	6
Infrastructure reimbursement receivables, installment payment amounts	$ 110,000
Infrastructure reimbursement receivable, discount	60,000
Hilton Grand Vacations
Income properties
Income Property Lease Incentive	$ 2,400,000
Number of real estate properties | building	2
Funding for tenant improvements	$ 2,700,000
Accumulated amortization	$ 353,000

COMMON STOCK AND EARNINGS PER_3

COMMON STOCK AND EARNINGS PER SHARE - Summary of Common Stock and Earnings Per Share (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Available to Common Shareholders:
Net Income									$ 37,167,790	$ 41,719,424	$ 16,251,248
Weighted Average Shares Outstanding									5,495,792	5,538,859	5,680,165
Common Shares Applicable to Stock
Options Using the Treasury Stock Method									33,529	40,933	13,697
Total Shares Applicable to Diluted Earnings Per Share									5,529,321	5,579,792	5,693,862
Basic
Net Income from Continuing Operations Attributable to Consolidated-Tomoka Land Co (in dollars per share)	$ 2.22	$ 0.27	$ 2.61	$ 1.99	$ 4.47	$ 0.24	$ 0.68	$ 2.05	$ 7.09	$ 7.42	$ 2.93
Income (loss) from Discontinued Operations (Net of Tax) (in dollars per share)	(0.05)	(0.22)	(0.05)	(0.02)	(0.05)	(0.06)	(0.01)	0.23	(0.33)	0.11	(0.07)
Basic Net Income per Share (in dollars per share)	2.17	0.05	2.56	1.97	4.42	0.18	0.67	2.28	6.76	7.53	2.86
Diluted
Net Income from Continuing Operations Attributable to Consolidated-Tomoka Land Co. (in dollars per share)	2.22	0.27	2.61	1.98	4.43	0.24	0.67	2.04	7.04	7.37	2.92
Income (loss) from Discontinued Operations (Net of Tax) - Diluted (in dollars per share)	(0.05)	(0.22)	(0.05)	(0.02)	(0.05)	(0.06)	(0.01)	0.23	(0.32)	0.11	(0.07)
Diluted Net Income per Share (in dollars per share)	$ 2.17	$ 0.05	$ 2.56	$ 1.96	$ 4.38	$ 0.18	$ 0.66	$ 2.27	$ 6.72	$ 7.48	$ 2.85

COMMON STOCK AND EARNINGS PER_4

COMMON STOCK AND EARNINGS PER SHARE - Anti-dilutive Securities and Convertible Notes (Details) - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Mar. 31, 2015	Mar. 11, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	15,000	57,750	85,500
Additional diluted outstanding shares related to Convertible Notes	0	0	0
4.50% Convertible Senior Notes due 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stated interest rate (as a percent)	4.50%	4.50%
Conversion price per share		$ 68.51		$ 68.51	$ 68.90

TREASURY STOCK (Details)

TREASURY STOCK (Details) - USD ($)	2 Months Ended	12 Months Ended
	Feb. 28, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Jan. 31, 2019	Jul. 18, 2018	Mar. 31, 2017
Treasury Stock
Stock repurchased amount		$ 9,837,242	$ 7,209,454	$ 7,431,896
First quarter 2017 $10 Million Repurchase Program
Treasury Stock
Stock repurchase program authorized amount	$ 10,000,000				$ 10,000,000	$ 10,000,000	$ 10,000,000
Number of shares authorized to be repurchased					10,000,000	7,100,000
Stock repurchased (in shares)	46,136	168,602
Stock repurchased amount	$ 2,700,000	$ 9,800,000	$ 4,600,000
Average price per share of stock repurchased	$ 57.82	$ 58.35

LONG-TERM DEBT - Outstanding In

LONG-TERM DEBT - Outstanding Indebtedness (Details)	12 Months Ended
	Dec. 31, 2018USD ($)property	Dec. 31, 2017	Apr. 30, 2016USD ($)
Long-term debt
Face Value of Debt	$ 250,303,047
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	$ 120,745,579
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	$ 24,557,468		$ 25,000,000
Period of interest only payments	2 years
Period of amortization for principal payments	25 years
Term of loan	5 years
Wells Fargo Mortgage Note Payable Originated April 15, 2016 | LIBOR
Long-term debt
Margin added to variable rate basis (as a percent)	1.90%
4.50% Convertible Senior Notes due 2020
Long-term debt
Face Value of Debt	$ 75,000,000
Stated interest rate (as a percent)	4.50%	4.50%

LONG-TERM DEBT - Credit Facilit

LONG-TERM DEBT - Credit Facility (Details) - Credit Facility - USD ($) $ in Millions	Feb. 28, 2019	Dec. 31, 2018	Sep. 07, 2017
Long-term debt
Extension term		1 year
Maximum borrowing capacity			$ 150
Maximum borrowing capacity, after possible increase			$ 250
Unused portion of the borrowing capacity fee percentage condition		50.00%
Available borrowing capacity		$ 29.3
Amount outstanding		120.7
Line of Credit Facility, Current Borrowing Capacity		$ 150
Subsequent Event
Long-term debt
Repayments of Credit Facility	$ 23
Available borrowing capacity	46.3
Amount outstanding	$ 97.7
Minimum
Long-term debt
Commitment fee percentage on unused portion of the borrowing capacity		15.00%
Maximum
Long-term debt
Commitment fee percentage on unused portion of the borrowing capacity		25.00%
LIBOR | Minimum
Long-term debt
Margin added to variable rate basis (as a percent)		1.50%
LIBOR | Maximum
Long-term debt
Margin added to variable rate basis (as a percent)		2.20%

LONG-TERM DEBT - Mortgage Notes

LONG-TERM DEBT - Mortgage Notes Payable (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
LONG-TERM DEBT
Borrowings repaid	$ 55,996,954	$ 35,100,000	$ 49,050,000

LONG-TERM DEBT - Convertible No

LONG-TERM DEBT - Convertible Notes (Details)	Mar. 11, 2015USD ($)$ / shares	Dec. 31, 2017$ / shares	Dec. 31, 2018USD ($)	Mar. 31, 2015$ / shares
Long-term debt
Face amount of debt			$ 250,303,047
Unamortized debt discount of notes			1,651,269
4.50% Convertible Senior Notes due 2020
Long-term debt
Face amount of debt			$ 75,000,000
Stated interest rate (as a percent)		4.50%	4.50%
Debt instrument conversion ratio	0.0145136	0.0145515
Conversion price per share | $ / shares	$ 68.90	$ 68.51		$ 68.51
Sinking fund provided			$ 0
Unamortized debt discount of notes	$ 6,100,000		$ 1,700,000
Debt discount, cash portion	2,600,000
Debt discount, equity component	$ 3,500,000

LONG-TERM DEBT - Components (De

LONG-TERM DEBT - Components (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Long-term debt
Long-term debt	$ 250,303,047
Loan Costs, net of accumulated amortization	(1,026,967)	$ (1,258,931)
Long-Term Debt	247,624,811	195,816,364
Credit Facility
Long-term debt
Long-term debt	120,745,579	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	$ 24,557,468	25,000,000
4.50% Convertible Senior Notes due 2020
Long-term debt
Long-term debt, net of discount	$ 73,348,731	$ 72,075,295
Long-term debt due within one year
Stated interest rate (as a percent)	4.50%	4.50%

LONG-TERM DEBT - Payments Appli

LONG-TERM DEBT - Payments Applicable to Reduction of Principal (Details)	Dec. 31, 2018USD ($)
Payments applicable to reduction of principal amounts
2,020	$ 75,000,000
2,021	145,303,047
Thereafter	30,000,000
Total Long-Term Debt - Face Value	$ 250,303,047

LONG-TERM DEBT - Carrying Value

LONG-TERM DEBT - Carrying Value (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
LONG-TERM DEBT
Current Face Amount	$ 250,303,047
Unamortized Discount on Convertible Debt	(1,651,269)
Loan Costs, net of accumulated amortization	(1,026,967)	$ (1,258,931)
Total Long-Term Debt	$ 247,624,811	$ 195,816,364

LONG-TERM DEBT - Interest Expen

LONG-TERM DEBT - Interest Expense (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
LONG-TERM DEBT
Interest expense	$ 8,655,000	$ 7,034,000	$ 6,804,000
Amortization of Loan Costs	495,438	509,263	828,075
Amortization of Discount on Convertible Notes	1,273,436	1,194,714	1,120,859
Capitalized Interest		(215,000)
Total Interest Expense	10,423,000	8,523,000	8,753,000
Total Interest Paid	$ 8,419,000	$ 7,060,000	6,779,000
Write off of unamortized loan costs			367,000
Buyers' assumption of existing mortgage loan			$ 23,100,000

INTEREST RATE SWAP (Details)

INTEREST RATE SWAP (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Apr. 30, 2016
Derivative [Line Items]
Face amount of debt	$ 250,303,047
Wells Fargo Mortgage Note Payable Originated April 15, 2016
Derivative [Line Items]
Face amount of debt	$ 24,557,468		$ 25,000,000
Interest Rate Swap
Derivative [Line Items]
Effectiveness of interest rate cash flow hedge (as a percent)	100.00%	100.00%
Notional amount	$ 24,600,000
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	$ 652,000	$ 607,000

ACCRUED AND OTHER LIABILITIES -

ACCRUED AND OTHER LIABILITIES - Components (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
ACCRUED AND OTHER LIABILITIES
Accrued Property Taxes	$ 12,312	$ 66,909
Reserve for Tenant Improvements	100,519	3,302,831
Accrued Construction Costs	350,593	1,360,950
Accrued Interest	1,430,236	1,194,681
Environmental Reserve and Restoration Cost Accrual	520,404	866,936
Other	2,783,820	2,276,154
Total Accrued and Other Liabilities	$ 5,197,884	$ 9,068,461

ACCRUED AND OTHER LIABILITIES_2

ACCRUED AND OTHER LIABILITIES - Tenant Leasing Reserve Escrow (Details) - USD ($)	Feb. 21, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
ACCRUED AND OTHER LIABILITIES
Master Tenant Funded Incurred Related To Leasing Reserve Escrow	$ 2,250,000	$ 935,000
Eligible costs funded from escrow account	2,250,000
Cost incurred related to property acquisition	935,000
Base rent payments	852,000
Cash payment to master tenant	$ 463,000
Escrow balance		$ 19,721,475	$ 6,508,131	$ 9,855,469

ACCRUED AND OTHER LIABILITIES_3

ACCRUED AND OTHER LIABILITIES - Tenant Improvement Credits (Details)	Apr. 28, 2017USD ($)	Jun. 30, 2018USD ($)	Dec. 31, 2018USD ($)buildingproperty	Dec. 31, 2017USD ($)
Accrued and other liabilities
Tenant improvements			$ 100,519	$ 3,302,831
Number of real estate properties | property			4
Hilton Grand Vacations
Accrued and other liabilities
Tenant improvements			$ 2,700,000
Number of real estate properties | building			2
Tenant improvements completed and funded			$ 2,700,000
LA Fitness
Accrued and other liabilities
Tenant improvements completed and funded		$ 400,000
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 LIABILITIES_4

ACCRUED AND OTHER LIABILITIES - Environmental Reserves (Details) $ in Thousands	Jun. 30, 2016USD ($)	Dec. 31, 2017USD ($)	Jun. 30, 2016USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)a	Dec. 31, 2014USD ($)a	Dec. 31, 2015USD ($)a
Environmental Reserve for Monitoring Environmental Remediation Work Previously Performed
Environmental reserves
Additional environmental reserve accrued		$ 51				$ 500	$ 110	$ 661
Environmental costs funded				$ 570
Environmental reserve accrued				91
Wetlands restoration
Environmental reserves
Acres | a						148.4		148.4
Estimated cost	$ 2,000		$ 2,000	2,000
Environmental costs funded				1,600
Accrued restoration cost				$ 430		$ 1,700		$ 1,700
Area of previously disposed land subject to remediation | a						148.4		148.4
Increase in accrual of remediation costs			$ 300
Minimum | Environmental Reserve for Monitoring Environmental Remediation Work Previously Performed
Environmental reserves
Estimated cost						$ 500
Minimum | Wetlands restoration
Environmental reserves
Estimated cost					$ 1,700
Maximum | Environmental Reserve for Monitoring Environmental Remediation Work Previously Performed
Environmental reserves
Acres | a							1
Estimated cost						$ 1,000
Maximum | Wetlands restoration
Environmental reserves
Estimated cost					$ 1,900

DEFERRED REVENUE - Summary of D

DEFERRED REVENUE - Summary of Deferred Revenue (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
DEFERRED REVENUE
Deferred Oil Exploration Lease Revenue	$ 585,675	$ 585,675
Deferred Revenue on Land Sales	831,320
Prepaid Rent	1,621,620	1,126,408
Tenant Contributions	4,104,151
Other Deferred Revenue	58,838	89,613
Total Deferred Revenue	$ 7,201,604	$ 1,801,696

DEFERRED REVENUE - Rent Paid in

DEFERRED REVENUE - Rent Paid in Advance (Details)	Feb. 21, 2018USD ($)	Oct. 11, 2017	Dec. 31, 2018USD ($)item	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Mar. 31, 2018USD ($)	Sep. 20, 2017	Dec. 31, 2011
Deferred revenue
Rent payment received			$ 705,000
Lease Payment			$ 807,000
Number of lease installments | item			1
Period over which rent received in advance is recognized		12 months
Deferred Revenue—See Note 17			$ 7,201,604	$ 1,801,696
Acquisition of Property, Plant, and Equipment and Intangible Lease Assets and Liabilities			109,394,481	94,627,373	$ 42,623,497
Lease Revenue			40,911,000	32,278,000	26,384,000
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
Rent payment received			855,000
Lease Payment				10,633,805
Lease Revenue			807,000	$ 807,000	$ 1,100,000
Aspen, Colorado
Deferred revenue
Deferred Revenue—See Note 17			2,300,000
Tenant Contributions	1,500,000		1,500,000
Acquisition of Property, Plant, and Equipment and Intangible Lease Assets and Liabilities	$ 28,000,000
Lease Revenue			101,000
Florida
Deferred revenue
Deferred Revenue—See Note 17			1,800,000
Tenant Contributions			1,900,000
Lease Revenue			$ 117,000
Maximum | Oil exploration
Deferred revenue
Lease term			8 years				13 years	8 years
Buc'ees - East of I-95
Deferred revenue
Escrow reserve			$ 831,000			$ 831,000
Remaining gain to be recognized			$ 831,000			831,000
Deferred Revenue—See Note 17						$ 25,000

STOCK-BASED COMPENSATION - All

STOCK-BASED COMPENSATION - All Equity and Liability Classified Award Activity (Details) - shares	Jan. 24, 2018	Feb. 03, 2017	Jan. 25, 2017	Jan. 27, 2016	Jan. 22, 2014	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Shares
Outstanding (in shares)						169,775
Granted (in shares)						33,157
Vested / Exercised (in shares)						(36,633)
Forfeited (in shares)						(1,267)
Outstanding (in shares)						165,032	169,775
Peer Group Market Condition Vesting | Performance Shares
Shares
Outstanding (in shares)						12,635
Granted (in shares)	15,445	12,635				15,445	12,635
Outstanding (in shares)						28,080	12,635
Peer Group Market Condition Vesting | Restricted Shares
Shares
Outstanding (in shares)								2,400
Vested (in shares)								(2,300)
Forfeited (in shares)								(100)
Stock Price Vesting | Restricted Shares
Shares
Outstanding (in shares)						29,750	69,500	137,500
Granted (in shares)								4,000
Vested (in shares)						(7,750)	(7,750)
Expired (in shares)							(32,000)
Forfeited (in shares)								(72,000)
Outstanding (in shares)						22,000	29,750	69,500
Three-Year Vesting | Restricted Shares
Shares
Outstanding (in shares)						37,390	37,504	26,900
Granted (in shares)	17,712		17,451	21,100	14,500	17,712	17,451	21,100
Vested (in shares)						(18,883)	(17,298)	(10,363)
Forfeited (in shares)						(1,267)	(267)	(133)
Outstanding (in shares)						34,952	37,390	37,504
Amended and Restated 2010 Equity Incentive Plan | Stock Option Awards
Shares
Outstanding (in shares)						90,000	113,500	116,850
Granted (in shares)								40,000
Exercised (in shares)						(10,000)	(23,500)	(3,350)
Forfeited (in shares)								(40,000)
Outstanding (in shares)						80,000	90,000	113,500
2001 Stock Option Plan | Stock Option Awards
Shares
Outstanding (in shares)							11,000	18,000
Exercised (in shares)							(6,000)
Expired (in shares)							(5,000)	(3,000)
Forfeited (in shares)								(4,000)
Outstanding (in shares)								11,000
2001 Stock Option Plan | Stock Options and Stock Appreciation Rights
Shares
Granted (in shares)						0	0	0

STOCK-BASED COMPENSATION - Reco

STOCK-BASED COMPENSATION - Recognized in Financial Statements (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
STOCK-BASED COMPENSATION
Accelerated Charge for Stock-Based Compensation			$ 1,649,513
Recurring Charge for Stock-Based Compensation	$ 1,684,250	$ 1,437,223	1,529,370
Total Cost of Share-Based Plans Charged Against Income Before Tax Effect	1,684,250	1,437,223	3,178,883
Income Tax Expense Recognized in Income	$ (426,873)	$ (554,409)	$ (1,226,254)

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	Dec. 31, 2018	Dec. 31, 2017
Stock-based compensation
Performance period	3 years		3 years
Shares
Outstanding (in shares)			12,635
Granted (in shares)	15,445	12,635	15,445	12,635
Outstanding (in shares)			28,080	12,635
Weighted Average Fair Value
Outstanding (in dollars per share)			$ 55.66
Granted (in dollars per share			74.99	$ 55.66
Outstanding (in dollars per share)			$ 66.29	$ 55.66
Compensation cost
Unrecognized compensation cost			$ 1
Weighted average period of recognition of unrecognized compensation cost			1 year 9 months 18 days
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 - Peer Group Vesting (Details) - Peer Group Market Condition Vesting - Restricted Shares - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended
	Sep. 30, 2010	Mar. 31, 2011	Dec. 31, 2016	Dec. 31, 2018
Stock-based compensation
Performance period	5 years	5 years
Shares
Outstanding (in shares)			2,400
Vested (in shares)			(2,300)
Forfeited (in shares)			(100)
Weighted Average Fair Value
Outstanding (in dollars per share)			$ 23.42
Vested (in dollars per share)			23.42
Forfeited (in dollars per share)			$ 23.42
Compensation cost
Unrecognized compensation cost				$ 0

STOCK-BASED COMPENSATION - Ma_2

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

Aug. 04, 2017

Aug. 01, 2017$ / sharesshares

Feb. 26, 2016item$ / sharesshares

Jun. 30, 2016item

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

Jun. 30, 2015shares

Mar. 31, 2015$ / sharesshares

Dec. 31, 2014shares

Mar. 31, 2015item$ / shares

Feb. 26, 2016$ / sharesshares

Dec. 31, 2018USD ($)item$ / sharesshares

Dec. 31, 2017$ / sharesshares

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

Dec. 31, 2012$ / sharesshares

Dec. 31, 2011shares

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

Dec. 31, 2012item$ / shares

Compensation cost

Accelerated stock compensation expense | $

$ 1,649,513

Stock Price Vesting | Restricted Shares

Stock-based compensation

Total shares surrendered

72,000

Shares

Outstanding (in shares)

137,500

29,750

69,500

137,500

Granted (in shares)

4,000

Vested (in shares)

(7,750)

(7,750)

Expired (in shares)

(32,000)

Forfeited (in shares)

(72,000)

Outstanding (in shares)

22,000

29,750

69,500

69,500

Weighted Average Fair Value

Outstanding (in dollars per share) | $ / shares

$ 30.58

$ 39.07

$ 27.03

$ 30.58

Granted (in dollars per share | $ / shares

38.98

Vested (in dollars per share) | $ / shares

31.58

34.30

Expired (in dollars per share) | $ / shares

14.08

Forfeited (in dollars per share) | $ / shares

34.46

Outstanding (in dollars per share) | $ / shares

$ 41.71

$ 39.07

$ 27.03

$ 27.03

Compensation cost

Accelerated stock compensation expense | $

$ 1,600,000

$ 676,000

$ 2,300,000

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

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

26,000

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

Shares

Granted (in shares)

17,000

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

Stock Price Vesting | Restricted Shares | Mr. Smith

Shares

Granted (in shares)

2,500

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

$ 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

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

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

$ 75

Number of shares in each vesting increment

4,000

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	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Restricted Shares
Stock-based compensation
Vesting per year (as a percent)	33.00%		33.00%	33.00%
Shares
Outstanding (in shares)								37,390	37,504	26,900
Granted (in shares)	17,712		17,451	21,100			14,500	17,712	17,451	21,100
Vested (in shares)								(18,883)	(17,298)	(10,363)
Forfeited (in shares)								(1,267)	(267)	(133)
Outstanding (in shares)								34,952	37,390	37,504
Weighted Average Fair Value
Outstanding (in dollars per share)								$ 51.39	$ 47.53	$ 49.73
Granted (in dollars per share								65.33	55.06	44.88
Vested (in dollars per share)								51.57	46.70	47.89
Forfeited (in dollars per share)								59.39	52.51	46.08
Outstanding (in dollars per share)								$ 58.07	$ 51.39	$ 47.53
Compensation cost
Unrecognized compensation cost								$ 1.1
Weighted average period of recognition of unrecognized compensation cost								1 year 8 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)					8,000	11,700
Restricted Shares | Mr. Albright
Stock-based compensation
Vesting per year (as a percent)					33.00%
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

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Dec. 31, 2014

Dec. 31, 2012

Dec. 31, 2011

Stock-based compensation

Granted (in shares)

40,000

Exercised (in shares)

10,000

23,500

3,350

Exercise price (in dollars per share)

$ 55.62

Surrendered (in shares)

40,000

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

Exercised (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

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 - No_2

STOCK-BASED COMPENSATION - Non-Qualified Stock Option Award Activity (Details) - Amended and Restated 2010 Equity Incentive Plan - Stock Option Awards - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Shares
Outstanding (in shares)	90,000	113,500	116,850
Granted (in shares)			40,000
Exercised (in shares)	(10,000)	(23,500)	(3,350)
Forfeited (in shares)			(40,000)
Outstanding (in shares)	80,000	90,000	113,500
Exercisable (in shares)	80,000	73,000
Weighted Average Exercise Price (in dollars per share)
Outstanding (in dollars per share)	$ 52.71	$ 49.03	$ 48.63
Granted (in dollars per share)			55.62
Exercised (in dollars per share)	29.34	34.95	34.95
Forfeited (in dollars per share)			55.62
Outstanding (in dollars per share)	55.63	52.71	$ 49.03
Exercisable (in dollars per share)	$ 55.63	$ 51.94
Weighted Average Remaining Contractual Term
Outstanding	6 years 6 months
Exercisable	6 years 6 months	6 years 10 months 17 days
Stock-based compensation
Aggregate Intrinsic Value, Outstanding (in dollars)	$ 25,000
Aggregate Intrinsic Value, Exercisable (in dollars)	$ 25,000	$ 843,968

STOCK-BASED COMPENSATION - No_3

STOCK-BASED COMPENSATION - Non-Qualified Stock Option Non-Vested Award Activity (Details) - Amended and Restated 2010 Equity Incentive Plan - Stock Option Awards - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Non-Vested Shares
Outstanding (in shares)	17,000	36,900	88,260
Granted (in shares)			40,000
Vested (in shares)	(17,000)	(19,900)	(51,360)
Forfeited (in shares)			(40,000)
Outstanding (in shares)		17,000	36,900
Stock-based compensation
Fair Value of Shares Vested	$ 952,068	$ 1,094,066	$ 2,643,088
Total intrinsic value of options exercised (in dollars)	349,000
Unrecognized compensation cost (in dollars)	$ 0

STOCK-BASED COMPENSATION - Liab

STOCK-BASED COMPENSATION - Liability-Classified Stock Compensation Activity (Details) - 2001 Stock Option Plan - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2009
Stock-based compensation
Shares eligible for issuance			500,000
Stock Option Awards
Stock-based compensation
Awards available for issue ( in shares)			0
Shares
Outstanding (in shares)	11,000	18,000
Exercised (in shares)	(6,000)
Expired (in shares)	(5,000)	(3,000)
Forfeited (in shares)		(4,000)
Outstanding (in shares)		11,000
Weighted Average Fair Value
Outstanding (in dollars per share)	$ 63.87	$ 64.69
Exercised (in dollars per share)	52.73
Expired (in dollars per share)	$ 52.73	67.27
Forfeited (in dollars per share)		64.99
Outstanding (in dollars per share)		$ 63.87
Stock Appreciation Rights
Shares
Outstanding (in shares)	11,000	18,000
Exercised (in shares)	(6,000)
Expired (in shares)	(5,000)	(3,000)
Forfeited (in shares)		(4,000)
Outstanding (in shares)		11,000
Weighted Average Fair Value
Outstanding (in dollars per share)	$ 1.33	$ 2.64
Exercised (in dollars per share)	$ 3.84
Forfeited (in dollars per share)		0.87
Outstanding (in dollars per share)		$ 1.33

STOCK-BASED COMPENSATION - Assu

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

STOCK-BASED COMPENSATION - Stoc

STOCK-BASED COMPENSATION - Stock Options and Stock Appreciation Rights Grants and Liability (Details) - shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Stock-based compensation
Granted (in shares)	33,157
2001 Stock Option Plan | Stock Options and Stock Appreciation Rights
Stock-based compensation
Granted (in shares)	0	0	0

INCOME TAXES - Income Tax Benef

INCOME TAXES - Income Tax Benefit (Expense) (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Total income tax benefit (expense)
Income Tax (Expense) Benefit from Continuing Operations	$ (5,146,410)	$ (561,223)	$ (4,896,734)	$ (3,558,599)	$ 20,769,895	$ (948,080)	$ (2,269,718)	$ (7,225,799)	$ (14,162,966)	$ 10,326,298	$ (12,092,513)
Income Tax (Expense) Benefit from Discontinued Operations									(608,222)	391,032	(255,659)
Total Consolidated Income Tax Benefit (Expense)									$ (13,554,744)	$ 9,935,266	$ (11,836,854)

INCOME TAXES - Components of Pr

INCOME TAXES - Components of Provision (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
INCOME TAXES
Federal - Current	$ (543,559)	$ 794,174	$ (159,596)
State - Current	(299,636)	70,384	(311,525)
Total - Current	(843,195)	864,558	(471,121)
Federal - Deferred	(12,648,423)	8,708,485	(10,996,276)
State - Deferred	(671,348)	753,255	(625,116)
Total - Deferred	$ (13,319,771)	$ 9,461,740	$ (11,621,392)

INCOME TAXES - Sources of Defer

INCOME TAXES - Sources of Deferred Income Tax Assets (Liabilities) (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Deferred Income Tax Assets
Depreciation	$ 4,904,976	$ 2,073,439
Intangible Lease Liabilities	7,111,608	7,512,629
Income Property Lease Incentive	1,069,882
Impairment Reserves	1,393,415	1,139,918
Stock Options and Restricted Stock	977,210	883,725
Net Operating Loss Carryforward		266,036
Capital Loss Carryforward	20,750	20,750
Deferred Oil Lease Income	121,323	148,439
Other - Net	44,967	60,480
Gross Deferred Income Tax Assets	15,644,131	12,105,416
Less - Valuation Allowance	(272,966)	(272,966)
Net Deferred Income Tax Assets	15,371,165	11,832,450
Deferred Income Tax Liabilities
Sales of Real Estate	(67,388,733)	(52,720,764)
Income Property Tenant Contributions	(606,820)
Discount on Equity Component of Convertible Debt	(238,200)	(421,895)
Basis Difference in Joint Venture	(764,566)	(224,715)
Interest Rate Swap	(486,543)	(452,873)
Deferred Revenue (Net of Straight-line Rent Adjustments)	(578,034)	(226,673)
Other - Net	(78,176)	(79,394)
Total Deferred Income Tax Liabilities	(70,141,072)	(54,126,314)
Net Deferred Income Tax Liabilities	$ (54,769,907)	$ (42,293,864)

INCOME TAXES - Valuation Allowa

INCOME TAXES - Valuation Allowance - Charitable Contributions (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Valuation Allowance [Line Items]
Valuation allowance	$ 272,966	$ 272,966
Charitable contribution carryforwards
Valuation Allowance [Line Items]
Valuation allowance	$ 0	$ 0

INCOME TAXES - Reconciliation o

INCOME TAXES - Reconciliation of Income Tax Computed at Federal Statutory Rate (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
INCOME TAXES
Federal statutory rate (as a percent)									21.00%	35.00%	35.00%
Increase (Decrease) Resulting from:
Income Tax (Expense) Benefit Computed at Federal Statutory Rate									$ (11,137,038)	$ (10,137,092)	$ (9,475,601)
State Income Tax, Net of Federal Income Tax Benefit									(2,985,086)	(1,703,805)	(1,693,578)
Income Tax on Permanently Non-Deductible Items									(31,466)	66,015	(1,015,936)
Change in Corporate Federal Tax Rate										22,249,536
Other Reconciling Items									(9,376)	(148,356)	92,602
Benefit (Expense) for Income Taxes	$ (5,146,410)	$ (561,223)	$ (4,896,734)	$ (3,558,599)	$ 20,769,895	$ (948,080)	$ (2,269,718)	$ (7,225,799)	$ (14,162,966)	$ 10,326,298	$ (12,092,513)

INCOME TAXES - General Informat

INCOME TAXES - General Information (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
INCOME TAXES
Effective income tax rate (as a percent)		26.70%	(31.00%)	42.20%
Income tax benefit recorded due to the impact of the reduction in the corporate tax rate	$ 22.2
Corporate tax rate (as a percent)		21.00%	35.00%	35.00%

INCOME TAXES - Stock-Based Comp

INCOME TAXES - Stock-Based Compensation (Details) - USD ($)	3 Months Ended	12 Months Ended	24 Months Ended
	Mar. 31, 2016	Dec. 31, 2016	Dec. 31, 2016
Income taxes
Accelerated stock compensation expense		$ 1,649,513
Restricted Shares
Income taxes
Income tax benefit recorded related to additional stock compensation expense			$ 0
Restricted Shares | Stock Price Vesting
Income taxes
Accelerated stock compensation expense	$ 1,600,000	$ 676,000	$ 2,300,000
Restricted Shares | Stock Price Vesting | Mr. Albright
Income taxes
Shares permanently surrendered	68,000

INCOME TAXES - Uncertain Tax Po

INCOME TAXES - Uncertain Tax Positions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
INCOME TAXES
Change to unrecognized tax benefits	$ 0	$ 0	$ 0
Interest and penalties accrued for uncertain positions	$ 0	$ 0	$ 0

INCOME TAXES - Paid and Refunde

INCOME TAXES - Paid and Refunded (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
INCOME TAXES
Net income taxes paid	$ 323,000	$ 334,000	$ 510,000
Income tax refunds	$ 204,000	$ 958,000	$ 133,000

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Minimum Future Rental Payments (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Minimum future rental payments under non-cancelable operating leases having remaining terms in excess of one year
2,019	$ 264,952
2,020	187,877
2,021	119,358
2,022	116,341
2,023	32,765
Total	721,293
Operating leases
Rental expense under all operating leases	$ 309,000	$ 339,000	$ 389,000

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Minimum Future Rental Receipts (Details)	Dec. 31, 2018USD ($)
Minimum future rental receipts under non-cancelable operating leases having remaining terms in excess of one year
2,019	$ 35,056,946
2,020	34,247,241
2,021	31,669,389
2,022	30,692,646
2,023	29,134,012
2024 and thereafter (cumulative)	158,540,049
Total	$ 319,340,283

COMMITMENTS AND CONTINGENCIES_3

COMMITMENTS AND CONTINGENCIES - Contractual Commitments - Expenditures (Details)	Feb. 28, 2019a	Jan. 31, 2018USD ($)	Dec. 31, 2015USD ($)a	Dec. 31, 2013USD ($)a	Dec. 31, 2018USD ($)$ / item	Dec. 31, 2013USD ($)a	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Commitments
Remaining commitment					$ 648,000
Restricted Cash					$ 19,721,475		$ 6,508,131	$ 9,855,469
Acres sold | a	1,800
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		$ 700,000
Annual payment		$ 70,000
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
Commitment amount				$ 976,500	0	$ 976,500
Estimated contractual obligation					0
Deposit of cash in escrow classified as restricted cash						$ 283,500
Funding from escrow					283,500
The Grove at Winter Park
Commitments
Cost of contractual obligation incurred					83,000
Commitment amount					731,000
Maximum | Sam's Club affiliate | Buyer reimbursement
Commitments
Commitment amount					125,000
Maximum | Williamson Crossing site | Buyer reimbursement
Commitments
Commitment amount					$ 693,000

COMMITMENTS AND CONTINGENCIES_4

COMMITMENTS AND CONTINGENCIES - Contractual Commitments - Land Pipeline (Details) $ / a in Thousands, $ in Thousands	Feb. 28, 2019USD ($)aentityTransaction$ / a
Contracts
No. of Acres	1,800
Area of land sales as a percentage of land holdings	33.00%
Expected
Contracts
Number of purchase and sale agreements | Transaction	12
Number of buyers | entity	10
No. of Acres	1,779
Contract Amount | $	$ 103,291
Price per Acre | $ / a	58
Area of land sales as a percentage of land holdings	33.00%
Minimum | Expected
Contracts
No. of Acres	1,800
Commercial/Retail | O'Connor - East Of I-95 | Expected
Contracts
No. of Acres	203
Contract Amount | $	$ 45,252
Price per Acre | $ / a	223
Commercial/Retail | Unicorp East of I-95, one | Expected
Contracts
No. of Acres	14
Contract Amount | $	$ 3,800
Price per Acre | $ / a	271
Commercial/Retail | Buc'ees - East of I-95 | Minimum | Expected
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 | Expected
Contracts
Cost of requisite mitigation credits as a percentage of land sale contract amount	10.00%
Commercial/Retail | Property East of I-95, one | Minimum | Expected
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 | Expected
Contracts
Cost of requisite mitigation credits as a percentage of land sale contract amount	10.00%
Residential (SF) | ICI Homes - West of I-95 | Expected
Contracts
No. of Acres	1,016
Contract Amount | $	$ 21,000
Price per Acre | $ / a	21
Residential (SF) | ICI Homes - West of I-95, property two | Expected
Contracts
No. of Acres	146
Contract Amount | $	$ 1,650
Price per Acre | $ / a	11
Residential (SF) | Property West of I-95 | Expected
Contracts
No. of Acres	98
Contract Amount | $	$ 2,600
Price per Acre | $ / a	27
Commercial/Residential | Unicorp - East of I-95 | Expected
Contracts
No. of Acres	31
Contract Amount | $	$ 4,600
Price per Acre | $ / a	148
Commercial/Medical Office | Property East of I-95, one | Expected
Contracts
No. of Acres	32
Contract Amount | $	$ 8,089
Price per Acre | $ / a	253
Residential (Multi-Family) | Property East of I-95, one | Expected
Contracts
No. of Acres	38
Contract Amount | $	$ 6,100
Price per Acre | $ / a	161
Residential (Multi-Family) | Property East of I-95, two | Expected
Contracts
No. of Acres	20
Contract Amount | $	$ 4,000
Price per Acre | $ / a	200
Residential (Multi-Family) | Property East of I-95, three | Expected
Contracts
No. of Acres	19
Contract Amount | $	$ 2,000
Price per Acre | $ / a	105
Residential | Property East of I-95, one | Expected
Contracts
No. of Acres	13
Contract Amount | $	$ 2,600
Price per Acre | $ / a	200
Borrow Pit | Property West of I-95 | Expected
Contracts
No. of Acres	149
Contract Amount | $	$ 1,600
Price per Acre | $ / a	11

COMMITMENTS AND CONTINGENCIES_5

COMMITMENTS AND CONTINGENCIES - Other Matters (Details)	Feb. 28, 2019a	Jun. 30, 2017aitem	Jun. 30, 2016USD ($)	Dec. 31, 2017USD ($)	Jun. 30, 2017USD ($)a	Mar. 31, 2017USD ($)a	Jun. 30, 2016USD ($)	Dec. 31, 2018USD ($)a	Dec. 31, 2017USD ($)a	Dec. 31, 2016USD ($)a	Dec. 31, 2015USD ($)a
Contingencies
Acres sold | a	1,800
Escrow balance				$ 6,508,131				$ 19,721,475	$ 6,508,131	$ 9,855,469
Unfavorable regulatory action
Contingencies
Accrued loss contingency											$ 187,500
Minto Communities LLC
Contingencies
Acres sold | a						1,581
Land Sales
Contingencies
Acres sold | a								205.4	1,700.9	707.7
Wetlands restoration
Contingencies
Acres | a											148.4
Estimated cost			$ 2,000,000				$ 2,000,000	$ 2,000,000
Increase in accrual of remediation costs							$ 300,000
Environmental costs funded								1,600,000
Accrued restoration cost								430,000			$ 1,700,000
Wetlands restoration | Minto Communities LLC
Contingencies
Cash deposited in (refunded from) escrow				$ 189,500		$ 423,000
Escrow balance								$ 234,000
Wetlands restoration | Minimum
Contingencies
Estimated cost										$ 1,700,000
Wetlands restoration | Maximum
Contingencies
Estimated cost										$ 1,900,000
Mitigation activities
Contingencies
Acres | a		54.66			54.66	54.66
Number of mitigation credits required to be utilized | item		36
Mitigation credits transferred					$ 298,000

BUSINESS SEGMENT DATA - Descrip

BUSINESS SEGMENT DATA - Description (Details)	12 Months Ended
	Dec. 31, 2018segmentitemproperty	Dec. 31, 2018loanitemproperty	Dec. 31, 2018itemproperty	Dec. 31, 2018itemproperty	Dec. 31, 2017	Dec. 31, 2016
Business segment data
Number of business segments | segment	4
Golf Operations
Business segment data
Number of golf courses owned | property	2	2	2	2
Number of holes to the golf course | item	18	18	18	18
Commercial loans
Business segment data
Mortgage Loans on Real Estate, Number of Loans		0	0
Product concentration | Identifiable assets | Income Properties
Business segment data
Percentage of total				88.50%	83.40%
Product concentration | Consolidated revenues | Income Properties
Business segment data
Percentage of total				46.20%	36.40%	38.10%

BUSINESS SEGMENT DATA - Summary

BUSINESS SEGMENT DATA - Summary of Operations in Different Segments (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Business segment data
Revenues	$ 33,227,164	$ 17,413,926	$ 12,550,267	$ 23,497,243	$ 16,041,186	$ 11,583,182	$ 21,454,270	$ 37,238,340	$ 86,688,600	$ 86,316,978	$ 65,884,467
Operating Income	20,157,408	4,378,080	21,840,017	17,117,867	6,058,862	4,330,634	8,154,135	20,711,986	63,493,372	39,255,617	37,982,344
Gain on Disposition of Assets			18,384,808	3,650,858	304	(266)			22,035,666	38	12,758,770
Depreciation and Amortization	4,452,647	3,756,507	3,755,546	3,796,823	3,433,913	3,063,211	3,120,368	2,697,208	15,761,523	12,314,700	7,929,343
Identifiable Assets	556,329,872				466,130,378				556,329,872	466,130,378
Operating Segments
Business segment data
Operating Income									63,493,372	39,255,617	37,982,344
Capital Expenditures									113,764,212	97,627,672	92,550,168
General and Corporate Expense
Business segment data
Operating Income									(25,546,893)	(22,567,310)	(20,407,950)
Income Properties
Business segment data
Revenues	11,728,550	9,360,155	9,781,299	9,205,727	8,840,425	7,928,258	7,565,007	7,073,240	40,075,731	31,406,930	25,092,484
Depreciation and Amortization									15,728,095	12,272,265	7,872,689
Identifiable Assets	492,093,615				388,602,721				492,093,615	388,602,721
Income Properties | Operating Segments
Business segment data
Operating Income									31,905,648	24,489,187	19,887,621
Capital Expenditures									108,996,747	92,125,062	92,434,774
Commercial Loan Investments
Business segment data
Revenues		41,262	273,467	300,999	325,240	637,801	553,159	536,489	615,728	2,052,689	2,588,235
Identifiable Assets					11,963,777					11,963,777
Commercial Loan Investments | Operating Segments
Business segment data
Operating Income									615,728	2,052,689	2,588,235
Capital Expenditures										3,000,000
Real Estate Operations
Business segment data
Revenues	21,498,614	$ 8,012,509	$ 2,495,501	$ 13,990,517	6,875,521	$ 3,017,123	$ 13,336,104	$ 29,628,611	45,997,141	52,857,359	38,203,748
Identifiable Assets	35,287,559				43,296,528				35,287,559	43,296,528
Real Estate Operations | Operating Segments
Business segment data
Operating Income									34,483,223	35,281,013	23,155,668
Capital Expenditures									4,658,956
Golf Operations
Business segment data
Identifiable Assets	4,462,477				6,262,634				4,462,477	6,262,634
Golf Operations | Operating Segments
Business segment data
Capital Expenditures									94,734	2,373,894	95,513
Agriculture and Other Income
Business segment data
Depreciation and Amortization									33,428	42,435	56,654
Identifiable Assets	$ 24,486,221				$ 16,004,718				24,486,221	16,004,718
Agriculture and Other Income | Operating Segments
Business segment data
Capital Expenditures									$ 13,775	$ 128,716	$ 19,881

ASSETS HELD FOR SALE AND DISC_3

ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS - Assets and liabilities held for sale (Details)	Dec. 31, 2018USD ($)property	Dec. 31, 2017USD ($)
Disposal Group, Including Discontinued Operation, Assets [Abstract]
Number of real estate properties | property	4
Property, Plant, and Equipment-Net	$ 71,470,583	$ 5,060,005
Cash and Cash Equivalents	156,489	452,157
Other Assets	646,285	750,471
Intangible Lease Assets-Net	4,366,858
Intangible Lease Liabilities-Net	(773,705)
Disposal Group, Including Discontinued Operation, Assets, Total	75,866,510	6,262,633
Disposal Group, Including Discontinued Operation, Liabilities [Abstract]
Accounts Payable	199,422	213,302
Accrued and Other Liabilities	924,323	1,092,065
Deferred Revenue	223,551	228,763
Disposal Group, Including Discontinued Operation, Liabilities, Total	1,347,296	1,534,130
Held for sale - not discontinued operation | Multi-Tenant Income Properties
Disposal Group, Including Discontinued Operation, Assets [Abstract]
Property, Plant, and Equipment-Net	67,810,880
Intangible Lease Assets-Net	4,366,858
Intangible Lease Liabilities-Net	(773,705)
Disposal Group, Including Discontinued Operation, Assets, Total	71,404,033
Held for sale - discontinued operation | Golf Assets
Disposal Group, Including Discontinued Operation, Assets [Abstract]
Property, Plant, and Equipment-Net	3,659,703	5,060,005
Cash and Cash Equivalents	156,489	452,157
Other Assets	646,285	750,471
Disposal Group, Including Discontinued Operation, Assets, Total	4,462,477	6,262,633
Disposal Group, Including Discontinued Operation, Liabilities [Abstract]
Accounts Payable	199,422	213,302
Accrued and Other Liabilities	924,323	1,092,065
Deferred Revenue	223,551	228,763
Disposal Group, Including Discontinued Operation, Liabilities, Total	$ 1,347,296	$ 1,534,130

ASSETS HELD FOR SALE AND DISC_4

ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS - Discontinued operations (Details)	Jan. 24, 2017USD ($)	Dec. 31, 2018USD ($)	Sep. 30, 2018USD ($)	Jun. 30, 2018USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Sep. 30, 2017USD ($)	Jun. 30, 2017USD ($)	Mar. 31, 2017USD ($)	Dec. 31, 2018USD ($)$ / item	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Accrued and Other Liabilities		$ 924,323				$ 1,092,065				$ 924,323	$ 1,092,065
Annual Surcharge, Per Round of Golf | $ / item										1
Payments To Acquire Land										$ 4,702,243		$ 4,778,790
Loss from Operations										(906,432)	(863,575)	(396,683)
Impairment Charges										(1,119,362)
Depreciation and Amortization										(373,979)	(349,259)	(266,074)
Land Lease Income											2,226,526
Income (Loss) from Discontinued Operations Before Income Tax										(2,399,773)	1,013,692	(662,757)
Income Tax Benefit (Expense)										608,222	(391,032)	255,659
Income (Loss) from Discontinued Operations (Net of Income Tax)		$ (249,061)	$ (1,189,708)	$ (254,966)	$ (97,816)	$ (268,317)	$ (352,079)	$ (69,857)	$ 1,312,913	$ (1,791,551)	622,660	(407,098)
Golf Assets
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Annual Surcharge, Per Round of Golf | $ / item										1
Revenue										$ 4,941,997	5,095,313	5,190,394
Cost of Revenues										$ (5,848,429)	$ (5,958,888)	$ (5,587,077)
Golf course land purchase
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Payments To Acquire Land	$ 1,500,000

SUBSEQUENT EVENTS - Property Sa

SUBSEQUENT EVENTS - Property Sales (Details) $ / shares in Units, $ / a in Thousands, $ in Millions	Feb. 28, 2019a	Feb. 27, 2019USD ($)a$ / shares$ / a	Feb. 21, 2019USD ($)$ / shares
Subsequent Events
Acres sold | a	1,800
Subsequent Event | Whole Foods | Sarasota, FL
Subsequent Events
Sale price of land			$ 24.6
Estimated gain from sale of land			$ 6.9
Estimated gain from sale of land (in dollars per share) | $ / shares			$ 0.96
Subsequent Event | Unicorp East of I-95, two | Commercial/Retail
Subsequent Events
Acres sold | a		9.9
Sale amount		$ 3.3
Sales Price Per Acre | $ / a		333
Estimated gain from sale of land		$ 2.3
Estimated gain from sale of land (in dollars per share) | $ / shares		$ 0.32

SUBSEQUENT EVENTS - Credit Faci

SUBSEQUENT EVENTS - Credit Facility (Details) - Credit Facility - USD ($) $ in Millions	Feb. 28, 2019	Dec. 31, 2018
Subsequent Event [Line Items]
Amount outstanding		$ 120.7
Available borrowing capacity		$ 29.3
Subsequent Event
Subsequent Event [Line Items]
Repayments of Credit Facility	$ 23
Amount outstanding	97.7
Available borrowing capacity	$ 46.3

QUARTERLY FINANCIAL DATA (UNAUD

QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Revenues
Revenues	$ 33,227,164	$ 17,413,926	$ 12,550,267	$ 23,497,243	$ 16,041,186	$ 11,583,182	$ 21,454,270	$ 37,238,340	$ 86,688,600	$ 86,316,978	$ 65,884,467
Direct Cost of Revenues
Total Direct Cost of Revenues	(6,012,476)	(7,351,331)	(2,910,331)	(3,409,863)	(4,238,951)	(2,193,559)	(7,452,580)	(10,608,999)	(19,684,001)	(24,494,089)	(20,252,943)
General and Administrative Expenses	(2,604,633)	(1,928,008)	(2,429,181)	(2,823,548)	(2,309,764)	(1,995,512)	(2,727,187)	(3,220,147)	(9,785,370)	(10,252,610)	(10,297,877)
Depreciation and Amortization	(4,452,647)	(3,756,507)	(3,755,546)	(3,796,823)	(3,433,913)	(3,063,211)	(3,120,368)	(2,697,208)	(15,761,523)	(12,314,700)	(7,929,343)
Impairment Charges									(1,119,362)	0	(2,180,730)
Total Operating Expenses	(13,069,756)	(13,035,846)	(9,095,058)	(10,030,234)	(9,982,628)	(7,252,282)	(13,300,135)	(16,526,354)	(45,230,894)	(47,061,399)	(40,660,893)
Gain (Loss) on Disposition of Assets			18,384,808	3,650,858	304	(266)			22,035,666	38	12,758,770
Total Operating Income	20,157,408	4,378,080	21,840,017	17,117,867	6,058,862	4,330,634	8,154,135	20,711,986	63,493,372	39,255,617	37,982,344
Investment Income	13,838	14,179	11,892	12,312	10,554	9,724	8,524	9,183	52,221	37,985	(529,981)
Interest Expense	(2,979,364)	(2,345,156)	(2,537,301)	(2,561,465)	(2,243,770)	(2,073,299)	(2,144,176)	(2,061,891)	(10,423,286)	(8,523,136)	(8,753,338)
Income from Continuing Operations Before Income Tax Benefit (Expense)	17,191,882	2,047,103	19,314,608	14,568,714	3,825,646	2,267,059	6,018,483	18,659,278	53,122,307	30,770,466	28,699,025
Income Tax Benefit (Expense) from Continuing Operations	(5,146,410)	(561,223)	(4,896,734)	(3,558,599)	20,769,895	(948,080)	(2,269,718)	(7,225,799)	(14,162,966)	10,326,298	(12,092,513)
Net Income from Continuing Operations	12,045,472	1,485,880	14,417,874	11,010,115	24,595,541	1,318,979	3,748,765	11,433,479	38,959,341	41,096,764	16,606,512
Income from Discontinued Operations (Net of Tax) - see Note 3	(249,061)	(1,189,708)	(254,966)	(97,816)	(268,317)	(352,079)	(69,857)	1,312,913	(1,791,551)	622,660	(407,098)
Net Income	$ 11,796,411	$ 296,172	$ 14,162,908	$ 10,912,299	$ 24,327,224	$ 966,900	$ 3,678,908	$ 12,746,392	$ 37,167,790	$ 41,719,424	$ 16,199,414
Basic
Income from Continuing Operations (in dollars per share)	$ 2.22	$ 0.27	$ 2.61	$ 1.99	$ 4.47	$ 0.24	$ 0.68	$ 2.05	$ 7.09	$ 7.42	$ 2.93
Income (loss) from Discontinued Operations (Net of Tax) (in dollars per share)	(0.05)	(0.22)	(0.05)	(0.02)	(0.05)	(0.06)	(0.01)	0.23	(0.33)	0.11	(0.07)
Basic Net Income per Share (in dollars per share)	2.17	0.05	2.56	1.97	4.42	0.18	0.67	2.28	6.76	7.53	2.86
Diluted
Income from Continuing Operations - Diluted (in dollars per share)	2.22	0.27	2.61	1.98	4.43	0.24	0.67	2.04	7.04	7.37	2.92
Income (loss) from Discontinued Operations (Net of Tax) - Diluted (in dollars per share)	(0.05)	(0.22)	(0.05)	(0.02)	(0.05)	(0.06)	(0.01)	0.23	(0.32)	0.11	(0.07)
Net Income - Diluted (in dollars per share)	$ 2.17	$ 0.05	$ 2.56	$ 1.96	$ 4.38	$ 0.18	$ 0.66	$ 2.27	$ 6.72	$ 7.48	$ 2.85
Income Properties
Revenues
Revenues	$ 11,728,550	$ 9,360,155	$ 9,781,299	$ 9,205,727	$ 8,840,425	$ 7,928,258	$ 7,565,007	$ 7,073,240	$ 40,075,731	$ 31,406,930	$ 25,092,484
Direct Cost of Revenues
Total Direct Cost of Revenues	(2,492,325)	(1,773,840)	(2,034,889)	(1,869,029)	(2,160,999)	(1,715,516)	(1,629,515)	(1,411,713)	(8,170,083)	(6,917,743)	(5,204,863)
Depreciation and Amortization									(15,728,095)	(12,272,265)	(7,872,689)
Commercial Loan Investments
Revenues
Revenues		41,262	273,467	300,999	325,240	637,801	553,159	536,489	615,728	2,052,689	2,588,235
Real Estate Operations
Revenues
Revenues	21,498,614	8,012,509	2,495,501	13,990,517	6,875,521	3,017,123	13,336,104	29,628,611	45,997,141	52,857,359	38,203,748
Direct Cost of Revenues
Total Direct Cost of Revenues	$ (3,520,151)	$ (5,577,491)	$ (875,442)	$ (1,540,834)	$ (2,077,952)	$ (478,043)	$ (5,823,065)	$ (9,197,286)	(11,513,918)	(17,576,346)	(15,048,080)
Golf Operations
Direct Cost of Revenues
Impairment Charges									(1,100,000)
Agriculture and Other Income
Direct Cost of Revenues
Depreciation and Amortization									$ (33,428)	$ (42,435)	$ (56,654)

SCHEDULE III REAL ESTATE AND _2

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION - Initial Cost and Subsequent Costs Capitalized (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Cost:
Encumbrances	$ 54,557,468
Land	190,543,541
Building & Improvements	261,936,554
Improvements	11,223,578
Gross Amount Carried at Close
Land	190,543,541
Buildings	273,160,132
Total	463,703,673	$ 358,130,350	$ 274,334,139	$ 268,970,875
Accumulated Depreciation	28,732,504	$ 21,878,465	$ 14,391,567	$ 14,374,079
3600 Peterson | Santa Clara, CA
Cost:
Land	17,855,023
Building & Improvements	8,414,925
Gross Amount Carried at Close
Land	17,855,023
Buildings	8,414,925
Total	26,269,948
Accumulated Depreciation	$ 1,293,341
Life	30 years
7-Eleven, Inc. | Dallas, TX
Cost:
Land	$ 974,862
Building & Improvements	1,550,744
Gross Amount Carried at Close
Land	974,862
Buildings	1,550,744
Total	2,525,606
Accumulated Depreciation	$ 109,844
Life	40 years
Aspen Core | Aspen, CO
Cost:
Land	$ 11,983,263
Building & Improvements	14,958,877
Gross Amount Carried at Close
Land	11,983,263
Buildings	14,958,877
Total	26,942,140
Accumulated Depreciation	$ 265,442
Life	52 years
At Home | Raleigh, NC
Cost:
Land	$ 2,118,420
Building & Improvements	5,774,284
Gross Amount Carried at Close
Land	2,118,420
Buildings	5,774,284
Total	7,892,704
Accumulated Depreciation	$ 773,460
Life	20 years
Bank of America | Monterey, CA
Cost:
Land	$ 4,458,840
Gross Amount Carried at Close
Land	4,458,840
Total	4,458,840
Barnes and Noble | Daytona Beach, FL
Cost:
Land	1,798,600
Building & Improvements	3,803,000
Gross Amount Carried at Close
Land	1,798,600
Buildings	3,803,000
Total	5,601,600
Accumulated Depreciation	$ 1,711,350
Life	40 years
Best Buy | McDonough, GA
Cost:
Land	$ 2,622,682
Building & Improvements	3,150,000
Improvements	82,264
Gross Amount Carried at Close
Land	2,622,682
Buildings	3,232,264
Total	5,854,946
Accumulated Depreciation	$ 977,578
Life	40 years
Big Lots | Germantown, MD
Cost:
Encumbrances	$ 3,300,000
Land	1,781,918
Building & Improvements	2,951,231
Improvements	6,750
Gross Amount Carried at Close
Land	1,781,918
Buildings	2,957,981
Total	4,739,899
Accumulated Depreciation	$ 393,947
Life	40 years
Big Lots | Phoenix, AZ
Cost:
Encumbrances	$ 3,400,000
Land	1,715,717
Building & Improvements	3,050,164
Gross Amount Carried at Close
Land	1,715,717
Buildings	3,050,164
Total	4,765,881
Accumulated Depreciation	$ 451,170
Life	40 years
Carrabba's Italian Grill | Austin, TX
Cost:
Land	$ 1,160,925
Building & Improvements	1,305,117
Gross Amount Carried at Close
Land	1,160,925
Buildings	1,305,117
Total	2,466,042
Accumulated Depreciation	$ 154,046
Life	25 years
Century Theatres | Reno, NV
Cost:
Land	$ 1,669,377
Building & Improvements	4,484,938
Improvements	11,140
Gross Amount Carried at Close
Land	1,669,377
Buildings	4,496,078
Total	6,165,455
Accumulated Depreciation	$ 501,592
Life	23 years
Cheddar's | Jacksonville, FL
Cost:
Land	$ 2,599,048
Gross Amount Carried at Close
Land	2,599,048
Total	2,599,048
Chuy's | Jacksonville, FL
Cost:
Land	5,504,039
Gross Amount Carried at Close
Land	5,504,039
Total	5,504,039
Cocina214, Daytona Beach, FL | Daytona Beach, FL
Cost:
Land	5,835,939
Building & Improvements	4,249,199
Gross Amount Carried at Close
Land	5,835,939
Buildings	4,249,199
Total	10,085,138
Accumulated Depreciation	$ 178,620
Life	40 years
Fidelity | Albuquerque, NM
Cost:
Land	$ 5,751,131
Building & Improvements	29,537,069
Gross Amount Carried at Close
Land	5,751,131
Buildings	29,537,069
Total	35,288,200
Accumulated Depreciation	$ 281,047
Life	45 years
Firebirds | Jacksonville, FL
Cost:
Land	$ 4,202,924
Gross Amount Carried at Close
Land	4,202,924
Total	4,202,924
J P Morgan Chase Bank | Jacksonville, FL
Cost:
Land	4,516,486
Gross Amount Carried at Close
Land	4,516,486
Total	4,516,486
Container Store | Glendale, AZ
Cost:
Land	1,968,398
Building & Improvements	5,493,102
Gross Amount Carried at Close
Land	1,968,398
Buildings	5,493,102
Total	7,461,500
Accumulated Depreciation	$ 464,736
Life	55 years
CVS Pharmacy | Dallas, TX
Cost:
Land	$ 7,535,013
Gross Amount Carried at Close
Land	7,535,013
Total	7,535,013
Dick's Sporting Goods | McDonough, GA
Cost:
Land	3,934,022
Building & Improvements	4,725,000
Gross Amount Carried at Close
Land	3,934,022
Buildings	4,725,000
Total	8,659,022
Accumulated Depreciation	$ 1,507,307
Life	40 years
Harris Teeter Supermarket | Charlotte, NC
Cost:
Encumbrances	$ 6,600,000
Land	5,601,837
Building & Improvements	3,409,338
Gross Amount Carried at Close
Land	5,601,837
Buildings	3,409,338
Total	9,011,175
Accumulated Depreciation	$ 916,260
Life	40 years
Hilton Grand Vacations (Office), one | Orlando, FL
Cost:
Land	$ 2,810,942
Building & Improvements	6,590,681
Improvements	20,188
Gross Amount Carried at Close
Land	2,810,942
Buildings	6,610,869
Total	9,421,811
Accumulated Depreciation	$ 1,046,384
Life	40 years
Hilton Grand Vacations (Office), two | Orlando, FL
Cost:
Land	$ 1,210,138
Building & Improvements	2,453,690
Improvements	282,099
Gross Amount Carried at Close
Land	1,210,138
Buildings	2,735,789
Total	3,945,927
Accumulated Depreciation	$ 327,139
Life	40 years
Joann's | Saugus, MA
Cost:
Land	$ 1,574,594
Building & Improvements	4,769,946
Gross Amount Carried at Close
Land	1,574,594
Buildings	4,769,946
Total	6,344,540
Accumulated Depreciation	$ 227,948
Life	50 years
L.A. Fitness | Brandon, FL
Cost:
Land	$ 3,208,889
Building & Improvements	9,677,636
Gross Amount Carried at Close
Land	3,208,889
Buildings	9,677,636
Total	12,886,525
Accumulated Depreciation	$ 678,275
Life	30 years
LandShark Bar and Grill | Daytona Beach, FL
Cost:
Land	$ 5,835,939
Building & Improvements	4,578,168
Gross Amount Carried at Close
Land	5,835,939
Buildings	4,578,168
Total	10,414,107
Accumulated Depreciation	$ 199,828
Life	40 years
Lowes | Katy, TX
Cost:
Encumbrances	$ 8,500,000
Land	9,412,181
Building & Improvements	3,480,650
Gross Amount Carried at Close
Land	9,412,181
Buildings	3,480,650
Total	12,892,831
Accumulated Depreciation	$ 625,171
Life	30 years
Macaroni Grill | Arlington, TX
Cost:
Land	$ 956,685
Building & Improvements	1,069,700
Gross Amount Carried at Close
Land	956,685
Buildings	1,069,700
Total	$ 2,026,385
Life	30 years
Maple Ave Land | Dallas, TX
Cost:
Land	$ 359,116
Gross Amount Carried at Close
Land	359,116
Total	359,116
Outback Steakhouse | Austin, TX
Cost:
Land	1,376,793
Building & Improvements	1,585,791
Gross Amount Carried at Close
Land	1,376,793
Buildings	1,585,791
Total	2,962,584
Accumulated Depreciation	$ 159,723
Life	30 years
Outback Steakhouse | Charlottesville, VA
Cost:
Land	$ 1,308,881
Building & Improvements	3,135,515
Gross Amount Carried at Close
Land	1,308,881
Buildings	3,135,515
Total	4,444,396
Accumulated Depreciation	$ 283,094
Life	30 years
Outback Steakhouse | Huntersville, NC
Cost:
Land	$ 1,987,831
Building & Improvements	1,299,017
Gross Amount Carried at Close
Land	1,987,831
Buildings	1,299,017
Total	3,286,848
Accumulated Depreciation	$ 190,830
Life	20 years
Rite Aid | Renton, WA
Cost:
Encumbrances	$ 4,700,000
Land	2,036,235
Building & Improvements	4,148,415
Gross Amount Carried at Close
Land	2,036,235
Buildings	4,148,415
Total	6,184,650
Accumulated Depreciation	$ 561,765
Life	40 years
Riverside | Jacksonville, FL
Cost:
Land	$ 6,019,815
Building & Improvements	14,239,515
Improvements	685,114
Gross Amount Carried at Close
Land	6,019,815
Buildings	14,924,629
Total	20,944,444
Accumulated Depreciation	$ 2,206,489
Life	43 years
Staples | Sarasota, FL
Cost:
Land	$ 2,728,083
Building & Improvements	1,145,137
Gross Amount Carried at Close
Land	2,728,083
Buildings	1,145,137
Total	3,873,220
Accumulated Depreciation	$ 109,948
Life	40 years
The Grove | Winter Park, FL
Cost:
Land	$ 1,240,000
Building & Improvements	1,860,000
Improvements	9,202,368
Gross Amount Carried at Close
Land	1,240,000
Buildings	11,062,368
Total	12,302,368
Accumulated Depreciation	$ 1,100,865
Life	40 years
Walgreens | Alpharetta, GA
Cost:
Land	$ 3,265,623
Building & Improvements	1,406,160
Improvements	69,987
Gross Amount Carried at Close
Land	3,265,623
Buildings	1,476,147
Total	4,741,770
Accumulated Depreciation	$ 521,146
Life	40 years
Walgreens | Clermont, FL
Cost:
Encumbrances	$ 3,500,000
Land	3,021,665
Building & Improvements	1,269,449
Gross Amount Carried at Close
Land	3,021,665
Buildings	1,269,449
Total	4,291,114
Accumulated Depreciation	$ 462,820
Life	40 years
Wells Fargo | Raleigh, NC
Cost:
Encumbrances	$ 24,557,468
Land	8,680,056
Building & Improvements	59,166,753
Improvements	570,259
Gross Amount Carried at Close
Land	8,680,056
Buildings	59,737,012
Total	68,417,068
Accumulated Depreciation	$ 6,242,456
Life	45 years
Wells Fargo | Hillsboro, OR
Cost:
Land	$ 10,005,650
Building & Improvements	25,902,632
Gross Amount Carried at Close
Land	10,005,650
Buildings	25,902,632
Total	35,908,282
Accumulated Depreciation	$ 1,583,426
Life	35 years
Westcliff property | Fort Worth, TX
Cost:
Land	$ 10,520,822
Building & Improvements	4,196,359
Improvements	9,702
Gross Amount Carried at Close
Land	10,520,822
Buildings	4,206,061
Total	14,726,883
Accumulated Depreciation	$ 768,923
Life	10 years
Moe's | Jacksonville, FL
Cost:
Land	$ 1,862,284
Gross Amount Carried at Close
Land	1,862,284
Total	1,862,284
PDQ | Jacksonville, FL
Cost:
Land	2,205,539
Gross Amount Carried at Close
Land	2,205,539
Total	2,205,539
Whole Foods | Sarasota, FL
Cost:
Land	4,497,825
Building & Improvements	13,104,352
Improvements	281,585
Gross Amount Carried at Close
Land	4,497,825
Buildings	13,385,937
Total	17,883,762
Accumulated Depreciation	$ 1,456,534
Life	40 years
Scrubbles Car Wash | Jacksonville, FL
Cost:
Land	$ 2,140,459
Gross Amount Carried at Close
Land	2,140,459
Total	2,140,459
Wawa | Jacksonville, FL
Cost:
Land	6,252,632
Gross Amount Carried at Close
Land	6,252,632
Total	6,252,632
Wawa | Winter Park, FL
Cost:
Land	436,400
Improvements	2,122
Gross Amount Carried at Close
Land	436,400
Buildings	2,122
Total	$ 438,522

SCHEDULE III REAL ESTATE AND _3

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION - Rollforward (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Cost:
Balance at Beginning of Year	$ 358,130,350	$ 274,334,139	$ 268,970,875
Additions and Improvements	104,043,734	83,796,211	68,274,211
Cost of Real Estate Sold	(10,142,289)		(62,910,947)
Reclassification to Land and Development Costs	11,671,878
Balance at End of Year	463,703,673	358,130,350	274,334,139
Accumulated Depreciation:
Balance at Beginning of Year	21,878,465	14,391,567	14,374,079
Depreciation and Amortization	9,827,154	7,486,898	5,346,538
Depreciation on Real Estate Sold	(2,973,115)		(5,329,050)
Balance at End of Year	$ 28,732,504	$ 21,878,465	$ 14,391,567

SCHEDULE III REAL ESTATE AND _4

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION - Reconciliation (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
Real Estate Cost for Federal Income Tax Purpose	$ 231,000,000
Income Properties, Land, Buildings, and Improvements	392,520,783	$ 358,130,350
Cost Basis of Assets Classified as Held for Sale on Balance Sheet	71,182,890
Total	$ 463,703,673	$ 358,130,350	$ 274,334,139	$ 268,970,875

SCHEDULE IV MORTGAGE LOANS ON_2

SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Mortgage Loans on Real Estate Roll Forward
Balance at Beginning of Year	$ 11,925,699	$ 23,960,467	$ 38,331,956
New Mortgage Loans		3,000,000
Accretion of Origination Fees	34,768	(34,768)	132,923
Collection of Principal	$ (11,960,467)	(15,000,000)	(14,282,500)
Discount on payoff			(217,500)
Amortization of Fees			(4,412)
Balance at End of Year		$ 11,925,699	$ 23,960,467