CTO Realty Growth (CTO) 10-Q 23 Oct 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - $ / shares	9 Months Ended
	Sep. 30, 2019	Oct. 11, 2019
Document and Entity Information [Abstract]
Entity Central Index Key	0000023795
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2019
Document Transition Report	false
Entity File Number	01-11350
Entity Registrant Name	CONSOLIDATED TOMOKA LAND CO
Entity Incorporation, State or Country Code	FL
Entity Tax Identification Number	59-0483700
Entity Address, Address Line One	1140 N. Williamson Blvd.
Entity Address, Address Line Two	Suite 140
Entity Address, City or Town	Daytona Beach
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32114
City Area Code	386
Local Phone Number	274-2202
Title of 12(b) Security	COMMON STOCK, $1.00 PAR VALUE
Trading Symbol	CTO
Security Exchange Name	NYSEAMER
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Listing, Par Value Per Share	$ 1
Entity Common Stock, Shares Outstanding		4,929,079
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Property, Plant, and Equipment:
Total Property, Plant, and Equipment	$ 473,588,296	$ 393,268,984
Less, Accumulated Depreciation and Amortization	(32,696,922)	(24,518,215)
Property, Plant, and Equipment—Net	440,891,374	368,750,769
Land and Development Costs	23,520,982	25,764,633
Intangible Lease Assets—Net	49,195,221	43,555,445
Assets Held for Sale—See Note 21	4,502,635	75,866,510
Investment in Joint Venture	6,850,594	6,788,034
Impact Fee and Mitigation Credits	447,596	462,040
Commercial Loan Investments	32,419,693	0
Cash and Cash Equivalents	5,411,727	2,310,489
Restricted Cash	6,213,295	19,721,475
Refundable Income Taxes		225,024
Other Assets—See Note 10	14,008,249	12,885,453
Total Assets	583,461,366	556,329,872
Liabilities:
Accounts Payable	2,624,096	1,036,547
Accrued and Other Liabilities—See Note 15	5,627,474	5,197,884
Deferred Revenue—See Note 16	7,457,665	7,201,604
Intangible Lease Liabilities—Net	26,059,614	27,390,350
Liabilities Held for Sale—See Note 21	1,729,049	1,347,296
Income Taxes Payable	112,896
Deferred Income Taxes—Net	58,761,619	54,769,907
Long-Term Debt	282,087,031	247,624,811
Total Liabilities	384,459,444	344,568,399
Commitments and Contingencies—See Note 19
Shareholders' Equity:
Common Stock – 25,000,000 shares authorized; $1 par value, 6,075,462 shares issued and 4,927,728 shares outstanding at September 30, 2019; 6,052,209 shares issued and 5,436,952 shares outstanding at December 31, 2018	6,015,867	5,995,257
Treasury Stock – 1,147,734 shares at September 30, 2019 and 615,257 shares at December 31, 2018	(63,441,664)	(32,345,002)
Additional Paid-In Capital	26,062,021	24,326,778
Retained Earnings	230,284,293	213,297,897
Accumulated Other Comprehensive Income	81,405	486,543
Total Shareholders' Equity	199,001,922	211,761,473
Total Liabilities and Shareholders’ Equity	583,461,366	556,329,872
Income Properties, Land, Buildings, and Improvements
Property, Plant, and Equipment:
Total Property, Plant, and Equipment	472,444,875	392,520,783
Other Furnishings and Equipment
Property, Plant, and Equipment:
Total Property, Plant, and Equipment	730,878	728,817
Construction in Progress
Property, Plant, and Equipment:
Total Property, Plant, and Equipment	$ 412,543	$ 19,384

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2019	Dec. 31, 2018
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	6,075,462	6,052,209
Common Stock, shares outstanding	4,927,728	5,436,952
Treasury Stock
Treasury Stock, shares held	1,147,734	615,257

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenues
Revenues	$ 11,748,131	$ 17,413,926	$ 43,946,281	$ 53,461,436
Direct Cost of Revenues
Total Direct Cost of Revenues	(1,818,436)	(7,351,331)	(11,491,512)	(13,671,525)
General and Administrative Expenses	(2,260,728)	(1,928,008)	(6,881,524)	(7,180,737)
Depreciation and Amortization	(4,286,836)	(3,756,507)	(11,707,710)	(11,308,876)
Total Operating Expenses	(8,366,000)	(13,035,846)	(30,080,746)	(32,161,138)
Gain on Disposition of Assets	2,187,332		20,869,196	22,035,666
Total Operating Income	5,569,463	4,378,080	34,734,731	43,335,964
Investment Income	33,048	14,179	86,363	38,383
Interest Expense	(3,253,908)	(2,345,156)	(9,219,195)	(7,443,922)
Income from Continuing Operations Before Income Tax Expense	2,348,603	2,047,103	25,601,899	35,930,425
Income Tax Expense from Continuing Operations	(595,144)	(561,223)	(6,459,234)	(9,016,556)
Net Income from Continuing Operations	1,753,459	1,485,880	19,142,665	26,913,869
Loss from Discontinued Operations (Net of Income Tax)—See Note 21	(267,437)	(1,189,708)	(591,746)	(1,542,490)
Net Income	$ 1,486,022	$ 296,172	$ 18,550,919	$ 25,371,379
Basic
Net Income from Continuing Operations (in dollars per share)	$ 0.36	$ 0.27	$ 3.79	$ 4.88
Net Income from Discontinuing Operations (in dollars per share)	(0.05)	(0.22)	(0.12)	(0.28)
Basic Net Income per Share (in dollars per share)	0.31	0.05	3.67	4.60
Diluted
Net Income from Continuing Operations (in dollars per share)	0.36	0.27	3.79	4.85
Net Income from Discontinuing Operations (in dollars per share)	(0.05)	(0.22)	(0.12)	(0.28)
Diluted Net Income per Share (in dollars per share)	0.31	0.05	3.67	4.57
Dividends Declared and Paid (in dollars per share)	$ 0.11	$ 0.07	$ 0.31	$ 0.19
Income Properties
Revenues
Revenues	$ 10,260,831	$ 9,360,155	$ 31,360,544	$ 28,347,181
Direct Cost of Revenues
Total Direct Cost of Revenues	(1,476,288)	(1,773,840)	(5,043,496)	(5,677,758)
Depreciation and Amortization	(4,281,286)	(3,748,388)	(11,690,110)	(11,282,566)
Interest Income from Commercial Loan Investments
Revenues
Revenues	855,559	41,262	908,324	615,728
Real Estate Operations
Revenues
Revenues	631,741	8,012,509	11,677,413	24,498,527
Direct Cost of Revenues
Total Direct Cost of Revenues	$ (342,148)	$ (5,577,491)	$ (6,448,016)	$ (7,993,767)

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net Income	$ 1,486,022	$ 296,172	$ 18,550,919	$ 25,371,379
Other Comprehensive Income (Loss)
Cash Flow Hedging Derivative - Interest Rate Swap (Net of Income Tax of $(21,153) and $7,576 for the three months ended September 30, 2019 and 2018, respectively, and Net of Income Tax of $(137,543) and $85,169 for the nine months ended September 30, 2019 and 2018, respectively)	(62,307)	22,316	(405,138)	331,126
Total Other Comprehensive Income (Loss), Net of Income Tax	(62,307)	22,316	(405,138)	331,126
Total Comprehensive Income	$ 1,423,715	$ 318,488	$ 18,145,781	$ 25,702,505

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Cash Flow Hedging Derivative - Interest Rate Swap, Income Tax	$ (21,153)	$ 7,576	$ (137,543)	$ 85,169

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
Balance at Dec. 31, 2017	$ 5,963,850	$ (22,507,760)	$ 22,735,228	$ 177,614,274	$ 372,616	$ 184,178,208
Increase (decrease) in shareholders' equity
Net Income				25,371,379		25,371,379
Stock Repurchase		(3,977,005)				(3,977,005)
Exercise of Stock Options	8,520		189,849			198,369
Vested Restricted Stock	19,065		(517,439)			(498,374)
Stock Issuance	2,781		171,098			173,879
Stock Compensation Expense from Restricted Stock Grants and Equity Classified Stock Options			1,283,434			1,283,434
Cash Dividends				(1,049,002)		(1,049,002)
Other Comprehensive Income (Loss), Net of Income Tax					331,126	331,126
Balance at Sep. 30, 2018	5,994,216	(26,484,765)	23,862,170	201,936,651	703,742	206,012,014
Balance at Jun. 30, 2018	5,984,747	(24,700,205)	23,228,788	202,024,986	681,426	207,219,742
Increase (decrease) in shareholders' equity
Net Income				296,172		296,172
Stock Repurchase		(1,784,560)				(1,784,560)
Exercise of Stock Options	8,520		189,849			198,369
Stock Issuance	949		57,424			58,373
Stock Compensation Expense from Restricted Stock Grants and Equity Classified Stock Options			386,109			386,109
Cash Dividends				(384,507)		(384,507)
Other Comprehensive Income (Loss), Net of Income Tax					22,316	22,316
Balance at Sep. 30, 2018	5,994,216	(26,484,765)	23,862,170	201,936,651	703,742	206,012,014
Balance at Dec. 31, 2018	5,995,257	(32,345,002)	24,326,778	213,297,897	486,543	211,761,473
Increase (decrease) in shareholders' equity
Net Income				18,550,919		18,550,919
Stock Repurchase		(31,096,662)				(31,096,662)
Vested Restricted Stock	12,957		(316,272)			(303,315)
Stock Issuance	7,653		434,867			442,520
Stock Compensation Expense from Restricted Stock Grants and Equity Classified Stock Options			1,616,648			1,616,648
Cash Dividends				(1,564,523)		(1,564,523)
Other Comprehensive Income (Loss), Net of Income Tax					(405,138)	(405,138)
Balance at Sep. 30, 2019	6,015,867	(63,441,664)	26,062,021	230,284,293	81,405	199,001,922
Balance at Jun. 30, 2019	6,014,536	(63,441,664)	25,450,060	229,333,766	143,712	197,500,410
Increase (decrease) in shareholders' equity
Net Income				1,486,022		1,486,022
Stock Issuance	1,331		77,944			79,275
Stock Compensation Expense from Restricted Stock Grants and Equity Classified Stock Options			534,017			534,017
Cash Dividends				(535,495)		(535,495)
Other Comprehensive Income (Loss), Net of Income Tax					(62,307)	(62,307)
Balance at Sep. 30, 2019	$ 6,015,867	$ (63,441,664)	$ 26,062,021	$ 230,284,293	$ 81,405	$ 199,001,922

CONSOLIDATED STATEMENTS OF SH_2

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Common Stock
Cash Dividends (in dollars per share)	$ 0.11	$ 0.07	$ 0.31	$ 0.19

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Cash Flow from Operating Activities:
Net Income	$ 1,486,022	$ 296,172	$ 18,550,919	$ 25,371,379
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation and Amortization			11,707,710	11,612,557
Amortization of Intangible Liabilities to Income Property Revenue	(607,000)	(600,000)	(1,810,459)	(1,779,031)
Loan Cost Amortization	111,000	103,000	323,672	389,656
Amortization of Discount on Convertible Debt	342,000	321,000	1,009,847	947,419
Gain on Disposition of Property, Plant, and Equipment and Intangible Assets			(2,187,332)	(22,035,666)
Loss (Gain) on Disposition of Assets Held for Sale			(18,681,864)	1,119,362
Accretion of Commercial Loan Origination Fees			(67,432)	(34,768)
Non-Cash Imputed Interest on Commercial Loan Investment			(94,761)
Deferred Income Taxes			3,586,574	8,345,475
Non-Cash Compensation			2,059,167	1,283,434
Decrease (Increase) in Assets:
Refundable Income Taxes			225,024	491,821
Golf Assets Held for Sale			(40,159)
Land and Development Costs			2,243,651	3,090,301
Impact Fees and Mitigation Credits			14,444	586,343
Other Assets			(2,865,683)	(2,139,265)
Increase (Decrease) in Liabilities:
Accounts Payable			1,587,549	(1,035,771)
Accrued and Other Liabilities			429,590	(4,194,651)
Deferred Revenue			256,061	600,929
Golf Liabilities Held for Sale			381,753
Income Taxes Payable			112,896
Net Cash Provided By Operating Activities			16,741,167	22,619,524
Cash Flow from Investing Activities:
Acquisition of Property, Plant, and Equipment and Intangible Lease Assets and Liabilities			(75,313,805)	(29,399,109)
Acquisition of Commercial Loan Investments			(32,257,500)
Acquisition of Land				(3,794,058)
Cash Contribution for Interest in Joint Venture			(62,560)	(2,087,521)
Proceeds from Disposition of Property, Plant, and Equipment, Net, and Assets Held for Sale			80,321,554	26,377,525
Principal Payments Received on Commercial Loan Investments				11,960,467
Net Cash Provided By (Used In) Investing Activities			(27,312,311)	3,057,304
Cash Flow from Financing Activities:
Proceeds from Long-Term Debt			122,500,000	36,300,000
Payments on Long-Term Debt			(88,901,414)	(55,830,473)
Cash Paid for Loan Fees			(469,885)	(263,473)
Cash Proceeds from Exercise of Stock Options and Stock Issuance				372,248
Cash Used to Purchase Common Stock			(31,096,662)	(3,977,005)
Cash Paid for Vesting of Restricted Stock			(303,314)	(498,374)
Dividends Paid			(1,564,523)	(1,049,002)
Net Cash Provided By (Used In) Financing Activities			164,202	(24,946,079)
Net Increase (Decrease) in Cash			(10,406,942)	730,749
Cash, Beginning of Year			22,031,964	13,067,540	$ 13,067,540
Cash, End of Period	11,625,022	13,798,289	11,625,022	13,798,289	22,031,964
Reconciliation of Cash to the Consolidated Balance Sheets:
Cash and Cash Equivalents	5,411,727	5,320,493	5,411,727	5,320,493	2,310,489
Restricted Cash	6,213,295	8,477,796	6,213,295	8,477,796	19,721,475
Total Cash as of September 30, 2019 and 2018, respectively	$ 11,625,022	$ 13,798,289	$ 22,031,964	$ 13,067,540	$ 13,067,540

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical)	9 Months Ended
	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)
Supplemental Disclosure of Cash Flows:
Income taxes refunded	$ 1,800,000	$ 8,000
Interest paid	8,142,000	6,989,000
Interest capitalized	0	0
Gain on Sale	5,482,000	14,768,000
Accrued and Other Liabilities	429,590	(4,194,651)
Land and Development Costs	2,243,651	3,090,301
Right-of-use assets	384,462
Lease liabilities	384,190
Increase (decrease) in assets held for sale	40,159
Increase in liabilities held for sale	381,753
Supplemental disclosure of investing and financing activities
Tenant contribution		$ 1,900,000
Purchase price	90,029,000
Aspen, Colorado
Supplemental disclosure of investing and financing activities
Tenant contribution	1,500,000
Purchase price	28,000,000
Florida
Supplemental disclosure of investing and financing activities
Tenant contribution	1,900,000
Golf Operations | Discontinued Operations, Held-for-sale
Supplemental Disclosure of Cash Flows:
Increase (decrease) in assets held for sale	208,000
Increase in liabilities held for sale	208,000
Accounting Standards Update 2016-02 | Restatement
Supplemental Disclosure of Cash Flows:
Right-of-use assets	681,000
Lease liabilities	473,000
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	6,700,000
Accrued and Other Liabilities	300,000
Land and Development Costs	$ 1,300,000

DESCRIPTION OF BUSINESS AND PRI

DESCRIPTION OF BUSINESS AND PRINCIPLES OF INTERIM STATEMENTS	9 Months Ended
	Sep. 30, 2019
DESCRIPTION OF BUSINESS AND PRINCIPLES OF INTERIM STATEMENTS
DESCRIPTION OF BUSINESS AND PRINCIPLES OF INTERIM STATEMENTS	NOTE 1. DESCRIPTION OF BUSINESS AND PRINCIPLES OF INTERIM STATEMENTS Description of Business The terms “us,” “we,” “our,” and “the Company” as used in this report refer to Consolidated-Tomoka Land Co. together with our consolidated subsidiaries. We are a diversified real estate operating company. We own and manage, sometimes utilizing third-party property management companies, fifty-two commercial real estate properties in seventeen states in the United States. As of September 30, 2019, we (i) owned forty-eight single-tenant and four multi-tenant income-producing properties with approximately 2.3 million square feet of gross leasable space; (ii) owned the LPGA International Golf Club, which is managed by a third party and classified as held for sale (the “Golf Club”); (iii) held two commercial loan investments; (iv) owned and managed a portfolio of undeveloped land totaling approximately 5,300 acres in Daytona Beach, Florida; and (v) leased some of our land for seventeen 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). In October 2019, the Company completed the sale of a controlling interest in a wholly-owned entity that holds the Company’s Daytona Beach land portfolio of approximately 5,300 acres. Additionally, in October 2019, the Company completed the sale of the Golf Club. See Note 22, “Subsequent Events” for a description of these transactions. Interim Financial Information The accompanying unaudited consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). These unaudited consolidated financial statements do not include all of the information and notes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete financial statements, and should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2018, which provides a more complete understanding of the Company’s accounting policies, financial position, operating results, business properties, and other matters. The unaudited consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary to present fairly the financial position of the Company and the results of operations for the interim periods. The results of operations for the nine months ended September 30, 2019 are not necessarily indicative of results to be expected for the year ending December 31, 2019. Principles of Consolidation The consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries, and other entities in which we have a controlling interest. Any real estate entities or properties included in the consolidated financial statements have been consolidated only for the periods that such entities or properties were owned or under control by us. All inter-company balances and transactions have been eliminated in the consolidated financial statements. Use of Estimates in Preparation of Financial Statements The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Recently Issued Accounting Standards In 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. The Company’s implemented ASC 842 effective January 1, 2019 and has elected to follow the practical expedients and accounting policies below: · 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. At the beginning of the period of adoption, January 1, 2019, through a cumulative-effect adjustment, the Company increased right-of use assets and lease liabilities for operating leases for which the Company is the lessee. The amount of the adjustment totaled approximately $681,000 and was reflected as an increase in Other Assets and Accrued and Other Liabilities for corporate leases totaling approximately $473,000 and an increase in Assets Held for Sale and Liabilities Held for sale for golf operations segment leases totaling approximately $208,000. There were no adjustments related to the leases for which the Company is the lessor. Cash and Cash Equivalents Cash and cash equivalents include cash on hand, bank demand accounts, and money market accounts having original maturities of 90 days or less. The Company’s bank balances as of September 30, 2019 include certain amounts over the Federal Deposit Insurance Corporation limits. Restricted Cash Restricted cash totaled approximately $6.2 million at September 30, 2019 of which approximately $2.7 million is being held in a separate escrow account to be reinvested through the like-kind exchange structure into other income properties; approximately $1.1 million is being held in an entitlement and interest reserve for the $8.0 million first mortgage loan investment originated in June 2019; approximately $160,000 is being held in an interest reserve for the $8.3 million first mortgage loan originated in July 2019; approximately $989,000 is being held in two separate escrow accounts related to two separate land transactions which closed in February 2017 and March 2018; approximately $248,000 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”); and approximately $1.1 million is being held in a general tenant improvement reserve account with Wells Fargo in connection with our financing of the property located in Raleigh, NC leased to Wells Fargo. Derivative Financial Instruments and Hedging Activity Interest Rate Swap. In conjunction with the variable-rate mortgage loan secured by our property located in Raleigh, North Carolina leased to Wells Fargo, the Company entered into an interest rate swap to fix the interest rate (the “Interest Rate Swap”). The Company accounts for its cash flow hedging derivative in accordance with FASB ASC Topic 815-20, Derivatives and Hedging . Depending upon the hedge’s value at each balance sheet date, the derivative is included in either Other Assets or Accrued and Other Liabilities on the consolidated balance sheet at its fair value. On the date the Interest Rate Swap was entered into, the Company designated the derivative as a hedge of the variability of cash flows to be paid related to the recognized long-term debt liability. The Company formally documented the relationship between the hedging instrument and the hedged item, as well as its risk-management objective and strategy for undertaking the hedge transaction. At the hedge’s inception, the Company formally assessed whether the derivative that is used in hedging the transaction is highly effective in offsetting changes in cash flows of the hedged item, and we will continue to do so on an ongoing basis. As the terms of the Interest Rate Swap and the associated debt are identical, the Interest Rate Swap qualifies for the shortcut method, therefore, it is assumed that there is no hedge ineffectiveness throughout the entire term of the Interest Rate Swap. Changes in fair value of the Interest Rate Swap that are highly effective and designated and qualified as a cash-flow hedge are recorded in other comprehensive income and loss, until earnings are affected by the variability in cash flows of the designated hedged item. Fair Value of Financial Instruments The carrying amounts of the Company’s financial assets and liabilities including cash and cash equivalents, restricted cash, accounts receivable, accounts payable, and accrued and other liabilities at September 30, 2019 and December 31, 2018, approximate fair value because of the short maturity of these instruments. 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 mortgage notes and convertible debt is measured at fair value based on current market rates for financial instruments with similar risks and maturities. See Note 7, “Fair Value of Financial Instruments.” Fair Value Measurements The Company’s estimates of fair value of financial and non-financial assets and liabilities is based on the framework established by GAAP. The framework specifies a hierarchy of valuation inputs which was established to increase consistency, clarity and comparability in fair value measurements and related disclosures. GAAP describes a fair value hierarchy based upon three levels of inputs that may be used to measure fair value, two of which are considered observable and one that is considered unobservable. The following describes the three levels: · Level 1 – Valuation is based upon quoted prices in active markets for identical assets or liabilities. · Level 2 – Valuation is based upon inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. · Level 3 – Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include option pricing models, discounted cash flow models and similar techniques. Impact Fees and Mitigation Credits Impact fees and mitigation credits are stated at historical cost. As these assets are sold, the related revenues and cost basis are reported as revenues from, and direct costs of, real estate operations, respectively, in the consolidated statements of operations. Accounts Receivable Accounts receivable related to income properties, which are classified in other assets on the consolidated balance sheets, primarily consist of tenant reimbursable expenses. Receivables related to tenant reimbursable expenses totaled approximately $1.1 million and $628,000 as of September 30, 2019 and December 31, 2018, respectively. Accounts receivable related to real estate operations, which are classified in other assets on the consolidated balance sheets, totaled approximately $1.8 million as of both September 30, 2019 and December 31, 2018. As more fully described in Note 10, “Other Assets,” these accounts receivable are primarily related to the reimbursement of certain infrastructure costs completed by the Company in conjunction with two land sale transactions that closed during the fourth quarter of 2015. Trade accounts receivable primarily consist of receivables related to the golf operations segment, which are classified in Assets Held for Sale on the consolidated balance sheets. Trade accounts receivable related to the golf operations segment, which primarily consist of amounts due from members or from private events, totaled approximately $277,000 and $290,000 as of September 30, 2019 and December 31, 2018, respectively. The collectability of the aforementioned receivables is determined based on the aging of the receivable and a review of the specifically identified accounts using judgments. As of September 30, 2019 and December 31, 2018, the Company recorded an allowance for doubtful accounts of approximately $14,000 and $185,000, respectively. During the quarter ended September 30, 2019 approximately $250,000 of previously recorded allowance for doubtful accounts related to a single income property; Cocina 214 Restaurant & Bar (“Cocina 214”), located in Daytona Beach, Florida, was reversed as the previously uncollected rent totaling approximately $0.3 million was paid in accordance with the termination agreement executed in July 2019. The termination payment is more fully described in Note 3, “Income Properties.” Purchase Accounting for Acquisitions of Real Estate Subject to a Lease In accordance with the FASB guidance on business combinations, the fair value of the real estate acquired with in-place leases is allocated to the acquired tangible assets, consisting of land, building and tenant improvements, and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases, the value of in-place leases, and the value of leasing costs, based in each case on their relative fair values. The fair value of the tangible assets of an acquired leased property is determined by valuing the property as if it were vacant, and the “as-if-vacant” value is then allocated to land, building and tenant improvements based on the determination of the fair values of these assets. In allocating the fair value of the identified intangible assets and liabilities of an acquired property, above-market and below-market in-place lease values are recorded as other assets or liabilities based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases, and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining term of the lease, including the probability of renewal periods. The capitalized above-market lease values are amortized as a reduction of rental income over the remaining terms of the respective leases. The capitalized below-market lease values are amortized as an increase to rental income over the initial term unless the Company believes that it is likely that the tenant will renew the option whereby the Company amortizes the value attributable to the renewal over the renewal period. The aggregate value of other acquired intangible assets, consisting of in-place leases, is measured by the excess of (i) the purchase price paid for a property after adjusting existing in-place leases to market rental rates over (ii) the estimated fair value of the property as-if-vacant, determined as set forth above. The value of in-place leases exclusive of the value of above-market and below-market in-place leases is amortized to expense over the remaining non-cancelable periods of the respective leases. If a lease were to be terminated prior to its stated expiration, all unamortized amounts relating to that lease would be written off. The value of tenant relationships is reviewed on individual transactions to determine if future value was derived from the acquisition. In January 2017, the FASB issued ASU 2017-01, Business Combinations which clarified the definition of a business. Pursuant to ASU 2017-01, the acquisition of an income property subject to a lease no longer qualifies as a business combination, but rather an asset acquisition, accordingly acquisition costs have been capitalized. Sales of Real Estate Gains and losses on sales of real estate are accounted for as required by 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. 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 18, “Income Taxes.” In September 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.

INCOME PROPERTIES AND LEASES

INCOME PROPERTIES AND LEASES	9 Months Ended
	Sep. 30, 2019
INCOME PROPERTIES AND LEASES
INCOME PROPERTIES AND LEASES	NOTE 3. INCOME PROPERTIES AND LEASES Leasing revenue consists of long-term rental revenue from retail, office, and commercial income properties, and billboards, which is recognized as earned, using the straight-line method over the life of each lease. The components of leasing revenue are as follows: Three Months Ended Nine Months Ended September 30, 2019 September 30, 2019 ($000's) ($000's) Leasing Revenue Lease Payments $ 8,829 $ 26,724 Variable Lease Payments 847 2,880 Total Leasing Revenue $ 9,676 $ 29,604 Minimum future base rental revenue on non-cancelable leases subsequent to September 30, 2019, for the next five years ended December 31 are summarized as follows: Year Ending December 31, Amounts 2019 $ 32,331 2020 32,818 2021 31,740 2022 30,945 2023 30,277 2024 and thereafter (cumulative) 195,151 Total $ 353,262 2019 Acquisitions. During the nine months ended September 30, 2019, the Company acquired nine single-tenant income properties for a purchase price of approximately $90.0 million, or an acquisition cost of approximately $90.6 million including capitalized acquisition costs. Of the total acquisition cost, approximately $27.8 million was allocated to land, approximately $37.7 million was allocated to buildings and improvements, approximately $9.2 million was allocated to intangible assets pertaining to the in-place lease value, leasing fees, and above market lease value, and approximately $0.4 million was allocated to intangible liabilities for the below market lease value. The remaining approximately $16.3 million was classified as a commercial loan investment as described below and in Note 6, “Commercial Loan Investments.” The weighted average amortization period for the intangible assets and liabilities was approximately 9.8 years at acquisition. The properties acquired during the nine months ended September 30, 2019 are described below: Tenant Description Tenant Type Property Location Date of Acquisition Property Square-Feet Property Acres Purchase Price Percentage Leased Remaining Lease Term at Acquisition Date (in years) Hobby Lobby Stores, Inc. Single-Tenant Winston-Salem, NC 05/16/19 55,000 7.6 $ 8,075,000 10.9 24 Hour Fitness USA, Inc. Single-Tenant Falls Church, VA 05/23/19 46,000 3.1 21,250,000 8.6 Walgreen Co. Single-Tenant Birmingham, AL 06/05/19 14,516 2.1 5,500,000 9.8 Family Dollar Stores of Massachusetts, Inc. Single-Tenant Lynn, MA 06/07/19 9,228 0.7 2,100,000 4.8 Walgreen Co. Single-Tenant Albany, GA 06/21/19 14,770 3.6 3,634,000 13.6 Carpenter Hotel (1) Single-Tenant Austin, TX 07/05/19 N/A 1.4 16,250,000 99.1 General Dynamics Corporation Single-Tenant Reston, VA 07/12/19 64,319 3.0 18,600,000 9.9 Live Nation Entertainment, Inc. Single-Tenant East Troy, WI 08/30/19 N/A 158.3 7,500,000 10.6 Party City Corporation Single-Tenant Oceanside, NY 09/24/19 15,500 1.2 7,120,000 10.2 Total / Weighted Average 219,333 $ 90,029,000 25.9 (1) The ground lease with The Carpenter Hotel includes two tenant repurchase options. Pursuant to FASB ASC Topic 842, Leases, the $16.25 million investment has been recorded in the accompanying consolidated balance sheet as of September 30, 2019 as a commercial loan investment. See Note 6, “Commercial Loan Investments.” 2019 Dispositions. One single-tenant income property was disposed of during the three and nine months ended September 30, 2019 as follows: · On August 7, 2019, the Company sold its 1.56-acre outparcel subject to a ground lease with Wawa located in Winter Park, Florida for approximately $2.8 million (the “Wawa Sale”). The property is an outparcel to the Grove at Winter Park which the Company sold in May 2019. The gain on the Wawa Sale totaled approximately $2.1 million, or approximately $0.33 per share, after tax. Additionally, three multi-tenant income properties, which were classified in Assets Held for Sale as of December 31, 2018, were disposed of during the nine months ended September 30, 2019 (the “Multi-Tenant Dispositions”) as described below. The Multi-Tenant Dispositions continue the Company’s objective of transitioning the income property portfolio to primarily single-tenant net lease properties. · On June 24, 2019, the Company sold its approximately 76,000 square foot multi-tenant retail property located in Santa Clara, California for approximately $37.0 million (the “Peterson Sale”). The gain on the Peterson Sale totaled approximately $9.0 million, or approximately $1.36 per share, after tax. · On May 23, 2019, the Company sold its approximately 112,000 square foot multi-tenant retail property, anchored by a 24 Hour Fitness, located in Winter Park, Florida for approximately $18.25 million (the “Grove Sale”). The gain on the Grove Sale totaled approximately $2.8 million, or approximately $0.42 per share, after tax. · On February 21, 2019, the Company sold its approximately 59,000 square foot multi-tenant retail property, anchored by a Whole Foods Market retail store, located in Sarasota, Florida for approximately $24.62 million (the “Whole Foods Sale”). The gain on the Whole Foods Sale totaled approximately $6.9 million, or approximately $0.96 per share, after tax. 2019 Leasing Activity. On July 16, 2019, the Company entered into a lease termination agreement (the “Termination Agreement”) with Cocina 214, the tenant of one of the Company’s beachfront restaurant properties located in Daytona Beach, Florida. Pursuant to the Termination Agreement, the Company agreed to fund Cocina 214 approximately $1.0 million of their original contribution towards the completion of the building and tenant improvements and other personal property as described in Note 16, “Deferred Revenue.” Additionally, pursuant to the Termination Agreement, the Company collected the balance of unpaid rent of approximately $0.3 million that was due through the date Cocina 214 vacated the property. Accordingly, the Company made a net payment to Cocina 214 of approximately $693,000 in August 2019 (the “Termination Payment”). On July 18, 2019, the Company entered into a lease agreement with Broken Hook, LLC to operate the beachfront restaurant as Crabby’s Oceanside Daytona Beach (the “Crabby’s Lease”). The Crabby’s Lease commenced on August 4, 2019 with rent commencing on August 26, 2019 and has an original lease term of ten years with four five-year renewal options. 2018 Acquisitions. During the nine months ended September 30, 2018, the Company acquired one single-tenant income property for a purchase price of $28.0 million, or an acquisition cost of approximately $29.0 million including capitalized acquisition costs. Of the total acquisition cost, approximately $12.0 million was allocated to land, approximately $15.0 million was allocated to buildings and improvements, approximately $2.8 million was allocated to intangible assets pertaining to the in-place lease value, leasing fees and above market lease value, and approximately $0.8 million was allocated to intangible liabilities for the below market lease value. The weighted average amortization period for the intangible assets and liabilities was approximately 20.0 years at acquisition. 2018 Dispositions. Four income properties were disposed of during the nine months ended September 30, 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.

LAND AND SUBSURFACE INTERESTS

LAND AND SUBSURFACE INTERESTS	9 Months Ended
	Sep. 30, 2019
LAND AND SUBSURFACE INTERESTS
LAND AND SUBSURFACE INTERESTS	NOTE 4. LAND AND SUBSURFACE INTERESTS As of September 30, 2019, the Company owned approximately 5,300 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 October 21, 2019, approximately 30% of this acreage, over 1,500 acres, is under contract to be sold. Approximately 800 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 are generally well-suited for industrial purposes. In October 2019, the Company completed the sale of a controlling interest in a wholly-owned entity that holds the Company’s remaining Daytona Beach land portfolio of approximately 5,300 acres. See Note 22, “Subsequent Events” for a description of this transaction. Real estate operations revenue consisted of the following for the three and nine months ended September 30, 2019 and 2018, respectively: Three Months Ended Nine Months Ended September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Revenue Description ($000's) ($000's) ($000's) ($000's) Land Sales Revenue $ 350 $ 6,971 $ 10,900 $ 21,821 Impact Fee and Mitigation Credit Sales — 665 — 1,251 Subsurface Revenue 196 377 637 1,403 Fill Dirt and Other Revenue 18 — 72 1 Agriculture 68 — 68 22 Total Real Estate Operations Revenue $ 632 $ 8,013 $ 11,677 $ 24,498 2019 Land Sales. During the nine months ended September 30, 2019, a total of approximately 76 acres were sold for approximately $11.1 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 Unicorp Site East of I-95 02/27/19 9.9 $ 3,300 $ $ 2,274 Subtotal - Q1 2019 9.9 3,300 2,274 2 Compensating Storage Pond East of I-95 04/29/19 38.0 710 596 3 Final NADG Land Sale East of I-95 05/15/19 12.6 3,000 1,964 4 Unicorp-Clyde Morris East of I-95 06/20/19 13.7 3,800 365 Subtotal - Q2 2019 64.3 7,510 2,925 5 LPGA Parcel West of I-95 09/11/19 2.2 300 283 Subtotal - Q3 2019 2.2 300 283 76.4 $ 11,110 $ $ 5,482 (1) The gain recognized during the nine months ended September 30, 2019 on the Unicorp-Clyde Morris sale totaling approximately $365,000 includes approximately $260,000 for the Company’s estimated reimbursement of wetland mitigation credits. The Company expects to reimburse the buyer for required wetland mitigation credits estimated at approximately $260,000. 2018 Land Sales. During the nine months ended September 30, 2018, the Company completed land sale transactions representing approximately 2,583 acres of land including: (i) the sale of a 70% interest in the Mitigation Bank (hereinafter defined in Note 5, “Investment in Joint Venture”) that holds approximately 2,492 acres of land for proceeds of $15.3 million and (ii) four land sales totaling approximately 91 acres for aggregate proceeds of approximately $22.6 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 Subtotal - Q1 2018 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 Subtotal - Q2 2018 32.4 1,709 1,078 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 Subtotal - Q3 2018 24.1 6,970 1,764 91.4 $ 22,627 $ $ 14,768 (1) The gain recognized during the nine months ended September 30, 2018 on the Buc-ee’s sale totaling approximately $11.9 million excludes approximately $831,000 held in an escrow reserve related to the portion of the acreage sold for which the Company remains obligated to perform wetlands mitigation. The Company expects to recognize the remaining gain of approximately $831,000 upon completion of the mitigation work. See Note 16, “Deferred Revenue”. Land Impairments. There were no impairment charges related to the Company’s undeveloped land during the nine months ended September 30, 2019 or 2018. 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 September 30, 2019, the Company had also acquired other contiguous parcels totaling approximately 1-acre for approximately $2.1 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 is expected to 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. As of September 30, 2019, we have incurred approximately $0.8 million in demolition and entitlement costs related to these parcels. 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 $445,000 for a combined total of approximately $447,000 as of September 30, 2019. There were no impact fee or mitigation credit sales during the nine months ended September 30, 2019. During the nine months ended September 30, 2018, the Company transferred mitigation credits with a basis of approximately $124,000 to the land acquired by Buc-ee’s. During the nine months ended September 30, 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 nine months ended September 30, 2018, the Company received cash payments of approximately $251,000 for impact fees with a cost basis that was generally of equal value. Additionally, during the nine months ended September 30, 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 September 30, 2019, 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 nine months ended September 30, 2019 or 2018. 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 which ended September 22, 2019. The Company has granted the lessee a 30-day extension to determine whether the lease will be extended and, if so, the terms thereof. There can be no assurance that the oil exploration lease will be extended or, if extended, the terms or conditions of such extension. The terms of the lease state the Company will receive royalty payments if production occurs, and may receive additional annual rental payments if the lease is continued in years 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 lease year eight 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 lessee, 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 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) Generally, cash payment for the Lease Payment is received on or before the first day of the lease year. The Drilling Penalty, which is due within thirty days from the end of the prior lease year, is recorded as revenue when earned, i.e., when the amount is agreed upon, while the Lease Payment is recognized on a straight-line basis over the respective lease term. Lease income generated by the annual lease payments is recognized on a straight-line basis over the guaranteed lease term. For the three and nine months ended September 30, 2019, respectively, lease income of approximately $186,000 and $586,000 was recognized. For the three and nine months ended September 30, 2018, respectively, lease income of approximately $203,000 and $603,000 was recognized. There can be no assurance that the oil exploration lease will be extended beyond lease year eight which ended September 22, 2019 or, if extended, the terms or conditions of such extension. During the nine months ended September 30, 2019 and 2018, the Company also received oil royalties from operating oil wells on 800 acres under a separate lease with a separate operator. Revenues received from oil royalties totaled approximately $10,000 and $11,000, during the three months ended September 30, 2019 and 2018, respectively. Revenues received from oil royalties totaled approximately $39,000 and $50,000, during the nine months ended September 30, 2019 and 2018, respectively. The Company is not prohibited from the disposition of any or all of its Subsurface Interests. Should the Company complete a transaction to sell all or a portion of its Subsurface Interests, the Company may utilize the like-kind exchange structure in acquiring one or more replacement investments including income-producing properties. 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. There were no releases of surface entry rights during the nine months ended September 30, 2019. During the nine months ended September 30, 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. The Company also received cash payments for the release of surface entry rights of approximately $73,000 during the nine months ended September 30, 2018.

INVESTMENT IN JOINT VENTURE

INVESTMENT IN JOINT VENTURE	9 Months Ended
	Sep. 30, 2019
INVESTMENT IN JOINT VENTURE
INVESTMENT IN JOINT VENTURE	NOTE 5. INVESTMENT IN JOINT VENTURE Mitigation Bank. The Investment in Joint Venture on the Company’s consolidated balance sheet represents the Company’s ownership interest in the Mitigation Bank (hereinafter defined) (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 (hereinafter defined) 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 mitigation bank transaction, completed during the second quarter of 2018, 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. 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 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 was 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 was included in the Gain on Disposition of Assets in the Company’s consolidated statements of operations for the quarter ended June 30, 2018. As of September 30, 2019, the approximately $6.8 million JV Investment 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 have the Company 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 September 30, 2019. 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 for 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 September 30, 2019. The following table provides summarized financial information of the Venture as of September 30, 2019: As of September 30, 2019 ($000's) Assets, cash and cash equivalents $ 2,131 Assets, prepaid expenses 30 Assets, investment in mitigation credit assets 1,572 Assets, property, plant, and equipment 16 Total Assets $ 3,749 Liabilities, accounts payable, deferred mitigation credit sale revenue $ 5 Equity $ 3,744 Total Liabilities & Equity $ 3,749

COMMERCIAL LOAN INVESTMENTS

COMMERCIAL LOAN INVESTMENTS	9 Months Ended
	Sep. 30, 2019
COMMERCIAL LOAN INVESTMENTS
COMMERCIAL LOAN INVESTMENTS	NOTE 6. COMMERCIAL LOAN INVESTMENTS Our investments in commercial loans or similar structured finance investments, such as mezzanine loans or other subordinated debt, have been and are expected to continue to be secured by commercial or residential real estate or the borrower’s pledge of its ownership interest in the entity that owns the real estate. The first mortgage loans we invest in or originate are for commercial real estate located in the United States and its territories, and are current or performing with either a fixed or floating rate. Some of these loans may be syndicated in either a pari-passu or senior/subordinated structure. Commercial first mortgage loans generally provide for a higher recovery rate due to their senior position in the underlying collateral. Commercial mezzanine loans are typically secured by a pledge of the borrower’s equity ownership in the underlying commercial real estate. Unlike a mortgage, a mezzanine loan is not secured by a lien on the property. An investor’s rights in a mezzanine loan are usually governed by an intercreditor agreement that provides holders with the rights to cure defaults and exercise control on certain decisions of any senior debt secured by the same commercial property. On July 5, 2019, the Company originated an approximately $8.3 million first mortgage loan secured by the leasehold interest in the Carpenter Hotel in Austin, Texas. The loan is interest-only with a term of one-year with a fixed interest rate of 11.50%. The Company received an origination fee of 1%, or $82,500. On July 5, 2019, the Company acquired approximately 1.4 acres of land under the Carpenter Hotel in Austin, Texas (the “Carpenter Purchase”), for approximately $16.25 million. Separately, the Company entered into a new 99-year ground lease (the “Ground Lease”) whereby the Company leased back the land to the seller. The Ground Lease includes annual escalations and certain future repurchase rights. Pursuant to FASB ASC Topic 842, Leases, due to the future repurchase rights, the Ground Lease does not qualify for treatment as a property purchase and has been accounted for on the consolidated balance sheets as a commercial loan investment (the “Ground Lease Loan”). The Company has imputed interest on the Ground Lease Loan which is being recognized as interest income on commercial loan investments in the Company’s consolidated statements of operations. On June 14, 2019, the Company originated an $8.0 million first mortgage bridge loan secured by 72 acres of land in Orlando, Florida. The loan is interest-only with a term of one-year with two 1-year extensions with a fixed interest rate of 12.00%. The Company received an origination fee of 2%, or $160,000. The Company’s commercial loan investments were comprised of the following at September 30, 2019: Date of Maturity Original Face Current Face Carrying Description Investment Date Amount Amount Value Coupon Rate First Mortgage – 72-Acre Land Parcel, Orlando, FL June 2019 June 2020 $ 8,000,000 $ 8,000,000 $ 7,887,650 12.00% Mortgage Note - 400 Josephine Street, Austin, TX July 2019 July 2020 8,250,000 8,250,000 8,187,282 11.50% Ground Lease Loan - 400 Josephine Street, Austin, TX July 2019 N/A 16,250,000 16,250,000 16,344,761 N/A $ 32,500,000 $ 32,500,000 $ 32,419,693 The carrying value of the commercial loan investment portfolio at September 30, 2019 consisted of the following: Total Current Face Amount $ 32,500,000 Imputed Interest on Ground Lease Loan 94,761 Unaccreted Origination Fees (175,068) Total Commercial Loan Investments $ 32,419,693 In October 2019, the Company completed the sale of the Golf Club, which included buyer financing in the form of a $2.07 million first mortgage loan as described in Note 22, “Subsequent Events.” The Company had no commercial loan investments as of December 31, 2018.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	9 Months Ended
	Sep. 30, 2019
FAIR VALUE OF FINANCIAL INSTRUMENTS
FAIR VALUE OF FINANCIAL INSTRUMENTS	NOTE 7. FAIR VALUE OF FINANCIAL INSTRUMENTS The following table presents the carrying value and estimated fair value of the Company’s financial instruments at September 30, 2019 and December 31, 2018: September 30, 2019 December 31, 2018 Carrying Estimated Carrying Estimated Value Fair Value Value Fair Value Cash and Cash Equivalents - Level 1 $ 5,411,727 $ 5,411,727 $ 2,310,489 $ 2,310,489 Restricted Cash - Level 1 6,213,295 6,213,295 19,721,475 19,721,475 Commercial Loan Investments - Level 2 32,419,693 32,837,562 — — Long-Term Debt - Level 2 282,087,031 283,804,842 247,624,811 248,765,650 To determine estimated fair values of the financial instruments listed above, market rates of interest, which include credit assumptions, were used to discount contractual cash flows. The estimated fair values are not necessarily indicative of the amount the Company could realize on disposition of the financial instruments. The use of different market assumptions or estimation methodologies could have a material effect on the estimated fair value amounts. The following table presents the fair value of assets measured on a recurring basis by Level as of September 30, 2019: Fair Value at Reporting Date Using Quoted Prices in Significant Active Markets Significant Other Unobservable for Identical Observable Inputs Inputs 9/30/2019 Assets (Level 1) (Level 2) (Level 3) Cash Flow Hedge - Interest Rate Swap $ 109,041 $ — $ 109,041 $ — Total $ 109,041 $ — $ 109,041 $ — The following table presents the fair value of assets measured on a recurring basis by Level as of December 31, 2018: Fair Value at Reporting Date Using Quoted Prices in Significant Active Markets Significant Other Unobservable for Identical Observable Inputs Inputs 12/31/2018 Assets (Level 1) (Level 2) (Level 3) Cash Flow Hedge - Interest Rate Swap $ 651,722 $ — $ 651,722 $ — Total $ 651,722 $ — $ 651,722 $ —

INTANGIBLE LEASE ASSETS AND LIA

INTANGIBLE LEASE ASSETS AND LIABILITIES	9 Months Ended
	Sep. 30, 2019
INTANGIBLE LEASE ASSETS AND LIABILITIES
INTANGIBLE ASSETS AND LIABILITIES	NOTE 8. INTANGIBLE LEASE ASSETS AND LIABILITIES Intangible lease assets and liabilities consist of the value of above-market and below-market leases, the value of in-place leases, and the value of leasing costs, based in each case on their fair values. Intangible lease assets and liabilities consisted of the following as of September 30, 2019 and December 31, 2018: As of September 30, 2019 December 31, 2018 Intangible Lease Assets: Value of In-Place Leases $ 45,978,647 $ 39,189,008 Value of Above Market In-Place Leases 4,622,096 4,114,715 Value of Intangible Leasing Costs 17,779,581 14,791,111 Sub-total Intangible Lease Assets 68,380,324 58,094,834 Accumulated Amortization (19,185,103) (14,539,389) Sub-total Intangible Lease Assets—Net 49,195,221 43,555,445 Intangible Lease Liabilities (included in accrued and other liabilities): Value of Below Market In-Place Leases (36,148,744) (35,321,234) Sub-total Intangible Lease Liabilities (36,148,744) (35,321,234) Accumulated Amortization 10,089,130 7,930,884 Sub-total Intangible Lease Liabilities—Net (26,059,614) (27,390,350) Total Intangible Assets and Liabilities—Net $ 23,135,607 $ 16,165,095 The following table reflects the amortization of intangible assets and liabilities during the three and nine months ended September 30, 2019 and 2018: Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, ($000's) ($000's) ($000's) ($000's) Depreciation and Amortization Expense $ 1,590 $ 1,369 $ 4,276 $ 4,091 Increase to Income Properties Revenue (607) (600) (1,810) (1,779) Net Amortization of Intangible Assets and Liabilities $ 983 $ 769 $ 2,466 $ 2,312 The estimated future amortization and accretion of intangible lease assets and liabilities is as follows: Future Accretion Net Future Future to Income Amortization of Amortization Property Intangible Assets Year Ending December 31, Amount Revenue and Liabilities Remainder of 2019 $ 1,627,169 $ (590,547) $ 1,036,622 2020 6,164,532 (2,310,372) 3,854,160 2021 4,702,115 (2,381,542) 2,320,573 2022 4,149,075 (2,452,703) 1,696,372 2023 4,024,048 (2,426,641) 1,597,407 2024 3,947,463 (2,210,045) 1,737,418 Thereafter 21,032,956 (10,139,900) 10,893,056 Total $ 45,647,358 $ (22,511,750) $ 23,135,608

IMPAIRMENT OF LONG-LIVED ASSETS

IMPAIRMENT OF LONG-LIVED ASSETS	9 Months Ended
	Sep. 30, 2019
IMPAIRMENT OF LONG-LIVED ASSETS
IMPAIRMENT OF LONG-LIVED ASSETS	NOTE 9. 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 nine months ended September 30, 2019 and 2018 there were no impairment charges on the Company’s undeveloped land holdings, or its income property portfolio. During the three months ended September 30, 2018, the Company wrote down the value of the golf operations assets, 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 operations 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 quarter which required an assessment of the carrying value of the golf operations assets. The net impairment charge is included in the loss from discontinued operations for the three and nine months ended September 30, 2018. As of September 30, 2019, the assets comprising the Company’s golf operations segment were under contract for sale to a third party for a sales price of $3.45 million. In October 2019, the Company completed the sale of the Golf Club. See Note 22, “Subsequent Events” for a description of this transaction.

OTHER ASSETS

OTHER ASSETS	9 Months Ended
	Sep. 30, 2019
OTHER ASSETS
OTHER ASSETS	NOTE 10. OTHER ASSETS Other assets consisted of the following as of September 30, 2019 and December 31, 2018: As of September 30, 2019 December 31, Income Property Tenant Receivables $ 1,114,355 $ 627,691 Income Property Straight-line Rent Adjustment 4,819,777 4,304,279 Income Property Lease Incentive 2,167,422 2,394,246 Interest Receivable from Commercial Loan Investment 84,833 — Operating Leases - Right-of-Use Asset 384,462 — Cash Flow Hedge - Interest Rate Swap 109,041 651,722 Infrastructure Reimbursement Receivables 1,869,177 1,847,375 Deferred Deal Costs 129,352 425,476 Prepaid Expenses, Deposits, and Other 3,329,830 2,634,664 Total Other Assets $ 14,008,249 $ 12,885,453 Income Property Lease Incentive. As of September 30, 2019, the Income Property Lease Incentive of approximately $2.2 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 $580,000 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 September 30, 2019 and December 31, 2018, the Infrastructure Reimbursement Receivables were all related to the land sales within the Tomoka Town Center. The balance as of September 30, 2019 consisted of approximately $1.4 million due from Tanger for infrastructure reimbursement to be repaid in eight remaining annual installments of $175,000, net of a discount of approximately $138,000, 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 $52,000. 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 nine months ended September 30, 2019, approximately $552,000, of deal costs were expensed at the time it became evident that the transaction would not be completed. Operating Leases – Right-of-Use Asset. The Company implemented FASB ASC Topic 842, Leases, effective January 1, 2019, resulting in a cumulative effect adjustment to increase right-of-use assets and related liabilities for operating leases for which the Company is the lessee.

COMMON STOCK AND EARNINGS PER S

COMMON STOCK AND EARNINGS PER SHARE	9 Months Ended
	Sep. 30, 2019
COMMON STOCK AND EARNINGS PER SHARE
COMMON STOCK AND EARNINGS PER SHARE	NOTE 11. COMMON STOCK AND EARNINGS PER SHARE Basic earnings per common share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per common share is based on the assumption of the conversion of stock options and vesting of restricted stock at the beginning of each period using the treasury stock method at average cost for the periods. Three Months Ended Nine Months Ended September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Income Available to Common Shareholders: Net Income $ 1,486,022 $ 296,172 $ 18,550,919 $ 25,371,379 Weighted Average Shares Outstanding 4,868,133 5,491,181 5,053,407 5,516,989 Common Shares Applicable to Stock Options Using the Treasury Stock Method — 2,186 811 31,436 Total Shares Applicable to Diluted Earnings Per Share 4,868,133 5,493,367 5,054,218 5,548,425 Per Share Information: Basic Net Income from Continuing Operations $ 0.36 $ 0.27 $ 3.79 $ 4.88 Net Loss from Discontinued Operations (Net of Tax) (0.05) (0.22) (0.12) (0.28) Net Income $ 0.31 $ 0.05 $ 3.67 $ 4.60 Diluted Net Income from Continuing Operations $ 0.36 $ 0.27 $ 3.79 $ 4.85 Net Loss from Discontinued Operations (Net of Tax) (0.05) (0.22) (0.12) (0.28) Net Income $ 0.31 $ 0.05 $ 3.67 $ 4.57 There were no potentially dilutive securities for the three and nine months ended September 30, 2019 or for the three months ended September 30, 2018. The effect of 7,500 and 15,000 potentially dilutive securities was not included for the nine months ended September 30, 2019 and 2018, respectively, as the effect would be anti-dilutive. The Company intends to settle its 4.50% Convertible Senior Notes due 2020 (the “Convertible Notes”) in cash upon conversion with any excess conversion value to be settled in shares of our common stock. Therefore, only the amount in excess of the par value of the Convertible Notes will be included in our calculation of diluted net income per share using the treasury stock method. As such, the Convertible Notes have no impact on diluted net income per share until the price of our common stock exceeds the current conversion price of $68.23. The average price of our common stock during the nine months ended September 30, 2019 and 2018 did not exceed the conversion price which resulted in no additional diluted outstanding shares.

TREASURY STOCK

TREASURY STOCK	9 Months Ended
	Sep. 30, 2019
TREASURY STOCK
TREASURY STOCK	NOTE 12. TREASURY STOCK In January 2019, the Company’s Board of Directors approved an increase of $10.0 million to the open market stock repurchase program, refreshing the total program to an aggregate of $10 million. During the six months ended June 30, 2019, the Company repurchased 532,477 shares of its common stock for a total cost of approximately $31.1 million, or an average price per share of $58.40, which includes both open market purchases and the Block Share Repurchase (hereinafter defined). The shares of the Company’s common stock repurchased during the six months ended June 30, 2019 were returned to the Company’s treasury. The repurchases completed during the six months ended June 30, 2019 substantially completed the existing $10.0 million buyback program. There were no repurchases during the three months ended September 30, 2019. On April 10, 2019, the Company repurchased 320,741 shares of common stock, or approximately 6% of the Company’s outstanding shares, for approximately $18.4 million (the “Block Share Repurchase”). The shares were purchased from investment vehicles managed by Wintergreen Advisers, LLC (collectively, the “Wintergreen Entities”) in connection with the disposition of their entire position in the Company’s common stock (approximately 28% of the Company’s outstanding shares of common stock at the time of the Block Share Repurchase). The shares that were sold by the Wintergreen Entities and not repurchased by the Company were acquired by multiple third-party investors. The Block Share Repurchase was completed outside of the Company’s existing $10.0 million buyback program, which was substantially complete as of June 30, 2019, and was funded utilizing capacity under the Credit Facility (hereinafter defined in Note 13, “Long-Term Debt”).

LONG-TERM DEBT

LONG-TERM DEBT	9 Months Ended
	Sep. 30, 2019
LONG-TERM DEBT
LONG-TERM DEBT	NOTE 13. LONG-TERM DEBT As of September 30, 2019, the Company’s outstanding indebtedness, at face value, was as follows: Face Maturity Interest Value Debt Date Rate Credit Facility $ 154,845,349 May 2023 30 ‑day LIBOR plus 1.35% -1.95% Mortgage Note Payable (originated with Wells Fargo) (1) 30,000,000 October 2034 4.330% Mortgage Note Payable (originated with Wells Fargo) (2) 24,056,283 April 2021 30 ‑day LIBOR plus 1.90% 4.50% Convertible Senior Notes due 2020, net of discount 75,000,000 March 2020 4.500% Total Long-Term Face Value Debt $ 283,901,632 (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. The Company’s revolving credit facility (the “Credit Facility”), with Bank of Montreal (“BMO”) serving as the administrative agent for the lenders thereunder, is unsecured with regard to our income property portfolio but is guaranteed by certain wholly-owned subsidiaries of the Company. The Credit Facility bank group is led by BMO and also includes Wells Fargo and Branch Banking & Trust Company. On September 7, 2017, the Company executed the second amendment and restatement of the Credit Facility (the “2017 Amended Credit Facility”). On May 24, 2019, the Company executed the second amendment to the 2017 Amended Credit Facility (the “2019 Revolver Amendment”). As a result of the 2019 Revolver Amendment, the Credit Facility has a total borrowing capacity of $200.0 million with the ability to increase that capacity up to $300.0 million during the term, subject to lender approval. The Credit Facility provides the lenders with a security interest in the equity of the Company subsidiaries that own the properties included in the borrowing base. The indebtedness outstanding under the Credit Facility accrues interest at a rate ranging from the 30-day LIBOR plus 135 basis points to the 30-day LIBOR plus 195 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 2019 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. Pursuant to the 2019 Revolver Amendment, the Credit Facility matures on May 24, 2023, with the ability to extend the term for 1 year. At September 30, 2019, the current commitment level under the Credit Facility was $200.0 million. The available borrowing capacity under the Credit Facility was approximately $36.9 million, based on the level of borrowing base assets. As of September 30, 2019, the Credit Facility had a $154.8 million balance outstanding. The Credit Facility is subject to customary restrictive covenants including, but not limited to, limitations on the Company’s ability to: (a) incur indebtedness; (b) make certain investments; (c) incur certain liens; (d) engage in certain affiliate transactions; and (e) engage in certain major transactions such as mergers. In addition, the Company is subject to various financial maintenance covenants including, but not limited to, a maximum indebtedness ratio, a maximum secured indebtedness ratio, and a minimum fixed charge coverage ratio. The Credit Facility also contains affirmative covenants and events of default including, but not limited to, a cross default to the Company’s other indebtedness and upon the occurrence of a change 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 will mature on March 15, 2020, unless earlier purchased or converted. The initial conversion rate was 14.5136 shares of common stock for each $1,000 principal amount of Convertible Notes, which represented an initial conversion price of approximately $68.90 per share of common stock. Since July of 2016, when the Company’s Board of Directors implemented a quarterly dividend in place of the previous semi-annual dividend and subsequent increases to the quarterly dividend, the conversion rate has been adjusted with each successive quarterly dividend and is currently, after the third quarter 2019 dividend, equal to 14.6571 shares of common stock for each $1,000 principal amount of Convertible Notes, which represents an adjusted conversion price of approximately $68.23 per share of common stock. The conversion rate is subject to adjustment in certain circumstances. Holders may not surrender their Convertible Notes for conversion prior to December 15, 2019, except upon the occurrence of certain conditions relating to the closing sale price of the Company’s common stock, the trading price per $1,000 principal amount of Convertible Notes, or specified corporate events including a change in control of the Company. The Company may not redeem the Convertible Notes prior to the stated maturity date and no sinking fund is provided for the Convertible Notes. The Convertible Notes are convertible, at the election of the Company, into solely cash, solely shares of the Company’s common stock, or a combination of cash and shares of the Company’s common stock. The Company intends to settle the Convertible Notes in cash upon conversion, with any excess conversion value to be settled in shares of our common stock. In accordance with GAAP, the Convertible Notes are accounted for as a liability with a separate equity component recorded for the conversion option. A liability was recorded for the Convertible Notes on the issuance date at fair value based on a discounted cash flow analysis using current market rates for debt instruments with similar terms. The difference between the initial proceeds from the Convertible Notes and the estimated fair value of the debt instruments resulted in a debt discount, with an offset recorded to additional paid-in capital representing the equity component. The discount on the Convertible Notes was approximately $6.1 million at issuance, which represents the cash discount paid of approximately $2.6 million and the approximate $3.5 million attributable to the value of the conversion option recorded in equity, which is being amortized into interest expense through the maturity date of the Convertible Notes. As of September 30, 2019, the unamortized debt discount of our Convertible Notes was approximately $641,000. Long-term debt as of September 30, 2019 and December 31, 2018 consisted of the following: September 30, 2019 December 31, 2018 Due Within Due Within Total One Year Total One Year Credit Facility $ 154,845,349 $ — $ 120,745,579 $ — Mortgage Note Payable (originated with Wells Fargo) 30,000,000 — 30,000,000 — Mortgage Note Payable (originated with Wells Fargo) 24,056,283 — 24,557,468 — 4.50% Convertible Senior Notes due 2020, net of discount 74,358,578 — 73,348,731 — Loan Costs, net of accumulated amortization (1,173,179) — (1,026,967) — Total Long-Term Debt $ 282,087,031 $ — $ 247,624,811 $ — Payments applicable to reduction of principal amounts as of September 30, 2019 will be required as follows: Year Ending December 31, Amount Remainder of 2019 $ — 2020 75,000,000 2021 24,056,283 2022 — 2023 154,845,349 2024 — Thereafter 30,000,000 Total Long-Term Debt - Face Value $ 283,901,632 The carrying value of long-term debt as of September 30, 2019 consisted of the following: Total Current Face Amount $ 283,901,632 Unamortized Discount on Convertible Debt (641,422) Loan Costs, net of accumulated amortization (1,173,179) Total Long-Term Debt $ 282,087,031 The following table reflects a summary of interest expense incurred and paid during the three and nine months ended September 30, 2019 and 2018: Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, ($000's) ($000's) ($000's) ($000's) Interest Expense $ 2,801 $ 1,921 $ 7,886 $ 6,107 Amortization of Loan Costs 111 103 324 390 Amortization of Discount on Convertible Notes 342 321 1,010 947 Total Interest Expense $ 3,254 $ 2,345 $ 9,220 $ 7,444 Total Interest Paid $ 3,075 $ 2,798 $ 8,142 $ 6,989 The Company was in compliance with all of its debt covenants as of September 30, 2019, but for a covenant in its Credit Facility that pertains solely to the Company’s stock buyback program. The covenant, set forth in Section 8.8(n) of the Credit Facility, is a secondary fixed charge coverage ratio which incorporates stock buyback activity and incremental land sales, on a rolling twelve-month basis, into the fixed charge coverage ratio and requires that a 1.5x ratio be maintained (the “Buyback Fixed-Charge Coverage Ratio”). As of September 30, 2019, the Buyback Fixed-Charge Coverage Ratio was below the required 1.5x due primarily to (i) the Company’s second quarter 2019 stock buyback activity, including the significant share repurchase transaction in April 2019 in connection with the liquidation by the Company’s then-largest shareholder of its position in Company stock, and (ii) certain land sales transactions anticipated for the third quarter of 2019 not having occurred. The Credit Facility lenders executed a written waiver of the Buyback Fixed-Charge Coverage Ratio covenant effective as of September 30, 2019. Based on the Company’s closing of the Land Venture Transaction (as defined below in Note 22, “Subsequent Events”), the Company estimates that it will be in compliance with this covenant through year-end 2019. The Company was in compliance with all of its debt covenants as of December 31, 2018.

INTEREST RATE SWAP

INTEREST RATE SWAP	9 Months Ended
	Sep. 30, 2019
INTEREST RATE SWAP
INTEREST RATE SWAP	NOTE 14. INTEREST RATE SWAP The Company entered into an interest rate swap agreement to hedge cash flows tied to changes in the underlying floating interest rate tied to LIBOR for the $24.1 million mortgage note payable as discussed in Note 13, “Long-Term Debt.” During the nine months ended September 30, 2019, 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 September 30, 2019 and December 31, 2018, the fair value of our interest rate swap agreement, which was a gain of approximately $109,000 and $652,000, was included in other assets on the consolidated balance sheets. The interest rate swap was effective on April 7, 2016 and matures on April 7, 2021. The interest rate swap fixed the variable rate debt on the notional amount of related debt of $24.1 million to a rate of 3.17%.

ACCRUED AND OTHER LIABILITIES

ACCRUED AND OTHER LIABILITIES	9 Months Ended
	Sep. 30, 2019
ACCRUED AND OTHER LIABILITIES
ACCRUED AND OTHER LIABILITIES	NOTE 15. ACCRUED AND OTHER LIABILITIES Accrued and other liabilities consisted of the following: As of September 30, 2019 December 31, Accrued Property Taxes $ 1,017,478 $ 12,312 Reserve for Tenant Improvements 312,548 100,519 Accrued Construction Costs 147,177 350,593 Accrued Interest 1,174,003 1,430,236 Environmental Reserve and Restoration Cost Accrual 250,774 520,404 Operating Leases - Liability 384,190 — Other 2,341,304 2,783,820 Total Accrued and Other Liabilities $ 5,627,474 $ 5,197,884 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 $577,000 in costs have been incurred through September 30, 2019, leaving a remaining accrual of approximately $84,000. 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. During the first quarter of 2019, the Company received a revised estimate for completion of the restoration work for which the adjusted final total cost was approximately $2.4 million. Accordingly, an increase in the accrual of approximately $361,000 was recorded during the first quarter of 2019. The Company has funded approximately $2.2 million of the total $2.4 million of estimated costs through the period ended September 30, 2019, leaving a remaining accrual of approximately $166,000. This matter is more fully described in Note 19 “Commitments and Contingencies.” Operating Leases – Liability. The Company implemented FASB ASC Topic 842, Leases, effective January 1, 2019, resulting in a cumulative effect adjustment to increase right-of-use assets and related liabilities for operating leases for which the Company is the lessee.

DEFERRED REVENUE

DEFERRED REVENUE	9 Months Ended
	Sep. 30, 2019
DEFERRED REVENUE
DEFERRED REVENUE	NOTE 16. DEFERRED REVENUE Deferred revenue consisted of the following: As of September 30, 2019 December 31, Deferred Oil Exploration Lease Revenue $ — $ 585,675 Deferred Revenue on Land Sales 831,320 831,320 Interest Reserve from Commercial Loan Investment 885,583 — Prepaid Rent 2,353,456 1,621,620 Tenant Contributions 2,932,198 4,104,151 Other Deferred Revenue 455,108 58,838 Total Deferred Revenue $ 7,457,665 $ 7,201,604 Deferred Oil Exploration Lease Revenue. Pursuant to the amendment for the lease year eight renewal of the oil exploration lease, the annual lease payment is approximately $807,000, which has been recognized ratably over the twelve-month lease period ended September 22, 2019. The Company has granted the lessee a 30-day extension to determine whether the lease will be extended and, if so, the terms thereof. The oil exploration lease is more fully described in Note 4 “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. The tenant contributions are being recognized ratably over the remaining term of the lease into income property rental revenue. Approximately $193,000 was recognized into income property rental revenue through September 30, 2019, leaving an aggregate balance of approximately $2.2 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 Company’s beachfront restaurant formerly leased to Cocina 214 in Daytona Beach, Florida, pursuant to the lease agreement, the tenant contributed approximately $1.9 million towards the completion of the building and tenant improvements through direct payments to various third-party construction vendors. The tenant contribution is being recognized ratably over the remaining term of the lease into income property rental revenue. Approximately $199,000 was recognized into income property rental revenue through September 30, 2019, leaving a balance of approximately $1.7 million to be recognized over the remaining term of the lease. Subsequent to the Termination Payment described in Note 3, “Income Properties,” the balance of the tenant contribution liability was reduced by $1.0 million, leaving approximately $690,000 remaining which will be recognized into income property rental revenue ratably over the remaining term of the original Cocina 214 lease.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	9 Months Ended
	Sep. 30, 2019
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	NOTE 17. STOCK-BASED COMPENSATION SUMMARY OF STOCK-BASED COMPENSATION A summary of share activity for all equity classified stock compensation during the nine months ended September 30, 2019, is presented below: Shares Vested / Shares Outstanding Granted Exercised Expired Forfeited Outstanding Type of Award at 1/1/2019 Shares Shares Shares Shares at 9/30/2019 Equity Classified - Performance Share Awards - Peer Group Market Condition Vesting 28,080 21,195 — — — 49,275 Equity Classified - Market Condition Restricted Shares - Stock Price Vesting 22,000 — — — — 22,000 Equity Classified - Three Year Vest Restricted Shares 34,952 20,696 (18,053) — — 37,595 Equity Classified - Non-Qualified Stock Option Awards 80,000 — — — — 80,000 Total Shares 165,032 41,891 (18,053) — — 188,870 Amounts recognized in the consolidated financial statements related to stock compensation are as follows: Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, Total Cost of Share-Based Plans Charged Against Income Before Tax Effect $ 613,292 $ 444,481 $ 2,059,167 $ 1,457,312 Income Tax Expense Recognized in Income $ (155,439) $ (112,654) $ (521,896) $ (369,356) 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 “Original 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 Original 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. On January 23, 2019, the Company awarded to certain employees 21,195 Performance Shares under the Second Amended and Restated 2010 Equity Incentive Plan (the “Amended 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, 2019, and ending on December 31, 2021. Pursuant to amendments to the employment agreements and certain restricted share award agreements entered into by the Company on August 4, 2017, the restricted shares granted thereunder, if they are subject to performance-based vesting conditions, will fully vest following a change in control only if the executive’s employment is terminated without cause or if the executive resigns for good reason (as such terms are defined in the executive’s employment agreement), in each case, at any time during the 24-month period following the change in control (as defined in the executive’s employment agreement). The Company used a Monte Carlo simulation pricing model to determine the fair value of its awards that are based on market conditions. The determination of the fair value of market condition-based awards is affected by the Company’s stock price as well as assumptions regarding a number of other variables. These variables include expected stock price volatility over the requisite performance term of the awards, the relative performance of the Company’s stock price and shareholder returns to companies in its peer group, annual dividends, and a risk-free interest rate assumption. Compensation cost is recognized regardless of the achievement of the market conditions, provided the requisite service period is met. A summary of activity during the nine months ended September 30, 2019, is presented below: Wtd. Avg. Performance Shares with Market Conditions Shares Fair Value Outstanding at January 1, 2019 28,080 $ 66.29 Granted 21,195 64.66 Vested — — Expired — — Forfeited — — Outstanding at September 30, 2019 49,275 $ 65.59 As of September 30, 2019, there was approximately $1.6 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 1.9 years. Market Condition Restricted Shares – Stock Price Vesting On May 20, 2015 and February 26, 2016, a combined grant of 26,000 shares, net of 68,000 shares permanently surrendered during 2016, of restricted Company common stock was awarded to Mr. Albright under the Original 2010 Plan under a new five-year employment agreement. 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 September 30, 2019, the first two increments of this award had vested, leaving 22,000 shares outstanding. 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 nine months ended September 30, 2019, is presented below: Wtd. Avg. Market Condition Non-Vested Restricted Shares Shares Fair Value Outstanding at January 1, 2019 22,000 $ 41.71 Granted — — Vested — — Expired — — Forfeited — — Outstanding at September 30, 2019 22,000 $ 41.71 As of September 30, 2019, there is no unrecognized compensation cost related to market condition restricted stock. Three Year Vest Restricted Shares On January 27, 2016, the Company granted to certain employees 21,100 shares of restricted Company common stock under the Original 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. No shares remain outstanding under this award as the remaining shares vested during the first quarter of 2019. On January 25, 2017, the Company granted to certain employees 17,451 shares of restricted Company common stock under the Original 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 Original 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. On January 23, 2019, the Company granted to certain employees 20,696 shares of restricted Company common stock under the Amended 2010 Plan. One-third of the restricted shares will vest on each of the first, second, and third anniversaries of January 28, 2019, provided the grantee is an employee of the Company on those dates. In addition, any unvested portion of the restricted shares will vest upon a change in control. Effective as of August 4, 2017, the Company entered into amendments to the employment agreements and certain stock option award agreements and restricted share award agreements whereby such awards will fully vest following a change in control (as defined in the executive’s employment agreement) only if the executive’s employment is terminated without cause or if the executive resigns for good reason (as such terms are defined in the executive’s employment agreement), in each case, at any time during the 24-month period following the change in control. The Company’s determination of the fair value of the three-year vest restricted stock awards was calculated by multiplying the number of shares issued by the Company’s stock price at the grant date, less the present value of expected dividends during the vesting period. Compensation cost is recognized on a straight-line basis over the vesting period. A summary of activity during the nine months ended September 30, 2019, is presented below: Wtd. Avg. Fair Value Three Year Vest Non-Vested Restricted Shares Shares Per Share Outstanding at January 1, 2019 34,952 $ 58.07 Granted 20,696 58.78 Vested (18,053) 54.43 Expired — — Forfeited — — Outstanding at September 30, 2019 37,595 $ 60.21 As of September 30, 2019, there was approximately $1.5 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 1.9 years. Non-Qualified Stock Option Awards On October 22, 2014, the Company granted to Mr. Smith an option to purchase 10,000 shares of the Company’s common stock under the Original 2010 Plan, with an exercise price of $50.00. One-third of the options vested on each of the first, second, and third anniversaries of the grant date. The options expire on the earliest of: (a) the tenth anniversary of the grant date; (b) twelve months after the employee’s death or termination for disability; or (c) thirty days after the termination of employment for any reason other than death or disability. On February 9, 2015, the Company granted to Mr. Albright an option to purchase 20,000 shares of the Company’s common stock under the Original 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 Original 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. 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 Original 2010 Plan, with an exercise price of $57.54. One-third of the options vested on each of the first, second, and third anniversaries of the grant date. The option expires on the earliest of: (a) June 29, 2025; (b) twelve months after the employee’s death or termination for disability; or (c) thirty days after the termination of employment for any reason other than death or disability. Effective as of August 4, 2017, the Company entered into amendments to the employment agreements and certain stock option award agreements and restricted share award agreements whereby such awards will fully vest following a change in control (as defined in the executive’s employment agreement) only if the executive’s employment is terminated without cause or if the executive resigns for good reason (as such terms are defined in the executive’s employment agreement), in each case, at any time during the 24-month period following the change in control. The Company used the Black-Scholes valuation pricing model to determine the fair value of its non-qualified stock option awards. The determination of the fair value of the awards is affected by the stock price as well as assumptions regarding a number of other variables. These variables include expected stock price volatility over the term of the awards, annual dividends, and a risk-free interest rate assumption. A summary of the activity for the awards during the nine months ended September 30, 2019, 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, 2019 80,000 $ 55.63 Granted — — Exercised — — Expired — — Forfeited — — Outstanding at September 30, 2019 80,000 $ 55.63 5.51 $ 797,800 Exercisable at January 1, 2019 80,000 $ 55.63 6.50 $ 25,000 Exercisable at September 30, 2019 80,000 $ 55.63 5.51 $ 797,800 No options were granted, and no options were exercised during the nine months ended September 30, 2019. As of September 30, 2019, there is no unrecognized compensation cost related to non-qualified, non-vested stock option awards. NON-EMPLOYEE DIRECTOR STOCK COMPENSATION Each member of the Company’s Board of Directors has the option to receive his or her annual retainer in shares of Company common stock rather than cash. The number of shares awarded to the directors making such election is calculated quarterly by dividing (i) the sum of (A) the amount of the quarterly retainer payment due to such director plus (B) meeting fees earned by such director during the quarter, by (ii) the closing price of the Company’s common stock on the last business day of the quarter for which such payment applied, rounded down to the nearest whole number of shares. Commencing in 2019, each non-employee director serving as of the beginning of each calendar year shall receive an annual award of the Company’s common stock valued at $20,000 (the “Annual Award”). The number of shares awarded will be calculated based on the trailing 20-day average price of the Company’s common stock as of the date two business days prior to the date of the award, rounded down to the nearest whole number of shares. During the nine months ended September 30, 2019 and 2018, the expense recognized for the value of the Company’s common stock received by non-employee directors totaled approximately $443,000, or 7,653 shares, and $116,000, or 2,781 shares, respectively. The 2019 amount includes the approximately $174,000 Annual Award received during the first quarter of 2019.

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2019
INCOME TAXES
INCOME TAXES	NOTE 18. INCOME TAXES The Company’s effective income tax rate was 25.2% and 25.1% for the nine months ended September 30, 2019 and 2018, 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. There were no discrete events during the nine months ended September 30, 2019 or 2018. The Company has filed, or will file, a consolidated income tax return in the United States Federal jurisdiction and the states of Alabama, Arizona, California, Colorado, Florida, Georgia, Maryland, Massachusetts, Nevada, New Mexico, New York, North Carolina, Oregon, Texas, Virginia, Washington, and Wisconsin. The Internal Revenue Service has audited the federal tax returns through the year 2012, with all proposed adjustments settled. The Florida Department of Revenue has audited the Florida tax returns through the year 2014, with all proposed adjustments settled. The Company recognizes all potential accrued interest and penalties to unrecognized tax benefits in income tax expense.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2019
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	NOTE 19. COMMITMENTS AND CONTINGENCIES Legal Proceedings From time to time, the Company may be a party to certain legal proceedings, incidental to the normal course of its business. While the outcome of the legal proceedings cannot be predicted with certainty, the Company does not expect that these proceedings will have a material effect upon our financial condition or results of operations. On November 21, 2011, the Company, Indigo Mallard Creek LLC and Indigo Development LLC, as owners of the property leased to Harris Teeter, Inc. (“Harris Teeter”) in Charlotte, North Carolina, were served with pleadings filed in the General Court of Justice, Superior Court Division for Mecklenburg County, North Carolina, for a highway condemnation action involving this property. The proposed road modifications would impact access to the property. The Company does not believe the road modifications provided a basis for Harris Teeter to terminate the lease. Regardless, in January 2013, the North Carolina Department of Transportation (“NCDOT”) proposed to redesign the road modifications to keep the all access intersection open for ingress with no change to the planned limitation on egress to the right-in/right-out only. Additionally, NCDOT and the City of Charlotte proposed to build and maintain a new access road/point into the property. Construction has begun and is not expected to be completed 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 connection with the Golf Course Land Purchase (hereinafter defined), each year the Company is obligated to pay the City of Daytona Beach, Florida (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 two annual payments of $70,000 each were made in January of 2018 and January of 2019, leaving a remaining commitment of $560,000 as of September 30, 2019 . As more fully described in Note 22, “Subsequent Events,” in connection with the Company’s sale of the Golf Club in October 2019, the Company paid the remaining $560,000 to the City leaving no remaining commitment as of October 18, 2019. 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 September 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. During the first quarter of 2019, the Company received a revised estimate for completion of the restoration work for which the adjusted final total cost was approximately $2.4 million. Accordingly, an increase in the accrual of approximately $361,000 was recorded during the first quarter of 2019. The Company has funded approximately $2.2 million of the total $2.4 million of estimated costs through September 30, 2019, leaving a remaining accrual of approximately $166,000. The Company believes there is at least a reasonable possibility that the estimated remaining liability of approximately $166,000 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 $713,000 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. The second milestone related to the completion of the first-year maintenance and monitoring was achieved during the first quarter of 2019 and $77,833 of the escrow was refunded leaving an escrow balance of approximately $156,000 as of September 30, 2019. 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 September 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 September 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 September 30, 2019.

BUSINESS SEGMENT DATA

BUSINESS SEGMENT DATA	9 Months Ended
	Sep. 30, 2019
BUSINESS SEGMENT DATA
BUSINESS SEGMENT DATA	NOTE 20. 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 assets comprising the golf operations segment. Accordingly, as of September 30, 2019 and December 31, 2018, the assets comprising the golf operations segment have been classified as held for sale in the accompanying consolidated balance sheets, and the results of the golf operations segment have been classified as discontinued operations in the accompanying consolidated statements of income for the three and nine months ended September 30, 2019 and 2018. 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 85.7% and 88.5% of our identifiable assets as of September 30, 2019 and December 31, 2018, respectively, and 71.4% and 53.0% of our consolidated revenues for the nine months ended September 30, 2019 and 2018, respectively. Our real estate operations primarily consist of revenues generated from land transactions and leasing, royalty income, and revenue from the release of surface entry rights from our Subsurface Interests. The Company reports performance based on profit or loss from operations before income taxes. The Company’s reportable segments are strategic business units that offer different products. They are managed separately because each segment requires different management techniques, knowledge, and skills. Information about the Company’s operations in the different segments for the three and nine months ended September 30, 2019 and 2018 is as follows: Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, Revenues: Income Properties $ 10,260,831 $ 9,360,155 $ 31,360,544 $ 28,347,181 Commercial Loan Investments 855,559 41,262 908,324 615,728 Real Estate Operations 631,741 8,012,509 11,677,413 24,498,527 Total Revenues $ 11,748,131 $ 17,413,926 $ 43,946,281 $ 53,461,436 Operating Income: Income Properties $ 8,784,543 $ 7,586,315 $ 26,317,048 $ 22,669,423 Commercial Loan Investments 855,559 41,262 908,324 615,728 Real Estate Operations 289,593 2,435,018 5,229,397 16,504,760 General and Corporate Expense (6,547,564) (5,684,515) (18,589,234) (18,489,613) Gains on Disposition of Assets 2,187,332 — 20,869,196 22,035,666 Total Operating Income $ 5,569,463 $ 4,378,080 $ 34,734,731 $ 43,335,964 Depreciation and Amortization: Income Properties $ 4,281,286 $ 3,748,388 $ 11,690,110 $ 11,282,566 Corporate and Other 5,550 8,119 17,600 26,310 Total Depreciation and Amortization $ 4,286,836 $ 3,756,507 $ 11,707,710 $ 11,308,876 Capital Expenditures: Income Properties $ 50,099,717 $ 403,967 $ 91,130,209 $ 29,288,555 Commercial Loan Investments 8,167,500 — 16,007,500 — Real Estate Operations 694,310 262,436 2,593,803 3,768,230 Golf Operations — 86,731 — 111,611 Corporate and Other — — 2,061 11,338 Total Capital Expenditures $ 58,961,527 $ 753,134 $ 109,733,573 $ 33,179,734 As of September 30, 2019 December 31, Identifiable Assets: Income Properties $ 499,736,443 $ 492,093,615 Commercial Loan Investments 33,690,225 — Real Estate Operations 32,817,701 35,287,559 Golf Operations-Held for Sale 4,502,635 4,462,477 Corporate and Other 12,714,362 24,486,221 Total Assets $ 583,461,366 $ 556,329,872 Operating income represents income from continuing operations before 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	9 Months Ended
	Sep. 30, 2019
ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS
ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS	NOTE 21. 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 assets comprising the golf operations segment. Accordingly, four multi-tenant income properties and the Golf Club were classified as held for sale as of December 31, 2018. Additionally, the golf operations segment qualifies as discontinued operations and have been reclassified as such in the accompanying consolidated statements of income for the three and nine months ended September 30, 2019 and 2018. As described in Note 3, “Income Properties”, the Multi-Tenant Dispositions were completed during the nine months ended September 30, 2019 comprising $56.8 million of the reduction in assets held for sale. Additionally, the Westcliff property located in Fort Worth, Texas is no longer being actively marketed and was reclassified as held and used during the quarter ended June 30, 2019 comprising $14.6 million of the reduction in assets held for sale. In October 2019, the Company completed the sale of the Golf Club. See Note 22, “Subsequent Events” for a description of this transaction. The following is a summary of assets held for sale as of September 30, 2019 and December 31, 2018: As of September 30, 2019 As of December 31, 2018 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 $ — $ 3,659,703 $ 3,659,703 $ 67,810,880 $ 3,659,703 $ 71,470,583 Cash and Cash Equivalents — 256,395 256,395 — 156,489 156,489 Other Assets — 482,401 482,401 — 646,285 646,285 Operating Leases - Right-of-Use Asset — 104,136 104,136 — — — Intangible Lease Assets—Net — — — 4,366,858 — 4,366,858 Intangible Lease Liabilities—Net — — — (773,705) — (773,705) Total Assets Held for Sale $ — $ 4,502,635 $ 4,502,635 $ 71,404,033 $ 4,462,477 $ 75,866,510 The following is a summary of liabilities held for sale as of September 30, 2019 and December 31, 2018: As of September 30, 2019 As of December 31, 2018 Multi-Tenant Income Properties Golf Liabilities Total Liabilities Held for Sale Multi-Tenant Income Properties Golf Liabilities Total Liabilities Held for Sale Accounts Payable $ — $ 239,563 $ 239,563 $ — $ 199,422 $ 199,422 Accrued and Other Liabilities — 1,119,835 1,119,835 — 924,323 924,323 Operating Leases - Liability — 104,136 104,136 — — — Deferred Revenue — 265,515 265,515 — 223,551 223,551 Total Liabilities Held for Sale $ — $ 1,729,049 $ 1,729,049 $ — $ 1,347,296 $ 1,347,296 Operating Leases – Right-of-Use Asset and Liability. In connection with the Company’s implementation of FASB ASU Topic 842, Leases , effective January 1, 2019, the Company recorded an increase in right-of-use assets and lease liabilities for leases for which the Company is the lessee. The amount of the adjustment totaled approximately $208,000 for golf operations segment leases which was recorded as an increase in Assets Held for Sale and Liabilities Held for Sale. Golf $1 Round Surcharge. On January 24, 2017, the Company acquired the land and improvements comprising the golf courses, previously leased from the City, for approximately $1.5 million (the “Golf Course Land Purchase”). In connection with the Golf Course Land Purchase, each year the Company is obligated to pay the Per-Round Surcharge. The maximum amount of $700,000 represents contingent consideration and was recorded as an increase in Golf Buildings, Improvements, and Equipment and Accrued and Other Liabilities in the accompany consolidated balance sheets. The first two annual payments of $70,000 each were made in January of 2018 and January of 2019, leaving a remaining commitment of $560,000 as of September 30, 2019 which is included in Accrued and Other Liabilities, a component of Liabilities Held for Sale . As more fully described in Note 22, “Subsequent Events,” in connection with the Company’s sale of the Golf Club in October 2019, the Company paid the remaining $560,000 to the City leaving no remaining commitment as of October 18, 2019. The following is a summary of discontinued operations for the three and nine months ended September 30, 2019 and 2018: Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, Golf Operations Revenue $ 967,919 $ 1,014,771 $ 3,918,471 $ 3,652,045 Golf Operations Direct Cost of Revenues (1,326,150) (1,388,282) (4,711,113) (4,295,161) Loss from Operations (358,231) (373,511) (792,642) (643,116) Impairment Charges — (1,119,362) — (1,119,362) Depreciation and Amortization — (100,732) — (303,681) Loss from Discontinued Operations Before Income Tax (358,231) (1,593,605) (792,642) (2,066,159) Income Tax Benefit 90,794 403,897 200,896 523,669 Loss from Discontinued Operations (Net of Income Tax) $ (267,437) $ (1,189,708) $ (591,746) $ (1,542,490)

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2019
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 22. SUBSEQUENT EVENTS On October 16, 2019, the Company closed on the sale of a controlling interest in a wholly-owned entity that holds the Company’s remaining land portfolio of approximately 5,300 acres (the “Land Venture”), including the land parcels the Company currently has under contract, to certain funds managed by Magnetar Capital (“Magnetar”) for total proceeds to the Company of approximately $97.0 million (the “Land Venture Transaction”). The Land Venture is governed by the Amended and Restated Limited Liability Company Operating Agreement (the “LLC Agreement”), among the Company and the Magnetar Investors. As a result of the closing of the Purchase Agreement, the Magnetar Investors collectively own a notional 66.50% interest in the Land Venture, and the Company owns a notional 33.50% interest in the Land Venture. The Company may, in the future, receive additional proceeds from the Land Venture in the form of distributions under certain circumstances, based upon the timing and amount realized when the land is ultimately sold by the Land Venture. There can be no assurance as to the likelihood or receiving such distributions, or the amount or timing thereof. The Company filed a current report on Form 8-K on October 22, 2019, as amended, which provides a description of the Land Venture Transaction and related transactional documents in greater detail and includes as exhibits the Purchase Agreement and the LLC Agreement. On October 18, 2019, the Company closed on the sale of the assets comprising the golf operations segment, consisting of the Golf Club, for total proceeds to the Company of approximately $3.45 million (the “Golf Transaction”). The Company provided the buyer, an affiliate of Fore Golf Services, Inc. (“Fore Golf”), financing in the form of a $2.07 million first mortgage loan (the “Fore Golf Loan”). The Fore Golf Loan is interest-only with a term of one-year and a fixed interest rate of 7.5%. The Company received an origination fee on the Fore Golf Loan of 1.5%, or $31,050. In addition, the Company paid off its remaining liability to the City totaling approximately $560,000, which related to the per round surcharge the Company agreed to pay the City in connection with the Company’s prior buy-out of the land lease with the City. As part of the Golf Transaction, Fore Golf agreed to pay the Company approximately $560,000 in the future based on a per round surcharge of $1.50 per round for each round played at the Golf Club. On October 23, 2019, the Company announced its intention to sell or contribute 20 of its single-tenant net least income properties to a newly formed independent single-tenant net lease real estate investment trust (“REIT”), Alpine Income Property Trust, Inc. (“Alpine” or “PINE”). The Company has sponsored Alpine prior to its planned initial public offering (the “PINE IPO”). Alpine was formed by CTO as a single-tenant net lease REIT and its IPO is intended to raise the necessary capital to acquire 15 of the 20 assets for approximately $125.9 million in cash and as part of Alpine’s formation the Company will contribute 5 of the income properties in exchange for approximately 1.2 million units in Alpine’s operating partnership (“OP Units”), with an estimated value of approximately $24.5 million based on the current expected mid-point of the price range of the PINE IPO. CTO intends to invest $7.5 million in the common stock in PINE through a private placement concurrent with the PINE IPO. Following completion of the PINE IPO and related formation transactions, CTO expects to own approximately 17.5% of PINE based on the Company’s aggregate ownership of OP Units, approximately 13.4%, and the PINE shares, approximately 4.1%, purchased in the private placement. A wholly-owned subsidiary of the Company will serve as external manager of PINE subject to a management agreement that provides for an annual base management fee equal to 1.5% of the total equity of PINE and with the opportunity to earn an incentive fee that is based on exceeding a set total return for PINE’s shareholders.

DESCRIPTION OF BUSINESS AND P_2

DESCRIPTION OF BUSINESS AND PRINCIPLES OF INTERIM STATEMENTS (Policies)	9 Months Ended
	Sep. 30, 2019
DESCRIPTION OF BUSINESS AND PRINCIPLES OF INTERIM STATEMENTS
Interim Financial Information	Interim Financial Information The accompanying unaudited consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). These unaudited consolidated financial statements do not include all of the information and notes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete financial statements, and should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2018, which provides a more complete understanding of the Company’s accounting policies, financial position, operating results, business properties, and other matters. The unaudited consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary to present fairly the financial position of the Company and the results of operations for the interim periods. The results of operations for the nine months ended September 30, 2019 are not necessarily indicative of results to be expected for the year ending December 31, 2019.
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries, and other entities in which we have a controlling interest. Any real estate entities or properties included in the consolidated financial statements have been consolidated only for the periods that such entities or properties were owned or under control by us. All inter-company balances and transactions have been eliminated in the consolidated financial statements.
Use of Estimates in Preparation of Financial Statements	Use of Estimates in Preparation of Financial Statements The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Recently Issued Accounting Standards	Recently Issued Accounting Standards In 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. The Company’s implemented ASC 842 effective January 1, 2019 and has elected to follow the practical expedients and accounting policies below: · 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. At the beginning of the period of adoption, January 1, 2019, through a cumulative-effect adjustment, the Company increased right-of use assets and lease liabilities for operating leases for which the Company is the lessee. The amount of the adjustment totaled approximately $681,000 and was reflected as an increase in Other Assets and Accrued and Other Liabilities for corporate leases totaling approximately $473,000 and an increase in Assets Held for Sale and Liabilities Held for sale for golf operations segment leases totaling approximately $208,000. There were no adjustments related to the leases for which the Company is the lessor.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include cash on hand, bank demand accounts, and money market accounts having original maturities of 90 days or less. The Company’s bank balances as of September 30, 2019 include certain amounts over the Federal Deposit Insurance Corporation limits.
Restricted Cash	Restricted Cash Restricted cash totaled approximately $6.2 million at September 30, 2019 of which approximately $2.7 million is being held in a separate escrow account to be reinvested through the like-kind exchange structure into other income properties; approximately $1.1 million is being held in an entitlement and interest reserve for the $8.0 million first mortgage loan investment originated in June 2019; approximately $160,000 is being held in an interest reserve for the $8.3 million first mortgage loan originated in July 2019; approximately $989,000 is being held in two separate escrow accounts related to two separate land transactions which closed in February 2017 and March 2018; approximately $248,000 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”); and approximately $1.1 million is being held in a general tenant improvement reserve account with Wells Fargo in connection with our financing of the property located in Raleigh, NC leased to Wells Fargo.
Derivative Financial Instruments and Hedging Activity	Derivative Financial Instruments and Hedging Activity Interest Rate Swap. In conjunction with the variable-rate mortgage loan secured by our property located in Raleigh, North Carolina leased to Wells Fargo, the Company entered into an interest rate swap to fix the interest rate (the “Interest Rate Swap”). The Company accounts for its cash flow hedging derivative in accordance with FASB ASC Topic 815-20, Derivatives and Hedging . Depending upon the hedge’s value at each balance sheet date, the derivative is included in either Other Assets or Accrued and Other Liabilities on the consolidated balance sheet at its fair value. On the date the Interest Rate Swap was entered into, the Company designated the derivative as a hedge of the variability of cash flows to be paid related to the recognized long-term debt liability. The Company formally documented the relationship between the hedging instrument and the hedged item, as well as its risk-management objective and strategy for undertaking the hedge transaction. At the hedge’s inception, the Company formally assessed whether the derivative that is used in hedging the transaction is highly effective in offsetting changes in cash flows of the hedged item, and we will continue to do so on an ongoing basis. As the terms of the Interest Rate Swap and the associated debt are identical, the Interest Rate Swap qualifies for the shortcut method, therefore, it is assumed that there is no hedge ineffectiveness throughout the entire term of the Interest Rate Swap. Changes in fair value of the Interest Rate Swap that are highly effective and designated and qualified as a cash-flow hedge are recorded in other comprehensive income and loss, until earnings are affected by the variability in cash flows of the designated hedged item.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The carrying amounts of the Company’s financial assets and liabilities including cash and cash equivalents, restricted cash, accounts receivable, accounts payable, and accrued and other liabilities at September 30, 2019 and December 31, 2018, approximate fair value because of the short maturity of these instruments. 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 mortgage notes and convertible debt is measured at fair value based on current market rates for financial instruments with similar risks and maturities. See Note 7, “Fair Value of Financial Instruments.”
Fair Value Measurements	Fair Value Measurements The Company’s estimates of fair value of financial and non-financial assets and liabilities is based on the framework established by GAAP. The framework specifies a hierarchy of valuation inputs which was established to increase consistency, clarity and comparability in fair value measurements and related disclosures. GAAP describes a fair value hierarchy based upon three levels of inputs that may be used to measure fair value, two of which are considered observable and one that is considered unobservable. The following describes the three levels: · Level 1 – Valuation is based upon quoted prices in active markets for identical assets or liabilities. · Level 2 – Valuation is based upon inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. · Level 3 – Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include option pricing models, discounted cash flow models and similar techniques.
Impact Fees and Mitigation Credits	Impact Fees and Mitigation Credits Impact fees and mitigation credits are stated at historical cost. As these assets are sold, the related revenues and cost basis are reported as revenues from, and direct costs of, real estate operations, respectively, in the consolidated statements of operations.
Accounts Receivable	Accounts Receivable Accounts receivable related to income properties, which are classified in other assets on the consolidated balance sheets, primarily consist of tenant reimbursable expenses. Receivables related to tenant reimbursable expenses totaled approximately $1.1 million and $628,000 as of September 30, 2019 and December 31, 2018, respectively. Accounts receivable related to real estate operations, which are classified in other assets on the consolidated balance sheets, totaled approximately $1.8 million as of both September 30, 2019 and December 31, 2018. As more fully described in Note 10, “Other Assets,” these accounts receivable are primarily related to the reimbursement of certain infrastructure costs completed by the Company in conjunction with two land sale transactions that closed during the fourth quarter of 2015. Trade accounts receivable primarily consist of receivables related to the golf operations segment, which are classified in Assets Held for Sale on the consolidated balance sheets. Trade accounts receivable related to the golf operations segment, which primarily consist of amounts due from members or from private events, totaled approximately $277,000 and $290,000 as of September 30, 2019 and December 31, 2018, respectively. The collectability of the aforementioned receivables is determined based on the aging of the receivable and a review of the specifically identified accounts using judgments. As of September 30, 2019 and December 31, 2018, the Company recorded an allowance for doubtful accounts of approximately $14,000 and $185,000, respectively. During the quarter ended September 30, 2019 approximately $250,000 of previously recorded allowance for doubtful accounts related to a single income property; Cocina 214 Restaurant & Bar (“Cocina 214”), located in Daytona Beach, Florida, was reversed as the previously uncollected rent totaling approximately $0.3 million was paid in accordance with the termination agreement executed in July 2019. The termination payment is more fully described in Note 3, “Income Properties.”
Purchase Accounting for Acquisitions of Real Estate Subject to a Lease	Purchase Accounting for Acquisitions of Real Estate Subject to a Lease In accordance with the FASB guidance on business combinations, the fair value of the real estate acquired with in-place leases is allocated to the acquired tangible assets, consisting of land, building and tenant improvements, and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases, the value of in-place leases, and the value of leasing costs, based in each case on their relative fair values. The fair value of the tangible assets of an acquired leased property is determined by valuing the property as if it were vacant, and the “as-if-vacant” value is then allocated to land, building and tenant improvements based on the determination of the fair values of these assets. In allocating the fair value of the identified intangible assets and liabilities of an acquired property, above-market and below-market in-place lease values are recorded as other assets or liabilities based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases, and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining term of the lease, including the probability of renewal periods. The capitalized above-market lease values are amortized as a reduction of rental income over the remaining terms of the respective leases. The capitalized below-market lease values are amortized as an increase to rental income over the initial term unless the Company believes that it is likely that the tenant will renew the option whereby the Company amortizes the value attributable to the renewal over the renewal period. The aggregate value of other acquired intangible assets, consisting of in-place leases, is measured by the excess of (i) the purchase price paid for a property after adjusting existing in-place leases to market rental rates over (ii) the estimated fair value of the property as-if-vacant, determined as set forth above. The value of in-place leases exclusive of the value of above-market and below-market in-place leases is amortized to expense over the remaining non-cancelable periods of the respective leases. If a lease were to be terminated prior to its stated expiration, all unamortized amounts relating to that lease would be written off. The value of tenant relationships is reviewed on individual transactions to determine if future value was derived from the acquisition. In January 2017, the FASB issued ASU 2017-01, Business Combinations which clarified the definition of a business. Pursuant to ASU 2017-01, the acquisition of an income property subject to a lease no longer qualifies as a business combination, but rather an asset acquisition, accordingly acquisition costs have been capitalized.
Sales of Real Estate	Sales of Real Estate Gains and losses on sales of real estate are accounted for as required by 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.
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 18, “Income Taxes.” In September 2006, the FASB issued additional guidance, which clarifies the accounting for uncertainty in income taxes recognized in a company’s financial statements included in income taxes. The interpretation prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The interpretation also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. In accordance with FASB guidance included in income taxes, the Company has analyzed its various federal and state filing positions and believes that its income tax filing positions and deductions are well documented and supported. Additionally, the Company believes that its accruals for tax liabilities are adequate. Therefore, no reserves for uncertain income tax positions have been recorded pursuant to the FASB guidance.

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	9 Months Ended
	Sep. 30, 2019
REVENUE RECOGNITION
Summary of revenue by segment, major good and/or service, and the related timing of revenue recognition	The following table summarizes the Company’s revenue by segment, major good and/or service, and the related timing of revenue recognition for the three months ended September 30, 2019: 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 $ 8,811 $ — $ 18 $ 8,829 Lease Revenue - CAM 277 — — 277 Lease Revenue - Reimbursements 508 — — 508 Lease Revenue - Billboards 62 — — 62 Above / Below Market Lease Accretion 607 — — 607 Contributed Leased Assets Accretion 49 — — 49 Lease Incentive Amortization (76) — — (76) Interest from Commercial Loan Investments — 855 — 855 Land Sale Revenue — — 350 350 Subsurface Lease Revenue — — 186 186 Subsurface Revenue - Other — — 10 10 Timber Sales Revenue — — 68 68 Interest and Other Revenue 23 — — 23 Total Revenues $ 10,261 $ 855 $ 632 $ 11,748 Timing of Revenue Recognition: Asset/Good Transferred at a Point in Time $ — $ — $ 428 $ 428 Services Transferred Over Time 23 — — 23 Over Lease Term 10,238 — 204 10,442 Commercial Loan Investment Related Revenue — 855 — 855 Total Revenues $ 10,261 $ 855 $ 632 $ 11,748 The following table summarizes the Company’s revenue by segment, major good and/or service, and the related timing of revenue recognition for the three months ended September 30, 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 $ 7,446 $ — $ — $ 7,446 Lease Revenue - CAM 552 — — 552 Lease Revenue - Reimbursements 644 — — 644 Lease Revenue - Billboards 60 — — 60 Above / Below Market Lease Accretion 600 — — 600 Contributed Leased Assets Accretion 62 — — 62 Lease Incentive Amortization (76) — — (76) Interest from Commercial Loan Investments — 41 — 41 Land Sale Revenue — — 6,971 6,971 Impact Fee and Mitigation Credit Sales — — 665 665 Subsurface Lease Revenue — — 354 354 Subsurface Revenue - Other — — 23 23 Interest and Other Revenue 72 — — 72 Total Revenues $ 9,360 $ 41 $ 8,013 $ 17,414 Timing of Revenue Recognition: Asset/Good Transferred at a Point in Time $ — $ — $ 7,659 $ 7,659 Services Transferred Over Time 72 — — 72 Over Lease Term 9,288 — 354 9,642 Commercial Loan Investment Related Revenue — 41 — 41 Total Revenues $ 9,360 $ 41 $ 8,013 $ 17,414 The following table summarizes the Company’s revenue by segment, major good and/or service, and the related timing of revenue recognition for the nine months ended September 30, 2019: 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 $ 26,652 $ — $ 72 $ 26,724 Lease Revenue - CAM 1,092 — — 1,092 Lease Revenue - Reimbursements 1,597 — — 1,597 Lease Revenue - Billboards 191 — — 191 Above / Below Market Lease Accretion 1,811 — — 1,811 Contributed Leased Assets Accretion 173 — — 173 Lease Incentive Amortization (227) — — (227) Interest from Commercial Loan Investments — 908 — 908 Land Sale Revenue — — 10,900 10,900 Subsurface Lease Revenue — — 598 598 Subsurface Revenue - Other — — 39 39 Timber Sales Revenue — — 68 68 Interest and Other Revenue 72 — — 72 Total Revenues $ 31,361 $ 908 $ 11,677 $ 43,946 Timing of Revenue Recognition: Asset/Good Transferred at a Point in Time $ — $ — $ 11,007 $ 11,007 Services Transferred Over Time 72 — — 72 Over Lease Term 31,289 — 670 31,959 Commercial Loan Investment Related Revenue — 908 — 908 Total Revenues $ 31,361 $ 908 $ 11,677 $ 43,946 The following table summarizes the Company’s revenue by segment, major good and/or service, and the related timing of revenue recognition for the nine months ended September 30, 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 $ 22,233 $ — $ 22 $ 22,255 Lease Revenue - CAM 2,057 — — 2,057 Lease Revenue - Reimbursements 2,009 — — 2,009 Lease Revenue - Billboards 194 — — 194 Above / Below Market Lease Accretion 1,779 — — 1,779 Contributed Leased Assets Accretion 157 — — 157 Lease Incentive Amortization (227) — — (227) Interest from Commercial Loan Investments — 616 — 616 Land Sale Revenue — — 21,821 21,821 Impact Fee and Mitigation Credit Sales — — 1,251 1,251 Subsurface Lease Revenue — — 753 753 Subsurface Revenue - Other — — 650 650 Fill Dirt and Other Revenue — — 1 1 Interest and Other Revenue 145 — — 145 Total Revenues $ 28,347 $ 616 $ 24,498 $ 53,461 Timing of Revenue Recognition: Asset/Good Transferred at a Point in Time $ — $ — $ 23,723 $ 23,723 Services Transferred Over Time 145 — — 145 Over Lease Term 28,202 — 775 28,977 Commercial Loan Investment Related Revenue — 616 — 616 Total Revenues $ 28,347 $ 616 $ 24,498 $ 53,461

INCOME PROPERTIES AND LEASES (T

INCOME PROPERTIES AND LEASES (Tables)	9 Months Ended
	Sep. 30, 2019
INCOME PROPERTIES AND LEASES
Schedule of properties acquired	The properties acquired during the nine months ended September 30, 2019 are described below: Tenant Description Tenant Type Property Location Date of Acquisition Property Square-Feet Property Acres Purchase Price Percentage Leased Remaining Lease Term at Acquisition Date (in years) Hobby Lobby Stores, Inc. Single-Tenant Winston-Salem, NC 05/16/19 55,000 7.6 $ 8,075,000 10.9 24 Hour Fitness USA, Inc. Single-Tenant Falls Church, VA 05/23/19 46,000 3.1 21,250,000 8.6 Walgreen Co. Single-Tenant Birmingham, AL 06/05/19 14,516 2.1 5,500,000 9.8 Family Dollar Stores of Massachusetts, Inc. Single-Tenant Lynn, MA 06/07/19 9,228 0.7 2,100,000 4.8 Walgreen Co. Single-Tenant Albany, GA 06/21/19 14,770 3.6 3,634,000 13.6 Carpenter Hotel (1) Single-Tenant Austin, TX 07/05/19 N/A 1.4 16,250,000 99.1 General Dynamics Corporation Single-Tenant Reston, VA 07/12/19 64,319 3.0 18,600,000 9.9 Live Nation Entertainment, Inc. Single-Tenant East Troy, WI 08/30/19 N/A 158.3 7,500,000 10.6 Party City Corporation Single-Tenant Oceanside, NY 09/24/19 15,500 1.2 7,120,000 10.2 Total / Weighted Average 219,333 $ 90,029,000 25.9 (1) The ground lease with The Carpenter Hotel includes two tenant repurchase options. Pursuant to FASB ASC Topic 842, Leases, the $16.25 million investment has been recorded in the accompanying consolidated balance sheet as of September 30, 2019 as a commercial loan investment. See Note 6, “Commercial Loan Investments.”
Schedule of components of leasing revenue	Three Months Ended Nine Months Ended September 30, 2019 September 30, 2019 ($000's) ($000's) Leasing Revenue Lease Payments $ 8,829 $ 26,724 Variable Lease Payments 847 2,880 Total Leasing Revenue $ 9,676 $ 29,604
Schedule of minimum future base rental revenue on non-cancelable leases	Minimum future base rental revenue on non-cancelable leases subsequent to September 30, 2019, for the next five years ended December 31 are summarized as follows: Year Ending December 31, Amounts 2019 $ 32,331 2020 32,818 2021 31,740 2022 30,945 2023 30,277 2024 and thereafter (cumulative) 195,151 Total $ 353,262

LAND AND SUBSURFACE INTERESTS (

LAND AND SUBSURFACE INTERESTS (Tables)	9 Months Ended
	Sep. 30, 2019
LAND AND SUBSURFACE INTERESTS
Schedule of components of real estate operations revenue	Three Months Ended Nine Months Ended September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Revenue Description ($000's) ($000's) ($000's) ($000's) Land Sales Revenue $ 350 $ 6,971 $ 10,900 $ 21,821 Impact Fee and Mitigation Credit Sales — 665 — 1,251 Subsurface Revenue 196 377 637 1,403 Fill Dirt and Other Revenue 18 — 72 1 Agriculture 68 — 68 22 Total Real Estate Operations Revenue $ 632 $ 8,013 $ 11,677 $ 24,498
Summary of land sales	2019 Land Sales. During the nine months ended September 30, 2019, a total of approximately 76 acres were sold for approximately $11.1 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 Unicorp Site East of I-95 02/27/19 9.9 $ 3,300 $ $ 2,274 Subtotal - Q1 2019 9.9 3,300 2,274 2 Compensating Storage Pond East of I-95 04/29/19 38.0 710 596 3 Final NADG Land Sale East of I-95 05/15/19 12.6 3,000 1,964 4 Unicorp-Clyde Morris East of I-95 06/20/19 13.7 3,800 365 Subtotal - Q2 2019 64.3 7,510 2,925 5 LPGA Parcel West of I-95 09/11/19 2.2 300 283 Subtotal - Q3 2019 2.2 300 283 76.4 $ 11,110 $ $ 5,482 (1) The gain recognized during the nine months ended September 30, 2019 on the Unicorp-Clyde Morris sale totaling approximately $365,000 includes approximately $260,000 for the Company’s estimated reimbursement of wetland mitigation credits. The Company expects to reimburse the buyer for required wetland mitigation credits estimated at approximately $260,000. 2018 Land Sales. During the nine months ended September 30, 2018, the Company completed land sale transactions representing approximately 2,583 acres of land including: (i) the sale of a 70% interest in the Mitigation Bank (hereinafter defined in Note 5, “Investment in Joint Venture”) that holds approximately 2,492 acres of land for proceeds of $15.3 million and (ii) four land sales totaling approximately 91 acres for aggregate proceeds of approximately $22.6 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 Subtotal - Q1 2018 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 Subtotal - Q2 2018 32.4 1,709 1,078 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 Subtotal - Q3 2018 24.1 6,970 1,764 91.4 $ 22,627 $ $ 14,768 (1) The gain recognized during the nine months ended September 30, 2018 on the Buc-ee’s sale totaling approximately $11.9 million excludes approximately $831,000 held in an escrow reserve related to the portion of the acreage sold for which the Company remains obligated to perform wetlands mitigation. The Company expects to recognize the remaining gain of approximately $831,000 upon completion of the mitigation work. See Note 16, “Deferred Revenue”.
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) Generally, cash payment for the Lease Payment is received on or before the first day of the lease year. The Drilling Penalty, which is due within thirty days from the end of the prior lease year, is recorded as revenue when earned, i.e., when the amount is agreed upon, while the Lease Payment is recognized on a straight-line basis over the respective lease term.

INVESTMENT IN JOINT VENTURE (Ta

INVESTMENT IN JOINT VENTURE (Tables)	9 Months Ended
	Sep. 30, 2019
INVESTMENT IN JOINT VENTURE
Summarized financial information of the Company’s JV Investment	As of September 30, 2019 ($000's) Assets, cash and cash equivalents $ 2,131 Assets, prepaid expenses 30 Assets, investment in mitigation credit assets 1,572 Assets, property, plant, and equipment 16 Total Assets $ 3,749 Liabilities, accounts payable, deferred mitigation credit sale revenue $ 5 Equity $ 3,744 Total Liabilities & Equity $ 3,749

COMMERCIAL LOAN INVESTMENTS (Ta

COMMERCIAL LOAN INVESTMENTS (Tables)	9 Months Ended
	Sep. 30, 2019
COMMERCIAL LOAN INVESTMENTS
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	The Company’s commercial loan investments were comprised of the following at September 30, 2019: Date of Maturity Original Face Current Face Carrying Description Investment Date Amount Amount Value Coupon Rate First Mortgage – 72-Acre Land Parcel, Orlando, FL June 2019 June 2020 $ 8,000,000 $ 8,000,000 $ 7,887,650 12.00% Mortgage Note - 400 Josephine Street, Austin, TX July 2019 July 2020 8,250,000 8,250,000 8,187,282 11.50% Ground Lease Loan - 400 Josephine Street, Austin, TX July 2019 N/A 16,250,000 16,250,000 16,344,761 N/A $ 32,500,000 $ 32,500,000 $ 32,419,693 The carrying value of the commercial loan investment portfolio at September 30, 2019 consisted of the following: Total Current Face Amount $ 32,500,000 Imputed Interest on Ground Lease Loan 94,761 Unaccreted Origination Fees (175,068) Total Commercial Loan Investments $ 32,419,693

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Sep. 30, 2019
FAIR VALUE OF FINANCIAL INSTRUMENTS
Schedule of carrying value and estimated fair value of financial instruments	September 30, 2019 December 31, 2018 Carrying Estimated Carrying Estimated Value Fair Value Value Fair Value Cash and Cash Equivalents - Level 1 $ 5,411,727 $ 5,411,727 $ 2,310,489 $ 2,310,489 Restricted Cash - Level 1 6,213,295 6,213,295 19,721,475 19,721,475 Commercial Loan Investments - Level 2 32,419,693 32,837,562 — — Long-Term Debt - Level 2 282,087,031 283,804,842 247,624,811 248,765,650
Schedule of fair value of assets measured on recurring basis by Level	The following table presents the fair value of assets measured on a recurring basis by Level as of September 30, 2019: Fair Value at Reporting Date Using Quoted Prices in Significant Active Markets Significant Other Unobservable for Identical Observable Inputs Inputs 9/30/2019 Assets (Level 1) (Level 2) (Level 3) Cash Flow Hedge - Interest Rate Swap $ 109,041 $ — $ 109,041 $ — Total $ 109,041 $ — $ 109,041 $ — The following table presents the fair value of assets measured on a recurring basis by Level as of December 31, 2018: Fair Value at Reporting Date Using Quoted Prices in Significant Active Markets Significant Other Unobservable for Identical Observable Inputs Inputs 12/31/2018 Assets (Level 1) (Level 2) (Level 3) Cash Flow Hedge - Interest Rate Swap $ 651,722 $ — $ 651,722 $ — Total $ 651,722 $ — $ 651,722 $ —

INTANGIBLE LEASE ASSETS AND L_2

INTANGIBLE LEASE ASSETS AND LIABILITIES (Tables)	9 Months Ended
	Sep. 30, 2019
INTANGIBLE LEASE ASSETS AND LIABILITIES
Schedule of components of intangible lease assets and liabilities	As of September 30, 2019 December 31, 2018 Intangible Lease Assets: Value of In-Place Leases $ 45,978,647 $ 39,189,008 Value of Above Market In-Place Leases 4,622,096 4,114,715 Value of Intangible Leasing Costs 17,779,581 14,791,111 Sub-total Intangible Lease Assets 68,380,324 58,094,834 Accumulated Amortization (19,185,103) (14,539,389) Sub-total Intangible Lease Assets—Net 49,195,221 43,555,445 Intangible Lease Liabilities (included in accrued and other liabilities): Value of Below Market In-Place Leases (36,148,744) (35,321,234) Sub-total Intangible Lease Liabilities (36,148,744) (35,321,234) Accumulated Amortization 10,089,130 7,930,884 Sub-total Intangible Lease Liabilities—Net (26,059,614) (27,390,350) Total Intangible Assets and Liabilities—Net $ 23,135,607 $ 16,165,095
Schedule of amortization of intangible assets and liabilities	Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, ($000's) ($000's) ($000's) ($000's) Depreciation and Amortization Expense $ 1,590 $ 1,369 $ 4,276 $ 4,091 Increase to Income Properties Revenue (607) (600) (1,810) (1,779) Net Amortization of Intangible Assets and Liabilities $ 983 $ 769 $ 2,466 $ 2,312
Schedule of estimated future amortization and accretion of intangible lease assets and liabilities	Future Accretion Net Future Future to Income Amortization of Amortization Property Intangible Assets Year Ending December 31, Amount Revenue and Liabilities Remainder of 2019 $ 1,627,169 $ (590,547) $ 1,036,622 2020 6,164,532 (2,310,372) 3,854,160 2021 4,702,115 (2,381,542) 2,320,573 2022 4,149,075 (2,452,703) 1,696,372 2023 4,024,048 (2,426,641) 1,597,407 2024 3,947,463 (2,210,045) 1,737,418 Thereafter 21,032,956 (10,139,900) 10,893,056 Total $ 45,647,358 $ (22,511,750) $ 23,135,608

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	9 Months Ended
	Sep. 30, 2019
OTHER ASSETS
Schedule of components of other assets	As of September 30, 2019 December 31, Income Property Tenant Receivables $ 1,114,355 $ 627,691 Income Property Straight-line Rent Adjustment 4,819,777 4,304,279 Income Property Lease Incentive 2,167,422 2,394,246 Interest Receivable from Commercial Loan Investment 84,833 — Operating Leases - Right-of-Use Asset 384,462 — Cash Flow Hedge - Interest Rate Swap 109,041 651,722 Infrastructure Reimbursement Receivables 1,869,177 1,847,375 Deferred Deal Costs 129,352 425,476 Prepaid Expenses, Deposits, and Other 3,329,830 2,634,664 Total Other Assets $ 14,008,249 $ 12,885,453

COMMON STOCK AND EARNINGS PER_2

COMMON STOCK AND EARNINGS PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2019
COMMON STOCK AND EARNINGS PER SHARE
Schedule of computation of earnings per share	Three Months Ended Nine Months Ended September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Income Available to Common Shareholders: Net Income $ 1,486,022 $ 296,172 $ 18,550,919 $ 25,371,379 Weighted Average Shares Outstanding 4,868,133 5,491,181 5,053,407 5,516,989 Common Shares Applicable to Stock Options Using the Treasury Stock Method — 2,186 811 31,436 Total Shares Applicable to Diluted Earnings Per Share 4,868,133 5,493,367 5,054,218 5,548,425 Per Share Information: Basic Net Income from Continuing Operations $ 0.36 $ 0.27 $ 3.79 $ 4.88 Net Loss from Discontinued Operations (Net of Tax) (0.05) (0.22) (0.12) (0.28) Net Income $ 0.31 $ 0.05 $ 3.67 $ 4.60 Diluted Net Income from Continuing Operations $ 0.36 $ 0.27 $ 3.79 $ 4.85 Net Loss from Discontinued Operations (Net of Tax) (0.05) (0.22) (0.12) (0.28) Net Income $ 0.31 $ 0.05 $ 3.67 $ 4.57

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	9 Months Ended
	Sep. 30, 2019
LONG-TERM DEBT
Schedule of outstanding indebtedness, at face value	As of September 30, 2019, the Company’s outstanding indebtedness, at face value, was as follows: Face Maturity Interest Value Debt Date Rate Credit Facility $ 154,845,349 May 2023 30 ‑day LIBOR plus 1.35% -1.95% Mortgage Note Payable (originated with Wells Fargo) (1) 30,000,000 October 2034 4.330% Mortgage Note Payable (originated with Wells Fargo) (2) 24,056,283 April 2021 30 ‑day LIBOR plus 1.90% 4.50% Convertible Senior Notes due 2020, net of discount 75,000,000 March 2020 4.500% Total Long-Term Face Value Debt $ 283,901,632 (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 as of September 30, 2019 and December 31, 2018 consisted of the following: September 30, 2019 December 31, 2018 Due Within Due Within Total One Year Total One Year Credit Facility $ 154,845,349 $ — $ 120,745,579 $ — Mortgage Note Payable (originated with Wells Fargo) 30,000,000 — 30,000,000 — Mortgage Note Payable (originated with Wells Fargo) 24,056,283 — 24,557,468 — 4.50% Convertible Senior Notes due 2020, net of discount 74,358,578 — 73,348,731 — Loan Costs, net of accumulated amortization (1,173,179) — (1,026,967) — Total Long-Term Debt $ 282,087,031 $ — $ 247,624,811 $ —
Schedule of payments applicable to reduction of principal amounts	Year Ending December 31, Amount Remainder of 2019 $ — 2020 75,000,000 2021 24,056,283 2022 — 2023 154,845,349 2024 — Thereafter 30,000,000 Total Long-Term Debt - Face Value $ 283,901,632
Schedule of carrying value of long-term debt	Total Current Face Amount $ 283,901,632 Unamortized Discount on Convertible Debt (641,422) Loan Costs, net of accumulated amortization (1,173,179) Total Long-Term Debt $ 282,087,031
Schedule of interest expense on debt	Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, ($000's) ($000's) ($000's) ($000's) Interest Expense $ 2,801 $ 1,921 $ 7,886 $ 6,107 Amortization of Loan Costs 111 103 324 390 Amortization of Discount on Convertible Notes 342 321 1,010 947 Total Interest Expense $ 3,254 $ 2,345 $ 9,220 $ 7,444 Total Interest Paid $ 3,075 $ 2,798 $ 8,142 $ 6,989

ACCRUED AND OTHER LIABILITIES (

ACCRUED AND OTHER LIABILITIES (Tables)	9 Months Ended
	Sep. 30, 2019
ACCRUED AND OTHER LIABILITIES
Schedule of components of accrued and other liabilities	As of September 30, 2019 December 31, Accrued Property Taxes $ 1,017,478 $ 12,312 Reserve for Tenant Improvements 312,548 100,519 Accrued Construction Costs 147,177 350,593 Accrued Interest 1,174,003 1,430,236 Environmental Reserve and Restoration Cost Accrual 250,774 520,404 Operating Leases - Liability 384,190 — Other 2,341,304 2,783,820 Total Accrued and Other Liabilities $ 5,627,474 $ 5,197,884

DEFERRED REVENUE (Tables)

DEFERRED REVENUE (Tables)	9 Months Ended
	Sep. 30, 2019
DEFERRED REVENUE
Schedule of components of deferred revenue	As of September 30, 2019 December 31, Deferred Oil Exploration Lease Revenue $ — $ 585,675 Deferred Revenue on Land Sales 831,320 831,320 Interest Reserve from Commercial Loan Investment 885,583 — Prepaid Rent 2,353,456 1,621,620 Tenant Contributions 2,932,198 4,104,151 Other Deferred Revenue 455,108 58,838 Total Deferred Revenue $ 7,457,665 $ 7,201,604

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2019
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 nine months ended September 30, 2019, is presented below: Shares Vested / Shares Outstanding Granted Exercised Expired Forfeited Outstanding Type of Award at 1/1/2019 Shares Shares Shares Shares at 9/30/2019 Equity Classified - Performance Share Awards - Peer Group Market Condition Vesting 28,080 21,195 — — — 49,275 Equity Classified - Market Condition Restricted Shares - Stock Price Vesting 22,000 — — — — 22,000 Equity Classified - Three Year Vest Restricted Shares 34,952 20,696 (18,053) — — 37,595 Equity Classified - Non-Qualified Stock Option Awards 80,000 — — — — 80,000 Total Shares 165,032 41,891 (18,053) — — 188,870
Schedule of amounts recognized for stock options, stock appreciation rights, and restricted stock	Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, Total Cost of Share-Based Plans Charged Against Income Before Tax Effect $ 613,292 $ 444,481 $ 2,059,167 $ 1,457,312 Income Tax Expense Recognized in Income $ (155,439) $ (112,654) $ (521,896) $ (369,356)
Peer Group Market Condition Vesting
STOCK-BASED COMPENSATION
Summary of performance share awards activity	A summary of activity during the nine months ended September 30, 2019, is presented below: Wtd. Avg. Performance Shares with Market Conditions Shares Fair Value Outstanding at January 1, 2019 28,080 $ 66.29 Granted 21,195 64.66 Vested — — Expired — — Forfeited — — Outstanding at September 30, 2019 49,275 $ 65.59
Stock Price Vesting
STOCK-BASED COMPENSATION
Summary of nonvested restricted stock award activity	A summary of the activity for these awards during the nine months ended September 30, 2019, is presented below: Wtd. Avg. Market Condition Non-Vested Restricted Shares Shares Fair Value Outstanding at January 1, 2019 22,000 $ 41.71 Granted — — Vested — — Expired — — Forfeited — — Outstanding at September 30, 2019 22,000 $ 41.71
Three-Year Vesting
STOCK-BASED COMPENSATION
Summary of nonvested restricted stock award activity	A summary of activity during the nine months ended September 30, 2019, is presented below: Wtd. Avg. Fair Value Three Year Vest Non-Vested Restricted Shares Shares Per Share Outstanding at January 1, 2019 34,952 $ 58.07 Granted 20,696 58.78 Vested (18,053) 54.43 Expired — — Forfeited — — Outstanding at September 30, 2019 37,595 $ 60.21
Amended and Restated 2010 Equity Incentive Plan
STOCK-BASED COMPENSATION
Summary of activity for stock option awards	A summary of the activity for the awards during the nine months ended September 30, 2019, 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, 2019 80,000 $ 55.63 Granted — — Exercised — — Expired — — Forfeited — — Outstanding at September 30, 2019 80,000 $ 55.63 5.51 $ 797,800 Exercisable at January 1, 2019 80,000 $ 55.63 6.50 $ 25,000 Exercisable at September 30, 2019 80,000 $ 55.63 5.51 $ 797,800

BUSINESS SEGMENT DATA (Tables)

BUSINESS SEGMENT DATA (Tables)	9 Months Ended
	Sep. 30, 2019
BUSINESS SEGMENT DATA
Schedule of operations in different segments	Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, Revenues: Income Properties $ 10,260,831 $ 9,360,155 $ 31,360,544 $ 28,347,181 Commercial Loan Investments 855,559 41,262 908,324 615,728 Real Estate Operations 631,741 8,012,509 11,677,413 24,498,527 Total Revenues $ 11,748,131 $ 17,413,926 $ 43,946,281 $ 53,461,436 Operating Income: Income Properties $ 8,784,543 $ 7,586,315 $ 26,317,048 $ 22,669,423 Commercial Loan Investments 855,559 41,262 908,324 615,728 Real Estate Operations 289,593 2,435,018 5,229,397 16,504,760 General and Corporate Expense (6,547,564) (5,684,515) (18,589,234) (18,489,613) Gains on Disposition of Assets 2,187,332 — 20,869,196 22,035,666 Total Operating Income $ 5,569,463 $ 4,378,080 $ 34,734,731 $ 43,335,964 Depreciation and Amortization: Income Properties $ 4,281,286 $ 3,748,388 $ 11,690,110 $ 11,282,566 Corporate and Other 5,550 8,119 17,600 26,310 Total Depreciation and Amortization $ 4,286,836 $ 3,756,507 $ 11,707,710 $ 11,308,876 Capital Expenditures: Income Properties $ 50,099,717 $ 403,967 $ 91,130,209 $ 29,288,555 Commercial Loan Investments 8,167,500 — 16,007,500 — Real Estate Operations 694,310 262,436 2,593,803 3,768,230 Golf Operations — 86,731 — 111,611 Corporate and Other — — 2,061 11,338 Total Capital Expenditures $ 58,961,527 $ 753,134 $ 109,733,573 $ 33,179,734 As of September 30, 2019 December 31, Identifiable Assets: Income Properties $ 499,736,443 $ 492,093,615 Commercial Loan Investments 33,690,225 — Real Estate Operations 32,817,701 35,287,559 Golf Operations-Held for Sale 4,502,635 4,462,477 Corporate and Other 12,714,362 24,486,221 Total Assets $ 583,461,366 $ 556,329,872

ASSETS HELD FOR SALE AND DISC_2

ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS (Tables)	9 Months Ended
	Sep. 30, 2019
ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS
Schedule of assets and liabilities held for sale and discontinued operations	In October 2019, the Company completed the sale of the Golf Club. See Note 22, “Subsequent Events” for a description of this transaction. The following is a summary of assets held for sale as of September 30, 2019 and December 31, 2018: As of September 30, 2019 As of December 31, 2018 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 $ — $ 3,659,703 $ 3,659,703 $ 67,810,880 $ 3,659,703 $ 71,470,583 Cash and Cash Equivalents — 256,395 256,395 — 156,489 156,489 Other Assets — 482,401 482,401 — 646,285 646,285 Operating Leases - Right-of-Use Asset — 104,136 104,136 — — — Intangible Lease Assets—Net — — — 4,366,858 — 4,366,858 Intangible Lease Liabilities—Net — — — (773,705) — (773,705) Total Assets Held for Sale $ — $ 4,502,635 $ 4,502,635 $ 71,404,033 $ 4,462,477 $ 75,866,510 The following is a summary of liabilities held for sale as of September 30, 2019 and December 31, 2018: As of September 30, 2019 As of December 31, 2018 Multi-Tenant Income Properties Golf Liabilities Total Liabilities Held for Sale Multi-Tenant Income Properties Golf Liabilities Total Liabilities Held for Sale Accounts Payable $ — $ 239,563 $ 239,563 $ — $ 199,422 $ 199,422 Accrued and Other Liabilities — 1,119,835 1,119,835 — 924,323 924,323 Operating Leases - Liability — 104,136 104,136 — — — Deferred Revenue — 265,515 265,515 — 223,551 223,551 Total Liabilities Held for Sale $ — $ 1,729,049 $ 1,729,049 $ — $ 1,347,296 $ 1,347,296
Summary of discontinued operations	Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, Golf Operations Revenue $ 967,919 $ 1,014,771 $ 3,918,471 $ 3,652,045 Golf Operations Direct Cost of Revenues (1,326,150) (1,388,282) (4,711,113) (4,295,161) Loss from Operations (358,231) (373,511) (792,642) (643,116) Impairment Charges — (1,119,362) — (1,119,362) Depreciation and Amortization — (100,732) — (303,681) Loss from Discontinued Operations Before Income Tax (358,231) (1,593,605) (792,642) (2,066,159) Income Tax Benefit 90,794 403,897 200,896 523,669 Loss from Discontinued Operations (Net of Income Tax) $ (267,437) $ (1,189,708) $ (591,746) $ (1,542,490)

DESCRIPTION OF BUSINESS AND P_3

DESCRIPTION OF BUSINESS AND PRINCIPLES OF INTERIM STATEMENTS - Description of Business (Details)	9 Months Ended
	Sep. 30, 2019aft²loanpropertyUSD ($)	Dec. 31, 2018property
Description of business
Number of real estate properties | property		4
Gross leasable space | ft²	219,333
Land
Description of business
Number of billboards	17
First Mortgage
Description of business
Number of mortgage loan investments | loan	2
Commercial
Description of business
Number of real estate properties | property	52
Number of states in which entity operates	17
Gross leasable space | ft²	2,300,000
Single-tenant
Description of business
Number of real estate properties	48
Multi-tenant
Description of business
Number of real estate properties	4
Undeveloped Land in Daytona Beach, Florida, Along Interstate 95
Description of business
Area of land (in acres) | a	5,300

DESCRIPTION OF BUSINESS AND P_4

DESCRIPTION OF BUSINESS AND PRINCIPLES OF INTERIM STATEMENTS - Recently Issued Accounting Standards - General Information (Details) - Accounting Standards Update 2016-02	Sep. 30, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adopted	true
Change in Accounting Principle, Accounting Standards Update, Adoption Date	Jan. 1, 2019

DESCRIPTION OF BUSINESS AND P_5

DESCRIPTION OF BUSINESS AND PRINCIPLES OF INTERIM STATEMENTS - Recently Issued Accounting Standards - Leases (Details)	9 Months Ended
	Sep. 30, 2019USD ($)
Recently Issued Accounting Standards
Lease, Practical Expedients, Package	true
Lease, Practical Expedient, Lessor Single Lease Component	true
Right-of-use assets	$ 384,462
Lease liabilities	384,190
Increase (decrease) in assets held for sale	40,159
Increase in liabilities held for sale	381,753
Golf Operations | Discontinued Operations, Held-for-sale
Recently Issued Accounting Standards
Increase (decrease) in assets held for sale	208,000
Increase in liabilities held for sale	208,000
Accounting Standards Update 2016-02 | Restatement
Recently Issued Accounting Standards
Right-of-use assets	681,000
Lease liabilities	$ 473,000

DESCRIPTION OF BUSINESS AND P_6

DESCRIPTION OF BUSINESS AND PRINCIPLES OF INTERIM STATEMENTS - Restricted Cash (Details)	1 Months Ended
	Jul. 31, 2019USD ($)	Jun. 30, 2019USD ($)	Sep. 30, 2019USD ($)Transactionproperty	Dec. 31, 2018USD ($)	Sep. 30, 2018USD ($)item
Restricted Cash
Restricted Cash			$ 6,213,295	$ 19,721,475	$ 8,477,796
First Mortgage
Restricted Cash
Mortgage loan originated	$ 8,300,000	$ 8,000,000
Escrow deposit to be reinvested through like-kind exchange structure
Restricted Cash
Restricted Cash			2,700,000
Restricted cash, escrow deposit related to land transactions
Restricted Cash
Restricted Cash			$ 989,000
Number of separate escrow accounts | item					2
Number of separate land transactions | Transaction			2
Restricted cash, escrow deposit related to other income properties
Restricted Cash
Restricted Cash		$ 1,100,000	$ 160,000
Capital replacement reserve account
Restricted Cash
Restricted Cash			$ 248,000
Number of real estate properties in financing | property			6
Restricted cash, escrow for general tenant improvements
Restricted Cash
Restricted Cash			$ 1,100,000

DESCRIPTION OF BUSINESS AND P_7

DESCRIPTION OF BUSINESS AND PRINCIPLES OF INTERIM STATEMENTS - Accounts Receivable (Details)	Jul. 16, 2019USD ($)	Dec. 31, 2015Transaction	Sep. 30, 2019USD ($)	Dec. 31, 2018USD ($)
Accounts Receivable
Income Property Tenant Receivables			$ 1,114,355	$ 627,691
Number of closed land transactions | Transaction		2
Allowance for doubtful accounts			14,000	185,000
Cocina 214 Restaurant and Bar
Accounts Receivable
Allowance for doubtful accounts			250,000
Proceeds from rents received	$ 300,000
Other Assets
Accounts Receivable
Income Property Tenant Receivables			1,100,000	628,000
Accounts receivable related to real estate operations			1,800,000	1,800,000
Assets Held for Sale
Accounts Receivable
Golf Operations Receivables			$ 277,000	$ 290,000

DESCRIPTION OF BUSINESS AND P_8

DESCRIPTION OF BUSINESS AND PRINCIPLES OF INTERIM STATEMENTS - Income Taxes (Details) $ in Thousands	Sep. 30, 2019USD ($)
Income Taxes
Reserves for uncertain income tax positions	$ 0

REVENUE RECOGNITION - Major Goo

REVENUE RECOGNITION - Major Good or Service (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenues
Lease revenue	$ 9,676,000		$ 29,604,000
Lease Incentive Amortization	(76,000)	$ (76,000)	(227,000)	$ (227,000)
Interest from Commercial Loan Investments	855,000	41,000	$ 908,000	616,000
Revenue from contract with customer, including assessed tax				24,498,000
Type of revenue			cto:ImpactFeeAndMitigationCreditSalesMember
Interest and Other Revenue	23,000	72,000	$ 72,000	145,000
Total Revenues	11,748,131	17,413,926	43,946,281	53,461,436
Lease Revenue - Base Rent
Revenues
Lease revenue	8,829,000	7,446,000	26,724,000	22,255,000
Lease Revenue - CAM
Revenues
Lease revenue	277,000	552,000	1,092,000	2,057,000
Lease Revenue - Reimbursements
Revenues
Lease revenue	508,000	644,000	1,597,000	2,009,000
Lease Revenue - Billboards
Revenues
Lease revenue	62,000	60,000	191,000	194,000
Above / Below Market Lease Accretion
Revenues
Lease revenue	607,000	600,000	1,811,000	1,779,000
Contributed Leased Assets Accretion
Revenues
Lease revenue	49,000	62,000	173,000	157,000
Land
Revenues
Revenue from contract with customer, including assessed tax	350,000	6,971,000	10,900,000	21,821,000
Impact Fee and Mitigation Credit Sales
Revenues
Revenue from contract with customer, including assessed tax		665,000		1,251,000
Subsurface Lease Revenue
Revenues
Revenue from contract with customer, including assessed tax	186,000	354,000	598,000	753,000
Subsurface Revenue - Other
Revenues
Revenue from contract with customer, including assessed tax	10,000	23,000	39,000	650,000
Timber Sales Revenue
Revenues
Revenue from contract with customer, including assessed tax	68,000		68,000
Fill Dirt and Other Revenue
Revenues
Revenue from contract with customer, including assessed tax				1,000
Income Properties
Revenues
Lease Incentive Amortization	(76,000)	(76,000)	(227,000)	(227,000)
Interest and Other Revenue	23,000	72,000	72,000	145,000
Total Revenues	10,260,831	9,360,155	31,360,544	28,347,181
Income Properties | Lease Revenue - Base Rent
Revenues
Lease revenue	8,811,000	7,446,000	26,652,000	22,233,000
Income Properties | Lease Revenue - CAM
Revenues
Lease revenue	277,000	552,000	1,092,000	2,057,000
Income Properties | Lease Revenue - Reimbursements
Revenues
Lease revenue	508,000	644,000	1,597,000	2,009,000
Income Properties | Lease Revenue - Billboards
Revenues
Lease revenue	62,000	60,000	191,000	194,000
Income Properties | Above / Below Market Lease Accretion
Revenues
Lease revenue	607,000	600,000	1,811,000	1,779,000
Income Properties | Contributed Leased Assets Accretion
Revenues
Lease revenue	49,000	62,000	173,000	157,000
Interest Income from Commercial Loan Investments
Revenues
Interest from Commercial Loan Investments	855,000	41,000	908,000	616,000
Total Revenues	855,559	41,262	908,324	615,728
Real Estate Operations
Revenues
Revenue from contract with customer, including assessed tax	632,000	8,013,000	11,677,000
Total Revenues	631,741	8,012,509	11,677,413	24,498,527
Real Estate Operations | Lease Revenue - Base Rent
Revenues
Lease revenue	18,000		72,000	22,000
Real Estate Operations | Land
Revenues
Revenue from contract with customer, including assessed tax	350,000	6,971,000	10,900,000	21,821,000
Real Estate Operations | Impact Fee and Mitigation Credit Sales
Revenues
Revenue from contract with customer, including assessed tax		665,000	0	1,251,000
Real Estate Operations | Subsurface Lease Revenue
Revenues
Revenue from contract with customer, including assessed tax	186,000	354,000	598,000	753,000
Real Estate Operations | Subsurface Revenue - Other
Revenues
Revenue from contract with customer, including assessed tax	10,000	$ 23,000	39,000	650,000
Real Estate Operations | Timber Sales Revenue
Revenues
Revenue from contract with customer, including assessed tax	68,000		68,000
Real Estate Operations | Fill Dirt and Other Revenue
Revenues
Revenue from contract with customer, including assessed tax	$ 18,000		$ 72,000	$ 1,000

REVENUE RECOGNITION - Timing of

REVENUE RECOGNITION - Timing of Revenue Recognition (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenues
Revenue from contract with customer, including assessed tax				$ 24,498,000
Over Lease Term	$ 10,442,000	$ 9,642,000	$ 31,959,000	28,977,000
Commercial Loan Investment Related Revenue	855,000	41,000	908,000	616,000
Total Revenues	11,748,131	17,413,926	43,946,281	53,461,436
Asset/Good Transferred at a Point in Time
Revenues
Revenue from contract with customer, including assessed tax	428,000	7,659,000	11,007,000	23,723,000
Services Transferred Over Time
Revenues
Revenue from contract with customer, including assessed tax	23,000	72,000	72,000	145,000
Income Properties
Revenues
Over Lease Term	10,238,000	9,288,000	31,289,000	28,202,000
Total Revenues	10,260,831	9,360,155	31,360,544	28,347,181
Income Properties | Services Transferred Over Time
Revenues
Revenue from contract with customer, including assessed tax	23,000	72,000	72,000	145,000
Interest Income from Commercial Loan Investments
Revenues
Commercial Loan Investment Related Revenue	855,000	41,000	908,000	616,000
Total Revenues	855,559	41,262	908,324	615,728
Real Estate Operations
Revenues
Revenue from contract with customer, including assessed tax	632,000	8,013,000	11,677,000
Over Lease Term	204,000	354,000	670,000	775,000
Total Revenues	631,741	8,012,509	11,677,413	24,498,527
Real Estate Operations | Asset/Good Transferred at a Point in Time
Revenues
Revenue from contract with customer, including assessed tax	$ 428,000	$ 7,659,000	$ 11,007,000	$ 23,723,000

INCOME PROPERTIES AND LEASES -

INCOME PROPERTIES AND LEASES - General Information (Details)	Jul. 16, 2019USD ($)Options	May 23, 2019USD ($)ft²	Sep. 30, 2019USD ($)ft²Optionsproperty	Sep. 30, 2018USD ($)ft²buildingproperty	Aug. 07, 2019USD ($)a	Jun. 24, 2019USD ($)ft²	Feb. 21, 2019USD ($)ft²	Dec. 31, 2018property	May 26, 2018USD ($)
Acquisitions of Income Properties
Number of real estate properties | property								4
Payments to Acquire Commercial Real Estate			$ 90,029,000
Area of real estate property | ft²			219,333
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate			$ 32,419,693
Aggregate outstanding principal balance			32,500,000
Number of properties sold | property				4
Ground Lease Loan, 400 Josephine Street, Austin, TX
Acquisitions of Income Properties
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate			16,344,761
Aggregate outstanding principal balance			$ 16,250,000
Daytona Beach, FL
Acquisitions of Income Properties
Sales price									$ 11,400,000
2019 acquisitions of income property subject to lease
Acquisitions of Income Properties
Number of real estate properties | property			9
Payments to Acquire Commercial Real Estate			$ 90,000,000
Aggregate acquisition cost including capitalized acquisition costs			$ 90,600,000
Amount allocated of total acquisition cost
Weighted average amortization period of intangible assets			9 years 9 months 18 days
2019 acquisitions of income property subject to lease | Nonrecurring basis
Acquisitions of Income Properties
Land			$ 27,800,000
Buildings and improvements			37,700,000
Intangible assets pertaining to the in-place lease value, leasing fees and above market lease value			9,200,000
Intangible liabilities for below market lease value			400,000
2018 acquisitions of income property subject to a lease
Acquisitions of Income Properties
Number of real estate properties | property				1
Payments to Acquire Commercial Real Estate				$ 28,000,000
Aggregate acquisition cost including capitalized acquisition costs				$ 29,000,000
Amount allocated of total acquisition cost
Weighted average amortization period of intangible assets				20 years
Weighted average amortization period of intangible liabilities				20 years
2018 acquisitions of income property subject to a lease | Nonrecurring basis
Acquisitions of Income Properties
Land				$ 12,000,000
Buildings and improvements				15,000,000
Intangible assets pertaining to the in-place lease value, leasing fees and above market lease value				2,800,000
Intangible liabilities for below market lease value				$ 800,000
Concierge Office Building
Acquisitions of Income Properties
Area of real estate property | ft²				22,012
Williamson Business Park office building
Acquisitions of Income Properties
Area of real estate property | ft²				15,360
Gain on Sale				$ 3,700,000
Gain on sale of properties (in dollars per share)				$ 0.49
Area of real estate property leased | ft²				7,600
Lease term				5 years
Mason Commerce Center
Acquisitions of Income Properties
Area of real estate property | ft²				30,720
Number of office building | building				2
Whole Foods | Sarasota, FL | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Acquisitions of Income Properties
Sales price							$ 24,620,000
Area of real estate property | ft²							59,000
Gain on Sale			6,900,000
Gain on sale of properties (in dollars per share)			0.96
3600 Peterson | Santa Clara, CA | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Acquisitions of Income Properties
Sales price						$ 37,000,000
Area of real estate property | ft²						76,000
Gain on Sale			9,000,000
Gain on sale of properties (in dollars per share)			1.36
The Grove | Winter Park, FL | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Acquisitions of Income Properties
Sales price		$ 18,250,000
Gain on Sale			2,800,000
Gain on sale of properties (in dollars per share)			0.42
Area of real estate property leased | ft²		112,000
Wawa Sale | Winter Park, FL | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Acquisitions of Income Properties
Sales price					$ 2,800,000
Area of real estate property | a					1.56
Gain on Sale			2,100,000
Gain on sale of properties (in dollars per share)			0.33
Beachfront restaurant properties | Daytona Beach, FL | Cocina 214
Acquisitions of Income Properties
Amount funded to tenants	$ 1,000,000
Collection of lease rent	300,000
Payments for Tenant Improvements	$ 693,000
Beachfront restaurant properties | Daytona Beach, FL | Broken Hook LLC
Acquisitions of Income Properties
Lease term	10 years
Option to extend	true
Number of renewal options | Options	4
Renewal term	5 years
2019 acquisitions of income property subject to lease - Carpenter Hotel
Acquisitions of Income Properties
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate			$ 16,300,000
Number Of Tenant Repurchase Options | Options			2

INCOME PROPERTIES AND LEASES _2

INCOME PROPERTIES AND LEASES - Leasing Revenue (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019
Leasing Revenue
Lease Payments	$ 8,829	$ 26,724
Variable Lease Payments	847	2,880
Total Leasing Revenue	$ 9,676	$ 29,604

INCOME PROPERTIES AND LEASES _3

INCOME PROPERTIES AND LEASES - Minimum future base rental revenue on non-cancelable leases (Details) $ in Thousands	Sep. 30, 2019USD ($)
Minimum future base rental revenue on non-cancelable leases
2019	$ 32,331
2020	32,818
2021	31,740
2022	30,945
2023	30,277
2024 and thereafter (cumulative)	195,151
Total	$ 353,262

INCOME PROPERTIES AND LEASES _4

INCOME PROPERTIES AND LEASES - Properties Acquired (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2019USD ($)aft²
Acquisitions of Income Properties
Square-Feet | ft²	219,333
Purchase price	$ 90,029
Remaining Lease Term	25 years 10 months 24 days
2019 acquisitions of income property subject to lease
Acquisitions of Income Properties
Purchase price	$ 90,000
Winston-Salem, NC | 2019 acquisitions of income property subject to lease - Hobby Lobby Stores, Inc
Acquisitions of Income Properties
Square-Feet | ft²	55,000
Area of land (in acres) | a	7.60
Purchase price	$ 8,075
Percentage Leased	100.00%
Remaining Lease Term	10 years 10 months 24 days
Falls Church, VA | 2019 acquisitions of income property subject to lease - 24 Hour Fitness USA, Inc
Acquisitions of Income Properties
Square-Feet | ft²	46,000
Area of land (in acres) | a	3.10
Purchase price	$ 21,250
Percentage Leased	100.00%
Remaining Lease Term	8 years 7 months 6 days
Birmingham, AL | 2019 acquisitions of income property subject to lease - Walgreen Co.
Acquisitions of Income Properties
Square-Feet | ft²	14,516
Area of land (in acres) | a	2.10
Purchase price	$ 5,500
Percentage Leased	100.00%
Remaining Lease Term	9 years 9 months 18 days
Lynn, MA | 2019 acquisitions of income property subject to lease - Family Dollar Stores of Massachusetts, Inc
Acquisitions of Income Properties
Square-Feet | ft²	9,228
Area of land (in acres) | a	0.70
Purchase price	$ 2,100
Percentage Leased	100.00%
Remaining Lease Term	4 years 9 months 18 days
Albany, GA | 2019 acquisitions of income property subject to lease - Walgreen Co.
Acquisitions of Income Properties
Square-Feet | ft²	14,770
Area of land (in acres) | a	3.60
Purchase price	$ 3,634
Percentage Leased	100.00%
Remaining Lease Term	13 years 7 months 6 days
Austin, TX | 2019 acquisitions of income property subject to lease - Carpenter Hotel
Acquisitions of Income Properties
Area of land (in acres) | a	1.40
Purchase price	$ 16,250
Percentage Leased	100.00%
Remaining Lease Term	99 years 1 month 6 days
Reston, VA | 2019 acquisitions of income property subject to lease - General Dynamics Corporation
Acquisitions of Income Properties
Square-Feet | ft²	64,319
Area of land (in acres) | a	3
Purchase price	$ 18,600
Percentage Leased	100.00%
Remaining Lease Term	9 years 10 months 24 days
East Troy, WI | 2019 acquisitions of income property subject to lease - Live Nation Entertainment, Inc.
Acquisitions of Income Properties
Area of land (in acres) | a	158.30
Purchase price	$ 7,500
Percentage Leased	100.00%
Remaining Lease Term	10 years 7 months 6 days
Oceanside, NY | 2019 acquisitions of income property subject to lease - Party City Corporation
Acquisitions of Income Properties
Square-Feet | ft²	15,500
Area of land (in acres) | a	1.20
Purchase price	$ 7,120
Percentage Leased	100.00%
Remaining Lease Term	10 years 2 months 12 days

LAND AND SUBSURFACE INTERESTS -

LAND AND SUBSURFACE INTERESTS - Daytona Beach, Florida Land (Details)	Oct. 31, 2019a	Sep. 30, 2019apropertymi	Jun. 30, 2019a	Mar. 31, 2019a	Sep. 30, 2018a	Jun. 30, 2018a	Mar. 31, 2018a	Sep. 30, 2019apropertymi	Sep. 30, 2018a
Land and development costs and subsurface interests
Area of land sales as a percentage of land holdings	30.00%
Land sale acres	1,500	2.2	64.3	9.9	24.1	32.4	34.9	76.4	91.4
Undeveloped Land in Daytona Beach, Florida, Along Interstate 95
Land and development costs and subsurface interests
Area of land (in acres)		5,300						5,300
Distance of land owned along Interstate | mi		6						6
Property east of I-95
Land and development costs and subsurface interests
Area of land (in acres)		800						800
Distance of land owned along Interstate | mi		6						6
Property west of I-95
Land and development costs and subsurface interests
Area of land (in acres)		4,500						4,500
Property west of Interstate 95 and north of Interstate 4
Land and development costs and subsurface interests
Area of land (in acres)		1,000						1,000
Property west of Interstate 95 and north of Interstate 4, parcel one
Land and development costs and subsurface interests
Area of land (in acres)		850						850
Property west of Interstate 95 and north of Interstate 4, smaller parcels
Land and development costs and subsurface interests
Number of land parcels | property		3						3

LAND AND SUBSURFACE INTERESTS_2

LAND AND SUBSURFACE INTERESTS - Real Estate Operations Revenues (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenues
Revenue from contract with customer, including assessed tax				$ 24,498,000
Subsurface Revenue				1,403,000
Total Revenues	$ 11,748,131	$ 17,413,926	$ 43,946,281	53,461,436
Real Estate Operations
Revenues
Revenue from contract with customer, including assessed tax	632,000	8,013,000	11,677,000
Subsurface Revenue	196,000	377,000	637,000
Total Revenues	631,741	8,012,509	11,677,413	24,498,527
Land
Revenues
Revenue from contract with customer, including assessed tax	350,000	6,971,000	10,900,000	21,821,000
Land | Real Estate Operations
Revenues
Revenue from contract with customer, including assessed tax	350,000	6,971,000	10,900,000	21,821,000
Impact Fee and Mitigation Credit Sales
Revenues
Revenue from contract with customer, including assessed tax		665,000		1,251,000
Impact Fee and Mitigation Credit Sales | Real Estate Operations
Revenues
Revenue from contract with customer, including assessed tax		$ 665,000	0	1,251,000
Fill Dirt and Other Revenue
Revenues
Revenue from contract with customer, including assessed tax				1,000
Fill Dirt and Other Revenue | Real Estate Operations
Revenues
Revenue from contract with customer, including assessed tax	18,000		72,000	1,000
Agriculture
Revenues
Revenue from contract with customer, including assessed tax				$ 22,000
Agriculture | Real Estate Operations
Revenues
Revenue from contract with customer, including assessed tax	$ 68,000		$ 68,000

LAND AND SUBSURFACE INTERESTS_3

LAND AND SUBSURFACE INTERESTS - Land Sales and Impairments (Details) $ / a in Thousands, $ in Thousands	Oct. 31, 2019a	Sep. 11, 2019USD ($)a$ / a	Jun. 20, 2019USD ($)a$ / a	May 15, 2019USD ($)a$ / a	Apr. 29, 2019USD ($)a$ / a	Feb. 27, 2019USD ($)a$ / 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	Sep. 30, 2019USD ($)a$ / a	Jun. 30, 2019USD ($)a$ / a	Mar. 31, 2019USD ($)a$ / a	Sep. 30, 2018USD ($)a$ / a	Jun. 30, 2018USD ($)a$ / a	Mar. 31, 2018USD ($)a$ / a	Sep. 30, 2019USD ($)a$ / a	Sep. 30, 2018USD ($)a$ / a
Land and development costs and subsurface interests
Mitigation credits sold																				$ 1,000
No. of Acres | a	1,500												2.2	64.3	9.9	24.1	32.4	34.9	76.4	91.4
Gross Sales Price													$ 300	$ 7,510	$ 3,300	$ 6,970	$ 1,709	$ 13,948	$ 11,110	$ 22,627
Price per Acre | $ / a													136	117	333	289	53	400	145	248
Gain on Sale													$ 283	$ 2,925	$ 2,274	$ 1,764	$ 1,078	$ 11,926	$ 5,482	$ 14,768
Unicorp-Grocery Anchored Project - East of I-95
Land and development costs and subsurface interests
Mitigation credits sold																			260
Mitigation credits transferred																			260
Buc'ees - East of I-95
Land and development costs and subsurface interests
Escrow reserve																831		831		831
Remaining gain to be recognized																$ 831		$ 831		831
Undeveloped Land in Daytona Beach, Florida, Along Interstate 95
Land and development costs and subsurface interests
Impairment charges																			$ 0	$ 0
Land Sales
Land and development costs and subsurface interests
No. of Acres | a																			76	2,583
Gross Sales Price																			$ 11,100
Land Sales | Unicorp-Grocery Anchored Project - East of I-95 | Commercial/Retail Site
Land and development costs and subsurface interests
No. of Acres | a						9.9
Gross Sales Price						$ 3,300
Price per Acre | $ / a						333
Gain on Sale						$ 2,274
Land Sales | Buc'ees - East of I-95
Land and development costs and subsurface interests
Gain on Sale																				$ 11,900
Land Sales | Buc'ees - East of I-95 | Commercial/Retail Site
Land and development costs and subsurface interests
No. of Acres | a												34.9
Gross Sales Price												$ 13,948
Price per Acre | $ / a												400
Gain on Sale												$ 11,926
Land Sales | Residential | Commercial/Retail Site
Land and development costs and subsurface interests
No. of Acres | a											19
Gross Sales Price											$ 265
Price per Acre | $ / a											14
Gain on Sale											$ 226
Land Sales | Commercial/Retail Site | Commercial/Retail Site
Land and development costs and subsurface interests
No. of Acres | a								3.5	7.7	5.7
Gross Sales Price								$ 285	$ 819	$ 625
Price per Acre | $ / a								81	106	110
Gain on Sale								$ 262	$ 628	$ 224
Land Sales | Unicorp-Williamson Crossing | Commercial/Retail Site
Land and development costs and subsurface interests
No. of Acres | a							20.6
Gross Sales Price							$ 6,685
Price per Acre | $ / a							325
Gain on Sale							$ 1,502
Land Sales | Compensating Storage Pond
Land and development costs and subsurface interests
No. of Acres | a					38
Gross Sales Price					$ 710
Price per Acre | $ / a					19
Gain on Sale					$ 596
Land Sales | Final NADG Land Sale. | Commercial/Retail Site
Land and development costs and subsurface interests
No. of Acres | a				12.6
Gross Sales Price				$ 3,000
Price per Acre | $ / a				239
Gain on Sale				$ 1,964
Land Sales | Unicorp-Clyde Morris | Commercial/Retail Site
Land and development costs and subsurface interests
No. of Acres | a			13.7
Gross Sales Price			$ 3,800
Price per Acre | $ / a			277
Gain on Sale			$ 365																$ 365
Land Sales | Mitigation Bank
Land and development costs and subsurface interests
No. of Acres | a																				2,492
Gross Sales Price																				$ 15,300
Land sales, ownership interest sold (as a percent)																				70.00%
Land Sales | LPGA Parcel | Commercial/Retail Site
Land and development costs and subsurface interests
No. of Acres | a		2.2
Gross Sales Price		$ 300
Price per Acre | $ / a		136
Gain on Sale		$ 283

LAND AND SUBSURFACE INTERESTS_4

LAND AND SUBSURFACE INTERESTS - Daytona Beach (Details)	9 Months Ended		12 Months Ended
	Sep. 30, 2019USD ($)a	Sep. 30, 2018USD ($)	Dec. 31, 2018USD ($)a
Land and subsurface interests
Acquisition of property		$ 3,794,058
Land Parcel with Structures Beach Property
Land and subsurface interests
Area of land (in acres) | a			5
Acquisition of property			$ 2,000,000
Contiguous Parcels Beach Property
Land and subsurface interests
Area of land (in acres) | a	1
Acquisition of property	$ 2,100,000
Opportunity Zone and Community Redevelopment Area Beach Property
Land and subsurface interests
Area of land (in acres) | a	6
Accrued demolition and entitlement costs	$ 800,000

LAND AND SUBSURFACE INTERESTS_5

LAND AND SUBSURFACE INTERESTS - Other Real Estate Assets (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Land and development costs and subsurface interests
Impact fees	$ 2,000		$ 2,000
Revenue from contract with customer, including assessed tax				$ 24,498,000
Type of Revenue [Extensible List]			Impact Fee and Mitigation Credit Sales
Mitigation credits	445,000		$ 445,000
Impact Fee and Mitigation Credits	447,596		447,596		$ 462,040
Mitigation credits sold				1,000,000
Gain on mitigation credits sold				$ 882,000
Gain on mitigation credits sold (in dollars per share)				$ 0.12
Cash payments received for impact fees				$ 251,000
LandShark Bar and Grill
Land and development costs and subsurface interests
Cash payments received for impact fees				72,000
Impact Fee and Mitigation Credit Sales
Land and development costs and subsurface interests
Revenue from contract with customer, including assessed tax		$ 665,000		1,251,000
Real Estate Operations
Land and development costs and subsurface interests
Revenue from contract with customer, including assessed tax	$ 632,000	8,013,000	11,677,000
Real Estate Operations | Buc'ees - East of I-95
Land and development costs and subsurface interests
Mitigation credits transferred				124,000
Real Estate Operations | Impact Fee and Mitigation Credit Sales
Land and development costs and subsurface interests
Revenue from contract with customer, including assessed tax		$ 665,000	$ 0	$ 1,251,000

LAND AND SUBSURFACE INTERESTS_6

LAND AND SUBSURFACE INTERESTS - Subsurface Interests (Details)	Oct. 31, 2019a	Sep. 30, 2019USD ($)acounty	Jun. 30, 2019USD ($)a	Mar. 31, 2019USD ($)a	Sep. 30, 2018USD ($)a	Jun. 30, 2018USD ($)a	Mar. 31, 2018USD ($)a	Sep. 30, 2019USD ($)acounty	Sep. 30, 2018USD ($)a$ / shares	Sep. 20, 2017	Dec. 31, 2011
Subsurface interests
Acres sold | a	1,500	2.2	64.3	9.9	24.1	32.4	34.9	76.4	91.4
Revenue from contract with customer, including assessed tax									$ 24,498,000
Type of revenue								cto:ImpactFeeAndMitigationCreditSalesMember
Gain on Sale		$ 283,000	$ 2,925,000	$ 2,274,000	$ 1,764,000	$ 1,078,000	$ 11,926,000	$ 5,482,000	$ 14,768,000
Lease payments on the respective acreages and drilling penalties received
Over Lease Term		$ 9,676,000						29,604,000
Hendry County
Lease payments on the respective acreages and drilling penalties received
Area of land for which surface entry rights were released | a									40
Subsurface Interests
Subsurface interests
Revenue from contract with customer, including assessed tax								$ 0	$ 0
Lease payments on the respective acreages and drilling penalties received
Number of acres with operating oil wells | a		800			800			800	800
Revenue recognized for cash payments for the release of surface entry rights									$ 73,000
Oil exploration
Subsurface interests
Period of extended lease term										5 years
Number of days granted for lease extension								30 days
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						$ 10,633,805
Drilling Penalty		2,125,000						$ 2,125,000
Period from end of prior lease year payment for drilling penalty is due								30 days
Over Lease Term		$ 186,000			$ 203,000			$ 586,000	603,000
Oil exploration | Lease Year 1 - 9/23/2011 - 9/22/2012
Lease payments on the respective acreages and drilling penalties received
Acreage | a		136,000						136,000
Lease Payment		$ 913,657						$ 913,657
Oil exploration | Lease Year 2 - 9/23/2012 - 9/22/2013
Lease payments on the respective acreages and drilling penalties received
Acreage | a		136,000						136,000
Lease Payment		$ 922,114						$ 922,114
Oil exploration | Lease Year 3 - 9/23/2013 - 9/22/2014
Lease payments on the respective acreages and drilling penalties received
Acreage | a		82,000						82,000
Lease Payment		$ 3,293,000						$ 3,293,000
Drilling Penalty		$ 1,000,000						$ 1,000,000
Oil exploration | Lease Year 4 - 9/23/2014 - 9/22/2015
Lease payments on the respective acreages and drilling penalties received
Acreage | a		42,000						42,000
Lease Payment		$ 1,866,146						$ 1,866,146
Drilling Penalty		$ 600,000						$ 600,000
Oil exploration | Lease Year 5 - 9/23/2015 - 9/22/2016
Lease payments on the respective acreages and drilling penalties received
Acreage | a		25,000						25,000
Lease Payment		$ 1,218,838						$ 1,218,838
Drilling Penalty		$ 175,000						$ 175,000
Oil exploration | Lease Year 6 - 9/23/2016 - 9/22/2017
Lease payments on the respective acreages and drilling penalties received
Acreage | a		15,000						15,000
Lease Payment		$ 806,683						$ 806,683
Drilling Penalty		$ 150,000						$ 150,000
Oil exploration | Lease Year 7 - 9/23/2017 - 9/22/2018
Lease payments on the respective acreages and drilling penalties received
Acreage | a		15,000						15,000
Lease Payment		$ 806,683						$ 806,683
Drilling Penalty		$ 50,000						$ 50,000
Oil exploration | Lease Year 8 - 9/23/2018 - 9/22/2019
Lease payments on the respective acreages and drilling penalties received
Acreage | a		15,000						15,000
Lease Payment		$ 806,684						$ 806,684
Drilling Penalty		$ 150,000						$ 150,000
Oil exploration | Minimum
Lease payments on the respective acreages and drilling penalties received
Period of lease term after which additional rental payments may be received								9 years
Oil exploration | Maximum
Subsurface interests
Lease term		8 years						8 years		13 years	8 years
Lease payments on the respective acreages and drilling penalties received
Lease Payment		$ 807,000						$ 807,000
Period of lease term after which additional rental payments may be received								13 years
Surface land over subsurface interests
Subsurface interests
Area of land (in acres) | a		455,000						455,000
Number of counties in which Subsurface Interests are owned | county		20						20
Gain on Sale									$ 435,000
After tax gain on sale (in dollars per share) | $ / shares									$ 0.06
Lease payments on the respective acreages and drilling penalties received
Revenue recognized for cash payments for the release of surface entry rights								$ 0
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
Subsurface interests
Revenue from contract with customer, including assessed tax		$ 632,000			8,013,000			11,677,000
Real Estate Operations | Subsurface Interests
Subsurface interests
Revenue from contract with customer, including assessed tax		$ 10,000			$ 11,000			$ 39,000	$ 50,000
Type of revenue		us-gaap:RoyaltyMember			us-gaap:RoyaltyMember			us-gaap:RoyaltyMember	us-gaap:RoyaltyMember
Real Estate Operations | Surface land over subsurface interests
Subsurface interests
Revenue from contract with customer, including assessed tax									$ 185,000

INVESTMENT IN JOINT VENTURE - G

INVESTMENT IN JOINT VENTURE - General Information (Details)	Oct. 31, 2019a	Sep. 30, 2019USD ($)a	Jun. 30, 2019USD ($)a	Mar. 31, 2019USD ($)a	Sep. 30, 2018USD ($)a	Jun. 30, 2018USD ($)ainstrument	Mar. 31, 2018USD ($)a	Jun. 30, 2018USD ($)ainstrument	Sep. 30, 2019USD ($)a	Sep. 30, 2018USD ($)a	Dec. 31, 2018USD ($)	Aug. 06, 2018item	Jun. 08, 2018item
Real Estate [Line Items]
Land sale acres | a	1,500	2.2	64.3	9.9	24.1	32.4	34.9		76.4	91.4
Investment in Joint Venture		$ 6,850,594							$ 6,850,594		$ 6,788,034
Number of state credits awarded | item												88.84
Gain on Sale		283,000	$ 2,925,000	$ 2,274,000	$ 1,764,000	$ 1,078,000	$ 11,926,000		5,482,000	$ 14,768,000
Gross Sales Price		$ 300,000	$ 7,510,000	$ 3,300,000	$ 6,970,000	1,709,000	$ 13,948,000		$ 11,110,000	$ 22,627,000
Maximum
Real Estate [Line Items]
Number of state credits awarded | item													355
Land Sales
Real Estate [Line Items]
Land sale acres | a									76	2,583
Gross Sales Price									$ 11,100,000
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%							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							$ 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		$ 6,000,000
Mitigation credits, Operating Agreement, credit sales, Minimum Sales Requirement, maximum credits, number | instrument						60		60
Mitigation credits, Operating Agreement, credit sales, Minimum Sales Guarantee, fair value						$ 100,000		$ 100,000
Mitigation credits, Put Right, maximum credits the Company must purchase, per quarter, number | instrument						8.536		8.536
Mitigation credits, Put Right, maximum credits the Company must purchase, per quarter, price to fair value (as a percent)						60.00%		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		1
Mitigation credits, Put Right, maximum potential future payments						$ 27,000,000		$ 27,000,000
Mitigation credits, Put Right, fair value						$ 200,000		$ 200,000
Black Rock
Real Estate [Line Items]
Sale of interest in joint venture								70.00%

INVESTMENT IN JOINT VENTURE - T

INVESTMENT IN JOINT VENTURE - Tabular Disclosure (Details) - Mitigation Bank $ in Thousands	Sep. 30, 2019USD ($)
Summarized financial information of the Company’s JV Investment
Assets, cash and cash equivalents	$ 2,131
Assets, prepaid expenses	30
Assets, investment in mitigation credit assets	1,572
Assets, property, plant, and equipment	16
Total Assets	3,749
Liabilities, accounts payable, deferred mitigation credit sale revenue	5
Equity	3,744
Total Liabilities & Equity	$ 3,749

COMMERCIAL LOAN INVESTMENTS - G

COMMERCIAL LOAN INVESTMENTS - General Information (Details)	Oct. 18, 2019USD ($)	Jul. 05, 2019USD ($)a	Jun. 14, 2019USD ($)aitem	Sep. 30, 2019USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Originated amount				$ 32,500,000
First Mortgage, 72-Acre Land Parcel, Orlando, FL
Accounts, Notes, Loans and Financing Receivable [Line Items]
Originated amount			$ 8,000,000	$ 8,000,000
Area of land (in acres) | a			72
Term			1 year
Number of extensions | item			2
Extension term			1 year
Interest rate (as a percent)			12.00%	12.00%
Origination fee (as a percent)			2.00%
Origination fee received			$ 160,000
Mortgage Note, 400 Josephine Street, Austin, TX
Accounts, Notes, Loans and Financing Receivable [Line Items]
Originated amount		$ 8,300,000		$ 8,250,000
Term		1 year
Interest rate (as a percent)		11.50%		11.50%
Origination fee (as a percent)		1.00%
Origination fee received		$ 82,500,000
First Mortgage, Golf Club, Daytona Beach, FL | Subsequent Event
Accounts, Notes, Loans and Financing Receivable [Line Items]
Originated amount	$ 2,070,000
Term	1 year
Interest rate (as a percent)	7.50%
Origination fee (as a percent)	1.50%
Origination fee received	$ 31,050
Ground Lease Loan, 400 Josephine Street, Austin, TX
Accounts, Notes, Loans and Financing Receivable [Line Items]
Originated amount		$ 16,250,000		$ 16,250,000
Area of land (in acres) | a		1.4
Term		99 years

COMMERCIAL LOAN INVESTMENTS - S

COMMERCIAL LOAN INVESTMENTS - Summary of Commercial Loan Investments (Details) - USD ($)	Jul. 05, 2019	Jun. 14, 2019	Sep. 30, 2019
Mortgage Loans On Real Estate [Line Items]
Original Face Amount			$ 32,500,000
Current Face Amount			32,500,000
Carrying Value			32,419,693
First Mortgage, 72-Acre Land Parcel, Orlando, FL
Mortgage Loans On Real Estate [Line Items]
Original Face Amount		$ 8,000,000	8,000,000
Current Face Amount			8,000,000
Carrying Value			$ 7,887,650
Interest rate (as a percent)		12.00%	12.00%
Mortgage Note, 400 Josephine Street, Austin, TX
Mortgage Loans On Real Estate [Line Items]
Original Face Amount	$ 8,300,000		$ 8,250,000
Current Face Amount			8,250,000
Carrying Value			$ 8,187,282
Interest rate (as a percent)	11.50%		11.50%
Ground Lease Loan, 400 Josephine Street, Austin, TX
Mortgage Loans On Real Estate [Line Items]
Original Face Amount	$ 16,250,000		$ 16,250,000
Current Face Amount			16,250,000
Carrying Value			$ 16,344,761

COMMERCIAL LOAN INVESTMENTS - C

COMMERCIAL LOAN INVESTMENTS - Carrying Value (Details)	Sep. 30, 2019USD ($)
COMMERCIAL LOAN INVESTMENTS
Current Face Amount	$ 32,500,000
Imputed Interest on Ground Lease Loan	94,761
Unaccreted Origination Fees	(175,068)
Total Commercial Loan Investments	$ 32,419,693

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS - Carrying Value and Estimated Fair Value (Details) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Carrying Value
Carrying value and estimated fair value of financial instruments
Cash and Cash Equivalents	$ 5,411,727	$ 2,310,489
Restricted Cash	6,213,295	19,721,475
Commercial Loan Investments	32,419,693
Long-Term Debt	282,087,031	247,624,811
Estimated Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1)
Carrying value and estimated fair value of financial instruments
Cash and Cash Equivalents	5,411,727	2,310,489
Restricted Cash	6,213,295	19,721,475
Estimated Fair Value | Significant Other Observable Inputs (Level 2)
Carrying value and estimated fair value of financial instruments
Commercial Loan Investments	32,837,562
Long-Term Debt	$ 283,804,842	$ 248,765,650

FAIR VALUE OF FINANCIAL INSTR_4

FAIR VALUE OF FINANCIAL INSTRUMENTS - Measured on a Recurring Basis (Details) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Fair value of assets
Cash Flow Hedge - Interest Rate Swap	$ 109,041	$ 651,722
Recurring basis
Fair value of assets
Total	109,041	651,722
Recurring basis | Significant Other Observable Inputs (Level 2)
Fair value of assets
Total	109,041	651,722
Recurring basis | Interest Rate Swap
Fair value of assets
Cash Flow Hedge - Interest Rate Swap	109,041	651,722
Recurring basis | Interest Rate Swap | Significant Other Observable Inputs (Level 2)
Fair value of assets
Cash Flow Hedge - Interest Rate Swap	$ 109,041	$ 651,722

INTANGIBLE LEASE ASSETS AND L_3

INTANGIBLE LEASE ASSETS AND LIABILITIES - Components (Details) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	$ 68,380,324	$ 58,094,834
Accumulated Amortization	(19,185,103)	(14,539,389)
Total	49,195,221	43,555,445
Intangible Lease Liabilities
Value of Below Market In-Place Leases	(36,148,744)	(35,321,234)
Sub-total Intangible Lease Liabilities	(36,148,744)	(35,321,234)
Accumulated Amortization	10,089,130	7,930,884
Total	(26,059,614)	(27,390,350)
Total Intangible Assets and Liabilities—Net	23,135,607	16,165,095
Value of In-Place Leases
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	45,978,647	39,189,008
Value of Above Market In-Place Leases
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	4,622,096	4,114,715
Value of Intangible Leasing Costs
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	$ 17,779,581	$ 14,791,111

INTANGIBLE LEASE ASSETS AND L_4

INTANGIBLE LEASE ASSETS AND LIABILITIES - Amortization (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
INTANGIBLE LEASE ASSETS AND LIABILITIES
Depreciation and Amortization Expense	$ 1,590,000	$ 1,369,000	$ 4,276,000	$ 4,091,000
Increase to Income Properties Revenue	(607,000)	(600,000)	(1,810,459)	(1,779,031)
Net Amortization of Intangible Assets and Liabilities	$ 983,000	$ 769,000	$ 2,466,000	$ 2,312,000

INTANGIBLE LEASE ASSETS AND L_5

INTANGIBLE LEASE ASSETS AND LIABILITIES - Summary of Estimated Amortization and Accretion (Details) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Future Amortization Amount
Total	$ 49,195,221	$ 43,555,445
Future Accretion to Income Property Revenue
Total	(26,059,614)	$ (27,390,350)
Net Future Amortization of Intangible Assets and Liabilities
Remainder of 2019	1,036,622
2020	3,854,160
2021	2,320,573
2022	1,696,372
2023	1,597,407
2024	1,737,418
Thereafter	10,893,056
Total	23,135,608
Future Amortization
Future Amortization Amount
Remainder of 2019	1,627,169
2020	6,164,532
2021	4,702,115
2022	4,149,075
2023	4,024,048
2024	3,947,463
Thereafter	21,032,956
Total	45,647,358
Future Accretion to Income Property Revenue
Future Accretion to Income Property Revenue
Remainder of 2019	(590,547)
2020	(2,310,372)
2021	(2,381,542)
2022	(2,452,703)
2023	(2,426,641)
2024	(2,210,045)
Thereafter	(10,139,900)
Total	$ (22,511,750)

IMPAIRMENT OF LONG-LIVED ASSE_2

IMPAIRMENT OF LONG-LIVED ASSETS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Golf Operations And Club Assets [Member] | Discontinued Operations, Held-for-sale
Impairment of Long-Lived Assets
Sales price		$ 3,450
Golf Operations
Impairment of Long-Lived Assets
Impairment Charges	$ 1,100
Impairment charge (in dollars per share)	$ 0.15
Total asset impairment			$ 3,100
Undeveloped Land in Daytona Beach, Florida, Along Interstate 95
Impairment of Long-Lived Assets
Impairment Charges		$ 0	$ 0

OTHER ASSETS (Details)

OTHER ASSETS (Details)	9 Months Ended
	Sep. 30, 2019USD ($)installmentbuilding	Dec. 31, 2018USD ($)property
Other Assets
Income Property Tenant Receivables	$ 1,114,355	$ 627,691
Income Property Straight-line Rent Adjustment	4,819,777	4,304,279
Income Property Lease Incentive	2,167,422	2,394,246
Interest Receivable from Commercial Loan Investment	84,833
Operating Leases - Right-of-Use Asset	384,462
Cash Flow Hedge - Interest Rate Swap	109,041	651,722
Infrastructure Reimbursement Receivables	1,869,177	1,847,375
Deferred Deal Costs	129,352	425,476
Prepaid Expenses, Deposits, and Other	3,329,830	2,634,664
Total Other Assets	14,008,249	$ 12,885,453
Number of real estate properties | property		4
Deal Costs for Incomplete Transactions	552,000
Tanger
Other Assets
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	138,000
Sam's Club
Other Assets
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	52,000
Hilton Grand Vacations
Other Assets
Income Property Lease Incentive	$ 2,200,000
Number of real estate properties | building	2
Funding for tenant improvements	$ 2,700,000
Accumulated amortization	$ 580,000

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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Income Available to Common Shareholders:
Net Income	$ 1,486,022	$ 296,172	$ 18,550,919	$ 25,371,379
Weighted Average Shares Outstanding	4,868,133	5,491,181	5,053,407	5,516,989
Common Shares Applicable to Stock
Options Using the Treasury Stock Method		2,186	811	31,436
Total Shares Applicable to Diluted Earnings Per Share	4,868,133	5,493,367	5,054,218	5,548,425
Basic
Net Income from Continuing Operations (in dollars per share)	$ 0.36	$ 0.27	$ 3.79	$ 4.88
Net Income from Discontinuing Operations (in dollars per share)	(0.05)	(0.22)	(0.12)	(0.28)
Net Income (in dollars per share)	0.31	0.05	3.67	4.60
Diluted
Net Income from Continuing Operations (in dollars per share)	0.36	0.27	3.79	4.85
Net Income from Discontinuing Operations (in dollars per share)	(0.05)	(0.22)	(0.12)	(0.28)
Net Income (in dollars per share)	$ 0.31	$ 0.05	$ 3.67	$ 4.57

COMMON STOCK AND EARNINGS PER_4

COMMON STOCK AND EARNINGS PER SHARE - Anti-dilutive Securities and Convertible Notes (Details) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018	Mar. 11, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	0	0	7,500	15,000
Additional diluted outstanding shares related to Convertible Notes			0	0
4.50% Convertible Senior Notes due 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stated interest rate (as a percent)	4.50%		4.50%		4.50%
Conversion price per share	$ 68.23		$ 68.23			$ 68.90

TREASURY STOCK (Details)

TREASURY STOCK (Details) - USD ($)	Apr. 10, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Jun. 30, 2019	Jan. 31, 2019
Treasury Stock
Stock repurchase program authorized amount					$ 10,000,000	$ 10,000,000
Existing buyback program						10,000,000
Shares repurchased (in shares)			532,477
Stock repurchased amount		$ 1,784,560	$ 31,096,662	$ 3,977,005
Average price per share of stock repurchased			$ 58.40
Aggregate shares repurchased under repurchase plan, shares			0
Block Share Repurchase
Treasury Stock
Existing buyback program	10,000,000
Shares repurchased (in shares)	320,741
Percentage of Company’s outstanding shares purchased	6.00%
Stock repurchased amount	$ 18,400,000
Minimum ownership interest held by largest shareholder	28.00%

LONG-TERM DEBT - Outstanding In

LONG-TERM DEBT - Outstanding Indebtedness (Details)	9 Months Ended
	Sep. 30, 2019USD ($)property	Dec. 31, 2018	Apr. 30, 2016USD ($)	Mar. 11, 2015USD ($)
Long-term debt
Face Value of Debt	$ 283,901,632
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	$ 154,845,349
Credit Facility | LIBOR | Minimum
Long-term debt
Margin added to variable rate basis (as a percent)	1.35%
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	$ 24,056,283		$ 24,100,000
Term of loan	5 years
Period of interest only payments	2 years
Period of amortization for principal payments	25 years
Wells Fargo Mortgage Note Payable Originated April 15, 2016 | LIBOR
Long-term debt
Margin added to variable rate basis (as a percent)	1.90%
4.50% Convertible Senior Notes due 2020
Long-term debt
Face Value of Debt	$ 75,000,000			$ 75,000,000
Stated interest rate (as a percent)	4.50%	4.50%

LONG-TERM DEBT - Credit Facilit

LONG-TERM DEBT - Credit Facility (Details) - USD ($) shares in Millions, $ in Millions	9 Months Ended
	Sep. 30, 2019	Apr. 10, 2019	Jan. 31, 2019	Sep. 07, 2017
Long-term debt
Existing buyback program			10
Block Share Repurchase
Long-term debt
Existing buyback program		10
Credit Facility
Long-term debt
Extension term	1 year
Maximum borrowing capacity				$ 200
Maximum borrowing capacity, after possible increase				$ 300
Unused portion of the borrowing capacity fee percentage condition	50.00%
Available borrowing capacity	$ 36.9
Amount outstanding	154.8
Line of Credit Facility, Current Borrowing Capacity	$ 200
Credit Facility | Minimum
Long-term debt
Commitment fee percentage on unused portion of the borrowing capacity	15.00%
Credit Facility | Maximum
Long-term debt
Commitment fee percentage on unused portion of the borrowing capacity	25.00%
Credit Facility | LIBOR | Minimum
Long-term debt
Margin added to variable rate basis (as a percent)	1.35%
Credit Facility | LIBOR | Maximum
Long-term debt
Margin added to variable rate basis (as a percent)	2.20%

LONG-TERM DEBT - Convertible No

LONG-TERM DEBT - Convertible Notes (Details)	Mar. 11, 2015USD ($)$ / shares	Sep. 30, 2019USD ($)$ / shares	Dec. 31, 2018
Long-term debt
Face amount of debt		$ 283,901,632
Unamortized debt discount of notes		641,422
4.50% Convertible Senior Notes due 2020
Long-term debt
Face amount of debt	$ 75,000,000	$ 75,000,000
Stated interest rate (as a percent)		4.50%	4.50%
Debt instrument conversion ratio	0.0145136	0.0146162
Conversion price per share | $ / shares	$ 68.90	$ 68.23
Sinking fund provided		$ 0
Unamortized debt discount of notes	$ 6,100,000	$ 641,000,000
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 ($)	Sep. 30, 2019	Dec. 31, 2018
Long-term debt
Long-term debt	$ 283,901,632
Loan Costs, net of accumulated amortization	(1,173,179)	$ (1,026,967)
Long-Term Debt	282,087,031	247,624,811
Credit Facility
Long-term debt
Long-term debt	154,845,349	120,745,579
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	$ 24,056,283	24,557,468
4.50% Convertible Senior Notes due 2020
Long-term debt
Long-term debt, net of discount	$ 74,358,578	$ 73,348,731
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)	Sep. 30, 2019USD ($)
Payments applicable to reduction of principal amounts
2020	$ 75,000,000
2021	24,056,283
2023	154,845,349
Thereafter	30,000,000
Total Long-Term Debt - Face Value	$ 283,901,632

LONG-TERM DEBT - Carrying Value

LONG-TERM DEBT - Carrying Value (Details) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
LONG-TERM DEBT
Current Face Amount	$ 283,901,632
Unamortized Discount on Convertible Debt	(641,422)
Loan Costs, net of accumulated amortization	(1,173,179)	$ (1,026,967)
Total Long-Term Debt	$ 282,087,031	$ 247,624,811

LONG-TERM DEBT - Interest Expen

LONG-TERM DEBT - Interest Expense (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
LONG-TERM DEBT
Interest expense	$ 2,801,000	$ 1,921,000	$ 7,886,000	$ 6,107,000
Amortization of Loan Costs	111,000	103,000	323,672	389,656
Amortization of Discount on Convertible Notes	342,000	321,000	1,009,847	947,419
Total Interest Expense	3,254,000	2,345,000	9,220,000	7,444,000
Total Interest Paid	$ 3,075,000	$ 2,798,000	$ 8,142,000	$ 6,989,000

LONG-TERM DEBT - Covenant (Deta

LONG-TERM DEBT - Covenant (Details)	Sep. 30, 2019
Credit Facility
Long-term debt
Covenant ratio	1.5

INTEREST RATE SWAP (Details)

INTEREST RATE SWAP (Details) - USD ($)	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018	Apr. 30, 2016
Derivative [Line Items]
Face amount of debt	$ 283,901,632
Wells Fargo Mortgage Note Payable Originated April 15, 2016
Derivative [Line Items]
Face amount of debt	$ 24,056,283		$ 24,100,000
Interest Rate Swap
Derivative [Line Items]
Effectiveness of interest rate cash flow hedge (as a percent)	100.00%
Notional amount	$ 24,100,000
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	$ 109,000	$ 652,000

ACCRUED AND OTHER LIABILITIES -

ACCRUED AND OTHER LIABILITIES - Components (Details) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
ACCRUED AND OTHER LIABILITIES
Accrued Property Taxes	$ 1,017,478	$ 12,312
Reserve for Tenant Improvements	312,548	100,519
Accrued Construction Costs	147,177	350,593
Accrued Interest	1,174,003	1,430,236
Environmental Reserve and Restoration Cost Accrual	250,774	520,404
Operating Leases - Liability	384,190
Other	2,341,304	2,783,820
Total Accrued and Other Liabilities	$ 5,627,474	$ 5,197,884

ACCRUED AND OTHER LIABILITIES_2

ACCRUED AND OTHER LIABILITIES - Environmental Reserves (Details) $ in Thousands	Sep. 30, 2016USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2017USD ($)	Jun. 30, 2016USD ($)	Sep. 30, 2019USD ($)	Dec. 31, 2015USD ($)a	Dec. 31, 2014USD ($)a	Dec. 31, 2018USD ($)	Mar. 31, 2017USD ($)
Environmental Reserve for Monitoring Environmental Remediation Work Previously Performed
Environmental reserves
Additional environmental reserve accrued			$ 51			$ 500	$ 110	$ 661
Environmental costs funded					$ 577
Environmental reserve accrued					84
Wetlands restoration
Environmental reserves
Area of land (in acres) | a						148.4
Estimated cost	$ 2,000	$ 2,400		$ 2,000	2,400
Environmental costs funded					2,200
Accrued restoration cost					$ 166	$ 1,700			$ 713
Increase in accrual of remediation costs		$ 361		$ 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
Area of land (in 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 ($)	Sep. 30, 2019	Dec. 31, 2018
DEFERRED REVENUE
Deferred Oil Exploration Lease Revenue		$ 585,675
Deferred Revenue on Land Sales	$ 831,320	831,320
Interest Reserve from Commercial Loan Investment	885,583
Prepaid Rent	2,353,456	1,621,620
Tenant Contributions	2,932,198	4,104,151
Other Deferred Revenue	455,108	58,838
Deferred Revenue, Total	$ 7,457,665	$ 7,201,604

DEFERRED REVENUE - Rent Paid in

DEFERRED REVENUE - Rent Paid in Advance (Details) - USD ($)	Feb. 21, 2018	Oct. 11, 2017	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018	Mar. 31, 2018	Sep. 20, 2017	Dec. 31, 2011
Deferred revenue
Lease revenue			$ 9,676,000		$ 29,604,000
Tenant contribution					1,000,000
Period over which rent received in advance is recognized		12 months
Total deferred revenue			7,457,665		7,457,665		$ 7,201,604
Tenant Contributions						$ 1,900,000
Acquisition of Property, Plant, and Equipment and Intangible Lease Assets and Liabilities					75,313,805	29,399,109
Master tenant funded incurred related to property acquisition from their leasing reserve escrow			935,000		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		29,000,000
Oil exploration
Deferred revenue
Lease revenue			186,000	$ 203,000	586,000	603,000
Lease Payment			10,633,805		$ 10,633,805
Number of days granted for lease extension					30 days
Aspen, Colorado
Deferred revenue
Lease revenue					$ 193,000
Total deferred revenue			2,200,000		2,200,000
Tenant Contributions	$ 1,500,000				1,500,000
Acquisition of Property, Plant, and Equipment and Intangible Lease Assets and Liabilities	$ 28,000,000
Florida
Deferred revenue
Lease revenue					199,000
Total deferred revenue			$ 1,700,000		1,700,000
Tenant Contributions					$ 1,900,000
Maximum | Oil exploration
Deferred revenue
Lease term			8 years		8 years				13 years	8 years
Lease Payment			$ 807,000		$ 807,000
Buc'ees - East of I-95
Deferred revenue
Escrow reserve				831,000		831,000		$ 831,000
Remaining gain to be recognized				$ 831,000		$ 831,000		831,000
Total deferred revenue								$ 25,000
Cocina 214
Deferred revenue
Lease revenue					$ 690,000,000

STOCK-BASED COMPENSATION - All

STOCK-BASED COMPENSATION - All Equity and Liability Classified Award Activity (Details) - shares	Jan. 23, 2019	Jan. 24, 2018	Feb. 03, 2017	Jan. 25, 2017	Jan. 27, 2016	Sep. 30, 2019
Shares
Outstanding (in shares)						165,032
Granted (in shares)						41,891
Vested / Exercised (in shares)						(18,053)
Outstanding (in shares)						188,870
Peer Group Market Condition Vesting | Performance Shares
Shares
Outstanding (in shares)						28,080
Granted (in shares)	21,195	15,445	12,635			21,195
Outstanding (in shares)						49,275
Stock Price Vesting | Restricted Shares
Shares
Outstanding (in shares)						22,000
Outstanding (in shares)						22,000
Three-Year Vesting | Restricted Shares
Shares
Outstanding (in shares)						34,952
Granted (in shares)	20,696	17,712		17,451	21,100	20,696
Vested (in shares)						(18,053)
Outstanding (in shares)						37,595
Amended and Restated 2010 Equity Incentive Plan | Stock Option Awards
Shares
Outstanding (in shares)						80,000
Granted (in shares)						0
Exercised (in shares)						0
Outstanding (in shares)						80,000

STOCK-BASED COMPENSATION - Reco

STOCK-BASED COMPENSATION - Recognized in Financial Statements (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
STOCK-BASED COMPENSATION
Total Cost of Share-Based Plans Charged Against Income Before Tax Effect	$ 613,292	$ 444,481	$ 2,059,167	$ 1,457,312
Income Tax Expense Recognized in Income	$ (155,439)	$ (112,654)	$ (521,896)	$ (369,356)

STOCK-BASED COMPENSATION - Perf

STOCK-BASED COMPENSATION - Performance Share Awards – Peer Group Market Condition Vesting (Details) - USD ($) $ / shares in Units, $ in Millions	Jan. 23, 2019	Jan. 24, 2018	Aug. 04, 2017	Feb. 03, 2017	Sep. 30, 2019
Peer Group Market Condition Vesting | 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
Performance Shares
Stock-based compensation
Performance period	3 years
Performance Shares | Peer Group Market Condition Vesting
Stock-based compensation
Performance period		3 years		3 years
Shares
Outstanding (in shares)					28,080
Granted (in shares)	21,195	15,445		12,635	21,195
Outstanding (in shares)					49,275
Weighted Average Fair Value
Outstanding (in dollars per share)					$ 66.29
Granted (in dollars per share					64.66
Outstanding (in dollars per share)					$ 65.59
Compensation cost
Unrecognized compensation cost					$ 1.6
Weighted average period of recognition of unrecognized compensation cost					1 year 10 months 24 days
Performance Shares | Minimum | Peer Group Market Condition Vesting
Stock-based compensation
Vesting percentage	0.00%	0.00%		0.00%
Performance Shares | Maximum | Peer Group Market Condition Vesting
Stock-based compensation
Vesting percentage	150.00%	150.00%		150.00%

STOCK-BASED COMPENSATION - Mark

STOCK-BASED COMPENSATION - Market Condition Restricted Shares - Stock Price Vesting (Details) $ / shares in Units, $ in Thousands	Aug. 04, 2017	Feb. 26, 2016item$ / sharesshares	May 20, 2015itemshares	Sep. 30, 2019USD ($)item$ / sharesshares
Stock Price Vesting | Restricted Shares
Shares
Outstanding (in shares)				22,000
Outstanding (in shares)				22,000
Weighted Average Fair Value
Outstanding (in dollars per share) | $ / shares				$ 41.71
Outstanding (in dollars per share) | $ / shares				$ 41.71
Compensation cost
Unrecognized compensation cost | $				$ 0
Stock Price Vesting | Restricted Shares | Mr. Albright
Stock-based compensation
Number of increments to vest | item		4	4
Restricted share award period after termination of employment		60 days	60 days
Period for average closing price		30 days	30 days
Stock based compensation, shares, permanently surrendered		68,000
Shares
Granted (in shares)			26,000
Outstanding (in shares)		26,000
Stock Price Vesting | Restricted Shares | Mr. Albright | 2015 and February 26, 2016 grants
Stock-based compensation
Number of increments vested | item				2
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
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
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
Share-based Compensation Award Stock Price Vesting Price Increment Two | Restricted Shares | Mr. Albright
Stock-based compensation
Closing share price (in dollars per share) | $ / shares		$ 70
Number of shares in each vesting increment		18,000
Share-based Compensation Award Stock Price Vesting Price Increment Three | Restricted Shares | Mr. Albright
Stock-based compensation
Closing share price (in dollars per share) | $ / shares		$ 75
Number of shares in each vesting increment		4,000
Equity Award Agreements | Mr. Albright
Stock-based compensation
Term of employment agreement			5 years
Equity Award Agreements | Stock Price Vesting
Award agreements
Period after change of control for equity award to fully vest upon termination of employment without cause or resignation	24 months	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. 23, 2019	Jan. 24, 2018	Aug. 04, 2017	Jan. 25, 2017	Jan. 27, 2016	Sep. 30, 2019
Restricted Shares
Stock-based compensation
Vesting per year (as a percent)	33.00%	33.00%		33.00%	33.00%
Shares
Outstanding (in shares)						34,952
Granted (in shares)	20,696	17,712		17,451	21,100	20,696
Vested (in shares)						(18,053)
Outstanding (in shares)						37,595
Weighted Average Fair Value
Outstanding (in dollars per share)						$ 58.07
Granted (in dollars per share						58.78
Vested (in dollars per share)						54.43
Outstanding (in dollars per share)						$ 60.21
Compensation cost
Unrecognized compensation cost						$ 1.5
Weighted average period of recognition of unrecognized compensation cost						1 year 10 months 24 days
Equity Award Agreements
Award agreements
Period after change of control for equity award to fully vest upon termination of employment without cause or resignation			24 months

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	Oct. 22, 2014	Sep. 30, 2019
Stock-based compensation
Granted (in shares)							0
Exercised (in shares)							0
Mr. Albright
Stock-based compensation
Granted (in shares)		40,000		40,000	20,000
Period of expiration after death or termination for disability		12 months			12 months
Period of expiration after termination of employment for reason other than death or disability		30 days			30 days
Exercise price (in dollars per share)				$ 55.62	$ 57.50
Surrendered (in shares)		40,000
Mr. Smith
Stock-based compensation
Granted (in shares)						10,000
Vesting per year (as a percent)						33.00%
Period of expiration from grant date						10 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
Exercise price (in dollars per share)						$ 50
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 ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Shares
Outstanding (in shares)	80,000
Granted (in shares)	0
Exercised (in shares)	0
Outstanding (in shares)	80,000	80,000
Exercisable (in shares)	80,000	80,000
Weighted Average Exercise Price (in dollars per share)
Outstanding (in dollars per share)	$ 55.63
Outstanding (in dollars per share)	55.63	$ 55.63
Exercisable (in dollars per share)	$ 55.63	$ 55.63
Weighted Average Remaining Contractual Term
Outstanding	5 years 6 months 4 days
Exercisable	5 years 6 months 4 days	6 years 6 months
Stock-based compensation
Aggregate Intrinsic Value, Outstanding (in dollars)	$ 797,800
Aggregate Intrinsic Value, Exercisable (in dollars)	797,800	$ 25,000
Unrecognized compensation cost (in dollars)	$ 0

STOCK-BASED COMPENSATION - No_3

STOCK-BASED COMPENSATION - Non-Employee Director Stock Compensation (Details) - Share-based Payment Arrangement, Nonemployee - USD ($)	3 Months Ended	9 Months Ended
	Mar. 31, 2019	Sep. 30, 2019	Sep. 30, 2018
Stock-based compensation
Annual award	$ 20,000
Number of shares awarded calculated based on the number of days of average price of the Company’s common stock	20 days
Number of business days based on which number of days of average price of the Company’s common stock, the number of shares awarded are calculated	2 days
Expense recognized		$ 443,000	$ 116,000
Expense recognized (in shares)		7,653	2,781
Annual award received	$ 174,000

INCOME TAXES (Details)

INCOME TAXES (Details)	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
INCOME TAXES
Effective income tax rate (as a percent)	25.20%	25.10%

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Contractual Commitments - Expenditures (Details) $ in Thousands	Oct. 18, 2019USD ($)$ / item	Jul. 16, 2019USD ($)	Jan. 24, 2017USD ($)	Jan. 31, 2019USD ($)	Jan. 31, 2018USD ($)	Sep. 30, 2019USD ($)$ / item	Dec. 31, 2017USD ($)
Commitments
Annual surcharge, per round of golf played | $ / item						1
Minimum annual per round surcharge						$ 70
Maximum aggregate amount of per round surcharge			$ 700			700	$ 700
Accrued surcharge commitment						560
Annual payment				$ 70	$ 70
Purchase price						$ 90,029
Subsequent Event
Commitments
Annual surcharge, per round of golf played | $ / item	1.50
Accrued surcharge commitment	$ 0
Surcharge receivable	$ 560
Cocina 214 Restaurant and Bar
Commitments
Proceeds from rents received		$ 300

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Other Matters (Details)	Oct. 31, 2019a	Sep. 30, 2017USD ($)aitem	Mar. 31, 2017USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2019USD ($)a	Jun. 30, 2019a	Mar. 31, 2019USD ($)a	Sep. 30, 2018USD ($)a	Jun. 30, 2018a	Mar. 31, 2018a	Dec. 31, 2017USD ($)	Mar. 31, 2017USD ($)a	Jun. 30, 2016USD ($)	Sep. 30, 2019USD ($)a	Sep. 30, 2018USD ($)a	Dec. 31, 2015USD ($)a	Dec. 31, 2018USD ($)
Contingencies
Acres sold | a	1,500				2.2	64.3	9.9	24.1	32.4	34.9				76.4	91.4
Escrow balance					$ 6,213,295			$ 8,477,796						$ 6,213,295	$ 8,477,796		$ 19,721,475
Potential future costs accrued														$ 0
Unfavorable regulatory action
Contingencies
Accrued loss contingency																$ 187,500
Minto Communities LLC
Contingencies
Acres sold | a												1,581
Land Sales
Contingencies
Acres sold | a														76	2,583
Wetlands restoration
Contingencies
Area of land (in acres) | a																148.4
Estimated cost				$ 2,000,000			$ 2,400,000						$ 2,000,000	$ 2,400,000
Increase in accrual of remediation costs							$ 361,000						$ 300,000
Environmental costs funded														2,200,000
Accrued restoration cost			$ 713,000		166,000							$ 713,000		166,000		$ 1,700,000
Wetlands restoration | Minto Communities LLC
Contingencies
Cash deposited in (refunded from) escrow			$ 423,000								$ 189,500			77,833
Escrow balance					$ 156,000									$ 156,000
Wetlands restoration | Minimum
Contingencies
Estimated cost																1,700,000
Wetlands restoration | Maximum
Contingencies
Estimated cost																$ 1,900,000
Mitigation activities
Contingencies
Area of land (in acres) | a		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) - segment	9 Months Ended		12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Business segment data
Number of business segments	4
Product concentration | Identifiable assets | Income Properties
Business segment data
Percentage of total	85.70%		88.50%
Product concentration | Consolidated revenues | Income Properties
Business segment data
Percentage of total	71.40%	53.00%

BUSINESS SEGMENT DATA - Summary

BUSINESS SEGMENT DATA - Summary of Operations (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Business segment data
Revenues	$ 11,748,131	$ 17,413,926	$ 43,946,281	$ 53,461,436
Operating Income	5,569,463	4,378,080	34,734,731	43,335,964
Gain on Disposition of Assets	2,187,332		20,869,196	22,035,666
Depreciation and Amortization	4,286,836	3,756,507	11,707,710	11,308,876
Identifiable Assets	583,461,366		583,461,366		$ 556,329,872
Operating Segments
Business segment data
Operating Income	5,569,463	4,378,080	34,734,731	43,335,964
Capital Expenditures	58,961,527	753,134	109,733,573	33,179,734
General and Corporate Expense
Business segment data
Operating Income	(6,547,564)	(5,684,515)	(18,589,234)	(18,489,613)
Income Properties
Business segment data
Revenues	10,260,831	9,360,155	31,360,544	28,347,181
Depreciation and Amortization	4,281,286	3,748,388	11,690,110	11,282,566
Identifiable Assets	499,736,443		499,736,443		492,093,615
Income Properties | Operating Segments
Business segment data
Operating Income	8,784,543	7,586,315	26,317,048	22,669,423
Capital Expenditures	50,099,717	403,967	91,130,209	29,288,555
Interest Income from Commercial Loan Investments
Business segment data
Revenues	855,559	41,262	908,324	615,728
Identifiable Assets	33,690,225		33,690,225
Interest Income from Commercial Loan Investments | Operating Segments
Business segment data
Operating Income	855,559	41,262	908,324	615,728
Capital Expenditures	8,167,500		16,007,500
Real Estate Operations
Business segment data
Revenues	631,741	8,012,509	11,677,413	24,498,527
Identifiable Assets	32,817,701		32,817,701		35,287,559
Real Estate Operations | Operating Segments
Business segment data
Operating Income	289,593	2,435,018	5,229,397	16,504,760
Capital Expenditures	694,310	262,436	2,593,803	3,768,230
Golf Operations
Business segment data
Identifiable Assets	4,502,635		4,502,635		4,462,477
Golf Operations | Operating Segments
Business segment data
Capital Expenditures		86,731		111,611
Corporate and Other
Business segment data
Depreciation and Amortization	5,550	$ 8,119	17,600	26,310
Identifiable Assets	$ 12,714,362		12,714,362		$ 24,486,221
Corporate and Other | Operating Segments
Business segment data
Capital Expenditures			$ 2,061	$ 11,338

ASSETS HELD FOR SALE AND DISC_3

ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS - Assets and Liabilities Held for Sale (Details)	3 Months Ended	9 Months Ended
	Jun. 30, 2019USD ($)	Sep. 30, 2019USD ($)	Dec. 31, 2018USD ($)property
Assets held for sale
Number of real estate properties | property			4
Increase (decrease) in assets held for sale		$ 40,159
Property, Plant, and Equipment—Net		3,659,703	$ 71,470,583
Cash and Cash Equivalents		256,395	156,489
Other Assets		482,401	646,285
Operating Leases Right-of-Use Asset		104,136
Intangible Lease Assets—Net			4,366,858
Intangible Lease Liabilities—Net			(773,705)
Total Assets Held for Sale		4,502,635	75,866,510
Liabilities held for sale
Accounts Payable		239,563	199,422
Accrued and Other Liabilities		1,119,835	924,323
Operating Leases - Liability		104,136
Deferred Revenue		265,515	223,551
Total Liabilities Held for Sale		1,729,049	1,347,296
Multi-Tenant Income Properties | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Assets held for sale
Increase (decrease) in assets held for sale		(56,800,000)
Multi-Tenant Income Properties | Disposal Group, Held-for-sale, Not Discontinued Operations
Assets held for sale
Increase (decrease) in assets held for sale	$ (14,600,000)
Property, Plant, and Equipment—Net			67,810,880
Intangible Lease Assets—Net			4,366,858
Intangible Lease Liabilities—Net			(773,705)
Total Assets Held for Sale			71,404,033
Golf Operations | Discontinued Operations, Held-for-sale
Assets held for sale
Increase (decrease) in assets held for sale		208,000
Property, Plant, and Equipment—Net		3,659,703	3,659,703
Cash and Cash Equivalents		256,395	156,489
Other Assets		482,401	646,285
Operating Leases Right-of-Use Asset		104,136
Total Assets Held for Sale		4,502,635	4,462,477
Liabilities held for sale
Accounts Payable		239,563	199,422
Accrued and Other Liabilities		1,119,835	924,323
Operating Leases - Liability		104,136
Deferred Revenue		265,515	223,551
Total Liabilities Held for Sale		$ 1,729,049	$ 1,347,296

ASSETS HELD FOR SALE AND DISC_4

ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS - Discontinued Operations (Details) - USD ($)	Jan. 24, 2017	Jan. 31, 2019	Jan. 31, 2018	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2017
ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS
Increase (decrease) in assets held for sale						$ 40,159
Increase in liabilities held for sale						381,753
Maximum aggregate amount of per round surcharge	$ 700,000					700,000		$ 700,000
Annual payment		$ 70,000	$ 70,000
Accrued surcharge commitment				$ 560,000		560,000
Loss from Discontinued Operations (Net of Income Tax)				(267,437)	$ (1,189,708)	(591,746)	$ (1,542,490)
Golf Operations | Discontinued Operations, Held-for-sale
ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS
Increase (decrease) in assets held for sale						208,000
Increase in liabilities held for sale						208,000
Revenue				967,919	1,014,771	3,918,471	3,652,045
Cost of Revenues				(1,326,150)	(1,388,282)	(4,711,113)	(4,295,161)
Loss from Operations				(358,231)	(373,511)	(792,642)	(643,116)
Impairment Charges					(1,119,362)		(1,119,362)
Depreciation and Amortization					(100,732)		(303,681)
Loss from Discontinued Operations Before Income Tax				(358,231)	(1,593,605)	(792,642)	(2,066,159)
Income Tax Benefit				90,794	403,897	200,896	523,669
Loss from Discontinued Operations (Net of Income Tax)				$ (267,437)	$ (1,189,708)	$ (591,746)	$ (1,542,490)
Golf course land purchase
ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS
Purchase price	$ 1,500,000

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details)	Oct. 18, 2019USD ($)$ / item	Oct. 16, 2019USD ($)	Sep. 30, 2019USD ($)a$ / item	Oct. 23, 2019USD ($)property
Subsequent Events
Original Face Amount			$ 32,500,000
Annual surcharge, per round of golf played | $ / item			1
Undeveloped Land in Daytona Beach, Florida, Along Interstate 95
Subsequent Events
Area of land (in acres) | a			5,300
Subsequent Event
Subsequent Events
Per round surcharge liability paid	$ 560,000
Surcharge receivable	$ 560,000
Annual surcharge, per round of golf played | $ / item	1.50
Number of properties intending to sell or contribute | property				20
Number of properties intending to sell | property				15
Cash consideration for properties intending to sell				$ 125,900,000
Number of properties intending to contribute | property				5
Consideration in operating partnership units for properties intending to contribute (in shares)				$ 1,200,000
Consideration in operating partnership units for properties intending to contribute, estimated value				24,500,000
Value of common stock intending to invest				$ 7,500,000
Ownership in operating partnership units (as a percent)				17.50%
Ownership in common stock (as a percent)				13.40%
Ownership in common stock, private placement (as a percent)				4.10%
Annual base management fee (as a percent)				1.50%
Subsequent Event | First Mortgage, Golf Club, Daytona Beach, FL
Subsequent Events
Original Face Amount	$ 2,070,000
Term	1 year
Interest rate (as a percent)	7.50%
Origination fee (as a percent)	1.50%
Origination fee received	$ 31,050
Subsequent Event | Golf Operations | Discontinued Operations, Disposed of by Sale
Subsequent Events
Proceeds/consideration	$ 3,450,000
Subsequent Event | Land Venture
Subsequent Events
Total proceeds from sale of controlling interest in wholly-owned entity		$ 97,000,000
Subsequent Event | Land Venture | Magnetar Investors
Subsequent Events
Noncontrolling interest (as a percent)		66.50%
Ownership interest of controlling interest holders (as a percent)		33.50%