Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 28, 2020 | Jun. 30, 2019 | |
Cover [Abstract] | |||
Entity Central Index Key | 0000023795 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Transition Report | false | ||
Entity File Number | 001-11350 | ||
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 Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
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 Public Float | $ 282,627,143 | ||
Entity Listing, Par Value Per Share | $ 1 | ||
Entity Common Stock, Shares Outstanding | 4,794,923 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Property, Plant, and Equipment: | ||
Total Property, Plant, and Equipment | $ 393,599,852 | $ 393,268,984 |
Less, Accumulated Depreciation and Amortization | (23,008,382) | (24,518,215) |
Property, Plant, and Equipment—Net | 370,591,470 | 368,750,769 |
Land and Development Costs | 6,732,291 | 5,624,845 |
Intangible Lease Assets—Net | 49,022,178 | 43,555,445 |
Assets Held for Sale—See Note 23 | 833,167 | 96,838,264 |
Investment in Joint Ventures | 55,736,668 | 6,788,034 |
Investment in Alpine Income Property Trust Inc. | 38,814,425 | |
Mitigation Credits | 2,322,596 | 462,040 |
Commercial Loan Investments | 34,625,173 | |
Cash and Cash Equivalents | 6,474,637 | 2,310,489 |
Restricted Cash | 128,430,049 | 18,889,509 |
Refundable Income Taxes | 225,024 | |
Other Assets—See Note 12 | 9,703,549 | 12,885,453 |
Total Assets | 703,286,203 | 556,329,872 |
Liabilities: | ||
Accounts Payable | 1,385,739 | 1,036,547 |
Accrued and Other Liabilities—See Note 17 | 5,687,192 | 5,197,884 |
Deferred Revenue—See Note 18 | 5,830,720 | 6,370,284 |
Intangible Lease Liabilities—Net | 26,198,248 | 27,390,350 |
Liabilities Held for Sale—See Note 23 | 831,320 | 2,178,616 |
Income Taxes Payable | 439,086 | |
Deferred Income Taxes—Net | 90,282,173 | 54,769,907 |
Long-Term Debt | 287,218,303 | 247,624,811 |
Total Liabilities | 417,872,781 | 344,568,399 |
Commitments and Contingencies—See Note 21 | ||
Shareholders' Equity: | ||
Common Stock – 25,000,000 shares authorized; $1 par value, 6,076,813 shares issued and 4,770,454 shares outstanding at December 31, 2019; 6,052,209 shares issued and 5,436,952 shares outstanding at December 31, 2018 | 6,017,218 | 5,995,257 |
Treasury Stock – 1,306,359 shares at December 31, 2019 and 615,257 shares at December 31, 2018 | (73,440,714) | (32,345,002) |
Additional Paid-In Capital | 26,689,795 | 24,326,778 |
Retained Earnings | 326,073,199 | 213,297,897 |
Accumulated Other Comprehensive Income | 73,924 | 486,543 |
Total Shareholders' Equity | 285,413,422 | 211,761,473 |
Total Liabilities and Shareholders’ Equity | 703,286,203 | 556,329,872 |
Income Properties, Land, Buildings, and Improvements | ||
Property, Plant, and Equipment: | ||
Total Property, Plant, and Equipment | 392,841,899 | 392,520,783 |
Other Furnishings and Equipment | ||
Property, Plant, and Equipment: | ||
Total Property, Plant, and Equipment | 733,165 | 728,817 |
Construction in Progress | ||
Property, Plant, and Equipment: | ||
Total Property, Plant, and Equipment | $ 24,788 | $ 19,384 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 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 | 6,076,813 | 6,052,209 |
Common Stock, shares outstanding | 4,770,454 | 5,436,952 |
Treasury Stock | ||
Treasury Stock, shares held | 1,306,359 | 615,257 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues | |||
Total Revenues | $ 44,941,246 | $ 43,657,888 | $ 38,650,570 |
Direct Cost of Revenues | |||
Total Direct Cost of Revenues | (7,104,667) | (8,761,463) | (8,338,305) |
General and Administrative Expenses | (9,818,075) | (9,785,370) | (10,252,610) |
Depreciation and Amortization | (15,797,278) | (15,761,523) | (12,314,700) |
Total Operating Expenses | (32,720,020) | (34,308,356) | (30,905,615) |
Gain on Disposition of Assets | 21,977,465 | 22,035,666 | 38 |
Total Operating Income | 34,198,691 | 31,385,198 | 7,744,993 |
Investment Income | 344,843 | 52,221 | 37,985 |
Interest Expense | (12,466,062) | (10,423,286) | (8,523,136) |
Income (Loss) from Continuing Operations Before Income Tax Expense | 22,077,472 | 21,014,133 | (740,158) |
Income Tax Benefit (Expense) from Continuing Operations | (5,472,178) | (6,025,148) | 22,481,523 |
Net Income from Continuing Operations | 16,605,294 | 14,988,985 | 21,741,365 |
Income from Discontinued Operations (Net of Income Tax)—See Note 23 | 98,367,564 | 22,178,805 | 19,978,059 |
Net Income | $ 114,972,858 | $ 37,167,790 | $ 41,719,424 |
Basic | |||
Net Income from Continuing Operations (in dollars per share) | $ 3.32 | $ 2.72 | $ 3.92 |
Net Income from Discontinued Operations (Net of Income Tax) (in dollars per share) | 19.71 | 4.04 | 3.61 |
Basic Net Income per Share (in dollars per share) | 23.03 | 6.76 | 7.53 |
Diluted | |||
Net Income from Continuing Operations (in dollars per share) | 3.32 | 2.71 | 3.90 |
Net Income from Discontinued Operations (Net of Income Tax) -Diluted (in dollars per share) | 19.68 | 4.01 | 3.58 |
Diluted Net Income per Share (in dollars per share) | 23 | 6.72 | 7.48 |
Dividends Declared and Paid (in dollars per share) | $ 0.44 | $ 0.27 | $ 0.18 |
Income Properties | |||
Revenues | |||
Total Revenues | $ 41,955,414 | $ 40,075,731 | $ 31,406,930 |
Direct Cost of Revenues | |||
Total Direct Cost of Revenues | (7,000,001) | (8,170,083) | (6,917,743) |
Depreciation and Amortization | (15,774,228) | (15,728,095) | (12,272,265) |
Management Services | |||
Revenues | |||
Total Revenues | 304,553 | ||
Commercial Loan Investments | |||
Revenues | |||
Total Revenues | 1,829,015 | 615,728 | 2,052,689 |
Real Estate Operations | |||
Revenues | |||
Total Revenues | 852,264 | 2,966,429 | 5,190,951 |
Direct Cost of Revenues | |||
Total Direct Cost of Revenues | $ (104,666) | $ (591,380) | $ (1,420,562) |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||
Net Income | $ 114,972,858 | $ 37,167,790 | $ 41,719,424 |
Other Comprehensive Income (Loss) | |||
Cash Flow Hedging Derivative - Interest Rate Swap (Net of Tax of $(140,082), $11,431 and $73,304, respectively) | (412,619) | 113,927 | 116,727 |
Total Other Comprehensive Income (Loss), Net of Income Tax | (412,619) | 113,927 | 116,727 |
Total Comprehensive Income | $ 114,560,239 | $ 37,281,717 | $ 41,836,151 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||
Cash Flow Hedging Derivative - Interest Rate Swap, Income Tax | $ (140,082) | $ 11,431 | $ 73,304 |
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, 2016 | $ 5,914,560 | $ (15,298,306) | $ 20,511,388 | $ 136,892,311 | $ 255,889 | $ 148,275,842 |
Increase (decrease) in shareholders' equity | ||||||
Net Income | 41,719,424 | 41,719,424 | ||||
Stock Repurchase | (7,209,454) | (7,209,454) | ||||
Exercise of Stock Options | 28,527 | 1,056,406 | 1,084,933 | |||
Vested Restricted Stock | 18,930 | (413,184) | (394,254) | |||
Stock Issuance | 1,833 | 101,303 | 103,136 | |||
Stock Compensation Expense from Restricted Stock Grants and Equity Classified Stock Options | 1,479,315 | 1,479,315 | ||||
Cash Dividends | (997,461) | (997,461) | ||||
Other Comprehensive Income (Loss), Net of Income Tax | 116,727 | 116,727 | ||||
Balance at Dec. 31, 2017 | 5,963,850 | (22,507,760) | 22,735,228 | 177,614,274 | 372,616 | 184,178,208 |
Increase (decrease) in shareholders' equity | ||||||
Net Income | 37,167,790 | 37,167,790 | ||||
Stock Repurchase | (9,837,242) | (9,837,242) | ||||
Exercise of Stock Options | 8,520 | 189,849 | 198,369 | |||
Vested Restricted Stock | 19,065 | (517,439) | (498,374) | |||
Stock Issuance | 3,822 | 234,890 | 238,712 | |||
Stock Compensation Expense from Restricted Stock Grants and Equity Classified Stock Options | 1,684,250 | 1,684,250 | ||||
Cash Dividends | (1,484,167) | (1,484,167) | ||||
Other Comprehensive Income (Loss), Net of Income Tax | 113,927 | 113,927 | ||||
Balance at Dec. 31, 2018 | 5,995,257 | (32,345,002) | 24,326,778 | 213,297,897 | 486,543 | 211,761,473 |
Increase (decrease) in shareholders' equity | ||||||
Net Income | 114,972,858 | 114,972,858 | ||||
Stock Repurchase | (41,095,712) | (41,095,712) | ||||
Vested Restricted Stock | 12,957 | (316,272) | (303,315) | |||
Stock Issuance | 9,004 | 522,910 | 531,914 | |||
Stock Compensation Expense from Restricted Stock Grants and Equity Classified Stock Options | 2,156,379 | 2,156,379 | ||||
Cash Dividends | (2,197,556) | (2,197,556) | ||||
Other Comprehensive Income (Loss), Net of Income Tax | (412,619) | (412,619) | ||||
Balance at Dec. 31, 2019 | $ 6,017,218 | $ (73,440,714) | $ 26,689,795 | $ 326,073,199 | $ 73,924 | $ 285,413,422 |
CONSOLIDATED STATEMENTS OF SH_2
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Common Stock | |||
Cash Dividends (in dollars per share) | $ 0.44 | $ 0.27 | $ 0.18 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash Flow from Operating Activities: | |||
Net Income | $ 114,972,858 | $ 37,167,790 | $ 41,719,424 |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | |||
Depreciation and Amortization | 15,797,278 | 16,135,502 | 12,663,959 |
Amortization of Intangible Liabilities to Income Property Revenue | (2,382,874) | (2,338,531) | (2,193,957) |
Loan Cost Amortization | 443,902 | 495,438 | 509,263 |
Amortization of Discount on Convertible Debt | 1,357,347 | 1,273,436 | 1,194,714 |
Gain on Disposition of Property, Plant, and Equipment and Intangible Assets | (3,295,601) | (3,650,858) | (38) |
Gain on Disposition of Assets Held for Sale | (18,696,914) | 1,119,362 | |
Gain on Sale of Equity Interest in Joint Ventures | (127,518,231) | (18,384,808) | |
Discount Accretion on Commercial Loan Investments | (34,768) | ||
Accretion of Commercial Loan Origination Fees | (134,780) | (25,232) | |
Non-Cash Imputed Interest on Commercial Loan Investment | (193,943) | ||
Deferred Income Taxes | 35,099,647 | 12,589,970 | (8,953,981) |
Unrealized Gain on Investment Securities | (61,195) | ||
Non-Cash Compensation | 2,688,292 | 1,684,250 | 1,437,223 |
Decrease (Increase) in Assets: | |||
Refundable Income Taxes | 225,024 | 891,556 | (172,589) |
Assets Held for Sale | 3,892,476 | ||
Land and Development Costs | (1,107,446) | 5,477,221 | 12,477,581 |
Impact Fees and Mitigation Credits | (1,860,556) | 663,229 | 1,197,637 |
Other Assets | (3,503,744) | (522,436) | (3,502,041) |
Increase (Decrease) in Liabilities: | |||
Accounts Payable | 349,192 | (630,667) | 362,411 |
Accrued and Other Liabilities | 489,308 | (4,357,411) | 792,629 |
Deferred Revenue | (539,564) | 245,219 | 38,793 |
Liabilities Held for Sale | (49,470) | ||
Income Taxes Payable | 439,086 | ||
Net Cash Provided By Operating Activities | 16,410,092 | 47,823,494 | 57,545,796 |
Cash Flow from Investing Activities: | |||
Acquisition of Property, Plant, and Equipment and Intangible Lease Assets and Liabilities | (150,704,654) | (109,394,481) | (94,627,373) |
Acquisition of Commercial Loan Investments | (34,296,450) | (2,940,000) | |
Acquisition of Land | (4,702,243) | ||
Cash Contribution for Interest in Joint Venture | (83,972) | (2,137,018) | |
Proceeds from Disposition of Property, Plant, and Equipment, Net, and Assets Held for Sale | 207,551,807 | 11,077,525 | |
Proceeds from Sale of Equity Interests in Joint Ventures | 96,132,204 | 15,300,000 | |
Principal Payments Received on Commercial Loan Investments | 11,960,467 | 15,000,000 | |
Acquisition of Investment Securities | (15,500,000) | ||
Net Cash Used In Investing Activities | 103,098,935 | (77,895,750) | (82,567,373) |
Cash Flow from Financing Activities: | |||
Proceeds from Long-Term Debt | 141,500,000 | 106,300,000 | 63,500,000 |
Payments on Long-Term Debt | (103,073,325) | (55,996,954) | (35,100,000) |
Cash Paid for Loan Fees | (634,431) | (263,473) | (532,814) |
Cash Proceeds from Exercise of Stock Options and Stock Issuance | 437,081 | 1,188,069 | |
Cash Used to Purchase Common Stock | (41,095,712) | (9,837,242) | (7,209,454) |
Cash Paid for Vesting of Restricted Stock | (303,315) | (498,374) | (394,254) |
Dividends Paid | (2,197,556) | (1,484,167) | (997,461) |
Net Cash Provided By (Used In) Financing Activities | (5,804,339) | 38,656,871 | 20,454,086 |
Net Increase (Decrease) in Cash | 113,704,688 | 8,584,615 | (4,567,491) |
Cash, Beginning of Year | 21,199,998 | 12,615,383 | 17,182,874 |
Cash, End of Period | 134,904,686 | 21,199,998 | 12,615,383 |
Reconciliation of Cash to the Consolidated Balance Sheets: | |||
Cash and Cash Equivalents | 6,474,637 | 2,310,489 | 6,107,252 |
Restricted Cash | 128,430,049 | 18,889,509 | 6,508,131 |
Total Cash as of December 31, 2019, 2018, and 2017, respectively | $ 134,904,686 | $ 21,199,998 | $ 12,615,383 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) | 12 Months Ended | ||
Dec. 31, 2019USD ($)tenant$ / shares$ / itemshares | Dec. 31, 2018USD ($)$ / item | Dec. 31, 2017USD ($) | |
Supplemental Disclosure of Cash Flows: | |||
Interest paid | $ 10,782,000 | $ 8,419,000 | $ 7,060,000 |
Income taxes paid | 2,500,000 | 323,000 | 334,000 |
Income taxes refunded | 687,000 | 204,000 | 958,000 |
Interest capitalized | 0 | 0 | 215,000 |
Gain on Sale | 133,000,000 | 31,800,000 | |
Stock Issuance | 531,914 | 238,712 | 103,136 |
Accrued and Other Liabilities | 489,308 | (4,357,411) | 792,629 |
Land and Development Costs | (1,107,446) | 5,477,221 | 12,477,581 |
Supplemental disclosure of investing and financing activities | |||
Tenant contribution | $ 1,900,000 | ||
Purchase price | $ 164,670,000 | ||
Annual surcharge, per round of golf played | $ / item | 1 | 1 | |
Annual Minimum Per Round Surcharge | $ 70,000 | ||
Maximum aggregate amount of per round surcharge | 700,000 | $ 700,000 | |
Contingent consideration on Golf Course Land Purchase reflected as an increase in increase in Golf Buildings, Improvements, and Equipment and also as an increase in Accrued and Other Liabilities | 700,000 | ||
Repayment in connection with Gulf course sale | 560,000 | ||
Remaining liability for Gulf course sale | 0 | ||
Net cash provided by Operating activities discontinued operations | 6,500,000 | 36,800,000 | 43,300,000 |
Net cash provided by investing activities discontinued operations | 98,400,000 | 0 | $ 0 |
Aspen, Colorado | |||
Supplemental disclosure of investing and financing activities | |||
Tenant contribution | 1,500,000 | 1,500,000 | |
Purchase price | $ 28,000,000 | ||
Florida | |||
Supplemental disclosure of investing and financing activities | |||
Tenant contribution | 1,900,000 | ||
Alpine | |||
Supplemental Disclosure of Cash Flows: | |||
Increase in the Investment in Joint Ventures | 23,300,000 | ||
Decrease in intangible assets | 3,100,000 | ||
Decrease in Property Plant and Equipment | 20,800,000 | ||
Decrease in intangible liabilities | $ 452,000 | ||
OP Units | |||
Supplemental Disclosure of Cash Flows: | |||
Number of single tenant properties | tenant | 5 | ||
OP Units | Alpine | |||
Supplemental Disclosure of Cash Flows: | |||
Units issued | shares | 1,223,854 | ||
Stock Issuance | $ 23,300,000 | ||
Closing share price (in dollars per share) | $ / shares | $ 19 | ||
Land Sales | Land JV | |||
Supplemental Disclosure of Cash Flows: | |||
Gain on Sale | $ 127,500,000 | ||
Gain on Sale, noncash | 48,900,000 | ||
Increase in the Investment in Joint Ventures | 48,900,000 | ||
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 | ||
Increase in the Investment in Joint Ventures | 6,800,000 | ||
Accrued and Other Liabilities | 300,000 | ||
Land and Development Costs | $ 1,300,000 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2019 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES NATURE OF OPERATIONS The terms “us,” “we,” “our,” and “the Company” as used in this report refer to Consolidated-Tomoka Land Co. together with our consolidated subsidiaries. We are a diversified real estate operating company. As of December 31, 2019, we own and manage, sometimes utilizing third-party property management companies, thirty-four commercial real estate properties in eleven states in the United States, with approximately 1.8 million square feet of gross leasable space. These thirty-four properties in our portfolio comprise our income property operations segment. In addition to our income property portfolio, as of December 31, 2019, or business included the following: Management Services: · A fee-based management business that is engaged in managing Alpine Income Property Trust, Inc. (“PINE”) and the entity that holds the approximately 5,300 acres of undeveloped land in Daytona Beach, Florida (the “Land JV”), see Note 5, “Related Party Management Services Business”. Commercial Loan Investments: · A portfolio of commercial loan investments. Real Estate Operations: · A portfolio of mineral interests consisting of approximately 455,000 subsurface acres in 20 counties in the state of Florida and a portfolio of mitigation credits; · A retained interest in the Land JV which is seeking to sell approximately 5,300 acres of undeveloped land in Daytona Beach, Florida; and · An interest in a joint venture (the “Mitigation Bank JV”) that owns an approximately 2,500 acre parcel of land in the western part of Daytona Beach, Florida which is engaged in the operation of a mitigation bank, which, pursuant to a mitigation plan approved by the applicable state and federal authorities, produces mitigation credits that are marketed and sold to developers of land in the Daytona Beach area for the purpose of enabling the developers to obtain certain regulatory permits. Our business also includes, as outlined above, our investment in PINE of approximately $38.8 million, or approximately 22.3% of the PINE’s outstanding equity, including the OP Units which are exchangeable into common stock of PINE on a one-for-one basis, at PINE’s election. Our investment in PINE should generate investment income through the dividends distributed by PINE. In addition to the dividends we receive from PINE, our investment in PINE may benefit from any appreciation in PINE’s stock price, although no assurances can be provided that such appreciation will occur, the amount by which our investment will increase in value, or the timing thereof. Any dividends received from PINE are included in Investment Income on the accompanying statement of operations. Discontinued Operations . The Company reports the historical financial position and results of operations of disposed businesses as discontinued operations when it has no continuing interest in the business. On October 16, 2019, the Company sold a controlling interest in its wholly owned subsidiary that held the approximately 5,300 acres of undeveloped land in Daytona Beach, Florida. On October 17, 2019, the Company sold its interest in the LPGA golf operations. For all periods presented herein, the Company has reported the historical financial position and the results of operations related to the Land JV and the golf operations as discontinued operations (see Note 23). The cash flows related to discontinued operations have been disclosed. PRINCIPLES OF CONSOLIDATION The consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries, and other entities in which we have a controlling interest. Any real estate entities or properties included in the consolidated financial statements have been consolidated only for the periods that such entities or properties were owned or under control by us. All significant inter-company balances and transactions have been eliminated in the consolidated financial statements. The Company has retained interests in the Land JV and the Mitigation Bank JV, as well as an equity investment in PINE. The Company has concluded that these entities are variable interest entities of which the Company is not the primary beneficiary and as a result, these entities are not consolidated. USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Because of the fluctuating market conditions that currently exist in the Florida and national real estate markets, and the volatility and uncertainty in the financial and credit markets, it is possible that the estimates and assumptions, most notably those related to the Company’s investment in income properties, could change materially during the time span associated with the continued volatility of the real estate and financial markets or as a result of a significant dislocation in those markets. RECENTLY ISSUED ACCOUNTING STANDARDS In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, which amends its guidance on the measurement of credit losses on financial instruments. The amendments in this update are effective for annual reporting periods beginning after December 31, 2019. ASU 2016-13 affects entities holding financial assets that are not accounted for at fair value through net income, including but not limited to, loans, trade receivables, and net investments in leases. The Company adopted the changes to Accounting Standards Codification (“ASC”) 326, Financial Instruments-Credit Losses on January 1, 2020 and there was no material impact on the consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, which amends its guidance on the recognition and reporting of revenue from contracts with customers. In April 2016, the FASB ASC issued Topic 606, Revenue from Contracts with Customers. The amendments in this update are effective for annual reporting periods beginning after December 15, 2017. The Company completed its evaluation of the provisions during the year ended December 31, 2017 and determined there was no impact on the Company’s revenue recognition within the consolidated financial statements. All required disclosures relating to FASB ASC Topic 606 have been implemented herein as required by the standard. The Company adopted FASB ASC Topic 606 effective January 1, 2018 utilizing the modified retrospective method. In January 2016, the FASB issued ASU 2016-01, relating to the recognition and measurement of financial assets and financial liabilities. The amendments in this update are effective for annual reporting periods beginning after December 15, 2017. The Company adopted ASU 2016-01 effective January 1, 2018 and determined there was no material impact on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, which requires entities to recognize assets and liabilities that arise from financing and operating leases and to classify those finance and operating lease payments in the financing or operating sections, respectively, of the statement of cash flows pursuant to FASB ASC Topic 842, Leases . The amendments in this update are effective for annual reporting periods beginning after December 15, 2018. The Company 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. In August 2016, the FASB issued ASU 2016-15, which clarifies the appropriate classification of certain cash receipts and payments in the statement of cash flows. The amendments in this update are effective for annual reporting periods beginning after December 15, 2017. The Company adopted ASU 2016-15 effective January 1, 2018 and determined there was no material impact on its consolidated financial statements. In November 2016, the FASB issued ASU 2016-18, which addresses diversity in the classification and presentation of changes in restricted cash in the statement of cash flows as operating, investing, or financing activities. The Company adopted ASU 2016-18 effective January 1, 2018 and has classified the changes in restricted cash between operating, investing, and financing in the consolidated statements of cash flows as applicable per the new guidance. In February 2018, the FASB issued ASU 2018-02, which amends the guidance allowing for a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act effective January 1, 2018 (the “2018 Tax Cuts and Jobs Act”). The amendments in this update are effective for annual reporting periods beginning after December 15, 2018. The Company implemented ASU 2018-02 effective January 1, 2019 and there were no such reclassifications related to the Tax Cuts and Jobs Act. RECLASSIFICATIONS Certain items in the prior period’s consolidated statements of operations have been reclassified to conform to the presentation as of and for the year ended December 31, 2019. Specifically, in the fourth quarter of 2019, the Company completed the sale of its remaining land holdings through the Land JV transaction. Accordingly, the results of the real estate operations related to land sales have been classified as discontinued operations in the accompanying consolidated statements of income for the years ended December 31, 2019, 2018, and 2017. Additionally, the identifiable assets and liabilities related to the discontinued real estate operations were reclassified as assets and liabilities held for sale as of December 31, 2019 and 2018. CASH AND CASH EQUIVALENTS Cash and cash equivalents includes cash on hand, bank demand accounts, and money market accounts having original maturities of 90 days or less. The Company’s bank balances as of December 31, 2019 include certain amounts over the Federal Deposit Insurance Corporation limits. RESTRICTED CASH Restricted cash totaled approximately $128.4 million at December 31, 2019 of which approximately $125.7 million of cash is being held in multiple separate escrow accounts to be reinvested through the like-kind exchange structure into other income properties; approximately $746,000 is being held in an entitlement and interest reserve for the $8.0 million first mortgage loan originated in June 2019, approximately $275,000 is being held in an interest and real estate tax reserve for the $8.3 million first mortgage originated in July 2019, approximately $156,000 is being held in an escrow account related to a separate land transaction which closed in February 2017; approximately $261,000 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 $1.3 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. INVESTMENT SECURITIES In accordance with FASB ASC Topic 320, Investments – Debt and Equity Securities and pursuant to ASU 2016-01, effective January 1, 2018, the Company’s investments in equity securities (“Investment Securities”) are carried at fair value in the consolidated balance sheets, with the unrealized gains and losses recognized in net income. The unrealized gains and losses are included in investment income in the consolidated statements of operations. The cost of Investment Securities sold, if any, is based on the specific identification method. Interest and dividends on Investment Securities are included in investment income in the consolidated statements of operations. DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITY Interest Rate Swap. During the year ended December 31, 2016, in conjunction with the variable-rate mortgage loan secured by our property located in Raleigh, North Carolina leased to Wells Fargo, the Company entered into an interest rate swap to fix the interest rate (the “Interest Rate Swap”). The Company accounts for its cash flow hedging derivative in accordance with FASB ASC Topic 815-20, Derivatives and Hedging . Depending upon the hedge’s value at each balance sheet date, the derivative is included in either Other Assets or Accrued and Other Liabilities on the consolidated balance sheet at its fair value. On the date the Interest Rate Swap was entered into, the Company designated the derivative as a hedge of the variability of cash flows to be paid related to the recognized long-term debt liability. The Company formally documented the relationship between the hedging instrument and the hedged item, as well as its risk-management objective and strategy for undertaking the hedge transaction. At the hedge’s inception, the Company formally assessed whether the derivative that is used in hedging the transaction is highly effective in offsetting changes in cash flows of the hedged item. As the terms of the Interest Rate Swap and the associated debt are identical, the Interest Rate Swap qualifies for the shortcut method, therefore, it is assumed that there is no hedge ineffectiveness throughout the entire term of the Interest Rate Swap. Changes in fair value of the Interest Rate Swap that are highly effective and designated and qualified as a cash-flow hedge are recorded in other comprehensive income and loss, until earnings are affected by the variability in cash flows of the designated hedged item. FAIR VALUE OF FINANCIAL INSTRUMENTS The carrying amounts of the Company’s financial assets and liabilities including cash and cash equivalents, restricted cash, accounts receivable, accounts payable, and accrued and other liabilities at December 31, 2019 and 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 fixed rate commercial loan investments held as of December 31, 2019 and the mortgage notes and convertible debt held as of December 31, 2019 and 2018 are measured at fair value based on current market rates for financial instruments with similar risks and maturities. See Note 9, “Fair Value of Financial Instruments.” FAIR VALUE MEASUREMENTS The Company’s estimates of fair value of financial and non-financial assets and liabilities based on the framework established by GAAP. The framework specifies a hierarchy of valuation inputs which was established to increase consistency, clarity and comparability in fair value measurements and related disclosures. GAAP describes a fair value hierarchy based upon three levels of inputs that may be used to measure fair value, two of which are considered observable and one that is considered unobservable. The following describes the three levels: · Level 1 – Valuation is based upon quoted prices in active markets for identical assets or liabilities. · Level 2 – Valuation is based upon inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. · Level 3 – Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include option pricing models, discounted cash flow models and similar techniques. RECOGNITION OF INTEREST INCOME FROM COMMERCIAL LOAN INVESTMENTS Interest income on commercial loan investments includes interest payments made by the borrower and the accretion of purchase discounts and loan origination fees, offset by the amortization of loan costs. Interest payments are accrued based on the actual coupon rate and the outstanding principal balance and purchase discounts and loan origination fees are accreted into income using the effective yield method, adjusted for prepayments. MITIGATION CREDITS 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 consists of tenant reimbursable expenses. Receivables related to the tenant reimbursable expenses totaled approximately $533,000 and $628,000 as of December 31, 2019 and 2018, respectively. Accounts receivable related to real estate operations, which are classified in Other Assets on the consolidated balance sheets, totaled approximately $1.6 million and $1.8 million as of December 31, 2019 and 2018, respectively. The accounts receivable as of December 31, 2019 and 2018 are primarily related to the reimbursement of certain infrastructure costs completed by the Company in conjunction with two land sale transactions that closed during the fourth quarter of 2015 as more fully described in Note 12, “Other Assets.” Trade accounts receivable primarily consists of receivables related to golf operations, which were classified in Assets Held for Sale on the consolidated balance sheets as of December 31, 2018 and thereafter until the sale of the golf operations during the fourth quarter of 2019. Trade accounts receivable related to golf operations, which primarily consists of membership and event receivables, totaled approximately $290,000 as of December 31, 2018. As of December 31, 2019, approximately $549,000 is due from the buyer of the golf operations for the rounds surcharge the Company paid to the City, as further described in Note 23, “Assets Held for Sale and Discontinued Operations.” The collectability of the aforementioned receivables is determined based on a review of specifically identified accounts using judgments. As of December 31, 2019 and 2018, the Company recorded an allowance for doubtful accounts of approximately $14,000 and $185,000, respectively. During the third quarter of 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 does not qualify as a business combination, but rather is an asset acquisition. Accordingly, the Company capitalizes acquisition costs for income property acquisitions. LAND AND DEVELOPMENT COSTS The carrying value of land and development includes the initial acquisition costs of land, improvements thereto, and other costs incidental to the acquisition or development of land. Subsurface Interests (hereinafter defined) and capitalized costs relating to timber and hay operations are also included in land and development costs. These costs are allocated to properties on a relative sales value basis and are charged to costs of sales as specific properties are sold. Due to the nature of the business, land and development costs have been classified as an operating activity on the consolidated statements of cash flows. 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. PROPERTY, PLANT, AND EQUIPMENT Property, plant, and equipment are stated at cost, less accumulated depreciation and amortization. Such properties are depreciated on a straight-line basis over their estimated useful lives. Renewals and betterments are capitalized to property accounts. The cost of maintenance and repairs is expensed as incurred. The cost of property retired or otherwise disposed of, and the related accumulated depreciation or amortization, are removed from the accounts, and any resulting gain or loss is recorded in the consolidated statement of operations. The amount of depreciation of property, plant, and equipment, exclusive of amortization related to intangible assets, recognized for the years ended December 31, 2019, 2018, and 2017, was approximately $9.9 million, $10.3 million, and $7.9 million respectively. Interest of approximately $215,000 was capitalized to construction in progress during 2017, respectively with no interest capitalized in 2019 or 2018. The range of estimated useful lives for property, plant, and equipment is as follows: Golf Buildings and Improvements - 43 Years Golf Equipment - 10 Years Income Properties Buildings and Improvements - 55 Years Other Furnishings and Equipment - 20 Years LONG-LIVED ASSETS The Company follows FASB ASC Topic 360-10, Property, Plant, and Equipment in conducting its impairment analyses. The Company reviews the recoverability of long-lived assets, including land and development costs, real estate held for sale, and property, plant, and equipment, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Examples of situations considered to be triggering events include: a substantial decline in operating cash flows during the period, a current or projected loss from operations, an income property not fully leased or leased at rates that are less than current market rates, and any other quantitative or qualitative events deemed significant by our management. Long-lived assets are evaluated for impairment by using an undiscounted cash flow approach, which considers future estimated capital expenditures. Impairment of long-lived assets is measured at fair value less cost to sell. INCOME PROPERTY LEASES The rental of the Company’s income properties are classified as operating leases. The Company recognizes lease income on these properties on a straight-line basis over the term of the lease. OPERATING LEASE EXPENSE The Company leases property and equipment, which are classified as operating leases. The Company recognizes lease expense on a straight-line basis over the term of the lease. GOLF OPERATIONS The Company previously owned the LPGA International Golf Club (the “Club”), which consists of two 18-hole golf courses and a 3-hole practice facility, a clubhouse facility, including food and beverage operations, and a fitness center. Revenues from this operation, including greens fees, cart rentals, merchandise, and food and beverage sales, are recognized at the time of sale pursuant to FASB ASC Topic 606, Revenue from Contracts with Customers . Initiation fees and membership dues are recognized over the life of the membership, pursuant to FASB ASC Topic 606, Revenue from Contracts with Customers , which is generally twelve months. OTHER REAL ESTATE INTERESTS From time to time, the Company will release surface entry rights related to subsurface acres owned by the Company upon request of the surface owner. The Company recognizes revenue from the release at the time the transaction is consummated, unless the right is released under a deferred payment plan and the initial payment does not meet the criteria established under FASB ASC Topic 606, Revenue from Contracts with Customers . STOCK-BASED COMPENSATION Prior to 2010, the Company maintained a stock option plan (the “2001 Plan”) pursuant to which 500,000 shares of the Company’s common stock were available to be issued. The 2001 Plan was approved at the April 25, 2001 shareholders’ meeting and expired in April 2011, with no new option shares issued after that date. At the Annual Meeting of Shareholders of the Company held on April 28, 2010, the Company’s shareholders approved the Consolidated-Tomoka Land Co. 2010 Equity Incentive Plan (the “Original 2010 Plan”). The Original 2010 Plan replaced the Company’s 2001 Plan. At the Annual Meeting of Shareholders of the Company held on April 24, 2013, the Company’s shareholders approved an amendment and restatement of the entire Original 2010 Plan, which among other things, incorporated claw back provisions and clarified language regarding the shares available subsequent to forfeiture of any awards of restricted shares. At the Annual Meeting of Shareholders of the Company held on April 23, 2014, the Company’s shareholders approved an amendment to the Original 2010 Plan increasing the number of shares authorized for issuance by 240,000 shares, bringing the total number of shares authorized for issuance to 450,000. At the Annual Meeting of Shareholders of the Company held on April 25, 2018, the Company’s shareholders approved the Second Amended and Restated 2010 Equity Incentive Plan (the “2010 Plan”) which, among other things, increased the number of shares available thereunder to 720,000. Awards under the 2010 Plan may be in the form of stock options, stock appreciation rights, restricted shares, restricted share units, performance shares, and performance units. Employees of the Company and its subsidiaries and non-employee directors may be selected by the Compensation Committee to receive awards under the 2010 Plan. The maximum number of shares of which stock awards may be granted under the 2010 Plan is 702,000 shares. No participant may receive awards during any one calendar year representing more than 50,000 shares of common stock. In no event will the number of shares of common stock issued under the plan upon the exercise of incentive stock options exceed 720,000 shares. These limits are subject to adjustments by the Compensation Committee as provided in the 2010 Plan for stock splits, stock dividends, recapitalizations, and other similar transactions or events. The 2010 Plan currently provides that it will expire on the tenth anniversary of the date that it was adopted by the Board, and that no awards will be granted under the plan after that date. All non-qualified stock option awards, restricted share awards, and performance share awards granted under the 2010 Plan were determined to be equity-based awards under FASB ASC Topic, Share-Based Payments . The Company used the Black-Scholes valuation pricing model to determine the fair value of its non-qualified stock option awards. The determination of the fair value of the awards is affected by the stock price as well as assumptions regarding a number of other variables. These variables include expected stock price volatility over the term of the awards, annual dividends, and a risk-free interest rate assumption. The Company used a Monte Carlo simulation pricing model to determine the fair value and vesting period of the restricted share awards. The determination of the fair value of market condition-based awards is affected by the stock price as well as assumptions regarding a number of other variables. These variables include expected stock price volatility over the requisite performance term of awards, the performance of the Company’s stock price, annual dividends, and a risk-free interest rate assumption. Compensation cost is recognized regardless of the achievement of the market conditions, provided the requisite serv |
REVENUE RECOGNITION
REVENUE RECOGNITION | 12 Months Ended |
Dec. 31, 2019 | |
REVENUE RECOGNITION | |
REVENUE RECOGNITION | NOTE 2. REVENUE RECOGNITION The Company implemented FASB ASC Topic 606, Revenue from Contracts with Customers effective January 1, 2018 utilizing the modified retrospective method. The following table summarizes the Company’s revenue from continuing operations by segment, major good and/or service, and the related timing of revenue recognition for the year ended December 31, 2019: Income Properties Management Fee Income Commercial Loan Investments Real Estate Operations Total Revenues ($000's) ($000's) ($000's) ($000's) ($000's) Major Good / Service: Lease Revenue - Base Rent $ 35,109 $ — $ — $ — $ 35,109 Lease Revenue - CAM 1,422 — — — 1,422 Lease Revenue - Reimbursements 2,759 — — — 2,759 Lease Revenue - Billboards 243 — — — 243 Above / Below Market Lease Accretion 2,382 — — — 2,382 Contributed Leased Assets Accretion 217 — — — 217 Lease Incentive Amortization (277) — — — (277) Management Fee Income — 304 — — 304 Commercial Loan Investments — — 1,829 — 1,829 Impact Fee and Mitigation Credit Sales — — — — — Subsurface Lease Revenue — — — 598 598 Subsurface Revenue - Other — — — 150 150 Fill Dirt and Other Revenue — — — 104 104 Timber Sales Revenue — — — — — Interest and Other Revenue 101 — — — 101 Total Revenues $ 41,956 $ 304 $ 1,829 $ 852 $ 44,941 Timing of Revenue Recognition: Asset/Good Transferred at a Point in Time $ — $ — $ — $ 254 $ 254 Services Transferred Over Time 101 304 — — 405 Over Lease Term 41,855 — — 598 42,453 Commercial Loan Investment Related Revenue — — 1,829 — 1,829 Total Revenues $ 41,956 $ 304 $ 1,829 $ 852 $ 44,941 The following table summarizes the Company’s revenue from continuing operations by segment, major good and/or service, and the related timing of revenue recognition for the year ended December 31, 2018: Income Properties Commercial Loan Investments Real Estate Operations Total Revenues ($000's) ($000's) ($000's) ($000's) Major Good / Service: Lease Revenue - Base Rent $ 31,587 $ — $ — $ 31,587 Lease Revenue - CAM 2,905 — — 2,905 Lease Revenue - Reimbursements 2,934 — — 2,934 Lease Revenue - Billboards 250 — — 250 Above / Below Market Lease Accretion 2,339 — — 2,339 Contributed Leased Assets Accretion 218 — — 218 Lease Incentive Amortization (302) — — (302) Commercial Loan Investments — 616 — 616 Impact Fee and Mitigation Credit Sales — — 1,338 1,338 Subsurface Lease Revenue — — 957 957 Subsurface Revenue - Other — — 668 668 Fill Dirt and Other Revenue — — 3 3 Interest and Other Revenue 145 — — 145 Total Revenues $ 40,076 $ 616 $ 2,966 $ 43,658 Timing of Revenue Recognition: Asset/Good Transferred at a Point in Time $ — $ — $ 2,009 $ 2,009 Services Transferred Over Time 145 — — 145 Over Lease Term 39,931 — 957 40,888 Commercial Loan Investment Related Revenue — 616 — 616 Total Revenues $ 40,076 $ 616 $ 2,966 $ 43,658 The following table summarizes the Company’s revenue from continuing operations by segment, major good and/or service, and the related timing of revenue recognition for the year ended December 31, 2017: Income Properties Commercial Loan Investments Real Estate Operations Total Revenues ($000's) ($000's) ($000's) ($000's) Major Good / Service: Lease Revenue - Base Rent $ 24,650 $ — $ — $ 24,650 Lease Revenue - CAM 2,208 — — 2,208 Lease Revenue - Reimbursements 2,125 — — 2,125 Lease Revenue - Billboards 251 — — 251 Above / Below Market Lease Accretion 2,194 — — 2,194 Lease Incentive Amortization (50) — — (50) Commercial Loan Investments — 2,053 — 2,053 Impact Fee and Mitigation Credit Sales — — 2,126 2,126 Subsurface Lease Revenue — — 856 856 Subsurface Revenue - Other — — 2,192 2,192 Fill Dirt and Other Revenue — — 17 17 Interest and Other Revenue 29 — — 29 Total Revenues $ 31,407 $ 2,053 $ 5,191 $ 38,651 Timing of Revenue Recognition: Asset/Good Transferred at a Point in Time $ — $ — $ 4,335 $ 4,335 Services Transferred Over Time 29 — — 29 Over Lease Term 31,378 — 856 32,234 Commercial Loan Investment Related Revenue — 2,053 — 2,053 Total Revenues $ 31,407 $ 2,053 $ 5,191 $ 38,651 |
INCOME PROPERTIES
INCOME PROPERTIES | 12 Months Ended |
Dec. 31, 2019 | |
INCOME PROPERTIES | |
INCOME PROPERTIES | NOTE 3. INCOME PROPERTIES 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. Lease payments below include straight-line base rental revenue as well as the non-cash accretion of above and below market lease amortization. The components of leasing revenue are as follows: Year Ended December 31, 2019 2018 2017 ($000's) ($000's) ($000's) Leasing Revenue Lease Payments $ 37,431 $ 33,842 $ 26,794 Variable Lease Payments 4,525 6,234 4,613 Total Leasing Revenue $ 41,956 $ 40,076 $ 31,407 Minimum future base rental revenue on non-cancelable leases subsequent to December 31, 2019, for the next five years ended December 31 are summarized as follows: Year Ending December 31, Amounts 2020 $ 25,698 2021 24,979 2022 24,074 2023 23,343 2024 23,069 2025 and thereafter (cumulative) 174,852 Total $ 296,015 2019 Activity. During the year ended December 31, 2019, the Company acquired ten single-tenant income properties and one multi-tenant income property, for an aggregate purchase price of approximately $164.7 million, or an aggregate acquisition cost of approximately $165.7 million including capitalized acquisition costs. Based on independent third-party purchase price allocation valuations, of the total acquisition cost, approximately $45.6 million was allocated to land, approximately $83.5 million was allocated to buildings and improvements, approximately $23.4 million was allocated to intangible assets pertaining to the in-place lease value, leasing fees and above market lease value, and approximately $3.1 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 4, “Commercial Loan Investments.” The weighted average amortization period for the intangible assets and liabilities was approximately 9.7 years at acquisition. The properties acquired during the year ended December 31, 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 Burlington Stores, Inc. Single-Tenant N. Richland Hills, TX 10/28/19 70,891 5.3 11,940,000 9.3 The Strand Multi-Tenant Jacksonville, FL 12/09/19 212,402 52.0 62,701,000 9.5 Total / Weighted Average 502,626 $ 164,670,000 18.4 (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 December 31, 2019 as a commercial loan investment. See Note 4, “Commercial Loan Investments”. 2019 Dispositions . Twenty-one single-tenant income properties were disposed of during the year ended December 31, 2019 as follows: · On November 26, 2019, as part of the initial public offering (the “IPO”) of PINE, the Company sold or contributed 20 single-tenant net-leased income properties to Alpine and its operating partnership (the “Alpine OP”) for aggregate cash consideration of approximately $125.9 million for 15 of the properties and an aggregate of 1,223,854 units of the Alpine OP (“OP Units”) for 5 of the properties, with the OP Units having an initial value of approximately $23.3 million, based on Alpine’s IPO price, resulting in a gain of approximately $1.0 million, or approximately $0.16 per share after tax (the “PINE Income Property Sale Transactions”). In addition to investing in Alpine by way of receipt of the OP Units, the Company invested $15.5 million of cash in Alpine at its IPO, receiving 815,790 shares of Alpine’s common stock. In aggregate, the Company owns approximately 2.04 million shares of Alpine, or approximately 22.3% of its total shares outstanding. · 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 year ended December 31, 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 $18.3 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 $24.6 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 18, “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 Activity. During the year ended December 31, 2018, the Company acquired eleven single-tenant income properties, for an aggregate purchase price of approximately $106.6 million, or an aggregate acquisition cost of approximately $107.8 million including capitalized acquisition costs. Based on independent third-party purchase price allocation valuations, of the total acquisition cost, approximately $47.9 million was allocated to land, approximately $45.6 million was allocated to buildings and improvements, approximately $15.6 million was allocated to intangible assets pertaining to the in-place lease value, leasing fees and above market lease value, and approximately $1.3 million was allocated to intangible liabilities for the below market lease value. The weighted average amortization period for the intangible assets and liabilities was approximately 13.2 years at acquisition. Four income properties were disposed of during the year ended December 31, 2018. On March 26, 2018, the Company sold its four self-developed, multi-tenant office properties located in Daytona Beach, Florida, for approximately $11.4 million (the “Self-Developed Properties Sale”). The sale included the 22,012 square-foot Concierge office building, the 30,720 square-foot Mason Commerce Center comprised of two office buildings, and the 15,360 square-foot Williamson Business Park office building. The gain on the sale totaled approximately $3.7 million, or approximately $0.49 per share, after tax. The Company utilized the proceeds to fund a portion of the previously acquired income property located near Portland, Oregon, leased to Wells Fargo, through a reverse 1031 like-kind exchange structure. As part of the transaction, the Company entered into a lease of its approximately 7,600 square-foot office space in Williamson Business Park for approximately 5 years at a market rental rate. 2017 Activity. During the year ended December 31, 2017, the Company acquired four single-tenant income properties and two multi-tenant income properties, for an aggregate purchase price of approximately $79.8 million, or an aggregate acquisition cost of approximately $80.6 million including capitalized acquisition costs. Based on independent third-party purchase price allocation valuations, of the total acquisition cost, approximately $28.0 million was allocated to land, approximately $45.2 million was allocated to buildings and improvements, approximately $9.3 million was allocated to intangible assets pertaining to the in-place lease value, leasing fees and above market lease value, and approximately $1.9 million was allocated to intangible liabilities for the below market lease value. The weighted average amortization period for the intangible assets and liabilities was approximately 8.9 years at acquisition. No income properties were disposed of during the year ended December 31, 2017. |
COMMERCIAL LOAN INVESTMENTS
COMMERCIAL LOAN INVESTMENTS | 12 Months Ended |
Dec. 31, 2019 | |
COMMERCIAL LOAN INVESTMENTS | |
COMMERCIAL LOAN INVESTMENTS | NOTE 4. COMMERCIAL LOAN INVESTMENTS Our investments in commercial loans or similar structured finance investments, such as mezzanine loans or other subordinated debt, have been and are expected to continue to be secured by commercial or residential real estate or the borrower’s pledge of its ownership interest in the entity that owns the real estate. The first mortgage loans we invest in or originate are generally for commercial real estate located in the United States and its territories, and are current or performing with either a fixed or floating rate. Some of these loans may be syndicated in either a pari-passu or senior/subordinated structure. Commercial first mortgage loans generally provide for a higher recovery rate due to their senior position in the underlying collateral. Commercial mezzanine loans are typically secured by a pledge of the borrower’s equity ownership in the underlying commercial real estate. Unlike a mortgage, a mezzanine loan is not secured by a lien on the property. An investor’s rights in a mezzanine loan are usually governed by an intercreditor agreement that provides holders with the rights to cure defaults and exercise control on certain decisions of any senior debt secured by the same commercial property. 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. On October 17, 2019, the Company originated an approximately $2.1 million first mortgage loan secured by the LPGA golf assets which were sold on October 17, 2019. The loan is interest-only with a term of one-year with two six-month extensions with a fixed interest rate of 7.50%. The Company received an origination fee of 1.5%, or approximately $31,000. The Company’s commercial loan investment portfolio was comprised of the following at December 31, 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 $ 7,927,869 12.00% Mortgage Note – 400 Josephine Street, Austin, TX July 2019 July 2020 8,250,000 8,250,000 8,207,964 11.50% Ground Lease Loan – 400 Josephine Street, Austin, TX July 2019 N/A 16,250,000 16,250,000 16,443,942 N/A LPGA Buyer Loan – Daytona Beach, FL Oct 2019 Oct 2020 2,070,000 2,070,000 2,045,398 7.50% $ 34,570,000 $ 34,570,000 $ 34,625,173 The carrying value of the commercial loan investment portfolio at December 31, 2019 consisted of the following: Total Current Face Amount $ 34,570,000 Imputed Interest over Rent Payments Received on Ground Lease Loan 193,943 Unaccreted Origination Fees (138,770) Total Commercial Loan Investments $ 34,625,173 As of December 31, 2018, the Company had no commercial loan investments. |
RELATED PARTY MANAGEMENT SERVIC
RELATED PARTY MANAGEMENT SERVICES BUSINESS | 12 Months Ended |
Dec. 31, 2019 | |
RELATED PARTY MANAGEMENT SERVICES BUSINESS | |
RELATED PARTY MANAGEMENT SERVICES BUSINESS | NOTE 5. RELATED PARTY MANAGEMENT SERVICES BUSINESS PINE. Pursuant to the Company’s management agreement with PINE, (the “Management Agreement”), we will generate a base management fee equal to 1.5% of PINE’s total equity. The structure of the base fee provides us with an opportunity for our base fee to grow should PINE’s independent board members determine to raise additional equity capital in the future. We also have an opportunity to achieve additional cash flows as Manager of PINE pursuant to the terms of the incentive fee. During the year ended December 31, 2019, the Company earned management fee revenue from PINE of approximately $254,000 which represents the initial stub period of PINE’s operations from November 26, 2019 to December 31, 2019 and is included in management services in the accompanying consolidated statements of operations. Dividends received totaled approximately $118,000 for the year ended December 31, 2019 and are included in investment income in the accompanying consolidated statements of operations. The following table represents amounts due from PINE to the Company as of December 31, 2019: Description Amounts Management Services Fee due from PINE $ 254 Dividend Receivable on OP Units 71 Other 56 Total $ 381 Land JV. Pursuant to the terms of the operating agreement for the Land JV, the initial amount of the management fee is $20,000 per month. The management fee is evaluated quarterly and as land sales occur in the Land JV, the basis for our management fee will be reduced as the management fee is based on the value of real property that remains in the Land JV. During the year ended December 31, 2019, the Company earned management fee revenue from the Land JV of approximately $50,000 which represents the initial stub period of the Land JV’s operations from October 16, 2019 to December 31, 2019 and is included in management services in the accompanying consolidated statements of operations. |
LAND AND INVESTMENT IN THE LAND
LAND AND INVESTMENT IN THE LAND JV | 12 Months Ended |
Dec. 31, 2019 | |
LAND AND INVESTMENT IN THE LAND JV | |
LAND AND INVESTMENT IN THE LAND JV | NOTE 6. LAND AND INVESTMENT IN THE LAND JV Land and development costs at December 31, 2019 and 2018 were as follows: December 31, 2019 2018 Land and Development Costs $ 6,068,810 $ 5,001,795 Land, Timber, and Subsurface Interests 663,481 623,050 Total Land and Development Costs $ 6,732,291 $ 5,624,845 As of December 31, 2018, the Company owned approximately 5,400 acres of undeveloped land in Daytona Beach, Florida, along six miles of the west and east sides of Interstate 95. The significant decrease in land and development costs above is primarily the result of the Company’s completion of the sale of a controlling interest in its wholly-owned subsidiary, Crisp39 SPV LLC to affiliates of Magnetar Capital LLC (the “Magnetar Investors”) (the “Magnetar Land Sale”) on October 16, 2019, pursuant to an Interest Purchase Agreement (the “Purchase Agreement”) for proceeds of approximately $97.0 million. Crisp39 SPV LLC holds the approximately 5,300 acres of undeveloped land in Daytona Beach, Florida (the “Land JV”). As a result of the closing of the Purchase Agreement, the Magnetar Investors collectively own a notional 66.50% equity interest in the Land JV, and the Company owns a notional 33.50% equity interest in the Land JV (collectively the Company and the Magnetar Investors are herein referred to as the “JV Partners”). The transaction resulted in a gain of approximately $78.6 million, or approximately $12.21 per share, after tax, on the sale of the 66.50% equity interest in the Land JV and a non-cash gain of approximately $48.9 million on the Company’s retained interest in the Land JV, or approximately $7.59 per share, after tax. The direct impact of the Magnetar Land Sale is that the Company divested itself of its land holdings, but for the 6-acre Daytona Beach development land described below, and as such the occurrence of land sales, which had been a primary element of the Company’s business for virtually its entire 109-year history, has been essentially discontinued. Consequently, the operations associated with our land holdings were treated as discontinued operations and accordingly the revenues and expenses that had been presented within the Company’s real estate operations segment in prior periods were reclassified in the statement of operations for the year ended December 31, 2019 and all prior periods presented. However, the Company is continuing to pursue land sales on the approximately 5,300 acres that formerly comprised its land holdings in its role as Manager (of the Land JV) on behalf of the JV Partners. The Company’s retained interest in the Land JV represents a notional 33.5% stake in the venture, the value of which may be realized in the form of distributions based on the timing and the amount of proceeds achieved when the land is ultimately sold by the Land JV. As of March 6, 2020, the Land JV has completed approximately $22 million in land sales since its inception in mid-October 2019 and currently has a pipeline of 10 purchase and sale agreements for potential land sale transactions representing approximately $97 million of potential proceeds to the Land JV. The 4,200 acres under contract represents approximately 84% of the total remaining land in the Land JV. The Company will serve as the initial manager of the Land JV and is responsible for day-to-day operations at the direction of the JV Partners. All major decisions and certain other actions that can be made by the Manager must be approved by the unanimous consent of the JV Partners (the “Unanimous Actions”). Unanimous Actions include such matters as the approval of pricing for all land parcels in the Land JV; approval of contracts for the sale of land that contain material revisions to the standard purchase contract of the Land JV; entry into any lease agreement affiliated with the Land JV; entering into listing or brokerage agreements; approval and amendment of the Land JV’s operating budget; obtaining financing for the Land JV; admission of additional members; and dispositions of the Land JV’s real property for amounts less than market value. Pursuant to the LLC Agreement the Land JV will pay the Manager a management fee in the initial amount of $20,000 per month, which amount will be evaluated on a quarterly basis and reduced based on the value of real property that remains in the Land JV. Real Estate Operations – Discontinued Operations Since the transition in our land operations occurred late in 2019, the impact of land sales for the periods prior to October 2019 are no longer germane to our financial condition, results of operations and cash flows. As such the following summarized information is provided regarding land sales activity prior to October 2019. Revenue from discontinued real estate operations consisted of the following for the years ended December 31, 2019, 2018, and 2017: 2019 2018 2017 Revenue Description ($000's) ($000's) ($000's) Land Sales Revenue $ 10,975 $ 41,452 $ 45,471 Revenue from Reimbursement of Infrastructure Costs — 1,556 1,860 Agriculture 68 23 335 Total Real Estate Operations Revenue - Discontinued Operations $ 11,043 $ 43,031 $ 47,666 2019 Land Sales. During the year ended December 31, 2019, the Company completed five land sales transactions, including: (i) the Magnetar Land Sale for approximately 5,300 acres of land, for total proceeds of approximately $97.0 million; (ii) two transactions with Unicorp Development representing approximately 23.6 acres and generating aggregate proceeds of approximately $7.1 million; (iii) the sale of approximately 38 acres for total proceeds of $710,000, and (iv) a land sale to NADG for approximately 13 acres generating proceeds of approximately $3 million. In total the Company, in 2019, sold approximately 5,400 acres generating proceeds of approximately $108 million. Including the approximately $48.9 million recognized on the retained interest in the Land JV, resulting in gains of approximately $133 million, or approximately $20.60 per share after tax, were recognized. 2018 Land Sales. During the year ended December 31, 2018, the Company completed land transactions representing approximately 2,697 acres including: (i) the sale of a 70% interest in the Mitigation Bank (hereinafter defined) that holds approximately 2,492 acres for proceeds of $15.3 million and (ii) twelve land sales totaling approximately 205 acres for aggregate proceeds of approximately $43.7 million. The twelve land sales generated gains of approximately $32.6 million, or approximately $4.44 per share, after tax. 2017 Land Sales. During the year ended December 31, 2017, the Company completed land transactions representing approximately 1,700 acres including: (i) the sale of nearly 1,600 acres to Minto Communities generating proceeds of approximately $27.2 million; (ii) two transactions with NADG of approximately 46 acres for total proceeds of approximately $10.6 million, and (iii) five other transactions representing approximately 73.5 acres that generated approximately $9.2 million of proceeds. The land sales in 2017 generated aggregate proceeds of approximately $45.5 million and gains of approximately $31.8 million, or approximately $3.51 per share, after tax. Land Impairments. As more fully described in Note 11, "Impairment of Long-Lived Assets," during the years ended December 31, 2019, 2018, and 2017, the Company did not recognize any impairments on its undeveloped land holdings. Real Estate Operations – Continuing Revenue from continuing real estate operations consisted of the following for the years ended December 31, 2019, 2018, and 2017: 2019 2018 2017 Revenue Description ($000's) ($000's) ($000's) Impact Fee and Mitigation Credit Sales — 1,338 2,126 Subsurface Revenue 748 1,625 3,048 Fill Dirt and Other Revenue 104 3 17 Total Real Estate Operations Revenue - Continuing Operations $ 852 $ 2,966 $ 5,191 Daytona Beach Development. During 2018, the Company acquired a 5-acre parcel of land with existing structures in downtown Daytona Beach, for a purchase price of approximately $2.0 million. As of December 31, 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. 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 December 31, 2019, we have incurred approximately $1.1 million in raze and entitlement costs related to these parcels. Other Real Estate Assets . The Company owns mitigation credits with a cost basis of approximately $2.3 million as of December 31, 2019. The increase in mitigation credits includes the 25 credits acquired from the Mitigation Bank during December 2019 as described in Note 7, Investment in Joint Ventures. There were no mitigation credit sales during the year ended December 31, 2019. During the year ended December 31, 2018, the Company transferred mitigation credits with a basis of approximately $124,000 to the land acquired by Buc-ee’s. During the year ended December 31, 2018, the Company sold mitigation credits for approximately $1.0 million, for a gain of approximately $882,000, or $0.12 per share, after tax. During the year ended December 31, 2017, the Company sold mitigation credits for approximately $1.6 million, for a gain of approximately $1.3 million, or $0.15 per share, after tax. Additionally, the Company recorded the transfer of mitigation credits with a cost basis of approximately $298,000 as a charge to direct cost of revenues of real estate operations during the year ended December 31, 2017, as more fully described in Note 21, “Commitments and Contingencies.” During the years ended December 31, 2018 and 2017, the Company received cash payments of approximately $338,000 and $519,000, respectively, for impact fees with a cost basis that was generally of equal value, with no such impact fee sales during the year ended December 31, 2019 as the balance of impact fees is only approximately $2,000. Additionally, during the year ended December 31, 2018, impact fees with a cost basis of approximately $72,000 were transferred to the beachfront restaurant leased to LandShark Bar & Grill. Subsurface Interests. As of December 31, 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. Prior to September 2019, the Company leased certain of the Subsurface Interests to a mineral exploration organization for exploration. An eight-year oil exploration lease was executed in 2011 that covered 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. As a result, the lease was effectively comprised of thirteen one-year terms as the lessee had the option to terminate the lease at the end of each lease year. The lessee had previously exercised renewal options through the eighth year of the lease which ended on September 22, 2019. The Lessee elected not to renew the oil exploration lease beyond September 22, 2019. During the eight years the lease was active the annual lease payments were recognized as revenue ratably over the respective twelve-month lease period. During the lease term a number of the renewals included the payment of a drilling penalty by the Lessee. The non-refundable drilling penalty payments were recognized as revenue when earned, i.e. when the amount agreed upon was paid. Lease income generated by the annual lease payments is recognized on a straight-line basis over the guaranteed lease term. For the years December 31, 2019, 2018, and 2017, lease income of approximately $598,000, approximately $807,000, and approximately $807,000 was recognized, respectively. Lease payments on the respective acreages and drilling penalties received through lease year eight are as follows: Acreage Lease Year (Approximate) Florida County Lease Payment (1) Drilling Penalty (1) Lease Year 1 - 9/23/2011 - 9/22/2012 136,000 Lee and Hendry $ 913,657 $ — Lease Year 2 - 9/23/2012 - 9/22/2013 136,000 Lee and Hendry 922,114 — Lease Year 3 - 9/23/2013 - 9/22/2014 82,000 Hendry 3,293,000 1,000,000 Lease Year 4 - 9/23/2014 - 9/22/2015 42,000 Hendry 1,866,146 600,000 Lease Year 5 - 9/23/2015 - 9/22/2016 25,000 Hendry 1,218,838 175,000 Lease Year 6 - 9/23/2016 - 9/22/2017 15,000 Hendry 806,683 150,000 Lease Year 7 - 9/23/2017 - 9/22/2018 15,000 Hendry 806,683 50,000 Lease Year 8 - 9/23/2018 - 9/22/2019 15,000 Hendry 806,684 150,000 Total Payments $ 10,633,805 $ 2,125,000 (1) Generally, cash payment for the Lease Payment and Drilling Penalty is received on or before the first day of the lease year. The Drilling Penalty, which is due within thirty days from the end of the prior lease year, is recorded as revenue when 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. The oil exploration lease has not been renewed beyond September 22, 2019 and has effectively terminated. There were no sales of subsurface acres during the years ended December 31, 2019 or 2018. During the year ended December 31, 2017, the Company sold approximately 38,750 acres of subsurface interests in Osceola County, Florida for approximately $2.1 million (the "Osceola Subsurface Sale"). The gain from the Osceola Subsurface Sale totaled approximately $2.08 million, or $0.23 per share, after tax. During the years ended December 31, 2019, 2018, and 2017, the Company also received oil royalties from operating oil wells on 800 acres under a separate lease with a separate operator. Production volume from these oil wells resulted in revenues received from oil royalties of approximately $42,000, $72,000, and $86,000, respectively. The Company is not prohibited from selling any or all of its Subsurface Interests. The Company may release surface entry rights or other rights upon request of a surface owner for a negotiated release fee typically based on a percentage of the surface value. Should the Company complete a transaction to sell all or a portion of its Subsurface Interests or complete a release transaction, the Company may utilize the like-kind exchange structure in acquiring one or more replacement investments including income-producing properties. During the year ended December 31, 2018, the Company completed a transaction releasing our surface entry rights on approximately 600 acres in exchange for approximately $185,000 in cash and fee title to approximately 40 additional acres in Hendry County, valued at approximately $320,000. Including the non-cash value received, the gain from the transaction totaled approximately $435,000, or $0.06 per share, after tax. Additional cash payments for the release of surface entry rights during 2018 totaled approximately $73,000. Cash payments for the release of surface entry rights totaled approximately $104,000 during the year ended December 31, 2019, while there were no releases of surface entry rights during the year ended December 31, 2017. |
INVESTMENTS IN JOINT VENTURES
INVESTMENTS IN JOINT VENTURES | 12 Months Ended |
Dec. 31, 2019 | |
INVESTMENTS IN JOINT VENTURES | |
INVESTMENTS IN JOINT VENTURES | NOTE 7. INVESTMENTS IN JOINT VENTURES Land JV. The Investment in Joint Ventures on the Company’s consolidated balance sheets includes the Company’s ownership interest in the Land JV. We have concluded the Land JV 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 Land JV being jointly controlled by the members through the use of unanimous approval for all material actions. Under the guidance of FASB ASC 323, Investments-Equity Method and Joint Ventures, the Company uses the equity method to account for the JV Investment. The following table provides summarized financial information of the Land JV as of December 31, 2019. There were no balances as of December 31, 2018. As of December 31, 2019 ($000's) Assets, cash and cash equivalents $ 15,066 Assets, prepaid expenses 61 Assets, investment in land assets 17,058 Total Assets $ 32,185 Liabilities, accounts payable, deferred revenue $ 987 Equity $ 31,198 Total Liabilities & Equity $ 32,185 The following table provides summarized financial information of the Land JV for the year ended December 31, 2019. There was no activity for the years ended December 31, 2018 and 2017. Year Ended December 31, 2019 ($000's) Revenues $ 14,635 Direct Cost of Revenues 1,268 Operating Income $ 13,367 Other Operating Expenses $ 90 Net Income $ 13,277 The Company’s share of the Land JV’s net income was zero for the year ended December 31, 2019. Pursuant to ASC 323, certain adjustments are made when calculating the Company’s share of net income, including adjustments required to reflect the investor’s share of changes in investee’s capital to reflect distributions from the venture. Additionally, basis differences are also considered. The Company recorded the retained interest in the Land JV of approximately $48.9 million at the estimated fair market value based on the relationship of the $97.0 million sales price of the 66.5% equity interest to the 33.5% retained interest. The Land JV recorded the assets contributed by the Company at carry-over basis pursuant to ASC 845 which states that transfers of nonmonetary assets to should typically be recorded at the transferor’s historical cost basis. Accordingly, the Company’s basis difference in the 33.5% retained equity interest will be evaluated each quarter upon determining the Company’s share of the Land JV’s net income. Mitigation Bank. The mitigation bank transaction consists of the sale of a 70% interest in the entity that holds approximately 2,492 acres of land that has been permitted for the creation of a wetland mitigation bank (the “Mitigation Bank JV”). The purchaser of the 70% interest in the Mitigation Bank JV 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 JV. A third-party was retained by the Mitigation Bank JV as the day-to-day manager of the Mitigation Bank property, responsible for the maintenance, generation, tracking, and other aspects of wetland mitigation credits. The Mitigation Bank JV 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 Mitigation Bank JV from the federal and state regulatory agencies that exercise jurisdiction over the awarding of such credits, but no assurances can be given as to the ultimate issuance, marketability or value of the credits. The Mitigation Bank JV 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 2020. The gain on the sale of the 70% interest in the Mitigation Bank JV totaled approximately $18.4 million and is comprised of the gain on the sale of 70% interest for proceeds of $15.3 million as well as the gain on the retained 30% interest pursuant to FASB ASC Topic 610-20, Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets . The gain is included in the Gain on Disposition of Assets in the Company’s consolidated statements of operations. As of December 31, 2018, the approximately $6.8 million Investments in Joint Ventures included on the Company’s consolidated balance sheets is comprised of the fair market value of the 30% retained interest in the Mitigation Bank JV. The operating agreement of the Mitigation Bank JV (the “Operating Agreement”) executed in conjunction with the mitigation bank transaction stipulates that the Company shall arrange for sales of the Mitigation Bank JV’s mitigation credits to unrelated third parties totaling no less than $6 million of revenue to the Mitigation Bank JV, net of commissions, by the end of 2020, utilizing a maximum of 60 mitigation credits (the “Minimum Sales Requirement”). The Operating Agreement stipulates that if the Minimum Sales Requirement is not achieved, then BlackRock has the right, but is not required, to cause the Company to purchase the number of mitigation credits necessary to reach the Minimum Sales Requirement (the “Minimum Sales Guarantee”). The Company estimates the fair value of the Minimum Sales Guarantee to be approximately $100,000 which was recorded as a reduction in the gain on the transaction and is included in Accrued and Other Liabilities in the Company’s consolidated balance sheet as of December 31, 2018. Additionally, the Operating Agreement provides BlackRock the right to cause the Company to purchase a maximum of 8.536 mitigation credits per quarter (the “Commitment Amount”) from the Mitigation Bank JV 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 JV 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 December 31, 2018. In December 2019, BlackRock exercised its Put Right and put 25 mitigation credits to the Company, which the Company purchased for approximately $1.9 million, or approximately $75,000 per credit. The credits acquired were included as an increase to Impact Fees and Mitigation Credits on the accompanying consolidated balance sheets as of December 31, 2019. The Company evaluated the impact of the exercised put right on the fair value of the Company’s investment in the Mitigation Bank JV as of December 31, 2019 of approximately $6.9 million and on the fair value of the mitigation credits purchased as of December 31, 2019, noting no impairment issues. The Company evaluates its estimates of fair value on an ongoing basis; however, actual results may differ from those estimates. The following tables provide summarized financial information of the Mitigation Bank JV as of December 31, 2019 and 2018: As of As of December 31, 2019 December 31, 2018 ($000's) ($000's) Assets, cash and cash equivalents $ 4,015 $ 2,316 Assets, prepaid expenses 19 19 Assets, investment in mitigation credit assets 1,521 1,511 Assets, property, plant, and equipment 17 18 Total Assets $ 5,572 $ 3,864 Liabilities, accounts payable, deferred mitigation credit sale revenue $ 39 $ 62 Equity $ 5,533 $ 3,802 Total Liabilities & Equity $ 5,572 $ 3,864 The following table provides summarized financial information of the Mitigation Bank JV for the year ended December 31, 2019 and 2018. There was no activity for the year ended December 31, 2017. Year Ended December 31, 2019 December 31, 2018 ($000's) ($000's) Revenues $ 1,922 $ — Direct Cost of Revenues 76 — Operating Income $ 1,846 $ — Other Operating Expenses $ 197 $ 117 Net Income $ 1,649 $ (117) The Company’s share of the Mitigation Bank JV’s net income was zero for the years ended December 31, 2019 and 2018. Pursuant to ASC 323, certain adjustments are made when calculating the Company’s share of net income, including adjustments required to reflect the investor’s share of changes in investee’s capital to reflect distributions from the venture. Additionally, basis differences are also considered. The Company recorded the retained interest in the Mitigation Bank JV of approximately $6.8 million at the estimated fair market value based on the relationship of the $15.3 million sales price of the 70% equity interest to the 30% retained interest. The Mitigation Bank JV recorded the assets contributed by the Company at carry-over basis pursuant to ASC 845 which states that transfers of nonmonetary assets to should typically be recorded at the transferor’s historical cost basis. Accordingly, the Company’s basis difference in the 30% retained equity interest will be evaluated each quarter upon determining the Company’s share of the Mitigation Bank JV’s net income. |
INVESTMENT SECURITIES
INVESTMENT SECURITIES | 12 Months Ended |
Dec. 31, 2019 | |
INVESTMENT SECURITIES | |
INVESTMENT SECURITIES | NOTE 8. INVESTMENT SECURITIES On November 26, 2019, the Company purchased 394,737 shares of PINE common stock for a total purchase price of $7.5 million (the “Private Placement”). Also, on November 26, 2019, the Company purchased 421,053 shares of PINE common stock in the IPO for a total purchase price of $8.0 million. Including the Company’s investment in PINE as a result of receiving 1,223,854 OP Units, the Company owns, in the aggregate, approximately 2.04 million shares of PINE, or approximately 22.3% of PINE’s total shares outstanding for approximately $38.8 million. The Company has elected the fair value option related to the aggregate investment in securities of PINE pursuant to ASC 825, otherwise such investments would have been accounted for under the equity method. As of December 31, 2019 Cost Unrealized Gains in Unrealized Losses in Estimated Common Stock $ 15,500,000 $ 24,484 $ — $ 15,524,484 Operating Units 23,253,230 36,711 — 23,289,941 Total Equity Securities 38,753,230 61,195 — 38,814,425 Total Investment Securities $ 38,753,230 $ 61,195 $ — $ 38,814,425 The Company had no investment securities as of December 31, 2018 or 2017. |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2019 | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | NOTE 9. FAIR VALUE OF FINANCIAL INSTRUMENTS The following table presents the carrying value and estimated fair value of the Company’s financial instruments not carried at fair value on the consolidated balance sheets at December 31, 2019 and 2018: December 31, 2019 December 31, 2018 Carrying Estimated Carrying Estimated Value Fair Value Value Fair Value Cash and Cash Equivalents - Level 1 $ 6,474,637 $ 6,474,637 $ 2,310,489 $ 2,310,489 Restricted Cash - Level 1 128,430,049 128,430,049 19,721,475 19,721,475 Commercial Loan Investments - Level 2 34,625,173 35,001,997 — — Long-Term Debt - Level 2 287,218,303 288,830,346 247,624,811 248,765,650 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 at December 31, 2019: Fair Value at Reporting Date Using Quoted Prices in Significant Active Markets Significant Other Unobservable for Identical Observable Inputs Inputs 12/31/2019 Assets (Level 1) (Level 2) (Level 3) Cash Flow Hedge - Interest Rate Swap $ 99,021 $ — $ 99,021 $ — Investment Securities 38,814,425 38,814,425 — — Total $ 38,814,425 $ 38,814,425 $ — $ — The following table presents the fair value of assets measured on a recurring basis by Level at December 31, 2018: Fair Value at Reporting Date Using Quoted Prices in 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 $ — No assets were measured on a non-recurring basis as of December 31, 2019 or 2018. |
INTANGIBLE ASSETS AND LIABILITI
INTANGIBLE ASSETS AND LIABILITIES | 12 Months Ended |
Dec. 31, 2019 | |
INTANGIBLE ASSETS AND LIABILITIES | |
INTANGIBLE ASSETS AND LIABILITIES | NOTE 10. INTANGIBLE ASSETS AND LIABILITIES Intangible assets and liabilities consist of the value of above-market and below-market leases, the value of in-place leases, and the value of leasing costs, based in each case on their fair values. Intangible assets and liabilities consisted of the following as of December 31, 2019 and 2018: As of December 31, December 31, Intangible Lease Assets: Value of In-Place Leases $ 42,584,264 $ 39,189,008 Value of Above Market In-Place Leases 7,119,316 4,114,715 Value of Intangible Leasing Costs 14,645,780 14,791,111 Sub-total Intangible Lease Assets 64,349,360 58,094,834 Accumulated Amortization (15,327,182) (14,539,389) Sub-total Intangible Lease Assets—Net 49,022,178 43,555,445 Intangible Lease Liabilities (included in accrued and other Value of Below Market In-Place Leases (36,507,336) (35,321,234) Sub-total Intangible Lease Liabilities (36,507,336) (35,321,234) Accumulated Amortization 10,309,088 7,930,884 Sub-total Intangible Lease Liabilities—Net (26,198,248) (27,390,350) Total Intangible Assets and Liabilities—Net $ 22,823,930 $ 16,165,095 During the year ended December 31, 2019, the value of in-place leases increased by approximately $16.1 million, the value of above-market in-place leases increased by approximately $3.2 million, the value of intangible leasing costs increased by approximately $5.7 million, and the value of below-market in-place leases increased by approximately $3.7 million due to the acquisition of ten single-tenant and one multi-tenant income properties, offset by the net amortization of approximately $3.5 million, the reclass to accumulated amortization from assets held for sale for the Westcliff property of approximately $10.5 million, and the disposition of approximately $10.7 million of intangible lease assets and liabilities related to the 2019 Multi-Tenant Dispositions, the PINE Income Property Sale Transactions, the Wawa Disposition, for a net increase during 2019 of approximately $6.6 million. As of December 31, 2019 and 2018, approximately $22.2 and $24.4 million, respectively, of the total below market in-place lease value is related to the Wells Fargo property located in Raleigh, North Carolina which was acquired on November 18, 2015. The following table reflects the net amortization of intangible assets and liabilities during the years ended December 31, 2019, 2018, and 2017: Year Ended December 31, December 31, December 31, ($000's) ($000's) ($000's) Depreciation and Amortization Expense $ 5,854 $ 5,872 $ 4,776 Increase to Income Properties Revenue (2,383) (2,339) (2,194) Net Amortization of Intangible Assets and Liabilities $ 3,471 $ 3,533 $ 2,582 The estimated future amortization expense (income) related to net intangible assets and liabilities is as follows: Future Accretion Net Future Future to Income Amortization of Amortization Property Intangible Assets Year Ending December 31, Amount Revenue and Liabilities 2020 $ 5,812,069 $ (1,932,881) $ 3,879,188 2021 4,383,899 (2,004,052) 2,379,847 2022 3,976,582 (2,075,213) 1,901,369 2023 3,851,554 (2,070,019) 1,781,535 2024 3,808,092 (1,972,289) 1,835,803 Thereafter 21,294,453 (10,248,265) 11,046,188 Total $ 43,126,649 $ (20,302,719) $ 22,823,930 As of December 31, 2019, the weighted average amortization period of both the total intangible assets and liabilities was approximately 13 years. |
IMPAIRMENT OF LONG-LIVED ASSETS
IMPAIRMENT OF LONG-LIVED ASSETS | 12 Months Ended |
Dec. 31, 2019 | |
IMPAIRMENT OF LONG-LIVED ASSETS | |
IMPAIRMENT OF LONG-LIVED ASSETS | NOTE 11. 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 years ended December 31, 2019, 2018, and 2017, there were no impairment charges on the Company’s undeveloped land holdings or its income property portfolio. During the year ended December 31, 2018, the Company wrote down the value of the golf assets comprising the Club, which resulted in a corresponding impairment charge of approximately $1.1 million, or $0.15 per share, after tax. The write-down of the golf operation assets to approximately $3.1 million and the related $1.1 million impairment charge were the result of the Company’s assessment of certain triggering events, including activities related to a review of strategic alternatives for the golf operations, occurring during the third quarter of 2018, which required an assessment of the carrying value of the golf assets comprising the Club. In the fourth quarter of 2018, the Company commenced efforts to pursue the monetization of the golf operations and assets comprising the Club. Accordingly, as of December 31, 2018, the golf assets comprising the Club were classified as held for sale in the accompanying consolidated balance sheets until the completion of the sale of the golf operation assets during the fourth quarter of 2019, which resulted in a nominal gain of approximately $15,000. |
OTHER ASSETS
OTHER ASSETS | 12 Months Ended |
Dec. 31, 2019 | |
OTHER ASSETS | |
OTHER ASSETS | NOTE 12. OTHER ASSETS Other assets consisted of the following: As of December 31, December 31, Income Property Tenant Receivables $ 532,636 $ 627,691 Income Property Straight-line Rent Adjustment 3,352,245 4,304,279 Income Property Lease Incentive — 2,394,246 Interest Receivable from Commercial Loan Investment 96,604 — Operating Leases - Right-of-Use Asset 363,631 — Golf Rounds Surcharge - LPGA 549,251 — Cash Flow Hedge - Interest Rate Swap 99,021 651,722 Infrastructure Reimbursement Receivables 1,591,445 1,847,375 Deferred Deal Costs 4,787 425,476 Prepaid Expenses, Deposits, and Other 3,113,929 2,634,664 Total Other Assets $ 9,703,549 $ 12,885,453 Income Property Lease Incentive. As of December 31, 2018, the Income Property Lease Incentive of approximately $2.4 million relates to a tenant improvement allowance of approximately $2.7 million provided to Hilton Grand Vacations in conjunction with the extension of their leases of two buildings from November 30, 2021 to November 30, 2026, offset by accumulated amortization which had been recognized as an offset to rental revenue. The properties leased to Hilton Grand Vacations were part of the PINE Income Property Sale Transactions, and therefore the remaining balance was written off as part of the gain at the time of sale on November 26, 2019. Infrastructure Reimbursement Receivables. As of December 31, 2019 and 2018, the Infrastructure Reimbursement Receivables were all related to the land sales within the Tomoka Town Center. The balance as of December 31, 2019 consisted of approximately $1,200,000 due from Tanger for infrastructure reimbursement to be repaid in seven remaining annual installments of $175,000, net of a discount of approximately $134,000, and approximately $550,000 due from Sam’s Club for infrastructure reimbursement to be repaid in five remaining annual installments of $110,000, net of a discount of approximately $50,000. Deferred Deal Costs. Deferred deal costs represent legal costs incurred in advance of the potential execution of and/or closing of a contract for the disposition of assets, primarily land sales. The costs are deferred and expensed at the time the transaction closes or at the time it becomes evident that the transaction will not be completed. During the years ended December 31, 2019, 2018, and 2017, approximately $322,000, $380,000, and $717,000, respectively, of deal costs were expensed at the time the related transactions were closed. Additionally, during the years ended December 31, 2019, 2018, and 2017, approximately $552,000, $150,000, and $15,000, respectively, of deal costs were expensed at the time it became evident that the transaction would not be completed. |
COMMON STOCK AND EARNINGS PER S
COMMON STOCK AND EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2019 | |
COMMON STOCK AND EARNINGS PER SHARE | |
COMMON STOCK AND EARNINGS PER SHARE | NOTE 13. 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. Year Ended December 31, December 31, December 31, Income Available to Common Shareholders: Net Income $ 114,972,858 $ 37,167,790 $ 41,719,424 Weighted Average Shares Outstanding 4,991,656 5,495,792 5,538,859 Common Shares Applicable to Stock Options Using the Treasury Stock Method 6,387 33,529 40,933 Total Shares Applicable to Diluted Earnings Per Share 4,998,043 5,529,321 5,579,792 Per Share Information: Basic Net Income from Continuing Operations $ 3.32 $ 2.72 $ 3.92 Net Loss from Discontinued Operations (Net of Tax) 19.71 4.04 3.61 Net Income $ 23.03 $ 6.76 $ 7.53 Diluted Net Income from Continuing Operations $ 3.32 $ 2.71 $ 3.90 Net Loss from Discontinued Operations (Net of Tax) 19.68 4.01 3.58 Net Income $ 23.00 $ 6.72 $ 7.48 In addition to the dilutive securities presented above, the effect of 7,500, 15,000, and 57,750, potentially dilutive securities were not included for the years ended December 31, 2019, 2018, and 2017, respectively, as the effect would be antidilutive. The Company intends to settle its 4.50% Convertible Senior Notes due 2020 in cash upon conversion with any excess conversion value to be settled in shares of our common stock. Therefore, only the amount in excess of the par value of the Notes will be included in our calculation of diluted net income per share using the treasury stock method. As such, the Notes have no impact on diluted net income per share until the price of our common stock exceeds the current conversion price of $68.11. The average price of our common stock during the years ended December 31, 2019, 2018, or 2017 did not exceed the conversion price which resulted in no additional diluted outstanding shares. |
TREASURY STOCK
TREASURY STOCK | 12 Months Ended |
Dec. 31, 2019 | |
TREASURY STOCK | |
TREASURY STOCK | NOTE 14. TREASURY STOCK In January 2019 and November 2019, the Company’s Board of Directors approved two equal increases totaling $20.0 million to the open market stock repurchase program. During the year ended December 31, 2019, the Company repurchased 691,102 shares of its common stock for a total cost of approximately $41.1 million, or an average price per share of $59.46, which includes both open market purchases and the Block Share Repurchase (hereinafter defined). The shares of the Company’s common stock repurchased during the year ended December 31, 2019 were returned to the Company’s treasury and substantially completed the aggregate $20.0 million buyback program. 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 aggregate $20.0 million buyback program , which was substantially complete as of December 31, 2019 . |
LONG-TERM DEBT
LONG-TERM DEBT | 12 Months Ended |
Dec. 31, 2019 | |
LONG-TERM DEBT | |
LONG-TERM DEBT | NOTE 15. LONG-TERM DEBT As of December 31, 2019, the Company’s outstanding indebtedness, at face value, was as follows: Face Maturity Interest Value Debt Date Rate Credit Facility $ 159,845,349 May 2023 30 ‑day LIBOR Mortgage Note Payable (originated with Wells Fargo) (1) 30,000,000 October 2034 4.330% Mortgage Note Payable (originated with Wells Fargo) (2) 23,884,373 April 2021 30 ‑day LIBOR 4.50% Convertible Senior Notes due 2020, net of discount 75,000,000 March 2020 4.500% Total Long-Term Face Value Debt $ 288,729,722 (1) Secured by the Company’s interest in six income properties. The mortgage loan carries a fixed rate of 4.33% per annum during the first ten years of the term, and requires payments of interest only during the first ten years of the loan. After the tenth anniversary of the effective date of the loan, the cash flows, as defined in the related loan agreement, generated by the underlying six income properties must be used to pay down the principal balance of the loan until paid off or until the loan matures. The loan is fully pre-payable after the tenth anniversary of the effective date of the loan. (2) Secured by the Company’s income property leased to Wells Fargo located in Raleigh, North Carolina. The mortgage loan has a 5-year term with two years interest only, and interest and a 25-year amortization for the balance of the term. The mortgage loan bears a variable rate of interest based on the 30-day LIBOR plus a rate of 190 basis points. The interest rate for this mortgage loan has been fixed through the use of an interest rate swap that fixed the rate at 3.17%. The mortgage loan can be prepaid at any time subject to the termination of the interest rate swap. Amortization of the principal balance began in May 2018. Credit Facility. On May 24, 2019, the Company executed the Second Amendment to the 2017 Amended Credit Facility (the “Second Revolver Amendment”). As a result of the Second 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 Second 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 Second Revolver Amendment, the Credit Facility matures on May 24, 2023, with the ability to extend the term for 1 year. On November 26, 2019, the Company entered into the Third Amendment to the Second Amended and Restated Credit Agreement (the “Second 2019 Revolver Amendment”), which further amends the 2017 Amended Credit Facility. The Second 2019 Revolver Amendment included, among other things, an adjustment of certain financial maintenance covenants, including a temporary reduction of the minimum fixed charge coverage ratio to allow the Company to redeploy the proceeds received from the PINE Income Property Sale Transactions, and an increase in the maximum amount the Company may invest in stock and stock equivalents of real estate investment trusts to allow the Company to invest in the common stock and operating partnership units of PINE. At December 31, 2019, the current commitment level under the Credit Facility was $200.0 million. The available borrowing capacity under the Credit Facility was approximately $40.2 million, based on the level of borrowing base assets. As of December 31, 2019, the Credit Facility had a $159.8 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 (the “Notes”) will mature on March 15, 2020, unless earlier purchased or converted. See description of the 2025 Notes as hereinafter defined in Note 24. Subsequent Events. The initial conversion rate was 14.5136 shares of common stock for each $1,000 principal amount of Notes, which represented an initial conversion price of approximately $68.90 per share of common stock. Since July of 2016, when the Company’s Board of Directors implemented a quarterly dividend in place of the previous semi-annual dividend, the conversion rate has been adjusted with each successive quarterly dividend and is currently, after the fourth quarter 2019 dividend, equal to 14.6813 shares of common stock for each $1,000 principal amount of Notes, which represents an adjusted conversion price of approximately $68.11 per share of common stock. The conversion rate is subject to adjustment in certain circumstances. Holders may not surrender their Notes for conversion prior to December 15, 2019 except upon the occurrence of certain conditions relating to the closing sale price of the Company’s common stock, the trading price per $1,000 principal amount of Notes, or specified corporate events including a change in control of the Company. The Company may not redeem the Notes prior to the stated maturity date and no sinking fund is provided for the Notes. The Notes are convertible, at the election of the Company, into solely cash, solely shares of the Company’s common stock, or a combination of cash and shares of the Company’s common stock. The Company intends to settle the Notes in cash upon conversion, with any excess conversion value to be settled in shares of our common stock. In accordance with GAAP, the Notes are accounted for as a liability with a separate equity component recorded for the conversion option. A liability was recorded for the Notes on the issuance date at fair value based on a discounted cash flow analysis using current market rates for debt instruments with similar terms. The difference between the initial proceeds from the Notes and the estimated fair value of the debt instruments resulted in a debt discount, with an offset recorded to additional paid-in capital representing the equity component. The discount on the Notes was approximately $6.1 million at issuance, which represents the cash discount paid of approximately $2.6 million and the approximate $3.5 million attributable to the value of the conversion option recorded in equity, which is being amortized into interest expense through the maturity date of the Notes. As of December 31, 2019, the unamortized debt discount of our Notes was approximately $293,000. Long-term debt consisted of the following: December 31, 2019 December 31, 2018 Due Within Due Within Total One Year Total One Year Credit Facility $ 159,845,349 $ — $ 120,745,579 $ — Mortgage Note Payable (originated with Wells Fargo) 30,000,000 — 30,000,000 — Mortgage Note Payable (originated with Wells Fargo) 23,884,373 — 24,557,468 — 4.50% Convertible Senior Notes due 2020, net of discount 74,706,078 75,000,000 73,348,731 — Loan Costs, net of accumulated amortization (1,217,497) — (1,026,967) — Total Long-Term Debt $ 287,218,303 $ 75,000,000 $ 247,624,811 $ — Payments applicable to reduction of principal amounts will be required as follows: Year Ending December 31, Amount 2020 $ 75,000,000 (1) 2021 23,884,373 2022 — 2023 159,845,349 2024 — Thereafter 30,000,000 Total Long-Term Debt - Face Value $ 288,729,722 (1) See Note 24, Subsequent Events for a description of the New Notes, which effectively extends the 2020 Maturity of the $75.0 million face value Notes to 2025. The carrying value of long-term debt as of December 31, 2019 consisted of the following: Total Current Face Amount $ 288,729,722 Unamortized Discount on Convertible Debt (293,922) Loan Costs, net of accumulated amortization (1,217,497) Total Long-Term Debt $ 287,218,303 The following table reflects a summary of interest expense incurred and paid during the years ended December 31, 2019, 2018, and 2017: Year Ended December 31, December 31, December 31, ($000's) ($000's) ($000's) Interest Expense $ 10,665 $ 8,655 $ 7,034 Amortization of Loan Costs 444 495 509 Amortization of Discount on Convertible Notes 1,357 1,273 1,195 Capitalized Interest — — (215) Total Interest Expense $ 12,466 $ 10,423 $ 8,523 Total Interest Paid $ 10,782 $ 8,419 $ 7,060 The Company was in compliance with all of its debt covenants as of December 31, 2019 and 2018. |
INTEREST RATE SWAP
INTEREST RATE SWAP | 12 Months Ended |
Dec. 31, 2019 | |
INTEREST RATE SWAP | |
INTEREST RATE SWAP | NOTE 16. INTEREST RATE SWAP During April 2016, the Company entered into an interest rate swap agreement to hedge cash flows tied to changes in the underlying floating interest rate tied to LIBOR for the $25.0 million mortgage note payable as discussed in Note 15, “Long-Term Debt.” During the years ended December 31, 2018 and 2017, the interest rate swap agreement was 100% effective. Accordingly, the change in fair value on the interest rate swap has been classified in accumulated other comprehensive income. As of December 31, 2019 and 2018, the fair value of our interest rate swap agreement, which was a gain of approximately $99,000 and $652,000, respectively, was included in other assets on the consolidated balance sheets. The interest rate swap was effective on April 7, 2016 and matures on April 7, 2021. The interest rate swap fixed the variable rate debt on the notional amount of related debt of $23.9 million to a rate of 3.17%. |
ACCRUED AND OTHER LIABILITIES
ACCRUED AND OTHER LIABILITIES | 12 Months Ended |
Dec. 31, 2019 | |
ACCRUED AND OTHER LIABILITIES | |
ACCRUED AND OTHER LIABILITIES | NOTE 17. ACCRUED AND OTHER LIABILITIES Accrued and other liabilities consisted of the following: As of December 31, December 31, Accrued Property Taxes $ 44,232 $ 12,312 Reserve for Tenant Improvements 617,968 100,519 Accrued Construction Costs 93,270 350,593 Accrued Interest 1,312,801 1,430,236 Environmental Reserve and Restoration Cost Accrual 205,774 520,404 Operating Leases - Liability 364,888 — Other 3,048,259 2,783,820 Total Accrued and Other Liabilities $ 5,687,192 $ 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 December 31, 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 $2.3 million of the total $2.4 million of estimated costs through December 31, 2019, leaving a remaining accrual of approximately $121,000. This matter is more fully described in Note 21 “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 | 12 Months Ended |
Dec. 31, 2019 | |
DEFERRED REVENUE | |
DEFERRED REVENUE | NOTE 18. DEFERRED REVENUE Deferred revenue consisted of the following: As of December 31, December 31, Deferred Oil Exploration Lease Revenue $ — $ 585,675 Interest Reserve from Commercial Loan Investment 834,972 — Prepaid Rent 2,063,173 1,621,620 Tenant Contributions 2,888,822 4,104,151 Other Deferred Revenue 43,753 58,838 Total Deferred Revenue $ 5,830,720 $ 6,370,284 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 oil exploration lease has not been extended beyond the expiration of the current term of September 22, 2019 and has effectively terminated. Interest Reserve from Commercial Loan Investment. In conjunction with certain of the Company’s commercial loan investments, the borrower has deposited interest and real estate tax reserves in escrow accounts held by the Company. The corresponding liability is recorded in Deferred Revenue on the Company’s consolidated balance sheets as the interest reserves are utilized to fund the monthly interest due on the loans. 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 $223,000 was recognized into income property rental revenue through December 31, 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. As a result of the Termination Payment described in Note 3, “Income Properties,” the balance of the tenant contribution liability was reduced by $1.0 million, leaving a balance of approximately $690,000 to be recognized into income property rental revenue ratably over the remaining term of the original Cocina 214 lease. Approximately $212,000 was recognized into income property rental revenue through December 31, 2019, leaving a balance of approximately $677,000 to be recognized over the remaining term of the lease. |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2019 | |
STOCK-BASED COMPENSATION | |
STOCK-BASED COMPENSATION | NOTE 19. STOCK-BASED COMPENSATION SUMMARY OF STOCK-BASED COMPENSATION A summary of share activity for all equity classified stock compensation during the year ended December 31, 2019, is presented below: Shares Shares Outstanding at Granted Vested / Exercised Expired Forfeited Outstanding at Type of Award 1/1/2019 Shares Shares Shares Shares 12/31/2019 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 financial statements for stock options, stock appreciation rights, and restricted stock are as follows: Year Ended December 31, December 31, December 31, Total Cost of Share-Based Plans Charged Against Income Before Tax Effect $ 2,688,292 $ 1,922,962 $ 1,540,359 Income Tax Expense Recognized in Income $ (681,348) $ (487,375) $ (594,194) EQUITY-CLASSIFIED STOCK COMPENSATION Performance Share Awards – Peer Group Market Condition Vesting On February 3, 2017, the Company awarded to certain employees 12,635 Performance Shares under the Amended and Restated 2010 Equity Incentive Plan (the “2010 Plan”). The Performance Shares awards entitle the recipient to receive, upon the vesting thereof, shares of common stock of the Company equal to between 0% and 150% of the number of Performance Shares awarded. The number of shares of common stock so vesting will be determined based on the Company’s total shareholder return as compared to the total shareholder return of a certain peer group during a three-year performance period commencing on January 1, 2017, and ending on December 31, 2019. Subsequent to December 31, 2019, on February 11, 2020, the actual number of shares that vested related to this award totaled 14,214. On January 24, 2018, the Company awarded to certain employees 15,445 Performance Shares under the 2010 Plan. The Performance Shares awards entitle the recipient to receive, upon the vesting thereof, shares of common stock of the Company equal to between 0% and 150% of the number of Performance Shares awarded. The number of shares of common stock so vesting will be determined based on the Company’s total shareholder return as compared to the total shareholder return of a certain peer group during a three-year performance period commencing on January 1, 2018, and ending on December 31, 2020. 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 three-year performance period, the relative performance of the Company’s stock price and shareholder return compared to the companies in the peer group, annual dividends paid by the Company, and a risk-free interest rate assumption. Compensation cost is recognized regardless of the achievement of the market conditions, provided the requisite service period is met. A summary of activity during the years ended December 31, 2019, 2018, and 2017 is presented below: Wtd. Avg. Performance Shares with Market Conditions Shares Fair Value Outstanding at January 1, 2017 — $ — Granted 12,635 55.66 Vested — — Expired — — Forfeited — — Outstanding at December 31, 2017 12,635 55.66 Granted 15,445 74.99 Vested — — Expired — — Forfeited — — Outstanding at December 31, 2018 28,080 66.29 Granted 21,195 64.66 Vested — — Expired — — Forfeited — — Outstanding at December 31, 2019 49,275 $ 65.59 As of December 31, 2019, there was approximately $1.3 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 1.7 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 December 31, 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 years ended December 31, 2019, 2018, and 2017 is presented below: Wtd. Avg. Market Condition Non-Vested Restricted Shares Shares Fair Value Outstanding at January 1, 2017 69,500 $ 27.03 Granted — — Vested (7,750) 34.30 Expired (32,000) 14.08 Forfeited — — Outstanding at December 31, 2017 29,750 39.07 Granted — — Vested (7,750) 31.58 Expired — — Forfeited — — Outstanding at December 31, 2018 22,000 41.71 Granted — — Vested — — Expired — — Forfeited — — Outstanding at December 31, 2019 22,000 $ 41.71 As of December 31, 2019, there is no unrecognized compensation cost related to market condition restricted stock. Three Year Vest Restricted Shares On January 22, 2014, the Company granted to certain employees 14,500 shares of restricted Company common stock under the 2010 Plan. One-third of the restricted shares vested on each of the first, second, and third anniversaries of the grant date, provided the grantee was an employee of the Company on those dates. On January 28, 2015, the Company granted to certain employees, which did not include Mr. Albright, 11,700 shares of restricted Company common stock under the 2010 Plan. Additionally, on February 9, 2015, the Company granted 8,000 shares of restricted Company common stock to Mr. Albright under the 2010 Plan. One-third of both awards of restricted shares vested on each of the first, second, and third anniversaries of January 28, 2015, provided the grantee was an employee of the Company on those dates. On January 27, 2016, the Company granted to certain employees 21,100 shares of restricted Company common stock under the 2010 Plan. One-third of the restricted shares will vest on each of the first, second, and third anniversaries of January 28, 2016, provided the grantee is an employee of the Company on those dates. In addition, any unvested portion of the restricted shares will vest upon a change in control. On January 25, 2017, the Company granted to certain employees 17,451 shares of restricted Company common stock under the 2010 Plan. One-third of the restricted shares will vest on each of the first, second, and third anniversaries of January 28, 2017, provided the grantee is an employee of the Company on those dates. In addition, any unvested portion of the restricted shares will vest upon a change in control. On January 24, 2018, the Company granted to certain employees 17,712 shares of restricted Company common stock under the 2010 Plan. One-third of the restricted shares will vest on each of the first, second, and third anniversaries of January 28, 2018, provided the grantee is an employee of the Company on those dates. In addition, any unvested portion of the restricted shares will vest upon a change in control. 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 for these awards during the years ended December 31, 2019, 2018, and 2017, is presented below: Wtd. Avg. Fair Value Three Year Vest Non-Vested Restricted Shares Shares Per Share Outstanding at January 1, 2017 37,504 $ 47.53 Granted 17,451 55.06 Vested (17,298) 46.70 Expired — — Forfeited (267) 52.51 Outstanding at December 31, 2017 37,390 51.39 Granted 17,712 65.33 Vested (18,883) 51.57 Expired — — Forfeited (1,267) 59.39 Outstanding at December 31, 2018 34,952 58.07 Granted 20,696 58.78 Vested (18,053) 54.43 Expired — — Forfeited — — Outstanding at December 31, 2019 37,595 $ 60.21 As of December 31, 2019, there was approximately $1.2 million of unrecognized compensation cost, adjusted for estimated forfeitures, related to the three-year vest non-vested restricted shares, which will be recognized over a remaining weighted average period of 1.7 years. Non-Qualified Stock Option Awards 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 2010 Plan with an exercise price of $57.50. The option vested on January 28, 2016. The option expires on the earliest of: (a) January 28, 2025; (b) twelve months after the employee’s death or termination for disability; or (c) thirty days after the termination of employment for any reason other than death or disability. On May 20, 2015, the Company granted to Mr. Albright an option to purchase 40,000 shares of the Company’s common stock under the 2010 Plan, with an exercise price of $55.62. On February 26, 2016, this option was surrendered and an option to purchase 40,000 shares was granted on February 26, 2016, with identical terms. One-third of the option vested immediately, and the remaining two-thirds vested on January 28, 2017, and January 28, 2018. The option expires on the earliest of: (a) January 28, 2025; (b) twelve months after the employee’s death or termination for disability; or (c) thirty days after the termination of employment for any reason other than death or disability. On June 29, 2015, the Company granted to an officer of the Company an option to purchase 10,000 shares of the Company’s common stock under the 2010 Plan, with an exercise price of $57.54. One-third of the option will vest on each of the first, second, and third anniversaries of the grant date, provided the recipient is an employee of the Company on such dates. In addition, any unvested portion of the option will vest upon a change in control. The option expires on the earliest of: (a) June 29, 2025; (b) twelve months after the employee’s death or termination for disability; or (c) thirty days after the termination of employment for any reason other than death or disability. Effective as of August 4, 2017, the Company entered into amendments to the employment agreements and certain stock option award agreements and restricted share award agreements whereby such awards will fully vest following a change in control (as defined in the executive’s employment agreement) only if the executive’s employment is terminated without cause or if the executive resigns for good reason (as such terms are defined in the executive’s employment agreement), in each case, at any time during the 24-month period following the change in control. The Company used the Black-Scholes valuation pricing model to determine the fair value of its non-qualified stock option awards. The determination of the fair value of the awards is affected by the stock price as well as assumptions regarding a number of other variables. These variables include expected stock price volatility over the term of the awards, annual dividends, and a risk-free interest rate assumption. A summary of the activity for these awards during the years ended December 31, 2019, 2018, and 2017, 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, 2017 113,500 $ 49.03 Granted — — Exercised (23,500) 34.95 Expired — — Forfeited — — Outstanding at December 31, 2017 90,000 52.71 Granted — — Exercised (10,000) 29.34 Expired — — Forfeited — — Outstanding at December 31, 2018 80,000 55.63 Granted — — Exercised — — Expired — — Forfeited — — Outstanding at December 31, 2019 80,000 $ 55.63 5.26 $ 375,400 Exercisable at January 1, 2019 80,000 $ 55.63 6.50 $ 25,000 Exercisable at December 31, 2019 80,000 $ 55.63 5.26 $ 375,400 A summary of the non-vested options for these awards during the years ended December 31, 2019, 2018, and 2017, is presented below: Fair Value of Shares Non-Qualified Stock Option Awards Shares Vested Non-Vested at January 1, 2017 36,900 Granted — Vested (19,900) $ 1,094,066 Expired — Forfeited — Non-Vested at December 31, 2017 17,000 Granted — Vested (17,000) $ 952,068 Expired — Forfeited — Non-Vested at December 31, 2018 — Granted — Vested — $ — Expired — Forfeited — Non-Vested at December 31, 2019 — No options were granted or exercised during the year ended December 31, 2019. As of December 31, 2019, there is no unrecognized compensation cost related to non-qualified, non-vested stock option awards. LIABILITY-CLASSIFIED STOCK COMPENSATION The Company previously had a stock option plan (the “2001 Plan”) pursuant to which 500,000 shares of the Company’s common stock were eligible for issuance. The 2001 Plan expired in 2010, and no new stock options may be issued under the 2001 Plan. Under the 2001 Plan, both stock options and stock appreciation rights were issued in prior years and such issuances were deemed to be liability-classified awards under FASB ASC Topic, Share-Based Payments , which are required to be remeasured at fair value at each balance sheet date until the award is settled. There was no remaining liability as of December 31, 2019 or 2018, because there were no options outstanding and exercisable. A summary of share option activity under the 2001 Plan during the years ended December 31, 2019, 2018, and 2017 is presented below: Stock Options Wtd. Avg. Remaining Contractual Aggregate Wtd. Avg. Term Intrinsic Liability-Classified Stock Options Shares Ex. Price (Years) Value Outstanding at January 1, 2017 11,000 $ 63.87 Granted — — Exercised (6,000) 52.73 Expired (5,000) 52.73 Forfeited — — Outstanding at December 31, 2017 — — Granted — — Exercised — — Expired — — Forfeited — — Outstanding at December 31, 2018 — — Granted — — Exercised — — Expired — — Forfeited — — Outstanding at December 31, 2019 — $ — — $ — Exercisable at December 31, 2019 — $ — — $ — No options remained outstanding and exercisable as of December 31, 2019 or 2018. Stock Appreciation Rights Wtd. Avg. Remaining Contractual Aggregate Wtd. Avg. Term Intrinsic Liability-Classified Stock Appreciation Rights Shares Fair Value (Years) Value Outstanding at January 1, 2017 11,000 $ 1.33 Granted — — Exercised (6,000) 3.84 Expired (5,000) — Forfeited — — Outstanding at December 31, 2017 — — Granted — — Exercised — — Expired — — Forfeited — — Outstanding at December 31, 2018 — — Granted — — Exercised — — Expired — — Forfeited — — Outstanding at December 31, 2019 — $ — — $ — Exercisable at December 31, 2019 — $ — — $ — No stock appreciation rights remained outstanding and exercisable as of December 31, 2019 or 2018. The aggregate intrinsic value of options is calculated by taking the current stock price of the Company as of the balance sheet date less the option exercise price, times the respective number of shares outstanding or exercisable, on a weighted average basis. Options with an exercise price greater than the current stock price are excluded from the calculation. The fair value of each share option and stock appreciation right is estimated on the measurement date using the Black-Scholes option pricing model based on assumptions noted in the following table. Expected volatility is based on the historical volatility of the Company and other factors. The Company has elected to use the simplified method of estimating the expected term of the options and stock appreciation rights. Due to the small number of employees included in the 2001 Plan, the Company uses the specific identification method to estimate forfeitures and includes all participants in one group. The risk-free rate for periods within the contractual term of the share option is based on the U.S. Treasury rates in effect at the time of measurement. The Company issues new, previously unissued, shares as options are exercised. There were no stock options or stock appreciation rights granted under the 2001 Plan during the years ended December 31, 2019, 2018, or 2017. 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 year ended December 31, 2019, 2018 and 2017, the expense recognized for the value of the Company’s common stock received by non-employee directors totaled approximately $532,000, or 9,004 shares, $239,000, or 3,822 shares, and $103,000, or 1,833 shares, respectively. The 2019 amount includes the approximately $174,000 Annual Award received during the first quarter of 2019. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2019 | |
INCOME TAXES | |
INCOME TAXES | NOTE 20. INCOME TAXES Total income tax benefit (expense) are summarized as follows: Year ended December 31, 2019 2018 2017 Income Tax (Expense) Benefit from Continuing Operations $ (5,472,178) $ (6,025,148) $ 22,481,523 Income Tax (Expense) Benefit from Discontinued Operations (32,641,194) (7,529,596) (12,546,257) Total Consolidated Income Tax Benefit (Expense) $ (38,113,372) $ (13,554,744) $ 9,935,266 The provisions for income tax benefit (expense) from continuing operations are summarized as follows: 2019 2018 2017 Current Deferred Current Deferred Current Deferred Federal $ (225,495) $ (4,973,699) $ (231,239) $ (5,380,837) $ 1,729,007 $ 18,959,360 State 19,998 (292,982) (127,470) (285,602) 153,234 1,639,922 Total $ (205,497) $ (5,266,681) $ (358,709) $ (5,666,439) $ 1,882,241 $ 20,599,282 Deferred tax assets and liabilities are recognized for the future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The sources of these differences and the related deferred income tax assets (liabilities) are summarized as follows: Deferred Tax 2019 2018 Deferred Income Tax Assets Depreciation $ 4,785,992 $ 4,904,976 Intangible Lease Liabilities 6,503,574 7,111,608 Income Property Tenant Contributions 732,172 1,069,882 Impairment Reserves 92,751 1,393,415 Stock Options and Restricted Stock 1,274,694 977,210 Capital Loss Carryforward 20,750 20,750 Deferred Oil Lease Income — 121,323 Other - Net 6,638 44,967 Gross Deferred Income Tax Assets 13,416,571 15,644,131 Less - Valuation Allowance (272,966) (272,966) Net Deferred Income Tax Assets 13,143,605 15,371,165 Deferred Income Tax Liabilities Sales of Real Estate (87,353,465) (67,388,733) Income Property Lease Incentive — (606,820) Discount on Equity Component of Convertible Debt (42,400) (238,200) Basis Differences in Joint Ventures (11,789,044) (764,566) Basis Difference in Alpine Income Property OP, LP (3,979,966) — Interest Rate Swap (73,924) (486,543) Deferred Revenue (Net of Straight-line Rent Adjustments) (186,979) (578,034) Other - Net — (78,176) Total Deferred Income Tax Liabilities (103,425,778) (70,141,072) Net Deferred Income Tax Liabilities $ (90,282,173) $ (54,769,907) In assessing the realizability of deferred income tax assets, Management considers whether it is more likely than not that some portion or all of the deferred income tax assets will not be realized. The ultimate realization of deferred income tax assets is dependent upon the realization of future taxable income during the periods in which those temporary differences become deductible. We consider past history, the scheduled reversal of taxable temporary differences, projected future taxable income, and tax planning strategies in making this assessment. As of December 31, 2019 and 2018, we believe it is more likely than not that a portion of the Company’s deferred income tax assets will not be realized, and accordingly, a valuation allowance has been provided. As of December 31, 2019 and 2018, the valuation allowance was approximately $273,000. As of December 31, 2019 and 2018, the valuation allowance relates solely to a basis difference in a joint venture with a wholly owned and fully consolidated subsidiary, and no valuation allowance is provided for charitable contribution carryforwards due to the expectation of full utilization during 2019. Following is a reconciliation of the income tax computed at the federal statutory rate of 21% for 2019 and 2018 and 35% for 2017 for continuing operations: Year ended December 31, 2019 2018 2017 Income Tax (Expense) Benefit Computed at Federal Statutory Rate $ (4,410,318) $ (4,557,366) $ 245,168 Increase (Decrease) Resulting from: State Income Tax, Net of Federal Income Tax Benefit (1,075,960) (1,363,007) 39,677 Income Tax on Permanently Non-Deductible Items (85,842) (31,466) 66,015 Change in Corporate Federal Tax Rate — — 22,249,536 Other Reconciling Items 99,942 (73,309) (118,873) Benefit (Expense) for Income Taxes $ (5,472,178) $ (6,025,148) $ 22,481,523 The effective income tax rate for each of the three years ended December 31, 2019, 2018, and 2017, including income taxes attributable to the discontinued operations, was 24.9%, 26.7%, and (31.0)%, respectively. The provision for income taxes reflects the Company’s estimate of the effective rate expected to be applicable for the full fiscal year, adjusted for any discrete events, which are reported in the period that they occur. During the fourth quarter of 2017, the Company recorded an income tax benefit of approximately $22.2 million due to the impact of the reduction in the corporate tax rate from 35% to 21% for the Tax Cuts and Jobs Act. The Company files a consolidated income tax return in the United States Federal jurisdiction and the States of Alabama, Arizona, Colorado, California, 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. For the years ended December 31, 2019, 2018, and 2017 the Company recognized no uncertain tax positions or accrued interest and penalties for uncertain tax positions. Income taxes totaling approximately $2.5 million, $323,000, and $334,000 were paid during the years ended December 31, 2019, 2018, and 2017, respectively. Additionally, income taxes totaling approximately $687,000, $204,000 and $958,000 were refunded during the years ended December 31, 2019, 2018, and 2017, respectively. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2019 | |
COMMITMENTS AND CONTINGENCIES | |
COMMITMENTS AND CONTINGENCIES | NOTE 21. COMMITMENTS AND CONTINGENCIES MINIMUM FUTURE RENTAL PAYMENTS The Company leases, as lessee, certain equipment under operating leases. Minimum future rental payments under non-cancelable operating leases having remaining terms in excess of one year as of December 31, 2019, are summarized as follows: Year Ending December 31, Amounts 2020 $ 127 2021 123 2022 118 2023 33 2024 — 2025 and thereafter (cumulative) — Total $ 401 Rental expense under all operating leases amounted to approximately $286,000, $309,000, and $339,000, for the years ended December 31, 2019, 2018, and 2017, respectively. LEGAL PROCEEDINGS From time to time, the Company may be a party to certain legal proceedings, incidental to the normal course of business. While the outcome of the legal proceedings cannot be predicted with certainty, the Company does not expect that these proceedings will have a material effect upon our financial condition or results of operations. On November 21, 2011, the Company, Indigo Mallard Creek LLC and Indigo Development LLC, as owners of the property leased to Harris Teeter, Inc. (“Harris Teeter”) in Charlotte, North Carolina, were served with pleadings filed in the General Court of Justice, Superior Court Division for Mecklenburg County, North Carolina, for a highway condemnation action involving this property. The proposed road modifications would impact access to the property. The Company does not believe the road modifications provided a basis for Harris Teeter to terminate the lease. Regardless, in January 2013, the North Carolina Department of Transportation (“NCDOT”) proposed to redesign the road modifications to keep the all access intersection open for ingress with no change to the planned limitation on egress to the right-in/right-out only. Additionally, NCDOT and the City of Charlotte proposed to build and maintain a new access road/point into the property. Construction has begun and is not expected to be completed until 2020. 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 2020, 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 2021 . CONTRACTUAL COMMITMENTS - EXPENDITURES In connection with the acquisition of The Strand property located in Jacksonville, FL on December 9, 2019, the Company received a credit of approximately $450,000 for a tenant improvement allowance for one of the tenants of The Strand. Accordingly, this amount is included in Accrued and Other Liabilities in the accompanying consolidated balance sheets as of December 31, 2019. Subsequent to December 31, 2019, the improvements were completed by the tenant and the Company funded the $450,000. In connection with the Daytona Beach Development, the Company has executed agreements for the demolition of certain existing structures, which commitments totaled approximately $316,000 as of December 31, 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 June 30, 2016, the final proposal from the Company’s third-party environmental engineer was received reflecting a total cost of approximately $2.0 million. Accordingly, an increase in the accrual of approximately $300,000 was made during the second quarter of 2016. 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 $2.3 million of the total $2.4 million of estimated costs through December 31, 2019, leaving a remaining accrual of approximately $121,000. The Company believes there is at least a reasonable possibility that the estimated remaining liability of approximately $121,000 could change within one year of the date of the consolidated financial statements, which in turn could have a material impact on the Company’s consolidated balance sheets and future cash flows. The Company evaluates its estimates on an ongoing basis; however, actual results may differ from those estimates. During the first quarter of 2017, the Company completed the sale of approximately 1,581 acres of land to Minto Communities LLC which acreage represents a portion of the Company’s remaining $430,000 obligation. Accordingly, the Company deposited $423,000 of cash in escrow to secure performance on the obligation. The funds in escrow can be drawn upon completion of certain milestones including completion of restoration and annual required monitoring. The first such milestone was achieved during the fourth quarter of 2017 and $189,500 of the escrow was refunded. 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 December 31, 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 June 30, 2017, the Company determined that approximately 36 mitigation credits were required to be utilized, which represents approximately $298,000 in cost basis of the Company’s mitigation credits. Accordingly, the Company transferred the mitigation credits through a charge to direct cost of revenues of real estate operations during the three months ended June 30, 2017, thereby resolving the required mitigation activities related to the approximately 54.66 acres. In addition, in connection with other land sale contracts to which the Company is or may become a party, the pursuit of customary development entitlements by the potential purchasers may require the Company to utilize or acquire mitigation credits for the purpose of obtaining certain permits from the applicable federal or state regulatory agencies. Any costs incurred in connection with utilizing or acquiring such credits would be incorporated into the basis of the land under contract. No amounts related to such potential future costs have been accrued as of December 31, 2019. |
BUSINESS SEGMENT DATA
BUSINESS SEGMENT DATA | 12 Months Ended |
Dec. 31, 2019 | |
BUSINESS SEGMENT DATA | |
BUSINESS SEGMENT DATA | NOTE 22. BUSINESS SEGMENT DATA Prior to 2019, the Company operated 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 monetize the golf operations and accordingly, as of December 31, 2018, the golf assets and liabilities related to the golf operations were classified has held for sale in the accompanying consolidated balance sheets and the results of golf operations were classified as discontinued operations in the accompanying consolidated statements of income for all years presented. The golf operations segment, although discontinued in 2018, held assets as of the December 31, 2018. Accordingly, the identifiable assets and liabilities, and the related capital expenditures and depreciation and amortization have been disclosed separately as discontinued golf operations for the years presented. As a result of the significant transactions during the fourth quarter of 2019, including the Land JV transaction, the PINE Income Property Sale Transactions, and the Golf Sale, the Company’s segment structure has been modified to more closely align with the continuing operations of the Company. The Company now operates in four primary business segments: income properties, management services, commercial loan investments, and real estate operations. The new management services segment consists of the revenue generated from managing PINE and the Land JV. The management services segment had no assets as of December 31, 2019, 2018, or 2017, and therefore there are no related capital expenditures or depreciation and amortization for the years presented. The real estate operations segment previously included land sales from the Daytona Beach land portfolio as well as revenue and expenses related to the sale of mitigation credits and subsurface operations. Upon the completion of the Land JV transaction in the fourth quarter of 2019, the real estate operations related to land sales have been classified as discontinued operations in the accompanying consolidated statements of income for the years ended December 31, 2019, 2018, and 2017 and the real estate operations segment remaining consists of subsurface operations and mitigation credit sales. The identifiable assets and liabilities related to the discontinued real estate operations have been separately disclosed as discontinued real estate operations for the years presented. 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 66.0% and 88.5% of our identifiable assets as of December 31, 2019 and 2018, respectively, and 93.4%, 91.8%, and 81.3% of our consolidated revenues for the years ended December 31, 2019, 2018, and 2017, respectively. Our management fee income consists of the management fees earned for the management of PINE and the Land JV. As of December 31, 2019, our commercial loan investment portfolio consisted of three fixed-rate first mortgages and the Ground Lease Loan. Our continuing real estate operations primarily consist of revenues generated from leasing and royalty income from our interests in subsurface oil, gas and mineral rights. The Company evaluates performance based on profit or loss from operations before income taxes. The Company’s reportable segments are strategic business units that offer different products. They are managed separately because each segment requires different management techniques, knowledge, and skills. Information about the Company’s operations in different segments for the years ended December 31, 2019, 2018, and 2017 is as follows: Year Ended December 31, December 31, December 31, Revenues: Income Properties $ 41,955,414 $ 40,075,731 $ 31,406,930 Management Services 304,553 — — Commercial Loan Investments 1,829,015 615,728 2,052,689 Real Estate Operations 852,264 2,966,429 5,190,951 Total Revenues $ 44,941,246 $ 43,657,888 $ 38,650,570 Operating Income: Income Properties $ 34,955,413 $ 31,905,648 $ 24,489,187 Management Services 304,553 — — Commercial Loan Investments 1,829,015 615,728 2,052,689 Real Estate Operations 747,598 2,375,050 3,770,389 General and Corporate Expense (25,615,353) (25,546,893) (22,567,310) Gains on Disposition of Assets 21,977,465 22,035,666 38 Total Operating Income $ 34,198,691 $ 31,385,199 $ 7,744,993 Depreciation and Amortization: Income Properties $ 15,774,228 $ 15,728,095 $ 12,272,265 Corporate and Other 23,050 33,428 42,435 Total Depreciation and Amortization $ 15,797,278 $ 15,761,523 $ 12,314,700 Capital Expenditures: Income Properties $ 166,683,689 $ 108,996,747 $ 92,125,062 Commercial Loan Investments 18,046,450 — 3,000,000 Real Estate Operations 2,791,137 4,658,956 — Discontinued Golf Operations — 94,734 2,373,894 Corporate and Other 4,348 13,775 128,716 Total Capital Expenditures $ 187,525,624 $ 113,764,212 $ 97,627,672 As of December 31, December 31, Identifiable Assets: Income Properties $ 464,285,272 $ 492,093,615 Commercial Loan Investments 35,742,218 — Real Estate Operations 65,554,619 14,315,805 Discontinued Land Operations 833,167 20,971,754 Discontinued Golf Operations — 4,462,477 Corporate and Other 136,870,927 24,486,221 Total Assets $ 703,286,203 $ 556,329,872 Operating income represents income from continuing operations before loss on early extinguishment of debt, interest expense, investment income, and income taxes. General and corporate expenses are an aggregate of general and administrative expenses, impairment charges, depreciation and amortization expense, and gains on the disposition of assets. Identifiable assets by segment are those assets that are used in the Company’s operations in each segment. Real Estate Operations includes the identifiable assets of the Mitigation Bank JV and Land JV. Corporate and other assets consist primarily of cash, property, plant, and equipment related to the other operations, as well as the general and corporate operations. The Management Services segment had no capital expenditures and held no assets as of December 31, 2019 or 2018. |
ASSETS HELD FOR SALE AND DISCON
ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS | 12 Months Ended |
Dec. 31, 2019 | |
ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS | |
ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS | NOTE 23. ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS During the fourth quarter of 2018, the Company commenced efforts to pursue monetization of certain of its multi-tenant income properties and the golf operations and assets comprising the Club. Accordingly, four multi-tenant income properties and the golf assets comprising the Club were classified as held for sale as of December 31, 2018. Additionally, the golf operations qualify as discontinued operations and have been reclassified as such in the accompanying consolidated statements of income for the years ended December 31, 2019, 2018, and 2017. As described in Note 3, “Income Properties”, the Multi-Tenant Dispositions were completed during the year ended December 31, 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. There were no assets or liabilities held for sale as of December 31, 2019. The following is a summary of assets and liabilities held for sale as of December 31, 2018: As of December 31, 2018 Land JV Assets Multi-Tenant Income Properties Golf Assets Total Assets Held for Sale Property, Plant, and Equipment—Net $ — $ 67,810,880 $ 3,659,703 $ 71,470,583 Land and Development Costs 20,139,788 — — 20,139,788 Cash and Cash Equivalents — — 156,489 156,489 Restricted Cash 831,966 — — 831,966 Other Assets — — 646,285 646,285 Intangible Lease Assets—Net — 4,366,858 — 4,366,858 Intangible Lease Liabilities—Net — (773,705) — (773,705) Total Assets Held for Sale $ 20,971,754 $ 71,404,033 $ 4,462,477 $ 96,838,264 As of December 31, 2018 Land JV Liabilities Multi-Tenant Income Properties Golf Liabilities Total Liabilities Held for Sale Accounts Payable $ — $ — $ 199,422 $ 199,422 Accrued and Other Liabilities — — 924,323 924,323 Deferred Revenue 831,320 — 223,551 1,054,871 Total Liabilities Held for Sale $ 831,320 $ — $ 1,347,296 $ 2,178,616 Golf $1 Round Surcharge. Accrued and Other Liabilities within Liabilities Held for Sale of approximately $924,000 is primarily comprised of a $1 per round of golf surcharge . On January 24, 2017, the Company acquired the land and improvements comprising the golf courses, previously leased from the City, for approximately $1.5 million (the “Golf Course Land Purchase”). In connection with the Golf Course Land Purchase, each year the Company is obligated to pay the City additional consideration in the amount of an annual surcharge of $1 per golf round played (the “Per-Round Surcharge”) with an annual minimum Per-Round Surcharge of $70,000 and a maximum aggregate of Per-Round Surcharges of $700,000. The maximum amount of $700,000 represents contingent consideration and was recorded as an increase in Golf Buildings, Improvements, and Equipment and Accrued and Other Liabilities in the accompanying consolidated balance sheets. The first two annual payments were made in January 2018 and 2019 leaving a remaining commitment of approximately $560,000. In conjunction with the sale of the Golf Club in October 2019, the Company repaid its remaining $560,000 obligation to the City. As a part of the sale of the Golf Club, the buyer 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. 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. The following is a summary of discontinued operations for the years ended December 31, 2019, 2018, and 2017: Year Ended December 31, December 31, December 31, Golf Operations Revenue $ 4,096,594 $ 4,941,997 $ 5,095,313 Golf Operations Direct Cost of Revenues (5,259,424) (5,848,429) (5,958,888) Loss from Operations (1,162,830) (906,432) (863,575) Impairment Charges — (1,119,362) — Depreciation and Amortization — (373,979) (349,259) Gain on Disposition of Assets 15,050 — — Land Lease Income — — 2,226,526 Income (Loss) from Discontinued Operations Before Income Tax (1,147,780) (2,399,773) 1,013,692 Income Tax Benefit (Expense) 290,906 608,222 (391,032) Income (Loss) from Discontinued Operations (Net of Income Tax) $ (856,874) $ (1,791,551) $ 622,660 Land Operations Revenue $ 11,043,151 $ 43,030,713 $ 47,666,408 Land Operations Direct Cost of Revenues (6,404,844) (10,922,539) (16,155,784) Loss from Operations 4,638,307 32,108,174 31,510,624 Gain on Disposition of Assets 127,518,231 — — Income from Discontinued Operations Before Income Tax 132,156,538 32,108,174 31,510,624 Income Tax Expense (32,932,100) (8,137,818) (12,155,225) Income from Discontinued Operations (Net of Income Tax) $ 99,224,438 $ 23,970,356 $ 19,355,399 Total Income from Discontinued Operations (Net of Income Tax) $ 98,367,564 $ 22,178,805 $ 19,978,059 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2019 | |
SUBSEQUENT EVENTS | |
SUBSEQUENT EVENTS | NOTE 24. SUBSEQUENT EVENTS The Company reviewed all subsequent events and transactions that have occurred after December 31, 2019, the date of the consolidated balance sheet. Income Property Acquisitions. On January 23, 2020, the Company acquired the Crossroads Towne Center (“Crossroads”), an approximately 254,000 square-foot retail center in Chandler, Arizona, for a purchase price of approximately $61.8 million. The acquisition was purchased using the remaining 1031 like-kind exchange proceeds from the Land JV transaction and a portion of the 1031 like-kind exchange proceeds from the PINE Income Property Sale Transactions. On February 21, 2020, the Company acquired Perimeter Place (“Perimeter”), an approximately 269,000 square foot retail center situated on over 24 acres of land in Atlanta, Georgia, for a purchase price of approximately $75.4 million. The acquisition was purchased using the remaining approximately $65 million of 1031 like-kind exchange proceeds from the PINE Income Property Sale Transactions. The balance of the purchase price was funded using the Company’s line of credit and structured as a reverse 1031 like-kind exchange in order to account for possible future dispositions of income properties by the Company. Commercial Loan Investments. On January 13, 2020, the Company originated a $3.5 million first mortgage loan secured by the fee simple interest in a redevelopment property located in Honolulu, Hawaii. The loan is interest-only with a term of one-year with a fixed interest rate of 11.0%. The Company received an origination fee of 2%, or $70,000. On February 28, 2020, the Company originated an approximately $3.4 million first mortgage loan secured by property sold by the Land JV of approximately 12 acres, which consisted of a land sale and conveyance of certain interests. The loan is interest-only with a term of one-year with a fixed interest rate of 9.50%. The Company received an origination fee of 1.5%, or approximately $51,000. Convertible Notes. On February 4, 2020, the Company closed privately negotiated exchange agreements with certain holders of its outstanding 4.50% Convertible Senior Notes due 2020 (the “2020 Notes”) pursuant to which the Company issued $57.4 million principal amount of 3.875% Convertible Senior Notes due 2025 (the “2025 Notes”) in exchange for $57.4 million principal amount of the 2020 Notes (the “Note Exchanges”). In addition, the Company closed a privately negotiated purchase agreement with an investor, who had not invested in the 2020 Notes, and issued approximately $17.6 million principal amount of the 2025 Notes (the “New Notes Placement,” and together with the Note Exchanges, the “Convert Transactions”). The Company used approximately $5.9 million of the proceeds from the New Notes Placement to repurchase approximately $5.9 million of the 2020 Notes. As a result of the Convert Transactions there is a total of $75 million of outstanding 2025 Notes. In exchange for issuing the 2025 Notes pursuant to the Note Exchanges, the Company received and cancelled the exchanged 2020 Notes. The $11.7 million of net proceeds from the New Notes Placement will be used to redeem at maturity on March 15, 2020 approximately $11.7 million of the aggregate principal amount of the 2020 Notes that remain outstanding. The 2025 Notes represent senior unsecured obligations of the Company and pay interest semi-annually in arrears on each April 15th and October 15th, commencing on April 15, 2020, at a rate of 3.875% per annum. The 2025 Notes mature on April 15, 2025 and may not be redeemed by the Company prior to the maturity date. The conversion rate for the 2025 Notes is initially 12.7910 shares of the Company’s common stock per $1,000 of principal of the 2025 Notes (equivalent to an initial conversion price of approximately $78.18 per share of the Company’s common stock). The initial conversion price of the 2025 Notes represents a premium of approximately 20% to the $65.15 closing sale price of the Company’s common stock on the NYSE American on January 29, 2020. The 2025 Notes are convertible into cash, common stock or a combination thereof, subject to various conditions, at the Company’s option. Should certain corporate transactions or events occur prior to the stated maturity date, the Company will increase the conversion rate for a holder that elects to convert its 2025 Notes in connection with such corporate transaction or event. There were no other reportable subsequent events or transactions. |
QUARTERLY FINANCIAL DATA
QUARTERLY FINANCIAL DATA | 12 Months Ended |
Dec. 31, 2019 | |
QUARTERLY FINANCIAL DATA | |
QUARTERLY FINANCIAL DATA | NOTE 25. QUARTERLY FINANCIAL DATA QUARTERLY FINANCIAL DATA (UNAUDITED) March 31, June 30, September 30, December 31, 2019 2018 2019 2018 2019 2018 2019 2018 Revenues Income Properties $ 10,724,418 $ 9,205,727 $ 10,375,295 $ 9,781,299 $ 10,260,831 $ 9,360,155 $ 10,594,870 $ 11,728,550 Management Fee Income — — — — — — 304,553 — Interest Income from Commercial Loan Investments — 300,999 52,765 273,467 855,559 41,262 920,691 — Real Estate Operations 234,901 862,450 260,771 750,296 213,589 1,042,059 143,003 311,624 Total Revenues 10,959,319 10,369,176 10,688,831 10,805,062 11,329,979 10,443,476 11,963,117 12,040,174 Direct Cost of Revenues Income Properties (1,932,488) (1,869,029) (1,634,720) (2,034,889) (1,476,288) (1,773,840) (1,956,505) (2,492,325) Real Estate Operations (46,167) (144,983) (40,129) (123,418) (8,484) (215,534) (9,886) (107,445) Total Direct Cost of Revenues (1,978,655) (2,014,012) (1,674,849) (2,158,307) (1,484,772) (1,989,374) (1,966,391) (2,599,770) General and Administrative Expenses (2,501,620) (2,823,548) (2,119,176) (2,429,181) (2,260,728) (1,928,008) (2,936,551) (2,604,633) Depreciation and Amortization (3,346,287) (3,796,823) (4,074,587) (3,755,546) (4,286,836) (3,756,507) (4,089,568) (4,452,647) Total Operating Expenses (7,826,562) (8,634,383) (7,868,612) (8,343,034) (8,032,336) (7,673,889) (8,992,510) (9,657,050) Gain (Loss) on Disposition of Assets 6,869,957 3,650,858 11,811,907 18,384,808 2,187,332 — 1,108,269 — Operating Income 10,002,714 5,385,651 14,632,126 20,846,836 5,484,975 2,769,587 4,078,876 2,383,124 Investment Income 38,755 12,312 14,560 11,892 33,048 14,179 258,480 13,838 Interest Expense (2,923,229) (2,561,465) (3,042,058) (2,537,301) (3,253,908) (2,345,156) (3,246,867) (2,979,364) Income from Continuing Operations Before Income Tax Benefit (Expense) 7,118,240 2,836,498 11,604,628 18,321,427 2,264,115 438,610 1,090,489 (582,402) Income Tax Benefit (Expense) from Continuing Operations (1,774,640) (585,068) (2,941,213) (4,645,012) (573,731) (153,550) (182,594) (641,518) Income from Continuing Operations 5,343,600 2,251,430 8,663,415 13,676,415 1,690,384 285,060 907,895 (1,223,920) Income (Loss) from Discontinued Operations (Net of Tax) 1,124,499 8,660,869 1,933,385 486,493 (204,364) 11,112 95,514,044 13,020,331 Net Income $ 6,468,099 $ 10,912,299 $ 10,596,800 $ 14,162,908 $ 1,486,020 $ 296,172 $ 96,421,939 $ 11,796,411 Per Share Information: Basic Income from Continuing Operations $ 1.00 $ 0.40 $ 1.75 $ 2.47 $ 0.35 $ 0.05 $ 0.19 $ (0.23) Income (Loss) from Discontinued Operations (Net of Tax) 0.21 1.57 0.39 0.09 (0.04) - 19.86 2.40 Net Income $ 1.21 $ 1.97 $ 2.14 $ 2.56 $ 0.31 $ 0.05 $ 20.05 $ 2.17 Diluted Income from Continuing Operations $ 1.00 $ 0.40 $ 1.75 $ 2.47 $ 0.35 $ 0.05 $ 0.19 $ (0.23) Income (Loss) from Discontinued Operations (Net of Tax) 0.21 1.56 0.39 0.09 (0.04) - 19.85 2.40 Net Income $ 1.21 $ 1.96 $ 2.14 $ 2.56 $ 0.31 $ 0.05 $ 20.04 $ 2.17 |
SCHEDULE III REAL ESTATE AND AC
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION | 12 Months Ended |
Dec. 31, 2019 | |
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION | |
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION | SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION FOR THE YEAR ENDED DECEMBER 31, 2019 Costs Capitalized Initial Cost to Company Subsequent to Acquisition Buildings & Carrying Description Encumbrances Land Improvements Improvements Costs $ $ $ $ $ Income Properties: 24 Hour Fitness USA, Inc., Falls Church, VA — 7,308,225 11,559,506 — — 7-Eleven, Dallas, TX — 974,862 1,550,744 — — Aspen Development, Aspen, CO — 11,973,930 14,968,210 — — Bank of America, Monterey, CA — 4,458,840 — — — Wawa (formerly Barnes & Noble), Daytona Beach, FL — 1,798,600 3,803,000 — — Big Lots, Germantown, MD 3,300,000 1,781,918 2,951,231 6,750 — Big Lots, Phoenix, AZ 3,400,000 1,715,717 3,050,164 — — Burlington Stores, Inc., N. Richland Hills, TX — 3,915,679 7,028,945 — — Carrabba's Italian Grill, Austin, TX — 1,160,925 1,305,117 — — Chuy's Restaurant & Bar, Jacksonville, FL — 5,504,039 — — — Crabby's Restaurant (formerly Cocina 214), Daytona Beach, FL — 5,835,939 4,249,199 8,662 — General Dynamics Corporation, Reston, VA — 7,530,432 9,068,274 — — CVS, Dallas, TX — 7,535,013 — — — Fidelity Investments (affiliate of), Albuquerque, NM — 5,751,131 29,537,069 — — Firebirds Woodfired Grill, Jacksonville, FL — 4,202,924 — — — Harris Teeter, Charlotte, NC 6,600,000 5,601,837 3,409,338 — — JPMorgan Chase Bank, Jacksonville, FL — 4,516,486 — — — LandShark Bar & Grill, Daytona Beach, FL — 5,835,939 4,578,168 8,662 — Lowe's Corporation, Katy, TX 8,500,000 9,412,181 3,480,650 — — Macaroni Grill, Arlington, TX — 956,685 1,069,700 — — Maple Ave Land, Dallas, TX — 359,116 — — — Moe's Southwest Grill, Jacksonville, FL — 1,862,284 — — — Outback Steakhouse, Austin, TX — 1,376,793 1,585,791 — — Party City Corporation, Oceanside, NY — 2,964,507 3,288,786 — — PDQ, Jacksonville, FL — 2,205,539 — — — Rite Aid Corp., Renton, WA 4,700,000 2,036,235 4,148,415 — — Riverside Avenue, Jacksonville, FL — 6,019,815 14,239,515 767,532 — Staples, Sarasota, FL — 2,728,083 1,145,137 — — The Strand, Jacksonville, FL — 13,886,294 38,832,707 — — Walgreens, Clermont, FL 3,500,000 3,021,665 1,269,449 — — Wawa, Jacksonville, FL — 6,252,632 — — — Wells Fargo, Raleigh, NC 23,884,373 8,680,056 59,166,753 1,186,118 — Westcliff Shopping Center, Fort Worth, TX — 10,520,822 4,196,359 95,464 — World of Beer/Fuzzy's Taco Shop, Brandon, FL — 416,663 1,184,678 — — 53,884,373 160,101,806 230,666,905 2,073,188 — Gross Amount at Which Carried at Close of Period December 31, 2019 Land Buildings Total Accumulated Depreciation Date of Completion of Construction Date Acquired Life $ $ $ $ Income Properties: 24 Hour Fitness USA, Inc., Falls Church, VA 7,308,225 11,559,506 18,867,731 201,852 N/A 10/14/16 30 Yrs. 7-Eleven, Dallas, TX 974,862 1,550,744 2,525,606 148,613 N/A 02/18/16 40 Yrs. Aspen Development, Aspen, CO 11,973,930 14,968,210 26,942,140 583,973 N/A 02/21/18 52 Yrs. Bank of America, Monterey, CA 4,458,840 — 4,458,840 — N/A 08/17/16 N/A Wawa (formerly Barnes & Noble), Daytona Beach, FL 1,798,600 3,803,000 5,601,600 1,806,425 N/A 12/15/05 40 Yrs. Big Lots, Germantown, MD 1,781,918 2,957,981 4,739,899 468,403 N/A 09/13/13 40 Yrs. Big Lots, Phoenix, AZ 1,715,717 3,050,164 4,765,881 527,424 N/A 01/23/13 40 Yrs. Burlington Stores, Inc., N. Richland Hills, TX 3,915,679 7,028,945 10,944,624 57,361 N/A 10/28/19 30 Yrs. Carrabba's Italian Grill, Austin, TX 1,160,925 1,305,117 2,466,042 220,066 N/A 09/15/16 25 Yrs. Chuy's Restaurant & Bar, Jacksonville, FL 5,504,039 — 5,504,039 — N/A 10/10/18 N/A Crabby's Restaurant (formerly Cocina 214), Daytona Beach, FL 5,835,939 4,257,861 10,093,800 434,517 01/25/18 N/A 40 Yrs. General Dynamics Corporation, Reston, VA 7,530,432 9,068,274 16,598,706 243,267 N/A 07/12/19 35 Yrs. CVS, Dallas, TX 7,535,013 — 7,535,013 — N/A 09/22/16 N/A Fidelity Investments (affiliate of), Albuquerque, NM 5,751,131 29,537,069 35,288,200 1,405,493 N/A 10/04/18 45 Yrs. Firebirds Woodfired Grill, Jacksonville, FL 4,202,924 — 4,202,924 — N/A 10/10/18 N/A Harris Teeter, Charlotte, NC 5,601,837 3,409,338 9,011,175 1,001,493 N/A 04/17/08 40 Yrs. JPMorgan Chase Bank, Jacksonville, FL 4,516,486 — 4,516,486 — N/A 10/10/18 N/A LandShark Bar & Grill, Daytona Beach, FL 5,835,939 4,586,830 10,422,769 422,800 01/25/18 N/A 40 Yrs. Lowe's Corporation, Katy, TX 9,412,181 3,480,650 12,892,831 758,345 N/A 04/22/14 30 Yrs. Macaroni Grill, Arlington, TX 956,685 1,069,700 2,026,385 54,714 N/A 12/20/18 30 Yrs. Maple Ave Land, Dallas, TX 359,116 — 359,116 — N/A 03/17/17 N/A Moe's Southwest Grill, Jacksonville, FL 1,862,284 — 1,862,284 — N/A 10/10/18 N/A Outback Steakhouse, Austin, TX 1,376,793 1,585,791 2,962,584 228,176 N/A 09/15/16 30 Yrs. Party City Corporation, Oceanside, NY 2,964,507 3,288,786 6,253,293 26,376 N/A 09/24/19 35 Yrs. PDQ, Jacksonville, FL 2,205,539 — 2,205,539 — N/A 10/10/18 N/A Rite Aid Corp., Renton, WA 2,036,235 4,148,415 6,184,650 665,475 N/A 07/25/13 40 Yrs. Riverside Avenue, Jacksonville, FL 6,019,815 15,007,047 21,026,862 2,866,175 N/A 07/16/15 43 Yrs. Staples, Sarasota, FL 2,728,083 1,145,137 3,873,220 167,313 N/A 01/27/17 40 Yrs. The Strand, Jacksonville, FL 13,886,294 38,832,707 52,719,001 123,295 N/A 12/09/19 48 Yrs. Walgreens, Clermont, FL 3,021,665 1,269,449 4,291,114 494,556 N/A 05/27/04 40 Yrs. Wawa, Jacksonville, FL 6,252,632 — 6,252,632 — N/A 10/10/18 N/A Wells Fargo, Raleigh, NC 8,680,056 60,352,871 69,032,927 8,309,888 N/A 11/18/15 45 Yrs. Westcliff Shopping Center, Fort Worth, TX 10,520,822 4,291,823 14,812,645 1,203,607 N/A 03/01/17 10 Yrs. World of Beer/Fuzzy's Taco Shop, Brandon, FL 416,663 1,184,678 1,601,341 132,109 N/A 04/28/17 30 Yrs. 160,101,806 232,740,093 392,841,899 (1) 22,551,716 (1) The aggregate cost, net of deferred tax liabilities, of Income Properties, Land, Buildings, and Improvements for Federal income tax purposes at December 31, 2019 is approximately $231.0 million. REAL ESTATE AND ACCUMULATED DEPRECIATION FOR THE YEAR ENDED DECEMBER 31, 2019 2019 2018 2017 $ $ $ Cost: Balance at Beginning of Year 463,703,673 358,130,350 274,334,139 Additions and Improvements 130,004,868 104,043,734 83,796,211 Cost of Real Estate Sold (200,866,642) (10,142,289) — Reclassification from Land and Development Costs — 11,671,878 — Balance at End of Year 392,841,899 463,703,673 358,130,350 $ $ $ Accumulated Depreciation: Balance at Beginning of Year 28,732,504 21,878,465 14,391,567 Depreciation and Amortization 9,891,813 9,827,154 7,486,898 Depreciation on Real Estate Sold (16,072,601) (2,973,115) — Balance at End of Year 22,551,716 28,732,504 21,878,465 (1) Reconciliation to Consolidated Balance Sheet at December 31, 2019 Income Properties, Land, Buildings, and Improvements 392,841,899 392,841,899 (2) Cost Basis of Assets Classified as Held for Sale on Balance Sheet — Total Per Schedule 392,841,899 |
SCHEDULE IV MORTGAGE LOANS ON R
SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE | 12 Months Ended |
Dec. 31, 2019 | |
SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE | |
Schedule IV MORTGAGE LOANS ON REAL ESTATE | SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE FOR THE YEAR ENDED DECEMBER 31, 2019 There were four commercial loan investments as of December 31, 2019. Description Interest Rate Final Maturity Periodic Payment Prior Face Amount Carrying Amounts Principal Amount of % $ $ $ $ Ground Lease Loan: Carpenter Hotel-400 Josephine Street, Austin, TX N/A N/A Monthly Rent Payments — 16,250,000 16,443,942 — First Mortgage: 72-Acre Land Parcel, Orlando, FL 12.00% June 2020 Principal payable — 8,000,000 7,927,869 — Mortgage Note-400 Josephine Street, Austin, TX 11.50% July 2020 Principal payable — 8,250,000 8,207,964 — LPGA Golf Loan-Daytona Beach, FL 7.50% October 2020 Principal payable — 2,070,000 2,045,398 — Totals — 34,570,000 34,625,173 — The following represents the activity within the Company’s commercial loan investment segment for the years ended December 31, 2019, 2018, and 2017: 2019 2018 2017 $ $ $ Balance at Beginning of Year — 11,925,699 23,960,467 Additions During the Year: New Mortgage Loans 34,570,000 — 3,000,000 Accretion of Origination Fees (1) (138,770) 34,768 (34,768) Imputed Interest Over Rent Payments on Ground Lease Loan 193,943 — — Deductions During the Year: Collection of Principal — (11,960,467) (15,000,000) Balance at End of Year 34,625,173 — 11,925,699 (1) Non-cash accretion of loan origination fees |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Principles of Consolidation | PRINCIPLES OF CONSOLIDATION The consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries, and other entities in which we have a controlling interest. Any real estate entities or properties included in the consolidated financial statements have been consolidated only for the periods that such entities or properties were owned or under control by us. All significant inter-company balances and transactions have been eliminated in the consolidated financial statements. The Company has retained interests in the Land JV and the Mitigation Bank JV, as well as an equity investment in PINE. The Company has concluded that these entities are variable interest entities of which the Company is not the primary beneficiary and as a result, these entities are not consolidated. |
Use of Estimates in Preparation of Financial Statements | USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Because of the fluctuating market conditions that currently exist in the Florida and national real estate markets, and the volatility and uncertainty in the financial and credit markets, it is possible that the estimates and assumptions, most notably those related to the Company’s investment in income properties, could change materially during the time span associated with the continued volatility of the real estate and financial markets or as a result of a significant dislocation in those markets. |
Recently Issued Accounting Standards | RECENTLY ISSUED ACCOUNTING STANDARDS In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, which amends its guidance on the measurement of credit losses on financial instruments. The amendments in this update are effective for annual reporting periods beginning after December 31, 2019. ASU 2016-13 affects entities holding financial assets that are not accounted for at fair value through net income, including but not limited to, loans, trade receivables, and net investments in leases. The Company adopted the changes to Accounting Standards Codification (“ASC”) 326, Financial Instruments-Credit Losses on January 1, 2020 and there was no material impact on the consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, which amends its guidance on the recognition and reporting of revenue from contracts with customers. In April 2016, the FASB ASC issued Topic 606, Revenue from Contracts with Customers. The amendments in this update are effective for annual reporting periods beginning after December 15, 2017. The Company completed its evaluation of the provisions during the year ended December 31, 2017 and determined there was no impact on the Company’s revenue recognition within the consolidated financial statements. All required disclosures relating to FASB ASC Topic 606 have been implemented herein as required by the standard. The Company adopted FASB ASC Topic 606 effective January 1, 2018 utilizing the modified retrospective method. In January 2016, the FASB issued ASU 2016-01, relating to the recognition and measurement of financial assets and financial liabilities. The amendments in this update are effective for annual reporting periods beginning after December 15, 2017. The Company adopted ASU 2016-01 effective January 1, 2018 and determined there was no material impact on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, which requires entities to recognize assets and liabilities that arise from financing and operating leases and to classify those finance and operating lease payments in the financing or operating sections, respectively, of the statement of cash flows pursuant to FASB ASC Topic 842, Leases . The amendments in this update are effective for annual reporting periods beginning after December 15, 2018. The Company 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. In August 2016, the FASB issued ASU 2016-15, which clarifies the appropriate classification of certain cash receipts and payments in the statement of cash flows. The amendments in this update are effective for annual reporting periods beginning after December 15, 2017. The Company adopted ASU 2016-15 effective January 1, 2018 and determined there was no material impact on its consolidated financial statements. In November 2016, the FASB issued ASU 2016-18, which addresses diversity in the classification and presentation of changes in restricted cash in the statement of cash flows as operating, investing, or financing activities. The Company adopted ASU 2016-18 effective January 1, 2018 and has classified the changes in restricted cash between operating, investing, and financing in the consolidated statements of cash flows as applicable per the new guidance. In February 2018, the FASB issued ASU 2018-02, which amends the guidance allowing for a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act effective January 1, 2018 (the “2018 Tax Cuts and Jobs Act”). The amendments in this update are effective for annual reporting periods beginning after December 15, 2018. The Company implemented ASU 2018-02 effective January 1, 2019 and there were no such reclassifications related to the Tax Cuts and Jobs Act. |
Reclassifications | RECLASSIFICATIONS Certain items in the prior period’s consolidated statements of operations have been reclassified to conform to the presentation as of and for the year ended December 31, 2019. Specifically, in the fourth quarter of 2019, the Company completed the sale of its remaining land holdings through the Land JV transaction. Accordingly, the results of the real estate operations related to land sales have been classified as discontinued operations in the accompanying consolidated statements of income for the years ended December 31, 2019, 2018, and 2017. Additionally, the identifiable assets and liabilities related to the discontinued real estate operations were reclassified as assets and liabilities held for sale as of December 31, 2019 and 2018. |
Cash and Cash Equivalents | CASH AND CASH EQUIVALENTS Cash and cash equivalents includes cash on hand, bank demand accounts, and money market accounts having original maturities of 90 days or less. The Company’s bank balances as of December 31, 2019 include certain amounts over the Federal Deposit Insurance Corporation limits. |
Restricted Cash | RESTRICTED CASH Restricted cash totaled approximately $128.4 million at December 31, 2019 of which approximately $125.7 million of cash is being held in multiple separate escrow accounts to be reinvested through the like-kind exchange structure into other income properties; approximately $746,000 is being held in an entitlement and interest reserve for the $8.0 million first mortgage loan originated in June 2019, approximately $275,000 is being held in an interest and real estate tax reserve for the $8.3 million first mortgage originated in July 2019, approximately $156,000 is being held in an escrow account related to a separate land transaction which closed in February 2017; approximately $261,000 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 $1.3 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. |
Investment Securities | INVESTMENT SECURITIES In accordance with FASB ASC Topic 320, Investments – Debt and Equity Securities and pursuant to ASU 2016-01, effective January 1, 2018, the Company’s investments in equity securities (“Investment Securities”) are carried at fair value in the consolidated balance sheets, with the unrealized gains and losses recognized in net income. The unrealized gains and losses are included in investment income in the consolidated statements of operations. The cost of Investment Securities sold, if any, is based on the specific identification method. Interest and dividends on Investment Securities are included in investment income in the consolidated statements of operations. |
Derivative Financial Instruments and Hedging Activity | DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITY Interest Rate Swap. During the year ended December 31, 2016, in conjunction with the variable-rate mortgage loan secured by our property located in Raleigh, North Carolina leased to Wells Fargo, the Company entered into an interest rate swap to fix the interest rate (the “Interest Rate Swap”). The Company accounts for its cash flow hedging derivative in accordance with FASB ASC Topic 815-20, Derivatives and Hedging . Depending upon the hedge’s value at each balance sheet date, the derivative is included in either Other Assets or Accrued and Other Liabilities on the consolidated balance sheet at its fair value. On the date the Interest Rate Swap was entered into, the Company designated the derivative as a hedge of the variability of cash flows to be paid related to the recognized long-term debt liability. The Company formally documented the relationship between the hedging instrument and the hedged item, as well as its risk-management objective and strategy for undertaking the hedge transaction. At the hedge’s inception, the Company formally assessed whether the derivative that is used in hedging the transaction is highly effective in offsetting changes in cash flows of the hedged item. As the terms of the Interest Rate Swap and the associated debt are identical, the Interest Rate Swap qualifies for the shortcut method, therefore, it is assumed that there is no hedge ineffectiveness throughout the entire term of the Interest Rate Swap. Changes in fair value of the Interest Rate Swap that are highly effective and designated and qualified as a cash-flow hedge are recorded in other comprehensive income and loss, until earnings are affected by the variability in cash flows of the designated hedged item. |
Fair Value of Financial Instruments | FAIR VALUE OF FINANCIAL INSTRUMENTS The carrying amounts of the Company’s financial assets and liabilities including cash and cash equivalents, restricted cash, accounts receivable, accounts payable, and accrued and other liabilities at December 31, 2019 and 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 fixed rate commercial loan investments held as of December 31, 2019 and the mortgage notes and convertible debt held as of December 31, 2019 and 2018 are measured at fair value based on current market rates for financial instruments with similar risks and maturities. See Note 9, “Fair Value of Financial Instruments.” |
Fair Value Measurements | FAIR VALUE MEASUREMENTS The Company’s estimates of fair value of financial and non-financial assets and liabilities based on the framework established by GAAP. The framework specifies a hierarchy of valuation inputs which was established to increase consistency, clarity and comparability in fair value measurements and related disclosures. GAAP describes a fair value hierarchy based upon three levels of inputs that may be used to measure fair value, two of which are considered observable and one that is considered unobservable. The following describes the three levels: · Level 1 – Valuation is based upon quoted prices in active markets for identical assets or liabilities. · Level 2 – Valuation is based upon inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. · Level 3 – Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include option pricing models, discounted cash flow models and similar techniques. |
Recognition of Interest Income From Commercial Loan Investments | RECOGNITION OF INTEREST INCOME FROM COMMERCIAL LOAN INVESTMENTS Interest income on commercial loan investments includes interest payments made by the borrower and the accretion of purchase discounts and loan origination fees, offset by the amortization of loan costs. Interest payments are accrued based on the actual coupon rate and the outstanding principal balance and purchase discounts and loan origination fees are accreted into income using the effective yield method, adjusted for prepayments. |
Mitigation Credits | MITIGATION CREDITS 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 consists of tenant reimbursable expenses. Receivables related to the tenant reimbursable expenses totaled approximately $533,000 and $628,000 as of December 31, 2019 and 2018, respectively. Accounts receivable related to real estate operations, which are classified in Other Assets on the consolidated balance sheets, totaled approximately $1.6 million and $1.8 million as of December 31, 2019 and 2018, respectively. The accounts receivable as of December 31, 2019 and 2018 are primarily related to the reimbursement of certain infrastructure costs completed by the Company in conjunction with two land sale transactions that closed during the fourth quarter of 2015 as more fully described in Note 12, “Other Assets.” Trade accounts receivable primarily consists of receivables related to golf operations, which were classified in Assets Held for Sale on the consolidated balance sheets as of December 31, 2018 and thereafter until the sale of the golf operations during the fourth quarter of 2019. Trade accounts receivable related to golf operations, which primarily consists of membership and event receivables, totaled approximately $290,000 as of December 31, 2018. As of December 31, 2019, approximately $549,000 is due from the buyer of the golf operations for the rounds surcharge the Company paid to the City, as further described in Note 23, “Assets Held for Sale and Discontinued Operations.” The collectability of the aforementioned receivables is determined based on a review of specifically identified accounts using judgments. As of December 31, 2019 and 2018, the Company recorded an allowance for doubtful accounts of approximately $14,000 and $185,000, respectively. During the third quarter of 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 does not qualify as a business combination, but rather is an asset acquisition. Accordingly, the Company capitalizes acquisition costs for income property acquisitions. |
Land and Development Costs | LAND AND DEVELOPMENT COSTS The carrying value of land and development includes the initial acquisition costs of land, improvements thereto, and other costs incidental to the acquisition or development of land. Subsurface Interests (hereinafter defined) and capitalized costs relating to timber and hay operations are also included in land and development costs. These costs are allocated to properties on a relative sales value basis and are charged to costs of sales as specific properties are sold. Due to the nature of the business, land and development costs have been classified as an operating activity on the consolidated statements of cash flows. |
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. |
Property, Plant, and Equipment | PROPERTY, PLANT, AND EQUIPMENT Property, plant, and equipment are stated at cost, less accumulated depreciation and amortization. Such properties are depreciated on a straight-line basis over their estimated useful lives. Renewals and betterments are capitalized to property accounts. The cost of maintenance and repairs is expensed as incurred. The cost of property retired or otherwise disposed of, and the related accumulated depreciation or amortization, are removed from the accounts, and any resulting gain or loss is recorded in the consolidated statement of operations. The amount of depreciation of property, plant, and equipment, exclusive of amortization related to intangible assets, recognized for the years ended December 31, 2019, 2018, and 2017, was approximately $9.9 million, $10.3 million, and $7.9 million respectively. Interest of approximately $215,000 was capitalized to construction in progress during 2017, respectively with no interest capitalized in 2019 or 2018. The range of estimated useful lives for property, plant, and equipment is as follows: Golf Buildings and Improvements - 43 Years Golf Equipment - 10 Years Income Properties Buildings and Improvements - 55 Years Other Furnishings and Equipment - 20 Years |
Long-Lived Assets | LONG-LIVED ASSETS The Company follows FASB ASC Topic 360-10, Property, Plant, and Equipment in conducting its impairment analyses. The Company reviews the recoverability of long-lived assets, including land and development costs, real estate held for sale, and property, plant, and equipment, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Examples of situations considered to be triggering events include: a substantial decline in operating cash flows during the period, a current or projected loss from operations, an income property not fully leased or leased at rates that are less than current market rates, and any other quantitative or qualitative events deemed significant by our management. Long-lived assets are evaluated for impairment by using an undiscounted cash flow approach, which considers future estimated capital expenditures. Impairment of long-lived assets is measured at fair value less cost to sell. |
Income Property Leases | INCOME PROPERTY LEASES The rental of the Company’s income properties are classified as operating leases. The Company recognizes lease income on these properties on a straight-line basis over the term of the lease. |
Operating Lease Expense | OPERATING LEASE EXPENSE The Company leases property and equipment, which are classified as operating leases. The Company recognizes lease expense on a straight-line basis over the term of the lease. |
Golf Operations | GOLF OPERATIONS The Company previously owned the LPGA International Golf Club (the “Club”), which consists of two 18-hole golf courses and a 3-hole practice facility, a clubhouse facility, including food and beverage operations, and a fitness center. Revenues from this operation, including greens fees, cart rentals, merchandise, and food and beverage sales, are recognized at the time of sale pursuant to FASB ASC Topic 606, Revenue from Contracts with Customers . Initiation fees and membership dues are recognized over the life of the membership, pursuant to FASB ASC Topic 606, Revenue from Contracts with Customers , which is generally twelve months. |
Other Real Estate Interests | OTHER REAL ESTATE INTERESTS From time to time, the Company will release surface entry rights related to subsurface acres owned by the Company upon request of the surface owner. The Company recognizes revenue from the release at the time the transaction is consummated, unless the right is released under a deferred payment plan and the initial payment does not meet the criteria established under FASB ASC Topic 606, Revenue from Contracts with Customers . |
Stock-Based Compensation | STOCK-BASED COMPENSATION Prior to 2010, the Company maintained a stock option plan (the “2001 Plan”) pursuant to which 500,000 shares of the Company’s common stock were available to be issued. The 2001 Plan was approved at the April 25, 2001 shareholders’ meeting and expired in April 2011, with no new option shares issued after that date. At the Annual Meeting of Shareholders of the Company held on April 28, 2010, the Company’s shareholders approved the Consolidated-Tomoka Land Co. 2010 Equity Incentive Plan (the “Original 2010 Plan”). The Original 2010 Plan replaced the Company’s 2001 Plan. At the Annual Meeting of Shareholders of the Company held on April 24, 2013, the Company’s shareholders approved an amendment and restatement of the entire Original 2010 Plan, which among other things, incorporated claw back provisions and clarified language regarding the shares available subsequent to forfeiture of any awards of restricted shares. At the Annual Meeting of Shareholders of the Company held on April 23, 2014, the Company’s shareholders approved an amendment to the Original 2010 Plan increasing the number of shares authorized for issuance by 240,000 shares, bringing the total number of shares authorized for issuance to 450,000. At the Annual Meeting of Shareholders of the Company held on April 25, 2018, the Company’s shareholders approved the Second Amended and Restated 2010 Equity Incentive Plan (the “2010 Plan”) which, among other things, increased the number of shares available thereunder to 720,000. Awards under the 2010 Plan may be in the form of stock options, stock appreciation rights, restricted shares, restricted share units, performance shares, and performance units. Employees of the Company and its subsidiaries and non-employee directors may be selected by the Compensation Committee to receive awards under the 2010 Plan. The maximum number of shares of which stock awards may be granted under the 2010 Plan is 702,000 shares. No participant may receive awards during any one calendar year representing more than 50,000 shares of common stock. In no event will the number of shares of common stock issued under the plan upon the exercise of incentive stock options exceed 720,000 shares. These limits are subject to adjustments by the Compensation Committee as provided in the 2010 Plan for stock splits, stock dividends, recapitalizations, and other similar transactions or events. The 2010 Plan currently provides that it will expire on the tenth anniversary of the date that it was adopted by the Board, and that no awards will be granted under the plan after that date. All non-qualified stock option awards, restricted share awards, and performance share awards granted under the 2010 Plan were determined to be equity-based awards under FASB ASC Topic, Share-Based Payments . The Company used the Black-Scholes valuation pricing model to determine the fair value of its non-qualified stock option awards. The determination of the fair value of the awards is affected by the stock price as well as assumptions regarding a number of other variables. These variables include expected stock price volatility over the term of the awards, annual dividends, and a risk-free interest rate assumption. The Company used a Monte Carlo simulation pricing model to determine the fair value and vesting period of the restricted share awards. The determination of the fair value of market condition-based awards is affected by the stock price as well as assumptions regarding a number of other variables. These variables include expected stock price volatility over the requisite performance term of awards, the performance of the Company’s stock price, annual dividends, and a risk-free interest rate assumption. Compensation cost is recognized regardless of the achievement of the market conditions, provided the requisite service period is met. |
Income Taxes | INCOME TAXES The Company uses the asset and liability method to account for income taxes. Deferred income taxes result primarily from the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, see Note 20, “Income Taxes.” In June 2006, the FASB issued additional guidance, which clarifies the accounting for uncertainty in income taxes recognized in a company’s financial statements included in income taxes. The interpretation prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The interpretation also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. In accordance with FASB guidance included in income taxes, the Company has analyzed its various federal and state filing positions and believes that its income tax filing positions and deductions are well documented and supported. Additionally, the Company believes that its accruals for tax liabilities are adequate. Therefore, no reserves for uncertain income tax positions have been recorded pursuant to the FASB guidance. |
Earnings Per Common Share | EARNINGS PER COMMON SHARE Basic earnings per common share is computed by dividing net income by the weighted average number of shares outstanding. Diluted earnings per common share are based on the assumption of the conversion of stock options using the treasury stock method at average cost for the year, see Note 13, “Common Stock and Earnings Per Share.” |
Concentration of Credit Risk | CONCENTRATION OF CREDIT RISK Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents. Approximately 24% of the Company’s income property portfolio, based on square footage, and prior to December 31, 2019, all of the Company’s land holdings, golf operations, agriculture operations, and Subsurface Interests (hereinafter defined) are in the State of Florida. During the year ended December 31, 2019, the Company’s remaining land holdings, and its golf operations were sold, thereby significantly reducing the concentration of assets in the State of Florida. Uncertainty of the duration of a prolonged real estate and economic downturn could have an adverse impact on the Company’s real estate values. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Schedule of estimated useful lives for property, plant, and equipment | Golf Buildings and Improvements - 43 Years Golf Equipment - 10 Years Income Properties Buildings and Improvements - 55 Years Other Furnishings and Equipment - 20 Years |
REVENUE RECOGNITION (Tables)
REVENUE RECOGNITION (Tables) | 12 Months Ended |
Dec. 31, 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 from continuing operations by segment, major good and/or service, and the related timing of revenue recognition for the year ended December 31, 2019: Income Properties Management Fee Income Commercial Loan Investments Real Estate Operations Total Revenues ($000's) ($000's) ($000's) ($000's) ($000's) Major Good / Service: Lease Revenue - Base Rent $ 35,109 $ — $ — $ — $ 35,109 Lease Revenue - CAM 1,422 — — — 1,422 Lease Revenue - Reimbursements 2,759 — — — 2,759 Lease Revenue - Billboards 243 — — — 243 Above / Below Market Lease Accretion 2,382 — — — 2,382 Contributed Leased Assets Accretion 217 — — — 217 Lease Incentive Amortization (277) — — — (277) Management Fee Income — 304 — — 304 Commercial Loan Investments — — 1,829 — 1,829 Impact Fee and Mitigation Credit Sales — — — — — Subsurface Lease Revenue — — — 598 598 Subsurface Revenue - Other — — — 150 150 Fill Dirt and Other Revenue — — — 104 104 Timber Sales Revenue — — — — — Interest and Other Revenue 101 — — — 101 Total Revenues $ 41,956 $ 304 $ 1,829 $ 852 $ 44,941 Timing of Revenue Recognition: Asset/Good Transferred at a Point in Time $ — $ — $ — $ 254 $ 254 Services Transferred Over Time 101 304 — — 405 Over Lease Term 41,855 — — 598 42,453 Commercial Loan Investment Related Revenue — — 1,829 — 1,829 Total Revenues $ 41,956 $ 304 $ 1,829 $ 852 $ 44,941 The following table summarizes the Company’s revenue from continuing operations by segment, major good and/or service, and the related timing of revenue recognition for the year ended December 31, 2018: Income Properties Commercial Loan Investments Real Estate Operations Total Revenues ($000's) ($000's) ($000's) ($000's) Major Good / Service: Lease Revenue - Base Rent $ 31,587 $ — $ — $ 31,587 Lease Revenue - CAM 2,905 — — 2,905 Lease Revenue - Reimbursements 2,934 — — 2,934 Lease Revenue - Billboards 250 — — 250 Above / Below Market Lease Accretion 2,339 — — 2,339 Contributed Leased Assets Accretion 218 — — 218 Lease Incentive Amortization (302) — — (302) Commercial Loan Investments — 616 — 616 Impact Fee and Mitigation Credit Sales — — 1,338 1,338 Subsurface Lease Revenue — — 957 957 Subsurface Revenue - Other — — 668 668 Fill Dirt and Other Revenue — — 3 3 Interest and Other Revenue 145 — — 145 Total Revenues $ 40,076 $ 616 $ 2,966 $ 43,658 Timing of Revenue Recognition: Asset/Good Transferred at a Point in Time $ — $ — $ 2,009 $ 2,009 Services Transferred Over Time 145 — — 145 Over Lease Term 39,931 — 957 40,888 Commercial Loan Investment Related Revenue — 616 — 616 Total Revenues $ 40,076 $ 616 $ 2,966 $ 43,658 The following table summarizes the Company’s revenue from continuing operations by segment, major good and/or service, and the related timing of revenue recognition for the year ended December 31, 2017: Income Properties Commercial Loan Investments Real Estate Operations Total Revenues ($000's) ($000's) ($000's) ($000's) Major Good / Service: Lease Revenue - Base Rent $ 24,650 $ — $ — $ 24,650 Lease Revenue - CAM 2,208 — — 2,208 Lease Revenue - Reimbursements 2,125 — — 2,125 Lease Revenue - Billboards 251 — — 251 Above / Below Market Lease Accretion 2,194 — — 2,194 Lease Incentive Amortization (50) — — (50) Commercial Loan Investments — 2,053 — 2,053 Impact Fee and Mitigation Credit Sales — — 2,126 2,126 Subsurface Lease Revenue — — 856 856 Subsurface Revenue - Other — — 2,192 2,192 Fill Dirt and Other Revenue — — 17 17 Interest and Other Revenue 29 — — 29 Total Revenues $ 31,407 $ 2,053 $ 5,191 $ 38,651 Timing of Revenue Recognition: Asset/Good Transferred at a Point in Time $ — $ — $ 4,335 $ 4,335 Services Transferred Over Time 29 — — 29 Over Lease Term 31,378 — 856 32,234 Commercial Loan Investment Related Revenue — 2,053 — 2,053 Total Revenues $ 31,407 $ 2,053 $ 5,191 $ 38,651 |
INCOME PROPERTIES (Tables)
INCOME PROPERTIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
INCOME PROPERTIES | |
Schedule of components of leasing revenue | Year Ended December 31, 2019 2018 2017 ($000's) ($000's) ($000's) Leasing Revenue Lease Payments $ 37,431 $ 33,842 $ 26,794 Variable Lease Payments 4,525 6,234 4,613 Total Leasing Revenue $ 41,956 $ 40,076 $ 31,407 |
Schedule of minimum future base rental revenue on non-cancelable leases | Minimum future base rental revenue on non-cancelable leases subsequent to December 31, 2019, for the next five years ended December 31 are summarized as follows: Year Ending December 31, Amounts 2020 $ 25,698 2021 24,979 2022 24,074 2023 23,343 2024 23,069 2025 and thereafter (cumulative) 174,852 Total $ 296,015 |
Schedule of properties acquired | . The properties acquired during the year ended December 31, 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 Burlington Stores, Inc. Single-Tenant N. Richland Hills, TX 10/28/19 70,891 5.3 11,940,000 9.3 The Strand Multi-Tenant Jacksonville, FL 12/09/19 212,402 52.0 62,701,000 9.5 Total / Weighted Average 502,626 $ 164,670,000 18.4 (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 December 31, 2019 as a commercial loan investment. See Note 4, “Commercial Loan Investments”. |
COMMERCIAL LOAN INVESTMENTS (Ta
COMMERCIAL LOAN INVESTMENTS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
COMMERCIAL LOAN INVESTMENTS | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | The Company’s commercial loan investment portfolio was comprised of the following at December 31, 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 $ 7,927,869 12.00% Mortgage Note – 400 Josephine Street, Austin, TX July 2019 July 2020 8,250,000 8,250,000 8,207,964 11.50% Ground Lease Loan – 400 Josephine Street, Austin, TX July 2019 N/A 16,250,000 16,250,000 16,443,942 N/A LPGA Buyer Loan – Daytona Beach, FL Oct 2019 Oct 2020 2,070,000 2,070,000 2,045,398 7.50% $ 34,570,000 $ 34,570,000 $ 34,625,173 The carrying value of the commercial loan investment portfolio at December 31, 2019 consisted of the following: Total Current Face Amount $ 34,570,000 Imputed Interest over Rent Payments Received on Ground Lease Loan 193,943 Unaccreted Origination Fees (138,770) Total Commercial Loan Investments $ 34,625,173 |
RELATED PARTY MANAGEMENT SERV_2
RELATED PARTY MANAGEMENT SERVICES BUSINESS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
RELATED PARTY MANAGEMENT SERVICES BUSINESS | |
Schedule of amounts due from PINE | The following table represents amounts due from PINE to the Company as of December 31, 2019: Description Amounts Management Services Fee due from PINE $ 254 Dividend Receivable on OP Units 71 Other 56 Total $ 381 |
LAND AND INVESTMENT IN THE LA_2
LAND AND INVESTMENT IN THE LAND JV (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
LAND AND INVESTMENT IN THE LAND JV | |
Summary of land and development costs | December 31, 2019 2018 Land and Development Costs $ 6,068,810 $ 5,001,795 Land, Timber, and Subsurface Interests 663,481 623,050 Total Land and Development Costs $ 6,732,291 $ 5,624,845 |
Schedule of components of real estate operations revenue | 2019 2018 2017 Revenue Description ($000's) ($000's) ($000's) Land Sales Revenue $ 10,975 $ 41,452 $ 45,471 Revenue from Reimbursement of Infrastructure Costs — 1,556 1,860 Agriculture 68 23 335 Total Real Estate Operations Revenue - Discontinued Operations $ 11,043 $ 43,031 $ 47,666 2019 2018 2017 Revenue Description ($000's) ($000's) ($000's) Impact Fee and Mitigation Credit Sales — 1,338 2,126 Subsurface Revenue 748 1,625 3,048 Fill Dirt and Other Revenue 104 3 17 Total Real Estate Operations Revenue - Continuing Operations $ 852 $ 2,966 $ 5,191 |
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 |
INVESTMENTS IN JOINT VENTURES (
INVESTMENTS IN JOINT VENTURES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Land JV | |
Summarized financial information of the Company’s JV Investment | The following table provides summarized financial information of the Land JV as of December 31, 2019. There were no balances as of December 31, 2018. As of December 31, 2019 ($000's) Assets, cash and cash equivalents $ 15,066 Assets, prepaid expenses 61 Assets, investment in land assets 17,058 Total Assets $ 32,185 Liabilities, accounts payable, deferred revenue $ 987 Equity $ 31,198 Total Liabilities & Equity $ 32,185 The following table provides summarized financial information of the Land JV for the year ended December 31, 2019. There was no activity for the years ended December 31, 2018 and 2017. Year Ended December 31, 2019 ($000's) Revenues $ 14,635 Direct Cost of Revenues 1,268 Operating Income $ 13,367 Other Operating Expenses $ 90 Net Income $ 13,277 |
Mitigation Bank | |
Summarized financial information of the Company’s JV Investment | The following tables provide summarized financial information of the Mitigation Bank JV as of December 31, 2019 and 2018: As of As of December 31, 2019 December 31, 2018 ($000's) ($000's) Assets, cash and cash equivalents $ 4,015 $ 2,316 Assets, prepaid expenses 19 19 Assets, investment in mitigation credit assets 1,521 1,511 Assets, property, plant, and equipment 17 18 Total Assets $ 5,572 $ 3,864 Liabilities, accounts payable, deferred mitigation credit sale revenue $ 39 $ 62 Equity $ 5,533 $ 3,802 Total Liabilities & Equity $ 5,572 $ 3,864 The following table provides summarized financial information of the Mitigation Bank JV for the year ended December 31, 2019 and 2018. There was no activity for the year ended December 31, 2017. Year Ended December 31, 2019 December 31, 2018 ($000's) ($000's) Revenues $ 1,922 $ — Direct Cost of Revenues 76 — Operating Income $ 1,846 $ — Other Operating Expenses $ 197 $ 117 Net Income $ 1,649 $ (117) |
INVESTMENT SECURITIES (Tables)
INVESTMENT SECURITIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
INVESTMENT SECURITIES | |
Schedule of marketable securities | As of December 31, 2019 Cost Unrealized Gains in Unrealized Losses in Estimated Common Stock $ 15,500,000 $ 24,484 $ — $ 15,524,484 Operating Units 23,253,230 36,711 — 23,289,941 Total Equity Securities 38,753,230 61,195 — 38,814,425 Total Investment Securities $ 38,753,230 $ 61,195 $ — $ 38,814,425 |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | |
Schedule of carrying value and estimated fair value of financial instruments | December 31, 2019 December 31, 2018 Carrying Estimated Carrying Estimated Value Fair Value Value Fair Value Cash and Cash Equivalents - Level 1 $ 6,474,637 $ 6,474,637 $ 2,310,489 $ 2,310,489 Restricted Cash - Level 1 128,430,049 128,430,049 19,721,475 19,721,475 Commercial Loan Investments - Level 2 34,625,173 35,001,997 — — Long-Term Debt - Level 2 287,218,303 288,830,346 247,624,811 248,765,650 |
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 at December 31, 2019: Fair Value at Reporting Date Using Quoted Prices in Significant Active Markets Significant Other Unobservable for Identical Observable Inputs Inputs 12/31/2019 Assets (Level 1) (Level 2) (Level 3) Cash Flow Hedge - Interest Rate Swap $ 99,021 $ — $ 99,021 $ — Investment Securities 38,814,425 38,814,425 — — Total $ 38,814,425 $ 38,814,425 $ — $ — The following table presents the fair value of assets measured on a recurring basis by Level at December 31, 2018: Fair Value at Reporting Date Using Quoted Prices in 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 (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
INTANGIBLE ASSETS AND LIABILITIES | |
Schedule of components of intangible lease assets and liabilities | As of December 31, December 31, Intangible Lease Assets: Value of In-Place Leases $ 42,584,264 $ 39,189,008 Value of Above Market In-Place Leases 7,119,316 4,114,715 Value of Intangible Leasing Costs 14,645,780 14,791,111 Sub-total Intangible Lease Assets 64,349,360 58,094,834 Accumulated Amortization (15,327,182) (14,539,389) Sub-total Intangible Lease Assets—Net 49,022,178 43,555,445 Intangible Lease Liabilities (included in accrued and other Value of Below Market In-Place Leases (36,507,336) (35,321,234) Sub-total Intangible Lease Liabilities (36,507,336) (35,321,234) Accumulated Amortization 10,309,088 7,930,884 Sub-total Intangible Lease Liabilities—Net (26,198,248) (27,390,350) Total Intangible Assets and Liabilities—Net $ 22,823,930 $ 16,165,095 |
Schedule of amortization of intangible assets and liabilities | Year Ended December 31, December 31, December 31, ($000's) ($000's) ($000's) Depreciation and Amortization Expense $ 5,854 $ 5,872 $ 4,776 Increase to Income Properties Revenue (2,383) (2,339) (2,194) Net Amortization of Intangible Assets and Liabilities $ 3,471 $ 3,533 $ 2,582 |
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 2020 $ 5,812,069 $ (1,932,881) $ 3,879,188 2021 4,383,899 (2,004,052) 2,379,847 2022 3,976,582 (2,075,213) 1,901,369 2023 3,851,554 (2,070,019) 1,781,535 2024 3,808,092 (1,972,289) 1,835,803 Thereafter 21,294,453 (10,248,265) 11,046,188 Total $ 43,126,649 $ (20,302,719) $ 22,823,930 |
OTHER ASSETS (Tables)
OTHER ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
OTHER ASSETS | |
Schedule of components of other assets | As of December 31, December 31, Income Property Tenant Receivables $ 532,636 $ 627,691 Income Property Straight-line Rent Adjustment 3,352,245 4,304,279 Income Property Lease Incentive — 2,394,246 Interest Receivable from Commercial Loan Investment 96,604 — Operating Leases - Right-of-Use Asset 363,631 — Golf Rounds Surcharge - LPGA 549,251 — Cash Flow Hedge - Interest Rate Swap 99,021 651,722 Infrastructure Reimbursement Receivables 1,591,445 1,847,375 Deferred Deal Costs 4,787 425,476 Prepaid Expenses, Deposits, and Other 3,113,929 2,634,664 Total Other Assets $ 9,703,549 $ 12,885,453 |
COMMON STOCK AND EARNINGS PER_2
COMMON STOCK AND EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
COMMON STOCK AND EARNINGS PER SHARE | |
Schedule of computation of earnings per share | Year Ended December 31, December 31, December 31, Income Available to Common Shareholders: Net Income $ 114,972,858 $ 37,167,790 $ 41,719,424 Weighted Average Shares Outstanding 4,991,656 5,495,792 5,538,859 Common Shares Applicable to Stock Options Using the Treasury Stock Method 6,387 33,529 40,933 Total Shares Applicable to Diluted Earnings Per Share 4,998,043 5,529,321 5,579,792 Per Share Information: Basic Net Income from Continuing Operations $ 3.32 $ 2.72 $ 3.92 Net Loss from Discontinued Operations (Net of Tax) 19.71 4.04 3.61 Net Income $ 23.03 $ 6.76 $ 7.53 Diluted Net Income from Continuing Operations $ 3.32 $ 2.71 $ 3.90 Net Loss from Discontinued Operations (Net of Tax) 19.68 4.01 3.58 Net Income $ 23.00 $ 6.72 $ 7.48 |
LONG-TERM DEBT (Tables)
LONG-TERM DEBT (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
LONG-TERM DEBT | |
Schedule of outstanding indebtedness, at face value | As of December 31, 2019, the Company’s outstanding indebtedness, at face value, was as follows: Face Maturity Interest Value Debt Date Rate Credit Facility $ 159,845,349 May 2023 30 ‑day LIBOR Mortgage Note Payable (originated with Wells Fargo) (1) 30,000,000 October 2034 4.330% Mortgage Note Payable (originated with Wells Fargo) (2) 23,884,373 April 2021 30 ‑day LIBOR 4.50% Convertible Senior Notes due 2020, net of discount 75,000,000 March 2020 4.500% Total Long-Term Face Value Debt $ 288,729,722 (1) Secured by the Company’s interest in six income properties. The mortgage loan carries a fixed rate of 4.33% per annum during the first ten years of the term, and requires payments of interest only during the first ten years of the loan. After the tenth anniversary of the effective date of the loan, the cash flows, as defined in the related loan agreement, generated by the underlying six income properties must be used to pay down the principal balance of the loan until paid off or until the loan matures. The loan is fully pre-payable after the tenth anniversary of the effective date of the loan. (2) Secured by the Company’s income property leased to Wells Fargo located in Raleigh, North Carolina. The mortgage loan has a 5-year term with two years interest only, and interest and a 25-year amortization for the balance of the term. The mortgage loan bears a variable rate of interest based on the 30-day LIBOR plus a rate of 190 basis points. The interest rate for this mortgage loan has been fixed through the use of an interest rate swap that fixed the rate at 3.17%. The mortgage loan can be prepaid at any time subject to the termination of the interest rate swap. Amortization of the principal balance began in May 2018. |
Schedule of components of long-term debt | Long-term debt consisted of the following: December 31, 2019 December 31, 2018 Due Within Due Within Total One Year Total One Year Credit Facility $ 159,845,349 $ — $ 120,745,579 $ — Mortgage Note Payable (originated with Wells Fargo) 30,000,000 — 30,000,000 — Mortgage Note Payable (originated with Wells Fargo) 23,884,373 — 24,557,468 — 4.50% Convertible Senior Notes due 2020, net of discount 74,706,078 75,000,000 73,348,731 — Loan Costs, net of accumulated amortization (1,217,497) — (1,026,967) — Total Long-Term Debt $ 287,218,303 $ 75,000,000 $ 247,624,811 $ — |
Schedule of payments applicable to reduction of principal amounts | Year Ending December 31, Amount 2020 $ 75,000,000 (1) 2021 23,884,373 2022 — 2023 159,845,349 2024 — Thereafter 30,000,000 Total Long-Term Debt - Face Value $ 288,729,722 |
Schedule of carrying value of long-term debt | The carrying value of long-term debt as of December 31, 2019 consisted of the following: Total Current Face Amount $ 288,729,722 Unamortized Discount on Convertible Debt (293,922) Loan Costs, net of accumulated amortization (1,217,497) Total Long-Term Debt $ 287,218,303 |
Schedule of interest expense on debt | Year Ended December 31, December 31, December 31, ($000's) ($000's) ($000's) Interest Expense $ 10,665 $ 8,655 $ 7,034 Amortization of Loan Costs 444 495 509 Amortization of Discount on Convertible Notes 1,357 1,273 1,195 Capitalized Interest — — (215) Total Interest Expense $ 12,466 $ 10,423 $ 8,523 Total Interest Paid $ 10,782 $ 8,419 $ 7,060 |
ACCRUED AND OTHER LIABILITIES (
ACCRUED AND OTHER LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
ACCRUED AND OTHER LIABILITIES | |
Schedule of components of accrued and other liabilities | As of December 31, December 31, Accrued Property Taxes $ 44,232 $ 12,312 Reserve for Tenant Improvements 617,968 100,519 Accrued Construction Costs 93,270 350,593 Accrued Interest 1,312,801 1,430,236 Environmental Reserve and Restoration Cost Accrual 205,774 520,404 Operating Leases - Liability 364,888 — Other 3,048,259 2,783,820 Total Accrued and Other Liabilities $ 5,687,192 $ 5,197,884 |
DEFERRED REVENUE (Tables)
DEFERRED REVENUE (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
DEFERRED REVENUE | |
Schedule of components of deferred revenue | As of December 31, December 31, Deferred Oil Exploration Lease Revenue $ — $ 585,675 Interest Reserve from Commercial Loan Investment 834,972 — Prepaid Rent 2,063,173 1,621,620 Tenant Contributions 2,888,822 4,104,151 Other Deferred Revenue 43,753 58,838 Total Deferred Revenue $ 5,830,720 $ 6,370,284 |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 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 year ended December 31, 2019, is presented below: Shares Shares Outstanding at Granted Vested / Exercised Expired Forfeited Outstanding at Type of Award 1/1/2019 Shares Shares Shares Shares 12/31/2019 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 | Year Ended December 31, December 31, December 31, Total Cost of Share-Based Plans Charged Against Income Before Tax Effect $ 2,688,292 $ 1,922,962 $ 1,540,359 Income Tax Expense Recognized in Income $ (681,348) $ (487,375) $ (594,194) |
Summary of stock appreciation rights activity | Wtd. Avg. Remaining Contractual Aggregate Wtd. Avg. Term Intrinsic Liability-Classified Stock Appreciation Rights Shares Fair Value (Years) Value Outstanding at January 1, 2017 11,000 $ 1.33 Granted — — Exercised (6,000) 3.84 Expired (5,000) — Forfeited — — Outstanding at December 31, 2017 — — Granted — — Exercised — — Expired — — Forfeited — — Outstanding at December 31, 2018 — — Granted — — Exercised — — Expired — — Forfeited — — Outstanding at December 31, 2019 — $ — — $ — Exercisable at December 31, 2019 — $ — — $ — |
Peer Group Market Condition Vesting | |
STOCK-BASED COMPENSATION | |
Summary of performance share awards activity | A summary of activity during the years ended December 31, 2019, 2018, and 2017 is presented below: Wtd. Avg. Performance Shares with Market Conditions Shares Fair Value Outstanding at January 1, 2017 — $ — Granted 12,635 55.66 Vested — — Expired — — Forfeited — — Outstanding at December 31, 2017 12,635 55.66 Granted 15,445 74.99 Vested — — Expired — — Forfeited — — Outstanding at December 31, 2018 28,080 66.29 Granted 21,195 64.66 Vested — — Expired — — Forfeited — — Outstanding at December 31, 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 years ended December 31, 2019, 2018, and 2017 is presented below: Wtd. Avg. Market Condition Non-Vested Restricted Shares Shares Fair Value Outstanding at January 1, 2017 69,500 $ 27.03 Granted — — Vested (7,750) 34.30 Expired (32,000) 14.08 Forfeited — — Outstanding at December 31, 2017 29,750 39.07 Granted — — Vested (7,750) 31.58 Expired — — Forfeited — — Outstanding at December 31, 2018 22,000 41.71 Granted — — Vested — — Expired — — Forfeited — — Outstanding at December 31, 2019 22,000 $ 41.71 |
Three-Year Vesting | |
STOCK-BASED COMPENSATION | |
Summary of nonvested restricted stock award activity | A summary of activity for these awards during the years ended December 31, 2019, 2018, and 2017, is presented below: Wtd. Avg. Fair Value Three Year Vest Non-Vested Restricted Shares Shares Per Share Outstanding at January 1, 2017 37,504 $ 47.53 Granted 17,451 55.06 Vested (17,298) 46.70 Expired — — Forfeited (267) 52.51 Outstanding at December 31, 2017 37,390 51.39 Granted 17,712 65.33 Vested (18,883) 51.57 Expired — — Forfeited (1,267) 59.39 Outstanding at December 31, 2018 34,952 58.07 Granted 20,696 58.78 Vested (18,053) 54.43 Expired — — Forfeited — — Outstanding at December 31, 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 these awards during the years ended December 31, 2019, 2018, and 2017, 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, 2017 113,500 $ 49.03 Granted — — Exercised (23,500) 34.95 Expired — — Forfeited — — Outstanding at December 31, 2017 90,000 52.71 Granted — — Exercised (10,000) 29.34 Expired — — Forfeited — — Outstanding at December 31, 2018 80,000 55.63 Granted — — Exercised — — Expired — — Forfeited — — Outstanding at December 31, 2019 80,000 $ 55.63 5.26 $ 375,400 Exercisable at January 1, 2019 80,000 $ 55.63 6.50 $ 25,000 Exercisable at December 31, 2019 80,000 $ 55.63 5.26 $ 375,400 |
Summary of non-vested stock option awards | A summary of the non-vested options for these awards during the years ended December 31, 2019, 2018, and 2017, is presented below: Fair Value of Shares Non-Qualified Stock Option Awards Shares Vested Non-Vested at January 1, 2017 36,900 Granted — Vested (19,900) $ 1,094,066 Expired — Forfeited — Non-Vested at December 31, 2017 17,000 Granted — Vested (17,000) $ 952,068 Expired — Forfeited — Non-Vested at December 31, 2018 — Granted — Vested — $ — Expired — Forfeited — Non-Vested at December 31, 2019 — |
2001 Stock Option Plan | |
STOCK-BASED COMPENSATION | |
Summary of activity for stock option awards | Wtd. Avg. Remaining Contractual Aggregate Wtd. Avg. Term Intrinsic Liability-Classified Stock Options Shares Ex. Price (Years) Value Outstanding at January 1, 2017 11,000 $ 63.87 Granted — — Exercised (6,000) 52.73 Expired (5,000) 52.73 Forfeited — — Outstanding at December 31, 2017 — — Granted — — Exercised — — Expired — — Forfeited — — Outstanding at December 31, 2018 — — Granted — — Exercised — — Expired — — Forfeited — — Outstanding at December 31, 2019 — $ — — $ — Exercisable at December 31, 2019 — $ — — $ — |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
INCOME TAXES | |
Schedule of total income tax benefit (expense) | Year ended December 31, 2019 2018 2017 Income Tax (Expense) Benefit from Continuing Operations $ (5,472,178) $ (6,025,148) $ 22,481,523 Income Tax (Expense) Benefit from Discontinued Operations (32,641,194) (7,529,596) (12,546,257) Total Consolidated Income Tax Benefit (Expense) $ (38,113,372) $ (13,554,744) $ 9,935,266 |
Summary of provisions for income tax benefit (expense) | 2019 2018 2017 Current Deferred Current Deferred Current Deferred Federal $ (225,495) $ (4,973,699) $ (231,239) $ (5,380,837) $ 1,729,007 $ 18,959,360 State 19,998 (292,982) (127,470) (285,602) 153,234 1,639,922 Total $ (205,497) $ (5,266,681) $ (358,709) $ (5,666,439) $ 1,882,241 $ 20,599,282 |
Summary of deferred income tax assets (liabilities) | Deferred Tax 2019 2018 Deferred Income Tax Assets Depreciation $ 4,785,992 $ 4,904,976 Intangible Lease Liabilities 6,503,574 7,111,608 Income Property Tenant Contributions 732,172 1,069,882 Impairment Reserves 92,751 1,393,415 Stock Options and Restricted Stock 1,274,694 977,210 Capital Loss Carryforward 20,750 20,750 Deferred Oil Lease Income — 121,323 Other - Net 6,638 44,967 Gross Deferred Income Tax Assets 13,416,571 15,644,131 Less - Valuation Allowance (272,966) (272,966) Net Deferred Income Tax Assets 13,143,605 15,371,165 Deferred Income Tax Liabilities Sales of Real Estate (87,353,465) (67,388,733) Income Property Lease Incentive — (606,820) Discount on Equity Component of Convertible Debt (42,400) (238,200) Basis Differences in Joint Ventures (11,789,044) (764,566) Basis Difference in Alpine Income Property OP, LP (3,979,966) — Interest Rate Swap (73,924) (486,543) Deferred Revenue (Net of Straight-line Rent Adjustments) (186,979) (578,034) Other - Net — (78,176) Total Deferred Income Tax Liabilities (103,425,778) (70,141,072) Net Deferred Income Tax Liabilities $ (90,282,173) $ (54,769,907) |
Schedule of reconciliation of income tax computed at the federal statutory rate | Year ended December 31, 2019 2018 2017 Income Tax (Expense) Benefit Computed at Federal Statutory Rate $ (4,410,318) $ (4,557,366) $ 245,168 Increase (Decrease) Resulting from: State Income Tax, Net of Federal Income Tax Benefit (1,075,960) (1,363,007) 39,677 Income Tax on Permanently Non-Deductible Items (85,842) (31,466) 66,015 Change in Corporate Federal Tax Rate — — 22,249,536 Other Reconciling Items 99,942 (73,309) (118,873) Benefit (Expense) for Income Taxes $ (5,472,178) $ (6,025,148) $ 22,481,523 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
COMMITMENTS AND CONTINGENCIES | |
Schedule of minimum future rental payments under non-cancelable operating leases having remaining terms in excess of one year | Year Ending December 31, Amounts 2020 $ 127 2021 123 2022 118 2023 33 2024 — 2025 and thereafter (cumulative) — Total $ 401 |
BUSINESS SEGMENT DATA (Tables)
BUSINESS SEGMENT DATA (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
BUSINESS SEGMENT DATA | |
Schedule of operations in different segments | Year Ended December 31, December 31, December 31, Revenues: Income Properties $ 41,955,414 $ 40,075,731 $ 31,406,930 Management Services 304,553 — — Commercial Loan Investments 1,829,015 615,728 2,052,689 Real Estate Operations 852,264 2,966,429 5,190,951 Total Revenues $ 44,941,246 $ 43,657,888 $ 38,650,570 Operating Income: Income Properties $ 34,955,413 $ 31,905,648 $ 24,489,187 Management Services 304,553 — — Commercial Loan Investments 1,829,015 615,728 2,052,689 Real Estate Operations 747,598 2,375,050 3,770,389 General and Corporate Expense (25,615,353) (25,546,893) (22,567,310) Gains on Disposition of Assets 21,977,465 22,035,666 38 Total Operating Income $ 34,198,691 $ 31,385,199 $ 7,744,993 Depreciation and Amortization: Income Properties $ 15,774,228 $ 15,728,095 $ 12,272,265 Corporate and Other 23,050 33,428 42,435 Total Depreciation and Amortization $ 15,797,278 $ 15,761,523 $ 12,314,700 Capital Expenditures: Income Properties $ 166,683,689 $ 108,996,747 $ 92,125,062 Commercial Loan Investments 18,046,450 — 3,000,000 Real Estate Operations 2,791,137 4,658,956 — Discontinued Golf Operations — 94,734 2,373,894 Corporate and Other 4,348 13,775 128,716 Total Capital Expenditures $ 187,525,624 $ 113,764,212 $ 97,627,672 As of December 31, December 31, Identifiable Assets: Income Properties $ 464,285,272 $ 492,093,615 Commercial Loan Investments 35,742,218 — Real Estate Operations 65,554,619 14,315,805 Discontinued Land Operations 833,167 20,971,754 Discontinued Golf Operations — 4,462,477 Corporate and Other 136,870,927 24,486,221 Total Assets $ 703,286,203 $ 556,329,872 |
ASSETS HELD FOR SALE AND DISC_2
ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS | |
Schedule of assets and liabilities held for sale and discontinued operations | The following is a summary of assets and liabilities held for sale as of December 31, 2018: As of December 31, 2018 Land JV Assets Multi-Tenant Income Properties Golf Assets Total Assets Held for Sale Property, Plant, and Equipment—Net $ — $ 67,810,880 $ 3,659,703 $ 71,470,583 Land and Development Costs 20,139,788 — — 20,139,788 Cash and Cash Equivalents — — 156,489 156,489 Restricted Cash 831,966 — — 831,966 Other Assets — — 646,285 646,285 Intangible Lease Assets—Net — 4,366,858 — 4,366,858 Intangible Lease Liabilities—Net — (773,705) — (773,705) Total Assets Held for Sale $ 20,971,754 $ 71,404,033 $ 4,462,477 $ 96,838,264 As of December 31, 2018 Land JV Liabilities Multi-Tenant Income Properties Golf Liabilities Total Liabilities Held for Sale Accounts Payable $ — $ — $ 199,422 $ 199,422 Accrued and Other Liabilities — — 924,323 924,323 Deferred Revenue 831,320 — 223,551 1,054,871 Total Liabilities Held for Sale $ 831,320 $ — $ 1,347,296 $ 2,178,616 |
Summary of discontinued operations | Year Ended December 31, December 31, December 31, Golf Operations Revenue $ 4,096,594 $ 4,941,997 $ 5,095,313 Golf Operations Direct Cost of Revenues (5,259,424) (5,848,429) (5,958,888) Loss from Operations (1,162,830) (906,432) (863,575) Impairment Charges — (1,119,362) — Depreciation and Amortization — (373,979) (349,259) Gain on Disposition of Assets 15,050 — — Land Lease Income — — 2,226,526 Income (Loss) from Discontinued Operations Before Income Tax (1,147,780) (2,399,773) 1,013,692 Income Tax Benefit (Expense) 290,906 608,222 (391,032) Income (Loss) from Discontinued Operations (Net of Income Tax) $ (856,874) $ (1,791,551) $ 622,660 Land Operations Revenue $ 11,043,151 $ 43,030,713 $ 47,666,408 Land Operations Direct Cost of Revenues (6,404,844) (10,922,539) (16,155,784) Loss from Operations 4,638,307 32,108,174 31,510,624 Gain on Disposition of Assets 127,518,231 — — Income from Discontinued Operations Before Income Tax 132,156,538 32,108,174 31,510,624 Income Tax Expense (32,932,100) (8,137,818) (12,155,225) Income from Discontinued Operations (Net of Income Tax) $ 99,224,438 $ 23,970,356 $ 19,355,399 Total Income from Discontinued Operations (Net of Income Tax) $ 98,367,564 $ 22,178,805 $ 19,978,059 |
QUARTERLY FINANCIAL DATA (Table
QUARTERLY FINANCIAL DATA (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
QUARTERLY FINANCIAL DATA | |
Schedule of quarterly financial data | March 31, June 30, September 30, December 31, 2019 2018 2019 2018 2019 2018 2019 2018 Revenues Income Properties $ 10,724,418 $ 9,205,727 $ 10,375,295 $ 9,781,299 $ 10,260,831 $ 9,360,155 $ 10,594,870 $ 11,728,550 Management Fee Income — — — — — — 304,553 — Interest Income from Commercial Loan Investments — 300,999 52,765 273,467 855,559 41,262 920,691 — Real Estate Operations 234,901 862,450 260,771 750,296 213,589 1,042,059 143,003 311,624 Total Revenues 10,959,319 10,369,176 10,688,831 10,805,062 11,329,979 10,443,476 11,963,117 12,040,174 Direct Cost of Revenues Income Properties (1,932,488) (1,869,029) (1,634,720) (2,034,889) (1,476,288) (1,773,840) (1,956,505) (2,492,325) Real Estate Operations (46,167) (144,983) (40,129) (123,418) (8,484) (215,534) (9,886) (107,445) Total Direct Cost of Revenues (1,978,655) (2,014,012) (1,674,849) (2,158,307) (1,484,772) (1,989,374) (1,966,391) (2,599,770) General and Administrative Expenses (2,501,620) (2,823,548) (2,119,176) (2,429,181) (2,260,728) (1,928,008) (2,936,551) (2,604,633) Depreciation and Amortization (3,346,287) (3,796,823) (4,074,587) (3,755,546) (4,286,836) (3,756,507) (4,089,568) (4,452,647) Total Operating Expenses (7,826,562) (8,634,383) (7,868,612) (8,343,034) (8,032,336) (7,673,889) (8,992,510) (9,657,050) Gain (Loss) on Disposition of Assets 6,869,957 3,650,858 11,811,907 18,384,808 2,187,332 — 1,108,269 — Operating Income 10,002,714 5,385,651 14,632,126 20,846,836 5,484,975 2,769,587 4,078,876 2,383,124 Investment Income 38,755 12,312 14,560 11,892 33,048 14,179 258,480 13,838 Interest Expense (2,923,229) (2,561,465) (3,042,058) (2,537,301) (3,253,908) (2,345,156) (3,246,867) (2,979,364) Income from Continuing Operations Before Income Tax Benefit (Expense) 7,118,240 2,836,498 11,604,628 18,321,427 2,264,115 438,610 1,090,489 (582,402) Income Tax Benefit (Expense) from Continuing Operations (1,774,640) (585,068) (2,941,213) (4,645,012) (573,731) (153,550) (182,594) (641,518) Income from Continuing Operations 5,343,600 2,251,430 8,663,415 13,676,415 1,690,384 285,060 907,895 (1,223,920) Income (Loss) from Discontinued Operations (Net of Tax) 1,124,499 8,660,869 1,933,385 486,493 (204,364) 11,112 95,514,044 13,020,331 Net Income $ 6,468,099 $ 10,912,299 $ 10,596,800 $ 14,162,908 $ 1,486,020 $ 296,172 $ 96,421,939 $ 11,796,411 Per Share Information: Basic Income from Continuing Operations $ 1.00 $ 0.40 $ 1.75 $ 2.47 $ 0.35 $ 0.05 $ 0.19 $ (0.23) Income (Loss) from Discontinued Operations (Net of Tax) 0.21 1.57 0.39 0.09 (0.04) - 19.86 2.40 Net Income $ 1.21 $ 1.97 $ 2.14 $ 2.56 $ 0.31 $ 0.05 $ 20.05 $ 2.17 Diluted Income from Continuing Operations $ 1.00 $ 0.40 $ 1.75 $ 2.47 $ 0.35 $ 0.05 $ 0.19 $ (0.23) Income (Loss) from Discontinued Operations (Net of Tax) 0.21 1.56 0.39 0.09 (0.04) - 19.85 2.40 Net Income $ 1.21 $ 1.96 $ 2.14 $ 2.56 $ 0.31 $ 0.05 $ 20.04 $ 2.17 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - NATURE OF OPERATIONS (Details) | 12 Months Ended | ||
Dec. 31, 2019USD ($)ft²astatecountyproperty | Nov. 26, 2019USD ($) | Dec. 31, 2018a | |
Description of business | |||
Number of real estate properties | property | 34 | ||
Gross leasable space | ft² | 502,626 | ||
Investment in PINE | $ | $ 38,814,425 | ||
Mitigation Bank | |||
Description of business | |||
Area of land owned | 2,500 | ||
Florida | |||
Description of business | |||
Subsurface area of portfolio of mineral interests | 455,000 | ||
Number of countries | county | 20 | ||
Commercial | |||
Description of business | |||
Number of real estate properties | property | 34 | ||
Number of states in which entity operates | state | 11 | ||
Gross leasable space | ft² | 1,800,000 | ||
Undeveloped land | Land JV | |||
Description of business | |||
Area of land held for sale | 5,300 | ||
Undeveloped Land in Daytona Beach, Florida, Along Interstate 95 | |||
Description of business | |||
Area of land (in acres) | 5,300 | 5,400 | |
Alpine | |||
Description of business | |||
Investment in PINE | $ | $ 38,800,000 | $ 38,800,000 | |
Percentage of investment in PINE | 22.30% | 22.30% | |
Stock split ratio | 1 |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - RECENTLY ISSUED ACCOUNTING STANDARDS - General Information (Details) | Dec. 31, 2019 |
Accounting Standards Update 2016-01 | |
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, 2018 |
Change in Accounting Principle, Accounting Standards Update, Early Adoption | false |
Accounting Standards Update 2016-02 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Change in Accounting Principle, Accounting Standards Update, Early Adoption | false |
Accounting Standards Update 2016-15 | |
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, 2018 |
Change in Accounting Principle, Accounting Standards Update, Early Adoption | false |
Accounting Standards Update 2016-18 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Change in Accounting Principle, Accounting Standards Update, Adopted | false |
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Jan. 1, 2018 |
Change in Accounting Principle, Accounting Standards Update, Early Adoption | false |
Accounting Standards Update 2018-02 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Change in Accounting Principle, Accounting Standards Update, Early Adoption | false |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - RECENTLY ISSUED ACCOUNTING STANDARDS - Leases (Details) | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Recently Issued Accounting Standards | |
Lease, Practical Expedients, Package | true |
Lease, Practical Expedient, Lessor Single Lease Component | true |
Right-of-use assets | $ 363,631 |
Lease liabilities | 364,888 |
Increase (decrease) in assets held for sale | (3,892,476) |
Increase in liabilities held for sale | (49,470) |
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 |
SUMMARY OF SIGNIFICANT ACCOUN_7
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - RESTRICTED CASH AND INVESTMENT SECURITIES (Details) | 1 Months Ended | 12 Months Ended | |||
Jul. 31, 2019USD ($) | Jun. 30, 2019USD ($) | Dec. 31, 2019USD ($)property | Dec. 31, 2017USD ($) | Dec. 31, 2018USD ($) | |
Restricted Cash | |||||
Restricted Cash | $ 128,430,049 | $ 6,508,131 | $ 18,889,509 | ||
Mortgage loan originated | 34,570,000 | $ 3,000,000 | |||
Investment Securities | |||||
Available-for-sale Securities, Debt Securities | $ 0 | ||||
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 | 125,700,000 | ||||
Restricted cash, escrow deposit related to land transactions | |||||
Restricted Cash | |||||
Restricted Cash | 156,000 | ||||
Restricted cash, escrow deposit related to other income properties | |||||
Restricted Cash | |||||
Restricted Cash | $ 746,000 | 275,000 | |||
Capital replacement reserve account | |||||
Restricted Cash | |||||
Restricted Cash | $ 261,000 | ||||
Number of real estate properties in financing | property | 6 | ||||
Restricted cash, escrow for general tenant improvements | |||||
Restricted Cash | |||||
Restricted Cash | $ 1,300,000 |
SUMMARY OF SIGNIFICANT ACCOUN_8
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - COMMERCIAL LOAN INVESTMENTS AND ACCOUNTS RECEIVABLE (Details) | Jul. 16, 2019USD ($) | Dec. 31, 2015Transaction | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Dec. 31, 2018USD ($) |
Accounts Receivable | |||||
Income Property Tenant Receivables | $ 532,636 | $ 627,691 | |||
Number of closed land transactions | Transaction | 2 | ||||
Receivable from Golf operations for rounds surcharge | 549,000 | ||||
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 | 533,000 | 628,000 | |||
Accounts receivable related to real estate operations | $ 1,600,000 | 1,800,000 | |||
Assets Held for Sale | |||||
Accounts Receivable | |||||
Golf Operations Receivables | $ 290,000 |
SUMMARY OF SIGNIFICANT ACCOUN_9
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - PROPERTY, PLANT, AND EQUIPMENT and GOLF OPERATIONS (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)itemproperty | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
PROPERTY, PLANT, AND EQUIPMENT | |||
Depreciation | $ | $ 9,900 | $ 10,300 | $ 7,900 |
Interest capitalized | $ | $ 0 | $ 0 | $ 215 |
Golf Operations | |||
PROPERTY, PLANT, AND EQUIPMENT | |||
Number of golf courses | property | 2 | ||
Number of holes to the golf course | item | 18 | ||
Number of holes to the golf course practice facility | item | 3 | ||
Golf course and clubhouse facility membership period | 12 months | ||
Building and Building Improvements | Golf Operations | Minimum | |||
PROPERTY, PLANT, AND EQUIPMENT | |||
Useful lives for property, plant, and equipment | 10 years | ||
Building and Building Improvements | Golf Operations | Maximum | |||
PROPERTY, PLANT, AND EQUIPMENT | |||
Useful lives for property, plant, and equipment | 43 years | ||
Equipment | Golf Operations | Minimum | |||
PROPERTY, PLANT, AND EQUIPMENT | |||
Useful lives for property, plant, and equipment | 3 years | ||
Equipment | Golf Operations | Maximum | |||
PROPERTY, PLANT, AND EQUIPMENT | |||
Useful lives for property, plant, and equipment | 10 years | ||
Income Properties, Land, Buildings, and Improvements | Minimum | |||
PROPERTY, PLANT, AND EQUIPMENT | |||
Useful lives for property, plant, and equipment | 5 years | ||
Income Properties, Land, Buildings, and Improvements | Maximum | |||
PROPERTY, PLANT, AND EQUIPMENT | |||
Useful lives for property, plant, and equipment | 55 years | ||
Other Furnishings and Equipment | Minimum | |||
PROPERTY, PLANT, AND EQUIPMENT | |||
Useful lives for property, plant, and equipment | 3 years | ||
Other Furnishings and Equipment | Maximum | |||
PROPERTY, PLANT, AND EQUIPMENT | |||
Useful lives for property, plant, and equipment | 20 years |
SUMMARY OF SIGNIFICANT ACCOU_10
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - STOCK-BASED COMPENSATION (Details) - shares | Apr. 23, 2014 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2009 |
STOCK-BASED COMPENSATION | ||||
Stock options and stock appreciation rights outstanding (in shares) | 188,870 | 165,032 | ||
2001 Stock Option Plan | ||||
STOCK-BASED COMPENSATION | ||||
Shares authorized for issuance | 500,000 | |||
Amended and Restated 2010 Equity Incentive Plan | ||||
STOCK-BASED COMPENSATION | ||||
Shares authorized for issuance | 450,000 | 702,000 | ||
Number of additional shares authorized | 240,000 | |||
Maximum award per participant | 50,000 | |||
Period after adoption that plan expires | 10 years | |||
Second Amended and Restated 2010 Equity Incentive Plan | ||||
STOCK-BASED COMPENSATION | ||||
Shares authorized for issuance | 720,000 | |||
Stock Option Awards | 2001 Stock Option Plan | ||||
STOCK-BASED COMPENSATION | ||||
Awards available for issue ( in shares) | 0 |
SUMMARY OF SIGNIFICANT ACCOU_11
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - INCOME TAXES (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Income Taxes | |
Reserves for uncertain income tax positions | $ 0 |
SUMMARY OF SIGNIFICANT ACCOU_12
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONCENTRATION OF CREDIT RISK (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment square footage | Geographic Concentration Risk | Income Properties | Florida | |||
CONCENTRATION OF CREDIT RISK | |||
Concentration risk percentage | 24.00% | ||
Consolidated revenues | Office Properties | Hillsboro, Oregon and Raleigh, North Caroline | |||
CONCENTRATION OF CREDIT RISK | |||
Concentration risk percentage | 12.50% | 13.50% | 15.30% |
REVENUE RECOGNITION - Major Goo
REVENUE RECOGNITION - Major Good or Service (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues | |||||||||||
Lease revenue | $ 41,956,000 | $ 40,076,000 | $ 31,407,000 | ||||||||
Lease Incentive Amortization | (277,000) | (302,000) | (50,000) | ||||||||
Commercial Loan Investments | 1,829,000 | 616,000 | 2,053,000 | ||||||||
Revenue from contract with customer, including assessed tax | $ 852,000 | 2,966,000 | 5,191,000 | ||||||||
Type of revenue | cto:ImpactFeeAndMitigationCreditSalesMember | ||||||||||
Interest and Other Revenue | $ 101,000 | ||||||||||
Total Revenues | $ 11,963,117 | $ 11,329,979 | $ 10,688,831 | $ 10,959,319 | $ 12,040,174 | $ 10,443,476 | $ 10,805,062 | $ 10,369,176 | 44,941,246 | 43,657,888 | 38,650,570 |
Lease Revenue - Base Rent | |||||||||||
Revenues | |||||||||||
Lease revenue | 35,109,000 | 31,587,000 | 24,650,000 | ||||||||
Lease Revenue - CAM | |||||||||||
Revenues | |||||||||||
Lease revenue | 1,422,000 | 2,905,000 | 2,208,000 | ||||||||
Lease Revenue - Reimbursements | |||||||||||
Revenues | |||||||||||
Lease revenue | 2,759,000 | 2,934,000 | 2,125,000 | ||||||||
Lease Revenue - Billboards | |||||||||||
Revenues | |||||||||||
Lease revenue | 243,000 | 250,000 | 251,000 | ||||||||
Above / Below Market Lease Accretion | |||||||||||
Revenues | |||||||||||
Lease revenue | 2,382,000 | 2,339,000 | 2,194,000 | ||||||||
Contributed Leased Assets Accretion | |||||||||||
Revenues | |||||||||||
Lease revenue | 217,000 | 218,000 | |||||||||
Management Fee Income | |||||||||||
Revenues | |||||||||||
Revenue from contract with customer, including assessed tax | 304,000 | ||||||||||
Impact Fee and Mitigation Credit Sales | |||||||||||
Revenues | |||||||||||
Revenue from contract with customer, including assessed tax | 1,338,000 | 2,126,000 | |||||||||
Subsurface Lease Revenue | |||||||||||
Revenues | |||||||||||
Revenue from contract with customer, including assessed tax | 598,000 | 957,000 | 856,000 | ||||||||
Subsurface Revenue - Other | |||||||||||
Revenues | |||||||||||
Revenue from contract with customer, including assessed tax | 150,000 | 668,000 | 2,192,000 | ||||||||
Fill Dirt and Other Revenue | |||||||||||
Revenues | |||||||||||
Revenue from contract with customer, including assessed tax | 104,000 | 3,000 | 17,000 | ||||||||
Interest and Other Revenue | |||||||||||
Revenues | |||||||||||
Interest and Other Revenue | 145,000 | 29,000 | |||||||||
Income Properties | |||||||||||
Revenues | |||||||||||
Lease Incentive Amortization | (277,000) | (302,000) | (50,000) | ||||||||
Interest and Other Revenue | 101,000 | ||||||||||
Total Revenues | 10,594,870 | 10,260,831 | 10,375,295 | 10,724,418 | 11,728,550 | 9,360,155 | 9,781,299 | 9,205,727 | 41,955,414 | 40,075,731 | 31,406,930 |
Income Properties | Lease Revenue - Base Rent | |||||||||||
Revenues | |||||||||||
Lease revenue | 35,109,000 | 31,587,000 | 24,650,000 | ||||||||
Income Properties | Lease Revenue - CAM | |||||||||||
Revenues | |||||||||||
Lease revenue | 1,422,000 | 2,905,000 | 2,208,000 | ||||||||
Income Properties | Lease Revenue - Reimbursements | |||||||||||
Revenues | |||||||||||
Lease revenue | 2,759,000 | 2,934,000 | 2,125,000 | ||||||||
Income Properties | Lease Revenue - Billboards | |||||||||||
Revenues | |||||||||||
Lease revenue | 243,000 | 250,000 | 251,000 | ||||||||
Income Properties | Above / Below Market Lease Accretion | |||||||||||
Revenues | |||||||||||
Lease revenue | 2,382,000 | 2,339,000 | 2,194,000 | ||||||||
Income Properties | Contributed Leased Assets Accretion | |||||||||||
Revenues | |||||||||||
Lease revenue | 217,000 | 218,000 | |||||||||
Income Properties | Interest and Other Revenue | |||||||||||
Revenues | |||||||||||
Interest and Other Revenue | 145,000 | 29,000 | |||||||||
Management Services | |||||||||||
Revenues | |||||||||||
Total Revenues | 304,553 | 304,553 | |||||||||
Management Services | Management Fee Income | |||||||||||
Revenues | |||||||||||
Revenue from contract with customer, including assessed tax | 304,000 | ||||||||||
Commercial Loan Investments | |||||||||||
Revenues | |||||||||||
Commercial Loan Investments | 1,829,000 | 616,000 | 2,053,000 | ||||||||
Total Revenues | 920,691 | 855,559 | 52,765 | 41,262 | 273,467 | 300,999 | 1,829,015 | 615,728 | 2,052,689 | ||
Real Estate Operations | |||||||||||
Revenues | |||||||||||
Total Revenues | $ 143,003 | $ 213,589 | $ 260,771 | $ 234,901 | $ 311,624 | $ 1,042,059 | $ 750,296 | $ 862,450 | 852,264 | 2,966,429 | 5,190,951 |
Real Estate Operations | Impact Fee and Mitigation Credit Sales | |||||||||||
Revenues | |||||||||||
Revenue from contract with customer, including assessed tax | 1,338,000 | 2,126,000 | |||||||||
Real Estate Operations | Subsurface Lease Revenue | |||||||||||
Revenues | |||||||||||
Revenue from contract with customer, including assessed tax | 598,000 | 957,000 | 856,000 | ||||||||
Real Estate Operations | Subsurface Revenue - Other | |||||||||||
Revenues | |||||||||||
Revenue from contract with customer, including assessed tax | 150,000 | 668,000 | 2,192,000 | ||||||||
Real Estate Operations | Fill Dirt and Other Revenue | |||||||||||
Revenues | |||||||||||
Revenue from contract with customer, including assessed tax | $ 104,000 | $ 3,000 | $ 17,000 |
REVENUE RECOGNITION - Timing of
REVENUE RECOGNITION - Timing of Revenue Recognition (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues | |||||||||||
Revenue from contract with customer, including assessed tax | $ 852,000 | $ 2,966,000 | $ 5,191,000 | ||||||||
Lease revenue | 41,956,000 | 40,076,000 | 31,407,000 | ||||||||
Over Lease Term | 42,453,000 | 40,888,000 | 32,234,000 | ||||||||
Commercial Loan Investment Related Revenue | 1,829,000 | 616,000 | 2,053,000 | ||||||||
Total Revenues | $ 11,963,117 | $ 11,329,979 | $ 10,688,831 | $ 10,959,319 | $ 12,040,174 | $ 10,443,476 | $ 10,805,062 | $ 10,369,176 | 44,941,246 | 43,657,888 | 38,650,570 |
Asset/Good Transferred at a Point in Time | |||||||||||
Revenues | |||||||||||
Revenue from contract with customer, including assessed tax | 254,000 | 2,009,000 | 4,335,000 | ||||||||
Services Transferred Over Time | |||||||||||
Revenues | |||||||||||
Revenue from contract with customer, including assessed tax | 405,000 | 145,000 | 29,000 | ||||||||
Income Properties | |||||||||||
Revenues | |||||||||||
Over Lease Term | 41,855,000 | 39,931,000 | 31,378,000 | ||||||||
Total Revenues | 10,594,870 | 10,260,831 | 10,375,295 | 10,724,418 | 11,728,550 | 9,360,155 | 9,781,299 | 9,205,727 | 41,955,414 | 40,075,731 | 31,406,930 |
Income Properties | Services Transferred Over Time | |||||||||||
Revenues | |||||||||||
Revenue from contract with customer, including assessed tax | 101,000 | 145,000 | 29,000 | ||||||||
Management Services | |||||||||||
Revenues | |||||||||||
Total Revenues | 304,553 | 304,553 | |||||||||
Management Services | Services Transferred Over Time | |||||||||||
Revenues | |||||||||||
Revenue from contract with customer, including assessed tax | 304,000 | ||||||||||
Commercial Loan Investments | |||||||||||
Revenues | |||||||||||
Commercial Loan Investment Related Revenue | 1,829,000 | 616,000 | 2,053,000 | ||||||||
Total Revenues | 920,691 | 855,559 | 52,765 | 41,262 | 273,467 | 300,999 | 1,829,015 | 615,728 | 2,052,689 | ||
Real Estate Operations | |||||||||||
Revenues | |||||||||||
Over Lease Term | 598,000 | 957,000 | 856,000 | ||||||||
Total Revenues | $ 143,003 | $ 213,589 | $ 260,771 | $ 234,901 | $ 311,624 | $ 1,042,059 | $ 750,296 | $ 862,450 | 852,264 | 2,966,429 | 5,190,951 |
Real Estate Operations | Asset/Good Transferred at a Point in Time | |||||||||||
Revenues | |||||||||||
Revenue from contract with customer, including assessed tax | $ 254,000 | $ 2,009,000 | $ 4,335,000 |
INCOME PROPERTIES - General Inf
INCOME PROPERTIES - General Information (Details) | Nov. 26, 2019USD ($)tenantpropertyshares | Jul. 16, 2019USD ($)Options | Mar. 23, 2019USD ($)ft² | Dec. 31, 2019USD ($)ft²Optionspropertyshares | Dec. 31, 2018USD ($)ft²buildingproperty | Dec. 31, 2017USD ($)property | Aug. 07, 2019USD ($)a | Jun. 24, 2019USD ($)ft² | Feb. 21, 2019USD ($)ft² | Mar. 26, 2018USD ($) | Dec. 31, 2016USD ($) |
Acquisitions of Income Properties | |||||||||||
Number of real estate properties | property | 34 | ||||||||||
Payments to Acquire Commercial Real Estate | $ 164,670,000 | ||||||||||
Number of properties in the disposal group | property | 4 | ||||||||||
Stock Issuance | 531,914 | $ 238,712 | $ 103,136 | ||||||||
Gain on sale of properties (in dollars per share) | $ 20.60 | 3.51 | |||||||||
Area of real estate property | ft² | 502,626 | ||||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate | $ 34,625,173 | 11,925,699 | $ 23,960,467 | ||||||||
Aggregate outstanding principal balance | $ 34,570,000 | ||||||||||
Amount allocated of total acquisition cost | |||||||||||
Weighted average amortization period of intangible assets | 13 years | ||||||||||
Weighted average amortization period of intangible liabilities | 13 years | ||||||||||
Real Estate Operations | |||||||||||
Acquisitions of Income Properties | |||||||||||
Payments to Acquire Commercial Real Estate | $ 106,600,000 | ||||||||||
2019 dispositions | |||||||||||
Acquisitions of Income Properties | |||||||||||
Number of properties disposed for cash | property | 15 | ||||||||||
Number of properties disposed for units | property | 5 | ||||||||||
Gain on sale of properties (in dollars per share) | $ 0.16 | ||||||||||
Gain on Sale | $ 1,000,000 | ||||||||||
Carpenter Hotel-400 Josephine Street, Austin, TX | |||||||||||
Acquisitions of Income Properties | |||||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate | $ 16,443,942 | ||||||||||
Aggregate outstanding principal balance | $ 16,250,000 | ||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 2019 dispositions | Single-tenant | |||||||||||
Acquisitions of Income Properties | |||||||||||
Number of properties sold | property | 21 | ||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 2019 dispositions | Multi-tenant | |||||||||||
Acquisitions of Income Properties | |||||||||||
Number of properties sold | property | 3 | ||||||||||
Daytona Beach, FL | |||||||||||
Acquisitions of Income Properties | |||||||||||
Sales price | $ 11,400,000 | ||||||||||
Aspen, Colorado | |||||||||||
Acquisitions of Income Properties | |||||||||||
Payments to Acquire Commercial Real Estate | $ 28,000,000 | ||||||||||
Alpine | |||||||||||
Acquisitions of Income Properties | |||||||||||
Units issued | shares | 2,040,000 | ||||||||||
Percentage of investment in PINE | 22.30% | 22.30% | |||||||||
Alpine | 2019 dispositions | |||||||||||
Acquisitions of Income Properties | |||||||||||
Units issued | shares | 2,040,000 | ||||||||||
Alpine | 2019 dispositions | Single-tenant | |||||||||||
Acquisitions of Income Properties | |||||||||||
Number of properties in the disposal group | tenant | 20 | ||||||||||
Alpine | OP Units | |||||||||||
Acquisitions of Income Properties | |||||||||||
Sales price | $ 125,900,000 | ||||||||||
Units issued | shares | 1,223,854 | 1,223,854 | |||||||||
Stock Issuance | $ 23,300,000 | $ 23,300,000 | |||||||||
Alpine | OP Units | 2019 dispositions | |||||||||||
Acquisitions of Income Properties | |||||||||||
Stock Issuance | $ 15,500,000 | ||||||||||
Alpine | Common Stock | 2019 dispositions | |||||||||||
Acquisitions of Income Properties | |||||||||||
Units issued | shares | 815,790 | ||||||||||
Percentage of investment in PINE | 22.30% | ||||||||||
2019 acquisitions of income property subject to lease | |||||||||||
Acquisitions of Income Properties | |||||||||||
Aggregate acquisition cost including capitalized acquisition costs | $ 165,700,000 | ||||||||||
Amount allocated of total acquisition cost | |||||||||||
Weighted average amortization period of intangible assets | 9 years 8 months 12 days | ||||||||||
Weighted average amortization period of intangible liabilities | 9 years 8 months 12 days | ||||||||||
2019 acquisitions of income property subject to lease | Single-tenant | |||||||||||
Acquisitions of Income Properties | |||||||||||
Number of real estate properties | property | 10 | ||||||||||
2019 acquisitions of income property subject to lease | Multi-tenant | |||||||||||
Acquisitions of Income Properties | |||||||||||
Number of real estate properties | property | 1 | ||||||||||
2019 acquisitions of income property subject to lease | Nonrecurring basis | |||||||||||
Acquisitions of Income Properties | |||||||||||
Land | $ 45,600,000 | ||||||||||
Buildings and improvements | 83,500,000 | ||||||||||
Intangible assets pertaining to the in-place lease value, leasing fees and above market lease value | 23,400,000 | ||||||||||
Intangible liabilities for below market lease value | $ 3,100,000 | ||||||||||
2017 acquisitions of income property subject to a lease | |||||||||||
Acquisitions of Income Properties | |||||||||||
Payments to Acquire Commercial Real Estate | 79,800,000 | ||||||||||
Aggregate acquisition cost including capitalized acquisition costs | $ 80,600,000 | ||||||||||
Amount allocated of total acquisition cost | |||||||||||
Weighted average amortization period of intangible assets | 8 years 10 months 24 days | ||||||||||
Weighted average amortization period of intangible liabilities | 8 years 10 months 24 days | ||||||||||
2017 acquisitions of income property subject to a lease | Single-tenant | |||||||||||
Acquisitions of Income Properties | |||||||||||
Number of real estate properties | property | 4 | ||||||||||
2017 acquisitions of income property subject to a lease | Multi-tenant | |||||||||||
Acquisitions of Income Properties | |||||||||||
Number of real estate properties | property | 2 | ||||||||||
2017 acquisitions of income property subject to a lease | Nonrecurring basis | |||||||||||
Acquisitions of Income Properties | |||||||||||
Land | $ 28,000,000 | ||||||||||
Buildings and improvements | 45,200,000 | ||||||||||
Intangible assets pertaining to the in-place lease value, leasing fees and above market lease value | 9,300,000 | ||||||||||
Intangible liabilities for below market lease value | $ 1,900,000 | ||||||||||
2018 acquisitions of income property subject to a lease | Real Estate Operations | |||||||||||
Acquisitions of Income Properties | |||||||||||
Aggregate acquisition cost including capitalized acquisition costs | $ 107,800,000 | ||||||||||
Amount allocated of total acquisition cost | |||||||||||
Weighted average amortization period of intangible assets | 13 years 2 months 12 days | ||||||||||
Weighted average amortization period of intangible liabilities | 13 years 2 months 12 days | ||||||||||
2018 acquisitions of income property subject to a lease | Single-tenant | |||||||||||
Acquisitions of Income Properties | |||||||||||
Number of real estate properties | property | 10 | 11 | |||||||||
2018 acquisitions of income property subject to a lease | Multi-tenant | |||||||||||
Acquisitions of Income Properties | |||||||||||
Number of real estate properties | property | 1 | ||||||||||
2018 acquisitions of income property subject to a lease | Nonrecurring basis | Real Estate Operations | |||||||||||
Acquisitions of Income Properties | |||||||||||
Land | $ 47,900,000 | ||||||||||
Buildings and improvements | 45,600,000 | ||||||||||
Intangible assets pertaining to the in-place lease value, leasing fees and above market lease value | 15,600,000 | ||||||||||
Intangible liabilities for below market lease value | $ 1,300,000 | ||||||||||
Concierge Office Building | |||||||||||
Acquisitions of Income Properties | |||||||||||
Area of real estate property | ft² | 22,012 | ||||||||||
Williamson Business Park office building | |||||||||||
Acquisitions of Income Properties | |||||||||||
Gain on sale of properties (in dollars per share) | $ 0.49 | ||||||||||
Area of real estate property | ft² | 15,360 | ||||||||||
Gain on Sale | $ 3,700,000 | ||||||||||
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 | $ 24,600,000 | ||||||||||
Gain on sale of properties (in dollars per share) | $ 0.96 | ||||||||||
Area of real estate property | ft² | 59,000 | ||||||||||
Gain on Sale | 6,900,000 | ||||||||||
3600 Peterson | Santa Clara, CA | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||||||||
Acquisitions of Income Properties | |||||||||||
Sales price | $ 37,000,000 | ||||||||||
Gain on sale of properties (in dollars per share) | 1.36 | ||||||||||
Area of real estate property | ft² | 76,000 | ||||||||||
Gain on Sale | 9,000,000 | ||||||||||
The Grove | Winter Park, FL | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||||||||
Acquisitions of Income Properties | |||||||||||
Sales price | $ 18,300,000 | ||||||||||
Gain on sale of properties (in dollars per share) | 0.42 | ||||||||||
Gain on Sale | 2,800,000 | ||||||||||
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 | ||||||||||
Gain on sale of properties (in dollars per share) | 0.33 | ||||||||||
Area of real estate property | a | 1.56 | ||||||||||
Gain on Sale | 2,100,000 | ||||||||||
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 | $ 16,250,000 | ||||||||||
Number Of Tenant Repurchase Options | Options | 2 |
INCOME PROPERTIES - Leasing Rev
INCOME PROPERTIES - Leasing Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Leasing Revenue | |||
Lease Payments | $ 37,431 | $ 33,842 | $ 26,794 |
Variable Lease Payments | 4,525 | 6,234 | 4,613 |
Total Leasing Revenue | $ 41,956 | $ 40,076 | $ 31,407 |
INCOME PROPERTIES - Minimum fut
INCOME PROPERTIES - Minimum future base rental revenue on non-cancelable leases (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Minimum future base rental revenue on non-cancelable leases | |
2020 | $ 25,698 |
2021 | 24,979 |
2022 | 24,074 |
2023 | 23,343 |
2024 | 23,069 |
2025 and thereafter (cumulative) | 174,852 |
Total | $ 296,015 |
INCOME PROPERTIES - Disposition
INCOME PROPERTIES - Dispositions and Impairment Charges (Details) | 12 Months Ended | ||||
Dec. 31, 2019USD ($)ft²property | Dec. 31, 2018USD ($)ft²buildingproperty | Dec. 31, 2017USD ($)property | Feb. 21, 2019USD ($)ft² | Mar. 26, 2018USD ($) | |
Dispositions of Income Properties | |||||
Number of properties in the disposal group | property | 4 | ||||
Area of real estate property | ft² | 502,626 | ||||
Gain on sale of properties (in dollars per share) | $ 20.60 | $ 3.51 | |||
Number of real estate properties | property | 34 | ||||
Daytona Beach, FL | |||||
Dispositions of Income Properties | |||||
Sales price | $ 11,400,000 | ||||
Concierge Office Building | |||||
Dispositions of Income Properties | |||||
Area of real estate property | ft² | 22,012 | ||||
Williamson Business Park office building | |||||
Dispositions of Income Properties | |||||
Area of real estate property | ft² | 15,360 | ||||
Area of real estate property leased | ft² | 7,600 | ||||
Gain on Sale | $ 3,700,000 | ||||
Gain on sale of properties (in dollars per share) | $ 0.49 | ||||
Lease term | 5 years | ||||
Mason Commerce Center | |||||
Dispositions of Income Properties | |||||
Area of real estate property | ft² | 30,720 | ||||
Number of office building | building | 2 | ||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Whole Foods | Sarasota, FL | |||||
Dispositions of Income Properties | |||||
Sales price | $ 24,600,000 | ||||
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 | ||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 2017 dispositions of income property subject to a lease | |||||
Dispositions of Income Properties | |||||
Number of properties in the disposal group | property | 0 |
INCOME PROPERTIES - Properties
INCOME PROPERTIES - Properties Acquired (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($)ft²a | |
Acquisitions of Income Properties | |
Square-Feet | ft² | 502,626 |
Purchase price | $ 164,670 |
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% |
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% |
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% |
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% |
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% |
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% |
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% |
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% |
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% |
N. Richland Hills, TX | 2019 acquisitions of income property subject to lease - Burlington Stores, Inc. | |
Acquisitions of Income Properties | |
Square-Feet | ft² | 70,891 |
Area of land (in acres) | a | 5.30 |
Purchase price | $ 11,940 |
Percentage Leased | 100.00% |
Jacksonville, FL | 2019 acquisitions of income property subject to lease - The Strand | |
Acquisitions of Income Properties | |
Square-Feet | ft² | 212,402 |
Area of land (in acres) | a | 52 |
Purchase price | $ 62,701 |
Percentage Leased | 95.00% |
COMMERCIAL LOAN INVESTMENTS - G
COMMERCIAL LOAN INVESTMENTS - General Information (Details) | Oct. 17, 2019USD ($)item | Jul. 05, 2019USD ($)a | Jun. 14, 2019USD ($)aitem | Dec. 31, 2019USD ($) | Dec. 31, 2018loan |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Face Amount of Mortgages | $ 34,570,000 | ||||
Commercial loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Number of mortgage loan investments | loan | 0 | ||||
First Mortgage, 72-Acre Land Parcel, Orlando, FL | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Face Amount of Mortgages | $ 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] | |||||
Face Amount of Mortgages | $ 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 | ||||
First Mortgage, Golf Club, Daytona Beach, FL | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Term | 1 year | ||||
Number of extensions | item | 2 | ||||
Extension term | 6 months | ||||
Interest rate (as a percent) | 7.50% | ||||
Origination fee (as a percent) | 1.50% | ||||
Origination fee received | $ 31,000 | ||||
LPGA Buyer Loan - Daytona Beach, FL | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Face Amount of Mortgages | $ 2,100,000 | $ 2,070,000 | |||
Interest rate (as a percent) | 7.50% | ||||
Carpenter Hotel-400 Josephine Street, Austin, TX | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Face Amount of Mortgages | $ 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 | Dec. 31, 2019 | Oct. 17, 2019 | Dec. 31, 2017 | Dec. 31, 2016 |
Mortgage Loans On Real Estate [Line Items] | ||||||
Original Face Amount | $ 34,570,000 | |||||
Current Face Amount | 34,570,000 | |||||
Carrying Value | 34,625,173 | $ 11,925,699 | $ 23,960,467 | |||
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 | $ 7,927,869 | |||||
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 | $ 8,207,964 | |||||
Interest rate (as a percent) | 11.50% | 11.50% | ||||
LPGA Buyer Loan - Daytona Beach, FL | ||||||
Mortgage Loans On Real Estate [Line Items] | ||||||
Original Face Amount | $ 2,070,000 | $ 2,100,000 | ||||
Current Face Amount | 2,070,000 | |||||
Carrying Value | $ 2,045,398 | |||||
Interest rate (as a percent) | 7.50% | |||||
Carpenter Hotel-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 | $ 16,443,942 |
COMMERCIAL LOAN INVESTMENTS - C
COMMERCIAL LOAN INVESTMENTS - Carrying Value (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2017 | Dec. 31, 2016 |
COMMERCIAL LOAN INVESTMENTS | |||
Current Face Amount | $ 34,570,000 | ||
Imputed Interest over Rent Payments Received on Ground Lease Loan | 193,943 | ||
Unaccreted Origination Fees | (138,770) | ||
Total Commercial Loan Investments | $ 34,625,173 | $ 11,925,699 | $ 23,960,467 |
RELATED PARTY MANAGEMENT SERV_3
RELATED PARTY MANAGEMENT SERVICES BUSINESS (Details) - USD ($) $ in Thousands | Nov. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2019 |
Land JV | ||||
Real Estate [Line Items] | ||||
Management fee revenue earned | $ 50 | |||
Management fee revenue earned per month | $ 20 | |||
Management Agreement PINE | ||||
Real Estate [Line Items] | ||||
Management fee (as a percent) | 1.50% | |||
Management fee revenue earned | $ 254 | $ 254 | ||
Proceeds from Dividends Received | $ 118 |
RELATED PARTY MANAGEMENT SERV_4
RELATED PARTY MANAGEMENT SERVICES BUSINESS - Summary of Amounts Due (Details) - Management Agreement PINE $ in Thousands | Dec. 31, 2019USD ($) |
Real Estate [Line Items] | |
Management Services Fee due from PINE | $ 254 |
Dividend receivable on OP Units | 71 |
Other | 56 |
Total | $ 381 |
LAND AND INVESTMENT IN THE LA_3
LAND AND INVESTMENT IN THE LAND JV - Land and Development Costs (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
LAND AND INVESTMENT IN THE LAND JV | ||
Land and Development Costs | $ 6,068,810 | $ 5,001,795 |
Land, Timber, and Subsurface Interests | 663,481 | 623,050 |
Total Land and Development Costs | $ 6,732,291 | $ 5,624,845 |
LAND AND INVESTMENT IN THE LA_4
LAND AND INVESTMENT IN THE LAND JV - Daytona Beach, Florida Land (Details) | Oct. 16, 2019USD ($) | Mar. 31, 2020USD ($)aitem | Dec. 31, 2019USD ($)a | Dec. 31, 2018USD ($)acontractmi$ / a | Dec. 31, 2017USD ($)a |
Land and development costs and subsurface interests | |||||
Land sale acres | a | 5,400 | ||||
Gain on Sale | $ 133,000,000 | $ 31,800,000 | |||
Gain on sale of properties (in dollars per share) | 20.60 | $ 3.51 | |||
Land Sales | |||||
Land and development costs and subsurface interests | |||||
Land sale acres | a | 2,697 | 1,700 | |||
Magnetar Investors | Land Sales | |||||
Land and development costs and subsurface interests | |||||
Area of land (in acres) | a | 205 | ||||
Total proceeds from sale of controlling interest in wholly-owned entity | $ 43,700,000 | ||||
Gain on Sale | $ 32,600,000 | ||||
Number of contracts | contract | 12 | ||||
Price per Acre | $ / a | 4.44 | ||||
Land JV | |||||
Land and development costs and subsurface interests | |||||
Total proceeds from sale of controlling interest in wholly-owned entity | $ 97,000,000 | $ 97,000,000 | |||
Proceeds from sale of land | $ 22,000,000 | ||||
Number of purchase and sale agreements | item | 10 | ||||
Area of land remaining under contract | a | 4,200 | ||||
Percentage of remaining land under contract | 84.00% | ||||
Gain on Sale | 48,900,000 | ||||
Gain on sale of properties (in dollars per share) | 7.59 | ||||
Property Management Fee Revenue Per Month | 20,000 | ||||
Land JV | Land Sales | |||||
Land and development costs and subsurface interests | |||||
Gain on Sale | 78,600,000 | $ 127,500,000 | |||
Gain on sale of properties (in dollars per share) | $ 12.21 | ||||
Land sales, ownership interest sold (as a percent) | 66.50% | ||||
Land JV | Magnetar Investors | |||||
Land and development costs and subsurface interests | |||||
Noncontrolling interest (as a percent) | 66.50% | ||||
Ownership interest of controlling interest holders (as a percent) | 33.50% | 33.50% | |||
Undeveloped Land in Daytona Beach, Florida, Along Interstate 95 | |||||
Land and development costs and subsurface interests | |||||
Area of land (in acres) | a | 5,300 | 5,400 | |||
Distance of land owned along Interstate | mi | 6 | ||||
Property east of I-95 | |||||
Land and development costs and subsurface interests | |||||
Distance of land owned along Interstate | mi | 6 |
LAND AND INVESTMENT IN THE LA_5
LAND AND INVESTMENT IN THE LAND JV - Real Estate Operations Revenues (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues | |||||||||||
Revenue from contract with customer, including assessed tax | $ 852,000 | $ 2,966,000 | $ 5,191,000 | ||||||||
Subsurface Revenue | 748,000 | 1,625,000 | 3,048,000 | ||||||||
Total Revenues | $ 11,963,117 | $ 11,329,979 | $ 10,688,831 | $ 10,959,319 | $ 12,040,174 | $ 10,443,476 | $ 10,805,062 | $ 10,369,176 | 44,941,246 | 43,657,888 | 38,650,570 |
Real Estate Operations | |||||||||||
Revenues | |||||||||||
Total Revenues | $ 143,003 | $ 213,589 | $ 260,771 | $ 234,901 | $ 311,624 | $ 1,042,059 | $ 750,296 | $ 862,450 | 852,264 | 2,966,429 | 5,190,951 |
Impact Fee and Mitigation Credit Sales | |||||||||||
Revenues | |||||||||||
Revenue from contract with customer, including assessed tax | 1,338,000 | 2,126,000 | |||||||||
Impact Fee and Mitigation Credit Sales | Real Estate Operations | |||||||||||
Revenues | |||||||||||
Revenue from contract with customer, including assessed tax | 1,338,000 | 2,126,000 | |||||||||
Fill Dirt and Other Revenue | |||||||||||
Revenues | |||||||||||
Revenue from contract with customer, including assessed tax | 104,000 | 3,000 | 17,000 | ||||||||
Fill Dirt and Other Revenue | Real Estate Operations | |||||||||||
Revenues | |||||||||||
Revenue from contract with customer, including assessed tax | 104,000 | 3,000 | 17,000 | ||||||||
Discontinued Operations | |||||||||||
Revenues | |||||||||||
Revenue from contract with customer, including assessed tax | 11,043,000 | 43,031,000 | 47,666,000 | ||||||||
Discontinued Operations | Land | |||||||||||
Revenues | |||||||||||
Revenue from contract with customer, including assessed tax | 10,975,000 | 41,452,000 | 45,471,000 | ||||||||
Discontinued Operations | Revenue from Reimbursement of Infrastructure Costs | |||||||||||
Revenues | |||||||||||
Revenue from contract with customer, including assessed tax | 1,556,000 | 1,860,000 | |||||||||
Discontinued Operations | Agriculture | |||||||||||
Revenues | |||||||||||
Revenue from contract with customer, including assessed tax | $ 23,000 | $ 335,000 | |||||||||
Discontinued Operations | Agriculture | Real Estate Operations | |||||||||||
Revenues | |||||||||||
Revenue from contract with customer, including assessed tax | $ 68,000 |
LAND AND INVESTMENT IN THE LA_6
LAND AND INVESTMENT IN THE LAND JV - Tomoka Town Center (Details) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019USD ($)ft² | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2019USD ($)ft²a | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
LAND AND INVESTMENT IN THE LAND JV | |||||||||||
Gross Sales Price | $ 11,963,117 | $ 11,329,979 | $ 10,688,831 | $ 10,959,319 | $ 12,040,174 | $ 10,443,476 | $ 10,805,062 | $ 10,369,176 | $ 44,941,246 | $ 43,657,888 | $ 38,650,570 |
Acres sold | a | 5,400 | ||||||||||
Infrastructure Reimbursement Receivables | $ 1,591,445 | $ 1,847,375 | $ 1,591,445 | $ 1,847,375 | |||||||
Area of real estate property | ft² | 502,626 | 502,626 |
LAND AND INVESTMENT IN THE LA_7
LAND AND INVESTMENT IN THE LAND JV - Land Sales and Impairments (Details) | Oct. 16, 2019USD ($) | Dec. 31, 2019USD ($)aTransaction | Dec. 31, 2018USD ($)a | Dec. 31, 2017USD ($)aTransaction | Mar. 31, 2018USD ($) |
Land and development costs and subsurface interests | |||||
Number of land sale transactions | Transaction | 5 | ||||
Mitigation credits sold | $ 1,000,000 | $ 1,600,000 | |||
No. of Acres | a | 5,400 | ||||
Gross Sales Price | $ 108,000,000 | 45,500,000 | |||
Gain on Sale | 133,000,000 | 31,800,000 | |||
Gain on disposal per share | 20.60 | 3.51 | |||
Land JV | |||||
Land and development costs and subsurface interests | |||||
Gross Sales Price | 48,900,000 | ||||
Gain on Sale | $ 48,900,000 | ||||
Gain on disposal per share | 7.59 | ||||
Undeveloped land | |||||
Land and development costs and subsurface interests | |||||
Impairment charges | 0 | 0 | $ 0 | ||
Buc'ees - East of I-95 | |||||
Land and development costs and subsurface interests | |||||
Escrow reserve | $ 831,000 | ||||
Remaining gain to be recognized | $ 831,000 | ||||
Third Nadg Land Sale | |||||
Land and development costs and subsurface interests | |||||
Number of land sale transactions | Transaction | 2 | ||||
No. of Acres | a | 46 | ||||
Gross Sales Price | $ 10,600,000 | ||||
NADG - Fourth Parcel | |||||
Land and development costs and subsurface interests | |||||
Number of land sale transactions | Transaction | 5 | ||||
No. of Acres | a | 73.5 | ||||
Gross Sales Price | $ 9,200,000 | ||||
Undeveloped Land in Daytona Beach, Florida, Along Interstate 95 | |||||
Land and development costs and subsurface interests | |||||
Impairment charges | 0 | $ 0 | $ 0 | ||
Land Sales | |||||
Land and development costs and subsurface interests | |||||
No. of Acres | a | 2,697 | 1,700 | |||
Land Sales | Land JV | |||||
Land and development costs and subsurface interests | |||||
Gain on Sale | 78,600,000 | $ 127,500,000 | |||
Gain on disposal per share | $ 12.21 | ||||
Land sales, ownership interest sold (as a percent) | 66.50% | ||||
Land Sales | Minto Communities LLC | |||||
Land and development costs and subsurface interests | |||||
No. of Acres | a | 1,600 | ||||
Gross Sales Price | $ 27,200,000 | ||||
Land Sales | Mitigation Bank | |||||
Land and development costs and subsurface interests | |||||
No. of Acres | a | 2,492 | ||||
Gross Sales Price | $ 15,300,000 | ||||
Land sales, ownership interest sold (as a percent) | 70.00% | ||||
Magnetar Land Sale | |||||
Land and development costs and subsurface interests | |||||
No. of Acres | a | 5,300 | ||||
Gross Sales Price | $ 97,000,000 | ||||
Unicorp Development One | |||||
Land and development costs and subsurface interests | |||||
Number of land sale transactions | Transaction | 2 | ||||
No. of Acres | a | 23.6 | ||||
Gross Sales Price | $ 7,100,000 | ||||
Unicorp Development Two | |||||
Land and development costs and subsurface interests | |||||
No. of Acres | a | 38 | ||||
Gross Sales Price | $ 710,000 | ||||
Land sale to NADG | |||||
Land and development costs and subsurface interests | |||||
No. of Acres | a | 13 | ||||
Gross Sales Price | $ 3,000,000 |
LAND AND INVESTMENT IN THE LA_8
LAND AND INVESTMENT IN THE LAND JV - Tiger Bay Mitigation (Details) | 12 Months Ended | ||
Dec. 31, 2019USD ($)a | Dec. 31, 2018USD ($)a | Dec. 31, 2017USD ($)a | |
Real Estate [Line Items] | |||
Land sale acres | a | 5,400 | ||
Investment in Joint Ventures | $ 55,736,668 | $ 6,788,034 | |
Gain on Sale | 133,000,000 | $ 31,800,000 | |
Gross Sales Price | 108,000,000 | $ 45,500,000 | |
Third Nadg Land Sale | |||
Real Estate [Line Items] | |||
Land sale acres | a | 46 | ||
Gross Sales Price | $ 10,600,000 | ||
Land Sales | |||
Real Estate [Line Items] | |||
Land sale acres | a | 2,697 | 1,700 | |
Land Sales | Mitigation Bank West of Interstate Ninety Five | |||
Real Estate [Line Items] | |||
Gain on Sale | 18,400,000 | ||
Consolidated Tomoka Land Co | |||
Real Estate [Line Items] | |||
Investment in Joint Ventures | $ 6,800,000 | ||
Mitigation Bank | |||
Real Estate [Line Items] | |||
Sale of interest in joint venture | 70.00% | ||
Investment in Joint Ventures | 6,900,000 | $ 6,800,000 | |
Mitigation credits, Put Right, maximum potential future payments | $ 27,000,000 | ||
Black Rock | |||
Real Estate [Line Items] | |||
Sale of interest in joint venture | 70.00% |
LAND AND INVESTMENT IN THE LA_9
LAND AND INVESTMENT IN THE LAND JV - Beachfront Venture and Daytona Beach (Details) | 12 Months Ended | |
Dec. 31, 2019USD ($)a | Dec. 31, 2018USD ($)a | |
Land and subsurface interests | ||
Acquisition of property | $ 4,702,243 | |
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 | |
Daytona Beach Development | ||
Land and subsurface interests | ||
Raze and entitlement cost | $ 1,100,000 |
LAND AND INVESTMENT IN THE L_10
LAND AND INVESTMENT IN THE LAND JV - Other Real Estate Assets (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Land and development costs and subsurface interests | |||
Revenue from contract with customer, including assessed tax | $ 852,000 | $ 2,966,000 | $ 5,191,000 |
Type of Revenue [Extensible List] | Impact Fee and Mitigation Credit Sales | ||
Mitigation credits | $ 2,322,596 | 462,040 | |
Mitigation credits sold | 1,000,000 | 1,600,000 | |
Gain on mitigation credits sold | $ 882,000 | $ 1,300,000 | |
Gain on mitigation credits sold (in dollars per share) | $ 0.12 | $ 0.15 | |
Cash payments received for impact fees | $ 338,000 | $ 519,000 | |
LandShark Bar and Grill | |||
Land and development costs and subsurface interests | |||
Cash payments received for impact fees | $ 2,000 | 72,000 | |
Impact Fee and Mitigation Credit Sales | |||
Land and development costs and subsurface interests | |||
Revenue from contract with customer, including assessed tax | 1,338,000 | 2,126,000 | |
Real Estate Operations | Cost of revenues | |||
Land and development costs and subsurface interests | |||
Mitigation credits transferred | 298,000 | ||
Real Estate Operations | Buc'ees - East of I-95 | |||
Land and development costs and subsurface interests | |||
Mitigation credits transferred | 124,000 | ||
Real Estate Operations | Impact Fee and Mitigation Credit Sales | |||
Land and development costs and subsurface interests | |||
Revenue from contract with customer, including assessed tax | $ 1,338,000 | $ 2,126,000 |
LAND AND INVESTMENT IN THE L_11
LAND AND INVESTMENT IN THE LAND JV - Subsurface Interests (Details) | 12 Months Ended | ||||
Dec. 31, 2019USD ($)acounty$ / shares | Dec. 31, 2018USD ($)a | Dec. 31, 2017USD ($)a$ / shares | Sep. 20, 2017 | Dec. 31, 2011 | |
Subsurface interests | |||||
Acres sold | a | 5,400 | ||||
Revenue from contract with customer, including assessed tax | $ 852,000 | $ 2,966,000 | $ 5,191,000 | ||
Type of revenue | cto:ImpactFeeAndMitigationCreditSalesMember | ||||
Gain on Sale | $ 133,000,000 | 31,800,000 | |||
Lease payments on the respective acreages and drilling penalties received | |||||
Over Lease Term | $ 41,956,000 | $ 40,076,000 | $ 31,407,000 | ||
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 | |||||
Acres sold | a | 38,750 | ||||
Revenue from contract with customer, including assessed tax | $ 2,100,000 | ||||
Gain on Sale | $ 2,080,000 | ||||
After tax gain on sale (in dollars per share) | $ / shares | $ 0.23 | ||||
Lease payments on the respective acreages and drilling penalties received | |||||
Number of acres with operating oil wells | a | 800 | 800 | 800 | ||
Oil exploration | |||||
Subsurface interests | |||||
Period of extended lease term | 5 years | ||||
Lease payments on the respective acreages and drilling penalties received | |||||
Lease Payment | $ 10,633,805 | ||||
Drilling Penalty | $ 2,125,000 | ||||
Period from end of prior lease year payment for drilling penalty is due | 30 days | ||||
Over Lease Term | $ 598,000 | $ 807,000 | $ 807,000 | ||
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 | ||||
Lease Payment | $ 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 | ||||
Lease Payment | $ 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 | ||||
Lease Payment | $ 3,293,000 | ||||
Drilling Penalty | $ 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 | ||||
Lease Payment | $ 1,866,146 | ||||
Drilling Penalty | $ 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 | ||||
Lease Payment | $ 1,218,838 | ||||
Drilling Penalty | $ 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 | ||||
Lease Payment | $ 806,683 | ||||
Drilling Penalty | $ 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 | ||||
Lease Payment | $ 806,683 | ||||
Drilling Penalty | $ 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 | ||||
Lease Payment | $ 806,684 | ||||
Drilling Penalty | $ 150,000 | ||||
Oil exploration | Minimum | |||||
Subsurface interests | |||||
Lease term | 1 year | ||||
Oil exploration | Maximum | |||||
Subsurface interests | |||||
Lease term | 8 years | 13 years | 8 years | ||
Lease payments on the respective acreages and drilling penalties received | |||||
Lease Payment | $ 807,000 | ||||
Surface land over subsurface interests | |||||
Subsurface interests | |||||
Area of land (in acres) | a | 455,000 | ||||
Number of counties in which Subsurface Interests are owned | county | 20 | ||||
Gain on Sale | $ 435,000 | ||||
After tax gain on sale (in dollars per share) | $ / shares | $ 0.06 | ||||
Lease payments on the respective acreages and drilling penalties received | |||||
Revenue recognized for cash payments for the release of surface entry rights | $ 104,000 | 73,000 | 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 | |||||
Subsurface interests | |||||
Revenue from contract with customer, including assessed tax | $ 42,000 | $ 72,000 | $ 86,000 | ||
Type of revenue | 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 |
INVESTMENTS IN JOINT VENTURES_2
INVESTMENTS IN JOINT VENTURES (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Mitigation Bank | ||
Summarized financial information of the Company’s JV Investment | ||
Assets, cash and cash equivalents | $ 4,015 | $ 2,316 |
Assets, prepaid expenses | 19 | 19 |
Assets, investment in mitigation credit assets | 1,521 | 1,511 |
Assets, property, plant, and equipment | 17 | 18 |
Total Assets | 5,572 | 3,864 |
Liabilities, accounts payable, deferred mitigation credit sale revenue | 39 | 62 |
Equity | 5,533 | 3,802 |
Total Liabilities & Equity | 5,572 | $ 3,864 |
Land JV | ||
Summarized financial information of the Company’s JV Investment | ||
Assets, cash and cash equivalents | 15,066 | |
Assets, prepaid expenses | 61 | |
Assets, investment in mitigation credit assets | 17,058 | |
Total Assets | 32,185 | |
Liabilities, accounts payable, deferred mitigation credit sale revenue | 987 | |
Equity | 31,198 | |
Total Liabilities & Equity | $ 32,185 |
INVESTMENTS IN JOINT VENTURES -
INVESTMENTS IN JOINT VENTURES - Financial Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Land JV | ||
Schedule of Equity Method Investments [Line Items] | ||
Revenues | $ 14,635 | |
Direct Cost of Revenues | 1,268 | |
Operating Income | 13,367 | |
Other Operating Expenses | 90 | |
Net Income | 13,277 | |
Mitigation Bank | ||
Schedule of Equity Method Investments [Line Items] | ||
Revenues | 1,922 | |
Direct Cost of Revenues | 76 | |
Operating Income | 1,846 | |
Other Operating Expenses | 197 | $ 117 |
Net Income | $ 1,649 | $ (117) |
INVESTMENTS IN JOINT VENTURES_3
INVESTMENTS IN JOINT VENTURES - Adjustments (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule of Equity Method Investments [Line Items] | |||
Net Income | $ 114,972,858 | $ 37,167,790 | $ 41,719,424 |
Investment in Joint Ventures | 55,736,668 | 6,788,034 | |
Mitigation Bank | |||
Schedule of Equity Method Investments [Line Items] | |||
Investment in Joint Ventures | $ 6,900,000 | 6,800,000 | |
Sales price | $ 15,300,000 | ||
Sale of interest in joint venture | 70.00% | ||
Interest in the joint venture (as a percent) | 30.00% | 30.00% | |
Land JV | |||
Schedule of Equity Method Investments [Line Items] | |||
Net Income | $ 0 | ||
Investment in Joint Ventures | 48,900,000 | ||
Sales price | $ 97,000,000 | ||
Sale of interest in joint venture | 66.50% | ||
Interest in the joint venture (as a percent) | 33.50% |
INVESTMENTS IN JOINT VENTURES_4
INVESTMENTS IN JOINT VENTURES - General information (Details) | 1 Months Ended | 12 Months Ended | ||||
Dec. 31, 2019USD ($)instrumentitem | Dec. 31, 2019USD ($)ainstrument | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Aug. 06, 2018item | Jun. 08, 2018state | |
Schedule of Equity Method Investments [Line Items] | ||||||
Land sale acres | a | 5,400 | |||||
Number of state credits awarded | item | 88.84 | |||||
Gain on Sale | $ 133,000,000 | $ 31,800,000 | ||||
Gross Sales Price | 108,000,000 | $ 45,500,000 | ||||
Investment in Joint Ventures | $ 55,736,668 | 55,736,668 | $ 6,788,034 | |||
Mitigation credits, Put Right, fair value | $ 1,900,000 | 1,900,000 | ||||
Number of mitigation credits | item | 25 | |||||
Mitigation credits value per credit. | $ 75,000 | $ 75,000 | ||||
Maximum | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Number of state credits awarded | state | 355 | |||||
Land Sales | Mitigation Bank West of Interstate Ninety Five | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Land sales, ownership interest sold (as a percent) | 70.00% | |||||
Land sale acres | a | 2,492 | |||||
Land sales, non-controlling interest (as a percent) | 30.00% | 30.00% | ||||
Gain on Sale | $ 18,400,000 | |||||
Gross Sales Price | $ 15,300,000 | |||||
Black Rock | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Sale of interest in joint venture | 70.00% | |||||
Consolidated Tomoka Land Co | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Investment in Joint Ventures | $ 6,800,000 | |||||
Interest in the joint venture (as a percent) | 30.00% | |||||
Mitigation Bank | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Sale of interest in joint venture | 70.00% | |||||
Investment in Joint Ventures | $ 6,900,000 | $ 6,900,000 | $ 6,800,000 | |||
Interest in the joint venture (as a percent) | 30.00% | 30.00% | ||||
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 | |||||
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 |
INVESTMENT SECURITIES (Details)
INVESTMENT SECURITIES (Details) - USD ($) | Nov. 26, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Marketable Securities [Line Items] | ||||
Purchase price of shares | $ 531,914 | $ 238,712 | $ 103,136 | |
Investment in PINE | $ 38,814,425 | |||
Available-for-Sale Debt Securities | $ 0 | |||
Alpine | ||||
Marketable Securities [Line Items] | ||||
Share purchased | 2,040,000 | |||
Units issued | 2,040,000 | |||
Percentage of investment in PINE | 22.30% | 22.30% | ||
Investment in PINE | $ 38,800,000 | $ 38,800,000 | ||
Alpine | OP Units | ||||
Marketable Securities [Line Items] | ||||
Share purchased | 1,223,854 | 1,223,854 | ||
Purchase price of shares | $ 23,300,000 | $ 23,300,000 | ||
Units issued | 1,223,854 | 1,223,854 | ||
Private placement | Alpine | ||||
Marketable Securities [Line Items] | ||||
Share purchased | 394,737 | |||
Purchase price of shares | $ 7,500,000 | |||
Units issued | 394,737 | |||
IPO Purchase | Alpine | ||||
Marketable Securities [Line Items] | ||||
Share purchased | 421,053 | |||
Purchase price of shares | $ 8,000,000 | |||
Units issued | 421,053 |
INVESTMENT SECURITIES - Shares
INVESTMENT SECURITIES - Shares (Details) | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Marketable Securities [Line Items] | |
Cost | $ 38,753,230 |
Unrealized Gain on Investment Securities | 61,195 |
Estimated Fair Value (Level 1 and 2 Inputs) | 38,814,425 |
Cost | 38,753,230 |
Unrealized Gains in Investment Income | 61,195 |
Estimated Fair Value (Level 1 and 2 Inputs) | 38,814,425 |
OP Units | |
Marketable Securities [Line Items] | |
Cost | 23,253,230 |
Unrealized Gain on Investment Securities | 36,711 |
Estimated Fair Value (Level 1 and 2 Inputs) | 23,289,941 |
Common Stock | |
Marketable Securities [Line Items] | |
Cost | 15,500,000 |
Unrealized Gain on Investment Securities | 24,484 |
Estimated Fair Value (Level 1 and 2 Inputs) | $ 15,524,484 |
FAIR VALUE OF FINANCIAL INSTR_3
FAIR VALUE OF FINANCIAL INSTRUMENTS - Carrying Value and Estimated Fair Value (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Carrying Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Carrying value and estimated fair value of financial instruments | ||
Cash and Cash Equivalents | $ 6,474,637 | $ 2,310,489 |
Restricted Cash | 128,430,049 | 19,721,475 |
Carrying Value | Significant Other Observable Inputs (Level 2) | ||
Carrying value and estimated fair value of financial instruments | ||
Commercial Loan Investments | 34,625,173 | |
Long-Term Debt | 287,218,303 | 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 | 6,474,637 | 2,310,489 |
Restricted Cash | 128,430,049 | 19,721,475 |
Estimated Fair Value | Significant Other Observable Inputs (Level 2) | ||
Carrying value and estimated fair value of financial instruments | ||
Commercial Loan Investments | 35,001,997 | |
Long-Term Debt | $ 288,830,346 | $ 248,765,650 |
FAIR VALUE OF FINANCIAL INSTR_4
FAIR VALUE OF FINANCIAL INSTRUMENTS - Measured on a Recurring Basis (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Fair value of assets | ||
Cash Flow Hedge - Interest Rate Swap | $ 99,021 | $ 651,722 |
Recurring basis | ||
Fair value of assets | ||
Investment Securities | 38,814,425 | |
Total | 38,814,425 | 651,722 |
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair value of assets | ||
Investment Securities | 38,814,425 | |
Total | 38,814,425 | |
Recurring basis | Significant Other Observable Inputs (Level 2) | ||
Fair value of assets | ||
Total | 651,722 | |
Recurring basis | Interest Rate Swap | ||
Fair value of assets | ||
Cash Flow Hedge - Interest Rate Swap | 99,021 | 651,722 |
Recurring basis | Interest Rate Swap | Significant Other Observable Inputs (Level 2) | ||
Fair value of assets | ||
Cash Flow Hedge - Interest Rate Swap | $ 99,021 | $ 651,722 |
FAIR VALUE OF FINANCIAL INSTR_5
FAIR VALUE OF FINANCIAL INSTRUMENTS - Assets Measured on a Nonrecurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Nonrecurring basis | ||
Fair value of assets | ||
Asset fair value | $ 0 | $ 0 |
INTANGIBLE ASSETS AND LIABILI_2
INTANGIBLE ASSETS AND LIABILITIES - Components (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Intangible Assets And Liabilities [Line Items] | ||
Sub-total Intangible Lease Assets | $ 64,349,360 | $ 58,094,834 |
Accumulated Amortization | (15,327,182) | (14,539,389) |
Total | 49,022,178 | 43,555,445 |
Intangible Lease Liabilities | ||
Value of Below Market In-Place Leases | (36,507,336) | (35,321,234) |
Sub-total Intangible Lease Liabilities—Net | (36,507,336) | (35,321,234) |
Accumulated Amortization | 10,309,088 | 7,930,884 |
Total | (26,198,248) | (27,390,350) |
Total Intangible Assets and Liabilities—Net | 22,823,930 | 16,165,095 |
Value of In-Place Leases | ||
Intangible Assets And Liabilities [Line Items] | ||
Sub-total Intangible Lease Assets | 42,584,264 | 39,189,008 |
Value of Above Market In-Place Leases | ||
Intangible Assets And Liabilities [Line Items] | ||
Sub-total Intangible Lease Assets | 7,119,316 | 4,114,715 |
Value of Intangible Leasing Costs | ||
Intangible Assets And Liabilities [Line Items] | ||
Sub-total Intangible Lease Assets | $ 14,645,780 | $ 14,791,111 |
INTANGIBLE ASSETS AND LIABILI_3
INTANGIBLE ASSETS AND LIABILITIES - Activity (Details) | 12 Months Ended | ||
Dec. 31, 2019USD ($)property | Dec. 31, 2018USD ($)property | Dec. 31, 2017USD ($) | |
Intangible Assets And Liabilities | |||
Increase in below-market in-place leases from acquisitions | $ 3,700,000 | ||
Number of real estate properties | property | 34 | ||
Net amortization related to intangible lease assets and liabilities | $ 3,471,000 | $ 3,533,000 | $ 2,582,000 |
Reclassification to accumulated amortization from assets held for sale | 160,101,806 | ||
Reclassification of intangible lease assets and liabilities to held for sale | 10,700,000 | ||
Net increase in intangible assets and liabilities | 6,600,000 | ||
Below market lease value | $ 26,198,248 | $ 27,390,350 | |
2018 acquisitions of income property subject to a lease | Single-tenant | |||
Intangible Assets And Liabilities | |||
Number of real estate properties | property | 10 | 11 | |
2018 acquisitions of income property subject to a lease | Multi-tenant | |||
Intangible Assets And Liabilities | |||
Number of real estate properties | property | 1 | ||
Wells Fargo property | Raleigh, NC | |||
Intangible Assets And Liabilities | |||
Below market lease value | $ 22,200,000 | $ 24,400,000 | |
Westcliff property | |||
Intangible Assets And Liabilities | |||
Reclassification to accumulated amortization from assets held for sale | 10,500,000 | ||
Value of In-Place Leases | |||
Intangible Assets And Liabilities | |||
Increase from acquisitions | 16,100,000 | ||
Value of Above Market In-Place Leases | |||
Intangible Assets And Liabilities | |||
Increase from acquisitions | 3,200,000 | ||
Value of Intangible Leasing Costs | |||
Intangible Assets And Liabilities | |||
Increase from acquisitions | $ 5,700,000 |
INTANGIBLE ASSETS AND LIABILI_4
INTANGIBLE ASSETS AND LIABILITIES - Amortization (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
INTANGIBLE ASSETS AND LIABILITIES | |||
Depreciation and Amortization Expense | $ 5,854,000 | $ 5,872,000 | $ 4,776,000 |
Increase to Income Properties Revenue | (2,382,874) | (2,338,531) | (2,193,957) |
Net Amortization of Intangible Assets and Liabilities | $ 3,471,000 | $ 3,533,000 | $ 2,582,000 |
INTANGIBLE ASSETS AND LIABILI_5
INTANGIBLE ASSETS AND LIABILITIES - Summary of Estimated Amortization and Accretion (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Future Amortization Amount | ||
Total | $ 49,022,178 | $ 43,555,445 |
Future Accretion to Income Property Revenue | ||
Total | (26,198,248) | $ (27,390,350) |
Net Future Amortization of Intangible Assets and Liabilities | ||
2020 | 3,879,188 | |
2021 | 2,379,847 | |
2022 | 1,901,369 | |
2023 | 1,781,535 | |
2024 | 1,835,803 | |
Thereafter | 11,046,188 | |
Total | 22,823,930 | |
Future Amortization | ||
Future Amortization Amount | ||
2020 | 5,812,069 | |
2021 | 4,383,899 | |
2022 | 3,976,582 | |
2023 | 3,851,554 | |
2024 | 3,808,092 | |
Thereafter | 21,294,453 | |
Total | 43,126,649 | |
Future Accretion to Income Property Revenue | ||
Future Accretion to Income Property Revenue | ||
2020 | (1,932,881) | |
2021 | (2,004,052) | |
2022 | (2,075,213) | |
2023 | (2,070,019) | |
2024 | (1,972,289) | |
Thereafter | (10,248,265) | |
Total | $ (20,302,719) |
INTANGIBLE ASSETS AND LIABILI_6
INTANGIBLE ASSETS AND LIABILITIES - Weighted Average Amortization Period (Details) | 12 Months Ended |
Dec. 31, 2019 | |
INTANGIBLE ASSETS AND LIABILITIES | |
Weighted average amortization period of intangible assets | 13 years |
Weighted average amortization period of intangible liabilities | 13 years |
IMPAIRMENT OF LONG-LIVED ASSE_2
IMPAIRMENT OF LONG-LIVED ASSETS (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Impairment of Long-Lived Assets | |||||||||
Gain on Disposition of Assets | $ 1,108,269 | $ 2,187,332 | $ 11,811,907 | $ 6,869,957 | $ 18,384,808 | $ 3,650,858 | $ 21,977,465 | $ 22,035,666 | $ 38 |
Golf Operations | |||||||||
Impairment of Long-Lived Assets | |||||||||
Impairment Charges | $ 1,100,000 | ||||||||
Impairment charge (in dollars per share) | $ 0.15 | ||||||||
Total asset impairment | $ 3,100,000 | ||||||||
Gain on Disposition of Assets | $ 15,000 | ||||||||
Undeveloped Land in Daytona Beach, Florida, Along Interstate 95 | |||||||||
Impairment of Long-Lived Assets | |||||||||
Impairment Charges | $ 0 | $ 0 | $ 0 |
OTHER ASSETS (Details)
OTHER ASSETS (Details) | 12 Months Ended | ||
Dec. 31, 2019USD ($)installmentproperty | Dec. 31, 2018USD ($)building | Dec. 31, 2017USD ($) | |
Other Assets | |||
Income Property Tenant Receivables | $ 532,636 | $ 627,691 | |
Income Property Straight-line Rent Adjustment | 3,352,245 | 4,304,279 | |
Income Property Lease Incentive | 2,394,246 | ||
Interest Receivable from Commercial Loan Investment | 96,604 | ||
Operating Leases - Right-of-Use Asset | 363,631 | ||
Golf Rounds Surcharge - LPGA | 549,251 | ||
Cash Flow Hedge - Interest Rate Swap | 99,021 | 651,722 | |
Infrastructure Reimbursement Receivables | 1,591,445 | 1,847,375 | |
Deferred Deal Costs | 4,787 | 425,476 | |
Prepaid Expenses, Deposits, and Other | 3,113,929 | 2,634,664 | |
Total Other Assets | $ 9,703,549 | 12,885,453 | |
Number of real estate properties | property | 34 | ||
Deal Costs for Completed Transactions | $ 322,000 | 380,000 | $ 717,000 |
Deal Costs for Incomplete Transactions | 552,000 | 150,000 | $ 15,000 |
Tanger | |||
Other Assets | |||
Infrastructure Reimbursement Receivables | $ 1,200,000 | ||
Number of installments to repay infrastructure reimbursement receivable | installment | 7 | ||
Infrastructure reimbursement receivables, installment payment amounts | $ 175,000 | ||
Infrastructure reimbursement receivable, discount | 134,000 | ||
Sam's Club | |||
Other Assets | |||
Infrastructure Reimbursement Receivables | $ 550,000 | ||
Number of installments to repay infrastructure reimbursement receivable | installment | 5 | ||
Infrastructure reimbursement receivables, installment payment amounts | $ 110,000 | ||
Infrastructure reimbursement receivable, discount | $ 50,000 | ||
Hilton Grand Vacations | |||
Other Assets | |||
Income Property Lease Incentive | $ 2,400,000 | ||
Number of real estate properties | building | 2 | ||
Funding for tenant improvements | $ 2,700,000 |
COMMON STOCK AND EARNINGS PER_3
COMMON STOCK AND EARNINGS PER SHARE - Summary of Common Stock and Earnings Per Share (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Available to Common Shareholders: | |||||||||||
Net Income | $ 114,972,858 | $ 37,167,790 | $ 41,719,424 | ||||||||
Weighted Average Shares Outstanding | 4,991,656 | 5,495,792 | 5,538,859 | ||||||||
Common Shares Applicable to Stock | |||||||||||
Options Using the Treasury Stock Method | 6,387 | 33,529 | 40,933 | ||||||||
Total Shares Applicable to Diluted Earnings Per Share | 4,998,043 | 5,529,321 | 5,579,792 | ||||||||
Basic | |||||||||||
Net Income from Continuing Operations (in dollars per share) | $ 0.19 | $ 0.35 | $ 1.75 | $ 1 | $ (0.23) | $ 0.05 | $ 2.47 | $ 0.40 | $ 3.32 | $ 2.72 | $ 3.92 |
Net Income from Discontinued Operations (Net of Income Tax) (in dollars per share) | 19.86 | (0.04) | 0.39 | 0.21 | 2.40 | 0.09 | 1.57 | 19.71 | 4.04 | 3.61 | |
Net Income (in dollars per share) | 20.05 | 0.31 | 2.14 | 1.21 | 2.17 | 0.05 | 2.56 | 1.97 | 23.03 | 6.76 | 7.53 |
Diluted | |||||||||||
Net Income from Continuing Operations (in dollars per share) | 0.19 | 0.35 | 1.75 | 1 | (0.23) | 0.05 | 2.47 | 0.40 | 3.32 | 2.71 | 3.90 |
Net Income from Discontinued Operations (Net of Income Tax) -Diluted (in dollars per share) | 19.85 | (0.04) | 0.39 | 0.21 | 2.40 | 0.09 | 1.56 | 19.68 | 4.01 | 3.58 | |
Net Income - Diluted (in dollars per share) | $ 20.04 | $ 0.31 | $ 2.14 | $ 1.21 | $ 2.17 | $ 0.05 | $ 2.56 | $ 1.96 | $ 23 | $ 6.72 | $ 7.48 |
COMMON STOCK AND EARNINGS PER_4
COMMON STOCK AND EARNINGS PER SHARE - Anti-dilutive Securities and Convertible Notes (Details) - $ / shares | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2015 | Mar. 11, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Anti-dilutive securities (in shares) | 7,500 | 15,000 | 57,750 | ||
Additional diluted outstanding shares related to Convertible Notes | 0 | 0 | 0 | ||
4.50% Convertible Senior Notes due 2020 | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Stated interest rate (as a percent) | 4.50% | 4.50% | |||
Conversion price per share | $ 68.11 | $ 68.11 | $ 68.90 |
TREASURY STOCK (Details)
TREASURY STOCK (Details) - USD ($) | Apr. 10, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 31, 2019 |
Treasury Stock | |||||
Stock repurchase program authorized amount | $ 20,000,000 | $ 20,000,000 | |||
Shares repurchased (in shares) | 691,102 | ||||
Stock repurchased amount | $ 41,095,712 | $ 9,837,242 | $ 7,209,454 | ||
Average price per share of stock repurchased | $ 59.46 | ||||
Block Share Repurchase | |||||
Treasury Stock | |||||
Existing buyback program | 20,000,000 | ||||
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) | 12 Months Ended | |||
Dec. 31, 2019USD ($)property | Dec. 31, 2018 | Apr. 30, 2016USD ($) | Mar. 11, 2015USD ($) | |
Long-term debt | ||||
Face Value of Debt | $ 288,729,722 | |||
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 | $ 159,845,349 | |||
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) | 1.95% | |||
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 | $ 23,884,373 | $ 25,000,000 | ||
Period of interest only payments | 2 years | |||
Period of amortization for principal payments | 25 years | |||
Term of loan | 5 years | |||
Wells Fargo Mortgage Note Payable Originated April 15, 2016 | LIBOR | ||||
Long-term debt | ||||
Margin added to variable rate basis (as a percent) | 1.90% | |||
4.50% Convertible Senior Notes due 2020 | ||||
Long-term debt | ||||
Face Value of Debt | $ 75,000,000 | $ 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 | 12 Months Ended | ||
Dec. 31, 2019 | Apr. 10, 2019 | Sep. 07, 2017 | |
Block Share Repurchase | |||
Long-term debt | |||
Existing buyback program | 20 | ||
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 | $ 40.2 | ||
Amount outstanding | 159.8 | ||
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) | 1.95% |
LONG-TERM DEBT - Mortgage Notes
LONG-TERM DEBT - Mortgage Notes Payable (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
LONG-TERM DEBT | |||
Borrowings repaid | $ 103,073,325 | $ 55,996,954 | $ 35,100,000 |
LONG-TERM DEBT - Convertible No
LONG-TERM DEBT - Convertible Notes (Details) | Mar. 11, 2015USD ($)$ / shares | Dec. 31, 2017$ / shares | Dec. 31, 2019USD ($) | Dec. 31, 2018 | Mar. 31, 2015$ / shares |
Long-term debt | |||||
Face amount of debt | $ 288,729,722 | ||||
Unamortized debt discount of notes | 293,922 | ||||
4.50% Convertible Senior Notes due 2020 | |||||
Long-term debt | |||||
Face amount of debt | $ 75,000,000 | $ 75,000,000 | |||
Stated interest rate (as a percent) | 4.50% | 4.50% | |||
Debt instrument conversion ratio | 0.0145136 | 0.0145515 | |||
Conversion price per share | $ / shares | $ 68.90 | $ 68.11 | $ 68.11 | ||
Sinking fund provided | $ 0 | ||||
Unamortized debt discount of notes | $ 6,100,000 | $ 293,000 | |||
Debt discount, cash portion | 2,600,000 | ||||
Debt discount, equity component | $ 3,500,000 |
LONG-TERM DEBT - Components (De
LONG-TERM DEBT - Components (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Long-term debt | ||
Loan Costs, net of accumulated amortization | $ (1,217,497) | $ (1,026,967) |
Long-Term Debt | 287,218,303 | 247,624,811 |
Long-term debt due within one year | ||
Due Within One Year | 75,000,000 | |
Credit Facility | ||
Long-term debt | ||
Long-term debt | 159,845,349 | 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 | $ 23,884,373 | 24,557,468 |
4.50% Convertible Senior Notes due 2020 | ||
Long-term debt | ||
Long-term debt | 74,706,078 | $ 73,348,731 |
Long-term debt due within one year | ||
Due Within One Year | $ 75,000,000 | |
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) - USD ($) | Feb. 04, 2020 | Dec. 31, 2019 |
Payments applicable to reduction of principal amounts | ||
2020 | $ 75,000,000 | |
2021 | 23,884,373 | |
2023 | 159,845,349 | |
Thereafter | 30,000,000 | |
Total Long-Term Debt - Face Value | $ 288,729,722 | |
3.875% Convertible Senior Notes due 2025 | Subsequent Event | ||
Payments applicable to reduction of principal amounts | ||
Total Long-Term Debt - Face Value | $ 17,600,000 | |
Outstanding amount | $ 75,000,000 |
LONG-TERM DEBT - Carrying Value
LONG-TERM DEBT - Carrying Value (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
LONG-TERM DEBT | ||
Current Face Amount | $ 288,729,722 | |
Unamortized Discount on Convertible Debt | (293,922) | |
Loan Costs, net of accumulated amortization | (1,217,497) | $ (1,026,967) |
Total Long-Term Debt | $ 287,218,303 | $ 247,624,811 |
LONG-TERM DEBT - Interest Expen
LONG-TERM DEBT - Interest Expense (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
LONG-TERM DEBT | |||
Interest expense | $ 10,665,000 | $ 8,655,000 | $ 7,034,000 |
Amortization of Loan Costs | 443,902 | 495,438 | 509,263 |
Amortization of Discount on Convertible Notes | 1,357,347 | 1,273,436 | 1,194,714 |
Capitalized Interest | (215,000) | ||
Total Interest Expense | 12,466,000 | 10,423,000 | 8,523,000 |
Total Interest Paid | $ 10,782,000 | $ 8,419,000 | $ 7,060,000 |
INTEREST RATE SWAP (Details)
INTEREST RATE SWAP (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | Apr. 30, 2016 | |
Derivative [Line Items] | ||||
Face amount of debt | $ 288,729,722 | |||
Wells Fargo Mortgage Note Payable Originated April 15, 2016 | ||||
Derivative [Line Items] | ||||
Face amount of debt | 23,884,373 | $ 25,000,000 | ||
Interest Rate Swap | ||||
Derivative [Line Items] | ||||
Effectiveness of interest rate cash flow hedge (as a percent) | 100.00% | 100.00% | ||
Notional amount | $ 23,900,000 | |||
Derivative fixed interest rate (as a percent) | 3.17% | |||
Interest Rate Swap | Other Assets | ||||
Derivative [Line Items] | ||||
Fair value of interest rate swap agreement to hedge cash flows | $ 652,000 | $ 99,000 |
ACCRUED AND OTHER LIABILITIES -
ACCRUED AND OTHER LIABILITIES - Components (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
ACCRUED AND OTHER LIABILITIES | ||
Accrued Property Taxes | $ 44,232 | $ 12,312 |
Reserve for Tenant Improvements | 617,968 | 100,519 |
Accrued Construction Costs | 93,270 | 350,593 |
Accrued Interest | 1,312,801 | 1,430,236 |
Environmental Reserve and Restoration Cost Accrual | 205,774 | 520,404 |
Operating Leases - Liability | 364,888 | |
Other | 3,048,259 | 2,783,820 |
Total Accrued and Other Liabilities | $ 5,687,192 | $ 5,197,884 |
Operating lease liability, financial position | Below Market Lease, Net |
ACCRUED AND OTHER LIABILITIES_2
ACCRUED AND OTHER LIABILITIES - Environmental Reserves (Details) $ in Thousands | Jun. 30, 2016USD ($) | Mar. 31, 2019USD ($) | Jun. 30, 2016USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2015USD ($)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 | 2,300 | ||||||||
Accrued restoration cost | $ 121 | $ 1,700 | $ 430 | ||||||
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 ($) | Dec. 31, 2019 | Dec. 31, 2018 |
DEFERRED REVENUE | ||
Deferred Oil Exploration Lease Revenue | $ 585,675 | |
Interest Reserve from Commercial Loan Investment | $ 834,972 | |
Prepaid Rent | 2,063,173 | 1,621,620 |
Tenant Contributions | 2,888,822 | 4,104,151 |
Other Deferred Revenue | 43,753 | 58,838 |
Deferred Revenue, Total | $ 5,830,720 | $ 6,370,284 |
DEFERRED REVENUE - Rent Paid in
DEFERRED REVENUE - Rent Paid in Advance (Details) - USD ($) | Feb. 21, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2018 | Sep. 20, 2017 | Dec. 31, 2011 |
Deferred revenue | |||||||
Lease revenue | $ 41,956,000 | $ 40,076,000 | $ 31,407,000 | ||||
Tenant contribution | 1,000,000 | ||||||
Total deferred revenue | 5,830,720 | 6,370,284 | |||||
Tenant Contributions | 1,900,000 | ||||||
Acquisition of Property, Plant, and Equipment and Intangible Lease Assets and Liabilities | 150,704,654 | 109,394,481 | 94,627,373 | ||||
Master tenant funded incurred related to property acquisition from their leasing reserve escrow | 935,000 | ||||||
Aggregate contributions related to total acquisition cost will be recognized into income property rental revenue over the remaining term of the lease | 29,000,000 | ||||||
Oil exploration | |||||||
Deferred revenue | |||||||
Lease revenue | 598,000 | 807,000 | $ 807,000 | ||||
Lease Payment | 10,633,805 | ||||||
Aspen, Colorado | |||||||
Deferred revenue | |||||||
Lease revenue | 223,000 | ||||||
Total deferred revenue | 2,200,000 | ||||||
Tenant Contributions | $ 1,500,000 | 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 | 212,000 | ||||||
Total deferred revenue | 677,000 | ||||||
Tenant Contributions | $ 1,900,000 | ||||||
Maximum | Oil exploration | |||||||
Deferred revenue | |||||||
Lease term | 8 years | 13 years | 8 years | ||||
Lease Payment | $ 807,000 | ||||||
Buc'ees - East of I-95 | |||||||
Deferred revenue | |||||||
Escrow reserve | $ 831,000 | ||||||
Remaining gain to be recognized | 831,000 | ||||||
Total deferred revenue | $ 25,000 | ||||||
Cocina 214 | |||||||
Deferred revenue | |||||||
Lease revenue | $ 690,000 |
STOCK-BASED COMPENSATION - All
STOCK-BASED COMPENSATION - All Equity and Liability Classified Award Activity (Details) - shares | Feb. 11, 2020 | Jan. 23, 2019 | Jan. 24, 2018 | Feb. 03, 2017 | Jan. 25, 2017 | Jan. 27, 2016 | Jan. 22, 2014 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Shares | ||||||||||
Outstanding (in shares) | 0 | |||||||||
Outstanding (in shares) | 0 | 0 | ||||||||
Shares | ||||||||||
Outstanding (in shares) | 165,032 | |||||||||
Granted (in shares) | 41,891 | |||||||||
Vested / Exercised (in shares) | (18,053) | |||||||||
Outstanding (in shares) | 188,870 | 165,032 | ||||||||
Peer Group Market Condition Vesting | Performance Shares | ||||||||||
Shares | ||||||||||
Outstanding (in shares) | 28,080 | 12,635 | ||||||||
Granted (in shares) | 21,195 | 15,445 | 12,635 | 21,195 | 15,445 | 12,635 | ||||
Vested (in shares) | (14,214) | |||||||||
Outstanding (in shares) | 49,275 | 28,080 | 12,635 | |||||||
Stock Price Vesting | Restricted Shares | ||||||||||
Shares | ||||||||||
Outstanding (in shares) | 22,000 | 29,750 | 69,500 | |||||||
Vested (in shares) | (7,750) | (7,750) | ||||||||
Expired (in shares) | (32,000) | |||||||||
Outstanding (in shares) | 22,000 | 22,000 | 29,750 | |||||||
Three-Year Vesting | Restricted Shares | ||||||||||
Shares | ||||||||||
Outstanding (in shares) | 34,952 | 37,390 | 37,504 | |||||||
Granted (in shares) | 20,696 | 17,712 | 17,451 | 21,100 | 14,500 | 20,696 | 17,712 | 17,451 | ||
Vested (in shares) | (18,053) | (18,883) | (17,298) | |||||||
Forfeited (in shares) | (1,267) | (267) | ||||||||
Outstanding (in shares) | 37,595 | 34,952 | 37,390 | |||||||
Amended and Restated 2010 Equity Incentive Plan | Stock Option Awards | ||||||||||
Shares | ||||||||||
Outstanding (in shares) | 80,000 | 90,000 | 113,500 | |||||||
Granted (in shares) | 0 | |||||||||
Exercised (in shares) | 0 | (10,000) | (23,500) | |||||||
Outstanding (in shares) | 80,000 | 80,000 | 90,000 | |||||||
2001 Stock Option Plan | Stock Option Awards | ||||||||||
Shares | ||||||||||
Outstanding (in shares) | 0 | 11,000 | ||||||||
Exercised (in shares) | (6,000) | |||||||||
Expired (in shares) | (5,000) | |||||||||
Outstanding (in shares) | 0 | 0 | ||||||||
2001 Stock Option Plan | Stock Options and Stock Appreciation Rights | ||||||||||
Shares | ||||||||||
Granted (in shares) | 0 | 0 | 0 |
STOCK-BASED COMPENSATION - Reco
STOCK-BASED COMPENSATION - Recognized in Financial Statements (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
STOCK-BASED COMPENSATION | |||
Total Cost of Share-Based Plans Charged Against Income Before Tax Effect | $ 2,688,292 | $ 1,922,962 | $ 1,540,359 |
Income Tax Expense Recognized in Income | $ (681,348) | $ (487,375) | $ (594,194) |
STOCK-BASED COMPENSATION - Perf
STOCK-BASED COMPENSATION - Performance Share Awards – Peer Group Market Condition Vesting (Details) - USD ($) $ / shares in Units, $ in Millions | Feb. 11, 2020 | Jan. 23, 2019 | Jan. 24, 2018 | Aug. 04, 2017 | Feb. 03, 2017 | Feb. 26, 2016 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
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 | Peer Group Market Condition Vesting | |||||||||
Stock-based compensation | |||||||||
Performance period | 3 years | 3 years | 3 years | ||||||
Vested | 14,214 | ||||||||
Shares | |||||||||
Outstanding (in shares) | 28,080 | 12,635 | |||||||
Granted (in shares) | 21,195 | 15,445 | 12,635 | 21,195 | 15,445 | 12,635 | |||
Vested (in shares) | (14,214) | ||||||||
Outstanding (in shares) | 49,275 | 28,080 | 12,635 | ||||||
Weighted Average Fair Value | |||||||||
Outstanding (in dollars per share) | $ 66.29 | $ 55.66 | |||||||
Granted (in dollars per share) | 64.66 | 74.99 | $ 55.66 | ||||||
Outstanding (in dollars per share) | $ 65.59 | $ 66.29 | $ 55.66 | ||||||
Compensation cost | |||||||||
Unrecognized compensation cost | $ 1.3 | ||||||||
Weighted average period of recognition of unrecognized compensation cost | 1 year 8 months 12 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 Option Awards | Amended and Restated 2010 Equity Incentive Plan | 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 Option Awards | Mr. Albright | Amended and Restated 2010 Equity Incentive Plan | Vesting on designated anniversary dates | |||||||||
Stock-based compensation | |||||||||
Vesting percentage | 67.00% | ||||||||
Stock Option Awards | Mr. Albright | Amended and Restated 2010 Equity Incentive Plan | Immediate vesting | |||||||||
Stock-based compensation | |||||||||
Vesting percentage | 33.00% |
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 | Dec. 31, 2019USD ($)item$ / sharesshares | Dec. 31, 2018$ / sharesshares | Dec. 31, 2017$ / sharesshares |
Stock Price Vesting | Restricted Shares | ||||||
Shares | ||||||
Outstanding (in shares) | 22,000 | 29,750 | 69,500 | |||
Vested (in shares) | (7,750) | (7,750) | ||||
Expired (in shares) | (32,000) | |||||
Outstanding (in shares) | 22,000 | 22,000 | 29,750 | |||
Weighted Average Fair Value | ||||||
Outstanding (in dollars per share) | $ / shares | $ 41.71 | $ 39.07 | $ 27.03 | |||
Vested (in dollars per share) | $ / shares | 31.58 | 34.30 | ||||
Expired (in dollars per share) | $ / shares | 14.08 | |||||
Outstanding (in dollars per share) | $ / shares | $ 41.71 | $ 41.71 | $ 39.07 | |||
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 | Feb. 09, 2015 | Jan. 28, 2015 | Jan. 22, 2014 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Restricted Shares | |||||||||||
Stock-based compensation | |||||||||||
Vesting per year (as a percent) | 33.00% | 33.00% | 33.00% | 33.00% | 33.00% | ||||||
Shares | |||||||||||
Outstanding (in shares) | 34,952 | 37,390 | 37,504 | ||||||||
Granted (in shares) | 20,696 | 17,712 | 17,451 | 21,100 | 14,500 | 20,696 | 17,712 | 17,451 | |||
Vested (in shares) | (18,053) | (18,883) | (17,298) | ||||||||
Forfeited (in shares) | (1,267) | (267) | |||||||||
Outstanding (in shares) | 37,595 | 34,952 | 37,390 | ||||||||
Weighted Average Fair Value | |||||||||||
Outstanding (in dollars per share) | $ 58.07 | $ 51.39 | $ 47.53 | ||||||||
Granted (in dollars per share) | 58.78 | 65.33 | 55.06 | ||||||||
Vested (in dollars per share) | 54.43 | 51.57 | 46.70 | ||||||||
Forfeited (in dollars per share) | 59.39 | 52.51 | |||||||||
Outstanding (in dollars per share) | $ 60.21 | $ 58.07 | $ 51.39 | ||||||||
Compensation cost | |||||||||||
Unrecognized compensation cost | $ 1.2 | ||||||||||
Weighted average period of recognition of unrecognized compensation cost | 1 year 8 months 12 days | ||||||||||
Restricted Shares | Certain employees, excluding Mr. Albright | |||||||||||
Stock-based compensation | |||||||||||
Vesting per year (as a percent) | 33.00% | ||||||||||
Shares | |||||||||||
Granted (in shares) | 8,000 | 11,700 | |||||||||
Restricted Shares | Mr. Albright | |||||||||||
Stock-based compensation | |||||||||||
Vesting per year (as a percent) | 33.00% | ||||||||||
Equity Award Agreements | |||||||||||
Award agreements | |||||||||||
Period after change of control for equity award to fully vest upon termination of employment without cause or resignation | 24 months |
STOCK-BASED COMPENSATION - Non-
STOCK-BASED COMPENSATION - Non-Qualified Stock Option Awards Granted (Details) - Stock Option Awards - Amended and Restated 2010 Equity Incentive Plan - $ / shares | Aug. 04, 2017 | Feb. 26, 2016 | Jun. 29, 2015 | May 20, 2015 | Feb. 09, 2015 | Oct. 22, 2014 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Stock-based compensation | |||||||||
Granted (in shares) | 0 | ||||||||
Exercised (in shares) | 0 | 10,000 | 23,500 | ||||||
Mr. Albright | |||||||||
Stock-based compensation | |||||||||
Granted (in shares) | 40,000 | 40,000 | 20,000 | ||||||
Period of expiration after death or termination for disability | 12 months | 12 months | |||||||
Period of expiration after termination of employment for reason other than death or disability | 30 days | 30 days | |||||||
Exercise price (in dollars per share) | $ 55.62 | $ 57.50 | |||||||
Mr. 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) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Shares | |||
Outstanding (in shares) | 0 | ||
Outstanding (in shares) | 0 | 0 | |
Amended and Restated 2010 Equity Incentive Plan | Stock Option Awards | |||
Shares | |||
Outstanding (in shares) | 80,000 | 90,000 | 113,500 |
Granted (in shares) | 0 | ||
Exercised (in shares) | 0 | (10,000) | (23,500) |
Outstanding (in shares) | 80,000 | 80,000 | 90,000 |
Exercisable (in shares) | 80,000 | 80,000 | |
Weighted Average Exercise Price (in dollars per share) | |||
Outstanding (in dollars per share) | $ 55.63 | $ 52.71 | $ 49.03 |
Exercised (in dollars per share) | 29.34 | 34.95 | |
Outstanding (in dollars per share) | 55.63 | 55.63 | $ 52.71 |
Exercisable (in dollars per share) | $ 55.63 | $ 55.63 | |
Weighted Average Remaining Contractual Term | |||
Outstanding | 5 years 3 months 4 days | ||
Exercisable | 5 years 3 months 4 days | 6 years 6 months | |
Stock-based compensation | |||
Aggregate Intrinsic Value, Outstanding (in dollars) | $ 375,400 | ||
Aggregate Intrinsic Value, Exercisable (in dollars) | 375,400 | $ 25,000 | |
Unrecognized compensation cost (in dollars) | $ 0 |
STOCK-BASED COMPENSATION - No_3
STOCK-BASED COMPENSATION - Non-Qualified Stock Option Non-Vested Award Activity (Details) - Amended and Restated 2010 Equity Incentive Plan - Stock Option Awards - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Non-Vested Shares | |||
Outstanding (in shares) | 17,000 | 36,900 | |
Granted (in shares) | 0 | ||
Vested (in shares) | (17,000) | (19,900) | |
Outstanding (in shares) | 17,000 | ||
Stock-based compensation | |||
Fair Value of Shares Vested | $ 952,068 | $ 1,094,066 | |
Unrecognized compensation cost (in dollars) | $ 0 |
STOCK-BASED COMPENSATION - Liab
STOCK-BASED COMPENSATION - Liability-Classified Stock Compensation Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2009 | |
Shares | ||||
Outstanding (in shares) | 0 | |||
Outstanding (in shares) | 0 | 0 | ||
2001 Stock Option Plan | ||||
Stock-based compensation | ||||
Shares eligible for issuance | 500,000 | |||
2001 Stock Option Plan | Stock Option Awards | ||||
Stock-based compensation | ||||
Awards available for issue ( in shares) | 0 | |||
Remaining liability | $ 0 | $ 0 | ||
Shares | ||||
Outstanding (in shares) | 0 | 11,000 | ||
Exercised (in shares) | (6,000) | |||
Expired (in shares) | (5,000) | |||
Outstanding (in shares) | 0 | 0 | ||
Exercisable (in shares) | 0 | |||
Weighted Average Fair Value | ||||
Outstanding (in dollars per share) | $ 63.87 | |||
Exercised (in dollars per share) | 52.73 | |||
Expired (in dollars per share) | $ 52.73 | |||
2001 Stock Option Plan | Stock Appreciation Rights | ||||
Shares | ||||
Outstanding (in shares) | 0 | |||
Outstanding (in shares) | 0 | 0 | ||
Exercisable (in shares) | 0 | 0 | ||
Shares | ||||
Outstanding (in shares) | 11,000 | |||
Exercised (in shares) | (6,000) | |||
Expired (in shares) | (5,000) | |||
Weighted Average Fair Value | ||||
Outstanding (in dollars per share) | $ 1.33 | |||
Exercised (in dollars per share) | $ 3.84 |
STOCK-BASED COMPENSATION - Stoc
STOCK-BASED COMPENSATION - Stock Options and Stock Appreciation Rights Grants and Liability (Details) - shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Stock-based compensation | |||
Granted (in shares) | 41,891 | ||
2001 Stock Option Plan | Stock Options and Stock Appreciation Rights | |||
Stock-based compensation | |||
Granted (in shares) | 0 | 0 | 0 |
STOCK-BASED COMPENSATION - No_4
STOCK-BASED COMPENSATION - Non-Employee Director Stock Compensation (Details) - Share-based Payment Arrangement, Nonemployee - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Stock-based compensation | ||||
Annual award | $ 20 | |||
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 | $ 532 | $ 239 | $ 103 | |
Expense recognized (in shares) | 9,004 | 3,822 | 1,833 | |
Annual award received | $ 174 |
INCOME TAXES - Income Tax Benef
INCOME TAXES - Income Tax Benefit (Expense) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Total income tax benefit (expense) | |||||||||||
Income Tax (Expense) Benefit from Continuing Operations | $ (182,594) | $ (573,731) | $ (2,941,213) | $ (1,774,640) | $ (641,518) | $ (153,550) | $ (4,645,012) | $ (585,068) | $ (5,472,178) | $ (6,025,148) | $ 22,481,523 |
Income Tax (Expense) Benefit from Discontinued Operations | (32,641,194) | (7,529,596) | (12,546,257) | ||||||||
Total Consolidated Income Tax Benefit (Expense) | $ (38,113,372) | $ (13,554,744) | $ 9,935,266 |
INCOME TAXES - Components of Pr
INCOME TAXES - Components of Provision (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
INCOME TAXES | |||
Federal - Current | $ (225,495) | $ (231,239) | $ 1,729,007 |
State - Current | 19,998 | (127,470) | 153,234 |
Total - Current | (205,497) | (358,709) | 1,882,241 |
Federal - Deferred | (4,973,699) | (5,380,837) | 18,959,360 |
State - Deferred | (292,982) | (285,602) | 1,639,922 |
Total - Deferred | $ (5,266,681) | $ (5,666,439) | $ 20,599,282 |
INCOME TAXES - Sources of Defer
INCOME TAXES - Sources of Deferred Income Tax Assets (Liabilities) (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred Income Tax Assets | ||
Depreciation | $ 4,785,992 | $ 4,904,976 |
Intangible Lease Liabilities | 6,503,574 | 7,111,608 |
Income Property Lease Incentive | 732,172 | 1,069,882 |
Impairment Reserves | 92,751 | 1,393,415 |
Stock Options and Restricted Stock | 1,274,694 | 977,210 |
Capital Loss Carryforward | 20,750 | 20,750 |
Deferred Oil Lease Income | 121,323 | |
Other - Net | 6,638 | 44,967 |
Gross Deferred Income Tax Assets | 13,416,571 | 15,644,131 |
Less - Valuation Allowance | (272,966) | (272,966) |
Net Deferred Income Tax Assets | 13,143,605 | 15,371,165 |
Deferred Income Tax Liabilities | ||
Sales of Real Estate | (87,353,465) | (67,388,733) |
Income Property Tenant Contributions | (606,820) | |
Discount on Equity Component of Convertible Debt | (42,400) | (238,200) |
Basis Difference in Joint Venture | (11,789,044) | (764,566) |
Basis Difference in Alpine Income Property OP, LP | (3,979,966) | |
Interest Rate Swap | (73,924) | (486,543) |
Deferred Revenue (Net of Straight-line Rent Adjustments) | (186,979) | (578,034) |
Other - Net | (78,176) | |
Total Deferred Income Tax Liabilities | (103,425,778) | (70,141,072) |
Net Deferred Income Tax Liabilities | $ (90,282,173) | $ (54,769,907) |
INCOME TAXES - Valuation Allowa
INCOME TAXES - Valuation Allowance - Charitable Contributions (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Valuation Allowance [Line Items] | ||
Valuation allowance | $ 272,966 | $ 272,966 |
Charitable contribution carryforwards | ||
Valuation Allowance [Line Items] | ||
Valuation allowance | $ 0 | $ 0 |
INCOME TAXES - Reconciliation o
INCOME TAXES - Reconciliation of Income Tax Computed at Federal Statutory Rate (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
INCOME TAXES | |||||||||||
Federal statutory rate (as a percent) | 21.00% | 21.00% | 35.00% | ||||||||
Increase (Decrease) Resulting from: | |||||||||||
Income Tax (Expense) Benefit Computed at Federal Statutory Rate | $ (4,410,318) | $ (4,557,366) | $ 245,168 | ||||||||
State Income Tax, Net of Federal Income Tax Benefit | (1,075,960) | (1,363,007) | 39,677 | ||||||||
Income Tax on Permanently Non-Deductible Items | (85,842) | (31,466) | 66,015 | ||||||||
Change in Corporate Federal Tax Rate | 22,249,536 | ||||||||||
Other Reconciling Items | 99,942 | (73,309) | (118,873) | ||||||||
Benefit (Expense) for Income Taxes | $ (182,594) | $ (573,731) | $ (2,941,213) | $ (1,774,640) | $ (641,518) | $ (153,550) | $ (4,645,012) | $ (585,068) | $ (5,472,178) | $ (6,025,148) | $ 22,481,523 |
INCOME TAXES - General Informat
INCOME TAXES - General Information (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
INCOME TAXES | ||||
Effective income tax rate (as a percent) | 24.90% | 26.70% | (31.00%) | |
Income tax benefit recorded due to the impact of the reduction in the corporate tax rate | $ 22.2 | |||
Corporate tax rate (as a percent) | 21.00% | 21.00% | 35.00% |
INCOME TAXES - Uncertain Tax Po
INCOME TAXES - Uncertain Tax Positions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
INCOME TAXES | |||
Change to unrecognized tax benefits | $ 0 | $ 0 | $ 0 |
Interest and penalties accrued for uncertain positions | $ 0 | $ 0 | $ 0 |
INCOME TAXES - Paid and Refunde
INCOME TAXES - Paid and Refunded (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
INCOME TAXES | |||
Net income taxes paid | $ 2,500 | $ 323 | $ 334 |
Income tax refunds | $ 687 | $ 204 | $ 958 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Minimum Future Rental Payments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Minimum future rental payments under non-cancelable operating leases having remaining terms in excess of one year | |||
2020 | $ 127 | ||
2021 | 123 | ||
2022 | 118 | ||
2023 | 33 | ||
Total | 401 | ||
Operating leases | |||
Rental expense under all operating leases | $ 286 | $ 309 | $ 339 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES - Contractual commitments - Expenditures (Details) - USD ($) $ in Thousands | Jan. 01, 2020 | Dec. 31, 2019 | Dec. 09, 2019 |
Daytona Beach, FL | |||
Commitment amount | $ 316 | ||
Strand property, FL | |||
Payments for contractual obligation | $ 450 | ||
Strand property, FL | Accrued and Other Liabilities | |||
Amount of contractual obligation | $ 450 |
COMMITMENTS AND CONTINGENCIES_3
COMMITMENTS AND CONTINGENCIES - Other Matters (Details) | Jun. 30, 2017aitem | Jun. 30, 2016USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2017USD ($) | Jun. 30, 2017USD ($)a | Mar. 31, 2017USD ($)a | Jun. 30, 2016USD ($) | Dec. 31, 2019USD ($)a | Dec. 31, 2018USD ($)a | Dec. 31, 2017USD ($)a | Dec. 31, 2015USD ($)a |
Contingencies | |||||||||||
Acres sold | a | 5,400 | ||||||||||
Escrow balance | $ 6,508,131 | $ 128,430,049 | $ 18,889,509 | $ 6,508,131 | |||||||
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 | 2,697 | 1,700 | |||||||||
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 | 2,300,000 | ||||||||||
Accrued restoration cost | $ 430,000 | 121,000 | $ 1,700,000 | ||||||||
Cost incurred | 2,300,000 | ||||||||||
Wetlands restoration | Minto Communities LLC | |||||||||||
Contingencies | |||||||||||
Cash deposited in (refunded from) escrow | $ 77,833 | $ 189,500 | $ 423,000 | ||||||||
Escrow balance | $ 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 | 54.66 | 54.66 | ||||||||
Number of mitigation credits required to be utilized | item | 36 | ||||||||||
Mitigation credits transferred | $ 298,000 |
BUSINESS SEGMENT DATA - Descrip
BUSINESS SEGMENT DATA - Description (Details) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2019USD ($)segmentloan | Dec. 31, 2018USD ($)segmentloan | Dec. 31, 2017USD ($) | |
Business segment data | |||||||||||
Number of operating segment | segment | 4 | 4 | |||||||||
Assets | $ 703,286,203 | $ 556,329,872 | $ 703,286,203 | $ 556,329,872 | |||||||
Depreciation and Amortization | 4,089,568 | $ 4,286,836 | $ 4,074,587 | $ 3,346,287 | 4,452,647 | $ 3,756,507 | $ 3,755,546 | $ 3,796,823 | 15,797,278 | 15,761,523 | $ 12,314,700 |
Income Properties | |||||||||||
Business segment data | |||||||||||
Assets | 464,285,272 | 492,093,615 | 464,285,272 | 492,093,615 | |||||||
Depreciation and Amortization | 15,774,228 | 15,728,095 | 12,272,265 | ||||||||
Management Services | |||||||||||
Business segment data | |||||||||||
Assets | $ 0 | 0 | 0 | 0 | |||||||
Depreciation and Amortization | 0 | 0 | 0 | ||||||||
Capital Expenditures | $ 0 | 0 | $ 0 | ||||||||
Golf Operations | |||||||||||
Business segment data | |||||||||||
Assets | $ 4,462,477 | $ 4,462,477 | |||||||||
Commercial loans | |||||||||||
Business segment data | |||||||||||
Mortgage Loans on Real Estate, Number of Loans | loan | 0 | ||||||||||
Product concentration | Identifiable assets | Income Properties | |||||||||||
Business segment data | |||||||||||
Percentage of total | 66.00% | 88.50% | |||||||||
Product concentration | Consolidated revenues | Income Properties | |||||||||||
Business segment data | |||||||||||
Percentage of total | 93.40% | 91.80% | 81.30% | ||||||||
Fixed–rate mezzanine | Commercial loans | |||||||||||
Business segment data | |||||||||||
Mortgage Loans on Real Estate, Number of Loans | loan | 3 |
BUSINESS SEGMENT DATA - Summary
BUSINESS SEGMENT DATA - Summary of Operations in Different Segments (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Business segment data | |||||||||||
Total Revenues | $ 11,963,117 | $ 11,329,979 | $ 10,688,831 | $ 10,959,319 | $ 12,040,174 | $ 10,443,476 | $ 10,805,062 | $ 10,369,176 | $ 44,941,246 | $ 43,657,888 | $ 38,650,570 |
Operating Income | 4,078,876 | 5,484,975 | 14,632,126 | 10,002,714 | 2,383,124 | 2,769,587 | 20,846,836 | 5,385,651 | 34,198,691 | 31,385,198 | 7,744,993 |
Gain on Disposition of Assets | 1,108,269 | 2,187,332 | 11,811,907 | 6,869,957 | 18,384,808 | 3,650,858 | 21,977,465 | 22,035,666 | 38 | ||
Depreciation and Amortization | 4,089,568 | 4,286,836 | 4,074,587 | 3,346,287 | 4,452,647 | 3,756,507 | 3,755,546 | 3,796,823 | 15,797,278 | 15,761,523 | 12,314,700 |
Identifiable Assets | 703,286,203 | 556,329,872 | 703,286,203 | 556,329,872 | |||||||
Operating Segments | |||||||||||
Business segment data | |||||||||||
Operating Income | 34,198,691 | 31,385,199 | 7,744,993 | ||||||||
Gain on Disposition of Assets | 21,977,465 | 22,035,666 | 38 | ||||||||
Capital Expenditures | 187,525,624 | 113,764,212 | 97,627,672 | ||||||||
General and Corporate Expense | |||||||||||
Business segment data | |||||||||||
Operating Income | (25,615,353) | (25,546,893) | (22,567,310) | ||||||||
Income Properties | |||||||||||
Business segment data | |||||||||||
Total Revenues | 10,594,870 | 10,260,831 | 10,375,295 | 10,724,418 | 11,728,550 | 9,360,155 | 9,781,299 | 9,205,727 | 41,955,414 | 40,075,731 | 31,406,930 |
Depreciation and Amortization | 15,774,228 | 15,728,095 | 12,272,265 | ||||||||
Identifiable Assets | 464,285,272 | 492,093,615 | 464,285,272 | 492,093,615 | |||||||
Income Properties | Operating Segments | |||||||||||
Business segment data | |||||||||||
Operating Income | 34,955,413 | 31,905,648 | 24,489,187 | ||||||||
Capital Expenditures | 166,683,689 | 108,996,747 | 92,125,062 | ||||||||
Management Services | |||||||||||
Business segment data | |||||||||||
Total Revenues | 304,553 | 304,553 | |||||||||
Identifiable Assets | 0 | 0 | 0 | 0 | |||||||
Management Services | Operating Segments | |||||||||||
Business segment data | |||||||||||
Operating Income | 304,553 | ||||||||||
Commercial Loan Investments | |||||||||||
Business segment data | |||||||||||
Total Revenues | 920,691 | 855,559 | 52,765 | 41,262 | 273,467 | 300,999 | 1,829,015 | 615,728 | 2,052,689 | ||
Identifiable Assets | 35,742,218 | 35,742,218 | |||||||||
Commercial Loan Investments | Operating Segments | |||||||||||
Business segment data | |||||||||||
Operating Income | 1,829,015 | 615,728 | 2,052,689 | ||||||||
Capital Expenditures | 18,046,450 | 3,000,000 | |||||||||
Real Estate Operations | |||||||||||
Business segment data | |||||||||||
Total Revenues | 143,003 | $ 213,589 | $ 260,771 | $ 234,901 | 311,624 | $ 1,042,059 | $ 750,296 | $ 862,450 | 852,264 | 2,966,429 | 5,190,951 |
Identifiable Assets | 65,554,619 | 14,315,805 | 65,554,619 | 14,315,805 | |||||||
Real Estate Operations | Operating Segments | |||||||||||
Business segment data | |||||||||||
Operating Income | 747,598 | 2,375,050 | 3,770,389 | ||||||||
Capital Expenditures | 2,791,137 | 4,658,956 | |||||||||
Land Operations | |||||||||||
Business segment data | |||||||||||
Identifiable Assets | 833,167 | 20,971,754 | 833,167 | 20,971,754 | |||||||
Golf Operations | |||||||||||
Business segment data | |||||||||||
Gain on Disposition of Assets | 15,000 | ||||||||||
Identifiable Assets | 4,462,477 | 4,462,477 | |||||||||
Golf Operations | Operating Segments | |||||||||||
Business segment data | |||||||||||
Capital Expenditures | 94,734 | 2,373,894 | |||||||||
Corporate and Other | |||||||||||
Business segment data | |||||||||||
Depreciation and Amortization | 23,050 | 33,428 | 42,435 | ||||||||
Identifiable Assets | $ 136,870,927 | $ 24,486,221 | 136,870,927 | 24,486,221 | |||||||
Corporate and Other | Operating Segments | |||||||||||
Business segment data | |||||||||||
Capital Expenditures | $ 4,348 | $ 13,775 | $ 128,716 |
ASSETS HELD FOR SALE AND DISC_3
ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS - Assets and Liabilities Held for Sale (Details) | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2019USD ($) | Dec. 31, 2019USD ($)property | Dec. 31, 2018USD ($)property | |
Assets held for sale | |||
Number of real estate properties | property | 34 | ||
Increase (decrease) in assets held for sale | $ (3,892,476) | ||
Property, Plant, and Equipment—Net | $ 71,470,583 | ||
Land and Development Costs | 20,139,788 | ||
Cash and Cash Equivalents | 156,489 | ||
Restricted Cash | 831,966 | ||
Other Assets | 646,285 | ||
Intangible Lease Assets—Net | 4,366,858 | ||
Intangible Lease Liabilities—Net | (773,705) | ||
Total Assets Held for Sale | 833,167 | 96,838,264 | |
Liabilities held for sale | |||
Accounts Payable | 199,422 | ||
Accrued and Other Liabilities | 924,323 | 924,323 | |
Deferred Revenue | 1,054,871 | ||
Total Liabilities Held for Sale | 831,320 | 2,178,616 | |
Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||
Assets held for sale | |||
Increase (decrease) in assets held for sale | (56,800,000) | ||
Disposal Group, Held-for-sale, Not Discontinued Operations | |||
Assets held for sale | |||
Increase (decrease) in assets held for sale | $ (14,600,000) | ||
Land JV Assets | Disposal Group, Held-for-sale, Not Discontinued Operations | |||
Assets held for sale | |||
Land and Development Costs | 20,139,788 | ||
Restricted Cash | 831,966 | ||
Total Assets Held for Sale | 20,971,754 | ||
Land JV Liabilities | Disposal Group, Held-for-sale, Not Discontinued Operations | |||
Liabilities held for sale | |||
Deferred Revenue | 831,320 | ||
Total Liabilities Held for Sale | $ 831,320 | ||
Multi-Tenant Income Properties | |||
Assets held for sale | |||
Number of real estate properties | property | 4 | ||
Multi-Tenant Income Properties | Disposal Group, Held-for-sale, Not Discontinued Operations | |||
Assets held for sale | |||
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 | ||
Cash and Cash Equivalents | 156,489 | ||
Other Assets | 646,285 | ||
Total Assets Held for Sale | 4,462,477 | ||
Liabilities held for sale | |||
Accounts Payable | 199,422 | ||
Accrued and Other Liabilities | 924,323 | ||
Deferred Revenue | 223,551 | ||
Total Liabilities Held for Sale | $ 1,347,296 | ||
Golf Operations | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||
Assets held for sale | |||
Total Assets Held for Sale | 0 | ||
Liabilities held for sale | |||
Total Liabilities Held for Sale | $ 0 |
ASSETS HELD FOR SALE AND DISC_4
ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS - Discontinued Operations (Details) | Jan. 24, 2017USD ($) | Oct. 31, 2019USD ($)$ / item | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2019USD ($)$ / item | Dec. 31, 2018USD ($)$ / item | Dec. 31, 2017USD ($) | Jan. 31, 2019USD ($) | Jan. 31, 2018USD ($) |
ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS | |||||||||||||||
Increase (decrease) in assets held for sale | $ (3,892,476) | ||||||||||||||
Increase in liabilities held for sale | $ (49,470) | ||||||||||||||
Annual surcharge, per round of golf played | $ / item | 1.50 | 1 | 1 | ||||||||||||
Maximum aggregate amount of per round surcharge | $ 700,000 | $ 700,000 | |||||||||||||
Annual payment | 70,000 | ||||||||||||||
Accrued surcharge commitment | $ 560,000 | $ 560,000 | |||||||||||||
Per round surcharge liability paid | $ 560,000 | ||||||||||||||
Surcharge receivable | $ 560,000 | ||||||||||||||
Income Tax (Expense) Benefit from Discontinued Operations | (32,641,194) | (7,529,596) | $ (12,546,257) | ||||||||||||
Income (Loss) from Discontinued Operations (Net of Income Tax) | $ 95,514,044 | $ (204,364) | $ 1,933,385 | $ 1,124,499 | $ 13,020,331 | $ 11,112 | $ 486,493 | $ 8,660,869 | 98,367,564 | 22,178,805 | 19,978,059 | ||||
Discontinued Operations | |||||||||||||||
ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS | |||||||||||||||
Income (Loss) from Discontinued Operations (Net of Income Tax) | 98,367,564 | 22,178,805 | 19,978,059 | ||||||||||||
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 | 4,096,594 | 4,941,997 | 5,095,313 | ||||||||||||
Cost of Revenues | (5,259,424) | (5,848,429) | (5,958,888) | ||||||||||||
Loss from Operations | (1,162,830) | (906,432) | (863,575) | ||||||||||||
Impairment Charges | (1,119,362) | ||||||||||||||
Depreciation and Amortization | (373,979) | (349,259) | |||||||||||||
Gain on Disposition of Assets | 15,050 | ||||||||||||||
Land Lease Income | 2,226,526 | ||||||||||||||
Income (Loss) from Discontinued Operations Before Income Tax | (1,147,780) | (2,399,773) | 1,013,692 | ||||||||||||
Income Tax (Expense) Benefit from Discontinued Operations | 290,906 | 608,222 | (391,032) | ||||||||||||
Income (Loss) from Discontinued Operations (Net of Income Tax) | (856,874) | (1,791,551) | 622,660 | ||||||||||||
Land Operations | Discontinued Operations, Held-for-sale | |||||||||||||||
ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS | |||||||||||||||
Revenue | 11,043,151 | 43,030,713 | 47,666,408 | ||||||||||||
Cost of Revenues | (6,404,844) | (10,922,539) | (16,155,784) | ||||||||||||
Loss from Operations | 4,638,307 | 32,108,174 | 31,510,624 | ||||||||||||
Gain on Disposition of Assets | 127,518,231 | ||||||||||||||
Income (Loss) from Discontinued Operations Before Income Tax | 132,156,538 | 32,108,174 | 31,510,624 | ||||||||||||
Income Tax (Expense) Benefit from Discontinued Operations | (32,932,100) | (8,137,818) | (12,155,225) | ||||||||||||
Income (Loss) from Discontinued Operations (Net of Income Tax) | $ 99,224,438 | $ 23,970,356 | $ 19,355,399 | ||||||||||||
Golf Assets | |||||||||||||||
ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS | |||||||||||||||
Annual surcharge, per round of golf played | $ / item | 1 | ||||||||||||||
Golf course land purchase | |||||||||||||||
ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS | |||||||||||||||
Purchase price | $ 1,500,000 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) | Apr. 15, 2020USD ($)$ / shares | Feb. 28, 2020USD ($)a | Feb. 21, 2020USD ($)ft²a | Feb. 04, 2020USD ($) | Jan. 29, 2020$ / shares | Jan. 23, 2020USD ($)ft² | Jan. 13, 2020USD ($) | Mar. 11, 2015USD ($)$ / shares | Dec. 31, 2017$ / shares | Dec. 31, 2019USD ($)ft² | Dec. 31, 2018USD ($) | Mar. 31, 2015$ / shares |
Subsequent Event [Line Items] | ||||||||||||
Square-Feet | ft² | 502,626 | |||||||||||
Purchase price | $ 164,670,000 | |||||||||||
Face Amount of Mortgages | 34,570,000 | |||||||||||
Face amount of debt | $ 288,729,722 | |||||||||||
4.50% Convertible Senior Notes due 2020 | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Stated interest rate (as a percent) | 4.50% | 4.50% | ||||||||||
Face amount of debt | $ 75,000,000 | $ 75,000,000 | ||||||||||
Outstanding amount | $ 74,706,078 | $ 73,348,731 | ||||||||||
Conversion price per share | 0.0145136 | 0.0145515 | ||||||||||
Conversion price per share | $ / shares | $ 68.90 | $ 68.11 | $ 68.11 | |||||||||
Subsequent Event | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Stated interest rate (as a percent) | 3.875% | |||||||||||
Subsequent Event | 4.50% Convertible Senior Notes due 2020 | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Stated interest rate (as a percent) | 4.50% | |||||||||||
Face amount of debt | $ 57,400,000 | |||||||||||
Proceeds from private placement | 5,900,000 | |||||||||||
Repurchase of notes | 5,900,000 | |||||||||||
Outstanding amount | $ 11,700,000 | |||||||||||
Subsequent Event | 3.875% Convertible Senior Notes due 2025 | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Stated interest rate (as a percent) | 3.875% | |||||||||||
Face amount of debt | $ 17,600,000 | |||||||||||
Proceeds from private placement | 11,700,000 | |||||||||||
Outstanding amount | $ 75,000,000 | |||||||||||
Subsequent Event | 2025 Notes maturing on April 15, 2025 | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Conversion price per share | 12.7910 | |||||||||||
Threshold principal amount for adjusted conversion price | $ 1,000 | |||||||||||
Conversion price per share | $ / shares | $ 78.18 | |||||||||||
Premium initial conversion price | 20.00% | |||||||||||
Closing share price (in dollars per share) | $ / shares | $ 65.15 | |||||||||||
Subsequent Event | Crossroads | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Square-Feet | ft² | 254,000 | |||||||||||
Purchase price | $ 61,800,000 | |||||||||||
Subsequent Event | Perimeter | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Square-Feet | ft² | 269,000 | |||||||||||
Purchase price | $ 75,400,000 | |||||||||||
Area of land (in acres) | a | 24 | |||||||||||
Remaining proceeds from sale of properties | $ 65,000,000 | |||||||||||
Subsequent Event | First Mortgage, Redevelopment Property Honolulu, Hawaii | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Face Amount of Mortgages | $ 3,500,000 | |||||||||||
Term | 1 year | |||||||||||
Interest rate (as a percent) | 11.00% | |||||||||||
Origination fee (as a percent) | 2.00% | |||||||||||
Origination fee received | $ 70,000 | |||||||||||
Subsequent Event | First Mortgage, Land JV | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Area of land (in acres) | a | 12 | |||||||||||
Face Amount of Mortgages | $ 3,400,000 | |||||||||||
Term | 1 year | |||||||||||
Interest rate (as a percent) | 9.50% | |||||||||||
Origination fee (as a percent) | 1.50% | |||||||||||
Origination fee received | $ 51,000 |
QUARTERLY FINANCIAL DATA (UNAUD
QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues | |||||||||||
Total Revenues | $ 11,963,117 | $ 11,329,979 | $ 10,688,831 | $ 10,959,319 | $ 12,040,174 | $ 10,443,476 | $ 10,805,062 | $ 10,369,176 | $ 44,941,246 | $ 43,657,888 | $ 38,650,570 |
Direct Cost of Revenues | |||||||||||
Total Direct Cost of Revenues | (1,966,391) | (1,484,772) | (1,674,849) | (1,978,655) | (2,599,770) | (1,989,374) | (2,158,307) | (2,014,012) | (7,104,667) | (8,761,463) | (8,338,305) |
General and Administrative Expenses | (2,936,551) | (2,260,728) | (2,119,176) | (2,501,620) | (2,604,633) | (1,928,008) | (2,429,181) | (2,823,548) | (9,818,075) | (9,785,370) | (10,252,610) |
Depreciation and Amortization | (4,089,568) | (4,286,836) | (4,074,587) | (3,346,287) | (4,452,647) | (3,756,507) | (3,755,546) | (3,796,823) | (15,797,278) | (15,761,523) | (12,314,700) |
Total Operating Expenses | 8,992,510 | 8,032,336 | 7,868,612 | 7,826,562 | 9,657,050 | 7,673,889 | 8,343,034 | 8,634,383 | |||
Gain (Loss) on Disposition of Assets | 1,108,269 | 2,187,332 | 11,811,907 | 6,869,957 | 18,384,808 | 3,650,858 | 21,977,465 | 22,035,666 | 38 | ||
Total Operating Income | 4,078,876 | 5,484,975 | 14,632,126 | 10,002,714 | 2,383,124 | 2,769,587 | 20,846,836 | 5,385,651 | 34,198,691 | 31,385,198 | 7,744,993 |
Investment Income | 258,480 | 33,048 | 14,560 | 38,755 | 13,838 | 14,179 | 11,892 | 12,312 | 344,843 | 52,221 | 37,985 |
Interest Expense | (3,246,867) | (3,253,908) | (3,042,058) | (2,923,229) | (2,979,364) | (2,345,156) | (2,537,301) | (2,561,465) | (12,466,062) | (10,423,286) | (8,523,136) |
Income (Loss) from Continuing Operations Before Income Tax Expense | 1,090,489 | 2,264,115 | 11,604,628 | 7,118,240 | (582,402) | 438,610 | 18,321,427 | 2,836,498 | 22,077,472 | 21,014,133 | (740,158) |
Income Tax Benefit (Expense) from Continuing Operations | (182,594) | (573,731) | (2,941,213) | (1,774,640) | (641,518) | (153,550) | (4,645,012) | (585,068) | (5,472,178) | (6,025,148) | 22,481,523 |
Net Income from Continuing Operations | 907,895 | 1,690,384 | 8,663,415 | 5,343,600 | (1,223,920) | 285,060 | 13,676,415 | 2,251,430 | 16,605,294 | 14,988,985 | 21,741,365 |
Income (Loss) from Discontinued Operations (Net of Tax) | 95,514,044 | (204,364) | 1,933,385 | 1,124,499 | 13,020,331 | 11,112 | 486,493 | 8,660,869 | 98,367,564 | 22,178,805 | 19,978,059 |
Net Income | $ 96,421,939 | $ 1,486,020 | $ 10,596,800 | $ 6,468,099 | $ 11,796,411 | $ 296,172 | $ 14,162,908 | $ 10,912,299 | $ 114,972,858 | $ 37,167,790 | $ 41,719,424 |
Basic | |||||||||||
Income from Continuing Operations (in dollars per share) | $ 0.19 | $ 0.35 | $ 1.75 | $ 1 | $ (0.23) | $ 0.05 | $ 2.47 | $ 0.40 | $ 3.32 | $ 2.72 | $ 3.92 |
Net Income from Discontinued Operations (Net of Income Tax) (in dollars per share) | 19.86 | (0.04) | 0.39 | 0.21 | 2.40 | 0.09 | 1.57 | 19.71 | 4.04 | 3.61 | |
Basic Net Income per Share (in dollars per share) | 20.05 | 0.31 | 2.14 | 1.21 | 2.17 | 0.05 | 2.56 | 1.97 | 23.03 | 6.76 | 7.53 |
Diluted | |||||||||||
Income from Continuing Operations - Diluted (in dollars per share) | 0.19 | 0.35 | 1.75 | 1 | (0.23) | 0.05 | 2.47 | 0.40 | 3.32 | 2.71 | 3.90 |
Net Income from Discontinued Operations (Net of Income Tax) -Diluted (in dollars per share) | 19.85 | (0.04) | 0.39 | 0.21 | 2.40 | 0.09 | 1.56 | 19.68 | 4.01 | 3.58 | |
Net Income - Diluted (in dollars per share) | $ 20.04 | $ 0.31 | $ 2.14 | $ 1.21 | $ 2.17 | $ 0.05 | $ 2.56 | $ 1.96 | $ 23 | $ 6.72 | $ 7.48 |
Income Properties | |||||||||||
Revenues | |||||||||||
Total Revenues | $ 10,594,870 | $ 10,260,831 | $ 10,375,295 | $ 10,724,418 | $ 11,728,550 | $ 9,360,155 | $ 9,781,299 | $ 9,205,727 | $ 41,955,414 | $ 40,075,731 | $ 31,406,930 |
Direct Cost of Revenues | |||||||||||
Total Direct Cost of Revenues | (1,956,505) | (1,476,288) | (1,634,720) | (1,932,488) | (2,492,325) | (1,773,840) | (2,034,889) | (1,869,029) | (7,000,001) | (8,170,083) | (6,917,743) |
Depreciation and Amortization | (15,774,228) | (15,728,095) | (12,272,265) | ||||||||
Management Services | |||||||||||
Revenues | |||||||||||
Total Revenues | 304,553 | 304,553 | |||||||||
Commercial Loan Investments | |||||||||||
Revenues | |||||||||||
Total Revenues | 920,691 | 855,559 | 52,765 | 41,262 | 273,467 | 300,999 | 1,829,015 | 615,728 | 2,052,689 | ||
Real Estate Operations | |||||||||||
Revenues | |||||||||||
Total Revenues | 143,003 | 213,589 | 260,771 | 234,901 | 311,624 | 1,042,059 | 750,296 | 862,450 | 852,264 | 2,966,429 | 5,190,951 |
Direct Cost of Revenues | |||||||||||
Total Direct Cost of Revenues | (9,886) | $ (8,484) | $ (40,129) | $ (46,167) | $ (107,445) | $ (215,534) | $ (123,418) | $ (144,983) | $ (104,666) | (591,380) | $ (1,420,562) |
Golf Operations | |||||||||||
Direct Cost of Revenues | |||||||||||
Impairment Charges | $ (1,100,000) | ||||||||||
Gain (Loss) on Disposition of Assets | $ 15,000 |
SCHEDULE III REAL ESTATE AND _2
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION - Initial Cost and Subsequent Costs Capitalized (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cost: | ||||
Encumbrances | $ 53,884,373 | |||
Land | 160,101,806 | |||
Building & Improvements | 230,666,905 | |||
Improvements | 2,073,188 | |||
Gross Amount Carried at Close | ||||
Land | 160,101,806 | |||
Buildings | 232,740,093 | |||
Total | 392,841,899 | $ 463,703,673 | $ 358,130,350 | $ 274,334,139 |
Accumulated Depreciation | 22,551,716 | $ 28,732,504 | $ 21,878,465 | $ 14,391,567 |
24 Hour Fitness USA, Inc | Falls Church, VA | ||||
Cost: | ||||
Land | 7,308,225 | |||
Building & Improvements | 11,559,506 | |||
Gross Amount Carried at Close | ||||
Land | 7,308,225 | |||
Buildings | 11,559,506 | |||
Total | 18,867,731 | |||
Accumulated Depreciation | $ 201,852 | |||
Life | 30 years | |||
7-Eleven | Dallas, TX | ||||
Cost: | ||||
Land | $ 974,862 | |||
Building & Improvements | 1,550,744 | |||
Gross Amount Carried at Close | ||||
Land | 974,862 | |||
Buildings | 1,550,744 | |||
Total | 2,525,606 | |||
Accumulated Depreciation | $ 148,613 | |||
Life | 40 years | |||
Aspen Development | Aspen, CO | ||||
Cost: | ||||
Land | $ 11,973,930 | |||
Building & Improvements | 14,968,210 | |||
Gross Amount Carried at Close | ||||
Land | 11,973,930 | |||
Buildings | 14,968,210 | |||
Total | 26,942,140 | |||
Accumulated Depreciation | $ 583,973 | |||
Life | 52 years | |||
Bank of America | Monterey, CA | ||||
Cost: | ||||
Land | $ 4,458,840 | |||
Gross Amount Carried at Close | ||||
Land | 4,458,840 | |||
Total | 4,458,840 | |||
WAWA (formerly Barnes & Noble) | Daytona Beach, FL | ||||
Cost: | ||||
Land | 1,798,600 | |||
Building & Improvements | 3,803,000 | |||
Gross Amount Carried at Close | ||||
Land | 1,798,600 | |||
Buildings | 3,803,000 | |||
Total | 5,601,600 | |||
Accumulated Depreciation | $ 1,806,425 | |||
Life | 40 years | |||
Big Lots | Germantown, MD | ||||
Cost: | ||||
Encumbrances | $ 3,300,000 | |||
Land | 1,781,918 | |||
Building & Improvements | 2,951,231 | |||
Improvements | 6,750 | |||
Gross Amount Carried at Close | ||||
Land | 1,781,918 | |||
Buildings | 2,957,981 | |||
Total | 4,739,899 | |||
Accumulated Depreciation | $ 468,403 | |||
Life | 40 years | |||
Big Lots | Phoenix, AZ | ||||
Cost: | ||||
Encumbrances | $ 3,400,000 | |||
Land | 1,715,717 | |||
Building & Improvements | 3,050,164 | |||
Gross Amount Carried at Close | ||||
Land | 1,715,717 | |||
Buildings | 3,050,164 | |||
Total | 4,765,881 | |||
Accumulated Depreciation | $ 527,424 | |||
Life | 40 years | |||
Burlington Stores, Inc | Richland Hills, TX | ||||
Cost: | ||||
Land | $ 3,915,679 | |||
Building & Improvements | 7,028,945 | |||
Gross Amount Carried at Close | ||||
Land | 3,915,679 | |||
Buildings | 7,028,945 | |||
Total | 10,944,624 | |||
Accumulated Depreciation | $ 57,361 | |||
Life | 30 years | |||
Carrabba's Italian Grill | Austin, TX | ||||
Cost: | ||||
Land | $ 1,160,925 | |||
Building & Improvements | 1,305,117 | |||
Gross Amount Carried at Close | ||||
Land | 1,160,925 | |||
Buildings | 1,305,117 | |||
Total | 2,466,042 | |||
Accumulated Depreciation | $ 220,066 | |||
Life | 25 years | |||
Chuy'S Restaurant & Bar | Jacksonville, FL | ||||
Cost: | ||||
Land | $ 5,504,039 | |||
Gross Amount Carried at Close | ||||
Land | 5,504,039 | |||
Total | 5,504,039 | |||
Crabby's Restaurant (formerly Cocina 214) | Daytona Beach, FL | ||||
Cost: | ||||
Land | 5,835,939 | |||
Building & Improvements | 4,249,199 | |||
Improvements | 8,662 | |||
Gross Amount Carried at Close | ||||
Land | 5,835,939 | |||
Buildings | 4,257,861 | |||
Total | 10,093,800 | |||
Accumulated Depreciation | $ 434,517 | |||
Life | 40 years | |||
Fidelity Investment (affiliate of) | Albuquerque, NM | ||||
Cost: | ||||
Land | $ 5,751,131 | |||
Building & Improvements | 29,537,069 | |||
Gross Amount Carried at Close | ||||
Land | 5,751,131 | |||
Buildings | 29,537,069 | |||
Total | 35,288,200 | |||
Accumulated Depreciation | $ 1,405,493 | |||
Life | 45 years | |||
Firebirds Woodfired Grill | Jacksonville, FL | ||||
Cost: | ||||
Land | $ 4,202,924 | |||
Gross Amount Carried at Close | ||||
Land | 4,202,924 | |||
Total | 4,202,924 | |||
General Dynamics Corporation | Reston, VA | ||||
Cost: | ||||
Land | 7,530,432 | |||
Building & Improvements | 9,068,274 | |||
Gross Amount Carried at Close | ||||
Land | 7,530,432 | |||
Buildings | 9,068,274 | |||
Total | 16,598,706 | |||
Accumulated Depreciation | $ 243,267 | |||
Life | 35 years | |||
J P Morgan Chase Bank | Jacksonville, FL | ||||
Cost: | ||||
Land | $ 4,516,486 | |||
Gross Amount Carried at Close | ||||
Land | 4,516,486 | |||
Total | 4,516,486 | |||
CVS Pharmacy | Dallas, TX | ||||
Cost: | ||||
Land | 7,535,013 | |||
Gross Amount Carried at Close | ||||
Land | 7,535,013 | |||
Total | 7,535,013 | |||
Harris Teeter | Charlotte, NC | ||||
Cost: | ||||
Encumbrances | 6,600,000 | |||
Land | 5,601,837 | |||
Building & Improvements | 3,409,338 | |||
Gross Amount Carried at Close | ||||
Land | 5,601,837 | |||
Buildings | 3,409,338 | |||
Total | 9,011,175 | |||
Accumulated Depreciation | $ 1,001,493 | |||
Life | 40 years | |||
LandShark Bar and Grill | Daytona Beach, FL | ||||
Cost: | ||||
Land | $ 5,835,939 | |||
Building & Improvements | 4,578,168 | |||
Improvements | 8,662 | |||
Gross Amount Carried at Close | ||||
Land | 5,835,939 | |||
Buildings | 4,586,830 | |||
Total | 10,422,769 | |||
Accumulated Depreciation | $ 422,800 | |||
Life | 40 years | |||
Lowe's Corporation | Katy, TX | ||||
Cost: | ||||
Encumbrances | $ 8,500,000 | |||
Land | 9,412,181 | |||
Building & Improvements | 3,480,650 | |||
Gross Amount Carried at Close | ||||
Land | 9,412,181 | |||
Buildings | 3,480,650 | |||
Total | 12,892,831 | |||
Accumulated Depreciation | $ 758,345 | |||
Life | 30 years | |||
Macaroni Grill | Arlington, TX | ||||
Cost: | ||||
Land | $ 956,685 | |||
Building & Improvements | 1,069,700 | |||
Gross Amount Carried at Close | ||||
Land | 956,685 | |||
Buildings | 1,069,700 | |||
Total | 2,026,385 | |||
Accumulated Depreciation | $ 54,714 | |||
Life | 30 years | |||
Maple Ave Land | Dallas, TX | ||||
Cost: | ||||
Land | $ 359,116 | |||
Gross Amount Carried at Close | ||||
Land | 359,116 | |||
Total | 359,116 | |||
Outback Steakhouse | Austin, TX | ||||
Cost: | ||||
Land | 1,376,793 | |||
Building & Improvements | 1,585,791 | |||
Gross Amount Carried at Close | ||||
Land | 1,376,793 | |||
Buildings | 1,585,791 | |||
Total | 2,962,584 | |||
Accumulated Depreciation | $ 228,176 | |||
Life | 30 years | |||
Party City Corporation | Oceanside, NY | ||||
Cost: | ||||
Land | $ 2,964,507 | |||
Building & Improvements | 3,288,786 | |||
Gross Amount Carried at Close | ||||
Land | 2,964,507 | |||
Buildings | 3,288,786 | |||
Total | 6,253,293 | |||
Accumulated Depreciation | $ 26,376 | |||
Life | 35 years | |||
Rite Aid Corp. | Renton, WA | ||||
Cost: | ||||
Encumbrances | $ 4,700,000 | |||
Land | 2,036,235 | |||
Building & Improvements | 4,148,415 | |||
Gross Amount Carried at Close | ||||
Land | 2,036,235 | |||
Buildings | 4,148,415 | |||
Total | 6,184,650 | |||
Accumulated Depreciation | $ 665,475 | |||
Life | 40 years | |||
Riverside Avenue | Jacksonville, FL | ||||
Cost: | ||||
Land | $ 6,019,815 | |||
Building & Improvements | 14,239,515 | |||
Improvements | 767,532 | |||
Gross Amount Carried at Close | ||||
Land | 6,019,815 | |||
Buildings | 15,007,047 | |||
Total | 21,026,862 | |||
Accumulated Depreciation | $ 2,866,175 | |||
Life | 43 years | |||
Staples | Sarasota, FL | ||||
Cost: | ||||
Land | $ 2,728,083 | |||
Building & Improvements | 1,145,137 | |||
Gross Amount Carried at Close | ||||
Land | 2,728,083 | |||
Buildings | 1,145,137 | |||
Total | 3,873,220 | |||
Accumulated Depreciation | $ 167,313 | |||
Life | 40 years | |||
The Strand | Jacksonville, FL | ||||
Cost: | ||||
Land | $ 13,886,294 | |||
Building & Improvements | 38,832,707 | |||
Gross Amount Carried at Close | ||||
Land | 13,886,294 | |||
Buildings | 38,832,707 | |||
Total | 52,719,001 | |||
Accumulated Depreciation | $ 123,295 | |||
Life | 48 years | |||
Walgreens | Clermont, FL | ||||
Cost: | ||||
Encumbrances | $ 3,500,000 | |||
Land | 3,021,665 | |||
Building & Improvements | 1,269,449 | |||
Gross Amount Carried at Close | ||||
Land | 3,021,665 | |||
Buildings | 1,269,449 | |||
Total | 4,291,114 | |||
Accumulated Depreciation | $ 494,556 | |||
Life | 40 years | |||
Wells Fargo | Raleigh, NC | ||||
Cost: | ||||
Encumbrances | $ 23,884,373 | |||
Land | 8,680,056 | |||
Building & Improvements | 59,166,753 | |||
Improvements | 1,186,118 | |||
Gross Amount Carried at Close | ||||
Land | 8,680,056 | |||
Buildings | 60,352,871 | |||
Total | 69,032,927 | |||
Accumulated Depreciation | $ 8,309,888 | |||
Life | 45 years | |||
Westcliff property | ||||
Cost: | ||||
Land | $ 10,500,000 | |||
Westcliff Shopping Center | Fort Worth, TX | ||||
Cost: | ||||
Land | 10,520,822 | |||
Building & Improvements | 4,196,359 | |||
Improvements | 95,464 | |||
Gross Amount Carried at Close | ||||
Land | 10,520,822 | |||
Buildings | 4,291,823 | |||
Total | 14,812,645 | |||
Accumulated Depreciation | $ 1,203,607 | |||
Life | 10 years | |||
Moe's Southwest Grill | Jacksonville, FL | ||||
Cost: | ||||
Land | $ 1,862,284 | |||
Gross Amount Carried at Close | ||||
Land | 1,862,284 | |||
Total | 1,862,284 | |||
PDQ | Jacksonville, FL | ||||
Cost: | ||||
Land | 2,205,539 | |||
Gross Amount Carried at Close | ||||
Land | 2,205,539 | |||
Total | 2,205,539 | |||
Wawa | Jacksonville, FL | ||||
Cost: | ||||
Land | 6,252,632 | |||
Gross Amount Carried at Close | ||||
Land | 6,252,632 | |||
Total | 6,252,632 | |||
World of Beer/Fuzzy's Taco Shop | Brandon, FL | ||||
Cost: | ||||
Land | 416,663 | |||
Building & Improvements | 1,184,678 | |||
Gross Amount Carried at Close | ||||
Land | 416,663 | |||
Buildings | 1,184,678 | |||
Total | 1,601,341 | |||
Accumulated Depreciation | $ 132,109 | |||
Life | 30 years |
SCHEDULE III REAL ESTATE AND _3
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION - Rollforward (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cost: | |||
Balance at Beginning of Year | $ 463,703,673 | $ 358,130,350 | $ 274,334,139 |
Additions and Improvements | 130,004,868 | 104,043,734 | 83,796,211 |
Cost of Real Estate Sold | (200,866,642) | (10,142,289) | |
Reclassification to Land and Development Costs | 11,671,878 | ||
Balance at End of Year | 392,841,899 | 463,703,673 | 358,130,350 |
Accumulated Depreciation: | |||
Balance at Beginning of Year | 28,732,504 | 21,878,465 | 14,391,567 |
Depreciation and Amortization | 9,891,813 | 9,827,154 | 7,486,898 |
Depreciation on Real Estate Sold | (16,072,601) | (2,973,115) | |
Balance at End of Year | $ 22,551,716 | $ 28,732,504 | $ 21,878,465 |
SCHEDULE III REAL ESTATE AND _4
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION - Reconciliation (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Real Estate Cost for Federal Income Tax Purpose | $ 231,000,000 | |||
Total | 392,841,899 | $ 463,703,673 | $ 358,130,350 | $ 274,334,139 |
Income Properties, Land, Buildings, and Improvements | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Income Properties, Land, Buildings, and Improvements | $ 392,841,899 |
SCHEDULE IV MORTGAGE LOANS ON_2
SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE - Number of commercial loan investments (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2017 | Dec. 31, 2016 | |
Mortgage Loans On Real Estate [Line Items] | |||
Face Amount of Mortgages | $ 34,570,000 | ||
Carrying Amounts of Mortgages | 34,625,173 | $ 11,925,699 | $ 23,960,467 |
Carpenter Hotel-400 Josephine Street, Austin, TX | |||
Mortgage Loans On Real Estate [Line Items] | |||
Face Amount of Mortgages | 16,250,000 | ||
Carrying Amounts of Mortgages | $ 16,443,942 | ||
First Mortgage, 72-Acre Land Parcel, Orlando, FL | |||
Mortgage Loans On Real Estate [Line Items] | |||
Interest rate (as a percent) | 12.00% | ||
Face Amount of Mortgages | $ 8,000,000 | ||
Carrying Amounts of Mortgages | $ 7,927,869 | ||
Mortgage Note, 400 Josephine Street, Austin, TX | |||
Mortgage Loans On Real Estate [Line Items] | |||
Interest rate (as a percent) | 11.50% | ||
Face Amount of Mortgages | $ 8,250,000 | ||
Carrying Amounts of Mortgages | $ 8,207,964 | ||
LPGA Buyer Loan - Daytona Beach, FL | |||
Mortgage Loans On Real Estate [Line Items] | |||
Interest rate (as a percent) | 7.50% | ||
Face Amount of Mortgages | $ 2,070,000 | ||
Carrying Amounts of Mortgages | $ 2,045,398 |
SCHEDULE IV MORTGAGE LOANS ON_3
SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE - Activity (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Mortgage Loans on Real Estate Roll Forward | |||
Balance at Beginning of Year | $ 11,925,699 | $ 23,960,467 | |
New Mortgage Loans | $ 34,570,000 | 3,000,000 | |
Accretion of Origination Fees | (138,770) | 34,768 | (34,768) |
Imputed Interest Over Rent Payments on Ground Lease Loan | 193,943 | ||
Collection of Principal | $ (11,960,467) | (15,000,000) | |
Balance at End of Year | $ 34,625,173 | $ 11,925,699 |