CTO Realty Growth (CTO) 10-Q29 Jul 212021 Q2 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - $ / shares	6 Months Ended
Document and Entity Information - $ / shares	Jun. 30, 2021	Jul. 22, 2021
Document Information [Line Items]
Entity Central Index Key	0000023795
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	01-11350
Entity Registrant Name	CTO REALTY GROWTH, INC.
Entity Incorporation, State or Country Code	MD
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
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Listing, Par Value Per Share	$ 0.01
Entity Common Stock, Shares Outstanding		5,956,540
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	CTO
Security Exchange Name	NYSE
Cumulative Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	6.375% Series A Cumulative Redeemable
Trading Symbol	CTO PrA
Security Exchange Name	NYSE

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Real Estate:
Total Real Estate, at cost	$ 495,106	$ 473,121
Less, Accumulated Depreciation	(31,211)	(30,737)
Real Estate-Net	463,895	442,384
Land and Development Costs	6,684	7,083
Intangible Lease Assets-Net	71,470	50,176
Assets Held for Sale-See Note 25	3,720	833
Investment in Joint Ventures	32,497	48,677
Investment in Alpine Income Property Trust, Inc.	38,794	30,574
Mitigation Credits	2,621	2,622
Commercial Loan and Master Lease Investments	38,884	38,320
Cash and Cash Equivalents	4,701	4,289
Restricted Cash	13,918	29,536
Refundable Income Taxes	599	26
Deferred Income Taxes-Net	473
Other Assets-See Note 13	11,616	12,180
Total Assets	689,872	666,700
Liabilities:
Accounts Payable	1,332	1,047
Accrued and Other Liabilities-See Note 19	11,437	9,090
Deferred Revenue-See Note 20	4,036	3,319
Intangible Lease Liabilities-Net	22,459	24,163
Liabilities Held for Sale-See Note 25	831	831
Deferred Income Taxes-Net		3,521
Long-Term Debt	304,886	273,830
Total Liabilities	344,981	315,801
Commitments and Contingencies-See Note 23
Stockholders' Equity:
Preferred Stock - 100,000,000 shares authorized; $0.01 par value, no shares issued or outstanding at June 30, 2021; 50,000 shares authorized; $100.00 par value, no shares issued or outstanding at December 31, 2020
Common Stock - 500,000,000 shares authorized; $0.01 par value, 5,955,154 shares issued and outstanding at June 30, 2021; 25,000,000 shares authorized; $1.00 par value, 7,310,680 shares issued and 5,915,756 shares outstanding at December 31, 2020	60	7,250
Treasury Stock - 0 shares at June 30, 2021 and 1,394,924 shares at December 31, 2020		(77,541)
Additional Paid-In Capital	13,676	83,183
Retained Earnings	331,895	339,917
Accumulated Other Comprehensive Loss	(740)	(1,910)
Total Stockholders' Equity	344,891	350,899
Total Liabilities and Stockholders' Equity	689,872	666,700
Land Sales Revenue
Real Estate:
Total Real Estate, at cost	172,304	166,512
Building and Improvements, at cost
Real Estate:
Total Real Estate, at cost	320,769	305,614
Other Furnishings and Equipment, at cost
Real Estate:
Total Real Estate, at cost	682	672
Construction in Process, at cost
Real Estate:
Total Real Estate, at cost	$ 1,351	$ 323

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
Preferred Stock
Preferred Stock, Shares Authorized	100,000,000	50,000
Preferred Stock, par value (in dollars per share)	$ 0.01	$ 100
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common Stock
Common Stock, shares authorized	500,000,000	25,000,000
Common Stock, par value (in dollars per share)	$ 0.01	$ 1
Common Stock, shares issued	5,955,154	7,310,680
Common Stock, shares outstanding	5,955,154	5,915,756
Treasury Stock
Treasury Stock, shares held	0	1,394,924

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenues
Total Revenues	$ 14,283	$ 13,010	$ 28,995	$ 25,848
Direct Cost of Revenues
Total Direct Cost of Revenues	(3,320)	(2,625)	(6,319)	(6,262)
General and Administrative Expenses	(2,665)	(2,171)	(5,797)	(5,263)
Impairment Charges	(16,527)		(16,527)	(1,905)
Depreciation and Amortization	(5,031)	(5,021)	(9,861)	(9,573)
Total Operating Expenses	(27,543)	(9,817)	(38,504)	(23,003)
Gain on Disposition of Assets	4,732	7,076	5,440	7,076
Gain (Loss) on Extinguishment of Debt	(641)	504	(641)	1,141
Other Gains and Income	4,091	7,580	4,799	8,217
Total Operating Income (Loss)	(9,169)	10,773	(4,710)	11,062
Investment and Other Income (Loss)	3,903	8,470	9,235	(4,716)
Interest Expense	(2,421)	(2,453)	(4,865)	(5,906)
Income (Loss) Before Income Tax Benefit (Expense)	(7,687)	16,790	(340)	440
Income Tax Benefit (Expense)	3,963	(4,179)	4,401	(91)
Net Income (Loss)	$ (3,724)	$ 12,611	$ 4,061	$ 349
Basic Net Income (Loss) per Share
Basic Net Income (Loss) per Share (in dollars per share)	$ (0.63)	$ 2.71	$ 0.69	$ 0.07
Diluted Net Income (Loss) per Share
Diluted Net Income (Loss) per Share (in dollars per share)	$ (0.63)	$ 2.71	$ 0.69	$ 0.07
Basic	5,898,280	4,653,627	5,888,735	4,682,511
Diluted	5,898,280	4,653,627	5,888,735	4,682,511
Dividends Declared and Paid (in dollars per share)	$ 1	$ 0.25	$ 2	$ 0.50
Income Properties
Revenues
Total Revenues	$ 11,574	$ 11,473	$ 23,023	$ 22,476
Direct Cost of Revenues
Total Direct Cost of Revenues	(2,787)	(2,568)	(5,704)	(4,681)
Depreciation and Amortization	(5,026)	(5,016)	(9,851)	(9,563)
Management Fee Income
Revenues
Total Revenues	752	695	1,421	1,397
Interest Income from Commercial Loan and Master Lease Investments
Revenues
Total Revenues	709	835	1,410	1,887
Real Estate Operations
Revenues
Total Revenues	1,248	7	3,141	88
Direct Cost of Revenues
Total Direct Cost of Revenues	$ (533)	$ (57)	$ (615)	$ (1,581)

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net Income (Loss)	$ (3,724)	$ 12,611	$ 4,061	$ 349
Other Comprehensive Income (Loss):
Cash Flow Hedging Derivative - Interest Rate Swaps (Net of Income Tax Expense of $0, ($0.2) million, $0, and ($0.6) million, respectively)	(67)	(493)	1,170	(1,866)
Total Other Comprehensive Income (Loss), Net of Income Tax	(67)	(493)	1,170	(1,866)
Total Comprehensive Income (Loss)	$ (3,791)	$ 12,118	$ 5,231	$ (1,517)

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Cash Flow Hedging Derivative - Interest Rate Swap, Income Tax	$ 0	$ (0.2)	$ 0	$ (0.6)

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, 2019	$ 6,017,000	$ (73,441,000)	$ 26,690,000	$ 326,073,000	$ 74,000	$ 285,413,000
Increase (decrease) in shareholders' equity
Net Income (Loss)				349,000		349,000
Stock Repurchase		(4,100,000)				(4,100,000)
Equity Component of Convertible Debt			5,248,000			5,248,000
Vested Restricted Stock and Performance Shares	24,000		(562,000)			(538,000)
Exercise of Stock Options and Stock Issuance	6,000		344,000			350,000
Stock Compensation Expense from Restricted Stock Grants and Equity Classified Stock Options			1,168,000			1,168,000
Dividends Declared for the Period				(2,347,000)		(2,347,000)
Other Comprehensive Income (Loss), Net of Income Tax					(1,866,000)	(1,866,000)
Balance at Jun. 30, 2020	6,047,000	(77,541,000)	32,888,000	324,075,000	(1,792,000)	283,677,000
Balance at Mar. 31, 2020	6,045,000	(77,356,000)	32,191,000	312,627,000	(1,299,000)	272,208,000
Increase (decrease) in shareholders' equity
Net Income (Loss)				12,611,000		12,611,000
Stock Repurchase		(185,000)				(185,000)
Exercise of Stock Options and Stock Issuance	2,000		107,000			109,000
Stock Compensation Expense from Restricted Stock Grants and Equity Classified Stock Options			590,000			590,000
Dividends Declared for the Period				(1,163,000)		(1,163,000)
Other Comprehensive Income (Loss), Net of Income Tax					(493,000)	(493,000)
Balance at Jun. 30, 2020	6,047,000	(77,541,000)	32,888,000	324,075,000	(1,792,000)	283,677,000
Balance at Dec. 31, 2020	7,250,000	(77,541,000)	83,183,000	339,917,000	(1,910,000)	350,899,000
Increase (decrease) in shareholders' equity
Net Income (Loss)				4,061,000		4,061,000
Stock Repurchase						0
Vested Restricted Stock and Performance Shares			(436,000)			(436,000)
Exercise of Stock Options and Stock Issuance			372,000			372,000
Stock Compensation Expense from Restricted Stock Grants and Equity Classified Stock Options			1,336,000			1,336,000
Par Value $0.01 per Share and Treasury Stock Derecognized at January 29, 2021	(7,190,000)	$ 77,541,000	(70,351,000)
Equity Issuance Costs			(428,000)			(428,000)
Dividends Declared for the Period				(12,083,000)		(12,083,000)
Other Comprehensive Income (Loss), Net of Income Tax					1,170,000	1,170,000
Balance at Jun. 30, 2021	60,000		13,676,000	331,895,000	(740,000)	344,891,000
Balance at Mar. 31, 2021	60,000		13,341,000	341,645,000	(673,000)	354,373,000
Increase (decrease) in shareholders' equity
Net Income (Loss)				(3,724,000)		(3,724,000)
Exercise of Stock Options and Stock Issuance			80,000			80,000
Stock Compensation Expense from Restricted Stock Grants and Equity Classified Stock Options			667,000			667,000
Equity Issuance Costs			(412,000)			(412,000)
Dividends Declared for the Period				(6,026,000)		(6,026,000)
Other Comprehensive Income (Loss), Net of Income Tax					(67,000)	(67,000)
Balance at Jun. 30, 2021	$ 60,000		$ 13,676,000	$ 331,895,000	$ (740,000)	$ 344,891,000

CONSOLIDATED STATEMENTS OF SH_2

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical)	6 Months Ended
	Jun. 30, 2021$ / shares
Common Stock
Special Distribution (in dollars per share)	$ 0.01

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Cash Flow from Operating Activities:
Net Income			$ 4,061	$ 349
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation and Amortization			9,861	9,573
Amortization of Intangible Liabilities to Income Property Revenue	$ (338)	$ (444)	(734)	(918)
Amortization of Deferred Financing Costs to Interest Expense	159	73	324	223
Amortization of Discount on Convertible Debt	319	256	629	760
Gain on Disposition of Real Estate and Intangible Lease Assets and Liabilities			(5,440)	(3,628)
Gain on Disposition of Assets Held for Sale				(3,800)
Loss on Disposition of Commercial Loan and Master Lease Investments				352
Loss (Gain) on Extinguishment of Debt	641	(504)	641	(1,141)
Impairment Charges			16,527	1,905
Accretion of Commercial Loan and Master Lease Investment Origination Fees			(1)	(157)
Non-Cash Imputed Interest			(214)	(206)
Deferred Income Taxes			(3,994)	(3,354)
Unrealized (Gain) Loss on Investment Securities			(8,220)	5,650
Non-Cash Compensation			1,700	1,518
Decrease (Increase) in Assets:
Refundable Income Taxes			(573)
Land and Development Costs			399	(419)
Impact Fees and Mitigation Credits				1,325
Other Assets			(636)	(1,809)
Increase (Decrease) in Liabilities:
Accounts Payable			287	(627)
Accrued and Other Liabilities			2,956	3,940
Deferred Revenue			717	(652)
Income Taxes Payable				801
Net Cash Provided By Operating Activities			18,290	9,685
Cash Flow from Investing Activities:
Acquisition of Real Estate and Intangible Lease Assets and Liabilities			(114,021)	(138,455)
Acquisition of Commercial Loan Investments and Master Lease Investments			(364)	(6,754)
Acquisition of Mitigation Credits				(1,500)
Cash Contribution to Interest in Joint Venture			(346)	(22)
Proceeds from Disposition of Property, Plant, and Equipment, Net, and Assets Held for Sale			34,261	37,800
Principal Payments Received on Commercial Loan and Master Lease Investments				20,981
Net Cash Used In Investing Activities			(80,470)	(87,950)
Cash Flow from Financing Activities:
Proceeds from Long-Term Debt			147,500	56,641
Payments on Long-Term Debt			(86,963)	(63,916)
Cash Paid for Loan Fees			(900)	(1,968)
Cash Proceeds from Payments for Stock Options and Stock Issuance			(4)
Cash Used to Purchase Common Stock				(4,100)
Cash Paid for Vesting of Restricted Stock			(436)	(538)
Cash Paid for Equity Issuance Costs			(428)
Dividends Paid			(11,795)	(2,347)
Net Cash Provided By (Used In) Financing Activities			46,974	(16,228)
Net Decrease in Cash and Cash Equivalents			(15,206)	(94,493)
Cash and Cash Equivalents, Beginning of Period			33,825	134,904	$ 134,904
Cash and Cash Equivalents, End of Period	18,619	40,411	18,619	40,411	33,825
Reconciliation of Cash to the Consolidated Balance Sheets:
Cash and Cash Equivalents	4,701	10,701	4,701	10,701	4,289
Restricted Cash	13,918	29,710	13,918	29,710	29,536
Total Cash	$ 18,619	$ 40,411	$ 18,619	$ 40,411	$ 33,825

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Supplemental Disclosure of Cash Flow Information:
Cash Paid for Taxes, net of Refunds Received		$ 170	$ 203
Cash Paid for Interest	$ (2,496)	(4,022)	(5,636)
Convertible Note Exchange			57,359
Equity Component of Convertible Debt	$ 5,248		$ 5,248
Dividends Declared and Unpaid		287
Assumption of Mortgage Note Payable by Buyer		$ 30,000

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS	6 Months Ended
DESCRIPTION OF BUSINESS	Jun. 30, 2021
DESCRIPTION OF BUSINESS
DESCRIPTION OF BUSINESS	NOTE 1. DESCRIPTION OF BUSINESS Description of Business We are a publicly traded diversified real estate investment trust (“REIT”) that was founded in 1910. We own and manage, sometimes utilizing third-party property management companies, 20 commercial real estate properties in 10 states in the United States. As of June 30, 2021, we owned 12 single-tenant and eight multi-tenant income-producing properties comprising 2.7 million square feet of gross leasable space. In addition to our income property portfolio, as of June 30, 2021, our 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 currently holds 1,600 acres of undeveloped land in Daytona Beach, Florida (the “Land JV”), see Note 6, “Related Party Management Services Business”. Commercial Loan and Master Lease Investments: ● A portfolio of two commercial loan investments and two commercial properties, which are included in the 20 commercial real estate properties above, whose leases are classified as commercial loan and master lease investments. Real Estate Operations: ● A portfolio of subsurface mineral interests associated with approximately 420,000 surface acres in 20 counties in the State of Florida and a portfolio of mitigation credits (“Subsurface Interests”); ● A retained interest in the Land JV, which has entered into an agreement to sell substantially all of its remaining 1,600 acres of undeveloped land in Daytona Beach, Florida; and ● An interest in a joint venture that owns a 2,500 acre parcel of land in the western part of Daytona Beach, Florida and which is engaged in the operation of a mitigation bank (the “Mitigation Bank JV”), 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 our investment in PINE. As of June 30, 2021, our investment totaled $38.8 million, or 15.8% of the PINE’s outstanding equity, including the units of limited partnership interest (“OP Units”) we hold in Alpine Income Property OP, LP (the “PINE Operating Partnership”), which are redeemable for cash, based upon the value of an equivalent number of shares of PINE common stock at the time of the redemption, or shares of PINE common stock on a one-for-one basis, at PINE’s election. Our investment in PINE generates 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 and other income (loss) on the accompanying consolidated statements of operations. REIT Conversion As of December 31, 2020, the Company had completed certain internal reorganization transactions necessary to begin operating in compliance with the requirements for qualification and taxation as a REIT for U.S. federal income tax purposes for the taxable year ended December 31, 2020. In order to comply with certain REIT requirements set forth in the Internal Revenue Code of 1986, as amended (the “Code”), we hold certain of our non-REIT assets and operations through taxable REIT subsidiaries (“TRSs”) and subsidiaries of TRSs. A TRS is a subsidiary of a REIT that is generally subject to U.S. federal corporate income tax on its earnings. Net income from our TRSs either will be retained by our TRSs and used to fund their operations, or will be distributed to us, where it will either be reinvested by us into our business or available for distribution to our stockholders. However, distributions from our TRSs to us will not produce qualifying income for purposes of the 75% gross income test applicable to REITs and thus may be limited. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of the Company’s annual REIT taxable income, without regard to the dividends paid deduction and excluding net capital gain, to its stockholders (which is computed and which does not necessarily equal net income as calculated in accordance with generally accepted accounting principles). As a REIT, the Company is generally not subject to U.S. federal corporate income tax to the extent of its distributions to stockholders. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to U.S. federal income tax on its taxable income at regular corporate rates and generally will not be permitted to qualify for treatment as a REIT for the four taxable years following the year during which qualification is lost unless the Internal Revenue Service (“IRS”) grants the Company relief under certain statutory provisions. Such an event could materially adversely affect the Company’s net income and net cash available for distribution to stockholders. Even if the Company qualifies for taxation as a REIT, the Company may be subject to state and local taxes on its income and property and federal income and excise taxes on its undistributed income. Merger On January 29, 2021, in connection with the REIT conversion, the Company completed the merger of CTO Realty Growth, Inc., a Florida corporation (“CTO FL”), with and into CTO NEWCO REIT, Inc. (“CTO MD ”), a wholly owned subsidiary of CTO FL (the “Merger”) in order to reincorporate in Maryland and facilitate its ongoing compliance with the REIT requirements by ensuring that certain standard REIT ownership limitations and transfer restrictions apply to CTO MD’s capital stock. As a result of the Merger, existing shares of CTO FL common stock were automatically converted, on a one-for-one basis, into shares of common stock of CTO MD. CTO MD is a corporation organized in the state of Maryland and has been renamed “CTO Realty Growth, Inc.” CTO MD’s charter includes certain standard REIT provisions, including ownership limitations and transfer restrictions applicable to the Company’s capital stock. See Note 14, “Equity” for the Company’s disclosure related to the equity adjustments recorded during the three months ended March 31, 2021 in connection with the Merger. In connection with the REIT conversion and the Merger, CTO FL applied to list CTO MD’s common stock on the New York Stock Exchange (the “NYSE”) under CTO FL’s ticker symbol, “CTO.” This application was approved, and CTO MD’s common stock began trading on the NYSE on February 1, 2021 under the ticker symbol “CTO.” COVID-19 Pandemic In March 2020, the World Health Organization declared the outbreak of the novel coronavirus as a pandemic (the “COVID-19 Pandemic”), which has spread throughout the United States. The impact of the COVID-19 Pandemic has evolved rapidly, with many jurisdictions taking drastic measures to limit the spread of the virus by instituting quarantines or lockdowns and imposing travel restrictions. Such actions have created significant disruptions to global supply chains, and adversely impacted several industries, including airlines, hospitality, retail and the broader real estate industry. As a result of the approval of multiple COVID-19 vaccines for use and the distribution of such vaccines among the general population, a number of jurisdictions have reopened and loosened restrictions. However, wide disparities in vaccination rates and continued vaccine hesitancy, combined with the emergence of COVID-19 variants and surges in COVID-19 cases, could trigger the reinstatement of further restrictions. Such restrictions could include mandatory business shut-downs, travel restrictions, reduced business operations and social distancing requirements. The future impact of the COVID-19 Pandemic on the real estate industry and the Company’s financial condition and results of operations is uncertain and cannot be predicted currently since it depends on several factors beyond the control of the Company, including, but not limited to: (i) the uncertainty surrounding the severity and duration of the COVID-19 Pandemic, including possible recurrences and differing economic and social impacts of the COVID-19 Pandemic in various regions of the United States; (ii) the effectiveness of the United States public health response; (iii) the COVID-19 Pandemic’s impact on the United States and global economies; (iv) the timing, scope and effectiveness of additional governmental responses to the COVID-19 Pandemic; (v) the availability of a treatment and effectiveness of vaccines approved for COVID-19 and the willingness of individuals to get vaccinated; (vi) changes in how certain types of commercial property are used while maintaining social distancing and other techniques intended to control the impact of COVID-19; (vii) the impact of phase out of economic stimulus measures, the inflationary pressure of economic stimulus, and the eventual halt and reversal by the U.S. Treasury of asset purchases; and (viii) the uneven impact on the Company’s tenants, real estate values and cost of capital. Contractual Base Rent (“CBR”) represents the amount owed to the Company under the current terms of its lease agreements. As a result of the COVID-19 Pandemic, during the year ended December 31, 2020, the Company agreed to defer or abate certain CBR in exchange for additional lease term or other lease enhancing additions. Repayments of the remaining balance of deferred CBR began in the third quarter of 2020, with payments continuing, in some cases, into 2023.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Jun. 30, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Interim Financial Information The accompanying unaudited consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. These unaudited consolidated financial statements do not include all of the information and notes required by accounting principles generally accepted in the United States of America (“U.S. GAAP”) for complete financial statements, and should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, which provides a more complete understanding of the Company’s accounting policies, financial position, operating results, business properties, and other matters. The unaudited consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary to present fairly the financial position of the Company and the results of operations for the interim periods. The results of operations for the three and six months ended June 30, 2021 are not necessarily indicative of results to be expected for the year ending December 31, 2021. Principles of Consolidation The consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries, and other entities in which we have a controlling interest. Any real estate entities or properties included in the consolidated financial statements have been consolidated only for the periods that such entities or properties were owned or under control by us. All inter-company balances and transactions have been eliminated in the consolidated financial statements. 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 The preparation of financial statements in conformity with U.S. 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. Among other factors, fluctuating market conditions that can exist in the national real estate markets and the volatility and uncertainty in the financial and credit markets make it possible that the estimates and assumptions, most notably those related to the Company’s investment in income properties, could change materially due to continued volatility in the real estate and financial markets, or as a result of a significant dislocation in those markets. Recently Issued Accounting Standards Debt with Conversion and Other Options. ASC Topic 326, Financial Instruments-Credit Losses Financial Instruments-Credit Losses January 1, 2020 Reclassifications Certain items in the consolidated balance sheet as of December 31, 2020 have been reclassified to conform to the presentation as of March 31, 2021. Specifically, in the first quarter of 2021, the Company reclassified deferred financing costs incurred in connection with its Credit Facility (as further described in Note 17, Long-Term Debt), net of accumulated amortization, as a component of other assets on the accompanying consolidated balance sheet. Accordingly, deferred financing costs of $1.2 million, net of accumulated amortization of $0.5 million, were reclassified from long-term debt to other assets as of December 31, 2020. 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 June 30, 2021 include certain amounts over the Federal Deposit Insurance Corporation limits. Restricted Cash Restricted cash totaled $13.9 million at June 30, 2021, of which $13.8 million is being held in an escrow account to be reinvested through the like-kind exchange structure into other income properties and $0.1 million is being held in a separate escrow account in connection with the sale of a ground lease located in Daytona Beach, Florida. Derivative Financial Instruments and Hedging Activity Interest Rate Swaps Derivatives and Hedging The Company documented the relationship between the hedging instruments and the hedged item, as well as its risk-management objective and strategy for undertaking the hedge transactions. At the hedges’ inception, the Company formally assessed whether the derivatives that are used in hedging the transactions are highly effective in offsetting changes in cash flows of the hedged items, and we will continue to do so on an ongoing basis. As the terms of each interest rate swap and the associated debts are identical, both hedging instruments qualify for the shortcut method; therefore, it is assumed that there is no hedge ineffectiveness throughout the entire term of the hedging instruments. Changes in fair value of the hedging instruments that are highly effective and designated and qualified as cash-flow hedges are recorded in other comprehensive income and loss, until earnings are affected by the variability in cash flows of the designated hedged items. 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 June 30, 2021 and December 31, 2020, approximate fair value because of the short maturity of these instruments. The carrying value of the Company’s Credit Facility (hereinafter defined) as of June 30, 2021 and December 31, 2020, approximates current market rates for revolving credit arrangements with similar risks and maturities. The face value of the Company’s fixed rate commercial loan and master lease investments, the 2026 Term Loan (hereinafter defined), and convertible debt held as of June 30, 2021 and December 31, 2020 are measured at fair value based on current market rates for financial instruments with similar risks and maturities (see Note 10, “Fair Value of Financial Instruments”). Fair Value Measurements The Company’s estimates of fair value of financial and non-financial assets and liabilities is based on the framework established by U.S. 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. U.S. 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 and Master Lease Investments Interest income on commercial loan and master lease 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 consist of accrued tenant reimbursable expenses and other tenant receivables. Receivables related to income property tenants totaled $1.1 million and $2.3 million as of June 30, 2021 and December 31, 2020, respectively. The $1.2 million decrease is primarily attributable to a decrease in estimated accrued receivables for variable lease payments including common area maintenance, insurance, real estate taxes and other operating expenses. Accounts receivable related to real estate operations, which are classified in other assets on the consolidated balance sheets, totaled $1.4 million and $1.3 million as of June 30, 2021 and December 31, 2020, respectively. The accounts receivable as of June 30, 2021 and December 31, 2020 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 13, “Other Assets.” The collectability of the aforementioned receivables shall be considered and adjusted through an allowance for credit losses pursuant to ASC 326, Financial Instruments-Credit Losses Purchase Accounting for Acquisitions of Real Estate Subject to a Lease Investments in real estate are carried at cost less accumulated depreciation and impairment losses, if any. The cost of investments in real estate reflects their purchase price or development cost. We evaluate each acquisition transaction to determine whether the acquired asset meets the definition of a business. Under ASU 2017-01, Business Combinations Clarifying the Definition of a Business In accordance with FASB guidance, 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. 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. 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 management believes that it is likely that the tenant will renew the lease upon expiration, in which case the Company amortizes the value attributable to the renewal over the renewal period. The value of in-place leases and leasing costs are 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. 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 Income Taxes The Company intends to elect to be taxed as a REIT for U.S. federal income tax purposes under the Code commencing with its taxable year ended December 31, 2020, upon filing of its tax return for such taxable year. The Company believes that, commencing with such taxable year, it has been organized and has operated in such a manner as to qualify for taxation as a REIT under the U.S. federal income tax laws. The Company intends to continue to operate in such a manner. As a REIT, the Company will be subject to U.S. federal and state income taxation at corporate rates on its net taxable income; the Company, however, may claim a deduction for the amount of dividends paid to its stockholders. Amounts distributed as dividends by the Company will be subject to taxation at the stockholder level only. While the Company must distribute at least 90% of its REIT taxable income, determined without regard to the dividends paid deduction and excluding any net capital gain, to qualify as a REIT, the Company intends to distribute all of its net taxable income. The Company is allowed certain other non-cash deductions or adjustments, such as depreciation expense, when computing its REIT taxable income and distribution requirement. These deductions permit the Company to reduce its dividend payout requirement under U.S. federal income tax laws. Certain states may impose minimum franchise taxes. To comply with certain REIT requirements, we hold certain of our non-REIT assets and operations through TRSs and subsidiaries of TRSs, which will be subject to applicable U.S. federal, state and local corporate income tax on their taxable income. For the periods presented, the Company held a total of five TRSs subject to taxation. The Company’s TRSs will file separately as C-Corporations. For the Company’s TRSs, and prior to the three months ended December 31, 2020 preceding the Company’s REIT election, 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 22, “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, and disclosure and transition. In accordance with FASB guidance included in income taxes, the Company has analyzed its various federal and state filing positions and believes that its income tax filing positions and deductions are well documented and supported. Additionally, the Company believes that its accruals for tax liabilities are adequate. Therefore, no reserves for uncertain income tax positions have been recorded pursuant to the FASB guidance.

REVENUE RECOGNITION

REVENUE RECOGNITION	6 Months Ended
REVENUE RECOGNITION	Jun. 30, 2021
REVENUE RECOGNITION
REVENUE RECOGNITION	NOTE 3. REVENUE RECOGNITION The Company implemented FASB ASC Topic 606, Revenue from Contracts with Customers 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 three months ended June 30, 2021 (in thousands): Income Properties Management Services Commercial Loan and Master Lease Investments Real Estate Operations Total Revenues Major Good / Service: Lease Revenue - Base Rent $ 9,883 $ — $ — $ — $ 9,883 Lease Revenue - CAM 565 — — — 565 Lease Revenue - Reimbursements 692 — — — 692 Lease Revenue - Billboards 3 — — — 3 Above / Below Market Lease Accretion 338 — — — 338 Contributed Leased Assets Accretion 38 — — — 38 Management Services — 752 — — 752 Commercial Loan and Master Lease Investments — — 709 — 709 Subsurface Revenue — — — 793 793 Land Sales Revenue — — — 455 455 Interest and Other Revenue 55 — — — 55 Total Revenues $ 11,574 $ 752 $ 709 $ 1,248 $ 14,283 Timing of Revenue Recognition: Asset/Good Transferred at a Point in Time $ — $ — $ — $ 1,248 $ 1,248 Services Transferred Over Time 55 752 — — 807 Over Lease Term 11,519 — — — 11,519 Commercial Loan and Master Lease Investment Related Revenue — — 709 — 709 Total Revenues $ 11,574 $ 752 $ 709 $ 1,248 $ 14,283 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 three months ended June 30, 2020 (in thousands): Income Properties Management Services Commercial Loan and Master Lease Investments Real Estate Operations Total Revenues Major Good / Service: Lease Revenue - Base Rent $ 9,271 $ — $ — $ — $ 9,271 Lease Revenue - CAM 856 — — — 856 Lease Revenue - Reimbursements 612 — — — 612 Lease Revenue - Billboards 82 — — — 82 Above / Below Market Lease Accretion 444 — — — 444 Contributed Leased Assets Accretion 44 — — — 44 Management Services — 695 — — 695 Commercial Loan and Master Lease Investments — — 835 — 835 Subsurface Revenue - Other — — — 1 1 Fill Dirt and Other Revenue — — — 6 6 Interest and Other Revenue 164 — — — 164 Total Revenues $ 11,473 $ 695 $ 835 $ 7 $ 13,010 Timing of Revenue Recognition: Asset/Good Transferred at a Point in Time $ — $ — $ — $ 7 $ 7 Services Transferred Over Time 164 695 — — 859 Over Lease Term 11,309 — — — 11,309 Commercial Loan and Master Lease Investment Related Revenue — — 835 — 835 Total Revenues $ 11,473 $ 695 $ 835 $ 7 $ 13,010 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 six months ended June 30, 2021 (in thousands): Income Properties Management Services Commercial Loan and Master Lease Investments Real Estate Operations Total Revenues Major Good / Service: Lease Revenue - Base Rent $ 19,064 $ — $ — $ — $ 19,064 Lease Revenue - CAM 1,077 — — — 1,077 Lease Revenue - Reimbursements 1,898 — — — 1,898 Lease Revenue - Billboards 3 — — — 3 Above / Below Market Lease Accretion 734 — — — 734 Contributed Leased Assets Accretion 159 — — — 159 Management Services — 1,421 — — 1,421 Commercial Loan and Master Lease Investments — — 1,410 — 1,410 Subsurface Revenue — — — 2,686 2,686 Land Sales Revenue — — 455 455 Interest and Other Revenue 88 — — — 88 Total Revenues $ 23,023 $ 1,421 $ 1,410 $ 3,141 $ 28,995 Timing of Revenue Recognition: Asset/Good Transferred at a Point in Time $ — $ — $ — $ 3,141 $ 3,141 Services Transferred Over Time 88 1,421 — — 1,509 Over Lease Term 22,935 — — — 22,935 Commercial Loan and Master Lease Investment Related Revenue — — 1,410 — 1,410 Total Revenues $ 23,023 $ 1,421 $ 1,410 $ 3,141 $ 28,995 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 six months ended June 30, 2020 (in thousands): Income Properties Management Services Commercial Loan and Master Lease Investments Real Estate Operations Total Revenues Major Good / Service: Lease Revenue - Base Rent $ 18,021 $ — $ — $ — $ 18,021 Lease Revenue - CAM 1,586 — — — 1,586 Lease Revenue - Reimbursements 1,486 — — — 1,486 Lease Revenue - Billboards 127 — — — 127 Above / Below Market Lease Accretion 918 — — — 918 Contributed Leased Assets Accretion 87 — — — 87 Management Services — 1,397 — — 1,397 Commercial Loan and Master Lease Investments — — 1,887 — 1,887 Mitigation Credit Sales — — — 4 4 Subsurface Revenue - Other — — — 78 78 Fill Dirt and Other Revenue — — — 6 6 Interest and Other Revenue 251 — — — 251 Total Revenues $ 22,476 $ 1,397 $ 1,887 $ 88 $ 25,848 Timing of Revenue Recognition: Asset/Good Transferred at a Point in Time $ — $ — $ — $ 88 $ 88 Services Transferred Over Time 251 1,397 — — 1,648 Over Lease Term 22,225 — — — 22,225 Commercial Loan and Master Lease Investment Related Revenue — — 1,887 — 1,887 Total Revenues $ 22,476 $ 1,397 $ 1,887 $ 88 $ 25,848

INCOME PROPERTIES AND LEASES

INCOME PROPERTIES AND LEASES	6 Months Ended
INCOME PROPERTIES AND LEASES	Jun. 30, 2021
INCOME PROPERTIES AND LEASES
INCOME PROPERTIES AND LEASES	NOTE 4. INCOME PROPERTIES AND LEASES Leasing revenue consists of long-term rental revenue from retail, office, and commercial income properties, and billboards, which is recognized as earned, using the straight-line method over the life of each lease. 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 (in thousands): Three Months Ended Six Months Ended June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Leasing Revenue Lease Payments $ 10,259 $ 9,759 $ 19,957 $ 19,026 Variable Lease Payments 1,315 1,714 3,066 3,450 Total Leasing Revenue $ 11,574 $ 11,473 $ 23,023 $ 22,476 Minimum future base rental revenue on non-cancelable leases subsequent to June 30, 2021, for the next five years ended December 31 are summarized as follows (in thousands): Year Ending December 31, Amounts Remainder of 2021 $ 21,512 2022 43,476 2023 41,998 2024 38,494 2025 37,138 2026 and thereafter (cumulative) 197,004 Total $ 379,622 2021 Acquisitions. The properties acquired during the six months ended June 30, 2021 are described below: Tenant Description Tenant Type Property Location Date of Acquisition Property Square-Feet Purchase Price Percentage Leased at Acquisition Remaining Lease Term at Acquisition Date (in years) Jordan Landing Multi-Tenant West Jordan, UT 03/02/21 170,996 $ 20,000 100% 7.9 Eastern Commons Multi-Tenant Henderson, NV 03/10/21 146,667 18,500 88% 6.9 Shops at Legacy Multi-Tenant Plano, TX 06/23/21 236,432 72,500 83% 6.9 Total / Weighted Average 554,095 $ 111,000 7.1 2021 Dispositions. The properties disposed of during the six months ended June 30, 2021 are described below (in thousands): Tenant Description Tenant Type Date of Disposition Sales Price Gain on Sale World of Beer/Fuzzy's Taco Shop, Brandon, FL Multi-Tenant 01/20/21 $ 2,310 $ 599 Moe's Southwest Grill, Jacksonville, FL Single-Tenant 02/23/21 2,541 109 Burlington, N. Richland Hills, TX Single-Tenant 04/23/21 11,528 61 Staples, Sarasota, FL Single-Tenant 05/07/21 4,650 662 CMBS Portfolio (1) Single-Tenant 06/30/21 44,500 3,899 Total $ 65,529 $ 5,330 (1) On June 30, 2021, the Company sold six single-tenant income properties (the “CMBS Portfolio”) to PINE for an aggregate purchase price of $44.5 million. 2021 Operational Highlights Retail Square Feet Weighted Average Lease Term (in years) Cash Rent Per Square Foot Tenant Improvements Leasing Commissions New Leases 22.1 9.9 $ 21.08 $ 2,734 $ 146 Renewals & Extensions 164.0 5.3 $ 8.98 633 23 Total / Weighted Average 186.1 6.4 $ 10.42 $ 3,367 $ 169 2020 Acquisitions. The properties acquired during the six months ended June 30, 2020 are described below: Tenant Description Tenant Type Property Location Date of Acquisition Property Square-Feet Purchase Price Percentage Leased at Acquisition Remaining Lease Term at Acquisition Date (in years) Crossroads Towne Center Multi-Tenant Chandler, AZ 01/24/20 254,109 $ 61,800 99% 5.0 Ashford Lane Multi-Tenant Atlanta, GA 02/21/20 268,572 75,435 80% 3.6 Total / Weighted Average 522,681 $ 137,235 4.2 2020 Dispositions. The properties disposed of during the six months ended June 30, 2020 are described below (in thousands): Tenant Description Tenant Type Date of Disposition Sales Price Gain (Loss) on Sale CVS, Dallas, TX Single-Tenant 04/24/20 $ 15,222 $ 854 Wawa, Daytona Beach, FL Single-Tenant 04/29/20 6,002 1,769 JPMorgan Chase Bank, Jacksonville, FL Single-Tenant 06/18/20 6,715 960 7-Eleven, Dallas, TX Multi-Tenant 06/26/20 2,400 (46) Bank of America, Monterey, CA Single-Tenant 06/29/20 9,000 3,892 Total / Weighted Average $ 39,339 $ 7,429

COMMERCIAL LOAN AND MASTER LEAS

COMMERCIAL LOAN AND MASTER LEASE INVESTMENTS	6 Months Ended
COMMERCIAL LOAN AND MASTER LEASE INVESTMENTS	Jun. 30, 2021
COMMERCIAL LOAN AND MASTER LEASE INVESTMENTS.
COMMERCIAL LOAN AND MASTER LEASE INVESTMENTS	NOTE 5. COMMERCIAL LOAN AND MASTER LEASE 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 real estate or the borrower’s pledge of its ownership interest in the entity that owns the real estate. The loans we invest in or originate are for commercial real estate located in the United States and its territories, and are current or performing with either a fixed or floating rate. Some of these loans may be syndicated in either a pari-passu or senior/subordinated structure. Commercial first mortgage loans generally provide for a higher recovery rate due to their senior position in the underlying collateral. Commercial mezzanine loans are typically secured by a pledge of the borrower’s equity ownership in the underlying commercial real estate. Unlike a mortgage, a mezzanine loan is not secured by a lien on the property. An investor’s rights in a mezzanine loan are usually governed by an intercreditor agreement that provides holders with the rights to cure defaults and exercise control on certain decisions of any senior debt secured by the same commercial property. 2021 Activity The Company’s commercial loan and master lease investments were comprised of the following at June 30, 2021 (in thousands): Description Date of Investment Maturity Date Original Face Amount Current Face Amount Carrying Value Coupon Rate Ground Lease Loan – 400 Josephine Street, Austin, TX July 2019 N/A $ 16,250 $ 16,250 $ 17,006 N/A Master Tenant – Hialeah Lease Loan – Hialeah, FL September 2020 N/A 21,085 21,085 21,121 N/A Mortgage Note – 4311 Maple Avenue – Dallas, TX October 2020 April 2023 400 400 393 7.50% Mortgage Note – 110 N Beach Street – Daytona Beach, FL June 2021 December 2022 364 364 364 10.00% $ 38,099 $ 38,099 $ 38,884 The Company’s commercial loan and master lease investments were comprised of the following at December 31, 2020 (in thousands): Description Date of Investment Maturity Date Original Face Amount Current Face Amount Carrying Value Coupon Rate Ground Lease Loan – 400 Josephine Street, Austin, TX July 2019 N/A $ 16,250 $ 16,250 $ 16,827 N/A Master Tenant – Hialeah Lease Loan – Hialeah, FL September 2020 N/A 21,085 21,085 21,101 N/A Mortgage Note – 4311 Maple Avenue – Dallas, TX October 2020 April 2023 400 400 392 7.50% $ 37,735 $ 37,735 $ 38,320 The carrying value of the commercial loan and master lease investments portfolio at June 30, 2021 and December 31, 2020 consisted of the following (in thousands): As of June 30, 2021 December 31, 2020 Current Face Amount $ 38,099 $ 37,735 Imputed Interest over Rent Payments Received 792 593 Unaccreted Origination Fees (3) (4) CECL Reserve (4) (4) Total Commercial Loan and Master Lease Investments $ 38,884 $ 38,320

RELATED PARTY MANAGEMENT SERVIC

RELATED PARTY MANAGEMENT SERVICES BUSINESS	6 Months Ended
RELATED PARTY MANAGEMENT SERVICES BUSINESS	Jun. 30, 2021
RELATED PARTY MANAGEMENT SERVICES BUSINESS
RELATED PARTY MANAGEMENT SERVICES BUSINESS	NOTE 6. RELATED PARTY MANAGEMENT SERVICES BUSINESS Alpine Income Property Trust. During the three and six months ended June 30, 2021, the Company earned management fee revenue from PINE totaling $0.72 million and $1.36 million, respectively. Dividend income for the three and six months ended June 30, 2021 totaled $0.5 million and $1.0 million, respectively. During the three and six months ended June 30, 2020, the Company earned management fee revenue from PINE totaling $0.64 million and $1.29 million, respectively. Dividend income for the three and six months ended June 30, 2020 totaled $0.4 million and $0.8 million, respectively. Management fee revenue from PINE, included in management services, and dividend income, included in investment and other income (loss), are reflected in the accompanying consolidated statements of operations. The following table represents amounts due from PINE to the Company as of June 30, 2021 and December 31, 2020 which are included in other assets on the consolidated balance sheets (in thousands): As of Description June 30, 2021 December 31, 2020 Management Services Fee due from PINE $ 721 $ 631 Dividend Receivable 99 — Other 560 35 Total $ 1,380 $ 666 On November 26, 2019, as part of the initial public offering (the “IPO”) of PINE on the NYSE, the Company sold PINE 15 properties for aggregate cash consideration of $125.9 million. Additionally, in connection with the IPO, the Company contributed to the PINE Operating Partnership five properties in exchange for an aggregate of 1,223,854 OP Units, which had an initial value of $23.3 million. During the three months ended June 30, 2021, PINE exercised its right to purchase the following properties from the Company pursuant to the exclusivity and right of first offer agreement (i) the CMBS Portfolio for a purchase price of $44.5 million, and (ii) one single-tenant income property for a purchase price of $11.5 million. In connection with the sale of the CMBS Portfolio, PINE assumed the related $30.0 million mortgage note payable which resulted in a loss on the extinguishment of debt of $0.5 million due to the write off of unamortized debt issuance costs. These sales were completed during the three months ended June 30, 2021. Land JV. During the three and six months ended June 30, 2021 the Company earned management fee revenue from the Land JV totaling $0.03 million and $0.06 million, respectively, and was collected in full during the periods earned. During the three and six months ended June 30, 2020 the Company earned management fee revenue from the Land JV totaling $0.05 million and $0.1 million, respectively, and was collected in full during the periods earned. Management fee revenue from the Land JV is included in management services in the accompanying consolidated statements of operations.

REAL ESTATE OPERATIONS

REAL ESTATE OPERATIONS	6 Months Ended
REAL ESTATE OPERATIONS	Jun. 30, 2021
REAL ESTATE OPERATIONS
REAL ESTATE OPERATIONS	NOTE 7. REAL ESTATE OPERATIONS Real Estate Operations Land and development costs at June 30, 2021 and December 31, 2020 were as follows (in thousands): As of June 30, 2021 December 31, 2020 Land and Development Costs $ 6,005 $ 6,377 Subsurface Interests 679 706 Total Land and Development Costs $ 6,684 $ 7,083 Revenue from continuing real estate operations consisted of the following for the three and six months ended June 30, 2021 and 2020 (in thousands): Three Months Ended Six Months Ended June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Mitigation Credit Sales $ — $ — $ — $ 4 Subsurface Revenue 793 1 2,686 78 Land Sales Revenue 455 — 455 — Fill Dirt and Other Revenue — 6 — 6 Total Real Estate Operations Revenue $ 1,248 $ 7 $ 3,141 $ 88 Daytona Beach Development. Other Real Estate Assets. Subsurface Interests. 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. Cash payments for the release of surface entry rights totaled $0.07 million during each of the six months ended June 30, 2021 and 2020. Land Impairments.

INVESTMENT IN JOINT VENTURES

INVESTMENT IN JOINT VENTURES	6 Months Ended
INVESTMENT IN JOINT VENTURES	Jun. 30, 2021
INVESTMENT IN JOINT VENTURES
INVESTMENT IN JOINT VENTURES	NOTE 8. INVESTMENTS IN JOINT VENTURES The Company’s Investment in Joint Ventures was as follows as of June 30, 2021 and December 31, 2020 (in thousands): As of June 30, 2021 December 31, 2020 Land JV $ 25,576 $ 41,765 Mitigation Bank JV 6,921 6,912 Total Investment in Joint Ventures $ 32,497 $ 48,677 Land JV. JV, continues to pursue the sale of individual parcels within the remaining 1,600 acres, which sales would be subject to approval by Timberline. The Company currently serves as the 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 taken 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 Land JV’s operating agreement, the Land JV paid the manager a management fee in the initial amount of $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 is reduced as the management fee is based on the value of real property that remains in the Land JV. The monthly management fee as of June 30, 2021 was $10,000 per month. 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 Investments-Equity Method and Joint Ventures The following table provides summarized financial information of the Land JV as of June 30, 2021 and December 31, 2020 (in thousands): As of June 30, 2021 December 31, 2020 Assets, Cash and Cash Equivalents $ 810 $ 802 Assets, Prepaid Expenses 173 117 Assets, Investment in Land Assets 6,278 5,658 Total Assets $ 7,261 $ 6,577 Liabilities, Accounts Payable, Accrued Expenses, Deferred Revenue $ 164 $ 228 Equity $ 7,097 $ 6,349 Total Liabilities & Equity $ 7,261 $ 6,577 The following table provides summarized financial information of the Land JV for the three and six months ended June 30, 2021 and 2020 (in thousands): Three Months Ended Six Months Ended June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Revenues $ — $ 680 $ 21 $ 7,826 Direct Cost of Revenues (44) (269) (125) (3,375) Operating Income (Loss) $ (44) $ 411 $ (104) $ 4,451 Other Operating Expenses (77) (137) (148) (274) Net Income (Loss) $ (121) $ 274 $ (252) $ 4,177 The Company’s share of the Land JV’s net income (loss) was zero for the three and six months ended June 30, 2021 and 2020. 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 $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 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. Although no adjustment was required related to the Company’s share of the Land JV’s net income for the three and six months ended June 30, 2021 or 2020, the Company did record an impairment of $16.5 million during the three months ended June 30, 2021 on the retained equity interest as a result of the estimated proceeds to be received from the potential sale to Timberline. Mitigation Bank. 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 2021. 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 $6.0 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”). As a result of not having achieved the Minimum Sales Requirement prior to December 31, 2020, during the first and second quarters of 2021, the Company has had active discussions with BlackRock regarding the Minimum Sales Guarantee. Based on those discussions, the Company currently anticipates that the Minimum Sales Guarantee payment would be paid to BlackRock in the latter half of 2021. The Company is also in discussion with BlackRock regarding the Company’s potential buyout of BlackRock’s position in the Mitigation Bank JV, the timing of which could occur in the latter half of 2021. There can be no assurances regarding the likelihood, timing, or final terms of such potential buyout. During June 2018, upon closing the Mitigation Bank JV, the Company estimated the fair value of the Minimum Sales Guarantee at $0.1 million 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 June 30, 2021, the Company considers the $0.1 million reasonable as upon payment of the Minimum Sales Guarantee, the Company will obtain mitigation credits, or the right to such credits, which would be recorded as an asset at the time of payment. 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 initial maximum potential of future payments for the Company pursuant to the Put Right was $27.0 million. The Company estimated the fair value of the Put Right to be $0.2 million, 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. During the year ended December 31, 2020, BlackRock exercised its Put Right and put 48 mitigation credits to the Company inclusive of (i) 20 mitigation credits acquired during the three months ended March 31, 2020 totaling $1.5 million, or $75,000 per credit, (ii) 20 mitigation credits acquired during the three months ended September 30, 2020 totaling $1.5 million, or $75,000 per credit, and (iii) 8 mitigation credits acquired during the three months ended December 31, 2020 totaling $0.6 million, or $75,000 per credit. During the six months ended June 30, 2021, BlackRock did not exercise its Put Right. The Company evaluated the impact of the exercised Put Right on the fair value of the Company’s investment in the Mitigation Bank JV of $6.9 million, and on the fair value of the mitigation credits purchased as of June 30, 2021 and December 31, 2020, 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 June 30, 2021 and December 31, 2020 (in thousands): As of June 30, 2021 December 31, 2020 Assets, Cash and Cash Equivalents $ 1,764 $ 1,890 Assets, Prepaid Expenses 25 20 Assets, Investment in Mitigation Credit Assets 1,413 1,409 Assets, Property, Plant, and Equipment—Net 13 14 Total Assets $ 3,215 $ 3,333 Liabilities, Accounts Payable, Accrued Liabilities $ 3 $ 17 Equity $ 3,212 $ 3,316 Total Liabilities & Equity $ 3,215 $ 3,333 The following table provides summarized financial information of the Mitigation Bank JV for the three and six months ended June 30, 2021 and 2020 (in thousands): Three Months Ended Six Months Ended June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Revenues $ — $ 12 $ 104 $ 1,878 Direct Cost of Revenues — (1) (7) (81) Operating Income $ — $ 11 $ 97 $ 1,797 Other Operating Expenses (13) (72) (113) (148) Net Income (Loss) $ (13) $ (61) $ (16) $ 1,649 The Company’s share of the Mitigation Bank JV’s net income (loss) was zero for the three and six months ended June 30, 2021 and 2020. 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 initial retained interest in the Mitigation Bank JV of $6.8 million in June 2018 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 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	6 Months Ended
INVESTMENT SECURITIES	Jun. 30, 2021
INVESTMENT SECURITIES
INVESTMENT SECURITIES	NOTE 9. 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 in a 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 1,223,854 OP Units the Company received in exchange for the contribution of certain income properties to the PINE Operating Partnership, as of June 30, 2021, the Company owns, in the aggregate, 2.04 million shares of PINE, or 15.8% of PINE’s total shares outstanding for an initial investment of $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. The Company calculates the unrealized gain or loss based on the closing stock price of PINE at each respective balance sheet date. The unrealized, non-cash gains and losses resulting from the changes in the closing stock price of PINE are included in investment and other income (loss) in the consolidated statements of operations for the three and six months ended June 30, 2021 and 2020. The Company’s available-for-sale securities as of June 30, 2021 and December 31, 2020 are summarized below (in thousands): Cost Unrealized Gains in Unrealized Estimated June 30, 2021 Common Stock $ 15,500 $ 16 $ — $ 15,516 Operating Units 23,253 25 — 23,278 Total Equity Securities 38,753 41 — 38,794 Total Available-for-Sale Securities $ 38,753 $ 41 $ — $ 38,794 December 31, 2020 Common Stock $ 15,500 $ — $ (3,271) $ 12,229 Operating Units 23,253 — (4,908) 18,345 Total Equity Securities 38,753 — (8,179) 30,574 Total Available-for-Sale Securities $ 38,753 $ — $ (8,179) $ 30,574

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	6 Months Ended
FAIR VALUE OF FINANCIAL INSTRUMENTS	Jun. 30, 2021
FAIR VALUE OF FINANCIAL INSTRUMENTS
FAIR VALUE OF FINANCIAL INSTRUMENTS	NOTE 10. 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 June 30, 2021 and December 31, 2020 (in thousands): June 30, 2021 December 31, 2020 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Cash and Cash Equivalents - Level 1 $ 4,701 $ 4,701 $ 4,289 $ 4,289 Restricted Cash - Level 1 $ 13,918 $ 13,918 $ 29,536 $ 29,536 Commercial Loan and Master Lease Investments - Level 2 $ 38,884 $ 38,901 $ 38,320 $ 38,318 Long-Term Debt - Level 2 $ 304,886 $ 311,661 $ 273,830 $ 282,884 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 (liabilities) measured on a recurring basis by level as of June 30, 2021 and December 31, 2020 (in thousands): Fair Value at Reporting Date Using Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) June 30, 2021 Cash Flow Hedge - Interest Rate Swap - BMO (1) $ (849) $ — $ (849) $ — Cash Flow Hedge - Interest Rate Swap - BMO (2) $ 109 $ — $ 109 $ — Investment Securities $ 38,794 $ 38,794 $ — $ — December 31, 2020 Cash Flow Hedge - Interest Rate Swap - BMO (1) $ (1,772) $ — $ (1,772) $ — Cash Flow Hedge - Interest Rate Swap - BMO (2) $ (50) $ — $ (50) $ — Cash Flow Hedge - Interest Rate Swap - Wells Fargo (3) $ (88) $ — $ (88) $ — Investment Securities $ 30,574 $ 30,574 $ — $ — (1) Effective March 31, 2020, utilized interest rate swap to achieve fixed interest rate of 0.7325% plus the applicable spread on $100.0 million of the outstanding principal balance on the Credit Facility, hereinafter defined. (2) Effective March 10, 2021, the Company redesignated the interest rate swap utilized to achieve a fixed interest rate of 0.2200% plus the applicable spread on $50.0 million of the outstanding principal balance under the Credit Facility, hereinafter defined, to $50.0 million principal balance on the 2026 Term Loan, hereinafter defined. The interest rate swap was entered into as of August 31, 2020. On April 13, 2021, the Company entered into an additional rate swap to extend the fixed rate through maturity on March 10, 2026. (3) Effective March 12, 2021, in connection with the payoff of the $23.2 million variable-rate mortgage loan secured by Wells Fargo Raleigh, the interest rate swap was terminated. No assets were measured on a non-recurring basis as of June 30, 2021 or December 31, 2020.

INTANGIBLE LEASE ASSETS AND LIA

INTANGIBLE LEASE ASSETS AND LIABILITIES	6 Months Ended
INTANGIBLE LEASE ASSETS AND LIABILITIES	Jun. 30, 2021
INTANGIBLE LEASE ASSETS AND LIABILITIES
INTANGIBLE LEASE ASSETS AND LIABILITIES	NOTE 11. INTANGIBLE LEASE 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 June 30, 2021 and December 31, 2020 (in thousands): As of June 30, December 31, Intangible Lease Assets: Value of In-Place Leases $ 55,416 $ 44,558 Value of Above Market In-Place Leases 19,184 10,604 Value of Intangible Leasing Costs 16,338 13,285 Sub-total Intangible Lease Assets 90,938 68,447 Accumulated Amortization (19,468) (18,271) Sub-total Intangible Lease Assets—Net 71,470 50,176 Intangible Lease Liabilities (included in accrued and other liabilities): Value of Below Market In-Place Leases (36,403) (36,817) Sub-total Intangible Lease Liabilities (36,403) (36,817) Accumulated Amortization 13,944 12,654 Sub-total Intangible Lease Liabilities—Net (22,459) (24,163) Total Intangible Assets and Liabilities—Net $ 49,011 $ 26,013 During the six months ended June 30, 2021, the value of in-place leases increased by $10.9 million, the value of above-market in-place leases increased by $8.6 million, the value of intangible leasing costs increased by $3.1 million, and the value of below-market in-place leases increased by $0.4 million. Such increases reflect 2021 acquisitions, net of 2021 dispositions and the transference of two single-tenant outparcels transferred to held for sale as of June 30, 2021. Net accumulated amortization increased by $0.01 million, for a net increase during the six months ended June 30, 2021 of $23.0 million. As of June 30, 2021 and December 31, 2020, $18.7 million and $19.9 million, respectively, of the total below market in-place lease value is related to Wells Fargo Raleigh, which was acquired on November 18, 2015. The following table reflects the net amortization of intangible assets and liabilities during the three and six months ended June 30, 2021 and 2020 (in thousands): Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, Amortization Expense $ 1,935 $ 2,136 $ 3,762 $ 4,017 Increase to Income Properties Revenue (338) (444) (734) (918) Net Amortization of Intangible Assets and Liabilities $ 1,597 $ 1,692 $ 3,028 $ 3,099 The estimated future amortization expense (income) related to net intangible assets and liabilities is as follows (in thousands): Year Ending December 31, Future Amortization Amount Future Accretion to Income Property Revenue Net Future Amortization of Intangible Assets and Liabilities Remainder of 2021 $ 4,563 $ (377) $ 4,186 2022 8,911 (782) 8,129 2023 8,797 (759) 8,038 2024 8,785 (662) 8,123 2025 6,616 (618) 5,998 2026 and thereafter 17,799 (3,262) 14,537 Total $ 55,471 $ (6,460) $ 49,011 As of June 30, 2021, the weighted average amortization period of total intangible assets and liabilities was 8.4 years and 13.0 years, respectively.

IMPAIRMENT OF LONG-LIVED ASSETS

IMPAIRMENT OF LONG-LIVED ASSETS	6 Months Ended
IMPAIRMENT OF LONG-LIVED ASSETS	Jun. 30, 2021
IMPAIRMENT OF LONG-LIVED ASSETS
IMPAIRMENT OF LONG-LIVED ASSETS	NOTE 12. IMPAIRMENT OF LONG-LIVED ASSETS The Company assesses the impairment of long-lived assets whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The fair value of long-lived assets required to be assessed for impairment is determined on a non-recurring basis using Level 3 inputs in the fair value hierarchy. These Level 3 inputs may include, but are not limited to, executed purchase and sale agreements on specific properties, third party valuations, discounted cash flow models, and other model-based techniques. There were no impairment charges on the Company’s undeveloped land holdings, or its income property portfolio during the three and six months ended June 30, 2021 and 2020. The $16.5 million impairment charge recognized during the three months ended June 30, 2021 is related to the Company’s retained interest in the Land JV as a result of the estimated proceeds to be received in connection with the contract entered into with Timberline for the sale of substantially all of its remaining land, including any land that was previously under contract, for $67.0 million.

OTHER ASSETS

OTHER ASSETS	6 Months Ended
OTHER ASSETS	Jun. 30, 2021
OTHER ASSETS
OTHER ASSETS	NOTE 13. OTHER ASSETS Other assets consisted of the following as of June 30, 2021 and December 31, 2020 (in thousands): As of June 30, 2021 December 31, 2020 Income Property Tenant Receivables $ 1,069 $ 2,330 Income Property Straight-line Rent Adjustment and COVID-19 Deferral Balance 4,555 4,686 Operating Leases - Right-of-Use Asset 198 246 Golf Rounds Surcharge 390 454 Cash Flow Hedge - Interest Rate Swap 284 — Infrastructure Reimbursement Receivables 1,350 1,336 Prepaid Expenses, Deposits, and Other 1,814 1,693 Due from Alpine Income Property Trust, Inc. 1,380 666 Financing Costs, Net of Accumulated Amortization 576 769 Total Other Assets $ 11,616 $ 12,180 Income Property Straight-Line Rent Adjustment. Infrastructure Reimbursement Receivables.

EQUITY

EQUITY	6 Months Ended
EQUITY	Jun. 30, 2021
EQUITY
EQUITY	NOTE 14. EQUITY MERGER As a result of the Merger, as described in Note 1, “Description of Business”, the Company is authorized to issue 500,000,000 shares of common stock, $0.01 par value per share, and 100,000,000 shares of preferred stock, $0.01 par value per share. Prior to the Merger, the Company’s Accordingly, a $7.2 million adjustment to reduce common stock Additionally, as a result of the Merger and pursuant to Maryland state law, the Company’s treasury stock ceased to be outstanding and was returned to unissued status. Accordingly, a $77.5 million adjustment to eliminate treasury stock with a corresponding decrease to additional paid-in capital was made during the three months ended March 31, 2021 and is reflected in the accompanying consolidated statements of stockholders’ equity. SHELF REGISTRATION On April 1, 2021, the Company filed a shelf registration statement on Form S-3, relating to the registration and potential issuance of its common stock, preferred stock, debt securities, warrants, rights, and units with a maximum aggregate offering price of up to $350.0 million. The Securities and Exchange Commission declared the Form S-3 effective on April 19, 2021. ATM PROGRAM On April 30, 2021, the Company implemented a $150.0 million “at-the-market” equity offering program (the “ATM Program”) pursuant to which the Company may sell, from time to time, shares of the Company’s common stock. The Company was not active under the ATM Program during the six months ended June 30, 2021. PERPETUAL PREFERRED PUBLIC OFFERING On June 28, 2021, the Company priced a public offering of shares of its 6.375% Series A Cumulative Redeemable Preferred Stock at a public offering price of $25.00 per share. The offering closed on July 6, 2021 and generated total net proceeds to the Company of $72.4 million, after deducting the underwriting discount and expenses (see Note 26, “Subsequent Events”). DIVIDENDS The Company intends to elect to be taxed as a REIT for U.S. federal income tax purposes under the Code commencing with its taxable year ended December 31, 2020, upon filing of its tax return for such taxable year. To qualify as a REIT, the Company must annually distribute, at a minimum, an amount equal to 90% of its taxable income, determined without regard to the deduction for dividends paid and excluding net capital gains, and must distribute 100% of its taxable income (including net capital gains) to eliminate corporate federal income taxes payable by the Company. Because taxable income differs from cash flow from operations due to non-cash revenues and expenses (such as depreciation and other items), in certain circumstances, the Company may generate operating cash flow in excess of its dividends, or alternatively, may need to make dividend payments in excess of operating cash flows. During the three and six months ended June 30, 2021, the Company declared and paid cash dividends on its common stock of $1.00 per share and $2.00 per share, respectively .

COMMON STOCK AND EARNINGS (LOSS

COMMON STOCK AND EARNINGS (LOSS) PER SHARE	6 Months Ended
COMMON STOCK AND EARNINGS (LOSS) PER SHARE	Jun. 30, 2021
COMMON STOCK AND EARNINGS (LOSS) PER SHARE
COMMON STOCK AND EARNINGS (LOSS) PER SHARE	NOTE 15. COMMON STOCK AND EARNINGS (LOSS) PER SHARE Basic earnings per common share is computed by dividing net income (loss) during the period 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. The following is a reconciliation of basic and diluted earnings per common share for each of the periods presented (in thousands, except share and per share data): Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, Income Available to Common Stockholders: Net Income (Loss) $ (3,724) $ 12,611 $ 4,061 $ 349 Weighted Average Shares Outstanding 5,898,280 4,653,627 5,888,735 4,682,511 Common Shares Applicable to Stock Options Using the Treasury Stock Method — — — — Total Shares Applicable to Diluted Earnings Per Share 5,898,280 4,653,627 5,888,735 4,682,511 Per Share Information: Basic and Diluted Net Income (Loss) per Share $ (0.63) $ 2.71 $ 0.69 $ 0.07 There were no potentially dilutive securities for the three and six month periods ended June 30, 2021 or 2020. The effect of 37,552 and 39,402 potentially dilutive securities were not included for the six months ended June 30, 2021 and 2020, respectively, as the effect would be anti-dilutive. The Company intends to settle its 3.875% Convertible Senior Notes due 2025 (the “Convertible Notes”) in cash upon conversion with any excess conversion value to be settled in shares of our common stock. Therefore, only the amount in excess of the par value of the Convertible Notes will be included in our calculation of diluted net income (loss) per share using the treasury stock method. As such, the Convertible Notes have no impact on diluted net income (loss) per share until the price of our common stock exceeds the current conversion price of $53.06. The average price of our common stock during the six months ended June 30, 2021 did not exceed the conversion price which resulted in no additional diluted outstanding shares.

STOCK REPURCHASES

STOCK REPURCHASES	6 Months Ended
STOCK REPURCHASES	Jun. 30, 2021
STOCK REPURCHASES
SHARE REPURCHASES	NOTE 16. SHARE REPURCHASES In February 2020, the Company’s Board approved a $10.0 million stock repurchase program (the “$10.0 Million Repurchase Program”). During the six months ended June 30, 2020, the Company repurchased 88,565 shares of its common stock on the open market for a total cost of $4.1 million, or an average price per share of $46.29. The shares of the Company’s common stock repurchased during the six months ended June 30, 2020 were returned to the Company’s treasury. There were no repurchases of the Company’s common stock during the six months ended June 30, 2021. The $10.0 Million Repurchase Program does not have an expiration date. As a result of the Merger and pursuant to Maryland state law, the Company’s treasury stock ceased to be outstanding and was returned to unissued status. Accordingly, a $77.5 million adjustment to eliminate treasury stock with a corresponding decrease to additional paid-in capital was made during the three months ended March 31, 2021 and is reflected in the accompanying consolidated statements of stockholders’ equity.

LONG-TERM DEBT

LONG-TERM DEBT	6 Months Ended
LONG-TERM DEBT	Jun. 30, 2021
LONG-TERM DEBT
LONG-TERM DEBT	NOTE 17. LONG-TERM DEBT Our consolidated indebtedness as of June 30, 2021 was $311.0 million. The consolidated indebtedness was comprised of $249.3 million outstanding under our revolving credit facility (the “Credit Facility”), inclusive of the $65.0 million term loan (the “2026 Term Loan”) balance, and $61.7 million principal amount of 2025 Notes. Long-term debt, at face value, totaled $311.0 million at June 30, 2021, representing an increase of $30.5 million from the balance of $280.5 million at December 31, 2020. The $30.5 million increase in long-term debt was related to the impact of (i) net draws on the Credit Facility totaling $19.5 million, (ii) origination of the $50.0 million 2026 Term Loan under the Company’s Credit Facility and subsequent exercise of the accordion option of $15.0 million, (iii) payoff of the $23.2 million variable-rate mortgage note, (iv) assumption of the $30.0 million fixed-rate mortgage note by the buyer in connection with the disposition of the CMBS Portfolio during the second quarter of 2021, and (v) repurchase of $0.8 million aggregate amount of convertible notes. In connection with the payoff of the variable-rate mortgage note originated with Wells Fargo, the associated interest rate swap was terminated on March 12, 2021. As of June 30, 2021, the Company’s outstanding indebtedness, at face value, was as follows (in thousands): Face Value Debt Maturity Date Interest Rate Credit Facility (1) $ 184,345 May 2023 30-day LIBOR 2026 Term Loan (2) 65,000 March 2026 0.22% plus [1.35% - 1.95%] 3.875% Convertible Senior Notes due 2025 61,688 April 2025 3.875% Total Long-Term Face Value Debt $ 311,033 (1) Effective March 31, 2020, utilized interest rate swap to achieve fixed interest rate of 0.7325% plus the applicable spread on $100.0 million of the outstanding principal balance under the Credit Facility. (2) Effective March 10, 2021, the Company redesignated the interest rate swap utilized to achieve a fixed interest rate of 0.2200% plus the applicable spread on $50.0 million of the outstanding principal balance under the Credit Facility to $50.0 million principal balance on the 2026 Term Loan. The interest rate swap was entered into as of August 31, 2020. Credit Facility. “2017 Amended Credit Facility”). As a result of the 2021 Revolver Amendment, as defined below, The Huntington National Bank has been added as a lender to the Company’s Credit Facility and 2026 Term Loan. On May 24, 2019, the Company executed the second amendment to the 2017 Amended Credit Facility (the “May 2019 Revolver Amendment”). As a result of the May 2019 Revolver Amendment, the Credit Facility had 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 135 195 On November 26, 2019, the Company entered into the third amendment to the 2017 Amended Credit Facility (the “November 2019 Revolver Amendment”), which further amends the 2017 Amended Credit Facility. The November 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 sale of certain income properties to PINE, 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 OP Units. On July 1, 2020, the Company entered into the fourth amendment to the 2017 Amended Credit Facility (the “July 2020 Revolver Amendment”) whereby the tangible net worth covenant was adjusted to be more reflective of market terms. The July 2020 Revolver Amendment was effective as of March 31, 2020. On November 12, 2020, the Company entered into the fifth amendment to the 2017 Amended Credit Facility (the “November 2020 Revolver Amendment”). The November 2020 Revolver Amendment provided that, among other things, (i) the Company must comply with certain adjusted additional financial maintenance requirements, including (x) a new restricted payments covenant which limits the type and amount of cash distributions that may be made by the Company and (y) an adjusted fix charges ratio, which now excludes certain onetime expenses for purposes of calculation and (ii) the Company must, from and after the date that the Company elects to qualify as a REIT, maintain its status as a REIT. On March 10, 2021, the Company entered into the sixth amendment to the 2017 Amended Credit Facility (the “2021 Revolver Amendment”). The 2021 Revolver Amendment included, among other things, (i) increase of the revolving credit commitment from $200.0 million to $210.0 million, (ii) addition of the 2026 Term Loan in the aggregate amount of $50.0 million, (iii) updates to certain financing rate provisions provided therein, and (iv) joinder of The Huntington National Bank as a 2026 Term Loan lender and Credit Facility lender. The 2021 Revolver Amendment also includes accordion options that allow the Company to request additional 2026 Term Loan lender commitments up to a total of $150.0 million and additional Credit Facility lender commitments up to a total of $300.0 million. During the three months ended June 30, 2021, the Company exercised the 2026 Term Loan accordion option for $15.0 million, increasing total lender commitments to $65.0 million. At June 30, 2021, the current commitment level under the Credit Facility was $210.0 million. The available borrowing capacity under the Credit Facility was $25.7 million, based on the level of borrowing base assets. As of June 30, 2021, the Credit Facility had a $184.3 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 Convertible Debt On February 4, 2020, the Company closed privately negotiated exchange agreements with certain holders of its outstanding 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 $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 $5.9 million of the proceeds from the New Notes Placement to repurchase $5.9 million of the 2020 Notes. As a result of the Convert Transactions there was a total of $75.0 million aggregate principal amount of 2025 Notes outstanding. 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 were used to redeem at maturity on March 15, 2020 $11.7 million of the aggregate principal amount of the 2020 Notes that remained outstanding. During the year ended December 31, 2020, the Company repurchased $12.5 million aggregate principal amount of 2025 Notes at a $2.6 million discount, resulting in a gain on extinguishment of debt of $1.1 million. All such repurchases were made during first and second quarter of 2020. During the six months ended June 30, 2021, the Company repurchased $0.8 million aggregate principal amount of 2025 Notes at a $0.01 million premium, resulting in a loss on extinguishment of debt of $0.1 million. Following the repurchase of the 2025 Notes, $61.7 million aggregate principal amount of the 2025 Notes remains outstanding at June 30, 2021. 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 was 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 $78.18 per share of the Company’s common stock). The initial conversion price of the 2025 Notes represented a premium of 20% to the $65.15 closing sale price of the Company’s common stock on the NYSE American on January 29, 2020. If the Company’s Board increases the quarterly dividend above the $0.13 per share in place at issuance, the conversion rate is adjusted with each such increase in the quarterly dividend amount. After the second quarter 2021 dividend, the conversion rate is equal to 18.8450 shares of common stock for each $1,000 principal amount of 2025 Notes, which represents an adjusted conversion price of $53.06 per share of common stock. At the maturity date, 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. The conversion rate is subject to adjustment in certain circumstances. Holders may not surrender their 2025 Notes for conversion prior to January 15, 2025 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 2025 Notes, or specified corporate events including a change in control of the Company. The Company may not redeem the 2025 Notes prior to the stated maturity date and no sinking fund is provided for the 2025 Notes. The 2025 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 2025 Notes in cash upon conversion, with any excess conversion value to be settled in shares of our common stock. In accordance with U.S. GAAP, the 2025 Notes were accounted for as a liability with a separate equity component recorded for the conversion option. A liability was recorded for the 2025 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 2025 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. As of June 30, 2021, the unamortized debt discount of our 2025 Notes was $5.5 million. Long-term debt consisted of the following (in thousands): June 30, 2021 December 31, 2020 Total Due Within One Year Total Due Within One Year Credit Facility $ 184,345 $ — $ 164,845 $ — 2026 Term Loan 65,000 — — — Mortgage Note Payable (originated with Wells Fargo) — — 30,000 — Mortgage Note Payable (originated with Wells Fargo) — — 23,183 23,183 3.875% Convertible Senior Notes, net of discount 56,236 — 56,296 — Financing Costs, net of accumulated amortization (695) — (494) — Total Long-Term Debt $ 304,886 $ — $ 273,830 $ 23,183 Payments applicable to reduction of principal amounts as of June 30, 2021 will be required as follows (in thousands): As of June 30, 2021 Amount Remainder of 2021 $ — 2022 — 2023 184,345 2024 — 2025 61,688 2026 and thereafter 65,000 Total Long-Term Debt - Face Value $ 311,033 The carrying value of long-term debt as of June 30, 2021 consisted of the following (in thousands): Total Current Face Amount $ 311,033 Unamortized Discount on Convertible Debt (5,452) Financing Costs, net of accumulated amortization (695) Total Long-Term Debt $ 304,886 In addition to the $0.7 million of financing costs, net of accumulated amortization included in the table above, as of June 30, 2021, the Company also had financing costs, net of accumulated amortization related to the Credit Facility of $0.6 million which is included in other assets on the consolidated balance sheets. These costs are amortized on a straight-line basis over the term of the Credit Facility and are included in interest expense in the Company’s accompanying consolidated statements of operations. The following table reflects a summary of interest expense incurred and paid during the three and six months ended June 30, 2021 and 2020 (in thousands): Three Months Ended Six Months Ended June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Interest Expense $ 1,943 $ 2,124 $ 3,912 $ 4,923 Amortization of Deferred Financing Costs 159 73 324 223 Amortization of Discount on Convertible Notes 319 256 629 760 Total Interest Expense $ 2,421 $ 2,453 $ 4,865 $ 5,906 Total Interest Paid $ 2,627 $ 2,496 $ 4,022 $ 5,636 The Company was in compliance with all of its debt covenants as of June 30, 2021 and December 31, 2020.

ACCRUED AND OTHER LIABILITIES

ACCRUED AND OTHER LIABILITIES	6 Months Ended
ACCRUED AND OTHER LIABILITIES	Jun. 30, 2021
ACCRUED AND OTHER LIABILITIES
ACCRUED AND OTHER LIABILITIES	NOTE 19. ACCRUED AND OTHER LIABILITIES Accrued and other liabilities consisted of the following (in thousands): As of June 30, December 31, Accrued Property Taxes $ 3,374 $ 945 Reserve for Tenant Improvements 2,004 1,353 Accrued Construction Costs 729 1,783 Accrued Interest 491 602 Environmental Reserve 101 106 Cash Flow Hedge - Interest Rate Swaps 1,024 1,910 Operating Leases - Liability 190 245 Other 3,524 2,146 Total Accrued and Other Liabilities $ 11,437 $ 9,090 Reserve for Tenant Improvements. Accrued Construction Costs. Environmental Reserve. estimated costs was increased for the amount of monitoring now anticipated. Since the total accrual of $0.7 million was made, $0.6 million in costs have been incurred through June 30, 2021, leaving a remaining accrual of $0.1 million. Operating Leases – Liability. Leases,

DEFERRED REVENUE

DEFERRED REVENUE	6 Months Ended
DEFERRED REVENUE	Jun. 30, 2021
DEFERRED REVENUE
DEFERRED REVENUE	NOTE 20. DEFERRED REVENUE Deferred revenue consisted of the following (in thousands): As of June 30, December 31, Prepaid Rent $ 2,993 $ 2,684 Tenant Contributions 600 625 Other Deferred Revenue 443 10 Total Deferred Revenue $ 4,036 $ 3,319 Tenant Contributions.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	6 Months Ended
STOCK-BASED COMPENSATION	Jun. 30, 2021
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	NOTE 21. STOCK-BASED COMPENSATION SUMMARY OF STOCK-BASED COMPENSATION A summary of share activity for all equity classified stock compensation during the six months ended June 30, 2021, is presented below: Type of Award Shares Outstanding at 1/1/2021 Granted Shares Vested / Exercised Shares Expired Shares Forfeited Shares Shares Outstanding at 6/30/2021 Equity Classified - Performance Share Awards - Peer Group Market Condition Vesting 55,851 48,134 (17,418) — — 86,567 Equity Classified - Market Condition Restricted Shares - Stock Price Vesting 22,000 — — (22,000) — — Equity Classified - Three Year Vest Restricted Shares 38,479 43,050 (21,220) — (3,435) 56,874 Equity Classified - Non-Qualified Stock Option Awards 80,000 20,332 (43,624) — — 56,708 Total Shares 196,330 111,516 (82,262) (22,000) (3,435) 200,149 As contemplated under the terms of the Second Amended and Restated 2010 Equity Incentive Plan (together with its predecessor plan, the “2010 Plan”), on January 20, 2021, in order to address the dilutive effect of the stock component of the special distribution that was paid to the Company’s stockholders on December 21, 2020 in connection with the Company’s REIT conversion, the Board’s Compensation Committee made an equitable adjustment (the “Equitable Adjustment”) to certain of the awards outstanding as of December 31, 2020. Accordingly, during the three months ended March 31, 2021, the number of granted shares (111,516) includes 46,237 shares attributable to the Equitable Adjustment. Amounts recognized in the financial statements for stock options, stock appreciation rights, and restricted stock are as follows (in thousands): Three Months Ended Six Months Ended June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Total Cost of Share-Based Plans Charged Against Income Before Tax Effect $ 742 $ 699 $ 1,700 $ 1,518 Income Tax Expense Recognized in Income $ — $ 174 $ — $ 378 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. EQUITY-CLASSIFIED STOCK COMPENSATION Performance Share Awards – Peer Group Market Condition Vesting Performance shares have been granted to certain employees under the 2010 Plan. The performance share 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 ultimately received by the award recipient is determined based on the Company’s total stockholder return as compared to the total stockholder return of a certain peer group during a three-year performance period. The Company granted a total of 48,134 performance shares during the three months ended March 31, 2021, of which 15,988 were attributable to the Equitable Adjustment. During the three months ended March 31, 2021, pursuant to the calculation of the vesting criteria for the three-year performance period ended December 31, 2020, as performed by an independent third party, the grantees of performance shares received an aggregate of 15,197 shares of Company common stock related to the 17,418 shares outstanding as of January 20, 2021, post Equitable Adjustment, as the actual vesting percentage achieved during the relevant three-year performance period was 87.2%. During the three months ended March 31, 2020, pursuant to the calculation of the vesting criteria for the three-year performance period ended December 31, 2019, as performed by an independent third party, the grantees of performance shares received an aggregate of 14,214 shares of Company common stock related to the 12,635 shares outstanding as of January 1, 2020 as the actual vesting percentage achieved during the relevant three-year performance period was 112.5%. 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 stockholder 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. As of June 30, 2021, there was $2.5 million of unrecognized compensation cost, adjusted for estimated 1.9 years. A summary of activity during the six months ended June 30, 2021 is presented below: Performance Shares with Market Conditions Shares Wtd. Avg. Fair Value Outstanding at January 1, 2021 55,851 $ 63.44 Granted 48,134 $ 32.04 Vested (17,418) $ 58.30 Expired — — Forfeited — — Outstanding at June 30, 2021 86,567 $ 47.01 Market Condition Restricted Shares– Stock Price Vesting Restricted Company common stock has been granted to certain employees under the 2010 Plan. The restricted Company common stock outstanding from these grants vest in increments based upon the price per share of the Company common stock during the term of 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. Effective January 28, 2021, the 22,000 shares outstanding, consisting of 18,000 shares with a $70 per share price vesting criteria and 4,000 shares with a $75 per share price vesting criteria, expired prior to vesting. 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 stockholder 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. As of June 30, 2021, there is no unrecognized compensation cost related to market condition restricted stock. A summary of the activity for these awards during the six months ended June 30, 2021 is presented below: Market Condition Non-Vested Restricted Shares Shares Wtd. Avg. Fair Value Outstanding at January 1, 2021 22,000 $ 41.71 Granted — — Vested — — Expired (22,000) $ 41.71 Forfeited — — Outstanding at June 30, 2021 — — Three Year Vest Restricted Shares Restricted shares have been granted to certain employees under the 2010 Plan. One 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. As of June 30, 2021, there was $2.1 million of unrecognized compensation cost, adjusted for estimated forfeitures, related to the three-year vest non-vested restricted shares, which will be recognized over a remaining weighted average period of 2.1 years. A summary of activity for these awards six months ended June 30, 2021 is presented below: Three Year Vest Non-Vested Restricted Shares Shares Wtd. Avg. Fair Value Per Share Outstanding at January 1, 2021 38,479 $ 57.82 Granted 43,050 $ 35.47 Vested (21,220) $ 48.55 Expired — — Forfeited (3,435) $ 46.61 Outstanding at June 30, 2021 56,874 $ 45.04 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 2010 Plan, with an exercise price of $50.00. Effective January 20, 2021, as a result of the Equitable Adjustment, the number of shares covered by the option was increased to 12,541 and the exercise price was adjusted to $39.87. The option vested for one-third tenth 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. Effective January 20, 2021, as a result of the Equitable Adjustment, the number of shares covered by the option was increased to 25,083 and the exercise price was adjusted to $45.85. 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. During the three months ended March 31, 2021, the option was exercised on 25,083 shares, leaving none outstanding as of March 31, 2021. No options were exercised during the three months ended June 30, 2021. 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 one-third two 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. Effective January 20, 2021, as a result of the Equitable Adjustment, the number of shares covered by the option was increased to 12,541 and the exercise price was adjusted to $45.88. The option vested for one-third 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 six months ended June 30, 2021 is presented below: Non-Qualified Stock Option Awards Shares Wtd. Avg. Ex. Price Wtd. Avg. Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding at January 1, 2021 80,000 $ 55.63 Granted 20,332 — Exercised (43,624) $ 44.85 Expired — — Forfeited — — Outstanding at June 30, 2021 56,708 $ 43.98 3.82 $ 541,145 Exercisable at January 1, 2021 80,000 $ 55.63 4.26 — Exercisable at June 30, 2021 56,708 $ 43.98 3.82 $ 541,145 The total intrinsic value of options exercised during the six months ended June 30, 2021 totaled $0.5 million. As of June 30, 2021, there is no unrecognized compensation cost related to non-qualified, non-vested stock option awards. NON-EMPLOYEE DIRECTOR STOCK COMPENSATION Each member of the Company’s Board of Directors has the option to receive his or her annual retainer and meeting fees 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 for the years ended December 31, 2019 and 2020 and $35,000 for the year ending December 31, 2021 (the “Annual Award”). The number of shares awarded is calculated based on the trailing 20-day average price of the Company’s common stock as of the date two During the six months ended June 30, 2021 and 2020, the expense recognized for the value of the Company’s common stock received by non-employee directors totaled $0.4 million or 8,298 shares, and $0.4 million, or 6,283 shares, respectively. The expense recognized during the six months ended June 30, 2021 and 2020 includes the Annual Award received during the first quarter of each respective year which totaled $0.2 million and $0.1 million, respectively.

INCOME TAXES

INCOME TAXES	6 Months Ended
INCOME TAXES	Jun. 30, 2021
INCOME TAXES
INCOME TAXES	NOTE 22. INCOME TAXES The Company intends to elect to be taxed as a REIT for U.S. federal income tax purposes under the Code commencing with its taxable year ended December 31, 2020, upon filing of its tax return for such taxable year. The Company believes that, commencing with such taxable year, it has been organized and has operated in such a manner as to qualify for taxation as a REIT under the U.S. federal income tax laws. The Company intends to continue to operate in such a manner. As a REIT, the Company will be subject to U.S. federal and state income taxation at corporate rates on its net taxable income; the Company, however, may claim a deduction for the amount of dividends paid to its stockholders. Amounts distributed as dividends by the Company will be subject to taxation at the stockholder level only. While the Company must distribute at least 90% of its REIT taxable income, determined without regard to the dividends paid deduction and excluding any net capital gain, to qualify as a REIT, the Company intends to distribute all of its net taxable income. The Company is allowed certain other non-cash deductions or adjustments, such as depreciation expense, when computing its REIT taxable income and distribution requirement. These deductions permit the Company to reduce its dividend payout requirement under U.S. federal income tax laws. Certain states may impose minimum franchise taxes. To comply with certain REIT requirements, the Company holds certain of its non-REIT assets and operations through TRS and subsidiaries of TRSs, which will be subject to applicable U.S. federal, state and local corporate income tax on their taxable income. For the periods presented, the Company held a total of five TRSs subject to taxation. The Company’s TRSs will file separately as C-Corporations. As a result of the Company’s election to be taxed as a REIT, during the year ended December 31, 2020, a $82.5 million deferred tax benefit was recorded to de-recognize the deferred tax assets and liabilities associated with the entities included in the REIT. A significant portion of the deferred tax benefit recognized relates to the de-recognition of deferred tax liabilities resulting from Internal Revenue Code Section 1031 like-kind exchanges (“1031 Exchanges”). The Company will be subject to corporate income taxes related to assets held by it that are sold during the 5-year period following the date of conversion to the extent such sold assets had a built-in gain as of January 1, 2020. The Company generally does not intend to dispose of any REIT assets after the REIT conversion within the 5-year period, unless various tax planning strategies, including 1031 Exchanges or other deferred tax structures are available to mitigate the built-in gain tax liability of conversion.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
COMMITMENTS AND CONTINGENCIES	Jun. 30, 2021
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	NOTE 23. COMMITMENTS AND CONTINGENCIES Legal Proceedings From time to time, the Company may be a party to certain legal proceedings, incidental to the normal course of its business. While the outcome of the legal proceedings cannot be predicted with certainty, the Company does not expect that these proceedings will have a material effect upon our financial condition or results of operations. Buc-ee’s. Contractual Commitments – Expenditures The Company has committed to fund commitments on eight income properties. The improvements on such properties are estimated to be completed generally within twelve months. These commitments, as of June 30, 2021, are as follows (in thousands): As of June 30, 2021 Total Commitment (1) $ 10,877 Less Amount Funded (1,610) Remaining Commitment $ 9,267 (1) Commitment includes tenant improvements, leasing commissions, rebranding, facility expansion and other capital improvements. Off-Balance Sheet Arrangements The Operating Agreement of the Mitigation Bank JV 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 $6.0 million of revenue to the Mitigation Bank JV, net of commissions, by the end of 2020, utilizing 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 Guarantee. As a result of not having achieved the Minimum Sales Requirement prior to December 31, 2020, during the first and second quarters of 2021, the Company has had active discussions with BlackRock regarding the Minimum Sales Guarantee. Based on those discussions, the Company currently anticipates that the Minimum Sales Guarantee payment would be paid to BlackRock in the latter half of 2021. The Company is also in discussion with BlackRock regarding the Company’s potential buyout of BlackRock’s position in the Mitigation Bank JV, the timing of which could occur in the latter half of 2021. There can be no assurances regarding the likelihood, timing, or final terms of such potential buyout. During June 2018, upon closing the Mitigation Bank JV, the Company estimated the fair value of the Minimum Sales Guarantee at $0.1 million 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 June 30, 2021, the Company considers the $0.1 million reasonable as upon payment of the Minimum Sales Guarantee, the Company will obtain mitigation credits, or the right to such credits, which would be recorded as an asset at the time of payment.

BUSINESS SEGMENT DATA

BUSINESS SEGMENT DATA	6 Months Ended
BUSINESS SEGMENT DATA	Jun. 30, 2021
BUSINESS SEGMENT DATA
BUSINESS SEGMENT DATA	NOTE 24. BUSINESS SEGMENT DATA The Company operates in four primary business segments: income properties, management services, commercial loan and master lease investments, and real estate operations. Our income property operations consist primarily of income-producing properties, and our business plan is focused on investing in additional income-producing properties. Our income property operations accounted for 84.7% and 80.0% of our identifiable assets as of June 30, 2021 and December 31, 2020, respectively, and 79.4% and 87.0% of our consolidated revenues for the six months ended June 30, 2021 and 2020, respectively. Our management fee income consists of the management fees earned for the management of PINE and the Land JV. As of June 30, 2021, our commercial loan and master lease investments portfolio consisted of two commercial loan investment and two commercial properties whose leases are classified as commercial loan and master lease investments. Our continuing real estate operations consists of revenues generated from leasing and royalty income from our interests in subsurface oil, gas, and mineral rights, and the sale of mitigation credits. The Company evaluates performance based on profit or loss from operations. 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 three and six months ended June 30, 2021 and 2020 are as follows (in thousands): Three Months Ended Six Months Ended June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Revenues: Income Properties $ 11,574 $ 11,473 $ 23,023 $ 22,476 Management Fee Income 752 695 1,421 1,397 Interest Income from Commercial Loan and Master Lease Investments 709 835 1,410 1,887 Real Estate Operations 1,248 7 3,141 88 Total Revenues $ 14,283 $ 13,010 $ 28,995 $ 25,848 Operating Income (Loss): Income Properties $ 8,787 $ 8,905 $ 17,319 $ 17,795 Management Fee Income 752 695 1,421 1,397 Interest Income from Commercial Loan and Master Lease Investments 709 835 1,410 1,887 Real Estate Operations 715 (50) 2,526 (1,493) General and Corporate Expense (7,696) (7,192) (15,658) (14,836) Impairment Charges (16,527) — (16,527) (1,905) Gain on Disposition of Assets 4,732 7,076 5,440 7,076 Gain (Loss) on Extinguishment of Debt (641) 504 (641) 1,141 Total Operating Income (Loss) $ (9,169) $ 10,773 $ (4,710) $ 11,062 Depreciation and Amortization: Income Properties $ 5,026 $ 5,016 $ 9,851 $ 9,563 Corporate and Other 5 5 10 10 Total Depreciation and Amortization $ 5,031 $ 5,021 $ 9,861 $ 9,573 Capital Expenditures: Income Properties $ 74,767 $ 250 $ 114,107 $ 138,242 Commercial Loan and Master Lease Investments — — — 6,754 Corporate and Other 3 6 10 12 Total Capital Expenditures $ 74,770 $ 256 $ 114,117 $ 145,008 Identifiable assets of each segment as of June 30, 2021 and December 31, 2020 are as follows (in thousands): As of June 30, 2021 December 31, 2020 Identifiable Assets: Income Properties $ 584,058 $ 531,325 Management Services 1,380 700 Commercial Loan and Master Lease Investments 38,884 38,321 Real Estate Operations 43,171 59,717 Discontinued Land Operations 834 833 Corporate and Other 21,545 35,804 Total Assets $ 689,872 $ 666,700 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 and depreciation and amortization expense. 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 as of June 30, 2021 or December 31, 2020.

ASSETS AND LIABILITIES HELD FOR

ASSETS AND LIABILITIES HELD FOR SALE	6 Months Ended
ASSETS AND LIABILITIES HELD FOR SALE	Jun. 30, 2021
ASSETS AND LIABILITIES HELD FOR SALE
ASSETS AND LIABILITIES HELD FOR SALE	NOTE 25. ASSETS AND LIABILITIES HELD FOR SALE Assets and liabilities held for sale as of June 30, 2021 and December 31, 2020 are summarized below (in thousands). Two outparcels to Crossroads Towne Center, the Company’s multi-tenant income property located in Chandler, Arizona, were classified as held for sale as of June 30, 2021. As of June 30, 2021 Land JV Income Properties Total Assets (Liabilities) Held for Sale Plant, Property, and Equipment—Net $ — $ 2,354 $ 2,354 Restricted Cash 833 — 833 Intangible Lease Assets—Net — 548 548 Intangible Lease Liabilities—Net — (15) (15) Total Assets Held for Sale $ 833 $ 2,887 $ 3,720 Deferred Revenue $ (831) $ — $ (831) Total Liabilities Held for Sale $ (831) $ — $ (831) As of December 31, 2020 Land JV Income Properties Total Assets (Liabilities) Held for Sale Restricted Cash $ 833 $ — $ 833 Total Assets Held for Sale $ 833 $ — $ 833 Deferred Revenue $ (831) $ — $ (831) Total Liabilities Held for Sale $ (831) $ — $ (831) Deferred Revenue on Land Sales.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
SUBSEQUENT EVENTS	Jun. 30, 2021
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 26. SUBSEQUENT EVENTS The Company reviewed all subsequent events and transactions through July 29, 2021, the date the consolidated financial statements were issued. Perpetual Preferred Public Offering On June 28, 2021, the Company priced a public offering of 3,000,000 shares of its 6.375% Series A Cumulative Redeemable Preferred Stock at a public offering price of $25.00 per share. The offering closed on July 6, 2021 and generated total net proceeds to the Company of $72.4 million, after deducting the underwriting discount and expenses. The $72.4 million of net proceeds were utilized to pay down the Credit Facility. There were no other reportable subsequent events or transactions.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Jun. 30, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Interim Financial Information	Interim Financial Information The accompanying unaudited consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. These unaudited consolidated financial statements do not include all of the information and notes required by accounting principles generally accepted in the United States of America (“U.S. GAAP”) for complete financial statements, and should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, which provides a more complete understanding of the Company’s accounting policies, financial position, operating results, business properties, and other matters. The unaudited consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary to present fairly the financial position of the Company and the results of operations for the interim periods. The results of operations for the three and six months ended June 30, 2021 are not necessarily indicative of results to be expected for the year ending December 31, 2021.
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries, and other entities in which we have a controlling interest. Any real estate entities or properties included in the consolidated financial statements have been consolidated only for the periods that such entities or properties were owned or under control by us. All inter-company balances and transactions have been eliminated in the consolidated financial statements. 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 Preparation of Financial Statements The preparation of financial statements in conformity with U.S. 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. Among other factors, fluctuating market conditions that can exist in the national real estate markets and the volatility and uncertainty in the financial and credit markets make it possible that the estimates and assumptions, most notably those related to the Company’s investment in income properties, could change materially due to continued volatility in 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 Debt with Conversion and Other Options. ASC Topic 326, Financial Instruments-Credit Losses Financial Instruments-Credit Losses January 1, 2020
Reclassifications	Reclassifications Certain items in the consolidated balance sheet as of December 31, 2020 have been reclassified to conform to the presentation as of March 31, 2021. Specifically, in the first quarter of 2021, the Company reclassified deferred financing costs incurred in connection with its Credit Facility (as further described in Note 17, Long-Term Debt), net of accumulated amortization, as a component of other assets on the accompanying consolidated balance sheet. Accordingly, deferred financing costs of $1.2 million, net of accumulated amortization of $0.5 million, were reclassified from long-term debt to other assets as of December 31, 2020.
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 June 30, 2021 include certain amounts over the Federal Deposit Insurance Corporation limits.
Restricted Cash	Restricted Cash Restricted cash totaled $13.9 million at June 30, 2021, of which $13.8 million is being held in an escrow account to be reinvested through the like-kind exchange structure into other income properties and $0.1 million is being held in a separate escrow account in connection with the sale of a ground lease located in Daytona Beach, Florida.
Derivative Financial Instruments and Hedging Activity	Derivative Financial Instruments and Hedging Activity Interest Rate Swaps Derivatives and Hedging The Company documented the relationship between the hedging instruments and the hedged item, as well as its risk-management objective and strategy for undertaking the hedge transactions. At the hedges’ inception, the Company formally assessed whether the derivatives that are used in hedging the transactions are highly effective in offsetting changes in cash flows of the hedged items, and we will continue to do so on an ongoing basis. As the terms of each interest rate swap and the associated debts are identical, both hedging instruments qualify for the shortcut method; therefore, it is assumed that there is no hedge ineffectiveness throughout the entire term of the hedging instruments. Changes in fair value of the hedging instruments that are highly effective and designated and qualified as cash-flow hedges are recorded in other comprehensive income and loss, until earnings are affected by the variability in cash flows of the designated hedged items.
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 June 30, 2021 and December 31, 2020, approximate fair value because of the short maturity of these instruments. The carrying value of the Company’s Credit Facility (hereinafter defined) as of June 30, 2021 and December 31, 2020, approximates current market rates for revolving credit arrangements with similar risks and maturities. The face value of the Company’s fixed rate commercial loan and master lease investments, the 2026 Term Loan (hereinafter defined), and convertible debt held as of June 30, 2021 and December 31, 2020 are measured at fair value based on current market rates for financial instruments with similar risks and maturities (see Note 10, “Fair Value of Financial Instruments”).
Fair Value Measurements	Fair Value Measurements The Company’s estimates of fair value of financial and non-financial assets and liabilities is based on the framework established by U.S. 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. U.S. 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 And Master Lease Investments	Recognition of Interest Income from Commercial Loan and Master Lease Investments Interest income on commercial loan and master lease 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 consist of accrued tenant reimbursable expenses and other tenant receivables. Receivables related to income property tenants totaled $1.1 million and $2.3 million as of June 30, 2021 and December 31, 2020, respectively. The $1.2 million decrease is primarily attributable to a decrease in estimated accrued receivables for variable lease payments including common area maintenance, insurance, real estate taxes and other operating expenses. Accounts receivable related to real estate operations, which are classified in other assets on the consolidated balance sheets, totaled $1.4 million and $1.3 million as of June 30, 2021 and December 31, 2020, respectively. The accounts receivable as of June 30, 2021 and December 31, 2020 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 13, “Other Assets.” The collectability of the aforementioned receivables shall be considered and adjusted through an allowance for credit losses pursuant to ASC 326, Financial Instruments-Credit Losses
Purchase Accounting for Acquisitions of Real Estate Subject to a Lease	Purchase Accounting for Acquisitions of Real Estate Subject to a Lease Investments in real estate are carried at cost less accumulated depreciation and impairment losses, if any. The cost of investments in real estate reflects their purchase price or development cost. We evaluate each acquisition transaction to determine whether the acquired asset meets the definition of a business. Under ASU 2017-01, Business Combinations Clarifying the Definition of a Business In accordance with FASB guidance, 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. 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. 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 management believes that it is likely that the tenant will renew the lease upon expiration, in which case the Company amortizes the value attributable to the renewal over the renewal period. The value of in-place leases and leasing costs are 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.
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
Income Taxes	Income Taxes The Company intends to elect to be taxed as a REIT for U.S. federal income tax purposes under the Code commencing with its taxable year ended December 31, 2020, upon filing of its tax return for such taxable year. The Company believes that, commencing with such taxable year, it has been organized and has operated in such a manner as to qualify for taxation as a REIT under the U.S. federal income tax laws. The Company intends to continue to operate in such a manner. As a REIT, the Company will be subject to U.S. federal and state income taxation at corporate rates on its net taxable income; the Company, however, may claim a deduction for the amount of dividends paid to its stockholders. Amounts distributed as dividends by the Company will be subject to taxation at the stockholder level only. While the Company must distribute at least 90% of its REIT taxable income, determined without regard to the dividends paid deduction and excluding any net capital gain, to qualify as a REIT, the Company intends to distribute all of its net taxable income. The Company is allowed certain other non-cash deductions or adjustments, such as depreciation expense, when computing its REIT taxable income and distribution requirement. These deductions permit the Company to reduce its dividend payout requirement under U.S. federal income tax laws. Certain states may impose minimum franchise taxes. To comply with certain REIT requirements, we hold certain of our non-REIT assets and operations through TRSs and subsidiaries of TRSs, which will be subject to applicable U.S. federal, state and local corporate income tax on their taxable income. For the periods presented, the Company held a total of five TRSs subject to taxation. The Company’s TRSs will file separately as C-Corporations. For the Company’s TRSs, and prior to the three months ended December 31, 2020 preceding the Company’s REIT election, 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 22, “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, and disclosure and transition. In accordance with FASB guidance included in income taxes, the Company has analyzed its various federal and state filing positions and believes that its income tax filing positions and deductions are well documented and supported. Additionally, the Company believes that its accruals for tax liabilities are adequate. Therefore, no reserves for uncertain income tax positions have been recorded pursuant to the FASB guidance.

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	6 Months Ended
REVENUE RECOGNITION (Tables)	Jun. 30, 2021
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 three months ended June 30, 2021 (in thousands): Income Properties Management Services Commercial Loan and Master Lease Investments Real Estate Operations Total Revenues Major Good / Service: Lease Revenue - Base Rent $ 9,883 $ — $ — $ — $ 9,883 Lease Revenue - CAM 565 — — — 565 Lease Revenue - Reimbursements 692 — — — 692 Lease Revenue - Billboards 3 — — — 3 Above / Below Market Lease Accretion 338 — — — 338 Contributed Leased Assets Accretion 38 — — — 38 Management Services — 752 — — 752 Commercial Loan and Master Lease Investments — — 709 — 709 Subsurface Revenue — — — 793 793 Land Sales Revenue — — — 455 455 Interest and Other Revenue 55 — — — 55 Total Revenues $ 11,574 $ 752 $ 709 $ 1,248 $ 14,283 Timing of Revenue Recognition: Asset/Good Transferred at a Point in Time $ — $ — $ — $ 1,248 $ 1,248 Services Transferred Over Time 55 752 — — 807 Over Lease Term 11,519 — — — 11,519 Commercial Loan and Master Lease Investment Related Revenue — — 709 — 709 Total Revenues $ 11,574 $ 752 $ 709 $ 1,248 $ 14,283 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 three months ended June 30, 2020 (in thousands): Income Properties Management Services Commercial Loan and Master Lease Investments Real Estate Operations Total Revenues Major Good / Service: Lease Revenue - Base Rent $ 9,271 $ — $ — $ — $ 9,271 Lease Revenue - CAM 856 — — — 856 Lease Revenue - Reimbursements 612 — — — 612 Lease Revenue - Billboards 82 — — — 82 Above / Below Market Lease Accretion 444 — — — 444 Contributed Leased Assets Accretion 44 — — — 44 Management Services — 695 — — 695 Commercial Loan and Master Lease Investments — — 835 — 835 Subsurface Revenue - Other — — — 1 1 Fill Dirt and Other Revenue — — — 6 6 Interest and Other Revenue 164 — — — 164 Total Revenues $ 11,473 $ 695 $ 835 $ 7 $ 13,010 Timing of Revenue Recognition: Asset/Good Transferred at a Point in Time $ — $ — $ — $ 7 $ 7 Services Transferred Over Time 164 695 — — 859 Over Lease Term 11,309 — — — 11,309 Commercial Loan and Master Lease Investment Related Revenue — — 835 — 835 Total Revenues $ 11,473 $ 695 $ 835 $ 7 $ 13,010 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 six months ended June 30, 2021 (in thousands): Income Properties Management Services Commercial Loan and Master Lease Investments Real Estate Operations Total Revenues Major Good / Service: Lease Revenue - Base Rent $ 19,064 $ — $ — $ — $ 19,064 Lease Revenue - CAM 1,077 — — — 1,077 Lease Revenue - Reimbursements 1,898 — — — 1,898 Lease Revenue - Billboards 3 — — — 3 Above / Below Market Lease Accretion 734 — — — 734 Contributed Leased Assets Accretion 159 — — — 159 Management Services — 1,421 — — 1,421 Commercial Loan and Master Lease Investments — — 1,410 — 1,410 Subsurface Revenue — — — 2,686 2,686 Land Sales Revenue — — 455 455 Interest and Other Revenue 88 — — — 88 Total Revenues $ 23,023 $ 1,421 $ 1,410 $ 3,141 $ 28,995 Timing of Revenue Recognition: Asset/Good Transferred at a Point in Time $ — $ — $ — $ 3,141 $ 3,141 Services Transferred Over Time 88 1,421 — — 1,509 Over Lease Term 22,935 — — — 22,935 Commercial Loan and Master Lease Investment Related Revenue — — 1,410 — 1,410 Total Revenues $ 23,023 $ 1,421 $ 1,410 $ 3,141 $ 28,995 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 six months ended June 30, 2020 (in thousands): Income Properties Management Services Commercial Loan and Master Lease Investments Real Estate Operations Total Revenues Major Good / Service: Lease Revenue - Base Rent $ 18,021 $ — $ — $ — $ 18,021 Lease Revenue - CAM 1,586 — — — 1,586 Lease Revenue - Reimbursements 1,486 — — — 1,486 Lease Revenue - Billboards 127 — — — 127 Above / Below Market Lease Accretion 918 — — — 918 Contributed Leased Assets Accretion 87 — — — 87 Management Services — 1,397 — — 1,397 Commercial Loan and Master Lease Investments — — 1,887 — 1,887 Mitigation Credit Sales — — — 4 4 Subsurface Revenue - Other — — — 78 78 Fill Dirt and Other Revenue — — — 6 6 Interest and Other Revenue 251 — — — 251 Total Revenues $ 22,476 $ 1,397 $ 1,887 $ 88 $ 25,848 Timing of Revenue Recognition: Asset/Good Transferred at a Point in Time $ — $ — $ — $ 88 $ 88 Services Transferred Over Time 251 1,397 — — 1,648 Over Lease Term 22,225 — — — 22,225 Commercial Loan and Master Lease Investment Related Revenue — — 1,887 — 1,887 Total Revenues $ 22,476 $ 1,397 $ 1,887 $ 88 $ 25,848

INCOME PROPERTIES AND LEASES (T

INCOME PROPERTIES AND LEASES (Tables)	6 Months Ended
INCOME PROPERTIES AND LEASES (Tables)	Jun. 30, 2021
Schedule of components of leasing revenue	The components of leasing revenue are as follows (in thousands): Three Months Ended Six Months Ended June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Leasing Revenue Lease Payments $ 10,259 $ 9,759 $ 19,957 $ 19,026 Variable Lease Payments 1,315 1,714 3,066 3,450 Total Leasing Revenue $ 11,574 $ 11,473 $ 23,023 $ 22,476
Schedule of minimum future base rental revenue on non-cancelable leases	Minimum future base rental revenue on non-cancelable leases subsequent to June 30, 2021, for the next five years ended December 31 are summarized as follows (in thousands): Year Ending December 31, Amounts Remainder of 2021 $ 21,512 2022 43,476 2023 41,998 2024 38,494 2025 37,138 2026 and thereafter (cumulative) 197,004 Total $ 379,622
Schedule of properties disposed	As of June 30, 2021 Land JV Income Properties Total Assets (Liabilities) Held for Sale Plant, Property, and Equipment—Net $ — $ 2,354 $ 2,354 Restricted Cash 833 — 833 Intangible Lease Assets—Net — 548 548 Intangible Lease Liabilities—Net — (15) (15) Total Assets Held for Sale $ 833 $ 2,887 $ 3,720 Deferred Revenue $ (831) $ — $ (831) Total Liabilities Held for Sale $ (831) $ — $ (831) As of December 31, 2020 Land JV Income Properties Total Assets (Liabilities) Held for Sale Restricted Cash $ 833 $ — $ 833 Total Assets Held for Sale $ 833 $ — $ 833 Deferred Revenue $ (831) $ — $ (831) Total Liabilities Held for Sale $ (831) $ — $ (831)
Schedule of leasing activity	Retail Square Feet Weighted Average Lease Term (in years) Cash Rent Per Square Foot Tenant Improvements Leasing Commissions New Leases 22.1 9.9 $ 21.08 $ 2,734 $ 146 Renewals & Extensions 164.0 5.3 $ 8.98 633 23 Total / Weighted Average 186.1 6.4 $ 10.42 $ 3,367 $ 169
2021 Acquisitions
Schedule of properties acquired	Tenant Description Tenant Type Property Location Date of Acquisition Property Square-Feet Purchase Price Percentage Leased at Acquisition Remaining Lease Term at Acquisition Date (in years) Jordan Landing Multi-Tenant West Jordan, UT 03/02/21 170,996 $ 20,000 100% 7.9 Eastern Commons Multi-Tenant Henderson, NV 03/10/21 146,667 18,500 88% 6.9 Shops at Legacy Multi-Tenant Plano, TX 06/23/21 236,432 72,500 83% 6.9 Total / Weighted Average 554,095 $ 111,000 7.1
2020 Acquisitions
Schedule of properties acquired	The properties acquired during the six months ended June 30, 2020 are described below: Tenant Description Tenant Type Property Location Date of Acquisition Property Square-Feet Purchase Price Percentage Leased at Acquisition Remaining Lease Term at Acquisition Date (in years) Crossroads Towne Center Multi-Tenant Chandler, AZ 01/24/20 254,109 $ 61,800 99% 5.0 Ashford Lane Multi-Tenant Atlanta, GA 02/21/20 268,572 75,435 80% 3.6 Total / Weighted Average 522,681 $ 137,235 4.2
Dispositions
Schedule of properties disposed	Tenant Description Tenant Type Date of Disposition Sales Price Gain on Sale World of Beer/Fuzzy's Taco Shop, Brandon, FL Multi-Tenant 01/20/21 $ 2,310 $ 599 Moe's Southwest Grill, Jacksonville, FL Single-Tenant 02/23/21 2,541 109 Burlington, N. Richland Hills, TX Single-Tenant 04/23/21 11,528 61 Staples, Sarasota, FL Single-Tenant 05/07/21 4,650 662 CMBS Portfolio (1) Single-Tenant 06/30/21 44,500 3,899 Total $ 65,529 $ 5,330 Tenant Description Tenant Type Date of Disposition Sales Price Gain (Loss) on Sale CVS, Dallas, TX Single-Tenant 04/24/20 $ 15,222 $ 854 Wawa, Daytona Beach, FL Single-Tenant 04/29/20 6,002 1,769 JPMorgan Chase Bank, Jacksonville, FL Single-Tenant 06/18/20 6,715 960 7-Eleven, Dallas, TX Multi-Tenant 06/26/20 2,400 (46) Bank of America, Monterey, CA Single-Tenant 06/29/20 9,000 3,892 Total / Weighted Average $ 39,339 $ 7,429

COMMERCIAL LOAN AND MASTER LE_2

COMMERCIAL LOAN AND MASTER LEASE INVESTMENTS (Tables)	6 Months Ended
COMMERCIAL LOAN AND MASTER LEASE INVESTMENTS (Tables)	Jun. 30, 2021
COMMERCIAL LOAN AND MASTER LEASE INVESTMENTS.
Schedule of components of commercial loan investment portfolio	The Company’s commercial loan and master lease investments were comprised of the following at June 30, 2021 (in thousands): Description Date of Investment Maturity Date Original Face Amount Current Face Amount Carrying Value Coupon Rate Ground Lease Loan – 400 Josephine Street, Austin, TX July 2019 N/A $ 16,250 $ 16,250 $ 17,006 N/A Master Tenant – Hialeah Lease Loan – Hialeah, FL September 2020 N/A 21,085 21,085 21,121 N/A Mortgage Note – 4311 Maple Avenue – Dallas, TX October 2020 April 2023 400 400 393 7.50% Mortgage Note – 110 N Beach Street – Daytona Beach, FL June 2021 December 2022 364 364 364 10.00% $ 38,099 $ 38,099 $ 38,884 The Company’s commercial loan and master lease investments were comprised of the following at December 31, 2020 (in thousands): Description Date of Investment Maturity Date Original Face Amount Current Face Amount Carrying Value Coupon Rate Ground Lease Loan – 400 Josephine Street, Austin, TX July 2019 N/A $ 16,250 $ 16,250 $ 16,827 N/A Master Tenant – Hialeah Lease Loan – Hialeah, FL September 2020 N/A 21,085 21,085 21,101 N/A Mortgage Note – 4311 Maple Avenue – Dallas, TX October 2020 April 2023 400 400 392 7.50% $ 37,735 $ 37,735 $ 38,320 The carrying value of the commercial loan and master lease investments portfolio at June 30, 2021 and December 31, 2020 consisted of the following (in thousands): As of June 30, 2021 December 31, 2020 Current Face Amount $ 38,099 $ 37,735 Imputed Interest over Rent Payments Received 792 593 Unaccreted Origination Fees (3) (4) CECL Reserve (4) (4) Total Commercial Loan and Master Lease Investments $ 38,884 $ 38,320

RELATED PARTY MANAGEMENT SERV_2

RELATED PARTY MANAGEMENT SERVICES BUSINESS (Tables)	6 Months Ended
RELATED PARTY MANAGEMENT SERVICES BUSINESS (Tables)	Jun. 30, 2021
RELATED PARTY MANAGEMENT SERVICES BUSINESS
Schedule of amounts due from PINE	The following table represents amounts due from PINE to the Company as of June 30, 2021 and December 31, 2020 which are included in other assets on the consolidated balance sheets (in thousands): As of Description June 30, 2021 December 31, 2020 Management Services Fee due from PINE $ 721 $ 631 Dividend Receivable 99 — Other 560 35 Total $ 1,380 $ 666

REAL ESTATE OPERATIONS (Tables)

REAL ESTATE OPERATIONS (Tables)	6 Months Ended
REAL ESTATE OPERATIONS (Tables)	Jun. 30, 2021
REAL ESTATE OPERATIONS
Summary of land and development costs	Land and development costs at June 30, 2021 and December 31, 2020 were as follows (in thousands): As of June 30, 2021 December 31, 2020 Land and Development Costs $ 6,005 $ 6,377 Subsurface Interests 679 706 Total Land and Development Costs $ 6,684 $ 7,083
Schedule of components of real estate operations revenue	Revenue from continuing real estate operations consisted of the following for the three and six months ended June 30, 2021 and 2020 (in thousands): Three Months Ended Six Months Ended June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Mitigation Credit Sales $ — $ — $ — $ 4 Subsurface Revenue 793 1 2,686 78 Land Sales Revenue 455 — 455 — Fill Dirt and Other Revenue — 6 — 6 Total Real Estate Operations Revenue $ 1,248 $ 7 $ 3,141 $ 88

INVESTMENT IN JOINT VENTURES (T

INVESTMENT IN JOINT VENTURES (Tables)	6 Months Ended
INVESTMENT IN JOINT VENTURES (Tables)	Jun. 30, 2021
Land JV
Summarized financial information of the Company's JV Investment	The Company’s Investment in Joint Ventures was as follows as of June 30, 2021 and December 31, 2020 (in thousands): As of June 30, 2021 December 31, 2020 Land JV $ 25,576 $ 41,765 Mitigation Bank JV 6,921 6,912 Total Investment in Joint Ventures $ 32,497 $ 48,677 The following table provides summarized financial information of the Land JV as of June 30, 2021 and December 31, 2020 (in thousands): As of June 30, 2021 December 31, 2020 Assets, Cash and Cash Equivalents $ 810 $ 802 Assets, Prepaid Expenses 173 117 Assets, Investment in Land Assets 6,278 5,658 Total Assets $ 7,261 $ 6,577 Liabilities, Accounts Payable, Accrued Expenses, Deferred Revenue $ 164 $ 228 Equity $ 7,097 $ 6,349 Total Liabilities & Equity $ 7,261 $ 6,577 The following table provides summarized financial information of the Land JV for the three and six months ended June 30, 2021 and 2020 (in thousands): Three Months Ended Six Months Ended June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Revenues $ — $ 680 $ 21 $ 7,826 Direct Cost of Revenues (44) (269) (125) (3,375) Operating Income (Loss) $ (44) $ 411 $ (104) $ 4,451 Other Operating Expenses (77) (137) (148) (274) Net Income (Loss) $ (121) $ 274 $ (252) $ 4,177
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 June 30, 2021 and December 31, 2020 (in thousands): As of June 30, 2021 December 31, 2020 Assets, Cash and Cash Equivalents $ 1,764 $ 1,890 Assets, Prepaid Expenses 25 20 Assets, Investment in Mitigation Credit Assets 1,413 1,409 Assets, Property, Plant, and Equipment—Net 13 14 Total Assets $ 3,215 $ 3,333 Liabilities, Accounts Payable, Accrued Liabilities $ 3 $ 17 Equity $ 3,212 $ 3,316 Total Liabilities & Equity $ 3,215 $ 3,333 The following table provides summarized financial information of the Mitigation Bank JV for the three and six months ended June 30, 2021 and 2020 (in thousands): Three Months Ended Six Months Ended June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Revenues $ — $ 12 $ 104 $ 1,878 Direct Cost of Revenues — (1) (7) (81) Operating Income $ — $ 11 $ 97 $ 1,797 Other Operating Expenses (13) (72) (113) (148) Net Income (Loss) $ (13) $ (61) $ (16) $ 1,649

INVESTMENT SECURITIES (Tables)

INVESTMENT SECURITIES (Tables)	6 Months Ended
INVESTMENT SECURITIES (Tables)	Jun. 30, 2021
INVESTMENT SECURITIES
Schedule of marketable securities	The Company’s available-for-sale securities as of June 30, 2021 and December 31, 2020 are summarized below (in thousands): Cost Unrealized Gains in Unrealized Estimated June 30, 2021 Common Stock $ 15,500 $ 16 $ — $ 15,516 Operating Units 23,253 25 — 23,278 Total Equity Securities 38,753 41 — 38,794 Total Available-for-Sale Securities $ 38,753 $ 41 $ — $ 38,794 December 31, 2020 Common Stock $ 15,500 $ — $ (3,271) $ 12,229 Operating Units 23,253 — (4,908) 18,345 Total Equity Securities 38,753 — (8,179) 30,574 Total Available-for-Sale Securities $ 38,753 $ — $ (8,179) $ 30,574

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	Jun. 30, 2021
FAIR VALUE OF FINANCIAL INSTRUMENTS
Schedule of carrying value and estimated 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 June 30, 2021 and December 31, 2020 (in thousands): June 30, 2021 December 31, 2020 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Cash and Cash Equivalents - Level 1 $ 4,701 $ 4,701 $ 4,289 $ 4,289 Restricted Cash - Level 1 $ 13,918 $ 13,918 $ 29,536 $ 29,536 Commercial Loan and Master Lease Investments - Level 2 $ 38,884 $ 38,901 $ 38,320 $ 38,318 Long-Term Debt - Level 2 $ 304,886 $ 311,661 $ 273,830 $ 282,884
Schedule of fair value of assets measured on recurring basis by Level	The following table presents the fair value of assets (liabilities) measured on a recurring basis by level as of June 30, 2021 and December 31, 2020 (in thousands): Fair Value at Reporting Date Using Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) June 30, 2021 Cash Flow Hedge - Interest Rate Swap - BMO (1) $ (849) $ — $ (849) $ — Cash Flow Hedge - Interest Rate Swap - BMO (2) $ 109 $ — $ 109 $ — Investment Securities $ 38,794 $ 38,794 $ — $ — December 31, 2020 Cash Flow Hedge - Interest Rate Swap - BMO (1) $ (1,772) $ — $ (1,772) $ — Cash Flow Hedge - Interest Rate Swap - BMO (2) $ (50) $ — $ (50) $ — Cash Flow Hedge - Interest Rate Swap - Wells Fargo (3) $ (88) $ — $ (88) $ — Investment Securities $ 30,574 $ 30,574 $ — $ — (1) Effective March 31, 2020, utilized interest rate swap to achieve fixed interest rate of 0.7325% plus the applicable spread on $100.0 million of the outstanding principal balance on the Credit Facility, hereinafter defined. (2) Effective March 10, 2021, the Company redesignated the interest rate swap utilized to achieve a fixed interest rate of 0.2200% plus the applicable spread on $50.0 million of the outstanding principal balance under the Credit Facility, hereinafter defined, to $50.0 million principal balance on the 2026 Term Loan, hereinafter defined. The interest rate swap was entered into as of August 31, 2020. On April 13, 2021, the Company entered into an additional rate swap to extend the fixed rate through maturity on March 10, 2026. (3) Effective March 12, 2021, in connection with the payoff of the $23.2 million variable-rate mortgage loan secured by Wells Fargo Raleigh, the interest rate swap was terminated.

INTANGIBLE LEASE ASSETS AND L_2

INTANGIBLE LEASE ASSETS AND LIABILITIES (Tables)	6 Months Ended
INTANGIBLE LEASE ASSETS AND LIABILITIES (Tables)	Jun. 30, 2021
INTANGIBLE LEASE ASSETS AND LIABILITIES
Schedule of components of intangible lease assets and liabilities	As of June 30, December 31, Intangible Lease Assets: Value of In-Place Leases $ 55,416 $ 44,558 Value of Above Market In-Place Leases 19,184 10,604 Value of Intangible Leasing Costs 16,338 13,285 Sub-total Intangible Lease Assets 90,938 68,447 Accumulated Amortization (19,468) (18,271) Sub-total Intangible Lease Assets—Net 71,470 50,176 Intangible Lease Liabilities (included in accrued and other liabilities): Value of Below Market In-Place Leases (36,403) (36,817) Sub-total Intangible Lease Liabilities (36,403) (36,817) Accumulated Amortization 13,944 12,654 Sub-total Intangible Lease Liabilities—Net (22,459) (24,163) Total Intangible Assets and Liabilities—Net $ 49,011 $ 26,013
Schedule of amortization of intangible assets and liabilities	The following table reflects the net amortization of intangible assets and liabilities during the three and six months ended June 30, 2021 and 2020 (in thousands): Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, Amortization Expense $ 1,935 $ 2,136 $ 3,762 $ 4,017 Increase to Income Properties Revenue (338) (444) (734) (918) Net Amortization of Intangible Assets and Liabilities $ 1,597 $ 1,692 $ 3,028 $ 3,099
Schedule of estimated future amortization and accretion of intangible lease assets and liabilities	The estimated future amortization expense (income) related to net intangible assets and liabilities is as follows (in thousands): Year Ending December 31, Future Amortization Amount Future Accretion to Income Property Revenue Net Future Amortization of Intangible Assets and Liabilities Remainder of 2021 $ 4,563 $ (377) $ 4,186 2022 8,911 (782) 8,129 2023 8,797 (759) 8,038 2024 8,785 (662) 8,123 2025 6,616 (618) 5,998 2026 and thereafter 17,799 (3,262) 14,537 Total $ 55,471 $ (6,460) $ 49,011

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	6 Months Ended
OTHER ASSETS (Tables)	Jun. 30, 2021
OTHER ASSETS
Schedule of components of other assets	Other assets consisted of the following as of June 30, 2021 and December 31, 2020 (in thousands): As of June 30, 2021 December 31, 2020 Income Property Tenant Receivables $ 1,069 $ 2,330 Income Property Straight-line Rent Adjustment and COVID-19 Deferral Balance 4,555 4,686 Operating Leases - Right-of-Use Asset 198 246 Golf Rounds Surcharge 390 454 Cash Flow Hedge - Interest Rate Swap 284 — Infrastructure Reimbursement Receivables 1,350 1,336 Prepaid Expenses, Deposits, and Other 1,814 1,693 Due from Alpine Income Property Trust, Inc. 1,380 666 Financing Costs, Net of Accumulated Amortization 576 769 Total Other Assets $ 11,616 $ 12,180

COMMON STOCK AND EARNINGS (LO_2

COMMON STOCK AND EARNINGS (LOSS) PER SHARE (Tables)	6 Months Ended
COMMON STOCK AND EARNINGS (LOSS) PER SHARE (Tables)	Jun. 30, 2021
COMMON STOCK AND EARNINGS (LOSS) PER SHARE
Schedule of computation of earnings per share	The following is a reconciliation of basic and diluted earnings per common share for each of the periods presented (in thousands, except share and per share data): Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, Income Available to Common Stockholders: Net Income (Loss) $ (3,724) $ 12,611 $ 4,061 $ 349 Weighted Average Shares Outstanding 5,898,280 4,653,627 5,888,735 4,682,511 Common Shares Applicable to Stock Options Using the Treasury Stock Method — — — — Total Shares Applicable to Diluted Earnings Per Share 5,898,280 4,653,627 5,888,735 4,682,511 Per Share Information: Basic and Diluted Net Income (Loss) per Share $ (0.63) $ 2.71 $ 0.69 $ 0.07

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	6 Months Ended
LONG-TERM DEBT (Tables)	Jun. 30, 2021
LONG-TERM DEBT
Schedule of outstanding indebtedness, at face value	As of June 30, 2021, the Company’s outstanding indebtedness, at face value, was as follows (in thousands): Face Value Debt Maturity Date Interest Rate Credit Facility (1) $ 184,345 May 2023 30-day LIBOR 2026 Term Loan (2) 65,000 March 2026 0.22% plus [1.35% - 1.95%] 3.875% Convertible Senior Notes due 2025 61,688 April 2025 3.875% Total Long-Term Face Value Debt $ 311,033 (1) Effective March 31, 2020, utilized interest rate swap to achieve fixed interest rate of 0.7325% plus the applicable spread on $100.0 million of the outstanding principal balance under the Credit Facility. (2) Effective March 10, 2021, the Company redesignated the interest rate swap utilized to achieve a fixed interest rate of 0.2200% plus the applicable spread on $50.0 million of the outstanding principal balance under the Credit Facility to $50.0 million principal balance on the 2026 Term Loan. The interest rate swap was entered into as of August 31, 2020.
Schedule of components of long-term debt	Long-term debt consisted of the following (in thousands): June 30, 2021 December 31, 2020 Total Due Within One Year Total Due Within One Year Credit Facility $ 184,345 $ — $ 164,845 $ — 2026 Term Loan 65,000 — — — Mortgage Note Payable (originated with Wells Fargo) — — 30,000 — Mortgage Note Payable (originated with Wells Fargo) — — 23,183 23,183 3.875% Convertible Senior Notes, net of discount 56,236 — 56,296 — Financing Costs, net of accumulated amortization (695) — (494) — Total Long-Term Debt $ 304,886 $ — $ 273,830 $ 23,183
Schedule of payments applicable to reduction of principal amounts	June 30, 2021 December 31, 2020 Total Due Within One Year Total Due Within One Year Credit Facility $ 184,345 $ — $ 164,845 $ — 2026 Term Loan 65,000 — — — Mortgage Note Payable (originated with Wells Fargo) — — 30,000 — Mortgage Note Payable (originated with Wells Fargo) — — 23,183 23,183 3.875% Convertible Senior Notes, net of discount 56,236 — 56,296 — Financing Costs, net of accumulated amortization (695) — (494) — Total Long-Term Debt $ 304,886 $ — $ 273,830 $ 23,183
Schedule of carrying value of long-term debt	The carrying value of long-term debt as of June 30, 2021 consisted of the following (in thousands): Total Current Face Amount $ 311,033 Unamortized Discount on Convertible Debt (5,452) Financing Costs, net of accumulated amortization (695) Total Long-Term Debt $ 304,886
Schedule of interest expense on debt	The following table reflects a summary of interest expense incurred and paid during the three and six months ended June 30, 2021 and 2020 (in thousands): Three Months Ended Six Months Ended June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Interest Expense $ 1,943 $ 2,124 $ 3,912 $ 4,923 Amortization of Deferred Financing Costs 159 73 324 223 Amortization of Discount on Convertible Notes 319 256 629 760 Total Interest Expense $ 2,421 $ 2,453 $ 4,865 $ 5,906 Total Interest Paid $ 2,627 $ 2,496 $ 4,022 $ 5,636

INTEREST RATE SWAPS (Tables)

INTEREST RATE SWAPS (Tables)	6 Months Ended
INTEREST RATE SWAPS (Tables)	Jun. 30, 2021
INTEREST RATE SWAPS
Schedule of interest rate swap agreements	Hedged Item Effective Date Maturity Date Rate Amount Fair Value Credit Facility 3/31/2020 3/29/2024 0.7325% + applicable spread $ 100,000 $ (849) 2026 Term Loan 8/31/2020 3/29/2024 0.2200% + applicable spread $ 50,000 $ 284 2026 Term Loan (1) 3/29/2024 3/10/2026 1.51% + applicable spread $ 50,000 $ (175) (1) The interest rate swap agreement hedges the identical $50.0 million portion of the 2026 Term Loan borrowing under different terms and commences concurrent to the interest rate agreement maturing on March 29, 2024.

ACCRUED AND OTHER LIABILITIES (

ACCRUED AND OTHER LIABILITIES (Tables)	6 Months Ended
ACCRUED AND OTHER LIABILITIES (Tables)	Jun. 30, 2021
ACCRUED AND OTHER LIABILITIES
Schedule of components of accrued and other liabilities	Accrued and other liabilities consisted of the following (in thousands): As of June 30, December 31, Accrued Property Taxes $ 3,374 $ 945 Reserve for Tenant Improvements 2,004 1,353 Accrued Construction Costs 729 1,783 Accrued Interest 491 602 Environmental Reserve 101 106 Cash Flow Hedge - Interest Rate Swaps 1,024 1,910 Operating Leases - Liability 190 245 Other 3,524 2,146 Total Accrued and Other Liabilities $ 11,437 $ 9,090

DEFERRED REVENUE (Tables)

DEFERRED REVENUE (Tables)	6 Months Ended
DEFERRED REVENUE (Tables)	Jun. 30, 2021
DEFERRED REVENUE
Schedule of components of deferred revenue	Deferred revenue consisted of the following (in thousands): As of June 30, December 31, Prepaid Rent $ 2,993 $ 2,684 Tenant Contributions 600 625 Other Deferred Revenue 443 10 Total Deferred Revenue $ 4,036 $ 3,319

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	6 Months Ended
STOCK-BASED COMPENSATION (Tables)	Jun. 30, 2021
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 six months ended June 30, 2021, is presented below: Type of Award Shares Outstanding at 1/1/2021 Granted Shares Vested / Exercised Shares Expired Shares Forfeited Shares Shares Outstanding at 6/30/2021 Equity Classified - Performance Share Awards - Peer Group Market Condition Vesting 55,851 48,134 (17,418) — — 86,567 Equity Classified - Market Condition Restricted Shares - Stock Price Vesting 22,000 — — (22,000) — — Equity Classified - Three Year Vest Restricted Shares 38,479 43,050 (21,220) — (3,435) 56,874 Equity Classified - Non-Qualified Stock Option Awards 80,000 20,332 (43,624) — — 56,708 Total Shares 196,330 111,516 (82,262) (22,000) (3,435) 200,149
Schedule of amounts recognized for stock options, stock appreciation rights, and restricted stock	Amounts recognized in the financial statements for stock options, stock appreciation rights, and restricted stock are as follows (in thousands): Three Months Ended Six Months Ended June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Total Cost of Share-Based Plans Charged Against Income Before Tax Effect $ 742 $ 699 $ 1,700 $ 1,518 Income Tax Expense Recognized in Income $ — $ 174 $ — $ 378
Peer Group Market Condition Vesting
STOCK-BASED COMPENSATION
Summary of performance share awards activity	A summary of activity during the six months ended June 30, 2021 is presented below: Performance Shares with Market Conditions Shares Wtd. Avg. Fair Value Outstanding at January 1, 2021 55,851 $ 63.44 Granted 48,134 $ 32.04 Vested (17,418) $ 58.30 Expired — — Forfeited — — Outstanding at June 30, 2021 86,567 $ 47.01
Stock Price Vesting
STOCK-BASED COMPENSATION
Summary of nonvested restricted stock award activity	A summary of the activity for these awards during the six months ended June 30, 2021 is presented below: Market Condition Non-Vested Restricted Shares Shares Wtd. Avg. Fair Value Outstanding at January 1, 2021 22,000 $ 41.71 Granted — — Vested — — Expired (22,000) $ 41.71 Forfeited — — Outstanding at June 30, 2021 — —
Three-Year Vesting
STOCK-BASED COMPENSATION
Summary of nonvested restricted stock award activity	A summary of activity for these awards six months ended June 30, 2021 is presented below: Three Year Vest Non-Vested Restricted Shares Shares Wtd. Avg. Fair Value Per Share Outstanding at January 1, 2021 38,479 $ 57.82 Granted 43,050 $ 35.47 Vested (21,220) $ 48.55 Expired — — Forfeited (3,435) $ 46.61 Outstanding at June 30, 2021 56,874 $ 45.04
Original 2010 Plan
STOCK-BASED COMPENSATION
Summary of activity for stock option awards	A summary of the activity for these awards during the six months ended June 30, 2021 is presented below: Non-Qualified Stock Option Awards Shares Wtd. Avg. Ex. Price Wtd. Avg. Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding at January 1, 2021 80,000 $ 55.63 Granted 20,332 — Exercised (43,624) $ 44.85 Expired — — Forfeited — — Outstanding at June 30, 2021 56,708 $ 43.98 3.82 $ 541,145 Exercisable at January 1, 2021 80,000 $ 55.63 4.26 — Exercisable at June 30, 2021 56,708 $ 43.98 3.82 $ 541,145

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	6 Months Ended
COMMITMENTS AND CONTINGENCIES (Tables)	Jun. 30, 2021
COMMITMENTS AND CONTINGENCIES
Schedule of Commitments	The improvements on such properties are estimated to be completed generally within twelve months. These commitments, as of June 30, 2021, are as follows (in thousands): As of June 30, 2021 Total Commitment (1) $ 10,877 Less Amount Funded (1,610) Remaining Commitment $ 9,267 (1) Commitment includes tenant improvements, leasing commissions, rebranding, facility expansion and other capital improvements.

BUSINESS SEGMENT DATA (Tables)

BUSINESS SEGMENT DATA (Tables)	6 Months Ended
BUSINESS SEGMENT DATA (Tables)	Jun. 30, 2021
BUSINESS SEGMENT DATA
Schedule of operations in different segments	Information about the Company’s operations in different segments for the three and six months ended June 30, 2021 and 2020 are as follows (in thousands): Three Months Ended Six Months Ended June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Revenues: Income Properties $ 11,574 $ 11,473 $ 23,023 $ 22,476 Management Fee Income 752 695 1,421 1,397 Interest Income from Commercial Loan and Master Lease Investments 709 835 1,410 1,887 Real Estate Operations 1,248 7 3,141 88 Total Revenues $ 14,283 $ 13,010 $ 28,995 $ 25,848 Operating Income (Loss): Income Properties $ 8,787 $ 8,905 $ 17,319 $ 17,795 Management Fee Income 752 695 1,421 1,397 Interest Income from Commercial Loan and Master Lease Investments 709 835 1,410 1,887 Real Estate Operations 715 (50) 2,526 (1,493) General and Corporate Expense (7,696) (7,192) (15,658) (14,836) Impairment Charges (16,527) — (16,527) (1,905) Gain on Disposition of Assets 4,732 7,076 5,440 7,076 Gain (Loss) on Extinguishment of Debt (641) 504 (641) 1,141 Total Operating Income (Loss) $ (9,169) $ 10,773 $ (4,710) $ 11,062 Depreciation and Amortization: Income Properties $ 5,026 $ 5,016 $ 9,851 $ 9,563 Corporate and Other 5 5 10 10 Total Depreciation and Amortization $ 5,031 $ 5,021 $ 9,861 $ 9,573 Capital Expenditures: Income Properties $ 74,767 $ 250 $ 114,107 $ 138,242 Commercial Loan and Master Lease Investments — — — 6,754 Corporate and Other 3 6 10 12 Total Capital Expenditures $ 74,770 $ 256 $ 114,117 $ 145,008 Identifiable assets of each segment as of June 30, 2021 and December 31, 2020 are as follows (in thousands): As of June 30, 2021 December 31, 2020 Identifiable Assets: Income Properties $ 584,058 $ 531,325 Management Services 1,380 700 Commercial Loan and Master Lease Investments 38,884 38,321 Real Estate Operations 43,171 59,717 Discontinued Land Operations 834 833 Corporate and Other 21,545 35,804 Total Assets $ 689,872 $ 666,700

ASSETS AND LIABILITIES HELD F_2

ASSETS AND LIABILITIES HELD FOR SALE (Tables)	6 Months Ended
ASSETS AND LIABILITIES HELD FOR SALE (Tables)	Jun. 30, 2021
ASSETS AND LIABILITIES HELD FOR SALE
Schedule of assets and liabilities held for sale and discontinued operations	As of June 30, 2021 Land JV Income Properties Total Assets (Liabilities) Held for Sale Plant, Property, and Equipment—Net $ — $ 2,354 $ 2,354 Restricted Cash 833 — 833 Intangible Lease Assets—Net — 548 548 Intangible Lease Liabilities—Net — (15) (15) Total Assets Held for Sale $ 833 $ 2,887 $ 3,720 Deferred Revenue $ (831) $ — $ (831) Total Liabilities Held for Sale $ (831) $ — $ (831) As of December 31, 2020 Land JV Income Properties Total Assets (Liabilities) Held for Sale Restricted Cash $ 833 $ — $ 833 Total Assets Held for Sale $ 833 $ — $ 833 Deferred Revenue $ (831) $ — $ (831) Total Liabilities Held for Sale $ (831) $ — $ (831)

DESCRIPTION OF BUSINESS (Detail

DESCRIPTION OF BUSINESS (Details) $ in Thousands	6 Months Ended
DESCRIPTION OF BUSINESS (Details) $ in Thousands	Jun. 30, 2021USD ($)aft²propertycountyloan	Dec. 31, 2020USD ($)	Jun. 30, 2020ft²
Real Estate Properties
Gross leasable space \| ft²	554,095		522,681
Area of land (in acres)	34,500
Number of commercial loan investment \| loan	2
Estimated Fair Value (Level 1 and 2 Inputs) \| $	$ 38,794	$ 30,574
Alpine Income Property Trust, Inc.
Real Estate Properties
Estimated Fair Value (Level 1 and 2 Inputs) \| $	$ 38,800
Percentage of investment in PINE	15.80%
Stock split ratio	1
Mitigation Bank
Real Estate Properties
Area of land owned	2,500
Percentage of investment in PINE	30.00%
Florida
Real Estate Properties
Subsurface area of portfolio of mineral interests	420,000
Number of countries \| county	20
Commercial loan and master lease investments
Real Estate Properties
Number of commercial loan investment \| loan	2
Number of commercial properties \| property	2
Commercial
Real Estate Properties
Number of real estate properties \| property	20
Number of states in which entity operates \| county	10
Gross leasable space \| ft²	2,700,000
Single-tenant
Real Estate Properties
Number of real estate properties \| property	12
Multi-tenant
Real Estate Properties
Number of real estate properties \| property	8
Undeveloped land \| Land JV
Real Estate Properties
Area of land held for sale	1,600
Undeveloped land \| Land JV
Real Estate Properties
Area of land (in acres)	1,600

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Recently Issued Accounting Standards - General Information (Details) - Accounting Standards Update 2016-13	Jun. 30, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Change in Accounting Principle, Accounting Standards Update, Early Adoption	false
Change in Accounting Principle, Accounting Standards Update, Adopted	true
Change in Accounting Principle, Accounting Standards Update, Adoption Date	Jan. 1, 2020

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Recently Issued Accounting Standards - Credit Losses (Details) $ in Millions	Jun. 30, 2020USD ($)
Commercial loan and master lease investments
Credit Losses
Current expected credit losses reserve	$ 0.3

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reclassifications (Details) - Revision of Prior Period, Reclassification, Adjustment - Other Assets $ in Millions	Dec. 31, 2020USD ($)
Reclassification [Line Items]
Deferred financing costs	$ 1.2
Accumulated Amortization, Deferred Finance Costs, Revolving Line of Credit	$ 0.5

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Restricted Cash and Investment Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020
Restricted Cash
Restricted Cash	$ 13,918	$ 29,536	$ 29,710
Restricted cash escrow account
Restricted Cash
Restricted Cash	13,800
Restricted cash, escrow account in connection with sale of ground lease
Restricted Cash
Restricted Cash	$ 100

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Accounts Receivable (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Dec. 31, 2015Transaction	Jun. 30, 2021USD ($)	Dec. 31, 2020USD ($)
Accounts Receivable
Income Property Tenant Receivables		$ 1,069	$ 2,330
Number of closed land transactions \| Transaction	2
Allowance for doubtful accounts		400	500
Other Assets
Accounts Receivable
Income Property Tenant Receivables		1,100	2,300
Income Property Tenant Receivables, Increase (Decrease)		(1,200)
Accounts receivable related to real estate operations		$ 1,400	$ 1,300

SUMMARY OF SIGNIFICANT ACCOUN_8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Income Taxes (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)subsidiary
Income Taxes
REIT Eligibility, Distributable , Minimum Percentage of Taxable Income, Excluding Net Capital Gains	90.00%
Number of taxable REIT subsidiaries \| subsidiary	5
Reserves for uncertain income tax positions \| $	$ 0

REVENUE RECOGNITION - Major Goo

REVENUE RECOGNITION - Major Good or Service (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenues
Lease revenue	$ 11,574	$ 11,473	$ 23,023	$ 22,476
Revenue from contract with customer, including assessed tax	1,248	7	3,141	88
Total Revenues	14,283	13,010	28,995	25,848
Lease Revenue - Base Rent
Revenues
Lease revenue	9,883	9,271	19,064	18,021
Lease Revenue - CAM
Revenues
Lease revenue	565	856	1,077	1,586
Lease Revenue - Reimbursements
Revenues
Lease revenue	692	612	1,898	1,486
Lease Revenue - Billboards
Revenues
Lease revenue	3	82	3	127
Above / Below Market Lease Accretion
Revenues
Lease revenue	338	444	734	918
Contributed Leased Assets Accretion
Revenues
Lease revenue	38	44	159	87
Management Services
Revenues
Revenue from contract with customer, including assessed tax	752			1,397
Mitigation Credit Sales
Revenues
Revenue from contract with customer, including assessed tax				4
Subsurface Revenue
Revenues
Revenue from contract with customer, including assessed tax	793	1	2,686	78
Land Sales Revenue
Revenues
Revenue from contract with customer, including assessed tax	455		455
Fill Dirt and Other Revenue
Revenues
Revenue from contract with customer, including assessed tax		6		6
Interest and Other Revenue
Revenues
Interest and Other Revenue	55	164	88	251
Income Properties
Revenues
Total Revenues	11,574	11,473	23,023	22,476
Income Properties \| Lease Revenue - Base Rent
Revenues
Lease revenue	9,883	9,271	19,064	18,021
Income Properties \| Lease Revenue - CAM
Revenues
Lease revenue	565	856	1,077	1,586
Income Properties \| Lease Revenue - Reimbursements
Revenues
Lease revenue	692	612	1,898	1,486
Income Properties \| Lease Revenue - Billboards
Revenues
Lease revenue	3	82	3	127
Income Properties \| Above / Below Market Lease Accretion
Revenues
Lease revenue	338	444	734	918
Income Properties \| Contributed Leased Assets Accretion
Revenues
Lease revenue	38	44	159	87
Income Properties \| Interest and Other Revenue
Revenues
Interest and Other Revenue	55	164	88	251
Management Fee Income
Revenues
Total Revenues	752	695	1,421	1,397
Management Fee Income \| Management Services
Revenues
Revenue from contract with customer, including assessed tax	752	695	1,421	1,397
Interest Income from Commercial Loan and Master Lease Investments
Revenues
Commercial Loan Investments	709	835	1,410	1,887
Total Revenues	709	835	1,410	1,887
Real Estate Operations
Revenues
Total Revenues	1,248	7	3,141	88
Real Estate Operations \| Mitigation Credit Sales
Revenues
Revenue from contract with customer, including assessed tax				4
Real Estate Operations \| Subsurface Revenue
Revenues
Revenue from contract with customer, including assessed tax	793	1	2,686	78
Real Estate Operations \| Land Sales Revenue
Revenues
Revenue from contract with customer, including assessed tax	$ 455		$ 455
Real Estate Operations \| Fill Dirt and Other Revenue
Revenues
Revenue from contract with customer, including assessed tax		$ 6		$ 6

REVENUE RECOGNITION - Timing of

REVENUE RECOGNITION - Timing of Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenues
Revenue from contract with customer, including assessed tax	$ 1,248	$ 7	$ 3,141	$ 88
Over Lease Term	11,519
Total Revenues	14,283	13,010	28,995	25,848
Asset/Good Transferred at a Point in Time
Revenues
Revenue from contract with customer, including assessed tax	1,248	7	3,141	88
Services Transferred Over Time
Revenues
Revenue from contract with customer, including assessed tax	807	859	1,509	1,648
Income Properties
Revenues
Over Lease Term	11,519	11,309	22,935	22,225
Total Revenues	11,574	11,473	23,023	22,476
Income Properties \| Services Transferred Over Time
Revenues
Revenue from contract with customer, including assessed tax	55	164	88	251
Management Fee Income
Revenues
Total Revenues	752	695	1,421	1,397
Management Fee Income \| Services Transferred Over Time
Revenues
Revenue from contract with customer, including assessed tax	752	695	1,421	1,397
Interest Income from Commercial Loan and Master Lease Investments
Revenues
Commercial Loan Investment Related Revenue	709	835	1,410	1,887
Total Revenues	709	835	1,410	1,887
Real Estate Operations
Revenues
Total Revenues	1,248	7	3,141	88
Real Estate Operations \| Asset/Good Transferred at a Point in Time
Revenues
Revenue from contract with customer, including assessed tax	$ 1,248	$ 7	$ 3,141	$ 88

INCOME PROPERTIES AND LEASES -

INCOME PROPERTIES AND LEASES - Leasing Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Leasing Revenue
Lease Payments	$ 10,259	$ 9,759	$ 19,957	$ 19,026
Variable Lease Payments	1,315	1,714	3,066	3,450
Total Leasing Revenue	$ 11,574	$ 11,473	$ 23,023	$ 22,476

INCOME PROPERTIES AND LEASES _2

INCOME PROPERTIES AND LEASES - Minimum Future Base Rental Revenue on Non-cancelable Leases (Details) $ in Thousands	Jun. 30, 2021USD ($)
Minimum future base rental revenue on non-cancelable leases
Remainder of 2021	$ 21,512
2022	43,476
2023	41,998
2024	38,494
2025	37,138
2026 and thereafter (cumulative)	197,004
Total	$ 379,622

INCOME PROPERTIES AND LEASES _3

INCOME PROPERTIES AND LEASES - 2021 and 2020 Acquisitions (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)ft²property	Jun. 30, 2020USD ($)ft²property
Acquisitions of Income Properties
Weighted average amortization period of intangible assets	8 years 4 months 24 days
Property Square-Feet \| ft²	554,095	522,681
Purchase Price	$ 111,000	$ 137,235
Remaining Lease Term at Acquisition Date (in years)	7 years 1 month 6 days	4 years 2 months 12 days
2021 Acquisitions
Acquisitions of Income Properties
Aggregate acquisition cost including capitalized acquisition costs	$ 111,300
Weighted average amortization period of intangible assets	7 years 1 month 6 days
Purchase Price	$ 111,000
2021 Acquisitions \| Nonrecurring basis
Acquisitions of Income Properties
Land	40,400
Buildings and improvements	41,400
Intangible assets pertaining to the in-place lease value, leasing fees and above market lease value	29,500
Intangible liabilities for below market lease value	$ 50
2021 Acquisitions \| Multi-tenant
Acquisitions of Income Properties
Number of real estate properties \| property	3
2020 Acquisitions
Acquisitions of Income Properties
Aggregate acquisition cost including capitalized acquisition costs		$ 137,700
Purchase Price		137,200
2020 Acquisitions \| Nonrecurring basis
Acquisitions of Income Properties
Land		46,700
Buildings and improvements		74,000
Intangible assets pertaining to the in-place lease value, leasing fees and above market lease value		18,800
Intangible liabilities for below market lease value		$ 1,800
2020 Acquisitions \| Multi-tenant
Acquisitions of Income Properties
Number of real estate properties \| property		2
Income Property, Multi-tenant, Jordan Landing, West Jordan, Utah
Acquisitions of Income Properties
Date of Acquisition	Mar. 2, 2021
Property Square-Feet \| ft²	170,996
Purchase Price	$ 20,000
Percentage Leased at Acquisition	100.00%
Remaining Lease Term at Acquisition Date (in years)	7 years 10 months 24 days
Income Property, Multi-tenant, Eastern Commons, Henderson, Nevada
Acquisitions of Income Properties
Date of Acquisition	Mar. 10, 2021
Property Square-Feet \| ft²	146,667
Purchase Price	$ 18,500
Percentage Leased at Acquisition	88.00%
Remaining Lease Term at Acquisition Date (in years)	6 years 10 months 24 days
Income Property, Multi-tenant, Shops at Legacy, Plano, Texas
Acquisitions of Income Properties
Date of Acquisition	Jun. 23, 2021
Property Square-Feet \| ft²	236,432
Purchase Price	$ 72,500
Percentage Leased at Acquisition	83.00%
Remaining Lease Term at Acquisition Date (in years)	6 years 10 months 24 days
Income Property, Multi-tenant, Crossroads Towne Center, Chandler, Arizona
Acquisitions of Income Properties
Date of Acquisition		Jan. 24, 2020
Property Square-Feet \| ft²		254,109
Purchase Price		$ 61,800
Percentage Leased at Acquisition		99.00%
Remaining Lease Term at Acquisition Date (in years)		5 years
Income Property, Multi-tenant, Ashford Lane, Atlanta, Georgia
Acquisitions of Income Properties
Date of Acquisition		Feb. 21, 2020
Property Square-Feet \| ft²		268,572
Purchase Price		$ 75,435
Percentage Leased at Acquisition		80.00%
Remaining Lease Term at Acquisition Date (in years)		3 years 7 months 6 days

INCOME PROPERTIES AND LEASES _4

INCOME PROPERTIES AND LEASES - 2021 Dispositions (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)property	Jun. 30, 2020USD ($)property
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Sales price	$ 65,529	$ 39,339
Gain (Loss) on Sale	5,330	7,429
Purchase Price	111,000	137,235
World of Beer/Fuzzy's Taco Shop, Brandon, FL
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Sales price	2,310
Gain (Loss) on Sale	599
Moe's Southwest Grill, Jacksonville, FL
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Sales price	2,541
Gain (Loss) on Sale	109
Burlington, N. Richland Hills, TX
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Sales price	11,528
Gain (Loss) on Sale	61
Staples, Sarasota, FL
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Sales price	4,650
Gain (Loss) on Sale	662
CMBS Portfolio
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Sales price	44,500
Gain (Loss) on Sale	$ 3,899
Number of real estate properties \| property	6
Purchase Price	$ 44,500
CVS, Dallas, TX
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Sales price		15,222
Gain (Loss) on Sale		854
Wawa, Daytona Beach, FL
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Sales price		6,002
Gain (Loss) on Sale		1,769
JPMorgan Chase Bank, Jacksonville, FL
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Sales price		6,715
Gain (Loss) on Sale		960
7-Eleven, Dallas, TX
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Sales price		2,400
Gain (Loss) on Sale		(46)
Bank of America, Monterey, CA
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Sales price		9,000
Gain (Loss) on Sale		$ 3,892
Dispositions \| Single-tenant
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of real estate properties \| property	9	4
Dispositions \| Multi-tenant
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of real estate properties \| property	1

INCOME PROPERTIES AND LEASES _5

INCOME PROPERTIES AND LEASES - 2021 Leasing Activity (Details)	6 Months Ended
	Jun. 30, 2021USD ($)ft²
Square Feet \| ft²	186,055
Weighted Average Lease Term	6 years 4 months 24 days
Weighted Average Cash Rent Per Square Foot	$ 10.42
Tenant Improvements	3,367,000
Leasing Commissions	$ 169,000
New Leases
Square Feet \| ft²	22,100
Weighted Average Lease Term	9 years 10 months 24 days
Weighted Average Cash Rent Per Square Foot	$ 21.08
Tenant Improvements	2,734,000
Leasing Commissions	$ 146,000
Renewals & Extensions
Square Feet \| ft²	164,000
Weighted Average Lease Term	5 years 3 months 18 days
Weighted Average Cash Rent Per Square Foot	$ 8.98
Tenant Improvements	633,000
Leasing Commissions	$ 23,000

COMMERCIAL LOAN AND MASTER LE_3

COMMERCIAL LOAN AND MASTER LEASE INVESTMENTS - Summary of Commercial Loan Investments (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Mortgage Loans On Real Estate [Line Items]
Original Face Amount	$ 38,099	$ 37,735
Current Face Amount	38,099	37,735
Carrying Value	38,884	38,320
Florida
Mortgage Loans On Real Estate [Line Items]
Loan Origination	$ 400
Term	1 year 6 months
Coupon Rate	10.00%
Ground Lease Loan - 400 Josephine Street, Austin, TX
Mortgage Loans On Real Estate [Line Items]
Original Face Amount	$ 16,250	16,250
Current Face Amount	16,250	16,250
Carrying Value	17,006	16,827
Master Tenant - Hialeah Lease Loan - Hialeah FL
Mortgage Loans On Real Estate [Line Items]
Original Face Amount	21,085	21,085
Current Face Amount	21,085	21,085
Carrying Value	21,121	21,101
Mortgage Note - 4311 Maple Avenue, Dallas, TX
Mortgage Loans On Real Estate [Line Items]
Original Face Amount	400	400
Current Face Amount	400	400
Carrying Value	$ 393	$ 392
Coupon Rate	7.50%	7.50%
Mortgage Note - 110 N Beach Street - Daytona Beach, FL
Mortgage Loans On Real Estate [Line Items]
Original Face Amount	$ 364
Current Face Amount	364
Carrying Value	$ 364
Coupon Rate	10.00%

COMMERCIAL LOAN AND MASTER LE_4

COMMERCIAL LOAN AND MASTER LEASE INVESTMENTS - Carrying Value (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 30, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current Face Amount	$ 38,099	$ 37,735
Total Commercial Loan and Master Lease Investments	38,884	38,320
Commercial loan and master lease investments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current Face Amount	38,099	37,735
Imputed Interest over Rent Payments Received	792	593
Unaccreted Origination Fees	(3)	(4)
CECL Reserve	(4)	(4)
Total Commercial Loan and Master Lease Investments	$ 38,884	$ 38,320

RELATED PARTY MANAGEMENT SERV_3

RELATED PARTY MANAGEMENT SERVICES BUSINESS - General Information (Details) $ in Thousands	Nov. 26, 2019USD ($)propertyshares	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Real Estate [Line Items]
Outstanding Principal		$ 311,033		$ 311,033		$ 280,500
Gain (Loss) on Extinguishment of Debt		(641)	$ 504	(641)	$ 1,141
Land JV
Real Estate [Line Items]
Management fee revenue earned		30	50	60	100
Management fee revenue earned per month				20
Monthly management fee				$ 10
Management Agreement PINE
Real Estate [Line Items]
Percentage of base management fee				0.375%
Management fee (as a percent)				1.50%
Percentage of cumulative annual hurdle rate				8.00%
Amount of threshold incentive fee				$ 0
Percentage of multiply factor				15.00%
Amount of incentive fee				$ 0
Management fee revenue earned		720	640	1,360	1,290
Proceeds from Dividends Received		500	$ 400	1,000	$ 800
Alpine
Real Estate [Line Items]
Number of properties sold \| property	15
Aggregate cash consideration	$ 125,900
Alpine \| Mortgage Notes Payable Under CMBS Portfolio
Real Estate [Line Items]
Real estate acquired purchase price				44,500
Outstanding Principal		$ 30,000		30,000
Gain (Loss) on Extinguishment of Debt				(500)
Alpine \| Mortgage Notes Payable Under CMBS Portfolio \| Income Property Single Tenant
Real Estate [Line Items]
Real estate acquired purchase price				$ 11,500
Alpine \| IPO Purchase
Real Estate [Line Items]
Number of contributed properties \| property	5
Aggregate of OP units \| shares	1,223,854
Initial value	$ 23,300

RELATED PARTY MANAGEMENT SERV_4

RELATED PARTY MANAGEMENT SERVICES BUSINESS - Summary of Amounts Due (Details) - Management Agreement PINE - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Real Estate [Line Items]
Management Services Fee due from PINE	$ 721	$ 631
Dividend receivable	99
Other	560	35
Total	$ 1,380	$ 666

REAL ESTATE OPERATIONS - Land a

REAL ESTATE OPERATIONS - Land and Development Costs (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
REAL ESTATE OPERATIONS
Land and Development Costs	$ 6,005	$ 6,377
Subsurface Interests	679	706
Total Land and Development Costs	$ 6,684	$ 7,083

REAL ESTATE OPERATIONS - Real E

REAL ESTATE OPERATIONS - Real Estate Operations Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenues
Subsurface Revenue	$ 793	$ 1	$ 2,686	$ 78
Revenue from contract with customer, including assessed tax	1,248	7	3,141	88
Mitigation Credit Sales
Revenues
Revenue from contract with customer, including assessed tax				4
Mitigation Credit Sales \| Real Estate Operations
Revenues
Revenue from contract with customer, including assessed tax				4
Land Sales Revenue \| Real Estate Operations
Revenues
Revenue from contract with customer, including assessed tax	$ 455		$ 455
Fill Dirt and Other Revenue \| Real Estate Operations
Revenues
Revenue from contract with customer, including assessed tax		$ 6		$ 6

REAL ESTATE OPERATIONS - Dayton

REAL ESTATE OPERATIONS - Daytona Beach (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)a
Land and subsurface interests
Area of land (in acres) \| a	34,500
Land Parcel with Structures Beach Property
Land and subsurface interests
Area of land (in acres) \| a	6
Contiguous Parcels Beach Property
Land and subsurface interests
Acquisition of property	$ 4,100
Daytona Beach Development
Land and subsurface interests
Raze and entitlement cost	1,600
Sale price	$ 6,250

REAL ESTATE OPERATIONS - Other

REAL ESTATE OPERATIONS - Other Real Estate Assets (Details)	6 Months Ended
REAL ESTATE OPERATIONS - Other Real Estate Assets (Details)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)item	Dec. 31, 2020USD ($)	Sep. 30, 2020USD ($)
Land and development costs and subsurface interests
Investment mitigation credits assets	$ 2,621,000	$ 1,200,000	$ 2,622,000
Number of mitigation credits with cost basis \| item		16
Mitigation credits value per credit		$ 75,000	75,000	$ 75,000
Amount of Mitigation Credits With Cost Basis	0
Minimum
Land and development costs and subsurface interests
Amount of Mitigation Credits With Cost Basis		10,000
Cost of revenues
Land and development costs and subsurface interests
Aggregate cost of sales		$ 1,400,000
Mitigation Bank
Land and development costs and subsurface interests
Investment mitigation credits assets	$ 2,600,000		$ 0
Number of mitigation credits acquired \| item		20
Mitigation credits purchased		$ 1,500,000
Mitigation credits value per credit		$ 75,000
Mitigation Bank JV
Land and development costs and subsurface interests
Number of mitigation credits acquired \| item		2
Mitigation credits purchased		$ 200,000

REAL ESTATE OPERATIONS - Subsur

REAL ESTATE OPERATIONS - Subsurface Interests (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021USD ($)acounty	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)acounty	Jun. 30, 2020USD ($)
Subsurface interests
Area of land (in acres) \| a	34,500		34,500
Revenue from contract with customer, including assessed tax	$ 1,248	$ 7	$ 3,141	$ 88
Subsurface Interests
Subsurface interests
Revenue from contract with customer, including assessed tax			$ 2,600	0
Surface land over subsurface interests
Subsurface interests
Area of land (in acres) \| a	420,000		420,000
Number of counties in which Subsurface Interests are owned \| county	20		20
Revenue recognized for cash payments for the release of surface entry rights			$ 70	70
Real Estate Operations \| Subsurface Interests
Subsurface interests
Revenue recognized for cash payments for the release of surface entry rights			$ 30	$ 10

REAL ESTATE OPERATIONS - Land I

REAL ESTATE OPERATIONS - Land Impairments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Real Estate [Line Items]
Impairment Charges			$ 16,527	$ 1,905
Land and Development Costs	$ 6,684		6,684		$ 7,083
Income Properties
Real Estate [Line Items]
Impairment Charges	0	$ 0	0	$ 0
Land JV
Real Estate [Line Items]
Impairment Charges	16,500		67,000
Land and Development Costs	$ 67,000		$ 67,000

INVESTMENT IN JOINT VENTURES -

INVESTMENT IN JOINT VENTURES - Summary (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Equity Method Investment, Financial Statement, Reported Amounts [Abstract]
Equity method investments	$ 32,497	$ 48,677
Land JV
Equity Method Investment, Financial Statement, Reported Amounts [Abstract]
Equity method investments	25,576	41,765
Mitigation Bank
Equity Method Investment, Financial Statement, Reported Amounts [Abstract]
Equity method investments	$ 6,921	$ 6,912

INVESTMENT IN JOINT VENTURES _2

INVESTMENT IN JOINT VENTURES - Summarized Financial Information - Balance Sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Equity Method Investment, Summarized Financial Information [Abstract]
Cash and Cash Equivalents	$ 4,701		$ 4,289	$ 10,701
Investment mitigation credits assets	2,621		2,622	1,200
Property, plant, and equipment	463,895		442,384
Total Assets	689,872		666,700
Liabilities	344,981		315,801
Equity	344,891	$ 354,373	350,899	$ 283,677	$ 272,208	$ 285,413
Total Liabilities and Shareholders' Equity	689,872		666,700
Land JV
Equity Method Investment, Summarized Financial Information [Abstract]
Cash and Cash Equivalents	810		802
Prepaid expenses	173		117
Investment in land assets	6,278		5,658
Total Assets	7,261		6,577
Liabilities	164		228
Equity	7,097		6,349
Total Liabilities and Shareholders' Equity	7,261		6,577
Mitigation Bank
Equity Method Investment, Summarized Financial Information [Abstract]
Cash and Cash Equivalents	1,764		1,890
Prepaid expenses	25		20
Investment mitigation credits assets	1,413		1,409
Property, plant, and equipment	13		14
Total Assets	3,215		3,333
Liabilities	3		17
Equity	3,212		3,316
Total Liabilities and Shareholders' Equity	$ 3,215		$ 3,333

INVESTMENT IN JOINT VENTURES _3

INVESTMENT IN JOINT VENTURES - Summarized Financial Information - Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Equity Method Investment, Summarized Financial Information [Abstract]
Total Revenues	$ 14,283	$ 13,010	$ 28,995	$ 25,848
Total Direct Cost of Revenues	(3,320)	(2,625)	(6,319)	(6,262)
Operating Income	(9,169)	10,773	(4,710)	11,062
Net Income (Loss)	(3,724)	12,611	4,061	349
Land JV
Equity Method Investment, Summarized Financial Information [Abstract]
Total Revenues		680	21	7,826
Total Direct Cost of Revenues	(44)	(269)	(125)	(3,375)
Operating Income	(44)	411	(104)	4,451
Other Operating Expenses	(77)	(137)	(148)	(274)
Net Income (Loss)	(121)	274	(252)	4,177
Mitigation Bank
Equity Method Investment, Summarized Financial Information [Abstract]
Total Revenues		12	104	1,878
Total Direct Cost of Revenues		(1)	(7)	(81)
Operating Income		11	97	1,797
Other Operating Expenses	(13)	(72)	(113)	(148)
Net Income (Loss)	$ (13)	$ (61)	$ (16)	$ 1,649

INVESTMENT IN JOINT VENTURES _4

INVESTMENT IN JOINT VENTURES - Adjustments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2018	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Investment in Joint Ventures	$ 32,497		$ 32,497			$ 48,677
Mitigation Bank
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments	0	$ 0	$ 0	$ 0
Investment in Joint Ventures					$ 6,800
Sales price					$ 15,300
Sale of interest in joint venture					70.00%
Interest in the joint venture (as a percent)			70.00%
Land JV
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments	0	$ 0	$ 0	$ 0
Investment in Joint Ventures	$ 48,900		48,900
Sales price			$ 97,000
Sale of interest in joint venture			66.50%
Interest in the joint venture (as a percent)			33.50%

INVESTMENT IN JOINT VENTURES _5

INVESTMENT IN JOINT VENTURES - General information (Details)	3 Months Ended					6 Months Ended		12 Months Ended
	Jun. 30, 2021USD ($)item	Dec. 31, 2020USD ($)item	Sep. 30, 2020USD ($)item	Jun. 30, 2020USD ($)	Mar. 31, 2020item	Jun. 30, 2021USD ($)aitem	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)item	Dec. 31, 2018USD ($)	Aug. 06, 2018item
Schedule of Equity Method Investments [Line Items]
Number of state credits awarded \| item										88.84
Land and Development Costs	$ 6,684,000	$ 7,083,000				$ 6,684,000		$ 7,083,000
Impairment Charges						16,527,000	$ 1,905,000
Investment in Joint Ventures	32,497,000	$ 48,677,000				32,497,000		$ 48,677,000
Mitigation credits, Put Right, fair value	$ 6,900,000					$ 6,900,000
Number of mitigation credits \| item		8	20		20			48
Mitigation credits, acquired		$ 600,000	$ 1,500,000	$ 1,500,000
Mitigation credits value per credit		$ 75,000	$ 75,000	$ 75,000			$ 75,000	$ 75,000
Maximum
Schedule of Equity Method Investments [Line Items]
Number of state credits awarded \| item										355
Consolidated Tomoka Land Co
Schedule of Equity Method Investments [Line Items]
Retained equity interest (as a percent)									30.00%
Mitigation Bank
Schedule of Equity Method Investments [Line Items]
Sale of interest in joint venture									70.00%
Interest in the joint venture (as a percent)						70.00%
Gross Sales Price						$ 6,900,000
Investment in Joint Ventures									$ 6,800,000
Equity method investment, ownership percentage (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 \| item	60					60
Mitigation credits, Operating Agreement, credit sales, Minimum Sales Guarantee, fair value	$ 100,000					$ 100,000
Mitigation credits, Put Right, maximum credits the Company must purchase, per quarter, number \| instrument	8.536					8.536
Mitigation credits, Put Right, maximum credits the Company must purchase, per quarter, price to fair value (as a percent)	60.00%					60.00%
Mitigation credits, Put Right, third-party credit sales, reduction in Put Rights outstanding if sales price equals or exceeds price stipulated by Put Right, ratio	1					1
Mitigation credits, Put Right, maximum potential future payments	$ 27,000,000					$ 27,000,000
Mitigation credits, Put Right, fair value	200,000					$ 200,000
Land JV
Schedule of Equity Method Investments [Line Items]
Sale of interest in joint venture						66.50%
Interest in the joint venture (as a percent)						33.50%
Gross Sales Price						$ 79,700,000
Land sale acres \| a						1,600
Land and Development Costs	67,000,000					$ 67,000,000
Proceeds from sale of land	25,600,000
Impairment Charges	16,500,000					67,000,000
Investment in Joint Ventures	$ 48,900,000					$ 48,900,000

INVESTMENT SECURITIES - General

INVESTMENT SECURITIES - General Information (Details) - USD ($) $ in Thousands	Nov. 26, 2019	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Marketable Securities [Line Items]
Purchase price of shares		$ 80	$ 109	$ 372	$ 350
Estimated Fair Value (Level 1 and 2 Inputs)		$ 38,794		$ 38,794		$ 30,574
Alpine Income Property Trust, Inc.
Marketable Securities [Line Items]
Share purchased				2,040,000
Percentage of investment in PINE		15.80%		15.80%
Estimated Fair Value (Level 1 and 2 Inputs)		$ 38,800		$ 38,800
Alpine Income Property Trust, Inc. \| OP Units
Marketable Securities [Line Items]
Share purchased	1,223,854
Private placement
Marketable Securities [Line Items]
Share purchased	394,737
Purchase price of shares	$ 7,500
IPO Purchase \| Alpine Income Property Trust, Inc.
Marketable Securities [Line Items]
Share purchased	421,053
Purchase price of shares	$ 8,000

INVESTMENT SECURITIES - Tabular

INVESTMENT SECURITIES - Tabular Disclosure (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Debt Securities, Trading, and Equity Securities, FV-NI [Abstract]
Cost	$ 38,753	$ 38,753
Unrealized Gains inInvestment Income	41
Unrealized Losses in Investment Income		(8,179)
Investment in Alpine Income Property Trust, Inc.	38,794	30,574
Common Stock
Debt Securities, Trading, and Equity Securities, FV-NI [Abstract]
Cost	15,500	15,500
Unrealized Gains inInvestment Income	16
Unrealized Losses in Investment Income		(3,271)
Investment in Alpine Income Property Trust, Inc.	15,516	12,229
Operating Units
Debt Securities, Trading, and Equity Securities, FV-NI [Abstract]
Cost	23,253	23,253
Unrealized Gains inInvestment Income	25
Unrealized Losses in Investment Income		(4,908)
Investment in Alpine Income Property Trust, Inc.	$ 23,278	$ 18,345

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS - Carrying Value and Estimated Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
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	$ 4,701	$ 4,289
Restricted Cash	13,918	29,536
Carrying Value \| Significant Other Observable Inputs (Level 2)
Carrying value and estimated fair value of financial instruments
Commercial Loan Investments	38,884	38,320
Long-Term Debt	304,886	273,830
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	4,701	4,289
Restricted Cash	13,918	29,536
Estimated Fair Value \| Significant Other Observable Inputs (Level 2)
Carrying value and estimated fair value of financial instruments
Commercial Loan Investments	38,901	38,318
Long-Term Debt	$ 311,661	$ 282,884

FAIR VALUE OF FINANCIAL INSTR_4

FAIR VALUE OF FINANCIAL INSTRUMENTS - Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 12, 2021	Jun. 30, 2021	Jun. 30, 2020	Mar. 10, 2021	Dec. 31, 2020	Aug. 31, 2020	Mar. 31, 2020
Fair value of assets
Cash Flow Hedge - Interest Rate Swap		$ 284
Interest rate (as a percent)				0.22%			0.7325%
Notional amount				$ 50,000			$ 100,000
Payoff of variable-rate mortgage loan		86,963	$ 63,916
Credit Facility
Fair value of assets
Interest rate (as a percent)							0.7325%
Credit Facility \| Interest Rate Swap
Fair value of assets
Notional amount						$ 50,000
Wells Fargo Mortgage Loan
Fair value of assets
Payoff of variable-rate mortgage loan	$ 23,200	23,200
Recurring basis
Fair value of assets
Cash Flow Hedge - Interest Rate Swap		38,794			$ 30,574
Recurring basis \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair value of assets
Cash Flow Hedge - Interest Rate Swap		38,794			30,574
Recurring basis \| BMO
Fair value of assets
Cash Flow Hedge - Interest Rate Swap		(849)			(1,772)
Recurring basis \| BMO \| Significant Other Observable Inputs (Level 2)
Fair value of assets
Cash Flow Hedge - Interest Rate Swap		(849)			(1,772)
Recurring basis \| BMO
Fair value of assets
Cash Flow Hedge - Interest Rate Swap		109			(50)
Recurring basis \| BMO \| Significant Other Observable Inputs (Level 2)
Fair value of assets
Cash Flow Hedge - Interest Rate Swap		$ 109			(50)
Recurring basis \| Wells Fargo \| Interest Rate Swap
Fair value of assets
Cash Flow Hedge - Interest Rate Swap					(88)
Recurring basis \| Wells Fargo \| Interest Rate Swap \| Significant Other Observable Inputs (Level 2)
Fair value of assets
Cash Flow Hedge - Interest Rate Swap					$ (88)

FAIR VALUE OF FINANCIAL INSTR_5

FAIR VALUE OF FINANCIAL INSTRUMENTS - Assets Measured on a Nonrecurring Basis (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Nonrecurring basis
Fair value of assets
Asset fair value	$ 0	$ 0

INTANGIBLE LEASE ASSETS AND L_3

INTANGIBLE LEASE ASSETS AND LIABILITIES - Components (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	$ 90,938	$ 68,447
Accumulated Amortization	(19,468)	(18,271)
Total	71,470	50,176
Intangible Lease Liabilities
Value of Below Market In-Place Leases	(36,403)	(36,817)
Sub-total Intangible Lease Liabilities-Net	(36,403)	(36,817)
Accumulated Amortization	13,944	12,654
Total	(22,459)	(24,163)
Total Intangible Assets and Liabilities-Net	49,011	26,013
Value of In-Place Leases
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	55,416	44,558
Value of Above Market In-Place Leases
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	19,184	10,604
Value of Intangible Leasing Costs
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	$ 16,338	$ 13,285

INTANGIBLE LEASE ASSETS AND L_4

INTANGIBLE LEASE ASSETS AND LIABILITIES - Activity (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)property	Dec. 31, 2020USD ($)
Intangible Assets And Liabilities
Number of single tenant income property transferred to held for sale \| property	2
Net amortization increase (decrease)	$ 10
Net increase in intangible assets and liabilities	23,000
Below market lease value	22,459	$ 24,163
Income Property, Wells Fargo, Raleigh, North Carolina
Intangible Assets And Liabilities
Below market lease value	18,700	$ 19,900
Value of In-Place Leases
Intangible Assets And Liabilities
Increase from acquisitions	10,900
Value of Above Market In-Place Leases
Intangible Assets And Liabilities
Increase from acquisitions	8,600
Value of Intangible Leasing Costs
Intangible Assets And Liabilities
Increase from acquisitions	3,100
Value of Below Market In-Place Leases
Intangible Assets And Liabilities
Increase from acquisitions	$ 400

INTANGIBLE LEASE ASSETS AND L_5

INTANGIBLE LEASE ASSETS AND LIABILITIES - Amortization (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
INTANGIBLE LEASE ASSETS AND LIABILITIES
Amortization Expense	$ 1,935	$ 2,136	$ 3,762	$ 4,017
Increase to Income Properties Revenue	(338)	(444)	(734)	(918)
Net Amortization of Intangible Assets and Liabilities	$ 1,597	$ 1,692	$ 3,028	$ 3,099

INTANGIBLE LEASE ASSETS AND L_6

INTANGIBLE LEASE ASSETS AND LIABILITIES - Summary of Estimated Amortization and Accretion (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Future Amortization Amount
Total	$ 71,470	$ 50,176
Future Accretion to Income Property Revenue
Total	(22,459)	$ (24,163)
Net Future Amortization of Intangible Assets and Liabilities
Remainder of 2021	4,186
2022	8,129
2023	8,038
2024	8,123
2025	5,998
2026 and thereafter	14,537
Total	49,011
Future Amortization
Future Amortization Amount
Remainder of 2021	4,563
2022	8,911
2023	8,797
2024	8,785
2025	6,616
2026 and thereafter	17,799
Total	55,471
Future Accretion to Income Property Revenue
Future Accretion to Income Property Revenue
Remainder of 2021	(377)
2022	(782)
2023	(759)
2024	(662)
2025	(618)
2026 and thereafter	(3,262)
Total	$ (6,460)

INTANGIBLE ASSETS AND LIABILITI

INTANGIBLE ASSETS AND LIABILITIES - Weighted Average Amortization Period (Details)	6 Months Ended
	Jun. 30, 2021
INTANGIBLE LEASE ASSETS AND LIABILITIES
Weighted average amortization period of intangible assets	8 years 4 months 24 days
Weighted average amortization period of intangible liabilities	13 years

IMPAIRMENT OF LONG-LIVED ASSE_2

IMPAIRMENT OF LONG-LIVED ASSETS (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Impairment of Long-Lived Assets
Impairment Charges			$ 16,527	$ 1,905
Land JV
Impairment of Long-Lived Assets
Impairment Charges	$ 16,500		67,000
Income Properties
Impairment of Long-Lived Assets
Impairment Charges	0	$ 0	$ 0	$ 0
Undeveloped Land in Daytona Beach, Florida, Along Interstate 95
Impairment of Long-Lived Assets
Impairment Charges	$ 16,500

OTHER ASSETS (Details)

OTHER ASSETS (Details) $ in Thousands	Jun. 30, 2021USD ($)installment	Dec. 31, 2020USD ($)installment
Other Assets
Income Property Tenant Receivables	$ 1,069	$ 2,330
Income Property Straight-line Rent Adjustment and Covid-19 Deferral Balance	4,555	4,686
Operating Leases, Right-of-Use Asset	198	246
Golf Rounds Surcharge	390	454
Cash Flow Hedge - Interest Rate Swap	284
Infrastructure Reimbursement Receivables	1,350	1,336
Prepaid Expenses, Deposits, and Other	1,814	1,693
Due from Alpine Income Property Trust, Inc.	1,380	666
Financing Costs, Net of Accumulated Amortization	576	769
Total Other Assets	11,616	12,180
COVID-19
Other Assets
Income Property Straight-line Rent Adjustment and Covid-19 Deferral Balance	300	1,000
Tanger
Other Assets
Infrastructure Reimbursement Receivables	$ 900	$ 900
Number of installments to repay infrastructure reimbursement receivable \| installment	6	6
Infrastructure reimbursement receivables, installment payment amounts	$ 200	$ 200
Infrastructure reimbursement receivable, discount	100	100
Sam's Club
Other Assets
Infrastructure Reimbursement Receivables	$ 400	$ 400
Number of installments to repay infrastructure reimbursement receivable \| installment	4	4
Infrastructure reimbursement receivables, installment payment amounts	$ 100	$ 100
Sam's Club \| Maximum
Other Assets
Infrastructure reimbursement receivable, discount	$ 40	$ 40

EQUITY (Details)

EQUITY (Details) - USD ($) $ / shares in Units, $ in Thousands	Jul. 06, 2021	Jun. 28, 2021	Apr. 30, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Apr. 01, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Common Stock, shares authorized				500,000,000		500,000,000			25,000,000
Common Stock, par value (in dollars per share)				$ 0.01		$ 0.01			$ 1
Preferred stock, shares authorized				100,000,000		100,000,000			50,000
Preferred Stock, par value (in dollars per share)				$ 0.01		$ 0.01			$ 100
Aggregate offering price								$ 350,000
Cash dividends paid and declared (in dollars per share)				$ 1		$ 2
Purchase price of shares				$ 80	$ 109	$ 372	$ 350
At Market Offering Program
Class of Stock [Line Items]
Purchase price of shares			$ 150,000
Follow on Public Offering
Class of Stock [Line Items]
Units issued		3,000,000
Dividend rate (as a percent)		6.375%
Share Price		$ 25
Total net proceeds	$ 72,400
Follow on Public Offering \| Subsequent Events
Class of Stock [Line Items]
Total net proceeds	$ 72,400
Common Stock
Class of Stock [Line Items]
Treasury stock, retired, par value method, amount						(7,190)
Purchase price of shares					$ 2		$ 6
Treasury Stock
Class of Stock [Line Items]
Treasury stock, retired, par value method, amount						$ 77,541

COMMON STOCK AND EARNINGS (LO_3

COMMON STOCK AND EARNINGS (LOSS) PER SHARE - Summary of Common Stock and Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Available to Common Shareholders:
Net Income (Loss)	$ (3,724)	$ 12,611	$ 4,061	$ 349
Weighted Average Shares Outstanding	5,898,280	4,653,627	5,888,735	4,682,511
Total Shares Applicable to Diluted Earnings Per Share	5,898,280	4,653,627	5,888,735	4,682,511
Per Share Information:
Basic Net Income (Loss) per Share (in dollars per share)	$ (0.63)	$ 2.71	$ 0.69	$ 0.07
Diluted Net Income (Loss) per Share (in dollars per share)	$ (0.63)	$ 2.71	$ 0.69	$ 0.07

COMMON STOCK AND EARNINGS (LO_4

COMMON STOCK AND EARNINGS (LOSS) PER SHARE - Anti-dilutive Securities and Convertible Notes (Details) - $ / shares	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Mar. 10, 2021	Dec. 31, 2020	Mar. 31, 2020	Mar. 15, 2020	Feb. 04, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	37,552	39,402
Interest rate (as a percent)			0.22%		0.7325%
Additional diluted outstanding shares related to Convertible Notes	0
4.50% Convertible Senior Notes due 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Interest rate (as a percent)						4.50%
Conversion price per share (in dollars per share)						$ 68.90
3.875% Convertible Senior Notes due 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Interest rate (as a percent)	3.875%			3.875%			3.875%
Conversion price per share (in dollars per share)	$ 53.06

STOCK REPURCHASES (Details)

STOCK REPURCHASES (Details) - USD ($)	3 Months Ended	6 Months Ended
STOCK REPURCHASES (Details) - USD ($)	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Feb. 29, 2020
Stock Repurchases
Stock repurchase program authorized amount				$ 10,000,000
Stock repurchased amount	$ 185,000	$ 0	$ 4,100,000
Amount of treasury shares retired		$ 77,500,000
Stock Repurchase Program, February 2020
Stock Repurchases
Stock repurchase program authorized amount				$ 10,000,000
Shares repurchased (in shares)			88,565
Stock repurchased amount			$ 4,100,000
Average price per share of stock repurchased			$ 46.29

LONG-TERM DEBT - Outstanding In

LONG-TERM DEBT - Outstanding Indebtedness (Details) - USD ($) $ in Thousands	Mar. 12, 2021	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Mar. 10, 2021	Mar. 31, 2020	Mar. 10, 2020	Feb. 04, 2020
Long-term debt
Face Value of Debt		$ 311,033	$ 311,033		$ 280,500
Interest rate (as a percent)						0.22%	0.7325%
Increase (decrease) in long term debt			(30,500)		(30,500)
Borrowings repaid			86,963	$ 63,916
Proceeds from line of credit			19,500
Fixed interest rate through use of derivative (as a percent)								0.22%
Derivatives fixed interest		1,024	1,024		$ 1,910			$ 50,000
Credit Facility
Long-term debt
Face Value of Debt		184,345	$ 184,345
Interest rate (as a percent)							0.7325%
Derivatives fixed interest							$ 100,000
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%
3.875% Convertible Senior Notes due 2025
Long-term debt
Face Value of Debt		$ 61,688	$ 61,688						$ 17,600
Interest rate (as a percent)		3.875%	3.875%		3.875%				3.875%
Wells Fargo Mortgage Loan
Long-term debt
Face Value of Debt	$ 30,000	$ 30,000	$ 30,000
Borrowings repaid	$ 23,200		23,200
Fixed interest rate through use of derivative (as a percent)	3.17%
Wells Fargo Mortgage Loan \| Interest Rate Swap
Long-term debt
Face Value of Debt		800	800
Credit Revolver Amendment 2021
Long-term debt
Face Value of Debt		249,300	249,300
2026 Term Loan
Long-term debt
Face Value of Debt		$ 65,000	$ 65,000			$ 50,000
Interest rate (as a percent)		0.22%	0.22%
Proceeds from line of credit		$ 15,000	$ 50,000
2026 Term Loan \| Minimum
Long-term debt
Margin added to variable rate basis (as a percent)			1.35%
2026 Term Loan \| Maximum
Long-term debt
Margin added to variable rate basis (as a percent)			1.95%
Credit Facility and Subsequent Draw
Long-term debt
Proceeds from line of credit			$ 15,000

LONG-TERM DEBT - Credit Facilit

LONG-TERM DEBT - Credit Facility (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Mar. 10, 2021	Mar. 09, 2021	Dec. 31, 2020	Sep. 07, 2017
Long-term debt
Outstanding Principal	$ 311,033			$ 280,500
Credit Facility
Long-term debt
Extension term	1 year
Maximum borrowing capacity					$ 200,000
Maximum borrowing capacity, after possible increase					$ 300,000
Unused portion of the borrowing capacity fee percentage condition	50.00%
Available borrowing capacity	$ 25,700
Amount outstanding	184,300
Borrowing capacity	210,000
Outstanding Principal	$ 184,345
Credit Facility \| Minimum
Long-term debt
Commitment fee percentage on unused portion of the borrowing capacity	0.15%
Credit Facility \| Maximum
Long-term debt
Commitment fee percentage on unused portion of the borrowing capacity	0.25%
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%
Credit Revolver Amendment 2021
Long-term debt
Maximum borrowing capacity		$ 210,000	$ 200,000
Outstanding Principal	$ 249,300
Aggregate borrowing capacity, additional commitments		300,000
2026 Term Loan
Long-term debt
Outstanding Principal	65,000	50,000
Aggregate borrowing capacity, additional commitments	$ 65,000	$ 150,000
2026 Term Loan \| Minimum
Long-term debt
Margin added to variable rate basis (as a percent)	1.35%
2026 Term Loan \| 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 ($) $ in Thousands	Mar. 12, 2021	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Mar. 10, 2020
Debt Instrument [Line Items]
Borrowings repaid		$ 86,963	$ 63,916
Derivative fixed interest rate (as a percent)					0.22%
Outstanding Principal		311,033		$ 280,500
Wells Fargo Mortgage Loan
Debt Instrument [Line Items]
Borrowings repaid	$ 23,200	23,200
Derivative fixed interest rate (as a percent)	3.17%
Outstanding Principal	$ 30,000	$ 30,000

LONG-TERM DEBT - Convertible No

LONG-TERM DEBT - Convertible Notes (Details)	Apr. 15, 2020USD ($)$ / shares	Mar. 15, 2020USD ($)$ / shares	Feb. 04, 2020USD ($)	Jan. 29, 2020$ / shares	Jun. 30, 2021USD ($)$ / shares	Jun. 30, 2020USD ($)$ / shares	Jun. 30, 2021USD ($)$ / shares	Jun. 30, 2020USD ($)$ / shares	Dec. 31, 2020USD ($)	Mar. 10, 2021	Mar. 31, 2020
Long-term debt
Outstanding Principal					$ 311,033,000		$ 311,033,000		$ 280,500,000
Debt conversion amount								$ 57,359,000
Interest rate (as a percent)										0.22%	0.7325%
Dividends Declared and Paid (in dollars per share) \| $ / shares					$ 1	$ 0.25	$ 2	$ 0.50
Unamortized debt discount of notes					$ 5,452,000		$ 5,452,000
Gain (Loss) on Extinguishment of Debt					(641,000)	$ 504,000	(641,000)	$ 1,141,000
Outstanding amount					304,886,000		304,886,000		$ 273,830,000
4.50% Convertible Senior Notes due 2020
Long-term debt
Outstanding Principal		$ 75,000,000
Interest rate (as a percent)		4.50%
Debt instrument conversion ratio		14.5136
Conversion price per share (in dollars per share) \| $ / shares		$ 68.90
Proceeds from private placement			$ 5,900,000
Outstanding amount			75,000,000
3.875% Convertible Senior Notes due 2025
Long-term debt
Outstanding Principal			17,600,000		$ 61,688,000		$ 61,688,000
Debt conversion amount			$ 57,400,000
Interest rate (as a percent)			3.875%		3.875%		3.875%		3.875%
Conversion price per share (in dollars per share) \| $ / shares					$ 53.06		$ 53.06
Proceeds from private placement			$ 11,700,000
Repurchase of notes			5,900,000
Outstanding amount			$ 11,700,000		$ 56,236,000		$ 56,236,000		$ 56,296,000
2025 Notes maturing on April 15, 2025
Long-term debt
Debt instrument conversion ratio	12.7910				18.8450
Conversion price per share (in dollars per share) \| $ / shares	$ 78.18				$ 53.06		$ 53.06
Threshold principal amount for adjusted conversion price	$ 1,000				$ 1,000
Dividends Declared and Paid (in dollars per share) \| $ / shares	$ 0.13
Premium initial conversion price				20.00%
Closing share price (in dollars per share) \| $ / shares				$ 65.15
Sinking fund provided					0		$ 0
Unamortized debt discount of notes					10,000		10,000		2,600,000
Gain (Loss) on Extinguishment of Debt							(100,000)		1,100,000
Repurchase of notes					800,000		800,000		$ 12,500,000
Convertible Debt \| 3.875% Convertible Senior Notes due 2025
Long-term debt
Outstanding amount					61,700,000		61,700,000
Convertible Debt \| 2025 Notes maturing on April 15, 2025
Long-term debt
Threshold principal amount for adjusted conversion price							1,000
Unamortized debt discount of notes					$ 5,500,000		$ 5,500,000

LONG-TERM DEBT - Components (De

LONG-TERM DEBT - Components (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Mar. 10, 2021	Dec. 31, 2020	Mar. 31, 2020	Feb. 04, 2020
Long-term debt
Long-term debt	$ 304,886		$ 273,830
Financing Costs, net of accumulated amortization	(695)		(494)
Long-Term Debt	304,886		273,830
Long-term debt due within one year
Due Within One Year			23,183
Interest rate (as a percent)		0.22%		0.7325%
Credit Facility
Long-term debt
Long-term debt	184,345		164,845
Long-term debt due within one year
Interest rate (as a percent)				0.7325%
2026 Term Loan
Long-term debt
Long-term debt	$ 65,000
Long-term debt due within one year
Interest rate (as a percent)	0.22%
Wells Fargo Mortgage Note Payable Originated September 30, 2014
Long-term debt
Long-term debt			30,000
Wells Fargo Mortgage Note Payable Originated April 15, 2016
Long-term debt
Long-term debt			23,183
Long-term debt due within one year
Due Within One Year			23,183
3.875% Convertible Senior Notes due 2025
Long-term debt
Long-term debt	$ 56,236		$ 56,296		$ 11,700
Long-term debt due within one year
Interest rate (as a percent)	3.875%		3.875%		3.875%

LONG-TERM DEBT - Payments Appli

LONG-TERM DEBT - Payments Applicable to Reduction of Principal (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Payments applicable to reduction of principal amounts
2023	$ 184,345
2025	61,688
2026 and thereafter	65,000
Total Long-Term Debt - Face Value	$ 311,033	$ 280,500

LONG-TERM DEBT - Carrying Value

LONG-TERM DEBT - Carrying Value (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
LONG-TERM DEBT
Current Face Amount	$ 311,033	$ 280,500
Unamortized Discount on Convertible Debt	(5,452)
Financing Costs, net of accumulated amortization	(695)	(494)
Total Long-Term Debt	$ 304,886	$ 273,830

LONG-TERM DEBT - Financing Cost

LONG-TERM DEBT - Financing Costs (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
LONG-TERM DEBT
Deferred financing costs, net	$ 695	$ 494
Financing Costs, Net of Accumulated Amortization	$ 576	$ 769

LONG-TERM DEBT - Interest Expen

LONG-TERM DEBT - Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
LONG-TERM DEBT
Interest expense	$ 1,943	$ 2,124	$ 3,912	$ 4,923
Amortization of Deferred Financing Costs	159	73	324	223
Amortization of Discount on Convertible Notes	319	256	629	760
Total Interest Expense	2,421	2,453	4,865	5,906
Total Interest Paid	$ 2,627	$ 2,496	$ 4,022	$ 5,636

INTEREST RATE SWAPS (Details)

INTEREST RATE SWAPS (Details) - USD ($) $ in Thousands	6 Months Ended
INTEREST RATE SWAPS (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Mar. 10, 2021	Dec. 31, 2020	Aug. 31, 2020	Mar. 31, 2020	Mar. 10, 2020
Derivative [Line Items]
Derivative fixed interest rate (as a percent)						0.22%
Notional amount		$ 50,000			$ 100,000
Outstanding Principal	$ 311,033		$ 280,500
Credit Facility
Derivative [Line Items]
Outstanding Principal	184,345
2026 Term Loan
Derivative [Line Items]
Outstanding Principal	$ 65,000	$ 50,000
Interest Rate Swap
Derivative [Line Items]
Effectiveness of interest rate cash flow hedge (as a percent)	100.00%
Interest Rate Swap \| Credit Facility
Derivative [Line Items]
Notional amount				$ 50,000
Designated as a hedge \| Interest Rate Swap \| Credit Facility
Derivative [Line Items]
Derivative fixed interest rate (as a percent)					0.7325%
Notional amount					$ 100,000
Fair value of interest rate swap agreement to hedge cash flows, liabilities					$ (849)
Designated as a hedge \| Interest Rate Swap \| 2026 Term Loan
Derivative [Line Items]
Derivative fixed interest rate (as a percent)	1.51%			0.22%
Notional amount	$ 50,000			$ 50,000
Fair value of interest rate swap agreement to hedge cash flows, assets				$ 284
Fair value of interest rate swap agreement to hedge cash flows, liabilities	(175)
Outstanding Principal	$ 50,000

ACCRUED AND OTHER LIABILITIES -

ACCRUED AND OTHER LIABILITIES - Components (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Mar. 10, 2020
ACCRUED AND OTHER LIABILITIES
Accrued Property Taxes	$ 3,374	$ 945
Reserve for Tenant Improvements	2,004	1,353
Accrued Construction Costs	729	1,783
Accrued Interest	491	602
Environmental Reserve	101	106
Cash Flow Hedge - Interest Rate Swap	1,024	1,910	$ 50,000
Operating Leases - Liability	190	245
Other	3,524	2,146
Total Accrued and Other Liabilities	$ 11,437	$ 9,090

ACCRUED AND OTHER LIABILITIES_2

ACCRUED AND OTHER LIABILITIES - Reserve for Tenant Improvements and Environmental Reserves (Details) $ in Millions	3 Months Ended		6 Months Ended	12 Months Ended
	Jun. 30, 2021USD ($)a	Dec. 31, 2017USD ($)	Jun. 30, 2021USD ($)a	Dec. 31, 2018USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)a	Jun. 23, 2021USD ($)
Environmental reserves
Area of land (in acres) \| a	34,500		34,500
Environmental Reserve for Monitoring Environmental Remediation Work Previously Performed
Environmental reserves
Additional environmental reserve accrued				$ 0.7	$ 0.5	$ 0.1
Environmental costs funded			$ 0.6
Environmental reserve accrued	$ 0.1		0.1
Environmental Reserve for Monitoring Environmental Remediation Work Previously Performed \| Minimum
Environmental reserves
Additional environmental reserve accrued		$ 0.1
Estimated cost					0.5
Environmental Reserve for Monitoring Environmental Remediation Work Previously Performed \| Maximum
Environmental reserves
Area of land (in acres) \| a						1
Estimated cost					$ 1
Income Property, Multi-tenant, Ashford Lane, Atlanta, Georgia
Environmental reserves
Tenant improvement allowances and leasing commissions	2.6		2.6
Payment of tenant improvement allowances and leasing commissions	0.6
Income Property, Multi-tenant, Shops at Legacy, Plano, Texas
Environmental reserves
Tenant improvement allowances and leasing commissions	$ 1.9		1.9				$ 1.9
Payment of tenant improvement allowances and leasing commissions			$ 0

DEFERRED REVENUE - Summary of D

DEFERRED REVENUE - Summary of Deferred Revenue (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
DEFERRED REVENUE
Prepaid Rent	$ 2,993	$ 2,684
Tenant Contributions	600	625
Other Deferred Revenue	443	10
Deferred Revenue, Total	$ 4,036	$ 3,319

DEFERRED REVENUE - Rent Paid in

DEFERRED REVENUE - Rent Paid in Advance (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Deferred revenue
Lease revenue	$ 11,574	$ 11,473	$ 23,023	$ 22,476
Deferred Revenue.	4,036		4,036		$ 3,319
Florida
Deferred revenue
Tenant contribution			1,900
Lease revenue			100
Deferred Revenue.	$ 600		600
Cocina 214
Deferred revenue
Tenant contribution			1,000
Lease revenue			$ 700

STOCK-BASED COMPENSATION - All

STOCK-BASED COMPENSATION - All Equity and Liability Classified Award Activity (Details) - shares	Jan. 20, 2021	Jan. 01, 2020	Mar. 31, 2021	Jun. 30, 2021
Shares
Outstanding (in shares)			196,330	196,330
Granted (in shares)				111,516
Vested / Exercised (in shares)				(82,262)
Expired (in shares)				(22,000)
Forfeited (in shares)				(3,435)
Outstanding (in shares)				200,149
Peer Group Market Condition Vesting
Shares
Vested / Exercised (in shares)				(17,418)
Peer Group Market Condition Vesting \| Performance Shares
Shares
Outstanding (in shares)			55,851	55,851
Granted (in shares)			48,134	48,134
Vested / Exercised (in shares)	(17,418)	(12,635)		(17,418)
Outstanding (in shares)				86,567
Shares
Number of shares attributable to Equitable Adjustment (in shares)			15,988
Stock Price Vesting \| Restricted Shares
Shares
Outstanding (in shares)			22,000	22,000
Expired (in shares)				(22,000)
Three-Year Vesting \| Restricted Shares
Shares
Outstanding (in shares)			38,479	38,479
Granted (in shares)			43,050	43,050
Vested / Exercised (in shares)				(21,220)
Forfeited (in shares)				(3,435)
Outstanding (in shares)				56,874
Original 2010 Plan
Shares
Granted (in shares)			111,516
Number of shares attributable to Equitable Adjustment (in shares)			46,237
Original 2010 Plan \| Stock Option Awards
Shares
Outstanding (in shares)			80,000	80,000
Granted (in shares)				20,332
Vested / Exercised Shares				(43,624)
Outstanding (in shares)				56,708

STOCK-BASED COMPENSATION - Reco

STOCK-BASED COMPENSATION - Recognized in Financial Statements (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
STOCK-BASED COMPENSATION
Total Cost of Share-Based Plans Charged Against Income Before Tax Effect	$ 742	$ 699	$ 1,700	$ 1,518
Income Tax Expense Recognized in Income		$ 174		$ 378

STOCK-BASED COMPENSATION - Perf

STOCK-BASED COMPENSATION - Performance Share Awards - Peer Group Market Condition Vesting (Details) - USD ($) $ / shares in Units, $ in Millions	Jan. 20, 2021	Jan. 01, 2020	Mar. 31, 2021	Mar. 31, 2020	Jun. 30, 2021
Peer Group Market Condition Vesting
Stock-based compensation
Vested					17,418
Shares
Vested (in shares)					(17,418)
Weighted Average Fair Value
Vested (in dollars per share)					$ 58.30
Original 2010 Plan
Stock-based compensation
Number of shares attributable to Equitable Adjustment (in shares)			46,237
Performance Shares
Stock-based compensation
Vesting percentage	87.20%	112.50%
Performance Shares \| Peer Group Market Condition Vesting
Stock-based compensation
Performance period			3 years	3 years	3 years
Number of shares attributable to Equitable Adjustment (in shares)			15,988
Vested	17,418	12,635			17,418
Grantees, shares received (in shares)			15,197		14,214
Shares
Outstanding (in shares)			55,851		55,851
Granted (in shares)			48,134		48,134
Vested (in shares)	(17,418)	(12,635)			(17,418)
Outstanding (in shares)					86,567
Weighted Average Fair Value
Outstanding (in dollars per share)			$ 63.44		$ 63.44
Granted (in dollars per share)					32.04
Outstanding (in dollars per share)					$ 47.01
Compensation cost
Unrecognized compensation cost					$ 2.5
Weighted average period of recognition of unrecognized compensation cost					1 year 10 months 24 days
Performance Shares \| Minimum \| Peer Group Market Condition Vesting
Stock-based compensation
Vesting percentage					0.00%
Performance Shares \| Maximum \| Peer Group Market Condition Vesting
Stock-based compensation
Vesting percentage					150.00%

STOCK-BASED COMPENSATION - Mark

STOCK-BASED COMPENSATION - Market Condition Restricted Shares - Stock Price Vesting (Details) - Restricted Shares - USD ($) $ / shares in Units, $ in Thousands	Jan. 28, 2021	Jun. 30, 2021
Stock Price Vesting
Shares
Outstanding (in shares)		22,000
Expired (in shares)		(22,000)
Stock Price Vesting \| Mr. Albright
Stock-based compensation
Restricted share award period after termination of employment		60 days
Period for average closing price		30 days
Share-based Compensation Award Stock Price Vesting Price Increment One \| Mr. Albright
Stock-based compensation
Number of shares in each vesting increment	22,000
Share-based Compensation Award Stock Price Vesting Price Increment Two
Shares
Outstanding (in shares)		22,000
Expired (in shares)		(22,000)
Weighted Average Fair Value
Outstanding (in dollars per share)		$ 41.71
Expired (in dollars per share)		$ 41.71
Compensation cost
Unrecognized compensation cost		$ 0
Share-based Compensation Award Stock Price Vesting Price Increment Two \| Mr. Albright
Stock-based compensation
Closing share price (in dollars per share)	$ 70
Number of shares in each vesting increment	18,000
Share-based Compensation Award Stock Price Vesting Price Increment Three \| Mr. Albright
Stock-based compensation
Closing share price (in dollars per share)	$ 75
Number of shares in each vesting increment	4,000

STOCK-BASED COMPENSATION - Thre

STOCK-BASED COMPENSATION - Three Year Vest Restricted Shares (Details) - Three-Year Vesting - Restricted Shares - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	6 Months Ended
	Mar. 31, 2021	Jun. 30, 2021
Stock-based compensation
Vesting per year (as a percent)		33.33%
Granted (in shares)	43,050	43,050
Shares
Outstanding (in shares)	38,479	38,479
Granted (in shares)	43,050	43,050
Vested (in shares)		(21,220)
Forfeited (in shares)		(3,435)
Outstanding (in shares)		56,874
Weighted Average Fair Value
Outstanding (in dollars per share)	$ 57.82	$ 57.82
Granted (in dollars per share)		35.47
Vested (in dollars per share)		48.55
Forfeited (in dollars per share)		46.61
Outstanding (in dollars per share)		$ 45.04
Compensation cost
Unrecognized compensation cost		$ 2.1
Weighted average period of recognition of unrecognized compensation cost		2 years 1 month 6 days
Equity Award Agreements
Stock-based compensation
Number of shares attributable to Equitable Adjustment (in shares)	9,917

STOCK-BASED COMPENSATION - Non-

STOCK-BASED COMPENSATION - Non-Qualified Stock Option Awards Granted (Details) - Stock Option Awards - Original 2010 Plan - $ / shares

Jan. 21, 2021

Jan. 20, 2021

Jan. 28, 2018

Jan. 28, 2017

Feb. 26, 2016

Jun. 29, 2015

May 20, 2015

Feb. 09, 2015

Oct. 22, 2014

Jun. 30, 2021

Mar. 31, 2021

Jun. 30, 2021

Stock-based compensation

Granted (in shares)

20,332

Exercised (in shares)

43,624

Outstanding (in shares)

56,708

Mr. Albright

Stock-based compensation

Granted (in shares)

25,083

40,000

20,000

Vesting per year (as a percent)

33.33%

Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting, Percentage Remaining Unvested - NOT USED IN 10-K

66.67%

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

Exercised (in shares)

25,083

Exercise price (in dollars per share)

$ 45.85

$ 55.62

$ 57.50

Surrendered (in shares)

40,000

Outstanding (in shares)

Mr. Smith

Stock-based compensation

Granted (in shares)

12,541

10,000

Vesting per year (as a percent)

33.33%

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

Exercised (in shares)

3,541

Exercise price (in dollars per share)

$ 39.87

$ 50

Outstanding (in shares)

9,000

Officer

Stock-based compensation

Granted (in shares)

12,541

10,000

Vesting per year (as a percent)

33.33%

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

Exercised (in shares)

Exercise price (in dollars per share)

$ 45.88

$ 57.54

Equity Award Agreements

Stock-based compensation

Granted (in shares)

50,167

40,000

Exercised (in shares)

15,000

Exercise price (in dollars per share)

$ 44.35

Outstanding (in shares)

35,167

STOCK-BASED COMPENSATION - No_2

STOCK-BASED COMPENSATION - Non-Qualified Stock Option Award Activity (Details) - Original 2010 Plan - Stock Option Awards - USD ($)	Jan. 01, 2021	Jun. 30, 2021	Dec. 31, 2020
Shares
Outstanding (in shares)	80,000	80,000
Granted (in shares)		20,332
Vested / Exercised Shares		(43,624)
Outstanding (in shares)		56,708
Exercisable (in shares)	80,000	56,708
Weighted Average Exercise Price (in dollars per share)
Exercised (in dollars per share)		$ 44.85
Outstanding (in dollars per share)		43.98
Exercisable (in dollars per share)	$ 55.63	$ 43.98	$ 55.63
Weighted Average Remaining Contractual Term
Outstanding		3 years 9 months 25 days
Exercisable	4 years 3 months 3 days	3 years 9 months 25 days
Stock-based compensation
Aggregate Intrinsic Value, Outstanding (in dollars)		$ 541,145
Aggregate Intrinsic Value, Exercisable (in dollars)		541,145
Unrecognized compensation cost (in dollars)		$ 0

STOCK-BASED COMPENSATION - No_3

STOCK-BASED COMPENSATION - Non-Employee Director Stock Compensation (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2019	Dec. 31, 2021	Dec. 31, 2020
Stock-based compensation
Annual award received	$ 200	$ 100
Share-based Payment Arrangement, Nonemployee
Stock-based compensation
Annual award			$ 20	$ 35	$ 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	$ 400	$ 400
Expense recognized (in shares)	8,298	6,283

INCOME TAXES (Details)

INCOME TAXES (Details) $ in Millions	6 Months Ended	12 Months Ended
INCOME TAXES (Details) $ in Millions	Jun. 30, 2021subsidiary	Dec. 31, 2020USD ($)
INCOME TAXES
REIT Eligibility, Distributable , Minimum Percentage of Taxable Income, Excluding Net Capital Gains	90.00%
Number of taxable REIT subsidiaries \| subsidiary	5
Deferred tax benefit \| $		$ 82.5

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Legal Proceedings (Details) - Complaint for Declaratory Relief Against Buc-ee's Ltd $ in Millions	6 Months Ended
	Jun. 30, 2021a	Mar. 31, 2021USD ($)
Commitments
Cash deposited related to improvements \| $		$ 0.8
Land Sales, Area of Land \| a	35

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Contractual Commitments - Expenditures (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)
COMMITMENTS AND CONTINGENCIES
Commitment amount	$ 10,877
Less Amount Funded	(1,610)
Remaining Commitment	$ 9,267

COMMITMENTS AND CONTINGENCIES_3

COMMITMENTS AND CONTINGENCIES - Off-Balance Sheet Arrangements (Details) - Operating agreement - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2018
Loss Contingencies [Line Items]
Fair value of Minimum Sales Guarantee			$ 0.1
MSG, Upfront payment	$ 0.1
Minimum
Loss Contingencies [Line Items]
Supply commitments		$ 6

BUSINESS SEGMENT DATA - Descrip

BUSINESS SEGMENT DATA - Description (Details) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2021USD ($)loanpropertysegment	Jun. 30, 2020	Dec. 31, 2020USD ($)
Business segment data
Number of operating segment \| segment	4
Assets	$ 689,872		$ 666,700
Number of commercial loan investment \| loan	2
Income Properties
Business segment data
Assets	$ 584,058		531,325
Management Fee Income
Business segment data
Assets	$ 1,380		$ 700
Commercial loan and master lease investments
Business segment data
Number of commercial loan investment \| loan	2
Number of commercial properties \| property	2
Product concentration \| Identifiable assets \| Income Properties
Business segment data
Percentage of total	84.70%		80.00%
Product concentration \| Consolidated revenues \| Income Properties
Business segment data
Percentage of total	79.40%	87.00%

BUSINESS SEGMENT DATA - Summary

BUSINESS SEGMENT DATA - Summary of Operations in Different Segments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Business segment data
Total Revenues	$ 14,283	$ 13,010	$ 28,995	$ 25,848
Operating Income (Loss)	(9,169)	10,773	(4,710)	11,062
Impairment charge	16,527		16,527	1,905
Gain on Disposition of Assets	4,732	7,076	5,440	7,076
Gain (Loss) on Extinguishment of Debt	(641)	504	(641)	1,141
Depreciation and Amortization	5,031	5,021	9,861	9,573
Capital Expenditures	74,770	256	114,117	145,008
Identifiable Assets	689,872		689,872		$ 666,700
Operating Segments
Business segment data
Impairment charge	(16,527)		(16,527)	(1,905)
Gain on Disposition of Assets	4,732	7,076	5,440	7,076
General and Corporate Expense
Business segment data
Operating Income (Loss)	(7,696)	(7,192)	(15,658)	(14,836)
Income Properties
Business segment data
Total Revenues	11,574	11,473	23,023	22,476
Depreciation and Amortization	5,026	5,016	9,851	9,563
Capital Expenditures	74,767	250	114,107	138,242
Identifiable Assets	584,058		584,058		531,325
Income Properties \| Operating Segments
Business segment data
Operating Income (Loss)	8,787	8,905	17,319	17,795
Management Fee Income
Business segment data
Total Revenues	752	695	1,421	1,397
Identifiable Assets	1,380		1,380		700
Management Fee Income \| Operating Segments
Business segment data
Operating Income (Loss)	752	695	1,421	1,397
Interest Income from Commercial Loan and Master Lease Investments
Business segment data
Total Revenues	709	835	1,410	1,887
Capital Expenditures				6,754
Identifiable Assets	38,884		38,884		38,321
Interest Income from Commercial Loan and Master Lease Investments \| Operating Segments
Business segment data
Operating Income (Loss)	709	835	1,410	1,887
Real Estate Operations
Business segment data
Total Revenues	1,248	7	3,141	88
Identifiable Assets	43,171		43,171		59,717
Real Estate Operations \| Operating Segments
Business segment data
Operating Income (Loss)	715	(50)	2,526	(1,493)
Land Operations
Business segment data
Identifiable Assets	834		834		833
Corporate and Other
Business segment data
Depreciation and Amortization	5	5	10	10
Capital Expenditures	3	$ 6	10	$ 12
Identifiable Assets	$ 21,545		$ 21,545		$ 35,804

ASSETS AND LIABILITIES HELD F_3

ASSETS AND LIABILITIES HELD FOR SALE - Tabular Disclosure (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Assets held for sale
Property, Plant, and Equipment-Net	$ 2,354
Restricted Cash	833	$ 833
Intangible Lease Assets - Net	548
Intangible Lease Liabilities - Net	(15)
Total Assets Held for Sale	3,720	833
Liabilities held for sale
Deferred Revenue	(831)	(831)
Total Liabilities Held for Sale	(831)	(831)
Land JV Assets
Assets held for sale
Restricted Cash	833	833
Total Assets Held for Sale	833	833
Land JV Liabilities
Liabilities held for sale
Deferred Revenue	(831)	(831)
Total Liabilities Held for Sale	(831)	$ (831)
Single-Tenant Income Properties
Assets held for sale
Property, Plant, and Equipment-Net	2,354
Intangible Lease Assets - Net	548
Intangible Lease Liabilities - Net	(15)
Total Assets Held for Sale	$ 2,887

ASSETS AND LIABILITIES HELD F_4

ASSETS AND LIABILITIES HELD FOR SALE - Deferred Revenue on Land Sales (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Mar. 31, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total deferred revenue	$ 4,036	$ 3,319
Buc'ees - East of I-95
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Escrow reserve			$ 800
Total deferred revenue			$ 800

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Follow on Public Offering - USD ($) $ / shares in Units, $ in Millions	Jul. 06, 2021	Jun. 28, 2021
Subsequent Event [Line Items]
Units issued		3,000,000
Dividend rate (as a percent)		6.375%
Share Price		$ 25
Total net proceeds	$ 72.4
Subsequent Events
Subsequent Event [Line Items]
Total net proceeds	$ 72.4