CTO Realty Growth (CTO) 10-Q 26 Oct 23 2023 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - $ / shares	9 Months Ended
	Sep. 30, 2023	Oct. 19, 2023
Document Information [Line Items]
Entity Central Index Key	0000023795
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2023
Current Fiscal Year End Date	--12-31
Entity File Number	001-11350
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	369 N. New York Avenue,
Entity Address, Address Line Two	Suite 201
Entity Address, City or Town	Winter Park
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32789
City Area Code	407
Local Phone Number	904-3324
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		22,686,444
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false
Common Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	CTO
Security Exchange Name	NYSE
Entity Listing, Par Value Per Share	$ 0.01
Cumulative Preferred Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	6.375% Series A Cumulative Redeemable
Trading Symbol	CTO-PA
Security Exchange Name	NYSE
Entity Listing, Par Value Per Share	$ 0.01

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Real Estate:
Land, at Cost	$ 235,880	$ 233,930
Building and Improvements, at Cost	588,224	530,029
Other Furnishings and Equipment, at Cost	851	748
Construction in Process, at Cost	4,127	6,052
Total Real Estate, at Cost	829,082	770,759
Less, Accumulated Depreciation	(50,117)	(36,038)
Real Estate-Net	778,965	734,721
Land and Development Costs	698	685
Intangible Lease Assets-Net	105,851	115,984
Assets Held for Sale-See Note 23	14,504	0
Investment in Alpine Income Property Trust, Inc.	38,162	42,041
Mitigation Credits	1,872	1,856
Mitigation Credit Rights		725
Commercial Loans and Investments	46,572	31,908
Cash and Cash Equivalents	7,015	19,333
Restricted Cash	22,618	1,861
Refundable Income Taxes	430	448
Deferred Income Taxes-Net	2,363	2,530
Other Assets-See Note 11	47,323	34,453
Total Assets	1,066,373	986,545
Liabilities:
Accounts Payable	3,969	2,544
Accrued and Other Liabilities-See Note 17	18,660	18,028
Deferred Revenue-See Note 18	6,251	5,735
Intangible Lease Liabilities-Net	11,203	9,885
Long-Term Debt	548,219	445,583
Total Liabilities	588,302	481,775
Commitments and Contingencies-See Note 21
Stockholders' Equity:
Preferred Stock - 100,000,000 shares authorized; $0.01 par value, 6.375% Series A Cumulative Redeemable Preferred Stock, $25.00 Per Share Liquidation Preference, 2,993,206 shares issued and outstanding at September 30, 2023 and 3,000,000 shares issued and outstanding at December 31, 2022	30	30
Common Stock - 500,000,000 shares authorized; $0.01 par value, 22,701,072 shares issued and outstanding at September 30, 2023 and 22,854,775 shares issued and outstanding at December 31, 2022	227	229
Additional Paid-In Capital	168,875	172,471
Retained Earnings	284,789	316,279
Accumulated Other Comprehensive Income	24,150	15,761
Total Stockholders' Equity	478,071	504,770
Total Liabilities and Stockholders' Equity	$ 1,066,373	$ 986,545

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Preferred Stock
Preferred Stock, Shares Authorized	100,000,000	100,000,000
Preferred Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Dividend rate (as a percent)	6.375%	6.375%
Preferred stock, liquidation preference (in dollars per share)	$ 25	$ 25
Preferred Stock, Shares Issued	2,993,206	3,000,000
Preferred Stock, Shares Outstanding	2,993,206	3,000,000
Common Stock
Common Stock, shares authorized	500,000,000	500,000,000
Common Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common Stock, shares issued	22,701,072	22,854,775
Common Stock, shares outstanding	22,701,072	22,854,775

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues
Total Revenues	$ 28,470	$ 23,117	$ 79,234	$ 59,790
Direct Cost of Revenues
Total Direct Cost of Revenues	(7,212)	(6,776)	(21,759)	(15,883)
General and Administrative Expenses	(3,439)	(3,253)	(10,493)	(8,972)
Provision for Impairment	(929)		(1,408)	0
Depreciation and Amortization	(11,669)	(7,305)	(32,814)	(20,401)
Total Operating Expenses	(23,249)	(17,334)	(66,474)	(45,256)
Gain on Disposition of Assets	2,464	4,973	3,565	4,728
Other Gains and Income	2,464	4,973	3,565	4,728
Total Operating Income	7,685	10,756	16,325	19,262
Investment and Other Income (Loss)	1,184	(3,065)	(1,296)	(6,270)
Interest Expense	(6,318)	(3,037)	(16,161)	(7,216)
Income (Loss) Before Income Tax Benefit (Expense)	2,551	4,654	(1,132)	5,776
Income Tax Benefit (Expense)	135	163	(375)	461
Net Income (Loss) Attributable to the Company	2,686	4,817	(1,507)	6,237
Distributions to Preferred Stockholders	(1,195)	(1,195)	(3,585)	(3,586)
Net Income (Loss) Attributable to Common Stockholders	$ 1,491	$ 3,622	$ (5,092)	$ 2,651
Per Share Information-See Note 13:
Basic Net Income (Loss) Attributable to Common Stockholders (in dollars per share)	$ 0.07	$ 0.20	$ (0.23)	$ 0.15
Diluted Net Income ( Loss) Attributable to Common Stockholders (in dollars per share)	$ 0.07	$ 0.19	$ (0.23)	$ 0.15
Weighted Average Number of Common Shares - Basic (in shares)	22,484,561	18,386,435	22,556,642	18,044,299
Weighted Average Number of Common Shares - Diluted (in shares)	22,484,561	21,505,460	22,556,642	18,044,299
Income Properties
Revenues
Total Revenues	$ 25,183	$ 17,694	$ 70,373	$ 49,229
Direct Cost of Revenues
Total Direct Cost of Revenues	(7,060)	(5,115)	(20,883)	(13,943)
Provision for Impairment		0		0
Management Fee Income
Revenues
Total Revenues	1,094	951	3,294	2,835
Interest Income From Commercial Loans and Investments
Revenues
Total Revenues	1,114	1,323	2,965	3,331
Direct Cost of Revenues
Provision for Impairment			(500)	0
Real Estate Operations
Revenues
Total Revenues	1,079	3,149	2,602	4,395
Direct Cost of Revenues
Total Direct Cost of Revenues	$ (152)	$ (1,661)	$ (876)	$ (1,940)

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net Income (Loss) Attributable to the Company	$ 2,686	$ 4,817	$ (1,507)	$ 6,237
Other Comprehensive Income:
Cash Flow Hedging Derivative - Interest Rate Swaps	5,901	5,310	8,389	15,933
Total Other Comprehensive Income	5,901	5,310	8,389	15,933
Total Comprehensive Income	$ 8,587	$ 10,127	$ 6,882	$ 22,170

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Preferred Stock	Common Stock	Additional Paid-In Capital Cumulative Effect, Period of Adoption, Adjustment	Additional Paid-In Capital	Retained Earnings Cumulative Effect, Period of Adoption, Adjustment	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Cumulative Effect, Period of Adoption, Adjustment	Total
Balance at Dec. 31, 2021	$ 30	$ 60		$ 85,414		$ 343,459	$ 1,517		$ 430,480
Increase (decrease) in shareholders' equity
Net Income Attributable to the Company						6,237			6,237
Three-for-One Stock Split		122		(122)
Stock Repurchase		(1)		(2,791)					(2,792)
Vested Restricted Stock and Performance Shares				(845)					(845)
Exercise of Stock Options and Stock Issuance to Directors				248					248
Stock Issuance, Net of Equity Issuance Costs		7		20,560					20,567
Stock-Based Compensation Expense				1,989					1,989
Preferred Stock Dividends Declared for the Period						(3,586)			(3,586)
Common Stock Dividends Declared for the Period						(20,815)			(20,815)
Other Comprehensive Income							15,933		15,933
Balance at Sep. 30, 2022	30	188	$ (7,034)	97,419	$ 4,022	329,317	17,450	$ (3,012)	444,404
Balance at Dec. 31, 2021	30	60		85,414		343,459	1,517		430,480
Balance at Dec. 31, 2022	30	229		172,471		316,279	15,761		504,770
Balance at Jun. 30, 2022	30	61		86,347		332,916	12,140		431,494
Increase (decrease) in shareholders' equity
Net Income Attributable to the Company						4,817			4,817
Three-for-One Stock Split		122		(122)
Stock Repurchase		(1)		(1,644)					(1,645)
Exercise of Stock Options and Stock Issuance to Directors				11					11
Stock Issuance, Net of Equity Issuance Costs		6		12,082					12,088
Stock-Based Compensation Expense				745					745
Preferred Stock Dividends Declared for the Period						(1,195)			(1,195)
Common Stock Dividends Declared for the Period						(7,221)			(7,221)
Other Comprehensive Income							5,310		5,310
Balance at Sep. 30, 2022	30	188	$ (7,034)	97,419	$ 4,022	329,317	17,450	$ (3,012)	444,404
Balance at Dec. 31, 2022	30	229		172,471		316,279	15,761		504,770
Increase (decrease) in shareholders' equity
Net Income Attributable to the Company						(1,507)			(1,507)
Stock Repurchase		(3)		(5,169)					(5,172)
Vested Restricted Stock and Performance Shares		1		(1,029)					(1,028)
Exercise of Stock Options and Stock Issuance to Directors				308					308
Payment of Equity Issuance Costs				(130)					(130)
Stock-Based Compensation Expense				2,424					2,424
Preferred Stock Dividends Declared for the Period						(3,585)			(3,585)
Common Stock Dividends Declared for the Period						(26,398)			(26,398)
Other Comprehensive Income							8,389		8,389
Balance at Sep. 30, 2023	30	227		168,875		284,789	24,150		478,071
Balance at Jun. 30, 2023	30	227		168,103		291,958	18,249		478,567
Increase (decrease) in shareholders' equity
Net Income Attributable to the Company						2,686			2,686
Stock Repurchase				(87)					(87)
Exercise of Stock Options and Stock Issuance to Directors				67					67
Payment of Equity Issuance Costs				(8)					(8)
Stock-Based Compensation Expense				800					800
Preferred Stock Dividends Declared for the Period						(1,195)			(1,195)
Common Stock Dividends Declared for the Period						(8,660)			(8,660)
Other Comprehensive Income							5,901		5,901
Balance at Sep. 30, 2023	$ 30	$ 227		$ 168,875		$ 284,789	$ 24,150		$ 478,071

CONSOLIDATED STATEMENTS OF SH_2

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical)		3 Months Ended	9 Months Ended
	Apr. 27, 2022	Sep. 30, 2022	Sep. 30, 2022
Common Stock
Stock split ratio	3	3	3

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash Flow from Operating Activities:
Net Income (Loss) Attributable to the Company	$ (1,507)	$ 6,237
Adjustments to Reconcile Net Income (Loss) Attributable to the Company to Net Cash Provided by Operating Activities:
Depreciation and Amortization	32,814	20,401
Amortization of Intangible Liabilities to Income Property Revenue	1,793	1,485
Amortization of Deferred Financing Costs to Interest Expense	724	515
Amortization of Discount on Convertible Debt	119	149
Gain on Disposition of Real Estate and Intangible Lease Assets and Liabilities	(3,565)	(3,921)
Gain on Disposition of Commercial Loans and Investments		(807)
Provision for Impairment	1,408	0
Accretion of Commercial Loans and Investments Origination Fees	(105)	(150)
Non-Cash Imputed Interest	(22)	(119)
Deferred Income Taxes	167	(544)
Unrealized Loss on Investment Securities	5,663	8,102
Extinguishment of Contingent Obligation	(2,300)
Non-Cash Compensation	2,802	2,423
Decrease (Increase) in Assets:
Refundable Income Taxes	18	(5)
Land and Development Costs	(13)	7
Mitigation Credits and Mitigation Credit Rights	709	1,876
Other Assets	(3,792)	(7,895)
Increase in Liabilities:
Accounts Payable	1,424	460
Accrued and Other Liabilities	3,092	4,531
Deferred Revenue	516	1,335
Net Cash Provided By Operating Activities	39,945	34,080
Cash Flow from Investing Activities:
Acquisition of Real Estate and Intangible Lease Assets and Liabilities	(100,588)	(112,843)
Acquisition of Commercial Loans and Investments	(17,477)	(50,130)
Proceeds from Disposition of Property, Plant, and Equipment, Net, and Assets Held for Sale	21,689	40,777
Principal Payments Received on Commercial Loans and Investments	986	44,079
Acquisition of Investment Securities, Net of Proceeds from Sales	(2,883)	(2,253)
Net Cash Used In Investing Activities	(98,273)	(80,370)
Cash Flow From Financing Activities:
Proceeds from Long-Term Debt	132,850	218,500
Payments on Long-Term Debt	(30,600)	(147,000)
Cash Paid for Loan Fees	(132)	(2,610)
Cash Received Exercise of Stock Options and Common Stock Issuance	308	(177)
Cash Used to Purchase Common and Preferred Stock	(5,172)	(2,792)
Cash Paid for Vesting of Restricted Stock	(1,028)	(845)
Proceeds from (Cash Paid for) Issuance of Common Stock, Net	(130)	20,567
Dividends Paid - Preferred Stock	(3,585)	(3,586)
Dividends Paid - Common Stock	(25,744)	(20,292)
Net Cash Provided By Financing Activities	66,767	61,765
Net Increase in Cash, Cash Equivalents and Restricted Cash	8,439	15,475
Cash, Cash Equivalents and Restricted Cash, Beginning of Period	21,194	31,349
Cash, Cash Equivalents and Restricted Cash, End of Period	29,633	46,824
Reconciliation of Cash to the Consolidated Balance Sheets:
Cash and Cash Equivalents	7,015	9,532
Restricted Cash	22,618	37,292
Total Cash	$ 29,633	$ 46,824

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Supplemental Disclosure of Cash Flow Information:
Cash Paid for Taxes, Net of Refunds Received		$ (231)	$ (111)
Cash Paid for Interest	$ (2,107)	(15,178)	(5,785)
Supplemental Disclosure of Non-Cash Investing and Financing Activities:
Unrealized Gain on Cash Flow Hedges		8,389	15,933
Adjustment to Equity Component of Convertible Debt Upon Adoption of ASU 2020-06	$ 3,012		3,012
Common Stock Dividends Declared and Unpaid		654	523
Assumption of Mortgage Note Payable			17,800
Interest capitalized		$ 200	$ 100

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS	9 Months Ended
	Sep. 30, 2023
DESCRIPTION OF BUSINESS
DESCRIPTION OF BUSINESS	NOTE 1. DESCRIPTION OF BUSINESS ​ Description of Business ​ We are a publicly traded, self-managed equity REIT that focuses on the ownership, management, and repositioning of high-quality retail and mixed-use properties located primarily in what we believe to be faster growing, business-friendly markets exhibiting accommodative business tax policies, outsized relative job and population growth, and where retail demand exceeds supply. We have pursued our investment strategy by investing primarily through fee simple ownership of our properties, commercial loans and preferred equity. We own and manage, sometimes utilizing third-party property management companies, 23 commercial real estate properties in 9 states in the United States. As of September 30, 2023, we owned 7 single-tenant and 16 multi-tenant income-producing properties comprising 4.1 million square feet of gross leasable space. In addition to our income property portfolio, as of September 30, 2023, our business included the following: Management Services: ● A fee-based management business that is engaged in managing Alpine Income Property Trust, Inc. (“PINE”), see Note 5, “Related Party Management Services Business”. Commercial Loans and Investments: ​ ● A portfolio of three commercial loan investments and one preferred equity investment which is classified as a commercial loan investment. Real Estate Operations: ​ ● A portfolio of subsurface mineral interests associated with approximately 352,000 surface acres in 19 counties in the State of Florida (“Subsurface Interests”); and ​ ● An inventory of mitigation credits produced by the Company’s formerly owned mitigation bank. ​ Our business also includes our investment in PINE. As of September 30, 2023, the fair value of our investment totaled $38.2 million, or 15.1% of 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.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2023
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, 2022, 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 nine month periods ended September 30, 2023 are not necessarily indicative of results to be expected for the year ending December 31, 2023. ​ 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. As of September 30, 2023, the Company has an equity investment in PINE. Use of Estimates in the 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 investments 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. 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 September 30, 2023 and December 31, 2022 include certain amounts over the Federal Deposit Insurance Corporation limits. ​ Restricted Cash ​ Restricted cash totaled $22.6 million at September 30, 2023, of which $21.8 million is being held in various escrow accounts to be reinvested through the like-kind exchange structure into other income properties, and $0.8 million is being held in three interest and/or real estate tax reserve accounts related to the Company’s commercial loans and investments. ​ Derivative Financial Instruments and Hedging Activity ​ The Company accounts for its cash flow hedging derivatives in accordance with FASB ASC Topic 815-20, 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 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 a quarterly basis. ​ 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 (see Note 16, “Interest Rate Swaps”). ​ Fair Value of Financial Instruments ​ The carrying amounts of the Company’s financial assets and liabilities including cash and cash equivalents, restricted cash, accounts receivable, accounts payable, and accrued and other liabilities at September 30, 2023 and December 31, 2022, approximate fair value because of the short maturity of these instruments. The carrying value of the Company’s Credit Facility (hereinafter defined) as of September 30, 2023 and December 31, 2022, approximates current market rates for revolving credit arrangements with similar risks and maturities. The face value of the Company’s fixed rate commercial loans and investments, the 2026 Term Loan (hereinafter defined), the 2027 Term Loan (hereinafter defined), the 2028 Term Loan (hereinafter defined), mortgage note, and convertible debt held as of September 30, 2023 and December 31, 2022 are measured at fair value based on current market rates for financial instruments with similar risks and maturities (see Note 8, “Fair Value of Financial Instruments”). ​ Fair Value Measurements ​ The Company’s estimates of fair value of financial and non-financial assets and liabilities 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 Loans and Investments ​ Interest income on commercial loans and 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 of sales 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 $3.6 million and $2.2 million as of September 30, 2023 and December 31, 2022, respectively. ​ Accounts receivable related to real estate operations, which are classified in other assets on the consolidated balance sheets, totaled $0.8 million as of September 30, 2023 and December 31, 2022. The accounts receivable as of September 30, 2023 and December 31, 2022 are primarily related to the reimbursement of certain infrastructure costs completed by the Company in conjunction with two land sale transactions that closed during the fourth quarter of 2015 as more fully described in Note 11, “Other Assets.” ​ The amount due from the buyer of the golf operations for the rounds surcharge the Company paid to the City of Daytona Beach, totaled $0.1 million and $0.2 million as of September 30, 2023 and December 31, 2022, respectively. ​ ​ The collectability of the aforementioned receivables shall be considered and adjusted through an allowance for doubtful accounts which is included in income property revenue on the consolidated statements of operations. As of September 30, 2023 and December 31, 2022, the Company’s allowance for doubtful accounts totaled $2.3 million and $1.8 million, respectively. ​ 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 (Topic 805): Clarifying the Definition of a Business, an acquisition does not qualify as a business when there is no substantive process acquired or substantially all of the fair value is concentrated in a single identifiable asset or group of similar identifiable assets or the acquisition does not include a substantive process in the form of an acquired workforce or an acquired contract that cannot be replaced without significant cost, effort or delay. Transaction costs related to acquisitions that are asset acquisitions are capitalized as part of the cost basis of the acquired assets, while transaction costs for acquisitions that are deemed to be acquisitions of a business are expensed as incurred. Improvements and replacements are capitalized when they extend the useful life or improve the productive capacity of the asset. Costs of repairs and maintenance are expensed as incurred. 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. The Company incurs costs related to the development and leasing of its properties. Such costs include, but are not limited to, tenant improvements, leasing commissions, rebranding, facility expansion and other capital improvements, and are included in construction in progress during the development period. When a construction project is considered to be substantially complete, the capitalized costs are reclassified to the appropriate real estate asset and depreciation begins. The Company assesses the level of construction activity to determine the amount, if any, of interest expense to be capitalized to the underlying construction projects. Assets Held for Sale Investments in real estate which are determined to be “held for sale” pursuant to FASB Topic 360-10, Property, Plant, and Equipment ​ Sales of Real Estate ​ When income properties are disposed of, the related cost basis of the real estate, intangible lease assets, and intangible lease liabilities, net of accumulated depreciation and/or amortization, and any accrued straight-line rental income balance for the underlying operating leases are removed, and gains or losses from the dispositions are reflected in net income within gain (loss) on disposition of assets. In accordance with the FASB guidance, gains or losses on sales of real estate are generally recognized using the full accrual method. Gains and losses on land sales, in addition to the sale of Subsurface Interests and mitigation credits, are accounted for as required by FASB ASC Topic 606, Revenue from Contracts with Customers to the performance obligations within the contract. As market information becomes available, the underlying cost basis is analyzed and recorded at the lower of cost or market. Income Taxes ​ The Company elected to be taxed as a REIT for U.S. federal income tax purposes under the Internal Revenue Code of 1986, as amended (the “Code”) commencing with its taxable year ended December 31, 2020. 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 taxable REIT subsidiaries (“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 two TRSs subject to taxation. The Company’s TRSs will file tax returns separately as C-Corporations. ​ The Company uses the asset and liability method to account for income taxes for the Company’s TRSs. Deferred income taxes result primarily from the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes (see Note 20, “Income Taxes”). In June 2006, the FASB issued additional guidance, which clarifies the accounting for uncertainty in income taxes recognized in a company’s financial statements included in income taxes. The interpretation prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The interpretation also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, 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. ​

INCOME PROPERTIES

INCOME PROPERTIES	9 Months Ended
	Sep. 30, 2023
INCOME PROPERTIES
INCOME PROPERTIES	NOTE 3. INCOME PROPERTIES ​ Leasing revenue consists of long-term rental revenue from retail, office, and commercial income properties, 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 variable lease payments are comprised of percentage rent and reimbursements from tenants for common area maintenance, insurance, real estate taxes, and other operating expenses. The components of leasing revenue are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ September 30, 2023 ​ September 30, 2022 ​ September 30, 2023 ​ September 30, 2022 Leasing Revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lease Payments $ 19,547 ​ $ 13,556 ​ $ 55,187 ​ $ 38,760 Variable Lease Payments ​ 5,636 ​ ​ 4,138 ​ ​ 15,186 ​ ​ 10,469 Total Leasing Revenue $ 25,183 ​ $ 17,694 ​ $ 70,373 ​ $ 49,229 ​ ​ Minimum future base rental receipts under non-cancelable operating leases, excluding percentage rent and other lease payments that are not fixed and determinable, having remaining terms in excess of one year subsequent to September 30, 2023, are summarized as follows (in thousands): ​ ​ ​ ​ ​ Year Ending December 31, Amounts Remainder of 2023 ​ $ 20,578 2024 ​ ​ 75,476 2025 ​ ​ 70,529 2026 ​ ​ 60,705 2027 ​ ​ 49,104 2028 ​ ​ 35,430 2029 and Thereafter (Cumulative) ​ ​ 58,431 Total ​ $ 370,253 ​ 2023 Acquisitions. ● Four properties, totaling 24,100 square feet, within the 28,100 square foot retail portion of Phase II of The Exchange at Gwinnett located in Buford, Georgia (the “Gwinnett Property”), for an aggregate purchase price of $14.6 million, or a total acquisition cost of $14.7 million including capitalized acquisition costs. The four properties are leased to six different tenants with a weighted average remaining lease term of 9.9 years at acquisition. The Company is under contract to acquire the remaining 4,000 square-foot property that makes up the remaining retail portion of Phase II of The Exchange at Gwinnett for a purchase price of $2.3 million. The Company previously purchased the Sprouts-anchored Phase I portion of The Exchange at Gwinnett in December 2021. ● The Plaza at Rockwall, a multi-tenant income property located in Rockwall, Texas for a purchase price of $61.2 million, or a total acquisition cost of $61.3 million including capitalized acquisition costs. The Plaza at Rockwall comprises 446,500 square feet, was 95% occupied at acquisition, and had a weighted average remaining lease term of 4.2 years at acquisition. ● A vacant land parcel adjacent to the previously acquired Collection at Forsyth property, located in the Forsyth County submarket of Atlanta, Georgia, for a purchase price of $4.3 million. Of the aggregate $80.3 million total acquisition cost, $21.2 million was allocated to land, $53.6 million was allocated to buildings and improvements, and $8.7 million was allocated to intangible assets pertaining to the in-place lease value, leasing costs, and above market lease value and $3.2 million was allocated to intangible liabilities for the below market lease value. The amortization period for the intangible assets and liabilities was 5.6 years at acquisition. ​ 2023 Dispositions. ​ On October 12, 2023, as described in Note 24, “Subsequent Events,” the Company sold the Westcliff Shopping Center located in Fort Worth, Texas (the “Westcliff Property”), which was classified as held for sale as of September 30, 2023, for a sales price of $14.8 million. An impairment charge of $0.9 million was recognized on the Westcliff Property during the three months ended September 30, 2023, as described in Note 10, “Provision for Impairment.” ​ ​ 2022 Acquisitions . ● Price Plaza Shopping Center, a multi-tenant income property located in Katy, Texas for a purchase price of $39.1 million, or a total acquisition cost of $39.2 million including capitalized acquisition costs. Price Plaza Shopping Center comprises 205,813 square feet, was 95% leased at acquisition, and had a weighted average remaining lease term of 5.7 years at acquisition. In connection with the acquisition of Price Plaza Shopping Center, the company assumed a $17.8 million fixed-rate mortgage note, as further discussed in Note 15, “Long-Term Debt.” ● Madison Yards, a multi-tenant grocery-anchored income property located in Atlanta, Georgia for a purchase price of $80.2 million, or a total acquisition cost of $80.5 million including capitalized acquisition costs. Madison Yards comprises 162,500 square feet, was 98% leased at acquisition, and had a weighted average remaining lease term of 10.4 years at acquisition. ​ Of the aggregate $119.7 million total acquisition cost, $35.4 million was allocated to land, $65.9 million was allocated to buildings and improvements, and $19.7 million was allocated to intangible assets pertaining to the in-place lease value, leasing costs, and above market lease value and $1.3 million was allocated to intangible liabilities for the below market lease value. The amortization period for the intangible assets and liabilities was 9.0 years at acquisition. ​ 2022 Dispositions. gains

COMMERCIAL LOANS AND INVESTMENT

COMMERCIAL LOANS AND INVESTMENTS	9 Months Ended
	Sep. 30, 2023
COMMERCIAL LOANS AND INVESTMENTS
COMMERCIAL LOANS AND INVESTMENTS	NOTE 4. COMMERCIAL LOANS AND INVESTMENTS ​ Our 2023 Activity On March 1, 2023, the Company originated a $15.0 million first mortgage loan secured by the Founders Square property located in Dallas, Texas. The loan is interest-only with a term of three years with a fixed interest rate of 8.75%. The Company received an origination fee of 1.0% or $0.15 million. During the nine months ended September 30, 2023, the Company funded $2.2 million to the borrower and received $0.6 million in principal repayments under the construction loan originated in January 2022 and secured by the property and improvements to be constructed thereon for the second phase of The Exchange at Gwinnett project located in Buford, Georgia. As of September 30, 2023, there is no remaining commitment to the borrower. ​ Watters Creek Investment. Consolidation The Company’s commercial loans and investments were comprised of the following at September 30, 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Description Date of Investment Maturity Date Original Face Amount Current Face Amount Carrying Value Coupon Rate Construction Loan – The Exchange At Gwinnett – Buford, GA ​ January 2022 ​ January 2024 ​ $ 8,700 ​ $ 1,857 ​ $ 1,848 ​ 7.25% Preferred Investment – Watters Creek – Allen, TX ​ April 2022 ​ April 2025 ​ ​ 30,000 ​ ​ 30,000 ​ ​ 29,924 ​ 8.75% Mortgage Note – Founders Square – Dallas, TX ​ March 2023 ​ March 2026 ​ ​ 15,000 ​ ​ 15,000 ​ ​ 14,879 ​ 8.75% Promissory Note – Main Street – Daytona Beach, FL ​ June 2023 ​ May 2033 ​ ​ 400 ​ ​ 400 ​ ​ 400 ​ 7.00% ​ ​ ​ ​ ​ ​ $ 54,100 ​ $ 47,257 ​ $ 47,051 ​ ​ CECL Reserve ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (479) ​ ​ Total Commercial Loans and Investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 46,572 ​ ​ ​ With respect to the $1.5 million improvement loan at Ashford Lane originated in May 2022, during the nine months ended September 30, 2023, the Company took possession of the improvements that were funded by such loan pursuant to the applicable security agreement and, accordingly, the carrying value of the investment was reclassified as building and improvements. ​ The Company’s commercial loans and investments were comprised of the following at December 31, 2022 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Description Date of Investment Maturity Date Original Face Amount Current Face Amount Carrying Value Coupon Rate Mortgage Note – 4311 Maple Avenue – Dallas, TX ​ October 2020 ​ April 2023 ​ $ 400 ​ $ 400 ​ $ 395 ​ 7.50% Construction Loan – The Exchange At Gwinnett – Buford, GA ​ January 2022 ​ January 2024 ​ ​ 8,700 ​ ​ 220 ​ ​ 173 ​ 7.25% Preferred Investment - Watters Creek – Allen, TX ​ April 2022 ​ April 2025 ​ ​ 30,000 ​ ​ 30,000 ​ ​ 29,887 ​ 8.50% Improvement Loan - Ashford Lane – Atlanta, GA ​ May 2022 ​ April 2025 ​ ​ 1,500 ​ ​ 1,453 ​ ​ 1,453 ​ 12.00% ​ ​ ​ ​ ​ ​ $ 40,600 ​ $ 32,073 ​ $ 31,908 ​ ​ ​ The carrying value of the commercial loans and investments portfolio at September 30, 2023 and December 31, 2022 consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ September 30, 2023 December 31, 2022 Current Face Amount ​ $ 47,257 ​ $ 32,073 Unaccreted Origination Fees ​ ​ (206) ​ ​ (161) CECL Reserve ​ ​ (479) ​ ​ (4) Total Commercial Loans and Investments ​ $ 46,572 ​ $ 31,908 ​

RELATED PARTY MANAGEMENT SERVIC

RELATED PARTY MANAGEMENT SERVICES BUSINESS	9 Months Ended
	Sep. 30, 2023
RELATED PARTY MANAGEMENT SERVICES BUSINESS
RELATED PARTY MANAGEMENT SERVICES BUSINESS	NOTE 5. RELATED PARTY MANAGEMENT SERVICES BUSINESS The Company’s management fee income is within the scope of FASB ASC Topic 606, Revenue from Contracts with Customers Alpine Income Property Trust. During the three and nine months ended September 30, 2023, the Company earned management fee revenue from PINE totaling $1.1 million and $3.3 million, respectively. Dividend income for three and nine months ended September 30, 2023 totaled $0.6 million and $1.9 million, respectively. During the three and nine months ended September 30, 2022, the Company earned management fee revenue from PINE totaling $0.9 million and $2.8 million, respectively. Dividend income for the three and nine months ended September 30, 2022, totaled $0.6 million and $1.7 million, respectively. Management fee revenue from PINE, included in management services, and dividend income, included in investment and other loss, are reflected in the accompanying consolidated statements of operations. The following table represents amounts due from (to) PINE as of September 30, 2023 and December 31, 2022 which are included in other assets on the consolidated balance sheets (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ As of Description September 30, 2023 ​ December 31, 2022 Management Services Fee due From PINE ​ $ 1,095 ​ $ 993 Dividend Receivable ​ ​ 337 ​ ​ 337 Other ​ ​ 133 ​ ​ (30) Total ​ $ 1,565 ​ $ 1,300 ​ On November 26, 2019, as part of PINE’s IPO, the Company sold PINE 15 properties for aggregate cash consideration of $125.9 million. 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. Additionally, 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 and 421,053 shares of PINE common stock in the IPO for a total purchase price of $8.0 million. On October 26, 2021, the Board authorized the purchase by the Company of up to $5.0 million in shares of common stock of PINE (the “Prior PINE Share Purchase Authorization”). Pursuant to the Prior PINE Share Purchase Authorization, during the year ended December 31, 2022, CTO purchased 155,665 shares of PINE common stock in the open market for $2.7 million, or an average price per share of $17.57. Pursuant to the Prior PINE Share Purchase Authorization, during the year ended December 31, 2021, the Company purchased 8,088 shares of PINE common stock on the open market for a total of $0.1 million, or an average price of $17.65 per share. On February 16, 2023, the Board cancelled the Prior PINE Share Purchase Authorization and authorized the purchase by the Company of up to $2.1 million in shares of common stock of PINE (the “2023 PINE Share Purchase Authorization”). Pursuant to the 2023 PINE Share Purchase Authorization, during the nine months ended September 30, 2023, the Company purchased 129,271 shares of PINE common stock on the open market for a total of $2.1 million, or an average price of $16.21 per share. No purchases of PINE common stock were made during the three months ended September 30, 2023. As of September 30, 2023, CTO owns, in the aggregate, 1,223,854 OP Units and 1,108,814 shares of PINE common stock, representing an investment totaling $38.2 million, or 15.1% of PINE’s outstanding equity. ​ During the year ended December 31, 2022, PINE exercised its right, pursuant to an Exclusivity and Right of First Offer Agreement between the Company and PINE (the “ROFO Agreement”), to purchase one single-tenant income property from the Company for a purchase price of $6.9 million, which sale was completed on January 7, 2022. During the year ended December 31, 2021, PINE exercised its right to purchase the following properties from the Company pursuant to the ROFO Agreement: (i) a portfolio of six net leased properties for an aggregate purchase price of $44.5 million, and (ii) one single-tenant income property for a purchase price of $11.5 million.

REAL ESTATE OPERATIONS

REAL ESTATE OPERATIONS	9 Months Ended
	Sep. 30, 2023
REAL ESTATE OPERATIONS
REAL ESTATE OPERATIONS	NOTE 6. REAL ESTATE OPERATIONS ​ Real Estate Operations ​ Land and development costs at September 30, 2023 and December 31, 2022 were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ September 30, 2023 December 31, 2022 Land and Development Costs ​ $ 358 ​ $ 358 Subsurface Interests ​ ​ 340 ​ ​ 327 Total Land and Development Costs ​ $ 698 ​ $ 685 ​ 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 $0.5 million and $0.2 million in the nine months ended September 30, 2023 and 2022, respectively. Mitigation Credits. Revenues and the cost of sales of mitigation credit sales are reported as revenues from, and direct costs of, real estate operations, respectively, in the consolidated statements of operations. During the nine months ended September 30, 2023, 9.45 mitigation credits were sold for $1.1 million resulting in a gain of $0.3 million. During the nine months ended September 30, 2022, 26.62 credits were sold for an aggregate $2.6 million resulting in a gain of $0.8 million.

INVESTMENT SECURITIES

INVESTMENT SECURITIES	9 Months Ended
	Sep. 30, 2023
INVESTMENT SECURITIES
INVESTMENT SECURITIES	NOTE 7. INVESTMENT SECURITIES ​ As of September 30, 2023, the Company owns, in the aggregate and on a fully diluted basis, 2.33 million shares of PINE, or 15.1% of PINE’s total shares outstanding for an investment value of $38.2 million, which total includes 1.2 million OP Units, or 7.9%, which the Company received in exchange for the contribution of certain income properties to the PINE Operating Partnership, in addition to 1,108,814 shares of common stock owned by the Company, or 7.2%. 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. For detailed financial information regarding PINE, please refer to its financial statements, which are publicly available on the website of the Securities and Exchange Commission at http://www.sec.gov under the ticker symbol “PINE.” ​ 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 loss in the accompanying consolidated statements of operations. ​ The Company’s available-for-sale securities as of September 30, 2023 and December 31, 2022 are summarized below (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost Unrealized Gains in Investment Income Unrealized Losses in Investment Income Estimated Fair Value (Level 1 Inputs) September 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common Stock ​ $ 20,482 ​ $ — ​ $ (2,342) ​ $ 18,140 Operating Units ​ ​ 23,253 ​ ​ — ​ ​ (3,231) ​ ​ 20,022 Total Equity Securities ​ ​ 43,735 ​ ​ — ​ ​ (5,573) ​ ​ 38,162 Total Available-for-Sale Securities ​ $ 43,735 ​ $ — ​ $ (5,573) ​ $ 38,162 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common Stock ​ $ 18,382 ​ $ 308 ​ $ — ​ $ 18,690 Operating Units ​ ​ 23,253 ​ ​ 98 ​ ​ — ​ ​ 23,351 Total Equity Securities ​ ​ 41,635 ​ ​ 406 ​ ​ — ​ ​ 42,041 Total Available-for-Sale Securities ​ $ 41,635 ​ $ 406 ​ $ — ​ $ 42,041 ​

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	9 Months Ended
	Sep. 30, 2023
FAIR VALUE OF FINANCIAL INSTRUMENTS
FAIR VALUE OF FINANCIAL INSTRUMENTS	NOTE 8. FAIR VALUE OF FINANCIAL INSTRUMENTS ​ The following table presents the carrying value and estimated fair value of the Company’s financial instruments not carried at fair value on the consolidated balance sheets at September 30, 2023 and December 31, 2022 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2023 ​ December 31, 2022 ​ Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Cash and Cash Equivalents - Level 1 ​ $ 7,015 ​ $ 7,015 ​ $ 19,333 ​ $ 19,333 Restricted Cash - Level 1 ​ $ 22,618 ​ $ 22,618 ​ $ 1,861 ​ $ 1,861 Commercial Loans and Investments - Level 2 ​ $ 46,572 ​ $ 47,809 ​ $ 31,908 ​ $ 32,960 Long-Term Debt - Level 2 ​ $ 548,219 ​ $ 517,666 ​ $ 445,583 ​ $ 426,421 ​ To determine estimated fair values of the financial instruments listed above, market rates of interest, which include credit assumptions, were used to discount contractual cash flows. The estimated fair values are not necessarily indicative of the amount the Company could realize on disposition of the financial instruments. The use of different market assumptions or estimation methodologies could have a material effect on the estimated fair value amounts. ​ ​ The following table presents the fair value of assets measured on a recurring basis by level as of September 30, 2023 and December 31, 2022 (in thousands). See Note 16, “Interest Rate Swaps” for further disclosure related to the Company’s interest rate swaps. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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) September 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash Flow Hedge - 2026 Term Loan Interest Rate Swaps ​ $ 5,699 $ — $ 5,699 $ — Cash Flow Hedge - 2027 Term Loan Interest Rate Swaps ​ $ 10,576 $ — $ 10,576 $ — Cash Flow Hedge - 2028 Term Loan Interest Rate Swaps ​ $ 2,715 $ — $ 2,715 $ — Cash Flow Hedge - Credit Facility Interest Rate Swaps ​ $ 5,160 $ — $ 5,160 $ — Investment Securities ​ $ 38,162 $ 38,162 $ — $ — December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash Flow Hedge - 2026 Term Loan Interest Rate Swaps ​ $ 6,047 $ — $ 6,047 $ — Cash Flow Hedge - 2027 Term Loan Interest Rate Swaps ​ $ 10,111 $ — $ 10,111 $ — Cash Flow Hedge - 2028 Term Loan Interest Rate Swaps ​ $ (397) $ — $ (397) $ — Investment Securities ​ $ 42,041 $ 42,041 $ — $ — ​ The Westcliff Property, which was classified as held for sale as of September 30, 2023, was measured at its fair value during the three and nine months ended September 30, 2023, as further described in Note 10, “Provision for Impairment.” None of the Company’s assets other than the Westcliff Property were measured on a non-recurring basis as of September 30, 2023. None of the Company’s assets were measured on a non-recurring basis as of December 31, 2022.

INTANGIBLE ASSETS AND LIABILITI

INTANGIBLE ASSETS AND LIABILITIES	9 Months Ended
	Sep. 30, 2023
INTANGIBLE ASSETS AND LIABILITIES
INTANGIBLE ASSETS AND LIABILITIES	NOTE 9. INTANGIBLE ASSETS AND LIABILITIES ​ Intangible assets and liabilities consist of the value of above-market and below-market leases, the value of in-place leases, and the value of leasing costs, based in each case on their fair values. Intangible assets and liabilities consisted of the following as of September 30, 2023 and December 31, 2022 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ September 30, 2023 December 31, 2022 Intangible Lease Assets: ​ ​ ​ ​ ​ ​ Value of In-Place Leases ​ $ 94,496 ​ $ 90,335 Value of Above Market In-Place Leases ​ ​ 31,756 ​ ​ 32,008 Value of Intangible Leasing Costs ​ ​ 26,577 ​ ​ 25,531 Sub-total Intangible Lease Assets ​ ​ 152,829 ​ ​ 147,874 Accumulated Amortization ​ ​ (46,978) ​ ​ (31,890) Sub-total Intangible Lease Assets—Net ​ ​ 105,851 ​ ​ 115,984 Intangible Lease Liabilities (Included in Accrued and Other Liabilities): ​ ​ ​ ​ ​ ​ Value of Below Market In-Place Leases ​ ​ (15,071) ​ ​ (12,307) Sub-total Intangible Lease Liabilities ​ ​ (15,071) ​ ​ (12,307) Accumulated Amortization ​ ​ 3,868 ​ ​ 2,422 Sub-total Intangible Lease Liabilities—Net ​ ​ (11,203) ​ ​ (9,885) Total Intangible Assets and Liabilities—Net ​ $ 94,648 ​ $ 106,099 ​ The following table reflects the net amortization of intangible assets and liabilities during the three and nine months ended September 30, 2023 and 2022 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, 2023 ​ September 30, 2022 ​ September 30, 2023 ​ September 30, 2022 Amortization Expense ​ $ 4,837 ​ $ 3,076 ​ $ 13,724 ​ $ 8,605 Accretion to Income Properties Revenue ​ ​ 487 ​ ​ 507 ​ ​ 1,793 ​ ​ 1,485 Net Amortization of Intangible Assets and Liabilities ​ $ 5,324 ​ $ 3,583 ​ $ 15,517 ​ $ 10,090 ​ 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 2023 ​ $ 4,779 ​ $ 509 ​ $ 5,288 2024 ​ ​ 19,115 ​ ​ 2,036 ​ ​ 21,151 2025 ​ ​ 16,796 ​ ​ 1,984 ​ ​ 18,780 2026 ​ ​ 15,053 ​ ​ 2,140 ​ ​ 17,193 2027 ​ ​ 12,153 ​ ​ 1,254 ​ ​ 13,407 2028 ​ ​ 7,473 ​ ​ 1,231 ​ ​ 8,704 2029 and Thereafter ​ ​ 8,668 ​ ​ 1,457 ​ ​ 10,125 Total ​ $ 84,037 ​ $ 10,611 ​ $ 94,648 ​ As of September 30, 2023, the weighted average amortization period of total intangible assets and liabilities was 6.0 years and 7.0 years, respectively.

PROVISION FOR IMPAIRMENT

PROVISION FOR IMPAIRMENT	9 Months Ended
	Sep. 30, 2023
PROVISION FOR IMPAIRMENT
PROVISION FOR IMPAIRMENT	NOTE 10. PROVISION FOR IMPAIRMENT ​ In the aggregate, $1.4 million of impairment charges were recorded during the nine months ended September 30, 2023, with no such charges during the nine months ended September 30, 2022, as described below. Income Properties. During the three and nine months ended September 30, 2023, the Company recorded a $0.9 million impairment charge on the sale of the Westcliff Property. The purchase and sale agreement for the Company’s sale of the Westcliff Property was executed on July 28, 2023. The impairment charge of $0.9 million represents the sales price, less the book value of the asset as of September 30, 2023, less costs to sell. The sale of the Westcliff Property closed on October 12, 2023. There were no impairment charges on the Company’s income property portfolio during the three or nine months ended September 30, 2022. Commercial Loans and Investments During the nine months ended September 30, 2023, the Company recorded a $0.5 million impairment charge, which was recorded during the three months ended March 31, 2023, representing the provision for credit losses related to our commercial loans and investments. There were no such impairment charges during the nine months ended September 30, 2022. ​

OTHER ASSETS

OTHER ASSETS	9 Months Ended
	Sep. 30, 2023
OTHER ASSETS
OTHER ASSETS	NOTE 11. OTHER ASSETS ​ Other assets consisted of the following as of September 30, 2023 and December 31, 2022 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ September 30, 2023 December 31, 2022 Income Property Tenant Receivables, Net of Allowance for Doubtful Accounts (1) ​ $ 3,616 ​ $ 2,206 Income Property Straight-line Rent Adjustment and COVID-19 Deferral Balance ​ ​ 6,294 ​ ​ 6,214 Operating Leases - Right-of-Use Asset ​ ​ 451 ​ ​ 63 Golf Rounds Surcharge ​ ​ 126 ​ ​ 216 Cash Flow Hedge - Interest Rate Swap ​ ​ 24,150 ​ ​ 16,158 Infrastructure Reimbursement Receivables ​ ​ 845 ​ ​ 824 Prepaid Expenses, Deposits, and Other ​ ​ 8,525 ​ ​ 5,421 Due from Alpine Income Property Trust, Inc. ​ ​ 1,565 ​ ​ 1,300 Financing Costs, Net of Accumulated Amortization ​ ​ 1,751 ​ ​ 2,051 Total Other Assets ​ $ 47,323 ​ $ 34,453 (1) Allowance for doubtful accounts was $2.3 million and $1.8 million as of September 30, 2023 and December 31, 2022, respectively. ​ Infrastructure Reimbursement Receivables.

EQUITY

EQUITY	9 Months Ended
	Sep. 30, 2023
EQUITY
EQUITY	NOTE 12. EQUITY ​ STOCK SPLIT ​ On April 27, 2022, the Company announced that its Board of Directors approved a three-for-one stock split of the Company’s common stock to be effected in the form of a stock dividend. Each stockholder of record at the close of business on June 27, 2022 (the “Record Date”), received two additional shares of the Company’s common stock for each share held as of the Record Date. The new shares were distributed after the market closed on June 30, 2022. The Company’s stock began trading at the post-split price on July 1, 2022. Pursuant to FASB ASC Topic 505, 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 “2021 Registration Statement”). The Securities and Exchange Commission declared the 2021 Registration Statement effective on April 19, 2021. ​ On October 11, 2022, the Company filed a new 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 $500.0 million (the “2022 Registration Statement”). The Securities and Exchange Commission declared the 2022 Registration Statement effective on October 26, 2022. The 2021 Registration Statement was terminated concurrently with the effectiveness of the 2022 Registration Statement. ​ ​ EQUITY OFFERING ​ On December 5, 2022, the Company completed a follow-on public offering of 3,450,000 shares of common stock, which included the full exercise of the underwriters’ option to purchase an additional 450,000 shares of common stock. Upon closing, the Company issued 3,450,000 shares and received net proceeds of $62.4 million, after deducting the underwriting discount and expenses. ​ ATM PROGRAM ​ On April 30, 2021, the Company implemented a $150.0 million “at-the-market” equity offering program (the “2021 ATM Program”) pursuant to which the Company sold shares of the Company’s common stock. During the six months ended June 30, 2022, the Company sold 395,574 shares under the ATM Program for gross proceeds of $8.7 million at a weighted average price of $21.95 per share, generating net proceeds of $8.6 million after deducting transaction fees totaling $0.1 million. During the year ended December 31, 2022, the Company sold 961,261 shares under the 2021 ATM Program for gross proceeds of $21.1 million at a weighted average price of $21.99 per share, generating net proceeds of $20.8 million after deducting transaction fees totaling less than $0.3 million. The 2021 ATM Program was terminated in connection with the establishment of the 2022 ATM Program, hereinafter defined. ​ On October 28, 2022, the Company implemented a $150.0 million “at-the-market” equity offering program (the “2022 ATM Program”) pursuant to which the Company may sell, from time to time, shares of the Company’s common stock. During the year ended December 31, 2022, the Company sold 604,765 shares under the 2022 ATM Program for gross proceeds of $12.3 million at a weighted average price of $20.29 per share, generating net proceeds of $12.1 million after deducting transaction fees totaling $0.2 million. ​ In the aggregate, under the 2021 ATM Program and 2022 ATM Program, during the year ended December 31, 2022, the Company sold 1,566,026 shares for gross proceeds of $33.4 million at a weighted average price of $21.33 per share, generating net proceeds of $32.9 million after deducting transaction fees totaling $0.5 million. ​ The Company was not active under the 2022 ATM Program during the nine months ended September 30, 2023. ​ PREFERRED STOCK ​ 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 (the “Series A 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 Series A Preferred Stock ranks senior to the Company’s common stock with respect to dividend rights and rights upon liquidation, dissolution or winding up of the Company. The Series A Preferred Stock has no maturity date and will remain outstanding unless redeemed. ​ The Series A Preferred Stock is not redeemable by the Company prior to July 6, 2026 except under limited circumstances intended to preserve the Company’s qualification as a REIT for U.S. federal income tax purposes or upon the occurrence of a change of control, as defined in the Articles Supplementary designating the Series A Preferred Stock (the “Articles Supplementary”). Upon such change in control, the Company may redeem, at its election, the Series A Preferred Stock at a redemption price of $25.00 per share plus any accumulated and unpaid dividends up to, but excluding the date of redemption, and in limited circumstances, the holders of preferred stock shares may convert some or all of their Series A Preferred Stock into shares of the Company’s common stock at conversion rates set forth in the Articles Supplementary. ​ See Note 14, “Share Repurchases” for the Company’s Series A Preferred Stock repurchase activity. ​ ​ DIVIDENDS ​ The Company elected 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. In order to maintain its qualification 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 U.S. 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. ​ The following table outlines dividends declared and paid for each issuance of CTO’s stock during the three and nine months ended September 30, 2023 and 2022 (in thousands, except per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Series A Preferred Stock ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dividends ​ $ 1,195 ​ $ 1,195 ​ $ 3,585 ​ $ 3,586 Per Share ​ $ 0.40 ​ $ 0.40 ​ $ 1.20 ​ $ 1.20 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common Stock ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dividends ​ $ 8,544 ​ $ 7,095 ​ $ 25,744 ​ $ 20,292 Per Share ​ $ 0.38 ​ $ 0.38 ​ $ 1.14 ​ $ 1.11 ​ 2025 NOTES ​ Effective January 1, 2022, the Company adopted ASU 2020-06 whereby diluted EPS includes the dilutive impact of the 2025 Notes (hereinafter defined) using the if-converted method. Upon adoption, during the three months ended March 31, 2022, the Company recorded a $7.0 million adjustment to reduce additional paid-in capital to eliminate the non-cash equity component of the 2025 Notes with corresponding offsets including (i) a $4.0 million cumulative effect adjustment to the opening balance of retained earnings and (ii) a $3.0 million adjustment to eliminate the non-cash portion of the convertible notes discount, net of accumulated amortization (the “2025 Notes Adjustment”). The 2025 Notes Adjustment was made on January 1, 2022, and is reflected in the accompanying consolidated statements of stockholders’ equity.

COMMON STOCK AND EARNINGS PER S

COMMON STOCK AND EARNINGS PER SHARE	9 Months Ended
	Sep. 30, 2023
COMMON STOCK AND EARNINGS PER SHARE
COMMON STOCK AND EARNINGS PER SHARE	​ NOTE 13. COMMON STOCK AND EARNINGS PER SHARE ​ Basic earnings per common share is computed by dividing net income (loss) attributable to common stockholders 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. Effective as of January 1, 2022, diluted earnings per common share also reflects the 2025 Notes on an if-converted basis. ​ 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 ​ Nine Months Ended ​ September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Basic and Diluted Earnings: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Income (Loss) Attributable to Common Stockholders, Used in Basic EPS ​ $ 1,491 ​ $ 3,622 ​ $ (5,092) ​ $ 2,651 Add Back: Effect of Dilutive Interest Related to 2025 Notes (1) ​ ​ — ​ ​ 539 ​ ​ — ​ ​ — Net Income (Loss) Attributable to Common Stockholders, Used in Diluted EPS ​ $ 1,491 ​ $ 4,161 ​ $ (5,092) ​ $ 2,651 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic and Diluted Shares: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average Shares Outstanding, Basic ​ ​ 22,484,561 ​ ​ 18,386,435 ​ ​ 22,556,642 ​ ​ 18,044,299 Common Shares Applicable to Dilutive Effect of 2025 Notes (2) ​ ​ — ​ ​ 3,119,025 ​ ​ — ​ ​ — Weighted Average Shares Outstanding, Diluted ​ ​ 22,484,561 ​ ​ 21,505,460 ​ ​ 22,556,642 ​ ​ 18,044,299 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Per Share Information: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Income (Loss) Attributable to Common Stockholders ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 0.07 ​ $ 0.20 ​ $ (0.23) ​ $ 0.15 Diluted ​ $ 0.07 ​ $ 0.19 ​ $ (0.23) ​ $ 0.15 (1) As applicable, includes interest expense, amortization of discount, amortization of fees, and other changes in net income or loss that would result from the assumed conversion of the 2025 Convertible Senior Notes to derive FFO (as defined herein) effective January 1, 2022 due to the implementation of ASU 2020-06 which requires presentation on an if-converted basis. For the three and nine months ended September 30, 2023, a total of $0.5 million and $1.6 million of interest was not included, respectively, as the impact of the 2025 Notes, if-converted, would have been antidilutive to net income (loss) attributable to common stockholders for the respective periods. For the three months ended September 30 2022, a total of $0.5 million was included as the impact to earnings per share, if-converted, would have been dilutive to net income attributable to common stockholders for the period. For the nine months ended September 30, 2022, the impact of $1.6 million was not included as the impact to earnings per share, if-converted, would have been antidilutive to net income attributable to common stockholders for the period. (2) A total o f 3.4 million and 3.3 million shares, representing the dilutive impact of the 2025 Notes, upon adoption of ASU 2020-06 effective January 1, 2022, were not included in the computation of diluted net income (loss) attributable to common stockholders for each of the three and nine month periods ended September 30, 2023, respectively, because they were antidilutive to net income (loss) attributable to common stockholders for the respective periods . A total of 3.1 million shares, representing the dilutive impact of the 2025 Notes, upon adoption of ASU 2020-06 effective January 1, 2022, were included in the computation of diluted net income per share attributable to common stockholders for the three months ended September 30, 2022, because they were dilutive to net income attributable to common stockholders for the period. A total of 3.1 million shares, representing the dilutive impact of the 2025 Notes, were not included in the computation of diluted net income per share attributable to common stockholders for the nine months ended September 30, 2022, because they were antidilutive to net income attributable to common stockholders for the period. ​ There were no potentially dilutive securities for the three months ended September 30, 2023 or 2022 related to the Company’s stock options and restricted stock. The effect of 36,307 and 68,269 potentially dilutive restricted stock units were not included for the nine months ended September 30, 2023 and 2022, respectively, as the effect would be antidilutive. ​ ​ Effective January 1, 2022, the Company adopted ASU 2020-06 whereby diluted EPS includes the dilutive impact, if any, of the 2025 Notes (hereinafter defined) using the if-converted method, irrespective of intended cash settlement. The Company intends to settle its 3.875% Convertible Senior Notes due 2025 (the “2025 Notes”) in cash upon conversion with any excess conversion value to be settled in shares of our common stock. The Company elected, upon adoption, to utilize the modified retrospective approach, negating the required restatement of EPS for periods prior to adoption. The effect of 3.4 million and 3.3 million potentially dilutive shares issuable on the conversion of the 2025 Notes, if-converted, were not included for the three and nine months ended September 30, 2023, respectively, as the effect would be antidilutive. The effect of 3.1 million potentially dilutive 2025 Notes, if-converted, were not included for the nine months ended September 30, 2022, as the effect would be antidilutive.

SHARE REPURCHASES

SHARE REPURCHASES	9 Months Ended
	Sep. 30, 2023
SHARE REPURCHASES
SHARE REPURCHASES	NOTE 14. SHARE REPURCHASES ​ COMMON STOCK REPURCHASE PROGRAM ​ In February 2020, the Company’s Board approved a $10.0 million common stock repurchase program (the “ $10.0 Million Common Stock Repurchase Program”). During the year ended December 31, 2020, the Company repurchased 265,695 shares of its common stock on the open market for a total cost of $4.1 million, or an average price per share of $15.43 . During the year ended December 31, 2021, the Company repurchased 121,659 shares of its common stock on the open market for a total cost of $2.2 million, or an average price per share of $18.16 . During the year ended December 31, 2022, the Company repurchased 145,724 shares of its common stock on the open market for a total cost of $2.8 million, or an average price per share of $19.15 . ​ On February 16, 2023, the Company’s Board of Directors approved a common stock repurchase program (the “February $5.0 Million Common Stock Repurchase Program”). Pursuant to the February $5.0 Million Common Stock Repurchase Program, the Company was authorized to repurchase shares of its common stock for a total purchase price of up to $5.0 million. During the three months ended March 31, 2023, the Company repurchased 303,354 shares of its common stock on the open market for a total cost of $5.0 million, or an average price per share of $16.48 March 31 ​ On April 25, 2023, the Company’s Board of Directors approved a common stock repurchase program, which is expected to be in effect until the approved dollar amount has been used to repurchase shares (the “April $5.0 Million Common Stock Repurchase Program”). Pursuant to the April $5.0 Million Common Stock Repurchase Program, the Company may repurchase shares of its common stock for a total purchase price of up to $5.0 million. Shares may be purchased under the April $5.0 Million Common Stock Repurchase Program in open market transactions, including through block purchases, through privately negotiated transactions or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The April $5.0 Million Common Stock Repurchase Program does not obligate the Company to acquire any particular amount of shares of its common stock and may be modified or suspended. During the three months ended June 30, 2023, the Company repurchased 3,931 shares of its common stock on the open market for a total cost of less than $0.1 million, or an average price per share of $15.73 . There were no repurchases of common stock during the three months ended September 30, 2023. ​ SERIES A PREFERRED STOCK REPURCHASE PROGRAM ​ On February 16, 2023, the Company’s Board of Directors approved a Series A Preferred Stock repurchase program, which is expected to be in effect until the approved dollar amount has been used to repurchase shares (the “Series A Preferred Stock Repurchase Program”). Pursuant to the Series A Preferred Stock Repurchase Program, the Company may repurchase shares of its Series A Preferred Stock for a total purchase price of up to $3.0 million. Shares may be purchased under the Series A Preferred Stock Repurchase Program in open market transactions, including through block purchases, through privately negotiated transactions or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 under the Exchange Act. The Series A Preferred Stock Repurchase Program does not obligate the Company to acquire any particular amount of shares of its Series A Preferred Stock and may be modified or suspended. During the three months ended September 30, 2023, the Company repurchased 6,048 shares of Series A Preferred Stock on the open market for a total cost of $0.1 million, or an average price per share of $18.52. During the nine months ended September 30, 2023, the Company repurchased 6,794 shares of Series A Preferred Stock on the open market for a total cost of $0.1 million, or an average price per share of $18.55. ​

LONG-TERM DEBT

LONG-TERM DEBT	9 Months Ended
	Sep. 30, 2023
LONG-TERM DEBT
LONG-TERM DEBT	NOTE 15. LONG-TERM DEBT ​ As of September 30, 2023, the Company’s outstanding indebtedness, at face value, was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Face Value Debt Maturity Date Interest Rate Credit Facility (1) ​ $ 216,000 ​ January 2027 ​ ​ SOFR + 0.10% + 2026 Term Loan (2) ​ ​ 65,000 ​ March 2026 ​ ​ SOFR + 0.10% + 2027 Term Loan (3) ​ ​ 100,000 ​ January 2027 ​ ​ SOFR + 0.10% + 2028 Term Loan (4) ​ ​ 100,000 ​ January 2028 ​ ​ SOFR + 0.10% + 3.875% Convertible Senior Notes due 2025 ​ ​ 51,034 ​ April 2025 ​ ​ 3.875% Mortgage Note Payable ​ ​ 17,800 ​ August 2026 ​ ​ 4.060% Total Long-Term Face Value Debt ​ $ 549,834 ​ ​ ​ ​ ​ ​ (1) The Company utilized interest rate swaps on $100.0 million of the Credit Facility balance to fix SOFR and achieve a weighted average fixed swap rate of 3.28% plus the 10 bps SOFR adjustment plus the applicable spread. (2) (3) The Company utilized interest rate swaps on the $100.0 million 2027 Term Loan balance to fix SOFR and achieve a fixed swap rate of 0.64% plus the 10 bps SOFR adjustment plus the applicable spread. (4) The Company utilized interest rate swaps on the $100.0 million 2028 Term Loan balance to fix SOFR and achieve a weighted average fixed swap rate of 3.78% plus the 10 bps SOFR adjustment plus the applicable spread. Credit Facility. The Huntington National Bank, PNC Bank, National Association, and Regions Bank, were added as lenders to the Company’s Credit Facility. 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 SOFR plus 0.10% plus 125 basis points to SOFR plus 0.10% plus 220 basis points based on the total balance outstanding under the Credit Facility as a percentage of the total asset value of the Company, as defined in the 2017 Amended Credit Facility, as amended by the Eighth Amendment. The Credit Facility also accrues a fee of 15 to 25 basis points for any unused portion of the borrowing capacity based on whether the unused portion is greater or less than 50% of the total borrowing capacity. Pursuant to the Eighth Amendment, the Credit Facility matures on January 31, 2027, with the ability to extend the term for 1 year. 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 PINE’s 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 “March 2021 Revolver Amendment”). The March 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 a term loan in the aggregate amount of $50.0 million (the “2026 Term Loan”), (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 March 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 six 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. ​ On November 5, 2021, the Company entered into the seventh amendment to the 2017 Amended Credit Facility (the “November 2021 Revolver Amendment”). The November 2021 Revolver Amendment included, among other things, (i) addition of a term loan in the aggregate amount of $100.0 million (the “2027 Term Loan”) and (ii) joinder of KeyBank National Association, Raymond James Bank, and Synovus Bank as 2027 Term Loan lenders. The November 2021 Revolver Amendment also includes an accordion option that allows the Company to request additional term loan lender commitments up to a total of $400.0 million in the aggregate. ​ On September 20, 2022, the Company entered into the eighth amendment to the 2017 Amended Credit Facility (the “Eighth Amendment”), which includes among other things: (i) the origination of a term loan, in the amount of $100.0 million (the “2028 Term Loan”), (ii) the increase of the revolving credit commitment from up to $210.0 million to up to $300.0 million, (iii) an accordion option that allows the Company to request additional revolving loan commitments and additional term loan commitments, provided, (a) the aggregate amount of revolving loan commitments shall not exceed $750,000,000 and (b) the aggregate amount of term loan commitments shall not exceed $500,000,000, (iv) an extension of the maturity date to January 31, 2027, (v) a sustainability-linked pricing component pursuant to which the Company will receive interest rate reductions based on its performance against certain sustainability performance targets, (vi) the release of the Pledge Collateral, as defined in the Eighth Amendment, and (vii) the joinder of PNC Bank, National Association (“PNC”) as a Term Loan Lender, as defined in the Credit Agreement, and PNC and Regions Bank as Revolving Lenders, as defined in the Credit Agreement. At September 30, 2023, the current commitment level under the Credit Facility was $300.0 million. The undrawn commitment under the Credit Facility totaled $84.0 million. As of September 30, 2023, the Credit Facility had a $216.0 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 On March 3, 2022, in connection with the acquisition of Price Plaza Shopping Center, the Company assumed an existing $17.8 million secured fixed-rate mortgage note payable, which bears interest at a fixed rate of 4.06% and matures in August 2026. ​ ​ Convertible Debt ​ On February 16, 2023, the Company’s Board of Directors approved a 2025 Notes repurchase program, which is expected to be in effect until the approved dollar amount has been used to repurchase 2025 Notes (the “2025 Notes Repurchase Program”). Pursuant to the 2025 Notes Repurchase Program, the Company may repurchase, in one or more transactions, 2025 Notes in the aggregate principal amount of not more than $4.74 million. The 2025 Notes Repurchase Program does not obligate the Company to acquire any particular amount of 2025 Notes and may be modified or suspended. The Company was not active under the 2025 Notes Repurchase Program during the nine months ended September 30, 2023. ​ 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 third quarter 2023 dividend, the conversion rate is equal to 66.0051 shares of common stock for each $1,000 principal amount of 2025 Notes, which represents an adjusted conversion price of $15.15 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. At time of issuance, 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. The equity component was eliminated on January 1, 2022 with the 2025 Notes Adjustment. ​ As of 2023, the unamortized debt discount of our 2025 Notes was $0.2 million, which represents the cash component of the discount. ​ ​ Long-term debt consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2023 ​ December 31, 2022 ​ Total Due Within One Year Total Due Within One Year Credit Facility ​ $ 216,000 ​ $ — ​ $ 113,750 ​ $ — 2026 Term Loan ​ ​ 65,000 ​ ​ — ​ ​ 65,000 ​ ​ — 2027 Term Loan ​ ​ 100,000 ​ ​ — ​ ​ 100,000 ​ ​ — 2028 Term Loan ​ ​ 100,000 ​ ​ — ​ ​ 100,000 ​ ​ — 3.875% Convertible Senior Notes, net of Discount ​ ​ 50,789 ​ ​ — ​ ​ 50,670 ​ ​ — Mortgage Note Payable ​ ​ 17,800 ​ ​ — ​ ​ 17,800 ​ ​ — Financing Costs, net of Accumulated Amortization ​ ​ (1,370) ​ ​ — ​ ​ (1,637) ​ ​ — Total Long-Term Debt ​ $ 548,219 ​ $ — ​ $ 445,583 ​ $ — ​ Payments applicable to reduction of principal amounts as of September 30, 2023 will be required as follows (in thousands): ​ ​ ​ ​ ​ As of September 30, 2023 Amount Remainder of 2023 ​ $ — 2024 ​ ​ — 2025 ​ ​ 51,034 2026 ​ ​ 82,800 2027 ​ ​ 316,000 2028 ​ ​ 100,000 2029 and Thereafter ​ ​ — Total Long-Term Debt - Face Value ​ $ 549,834 ​ The carrying value of long-term debt as of September 30, 2023 consisted of the following (in thousands): ​ ​ ​ ​ ​ Total Current Face Amount ​ $ 549,834 Unamortized Discount on Convertible Debt ​ ​ (245) Financing Costs, net of Accumulated Amortization ​ ​ (1,370) Total Long-Term Debt ​ $ 548,219 In addition to the $1.4 million of financing costs, net of accumulated amortization included in the table above, as of September 30, 2023, the Company also had financing costs, net of accumulated amortization related to the Credit Facility of $1.8 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 nine months ended September 30, 2023 and 2022 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ ​ September 30, 2023 ​ September 30, 2022 ​ September 30, 2023 ​ September 30, 2022 ​ Interest Expense ​ $ 6,036 ​ $ 2,819 ​ $ 15,318 ​ $ 6,552 ​ Amortization of Deferred Financing Costs ​ ​ 242 ​ ​ 178 ​ ​ 724 ​ ​ 515 ​ Amortization of Discount on Convertible Notes ​ ​ 40 ​ ​ 40 ​ ​ 119 ​ ​ 149 ​ Total Interest Expense ​ $ 6,318 ​ $ 3,037 ​ $ 16,161 ​ $ 7,216 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Interest Paid ​ $ 5,589 ​ $ 2,107 ​ $ 15,178 ​ $ 5,785 ​ ​ The Company was in compliance with all of its debt covenants as of September 30, 2023 and December 31, 2022.

INTEREST RATE SWAPS

INTEREST RATE SWAPS	9 Months Ended
	Sep. 30, 2023
INTEREST RATE SWAPS
INTEREST RATE SWAPS	NOTE 16. INTEREST RATE SWAPS The Company has entered into interest rate swap agreements to hedge against changes in future cash flows resulting from fluctuating interest rates related to the below noted borrowings. The interest rate agreements were 100% effective during the three and nine months ended September 30, 2023 and 2022. Accordingly, the changes in fair value on the interest rate swaps have been classified in accumulated other comprehensive income. The fair value of the interest rate swap agreements are included in other assets and accrued and other liabilities, respectively, on the consolidated balance sheets. Information related to the Company’s interest rate swap agreements as of September 30, 2023 is presented below (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Hedged Item (1) ​ Effective Date ​ Maturity Date ​ Rate ​ Amount ​ Fair Value as of September 30, 2023 2026 Term Loan ​ 3/10/2021 ​ 3/29/2024 ​ 0.12% + 0.10% + applicable spread ​ $ 50,000 ​ $ 1,308 2026 Term Loan ​ 3/29/2024 ​ 3/10/2026 ​ 1.44% + 0.10% + applicable spread ​ $ 50,000 ​ $ 2,808 2026 Term Loan ​ 8/31/2021 ​ 3/10/2026 ​ 0.70% + 0.10% + applicable spread ​ $ 15,000 ​ $ 1,390 2026 Term Loan (2) ​ 3/10/2026 ​ 3/10/2031 ​ 3.80% + 0.10% + applicable spread ​ $ 40,000 ​ $ 193 2027 Term Loan ​ 11/5/2021 ​ 3/29/2024 ​ 0.64% + 0.10% + applicable spread ​ $ 100,000 ​ $ 2,360 2027 Term Loan ​ 3/29/2024 ​ 1/31/2027 ​ 1.35% + 0.10% + applicable spread ​ $ 100,000 ​ $ 7,714 2027 Term Loan (2) ​ 1/31/2027 ​ 1/30/2032 ​ 3.75% + 0.10% + applicable spread ​ $ 60,000 ​ $ 502 2028 Term Loan ​ 9/30/2022 ​ 1/31/2028 ​ 3.78% + 0.10% + applicable spread ​ $ 50,000 ​ $ 1,131 2028 Term Loan ​ 9/30/2022 ​ 1/31/2028 ​ 3.78% + 0.10% + applicable spread ​ $ 50,000 ​ $ 1,117 2028 Term Loan (2) ​ 1/31/2028 ​ 1/31/2033 ​ 3.81% + 0.10% + applicable spread ​ $ 60,000 ​ $ 467 Credit Facility ​ 1/31/2023 ​ 1/31/2030 ​ 3.27% + 0.10% + applicable spread ​ $ 50,000 ​ $ 2,597 Credit Facility ​ 1/31/2023 ​ 1/31/2030 ​ 3.26% + 0.10% + applicable spread ​ $ 33,000 ​ $ 1,750 Credit Facility ​ 1/31/2023 ​ 1/31/2030 ​ 3.36% + 0.10% + applicable spread ​ $ 17,000 ​ $ 813 (1) On September 30, 2022, the Company converted its existing interest rate swaps from 1-month LIBOR to SOFR. (2) During the three months ended September 30, 2023, the Company entered into forward swaps to further fix interest rates through periods that the Company reasonably expects to extend its current term loans.

ACCRUED AND OTHER LIABILITIES

ACCRUED AND OTHER LIABILITIES	9 Months Ended
	Sep. 30, 2023
ACCRUED AND OTHER LIABILITIES
ACCRUED AND OTHER LIABILITIES	​ ​ NOTE 17. ACCRUED AND OTHER LIABILITIES ​ Accrued and other liabilities consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ September 30, 2023 December 31, 2022 Accrued Property Taxes ​ $ 6,211 ​ $ 716 Reserve for Tenant Improvements ​ ​ 2,331 ​ ​ 6,186 Tenant Security Deposits ​ ​ 2,885 ​ ​ 2,719 Accrued Construction Costs ​ ​ — ​ ​ 903 Accrued Interest ​ ​ 1,183 ​ ​ 872 Environmental Reserve ​ ​ 61 ​ ​ 67 Cash Flow Hedge - Interest Rate Swaps ​ ​ — ​ ​ 397 Operating Leases - Liability ​ ​ 448 ​ ​ 64 Other ​ ​ 5,541 ​ ​ 6,104 Total Accrued and Other Liabilities ​ $ 18,660 ​ $ 18,028 ​ Reserve for Tenant Improvements.

DEFERRED REVENUE

DEFERRED REVENUE	9 Months Ended
	Sep. 30, 2023
DEFERRED REVENUE
DEFERRED REVENUE	NOTE 18. DEFERRED REVENUE ​ Deferred revenue consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ September 30, 2023 December 31, 2022 Prepaid Rent ​ $ 4,882 ​ $ 3,951 Interest Reserve from Commercial Loans and Investments ​ ​ 790 ​ ​ 1,262 Tenant Contributions ​ ​ 579 ​ ​ 522 Total Deferred Revenue ​ $ 6,251 ​ $ 5,735 ​ ​ Interest Reserve from Commercial Loans and Investments

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	9 Months Ended
	Sep. 30, 2023
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	NOTE 19. STOCK-BASED COMPENSATION ​ SUMMARY OF STOCK-BASED COMPENSATION ​ A summary of share activity for all equity classified stock compensation during the nine months ended September 30, 2023 is presented below. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type of Award Shares Outstanding at 1/1/2023 Granted Shares ​ Vested / Exercised Shares ​ Expired Shares ​ Forfeited Shares Shares Outstanding at 9/30/2023 Equity Classified - Performance Share Awards - Peer Group Market Condition Vesting ​ ​ 230,247 ​ ​ 88,754 ​ ​ (72,141) ​ ​ — ​ ​ (9,485) ​ ​ 237,375 Equity Classified - Three Year Vest Restricted Shares ​ ​ 212,079 ​ ​ 96,453 ​ ​ (74,229) ​ ​ — ​ ​ (17,879) ​ ​ 216,424 Total Shares ​ ​ 442,326 ​ ​ 185,207 ​ ​ (146,370) ​ ​ — ​ ​ (27,364) ​ ​ 453,799 ​ Amounts recognized in the financial statements for stock-based compensation are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Total Cost of Share-Based Plans Charged Against Income ​ $ 868 ​ $ 812 ​ $ 2,802 ​ $ 2,423 ​ 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 88,754 performance shares during the nine months ended September 30, 2023. 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 September 30, 2023, there was $1.8 million of unrecognized compensation cost, adjusted for estimated forfeitures, related to the non-vested performance share awards, which will be recognized over a remaining weighted average period of 1.8 years. A summary of the activity for these awards during the nine months ended September 30, 2023 is presented below: ​ ​ ​ ​ ​ ​ ​ ​ Performance Shares With Market Conditions Shares ​ Wtd. Avg. Fair Value Per Share Non-Vested at January 1, 2023 ​ ​ 230,247 ​ $ 16.85 Granted ​ ​ 88,754 ​ $ 18.10 Vested ​ ​ (72,141) ​ $ 14.17 Expired ​ ​ — ​ ​ — Forfeited ​ ​ (9,485) ​ $ 18.10 Non-Vested at September 30, 2023 ​ ​ 237,375 ​ $ 18.08 ​ Restricted Shares Restricted shares have been granted to certain employees under the 2010 Plan. Certain of the restricted shares vest on each of the first, second, and third anniversaries of January 28 of the applicable year provided the grantee is an employee of the Company on those dates. Certain other restricted share awards, granted on July 1, 2022, vest entirely on the third anniversary of the grant date, or July 1, 2025, provided the grantee is an employee of the Company on that date. In addition, any unvested portion of the restricted shares will vest upon a change in control. The Company granted a total of 96,453 shares of restricted Company common stock during the nine months ended September 30, 2023. The Company’s determination of the fair value of the restricted stock awards was calculated by multiplying the number of shares issued by the Company’s stock price at the grant date. Compensation cost is recognized on a straight-line basis over the applicable vesting period. As of September 30, 2023, there was $2.7 million of unrecognized compensation cost, adjusted for estimated forfeitures, related to the non-vested restricted share awards, which will be recognized over a remaining weighted average period of 1.9 years. A summary of the activity for these awards during the nine months ended September 30, 2023 is presented below: ​ ​ ​ ​ ​ ​ ​ Non-Vested Restricted Shares Shares Wtd. Avg. Fair Value Per Share Non-Vested at January 1, 2023 ​ ​ 212,079 ​ $ 17.97 Granted ​ ​ 96,453 ​ $ 19.12 Vested ​ ​ (74,229) ​ $ 16.00 Expired ​ ​ — ​ ​ — Forfeited ​ ​ (17,879) ​ $ 19.12 Non-Vested at September 30, 2023 ​ ​ 216,424 ​ $ 19.07 ​ 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 trailing 20-day average price of the Company’s common stock as of the date two ​ Each non-employee director serving as of the beginning of each calendar year shall receive an annual award of the Company’s common stock. The value of such award totaled $35,000 for the nine months ended September 30, 2023 and 2022 (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 nine months ended September 30, 2023 and 2022, the expense recognized for the value of the Company’s common stock received by non-employee directors totaled $0.4 million, or 21,247 shares, and $0.4 million, or 21,400 shares, respectively. The expense recognized includes the Annual Award received during the first quarter of each respective year, which totaled $0.2 million during each of the nine months ended September 30, 2023 and 2022.

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2023
INCOME TAXES
INCOME TAXES	NOTE 20. INCOME TAXES The Company elected to be taxed as a REIT for U.S. federal income tax purposes, commencing with its taxable year ended December 31, 2020. 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 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 two TRSs subject to taxation. The Company’s TRSs will file tax returns 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, an $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 related 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 has disposed of certain, primarily single-tenant, REIT assets after the REIT conversion within the 5-year period. All such sales were completed using 1031 Exchanges or other deferred tax structures to mitigate the built-in gain tax liability of conversion.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2023
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	NOTE 21. 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. ​ Contractual Commitments – Expenditures ​ The Company has committed to fund the following capital improvements. The improvements, which are related to several properties, are estimated to be generally completed within twelve months. These commitments, as of September 30, 2023, are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2023 Total Commitment (1) ​ $ 13,150 Less Amount Funded ​ ​ (2,215) Remaining Commitment ​ $ 10,935 (1) Commitment includes tenant improvements, leasing commissions, rebranding, facility expansion and other capital improvements.

BUSINESS SEGMENT DATA

BUSINESS SEGMENT DATA	9 Months Ended
	Sep. 30, 2023
BUSINESS SEGMENT DATA
BUSINESS SEGMENT DATA	NOTE 22. BUSINESS SEGMENT DATA The Company operates in four primary business segments: income properties, management services, commercial loans and investments, and real estate operations. Our income property operations consist of income-producing properties, and our business plan is focused on investing in additional income-producing properties. Our income property operations accounted for 89% and 91% of our identifiable assets as of September 30, 2023 and December 31, 2022, and 88.8% and 82.3% of our consolidated revenues for the nine months ended September 30, 2023 and 2022, respectively. The management services segment consists of the revenue generated from managing PINE. As of September 30, 2023, our commercial loans and investments portfolio consisted of three commercial loan investments and one preferred equity investment which is classified as a commercial loan investment. Our real estate operations consist of revenues generated from the sale of and royalty income related to our interests in subsurface oil, gas, and mineral rights, and the sale of mitigation credits. The Company evaluates segment performance based on operating income. 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 nine months ended September 30, 2023 and 2022 is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income Properties ​ $ 25,183 ​ $ 17,694 ​ $ 70,373 ​ $ 49,229 Management Fee Income ​ ​ 1,094 ​ ​ 951 ​ ​ 3,294 ​ ​ 2,835 Interest Income From Commercial Loans and Investments ​ ​ 1,114 ​ ​ 1,323 ​ ​ 2,965 ​ ​ 3,331 Real Estate Operations ​ ​ 1,079 ​ ​ 3,149 ​ ​ 2,602 ​ ​ 4,395 Total Revenues ​ $ 28,470 ​ $ 23,117 ​ $ 79,234 ​ $ 59,790 Operating Income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income Properties ​ $ 18,123 ​ $ 12,579 ​ $ 49,490 ​ $ 35,286 Management Fee Income ​ ​ 1,094 ​ ​ 951 ​ ​ 3,294 ​ ​ 2,835 Interest Income From Commercial Loans and Investments ​ ​ 1,114 ​ ​ 1,323 ​ ​ 2,965 ​ ​ 3,331 Real Estate Operations ​ ​ 927 ​ ​ 1,488 ​ ​ 1,726 ​ ​ 2,455 General and Corporate Expense ​ ​ (15,108) ​ ​ (10,558) ​ ​ (43,307) ​ ​ (29,373) Provision for Impairment ​ ​ (929) ​ ​ — ​ ​ (1,408) ​ ​ — Gain on Disposition of Assets ​ ​ 2,464 ​ ​ 4,973 ​ ​ 3,565 ​ ​ 4,728 Total Operating Income ​ $ 7,685 ​ $ 10,756 ​ $ 16,325 ​ $ 19,262 Depreciation and Amortization: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income Properties ​ $ 11,651 ​ $ 7,283 ​ $ 32,769 ​ $ 20,359 Corporate and Other ​ ​ 18 ​ ​ 22 ​ ​ 45 ​ ​ 42 Total Depreciation and Amortization ​ $ 11,669 ​ $ 7,305 ​ $ 32,814 ​ $ 20,401 Capital Expenditures: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income Properties ​ $ 11,010 ​ $ 83,240 ​ $ 100,333 ​ $ 130,674 Commercial Loans and Investments ​ ​ 50 ​ ​ 3,254 ​ ​ 17,477 ​ ​ 50,130 Corporate and Other ​ ​ 4 ​ ​ 160 ​ ​ 255 ​ ​ 195 Total Capital Expenditures ​ $ 11,064 ​ $ 86,654 ​ $ 118,065 ​ $ 180,999 ​ Identifiable assets of each segment as of September 30, 2023 and December 31, 2022 are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ September 30, 2023 December 31, 2022 Identifiable Assets: ​ ​ ​ ​ ​ ​ Income Properties ​ $ 950,157 ​ $ 902,427 Management Services ​ ​ 1,565 ​ ​ 1,370 Commercial Loans and Investments ​ ​ 46,828 ​ ​ 32,269 Real Estate Operations ​ ​ 3,367 ​ ​ 4,041 Corporate and Other ​ ​ 64,456 ​ ​ 46,438 Total Assets ​ $ 1,066,373 ​ $ 986,545 ​ Operating income represents income from operations before 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 primarily includes the identifiable assets of the Company’s Subsurface Interests and mitigation credits. Corporate and other assets consist primarily of cash and restricted cash, property, plant, and equipment related to the other operations, as well as the general and corporate operations. The management services and real estate operations segments had no capital expenditures during the nine months ended September 30, 2023 or 2022.

ASSETS HELD FOR SALE

ASSETS HELD FOR SALE	9 Months Ended
	Sep. 30, 2023
ASSETS HELD FOR SALE
ASSETS HELD FOR SALE	​ ​ NOTE 23. ASSETS HELD FOR SALE ​ Assets held for sale as of September 30, 2023 are summarized below (in thousands) and are solely comprised of the Westcliff Property. There were no assets held for sale as of December 31, 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2023 Plant, Property, and Equipment—Net ​ $ 15,854 Other Assets ​ ​ 399 Accrued and Other Liabilities ​ ​ (795) Intangible Lease Liabilities—Net ​ ​ (25) Provision for Impairment ​ ​ (929) Total Assets Held for Sale ​ $ 14,504 ​

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2023
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 24. SUBSEQUENT EVENTS ​ Subsequent events and transactions were evaluated through October 26, 2023, the date the consolidated financial statements were issued. ​ On October 12, 2023, the Company sold the Westcliff Property, located in Fort Worth, Texas, for a sales price of $14.8 million, generating a loss on sale of $0.9 million which was recognized as an impairment charge during the three months ended September 30, 2023.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2023
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, 2022, 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 nine month periods ended September 30, 2023 are not necessarily indicative of results to be expected for the year ending December 31, 2023.
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. As of September 30, 2023, the Company has an equity investment in PINE.
Use of Estimates in the Preparation of Financial Statements	Use of Estimates in the Preparation of Financial Statements ​ The preparation of financial statements in conformity with U.S. 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 investments 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.
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 September 30, 2023 and December 31, 2022 include certain amounts over the Federal Deposit Insurance Corporation limits.
Restricted Cash	Restricted Cash ​ Restricted cash totaled $22.6 million at September 30, 2023, of which $21.8 million is being held in various escrow accounts to be reinvested through the like-kind exchange structure into other income properties, and $0.8 million is being held in three interest and/or real estate tax reserve accounts related to the Company’s commercial loans and investments.
Derivative Financial Instruments and Hedging Activity	Derivative Financial Instruments and Hedging Activity ​ The Company accounts for its cash flow hedging derivatives in accordance with FASB ASC Topic 815-20, 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 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 a quarterly basis. ​ 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 (see Note 16, “Interest Rate Swaps”).
Fair Value of Financial Instruments	Fair Value of Financial Instruments ​ The carrying amounts of the Company’s financial assets and liabilities including cash and cash equivalents, restricted cash, accounts receivable, accounts payable, and accrued and other liabilities at September 30, 2023 and December 31, 2022, approximate fair value because of the short maturity of these instruments. The carrying value of the Company’s Credit Facility (hereinafter defined) as of September 30, 2023 and December 31, 2022, approximates current market rates for revolving credit arrangements with similar risks and maturities. The face value of the Company’s fixed rate commercial loans and investments, the 2026 Term Loan (hereinafter defined), the 2027 Term Loan (hereinafter defined), the 2028 Term Loan (hereinafter defined), mortgage note, and convertible debt held as of September 30, 2023 and December 31, 2022 are measured at fair value based on current market rates for financial instruments with similar risks and maturities (see Note 8, “Fair Value of Financial Instruments”).
Fair Value Measurements	Fair Value Measurements ​ The Company’s estimates of fair value of financial and non-financial assets and liabilities 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 Loans and Investments	Recognition of Interest Income from Commercial Loans and Investments ​ Interest income on commercial loans and 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 of sales 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 $3.6 million and $2.2 million as of September 30, 2023 and December 31, 2022, respectively. ​ Accounts receivable related to real estate operations, which are classified in other assets on the consolidated balance sheets, totaled $0.8 million as of September 30, 2023 and December 31, 2022. The accounts receivable as of September 30, 2023 and December 31, 2022 are primarily related to the reimbursement of certain infrastructure costs completed by the Company in conjunction with two land sale transactions that closed during the fourth quarter of 2015 as more fully described in Note 11, “Other Assets.” ​ The amount due from the buyer of the golf operations for the rounds surcharge the Company paid to the City of Daytona Beach, totaled $0.1 million and $0.2 million as of September 30, 2023 and December 31, 2022, respectively. ​ ​ The collectability of the aforementioned receivables shall be considered and adjusted through an allowance for doubtful accounts which is included in income property revenue on the consolidated statements of operations. As of September 30, 2023 and December 31, 2022, the Company’s allowance for doubtful accounts totaled $2.3 million and $1.8 million, respectively. ​
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 (Topic 805): Clarifying the Definition of a Business, an acquisition does not qualify as a business when there is no substantive process acquired or substantially all of the fair value is concentrated in a single identifiable asset or group of similar identifiable assets or the acquisition does not include a substantive process in the form of an acquired workforce or an acquired contract that cannot be replaced without significant cost, effort or delay. Transaction costs related to acquisitions that are asset acquisitions are capitalized as part of the cost basis of the acquired assets, while transaction costs for acquisitions that are deemed to be acquisitions of a business are expensed as incurred. Improvements and replacements are capitalized when they extend the useful life or improve the productive capacity of the asset. Costs of repairs and maintenance are expensed as incurred. 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. The Company incurs costs related to the development and leasing of its properties. Such costs include, but are not limited to, tenant improvements, leasing commissions, rebranding, facility expansion and other capital improvements, and are included in construction in progress during the development period. When a construction project is considered to be substantially complete, the capitalized costs are reclassified to the appropriate real estate asset and depreciation begins. The Company assesses the level of construction activity to determine the amount, if any, of interest expense to be capitalized to the underlying construction projects.
Assets Held for Sale	Assets Held for Sale Investments in real estate which are determined to be “held for sale” pursuant to FASB Topic 360-10, Property, Plant, and Equipment
Sales of Real Estate	Sales of Real Estate ​ When income properties are disposed of, the related cost basis of the real estate, intangible lease assets, and intangible lease liabilities, net of accumulated depreciation and/or amortization, and any accrued straight-line rental income balance for the underlying operating leases are removed, and gains or losses from the dispositions are reflected in net income within gain (loss) on disposition of assets. In accordance with the FASB guidance, gains or losses on sales of real estate are generally recognized using the full accrual method. Gains and losses on land sales, in addition to the sale of Subsurface Interests and mitigation credits, are accounted for as required by FASB ASC Topic 606, Revenue from Contracts with Customers to the performance obligations within the contract. As market information becomes available, the underlying cost basis is analyzed and recorded at the lower of cost or market.
Income Taxes	Income Taxes ​ The Company elected to be taxed as a REIT for U.S. federal income tax purposes under the Internal Revenue Code of 1986, as amended (the “Code”) commencing with its taxable year ended December 31, 2020. 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 taxable REIT subsidiaries (“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 two TRSs subject to taxation. The Company’s TRSs will file tax returns separately as C-Corporations. ​ The Company uses the asset and liability method to account for income taxes for the Company’s TRSs. Deferred income taxes result primarily from the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes (see Note 20, “Income Taxes”). In June 2006, the FASB issued additional guidance, which clarifies the accounting for uncertainty in income taxes recognized in a company’s financial statements included in income taxes. The interpretation prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The interpretation also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, 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.

INCOME PROPERTIES (Tables)

INCOME PROPERTIES (Tables)	9 Months Ended
	Sep. 30, 2023
ASSETS HELD FOR SALE
Schedule of components of leasing revenue	The components of leasing revenue are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ September 30, 2023 ​ September 30, 2022 ​ September 30, 2023 ​ September 30, 2022 Leasing Revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lease Payments $ 19,547 ​ $ 13,556 ​ $ 55,187 ​ $ 38,760 Variable Lease Payments ​ 5,636 ​ ​ 4,138 ​ ​ 15,186 ​ ​ 10,469 Total Leasing Revenue $ 25,183 ​ $ 17,694 ​ $ 70,373 ​ $ 49,229
Schedule of minimum future base rental revenue on non-cancelable leases	​ Minimum future base rental receipts under non-cancelable operating leases, excluding percentage rent and other lease payments that are not fixed and determinable, having remaining terms in excess of one year subsequent to September 30, 2023, are summarized as follows (in thousands): ​ ​ ​ ​ ​ Year Ending December 31, Amounts Remainder of 2023 ​ $ 20,578 2024 ​ ​ 75,476 2025 ​ ​ 70,529 2026 ​ ​ 60,705 2027 ​ ​ 49,104 2028 ​ ​ 35,430 2029 and Thereafter (Cumulative) ​ ​ 58,431 Total ​ $ 370,253

COMMERCIAL LOANS AND INVESTME_2

COMMERCIAL LOANS AND INVESTMENTS (Tables)	9 Months Ended
	Sep. 30, 2023
COMMERCIAL LOANS AND INVESTMENTS
Schedule of components of commercial loan investment portfolio	The Company’s commercial loans and investments were comprised of the following at September 30, 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Description Date of Investment Maturity Date Original Face Amount Current Face Amount Carrying Value Coupon Rate Construction Loan – The Exchange At Gwinnett – Buford, GA ​ January 2022 ​ January 2024 ​ $ 8,700 ​ $ 1,857 ​ $ 1,848 ​ 7.25% Preferred Investment – Watters Creek – Allen, TX ​ April 2022 ​ April 2025 ​ ​ 30,000 ​ ​ 30,000 ​ ​ 29,924 ​ 8.75% Mortgage Note – Founders Square – Dallas, TX ​ March 2023 ​ March 2026 ​ ​ 15,000 ​ ​ 15,000 ​ ​ 14,879 ​ 8.75% Promissory Note – Main Street – Daytona Beach, FL ​ June 2023 ​ May 2033 ​ ​ 400 ​ ​ 400 ​ ​ 400 ​ 7.00% ​ ​ ​ ​ ​ ​ $ 54,100 ​ $ 47,257 ​ $ 47,051 ​ ​ CECL Reserve ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (479) ​ ​ Total Commercial Loans and Investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 46,572 ​ ​ The Company’s commercial loans and investments were comprised of the following at December 31, 2022 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Description Date of Investment Maturity Date Original Face Amount Current Face Amount Carrying Value Coupon Rate Mortgage Note – 4311 Maple Avenue – Dallas, TX ​ October 2020 ​ April 2023 ​ $ 400 ​ $ 400 ​ $ 395 ​ 7.50% Construction Loan – The Exchange At Gwinnett – Buford, GA ​ January 2022 ​ January 2024 ​ ​ 8,700 ​ ​ 220 ​ ​ 173 ​ 7.25% Preferred Investment - Watters Creek – Allen, TX ​ April 2022 ​ April 2025 ​ ​ 30,000 ​ ​ 30,000 ​ ​ 29,887 ​ 8.50% Improvement Loan - Ashford Lane – Atlanta, GA ​ May 2022 ​ April 2025 ​ ​ 1,500 ​ ​ 1,453 ​ ​ 1,453 ​ 12.00% ​ ​ ​ ​ ​ ​ $ 40,600 ​ $ 32,073 ​ $ 31,908 ​ ​ ​ The carrying value of the commercial loans and investments portfolio at September 30, 2023 and December 31, 2022 consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ September 30, 2023 December 31, 2022 Current Face Amount ​ $ 47,257 ​ $ 32,073 Unaccreted Origination Fees ​ ​ (206) ​ ​ (161) CECL Reserve ​ ​ (479) ​ ​ (4) Total Commercial Loans and Investments ​ $ 46,572 ​ $ 31,908 ​

RELATED PARTY MANAGEMENT SERV_2

RELATED PARTY MANAGEMENT SERVICES BUSINESS (Tables)	9 Months Ended
	Sep. 30, 2023
RELATED PARTY MANAGEMENT SERVICES BUSINESS
Schedule of amounts due from PINE	The following table represents amounts due from (to) PINE as of September 30, 2023 and December 31, 2022 which are included in other assets on the consolidated balance sheets (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ As of Description September 30, 2023 ​ December 31, 2022 Management Services Fee due From PINE ​ $ 1,095 ​ $ 993 Dividend Receivable ​ ​ 337 ​ ​ 337 Other ​ ​ 133 ​ ​ (30) Total ​ $ 1,565 ​ $ 1,300

REAL ESTATE OPERATIONS (Tables)

REAL ESTATE OPERATIONS (Tables)	9 Months Ended
	Sep. 30, 2023
REAL ESTATE OPERATIONS
Summary of land and development costs	Land and development costs at September 30, 2023 and December 31, 2022 were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ September 30, 2023 December 31, 2022 Land and Development Costs ​ $ 358 ​ $ 358 Subsurface Interests ​ ​ 340 ​ ​ 327 Total Land and Development Costs ​ $ 698 ​ $ 685

INVESTMENT SECURITIES (Tables)

INVESTMENT SECURITIES (Tables)	9 Months Ended
	Sep. 30, 2023
INVESTMENT SECURITIES
Schedule of marketable securities	​ The Company’s available-for-sale securities as of September 30, 2023 and December 31, 2022 are summarized below (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost Unrealized Gains in Investment Income Unrealized Losses in Investment Income Estimated Fair Value (Level 1 Inputs) September 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common Stock ​ $ 20,482 ​ $ — ​ $ (2,342) ​ $ 18,140 Operating Units ​ ​ 23,253 ​ ​ — ​ ​ (3,231) ​ ​ 20,022 Total Equity Securities ​ ​ 43,735 ​ ​ — ​ ​ (5,573) ​ ​ 38,162 Total Available-for-Sale Securities ​ $ 43,735 ​ $ — ​ $ (5,573) ​ $ 38,162 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common Stock ​ $ 18,382 ​ $ 308 ​ $ — ​ $ 18,690 Operating Units ​ ​ 23,253 ​ ​ 98 ​ ​ — ​ ​ 23,351 Total Equity Securities ​ ​ 41,635 ​ ​ 406 ​ ​ — ​ ​ 42,041 Total Available-for-Sale Securities ​ $ 41,635 ​ $ 406 ​ $ — ​ $ 42,041 ​

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Sep. 30, 2023
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 September 30, 2023 and December 31, 2022 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2023 ​ December 31, 2022 ​ Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Cash and Cash Equivalents - Level 1 ​ $ 7,015 ​ $ 7,015 ​ $ 19,333 ​ $ 19,333 Restricted Cash - Level 1 ​ $ 22,618 ​ $ 22,618 ​ $ 1,861 ​ $ 1,861 Commercial Loans and Investments - Level 2 ​ $ 46,572 ​ $ 47,809 ​ $ 31,908 ​ $ 32,960 Long-Term Debt - Level 2 ​ $ 548,219 ​ $ 517,666 ​ $ 445,583 ​ $ 426,421
Schedule of fair value of assets measured on recurring basis by Level	​ The following table presents the fair value of assets measured on a recurring basis by level as of September 30, 2023 and December 31, 2022 (in thousands). See Note 16, “Interest Rate Swaps” for further disclosure related to the Company’s interest rate swaps. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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) September 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash Flow Hedge - 2026 Term Loan Interest Rate Swaps ​ $ 5,699 $ — $ 5,699 $ — Cash Flow Hedge - 2027 Term Loan Interest Rate Swaps ​ $ 10,576 $ — $ 10,576 $ — Cash Flow Hedge - 2028 Term Loan Interest Rate Swaps ​ $ 2,715 $ — $ 2,715 $ — Cash Flow Hedge - Credit Facility Interest Rate Swaps ​ $ 5,160 $ — $ 5,160 $ — Investment Securities ​ $ 38,162 $ 38,162 $ — $ — December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash Flow Hedge - 2026 Term Loan Interest Rate Swaps ​ $ 6,047 $ — $ 6,047 $ — Cash Flow Hedge - 2027 Term Loan Interest Rate Swaps ​ $ 10,111 $ — $ 10,111 $ — Cash Flow Hedge - 2028 Term Loan Interest Rate Swaps ​ $ (397) $ — $ (397) $ — Investment Securities ​ $ 42,041 $ 42,041 $ — $ —

INTANGIBLE ASSETS AND LIABILI_2

INTANGIBLE ASSETS AND LIABILITIES (Tables)	9 Months Ended
	Sep. 30, 2023
INTANGIBLE ASSETS AND LIABILITIES
Schedule of components of intangible lease assets and liabilities	Intangible assets and liabilities consisted of the following as of September 30, 2023 and December 31, 2022 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ September 30, 2023 December 31, 2022 Intangible Lease Assets: ​ ​ ​ ​ ​ ​ Value of In-Place Leases ​ $ 94,496 ​ $ 90,335 Value of Above Market In-Place Leases ​ ​ 31,756 ​ ​ 32,008 Value of Intangible Leasing Costs ​ ​ 26,577 ​ ​ 25,531 Sub-total Intangible Lease Assets ​ ​ 152,829 ​ ​ 147,874 Accumulated Amortization ​ ​ (46,978) ​ ​ (31,890) Sub-total Intangible Lease Assets—Net ​ ​ 105,851 ​ ​ 115,984 Intangible Lease Liabilities (Included in Accrued and Other Liabilities): ​ ​ ​ ​ ​ ​ Value of Below Market In-Place Leases ​ ​ (15,071) ​ ​ (12,307) Sub-total Intangible Lease Liabilities ​ ​ (15,071) ​ ​ (12,307) Accumulated Amortization ​ ​ 3,868 ​ ​ 2,422 Sub-total Intangible Lease Liabilities—Net ​ ​ (11,203) ​ ​ (9,885) Total Intangible Assets and Liabilities—Net ​ $ 94,648 ​ $ 106,099
Schedule of amortization of intangible assets and liabilities	The following table reflects the net amortization of intangible assets and liabilities during the three and nine months ended September 30, 2023 and 2022 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, 2023 ​ September 30, 2022 ​ September 30, 2023 ​ September 30, 2022 Amortization Expense ​ $ 4,837 ​ $ 3,076 ​ $ 13,724 ​ $ 8,605 Accretion to Income Properties Revenue ​ ​ 487 ​ ​ 507 ​ ​ 1,793 ​ ​ 1,485 Net Amortization of Intangible Assets and Liabilities ​ $ 5,324 ​ $ 3,583 ​ $ 15,517 ​ $ 10,090
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 2023 ​ $ 4,779 ​ $ 509 ​ $ 5,288 2024 ​ ​ 19,115 ​ ​ 2,036 ​ ​ 21,151 2025 ​ ​ 16,796 ​ ​ 1,984 ​ ​ 18,780 2026 ​ ​ 15,053 ​ ​ 2,140 ​ ​ 17,193 2027 ​ ​ 12,153 ​ ​ 1,254 ​ ​ 13,407 2028 ​ ​ 7,473 ​ ​ 1,231 ​ ​ 8,704 2029 and Thereafter ​ ​ 8,668 ​ ​ 1,457 ​ ​ 10,125 Total ​ $ 84,037 ​ $ 10,611 ​ $ 94,648

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	9 Months Ended
	Sep. 30, 2023
OTHER ASSETS
Schedule of components of other assets	Other assets consisted of the following as of September 30, 2023 and December 31, 2022 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ September 30, 2023 December 31, 2022 Income Property Tenant Receivables, Net of Allowance for Doubtful Accounts (1) ​ $ 3,616 ​ $ 2,206 Income Property Straight-line Rent Adjustment and COVID-19 Deferral Balance ​ ​ 6,294 ​ ​ 6,214 Operating Leases - Right-of-Use Asset ​ ​ 451 ​ ​ 63 Golf Rounds Surcharge ​ ​ 126 ​ ​ 216 Cash Flow Hedge - Interest Rate Swap ​ ​ 24,150 ​ ​ 16,158 Infrastructure Reimbursement Receivables ​ ​ 845 ​ ​ 824 Prepaid Expenses, Deposits, and Other ​ ​ 8,525 ​ ​ 5,421 Due from Alpine Income Property Trust, Inc. ​ ​ 1,565 ​ ​ 1,300 Financing Costs, Net of Accumulated Amortization ​ ​ 1,751 ​ ​ 2,051 Total Other Assets ​ $ 47,323 ​ $ 34,453 (1) Allowance for doubtful accounts was $2.3 million and $1.8 million as of September 30, 2023 and December 31, 2022, respectively.

EQUITY (Tables)

EQUITY (Tables)	9 Months Ended
	Sep. 30, 2023
EQUITY
Schedule of dividend declared and paid for stock	​ The following table outlines dividends declared and paid for each issuance of CTO’s stock during the three and nine months ended September 30, 2023 and 2022 (in thousands, except per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Series A Preferred Stock ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dividends ​ $ 1,195 ​ $ 1,195 ​ $ 3,585 ​ $ 3,586 Per Share ​ $ 0.40 ​ $ 0.40 ​ $ 1.20 ​ $ 1.20 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common Stock ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dividends ​ $ 8,544 ​ $ 7,095 ​ $ 25,744 ​ $ 20,292 Per Share ​ $ 0.38 ​ $ 0.38 ​ $ 1.14 ​ $ 1.11

COMMON STOCK AND EARNINGS PER_2

COMMON STOCK AND EARNINGS PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2023
COMMON STOCK AND EARNINGS 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 ​ Nine Months Ended ​ September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Basic and Diluted Earnings: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Income (Loss) Attributable to Common Stockholders, Used in Basic EPS ​ $ 1,491 ​ $ 3,622 ​ $ (5,092) ​ $ 2,651 Add Back: Effect of Dilutive Interest Related to 2025 Notes (1) ​ ​ — ​ ​ 539 ​ ​ — ​ ​ — Net Income (Loss) Attributable to Common Stockholders, Used in Diluted EPS ​ $ 1,491 ​ $ 4,161 ​ $ (5,092) ​ $ 2,651 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic and Diluted Shares: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average Shares Outstanding, Basic ​ ​ 22,484,561 ​ ​ 18,386,435 ​ ​ 22,556,642 ​ ​ 18,044,299 Common Shares Applicable to Dilutive Effect of 2025 Notes (2) ​ ​ — ​ ​ 3,119,025 ​ ​ — ​ ​ — Weighted Average Shares Outstanding, Diluted ​ ​ 22,484,561 ​ ​ 21,505,460 ​ ​ 22,556,642 ​ ​ 18,044,299 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Per Share Information: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Income (Loss) Attributable to Common Stockholders ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 0.07 ​ $ 0.20 ​ $ (0.23) ​ $ 0.15 Diluted ​ $ 0.07 ​ $ 0.19 ​ $ (0.23) ​ $ 0.15 (1) As applicable, includes interest expense, amortization of discount, amortization of fees, and other changes in net income or loss that would result from the assumed conversion of the 2025 Convertible Senior Notes to derive FFO (as defined herein) effective January 1, 2022 due to the implementation of ASU 2020-06 which requires presentation on an if-converted basis. For the three and nine months ended September 30, 2023, a total of $0.5 million and $1.6 million of interest was not included, respectively, as the impact of the 2025 Notes, if-converted, would have been antidilutive to net income (loss) attributable to common stockholders for the respective periods. For the three months ended September 30 2022, a total of $0.5 million was included as the impact to earnings per share, if-converted, would have been dilutive to net income attributable to common stockholders for the period. For the nine months ended September 30, 2022, the impact of $1.6 million was not included as the impact to earnings per share, if-converted, would have been antidilutive to net income attributable to common stockholders for the period. (2) A total o f 3.4 million and 3.3 million shares, representing the dilutive impact of the 2025 Notes, upon adoption of ASU 2020-06 effective January 1, 2022, were not included in the computation of diluted net income (loss) attributable to common stockholders for each of the three and nine month periods ended September 30, 2023, respectively, because they were antidilutive to net income (loss) attributable to common stockholders for the respective periods . A total of 3.1 million shares, representing the dilutive impact of the 2025 Notes, upon adoption of ASU 2020-06 effective January 1, 2022, were included in the computation of diluted net income per share attributable to common stockholders for the three months ended September 30, 2022, because they were dilutive to net income attributable to common stockholders for the period. A total of 3.1 million shares, representing the dilutive impact of the 2025 Notes, were not included in the computation of diluted net income per share attributable to common stockholders for the nine months ended September 30, 2022, because they were antidilutive to net income attributable to common stockholders for the period.

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	9 Months Ended
	Sep. 30, 2023
LONG-TERM DEBT
Schedule of outstanding indebtedness, at face value	As of September 30, 2023, the Company’s outstanding indebtedness, at face value, was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Face Value Debt Maturity Date Interest Rate Credit Facility (1) ​ $ 216,000 ​ January 2027 ​ ​ SOFR + 0.10% + 2026 Term Loan (2) ​ ​ 65,000 ​ March 2026 ​ ​ SOFR + 0.10% + 2027 Term Loan (3) ​ ​ 100,000 ​ January 2027 ​ ​ SOFR + 0.10% + 2028 Term Loan (4) ​ ​ 100,000 ​ January 2028 ​ ​ SOFR + 0.10% + 3.875% Convertible Senior Notes due 2025 ​ ​ 51,034 ​ April 2025 ​ ​ 3.875% Mortgage Note Payable ​ ​ 17,800 ​ August 2026 ​ ​ 4.060% Total Long-Term Face Value Debt ​ $ 549,834 ​ ​ ​ ​ ​ ​ (1) The Company utilized interest rate swaps on $100.0 million of the Credit Facility balance to fix SOFR and achieve a weighted average fixed swap rate of 3.28% plus the 10 bps SOFR adjustment plus the applicable spread. (2) (3) The Company utilized interest rate swaps on the $100.0 million 2027 Term Loan balance to fix SOFR and achieve a fixed swap rate of 0.64% plus the 10 bps SOFR adjustment plus the applicable spread. (4) The Company utilized interest rate swaps on the $100.0 million 2028 Term Loan balance to fix SOFR and achieve a weighted average fixed swap rate of 3.78% plus the 10 bps SOFR adjustment plus the applicable spread.
Schedule of components of long-term debt	Long-term debt consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2023 ​ December 31, 2022 ​ Total Due Within One Year Total Due Within One Year Credit Facility ​ $ 216,000 ​ $ — ​ $ 113,750 ​ $ — 2026 Term Loan ​ ​ 65,000 ​ ​ — ​ ​ 65,000 ​ ​ — 2027 Term Loan ​ ​ 100,000 ​ ​ — ​ ​ 100,000 ​ ​ — 2028 Term Loan ​ ​ 100,000 ​ ​ — ​ ​ 100,000 ​ ​ — 3.875% Convertible Senior Notes, net of Discount ​ ​ 50,789 ​ ​ — ​ ​ 50,670 ​ ​ — Mortgage Note Payable ​ ​ 17,800 ​ ​ — ​ ​ 17,800 ​ ​ — Financing Costs, net of Accumulated Amortization ​ ​ (1,370) ​ ​ — ​ ​ (1,637) ​ ​ — Total Long-Term Debt ​ $ 548,219 ​ $ — ​ $ 445,583 ​ $ —
Schedule of payments applicable to reduction of principal amounts	Payments applicable to reduction of principal amounts as of September 30, 2023 will be required as follows (in thousands): ​ ​ ​ ​ ​ As of September 30, 2023 Amount Remainder of 2023 ​ $ — 2024 ​ ​ — 2025 ​ ​ 51,034 2026 ​ ​ 82,800 2027 ​ ​ 316,000 2028 ​ ​ 100,000 2029 and Thereafter ​ ​ — Total Long-Term Debt - Face Value ​ $ 549,834
Schedule of carrying value of long-term debt	The carrying value of long-term debt as of September 30, 2023 consisted of the following (in thousands): ​ ​ ​ ​ ​ Total Current Face Amount ​ $ 549,834 Unamortized Discount on Convertible Debt ​ ​ (245) Financing Costs, net of Accumulated Amortization ​ ​ (1,370) Total Long-Term Debt ​ $ 548,219
Schedule of interest expense on debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ ​ September 30, 2023 ​ September 30, 2022 ​ September 30, 2023 ​ September 30, 2022 ​ Interest Expense ​ $ 6,036 ​ $ 2,819 ​ $ 15,318 ​ $ 6,552 ​ Amortization of Deferred Financing Costs ​ ​ 242 ​ ​ 178 ​ ​ 724 ​ ​ 515 ​ Amortization of Discount on Convertible Notes ​ ​ 40 ​ ​ 40 ​ ​ 119 ​ ​ 149 ​ Total Interest Expense ​ $ 6,318 ​ $ 3,037 ​ $ 16,161 ​ $ 7,216 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Interest Paid ​ $ 5,589 ​ $ 2,107 ​ $ 15,178 ​ $ 5,785 ​

INTEREST RATE SWAPS (Tables)

INTEREST RATE SWAPS (Tables)	9 Months Ended
	Sep. 30, 2023
INTEREST RATE SWAPS
Schedule of interest rate swap agreements	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Hedged Item (1) ​ Effective Date ​ Maturity Date ​ Rate ​ Amount ​ Fair Value as of September 30, 2023 2026 Term Loan ​ 3/10/2021 ​ 3/29/2024 ​ 0.12% + 0.10% + applicable spread ​ $ 50,000 ​ $ 1,308 2026 Term Loan ​ 3/29/2024 ​ 3/10/2026 ​ 1.44% + 0.10% + applicable spread ​ $ 50,000 ​ $ 2,808 2026 Term Loan ​ 8/31/2021 ​ 3/10/2026 ​ 0.70% + 0.10% + applicable spread ​ $ 15,000 ​ $ 1,390 2026 Term Loan (2) ​ 3/10/2026 ​ 3/10/2031 ​ 3.80% + 0.10% + applicable spread ​ $ 40,000 ​ $ 193 2027 Term Loan ​ 11/5/2021 ​ 3/29/2024 ​ 0.64% + 0.10% + applicable spread ​ $ 100,000 ​ $ 2,360 2027 Term Loan ​ 3/29/2024 ​ 1/31/2027 ​ 1.35% + 0.10% + applicable spread ​ $ 100,000 ​ $ 7,714 2027 Term Loan (2) ​ 1/31/2027 ​ 1/30/2032 ​ 3.75% + 0.10% + applicable spread ​ $ 60,000 ​ $ 502 2028 Term Loan ​ 9/30/2022 ​ 1/31/2028 ​ 3.78% + 0.10% + applicable spread ​ $ 50,000 ​ $ 1,131 2028 Term Loan ​ 9/30/2022 ​ 1/31/2028 ​ 3.78% + 0.10% + applicable spread ​ $ 50,000 ​ $ 1,117 2028 Term Loan (2) ​ 1/31/2028 ​ 1/31/2033 ​ 3.81% + 0.10% + applicable spread ​ $ 60,000 ​ $ 467 Credit Facility ​ 1/31/2023 ​ 1/31/2030 ​ 3.27% + 0.10% + applicable spread ​ $ 50,000 ​ $ 2,597 Credit Facility ​ 1/31/2023 ​ 1/31/2030 ​ 3.26% + 0.10% + applicable spread ​ $ 33,000 ​ $ 1,750 Credit Facility ​ 1/31/2023 ​ 1/31/2030 ​ 3.36% + 0.10% + applicable spread ​ $ 17,000 ​ $ 813 (1) On September 30, 2022, the Company converted its existing interest rate swaps from 1-month LIBOR to SOFR. (2) During the three months ended September 30, 2023, the Company entered into forward swaps to further fix interest rates through periods that the Company reasonably expects to extend its current term loans.

ACCRUED AND OTHER LIABILITIES (

ACCRUED AND OTHER LIABILITIES (Tables)	9 Months Ended
	Sep. 30, 2023
ACCRUED AND OTHER LIABILITIES
Schedule of components of accrued and other liabilities	Accrued and other liabilities consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ September 30, 2023 December 31, 2022 Accrued Property Taxes ​ $ 6,211 ​ $ 716 Reserve for Tenant Improvements ​ ​ 2,331 ​ ​ 6,186 Tenant Security Deposits ​ ​ 2,885 ​ ​ 2,719 Accrued Construction Costs ​ ​ — ​ ​ 903 Accrued Interest ​ ​ 1,183 ​ ​ 872 Environmental Reserve ​ ​ 61 ​ ​ 67 Cash Flow Hedge - Interest Rate Swaps ​ ​ — ​ ​ 397 Operating Leases - Liability ​ ​ 448 ​ ​ 64 Other ​ ​ 5,541 ​ ​ 6,104 Total Accrued and Other Liabilities ​ $ 18,660 ​ $ 18,028

DEFERRED REVENUE (Tables)

DEFERRED REVENUE (Tables)	9 Months Ended
	Sep. 30, 2023
DEFERRED REVENUE
Schedule of components of deferred revenue	Deferred revenue consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ September 30, 2023 December 31, 2022 Prepaid Rent ​ $ 4,882 ​ $ 3,951 Interest Reserve from Commercial Loans and Investments ​ ​ 790 ​ ​ 1,262 Tenant Contributions ​ ​ 579 ​ ​ 522 Total Deferred Revenue ​ $ 6,251 ​ $ 5,735

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2023
STOCK-BASED COMPENSATION
Summary of share activity for all equity classified stock compensation	A summary of share activity for all equity classified stock compensation during the nine months ended September 30, 2023 is presented below. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type of Award Shares Outstanding at 1/1/2023 Granted Shares ​ Vested / Exercised Shares ​ Expired Shares ​ Forfeited Shares Shares Outstanding at 9/30/2023 Equity Classified - Performance Share Awards - Peer Group Market Condition Vesting ​ ​ 230,247 ​ ​ 88,754 ​ ​ (72,141) ​ ​ — ​ ​ (9,485) ​ ​ 237,375 Equity Classified - Three Year Vest Restricted Shares ​ ​ 212,079 ​ ​ 96,453 ​ ​ (74,229) ​ ​ — ​ ​ (17,879) ​ ​ 216,424 Total Shares ​ ​ 442,326 ​ ​ 185,207 ​ ​ (146,370) ​ ​ — ​ ​ (27,364) ​ ​ 453,799
Schedule of amounts recognized for stock-based compensation	Amounts recognized in the financial statements for stock-based compensation are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Total Cost of Share-Based Plans Charged Against Income ​ $ 868 ​ $ 812 ​ $ 2,802 ​ $ 2,423
January 28, 2017
STOCK-BASED COMPENSATION
Summary of performance share awards activity	A summary of the activity for these awards during the nine months ended September 30, 2023 is presented below: ​ ​ ​ ​ ​ ​ ​ ​ Performance Shares With Market Conditions Shares ​ Wtd. Avg. Fair Value Per Share Non-Vested at January 1, 2023 ​ ​ 230,247 ​ $ 16.85 Granted ​ ​ 88,754 ​ $ 18.10 Vested ​ ​ (72,141) ​ $ 14.17 Expired ​ ​ — ​ ​ — Forfeited ​ ​ (9,485) ​ $ 18.10 Non-Vested at September 30, 2023 ​ ​ 237,375 ​ $ 18.08
Three-Year Vesting
STOCK-BASED COMPENSATION
Summary of nonvested restricted stock award activity	A summary of the activity for these awards during the nine months ended September 30, 2023 is presented below: ​ ​ ​ ​ ​ ​ ​ Non-Vested Restricted Shares Shares Wtd. Avg. Fair Value Per Share Non-Vested at January 1, 2023 ​ ​ 212,079 ​ $ 17.97 Granted ​ ​ 96,453 ​ $ 19.12 Vested ​ ​ (74,229) ​ $ 16.00 Expired ​ ​ — ​ ​ — Forfeited ​ ​ (17,879) ​ $ 19.12 Non-Vested at September 30, 2023 ​ ​ 216,424 ​ $ 19.07

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	9 Months Ended
	Sep. 30, 2023
COMMITMENTS AND CONTINGENCIES
Schedule of Commitments	The Company has committed to fund the following capital improvements. The improvements, which are related to several properties, are estimated to be generally completed within twelve months. These commitments, as of September 30, 2023, are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2023 Total Commitment (1) ​ $ 13,150 Less Amount Funded ​ ​ (2,215) Remaining Commitment ​ $ 10,935 (1) Commitment includes tenant improvements, leasing commissions, rebranding, facility expansion and other capital improvements.

BUSINESS SEGMENT DATA (Tables)

BUSINESS SEGMENT DATA (Tables)	9 Months Ended
	Sep. 30, 2023
BUSINESS SEGMENT DATA
Schedule of operations in different segments	​ Information about the Company’s operations in different segments for the three and nine months ended September 30, 2023 and 2022 is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income Properties ​ $ 25,183 ​ $ 17,694 ​ $ 70,373 ​ $ 49,229 Management Fee Income ​ ​ 1,094 ​ ​ 951 ​ ​ 3,294 ​ ​ 2,835 Interest Income From Commercial Loans and Investments ​ ​ 1,114 ​ ​ 1,323 ​ ​ 2,965 ​ ​ 3,331 Real Estate Operations ​ ​ 1,079 ​ ​ 3,149 ​ ​ 2,602 ​ ​ 4,395 Total Revenues ​ $ 28,470 ​ $ 23,117 ​ $ 79,234 ​ $ 59,790 Operating Income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income Properties ​ $ 18,123 ​ $ 12,579 ​ $ 49,490 ​ $ 35,286 Management Fee Income ​ ​ 1,094 ​ ​ 951 ​ ​ 3,294 ​ ​ 2,835 Interest Income From Commercial Loans and Investments ​ ​ 1,114 ​ ​ 1,323 ​ ​ 2,965 ​ ​ 3,331 Real Estate Operations ​ ​ 927 ​ ​ 1,488 ​ ​ 1,726 ​ ​ 2,455 General and Corporate Expense ​ ​ (15,108) ​ ​ (10,558) ​ ​ (43,307) ​ ​ (29,373) Provision for Impairment ​ ​ (929) ​ ​ — ​ ​ (1,408) ​ ​ — Gain on Disposition of Assets ​ ​ 2,464 ​ ​ 4,973 ​ ​ 3,565 ​ ​ 4,728 Total Operating Income ​ $ 7,685 ​ $ 10,756 ​ $ 16,325 ​ $ 19,262 Depreciation and Amortization: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income Properties ​ $ 11,651 ​ $ 7,283 ​ $ 32,769 ​ $ 20,359 Corporate and Other ​ ​ 18 ​ ​ 22 ​ ​ 45 ​ ​ 42 Total Depreciation and Amortization ​ $ 11,669 ​ $ 7,305 ​ $ 32,814 ​ $ 20,401 Capital Expenditures: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income Properties ​ $ 11,010 ​ $ 83,240 ​ $ 100,333 ​ $ 130,674 Commercial Loans and Investments ​ ​ 50 ​ ​ 3,254 ​ ​ 17,477 ​ ​ 50,130 Corporate and Other ​ ​ 4 ​ ​ 160 ​ ​ 255 ​ ​ 195 Total Capital Expenditures ​ $ 11,064 ​ $ 86,654 ​ $ 118,065 ​ $ 180,999 ​ Identifiable assets of each segment as of September 30, 2023 and December 31, 2022 are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ September 30, 2023 December 31, 2022 Identifiable Assets: ​ ​ ​ ​ ​ ​ Income Properties ​ $ 950,157 ​ $ 902,427 Management Services ​ ​ 1,565 ​ ​ 1,370 Commercial Loans and Investments ​ ​ 46,828 ​ ​ 32,269 Real Estate Operations ​ ​ 3,367 ​ ​ 4,041 Corporate and Other ​ ​ 64,456 ​ ​ 46,438 Total Assets ​ $ 1,066,373 ​ $ 986,545

ASSETS HELD FOR SALE (Tables)

ASSETS HELD FOR SALE (Tables)	9 Months Ended
	Sep. 30, 2023
ASSETS HELD FOR SALE
Schedule of assets and liabilities held for sale and discontinued operations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2023 Plant, Property, and Equipment—Net ​ $ 15,854 Other Assets ​ ​ 399 Accrued and Other Liabilities ​ ​ (795) Intangible Lease Liabilities—Net ​ ​ (25) Provision for Impairment ​ ​ (929) Total Assets Held for Sale ​ $ 14,504 ​

DESCRIPTION OF BUSINESS (Detail

DESCRIPTION OF BUSINESS (Details) $ in Thousands, ft² in Millions	9 Months Ended
	Sep. 30, 2023 USD ($) ft² property state a loan country	Dec. 31, 2022 USD ($)
Real Estate Properties
Number of commercial loan investment | loan	3
Investment in Alpine Income Property Trust, Inc. | $	$ 38,162	$ 42,041
Alpine Income Property Trust, Inc. Common Stock and Alpine Income Property OP, LP Limited Partnership Units
Real Estate Properties
Investment in Alpine Income Property Trust, Inc. | $	$ 38,162	$ 42,041
Investment ownership percentage (as a percent)	15.10%
Florida
Real Estate Properties
Number of states in which entity operates | country	19
Subsurface area of portfolio of mineral interests | a	352,000
Commercial
Real Estate Properties
Number of real estate properties	23
Number of states in which entity operates | state	9
Gross leasable space | ft²	4.1
Number of preferred equity investment	1
Single-tenant
Real Estate Properties
Number of real estate properties	7
Multi-tenant
Real Estate Properties
Number of real estate properties	16

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022
Restricted Cash
Restricted Cash	$ 22,618	$ 1,861	$ 37,292
Restricted cash escrow account
Restricted Cash
Restricted Cash	21,800
Restricted cash escrow account in connection with reserves for commercial loans and investments
Restricted Cash
Restricted Cash	$ 800

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Accounts Receivable (Details) $ in Millions	3 Months Ended
	Dec. 31, 2015 Transaction	Sep. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Accounts Receivable
Number of closed land transactions | Transaction	2
Allowance for doubtful accounts		$ 2.3	$ 1.8
Other Assets
Accounts Receivable
Income Property Tenant Receivables, Net of Allowance for Doubtful Accounts		3.6	2.2
Accounts receivable related to real estate operations		0.8	0.8
Receivable from Golf operations for rounds surcharge		$ 0.1	$ 0.2

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Income Taxes (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($) subsidiary
Income Taxes
Number of taxable REIT subsidiaries | subsidiary	2
Reserves for uncertain income tax positions | $	$ 0

INCOME PROPERTIES - Leasing Rev

INCOME PROPERTIES - Leasing Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Leasing Revenue
Lease Payments	$ 19,547	$ 13,556	$ 55,187	$ 38,760
Variable Lease Payments	5,636	4,138	15,186	10,469
Total Leasing Revenue	$ 25,183	$ 17,694	$ 70,373	$ 49,229
Operating Lease, Lease Income, Statement of Income or Comprehensive Income	Revenues	Revenues	Revenues	Revenues

INCOME PROPERTIES - Minimum Fut

INCOME PROPERTIES - Minimum Future Base Rental Revenue on Non-cancelable Leases (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Minimum future base rental revenue on non-cancelable leases
Remainder of 2023	$ 20,578
2024	75,476
2025	70,529
2026	60,705
2027	49,104
2028	35,430
2029 and Thereafter (Cumulative)	58,431
Total	$ 370,253

INCOME PROPERTIES - Acquisition

INCOME PROPERTIES - Acquisitions (Details) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2023 USD ($) ft² property tenant	Sep. 30, 2023 USD ($) ft² property tenant	Sep. 30, 2022 USD ($) ft² tenant	Feb. 24, 2023 ft²
Acquisitions of Income Properties
Weighted average amortization period of intangible assets		6 years
2023 Acquisitions
Acquisitions of Income Properties
Aggregate acquisition cost including capitalized acquisition costs		$ 80.3
Land	$ 21.2	21.2
Buildings and improvements	53.6	53.6
Intangible assets pertaining to the in-place lease value, leasing fees and above market lease value	8.7	8.7
Intangible liabilities for below market lease value	$ 3.2	$ 3.2
Weighted average amortization period of intangible assets		5 years 7 months 6 days
Purchase Price		$ 80
2023 Acquisitions | Income Property, Multi-tenant, Rockwall, Texas
Acquisitions of Income Properties
Aggregate acquisition cost including capitalized acquisition costs		$ 61.3
Property Square-Feet | ft²	446,500	446,500
Purchase Price		$ 61.2
Percentage Leased at Acquisition		95%
Remaining Lease Term at Acquisition Date (in years)		4 years 2 months 12 days
2023 Acquisitions | Income Property Exchange at Gwinnett, Buford, Georgia
Acquisitions of Income Properties
Number of real estate properties | property	4	4
Aggregate acquisition cost including capitalized acquisition costs		$ 14.7
Property Square-Feet | ft²	24,100	24,100		28,100
Purchase Price		$ 14.6
Number of tenant | tenant	6	6
Remaining Lease Term at Acquisition Date (in years)		9 years 10 months 24 days
2023 Acquisitions | Contract for acquisitions of remaining portion of Income Property Exchange at Gwinnett, Buford, Georgia
Acquisitions of Income Properties
Area of real estate property acquired | ft²	4,000	4,000
Purchase Price		$ 2.3
2023 Acquisitions | Income Property, Multi-tenant, Rockwall, Texas and Income Property Exchange at Gwinnett, Buford, Georgia
Acquisitions of Income Properties
Number of real estate properties | property	1	1
2023 Acquisitions | Income Property, Land Parcel, Adjacent Forsyth Property, Atlanta Georgia
Acquisitions of Income Properties
Number of real estate properties | property	1	1
Purchase Price	$ 4.3	$ 4.3
2022 Acquisitions
Acquisitions of Income Properties
Aggregate acquisition cost including capitalized acquisition costs			$ 119.7
Weighted average amortization period of intangible assets			9 years
Purchase Price			$ 119.3
2022 Acquisitions | Multi-tenant
Acquisitions of Income Properties
Number of tenant repurchase options | tenant			2
2022 Acquisitions | Income Property, Multi-tenant, Ashford Lane, Atlanta, Georgia
Acquisitions of Income Properties
Aggregate acquisition cost including capitalized acquisition costs			$ 80.5
Property Square-Feet | ft²			162,500
Purchase Price			$ 80.2
Percentage Leased at Acquisition			98%
Remaining Lease Term at Acquisition Date (in years)			10 years 4 months 24 days
2022 Acquisitions | Income Property, Multi-tenant, Katy, Texas
Acquisitions of Income Properties
Aggregate acquisition cost including capitalized acquisition costs			$ 39.2
Land			35.4
Buildings and improvements			65.9
Intangible assets pertaining to the in-place lease value, leasing fees and above market lease value			19.7
Intangible liabilities for below market lease value			$ 1.3
Property Square-Feet | ft²			205,813
Purchase Price			$ 39.1
Percentage Leased at Acquisition			95%
Remaining Lease Term at Acquisition Date (in years)			5 years 8 months 12 days
2022 Acquisitions | Income Property, Multi-tenant, Katy, Texas | Fixed-Rate Mortgage Note
Acquisitions of Income Properties
Aggregate outstanding principal balance			$ 17.8

INCOME PROPERTIES - Disposition

INCOME PROPERTIES - Dispositions (Details) $ in Thousands		3 Months Ended	9 Months Ended
	Oct. 12, 2023 USD ($)	Sep. 30, 2023 USD ($) property	Sep. 30, 2023 USD ($) property	Sep. 30, 2022 USD ($) property	Dec. 31, 2022 USD ($)
Dispositions of Income Properties
Carrying Value		$ 46,572	$ 46,572		$ 31,908
Impairment Charges		929	1,408	$ 0
2023 Dispositions, Income Properties
Dispositions of Income Properties
Sales price		$ 22,900	22,900
Gain (Loss) on Sale			$ 3,300
Number of real estate properties | property		3	3
2023 Dispositions, Income Properties | Income Property, Outparcel Corporation, Henderson, Nevada
Dispositions of Income Properties
Sales price		$ 2,100	$ 2,100
Gain (Loss) on Sale			800
2023 Dispositions, Income Properties | Income Property, Single Tenant, Reston, Virginia
Dispositions of Income Properties
Sales price		18,500	18,500
Gain (Loss) on Sale			1,300
2023 Dispositions, Income Properties | Income Property, Multi-tenant, Crossroads Towne Center, Chandler, Arizona
Dispositions of Income Properties
Sales price		2,300	2,300
Gain (Loss) on Sale			$ 1,200
2022 Dispositions, Income Properties
Dispositions of Income Properties
Number of real estate properties | property				6
2022 Dispositions, Income Properties | Income Property, Party City Corporation, Oceanside, New York
Dispositions of Income Properties
Sales price				$ 6,900
2022 Dispositions, Income Properties, Multi-tenant | Income Property, Westland Gateway Plaza, FL
Dispositions of Income Properties
Sales price				22,200
2022 Dispositions, Income Properties, Single-tenant | Income Property, Single-tenant, Outback, Austin, Texas
Dispositions of Income Properties
Sales price				17,100
Dispositions Income Properties 2022 Chuy's Single Tenant | Income Property, The Strand - Fogo De Chao, Jacksonville, Florida
Dispositions of Income Properties
Sales price				5,800
Dispositions Income Properties 2022 Firebirds Single Tenant | Income Property, The Strand - Fogo De Chao, Jacksonville, Florida
Dispositions of Income Properties
Sales price				5,500
Dispositions Income Properties 2022 245 Riverside Multi Tenant | Income Property, The Strand - Fogo De Chao, Jacksonville, Florida
Dispositions of Income Properties
Sales price				23,600
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations [Member] | 2023 Dispositions, Income Properties | Income Property, Shopping Center, Fort Worth, Texas
Dispositions of Income Properties
Impairment Charges		$ 900
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations [Member] | 2023 Dispositions, Income Properties | Income Property, Shopping Center, Fort Worth, Texas | Subsequent Event
Dispositions of Income Properties
Sales price	$ 14,800
Gain (Loss) on Sale	$ (900)
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 2022 Dispositions, Income Properties
Dispositions of Income Properties
Sales price				81,100
Gain (Loss) on Sale				$ 4,700
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income				Gain (Loss) on Disposition of Assets

COMMERCIAL LOANS AND INVESTME_3

COMMERCIAL LOANS AND INVESTMENTS - Summary of Commercial Loan Investments (Details) $ in Thousands				9 Months Ended	12 Months Ended
	Mar. 01, 2023 USD ($)	Feb. 21, 2023 USD ($)	Apr. 07, 2022 USD ($) item	Sep. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Original Face Amount				$ 54,100	$ 40,600
Current Face Amount				47,257	32,073
Carrying Value before CECL				47,051
Carrying Value				46,572	31,908
CECL Reserve				(479)
Carrying value at the time of sale				15,854
Mortgage Note - 4311 Maple Avenue, Dallas, TX
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Original Face Amount					400
Current Face Amount					400
Carrying Value					$ 395
Coupon Rate					7.50%
Remaining commitment				0
Amount repaid by borrower		$ 400
Mortgage Note - Founders Square - Dallas, TX
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Original Face Amount				15,000
Current Face Amount	$ 15,000			15,000
Carrying Value before CECL				$ 14,879
Coupon Rate	8.75%			8.75%
Interest-only term (in years)	3 years
Origination fee (as percentage)	1%
Origination fee	$ 150
Promissory Note - Main Street - Daytona Beach, FL
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Original Face Amount				$ 400
Current Face Amount				400
Carrying Value before CECL				$ 400
Coupon Rate				7%
Construction Loan - The Exchange At Gwinnett - Buford, GA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Original Face Amount				$ 8,700	$ 8,700
Current Face Amount				1,857	220
Carrying Value before CECL				$ 1,848
Carrying Value					$ 173
Coupon Rate				7.25%	7.25%
Loan origination				$ 2,200
Remaining commitment				0
Amount repaid by borrower				600
Improvement Loan For Ashford Lane - Atlanta, Georgia
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Original Face Amount				1,500	$ 1,500
Current Face Amount					1,453
Carrying Value					$ 1,453
Coupon Rate					12%
Preferred Investment - Watters Creek - Allen, TX
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Original Face Amount				30,000	$ 30,000
Current Face Amount			$ 30,000	30,000	30,000
Carrying Value before CECL				$ 29,924
Carrying Value					$ 29,887
Coupon Rate			8.50%	8.75%	8.50%
Origination fee			$ 150
Percentage of funding towards total investment (as a percent)			23%
Mortgage Loans On Real Estate, Extension Term, Number of Option | item			2
Mortgage Loans On Real Estate, Extension Term			1 year

COMMERCIAL LOANS AND INVESTME_4

COMMERCIAL LOANS AND INVESTMENTS - Carrying Value (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current Face Amount	$ 47,257	$ 32,073
CECL Reserve	(479)
Total Commercial Loan and Investments	46,572	31,908
Commercial loan and master lease investments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current Face Amount	47,257	32,073
Unaccreted Origination Fees	(206)	(161)
CECL Reserve	(479)	(4)
Total Commercial Loan and Investments	$ 46,572	$ 31,908

RELATED PARTY MANAGEMENT SERV_3

RELATED PARTY MANAGEMENT SERVICES BUSINESS - General Information (Details) $ / shares in Units, $ in Thousands		3 Months Ended		9 Months Ended		12 Months Ended		46 Months Ended
	Nov. 26, 2019 USD ($) property shares	Sep. 30, 2023 USD ($) shares	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) $ / shares shares	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) property $ / shares shares	Sep. 30, 2023 USD ($) shares	Feb. 16, 2023 USD ($)	Jan. 07, 2022 USD ($) property	Oct. 26, 2019 USD ($)
Real Estate [Line Items]
Investment in Alpine Income Property Trust, Inc.		$ 38,162		$ 38,162		$ 42,041		$ 38,162
Outstanding Principal		549,834		549,834				549,834
Revenues		28,470	$ 23,117	79,234	$ 59,790
Alpine Income Property Trust, Inc. Common Stock and Alpine Income Property OP, LP Limited Partnership Units [Member]
Real Estate [Line Items]
Investment in Alpine Income Property Trust, Inc.		$ 38,162		$ 38,162		$ 42,041		$ 38,162
Investment ownership percentage (as a percent)		15.10%		15.10%				15.10%
Alpine Income Property OP, LP Limited Partnership Units
Real Estate [Line Items]
Number of contributed properties | property	5
Aggregate of OP units | shares	1,223,854
Initial value	$ 23,300
Share purchased | shares				1,223,854				1,200,000
Investment ownership percentage (as a percent)		7.90%		7.90%				7.90%
Common Stock [Member]
Real Estate [Line Items]
Share purchased | shares	421,053	0		129,271		155,665	8,088	1,108,814
Purchase price of shares	$ 8,000			$ 2,100		$ 2,700	$ 100
Investment in Alpine Income Property Trust, Inc.		$ 18,140		$ 18,140		$ 18,690		$ 18,140
Investment ownership percentage (as a percent)		7.20%		7.20%				7.20%
Private placement
Real Estate [Line Items]
Share purchased | shares	394,737
Purchase price of shares	$ 7,500
2022 Acquisitions | Income Property Single Tenant
Real Estate [Line Items]
Number of real estate properties | property										1
Sales price										$ 6,900
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%
Amount of threshold incentive fee				$ 0
Percentage of multiply factor				15%
Management fee revenue earned		$ 1,100	900	$ 3,300	2,800
Proceeds from Dividends Received		$ 600	$ 600	$ 1,900	$ 1,700
Alpine
Real Estate [Line Items]
Number of properties sold | property	15
Aggregate cash consideration	$ 125,900
Amount of shares authorized for purchase by the board									$ 2,100		$ 5,000
Average price per share | $ / shares				$ 16.21		$ 17.57	$ 17.65
Alpine | Mortgage Notes Payable Under CMBS Portfolio
Real Estate [Line Items]
Real estate acquired purchase price							$ 44,500
Number of real estate properties | property							6
Alpine | Mortgage Notes Payable Under CMBS Portfolio | Income Property Single Tenant
Real Estate [Line Items]
Real estate acquired purchase price							$ 11,500
Number of real estate properties | property							1
Investee | Alpine Income Property Trust, Inc. | Management Agreement PINE
Real Estate [Line Items]
Revenues						$ 0

RELATED PARTY MANAGEMENT SERV_4

RELATED PARTY MANAGEMENT SERVICES BUSINESS - Summary of Amounts Due (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Related Party [Member]
Related Party Transaction [Line Items]
Other receivables	$ 1,565	$ 1,300
Investee | Alpine Income Property Trust, Inc.
Related Party Transaction [Line Items]
Other receivables	1,565	1,300
Investee | Management Services Fee | Alpine Income Property Trust, Inc.
Related Party Transaction [Line Items]
Other receivables	1,095	993
Investee | Dividend Receivable | Alpine Income Property Trust, Inc.
Related Party Transaction [Line Items]
Other receivables	337	337
Investee | Other | Alpine Income Property Trust, Inc.
Related Party Transaction [Line Items]
Other receivables	$ 133
Other liability		$ (30)

REAL ESTATE OPERATIONS - Land a

REAL ESTATE OPERATIONS - Land and Development Costs (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
REAL ESTATE OPERATIONS
Land and Development Costs	$ 358	$ 358
Subsurface Interests	340	327
Total Land and Development Costs	$ 698	$ 685

REAL ESTATE OPERATIONS - Subsur

REAL ESTATE OPERATIONS - Subsurface Interests (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($) a	Sep. 30, 2022 USD ($) a	Sep. 30, 2023 USD ($) a	Sep. 30, 2022 USD ($) a
Royalty
Subsurface interests
Revenue from contract with customer, including assessed tax		$ 0.7	$ 1.6
Surface land over subsurface interests
Subsurface interests
Area of land (in acres) | a	352,000		352,000
Revenue recognized for cash payments for the release of surface entry rights			$ 0.5	$ 0.2
Real Estate Operations | Subsurface Revenue, Land Sales
Subsurface interests
Area of land sold (in acres) | a	465	1,500	3,481	14,582
Revenue from contract with customer, including assessed tax	$ 0.6		$ 1

REAL ESTATE OPERATIONS - Mitiga

REAL ESTATE OPERATIONS - Mitigation Credits (Details) $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($) item	Sep. 30, 2022 USD ($) item	Dec. 31, 2022 USD ($)
Mitigation Bank
Real Estate Properties [Line Items]
Mitigation credit and mitigation credit rights	$ 1.9		$ 2.6
Mitigation Credit Sales | Real Estate Operations
Real Estate Properties [Line Items]
Number of mitigation credits sold | item	9.45	26.62
Aggregate cost of sales	$ 0.3	$ 0.8
Gross Sales Price	$ 1.1	$ 2.6

INVESTMENT SECURITIES - General

INVESTMENT SECURITIES - General Information (Details) - USD ($) $ in Thousands		3 Months Ended	9 Months Ended	12 Months Ended		46 Months Ended
	Nov. 26, 2019	Sep. 30, 2023	Sep. 30, 2023	Dec. 31, 2022	Dec. 31, 2021	Sep. 30, 2023
Marketable Securities [Line Items]
Investment in Alpine Income Property Trust, Inc.		$ 38,162	$ 38,162	$ 42,041		$ 38,162
Alpine Income Property Trust, Inc. Common Stock and Alpine Income Property OP, LP Limited Partnership Units
Marketable Securities [Line Items]
Number of shares owned		2,330,000	2,330,000			2,330,000
Investment in Alpine Income Property Trust, Inc.		$ 38,162	$ 38,162	$ 42,041		$ 38,162
Investment ownership percentage (as a percent)		15.10%	15.10%			15.10%
Common Stock [Member]
Marketable Securities [Line Items]
Share purchased	421,053	0	129,271	155,665	8,088	1,108,814
Investment in Alpine Income Property Trust, Inc.		$ 18,140	$ 18,140	$ 18,690		$ 18,140
Investment ownership percentage (as a percent)		7.20%	7.20%			7.20%
Alpine Income Property OP, LP Limited Partnership Units
Marketable Securities [Line Items]
Share purchased			1,223,854			1,200,000
Investment ownership percentage (as a percent)		7.90%	7.90%			7.90%

INVESTMENT SECURITIES - Tabular

INVESTMENT SECURITIES - Tabular Disclosure (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Securities, Trading, and Equity Securities, FV-NI [Abstract]
Cost	$ 43,735	$ 41,635
Unrealized Gains in Investment Income		406
Unrealized Losses in Investment Income	(5,573)
Investment Securities	38,162	42,041
Operating Units
Debt Securities, Trading, and Equity Securities, FV-NI [Abstract]
Cost	23,253	23,253
Unrealized Gains in Investment Income		98
Unrealized Losses in Investment Income	(3,231)
Investment Securities	20,022	23,351
Alpine Income Property Trust, Inc. Common Stock and Alpine Income Property OP, LP Limited Partnership Units
Debt Securities, Trading, and Equity Securities, FV-NI [Abstract]
Cost	43,735	41,635
Unrealized Gains in Investment Income		406
Unrealized Losses in Investment Income	(5,573)
Investment Securities	38,162	42,041
Common Stock
Debt Securities, Trading, and Equity Securities, FV-NI [Abstract]
Cost	20,482	18,382
Unrealized Gains in Investment Income		308
Unrealized Losses in Investment Income	(2,342)
Investment Securities	$ 18,140	$ 18,690

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS - Carrying Value and Estimated Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
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	$ 7,015	$ 19,333
Restricted Cash	22,618	1,861
Carrying Value | Significant Other Observable Inputs (Level 2)
Carrying value and estimated fair value of financial instruments
Commercial Loans and Investments	46,572	31,908
Long-Term Debt	548,219	445,583
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	7,015	19,333
Restricted Cash	22,618	1,861
Estimated Fair Value | Significant Other Observable Inputs (Level 2)
Carrying value and estimated fair value of financial instruments
Commercial Loans and Investments	47,809	32,960
Long-Term Debt	$ 517,666	$ 426,421

FAIR VALUE OF FINANCIAL INSTR_4

FAIR VALUE OF FINANCIAL INSTRUMENTS - Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Fair value of assets
Cash Flow Hedge - Interest Rate Swap	$ 24,150	$ 16,158
Investment Securities	38,162	42,041
Recurring basis
Fair value of assets
Investment Securities	38,162	42,041
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair value of assets
Investment Securities	38,162	42,041
Recurring basis | 2026 Term Loan One | Interest Rate Swap
Fair value of assets
Cash Flow Hedge - Interest Rate Swap	5,699	6,047
Recurring basis | 2026 Term Loan One | Interest Rate Swap | Significant Other Observable Inputs (Level 2)
Fair value of assets
Cash Flow Hedge - Interest Rate Swap	5,699	6,047
Recurring basis | 2027 Term loan | Interest Rate Swap
Fair value of assets
Cash Flow Hedge - Interest Rate Swap	10,576	10,111
Recurring basis | 2027 Term loan | Interest Rate Swap | Significant Other Observable Inputs (Level 2)
Fair value of assets
Cash Flow Hedge - Interest Rate Swap	10,576	10,111
Recurring basis | 2028 Term Loan | Interest Rate Swap
Fair value of assets
Cash Flow Hedge - Interest Rate Swap	2,715	(397)
Recurring basis | 2028 Term Loan | Interest Rate Swap | Significant Other Observable Inputs (Level 2)
Fair value of assets
Cash Flow Hedge - Interest Rate Swap	2,715	$ (397)
Recurring basis | Credit Facility Interest Rate Swap [Member] | Interest Rate Swap
Fair value of assets
Cash Flow Hedge - Interest Rate Swap	5,160
Recurring basis | Credit Facility Interest Rate Swap [Member] | Interest Rate Swap | Significant Other Observable Inputs (Level 2)
Fair value of assets
Cash Flow Hedge - Interest Rate Swap	$ 5,160

INTANGIBLE ASSETS AND LIABILI_3

INTANGIBLE ASSETS AND LIABILITIES - Components (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	$ 152,829	$ 147,874
Accumulated Amortization	(46,978)	(31,890)
Total	105,851	115,984
Intangible Lease Liabilities (Included in Accrued and Other Liabilities):
Value of Below Market In-Place Leases	(15,071)	(12,307)
Sub-total Intangible Lease Liabilities	(15,071)	(12,307)
Accumulated Amortization	3,868	2,422
Total	(11,203)	(9,885)
Total Intangible Assets and Liabilities-Net	94,648	106,099
Value of In-Place Leases
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	94,496	90,335
Value of Above Market In-Place Leases
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	31,756	32,008
Value of Intangible Leasing Costs
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	$ 26,577	$ 25,531

INTANGIBLE ASSETS AND LIABILI_4

INTANGIBLE ASSETS AND LIABILITIES - Amortization (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
INTANGIBLE ASSETS AND LIABILITIES
Amortization Expense	$ 4,837	$ 3,076	$ 13,724	$ 8,605
Accretion to Income Properties Revenue	487	507	1,793	1,485
Net Amortization of Intangible Assets and Liabilities	$ 5,324	$ 3,583	$ 15,517	$ 10,090

INTANGIBLE ASSETS AND LIABILI_5

INTANGIBLE ASSETS AND LIABILITIES - Summary of Estimated Amortization and Accretion (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Future Amortization Amount
Total	$ 105,851	$ 115,984
Future Accretion to Income Property Revenue
Total	(11,203)	$ (9,885)
Net Future Amortization of Intangible Assets and Liabilities
Remainder of 2023	5,288
2024	21,151
2025	18,780
2026	17,193
2027	13,407
2028	8,704
2029 and Thereafter	10,125
Total	94,648
Future Amortization
Future Amortization Amount
Remainder of 2023	4,779
2024	19,115
2025	16,796
2026	15,053
2027	12,153
2028	7,473
2029 and Thereafter	8,668
Total	84,037
Future Accretion to Income Property Revenue
Future Accretion to Income Property Revenue
Remainder of 2023	509
2024	2,036
2025	1,984
2026	2,140
2027	1,254
2028	1,231
2029 and Thereafter	1,457
Total	$ 10,611

INTANGIBLE ASSETS AND LIABILI_6

INTANGIBLE ASSETS AND LIABILITIES - Weighted Average Amortization Period (Details)	9 Months Ended
	Sep. 30, 2023
INTANGIBLE ASSETS AND LIABILITIES
Weighted average amortization period of intangible assets	6 years
Weighted average amortization period of intangible liabilities	7 years

PROVISION FOR IMPAIRMENT (Detai

PROVISION FOR IMPAIRMENT (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Impairment of Long-Lived Assets
Impairment Charges	$ 929		$ 1,408	$ 0
Income Properties
Impairment of Long-Lived Assets
Impairment Charges		$ 0		0
Interest Income From Commercial Loans and Investments
Impairment of Long-Lived Assets
Impairment Charges			500	$ 0
Income Property, Shopping Center, Fort Worth, Texas [Member] | Disposal group, Not discontinued operations | 2023 Dispositions, Income Properties
Impairment of Long-Lived Assets
Impairment Charges	900
Income Property, Shopping Center, Fort Worth, Texas [Member] | Income Properties | Disposal group, Not discontinued operations | 2023 Dispositions, Income Properties
Impairment of Long-Lived Assets
Impairment Charges	$ 900		$ 900

OTHER ASSETS - Tabular Disclosu

OTHER ASSETS - Tabular Disclosure (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Other Assets
Income Property Tenant Receivables, Net of Allowance for Doubtful Accounts	$ 3,616	$ 2,206
Income Property Straight-line Rent Adjustment and COVID-19 Deferral Balance	6,294	6,214
Operating Leases - Right-of-Use Asset	451	63
Golf Rounds Surcharge	126	216
Cash Flow Hedge - Interest Rate Swap	24,150	16,158
Infrastructure Reimbursement Receivables	845	824
Prepaid Expenses, Deposits, and Other	8,525	5,421
Financing Costs, Net of Accumulated Amortization	1,751	2,051
Total Other Assets	$ 47,323	$ 34,453
Operating Lease, Right-of-Use Asset, Statement of Financial Position	Total Other Assets	Total Other Assets
Allowance for doubtful accounts	$ 2,300	$ 1,800
Related Party
Other Assets
Other receivables	$ 1,565	$ 1,300

OTHER ASSETS - Infrastructure R

OTHER ASSETS - Infrastructure Reimbursement Receivables (Details) $ in Thousands	Sep. 30, 2023 USD ($) installment	Dec. 31, 2022 USD ($)
Real Estate [Line Items]
Infrastructure Reimbursement Receivables	$ 845	$ 824
Tanger
Real Estate [Line Items]
Infrastructure Reimbursement Receivables	$ 700
Number of installments to repay infrastructure reimbursement receivable | installment	4
Infrastructure reimbursement receivables, installment payment amounts	$ 200
Infrastructure reimbursement receivable, discount	60
Sam's Club
Real Estate [Line Items]
Infrastructure Reimbursement Receivables	$ 200
Number of installments to repay infrastructure reimbursement receivable | installment	2
Infrastructure reimbursement receivables, installment payment amounts	$ 100
Infrastructure reimbursement receivable, discount	$ 10

EQUITY - General Information (D

EQUITY - General Information (Details) $ / shares in Units, $ in Millions							3 Months Ended	6 Months Ended	9 Months Ended		12 Months Ended
	Dec. 05, 2022 USD ($) shares	Oct. 28, 2022 USD ($)	Apr. 27, 2022	Jul. 06, 2021 USD ($)	Jun. 28, 2021 $ / shares shares	Apr. 30, 2021 USD ($)	Sep. 30, 2022	Jun. 30, 2022 USD ($) $ / shares shares	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022 USD ($) $ / shares shares	Oct. 11, 2022 USD ($)	Jun. 27, 2022 item	Apr. 01, 2021 USD ($)
Class of Stock [Line Items]
Stock split ratio			3				3			3
Number of additional shares received | item													2
Aggregate offering price												$ 500		$ 350
Dividend rate (as a percent)									6.375%		6.375%
At Market Offering Program
Class of Stock [Line Items]
Purchase price of shares						$ 150
Units issued | shares								395,574			961,261
Gross proceeds from issuance of common stock								$ 8.7			$ 21.1
Total net proceeds								$ 8.6			$ 20.8
Shares issued during period, weighted-average price per share (in dollars per share) | $ / shares								$ 21.95			$ 21.99
Transaction fees								$ 0.1			$ 0.3
At Market Offering Program 2022
Class of Stock [Line Items]
Purchase price of shares		$ 150
Units issued | shares											604,765
Gross proceeds from issuance of common stock											$ 12.3
Total net proceeds											$ 12.1
Shares issued during period, weighted-average price per share (in dollars per share) | $ / shares											$ 20.29
Transaction fees											$ 0.2
Follow on Public Offering
Class of Stock [Line Items]
Share price (in dollars per share) | $ / shares					$ 25
Units issued | shares	3,450,000				3,000,000
Dividend rate (as a percent)					6.375%
Total net proceeds	$ 62.4			$ 72.4
Preferred stock, redemption price per share | $ / shares					$ 25
Over-Allotment option
Class of Stock [Line Items]
Units issued | shares	450,000
2022 ATM Program and 2021 ATM Program
Class of Stock [Line Items]
Units issued | shares											1,566,026
Gross proceeds from issuance of common stock											$ 33.4
Total net proceeds											$ 32.9
Shares issued during period, weighted-average price per share (in dollars per share) | $ / shares											$ 21.33
Transaction fees											$ 0.5

EQUITY - Dividends (Details)

EQUITY - Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
EQUITY
Dividends, Preferred Stock	$ 1,195	$ 1,195	$ 3,585	$ 3,586
Cash dividends paid and declared (in dollars per share)	$ 0.40	$ 0.40	$ 1.20	$ 1.20
Dividends, Common Stock	$ 8,544	$ 7,095	$ 25,744	$ 20,292
Cash dividends paid and declared (in dollars per share)	$ 0.38	$ 0.38	$ 1.14	$ 1.11

EQUITY - 2025 Notes (Details)

EQUITY - 2025 Notes (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Additional paid-in capital	$ 168,875	$ 172,471
Retained Earnings	$ 284,789	$ 316,279
2025 Notes | ASU 2020-06 | Restatement
Additional paid-in capital			$ 7,000
Retained Earnings			4,000
Non-cash portion of convertible notes			$ 3,000

COMMON STOCK AND EARNINGS PER_3

COMMON STOCK AND EARNINGS PER SHARE - Summary of Common Stock and Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
COMMON STOCK AND EARNINGS PER SHARE
Net Income (Loss) Attributable to common stockholders - Basic	$ 1,491	$ 3,622	$ (5,092)	$ 2,651
Add back: Effect of Dilutive Interest related to 2025 Notes		539
Net Income (Loss) Attributable to Common Stockholders - Diluted	$ 1,491	$ 4,161	$ (5,092)	$ 2,651
Weighted Average Shares Outstanding, Basic (in shares)	22,484,561	18,386,435	22,556,642	18,044,299
Common Shares Applicable to Dilutive Effect of 2025 Notes		3,119,025
Weighted Average Shares Outstanding, Diluted (in shares)	22,484,561	21,505,460	22,556,642	18,044,299
Per Share Information:
Basic Net Income (Loss) Attributable to Common Stockholders (in dollars per share)	$ 0.07	$ 0.20	$ (0.23)	$ 0.15
Diluted Net Income ( Loss) Attributable to Common Stockholders (in dollars per share)	$ 0.07	$ 0.19	$ (0.23)	$ 0.15

COMMON STOCK AND EARNINGS PER_4

COMMON STOCK AND EARNINGS PER SHARE - Anti-dilutive Securities and Convertible Notes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Mar. 15, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common Shares Applicable to Dilutive Effect of 2025 Notes		3,119,025
Dilutive securities	0	0
Anti-dilutive securities (in shares)			36,307	68,269
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%	3.875%
2025 Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive convertible securities excluded	$ 0.5	$ 0.5	$ 1.6	$ 1.6
2025 Notes | ASU 2020-06
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common Shares Applicable to Dilutive Effect of 2025 Notes	3,400,000	3,100,000	3,300,000	3,100,000

SHARE REPURCHASES (Details)

SHARE REPURCHASES (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				9 Months Ended		12 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Apr. 25, 2023	Feb. 16, 2023	Feb. 29, 2020
Stock Repurchases
Stock repurchased	$ 87			$ 1,645	$ 5,172	$ 2,792
Common Stock Repurchase Program, February 2020
Stock Repurchases
Stock repurchase program authorized amount												$ 10,000
Shares repurchased (in shares)							145,724	121,659	265,695
Stock repurchased							$ 2,800	$ 2,200	$ 4,100
Average share price (in dollars per share)							$ 19.15	$ 18.16	$ 15.43
Common Stock Repurchase Program, February 2023
Stock Repurchases
Stock repurchase program authorized amount											$ 5,000
Shares repurchased (in shares)			303,354
Stock repurchased			$ 5,000
Average share price (in dollars per share)			$ 16.48
Remaining authorized repurchase amount			$ 0
Common Stock Repurchase Program, April 2023
Stock Repurchases
Stock repurchase program authorized amount										$ 5,000
Shares repurchased (in shares)	0	3,931
Average share price (in dollars per share)		$ 15.73
Common Stock Repurchase Program, April 2023 | Maximum
Stock Repurchases
Stock repurchased		$ 100
Series A Preferred Stock Repurchase Program, February 2023
Stock Repurchases
Stock repurchase program authorized amount											$ 3,000
Shares repurchased (in shares)	6,048				6,794
Stock repurchased	$ 100				$ 100
Average share price (in dollars per share)	$ 18.52				$ 18.55

LONG-TERM DEBT - Outstanding In

LONG-TERM DEBT - Outstanding Indebtedness (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022	Nov. 05, 2021	Mar. 10, 2021	Mar. 15, 2020
Long-term debt
Face Value of Debt	$ 549,834
Credit Facility
Long-term debt
Face Value of Debt	$ 216,000
Credit Facility | SOFR
Long-term debt
Debt instrument, variable rate, adjustment (as a percent)	0.10%
Credit Facility | SOFR | Minimum
Long-term debt
Margin added to variable rate basis (as a percent)	1.25%
Credit Facility | SOFR | Maximum
Long-term debt
Margin added to variable rate basis (as a percent)	2.20%
2026 Term Loan
Long-term debt
Face Value of Debt	$ 65,000			$ 50,000
2026 Term Loan | SOFR
Long-term debt
Debt instrument, variable rate, adjustment (as a percent)	0.10%
2026 Term Loan | SOFR | Minimum
Long-term debt
Margin added to variable rate basis (as a percent)	1.25%
2026 Term Loan | SOFR | Maximum
Long-term debt
Margin added to variable rate basis (as a percent)	2.20%
2027 Term loan
Long-term debt
Face Value of Debt	$ 100,000		$ 100,000
2027 Term loan | SOFR
Long-term debt
Debt instrument, variable rate, adjustment (as a percent)	0.10%
2027 Term loan | SOFR | Minimum
Long-term debt
Margin added to variable rate basis (as a percent)	1.25%
2027 Term loan | SOFR | Maximum
Long-term debt
Margin added to variable rate basis (as a percent)	2.20%
2028 Term Loan
Long-term debt
Face Value of Debt	$ 100,000
2028 Term Loan | SOFR
Long-term debt
Debt instrument, variable rate, adjustment (as a percent)	0.10%
2028 Term Loan | SOFR | Minimum
Long-term debt
Margin added to variable rate basis (as a percent)	1.20%
2028 Term Loan | SOFR | Maximum
Long-term debt
Margin added to variable rate basis (as a percent)	2.15%
3.875% Convertible Senior Notes due 2025
Long-term debt
Face Value of Debt	$ 51,034
Interest rate (as a percent)	3.875%	3.875%			3.875%
Mortgage Note Payable
Long-term debt
Face Value of Debt	$ 17,800
Interest rate (as a percent)	4.06%

LONG-TERM DEBT - Interest Rate

LONG-TERM DEBT - Interest Rate Swaps (Details) - Designated as a hedge - Interest Rate Swap - USD ($) $ in Thousands	Sep. 30, 2023	Nov. 05, 2021
Credit Facility
Derivative [Line Items]
Notional amount	$ 100,000
Credit Facility | Weighted Average
Derivative [Line Items]
Derivative fixed interest rate (as a percent)	3.28%
Credit Facility | SOFR
Derivative [Line Items]
Derivative basis spread rate (as a percent)	0.10%
2026 Team Loans
Derivative [Line Items]
Notional amount	$ 65,000
2026 Team Loans | Weighted Average
Derivative [Line Items]
Derivative fixed interest rate (as a percent)	0.26%
2026 Team Loans | SOFR
Derivative [Line Items]
Derivative basis spread rate (as a percent)	0.10%
2027 Term loan
Derivative [Line Items]
Notional amount	$ 100,000
Derivative fixed interest rate (as a percent)	0.64%	0.64%
Derivative basis spread rate (as a percent)		0.10%
2027 Term loan | SOFR
Derivative [Line Items]
Derivative basis spread rate (as a percent)	0.10%
2028 Team Loans
Derivative [Line Items]
Notional amount	$ 100,000
2028 Team Loans | Weighted Average
Derivative [Line Items]
Derivative fixed interest rate (as a percent)	3.78%
2028 Team Loans | SOFR
Derivative [Line Items]
Derivative basis spread rate (as a percent)	0.10%

LONG-TERM DEBT - Credit Facilit

LONG-TERM DEBT - Credit Facility (Details) - USD ($) $ in Thousands	6 Months Ended	9 Months Ended
	Jun. 30, 2021	Sep. 30, 2023	Sep. 21, 2022	Sep. 20, 2022	Nov. 05, 2021	Mar. 10, 2021	Mar. 09, 2021	Sep. 07, 2017
Long-term debt
Outstanding Principal		$ 549,834
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%
Available borrowing capacity		$ 84,000
Amount outstanding		216,000
Borrowing capacity		300,000
Outstanding Principal		$ 216,000
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 | SOFR
Long-term debt
Debt instrument, variable rate, adjustment (as a percent)		0.10%
Credit Facility | SOFR | Minimum
Long-term debt
Margin added to variable rate basis (as a percent)		1.25%
Credit Facility | SOFR | Maximum
Long-term debt
Margin added to variable rate basis (as a percent)		2.20%
New Term Loan
Long-term debt
Outstanding Principal				$ 100,000
Debt instrument face amount after accordion option				750,000
Eighth Amendment to Revolving Credit Facility
Long-term debt
Maximum borrowing capacity			$ 300,000	210,000
Debt instrument face amount after accordion option				$ 500,000
Credit Revolver Amendment 2021
Long-term debt
Maximum borrowing capacity						$ 210,000	$ 200,000
Aggregate borrowing capacity, additional commitments						300,000
2026 Term Loan
Long-term debt
Proceeds from Lines of Credit	$ 15,000
Outstanding Principal		$ 65,000				50,000
Aggregate borrowing capacity, additional commitments	$ 65,000					$ 150,000
2026 Term Loan | SOFR
Long-term debt
Debt instrument, variable rate, adjustment (as a percent)		0.10%
2026 Term Loan | SOFR | Minimum
Long-term debt
Margin added to variable rate basis (as a percent)		1.25%
2026 Term Loan | SOFR | Maximum
Long-term debt
Margin added to variable rate basis (as a percent)		2.20%
2027 Term loan
Long-term debt
Maximum borrowing capacity					$ 400,000
Outstanding Principal		$ 100,000			$ 100,000
2027 Term loan | SOFR
Long-term debt
Debt instrument, variable rate, adjustment (as a percent)		0.10%
2027 Term loan | SOFR | Minimum
Long-term debt
Margin added to variable rate basis (as a percent)		1.25%
2027 Term loan | SOFR | Maximum
Long-term debt
Margin added to variable rate basis (as a percent)		2.20%

LONG-TERM DEBT - Mortgage Notes

LONG-TERM DEBT - Mortgage Notes Payable (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Mar. 03, 2022
Debt Instrument [Line Items]
Outstanding Principal	$ 549,834
Fixed-Rate Mortgage Note
Debt Instrument [Line Items]
Outstanding Principal		$ 17,800
Interest rate (as a percent)		4.06%

LONG-TERM DEBT - Convertible No

LONG-TERM DEBT - Convertible Notes (Details) $ / shares in Units, $ in Thousands			9 Months Ended	12 Months Ended
	Apr. 15, 2020 USD ($) $ / shares	Jan. 29, 2020 $ / shares	Sep. 30, 2023 USD ($) $ / shares	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Feb. 16, 2023 USD ($)	Dec. 31, 2022 USD ($)	Mar. 15, 2020 USD ($)
Long-term debt
Outstanding Principal			$ 549,834
Unamortized debt discount of notes			245
Outstanding amount			548,219				$ 445,583
3.875% Convertible Senior Notes due 2025
Long-term debt
Outstanding Principal			$ 51,034
Interest rate (as a percent)			3.875%				3.875%	3.875%
Outstanding amount			$ 50,789				$ 50,670	$ 75,000
2025 Notes maturing on April 15, 2025
Long-term debt
Debt instrument conversion ratio	12.7910		66.0051
Threshold principal amount for adjusted conversion price	$ 1		$ 1
Conversion price per share (in dollars per share) | $ / shares	$ 78.18		$ 15.15
Repurchase of notes				$ 11,400	$ 12,500
Unamortized debt discount of notes				1,600	2,600
Gain (Loss) on Extinguishment of Debt				$ (2,900)	$ 1,100
Premium initial conversion price		20%
Closing share price (in dollars per share) | $ / shares		$ 65.15
Dividends Declared and Paid - Common Stock (in dollars per share) | $ / shares	$ 0.13
Sinking fund provided			$ 0
Outstanding amount			51,000
2025 Notes Repurchase Program | Maximum
Long-term debt
Repurchase of notes						$ 4,740
Convertible Debt | 2025 Notes maturing on April 15, 2025
Long-term debt
Threshold principal amount for adjusted conversion price			1
Unamortized debt discount of notes			$ 200

LONG-TERM DEBT - Components (De

LONG-TERM DEBT - Components (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Mar. 15, 2020
Long-term debt
Long-term debt	$ 548,219	$ 445,583
Financing Costs, net of Accumulated Amortization	(1,370)	(1,637)
Credit Facility
Long-term debt
Long-term debt	216,000	113,750
2026 Term Loan
Long-term debt
Long-term debt	65,000	65,000
2027 Term loan
Long-term debt
Long-term debt	100,000	100,000
2028 Term Loan
Long-term debt
Long-term debt	100,000	100,000
3.875% Convertible Senior Notes due 2025
Long-term debt
Long-term debt	$ 50,789	$ 50,670	$ 75,000
Interest rate (as a percent)	3.875%	3.875%	3.875%
Mortgage Note Payable
Long-term debt
Long-term debt	$ 17,800	$ 17,800
Interest rate (as a percent)	4.06%

LONG-TERM DEBT - Payments Appli

LONG-TERM DEBT - Payments Applicable to Reduction of Principal (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Payments applicable to reduction of principal amounts
2025	$ 51,034
2026	82,800
2027	316,000
2028	100,000
Total Long-Term Debt - Face Value	$ 549,834

LONG-TERM DEBT - Carrying Value

LONG-TERM DEBT - Carrying Value (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
LONG-TERM DEBT
Current Face Amount	$ 549,834
Unamortized Discount on Convertible Debt	(245)
Financing Costs, net of Accumulated Amortization	(1,370)	$ (1,637)
Total Long-Term Debt	$ 548,219	$ 445,583

LONG-TERM DEBT - Financing Cost

LONG-TERM DEBT - Financing Costs (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
LONG-TERM DEBT
Deferred financing costs, net	$ 1,370	$ 1,637
Financing Costs, Net of Accumulated Amortization	$ 1,751	$ 2,051

LONG-TERM DEBT - Interest Expen

LONG-TERM DEBT - Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
LONG-TERM DEBT
Interest expense	$ 6,036	$ 2,819	$ 15,318	$ 6,552
Amortization of Deferred Financing Costs	242	178	724	515
Amortization of Discount on Convertible Notes	40	40	119	149
Total Interest Expense	6,318	3,037	16,161	7,216
Total Interest Paid	$ 5,589	$ 2,107	15,178	5,785
Interest capitalized			$ 200	$ 100

INTEREST RATE SWAPS (Details)

INTEREST RATE SWAPS (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Jan. 31, 2023	Dec. 31, 2022	Nov. 05, 2021	Aug. 31, 2021	Mar. 10, 2021
Derivative [Line Items]
Derivative Asset, Statement of Financial Position	Other Assets-See Note 11		Other Assets-See Note 11			Other Assets-See Note 11
Derivative Liability, Statement of Financial Position	Accrued and Other Liabilities-See Note 17		Accrued and Other Liabilities-See Note 17			Accrued and Other Liabilities-See Note 17
Interest Rate Swap
Derivative [Line Items]
Effectiveness of interest rate cash flow hedge (as a percent)	100%	100%	100%	100%
Designated as a hedge | Interest Rate Swap | 2026 Term Loan
Derivative [Line Items]
Derivative fixed interest rate (as a percent)									0.12%
Derivative basis spread rate (as a percent)									0.10%
Notional amount	$ 50,000		$ 50,000
Fair value of interest rate swap agreement to hedge cash flows, assets	$ 1,308		$ 1,308
Designated as a hedge | Interest Rate Swap | 2026 Term Loan One
Derivative [Line Items]
Derivative fixed interest rate (as a percent)	1.44%		1.44%
Derivative basis spread rate (as a percent)	0.10%		0.10%
Notional amount	$ 50,000		$ 50,000
Fair value of interest rate swap agreement to hedge cash flows, assets	2,808		2,808
Designated as a hedge | Interest Rate Swap | 2026 Term Loan Two
Derivative [Line Items]
Derivative fixed interest rate (as a percent)								0.70%
Derivative basis spread rate (as a percent)								0.10%
Notional amount	15,000		15,000
Fair value of interest rate swap agreement to hedge cash flows, assets	$ 1,390		$ 1,390
Designated as a hedge | Interest Rate Swap | 2026 Term Three
Derivative [Line Items]
Derivative fixed interest rate (as a percent)	3.80%		3.80%
Derivative basis spread rate (as a percent)	0.10%		0.10%
Notional amount	$ 40,000		$ 40,000
Fair value of interest rate swap agreement to hedge cash flows, assets	$ 193		$ 193
Designated as a hedge | Interest Rate Swap | 2027 Term loan
Derivative [Line Items]
Derivative fixed interest rate (as a percent)	0.64%		0.64%				0.64%
Derivative basis spread rate (as a percent)							0.10%
Notional amount	$ 100,000		$ 100,000
Fair value of interest rate swap agreement to hedge cash flows, assets	$ 2,360		$ 2,360
Designated as a hedge | Interest Rate Swap | 2027 Term Loan One
Derivative [Line Items]
Derivative fixed interest rate (as a percent)	1.35%		1.35%
Derivative basis spread rate (as a percent)	0.10%		0.10%
Notional amount	$ 100,000		$ 100,000
Fair value of interest rate swap agreement to hedge cash flows, assets	$ 7,714		$ 7,714
Designated as a hedge | Interest Rate Swap | 2027 Term Loan Two
Derivative [Line Items]
Derivative fixed interest rate (as a percent)	3.75%		3.75%
Derivative basis spread rate (as a percent)	0.10%		0.10%
Notional amount	$ 60,000		$ 60,000
Fair value of interest rate swap agreement to hedge cash flows, assets	502		502
Designated as a hedge | Interest Rate Swap | 2028 Term Loan
Derivative [Line Items]
Derivative fixed interest rate (as a percent)		3.78%		3.78%
Derivative basis spread rate (as a percent)		0.10%		0.10%
Notional amount	50,000		50,000
Fair value of interest rate swap agreement to hedge cash flows, assets	1,131		1,131
Designated as a hedge | Interest Rate Swap | 2028 Term Loan One
Derivative [Line Items]
Derivative fixed interest rate (as a percent)		3.78%		3.78%
Derivative basis spread rate (as a percent)		0.10%		0.10%
Notional amount	50,000		50,000
Fair value of interest rate swap agreement to hedge cash flows, assets	$ 1,117		$ 1,117
Designated as a hedge | Interest Rate Swap | 2028 Term Loan Two
Derivative [Line Items]
Derivative fixed interest rate (as a percent)	3.81%		3.81%
Derivative basis spread rate (as a percent)	0.10%		0.10%
Notional amount	$ 60,000		$ 60,000
Fair value of interest rate swap agreement to hedge cash flows, assets	467		467
Designated as a hedge | Interest Rate Swap | Credit Facility
Derivative [Line Items]
Notional amount	100,000		100,000
Designated as a hedge | Interest Rate Swap | Credit Facility One
Derivative [Line Items]
Derivative fixed interest rate (as a percent)					3.27%
Derivative basis spread rate (as a percent)					0.10%
Notional amount	50,000		50,000
Fair value of interest rate swap agreement to hedge cash flows, assets	2,597		2,597
Designated as a hedge | Interest Rate Swap | Credit Facility Two
Derivative [Line Items]
Derivative fixed interest rate (as a percent)					3.26%
Derivative basis spread rate (as a percent)					0.10%
Notional amount	33,000		33,000
Fair value of interest rate swap agreement to hedge cash flows, assets	1,750		1,750
Designated as a hedge | Interest Rate Swap | Credit Facility Three
Derivative [Line Items]
Derivative fixed interest rate (as a percent)					3.36%
Derivative basis spread rate (as a percent)					0.10%
Notional amount	17,000		17,000
Fair value of interest rate swap agreement to hedge cash flows, assets	$ 813		$ 813

ACCRUED AND OTHER LIABILITIES -

ACCRUED AND OTHER LIABILITIES - Components (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
ACCRUED AND OTHER LIABILITIES
Accrued Property Taxes	$ 6,211	$ 716
Reserve for Tenant Improvements	2,331	6,186
Tenant Security Deposits	2,885	2,719
Accrued Construction Costs		903
Accrued Interest	1,183	872
Environmental Reserve	61	67
Cash Flow Hedge - Interest Rate Swaps		(397)
Operating Leases - Liability	448	64
Other	5,541	6,104
Total Accrued and Other Liabilities	$ 18,660	$ 18,028
Operating Lease, Liability, Statement of Financial Position	Total Accrued and Other Liabilities	Total Accrued and Other Liabilities

ACCRUED AND OTHER LIABILITIES_2

ACCRUED AND OTHER LIABILITIES - Reserve for Tenant Improvements (Details) $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($)
ACCRUED AND OTHER LIABILITIES
Tenant Improvement Allowances and Leasing Commissions	$ 8
Payment of tenant improvement allowances and leasing commissions	3.4
Extinguishment of contingent obligation to fund tenant improvements	2.3
Remaining reserve for tenant improvements	$ 2.3

DEFERRED REVENUE (Details)

DEFERRED REVENUE (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
DEFERRED REVENUE
Prepaid Rent	$ 4,882	$ 3,951
Interest Reserve from Commercial Loans and Investments	790	1,262
Tenant Contributions	579	522
Total Deferred Revenue	$ 6,251	$ 5,735

STOCK-BASED COMPENSATION - All

STOCK-BASED COMPENSATION - All Equity and Liability Classified Award Activity (Details)	9 Months Ended
	Sep. 30, 2023 shares
Shares
Nonvested (in shares)	442,326
Granted (in shares)	185,207
Vested / Exercised (in shares)	(146,370)
Forfeited (in shares)	(27,364)
Nonvested (in shares)	453,799
January 28, 2017 | Performance Shares
Shares
Nonvested (in shares)	230,247
Granted (in shares)	88,754
Vested / Exercised (in shares)	(72,141)
Forfeited (in shares)	(9,485)
Nonvested (in shares)	237,375
Three-Year Vesting | Restricted Shares [Member]
Shares
Nonvested (in shares)	212,079
Granted (in shares)	96,453
Vested / Exercised (in shares)	(74,229)
Forfeited (in shares)	(17,879)
Nonvested (in shares)	216,424

STOCK-BASED COMPENSATION - Reco

STOCK-BASED COMPENSATION - Recognized in Financial Statements (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
STOCK-BASED COMPENSATION
Total Cost of Share-Based Plans Charged Against Income	$ 868	$ 812	$ 2,802	$ 2,423

STOCK-BASED COMPENSATION - Perf

STOCK-BASED COMPENSATION - Performance Share Awards - Peer Group Market Condition Vesting (Details) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($) $ / shares shares
Shares
Nonvested (in shares)	442,326
Granted (in shares)	185,207
Vested (in shares)	(146,370)
Forfeited (in shares)	(27,364)
Nonvested (in shares)	453,799
Performance Shares | January 28, 2017
STOCK-BASED COMPENSATION
Performance period	3 years
Shares
Nonvested (in shares)	230,247
Granted (in shares)	88,754
Vested (in shares)	(72,141)
Forfeited (in shares)	(9,485)
Nonvested (in shares)	237,375
Weighted Average Fair Value
Nonvested (in dollars per share) | $ / shares	$ 16.85
Granted (in dollars per share) | $ / shares	18.10
Vested (in dollars per share) | $ / shares	14.17
Forfeited (in dollars per share) | $ / shares	18.10
Nonvested (in dollars per share) | $ / shares	$ 18.08
Compensation cost
Unrecognized compensation cost | $	$ 1.8
Weighted average period of recognition of unrecognized compensation cost	1 year 9 months 18 days
Performance Shares | Minimum | January 28, 2017
STOCK-BASED COMPENSATION
Vesting percentage	0%
Performance Shares | Maximum | January 28, 2017
STOCK-BASED COMPENSATION
Vesting percentage	150%

STOCK-BASED COMPENSATION - Thre

STOCK-BASED COMPENSATION - Three Year Vest Restricted Shares (Details) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($) $ / shares shares
Shares
Nonvested (in shares)	442,326
Granted (in shares)	185,207
Vested (in shares)	(146,370)
Forfeited (in shares)	(27,364)
Nonvested (in shares)	453,799
Three-Year Vesting | Restricted Shares [Member]
Shares
Nonvested (in shares)	212,079
Granted (in shares)	96,453
Vested (in shares)	(74,229)
Forfeited (in shares)	(17,879)
Nonvested (in shares)	216,424
Weighted Average Fair Value
Nonvested (in dollars per share) | $ / shares	$ 17.97
Granted (in dollars per share) | $ / shares	19.12
Vested (in dollars per share) | $ / shares	16
Forfeited (in dollars per share) | $ / shares	19.12
Nonvested (in dollars per share) | $ / shares	$ 19.07
Compensation cost
Unrecognized compensation cost | $	$ 2.7
Weighted average period of recognition of unrecognized compensation cost	1 year 10 months 24 days

STOCK-BASED COMPENSATION - Non-

STOCK-BASED COMPENSATION - Non-Employee Director Stock Compensation (Details) - Share-based Payment Arrangement, Nonemployee - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
STOCK-BASED COMPENSATION
Annual award	$ 35	$ 35
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)	21,247	21,400
Annual award received	$ 200	$ 200

INCOME TAXES (Details)

INCOME TAXES (Details) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2023 subsidiary	Dec. 31, 2020 USD ($)
INCOME TAXES
Number of taxable REIT subsidiaries | subsidiary	2
Deferred tax benefit | $		$ 82.5

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Contractual Commitments (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
COMMITMENTS AND CONTINGENCIES
Total Commitment	$ 13,150
Less Amount Funded	(2,215)
Remaining Commitment	$ 10,935

BUSINESS SEGMENT DATA - Descrip

BUSINESS SEGMENT DATA - Description (Details)	9 Months Ended		12 Months Ended
	Sep. 30, 2023 loan segment	Sep. 30, 2022	Dec. 31, 2022
BUSINESS SEGMENT DATA
Number of operating segment | segment	4
Number of commercial loan investment	3
Commercial Real Estate Portfolio Segment
BUSINESS SEGMENT DATA
Number of commercial loan investment	3
Number of preferred equity investments	1
Product concentration | Identifiable Assets [Member] | Income Properties
BUSINESS SEGMENT DATA
Percentage of total	89%		91%
Product concentration | Base Rent Revenues | Income Properties
BUSINESS SEGMENT DATA
Percentage of total	88.80%	82.30%

BUSINESS SEGMENT DATA - Summary

BUSINESS SEGMENT DATA - Summary of Operations in Different Segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
BUSINESS SEGMENT DATA
Total Revenues	$ 28,470	$ 23,117	$ 79,234	$ 59,790
Total Operating Income	7,685	10,756	16,325	19,262
Provision for Impairment	(929)		(1,408)	0
Gain on Disposition of Assets	2,464	4,973	3,565	4,728
Depreciation and Amortization	11,669	7,305	32,814	20,401
Capital Expenditures	11,064	86,654	118,065	180,999
Operating Segments
BUSINESS SEGMENT DATA
Provision for Impairment	(929)		(1,408)
Gain on Disposition of Assets	2,464	4,973	3,565	4,728
General and Corporate Expense
BUSINESS SEGMENT DATA
Total Operating Income	(15,108)	(10,558)	(43,307)	(29,373)
Depreciation and Amortization	18	22	45	42
Capital Expenditures	4	160	255	195
Income Properties
BUSINESS SEGMENT DATA
Total Revenues	25,183	17,694	70,373	49,229
Provision for Impairment		0		0
Income Properties | Operating Segments
BUSINESS SEGMENT DATA
Total Operating Income	18,123	12,579	49,490	35,286
Depreciation and Amortization	11,651	7,283	32,769	20,359
Capital Expenditures	11,010	83,240	100,333	130,674
Management Fee Income
BUSINESS SEGMENT DATA
Total Revenues	1,094	951	3,294	2,835
Management Fee Income | Operating Segments
BUSINESS SEGMENT DATA
Total Operating Income	1,094	951	3,294	2,835
Capital Expenditures			0	0
Interest Income From Commercial Loans and Investments
BUSINESS SEGMENT DATA
Total Revenues	1,114	1,323	2,965	3,331
Provision for Impairment			(500)	0
Interest Income From Commercial Loans and Investments | Operating Segments
BUSINESS SEGMENT DATA
Total Operating Income	1,114	1,323	2,965	3,331
Capital Expenditures	50	3,254	17,477	50,130
Real Estate Operations
BUSINESS SEGMENT DATA
Total Revenues	1,079	3,149	2,602	4,395
Capital Expenditures			0	0
Real Estate Operations | Operating Segments
BUSINESS SEGMENT DATA
Total Operating Income	$ 927	$ 1,488	$ 1,726	$ 2,455

BUSINESS SEGMENT DATA - Identif

BUSINESS SEGMENT DATA - Identifiable assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
BUSINESS SEGMENT DATA
Total Assets	$ 1,066,373	$ 986,545
Corporate and Other
BUSINESS SEGMENT DATA
Total Assets	64,456	46,438
Income Properties | Operating Segments
BUSINESS SEGMENT DATA
Total Assets	950,157	902,427
Management Services | Operating Segments
BUSINESS SEGMENT DATA
Total Assets	1,565	1,370
Commercial Loans and Investments | Operating Segments
BUSINESS SEGMENT DATA
Total Assets	46,828	32,269
Real Estate Operations | Operating Segments
BUSINESS SEGMENT DATA
Total Assets	$ 3,367	$ 4,041

ASSETS HELD FOR SALE (Details)

ASSETS HELD FOR SALE (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
ASSETS HELD FOR SALE
Property, Plant, and Equipment-Net	$ 15,854
Other Assets	399
Accrued and Other Liabilities	(795)
Intangible Lease Liabilities-Net	(25)
Provision for Impairment	(929)
Total Assets Held for Sale	$ 14,504	$ 0

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - 2023 Dispositions, Income Properties - USD ($) $ in Millions		9 Months Ended
	Oct. 12, 2023	Sep. 30, 2023
Subsequent Events
Sales price		$ 22.9
Loss on sale		$ 3.3
Income Property, Shopping Center, Fort Worth, Texas | Disposal group, Not discontinued operations | Subsequent Event
Subsequent Events
Sales price	$ 14.8
Loss on sale	$ (0.9)