CTO Realty Growth (CTO) 10-K 22 Feb 24 2023 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2023	Feb. 15, 2024	Jun. 30, 2023
Document Information [Line Items]
Entity Central Index Key	0000023795
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
ICFR Auditor Attestation Flag	true
Entity Small Business	false
Entity Emerging Growth Company	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 369,477,913
Entity Common Stock, Shares Outstanding		22,808,592
Auditor Name	GRANT THORNTON LLP
Auditor Firm ID	248
Auditor Location	Orlando, Florida
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
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 PrA
Security Exchange Name	NYSE
Entity Listing, Par Value Per Share	$ 0.01

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Real Estate:
Land, at Cost	$ 222,232	$ 233,930
Building and Improvements, at Cost	559,389	530,029
Other Furnishings and Equipment, at Cost	857	748
Construction in Process, at Cost	3,997	6,052
Total Real Estate, at Cost	786,475	770,759
Less, Accumulated Depreciation	(52,012)	(36,038)
Real Estate-Net	734,463	734,721
Land and Development Costs	731	685
Intangible Lease Assets-Net	97,109	115,984
Investment in Alpine Income Property Trust, Inc.	39,445	42,041
Mitigation Credits	1,044	1,856
Mitigation Credit Rights		725
Commercial Loans and Investments	61,849	31,908
Cash and Cash Equivalents	10,214	19,333
Restricted Cash	7,605	1,861
Refundable Income Taxes	246	448
Deferred Income Taxes-Net	2,009	2,530
Other Assets-See Note 12	34,953	34,453
Total Assets	989,668	986,545
Liabilities:
Accounts Payable	2,758	2,544
Accrued and Other Liabilities-See Note 18	18,373	18,028
Deferred Revenue-See Note 19	5,200	5,735
Intangible Lease Liabilities-Net	10,441	9,885
Long-Term Debt	495,370	445,583
Total Liabilities	532,142	481,775
Commitments and Contingencies-See Note 22
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, 2,978,808 shares issued and outstanding at December 31, 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, 22,643,034 shares issued and outstanding at December 31, 2023 and 22,854,775 shares issued and outstanding at December 31, 2022	226	229
Additional Paid-In Capital	168,435	172,471
Retained Earnings	281,944	316,279
Accumulated Other Comprehensive Income	6,891	15,761
Total Stockholders' Equity	457,526	504,770
Total Liabilities and Stockholders' Equity	$ 989,668	$ 986,545

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 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	2,978,808	3,000,000
Preferred Stock, Shares Outstanding	2,978,808	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	22,643,034	22,854,775
Common Stock, shares outstanding	22,643,034	22,854,775

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues
Total Revenues	$ 109,119	$ 82,320	$ 70,272
Direct Cost of Revenues
Total Direct Cost of Revenues	(30,178)	(22,857)	(22,430)
General and Administrative Expenses	(14,249)	(12,899)	(11,202)
Provision for Impairment	(1,556)	0	(17,599)
Depreciation and Amortization	(44,173)	(28,855)	(20,581)
Total Operating Expenses	(90,156)	(64,611)	(71,812)
Gain (Loss) on Disposition of Assets	7,543	(7,042)	28,316
Loss on Extinguishment of Debt			3,431
Other Gain (Loss)	7,543	(7,042)	24,885
Total Operating Income	26,506	10,667	23,345
Investment and Other Income	(1,987)	(776)	(12,445)
Interest Expense	(22,359)	(11,115)	(8,929)
Income Before Income Tax Benefit (Expense)	6,134	328	26,861
Income Tax Benefit (Expense)	(604)	2,830	3,079
Net Income Attributable to the Company	5,530	3,158	29,940
Distributions to Preferred Stockholders	(4,772)	(4,781)	(2,325)
Net Income (Loss) Attributable to Common Stockholders	$ 758	$ (1,623)	$ 27,615
Per Share Information-See Note 14:
Basic Net Income (Loss) Attributable to Common Stockholders (in dollars per share)	$ 0.03	$ (0.09)	$ 1.56
Diluted Net Income ( Loss) Attributable to Common Stockholders (in dollars per share)	$ 0.03	$ (0.09)	$ 1.56
Weighted Average Number of Common Shares - Basic (in shares)	22,529,703	18,508,201	17,676,809
Weighted Average Number of Common Shares - Diluted (in shares)	22,529,703	18,508,201	17,676,809
Income Properties
Revenues
Total Revenues	$ 96,663	$ 68,857	$ 50,679
Direct Cost of Revenues
Total Direct Cost of Revenues	(28,455)	(20,364)	(13,815)
Provision for Impairment		0	0
Management Fee Income
Revenues
Total Revenues	4,388	3,829	3,305
Interest Income From Commercial Loans and Investments
Revenues
Total Revenues	4,084	4,172	2,861
Direct Cost of Revenues
Provision for Impairment	(600)	0	0
Real Estate Operations
Revenues
Total Revenues	3,984	5,462	13,427
Direct Cost of Revenues
Total Direct Cost of Revenues	$ (1,723)	$ (2,493)	$ (8,615)

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net Income (Loss)	$ 5,530	$ 3,158	$ 29,940
Other Comprehensive Income (Loss):
Cash Flow Hedging Derivative - Interest Rate Swaps	(8,870)	14,244	3,427
Total Other Comprehensive Income (Loss)	(8,870)	14,244	3,427
Total Comprehensive Income (Loss)	$ (3,340)	$ 17,402	$ 33,367

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Preferred Stock	Common Stock	Treasury 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, 2020		$ 7,250	$ (77,541)		$ 83,183		$ 339,917	$ (1,910)		$ 350,899
Increase (decrease) in shareholders' equity
Net Income							29,940			29,940
Stock Repurchase					(2,210)					(2,210)
Vested Restricted Stock and Performance Shares					(436)					(436)
Issuance of Preferred Stock, Net of Underwriting Discount and Expenses	$ 30				72,400					72,430
Exercise of Stock Options and Stock Issuance to Directors					357					357
Payment of Equity Issuance Costs					(197)					(197)
Stock-Based Compensation Expense					(2,668)					(2,668)
Par Value $0.01 per Share and Treasury Stock Derecognized at January 29, 2021		(7,190)	$ 77,541		(70,351)
Preferred Stock Dividends Declared for the Period							(2,325)			(2,325)
Common Stock Dividends Declared for the Period							(24,073)			(24,073)
Other Comprehensive Income								3,427		3,427
Balance at Dec. 31, 2021	30	60			85,414		343,459	1,517		430,480
Increase (decrease) in shareholders' equity
Net Income							3,158			3,158
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					(315)					(315)
Stock Issuance, Net of Equity Issuance Costs		48			94,803					94,851
Stock-Based Compensation Expense					(2,731)					(2,731)
Preferred Stock Dividends Declared for the Period							(4,781)			(4,781)
Common Stock Dividends Declared for the Period							(29,579)			(29,579)
Other Comprehensive Income								14,244		14,244
Balance at Dec. 31, 2022	30	229		$ (7,034)	172,471	$ 4,022	316,279	15,761	$ (3,012)	504,770
Increase (decrease) in shareholders' equity
Net Income							5,530			5,530
Stock Repurchase		(4)			(6,435)					(6,439)
Vested Restricted Stock and Performance Shares		1			(1,029)					(1,028)
Exercise of Stock Options and Stock Issuance to Directors					375					375
Payment of Equity Issuance Costs					(175)					(175)
Stock-Based Compensation Expense					3,228					3,228
Preferred Stock Dividends Declared for the Period							(4,772)			(4,772)
Common Stock Dividends Declared for the Period							(35,093)			(35,093)
Other Comprehensive Income								(8,870)		(8,870)
Balance at Dec. 31, 2023	$ 30	$ 226			$ 168,435		$ 281,944	$ 6,891		$ 457,526

CONSOLIDATED STATEMENTS OF ST_2

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical)	12 Months Ended
	Dec. 31, 2021 $ / shares
Common Stock
Special Distribution - REIT Conversion (per share)	$ 0.01

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash Flow from Operating Activities:
Net Income Attributable to the Company	$ 5,530	$ 3,158	$ 29,940
Adjustments to Reconcile Net Income (Loss) Attributable to the Company to Net Cash Provided by Operating Activities:
Depreciation and Amortization	44,173	28,855	20,581
Amortization of Intangible Liabilities to Income Property Revenue	2,303	2,161	(404)
Amortization of Deferred Financing Costs to Interest Expense	970	755	586
Amortization of Discount on Convertible Debt	159	189	1,278
Gain on Disposition of Real Estate and Intangible Lease Assets and Liabilities	(7,543)	(3,869)	(28,316)
Loss on Disposition of Mitigation Bank		11,713
Gain on Disposition of Commercial Loans and Investments		(802)
Loss on Extinguishment of Debt			(3,431)
Provision for Impairment	1,556	0	17,599
Accretion of Commercial Loans and Investments Origination Fees	(137)	(174)	(2)
Non-Cash Imputed Interest	(29)	(126)	(438)
Deferred Income Taxes	521	(3,013)	(3,038)
Unrealized Loss (Gain) on Investment Securities	3,902	1,697	(10,340)
Extinguishment of Contingent Obligation	(2,815)
Non-Cash Compensation	3,673	3,232	3,168
Decrease (Increase) in Assets:
Refundable Income Taxes	202	(5)	(416)
Assets Held for Sale			833
Land and Development Costs	(46)	7	6,391
Mitigation Credits and Mitigation Credit Rights	1,537	10,427	(15,750)
Other Assets	(4,617)	(5,067)	(3,191)
Increase (Decrease) in Liabilities:
Accounts Payable	214	1,866	(370)
Accrued and Other Liabilities	(2,597)	3,863	5,680
Deferred Revenue	(535)	1,230	1,186
Liabilities Held for Sale			(831)
Net Cash Provided By Operating Activities	46,421	56,097	27,577
Cash Flow from Investing Activities:
Acquisition of Real Estate and Intangible Lease Assets and Liabilities	(102,949)	(313,926)	(256,381)
Acquisition of Commercial Loans and Investments	(32,869)	(53,369)	(364)
Restricted Cash Balance Received in Acquisition of Interest in Joint Venture			596
Cash Received from Joint Ventures			23,864
Proceeds from Disposition of Property, Plant, and Equipment, Net, and Assets Held for Sale	84,336	40,777	129,461
Principal Payments Received on Commercial Loans and Investments	986	61,628
Acquisition of Investment Securities	(3,239)	(2,739)	(143)
Proceeds from the Sale of Investment Securities	1,174
Net Cash Used In Investing Activities	(52,561)	(267,629)	(102,967)
Cash Flow From Financing Activities:
Proceeds from Long-Term Debt	148,850	380,500	314,500
Payments on Long-Term Debt	(99,600)	(233,750)	(283,519)
Cash Paid for Loan Fees	(180)	(2,724)	(1,587)
Cash Received Exercise of Stock Options and Common Stock Issuance	375	315	(162)
Proceeds from Issuance of Preferred Stock, Net of Underwriting Discount and Expenses			72,430
Cash Used to Purchase Common and Preferred Stock	(6,439)	(2,792)	(2,210)
Cash Paid for Vesting of Restricted Stock	(1,028)	(845)	(436)
Proceeds from (Cash Paid for) Issuance of Common Stock, Net	(175)	94,350	(197)
Dividends Paid - Preferred Stock	(4,772)	(4,781)	(2,325)
Dividends Paid - Common Stock	(34,266)	(28,896)	(23,580)
Net Cash Provided By Financing Activities	2,765	201,377	72,914
Net Decrease in Cash, Cash Equivalents and Restricted Cash	(3,375)	(10,155)	(2,476)
Cash, Cash Equivalents and Restricted Cash, Beginning of Period	21,194	31,349	33,825
Cash, Cash Equivalents and Restricted Cash, End of Period	17,819	21,194	31,349
Reconciliation of Cash to the Consolidated Balance Sheets:
Cash and Cash Equivalents	10,214	19,333	8,615
Restricted Cash	7,605	1,861	22,734
Total Cash	$ 17,819	$ 21,194	$ 31,349

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Supplemental Disclosure of Cash Flow Information:
Cash Paid for Taxes, Net of Refunds Received	$ (118)	$ 107	$ 406
Cash Paid for Interest	(21,636)	(9,862)	(7,274)
Supplemental Disclosure of Non-Cash Investing and Financing Activities:
Unrealized Gain on Cash Flow Hedges	(8,870)	14,244	3,427
Adjustment to Equity Component of Convertible Debt Upon Adoption of ASU 2020-06		3,012
Common Stock Dividends Declared and Unpaid	827	683	493
Assumption of Mortgage Note Payable		17,800	30,000
Interest capitalized	$ 300	$ 200	$ 0

ORGANIZATION

ORGANIZATION	12 Months Ended
	Dec. 31, 2023
ORGANIZATION
ORGANIZATION	NOTE 1. ORGANIZATION NATURE OF OPERATIONS ​ The terms “us,” “we,” “our,” and “the Company” as used in this report refer to CTO Realty Growth, Inc. together with our consolidated subsidiaries. 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. As of December 31, 2023, we own and manage, sometimes utilizing third-party property management companies, 20 commercial real estate properties in 8 states in the United States, comprising 3.7 million square feet of gross leasable space. In addition to our income property portfolio, as of December 31, 2023, our business included the following: Management Services: Commercial Loans and Investments: Real Estate Operations: ​ Our business also includes our investment in PINE. As of December 31, 2023, the fair value of our investment totaled $39.4 million, or 15.7% 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. ​ On December 10, 2021, the entity that held approximately 1,600 acres of undeveloped land in Daytona Beach, Florida (the “Land JV”), of which the Company previously held a 33.5% retained interest, completed the sale of all of its remaining land holdings for $66.3 million to Timberline Acquisition Partners, LLC an affiliate of Timberline Real Estate Partners (the “Land JV Sale”). Proceeds to the Company after distributions to the other member of the Land JV, and before taxes, were $24.5 million. Prior to the completion of the Land JV Sale, the Company was engaged in managing the Land JV, as further described in Note 5, “Management Services Business” in the notes to the consolidated financial statements in Item 8. As a result of the Land JV Sale and corresponding dissolution of the Land JV, the Company no longer holds a retained interest in the Land JV as of December 31, 2021.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 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 December 31, 2023, the Company has an equity investment in PINE. Prior to the Interest Purchase (hereinafter defined in Note 7, “Investment in Joint Ventures”) completed on September 30, 2021, the Company held a 30% retained interest in the entity that owns the Mitigation Bank. On December 29, 2022, the Company completed the sale of the entity that owned the Mitigation Bank. Additionally, the Company held a 33.5% retained interest in the entity that held approximately 1,600 acres of undeveloped land in Daytona Beach, FL (the “Land JV”) prior the sale of all of its remaining land holdings, which sale was completed on December 10, 2021, for $66.3 million to Timberline Acquisition Partners, LLC an affiliate of Timberline Real Estate Partners (the “Land JV Sale”) SEGMENT REPORTING ASC Topic 280 , Segment Reporting USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Among other factors, fluctuating market conditions that can exist in the national real estate markets and the volatility and uncertainty in the financial and credit markets make it possible that the estimates and assumptions, most notably those related to the Company’s investment in income properties, could change materially due to continued volatility in the real estate and financial markets, or as a result of a significant dislocation in those markets. RECENTLY ISSUED ACCOUNTING STANDARDS Debt with Conversion and Other Options. Segment Reporting Segment Reporting ​ Income Taxes Income Taxes CASH AND CASH EQUIVALENTS Cash and cash equivalents includes cash on hand, bank demand accounts, and money market accounts having original maturities of 90 days or less. The Company’s bank balances as of December 31, 2023 and 2022 include certain amounts over the Federal Deposit Insurance Corporation limits. ​ RESTRICTED CASH Restricted cash totaled $7.6 million at December 31, 2023, of which $6.9 million is being held in various escrow accounts to be reinvested through the like-kind exchange structure into other income properties, and $0.7 million is being held in two interest and/or real estate tax reserve accounts related to the Company’s commercial loans and investments. ​ INVESTMENT SECURITIES ​ In accordance with FASB ASC Topic 320, Investments – Debt and Equity Securities ​ The cost of Investment Securities sold, if any, is based on the specific identification method. Interest and dividends on Investment Securities are included in investment income in the consolidated statements of operations. ​ DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITY 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 17, “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 December 31, 2023 and 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 December 31, 2023 and 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 December 31, 2023 and 2022 are measured at fair value based on current market rates for financial instruments with similar risks and maturities (see Note 9, “Fair Value of Financial Instruments”). ​ FAIR VALUE MEASUREMENTS The Company’s estimates of fair value of financial and non-financial assets and liabilities 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. ​ COMMERCIAL LOANS AND INVESTMENTS ​ Investments in commercial loans and investments held for investment are recorded at historical cost, net of unaccreted origination costs and current expected credit losses (“CECL”) reserve. ​ Pursuant to ASC 326, Financial Instruments - Credit Losses ​ 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 AND MITIGATION CREDIT RIGHTS Mitigation credits and mitigation credit rights 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 $4.6 million and $2.2 million as of December 31, 2023 and 2022, respectively. The $2.4 million increase is primarily attributable to an increase in estimated accrued receivables for variable lease payments including common area maintenance, insurance, real estate taxes and other operating expenses. ​ Accounts receivable related to real estate operations, which are classified in other assets on the consolidated balance sheets, totaled $0.6 million and $0.8 million as of December 31, 2023 and 2022, respectively. The accounts receivable as of December 31, 2023 and 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 12, “Other Assets.” ​ The Company continually assesses the collectability of receivables related to our income property tenants and real estate operations. In evaluating collectability, we consider the tenant's payment history, the financial condition of the tenant, current macroeconomic trends, and other factors as deemed necessary. The collectability of the aforementioned receivables shall be adjusted through an allowance for doubtful accounts which is included in income property revenue on the consolidated statements of operations. As of December 31, 2023 and 2022, the Company’s allowance for doubtful accounts totaled $1.7 million and $1.8 million, respectively, which is included within other assets on the Company’s consolidated balance sheets. ​ 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 ​ 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. ​ 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 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 ​ PROPERTY, PLANT, AND EQUIPMENT ​ Property, plant, and equipment are stated at cost, less accumulated depreciation and amortization. Such properties are depreciated on a straight-line basis over their estimated useful lives. Renewals and betterments are capitalized to property accounts. The cost of maintenance and repairs is expensed as incurred. The cost of property retired or otherwise disposed of, and the related accumulated depreciation or amortization, are removed from the accounts, and any resulting gain or loss is recorded in the consolidated statement of operations. The amount of depreciation of property, plant, and equipment, exclusive of amortization related to intangible assets, recognized for the years ended December 31, 2023, 2022, and 2021, was $25.7 million, $16.6 million, and $12.3 million, respectively. During the years ended December 31, 2023 and 2022, $0.3 million and $0.2 million of interest was capitalized, respectively. No interest was capitalized during the year ended December 31, 2021. ​ ​ ​ ​ Income Properties Buildings and Improvements 3 - 48 Years Other Furnishings and Equipment 3 - 20 Years ​ LONG-LIVED ASSETS The Company follows FASB ASC Topic 360-10, Property, Plant, and Equipment ​ INCOME PROPERTY LEASES ​ The rental of the Company’s income properties are classified as operating leases. Pursuant to FASB ASC Topic 842, Leases ​ OPERATING LEASE EXPENSE ​ The Company leases property and equipment, which are classified as operating leases. The Company recognizes lease expense on a straight-line basis over the term of the lease. ​ OTHER REAL ESTATE INTERESTS ​ From time to time, the Company will release surface entry rights related to subsurface acres owned by the Company upon request of the surface owner. The Company recognizes revenue from the release at the time the transaction is consummated, unless the right is released under a deferred payment plan and the initial payment does not meet the criteria established under FASB ASC Topic 606, Revenue from Contracts with Customers ​ INCOME TAXES 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. 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 are 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 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 21, “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. ​ EARNINGS PER COMMON SHARE Basic earnings per common share is computed by dividing net income attributable to common stockholders for the period by the weighted average number of shares outstanding for 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 (hereinafter defined) on an if-converted basis, see Note 14, “Common Stock and Earnings Per Share.” ​ CONCENTRATION OF CREDIT RISK ​ Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents. The Company also has certain tenants within our income property portfolio that make up more than 10% of our geographic concentration and/or revenues, as described below: ● Square Footage Concentrations. As of December 31, 2023, a total of 29% , 24% , and 11% of the Company’s income property portfolio, based on square footage, were located in the states of Georgia, Texas, and Virginia, respectively. As of December 31, 2022, a total of 29% , 15% , 12% , and 11% of the Company’s income property portfolio, based on square footage, were located in the states of Georgia, Texas, Virginia, and Florida, respectively. ● Tenant Concentrations. We did not have any tenants that accounted for more than 10% of total revenues during the years ended December 31, 2023, 2022, or 2021. ● Base Rent Concentrations. A total of 35% , 20% , 11% , and 11% of our base rent revenue during the year ended December 31, 2023 was generated from tenants located in Georgia, Texas, Virginia and Florida, respectively.

INCOME PROPERTIES

INCOME PROPERTIES	12 Months Ended
	Dec. 31, 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 primarily comprised of 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2023 2022 ​ 2021 Leasing Revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ Lease Payments ​ $ 74,721 ​ $ 54,083 ​ $ 41,791 Variable Lease Payments ​ ​ 21,942 ​ ​ 14,774 ​ ​ 8,888 Total Leasing Revenue ​ $ 96,663 ​ $ 68,857 ​ $ 50,679 ​ Minimum future base rental revenue on non-cancelable leases subsequent to December 31, 2023, for the next five years ended December 31 are summarized as follows (in thousands). Certain of our tenant leases include tenant renewal options which could be exercised at the tenant’s election and are not included in the amounts in the table below. ​ ​ ​ ​ Year Ending December 31, Amounts 2024 ​ $ 71,940 2025 ​ ​ 68,449 2026 ​ ​ 60,561 2027 ​ ​ 49,747 2028 ​ ​ 36,865 2029 and Thereafter (Cumulative) ​ ​ 92,666 Total ​ $ 380,228 ​ ​ 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, 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-tenanted retail 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 approximately 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 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. outparcels of the property known as Crossroads Towne Center, located in Chandler, Arizona, for an aggregate sales price of $11.5 million, (iii) a single tenant office property located in Reston, Virginia leased to a subsidiary of General Dynamics for $18.5 million, (iv) a multi-tenanted retail property known as Westcliff, located in Fort Worth, Texas, for $14.8 million, (v) a multi-tenanted retail property known as Eastern Commons, located in Henderson, Nevada, for $18.2 million, (vi) a single tenant office property known as Sabal Pavilion located in Tampa, Florida for $22.0 million. ​ 2022 Acquisitions. ​ ● Acquired Price Plaza Shopping Center on March 3, 2022, 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 200,576 square feet and was 95% leased 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 16, “Long-Term Debt.” ● Acquired Madison Yards on July 8, 2022, 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 162,521 square feet and was 98% leased at acquisition. ● Acquired West Broad Village on October 14, 2022, a multi-tenant income property located in Glen Allen, Virgina for a purchase price of $93.9 million, or a total acquisition cost of $94.6 million including capitalized acquisition costs. West Broad Village comprises 392,007 square feet and was 83% leased at acquisition. ● Acquired Collection at Forsyth on December 29, 2022, a multi-tenant income property located in Cumming, Georgia for a purchase price of $96.0 million, or a total acquisition cost of $96.4 million including capitalized acquisition costs. Collection at Forsyth comprises 560,434 square feet and was 80% leased at acquisition. ● Acquired MainStreet Portfolio on December 29, 2022, a restaurant portfolio comprised of three single tenant income properties located in Daytona Beach, Florida for a purchase price of $4.8 million, or a total acquisition cost of $4.9 million including capitalized acquisition costs. MainStreet Portfolio comprises 28,511 square feet and was 100% leased at acquisition. Of the aggregate $315.6 acquisition cost, $60.1 million was allocated to land, $208.3 million was allocated to buildings and improvements, $52.7 million was allocated to intangible assets pertaining to the in-place lease value, leasing costs, and above market lease value, and $5.5 million was allocated to intangible liabilities for the below market lease value. The weighted average amortization period for the intangible assets and liabilities was 6.0 years at acquisition. ​ 2022 Dispositions. During the , the Company sold six income properties, including (i) Party City, a single-tenant income property located in Oceanside, New York for $6.9 million, (ii) the Carpenter Hotel ground lease, a single-tenant income property located in Austin, Texas, which was recorded as a commercial loan investment prior to its disposition, for $17.1 million, (iii) the multi-tenant Westland Gateway Plaza located in Hialeah, Florida, which was recorded as a commercial loan investment prior to its disposition, for $22.2 million, (iv) Chuy’s, a single-tenant property, located in Jacksonville, Florida for $5.8 million, (v) Firebirds, a single-tenant property, located in Jacksonville, Florida for $5.5 million, and (vi) 245 Riverside, a multi-tenant office income property located in Jacksonville, Florida for $23.6 million. The sale of these six properties reflect a total disposition volume of $81.1 million, resulting in aggregate gains of $4.7 million. ​ 2021 Acquisitions. During the year ended December 31, 2021, the Company acquired eight multi-tenant income properties for an aggregate purchase price of $249.1 million, or a total acquisition cost of $249.8 million including capitalized acquisition costs. Of the total acquisition cost, $78.0 million was allocated to land, $124.9 million was allocated to buildings and improvements, and $49.7 million was allocated to intangible assets pertaining to the in-place lease value, leasing costs, and above market lease value and $2.8 million was allocated to intangible liabilities for the below market lease value. The weighted average amortization period for the intangible assets and liabilities was 6.8 years at acquisition. 2021 Dispositions. During the year ended December 31, 2021, the Company disposed of one multi-tenant income property and 14 single-tenant income properties, including (i) World of Beer/Fuzzy’s Taco Shop, a multi-tenant income property located in Brandon, Florida for $2.3 million, (ii) Moe’s Southwest Grill, a single-tenant income property located in Jacksonville, Florida for $2.5 million, (iii) Burlington, a single-tenant income property located in North Richland Hills, Texas for $11.5 million, (iv) Staples, a single-tenant income property located in Sarasota, Florida for $4.7 million, (v) the CMBS Portfolio, sold to PINE, consisting of six single-tenant income properties for $44.5 million, (vi) Chick-fil-A, a single-tenant property, located in Chandler, Arizona for $2.9 million, (vii) JPMorgan Chase Bank, a single-tenant property, located in Chandler, Arizona for $4.7 million, (viii) Fogo De Chao, a single-tenant property, located in Jacksonville, Florida for $4.7 million, (ix) Wells Fargo, a single-tenant office income property located in Raleigh, North Carolina for $63.0 million, and (x) 24 Hour Fitness, a single-tenant income property located in Falls Church, VA for $21.5 million. The sale of the properties reflect a total disposition volume of $162.3 million, resulting in aggregate gains of $28.2 million.

COMMERCIAL LOANS AND INVESTMENT

COMMERCIAL LOANS AND INVESTMENTS	12 Months Ended
	Dec. 31, 2023
COMMERCIAL LOANS AND INVESTMENTS
COMMERCIAL LOANS AND INVESTMENTS	NOTE 4. COMMERCIAL LOANS AND INVESTMENTS Our loans are typically secured by a pledge of the borrower’s equity ownership in the underlying commercial real estate. Unlike a mortgage, a mezzanine loan is not secured by a lien on the property. An investor’s rights in a mezzanine loan are usually governed by an intercreditor agreement that provides holders with the rights to cure defaults and exercise control on certain decisions of any senior debt secured by the same commercial property 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%. On December 20, 2023, simultaneous with the sale of the property, the Company originated a $15.4 million first mortgage loan secured by the Sabal Pavilion property located in Tampa, Florida. The loan is interest-only with a term of six months with a fixed interest rate of 7.50%. During the year ended December 31, 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 December 31, 2023, there is no remaining commitment to the borrower. The Company’s commercial loans and investments were comprised of the following at December 31, 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 ​ $ 1,854 ​ 7.25% Preferred Investment – Watters Creek – Allen, TX ​ April 2022 ​ April 2025 ​ ​ 30,000 ​ ​ 30,000 ​ ​ 29,937 ​ 8.75% Mortgage Note – Founders Square – Dallas, TX ​ March 2023 ​ March 2026 ​ ​ 15,000 ​ ​ 15,000 ​ ​ 14,892 ​ 8.75% Promissory Note – Main Street – Daytona Beach, FL ​ June 2023 ​ May 2033 ​ ​ 400 ​ ​ 400 ​ ​ 400 ​ 7.00% Mortgage Note – Sabal Pavilion – Tampa, FL ​ December 2023 ​ June 2024 ​ ​ 15,400 ​ ​ 15,400 ​ ​ 15,393 ​ 7.50% ​ ​ ​ ​ ​ ​ $ 69,500 ​ $ 62,657 ​ $ 62,476 ​ ​ CECL Reserve ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (627) ​ ​ Total Commercial Loans and Investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 61,849 ​ ​ ​ With respect to the $1.5 million improvement loan at Ashford Lane originated in May 2022, during the year ended December 31, 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. 2022 Activity . On January 26, 2022, the Company originated a construction loan secured by the property and improvements to be constructed thereon for the second phase of The Exchange at Gwinnett project located in Buford, Georgia for $8.7 million. The construction loan matures on January 26, 2024, has a one-year extension option, bears a fixed interest rate of 7.25% , and requires payments of interest only prior to maturity. At closing, an origination fee of $0.1 million was received by the Company. Funding of the loan occurs as the borrower completes the underlying construction. As of December 31, 2022, the Company had funded $3.2 million to the borrower, leaving a remaining commitment of $5.5 million to the borrower. During the year ended December 31, 2022, the Company received principal payments totaling $2.9 million, leaving an outstanding loan balance of $0.2 million as of December 31, 2022. On March 11, 2022, the Company sold the Carpenter Hotel ground lease located in Austin, Texas for $17.1 million. The lease with Carpenter Hotel included two tenant repurchase options. Pursuant to FASB ASC Topic 842, Leases On April 7, 2022, the Company entered into a preferred equity agreement to provide $30.0 million of funding towards the total investment in Watters Creek at Montgomery Farm, a grocery-anchored, mixed-use property located in Allen, Texas (the “Watters Creek Investment”). Pursuant to FASB ASC Topic 810, Consolidation , and as further described in Note 7. “Investment in Joint Ventures,” the Company determined it is not the primary beneficiary of the entity underlying the Watters Creek Investment; accordingly, the $30.0 million was recorded in the consolidated balance sheets as a commercial loan investment at the time of acquisition. The Watters Creek Investment matures on April 6, 2025, has two one-year extension options, bears a fixed interest rate of 8.50% at the time of acquisition with increases during the initial term as well as the option terms, and requires payments of interest only prior to maturity. At closing, an origination fee of $0.15 million was received by the Company. ​ On April 29, 2022, the Company originated a construction loan secured by the property and improvements to be constructed thereon for the WaterStar Residential and Retail project located in Kissimmee, Florida for $19.0 million. The construction loan matures on August 31, 2022, bears a fixed interest rate of 8.00%, and requires payments of interest only prior to maturity. At closing, an origination fee of $0.1 million was received by the Company. Funding of the loan occurred as the borrower completed the underlying construction. The entire $19.0 million was funded to the borrower, leaving no remaining commitment. As of December 31, 2022, the borrower had repaid the $19.0 million construction loan principal balance. ​ On May 9, 2022, the Company originated an improvement loan for a tenant at the Ashford Lane property located in Atlanta, Georgia for $1.5 million. The improvement loan matures on April 30, 2025, bears a fixed interest rate of 12.00%, until the location is open at which time the fixed interest rate will be 10.00%, and requires payments of interest only prior to maturity. Funding of the loan will occur as the borrower completes the underlying improvements. As of December 31, 2022, the Company had funded $1.5 million to the borrower. ​ On July 28, 2022, the Company sold the Westland Gateway Plaza located in Hialeah, Florida for $22.2 million. The lease with Westland Gateway Plaza included a tenant purchase option. Pursuant to FASB ASC Topic 842, Leases On November 4, 2022, the borrower of the 110 N Beach St. mortgage note repaid the principal balance of $0.4 million, leaving no remaining balance outstanding at December 31, 2022. ​ ​ 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 investment portfolio at December 31, 2023 and 2022 consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ December 31, 2023 December 31, 2022 Current Face Amount ​ $ 62,657 ​ $ 32,073 Unaccreted Origination Fees ​ ​ (181) ​ ​ (161) CECL Reserve ​ ​ (627) ​ ​ (4) Total Commercial Loans and Investments ​ $ 61,849 ​ $ 31,908 ​

MANAGEMENT SERVICES BUSINESS

MANAGEMENT SERVICES BUSINESS	12 Months Ended
	Dec. 31, 2023
MANAGEMENT SERVICES BUSINESS
MANAGEMENT SERVICES BUSINESS	NOTE 5. MANAGEMENT SERVICES BUSINESS The Company’s management fee income is within the scope of FASB ASC Topic 606, Revenue from Contracts with Customers Related Party Management of Alpine Income Property Trust. During the years ended December 31, 2023, 2022, and 2021, the Company earned management fee revenue from PINE totaling $4.4 million, $3.8 million, and $3.2 million, respectively. Dividend income for the years ended December 31, 2023, 2022, and 2021 totaled $2.5 million, $2.3 million, and $2.1 million, respectively. Management fee revenue from PINE, included in management services, and dividend income, included in investment and other income (loss), are reflected in the accompanying consolidated statements of operations. The following table represents amounts due from PINE to the Company as of December 31, 2023 and 2022 which are included in other assets on the consolidated balance sheets (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ As of Description December 31, 2023 ​ December 31, 2022 Management Services Fee due From PINE ​ $ 1,062 ​ $ 993 Dividend Receivable ​ ​ 337 ​ ​ 337 Other ​ ​ (4) ​ ​ (30) Total ​ $ 1,395 ​ $ 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 year ended December 31, 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. 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 (the “CMBS Portfolio”) for an aggregate purchase price of $44.5 million, and (ii) one single-tenant income property for a purchase price of $11.5 million. In connection with the sale of the CMBS Portfolio, PINE assumed the related $30.0 million mortgage note payable which resulted in a loss on the extinguishment of debt of $0.5 million due to the write off of unamortized debt issuance costs. Portfolio Management Agreement. Related Party Management of Land JV. ​

REAL ESTATE OPERATIONS

REAL ESTATE OPERATIONS	12 Months Ended
	Dec. 31, 2023
REAL ESTATE OPERATIONS
REAL ESTATE OPERATIONS	NOTE 6. REAL ESTATE OPERATIONS Real Estate Operations Land and development costs at December 31, 2023 and 2022 were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ December 31, 2023 December 31, 2022 Land and Development Costs ​ $ 358 ​ $ 358 Subsurface Interests ​ ​ 373 ​ ​ 327 Total Land and Development Costs ​ $ 731 ​ $ 685 ​ The Company’s real estate operations revenue is within the scope of FASB ASC Topic 606, Revenue from Contracts with Customers Revenue from continuing real estate operations consisted of the following for the years ended December 31, 2023, 2022, and 2021 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2023 ​ 2022 ​ 2021 Mitigation Credit Sales ​ $ 2,257 ​ $ 3,462 ​ $ 708 Subsurface Revenue - Other ​ ​ 1,727 ​ ​ 1,904 ​ ​ 4,724 Land Sales Revenue ​ ​ — ​ ​ 96 ​ ​ 7,995 Total Real Estate Operations Revenue ​ $ 3,984 ​ $ 5,462 ​ $ 13,427 ​ Mitigation Credits and Mitigation Credit Rights. ring the year ended , 2023, the remaining mitigation credit rights were released and transferred to mitigation credits as they became available for sale. 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 year ended December 31, 2023, the Company sold 20 mitigation credits for proceeds of $2.3 million with a cost basis of $1.5 million. During the year ended December 31, 2022, the Company sold 34 mitigation credits for proceeds of $3.5 million with a cost basis of $2.3 million. During the year ended December 31, 2021, the Company sold six mitigation credits for proceeds of $0.7 million with a cost basis of $0.5 million. Additionally, two mitigation credits with a cost basis of $0.1 million were accrued for as an expense during the year ended December 31, 2021, as such credits are to be provided to buyers of land at no cost. 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 $0.7 million, $0.2 million, and $0.1 million during the years ended December 31, 2023, 2022 and 2021, respectively. Real Estate Operations – Land JV The Land JV, of which the Company previously held a 33.5% retained interest, Through December 31, 2021, the Company served as the manager of the Land JV and was responsible for day-to-day operations at the direction of the partners of the Land JV (the “JV Partners”). All major decisions and certain other actions taken by the manager were approved by the unanimous consent of the JV Partners (the “Unanimous Actions”). Unanimous Actions included such matters as the approval of pricing for all land parcels in the Land JV; approval of contracts for the sale of land that contain material revisions to the standard purchase contract of the Land JV; entry into any lease agreement affiliated with the Land JV; entering into listing or brokerage agreements; approval and amendment of the Land JV’s operating budget; obtaining financing for the Land JV; admission of additional members; and dispositions of the Land JV’s real property for amounts less than market value. As a result of the Land JV Sale, no management fee revenues pertaining to the Land JV were earned during the years ended December 31, 2023 or 2022.

INVESTMENT IN JOINT VENTURES

INVESTMENT IN JOINT VENTURES	12 Months Ended
	Dec. 31, 2023
INVESTMENT IN JOINT VENTURES
INVESTMENT IN JOINT VENTURES	NOTE 7. INVESTMENT IN JOINT VENTURES The Company has no investments in joint ventures as of December 31, 2023 or 2022. Watters Creek Investment. Consolidation Land JV. Land JV Through December 31, 2021, the Company served as the manager of the Land JV and was responsible for day-to-day operations at the direction of the JV Partners. All Unanimous Actions taken by the manager were approved by the unanimous consent of the JV Partners. Pursuant to the Land JV’s operating agreement, the Land JV paid the manager a management fee in the initial amount of $20,000 per month. The management fee was evaluated quarterly, and as land sales occurred in the Land JV, the basis for our management fee was reduced as the management fee was based on the value of real property that remained in the Land JV. The monthly management fee as of December 31, 2021, was $10,000 per month. No management fees pertaining to the Land JV were earned during the years ended December 31, 2023 or 2022. Prior to the Land JV Sale, the investment in joint ventures on the Company’s consolidated balance sheets included the Company’s previously held ownership interest in the Land JV. We concluded the Land JV to be a variable interest entity and therefore, it was accounted for under the equity method of accounting as the Company was not the primary beneficiary as defined in FASB ASC Topic 810, Consolidation Investments-Equity Method and Joint Ventures During the year ended December 31, 2021, the Company recognized impairment charges on its previously held retained interest in the Land JV totaling $17.6 million. The aggregate $17.6 million impairment on the previously held retained interest in the Land JV was a result of eliminating the investment in joint ventures based on the final proceeds received through distributions of the Land JV in connection with the sale of the Land JV’s remaining land. ​ The following table provides summarized financial information of the Land JV for the years ended December 31, 2023, 2022, and 2021 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ December 31, 2023 ​ December 31, 2022 ​ December 31, 2021 Revenues $ — ​ $ — ​ $ 67,367 Direct Cost of Revenues ​ — ​ ​ — ​ ​ (8,867) Operating Income $ — ​ $ — ​ $ 58,500 Other Operating Expenses ​ — ​ ​ — ​ ​ (376) Net Income $ — ​ $ — ​ $ 58,124 ​ The Company’s share of the Land JV’s net income (loss) was zero for the years ended December 31, 2023, 2022, and 2021. Pursuant to ASC 323, certain adjustments are made when calculating the Company’s share of net income, including adjustments required to reflect the investor’s share of changes in investee’s capital to reflect distributions from the venture. Additionally, basis differences are also considered. The Company recorded the initial retained interest in the Land JV of $48.9 million at the estimated fair market value based on the relationship of the $97.0 million sales price of the 66.5% equity interest to the 33.5% retained interest. The Land JV recorded the assets contributed by the Company at carry-over basis pursuant to ASC 845 which states that transfers of nonmonetary assets should typically be recorded at the transferor’s historical cost basis. Accordingly, the Company’s basis difference in the 33.5% retained equity interest was evaluated each quarter upon determining the Company’s share of the Land JV’s net income. As a result of the Land JV Sale, the liquidation of the Land JV’s assets, and the dissolution of the underlying entities, such evaluation was and is no longer required as of and subsequent to December 31, 2021. Mitigation Bank. On September 30, 2021, the Company, through a wholly owned and fully consolidated TRS, purchased the remaining 70% interest in the Mitigation Bank JV from BlackRock for $18.0 million (the “Interest Purchase”) resulting in a net cash payment by the Company of $16.1 million after utilizing the available cash in the Mitigation Bank JV of $1.9 million. As a result of the Interest Purchase, the Mitigation Bank JV is now wholly owned by the Company and is referred to as the Mitigation Bank. Pursuant to ASU 2017-01, Business Combinations: Clarifying the Definition of a Business On December 29, 2022, the Company completed the sale of the entity that owned the Mitigation Bank for a sales price of $8.1 million resulting in a loss on disposition of assets of $11.9 million. A balance of mitigation credits and mitigation credit rights were retained by the Company as part of the sale agreement. ​ The following table provides summarized financial information of the Mitigation Bank JV for the years ended December 31, 2023, 2022 and 2021 (in thousands). ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ December 31, 2023 ​ December 31, 2022 ​ December 31, 2021 Revenues $ — ​ $ — ​ $ 512 Direct Cost of Revenues ​ — ​ ​ — ​ ​ (16) Operating Income $ — ​ $ — ​ $ 496 Other Operating Expenses ​ — ​ ​ — ​ ​ (162) Net Income $ — ​ $ — ​ $ 334 ​ ​ The Company’s share of the Mitigation Bank JV’s net income (loss) was zero for the years ended December 31, 2023, 2022, and 2021. Pursuant to ASC 323, certain adjustments are made when calculating the Company’s share of net income, including adjustments required to reflect the investor’s share of changes in investee’s capital to reflect distributions from the venture. Additionally, basis differences are also considered. The Company recorded the initial retained interest in the Mitigation Bank JV of $6.8 million in June 2018 at the estimated fair market value based on the relationship of the $15.3 million sales price of the 70% equity interest to the 30% retained interest. The Mitigation Bank JV recorded the assets contributed by the Company at carry-over basis pursuant to ASC 845 which states that transfers of nonmonetary assets should typically be recorded at the transferor’s historical cost basis. Accordingly, the Company’s basis difference in the 30% retained equity interest was evaluated each quarter upon determining the Company’s share of the Mitigation Bank JV’s net income. As a result of the Interest Purchase, such evaluation was and is no longer required as of and subsequent to December 31, 2021.

INVESTMENT SECURITIES

INVESTMENT SECURITIES	12 Months Ended
	Dec. 31, 2023
INVESTMENT SECURITIES
INVESTMENT SECURITIES	NOTE 8. INVESTMENT SECURITIES ​ As of December 31, 2023, the Company owns, in the aggregate and on a fully diluted basis, 2.33 million shares of PINE, or 15.7% of PINE’s total shares outstanding for an investment value of $39.4 million, which total includes 1.2 million OP Units, or 8.2%, 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 7.5%. 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 income in the consolidated statements of operations for years ended December 31, 2023, 2022, and 2021. ​ The Company’s available-for-sale securities as of December 31, 2023 and 2022 are summarized below (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost Unrealized Gains in Investment Income Unrealized Losses in Investment Income Estimated Fair Value (Level 1 Inputs) December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common Stock ​ $ 20,482 ​ $ — ​ $ (1,732) ​ $ 18,750 Operating Units ​ ​ 23,253 ​ ​ — ​ ​ (2,558) ​ ​ 20,695 Total Equity Securities ​ ​ 43,735 ​ ​ — ​ ​ (4,290) ​ ​ 39,445 Total Available-for-Sale Securities ​ $ 43,735 ​ $ — ​ $ (4,290) ​ $ 39,445 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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	12 Months Ended
	Dec. 31, 2023
FAIR VALUE OF FINANCIAL INSTRUMENTS
FAIR VALUE OF FINANCIAL INSTRUMENTS	NOTE 9. FAIR VALUE OF FINANCIAL INSTRUMENTS The following table presents the carrying value and estimated fair value of the Company’s financial instruments not carried at fair value on the consolidated balance sheets at December 31, 2023 and 2022 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ December 31, 2022 ​ Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Cash and Cash Equivalents - Level 1 ​ $ 10,214 ​ $ 10,214 ​ $ 19,333 ​ $ 19,333 Restricted Cash - Level 1 ​ $ 7,605 ​ $ 7,605 ​ $ 1,861 ​ $ 1,861 Commercial Loans and Investments - Level 2 ​ $ 61,849 ​ $ 63,261 ​ $ 31,908 ​ $ 32,960 Long-Term Debt - Level 2 ​ $ 495,370 ​ $ 473,807 ​ $ 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 (liabilities) measured on a recurring basis by level as of December 31, 2023 and 2022 (in thousands). See Note 17, “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) December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash Flow Hedge - 2026 Term Loan Interest Rate Swaps ​ $ 2,813 $ — $ 2,813 $ — Cash Flow Hedge - 2027 Term Loan Interest Rate Swaps ​ $ 5,759 $ — $ 5,759 $ — Cash Flow Hedge - 2028 Term Loan Interest Rate Swaps ​ $ (1,994) $ — $ (1,994) $ — Cash Flow Hedge - Credit Facility Interest Rate Swaps ​ $ 313 $ — $ 313 $ — Investment Securities ​ $ 39,445 $ 39,445 $ — $ — 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 $ — $ — ​ No assets were measured on a non-recurring basis as of December 31, 2023 or 2022.

INTANGIBLE ASSETS AND LIABILITI

INTANGIBLE ASSETS AND LIABILITIES	12 Months Ended
	Dec. 31, 2023
INTANGIBLE ASSETS AND LIABILITIES
INTANGIBLE ASSETS AND LIABILITIES	NOTE 10. INTANGIBLE ASSETS AND LIABILITIES Intangible assets and liabilities consist of the value of above-market and below-market leases, the value of in-place leases, and the value of leasing costs, based in each case on their fair values. Intangible assets and liabilities consisted of the following as of December 31, 2023 and 2022 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ December 31, 2023 December 31, 2022 Intangible Lease Assets: ​ ​ ​ ​ ​ ​ Value of In-Place Leases ​ $ 90,246 ​ $ 90,335 Value of Above Market In-Place Leases ​ ​ 31,533 ​ ​ 32,008 Value of Intangible Leasing Costs ​ ​ 24,974 ​ ​ 25,531 Sub-total Intangible Lease Assets ​ ​ 146,753 ​ ​ 147,874 Accumulated Amortization ​ ​ (49,644) ​ ​ (31,890) Sub-total Intangible Lease Assets—Net ​ ​ 97,109 ​ ​ 115,984 Intangible Lease Liabilities (Included in Accrued and Other Liabilities): ​ ​ ​ ​ ​ ​ Value of Below Market In-Place Leases ​ ​ (14,848) ​ ​ (12,307) Sub-total Intangible Lease Liabilities ​ ​ (14,848) ​ ​ (12,307) Accumulated Amortization ​ ​ 4,407 ​ ​ 2,422 Sub-total Intangible Lease Liabilities—Net ​ ​ (10,441) ​ ​ (9,885) Total Intangible Assets and Liabilities—Net ​ $ 86,668 ​ $ 106,099 ​ The following table reflects the net amortization of intangible assets and liabilities during the years ended December 31, 2023, 2022, and 2021 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, 2023 ​ December 31, 2022 ​ December 31, 2021 Amortization Expense ​ $ 18,444 ​ $ 12,300 ​ $ 8,264 Accretion to Income Properties Revenue ​ ​ 2,303 ​ ​ 2,161 ​ ​ (404) Net Amortization of Intangible Assets and Liabilities ​ $ 20,747 ​ $ 14,461 ​ $ 7,860 ​ 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 2024 ​ $ 18,139 ​ $ 2,050 ​ $ 20,189 2025 ​ ​ 15,903 ​ ​ 2,065 ​ ​ 17,968 2026 ​ ​ 14,644 ​ ​ 2,009 ​ ​ 16,653 2027 ​ ​ 11,866 ​ ​ 1,233 ​ ​ 13,099 2028 ​ ​ 7,422 ​ ​ 1,213 ​ ​ 8,635 2029 and Thereafter ​ ​ 8,666 ​ ​ 1,458 ​ ​ 10,124 Total ​ $ 76,640 ​ $ 10,028 ​ $ 86,668 ​ As of December 31, 2023, the weighted average amortization period of total intangible assets and liabilities was 6.0 years and 7.3 years, respectively.

PROVISION FOR IMPAIRMENT

PROVISION FOR IMPAIRMENT	12 Months Ended
	Dec. 31, 2023
PROVISION FOR IMPAIRMENT
PROVISION FOR IMPAIRMENT	NOTE 11. PROVISION FOR IMPAIRMENT In the aggregate, $1.5 million and $17.6 million of impairment charges were recorded during the years ended December 31, 2023 and 2021, respectively, with no such charges during the year ended December 31, 2022, as described below by segment. Income Properties. During the year ended December 31, 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 years ended December 31, 2022 or 2021. Commercial Loans and Investments During the year ended December 31, 2023, the Company recorded a $0.6 million impairment charge representing the provision for credit losses related to our commercial loans and investments. There were no such impairment charges during the years ended December 31, 2022 or 2021. Real Estate Operations-Investments in Joint Ventures.

OTHER ASSETS

OTHER ASSETS	12 Months Ended
	Dec. 31, 2023
OTHER ASSETS
OTHER ASSETS	NOTE 12. OTHER ASSETS Other assets consisted of the following as of December 31, 2023 and 2022 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ December 31, 2023 December 31, 2022 Income Property Tenant Receivables, Net of Allowance for Doubtful Accounts (1) ​ $ 4,568 ​ $ 2,206 Income Property Straight-line Rent Adjustment ​ ​ 6,033 ​ ​ 6,214 Operating Leases - Right-of-Use Asset ​ ​ 422 ​ ​ 63 Golf Rounds Surcharge ​ ​ 102 ​ ​ 216 Cash Flow Hedge - Interest Rate Swap ​ ​ 11,770 ​ ​ 16,158 Infrastructure Reimbursement Receivables ​ ​ 568 ​ ​ 824 Prepaid Expenses, Deposits, and Other ​ ​ 8,457 ​ ​ 5,421 Due from Alpine Income Property Trust, Inc. ​ ​ 1,395 ​ ​ 1,300 Financing Costs, Net of Accumulated Amortization ​ ​ 1,638 ​ ​ 2,051 Total Other Assets ​ $ 34,953 ​ $ 34,453 (1) Includes a $1.7 million and $1.8 million allowance for doubtful accounts as of December 31, 2023 and 2022, respectively. ​ Infrastructure Reimbursement Receivables. ​

EQUITY

EQUITY	12 Months Ended
	Dec. 31, 2023
EQUITY
EQUITY	NOTE 13. 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 (the “Stock Split”). 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 ​ EQUITY OFFERING ​ On December 5, 2022, the Company completed a follow-on public offering of 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 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 Company was not active under the 2021 ATM Program during the year ended December 31, 2021. The 2021 ATM Program was terminated in connection with the establishment of the 2022 ATM Program, hereinafter defined. ​ O n 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 year ended December 31, 2023. ​ PREFERRED STOCK ​ On June 28, 2021, the Company priced a public offering of 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. Series A Preferred Stock Series A Preferred Stock ​ The Series A Preferred Stock Series A Preferred Stock preferred stock shares Series A Preferred Stock ​ The following details the public offering (in thousands, except per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Series ​ Dividend Rate ​ Issued ​ Shares Outstanding ​ Gross Proceeds ​ Net Proceeds ​ Dividend per Share ​ Earliest Redemption Date Series A ​ 6.375% ​ July 2021 ​ 3,000,000 ​ $ 75,000 ​ $ 72,428 ​ $ 0.3984 ​ July 2026 ​ 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 years ended December 31, 2023, 2022, and 2021 (in thousands, except per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, 2023 ​ December 31, 2022 ​ December 31, 2021 Series A Preferred Stock ​ ​ ​ ​ ​ ​ ​ ​ ​ Dividends ​ $ 4,772 ​ $ 4,781 ​ $ 2,325 Per Share ​ $ 1.59 ​ $ 1.59 ​ $ 0.77 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common Stock ​ ​ ​ ​ ​ ​ ​ ​ ​ Dividends ​ $ 34,266 ​ $ 28,896 ​ $ 23,580 Per Share ​ $ 1.52 ​ $ 1.49 ​ $ 1.33 ​ ​ 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, 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. ​ 2025 NOTES REPURCHASE PROGRAM 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. No repurchases of 2025 Notes were made during the year ended December 31, 2023.

COMMON STOCK AND EARNINGS PER S

COMMON STOCK AND EARNINGS PER SHARE	12 Months Ended
	Dec. 31, 2023
COMMON STOCK AND EARNINGS PER SHARE
COMMON STOCK AND EARNINGS PER SHARE	NOTE 14. 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, 2023 December 31, 2022 December 31, 2021 Basic and Diluted Earnings: ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Income (Loss) Attributable to Common Stockholders, Used in Basic EPS ​ $ 758 ​ $ (1,623) ​ $ 27,615 Add Back: Effect of Dilutive Interest Related to 2025 Notes (1) ​ ​ — ​ ​ — ​ ​ — Net Income (Loss) Attributable to Common Stockholders, Used in Diluted EPS ​ $ 758 ​ $ (1,623) ​ $ 27,615 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic and Diluted Shares: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average Shares Outstanding, Basic ​ ​ 22,529,703 ​ ​ 18,508,201 ​ ​ 17,676,809 Common Shares Applicable to Dilutive Effect of 2025 Notes (2) ​ ​ — ​ ​ — ​ ​ — Weighted Average Shares Outstanding, Diluted ​ ​ 22,529,703 ​ ​ 18,508,201 ​ ​ 17,676,809 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Per Share Information: ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Income (Loss) Attributable to Common Stockholders ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic and Diluted ​ $ 0.03 ​ $ (0.09) ​ $ 1.56 (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 effective January 1, 2022 due to the implementation of ASU 2020-06 which requires presentation on an if-converted basis. For the years ended December 31 2023 and 2022, a total of $2.1 million and $2.2 million of interest, respectively, was not included as the impact of the 2025 Notes, if-converted, would be antidilutive to the net income (loss) attributable to common stockholders in each respective period. (2) A total of 3.3 million shares and 3.1 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 loss attributable to common stockholders for the years ended December 31, 2023 or 2022, respectively, because they were antidilutive to the net income (loss) attributable to common stockholders in each respective period. ​ There were no potentially dilutive securities for years ended December 31, 2023, 2022, or 2021. The effect of 2,741, 68,269, and 2,497 potentially dilutive securities were not included for the years ended December 31, 2023, 2022 and 2021, respectively, as the effect would be anti-dilutive. ​ Effective January 1, 2022, the Company adopted ASU 2020-06 whereby diluted EPS includes the dilutive impact, if any, of the 2025 Notes 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 Company overcame the presumption of share settlement prior to the adoption of ASU 2020-06, and therefore, there was no dilutive impact for the years ended December 31, 2021. The effect of 3.3 million and 3.1 million potentially dilutive 2025 Notes, if-converted, were not included for the years ended December 31, 2023 or 2022, respectively, as the effect would be anti-dilutive.

SHARE REPURCHASES

SHARE REPURCHASES	12 Months Ended
	Dec. 31, 2023
SHARE REPURCHASES
SHARE REPURCHASES	NOTE 15. SHARE REPURCHASES ​ COMMON STOCK REPURCHASE PROGRAM ​ Prior to March 31, 2021, repurchases of the Company’s common stock were returned to treasury. As a result of the Merger and pursuant to Maryland state law, the Company’s treasury stock ceased to be outstanding and was returned to unissued status. Accordingly, a $77.5 million adjustment to eliminate treasury stock with a corresponding decrease to additional paid-in capital was made during the year ended December 31, 2021 and is reflected in the accompanying consolidated statements of stockholders’ equity. ​ In February 2020, the Company’s Board approved a $10.0 million stock repurchase program (the “ $10.0 ​ On February 16, 2023, the Company’s Board of Directors approved a common stock repurchase program, which eliminated the unutilized portion of the $10.0 Million 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 year ended December 31, 2023, prior to 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 , pursuant to the February $5.0 Million Common Stock Repurchase Program 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 year ended December 31, 2023, the Company repurchased 65,946 shares of its common stock on the open market for a total cost of $ 1.0 million, or an average price per share of $ 15.72 , pursuant to the April $ 5.0 Million Common Stock Repurchase Program, leaving $ 4.0 million remaining of the April $ 5.0 Million Common Stock Repurchase Program as of December 31, 2023. ​ In the aggregate, under the April $5.0 Million Common Stock Repurchase Program, the Company repurchased 369,300 shares of its common stock on the open market for a total cost of $6.0 million, or an average price per share of $16.35 . ​ 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 year ended December 31, 2023, the Company repurchased 21,192 shares of Series A Preferred Stock on the open market for a total cost of $0.4 million, or an average price per share of $18.45. ​

LONG-TERM DEBT

LONG-TERM DEBT	12 Months Ended
	Dec. 31, 2023
LONG-TERM DEBT
LONG-TERM DEBT	NOTE 16. LONG-TERM DEBT As of December 31, 2023, the Company’s outstanding indebtedness, at face value, was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Face Value Debt Maturity Date Interest Rate Credit Facility (1) ​ $ 163,000 ​ 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 ​ $ 496,834 ​ ​ ​ ​ ​ ​ (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. Another forward swap for $50.0 million of the Credit Facility balance was effective on February 1, 2024. (2) The Company utilized interest rate swaps on the $65.0 million 2026 Term Loan balance to fix SOFR and achieve a weighted average fixed swap rate of 0.26% plus the 10 bps SOFR adjustment plus the applicable spread. (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 entered into 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 was added as a lender 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 the 30-day LIBOR plus 135 basis points to the 30-day LIBOR plus 195 basis points based on the total balance outstanding under the Credit Facility as a percentage of the total asset value of the Company, as defined in the 2017 Amended Credit Facility, as amended by the May 2019 Revolver Amendment. The Credit Facility also accrues a fee of 15 to 25 basis points for any unused portion of the borrowing capacity based on whether the unused portion is greater or less than 50% of the total borrowing capacity. Pursuant to the May 2019 Revolver Amendment, the Credit Facility matures on May 24, 2023, with the ability to extend the term for 1 year. On November 26, 2019, the Company entered into the third amendment to the 2017 Amended Credit Facility (the “November 2019 Revolver Amendment”), which further amends the 2017 Amended Credit Facility. The November 2019 Revolver Amendment included, among other things, an adjustment of certain financial maintenance covenants, including a temporary reduction of the minimum fixed charge coverage ratio to allow the Company to redeploy the proceeds received from the sale of certain income properties to PINE, and an increase in the maximum amount the Company may invest in stock and stock equivalents of real estate investment trusts to allow the Company to invest in the common stock and OP Units. On July 1, 2020, the Company entered into the fourth amendment to the 2017 Amended Credit Facility (the “July 2020 Revolver Amendment”) whereby the tangible net worth covenant was adjusted to be more reflective of market terms. The July 2020 Revolver Amendment was effective as of March 31, 2020. On November 12, 2020, the Company entered into the fifth amendment to the 2017 Amended Credit Facility (the “November 2020 Revolver Amendment”). The November 2020 Revolver Amendment provided that, among other things, (i) the Company must comply with certain adjusted additional financial maintenance requirements, including (x) a new restricted payments covenant which limits the type and amount of cash distributions that may be made by the Company and (y) an adjusted fix charges ratio, which now excludes certain onetime expenses for purposes of calculation and (ii) the Company must, from and after the date that the Company elects to qualify as a REIT, maintain its status as a REIT. On March 10, 2021, the Company entered into the sixth amendment to the 2017 Amended Credit Facility (the “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 the 2026 Term Loan (the “2026 Term Loan”) in the aggregate amount of $50.0 million, (iii) updates to certain financing rate provisions provided therein, and (iv) joinder of The Huntington National Bank as a 2026 Term Loan lender and Credit Facility lender. The 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 three months ended June 30, 2021, the Company exercised the 2026 Term Loan accordion option for $15.0 million, increasing total lender commitments to $65.0 million. ​ 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 the 2027 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 the 2028 Term Loan, as defined in the Credit Agreement (the “2028 Term Loan”), (ii) the increase of Revolving Credit Commitments, as defined in the Credit Facility, up to $ 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 $ and (b) the aggregate amount of term loan commitments shall not exceed $ , (iv) an extension of the Revolving Credit Termination Date, as defined in the Credit Facility, from May 24, 2023 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 Facility, and PNC and Regions Bank as Revolving Lenders, as defined in the Credit Facility. ​ On December 20, 2023, the Company entered into the ninth amendment to the 2017 Amended Credit Facility (the “Ninth Amendment”), which revises certain non-monetary limitations as described in more detail in the Ninth Amendment. ​ At December 31, 2023, the current commitment level under the Credit Facility was $300.0 million, and the undrawn commitments available was $137.0 million. As of December 31, 2023, the Credit Facility had a $163.0 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 . The Company had an initial aggregate principal amount of $75.0 million of 3.875% Convertible Notes (the “2025 Notes”). ​ 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 fourth quarter 2023 dividend, the conversion rate is equal to 67.3342 shares of common stock for each $1,000 principal amount of 2025 Notes, which represents an adjusted conversion price of $14.85 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 December 31, 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ December 31, 2022 ​ Total Due Within One Year Total Due Within One Year Credit Facility ​ $ 163,000 ​ $ — ​ $ 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 ​ ​ 50,830 ​ ​ — ​ ​ 50,670 ​ ​ — Mortgage Note Payable ​ ​ 17,800 ​ ​ — ​ ​ 17,800 ​ ​ — Financing Costs, net of Accumulated Amortization ​ ​ (1,260) ​ ​ — ​ ​ (1,637) ​ ​ — Total Long-Term Debt ​ $ 495,370 ​ $ — ​ $ 445,583 ​ $ — ​ Payments applicable to reduction of principal amounts as of December 31, 2023 will be required as follows (in thousands): ​ ​ ​ ​ As of December 31, 2023 Amount 2024 ​ $ — 2025 ​ ​ 51,034 2026 ​ ​ 82,800 2027 ​ ​ 263,000 2028 ​ ​ 100,000 2029 and Thereafter ​ ​ — Total Long-Term Debt - Face Value ​ $ 496,834 ​ The carrying value of long-term debt as of December 31, 2023 consisted of the following (in thousands): ​ ​ ​ ​ ​ Total Current Face Amount ​ $ 496,834 Unamortized Discount on Convertible Debt ​ ​ (204) Financing Costs, net of Accumulated Amortization ​ ​ (1,260) Total Long-Term Debt ​ $ 495,370 ​ In addition to the $1.3 million of financing costs, net of accumulated amortization included in the table above, as of December 31, 2023, the Company also had financing costs, net of accumulated amortization related to the Credit Facility of $1.6 million which is included in other assets on the consolidated balance sheets. These costs are amortized on a straight-line basis over the term of the Credit Facility and are included in interest expense in the Company’s accompanying consolidated statements of operations. The following table reflects a summary of interest expense incurred and paid during the years ended December 31, 2023, 2022 and 2021 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, 2023 ​ December 31, 2022 ​ December 31, 2021 Interest Expense ​ $ 21,230 ​ $ 10,171 ​ $ 7,065 Amortization of Deferred Financing Costs ​ ​ 970 ​ ​ 755 ​ ​ 586 Amortization of Discount on Convertible Notes ​ ​ 159 ​ ​ 189 ​ ​ 1,278 Total Interest Expense ​ $ 22,359 ​ $ 11,115 ​ $ 8,929 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Interest Paid (1) ​ $ 21,636 ​ $ 9,862 ​ $ 7,274 (1) Includes capitalized interest of $0.3 million and $0.2 million during the years ended December 31, 2023 and 2022, respectively, with no interest capitalized during the year ended December 31, 2021. The Company was in compliance with all of its debt covenants as of December 31, 2023 and 2022. ​

INTEREST RATE SWAPS

INTEREST RATE SWAPS	12 Months Ended
	Dec. 31, 2023
INTEREST RATE SWAPS
INTEREST RATE SWAPS	NOTE 17. 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 years ended December 31, 2023, 2022, and 2021. Accordingly, the changes in fair value on the interest rate swaps have been classified in accumulated other comprehensive income (loss). The fair value of the interest rate swap agreements are included in other assets accrued and other liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Hedged Item (1) ​ Effective Date ​ Maturity Date ​ Rate ​ Amount ​ Fair Value as of December 31, 2023 2026 Term Loan ​ 3/10/2021 ​ 3/29/2024 ​ 0.12% + 0.10% + applicable spread ​ $ 50,000 ​ $ 650 2026 Term Loan ​ 3/29/2024 ​ 3/10/2026 ​ 1.44% + 0.10% + applicable spread ​ $ 50,000 ​ $ 2,153 2026 Term Loan ​ 8/31/2021 ​ 3/10/2026 ​ 0.70% + 0.10% + applicable spread ​ $ 15,000 ​ $ 1,025 2026 Term Loan (2) ​ 3/10/2026 ​ 3/10/2031 ​ 3.80% + 0.10% + applicable spread ​ $ 40,000 ​ $ (1,015) 2027 Term Loan ​ 11/5/2021 ​ 3/29/2024 ​ 0.64% + 0.10% + applicable spread ​ $ 100,000 ​ $ 1,172 2027 Term Loan ​ 3/29/2024 ​ 1/31/2027 ​ 1.35% + 0.10% + applicable spread ​ $ 100,000 ​ $ 5,840 2027 Term Loan (2) ​ 1/31/2027 ​ 1/30/2032 ​ 3.75% + 0.10% + applicable spread ​ $ 60,000 ​ $ (1,253) 2028 Term Loan ​ 9/30/2022 ​ 1/31/2028 ​ 3.78% + 0.10% + applicable spread ​ $ 50,000 ​ $ (433) 2028 Term Loan ​ 9/30/2022 ​ 1/31/2028 ​ 3.78% + 0.10% + applicable spread ​ $ 50,000 ​ $ (442) 2028 Term Loan (2) ​ 1/31/2028 ​ 1/31/2033 ​ 3.81% + 0.10% + applicable spread ​ $ 60,000 ​ $ (1,119) Credit Facility ​ 1/31/2023 ​ 1/31/2030 ​ 3.27% + 0.10% + applicable spread ​ $ 50,000 ​ $ 493 Credit Facility ​ 1/31/2023 ​ 1/31/2030 ​ 3.26% + 0.10% + applicable spread ​ $ 33,000 ​ $ 345 Credit Facility ​ 1/31/2023 ​ 1/31/2030 ​ 3.36% + 0.10% + applicable spread ​ $ 17,000 ​ $ 92 Credit Facility (2) ​ 2/1/2024 ​ 1/31/2028 ​ 3.85% + 0.10% + applicable spread ​ $ 50,000 ​ $ (617) (1) Effective September 30, 2022 the Company converted its existing interest rate swaps from 1-month LIBOR to SOFR. (2) During the year ended December 31, 2023, the Company entered into forward starting interest rate swaps to further fix interest rates through periods that the Company reasonably expects to extend its current term loans and Credit Facility. The use of interest rate swap agreements carries risks, including the risk that the counterparties to these agreements are not able to perform. To mitigate this risk, the Company enters into interest rate swap agreements with counterparties with high credit ratings and with major financial institutions with which the Company and its affiliates may also have other financial relationships. The Company does not currently anticipate that any of the counterparties to the Company’s interest rate swap agreements will fail to meet their obligations. As of December 31, 2023 and 2022, there were no events of default related to the Company's interest rate swap agreements.

ACCRUED AND OTHER LIABILITIES

ACCRUED AND OTHER LIABILITIES	12 Months Ended
	Dec. 31, 2023
ACCRUED AND OTHER LIABILITIES
ACCRUED AND OTHER LIABILITIES	NOTE 18. ACCRUED AND OTHER LIABILITIES Accrued and other liabilities consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ December 31, 2023 December 31, 2022 Accrued Property Taxes ​ $ 2,090 ​ $ 716 Reserve for Tenant Improvements ​ ​ 1,168 ​ ​ 6,186 Tenant Security Deposits ​ ​ 2,301 ​ ​ 2,719 Accrued Construction Costs ​ ​ 1,170 ​ ​ 903 Accrued Interest ​ ​ 773 ​ ​ 872 Environmental Reserve ​ ​ 54 ​ ​ 67 Cash Flow Hedge - Interest Rate Swaps ​ ​ 4,879 ​ ​ 397 Operating Leases - Liability ​ ​ 417 ​ ​ 64 Other ​ ​ 5,521 ​ ​ 6,104 Total Accrued and Other Liabilities ​ $ 18,373 ​ $ 18,028 ​ Reserve for Tenant Improvements. ​

DEFERRED REVENUE

DEFERRED REVENUE	12 Months Ended
	Dec. 31, 2023
DEFERRED REVENUE
DEFERRED REVENUE	NOTE 19. DEFERRED REVENUE Deferred revenue consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ December 31, 2023 December 31, 2022 Prepaid Rent ​ $ 3,723 ​ $ 3,951 Interest Reserve from Commercial Loans and Investments ​ ​ 744 ​ ​ 1,262 Tenant Contributions ​ ​ 733 ​ ​ 522 Total Deferred Revenue ​ $ 5,200 ​ $ 5,735 ​ Interest Reserve from Commercial Loans and Investments ​

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	12 Months Ended
	Dec. 31, 2023
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	NOTE 20. STOCK-BASED COMPENSATION SUMMARY OF STOCK-BASED COMPENSATION A summary of share activity for all equity classified stock compensation during the year ended December 31, 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 12/31/2023 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) ​ ​ — ​ ​ (17,946) ​ ​ 216,357 Total Shares ​ ​ 442,326 ​ ​ 185,207 ​ ​ (146,370) ​ ​ — ​ ​ (27,431) ​ ​ 453,732 ​ Amounts recognized in the financial statements for stock-based compensation are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ December 31, 2023 December 31, 2022 December 31, 2021 Total Cost of Share-Based Plans Charged Against Income ​ $ 3,673 ​ $ 3,232 ​ $ 3,168 ​ 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 year ended December 31, 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 three-year service period is met. As of December 31, 2023, there was $1.5 million of unrecognized compensation cost, adjusted for estimated forfeitures, related to the outstanding performance share awards, which will be recognized over a remaining weighted average period of 1.7 years. A summary of the activity for these awards during the years ended December 31, 2023, 2022, and 2021 is presented below: ​ ​ ​ ​ ​ ​ ​ ​ Performance Shares With Market Conditions Shares ​ Wtd. Avg. Fair Value Per Share Non-Vested at January 1, 2021 ​ ​ 167,553 ​ $ 21.15 Granted ​ ​ 144,402 ​ $ 10.68 Vested ​ ​ (52,254) ​ $ 19.43 Expired ​ ​ - ​ ​ — Forfeited ​ ​ (25,347) ​ $ 15.68 Non-Vested at December 31, 2021 ​ ​ 234,354 ​ $ 15.67 Granted ​ ​ 69,168 ​ $ 20.76 Vested ​ ​ (73,275) ​ $ 16.76 Expired ​ ​ — ​ ​ — Forfeited ​ ​ — ​ ​ — Non-Vested at December 31, 2022 ​ ​ 230,247 ​ $ 16.85 Granted ​ ​ 88,754 ​ $ 18.10 Vested ​ ​ (72,141) ​ $ 14.17 Expired ​ ​ — ​ ​ — Forfeited ​ ​ (9,485) ​ $ 18.10 Non-Vested at December 31, 2023 ​ ​ 237,375 ​ $ 18.08 ​ Market Condition Restricted Shares – Stock Price Vesting Restricted Company common stock has been granted to certain employees under the 2010 Plan. The restricted Company common stock outstanding from these grants vest in increments based upon the price per share of the Company common stock during the term of employment (or within sixty days after termination of employment by the Company without cause), meeting or exceeding the target trailing thirty-day average closing prices. Effective January 28, 2021, the 22,000 shares outstanding, consisting of 18,000 shares with a $70 per share price vesting criteria and 4,000 shares with a $75 per share price vesting criteria, expired prior to vesting. Such shares and price vesting criteria were based on defined values prior to the effect of the Stock Split, as defined in Note 13, “Equity”. 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. ​ As of December 31, 2023 and 2022, there was no unrecognized compensation cost related to market condition restricted stock. ​ A summary of the activity for these awards during the years ended December 31, 2023, 2022, and 2021 is presented below: ​ ​ ​ ​ ​ ​ ​ Market Condition Non-Vested Restricted Shares Shares Wtd. Avg. Fair Value Non-Vested at January 1, 2021 ​ ​ 22,000 ​ $ 41.71 Granted ​ ​ — ​ ​ — Vested ​ ​ — ​ ​ — Expired ​ ​ (22,000) ​ $ 41.71 Forfeited ​ ​ — ​ ​ — Non-Vested at December 31, 2021 ​ ​ — ​ ​ — Granted ​ ​ — ​ ​ — Vested ​ ​ — ​ ​ — Expired ​ ​ — ​ ​ — Forfeited ​ ​ — ​ ​ — Non-Vested at December 31, 2022 ​ ​ — ​ ​ — Granted ​ ​ — ​ ​ — Vested ​ ​ — ​ ​ — Expired ​ ​ — ​ ​ — Forfeited ​ ​ — ​ ​ — Non-Vested at December 31, 2023 ​ ​ — ​ ​ — ​ Three Year Vest 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 year ended December 31, 2023. During the years ended December 31, 2023, 2022, and 2021 the Company’s determination of the fair value of the three-year vest restricted stock awards was calculated by multiplying the number of shares issued by the Company’s stock price at the grant date. Compensation cost is recognized on a straight-line basis over the applicable vesting period. As of December 31, 2023, there was $2.3 million of unrecognized compensation cost, adjusted for estimated forfeitures, related to the three-year vest non-vested restricted shares, which will be recognized over a remaining weighted average period of 1.7 years. A summary of the activity for these awards during the years ended December 31, 2023, 2022, and 2021 is presented below: ​ ​ ​ ​ ​ ​ ​ ​ Non-Vested Restricted Shares Shares Wtd. Avg. Fair Value Per Share Non-Vested at January 1, 2021 ​ ​ 115,437 ​ $ 19.27 Granted ​ ​ 129,150 ​ $ 11.82 Vested ​ ​ (63,660) ​ $ 16.18 Expired ​ ​ — ​ ​ — Forfeited ​ ​ (26,418) ​ $ 15.53 Non-Vested at December 31, 2021 ​ ​ 154,509 ​ $ 14.96 Granted ​ ​ 137,448 ​ $ 19.72 Vested ​ ​ (72,465) ​ $ 14.96 Expired ​ ​ — ​ ​ — Forfeited ​ ​ (7,413) ​ $ 17.01 Non-Vested at December 31, 2022 ​ ​ 212,079 ​ $ 17.97 Granted ​ ​ 96,453 ​ $ 19.12 Vested ​ ​ (74,229) ​ $ 16.00 Expired ​ ​ — ​ ​ — Forfeited ​ ​ (17,946) ​ $ 19.08 Non-Vested at December 31, 2023 ​ ​ 216,357 ​ $ 19.07 ​ Non-Qualified Stock Option Awards Stock option awards have been granted to certain employees under the 2010 Plan. The vesting period of the options awards granted ranged from a period of one ​ The Company used the Black-Scholes valuation pricing model to determine the fair value of its non-qualified stock option awards. The determination of the fair value of the awards is affected by the stock price as well as assumptions regarding a number of other variables. These variables include expected stock price volatility over the term of the awards, annual dividends, and a risk-free interest rate assumption. ​ A summary of the activity for these awards during the years ended December 31, 2023, 2022, and 2021 is presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-Qualified Stock Option Awards ​ Shares Wtd. Avg. Ex. Price Wtd. Avg. Remaining Contractual Term (Years) ​ Aggregate Intrinsic Value Non-Vested at January 1, 2021 ​ ​ 240,000 ​ $ 18.54 ​ ​ ​ ​ ​ ​ Granted ​ ​ 60,996 ​ ​ — ​ ​ ​ ​ ​ ​ Exercised ​ ​ (236,373) ​ $ 14.88 ​ ​ ​ ​ ​ ​ Expired ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ Forfeited ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ Non-Vested at December 31, 2021 ​ ​ 64,623 ​ $ 14.46 ​ ​ ​ ​ ​ ​ Granted ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ Exercised ​ ​ (64,623) ​ $ 14.46 ​ ​ ​ ​ ​ ​ Expired ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ Forfeited ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ Non-Vested at December 31, 2022 ​ ​ — ​ $ — ​ ​ ​ ​ ​ ​ Granted ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ Exercised ​ ​ — ​ $ — ​ ​ ​ ​ ​ ​ Expired ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ Forfeited ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ Non-Vested at December 31, 2023 ​ ​ — ​ $ — ​ ​ — ​ $ — Exercisable at January 1, 2023 ​ ​ — ​ $ — ​ ​ — ​ $ — Exercisable at December 31, 2023 ​ ​ — ​ $ — ​ ​ — ​ $ — ​ As of December 31, 2023, there is no unrecognized compensation cost related to non-qualified, non-vested stock option awards. NON-EMPLOYEE DIRECTOR STOCK COMPENSATION Each member of the Company’s Board of Directors has the option to receive his or her annual retainer and meeting fees in shares of Company common stock rather than cash. The number of shares awarded to the directors making such election is calculated quarterly by dividing (i) the sum of (A) the amount of the quarterly retainer payment due to such director plus (B) meeting fees earned by such director during the quarter, by (ii) the trailing 20 -day average price of the Company’s common stock as of the last day of the quarter, rounded down to the nearest whole number of shares. ​ 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 years ended December 31, 2023, 2022 and 2021 (the “Annual Award”). The number of shares awarded is calculated based on the trailing 20 -day average price of the Company’s common stock as of the date two business days prior to the date of the award, rounded down to the nearest whole number of shares. Commencing in 2021, non-employee directors no longer receive meeting fees, but receive additional retainers for service on Board committees, as set forth in the Company’s Non-Employee Director Compensation Policy available on the Company’s website (www.ctoreit.com). During the years ended December 31, 2023, 2022, and 2021, the expense recognized for the value of the Company’s common stock received by non-employee directors totaled $0.4 million or 25,147 shares, $0.5 million or 25,034 shares, and $0.5 million, or 32,766 shares, respectively. The expense recognized during the years ended December 31, 2023, 2022, and 2021 includes the Annual Award received during the first quarter of each year.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2023
INCOME TAXES
INCOME TAXES	NOTE 21. 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 taxable REIT subsidiaries (“TRSs”) and subsidiaries of TRSs, which are 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 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 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. ​ Total income tax benefit (expense) is summarized as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2023 2022 2021 Income Tax Benefit (Expense) ​ $ (604) ​ $ 2,830 ​ $ 3,079 ​ The provisions for income tax benefit (expense) are summarized as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ 2021 ​ Current Deferred Current Deferred Current Deferred Federal ​ $ (83) ​ $ (427) ​ $ (183) ​ $ 2,571 ​ $ 235 ​ $ 2,362 State ​ ​ — ​ ​ (94) ​ ​ — ​ ​ 442 ​ ​ 44 ​ ​ 438 Total ​ $ (83) ​ $ (521) ​ $ (183) ​ $ 3,013 ​ $ 279 ​ $ 2,800 ​ Deferred tax assets and liabilities are recognized for the future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The sources of these differences and the related deferred income tax assets (liabilities) are summarized as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred Tax ​ 2023 2022 Deferred Income Tax Assets ​ ​ ​ ​ ​ ​ Capital Loss Carryforward ​ $ 1,663 ​ $ 1,800 Net Operating Loss Carryforward ​ ​ 2,277 ​ ​ 2,597 Gross Deferred Income Tax Assets ​ ​ 3,940 ​ ​ 4,397 Less - Valuation Allowance ​ ​ (1,663) ​ ​ (1,800) Net Deferred Income Tax Assets ​ ​ 2,277 ​ ​ 2,597 Deferred Income Tax Liabilities ​ ​ ​ ​ ​ ​ Unrealized Gain on Investment Securities ​ ​ (240) ​ ​ (39) Basis Differences in Mitigation Credit Assets ​ ​ (28) ​ ​ (28) Total Deferred Income Tax Liabilities ​ ​ (268) ​ ​ (67) Net Deferred Income Tax Liabilities ​ $ 2,009 ​ $ 2,530 ​ In assessing the realizability of deferred income tax assets, management considers whether it is more likely than not that some portion or all of the deferred income tax assets will not be realized. The ultimate realization of deferred income tax assets is dependent upon the realization of future taxable income during the periods in which those temporary differences become deductible. We consider past history, the scheduled reversal of taxable temporary differences, projected future taxable income, and tax planning strategies in making this assessment. As of December 31, 2023 and 2022, the Company had $2.3 million and $2.6 million in net operating loss (“NOL”) carryforwards, respectively. The Tax Cuts and Jobs Act allows for indefinite carryforwards for all NOLs generated in taxable years beginning after December 31, 2017. Accordingly, as of December 31, 2023 and 2022, no valuation allowance was considered necessary related to the Company’s NOL carryforwards. As of December 31, 2023 and 2022, the Company had a capital loss carryforward totaling $6.6 million and $7.2 million, respectively, related to the elimination of the Company’s interest in the Land JV. Although the Company utilized $0.7 million of the capital loss carryforward during December 31, 2023, the Company does not currently anticipate being able to fully utilize the remaining capital loss carryforward and accordingly, has allowed for the $1.7 million and $1.8 million deferred tax asset in full as of December 31, 2023 and 2022, respectively. Following is a reconciliation of the income tax computed at the federal statutory rate of 21% for 2023, 2022, and 2021, individually, for continuing operations (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2023 2022 2021 Income Tax Benefit Computed at Federal Statutory Rate ​ $ (353) ​ (5.8) % ​ $ 2,795 ​ 852.1 % ​ $ 4,408 ​ 16.4 % Increase (Decrease) Resulting from: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ State Income Tax, Net of Federal Income Tax Benefit ​ ​ (92) ​ (1.5) % ​ ​ 593 ​ 180.8 % ​ ​ 936 ​ 3.5 % Income Tax on Permanently Non-Deductible Items ​ ​ (158) ​ (2.6) % ​ ​ (484) ​ (147.6) % ​ ​ — ​ 0.0 % Income Tax on Capital Gains offsetting Capital Loss Carryforward ​ ​ 113 ​ 1.8 % ​ ​ — ​ 0.0 % ​ ​ — ​ 0.0 % Valuation Allowance ​ ​ — ​ 0.0 % ​ ​ — ​ 0.0 % ​ ​ (2,216) ​ (8.2) % Other Reconciling Items ​ ​ (114) ​ (1.9) % ​ ​ (74) ​ (22.6) % ​ ​ (49) ​ (0.2) % Benefit for Income Taxes ​ $ (604) ​ (9.8) % ​ $ 2,830 ​ 862.8 % ​ $ 3,079 ​ 11.5 % ​ The effective income tax rate assumes a blended rate for estimated state and local taxes on its income and property. The effective income tax rate for the years ended December 31, 2023, 2022, and 2021 was (9.8)%, 862.8%, and 11.5%, respectively. The provision for income taxes reflects the Company’s estimate of the effective rate expected to be applicable for the full fiscal year, adjusted for any discrete events, which are reported in the period that they occur. There were no discrete events during the years ended December 31, 2023 or 2022. The year ended December 31, 2021, included the impact of the capital loss carryforward valuation allowance. For prior taxable years through the year ended December 31, 2021 the Company has filed a consolidated income tax return in the United States Federal jurisdiction and the states of Alabama, Arizona, California, Colorado, Florida, Georgia, Maryland, Massachusetts, Nevada, New Mexico, New York, North Carolina, Oregon, Texas, Virginia, Washington, and Wisconsin. The Internal Revenue Service (“IRS”) has audited the federal tax returns through the year 2012, with all proposed adjustments settled. The Florida Department of Revenue has audited the Florida tax returns through the year 2014, with all proposed adjustments settled. For the years ended December 31, 2023, 2022, and 2021, the Company recognized no uncertain tax positions or accrued interest and penalties for uncertain tax positions. If such positions do arise, it is the Company’s intent that any interest or penalty amount related to such positions will be recorded as a component of the income tax provision (benefit) in the applicable period. Income taxes totaling $0.3 million, $0.1 million, and $0.4 million were paid during the years ended December 31, 2023, 2022, and 2021, respectively. Additionally, income taxes totaling $0.4 million and less than $0.1 million were refunded during the years ended December 31, 2023 and 2021, respectively, with no income taxes refunded during the year ended December 31, 2022.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2023
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	NOTE 22. COMMITMENTS AND CONTINGENCIES MINIMUM FUTURE RENTAL PAYMENTS The Company leases, as lessee, certain equipment under operating leases. Minimum future rental payments under non-cancelable operating leases having remaining terms in excess of one year as of December 31, 2023, are summarized as follows (in thousands): ​ ​ ​ ​ Year Ending December 31, Amounts 2024 ​ $ 124 2025 ​ ​ 120 2026 ​ ​ 113 2027 ​ ​ 116 2028 ​ ​ — 2029 and Thereafter (Cumulative) ​ ​ — Total Lease Payments ​ $ 473 Imputed Interest ​ ​ (56) Operating Leases - Liability ​ $ 417 ​ LEGAL PROCEEDINGS From time to time, the Company may be a party to certain legal proceedings, incidental to the normal course of its business. While the outcome of the legal proceedings cannot be predicted with certainty, the Company does not expect that these proceedings will have a material effect upon our financial condition or results of operations. Buc-ee’s. CTO for its costs associated with seeking legal relief. On October 29, 2021, the Company entered into a settlement agreement with Buc-ee’s whereby the Company received $0.6 million of the Escrowed Funds, which revenue is included within real estate operations in the consolidated statements 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 December 31, 2023, are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ As of December 31, 2023 Total Commitment (1) ​ $ 17,888 Less Amount Funded ​ ​ (4,236) Remaining Commitment ​ $ 13,652 (1) Commitment includes tenant improvements, leasing commissions, rebranding, facility expansion and other capital improvements.

BUSINESS SEGMENT DATA

BUSINESS SEGMENT DATA	12 Months Ended
	Dec. 31, 2023
BUSINESS SEGMENT DATA
BUSINESS SEGMENT DATA	NOTE 23. BUSINESS SEGMENT DATA The Company operates in four primary business segments: income properties, management services, commercial loans and investments, and real estate operations. The management services segment consists of the revenue generated from managing PINE and the Land JV. 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 90% and 91% of our identifiable assets as of December 31, 2023 and 2022, respectively, and 88.6%, 83.6%, and 72.1% of our consolidated revenues for the years ended December 31, 2023, 2022, and 2021, respectively. Our management fee income consists primarily of the management fees earned for the management of PINE during the three years ended December 31, 2023, 2022, and 2021, as well as from the Portfolio Management Agreement during the year ended December 31, 2023 and the Land JV during the year ended December 31, 2021. As of December 31, 2023, our commercial loan and investment portfolio consisted of four commercial loan investments and one preferred equity investment which is classified as a commercial loan investment. Our real estate operations consists 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 years ended December 31, 2023, 2022, and 2021 is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended ​ December 31, 2023 December 31, 2022 December 31, 2021 Revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ Income Properties ​ $ 96,663 ​ $ 68,857 ​ $ 50,679 Management Fee Income ​ ​ 4,388 ​ ​ 3,829 ​ ​ 3,305 Interest Income From Commercial Loans and Investments ​ ​ 4,084 ​ ​ 4,172 ​ ​ 2,861 Real Estate Operations ​ ​ 3,984 ​ ​ 5,462 ​ ​ 13,427 Total Revenues ​ $ 109,119 ​ $ 82,320 ​ $ 70,272 Operating Income: ​ ​ ​ ​ ​ ​ ​ ​ ​ Income Properties ​ $ 68,208 ​ $ 48,493 ​ $ 36,864 Management Fee Income ​ ​ 4,388 ​ ​ 3,829 ​ ​ 3,305 Interest Income From Commercial Loans and Investments ​ ​ 4,084 ​ ​ 4,172 ​ ​ 2,861 Real Estate Operations ​ ​ 2,261 ​ ​ 2,969 ​ ​ 4,812 General and Corporate Expense ​ ​ (58,422) ​ ​ (41,754) ​ ​ (31,783) Provision for Impairment ​ ​ (1,556) ​ ​ — ​ ​ (17,599) Gain (Loss) on Disposition of Assets ​ ​ 7,543 ​ ​ (7,042) ​ ​ 28,316 Loss on Extinguishment of Debt ​ ​ — ​ ​ — ​ ​ (3,431) Total Operating Income ​ $ 26,506 ​ $ 10,667 ​ $ 23,345 Depreciation and Amortization: ​ ​ ​ ​ ​ ​ ​ ​ ​ Income Properties ​ $ 44,107 ​ $ 28,799 ​ $ 20,561 Corporate and Other ​ ​ 66 ​ ​ 56 ​ ​ 20 Total Depreciation and Amortization ​ $ 44,173 ​ $ 28,855 ​ $ 20,581 Capital Expenditures: ​ ​ ​ ​ ​ ​ ​ ​ ​ Income Properties ​ $ 102,688 ​ $ 331,754 ​ $ 256,456 Commercial Loans and Investments ​ ​ 32,869 ​ ​ 53,369 ​ ​ 364 Corporate and Other ​ ​ 261 ​ ​ 42 ​ ​ 34 Total Capital Expenditures ​ $ 135,818 ​ $ 385,165 ​ $ 256,854 ​ Identifiable assets of each segment as of December 31, 2023 and 2022 are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ December 31, 2023 December 31, 2022 Identifiable Assets: ​ ​ ​ ​ ​ ​ Income Properties ​ $ 887,345 ​ $ 902,427 Management Services ​ ​ 1,395 ​ ​ 1,370 Commercial Loans and Investments ​ ​ 62,099 ​ ​ 32,269 Real Estate Operations ​ ​ 2,343 ​ ​ 4,041 Corporate and Other ​ ​ 36,486 ​ ​ 46,438 Total Assets ​ $ 989,668 ​ $ 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. Interest expense is not utilized by the chief operating decision maker in evaluating segment performance, therefore interest expense in the amount of $22.4 million, $11.1 million, and $8.9 million during the years ended December 31, 2023, 2022, and 2021, respectively, was not allocated to our business segments. Identifiable assets by segment are those assets that are used in the Company’s operations in each segment. Real Estate Operations includes the identifiable assets of certain real estate operations receivables as well as 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 as of December 31, 2023, 2022 or 2021.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2023
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 24. SUBSEQUENT EVENTS ​ Subsequent events and transactions were evaluated through February 22, 2024, the date the consolidated financial statements were issued. There were no reportable subsequent events or transactions. ​ On February 16, 2024, the Company completed the sale of its remaining Subsurface Interests for gross proceeds of $5.0 million. As part of the Subsurface Interests sale, the Company entered into a management agreement with the buyer to provide ongoing management services.

SCHEDULE III REAL ESTATE AND AC

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION	12 Months Ended
	Dec. 31, 2023
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION	SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION FOR THE YEAR ENDED DECEMBER 31, 2023 (In thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs Capitalized ​ ​ ​ ​ ​ Initial Cost to Company ​ Subsequent to Acquisition Description ​ Encumbrances ​ Land ​ Buildings & Improvements ​ Improvements ​ Carrying Costs Income Properties: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Crabby's Oceanside, Daytona Beach, FL ​ ​ — ​ ​ 5,836 ​ ​ 4,249 ​ ​ 45 ​ ​ — LandShark Bar & Grill, Daytona Beach, FL ​ ​ — ​ ​ 5,836 ​ ​ 4,577 ​ ​ 10 ​ ​ — Fidelity, Albuquerque, NM ​ ​ — ​ ​ 5,739 ​ ​ 29,537 ​ ​ 12 ​ ​ — The Strand at St. Johns Town Center, Jacksonville, FL ​ ​ — ​ ​ 12,551 ​ ​ 36,431 ​ ​ 697 ​ ​ — Crossroads Towne Center, Chandler, AZ ​ ​ — ​ ​ 5,842 ​ ​ 38,881 ​ ​ 364 ​ ​ — Ashford Lane, Atlanta, GA ​ ​ — ​ ​ 37,717 ​ ​ 33,422 ​ ​ 24,351 ​ ​ — Jordan Landing, West Jordan, UT ​ ​ — ​ ​ 10,529 ​ ​ 5,752 ​ ​ — ​ ​ — The Shops at Legacy, Plano, TX ​ ​ — ​ ​ 22,008 ​ ​ 27,192 ​ ​ 2,382 ​ ​ — Beaver Creek Crossings, Apex, NC ​ ​ — ​ ​ 21,391 ​ ​ 39,194 ​ ​ 454 ​ ​ — 125 Lincoln & 150 Washington, Santa Fe, NM ​ ​ — ​ ​ 473 ​ ​ 12,525 ​ ​ 1,824 ​ ​ — 369 N. New York Ave., Winter Park, FL ​ ​ — ​ ​ 8,535 ​ ​ 5,139 ​ ​ 1,584 ​ ​ — The Exchange at Gwinnett, Buford, GA ​ ​ — ​ ​ 6,599 ​ ​ 36,403 ​ ​ 59 ​ ​ — Price Plaza, Katy, TX ​ ​ — ​ ​ 15,630 ​ ​ 17,978 ​ ​ 810 ​ ​ — Madison Yards, Atlanta, GA ​ ​ — ​ ​ 19,780 ​ ​ 47,938 ​ ​ 577 ​ ​ — West Broad Village, Glen Allen, VA ​ ​ — ​ ​ 12,120 ​ ​ 65,829 ​ ​ 1,240 ​ ​ — Collection at Forsyth, Cumming, GA ​ ​ — ​ ​ 13,349 ​ ​ 75,286 ​ ​ 414 ​ ​ — MainStreet Portfolio, Daytona Beach, FL ​ ​ — ​ ​ 3,504 ​ ​ 1,422 ​ ​ 257 ​ ​ — Plaza at Rockwall, Rockwall, TX ​ ​ — ​ ​ 14,793 ​ ​ 42,391 ​ ​ 163 ​ ​ — ​ ​ $ — ​ $ 222,232 ​ $ 524,146 ​ $ 35,243 ​ $ — (1) The aggregate cost, net of deferred tax liabilities, of Income Properties, Land, Buildings, and Improvements for Federal income tax purposes at December 31, 2023 is approximately $578.1 million. ​ ​ ​ Gross Amount at Which Carried at Close of Period December 31, 2023 (In thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Land ​ Buildings ​ Total ​ Accumulated Depreciation Date of Completion of Construction Date Acquired Life Income Properties: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Crabby's Oceanside, Daytona Beach, FL ​ ​ 5,836 ​ ​ 4,294 ​ ​ 10,130 ​ ​ 1,374 ​ 01/25/18 ​ N/A ​ 40 Yrs. LandShark Bar & Grill, Daytona Beach, FL ​ ​ 5,836 ​ ​ 4,587 ​ ​ 10,423 ​ ​ 1,315 ​ 01/25/18 ​ N/A ​ 40 Yrs. Fidelity, Albuquerque, NM ​ ​ 5,739 ​ ​ 29,549 ​ ​ 35,288 ​ ​ 5,903 ​ N/A ​ 10/04/18 ​ 45 Yrs. The Strand at St. Johns Town Center, Jacksonville, FL ​ ​ 12,551 ​ ​ 37,128 ​ ​ 49,679 ​ ​ 5,769 ​ N/A ​ 12/9/2019 ​ 48 Yrs. Crossroads Towne Center, Chandler, AZ ​ ​ 5,842 ​ ​ 39,245 ​ ​ 45,087 ​ ​ 5,147 ​ N/A ​ 1/24/2020 ​ 35 Yrs. Ashford Lane, Atlanta, GA ​ ​ 37,717 ​ ​ 57,773 ​ ​ 95,490 ​ ​ 6,392 ​ N/A ​ 2/21/2020 ​ 36 Yrs. Jordan Landing, West Jordan, UT ​ ​ 10,529 ​ ​ 5,752 ​ ​ 16,281 ​ ​ 849 ​ N/A ​ 3/2/2021 ​ 30 Yrs. The Shops at Legacy, Plano, TX ​ ​ 22,008 ​ ​ 29,574 ​ ​ 51,582 ​ ​ 4,808 ​ N/A ​ 6/23/2021 ​ 32 Yrs. Beaver Creek Crossings, Apex, NC ​ ​ 21,391 ​ ​ 39,648 ​ ​ 61,039 ​ ​ 3,885 ​ N/A ​ 12/2/2021 ​ 30 Yrs. 125 Lincoln & 150 Washington, Santa Fe, NM ​ ​ 473 ​ ​ 14,349 ​ ​ 14,822 ​ ​ 1,424 ​ N/A ​ 12/20/2021 ​ 30 Yrs. 369 N. New York Ave., Winter Park, FL ​ ​ 8,535 ​ ​ 6,723 ​ ​ 15,258 ​ ​ 676 ​ N/A ​ 12/20/2021 ​ 30 Yrs. The Exchange at Gwinnett, Buford, GA ​ ​ 6,599 ​ ​ 36,462 ​ ​ 43,061 ​ ​ 1,771 ​ N/A ​ 12/30/2021 ​ 45 Yrs. Price Plaza, Katy, TX ​ ​ 15,630 ​ ​ 18,788 ​ ​ 34,418 ​ ​ 1,903 ​ N/A ​ 3/3/2022 ​ 25 Yrs. Madison Yards, Atlanta, GA ​ ​ 19,780 ​ ​ 48,515 ​ ​ 68,295 ​ ​ 1,955 ​ N/A ​ 7/8/2022 ​ 42 Yrs. West Broad Village, Glen Allen, VA ​ ​ 12,120 ​ ​ 67,069 ​ ​ 79,189 ​ ​ 3,216 ​ N/A ​ 10/14/2022 ​ 40 Yrs. Collection at Forsyth, Cumming, GA ​ ​ 13,349 ​ ​ 75,700 ​ ​ 89,049 ​ ​ 3,827 ​ N/A ​ 12/29/2022 ​ 31 Yrs. MainStreet Portfolio, Daytona Beach, FL ​ ​ 3,504 ​ ​ 1,679 ​ ​ 5,183 ​ ​ 109 ​ N/A ​ 12/29/2022 ​ 25 Yrs. Plaza at Rockwall, Rockwall, TX ​ ​ 14,793 ​ ​ 42,554 ​ ​ 57,347 ​ ​ 1,102 ​ N/A ​ 6/9/2023 ​ 40 Yrs. ​ ​ $ 222,232 ​ $ 559,389 ​ $ 781,621 ​ $ 51,425 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ REAL ESTATE AND ACCUMULATED DEPRECIATION FOR THE YEAR ENDED DECEMBER 31, 2023 (In thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ 2021 Cost: ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at Beginning of Year ​ $ 763,959 ​ $ 521,260 ​ $ 472,126 Additions and Improvements ​ ​ 97,772 ​ ​ 281,562 ​ ​ 206,646 Cost of Real Estate Sold ​ ​ (80,110) ​ ​ (38,863) ​ ​ (157,512) Balance at End of Year ​ $ 781,621 ​ $ 763,959 ​ $ 521,260 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated Depreciation: ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at Beginning of Year ​ ​ 35,512 ​ ​ 23,936 ​ ​ 30,316 Depreciation and Amortization ​ ​ 25,664 ​ ​ 16,262 ​ ​ 12,270 Depreciation on Real Estate Sold ​ ​ (9,751) ​ ​ (4,686) ​ ​ (18,650) Balance at End of Year ​ $ 51,425 ​ $ 35,512 ​ $ 23,936 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reconciliation to Consolidated Balance Sheet at December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ Income Properties, Land, Buildings, and Improvements ​ $ 781,621 ​ $ 763,959 ​ ​ ​ ​ ​ ​ 781,621 ​ ​ 763,959 ​ ​ ​ Cost Basis of Assets Classified as Held for Sale on Balance Sheet ​ ​ — ​ ​ — ​ ​ ​ Total Per Schedule ​ $ 781,621 ​ $ 763,959 ​ ​ ​ ​

SCHEDULE IV MORTGAGE LOANS ON R

SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE	12 Months Ended
	Dec. 31, 2023
SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE
Schedule IV MORTGAGE LOANS ON REAL ESTATE	SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE FOR THE YEAR ENDED DECEMBER 31, 2023 ​ There was a portfolio of four commercial loan investments and one preferred equity investment which is classified as a commercial loan investment as of December 31, 2023 (in thousands). ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Description ​ Interest Rate ​ Final Maturity Date ​ Periodic Payment Terms ​ Prior Liens ​ Face Amount of Mortgages ​ Carrying Amounts of Mortgages (2) ​ Principal Amount of Loans Subject to Delinquent Principal or Interest Construction Loan – The Exchange At Gwinnett – Buford, GA ​ ​ 7.25% ​ ​ January 2024 ​ ​ Monthly Interest Payments ​ ​ — ​ ​ 1,857 ​ ​ 1,854 ​ ​ — Preferred Investment – Watters Creek – Allen, TX ​ ​ 8.75% ​ ​ April 2025 ​ ​ Monthly Interest Payments ​ ​ — ​ ​ 30,000 ​ ​ 29,937 ​ ​ — Mortgage Note – Founders Square – Dallas, TX ​ ​ 8.75% ​ ​ March 2026 ​ ​ Monthly Interest Payments ​ ​ ​ ​ ​ 15,000 ​ ​ 14,892 ​ ​ — Promissory Note – Main Street – Daytona Beach, FL ​ ​ 7.00% ​ ​ May 2033 ​ ​ Monthly Interest Payments ​ ​ ​ ​ ​ 400 ​ ​ 400 ​ ​ — Mortgage Note – Sabal Pavilion – Tampa, FL ​ ​ 7.50% ​ ​ June 2024 ​ ​ Monthly Interest Payments ​ ​ — ​ ​ 15,400 ​ ​ 15,393 ​ ​ — Totals ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ — ​ $ 62,657 ​ $ 62,476 ​ $ — CECL Reserve ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (627) ​ ​ ​ Total Commercial Loans and Investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 61,849 ​ ​ ​ ​ The following represents the activity within the Company’s commercial loans and investments segment for the years ended December 31, 2023, 2022, and 2021 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ 2021 Balance at Beginning of Year ​ $ 31,908 ​ $ 39,095 ​ $ 38,320 Additions During the Year: ​ ​ ​ ​ ​ ​ ​ ​ ​ New Mortgage Loans ​ ​ 32,711 ​ ​ 53,282 ​ ​ 364 Collection of Origination Fees ​ ​ 158 ​ ​ 87 ​ ​ — Accretion of Origination Fees (1) ​ ​ 137 ​ ​ 174 ​ ​ 2 Gain on Sale of Loans ​ ​ — ​ ​ 807 ​ ​ — Imputed Interest Over Rent Payments on Ground Lease Loan ​ ​ — ​ ​ 97 ​ ​ 409 Deductions During the Year: ​ ​ ​ ​ ​ ​ ​ ​ ​ Collection of Principal ​ ​ (986) ​ ​ (61,634) ​ ​ — Foreclosure ​ ​ (1,452) ​ ​ — ​ ​ — Impairment / CECL Reserve ​ ​ (627) ​ ​ — ​ ​ — Balance at End of Year ​ $ 61,849 ​ $ 31,908 ​ $ 39,095 (1) Non-cash accretion of loan origination fees. (2) The aggregate carrying amount of mortgages for Federal income tax purposes at December 31, 2023 totaled $61.8 million.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
PRINCIPLES OF CONSOLIDATION	PRINCIPLES OF CONSOLIDATION The consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries, and other entities in which we have a controlling interest. Any real estate entities or properties included in the consolidated financial statements have been consolidated only for the periods that such entities or properties were owned or under control by us. All inter-company balances and transactions have been eliminated in the consolidated financial statements. As of December 31, 2023, the Company has an equity investment in PINE. Prior to the Interest Purchase (hereinafter defined in Note 7, “Investment in Joint Ventures”) completed on September 30, 2021, the Company held a 30% retained interest in the entity that owns the Mitigation Bank. On December 29, 2022, the Company completed the sale of the entity that owned the Mitigation Bank. Additionally, the Company held a 33.5% retained interest in the entity that held approximately 1,600 acres of undeveloped land in Daytona Beach, FL (the “Land JV”) prior the sale of all of its remaining land holdings, which sale was completed on December 10, 2021, for $66.3 million to Timberline Acquisition Partners, LLC an affiliate of Timberline Real Estate Partners (the “Land JV Sale”)
SEGMENT REPORTING	SEGMENT REPORTING ASC Topic 280 , Segment Reporting
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 accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Among other factors, fluctuating market conditions that can exist in the national real estate markets and the volatility and uncertainty in the financial and credit markets make it possible that the estimates and assumptions, most notably those related to the Company’s investment in income properties, could change materially due to continued volatility in the real estate and financial markets, or as a result of a significant dislocation in those markets.
RECENTLY ISSUED ACCOUNTING STANDARDS	RECENTLY ISSUED ACCOUNTING STANDARDS Debt with Conversion and Other Options. Segment Reporting Segment Reporting ​ Income Taxes Income Taxes
CASH AND CASH EQUIVALENTS	CASH AND CASH EQUIVALENTS Cash and cash equivalents includes cash on hand, bank demand accounts, and money market accounts having original maturities of 90 days or less. The Company’s bank balances as of December 31, 2023 and 2022 include certain amounts over the Federal Deposit Insurance Corporation limits.
RESTRICTED CASH	RESTRICTED CASH Restricted cash totaled $7.6 million at December 31, 2023, of which $6.9 million is being held in various escrow accounts to be reinvested through the like-kind exchange structure into other income properties, and $0.7 million is being held in two interest and/or real estate tax reserve accounts related to the Company’s commercial loans and investments.
INVESTMENT SECURITIES	INVESTMENT SECURITIES ​ In accordance with FASB ASC Topic 320, Investments – Debt and Equity Securities ​ The cost of Investment Securities sold, if any, is based on the specific identification method. Interest and dividends on Investment Securities are included in investment income in the consolidated statements of operations.
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITY	DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITY 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 17, “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 December 31, 2023 and 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 December 31, 2023 and 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 December 31, 2023 and 2022 are measured at fair value based on current market rates for financial instruments with similar risks and maturities (see Note 9, “Fair Value of Financial Instruments”).
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS The Company’s estimates of fair value of financial and non-financial assets and liabilities 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.
COMMERCIAL LOANS AND INVESTMENTS	COMMERCIAL LOANS AND INVESTMENTS ​ Investments in commercial loans and investments held for investment are recorded at historical cost, net of unaccreted origination costs and current expected credit losses (“CECL”) reserve. ​ Pursuant to ASC 326, Financial Instruments - Credit Losses
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 AND MITIGATION CREDIT RIGHTS	MITIGATION CREDITS AND MITIGATION CREDIT RIGHTS Mitigation credits and mitigation credit rights 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 $4.6 million and $2.2 million as of December 31, 2023 and 2022, respectively. The $2.4 million increase is primarily attributable to an increase in estimated accrued receivables for variable lease payments including common area maintenance, insurance, real estate taxes and other operating expenses. ​ Accounts receivable related to real estate operations, which are classified in other assets on the consolidated balance sheets, totaled $0.6 million and $0.8 million as of December 31, 2023 and 2022, respectively. The accounts receivable as of December 31, 2023 and 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 12, “Other Assets.” ​ The Company continually assesses the collectability of receivables related to our income property tenants and real estate operations. In evaluating collectability, we consider the tenant's payment history, the financial condition of the tenant, current macroeconomic trends, and other factors as deemed necessary. The collectability of the aforementioned receivables shall be adjusted through an allowance for doubtful accounts which is included in income property revenue on the consolidated statements of operations. As of December 31, 2023 and 2022, the Company’s allowance for doubtful accounts totaled $1.7 million and $1.8 million, respectively, which is included within other assets on the Company’s consolidated balance sheets.
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 ​ 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.
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 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
PROPERTY, PLANT, AND EQUIPMENT	PROPERTY, PLANT, AND EQUIPMENT ​ Property, plant, and equipment are stated at cost, less accumulated depreciation and amortization. Such properties are depreciated on a straight-line basis over their estimated useful lives. Renewals and betterments are capitalized to property accounts. The cost of maintenance and repairs is expensed as incurred. The cost of property retired or otherwise disposed of, and the related accumulated depreciation or amortization, are removed from the accounts, and any resulting gain or loss is recorded in the consolidated statement of operations. The amount of depreciation of property, plant, and equipment, exclusive of amortization related to intangible assets, recognized for the years ended December 31, 2023, 2022, and 2021, was $25.7 million, $16.6 million, and $12.3 million, respectively. During the years ended December 31, 2023 and 2022, $0.3 million and $0.2 million of interest was capitalized, respectively. No interest was capitalized during the year ended December 31, 2021. ​ ​ ​ ​ Income Properties Buildings and Improvements 3 - 48 Years Other Furnishings and Equipment 3 - 20 Years
LONG-LIVED ASSETS	LONG-LIVED ASSETS The Company follows FASB ASC Topic 360-10, Property, Plant, and Equipment
INCOME PROPERTY LEASES	INCOME PROPERTY LEASES ​ The rental of the Company’s income properties are classified as operating leases. Pursuant to FASB ASC Topic 842, Leases
OPERATING LEASE EXPENSE	OPERATING LEASE EXPENSE ​ The Company leases property and equipment, which are classified as operating leases. The Company recognizes lease expense on a straight-line basis over the term of the lease.
OTHER REAL ESTATE INTERESTS	OTHER REAL ESTATE INTERESTS ​ From time to time, the Company will release surface entry rights related to subsurface acres owned by the Company upon request of the surface owner. The Company recognizes revenue from the release at the time the transaction is consummated, unless the right is released under a deferred payment plan and the initial payment does not meet the criteria established under FASB ASC Topic 606, Revenue from Contracts with Customers
INCOME TAXES	INCOME TAXES 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. 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 are 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 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 21, “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.
EARNINGS PER COMMON SHARE	EARNINGS PER COMMON SHARE Basic earnings per common share is computed by dividing net income attributable to common stockholders for the period by the weighted average number of shares outstanding for 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 (hereinafter defined) on an if-converted basis, see Note 14, “Common Stock and Earnings Per Share.”
CONCENTRATION OF CREDIT RISK	CONCENTRATION OF CREDIT RISK ​ Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents. The Company also has certain tenants within our income property portfolio that make up more than 10% of our geographic concentration and/or revenues, as described below: ● Square Footage Concentrations. As of December 31, 2023, a total of 29% , 24% , and 11% of the Company’s income property portfolio, based on square footage, were located in the states of Georgia, Texas, and Virginia, respectively. As of December 31, 2022, a total of 29% , 15% , 12% , and 11% of the Company’s income property portfolio, based on square footage, were located in the states of Georgia, Texas, Virginia, and Florida, respectively. ● Tenant Concentrations. We did not have any tenants that accounted for more than 10% of total revenues during the years ended December 31, 2023, 2022, or 2021. ● Base Rent Concentrations. A total of 35% , 20% , 11% , and 11% of our base rent revenue during the year ended December 31, 2023 was generated from tenants located in Georgia, Texas, Virginia and Florida, respectively.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Schedule of estimated useful lives for property, plant, and equipment	​ ​ ​ ​ Income Properties Buildings and Improvements 3 - 48 Years Other Furnishings and Equipment 3 - 20 Years

INCOME PROPERTIES (Tables)

INCOME PROPERTIES (Tables)	12 Months Ended
	Dec. 31, 2023
ASSETS HELD FOR SALE
Schedule of components of leasing revenue	The components of leasing revenue are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2023 2022 ​ 2021 Leasing Revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ Lease Payments ​ $ 74,721 ​ $ 54,083 ​ $ 41,791 Variable Lease Payments ​ ​ 21,942 ​ ​ 14,774 ​ ​ 8,888 Total Leasing Revenue ​ $ 96,663 ​ $ 68,857 ​ $ 50,679
Schedule of minimum future base rental revenue on non-cancelable leases	Minimum future base rental revenue on non-cancelable leases subsequent to December 31, 2023, for the next five years ended December 31 are summarized as follows (in thousands). Certain of our tenant leases include tenant renewal options which could be exercised at the tenant’s election and are not included in the amounts in the table below. ​ ​ ​ ​ Year Ending December 31, Amounts 2024 ​ $ 71,940 2025 ​ ​ 68,449 2026 ​ ​ 60,561 2027 ​ ​ 49,747 2028 ​ ​ 36,865 2029 and Thereafter (Cumulative) ​ ​ 92,666 Total ​ $ 380,228

COMMERCIAL LOANS AND INVESTME_2

COMMERCIAL LOANS AND INVESTMENTS (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 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 ​ $ 1,854 ​ 7.25% Preferred Investment – Watters Creek – Allen, TX ​ April 2022 ​ April 2025 ​ ​ 30,000 ​ ​ 30,000 ​ ​ 29,937 ​ 8.75% Mortgage Note – Founders Square – Dallas, TX ​ March 2023 ​ March 2026 ​ ​ 15,000 ​ ​ 15,000 ​ ​ 14,892 ​ 8.75% Promissory Note – Main Street – Daytona Beach, FL ​ June 2023 ​ May 2033 ​ ​ 400 ​ ​ 400 ​ ​ 400 ​ 7.00% Mortgage Note – Sabal Pavilion – Tampa, FL ​ December 2023 ​ June 2024 ​ ​ 15,400 ​ ​ 15,400 ​ ​ 15,393 ​ 7.50% ​ ​ ​ ​ ​ ​ $ 69,500 ​ $ 62,657 ​ $ 62,476 ​ ​ CECL Reserve ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (627) ​ ​ Total Commercial Loans and Investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 61,849 ​ ​ 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 investment portfolio at December 31, 2023 and 2022 consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ December 31, 2023 December 31, 2022 Current Face Amount ​ $ 62,657 ​ $ 32,073 Unaccreted Origination Fees ​ ​ (181) ​ ​ (161) CECL Reserve ​ ​ (627) ​ ​ (4) Total Commercial Loans and Investments ​ $ 61,849 ​ $ 31,908 ​

MANAGEMENT SERVICES BUSINESS (T

MANAGEMENT SERVICES BUSINESS (Tables)	12 Months Ended
	Dec. 31, 2023
MANAGEMENT SERVICES BUSINESS
Schedule of amounts due from PINE	The following table represents amounts due from PINE to the Company as of December 31, 2023 and 2022 which are included in other assets on the consolidated balance sheets (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ As of Description December 31, 2023 ​ December 31, 2022 Management Services Fee due From PINE ​ $ 1,062 ​ $ 993 Dividend Receivable ​ ​ 337 ​ ​ 337 Other ​ ​ (4) ​ ​ (30) Total ​ $ 1,395 ​ $ 1,300

REAL ESTATE OPERATIONS (Tables)

REAL ESTATE OPERATIONS (Tables)	12 Months Ended
	Dec. 31, 2023
REAL ESTATE OPERATIONS
Summary of land and development costs	Land and development costs at December 31, 2023 and 2022 were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ December 31, 2023 December 31, 2022 Land and Development Costs ​ $ 358 ​ $ 358 Subsurface Interests ​ ​ 373 ​ ​ 327 Total Land and Development Costs ​ $ 731 ​ $ 685
Schedule of components of real estate operations revenue	Revenue from continuing real estate operations consisted of the following for the years ended December 31, 2023, 2022, and 2021 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2023 ​ 2022 ​ 2021 Mitigation Credit Sales ​ $ 2,257 ​ $ 3,462 ​ $ 708 Subsurface Revenue - Other ​ ​ 1,727 ​ ​ 1,904 ​ ​ 4,724 Land Sales Revenue ​ ​ — ​ ​ 96 ​ ​ 7,995 Total Real Estate Operations Revenue ​ $ 3,984 ​ $ 5,462 ​ $ 13,427

INVESTMENT IN JOINT VENTURES (T

INVESTMENT IN JOINT VENTURES (Tables)	12 Months Ended
	Dec. 31, 2023
Land JV
Summarized financial information of the Company's JV Investment	​ The following table provides summarized financial information of the Land JV for the years ended December 31, 2023, 2022, and 2021 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ December 31, 2023 ​ December 31, 2022 ​ December 31, 2021 Revenues $ — ​ $ — ​ $ 67,367 Direct Cost of Revenues ​ — ​ ​ — ​ ​ (8,867) Operating Income $ — ​ $ — ​ $ 58,500 Other Operating Expenses ​ — ​ ​ — ​ ​ (376) Net Income $ — ​ $ — ​ $ 58,124 ​
Mitigation Bank
Summarized financial information of the Company's JV Investment	The following table provides summarized financial information of the Mitigation Bank JV for the years ended December 31, 2023, 2022 and 2021 (in thousands). ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ December 31, 2023 ​ December 31, 2022 ​ December 31, 2021 Revenues $ — ​ $ — ​ $ 512 Direct Cost of Revenues ​ — ​ ​ — ​ ​ (16) Operating Income $ — ​ $ — ​ $ 496 Other Operating Expenses ​ — ​ ​ — ​ ​ (162) Net Income $ — ​ $ — ​ $ 334 ​

INVESTMENT SECURITIES (Tables)

INVESTMENT SECURITIES (Tables)	12 Months Ended
	Dec. 31, 2023
INVESTMENT SECURITIES
Schedule of marketable securities	​ The Company’s available-for-sale securities as of December 31, 2023 and 2022 are summarized below (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost Unrealized Gains in Investment Income Unrealized Losses in Investment Income Estimated Fair Value (Level 1 Inputs) December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common Stock ​ $ 20,482 ​ $ — ​ $ (1,732) ​ $ 18,750 Operating Units ​ ​ 23,253 ​ ​ — ​ ​ (2,558) ​ ​ 20,695 Total Equity Securities ​ ​ 43,735 ​ ​ — ​ ​ (4,290) ​ ​ 39,445 Total Available-for-Sale Securities ​ $ 43,735 ​ $ — ​ $ (4,290) ​ $ 39,445 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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)	12 Months Ended
	Dec. 31, 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 December 31, 2023 and 2022 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ December 31, 2022 ​ Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Cash and Cash Equivalents - Level 1 ​ $ 10,214 ​ $ 10,214 ​ $ 19,333 ​ $ 19,333 Restricted Cash - Level 1 ​ $ 7,605 ​ $ 7,605 ​ $ 1,861 ​ $ 1,861 Commercial Loans and Investments - Level 2 ​ $ 61,849 ​ $ 63,261 ​ $ 31,908 ​ $ 32,960 Long-Term Debt - Level 2 ​ $ 495,370 ​ $ 473,807 ​ $ 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 (liabilities) measured on a recurring basis by level as of December 31, 2023 and 2022 (in thousands). ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value at Reporting Date Using ​ ​ Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash Flow Hedge - 2026 Term Loan Interest Rate Swaps ​ $ 2,813 $ — $ 2,813 $ — Cash Flow Hedge - 2027 Term Loan Interest Rate Swaps ​ $ 5,759 $ — $ 5,759 $ — Cash Flow Hedge - 2028 Term Loan Interest Rate Swaps ​ $ (1,994) $ — $ (1,994) $ — Cash Flow Hedge - Credit Facility Interest Rate Swaps ​ $ 313 $ — $ 313 $ — Investment Securities ​ $ 39,445 $ 39,445 $ — $ — 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)	12 Months Ended
	Dec. 31, 2023
INTANGIBLE ASSETS AND LIABILITIES
Schedule of components of intangible lease assets and liabilities	Intangible assets and liabilities consisted of the following as of December 31, 2023 and 2022 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ December 31, 2023 December 31, 2022 Intangible Lease Assets: ​ ​ ​ ​ ​ ​ Value of In-Place Leases ​ $ 90,246 ​ $ 90,335 Value of Above Market In-Place Leases ​ ​ 31,533 ​ ​ 32,008 Value of Intangible Leasing Costs ​ ​ 24,974 ​ ​ 25,531 Sub-total Intangible Lease Assets ​ ​ 146,753 ​ ​ 147,874 Accumulated Amortization ​ ​ (49,644) ​ ​ (31,890) Sub-total Intangible Lease Assets—Net ​ ​ 97,109 ​ ​ 115,984 Intangible Lease Liabilities (Included in Accrued and Other Liabilities): ​ ​ ​ ​ ​ ​ Value of Below Market In-Place Leases ​ ​ (14,848) ​ ​ (12,307) Sub-total Intangible Lease Liabilities ​ ​ (14,848) ​ ​ (12,307) Accumulated Amortization ​ ​ 4,407 ​ ​ 2,422 Sub-total Intangible Lease Liabilities—Net ​ ​ (10,441) ​ ​ (9,885) Total Intangible Assets and Liabilities—Net ​ $ 86,668 ​ $ 106,099
Schedule of amortization of intangible assets and liabilities	The following table reflects the net amortization of intangible assets and liabilities during the years ended December 31, 2023, 2022, and 2021 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, 2023 ​ December 31, 2022 ​ December 31, 2021 Amortization Expense ​ $ 18,444 ​ $ 12,300 ​ $ 8,264 Accretion to Income Properties Revenue ​ ​ 2,303 ​ ​ 2,161 ​ ​ (404) Net Amortization of Intangible Assets and Liabilities ​ $ 20,747 ​ $ 14,461 ​ $ 7,860
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 2024 ​ $ 18,139 ​ $ 2,050 ​ $ 20,189 2025 ​ ​ 15,903 ​ ​ 2,065 ​ ​ 17,968 2026 ​ ​ 14,644 ​ ​ 2,009 ​ ​ 16,653 2027 ​ ​ 11,866 ​ ​ 1,233 ​ ​ 13,099 2028 ​ ​ 7,422 ​ ​ 1,213 ​ ​ 8,635 2029 and Thereafter ​ ​ 8,666 ​ ​ 1,458 ​ ​ 10,124 Total ​ $ 76,640 ​ $ 10,028 ​ $ 86,668

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	12 Months Ended
	Dec. 31, 2023
OTHER ASSETS
Schedule of components of other assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ December 31, 2023 December 31, 2022 Income Property Tenant Receivables, Net of Allowance for Doubtful Accounts (1) ​ $ 4,568 ​ $ 2,206 Income Property Straight-line Rent Adjustment ​ ​ 6,033 ​ ​ 6,214 Operating Leases - Right-of-Use Asset ​ ​ 422 ​ ​ 63 Golf Rounds Surcharge ​ ​ 102 ​ ​ 216 Cash Flow Hedge - Interest Rate Swap ​ ​ 11,770 ​ ​ 16,158 Infrastructure Reimbursement Receivables ​ ​ 568 ​ ​ 824 Prepaid Expenses, Deposits, and Other ​ ​ 8,457 ​ ​ 5,421 Due from Alpine Income Property Trust, Inc. ​ ​ 1,395 ​ ​ 1,300 Financing Costs, Net of Accumulated Amortization ​ ​ 1,638 ​ ​ 2,051 Total Other Assets ​ $ 34,953 ​ $ 34,453 (1) Includes a $1.7 million and $1.8 million allowance for doubtful accounts as of December 31, 2023 and 2022, respectively.

EQUITY (Tables)

EQUITY (Tables)	12 Months Ended
	Dec. 31, 2023
EQUITY
Schedule of details of public offering	​ The following details the public offering (in thousands, except per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Series ​ Dividend Rate ​ Issued ​ Shares Outstanding ​ Gross Proceeds ​ Net Proceeds ​ Dividend per Share ​ Earliest Redemption Date Series A ​ 6.375% ​ July 2021 ​ 3,000,000 ​ $ 75,000 ​ $ 72,428 ​ $ 0.3984 ​ July 2026
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 years ended December 31, 2023, 2022, and 2021 (in thousands, except per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, 2023 ​ December 31, 2022 ​ December 31, 2021 Series A Preferred Stock ​ ​ ​ ​ ​ ​ ​ ​ ​ Dividends ​ $ 4,772 ​ $ 4,781 ​ $ 2,325 Per Share ​ $ 1.59 ​ $ 1.59 ​ $ 0.77 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common Stock ​ ​ ​ ​ ​ ​ ​ ​ ​ Dividends ​ $ 34,266 ​ $ 28,896 ​ $ 23,580 Per Share ​ $ 1.52 ​ $ 1.49 ​ $ 1.33

COMMON STOCK AND EARNINGS PER_2

COMMON STOCK AND EARNINGS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, 2023 December 31, 2022 December 31, 2021 Basic and Diluted Earnings: ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Income (Loss) Attributable to Common Stockholders, Used in Basic EPS ​ $ 758 ​ $ (1,623) ​ $ 27,615 Add Back: Effect of Dilutive Interest Related to 2025 Notes (1) ​ ​ — ​ ​ — ​ ​ — Net Income (Loss) Attributable to Common Stockholders, Used in Diluted EPS ​ $ 758 ​ $ (1,623) ​ $ 27,615 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic and Diluted Shares: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average Shares Outstanding, Basic ​ ​ 22,529,703 ​ ​ 18,508,201 ​ ​ 17,676,809 Common Shares Applicable to Dilutive Effect of 2025 Notes (2) ​ ​ — ​ ​ — ​ ​ — Weighted Average Shares Outstanding, Diluted ​ ​ 22,529,703 ​ ​ 18,508,201 ​ ​ 17,676,809 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Per Share Information: ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Income (Loss) Attributable to Common Stockholders ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic and Diluted ​ $ 0.03 ​ $ (0.09) ​ $ 1.56 (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 effective January 1, 2022 due to the implementation of ASU 2020-06 which requires presentation on an if-converted basis. For the years ended December 31 2023 and 2022, a total of $2.1 million and $2.2 million of interest, respectively, was not included as the impact of the 2025 Notes, if-converted, would be antidilutive to the net income (loss) attributable to common stockholders in each respective period. (2) A total of 3.3 million shares and 3.1 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 loss attributable to common stockholders for the years ended December 31, 2023 or 2022, respectively, because they were antidilutive to the net income (loss) attributable to common stockholders in each respective period.

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	12 Months Ended
	Dec. 31, 2023
LONG-TERM DEBT
Schedule of outstanding indebtedness, at face value	As of December 31, 2023, the Company’s outstanding indebtedness, at face value, was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Face Value Debt Maturity Date Interest Rate Credit Facility (1) ​ $ 163,000 ​ 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 ​ $ 496,834 ​ ​ ​ ​ ​ ​ (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. Another forward swap for $50.0 million of the Credit Facility balance was effective on February 1, 2024. (2) The Company utilized interest rate swaps on the $65.0 million 2026 Term Loan balance to fix SOFR and achieve a weighted average fixed swap rate of 0.26% plus the 10 bps SOFR adjustment plus the applicable spread. (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 entered into 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ December 31, 2022 ​ Total Due Within One Year Total Due Within One Year Credit Facility ​ $ 163,000 ​ $ — ​ $ 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 ​ ​ 50,830 ​ ​ — ​ ​ 50,670 ​ ​ — Mortgage Note Payable ​ ​ 17,800 ​ ​ — ​ ​ 17,800 ​ ​ — Financing Costs, net of Accumulated Amortization ​ ​ (1,260) ​ ​ — ​ ​ (1,637) ​ ​ — Total Long-Term Debt ​ $ 495,370 ​ $ — ​ $ 445,583 ​ $ —
Schedule of payments applicable to reduction of principal amounts	Payments applicable to reduction of principal amounts as of December 31, 2023 will be required as follows (in thousands): ​ ​ ​ ​ As of December 31, 2023 Amount 2024 ​ $ — 2025 ​ ​ 51,034 2026 ​ ​ 82,800 2027 ​ ​ 263,000 2028 ​ ​ 100,000 2029 and Thereafter ​ ​ — Total Long-Term Debt - Face Value ​ $ 496,834
Schedule of carrying value of long-term debt	The carrying value of long-term debt as of December 31, 2023 consisted of the following (in thousands): ​ ​ ​ ​ ​ Total Current Face Amount ​ $ 496,834 Unamortized Discount on Convertible Debt ​ ​ (204) Financing Costs, net of Accumulated Amortization ​ ​ (1,260) Total Long-Term Debt ​ $ 495,370
Schedule of interest expense on debt	The following table reflects a summary of interest expense incurred and paid during the years ended December 31, 2023, 2022 and 2021 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, 2023 ​ December 31, 2022 ​ December 31, 2021 Interest Expense ​ $ 21,230 ​ $ 10,171 ​ $ 7,065 Amortization of Deferred Financing Costs ​ ​ 970 ​ ​ 755 ​ ​ 586 Amortization of Discount on Convertible Notes ​ ​ 159 ​ ​ 189 ​ ​ 1,278 Total Interest Expense ​ $ 22,359 ​ $ 11,115 ​ $ 8,929 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Interest Paid (1) ​ $ 21,636 ​ $ 9,862 ​ $ 7,274 (1) Includes capitalized interest of $0.3 million and $0.2 million during the years ended December 31, 2023 and 2022, respectively, with no interest capitalized during the year ended December 31, 2021.

INTEREST RATE SWAPS (Tables)

INTEREST RATE SWAPS (Tables)	12 Months Ended
	Dec. 31, 2023
INTEREST RATE SWAPS
Schedule of interest rate swap agreements	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Hedged Item (1) ​ Effective Date ​ Maturity Date ​ Rate ​ Amount ​ Fair Value as of December 31, 2023 2026 Term Loan ​ 3/10/2021 ​ 3/29/2024 ​ 0.12% + 0.10% + applicable spread ​ $ 50,000 ​ $ 650 2026 Term Loan ​ 3/29/2024 ​ 3/10/2026 ​ 1.44% + 0.10% + applicable spread ​ $ 50,000 ​ $ 2,153 2026 Term Loan ​ 8/31/2021 ​ 3/10/2026 ​ 0.70% + 0.10% + applicable spread ​ $ 15,000 ​ $ 1,025 2026 Term Loan (2) ​ 3/10/2026 ​ 3/10/2031 ​ 3.80% + 0.10% + applicable spread ​ $ 40,000 ​ $ (1,015) 2027 Term Loan ​ 11/5/2021 ​ 3/29/2024 ​ 0.64% + 0.10% + applicable spread ​ $ 100,000 ​ $ 1,172 2027 Term Loan ​ 3/29/2024 ​ 1/31/2027 ​ 1.35% + 0.10% + applicable spread ​ $ 100,000 ​ $ 5,840 2027 Term Loan (2) ​ 1/31/2027 ​ 1/30/2032 ​ 3.75% + 0.10% + applicable spread ​ $ 60,000 ​ $ (1,253) 2028 Term Loan ​ 9/30/2022 ​ 1/31/2028 ​ 3.78% + 0.10% + applicable spread ​ $ 50,000 ​ $ (433) 2028 Term Loan ​ 9/30/2022 ​ 1/31/2028 ​ 3.78% + 0.10% + applicable spread ​ $ 50,000 ​ $ (442) 2028 Term Loan (2) ​ 1/31/2028 ​ 1/31/2033 ​ 3.81% + 0.10% + applicable spread ​ $ 60,000 ​ $ (1,119) Credit Facility ​ 1/31/2023 ​ 1/31/2030 ​ 3.27% + 0.10% + applicable spread ​ $ 50,000 ​ $ 493 Credit Facility ​ 1/31/2023 ​ 1/31/2030 ​ 3.26% + 0.10% + applicable spread ​ $ 33,000 ​ $ 345 Credit Facility ​ 1/31/2023 ​ 1/31/2030 ​ 3.36% + 0.10% + applicable spread ​ $ 17,000 ​ $ 92 Credit Facility (2) ​ 2/1/2024 ​ 1/31/2028 ​ 3.85% + 0.10% + applicable spread ​ $ 50,000 ​ $ (617) (1) Effective September 30, 2022 the Company converted its existing interest rate swaps from 1-month LIBOR to SOFR. (2) During the year ended December 31, 2023, the Company entered into forward starting interest rate swaps to further fix interest rates through periods that the Company reasonably expects to extend its current term loans and Credit Facility.

ACCRUED AND OTHER LIABILITIES (

ACCRUED AND OTHER LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 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 ​ December 31, 2023 December 31, 2022 Accrued Property Taxes ​ $ 2,090 ​ $ 716 Reserve for Tenant Improvements ​ ​ 1,168 ​ ​ 6,186 Tenant Security Deposits ​ ​ 2,301 ​ ​ 2,719 Accrued Construction Costs ​ ​ 1,170 ​ ​ 903 Accrued Interest ​ ​ 773 ​ ​ 872 Environmental Reserve ​ ​ 54 ​ ​ 67 Cash Flow Hedge - Interest Rate Swaps ​ ​ 4,879 ​ ​ 397 Operating Leases - Liability ​ ​ 417 ​ ​ 64 Other ​ ​ 5,521 ​ ​ 6,104 Total Accrued and Other Liabilities ​ $ 18,373 ​ $ 18,028

DEFERRED REVENUE (Tables)

DEFERRED REVENUE (Tables)	12 Months Ended
	Dec. 31, 2023
DEFERRED REVENUE
Schedule of components of deferred revenue	Deferred revenue consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ December 31, 2023 December 31, 2022 Prepaid Rent ​ $ 3,723 ​ $ 3,951 Interest Reserve from Commercial Loans and Investments ​ ​ 744 ​ ​ 1,262 Tenant Contributions ​ ​ 733 ​ ​ 522 Total Deferred Revenue ​ $ 5,200 ​ $ 5,735

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	12 Months Ended
	Dec. 31, 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 year ended December 31, 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 12/31/2023 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) ​ ​ — ​ ​ (17,946) ​ ​ 216,357 Total Shares ​ ​ 442,326 ​ ​ 185,207 ​ ​ (146,370) ​ ​ — ​ ​ (27,431) ​ ​ 453,732
Schedule of amounts recognized for stock-based compensation	Amounts recognized in the financial statements for stock-based compensation are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ December 31, 2023 December 31, 2022 December 31, 2021 Total Cost of Share-Based Plans Charged Against Income ​ $ 3,673 ​ $ 3,232 ​ $ 3,168
Summary of nonvested restricted stock award activity	A summary of the activity for these awards during the years ended December 31, 2023, 2022, and 2021 is presented below: ​ ​ ​ ​ ​ ​ ​ Market Condition Non-Vested Restricted Shares Shares Wtd. Avg. Fair Value Non-Vested at January 1, 2021 ​ ​ 22,000 ​ $ 41.71 Granted ​ ​ — ​ ​ — Vested ​ ​ — ​ ​ — Expired ​ ​ (22,000) ​ $ 41.71 Forfeited ​ ​ — ​ ​ — Non-Vested at December 31, 2021 ​ ​ — ​ ​ — Granted ​ ​ — ​ ​ — Vested ​ ​ — ​ ​ — Expired ​ ​ — ​ ​ — Forfeited ​ ​ — ​ ​ — Non-Vested at December 31, 2022 ​ ​ — ​ ​ — Granted ​ ​ — ​ ​ — Vested ​ ​ — ​ ​ — Expired ​ ​ — ​ ​ — Forfeited ​ ​ — ​ ​ — Non-Vested at December 31, 2023 ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ Non-Vested Restricted Shares Shares Wtd. Avg. Fair Value Per Share Non-Vested at January 1, 2021 ​ ​ 115,437 ​ $ 19.27 Granted ​ ​ 129,150 ​ $ 11.82 Vested ​ ​ (63,660) ​ $ 16.18 Expired ​ ​ — ​ ​ — Forfeited ​ ​ (26,418) ​ $ 15.53 Non-Vested at December 31, 2021 ​ ​ 154,509 ​ $ 14.96 Granted ​ ​ 137,448 ​ $ 19.72 Vested ​ ​ (72,465) ​ $ 14.96 Expired ​ ​ — ​ ​ — Forfeited ​ ​ (7,413) ​ $ 17.01 Non-Vested at December 31, 2022 ​ ​ 212,079 ​ $ 17.97 Granted ​ ​ 96,453 ​ $ 19.12 Vested ​ ​ (74,229) ​ $ 16.00 Expired ​ ​ — ​ ​ — Forfeited ​ ​ (17,946) ​ $ 19.08 Non-Vested at December 31, 2023 ​ ​ 216,357 ​ $ 19.07
Summary of activity for stock option awards	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-Qualified Stock Option Awards ​ Shares Wtd. Avg. Ex. Price Wtd. Avg. Remaining Contractual Term (Years) ​ Aggregate Intrinsic Value Non-Vested at January 1, 2021 ​ ​ 240,000 ​ $ 18.54 ​ ​ ​ ​ ​ ​ Granted ​ ​ 60,996 ​ ​ — ​ ​ ​ ​ ​ ​ Exercised ​ ​ (236,373) ​ $ 14.88 ​ ​ ​ ​ ​ ​ Expired ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ Forfeited ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ Non-Vested at December 31, 2021 ​ ​ 64,623 ​ $ 14.46 ​ ​ ​ ​ ​ ​ Granted ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ Exercised ​ ​ (64,623) ​ $ 14.46 ​ ​ ​ ​ ​ ​ Expired ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ Forfeited ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ Non-Vested at December 31, 2022 ​ ​ — ​ $ — ​ ​ ​ ​ ​ ​ Granted ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ Exercised ​ ​ — ​ $ — ​ ​ ​ ​ ​ ​ Expired ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ Forfeited ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ Non-Vested at December 31, 2023 ​ ​ — ​ $ — ​ ​ — ​ $ — Exercisable at January 1, 2023 ​ ​ — ​ $ — ​ ​ — ​ $ — Exercisable at December 31, 2023 ​ ​ — ​ $ — ​ ​ — ​ $ —
January 28, 2017
STOCK-BASED COMPENSATION
Summary of performance share awards activity	​ ​ ​ ​ ​ ​ ​ ​ Performance Shares With Market Conditions Shares ​ Wtd. Avg. Fair Value Per Share Non-Vested at January 1, 2021 ​ ​ 167,553 ​ $ 21.15 Granted ​ ​ 144,402 ​ $ 10.68 Vested ​ ​ (52,254) ​ $ 19.43 Expired ​ ​ - ​ ​ — Forfeited ​ ​ (25,347) ​ $ 15.68 Non-Vested at December 31, 2021 ​ ​ 234,354 ​ $ 15.67 Granted ​ ​ 69,168 ​ $ 20.76 Vested ​ ​ (73,275) ​ $ 16.76 Expired ​ ​ — ​ ​ — Forfeited ​ ​ — ​ ​ — Non-Vested at December 31, 2022 ​ ​ 230,247 ​ $ 16.85 Granted ​ ​ 88,754 ​ $ 18.10 Vested ​ ​ (72,141) ​ $ 14.17 Expired ​ ​ — ​ ​ — Forfeited ​ ​ (9,485) ​ $ 18.10 Non-Vested at December 31, 2023 ​ ​ 237,375 ​ $ 18.08

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2023
INCOME TAXES
Schedule of total income tax benefit (expense)	Total income tax benefit (expense) is summarized as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2023 2022 2021 Income Tax Benefit (Expense) ​ $ (604) ​ $ 2,830 ​ $ 3,079
Summary of provisions for income tax benefit (expense)	The provisions for income tax benefit (expense) are summarized as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ 2021 ​ Current Deferred Current Deferred Current Deferred Federal ​ $ (83) ​ $ (427) ​ $ (183) ​ $ 2,571 ​ $ 235 ​ $ 2,362 State ​ ​ — ​ ​ (94) ​ ​ — ​ ​ 442 ​ ​ 44 ​ ​ 438 Total ​ $ (83) ​ $ (521) ​ $ (183) ​ $ 3,013 ​ $ 279 ​ $ 2,800
Summary of deferred income tax assets (liabilities)	The sources of these differences and the related deferred income tax assets (liabilities) are summarized as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred Tax ​ 2023 2022 Deferred Income Tax Assets ​ ​ ​ ​ ​ ​ Capital Loss Carryforward ​ $ 1,663 ​ $ 1,800 Net Operating Loss Carryforward ​ ​ 2,277 ​ ​ 2,597 Gross Deferred Income Tax Assets ​ ​ 3,940 ​ ​ 4,397 Less - Valuation Allowance ​ ​ (1,663) ​ ​ (1,800) Net Deferred Income Tax Assets ​ ​ 2,277 ​ ​ 2,597 Deferred Income Tax Liabilities ​ ​ ​ ​ ​ ​ Unrealized Gain on Investment Securities ​ ​ (240) ​ ​ (39) Basis Differences in Mitigation Credit Assets ​ ​ (28) ​ ​ (28) Total Deferred Income Tax Liabilities ​ ​ (268) ​ ​ (67) Net Deferred Income Tax Liabilities ​ $ 2,009 ​ $ 2,530
Schedule of reconciliation of income tax computed at the federal statutory rate	Following is a reconciliation of the income tax computed at the federal statutory rate of 21% for 2023, 2022, and 2021, individually, for continuing operations (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2023 2022 2021 Income Tax Benefit Computed at Federal Statutory Rate ​ $ (353) ​ (5.8) % ​ $ 2,795 ​ 852.1 % ​ $ 4,408 ​ 16.4 % Increase (Decrease) Resulting from: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ State Income Tax, Net of Federal Income Tax Benefit ​ ​ (92) ​ (1.5) % ​ ​ 593 ​ 180.8 % ​ ​ 936 ​ 3.5 % Income Tax on Permanently Non-Deductible Items ​ ​ (158) ​ (2.6) % ​ ​ (484) ​ (147.6) % ​ ​ — ​ 0.0 % Income Tax on Capital Gains offsetting Capital Loss Carryforward ​ ​ 113 ​ 1.8 % ​ ​ — ​ 0.0 % ​ ​ — ​ 0.0 % Valuation Allowance ​ ​ — ​ 0.0 % ​ ​ — ​ 0.0 % ​ ​ (2,216) ​ (8.2) % Other Reconciling Items ​ ​ (114) ​ (1.9) % ​ ​ (74) ​ (22.6) % ​ ​ (49) ​ (0.2) % Benefit for Income Taxes ​ $ (604) ​ (9.8) % ​ $ 2,830 ​ 862.8 % ​ $ 3,079 ​ 11.5 %

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Dec. 31, 2023
COMMITMENTS AND CONTINGENCIES
Schedule of minimum future rental payments under non-cancelable operating leases having remaining terms in excess of one year	The Company leases, as lessee, certain equipment under operating leases. Minimum future rental payments under non-cancelable operating leases having remaining terms in excess of one year as of December 31, 2023, are summarized as follows (in thousands): ​ ​ ​ ​ Year Ending December 31, Amounts 2024 ​ $ 124 2025 ​ ​ 120 2026 ​ ​ 113 2027 ​ ​ 116 2028 ​ ​ — 2029 and Thereafter (Cumulative) ​ ​ — Total Lease Payments ​ $ 473 Imputed Interest ​ ​ (56) Operating Leases - Liability ​ $ 417
Schedule of Commitments	​ ​ ​ ​ ​ ​ ​ As of December 31, 2023 Total Commitment (1) ​ $ 17,888 Less Amount Funded ​ ​ (4,236) Remaining Commitment ​ $ 13,652 (1) Commitment includes tenant improvements, leasing commissions, rebranding, facility expansion and other capital improvements.

BUSINESS SEGMENT DATA (Tables)

BUSINESS SEGMENT DATA (Tables)	12 Months Ended
	Dec. 31, 2023
BUSINESS SEGMENT DATA
Schedule of operations in different segments	​ Information about the Company’s operations in different segments for the years ended December 31, 2023, 2022, and 2021 is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended ​ December 31, 2023 December 31, 2022 December 31, 2021 Revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ Income Properties ​ $ 96,663 ​ $ 68,857 ​ $ 50,679 Management Fee Income ​ ​ 4,388 ​ ​ 3,829 ​ ​ 3,305 Interest Income From Commercial Loans and Investments ​ ​ 4,084 ​ ​ 4,172 ​ ​ 2,861 Real Estate Operations ​ ​ 3,984 ​ ​ 5,462 ​ ​ 13,427 Total Revenues ​ $ 109,119 ​ $ 82,320 ​ $ 70,272 Operating Income: ​ ​ ​ ​ ​ ​ ​ ​ ​ Income Properties ​ $ 68,208 ​ $ 48,493 ​ $ 36,864 Management Fee Income ​ ​ 4,388 ​ ​ 3,829 ​ ​ 3,305 Interest Income From Commercial Loans and Investments ​ ​ 4,084 ​ ​ 4,172 ​ ​ 2,861 Real Estate Operations ​ ​ 2,261 ​ ​ 2,969 ​ ​ 4,812 General and Corporate Expense ​ ​ (58,422) ​ ​ (41,754) ​ ​ (31,783) Provision for Impairment ​ ​ (1,556) ​ ​ — ​ ​ (17,599) Gain (Loss) on Disposition of Assets ​ ​ 7,543 ​ ​ (7,042) ​ ​ 28,316 Loss on Extinguishment of Debt ​ ​ — ​ ​ — ​ ​ (3,431) Total Operating Income ​ $ 26,506 ​ $ 10,667 ​ $ 23,345 Depreciation and Amortization: ​ ​ ​ ​ ​ ​ ​ ​ ​ Income Properties ​ $ 44,107 ​ $ 28,799 ​ $ 20,561 Corporate and Other ​ ​ 66 ​ ​ 56 ​ ​ 20 Total Depreciation and Amortization ​ $ 44,173 ​ $ 28,855 ​ $ 20,581 Capital Expenditures: ​ ​ ​ ​ ​ ​ ​ ​ ​ Income Properties ​ $ 102,688 ​ $ 331,754 ​ $ 256,456 Commercial Loans and Investments ​ ​ 32,869 ​ ​ 53,369 ​ ​ 364 Corporate and Other ​ ​ 261 ​ ​ 42 ​ ​ 34 Total Capital Expenditures ​ $ 135,818 ​ $ 385,165 ​ $ 256,854 ​ Identifiable assets of each segment as of December 31, 2023 and 2022 are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ December 31, 2023 December 31, 2022 Identifiable Assets: ​ ​ ​ ​ ​ ​ Income Properties ​ $ 887,345 ​ $ 902,427 Management Services ​ ​ 1,395 ​ ​ 1,370 Commercial Loans and Investments ​ ​ 62,099 ​ ​ 32,269 Real Estate Operations ​ ​ 2,343 ​ ​ 4,041 Corporate and Other ​ ​ 36,486 ​ ​ 46,438 Total Assets ​ $ 989,668 ​ $ 986,545

DESCRIPTION OF BUSINESS (Detail

DESCRIPTION OF BUSINESS (Details) $ in Thousands, ft² in Millions			1 Months Ended	12 Months Ended
	Apr. 27, 2022	Dec. 10, 2021 USD ($) a	Oct. 31, 2019	Dec. 31, 2023 USD ($) ft² a country property loan	Dec. 31, 2022 USD ($)
Real Estate Properties
Number of commercial loan investment | loan				4
Investment in Alpine Income Property Trust, Inc.				$ 39,445	$ 42,041
Stock split ratio	3				3
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.				$ 39,445	$ 42,041
Investment ownership percentage (as a percent)				15.70%
Stock split ratio				1
Land JV
Real Estate Properties
No. of Acres | a		1,600
Final sales price		$ 66,300
Interest in the joint venture (as a percent)		33.50%	33.50%	33.50%
Proceeds from sale of land		$ 24,500		$ 24,500
Florida
Real Estate Properties
Number of countries | country				19
Subsurface area of portfolio of mineral interests | a				352,000
Commercial
Real Estate Properties
Number of real estate properties | property				20
Number of states in which entity operates | country				8
Gross leasable space | ft²				3.7
Number of preferred equity investment | property				1

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Principles of Consolidation (Details) $ in Millions	Dec. 10, 2021 USD ($) a	Dec. 31, 2023	Sep. 30, 2021	Jun. 30, 2018
Mitigation Bank
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Equity method investment, ownership percentage (as a percent)		30%	30%	30%
Land JV
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Equity method investment, ownership percentage (as a percent)	33.50%
Acres sold | a	1,600
Final sales price | $	$ 66.3

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Segment Reporting (Details)	12 Months Ended
	Dec. 31, 2023 segment
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Number of business segments	4

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restricted Cash
Restricted Cash	$ 7,605	$ 1,861	$ 22,734
Restricted cash, escrow account in connection with Mitigation Bank | Mitigation Bank
Restricted Cash
Restricted Cash	6,900
Restricted cash escrow account in connection with reserves for commercial loans and investments
Restricted Cash
Restricted Cash	$ 700

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Accounts Receivable (Details) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2015 Transaction	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Accounts Receivable
Number of closed land transactions | Transaction	2
Allowance for doubtful accounts		$ 1.7	$ 1.8
Other Assets
Accounts Receivable
Income Property Tenant Receivables, Net of Allowance for Doubtful Accounts		4.6	2.2
Income Property Tenant Receivables, Increase (Decrease)		2.4
Accounts receivable related to real estate operations		$ 0.6	$ 0.8

SUMMARY OF SIGNIFICANT ACCOUN_8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property, Plant, and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended			24 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2021
PROPERTY, PLANT, AND EQUIPMENT
Depreciation	$ 25,700	$ 16,600	$ 12,300
Interest capitalized	$ 300	$ 200	$ 0	$ 0
Building and Building Improvements [Member] | Minimum
PROPERTY, PLANT, AND EQUIPMENT
Useful lives for property, plant, and equipment	3 years
Building and Building Improvements [Member] | Maximum
PROPERTY, PLANT, AND EQUIPMENT
Useful lives for property, plant, and equipment	48 years
Other Furnishings and Equipment | Minimum
PROPERTY, PLANT, AND EQUIPMENT
Useful lives for property, plant, and equipment	3 years
Other Furnishings and Equipment | Maximum
PROPERTY, PLANT, AND EQUIPMENT
Useful lives for property, plant, and equipment	20 years

SUMMARY OF SIGNIFICANT ACCOUN_9

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Income Taxes (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) subsidiary	Dec. 31, 2022 subsidiary	Dec. 31, 2021 subsidiary
Income Taxes
Number of taxable REIT subsidiaries | subsidiary	2	2	2
Reserves for uncertain income tax positions | $	$ 0

SUMMARY OF SIGNIFICANT ACCOU_10

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Concentration of Credit Risk (Details) - Geographic Concentration Risk	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Square Footage | Income Properties | Georgia
CONCENTRATION OF CREDIT RISK
Concentration risk percentage	29%	29%
Square Footage | Income Properties | Texas
CONCENTRATION OF CREDIT RISK
Concentration risk percentage	24%	15%
Square Footage | Income Properties | VIRGINIA
CONCENTRATION OF CREDIT RISK
Concentration risk percentage	11%	12%
Square Footage | Income Properties | Florida
CONCENTRATION OF CREDIT RISK
Concentration risk percentage		11%
Base Rent Revenues | Georgia
CONCENTRATION OF CREDIT RISK
Concentration risk percentage	35%
Base Rent Revenues | Texas
CONCENTRATION OF CREDIT RISK
Concentration risk percentage	20%
Base Rent Revenues | VIRGINIA
CONCENTRATION OF CREDIT RISK
Concentration risk percentage	11%
Base Rent Revenues | Florida
CONCENTRATION OF CREDIT RISK
Concentration risk percentage	11%

INCOME PROPERTIES - Leasing Rev

INCOME PROPERTIES - Leasing Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leasing Revenue
Lease Payments	$ 74,721	$ 54,083	$ 41,791
Variable Lease Payments	21,942	14,774	8,888
Total Leasing Revenue	$ 96,663	$ 68,857	$ 50,679
Operating Lease, Lease Income, Statement of Income or Comprehensive Income	Revenues	Revenues	Revenues

INCOME PROPERTIES - Minimum Fut

INCOME PROPERTIES - Minimum Future Base Rental Revenue on Non-cancelable Leases (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Minimum future base rental revenue on non-cancelable leases
2024	$ 71,940
2025	68,449
2026	60,561
2027	49,747
2028	36,865
2029 and Thereafter (Cumulative)	92,666
Total	$ 380,228

INCOME PROPERTIES - Acquisition

INCOME PROPERTIES - Acquisitions (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) ft² tenant property	Dec. 31, 2022 USD ($) ft² tenant	Dec. 31, 2021 USD ($) tenant	Feb. 24, 2023 ft²	Mar. 03, 2022 USD ($)
Acquisitions of Income Properties
Aggregate acquisition cost including capitalized acquisition costs	$ 14,700
Weighted average amortization period of intangible assets	6 years
Face Value of Debt	$ 496,834
Fixed-Rate Mortgage Note
Acquisitions of Income Properties
Face Value of Debt					$ 17,800
2023 Acquisitions
Acquisitions of Income Properties
Aggregate acquisition cost including capitalized acquisition costs	80,300
Land	21,200
Buildings and improvements	53,600
Intangible assets pertaining to the in-place lease value, leasing fees and above market lease value	8,700
Intangible liabilities for below market lease value	$ 3,200
Weighted average amortization period of intangible assets	5 years 7 months 6 days
Purchase Price	$ 80,000
2023 Acquisitions | Income Property, Multi-tenant, Rockwall, Texas
Acquisitions of Income Properties
Aggregate acquisition cost including capitalized acquisition costs	$ 61,300
Property Square-Feet | ft²	446,500
Purchase Price	$ 61,200
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
Property Square-Feet | ft²	24,100			28,100
Purchase Price	$ 14,600
Number of tenant | tenant	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
Purchase Price	$ 2,300
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
2023 Acquisitions | Income Property, Land Parcel, Adjacent Forsyth Property, Atlanta Georgia
Acquisitions of Income Properties
Number of real estate properties | property	1
Purchase Price	$ 4,300
2022 Acquisitions
Acquisitions of Income Properties
Aggregate acquisition cost including capitalized acquisition costs		$ 315,600
Purchase Price		$ 314,000
2022 Acquisitions | Multi-tenant
Acquisitions of Income Properties
Number of tenant repurchase options | tenant		4
2022 Acquisitions | Single-tenant
Acquisitions of Income Properties
Number of real estate properties | tenant		3
2022 Acquisitions | Income Property, Multi-tenant, Ashford Lane, Atlanta, Georgia
Acquisitions of Income Properties
Aggregate acquisition cost including capitalized acquisition costs		$ 80,500
Property Square-Feet | ft²		162,521
Purchase Price		$ 80,200
Percentage Leased at Acquisition		98%
2022 Acquisitions | Income Property, Multi tenant, West Broad Village, Glen Allen, Virginia
Acquisitions of Income Properties
Aggregate acquisition cost including capitalized acquisition costs		$ 94,600
Property Square-Feet | ft²		392,007
Purchase Price		$ 93,900
Percentage Leased at Acquisition		83%
2022 Acquisitions | Income Property Collection at Forsyth, Cummings, Georgia
Acquisitions of Income Properties
Aggregate acquisition cost including capitalized acquisition costs		$ 96,400
Property Square-Feet | ft²		560,434
Purchase Price		$ 96,000
Percentage Leased at Acquisition		80%
2022 Acquisitions | Income Property MainStreet Portfolio, Daytona Beach, Florida
Acquisitions of Income Properties
Aggregate acquisition cost including capitalized acquisition costs		$ 4,900
Property Square-Feet | ft²		28,511
Purchase Price		$ 4,800
Percentage Leased at Acquisition		100%
2022 Acquisitions | Income Property MainStreet Portfolio, Daytona Beach, Florida | Single-tenant
Acquisitions of Income Properties
Number of real estate properties | tenant		3
2022 Acquisitions | Income Property, Multi-tenant, Katy, Texas
Acquisitions of Income Properties
Aggregate acquisition cost including capitalized acquisition costs		$ 39,200
Property Square-Feet | ft²		200,576
Purchase Price		$ 39,100
Percentage Leased at Acquisition		95%
2022 Acquisitions | Income Property, Multi-tenant, Katy, Texas | Fixed-Rate Mortgage Note
Acquisitions of Income Properties
Face Value of Debt		$ 17,800
2021 Acquisitions
Acquisitions of Income Properties
Number of real estate properties | tenant			8
Aggregate acquisition cost including capitalized acquisition costs		$ 249,800
Land			$ 78,000
Buildings and improvements			124,900
Intangible assets pertaining to the in-place lease value, leasing fees and above market lease value			49,700
Intangible liabilities for below market lease value			$ 2,800
Weighted average amortization period of intangible assets		6 years	6 years 9 months 18 days
Purchase Price			$ 249,100
2021 Acquisitions | Nonrecurring basis
Acquisitions of Income Properties
Land		$ 60,100
Buildings and improvements		208,300
Intangible assets pertaining to the in-place lease value, leasing fees and above market lease value		52,700
Intangible liabilities for below market lease value		$ 5,500

INCOME PROPERTIES - Disposition

INCOME PROPERTIES - Dispositions (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($) property	Dec. 31, 2021 USD ($) tenant property
Income Property, Multi-tenant, Crossroads Towne Center, Chandler, Arizona
Dispositions of Income Properties
Sales price	$ 11.5
2023 Dispositions, Income Properties
Dispositions of Income Properties
Sales price	87.1
Gain (Loss) on Sale	$ 6.6
Number of real estate properties | property	9
Disposal Group, Not Discontinued Operation, Gain	$ 8.2
Disposal Group, Not Discontinued Operation Loss	0.7
Disposal Group Not Discontinued Operation Impairment Charge	0.9
2023 Dispositions, Income Properties | Income Property, Outparcel Corporation, Henderson, Nevada
Dispositions of Income Properties
Sales price	$ 18.2
Number of real estate properties | property	4
2023 Dispositions, Income Properties | Income Property, Outparcel Corporation, Henderson, Nevada | Minimum
Dispositions of Income Properties
Sales price	$ 2.1
2023 Dispositions, Income Properties | Income Property, Single Tenant, Reston, Virginia
Dispositions of Income Properties
Sales price	18.5
2023 Dispositions, Income Properties | Income Property Sabal Pavilion, Tampa, Florida
Dispositions of Income Properties
Sales price	22
2022 Dispositions, Income Properties
Dispositions of Income Properties
Number of real estate properties | property		6
2022 Dispositions, Income Properties | Income Property, Westland Gateway Plaza, FL
Dispositions of Income Properties
Sales price		$ 22.2
2022 Dispositions, Income Properties, Single-tenant | Income Property, Single-tenant, Moe's Southwest Grill, Jacksonville, Florida
Dispositions of Income Properties
Sales price			$ 2.5
2022 Dispositions, Income Properties, Single-tenant | Income Property, Party City Corporation, Oceanside, New York
Dispositions of Income Properties
Sales price		6.9
2022 Dispositions, Income Properties, Single-tenant | Income Property, Single-tenant, Outback, Austin, Texas
Dispositions of Income Properties
Sales price		17.1
Dispositions Income Properties 2022 Chuy's Single Tenant | Income Property, The Strand - Fogo De Chao, Jacksonville, Florida
Dispositions of Income Properties
Sales price		5.8
Dispositions Income Properties 2022 Firebirds Single Tenant | Income Property, The Strand - Fogo De Chao, Jacksonville, Florida
Dispositions of Income Properties
Sales price		5.5
Dispositions Income Properties 2022 245 Riverside Multi Tenant | Income Property, The Strand - Fogo De Chao, Jacksonville, Florida
Dispositions of Income Properties
Sales price		23.6
2021 Dispositions, Multi-tenant
Dispositions of Income Properties
Number Of Tenant Repurchase Options | tenant			1
2021 Dispositions, Single-tenant
Dispositions of Income Properties
Number of real estate properties | property			6
Number Of Tenant Repurchase Options | tenant			14
2021 Dispositions, Single-tenant | Income Property, Burlington Coat Stores, Inc, North Richland Hills, Texas
Dispositions of Income Properties
Sales price			$ 11.5
2021 Dispositions, Single-tenant | Income Properties, Single-tenant, CMBS Portfolio
Dispositions of Income Properties
Sales price		44.5
2021 Dispositions, Single-tenant | Twenty Four Hour Fitness, Falls Church, VA
Dispositions of Income Properties
Sales price			21.5
Dispositions Income Properties 2021 Chick Fil A Single Tenant | Crossroads Property, Chandler, Arizona
Dispositions of Income Properties
Sales price		2.9
Dispositions Income Properties 2021 JP Morgan Chase Bank Single Tenant | Crossroads Property, Chandler, Arizona
Dispositions of Income Properties
Sales price			4.7
Dispositions Income Properties 2021 Fogo De Chao Single Tenant | Income Property, The Strand - Fogo De Chao, Jacksonville, Florida
Dispositions of Income Properties
Sales price			4.7
Dispositions Income Properties 2021 Wells Fargo Single Tenant | Income Property, Wells Fargo, Raleigh, North Carolina
Dispositions of Income Properties
Sales price			63
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
Sales price	$ 14.8
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 2022 Dispositions, Income Properties
Dispositions of Income Properties
Sales price		81.1
Gain (Loss) on Sale		$ 4.7
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income		Gain (Loss) on Disposition of Assets
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 2021 Dispositions, Income Properties
Dispositions of Income Properties
Sales price			162.3
Gain (Loss) on Sale			28.2
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 2021 Dispositions, Multi-tenant | Income Property, World of Beer, Fuzzys Taco Shop, Brandon, Florida
Dispositions of Income Properties
Sales price			$ 2.3

INCOME PROPERTIES - General Inf

INCOME PROPERTIES - General Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) tenant	Mar. 11, 2022 USD ($)
Acquisitions of Income Properties
Aggregate acquisition cost including capitalized acquisition costs	$ 14.7
Amount allocated of total acquisition cost
Weighted average amortization period of intangible assets	6 years
2021 Acquisitions
Acquisitions of Income Properties
Number of real estate properties | tenant			8
Payments to Acquire Commercial Real Estate			$ 249.1
Aggregate acquisition cost including capitalized acquisition costs		$ 249.8
Land			78
Buildings and improvements			124.9
Intangible assets pertaining to the in-place lease value, leasing fees and above market lease value			49.7
Intangible liabilities for below market lease value			$ 2.8
Amount allocated of total acquisition cost
Weighted average amortization period of intangible assets		6 years	6 years 9 months 18 days
Ground Lease Loan - 400 Josephine Street, Austin, TX
Acquisitions of Income Properties
Sales price				$ 17.1
Nonrecurring basis | 2021 Acquisitions
Acquisitions of Income Properties
Land		$ 60.1
Buildings and improvements		208.3
Intangible assets pertaining to the in-place lease value, leasing fees and above market lease value		52.7
Intangible liabilities for below market lease value		$ 5.5

COMMERCIAL LOANS AND INVESTME_3

COMMERCIAL LOANS AND INVESTMENTS - Summary of Commercial Loan Investments (Details) $ in Thousands											12 Months Ended
	Dec. 20, 2023 USD ($)	Mar. 01, 2023 USD ($)	Feb. 21, 2023 USD ($)	Nov. 04, 2022 USD ($)	Jul. 28, 2022 USD ($)	May 09, 2022 USD ($)	Apr. 29, 2022 USD ($)	Apr. 07, 2022 USD ($) item	Mar. 11, 2022 USD ($)	Jan. 26, 2022 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Original Face Amount											$ 69,500	$ 40,600
Current Face Amount											62,657	32,073
Carrying Value before CECL											62,476
Carrying Value											61,849	31,908	$ 39,095	$ 38,320
Mortgage Loans On Real Estate, Extension Term								1 year
Amount repaid by borrower												19,000
CECL Reserve											(627)
Gain (loss) on sale of mortgage loans												807
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Westland Gateway Plaza, FL
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying Value					$ 21,100
Carrying value at the time of sale					21,200
Gain (loss) on sale of mortgage loans					1,000
Sales price					$ 22,200
Ground Lease Loan - 400 Josephine Street, Austin, TX
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying Value									$ 17,300
Loans And Leases Receivable Net Reported Amount									16,250
Gain (loss) on sale of mortgage loans									200
Sales price									$ 17,100
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 - 110 N Beach Street - Daytona Beach, FL
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
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											$ 14,892
Coupon Rate		8.75%									8.75%
Interest-only term (in years)		3 years
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%
Mortgage Note - Sabal Pavilion - Tampa, FL
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Original Face Amount											$ 15,400
Current Face Amount	$ 15,400										15,400
Carrying Value before CECL											$ 15,393
Coupon Rate	7.50%										7.50%
Interest-only term (in years)	6 months
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										$ 8,700	1,857	220
Carrying Value before CECL											$ 1,854
Carrying Value												$ 173
Coupon Rate											7.25%	7.25%
Extension period (in years)										1 year
Interest rate (as a percent)										7.25%
Origination fee										$ 100
Loan origination											$ 2,200	$ 3,200
Remaining commitment											0	5,500
Amount repaid by borrower											600
Construction Loan - WaterStar Kissimmee retail property development project in Kissimmee, Florida
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Current Face Amount							$ 19,000
Coupon Rate							8%
Origination fee							$ 100
Loan origination							19,000
Remaining commitment							$ 0
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						$ 1,500						1,453
Carrying Value												$ 1,453
Coupon Rate						10%						12%
Loan origination												$ 1,500
Improvement Loan For Ashford Lane - Atlanta, Georgia | Interest rate Until The location is Open
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
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											$ 29,937
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

COMMERCIAL LOANS AND INVESTME_4

COMMERCIAL LOANS AND INVESTMENTS - General Information (Details) $ in Thousands		12 Months Ended
	Mar. 11, 2022 USD ($) item	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current expected credit losses reserve		$ 627
Principal Payments Received on Commercial Loans and Investments		986	$ 61,628
Carrying Value		61,849	31,908	$ 39,095	$ 38,320
Gain (loss) on sale of mortgage loans			807
Ground Lease Loan - 400 Josephine Street, Austin, TX
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number Of Tenant Repurchase Options | item	2
Carrying Value	$ 17,300
Gain (loss) on sale of mortgage loans	$ 200
Income Property, Multi Tenant ,Exchange at Gwinnett ,Buford ,Georgia
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal Payments Received on Commercial Loans and Investments			2,900
Carrying Value			200
Commercial Real Estate Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current expected credit losses reserve		627	4
Carrying Value		$ 61,849	$ 31,908

COMMERCIAL LOANS AND INVESTME_5

COMMERCIAL LOANS AND INVESTMENTS - Carrying Value (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current Face Amount	$ 62,657	$ 32,073
CECL Reserve	(627)
Total Commercial Loan and Investments	61,849	31,908	$ 39,095	$ 38,320
Commercial loan and master lease investments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current Face Amount	62,657	32,073
Unaccreted Origination Fees	(181)	(161)
CECL Reserve	(627)	(4)
Total Commercial Loan and Investments	$ 61,849	$ 31,908

MANAGEMENT SERVICES BUSINESS -

MANAGEMENT SERVICES BUSINESS - General Information (Details)				12 Months Ended			49 Months Ended
	Jan. 07, 2022 USD ($) property	Dec. 10, 2021 USD ($)	Nov. 26, 2019 USD ($) property shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) property $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) shares	Feb. 16, 2023 USD ($)	Oct. 26, 2021 USD ($)
Real Estate
Outstanding Principal				$ 496,834,000			$ 496,834,000
Loss on Extinguishment of Debt						$ (3,431,000)
Revenues				109,119,000	$ 82,320,000	70,272,000
Management Fee Income
Real Estate
Revenues				4,388,000	$ 3,829,000	$ 3,305,000
Management Fee Income | Portfolio Management Agreement | Maximum
Real Estate
Revenues				$ 100,000
Alpine Income Property OP, LP Limited Partnership Units
Real Estate
Number of contributed properties | property			5
Aggregate of OP units | shares			1,223,854
Initial value			$ 23,300,000
Share purchased | shares				1,200,000
Investment ownership percentage (as a percent)				8.20%			8.20%
Common Stock
Real Estate
Share purchased | shares			421,053	129,271	155,665	8,088	1,108,814
Purchase price of shares			$ 8,000,000	$ 2,100,000	$ 2,700,000	$ 100,000
Investment ownership percentage (as a percent)				7.50%			7.50%
Mortgage Notes Payable Under CMBS Portfolio
Real Estate
Outstanding Principal	$ 30,000,000
Private placement
Real Estate
Share purchased | shares			394,737
Purchase price of shares			$ 7,500,000
2022 Acquisitions | Income Property Single Tenant
Real Estate
Number of real estate properties | property	1
Sales price	$ 6,900,000
Land JV
Real Estate
Management fee revenue earned				$ 0	0	100,000
Management fee revenue earned per month		$ 20,000,000		$ 20,000,000
Monthly management fee		$ 10,000,000				10,000,000
Management Agreement PINE
Real Estate
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				$ 4,400,000	3,800,000	3,200,000
Dividends received				$ 2,500,000	$ 2,300,000	$ 2,100,000
Alpine
Real Estate
Number of properties sold | property			15
Aggregate cash consideration			$ 125,900,000
Amount of shares authorized for purchase by the board								$ 2,100,000	$ 5,000,000
Average price per share | $ / shares				$ 16.21	$ 17.57	$ 17.65
Alpine | Mortgage Notes Payable Under CMBS Portfolio
Real Estate
Real estate acquired purchase price					$ 44,500,000
Number of real estate properties | property					6
Loss on Extinguishment of Debt	$ 500,000
Alpine | Mortgage Notes Payable Under CMBS Portfolio | Income Property Single Tenant
Real Estate
Real estate acquired purchase price					$ 11,500,000
Number of real estate properties | property					1
Investee | Alpine Income Property Trust, Inc.
Real Estate
Incentive fee income				$ 0	$ 0	$ 0

MANAGEMENT SERVICES BUSINESS _2

MANAGEMENT SERVICES BUSINESS - Summary of Amounts Due (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Related Party [Member]
Related Party Transaction
Other receivables	$ 1,395	$ 1,300
Investee | Alpine Income Property Trust, Inc.
Related Party Transaction
Other receivables	1,395	1,300
Investee | Management Services Fee | Alpine Income Property Trust, Inc.
Related Party Transaction
Other receivables	1,062	993
Investee | Dividend Receivable | Alpine Income Property Trust, Inc.
Related Party Transaction
Other receivables	337	337
Investee | Other | Alpine Income Property Trust, Inc.
Related Party Transaction
Other liability	$ (4)	$ (30)

REAL ESTATE OPERATIONS - Land a

REAL ESTATE OPERATIONS - Land and Development Costs (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
REAL ESTATE OPERATIONS
Land and Development Costs	$ 358	$ 358
Subsurface Interests	373	327
Total Land and Development Costs	$ 731	$ 685

REAL ESTATE OPERATIONS - Real E

REAL ESTATE OPERATIONS - Real Estate Operations Revenues (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues
Subsurface Revenue	$ 1,727	$ 1,904	$ 4,724
Revenue from contract with customer, including assessed tax	3,984	5,462	13,427
Mitigation Credit Sales | Real Estate Operations
Revenues
Revenue from contract with customer, including assessed tax	$ 2,257	3,462	708
Land Sales Revenue | Real Estate Operations
Revenues
Revenue from contract with customer, including assessed tax		$ 96	$ 7,995

REAL ESTATE OPERATIONS - Mitiga

REAL ESTATE OPERATIONS - Mitigation Credits (Details) $ in Thousands		12 Months Ended
	Dec. 29, 2022 USD ($)	Dec. 31, 2023 USD ($) item	Dec. 31, 2022 USD ($) item	Dec. 31, 2021 USD ($) item	Dec. 10, 2021
Real Estate Properties [Line Items]
Gain on Disposition of Assets		$ (7,543)	$ 7,042	$ (28,316)
Number of mitigation credits sold | item		20	34	6
Mitigation Credits Sold		$ 1,500	$ 2,300	$ 500
Amount of Mitigation Credits With Cost Basis		2,300	3,500	$ 700
Number of mitigation credits accrued | item				2
Mitigation credits accrued as an expense				$ 100
Mitigation Bank
Real Estate Properties [Line Items]
Mitigation credit and mitigation credit rights		$ 1,000	$ 2,600
Mitigation credits sale price	$ 8,100
Gain on Disposition of Assets	$ (11,900)
Land JV
Real Estate Properties [Line Items]
Equity method investment, ownership percentage (as a percent)					33.50%

REAL ESTATE OPERATIONS - Subsur

REAL ESTATE OPERATIONS - Subsurface Interests (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) a	Dec. 31, 2022 USD ($) a	Dec. 31, 2021 USD ($) a
Subsurface interests
Revenue from contract with customer, including assessed tax	$ 3,984	$ 5,462	$ 13,427
Surface land over subsurface interests
Subsurface interests
Area of land (in acres) | a	352,000
Revenue recognized for cash payments for the release of surface entry rights	$ 700	$ 200	$ 100
Real Estate Operations | Subsurface Revenue, Land Sales
Subsurface interests
Area of land sold (in acres) | a	3,481	14,600	84,900
Revenue from contract with customer, including assessed tax	$ 1,000	$ 1,700	$ 4,600

REAL ESTATE OPERATIONS - Land I

REAL ESTATE OPERATIONS - Land Impairments (Details) - Land JV - USD ($)			12 Months Ended			87 Months Ended
	Dec. 10, 2021	Sep. 30, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2023
Real Estate
Area of land sales as a percentage of land holdings			33.50%
Gross Sales Price		$ 80,700,000				$ 147,000,000
Proceeds from sale of land	$ 24,500,000		$ 24,500,000
Management fee revenue earned			$ 0	$ 0	$ 100,000

INVESTMENT IN JOINT VENTURES -

INVESTMENT IN JOINT VENTURES - Summary (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Equity Method Investment, Financial Statement, Reported Amounts [Abstract]
Equity method investments	$ 0	$ 0

INVESTMENT IN JOINT VENTURES _2

INVESTMENT IN JOINT VENTURES - Commercial Loans and Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Apr. 07, 2022
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Current Face Amount	$ 62,657	$ 32,073
Preferred Equity Agreement - Watters Creek at Montgomery Farm, a grocery-anchored, mixed-use property located in Allen, Texas
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Current Face Amount	$ 30,000	$ 30,000	$ 30,000
Percentage of funding towards total investment (as a percent)			23%

INVESTMENT IN JOINT VENTURES _3

INVESTMENT IN JOINT VENTURES - General Information (Details) - USD ($)				1 Months Ended			12 Months Ended			87 Months Ended
	Dec. 29, 2022	Dec. 10, 2021	Sep. 30, 2021	Sep. 30, 2021	Oct. 31, 2019	Jun. 30, 2018	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Provision for Impairment							$ 1,556,000	$ 0	$ 17,599,000
Cash and Cash Equivalents							10,214,000	19,333,000	8,615,000	$ 10,214,000
Restricted Cash							7,605,000	1,861,000	22,734,000	7,605,000
Migration credits							1,044,000	1,856,000		$ 1,044,000
Mitigation Credit Rights								725,000
Gain (Loss) on Disposition of Assets							$ 7,543,000	(7,042,000)	28,316,000
Mitigation Bank
Schedule of Equity Method Investments [Line Items]
Mitigation credits sale price	$ 8,100,000
Gain (Loss) on Disposition of Assets	11,900,000
Mitigation Bank
Schedule of Equity Method Investments [Line Items]
Equity interest acquired			70%	70%
Acquired price			$ 18,000,000	$ 18,000,000
Capital Expenditures			16,100,000
Cash			1,900,000	1,900,000
Previously recorded value			6,900,000	6,900,000
Total cost			24,900,000	24,900,000
Cash and Cash Equivalents			1,800,000	1,800,000
Restricted Cash			600,000	600,000
Migration credits			900,000	900,000
Mitigation Credit Rights			$ 21,600,000	$ 21,600,000
Mitigation Bank
Schedule of Equity Method Investments [Line Items]
Sale of interest in joint venture						70%
Interest in the joint venture (as a percent)							70%
Income (loss) from equity method investments							$ 0	0	0
Investment in Joint Ventures						$ 6,800,000
Sales price						$ 15,300,000
Equity method investment, ownership percentage (as a percent)			30%	30%		30%	30%			30%
Mitigation Bank | Mitigation Bank
Schedule of Equity Method Investments [Line Items]
Mitigation credits sale price	$ 8,100,000
Mitigation Bank | Mitigation Bank
Schedule of Equity Method Investments [Line Items]
Gross Sales Price				$ 6,900,000
Land JV
Schedule of Equity Method Investments [Line Items]
Sale of interest in joint venture							66.50%
Interest in the joint venture (as a percent)		33.50%			33.50%		33.50%
Gross Sales Price			$ 80,700,000							$ 147,000,000
Proceeds from sale of land		$ 24,500,000					$ 24,500,000
Provision for Impairment									17,600,000
Income (loss) from equity method investments							0	0	0
Investment in Joint Ventures							48,900,000			$ 48,900,000
Sales price							97,000,000
Final sales price		$ 66,300,000
Equity method investment, ownership percentage (as a percent)		33.50%
Monthly management fee		$ 10,000,000							10,000,000
Management fee revenue earned per month		$ 20,000,000					20,000,000
Management fee revenue earned							$ 0	$ 0	$ 100,000

INVESTMENT IN JOINT VENTURES _4

INVESTMENT IN JOINT VENTURES - Summarized Financial Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Equity Method Investment, Summarized Financial Information [Abstract]
Revenues	$ 109,119	$ 82,320	$ 70,272
Direct Cost of Revenues	(30,178)	(22,857)	(22,430)
Operating Income	26,506	10,667	23,345
Other Operating Expenses	(7,543)	7,042	(24,885)
Net Income	$ 5,530	$ 3,158	29,940
Land JV
Equity Method Investment, Summarized Financial Information [Abstract]
Revenues			67,367
Direct Cost of Revenues			(8,867)
Operating Income			58,500
Other Operating Expenses			(376)
Net Income			58,124
Mitigation Bank
Equity Method Investment, Summarized Financial Information [Abstract]
Revenues			512
Direct Cost of Revenues			(16)
Operating Income			496
Other Operating Expenses			(162)
Net Income			$ 334

INVESTMENT SECURITIES - General

INVESTMENT SECURITIES - General Information (Details) - USD ($) $ in Thousands		12 Months Ended			49 Months Ended
	Nov. 26, 2019	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2023
Marketable Securities [Line Items]
Investment in Alpine Income Property Trust, Inc.		$ 39,445	$ 42,041		$ 39,445
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
Investment in Alpine Income Property Trust, Inc.		$ 39,445	$ 42,041		$ 39,445
Investment ownership percentage (as a percent)		15.70%			15.70%
Common Stock
Marketable Securities [Line Items]
Share purchased	421,053	129,271	155,665	8,088	1,108,814
Investment in Alpine Income Property Trust, Inc.		$ 18,750	$ 18,690		$ 18,750
Investment ownership percentage (as a percent)		7.50%			7.50%
Alpine Income Property OP, LP Limited Partnership Units
Marketable Securities [Line Items]
Share purchased		1,200,000
Investment in Alpine Income Property Trust, Inc.		$ 20,695	$ 23,351		$ 20,695
Investment ownership percentage (as a percent)		8.20%			8.20%

INVESTMENT SECURITIES - Tabular

INVESTMENT SECURITIES - Tabular Disclosure (Details) - USD ($) $ in Thousands	Dec. 31, 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	(4,290)
Investment Securities	39,445	42,041
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	(4,290)
Investment Securities	39,445	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	(1,732)
Investment Securities	18,750	18,690
Alpine Income Property OP, LP Limited Partnership 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	(2,558)
Investment Securities	$ 20,695	$ 23,351

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS - Carrying Value and Estimated Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 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	$ 10,214	$ 19,333
Restricted Cash	7,605	1,861
Carrying Value | Significant Other Observable Inputs (Level 2)
Carrying value and estimated fair value of financial instruments
Commercial Loans and Investments	61,849	31,908
Long-Term Debt	495,370	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	10,214	19,333
Restricted Cash	7,605	1,861
Estimated Fair Value | Significant Other Observable Inputs (Level 2)
Carrying value and estimated fair value of financial instruments
Commercial Loans and Investments	63,261	32,960
Long-Term Debt	$ 473,807	$ 426,421

FAIR VALUE OF FINANCIAL INSTR_4

FAIR VALUE OF FINANCIAL INSTRUMENTS - Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair value of assets
Cash Flow Hedge - Interest Rate Swap	$ 11,770	$ 16,158
Investment Securities	39,445	42,041
Recurring basis
Fair value of assets
Investment Securities	39,445	42,041
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair value of assets
Investment Securities	39,445	42,041
Recurring basis | 2026 Term Loan One | Interest Rate Swap
Fair value of assets
Cash Flow Hedge - Interest Rate Swap	2,813	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	2,813	6,047
Recurring basis | 2027 Term loan | Interest Rate Swap
Fair value of assets
Cash Flow Hedge - Interest Rate Swap	5,759	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	5,759	10,111
Recurring basis | 2028 Term Loan | Interest Rate Swap
Fair value of assets
Cash Flow Hedge - Interest Rate Swap	(1,994)	(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	(1,994)	$ (397)
Recurring basis | Credit Facility Interest Rate Swap | Interest Rate Swap
Fair value of assets
Cash Flow Hedge - Interest Rate Swap	313
Recurring basis | Credit Facility Interest Rate Swap | Interest Rate Swap | Significant Other Observable Inputs (Level 2)
Fair value of assets
Cash Flow Hedge - Interest Rate Swap	$ 313

INTANGIBLE ASSETS AND LIABILI_3

INTANGIBLE ASSETS AND LIABILITIES - Components (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	$ 146,753	$ 147,874
Accumulated Amortization	(49,644)	(31,890)
Total	97,109	115,984
Intangible Lease Liabilities (Included in Accrued and Other Liabilities):
Value of Below Market In-Place Leases	(14,848)	(12,307)
Sub-total Intangible Lease Liabilities	(14,848)	(12,307)
Accumulated Amortization	4,407	2,422
Total	(10,441)	(9,885)
Total Intangible Assets and Liabilities-Net	86,668	106,099
Value of In-Place Leases
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	90,246	90,335
Value of Above Market In-Place Leases
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	31,533	32,008
Value of Intangible Leasing Costs
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	$ 24,974	$ 25,531

INTANGIBLE ASSETS AND LIABILI_4

INTANGIBLE ASSETS AND LIABILITIES - Amortization (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
INTANGIBLE ASSETS AND LIABILITIES
Amortization Expense	$ 18,444	$ 12,300	$ 8,264
Accretion to Income Properties Revenue	2,303	2,161	(404)
Net Amortization of Intangible Assets and Liabilities	$ 20,747	$ 14,461	$ 7,860

INTANGIBLE ASSETS AND LIABILI_5

INTANGIBLE ASSETS AND LIABILITIES - Summary of Estimated Amortization and Accretion (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Future Amortization Amount
Total	$ 97,109	$ 115,984
Future Accretion to Income Property Revenue
Total	(10,441)	$ (9,885)
Net Future Amortization of Intangible Assets and Liabilities
2024	20,189
2025	17,968
2026	16,653
2027	13,099
2028	8,635
2029 and Thereafter	10,124
Total	86,668
Future Amortization
Future Amortization Amount
2024	18,139
2025	15,903
2026	14,644
2027	11,866
2028	7,422
2029 and Thereafter	8,666
Total	76,640
Future Accretion to Income Property Revenue
Future Accretion to Income Property Revenue
2024	2,050
2025	2,065
2026	2,009
2027	1,233
2028	1,213
2029 and Thereafter	1,458
Total	$ 10,028

INTANGIBLE ASSETS AND LIABILI_6

INTANGIBLE ASSETS AND LIABILITIES - Weighted Average Amortization Period (Details)	12 Months Ended
	Dec. 31, 2023
INTANGIBLE ASSETS AND LIABILITIES
Weighted average amortization period of intangible assets	6 years
Weighted average amortization period of intangible liabilities	7 years 3 months 18 days

PROVISION FOR IMPAIRMENT (Detai

PROVISION FOR IMPAIRMENT (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Impairment of Long-Lived Assets
Impairment Charges		$ 1,556	$ 0	$ 17,599
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		600	$ 0	0
Land JV
Impairment of Long-Lived Assets
Impairment Charges				17,600
Undeveloped Land in Daytona Beach, Florida, Along Interstate 95 | Land JV
Impairment of Long-Lived Assets
Impairment Charges				$ 17,600
Income Property, Westcliff Shopping Center, Fort Worth, Texas | Income Properties | Disposal group, Not discontinued operations | 2023 Dispositions, Income Properties
Impairment of Long-Lived Assets
Impairment Charges		$ 900
Income Property, Westcliff Shopping Center, Fort Worth, Texas | Income Properties | Disposal Group, Disposed of by Sale, Not Discontinued Operations | 2023 Dispositions, Income Properties
Impairment of Long-Lived Assets
Impairment Charges	$ 900

OTHER ASSETS (Details)

OTHER ASSETS (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Other Assets
Income Property Tenant Receivables, Net of Allowance for Doubtful Accounts	$ 4,568	$ 2,206
Income Property Straight-line Rent Adjustment	6,033	6,214
Operating Leases - Right-of-Use Asset	422	63
Golf Rounds Surcharge	102	216
Cash Flow Hedge - Interest Rate Swap	11,770	16,158
Infrastructure Reimbursement Receivables	568	824
Prepaid Expenses, Deposits, and Other	8,457	5,421
Financing Costs, Net of Accumulated Amortization	1,638	2,051
Total Other Assets	$ 34,953	$ 34,453
Operating Lease, Right-of-Use Asset, Statement of Financial Position	Total Other Assets	Total Other Assets
Allowance for doubtful accounts	$ 1,700	$ 1,800
Related Party
Other Assets
Other receivables	$ 1,395	$ 1,300

EQUITY - General Information (D

EQUITY - General Information (Details) $ / shares in Units, $ in Thousands

12 Months Ended

Dec. 05, 2022 USD ($) shares

Oct. 28, 2022 USD ($)

Apr. 27, 2022

Jun. 28, 2021 $ / shares shares

Jun. 07, 2021 USD ($)

Apr. 30, 2021 USD ($)

Dec. 31, 2023 USD ($)

Dec. 31, 2022 USD ($) $ / shares shares

Feb. 16, 2023 USD ($)

Oct. 11, 2022 USD ($)

Jun. 27, 2022 item

Apr. 01, 2021 USD ($)

Class of Stock

Stock split ratio

3

3

Number of additional shares received | item

2

Aggregate offering price

$ 500,000

$ 350,000

Dividend rate (as a percent)

6.375%

6.375%

2025 Notes Repurchase Program

Class of Stock

Repurchase of notes

$ 0

2025 Notes Repurchase Program | Maximum

Class of Stock

Repurchase of notes

$ 4,740

At Market Offering Program

Class of Stock

Purchase price of shares

$ 150,000

Units issued | shares

961,261

Gross proceeds from issuance of common stock

$ 21,100

Total net proceeds

$ 20,800

Shares issued during period, weighted-average price per share (in dollars per share) | $ / shares

$ 21.99

Transaction fees

$ 300

At Market Offering Program 2022

Class of Stock

Purchase price of shares

$ 150,000

Units issued | shares

604,765

Gross proceeds from issuance of common stock

$ 12,300

Total net proceeds

$ 12,100

Shares issued during period, weighted-average price per share (in dollars per share) | $ / shares

$ 20.29

Transaction fees

$ 200

Follow on Public Offering

Class of Stock

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

$ 62,400

$ 72,400

Preferred stock, redemption price per share | $ / shares

$ 25

Over-Allotment option

Class of Stock

Units issued | shares

450,000

2022 ATM Program and 2021 ATM Program

Class of Stock

Units issued | shares

1,566,026

Gross proceeds from issuance of common stock

$ 33,400

Total net proceeds

$ 32,900

Shares issued during period, weighted-average price per share (in dollars per share) | $ / shares

$ 21.33

Transaction fees

$ 500

EQUITY - Public Offering (Detai

EQUITY - Public Offering (Details) - USD ($) $ / shares in Units, $ in Thousands			12 Months Ended
	Jul. 06, 2021	Jun. 28, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Class of Stock
Dividend Rate			6.375%	6.375%
Shares Outstanding			2,978,808	3,000,000
Gross Proceeds					$ 72,430
Follow on Public Offering
Class of Stock
Dividend Rate		6.375%
Series A preferred stock | Follow on Public Offering
Class of Stock
Dividend Rate	6.375%
Shares Outstanding	3,000,000
Gross Proceeds	$ 75,000
Net Proceeds	$ 72,428
Dividend per Share	$ 0.3984

EQUITY - Dividends (Details)

EQUITY - Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Class of Stock
Dividends, Preferred Stock	$ 4,772	$ 4,781	$ 2,325
Series A preferred stock
Class of Stock
Dividends, Preferred Stock	$ 4,772	$ 4,781	$ 2,325
Cash dividends paid and declared (in dollars per share)	$ 1.59	$ 1.59	$ 0.77
Common Stock
Class of Stock
Dividends, Common Stock	$ 34,266	$ 28,896	$ 23,580
Cash dividends paid and declared (in dollars per share)	$ 1.52	$ 1.49	$ 1.33

EQUITY - 2025 Notes (Details)

EQUITY - 2025 Notes (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Jan. 01, 2022
Additional paid-in capital	$ 168,435	$ 172,471
Retained Earnings	$ 281,944	$ 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	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
COMMON STOCK AND EARNINGS PER SHARE
Net Income (Loss) Attributable to Common Stockholders, Used in Basic EPS	$ 758	$ (1,623)	$ 27,615
Net Income (Loss) Attributable to Common Stockholders, Used in Diluted EPS	$ 758	$ (1,623)	$ 27,615
Weighted Average Shares Outstanding, Basic (in shares)	22,529,703	18,508,201	17,676,809
Weighted Average Shares Outstanding, Diluted (in shares)	22,529,703	18,508,201	17,676,809
Per Share Information:
Basic Net Income (Loss) Attributable to Common Stockholders (in dollars per share)	$ 0.03	$ (0.09)	$ 1.56
Diluted Net Income ( Loss) Attributable to Common Stockholders (in dollars per share)	$ 0.03	$ (0.09)	$ 1.56

COMMON STOCK AND EARNINGS PER_4

COMMON STOCK AND EARNINGS PER SHARE - Anti-dilutive Securities and Convertible Notes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Mar. 15, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share
Dilutive securities	0	0	0
Anti-dilutive securities (in shares)	2,741	68,269	2,497
3.875% Convertible Senior Notes due 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share
Interest rate (as a percent)	3.875%			3.875%
2025 Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share
Dilutive convertible securities excluded	$ 2.1	$ 2.2
2025 Notes | ASU 2020-06
Antidilutive Securities Excluded from Computation of Earnings Per Share
Common Shares Applicable to Dilutive Effect of 2025 Notes	3,300,000	3,100,000

SHARE REPURCHASES (Details)

SHARE REPURCHASES (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 30, 2023	Mar. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Apr. 30, 2023	Apr. 25, 2023	Mar. 31, 2023	Feb. 16, 2023	Feb. 29, 2020
Stock Repurchases
Treasury stock retainment cost method amount		$ 77,500
Stock repurchased			$ 6,439	$ 2,792	$ 2,210
Common Stock Repurchase Program, February 2020
Stock Repurchases
Stock repurchase program authorized amount										$ 10,000
Treasury stock, shares, acquired			145,724	40,553	88,565
Stock Repurchase			$ 2,800	$ 2,200	$ 4,100
Average share price (in dollars per share)			$ 19.15	$ 54.48	$ 46.29
Common Stock Repurchase Program, February 2023
Stock Repurchases
Stock repurchase program authorized amount			$ 5,000					$ 5,000	$ 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, February 2023 | Board of Directors
Stock Repurchases
Stock repurchase program authorized amount									10,000
Common Stock Repurchase Program, April 2023
Stock Repurchases
Stock repurchase program authorized amount			$ 5,000				$ 5,000
Shares repurchased (in shares)			65,946
Average share price (in dollars per share)			$ 15.72
Remaining authorized repurchase amount						$ 4,000
Common Stock Repurchase Program, April 2023 | Maximum
Stock Repurchases
Stock repurchased			$ 1,000
Series A Preferred Stock Repurchase Program, February 2023
Stock Repurchases
Stock repurchase program authorized amount									$ 3,000
Shares repurchased (in shares)			21,192
Stock repurchased			$ 400
Average share price (in dollars per share)			$ 18.45
Stock repurchase program for for February 2023 and April 2023
Stock Repurchases
Shares repurchased (in shares)			369,300
Average share price (in dollars per share)			$ 16.35
Stock repurchase program for for February 2023 and April 2023 | Maximum
Stock Repurchases
Stock repurchased			$ 6,000

LONG-TERM DEBT - Outstanding In

LONG-TERM DEBT - Outstanding Indebtedness (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Nov. 05, 2021	Mar. 10, 2021	Mar. 15, 2020
Long-term debt
Face Value of Debt	$ 496,834
Credit Facility
Long-term debt
Face Value of Debt	$ 163,000
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		$ 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	$ 100,000
2027 Term loan | SOFR
Long-term debt
Debt instrument, variable rate, adjustment (as a percent)	0.10%
2027 Term loan | SOFR | Maximum
Long-term debt
Margin added to variable rate basis (as a percent)	2.20%
2027 Term Loan One | SOFR | Minimum
Long-term debt
Margin added to variable rate basis (as a percent)	1.25%
2028 Term Loan
Long-term debt
Face Value of Debt	$ 100
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%
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	Dec. 31, 2023	Jan. 31, 2023	Sep. 30, 2022	Nov. 05, 2021
Credit Facility
Derivative [Line Items]
Notional amount	$ 100,000
Derivative fixed interest rate (as a percent)		3.27%
Derivative basis spread rate (as a percent)		0.10%
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 ($)	3 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2023	Sep. 20, 2022	Nov. 05, 2021	Mar. 10, 2021	Mar. 09, 2021	Sep. 20, 2020	Sep. 07, 2017
Long-term debt
Outstanding Principal		$ 496,834,000
Credit Facility
Long-term debt
Extension term		1 year
Maximum borrowing capacity								$ 200,000,000
Maximum borrowing capacity, after possible increase								$ 300,000,000
Unused portion of the borrowing capacity fee percentage condition		50%
Available borrowing capacity		$ 137,000,000
Amount outstanding		163,000,000
Borrowing capacity		300,000,000
Outstanding Principal		$ 163,000,000
Credit Facility | Minimum
Long-term debt
Commitment fee percentage on unused portion of the borrowing capacity		15%
Credit Facility | Maximum
Long-term debt
Commitment fee percentage on unused portion of the borrowing capacity		25%
Credit Facility | 30-day LIBOR | Minimum
Long-term debt
Margin added to variable rate basis (as a percent)		1.35%
Credit Facility | 30-day LIBOR | Maximum
Long-term debt
Margin added to variable rate basis (as a percent)		1.95%
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
Debt instrument face amount after accordion option							$ 750,000,000
Eighth Amendment to Revolving Credit Facility
Long-term debt
Maximum borrowing capacity							$ 300,000,000
Debt instrument face amount after accordion option			$ 500,000,000
Credit Revolver Amendment 2021
Long-term debt
Maximum borrowing capacity					$ 210,000,000	$ 200,000,000
Aggregate borrowing capacity, additional commitments					300,000,000
2026 Term Loan
Long-term debt
Proceeds from Lines of Credit	$ 15,000,000
Outstanding Principal		$ 65,000			50,000,000
Aggregate borrowing capacity, additional commitments		$ 65,000,000			$ 150,000,000
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				$ 400,000,000
Outstanding Principal		$ 100,000		$ 100,000,000
2027 Term loan | SOFR
Long-term debt
Debt instrument, variable rate, adjustment (as a percent)		0.10%
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	Dec. 31, 2023	Mar. 03, 2022
Debt Instrument [Line Items]
Outstanding Principal	$ 496,834
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)			3 Months Ended	12 Months Ended
	Apr. 15, 2020 USD ($) $ / shares	Jan. 29, 2020 $ / shares	Dec. 31, 2023 USD ($) $ / shares	Dec. 31, 2023 USD ($) $ / shares	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2022 USD ($)	Mar. 15, 2020 USD ($)
Long-term debt
Outstanding Principal			$ 496,834,000	$ 496,834,000
Unamortized debt discount of notes			204,000	204,000
Loss on Extinguishment of Debt					$ (3,431,000)
Outstanding amount			495,370,000	495,370,000			$ 445,583,000
3.875% Convertible Senior Notes due 2025
Long-term debt
Outstanding Principal			$ 51,034,000	$ 51,034,000
Interest rate (as a percent)			3.875%	3.875%				3.875%
Outstanding amount			$ 50,830,000	$ 50,830,000			$ 50,670,000	$ 75,000,000
2025 Notes maturing on April 15, 2025
Long-term debt
Debt instrument conversion ratio	12.7910		67.3342
Threshold principal amount for adjusted conversion price	$ 1,000		$ 1,000
Conversion price per share (in dollars per share) | $ / shares	$ 78.18		$ 14.85	$ 14.85
Repurchase of notes					11,400,000	$ 12,500,000
Unamortized debt discount of notes					1,600,000	2,600,000
Loss on Extinguishment of Debt					$ 2,900,000	$ 1,100,000
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	$ 0
Convertible Debt | 2025 Notes maturing on April 15, 2025
Long-term debt
Threshold principal amount for adjusted conversion price				1,000
Unamortized debt discount of notes			200,000	200,000
Outstanding amount			$ 51,000,000	$ 51,000,000

LONG-TERM DEBT - Components (De

LONG-TERM DEBT - Components (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Mar. 15, 2020
Long-term debt
Long-term debt	$ 495,370	$ 445,583
Financing Costs, net of Accumulated Amortization	(1,260)	(1,637)
Credit Facility
Long-term debt
Long-term debt	163,000	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	$ 50,830	50,670	$ 75,000
Interest rate (as a percent)	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	Dec. 31, 2023 USD ($)
Payments applicable to reduction of principal amounts
2025	$ 51,034
2026	82,800
2027	263,000
2028	100,000
Total Long-Term Debt - Face Value	$ 496,834

LONG-TERM DEBT - Carrying Value

LONG-TERM DEBT - Carrying Value (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
LONG-TERM DEBT
Current Face Amount	$ 496,834
Unamortized Discount on Convertible Debt	(204)
Financing Costs, net of Accumulated Amortization	(1,260)	$ (1,637)
Total Long-Term Debt	$ 495,370	$ 445,583

LONG-TERM DEBT - Financing Cost

LONG-TERM DEBT - Financing Costs (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
LONG-TERM DEBT
Deferred financing costs, net	$ 1,260	$ 1,637
Financing Costs, Net of Accumulated Amortization	$ 1,638	$ 2,051

LONG-TERM DEBT - Interest Expen

LONG-TERM DEBT - Interest Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
LONG-TERM DEBT
Interest expense	$ 21,230	$ 10,171	$ 7,065
Amortization of Deferred Financing Costs	970	755	586
Amortization of Discount on Convertible Notes	159	189	1,278
Total Interest Expense	22,359	11,115	8,929
Total Interest Paid	$ 21,636	$ 9,862	$ 7,274

LONG-TERM DEBT - Capitalized In

LONG-TERM DEBT - Capitalized Interest (Details) - USD ($) $ in Thousands	12 Months Ended			24 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2021
Capitalized interest
Interest capitalized	$ 300	$ 200	$ 0	$ 0

INTEREST RATE SWAPS (Details)

INTEREST RATE SWAPS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jan. 31, 2023	Sep. 30, 2022	Nov. 05, 2021	Aug. 31, 2021	Mar. 10, 2021
Derivative [Line Items]
Derivative Asset, Statement of Financial Position	Other Assets-See Note 12
Derivative Liability, Statement of Financial Position	Accrued and Other Liabilities-See Note 18
Interest Rate Swap
Derivative [Line Items]
Effectiveness of interest rate cash flow hedge (as a percent)	100%	100%	100%
Designated as a hedge | Interest Rate Swap | 2026 Term Loan
Derivative [Line Items]
Derivative fixed interest rate (as a percent)							0.70%	0.12%
Derivative basis spread rate (as a percent)					0.10%
Notional amount	$ 50,000
Fair value of interest rate swap agreement to hedge cash flows, assets	$ 650
Designated as a hedge | Interest Rate Swap | 2026 Term Loan One
Derivative [Line Items]
Derivative fixed interest rate (as a percent)	1.44%
Derivative basis spread rate (as a percent)	0.10%
Notional amount	$ 50,000
Fair value of interest rate swap agreement to hedge cash flows, assets	2,153
Designated as a hedge | Interest Rate Swap | 2026 Term Loan Two
Derivative [Line Items]
Derivative basis spread rate (as a percent)					0.10%
Notional amount	15,000
Fair value of interest rate swap agreement to hedge cash flows, assets	$ 1,025
Designated as a hedge | Interest Rate Swap | 2026 Term Three
Derivative [Line Items]
Derivative fixed interest rate (as a percent)	3.80%
Derivative basis spread rate (as a percent)	0.10%
Notional amount	$ 40,000
Fair value of interest rate swap agreement to hedge cash flows, liabilities	$ (1,015)
Designated as a hedge | Interest Rate Swap | 2027 Term loan
Derivative [Line Items]
Derivative fixed interest rate (as a percent)	0.64%					0.64%
Derivative basis spread rate (as a percent)					0.10%
Notional amount	$ 100,000
Fair value of interest rate swap agreement to hedge cash flows, assets	$ 1,172
Designated as a hedge | Interest Rate Swap | 2027 Term Loan One
Derivative [Line Items]
Derivative fixed interest rate (as a percent)	1.35%
Derivative basis spread rate (as a percent)	0.10%
Notional amount	$ 100,000
Fair value of interest rate swap agreement to hedge cash flows, assets	$ 5,840
Designated as a hedge | Interest Rate Swap | 2027 Term Loan Two
Derivative [Line Items]
Derivative fixed interest rate (as a percent)	3.75%
Derivative basis spread rate (as a percent)	0.10%
Notional amount	$ 60,000
Fair value of interest rate swap agreement to hedge cash flows, liabilities	$ (1,253)
Designated as a hedge | Interest Rate Swap | 2028 Term Loan
Derivative [Line Items]
Derivative fixed interest rate (as a percent)	3.78%
Derivative basis spread rate (as a percent)					0.10%
Notional amount	$ 50,000
Fair value of interest rate swap agreement to hedge cash flows, liabilities	(433)
Designated as a hedge | Interest Rate Swap | 2028 Term Loan One
Derivative [Line Items]
Derivative fixed interest rate (as a percent)					3.78%
Derivative basis spread rate (as a percent)					0.10%
Notional amount	50,000
Fair value of interest rate swap agreement to hedge cash flows, liabilities	$ (442)
Designated as a hedge | Interest Rate Swap | 2028 Term Loan Two
Derivative [Line Items]
Derivative fixed interest rate (as a percent)	3.81%
Derivative basis spread rate (as a percent)	0.10%
Notional amount	$ 60,000
Fair value of interest rate swap agreement to hedge cash flows, liabilities	(1,119)
Designated as a hedge | Interest Rate Swap | Credit Facility
Derivative [Line Items]
Derivative fixed interest rate (as a percent)				3.27%
Derivative basis spread rate (as a percent)				0.10%
Notional amount	100,000
Designated as a hedge | Interest Rate Swap | Credit Facility One
Derivative [Line Items]
Derivative fixed interest rate (as a percent)				3.26%
Derivative basis spread rate (as a percent)				0.10%
Notional amount	50,000
Fair value of interest rate swap agreement to hedge cash flows, assets	493
Designated as a hedge | Interest Rate Swap | Credit Facility Two
Derivative [Line Items]
Derivative fixed interest rate (as a percent)				3.36%
Derivative basis spread rate (as a percent)				0.10%
Notional amount	33,000
Fair value of interest rate swap agreement to hedge cash flows, assets	$ 345
Designated as a hedge | Interest Rate Swap | Credit Facility Three
Derivative [Line Items]
Derivative fixed interest rate (as a percent)	3.85%
Derivative basis spread rate (as a percent)	0.10%
Notional amount	$ 17,000
Fair value of interest rate swap agreement to hedge cash flows, assets	92
Designated as a hedge | Interest Rate Swap | Credit Facility Four
Derivative [Line Items]
Notional amount	50,000
Fair value of interest rate swap agreement to hedge cash flows, liabilities	$ (617)

ACCRUED AND OTHER LIABILITIES -

ACCRUED AND OTHER LIABILITIES - Components (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
ACCRUED AND OTHER LIABILITIES
Accrued Property Taxes	$ 2,090	$ 716
Reserve for Tenant Improvements	1,168	6,186
Tenant Security Deposits	2,301	2,719
Accrued Construction Costs	1,170	903
Accrued Interest	773	872
Environmental Reserve	54	67
Cash Flow Hedge - Interest Rate Swaps	(4,879)	(397)
Operating Leases - Liability	417	64
Other	5,521	6,104
Total Accrued and Other Liabilities	$ 18,373	$ 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	12 Months Ended
	Dec. 31, 2023 USD ($)
Tenant Improvement Allowances and Leasing Commissions	$ 8
Extinguishment of contingent obligation to fund tenant improvements	2.8
Income Property, Multi-tenant, Shops at Legacy, Plano, Texas
Payment of tenant improvement allowances and leasing commissions	4
Remaining reserve for tenant improvements	$ 1.2

DEFERRED REVENUE (Details)

DEFERRED REVENUE (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
DEFERRED REVENUE
Prepaid Rent	$ 3,723	$ 3,951
Interest Reserve from Commercial Loans and Investments	744	1,262
Tenant Contributions	733	522
Total Deferred Revenue	$ 5,200	$ 5,735

STOCK-BASED COMPENSATION - All

STOCK-BASED COMPENSATION - All Equity and Liability Classified Award Activity (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Shares
Outstanding (in shares)	442,326
Granted (in shares)	185,207
Vested / Exercised (in shares)	(146,370)
Forfeited (in shares)	(27,431)
Outstanding (in shares)	453,732	442,326
January 28, 2017 | Performance Shares
Shares
Nonvested (in shares)	230,247	234,354	167,553
Granted (in shares)	88,754	69,168	144,402
Vested / Exercised (in shares)	(72,141)	(73,275)	(52,254)
Forfeited (in shares)	(9,485)		(25,347)
Nonvested (in shares)	237,375	230,247	234,354
Three-Year Vesting | Restricted Shares [Member]
Shares
Nonvested (in shares)	212,079	154,509	115,437
Granted (in shares)	96,453	137,448	129,150
Vested / Exercised (in shares)	(74,229)	(72,465)	(63,660)
Forfeited (in shares)	(17,946)	(7,413)	(26,418)
Nonvested (in shares)	216,357	212,079	154,509

STOCK-BASED COMPENSATION - Reco

STOCK-BASED COMPENSATION - Recognized in Financial Statements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
STOCK-BASED COMPENSATION
Total Cost of Share-Based Plans Charged Against Income	$ 3,673	$ 3,232	$ 3,168

STOCK-BASED COMPENSATION - Perf

STOCK-BASED COMPENSATION - Performance Share Awards - Peer Group Market Condition Vesting (Details) - Performance Shares - January 28, 2017 - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
STOCK-BASED COMPENSATION
Performance period	3 years
Shares
Nonvested (in shares)	230,247	234,354	167,553
Granted (in shares)	88,754	69,168	144,402
Vested (in shares)	(72,141)	(73,275)	(52,254)
Forfeited (in shares)	(9,485)		(25,347)
Nonvested (in shares)	237,375	230,247	234,354
Weighted Average Fair Value
Nonvested (in dollars per share)	$ 16.85	$ 15.67	$ 21.15
Granted (in dollars per share)	18.10	20.76	10.68
Vested (in dollars per share)	14.17	16.76	19.43
Forfeited (in dollars per share)	18.10		15.68
Nonvested (in dollars per share)	$ 18.08	$ 16.85	$ 15.67
Compensation cost
Unrecognized compensation cost	$ 1.5
Weighted average period of recognition of unrecognized compensation cost	1 year 8 months 12 days
Minimum
STOCK-BASED COMPENSATION
Vesting percentage	0%
Maximum
STOCK-BASED COMPENSATION
Vesting percentage	150%

STOCK-BASED COMPENSATION - Mark

STOCK-BASED COMPENSATION - Market Condition Restricted Shares - Stock Price Vesting (Details) - Restricted Shares [Member] - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Jan. 28, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
January 28, 2018 | Mr Albright [Member]
Stock-based compensation
Restricted share award period after termination of employment		60 days
Period for average closing price		30 days
Share-based Compensation Award Stock Price Vesting Price Increment One | Mr Albright [Member]
Stock-based compensation
Number of shares in each vesting increment	22,000
Share-based Compensation Award Stock Price Vesting Price Increment Two
Shares
Nonvested (in shares)			0	22,000
Expired (in shares)				(22,000)
Nonvested (in shares)				0
Weighted Average Fair Value
Nonvested (in dollars per share)				$ 41.71
Expired (in dollars per share)				$ 41.71
Compensation cost
Unrecognized compensation cost		$ 0	$ 0
Share-based Compensation Award Stock Price Vesting Price Increment Two | Mr Albright [Member]
Stock-based compensation
Closing share price (in dollars per share)	$ 70
Number of shares in each vesting increment	18,000
Share-based Compensation Award Stock Price Vesting Price Increment Three | Mr Albright [Member]
Stock-based compensation
Closing share price (in dollars per share)	$ 75
Number of shares in each vesting increment	4,000

STOCK-BASED COMPENSATION - Thre

STOCK-BASED COMPENSATION - Three Year Vest Restricted Shares (Details) - Three-Year Vesting - Restricted Shares [Member] - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Shares
Nonvested (in shares)	212,079	154,509	115,437
Granted (in shares)	96,453	137,448	129,150
Vested (in shares)	(74,229)	(72,465)	(63,660)
Forfeited (in shares)	(17,946)	(7,413)	(26,418)
Nonvested (in shares)	216,357	212,079	154,509
Weighted Average Fair Value
Nonvested (in dollars per share)	$ 17.97	$ 14.96	$ 19.27
Granted (in dollars per share)	19.12	19.72	11.82
Vested (in dollars per share)	16	14.96	16.18
Forfeited (in dollars per share)	19.08	17.01	15.53
Nonvested (in dollars per share)	$ 19.07	$ 17.97	$ 14.96
Compensation cost
Unrecognized compensation cost	$ 2.3
Weighted average period of recognition of unrecognized compensation cost	1 year 8 months 12 days

STOCK-BASED COMPENSATION - Non-

STOCK-BASED COMPENSATION - Non-Qualified Stock Option Awards Granted (Details) - Employee Stock Option	12 Months Ended
	Dec. 31, 2023
Minimum
Stock-based compensation
Vesting period	1 year
Maximum
Stock-based compensation
Vesting period	3 years

STOCK-BASED COMPENSATION - No_2

STOCK-BASED COMPENSATION - Non-Qualified Stock Option Award Activity (Details) - Original 2010 Plan - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2023
Shares
Outstanding (in shares)	64,623	240,000
Granted (in shares)		60,996
Exercised (in shares)	(64,623)	(236,373)
Outstanding (in shares)	0	64,623
Weighted Average Exercise Price (in dollars per share)
Nonvested (in dollars per share)	$ 14.46	$ 18.54
Granted (in dollars per share)		0
Exercised (in dollars per share)	14.46	14.88
Outstanding (in dollars per share)	$ 0	$ 14.46
Unrecognized compensation cost (in dollars)			$ 0

STOCK-BASED COMPENSATION - No_3

STOCK-BASED COMPENSATION - Non-Employee Director Stock Compensation (Details) - Share-based Payment Arrangement, Nonemployee - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
STOCK-BASED COMPENSATION
Annual award	$ 35	$ 35	$ 35
Number of shares awarded calculated based on the number of days of average price of the Company's common stock	20 days
Trailing Day On Behalf Of Company's Common Stock To Be Sell	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	$ 500	$ 500
Expense recognized (in shares)	25,147	25,034	32,766

INCOME TAXES - Income Tax Benef

INCOME TAXES - Income Tax Benefit (Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Total income tax benefit (expense)
Income Tax (Expense) Benefit from Continuing Operations	$ (604)	$ 2,830	$ 3,079

INCOME TAXES - Components of Pr

INCOME TAXES - Components of Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
INCOME TAXES
Federal - Current	$ (83)	$ (183)	$ 235
State - Current			44
Total - Current	(83)	(183)	279
Federal - Deferred	(427)	2,571	2,362
State - Deferred	(94)	442	438
Total - Deferred	$ (521)	$ 3,013	$ 2,800

INCOME TAXES - Sources of Defer

INCOME TAXES - Sources of Deferred Income Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred Income Tax Assets
Capital Loss Carryforward	$ 1,663	$ 1,800
Net Operating Loss Carryforward	2,277	2,597
Gross Deferred Income Tax Assets	3,940	4,397
Less - Valuation Allowance	(1,663)	(1,800)
Net Deferred Income Tax Assets	2,277	2,597
Deferred Income Tax Liabilities
Unrealized Gain on Investment Securities	(240)	(39)
Basis Differences in Mitigation Credit Assets	(28)	(28)
Total Deferred Income Tax Liabilities	(268)	(67)
Net Deferred Income Tax Liabilities	$ 2,009	$ 2,530

INCOME TAXES - Valuation Allowa

INCOME TAXES - Valuation Allowance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Valuation Allowance [Line Items]
Net Operating Loss Carryforward	$ 2,277	$ 2,597
Capital Loss Carryforward	1,663	1,800
Valuation allowance related to carryforwards	0	0
Land JV
Valuation Allowance [Line Items]
Capital Loss Carryforward	6,600	$ 7,200
Capital loss carryforwards utilization amount	$ 700

INCOME TAXES - Reconciliation o

INCOME TAXES - Reconciliation of Income Tax Computed at Federal Statutory Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Effective Income Tax Rate Reconciliation, Amount
Income Tax Benefit Computed at Federal Statutory Rate	$ (353)	$ 2,795	$ 4,408
State Income Tax, Net of Federal Income Tax Benefit	(92)	593	936
Income Tax on Permanently Non-Deductible Items	(158)	(484)
Income Tax on Capital Gains offsetting Capital Loss Carryforward	113
Valuation Allowance			(2,216)
Other Reconciling Items	(114)	(74)	(49)
Benefit for Income Taxes	$ (604)	$ 2,830	$ 3,079
Effective Income Tax Rate Reconciliation, Percent
Federal statutory rate (as a percent)	21%	21%	21%
Income Tax (Expense) Benefit Computed at Federal Statutory Rate (as a percent)	(5.80%)	852.10%	16.40%
State Income Tax, Net of Federal Income Tax Benefit (as a percent)	(1.50%)	180.80%	3.50%
Income Tax on Permanently Non-Deductible Items (as a percent)	(2.60%)	(147.60%)	0%
Income Tax on Capital Gains offsetting Capital Loss Carryforward (as a percent)	1.80%	0%	0%
Valuation Allowance (as a percent)	0%	0%	(8.20%)
Other Reconciling Items (as a percent)	(1.90%)	(22.60%)	(0.20%)
Benefit (Expense) for Income Taxes (as a percent)	(9.80%)	862.80%	11.50%

INCOME TAXES - General Informat

INCOME TAXES - General Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 subsidiary	Dec. 31, 2022 subsidiary	Dec. 31, 2021 subsidiary	Dec. 31, 2020 USD ($)
INCOME TAXES
Number of taxable REIT subsidiaries | subsidiary	2	2	2
Deferred tax benefit | $				$ 82.5
Effective income tax rate, including income taxes attributable to the discontinued operations (as a percent)	(9.80%)	862.80%	11.50%
Corporate tax rate (as a percent)	21%	21%	21%

INCOME TAXES - Uncertain Tax Po

INCOME TAXES - Uncertain Tax Positions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
INCOME TAXES
Interest and penalties accrued for uncertain positions	$ 0	$ 0	$ 0

INCOME TAXES - Paid and Refunde

INCOME TAXES - Paid and Refunded (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
INCOME TAXES
Income taxes paid, gross	$ 0.3	$ 0.1	$ 0.4
Income tax refunds	$ 0.4	$ 0	$ 0.1

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Minimum Future Rental Payments - Lease Payments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Minimum Future Rental Payments
2024	$ 124
2025	120
2026	113
2027	116
Total	473
Operating leases	$ 100	$ 100	$ 100

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Minimum Future Rental Payments - Gross Difference (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Gross Difference
Total	$ 473
Imputed Interest	(56)
Operating Leases - Liability	$ 417	$ 64

COMMITMENTS AND CONTINGENCIES_3

COMMITMENTS AND CONTINGENCIES - Legal Proceedings (Details) - Complaint for Declaratory Relief Against Buc-ee's Ltd $ in Millions		12 Months Ended
	Oct. 29, 2021 USD ($)	Dec. 31, 2023 a	Mar. 31, 2021 USD ($)
Commitments
Cash deposited related to improvements			$ 0.8
Land Sales, Area of Land | a		35
Escrow funds received	$ 0.6

COMMITMENTS AND CONTINGENCIES_4

COMMITMENTS AND CONTINGENCIES - Contractual Commitments (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
COMMITMENTS AND CONTINGENCIES
Total Commitment	$ 17,888
Less Amount Funded	(4,236)
Remaining Commitment	$ 13,652

BUSINESS SEGMENT DATA - Descrip

BUSINESS SEGMENT DATA - Description (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) loan segment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
BUSINESS SEGMENT DATA
Number of operating segment | segment	4
Number of commercial loan investment	4
Management Fee Income
BUSINESS SEGMENT DATA
Capital Expenditures | $	$ 0	$ 0	$ 0
Commercial Real Estate Portfolio Segment
BUSINESS SEGMENT DATA
Number of commercial loan investment	4
Number of preferred equity investments	1
Product concentration | Identifiable Assets [Member] | Income Properties
BUSINESS SEGMENT DATA
Percentage of total	90%	91%
Product concentration | Base Rent Revenues | Income Properties
BUSINESS SEGMENT DATA
Percentage of total	88.60%	83.60%	72.10%

BUSINESS SEGMENT DATA - Summary

BUSINESS SEGMENT DATA - Summary of Operations in Different Segments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
BUSINESS SEGMENT DATA
Total Revenues	$ 109,119	$ 82,320	$ 70,272
General and Corporate Expense	(58,422)	(41,754)	(31,783)
Provision for Impairment	(1,556)	0	(17,599)
Gain (Loss) on Disposition of Assets	7,543	(7,042)	28,316
Loss on Extinguishment of Debt			(3,431)
Total Operating Income	26,506	10,667	23,345
Depreciation and Amortization	44,173	28,855	20,581
Capital Expenditures	135,818	385,165	256,854
General and Corporate Expense
BUSINESS SEGMENT DATA
Depreciation and Amortization	66	56	20
Capital Expenditures	261	42	34
Income Properties
BUSINESS SEGMENT DATA
Total Revenues	96,663	68,857	50,679
Gross Profit	68,208	48,493	36,864
Provision for Impairment		0	0
Income Properties | Operating Segments
BUSINESS SEGMENT DATA
Depreciation and Amortization	44,107	28,799	20,561
Capital Expenditures	102,688	331,754	256,456
Management Fee Income
BUSINESS SEGMENT DATA
Total Revenues	4,388	3,829	3,305
Gross Profit	4,388	3,829	3,305
Interest Income From Commercial Loans and Investments
BUSINESS SEGMENT DATA
Total Revenues	4,084	4,172	2,861
Gross Profit	4,084	4,172	2,861
Provision for Impairment	(600)	0	0
Interest Income From Commercial Loans and Investments | Operating Segments
BUSINESS SEGMENT DATA
Capital Expenditures	32,869	53,369	364
Real Estate Operations
BUSINESS SEGMENT DATA
Total Revenues	3,984	5,462	13,427
Gross Profit	$ 2,261	$ 2,969	$ 4,812

BUSINESS SEGMENT DATA - Identif

BUSINESS SEGMENT DATA - Identifiable Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
BUSINESS SEGMENT DATA
Total Assets	$ 989,668	$ 986,545
Corporate and Other
BUSINESS SEGMENT DATA
Total Assets	36,486	46,438
Income Properties | Operating Segments
BUSINESS SEGMENT DATA
Total Assets	887,345	902,427
Management Services | Operating Segments
BUSINESS SEGMENT DATA
Total Assets	1,395	1,370
Commercial Loans and Investments | Operating Segments
BUSINESS SEGMENT DATA
Total Assets	62,099	32,269
Real Estate Operations | Operating Segments
BUSINESS SEGMENT DATA
Total Assets	$ 2,343	$ 4,041

BUSINESS SEGMENT DATA - Interes

BUSINESS SEGMENT DATA - Interest Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Interest Expense
Interest Expense	$ 22,359	$ 11,115	$ 8,929

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) $ in Millions	Feb. 16, 2024 USD ($)
Subsequent Event
Subsequent Events
Gross proceeds	$ 5

SCHEDULE III REAL ESTATE AND _2

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION - Initial Cost and Subsequent Costs Capitalized (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cost:
Land	$ 222,232
Building & Improvements	524,146
Improvements	35,243
Gross Amount Carried at Close
Land	222,232
Buildings	559,389
Total	781,621	$ 763,959	$ 521,260	$ 472,126
Accumulated Depreciation	51,425	$ 35,512	$ 23,936	$ 30,316
Aggregate cost, net of deferred tax liabilities, of Income Properties, Land, Buildings, and Improvements for Federal income tax	578,100
Income Property, Crabby's Restaurant, Daytona Beach, Florida
Cost:
Land	5,836
Building & Improvements	4,249
Improvements	45
Gross Amount Carried at Close
Land	5,836
Buildings	4,294
Total	10,130
Accumulated Depreciation	$ 1,374
Date of Completion	Jan. 25, 2018
Life	40 years
Income Property, LandShark Bar and Grill, Daytona Beach, Florida
Cost:
Land	$ 5,836
Building & Improvements	4,577
Improvements	10
Gross Amount Carried at Close
Land	5,836
Buildings	4,587
Total	10,423
Accumulated Depreciation	$ 1,315
Date of Completion	Jan. 25, 2018
Life	40 years
Income Property, Single-tenant, Fidelity Investments (affiliate of), Albuquerque, New Mexico
Cost:
Land	$ 5,739
Building & Improvements	29,537
Improvements	12
Gross Amount Carried at Close
Land	5,739
Buildings	29,549
Total	35,288
Accumulated Depreciation	$ 5,903
Date Acquired	Oct. 04, 2018
Life	45 years
Income Property, The Strand - Fogo De Chao, Jacksonville, Florida
Cost:
Land	$ 12,551
Building & Improvements	36,431
Improvements	697
Gross Amount Carried at Close
Land	12,551
Buildings	37,128
Total	49,679
Accumulated Depreciation	$ 5,769
Date Acquired	Dec. 09, 2019
Life	48 years
Income Property, Multi-tenant, Crossroads Towne Center, Chandler, Arizona
Cost:
Land	$ 5,842
Building & Improvements	38,881
Improvements	364
Gross Amount Carried at Close
Land	5,842
Buildings	39,245
Total	45,087
Accumulated Depreciation	$ 5,147
Date Acquired	Jan. 24, 2020
Life	35 years
Income Property, Multi-tenant, Ashford Lane, Atlanta, Georgia
Cost:
Land	$ 37,717
Building & Improvements	33,422
Improvements	24,351
Gross Amount Carried at Close
Land	37,717
Buildings	57,773
Total	95,490
Accumulated Depreciation	$ 6,392
Date Acquired	Feb. 21, 2020
Life	36 years
Income Property Jordan Landing, West Jordan, Utah
Cost:
Land	$ 10,529
Building & Improvements	5,752
Gross Amount Carried at Close
Land	10,529
Buildings	5,752
Total	16,281
Accumulated Depreciation	$ 849
Date Acquired	Mar. 02, 2021
Life	30 years
Income Property Shops at Legacy, Plano, Texas
Cost:
Land	$ 22,008
Building & Improvements	27,192
Improvements	2,382
Gross Amount Carried at Close
Land	22,008
Buildings	29,574
Total	51,582
Accumulated Depreciation	$ 4,808
Date Acquired	Jun. 23, 2021
Life	32 years
Income Property Beaver Creek, Apex, North Carolina
Cost:
Land	$ 21,391
Building & Improvements	39,194
Improvements	454
Gross Amount Carried at Close
Land	21,391
Buildings	39,648
Total	61,039
Accumulated Depreciation	$ 3,885
Date Acquired	Dec. 02, 2021
Life	30 years
Income Property 125 Lincoln & 150 Washington, Santa Fe, New Mexico
Cost:
Land	$ 473
Building & Improvements	12,525
Improvements	1,824
Gross Amount Carried at Close
Land	473
Buildings	14,349
Total	14,822
Accumulated Depreciation	$ 1,424
Date Acquired	Dec. 20, 2021
Life	30 years
Income Property Synovus, Winter Park, Florida
Cost:
Land	$ 8,535
Building & Improvements	5,139
Improvements	1,584
Gross Amount Carried at Close
Land	8,535
Buildings	6,723
Total	15,258
Accumulated Depreciation	$ 676
Date Acquired	Dec. 20, 2021
Life	30 years
Income Property Exchange at Gwinnett, Buford, Georgia
Cost:
Land	$ 6,599
Building & Improvements	36,403
Improvements	59
Gross Amount Carried at Close
Land	6,599
Buildings	36,462
Total	43,061
Accumulated Depreciation	$ 1,771
Date Acquired	Dec. 30, 2021
Life	45 years
Income Property Price Plaza, Katy, Texas
Cost:
Land	$ 15,630
Building & Improvements	17,978
Improvements	810
Gross Amount Carried at Close
Land	15,630
Buildings	18,788
Total	34,418
Accumulated Depreciation	$ 1,903
Date Acquired	Mar. 03, 2022
Life	25 years
Income Property Madison Yards, Atlanta, Georgia
Cost:
Land	$ 19,780
Building & Improvements	47,938
Improvements	577
Gross Amount Carried at Close
Land	19,780
Buildings	48,515
Total	68,295
Accumulated Depreciation	$ 1,955
Date Acquired	Jul. 08, 2022
Life	42 years
Income Property, Multi tenant, West Broad Village, Glen Allen, Virginia
Cost:
Land	$ 12,120
Building & Improvements	65,829
Improvements	1,240
Gross Amount Carried at Close
Land	12,120
Buildings	67,069
Total	79,189
Accumulated Depreciation	$ 3,216
Date Acquired	Oct. 14, 2022
Life	40 years
Income Property Collection at Forsyth, Cummings, Georgia
Cost:
Land	$ 13,349
Building & Improvements	75,286
Improvements	414
Gross Amount Carried at Close
Land	13,349
Buildings	75,700
Total	89,049
Accumulated Depreciation	$ 3,827
Date Acquired	Dec. 29, 2022
Life	31 years
Income Property MainStreet Portfolio, Daytona Beach, Florida
Cost:
Land	$ 3,504
Building & Improvements	1,422
Improvements	257
Gross Amount Carried at Close
Land	3,504
Buildings	1,679
Total	5,183
Accumulated Depreciation	$ 109
Date Acquired	Dec. 29, 2022
Life	25 years
Income Property Plaza at Rockwall, Rockwall, TX
Cost:
Land	$ 14,793
Building & Improvements	42,391
Improvements	163
Gross Amount Carried at Close
Land	14,793
Buildings	42,554
Total	57,347
Accumulated Depreciation	$ 1,102
Date Acquired	Jun. 09, 2023
Life	40 years

SCHEDULE III REAL ESTATE AND _3

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION - Roll Forward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cost:
Balance at Beginning of Year	$ 763,959	$ 521,260	$ 472,126
Additions and Improvements	97,772	281,562	206,646
Cost of Real Estate Sold	(80,110)	(38,863)	(157,512)
Balance at End of Year	781,621	763,959	521,260
Accumulated Depreciation:
Balance at Beginning of Year	35,512	23,936	30,316
Depreciation and Amortization	25,664	16,262	12,270
Depreciation on Real Estate Sold	(9,751)	(4,686)	(18,650)
Balance at End of Year	$ 51,425	$ 35,512	$ 23,936

SCHEDULE III REAL ESTATE AND _4

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION - Reconciliation (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
Income Properties, Land, Buildings, and Improvements	$ 781,621	$ 763,959
Total	$ 781,621	$ 763,959	$ 521,260	$ 472,126

SCHEDULE IV MORTGAGE LOANS ON_2

SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE - Number of Commercial Loan Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Current Face Amount	$ 62,657	$ 32,073
Totals	62,476
CECL Reserve	(627)
Commercial Loans and Investments	$ 61,849	$ 31,908	$ 39,095	$ 38,320
Construction Loan - The Exchange At Gwinnett - Buford, GA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Coupon Rate	7.25%
Current Face Amount	$ 1,857
Totals	$ 1,854
Preferred Investment - Watters Creek - Allen, TX
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Coupon Rate	8.75%
Current Face Amount	$ 30,000
Totals	$ 29,937
Mortgage Note - Founders Square - Dallas, TX
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Coupon Rate	8.75%
Current Face Amount	$ 15,000
Totals	$ 14,892
Promissory Note - Main Street - Daytona Beach, FL
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Coupon Rate	7%
Current Face Amount	$ 400
Totals	$ 400
Mortgage Note - Sabal Pavilion - Tampa, FL
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Coupon Rate	7.50%
Current Face Amount	$ 15,400
Totals	$ 15,393

SCHEDULE IV MORTGAGE LOANS ON_3

SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE - Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Mortgage Loans on Real Estate
Balance at Beginning of Year	$ 31,908	$ 39,095	$ 38,320
New Mortgage Loans	32,711	53,282	364
Collection of Origination Fees	158	87
Accretion of Origination Fees	137	174	2
Gain on Sale of Loans		807
Imputed Interest Over Rent Payments on Ground Lease Loan		97	409
Collection of Principal	(986)	(61,634)
Foreclosure	(1,452)
CECL Reserve	(627)
Balance at End of Year	61,849	$ 31,908	$ 39,095
Carrying amount of mortgages for Federal income tax	$ 61,800

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net Income (Loss)	$ 5,530	$ 3,158	$ 29,940

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false