CTO Realty Growth (CTO) 10-Q 30 Oct 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Oct. 23, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Trading Symbol	CTO
Entity Registrant Name	CONSOLIDATED TOMOKA LAND CO
Entity Central Index Key	23,795
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		5,944,412

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Property, Plant, and Equipment:
Income Properties, Land, Buildings, and Improvements	$ 202,799,358	$ 191,634,698
Golf Buildings, Improvements, and Equipment	3,431,639	3,323,177
Other Furnishings and Equipment	1,036,648	1,008,150
Construction in Progress	487,456
Total Property, Plant, and Equipment	207,755,101	195,966,025
Less, Accumulated Depreciation and Amortization	(15,452,291)	(15,177,102)
Property, Plant, and Equipment—Net	192,302,810	180,788,923
Land and Development Costs ($11,329,574 Related to Consolidated VIE)	50,247,962	38,071,264
Intangible Assets—Net	14,740,833	10,352,123
Assets Held for Sale	4,231,425
Impact Fee and Mitigation Credits	4,692,581	5,195,764
Commercial Loan Investments	38,315,150	30,208,074
Cash and Cash Equivalents	4,219,044	1,881,195
Restricted Cash	10,625,517	4,440,098
Investment Securities	7,867,077	821,436
Refundable Income Taxes		267,280
Other Assets	6,115,169	4,566,291
Total Assets	333,357,568	276,592,448
Liabilities:
Accounts Payable	1,384,811	859,225
Accrued and Other Liabilities	7,192,014	6,071,202
Deferred Revenue	2,240,416	2,718,543
Accrued Stock-Based Compensation	106,446	560,326
Income Taxes Payable	201,433
Deferred Income Taxes—Net	35,910,210	34,038,442
Long-Term Debt	149,390,506	103,940,011
Total Liabilities	$ 196,425,836	$ 148,187,749
Commitments and Contingencies - See Note 17
Consolidated-Tomoka Land Co. Shareholders' Equity:
Common Stock – 25,000,000 shares authorized; $1 par value, 6,056,401 shares issued and 5,945,695 shares outstanding at September 30, 2015; 5,922,130 shares issued and 5,881,660 shares outstanding at December 31, 2014	$ 5,886,068	$ 5,862,063
Treasury Stock – 110,706 shares at September 30, 2015; 40,470 shares at December 31, 2014	(5,239,167)	(1,381,566)
Additional Paid-In Capital	15,792,935	11,289,846
Retained Earnings	114,985,772	112,561,115
Accumulated Other Comprehensive Income (Loss)	(151,073)	73,241
Total Consolidated-Tomoka Land Co. Shareholders' Equity	131,274,535	128,404,699
Noncontrolling Interest in Consolidated VIE	5,657,197
Total Shareholders’ Equity	136,931,732	128,404,699
Total Liabilities and Shareholders’ Equity	$ 333,357,568	$ 276,592,448

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Land and Development Costs	$ 50,247,962	$ 38,071,264
Common Stock, shares authorized	25,000,000	25,000,000
Common Stock, par value	$ 1	$ 1
Common Stock, shares issued	6,056,401	5,922,130
Common Stock, shares outstanding	5,945,695	5,881,660
Treasury Stock, shares held	110,706	40,470
Variable Interest Entity [Member]
Land and Development Costs	$ 11,329,574	$ 11,329,574

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenues
Income Properties	$ 5,034,090	$ 3,864,632	$ 13,426,817	$ 10,821,121
Interest Income from Commercial Loan Investments	546,640	382,087	1,816,834	1,581,746
Real Estate Operations	1,748,398	8,781,759	3,976,340	11,184,591
Golf Operations	949,083	994,651	3,935,076	3,844,428
Agriculture and Other Income	19,504	182,731	59,181	258,052
Total Revenues	8,297,715	14,205,860	23,214,248	27,689,938
Direct Cost of Revenues
Income Properties	(997,760)	(456,869)	(2,321,493)	(1,281,380)
Real Estate Operations	(316,613)	(3,572,082)	(1,221,189)	(4,017,659)
Golf Operations	(1,355,469)	(1,309,789)	(4,201,313)	(4,155,009)
Agriculture and Other Income	(51,484)	(34,158)	(149,830)	(144,690)
Total Direct Cost of Revenues	(2,721,326)	(5,372,898)	(7,893,825)	(9,598,738)
General and Administrative Expenses	(2,778,960)	(1,506,964)	(6,123,603)	(4,562,645)
Impairment Charges	0	(421,040)	(510,041)	(421,040)
Depreciation and Amortization	(1,417,129)	(886,618)	(3,644,620)	(2,505,007)
Gain on Disposition of Assets	3,763,140		3,781,329
Total Operating Expenses	(3,154,275)	(8,187,520)	(14,390,760)	(17,087,430)
Operating Income	5,143,440	6,018,340	8,823,488	10,602,508
Investment Income	170,466	14,246	395,743	42,564
Interest Expense	(1,892,145)	(569,154)	(4,847,081)	(1,554,583)
Income Before Income Tax Expense	3,421,761	5,463,432	4,372,150	9,090,489
Income Tax Expense	(1,349,480)	(1,984,741)	(1,721,896)	(3,388,483)
Net Income	2,072,281	3,478,691	2,650,254	5,702,006
Less: Net Loss Attributable to Noncontrolling Interest in Consolidated VIE	7,590		7,590
Net Income Attributable to Consolidated-Tomoka Land Co.	$ 2,079,871	$ 3,478,691	$ 2,657,844	$ 5,702,006
Per Share Information: Basic
Net Income Attributable to Consolidated-Tomoka Land Co.	$ 0.36	$ 0.60	$ 0.46	$ 0.99
Per Share Information: Diluted
Net Income Attributable to Consolidated-Tomoka Land Co.	$ 0.36	$ 0.60	0.45	0.99
Dividends Declared and Paid			$ 0.04	$ 0.03

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Statement Of Income And Comprehensive Income [Abstract]
Net Income Attributable to Consolidated-Tomoka Land Co.	$ 2,079,871	$ 3,478,691	$ 2,657,844	$ 5,702,006
Other Comprehensive Income (Loss)
Realized Gain on Investment Securities Sold (Net of Tax of $(59,758) and $-0- for the three months ended September 30, 2015 and 2014, respectively, and Net of Tax of $(108,998) and $-0- for the nine months ended September 30, 2015 and 2014, respectively)	(95,156)		(176,707)
Unrealized Gain (Loss) on Investment Securities (Net of Tax of $11,193 and $2,464 for the three months ended September 30, 2015 and 2014, respectively, and Net of Tax of $(29,901) and $51,894 for the nine months ended September 30, 2015 and 2014, respectively)	17,824	3,926	(47,607)	82,635
Total Other Comprehensive Income (Loss), Net of Tax	(77,332)	3,926	(224,314)	82,635
Total Comprehensive Income	$ 2,002,539	$ 3,482,617	$ 2,433,530	$ 5,784,641

Consolidated Statements of Com6

Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Statement Of Income And Comprehensive Income [Abstract]
Other Comprehensive Income Realized Gain on Investment Securities, tax	$ (59,758)	$ 0	$ (108,998)	$ 0
Other Comprehensive Income Unrealized Gain (Loss) on Investment Securities, tax	$ 11,193	$ 2,464	$ (29,901)	$ 51,894

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity (Unaudited) - 9 months ended Sep. 30, 2015 - USD ($)	Total	Common Stock [Member]	Treasury Stock [Member]	Additional Paid-In Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Total Consolidated-Tomoka Land Co. Shareholders’ Equity [Member]	Noncontrolling Interest in Consolidated VIE [Member]
Beginning balance at Dec. 31, 2014	$ 128,404,699	$ 5,862,063	$ (1,381,566)	$ 11,289,846	$ 112,561,115	$ 73,241	$ 128,404,699
Net Income	2,650,254				2,657,844		2,657,844	$ (7,590)
Contributions from Noncontrolling Interest in Consolidated VIE	5,664,787							5,664,787
Stock Repurchase	(3,857,601)		(3,857,601)				(3,857,601)
Equity Component of Convertible Debt	2,130,002			2,130,002			2,130,002
Exercise of Stock Options	705,710	19,955		685,755			705,710
Vested Restricted Stock	(29,563)	3,556		(33,119)			(29,563)
Stock Issuance	27,432	494		26,938			27,432
Stock Compensation Expense from Restricted Stock Grants and Equity Classified Stock Options	1,693,513			1,693,513			1,693,513
Cash Dividends ($0.04 per share)	(233,187)				(233,187)		(233,187)
Other Comprehensive Loss, Net of Tax	(224,314)					(224,314)	(224,314)
Ending balance at Sep. 30, 2015	$ 136,931,732	$ 5,886,068	$ (5,239,167)	$ 15,792,935	$ 114,985,772	$ (151,073)	$ 131,274,535	$ 5,657,197

Consolidated Statements of Sha8

Consolidated Statements of Shareholders' Equity (Unaudited) (Parenthetical)	9 Months Ended
	Sep. 30, 2015$ / shares
Dividends Declared and Paid, Per Share	$ 0.04
Common Stock [Member]
Dividends Declared and Paid, Per Share	$ 0.04

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash Flow from Operating Activities:
Net Income	$ 2,650,254	$ 5,702,006
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation and Amortization	3,644,620	2,505,007
Loan Cost Amortization	265,443	173,965
Amortization of Discount on Convertible Debt	583,152	0
Amortization of Discount on Debt Securities within Investment Securities	(6,519)
Gain on Disposition of Property, Plant, and Equipment and Intangible Assets	(3,781,329)
Impairment Charges	510,041	421,040
Discount Accretion on Commercial Loan Investments		(649,658)
Accretion of Commercial Loan Origination Fees	(59,581)	(10,156)
Amortization of Fees on Acquisition of Commercial Loan Investments	224	29,711
Realized Gain on Investment Securities	(285,705)
Realized Gain on Put Option Derivative	(15,622)
Deferred Income Taxes	673,023	1,385,517
Non-Cash Compensation	1,350,557	1,021,955
Decrease (Increase) in Assets:
Refundable Income Taxes	267,280
Land and Development Costs	(847,124)	905,025
Impact Fees and Mitigation Credits	503,183	432,213
Net Pension Asset		(85,136)
Other Assets	(1,814,321)	(1,650,227)
Increase (Decrease) in Liabilities:
Accounts Payable	525,586	(159,976)
Accrued and Other Liabilities	1,060,091	756,300
Deferred Revenue	(478,127)	104,914
Income Taxes Payable	201,433	(933,502)
Net Cash Provided By Operating Activities	4,946,559	9,948,998
Cash Flow from Investing Activities:
Acquisition of Property, Plant, and Equipment	(29,736,375)	(20,815,135)
Acquisition of Intangible Assets	(6,013,622)	(1,069,145)
Acquisition of Commercial Loan Investments	(15,248,628)	(27,388,926)
Acquisition of Land	(5,664,787)	(11,600,000)
Increase in Restricted Cash	(6,185,419)	(1,058,862)
Proceeds from Sale of Investment Securities	2,919,958
Proceeds from Sale of Put Options	92,902
Acquisition of Investment Securities	(10,036,588)
Proceeds from Disposition of Property, Plant, and Equipment, Net	15,226,084	63,762
Principal Payments Received on Commercial Loan Investments	7,200,909	19,465,000
Net Cash Used In Investing Activities	(47,445,566)	(30,803,306)
Cash Flow from Financing Activities:
Proceeds from Long-Term Debt	95,875,000	69,025,000
Payments on Long-Term Debt	(47,540,011)	(51,062,021)
Cash Proceeds from Exercise of Stock Options	622,218	869,918
Cash Used to Purchase Common Stock	(3,857,601)	(927,912)
Cash from Excess Tax Benefit (Expense) from Vesting of Restricted Stock	(29,563)	407,971
Dividends Paid	(233,187)	(171,904)
Net Cash Provided By Financing Activities	44,836,856	18,141,052
Net Increase (Decrease) in Cash	2,337,849	(2,713,256)
Cash, Beginning of Year	1,881,195	4,932,512
Cash, End of Period	$ 4,219,044	$ 2,219,256

Consolidated Statements of Ca10

Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015	Sep. 30, 2014
Income taxes paid		$ 577,000	$ 2,500,000
Income tax refunds		3,000	0
Interest paid	$ 2,400,000	3,900,000	1,400,000
Interest paid, capitalized	0	0	$ 11,000
Convertible notes face amount	154,900,000	$ 154,900,000
Acquisition of interest in property	5,700,000
4.50% Convertible Senior Notes due 2020 [Member]
Debt instrument maturity year		2,020
Equity component of the convertible notes issued	2,100,000	$ 2,100,000
Decrease in long-term debt		3,400,000
Increase in deferred income taxes		1,300,000
Convertible notes face amount	$ 75,000,000	$ 75,000,000

Description of Business and Pri

Description of Business and Principles of Interim Statements	9 Months Ended
	Sep. 30, 2015
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Description of Business and Principles of Interim Statements	NOTE 1. DESCRIPTION OF BUSINESS AND PRINCIPLES OF INTERIM STATEMENTS Description of Business The terms “us,” “we,” “our,” and “the Company” as used in this report refer to Consolidated-Tomoka Land Co. together with our consolidated subsidiaries. We are a diversified real estate operating company. We own and manage forty-one commercial real estate properties in ten states in the U.S. As of September 30, 2015, we owned thirty-three single-tenant and eight multi-tenant income-producing properties with over 1,270,000 square feet of gross leasable space. We also own and manage a land portfolio of over 10,500 acres. As of September 30, 2015, we had four commercial loan investments including one fixed-rate and one variable–rate mezzanine commercial mortgage loan, a variable-rate B-Note, and a variable-rate first mortgage. Our golf operations consist of the LPGA International golf club, which is managed by a third party. We also lease property for twenty-one billboards, have agricultural operations that are managed by a third party, which consists of leasing land for hay and sod production, timber harvesting, and hunting leases, and own and manage subsurface interests. The results of our agricultural and subsurface leasing operations are included in Agriculture and Other Income and Real Estate Operations, respectively, in our consolidated statements of operations. Interim Financial Information The accompanying unaudited consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. These unaudited consolidated financial statements do not include all of the information and notes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete financial statements and should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2014, which provides a more complete understanding of the Company’s accounting policies, financial position, operating results, business properties, and other matters. The unaudited consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary to present fairly the financial position of the Company and the results of operations for the interim periods. The results of operations for the nine months ended September 30, 2015 are not necessarily indicative of results to be expected for the year ending December 31, 2015. Principles of Consolidation The consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries, and other entities in which we have a controlling interest. Any real estate entities or properties included in the consolidated financial statements have been consolidated only for the periods that such entities or properties were owned or under control by us. All significant inter-company balances and transactions have been eliminated in the consolidated financial statements. Noncontrolling interests in consolidated pass-through entities are recognized before income taxes. Use of Estimates in Preparation of Financial Statements The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Because of the fluctuating market conditions that currently exist in the Florida and national real estate markets, and the volatility and uncertainty in the financial and credit markets, it is possible that the estimates and assumptions, most notably those related to the Company’s investment in income properties, could change materially during the time span associated with the continued volatility of the real estate and financial markets or as a result of a significant dislocation in those markets. NOTE 1. DESCRIPTION OF BUSINESS AND PRINCIPLES OF INTERIM STATEMENTS (continued) Fair Value Measurements The Company’s estimates of fair value of financial and non-financial assets and liabilities is based on the framework established in the fair value accounting guidance. The framework specifies a hierarchy of valuation inputs which was established to increase consistency, clarity and comparability in fair value measurements and related disclosures. The guidance 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. Fair Value of Financial Instruments The carrying amounts of the Company’s financial assets and liabilities including cash and cash equivalents, restricted cash, investment securities, accounts receivable, and accounts payable at September 30, 2015 and December 31, 2014, approximate fair value because of the short maturity of these instruments. The carrying amount of the Company’s investments in commercial loans approximates fair value at September 30, 2015 and December 31, 2014, since the floating and fixed rates of the loans reasonably approximate current market rates for notes with similar risks and maturities. The carrying amount of the Company’s long-term debt approximates fair value at September 30, 2015 and December 31, 2014, since the floating rate of our credit facility and the fixed rates of our secured financings and convertible debt reasonably approximate current market rates for notes with similar risks and maturities. Cash and Cash Equivalents Cash and cash equivalents include cash on hand and bank demand accounts. Restricted Cash Restricted cash totaled approximately $10.6 million at September 30, 2015, of which approximately $9.0 million reflects the proceeds from the two income property sales that closed in September 2015, and $276,000 remaining from two land sales, is being held in escrow to be reinvested through the like-kind exchange structure into an acquired income property. Additionally, approximately $596,000 is being held in a reserve related to certain required tenant improvements for the Lowes in Katy, Texas; approximately $431,000 is being held in a reserve primarily for property taxes and insurance escrows in connection with our financing of two properties acquired in January 2013; and approximately $285,000 is being held in escrow related to a land transaction which closed in December 2013. Purchase Accounting for Acquisitions of Real Estate Subject to a Lease In accordance with the Financial Accounting Standards Board (“FASB”) guidance on business combinations, the fair value of the real estate acquired with in-place leases is allocated to the acquired tangible assets, consisting of land, building and tenant improvements, and identified intangible assets, consisting of the value of in-place leases, above and below market in-place leases, and leasing costs, based in each case on their relative fair values. The Company has determined that income property purchases with a pre-existing lease at the time of acquisition qualify as a business combination, in which case acquisition costs are expensed in the period the transaction closes. For income property purchases in which a new lease is originated at the time of acquisition, the Company has determined that these asset purchases are outside the scope of the business combination standards and accordingly, the acquisition costs are capitalized with the purchase. NOTE 1. DESCRIPTION OF BUSINESS AND PRINCIPLES OF INTERIM STATEMENTS (continued) Investment Securities In accordance with ASC Topic 320, Investments – Debt and Equity Securities Realized gains and losses, and declines in value judged to be other-than-temporary related to equity securities, are included in investment income in the consolidated statements of operations. With respect to debt securities, when the fair value of a debt security classified as available-for-sale is less than its cost, management assesses whether or not: (i) it has the intent to sell the security or (ii) it is more likely than not that the Company will be required to sell the security before its anticipated recovery. If either of these conditions are met, the Company must recognize an other-than-temporary impairment through earnings for the differences between the debt security’s cost basis and its fair value, and such amount is included in investment income in the consolidated statements of operations. There were no other-than-temporary impairments during the nine months ended September 30, 2015 or 2014. The cost of securities sold is based on the specific identification method. Interest and dividends on securities classified as available-for-sale are included in investment income in the consolidated statements of operations. The fair value of the Company’s available-for-sale equity securities are measured quarterly, on a recurring basis, using Level 1 inputs, or quoted prices for identical, actively traded assets. The fair value of the Company’s available-for-sale debt securities are measured quarterly, on a recurring basis, using Level 2 inputs. Derivative Financial Instruments Derivative instruments are classified as either assets or liabilities in the consolidated balance sheets at fair value. The derivatives outstanding as of September 30, 2015 are not designated as hedging instruments and, accordingly, the changes in fair value (i.e. gains or losses) are recorded in the consolidated statements of operations through investment income. The fair value of the Company’s derivatives not designated as hedging instruments are measured quarterly, on a recurring basis, using Level 2 inputs. The Company’s derivatives outstanding as of September 30, 2015 are for put options sold related to common stock investments included in the investment securities asset category. The liability for the fair market value of the put options sold is included on the consolidated balance sheet in accrued and other liabilities. The Company had no derivatives outstanding as of December 31, 2014. Impact Fees and Mitigation Credits Impact fees and mitigation credits are stated at the lower of cost or market. As these assets are sold, the related revenues and cost basis are reported as revenues from, and direct costs of, real estate operations, respectively, in the consolidated statements of operations. Classification of Loans Loans held for investment are stated at the principal amount outstanding and include the unamortized deferred loan fees offset by any applicable unaccreted loan purchase discounts and origination fees, if applicable, in accordance with GAAP. Commercial Loan Investment Impairment The Company’s commercial loans are held for investment. For each loan, the Company evaluates the performance of the collateral property and the financial and operating capabilities of the borrower/guarantor, in part, to assess whether any deterioration in the credit has occurred and for possible impairment of the loan. Impairment would reflect the Company’s determination that it is probable that all amounts due according to the contractual terms of the loan would not be collected. Impairment is measured based on the present value of the expected future cash flows from the loan discounted at the effective rate of the loan or the fair value of the collateral. Upon determination of an impairment, the Company would record an allowance to reduce the carrying value of the loan with a corresponding recognition of loss in the results of operations. Significant exercise of judgment is required in determining impairment, including assumptions regarding the estimate of expected future cash flows, collectability of the loan, the value of the underlying collateral and other factors including the existence of guarantees. The Company has determined that, as of September 30, 2015, no allowance for impairment was required. NOTE 1. DESCRIPTION OF BUSINESS AND PRINCIPLES OF INTERIM STATEMENTS (continued) Recognition of Interest Income from Commercial Loan Investments Interest income on commercial loan investments includes interest payments made by the borrower and the accretion of purchase discounts and loan origination fees, offset by the amortization of fees. Interest payments are accrued based on the actual coupon rate and the outstanding principal balance, and purchase discounts and origination fees are accreted into income using the effective yield method, adjusted for prepayments. Reclassifications Certain items in the prior period’s consolidated balance sheet and statements of operations have been reclassified to conform to the presentation as of and for the nine months ended September 30, 2015. Specifically, land, timber, and subsurface interests were previously stated as a separate line item within property, plant, and equipment and accumulated depreciation on the consolidated balance sheets, and are now included with land and development costs as all of the costs are related to the Company’s land portfolio of over 10,500 acres. The amount reclassified to land and development costs was approximately $14.9 million as of December 31, 2014. Also, third-party purchase price allocations performed during the nine months ended September 30, 2015 related to three 2014 income property acquisitions resulted in a revised allocation between income properties, land, buildings, and improvements, intangible assets, and accrued and other liabilities. As of December 31, 2014, the reclassifications made relating to the purchase price allocations were to increase intangible assets by approximately $3.0 million, decrease income properties, land, buildings, and improvements by approximately $2.3 million, and increase accrued and other liabilities by approximately $670,000. In addition, revenue and cost of sales related to impact fees sold were previously reported net in the consolidated statements of income. Current presentation reports the revenues and cost basis of impact fees sold as revenues from, and direct costs of, real estate operations, respectively, in the consolidated statements of operations. The increase in revenues and the direct costs of revenues was approximately $137,000 and $259,000 for the three and nine months ended September 30, 2014, respectively. These reclassifications had an immaterial effect on total assets as of December 31, 2014 and no effect on net income as of and for the three and nine months ended September 30, 2014.

Income Properties

Income Properties	9 Months Ended
	Sep. 30, 2015
Business Combinations [Abstract]
Income Properties	NOTE 2. INCOME PROPERTIES During the nine months ended September 30, 2015, the Company acquired three properties: one multi-tenant income property, one single-tenant income property, and a vacant outparcel adjacent to one of our multi-tenant properties, at an aggregate acquisition cost of approximately $34.2 million. Of the total acquisition cost, approximately $8.5 million was allocated to land, approximately $19.7 million was allocated to buildings and improvements, and approximately $6.0 million was allocated to intangible assets and liabilities pertaining to the in-place lease value, leasing fees, and the above or below market lease value. The amortization period for the approximate $6.0 million allocated to intangible assets is approximately 7.6 years. The three properties acquired during the nine months ended September 30, 2015 consist of the following: · On July 16, 2015, the Company acquired 245 Riverside Avenue, a 5-story, 136,856 square-foot, multi-tenant office building situated on 3.4 acres in Jacksonville, Florida at a purchase price of $25.1 million. The property is 99% leased with a tenant roster including Raymond James, Northwestern Mutual, Dixon Hughes Goodman, and Jacobs Engineering Group. · On May 28, 2015, the Company acquired a 0.71 acre vacant outparcel located adjacent to our The Grove at Winter Park property in Winter Park, Florida at a purchase price of $409,000. · On May 18, 2015, the Company acquired a 23,329 square-foot property situated on 2.46 acres in Glendale, Arizona at a purchase price of approximately $8.6 million. The property is leased to The Container Store with a term of approximately 15 years having commenced in February 2015, with rent increases every 5 years. In a separate transaction, the Company’s approximately $6.2 million first mortgage loan to the developer of the property, which would have matured in November 2015, was paid off by the borrower at par. During the nine months ended September 30, 2015, independent third-party purchase price allocation valuations were completed on three of the four income properties acquired during the year ended December 31, 2014 for a total purchase price of approximately $39.1 million. As a result of the valuations, the allocation of the total purchase price to intangible assets was increased by approximately $3.0 million while the allocation to income properties, land, buildings, and improvements decreased by approximately $2.3 million. In addition, the allocation to intangible lease liabilities was approximately $670,000 causing an increase in accrued and other liabilities of that amount. NOTE 2. INCOME PROPERTIES (continued) Four single-tenant income properties were sold during the nine months ended September 30, 2015 as follows: · On September 28, 2015, the Company sold its interest in a 13,824 square-foot building, located in Clermont, Florida, which was under lease to Holiday CVS L.L.C., a wholly-owned subsidiary of CVS Health (“CVS”), with a remaining lease term of 7.1 years, for proceeds of $4.2 million, generating a pre-tax gain of approximately $1.6 million, or approximately $0.17 per share, after tax. · On September 30, 2015, the Company sold its interest in an 11,900 square-foot building, located in Sanford, Florida, which was under lease to CVS, with a remaining lease term of 5.1 years, for proceeds of approximately $5.2 million, generating a pre-tax gain of approximately $2.2 million, or approximately $0.23 per share, after tax. · On April 17, 2015, the Company sold its interest in two 13,813 square-foot buildings, located in Sanford and Sebastian, Florida, which were both under lease to CVS, but had been vacated by the tenant in a previous year, with a weighted average remaining lease term of 8.7 years, for proceeds of $6.4 million, generating a pre-tax loss of approximately $497,000, or approximately $0.05 per share, after tax. Additionally, during the nine months ended September 30, 2015, tenant improvements totaling approximately $1.2 million were completed related to (i) the Teledyne ODI lease of approximately 15,000 square feet at the Williamson Business Park, for which the certificate of occupancy was received on July 7, 2015 and under which rent commenced on July 20, 2015, and (ii) the expanded and extended State of Florida Department of Revenue lease of 21,000 square feet at the Mason Commerce Center building which is expected to be complete in October 2015. During the nine months ended September 30, 2014, the Company acquired two single-tenant income properties at an acquisition cost of approximately $20.0 million. Of the total acquisition cost, approximately $11.6 million was allocated to land, approximately $5.6 million was allocated to buildings and improvements, and approximately $2.8 million was allocated to intangible assets pertaining to the in-place lease value and leasing fees. The amortization period for the approximate $2.8 million allocated to intangible assets is approximately 10.3 years at the time of acquisition. Additionally, during the nine months ended September 30, 2014, construction was completed on two self-developed properties, known as the Williamson Business Park, in Daytona Beach, Florida for a total cost of approximately $2.4 million of which approximately $2.2 million was incurred for building and improvements and approximately $221,000 was related to the transfer of basis in the previously owned land.

Commercial Loan Investments

Commercial Loan Investments	9 Months Ended
	Sep. 30, 2015
Receivables [Abstract]
Commercial Loan Investments	NOTE 3. COMMERCIAL LOAN INVESTMENTS On September 24, 2015, the Company originated a $14.5 million first mortgage loan secured by a hotel in San Juan, Puerto Rico. The loan matures in September 2018 and bears a floating interest rate of 30-day London Interbank Offer Rate (“LIBOR”) plus 900 basis points, of which 700 basis points are payable currently and 200 basis points accrue over the term of the loan. At closing, a loan origination fee of approximately $181,000 was received by the Company and is being accreted ratably into income through the contractual maturity date. As of September 30, 2015, the Company owned four performing commercial loan investments which have an aggregate outstanding principal balance of approximately $38.5 million. These loans are secured by real estate, or the borrower’s equity interest in real estate, located in Dallas, Texas, Sarasota, Florida, Atlanta, Georgia, and San Juan, Puerto Rico and have an average remaining maturity of approximately 2.0 years and a weighted average interest rate of 8.8%. NOTE 3. COMMERCIAL LOAN INVESTMENTS (continued) The Company’s commercial loan investment portfolio was comprised of the following at September 30, 2015: Description Date of Investment Maturity Date Original Face Amount Current Face Amount Carrying Value Coupon Rate Mezz – Hotel – Atlanta, GA January 2014 February 2019 $ 5,000,000 $ 5,000,000 $ 5,000,000 12.00% B-Note – Retail Shopping Center, Sarasota, FL May 2014 June 2016 8,960,467 8,960,467 8,960,467 30-day LIBOR plus 7.50% Mezz – Hotel, Dallas, TX September 2014 September 2016 10,000,000 10,000,000 10,000,000 30-day LIBOR plus 7.25% First Mortgage –Hotel, San Juan, Puerto Rico September 2015 September 2018 14,500,000 14,500,000 14,354,683 30-day LIBOR plus 9.00% Total $ 38,460,467 $ 38,460,467 $ 38,315,150 The carrying value of the commercial loan investment portfolio as of September 30, 2015 consisted of the following: Total Current Face Amount $ 38,460,467 Unamortized Fees 34,777 Unaccreted Origination Fees (180,094 ) Total Commercial Loan Investments $ 38,315,150 The Company’s commercial loan investment portfolio was comprised of the following at December 31, 2014: Description Date of Investment Maturity Date Original Face Amount Current Face Amount Carrying Value Coupon Rate Mezz – Hotel, Atlanta, GA January 2014 February 2019 $ 5,000,000 $ 5,000,000 $ 5,000,000 12.00% Construction – Container Store, Glendale, AZ May 2014 November 2015 6,300,000 5,306,031 5,247,607 6.00% B-Note – Retail Shopping Center, Sarasota, FL May 2014 June 2015 8,960,467 8,960,467 8,960,467 30-day LIBOR plus 7.25% Mezz – Hotel, Dallas, TX September 2014 September 2016 10,000,000 10,000,000 10,000,000 30-day LIBOR plus 7.25% Development – Real Estate, Ormond Beach, FL November 2014 November 2015 1,000,000 1,000,000 1,000,000 30-day LIBOR plus 7.25% Total $ 31,260,467 $ 30,266,498 $ 30,208,074 The carrying value of the commercial loan investment portfolio as of December 31, 2014 consisted of the following: Total Current Face Amount $ 30,266,498 Unaccreted Origination Fees (58,424 ) Total Commercial Loan Investments $ 30,208,074

Land and Subsurface Interests

Land and Subsurface Interests	9 Months Ended
	Sep. 30, 2015
Real Estate [Abstract]
Land and Subsurface Interests	NOTE 4. LAND AND SUBSURFACE INTERESTS During the nine months ended September 30, 2015, the Company sold approximately 3.9 acres of land. On June 1, 2015, the Company sold approximately 3.0 acres of land located on the south side of LPGA Boulevard, just east of Clyde Morris Boulevard, at a sales price of $505,000, or approximately $167,000 per acre, for a gain of approximately $476,000. On June 17, 2015, the Company sold approximately 0.9 acres of land located in Highlands County, at a sales price of $250,000, for a gain of approximately $223,000. During the three months ended September 30, 2015, the Company acquired, through a real estate venture with an unaffiliated third party institutional investor, an interest in approximately six acres of vacant beachfront property located in Daytona Beach, Florida as more fully described in Note 20 “Variable Interest Entity.” NOTE 4. LAND AND SUBSURFACE INTERESTS (continued) During the nine months ended September 30, 2014, the Company sold approximately 3.1 acres to Halifax Humane Society, Inc. (“HHS”) for $391,500, or approximately $128,000 per acre, for a gain of approximately $347,000. This parcel is located on LPGA Boulevard, just west of I-95 in Daytona Beach, Florida and is adjacent to an existing property owned by HHS. Also, during the nine months ended September 30, 2014, the Company sold approximately 75.6 acres of land, located on the east side of Interstate 95, to an unaffiliated third party for the construction of a distribution center for approximately $7.8 million, or approximately $103,000 per acre, for a gain at closing of approximately $3.9 million with an additional gain of approximately $324,000 recognized on a percentage-of-completion basis as certain road improvements are completed. All percentage-of-completion revenue was recognized as of March 31, 2015 as the road improvements were substantially complete at that time. In connection with this sale, during the three months ended September 30, 2015, the Company recognized revenue of approximately $1.0 million from incentives received from the County of Volusia, Florida based upon certain milestones being achieved during the quarter including the distribution center receiving its certificate of occupancy and the creation of no less than 150 jobs at the new distribution center. During 2011, an eight-year oil exploration lease was executed. The lease calls for annual lease payments which are recognized as revenue ratably over the respective twelve month lease periods. In addition, non-refundable drilling penalty payments are made as required by the drilling requirements in the lease which are recognized as revenue when received. Cash payments for both the annual lease payment and the drilling penalty, if applicable, are received in full on or before the first day of the respective lease year. Lease payments on the respective acreages and drilling penalties received through lease year five are as follows: Acreage (Approximate) Florida County Lease Payment Drilling Penalty Lease Year 1 - 9/23/2011 - 9/22/2012 136,000 Lee and Hendry $ 913,657 $ - Lease Year 2 - 9/23/2012 - 9/22/2013 136,000 Lee and Hendry 922,114 - Lease Year 3 - 9/23/2013 - 9/22/2014 82,000 Hendry 3,293,000 1,000,000 Lease Year 4 - 9/23/2014 - 9/22/2015 42,000 Hendry 1,866,146 600,000 Lease Year 5 - 9/23/2015 - 9/22/2016 25,000 Hendry 1,218,838 175,000 Total Payments Received to Date $ 8,213,755 $ 1,775,000 The terms of the lease state the Company will receive royalty payments if production occurs, and may receive additional annual rental payments if the lease is continued in years six through eight. The lease is effectively eight one-year terms as the lessee has the option to terminate the lease annually. Lease income generated by the annual lease payments is recognized on a straight-line basis over the guaranteed lease term. For the three months ended September 30, 2015 and 2014, lease income of approximately $456,000 and $799,000 was recognized, respectively. For the nine months ended September 30, 2015 and 2014, lease income of approximately $1.4 million and $2.4 million was recognized, respectively. There can be no assurance that the oil exploration lease will be extended beyond the expiration of the current term of September 22, 2016 or, if renewed, on similar terms or conditions. The Company also received oil royalties from operating oil wells on 800 acres under a separate lease with a separate operator. Revenues received from oil royalties totaled approximately $11,000 and $38,000, during the three months ended September 30, 2015 and 2014, respectively. Revenues received from oil royalties totaled approximately $60,000 and $167,000, during the nine months ended September 30, 2015 and 2014, respectively. The Company is not prohibited from the disposition of any or all of its subsurface interests. Should the Company complete a transaction to sell all or a portion of its subsurface interests, the Company may utilize the like-kind exchange structure in acquiring one or more replacement investments such as income-producing properties. The Company may release surface entry rights or other rights upon request of a surface owner for a negotiated release fee based on a percentage of the surface value. Cash payments for the release of surface entry rights totaled approximately $2,000 and $4,000 during the nine months ended September 30, 2015 and 2014, respectively, which is included in revenue from real estate operations. In addition, the Company generated revenue of approximately $73,000 and $139,000 during the nine months ended September 30, 2015 and 2014, respectively, from fill dirt excavation agreements. No revenue from fill dirt excavation agreements was recognized during the three months ended September 30, 2015 while approximately $16,000 was recognized during the three months ended September 30, 2014.

Investment Securities

Investment Securities	9 Months Ended
	Sep. 30, 2015
Investments Debt And Equity Securities [Abstract]
Investment Securities	NOTE 5. INVESTMENT SECURITIES During the nine months ended September 30, 2015, the Company purchased approximately $10.0 million of common stock and debt securities. During the nine months ended September 30, 2015, the Company sold preferred stock of a publicly traded real estate company and debt securities of another publicly traded real estate company for proceeds of approximately $2.9 million. Available-for-Sale securities consisted of the following as of September 30, 2015: As of September 30, 2015 Cost Gains in Accumulated Other Comprehensive Income Losses in Accumulated Other Comprehensive Income Estimated Fair Value (Level 1 and 2 Inputs) Debt Securities $ 843,951 $ 9,179 $ — $ 853,130 Total Debt Securities 843,951 9,179 — 853,130 Common Stock 7,269,076 — (255,129 ) 7,013,947 Total Equity Securities 7,269,076 — (255,129 ) 7,013,947 Total Available-for-Sale Securities $ 8,113,027 $ 9,179 $ (255,129 ) $ 7,867,077 During the nine months ended September 30, 2015, gross unrealized losses of approximately $78,000, net of tax of approximately $30,000, were recorded through other comprehensive income. The gross unrealized losses of approximately $78,000 include the gross unrealized loss as seen above of approximately $246,000, offset by the approximate $168,000 in gross unrealized gains on the preferred stock and debt securities investments prior to their sale in the first and third quarter of 2015, respectively. The debt securities have a maturity date of approximately 4.5 years from September 30, 2015. Available-for-Sale securities consisted of the following as of December 31, 2014: As of December 31, 2014 Cost Gains in Accumulated Other Comprehensive Income Losses in Accumulated Other Comprehensive Income Estimated Fair Value Preferred Stock $ 704,173 $ 117,263 $ — $ 821,436 Total Equity Securities $ 704,173 $ 117,263 $ — $ 821,436 Total Available-for-Sale Securities $ 704,173 $ 117,263 $ — $ 821,436 The net gain of approximately $83,000 during the nine months ended September 30, 2014, net of tax of approximately $52,000, is included in other comprehensive income. Included in other comprehensive income is the net gain of approximately $4,000 during the three months ended September 30, 2014, net of tax of approximately $2,000 . Following is a table reflecting the sale of investment securities and gains recognized during the nine months ended September 30, 2015 and 2014: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2015 2014 2015 2014 Proceeds from the Disposition of Debt Securities $ 2,084,994 $ — $ 2,084,994 $ — Cost Basis of Debt Securities Sold (1,930,080 ) — (1,930,080 ) — Gain recognized in Statement of Operations on the Disposition of Debt Securities 154,914 - 154,914 - Proceeds from the Disposition of Equity Securities - — 834,964 — Cost Basis of Equity Securities Sold - — (704,173 ) — Gain recognized in Statement of Operations on the Disposition of Equity Securities $ - $ — $ 130,791 $ — Total Gain recognized in Statement of Operations on the Disposition of Debt and Equity Securities $ 154,914 $ - $ 285,705 $ -

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	NOTE 6. FAIR VALUE OF FINANCIAL INSTRUMENTS The following table presents the carrying value and estimated fair value of the Company’s financial instruments at September 30, 2015 and December 31, 2014: September 30, 2015 December 31, 2014 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Cash and Cash Equivalents $ 4,219,044 $ 4,219,044 $ 1,881,195 $ 1,881,195 Restricted Cash 10,625,517 10,625,517 4,440,098 4,440,098 Investment Securities 7,867,077 7,867,077 821,436 821,436 Commercial Loan Investments 38,315,150 38,460,467 30,208,074 30,266,498 Long-Term Debt 149,390,506 149,390,506 103,940,011 103,940,011 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.

Intangible Assets

Intangible Assets	9 Months Ended
	Sep. 30, 2015
Goodwill And Intangible Assets Disclosure [Abstract]
Intangible Assets	NOTE 7. INTANGIBLE ASSETS Intangible assets and liabilities consisted of the following as of September 30, 2015 and December 31, 2014: As of September 30, 2015 December 31, 2014 Intangible Lease Assets: Value of In-Place Leases, net $ 10,913,536 $ 9,043,617 Value of Above Market In-Place Leases, net 1,355,015 330,424 Value of Intangible Leasing Costs, net 2,472,282 978,082 Sub-total Intangible Lease Assets 14,740,833 10,352,123 Intangible Lease Liabilities (included in accrued and other liabilities): Value of Below Market In-Place Leases, net (653,134 ) (669,693 ) Sub-total Intangible Lease Liabilities (653,134 ) (669,693 ) Total Intangible Assets—Net $ 14,087,699 $ 9,682,430 Accumulated amortization was approximately $4.3 million and $3.6 million as of September 30, 2015 and December 31, 2014, respectively. Amortization expense for the three months ended September 30, 2015 and 2014 was approximately $473,000 and $196,000, respectively. Amortization expense for the nine months ended September 30, 2015 and 2014 was approximately $1.2 million and $545,000, respectively. The estimated future amortization expense related to net intangible assets is as follows: Year Ending December 31, Amount Remainder of 2015 $ 502,082 2016 1,958,314 2017 1,879,485 2018 1,856,856 2019 1,824,032 2020 1,626,075 Thereafter 4,440,855 Total $ 14,087,699

Impairment of Long-Lived Assets

Impairment of Long-Lived Assets	9 Months Ended
	Sep. 30, 2015
Goodwill And Intangible Assets Disclosure [Abstract]
Impairment of Long-Lived Assets	NOTE 8. IMPAIRMENT OF LONG-LIVED ASSETS The Company assesses the impairment of long-lived assets whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The fair value of long-lived assets required to be assessed for impairment is determined on a non-recurring basis using Level 3 inputs in the fair value hierarchy. These Level 3 inputs may include, but are not limited to, executed purchase and sale agreements on specific properties, third party valuations, discounted cash flow models, and other model-based techniques. During the first quarter of 2015, an impairment charge of approximately $510,000 was recognized on two income properties held for sale as of March 31, 2015, for which the sale closed on April 17, 2015. The total impairment charge represented the loss on the sale of approximately $277,000 plus estimated closing costs of approximately $233,000. As the actual loss on the sale was approximately $497,000, an adjustment to reduce that charge in the amount of approximately $13,000 was recognized during the three months ended June 30, 2015. No impairment charges were recognized during the three months ended September 30, 2015. During the three and nine months ended September 30, 2014, an impairment charge of approximately $421,000 was recognized on the income property held for sale as of September 30, 2014, for which the sale closed on November 19, 2014. The total impairment charge represents the loss on the sale of approximately $228,000 plus estimated closing costs of approximately $193,000.

Common Stock and Earnings Per S

Common Stock and Earnings Per Share	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Common Stock and Earnings Per Share	NOTE 9. COMMON STOCK AND EARNINGS PER SHARE Basic earnings per common share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per common share is based on the assumption of the conversion of stock options and vesting of restricted stock at the beginning of each period using the treasury stock method at average cost for the periods. Three Months Ended Nine Months Ended September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 Income Available to Common Shareholders: Net Income Attributable to Consolidated-Tomoka Land Co. $ 2,079,871 $ 3,478,691 $ 2,657,844 $ 5,702,006 Weighted Average Shares Outstanding 5,802,363 5,773,469 5,817,184 5,754,190 Common Shares Applicable to Stock Options Using the Treasury Stock Method 15,315 32,930 27,290 21,278 Total Shares Applicable to Diluted Earnings Per Share 5,817,678 5,806,399 5,844,474 5,775,468 Per Share Information: Basic Net Income Per Share Net Income Attributable to Consolidated-Tomoka Land Co. $ 0.36 $ 0.60 $ 0.46 $ 0.99 Diluted Net Income per Share Net Income Attributable to Consolidated-Tomoka Land Co. $ 0.36 $ 0.60 $ 0.45 $ 0.99 The effect of 32,500 and 40,200 potentially dilutive securities were not included for the three and nine months ended September 30, 2015, respectively, as the effect would be antidilutive. The effect of 35,400 potentially dilutive securities were not included for the three or nine months ended September 30, 2014, respectively, as the effect would be antidilutive. The Company intends to settle its 4.50% Convertible Senior Notes due 2020 in cash upon conversion with any excess conversion value to be settled in shares of our common stock. Therefore, only the amount in excess of the par value of the Notes will be included in our calculation of diluted net income per share using the treasury stock method. As such, the Notes have no impact on diluted net income per share until the price of our common stock exceeds the conversion price of $68.90. The average price of our common stock during the three and nine months ended September 30, 2015 did not exceed the conversion price which resulted in no additional diluted outstanding shares.

Treasury Stock

Treasury Stock	9 Months Ended
	Sep. 30, 2015
Equity [Abstract]
Treasury Stock	NOTE 10. TREASURY STOCK On April 26, 2012, the Company announced a voluntary Odd-Lot Buy-Back Program (the “Program”), whereby the Company offered to purchase shares from shareholders who owned less than 100 shares of the Company’s common stock as of April 26, 2012, for $31.00 per share. The Program reflected the Company’s interest in reducing the ongoing costs associated with shareholder recordkeeping and communications and to assist shareholders who may be deterred from selling their small lots of stock due to the costs that would be incurred. The Company paid all costs associated with the Program and purchased 14,634 shares under the Program at a total cost of approximately $454,000. The Program expired June 30, 2012. The Company did not provide any recommendation regarding shareholder participation and the decision was entirely that of each shareholder as to whether to sell shares in this Program. In November 2008, the Company’s Board of Directors authorized the Company to repurchase, from time to time, up to $8 million of its common stock. There is no expiration date for the repurchase authorization. The Company repurchased 4,660 shares of its common stock at a cost of approximately $105,000 through December 31, 2013 and those shares were retired. During 2014, the Company repurchased 25,836 shares of its common stock on the open market for a total cost of approximately $928,000 and placed those shares in treasury. During the nine months ended September 30, 2015, the Company repurchased an additional 70,236 shares of its common stock on the open market for a total cost of approximately $3.9 million and placed those shares in treasury. Pursuant to a covenant in our Credit Facility, which includes the Odd-Lot Buy-Back Program as part of our stock repurchase capacity, the maximum approximate dollar value of shares that may yet be purchased under the plan or program was approximately $2.7 million as of September 30, 2015.

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Long-Term Debt	NOTE 11. LONG-TERM DEBT Credit Facility. The Company has a revolving credit facility, as amended on April 20, 2015 (the “Credit Facility”) which matures on August 1, 2018 with the ability to extend the term for 1 year. The Credit Facility has a total borrowing capacity of $75.0 million with the ability to increase that capacity up to $125.0 million during the term. The Credit Facility provides the lenders with a secured 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 225 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 Credit Facility. The Credit Facility also accrues a fee of 20 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. The Credit Facility is guaranteed by certain wholly-owned subsidiaries of the Company. The Credit Facility bank group is led by Bank of Montreal (“BMO”) and also includes Wells Fargo Bank, N.A. (“Wells Fargo”) and Branch Banking & Trust Company. At September 30, 2015, the current commitment level under the Credit Facility was $75.0 million. The available borrowing capacity under the Credit Facility was approximately $48.8 million subject to the borrowing base requirements. 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 of 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 February 22, 2013, the Company closed on a $7.3 million loan originated with UBS Real Estate Securities Inc., secured by its interest in the two-building office complex leased to Hilton Resorts Corporation, which was acquired on January 31, 2013. The mortgage loan matures in February 2018, carries a fixed rate of interest of 3.655% per annum, and requires payments of interest only prior to maturity. On March 8, 2013, the Company closed on a $23.1 million loan originated with Bank of America, N.A., secured by its interest in fourteen income properties. The mortgage loan matures in April 2023, carries a fixed rate of 3.67% per annum, and requires payments of interest only prior to maturity. On September 30, 2014, the Company closed on a $30.0 million loan originated with Wells Fargo, secured by its interest in six income properties. The mortgage loan matures in October 2034, and carries a fixed rate of 4.33% per annum during the first ten years of the term, and requires payments of interest only during the first ten years of the loan. After the tenth anniversary of the effective date of the loan, the cash flows generated by the underlying six income properties must be used to pay down the principal balance of the loan until paid off or until the loan matures. The loan is fully pre-payable after the tenth anniversary date of the effective date of the loan. NOTE 11. LONG-TERM DEBT (continued) Convertible Debt. On March 11, 2015, the Company issued $75.0 million aggregate principal amount of 4.50% Convertible Senior Notes due 2020 (the “Notes”). The Notes bear interest at a rate of 4.50% per year, payable semiannually in arrears on March 15 and September 15 of each year, beginning on September 15, 2015. The Notes will mature on March 15, 2020, unless earlier purchased or converted. The initial conversion rate is 14.5136 shares of common stock for each $1,000 principal amount of Notes, which represents an initial conversion price of approximately $68.90 per share of common stock. The conversion rate is subject to adjustment in certain circumstances. Holders may not surrender their Notes for conversion prior to December 15, 2019 except upon the occurrence of certain conditions relating to the closing sale price of the Company’s common stock, the trading price per $1,000 principal amount of Notes, or specified corporate events. The Company may not redeem the Notes prior to the stated maturity date and no sinking fund is provided for the Notes. The Notes are convertible, at the election of the Company, into solely cash, solely shares of the Company’s common stock, or a combination of cash and shares of the Company’s common stock. The Company intends to settle the Notes in cash upon conversion with any excess conversion value to be settled in shares of our common stock. In accordance with GAAP, the Notes are accounted for as a liability with a separate equity component recorded for the conversion option. A liability was recorded for the Notes on the issuance date at fair value based on a discounted cash flow analysis using current market rates for debt instruments with similar terms. The difference between the initial proceeds from the Notes and the estimated fair value of the debt instruments resulted in a debt discount, with an offset recorded to additional paid-in capital representing the equity component. The discount on the Notes was approximately $6.1 million at issuance, which represents the cash discount paid of approximately $2.6 million and the approximate $3.5 million attributable to the value of the conversion option recorded in equity, which is being amortized into interest expense through the maturity date of the Notes. As of September 30, 2015 the unamortized debt discount of our Notes was approximately $5.5 million. Net proceeds from issuance of the Notes was approximately $72.4 million (net of the cash discount paid of approximately $2.6 million) of which approximately $47.5 million was used to repay the outstanding balance of our Credit Facility as of March 11, 2015. We utilized the remaining amount for investments in income-producing properties or investments in commercial loans secured by commercial real estate. Long-term debt consisted of the following: September 30, 2015 Total Due Within One Year Credit Facility $ 19,500,000 $ — Mortgage Note Payable (originated with UBS) 7,300,000 — Mortgage Note Payable (originated with BOA) 23,100,000 — Mortgage Note Payable (originated with Wells Fargo) 30,000,000 — 4.50% Convertible Senior Notes due 2020, net of discount 69,490,506 — Total Long-Term Debt $ 149,390,506 $ — Payments applicable to reduction of principal amounts will be required as follows: Year Ending December 31, Amount Remainder of 2015 $ — 2016 — 2017 — 2018 26,800,000 2019 — 2020 75,000,000 Thereafter 53,100,000 Total Long-Term Debt $ 154,900,000 The carrying value of long-term debt as of September 30, 2015 consisted of the following: Total Current Face Amount $ 154,900,000 Unamortized Discount on Convertible Debt (5,509,494 ) Total Long-Term Debt $ 149,390,506 NOTE 11. LONG-TERM DEBT (continued) For the three months ended September 30, 2015, interest expense, excluding amortization of loan costs and debt discounts, was approximately $1.5 million with approximately $2.4 million paid during the period including approximately $1.7 million related to the first semi-annual payment on the Notes. For the nine months ended September 30, 2015, interest expense was approximately $4.0 million with approximately $3.9 million paid during the period. No interest was capitalized during the three or nine months ended September 30, 2015. For the three months ended September 30, 2014, interest expense, excluding amortization of loan costs and debt discounts, was approximately $505,000 with approximately $538,000 paid during the period. For the nine months ended September 30, 2014, interest expense was approximately $1.4 million with approximately $1.4 million paid during the period. Interest of approximately $11,000 was capitalized during the nine months ended September 30, 2014, none of which was capitalized during the three months ended September 30, 2014. The amortization of loan costs incurred in connection with the Company’s long-term debt is included in interest expense in the consolidated financial statements. These loan costs are being amortized over the term of the respective loan agreements using the straight-line method, which approximates the effective interest method. For the three months ended September 30, 2015 and 2014, the amortization of loan costs totaled approximately $98,000 and $64,000, respectively. For the nine months ended September 30, 2015 and 2014, the amortization of loan costs totaled approximately $265,000 and $174,000, respectively. The amortization of the approximate $6.1 million discount on the Company’s Notes is also included in interest expense in the consolidated financial statements. The discount is being amortized over the term of the Notes using the effective interest method. For the three and nine months ended September 30, 2015 the amortization of the discount was approximately $265,000 and $583,000, respectively. No amounts were recognized during the three or nine months ended September 30, 2014 as the debt was issued in March 2015. The Company was in compliance with all of its debt covenants as of September 30, 2015 and December 31, 2014.

Accrued and Other Liabilities

Accrued and Other Liabilities	9 Months Ended
	Sep. 30, 2015
Payables And Accruals [Abstract]
Accrued and Other Liabilities	NOTE 12. ACCRUED AND OTHER LIABILITIES Accrued and other liabilities consisted of the following: As of September 30, 2015 December 31, 2014 Golf Course Lease $ 2,696,257 $ 2,973,898 Accrued Property Taxes 1,155,112 — Other Post-Retirement Benefits — 142,797 Reserve for Tenant Improvements 676,604 551,250 Accrued Interest 319,292 197,929 Environmental Reserve 532,930 108,733 Below Market In-Place Leases, net 653,134 669,693 Put Options 77,280 — Other 1,081,405 1,426,902 Total Accrued and Other Liabilities $ 7,192,014 $ 6,071,202 In July 2012, the Company entered into an agreement with the City of Daytona Beach, Florida (the “City”) to, among other things, amend the lease payments under its golf course lease (the “Lease Amendment”). Under the Lease Amendment, the base rent payment, which was scheduled to increase from $250,000 to $500,000 as of September 1, 2012, will remain at $250,000 for the remainder of the lease term and any extensions would be subject to an annual rate increase of 1.75% beginning September 1, 2013. The Company also agreed to invest $200,000 prior to September 1, 2015 for certain improvements to the facilities. In addition, pursuant to the Lease Amendment, beginning September 1, 2012, and continuing throughout the initial lease term and any extension option, the Company will pay additional rent to the City equal to 5.0% of gross revenues exceeding $5,500,000 and 7.0% of gross revenues exceeding $6,500,000. Since the inception of the lease, the Company has recognized the rent expense on a straight-line basis resulting in an estimated accrual for deferred rent. Upon the effective date of the Lease Amendment, the Company’s straight-line rent was revised to reflect the lower rent levels through expiration of the lease. As a result, approximately $3.0 million of the rent previously deferred will not be due to the City, and will be recognized into income over the remaining lease term, which expires in 2022. As of September 30, 2015, approximately $1.8 million of the rent, previously deferred that will not be due to the City, remained to be amortized through September 2022. NOTE 12. ACCRUED AND OTHER LIABILITIES (continued) In connection with the acquisition of the Lowes on April 22, 2014, the Company was credited approximately $651,000 at closing for certain required tenant improvements, some of which are not required to be completed until December 2016. As of September 30, 2015, approximately $100,000 of these tenant improvements had been completed and funded, leaving approximately $551,000 remaining to be funded. During the year ended December 31, 2014, the Company accrued an environmental reserve of approximately $110,000 in connection with an estimate of additional costs required to monitor a parcel of less than one acre of land owned by the Company in Highlands County, Florida on which environmental remediation work had previously been performed. The Company engaged legal counsel who, in turn, engaged environmental engineers to review the site and the current monitoring test results. During the three months ended September 30, 2015, their review was completed, and the Company made an additional accrual of approximately $500,000, representing the low end of the range of possible costs estimated by the engineers to resolve this matter with the state department of environmental protection (the “FDEP”). The Company cannot, with any degree of certainty, estimate a high end of the range of possible costs to resolve this matter in advance of receiving FDEP’s response to the Company’s proposed remediation plan. Through September 30, 2015, approximately $77,000 in costs have been incurred since the accrual of approximately $110,000 was made.

Deferred Revenue

Deferred Revenue	9 Months Ended
	Sep. 30, 2015
Deferred Revenue Disclosure [Abstract]
Deferred Revenue	NOTE 13. DEFERRED REVENUE Deferred revenue consisted of the following: As of September 30, 2015 December 31, 2014 Deferred Oil Exploration Lease Revenue $ 1,192,197 $ 1,354,873 Deferred Land Sale Revenue — 87,581 Prepaid Rent 771,304 674,165 Escrow Reserve, Container Store Loan — 144,124 Escrow Reserve, Plantation Oaks Loan — 65,216 Other Deferred Revenue 276,915 392,584 Total Deferred Revenue $ 2,240,416 $ 2,718,543 On September 22, 2015, the Company received an approximate $1.2 million rent payment for the fifth year of the Company’s eight-year oil exploration lease, which is being recognized ratably over the twelve month lease period ending in September 2016. In connection with the 75.6 acre land sale that closed in August 2014, approximately $597,000 of the $7.8 million sales price was deferred to be recognized as revenue on a percentage-of-completion basis as certain road improvements were completed. The road improvements were substantially completed as of March 31, 2015 and accordingly, through March 31, 2015, the entire approximate $597,000 of revenue had been recognized.

Pension Plan

Pension Plan	9 Months Ended
	Sep. 30, 2015
Compensation And Retirement Disclosure [Abstract]
Pension Plan	NOTE 14. PENSION PLAN The Company maintained a Defined Benefit Pension Plan (the “Pension Plan”) which had been, prior to December 31, 2011, for all employees who had attained the age of 21 and completed one year of service. On October 23, 2013 the Company’s Board of Directors approved the commencement of the steps necessary to terminate the Pension Plan, pursuant to the Pension Plan, and, if necessary, for the Company to make the required level of contribution whereby the Pension Plan would have sufficient funds to pay all benefits owed participants and beneficiaries. On January 22, 2014, the Company’s Board of Directors approved the termination of the Pension Plan effective March 31, 2014. Termination of the Pension Plan was completed through the distribution of the Pension Plan assets to participants and beneficiaries through either the purchase of an annuity from an insurance company or payment of the benefit owed in a one-time lump sum payment based on a final calculation of benefit as of March 31, 2014. The final termination settlement was completed during the three months ended December 31, 2014. The Company contributed approximately $43,000 to fully fund the Pension Plan to enable the distribution to participants of a lump sum benefit or the purchase of a life annuity to effectuate the termination. In addition, the Company incurred approximately $170,000 for the cost of legal and other advisors to complete the termination. During the nine months ended September 30, 2015, the Company received the favorable determination letter from the IRS, which was the final step in terminating the Pension Plan.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2015
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-Based Compensation	NOTE 15. STOCK-BASED COMPENSATION EQUITY-CLASSIFIED STOCK COMPENSATION Market Condition Restricted Shares Under the Amended and Restated 2010 Equity Incentive Plan (the “2010 Plan”) in September 2010 and January 2011, the Company granted to certain employees restricted shares of the Company’s common stock, which would vest upon the achievement of certain market conditions, including thresholds relating to the Company’s total shareholder return as compared to the total shareholder return of a certain peer group during a five-year performance period. The Company used a Monte Carlo simulation pricing model to determine the fair value of its awards that are based on market conditions. The determination of the fair value of market condition-based awards is affected by the Company’s stock price as well as assumptions regarding a number of other variables. These variables include expected stock price volatility over the requisite performance term of the awards, the relative performance of the Company’s stock price and shareholder returns to companies in its peer group, annual dividends, and a risk-free interest rate assumption. Compensation cost is recognized regardless of the achievement of the market conditions, provided the requisite service period is met. A summary of activity during the nine months ended September 30, 2015, is presented below: Market Condition Non-Vested Restricted Shares Shares Wtd. Grant Date Fair Value Outstanding at December 31, 2014 5,067 $ 23.13 Granted — — Vested — — Forfeited (567 ) 23.13 Outstanding at September 30, 2015 4,500 $ 23.13 As of September 30, 2015, there was approximately $4,000 of unrecognized compensation cost, adjusted for forfeitures, related to market condition non-vested restricted shares, which will be recognized over a remaining weighted average period of 0.2 years. Market Condition Grants of Restricted Shares “Inducement” grants of 96,000 and 17,000 shares of restricted Company common stock were awarded to Mr. Albright and Mr. Patten in 2011 and 2012, respectively. Mr. Albright’s restricted shares were granted outside of the 2010 Plan while Mr. Patten’s restricted shares were awarded under the 2010 Plan. The Company filed a registration statement with the Securities and Exchange Commission on Form S-8 to register the resale of Mr. Albright’s restricted stock award. The restricted shares will vest in six increments based upon the price per share of the Company’s common stock during the term of their employment (or within sixty days after termination of employment by the Company without cause), meeting or exceeding the target trailing sixty-day average closing prices ranging from $36 per share for the first increment to $65 per share for the final increment. If any increment of the restricted shares fails to satisfy the applicable stock price condition prior to six years from the grant date, that increment of the restricted shares will be forfeited. As of September 30, 2015, four increments of Mr. Albright’s and Mr. Patten’s grants had vested. Additional “inducement” grants of 2,500 and 3,000 shares of restricted Company common stock were awarded to Mr. Smith and another officer under the 2010 Plan, during the fourth quarter of 2014 and the first quarter of 2015, respectively. The restricted stock will vest in two increments based upon the price per share of Company common stock during the term of their employment (or within sixty days after termination of employment by the Company without cause), meeting or exceeding the target trailing sixty-day average closing prices of $60 per share and $65 per share for the two increments. If any increment of the restricted shares fails to satisfy the applicable stock price condition prior to six years from the grant date, that increment of the restricted shares will be forfeited. As of September 30, 2015, no increments of Mr. Smith’s or the other officer’s grants had vested. A grant of 94,000 shares of restricted Company common stock was awarded to Mr. Albright under the 2010 Plan during the second quarter of 2015. The restricted stock will vest in seven increments based upon the price per share of Company common stock during the term of his employment (or within sixty days after termination of employment by the Company without cause), meeting or exceeding the target trailing thirty-day average closing prices ranging from $60 per share for the first increment to $90 per share for the final increment. If any increment of the restricted shares fails to satisfy the applicable stock price condition prior to January 28, 2021, that increment of the restricted shares will be forfeited. As of September 30, 2015, no increments of this grant had vested. The Company used a Monte Carlo simulation pricing model to determine the fair value of its awards that are based on market conditions. The determination of the fair value of market condition-based awards is affected by the Company’s stock price as well as assumptions regarding a number of other variables. These variables include expected stock price volatility over the requisite performance term of the awards, the relative performance of the Company’s stock price and shareholder returns to companies in its peer group, annual dividends, and a risk-free interest rate assumption. Compensation cost is recognized regardless of the achievement of the market conditions, provided the requisite service period is met. NOTE 15. STOCK-BASED COMPENSATION (continued) A summary of the activity for these awards during the nine months ended September 30, 2015, is presented below: Market Condition Non-Vested Restricted Shares Shares Wtd. Avg. Fair Value Outstanding at December 31, 2014 40,500 $ 15.55 Granted 97,000 36.85 Vested — — Forfeited — — Outstanding at September 30, 2015 137,500 $ 30.58 As of September 30, 2015, there was approximately $2.7 million of unrecognized compensation cost, adjusted for estimated forfeitures, related to market condition non-vested restricted shares, which will be recognized over a remaining weighted average period of 1.4 years. Three Year Vest Restricted Shares On January 22, 2014, the Company granted to certain employees 14,500 shares of non-vested restricted stock under the 2010 Plan. One-third of the restricted shares will vest on each of the first, second, and third anniversaries of the grant date, provided they are an employee of the Company on those dates. In addition, any unvested portion of the restricted shares will vest upon a change in control. On January 28, 2015, the Company granted to certain employees, which did not include Mr. Albright, 11,700 shares of non-vested restricted stock under the 2010 Plan. Additionally, on February 9, 2015, the Company granted 8,000 shares of non-vested restricted stock to Mr. Albright under the 2010 Plan. One-third of both awards of restricted shares will vest on each of the first, second, and third anniversaries of the January 28, 2015 grant date, provided the grantee is an employee of the Company on those dates. In addition, any unvested portion of the restricted shares will vest upon a change in control. The Company’s determination of the fair value of the three year vest restricted stock awards was calculated by multiplying the number of shares issued by the Company’s stock price at the grant date, less the present value of expected dividends during the vesting period. Compensation cost is recognized on a straight-line basis over the vesting period. A summary of activity during the nine months ended September 30, 2015, is presented below: Three Year Vest Non-Vested Restricted Shares Shares Wtd. Avg. Fair Value Per Share Outstanding at December 31, 2014 14,200 $ 36.08 Granted 19,700 55.93 Vested (4,734 ) 36.08 Forfeited (2,266 ) 46.59 Outstanding at September 30, 2015 26,900 $ 49.73 As of September 30, 2015, there was approximately $1.0 million of unrecognized compensation cost, adjusted for estimated forfeitures, related to the three year vest non-vested restricted shares, which will be recognized over a remaining weighted average period of 2.1 years. Non-Qualified Stock Option Awards Pursuant to the Non-Qualified Stock Option Award Agreements between the Company and Messrs. Albright, Patten, and Smith, each of these Company employees was granted an option to purchase 50,000, 10,000, and 10,000 shares of Company common stock, in 2011, 2012, and 2014, respectively, under the 2010 Plan with an exercise price per share equal to the fair market value on their respective grant dates. One-third of the options will vest on each of the first, second, and third anniversaries of their respective grant dates, provided the recipient is an employee of the Company on those dates. In addition, any unvested portion of the options will vest upon a change in control. The options expire on the earliest of: (a) the tenth anniversary of the grant date; (b) twelve months after the employee’s death or termination for disability; or (c) thirty days after the termination of employment for any reason other than death or disability. NOTE 15. STOCK-BASED COMPENSATION (continued) On January 23, 2013, the Company granted options to purchase 51,000 shares of the Company’s common stock under the 2010 Plan to certain employees of the Company, including 10,000 shares to Mr. Patten, with an exercise price per share equal to the fair market value at the date of grant. One-third of these options will vest on each of the first, second, and third anniversaries of the grant date, provided the recipient is an employee of the Company on those dates. Any unvested portion of the options will vest upon a change in control. The options expire on the earliest of: (a) the fifth anniversary of the grant date; (b) twelve months after the employee’s death or termination for disability; or (c) thirty days after the termination of employment for any reason other than death or disability. On February 9, 2015, the Company granted to Mr. Albright an option to purchase 20,000 shares of the Company’s common stock under the 2010 Plan with an exercise price of $57.50. The option vests on January 28, 2016, provided he is an employee of the Company on that date. In addition, any unvested portion of the option will vest upon a change in control. The option expires on the earliest of: (a) January 28, 2025; (b) twelve months after the employee’s death or termination for disability; or (c) thirty days after the termination of employment for any reason other than death or disability. On May 20, 2015, the Company granted to Mr. Albright an option to purchase 40,000 shares of the Company’s common stock under the 2010 Plan, with an exercise price of $55.62. One-third of the option will vest on each of January 28, 2016, January 28, 2017, and January 28, 2018, provided he is an employee of the Company on such dates. In addition, any unvested portion of the option will vest upon a change in control. The option expires on the earliest of: (a) January 28, 2025; (b) twelve months after the employee’s death or termination for disability; or (c) thirty days after the termination of employment for any reason other than death or disability. On June 29, 2015, the Company granted to an officer of the Company an option to purchase 10,000 shares of the Company’s common stock under the 2010 Plan, with an exercise price of $57.54. One-third of the option will vest on each of the first, second, and third anniversaries of the grant date, provided the recipient is an employee of the Company on such dates. In addition, any unvested portion of the option will vest upon a change in control. The option expires on the earliest of: (a) June 29, 2025; (b) twelve months after the employee’s death or termination for disability; or (c) thirty days after the termination of employment for any reason other than death or disability. The Company used the Black-Scholes valuation pricing model to determine the fair value of its non-qualified stock option awards. The determination of the fair value of the awards is affected by the stock price as well as assumptions regarding a number of other variables. These variables include expected stock price volatility over the term of the awards, annual dividends, and a risk-free interest rate assumption. A summary of the activity for the awards during the nine months ended September 30, 2015, is presented below: Non-Qualified Stock Option Awards Shares Wtd. Avg. Ex. Price Wtd. Avg. Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding at December 31, 2014 84,765 $ 34.39 Granted 70,000 56.43 Exercised (16,655 ) 31.32 Forfeited (7,760 ) 34.95 Outstanding at September 30, 2015 130,350 $ 46.58 7.42 $ 419,273 Exercisable at September 30, 2015 38,790 $ 31.40 4.63 $ 713,807 A summary of the non-vested options for these awards during the nine months ended September 30, 2015, is presented below: Non-Qualified Stock Option Awards Shares Fair Value of Shares Vested Non-Vested at December 31, 2014 47,570 Granted 70,000 Vested (18,250 ) $ 618,764 Forfeited (7,760 ) Non-Vested at September 30, 2015 91,560 The weighted average grant date fair value of options granted during the nine months ended September 30, 2015 was approximately $14.12 per share. The total intrinsic value of options exercised during the nine months ended September 30, 2015, was approximately $408,000. As of September 30, 2015, there was approximately $822,000 of unrecognized compensation related to non-qualified, non-vested stock option awards, which will be recognized over a remaining weighted average period of 1.8 years. NOTE 15. STOCK-BASED COMPENSATION (continued) LIABILITY-CLASSIFIED STOCK COMPENSATION The Company previously had a stock option plan (the “2001 Plan”) pursuant to which 500,000 shares of the Company’s common stock were eligible for issuance. The 2001 Plan expired in 2010, and no new stock options may be issued under the 2001 Plan. Under the 2001 Plan, both stock options and stock appreciation rights were issued in prior years and such issuances were deemed to be liability-classified awards under the Share-Based Payment Topic of FASB ASC. A summary of share option activity under the 2001 Plan for the nine months ended September 30, 2015 is presented below: Stock Options Liability-Classified Stock Options Shares Wtd. Avg. Ex. Price Wtd. Avg. Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding at December 31, 2014 35,300 $ 62.47 Granted — — Exercised (3,300 ) 33.16 Forfeited (14,000 ) 66.54 Outstanding at September 30, 2015 18,000 $ 64.69 1.60 $ - Exercisable at September 30, 2015 18,000 $ 64.69 1.60 $ - In connection with the grant of non-qualified stock options, a stock appreciation right for each share covered by the option was also granted. The stock appreciation right entitles the optionee to receive a supplemental payment, which may be paid in whole or in part in cash or in shares of common stock, equal to a portion of the spread between the exercise price and the fair market value of the underlying shares at the time of exercise. The total intrinsic value of options exercised during the nine months ended September 30, 2015 was approximately $75,000. All options had vested as of December 31, 2013. Stock Appreciation Rights Liability-Classified Stock Appreciation Rights Shares Wtd. Avg. Fair Value Wtd. Avg. Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding at December 31, 2014 35,300 $ 5.56 Granted — — Exercised (3,300 ) 12.19 Forfeited (14,000 ) 4.84 Outstanding at September 30, 2015 18,000 $ 2.07 1.60 $ - Exercisable at September 30, 2015 18,000 $ 2.07 1.60 $ - The total intrinsic value of stock appreciation rights exercised during the nine months ended September 30, 2015 was approximately $40,000. All stock appreciation rights had vested as of December 31, 2013. The fair value of each share option and stock appreciation right is estimated on the measurement date using the Black-Scholes option pricing model based on assumptions noted in the following table. Expected volatility is based on the historical volatility of the Company and other factors. The Company has elected to use the simplified method of estimating the expected term of the options and stock appreciation rights. Due to the small number of employees included in the 2001 Plan, the Company uses the specific identification method to estimate forfeitures and includes all participants in one group. The risk-free rate for periods within the contractual term of the share option is based on the U.S. Treasury rates in effect at the time of measurement. The Company issues new, previously unissued, shares as options are exercised. NOTE 15. STOCK-BASED COMPENSATION (continued) Following are assumptions used in determining the fair value of stock options and stock appreciation rights: Assumptions at: September 30, 2015 December 31, 2014 Expected Volatility 24.36 % 34.07 % Expected Dividends 0.16 % 0.07 % Expected Term 2 years 2 years Risk-Free Rate 0.41 % 0.78 % There were no stock options or stock appreciation rights granted under the 2001 Plan in the nine months ended September 30, 2015 or 2014. The liability for stock options and stock appreciation rights, valued at fair value, reflected on the consolidated balance sheets at September 30, 2015 and December 31, 2014, was approximately $106,000 and $560,000, respectively. These fair value measurements are based on Level 2 inputs based on Black-Scholes and market implied volatility. The Black-Scholes determination of fair value is affected by variables including stock price, expected stock price volatility over the term of the awards, annual dividends, and a risk-free interest rate assumption. Amounts recognized in the consolidated financial statements for stock options, stock appreciation rights, and restricted stock are as follows: Three Months Ended Nine Months Ended September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 Total Cost of Share-Based Plans Charged Against Income Before Tax Effect $ 728,833 $ 419,836 $ 1,350,557 $ 1,021,955 Income Tax Expense Recognized in Income $ (281,147 ) $ (161,952 ) $ (520,977 ) $ (394,219 )

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 16. INCOME TAXES The effective income tax rate was 39.4% and 36.3% for the three months ended September 30, 2015 and 2014, respectively, and 39.4% and 37.3% for the nine months ended September 30, 2015 and 2014, 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. The Company files a consolidated income tax return in the United States Federal jurisdiction and the States of Arizona, Colorado, California, Florida, Illinois, Georgia, Maryland, North Carolina, Texas, and Washington. The Internal Revenue Service has audited the federal tax returns through the year 2012, with all proposed adjustments settled. The Company recognizes all potential accrued interest and penalties to unrecognized tax benefits in income tax expense.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2015
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 17. COMMITMENTS AND CONTINGENCIES Legal Proceedings From time to time, the Company may be a party to certain legal proceedings, incidental to the normal course of its business. While the outcome of the legal proceedings cannot be predicted with certainty, the Company does not expect that these proceedings will have a material effect upon our financial condition or results of operations. On November 21, 2011, the Company, Indigo Mallard Creek LLC and Indigo Development LLC, as owners of the property leased to Harris Teeter, Inc. (“Harris Teeter”) in Charlotte, North Carolina, were served with pleadings filed in the General Court of Justice, Superior Court Division for Mecklenburg County, North Carolina, for a highway condemnation action involving the property. The proposed road modifications would impact access to the Company’s property that is leased to Harris Teeter. The Company does not believe the road modifications provided a basis for Harris Teeter to terminate the Lease. Regardless, in January 2013, NCDOT proposed to redesign the road modifications to keep the all access intersection open for ingress with no change to the planned limitation on egress to the right-in/right-out only. Additionally, NCDOT and the City of Charlotte proposed to build and maintain a new access road/point into the property. Both government entities have confirmed that funding is available and the redesigned project is proceeding. Harris Teeter has expressed satisfaction with the redesigned project and indicated that it will not attempt to terminate its lease if this project is built as currently redesigned. Because the redesigned project will not be completed until 2016, the condemnation case has been placed in administrative closure. As a result, the trial and mediation will not likely be scheduled until requested by the parties, most likely in 2016. NOTE 17. COMMITMENTS AND CONTINGENCIES (continued) Contractual Commitments – Expenditures In conjunction with the Company’s sale of approximately 3.4 acres of land to RaceTrac Petroleum, Inc. (“RaceTrac”) in December 2013, the Company agreed to reimburse RaceTrac for a portion of the costs for road improvements and the other costs associated with bringing multiple ingress/egress points to the entire 23 acre Williamson Crossing site, including the Company’s remaining 19.6 acres. The estimated cost for the improvements equals approximately $1.26 million and the Company’s commitment is to reimburse RaceTrac in an amount equal to the lesser of 77.5% of the actual costs or $976,500, and can be paid over five years from sales of the remaining land or at the end of the fifth year. During the year ended December 31, 2013, the Company deposited $283,500 of cash in escrow related to the improvements which is classified as restricted cash in the consolidated balance sheets. The total amount in escrow as of September 30, 2015 was approximately $285,000, accordingly as of September 30, 2015, the remaining maximum commitment is approximately $691,000. In March 2015, the Company entered into two separate construction agreements for certain tenant improvements required by an executed lease expansion and extension at the Mason Commerce Center property as well as a newly executed lease at the Williamson Business Park property, for a total commitment of approximately $1.3 million. Costs of approximately $1.2 million have been incurred through September 30, 2015 under these agreements and therefore, the total remaining commitment as of September 30, 2015 is approximately $100,000. Contractual Commitments – Land Pipeline As of September 30, 2015, the Company had executed definitive purchase and sale agreements with eight different buyers whose intended use for the land under contract includes residential (including multi-family), retail and mixed-use retail, and office. These agreements, in aggregate, represent the potential sale of over 1,900 acres, or 18% of our land holdings, with anticipated sales proceeds totaling approximately $79.3 million. These agreements contemplate closing dates ranging from the fourth quarter of 2015 through 2018. No land transactions were closed during the three months ended September 30, 2015, however, the Company expects certain of the transactions to close during the fourth quarter of 2015, although the buyers are not contractually obligated to close until after 2015. Each of the transactions are in varying stages of due diligence by the various buyers including, in some instances, having made submissions to the planning and development departments of the City of Daytona Beach and other permitting activities with other applicable governmental authorities. In addition to other customary closing conditions, the majority of these transactions are conditioned upon both the receipt of approvals or permits from those various governmental authorities, as well as other matters that are beyond our control. If such approvals are not obtained, the prospective buyers may have the ability to terminate their respective agreements prior to closing. As a result, there can be no assurances regarding the likelihood or timing of any one of these potential land transactions being completed or the final terms, including the sales price. Minto Communities One of the definitive sales contracts is with an affiliate of Minto Communities for Minto’s development of a 3,400 unit master planned age restricted residential community on an approximate 1,600 acre parcel of the Company’s land holdings west of Interstate 95. As a result of recent delays in certain elements of the permitting process for this property, the Company now expects this transaction is more likely to close late in 2016. Tanger Factory Outlets One of the definitive sales contracts is with an affiliate of Tanger Factory Outlet Centers, Inc. (“Tanger”) for approximately 39 acres along the east side of Interstate 95 near LPGA Boulevard (the “Tanger Contract”). Provided Tanger’s customary conditions to begin construction are met, Tanger intends to develop the 39 acres into an approximately 350,000 square foot first-class outlet mall. In the second quarter of 2015, Tanger received approval by the City of Daytona Beach and Volusia County for an incentive package valued at $4.5 million to assist Tanger in reimbursing the Company for Tanger’s share of the infrastructure costs required for the development of their site. The outlet mall, in which Tanger has indicated represents an investment of approximately $100 million to develop, has the potential to create approximately 400 jobs during the construction phase and over 800 full and part-time jobs once completed. Additionally, once completed, Tanger expects the project to bring an estimated 85 brand name and designer stores, in line with the existing Tanger portfolio, to the Daytona Beach market. NOTE 17. COMMITMENTS AND CONTINGENCIES (continued) Tomoka Town Center During the second quarter of 2015, we entered into a definitive sales contract (the “NADG Contract”) with an affiliate of North American Development Group (“NADG”) for NADG to purchase the remaining land not previously under contract in the approximately 230 acre area of the Company’s land holdings referred to as the Tomoka Town Center (the “Town Center”). Under the NADG Contract, NADG would become the master developer of the remaining elements of the Town Center. NADG is in their initial due diligence phase for the development of a mixed-use town center that could include retail, office, lodging and residential. Three of the executed definitive purchase and sale agreements, including the Tanger Contract and the NADG Contract, represent the potential sale of approximately 230 acres for approximately $43.2 million, in the aggregate. The third contract is with an affiliate of Sam’s Club for the sale of nearly 18 acres (the “Sam’s Contract”). Pursuant to the terms and conditions of the Tanger Contract and the Sam’s Contract, prior to closing, the respective parties to each contract must mutually agree upon (i) the scope of certain infrastructure improvements, including, but not limited to, the addition or expansion of roads and underlying utilities, and storm water retention (the “Infrastructure Work”), and (ii) the financial responsibility of each party for the Infrastructure Work. The scope of the Infrastructure Work would benefit portions of the Company’s adjacent land holdings of approximately 170 acres that are not covered by the Tanger Contract and Sam’s Contract. The Company estimates the costs of the Infrastructure Work currently contemplated by these contracts could range from $10.0 million to $20.0 million. In the event that, of the three definitive purchase and sale agreements, only the Sam’s Contract were to close, the Company expects that the scope of the Infrastructure Work to be completed would be significantly less and therefore the estimated costs would also be substantially reduced. Pursuant to the terms and conditions of the NADG Contract, if the NADG Contract closes, NADG would assume all or a portion of the obligations of the Company with regard to the Company’s share of the financial responsibility for the Infrastructure Work, including reimbursement for any amounts already incurred, subject to a cap of approximately $16.0 million. Other Matters In connection with a certain land sale contract to which the Company is a party, the purchaser’s pursuit of customary development entitlements gave rise to an inquiry by federal regulatory agencies regarding prior agricultural activities by the Company on such land. During the second quarter of 2015, we received a written information request regarding such activities. We have submitted a written response to the information request along with supporting documentation. We believe the issues raised by, and the land which is the subject of, this inquiry are similar to or the same as those which were addressed and resolved by the settlement agreement executed in December 2012 between the Company and the St. Johns River Water Management District (the “District”) and the permit which the District subsequently issued to the Company. Given the early stage of this process, we are unable to reasonably estimate the liability, if any, that the Company may incur as a result of this inquiry. Accordingly, no amounts have been accrued as of September 30, 2015 related to this matter. In addition, in connection with other land sale contracts to which the Company is or may become a party, the pursuit of customary development entitlements by the potential purchasers may require the Company to utilize or acquire mitigation credits for the purpose of obtaining certain permits from the applicable federal or state regulatory agencies. Any costs incurred in connection with utilizing or acquiring such credits would be incorporated into the basis of the land under contract and, accordingly, no amounts related to such potential future costs have been accrued as of September 30, 2015.

Business Segment Data

Business Segment Data	9 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Business Segment Data	NOTE 18. BUSINESS SEGMENT DATA The Company operates in four primary business segments: income properties, commercial loan investments, real estate operations, and golf operations. Our income property operations consist primarily of income-producing properties, and our business plan is focused on investing in additional income-producing properties. Our income property operations accounted for 63.3% and 68.7% of our identifiable assets as of September 30, 2015 and December 31, 2014, respectively, and 57.8% and 39.1% of our consolidated revenues for the nine months ended September 30, 2015 and 2014, respectively. As of September 30, 2015 and December 31, 2014, we had four and five commercial loan investments, respectively. Our real estate operations primarily consist of revenues generated from land transactions and leasing and royalty income from our interests in subsurface oil, gas and mineral rights. Our golf operations consist of a single property located in the City, with two 18-hole championship golf courses, a practice facility, and clubhouse facilities, including a restaurant and bar operation, fitness facility, and pro-shop with retail merchandise. The majority of the revenues generated by our golf operations are derived from members and public customers playing golf, club memberships, and food and beverage operations. The Company evaluates performance based on profit or loss from operations before income taxes. The Company’s reportable segments are strategic business units that offer different products. They are managed separately because each segment requires different management techniques, knowledge, and skills. NOTE 18. BUSINESS SEGMENT DATA (continued) Information about the Company’s operations in the different segments for the three and nine months ended September 30, 2015 and 2014 is as follows: Three Months Ended Nine Months Ended September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 Revenues: Income Properties $ 5,034,090 $ 3,864,632 $ 13,426,817 $ 10,821,121 Commercial Loan Investments 546,640 382,087 1,816,834 1,581,746 Real Estate Operations 1,748,398 8,781,759 3,976,340 11,184,591 Golf Operations 949,083 994,651 3,935,076 3,844,428 Agriculture and Other Income 19,504 182,731 59,181 258,052 Total Revenues $ 8,297,715 $ 14,205,860 $ 23,214,248 $ 27,689,938 Operating Income: Income Properties $ 4,036,330 $ 3,407,763 $ 11,105,324 $ 9,539,741 Commercial Loan Investments 546,640 382,087 1,816,834 1,581,746 Real Estate Operations 1,431,785 5,209,677 2,755,151 7,166,932 Golf Operations (406,386 ) (315,138 ) (266,237 ) (310,581 ) Agriculture and Other Income (31,980 ) 148,573 (90,649 ) 113,362 General and Corporate Expense (432,949 ) (2,814,622 ) (6,496,935 ) (7,488,692 ) Total Operating Income $ 5,143,440 $ 6,018,340 $ 8,823,488 $ 10,602,508 Depreciation and Amortization: Income Properties $ 1,335,214 $ 815,673 $ 3,413,024 $ 2,301,316 Commercial Loan Investments — — — — Real Estate Operations — — — — Golf Operations 68,712 60,369 194,618 174,942 Agriculture and Other 13,203 10,576 36,978 28,749 Total Depreciation and Amortization $ 1,417,129 $ 886,618 $ 3,644,620 $ 2,505,007 Capital Expenditures: Income Properties $ 25,596,355 $ 5,329,898 $ 35,610,312 $ 21,566,004 Commercial Loan Investments 14,500,000 10,450,744 15,394,879 27,399,082 Real Estate Operations ($5,664,787 Contributed by Consolidated VIE) 11,489,272 — 11,489,272 — Golf Operations 2,045 138,854 108,462 195,015 Agriculture and Other 17,817 32,508 31,223 123,261 Total Capital Expenditures $ 51,605,489 $ 15,952,004 $ 62,634,148 $ 49,283,362 As of September 30, 2015 December 31, 2014 Identifiable Assets: Income Properties $ 211,143,491 $ 190,087,575 Commercial Loan Investments 38,455,112 30,274,302 Real Estate Operations 55,858,598 43,833,515 Golf Operations 3,291,350 3,639,903 Agriculture and Other 24,609,017 8,757,153 Total Assets $ 333,357,568 $ 276,592,448 Operating income represents income from continuing operations before loss on early extinguishment of debt, interest expense, investment income, and income taxes. General and corporate expenses are an aggregate of general and administrative expenses, impairment charges, depreciation and amortization expense, and gains (losses) on the disposition of assets. Identifiable assets by segment are those assets that are used in the Company’s operations in each segment. Other assets consist primarily of cash, property, plant, and equipment related to the other operations, as well as the general and corporate operations. Land, timber, and subsurface interests were previously stated as a separate line item within property, plant, and equipment on the consolidated financial statements and are now included with land, timber, and development costs as all of the costs are related to the Company’s land portfolio of over 10,500 acres. The land, timber, and subsurface interests were previously included in the Agriculture and Other segment, but have been reclassified to the Real Estate Operations segment to conform to the revised presentation on the consolidated balance sheets.

Recently Issued Accounting Poli

Recently Issued Accounting Policies	9 Months Ended
	Sep. 30, 2015
Accounting Changes And Error Corrections [Abstract]
Recently Issued Accounting Policies	NOTE 19. RECENTLY ISSUED ACCOUNTING POLICIES In May 2014, the FASB issued ASU 2014-09, which amends its guidance on the recognition and reporting of revenue from contracts with customers. The amendments in this update are effective for annual reporting periods beginning after December 15, 2016. The Company is currently evaluating the provisions to determine the potential impact, if any, the adoption will have on its consolidated financial statements. The Company plans to implement ASU 2014-09 effective January 1, 2017. In February 2015, the FASB issued ASU 2015-02, which amends the consolidation guidance. The amendments in this updated are effective for annual reporting periods beginning after December 15, 2015. The Company evaluated certain aspects of ASU 2015-02 in connection with the variable interest entity for which the Company determined it has a controlling financial interest and is the primary beneficiary as of September 30, 2015. The Company is currently evaluating the provisions to determine the potential impact, if any, the adoption will have on its consolidated financial statements. The Company plans to implement ASU 2015-02 effective January 1, 2016. In April 2015, the FASB issued ASU 2015-03, related to simplifying the presentation of debt issuance costs. The amendments in this update are effective for annual reporting periods beginning after December 15, 2015. The amendment requires entities to present debt issuance costs related to a recognized debt liability as a direct deduction from the carrying amount of the debt liability, whereas previously, debt issuance costs were presented as a deferred charge in the asset section of the balance sheet. The Company plans to implement ASU 2015-03 effective January 1, 2016.

Variable Interest Entity

Variable Interest Entity	9 Months Ended
	Sep. 30, 2015
Variable Interest Entity Measure Of Activity [Abstract]
Variable Interest Entity	NOTE 20. VARIABLE INTEREST ENTITY During the three months ended September 30, 2015, the Company entered into a real estate venture with an unaffiliated third party institutional investor, whereby the venture acquired approximately six acres of vacant beachfront property located in Daytona Beach, Florida. The Company acquired its 50% interest in the real estate venture for approximately $5.7 million and will serve as its general partner with day-to-day management responsibilities. The venture is structured such that the Company will earn a base management fee and will receive a preferred interest as well as a promoted interest if certain return hurdles are achieved. The Company’s preferred interest represents the first 9% of the investment return achieved at the disposition of the property. GAAP requires consolidation of a variable interest entity (“VIE”) in which an enterprise has a controlling financial interest and is the primary beneficiary. Upon entering into the venture described above, the Company determined it has a controlling financial interest and is the primary beneficiary; therefore, the venture is a VIE and has been consolidated in the Company’s financial statements. As of September 30, 2015, the VIE has one asset totaling $11,329,574 consisting of the six acre vacant beachfront property. During the three months ended September 30, 2015 the Company contributed 50%, or $5,664,787, to the VIE for the initial property acquisition, with the other 50% contributed by the noncontrolling interest in the consolidated VIE. This consolidated venture has been accounted for in real estate operations with the inter-company management fees eliminated upon consolidation.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	NOTE 21. SUBSEQUENT EVENTS On October 8, 2015, the Company entered into an agreement to acquire an approximately 450,000 square foot office building situated on approximately 40 acres of land located in Raleigh, North Carolina and leased to an investment grade, multi-national financial institution (the “Tenant”) with approximately 9.0 years remaining on the lease. The Tenant’s contractual right of first refusal to acquire the property in advance of a transaction to sell the property by the current owner expired on October 28, 2015. The Company’s due diligence period is currently set to expire in early November 2015 and closing would be expected shortly thereafter. The acquisition price for this single-tenant office property is approximately $42.3 million, reflecting a purchase cap rate at the low end of our guidance. Given that this proposed transaction is in the due diligence stage, there can be no assurance regarding the likelihood or timing of this transaction being completed or the final terms, including purchase price. On October 29, 2015, the Company received a cash payment of approximately $920,000, reflecting gross proceeds of approximately $950,000 net of fees, plus other consideration for the release of the Company’s surface entry rights related to approximately 1,400 acres in Lee County, Florida. The gross proceeds plus the fair value of the other consideration received represents revenue for the Company with an impact of approximately $0.10 per share, after tax. The Company intends to utilize the gross proceeds in a like-kind exchange transaction thereby qualifying the income for tax deferred treatment.

Description of Business and P32

Description of Business and Principles of Interim Statements (Policies)	9 Months Ended
	Sep. 30, 2015
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Description of Business	Description of Business The terms “us,” “we,” “our,” and “the Company” as used in this report refer to Consolidated-Tomoka Land Co. together with our consolidated subsidiaries. We are a diversified real estate operating company. We own and manage forty-one commercial real estate properties in ten states in the U.S. As of September 30, 2015, we owned thirty-three single-tenant and eight multi-tenant income-producing properties with over 1,270,000 square feet of gross leasable space. We also own and manage a land portfolio of over 10,500 acres. As of September 30, 2015, we had four commercial loan investments including one fixed-rate and one variable–rate mezzanine commercial mortgage loan, a variable-rate B-Note, and a variable-rate first mortgage. Our golf operations consist of the LPGA International golf club, which is managed by a third party. We also lease property for twenty-one billboards, have agricultural operations that are managed by a third party, which consists of leasing land for hay and sod production, timber harvesting, and hunting leases, and own and manage subsurface interests. The results of our agricultural and subsurface leasing operations are included in Agriculture and Other Income and Real Estate Operations, respectively, in our consolidated statements of operations.
Interim Financial Information	Interim Financial Information The accompanying unaudited consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. These unaudited consolidated financial statements do not include all of the information and notes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete financial statements and should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2014, which provides a more complete understanding of the Company’s accounting policies, financial position, operating results, business properties, and other matters. The unaudited consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary to present fairly the financial position of the Company and the results of operations for the interim periods. The results of operations for the nine months ended September 30, 2015 are not necessarily indicative of results to be expected for the year ending December 31, 2015.
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries, and other entities in which we have a controlling interest. Any real estate entities or properties included in the consolidated financial statements have been consolidated only for the periods that such entities or properties were owned or under control by us. All significant inter-company balances and transactions have been eliminated in the consolidated financial statements. Noncontrolling interests in consolidated pass-through entities are recognized before income taxes.
Use of Estimates in Preparation of Financial Statements	Use of Estimates in Preparation of Financial Statements The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Because of the fluctuating market conditions that currently exist in the Florida and national real estate markets, and the volatility and uncertainty in the financial and credit markets, it is possible that the estimates and assumptions, most notably those related to the Company’s investment in income properties, could change materially during the time span associated with the continued volatility of the real estate and financial markets or as a result of a significant dislocation in those markets.
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 in the fair value accounting guidance. The framework specifies a hierarchy of valuation inputs which was established to increase consistency, clarity and comparability in fair value measurements and related disclosures. The guidance 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.
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, investment securities, accounts receivable, and accounts payable at September 30, 2015 and December 31, 2014, approximate fair value because of the short maturity of these instruments. The carrying amount of the Company’s investments in commercial loans approximates fair value at September 30, 2015 and December 31, 2014, since the floating and fixed rates of the loans reasonably approximate current market rates for notes with similar risks and maturities. The carrying amount of the Company’s long-term debt approximates fair value at September 30, 2015 and December 31, 2014, since the floating rate of our credit facility and the fixed rates of our secured financings and convertible debt reasonably approximate current market rates for notes with similar risks and maturities.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include cash on hand and bank demand accounts.
Restricted Cash	Restricted Cash Restricted cash totaled approximately $10.6 million at September 30, 2015, of which approximately $9.0 million reflects the proceeds from the two income property sales that closed in September 2015, and $276,000 remaining from two land sales, is being held in escrow to be reinvested through the like-kind exchange structure into an acquired income property. Additionally, approximately $596,000 is being held in a reserve related to certain required tenant improvements for the Lowes in Katy, Texas; approximately $431,000 is being held in a reserve primarily for property taxes and insurance escrows in connection with our financing of two properties acquired in January 2013; and approximately $285,000 is being held in escrow related to a land transaction which closed in December 2013.
Purchase Accounting for Acquisitions of Real Estate Subject to a Lease	Purchase Accounting for Acquisitions of Real Estate Subject to a Lease In accordance with the Financial Accounting Standards Board (“FASB”) guidance on business combinations, the fair value of the real estate acquired with in-place leases is allocated to the acquired tangible assets, consisting of land, building and tenant improvements, and identified intangible assets, consisting of the value of in-place leases, above and below market in-place leases, and leasing costs, based in each case on their relative fair values. The Company has determined that income property purchases with a pre-existing lease at the time of acquisition qualify as a business combination, in which case acquisition costs are expensed in the period the transaction closes. For income property purchases in which a new lease is originated at the time of acquisition, the Company has determined that these asset purchases are outside the scope of the business combination standards and accordingly, the acquisition costs are capitalized with the purchase.
Investment Securities	Investment Securities In accordance with ASC Topic 320, Investments – Debt and Equity Securities Realized gains and losses, and declines in value judged to be other-than-temporary related to equity securities, are included in investment income in the consolidated statements of operations. With respect to debt securities, when the fair value of a debt security classified as available-for-sale is less than its cost, management assesses whether or not: (i) it has the intent to sell the security or (ii) it is more likely than not that the Company will be required to sell the security before its anticipated recovery. If either of these conditions are met, the Company must recognize an other-than-temporary impairment through earnings for the differences between the debt security’s cost basis and its fair value, and such amount is included in investment income in the consolidated statements of operations. There were no other-than-temporary impairments during the nine months ended September 30, 2015 or 2014. The cost of securities sold is based on the specific identification method. Interest and dividends on securities classified as available-for-sale are included in investment income in the consolidated statements of operations. The fair value of the Company’s available-for-sale equity securities are measured quarterly, on a recurring basis, using Level 1 inputs, or quoted prices for identical, actively traded assets. The fair value of the Company’s available-for-sale debt securities are measured quarterly, on a recurring basis, using Level 2 inputs.
Derivative Financial Instruments	Derivative Financial Instruments Derivative instruments are classified as either assets or liabilities in the consolidated balance sheets at fair value. The derivatives outstanding as of September 30, 2015 are not designated as hedging instruments and, accordingly, the changes in fair value (i.e. gains or losses) are recorded in the consolidated statements of operations through investment income. The fair value of the Company’s derivatives not designated as hedging instruments are measured quarterly, on a recurring basis, using Level 2 inputs. The Company’s derivatives outstanding as of September 30, 2015 are for put options sold related to common stock investments included in the investment securities asset category. The liability for the fair market value of the put options sold is included on the consolidated balance sheet in accrued and other liabilities. The Company had no derivatives outstanding as of December 31, 2014.
Impact Fees and Mitigation Credits	Impact Fees and Mitigation Credits Impact fees and mitigation credits are stated at the lower of cost or market. As these assets are sold, the related revenues and cost basis are reported as revenues from, and direct costs of, real estate operations, respectively, in the consolidated statements of operations.
Classification of Loans	Classification of Loans Loans held for investment are stated at the principal amount outstanding and include the unamortized deferred loan fees offset by any applicable unaccreted loan purchase discounts and origination fees, if applicable, in accordance with GAAP.
Commercial Loan Investment Impairment	Commercial Loan Investment Impairment The Company’s commercial loans are held for investment. For each loan, the Company evaluates the performance of the collateral property and the financial and operating capabilities of the borrower/guarantor, in part, to assess whether any deterioration in the credit has occurred and for possible impairment of the loan. Impairment would reflect the Company’s determination that it is probable that all amounts due according to the contractual terms of the loan would not be collected. Impairment is measured based on the present value of the expected future cash flows from the loan discounted at the effective rate of the loan or the fair value of the collateral. Upon determination of an impairment, the Company would record an allowance to reduce the carrying value of the loan with a corresponding recognition of loss in the results of operations. Significant exercise of judgment is required in determining impairment, including assumptions regarding the estimate of expected future cash flows, collectability of the loan, the value of the underlying collateral and other factors including the existence of guarantees. The Company has determined that, as of September 30, 2015, no allowance for impairment was required.
Recognition of Interest Income from Commercial Loan Investments	Recognition of Interest Income from Commercial Loan Investments Interest income on commercial loan investments includes interest payments made by the borrower and the accretion of purchase discounts and loan origination fees, offset by the amortization of fees. Interest payments are accrued based on the actual coupon rate and the outstanding principal balance, and purchase discounts and origination fees are accreted into income using the effective yield method, adjusted for prepayments.
Reclassifications	Reclassifications Certain items in the prior period’s consolidated balance sheet and statements of operations have been reclassified to conform to the presentation as of and for the nine months ended September 30, 2015. Specifically, land, timber, and subsurface interests were previously stated as a separate line item within property, plant, and equipment and accumulated depreciation on the consolidated balance sheets, and are now included with land and development costs as all of the costs are related to the Company’s land portfolio of over 10,500 acres. The amount reclassified to land and development costs was approximately $14.9 million as of December 31, 2014. Also, third-party purchase price allocations performed during the nine months ended September 30, 2015 related to three 2014 income property acquisitions resulted in a revised allocation between income properties, land, buildings, and improvements, intangible assets, and accrued and other liabilities. As of December 31, 2014, the reclassifications made relating to the purchase price allocations were to increase intangible assets by approximately $3.0 million, decrease income properties, land, buildings, and improvements by approximately $2.3 million, and increase accrued and other liabilities by approximately $670,000. In addition, revenue and cost of sales related to impact fees sold were previously reported net in the consolidated statements of income. Current presentation reports the revenues and cost basis of impact fees sold as revenues from, and direct costs of, real estate operations, respectively, in the consolidated statements of operations. The increase in revenues and the direct costs of revenues was approximately $137,000 and $259,000 for the three and nine months ended September 30, 2014, respectively. These reclassifications had an immaterial effect on total assets as of December 31, 2014 and no effect on net income as of and for the three and nine months ended September 30, 2014.
Operating Loss Carry Forward and Tax Credit Carry Forward	In May 2014, the FASB issued ASU 2014-09, which amends its guidance on the recognition and reporting of revenue from contracts with customers. The amendments in this update are effective for annual reporting periods beginning after December 15, 2016. The Company is currently evaluating the provisions to determine the potential impact, if any, the adoption will have on its consolidated financial statements. The Company plans to implement ASU 2014-09 effective January 1, 2017. In February 2015, the FASB issued ASU 2015-02, which amends the consolidation guidance. The amendments in this updated are effective for annual reporting periods beginning after December 15, 2015. The Company evaluated certain aspects of ASU 2015-02 in connection with the variable interest entity for which the Company determined it has a controlling financial interest and is the primary beneficiary as of September 30, 2015. The Company is currently evaluating the provisions to determine the potential impact, if any, the adoption will have on its consolidated financial statements. The Company plans to implement ASU 2015-02 effective January 1, 2016. In April 2015, the FASB issued ASU 2015-03, related to simplifying the presentation of debt issuance costs. The amendments in this update are effective for annual reporting periods beginning after December 15, 2015. The amendment requires entities to present debt issuance costs related to a recognized debt liability as a direct deduction from the carrying amount of the debt liability, whereas previously, debt issuance costs were presented as a deferred charge in the asset section of the balance sheet. The Company plans to implement ASU 2015-03 effective January 1, 2016.

Commercial Loan Investments (Ta

Commercial Loan Investments (Tables)	9 Months Ended
	Sep. 30, 2015
Receivables [Abstract]
Summary of Commercial Loan Investment Portfolio	The Company’s commercial loan investment portfolio was comprised of the following at September 30, 2015: Description Date of Investment Maturity Date Original Face Amount Current Face Amount Carrying Value Coupon Rate Mezz – Hotel – Atlanta, GA January 2014 February 2019 $ 5,000,000 $ 5,000,000 $ 5,000,000 12.00% B-Note – Retail Shopping Center, Sarasota, FL May 2014 June 2016 8,960,467 8,960,467 8,960,467 30-day LIBOR plus 7.50% Mezz – Hotel, Dallas, TX September 2014 September 2016 10,000,000 10,000,000 10,000,000 30-day LIBOR plus 7.25% First Mortgage –Hotel, San Juan, Puerto Rico September 2015 September 2018 14,500,000 14,500,000 14,354,683 30-day LIBOR plus 9.00% Total $ 38,460,467 $ 38,460,467 $ 38,315,150 The Company’s commercial loan investment portfolio was comprised of the following at December 31, 2014: Description Date of Investment Maturity Date Original Face Amount Current Face Amount Carrying Value Coupon Rate Mezz – Hotel, Atlanta, GA January 2014 February 2019 $ 5,000,000 $ 5,000,000 $ 5,000,000 12.00% Construction – Container Store, Glendale, AZ May 2014 November 2015 6,300,000 5,306,031 5,247,607 6.00% B-Note – Retail Shopping Center, Sarasota, FL May 2014 June 2015 8,960,467 8,960,467 8,960,467 30-day LIBOR plus 7.25% Mezz – Hotel, Dallas, TX September 2014 September 2016 10,000,000 10,000,000 10,000,000 30-day LIBOR plus 7.25% Development – Real Estate, Ormond Beach, FL November 2014 November 2015 1,000,000 1,000,000 1,000,000 30-day LIBOR plus 7.25% Total $ 31,260,467 $ 30,266,498 $ 30,208,074
Carrying Value of the Commercial Loan Investments Portfolio	The carrying value of the commercial loan investment portfolio as of September 30, 2015 consisted of the following: Total Current Face Amount $ 38,460,467 Unamortized Fees 34,777 Unaccreted Origination Fees (180,094 ) Total Commercial Loan Investments $ 38,315,150 The carrying value of the commercial loan investment portfolio as of December 31, 2014 consisted of the following: Total Current Face Amount $ 30,266,498 Unaccreted Origination Fees (58,424 ) Total Commercial Loan Investments $ 30,208,074

Land and Subsurface Interests (

Land and Subsurface Interests (Tables)	9 Months Ended
	Sep. 30, 2015
Real Estate [Abstract]
Summary of Lease Payments and Drilling Penalties Received on Acreages	Lease payments on the respective acreages and drilling penalties received through lease year five are as follows: Acreage (Approximate) Florida County Lease Payment Drilling Penalty Lease Year 1 - 9/23/2011 - 9/22/2012 136,000 Lee and Hendry $ 913,657 $ - Lease Year 2 - 9/23/2012 - 9/22/2013 136,000 Lee and Hendry 922,114 - Lease Year 3 - 9/23/2013 - 9/22/2014 82,000 Hendry 3,293,000 1,000,000 Lease Year 4 - 9/23/2014 - 9/22/2015 42,000 Hendry 1,866,146 600,000 Lease Year 5 - 9/23/2015 - 9/22/2016 25,000 Hendry 1,218,838 175,000 Total Payments Received to Date $ 8,213,755 $ 1,775,000

Investment Securities (Tables)

Investment Securities (Tables)	9 Months Ended
	Sep. 30, 2015
Investments Debt And Equity Securities [Abstract]
Summary of Available for Sale Securities	Available-for-Sale securities consisted of the following as of September 30, 2015: As of September 30, 2015 Cost Gains in Accumulated Other Comprehensive Income Losses in Accumulated Other Comprehensive Income Estimated Fair Value (Level 1 and 2 Inputs) Debt Securities $ 843,951 $ 9,179 $ — $ 853,130 Total Debt Securities 843,951 9,179 — 853,130 Common Stock 7,269,076 — (255,129 ) 7,013,947 Total Equity Securities 7,269,076 — (255,129 ) 7,013,947 Total Available-for-Sale Securities $ 8,113,027 $ 9,179 $ (255,129 ) $ 7,867,077 Available-for-Sale securities consisted of the following as of December 31, 2014: As of December 31, 2014 Cost Gains in Accumulated Other Comprehensive Income Losses in Accumulated Other Comprehensive Income Estimated Fair Value Preferred Stock $ 704,173 $ 117,263 $ — $ 821,436 Total Equity Securities $ 704,173 $ 117,263 $ — $ 821,436 Total Available-for-Sale Securities $ 704,173 $ 117,263 $ — $ 821,436
Summary of Sale of Investment Securities and Gains	Following is a table reflecting the sale of investment securities and gains recognized during the nine months ended September 30, 2015 and 2014: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2015 2014 2015 2014 Proceeds from the Disposition of Debt Securities $ 2,084,994 $ — $ 2,084,994 $ — Cost Basis of Debt Securities Sold (1,930,080 ) — (1,930,080 ) — Gain recognized in Statement of Operations on the Disposition of Debt Securities 154,914 - 154,914 - Proceeds from the Disposition of Equity Securities - — 834,964 — Cost Basis of Equity Securities Sold - — (704,173 ) — Gain recognized in Statement of Operations on the Disposition of Equity Securities $ - $ — $ 130,791 $ — Total Gain recognized in Statement of Operations on the Disposition of Debt and Equity Securities $ 154,914 $ - $ 285,705 $ -

Fair Value of Financial Instr36

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Summary 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 at September 30, 2015 and December 31, 2014: September 30, 2015 December 31, 2014 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Cash and Cash Equivalents $ 4,219,044 $ 4,219,044 $ 1,881,195 $ 1,881,195 Restricted Cash 10,625,517 10,625,517 4,440,098 4,440,098 Investment Securities 7,867,077 7,867,077 821,436 821,436 Commercial Loan Investments 38,315,150 38,460,467 30,208,074 30,266,498 Long-Term Debt 149,390,506 149,390,506 103,940,011 103,940,011

Intangible Assets (Tables)

Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2015
Goodwill And Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets and Liabilities	Intangible assets and liabilities consisted of the following as of September 30, 2015 and December 31, 2014: As of September 30, 2015 December 31, 2014 Intangible Lease Assets: Value of In-Place Leases, net $ 10,913,536 $ 9,043,617 Value of Above Market In-Place Leases, net 1,355,015 330,424 Value of Intangible Leasing Costs, net 2,472,282 978,082 Sub-total Intangible Lease Assets 14,740,833 10,352,123 Intangible Lease Liabilities (included in accrued and other liabilities): Value of Below Market In-Place Leases, net (653,134 ) (669,693 ) Sub-total Intangible Lease Liabilities (653,134 ) (669,693 ) Total Intangible Assets—Net $ 14,087,699 $ 9,682,430
Summary of Estimated Amortization Expense	The estimated future amortization expense related to net intangible assets is as follows: Year Ending December 31, Amount Remainder of 2015 $ 502,082 2016 1,958,314 2017 1,879,485 2018 1,856,856 2019 1,824,032 2020 1,626,075 Thereafter 4,440,855 Total $ 14,087,699

Common Stock and Earnings Per38

Common Stock and Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Summary of Common Stock and Earnings Per Share	Basic earnings per common share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per common share is based on the assumption of the conversion of stock options and vesting of restricted stock at the beginning of each period using the treasury stock method at average cost for the periods. Three Months Ended Nine Months Ended September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 Income Available to Common Shareholders: Net Income Attributable to Consolidated-Tomoka Land Co. $ 2,079,871 $ 3,478,691 $ 2,657,844 $ 5,702,006 Weighted Average Shares Outstanding 5,802,363 5,773,469 5,817,184 5,754,190 Common Shares Applicable to Stock Options Using the Treasury Stock Method 15,315 32,930 27,290 21,278 Total Shares Applicable to Diluted Earnings Per Share 5,817,678 5,806,399 5,844,474 5,775,468 Per Share Information: Basic Net Income Per Share Net Income Attributable to Consolidated-Tomoka Land Co. $ 0.36 $ 0.60 $ 0.46 $ 0.99 Diluted Net Income per Share Net Income Attributable to Consolidated-Tomoka Land Co. $ 0.36 $ 0.60 $ 0.45 $ 0.99

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	Long-term debt consisted of the following: September 30, 2015 Total Due Within One Year Credit Facility $ 19,500,000 $ — Mortgage Note Payable (originated with UBS) 7,300,000 — Mortgage Note Payable (originated with BOA) 23,100,000 — Mortgage Note Payable (originated with Wells Fargo) 30,000,000 — 4.50% Convertible Senior Notes due 2020, net of discount 69,490,506 — Total Long-Term Debt $ 149,390,506 $ —
Summary of Payments Applicable to Reduction of Principal Amounts	Payments applicable to reduction of principal amounts will be required as follows: Year Ending December 31, Amount Remainder of 2015 $ — 2016 — 2017 — 2018 26,800,000 2019 — 2020 75,000,000 Thereafter 53,100,000 Total Long-Term Debt $ 154,900,000
Summary of Carrying Value of Long-Term Debt	The carrying value of long-term debt as of September 30, 2015 consisted of the following: Total Current Face Amount $ 154,900,000 Unamortized Discount on Convertible Debt (5,509,494 ) Total Long-Term Debt $ 149,390,506

Accrued and Other Liabilities (

Accrued and Other Liabilities (Tables)	9 Months Ended
	Sep. 30, 2015
Payables And Accruals [Abstract]
Summary of Accrued and Other Liabilities	Accrued and other liabilities consisted of the following: As of September 30, 2015 December 31, 2014 Golf Course Lease $ 2,696,257 $ 2,973,898 Accrued Property Taxes 1,155,112 — Other Post-Retirement Benefits — 142,797 Reserve for Tenant Improvements 676,604 551,250 Accrued Interest 319,292 197,929 Environmental Reserve 532,930 108,733 Below Market In-Place Leases, net 653,134 669,693 Put Options 77,280 — Other 1,081,405 1,426,902 Total Accrued and Other Liabilities $ 7,192,014 $ 6,071,202

Deferred Revenue (Tables)

Deferred Revenue (Tables)	9 Months Ended
	Sep. 30, 2015
Deferred Revenue Disclosure [Abstract]
Summary of Deferred Revenue	Deferred revenue consisted of the following: As of September 30, 2015 December 31, 2014 Deferred Oil Exploration Lease Revenue $ 1,192,197 $ 1,354,873 Deferred Land Sale Revenue — 87,581 Prepaid Rent 771,304 674,165 Escrow Reserve, Container Store Loan — 144,124 Escrow Reserve, Plantation Oaks Loan — 65,216 Other Deferred Revenue 276,915 392,584 Total Deferred Revenue $ 2,240,416 $ 2,718,543

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2015
Summary of Stock Based Compensation Activity	A summary of activity during the nine months ended September 30, 2015, is presented below: Market Condition Non-Vested Restricted Shares Shares Wtd. Grant Date Fair Value Outstanding at December 31, 2014 5,067 $ 23.13 Granted — — Vested — — Forfeited (567 ) 23.13 Outstanding at September 30, 2015 4,500 $ 23.13
Summary of Market Condition Inducement Grant of Restricted Shares	NOTE 15. STOCK-BASED COMPENSATION (continued) A summary of the activity for these awards during the nine months ended September 30, 2015, is presented below: Market Condition Non-Vested Restricted Shares Shares Wtd. Avg. Fair Value Outstanding at December 31, 2014 40,500 $ 15.55 Granted 97,000 36.85 Vested — — Forfeited — — Outstanding at September 30, 2015 137,500 $ 30.58
Summary of Stock Based Compensation Activity for Non-Qualified Stock Option Award	A summary of the activity for the awards during the nine months ended September 30, 2015, is presented below: Non-Qualified Stock Option Awards Shares Wtd. Avg. Ex. Price Wtd. Avg. Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding at December 31, 2014 84,765 $ 34.39 Granted 70,000 56.43 Exercised (16,655 ) 31.32 Forfeited (7,760 ) 34.95 Outstanding at September 30, 2015 130,350 $ 46.58 7.42 $ 419,273 Exercisable at September 30, 2015 38,790 $ 31.40 4.63 $ 713,807
Summary of Share Option Activity of Stock Option and Stock Appreciation Rights Under 2001 Plan	A summary of share option activity under the 2001 Plan for the nine months ended September 30, 2015 is presented below: Stock Options Liability-Classified Stock Options Shares Wtd. Avg. Ex. Price Wtd. Avg. Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding at December 31, 2014 35,300 $ 62.47 Granted — — Exercised (3,300 ) 33.16 Forfeited (14,000 ) 66.54 Outstanding at September 30, 2015 18,000 $ 64.69 1.60 $ - Exercisable at September 30, 2015 18,000 $ 64.69 1.60 $ - Stock Appreciation Rights Liability-Classified Stock Appreciation Rights Shares Wtd. Avg. Fair Value Wtd. Avg. Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding at December 31, 2014 35,300 $ 5.56 Granted — — Exercised (3,300 ) 12.19 Forfeited (14,000 ) 4.84 Outstanding at September 30, 2015 18,000 $ 2.07 1.60 $ - Exercisable at September 30, 2015 18,000 $ 2.07 1.60 $ -
Assumptions Used in Determining Fair Value of Stock Options and Stock Appreciation Rights	NOTE 15. STOCK-BASED COMPENSATION (continued) Following are assumptions used in determining the fair value of stock options and stock appreciation rights: Assumptions at: September 30, 2015 December 31, 2014 Expected Volatility 24.36 % 34.07 % Expected Dividends 0.16 % 0.07 % Expected Term 2 years 2 years Risk-Free Rate 0.41 % 0.78 %
Recognized Financial Statements for Stock Options, Stock Appreciation Rights, and Restricted Stock	Amounts recognized in the consolidated financial statements for stock options, stock appreciation rights, and restricted stock are as follows: Three Months Ended Nine Months Ended September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 Total Cost of Share-Based Plans Charged Against Income Before Tax Effect $ 728,833 $ 419,836 $ 1,350,557 $ 1,021,955 Income Tax Expense Recognized in Income $ (281,147 ) $ (161,952 ) $ (520,977 ) $ (394,219 )
Three Year Vest Non-Vested Restricted Stock [Member]
Summary of Stock Based Compensation Activity	A summary of activity during the nine months ended September 30, 2015, is presented below: Three Year Vest Non-Vested Restricted Shares Shares Wtd. Avg. Fair Value Per Share Outstanding at December 31, 2014 14,200 $ 36.08 Granted 19,700 55.93 Vested (4,734 ) 36.08 Forfeited (2,266 ) 46.59 Outstanding at September 30, 2015 26,900 $ 49.73
Non-Qualified Stock Option Award [Member]
Summary of Non-Vested Options for Non-Qualified Stock Option Awards	A summary of the non-vested options for these awards during the nine months ended September 30, 2015, is presented below: Non-Qualified Stock Option Awards Shares Fair Value of Shares Vested Non-Vested at December 31, 2014 47,570 Granted 70,000 Vested (18,250 ) $ 618,764 Forfeited (7,760 ) Non-Vested at September 30, 2015 91,560

Business Segment Data (Tables)

Business Segment Data (Tables)	9 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Summary of Operations in Different Segments	Information about the Company’s operations in the different segments for the three and nine months ended September 30, 2015 and 2014 is as follows: Three Months Ended Nine Months Ended September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 Revenues: Income Properties $ 5,034,090 $ 3,864,632 $ 13,426,817 $ 10,821,121 Commercial Loan Investments 546,640 382,087 1,816,834 1,581,746 Real Estate Operations 1,748,398 8,781,759 3,976,340 11,184,591 Golf Operations 949,083 994,651 3,935,076 3,844,428 Agriculture and Other Income 19,504 182,731 59,181 258,052 Total Revenues $ 8,297,715 $ 14,205,860 $ 23,214,248 $ 27,689,938 Operating Income: Income Properties $ 4,036,330 $ 3,407,763 $ 11,105,324 $ 9,539,741 Commercial Loan Investments 546,640 382,087 1,816,834 1,581,746 Real Estate Operations 1,431,785 5,209,677 2,755,151 7,166,932 Golf Operations (406,386 ) (315,138 ) (266,237 ) (310,581 ) Agriculture and Other Income (31,980 ) 148,573 (90,649 ) 113,362 General and Corporate Expense (432,949 ) (2,814,622 ) (6,496,935 ) (7,488,692 ) Total Operating Income $ 5,143,440 $ 6,018,340 $ 8,823,488 $ 10,602,508 Depreciation and Amortization: Income Properties $ 1,335,214 $ 815,673 $ 3,413,024 $ 2,301,316 Commercial Loan Investments — — — — Real Estate Operations — — — — Golf Operations 68,712 60,369 194,618 174,942 Agriculture and Other 13,203 10,576 36,978 28,749 Total Depreciation and Amortization $ 1,417,129 $ 886,618 $ 3,644,620 $ 2,505,007 Capital Expenditures: Income Properties $ 25,596,355 $ 5,329,898 $ 35,610,312 $ 21,566,004 Commercial Loan Investments 14,500,000 10,450,744 15,394,879 27,399,082 Real Estate Operations ($5,664,787 Contributed by Consolidated VIE) 11,489,272 — 11,489,272 — Golf Operations 2,045 138,854 108,462 195,015 Agriculture and Other 17,817 32,508 31,223 123,261 Total Capital Expenditures $ 51,605,489 $ 15,952,004 $ 62,634,148 $ 49,283,362 As of September 30, 2015 December 31, 2014 Identifiable Assets: Income Properties $ 211,143,491 $ 190,087,575 Commercial Loan Investments 38,455,112 30,274,302 Real Estate Operations 55,858,598 43,833,515 Golf Operations 3,291,350 3,639,903 Agriculture and Other 24,609,017 8,757,153 Total Assets $ 333,357,568 $ 276,592,448

Description of Business and P44

Description of Business and Principles of Interim Statements - Additional Information (Detail)	3 Months Ended	9 Months Ended		12 Months Ended
	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)ft²aStatePropertyBillboardLoan	Sep. 30, 2014USD ($)	Dec. 31, 2014USD ($)PropertyDerivative	Jan. 31, 2013Property
Description of Business [Line Items]
Number of states in which entity operates | State		10
Number of owned and managed commercial real estate properties | Property		41
Commercial real estate properties | Property		33
Self developed multi-tenant properties | Property		8
Gross leasable space | ft²		1,270,000
Land portfolio | a		10,500
Number of billboards leased for property | Billboard		21
Restricted Cash		$ 10,625,517		$ 4,440,098
Proceeds from sale of income property		9,000,000
Cash held in escrow related to land transaction		285,000
Cash held in reserve for property taxes and insurance escrows		$ 431,000
Number of income properties acquired | Property		3		3	2
Derivatives outstanding | Derivative				0
Amount reclassified to land, timber, and development costs				$ 14,900,000
Reclassifications to the purchase price allocations, increase in intangible assets				3,000,000
Reclassifications to the purchase price allocations, decrease in properties, land, buildings, and improvements				(2,300,000)
Reclassifications to the purchase price allocations, increase in accrued and other liabilities				$ 670,000
Increase in revenues and the direct costs of revenues	$ 137,000		$ 259,000
Atlanta, GA [Member]
Description of Business [Line Items]
Number of commercial mortgage loan investments | Loan		4
Katy, Texas [Member]
Description of Business [Line Items]
Cash held in escrow related to land transaction		$ 276,000
Katy, Texas [Member] | Tenant Improvements [Member]
Description of Business [Line Items]
Restricted Cash		$ 596,000

Income Properties - Additional

Income Properties - Additional Information (Detail)

Sep. 30, 2015USD ($)ft²aProperty$ / shares

Sep. 28, 2015USD ($)ft²$ / shares

Jul. 16, 2015USD ($)ft²a

May. 28, 2015USD ($)a

May. 18, 2015USD ($)ft²a

Apr. 17, 2015USD ($)ft²Building$ / shares

Jun. 30, 2015USD ($)

Mar. 31, 2015USD ($)

Sep. 30, 2015USD ($)ft²aProperty

Sep. 30, 2014USD ($)Property

Dec. 31, 2014USD ($)Property

Jan. 31, 2013Property

Business Acquisition Information [Line Items]

Number of income properties acquired | Property

3

3

3

2

Aggregate acquisition cost of property

$ 34,200,000

$ 20,000,000

Purchase price allocated to land

8,500,000

Purchase price allocated to amortizable intangible assets

$ 6,013,622

$ 1,069,145

Amortization allocated to intangible assets, period

7 years 7 months 6 days

10 years 3 months 18 days

Area of a real estate property | ft²

1,270,000

1,270,000

Acquisition cost of property

$ 29,736,375

$ 20,815,135

Reclassifications to the purchase price allocations, increase in intangible assets

$ 3,000,000

Reclassifications to the purchase price allocations, decrease in properties, land, buildings, and improvements

(2,300,000)

Reclassifications to the purchase price allocations, increase in accrued and other liabilities

670,000

Number of single-tenant income properties sold | Property

4

Gain (loss) on sale of property

$ (497,000)

$ 13,000

$ (277,000)

(228,000)

Tenant improvements

$ 1,200,000

$ 1,200,000

Acquisition of Land

$ 5,664,787

11,600,000

Number of self-developed properties | Property

8

8

Independent Third-Party [Member]

Business Acquisition Information [Line Items]

Acquisition cost of property

$ 39,100,000

Minimum [Member]

Business Acquisition Information [Line Items]

Number of income properties acquired | Property

3

3

Maximum [Member]

Business Acquisition Information [Line Items]

Number of income properties acquired | Property

4

4

Jacksonville, Florida [Member]

Business Acquisition Information [Line Items]

Area of property acquired | ft²

136,856

Area of a real estate property | a

3.4

Acquisition cost of property

$ 25,100,000

Percentage of property occupied

99.00%

Winter Park, Florida [Member]

Business Acquisition Information [Line Items]

Area of a real estate property | a

0.71

Acquisition cost of property

$ 409,000

Glendale, Arizona [Member]

Business Acquisition Information [Line Items]

Area of property acquired | ft²

23,329

Area of a real estate property | a

2.46

Acquisition cost of property

$ 8,600,000

Initial lease term

15 years

Operating lease rent increment term, in years

5 years

Mortgage loans on real estate, carrying amount of mortgages

$ 6,200,000

Mortgage loans on real estate, maturity date

Nov. 30, 2015

Clermont, Florida [Member]

Business Acquisition Information [Line Items]

Area of building sold | ft²

13,824

Weighted average remaining lease term

7 years 1 month 6 days

Proceeds from building

$ 4,200,000

Gain (loss) on sale of property

$ 1,600,000

Loss on sale of building per share after tax | $ / shares

$ 0.17

Sanford, Florida [Member]

Business Acquisition Information [Line Items]

Area of building sold | ft²

11,900

11,900

Weighted average remaining lease term

5 years 1 month 6 days

Proceeds from building

$ 5,200,000

Gain (loss) on sale of property

$ 2,200,000

Loss on sale of building per share after tax | $ / shares

$ 0.23

Sanford and Sebastian, Florida [Member]

Business Acquisition Information [Line Items]

Area of building sold | ft²

13,813

Weighted average remaining lease term

8 years 8 months 12 days

Proceeds from building

$ 6,400,000

Gain (loss) on sale of property

$ (497,000)

Loss on sale of building per share after tax | $ / shares

$ 0.05

Number of buildings sold | Building

2

Teledyne ODI [Member]

Business Acquisition Information [Line Items]

Area of leased property | ft²

15,000

Expanded and Extended State of Florida Department of Revenue [Member]

Business Acquisition Information [Line Items]

Area of leased property | ft²

21,000

Daytona Beach, Florida [Member]

Business Acquisition Information [Line Items]

Area of a real estate property | a

6

6

Cost related to construction

$ 2,400,000

Single-Tenant Properties [Member]

Business Acquisition Information [Line Items]

Number of income properties acquired | Property

1

1

2

Multi-Tenant Properties [Member]

Business Acquisition Information [Line Items]

Number of income properties acquired | Property

1

1

Multi-Tenant Properties [Member] | Daytona Beach, Florida [Member]

Business Acquisition Information [Line Items]

Number of self-developed properties | Property

2

Buildings and Improvements [Member]

Business Acquisition Information [Line Items]

Purchase price allocated to buildings and improvements

$ 19,700,000

$ 5,600,000

Buildings and Improvements [Member] | Daytona Beach, Florida [Member]

Business Acquisition Information [Line Items]

Cost related to construction

2,200,000

Land [Member] | Daytona Beach, Florida [Member]

Business Acquisition Information [Line Items]

Cost related to construction

221,000

Intangible Assets [Member]

Business Acquisition Information [Line Items]

Purchase price allocated to amortizable intangible assets

$ 6,000,000

$ 2,800,000

Commercial Loan Investments - A

Commercial Loan Investments - Additional Information (Detail)	Sep. 24, 2015USD ($)	Sep. 30, 2015USD ($)Loan	Dec. 31, 2014USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commercial loan investments, outstanding		$ 38,315,150	$ 30,208,074
Commercial Mortgage Backed Securities [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans owned | Loan		4
San Juan, Puerto Rico [Member] | First Mortgage [Member] | Hotel [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan originated amount	$ 14,500,000
Maturity Date		2018-09
Loan origination fee	$ 181,000
Loans receivable basis spread on variable rate	9.00%	9.00%
Commercial loan investments, outstanding		$ 14,354,683
Dallas, TX , Sarasota, FL, Atlanta, GA and San Juan, Puerto Rico [Member] | Commercial Mortgage Backed Securities [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commercial loan investments, outstanding		$ 38,500,000
Commercial loan investments, average remaining maturity		2 years
Commercial loan investments, weighted average interest rate		8.80%
Mortgage Payable Current [Member] | San Juan, Puerto Rico [Member] | First Mortgage [Member] | Hotel [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable basis spread on variable rate	7.00%
Mortgage Accrue Over the Term of the Loan [Member] | San Juan, Puerto Rico [Member] | First Mortgage [Member] | Hotel [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable basis spread on variable rate	2.00%

Commercial Loan Investments - S

Commercial Loan Investments - Summary of Commercial Loan Investment Portfolio (Detail) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014	Sep. 24, 2015
Accounts, Notes, Loans and Financing Receivable [Line Items]
Original Face Amount	$ 38,460,467	$ 31,260,467
Current Face Amount	38,460,467	30,266,498
Carrying Value	$ 38,315,150	$ 30,208,074
First Mortgage [Member] | Hotel [Member] | San Juan, Puerto Rico [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Date of Investment	2015-09
Maturity Date	2018-09
Original Face Amount	$ 14,500,000
Current Face Amount	14,500,000
Carrying Value	$ 14,354,683
Loans receivable basis spread on variable rate	9.00%		9.00%
Coupon Rate	30-day LIBOR plus 9.00%
Mezzanine [Member] | Hotel [Member] | Atlanta, GA [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Date of Investment	2014-01	2014-01
Maturity Date	2019-02	2019-02
Original Face Amount	$ 5,000,000	$ 5,000,000
Current Face Amount	5,000,000	5,000,000
Carrying Value	$ 5,000,000	$ 5,000,000
Loans receivable, fixed rate	12.00%	12.00%
Mezzanine [Member] | Hotel [Member] | Dallas, TX [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Date of Investment	2014-09	2014-09
Maturity Date	2016-09	2016-09
Original Face Amount	$ 10,000,000	$ 10,000,000
Current Face Amount	10,000,000	10,000,000
Carrying Value	$ 10,000,000	$ 10,000,000
Loans receivable basis spread on variable rate	7.25%	7.25%
Coupon Rate	30-day LIBOR plus 7.25%	30-day LIBOR plus 7.25%
Construction [Member] | Container Store [Member] | Glendale, AZ [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Date of Investment		2014-05
Maturity Date		2015-11
Current Face Amount		$ 5,306,031
Carrying Value		$ 5,247,607
Loans receivable basis spread on variable rate		6.00%
Original Face Amount		$ 6,300,000
Notes Receivable [Member] | Retail Shopping Center [Member] | Sarasota, FL [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Date of Investment	2014-05	2014-05
Maturity Date	2016-06	2015-06
Original Face Amount	$ 8,960,467	$ 8,960,467
Current Face Amount	8,960,467	8,960,467
Carrying Value	$ 8,960,467	$ 8,960,467
Loans receivable basis spread on variable rate	7.50%	7.25%
Coupon Rate	30-day LIBOR plus 7.50%	30-day LIBOR plus 7.25%
Development [Member] | Commercial Real Estate Portfolio Segment [Member] | Ormond Beach, FL [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Date of Investment		2014-11
Maturity Date		2015-11
Original Face Amount		$ 1,000,000
Current Face Amount		1,000,000
Carrying Value		$ 1,000,000
Loans receivable basis spread on variable rate		7.25%
Coupon Rate		30-day LIBOR plus 7.25%

Commercial Loan Investments - C

Commercial Loan Investments - Carrying Value of the Commercial Loan Investments Portfolio (Detail) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Receivables [Abstract]
Current Face Amount	$ 38,460,467	$ 30,266,498
Unamortized Fees	34,777
Unaccreted Origination Fees	(180,094)	(58,424)
Total Commercial Loan Investments	$ 38,315,150	$ 30,208,074

Land and Subsurface Interests -

Land and Subsurface Interests - Additional Information (Detail)	Sep. 22, 2015	Jun. 17, 2015USD ($)a	Jun. 01, 2015USD ($)a$ / a	Sep. 30, 2015USD ($)ft²aJob	Sep. 30, 2014USD ($)a	Sep. 30, 2015USD ($)ft²aJob	Sep. 30, 2014USD ($)a$ / a	Dec. 31, 2011
Real Estate Properties [Line Items]
Area of a real estate property | ft²				1,270,000		1,270,000
Oil exploration lease period	8 years							8 years
Lease period where payment recognized	12 months							12 months
Amended oil exploration lease term						The terms of the lease state the Company will receive royalty payments if production occurs, and may receive additional annual rental payments if the lease is continued in years six through eight.
Lease income recognized from oil exploration lease				$ 456,000	$ 799,000	$ 1,400,000	$ 2,400,000
Area on which royalties received | a						800
Oil royalty income recognized				11,000	38,000	$ 60,000	167,000
Cash payments for release of surface entry rights						2,000	4,000
Fill Dirt Excavation [Member]
Real Estate Properties [Line Items]
Revenue generated from fill-dirt excavation agreement				$ 0	$ 16,000	73,000	139,000
Property East of Interstate 95 [Member]
Real Estate Properties [Line Items]
Revenue from land sold						$ 7,800,000	$ 7,800,000
Revenue per acre | $ / a							103,000
Gain (Loss) from sale of land							$ 3,900,000
Additional Gain (Loss) from sale of land							324,000
Halifax Humane Society, Inc. (HHS") [Member]
Real Estate Properties [Line Items]
Revenue from land sold							$ 391,500
Revenue per acre | $ / a							128,000
South of LPGA Boulevard East of Clyde Morris Boulevard [Member]
Real Estate Properties [Line Items]
Area of a real estate property | a			3
Revenue from land sold			$ 505,000
Revenue per acre | $ / a			167,000
Gain (Loss) from sale of land			$ 476,000
Highlands County [Member]
Real Estate Properties [Line Items]
Area of a real estate property | a		0.9
Revenue from land sold		$ 250,000
Gain (Loss) from sale of land		$ 223,000
Daytona Beach, Florida [Member]
Real Estate Properties [Line Items]
Area of a real estate property | a				6		6
Volusia County, Florida [Member]
Real Estate Properties [Line Items]
Revenue recognized upon milestone achieved				$ 1,000,000
Volusia County, Florida [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Potential jobs creation | Job				150		150
Land [Member]
Real Estate Properties [Line Items]
Area of a real estate property | a				3.9		3.9
Land [Member] | Property East of Interstate 95 [Member]
Real Estate Properties [Line Items]
Area of a real estate property | a				75.6	75.6	75.6	75.6
Land [Member] | Halifax Humane Society, Inc. (HHS") [Member]
Real Estate Properties [Line Items]
Area of a real estate property | a					3.1		3.1
Gain (Loss) from sale of land							$ 347,000

Land and Subsurface Interests50

Land and Subsurface Interests - Summary of Lease Payments on the Respective Acreages and Drilling Penalties Received (Detail)	9 Months Ended
	Sep. 30, 2015USD ($)a
Real Estate Properties [Line Items]
Lease Payment, Received	$ 8,213,755
Drilling Penalty, Received	$ 1,775,000
Lease Year 1 - 9/23/2011 - 9/22/2012 [Member] | Lee and Hendry County FL [Member]
Real Estate Properties [Line Items]
Oil exploration lease covering area | a	136,000
Lease Payment, Received	$ 913,657
Lease Year 2 - 9/23/2012 - 9/22/2013 [Member] | Lee and Hendry County FL [Member]
Real Estate Properties [Line Items]
Oil exploration lease covering area | a	136,000
Lease Payment, Received	$ 922,114
Lease Year 3 - 9/23/2013 - 9/22/2014 [Member] | Hendry County FL [Member]
Real Estate Properties [Line Items]
Oil exploration lease covering area | a	82,000
Lease Payment, Received	$ 3,293,000
Drilling Penalty, Received	$ 1,000,000
Lease Year 4 - 9/23/2014 - 9/22/2015 [Member] | Hendry County FL [Member]
Real Estate Properties [Line Items]
Oil exploration lease covering area | a	42,000
Lease Payment, Received	$ 1,866,146
Drilling Penalty, Received	$ 600,000
Lease Year 5 - 9/23/2015 - 9/22/2016 [Member] | Hendry County FL [Member]
Real Estate Properties [Line Items]
Oil exploration lease covering area | a	25,000
Lease Payment, Received	$ 1,218,838
Drilling Penalty, Received	$ 175,000

Investment Securities - Additio

Investment Securities - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Schedule of Available-for-sale Securities [Line Items]
Purchased of common stock and debt securities			$ 10,036,588
Proceeds from Sale of Investment Securities			2,919,958
Other Comprehensive Income Unrealized Gain (Loss) on Investment Securities, tax	$ 11,193	$ 2,464	$ (29,901)	$ 51,894
Debt securities maturity			4 years 6 months
Available-for-sale Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Investment securities unrealized gains (losses)		4,000	$ (78,000)	83,000
Other Comprehensive Income Unrealized Gain (Loss) on Investment Securities, tax		$ 2,000	(30,000)	$ 52,000
Investment securities unrealized loss			246,000
Investment securities unrealized gain			168,000
Common Stock [Member] | Debt Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Purchased of common stock and debt securities			10,000,000
Preferred Stock [Member] | Debt Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Proceeds from Sale of Investment Securities			$ 2,900,000

Investment Securities - Summary

Investment Securities - Summary of Available for Sale Securities (Detail) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Cost	$ 8,113,027	$ 704,173
Gains in Accumulated Other Comprehensive Income	9,179	117,263
Losses in Accumulated Other Comprehensive Income	(255,129)
Estimated Fair Value (Level 1 and 2 Inputs)	7,867,077	821,436
Debt Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost	843,951
Gains in Accumulated Other Comprehensive Income	9,179
Equity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost	7,269,076	704,173
Gains in Accumulated Other Comprehensive Income		117,263
Losses in Accumulated Other Comprehensive Income	(255,129)
Estimated Fair Value (Level 1 and 2 Inputs)		821,436
Preferred Stock [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost		704,173
Gains in Accumulated Other Comprehensive Income		117,263
Estimated Fair Value (Level 1 and 2 Inputs)		$ 821,436
Common Stock [Member] | Equity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost	7,269,076
Losses in Accumulated Other Comprehensive Income	(255,129)
Quoted Prices in Active Markets (Level 1 and 2 Inputs) [Member]
Schedule of Available-for-sale Securities [Line Items]
Estimated Fair Value (Level 1 and 2 Inputs)	7,867,077
Quoted Prices in Active Markets (Level 1 and 2 Inputs) [Member] | Debt Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Estimated Fair Value (Level 1 and 2 Inputs)	853,130
Quoted Prices in Active Markets (Level 1 and 2 Inputs) [Member] | Equity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Estimated Fair Value (Level 1 and 2 Inputs)	7,013,947
Quoted Prices in Active Markets (Level 1 and 2 Inputs) [Member] | Common Stock [Member] | Equity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Estimated Fair Value (Level 1 and 2 Inputs)	7,013,947
Corporate Debt Securities [Member] | Debt Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost	843,951
Gains in Accumulated Other Comprehensive Income	9,179
Corporate Debt Securities [Member] | Quoted Prices in Active Markets (Level 1 and 2 Inputs) [Member] | Debt Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Estimated Fair Value (Level 1 and 2 Inputs)	$ 853,130

Investment Securities - Summa53

Investment Securities - Summary of Sale of Investment Securities and Gains (Detail) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015
Schedule Of Gain Loss On Investments Including Marketable Securities And Investments Held At Cost Income Statement Reported Amounts Summary [Line Items]
Gain recognized in Statement of Operations on the Disposition of Securities	$ 154,914	$ 285,705
Debt Securities [Member]
Schedule Of Gain Loss On Investments Including Marketable Securities And Investments Held At Cost Income Statement Reported Amounts Summary [Line Items]
Proceeds from the Disposition of Securities	2,084,994	2,084,994
Cost Basis of Securities Sold	(1,930,080)	(1,930,080)
Gain recognized in Statement of Operations on the Disposition of Securities	$ 154,914	154,914
Equity Securities [Member]
Schedule Of Gain Loss On Investments Including Marketable Securities And Investments Held At Cost Income Statement Reported Amounts Summary [Line Items]
Proceeds from the Disposition of Securities		834,964
Cost Basis of Securities Sold		(704,173)
Gain recognized in Statement of Operations on the Disposition of Securities		$ 130,791

Fair Value of Financial Instr54

Fair Value of Financial Instruments - Summary of Carrying Value and Estimated Fair Value of Financial Instruments (Detail) - USD ($)	Sep. 30, 2015	Dec. 31, 2014	Sep. 30, 2014	Dec. 31, 2013
Debt Instrument Fair Value Carrying Value [Abstract]
Cash and Cash Equivalents, Carrying Value	$ 4,219,044	$ 1,881,195	$ 2,219,256	$ 4,932,512
Restricted Cash, Carrying Value	10,625,517	4,440,098
Investment Securities, Carrying Value	7,867,077	821,436
Commercial Loan Investments, Carrying Value	38,315,150	30,208,074
Long-Term Debt, Carrying Value	149,390,506	103,940,011
Cash and Cash Equivalents, Estimated Fair Value	4,219,044	1,881,195
Restricted Cash, Estimated Fair Value	10,625,517	4,440,098
Investment Securities, Estimated Fair Value	7,867,077	821,436
Commercial Loan Investments, Estimated Fair Value	38,460,467	30,266,498
Long-Term Debt, Estimated Fair Value	$ 149,390,506	$ 103,940,011

Intangible Assets - Schedule of

Intangible Assets - Schedule of Intangible Assets and Liabilities (Detail) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Acquired Indefinite-lived Intangible Assets [Line Items]
Sub-total Intangible Lease Assets	$ 14,740,833	$ 10,352,123
Value of Below Market In-Place Leases, net	(653,134)	(669,693)
Sub-total Intangible Lease Liabilities	(653,134)	(669,693)
Total	14,087,699	9,682,430
Value of In-Place Leases, Net [Member]
Acquired Indefinite-lived Intangible Assets [Line Items]
Sub-total Intangible Lease Assets	10,913,536	9,043,617
Value of Above Market In-Place Leases, Net [Member]
Acquired Indefinite-lived Intangible Assets [Line Items]
Sub-total Intangible Lease Assets	1,355,015	330,424
Value of Intangible Leasing Costs, Net [Member]
Acquired Indefinite-lived Intangible Assets [Line Items]
Sub-total Intangible Lease Assets	$ 2,472,282	$ 978,082

Intangible Assets - Additional

Intangible Assets - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Goodwill And Intangible Assets Disclosure [Abstract]
Accumulated amortization expense	$ 4,300,000		$ 4,300,000		$ 3,600,000
Amortization expense	$ 473,000	$ 196,000	$ 1,200,000	$ 545,000

Intangible Assets - Summary of

Intangible Assets - Summary of Estimated Amortization Expense (Detail) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Goodwill And Intangible Assets Disclosure [Abstract]
Remainder of 2015	$ 502,082
2,016	1,958,314
2,017	1,879,485
2,018	1,856,856
2,019	1,824,032
2,020	1,626,075
Thereafter	4,440,855
Total	$ 14,087,699	$ 9,682,430

Impairment of Long-Lived Asse58

Impairment of Long-Lived Assets - Additional Information (Detail)	Apr. 17, 2015USD ($)	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Mar. 31, 2015USD ($)Property	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)
Property Plant And Equipment [Abstract]
Impairment charges		$ 0		$ 510,000	$ 421,040	$ 510,041	$ 421,040
Number of income properties held for sales | Property				2
Gain (loss) on sale of property	$ (497,000)		$ 13,000	$ (277,000)			(228,000)
Estimated closing costs				$ 233,000			$ 193,000

Common Stock and Earnings Per59

Common Stock and Earnings Per Share - Summary of Common Stock and Earnings Per Share (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income Available to Common Shareholders:
Net Income Attributable to Consolidated-Tomoka Land Co.	$ 2,079,871	$ 3,478,691	$ 2,657,844	$ 5,702,006
Weighted Average Shares Outstanding	5,802,363	5,773,469	5,817,184	5,754,190
Common Shares Applicable to Stock
Options Using the Treasury Stock Method	15,315	32,930	27,290	21,278
Total Shares Applicable to Diluted Earnings Per Share	5,817,678	5,806,399	5,844,474	5,775,468
Basic Net Income Per Share
Net Income Attributable to Consolidated-Tomoka Land Co.	$ 0.36	$ 0.60	$ 0.46	$ 0.99
Diluted Net Income per Share
Net Income Attributable to Consolidated-Tomoka Land Co.	$ 0.36	$ 0.60	$ 0.45	$ 0.99

Common Stock and Earnings Per60

Common Stock and Earnings Per Share - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Mar. 11, 2015
Dilutive Securities Included And Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive potentially securities	32,500	35,400	40,200	35,400
Impact on diluted net income per share	$ 0.36	$ 0.60	$ 0.45	$ 0.99
Additional diluted outstanding shares	5,817,678	5,806,399	5,844,474	5,775,468
Convertible Note [Member]
Dilutive Securities Included And Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Debt instrument interest rate	4.50%		4.50%
Debt instrument interest rate terms			2,020
4.50% Convertible Senior Notes due 2020 [Member]
Dilutive Securities Included And Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Debt instrument interest rate	4.50%		4.50%		4.50%
Impact on diluted net income per share			$ 0
Common stock exceeds conversion price			$ 68.90
Additional diluted outstanding shares	0		0

Treasury Stock - Additional Inf

Treasury Stock - Additional Information (Detail) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2013	Dec. 31, 2014	Apr. 26, 2012	Nov. 30, 2008
Equity, Class of Treasury Stock [Line Items]
Number of shares purchased	110,706		40,470
Costs of shares purchased	$ 5,239,167		$ 1,381,566
Odd-Lot Buy-Back Program [Member]
Equity, Class of Treasury Stock [Line Items]
Description of number of shares held by shareholder, maximum	Less than 100
Purchase price of shares from shareholders				$ 31
Number of shares purchased	70,236		25,836	14,634
Costs of shares purchased	$ 3,900,000		$ 928,000	$ 454,000
Buy back expiration date	Jun. 30, 2012
Repurchase of common stock, authorized amount					$ 8,000,000
Number of shares retired		4,660
Amount of treasury shares retired		$ 105,000
Repurchase of remaining shares	$ 2,700,000
Maximum [Member] | Odd-Lot Buy-Back Program [Member]
Equity, Class of Treasury Stock [Line Items]
Number of shares held by shareholders				100

Long-Term Debt (Credit Facility

Long-Term Debt (Credit Facility) - Additional Information (Detail) - Revolving Credit Facility [Member]	9 Months Ended
	Sep. 30, 2015USD ($)
Debt Instrument [Line Items]
Amended date of line of credit	Apr. 20, 2015
Expiration date of line of credit	Aug. 1, 2018
Line of credit facility, extension term	1 year
Line of credit facility, maximum borrowing capacity	$ 125,000,000
Long-term debt LIBOR plus interest rate, reckoning period	30 days
Line of credit facility unused portion of borrowing capacity description	The Credit Facility also accrues a fee of 20 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.
Line of credit facility unused portion of the borrowing capacity fee percentage condition	50.00%
Line of credit facility, maturity date	Aug. 1, 2018
Line of credit facility, current borrowing capacity	$ 75,000,000
Amended Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit facility, current borrowing capacity	$ 48,800,000
Minimum [Member]
Debt Instrument [Line Items]
Line of credit facility, interest rate description	LIBOR plus 135 basis
Line of credit facility, basis points added to LIBOR interest rate	1.35%
Line of credit facility, commitment fee percentage on unused portion of the borrowing capacity	0.20%
Maximum [Member]
Debt Instrument [Line Items]
Line of credit facility, interest rate description	LIBOR plus 225 basis
Line of credit facility, basis points added to LIBOR interest rate	2.25%
Line of credit facility, commitment fee percentage on unused portion of the borrowing capacity	0.25%

Long-Term Debt (Mortgage Notes

Long-Term Debt (Mortgage Notes Payable) - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2015USD ($)PropertyBuilding	Sep. 30, 2014USD ($)Property	Mar. 08, 2013USD ($)	Feb. 22, 2013USD ($)
UBS Mortgage Note Payable [Member]
Debt Instrument [Line Items]
Mortgage Note Payable	$ 7,300,000
BOA Mortgage Note Payable [Member]
Debt Instrument [Line Items]
Mortgage Note Payable	23,100,000
Wells Fargo Mortgage Note Payable [Member]
Debt Instrument [Line Items]
Mortgage Note Payable	$ 30,000,000
Mortgage Notes Payable [Member] | UBS Mortgage Note Payable [Member]
Debt Instrument [Line Items]
Mortgage Note Payable				$ 7,300,000
Maturity period	2018-02
Interest rate on mortgage loan	3.655%
Date of acquisition	Jan. 31, 2013
Mortgage Notes Payable [Member] | UBS Mortgage Note Payable [Member] | Hilton Resorts Corporation [Member]
Debt Instrument [Line Items]
Number of office building | Building	2
Mortgage Notes Payable [Member] | BOA Mortgage Note Payable [Member]
Debt Instrument [Line Items]
Mortgage Note Payable			$ 23,100,000
Maturity period	2023-04
Interest rate on mortgage loan	3.67%
Number of income properties | Property	14
Mortgage Notes Payable [Member] | Wells Fargo Mortgage Note Payable [Member]
Debt Instrument [Line Items]
Mortgage Note Payable		$ 30,000,000
Maturity period		2034-10
Interest rate on mortgage loan		4.33%
Number of income properties | Property		6
Mortgage loan payment terms	The mortgage loan matures in October 2034, and carries a fixed rate of 4.33% per annum during the first ten years of the term, and requires payments of interest only during the first ten years of the loan. After the tenth anniversary of the effective date of the loan, the cash flows generated by the underlying six income properties must be used to pay down the principal balance of the loan until paid off or until the loan matures. The loan is fully pre-payable after the tenth anniversary date of the effective date of the loan.

Long-Term Debt (Convertible Deb

Long-Term Debt (Convertible Debt) - Additional Information (Detail)	Mar. 11, 2015USD ($)	Sep. 30, 2015USD ($)$ / shares
Debt Instrument [Line Items]
Amount of loan issued		$ 154,900,000
Unamortized debt discount of notes		5,509,494
4.50% Convertible Senior Notes due 2020 [Member]
Debt Instrument [Line Items]
Amount of loan issued	$ 75,000,000	$ 75,000,000
Debt instrument maturity year	2,020	2,020
Debt instrument interest rate	4.50%	4.50%
New Series Convertible Notes maturity date	Mar. 15, 2020
Debt instrument conversion ratio		14.5136
Convertible notes principal amount		$ 1,000
Initial conversion price per share | $ / shares		$ 68.90
Unamortized debt discount of notes	$ 6,100,000	$ 5,500,000
Cash Discount for issuance of the notes	2,600,000
Equity component of the convertible notes issued	3,500,000	$ 2,100,000
Net proceeds from issuance of notes	72,400,000
Credit facility repayments	$ 47,500,000

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long-Term Debt (Detail) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Credit Facility	$ 19,500,000
4.50% Convertible Senior Notes due 2020, net of discount	69,490,506
Total Long-Term Debt	149,390,506	$ 103,940,011
UBS Mortgage Note Payable [Member]
Debt Instrument [Line Items]
Mortgage Note Payable	7,300,000
BOA Mortgage Note Payable [Member]
Debt Instrument [Line Items]
Mortgage Note Payable	23,100,000
Wells Fargo Mortgage Note Payable [Member]
Debt Instrument [Line Items]
Mortgage Note Payable	$ 30,000,000

Long-Term Debt - Schedule of 66

Long-Term Debt - Schedule of Long-Term Debt (Parenthetical) (Detail) - 4.50% Convertible Senior Notes due 2020 [Member]	Mar. 11, 2015	Sep. 30, 2015
Debt Instrument [Line Items]
Debt instrument interest rate	4.50%	4.50%
Debt instrument maturity year	2,020	2,020

Long-Term Debt - Summary of Pay

Long-Term Debt - Summary of Payments Applicable to Reduction of Principal Amounts (Detail)	Sep. 30, 2015USD ($)
Debt Disclosure [Abstract]
2,018	$ 26,800,000
2,020	75,000,000
Thereafter	53,100,000
Total Long-Term Debt	$ 154,900,000

Long-Term Debt - Summary of Car

Long-Term Debt - Summary of Carrying Value of Long-Term Debt (Detail) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Debt Disclosure [Abstract]
Current Face Amount	$ 154,900,000
Unamortized Discount on Convertible Debt	(5,509,494)
Total Long-Term Debt	$ 149,390,506	$ 103,940,011

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Detail) - USD ($)	Mar. 11, 2015	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Debt Instrument [Line Items]
Interest expense		$ 1,500,000	$ 505,000	$ 4,000,000	$ 1,400,000
Interest paid		2,400,000	538,000	3,900,000	1,400,000
First semi annual interest payment		1,700,000
Interest capitalized		0	0	0	11,000
Loan Cost Amortization		98,000	64,000	265,443	173,965
Amortization of discount		$ 265,000	$ 0	$ 583,152	$ 0
4.50% Convertible Senior Notes due 2020 [Member]
Debt Instrument [Line Items]
Debt discount	$ 6,100,000

Accrued and Other Liabilities -

Accrued and Other Liabilities - Summary of Accrued and Other Liabilities (Detail) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Payables And Accruals [Abstract]
Golf Course Lease	$ 2,696,257	$ 2,973,898
Accrued Property Taxes	1,155,112
Other Post-Retirement Benefits		142,797
Reserve for Tenant Improvements	676,604	551,250
Accrued Interest	319,292	197,929
Environmental Reserve	532,930	108,733
Below Market In-Place Leases, net	653,134	669,693
Put Options	77,280
Other	1,081,405	1,426,902
Total Accrued and Other Liabilities	$ 7,192,014	$ 6,071,202

Accrued and Other Liabilities71

Accrued and Other Liabilities - Additional Information (Detail) - USD ($)	1 Months Ended	3 Months Ended	9 Months Ended
	Jul. 31, 2012	Sep. 30, 2015	Sep. 30, 2015	Dec. 31, 2014	Apr. 22, 2014
Accrued Liabilities [Line Items]
Lease, base rent	$ 250,000
Annual rate adjustment percentage	1.75%
Investments agreed under lease arrangement	$ 200,000
Description of additional rent payable			Company will pay additional rent to the City equal to 5.0% of gross revenues exceeding $5,500,000 and 7.0% of gross revenues exceeding $6,500,000.
Additional rent percentage exceeding $5,500,000 gross revenue	5.00%
Additional rent percentage on exceeding $6,500,000 gross revenue	7.00%
Gross revenue value for additional rent under lease amendment lower limit	$ 5,500,000
Gross revenue value for additional rent under lease amendment upper limit	6,500,000
Rent deferred, no longer due	$ 3,000,000	$ 1,800,000	$ 1,800,000
Lease term expiration year	2,022
Tenant improvements credited at closing balance		676,604	676,604	$ 551,250
Tenant improvements		1,200,000	1,200,000
Environmental reserve accrued				$ 110,000
Additional environmental reserve accrued		500,000
Environmental remediation cost			77,000
Lowes [Member]
Accrued Liabilities [Line Items]
Tenant improvements credited at closing balance					$ 651,000
Tenant improvements		100,000	100,000
Unfunded [Member]
Accrued Liabilities [Line Items]
Tenant improvements		$ 551,000	$ 551,000
Minimum [Member]
Accrued Liabilities [Line Items]
Base rent payments per year	$ 250,000
Maximum [Member]
Accrued Liabilities [Line Items]
Base rent payments per year	$ 500,000

Deferred Revenue - Summary of D

Deferred Revenue - Summary of Deferred Revenue (Detail) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Deferred Revenue Arrangement [Line Items]
Deferred Oil Exploration Lease Revenue	$ 1,192,197	$ 1,354,873
Deferred Land Sale Revenue		87,581
Prepaid Rent	771,304	674,165
Other Deferred Revenue	276,915	392,584
Total Deferred Revenue	$ 2,240,416	2,718,543
Escrow Reserve, Container Store Loan [Member]
Deferred Revenue Arrangement [Line Items]
Escrow Reserve		144,124
Escrow Reserve, Plantation Oaks Loan [Member]
Deferred Revenue Arrangement [Line Items]
Escrow Reserve		$ 65,216

Deferred Revenue - Additional I

Deferred Revenue - Additional Information (Detail)	Sep. 22, 2015USD ($)	Sep. 30, 2015USD ($)ft²a	Sep. 30, 2014USD ($)a	Dec. 31, 2011
Deferred Revenue Arrangement [Line Items]
Received rent payment	$ 1,200,000
Term of oil exploration lease	8 years			8 years
Lease period where payment recognized	12 months			12 months
Lease expiration year	2016-09
Area of land sold | ft²		1,270,000
Land [Member]
Deferred Revenue Arrangement [Line Items]
Area of land sold | a		3.9
Property East of Interstate 95 [Member]
Deferred Revenue Arrangement [Line Items]
Deferred revenue recognized from sale of land		$ 597,000
Revenue from land sold		$ 7,800,000	$ 7,800,000
Property East of Interstate 95 [Member] | Land [Member]
Deferred Revenue Arrangement [Line Items]
Area of land sold | a		75.6	75.6

Pension Plan - Additional Infor

Pension Plan - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2015USD ($)
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, general information	The Company maintained a Defined Benefit Pension Plan (the “Pension Plan”) which had been, prior to December 31, 2011, for all employees who had attained the age of 21 and completed one year of service.
Contribution to fund the pension plan to effectuate termination	$ 43,000
Cost of legal and other advisors to complete termination	$ 170,000
Minimum [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, eligibility age criteria	21 years
Defined benefit plan eligibility year of service rendered	1 year

Stock-Based Compensation - Equi

Stock-Based Compensation - Equity-Classified Stock Compensation (Market Condition Restricted Shares) - Additional Information (Detail) - Restricted Shares [Member]	9 Months Ended
	Sep. 30, 2015USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost related to market condition non-vested restricted shares	$ 4,000
Weighted average period of unrecognized compensation cost to be recognized	2 months 12 days
2010 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period	5 years

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock Based Compensation Activity (Detail)	9 Months Ended
	Sep. 30, 2015$ / sharesshares
Restricted Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, Shares Outstanding, beginning balance	5,067
Stock based compensation, Shares, Forfeited	(567)
Stock based compensation, Shares Outstanding, ending balance	4,500
Stock based compensation, Weighted Average Fair Value Per Share, beginning balance | $ / shares	$ 23.13
Stock based compensation, Weighted Average Fair Value Per Share, Forfeited | $ / shares	23.13
Stock based compensation, Weighted Average Fair Value Per Share, ending balance | $ / shares	$ 23.13
Three Year Vest Non-Vested Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, Shares Outstanding, beginning balance	14,200
Stock based compensation, Shares, Granted	19,700
Stock based compensation, Shares, Vested	(4,734)
Stock based compensation, Shares, Forfeited	(2,266)
Stock based compensation, Shares Outstanding, ending balance	26,900
Stock based compensation, Weighted Average Fair Value Per Share, beginning balance | $ / shares	$ 36.08
Stock based compensation, Weighted Average Fair Value Per Share, Granted | $ / shares	55.93
Stock based compensation, Weighted Average Fair Value Per Share, Vested | $ / shares	36.08
Stock based compensation, Weighted Average Fair Value Per Share, Forfeited | $ / shares	46.59
Stock based compensation, Weighted Average Fair Value Per Share, ending balance | $ / shares	$ 49.73

Stock-Based Compensation - Eq77

Stock-Based Compensation - Equity-Classified Stock Compensation (Market Condition Grants of Restricted Shares) - Additional Information (Detail)	3 Months Ended			9 Months Ended	12 Months Ended
	Jun. 30, 2015$ / sharesshares	Mar. 31, 2015shares	Dec. 31, 2014shares	Sep. 30, 2015USD ($)Increment$ / sharesshares	Dec. 31, 2012shares	Dec. 31, 2011shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares vesting description				The restricted shares will vest in six increments based upon the price per share of the Company’s common stock during the term of their employment (or within sixty days after termination of employment by the Company without cause), meeting or exceeding the target trailing sixty-day average closing prices ranging from $36 per share for the first increment to $65 per share for the final increment.
Restricted share award closing prices range per share, Minimum				$ 36
Restricted share award closing prices range per share, Maximum				$ 65
Restricted share award average closing prices, period				60 days
Number of increments had vested | Increment				6
Mr Albright [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares vesting description				The restricted stock will vest in seven increments based upon the price per share of Company common stock during the term of his employment (or within sixty days after termination of employment by the Company without cause), meeting or exceeding the target trailing thirty-day average closing prices ranging from $60 per share for the first increment to $90 per share for the final increment.
Restricted share award closing prices range per share, Minimum	$ 60
Restricted share award closing prices range per share, Maximum	$ 90
Restricted share award average closing prices, period	30 days
Number of increments had vested | Increment				4
Mr Patten [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of increments had vested | Increment				4
Mr Smith [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares vesting description				The restricted stock will vest in two increments based upon the price per share of Company common stock during the term of their employment (or within sixty days after termination of employment by the Company without cause), meeting or exceeding the target trailing sixty-day average closing prices of $60 per share and $65 per share for the two increments.
Restricted share award closing prices range per share, Minimum				$ 60
Restricted share award closing prices range per share, Maximum				$ 65
Restricted share award average closing prices, period				60 days
Number of increments had vested | Increment				0
Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of increments had vested | Increment				0
Restricted Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost related to market condition non-vested restricted shares | $				$ 4,000
Weighted average period of compensation cost to be recognized				2 months 12 days
Restricted Shares [Member] | 2010 Plan [Member] | Mr Albright [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, Shares, Granted | shares	94,000				96,000	96,000
Restricted Shares [Member] | 2010 Plan [Member] | Mr Patten [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, Shares, Granted | shares					17,000	17,000
Restricted Shares [Member] | 2010 Plan [Member] | Mr Smith [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, Shares, Granted | shares			2,500
Restricted Shares [Member] | 2010 Plan [Member] | Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, Shares, Granted | shares		3,000
Inducement Grant of Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, Shares, Granted | shares				97,000
Unrecognized compensation cost related to market condition non-vested restricted shares | $				$ 2,700,000
Weighted average period of compensation cost to be recognized				1 year 4 months 24 days

Stock-Based Compensation - Su78

Stock-Based Compensation - Summary of Market Condition Grants of Restricted Shares (Detail) - Inducement Grant of Restricted Stock [Member]	9 Months Ended
	Sep. 30, 2015$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, Shares Outstanding, beginning balance	40,500
Stock based compensation, Shares, Granted	97,000
Stock based compensation, Shares Outstanding, ending balance	137,500
Stock based compensation, Weighted Average Fair Value, beginning balance | $ / shares	$ 15.55
Stock based compensation, Weighted Average Fair Value, Granted | $ / shares	36.85
Stock based compensation, Weighted Average Fair Value, ending balance | $ / shares	$ 30.58

Stock-Based Compensation - Eq79

Stock-Based Compensation - Equity-Classified Stock Compensation (Three Year Vest Restricted Shares) - Additional Information (Detail) - Three Year Vest Non-Vested Restricted Stock [Member] - USD ($) $ in Millions	Feb. 09, 2015	Jan. 28, 2015	Jan. 22, 2014	Sep. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, Shares, Granted				19,700
Percent of restricted shares vested in each anniversaries, description				One-third of the restricted shares will vest on each of the first, second, and third anniversaries of the grant date, provided they are an employee of the Company on those dates.
Unrecognized compensation cost				$ 1
Weighted average period of compensation cost to be recognized				2 years 1 month 6 days
2010 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, Shares, Granted		11,700	14,500
2010 Plan [Member] | Mr Albright [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, Shares, Granted	8,000

Stock-Based Compensation - Eq80

Stock-Based Compensation - Equity-Classified Stock Compensation (Non-Qualified Stock Option Awards) - Additional Information (Detail) - Non-Qualified Stock Option Award [Member] - USD ($)	Jun. 29, 2015	May. 20, 2015	Feb. 09, 2015	Jan. 23, 2013	Sep. 30, 2015	Dec. 31, 2014	Dec. 31, 2012	Dec. 31, 2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiry of option					(a) the tenth anniversary of the grant date; (b) twelve months after the employee’s death or termination for disability; or (c) thirty days after the termination of employment for any reason other than death or disability.
Stock based compensation, Shares, Granted					70,000
Weighted-average grant-date fair value of options granted					$ 14.12
Total intrinsic value of options exercised					$ 408,000
Unrecognized compensation cost related to market condition non-vested restricted shares					$ 822,000
Weighted average period of compensation cost to be recognized					1 year 9 months 18 days
Mr Albright [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiry of option					(a) January 28, 2025; (b) twelve months after the employee’s death or termination for disability; or (c) thirty days after the termination of employment for any reason other than death or disability.
Percent of options vested in each anniversaries, description					The option vests on January 28, 2016, provided he is an employee of the Company on that date.
Mr Patten [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiry of option					(a) the fifth anniversary of the grant date; (b) twelve months after the employee’s death or termination for disability; or (c) thirty days after the termination of employment for any reason other than death or disability.
Percent of options vested in each anniversaries, description					One-third of these options will vest on each of the first, second, and third anniversaries of the grant date, provided the recipient is an employee of the Company on those dates.
Certain Employee [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiry of option					(a) June 29, 2025; (b) twelve months after the employee’s death or termination for disability; or (c) thirty days after the termination of employment for any reason other than death or disability.
Percent of options vested in each anniversaries, description					One-third of the option will vest on each of the first, second, and third anniversaries of the grant date, provided the recipient is an employee of the Company on such dates.
2010 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, Shares, Granted	10,000			51,000
Options granted exercise price	$ 57.54
2010 Plan [Member] | Mr Albright [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, Shares, Granted								50,000
Stock based compensation, Shares, Granted		40,000	20,000
Options granted exercise price		$ 55.62	$ 57.50
2010 Plan [Member] | Mr Patten [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, Shares, Granted							10,000
Stock based compensation, Shares, Granted				10,000
2010 Plan [Member] | Mr Smith [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, Shares, Granted						10,000

Stock-Based Compensation - Su81

Stock-Based Compensation - Summary of Stock Based Compensation Activity for Non-Qualified Stock Option Award (Detail) - Non-Qualified Stock Option Award [Member]	9 Months Ended
	Sep. 30, 2015USD ($)$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, Shares Outstanding, beginning balance	84,765
Stock based compensation, Shares, Granted	70,000
Stock based compensation, Shares, Exercised	(16,655)
Stock based compensation, Shares, Forfeited	(7,760)
Stock based compensation, Shares Outstanding, ending balance	130,350
Stock based compensation, Shares, Exercisable	38,790
Stock based compensation, Weighted Average Exercise Price, beginning balance | $ / shares	$ 34.39
Stock based compensation, Weighted Average Exercise Price, Granted | $ / shares	56.43
Stock based compensation, Weighted Average Exercise Price, Exercised | $ / shares	31.32
Stock based compensation, Weighted Average Exercise Price, Forfeited | $ / shares	34.95
Stock based compensation, Weighted Average Exercise Price, ending balance | $ / shares	46.58
Stock based compensation, Weighted Average Exercise Price, Exercisable | $ / shares	$ 31.40
Stock based compensation, Weighted Average Remaining Contractual Term, Outstanding	7 years 5 months 1 day
Stock based compensation, Weighted Average Remaining Contractual Term, Exercisable	4 years 7 months 17 days
Stock based compensation, Aggregate Intrinsic Value, Outstanding | $	$ 419,273
Stock based compensation, Aggregate Intrinsic Value, Exercisable | $	$ 713,807

Stock-Based Compensation - Su82

Stock-Based Compensation - Summary of Non-Vested Options for Non-Qualified Stock Option Awards (Detail) - Non-Qualified Stock Option Award [Member]	9 Months Ended
	Sep. 30, 2015USD ($)shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-Vested Shares, beginning balance	47,570
Granted	70,000
Vested	(18,250)
Forfeited	(7,760)
Non-Vested Shares, ending balance	91,560
Fair Value of Shares Vested | $	$ 618,764

Stock-Based Compensation - Liab

Stock-Based Compensation - Liability-Classified Stock Compensation - Additional Information (Detail) - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total intrinsic value of options exercised	$ 75,000
Stock Appreciation Rights [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option shares issued under stock appreciation rights	0	0
Stock Options and Stock Appreciation Rights [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option liability	$ 106,000		$ 560,000
2001 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock could be issued under stock option plan 2001	500,000
Number of new stock options issued under 2001 plan	0
2001 Plan [Member] | Stock Appreciation Rights [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total intrinsic value of options exercised	$ 40,000

Stock-Based Compensation - Su84

Stock-Based Compensation - Summary of Share Option Activity of Stock Option and Stock Appreciation Rights Under 2001 Plan (Detail) - 2001 Plan [Member]	9 Months Ended
	Sep. 30, 2015$ / sharesshares
Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, Shares Outstanding, beginning balance	35,300
Stock based compensation, Shares, Exercised	(3,300)
Stock based compensation, Shares, Forfeited	(14,000)
Stock based compensation, Shares Outstanding, ending balance	18,000
Stock based compensation, Shares, Exercisable	18,000
Stock based compensation, Weighted Average Fair Value, beginning balance | $ / shares	$ 62.47
Stock based compensation, Weighted Average Fair Value, Exercised | $ / shares	33.16
Stock based compensation, Weighted Average Fair Value Per Share, Forfeited | $ / shares	66.54
Stock based compensation, Weighted Average Fair Value, ending balance | $ / shares	64.69
Stock based compensation, Weighted Average Fair Value, Exercisable | $ / shares	$ 64.69
Stock based compensation, Weighted Average Remaining Contractual Term, Outstanding	1 year 7 months 6 days
Stock based compensation, Weighted Average Remaining Contractual Term, Exercisable	1 year 7 months 6 days
Stock Appreciation Rights [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, Shares Outstanding, beginning balance	35,300
Stock based compensation, Shares, Exercised	(3,300)
Stock based compensation, Shares, Forfeited	(14,000)
Stock based compensation, Shares Outstanding, ending balance	18,000
Stock based compensation, Shares, Exercisable	18,000
Stock based compensation, Weighted Average Fair Value, beginning balance | $ / shares	$ 5.56
Stock based compensation, Weighted Average Fair Value, Exercised | $ / shares	12.19
Stock based compensation, Weighted Average Fair Value Per Share, Forfeited | $ / shares	4.84
Stock based compensation, Weighted Average Fair Value, ending balance | $ / shares	2.07
Stock based compensation, Weighted Average Fair Value, Exercisable | $ / shares	$ 2.07
Stock based compensation, Weighted Average Remaining Contractual Term, Outstanding	1 year 7 months 6 days
Stock based compensation, Weighted Average Remaining Contractual Term, Exercisable	1 year 7 months 6 days

Stock-Based Compensation - Assu

Stock-Based Compensation - Assumptions Used in Determining Fair Value of Stock Options and Stock Appreciation Rights (Detail)	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Expected Volatility	24.36%	34.07%
Expected Dividends	0.16%	0.07%
Expected Term	2 years	2 years
Risk-Free Rate	0.41%	0.78%

Stock-Based Compensation - Reco

Stock-Based Compensation - Recognized Financial Statements for Stock Options, Stock Appreciation Rights, and Restricted Stock (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Total Cost of Share-Based Plans Charged Against Income Before Tax Effect	$ 728,833	$ 419,836	$ 1,350,557	$ 1,021,955
Income Tax Expense Recognized in Income	$ (281,147)	$ (161,952)	$ (520,977)	$ (394,219)

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income Tax Disclosure [Abstract]
Effective income tax rate including income taxes attributable to the discontinued operations	39.40%	36.30%	39.40%	37.30%

Commitments and Contingencies (

Commitments and Contingencies (Contractual Commitments - Expenditures) - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2015USD ($)ft²aAgreement	Mar. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Loss Contingencies [Line Items]
Area of real estate property | ft²	1,270,000
Cash deposited related to improvements	$ 285,000
Lease commitments
Construction and Other Commitment [Member]
Loss Contingencies [Line Items]
Area of real estate property | a	1,900
Construction and Other Commitment [Member] | RaceTrac Petroleum, Inc. ("RaceTrac") [Member]
Loss Contingencies [Line Items]
Area of real estate property | a	3.4
Estimated cost for improvements	$ 1,260,000
Percentage of cost paid	77.50%
Actual cost paid for the next five years	$ 976,500
Reimbursement period of land improvement cost	5 years
Cash deposited related to improvements	$ 285,000			$ 283,500
Construction and Other Commitment [Member] | RaceTrac Petroleum, Inc. ("RaceTrac") [Member] | Maximum [Member]
Loss Contingencies [Line Items]
Remaining commitment	$ 691,000
Construction and Other Commitment [Member] | Williamson Crossing [Member]
Loss Contingencies [Line Items]
Area of real estate property | a	23
Construction and Other Commitment [Member] | Williamson Crossing Remaining Site [Member]
Loss Contingencies [Line Items]
Area of real estate property | a	19.6
Construction and Other Commitment [Member] | Mason Commerce Center and Williamson Business Park [Member]
Loss Contingencies [Line Items]
Number of construction agreements | Agreement	2
Lease commitments		$ 1,300,000
Construction costs incurred	$ 1,200,000
Estimated cost of construction, current year	$ 100,000

Commitments and Contingencies89

Commitments and Contingencies (Contractual Commitments - Land Pipeline) - Additional Information (Detail) $ in Millions	Sep. 30, 2015USD ($)ft²aBuyer	Sep. 30, 2015ft²aBuyerTransaction
Loss Contingencies [Line Items]
Area of real estate property | ft²	1,270,000	1,270,000
Construction and Other Commitment [Member]
Loss Contingencies [Line Items]
Number of buyers | Buyer	8	8
Area of real estate property | a	1,900	1,900
Percentage area of real estate property	18.00%
Anticipated sale proceeds	$ 79.3
Number of land transactions closed | Transaction		0

Commitments and Contingencies -

Commitments and Contingencies - Minto Communities - Additional Information (Detail)	Sep. 30, 2015ft²aProperty
Loss Contingencies [Line Items]
Area of real estate property | ft²	1,270,000
Definitive Sales Contracts [Member] | Minto Communities [Member]
Loss Contingencies [Line Items]
Number of units planned on definitive sales contracts | Property	3,400
Area of real estate property	1,600

Commitments and Contingencies91

Commitments and Contingencies - Tanger Factory Outlets - Additional Information (Detail) $ in Millions	3 Months Ended
	Jun. 30, 2015USD ($)	Sep. 30, 2015USD ($)ft²aJobStore
Loss Contingencies [Line Items]
Area of real estate property | ft²		1,270,000
Definitive Sales Contracts [Member] | Tanger Factory Outlets [Member]
Loss Contingencies [Line Items]
Area of real estate property | a		39
First Class Outlet Mall [Member] | Tanger Factory Outlets [Member]
Loss Contingencies [Line Items]
Reimbursement of infrastructure costs	$ 4.5
Real estate investments		$ 100
Possible new brand and designer stores addition | Store		85
First Class Outlet Mall [Member] | Tanger Factory Outlets [Member] | Construction Phase [Member]
Loss Contingencies [Line Items]
Potential jobs creation | Job		400
First Class Outlet Mall [Member] | Tanger Factory Outlets [Member] | Following Construction Phase [Member] | Minimum [Member]
Loss Contingencies [Line Items]
Potential jobs creation | a		800
First Class Outlet Mall [Member] | Definitive Sales Contracts [Member] | Tanger Factory Outlets [Member]
Loss Contingencies [Line Items]
Area of real estate property | ft²		350,000

Commitments and Contingencies92

Commitments and Contingencies - Tomoka Town Center - Additional Information (Detail)	3 Months Ended		9 Months Ended
	Sep. 30, 2015USD ($)ft²a	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)ft²a	Sep. 30, 2014USD ($)	Jun. 30, 2015a
Loss Contingencies [Line Items]
Area of real estate property | ft²	1,270,000		1,270,000
Revenue from sales of real estate property	$ 1,748,398	$ 8,781,759	$ 3,976,340	$ 11,184,591
Definitive Sales Contracts [Member]
Loss Contingencies [Line Items]
Area of real estate property not covered under contract | a	170		170
Amount of contractual obligation	$ 16,000,000		$ 16,000,000
Definitive Sales Contracts [Member] | Minimum [Member]
Loss Contingencies [Line Items]
Cost of the contract	10,000,000		10,000,000
Definitive Sales Contracts [Member] | Maximum [Member]
Loss Contingencies [Line Items]
Cost of the contract	$ 20,000,000		20,000,000
Tanger Contract and the NADG Contract [Member] | Definitive Sales Contracts [Member]
Loss Contingencies [Line Items]
Area of real estate property | a					230
Revenue from sales of real estate property			$ 43,200,000
Sam's Club [Member] | Definitive Sales Contracts [Member]
Loss Contingencies [Line Items]
Area of real estate property | a	18		18

Commitments and Contingencies93

Commitments and Contingencies - Other Matters - Additional Information (Detail) - Definitive Sales Contracts [Member]	9 Months Ended
	Sep. 30, 2015USD ($)
Loss Contingencies [Line Items]
Cost of infrastructure improvements	$ 0
Costs affiliated with wetlands mitigation permits	$ 0

Business Segment Data - Additio

Business Segment Data - Additional Information (Detail)	9 Months Ended		12 Months Ended
	Sep. 30, 2015aSegmentCommercial_Loan	Sep. 30, 2014	Dec. 31, 2014Commercial_Loan
Segment Reporting [Abstract]
Number of operating segment | Segment	4
Income property operation percent of identifiable asset	63.30%		68.70%
Income property operation percent of consolidated revenue	57.80%	39.10%
Number of commercial loan investments	4		5
Golf operation description	Our golf operations consist of a single property located in the City, with two 18-hole championship golf courses
Land portfolio | a	10,500

Business Segment Data - Summary

Business Segment Data - Summary of Operations in Different Segments (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Segment Reporting Information [Line Items]
Income Properties	$ 5,034,090	$ 3,864,632	$ 13,426,817	$ 10,821,121
Commercial Loan Investments	546,640	382,087	1,816,834	1,581,746
Real Estate Operations	1,748,398	8,781,759	3,976,340	11,184,591
Golf Operations	949,083	994,651	3,935,076	3,844,428
Agriculture and Other Income	19,504	182,731	59,181	258,052
Total Revenues	8,297,715	14,205,860	23,214,248	27,689,938
Operating Income (Loss)	5,143,440	6,018,340	8,823,488	10,602,508
Depreciation and Amortization	1,417,129	886,618	3,644,620	2,505,007
Capital Expenditures	51,605,489	15,952,004	62,634,148	49,283,362
Identifiable Assets	333,357,568		333,357,568		$ 276,592,448
Income Properties [Member]
Segment Reporting Information [Line Items]
Operating Income (Loss)	4,036,330	3,407,763	11,105,324	9,539,741
Depreciation and Amortization	1,335,214	815,673	3,413,024	2,301,316
Capital Expenditures	25,596,355	5,329,898	35,610,312	21,566,004
Identifiable Assets	211,143,491		211,143,491		190,087,575
Commercial Loan Investments [Member]
Segment Reporting Information [Line Items]
Operating Income (Loss)	546,640	382,087	1,816,834	1,581,746
Capital Expenditures	14,500,000	10,450,744	15,394,879	27,399,082
Identifiable Assets	38,455,112		38,455,112		30,274,302
Real Estate Operations [Member]
Segment Reporting Information [Line Items]
Operating Income (Loss)	1,431,785	5,209,677	2,755,151	7,166,932
Capital Expenditures	11,489,272		11,489,272
Identifiable Assets	55,858,598		55,858,598		43,833,515
Golf Operations [Member]
Segment Reporting Information [Line Items]
Operating Income (Loss)	(406,386)	(315,138)	(266,237)	(310,581)
Depreciation and Amortization	68,712	60,369	194,618	174,942
Capital Expenditures	2,045	138,854	108,462	195,015
Identifiable Assets	3,291,350		3,291,350		3,639,903
Agriculture and Other Income [Member]
Segment Reporting Information [Line Items]
Operating Income (Loss)	(31,980)	148,573	(90,649)	113,362
Depreciation and Amortization	13,203	10,576	36,978	28,749
Capital Expenditures	17,817	32,508	31,223	123,261
Identifiable Assets	24,609,017		24,609,017		$ 8,757,153
General and Corporate Expense [Member]
Segment Reporting Information [Line Items]
Operating Income (Loss)	$ (432,949)	$ (2,814,622)	$ (6,496,935)	$ (7,488,692)

Business Segment Data - Summa96

Business Segment Data - Summary of Operations in Different Segments (Parenthetical) (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Segment Reporting Information [Line Items]
Real Estate Operations (Contributed by Consolidated VIE)	$ 51,605,489	$ 15,952,004	$ 62,634,148	$ 49,283,362
Real Estate Operations [Member]
Segment Reporting Information [Line Items]
Real Estate Operations (Contributed by Consolidated VIE)	11,489,272		11,489,272
Real Estate Operations [Member] | Variable Interest Entity [Member]
Segment Reporting Information [Line Items]
Real Estate Operations (Contributed by Consolidated VIE)	$ 5,664,787		$ 5,664,787

Variable Interest Entity - Addi

Variable Interest Entity - Additional Information (Detail)	3 Months Ended
	Sep. 30, 2015USD ($)ft²a
Variable Interest Entity [Line Items]
Area of a real estate property | ft²	1,270,000
Daytona Beach, Florida [Member]
Variable Interest Entity [Line Items]
Area of a real estate property | a	6
Percentage acquired in real estate venture	50.00%
Cash paid to acquire real estate venture	$ 5,700,000
Preferred interest rate	9.00%
Total carrying amount of asset	$ 11,329,574

Subsequent Events -Additional I

Subsequent Events -Additional Information (Detail)	Oct. 29, 2015USD ($)a$ / shares	Oct. 08, 2015ft²a	Sep. 30, 2015ft²a	Oct. 28, 2015USD ($)
Subsequent Event [Line Items]
Area of a real estate property | ft²			1,270,000
Tenant contractual right of first refusal to acquire property in advance expired date			Oct. 28, 2015
Due diligence period expiration date			2015-11
Area of land | a			10,500
Subsequent Event [Member]
Subsequent Event [Line Items]
Area of office building acquired | ft²		450,000
Area of a real estate property | a		40
Weighted average remaining lease term		9 years
Acquisition price of real state property				$ 42,300,000
Net proceeds from release of surface entry rights	$ 920,000
Gross proceeds from release of surface entry rights	$ 950,000
Area of land | a	1,400
Impact of gross proceeds surface entry rights in earning per share | $ / shares	$ 0.10