CTO Realty Growth (CTO) 10-Q 3 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	Apr. 21, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
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		5,829,154

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Property, Plant, and Equipment:
Income Properties, Land, Buildings, and Improvements	$ 222,050,371	$ 268,970,875
Golf Buildings, Improvements, and Equipment	3,432,681	3,432,681
Other Furnishings and Equipment	1,060,007	1,044,139
Construction in Progress	300,537	50,610
Total Property, Plant, and Equipment	226,843,596	273,498,305
Less, Accumulated Depreciation and Amortization	(13,810,409)	(16,242,277)
Property, Plant, and Equipment—Net	213,033,187	257,256,028
Land and Development Costs ($11,329,574 Related to Consolidated VIE as of March 31, 2016 and December 31, 2015)	55,839,895	53,406,020
Intangible Lease Assets—Net	17,227,910	20,087,151
Assets Held for Sale	47,657,971
Impact Fee and Mitigation Credits	4,445,209	4,554,227
Commercial Loan Investments	38,343,673	38,331,956
Cash and Cash Equivalents	7,371,196	4,060,677
Restricted Cash	15,156,505	14,060,523
Investment Securities	5,703,767	5,703,767
Refundable Income Taxes	660,491	858,471
Other Assets	8,518,819	6,034,824
Total Assets	408,254,856	404,353,644
Liabilities:
Accounts Payable	4,383,188	1,934,417
Accrued and Other Liabilities	7,160,789	8,867,919
Deferred Revenue	9,051,509	14,724,610
Intangible Lease Liabilities - Net	31,476,665	31,979,559
Accrued Stock-Based Compensation	75,662	135,554
Deferred Income Taxes—Net	42,233,843	39,526,406
Long-Term Debt	170,798,799	166,796,853
Total Liabilities	$ 265,180,455	$ 263,965,318
Commitments and Contingencies - See Note 17
Consolidated-Tomoka Land Co. Shareholders' Equity:
Common Stock – 25,000,000 shares authorized; $1 par value, 6,017,673 shares issued and 5,828,938 shares outstanding at March 31, 2016; 6,068,310 shares issued and 5,908,437 shares outstanding at December 31, 2015	$ 5,910,536	$ 5,901,510
Treasury Stock – 188,735 shares at March 31, 2016; 159,873 shares at December 31, 2015	(9,206,024)	(7,866,410)
Additional Paid-In Capital	18,926,384	16,991,257
Retained Earnings	121,868,720	120,444,002
Accumulated Other Comprehensive Income (Loss)		(688,971)
Total Consolidated-Tomoka Land Co. Shareholders' Equity	137,499,616	134,781,388
Noncontrolling Interest in Consolidated VIE	5,574,785	5,606,938
Total Shareholders’ Equity	143,074,401	140,388,326
Total Liabilities and Shareholders’ Equity	$ 408,254,856	$ 404,353,644

Consolidated Balance Sheets (U3

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Land and Development Costs	$ 55,839,895	$ 53,406,020
Common Stock, shares authorized	25,000,000	25,000,000
Common Stock, par value	$ 1	$ 1
Common Stock, shares issued	6,017,673	6,017,673
Common Stock, shares outstanding	5,828,938	5,828,938
Treasury Stock, shares held	188,735	159,873
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
	Mar. 31, 2016	Mar. 31, 2015
Revenues
Income Properties	$ 6,429,241	$ 4,260,675
Interest Income from Commercial Loan Investments	881,245	631,484
Real Estate Operations	9,560,898	859,801
Golf Operations	1,464,359	1,537,426
Agriculture and Other Income	18,692	18,939
Total Revenues	18,354,435	7,308,325
Direct Cost of Revenues
Income Properties	(1,176,707)	(640,846)
Real Estate Operations	(2,257,041)	(598,723)
Golf Operations	(1,404,588)	(1,389,612)
Agriculture and Other Income	(48,051)	(55,151)
Total Direct Cost of Revenues	(4,886,387)	(2,684,332)
General and Administrative Expenses	(4,797,457)	(1,469,766)
Impairment Charges	(209,908)	(510,041)
Depreciation and Amortization	(2,067,367)	(1,155,739)
Gain on Disposition of Assets		5,440
Total Operating Expenses	(11,961,119)	(5,814,438)
Operating Income	6,393,316	1,493,887
Investment Income (Loss)	(566,384)	150,459
Interest Expense	(2,091,766)	(1,066,502)
Income from Continuing Operations Before Income Tax Expense	3,735,166	577,844
Income Tax Expense	(2,342,601)	(224,488)
Income from Continuing Operations	1,392,565	353,356
Net Income	1,392,565	353,356
Less: Net Loss Attributable to Noncontrolling Interest in Consolidated VIE	32,153
Net Income Attributable to Consolidated-Tomoka Land Co.	$ 1,424,718	$ 353,356
Per Share Information: Basic
Net Income from Continuing Operations Attributable to Consolidated-Tomoka Land Co.	$ 0.25	$ 0.06
Net Income Attributable to Consolidated-Tomoka Land Co.	0.25	0.06
Per Share Information: Diluted
Net Income from Continuing Operations Attributable to Consolidated-Tomoka Land Co.	0.25	0.06
Net Income Attributable to Consolidated-Tomoka Land Co.	$ 0.25	$ 0.06

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statement Of Income And Comprehensive Income [Abstract]
Net Income Attributable to Consolidated-Tomoka Land Co.	$ 1,424,718	$ 353,356
Other Comprehensive Income
Realized Loss (Gain) on Investment Securities Sold (Net of Tax of $222,025 and $(49,240) for the three months ended March 31, 2016 and 2015, respectively)	353,542	(81,551)
Unrealized Gain on Investment Securities (Net of Tax of $210,652 and $144,200 for the three months ended March 31, 2016 and 2015, respectively)	335,429	229,619
Total Other Comprehensive Income, Net of Tax	688,971	148,068
Total Comprehensive Income	$ 2,113,689	$ 501,424

Consolidated Statements of Com6

Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Statement Of Income And Comprehensive Income [Abstract]
Other Comprehensive Income Realized Gain on Investment Securities, tax	$ 222,025	$ (49,240)
Other Comprehensive Income Unrealized Gain (Loss) on Available-for-Sale Investment Securities, tax	$ 210,652	$ 144,200	$ 433,000

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity (Unaudited) - 3 months ended Mar. 31, 2016 - 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, 2015	$ 140,388,326	$ 5,901,510	$ (7,866,410)	$ 16,991,257	$ 120,444,002	$ (688,971)	$ 134,781,388	$ 5,606,938
Net Income	1,392,565				1,424,718		1,424,718	(32,153)
Stock Repurchase	(1,339,614)		(1,339,614)				(1,339,614)
Vested Restricted Stock	(196,206)	8,884		(205,090)			(196,206)
Stock Issuance	7,484	142		7,342			7,484
Stock Compensation Expense from Restricted Stock Grants and Equity Classified Stock Options	2,132,875			2,132,875			2,132,875
Other Comprehensive Income, Net of Tax	688,971					$ 688,971	688,971
Ending balance at Mar. 31, 2016	$ 143,074,401	$ 5,910,536	$ (9,206,024)	$ 18,926,384	$ 121,868,720		$ 137,499,616	$ 5,574,785

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash Flow from Operating Activities:
Net Income	$ 1,392,565	$ 353,356
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation and Amortization	2,067,367	1,155,739
Amortization of Intangible Liabilities to Income Property Revenue	(606,979)
Loan Cost Amortization	102,451	72,537
Amortization of Discount on Convertible Debt	273,545	25,458
Amortization of Discount on Debt Securities within Investment Securities		(1,691)
Gain on Disposition of Property, Plant, and Equipment and Intangible Assets		(5,440)
Impairment Charges	209,908	510,041
Accretion of Commercial Loan Origination Fees	(15,035)	(13,364)
Amortization of Fees on Acquisition of Commercial Loan Investments	3,318
Realized Loss (Gain) on Investment Securities	575,567	(130,791)
Deferred Income Taxes	2,272,246	39,522
Non-Cash Compensation	2,072,982	75,352
Decrease (Increase) in Assets:
Refundable Income Taxes	197,980	(398,194)
Land and Development Costs	(2,433,875)	(219,062)
Impact Fees and Mitigation Credits	109,018	353,006
Other Assets	(2,483,995)	(1,022,408)
Increase (Decrease) in Liabilities:
Accounts Payable	2,448,771	360,036
Accrued and Other Liabilities	(1,707,130)	(702,480)
Deferred Revenue	(5,673,101)	(792,527)
Net Cash Used In Operating Activities	(1,194,397)	(340,910)
Cash Flow from Investing Activities:
Acquisition of Property, Plant, and Equipment	(289,079)	(81,375)
Acquisition of Property, Plant, and Equipment and Intangible Lease Assets and Liabilities through Business Combinations	(2,460,000)
Acquisition of Commercial Loan Investments		(161,796)
Increase in Restricted Cash	(1,095,982)	(943,597)
Proceeds from Sale of Investment Securities	6,252,362	834,964
Acquisition of Investment Securities		(5,048,646)
Proceeds from Disposition of Property, Plant, and Equipment		6,500
Net Cash Provided By (Used In) Investing Activities	2,407,301	(5,393,950)
Cash Flow from Financing Activities:
Proceeds from Long-Term Debt	3,750,000	76,375,000
Cash Paid for Loan Fees	(124,049)	(47,540,011)
Cash Proceeds from Exercise of Stock Options	7,484	127,022
Cash Used to Purchase Common Stock	(1,339,614)
Cash From (Used for) Excess Tax Benefit (Expense) from Vesting of Restricted Stock	2,507	(29,563)
Cash Paid for Vesting of Restricted Stock	(198,713)
Net Cash Provided By Financing Activities	2,097,615	28,932,448
Net Increase in Cash	3,310,519	23,197,588
Cash, Beginning of Year	4,060,677	1,881,195
Cash, End of Period	$ 7,371,196	$ 25,078,783

Consolidated Statements of Cas9

Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Taxes Paid		$ 577,000
Income tax refunds	$ 133,000
Interest paid	2,500,000	815,000
Interest paid, Capitalized	0	0
Convertible notes face amount	177,450,000
Net realized gain loss on investments	(576,000)	117,000
Proceeds from Sale of Investment Securities	6,252,362	$ 834,964
Reduction in the value of accrued stock based Compensation	$ 60,000
4.50% Convertible Senior Notes due 2020 [Member]
Debt Instrument Maturity Year	2,020
Equity component of the convertible notes issued	$ 2,100,000
Decrease in long-term debt	3,400,000
Increase in deferred income taxes	1,300,000
Convertible notes face amount	$ 75,000,000

Description of Business and Pri

Description of Business and Principles of Interim Statements	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016, we owned thirty-two single-tenant and nine multi-tenant income-producing properties with over 1,700,000 square feet of gross leasable space. We also own and manage a land portfolio of over 10,500 acres. As of March 31, 2016, we had four commercial loan investments including one fixed-rate and one variable–rate mezzanine loan, a variable-rate B-Note representing a secondary tranche in a commercial mortgage loan, 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 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, 2015, which provides a more complete understanding of the Company’s accounting policies, financial position, operating results, business properties, and other matters. The unaudited consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary to present fairly the financial position of the Company and the results of operations for the interim periods. The results of operations for the three months ended March 31, 2016 are not necessarily indicative of results to be expected for the year ending December 31, 2016. 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. Due to the fluctuating market conditions that 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 and commercial loans, could change materially during the time span associated with the volatility of the real estate and financial markets or as a result of a significant dislocation in those markets. Cash and Cash Equivalents Cash and cash equivalents include cash on hand, bank demand accounts, and money market accounts having maturities at acquisition date of 90 days or less. The Company’s bank balances as of March 31, 2016 include certain amounts over the Federal Deposit Insurance Corporation limits. NOTE 1. DESCRIPTION OF BUSINESS AND PRINCIPLES OF INTERIM STATEMENTS (continued) Restricted Cash Restricted cash totaled approximately $15.2 million at March 31, 2016 of which approximately $13.6 million of cash is being held in escrow, from the sales of an income property and land, to be reinvested through the like-kind exchange structure into another income property. Approximately $219,000 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; approximately $751,000 is being held in three separate escrow accounts related to three separate land transactions of which one closed in December 2013 and two closed in December 2015; approximately $4,000 is being held by the consolidated variable interest entity in which the Company is the primary beneficiary; and approximately $626,000 is being held in a reserve primarily for certain required tenant improvements for the Lowes in Katy, Texas. 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 three months ended March 31, 2016 or 2015. During the fourth quarter of 2015, an other-than-temporary impairment was deemed to exist on a portion of the equity securities held by the Company, resulting in an impairment charge of approximately $60,000. The Company completed the disposition of its remaining position in investment securities during the three months ended March 31, 2016 resulting in a loss of approximately $576,000. 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. Fair Value of Financial Instruments The carrying amounts of the Company’s financial assets and liabilities including cash and cash equivalents, restricted cash, accounts receivable, and accounts payable at March 31, 2016 and December 31, 2015, 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 March 31, 2016 and December 31, 2015, since the floating and fixed rates of the loans reasonably approximate current market rates for notes with similar risks and maturities. The total face value of the Company’s long-term debt approximates fair value at March 31, 2016 and December 31, 2015, 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. 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. NOTE 1. DESCRIPTION OF BUSINESS AND PRINCIPLES OF INTERIM STATEMENTS (continued) · 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. Classification of Commercial Loan Investments Loans held for investment are stated at the principal amount outstanding and include the unamortized deferred loan fees offset by any applicable unaccreted purchase discounts and origination fees, if applicable, in accordance with U.S. generally accepted accounting principles (“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 March 31, 2016 and December 31, 2015, no allowance for impairment was required. Recognition of Interest Income from Commercial Loan Investments Interest income on commercial loan investments includes interest payments made by the borrower and the accretion of purchase discounts and loan origination fees, offset by the amortization of loan costs. Interest payments are accrued based on the actual coupon rate and the outstanding principal balance, and purchase discounts and loan origination fees are accreted into income using the effective yield method, adjusted for prepayments. Impact Fees and Mitigation Credits Impact fees and mitigation credits are stated at historical cost. As these assets are sold, the related revenues and cost basis are reported as revenues from, and direct costs of, real estate operations, respectively, in the consolidated statements of operations. Accounts Receivable Accounts receivable related to income properties, which are classified in other assets on the consolidated balance sheets, primarily consist of tenant reimbursable expenses. Receivables related to tenant reimbursable expenses totaled approximately $295,000 and $831,000 as of March 31, 2016 and December 31, 2015, respectively. Accounts receivable related to real estate operations, which are classified in other assets on the consolidated balance sheets, totaled approximately $2.8 million and $1.3 million as of as of March 31, 2016 and December 31, 2015, respectively. These accounts receivable are related to the reimbursement of certain infrastructure costs completed by the Company in conjunction with three land sale transactions that closed during the fourth quarter of 2015 and one land sale transaction that closed during the first quarter of 2016. Trade accounts receivable primarily consist of receivables related to golf operations, which are classified in other assets on the consolidated balance sheets. Trade accounts receivable related to golf operations, which primarily consist of membership and event receivables, totaled approximately $435,000 and $253,000 as of March 31, 2016 and December 31, 2015, respectively. The collectability of the aforementioned receivables is determined based on a review of specifically identified accounts using judgments. As of as of March 31, 2016 and December 31, 2015, no allowance for doubtful accounts was required. NOTE 1. DESCRIPTION OF BUSINESS AND PRINCIPLES OF INTERIM STATEMENTS (continued) 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 and liabilities, consisting of the value of above-market and below-market leases, the value of in-place leases, and the value of leasing costs, based in each case on their relative fair values. The 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. The fair value of the tangible assets of an acquired leased property is determined by valuing the property as if it were vacant, and the “as-if-vacant” value is then allocated to land, building and tenant improvements based on the determination of the fair values of these assets. In allocating the fair value of the identified intangible assets and liabilities of an acquired property, above-market and below-market in-place lease values are recorded as other assets or liabilities based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases, and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining term of the lease, including the probability of renewal periods. The capitalized above-market lease values are amortized as a reduction of rental income over the remaining terms of the respective leases. The capitalized below-market lease values are amortized as an increase to rental income over the initial term unless the Company believes that it is likely that the tenant will renew the option whereby the Company amortizes the value attributable to the renewal over the renewal period. The aggregate value of other acquired intangible assets, consisting of in-place leases, is measured by the excess of (i) the purchase price paid for a property after adjusting existing in-place leases to market rental rates over (ii) the estimated fair value of the property as-if-vacant, determined as set forth above. The value of in-place leases exclusive of the value of above-market and below-market in-place leases is amortized to expense over the remaining non-cancelable periods of the respective leases. If a lease were to be terminated prior to its stated expiration, all unamortized amounts relating to that lease would be written off. The value of tenant relationships is reviewed on individual transactions to determine if future value was derived from the acquisition. Sales of Real Estate Gains and losses on sales of real estate are accounted for as required by the “Accounting for Sales of Real Estate” Topic of FASB Accounting Standards Codification (“FASB ASC”) FASB ASC 976-605-25. The Company recognizes revenue from the sale of real estate at the time the sale is consummated, unless the property is sold on a deferred payment plan and the initial payment does not meet established criteria, or the Company retains some form of continuing involvement in the property. For sales of real estate which we estimate would cause us to incur a loss on the transaction, we would record a provision for the loss at the time the sales contract is deemed highly probable of closing. Adoption of New Accounting Standard A certain item in the prior period’s consolidated balance sheet has been reclassified to conform to the presentation as of and for the three months ended March 31, 2016. Specifically, upon the adoption of ASU 2015-03, related to simplifying the presentation of debt issuance costs effective January 1, 2016, debt issuance costs, net of accumulated amortization, are required to be presented as a direct deduction from the carrying amount of the related long-term debt liability. The amount reclassified from other assets to long-term debt was approximately $1.7 million as of December 31, 2015.

Income Properties

Income Properties	3 Months Ended
	Mar. 31, 2016
Business Combinations [Abstract]
Income Properties	NOTE 2. INCOME PROPERTIES During the three months ended March 31, 2016, the Company acquired one multi-tenant income property, for an acquisition cost of approximately $2.5 million. Of the total acquisition cost, approximately $1.0 million was allocated to land, approximately $1.6 million was allocated to buildings and improvements, approximately $100,000 was allocated to intangible assets pertaining to the in-place lease value and leasing fees, and approximately $200,000 was allocated to intangible liabilities for the below market lease value. The amortization period for the intangible assets and liabilities is approximately 8.3 years. The property acquired during the three months ended March 31, 2016 is described below: · On February 18, 2016, the Company acquired a 4,685 square-foot building situated on approximately 0.37 acres in Dallas, TX which was 100% occupied and leased to two tenants, anchored by 7-Eleven, Inc. The purchase price was approximately $2.5 million, and as of the acquisition date, the weighted average remaining term of the leases was approximately 8.2 years. No income properties were disposed of during the three months ended March 31, 2016; however, seventeen single-tenant properties were classified as held for sale as of March 31, 2016. Three of the seventeen properties were for sales which closed in April 2016, as described in Note 21, “Subsequent Events.” An impairment of approximately $210,000 was charged to earnings during the three months ended March 31, 2016, related to one of the April 2016 sales as described in Note 8, “Impairment of Long-Lived Assets.” The remaining fourteen properties classified as held for sale are described below: · On March 28, 2016, the Company entered into a purchase and sale agreement for the sale of a portfolio of fourteen single-tenant income properties (the “Portfolio Sale”). The properties include nine properties leased to Bank of America, located primarily in Orange County and also in Los Angeles County, California; two properties leased to Walgreens, located in Boulder, Colorado and Palm Bay, Florida; a property leased to a subsidiary of CVS located in Tallahassee, Florida; a ground lease for a property leased to Chase Bank located in Chicago, Illinois; and a ground lease for a property leased to Buffalo Wild Wings in Phoenix, Arizona. The sales price for the Portfolio Sale is approximately $51.6 million. The Portfolio Sale contemplates that the sales price includes the buyer’s assumption of the existing $23.1 million mortgage loan secured by the aforementioned properties. The Portfolio Sale, if completed, would result in an estimated gain of approximately $11.4 million, or approximately $1.22 per share, after tax. The Portfolio Sale is anticipated to close in the third quarter of 2016. The closing of the Portfolio Sale is subject to customary closing conditions. No income properties were acquired or disposed of during the three months ended March 31, 2015; however two single-tenant properties were classified as held for sale as of March 31, 2015, for which the sale closed in April 2015. An impairment of approximately $510,000 was charged to earnings during the three months ended March 31, 2015, related to the April 2015 sale as described in Note 8, “Impairment of Long-Lived Assets.”

Commercial Loan Investments

Commercial Loan Investments	3 Months Ended
	Mar. 31, 2016
Receivables [Abstract]
Commercial Loan Investments	NOTE 3. COMMERCIAL LOAN INVESTMENTS As of March 31, 2016, 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 1.5 years and a weighted average interest rate of 9.0%. The Company’s commercial loan investment portfolio was comprised of the following at March 31, 2016: 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 14,383,206 30-day LIBOR plus 9.00% Total $ 38,460,467 $ 38,460,467 $ 38,343,673 NOTE 3. COMMERCIAL LOAN INVESTMENTS (continued) The carrying value of the commercial loan investment portfolio as of March 31, 2016 consisted of the following: Total Current Face Amount $ 38,460,467 Unamortized Fees 33,064 Unaccreted Origination Fees (149,858 ) Total Commercial Loan Investments $ 38,343,673 The Company’s commercial loan investment portfolio was comprised of the following at December 31, 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 14,371,489 30-day LIBOR plus 9.00% Total $ 38,460,467 $ 38,460,467 $ 38,331,956 The carrying value of the commercial loan investment portfolio as of December 31, 2015 consisted of the following: Total Current Face Amount $ 38,460,467 Unamortized Fees 36,382 Unaccreted Origination Fees (164,893 ) Total Commercial Loan Investments $ 38,331,956

Land and Subsurface Interests

Land and Subsurface Interests	3 Months Ended
	Mar. 31, 2016
Real Estate [Abstract]
Land and Subsurface Interests	NOTE 4. LAND AND SUBSURFACE INTERESTS During the three months ended March 31, 2016, a total of approximately 7.46 acres of land was sold for approximately $2.2 million as described below: · On February 12, 2016, the Company sold approximately 3.06 acres of land located in Daytona Beach, Florida at a sales price of $190,000, or approximately $62,000 per acre, for a gain of approximately $145,000. · On March 30, 2016, the Company sold approximately 4.40 acres of land located within the 235-acre Tomoka Town Center located in Daytona Beach, Florida east of Interstate 95 and south of LPGA Boulevard (the “Town Center”) at a sales price of approximately $2.0 million, or approximately $455,000 per acre, for a gain of approximately $1.25 million recognized at closing, with the remaining estimated gain of approximately $683,000 to be recognized as related infrastructure work is completed. NOTE 4. LAND AND SUBSURFACE INTERESTS (continued) In addition, the gain recognized on the percentage-of-completion basis for the sales within the Town Center, of which approximately 180 of the total 235 acres are developable, is described below. The Town Center infrastructure work was approximately 66% complete as of March 31, 2016. The gain consists of revenue from a portion of the sales price and revenue from expected infrastructure reimbursement of infrastructure costs, less the allocated cost basis of the infrastructure costs, as the infrastructure work is completed: Land Tract Date Closed No. of Acres Sales Price Avg. Sales Price per Acre Gain Recognized in 2015 Gain Recognized in Q1 2016 Deferred Revenue as of March 31, 2016 (1) Tanger Outlet 11/12/2015 38.93 $ 9,700,000 $ 249,165 $ 2,793,419 $ 2,791,549 $ 3,223,855 Sam's Club 12/23/2015 18.10 4,500,000 248,619 1,278,747 1,462,727 1,443,493 NADG - First Parcel 12/29/2015 37.26 5,168,335 138,710 1,421,303 1,555,240 1,791,790 NADG - Outparcel 3/30/2016 4.40 2,000,000 454,545 - 1,251,989 693,371 Total Tomoka Town Center Sales 98.69 $ 21,368,335 $ 216,520 $ 5,493,469 $ 7,061,505 $ 7,152,509 (1) The NADG First Parcel and Outparcel sales represent the first two of multiple transactions contemplated under a single purchase and sale agreement with an affiliate of North American Development Group ( “NADG”). The NADG Agreement provides NADG (the “NADG Agreement”) with the ability to acquire portions of the remaining acreage under contract (the “Option Parcels”) in multiple, separate transactions through 2018 (the “Option Period”). The Option Parcels represent a total of approximately 81.55 acres and total potential proceeds to the Company of approximately $20.2 million. Pursuant to the NADG Agreement, NADG can close on any and all of the Option Parcels at any time during the Option Period. The NADG Agreement also establishes a price escalation that would be applied to any of the Option Parcels that are acquired after January 2017, and an additional higher price escalation that would be applied to any Option Parcels acquired in 2018. Pursuant to the agreements with Tanger, Sam’s Club, and NADG (the “Town Center Sales Agreements”), which together represent the potential sale of the developable acreage in the Town Center, the Company is responsible for the completion of certain infrastructure improvements (the “Infrastructure Work”) at the 235-acre Town Center. The Infrastructure Work is currently estimated to cost between $12.5 million and $13.0 million and is expected to be completed in or around October 2016. In connection with the transaction with Tanger, the Company expects to receive approximately $4.5 million for the portion of the Infrastructure Work attributable to the Tanger property from the Tomoka Town Center Community Development District (the “Town Center District”), a special purpose governmental entity, based upon the achievement of certain milestones related to the Infrastructure Work and the Tanger project, and based upon when the Company dedicates the Infrastructure Work to the Town Center District. The payment of the $4.5 million will be recognized into revenue when earned. The Company expects to receive payments, in addition to the sales proceeds from each of the Town Center Sales Agreements (the “Incremental Payments”), including certain fixed annual payments, over the next ten years from Tanger and Sam’s, which annual amounts are included in the estimated gains from the transactions. In aggregate, the majority of the Incremental Payments and the payment received from the Town Center District are expected to largely offset the cost of the Infrastructure Work. As a result of our responsibility for completing the Infrastructure Work, we have applied the percentage of completion basis of accounting to the Tanger Outlet, Sam’s Club and NADG transactions whereby we will recognize the revenue deferred for each transaction as the Infrastructure Work is completed. The Incremental Payments recorded as receivables as of March 31, 2016 and December 31, 2015 totaled approximately $2.8 million and $1.3 million, respectively, and are included as a part of other assets on the consolidated balance sheets. NOTE 4. LAND AND SUBSURFACE INTERESTS (continued) The following table provides a reconciliation of the land transactions closed (as of March 31, 2016) or under contract for all the developable parcels of the Town Center (Sales price and estimated infrastructure reimbursement presented in $000’s) and the reimbursement amounts for the Infrastructure Work from each buyer: Land Tract No. of Acres Sales Price (In $000's) Sales Price per Acre Infrastructure Reimbursement (in $000s) Tanger Outlet [Closed] (1) 38.93 $ 9,700 $ 249,165 $ 5,500 Sam's Club [Closed] (2) 18.10 4,500 248,619 1,100 NADG - First Parcel [Closed] (3) 37.26 5,168 138,710 1,800 NADG - Outparcel [Closed] (3) 4.40 2,000 454,545 211 NADG - Option Parcels (4) 81.55 20,195 247,645 3,889 Total Developable Area 180.24 41,564 230,602 12,500 Common Area (5) 54.32 N/A N/A (12,800 ) Total Town Center 234.56 $ 41,564 $ 177,199 $ (300 ) (1) (2) (3) (4) (5) There were no land sales during the three months ended March 31, 2015. During the year ended December 31, 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.” The Company owns full or fractional subsurface oil, gas, and mineral interests in approximately 500,000 “surface” acres of land owned by others in 20 counties in Florida. The Company leases its interests to mineral exploration firms for exploration. Our subsurface operations consist of revenue from the leasing of exploration rights and in some instances additional revenues from royalties applicable to production from the leased acreage. During November 2015, the Company hired Lantana Advisors, a subsidiary of SunTrust, to evaluate the possible sale of its subsurface interests. On April 13, 2016 the Company entered into a purchase and sale agreement with Land Venture Partners, LLC for the sale of its 500,000 acres of subsurface interests, all located in the state of Florida, including the royalty interests in two operating oil wells in Lee County, Florida and its interests in the oil exploration lease with Kerogen Florida Energy Company LP, for a sales price of approximately $24 million (the “Subsurface Sale”). The purchase and sale agreement contemplates a closing of the Subsurface Sale prior to year-end 2016. The Subsurface Sale, if completed, would result in an estimated gain of approximately $22.6 million, or approximately $2.40 per share, after tax. The Company intends to use the proceeds from this sale as part of a Section 1031 like-kind exchange. The closing of the Subsurface Sale is subject to customary closing conditions. There can be no assurances regarding the likelihood or timing of the Subsurface Sale being completed or the final terms thereof, including the sales price. 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. NOTE 4. LAND AND SUBSURFACE INTERESTS (continued) Lease payments on the respective acreages and drilling penalties received through lease year five are as follows: Lease Year Acreage (Approximate) Florida County Lease Payment (1) Drilling Penalty (1) Lease Year 1 - 9/23/2011 - 9/22/2012 136,000 Lee and Hendry $ 913,657 $ - Lease Year 2 - 9/23/2012 - 9/22/2013 136,000 Lee and Hendry 922,114 - Lease Year 3 - 9/23/2013 - 9/22/2014 82,000 Hendry 3,293,000 1,000,000 Lease Year 4 - 9/23/2014 - 9/22/2015 42,000 Hendry 1,866,146 600,000 Lease Year 5 - 9/23/2015 - 9/22/2016 25,000 Hendry 1,218,838 175,000 Total Payments Received to Date $ 8,213,755 $ 1,775,000 (1) 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. 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 March 31, 2016 and 2015, lease income of approximately $303,000 and $460,000 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 $5,000 and $21,000, during the three months ended March 31, 2016 and 2015, respectively. 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. No releases occurred during the three months ended March 31, 2016, while cash payments for the release of surface entry rights totaled approximately $2,000 during the three months ended March 31, 2015, which is included in revenue from real estate operations.

Investment Securities

Investment Securities	3 Months Ended
	Mar. 31, 2016
Investments Debt And Equity Securities [Abstract]
Investment Securities	NOTE 5. INVESTMENT SECURITIES During the three months ended March 31, 2016, the Company completed the disposition of its remaining position in investment securities, including common stock and debt securities, of a publicly traded real estate company with a total basis of approximately $6.8 million resulting in net proceeds of approximately $6.3 million, or a loss of approximately $576,000. During the three months ended March 31, 2015, the Company sold preferred stock of a publicly traded real estate company with a total basis of approximately $704,000 resulting in net proceeds of approximately $835,000, or a gain of approximately $131,000. The Company had no remaining available-for-sale securities as of March 31, 2016. NOTE 5. INVESTMENT SECURITIES (continued) Available-for-Sale securities consisted of the following as of December 31, 2015: As of December 31, 2015 Cost (1) Gains in Accumulated Other Comprehensive Income Losses in Accumulated Other Comprehensive Income Estimated Fair Value (Level 1 and 2 Inputs) Debt Securities $ 843,951 $ — $ (41,451 ) $ 802,500 Total Debt Securities 843,951 - (41,451 ) 802,500 Common Stock 5,981,464 — (1,080,197 ) 4,901,267 Total Equity Securities 5,981,464 — (1,080,197 ) 4,901,267 Total Available-for-Sale Securities $ 6,825,415 $ - $ (1,121,648 ) $ 5,703,767 (1) The gross unrealized loss included in accumulated other comprehensive income as of December 31, 2015 was approximately $1.1 million, net of tax of approximately $433,000. During the three months ended March 31, 2016, but prior to the disposition of the investment securities, gross unrealized gains of approximately $546,000, net of tax of approximately $211,000, were earned and included in other comprehensive income to reduce the accumulated comprehensive loss balance. The remaining unrealized loss of approximately $576,000, was then realized upon disposition during the three months ended March 31, 2016, and removed from accumulated other comprehensive income, net of tax of approximately $222,000, and charged to earnings as an investment loss. During the three months ended March 31, 2015, gross unrealized gains of approximately $374,000, net of tax of approximately $144,000, were earned and included in other comprehensive income. The remaining unrealized gain of approximately $131,000, was realized upon disposition during the three months ended March 31, 2015, and removed from the accumulated other comprehensive income, net of tax of approximately $49,000. Following is a table reflecting the sale of investment securities and the gains or losses recognized during the three months ended March 31, 2016 and 2015: For the three months ended March 31, 2016 2015 Proceeds from the Disposition of Debt Securities $ 827,738 $ — Cost Basis of Debt Securities Sold (843,951 ) — Loss recognized in Statement of Operations on the Disposition of Debt Securities $ (16,213 ) $ — Proceeds from the Disposition of Equity Securities 5,424,624 834,964 Cost Basis of Equity Securities Sold (5,983,978 ) (704,173 ) Gain (Loss) recognized in Statement of Operations on the Disposition of Equity Securities $ (559,354 ) $ 130,791 Total Gain (Loss) recognized in Statement of Operations on the Disposition of Debt and Equity Securities $ (575,567 ) $ 130,791

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 and December 31, 2015: March 31, 2016 December 31, 2015 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Cash and Cash Equivalents - Level 1 $ 7,371,196 $ 7,371,196 $ 4,060,677 $ 4,060,677 Restricted Cash - Level 1 15,156,505 15,156,505 14,060,523 14,060,523 Commercial Loan Investments - Level 2 38,343,673 38,460,467 38,331,956 38,460,467 Long-Term Debt - Level 2 170,798,799 175,210,485 166,796,853 172,572,305 To determine estimated fair values of the financial instruments listed above, market rates of interest, which include credit assumptions, were used to discount contractual cash flows. The estimated fair values are not necessarily indicative of the amount the Company could realize on disposition of the financial instruments. The use of different market assumptions or estimation methodologies could have a material effect on the estimated fair value amounts. The following table presents the fair value of assets by Level at December 31, 2015 (there were none as of March 31, 2016): Fair Value at Reporting Date Using 12/31/2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Available-for-Sale Securities Available-for-Sale Debt Securities $ 802,500 $ - $ 802,500 $ - Available-for-Sale Equity Securities 4,901,267 4,901,267 - - Total Available-for-Sale Securities 5,703,767 4,901,267 802,500 - Total $ 5,703,767 $ 4,901,267 $ 802,500 $ -

Intangible Lease Assets and Lia

Intangible Lease Assets and Liabilities	3 Months Ended
	Mar. 31, 2016
Goodwill And Intangible Assets Disclosure [Abstract]
Intangible Lease Assets and Liabilities	NOTE 7. INTANGIBLE LEASE ASSETS AND LIABILITIES Intangible lease assets and liabilities consist of the value of above-market and below-market leases, the value of in-place leases, and the value of leasing costs, based in each case on their fair values. Intangible lease assets and liabilities consisted of the following as of March 31, 2016 and December 31, 2015: As of March 31, 2016 December 31, 2015 Intangible Lease Assets: Value of In-Place Leases $ 16,896,630 $ 19,588,642 Value of Above Market In-Place Leases 1,178,878 1,469,143 Value of Intangible Leasing Costs 3,719,078 3,835,158 Sub-total Intangible Lease Assets 21,794,586 24,892,943 Accumulated Amortization (4,566,676 ) (4,805,792 ) Sub-total Intangible Lease Assets—Net 17,227,910 20,087,151 Intangible Lease Liabilities: Value of Below Market In-Place Leases (32,483,281 ) (32,315,741 ) Sub-total Intangible Lease Liabilities (32,483,281 ) (32,315,741 ) Accumulated Amortization 1,006,616 336,182 Sub-total Intangible Lease Liabilities—Net (31,476,665 ) (31,979,559 ) Total Intangible Assets and Liabilities—Net $ (14,248,755 ) $ (11,892,408 ) NOTE 7. INTANGIBLE LEASE ASSETS AND LIABILITIES (continued) Total amortization related to intangible lease assets during the three months ended March 31, 2016 was approximately $583,000 and was included in depreciation and amortization in the consolidated statements of operations. Total amortization related to intangible lease liabilities during the three months ended March 31, 2016 was approximately $607,000 and was included as an increase to income properties revenue in the consolidated statements of operations. Total amortization of intangible assets and liabilities was approximately $422,000 during the three months ended March 31, 2015, which was included in depreciation and amortization expense in the consolidated statements of operations. The estimated future amortization and accretion of intangible lease assets and liabilities is as follows: Year Ending December 31, Future Amortization Expense Future Accretion to Income Property Revenue Net Future Amortization of Intangible Assets and Liabilities Remainder of 2016 $ 1,521,601 $ (1,667,404 ) $ (145,803 ) 2017 1,941,511 (2,189,685 ) (248,174 ) 2018 1,937,911 (2,191,717 ) (253,806 ) 2019 1,935,341 (2,192,911 ) (257,570 ) 2020 1,886,208 (2,192,911 ) (306,703 ) 2021 1,369,584 (2,279,897 ) (910,313 ) Thereafter 5,609,190 (17,735,576 ) (12,126,386 ) Total $ 16,201,346 $ (30,450,101 ) $ (14,248,755 )

Impairment of Long-Lived Assets

Impairment of Long-Lived Assets	3 Months Ended
	Mar. 31, 2016
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 three months ended March 31, 2016, an impairment charge of approximately $210,000 was recognized on an income property held for sale as of March 31, 2016 for which the sale closed on April 6, 2016, as described in Note 21, “Subsequent Events.” The total impairment charge represented the loss on the sale of approximately $134,000 plus closing costs of approximately $76,000. During the three months ended March 31, 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.

Other Assets

Other Assets	3 Months Ended
	Mar. 31, 2016
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]
Other Assets	NOTE 9. OTHER ASSETS Other assets consisted of the following: As of March 31, 2016 December 31, 2015 Income Property Tenant Receivables $ 295,119 $ 830,574 Income Property Straight-line Rent Adjustment 1,930,261 1,781,798 Interest Receivable from Commercial Loan Investments 229,218 155,163 Infrastructure Reimbursement Receivables 2,760,759 1,306,602 Golf Operations Receivables 435,132 253,358 Deferred Deal Costs 528,386 520,308 Prepaid Expenses, Deposits, and Other 2,339,944 1,187,021 Total Other Assets $ 8,518,819 $ 6,034,824

Common Stock and Earnings Per S

Common Stock and Earnings Per Share	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Common Stock and Earnings Per Share	NOTE 10. 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 March 31, 2016 March 31, 2015 Income Available to Common Shareholders: Net Income from Continuing Operations Attributable to Consolidated-Tomoka Land Co. $ 1,424,718 $ 353,356 Net Income from Discontinued Operations Attributable to Consolidated-Tomoka Land Co. (Net of Tax) - - Net Income Attributable to Consolidated-Tomoka Land Co. $ 1,424,718 $ 353,356 Weighted Average Shares Outstanding 5,734,884 5,826,640 Common Shares Applicable to Stock Options Using the Treasury Stock Method - 33,721 Total Shares Applicable to Diluted Earnings Per Share 5,734,884 5,860,361 Per Share Information: Basic Net Income Per Share Net Income from Continuing Operations Attributable to Consolidated-Tomoka Land Co. $ 0.25 $ 0.06 Net Income from Discontinued Operations Attributable to Consolidated-Tomoka Land Co. (Net of Tax) - - Net Income Attributable to Consolidated-Tomoka Land Co. $ 0.25 $ 0.06 Diluted Net Income per Share Net Income from Continuing Operations Attributable to Consolidated-Tomoka Land Co. $ 0.25 $ 0.06 Net Income from Discontinued Operations Attributable to Consolidated-Tomoka Land Co. (net of tax) - - Net Income Attributable to Consolidated-Tomoka Land Co. $ 0.25 $ 0.06 The effect of 67,500 and 25,200 potentially dilutive securities were not included for the three months ended March 31, 2016 and 2015, respectively, as the effect would be antidilutive. The Company intends to settle its 4.50% Convertible Senior Notes due 2020 (the “Notes”) in cash upon conversion with any excess conversion value to be settled in shares of our common stock. Therefore, only the amount in excess of the par value of the 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 months ended March 31, 2016 and 2015 did not exceed the conversion price which resulted in no additional diluted outstanding shares.

Treasury Stock

Treasury Stock	3 Months Ended
	Mar. 31, 2016
Equity [Abstract]
Treasury Stock	NOTE 11. TREASURY STOCK 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 was 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 an additional 25,836 shares of its common stock on the open market for a total cost of approximately $928,000, or an average price per share of $35.92, and placed those shares in treasury. During the year ended December 31, 2015, the Company repurchased an additional 119,403 shares of its common stock on the open market for a total cost of approximately $6.5 million, or an average price per share of $54.31, and placed those shares in treasury, thereby completing the $8 million share repurchase program. In the fourth quarter of 2015, the Company also announced a new $10 million repurchase program. Under the new $10 million repurchase program, during the three months ended March 31, 2016, the Company repurchased 28,862 shares of its common stock on the open market for a total cost of approximately $1.3 million, or an average price per share of $46.41, and placed those shares in treasury.

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Long-Term Debt	NOTE 12. LONG-TERM DEBT Credit Facility. The Company has a revolving credit facility, as amended (the “Credit Facility”), with Bank of Montreal (“BMO”) as the administrative agent for the lenders thereunder. The Credit Facility is unsecured and is guaranteed by certain wholly-owned subsidiaries of the Company. The Credit Facility bank group is led by BMO and also includes Wells Fargo Bank, N.A. (“Wells Fargo”) and Branch Banking & Trust Company. The Credit Facility 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. At March 31, 2016, the current commitment level under the Credit Facility was $75.0 million. The available borrowing capacity under the Credit Facility was approximately $33.0 million subject to the borrowing base requirements. On March 21, 2016, the Company entered into an amendment of the Credit Facility (the “First Amendment”). The First Amendment modifies certain terms of the Company’s Credit Facility effective as of September 30, 2015, including, among other things, (i) modifying certain non-cash or non-recurring items in the calculation of adjusted EBITDA and eliminating stock repurchases from the calculation of fixed charges, both of which are part of the calculation of the fixed charge coverage ratio financial covenant, (ii) the addition of a measure for the fixed charge coverage ratio that must be met before the Company may repurchase shares of its own stock, and (iii) providing a consent of the lenders regarding the amount of the Company’s stock repurchases since the third quarter of 2015. As of the date of the First Amendment, the Company could not complete any additional repurchases of its own common stock due to the required fixed charge coverage ratio not being achieved. However, on April 13, 2016, the Company entered into the second amendment of the Credit Facility (the “Second Amendment”) as further described in Note 21, “Subsequent Events” which modifies the section of the Credit Facility pertaining to stock repurchases by the Company. 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. NOTE 12. LONG-TERM DEBT (continued) 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. On April 15, 2016, the Company entered into a $25 million first mortgage with Wells Fargo as further described in Note 21, “Subsequent Events.” 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 March 31, 2016 the unamortized debt discount of our Notes was approximately $5.0 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: March 31, 2016 Total Due Within One Year Credit Facility $ 42,050,000 $ — 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 70,033,267 — Loan Costs, net of accumulated amortization (1,684,468 ) — Total Long-Term Debt $ 170,798,799 $ — NOTE 12. LONG-TERM DEBT (continued) Payments applicable to reduction of principal amounts will be required as follows: Year Ending December 31, Amount Remainder of 2016 $ — 2017 — 2018 49,350,000 2019 — 2020 75,000,000 2021 — Thereafter 53,100,000 Total Long-Term Debt - Face Value $ 177,450,000 The carrying value of long-term debt as of March 31, 2016 consisted of the following: Total Current Face Amount $ 177,450,000 Unamortized Discount on Convertible Debt (4,966,733 ) Loan Costs, net of accumulated amortization (1,684,468 ) Total Long-Term Debt $ 170,798,799 For the three months ended March 31, 2016, interest expense, excluding amortization of loan costs and debt discounts, was approximately $1.7 million with approximately $2.5 million paid during the period including approximately $1.7 million related to the semi-annual payment on the Notes. No interest was capitalized during the three months ended March 31, 2016. For the three months ended March 31, 2015, interest expense, excluding amortization of loan costs and debt discounts, was approximately $969,000 with approximately $815,000 paid during the period. No interest was capitalized during the three months ended March 31, 2015. 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. Loan costs are 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 March 31, 2016 and 2015, the amortization of loan costs totaled approximately $102,000 and $73,000, 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 amortized over the term of the Notes using the effective interest method. For the three months ended March 31, 2016 and 2015, the amortization of the discount totaled approximately $273,000 and $25,000, respectively. The Company was in compliance with all of its debt covenants as of March 31, 2016 and December 31, 2015.

Accrued and Other Liabilities

Accrued and Other Liabilities	3 Months Ended
	Mar. 31, 2016
Payables And Accruals [Abstract]
Accrued and Other Liabilities	NOTE 13. ACCRUED AND OTHER LIABILITIES Accrued and other liabilities consisted of the following: As of March 31, 2016 December 31, 2015 Golf Course Lease $ 2,509,019 $ 2,602,638 Accrued Property Taxes 627,290 40,042 Reserve for Tenant Improvements 760,060 812,493 Accrued Interest 253,785 1,195,231 Environmental Reserve and Restoration Cost Accrual 2,366,921 2,405,635 Other 643,714 1,811,880 Total Accrued and Other Liabilities $ 7,160,789 $ 8,867,919 NOTE 13. ACCRUED AND OTHER LIABILITIES (continued) 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 March 31, 2016, approximately $1.6 million of the rent, previously deferred that will not be due to the City, remained to be amortized through September 2022. 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 March 31, 2016, 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 prior monitoring test results. During the year ended December 31, 2015, their review was completed, and the Company made an additional accrual of approximately $500,000, representing the low end of the range of possible costs estimated by the engineers to be between $500,000 and $1.0 million to resolve this matter subject to the approval of the state department of environmental protection (the “FDEP”). The FDEP has preliminarily accepted the Company’s proposed remediation plan which supports the approximate $500,000 accrual. Since the initial accrual of approximately $110,000 was made, approximately $131,000 in costs have been incurred through March 31, 2016. During the year ended December 31, 2015, the Company accrued approximately $187,500 for the potential costs associated with wetlands mitigation and restoration costs related to a federal regulatory agency inquiry relating to approximately 160 acres of the Company’s land. Additionally, as of December 31, 2015, the Company accrued an obligation for the low end of the estimated range of possible restoration costs of approximately $1.7 million and included such estimated costs on the consolidated balance sheet as a corresponding increase in the basis of our land and development costs associated with those acres. Although as of March 31, 2016, this matter is not yet resolved, the accrual is deemed appropriate as of March 31, 2016. This matter is more fully described in Note 17 “Commitments and Contingencies”.

Deferred Revenue

Deferred Revenue	3 Months Ended
	Mar. 31, 2016
Deferred Revenue Disclosure [Abstract]
Deferred Revenue	NOTE 14. DEFERRED REVENUE Deferred revenue consisted of the following: As of March 31, 2016 December 31, 2015 Deferred Oil Exploration Lease Revenue $ 582,778 $ 885,822 Deferred Land Sale Revenue 7,152,509 12,656,773 Prepaid Rent 1,029,431 907,325 Other Deferred Revenue 286,791 274,690 Total Deferred Revenue $ 9,051,509 $ 14,724,610 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 98.69 acres of land sales in the Tomoka Town Center which closed during the fourth quarter of 2015 and the first quarter of 2016, approximately $7.2 million of the aggregate $21.4 million sales price is deferred as of March 31, 2016 to be recognized as revenue on a percentage-of-completion basis as the required infrastructure costs completed. The estimated completion date in or around October 2016.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2016
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-Based Compensation	NOTE 15. STOCK-BASED COMPENSATION EQUITY-CLASSIFIED STOCK COMPENSATION Market Condition Restricted Shares – Peer Group Vesting 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 three months ended March 31, 2016, is presented below: Market Condition Non-Vested Restricted Shares Shares Wtd. Grant Date Fair Value Outstanding at January 1, 2016 2,400 $ 23.42 Granted — — Vested (2,300 ) 23.42 Expired — — Forfeited (100 ) 23.42 Outstanding at March 31, 2016 - $ - As of March 31, 2016, there is no unrecognized compensation cost as there are no outstanding shares remaining. Market Condition Restricted Shares – Stock Price Vesting “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 March 31, 2016, four increments of Mr. Albright’s and Mr. Patten’s grants had vested. Additional 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 March 31, 2016, no increments of Mr. Smith’s or the other officer’s grants had vested. NOTE 15. STOCK-BASED COMPENSATION (continued) 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. As more fully described at the end of Note 15 “Stock-Based Compensation,” on February 26, 2016, 72,000 of these shares were surrendered, of which 4,000 were re-granted on February 26, 2016 with identical terms of the surrendered common stock and 68,000 were permanently surrendered. The 26,000 shares of restricted Company common stock outstanding from these grants 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 $75 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 March 31, 2016, no increments of this grant had vested. On February 26, 2016, the Company entered into amendments to the employment agreements and certain restricted share award agreements to clarify the Company’s intention that the restricted shares granted thereunder, if they are subject to performance-based vesting conditions, will fully vest at any time during the 24-month period following a change in control and termination of the employee subsequent to the change in control. The Company used a Monte Carlo simulation pricing model to determine the fair value of its awards that are based on market conditions. The determination of the fair value of market condition-based awards is affected by the Company’s stock price as well as assumptions regarding a number of other variables. These variables include expected stock price volatility over the requisite performance term of the awards, the relative performance of the Company’s stock price and shareholder returns to companies in its peer group, annual dividends, and a risk-free interest rate assumption. Compensation cost is recognized regardless of the achievement of the market conditions, provided the requisite service period is met. A summary of the activity for these awards during the three months ended March 31, 2016, is presented below: Market Condition Non-Vested Restricted Shares Shares Wtd. Avg. Fair Value Outstanding at January 1, 2016 137,500 $ 30.58 Granted 4,000 38.98 Vested — — Expired — — Forfeited (72,000 ) 34.46 Outstanding at March 31, 2016 69,500 $ 27.03 In connection with the permanent surrender of 68,000 shares of restricted Company common stock, approximately $1.6 million of related stock-based compensation expense was recognized during the three months ended March 31, 2016 to accelerate the remaining expense pertaining the total grant date fair value of these awards. As of March 31, 2016, there was approximately $330,000 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 0.5 years. Three Year Vest Restricted Shares On January 22, 2014, the Company granted to certain employees 14,500 shares of restricted Company common stock under the 2010 Plan. One-third of the restricted shares will vest on each of the first, second, and third anniversaries of the 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. On January 28, 2015, the Company granted to certain employees, which did not include Mr. Albright, 11,700 shares of restricted Company common stock under the 2010 Plan. Additionally, on February 9, 2015, the Company granted 8,000 shares of restricted Company common stock to Mr. Albright under the 2010 Plan. One-third of both awards of restricted shares 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. On January 27, 2016, the Company granted to certain employees 21,100 shares of restricted Company common stock under the 2010 Plan. One-third of both awards of restricted shares will vest on each of the first, second, and third anniversaries of January 28, 2016, provided the grantee is an employee of the Company on those dates. In addition, any unvested portion of the restricted shares will vest upon a change in control. NOTE 15. STOCK-BASED COMPENSATION (continued) 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 three months ended March 31, 2016, is presented below: Three Year Vest Non-Vested Restricted Shares Shares Wtd. Avg. Fair Value Per Share Outstanding at January 1, 2016 26,900 $ 49.73 Granted 21,100 44.88 Vested (10,363 ) 47.89 Expired — — Forfeited — — Outstanding at March 31, 2016 37,637 $ 47.52 As of March 31, 2016, there was approximately $1.6 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 2.3 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. 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 vested on each of the first, second, and third anniversaries of the grant date, provided the recipient was an employee of the Company on those dates. 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 vested on January 28, 2016. The option expires on the earliest of: (a) January 28, 2025; (b) twelve months after the employee’s death or termination for disability; or (c) thirty days after the termination of employment for any reason other than death or disability. On May 20, 2015, the Company granted to Mr. Albright an option to purchase 40,000 shares of the Company’s common stock under the 2010 Plan, with an exercise price of $55.62. As more fully described at the end of Note 15 “Stock-Based Compensation”, on February 26, 2016, this option to purchase 40,000 shares was surrendered and an option to purchase 40,000 shares was granted on February 26, 2016 with identical terms. 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. NOTE 15. STOCK-BASED COMPENSATION (continued) 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 three months ended March 31, 2016, is presented below: Non-Qualified Stock Option Awards Shares Wtd. Avg. Ex. Price Wtd. Avg. Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding at January 1, 2016 116,850 $ 48.63 Granted 40,000 55.62 Exercised — — Expired — — Forfeited (40,000 ) 55.62 Outstanding at March 31, 2016 116,850 $ 48.63 6.07 $ 88,652 Exercisable at March 31, 2016 73,350 $ 44.73 1.94 $ 103,378 A summary of the non-vested options for these awards during the three months ended March 31, 2016, is presented below: Non-Qualified Stock Option Awards Shares Fair Value of Shares Vested Non-Vested at January 1, 2016 88,260 Granted 40,000 Vested (44,760 ) $ 2,288,206 Expired — Forfeited (40,000 ) Non-Vested at March 31, 2016 43,500 The weighted average grant date fair value of options granted during the three months ended March 31, 2016 was approximately $13.97 per share. No options were exercised during the three months ended March 31, 2016. As of March 31, 2016, there was approximately $564,000 of unrecognized compensation related to non-qualified, non-vested stock option awards, which will be recognized over a remaining weighted average period of 2.1 years. 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, which are required to be remeasured at fair value at each balance sheet date until the award is settled. NOTE 15. STOCK-BASED COMPENSATION (continued) A summary of share option activity under the 2001 Plan for the three months ended March 31, 2016 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 January 1, 2016 18,000 $ 64.69 Granted — — Exercised — — Expired (3,000 ) 67.27 Forfeited — — Outstanding at March 31, 2016 15,000 $ 64.17 1.35 $ — Exercisable at March 31, 2016 15,000 $ 64.17 1.35 $ — 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. No options were exercised during the three months ended March 31, 2016. 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 January 1, 2016 18,000 $ 2.64 Granted — — Exercised — — Expired (3,000 ) — Forfeited — — Outstanding at March 31, 2016 15,000 $ 1.76 1.35 $ — Exercisable at March 31, 2016 15,000 $ 1.76 1.35 $ — No stock appreciation rights were exercised during the three months ended March 31, 2016. 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: March 31, 2016 December 31, 2015 Expected Volatility 30.57 % 29.40 % Expected Dividends 0.17 % 0.15 % Expected Term 1.3 years 1.3 years Risk-Free Rate 0.66 % 0.75 % There were no stock options or stock appreciation rights granted under the 2001 Plan during the three months ended March 31, 2016 or 2015. The liability for stock options and stock appreciation rights, valued at fair value, reflected on the consolidated balance sheets at March 31, 2016 and December 31, 2015, was approximately $76,000 and $136,000, 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 March 31, 2016 March 31, 2015 Total Cost of Share-Based Plans Charged Against Income Before Tax Effect $ 2,072,982 $ 75,352 Income Tax Expense Recognized in Income $ (163,353 ) $ (29,067 ) As described above, in January 2015, the Compensation Committee awarded to to Mr. Albright purchase a the Company’s n May 2015, in connection with the extension of Mr. Albright’s employment agreement, to Upon review of the total grant awards to Mr. Albright in 2015 it was determined that the individual annual per person award limit under the 2010 Plan was inadvertently exceeded. In determining the extent to which the 2010 Plan’s individual annual award limit had been exceeded by the above awards, the Compensation Committee, as the administrator of the 2010 Plan, identified a conflict between Sections 3(d) and 3(e) of the 2010 Plan, the relevant provisions which provide limitations of the 2010 Plan. Section 3(d) of the 2010 Plan could be read to provide an overall limit of 50,000 shares applicable to all awards granted to a participant in any calendar year; however, the Compensation Committee could not disregard Section 3(e) of the 2010 Plan. Section 3(e) could be read to provide for two additional limits of 50,000 shares each for any (a) “Qualified Performance-Based Awards” (as defined in the 2010 Plan) constituting stock options and stock appreciation rights and (b) “Qualified Performance-Based Awards” (as defined in the 2010 Plan) other than stock options and stock appreciation rights. If the Compensation Committee were to determine that Section 3(e) of the 2010 Plan provides the applicable limits for two categories of “Qualified Performance-Based Awards,” then the Compensation Committee could conclude that Section 3(d) of the 2010 Plan provides the limit for awards other than Qualified Performance-Based Awards. The Compensation Committee consulted with outside advisors and determined that it was not possible to conclude which interpretation of the 2010 Plan was conclusively correct. Pursuant to its authority to interpret the 2010 Plan, the Compensation Committee elected to comply with the limit in Section 3(d) of the 2010 Plan. As a result of applying this interpretation of the 2010 Plan, the awards granted to Mr. Albright in 2015 exceeded the 2010 Plan’s individual annual award limit by 112,000 shares of our common stock (the “Excess 2015 Awards”). On February 26, 2016, the Company notified the NYSE MKT that the Excess 2015 Awards may have violated Rule 711 of the NYSE MKT Company Guide. On March 4, 2016, the NYSE MKT notified the Company that they would not take any action and considered the matter closed. NOTE 15. STOCK-BASED COMPENSATION (continued) In consultation with the Board, Mr. Albright elected to rectify the Excess 2015 Awards by surrendering, in full, the May 2015 Option Grant and surrendering, in part, the May 2015 Restricted Share Grant. A portion of the surrendered awards has been replaced with new awards under the 2010 Plan in 2016. Effective as of February 26, 2016, the Compensation Committee awarded Mr. Albright (i) an option to purchase an additional The New Option Grant has an exercise price per share of $55.62, which is equal to the exercise price per share applicable to the May 2015 Option Grant. This option is intended to have the same vesting terms as the May 2015 Option Grant, and as a result has vested with respect to 13,200 shares and will vest with respect to 13,200 shares and 13,600 shares on January 28, 2017 and January 28, 2018, respectively. The New Restricted Share Grant is intended to have the same vesting terms as the May 2015 Restricted Share Grant, and as a result will vest upon the price per share of Company common stock during the term of Mr. Albright’s employment (or within 60 days after termination of his employment by the Company other than for cause, due to death or disability or due to his voluntary resignation) meeting or exceeding the target trailing 30-day average closing price of $75 per share. If the restricted shares fail to satisfy the stock price condition prior to January 28, 2021, the restricted shares will be forfeited. Any unvested restricted shares will vest immediately upon Mr. Albright’s termination of employment without Cause or for his resignation for Good Reason (as such terms are defined in his amended and restated employment agreement), in each case, at any time during the 24-month period following a change in control. Mr. Albright has the right to vote the restricted shares prior to their vesting but is not entitled to dividends paid on any unvested shares. These restricted shares have not yet vested. Because the Excess 2015 Awards exceeded the 2010 Plan limits, the grants do not qualify, for purposes of calculating the Code Section 162(m) compensation for Mr. Albright for tax purposes, as performance-based awards. The New Option Grant will be awarded with the same strike price as the May 2015 Option Grant that is being surrendered. The New Restricted Grant will contain the same pricing requirements for vesting as the May 2015 Restricted Share Grant being surrendered. As noted herein, 112,000 shares of the awards granted to Mr. Albright in 2015 exceeded the limits of the 2010 Plan. However, when granted these shares were issued and outstanding as of their grant date and all legal requirements for their issuance under Florida law and the Company’s organizational documents were fulfilled and Mr. Albright’s ability to enforce his rights to such grants could not be negated or otherwise impaired. All requirements under ASC 718-10-20 were met, including a mutual understanding of the key terms and conditions of the awards, the company was contingently liable to issue the awards, and all required approvals for the awards to be legally issued and outstanding were obtained as of the grant date. Consequently, the 112,000 shares were deemed appropriately reflected as stock compensation expense as of the year ended December 31, 2015. Effective as of February 26, 2016, the Company entered into amendments to the employment agreements and certain restricted share award agreements of Messrs. Albright, Patten, and Smith to clarify the Company’s intention that the restricted shares granted thereunder, if they are subject to performance-based vesting conditions, will fully vest upon the executive’s termination of employment without cause or his resignation for good reason (as such terms are defined in his employment agreement), in each case, at any time during the 24-month period following a change in control. There was no impact to the valuation established at the original date of grant of the modification of the restricted share award agreements of Messrs. Albright, Patten, and Smith.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 16. INCOME TAXES The effective income tax rate was 62.2% and 38.8% for the three months ended March 31, 2016 and 2015, respectively. The provision for income taxes reflects the Company’s estimate of the effective rate expected to be applicable for the full fiscal year, adjusted for any discrete events, which are reported in the period that they occur. During the three months ended March 31, 2016, 68,000 shares of restricted Company common stock were permanently surrendered which constituted a discrete event in which the total related stock compensation expense charged to earnings under GAAP of approximately $2.3 million, of which approximately $1.6 million was recognized during the three months ended March 31, 2016 and approximately $676,000 was recognized during the year ended December 31, 2015, became permanently non-deductible for tax purposes as the surrendered shares will not vest. Accordingly, no income tax benefit was recorded related to the approximately $2.3 million of stock compensation expense. 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	3 Months Ended
	Mar. 31, 2016
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, the North Carolina Department of Transportation (“NCDOT”) proposed to redesign the road modifications to keep the all access intersection open for ingress with no change to the planned limitation on egress to the right-in/right-out only. Additionally, NCDOT and the City of Charlotte proposed to build and maintain a new access road/point into the property. Construction has begun. 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 2017, 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 2017. 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 March 31, 2016 was approximately $286,000, including accrued interest. Accordingly as of March 31, 2016, the remaining maximum commitment is approximately $691,000. 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 March 31, 2016, $100,000 of these tenant improvements had been completed and funded, leaving approximately $551,000 remaining to be funded as of March 31, 2016. In conjunction with the Company’s sale of approximately 98.69 acres within the Tomoka Town Center the Company obligated to complete certain infrastructure improvements, including, but not limited to, the addition or expansion of roads and underlying utilities, and storm water retention (the “Infrastructure Work”). The Company entered into a construction agreement for approximately $7.8 million, including change orders through March 31, 2016, for the substantial portion of the Infrastructure Work. Approximately $5.1 million of these costs have been incurred through March 31, 2016 under this agreement and therefore, the remaining maximum commitment as of March 31, 2016 under this agreement is approximately $2.7 million. The anticipated completion for the Infrastructure Work is in or around October 2016. In conjunction with the Company’s sale of approximately 18.10 acres of land to an affiliate of Sam’s Club (“Sam’s”) in December 2015, the Company agreed to reimburse Sam’s for a portion of their construction costs applicable to adjacent outparcels retained by the Company. As a result, in December 2015, the Company deposited $125,000 of cash in escrow related to construction work which is classified as restricted cash in the consolidated balance sheets. The total amount in escrow as of March 31, 2016 was approximately $125,000, including accrued interest. Accordingly, the Company’s maximum commitment related to the construction work benefitting outparcels adjacent to Sam’s is approximately $125,000, to be paid from escrow upon completion. NOTE 17. COMMITMENTS AND CONTINGENCIES (continued) In conjunction with the Company’s sale of approximately 14.98 acres of land to an affiliate of Integra Land Company (“Integra”) in December 2015, the Company agreed to reimburse Integra approximately $276,000 for a portion of the costs for road access and related utility improvements that will benefit the 14.98 acre land parcel sold to Integra as well as the surrounding acreage still owned by the Company. The Company also agreed to reimburse Integra approximately $94,000 for site relocation costs. Accordingly, in December 2015, the Company deposited a combined $370,000 of cash in escrow related to these reimbursements which are classified as restricted cash in the consolidated balance sheets. During the three months ended March 31, 2016, approximately $30,000 was disbursed from the escrow account. Accordingly, as of March 31, 2016, the Company’s maximum remaining commitment related to these reimbursements is approximately $340,000 to be paid from escrow as costs are incurred. Contractual Commitments – Land Pipeline As of May 3, 2016, the Company had seven executed definitive purchase and sale agreements with six 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 2,300 acres, or 22% of our land holdings, with anticipated sales proceeds totaling approximately $68 million. 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, Florida and other permitting activities with other applicable governmental authorities. In addition to other customary closing conditions, the majority of these transactions are conditioned upon 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 thereof, including the sales price. Minto Communities One of the seven executed purchase and sale agreements 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. In April 2016, Minto received zoning and entitlements from the City of Daytona Beach, Florida, for 3,400 residential units and approximately 215,000 square feet of commercial space. In addition, the contract with Minto currently contemplates the Company would provide seller financing for a portion of the sales price (the “Minto Note”). The Company anticipates utilizing the proceeds from the transaction in a 1031 like-kind exchange and therefore would be required to sell the Minto Note prior to the completion of the 1031 exchange which could be up to 180 days after the closing of the transaction with Minto. The Company now expects this transaction is more likely to close in the second half of 2016 as entitlement and permitting work is still on going. Tomoka Town Center The NADG-First Parcel and NADG-Outparcel sales represent the first two of multiple transactions contemplated under a single purchase and sale agreement with an affiliate of the North American Development Group (the “NADG Agreement”). The NADG Agreement provides NADG with the ability to acquire portions of the remaining acreage under contract (the “Option Parcels”) in multiple, separate, transactions through 2018 (the “Option Period”). The Option Parcels represent a total of approximately 81.55 acres and total potential proceeds to the Company of approximately $20.2 million. Pursuant to the NADG Agreement, NADG can close on any and all of the Option Parcels at any time during the Option Period, should certain conditions be met. The NADG Agreement also establishes a price escalation that would be applied to any of the Option Parcels that are acquired after January 2017, and an additional higher price escalation that would be applied to any Option Parcels acquired in 2018. NOTE 17. COMMITMENTS AND CONTINGENCIES (continued) Other Matters In connection with a certain land sale contract to which the Company is a party, the purchaser’s pursuit of customary development entitlements gave rise to an inquiry by federal regulatory agencies regarding prior agricultural activities by the Company on such land. During the second quarter of 2015, we received a written information request regarding such activities. We submitted a written response to the information request along with supporting documentation. 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. During the fourth quarter of 2015, based on discussions with the federal regulatory agency, a penalty related to this matter was deemed probable, and accordingly the estimated penalty of approximately $187,500 has been accrued as of December 31, 2015, with no adjustment to that accrual being made during the three months ended March 31, 2016. Also during the fourth quarter of 2015, the federal regulatory agency advised the Company that the resolution to the inquiry would likely require the Company to incur costs associated with wetlands mitigation and restoration relating to the approximately 160 acres. The Company’s third-party environmental engineers have estimated the cost for restoration activities to range from approximately $1.7 million to approximately $1.9 million. As of December 31, 2015, the Company accrued an obligation for the low end of the estimated range of possible restoration costs of approximately $1.7 million and included such estimated costs on the consolidated balance sheet as a corresponding increase in the basis of our land and development costs associated with those acres. No adjustment to that accrual was made during the three months ended March 31, 2016. The Company believes there is at least a reasonable possibility that the estimated liability of approximately $1.7 million could change within one year of the date of the consolidated financial statements, which in turn could have a material impact on the Company’s consolidated balance sheet and future cash flows. On an ongoing basis, the Company evaluates its estimates, however, actual results may differ from those estimates. Additionally, the Company anticipates the remaining approximately 60 acres will require mitigation activities which could be satisfied by the Company through the utilization of existing mitigation credits owned by the Company or the acquisition of mitigation credits. The Company anticipates that resolution of this matter will allow the Company to obtain certain permits from the applicable federal or state regulatory agencies needed in connection with the closing of the land sale contract. The number of mitigation credits that may be required is not currently estimable and as the utilization or purchase of such credits would be incorporated into the basis of the land under contract, no amounts related to mitigation credits have been accrued as of March 31, 2016. 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 March 31, 2016. D u t h u 0 a r 6 m a i e c o m i f o the o m p w h o a a a e m h C o m p y s u p n

Business Segment Data

Business Segment Data	3 Months Ended
	Mar. 31, 2016
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 68.2% and 68.6% of our identifiable assets as of March 31, 2016 and December 31, 2015, respectively, and 35.0% and 58.3% of our consolidated revenues for the three months ended March 31, 2016 and 2015, respectively. As of March 31, 2016, we had four commercial loan investments including one fixed-rate and one variable-rate mezzanine loan, a variable-rate B-Note representing a secondary tranche in a commercial mortgage loan, and a variable-rate first mortgage loan. 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. NOTE 18. BUSINESS SEGMENT DATA (continued) The Company evaluates performance based on profit or loss from operations before income taxes. The Company’s reportable segments are strategic business units that offer different products. They are managed separately because each segment requires different management techniques, knowledge, and skills. Information about the Company’s operations in the different segments for the three months ended March 31, 2016 and 2015 is as follows: Three Months Ended March 31, 2016 March 31, 2015 Revenues: Income Properties $ 6,429,241 $ 4,260,675 Commercial Loan Investments 881,245 631,484 Real Estate Operations 9,560,898 859,801 Golf Operations 1,464,359 1,537,426 Agriculture and Other Income 18,692 18,939 Total Revenues $ 18,354,435 $ 7,308,325 Operating Income: Income Properties $ 5,252,534 $ 3,619,829 Commercial Loan Investments 881,245 631,484 Real Estate Operations 7,303,857 261,078 Golf Operations 59,771 147,814 Agriculture and Other Income (29,359 ) (36,212 ) General and Corporate Expense (7,074,732 ) (3,130,106 ) Total Operating Income $ 6,393,316 $ 1,493,887 Depreciation and Amortization: Income Properties $ 1,981,050 $ 1,085,637 Commercial Loan Investments — — Real Estate Operations — — Golf Operations 68,649 58,776 Agriculture and Other 17,668 11,326 Total Depreciation and Amortization $ 2,067,367 $ 1,155,739 Capital Expenditures: Income Properties $ 2,730,714 $ 54,264 Commercial Loan Investments — — Real Estate Operations — — Golf Operations — 16,017 Agriculture and Other 15,867 11,072 Total Capital Expenditures $ 2,746,581 $ 81,353 As of March 31, 2016 December 31, 2015 Identifiable Assets: Income Properties $ 278,538,917 $ 277,519,902 Commercial Loan Investments 38,572,891 38,487,119 Real Estate Operations 63,574,249 59,787,157 Golf Operations 3,567,442 3,607,259 Agriculture and Other 24,001,357 24,952,207 Total Assets $ 408,254,856 $ 404,353,644 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.

Recently Issued Accounting Poli

Recently Issued Accounting Policies	3 Months Ended
	Mar. 31, 2016
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, 2018. 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, 2019. 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 has adopted ASU 2015-03 effective January 1, 2016. The amount of unamortized debt issuance costs as of December 31, 2015 that were reclassified to be included as a direct deduction from the carrying amount of the debt liability was approximately $1.7 million. In January 2016, the FASB issued ASU 2016-01, relating to the recognition and measurement of financial assets and financial liabilities. The amendments in this update are effective for annual reporting periods beginning after December 15, 2017. The Company 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 2016-01 effective January 1, 2018. In February 2016, the FASB issued ASU 2016-02, which requires entities to recognize assets and liabilities that arise from financing and operating leases and to classify those finance and operating lease payments in the financing or operating sections, respectively, of the statement of cash flows. The amendments in this update are effective for annual reporting periods beginning after December 15, 2018. The Company is currently evaluating the provisions to determine the potential impact, if any, the adoption will have on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, which amends certain aspects of the stock-based compensation guidance. 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 2016-09 effective January 1, 2017.

Variable Interest Entity

Variable Interest Entity	3 Months Ended
	Mar. 31, 2016
Variable Interest Entity Measure Of Activity [Abstract]
Variable Interest Entity	NOTE 20. VARIABLE INTEREST ENTITY During the year ended December 31, 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 serves as its general partner with day-to-day management responsibilities. The venture is structured such that the Company earns 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 and as of March 31, 2016, 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 March 31, 2016, the VIE has one asset totaling $11,329,574 consisting of the six acre vacant beachfront property. During the year ended December 31, 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 totaling approximately $6,000 during the three months ended March 31, 2016, eliminated upon consolidation.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2016
Subsequent Events [Abstract]
Subsequent Events	NOTE 21. SUBSEQUENT EVENTS On April 5, 2016, the Company entered into a 15 year lease with a national fitness center for the anchor space at The Grove at Winter Park located in Winter Park, Florida. The lease is for approximately 40,000 square feet, or 36%, of the 112,000 square foot multi-tenant retail center. The Company has committed to fund customary tenant improvements for the fitness center of an estimated $4.0 million, which could open as early as the fourth quarter of 2016. NOTE 21. SUBSEQUENT EVENTS (continued) On April 5, 2016, the Company sold its income property leased to American Signature Furniture located in Daytona Beach, Florida, which had 3.8 years remaining on the lease, for a sales price of approximately $5.2 million, reflecting an exit cap rate near the top end of our guidance. The Company intends to use the proceeds from this sale as part of a Section 1031 like-kind exchange for the single tenant office property in Raleigh, North Carolina that is leased to Wells Fargo Bank, N.A. The Company’s estimated gain on the sale is approximately $197,000, or $0.02 per share after tax. This property was classified as held for sale as of March 31, 2016. On April 6, 2016, the Company sold its income property leased to an affiliate of CVS, located in Sebring, Florida, which was sub-leased to Advanced Auto Parts and had approximately 3.1 years remaining on the lease, for a sales price of approximately $2.4 million, reflecting an exit cap rate above our guidance. The Company intends to use the proceeds from this sale as part of a Section 1031 like-kind exchange for the single tenant office property in Raleigh, North Carolina that is leased to Wells Fargo Bank, N.A. The Company’s estimated loss on the sale is approximately $210,000, or $0.02 per share after tax. This property was classified as held for sale as of March 31, 2016 net of the estimated loss of approximately $210,000 which was charged to earnings during the three months ended March 31, 2016. On April 13, 2016 the Company entered into a purchase and sale agreement with Land Venture Partners, LLC for the sale of its 500,000 acres of subsurface interests, all located in the state of Florida, including the royalty interests in two operating oil wells in Lee County, Florida and its interests in the oil exploration lease with Kerogen Florida Energy Company LP, for a sales price of approximately $24 million (the “Subsurface Sale”). The purchase and sale agreement contemplates a closing of the Subsurface Sale prior to year-end 2016. The Subsurface Sale, if completed, would result in an estimated gain of approximately $22.6 million, or approximately $2.40 per share, after tax. The Company intends to use the proceeds from this sale as part of a Section 1031 like-kind exchange. The closing of the Subsurface Sale is subject to customary closing conditions. There can be no assurances regarding the likelihood or timing of the Subsurface Sale being completed or the final terms thereof, including the sales price. On April 13, 2016, the Company entered into a purchase and sale agreement for the sale of approximately 600 acres of land west of Interstate 95 (the “Land Sale”) for a sales price of approximately $9 million. The land, which is adjacent to the Bayberry residential development and Champion Elementary School, was acquired by the Company in 2014 through the foreclosure of a lien and has a basis of approximately $3.6 million. The purchase and sale agreement contemplates a closing of the Land Sale by December 2016. On April 13, 2016, the Company entered into the Second Amendment the Credit Facility, with BMO acting as Administrative Agent. The Second Amendment modifies section 8.8(n) of the Credit Facility which pertains to permitted stock repurchases by the Company, by, among other things, (i) adding the gains from the sale of unimproved land, including the sale of subsurface interests or the release of surface entry rights, net of taxes incurred in connection with the sale, to the calculation of Adjusted EBITDA, as defined in the Credit Facility, for the purpose of determining the coverage ratio that must be met before the Company may repurchase shares of its own stock, and (ii) reducing the coverage ratio that must be met before the Company may repurchase shares of its own stock pursuant to section 8.8(n) from 1.75x to 1.50x. As of the date of the Second Amendment, the Company meets the required coverage ratio; therefore, subject to black-out periods and other restrictions applicable to share repurchases, the Company will be able to continue to make additional repurchases of its own common stock under its existing $10 million repurchase program. On April 15, 2016, the Company closed a $25 million non-recourse first mortgage loan with Wells Fargo Bank, N.A., secured by the Company’s income property leased to Wells Fargo Bank, N.A. located in Raleigh, North Carolina (the “Mortgage Loan”). The Mortgage Loan has a 5-year term with two years interest only and interest and a 25-year amortization for the balance of the term. The Mortgage Loan carries an effective fixed interest rate of 3.17% per annum, after the Company entered into an interest rate swap. The Mortgage Loan can be prepaid at any time subject to the termination of the interest rate swap. The Company intends to use the proceeds from this financing to pay down its Credit Facility. On April 22, 2016, the Company sold its 15,360 square foot self-developed property leased to Teledyne ODI (“Teledyne”), located in Daytona Beach, Florida, which had approximately 9.3 years remaining on the lease, for a sales price of approximately $3.0 million, reflecting an exit cap rate at the low end of our guidance. The Company’s estimated gain on the sale is approximately $822,000, or $0.09 per share after tax. This property was classified as held for sale as of March 31, 2016. On April 22, 2016, the Company entered into a purchase and sale agreement for the sale of approximately 21 acres of land east of I-95, located at the southeast corner of LPGA Boulevard & Williamson Boulevard. The purchase and sale agreement contemplates a closing of this transaction in the first quarter of 2017.

Description of Business and P31

Description of Business and Principles of Interim Statements (Policies)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016, we owned thirty-two single-tenant and nine multi-tenant income-producing properties with over 1,700,000 square feet of gross leasable space. We also own and manage a land portfolio of over 10,500 acres. As of March 31, 2016, we had four commercial loan investments including one fixed-rate and one variable–rate mezzanine loan, a variable-rate B-Note representing a secondary tranche in a commercial mortgage loan, 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 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, 2015, which provides a more complete understanding of the Company’s accounting policies, financial position, operating results, business properties, and other matters. The unaudited consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary to present fairly the financial position of the Company and the results of operations for the interim periods. The results of operations for the three months ended March 31, 2016 are not necessarily indicative of results to be expected for the year ending December 31, 2016.
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 the 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. Due to the fluctuating market conditions that 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 and commercial loans, could change materially during the time span associated with the volatility of the real estate and financial markets or as a result of a significant dislocation in those markets.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include cash on hand, bank demand accounts, and money market accounts having maturities at acquisition date of 90 days or less. The Company’s bank balances as of March 31, 2016 include certain amounts over the Federal Deposit Insurance Corporation limits.
Restricted Cash	Restricted Cash Restricted cash totaled approximately $15.2 million at March 31, 2016 of which approximately $13.6 million of cash is being held in escrow, from the sales of an income property and land, to be reinvested through the like-kind exchange structure into another income property. Approximately $219,000 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; approximately $751,000 is being held in three separate escrow accounts related to three separate land transactions of which one closed in December 2013 and two closed in December 2015; approximately $4,000 is being held by the consolidated variable interest entity in which the Company is the primary beneficiary; and approximately $626,000 is being held in a reserve primarily for certain required tenant improvements for the Lowes in Katy, Texas.
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 three months ended March 31, 2016 or 2015. During the fourth quarter of 2015, an other-than-temporary impairment was deemed to exist on a portion of the equity securities held by the Company, resulting in an impairment charge of approximately $60,000. The Company completed the disposition of its remaining position in investment securities during the three months ended March 31, 2016 resulting in a loss of approximately $576,000. 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.
Fair Value Measurements	Fair Value of Financial Instruments The carrying amounts of the Company’s financial assets and liabilities including cash and cash equivalents, restricted cash, accounts receivable, and accounts payable at March 31, 2016 and December 31, 2015, 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 March 31, 2016 and December 31, 2015, since the floating and fixed rates of the loans reasonably approximate current market rates for notes with similar risks and maturities. The total face value of the Company’s long-term debt approximates fair value at March 31, 2016 and December 31, 2015, 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.
Fair Value of Financial Instruments	Fair Value Measurements The Company’s estimates of fair value of financial and non-financial assets and liabilities is based on the framework established 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. NOTE 1. DESCRIPTION OF BUSINESS AND PRINCIPLES OF INTERIM STATEMENTS (continued) · 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.
Classification of Commercial Loan Investments	Classification of Commercial Loan Investments Loans held for investment are stated at the principal amount outstanding and include the unamortized deferred loan fees offset by any applicable unaccreted purchase discounts and origination fees, if applicable, in accordance with U.S. generally accepted accounting principles (“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 March 31, 2016 and December 31, 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 loan costs. Interest payments are accrued based on the actual coupon rate and the outstanding principal balance, and purchase discounts and loan origination fees are accreted into income using the effective yield method, adjusted for prepayments.
Impact Fees and Mitigation Credits	Impact Fees and Mitigation Credits Impact fees and mitigation credits are stated at historical cost. As these assets are sold, the related revenues and cost basis are reported as revenues from, and direct costs of, real estate operations, respectively, in the consolidated statements of operations.
Accounts Receivable	Accounts Receivable Accounts receivable related to income properties, which are classified in other assets on the consolidated balance sheets, primarily consist of tenant reimbursable expenses. Receivables related to tenant reimbursable expenses totaled approximately $295,000 and $831,000 as of March 31, 2016 and December 31, 2015, respectively. Accounts receivable related to real estate operations, which are classified in other assets on the consolidated balance sheets, totaled approximately $2.8 million and $1.3 million as of as of March 31, 2016 and December 31, 2015, respectively. These accounts receivable are related to the reimbursement of certain infrastructure costs completed by the Company in conjunction with three land sale transactions that closed during the fourth quarter of 2015 and one land sale transaction that closed during the first quarter of 2016. Trade accounts receivable primarily consist of receivables related to golf operations, which are classified in other assets on the consolidated balance sheets. Trade accounts receivable related to golf operations, which primarily consist of membership and event receivables, totaled approximately $435,000 and $253,000 as of March 31, 2016 and December 31, 2015, respectively. The collectability of the aforementioned receivables is determined based on a review of specifically identified accounts using judgments. As of as of March 31, 2016 and December 31, 2015, no allowance for doubtful accounts was required.
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 and liabilities, consisting of the value of above-market and below-market leases, the value of in-place leases, and the value of leasing costs, based in each case on their relative fair values. The 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. The fair value of the tangible assets of an acquired leased property is determined by valuing the property as if it were vacant, and the “as-if-vacant” value is then allocated to land, building and tenant improvements based on the determination of the fair values of these assets. In allocating the fair value of the identified intangible assets and liabilities of an acquired property, above-market and below-market in-place lease values are recorded as other assets or liabilities based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases, and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining term of the lease, including the probability of renewal periods. The capitalized above-market lease values are amortized as a reduction of rental income over the remaining terms of the respective leases. The capitalized below-market lease values are amortized as an increase to rental income over the initial term unless the Company believes that it is likely that the tenant will renew the option whereby the Company amortizes the value attributable to the renewal over the renewal period. The aggregate value of other acquired intangible assets, consisting of in-place leases, is measured by the excess of (i) the purchase price paid for a property after adjusting existing in-place leases to market rental rates over (ii) the estimated fair value of the property as-if-vacant, determined as set forth above. The value of in-place leases exclusive of the value of above-market and below-market in-place leases is amortized to expense over the remaining non-cancelable periods of the respective leases. If a lease were to be terminated prior to its stated expiration, all unamortized amounts relating to that lease would be written off. The value of tenant relationships is reviewed on individual transactions to determine if future value was derived from the acquisition.
Sale of Real Estate	Sales of Real Estate Gains and losses on sales of real estate are accounted for as required by the “Accounting for Sales of Real Estate” Topic of FASB Accounting Standards Codification (“FASB ASC”) FASB ASC 976-605-25. The Company recognizes revenue from the sale of real estate at the time the sale is consummated, unless the property is sold on a deferred payment plan and the initial payment does not meet established criteria, or the Company retains some form of continuing involvement in the property. For sales of real estate which we estimate would cause us to incur a loss on the transaction, we would record a provision for the loss at the time the sales contract is deemed highly probable of closing.
Adoption of New Accounting Standard	Adoption of New Accounting Standard A certain item in the prior period’s consolidated balance sheet has been reclassified to conform to the presentation as of and for the three months ended March 31, 2016. Specifically, upon the adoption of ASU 2015-03, related to simplifying the presentation of debt issuance costs effective January 1, 2016, debt issuance costs, net of accumulated amortization, are required to be presented as a direct deduction from the carrying amount of the related long-term debt liability. The amount reclassified from other assets to long-term debt was approximately $1.7 million as of December 31, 2015.
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, 2018. 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, 2019. 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 has adopted ASU 2015-03 effective January 1, 2016. The amount of unamortized debt issuance costs as of December 31, 2015 that were reclassified to be included as a direct deduction from the carrying amount of the debt liability was approximately $1.7 million. In January 2016, the FASB issued ASU 2016-01, relating to the recognition and measurement of financial assets and financial liabilities. The amendments in this update are effective for annual reporting periods beginning after December 15, 2017. The Company 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 2016-01 effective January 1, 2018. In February 2016, the FASB issued ASU 2016-02, which requires entities to recognize assets and liabilities that arise from financing and operating leases and to classify those finance and operating lease payments in the financing or operating sections, respectively, of the statement of cash flows. The amendments in this update are effective for annual reporting periods beginning after December 15, 2018. The Company is currently evaluating the provisions to determine the potential impact, if any, the adoption will have on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, which amends certain aspects of the stock-based compensation guidance. 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 2016-09 effective January 1, 2017.

Commercial Loan Investments (Ta

Commercial Loan Investments (Tables)	3 Months Ended
	Mar. 31, 2016
Receivables [Abstract]
Summary of Commercial Loan Investment Portfolio	The Company’s commercial loan investment portfolio was comprised of the following at March 31, 2016: 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 14,383,206 30-day LIBOR plus 9.00% Total $ 38,460,467 $ 38,460,467 $ 38,343,673 The Company’s commercial loan investment portfolio was comprised of the following at December 31, 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 14,371,489 30-day LIBOR plus 9.00% Total $ 38,460,467 $ 38,460,467 $ 38,331,956
Carrying Value of the Commercial Loan Investments Portfolio	NOTE 3. COMMERCIAL LOAN INVESTMENTS (continued) The carrying value of the commercial loan investment portfolio as of March 31, 2016 consisted of the following: Total Current Face Amount $ 38,460,467 Unamortized Fees 33,064 Unaccreted Origination Fees (149,858 ) Total Commercial Loan Investments $ 38,343,673 The carrying value of the commercial loan investment portfolio as of December 31, 2015 consisted of the following: Total Current Face Amount $ 38,460,467 Unamortized Fees 36,382 Unaccreted Origination Fees (164,893 ) Total Commercial Loan Investments $ 38,331,956

Land and Subsurface Interests (

Land and Subsurface Interests (Tables)	3 Months Ended
	Mar. 31, 2016
Real Estate [Abstract]
Summary of Sales within the Tomoka Town Center	Land Tract Date Closed No. of Acres Sales Price Avg. Sales Price per Acre Gain Recognized in 2015 Gain Recognized in Q1 2016 Deferred Revenue as of March 31, 2016 (1) Tanger Outlet 11/12/2015 38.93 $ 9,700,000 $ 249,165 $ 2,793,419 $ 2,791,549 $ 3,223,855 Sam's Club 12/23/2015 18.10 4,500,000 248,619 1,278,747 1,462,727 1,443,493 NADG - First Parcel 12/29/2015 37.26 5,168,335 138,710 1,421,303 1,555,240 1,791,790 NADG - Outparcel 3/30/2016 4.40 2,000,000 454,545 - 1,251,989 693,371 Total Tomoka Town Center Sales 98.69 $ 21,368,335 $ 216,520 $ 5,493,469 $ 7,061,505 $ 7,152,509 (1)
Summary of Reconciliation of the Land Transactions Closed	NOTE 4. LAND AND SUBSURFACE INTERESTS (continued) The following table provides a reconciliation of the land transactions closed (as of March 31, 2016) or under contract for all the developable parcels of the Town Center (Sales price and estimated infrastructure reimbursement presented in $000’s) and the reimbursement amounts for the Infrastructure Work from each buyer: Land Tract No. of Acres Sales Price (In $000's) Sales Price per Acre Infrastructure Reimbursement (in $000s) Tanger Outlet [Closed] (1) 38.93 $ 9,700 $ 249,165 $ 5,500 Sam's Club [Closed] (2) 18.10 4,500 248,619 1,100 NADG - First Parcel [Closed] (3) 37.26 5,168 138,710 1,800 NADG - Outparcel [Closed] (3) 4.40 2,000 454,545 211 NADG - Option Parcels (4) 81.55 20,195 247,645 3,889 Total Developable Area 180.24 41,564 230,602 12,500 Common Area (5) 54.32 N/A N/A (12,800 ) Total Town Center 234.56 $ 41,564 $ 177,199 $ (300 ) (1) (2) (3) (4) (5)
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: Lease Year Acreage (Approximate) Florida County Lease Payment (1) Drilling Penalty (1) Lease Year 1 - 9/23/2011 - 9/22/2012 136,000 Lee and Hendry $ 913,657 $ - Lease Year 2 - 9/23/2012 - 9/22/2013 136,000 Lee and Hendry 922,114 - Lease Year 3 - 9/23/2013 - 9/22/2014 82,000 Hendry 3,293,000 1,000,000 Lease Year 4 - 9/23/2014 - 9/22/2015 42,000 Hendry 1,866,146 600,000 Lease Year 5 - 9/23/2015 - 9/22/2016 25,000 Hendry 1,218,838 175,000 Total Payments Received to Date $ 8,213,755 $ 1,775,000 (1)

Investment Securities (Tables)

Investment Securities (Tables)	3 Months Ended
	Mar. 31, 2016
Investments Debt And Equity Securities [Abstract]
Summary of Available for Sale Securities	The Company had no remaining available-for-sale securities as of March 31, 2016. Available-for-Sale securities consisted of the following as of December 31, 2015: As of December 31, 2015 Cost (1) Gains in Accumulated Other Comprehensive Income Losses in Accumulated Other Comprehensive Income Estimated Fair Value (Level 1 and 2 Inputs) Debt Securities $ 843,951 $ — $ (41,451 ) $ 802,500 Total Debt Securities 843,951 - (41,451 ) 802,500 Common Stock 5,981,464 — (1,080,197 ) 4,901,267 Total Equity Securities 5,981,464 — (1,080,197 ) 4,901,267 Total Available-for-Sale Securities $ 6,825,415 $ - $ (1,121,648 ) $ 5,703,767 (1)
Summary of Recognized Gain and Losses on Sale of Investment Securities	Following is a table reflecting the sale of investment securities and the gains or losses recognized during the three months ended March 31, 2016 and 2015: For the three months ended March 31, 2016 2015 Proceeds from the Disposition of Debt Securities $ 827,738 $ — Cost Basis of Debt Securities Sold (843,951 ) — Loss recognized in Statement of Operations on the Disposition of Debt Securities $ (16,213 ) $ — Proceeds from the Disposition of Equity Securities 5,424,624 834,964 Cost Basis of Equity Securities Sold (5,983,978 ) (704,173 ) Gain (Loss) recognized in Statement of Operations on the Disposition of Equity Securities $ (559,354 ) $ 130,791 Total Gain (Loss) recognized in Statement of Operations on the Disposition of Debt and Equity Securities $ (575,567 ) $ 130,791

Fair Value of Financial Instr35

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 and December 31, 2015: March 31, 2016 December 31, 2015 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Cash and Cash Equivalents - Level 1 $ 7,371,196 $ 7,371,196 $ 4,060,677 $ 4,060,677 Restricted Cash - Level 1 15,156,505 15,156,505 14,060,523 14,060,523 Commercial Loan Investments - Level 2 38,343,673 38,460,467 38,331,956 38,460,467 Long-Term Debt - Level 2 170,798,799 175,210,485 166,796,853 172,572,305 The following table presents the fair value of assets by Level at December 31, 2015 (there were none as of March 31, 2016): Fair Value at Reporting Date Using 12/31/2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Available-for-Sale Securities Available-for-Sale Debt Securities $ 802,500 $ - $ 802,500 $ - Available-for-Sale Equity Securities 4,901,267 4,901,267 - - Total Available-for-Sale Securities 5,703,767 4,901,267 802,500 - Total $ 5,703,767 $ 4,901,267 $ 802,500 $ -

Intangible Lease Assets and L36

Intangible Lease Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2016
Goodwill And Intangible Assets Disclosure [Abstract]
Schedule of Intangible Lease Assets and Liabilities	Intangible lease assets and liabilities consisted of the following as of March 31, 2016 and December 31, 2015: As of March 31, 2016 December 31, 2015 Intangible Lease Assets: Value of In-Place Leases $ 16,896,630 $ 19,588,642 Value of Above Market In-Place Leases 1,178,878 1,469,143 Value of Intangible Leasing Costs 3,719,078 3,835,158 Sub-total Intangible Lease Assets 21,794,586 24,892,943 Accumulated Amortization (4,566,676 ) (4,805,792 ) Sub-total Intangible Lease Assets—Net 17,227,910 20,087,151 Intangible Lease Liabilities: Value of Below Market In-Place Leases (32,483,281 ) (32,315,741 ) Sub-total Intangible Lease Liabilities (32,483,281 ) (32,315,741 ) Accumulated Amortization 1,006,616 336,182 Sub-total Intangible Lease Liabilities—Net (31,476,665 ) (31,979,559 ) Total Intangible Assets and Liabilities—Net $ (14,248,755 ) $ (11,892,408 )
Summary of Estimated Amortization and Accretion of Intangible Lease Assets and Liabilities	The estimated future amortization and accretion of intangible lease assets and liabilities is as follows: Year Ending December 31, Future Amortization Expense Future Accretion to Income Property Revenue Net Future Amortization of Intangible Assets and Liabilities Remainder of 2016 $ 1,521,601 $ (1,667,404 ) $ (145,803 ) 2017 1,941,511 (2,189,685 ) (248,174 ) 2018 1,937,911 (2,191,717 ) (253,806 ) 2019 1,935,341 (2,192,911 ) (257,570 ) 2020 1,886,208 (2,192,911 ) (306,703 ) 2021 1,369,584 (2,279,897 ) (910,313 ) Thereafter 5,609,190 (17,735,576 ) (12,126,386 ) Total $ 16,201,346 $ (30,450,101 ) $ (14,248,755 )

Other Assets (Tables)

Other Assets (Tables)	3 Months Ended
	Mar. 31, 2016
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]
Components of Other Assets	Other assets consisted of the following: As of March 31, 2016 December 31, 2015 Income Property Tenant Receivables $ 295,119 $ 830,574 Income Property Straight-line Rent Adjustment 1,930,261 1,781,798 Interest Receivable from Commercial Loan Investments 229,218 155,163 Infrastructure Reimbursement Receivables 2,760,759 1,306,602 Golf Operations Receivables 435,132 253,358 Deferred Deal Costs 528,386 520,308 Prepaid Expenses, Deposits, and Other 2,339,944 1,187,021 Total Other Assets $ 8,518,819 $ 6,034,824

Common Stock and Earnings Per38

Common Stock and Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 March 31, 2015 Income Available to Common Shareholders: Net Income from Continuing Operations Attributable to Consolidated-Tomoka Land Co. $ 1,424,718 $ 353,356 Net Income from Discontinued Operations Attributable to Consolidated-Tomoka Land Co. (Net of Tax) - - Net Income Attributable to Consolidated-Tomoka Land Co. $ 1,424,718 $ 353,356 Weighted Average Shares Outstanding 5,734,884 5,826,640 Common Shares Applicable to Stock Options Using the Treasury Stock Method - 33,721 Total Shares Applicable to Diluted Earnings Per Share 5,734,884 5,860,361 Per Share Information: Basic Net Income Per Share Net Income from Continuing Operations Attributable to Consolidated-Tomoka Land Co. $ 0.25 $ 0.06 Net Income from Discontinued Operations Attributable to Consolidated-Tomoka Land Co. (Net of Tax) - - Net Income Attributable to Consolidated-Tomoka Land Co. $ 0.25 $ 0.06 Diluted Net Income per Share Net Income from Continuing Operations Attributable to Consolidated-Tomoka Land Co. $ 0.25 $ 0.06 Net Income from Discontinued Operations Attributable to Consolidated-Tomoka Land Co. (net of tax) - - Net Income Attributable to Consolidated-Tomoka Land Co. $ 0.25 $ 0.06

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	Long-term debt consisted of the following: March 31, 2016 Total Due Within One Year Credit Facility $ 42,050,000 $ — 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 70,033,267 — Loan Costs, net of accumulated amortization (1,684,468 ) — Total Long-Term Debt $ 170,798,799 $ —
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 2016 $ — 2017 — 2018 49,350,000 2019 — 2020 75,000,000 2021 — Thereafter 53,100,000 Total Long-Term Debt - Face Value $ 177,450,000
Summary of Carrying Value of Long-Term Debt	The carrying value of long-term debt as of March 31, 2016 consisted of the following: Total Current Face Amount $ 177,450,000 Unamortized Discount on Convertible Debt (4,966,733 ) Loan Costs, net of accumulated amortization (1,684,468 ) Total Long-Term Debt $ 170,798,799

Accrued and Other Liabilities (

Accrued and Other Liabilities (Tables)	3 Months Ended
	Mar. 31, 2016
Payables And Accruals [Abstract]
Summary of Accrued and Other Liabilities	Accrued and other liabilities consisted of the following: As of March 31, 2016 December 31, 2015 Golf Course Lease $ 2,509,019 $ 2,602,638 Accrued Property Taxes 627,290 40,042 Reserve for Tenant Improvements 760,060 812,493 Accrued Interest 253,785 1,195,231 Environmental Reserve and Restoration Cost Accrual 2,366,921 2,405,635 Other 643,714 1,811,880 Total Accrued and Other Liabilities $ 7,160,789 $ 8,867,919

Deferred Revenue (Tables)

Deferred Revenue (Tables)	3 Months Ended
	Mar. 31, 2016
Deferred Revenue Disclosure [Abstract]
Summary of Deferred Revenue	Deferred revenue consisted of the following: As of March 31, 2016 December 31, 2015 Deferred Oil Exploration Lease Revenue $ 582,778 $ 885,822 Deferred Land Sale Revenue 7,152,509 12,656,773 Prepaid Rent 1,029,431 907,325 Other Deferred Revenue 286,791 274,690 Total Deferred Revenue $ 9,051,509 $ 14,724,610

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2016
Summary of Stock Based Compensation Activity	A summary of activity during the three months ended March 31, 2016, is presented below: Market Condition Non-Vested Restricted Shares Shares Wtd. Grant Date Fair Value Outstanding at January 1, 2016 2,400 $ 23.42 Granted — — Vested (2,300 ) 23.42 Expired — — Forfeited (100 ) 23.42 Outstanding at March 31, 2016 - $ -
Summary of Market Condition Inducement Grant of Restricted Shares	A summary of the activity for these awards during the three months ended March 31, 2016, is presented below: Market Condition Non-Vested Restricted Shares Shares Wtd. Avg. Fair Value Outstanding at January 1, 2016 137,500 $ 30.58 Granted 4,000 38.98 Vested — — Expired — — Forfeited (72,000 ) 34.46 Outstanding at March 31, 2016 69,500 $ 27.03
Summary of Stock Based Compensation Activity for Non-Qualified Stock Option Award	A summary of the activity for the awards during the three months ended March 31, 2016, is presented below: Non-Qualified Stock Option Awards Shares Wtd. Avg. Ex. Price Wtd. Avg. Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding at January 1, 2016 116,850 $ 48.63 Granted 40,000 55.62 Exercised — — Expired — — Forfeited (40,000 ) 55.62 Outstanding at March 31, 2016 116,850 $ 48.63 6.07 $ 88,652 Exercisable at March 31, 2016 73,350 $ 44.73 1.94 $ 103,378
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 three months ended March 31, 2016 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 January 1, 2016 18,000 $ 64.69 Granted — — Exercised — — Expired (3,000 ) 67.27 Forfeited — — Outstanding at March 31, 2016 15,000 $ 64.17 1.35 $ — Exercisable at March 31, 2016 15,000 $ 64.17 1.35 $ — Stock Appreciation Rights Liability-Classified Stock Appreciation Rights Shares Wtd. Avg. Fair Value Wtd. Avg. Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding at January 1, 2016 18,000 $ 2.64 Granted — — Exercised — — Expired (3,000 ) — Forfeited — — Outstanding at March 31, 2016 15,000 $ 1.76 1.35 $ — Exercisable at March 31, 2016 15,000 $ 1.76 1.35 $ —
Assumptions Used in Determining Fair Value of Stock Options and Stock Appreciation Rights	Following are assumptions used in determining the fair value of stock options and stock appreciation rights: Assumptions at: March 31, 2016 December 31, 2015 Expected Volatility 30.57 % 29.40 % Expected Dividends 0.17 % 0.15 % Expected Term 1.3 years 1.3 years Risk-Free Rate 0.66 % 0.75 %
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 March 31, 2016 March 31, 2015 Total Cost of Share-Based Plans Charged Against Income Before Tax Effect $ 2,072,982 $ 75,352 Income Tax Expense Recognized in Income $ (163,353 ) $ (29,067 )
Three Year Vest Non-Vested Restricted Stock [Member]
Summary of Stock Based Compensation Activity	A summary of activity during the three months ended March 31, 2016, is presented below: Three Year Vest Non-Vested Restricted Shares Shares Wtd. Avg. Fair Value Per Share Outstanding at January 1, 2016 26,900 $ 49.73 Granted 21,100 44.88 Vested (10,363 ) 47.89 Expired — — Forfeited — — Outstanding at March 31, 2016 37,637 $ 47.52
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 three months ended March 31, 2016, is presented below: Non-Qualified Stock Option Awards Shares Fair Value of Shares Vested Non-Vested at January 1, 2016 88,260 Granted 40,000 Vested (44,760 ) $ 2,288,206 Expired — Forfeited (40,000 ) Non-Vested at March 31, 2016 43,500

Business Segment Data (Tables)

Business Segment Data (Tables)	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Summary of Operations in Different Segments	Information about the Company’s operations in the different segments for the three months ended March 31, 2016 and 2015 is as follows: Three Months Ended March 31, 2016 March 31, 2015 Revenues: Income Properties $ 6,429,241 $ 4,260,675 Commercial Loan Investments 881,245 631,484 Real Estate Operations 9,560,898 859,801 Golf Operations 1,464,359 1,537,426 Agriculture and Other Income 18,692 18,939 Total Revenues $ 18,354,435 $ 7,308,325 Operating Income: Income Properties $ 5,252,534 $ 3,619,829 Commercial Loan Investments 881,245 631,484 Real Estate Operations 7,303,857 261,078 Golf Operations 59,771 147,814 Agriculture and Other Income (29,359 ) (36,212 ) General and Corporate Expense (7,074,732 ) (3,130,106 ) Total Operating Income $ 6,393,316 $ 1,493,887 Depreciation and Amortization: Income Properties $ 1,981,050 $ 1,085,637 Commercial Loan Investments — — Real Estate Operations — — Golf Operations 68,649 58,776 Agriculture and Other 17,668 11,326 Total Depreciation and Amortization $ 2,067,367 $ 1,155,739 Capital Expenditures: Income Properties $ 2,730,714 $ 54,264 Commercial Loan Investments — — Real Estate Operations — — Golf Operations — 16,017 Agriculture and Other 15,867 11,072 Total Capital Expenditures $ 2,746,581 $ 81,353 As of March 31, 2016 December 31, 2015 Identifiable Assets: Income Properties $ 278,538,917 $ 277,519,902 Commercial Loan Investments 38,572,891 38,487,119 Real Estate Operations 63,574,249 59,787,157 Golf Operations 3,567,442 3,607,259 Agriculture and Other 24,001,357 24,952,207 Total Assets $ 408,254,856 $ 404,353,644

Description of Business and P44

Description of Business and Principles of Interim Statements - Additional Information (Detail)	3 Months Ended			12 Months Ended
	Mar. 31, 2016USD ($)ft²aStatePropertyBillboardLoan	Dec. 31, 2015USD ($)a	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)a	Feb. 18, 2016a	Dec. 31, 2013USD ($)	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	32
Self developed multi-tenant properties | Property	9
Gross leasable space	1,700,000	160		160	0.37
Land portfolio | a	10,500
Number of billboards leased for property | Billboard	20
Cash and cash equivalents maximum original maturity period	90 days
Restricted Cash	$ 15,156,505	$ 14,060,523		$ 14,060,523
Cash held in reserve for property taxes and insurance escrows	13,600,000
Cash held in escrow related to land transaction	219,000					$ 4,000
Number of income properties acquired | Property							2
Reserve for future interest payment	751,000
Impairment charge other-than-temporary impairments	0	60,000	$ 0	60,000
Net realized loss on investments	(575,567)		$ 130,791
Allowance for doubtful accounts	0	0		0
Amount reclassified from other assets to long-term debt		1,700,000		1,700,000
Tenant Reimbursable Expenses
Description of Business [Line Items]
Accounts receivable included in other assets	295,000	831,000		831,000
Real Estate Operations
Description of Business [Line Items]
Accounts receivable included in other assets	2,800,000	1,300,000		1,300,000
ship And Event Receivables
Description of Business [Line Items]
Accounts receivable included in other assets	$ 435,000	$ 253,000		$ 253,000
Atlanta, GA [Member]
Description of Business [Line Items]
Number of commercial mortgage loan investments | Loan	4
Katy, Texas [Member] | Reserve for Tenant Improvements [Member]
Description of Business [Line Items]
Restricted Cash	$ 626,000

Income Properties - Additional

Income Properties - Additional Information (Detail)	Mar. 28, 2016USD ($)$ / shares	Feb. 18, 2016USD ($)ft²a	Mar. 31, 2016USD ($)ft²Property	Mar. 31, 2015USD ($)	Dec. 31, 2015a	Jan. 31, 2013Property
Business Acquisition Information [Line Items]
Number of income properties acquired | Property						2
Total acquisition cost of property			$ 2,500,000
Purchase price allocated to land			1,000,000
Purchase price allocated to amortizable intangible liabilities			$ 200,000
Amortization allocated to intangible assets and liabilities, period			8 years 3 months 18 days
Area of office building acquired | ft²		4,685
Area of a real estate property		0.37	1,700,000		160
Acquisition price of real state property		$ 2,500,000
Weighted average remaining lease term		8 years 2 months 12 days
Impairment Charges			$ 209,908	$ 510,041
Sale price of property portfolio	$ 51,600,000
Mortgage loan secured by properties portfolio	23,100,000
Estimated gain on sale of properties portfolio	$ 11,400,000		$ 134,000	$ 277,000
Loss on sale of property portfolio per share after tax | $ / shares	$ 1.22
Multi-Tenant Properties [Member]
Business Acquisition Information [Line Items]
Number of income properties acquired | Property			1
Building and Building Improvements
Business Acquisition Information [Line Items]
Purchase price allocated to buildings and improvements			$ 1,600,000
Intangible Assets [Member]
Business Acquisition Information [Line Items]
Purchase price allocated to amortizable intangible assets			$ 100,000

Commercial Loan Investments - A

Commercial Loan Investments - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2016USD ($)Loan	Dec. 31, 2015USD ($)
Accounts Notes And Loans Receivable [Line Items]
Commercial loan investments, outstanding	$ 38,343,673	$ 38,331,956
Commercial Mortgage Backed Securities [Member]
Accounts Notes And Loans Receivable [Line Items]
Number of loans owned | Loan	4
Dallas, TX , Sarasota, FL, Atlanta, GA and San Juan, Puerto Rico [Member] | Commercial Mortgage Backed Securities [Member]
Accounts Notes And Loans Receivable [Line Items]
Commercial loan investments, outstanding	$ 38,500,000
Commercial loan investments, average remaining maturity	1 year 6 months
Commercial loan investments, weighted average interest rate	9.00%

Commercial Loan Investments - S

Commercial Loan Investments - Summary of Commercial Loan Investment Portfolio (Detail) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Accounts Notes And Loans Receivable [Line Items]
Original Face Amount	$ 38,460,467	$ 38,460,467
Current Face Amount	38,460,467	38,460,467
Carrying Value	$ 38,343,673	$ 38,331,956
Mezzanine [Member] | Hotel [Member] | Atlanta, GA [Member]
Accounts Notes And Loans 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 And Loans 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%
Notes Receivable [Member] | Retail Shopping Center [Member] | Sarasota, FL [Member]
Accounts Notes And Loans Receivable [Line Items]
Date of Investment	2014-05	2014-05
Maturity Date	2016-06	2016-06
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%	7.50%
Coupon Rate	30-day LIBOR plus 7.50%
First Mortgage [Member] | Hotel [Member] | San Juan, Puerto Rico [Member]
Accounts Notes And Loans Receivable [Line Items]
Date of Investment	2015-09	2015-09
Maturity Date	2018-09	2018-09
Original Face Amount	$ 14,500,000	$ 14,500,000
Current Face Amount	14,500,000	14,500,000
Carrying Value	$ 14,383,206	$ 14,371,489
Loans receivable basis spread on variable rate	9.00%	9.00%
Coupon Rate	30-day LIBOR plus 9.00%

Commercial Loan Investments - C

Commercial Loan Investments - Carrying Value of the Commercial Loan Investments Portfolio (Detail) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Receivables [Abstract]
Current Face Amount	$ 38,460,467	$ 38,460,467
Unamortized Fees	33,064	36,382
Unaccreted Origination Fees	(149,858)	(164,893)
Total Commercial Loan Investments	$ 38,343,673	$ 38,331,956

Land and Subsurface Interests -

Land and Subsurface Interests - Additional Information (Detail)	Apr. 13, 2016USD ($)a$ / shares	Mar. 30, 2016USD ($)a$ / a	Feb. 12, 2016USD ($)a$ / a	Mar. 31, 2016USD ($)ft²aCountry	Mar. 31, 2015USD ($)Transaction	Apr. 22, 2016a	Feb. 18, 2016a	Dec. 31, 2015USD ($)a
Real Estate Properties [Line Items]
Area of a real estate property				1,700,000			0.37	160
Revenue from land sold		$ 2,000,000		$ 2,200,000
Revenue per acre | $ / a		455,000
Gain (Loss) from sale of land					$ 5,440
Percentage of infrastructure work completed				66.00%
Other Assets				$ 8,518,819				$ 6,034,824
Number of land transactions | Transaction					0
Subsurface interest area of land | a				500,000
Subsurface Interest in number of countries | Country				20
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				$ 303,000	$ 460,000
Area on which royalties received | a				800
Oil royalty income recognized				$ 5,000	21,000
Payments for release of surface entry rights				$ 0	$ 2,000
Subsequent Event [Member]
Real Estate Properties [Line Items]
Area of a real estate property | a	600					21
Revenue from land sold	$ 9,000,000
Land Venture Partners, LLC [Member] | Subsequent Event [Member]
Real Estate Properties [Line Items]
Sale of subsurface interest area of land | a	500,000
Sale price of subsurface interest area of land	$ 24,000,000
Gain (loss) on sale of subsurface interest area of land after tax	$ 22,600,000
Gain (loss) on sale of subsurface interest area of land per share after tax | $ / shares	$ 2.40
Town Center Sales Agreements
Real Estate Properties [Line Items]
Area of real estate property not covered under contract | a				235
Amount of contractual obligation				$ 4,500,000
Other Assets				2,800,000				$ 1,300,000
Town Center Sales Agreements | Minimum [Member]
Real Estate Properties [Line Items]
Cost of the contract				12,500,000
Town Center Sales Agreements | Maximum [Member]
Real Estate Properties [Line Items]
Cost of the contract				$ 13,000,000
NADG - First Parcel
Real Estate Properties [Line Items]
Area of a real estate property | a				81.55
Revenue from land sold				$ 20,200,000
Daytona Beach, Florida [Member]
Real Estate Properties [Line Items]
Area of a real estate property | a				6				6
Revenue from land sold			$ 190,000
Revenue per acre | $ / a			62,000
Land [Member]
Real Estate Properties [Line Items]
Area of a real estate property | a		4.40		7.46
Gain (Loss) from sale of land		$ 1,250,000
Remaining gain (loss) from sale of land		$ 683,000
Land [Member] | Daytona Beach, Florida [Member]
Real Estate Properties [Line Items]
Area of a real estate property | a			3.06
Gain (Loss) from sale of land			$ 145,000

Land and Subsurface Interests50

Land and Subsurface Interests - Summary of Sales within the Tomoka Town Center (Detail)	Mar. 30, 2016USD ($)$ / a	Mar. 28, 2016USD ($)	Mar. 31, 2016USD ($)ft²a$ / a	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)a	Feb. 18, 2016a
Real Estate Properties [Line Items]
Area of a real estate property			1,700,000		160	0.37
Sales Price	$ 2,000,000		$ 2,200,000
Avg. Sales Price per Acre | $ / a	455,000
Gain Recognized in 2015		$ 11,400,000	$ 134,000	$ 277,000
Tanger Outlet [Member]
Real Estate Properties [Line Items]
Date Closed			Nov. 12, 2015
Area of a real estate property | a			38.93
Sales Price			$ 9,700,000
Avg. Sales Price per Acre | $ / a			249,165
Gain Recognized in 2015			$ 2,791,549		$ 2,793,419
Deferred Revenue as of March 31, 2016			$ 3,223,855
Sam’s Club [Member]
Real Estate Properties [Line Items]
Date Closed			Dec. 23, 2015
Area of a real estate property | a			18.10
Sales Price			$ 4,500,000
Avg. Sales Price per Acre | $ / a			248,619
Gain Recognized in 2015			$ 1,462,727		1,278,747
Deferred Revenue as of March 31, 2016			$ 1,443,493
NADG - First Parcel [Member]
Real Estate Properties [Line Items]
Date Closed			Dec. 29, 2015
Area of a real estate property | a			37.26
Sales Price			$ 5,168,335
Avg. Sales Price per Acre | $ / a			138,710
Gain Recognized in 2015			$ 1,555,240		1,421,303
Deferred Revenue as of March 31, 2016			$ 1,791,790
NADG - Out Parcel [Member]
Real Estate Properties [Line Items]
Date Closed			Mar. 30, 2016
Area of a real estate property | a			4.40
Sales Price			$ 2,000,000
Avg. Sales Price per Acre | $ / a			454,545
Gain Recognized in 2015			$ 1,251,989
Deferred Revenue as of March 31, 2016			$ 693,371
Tomoka Town Center [Member]
Real Estate Properties [Line Items]
Area of a real estate property | a			98.69
Sales Price			$ 21,368,335
Avg. Sales Price per Acre | $ / a			216,520
Gain Recognized in 2015			$ 7,061,505		$ 5,493,469
Deferred Revenue as of March 31, 2016			$ 7,152,509

Land and Subsurface Interests51

Land and Subsurface Interests - Summary of Sales within the Tomoka Town Center (Parenthetical) (Detail)	Mar. 31, 2016USD ($)
Real Estate Properties [Line Items]
Reimbursement on infrastructure costs	$ 1,500,000
Estimated remaining infrastructure cost	1,800,000
Tomoka Town Center [Member]
Real Estate Properties [Line Items]
Total deferred revenue	$ 7,152,509

Land and Subsurface Interests52

Land and Subsurface Interests - Summary of Reconciliation of the Land Transactions Closed (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)a$ / a
Real Estate Properties [Line Items]
Incentives from community development district	$ 4,500
Installment period for incentives repayment	10 years
Infrastructure reimbursement, equal installments	10 years
Tanger Outlet [Member]
Real Estate Properties [Line Items]
No. of Acres | a	38.93
Sales Price	$ 9,700
Sales Price per Acre | $ / a	249,165
Infrastructure Reimbursement	$ 5,500
Sam’s Club [Member]
Real Estate Properties [Line Items]
No. of Acres | a	18.10
Sales Price	$ 4,500
Sales Price per Acre | $ / a	248,619
Infrastructure Reimbursement	$ 1,100
NADG - First Parcel [Member]
Real Estate Properties [Line Items]
No. of Acres | a	37.26
Sales Price	$ 5,168
Sales Price per Acre | $ / a	138,710
Infrastructure Reimbursement	$ 1,800
NADG - Out Parcel [Member]
Real Estate Properties [Line Items]
No. of Acres | a	4.40
Sales Price	$ 2,000
Sales Price per Acre | $ / a	454,545
Infrastructure Reimbursement	$ 211
NADG - Option Parcels [Member]
Real Estate Properties [Line Items]
No. of Acres | a	81.55
Sales Price	$ 20,195
Sales Price per Acre | $ / a	247,645
Infrastructure Reimbursement	$ 3,889
Total Developable Area [Member]
Real Estate Properties [Line Items]
No. of Acres | a	180.24
Sales Price	$ 41,564
Sales Price per Acre | $ / a	230,602
Infrastructure Reimbursement	$ 12,500
Common Area [Member]
Real Estate Properties [Line Items]
No. of Acres | a	54.32
Infrastructure Reimbursement	$ (12,800)
Tomoka Town Center [Member]
Real Estate Properties [Line Items]
No. of Acres | a	234.56
Sales Price	$ 41,564
Sales Price per Acre | $ / a	177,199
Infrastructure Reimbursement	$ (300)

Land and Subsurface Interests53

Land and Subsurface Interests - Summary of Lease Payments on the Respective Acreages and Drilling Penalties Received (Detail)	3 Months Ended
	Mar. 31, 2016USD ($)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 Florida [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 Florida [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 Florida
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 Florida
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 Florida
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		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Investment sold	$ 6,800,000
Proceeds from Sale of Investment Securities	6,252,362	$ 834,964
Net realized gain loss on investments	(576,000)	117,000
Investment Securities	5,703,767	0	$ 5,703,767
Investment securities unrealized gains (losses)	(576,000)	131,000	(1,100,000)
Other Comprehensive Income Unrealized Gain (Loss) on Available-for-Sale Investment Securities, tax	210,652	144,200	$ 433,000
Other Comprehensive Income Realized Gain on Investment Securities, tax	222,025	(49,240)
Available-for-sale Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Investment securities unrealized gains (losses)	$ 546,000	374,000
Preferred Stock [Member]
Schedule of Available-for-sale Securities [Line Items]
Investment sold		704,000
Proceeds from Sale of Investment Securities		835,000
Net realized gain loss on investments		$ 131,000

Investment Securities - Summary

Investment Securities - Summary of Available for Sale Securities (Detail) - USD ($)		Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Estimated Fair Value (Level 1 and 2 Inputs)		$ 4,901,267
Cost			$ 6,825,415
Losses in Accumulated Other Comprehensive Income			(1,121,648)
Estimated Fair Value(Level 1 and 2 Inputs)		5,703,767	5,703,767	$ 0
Estimated Fair Value(Level 1 and 2 Inputs)		$ 802,500
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)			5,703,767
Equity Securities
Schedule of Available-for-sale Securities [Line Items]
Cost	[1]		5,981,464
Losses in Accumulated Other Comprehensive Income			(1,080,197)
Equity Securities | 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)			4,901,267
Debt Securities
Schedule of Available-for-sale Securities [Line Items]
Cost			843,951
Losses in Accumulated Other Comprehensive Income			(41,451)
Debt Securities | Corporate Debt Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost			843,951
Losses in Accumulated Other Comprehensive Income			(41,451)
Debt Securities | 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)			802,500
Debt Securities | Quoted Prices in Active Markets (Level 1 and 2 Inputs) [Member] | Corporate Debt Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Estimated Fair Value(Level 1 and 2 Inputs)			802,500
Common Stock [Member] | Equity Securities
Schedule of Available-for-sale Securities [Line Items]
Cost	[1]		5,981,464
Losses in Accumulated Other Comprehensive Income			(1,080,197)
Common Stock [Member] | Equity Securities | 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)			$ 4,901,267
[1]	(1) The cost basis in the common stock investment is net of an other-than-temporary impairment charge of approximately $60,000 charged to earnings through investment income in the consolidated statements of operations.

Investment Securities - Summa56

Investment Securities - Summary of Available for Sale Securities (Parenthetical) (Detail) - USD ($)	3 Months Ended			12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2015
Investments Debt And Equity Securities [Abstract]
Impairment charge other-than-temporary impairments	$ 0	$ 60,000	$ 0	$ 60,000

Investment Securities - Summa57

Investment Securities - Summary of Recognized Gain and Losses on Sale of Investment Securities (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Schedule Of Gain Loss On Investments Including Marketable Securities And Investments Held At Cost Income Statement Reported Amounts Summary [Line Items]
Proceeds from Sale of Investment Securities	$ 6,252,362	$ 834,964
Gain (Loss) recognized in Statement of Operations on the Disposition of Securities	(575,567)	130,791
Debt Securities
Schedule Of Gain Loss On Investments Including Marketable Securities And Investments Held At Cost Income Statement Reported Amounts Summary [Line Items]
Proceeds from Sale of Investment Securities	827,738
Cost Basis of Securities Sold	(843,951)
Gain (Loss) recognized in Statement of Operations on the Disposition of Securities	(16,213)
Equity Securities
Schedule Of Gain Loss On Investments Including Marketable Securities And Investments Held At Cost Income Statement Reported Amounts Summary [Line Items]
Proceeds from Sale of Investment Securities	5,424,624	834,964
Cost Basis of Securities Sold	(5,983,978)	(704,173)
Gain (Loss) recognized in Statement of Operations on the Disposition of Securities	$ (559,354)	$ 130,791

Fair Value of Financial Instr58

Fair Value of Financial Instruments - Summary of Carrying Value and Estimated Fair Value of Financial Instruments (Detail) - USD ($)	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Carrying And Estimated Fair Value Financial Instruments [Line Items]
Cash and Cash Equivalents, Carrying Value	$ 7,371,196	$ 4,060,677	$ 25,078,783	$ 1,881,195
Restricted Cash, Carrying Value	15,156,505	14,060,523
Commercial Loan Investments, Carrying Value	38,343,673	38,331,956
Long-Term Debt, Carrying Value	170,798,799	166,796,853
Level 1 [Member]
Carrying And Estimated Fair Value Financial Instruments [Line Items]
Cash and Cash Equivalents, Carrying Value	7,371,196	4,060,677
Restricted Cash, Carrying Value	15,156,505	14,060,523
Cash and Cash Equivalents, Estimated Fair Value	7,371,196	4,060,677
Restricted Cash, Estimated Fair Value	15,156,505	14,060,523
Level 2 [Member]
Carrying And Estimated Fair Value Financial Instruments [Line Items]
Commercial Loan Investments, Carrying Value	38,343,673	38,331,956
Long-Term Debt, Carrying Value	170,798,799	166,796,853
Commercial Loan Investments, Estimated Fair Value	38,460,467	38,460,467
Long-Term Debt, Estimated Fair Value	$ 175,210,485	$ 172,572,305

Fair Value of Financial Instr59

Fair Value of Financial Instruments - Summary of Fair Value of Assets by Level (Detail) - USD ($)	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015
Available-for-Sale Securities
Estimated Fair Value (Level 1 and 2 Inputs)	$ 802,500
Estimated Fair Value (Level 1 and 2 Inputs)	4,901,267
Total Available-for-Sale Securities	5,703,767	$ 5,703,767	$ 0
Total	5,703,767
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Available-for-Sale Securities
Estimated Fair Value (Level 1 and 2 Inputs)	4,901,267
Total Available-for-Sale Securities	4,901,267
Total	4,901,267
Significant Other Observable Inputs (Level 2) [Member]
Available-for-Sale Securities
Estimated Fair Value (Level 1 and 2 Inputs)	802,500
Total Available-for-Sale Securities	802,500
Total	$ 802,500

Intangible Lease Assets and L60

Intangible Lease Assets and Liabilities - Schedule of Intangible Lease Assets and Liabilities (Detail) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Acquired Indefinite-lived Intangible Assets [Line Items]
Sub-total Intangible Lease Assets	$ 21,794,586	$ 24,892,943
Accumulated Amortization	(4,566,676)	(4,805,792)
Sub-total Intangible Lease Assets—Net	17,227,910	20,087,151
Value of Below Market In-Place Leases	(32,483,281)	(32,315,741)
Sub-total Intangible Lease Liabilities	(32,483,281)	(32,315,741)
Accumulated Amortization	1,006,616	336,182
Sub-total Intangible Lease Liabilities—Net	(31,476,665)	(31,979,559)
Total	(14,248,755)	(11,892,408)
Value of In-Place Leases [Member]
Acquired Indefinite-lived Intangible Assets [Line Items]
Sub-total Intangible Lease Assets	16,896,630	19,588,642
Value of Above Market In-Place Leases [Member]
Acquired Indefinite-lived Intangible Assets [Line Items]
Sub-total Intangible Lease Assets	1,178,878	1,469,143
Value of Intangible Leasing Costs [Member]
Acquired Indefinite-lived Intangible Assets [Line Items]
Sub-total Intangible Lease Assets	$ 3,719,078	$ 3,835,158

Intangible Lease Assets and L61

Intangible Lease Assets and Liabilities - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Intangible Assets And Liabilities [Line Items]
Total amortization expense	$ 583,000	$ 422,000
Income Properties	6,429,241	$ 4,260,675
Income Properties Revenue [Member]
Intangible Assets And Liabilities [Line Items]
Income Properties	$ 607,000

Intangible Lease Assets and L62

Intangible Lease Assets and Liabilities - Summary of Estimated Amortization and Accretion of Intangible Lease Assets and Liabilities (Detail)	Mar. 31, 2016USD ($)
Goodwill And Intangible Assets Disclosure [Abstract]
Future Amortization Expense, Remainder of 2016	$ 1,521,601
Future Amortization Expense, 2017	1,941,511
Future Amortization Expense, 2018	1,937,911
Future Amortization Expense, 2019	1,935,341
Future Amortization Expense, 2020	1,886,208
Future Amortization Expense, 2021	1,369,584
Future Amortization Expense, Thereafter	5,609,190
Future Amortization Expense, Total	16,201,346
Future Accretion to Income Property Revenue, Remainder of 2016	(1,667,404)
Future Accretion to Income Property Revenue, 2017	(2,189,685)
Future Accretion to Income Property Revenue, 2018	(2,191,717)
Future Accretion to Income Property Revenue, 2019	(2,192,911)
Future Accretion to Income Property Revenue, 2020	(2,192,911)
Future Accretion to Income Property Revenue, 2021	(2,279,897)
Future Accretion to Income Property Revenue, Thereafter	(17,735,576)
Future Accretion to Income Property Revenue, Total	(30,450,101)
Net Future Amortization of Intangible Assets and Liabilities, Remainder of 2016	(145,803)
Net Future Amortization of Intangible Assets and Liabilities, 2017	(248,174)
Net Future Amortization of Intangible Assets and Liabilities, 2018	(253,806)
Net Future Amortization of Intangible Assets and Liabilities, 2019	(257,570)
Net Future Amortization of Intangible Assets and Liabilities, 2020	(306,703)
Net Future Amortization of Intangible Assets and Liabilities, 2021	(910,313)
Net Future Amortization of Intangible Assets and Liabilities, Thereafter	(12,126,386)
Net Future Amortization of Intangible Assets and Liabilities, Total	$ (14,248,755)

Impairment of Long-Lived Asse63

Impairment of Long-Lived Assets - Additional Information (Detail)	Mar. 28, 2016USD ($)	Mar. 31, 2016USD ($)Property	Mar. 31, 2015USD ($)Property
Property Plant And Equipment [Abstract]
Impairment Charges		$ 209,908	$ 510,041
Number of income properties held for sales | Property		1	2
Gain Recognized in 2015	$ 11,400,000	$ 134,000	$ 277,000
Estimated closing costs		$ 76,000	$ 233,000

Other Assets - Components of Ot

Other Assets - Components of Other Assets (Detail) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]
Income Property Tenant Receivables	$ 295,119	$ 830,574
Income Property Straight-line Rent Adjustment	1,930,261	1,781,798
Interest Receivable from Commercial Loan Investments	229,218	155,163
Infrastructure Reimbursement Receivables	2,760,759	1,306,602
Golf Operations Receivables	435,132	253,358
Deferred Deal Costs	528,386	520,308
Prepaid Expenses, Deposits, and Other	2,339,944	1,187,021
Total Other Assets	$ 8,518,819	$ 6,034,824

Common Stock and Earnings Per65

Common Stock and Earnings Per Share - Summary of Common Stock and Earnings Per Share (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Available to Common Shareholders:
Net Income from Continuing Operations Attributable to Consolidated-Tomoka Land Co.	$ 1,424,718	$ 353,356
Net Income Attributable to Consolidated-Tomoka Land Co.	$ 1,424,718	$ 353,356
Weighted Average Shares Outstanding	5,734,884	5,826,640
Common Shares Applicable to Stock
Options Using the Treasury Stock Method		33,721
Total Shares Applicable to Diluted Earnings Per Share	5,734,884	5,860,361
Per Share Information: Basic
Net Income from Continuing Operations Attributable to Consolidated-Tomoka Land Co.	$ 0.25	$ 0.06
Net Income Attributable to Consolidated-Tomoka Land Co.	0.25	0.06
Per Share Information: Diluted
Net Income from Continuing Operations Attributable to Consolidated-Tomoka Land Co.	0.25	0.06
Net Income Attributable to Consolidated-Tomoka Land Co.	$ 0.25	$ 0.06

Common Stock and Earnings Per66

Common Stock and Earnings Per Share - Additional Information (Detail) - $ / shares	Mar. 11, 2015	Mar. 31, 2016	Mar. 31, 2015
Dilutive Securities Included And Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive potentially securities		67,500	25,200
Initial conversion price per share		$ 68.90
Additional diluted outstanding shares		0	0
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%
Debt Instrument Maturity Year	2,020	2,020
Initial conversion price per share		$ 68.90

Treasury Stock - Additional Inf

Treasury Stock - Additional Information (Detail) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Nov. 30, 2008
Equity, Class of Treasury Stock [Line Items]
Number of shares purchased	188,735	159,873
Costs of shares purchased	$ 9,206,024	$ 7,866,410
Odd-Lot Buy-Back Program [Member]
Equity, Class of Treasury Stock [Line Items]
Repurchase of common stock, authorized amount					$ 8,000,000
Number of shares retired			4,660
Amount of treasury shares retired				$ 105,000
Number of shares purchased		119,403	25,836
Costs of shares purchased		$ 6,500,000	$ 928,000
Average price per share		$ 54.31	$ 35.92
New Repurchase Program [Member]
Equity, Class of Treasury Stock [Line Items]
Repurchase of common stock, authorized amount		$ 10,000,000
Costs of shares purchased	$ 1,300,000
Average price per share	$ 46.41
Number of shares repurchased	28,862

Long-Term Debt (Credit Facility

Long-Term Debt (Credit Facility) - Additional Information (Detail) - Revolving Credit Facility [Member]	3 Months Ended
	Mar. 31, 2016USD ($)
Debt Instrument [Line Items]
Line of credit facility, maturity date	Aug. 1, 2018
Line of credit facility, extension term	1 year
Line of credit facility, maximum borrowing capacity	$ 125,000,000
Line of credit facility, current borrowing capacity	$ 75,000,000
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%
Amended Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit facility, current borrowing capacity	$ 33,000,000
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)	3 Months Ended	9 Months Ended
	Mar. 31, 2016USD ($)PropertyBuilding	Sep. 30, 2014USD ($)Property	Apr. 15, 2016USD ($)	Mar. 08, 2013USD ($)	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.
Mortgage Notes Payable [Member] | Wells Fargo Mortgage Note Payable [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Mortgage Note Payable			$ 25,000,000

Long-Term Debt (Convertible Deb

Long-Term Debt (Convertible Debt) - Additional Information (Detail)	Mar. 11, 2015USD ($)	Mar. 31, 2016USD ($)$ / shares
Debt Instrument [Line Items]
Amount of loan issued		$ 177,450,000
Initial conversion price per share | $ / shares		$ 68.90
Unamortized debt discount of notes		$ 4,966,733
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%
Line of credit facility, 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	$ 5,000,000
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 ($)	Mar. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Credit Facility	$ 42,050,000
4.50% Convertible Senior Notes due 2020, net of discount	70,033,267
Loan Costs, net of accumulated amortization	(1,684,468)
Total Long-Term Debt	170,798,799	$ 166,796,853
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 72

Long-Term Debt - Schedule of Long-Term Debt (Parenthetical) (Detail) - 4.50% Convertible Senior Notes due 2020 [Member]	Mar. 11, 2015	Mar. 31, 2016
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)	Mar. 31, 2016USD ($)
Debt Disclosure [Abstract]
2,018	$ 49,350,000
2,020	75,000,000
Thereafter	53,100,000
Total Long-Term Debt - Face Value	$ 177,450,000

Long-Term Debt - Summary of Car

Long-Term Debt - Summary of Carrying Value of Long-Term Debt (Detail) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Debt Disclosure [Abstract]
Current Face Amount	$ 177,450,000
Unamortized Discount on Convertible Debt	(4,966,733)
Loan Costs, net of accumulated amortization	(1,684,468)
Total Long-Term Debt	$ 170,798,799	$ 166,796,853

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Detail) - USD ($)	Mar. 11, 2015	Mar. 31, 2016	Mar. 31, 2015
Debt Instrument [Line Items]
Interest expense		$ 1,700,000	$ 969,000
Interest paid		2,500,000	815,000
First semi annual interest payment		1,700,000
Interest capitalized		0	0
Loan Cost Amortization		102,451	72,537
Amortization of Discount on Convertible Debt		$ 273,545	$ 25,458
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 ($)	Mar. 31, 2016	Dec. 31, 2015
Payables And Accruals [Abstract]
Golf Course Lease	$ 2,509,019	$ 2,602,638
Accrued Property Taxes	627,290	40,042
Reserve for Tenant Improvements	760,060	812,493
Accrued Interest	253,785	1,195,231
Environmental Reserve and Restoration Cost Accrual	2,366,921	2,405,635
Other	643,714	1,811,880
Total Accrued and Other Liabilities	$ 7,160,789	$ 8,867,919

Accrued and Other Liabilities77

Accrued and Other Liabilities - Additional Information (Detail)	1 Months Ended	3 Months Ended	12 Months Ended
	Jul. 31, 2012USD ($)	Mar. 31, 2016USD ($)ft²	Dec. 31, 2015USD ($)a	Feb. 18, 2016a	Dec. 31, 2014USD ($)	Apr. 22, 2014USD ($)
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	$ 1,600,000
Lease term expiration year	2,022
Tenant improvements credited at closing balance		760,060	$ 812,493
Environmental reserve accrued					$ 110,000
Additional environmental reserve accrued		500,000
Environmental remediation cost		$ 131,000
Costs affiliated with wetlands mitigation permits			$ 187,500
Area of a real estate property		1,700,000	160	0.37
Environmental Reserve and Restoration Cost Accrual		$ 2,366,921	$ 2,405,635
Lowes [Member]
Accrued Liabilities [Line Items]
Tenant improvements credited at closing balance						$ 651,000
Tenant improvements		100,000
Unfunded [Member]
Accrued Liabilities [Line Items]
Tenant improvements		551,000
Minimum [Member]
Accrued Liabilities [Line Items]
Base rent payments per year	$ 250,000
Estimated additional environmental remediation costs		500,000
Environmental Reserve and Restoration Cost Accrual			$ 1,700,000
Maximum [Member]
Accrued Liabilities [Line Items]
Base rent payments per year	$ 500,000
Estimated additional environmental remediation costs		$ 1,000,000

Deferred Revenue - Summary of D

Deferred Revenue - Summary of Deferred Revenue (Detail) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Revenue Recognition [Abstract]
Deferred Oil Exploration Lease Revenue	$ 582,778	$ 885,822
Deferred Land Sale Revenue	7,152,509	12,656,773
Prepaid Rent	1,029,431	907,325
Other Deferred Revenue	286,791	274,690
Total Deferred Revenue	$ 9,051,509	$ 14,724,610

Deferred Revenue - Additional I

Deferred Revenue - Additional Information (Detail)	Mar. 30, 2016USD ($)a	Sep. 22, 2015USD ($)	Mar. 31, 2016USD ($)ft²a	Feb. 18, 2016a	Dec. 31, 2015a
Deferred Revenue Arrangement [Line Items]
Received rent payment		$ 1,200,000
Term of oil exploration lease		8 years
Lease period where payment recognized		12 months
Lease expiration year		2016-09
Area of a real estate property			1,700,000	0.37	160
Revenue from land sold	$ 2,000,000		$ 2,200,000
Land [Member]
Deferred Revenue Arrangement [Line Items]
Area of a real estate property | a	4.40		7.46
Tomoka Town Center [Member]
Deferred Revenue Arrangement [Line Items]
Area of a real estate property | a			98.69
Deferred revenue recognized from sale of land			$ 7,200,000
Revenue from land sold			$ 21,368,335
Estimated Completion Date			2016-10
Tomoka Town Center [Member] | Land [Member]
Deferred Revenue Arrangement [Line Items]
Area of a real estate property | a			98.69		98.69

Stock-Based Compensation - Equi

Stock-Based Compensation - Equity-Classified Stock Compensation (Market Condition Restricted Shares) - Additional Information (Detail) - Restricted Shares [Member]	3 Months Ended
	Mar. 31, 2016USD ($)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation cost related to market condition non-vested restricted shares	$ 0
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)	3 Months Ended
	Mar. 31, 2016$ / sharesshares
Restricted Shares [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation, Shares Outstanding, beginning balance | shares	2,400
Stock based compensation, Shares, Vested | shares	(2,300)
Stock based compensation, Shares, Forfeited | shares	(100)
Stock based compensation, Weighted Average Fair Value Per Share, beginning balance | $ / shares	$ 23.42
Stock based compensation, Weighted Average Fair Value Per Share, Vested | $ / shares	23.42
Stock based compensation, Weighted Average Fair Value Per Share, Forfeited | $ / shares	$ 23.42
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 | shares	26,900
Stock based compensation, Shares, Granted | shares	21,100
Stock based compensation, Shares, Vested | shares	(10,363)
Stock based compensation, Shares Outstanding, ending balance | shares	37,637
Stock based compensation, Weighted Average Fair Value Per Share, beginning balance | $ / shares	$ 49.73
Stock based compensation, Weighted Average Fair Value Per Share, Granted | $ / shares	44.88
Stock based compensation, Weighted Average Fair Value Per Share, Vested | $ / shares	47.89
Stock based compensation, Weighted Average Fair Value Per Share, ending balance | $ / shares	$ 47.52

Stock-Based Compensation - Eq82

Stock-Based Compensation - Equity-Classified Stock Compensation (Market Condition Grants of Restricted Shares) - Additional Information (Detail)	Feb. 26, 2016$ / sharesshares	Jan. 31, 2015shares	Mar. 31, 2016USD ($)Increment$ / sharesshares	Jun. 30, 2015Increment$ / sharesshares	Mar. 31, 2015shares	Dec. 31, 2014shares	Dec. 31, 2015USD ($)shares	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 | $ / shares	$ 75		$ 36
Restricted share award closing prices range per share, Maximum | $ / shares			$ 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 26,000 shares of restricted Company common stock outstanding from these grants 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 $75 per share for the final increment.
Restricted share award closing prices range per share, Minimum | $ / shares				$ 60
Restricted share award closing prices range per share, Maximum | $ / shares				$ 75
Restricted share award average closing prices, period				30 days
Number of increments had vested | Increment			4	0
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 | $ / shares			$ 60
Restricted share award closing prices range per share, Maximum | $ / shares			$ 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]
Stock based compensation, shares, outstanding							2,400
Stock-based compensation expense | $			$ 1,600,000				$ 676,000
Unrecognized compensation cost related to market condition non-vested restricted shares | $			$ 0
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	4,000	8,000		94,000				96,000	96,000
Stock based compensation, shares, outstanding	26,000
Stock based compensation, shares, surrendered	72,000
Stock based compensation, shares, permanently surrendered	68,000
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								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						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					3,000
Inducement Grant of Restricted Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation, Shares, Granted			4,000
Stock based compensation, shares, outstanding			69,500				137,500
Unrecognized compensation cost related to market condition non-vested restricted shares | $			$ 330,000
Weighted average period of compensation cost to be recognized			6 months

Stock-Based Compensation - Su83

Stock-Based Compensation - Summary of Market Condition Grants of Restricted Shares (Detail) - Inducement Grant of Restricted Stock [Member]	3 Months Ended
	Mar. 31, 2016$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation, Shares Outstanding, beginning balance | shares	137,500
Stock based compensation, Shares, Granted | shares	4,000
Stock based compensation, Shares, Forfeited | shares	(72,000)
Stock based compensation, Shares Outstanding, ending balance | shares	69,500
Stock based compensation, Weighted Average Fair Value Per Share, beginning balance | $ / shares	$ 30.58
Stock based compensation, Weighted Average Fair Value, Granted | $ / shares	38.98
Stock based compensation, Weighted Average Fair Value, Forfeited | $ / shares	34.46
Stock based compensation, Weighted Average Fair Value Per Share, ending balance | $ / shares	$ 27.03

Stock-Based Compensation - Eq84

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	Jan. 27, 2016	Feb. 09, 2015	Jan. 28, 2015	Jan. 22, 2014	Mar. 31, 2016
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation, Shares, Granted					21,100
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 the grantee is an employee of the Company on those dates.
Unrecognized compensation cost					$ 1.6
Weighted average period of compensation cost to be recognized					2 years 3 months 18 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
2010 Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation, Shares, Granted	21,100

Stock-Based Compensation - Eq85

Stock-Based Compensation - Equity-Classified Stock Compensation (Non-Qualified Stock Option Awards) - Additional Information (Detail) - USD ($)	Feb. 26, 2016	Jun. 29, 2015	May. 20, 2015	Feb. 09, 2015	Jan. 23, 2013	Mar. 31, 2016	Dec. 31, 2014	Dec. 31, 2012	Dec. 31, 2011
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options granted exercise price	$ 55.62
Non-Qualified Stock Option Award [Member]
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						40,000
Options granted exercise price						$ 55.62
Stock based compensation, Shares, surrendered						40,000
Weighted-average grant-date fair value of options granted						$ 13.97
Stock based compensation, Shares, Exercised						0
Unrecognized compensation cost						$ 564,000
Weighted average period of compensation cost to be recognized						2 years 1 month 6 days
Non-Qualified Stock Option Award [Member] | 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 vested on January 28, 2016.
Non-Qualified Stock Option Award [Member] | 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 vested on each of the first, second, and third anniversaries of the grant date, provided the recipient was an employee of the Company on those dates.
Non-Qualified Stock Option Award [Member] | 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.
Non-Qualified Stock Option Award [Member] | 2010 Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation, Shares, Granted					51,000
Stock based compensation, Shares, Granted		10,000
Options granted exercise price		$ 57.54
Non-Qualified Stock Option Award [Member] | 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		40,000	20,000
Options granted exercise price			$ 55.62	$ 57.50
Stock based compensation, Shares, surrendered	40,000
Non-Qualified Stock Option Award [Member] | 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
Non-Qualified Stock Option Award [Member] | 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 - Su86

Stock-Based Compensation - Summary of Stock Based Compensation Activity for Non-Qualified Stock Option Award (Detail) - USD ($)	Feb. 26, 2016	Mar. 31, 2016
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation, Weighted Average Exercise Price, Granted	$ 55.62
Non-Qualified Stock Option Award [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation, Shares Outstanding, beginning balance		116,850
Stock based compensation, Shares, Granted		40,000
Stock based compensation, Shares, Exercised		0
Stock based compensation, Shares, Forfeited		(40,000)
Stock based compensation, Shares Outstanding, ending balance		116,850
Stock based compensation, Shares, Exercisable		73,350
Stock based compensation, Weighted Average Exercise Price, beginning balance		$ 48.63
Stock based compensation, Weighted Average Exercise Price, Granted		55.62
Stock based compensation, Weighted Average Exercise Price, Forfeited		55.62
Stock based compensation, Weighted Average Exercise Price, ending balance		48.63
Stock based compensation, Weighted Average Exercise Price, Exercisable		$ 44.73
Stock based compensation, Weighted Average Remaining Contractual Term, Outstanding		6 years 26 days
Stock based compensation, Weighted Average Remaining Contractual Term, Exercisable		1 year 11 months 9 days
Stock based compensation, Aggregate Intrinsic Value, Outstanding		$ 88,652
Stock based compensation, Aggregate Intrinsic Value, Exercisable		$ 103,378

Stock-Based Compensation - Su87

Stock-Based Compensation - Summary of Non-Vested Options for Non-Qualified Stock Option Awards (Detail) - USD ($)	Feb. 26, 2016	Mar. 31, 2016
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vested	(13,200)
Non-Qualified Stock Option Award [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Non-Vested Shares, beginning balance		88,260
Granted		40,000
Vested		(44,760)
Forfeited		(40,000)
Non-Vested Shares, ending balance		43,500
Fair Value of Shares Vested		$ 2,288,206

Stock-Based Compensation - Liab

Stock-Based Compensation - Liability-Classified Stock Compensation - Additional Information (Detail) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Accrued Stock-Based Compensation	$ 75,662	$ 135,554
Stock Option [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock options exercised	0
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 Option and Stock Appreciation Rights [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Accrued Stock-Based Compensation	$ 76,000	$ 136,000
2001 Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock eligible for issuance 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]
Stock options exercised	0

Stock-Based Compensation - Su89

Stock-Based Compensation - Summary of Share Option Activity of Stock Option and Stock Appreciation Rights Under 2001 Plan (Detail) - $ / shares	Feb. 26, 2016	Mar. 31, 2016
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation, Weighted Average Exercise Price, Granted	$ 55.62
Stock Option [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation, Shares, Exercised		0
2001 Plan [Member] | Stock Option [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation, Shares Outstanding, beginning balance		18,000
Stock based compensation, Shares, Expired		(3,000)
Stock based compensation, Shares Outstanding, ending balance		15,000
Stock based compensation, Shares, Exercisable		15,000
Stock based compensation, Weighted Average Fair Value, beginning balance		$ 64.69
Stock based compensation, Weighted Average Exercise Price, Expired		67.27
Stock based compensation, Weighted Average Fair Value, ending balance		64.17
Stock based compensation, Weighted Average Fair Value, Exercisable		$ 64.17
Stock based compensation, Weighted Average Remaining Contractual Term, Outstanding		1 year 4 months 6 days
Stock based compensation, Weighted Average Remaining Contractual Term, Exercisable		1 year 4 months 6 days
2001 Plan [Member] | Stock Appreciation Rights [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation, Shares Outstanding, beginning balance		18,000
Stock based compensation, Shares, Exercised		0
Stock based compensation, Shares, Expired		(3,000)
Stock based compensation, Shares Outstanding, ending balance		15,000
Stock based compensation, Shares, Exercisable		15,000
Stock based compensation, Weighted Average Fair Value, beginning balance		$ 2.64
Stock based compensation, Weighted Average Fair Value, ending balance		1.76
Stock based compensation, Weighted Average Fair Value, Exercisable		$ 1.76
Stock based compensation, Weighted Average Remaining Contractual Term, Outstanding		1 year 4 months 6 days
Stock based compensation, Weighted Average Remaining Contractual Term, Exercisable		1 year 4 months 6 days

Stock-Based Compensation - Assu

Stock-Based Compensation - Assumptions Used in Determining Fair Value of Stock Options and Stock Appreciation Rights (Detail)	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Expected Volatility	30.57%	29.40%
Expected Dividends	0.17%	0.15%
Expected Term	1 year 3 months 18 days	1 year 3 months 18 days
Risk-Free Rate	0.66%	0.75%

Stock-Based Compensation - Reco

Stock-Based Compensation - Recognized Financial Statements for Stock Options, Stock Appreciation Rights, and Restricted Stock (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Total Cost of Share-Based Plans Charged Against Income Before Tax Effect	$ 2,072,982	$ 75,352
Income Tax Expense Recognized in Income	$ (163,353)	$ (29,067)

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - $ / shares	Feb. 26, 2016	Feb. 28, 2015	Jan. 31, 2015	Mar. 31, 2016	Jun. 30, 2015	Dec. 31, 2015	Dec. 31, 2012	Dec. 31, 2011
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares limit on compensation plan						112,000
Number of shares exceeding annual award limit	112,000
Options granted exercise price	$ 55.62
Stock based compensation, option grant vested	13,200
Restricted share award closing prices range per share, Minimum	$ 75			$ 36
January 28, 2017
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number	13,200
January 28, 2018
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number	13,600
Mr Albright [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted share award closing prices range per share, Minimum					$ 60
2010 Plan [Member] | Mr Albright [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares limit on compensation plan				50,000
Number of shares exceeding annual award limit				112,000
2010 Plan [Member] | Mr Albright [Member] | Restricted Shares [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation, Shares, Granted	4,000		8,000		94,000		96,000	96,000
2010 Plan [Member] | Mr Albright [Member] | Restricted Common Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation, Shares, Granted	4,000
2010 Plan [Member] | Mr Albright [Member] | Common Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation, Shares, Granted	40,000	20,000			40,000

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Income Taxes [Line Items]
Effective income tax rate including income taxes attributable to the discontinued operations	62.20%	38.80%
Income tax benefit related to stock compensation expense	$ 163,353	$ 29,067
Restricted Shares [Member]
Income Taxes [Line Items]
Number of common stock shares permanently surrendered	68,000
Total stock compensation expense	$ 2,300,000
Stock-based compensation expense	1,600,000		$ 676,000
Income tax benefit related to stock compensation expense	$ 0

Commitments and Contingencies (

Commitments and Contingencies (Contractual Commitments - Expenditures) - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2016USD ($)ft²a	Feb. 18, 2016a	Dec. 31, 2015USD ($)a	Apr. 22, 2014USD ($)	Dec. 31, 2013USD ($)
Loss Contingencies [Line Items]
Area of real estate property	1,700,000	0.37	160
Cash deposited related to improvements	$ 219,000				$ 4,000
Reserve for Tenant Improvements	$ 760,060		$ 812,493
Lease commitments
Lowes [Member]
Loss Contingencies [Line Items]
Reserve for Tenant Improvements				$ 651,000
Tenant improvements	$ 100,000
Unfunded [Member]
Loss Contingencies [Line Items]
Tenant improvements	$ 551,000
Construction and Other Commitment [Member]
Loss Contingencies [Line Items]
Reimbursement period of land improvement cost	5 years
Cash deposited related to improvements	$ 286,000				$ 283,500
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] | 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
Construction and Other Commitment [Member] | Williamson Crossing [Member]
Loss Contingencies [Line Items]
Area of real estate property | a	23
Construction and Other Commitment [Member] | Tomoka Town Center [Member]
Loss Contingencies [Line Items]
Area of real estate property | a	98.69
Remaining commitment	$ 2,700,000
Lease commitments	7,800,000
Construction costs incurred	5,100,000
Construction and Other Commitment [Member] | Sam’s Club [Member]
Loss Contingencies [Line Items]
Area of real estate property | a			18.10
Cash deposited related to improvements	125,000		$ 125,000
Remaining commitment	125,000
Construction and Other Commitment [Member] | Integra Land Company [Member]
Loss Contingencies [Line Items]
Area of real estate property | a			14.98
Actual cost paid for the next five years			$ 276,000
Cash deposited related to improvements			370,000
Remaining commitment	340,000
Reimbursement of Capital Expenditure Commitments			$ 94,000
Escrow Deposit Disbursements	30,000
Maximum [Member] | Construction and Other Commitment [Member]
Loss Contingencies [Line Items]
Remaining commitment	$ 691,000

Commitments and Contingencies95

Commitments and Contingencies (Contractual Commitments - Land Pipeline) - Additional Information (Detail) $ in Millions	May. 03, 2016USD ($)aBuyer	Apr. 22, 2016a	Apr. 13, 2016a	Mar. 31, 2016ft²	Feb. 18, 2016a	Dec. 31, 2015a
Loss Contingencies [Line Items]
Area of real estate property				1,700,000	0.37	160
Subsequent Event [Member]
Loss Contingencies [Line Items]
Area of real estate property		21	600
Construction and Other Commitment [Member] | Subsequent Event [Member]
Loss Contingencies [Line Items]
Number of buyers | Buyer	6
Area of real estate property	2,300
Percentage area of real estate property	22.00%
Anticipated sale proceeds | $	$ 68

Commitments and Contingencies -

Commitments and Contingencies - Minto Communities - Additional Information (Detail)	Apr. 30, 2016ft²Residential_Unit	Apr. 22, 2016a	Apr. 13, 2016a	Mar. 31, 2016ft²aProperty	Feb. 18, 2016a	Dec. 31, 2015a
Loss Contingencies [Line Items]
Area of real estate property				1,700,000	0.37	160
Definitive Sales Contracts [Member]
Loss Contingencies [Line Items]
Area of real estate property						160
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
Subsequent Event [Member]
Loss Contingencies [Line Items]
Area of real estate property		21	600
Subsequent Event [Member] | Definitive Sales Contracts [Member] | Minto Communities [Member]
Loss Contingencies [Line Items]
Number of residential units zoning and entitlements received | Residential_Unit	3,400
Area of commercial space zoning and entitlements received | ft²	215,000

Commitments and Contingencies97

Commitments and Contingencies - Tomoka Town Center - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2016USD ($)ft²a	Mar. 31, 2015USD ($)	Feb. 18, 2016a	Dec. 31, 2015a
Loss Contingencies [Line Items]
Area of a real estate property	1,700,000		0.37	160
Revenue from sales of real estate property | $	$ 9,560,898	$ 859,801
Definitive Sales Contracts [Member]
Loss Contingencies [Line Items]
Area of a real estate property | a				160
NADG - First Parcel | Definitive Sales Contracts [Member]
Loss Contingencies [Line Items]
Area of a real estate property | a	81.55
Revenue from sales of real estate property | $	$ 20,200,000

Commitments and Contingencies98

Commitments and Contingencies - Other Matters - Additional Information (Detail)	3 Months Ended		6 Months Ended	12 Months Ended
	Mar. 31, 2016USD ($)ft²a	Dec. 31, 2015USD ($)a	Mar. 31, 2016USD ($)ft²a	Dec. 31, 2015USD ($)a	Feb. 18, 2016a
Loss Contingencies [Line Items]
Area of real estate property	1,700,000	160	1,700,000	160	0.37
Costs affiliated with wetlands mitigation permits				$ 187,500
Other third party cost	$ 927,000		$ 988,000
Definitive Sales Contracts [Member]
Loss Contingencies [Line Items]
Area of real estate property | a		160		160
Adjustment to land and development accrual	0
Estimated cost of construction, current year		$ 1,700,000		$ 1,700,000
Cost of infrastructure improvements	0
Costs affiliated with wetlands mitigation permits	$ 0
Mitigation Activities [Member] | Definitive Sales Contracts [Member]
Loss Contingencies [Line Items]
Area of real estate property | a	60		60
Minimum [Member] | Definitive Sales Contracts [Member]
Loss Contingencies [Line Items]
Cost of the contract		1,700,000		1,700,000
Maximum [Member] | Definitive Sales Contracts [Member]
Loss Contingencies [Line Items]
Cost of the contract		1,900,000		$ 1,900,000
Environmental Restoration Costs [Member]
Loss Contingencies [Line Items]
Accrued Penalties	$ 0	$ 187,500

Business Segment Data - Additio

Business Segment Data - Additional Information (Detail)	3 Months Ended		12 Months Ended
	Mar. 31, 2016SegmentCommercial_LoanMortgageLoan	Mar. 31, 2015	Dec. 31, 2015
Segment Reporting Information [Line Items]
Number of operating segment | Segment	4
Number of commercial loan investments	4
Golf operation description	Our golf operations consist of a single property located in the City, with two 18-hole championship golf courses
Income Property Operations [Member] | Identifiable Assets [Member]
Segment Reporting Information [Line Items]
Concentration risk percentage	68.20%		68.60%
Income Property Operations [Member] | Consolidated Revenues [Member]
Segment Reporting Information [Line Items]
Concentration risk percentage	35.00%	58.30%
Commercial Mortgage Loan [Member]
Segment Reporting Information [Line Items]
Number of fixed-rate commercial mortgage loan investment	1
Mezzanine Loan [Member]
Segment Reporting Information [Line Items]
Number of fixed-rate commercial mortgage loan investment | MortgageLoan	1

Business Segment Data - Summary

Business Segment Data - Summary of Operations in Different Segments (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Segment Reporting Information [Line Items]
Income Properties	$ 6,429,241	$ 4,260,675
Commercial Loan Investments	881,245	631,484
Real Estate Operations	9,560,898	859,801
Golf Operations	1,464,359	1,537,426
Agriculture and Other Income	18,692	18,939
Total Revenues	18,354,435	7,308,325
Operating Income (Loss)	6,393,316	1,493,887
Depreciation and Amortization	2,067,367	1,155,739
Capital Expenditures	2,746,581	81,353
Identifiable Assets	408,254,856		$ 404,353,644
Income Properties [Member]
Segment Reporting Information [Line Items]
Operating Income (Loss)	5,252,534	3,619,829
Depreciation and Amortization	1,981,050	1,085,637
Capital Expenditures	2,730,714	54,264
Identifiable Assets	278,538,917		277,519,902
Commercial Loan Investments [Member]
Segment Reporting Information [Line Items]
Operating Income (Loss)	881,245	631,484
Identifiable Assets	38,572,891		38,487,119
Real Estate Operations [Member]
Segment Reporting Information [Line Items]
Operating Income (Loss)	7,303,857	261,078
Identifiable Assets	63,574,249		59,787,157
Golf Operations [Member]
Segment Reporting Information [Line Items]
Operating Income (Loss)	59,771	147,814
Depreciation and Amortization	68,649	58,776
Capital Expenditures		16,017
Identifiable Assets	3,567,442		3,607,259
Agriculture and Other Income [Member]
Segment Reporting Information [Line Items]
Operating Income (Loss)	(29,359)	(36,212)
Depreciation and Amortization	17,668	11,326
Capital Expenditures	15,867	11,072
Identifiable Assets	24,001,357		$ 24,952,207
General and Corporate Expense [Member]
Segment Reporting Information [Line Items]
Operating Income (Loss)	$ (7,074,732)	$ (3,130,106)

Recently Issued Accounting P101

Recently Issued Accounting Policies - Additional Information (Detail) $ in Millions	Dec. 31, 2015USD ($)
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Unamortized debt issuance costs	$ 1.7

Variable Interest Entity - Addi

Variable Interest Entity - Additional Information (Detail)	3 Months Ended	12 Months Ended
	Mar. 31, 2016USD ($)ft²a	Dec. 31, 2015USD ($)a	Feb. 18, 2016a
Variable Interest Entity [Line Items]
Area of a real estate property	1,700,000	160	0.37
Daytona Beach, Florida [Member]
Variable Interest Entity [Line Items]
Area of a real estate property | a	6	6
Percentage acquired in real estate venture		50.00%
Cash paid to acquire real estate venture		$ 5,700,000
Preferred interest rate		9.00%
Land and Development Costs	$ 11,329,574
Real estate operations with management fees	$ 6,000

Subsequent Events -Additional I

Subsequent Events -Additional Information (Detail)

Apr. 22, 2016USD ($)ft²a$ / shares

Apr. 15, 2016USD ($)

Apr. 13, 2016USD ($)a$ / shares

Apr. 06, 2016USD ($)$ / shares

Apr. 05, 2016USD ($)ft²$ / shares

Mar. 30, 2016USD ($)

Mar. 28, 2016USD ($)

Feb. 18, 2016USD ($)a

Feb. 12, 2016USD ($)

Mar. 31, 2016USD ($)ft²a

Mar. 31, 2015USD ($)

Dec. 31, 2015a

Subsequent Event [Line Items]

Area of lease | a

10,500

Weighted average remaining lease term

8 years 2 months 12 days

Gain (loss) on sale of property

$ 11,400,000

$ 134,000

$ 277,000

Area of a real estate property

0.37

1,700,000

160

Revenue from land sold

$ 2,000,000

$ 2,200,000

Acquisition price of real state property

$ 2,500,000

Wells Fargo Mortgage Note Payable [Member]

Subsequent Event [Line Items]

Mortgage loan agreement, description

The Mortgage Loan has a 5-year term with two years interest only and interest and a 25-year amortization for the balance of the term.

Daytona Beach, Florida [Member]

Subsequent Event [Line Items]

Area of a real estate property | a

6

6

Revenue from land sold

$ 190,000

Sebring, Florida [Member]

Subsequent Event [Line Items]

Gain (loss) on sale of property

$ 210,000

Subsequent Event [Member]

Subsequent Event [Line Items]

Tenant improvements

$ 4,000,000

Area of a real estate property | a

21

600

Revenue from land sold

$ 9,000,000

Acquisition price of real state property

3,600,000

Repurchase of common stock, authorized amount

$ 10,000,000

Subsequent Event [Member] | Wells Fargo Mortgage Note Payable [Member]

Subsequent Event [Line Items]

Proceeds from first mortgage bond

$ 25,000,000

Term of mortgage loan

5 years

Interest rate on mortgage loan

3.17%

Long-term debt LIBOR plus interest rate, reckoning period

30 days

Line of credit facility, basis points added to LIBOR interest rate

1.90%

Subsequent Event [Member] | Land Venture Partners, LLC [Member]

Subsequent Event [Line Items]

Sale of subsurface interest area of land | a

500,000

Sale price of subsurface interest area of land

$ 24,000,000

Gain (loss) on sale of subsurface interest area of land after tax

$ 22,600,000

Gain (loss) on sale of subsurface interest area of land per share after tax | $ / shares

$ 2.40

Subsequent Event [Member] | Winter Park, Florida [Member]

Subsequent Event [Line Items]

Area of lease | ft²

40,000

Area of land in percentage

36.00%

Lease term

15 years

Area of land multi-tenant retail center | ft²

112,000

Subsequent Event [Member] | Daytona Beach, Florida [Member]

Subsequent Event [Line Items]

Weighted average remaining lease term

9 years 3 months 18 days

3 years 9 months 18 days

Proceeds from building

$ 3,000,000

$ 5,200,000

Gain (loss) on sale of property

$ 822,000

$ 197,000

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

$ 0.09

$ 0.02

Area of building sold | ft²

15,360

Subsequent Event [Member] | Sebring, Florida [Member]

Subsequent Event [Line Items]

Weighted average remaining lease term

3 years 1 month 6 days

Proceeds from building

$ 2,400,000

Gain (loss) on sale of property

$ 210,000

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

$ 0.02