0001558370-21-002457 | 10-K | XBRL Viewer

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Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2020	Feb. 26, 2021	Jun. 30, 2020
Cover [Abstract]
Entity Central Index Key	0000023795
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2020
Document Transition Report	false
Entity File Number	001-11350
Entity Registrant Name	CTO REALTY GROWTH, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	59-0483700
Entity Address, Address Line One	1140 N. Williamson Blvd.
Entity Address, Address Line Two	Suite 140
Entity Address, City or Town	Daytona Beach
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32114
City Area Code	386
Local Phone Number	274-2202
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	CTO
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
ICFR Auditor Attestation Flag	true
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 177,365,073
Entity Listing, Par Value Per Share	$ 0.01
Entity Common Stock, Shares Outstanding		5,949,155
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Real Estate:
Total Real Estate, at cost	$ 473,121	$ 393,599
Less, Accumulated Depreciation	(30,737)	(23,008)
Real Estate-Net	442,384	370,591
Land and Development Costs	7,083	6,732
Intangible Lease Assets-Net	50,176	49,022
Assets Held for Sale-See Note 24	833	833
Investment in Joint Ventures	48,677	55,737
Investment in Alpine Income Property Trust, Inc.	30,574	38,814
Mitigation Credits	2,622	2,323
Commercial Loan and Master Lease Investments	38,320	34,625
Cash and Cash Equivalents	4,289	6,475
Restricted Cash	29,536	128,430
Refundable Income Taxes	26
Other Assets-See Note 13	11,411	9,704
Total Assets	665,931	703,286
Liabilities:
Accounts Payable	1,047	1,387
Accrued and Other Liabilities-See Note 18	9,090	5,687
Deferred Revenue-See Note 19	3,319	5,831
Intangible Lease Liabilities-Net	24,163	26,198
Liabilities Held for Sale-See Note 24	831	831
Income Taxes Payable		439
Deferred Income Taxes-Net	3,521	90,282
Long-Term Debt	273,061	287,218
Total Liabilities	315,032	417,873
Commitments and Contingencies-See Note 22
Shareholders' Equity:
Common Stock - 25,000,000 shares authorized; $1 par value, 7,310,680 shares issued and 5,915,756 shares outstanding at December 31, 2020; 6,076,813 shares issued and 4,770,454 shares outstanding at December 31, 2019	7,250	6,017
Treasury Stock - 1,394,924 shares at December 31, 2020 and 1,306,359 shares at December 31, 2019	(77,541)	(73,441)
Additional Paid-In Capital	83,183	26,690
Retained Earnings	339,917	326,073
Accumulated Other Comprehensive Income (Loss)	(1,910)	74
Total Shareholders' Equity	350,899	285,413
Total Liabilities and Shareholders' Equity	665,931	703,286
Land
Real Estate:
Total Real Estate, at cost	166,512	160,090
Building and Improvements
Real Estate:
Total Real Estate, at cost	305,614	232,752
Other Furnishings and Equipment
Real Estate:
Total Real Estate, at cost	672	733
Construction in Progress
Real Estate:
Total Real Estate, at cost	$ 323	$ 24

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2020	Dec. 31, 2019
Common Stock
Common Stock, shares authorized	25,000,000	25,000,000
Common Stock, par value (in dollars per share)	$ 1	$ 1
Common Stock, shares issued	7,310,680	6,076,813
Common Stock, shares outstanding	5,915,756	4,770,454
Treasury Stock
Treasury Stock, shares held	1,394,924	1,306,359

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues
Total Revenues	$ 56,381	$ 44,941	$ 43,658
Direct Cost of Revenues
Total Direct Cost of Revenues	(15,211)	(7,105)	(8,761)
General and Administrative Expenses	(11,567)	(9,818)	(9,785)
Impairment Charges	(9,147)
Depreciation and Amortization	(19,063)	(15,797)	(15,762)
Total Operating Expenses	(54,988)	(32,720)	(34,308)
Gain on Disposition of Assets	9,746	21,978	22,035
Gain on Extinguishment of Debt	1,141
Other Gains and Income	10,887	21,978	22,035
Total Operating Income	12,280	34,199	31,385
Investment and Other Income (Loss)	(6,432)	344	52
Interest Expense	(10,838)	(12,466)	(10,423)
Income (Loss) from Continuing Operations Before Income Tax Expense	(4,990)	22,077	21,014
Income Tax Benefit (Expense) from Continuing Operations	83,499	(5,472)	(6,025)
Income from Continuing Operations	78,509	16,605	14,989
Income from Discontinued Operations (Net of Income Tax)-See Note 24		98,368	22,179
Net Income	$ 78,509	$ 114,973	$ 37,168
Basic
Net Income from Continuing Operations (in dollars per share)	$ 16.69	$ 3.32	$ 2.72
Net Loss from Discontinued Operations (Net of Income Tax) (in dollars per share)		19.68	4.01
Basic Net Income per Share (in dollars per share)	16.69	23.03	6.76
Diluted
Net Income from Continuing Operations (in dollars per share)	16.69	3.32	2.71
Net Income from Discontinued Operations (Net of Income Tax) -Diluted (in dollars per share)		19.68	4.01
Diluted Net Income per Share (in dollars per share)	$ 16.69	$ 23.00	$ 6.72
Basic	4,704,877	4,991,656	5,495,792
Diluted	4,704,877	4,998,043	5,529,321
Dividends Declared and Paid (in dollars per share)	$ 13.88	$ 0.44	$ 0.27
Income Properties
Revenues
Total Revenues	$ 49,953	$ 41,956	$ 40,076
Direct Cost of Revenues
Total Direct Cost of Revenues	(11,988)	(7,000)	(8,170)
Depreciation and Amortization	(19,036)	(15,774)	(15,728)
Management Fee Income
Revenues
Total Revenues	2,744	304
Interest Income from Commercial Loan and Master Lease Investments
Revenues
Total Revenues	3,034	1,829	616
Real Estate Operations
Revenues
Total Revenues	650	852	2,966
Direct Cost of Revenues
Total Direct Cost of Revenues	$ (3,223)	$ (105)	$ (591)

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net Income	$ 78,509	$ 114,973	$ 37,168
Other Comprehensive Income (Loss):
Cash Flow Hedging Derivative - Interest Rate Swap (Net of Income Tax Benefit (Expense) of $0, $(0.1) million and Less Than $0.1 million, Respectively)	(1,984)	(413)	114
Total Other Comprehensive Income (Loss), Net of Income Tax	(1,984)	(413)	114
Total Comprehensive Income	$ 76,525	$ 114,560	$ 37,282

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Cash Flow Hedging Derivative - Interest Rate Swap, Income Tax	$ 0.0	$ (0.1)	$ 0.1

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock	Treasury Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Total
Balance at Dec. 31, 2017	$ 5,964	$ (22,508)	$ 22,735	$ 177,614	$ 373	$ 184,178
Increase (decrease) in shareholders' equity
Net Income				37,168		37,168
Stock Repurchase		(9,837)				(9,837)
Exercise of Stock Options	8		190			198
Vested Restricted Stock	19		(517)			(498)
Stock Issuance	4		235			239
Stock Compensation Expense from Restricted Stock Grants and Equity Classified Stock Options			1,684			1,684
Cash Dividends				(1,484)		(1,484)
Other Comprehensive Loss, Net of Income Tax					114	114
Balance at Dec. 31, 2018	5,995	(32,345)	24,327	213,298	487	211,762
Increase (decrease) in shareholders' equity
Net Income				114,973		114,973
Stock Repurchase		(41,096)				(41,096)
Vested Restricted Stock	13		(316)			(303)
Stock Issuance	9		523			532
Stock Compensation Expense from Restricted Stock Grants and Equity Classified Stock Options			2,156			2,156
Cash Dividends				(2,198)		(2,198)
Other Comprehensive Loss, Net of Income Tax					(413)	(413)
Balance at Dec. 31, 2019	6,017	(73,441)	26,690	326,073	74	285,413
Increase (decrease) in shareholders' equity
Net Income				78,509		78,509
Stock Repurchase		(4,100)				(4,100)
Equity Component of Convertible Debt			5,248			5,248
Vested Restricted Stock	24		(562)			(538)
Stock Issuance	10		503			513
Stock Compensation Expense from Restricted Stock Grants and Equity Classified Stock Options			2,308			2,308
Cash Dividends				(8,866)		(8,866)
Special Distribution - REIT Conversion ($11.98 per share)	1,199		48,996	(55,799)		(5,604)
Other Comprehensive Loss, Net of Income Tax					(1,984)	(1,984)
Balance at Dec. 31, 2020	$ 7,250	$ (77,541)	$ 83,183	$ 339,917	$ (1,910)	$ 350,899

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Common Stock
Cash Dividends (in dollars per share)	$ 1.90	$ 0.44	$ 0.27
Special Distribution (in dollars per share)	$ 11.98

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash Flow from Operating Activities:
Net Income	$ 78,509	$ 114,973	$ 37,168
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation and Amortization	19,063	15,797	16,135
Amortization of Intangible Liabilities to Income Property Revenue	(1,754)	(2,383)	(2,339)
Loan Cost Amortization	454	444	495
Amortization of Discount on Convertible Debt	1,379	1,357	1,273
Gain on Disposition of Property, Plant, and Equipment and Intangible Assets	(7,509)	(3,296)	(3,651)
Gain on Disposition of Assets Held for Sale	(2,590)	(18,697)
Gain on Sale of Equity Interest in Joint Ventures		(127,518)	(18,385)
Loss on Disposition of Commercial Loan and Master Lease Investments	353
Gain on Extinguishment of Debt	(1,141)
Impairment Charges	9,147		1,119
Discount Accretion on Commercial Loan and Master Lease Investments			(35)
Accretion of Commercial Loan and Master Lease Investments Origination Fees	(161)	(135)
Non-Cash Imputed Interest on Commercial Loan and Master Lease Investments	(428)	(218)	(29)
Deferred Income Taxes	(90,532)	35,100	12,590
Unrealized Gain on Investment Securities	8,240	(61)
Non-Cash Compensation	2,786	2,688	1,923
Decrease (Increase) in Assets:
Refundable Income Taxes	(26)	225	892
Assets Held for Sale		3,893
Land and Development Costs	(493)	(1,107)	5,477
Mitigation Credits	3,323	(1,861)	664
Other Assets	(1,802)	(3,479)	(492)
Increase (Decrease) in Liabilities:
Accounts Payable	(340)	349	(631)
Accrued and Other Liabilities	3,402	490	(4,596)
Deferred Revenue	(2,511)	(540)	245
Liabilities Held for Sale		(49)
Income Taxes Payable	(439)	439
Net Cash Provided By Operating Activities	16,930	16,411	47,823
Cash Flow from Investing Activities:
Acquisition of Property, Plant, and Equipment and Intangible Lease Assets and Liabilities	(167,811)	(150,705)	(109,394)
Acquisition of Commercial Loan and Master Lease Investments	(28,235)	(34,296)
Acquisition of Mitigation Credits	(3,621)
Acquisition of Land			(4,702)
Cash Contribution for Interest in Joint Venture	(41)	(84)	(2,137)
Proceeds from Disposition of Property, Plant, and Equipment, Net, and Assets Held for Sale	85,621	207,552	11,077
Proceeds from Sale of Equity Interests in Joint Ventures		96,132	15,300
Principal Payments Received on Commercial Loan and Master Lease Investments	22,965		11,960
Acquisition of Investment Securities		(15,500)
Net Cash Provided By (Used In) Investing Activities	(91,122)	103,099	(77,896)
Cash Flow from Financing Activities:
Proceeds from Long-Term Debt	66,640	141,500	106,300
Payments on Long-Term Debt	(72,269)	(103,073)	(55,997)
Cash Paid for Loan Fees	(2,187)	(635)	(263)
Cash Proceeds from Exercise of Stock Options and Stock Issuance			437
Cash Used to Purchase Common Stock	(4,100)	(41,096)	(9,837)
Cash Paid for Vesting of Restricted Stock	(502)	(303)	(498)
Dividends Paid	(14,470)	(2,198)	(1,484)
Net Cash Provided By (Used In) Financing Activities	(26,888)	(5,805)	38,658
Net Increase (Decrease) in Cash and Cash Equivalents	(101,080)	113,705	8,585
Cash and Cash Equivalents, Beginning of Period	134,905	21,200	12,615
Cash and Cash Equivalents, End of Period	33,825	134,905	21,200
Reconciliation of Cash to the Consolidated Balance Sheets:
Cash and Cash Equivalents	4,289	6,475	2,310
Restricted Cash	29,536	128,430	18,890
Total Cash as of December 31, 2020, 2019 and 2018, respectively	$ 33,825	$ 21,200	$ 12,615

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Supplemental Disclosure of Cash Flows:
Income taxes paid	$ 5,000	$ 2,500	$ 300
Cash Paid for Taxes, net of Refunds Received	(5,026)	(1,793)	(118)
Income taxes paid, net of refunds received	0	700	200
Cash Paid for Interest	(9,716)	(10,782)	(8,419)
Contribution of Income Properties In Exchange Of OP Units		23,253
Right-of-use Assets and Corresponding Lease Liability Recorded Upon ASC 842 Adoption		681
Convertible Note Exchange	57,359
Equity Component of Convertible Debt	5,248
Capital Expenditures Included in Accrued and Other Liabilities	1,600
Special Distribution Paid in Stock	50,194
Outstanding Principal	280,496	288,700
Cash Provided by Operating Activities		6,486	36,762
Cash Provided by Investing Activities		98,386
Lease liabilities	245	365
Supplemental disclosure of investing and financing activities
Tenant contribution			3,388
Land JV
Supplemental Disclosure of Cash Flows:
Gain on Disposition		$ 48,865
3.875% Convertible Senior Notes due 2025
Supplemental Disclosure of Cash Flows:
Outstanding Principal	$ 62,468
Land Sales \| Mitigation Bank Venture
Supplemental Disclosure of Cash Flows:
Gain on Disposition			$ 5,091

ORGANIZATION

12 Months Ended

Dec. 31, 2020

ORGANIZATION

ORGANIZATION

NOTE 1. ORGANIZATION

NATURE OF OPERATIONS

The terms “us,” “we,” “our,” and “the Company” as used in this report refer to CTO Realty Growth, Inc. together with our consolidated subsidiaries.

We are a diversified real estate operating company that was founded in 1910. We own and manage, sometimes utilizing third-party property management companies, 27 commercial real estate properties in 10 states in the United States. As of December 31, 2020, we owned 21 single-tenant and six multi-tenant income-producing properties with 2.5 million square feet of gross leasable space. See Note 25, “Subsequent Events” for information related to the income properties acquired and sold subsequent to December 31, 2020.

In addition to our income property portfolio, as of December 31, 2020, our business included the following:

Management Services:

●

A fee-based management business that is engaged in managing Alpine Income Property Trust, Inc. (“PINE”) and the entity that currently holds approximately 1,600 acres of undeveloped land in Daytona Beach, Florida (the “Land JV”), see Note 6, “Related Party Management Services Business”.

Commercial Loan and Master Lease Investments:

●

A portfolio of one commercial loan investment and two commercial properties, which are included in the 27 commercial real estate properties above, whose leases are classified as commercial loan and master lease investments.

Real Estate Operations:

●

A portfolio of subsurface mineral interests associated with 454,000 surface acres in 20 counties in the State of Florida and a portfolio of mitigation credits (see Note 25, “Subsequent Events” for information related to the subsurface acres sold subsequent to December 31, 2020);

●

A retained interest in the Land JV which is seeking to sell approximately 1,600 acres of undeveloped land in Daytona Beach, Florida; and

●

An interest in a joint venture (the “Mitigation Bank JV”) that owns a 2,500 acre parcel of land in the western part of Daytona Beach, Florida which is engaged in the operation of a mitigation bank, which, pursuant to a mitigation plan approved by the applicable state and federal authorities, produces mitigation credits that are marketed and sold to developers of land in the Daytona Beach area for the purpose of enabling the developers to obtain certain regulatory permits.

Our business also includes, as outlined above, the current value of our investment in PINE of $30.6 million, or 23.5% of the PINE’s outstanding equity, including the units of limited partnership interest (“OP Units”) we hold in Alpine Income Property OP, LP (the “Operating Partnership”), which are exchangeable into common stock of PINE on a one-for-one basis, at PINE’s election. Our investment in PINE generates investment income through the dividends distributed by PINE. In addition to the dividends we receive from PINE, our investment in PINE may benefit from any appreciation in PINE’s stock price, although no assurances can be provided that such appreciation will occur, the amount by which our investment will increase in value, or the timing thereof. Any dividends received from PINE are included in investment and other income (loss) on the accompanying consolidated statements of operations.

Discontinued Operations. The Company reports the historical financial position and results of operations of disposed businesses as discontinued operations when it has no continuing interest in the business. On October 16, 2019, the Company sold a controlling interest in its wholly owned subsidiary that held 5,300 acres of undeveloped land in Daytona Beach, Florida, hereinafter defined as the Land JV. On October 17, 2019, the Company sold its interest in the golf operations. For the years ended December 31, 2019 and 2018, the Company has reported the historical financial position and the results of operations related to the Land JV and the golf operations as discontinued operations (see Note 24, “Assets and Liabilities Held for Sale and Discontinued Operations”). The cash flows related to discontinued operations have been disclosed. There were no discontinued operations during the year ended December 31, 2020.

REIT CONVERSION

As of December 31, 2020, the Company has completed certain internal reorganization transactions necessary to begin operating in compliance with the requirements for qualification and taxation as a real estate investment trust “REIT” for U.S. federal income tax purposes under the Internal Revenue Code of 1986, as amended (the “Code”), for the taxable year ended December 31, 2020. See Item 1, “Business” for information related to the Company’s REIT conversion and related transactions.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2020

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

PRINCIPLES OF CONSOLIDATION

The consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries, and other entities in which we have a controlling interest. Any real estate entities or properties included in the consolidated financial statements have been consolidated only for the periods that such entities or properties were owned or under control by us. All inter-company balances and transactions have been eliminated in the consolidated financial statements. The Company has retained interests in the Land JV and the Mitigation Bank JV, as well as an equity investment in PINE. The Company has concluded that these entities are variable interest entities of which the Company is not the primary beneficiary and as a result, these entities are not consolidated.

SEGMENT REPORTING

ASC Topic 280, Segment Reporting, establishes standards related to the manner in which enterprises report operating segment information. The Company operates in four primary business segments including income properties, management services, commercial loan and master lease investments, and real estate operations, as further discussed within Note 23, “Business Segment Data”. The Company has no other reportable segments. The Company’s chief executive officer, who is the chief operating decision maker, reviews financial information on an aggregate basis for purposes of allocating and evaluating financial performance.

USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS

The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Among other factors, fluctuating market conditions that can exist in the national real estate markets and the volatility and uncertainty in the financial and credit markets make it possible that the estimates and assumptions, most notably those related to the Company’s investment in income properties, could change materially due to continued volatility in the real estate and financial markets, or as a result of a significant dislocation in those markets.

RECENTLY ISSUED ACCOUNTING STANDARDS

Cessation of LIBOR. In January 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2021-01 which is in response to concerns about structural risks of interbank offered rates (“IBORs”), and, particularly, the risk of cessation of the London Interbank Offered Rate (“LIBOR”), regulators in numerous jurisdictions around the world have undertaken reference rate reform initiatives to identify alternative reference

rates that are more observable or transaction based and less susceptible to manipulation. The amendments in ASU 2021-01 are effective immediately and clarify that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The Company believes it’s interest rate swaps, hereinafter described in Note 17, “Interest Rate Swaps”, meet the scope of Topic 848-10-15-3A and therefore, Company will be able to continue to apply a perfectly effective assessment method for each interest rate swap by electing the corresponding optional expedient for subsequent assessments.

Debt with Conversion and Other Options. In August 2020, the FASB issued ASU 2020-06 related to simplifying the accounting for convertible instruments by removing certain separation models for convertible instruments. Among other things, the amendments in the update also provide for improvements in the consistency in EPS calculations by amending the guidance by requiring that an entity use the if-converted method for convertible instruments. The amendments in ASU 2020-06 are effective for reporting periods beginning after December 15, 2021. The Company has not yet finalized the analysis related to the potential impact of ASU 2020-06.

Lease Modifications. In April 2020, the FASB issued interpretive guidance relating to the accounting for lease concessions provided as a result of the COVID-19 Pandemic. In this guidance, entities can elect not to apply lease modification accounting with respect to such lease concessions and, instead, treat the concession as if it was a part of the existing contract. This guidance is only applicable to lease concessions related to the COVID-19 Pandemic that do not result in a substantial increase in the rights of the lessor or the obligations of the lessee. As of and for the year ended December 31, 2020, the Company elected to not apply lease modification accounting with respect to rent deferrals as the concessions were related to the COVID-19 Pandemic and there was not a substantial increase in the lessor’s rights under the lease agreement. Accordingly, for leases in which deferred rent agreements were reached, the Company has continued to account for the lease by recognizing the normal straight-line rental income and as the deferred rents are repaid by the tenant, the straight-line receivable will be reduced. The portion of the straight-line adjustment related to the COVID-19 Pandemic concessions has been reflected separately in the Company’s statement of cash flows for the year ended December 31, 2020. With respect to rent abatement agreements, lease modification accounting applies as an extended term was a part of such agreements, accordingly the Company re-calculated straight-line rental income for such leases to recognize over the new lease term.

ASC Topic 326, Financial Instruments-Credit Losses. In June 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-13, which amends its guidance on the measurement of credit losses on financial instruments. The amendments in this update are effective for annual reporting periods beginning after December 31, 2019. ASU 2016-13 affects entities holding financial assets that are not accounted for at fair value through net income, including but not limited to, loans, trade receivables, and net investments in leases. The Company adopted the changes to FASB ASC 326, Financial Instruments-Credit Losses on January 1, 2020. The Company’s evaluation of current expected credit losses (“CECL”) resulted in a reserve of $0.3 million on the Company’s commercial loan and master lease investments portfolio during the year ended December 31, 2020. See Note 5 “Commercial Loan and Master Lease Investments” for further information.

RECLASSIFICATIONS

Certain items in the prior period’s consolidated statements of operations have been reclassified to conform to the presentation as of and for the year ended December 31, 2019. Specifically, in the fourth quarter of 2019, the Company completed the sale of its remaining land holdings through the Land JV transaction. Accordingly, the results of the real estate operations related to land sales have been classified as discontinued operations in the accompanying consolidated statements of operations for the years ended December 31, 2019 and 2018. Additionally, the identifiable assets and liabilities related to the discontinued real estate operations were reclassified as assets and liabilities held for sale as of December 31, 2019.

CASH AND CASH EQUIVALENTS

Cash and cash equivalents includes cash on hand, bank demand accounts, and money market accounts having original maturities of 90 days or less. The Company’s bank balances as of December 31, 2020 include certain amounts over the Federal Deposit Insurance Corporation limits.

RESTRICTED CASH

Restricted cash totaled $29.5 million at December 31, 2020, which is comprised of the following:

●

$26.7 million is being held in separate escrow accounts to be reinvested through the like-kind exchange structure into other income properties;

●

$2.1 million is being held in a general tenant improvement reserve account with Wells Fargo Bank, NA (“Wells Fargo”) in connection with our financing of the property located in Raleigh, NC leased to Wells Fargo (“Wells Fargo Raleigh”);

●

$0.5 million is being held in a capital replacement reserve account in connection with our financing of six income properties secured by Wells Fargo;

●

$0.1 million is being held in an escrow account in connection with the sale of the Company’s ground lease located in Daytona Beach, FL; and

●

$0.1 million is being held in an escrow account related to a separate land transaction which closed in February 2017.

INVESTMENT SECURITIES

In accordance with FASB ASC Topic 320, Investments – Debt and Equity Securities and pursuant to ASU 2016-01, effective January 1, 2018, the Company’s investments in equity securities (“Investment Securities”) are carried at fair value in the consolidated balance sheets, with the unrealized gains and losses recognized in net income. The unrealized gains and losses are included in investment income in the consolidated statements of operations.

The cost of Investment Securities sold, if any, is based on the specific identification method. Interest and dividends on Investment Securities are included in investment income in the consolidated statements of operations.

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITY

Interest Rate Swaps. During the year ended December 31, 2016, in conjunction with the variable-rate mortgage loan secured by Wells Fargo Raleigh, the Company entered into an interest rate swap to fix the interest rate (the “Wells Interest Rate Swap”).

Effective March 31, 2020, in conjunction with the variable-rate Credit Facility (hereinafter defined in Note 16, “Long-Term Debt”), the Company entered into an interest rate swap to fix the interest rate on $100.0 million of the outstanding Credit Facility balance (the “Credit Facility $100.0 Million Interest Rate Swap”). Effective August 31, 2020, the Company entered into a separate interest rate swap to fix the interest rate on an additional $50.0 million of the outstanding Credit Facility balance (the “Credit Facility $50.0 Million Interest Rate Swap”).

The Company accounts for its cash flow hedging derivatives in accordance with FASB ASC Topic 815-20, Derivatives and Hedging. Depending upon the hedge’s value at each balance sheet date, the derivatives are included in either other assets or accrued and other liabilities on the consolidated balance sheet at its fair value. On the date each interest rate swap was entered into, the Company designated the derivatives as a hedge of the variability of cash flows to be paid related to the recognized long-term debt liabilities.

The Company documented the relationship between the hedging instruments and the hedged item, as well as its risk-management objective and strategy for undertaking the hedge transactions. At the hedges’ inception, the Company formally assessed whether the derivatives that are used in hedging the transactions are highly effective in offsetting changes in cash flows of the hedged items, and we will continue to do so on an ongoing basis. As the terms of the Wells Interest Rate Swap, Credit Facility $100.0 Million Interest Rate Swap, and Credit Facility $50.0 Million Interest Rate Swap, and the associated debts are identical, both hedging instruments qualify for the shortcut method, therefore, it is assumed that there is no hedge ineffectiveness throughout the entire term of the hedging instruments.

Changes in fair value of the hedging instruments that are highly effective and designated and qualified as cash-flow hedges are recorded in other comprehensive income and loss, until earnings are affected by the variability in cash flows of the designated hedged items.

FAIR VALUE OF FINANCIAL INSTRUMENTS

The carrying amounts of the Company’s financial assets and liabilities including cash and cash equivalents, restricted cash, accounts receivable, accounts payable, and accrued and other liabilities at December 31, 2020 and 2019, approximate fair value because of the short maturity of these instruments. The carrying value of the Company’s Credit Facility as of December 31, 2020 and 2019, as defined in Note 16, “Long-Term Debt,” approximates current market rates for revolving credit arrangements with similar risks and maturities. The face value of the Company’s fixed rate commercial loan and master lease investments held as of December 31, 2020 and 2019 and the mortgage notes and convertible debt held as of December 31, 2020 and 2019 are measured at fair value based on current market rates for financial instruments with similar risks and maturities. See Note 10, “Fair Value of Financial Instruments.”

FAIR VALUE MEASUREMENTS

The Company’s estimates of fair value of financial and non-financial assets and liabilities is based on the framework established by U.S. GAAP. The framework specifies a hierarchy of valuation inputs which was established to increase consistency, clarity and comparability in fair value measurements and related disclosures. U.S. GAAP describes a fair value hierarchy based upon three levels of inputs that may be used to measure fair value, two of which are considered observable and one that is considered unobservable. The following describes the three levels:

●

Level 1 – Valuation is based upon quoted prices in active markets for identical assets or liabilities.

●

Level 2 – Valuation is based upon inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

●

Level 3 – Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include option pricing models, discounted cash flow models and similar techniques.

RECOGNITION OF INTEREST INCOME FROM COMMERCIAL LOAN AND MASTER LEASE INVESTMENTS

Interest income on commercial loan and master lease investments includes interest payments made by the borrower and the accretion of purchase discounts and loan origination fees, offset by the amortization of loan costs. Interest payments are accrued based on the actual coupon rate and the outstanding principal balance and purchase discounts and loan origination fees are accreted into income using the effective yield method, adjusted for prepayments.

MITIGATION CREDITS

Mitigation credits are stated at historical cost. As these assets are sold, the related revenues and cost basis are reported as revenues from, and direct costs of, real estate operations, respectively, in the consolidated statements of operations.

ACCOUNTS RECEIVABLE

Accounts receivable related to income properties, which are classified in other assets on the consolidated balance sheets, primarily consist of accrued tenant reimbursable expenses and other tenant receivables. Receivables related to income property tenants totaled $2.3 million and $0.5 million as of December 31, 2020 and December 31, 2019, respectively. The increase of $1.8 million is primarily attributable to an increase in accrued receivables for variable lease payments including common area maintenance, insurance, real estate taxes and other operating expenses due largely to the significant multi-tenant acquisitions during the fourth quarter of 2019 and the first quarter of 2020.

Accounts receivable related to real estate operations, which are classified in other assets on the consolidated balance sheets, totaled $1.3 million and $1.6 million as December 31, 2020 and 2019, respectively. The accounts receivable as of December 31, 2020 and 2019 are primarily related to the reimbursement of certain infrastructure costs completed by the Company in conjunction with two land sale transactions that closed during the fourth quarter of 2015 as more fully described in Note 13, “Other Assets.”

Trade accounts receivable primarily consists of receivables related to golf operations, which were classified in assets held for sale on the consolidated balance sheets as of December 31, 2018 and thereafter until the sale of the golf operations during the fourth quarter of 2019. As of December 31, 2020, $0.5 million is due from the buyer of the golf operations for the rounds surcharge the Company paid to the City of Daytona Beach.

The collectability of the aforementioned receivables shall be considered and adjusted through an allowance for credit losses pursuant to ASC 326, Financial Instruments-Credit Losses. As of December 31, 2020 and 2019, the Company recorded an allowance for doubtful accounts of $0.5 million and less than $0.1 million, respectively.

PURCHASE ACCOUNTING FOR ACQUISITIONS OF REAL ESTATE SUBJECT TO A LEASE

Investments in real estate are carried at cost less accumulated depreciation and impairment losses, if any. The cost of investments in real estate reflects their purchase price or development cost. We evaluate each acquisition transaction to determine whether the acquired asset meets the definition of a business. Under ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business, an acquisition does not qualify as a business when there is no substantive process acquired or substantially all of the fair value is concentrated in a single identifiable asset or group of similar identifiable assets or the acquisition does not include a substantive process in the form of an acquired workforce or an acquired contract that cannot be replaced without significant cost, effort or delay. Transaction costs related to acquisitions that are asset acquisitions are capitalized as part of the cost basis of the acquired assets, while transaction costs for acquisitions that are deemed to be acquisitions of a business are expensed as incurred. Improvements and replacements are capitalized when they extend the useful life or improve the productive capacity of the asset. Costs of repairs and maintenance are expensed as incurred.

In accordance with FASB guidance, the fair value of the real estate acquired with in-place leases is allocated to the acquired tangible assets, consisting of land, building and tenant improvements, and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases, the value of in-place leases, and the value of leasing costs, based in each case on their relative fair values. In allocating the fair value of the identified intangible assets and liabilities of an acquired property, above-market and below-market in-place lease values are recorded as other assets or liabilities based on the present value. The capitalized above-market lease values are amortized as a reduction of rental income over the remaining terms of the respective leases. The capitalized below-market lease values are amortized as an increase to rental income over the initial term unless the management believes that it is likely that the tenant will renew the lease upon expiration, in which case the Company amortizes the value attributable to the renewal over the renewal period. The value of in-place leases and leasing costs are amortized to expense over the remaining non-cancelable periods of the respective leases. If a lease were to be terminated prior to its stated expiration, all unamortized amounts relating to that lease would be written off.

LAND AND DEVELOPMENT COSTS

The carrying value of land and development costs includes the initial acquisition costs of land and improvements thereto. Subsurface Interests (hereinafter defined) are also included in land and development costs. These costs are allocated to properties on a relative sales value basis and are charged to costs of sales as specific properties are sold. Due to the nature of the business, land and development costs have been classified as an operating activity on the consolidated statements of cash flows.

SALES OF REAL ESTATE

Gains and losses on sales of real estate are accounted for as required by FASB ASC Topic 606, Revenue from Contracts with Customers. The Company recognizes revenue from the sales of real estate when the Company transfers the promised goods and/or services in the contract based on the transaction price allocated to the performance obligations within the contract. As market information becomes available, real estate cost basis is analyzed and recorded at the lower of cost or market.

PROPERTY, PLANT, AND EQUIPMENT

Property, plant, and equipment are stated at cost, less accumulated depreciation and amortization. Such properties are depreciated on a straight-line basis over their estimated useful lives. Renewals and betterments are capitalized to property accounts. The cost of maintenance and repairs is expensed as incurred. The cost of property retired or otherwise

disposed of, and the related accumulated depreciation or amortization, are removed from the accounts, and any resulting gain or loss is recorded in the consolidated statement of operations. The amount of depreciation of property, plant, and equipment, exclusive of amortization related to intangible assets, recognized for the years ended December 31, 2020, 2019, and 2018, was $11.3 million, $9.9 million, and $10.3 million, respectively. No interest was capitalized during the years ended December 31, 2020, 2019, or 2018.

The range of estimated useful lives for property, plant, and equipment is as follows:


Income Properties Buildings and Improvements	3 - 48	Years
Other Furnishings and Equipment	3 - 20	Years

LONG-LIVED ASSETS

The Company follows FASB ASC Topic 360-10, Property, Plant, and Equipment in conducting its impairment analyses. The Company reviews the recoverability of long-lived assets, including land and development costs, real estate held for sale, and property, plant, and equipment, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Examples of situations considered to be triggering events include: a substantial decline in operating cash flows during the period, a current or projected loss from operations, an income property not fully leased or leased at rates that are less than current market rates, and any other quantitative or qualitative events deemed significant by our management. Long-lived assets are evaluated for impairment by using an undiscounted cash flow approach, which considers future estimated capital expenditures. Impairment of long-lived assets is measured at fair value less cost to sell.

INCOME PROPERTY LEASES

The rental of the Company’s income properties are classified as operating leases. The Company recognizes lease income on these properties on a straight-line basis over the term of the lease. The periodic difference between lease income recognized under this method and contractual lease payment terms (i.e., straight-line rent) is recorded as a deferred operating lease receivable and is included in straight-line rent adjustment on the accompanying consolidated balance sheets. The Company’s leases provide for reimbursement from tenants for variable lease payments including common area maintenance, insurance, real estate taxes and other operating expenses. A portion of our variable lease payment revenue is estimated each period and is recognized as rental income in the period the recoverable costs are incurred and accrued.

OPERATING LEASE EXPENSE

The Company leases property and equipment, which are classified as operating leases. The Company recognizes lease expense on a straight-line basis over the term of the lease.

GOLF OPERATIONS

The Company previously owned the LPGA International Golf Club (the “Club”), which consists of two 18-hole golf courses and a 3-hole practice facility, a clubhouse facility, including food and beverage operations, and a fitness center. Revenues from this operation, including greens fees, cart rentals, merchandise, and food and beverage sales, were recognized at the time of sale pursuant to FASB ASC Topic 606, Revenue from Contracts with Customers. Initiation fees and membership dues were recognized over the life of the membership, pursuant to FASB ASC Topic 606, Revenue from Contracts with Customers, which was generally twelve months.

OTHER REAL ESTATE INTERESTS

From time to time, the Company will release surface entry rights related to subsurface acres owned by the Company upon request of the surface owner. The Company recognizes revenue from the release at the time the transaction is consummated, unless the right is released under a deferred payment plan and the initial payment does not meet the criteria established under FASB ASC Topic 606, Revenue from Contracts with Customers.

STOCK-BASED COMPENSATION

At the Annual Meeting of Stockholders of the Company held on April 28, 2010, the Company’s stockholders approved the Consolidated-Tomoka Land Co. 2010 Equity Incentive Plan (the “Original 2010 Plan”). At the Annual Meeting of Stockholders of the Company held on April 24, 2013, the Company’s stockholders approved an amendment and restatement of the entire Original 2010 Plan, which among other things, incorporated claw back provisions and clarified language regarding the shares available subsequent to forfeiture of any awards of restricted shares. At the Annual Meeting of Stockholders of the Company held on April 23, 2014, the Company’s stockholders approved an amendment to the Original 2010 Plan increasing the number of shares authorized for issuance by 240,000 shares, bringing the total number of shares authorized for issuance to 454,000. At the Annual Meeting of Stockholders of the Company held on April 25, 2018, the Company’s stockholders approved the Second Amended and Restated 2010 Equity Incentive Plan (the “2010 Plan”) which, among other things, increased the number of shares available thereunder to 720,000. At the Annual Meeting of Stockholders of the Company held on April 29, 2020, the Company’s stockholders approved an amendment to the 2010 Plan increasing the number of shares authorized for issuance by 175,000 shares, bringing the total number of shares authorized for issuance to 895,000. Awards under the 2010 Plan may be in the form of stock options, stock appreciation rights, restricted shares, restricted share units, performance shares, and performance units. Employees of the Company and its subsidiaries and non-employee directors may be selected by the Compensation Committee to receive awards under the 2010 Plan. The maximum number of shares of which stock awards may be granted under the 2010 Plan is 895,000 shares. No participant may receive awards during any one calendar year representing more than 50,000 shares of common stock. In no event will the number of shares of common stock issued under the plan upon the exercise of incentive stock options exceed 895,000 shares. These limits are subject to adjustments by the Compensation Committee as provided in the 2010 Plan for stock splits, stock dividends, recapitalizations, and other similar transactions or events. The 2010 Plan currently provides that it will expire on the tenth anniversary of the date that it was adopted by the Board, and that no awards will be granted under the plan after that date. All non-qualified stock option awards, restricted share awards, and performance share awards granted under the 2010 Plan were determined to be equity-based awards under FASB ASC Topic, Share-Based Payments.

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 expected term of the awards, annual dividends, and a risk-free interest rate assumption. Compensation cost is recognized over the vesting period.

The Company used a Monte Carlo simulation pricing model to determine the fair value and vesting period of the restricted share awards subject to market conditions. The determination of the fair value of market condition-based 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 requisite performance term of awards, the performance of the Company’s stock price, annual dividends, and a risk-free interest rate assumptions. Compensation cost is recognized regardless of the achievement of the market conditions, provided the requisite service period is met.

INCOME TAXES

The Company has elected to be taxed as a REIT for U.S. federal income tax purposes under the Code commencing with its taxable year ended on December 31, 2020. The Company believes that, commencing with such taxable year, it has been organized and has operated in such a manner as to qualify for taxation as a REIT under the U.S. federal income tax laws. The Company intends to continue to operate in such a manner. As a REIT, the Company will be subject to U.S. federal and state income taxation at corporate rates on its net taxable income; the Company, however, may claim a deduction for the amount of dividends paid to its stockholders. Amounts distributed as dividends by the Company will be subject to taxation at the stockholder level only. While the Company must distribute at least 90% of its REIT taxable income, determined without regard to the dividends paid deduction and excluding any net capital gain, to qualify as a REIT, the Company intends to distribute all of its net taxable income. The Company is allowed certain other non-cash deductions or adjustments, such as depreciation expense, when computing its REIT taxable income and distribution requirement. These deductions permit the Company to reduce its dividend payout requirement under U.S. federal income tax laws. Certain states may impose minimum franchise taxes. To comply with certain REIT requirements, we hold certain of our non-REIT assets and operations through taxable REIT subsidiaries (“TRSs”) and subsidiaries of TRSs, which will be subject to applicable U.S. federal, state and local corporate income tax on their taxable income. For the periods presented, the Company held a total of five TRSs subject to taxation. The Company’s TRSs will file separately as C-Corporations for the taxable year ended December 31, 2020.

The Company uses the asset and liability method to account for income taxes. Deferred income taxes result primarily from the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes (see Note 21, “Income Taxes”). In June 2006, the FASB issued additional guidance, which clarifies the accounting for uncertainty in income taxes recognized in a company’s financial statements included in income taxes. The interpretation prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The interpretation also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, and disclosure and transition. In accordance with FASB guidance included in income taxes, the Company has analyzed its various federal and state filing positions and believes that its income tax filing positions and deductions are well documented and supported. Additionally, the Company believes that its accruals for tax liabilities are adequate. Therefore, no reserves for uncertain income tax positions have been recorded pursuant to the FASB guidance.

EARNINGS PER COMMON SHARE

Basic earnings per common share is computed by dividing net income for the period by the weighted average number of shares outstanding for the period. Diluted earnings per common share are based on the assumption of the conversion of stock options using the treasury stock method at average cost for the year, see Note 14, “Common Stock and Earnings Per Share.”

CONCENTRATION OF CREDIT RISK

Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents.

The Company also has certain tenants within our income property portfolio that make up more than 10% of our geographic concentration and/or revenues, as described below:

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Square Footage Concentrations. As of December 31, 2020, a total of 11%, 12%, 17%, 20%, and 26% of the Company’s income property portfolio, based on square footage, were located in the state of Georgia, Arizona, Texas, North Carolina, and Florida, respectively. As of December 31, 2019, a total of 12%, 21%, 24%, and 28% of the Company’s income property portfolio, based on square footage, were located in the state of New Mexico, Texas, Florida, and North Carolina, respectively. Additionally, as of December 31, 2019, all of the Company’s land holdings, golf operations, and agriculture operations, were located in the state of Florida.

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Tenant Concentrations. We had one tenant, Wells Fargo, located in Raleigh, North Carolina, that accounted for 10.9%, 12.5%, and 13.5% of our total revenue during the year ended December 31, 2020, 2019 and 2018, respectively. This property also represented 18.1% of the total square footage of our income property portfolio as of December 31, 2020.

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Base Rent Concentrations. A total of 11%, 13%, 15%, and 26% of our base rent revenue during the year ended December 31, 2020 was generated from tenants located in Georgia, Arizona, North Carolina, and Florida, respectively. Additionally, more than 20% of our base rent revenue during the year ended December 31, 2020 was generated from tenants in the financial services industry including Wells Fargo, Fidelity Investments, Bank of America, and JP Morgan Chase.

REVENUE RECOGNITION

12 Months Ended

Dec. 31, 2020

REVENUE RECOGNITION

REVENUE RECOGNITION

NOTE 3. REVENUE RECOGNITION

The Company implemented FASB ASC Topic 606, Revenue from Contracts with Customers effective January 1, 2018 utilizing the modified retrospective method.

The following table summarizes the Company’s revenue from continuing operations by segment, major good and/or service, and the related timing of revenue recognition for the year ended December 31, 2020 (in thousands):


		Income Properties		Management Services		Commercial Loan and Master Lease Investments		Real Estate Operations		Total Revenues
Major Good / Service:
	Lease Revenue - Base Rent	$	37,826	$	—	$	—	$	—	$	37,826
	Lease Revenue - CAM		3,154		—		—		—		3,154
	Lease Revenue - Reimbursements		6,182		—		—		—		6,182
	Lease Revenue - Billboards		231		—		—		—		231
	Above / Below Market Lease Accretion		1,754		—		—		—		1,754
	Contributed Leased Assets Accretion		245		—		—		—		245
	Management Services		—		2,744		—		—		2,744
	Commercial Loan and Master Lease Investments		—		—		3,034		—		3,034
	Mitigation Credit Sales		—		—		—		6		6
	Subsurface Revenue - Other		—		—		—		638		638
	Fill Dirt and Other Revenue		—		—		—		6		6
	Interest and Other Revenue		561		—		—		—		561
	Total Revenues	$	49,953	$	2,744	$	3,034	$	650	$	56,381

Timing of Revenue Recognition:
	Asset/Good Transferred at a Point in Time	$	—	$	—	$	—	$	6	$	6
	Services Transferred Over Time		561		2,744		—		644		3,949
	Over Lease Term		49,392		—		—		—		49,392
	Commercial Loan and Master Lease Investments Related Revenue		—		—		3,034		—		3,034
	Total Revenues	$	49,953	$	2,744	$	3,034	$	650	$	56,381


		Income Properties		Management Services		Commercial Loan and Master Lease Investments		Real Estate Operations		Total Revenues
Major Good / Service:
	Lease Revenue - Base Rent	$	35,108	$	—	$	—	$	—	$	35,108
	Lease Revenue - CAM		1,422		—		—		—		1,422
	Lease Revenue - Reimbursements		2,759		—		—		—		2,759
	Lease Revenue - Billboards		243		—		—		—		243
	Above / Below Market Lease Accretion		2,383		—		—		—		2,383
	Contributed Leased Assets Accretion		217		—		—		—		217
	Lease Incentive Amortization		(277)		—		—		—		(277)
	Management Services		—		304		—		—		304
	Commercial Loan and Master Lease Investments		—		—		1,829		—		1,829
	Subsurface Lease Revenue		—		—		—		598		598
	Subsurface Revenue - Other		—		—		—		150		150
	Fill Dirt and Other Revenue		—		—		—		104		104
	Interest and Other Revenue		101		—		—		—		101
	Total Revenues	$	41,956	$	304	$	1,829	$	852	$	44,941

Timing of Revenue Recognition:
	Asset/Good Transferred at a Point in Time	$	—	$	—	$	—	$	254	$	254
	Services Transferred Over Time		101		304		—		—		405
	Over Lease Term		41,855		—		—		598		42,453
	Commercial Loan and Master Lease Investments Related Revenue		—		—		1,829		—		1,829
	Total Revenues	$	41,956	$	304	$	1,829	$	852	$	44,941


		Income Properties		Commercial Loan and Master Lease Investments		Real Estate Operations		Total Revenues
Major Good / Service:
	Lease Revenue - Base Rent	$	31,587	$	—	$	—	$	31,587
	Lease Revenue - CAM		2,905		—		—		2,905
	Lease Revenue - Reimbursements		2,934		—		—		2,934
	Lease Revenue - Billboards		250		—		—		250
	Above / Below Market Lease Accretion		2,339		—		—		2,339
	Contributed Leased Assets Accretion		218		—		—		218
	Lease Incentive Amortization		(302)		—		—		(302)
	Commercial Loan and Master Lease Investments		—		616		—		616
	Impact Fee and Mitigation Credit Sales		—		—		1,338		1,338
	Subsurface Lease Revenue		—		—		957		957
	Subsurface Revenue - Other		—		—		668		668
	Fill Dirt and Other Revenue		—		—		3		3
	Interest and Other Revenue		145		—		—		145
	Total Revenues	$	40,076	$	616	$	2,966	$	43,658

Timing of Revenue Recognition:
	Asset/Good Transferred at a Point in Time	$	—	$	—	$	2,009	$	2,009
	Services Transferred Over Time		145		—		—		145
	Over Lease Term		39,931		—		957		40,888
	Commercial Loan and Master Lease Investments Related Revenue		—		616		—		616
	Total Revenues	$	40,076	$	616	$	2,966	$	43,658

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

INCOME PROPERTIES

12 Months Ended

Dec. 31, 2020

INCOME PROPERTIES

INCOME PROPERTIES

NOTE 4. INCOME PROPERTIES

Leasing revenue consists of long-term rental revenue from retail, office, and commercial income properties, and billboards, which is recognized as earned, using the straight-line method over the life of each lease. Lease payments below include straight-line base rental revenue as well as the non-cash accretion of above and below market lease amortization.

The components of leasing revenue are as follows (in thousands):


	Year Ended December 31,
	2020		2019		2018
Leasing Revenue
Lease Payments	$	39,825	$	37,431	$	33,842
Variable Lease Payments		10,128		4,525		6,234
Total Leasing Revenue	$	49,953	$	41,956	$	40,076

Minimum future base rental revenue on non-cancelable leases subsequent to December 31, 2020, for the next five years ended December 31 are summarized as follows (in thousands):


Year Ending December 31,	Amounts
2021	$	38,395
2022		37,053
2023		34,622
2024		31,476
2025		30,742
2026 and thereafter (cumulative)		376,917
Total	$	549,205

2020 Acquisitions. During the year ended December 31, 2020, the Company acquired two multi-tenant income properties and two single-tenant income properties for an aggregate purchase price of $185.1 million, or a total acquisition cost of $185.7 million, which includes capitalized acquisition costs. Of the total acquisition cost, $50.0 million was allocated to land, $94.6 million was allocated to buildings and improvements, $21.9 million was allocated to intangible assets pertaining to the in-place lease value, leasing costs, and above market lease value, and $1.8 million was allocated to intangible liabilities for the below market lease value. The remaining $21.0 million was classified as a commercial loan investment, see below in addition to Note 5, “Commercial Loan and Master Lease Investments.” The weighted average amortization period for the intangible assets and liabilities was 4.5 years at acquisition.

The properties acquired during the year ended December 31, 2020 are described below:


Tenant Description	Tenant Type	Property Location	Date of Acquisition	Property Square-Feet	Purchase Price ($000's)		Percentage Leased at Acquisition	Remaining Lease Term at Acquisition Date (in years)
Crossroads Towne Center	Multi-Tenant	Chandler, AZ	01/24/20	254,109	$	61,800	99%	5.0
Ashford Lane	Multi-Tenant	Atlanta, GA	02/21/20	268,572		75,435	80%	3.6
Ford Motor Credit	Single-Tenant	Tampa, FL	08/21/20	120,500		26,900	100%	5.6
Master Tenant - Hialeah ⁽¹⁾	Single-Tenant	Hialeah, FL	09/25/20	108,029		21,000	100%	25.0
		Total / Weighted Average		751,210	$	185,135		6.5

⁽¹⁾

The lease with the Master Tenant – Hialeah (“Master Tenant – Hialeah Lease”) includes three tenant repurchase options. Pursuant to FASB ASC Topic 842, Leases, the $21.0 million investment has been recorded in the accompanying consolidated balance sheet as of December 31, 2020 as a commercial loan and master lease investment.

See Note 25, “Subsequent Events” for information related to the multi-tenant income property acquired subsequent to December 31, 2020.

2020 Dispositions. During the year ended December 31, 2020, the Company sold 11 income properties and one vacant land parcel for total disposition volume of $86.5 million. The sale of the properties generated a gain of $8.6 million. In addition to the income property and vacant land parcel dispositions, the Company sold eight of its remaining nine billboard sites for a sales price of $1.5 million, resulting in a gain equal to the sales price. See Note 25, “Subsequent Events” for information related to the single-tenant income properties sold subsequent to December 31, 2020.

The income properties disposed of during the year ended December 31, 2020 are described below:


Tenant Description	Tenant Type	Date of Disposition	Sales Price ($000's)		Gain (Loss) on Sale ($000's)		EPS, After Tax
CVS, Dallas, TX	Single-Tenant	04/24/20	$	15,222	$	854	$	0.14
Wawa, Daytona Beach, FL	Single-Tenant	04/29/20		6,002		1,769		0.29
JPMorgan Chase Bank, Jacksonville, FL	Single-Tenant	06/18/20		6,715		959		0.15
7-Eleven, Dallas, TX	Multi-Tenant	06/26/20		2,400		(46)		(0.01)
Bank of America, Monterey, CA	Single-Tenant	06/29/20		9,000		3,892		0.63
Wawa, Jacksonville, FL	Single-Tenant	07/23/20		7,143		246		0.04
Carrabbas, Austin, TX	Single-Tenant	08/05/20		2,555		(84)		(0.01)
PDQ, Jacksonville, FL	Single-Tenant	09/08/20		2,540		128		0.02
Macaroni Grill, Arlington, TX	Single-Tenant	10/13/20		2,500		68		0.01
Aspen Development, Aspen, CO	Single-Tenant	12/21/20		28,500		501		0.11
Outback, Austin, TX	Single-Tenant	12/23/20		3,402		222		0.07
Total / Weighted Average			$	85,979	$	8,509	$	1.44

Operational Activities. During the three months ended September 30, 2020, the Company commenced rebranding and repositioning efforts on its 269,000-square foot Perimeter Place retail center in Atlanta, Georgia. As part of the rebranding efforts, the Company relaunched the property as Ashford Lane. The revitalized property will include a redesign of the existing public areas to provide more green space, a series of outreach and marketing campaigns to drive engagement and brand awareness, and a focused effort on leasing the existing vacancy with new, complimentary tenants that will deliver an improved experience for the community.

2019 Acquisitions. During the year ended December 31, 2019, the Company acquired ten single-tenant income properties and one multi-tenant income property, for an aggregate purchase price of $164.7 million, or an aggregate acquisition cost of $165.7 million including capitalized acquisition costs. Of the total acquisition cost, $45.6 million was allocated to land, $83.5 million was allocated to buildings and improvements, $23.4 million was allocated to intangible assets pertaining to the in-place lease value, leasing fees and above market lease value, and $3.1 million was allocated to intangible liabilities for the below market lease value. The remaining $16.3 million was classified as a commercial loan investment as described in Note 5, “Commercial Loan and Master Lease Investments.” The weighted average amortization period for the intangible assets and liabilities was 9.7 years at acquisition.

2019 Dispositions. Twenty-one single-tenant income properties were disposed of during the year ended December 31, 2019 as follows:

●

On November 26, 2019, as part of PINE’s initial public offering (the “IPO”), the Company sold or contributed 20 single-tenant net-leased income properties to PINE and its operating partnership (the “Alpine OP”) for aggregate cash consideration of $125.9 million for 15 of the properties and an aggregate of 1,223,854 of the Alpine OP (“OP Units”) for 5 of the properties, with the OP Units having an initial value of $23.3 million, based on Alpine’s IPO price, resulting in a gain of $1.0 million, or $0.16 per share, after tax (the “PINE Income Property Sale Transactions”).

In addition to investing in PINE by way of receipt of the OP Units, the Company invested $15.5 million of cash in PINE at its IPO, receiving 815,790 shares of PINE’s common stock. In aggregate, the Company owns 2.04 million shares of PINE, or 22.3% of its total initial shares outstanding.

●

On August 7, 2019, the Company sold its 1.56-acre outparcel subject to a ground lease with Wawa located in Winter Park, Florida for $2.8 million (the “Wawa Sale”). The property is an outparcel to the Grove at Winter Park which the Company sold in May 2019. The gain on the Wawa Sale totaled $2.1 million, or $0.33 per share, after tax.

Additionally, three multi-tenant income properties, which were classified in Assets Held for Sale as of December 31, 2018, were disposed of during the year ended December 31, 2019 (the “Multi-Tenant Dispositions”) as described below.

●

On June 24, 2019, the Company sold its 76,000 square foot multi-tenant retail property located in Santa Clara, California for $37.0 million (the “Peterson Sale”). The gain on the Peterson Sale totaled $9.0 million, or $1.36 per share, after tax.

●

On May 23, 2019, the Company sold its 112,000 square foot multi-tenant retail property, anchored by a 24 Hour Fitness, located in Winter Park, Florida for $18.3 million (the “Grove Sale”). The gain on the Grove Sale totaled $2.8 million, or $0.42 per share, after tax.

●

On February 21, 2019, the Company sold its 59,000 square foot multi-tenant retail property, anchored by a Whole Foods Market retail store, located in Sarasota, Florida for $24.6 million (the “Whole Foods Sale”). The gain on the Whole Foods Sale totaled $6.9 million, or $0.96 per share, after tax.

2019 Leasing Activity. On July 16, 2019, the Company entered into a lease termination agreement (the “Termination Agreement”) with Cocina 214, the tenant of one of the Company’s beachfront restaurant properties located in Daytona Beach, Florida. Pursuant to the Termination Agreement, the Company agreed to fund Cocina 214 $1.0 million of their original contribution towards the completion of the building and tenant improvements and other personal property as described in Note 19, “Deferred Revenue.” Additionally, pursuant to the Termination Agreement, the Company collected the balance of unpaid rent totaling $0.3 million that was due through the date Cocina 214 vacated the property. Accordingly, the Company made a net payment to Cocina 214 of $0.7 million in August 2019.

On July 18, 2019, the Company entered into a lease agreement with Broken Hook, LLC to operate the beachfront restaurant as Crabby’s Oceanside Daytona Beach (the “Crabby’s Lease”). The Crabby’s Lease commenced on August 4, 2019 with rent commencing on August 26, 2019 and has an original lease term of ten years with four five-year renewal options.

2018 Acquisitions. During the year ended December 31, 2018, the Company acquired eleven single-tenant income properties, for an aggregate purchase price of $106.6 million, or an aggregate acquisition cost of $107.8 million including capitalized acquisition costs. Of the total acquisition cost, $47.9 million was allocated to land, $45.6 million was allocated to buildings and improvements, $15.6 million was allocated to intangible assets pertaining to the in-place lease value, leasing fees and above market lease value, and $1.3 million was allocated to intangible liabilities for the below market lease value. The weighted average amortization period for the intangible assets and liabilities was 13.2 years at acquisition.

2018 Dispositions. Four income properties were disposed of during the year ended December 31, 2018. On March 26, 2018, the Company sold its four self-developed, multi-tenant office properties located in Daytona Beach, Florida, for $11.4 million. The sale included the 22,012 square-foot Concierge office building, the 30,720 square-foot Mason Commerce Center comprised of two office buildings, and the 15,360 square-foot Williamson Business Park office building. The gain on the sale totaled $3.7 million, or $0.49 per share, after tax. The Company utilized the proceeds to fund a portion of the previously acquired income property located near Portland, Oregon, leased to Wells Fargo, through a reverse 1031 like-kind exchange structure. As part of the transaction, the Company entered into a lease of its 7,600 square-foot office space in Williamson Business Park for 5 years at a market rental rate.

COMMERCIAL LOAN AND MASTER LEASE INVESTMENTS

12 Months Ended

Dec. 31, 2020

COMMERCIAL LOAN AND MASTER LEASE INVESTMENTS

COMMERCIAL LOAN AND MASTER LEASE INVESTMENTS

NOTE 5. COMMERCIAL LOAN AND MASTER LEASE INVESTMENTS

Our investments in commercial loans or similar structured finance investments, such as mezzanine loans or other subordinated debt, have been and are expected to continue to be secured by real estate or the borrower’s pledge of its ownership interest in the entity that owns the real estate. The loans we invest in or originate are for commercial real estate located in the United States and its territories, and are current or performing with either a fixed or floating rate. Some of these loans may be syndicated in either a pari-passu or senior/subordinated structure. Commercial first mortgage loans generally provide for a higher recovery rate due to their senior position in the underlying collateral. Commercial mezzanine loans are typically secured by a pledge of the borrower’s equity ownership in the underlying commercial real estate. Unlike a mortgage, a mezzanine loan is not secured by a lien on the property. An investor’s rights in a mezzanine loan are usually governed by an intercreditor agreement that provides holders with the rights to cure defaults and exercise control on certain decisions of any senior debt secured by the same commercial property.

2020 Activity. In light of the COVID-19 Pandemic, the Company began marketing its commercial loan portfolio in advance of their upcoming maturities to further strengthen the Company’s liquidity. The Company received multiple bids for the portfolio including a bid offering a value that was at a discount to par. Additionally, the Company implemented the guidance regarding CECL effective January 1, 2020, which resulted in an allowance reserve of $0.3 million. The CECL reserve combined with the impairment related to marketing the loan portfolio resulted in an aggregate impairment charge on the loan portfolio of $1.9 million, or $0.30 per share, after tax during the three months ended March 31, 2020.

During the three months ended June 30, 2020, the Company sold four of its commercial loan and master lease investments in two separate transactions generating aggregate proceeds of $20.0 million and resulting in a second quarter loss of $0.4 million, or $0.06 per share, after tax. For the year ended December 31, 2020, the total loss on the loan portfolio disposition, including the $1.9 million impairment and CECL reserve charges on the four loans disposed of was $2.1 million, or $0.33 per share, after tax.

On September 25, 2020, the Company acquired a 108,000 square foot retail property in Hialeah, Florida for $21.0 million which is master-leased to a national retail developer (the “Master Tenant”) . The 25-year lease includes annual rent escalations as well as certain future purchase rights by the Master Tenant (“Master Tenant – Hialeah Lease”). Pursuant to FASB ASC Topic 842, Leases, due to the future repurchase rights, the Master Tenant – Hialeah Lease does not qualify for treatment as a property purchase and has been accounted for on the consolidated balance sheets as a commercial loan and master lease investment. The Company has imputed interest on the Master Tenant – Hialeah Lease which is being recognized as interest income on commercial loan and master lease investments in the Company’s consolidated statements of operations.

On October 13, 2020, the Company originated a loan in connection with the sale of a vacant land parcel located adjacent to the formerly owned property in Dallas, Texas, leased to 7-Eleven which was sold in June 2020. The principal loan amount of $0.4 million bears interest at a fixed rate of 7.50% and has an initial term of 2.5 years.

On November 3, 2020, the Company’s $2.0 million loan with the buyer of the Company’s former golf operations was repaid by the borrower generating proceeds of $2.0 million.

The Company’s commercial loan and master lease investments were comprised of the following at December 31, 2020 (in thousands):


Description	Date of Investment	Maturity Date	Original Face Amount		Current Face Amount		Carrying Value		Coupon Rate
Ground Lease Loan – 400 Josephine Street, Austin, TX	July 2019	N/A	$	16,250	$	16,250	$	16,827	N/A
Master Tenant – Hialeah Lease Loan – Hialeah, FL	September 2020	N/A		21,085		21,085		21,101	N/A
Mortgage Note – 4311 Maple Avenue – Dallas, TX	October 2020	April 2023		400		400		392	7.50%
			$	37,735	$	37,735	$	38,320

The Company’s commercial loan and master lease investments were comprised of the following at December 31, 2019 (in thousands):


Description	Date of Investment	Maturity Date	Original Face Amount		Current Face Amount		Carrying Value		Coupon Rate
First Mortgage – 72-Acre Land Parcel, Orlando, FL	June 2019	June 2020	$	8,000	$	8,000	$	7,928	12.00%
Mortgage Note – 400 Josephine Street, Austin, TX	July 2019	July 2020		8,250		8,250		8,208	11.50%
Ground Lease Loan – 400 Josephine Street, Austin, TX	July 2019	N/A		16,250		16,250		16,444	N/A
LPGA Buyer Loan – Daytona Beach, FL	Oct 2019	Oct 2020		2,070		2,070		2,045	7.50%
			$	34,570	$	34,570	$	34,625

The carrying value of the commercial loan and master lease investment portfolio at December 31, 2020 and 2019 consisted of the following (in thousands):


	December 31,
	2020		2019
Current Face Amount	$	37,735	$	34,570
Imputed Interest over Rent Payments Received		593		194
Unaccreted Origination Fees		(4)		(139)
Impairment / CECL Reserve		(4)		—
Total Commercial Loan and Master Lease Investments	$	38,320	$	34,625

2019 Activity. On July 5, 2019, the Company originated an $8.3 million first mortgage loan secured by the leasehold interest in the Carpenter Hotel in Austin, Texas. The loan was interest-only with a term of one-year with a fixed interest rate of 11.50%. The Company received an origination fee of 1%, or $0.1 million.

On July 5, 2019, the Company acquired 1.4 acres of land under the Carpenter Hotel in Austin, Texas (the “Carpenter Purchase”), for $16.25 million. Separately, the Company entered into a new 99-year ground lease (the “Ground Lease”) whereby the Company leased back the land to the seller. The Ground Lease includes annual escalations and certain future repurchase rights. Pursuant to FASB ASC Topic 842, Leases, due to the future repurchase rights, the Ground Lease does not qualify for treatment as a property purchase and has been accounted for on the consolidated balance sheets as a commercial loan and master lease investment (the “Ground Lease Loan”). The Company has imputed interest on the Ground Lease Loan which is being recognized as interest income on commercial loan and master lease investments in the Company’s consolidated statements of operations.

On June 14, 2019, the Company originated an $8.0 million first mortgage bridge loan secured by 72 acres of land in Orlando, Florida. The loan was interest-only with a term of one-year with two 1-year extensions with a fixed interest rate of 12.00%. The Company received an origination fee of 2%, or $0.2 million.

On October 17, 2019, the Company originated an $2.1 million first mortgage loan secured by the LPGA golf assets which were sold on October 17, 2019. The loan was interest-only with a term of one-year with two six-month extensions with a fixed interest rate of 7.50%. The Company received an origination fee of 1.5%, or less than $0.1 million.

RELATED PARTY MANAGEMENT SERVICES BUSINESS

12 Months Ended

Dec. 31, 2020

NOTE 6. RELATED PARTY MANAGEMENT SERVICES BUSINESS

PINE. Pursuant to the Company’s management agreement with PINE, we will generate a base management fee equal to 1.5% of PINE’s total equity. The structure of the base fee provides us with an opportunity for our base fee to grow should PINE’s independent board members determine to raise additional equity capital in the future. We also have an opportunity to achieve additional cash flows as manager of PINE pursuant to the incentive fee provisions of the management agreement.

During the years ended December 31, 2020 and 2019, the Company earned management fee revenue from PINE totaling $2.5 million and $0.2 million, respectively, which is included in management services in the accompanying consolidated statements of operations. Dividend income for the years ended December 31, 2020 and 2019 totaled $1.7 million and $0.1 million and is included in investment and other income (loss) in the accompanying consolidated statements of operations. The management fee revenue and dividend income for the year ended December 31, 2019 represents the initial stub period of PINE’s operations from November 26, 2019 to December 31, 2019.

The following table represents amounts due from PINE to the Company as of December 31, 2020 and December 31, 2019 which are included in other assets on the consolidated balance sheets (in thousands):


	As of
Description	December 31, 2020		December 31, 2019
Management Services Fee due from PINE	$	631	$	254
Dividend Receivable		—		71
Other		35		56
Total	$	666	$	381

Land JV. Pursuant to the terms of the operating agreement for the Land JV, the initial amount of the management fee was $20,000 per month. The management fee is evaluated quarterly and as land sales occur in the Land JV, the basis for our management fee is reduced as the management fee is based on the value of real property that remains in the Land JV. The monthly management fee as of December 31, 2020 was $11,000 per month. During the years ended December 31, 2020 and 2019 the Company earned management fee revenue from the Land JV totaling $0.2 million and $0.1 million, respectively, which is included in management services in the accompanying consolidated statements of operations and was collected in full during the periods earned. The management fee revenue earned during the year ended December 31, 2019 represents the initial stub period of the Land JV’s operations from October 16, 2019 to December 31, 2019.

REAL ESTATE OPERATIONS

12 Months Ended

Dec. 31, 2020

REAL ESTATE OPERATIONS

REAL ESTATE OPERATIONS

NOTE 7. REAL ESTATE OPERATIONS

Real Estate Operations

Land and development costs at December 31, 2020 and 2019 were as follows (in thousands):


	December 31,
	2020		2019
Land and Development Costs	$	6,377	$	6,069
Subsurface Interests		706		663
Total Land and Development Costs	$	7,083	$	6,732

Revenue from continuing real estate operations consisted of the following for the years ended December 31, 2020, 2019, and 2018 (in thousands):


	December 31,
Revenue Description	2020		2019		2018
Impact Fee and Mitigation Credit Sales	$	6	$	—	$	1,338
Subsurface Revenue		638		748		1,625
Fill Dirt and Other Revenue		6		104		3
Total Real Estate Operations Revenue	$	650	$	852	$	2,966

Daytona Beach Development. During 2018, the Company acquired a 5-acre parcel of land with existing structures in downtown Daytona Beach, for a purchase price of $2.0 million. Through December 31, 2019, the Company has also acquired other contiguous parcels totaling one-acre for $2.1 million. Combined, these parcels represent the substantial portion of an entire city block in downtown Daytona Beach adjacent to International Speedway Boulevard, a major thoroughfare in Daytona Beach. We have engaged a national real estate brokerage firm to assist us in identifying a developer or investor to acquire a portion or all of the property or to contribute into a potential joint venture to redevelop the property. We are pursuing entitlements for the potential redevelopment of these parcels, along with certain other adjacent land parcels, some of which we have under contract for purchase. As of December 31, 2020, we have incurred $1.6 million in raze and entitlement costs related to these parcels which is included in land and development costs on the consolidated balance sheets.

Other Real Estate Assets. The Company owns mitigation credits with a cost basis of $2.6 million as of December 31, 2020. As of December 31, 2019, the Company owned mitigation credits with a cost basis of $2.3 million. The increase in mitigation credit cost basis for the year ended December 31, 2020 compared to the year ended December 31, 2019 is primarily the result of the 48 mitigation credits acquired from the Mitigation Bank (as defined in Note 8, “Investments in Joint Ventures”) totaling $3.6 million, or $75,000 per credit. The cost basis was reduced by (i) the impact of 42 mitigation credits with a cost basis of $2.9 million that were provided at no cost to buyers during the year ended December 31, 2020, (ii) two mitigation credits purchased by the Company from the Mitigation Bank JV for $0.2 million during the first quarter of 2020, and (iii) 31 mitigation credits with a cost basis of less than $0.1 million transferred to buyers of land previously sold, which costs were accrued for in prior years at the time of the original land sale. The aggregate cost of sales charge of $3.0 million was included in direct costs of revenues of real estate operations during the year ended December 31, 2020 in the consolidated statements of operations. Additionally, the Company transferred 13.31 federal mitigation credits to the permit related to the land that gave rise to the environmental restoration matter more fully described in Note 22, “Commitment and Contingencies”. These credits had an aggregate cost basis of $0.1 million and are included in general and administrative expenses in the consolidated statements of operations for the year ended December 31, 2020.

Mitigation credit sales totaled less than $0.1 million and $1.0 million during the years ended December 31, 2020 and 2018, respectively, with no mitigation credit sales during the year ended December 31, 2019. During the year ended December 31, 2018, the Company transferred mitigation credits with a basis of $0.1 million to the land acquired by Buc-ee’s with no such transfers during the year ended December 31, 2019. During the year ended December 31, 2018, the Company received cash payments of $0.3 million for impact fees with a cost basis that was generally of equal value, with no such impact fee sales during the year ended December 31, 2020 or 2019 as the balance of impact fees is nominal. Additionally, during the year ended December 31, 2018, impact fees with a cost basis of $0.1 million were transferred to the beachfront restaurant leased to LandShark Bar & Grill.

Subsurface Interests. As of December 31, 2020, the Company owns full or fractional subsurface oil, gas, and mineral interests underlying 454,000 “surface” acres of land owned by others in 20 counties in Florida (the “Subsurface Interests”). The Company leases certain of the Subsurface 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 the year ended December 31, 2020, the Company sold 345 acres of subsurface interests totaling $0.4 million, of which revenues are included within real estate operations in the consolidated statements of operations for the year ended December 31, 2020 (see Note 25, “Subsequent Events” for information related to the subsurface acres sold subsequent to December 31, 2020). There were no subsurface sales during the years ended December 31, 2019 or 2018.

Prior to September 2019, the Company leased certain of the Subsurface Interests to a mineral exploration organization for exploration. The lessee had previously exercised renewal options through the eighth year of the lease which ended on September 22, 2019. The Lessee elected not to renew the oil exploration lease beyond September 22, 2019. Lease income generated by the annual lease payments was recognized on a straight-line basis over the guaranteed lease term. For the year ended December 31, 2019 and 2018, lease income of $0.6 million and $0.8 million was recognized, respectively, with no lease income recognized during the year ended December 31, 2020.

During the year ended December 31, 2020, 2019 and 2018, 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 less than $0.1 million during each respective year.

The Company is not prohibited from selling any or all of its Subsurface Interests. The Company may release surface entry rights or other rights upon request of a surface owner for a negotiated release fee typically based on a percentage of the surface value. Should the Company complete a transaction to sell all or a portion of its Subsurface Interests or complete a release transaction, the Company may utilize the like-kind exchange structure in acquiring one or more replacement investments including income-producing properties. Cash payments for the release of surface entry rights totaled $0.2 million and $0.1 million during the years ended December 31, 2020 and 2019. During the year ended December 31, 2018, the Company completed a transaction releasing our surface entry rights on 600 acres in exchange for $0.2 million in cash and fee title to 40 additional acres in Hendry County, valued at $0.3 million. Including the non-cash value received, the gain from the transaction totaled $0.4 million, or $0.06 per share, after tax. Additional cash payments for the release of surface entry rights during 2018 totaled $0.1 million.

Real Estate Operations – Discontinued Operations

As of December 31, 2020, the Company continues to pursue land sales of the approximately 1,600 acres that formerly comprised its land holdings on behalf of the partners of the Land JV (“JV Partners”) in its role as manager of the Land JV. The Company’s retained interest in the Land JV represents a notional 33.5% stake in the venture, the value of which may be realized in the form of distributions based on the timing and the amount of proceeds achieved when the land is ultimately sold by the Land JV. As of December 31, 2020, the Land JV has completed $79.7 million in land sales since its inception in mid-October 2019 and currently has a pipeline of two purchase and sale agreements for potential land sale transactions representing $5.0 million of potential proceeds to the Land JV. The roughly 55 acres under contract represents 3% of the total remaining land in the Land JV.

The Company currently serves as the manager of the Land JV and is responsible for day-to-day operations at the direction of the JV Partners. All major decisions and certain other actions that can be taken by the manager must be approved by the unanimous consent of the JV Partners (the “Unanimous Actions”). Unanimous Actions include such matters as the approval of pricing for all land parcels in the Land JV; approval of contracts for the sale of land that contain material revisions to the standard purchase contract of the Land JV; entry into any lease agreement affiliated with the Land JV; entering into listing or brokerage agreements; approval and amendment of the Land JV’s operating budget; obtaining financing for the Land JV; admission of additional members; and dispositions of the Land JV’s real property for amounts less than market value. Pursuant to the Land JV’s operating agreement, the Land JV paid the manager a management fee in the initial amount of $20,000 per month. The management fee is evaluated quarterly and as land sales occur in the Land JV, the basis for our management fee is reduced as the management fee is based on the value of real property that remains in the Land JV. The monthly management fee as of December 31, 2020 was $11,000 per month.

Since the transition in our land operations occurred late in 2019, the impact of land sales for the periods prior to October 2019 are no longer germane to our financial condition, results of operations and cash flows. As such the following summarized information is provided regarding land sales activity prior to October 2019.

Revenue from discontinued real estate operations consisted of the following for the years ended December 31, 2020, 2019 and 2018 (in thousands):



Revenue Description	December 31, 2019		December 31, 2018
Land Sales Revenue	$	10,975	$	41,452
Revenue from Reimbursement of Infrastructure Costs		—		1,556
Agriculture		68		23
Total Real Estate Operations Revenue	$	11,043	$	43,031

2019 Land Sales. During the year ended December 31, 2019, the Company completed five land sales transactions, including: (i) the Magnetar Land Sale for 5,300 acres of land, for total proceeds of $97.0 million; (ii) two transactions with Unicorp Development representing 23.6 acres and generating aggregate proceeds of $7.1 million; (iii) the sale of 38 acres for total proceeds of $0.7 million, and (iv) a land sale to NADG for 13 acres generating proceeds of $3.0 million. In total, during 2019, the Company sold 5,400 acres generating proceeds of $108.0 million. Including the $48.9 million recognized on the retained interest in the Land JV, gains of $133.0 million, or $20.60 per share, after tax, were recognized.

2018 Land Sales. During the year ended December 31, 2018, the Company completed land transactions representing 2,697 acres including: (i) the sale of a 70% interest in the Mitigation Bank (hereinafter defined) that holds 2,500 acres for proceeds of $15.3 million and (ii) twelve land sales totaling 205 acres for aggregate proceeds of $43.7 million. The twelve land sales generated gains of $32.6 million, or $4.44 per share, after tax.

Land Impairments. During the years ended December 31, 2019, and 2018, the Company did not recognize any impairments on its undeveloped land holdings. During the year ended December 31, 2020, the Company recognized $7.2 million in impairment charges related to its undeveloped land holdings. The $7.2 million is comprised of a $0.1 million impairment charge on one of the land parcels included in the Daytona Beach Development and a $ 7.1 million impairment charge on the Company’s retained interest in the Land LV. The $7.1 million impairment on the retained interest in the Land JV is the result of a re-forecast of the anticipated undiscounted future cash flows to be received by the Company based on the estimated timing of future land sales from the Land JV. As the timing of land sales is a significant estimate, the Company deems that there is at least a remote possibility that this estimate could change in the near term.

INVESTMENT IN JOINT VENTURES

12 Months Ended

Dec. 31, 2020

INVESTMENT IN JOINT VENTURES

INVESTMENT IN JOINT VENTURES

NOTE 8. INVESTMENT IN JOINT VENTURES

The Company’s investment in joint ventures were as follows as of December 31, 2020 and December 31, 2019 (in thousands):


	As of
	December 31, 2020		December 31, 2019
Land JV	$	41,765	$	48,865
Mitigation Bank JV		6,912		6,872
Total Investment in Joint Ventures	$	48,677	$	55,737

Land JV. The Investment in Joint Ventures on the Company’s consolidated balance sheets includes the Company’s ownership interest in the Land JV. We have concluded the Land JV is a variable interest entity and is accounted for under the equity method of accounting as the Company is not the primary beneficiary as defined in FASB ASC Topic 810, Consolidation. The significant factors related to this determination include, but are not limited to, the Land JV being jointly controlled by the members through the use of unanimous approval for all material actions. Under the guidance of FASB ASC 323, Investments-Equity Method and Joint Ventures, the Company uses the equity method to account for the Land JV investment.

During the year ended December 31, 2020, the Company recognized an impairment on its retained interest in the Land JV totaling $7.1 million which is included in investment in joint ventures on the consolidated balance sheet. The $7.1 million impairment on the retained interest in the Land JV is the result of a re-forecast of the anticipated undiscounted future cash flows to be received by the Company based on the estimated timing of future land sales from the Land JV. As the timing of land sales is a significant estimate, the Company deems that there is at least a remote possibility that this estimate could change in the near term.

The following table provides summarized financial information of the Land JV as of December 31, 2020 and December 31, 2019 (in thousands):


	As of
	December 31, 2020		December 31, 2019
Assets, Cash and Cash Equivalents	$	802	$	15,066
Assets, Prepaid Expenses		117		61
Assets, Investment in Land Assets		5,658		17,058
Total Assets	$	6,577	$	32,185

Liabilities, Accounts Payable, Accrued Expenses, Deferred Revenue	$	228	$	987
Equity	$	6,349	$	31,198
Total Liabilities & Equity	$	6,577	$	32,185

The following table provides summarized financial information of the Land JV for the years ended December 31, 2020 and 2019 (in thousands). There was no activity for the year ended December 31, 2018.


	Year Ended
	December 31, 2020		December 31, 2019
Revenues	$	65,446	$	14,635
Direct Cost of Revenues		(13,012)		(1,268)
Operating Income	$	52,434	$	13,367
Other Operating Expenses		(462)		(90)
Net Income	$	51,972	$	13,277

The Company’s share of the Land JV’s net income was zero for the years ended December 31, 2020 and 2019. Pursuant to ASC 323, certain adjustments are made when calculating the Company’s share of net income, including adjustments required to reflect the investor’s share of changes in investee’s capital to reflect distributions from the venture. Additionally, basis differences are also considered. The Company recorded the retained interest in the Land JV of $48.9 million at the estimated fair market value based on the relationship of the $97.0 million sales price of the 66.5% equity interest to the 33.5% retained interest. The Land JV recorded the assets contributed by the Company at carry-over basis pursuant to ASC 845 which states that transfers of nonmonetary assets to should typically be recorded at the transferor’s historical cost basis. Accordingly, the Company’s basis difference in the 33.5% retained equity interest will be evaluated each quarter upon determining the Company’s share of the Land JV’s net income. No adjustment was required for the year ended December 31, 2020.

Mitigation Bank. The mitigation bank transaction completed in June 2018 consists of the sale of a 70% interest in the Mitigation Bank JV. The purchaser of the 70% interest in the Mitigation Bank JV is comprised of certain funds and accounts managed by an investment advisor subsidiary of BlackRock, Inc. (“BlackRock”). The Company retained an 30% non-controlling interest in the Mitigation Bank JV. A third-party was retained by the Mitigation Bank JV as the day-to-day manager of the Mitigation Bank property, responsible for the maintenance, generation, tracking, and other aspects of wetland mitigation credits. The $6.9 million investment in joint ventures included on the Company’s consolidated balance sheets is comprised of the fair market value of the 30% retained interest in the Mitigation Bank JV.

The Mitigation Bank JV intends to engage in the creation and sale of both federal and state wetland mitigation credits. These credits will be created pursuant to the applicable permits that have been or will be issued to the Mitigation Bank JV from the federal and state regulatory agencies that exercise jurisdiction over the awarding of such credits, but no assurances can be given as to the ultimate issuance, marketability or value of the credits. The Mitigation Bank JV received the permit from the state regulatory agency on June 8, 2018 (the “State Permit”). The state regulatory agency may award up to 355 state credits under the State Permit. On August 6, 2018, the state regulatory agency awarded the initial 88.84 credits under the State Permit. Receipt of the remaining federal permit is anticipated to occur prior to the end of 2021.

The operating agreement of the Mitigation Bank JV (the “Operating Agreement”) executed in conjunction with the mitigation bank transaction stipulates that the Company shall arrange for sales of the Mitigation Bank JV’s mitigation credits to unrelated third parties totaling no less than $6.0 million of revenue to the Mitigation Bank JV, net of commissions, by the end of 2020, utilizing a maximum of 60 mitigation credits (the “Minimum Sales Requirement”). The Operating

Agreement stipulates that if the Minimum Sales Requirement is not achieved, then BlackRock has the right, but is not required, to cause the Company to purchase the number of mitigation credits necessary to reach the Minimum Sales Requirement (the “Minimum Sales Guarantee”). Subsequent to December 31, 2020, the Company has had active discussion with BlackRock regarding the Minimum Sales Guarantee. Based on those discussions, the Company currently anticipates that the Minimum Sales Guarantee payment would be paid to BlackRock in the latter half of 2021. The Company is also in discussion with BlackRock regarding the Company’s potential buyout of BlackRock’s position in the Mitigation Bank JV, the timing of which could occur in the latter half of 2021. There can be no assurances regarding the likelihood, timing, or final terms of such potential buyout.

During June 2018, upon closing the Mitigation Bank JV, the Company estimated the fair value of the Minimum Sales Guarantee at $0.1 million which was recorded as a reduction in the gain on the transaction and is included in accrued and other liabilities in the Company’s consolidated balance sheet. As of December 31, 2020, the Company considers the $0.1 million reasonable as upon payment of the Minimum Sales Guarantee, the Company will obtain mitigation credits, or the right to such credits, which would be recorded as an asset at the time of payment.

Additionally, the Operating Agreement provides BlackRock the right to cause the Company to purchase a maximum of 8.536 mitigation credits per quarter (the “Commitment Amount”) from the Mitigation Bank JV at a price equal to 60% of the then fair market value for mitigation credits (the “Put Right”). The Put Right is applicable even if the Mitigation Bank JV has not yet been awarded a sufficient number of mitigation credits by the applicable federal and state regulatory agencies. Further, in any quarter that BlackRock does not exercise its Put Right, the unexercised Commitment Amount for the applicable quarter may be rolled over to future calendar quarters. However, the Operating Agreement also stipulates that any amount of third-party sales of mitigation credits will reduce the Put Rights outstanding on a one-for-one basis, if the sales price of the third-party sales equals or exceeds the prices stipulated by the Put Right. Further, any sales of mitigation credits to third parties at the requisite minimum prices in a quarter that exceeds the quarterly amount of the Put Right will reduce the Put Rights in future calendar quarters on a one-for-one basis. The initial maximum potential of future payments for the Company pursuant to the Put Right was $27.0 million. The Company estimates the fair value of the Put Right to be $0.2 million, which was recorded as a reduction in the gain on the transaction and is included in accrued and other liabilities in the Company’s consolidated balance sheet.

During the year ended December 31, 2020, BlackRock exercised its Put Right and put 48 mitigation credits to the Company inclusive of (i) 20 mitigation credits acquired during the three months ended March 31, 2020 totaling $1.5 million, or $75,000 per credit, (ii) 20 mitigation credits acquired during the three months ended September 30, 2020 totaling $1.5 million, or $75,000 per credit, and (iii) 8 mitigation credits acquired during the three months ended December 31, 2020 totaling $0.6 million, or $75,000 per credit. In December 2019, BlackRock exercised its Put Right and put 25 mitigation credits to the Company, which the Company purchased for $1.9 million, or $75,000 per credit. The credits acquired were included as an increase to mitigation credits on the accompanying consolidated balance sheets as of December 31, 2020 and December 31, 2019, respectively. The Company evaluated the impact of the exercised Put Right on the fair value of the Company’s investment in the Mitigation Bank JV of $6.9 million and on the fair value of the mitigation credits purchased as of December 31, 2020 and December 31, 2019, noting no impairment. The Company evaluates its estimates of fair value on an ongoing basis; however, actual results may differ from those estimates.

The following tables provide summarized financial information of the Mitigation Bank JV as of December 31, 2020 and 2019 (in thousands):


	As of
	December 31, 2020		December 31, 2019
Assets, Cash and Cash Equivalents	$	1,890	$	4,015
Assets, Prepaid Expenses		20		19
Assets, Investment in Mitigation Credit Assets		1,409		1,521
Assets, Property, Plant, and Equipment—Net		14		17
Total Assets	$	3,333	$	5,572

Liabilities, Accounts Payable, Accrued Liabilities, Deferred Mitigation Credit Sale Revenue	$	17	$	39
Equity	$	3,316	$	5,533
Total Liabilities & Equity	$	3,333	$	5,572

The following table provides summarized financial information of the Mitigation Bank JV for the years ended December 31, 2020, 2019 and 2018 (in thousands).


	Year Ended
	December 31, 2020		December 31, 2019		December 31, 2018
Revenues	$	4,109	$	1,922	$	—
Direct Cost of Revenues		(167)		(76)		—
Operating Income	$	3,942	$	1,846	$	—
Other Operating Expenses		(175)		(197)		(117)
Net Income	$	3,767	$	1,649	$	(117)

The Company’s share of the Mitigation Bank JV’s net income was zero for the years ended December 31, 2020, 2019, and 2018. Pursuant to ASC 323, certain adjustments are made when calculating the Company’s share of net income, including adjustments required to reflect the investor’s share of changes in investee’s capital to reflect distributions from the venture. Additionally, basis differences are also considered. The Company recorded the initial retained interest in the Mitigation Bank JV of $6.8 million in June 2018 at the estimated fair market value based on the relationship of the $15.3 million sales price of the 70% equity interest to the 30% retained interest. The Mitigation Bank JV recorded the assets contributed by the Company at carry-over basis pursuant to ASC 845 which states that transfers of nonmonetary assets to should typically be recorded at the transferor’s historical cost basis. Accordingly, the Company’s basis difference in the 30% retained equity interest will be evaluated each quarter upon determining the Company’s share of the Mitigation Bank JV’s net income.

INVESTMENT SECURITIES

12 Months Ended

Dec. 31, 2020

INVESTMENT SECURITIES

INVESTMENT SECURITIES

NOTE 9. INVESTMENT SECURITIES

On November 26, 2019, the Company purchased 394,737 shares of PINE common stock for a total purchase price of $7.5 million. Also, on November 26, 2019, the Company purchased 421,053 shares of PINE common stock in the IPO for a total purchase price of $8.0 million. Including the 1,223,854 OP Units the Company received in exchange for the contribution of certain income properties to the Operating Partnership, as of December 31, 2020, the Company owns, in the aggregate, 2.04 million shares of PINE, or 23.5% of PINE’s total shares outstanding for an initial investment of $38.8 million. The Company has elected the fair value option related to the aggregate investment in securities of PINE pursuant to ASC 825, otherwise such investments would have been accounted for under the equity method.

During the year ended December 31, 2020, the closing stock price of PINE decreased by $4.04 per share, with a closing price of $14.99 on December 31, 2020. This decrease resulted in an unrealized, non-cash loss on the Company’s investment in PINE of $8.2 million, or $1.75 per share, after tax, which is included in investment and other income (loss) in the consolidated statements of operations for the year ended December 31, 2020.

During the initial stub period from November 26, 2019 through December 31, 2019, the closing stock price of PINE increased by $0.03 per share, with a closing price of $19.03 on December 31, 2019. This increase resulted in an unrealized, non-cash gain on the Company’s investment in PINE of less than $0.1 million, or $0.01 per share, after tax, which is included in investment and other income (loss) in the consolidated statements of operations for the year ended December 31, 2019.

The Company’s available-for-sale securities as of December 31, 2020 and December 31, 2019 are summarized below (in thousands):

The Company’s available-for-sale securities as of December 31, 2020 and December 31, 2019 are summarized below (in thousands):
	As of December 31, 2020
	Cost		Unrealized Gains in Investment Income		Unrealized Losses in Investment Income		Estimated Fair Value (Level 1 and 2 Inputs)
Common Stock	$	15,500	$	—	$	(3,271)	$	12,229
Operating Units		23,253		—		(4,908)		18,345
Total Equity Securities		38,753		—		(8,179)		30,574
Total Available-for-Sale Securities	$	38,753	$	—	$	(8,179)	$	30,574


	As of December 31, 2019
	Cost		Unrealized Gains in Investment Income		Unrealized Losses in Investment Income		Estimated Fair Value (Level 1 and 2 Inputs)
Common Stock	$	15,500	$	24	$	—	$	15,524
Operating Units		23,253		37		—		23,290
Total Equity Securities		38,753		61		—		38,814
Total Available-for-Sale Securities	$	38,753	$	61	$	—	$	38,814

FAIR VALUE OF FINANCIAL INSTRUMENTS

12 Months Ended

Dec. 31, 2020

FAIR VALUE OF FINANCIAL INSTRUMENTS

FAIR VALUE OF FINANCIAL INSTRUMENTS

NOTE 10. FAIR VALUE OF FINANCIAL INSTRUMENTS

The following table presents the carrying value and estimated fair value of the Company’s financial instruments not carried at fair value on the consolidated balance sheets at December 31, 2020 and 2019 (in thousands):


	December 31, 2020				December 31, 2019
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Cash and Cash Equivalents - Level 1	$	4,289	$	4,289	$	6,475	$	6,475
Restricted Cash - Level 1	$	29,536	$	29,536	$	128,430	$	128,430
Commercial Loan and Master Lease Investments - Level 2	$	38,320	$	38,318	$	34,625	$	35,002
Long-Term Debt - Level 2	$	273,061	$	282,884	$	287,218	$	288,830

To determine estimated fair values of the financial instruments listed above, market rates of interest, which include credit assumptions, were used to discount contractual cash flows. The estimated fair values are not necessarily indicative of the amount the Company could realize on disposition of the financial instruments. The use of different market assumptions or estimation methodologies could have a material effect on the estimated fair value amounts.

The following table presents the fair value of assets (liabilities) measured on a recurring basis by level as of December 31, 2020 (in thousands):


			Fair Value at Reporting Date Using
	12/31/2020		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash Flow Hedge - Interest Rate Swap - Wells Fargo	$	(88)	$	—	$	(88)	$	—
Cash Flow Hedge - Interest Rate Swap - BMO ⁽¹⁾	$	(1,772)	$	—	$	(1,772)	$	—
Cash Flow Hedge - Interest Rate Swap - BMO ⁽²⁾	$	(50)	$	—	$	(50)	$	—
Investment Securities	$	30,574	$	30,574	$	—	$	—

⁽¹⁾	Effective March 31, 2020, utilized interest rate swap to achieve fixed interest rate of 0.7325% plus the applicable spread on $100.0 million of the outstanding principal balance on the Credit Facility.

⁽²⁾	Effective August 31, 2020, utilized a separate interest rate swap to achieve fixed interest rate of 0.2200% plus the applicable spread on $50.0 million of the outstanding principal balance on the Credit Facility.

The following table presents the fair value of assets measured on a recurring basis by level as of December 31, 2019 (in thousands):


			Fair Value at Reporting Date Using
	12/31/2019		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash Flow Hedge - Interest Rate Swap - Wells Fargo	$	99	$	—	$	99	$	—
Investment Securities	$	38,814	$	38,814	$	—	$	—

No assets were measured on a non-recurring basis as of December 31, 2020 or 2019.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

INTANGIBLE ASSETS AND LIABILITIES

12 Months Ended

Dec. 31, 2020

INTANGIBLE ASSETS AND LIABILITIES

INTANGIBLE ASSETS AND LIABILITIES

NOTE 11. INTANGIBLE ASSETS AND LIABILITIES

Intangible assets and liabilities consist of the value of above-market and below-market leases, the value of in-place leases, and the value of leasing costs, based in each case on their fair values. Intangible assets and liabilities consisted of the following as of December 31, 2020 and 2019 (in thousands):


	As of
	December 31, 2020		December 31, 2019
Intangible Lease Assets:
Value of In-Place Leases	$	44,558	$	42,584
Value of Above Market In-Place Leases		10,604		7,119
Value of Intangible Leasing Costs		13,285		14,646
Sub-total Intangible Lease Assets		68,447		64,349
Accumulated Amortization		(18,271)		(15,327)
Sub-total Intangible Lease Assets—Net		50,176		49,022
Intangible Lease Liabilities (included in accrued and other liabilities):
Value of Below Market In-Place Leases		(36,817)		(36,507)
Sub-total Intangible Lease Liabilities		(36,817)		(36,507)
Accumulated Amortization		12,654		10,309
Sub-total Intangible Lease Liabilities—Net		(24,163)		(26,198)
Total Intangible Assets and Liabilities—Net	$	26,013	$	22,824

During the year ended December 31, 2020, the value of in-place leases increased by $2.0 million, the value of above-market in-place leases increased by $3.5 million, the value of intangible leasing costs decreased by $1.4 million, and the value of below-market in-place leases decreased by $0.3 million. Such increases reflect 2020 acquisitions, net of 2020 dispositions. Net accumulated amortization decreased by $0.6 million, for a net increase during the year ended December 31, 2020 of $3.2 million.

As of December 31, 2020 and December 31, 2019, $19.9 and $22.2 million, respectively, of the total below market in-place lease value is related to Wells Fargo Raleigh, which was acquired on November 18, 2015.

The following table reflects the net amortization of intangible assets and liabilities during the years ended December 31, 2020, 2019, and 2018 (in thousands):


	Year Ended
	December 31, 2020		December 31, 2019		December 31, 2018
Depreciation and Amortization Expense	$	7,805	$	5,854	$	5,872
Increase to Income Properties Revenue		(1,754)		(2,383)		(2,339)
Net Amortization of Intangible Assets and Liabilities	$	6,051	$	3,471	$	3,533

The estimated future amortization expense (income) related to net intangible assets and liabilities is as follows (in thousands):


			Future Accretion		Net Future
	Future		to Income		Amortization of
	Amortization		Property		Intangible Assets
Year Ending December 31,	Amount		Revenue		and Liabilities
2021	$	7,207	$	(1,684)	$	5,523
2022		6,799		(1,755)		5,044
2023		6,676		(1,752)		4,924
2024		6,641		(1,668)		4,973
2025		4,643		(1,614)		3,029
2026 and thereafter		10,116		(7,596)		2,520
Total	$	42,082	$	(16,069)	$	26,013

As of December 31, 2020, the weighted average amortization period of total intangible assets and liabilities was 9 years and 13 years, respectively.

IMPAIRMENT OF LONG-LIVED ASSETS

12 Months Ended

Dec. 31, 2020

IMPAIRMENT OF LONG-LIVED ASSETS

IMPAIRMENT OF LONG-LIVED ASSETS

NOTE 12. IMPAIRMENT OF LONG-LIVED ASSETS

The Company assesses the impairment of long-lived assets whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The fair value of long-lived assets required to be assessed for impairment is determined on a non-recurring basis using Level 3 inputs in the fair value hierarchy. These Level 3 inputs may include, but are not limited to, executed purchase and sale agreements on specific properties, third party valuations, discounted cash flow models, and other model-based techniques.

There were no impairment charges on the Company’s income property portfolio during the years ended December 31, 2020, 2019, or 2018.

During the years ended December 31, 2019, and 2018, the Company did not recognize any impairments on its undeveloped land holdings. During the year ended December 31, 2020, the Company recognized $7.2 million in impairment charges related to its undeveloped land holdings. The $7.2 million is comprised of a $0.1 million impairment charge on one of the land parcels included in the Daytona Beach Development and a $ 7.1 million impairment charge on the Company’s retained interest in the Land LV. The $7.1 million impairment on the retained interest in the Land JV is the result of a re-forecast of the anticipated undiscounted future cash flows to be received by the Company based on the estimated timing of future land sales from the Land JV. As the timing of land sales is a significant estimate, the Company deems that there is at least a remote possibility that this estimate could change in the near term.

During the year ended December 31, 2018, the Company wrote down the value of the golf assets comprising the Club, which resulted in a corresponding impairment charge of $1.1 million, or $0.15 per share, after tax. The write-down of the golf operation assets to $3.1 million and the related $1.1 million impairment charge were the result of the Company’s assessment of certain triggering events, including activities related to a review of strategic alternatives for the golf operations, occurring during the third quarter of 2018, which required an assessment of the carrying value of the golf assets comprising the Club. In the fourth quarter of 2018, the Company commenced efforts to pursue the monetization of the golf operations and assets comprising the Club. Accordingly, as of December 31, 2018, the golf assets comprising the Club were classified as held for sale until the completion of the sale of the golf operation assets during the fourth quarter of 2019, which resulted in a nominal gain of less than $0.1 million.

OTHER ASSETS

12 Months Ended

Dec. 31, 2020

OTHER ASSETS

OTHER ASSETS

NOTE 13. OTHER ASSETS

Other assets consisted of the following as of December 31, 2020 and 2019 (in thousands):


	As of
	December 31, 2020		December 31, 2019
Income Property Tenant Receivables	$	2,330	$	533
Income Property Straight-line Rent Adjustment and COVID-19 Deferral Balance		4,686		3,352
Interest Receivable from Commercial Loan and Master Lease Investments		—		97
Operating Leases - Right-of-Use Asset		246		364
Golf Rounds Surcharge		454		549
Cash Flow Hedge - Interest Rate Swap		—		99
Infrastructure Reimbursement Receivables		1,336		1,591
Deferred Deal Costs		—		5
Prepaid Expenses, Deposits, and Other		1,693		2,733
Due from Alpine Income Property Trust, Inc.		666		381
Total Other Assets	$	11,411	$	9,704

Income Property Straight-Line Rent Adjustment.. As of December 31, 2020, the straight-line rent adjustment includes a balance of $1.0 million of deferred rent related to the COVID-19 Pandemic. Pursuant to the April 2020 FASB guidance on lease modifications, for leases in which deferred rent agreements were reached, the Company has continued to account for the lease concessions by recognizing the normal straight-line rental income and as the deferred rents are repaid by the tenant, the straight-line receivable will be reduced.

Infrastructure Reimbursement Receivables. As of December 31, 2020 and December 31, 2019, the infrastructure reimbursement receivables were all related to the land sales within the Tomoka Town Center. The balance as of December 31, 2020 consisted of $0.9 million due from Tanger for infrastructure reimbursement to be repaid in six remaining annual installments of $0.2 million each, net of a discount of $0.1 million, and $0.4 million due from Sam’s Club for infrastructure reimbursement to be repaid in four remaining annual installments of $0.1 million each, net of a discount of less than $0.1 million.

COMMON STOCK AND EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2020

COMMON STOCK AND EARNINGS PER SHARE

COMMON STOCK AND EARNINGS PER SHARE

NOTE 14. COMMON STOCK AND EARNINGS PER SHARE

Basic earnings per common share is computed by dividing net income during the period by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per common share is based on the assumption of the conversion of stock options and vesting of restricted stock at the beginning of each period using the treasury stock method at average cost for the periods.

The following is a reconciliation of basic and diluted earnings per common share for each of the periods presented (in thousands, except share and per share data):


	Year Ended
	December 31, 2020		December 31, 2019		December 31, 2018
Income Available to Common Stockholders:
Net Income	$	78,509	$	114,973	$	37,168

Weighted Average Shares Outstanding		4,704,877		4,991,656		5,495,792
Common Shares Applicable to Stock
Options Using the Treasury Stock Method		—		6,387		33,529
Total Shares Applicable to Diluted Earnings Per Share		4,704,877		4,998,043		5,529,321

Per Share Information:
Basic and Diluted
Net Income from Continuing Operations	$	16.69	$	3.32	$	2.72
Net Income from Discontinued Operations (Net of Tax)		—		19.71		4.04
Net Income	$	16.69	$	23.03	$	6.76

Diluted
Net Income from Continuing Operations	$	16.69	$	3.32	$	2.71
Net Income from Discontinued Operations (Net of Tax)		—		19.68		4.01
Net Income	$	16.69	$	23.00	$	6.72

There were no potentially dilutive securities for years ended December 31, 2020, 2019 or 2018. The effect of 39,558, 7,500, and 15,000 potentially dilutive securities were not included for the years ended December 31, 2020, 2019 and 2018, respectively, as the effect would be anti-dilutive.

The Company intends to settle its 3.875% Convertible Senior Notes due 2025 (the “Convertible Notes”) in cash upon conversion with any excess conversion value to be settled in shares of our common stock. Therefore, only the amount in excess of the par value of the Convertible Notes will be included in our calculation of diluted net income per share using the treasury stock method. As such, the Convertible Notes have no impact on diluted net income per share until the price of our common stock exceeds the current conversion price of $54.77. The average price of our common stock during the year ended December 31, 2020 did not exceed the conversion price which resulted in no additional diluted outstanding shares.

See Note 25, “Subsequent Events” for information related to the effectuation and completion of the Merger (hereinafter defined) whereby existing shares of CTO common stock were automatically converted, on a one-for-one basis, into shares of the surviving entity.

TREASURY STOCK

12 Months Ended

Dec. 31, 2020

TREASURY STOCK

TREASURY STOCK

NOTE 15. TREASURY STOCK

In January 2019 and November 2019, the Company’s Board of Directors (the “Board”) approved two equal increases totaling $20.0 million to the open market stock repurchase program. During the year ended December 31, 2019, the Company repurchased 691,102 shares of its common stock for a total cost of $41.1 million, or an average price per share of $59.46, which includes both open market purchases and the Block Share Repurchase (hereinafter defined). The shares of the Company’s common stock repurchased during the year ended December 31, 2019 were returned to the Company’s treasury and substantially completed the aggregate $20.0 million buyback program.

On April 10, 2019, the Company repurchased 320,741 shares of common stock, or 6% of the Company’s outstanding shares, for $18.4 million (the “Block Share Repurchase”). The shares were purchased from investment vehicles managed by Wintergreen Advisers, LLC (collectively, the “Wintergreen Entities”) in connection with the disposition of their entire position in the Company’s common stock (28% of the Company’s outstanding shares of common stock at the time of the Block Share Repurchase). The shares that were sold by the Wintergreen Entities and not repurchased by the Company were acquired by multiple third-party investors. The Block Share Repurchase was completed outside of the Company’s aggregate $20.0 million buyback program, which was substantially complete as of December 31, 2019.

In February 2020, the Company’s Board approved a $10.0 million stock repurchase program (the “$10.0 Million Repurchase Program”). During the year ended December 31, 2020, the Company repurchased 88,565 shares of its common stock on the open market for a total cost of $4.1 million, or an average price per share of $46.29. The shares of the Company’s common stock repurchased during the year ended December 31, 2020 were returned to the Company’s treasury. The $10.0 Million Repurchase Program does not have an expiration date.

LONG-TERM DEBT

12 Months Ended

Dec. 31, 2020

LONG-TERM DEBT

LONG-TERM DEBT

NOTE 16. LONG-TERM DEBT

Our consolidated indebtedness as of December 31, 2020 was $280.5 million, representing a leverage ratio of 47.1%, net of cash and restricted cash related to like-kind exchange transactions. This consolidated indebtedness was comprised of (i) $62.5 million principal amount of 2025 Notes, (ii) $53.2 in mortgage loans on various properties, and (iii) $ 164.8 million outstanding under our Credit Facility.

Long-term debt, at face value, totaled $280.5 million at December 31, 2020, representing a decrease of $8.2 million from the balance of $288.7 million at December 31, 2019. The decrease in the long-term debt was primarily related to the $12.5 million aggregate amount of 2025 Notes purchased at a discount during the year ended December 31, 2020, which was partially offset by net draws on our credit facility of $5.0 million.

As of December 31, 2020, the Company’s outstanding indebtedness, at face value, was as follows (in thousands):


	Face		Maturity	Interest
	Value Debt		Date	Rate
Credit Facility⁽¹⁾	$	164,845	May 2023		30-day LIBOR plus [1.35% - 1.95%]
Mortgage Note Payable (originated with Wells Fargo) ⁽²⁾		30,000	October 2034		4.330%
Mortgage Note Payable (originated with Wells Fargo) ⁽³⁾		23,183	April 2021		3.170%
3.875% Convertible Senior Notes due 2025		62,468	April 2025		3.875%
Total Long-Term Face Value Debt	$	280,496

⁽¹⁾ Effective March 31, 2020, utilized interest rate swap to achieve fixed interest rate of 0.7325% plus the applicable spread on $100.0 million of the outstanding principal balance. Effective August 31, 2020, utilized a separate interest rate swap to achieve fixed interest rate of 0.2200% plus the applicable spread on $50.0 million of the outstanding principal balance.

⁽²⁾

Secured by the Company’s interest in six income properties. The mortgage loan 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, as defined in the related loan agreement, 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 of the effective date of the loan.

⁽³⁾

Secured by the Company’s income property leased to Wells Fargo Raleigh. 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 bears a variable rate of interest based on the 30-day LIBOR plus a rate of 190 basis points. The interest rate for this mortgage loan has been fixed through the use of an interest rate swap that fixed the rate at 3.17%. The mortgage loan can be prepaid at any time subject to the termination of the interest rate swap. Amortization of the principal balance began in May 2018.

Credit Facility. The Credit Facility, with Bank of Montreal (“BMO”) as the administrative agent for the lenders thereunder, is unsecured with regard to our income property portfolio but is guaranteed by certain wholly owned subsidiaries of the Company. The Credit Facility bank group is led by BMO and also includes Wells Fargo and Branch Banking & Trust Company. On September 7, 2017, the Company executed the second amendment and restatement of the Credit Facility (the “2017 Amended Credit Facility”).

On May 24, 2019, the Company executed the second amendment to the 2017 Amended Credit Facility (the “Second Revolver Amendment”). As a result of the Second Revolver Amendment, the Credit Facility has a total borrowing capacity of $200.0 million with the ability to increase that capacity up to $300.0 million during the term, subject to lender approval. The Credit Facility provides the lenders with a security interest in the equity of the Company subsidiaries that own the properties included in the borrowing base. The indebtedness outstanding under the Credit Facility accrues interest at a rate ranging from the 30-day LIBOR plus 135 basis points to the 30-day LIBOR plus 195 basis points based on the total balance outstanding under the Credit Facility as a percentage of the total asset value of the Company, as defined in the 2017 Amended Credit Facility, as amended by the Second Revolver Amendment. The Credit Facility also accrues a fee of 15 to 25 basis points for any unused portion of the borrowing capacity based on whether the unused portion is greater or less than 50% of the total borrowing capacity. Pursuant to the Second Revolver Amendment, the Credit Facility matures on May 24, 2023, with the ability to extend the term for 1 year.

On November 26, 2019, the Company entered into the third amendment to the 2017 Amended Credit Facility (the “Second 2019 Revolver Amendment”), which further amends the 2017 Amended Credit Facility. The Second 2019 Revolver Amendment included, among other things, an adjustment of certain financial maintenance covenants, including a temporary reduction of the minimum fixed charge coverage ratio to allow the Company to redeploy the proceeds received from the sale of certain income properties to PINE (the “PINE Income Property Sale Transactions”), and an increase in the maximum amount the Company may invest in stock and stock equivalents of real estate investment trusts to allow the Company to invest in the common stock and OP Units.

On July 1, 2020, the Company entered into the fourth amendment to the 2017 Amended Credit Facility (the “2020 Revolver Amendment”) whereby the tangible net worth covenant was adjusted to be more reflective of market terms. The 2020 Revolver Amendment was effective as of March 31, 2020.

On November 12, 2020, the Company entered into the Fifth Amendment to the 2017 Amended Credit Facility (the “November 2020 Revolver Amendment”). The November 2020 Revolver Amendment provided that, among other things, (i) the Company must comply with certain adjusted additional financial maintenance requirements, including (x) a new restricted payments covenant which limits the type and amount of cash distributions that may be made by the Company and (y) an adjusted fix charges ratio, which now excludes certain onetime expenses for purposes of calculation and (ii) the Company must, from and after the date that the Company elects to qualify as a REIT, maintain its status as a REIT.

At December 31, 2020, the current commitment level under the Credit Facility was $200.0 million. The available borrowing capacity under the Credit Facility was $35.2 million, based on the level of borrowing base assets. As of December 31, 2020, the Credit Facility had a $164.8 million balance outstanding. See Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations Overview” for a discussion of the potential impact on borrowing base availability due to the COVID-19 Pandemic.

The Credit Facility is subject to customary restrictive covenants including, but not limited to, limitations on the Company’s ability to: (a) incur indebtedness; (b) make certain investments; (c) incur certain liens; (d) engage in certain affiliate transactions; and (e) engage in certain major transactions such as mergers. In addition, the Company is subject to various financial maintenance covenants including, but not limited to, a maximum indebtedness ratio, a maximum secured indebtedness ratio, and a minimum fixed charge coverage ratio. The Credit Facility also contains affirmative covenants and events of default including, but not limited to, a cross default to the Company’s other indebtedness and upon the occurrence of a change in control. The Company’s failure to comply with these covenants or the occurrence of an event of default could result in acceleration of the Company’s debt and other financial obligations under the Credit Facility.

Mortgage Notes Payable. In addition to the Credit Facility, the Company has certain other borrowings, as noted in the table above, all of which are non-recourse.

Convertible Debt. The Company’s $75.0 million aggregate principal amount of 4.50% Convertible Notes (the “2020 Notes”) were scheduled to mature on March 15, 2020; however, the Company completed the Note Exchanges, hereinafter defined, on February 4, 2020. The initial conversion rate was 14.5136 shares of common stock for each $1,000 principal amount of the 2020 Notes, which represented an initial conversion price of $68.90 per share of common stock.

On February 4, 2020, the Company closed privately negotiated exchange agreements with certain holders of its outstanding 2020 Notes pursuant to which the Company issued $57.4 million principal amount of 3.875% Convertible Senior Notes due 2025 (the “2025 Notes”) in exchange for $57.4 million principal amount of the 2020 Notes (the “Note Exchanges”). In addition, the Company closed a privately negotiated purchase agreement with an investor, who had not invested in the 2020 Notes, and issued $17.6 million principal amount of the 2025 Notes (the “New Notes Placement,” and together with the Note Exchanges, the “Convert Transactions”). The Company used $5.9 million of the proceeds from the New Notes Placement to repurchase $5.9 million of the 2020 Notes. As a result of the Convert Transactions there was a total of $75.0 million aggregate principal amount of 2025 Notes outstanding.

In exchange for issuing the 2025 Notes pursuant to the Note Exchanges, the Company received and cancelled the exchanged 2020 Notes. The $11.7 million of net proceeds from the New Notes Placement were used to redeem at maturity on March 15, 2020 $11.7 million of the aggregate principal amount of the 2020 Notes that remained outstanding.

Through December 31, 2020, the Company repurchased $12.5 million aggregate principal amount of 2025 Notes at an approximate $2.6 million discount, resulting in a gain on the extinguishment of debt of $1.1 million. All such repurchases were made during the first and second quarter of 2020. Following the repurchase of the 2025 Notes, $62.5 million aggregate principal amount of the 2025 Notes remains outstanding at December 31, 2020.

The 2025 Notes represent senior unsecured obligations of the Company and pay interest semi-annually in arrears on each April 15th and October 15th, commencing on April 15, 2020, at a rate of 3.875% per annum. The 2025 Notes mature on April 15, 2025 and may not be redeemed by the Company prior to the maturity date. The conversion rate for the 2025 Notes is initially 12.7910 shares of the Company’s common stock per $1,000 of principal of the 2025 Notes (equivalent to an initial conversion price of $78.18 per share of the Company’s common stock). The initial conversion price of the 2025 Notes represents a premium of 20% to the $65.15 closing sale price of the Company’s common stock on the NYSE American on January 29, 2020. If the Company’s Board increases the quarterly dividend above the $0.13 per share in place at issuance, the conversion rate is adjusted with each such increase in the quarterly dividend amount. After the fourth quarter 2020 regular dividend and the Special Distribution, the conversion rate is equal to 18.2596 shares of common stock for each $1,000 principal amount of 2025 Notes, which represents an adjusted conversion price of $54.77 per share of common stock. At the maturity date, the 2025 Notes are convertible into cash, common stock or a combination thereof, subject to various conditions, at the Company’s option. Should certain corporate transactions or events occur prior to the stated maturity date, the Company will increase the conversion rate for a holder that elects to convert its 2025 Notes in connection with such corporate transaction or event.

The conversion rate is subject to adjustment in certain circumstances. Holders may not surrender their 2025 Notes for conversion prior to January 15, 2025 except upon the occurrence of certain conditions relating to the closing sale price of the Company’s common stock, the trading price per $1,000 principal amount of 2025 Notes, or specified corporate events including a change in control of the Company. The Company may not redeem the 2025 Notes prior to the stated maturity date and no sinking fund is provided for the 2025 Notes. The 2025 Notes are convertible, at the election of the Company, into solely cash, solely shares of the Company’s common stock, or a combination of cash and shares of the Company’s common stock. The Company intends to settle the 2025 Notes in cash upon conversion, with any excess conversion value to be settled in shares of our common stock. In accordance with U.S. GAAP, the 2025 Notes were accounted for as a liability with a separate equity component recorded for the conversion option. A liability was recorded for the 2025 Notes on the issuance date at fair value based on a discounted cash flow analysis using current market rates for debt instruments with similar terms. The difference between the initial proceeds from the 2025 Notes and the estimated fair value of the debt instruments resulted in a debt discount, with an offset recorded to additional paid-in capital representing the equity component. As of December 31, 2020, the unamortized debt discount of our 2025 Notes was $6.2 million.

Long-term debt consisted of the following (in thousands):


	December 31, 2020				December 31, 2019
	Total		Due Within One Year		Total		Due Within One Year
Credit Facility	$	164,845	$	—	$	159,845	$	—
Mortgage Note Payable (originated with Wells Fargo)		30,000		—		30,000		—
Mortgage Note Payable (originated with Wells Fargo)		23,183		23,183		23,884		—
4.500% Convertible Senior Notes, net of discount		—		—		74,706		75,000
3.875% Convertible Senior Notes, net of discount		56,296		—		—		—
Loan Costs, net of accumulated amortization		(1,263)		—		(1,217)		—
Total Long-Term Debt	$	273,061	$	23,183	$	287,218	$	75,000

Payments applicable to reduction of principal amounts as of December 31, 2020 will be required as follows (in thousands):


Year Ending December 31,	Amount
2021	$	23,183
2022		—
2023		164,845
2024		—
2025		62,468
2026 and thereafter		30,000
Total Long-Term Debt - Face Value	$	280,496

The carrying value of long-term debt as of December 31, 2020 consisted of the following (in thousands):


	Total
Current Face Amount	$	280,496
Unamortized Discount on Convertible Debt		(6,172)
Loan Costs, net of accumulated amortization		(1,263)
Total Long-Term Debt	$	273,061

The following table reflects a summary of interest expense incurred and paid during the years ended December 31, 2020, 2019 and 2018 (in thousands):


	Year Ended
	December 31, 2020		December 31, 2019		December 31, 2018
Interest Expense	$	9,005	$	10,665	$	8,655
Amortization of Loan Costs		454		444		495
Amortization of Discount on Convertible Notes		1,379		1,357		1,273
Capitalized Interest		—		—		—
Total Interest Expense	$	10,838	$	12,466	$	10,423

Total Interest Paid	$	9,716	$	10,782	$	8,419

The Company was in compliance with all of its debt covenants as of December 31, 2020 and 2019.

INTEREST RATE SWAPS

12 Months Ended

Dec. 31, 2020

INTEREST RATE SWAPS

INTEREST RATE SWAPS

NOTE 17. INTEREST RATE SWAP

During April 2016, the Company entered into an interest rate swap agreement to hedge cash flows tied to changes in the underlying floating interest rate tied to LIBOR for the $25.0 million mortgage note payable as discussed in Note 16, “Long-Term Debt.” During the year ended December 31, 2020, the interest rate swap agreement was 100% effective.

Accordingly, the change in fair value on the interest rate swap has been classified in accumulated other comprehensive income (loss). As of December 31, 2020, the fair value of our interest rate swap agreement, which was a loss of $0.1 million is included in accrued and other liabilities on the consolidated balance sheets. As of December 31, 2019, the fair value of our interest rate swap agreement, which was a gain of $0.1 million, was included in other assets on the consolidated balance sheets. The interest rate swap was effective on April 7, 2016 and matures on April 7, 2021. The interest rate swap fixed the variable rate debt on the notional amount of related debt of $23.2 million to a rate of 3.17%.

During March 2020, the Company entered into an interest rate swap agreement to hedge cash flows tied to changes in the underlying floating interest rate tied to LIBOR for $100.0 million of the outstanding balance on the Credit Facility as discussed in Note 16, “Long-Term Debt.” During the year ended December 31, 2020, the interest rate swap agreement was 100% effective. Accordingly, the change in fair value on the interest rate swap has been classified in accumulated other comprehensive income (loss). As of December 31, 2020, the fair value of our interest rate swap agreement, which was a loss of $1.8 million, was included in accrued and other liabilities on the consolidated balance sheets. The interest rate swap was effective on March 31, 2020 and matures on March 29, 2024. The interest rate swap fixed the variable rate debt on the notional amount of related debt of $100.0 million to a rate of 0.73250% plus the applicable spread.

During August 2020, the Company entered into a separate interest rate swap agreement to hedge cash flows tied to changes in the underlying floating interest rate tied to LIBOR for $50.0 million of the outstanding balance on the Credit Facility as discussed in Note 16, “Long-Term Debt.” During the year ended December 31, 2020, the interest rate swap agreement was 100% effective. Accordingly, the change in fair value on the interest rate swap has been classified in accumulated other comprehensive income (loss). As of December 31, 2020, the fair value of our interest rate swap agreement, which was a loss of less than $0.1 million, was included in accrued and other liabilities on the consolidated balance sheets. The interest rate swap was effective on August 31, 2020 and matures on March 29, 2024. The interest rate swap fixed the variable rate debt on the notional amount of related debt of $50.0 million to a rate of 0.22000% plus the applicable spread.

ACCRUED AND OTHER LIABILITIES

12 Months Ended

Dec. 31, 2020

ACCRUED AND OTHER LIABILITIES

ACCRUED AND OTHER LIABILITIES

NOTE 18. ACCRUED AND OTHER LIABILITIES

Accrued and other liabilities consisted of the following (in thousands):


	As of
	December 31, 2020		December 31, 2019
Accrued Property Taxes	$	945	$	44
Reserve for Tenant Improvements		1,353		618
Accrued Construction Costs		1,783		93
Accrued Interest		602		1,313
Environmental Reserve and Restoration Cost Accrual		106		206
Interest Rate Swaps		1,910		—
Operating Leases - Liability		245		365
Other		2,146		3,048
Total Accrued and Other Liabilities	$	9,090	$	5,687

Reserve for Tenant Improvements. In connection with the acquisition of Ashford Lane in Atlanta, Georgia on February 21, 2020, the Company received $0.5 million from the seller of the property for tenant improvement allowances and leasing commissions for multiple tenants. This amount is included in accrued and other liabilities on the consolidated balance sheets. During the year ended December 31, 2020, payments totaling $0.4 million were made, leaving a remaining commitment of $0.1 million.

In connection with the acquisition of the Crossroads Towne Center property in Chandler, Arizona on January 24, 2020, the Company received $1.3 million from the seller of the property for tenant improvement allowances and leasing commissions for two tenants. This amount was included in accrued and other liabilities on the consolidated balance sheets. During the year ended December 31, 2020, payments totaling $0.8 million were made, leaving a remaining commitment of $0.5 million.

Accrued Construction Costs. During the year ended December 31, 2020, the Company approved the funding of $1.6 million in capital improvements for building automation systems at the property located in Raleigh, NC leased to Wells Fargo. Wells Fargo completed the capital improvements during the three months ended December 31, 2020 and accordingly, $1.6 million was accrued and committed as of December 31, 2020. The Company funded the payment of $1.6 million to Wells Fargo subsequent to December 31, 2020.

Environmental Reserve. During the year ended December 31, 2014, the Company accrued an environmental reserve of $0.1 million 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 $0.5 million, representing the low end of the range of possible costs estimated by the engineers to be between $0.5 million and $1.0 million to resolve this matter subject to the approval of the state department of environmental protection (the “FDEP”). The FDEP issued a Remedial Action Plan Modification Approval Order (the “FDEP Approval”) in August 2016 which supports the approximate $0.5 million accrual made in 2015. The Company is implementing the remediation plan pursuant to the FDEP Approval. During the fourth quarter of 2017, the Company made an additional accrual of less than $0.1 million for the second year of monitoring as the low end of the original range of estimated costs was increased for the amount of monitoring now anticipated. Since the total accrual of $0.7 million was made, $0.6 million in costs have been incurred through December 31, 2020, leaving a remaining accrual of $0.1 million.

Restoration Cost Accrual. As part of the resolution of a regulatory matter pertaining to the Company’s prior agricultural activities on certain of the Company’s land located in Daytona Beach, Florida, as of December 31, 2015, the Company accrued an obligation of $1.7 million, representing the low end of the estimated range of possible wetlands restoration costs for 148.4 acres within such land, and such estimated costs were included on the consolidated balance sheets as an increase in the basis of our land and development costs associated with those and benefitting surrounding acres. The final proposal for restoration work was received during the second quarter of 2016 which totaled $2.0 million. Accordingly, an increase in the accrual of $0.3 million was recorded during the second quarter of 2016. During the first quarter of 2019, the Company received a revised estimate for completion of the restoration work for which the adjusted final total cost was $2.4 million. Accordingly, an increase in the accrual of $0.4 million was recorded during the first quarter of 2019. The Company funded $2.4 million through December 31, 2020. On August 10, 2020, the Company transferred 13.31 federal mitigation credits to the permit related to the land that gave rise to the environmental restoration matter. The credits were transferred in anticipation of completing the steps necessary to receive the final acceptance from the federal regulatory agency. These credits had an aggregate cost basis of $0.1 million and were included in general and administrative expenses in the consolidated statements of operations during the year ended December 31, 2020. The Company received a closure letter during the first quarter of 2021 leaving no expected remaining commitment. This matter is more fully described in Note 22 “Commitments and Contingencies.”

Operating Leases – Liability. The Company implemented FASB ASC Topic 842, Leases, effective January 1, 2019, resulting in a cumulative effect adjustment to increase right-of-use assets and related liabilities for operating leases for which the Company is the lessee.

DEFERRED REVENUE

12 Months Ended

Dec. 31, 2020

DEFERRED REVENUE

DEFERRED REVENUE

NOTE 19. DEFERRED REVENUE

Deferred revenue consisted of the following (in thousands):


	As of
	December 31, 2020		December 31, 2019
Interest Reserve from Commercial Loan and Master Lease Investments	$	—	$	835
Prepaid Rent		2,684		2,063
Tenant Contributions		625		2,889
Other Deferred Revenue		10		44
Total Deferred Revenue	$	3,319	$	5,831

Interest Reserve from Commercial Loan and Master Lease Investments. In conjunction with certain of the Company’s commercial loan and master lease investments, the borrower has deposited interest and real estate tax reserves in escrow accounts held by the Company. The corresponding liability is recorded in deferred revenue on the Company’s consolidated balance sheets as the interest reserves are utilized to fund the monthly interest due on the loans. As of December 31, 2020, the escrow balance, related to four of the Company’s commercial loan and master lease investments, had been released in connection with the sale transactions completed during the second quarter of 2020, see Note 5, “Commercial Loan and Master Lease Investments”, for further disclosure.

Tenant Contributions. In connection with the acquisition of the property in Aspen, Colorado, the master tenant contributed $1.5 million of the $28.0 million purchase price at closing on February 21, 2018. Additionally, the master tenant funded, from its leasing reserve escrow, $1.0 million of the Company’s acquisition-related costs. The tenant contributions were recognized ratably over the then remaining term of the lease into income property rental revenue. A total of $0.3 million was recognized into income property rental revenue through September 30, 2020, leaving an aggregate balance of $2.1 million, related to the Company’s total acquisition cost of $29.0 million, which was transferred to assets held for sale as of September 30, 2020. The property was subsequently sold on December 21, 2020.

In connection with the construction of the Company’s beachfront restaurant formerly leased to Cocina 214 in Daytona Beach, Florida, pursuant to the lease agreement, the tenant contributed $1.9 million towards the completion of the building and tenant improvements through direct payments to various third-party construction vendors. The tenant contribution is being recognized ratably over the remaining term of the lease into income property rental revenue. As a result of the lease termination agreement, entered into on July 16, 2019 by the Company and Cocina 214, the balance of the tenant contribution liability was reduced by $1.0 million, leaving a balance of $0.7 million to be recognized into income property rental revenue ratably over the remaining term of the original Cocina 214 lease. A total of $0.1 million was recognized into income property rental revenue through December 31, 2020, leaving a balance of $0.6 million to be recognized over the remaining term of the lease.

STOCK-BASED COMPENSATION

12 Months Ended

Dec. 31, 2020

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION

NOTE 20. STOCK-BASED COMPENSATION

SUMMARY OF STOCK-BASED COMPENSATION

A summary of share activity for all equity classified stock compensation during the year ended December 31, 2020, is presented below:


Type of Award	Shares Outstanding at 1/1/2020		Granted Shares		Vested / Exercised Shares		Expired Shares		Forfeited Shares		Shares Outstanding at 12/31/2020
Equity Classified - Performance Share Awards - Peer Group Market Condition Vesting		49,275		26,441		(12,635)		—		(7,230)		55,851
Equity Classified - Market Condition Restricted Shares - Stock Price Vesting		22,000		—		—		—		—		22,000
Equity Classified - Three Year Vest Restricted Shares		37,595		23,451		(18,054)		—		(4,513)		38,479
Equity Classified - Non-Qualified Stock Option Awards		80,000		—		—		—		—		80,000
Total Shares		188,870		49,892		(30,689)		—		(11,743)		196,330

Amounts recognized in the financial statements for stock options, stock appreciation rights, and restricted stock are as follows (in thousands):


	Year Ended
	December 31, 2020		December 31, 2019		December 31, 2018
Total Cost of Share-Based Plans Charged Against Income Before Tax Effect	$	2,786	$	2,688	$	1,923

Income Tax Expense Recognized in Income	$	(678)	$	(681)	$	(487)

Effective as of August 4, 2017, the Company entered into amendments to the employment agreements and certain stock option award agreements and restricted share award agreements whereby such awards will fully vest following a change in control (as defined in the executive’s employment agreement) only if the executive’s employment is terminated without cause or if the executive resigns for good reason (as such terms are defined in the executive’s employment agreement), in each case, at any time during the 24-month period following the change in control.

EQUITY-CLASSIFIED STOCK COMPENSATION

Performance Share Awards – Peer Group Market Condition Vesting

Performance shares have been granted to certain employees under the Original 2010 Plan. The performance shares awards entitle the recipient to receive, upon the vesting thereof, shares of common stock of the Company equal to between 0% and 150% of the number of performance shares awarded. The number of shares of common stock vesting is determined based on the Company’s total stockholder return as compared to the total stockholder return of a certain peer group during a three-year performance period. The Company granted a total of 26,441, 21,195, and 15,445 performance shares during the years ended December 31, 2020, 2019, and 2018, respectively.

During the three months ended March 31, 2020, pursuant to the calculation of the vesting criteria, as performed by an independent third party, 14,214 shares vested in the aggregate, related to the 12,635 shares outstanding as of January 1, 2020 as the actual vested percentage of the performance shares was 112.5%.

The Company used a Monte Carlo simulation pricing model to determine the fair value of its awards that are based on market conditions. The determination of the fair value of market condition-based awards is affected by the Company’s stock price as well as assumptions regarding a number of other variables. These variables include expected stock price volatility over the requisite performance term of the awards, the relative performance of the Company’s stock price and stockholder returns to companies in its peer group, annual dividends, and a risk-free interest rate assumption.

Compensation cost is recognized regardless of the achievement of the market conditions, provided the requisite service period is met.

As of December 31, 2020, there was $1.6 million of unrecognized compensation cost, adjusted for estimated 1.6 years.

A summary of activity during the years ended December 31, 2020, 2019, and 2018 is presented below:


Performance Shares with Market Conditions	Shares		Wtd. Avg. Fair Value
Outstanding at January 1, 2018		12,635	$	55.66
Granted		15,445	$	74.99
Vested		—		—
Expired		—		—
Forfeited		—		—
Outstanding at December 31, 2018		28,080	$	66.29
Granted		21,195	$	64.66
Vested		—		—
Expired		—		—
Forfeited		—		—
Outstanding at December 31, 2019		49,275	$	65.59
Granted		26,441	$	55.82
Vested		(12,635)	$	55.66
Expired		—		—
Forfeited		(7,230)	$	63.81
Outstanding at December 31, 2020		55,851	$	63.44

Market Condition Restricted Shares– Stock Price Vesting

Restricted Company common stock has been granted to certain employees under the Original 2010 Plan. The restricted Company common stock outstanding from these grants vest in increments based upon the price per share of the Company common stock during the term of employment (or within sixty days after termination of employment by the Company without cause), meeting or exceeding the target trailing thirty-day average closing prices. As of December 31, 2020, 22,000 shares remain outstanding which consists of 18,000 shares with a $70 per share price vesting criteria and 4,000 shares with a $75 per share price vesting criteria. Effective January 28, 2021, the 22,000 shares outstanding were forfeited.

As of December 31, 2020, there is no unrecognized compensation cost related to market condition restricted stock. The 22,000 shares outstanding as of December 31, 2020 were forfeited on January 28, 2021 as they expired without vesting.

A summary of the activity for these awards during the years ended December 31, 2020, 2019 and 2018 is presented below:


Market Condition Non-Vested Restricted Shares	Shares		Wtd. Avg. Fair Value
Outstanding at January 1, 2018		29,750	$	39.07
Granted		—		—
Vested		(7,750)	$	31.58
Expired		—		—
Forfeited		—		—
Outstanding at December 31, 2018		22,000	$	41.71
Granted		—		—
Vested		—		—
Expired		—		—
Forfeited		—		—
Outstanding at December 31, 2019		22,000	$	41.71
Granted		—		—
Vested		—		—
Expired		—		—
Forfeited		—		—
Outstanding at December 31, 2020		22,000	$	41.71

Three Year Vest Restricted Shares

Restricted shares have been granted to certain employees under the 2010 Plan. One-third of the restricted shares will vest on each of the first, second, and third anniversaries of January 28 of the applicable year provided the grantee is an employee of the Company on those dates. In addition, any unvested portion of the restricted shares will vest upon a change in control. The Company granted a total of 23,451, 20,696, and 17,712 shares of three-year restricted Company common stock during the years ended December 31, 2020, 2019, and 2018, respectively.

The Company’s determination of the fair value of the three-year vest restricted stock awards was calculated by multiplying the number of shares issued by the Company’s stock price at the grant date, less the present value of expected dividends during the vesting period. Compensation cost is recognized on a straight-line basis over the vesting period.

As of December 31, 2020, there was $1.4 million of unrecognized compensation cost, adjusted for estimated forfeitures, related to the three-year vest non-vested restricted shares, which will be recognized over a remaining weighted average period of 1.7 years.

A summary of activity for these awards during the years ended December 31, 2020, 2019, and 2018 is presented below:


Three Year Vest Non-Vested Restricted Shares	Shares	Wtd. Avg. Fair Value Per Share
Outstanding at January 1, 2018	37,390	$	51.39
Granted	17,712	$	65.33
Vested	(18,883)	$	51.57
Expired	—		—
Forfeited	(1,267)	$	59.39
Outstanding at December 31, 2018	34,952	$	58.07
Granted	20,696	$	58.78
Vested	(18,053)	$	54.43
Expired	—		—
Forfeited	—		—
Outstanding at December 31, 2019	37,595	$	60.21
Granted	23,451	$	55.89
Vested	(18,054)	$	59.69
Expired	—		—
Forfeited	(4,513)	$	60.14
Outstanding at December 31, 2020	38,479	$	57.82

Non-Qualified Stock Option Awards

On October 22, 2014, the Company granted to Mr. Smith an option to purchase 10,000 shares of the Company’s common stock under the Original 2010 Plan, with an exercise price of $50.00. One-third of the options vested on each of the first, second, and third anniversaries of the grant date. 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 February 9, 2015, the Company granted to Mr. Albright an option to purchase 20,000 shares of the Company’s common stock under the Original 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 Original 2010 Plan, with an exercise price of $55.62. On February 26, 2016, this option was surrendered and an option to purchase 40,000 shares was granted on February 26, 2016, with identical terms. One-third of the options vested immediately, and the remaining two-thirds vested on January 28, 2017 and January 28, 2018. 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 Original 2010 Plan, with an exercise price of $57.54. One-third of the options vested on each of the first, second, and third anniversaries of the grant date. The option expires on the earliest of: (a) June 29, 2025; (b) twelve months after the employee’s death or termination for disability; or (c) thirty days after the termination of employment for any reason other than death or disability.

The Company used the Black-Scholes valuation pricing model to determine the fair value of its non-qualified stock option awards. The determination of the fair value of the awards is affected by the stock price as well as assumptions regarding a number of other variables. These variables include expected stock price volatility over the term of the awards, annual dividends, and a risk-free interest rate assumption.

A summary of the activity for these awards during the years ended December 31, 2020, 2019, and 2018 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, 2018	90,000	$	52.71
Granted	—		—
Exercised	(10,000)		29.34
Expired	—		—
Forfeited	—		—
Outstanding at December 31, 2018	80,000	$	55.63
Granted	—		—
Exercised	—		—
Expired	—		—
Forfeited	—		—
Outstanding at December 31, 2019	80,000	$	55.63
Granted	—		—
Exercised	—		—
Expired	—		—
Forfeited	—		—
Outstanding at December 31, 2020	80,000	$	55.63		4.26		—
Exercisable at January 1, 2020	80,000	$	55.63		6.50	$	25,000
Exercisable at December 31, 2020	80,000	$	55.63		4.26		—

A summary of the non-vested options for these awards during the years ended December 31, 2018 is presented below:


Non-Qualified Stock Option Awards	Shares		Fair Value of Shares Vested
Non-Vested at January 1, 2018		17,000		—
Granted		—		—
Vested		(17,000)	$	952,068
Expired		—		—
Forfeited		—		—
Non-Vested at December 31, 2018		—		—

No options were granted or exercised during the year ended December 31, 2020 or 2019.

NON-EMPLOYEE DIRECTOR STOCK COMPENSATION

Each member of the Company’s Board of Directors has the option to receive his or her annual retainer in shares of Company common stock rather than cash. The number of shares awarded to the directors making such election is calculated quarterly by dividing (i) the sum of (A) the amount of the quarterly retainer payment due to such director plus (B) meeting fees earned by such director during the quarter, by (ii) the closing price of the Company’s common stock on the last business day of the quarter for which such payment applied, rounded down to the nearest whole number of shares.

Commencing in 2019, each non-employee director serving as of the beginning of each calendar year shall receive an annual award of the Company’s common stock valued at $20,000 (the “Annual Award”). The number of shares awarded will be calculated based on the trailing 20-day average price of the Company’s common stock as of the date two business days prior to the date of the award, rounded down to the nearest whole number of shares.

During the years ended December 31, 2020, 2019, and 2018, the expense recognized for the value of the Company’s common stock received by non-employee directors totaled $0.5 million or 10,128 shares, $0.5 million, or 9,004 shares, and $0.2 million, or 3,822 shares, respectively. The 2020 amount includes the $120,000 Annual Award received during the first quarter of 2020.

INCOME TAXES

12 Months Ended

Dec. 31, 2020

INCOME TAXES

INCOME TAXES

NOTE 21. INCOME TAXES

The Company intends to elect to be taxed as a REIT for U.S. federal income tax purposes under the Internal Revenue Code commencing with its taxable year ended on December 31, 2020, upon filing of its tax return for such taxable year. The Company believes that, commencing with such taxable year, it has been organized and has operated in such a manner as to qualify for taxation as a REIT under the U.S. federal income tax laws. The Company intends to continue to operate in such a manner. As a REIT, the Company will be subject to U.S. federal and state income taxation at corporate rates on its net taxable income; the Company, however, may claim a deduction for the amount of dividends paid to its stockholders. Amounts distributed as dividends by the Company will be subject to taxation at the stockholder level only. While the Company must distribute at least 90% of its REIT taxable income, determined without regard to the dividends paid deduction and excluding any net capital gain, to qualify as a REIT, the Company intends to distribute all of its net taxable income. The Company is allowed certain other non-cash deductions or adjustments, such as depreciation expense, when computing its REIT taxable income and distribution requirement. These deductions permit the Company to reduce its dividend payout requirement under U.S. federal income tax laws. Certain states may impose minimum franchise taxes. To comply with certain REIT requirements, the Company holds certain of its non-REIT assets and operations through taxable REIT subsidiaries (“TRSs”) and subsidiaries of TRSs, which will be subject to applicable U.S. federal, state and local corporate income tax on their taxable income. For the periods presented, the Company held a total of five TRSs subject to taxation. The Company’s TRSs will file separately as C-Corporations for the taxable year ended December 31, 2020.

As a result of the Company’s election to be taxed as a REIT, the income tax provision for the year ended December 31, 2020 includes an $82.5 million deferred tax benefit from the de-recognition of the deferred tax assets and liabilities associated with the entities included in the REIT. A significant portion of the deferred tax benefit recognized relates to the de-recognition of deferred tax liabilities resulting from Internal Revenue Code Section 1031 like-kind exchanges (“1031 Exchanges”). The Company will be subject to corporate income taxes related to assets held by it that are sold during the 5-year period following the date of conversion to the extent such sold assets had a built-in gain as of January 1, 2020. The

Company generally does not intend to dispose of any REIT assets after the REIT conversion within the 5-year period, unless various tax planning strategies, including 1031 Exchanges or other deferred tax structures are available to mitigate the built-in gain tax liability of conversion.

Total income tax benefit (expense) are summarized as follows (in thousands):


	Year ended December 31,
	2020		2019		2018
Income Tax (Expense) Benefit from Continuing Operations	$	83,499	$	(5,472)	$	(6,025)
Income Tax Expense from Discontinued Operations		—		(32,641)		(7,530)
Total Consolidated Income Tax Benefit (Expense)	$	83,499	$	(38,113)	$	(13,555)

The provisions for income tax benefit (expense) from continuing operations are summarized as follows (in thousands):


	2020				2019				2018
	Current		Deferred		Current		Deferred		Current		Deferred
Federal	$	341	$	70,106	$	(225)	$	(4,974)	$	(231)	$	(5,381)
State		63		12,989		20		(293)		(127)		(286)
Total	$	404	$	83,095	$	(205)	$	(5,267)	$	(358)	$	(5,667)

Deferred tax assets and liabilities are recognized for the future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

The sources of these differences and the related deferred income tax assets (liabilities) are summarized as follows (in thousands):


	Deferred Tax
	2020		2019
Deferred Income Tax Assets
Depreciation	$	—	$	4,786
Intangible Lease Liabilities		—		6,504
Income Property Tenant Contributions		—		732
Impairment Reserves		—		93
Stock Options and Restricted Stock		—		1,275
Net Operating Loss Carryforward		1,103		—
Capital Loss Carryforward		—		21
Other - Net		—		6
Gross Deferred Income Tax Assets		1,103		13,417
Less - Valuation Allowance		—		(273)
Net Deferred Income Tax Assets		1,103		13,144
Deferred Income Tax Liabilities
Sales of Real Estate		—		(87,353)
Discount on Equity Component of Convertible Debt		—		(43)
Basis Differences in Joint Ventures		(4,624)		(11,789)
Basis Difference in Alpine Income Property OP, LP		—		(3,980)
Interest Rate Swap		—		(74)
Deferred Revenue (Net of Straight-line Rent Adjustments)		—		(187)
Total Deferred Income Tax Liabilities		(4,624)		(103,426)
Net Deferred Income Tax Liabilities	$	(3,521)	$	(90,282)

In assessing the realizability of deferred income tax assets, management considers whether it is more likely than not that some portion or all of the deferred income tax assets will not be realized. The ultimate realization of deferred income tax assets is dependent upon the realization of future taxable income during the periods in which those temporary differences become deductible. We consider past history, the scheduled reversal of taxable temporary differences, projected future taxable income, and tax planning strategies in making this assessment. As of December 31, 2019, we believed it was more likely than not that a portion of the Company’s deferred income tax assets would not be realized, and accordingly, a valuation allowance has been provided in the amount of $0.3 million. As of December 31, 2019, the valuation allowance related solely to a basis difference in a joint venture with a wholly owned and fully consolidated subsidiary which was eliminated during the year ended December 31, 2020 due to the de-recognition of the deferred tax assets and liabilities associated with the entities included in the REIT. As of December 31, 2020, the Company has $1.1 million in net operating loss (“NOL”) carryforwards. The Tax Cuts and Jobs Act allows for indefinite carryforwards for all NOLs generated in taxable years beginning after December 31, 2017. Additionally, there is no taxable income limitation, thus allowing an NOL carryforward to fully offset taxable income in tax years beginning before January 1, 2021. Accordingly, as of December 31, 2020, no valuation allowance was considered necessary.

Following is a reconciliation of the income tax computed at the federal statutory rate of 21% for 2020, 2019, and 2018, individually, for continuing operations (in thousands):


	Year ended December 31,
	2020				2019				2018
Income Tax (Expense) Benefit Computed at Federal Statutory Rate	$	971	(19.5)	%	$	(4,410)	(20.0)	%	$	(4,557)	(20.7)	%
Increase (Decrease) Resulting from:
State Income Tax, Net of Federal Income Tax Benefit		180	(3.6)	%		(1,076)	(5.0)	%		(1,363)	(5.5)	%
Income Tax on Permanently Non-Deductible Items		(112)	2.2	%		(86)	(0.4)	%		(32)	(0.2)	%
Tax Benefit due to De-Recognition of REIT Deferred Tax Liabilities		82,460	(1652.6)	%		—	0.0	%		—	0.0	%
Other Reconciling Items		—	0.0	%		100	0.5	%		(73)	(0.3)	%
Benefit (Expense) for Income Taxes	$	83,499	(1673.4)	%	$	(5,472)	(24.9)	%	$	(6,025)	(26.7)	%

The effective income tax rate assumes a blended rate for estimated state and local taxes on its income and property. The effective income tax rate for the years ended December 31, 2020, 2019, and 2018, including the discontinued operations, was 1673.4%, (24.9)%, and (26.7)%, respectively. The provision for income taxes reflects the Company’s estimate of the effective rate expected to be applicable for the full fiscal year, adjusted for any discrete events, which are reported in the period that they occur. The year ended December 31, 2020 included the impact for the discrete event described above related to the de-recognition of the deferred tax assets and liabilities associated with the entities included in the REIT. There were no discrete events during the years ended December 31, 2019 or 2018.

For prior taxable years through the year ended December 31, 2019, the Company has filed a consolidated income tax return in the United States Federal jurisdiction and the states of Alabama, Arizona, California, Colorado, Florida, Georgia, Maryland, Massachusetts, Nevada, New Mexico, New York, North Carolina, Oregon, Texas, Virginia, Washington, and Wisconsin. The Internal Revenue Service (“IRS”) has audited the federal tax returns through the year 2012, with all proposed adjustments settled. The Florida Department of Revenue has audited the Florida tax returns through the year 2014, with all proposed adjustments settled. For the years ended December 31, 2020, 2019, and 2018, the Company recognized no uncertain tax positions or accrued interest and penalties for uncertain tax positions. If such positions do arise, it is the Company’s intent that any interest or penalty amount related to such positions will be recorded as a component of the income tax provision (benefit) in the applicable period.

Income taxes totaling $5.0 million, $2.5 million, and $0.3 million were paid during the years ended December 31, 2020, 2019 and 2018, respectively. Additionally, income taxes totaling $0.7 million and $0.2 million were refunded during the years ended December 31, 2019 and 2018, respectively, with no income taxes refunded during the year ended December 31, 2020.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2020

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

NOTE 22. COMMITMENTS AND CONTINGENCIES

MINIMUM FUTURE RENTAL PAYMENTS

The Company leases, as lessee, certain equipment under operating leases.

Minimum future rental payments under non-cancelable operating leases having remaining terms in excess of one year as of December 31, 2020, are summarized as follows (in thousands):


Year Ending December 31,	Amounts
2021	$	123
2022		118
2023		33
2024		—
2025		—
2026 and thereafter (cumulative)		—
Total	$	274

Rental expense under all operating leases amounted to $0.1 million, $0.3 million, and $0.3 million for the years ended December 31, 2020, 2019, and 2018, respectively.

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 this property. The proposed road modifications would impact access to the property but, in the Company’s view, did not provide a basis for Harris Teeter to terminate its lease. Regardless, in January 2013, the North Carolina Department of Transportation (“NCDOT”) agreed to redesign the road modifications in several respects. As redesigned, the project changed a signalized all-access point to an unsignalized access point, which permits all ingress and right-out egress. The modification to the other existing vehicular access point to a right-in/right-out access, was not altered, however, a third vehicular access point was added to the redesigned project. Harris Teeter has expressed satisfaction with the redesigned project and indicated that it will not attempt to terminate its lease as a result of the road modifications. The redesigned project was completed in late 2020. The condemnation case had been placed in administrative closure pending completion of the project. Now that the project has been completed, the Company expects that the stay of condemnation action will be lifted and, if requested by the parties, the trial and mediation may be scheduled and proceed. The Company has retained local counsel and will be engaging experts to assist in evaluating its claim for diminution in value of the property. Any proceedings regarding this matter would likely not be scheduled until late 2021 or early 2022.

CONTRACTUAL COMMITMENTS – EXPENDITURES

The following are commitments as of December 31, 2020 related to the Company’s multi-tenant income property acquisitions completed during the first quarter of 2020:

●

In connection with the acquisition of Ashford Lane in Atlanta, Georgia on February 21, 2020, the Company received $0.5 million from the seller of the property for tenant improvement allowances and leasing commissions for multiple tenants. This amount is included in accrued and other liabilities. During the year ended December 31, 2020, payments totaling $0.4 million were made, leaving a remaining commitment of $0.1 million. Additionally, as of December 31, 2020, the Company is obligated to fund $1.9 million of tenant improvement and leasing commissions on new and amended leases entered into subsequent to acquisition. Lastly, in connection with the rebranding of this property, the Company has executed $0.2 million in architectural and civil engineering agreements which is committed as of December 31, 2020.

●

In connection with the acquisition of the Crossroads Towne Center property in Chandler, Arizona on January 24, 2020, the Company received $1.3 million from the seller of the property for tenant improvement allowances and leasing commissions for two tenants. This amount is included in accrued and other liabilities. During the year ended December 31, 2020, payments totaling $0.8 million were made, leaving a remaining commitment of $0.5 million.

The following are commitments as of December 31, 2020 pursuant to agreements executed related to the Company’s income property portfolio and undeveloped land holdings:

●

During the year ended December 31, 2020, the Company approved the funding of $1.6 million in capital improvements for building automation systems at the property located in Raleigh, NC leased to Wells Fargo. Wells Fargo completed the capital improvements during the three months ended December 31, 2020 and accordingly, $1.6 million was accrued and committed as of December 31, 2020 which was funded subsequent to December 31, 2020. In addition to the $1.6 million committed as of December 31, 2020, in January 2021, the Company executed an agreement for the replacement of cooling towers in the amount of $0.9 million.

●

During the year ended December 31, 2020, the Company entered into a lease amendment which includes $1.1 million of tenant improvement allowances at the property located in Daytona Beach, Florida leased to Crabby’s. Pursuant to the lease amendment, the tenant will expand their existing operations onto an adjacent piece of land currently owned by the Company, of which construction is scheduled to be completed over a one-year time period leaving a commitment of $1.1 million as of December 31, 2020.

●

Subsequent to December 31, 2020, the Company entered into a lease amendment which includes tenant improvements at the property located in Falls Church, Virginia leased to 24 Hour Fitness in the amount of $0.4 million.

●

In connection with the Daytona Beach Development, the Company has executed agreements for the demolition of certain existing structures, which commitments totaled $0.1 million as of December 31, 2020.

OFF-BALANCE SHEET ARRANGEMENTS

The Operating Agreement of the Mitigation Bank JV executed in conjunction with the mitigation bank transaction stipulates that the Company shall arrange for sales of the Mitigation Bank JV’s mitigation credits to unrelated third parties totaling no less than $6.0 million of revenue to the Mitigation Bank JV, net of commissions, by the end of 2020, utilizing the Minimum Sales Requirement. The Operating Agreement stipulates that if the Minimum Sales Requirement is not achieved, then BlackRock has the right, but is not required, to cause the Company to purchase the number of mitigation credits necessary to reach the Minimum Sales Guarantee. Subsequent to December 31, 2020, the Company has had active discussion with BlackRock regarding the Minimum Sales Guarantee. Based on those discussions, the Company currently anticipates that the Minimum Sales Guarantee payment would be paid to BlackRock in the latter half of 2021. The Company is also in discussion with BlackRock regarding the Company’s potential buyout of BlackRock’s position in the Mitigation Bank JV, the timing of which could occur in the latter half of 2021. There can be no assurances regarding the likelihood, timing, or final terms of such potential buyout.

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. During the fourth quarter of 2015, based on discussions with the agency, a penalty related to this matter was deemed probable, and accordingly the estimated penalty of $0.2 million was accrued as of December 31, 2015, for which payment was made

during the quarter ended September 30, 2016. Also, during the fourth quarter of 2015, the agency advised the Company that the resolution to the inquiry would likely require the Company to incur costs associated with wetlands restoration relating to 148.4 acres of the Company’s land. At December 31, 2015, the Company’s third-party environmental engineers estimated the cost for such restoration activities to range from $1.7 million to $1.9 million. Accordingly, as of December 31, 2015, the Company accrued an obligation of $1.7 million, representing the low end of the estimated range of possible restoration costs, and included such estimated costs on the consolidated balance sheets as an increase in the basis of our land and development costs associated with those and benefitting surrounding acres. As of June 30, 2016, the final proposal from the Company’s third-party environmental engineer was received reflecting a total cost of $2.0 million. Accordingly, an increase in the accrual of $0.3 million was made during the second quarter of 2016. During the first quarter of 2019, the Company received a revised estimate for completion of the restoration work for which the adjusted final total cost was $2.4 million. Accordingly, an increase in the accrual of $0.4 million was recorded during the first quarter of 2019. The Company funded $2.4 million through December 31, 2020. On August 10, 2020, the Company transferred 13.31 federal mitigation credits to the permit related to the land that gave rise to the environmental restoration matter. The credits were transferred in anticipation of completing the steps necessary to receive the final acceptance from the federal regulatory agency. These credits had an aggregate cost basis of $0.1 million and were included in general and administrative expenses in the consolidated statements of operations during the year ended December 31, 2020. The Company received a closure letter during the first quarter of 2021 leaving no expected remaining commitment.

During the first quarter of 2017, the Company completed the sale of 1,581 acres of land to Minto Communities LLC which acreage represents a portion of the Company’s remaining $0.4 million obligation. Accordingly, the Company deposited $0.4 million of cash in escrow to secure performance on the obligation. The funds in escrow can be drawn upon completion of certain milestones including completion of restoration and annual required monitoring. The first such milestone was achieved during the fourth quarter of 2017 and $0.2 million of the escrow was refunded. The second milestone related to the completion of the first-year maintenance and monitoring was achieved during the first quarter of 2019 and $0.1 million of the escrow was refunded, leaving an escrow balance of $0.2 million as of December 31, 2019. The third milestone related to the completion of the second-year maintenance and monitoring was achieved during the first quarter of 2020 and $0.1 million of the escrow was refunded, leaving an escrow balance of $0.1 million as of December 31, 2020. Additionally, resolution of the regulatory matter required the Company to apply for an additional permit pertaining to an additional 54.66 acres, which permit may require mitigation activities which the Company anticipates could be satisfied through the utilization of existing mitigation credits owned by the Company or the acquisition of mitigation credits. Resolution of this matter allowed 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 that gave rise to this matter. As of June 30, 2017, the Company determined that 36 mitigation credits were required to be utilized, which represents $0.3 million in cost basis of the Company’s mitigation credits. Accordingly, the Company transferred the mitigation credits through a charge to direct cost of revenues of real estate operations during the three months ended June 30, 2017, thereby resolving the required mitigation activities related to the 54.66 acres.

BUSINESS SEGMENT DATA

12 Months Ended

Dec. 31, 2020

BUSINESS SEGMENT DATA

BUSINESS SEGMENT DATA

NOTE 23. BUSINESS SEGMENT DATA

The Company operates in four primary business segments: income properties, management services, commercial loan and master lease investments, and real estate operations. The management services segment consists of the revenue generated from managing PINE and the Land JV. The management services segment had $0.7 million and $0.4 million in assets as of December 31, 2020 and 2019, respectively. The real estate operations segment previously included land sales from the Daytona Beach land portfolio as well as revenue and expenses related to the sale of mitigation credits and subsurface operations. Upon the completion of the Land JV transaction in the fourth quarter of 2019, the real estate operations related to land sales have been classified as discontinued operations in the accompanying consolidated statements of operations for the years ended December 31, 2019 and 2018 and the real estate operations segment remaining consists of subsurface operations and mitigation credit sales. The identifiable assets and liabilities related to the discontinued real estate operations have been separately disclosed as discontinued real estate operations for the periods presented.

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 80.0% and 66.0% of our identifiable assets as of December 31, 2020 and December 31, 2019, respectively, and 88.6%, 93.4%, and 91.8% of our consolidated revenues for the years ended December 31, 2020, 2019, and 2018, respectively. Our management fee income consists of the management fees earned for the management of PINE and the Land JV. As of December 31, 2020, our commercial loan and master lease investments portfolio consisted of one commercial loan investment and two

commercial properties whose leases are classified as commercial loan and master lease investments. Our continuing real estate operations primarily consist of revenues generated from leasing and royalty income from our interests in subsurface oil, gas and mineral rights, and the sale of mitigation credits.

The Company evaluates performance based on profit or loss from operations 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 different segments for the years ended December 31, 2020, 2019, and 2018 is as follows (in thousands):


	For the Year Ended
	December 31, 2020		December 31, 2019		December 31, 2018
Revenues:
Income Properties	$	49,953	$	41,956	$	40,076
Management Fee Income		2,744		304		—
Interest Income from Commercial Loan and Master Lease Investments		3,034		1,829		616
Real Estate Operations		650		852		2,966
Total Revenues	$	56,381	$	44,941	$	43,658
Operating Income (Loss):
Income Properties	$	37,965	$	34,955	$	31,906
Management Fee Income		2,744		304		—
Interest Income from Commercial Loan and Master Lease Investments		3,034		1,829		616
Real Estate Operations		(2,573)		748		2,375
General and Corporate Expense		(30,630)		(25,615)		(25,547)
Impairment Charges		(9,147)		—		—
Gain on Disposition of Assets		9,746		21,978		22,035
Gain on Extinguishment of Debt		1,141		—		—
Total Operating Income	$	12,280	$	34,199	$	31,385
Depreciation and Amortization:
Income Properties	$	19,036	$	15,774	$	15,728
Corporate and Other		27		23		34
Total Depreciation and Amortization	$	19,063	$	15,797	$	15,762
Capital Expenditures:
Income Properties	$	188,849	$	166,684	$	108,997
Commercial Loan and Master Lease Investments		7,150		18,047		—
Discontinued Real Estate Operations		—		2,791		4,659
Discontinued Golf Operations		—		—		94
Corporate and Other		30		4		14
Total Capital Expenditures	$	196,029	$	187,526	$	113,764

Identifiable assets of each segment as of December 31, 2020 and December 31, 2019 are as follows (in thousands):


	As of
	December 31, 2020		December 31, 2019
Identifiable Assets:
Income Properties	$	531,325	$	464,285
Management Services		700		381
Commercial Loan and Master Lease Investments		38,321		35,742
Real Estate Operations		59,717		65,555
Discontinued Land Operations		833		833
Corporate and Other		35,035		136,490
Total Assets	$	665,931	$	703,286

Operating income represents income from continuing operations before loss on early extinguishment of debt, interest expense, investment income, and income taxes. General and corporate expenses are an aggregate of general and administrative expenses and depreciation and amortization expense. Identifiable assets by segment are those assets that are used in the Company’s operations in each segment. Real Estate Operations includes the identifiable assets of the Mitigation Bank JV and Land JV. Corporate and other assets consist primarily of cash, property, plant, and equipment related to the other operations, as well as the general and corporate operations.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

ASSETS AND LIABILITIES HELD FOR SALE AND DISCONTINUED OPERATIONS

12 Months Ended

Dec. 31, 2020

ASSETS AND LIABILITIES HELD FOR SALE AND DISCONTINUED OPERATIONS

ASSETS AND LIABILITIES HELD FOR SALE AND DISCONTINUED OPERATIONS

NOTE 24. ASSETS AND LIABILITIES HELD FOR SALE AND DISCONTINUED OPERATIONS

Assets and liabilities held for sale as of December 31, 2020 and December 31, 2019 are summarized below (in thousands).


	As of December 31, 2020
	Land JV		Total Assets (Liabilities) Held for Sale
Restricted Cash	$	833	$	833
Total Assets Held for Sale	$	833	$	833

Deferred Revenue		(831)		(831)
Total Liabilities Held for Sale	$	(831)	$	(831)


	As of December 31, 2019
	Land JV		Total Assets (Liabilities) Held for Sale
Restricted Cash	$	833	$	833
Total Assets Held for Sale	$	833	$	833

Deferred Revenue	$	(831)	$	(831)
Total Liabilities Held for Sale	$	(831)	$	(831)

Deferred Revenue on Land Sales. In conjunction with the land sale to Buc-ee’s in March 2018, the Company funded an escrow account for $0.8 million related to the portion of the acreage sold for which the Company remains obligated to perform wetlands mitigation. As a result of the Company’s continuing obligation, $0.8 million of the sales price collected at closing was deferred and the revenue will be recognized upon the Company’s performance of the obligation. The Company estimates the obligation related to the wetlands mitigation will total less than $0.1 million.

There were no discontinued operations for the year ended December 31, 2020. The following is a summary of discontinued operations for the years ended December 31, 2019 and 2018 (in thousands):


	Year Ended
	December 31, 2019		December 31, 2018
Golf Operations Revenue	$	4,097	$	4,941
Golf Operations Direct Cost of Revenues		(5,259)		(5,848)
Loss from Operations		(1,162)		(907)
Impairment Charges		—		(1,119)
Depreciation and Amortization		—		(373)
Gain on Disposition of Assets		15		—
Loss from Discontinued Operations Before Income Tax		(1,147)		(2,399)
Income Tax Benefit		291		608
Loss from Discontinued Operations (Net of Income Tax)	$	(856)	$	(1,791)

Land Operations Revenue	$	11,043	$	43,031
Land Operations Direct Cost of Revenues		(6,405)		(10,923)
Income from Operations		4,638		32,108
Gain on Disposition of Assets		127,518		—
Income from Discontinued Operations Before Income Tax		132,156		32,108
Income Tax Expense		(32,932)		(8,138)
Income from Discontinued Operations (Net of Income Tax)	$	99,224	$	23,970

Total Income from Discontinued Operations (Net of Income Tax)	$	98,368	$	22,179

SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2020

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

NOTE 25. SUBSEQUENT EVENTS

The Company reviewed all subsequent events and transactions through March 5, 2021, the date the consolidated financial statements were issued.

Merger

On January 29, 2021, the Company completed the Merger (as defined within Item 1, “Business”) of CTO with and into CTO NEWCO REIT, Inc., a wholly owned subsidiary of CTO. The Merger was undertaken in connection with the Company’s plan to elect to be subject to tax as a REIT for U.S. federal income tax purposes commencing with its taxable year ended December 31, 2020.

As a result of the Merger, existing shares of CTO common stock were automatically converted, on a one-for-one basis, into shares of common stock of the surviving entity (the “CTO Company”). The CTO Company is a corporation organized in the state of Maryland and has been renamed “CTO Realty Growth, Inc.” The CTO Company’s charter includes certain standard REIT provisions, including ownership limitations and transfer restrictions applicable to the Company’s capital stock.

In connection with the REIT conversion and the Merger, CTO applied to list the CTO Company’s common stock on the New York Stock Exchange (the “NYSE”) under CTO’s current ticker symbol, “CTO.” This application was approved, and the CTO Company’s common stock began trading on the NYSE on February 1, 2021 under the ticker symbol “CTO.”

COVID-19 Pandemic – 2021 Collections Update

The Company received payments for CBR due in January and February 2021 from tenants representing 99%, individually, of the CBR due during such periods.

Income Property Acquisition

On March 2, 2021, the Company acquired a multi-tenant income property for a purchase price of $20.0 million. The property is located in West Jordan, Utah and is occupied by Burlington, Planet Fitness, and At Home. The property was purchased through a 1031 like-kind exchange using restricted cash generated from prior income property dispositions.

Income Property Dispositions

On January 20, 2021, the Company completed the sale of the property located in Brandon, Florida, formerly leased to two tenants operating as World of Beer and Fuzzy’s Taco Shop for a sales price of $2.3 million. The gain on the sale was $0.6 million, of which proceeds are expected to be a part of a 1031 like-kind exchange transaction.

On February 23, 2021, the Company completed the sale of the property located in Jacksonville, Florida, formerly leased to Moe’s for a sales price of $2.5 million. The gain on the sale was $0.1 million, of which proceeds are expected to be a part of a 1031 like-kind exchange transaction.

Subsurface Sales

On January 28, 2021, the Company sold 25,300 acres of subsurface oil, gas and mineral rights for a sales price of $1.9 million, resulting in a gain on the sale of $1.8 million.

There were no other reportable subsequent events or transactions.

QUARTERLY FINANCIAL DATA

12 Months Ended

Dec. 31, 2020

QUARTERLY FINANCIAL DATA

QUARTERLY FINANCIAL DATA

NOTE 26. QUARTERLY FINANCIAL DATA

QUARTERLY FINANCIAL DATA

(UNAUDITED)

(In thousands)


	March 31,				June 30,				September 30,				December 31,
	2020		2019		2020		2019		2020		2019		2020		2019
Revenues
Income Properties	$	11,003	$	10,724	$	11,473	$	10,375	$	12,933	$	10,261	$	14,544	$	10,595
Management Fee Income		702		—		695		—		682		—		664		304
Interest Income from Commercial Loan and Master Lease Investments		1,052		—		835		53		413		855		734		921
Real Estate Operations		81		235		7		261		544		214		19		143
Total Revenues		12,838		10,959		13,010		10,689		14,572		11,330		15,961		11,963
Direct Cost of Revenues
Income Properties		(2,113)		(1,932)		(2,568)		(1,635)		(3,593)		(1,476)		(3,715)		(1,956)
Real Estate Operations		(1,524)		(46)		(57)		(40)		(1,681)		(8)		40		(10)
Total Direct Cost of Revenues		(3,637)		(1,978)		(2,625)		(1,675)		(5,274)		(1,484)		(3,675)		(1,966)
General and Administrative Expenses		(3,092)		(2,502)		(2,171)		(2,119)		(3,342)		(2,261)		(2,963)		(2,936)
Impairment Charges		(1,905)		—		—		—		—		—		(7,242)		—
Depreciation and Amortization		(4,552)		(3,346)		(5,021)		(4,075)		(4,762)		(4,287)		(4,729)		(4,090)
Total Operating Expenses		(13,186)		(7,826)		(9,817)		(7,869)		(13,378)		(8,032)		(18,609)		(8,992)
Gain on Disposition of Assets		—		6,870		7,076		11,812		290		2,187		2,381		1,108
Gain on Extinguishment of Debt		637		—		504		—		—		—		—		—
Other Gains and Income		637		6,870		7,580		11,812		290		2,187		2,381		1,108
Operating Income		289		10,003		10,773		14,632		1,484		5,485		(267)		4,079
Investment and Other Income (Loss)		(13,186)		39		8,470		15		(1,030)		33		(686)		258
Interest Expense		(3,453)		(2,923)		(2,453)		(3,042)		(2,477)		(3,254)		(2,454)		(3,247)
Income from Continuing Operations Before Income Tax Benefit (Expense)		(16,350)		7,119		16,790		11,605		(2,023)		2,264		(3,407)		1,090
Income Tax Benefit (Expense) from Continuing Operations		4,088		(1,775)		(4,179)		(2,941)		501		(574)		83,089		(182)
Income (Loss) from Continuing Operations		(12,262)		5,344		12,611		8,664		(1,522)		1,690		79,682		908
Income (Loss) from Discontinued Operations (Net of Tax)		—		1,124		—		1,933		—		(204)		—		95,514
Net Income (Loss)	$	(12,262)	$	6,468	$	12,611	$	10,597	$	(1,522)	$	1,486	$	79,682	$	96,422

Per Share Information:
Basic
Income (Loss) from Continuing Operations	$	(2.60)	$	1.00	$	2.71	$	1.75	$	(0.33)	$	0.35	$	16.60	$	0.19
Income (Loss) from Discontinued Operations (Net of Tax)		—		0.21		—		0.39		—		(0.04)		—		19.86
Net Income (Loss)	$	(2.60)	$	1.21	$	2.71	$	2.14	$	(0.33)	$	0.31	$	16.60	$	20.05

Diluted
Income (Loss) from Continuing Operations	$	(2.60)	$	1.00	$	2.71	$	1.75	$	(0.33)	$	0.35	$	16.60	$	0.19
Income (Loss) from Discontinued Operations (Net of Tax)		—		0.21		—		0.39		—		(0.04)		—		19.85
Net Income (Loss)	$	(2.60)	$	1.21	$	2.71	$	2.14	$	(0.33)	$	0.31	$	16.60	$	20.04

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION

12 Months Ended

Dec. 31, 2020

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION

SCHEDULE III

REAL ESTATE AND ACCUMULATED DEPRECIATION

FOR THE YEAR ENDED DECEMBER 31, 2020

(In thousands)


							Costs Capitalized
			Initial Cost to Company				Subsequent to Acquisition
Description	Encumbrances		Land		Buildings & Improvements		Improvements		Carrying Costs
Income Properties:	$		$		$		$		$
24 Hour Fitness USA, Inc., Falls Church, VA		—		7,308		11,560		—		—
Big Lots, Germantown, MD		3,300		1,782		2,951		7		—
Big Lots, Phoenix, AZ		3,400		1,716		3,050		—		—
Burlington Coat Stores, Inc., North Richland Hills, TX		—		3,916		7,029		—		—
Chuy's Restaurant & Bar, Jacksonville, FL		—		5,504		—		—		—
Crabby's Restaurant, Daytona Beach, FL		—		5,836		4,249		8		—
Crossroads, Phoenix, AZ		—		11,731		41,956		109		—
General Dynamic's Corporation, Reston, VA		—		7,530		9,068		—		—
Fidelity Investments (affiliate of), Albuquerque, NM		—		5,739		29,537		12		—
Firebirds Wood Fired Grill, Jacksonville, FL		—		4,203		—		—		—
Ford Motor Credit, Tampa, FL		—		3,265		20,629		—		—
Harris Teeter , Charlotte, NC		6,600		5,602		3,409		—		—
LandShark Bar & Grill, Daytona Beach, FL		—		5,836		4,577		9		—
Lowe's Corporation, Katy, TX		8,500		9,412		3,481		—		—
Moe's Southwest Grill, Jacksonville, FL		—		1,862		—		—		—
Party City Corporation, Oceanside, NY		—		2,965		3,289		—		—
Ashford Lane, Atlanta, GA		—		34,995		32,048		224		—
Rite Aid Corp., Renton, WA		4,700		2,036		4,148		—		—
Riverside Avenue, Jacksonville, FL		—		6,020		14,240		1,347		—
Staples, Sarasota, FL		—		2,728		1,145		—		—
The Strand, Jacksonville, FL		—		13,886		38,833		—		—
Walgreens, Clermont, FL		3,500		3,022		1,269		—		—
Wells Fargo, Raleigh, NC		23,183		8,680		59,167		2,791		—
Westcliff Shopping Center, Fort Worth, TX		—		10,521		4,196		91		—
World of Beer/Fuzzy's Taco Shop, Brandon, FL		—		417		1,185		—		—
	$	53,183	$	166,512	$	301,016	$	4,598	$	—

Gross Amount at Which

Carried at Close of Period

December 31, 2020

(In thousands)


	Land		Buildings		Total		Accumulated Depreciation		Date of Completion of Construction	Date Acquired	Life
Income Properties:
24 Hour Fitness USA, Inc., Falls Church, VA	$	7,308	$	11,560	$	18,868	$	548	N/A	10/14/16	30 Yrs.
Big Lots, Germantown, MD		1,782		2,958		4,740		543	N/A	09/13/13	40 Yrs.
Big Lots, Phoenix, AZ		1,716		3,050		4,766		604	N/A	01/23/13	40 Yrs.
Burlington Coat Stores, Inc., North Richland Hills, TX		3,916		7,029		10,945		402	N/A	10/28/2019	30 Yrs.
Chuy's Restaurant & Bar, Jacksonville, FL		5,504		—		5,504		—	N/A	10/10/18	N/A
Crabby's Restaurant, Daytona Beach, FL		5,836		4,257		10,093		680	01/25/18	N/A	40 Yrs.
Crossroads, Phoenix, AZ		11,731		42,065		53,796		1,339	N/A	1/24/2020	35 Yrs.
General Dynamic's Corporation, Reston, VA		7,530		9,068		16,598		730	N/A	7/12/2019	35 Yrs.
Fidelity Investments (affiliate of), Albuquerque, NM		5,739		29,549		35,288		2,530	N/A	10/04/18	45 Yrs.
Firebirds Wood Fired Grill, Jacksonville, FL		4,203		—		4,203		—	N/A	10/10/18	N/A
Ford Motor Credit, Tampa, FL		3,265		20,629		23,894		312	N/A	8/21/2020	40 Yrs.
Harris Teeter , Charlotte, NC		5,602		3,409		9,011		1,087	N/A	04/17/08	40 Yrs.
LandShark Bar & Grill, Daytona Beach, FL		5,836		4,586		10,422		646	01/25/18	N/A	40 Yrs.
Lowe's Corporation, Katy, TX		9,412		3,481		12,893		891	N/A	04/22/14	30 Yrs.
Moe's Southwest Grill, Jacksonville, FL		1,862		—		1,862		—	N/A	10/10/18	N/A
Party City Corporation, Oceanside, NY		2,965		3,289		6,254		132	N/A	9/24/2019	35 Yrs.
Ashford Lane, Atlanta, GA		34,995		32,272		67,267		979	N/A	2/21/2020	36 Yrs.
Rite Aid Corp., Renton, WA		2,036		4,148		6,184		769	N/A	07/25/13	40 Yrs.
Riverside Avenue, Jacksonville, FL		6,020		15,587		21,607		3,544	N/A	07/16/15	43 Yrs.
Staples, Sarasota, FL		2,728		1,145		3,873		225	N/A	01/27/17	40 Yrs.
The Strand, Jacksonville, FL		13,886		38,833		52,719		1,603	N/A	12/9/2019	48 Yrs.
Walgreens, Clermont, FL		3,022		1,269		4,291		526	N/A	05/27/04	40 Yrs.
Wells Fargo, Raleigh, NC		8,680		61,958		70,638		10,403	N/A	11/18/15	45 Yrs.
Westcliff Shopping Center, Fort Worth, TX		10,521		4,287		14,808		1,641	N/A	03/01/17	10 Yrs.
World of Beer/Fuzzy's Taco Shop, Brandon, FL		417		1,185		1,602		182	N/A	4/28/2017	30 Yrs.
	$	166,512	$	305,614	$	472,126	$	30,316

REAL ESTATE AND ACCUMULATED DEPRECIATION

FOR THE YEAR ENDED DECEMBER 31, 2020

(In thousands)


	2020		2019		2018
Cost:
Balance at Beginning of Year	$	392,842	$	463,704	$	358,130
Additions and Improvements		147,359		130,005		104,044
Cost of Real Estate Sold		(68,075)		(200,867)		(10,142)
Reclassification from Land and Development Costs		—		—		11,672
Balance at End of Year	$	472,126	$	392,842	$	463,704

Accumulated Depreciation:
Balance at Beginning of Year		22,552		28,733		21,879
Depreciation and Amortization		11,207		9,892		9,827
Depreciation on Real Estate Sold		(3,443)		(16,073)		(2,973)
Balance at End of Year	$	30,316	$	22,552	$	28,733

(1) Reconciliation to Consolidated Balance Sheet at December 31, 2020
Income Properties, Land, Buildings, and Improvements					$	472,126
						472,126
(2) Cost Basis of Assets Classified as Held for Sale on Balance Sheet						—
Total Per Schedule					$	472,126

SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE

12 Months Ended

Dec. 31, 2020

SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE

Schedule IV MORTGAGE LOANS ON REAL ESTATE

SCHEDULE IV

MORTGAGE LOANS ON REAL ESTATE

FOR THE YEAR ENDED DECEMBER 31, 2020

There was a portfolio of one commercial loan investment and two commercial properties whose leases were classified as commercial loan and master lease investments as of December 31, 2020 (in thousands).


Description	Interest Rate	Final Maturity Date	Periodic Payment Terms	Prior Liens		Face Amount of Mortgages		Carrying Amounts of Mortgages		Principal Amount of Loans Subject to Delinquent Principal or Interest
Ground Lease Loan – 400 Josephine Street, Austin, TX	N/A	N/A	Monthly Rent Payments	$	—	$	16,250	$	16,827	$	—
Master Tenant – Hialeah Lease Loan – Hialeah, FL	N/A	N/A	Monthly Rent Payments		—		21,085		21,101		—
Mortgage Note – 4311 Maple Avenue, Dallas, TX	7.50%	April 2023	Principal payable in full at maturity		—		400		392		—
Totals				$	—	$	37,735	$	38,320	$	—

The following represents the activity within the Company’s commercial loan and master lease investments segment for the years ended December 31, 2020, 2019, and 2018 (in thousands):


	2020		2019		2018
Balance at Beginning of Year	$	34,625	$	—	$	11,926
Additions During the Year:
New Mortgage Loans		28,360		34,570		—
Collection of Origination Fees		(125)		—		—
Accretion of Origination Fees ⁽¹⁾		161		(139)		35
Imputed Interest Over Rent Payments on Ground Lease Loan		399		194		—
Deductions During the Year:
Collection of Principal		(23,132)		—		(11,961)
Impairment / CECL Reserve		(1,968)		—		—
Balance at End of Year	$	38,320	$	34,625	$	—

(1)	Non-cash accretion of loan origination fees

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2020

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation

PRINCIPLES OF CONSOLIDATION

Segment Reporting

SEGMENT REPORTING

Use of Estimates in Preparation of Financial Statements

USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS

Recently Issued Accounting Standards

RECENTLY ISSUED ACCOUNTING STANDARDS

Reclassifications

RECLASSIFICATIONS

Cash and Cash Equivalents

CASH AND CASH EQUIVALENTS

Restricted Cash

RESTRICTED CASH

Restricted cash totaled $29.5 million at December 31, 2020, which is comprised of the following:

●

$26.7 million is being held in separate escrow accounts to be reinvested through the like-kind exchange structure into other income properties;

●

$0.5 million is being held in a capital replacement reserve account in connection with our financing of six income properties secured by Wells Fargo;

●

$0.1 million is being held in an escrow account in connection with the sale of the Company’s ground lease located in Daytona Beach, FL; and

●

$0.1 million is being held in an escrow account related to a separate land transaction which closed in February 2017.

Investment Securities

INVESTMENT SECURITIES

Derivative Financial Instruments and Hedging Activity

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITY

Fair Value of Financial Instruments

FAIR VALUE OF FINANCIAL INSTRUMENTS

Fair Value Measurements

FAIR VALUE MEASUREMENTS

●

Level 1 – Valuation is based upon quoted prices in active markets for identical assets or liabilities.

●

Recognition Of Interest Income From Commercial Loan And Master Lease Investments

RECOGNITION OF INTEREST INCOME FROM COMMERCIAL LOAN AND MASTER LEASE INVESTMENTS

Mitigation Credits

MITIGATION CREDITS

Accounts Receivable

ACCOUNTS RECEIVABLE

Purchase Accounting for Acquisitions of Real Estate Subject to a Lease

PURCHASE ACCOUNTING FOR ACQUISITIONS OF REAL ESTATE SUBJECT TO A LEASE

Land and Development Costs

LAND AND DEVELOPMENT COSTS

Sales of Real Estate

SALES OF REAL ESTATE

Property, Plant, and Equipment

PROPERTY, PLANT, AND EQUIPMENT

The range of estimated useful lives for property, plant, and equipment is as follows:


Income Properties Buildings and Improvements	3 - 48	Years
Other Furnishings and Equipment	3 - 20	Years

Long-Lived Assets

LONG-LIVED ASSETS

Income Property Leases

INCOME PROPERTY LEASES

Operating Lease Expense

OPERATING LEASE EXPENSE

The Company leases property and equipment, which are classified as operating leases. The Company recognizes lease expense on a straight-line basis over the term of the lease.

Golf Operations

GOLF OPERATIONS

Other Real Estate Interests

OTHER REAL ESTATE INTERESTS

Stock-Based Compensation

STOCK-BASED COMPENSATION

Income Taxes

INCOME TAXES

Earnings Per Common Share

EARNINGS PER COMMON SHARE

Concentration of Credit Risk

CONCENTRATION OF CREDIT RISK

Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents.

The Company also has certain tenants within our income property portfolio that make up more than 10% of our geographic concentration and/or revenues, as described below:

●

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2020

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Schedule of estimated useful lives for property, plant, and equipment


Income Properties Buildings and Improvements	3 - 48	Years
Other Furnishings and Equipment	3 - 20	Years

REVENUE RECOGNITION (Tables)

12 Months Ended

Dec. 31, 2020

REVENUE RECOGNITION

Summary of revenue by segment, major good and/or service, and the related timing of revenue recognition


		Income Properties		Management Services		Commercial Loan and Master Lease Investments		Real Estate Operations		Total Revenues
Major Good / Service:
	Lease Revenue - Base Rent	$	37,826	$	—	$	—	$	—	$	37,826
	Lease Revenue - CAM		3,154		—		—		—		3,154
	Lease Revenue - Reimbursements		6,182		—		—		—		6,182
	Lease Revenue - Billboards		231		—		—		—		231
	Above / Below Market Lease Accretion		1,754		—		—		—		1,754
	Contributed Leased Assets Accretion		245		—		—		—		245
	Management Services		—		2,744		—		—		2,744
	Commercial Loan and Master Lease Investments		—		—		3,034		—		3,034
	Mitigation Credit Sales		—		—		—		6		6
	Subsurface Revenue - Other		—		—		—		638		638
	Fill Dirt and Other Revenue		—		—		—		6		6
	Interest and Other Revenue		561		—		—		—		561
	Total Revenues	$	49,953	$	2,744	$	3,034	$	650	$	56,381

Timing of Revenue Recognition:
	Asset/Good Transferred at a Point in Time	$	—	$	—	$	—	$	6	$	6
	Services Transferred Over Time		561		2,744		—		644		3,949
	Over Lease Term		49,392		—		—		—		49,392
	Commercial Loan and Master Lease Investments Related Revenue		—		—		3,034		—		3,034
	Total Revenues	$	49,953	$	2,744	$	3,034	$	650	$	56,381


		Income Properties		Management Services		Commercial Loan and Master Lease Investments		Real Estate Operations		Total Revenues
Major Good / Service:
	Lease Revenue - Base Rent	$	35,108	$	—	$	—	$	—	$	35,108
	Lease Revenue - CAM		1,422		—		—		—		1,422
	Lease Revenue - Reimbursements		2,759		—		—		—		2,759
	Lease Revenue - Billboards		243		—		—		—		243
	Above / Below Market Lease Accretion		2,383		—		—		—		2,383
	Contributed Leased Assets Accretion		217		—		—		—		217
	Lease Incentive Amortization		(277)		—		—		—		(277)
	Management Services		—		304		—		—		304
	Commercial Loan and Master Lease Investments		—		—		1,829		—		1,829
	Subsurface Lease Revenue		—		—		—		598		598
	Subsurface Revenue - Other		—		—		—		150		150
	Fill Dirt and Other Revenue		—		—		—		104		104
	Interest and Other Revenue		101		—		—		—		101
	Total Revenues	$	41,956	$	304	$	1,829	$	852	$	44,941

Timing of Revenue Recognition:
	Asset/Good Transferred at a Point in Time	$	—	$	—	$	—	$	254	$	254
	Services Transferred Over Time		101		304		—		—		405
	Over Lease Term		41,855		—		—		598		42,453
	Commercial Loan and Master Lease Investments Related Revenue		—		—		1,829		—		1,829
	Total Revenues	$	41,956	$	304	$	1,829	$	852	$	44,941


		Income Properties		Commercial Loan and Master Lease Investments		Real Estate Operations		Total Revenues
Major Good / Service:
	Lease Revenue - Base Rent	$	31,587	$	—	$	—	$	31,587
	Lease Revenue - CAM		2,905		—		—		2,905
	Lease Revenue - Reimbursements		2,934		—		—		2,934
	Lease Revenue - Billboards		250		—		—		250
	Above / Below Market Lease Accretion		2,339		—		—		2,339
	Contributed Leased Assets Accretion		218		—		—		218
	Lease Incentive Amortization		(302)		—		—		(302)
	Commercial Loan and Master Lease Investments		—		616		—		616
	Impact Fee and Mitigation Credit Sales		—		—		1,338		1,338
	Subsurface Lease Revenue		—		—		957		957
	Subsurface Revenue - Other		—		—		668		668
	Fill Dirt and Other Revenue		—		—		3		3
	Interest and Other Revenue		145		—		—		145
	Total Revenues	$	40,076	$	616	$	2,966	$	43,658

Timing of Revenue Recognition:
	Asset/Good Transferred at a Point in Time	$	—	$	—	$	2,009	$	2,009
	Services Transferred Over Time		145		—		—		145
	Over Lease Term		39,931		—		957		40,888
	Commercial Loan and Master Lease Investments Related Revenue		—		616		—		616
	Total Revenues	$	40,076	$	616	$	2,966	$	43,658

INCOME PROPERTIES (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of components of leasing revenue


	Year Ended December 31,
	2020		2019		2018
Leasing Revenue
Lease Payments	$	39,825	$	37,431	$	33,842
Variable Lease Payments		10,128		4,525		6,234
Total Leasing Revenue	$	49,953	$	41,956	$	40,076

Schedule of minimum future base rental revenue on non-cancelable leases

Minimum future base rental revenue on non-cancelable leases subsequent to December 31, 2020, for the next five years ended December 31 are summarized as follows (in thousands):


Year Ending December 31,	Amounts
2021	$	38,395
2022		37,053
2023		34,622
2024		31,476
2025		30,742
2026 and thereafter (cumulative)		376,917
Total	$	549,205

Schedule of properties disposed


	As of December 31, 2020
	Land JV		Total Assets (Liabilities) Held for Sale
Restricted Cash	$	833	$	833
Total Assets Held for Sale	$	833	$	833

Deferred Revenue		(831)		(831)
Total Liabilities Held for Sale	$	(831)	$	(831)


	As of December 31, 2019
	Land JV		Total Assets (Liabilities) Held for Sale
Restricted Cash	$	833	$	833
Total Assets Held for Sale	$	833	$	833

Deferred Revenue	$	(831)	$	(831)
Total Liabilities Held for Sale	$	(831)	$	(831)

2020 acquisitions of income property subject to lease

Schedule of properties acquired


Tenant Description	Tenant Type	Property Location	Date of Acquisition	Property Square-Feet	Purchase Price ($000's)		Percentage Leased at Acquisition	Remaining Lease Term at Acquisition Date (in years)
Crossroads Towne Center	Multi-Tenant	Chandler, AZ	01/24/20	254,109	$	61,800	99%	5.0
Ashford Lane	Multi-Tenant	Atlanta, GA	02/21/20	268,572		75,435	80%	3.6
Ford Motor Credit	Single-Tenant	Tampa, FL	08/21/20	120,500		26,900	100%	5.6
Master Tenant - Hialeah ⁽¹⁾	Single-Tenant	Hialeah, FL	09/25/20	108,029		21,000	100%	25.0
		Total / Weighted Average		751,210	$	185,135		6.5

⁽¹⁾

Disposal Group, Disposed of by Sale, Not Discontinued Operations

Schedule of properties disposed


Tenant Description	Tenant Type	Date of Disposition	Sales Price ($000's)		Gain (Loss) on Sale ($000's)		EPS, After Tax
CVS, Dallas, TX	Single-Tenant	04/24/20	$	15,222	$	854	$	0.14
Wawa, Daytona Beach, FL	Single-Tenant	04/29/20		6,002		1,769		0.29
JPMorgan Chase Bank, Jacksonville, FL	Single-Tenant	06/18/20		6,715		959		0.15
7-Eleven, Dallas, TX	Multi-Tenant	06/26/20		2,400		(46)		(0.01)
Bank of America, Monterey, CA	Single-Tenant	06/29/20		9,000		3,892		0.63
Wawa, Jacksonville, FL	Single-Tenant	07/23/20		7,143		246		0.04
Carrabbas, Austin, TX	Single-Tenant	08/05/20		2,555		(84)		(0.01)
PDQ, Jacksonville, FL	Single-Tenant	09/08/20		2,540		128		0.02
Macaroni Grill, Arlington, TX	Single-Tenant	10/13/20		2,500		68		0.01
Aspen Development, Aspen, CO	Single-Tenant	12/21/20		28,500		501		0.11
Outback, Austin, TX	Single-Tenant	12/23/20		3,402		222		0.07
Total / Weighted Average			$	85,979	$	8,509	$	1.44

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=109226691&loc=SL51724579-110230

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1474-107760

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5D
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721677-107760

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=109222160&loc=SL51721533-107759

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721659-107760

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721665-107760

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
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+ Details

COMMERCIAL LOAN AND MASTER LEASE INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2020

COMMERCIAL LOAN AND MASTER LEASE INVESTMENTS

Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]

The Company’s commercial loan and master lease investments were comprised of the following at December 31, 2020 (in thousands):


Description	Date of Investment	Maturity Date	Original Face Amount		Current Face Amount		Carrying Value		Coupon Rate
Ground Lease Loan – 400 Josephine Street, Austin, TX	July 2019	N/A	$	16,250	$	16,250	$	16,827	N/A
Master Tenant – Hialeah Lease Loan – Hialeah, FL	September 2020	N/A		21,085		21,085		21,101	N/A
Mortgage Note – 4311 Maple Avenue – Dallas, TX	October 2020	April 2023		400		400		392	7.50%
			$	37,735	$	37,735	$	38,320

The Company’s commercial loan and master lease investments were comprised of the following at December 31, 2019 (in thousands):


Description	Date of Investment	Maturity Date	Original Face Amount		Current Face Amount		Carrying Value		Coupon Rate
First Mortgage – 72-Acre Land Parcel, Orlando, FL	June 2019	June 2020	$	8,000	$	8,000	$	7,928	12.00%
Mortgage Note – 400 Josephine Street, Austin, TX	July 2019	July 2020		8,250		8,250		8,208	11.50%
Ground Lease Loan – 400 Josephine Street, Austin, TX	July 2019	N/A		16,250		16,250		16,444	N/A
LPGA Buyer Loan – Daytona Beach, FL	Oct 2019	Oct 2020		2,070		2,070		2,045	7.50%
			$	34,570	$	34,570	$	34,625

The carrying value of the commercial loan and master lease investment portfolio at December 31, 2020 and 2019 consisted of the following (in thousands):


	December 31,
	2020		2019
Current Face Amount	$	37,735	$	34,570
Imputed Interest over Rent Payments Received		593		194
Unaccreted Origination Fees		(4)		(139)
Impairment / CECL Reserve		(4)		—
Total Commercial Loan and Master Lease Investments	$	38,320	$	34,625

RELATED PARTY MANAGEMENT SERVICES BUSINESS (Tables)

12 Months Ended

Dec. 31, 2020

Pine

Real Estate [Line Items]

Schedule of amounts due from PINE

The following table represents amounts due from PINE to the Company as of December 31, 2020 and December 31, 2019 which are included in other assets on the consolidated balance sheets (in thousands):


	As of
Description	December 31, 2020		December 31, 2019
Management Services Fee due from PINE	$	631	$	254
Dividend Receivable		—		71
Other		35		56
Total	$	666	$	381

REAL ESTATE OPERATIONS (Tables)

12 Months Ended

Dec. 31, 2020

REAL ESTATE OPERATIONS

Summary of land and development costs

Land and development costs at December 31, 2020 and 2019 were as follows (in thousands):


	December 31,
	2020		2019
Land and Development Costs	$	6,377	$	6,069
Subsurface Interests		706		663
Total Land and Development Costs	$	7,083	$	6,732

Schedule of components of real estate operations revenue

Revenue from continuing real estate operations consisted of the following for the years ended December 31, 2020, 2019, and 2018 (in thousands):


	December 31,
Revenue Description	2020		2019		2018
Impact Fee and Mitigation Credit Sales	$	6	$	—	$	1,338
Subsurface Revenue		638		748		1,625
Fill Dirt and Other Revenue		6		104		3
Total Real Estate Operations Revenue	$	650	$	852	$	2,966

Revenue from discontinued real estate operations consisted of the following for the years ended December 31, 2020, 2019 and 2018 (in thousands):



Revenue Description	December 31, 2019		December 31, 2018
Land Sales Revenue	$	10,975	$	41,452
Revenue from Reimbursement of Infrastructure Costs		—		1,556
Agriculture		68		23
Total Real Estate Operations Revenue	$	11,043	$	43,031

INVESTMENT IN JOINT VENTURES (Tables)

12 Months Ended

Dec. 31, 2020

Land JV

Summarized financial information of the Company's JV Investment

The Company’s investment in joint ventures were as follows as of December 31, 2020 and December 31, 2019 (in thousands):


	As of
	December 31, 2020		December 31, 2019
Land JV	$	41,765	$	48,865
Mitigation Bank JV		6,912		6,872
Total Investment in Joint Ventures	$	48,677	$	55,737

The following table provides summarized financial information of the Land JV as of December 31, 2020 and December 31, 2019 (in thousands):


	As of
	December 31, 2020		December 31, 2019
Assets, Cash and Cash Equivalents	$	802	$	15,066
Assets, Prepaid Expenses		117		61
Assets, Investment in Land Assets		5,658		17,058
Total Assets	$	6,577	$	32,185

Liabilities, Accounts Payable, Accrued Expenses, Deferred Revenue	$	228	$	987
Equity	$	6,349	$	31,198
Total Liabilities & Equity	$	6,577	$	32,185

The following table provides summarized financial information of the Land JV for the years ended December 31, 2020 and 2019 (in thousands). There was no activity for the year ended December 31, 2018.


	Year Ended
	December 31, 2020		December 31, 2019
Revenues	$	65,446	$	14,635
Direct Cost of Revenues		(13,012)		(1,268)
Operating Income	$	52,434	$	13,367
Other Operating Expenses		(462)		(90)
Net Income	$	51,972	$	13,277

Mitigation Bank

Summarized financial information of the Company's JV Investment

The following tables provide summarized financial information of the Mitigation Bank JV as of December 31, 2020 and 2019 (in thousands):


	As of
	December 31, 2020		December 31, 2019
Assets, Cash and Cash Equivalents	$	1,890	$	4,015
Assets, Prepaid Expenses		20		19
Assets, Investment in Mitigation Credit Assets		1,409		1,521
Assets, Property, Plant, and Equipment—Net		14		17
Total Assets	$	3,333	$	5,572

Liabilities, Accounts Payable, Accrued Liabilities, Deferred Mitigation Credit Sale Revenue	$	17	$	39
Equity	$	3,316	$	5,533
Total Liabilities & Equity	$	3,333	$	5,572

The following table provides summarized financial information of the Mitigation Bank JV for the years ended December 31, 2020, 2019 and 2018 (in thousands).


	Year Ended
	December 31, 2020		December 31, 2019		December 31, 2018
Revenues	$	4,109	$	1,922	$	—
Direct Cost of Revenues		(167)		(76)		—
Operating Income	$	3,942	$	1,846	$	—
Other Operating Expenses		(175)		(197)		(117)
Net Income	$	3,767	$	1,649	$	(117)

INVESTMENT SECURITIES (Tables)

12 Months Ended

Dec. 31, 2020

INVESTMENT SECURITIES

Schedule of marketable securities

The Company’s available-for-sale securities as of December 31, 2020 and December 31, 2019 are summarized below (in thousands):
	As of December 31, 2020
	Cost		Unrealized Gains in Investment Income		Unrealized Losses in Investment Income		Estimated Fair Value (Level 1 and 2 Inputs)
Common Stock	$	15,500	$	—	$	(3,271)	$	12,229
Operating Units		23,253		—		(4,908)		18,345
Total Equity Securities		38,753		—		(8,179)		30,574
Total Available-for-Sale Securities	$	38,753	$	—	$	(8,179)	$	30,574


	As of December 31, 2019
	Cost		Unrealized Gains in Investment Income		Unrealized Losses in Investment Income		Estimated Fair Value (Level 1 and 2 Inputs)
Common Stock	$	15,500	$	24	$	—	$	15,524
Operating Units		23,253		37		—		23,290
Total Equity Securities		38,753		61		—		38,814
Total Available-for-Sale Securities	$	38,753	$	61	$	—	$	38,814

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2020

FAIR VALUE OF FINANCIAL INSTRUMENTS

Schedule of carrying value and estimated fair value of financial instruments


	December 31, 2020				December 31, 2019
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Cash and Cash Equivalents - Level 1	$	4,289	$	4,289	$	6,475	$	6,475
Restricted Cash - Level 1	$	29,536	$	29,536	$	128,430	$	128,430
Commercial Loan and Master Lease Investments - Level 2	$	38,320	$	38,318	$	34,625	$	35,002
Long-Term Debt - Level 2	$	273,061	$	282,884	$	287,218	$	288,830

Schedule of fair value of assets measured on recurring basis by Level

The following table presents the fair value of assets (liabilities) measured on a recurring basis by level as of December 31, 2020 (in thousands):


			Fair Value at Reporting Date Using
	12/31/2020		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash Flow Hedge - Interest Rate Swap - Wells Fargo	$	(88)	$	—	$	(88)	$	—
Cash Flow Hedge - Interest Rate Swap - BMO ⁽¹⁾	$	(1,772)	$	—	$	(1,772)	$	—
Cash Flow Hedge - Interest Rate Swap - BMO ⁽²⁾	$	(50)	$	—	$	(50)	$	—
Investment Securities	$	30,574	$	30,574	$	—	$	—

⁽¹⁾	Effective March 31, 2020, utilized interest rate swap to achieve fixed interest rate of 0.7325% plus the applicable spread on $100.0 million of the outstanding principal balance on the Credit Facility.

⁽²⁾	Effective August 31, 2020, utilized a separate interest rate swap to achieve fixed interest rate of 0.2200% plus the applicable spread on $50.0 million of the outstanding principal balance on the Credit Facility.

The following table presents the fair value of assets measured on a recurring basis by level as of December 31, 2019 (in thousands):


			Fair Value at Reporting Date Using
	12/31/2019		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash Flow Hedge - Interest Rate Swap - Wells Fargo	$	99	$	—	$	99	$	—
Investment Securities	$	38,814	$	38,814	$	—	$	—

INTANGIBLE LEASE ASSETS AND LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2020

INTANGIBLE ASSETS AND LIABILITIES

Schedule of components of intangible lease assets and liabilities


	As of
	December 31, 2020		December 31, 2019
Intangible Lease Assets:
Value of In-Place Leases	$	44,558	$	42,584
Value of Above Market In-Place Leases		10,604		7,119
Value of Intangible Leasing Costs		13,285		14,646
Sub-total Intangible Lease Assets		68,447		64,349
Accumulated Amortization		(18,271)		(15,327)
Sub-total Intangible Lease Assets—Net		50,176		49,022
Intangible Lease Liabilities (included in accrued and other liabilities):
Value of Below Market In-Place Leases		(36,817)		(36,507)
Sub-total Intangible Lease Liabilities		(36,817)		(36,507)
Accumulated Amortization		12,654		10,309
Sub-total Intangible Lease Liabilities—Net		(24,163)		(26,198)
Total Intangible Assets and Liabilities—Net	$	26,013	$	22,824

Schedule of amortization of intangible assets and liabilities

The following table reflects the net amortization of intangible assets and liabilities during the years ended December 31, 2020, 2019, and 2018 (in thousands):


	Year Ended
	December 31, 2020		December 31, 2019		December 31, 2018
Depreciation and Amortization Expense	$	7,805	$	5,854	$	5,872
Increase to Income Properties Revenue		(1,754)		(2,383)		(2,339)
Net Amortization of Intangible Assets and Liabilities	$	6,051	$	3,471	$	3,533

Schedule of estimated future amortization and accretion of intangible lease assets and liabilities

The estimated future amortization expense (income) related to net intangible assets and liabilities is as follows (in thousands):


			Future Accretion		Net Future
	Future		to Income		Amortization of
	Amortization		Property		Intangible Assets
Year Ending December 31,	Amount		Revenue		and Liabilities
2021	$	7,207	$	(1,684)	$	5,523
2022		6,799		(1,755)		5,044
2023		6,676		(1,752)		4,924
2024		6,641		(1,668)		4,973
2025		4,643		(1,614)		3,029
2026 and thereafter		10,116		(7,596)		2,520
Total	$	42,082	$	(16,069)	$	26,013

OTHER ASSETS (Tables)

12 Months Ended

Dec. 31, 2020

OTHER ASSETS

Schedule of components of other assets


	As of
	December 31, 2020		December 31, 2019
Income Property Tenant Receivables	$	2,330	$	533
Income Property Straight-line Rent Adjustment and COVID-19 Deferral Balance		4,686		3,352
Interest Receivable from Commercial Loan and Master Lease Investments		—		97
Operating Leases - Right-of-Use Asset		246		364
Golf Rounds Surcharge		454		549
Cash Flow Hedge - Interest Rate Swap		—		99
Infrastructure Reimbursement Receivables		1,336		1,591
Deferred Deal Costs		—		5
Prepaid Expenses, Deposits, and Other		1,693		2,733
Due from Alpine Income Property Trust, Inc.		666		381
Total Other Assets	$	11,411	$	9,704

COMMON STOCK AND EARNINGS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2020

COMMON STOCK AND EARNINGS PER SHARE

Schedule of computation of earnings per share


	Year Ended
	December 31, 2020		December 31, 2019		December 31, 2018
Income Available to Common Stockholders:
Net Income	$	78,509	$	114,973	$	37,168

Weighted Average Shares Outstanding		4,704,877		4,991,656		5,495,792
Common Shares Applicable to Stock
Options Using the Treasury Stock Method		—		6,387		33,529
Total Shares Applicable to Diluted Earnings Per Share		4,704,877		4,998,043		5,529,321

Per Share Information:
Basic and Diluted
Net Income from Continuing Operations	$	16.69	$	3.32	$	2.72
Net Income from Discontinued Operations (Net of Tax)		—		19.71		4.04
Net Income	$	16.69	$	23.03	$	6.76

Diluted
Net Income from Continuing Operations	$	16.69	$	3.32	$	2.71
Net Income from Discontinued Operations (Net of Tax)		—		19.68		4.01
Net Income	$	16.69	$	23.00	$	6.72

LONG-TERM DEBT (Tables)

12 Months Ended

Dec. 31, 2020

LONG-TERM DEBT

Schedule of outstanding indebtedness, at face value

As of December 31, 2020, the Company’s outstanding indebtedness, at face value, was as follows (in thousands):


	Face		Maturity	Interest
	Value Debt		Date	Rate
Credit Facility⁽¹⁾	$	164,845	May 2023		30-day LIBOR plus [1.35% - 1.95%]
Mortgage Note Payable (originated with Wells Fargo) ⁽²⁾		30,000	October 2034		4.330%
Mortgage Note Payable (originated with Wells Fargo) ⁽³⁾		23,183	April 2021		3.170%
3.875% Convertible Senior Notes due 2025		62,468	April 2025		3.875%
Total Long-Term Face Value Debt	$	280,496

⁽²⁾

⁽³⁾

Schedule of components of long-term debt

Long-term debt consisted of the following (in thousands):


	December 31, 2020				December 31, 2019
	Total		Due Within One Year		Total		Due Within One Year
Credit Facility	$	164,845	$	—	$	159,845	$	—
Mortgage Note Payable (originated with Wells Fargo)		30,000		—		30,000		—
Mortgage Note Payable (originated with Wells Fargo)		23,183		23,183		23,884		—
4.500% Convertible Senior Notes, net of discount		—		—		74,706		75,000
3.875% Convertible Senior Notes, net of discount		56,296		—		—		—
Loan Costs, net of accumulated amortization		(1,263)		—		(1,217)		—
Total Long-Term Debt	$	273,061	$	23,183	$	287,218	$	75,000

Schedule of payments applicable to reduction of principal amounts


Year Ending December 31,	Amount
2021	$	23,183
2022		—
2023		164,845
2024		—
2025		62,468
2026 and thereafter		30,000
Total Long-Term Debt - Face Value	$	280,496

Schedule of carrying value of long-term debt

The carrying value of long-term debt as of December 31, 2020 consisted of the following (in thousands):


	Total
Current Face Amount	$	280,496
Unamortized Discount on Convertible Debt		(6,172)
Loan Costs, net of accumulated amortization		(1,263)
Total Long-Term Debt	$	273,061

Schedule of interest expense on debt

The following table reflects a summary of interest expense incurred and paid during the years ended December 31, 2020, 2019 and 2018 (in thousands):


	Year Ended
	December 31, 2020		December 31, 2019		December 31, 2018
Interest Expense	$	9,005	$	10,665	$	8,655
Amortization of Loan Costs		454		444		495
Amortization of Discount on Convertible Notes		1,379		1,357		1,273
Capitalized Interest		—		—		—
Total Interest Expense	$	10,838	$	12,466	$	10,423

Total Interest Paid	$	9,716	$	10,782	$	8,419

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details

ACCRUED AND OTHER LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2020

ACCRUED AND OTHER LIABILITIES

Schedule of components of accrued and other liabilities

Accrued and other liabilities consisted of the following (in thousands):


	As of
	December 31, 2020		December 31, 2019
Accrued Property Taxes	$	945	$	44
Reserve for Tenant Improvements		1,353		618
Accrued Construction Costs		1,783		93
Accrued Interest		602		1,313
Environmental Reserve and Restoration Cost Accrual		106		206
Interest Rate Swaps		1,910		—
Operating Leases - Liability		245		365
Other		2,146		3,048
Total Accrued and Other Liabilities	$	9,090	$	5,687

DEFERRED REVENUE (Tables)

12 Months Ended

Dec. 31, 2020

DEFERRED REVENUE

Schedule of components of deferred revenue


	As of
	December 31, 2020		December 31, 2019
Interest Reserve from Commercial Loan and Master Lease Investments	$	—	$	835
Prepaid Rent		2,684		2,063
Tenant Contributions		625		2,889
Other Deferred Revenue		10		44
Total Deferred Revenue	$	3,319	$	5,831

STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2020

STOCK-BASED COMPENSATION

Summary of share activity for all equity classified stock compensation

A summary of share activity for all equity classified stock compensation during the year ended December 31, 2020, is presented below:


Type of Award	Shares Outstanding at 1/1/2020		Granted Shares		Vested / Exercised Shares		Expired Shares		Forfeited Shares		Shares Outstanding at 12/31/2020
Equity Classified - Performance Share Awards - Peer Group Market Condition Vesting		49,275		26,441		(12,635)		—		(7,230)		55,851
Equity Classified - Market Condition Restricted Shares - Stock Price Vesting		22,000		—		—		—		—		22,000
Equity Classified - Three Year Vest Restricted Shares		37,595		23,451		(18,054)		—		(4,513)		38,479
Equity Classified - Non-Qualified Stock Option Awards		80,000		—		—		—		—		80,000
Total Shares		188,870		49,892		(30,689)		—		(11,743)		196,330

Schedule of amounts recognized for stock options, stock appreciation rights, and restricted stock

Amounts recognized in the financial statements for stock options, stock appreciation rights, and restricted stock are as follows (in thousands):


	Year Ended
	December 31, 2020		December 31, 2019		December 31, 2018
Total Cost of Share-Based Plans Charged Against Income Before Tax Effect	$	2,786	$	2,688	$	1,923

Income Tax Expense Recognized in Income	$	(678)	$	(681)	$	(487)

Peer Group Market Condition Vesting

STOCK-BASED COMPENSATION

Summary of performance share awards activity


Performance Shares with Market Conditions	Shares		Wtd. Avg. Fair Value
Outstanding at January 1, 2018		12,635	$	55.66
Granted		15,445	$	74.99
Vested		—		—
Expired		—		—
Forfeited		—		—
Outstanding at December 31, 2018		28,080	$	66.29
Granted		21,195	$	64.66
Vested		—		—
Expired		—		—
Forfeited		—		—
Outstanding at December 31, 2019		49,275	$	65.59
Granted		26,441	$	55.82
Vested		(12,635)	$	55.66
Expired		—		—
Forfeited		(7,230)	$	63.81
Outstanding at December 31, 2020		55,851	$	63.44

Stock Price Vesting

STOCK-BASED COMPENSATION

Summary of nonvested restricted stock award activity

A summary of the activity for these awards during the years ended December 31, 2020, 2019 and 2018 is presented below:


Market Condition Non-Vested Restricted Shares	Shares		Wtd. Avg. Fair Value
Outstanding at January 1, 2018		29,750	$	39.07
Granted		—		—
Vested		(7,750)	$	31.58
Expired		—		—
Forfeited		—		—
Outstanding at December 31, 2018		22,000	$	41.71
Granted		—		—
Vested		—		—
Expired		—		—
Forfeited		—		—
Outstanding at December 31, 2019		22,000	$	41.71
Granted		—		—
Vested		—		—
Expired		—		—
Forfeited		—		—
Outstanding at December 31, 2020		22,000	$	41.71

Three-Year Vesting

STOCK-BASED COMPENSATION

Summary of nonvested restricted stock award activity


Three Year Vest Non-Vested Restricted Shares	Shares	Wtd. Avg. Fair Value Per Share
Outstanding at January 1, 2018	37,390	$	51.39
Granted	17,712	$	65.33
Vested	(18,883)	$	51.57
Expired	—		—
Forfeited	(1,267)	$	59.39
Outstanding at December 31, 2018	34,952	$	58.07
Granted	20,696	$	58.78
Vested	(18,053)	$	54.43
Expired	—		—
Forfeited	—		—
Outstanding at December 31, 2019	37,595	$	60.21
Granted	23,451	$	55.89
Vested	(18,054)	$	59.69
Expired	—		—
Forfeited	(4,513)	$	60.14
Outstanding at December 31, 2020	38,479	$	57.82

Original 2010 Plan

STOCK-BASED COMPENSATION

Summary of activity for stock option awards


Non-Qualified Stock Option Awards	Shares	Wtd. Avg. Ex. Price		Wtd. Avg. Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding at January 1, 2018	90,000	$	52.71
Granted	—		—
Exercised	(10,000)		29.34
Expired	—		—
Forfeited	—		—
Outstanding at December 31, 2018	80,000	$	55.63
Granted	—		—
Exercised	—		—
Expired	—		—
Forfeited	—		—
Outstanding at December 31, 2019	80,000	$	55.63
Granted	—		—
Exercised	—		—
Expired	—		—
Forfeited	—		—
Outstanding at December 31, 2020	80,000	$	55.63		4.26		—
Exercisable at January 1, 2020	80,000	$	55.63		6.50	$	25,000
Exercisable at December 31, 2020	80,000	$	55.63		4.26		—

Summary of non-vested stock option awards


Non-Qualified Stock Option Awards	Shares		Fair Value of Shares Vested
Non-Vested at January 1, 2018		17,000		—
Granted		—		—
Vested		(17,000)	$	952,068
Expired		—		—
Forfeited		—		—
Non-Vested at December 31, 2018		—		—

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2020

INCOME TAXES

Schedule of total income tax benefit (expense)

Total income tax benefit (expense) are summarized as follows (in thousands):


	Year ended December 31,
	2020		2019		2018
Income Tax (Expense) Benefit from Continuing Operations	$	83,499	$	(5,472)	$	(6,025)
Income Tax Expense from Discontinued Operations		—		(32,641)		(7,530)
Total Consolidated Income Tax Benefit (Expense)	$	83,499	$	(38,113)	$	(13,555)

Summary of provisions for income tax benefit (expense)

The provisions for income tax benefit (expense) from continuing operations are summarized as follows (in thousands):


	2020				2019				2018
	Current		Deferred		Current		Deferred		Current		Deferred
Federal	$	341	$	70,106	$	(225)	$	(4,974)	$	(231)	$	(5,381)
State		63		12,989		20		(293)		(127)		(286)
Total	$	404	$	83,095	$	(205)	$	(5,267)	$	(358)	$	(5,667)

Summary of deferred income tax assets (liabilities)

The sources of these differences and the related deferred income tax assets (liabilities) are summarized as follows (in thousands):


	Deferred Tax
	2020		2019
Deferred Income Tax Assets
Depreciation	$	—	$	4,786
Intangible Lease Liabilities		—		6,504
Income Property Tenant Contributions		—		732
Impairment Reserves		—		93
Stock Options and Restricted Stock		—		1,275
Net Operating Loss Carryforward		1,103		—
Capital Loss Carryforward		—		21
Other - Net		—		6
Gross Deferred Income Tax Assets		1,103		13,417
Less - Valuation Allowance		—		(273)
Net Deferred Income Tax Assets		1,103		13,144
Deferred Income Tax Liabilities
Sales of Real Estate		—		(87,353)
Discount on Equity Component of Convertible Debt		—		(43)
Basis Differences in Joint Ventures		(4,624)		(11,789)
Basis Difference in Alpine Income Property OP, LP		—		(3,980)
Interest Rate Swap		—		(74)
Deferred Revenue (Net of Straight-line Rent Adjustments)		—		(187)
Total Deferred Income Tax Liabilities		(4,624)		(103,426)
Net Deferred Income Tax Liabilities	$	(3,521)	$	(90,282)

Schedule of reconciliation of income tax computed at the federal statutory rate

Following is a reconciliation of the income tax computed at the federal statutory rate of 21% for 2020, 2019, and 2018, individually, for continuing operations (in thousands):


	Year ended December 31,
	2020				2019				2018
Income Tax (Expense) Benefit Computed at Federal Statutory Rate	$	971	(19.5)	%	$	(4,410)	(20.0)	%	$	(4,557)	(20.7)	%
Increase (Decrease) Resulting from:
State Income Tax, Net of Federal Income Tax Benefit		180	(3.6)	%		(1,076)	(5.0)	%		(1,363)	(5.5)	%
Income Tax on Permanently Non-Deductible Items		(112)	2.2	%		(86)	(0.4)	%		(32)	(0.2)	%
Tax Benefit due to De-Recognition of REIT Deferred Tax Liabilities		82,460	(1652.6)	%		—	0.0	%		—	0.0	%
Other Reconciling Items		—	0.0	%		100	0.5	%		(73)	(0.3)	%
Benefit (Expense) for Income Taxes	$	83,499	(1673.4)	%	$	(5,472)	(24.9)	%	$	(6,025)	(26.7)	%

COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2020

COMMITMENTS AND CONTINGENCIES

Schedule of minimum future rental payments under non-cancelable operating leases having remaining terms in excess of one year

Minimum future rental payments under non-cancelable operating leases having remaining terms in excess of one year as of December 31, 2020, are summarized as follows (in thousands):


Year Ending December 31,	Amounts
2021	$	123
2022		118
2023		33
2024		—
2025		—
2026 and thereafter (cumulative)		—
Total	$	274

BUSINESS SEGMENT DATA (Tables)

12 Months Ended

Dec. 31, 2020

BUSINESS SEGMENT DATA

Schedule of operations in different segments

Information about the Company’s operations in different segments for the years ended December 31, 2020, 2019, and 2018 is as follows (in thousands):


	For the Year Ended
	December 31, 2020		December 31, 2019		December 31, 2018
Revenues:
Income Properties	$	49,953	$	41,956	$	40,076
Management Fee Income		2,744		304		—
Interest Income from Commercial Loan and Master Lease Investments		3,034		1,829		616
Real Estate Operations		650		852		2,966
Total Revenues	$	56,381	$	44,941	$	43,658
Operating Income (Loss):
Income Properties	$	37,965	$	34,955	$	31,906
Management Fee Income		2,744		304		—
Interest Income from Commercial Loan and Master Lease Investments		3,034		1,829		616
Real Estate Operations		(2,573)		748		2,375
General and Corporate Expense		(30,630)		(25,615)		(25,547)
Impairment Charges		(9,147)		—		—
Gain on Disposition of Assets		9,746		21,978		22,035
Gain on Extinguishment of Debt		1,141		—		—
Total Operating Income	$	12,280	$	34,199	$	31,385
Depreciation and Amortization:
Income Properties	$	19,036	$	15,774	$	15,728
Corporate and Other		27		23		34
Total Depreciation and Amortization	$	19,063	$	15,797	$	15,762
Capital Expenditures:
Income Properties	$	188,849	$	166,684	$	108,997
Commercial Loan and Master Lease Investments		7,150		18,047		—
Discontinued Real Estate Operations		—		2,791		4,659
Discontinued Golf Operations		—		—		94
Corporate and Other		30		4		14
Total Capital Expenditures	$	196,029	$	187,526	$	113,764

Identifiable assets of each segment as of December 31, 2020 and December 31, 2019 are as follows (in thousands):


	As of
	December 31, 2020		December 31, 2019
Identifiable Assets:
Income Properties	$	531,325	$	464,285
Management Services		700		381
Commercial Loan and Master Lease Investments		38,321		35,742
Real Estate Operations		59,717		65,555
Discontinued Land Operations		833		833
Corporate and Other		35,035		136,490
Total Assets	$	665,931	$	703,286

ASSETS AND LIABILITIES HELD FOR SALE AND DISCONTINUED OPERATIONS (Tables)

12 Months Ended

Dec. 31, 2020

ASSETS AND LIABILITIES HELD FOR SALE AND DISCONTINUED OPERATIONS

Schedule of assets and liabilities held for sale and discontinued operations


	As of December 31, 2020
	Land JV		Total Assets (Liabilities) Held for Sale
Restricted Cash	$	833	$	833
Total Assets Held for Sale	$	833	$	833

Deferred Revenue		(831)		(831)
Total Liabilities Held for Sale	$	(831)	$	(831)


	As of December 31, 2019
	Land JV		Total Assets (Liabilities) Held for Sale
Restricted Cash	$	833	$	833
Total Assets Held for Sale	$	833	$	833

Deferred Revenue	$	(831)	$	(831)
Total Liabilities Held for Sale	$	(831)	$	(831)

Summary of discontinued operations

There were no discontinued operations for the year ended December 31, 2020. The following is a summary of discontinued operations for the years ended December 31, 2019 and 2018 (in thousands):


	Year Ended
	December 31, 2019		December 31, 2018
Golf Operations Revenue	$	4,097	$	4,941
Golf Operations Direct Cost of Revenues		(5,259)		(5,848)
Loss from Operations		(1,162)		(907)
Impairment Charges		—		(1,119)
Depreciation and Amortization		—		(373)
Gain on Disposition of Assets		15		—
Loss from Discontinued Operations Before Income Tax		(1,147)		(2,399)
Income Tax Benefit		291		608
Loss from Discontinued Operations (Net of Income Tax)	$	(856)	$	(1,791)

Land Operations Revenue	$	11,043	$	43,031
Land Operations Direct Cost of Revenues		(6,405)		(10,923)
Income from Operations		4,638		32,108
Gain on Disposition of Assets		127,518		—
Income from Discontinued Operations Before Income Tax		132,156		32,108
Income Tax Expense		(32,932)		(8,138)
Income from Discontinued Operations (Net of Income Tax)	$	99,224	$	23,970

Total Income from Discontinued Operations (Net of Income Tax)	$	98,368	$	22,179

- Definition

+ References

+ Details

QUARTERLY FINANCIAL DATA (Tables)

12 Months Ended

Dec. 31, 2020

QUARTERLY FINANCIAL DATA

Schedule of quarterly financial data


	March 31,				June 30,				September 30,				December 31,
	2020		2019		2020		2019		2020		2019		2020		2019
Revenues
Income Properties	$	11,003	$	10,724	$	11,473	$	10,375	$	12,933	$	10,261	$	14,544	$	10,595
Management Fee Income		702		—		695		—		682		—		664		304
Interest Income from Commercial Loan and Master Lease Investments		1,052		—		835		53		413		855		734		921
Real Estate Operations		81		235		7		261		544		214		19		143
Total Revenues		12,838		10,959		13,010		10,689		14,572		11,330		15,961		11,963
Direct Cost of Revenues
Income Properties		(2,113)		(1,932)		(2,568)		(1,635)		(3,593)		(1,476)		(3,715)		(1,956)
Real Estate Operations		(1,524)		(46)		(57)		(40)		(1,681)		(8)		40		(10)
Total Direct Cost of Revenues		(3,637)		(1,978)		(2,625)		(1,675)		(5,274)		(1,484)		(3,675)		(1,966)
General and Administrative Expenses		(3,092)		(2,502)		(2,171)		(2,119)		(3,342)		(2,261)		(2,963)		(2,936)
Impairment Charges		(1,905)		—		—		—		—		—		(7,242)		—
Depreciation and Amortization		(4,552)		(3,346)		(5,021)		(4,075)		(4,762)		(4,287)		(4,729)		(4,090)
Total Operating Expenses		(13,186)		(7,826)		(9,817)		(7,869)		(13,378)		(8,032)		(18,609)		(8,992)
Gain on Disposition of Assets		—		6,870		7,076		11,812		290		2,187		2,381		1,108
Gain on Extinguishment of Debt		637		—		504		—		—		—		—		—
Other Gains and Income		637		6,870		7,580		11,812		290		2,187		2,381		1,108
Operating Income		289		10,003		10,773		14,632		1,484		5,485		(267)		4,079
Investment and Other Income (Loss)		(13,186)		39		8,470		15		(1,030)		33		(686)		258
Interest Expense		(3,453)		(2,923)		(2,453)		(3,042)		(2,477)		(3,254)		(2,454)		(3,247)
Income from Continuing Operations Before Income Tax Benefit (Expense)		(16,350)		7,119		16,790		11,605		(2,023)		2,264		(3,407)		1,090
Income Tax Benefit (Expense) from Continuing Operations		4,088		(1,775)		(4,179)		(2,941)		501		(574)		83,089		(182)
Income (Loss) from Continuing Operations		(12,262)		5,344		12,611		8,664		(1,522)		1,690		79,682		908
Income (Loss) from Discontinued Operations (Net of Tax)		—		1,124		—		1,933		—		(204)		—		95,514
Net Income (Loss)	$	(12,262)	$	6,468	$	12,611	$	10,597	$	(1,522)	$	1,486	$	79,682	$	96,422

Per Share Information:
Basic
Income (Loss) from Continuing Operations	$	(2.60)	$	1.00	$	2.71	$	1.75	$	(0.33)	$	0.35	$	16.60	$	0.19
Income (Loss) from Discontinued Operations (Net of Tax)		—		0.21		—		0.39		—		(0.04)		—		19.86
Net Income (Loss)	$	(2.60)	$	1.21	$	2.71	$	2.14	$	(0.33)	$	0.31	$	16.60	$	20.05

Diluted
Income (Loss) from Continuing Operations	$	(2.60)	$	1.00	$	2.71	$	1.75	$	(0.33)	$	0.35	$	16.60	$	0.19
Income (Loss) from Discontinued Operations (Net of Tax)		—		0.21		—		0.39		—		(0.04)		—		19.85
Net Income (Loss)	$	(2.60)	$	1.21	$	2.71	$	2.14	$	(0.33)	$	0.31	$	16.60	$	20.04

ORGANIZATION - Nature of Operations (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($) a ft² loan county property	Sep. 30, 2020 ft²	Dec. 31, 2019 USD ($)	Nov. 26, 2019 USD ($)	Oct. 16, 2019 a	Dec. 31, 2018
Real Estate Properties
Gross leasable space \| ft²	751,210	269,000
Area of land (in acres)	345
Number of commercial loan investment \| loan	1
Estimated Fair Value (Level 1 and 2 Inputs) \| $	$ 30,574		$ 38,814
Undeveloped Land in Daytona Beach, Florida, Along Interstate 95
Real Estate Properties
Area of land (in acres)					5,300
Pine
Real Estate Properties
Estimated Fair Value (Level 1 and 2 Inputs) \| $	$ 30,600			$ 38,800
Percentage of investment in PINE	23.50%
Stock split ratio	1
Mitigation Bank
Real Estate Properties
Area of land owned	2,500
Percentage of investment in PINE	30.00%					30.00%
Florida
Real Estate Properties
Subsurface area of portfolio of mineral interests	454,000
Number of countries \| county	20
Commercial loan and master lease investments
Real Estate Properties
Number of commercial loan investment \| loan	1
Number of commercial properties \| property	2
Commercial
Real Estate Properties
Number of real estate properties \| property	27
Number of states in which entity operates \| county	10
Gross leasable space \| ft²	2,500,000
Single-tenant
Real Estate Properties
Number of real estate properties \| property	21
Multi-tenant
Real Estate Properties
Number of real estate properties \| property	6
Undeveloped land \| Land JV
Real Estate Properties
Area of land held for sale	1,600
Undeveloped land \| Daytona Beach, FL
Real Estate Properties
Area of land (in acres)	1,600

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Segment Reporting (Details)	12 Months Ended
	Dec. 31, 2020 segment
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Number of business segments	4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Recently Issued Accounting Standards - General Information (Details) - Accounting Standards Update 2016-13	Dec. 31, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Change in Accounting Principle, Accounting Standards Update, Early Adoption	false
Change in Accounting Principle, Accounting Standards Update, Adoption Date	Jan. 01, 2020
Change in Accounting Principle, Accounting Standards Update, Adopted	true

- Definition

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+ Details

- Definition

Indicates (true false) whether accounting standards update was early adopted.

+ References

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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Recently Issued Accounting Standards - Credit Losses (Details) $ in Millions	Dec. 31, 2020 USD ($)
Commercial loan and master lease investments
Credit Losses
Current expected credit losses reserve	$ 0.3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Restricted Cash and Investment Securities (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($) property	Dec. 31, 2019 USD ($)	Aug. 31, 2020 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2018 USD ($)
Restricted Cash
Restricted Cash	$ 29,536	$ 128,430			$ 18,890
Mortgage loan originated	28,360	$ 34,570
Investment Securities
Derivatives fixed interest	1,910		$ 50,000	$ 100,000
Notional amount			50,000	100,000
Interest Rate Swap
Investment Securities
Notional amount	23,200
Credit Facility
Investment Securities
Derivatives fixed interest				100,000
Credit Facility \| Interest Rate Swap
Investment Securities
Notional amount			$ 50,000	$ 100,000
Escrow deposit to be reinvested through like-kind exchange structure
Restricted Cash
Restricted Cash	26,700
Restricted cash, escrow for general tenant improvements
Restricted Cash
Restricted Cash	2,100
Capital replacement reserve account
Restricted Cash
Restricted Cash	$ 500
Number of real estate properties in financing \| property	6
Restricted cash, escrow account in connection with sale of ground lease
Restricted Cash
Restricted Cash	$ 100
Restricted cash, escrow deposit related to land transactions
Restricted Cash
Restricted Cash	$ 100

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Derivative Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Aug. 31, 2020	Mar. 31, 2020
Derivative [Line Items]
Outstanding credit facility balance	$ 1,910	$ 50,000	$ 100,000
Notional amount		50,000	100,000
Interest Rate Swap
Derivative [Line Items]
Notional amount	$ 23,200
Credit Facility
Derivative [Line Items]
Outstanding credit facility balance			100,000
Credit Facility \| Interest Rate Swap
Derivative [Line Items]
Notional amount		$ 50,000	$ 100,000

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Commercial Loan Investments and Accounts Receivable (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2015 Transaction	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Accounts Receivable
Income Property Tenant Receivables		$ 2,330	$ 533
Number of closed land transactions \| Transaction	2
Allowance for doubtful accounts		500	100
Other Assets
Accounts Receivable
Income Property Tenant Receivables		2,300	500
Income Property Tenant Receivables, Increase (Decrease)		1,800
Accounts receivable related to real estate operations		1,300	$ 1,600
Receivable from Golf operations for rounds surcharge		$ 500

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property, Plant, and Equipment and Golf Operations (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($) property item	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
PROPERTY, PLANT, AND EQUIPMENT
Depreciation \| $	$ 11.3	$ 9.9	$ 10.3
Interest capitalized \| $	$ 0.0	$ 0.0	$ 0.0
Golf Operations
PROPERTY, PLANT, AND EQUIPMENT
Number of golf courses \| property	2
Number of holes to the golf course \| item	18
Number of holes to the golf course practice facility \| item	3
Golf course and clubhouse facility membership period	12 months
Building and Improvements \| Minimum
PROPERTY, PLANT, AND EQUIPMENT
Useful lives for property, plant, and equipment	3 years
Building and Improvements \| Maximum
PROPERTY, PLANT, AND EQUIPMENT
Useful lives for property, plant, and equipment	48 years
Other Furnishings and Equipment \| Minimum
PROPERTY, PLANT, AND EQUIPMENT
Useful lives for property, plant, and equipment	3 years
Other Furnishings and Equipment \| Maximum
PROPERTY, PLANT, AND EQUIPMENT
Useful lives for property, plant, and equipment	20 years

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Stock-based Compensation (Details) - shares			12 Months Ended
	Apr. 29, 2020	Apr. 23, 2014	Dec. 31, 2020	Apr. 25, 2018
Original 2010 Plan
STOCK-BASED COMPENSATION
Shares authorized for issuance		454,000
Number of additional shares authorized		240,000
Second Amended and Restated 2010 Equity Incentive Plan
STOCK-BASED COMPENSATION
Shares authorized for issuance	895,000			720,000
Number of additional shares authorized	175,000
Maximum award per participant			50,000
Period after adoption that plan expires			10 years
Awards available for issue ( in shares)			0
Second Amended and Restated 2010 Equity Incentive Plan \| Maximum
STOCK-BASED COMPENSATION
Shares authorized for issuance			895,000

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Income Taxes (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($) subsidiary
Income Taxes
REIT Eligibility, Distributable , Minimum Percentage of Taxable Income, Excluding Net Capital Gains	90.00%
Number of taxable REIT subsidiaries \| subsidiary	5
Reserves for uncertain income tax positions \| $	$ 0

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Concentration of Credit Risk (Details) - tenant	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment square footage \| Income Properties
CONCENTRATION OF CREDIT RISK
Concentration risk percentage	18.10%
Segment square footage \| Geographic Concentration Risk \| Income Properties \| Georgia
CONCENTRATION OF CREDIT RISK
Concentration risk percentage	11.00%
Segment square footage \| Geographic Concentration Risk \| Income Properties \| Arizona
CONCENTRATION OF CREDIT RISK
Concentration risk percentage	12.00%
Segment square footage \| Geographic Concentration Risk \| Income Properties \| New Mexico
CONCENTRATION OF CREDIT RISK
Concentration risk percentage		12.00%
Segment square footage \| Geographic Concentration Risk \| Income Properties \| Texas
CONCENTRATION OF CREDIT RISK
Concentration risk percentage	17.00%	21.00%
Segment square footage \| Geographic Concentration Risk \| Income Properties \| North Carolina
CONCENTRATION OF CREDIT RISK
Concentration risk percentage	20.00%	28.00%
Segment square footage \| Geographic Concentration Risk \| Income Properties \| Florida
CONCENTRATION OF CREDIT RISK
Concentration risk percentage	26.00%	24.00%
Consolidated revenues
CONCENTRATION OF CREDIT RISK
Number of tenants	1
Consolidated revenues \| Financial Services
CONCENTRATION OF CREDIT RISK
Concentration risk percentage	20.00%
Consolidated revenues \| Georgia
CONCENTRATION OF CREDIT RISK
Concentration risk percentage	11.00%
Consolidated revenues \| Arizona
CONCENTRATION OF CREDIT RISK
Concentration risk percentage	13.00%
Consolidated revenues \| North Carolina
CONCENTRATION OF CREDIT RISK
Concentration risk percentage	15.00%
Consolidated revenues \| Florida
CONCENTRATION OF CREDIT RISK
Concentration risk percentage	26.00%
Consolidated revenues \| Raleigh, North Carolina
CONCENTRATION OF CREDIT RISK
Concentration risk percentage	10.90%	12.50%	13.50%

REVENUE RECOGNITION - Major Good or Service (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues
Lease revenue									$ 49,953	$ 41,956	$ 40,076
Lease Incentive Amortization										(277)	(302)
Commercial Loan and Master Lease Investments									3,034	1,829	616
Revenue from contract with customer, including assessed tax									650	852	2,966
Interest and Other Revenue									561
Total Revenues	$ 15,961	$ 14,572	$ 13,010	$ 12,838	$ 11,963	$ 11,330	$ 10,689	$ 10,959	56,381	44,941	43,658
Lease Revenue - Base Rent
Revenues
Lease revenue									37,826	35,108	31,587
Lease Revenue - CAM
Revenues
Lease revenue									3,154	1,422	2,905
Lease Revenue - Reimbursements
Revenues
Lease revenue									6,182	2,759	2,934
Billboards
Revenues
Lease revenue									231	243	250
Above / Below Market Lease Accretion
Revenues
Lease revenue									1,754	2,383	2,339
Contributed Leased Assets Accretion
Revenues
Lease revenue									245	217	218
Management Services
Revenues
Revenue from contract with customer, including assessed tax									2,744	304
Impact Fee and Mitigation Credit Sales
Revenues
Revenue from contract with customer, including assessed tax									6
Subsurface Lease Revenue
Revenues
Revenue from contract with customer, including assessed tax										598	957
Subsurface Revenue - Other
Revenues
Revenue from contract with customer, including assessed tax									638	150	668
Fill Dirt and Other Revenue
Revenues
Revenue from contract with customer, including assessed tax									6	104	3
Interest and Other Revenue
Revenues
Interest and Other Revenue										101	145
Income Properties
Revenues
Lease Incentive Amortization										(277)	(302)
Interest and Other Revenue									561
Total Revenues	14,544	12,933	11,473	11,003	10,595	10,261	10,375	10,724	49,953	41,956	40,076
Income Properties \| Lease Revenue - Base Rent
Revenues
Lease revenue									37,826	35,108	31,587
Income Properties \| Lease Revenue - CAM
Revenues
Lease revenue									3,154	1,422	2,905
Income Properties \| Lease Revenue - Reimbursements
Revenues
Lease revenue									6,182	2,759	2,934
Income Properties \| Billboards
Revenues
Lease revenue									231	243	250
Income Properties \| Above / Below Market Lease Accretion
Revenues
Lease revenue									1,754	2,383	2,339
Income Properties \| Contributed Leased Assets Accretion
Revenues
Lease revenue									245	217	218
Income Properties \| Interest and Other Revenue
Revenues
Interest and Other Revenue										101	145
Management Fee Income
Revenues
Total Revenues	664	682	695	702	304				2,744	304
Management Fee Income \| Management Services
Revenues
Revenue from contract with customer, including assessed tax									2,744	304
Interest Income from Commercial Loan and Master Lease Investments
Revenues
Commercial Loan and Master Lease Investments									3,034	1,829	616
Total Revenues	734	413	835	1,052	921	855	53		3,034	1,829	616
Real Estate Operations
Revenues
Total Revenues	$ 19	$ 544	$ 7	$ 81	$ 143	$ 214	$ 261	$ 235	650	852	2,966
Real Estate Operations \| Impact Fee and Mitigation Credit Sales
Revenues
Revenue from contract with customer, including assessed tax									6
Real Estate Operations \| Subsurface Lease Revenue
Revenues
Revenue from contract with customer, including assessed tax										598	957
Real Estate Operations \| Subsurface Revenue - Other
Revenues
Revenue from contract with customer, including assessed tax									638	150	668
Real Estate Operations \| Fill Dirt and Other Revenue
Revenues
Revenue from contract with customer, including assessed tax									$ 6	$ 104	$ 3

REVENUE RECOGNITION - Timing of Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues
Revenue from contract with customer, including assessed tax									$ 650	$ 852	$ 2,966
Over lease term									49,392	42,453	40,888
Commercial Loan and Master Lease Investments Related Revenue									3,034	1,829	616
Total Revenues	$ 15,961	$ 14,572	$ 13,010	$ 12,838	$ 11,963	$ 11,330	$ 10,689	$ 10,959	56,381	44,941	43,658
Asset/Good Transferred at a Point in Time
Revenues
Revenue from contract with customer, including assessed tax									6	254	2,009
Services Transferred Over Time
Revenues
Revenue from contract with customer, including assessed tax									3,949	405	145
Income Properties
Revenues
Over lease term									49,392	41,855	39,931
Total Revenues	14,544	12,933	11,473	11,003	10,595	10,261	10,375	10,724	49,953	41,956	40,076
Income Properties \| Services Transferred Over Time
Revenues
Revenue from contract with customer, including assessed tax									561	101	145
Management Fee Income
Revenues
Total Revenues	664	682	695	702	304				2,744	304
Management Fee Income \| Services Transferred Over Time
Revenues
Revenue from contract with customer, including assessed tax									2,744	304
Interest Income from Commercial Loan and Master Lease Investments
Revenues
Commercial Loan and Master Lease Investments Related Revenue									3,034	1,829	616
Total Revenues	734	413	835	1,052	921	855	53		3,034	1,829	616
Real Estate Operations
Revenues
Over lease term										598	957
Total Revenues	$ 19	$ 544	$ 7	$ 81	$ 143	$ 214	$ 261	$ 235	650	852	2,966
Real Estate Operations \| Asset/Good Transferred at a Point in Time
Revenues
Revenue from contract with customer, including assessed tax									6	$ 254	$ 2,009
Real Estate Operations \| Services Transferred Over Time
Revenues
Revenue from contract with customer, including assessed tax									$ 644

INCOME PROPERTIES - Leasing Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Leasing Revenue
Lease Payments	$ 39,825	$ 37,431	$ 33,842
Variable Lease Payments	10,128	4,525	6,234
Total Leasing Revenue	$ 49,953	$ 41,956	$ 40,076

INCOME PROPERTIES - Minimum Future Base Rental Revenue on Non-cancelable Leases (Details) $ in Thousands	Dec. 31, 2020 USD ($)
Minimum future base rental revenue on non-cancelable leases
2021	$ 38,395
2022	37,053
2023	34,622
2024	31,476
2025	30,742
2026 and thereafter (cumulative)	376,917
Total	$ 549,205

INCOME PROPERTIES - Properties Acquired (Details) $ in Thousands		12 Months Ended
	Sep. 25, 2020 USD ($) ft²	Dec. 31, 2020 USD ($) ft² item	Dec. 31, 2019 USD ($)	Nov. 03, 2020 USD ($)	Sep. 30, 2020 ft²
Acquisitions of Income Properties
Square-Feet \| ft²		751,210			269,000
Purchase price		$ 185,135
Remaining Lease Term		6 years 6 months
Aggregate outstanding principal balance				$ 2,000
2019 acquisitions of income property subject to lease
Acquisitions of Income Properties
Purchase price			$ 164,700
2020 acquisitions of income property subject to lease
Acquisitions of Income Properties
Purchase price		$ 185,100
2020 acquisitions of income property subject to lease \| Commercial loan and master lease investments
Acquisitions of Income Properties
Purchase price		$ 21,000
2020 acquisitions of income property subject to lease - Crossroads Towne Center [Member]
Acquisitions of Income Properties
Square-Feet \| ft²		254,109
Purchase price		$ 61,800
Percentage Leased at Acquisition		99.00%
Remaining Lease Term		5 years
2020 acquisitions of income property subject to lease - Ashford Lane [Member]
Acquisitions of Income Properties
Square-Feet \| ft²		268,572
Purchase price		$ 75,435
Percentage Leased at Acquisition		80.00%
Remaining Lease Term		3 years 7 months 6 days
2020 acquisitions of income property subject to lease - Ford Motor Credit [Member]
Acquisitions of Income Properties
Square-Feet \| ft²		120,500
Purchase price		$ 26,900
Percentage Leased at Acquisition		100.00%
Remaining Lease Term		5 years 7 months 6 days
Master Tenant - Hialeah Lease Loan - Hialeah, FL
Acquisitions of Income Properties
Square-Feet \| ft²		108,029
Purchase price		$ 21,000
Percentage Leased at Acquisition		100.00%
Remaining Lease Term		25 years
Master Tenant - Hialeah Lease Loan - Hialeah, FL \| Commercial loan and master lease investments
Acquisitions of Income Properties
Aggregate outstanding principal balance		$ 21,000
Hialeah, FL
Acquisitions of Income Properties
Square-Feet \| ft²	108,000
Purchase price	$ 21,000
Hialeah, FL \| Master Tenant - Hialeah Lease Loan - Hialeah, FL
Acquisitions of Income Properties
Number Of Tenant Repurchase Options \| item		3

INCOME PROPERTIES - Dispositions and Impairment Charges (Details)	12 Months Ended
	Dec. 31, 2020 USD ($) ft² property	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($) ft² building	Sep. 30, 2020 ft²	Mar. 26, 2018 USD ($)
Dispositions of Income Properties
Sales price	$ 86,500,000
Area of real estate property \| ft²	751,210			269,000
Gain on Sale	$ 8,600,000
Gain on sale of properties (in dollars per share)		$ 20.60
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down	9,147,000
Daytona Beach, FL
Dispositions of Income Properties
Sales price					$ 11,400,000
Concierge Office Building
Dispositions of Income Properties
Area of real estate property \| ft²			22,012
Williamson Business Park office building
Dispositions of Income Properties
Area of real estate property \| ft²			15,360
Area of real estate property leased \| ft²			7,600
Gain on Sale			$ 3,700,000
Gain on sale of properties (in dollars per share)			$ 0.49
Lease term			5 years
Mason Commerce Center
Dispositions of Income Properties
Area of real estate property \| ft²			30,720
Number of office building \| building			2
2020 dispositions
Dispositions of Income Properties
Sales price	85,979,000
Gain on Sale	8,509,000
2020 dispositions \| Billboards
Dispositions of Income Properties
Sales price	$ 1,500,000
Number of real estate properties \| property	9

INCOME PROPERTIES - Property Disposed (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($) $ / shares
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Sales price	$ 86,500
Gain (Loss) on Sale	8,600
C V S, Dallas TX, [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Sales price	15,222
Gain (Loss) on Sale	$ 854
EPS, After Tax \| $ / shares	$ 0.14
Wawa, Daytona Beach, FL [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Sales price	$ 6,002
Gain (Loss) on Sale	$ 1,769
EPS, After Tax \| $ / shares	$ 0.29
J P Morgan Chase Bank, Jacksonville FL [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Sales price	$ 6,715
Gain (Loss) on Sale	$ 959
EPS, After Tax \| $ / shares	$ 0.15
Seven-Eleven Dallas, TX [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Sales price	$ 2,400
Gain (Loss) on Sale	$ (46)
EPS, After Tax \| $ / shares	$ (0.01)
Bank Of America, Monterey, CA [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Sales price	$ 9,000
Gain (Loss) on Sale	$ 3,892
EPS, After Tax \| $ / shares	$ 0.63
Wawa, Jacksonville, FL [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Sales price	$ 7,143
Gain (Loss) on Sale	$ 246
EPS, After Tax \| $ / shares	$ 0.04
Carrabbas, Austin, TX [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Sales price	$ 2,555
Gain (Loss) on Sale	$ (84)
EPS, After Tax \| $ / shares	$ (0.01)
PDQ, Jacksonville, FL [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Sales price	$ 2,540
Gain (Loss) on Sale	$ 128
EPS, After Tax \| $ / shares	$ 0.02
Macaroni Grill, Arlington, TX [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Sales price	$ 2,500
Gain (Loss) on Sale	$ 68
EPS, After Tax \| $ / shares	$ 0.01
Aspen Development, Aspen, CO [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Sales price	$ 28,500
Gain (Loss) on Sale	$ 501
EPS, After Tax \| $ / shares	$ 0.11
Outback, Austin, TX [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Sales price	$ 3,402
Gain (Loss) on Sale	$ 222
EPS, After Tax \| $ / shares	$ 0.07
2020 dispositions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Sales price	$ 85,979
Gain (Loss) on Sale	$ 8,509
EPS, After Tax \| $ / shares	$ 1.44

INCOME PROPERTIES - General Information (Details)					12 Months Ended
INCOME PROPERTIES - General Information (Details)	Nov. 26, 2019 USD ($) property shares	Jul. 16, 2019 USD ($) Options	May 23, 2019 USD ($) ft²	Feb. 21, 2019 USD ($) ft²	Dec. 31, 2020 USD ($) ft² property shares	Dec. 31, 2019 USD ($) property	Dec. 31, 2018 USD ($) ft² property building	Sep. 30, 2020 ft²	Aug. 07, 2019 USD ($) a	Jun. 24, 2019 USD ($) ft²	Mar. 26, 2018 USD ($)	Dec. 31, 2017 USD ($)
Acquisitions of Income Properties
Payments to Acquire Commercial Real Estate					$ 185,135,000
Sales price					86,500,000
Number of properties disposed for cash \| property	15						4
Units issued \| shares	1,223,854
Number of properties disposed for units \| property	5
Stock Issuance					$ 513,000	$ 532,000	$ 239,000
Gain on sale of properties (in dollars per share)						20.60
Area of real estate property \| ft²					751,210			269,000
Gain on Sale					$ 8,600,000
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate					38,320,000	34,625,000						$ 11,926,000
Aggregate outstanding principal balance					$ 37,735,000	34,570,000
Amount allocated of total acquisition cost
Weighted average amortization period of intangible assets					9 years
Weighted average amortization period of intangible liabilities					13 years
Real Estate Operations
Acquisitions of Income Properties
Payments to Acquire Commercial Real Estate							106,600,000
Commercial loan and master lease investments
Acquisitions of Income Properties
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate					$ 38,320,000	34,625,000
Aggregate outstanding principal balance					37,735,000	34,570,000
2020 dispositions
Acquisitions of Income Properties
Sales price					85,979,000
Gain on Sale					8,509,000
2019 dispositions
Acquisitions of Income Properties
Gain on sale of properties (in dollars per share)	$ 0.16
Gain on Sale	$ 1,000,000.0
Ground Lease Loan - 400 Josephine Street, Austin, TX
Acquisitions of Income Properties
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate					16,827,000	16,444,000
Aggregate outstanding principal balance					$ 16,250,000	$ 16,250,000
Billboards \| 2020 dispositions
Acquisitions of Income Properties
Number of real estate properties \| property					9
Sales price					$ 1,500,000
Vacant Land Parcel \| 2020 dispositions
Acquisitions of Income Properties
Number of properties sold \| property					8
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 2020 dispositions
Acquisitions of Income Properties
Number of properties sold \| property					11
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 2019 dispositions \| Single-tenant
Acquisitions of Income Properties
Number of properties sold \| property						21
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 2019 dispositions \| Multi-tenant
Acquisitions of Income Properties
Number of properties sold \| property						3
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Vacant Land Parcel \| 2020 dispositions
Acquisitions of Income Properties
Number of properties sold \| property					1
Daytona Beach, FL
Acquisitions of Income Properties
Sales price											$ 11,400,000
2020 acquisitions of income property subject to lease
Acquisitions of Income Properties
Payments to Acquire Commercial Real Estate					$ 185,100,000
Aggregate acquisition cost including capitalized acquisition costs					$ 185,700,000
Amount allocated of total acquisition cost
Weighted average amortization period of intangible assets					4 years 6 months
2020 acquisitions of income property subject to lease \| Single-tenant
Acquisitions of Income Properties
Number of real estate properties \| property					2
2020 acquisitions of income property subject to lease \| Multi-tenant
Acquisitions of Income Properties
Number of real estate properties \| property					2
2020 acquisitions of income property subject to lease \| Commercial loan and master lease investments
Acquisitions of Income Properties
Payments to Acquire Commercial Real Estate					$ 21,000,000.0
2020 acquisitions of income property subject to lease \| Nonrecurring basis
Acquisitions of Income Properties
Land					50,000,000.0
Buildings and improvements					94,600,000
Intangible assets pertaining to the in-place lease value, leasing fees and above market lease value					21,900,000
Intangible liabilities for below market lease value					$ 1,800,000
Pine
Acquisitions of Income Properties
Units issued \| shares					2,040,000.00
Percentage of investment in PINE					23.50%
Pine \| 2019 dispositions
Acquisitions of Income Properties
Units issued \| shares	2,040,000.00
Pine \| 2019 dispositions \| Single-tenant
Acquisitions of Income Properties
Number of properties in the disposal group \| property	20
Pine \| OP Units
Acquisitions of Income Properties
Sales price	$ 125,900,000
Units issued \| shares	1,223,854
Stock Issuance	$ 23,300,000
Pine \| OP Units \| 2019 dispositions
Acquisitions of Income Properties
Stock Issuance	$ 15,500,000
Pine \| Common Stock \| 2019 dispositions
Acquisitions of Income Properties
Units issued \| shares	815,790
Percentage of investment in PINE	22.30%
2019 acquisitions of income property subject to lease
Acquisitions of Income Properties
Payments to Acquire Commercial Real Estate						$ 164,700,000
Aggregate acquisition cost including capitalized acquisition costs					$ 165,700,000
Amount allocated of total acquisition cost
Weighted average amortization period of intangible liabilities					9 years 8 months 12 days
2019 acquisitions of income property subject to lease \| Single-tenant
Acquisitions of Income Properties
Number of real estate properties \| property						10
2019 acquisitions of income property subject to lease \| Multi-tenant
Acquisitions of Income Properties
Number of real estate properties \| property						1
2019 acquisitions of income property subject to lease \| Nonrecurring basis
Acquisitions of Income Properties
Land					$ 45,600,000
Buildings and improvements					83,500,000
Intangible assets pertaining to the in-place lease value, leasing fees and above market lease value					23,400,000
Intangible liabilities for below market lease value					$ 3,100,000
2017 acquisitions of income property subject to a lease
Amount allocated of total acquisition cost
Weighted average amortization period of intangible assets					9 years 8 months 12 days
2018 acquisitions of income property subject to a lease \| Real Estate Operations
Acquisitions of Income Properties
Aggregate acquisition cost including capitalized acquisition costs							$ 107,800,000
Amount allocated of total acquisition cost
Weighted average amortization period of intangible assets							13 years 2 months 12 days
Weighted average amortization period of intangible liabilities							13 years 2 months 12 days
2018 acquisitions of income property subject to a lease \| Single-tenant
Acquisitions of Income Properties
Number of real estate properties \| property							11
2018 acquisitions of income property subject to a lease \| Nonrecurring basis \| Real Estate Operations
Acquisitions of Income Properties
Land							$ 47,900,000
Buildings and improvements							45,600,000
Intangible assets pertaining to the in-place lease value, leasing fees and above market lease value							15,600,000
Intangible liabilities for below market lease value							$ 1,300,000
Concierge Office Building
Acquisitions of Income Properties
Area of real estate property \| ft²							22,012
Williamson Business Park office building
Acquisitions of Income Properties
Gain on sale of properties (in dollars per share)							$ 0.49
Area of real estate property \| ft²							15,360
Gain on Sale							$ 3,700,000
Area of real estate property leased \| ft²							7,600
Lease term							5 years
Mason Commerce Center
Acquisitions of Income Properties
Area of real estate property \| ft²							30,720
Number of office building \| building							2
3600 Peterson \| Santa Clara, CA \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Acquisitions of Income Properties
Sales price										$ 37,000,000.0
Gain on sale of properties (in dollars per share)					$ 1.36
Area of real estate property \| ft²										76,000
Gain on Sale					9,000,000.0
The Grove \| Winter Park, FL \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Acquisitions of Income Properties
Sales price			$ 18,300,000
Number of properties disposed for cash \| ft²			24
Gain on sale of properties (in dollars per share)			$ 0.42
Area of real estate property \| ft²			112,000
Gain on Sale			$ 2,800,000
Wawa Sale \| Sarasota, FL \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Acquisitions of Income Properties
Sales price				$ 24,600,000
Gain on sale of properties (in dollars per share)				$ 0.96
Area of real estate property \| ft²				59,000
Gain on Sale				$ 6,900,000
Wawa Sale \| Winter Park, FL \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Acquisitions of Income Properties
Sales price									$ 2,800,000
Gain on sale of properties (in dollars per share)					0.33
Area of real estate property \| a									1.56
Gain on Sale					2,100,000
Beachfront restaurant properties \| Daytona Beach, FL \| Cocina 214
Acquisitions of Income Properties
Amount funded to tenants		$ 1,000,000.0
Collection of lease rent		300,000
Payments for Tenant Improvements		$ 700,000
Beachfront restaurant properties \| Daytona Beach, FL \| Broken Hook LLC
Acquisitions of Income Properties
Lease term		10 years
Option to extend		true
Number of renewal options \| Options		4
Renewal term		5 years
2019 acquisitions of income property subject to lease - Carpenter Hotel
Acquisitions of Income Properties
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate					$ 16,300,000

COMMERCIAL LOAN AND MASTER LEASE INVESTMENTS - General Information (Details) $ / shares in Units, $ in Thousands									3 Months Ended	12 Months Ended
	Nov. 03, 2020 USD ($)	Oct. 13, 2020 USD ($)	Sep. 25, 2020 USD ($) ft²	Jan. 01, 2020 USD ($) $ / shares	Oct. 17, 2019 USD ($) item	Jul. 15, 2019 USD ($) a	Jul. 05, 2019 USD ($)	Jun. 14, 2019 USD ($) a item	Jun. 30, 2020 USD ($) Transaction property $ / shares	Dec. 31, 2020 USD ($) a ft² loan $ / shares	Dec. 31, 2019 USD ($)	Sep. 30, 2020 ft²
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current expected credit losses reserve				$ 300						$ 1,968
Gain (Loss) on Sales of Loans, Net										(353)
Face Amount of Mortgages										$ 37,735	$ 34,570
Area of land (in acres) \| a										345
Area of Real Estate Property \| ft²										751,210		269,000
Purchase price										$ 185,135
Origination fee received							$ 100
Aggregate outstanding principal balance	$ 2,000
Proceeds from Collection of Loans Receivable	$ 2,000
Mortgage Note, 400 Josephine Street, Austin, TX
Accounts, Notes, Loans and Financing Receivable [Line Items]
Face Amount of Mortgages							$ 8,300				$ 8,250
Term							1 year
Interest rate (as a percent)							11.50%				11.50%
Origination fee (as a percent)							1.00%
Ground Lease Loan - 400 Josephine Street, Austin, TX
Accounts, Notes, Loans and Financing Receivable [Line Items]
Face Amount of Mortgages						$ 16,250				16,250	$ 16,250
Area of land (in acres) \| a						1.4
Term						99 years
First Mortgage, 72-Acre Land Parcel, Orlando, FL
Accounts, Notes, Loans and Financing Receivable [Line Items]
Face Amount of Mortgages								$ 8,000			$ 8,000
Area of land (in acres) \| a								72
Term								1 year
Interest rate (as a percent)								12.00%			12.00%
Origination fee (as a percent)								2.00%
Origination fee received								$ 200
Number of extensions \| item								2
Extension term								1 year
LPGA Buyer Loan - Daytona Beach, FL
Accounts, Notes, Loans and Financing Receivable [Line Items]
Face Amount of Mortgages					$ 2,100						$ 2,070
Term					1 year
Interest rate (as a percent)					7.50%						7.50%
Origination fee (as a percent)					1.50%
Origination fee received					$ 100
Number of extensions \| item					2
Extension term					6 months
Hialeah, FL
Accounts, Notes, Loans and Financing Receivable [Line Items]
Area of Real Estate Property \| ft²			108,000
Purchase price			$ 21,000
Term			25 years
Promissory note
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan Origination		$ 400
Term		2 years 6 months
Interest rate (as a percent)		7.50%
Commercial loan and master lease investments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current expected credit losses reserve										4
Aggregate impairment charges after tax				$ 1,900						$ 1,900
Aggregate impairment charges per share, after tax \| $ / shares				$ 0.30
Number Of Commercial Loan Investment Sold									4	4
Number Of Transactions In Which Commercial Loan Investments Were Sold \| Transaction									2
Proceeds from Sale of Loans Held-for-investment									$ 20,000
Gain (Loss) on Sales of Loans, Net									$ 400	$ 2,100
Gain (Loss) On Sale Of Loans Held For Investment Per Share, Net Of Tax \| $ / shares									$ 0.06	$ 0.33

COMMERCIAL LOAN AND MASTER LEASE INVESTMENTS - Summary of Commercial Loan Investments (Details) - USD ($) $ in Thousands				12 Months Ended
	Oct. 17, 2019	Jul. 05, 2019	Jun. 14, 2019	Dec. 31, 2020	Dec. 31, 2019	Jul. 15, 2019	Dec. 31, 2017
Mortgage Loans On Real Estate [Line Items]
Original Face Amount				$ 37,735	$ 34,570
Current Face Amount				37,735	34,570
Carrying Value				38,320	34,625		$ 11,926
First Mortgage, 72-Acre Land Parcel, Orlando, FL
Mortgage Loans On Real Estate [Line Items]
Original Face Amount			$ 8,000		8,000
Current Face Amount					8,000
Carrying Value					$ 7,928
Interest rate (as a percent)			12.00%		12.00%
Mortgage Note, 400 Josephine Street, Austin, TX
Mortgage Loans On Real Estate [Line Items]
Original Face Amount		$ 8,300			$ 8,250
Current Face Amount					8,250
Carrying Value					$ 8,208
Interest rate (as a percent)		11.50%			11.50%
LPGA Buyer Loan - Daytona Beach, FL
Mortgage Loans On Real Estate [Line Items]
Original Face Amount	$ 2,100				$ 2,070
Current Face Amount					2,070
Carrying Value					$ 2,045
Interest rate (as a percent)	7.50%				7.50%
Master Tenant - Hialeah Lease Loan - Hialeah FL [Member]
Mortgage Loans On Real Estate [Line Items]
Original Face Amount				21,085
Current Face Amount				21,085
Carrying Value				21,101
Mortgage Note - 4311 Maple Avenue, Dallas, TX
Mortgage Loans On Real Estate [Line Items]
Original Face Amount				400
Current Face Amount				400
Carrying Value				$ 392
Interest rate (as a percent)				7.50%
Ground Lease Loan - 400 Josephine Street, Austin, TX
Mortgage Loans On Real Estate [Line Items]
Original Face Amount				$ 16,250	$ 16,250	$ 16,250
Current Face Amount				16,250	16,250
Carrying Value				$ 16,827	$ 16,444

COMMERCIAL LOAN AND MASTER LEASE INVESTMENTS - Carrying Value (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Jan. 01, 2020	Dec. 31, 2019	Dec. 31, 2017
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current Face Amount	$ 37,735		$ 34,570
Imputed Interest over Rent Payments Received	399		194
Impairment / CECL Reserve	(1,968)	$ (300)
Total Commercial Loan and Master Lease Investments	38,320		34,625	$ 11,926
Commercial loan and master lease investments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current Face Amount	37,735		34,570
Imputed Interest over Rent Payments Received	593		194
Unaccreted Origination Fees	(4)		(139)
Impairment / CECL Reserve	(4)
Total Commercial Loan and Master Lease Investments	$ 38,320		$ 34,625

RELATED PARTY MANAGEMENT SERVICES BUSINESS - General Information (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Land JV
Real Estate [Line Items]
Management fee revenue earned	$ 100	$ 200
Management fee revenue earned per month		20
Monthly management fee		$ 11
Management Agreement PINE
Real Estate [Line Items]
Management fee (as a percent)		1.50%
Management fee revenue earned		$ 2,500	$ 200
Proceeds from Dividends Received		$ 1,700	$ 100

RELATED PARTY MANAGEMENT SERVICES BUSINESS - Summary of Amounts Due (Details) - Management Agreement PINE - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Real Estate [Line Items]
Management Services Fee due from PINE	$ 631	$ 254
Dividend receivable		71
Other	35	56
Total	$ 666	$ 381

REAL ESTATE OPERATIONS - Land and Development Costs (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
REAL ESTATE OPERATIONS
Land and Development Costs	$ 6,377	$ 6,069
Subsurface Interests	706	663
Total Land and Development Costs	$ 7,083	$ 6,732

REAL ESTATE OPERATIONS - Real Estate Operations Revenues (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues
Revenue from contract with customer, including assessed tax	$ 650	$ 852	$ 2,966
Subsurface Revenue	638	748	1,625
Impact Fee and Mitigation Credit Sales
Revenues
Revenue from contract with customer, including assessed tax			1,338
Impact Fee and Mitigation Credit Sales \| Real Estate Operations
Revenues
Revenue from contract with customer, including assessed tax	6		1,338
Subsurface Revenue			300
Fill Dirt and Other Revenue
Revenues
Revenue from contract with customer, including assessed tax	6	104	3
Fill Dirt and Other Revenue \| Real Estate Operations
Revenues
Revenue from contract with customer, including assessed tax	$ 6	104	3
Discontinued Operations
Revenues
Revenue from contract with customer, including assessed tax		11,043	43,031
Discontinued Operations \| Land
Revenues
Revenue from contract with customer, including assessed tax		10,975	41,452
Discontinued Operations \| Revenue from Reimbursement of Infrastructure Costs
Revenues
Revenue from contract with customer, including assessed tax			1,556
Discontinued Operations \| Agriculture
Revenues
Revenue from contract with customer, including assessed tax		$ 68	$ 23

REAL ESTATE OPERATIONS - Daytona Beach (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($) a	Dec. 31, 2018 USD ($) a
Land and subsurface interests
Area of land (in acres) \| a	345
Acquisition of property		$ 4,702
Land Parcel with Structures Beach Property
Land and subsurface interests
Area of land (in acres) \| a		5
Acquisition of property		$ 2,000
Contiguous Parcels Beach Property
Land and subsurface interests
Area of land (in acres) \| a	1
Acquisition of property	$ 2,100
Daytona Beach Development
Land and subsurface interests
Raze and entitlement cost	$ 1,600

REAL ESTATE OPERATIONS - Other Real Estate Assets (Details) $ in Thousands			3 Months Ended				12 Months Ended
	Oct. 08, 2020 item	Aug. 10, 2020 item	Dec. 31, 2020 USD ($) item	Sep. 30, 2020 USD ($) item	Mar. 31, 2020 USD ($) item	Dec. 31, 2019 USD ($) item	Dec. 31, 2020 USD ($) item	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Land and development costs and subsurface interests
Revenue from contract with customer, including assessed tax							$ 650	$ 852	$ 2,966
Investment mitigation credits assets			$ 2,622			$ 2,323	2,622	2,323
Mitigation credits value per credit			$ 75	$ 75	$ 75	$ 75	$ 75	75
Number of mitigation credits with cost basis \| item							31
Aggregate cost of sales							$ 3,000	0	1,000
Number of mitigation credits \| item			8	20	20	25	48
Wetlands restoration
Land and development costs and subsurface interests
Number of mitigation credits \| item	13.31	13.31
Minimum
Land and development costs and subsurface interests
Amount of Mitigation Credits With Cost Basis							$ 100
Aggregate cost of sales							100
General and Administrative Expense \| Wetlands restoration
Land and development costs and subsurface interests
Amount of Mitigation Credits With Cost Basis							100
LandShark Bar and Grill
Land and development costs and subsurface interests
Cash payments received for impact fees							$ 0	0	100
Mitigation Bank
Land and development costs and subsurface interests
Number of mitigation credits acquired \| item							48
Mitigation credits purchased							$ 3,600
Mitigation credits value per credit			$ 75				$ 75
Number of mitigation credits with cost basis \| item							42
Amount of Mitigation Credits With Cost Basis							$ 2,900
Mitigation Bank JV
Land and development costs and subsurface interests
Number of mitigation credits acquired \| item					2
Mitigation credits purchased					$ 200
Impact Fee and Mitigation Credit Sales
Land and development costs and subsurface interests
Revenue from contract with customer, including assessed tax									1,338
Real Estate Operations \| Buc'ees - East of I-95
Land and development costs and subsurface interests
Mitigation credits transferred								$ 0	100
Real Estate Operations \| Impact Fee and Mitigation Credit Sales
Land and development costs and subsurface interests
Revenue from contract with customer, including assessed tax							$ 6		$ 1,338

REAL ESTATE OPERATIONS - Subsurface Interests (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($) a county	Dec. 31, 2019 USD ($) a	Dec. 31, 2018 USD ($) a $ / shares
Subsurface interests
Area of land (in acres) \| a	345
Revenue from contract with customer, including assessed tax	$ 650	$ 852	$ 2,966
Over Lease Term	49,953	41,956	$ 40,076
Gain on Sale		133,000
Hendry County
Subsurface interests
Area of land for which surface entry rights were released \| a			40
Subsurface Interests
Subsurface interests
Revenue from contract with customer, including assessed tax	400	0	$ 0
Over Lease Term	$ 0	$ 600	$ 800
Number of acres with operating oil wells \| a	800	800	800
Surface land over subsurface interests
Subsurface interests
Area of land (in acres) \| a	454,000
Number of counties in which Subsurface Interests are owned \| county	20
After tax gain on sale (in dollars per share) \| $ / shares			$ 0.06
Revenue recognized for cash payments for the release of surface entry rights	$ 200	$ 100	$ 100
Area of land for which surface entry rights were released \| a			600
Gain on Sale			$ 400
Surface land over subsurface interests \| Hendry County
Subsurface interests
Revenue from contract with customer, including assessed tax			300
Real Estate Operations \| Subsurface Interests
Subsurface interests
Revenue from contract with customer, including assessed tax	$ 100	$ 100	100
Real Estate Operations \| Surface land over subsurface interests
Subsurface interests
Revenue from contract with customer, including assessed tax			$ 200

REAL ESTATE OPERATIONS - Real Estate Operations (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($) a item	Dec. 31, 2019 USD ($) a	Dec. 31, 2018 a
Disaggregation of Revenue [Line Items]
No. of Acres \| a		5,400	205
Gross Sales Price		$ 108,000
Land JV
Disaggregation of Revenue [Line Items]
No. of Acres \| a	1,600
Area of land sales as a percentage of land holdings	33.50%
Gross Sales Price	$ 79,700	$ 48,900
Number of purchase and sale agreements \| item	2
Proceeds from sale of land	$ 5,000
Area of land remaining under contract \| a	55
Percentage of remaining land under contract	3.00%
Management fee revenue earned per month	$ 20
Monthly management fee	$ 11

REAL ESTATE OPERATIONS - Land Sales and Impairments (Details)	3 Months Ended		12 Months Ended
	Dec. 31, 2020 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2020 USD ($) a item	Dec. 31, 2019 USD ($) a Transaction	Dec. 31, 2018 USD ($) a item
Land and development costs and subsurface interests
Number of land sale transactions \| Transaction				5
No. of Acres \| a				5,400	205
Gross Sales Price				$ 108,000,000.0
Gain on Sale				133,000,000.0
Gain on disposal per share				20.60
Impairment Charges	$ 7,242,000	$ 1,905,000	$ 9,147,000		$ 1,119,000
Land JV
Land and development costs and subsurface interests
Number of land sale transactions \| item			1
No. of Acres \| a			1,600
Gross Sales Price			$ 79,700,000	48,900,000
Impairment Charges			7,100,000
Daytona Beach Development
Land and development costs and subsurface interests
Impairment Charges			100,000
Undeveloped Land in Daytona Beach, Florida, Along Interstate 95
Land and development costs and subsurface interests
Impairment Charges			$ 7,200,000	$ 0	$ 0
Land Sales
Land and development costs and subsurface interests
Number of land sale transactions \| item					12
No. of Acres \| a					2,697
Gross Sales Price					$ 43,700,000
Gain on Sale					32,600,000
Gain on disposal per share					$ 4.44
Land Sales \| Mitigation Bank
Land and development costs and subsurface interests
No. of Acres \| a					2,500
Gross Sales Price					$ 15,300,000
Land sales, ownership interest sold (as a percent)					70.00%
Magnetar Land Sale
Land and development costs and subsurface interests
No. of Acres \| a				5,300
Gross Sales Price				$ 97,000,000.0
Unicorp Development One
Land and development costs and subsurface interests
Number of land sale transactions \| Transaction				2
No. of Acres \| a				23.6
Gross Sales Price				$ 7,100,000
Unicorp Development Two
Land and development costs and subsurface interests
No. of Acres \| a				38
Gross Sales Price				$ 700,000
Land sale to NADG
Land and development costs and subsurface interests
No. of Acres \| a				13
Gross Sales Price				$ 3,000,000.0

INVESTMENT IN JOINT VENTURES - Summary (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2018	Dec. 31, 2019
Equity Method Investment, Financial Statement, Reported Amounts [Abstract]
Equity method investments	$ 48,677		$ 48,677		$ 55,737
Asset Impairment Charges	7,242	$ 1,905	9,147	$ 1,119
Land JV
Equity Method Investment, Financial Statement, Reported Amounts [Abstract]
Equity method investments	41,765		41,765		48,865
Asset Impairment Charges			7,100
Mitigation Bank
Equity Method Investment, Financial Statement, Reported Amounts [Abstract]
Equity method investments	$ 6,912		$ 6,912		$ 6,872

INVESTMENT IN JOINT VENTURES - Summarized Financial Information - Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Equity Method Investment, Summarized Financial Information [Abstract]
Cash and Cash Equivalents	$ 4,289	$ 6,475	$ 2,310
Investment mitigation credits assets	2,622	2,323
Property, plant, and equipment	442,384	370,591
Total Assets	665,931	703,286
Liabilities	315,032	417,873
Equity	350,899	285,413	$ 211,762	$ 184,178
Total Liabilities and Shareholders' Equity	665,931	703,286
Land JV
Equity Method Investment, Summarized Financial Information [Abstract]
Cash and Cash Equivalents	802	15,066
Prepaid expenses	117	61
Investment in land assets	5,658	17,058
Total Assets	6,577	32,185
Liabilities	228	987
Equity	6,349	31,198
Total Liabilities and Shareholders' Equity	6,577	32,185
Mitigation Bank
Equity Method Investment, Summarized Financial Information [Abstract]
Cash and Cash Equivalents	1,890	4,015
Prepaid expenses	20	19
Investment mitigation credits assets	1,409	1,521
Property, plant, and equipment	14	17
Total Assets	3,333	5,572
Liabilities	17	39
Equity	3,316	5,533
Total Liabilities and Shareholders' Equity	$ 3,333	$ 5,572

INVESTMENT IN JOINT VENTURES - Summarized Financial Information - Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Equity Method Investment, Summarized Financial Information [Abstract]
Total Revenues	$ 15,961	$ 14,572	$ 13,010	$ 12,838	$ 11,963	$ 11,330	$ 10,689	$ 10,959	$ 56,381	$ 44,941	$ 43,658
Total Direct Cost of Revenues	(3,675)	(5,274)	(2,625)	(3,637)	(1,966)	(1,484)	(1,675)	(1,978)	(15,211)	(7,105)	(8,761)
Operating Income	(267)	1,484	10,773	289	4,079	5,485	14,632	10,003	12,280	34,199	31,385
Net Income	$ 79,682	$ (1,522)	$ 12,611	$ (12,262)	$ 96,422	$ 1,486	$ 10,597	$ 6,468	78,509	114,973	37,168
Land JV
Equity Method Investment, Summarized Financial Information [Abstract]
Total Revenues									65,446	14,635
Total Direct Cost of Revenues									(13,012)	(1,268)
Operating Income									52,434	13,367
Other Operating Expenses									(462)	(90)
Net Income									51,972	13,277
Mitigation Bank
Equity Method Investment, Summarized Financial Information [Abstract]
Total Revenues									4,109	1,922
Total Direct Cost of Revenues									(167)	(76)
Operating Income									3,942	1,846
Other Operating Expenses									(175)	(197)	(117)
Net Income									$ 3,767	$ 1,649	$ (117)

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

INVESTMENT IN JOINT VENTURES - Adjustments (Details) - USD ($) $ in Thousands	12 Months Ended			36 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Investment in Joint Ventures	$ 48,677	$ 55,737		$ 48,677
Mitigation Bank
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments				0
Investment in Joint Ventures			$ 6,800
Sales price			$ 15,300
Sale of interest in joint venture			70.00%
Interest in the joint venture (as a percent)	70.00%
Land JV
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments	$ 0	$ 0
Investment in Joint Ventures	48,900			$ 48,900
Sales price	$ 97,000
Sale of interest in joint venture	66.50%
Interest in the joint venture (as a percent)	33.50%

INVESTMENT IN JOINT VENTURES - General information (Details)	3 Months Ended				12 Months Ended
	Dec. 31, 2020 USD ($) item	Sep. 30, 2020 USD ($) item	Mar. 31, 2020 USD ($) item	Dec. 31, 2019 USD ($) item	Dec. 31, 2020 USD ($) item	Dec. 31, 2019 USD ($) a	Dec. 31, 2018 USD ($) a	Aug. 06, 2018 item
Schedule of Equity Method Investments [Line Items]
Land sale acres \| a						5,400	205
Number of state credits awarded \| item								88.84
Gain on Sale						$ 133,000,000.0
Gross Sales Price						108,000,000.0
Investment in Joint Ventures	$ 48,677,000			$ 55,737,000	$ 48,677,000	55,737,000
Mitigation credits, Put Right, fair value	$ 6,900,000			$ 6,900,000	$ 6,900,000	6,900,000
Number of mitigation credits \| item	8	20	20	25	48
Mitigation credits, acquired	$ 600,000	$ 1,500,000	$ 1,500,000	$ 1,900,000
Mitigation credits value per credit	$ 75,000	$ 75,000	$ 75,000	$ 75,000	$ 75,000	$ 75,000
Maximum
Schedule of Equity Method Investments [Line Items]
Number of state credits awarded \| item								355
Consolidated Tomoka Land Co
Schedule of Equity Method Investments [Line Items]
Retained equity interest (as a percent)							30.00%
Mitigation Bank
Schedule of Equity Method Investments [Line Items]
Sale of interest in joint venture							70.00%
Gross Sales Price					$ 6,900,000
Investment in Joint Ventures							$ 6,800,000
Interest in the joint venture (as a percent)					70.00%
Equity method investment, ownership percentage (as a percent)	30.00%				30.00%		30.00%
Mitigation credits, Operating Agreement, credit sales, Minimum Sales Requirement, minimum revenue, net of commissions	$ 6,000,000.0				$ 6,000,000.0
Mitigation credits, Operating Agreement, credit sales, Minimum Sales Requirement, maximum credits, number	60				60
Mitigation credits, Operating Agreement, credit sales, Minimum Sales Guarantee, fair value	$ 100,000				$ 100,000
Mitigation credits, Put Right, maximum credits the Company must purchase, per quarter, number \| instrument \| item	8.536				8.536
Mitigation credits, Put Right, maximum credits the Company must purchase, per quarter, price to fair value (as a percent)	60.00%				60.00%
Mitigation credits, Put Right, third-party credit sales, reduction in Put Rights outstanding if sales price equals or exceeds price stipulated by Put Right, ratio	1				1
Mitigation credits, Put Right, maximum potential future payments	$ 27,000,000.0				$ 27,000,000.0
Mitigation credits, Put Right, fair value	$ 200,000				$ 200,000

INVESTMENT SECURITIES - General Information (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	12 Months Ended
	Nov. 26, 2019	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Marketable Securities [Line Items]
Share purchased	1,223,854
Purchase price of shares			$ 513	$ 532	$ 239
Units issued	1,223,854
Estimated Fair Value (Level 1 and 2 Inputs)		$ 38,814	$ 30,574	$ 38,814
Increase (decrease) in closing stock price		$ 0.03	$ 4.04
Closing share price (in dollars per share)		$ 19.03	$ 14.99	$ 19.03
Unrealized, non-cash gain on investment		$ 100	$ (8,240)	$ 61
Non Cash Unrealized Gain (Loss) On Investment Securities Per Share		$ 0.01	$ 1.75
Pine
Marketable Securities [Line Items]
Share purchased			2,040,000.00
Units issued			2,040,000.00
Percentage of investment in PINE			23.50%
Estimated Fair Value (Level 1 and 2 Inputs)	$ 38,800		$ 30,600
Pine \| OP Units
Marketable Securities [Line Items]
Share purchased	1,223,854
Purchase price of shares	$ 23,300
Units issued	1,223,854
Private placement \| Pine
Marketable Securities [Line Items]
Share purchased	394,737
Purchase price of shares	$ 7,500
Units issued	394,737
IPO Purchase \| Pine
Marketable Securities [Line Items]
Share purchased	421,053
Purchase price of shares	$ 8,000
Units issued	421,053

INVESTMENT SECURITIES - Tabular Disclosure (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Debt Securities, Trading, and Equity Securities, FV-NI [Abstract]
Cost	$ 38,753	$ 38,753
Unrealized Gains inInvestment Income		61
Unrealized Losses inInvestment Income	(8,179)
Investment in Alpine Income Property Trust, Inc.	30,574	38,814
Common Stock
Debt Securities, Trading, and Equity Securities, FV-NI [Abstract]
Cost	15,500	15,500
Unrealized Gains inInvestment Income		24
Unrealized Losses inInvestment Income	(3,271)
Investment in Alpine Income Property Trust, Inc.	12,229	15,524
Operating Units
Debt Securities, Trading, and Equity Securities, FV-NI [Abstract]
Cost	23,253	23,253
Unrealized Gains inInvestment Income		37
Unrealized Losses inInvestment Income	(4,908)
Investment in Alpine Income Property Trust, Inc.	$ 18,345	$ 23,290

FAIR VALUE OF FINANCIAL INSTRUMENTS - Carrying Value and Estimated Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Carrying Value \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Carrying value and estimated fair value of financial instruments
Cash and Cash Equivalents	$ 4,289	$ 6,475
Restricted Cash	29,536	128,430
Carrying Value \| Significant Other Observable Inputs (Level 2)
Carrying value and estimated fair value of financial instruments
Commercial Loan Investments	38,320	34,625
Long-Term Debt	273,061	287,218
Estimated Fair Value \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Carrying value and estimated fair value of financial instruments
Cash and Cash Equivalents	4,289	6,475
Restricted Cash	29,536	128,430
Estimated Fair Value \| Significant Other Observable Inputs (Level 2)
Carrying value and estimated fair value of financial instruments
Commercial Loan Investments	38,318	35,002
Long-Term Debt	$ 282,884	$ 288,830

FAIR VALUE OF FINANCIAL INSTRUMENTS - Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Aug. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Fair value of assets
Cash Flow Hedge - Interest Rate Swap				$ 99
Investment Securities				38,814
Interest rate (as a percent)		0.22%	0.7325%
Notional amount		$ 50,000	$ 100,000
Interest Rate Swap
Fair value of assets
Notional amount	$ 23,200
Credit Facility
Fair value of assets
Interest rate (as a percent)			0.7325%
Credit Facility \| Interest Rate Swap
Fair value of assets
Notional amount		$ 50,000	$ 100,000
Wells Fargo \| Interest Rate Swap
Fair value of assets
Cash Flow Hedge - Interest Rate Swap				$ 99
Recurring basis
Fair value of assets
Investment Securities	30,574
Recurring basis \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair value of assets
Investment Securities	30,574
Recurring basis \| BMO \| Interest Rate Swap
Fair value of assets
Cash Flow Hedge - Interest Rate Swap	(88)
Recurring basis \| BMO \| Interest Rate Swap \| Significant Other Observable Inputs (Level 2)
Fair value of assets
Cash Flow Hedge - Interest Rate Swap	(88)
Recurring basis \| BMO
Fair value of assets
Cash Flow Hedge - Interest Rate Swap	(1,772)
Recurring basis \| BMO \| Significant Other Observable Inputs (Level 2)
Fair value of assets
Cash Flow Hedge - Interest Rate Swap	(1,772)
Recurring basis \| BMO
Fair value of assets
Cash Flow Hedge - Interest Rate Swap	(50)
Recurring basis \| BMO \| Significant Other Observable Inputs (Level 2)
Fair value of assets
Cash Flow Hedge - Interest Rate Swap	$ (50)

FAIR VALUE OF FINANCIAL INSTRUMENTS - Assets Measured on a Nonrecurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Fair value of assets
Asset fair value	$ 0	$ 0
Nonrecurring basis
Fair value of assets
Asset fair value	$ 0	$ 0

INTANGIBLE ASSETS AND LIABILITIES - Components (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	$ 68,447	$ 64,349
Accumulated Amortization	(18,271)	(15,327)
Total	50,176	49,022
Intangible Lease Liabilities
Value of Below Market In-Place Leases	(36,817)	(36,507)
Sub-total Intangible Lease Liabilities-Net	(36,817)	(36,507)
Accumulated Amortization	12,654	10,309
Total	(24,163)	(26,198)
Total Intangible Assets and Liabilities-Net	26,013	22,824
Value of In-Place Leases
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	44,558	42,584
Value of Above Market In-Place Leases
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	10,604	7,119
Value of Intangible Leasing Costs
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	$ 13,285	$ 14,646

INTANGIBLE ASSETS AND LIABILITIES - Activity (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 property
Intangible Assets And Liabilities
Net amortization increase (decrease)	$ 600
Net increase in intangible assets and liabilities	3,200
Below market lease value	24,163	$ 26,198
2018 acquisitions of income property subject to a lease \| Single-tenant
Intangible Assets And Liabilities
Number of real estate properties \| property			11
Wells Fargo property \| Raleigh, North Carolina
Intangible Assets And Liabilities
Below market lease value	19,900	$ 22,200
Value of In-Place Leases
Intangible Assets And Liabilities
Increase from acquisitions	2,000
Value of Above Market In-Place Leases
Intangible Assets And Liabilities
Increase from acquisitions	3,500
Value of Intangible Leasing Costs
Intangible Assets And Liabilities
Decrease from acquisitions	(1,400)
Value of Below Market In-Place Leases
Intangible Assets And Liabilities
Increase from acquisitions	$ 300

INTANGIBLE ASSETS AND LIABILITIES - Amortization (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
INTANGIBLE ASSETS AND LIABILITIES
Depreciation and Amortization Expense	$ 7,805	$ 5,854	$ 5,872
Increase to Income Properties Revenue	(1,754)	(2,383)	(2,339)
Net Amortization of Intangible Assets and Liabilities	$ 6,051	$ 3,471	$ 3,533

INTANGIBLE ASSETS AND LIABILITIES - Summary of Estimated Amortization and Accretion (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Future Amortization Amount
Total	$ 50,176	$ 49,022
Future Accretion to Income Property Revenue
Total	(24,163)	$ (26,198)
Net Future Amortization of Intangible Assets and Liabilities
2021	5,523
2022	5,044
2023	4,924
2024	4,973
2025	3,029
2026 and thereafter	2,520
Total	26,013
Future Amortization
Future Amortization Amount
2021	7,207
2022	6,799
2023	6,676
2024	6,641
2025	4,643
2026 and thereafter	10,116
Total	42,082
Future Accretion to Income Property Revenue
Future Accretion to Income Property Revenue
2021	(1,684)
2022	(1,755)
2023	(1,752)
2024	(1,668)
2025	(1,614)
2026 and thereafter	(7,596)
Total	$ (16,069)

INTANGIBLE ASSETS AND LIABILITIES - Weighted Average Amortization Period (Details)	12 Months Ended
	Dec. 31, 2020
INTANGIBLE ASSETS AND LIABILITIES
Weighted average amortization period of intangible assets	9 years
Weighted average amortization period of intangible liabilities	13 years

IMPAIRMENT OF LONG-LIVED ASSETS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Impairment of Long-Lived Assets
Impairment Charges	$ 7,242			$ 1,905					$ 9,147		$ 1,119
Sales price	86,500								86,500
Gain on Disposition of Assets	$ 2,381	$ 290	$ 7,076		$ 1,108	$ 2,187	$ 11,812	$ 6,870	9,746	$ 21,978	22,035
Land JV
Impairment of Long-Lived Assets
Impairment Charges									7,100
Daytona Beach Development
Impairment of Long-Lived Assets
Impairment Charges									100
Income Properties
Impairment of Long-Lived Assets
Impairment Charges									0	0	0
Golf Operations
Impairment of Long-Lived Assets
Impairment Charges											$ 1,100
Impairment charge (in dollars per share)											$ 0.15
Total asset impairment											$ 3,100
Golf Operations \| Maximum
Impairment of Long-Lived Assets
Gain on Disposition of Assets					$ 100
Undeveloped Land in Daytona Beach, Florida, Along Interstate 95
Impairment of Long-Lived Assets
Impairment Charges									$ 7,200	$ 0	$ 0

OTHER ASSETS (Details) $ in Thousands	Dec. 31, 2020 USD ($) installment	Dec. 31, 2019 USD ($)
Other Assets
Income Property Tenant Receivables	$ 2,330	$ 533
Income Property Straight-line Rent Adjustment and Covid-19 Deferral Balance	4,686	3,352
Interest Receivable from Commercial Loan Investment		97
Operating Lease, Right-of-Use Asset	246	364
Golf Rounds Surcharge	454	549
Cash Flow Hedge - Interest Rate Swap		99
Infrastructure Reimbursement Receivables	1,336	1,591
Deferred Deal Costs		5
Prepaid Expenses, Deposits, and Other	1,693	2,733
Due from Alpine Income Property Trust, Inc.	666	381
Total Other Assets	11,411	$ 9,704
COVID-19
Other Assets
Income Property Straight-line Rent Adjustment and Covid-19 Deferral Balance	1,000
Tanger
Other Assets
Infrastructure Reimbursement Receivables	$ 900
Number of installments to repay infrastructure reimbursement receivable \| installment	6
Infrastructure reimbursement receivables, installment payment amounts	$ 200
Infrastructure reimbursement receivable, discount	100
Sam's Club
Other Assets
Infrastructure Reimbursement Receivables	$ 400
Number of installments to repay infrastructure reimbursement receivable \| installment	4
Infrastructure reimbursement receivables, installment payment amounts	$ 100
Sam's Club \| Maximum
Other Assets
Infrastructure reimbursement receivable, discount	$ 100

COMMON STOCK AND EARNINGS PER SHARE - Summary of Common Stock and Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Available to Common Shareholders:
Net Income (Loss)									$ 78,509	$ 114,973	$ 37,168
Basic									4,704,877	4,991,656	5,495,792
Common Shares Applicable to Stock
Options Using the Treasury Stock Method										6,387	33,529
Total Shares Applicable to Diluted Earnings Per Share									4,704,877	4,998,043	5,529,321
Basic
Net Income from Continuing Operations (in dollars per share)	$ 16.60	$ (0.33)	$ 2.71	$ (2.60)	$ 0.19	$ 0.35	$ 1.75	$ 1.00	$ 16.69	$ 3.32	$ 2.72
Net Income from Discontinued Operations (Net of Income Tax) (in dollars per share)					19.86	(0.04)	0.39	0.21		19.71	4.04
Basic Net Income per Share (in dollars per share)	16.60	(0.33)	2.71	(2.60)	20.05	0.31	2.14	1.21	16.69	23.03	6.76
Diluted
Net Income from Continuing Operations (in dollars per share)	16.60	(0.33)	2.71	(2.60)	0.19	0.35	1.75	1.00	16.69	3.32	2.71
Net Income from Discontinued Operations (Net of Income Tax) -Diluted (in dollars per share)					19.85	(0.04)	0.39	0.21		19.68	4.01
Net Income (in dollars per share)	$ 16.60	$ (0.33)	$ 2.71	$ (2.60)	$ 20.04	$ 0.31	$ 2.14	$ 1.21	$ 16.69	$ 23.00	$ 6.72

COMMON STOCK AND EARNINGS PER SHARE - Anti-dilutive Securities and Convertible Notes (Details) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Aug. 31, 2020	Mar. 31, 2020	Mar. 15, 2020	Feb. 04, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	39,558	7,500	15,000
Interest rate (as a percent)				0.22%	0.7325%
Additional diluted outstanding shares related to Convertible Notes	0
4.50% Convertible Senior Notes due 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Interest rate (as a percent)						4.50%
Conversion price per share (in dollars per share)						$ 68.90
3.875% Convertible Senior Notes due 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Interest rate (as a percent)	3.875%						3.875%
Conversion price per share (in dollars per share)	$ 54.77

TREASURY STOCK (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Apr. 10, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Feb. 29, 2020
Treasury Stock
Stock repurchase program authorized amount			$ 20,000
Shares repurchased (in shares)			691,102
Stock repurchased amount		$ 4,100	$ 41,096	$ 9,837
Average price per share of stock repurchased			$ 59.46
Block Share Repurchase
Treasury Stock
Existing buyback program			20,000,000.0
Shares repurchased (in shares)	320,741
Percentage of Company's outstanding shares purchased	6.00%
Stock repurchased amount	$ 18,400
Minimum ownership interest held by largest shareholder	28.00%
"$10 Million Repurchase Program
Treasury Stock
Stock repurchase program authorized amount		$ 10,000			$ 10,000
Shares repurchased (in shares)		88,565
Stock repurchased amount		$ 4,100
Average price per share of stock repurchased		$ 46.29

LONG-TERM DEBT - Outstanding Indebtedness (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($) property	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Aug. 31, 2020 USD ($)	Mar. 31, 2020 USD ($)	Feb. 04, 2020 USD ($)	Apr. 30, 2016 USD ($)
Long-term debt
Face Value of Debt	$ 280,496	$ 288,700					$ 25,000
Interest rate (as a percent)				0.22%	0.7325%
Decrease in long term debt	8,200
Borrowings repaid	72,269	$ 103,073	$ 55,997
Fixed interest rate through use of derivative (as a percent)				0.22%
Derivatives fixed interest	$ 1,910			$ 50,000	$ 100,000
Leverage ratio	47.1
Interest Rate Swap
Long-term debt
Fixed interest rate through use of derivative (as a percent)	3.17%
LIBOR \| Maximum
Long-term debt
Margin added to variable rate basis (as a percent)	195.00%
Credit Facility
Long-term debt
Face Value of Debt	$ 164,845
Interest rate (as a percent)					0.7325%
Proceeds from line of credit	$ 5,000
Derivatives fixed interest					$ 100,000
Credit Facility \| Minimum
Long-term debt
Margin added to variable rate basis (as a percent)	1.35%
Credit Facility \| Maximum
Long-term debt
Margin added to variable rate basis (as a percent)	1.95%
Credit Facility \| Interest Rate Swap
Long-term debt
Face Value of Debt				$ 50,000	$ 100,000
Fixed interest rate through use of derivative (as a percent)				0.22%	0.7325%
Credit Facility \| LIBOR \| Minimum
Long-term debt
Margin added to variable rate basis (as a percent)	135.00%
Wells Fargo Mortgage Note Payable Originated September 30, 2014
Long-term debt
Face Value of Debt	$ 30,000
Interest rate (as a percent)	4.33%
Number of income properties securing debt \| property	6
Period of fixed interest rate	10 years
Wells Fargo Mortgage Note Payable Originated April 15, 2016
Long-term debt
Face Value of Debt	$ 23,183
Margin added to variable rate basis (as a percent)	1.90%
Interest rate (as a percent)	3.17%
Term of loan	5 years
Period of interest only payments	2 years
Period of amortization for principal payments	25 years
3.875% Convertible Senior Notes due 2025
Long-term debt
Face Value of Debt	$ 62,468					$ 17,600
Interest rate (as a percent)	3.875%					3.875%
Borrowings repaid	$ 12,500
Wells Fargo Mortgage Loan
Long-term debt
Face Value of Debt	$ 53,200

LONG-TERM DEBT - Credit Facility (Details) - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Sep. 07, 2017
Block Share Repurchase
Long-term debt
Existing buyback program		20.0
LIBOR \| Maximum
Long-term debt
Margin added to variable rate basis (as a percent)	195.00%
Credit Facility
Long-term debt
Extension term	1 year
Maximum borrowing capacity			$ 200.0
Maximum borrowing capacity, after possible increase			$ 300.0
Unused portion of the borrowing capacity fee percentage condition	50.00%
Available borrowing capacity	$ 35.2
Amount outstanding	164.8
Line of Credit Facility, Current Borrowing Capacity	$ 200.0
Credit Facility \| Minimum
Long-term debt
Margin added to variable rate basis (as a percent)	1.35%
Commitment fee percentage on unused portion of the borrowing capacity	15.00%
Credit Facility \| Maximum
Long-term debt
Margin added to variable rate basis (as a percent)	1.95%
Commitment fee percentage on unused portion of the borrowing capacity	25.00%
Credit Facility \| LIBOR \| Minimum
Long-term debt
Margin added to variable rate basis (as a percent)	135.00%

LONG-TERM DEBT - Convertible Notes (Details)					3 Months Ended		12 Months Ended
LONG-TERM DEBT - Convertible Notes (Details)	Apr. 15, 2020 USD ($) $ / shares	Mar. 15, 2020 USD ($) $ / shares	Feb. 04, 2020 USD ($)	Jan. 29, 2020 $ / shares	Jun. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2020 USD ($) $ / shares	Dec. 31, 2019 USD ($) $ / shares	Dec. 31, 2018 $ / shares	Aug. 31, 2020	Apr. 30, 2016 USD ($)
Long-term debt
Outstanding Principal							$ 280,496,000	$ 288,700,000			$ 25,000,000.0
Debt conversion amount							$ 57,359,000
Interest rate (as a percent)						0.7325%				0.22%
Dividends Declared and Paid (in dollars per share) \| $ / shares							$ 13.88	$ 0.44	$ 0.27
Closing share price (in dollars per share) \| $ / shares							$ 14.99	$ 19.03
Unamortized debt discount of notes							$ 6,172,000
Gain (Loss) on Extinguishment of Debt					$ 504,000	$ 637,000	1,141,000
Outstanding amount							273,061,000	$ 287,218,000
4.50% Convertible Senior Notes due 2020
Long-term debt
Outstanding Principal		$ 75,000,000.0
Interest rate (as a percent)		4.50%
Debt instrument conversion ratio		14.5136
Conversion price per share (in dollars per share) \| $ / shares		$ 68.90
Proceeds from private placement			$ 5,900,000
Outstanding amount			75,000,000.0					$ 74,706,000
3.875% Convertible Senior Notes due 2025
Long-term debt
Outstanding Principal			17,600,000				$ 62,468,000
Debt conversion amount			$ 57,400,000
Interest rate (as a percent)			3.875%				3.875%
Conversion price per share (in dollars per share) \| $ / shares							$ 54.77
Proceeds from private placement			$ 11,700,000
Repurchase of notes			5,900,000
Outstanding amount			$ 11,700,000				$ 56,296,000
2025 Notes maturing on April 15, 2025
Long-term debt
Debt instrument conversion ratio	12.7910						18.2596
Conversion price per share (in dollars per share) \| $ / shares	$ 78.18						$ 54.77
Threshold principal amount for adjusted conversion price	$ 1,000
Dividends Declared and Paid (in dollars per share) \| $ / shares	$ 0.13
Premium initial conversion price				20.00%
Closing share price (in dollars per share) \| $ / shares				$ 65.15
Sinking fund provided							$ 0
Unamortized debt discount of notes							2,600,000
Repurchase of notes							12,500,000
Convertible Debt \| 3.875% Convertible Senior Notes due 2025
Long-term debt
Outstanding Principal							62,500,000
Convertible Debt \| 2025 Notes maturing on April 15, 2025
Long-term debt
Unamortized debt discount of notes							$ 6,200,000

LONG-TERM DEBT - Components (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Aug. 31, 2020	Mar. 31, 2020	Mar. 15, 2020	Feb. 04, 2020	Dec. 31, 2019
Long-term debt
Long-term debt	$ 273,061					$ 287,218
Loan Costs, net of accumulated amortization	(1,263)					(1,217)
Long-Term Debt	273,061					287,218
Long-term debt due within one year
Due Within One Year	23,183					75,000
Interest rate (as a percent)		0.22%	0.7325%
Credit Facility
Long-term debt
Long-term debt	164,845					159,845
Long-term debt due within one year
Interest rate (as a percent)			0.7325%
Wells Fargo Mortgage Note Payable Originated September 30, 2014
Long-term debt
Long-term debt	$ 30,000					30,000
Long-term debt due within one year
Interest rate (as a percent)	4.33%
Wells Fargo Mortgage Note Payable Originated April 15, 2016
Long-term debt
Long-term debt	$ 23,183					23,884
Long-term debt due within one year
Due Within One Year	$ 23,183
Interest rate (as a percent)	3.17%
4.50% Convertible Senior Notes due 2020
Long-term debt
Long-term debt					$ 75,000	74,706
Long-term debt due within one year
Due Within One Year						$ 75,000
Interest rate (as a percent)				4.50%
4.500% Convertible Senior Notes due
Long-term debt due within one year
Interest rate (as a percent)	4.50%
3.875% Convertible Senior Notes due 2025
Long-term debt
Long-term debt	$ 56,296				$ 11,700
Long-term debt due within one year
Interest rate (as a percent)	3.875%				3.875%

LONG-TERM DEBT - Interest Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
LONG-TERM DEBT
Interest expense	$ 9,005	$ 10,665	$ 8,655
Amortization of Loan Costs	454	444	495
Amortization of Discount on Convertible Notes	1,379	1,357	1,273
Total Interest Expense	10,838	12,466	10,423
Total Interest Paid	$ 9,716	$ 10,782	$ 8,419

LONG-TERM DEBT - Payments Applicable to Reduction of Principal (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Apr. 30, 2016
Payments applicable to reduction of principal amounts
2021	$ 23,183
2023	164,845
2025	62,468
2026 and thereafter	30,000
Total Long-Term Debt - Face Value	$ 280,496	$ 288,700	$ 25,000

LONG-TERM DEBT - Carrying Value (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Apr. 30, 2016
LONG-TERM DEBT
Current Face Amount	$ 280,496	$ 288,700	$ 25,000
Unamortized Discount on Convertible Debt	(6,172)
Loan Costs, net of accumulated amortization	(1,263)	(1,217)
Total Long-Term Debt	$ 273,061	$ 287,218

INTEREST RATE SWAPS (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
INTEREST RATE SWAPS (Details) - USD ($) $ in Thousands	Aug. 31, 2020	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019	Apr. 30, 2016
Derivative [Line Items]
Outstanding Principal		$ 280,496		$ 288,700	$ 25,000
Notional amount	$ 50,000		$ 100,000
Derivative fixed interest rate (as a percent)	0.22%
Wells Fargo Mortgage Note Payable Originated April 15, 2016
Derivative [Line Items]
Outstanding Principal		23,183
Credit Facility
Derivative [Line Items]
Outstanding Principal		$ 164,845
Interest Rate Swap
Derivative [Line Items]
Effectiveness of interest rate cash flow hedge (as a percent)		100.00%
Notional amount		$ 23,200
Derivative fixed interest rate (as a percent)		3.17%
Interest Rate Swap \| Other Assets
Derivative [Line Items]
Fair value of interest rate swap agreement to hedge cash flows		$ 100		$ 100
Interest Rate Swap \| Credit Facility
Derivative [Line Items]
Outstanding Principal	$ 50,000		100,000
Effectiveness of interest rate cash flow hedge (as a percent)	100.00%	100.00%
Notional amount	$ 50,000		$ 100,000
Derivative fixed interest rate (as a percent)	0.22%		0.7325%
Interest Rate Swap \| Credit Facility \| Accrued and Other Liabilities
Derivative [Line Items]
Fair value of interest rate swap agreement to hedge cash flows		$ 100
Designated as a hedge \| Interest Rate Swap \| Accrued and Other Liabilities
Derivative [Line Items]
Fair value of interest rate swap agreement to hedge cash flows		$ 1,800

ACCRUED AND OTHER LIABILITIES - Components (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Aug. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
ACCRUED AND OTHER LIABILITIES
Accrued Property Taxes	$ 945			$ 44
Reserve for Tenant Improvements	1,353			618
Accrued Construction Costs	1,783			93
Accrued Interest	602			1,313
Environmental Reserve and Restoration Cost Accrual	106			206
Interest Rate Swaps	1,910	$ 50,000	$ 100,000
Operating Leases - Liability	245			365
Other	2,146			3,048
Total Accrued and Other Liabilities	$ 9,090			$ 5,687

ACCRUED AND OTHER LIABILITIES - Reserve for Tenant Improvements and Environmental Reserves (Details) $ in Millions					3 Months Ended							12 Months Ended
	Oct. 08, 2020 item	Aug. 10, 2020 item	Jun. 30, 2016 USD ($)	Dec. 31, 2015 USD ($) a	Dec. 31, 2020 USD ($) a item	Sep. 30, 2020 item	Mar. 31, 2020 item	Dec. 31, 2019 item	Mar. 31, 2019 USD ($)	Dec. 31, 2017 USD ($)	Jun. 30, 2016 USD ($)	Dec. 31, 2020 USD ($) a item	Dec. 31, 2018 USD ($)	Dec. 31, 2015 USD ($) a	Dec. 31, 2014 USD ($) a	Feb. 21, 2020 USD ($) property	Jan. 24, 2020 USD ($) tenant
Environmental reserves
Commitment amount					$ 1.6							$ 1.6
Accrual for Capital Improvements					$ 1.6							1.6
Payment For Capital Improvements												$ 1.6
Area of land (in acres) \| a					345							345
Number Of Mitigation Credits \| item					8	20	20	25				48
Minimum
Environmental reserves
Amount of Mitigation Credits With Cost Basis												$ 0.1
Environmental Reserve for Monitoring Environmental Remediation Work Previously Performed
Environmental reserves
Additional environmental reserve accrued													$ 0.7	$ 0.5	$ 0.1
Environmental costs funded												0.6
Environmental reserve accrued					$ 0.1							0.1
Environmental Reserve for Monitoring Environmental Remediation Work Previously Performed \| Minimum
Environmental reserves
Additional environmental reserve accrued										$ 0.1
Estimated cost														0.5
Environmental Reserve for Monitoring Environmental Remediation Work Previously Performed \| Maximum
Environmental reserves
Area of land (in acres) \| a															1
Estimated cost														$ 1.0
Wetlands restoration
Environmental reserves
Tenant improvement allowances and leasing commissions									$ 2.4
Area of land (in acres) \| a				148.4										148.4
Estimated cost			$ 2.0						2.4		$ 2.0
Environmental costs funded												2.4
Accrued restoration cost				$ 1.7										$ 1.7
Area of previously disposed land subject to remediation				1.7										$ 1.7
Increase in accrual of remediation costs									$ 0.4		$ 0.3
Number Of Mitigation Credits \| item	13.31	13.31
Wetlands restoration \| General and Administrative Expense
Environmental reserves
Amount of Mitigation Credits With Cost Basis												0.1
Wetlands restoration \| Minimum
Environmental reserves
Estimated cost				1.7
Wetlands restoration \| Maximum
Environmental reserves
Estimated cost				$ 1.9
Crossroads Towne Center, Chandler, Arizona
Environmental reserves
Tenant improvement allowances and leasing commissions					0.5							0.5					$ 1.3
Payment of tenant improvement allowances and leasing commissions												0.8
Number of tenant																2	2
Atlanta, Georgia
Environmental reserves
Tenant improvement allowances and leasing commissions					$ 0.1							0.1				$ 0.5
Payment of tenant improvement allowances and leasing commissions												$ 0.4

DEFERRED REVENUE - Summary of Deferred Revenue (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
DEFERRED REVENUE
Interest Reserve from Commercial Loan Investment		$ 835
Prepaid Rent	$ 2,684	2,063
Tenant Contributions	625	2,889
Other Deferred Revenue	10	44
Deferred Revenue, Total	$ 3,319	$ 5,831

DEFERRED REVENUE - Rent Paid in Advance (Details) - USD ($) $ in Thousands			12 Months Ended
	Sep. 30, 2020	Feb. 21, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Mar. 31, 2018
Deferred revenue
Purchase price			$ 167,811	$ 150,705	$ 109,394
Master tenant funded incurred related to property acquisition from their leasing reserve escrow		$ 1,000
Lease revenue			49,953	41,956	40,076
Total deferred revenue			3,319	$ 5,831
Tenant Contributions					$ 3,388
Aggregate contributions related to total acquisition cost will be recognized into income property rental revenue over the remaining term of the lease	$ 29,000
Aspen, Colorado
Deferred revenue
Tenant contribution		1,500
Purchase price		$ 28,000
Lease revenue	300
Total deferred revenue	$ 2,100
Florida
Deferred revenue
Tenant contribution			1,900
Lease revenue			100
Total deferred revenue			600
Buc'ees - East of I-95
Deferred revenue
Escrow reserve						$ 800
Remaining gain to be recognized						100
Total deferred revenue						$ 800
Cocina 214
Deferred revenue
Tenant contribution			1,000
Lease revenue			$ 700

STOCK-BASED COMPENSATION - All Equity and Liability Classified Award Activity (Details) - shares		3 Months Ended	12 Months Ended
	Jan. 01, 2020	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Shares
Outstanding (in shares)	188,870	188,870	188,870
Granted (in shares)			49,892
Vested / Exercised (in shares)			(30,689)
Forfeited (in shares)			(11,743)
Outstanding (in shares)			196,330	188,870
Stock Option Awards
Shares
Exercised (in shares)			0	0
Peer Group Market Condition Vesting \| Performance Shares
Shares
Outstanding (in shares)	49,275	49,275	49,275	28,080	12,635
Granted (in shares)			26,441	21,195	15,445
Vested / Exercised (in shares)	(12,635)	(14,214)	(12,635)
Forfeited (in shares)			(7,230)
Outstanding (in shares)			55,851	49,275	28,080
Stock Price Vesting \| Restricted Shares
Shares
Outstanding (in shares)	22,000	22,000	22,000	22,000	29,750
Vested / Exercised (in shares)					(7,750)
Outstanding (in shares)			22,000	22,000	22,000
Three-Year Vesting \| Restricted Shares
Shares
Outstanding (in shares)	37,595	37,595	37,595	34,952	37,390
Granted (in shares)			23,451	20,696	17,712
Vested / Exercised (in shares)			(18,054)	(18,053)	(18,883)
Forfeited (in shares)			(4,513)		(1,267)
Outstanding (in shares)			38,479	37,595	34,952
Original 2010 Plan \| Stock Option Awards
Shares
Outstanding (in shares)	80,000	80,000	80,000	80,000	90,000
Granted (in shares)			0	0
Exercised (in shares)					(10,000)
Outstanding (in shares)			80,000	80,000	80,000
Original 2010 Plan \| Stock Price Vesting \| Restricted Shares
Shares
Forfeited (in shares)			(22,000)

STOCK-BASED COMPENSATION - Recognized in Financial Statements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
STOCK-BASED COMPENSATION
Total Cost of Share-Based Plans Charged Against Income Before Tax Effect	$ 2,786	$ 2,688	$ 1,923
Income Tax Expense Recognized in Income	$ (678)	$ (681)	$ (487)

STOCK-BASED COMPENSATION - Performance Share Awards - Peer Group Market Condition Vesting (Details) - USD ($)		3 Months Ended	12 Months Ended
	Jan. 01, 2020	Mar. 31, 2020	Dec. 31, 2030	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Stock-based compensation
Vested				30,689
Shares
Outstanding (in shares)	188,870	188,870		188,870
Granted (in shares)				49,892
Vested (in shares)				(30,689)
Forfeited (in shares)				(11,743)
Outstanding (in shares)				196,330	188,870
Performance Shares
Stock-based compensation
Vesting percentage	112.50%
Performance Shares \| Peer Group Market Condition Vesting
Stock-based compensation
Performance period			3 years
Vested	12,635	14,214		12,635
Shares
Outstanding (in shares)	49,275	49,275		49,275	28,080	12,635
Granted (in shares)				26,441	21,195	15,445
Vested (in shares)	(12,635)	(14,214)		(12,635)
Forfeited (in shares)				(7,230)
Outstanding (in shares)				55,851	49,275	28,080
Weighted Average Fair Value
Outstanding (in dollars per share)	$ 65.59	$ 65.59		$ 65.59	$ 66.29	$ 55.66
Granted (in dollars per share)				55.82	64.66	74.99
Vested (in dollars per share)				55.66
Forfeited (in dollars per share)				63.81
Outstanding (in dollars per share)				$ 63.44	$ 65.59	$ 66.29
Compensation cost
Unrecognized compensation cost				$ 1,600,000
Weighted average period of recognition of unrecognized compensation cost				1 year 7 months 6 days
Performance Shares \| Minimum \| Peer Group Market Condition Vesting
Stock-based compensation
Vesting percentage				0.00%
Performance Shares \| Maximum \| Peer Group Market Condition Vesting
Stock-based compensation
Vesting percentage				150.00%

STOCK-BASED COMPENSATION - Market Condition Restricted Shares - Stock Price Vesting (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Jan. 28, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Stock-based compensation
Closing share price (in dollars per share)		$ 14.99	$ 19.03
Forfeited (in shares)		11,743
Shares
Outstanding (in shares)		188,870
Granted (in shares)		49,892
Vested (in shares)		(30,689)
Forfeited (in shares)		(11,743)
Outstanding (in shares)		196,330	188,870
Stock Price Vesting \| Restricted Shares
Shares
Outstanding (in shares)		22,000	22,000	29,750
Vested (in shares)				(7,750)
Outstanding (in shares)		22,000	22,000	22,000
Weighted Average Fair Value
Outstanding (in dollars per share)		$ 41.71	$ 41.71	$ 39.07
Vested (in dollars per share)				31.58
Outstanding (in dollars per share)		$ 41.71	$ 41.71	$ 41.71
Compensation cost
Unrecognized compensation cost		$ 0
Stock Price Vesting \| Restricted Shares \| Mr. Albright
Stock-based compensation
Restricted share award period after termination of employment		60 days
Period for average closing price		30 days
Share-based Compensation Award Stock Price Vesting Price Increment One \| Restricted Shares \| Mr. Albright
Stock-based compensation
Number of shares in each vesting increment		22,000
Share-based Compensation Award Stock Price Vesting Price Increment Two \| Restricted Shares \| Mr. Albright
Stock-based compensation
Closing share price (in dollars per share)		$ 70
Number of shares in each vesting increment		18,000
Share-based Compensation Award Stock Price Vesting Price Increment Three \| Restricted Shares \| Mr. Albright
Stock-based compensation
Closing share price (in dollars per share)		$ 75
Number of shares in each vesting increment		4,000
Forecast \| Stock Price Vesting \| Restricted Shares \| Mr. Albright
Stock-based compensation
Forfeited (in shares)	22,000
Shares
Forfeited (in shares)	(22,000)

STOCK-BASED COMPENSATION - Three Year Vest Restricted Shares (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Shares
Outstanding (in shares)	188,870
Granted (in shares)	49,892
Vested (in shares)	(30,689)
Forfeited (in shares)	(11,743)
Outstanding (in shares)	196,330	188,870
Three-Year Vesting \| Restricted Shares
Stock-based compensation
Vesting per year (as a percent)	33.33%
Shares
Outstanding (in shares)	37,595	34,952	37,390
Granted (in shares)	23,451	20,696	17,712
Vested (in shares)	(18,054)	(18,053)	(18,883)
Forfeited (in shares)	(4,513)		(1,267)
Outstanding (in shares)	38,479	37,595	34,952
Weighted Average Fair Value
Outstanding (in dollars per share)	$ 60.21	$ 58.07	$ 51.39
Granted (in dollars per share)	55.89	58.78	65.33
Vested (in dollars per share)	59.69	54.43	51.57
Forfeited (in dollars per share)	60.14		59.39
Outstanding (in dollars per share)	$ 57.82	$ 60.21	$ 58.07
Compensation cost
Unrecognized compensation cost	$ 1.4
Weighted average period of recognition of unrecognized compensation cost	1 year 8 months 12 days

STOCK-BASED COMPENSATION - Non-Qualified Stock Option Awards Granted (Details) - Stock Option Awards - $ / shares									12 Months Ended
	Jan. 28, 2018	Jan. 28, 2017	Feb. 26, 2016	Jun. 29, 2015	May 20, 2015	Feb. 09, 2015	Oct. 24, 2014	Oct. 22, 2014	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Stock-based compensation
Exercised (in shares)									0	0
Original 2010 Plan
Stock-based compensation
Granted (in shares)									0	0
Exercised (in shares)											10,000
Original 2010 Plan \| Mr. Albright
Stock-based compensation
Granted (in shares)					40,000	20,000
Vesting per year (as a percent)	0.67%	0.33%
Period of expiration after death or termination for disability					12 months	12 months
Period of expiration after termination of employment for reason other than death or disability					30 days	30 days
Exercise price (in dollars per share)					$ 55.62
Surrendered (in shares)			40,000			57.50
Original 2010 Plan \| Mr. Smith
Stock-based compensation
Granted (in shares)								10,000
Vesting per year (as a percent)								0.33%
Period of expiration from grant date							10 years
Period of expiration after death or termination for disability								12 months
Period of expiration after termination of employment for reason other than death or disability								30 days
Exercise price (in dollars per share)								$ 50.00
Original 2010 Plan \| Officer
Stock-based compensation
Granted (in shares)				10,000
Vesting per year (as a percent)				0.33%
Period of expiration after death or termination for disability				12 months
Period of expiration after termination of employment for reason other than death or disability				30 days
Exercise price (in dollars per share)				$ 57.54
Equity Award Agreements \| Original 2010 Plan
Stock-based compensation
Granted (in shares)					40,000

STOCK-BASED COMPENSATION - Non-Qualified Stock Option Award Activity (Details) - Stock Option Awards - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Shares
Exercised (in shares)	0	0
Original 2010 Plan
Shares
Outstanding (in shares)	80,000	80,000	90,000
Granted (in shares)	0	0
Exercised (in shares)			(10,000)
Outstanding (in shares)	80,000	80,000	80,000
Exercisable (in shares)	80,000	80,000
Weighted Average Exercise Price (in dollars per share)
Outstanding (in dollars per share)	$ 55.63	$ 55.63	$ 52.71
Exercised (in dollars per share)			29.34
Outstanding (in dollars per share)	55.63	55.63	$ 55.63
Exercisable (in dollars per share)	$ 55.63	$ 55.63
Weighted Average Remaining Contractual Term
Outstanding	4 years 3 months 3 days
Exercisable	4 years 3 months 3 days	6 years 6 months
Stock-based compensation
Aggregate Intrinsic Value, Exercisable (in dollars)		$ 25,000

STOCK-BASED COMPENSATION - Non-Qualified Stock Option Non-Vested Award Activity (Details) - Original 2010 Plan - Stock Option Awards - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Non-Vested Shares
Outstanding (in shares)			17,000
Granted (in shares)	0	0
Vested (in shares)			(17,000)
Stock-based compensation
Fair Value of Shares Vested			$ 952,068

STOCK-BASED COMPENSATION - Liability-Classified Stock Compensation Activity (Details) - shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Shares
Outstanding (in shares)	188,870
Granted (in shares)	49,892
Forfeited (in shares)	(11,743)
Outstanding (in shares)	196,330	188,870
Stock Option Awards
Shares
Exercised (in shares)	0	0

STOCK-BASED COMPENSATION - Non-Employee Director Stock Compensation (Details) - Share-based Payment Arrangement, Nonemployee - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Stock-based compensation
Annual award	$ 20
Number of shares awarded calculated based on the number of days of average price of the Company's common stock	20 days
Number of business days based on which number of days of average price of the Company's common stock, the number of shares awarded are calculated	2 days
Expense recognized		$ 500	$ 500	$ 200
Expense recognized (in shares)		10,128	9,004	3,822
Annual award received	$ 120,000

INCOME TAXES - Income Tax Benefit (Expense) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Total income tax benefit (expense)
Income Tax (Expense) Benefit from Continuing Operations	$ 83,089	$ 501	$ (4,179)	$ 4,088	$ (182)	$ (574)	$ (2,941)	$ (1,775)	$ 83,499	$ (5,472)	$ (6,025)
Income Tax Expense from Discontinued Operations										(32,641)	(7,530)
Total Consolidated Income Tax Benefit (Expense)									$ 83,499	$ (38,113)	$ (13,555)

- Definition

Amount of tax expense (benefit) related to a discontinued operation. Includes, but is not limited to, tax expense (benefit) related to income (loss) from operations during the phase-out period, tax expense (benefit) related to gain (loss) on disposal, tax expense (benefit) related to gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and tax expense (benefit) related to adjustments of a prior period gain (loss) on disposal.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 3B
-URI http://asc.fasb.org/extlink&oid=109222160&loc=SL51721525-107759

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 20
-Section 45
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120385591&loc=d3e38679-109324

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=109222160&loc=d3e1012-107759

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1361-107760

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=109222160&loc=SL51721523-107759

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.7)
-URI http://asc.fasb.org/extlink&oid=116825942&loc=d3e330036-122817

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5C
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721675-107760

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721673-107760

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32672-109319

+ Details

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

INCOME TAXES - Components of Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
INCOME TAXES
Federal - Current	$ 341	$ (225)	$ (231)
State - Current	63	20	(127)
Total - Current	404	(205)	(358)
Federal - Deferred	70,106	(4,974)	(5,381)
State - Deferred	12,989	(293)	(286)
Total - Deferred	$ 83,095	$ (5,267)	$ (5,667)

INCOME TAXES - Sources of Deferred Income Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Deferred Income Tax Assets
Depreciation		$ 4,786
Intangible Lease Liabilities		6,504
Income Property Lease Incentive		732
Impairment Reserves		93
Stock Options and Restricted Stock		1,275
Net Operating Loss Carryforward	$ 1,103
Capital Loss Carryforward		21
Other - Net		6
Gross Deferred Income Tax Assets	1,103	13,417
Less - Valuation Allowance	0	(273)
Net Deferred Income Tax Assets	1,103	13,144
Deferred Income Tax Liabilities
Sales of Real Estate		(87,353)
Discount on Equity Component of Convertible Debt		(43)
Basis Difference in Joint Venture	(4,624)	(11,789)
Basis Difference in Alpine Income Property OP, LP		(3,980)
Interest Rate Swap		(74)
Deferred Revenue (Net of Straight-line Rent Adjustments)		(187)
Total Deferred Income Tax Liabilities	(4,624)	(103,426)
Net Deferred Income Tax Liabilities	$ (3,521)	$ (90,282)

INCOME TAXES - Valuation Allowance - Charitable Contributions (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
INCOME TAXES
Valuation allowance	$ 0	$ 273
Net operating loss carryforwards	$ 1,100

INCOME TAXES - Reconciliation of Income Tax Computed at Federal Statutory Rate (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended			36 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2020
INCOME TAXES
Federal statutory rate (as a percent)									19.50%	20.00%	20.70%	21.00%
Increase (Decrease) Resulting from:
Income Tax (Expense) Benefit Computed at Federal Statutory Rate									$ 971	$ (4,410)	$ (4,557)
State Income Tax, Net of Federal Income Tax Benefit									180	(1,076)	(1,363)
Income Tax on Permanently Non-Deductible Items									(112)	(86)	(32)
Tax Benefit due to De-Recognition of REIT Deferred Tax Liabilities									82,460
Other Reconciling Items										100	(73)
Benefit (Expense) for Income Taxes	$ 83,089	$ 501	$ (4,179)	$ 4,088	$ (182)	$ (574)	$ (2,941)	$ (1,775)	$ 83,499	$ (5,472)	$ (6,025)
Federal statutory rate (as a percent)									(19.50%)	(20.00%)	(20.70%)	(21.00%)
State Income Tax, Net of Federal Income Tax Benefit									(3.60%)	(5.00%)	(5.50%)
Income Tax on Permanently Non-Deductible Items									2.20%	(0.40%)	(0.20%)
Tax Benefit due to De-Recognition of REIT									(1652.60%)	0.00%	0.00%
Other Reconciling Items									0.00%	0.50%	(0.30%)
Effective Income Tax Rate Reconciliation, Percent, Total									(1673.40%)	(24.90%)	(26.70%)

INCOME TAXES - General Information (Details) $ in Millions	12 Months Ended			36 Months Ended
INCOME TAXES - General Information (Details) $ in Millions	Dec. 31, 2020 USD ($) subsidiary	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2020
INCOME TAXES
Number of taxable REIT subsidiaries \| subsidiary	5
Effective income tax rate (as a percent)	(1673.40%)	(24.90%)	(26.70%)
Deferred tax benefit \| $	$ 82.5
Effective income tax rate, including income taxes attributable to the discontinued operations (as a percent)	1673.40%	(24.90%)	(26.70%)
Corporate tax rate (as a percent)	19.50%	20.00%	20.70%	21.00%

INCOME TAXES - Uncertain Tax Positions (Details) $ in Millions	36 Months Ended
	Dec. 31, 2020 USD ($)
INCOME TAXES
Interest and penalties accrued for uncertain positions	$ 0.0

INCOME TAXES - Paid and Refunded (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
INCOME TAXES
Net income taxes paid	$ 5,026	$ 1,793	$ 118
Income taxes paid, gross	5,000	2,500	300
Income tax refunds	$ 0	$ 700	$ 200

COMMITMENTS AND CONTINGENCIES - Minimum Future Rental Payments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Minimum future rental payments under non-cancelable operating leases having remaining terms in excess of one year
2021	$ 123
2022	118
2023	33
Total	274
Operating leases
Rental expense under all operating leases	$ 100	$ 300	$ 300

COMMITMENTS AND CONTINGENCIES - Contractual Commitments - Expenditures (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($)	Jan. 31, 2021 USD ($)	Jan. 01, 2021 USD ($)	Feb. 21, 2020 USD ($) property	Jan. 24, 2020 USD ($) tenant
Commitments
Other commitment	$ 1.6
Daytona Beach Development agreement
Commitments
Commitment amount	0.1
Cooling towers \| Subsequent Event
Commitments
Other commitment		$ 0.9
Ashford Lane, Atlanta, Georgia
Commitments
Tenant improvement allowances and leasing commissions	0.1			$ 0.5
Payment of tenant improvement allowances and leasing commissions	0.4
Ashford Lane, Atlanta, Georgia \| Tenant improvements and leasing commissions
Commitments
Other commitment	1.9
Ashford Lane, Atlanta, Georgia \| Architectural and civil engineering agreement
Commitments
Other commitment	0.2
Crossroads Towne Center, Chandler, Arizona
Commitments
Tenant improvement allowances and leasing commissions	0.5				$ 1.3
Payment of tenant improvement allowances and leasing commissions	0.8
Number of tenants				2	2
Raleigh, North Carolina \| Capital improvements for building automation system
Commitments
Other commitment	1.6
Daytona Beach, FL
Commitments
Tenant improvement allowances	1.1
Commitment amount	$ 1.1
Falls Church, VA \| Tenant improvements \| Subsequent Event
Commitments
Commitment amount			$ 0.4

COMMITMENTS AND CONTINGENCIES - Off-Balance Sheet Arrangements (Details) $ in Millions	3 Months Ended				12 Months Ended
	Dec. 31, 2020 USD ($) item	Sep. 30, 2020 item	Mar. 31, 2020 item	Dec. 31, 2019 item	Dec. 31, 2020 USD ($) item	Jun. 30, 2018 USD ($)
Loss Contingencies [Line Items]
Number of mitigation credits \| item	8	20	20	25	48
Operating agreement
Loss Contingencies [Line Items]
Fair value of Minimum Sales Guarantee						$ 0.1
MSG, Upfront payment					$ 0.1
Operating agreement \| Minimum
Loss Contingencies [Line Items]
Supply commitments	$ 6.0				$ 6.0

COMMITMENTS AND CONTINGENCIES - Other Matters (Details) $ in Thousands						3 Months Ended							12 Months Ended
	Oct. 08, 2020 item	Aug. 10, 2020 item	Jun. 30, 2017 USD ($) a item	Jun. 30, 2016 USD ($)	Dec. 31, 2015 USD ($) a	Dec. 31, 2020 USD ($) a item	Sep. 30, 2020 item	Mar. 31, 2020 USD ($) item	Dec. 31, 2019 USD ($) item	Mar. 31, 2019 USD ($)	Mar. 31, 2017 USD ($) a	Jun. 30, 2016 USD ($)	Dec. 31, 2020 USD ($) a item	Dec. 31, 2019 USD ($) a	Dec. 31, 2018 USD ($) a
Contingencies
Area of land (in acres) \| a						345							345
Acres sold \| a														5,400	205
Escrow balance						$ 29,536			$ 128,430				$ 29,536	$ 128,430	$ 18,890
Number of mitigation credits \| item						8	20	20	25				48
Unfavorable regulatory action
Contingencies
Accrued loss contingency					$ 200
Minto Communities LLC
Contingencies
Acres sold \| a											1,581
Accrued restoration cost											$ 400
Cash deposited in (refunded from) escrow											400
Land Sales
Contingencies
Acres sold \| a															2,697
Minimum
Contingencies
Amount of mitigation credits with cost basis													$ 100
Wetlands restoration
Contingencies
Area of land (in acres) \| a					148.4
Estimated cost				$ 2,000						$ 2,400		$ 2,000
Increase in accrual of remediation costs										400		$ 300
Environmental costs funded													2,400
Accrued restoration cost					$ 1,700
Tenant improvement allowances and leasing commissions										2,400
Number of mitigation credits \| item	13.31	13.31
Wetlands restoration \| General and Administrative Expense
Contingencies
Amount of mitigation credits with cost basis													100
Wetlands restoration \| Minto Communities LLC
Contingencies
Cash deposited in (refunded from) escrow								$ 100		$ 100	$ 200
Escrow balance						$ 100			$ 200				$ 100	$ 200
Wetlands restoration \| Minimum
Contingencies
Estimated cost					1,700
Wetlands restoration \| Maximum
Contingencies
Estimated cost					$ 1,900
Mitigation activities
Contingencies
Area of land (in acres) \| a			54.66
Number of mitigation credits required to be utilized \| item			36
Mitigation credits transferred			$ 300

BUSINESS SEGMENT DATA - Description (Details) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020 USD ($)	Sep. 30, 2020 USD ($)	Jun. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Sep. 30, 2019 USD ($)	Jun. 30, 2019 USD ($)	Mar. 31, 2019 USD ($)	Dec. 31, 2020 USD ($) loan segment property	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Business segment data
Number of operating segment \| segment									4
Assets	$ 665,931				$ 703,286				$ 665,931	$ 703,286
Depreciation and Amortization	4,729	$ 4,762	$ 5,021	$ 4,552	4,090	$ 4,287	$ 4,075	$ 3,346	$ 19,063	15,797	$ 15,762
Number of commercial loan investment \| loan									1
Income Properties
Business segment data
Assets	531,325				464,285				$ 531,325	464,285
Depreciation and Amortization									19,036	15,774	$ 15,728
Management Fee Income
Business segment data
Assets	$ 700				$ 381				$ 700	$ 381
Commercial loan and master lease investments
Business segment data
Number of commercial loan investment \| loan									1
Number of commercial properties \| property									2
Product concentration \| Identifiable assets \| Income Properties
Business segment data
Percentage of total									80.00%	66.00%
Product concentration \| Consolidated revenues \| Income Properties
Business segment data
Percentage of total									88.60%	93.40%	91.80%

BUSINESS SEGMENT DATA - Summary of Operations in Different Segments (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Business segment data
Total Revenues	$ 15,961	$ 14,572	$ 13,010	$ 12,838	$ 11,963	$ 11,330	$ 10,689	$ 10,959	$ 56,381	$ 44,941	$ 43,658
Total Operating Income	(267)	1,484	10,773	289	4,079	5,485	14,632	10,003	12,280	34,199	31,385
Impairment charge									9,147
Gain on Disposition of Assets	2,381	290	7,076		1,108	2,187	11,812	6,870	9,746	21,978	22,035
Gain on Extinguishment of Debt			504	637					1,141
Depreciation and Amortization	4,729	4,762	5,021	4,552	4,090	4,287	4,075	3,346	19,063	15,797	15,762
Capital Expenditures									196,029	187,526	113,764
Identifiable Assets	665,931				703,286				665,931	703,286
Operating Segments
Business segment data
Impairment charge									(9,147)
Gain on Disposition of Assets									9,746	21,978	22,035
General and Corporate Expense
Business segment data
Total Operating Income									(30,630)	(25,615)	(25,547)
Income Properties
Business segment data
Total Revenues	14,544	12,933	11,473	11,003	10,595	10,261	10,375	10,724	49,953	41,956	40,076
Depreciation and Amortization									19,036	15,774	15,728
Identifiable Assets	531,325				464,285				531,325	464,285
Income Properties \| Operating Segments
Business segment data
Total Operating Income									37,965	34,955	31,906
Capital Expenditures									188,849	166,684	108,997
Management Fee Income
Business segment data
Total Revenues	664	682	695	702	304				2,744	304
Identifiable Assets	700				381				700	381
Management Fee Income \| Operating Segments
Business segment data
Total Operating Income									2,744	304
Interest Income from Commercial Loan and Master Lease Investments
Business segment data
Total Revenues	734	413	835	1,052	921	855	53		3,034	1,829	616
Identifiable Assets	38,321				35,742				38,321	35,742
Interest Income from Commercial Loan and Master Lease Investments \| Operating Segments
Business segment data
Total Operating Income									3,034	1,829	616
Capital Expenditures									7,150	18,047
Real Estate Operations
Business segment data
Total Revenues	19	$ 544	$ 7	$ 81	143	$ 214	$ 261	$ 235	650	852	2,966
Identifiable Assets	59,717				65,555				59,717	65,555
Real Estate Operations \| Operating Segments
Business segment data
Total Operating Income									(2,573)	748	2,375
Capital Expenditures										2,791	4,659
Land Operations
Business segment data
Identifiable Assets	833				833				833	833
Golf Operations \| Operating Segments
Business segment data
Capital Expenditures											94
Corporate and Other
Business segment data
Depreciation and Amortization									27	23	34
Identifiable Assets	$ 35,035				$ 136,490				35,035	136,490
Corporate and Other \| Operating Segments
Business segment data
Capital Expenditures									$ 30	$ 4	$ 14

ASSETS AND LIABILITIES HELD FOR SALE AND DISCONTINUED OPERATIONS - Assets and Liabilities Held for Sale (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Assets held for sale
Restricted Cash	$ 833	$ 833
Total Assets Held for Sale	833	833
Liabilities held for sale
Deferred Revenue	(831)	(831)
Total Liabilities Held for Sale	(831)	(831)
Land JV Assets \| Discontinued Operations, Held-for-sale or Disposed of by Sale [Member]
Assets held for sale
Restricted Cash	833	833
Total Assets Held for Sale	833	833
Land JV Liabilities \| Discontinued Operations, Held-for-sale or Disposed of by Sale [Member]
Liabilities held for sale
Deferred Revenue	(831)	(831)
Total Liabilities Held for Sale	$ (831)	$ (831)

ASSETS AND LIABILITIES HELD FOR SALE AND DISCONTINUED OPERATIONS - Deferred Revenue on Land Sales (Details) - Buc'ees - East of I-95 $ in Millions	Mar. 31, 2018 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Escrow reserve	$ 0.8
Remaining gain to be recognized	$ 0.1

ASSETS AND LIABILITIES HELD FOR SALE AND DISCONTINUED OPERATIONS - Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended				12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS
Income Tax Benefit (Expense)						$ (32,641)	$ (7,530)
Total Income (loss) from Discontinued Operations (Net of Income Tax)	$ 95,514	$ (204)	$ 1,933	$ 1,124		98,368	22,179
Discontinued Operations, Held-for-sale
ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS
Total Income (loss) from Discontinued Operations (Net of Income Tax)					$ 0	98,368	22,179
Golf Operations \| Discontinued Operations, Held-for-sale
ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS
Revenue						4,097	4,941
Cost of Revenues						(5,259)	(5,848)
Loss from Operations						(1,162)	(907)
Impairment Charges							(1,119)
Depreciation and Amortization							(373)
Gain on Disposition of Assets						15
Income (Loss) from Discontinued Operations Before Income Tax						(1,147)	(2,399)
Income Tax Benefit (Expense)						291	608
Total Income (loss) from Discontinued Operations (Net of Income Tax)						(856)	(1,791)
Land Operations \| Discontinued Operations, Held-for-sale
ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS
Revenue						11,043	43,031
Cost of Revenues						(6,405)	(10,923)
Loss from Operations						4,638	32,108
Gain on Disposition of Assets						127,518
Income (Loss) from Discontinued Operations Before Income Tax						132,156	32,108
Income Tax Benefit (Expense)						(32,932)	(8,138)
Total Income (loss) from Discontinued Operations (Net of Income Tax)						$ 99,224	$ 23,970

SUBSEQUENT EVENTS (Details) $ / shares in Units, $ in Thousands						1 Months Ended		12 Months Ended
	Mar. 02, 2021 USD ($)	Feb. 23, 2021 USD ($)	Jan. 29, 2021	Jan. 28, 2021 USD ($) a	Jan. 20, 2021 USD ($) tenant	Feb. 28, 2021	Jan. 31, 2021	Dec. 31, 2020 USD ($) $ / shares
Subsequent Event [Line Items]
Sales price								$ 86,500
Gain on Sale								8,600
Seven-Eleven Dallas, TX [Member]
Subsequent Event [Line Items]
Sales price								2,400
Gain on Sale								$ (46)
Earning per share, after tax \| $ / shares								$ (0.01)
Subsequent Event
Subsequent Event [Line Items]
Conversion ratio on merger			1
Subsequent Event \| COVID-19
Subsequent Event [Line Items]
Percentage of contractual base rent received						99.00%	99.00%
Subsequent Event \| Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Subsurface oil, gas and mineral rights
Subsequent Event [Line Items]
Sales price				$ 1,900
Gain on Sale				$ 1,800
Area of land sold \| a				25,300
Subsequent Event \| Acquisition of multi tenant income property \| West Jordan, Utah
Subsequent Event [Line Items]
Purchase price	$ 20,000
Subsequent Event \| Brandon, FL
Subsequent Event [Line Items]
Number of former tenants \| tenant					2
Subsequent Event \| Brandon, FL \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Subsequent Event [Line Items]
Sales price					$ 2,300
Gain on Sale					$ 600
Subsequent Event \| Jacksonville, FL \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Subsequent Event [Line Items]
Sales price		$ 2,500
Gain on Sale		$ 100

QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues
Total Revenues	$ 15,961	$ 14,572	$ 13,010	$ 12,838	$ 11,963	$ 11,330	$ 10,689	$ 10,959	$ 56,381	$ 44,941	$ 43,658
Direct Cost of Revenues
Total Direct Cost of Revenues	(3,675)	(5,274)	(2,625)	(3,637)	(1,966)	(1,484)	(1,675)	(1,978)	(15,211)	(7,105)	(8,761)
General and Administrative Expenses	(2,963)	(3,342)	(2,171)	(3,092)	(2,936)	(2,261)	(2,119)	(2,502)	(11,567)	(9,818)	(9,785)
Depreciation and Amortization	(4,729)	(4,762)	(5,021)	(4,552)	(4,090)	(4,287)	(4,075)	(3,346)	(19,063)	(15,797)	(15,762)
Impairment Charges	(7,242)			(1,905)					(9,147)		(1,119)
Total Operating Expenses	18,609	13,378	9,817	13,186	8,992	8,032	7,869	7,826
Gain on Disposition of Assets	2,381	290	7,076		1,108	2,187	11,812	6,870	9,746	21,978	22,035
Gain on Extinguishment of Debt			504	637					1,141
Other Gains and Income	2,381	290	7,580	637	1,108	2,187	11,812	6,870	10,887	21,978	22,035
Total Operating Income	(267)	1,484	10,773	289	4,079	5,485	14,632	10,003	12,280	34,199	31,385
Investment Income	(686)	(1,030)	8,470	(13,186)	258	33	15	39	(6,432)	344	52
Interest Expense	(2,454)	(2,477)	(2,453)	(3,453)	(3,247)	(3,254)	(3,042)	(2,923)	(10,838)	(12,466)	(10,423)
Income (Loss) from Continuing Operations Before Income Tax Expense	(3,407)	(2,023)	16,790	(16,350)	1,090	2,264	11,605	7,119	(4,990)	22,077	21,014
Income Tax Benefit (Expense) from Continuing Operations	83,089	501	(4,179)	4,088	(182)	(574)	(2,941)	(1,775)	83,499	(5,472)	(6,025)
Income from Continuing Operations	79,682	(1,522)	12,611	(12,262)	908	1,690	8,664	5,344	78,509	16,605	14,989
Income (Loss) from Discontinued Operations (Net of Tax)					95,514	(204)	1,933	1,124		98,368	22,179
Net Income	$ 79,682	$ (1,522)	$ 12,611	$ (12,262)	$ 96,422	$ 1,486	$ 10,597	$ 6,468	$ 78,509	$ 114,973	$ 37,168
Basic
Income (Loss) from Continuing Operations (in dollars per share)	$ 16.60	$ (0.33)	$ 2.71	$ (2.60)	$ 0.19	$ 0.35	$ 1.75	$ 1.00	$ 16.69	$ 3.32	$ 2.72
Income (Loss) from Discontinued Operations (Net of Tax) (in dollars per share)					19.86	(0.04)	0.39	0.21		19.71	4.04
Net Income (Loss) (in dollars per share)	16.60	(0.33)	2.71	(2.60)	20.05	0.31	2.14	1.21	16.69	23.03	6.76
Diluted
Income (Loss) from Continuing Operations (in dollars per share)	16.60	(0.33)	2.71	(2.60)	0.19	0.35	1.75	1.00	16.69	3.32	2.71
Income (Loss) from Discontinued Operations (Net of Tax) (in dollars per share)					19.85	(0.04)	0.39	0.21		19.68	4.01
Net Income (Loss) (in dollars per share)	$ 16.60	$ (0.33)	$ 2.71	$ (2.60)	$ 20.04	$ 0.31	$ 2.14	$ 1.21	$ 16.69	$ 23.00	$ 6.72
Income Properties
Revenues
Total Revenues	$ 14,544	$ 12,933	$ 11,473	$ 11,003	$ 10,595	$ 10,261	$ 10,375	$ 10,724	$ 49,953	$ 41,956	$ 40,076
Direct Cost of Revenues
Total Direct Cost of Revenues	(3,715)	(3,593)	(2,568)	(2,113)	(1,956)	(1,476)	(1,635)	(1,932)	(11,988)	(7,000)	(8,170)
Depreciation and Amortization									(19,036)	(15,774)	(15,728)
Impairment Charges									0	0	0
Management Fee Income
Revenues
Total Revenues	664	682	695	702	304				2,744	304
Interest Income from Commercial Loan and Master Lease Investments
Revenues
Total Revenues	734	413	835	1,052	921	855	53		3,034	1,829	616
Real Estate Operations
Revenues
Total Revenues	19	544	7	81	143	214	261	235	650	852	2,966
Direct Cost of Revenues
Total Direct Cost of Revenues		$ (1,681)	$ (57)	$ (1,524)	$ (10)	$ (8)	$ (40)	$ (46)	$ (3,223)	$ (105)	(591)
Total Direct Cost of Revenues	$ 40
Golf Operations
Direct Cost of Revenues
Impairment Charges											$ (1,100)

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION - Initial Cost and Subsequent Costs Capitalized (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cost:
Encumbrances	$ 53,183
Land	166,512
Building & Improvements	301,016
Improvements	4,598
Gross Amount Carried at Close
Land	166,512
Buildings	305,614
Total	472,126	$ 392,842	$ 463,704	$ 358,130
Accumulated Depreciation	30,316	$ 22,552	$ 28,733	$ 21,879
24 Hour Fitness USA, Inc \| Falls Church, VA
Cost:
Land	7,308
Building & Improvements	11,560
Gross Amount Carried at Close
Land	7,308
Buildings	11,560
Total	18,868
Accumulated Depreciation	$ 548
Life	30 years
Big Lots \| Germantown, MD
Cost:
Encumbrances	$ 3,300
Land	1,782
Building & Improvements	2,951
Improvements	7
Gross Amount Carried at Close
Land	1,782
Buildings	2,958
Total	4,740
Accumulated Depreciation	$ 543
Life	40 years
Big Lots \| Phoenix, AZ
Cost:
Encumbrances	$ 3,400
Land	1,716
Building & Improvements	3,050
Gross Amount Carried at Close
Land	1,716
Buildings	3,050
Total	4,766
Accumulated Depreciation	$ 604
Life	40 years
Burlington Coat Stores, Inc. \| North Richland Hills, TX
Cost:
Land	$ 3,916
Building & Improvements	7,029
Gross Amount Carried at Close
Land	3,916
Buildings	7,029
Total	10,945
Accumulated Depreciation	$ 402
Life	30 years
Chuy'S Restaurant & Bar \| Jacksonville, FL
Cost:
Land	$ 5,504
Gross Amount Carried at Close
Land	5,504
Total	5,504
Crabby's Restaurant \| Daytona Beach, FL
Cost:
Land	5,836
Building & Improvements	4,249
Improvements	8
Gross Amount Carried at Close
Land	5,836
Buildings	4,257
Total	10,093
Accumulated Depreciation	$ 680
Life	40 years
Crossroads \| Phoenix, AZ
Cost:
Land	$ 11,731
Building & Improvements	41,956
Improvements	109
Gross Amount Carried at Close
Land	11,731
Buildings	42,065
Total	53,796
Accumulated Depreciation	$ 1,339
Life	35 years
General Dynamics Corporation \| Reston, VA
Cost:
Land	$ 7,530
Building & Improvements	9,068
Gross Amount Carried at Close
Land	7,530
Buildings	9,068
Total	16,598
Accumulated Depreciation	$ 730
Life	35 years
Fidelity Investment (affiliate of) \| Albuquerque, NM
Cost:
Land	$ 5,739
Building & Improvements	29,537
Improvements	12
Gross Amount Carried at Close
Land	5,739
Buildings	29,549
Total	35,288
Accumulated Depreciation	$ 2,530
Life	45 years
Firebirds Woodfired Grill \| Jacksonville, FL
Cost:
Land	$ 4,203
Gross Amount Carried at Close
Land	4,203
Total	4,203
Ford Motor Credit \| Tampa, FL
Cost:
Land	3,265
Building & Improvements	20,629
Gross Amount Carried at Close
Land	3,265
Buildings	20,629
Total	23,894
Accumulated Depreciation	$ 312
Life	40 years
Harris Teeter \| Charlotte, NC
Cost:
Encumbrances	$ 6,600
Land	5,602
Building & Improvements	3,409
Gross Amount Carried at Close
Land	5,602
Buildings	3,409
Total	9,011
Accumulated Depreciation	$ 1,087
Life	40 years
LandShark Bar and Grill \| Daytona Beach, FL
Cost:
Land	$ 5,836
Building & Improvements	4,577
Improvements	9
Gross Amount Carried at Close
Land	5,836
Buildings	4,586
Total	10,422
Accumulated Depreciation	$ 646
Life	40 years
Lowe's Corporation \| Katy, TX
Cost:
Encumbrances	$ 8,500
Land	9,412
Building & Improvements	3,481
Gross Amount Carried at Close
Land	9,412
Buildings	3,481
Total	12,893
Accumulated Depreciation	$ 891
Life	30 years
Moe's Southwest Grill \| Jacksonville, FL
Cost:
Land	$ 1,862
Gross Amount Carried at Close
Land	1,862
Total	1,862
Party City Corporation \| Oceanside, NY
Cost:
Land	2,965
Building & Improvements	3,289
Gross Amount Carried at Close
Land	2,965
Buildings	3,289
Total	6,254
Accumulated Depreciation	$ 132
Life	35 years
2020 acquisitions of income property subject to lease - Ashford Lane [Member] \| Atlanta, Georgia
Cost:
Land	$ 34,995
Building & Improvements	32,048
Improvements	224
Gross Amount Carried at Close
Land	34,995
Buildings	32,272
Total	67,267
Accumulated Depreciation	$ 979
Life	36 years
Rite Aid Corp. \| Renton, WA
Cost:
Encumbrances	$ 4,700
Land	2,036
Building & Improvements	4,148
Gross Amount Carried at Close
Land	2,036
Buildings	4,148
Total	6,184
Accumulated Depreciation	$ 769
Life	40 years
Riverside Avenue \| Jacksonville, FL
Cost:
Land	$ 6,020
Building & Improvements	14,240
Improvements	1,347
Gross Amount Carried at Close
Land	6,020
Buildings	15,587
Total	21,607
Accumulated Depreciation	$ 3,544
Life	43 years
Staples \| Sarasota, FL
Cost:
Land	$ 2,728
Building & Improvements	1,145
Gross Amount Carried at Close
Land	2,728
Buildings	1,145
Total	3,873
Accumulated Depreciation	$ 225
Life	40 years
The Strand \| Jacksonville, FL
Cost:
Land	$ 13,886
Building & Improvements	38,833
Gross Amount Carried at Close
Land	13,886
Buildings	38,833
Total	52,719
Accumulated Depreciation	$ 1,603
Life	48 years
Walgreens \| Clermont, FL
Cost:
Encumbrances	$ 3,500
Land	3,022
Building & Improvements	1,269
Gross Amount Carried at Close
Land	3,022
Buildings	1,269
Total	4,291
Accumulated Depreciation	$ 526
Life	40 years
Wells Fargo \| Raleigh, North Carolina
Cost:
Encumbrances	$ 23,183
Land	8,680
Building & Improvements	59,167
Improvements	2,791
Gross Amount Carried at Close
Land	8,680
Buildings	61,958
Total	70,638
Accumulated Depreciation	$ 10,403
Life	45 years
Westcliff Shopping Center \| Fort Worth, TX
Cost:
Land	$ 10,521
Building & Improvements	4,196
Improvements	91
Gross Amount Carried at Close
Land	10,521
Buildings	4,287
Total	14,808
Accumulated Depreciation	$ 1,641
Life	10 years
World of Beer/Fuzzy's Taco Shop \| Brandon, FL
Cost:
Land	$ 417
Building & Improvements	1,185
Gross Amount Carried at Close
Land	417
Buildings	1,185
Total	1,602
Accumulated Depreciation	$ 182
Life	30 years

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION - Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cost:
Balance at Beginning of Year	$ 392,842	$ 463,704	$ 358,130
Additions and Improvements	147,359	130,005	104,044
Cost of Real Estate Sold	(68,075)	(200,867)	(10,142)
Reclassification to Land and Development Costs			11,672
Balance at End of Year	472,126	392,842	463,704
Accumulated Depreciation:
Balance at Beginning of Year	22,552	28,733	21,879
Depreciation and Amortization	11,207	9,892	9,827
Depreciation on Real Estate Sold	(3,443)	(16,073)	(2,973)
Balance at End of Year	$ 30,316	$ 22,552	$ 28,733

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION - Reconciliation (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
REAL ESTATE AND ACCUMULATED DEPRECIATION
Total	$ 472,126	$ 392,842	$ 463,704	$ 358,130
Building and Improvements
REAL ESTATE AND ACCUMULATED DEPRECIATION
Income Properties, Land, Buildings, and Improvements	$ 472,126

SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE - Number of commercial loan investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2017
Mortgage Loans On Real Estate [Line Items]
Face Amount of Mortgages	$ 37,735	$ 34,570
Carrying Amounts of Mortgages	38,320	$ 34,625	$ 11,926
Ground Lease Loan - 400 Josephine Street, Austin, TX
Mortgage Loans On Real Estate [Line Items]
Face Amount of Mortgages	16,250
Carrying Amounts of Mortgages	16,827
Master Tenant - Hialeah Lease Loan - Hialeah, FL
Mortgage Loans On Real Estate [Line Items]
Face Amount of Mortgages	21,085
Carrying Amounts of Mortgages	$ 21,101
Mortgage Note - 4311 Maple Avenue, Dallas, TX
Mortgage Loans On Real Estate [Line Items]
Interest rate (as a percent)	7.50%
Face Amount of Mortgages	$ 400
Carrying Amounts of Mortgages	$ 392

SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE - Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Jan. 01, 2020
Mortgage Loans on Real Estate Roll Forward
Balance at Beginning of Year	$ 34,625		$ 11,926
New Mortgage Loans	28,360	$ 34,570
Collection of Origination Fees	(125)
Accretion of Origination Fees	161	(139)	35
Imputed Interest Over Rent Payments on Ground Lease Loan	399	194
Collection of Principal	(23,132)		$ (11,961)
Impairment / CECL Reserve	(1,968)			$ (300)
Balance at End of Year	$ 38,320	$ 34,625