0001558370-23-001933 | 10-K | XBRL Viewer

Print Document View Excel Document

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2022	Feb. 17, 2023	Jun. 30, 2022
Document Information [Line Items]
Entity Central Index Key	0000023795
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
Entity File Number	001-11350
Entity Registrant Name	CTO REALTY GROWTH, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	59-0483700
Entity Address, Address Line One	369 N. New York Avenue
Entity Address, Address Line Two	Suite 201
Entity Address, City or Town	Winter Park
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32789
City Area Code	407
Local Phone Number	904-3324
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
ICFR Auditor Attestation Flag	true
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 365,672,783
Entity Common Stock, Shares Outstanding		23,012,008
Auditor Name	GRANT THORNTON LLP
Auditor Firm ID	248
Auditor Location	Orlando, F
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false
Common Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	CTO
Security Exchange Name	NYSE
Entity Listing, Par Value Per Share	$ 0.01
Cumulative Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	6.375% Series A Cumulative Redeemable
Trading Symbol	CTO PrA
Security Exchange Name	NYSE
Entity Listing, Par Value Per Share	$ 0.01

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Real Estate:
Land, at Cost	$ 233,930	$ 189,589
Building and Improvements, at Cost	530,029	325,418
Other Furnishings and Equipment, at Cost	748	707
Construction in Process, at Cost	6,052	3,150
Total Real Estate, at Cost	770,759	518,864
Less, Accumulated Depreciation	(36,038)	(24,169)
Real Estate-Net	734,721	494,695
Land and Development Costs	685	692
Intangible Lease Assets-Net	115,984	79,492
Assets Held for Sale-See Note 24	0	6,720
Investment in Alpine Income Property Trust, Inc.	42,041	41,037
Mitigation Credits	1,856	3,702
Mitigation Credit Rights	725	21,018
Commercial Loans and Investments	31,908	39,095
Cash and Cash Equivalents	19,333	8,615
Restricted Cash	1,861	22,734
Refundable Income Taxes	448	442
Deferred Income Taxes-Net	2,530
Other Assets - See Note 12	34,453	14,897
Total Assets	986,545	733,139
Liabilities:
Accounts Payable	2,544	676
Accrued and Other Liabilities-See Note 18	18,028	13,121
Deferred Revenue-See Note 19	5,735	4,505
Intangible Lease Liabilities-Net	9,885	5,601
Deferred Income Taxes-Net		483
Long-Term Debt	445,583	278,273
Total Liabilities	481,775	302,659
Commitments and Contingencies-See Note 22
Stockholders' Equity:
Preferred Stock - 100,000,000 shares authorized; $0.01 par value, 6.375% Series A Cumulative Redeemable Preferred Stock, $25.00 Per Share Liquidation Preference, 3,000,000 shares issued and outstanding at September 30, 2022 and December 31, 2021	30	30
Common Stock - 500,000,000 shares authorized; $0.01 par value, 22,854,775 shares issued and outstanding at December 31, 2022 and 17,748,678 shares issued and outstanding at December 31, 2021	229	60
Additional Paid-In Capital	172,471	85,414
Retained Earnings	316,279	343,459
Accumulated Other Comprehensive Income	15,761	1,517
Total Stockholders' Equity	504,770	430,480
Total Liabilities and Stockholders' Equity	$ 986,545	$ 733,139

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Preferred Stock
Preferred Stock, Shares Authorized	100,000,000	100,000,000
Preferred Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred Stock, Shares Issued	3,000,000	3,000,000
Preferred Stock, Shares Outstanding	3,000,000	3,000,000
Common Stock
Common Stock, shares authorized	500,000,000	500,000,000
Common Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common Stock, shares issued	22,854,775	17,748,678
Common Stock, shares outstanding	22,854,775	17,748,678
Cumulative Preferred Stock
Preferred Stock
Dividend rate (as a percent)	6.375%	6.375%
Preferred stock, liquidation preference (in dollars per share)	$ 25.00	$ 25.00

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues
Total Revenues	$ 82,320	$ 70,272	$ 56,381
Direct Cost of Revenues
Total Direct Cost of Revenues	(22,857)	(22,430)	(15,211)
General and Administrative Expenses	(12,899)	(11,202)	(11,567)
Impairment Charges		(17,599)	(9,147)
Depreciation and Amortization	(28,855)	(20,581)	(19,063)
Total Operating Expenses	(64,611)	(71,812)	(54,988)
Gain (Loss) on Disposition of Assets	(7,042)	28,316	9,746
Gain (Loss) on Extinguishment of Debt		(3,431)	1,141
Other Gain (Loss)	(7,042)	24,885	9,746
Total Operating Income	10,667	23,345	12,280
Investment and Other Income (Loss)	776	12,445	(6,432)
Interest Expense	(11,115)	(8,929)	(10,838)
Income (Loss) Before Income Tax Benefit	328	26,861	(4,990)
Income Tax Benefit	2,830	3,079	83,499
Net Income Attributable to the Company	3,158	29,940	78,509
Distributions to Preferred Stockholders	(4,781)	(2,325)
Net Income (Loss) Attributable to Common Stockholders	$ (1,623)	$ 27,615	$ 78,509
Per Share Information-See Note 14:
Basic Net Income (Loss) Attributable to Common Stockholders (in dollars per share)	$ (0.09)	$ 1.56	$ 5.56
Diluted Net Income (Loss) Attributable to Common Stockholders (in dollars per share)	$ (0.09)	$ 1.56	$ 5.56
Weighted Average Number of Common Shares - Basic (in shares)	18,508,201	17,676,809	14,114,631
Weighted Average Number of Common Shares - Diluted (in shares)	18,508,201	17,676,809	14,114,631
Income Properties
Revenues
Total Revenues	$ 68,857	$ 50,679	$ 49,953
Direct Cost of Revenues
Total Direct Cost of Revenues	(20,364)	(13,815)	(11,988)
Management Fee Income
Revenues
Total Revenues	3,829	3,305	2,744
Interest Income From Commercial Loans and Investments
Revenues
Total Revenues	4,172	2,861	3,034
Real Estate Operations
Revenues
Total Revenues	5,462	13,427	650
Direct Cost of Revenues
Total Direct Cost of Revenues	$ (2,493)	$ (8,615)	$ (3,223)

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net Income Attributable to the Company	$ 3,158	$ 29,940	$ 78,509
Other Comprehensive Income (Loss):
Cash Flow Hedging Derivative - Interest Rate Swaps	14,244	3,427	(1,984)
Total Other Comprehensive Income (Loss)	14,244	3,427	(1,984)
Total Comprehensive Income	$ 17,402	$ 33,367	$ 76,525

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-URI https://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22595-107794

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-URI https://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL123482106-238011

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 50
-Paragraph 6
-URI https://asc.fasb.org/extlink&oid=124431353&loc=SL124452729-227067

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-URI https://asc.fasb.org/extlink&oid=126954810&loc=d3e3602-108585

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22499-107794

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22663-107794

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 17: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22583-107794

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126958026&loc=SL5780133-109256

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 8
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22658-107794

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126968391&loc=SL7669619-108580

Reference 25: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126968391&loc=SL7669625-108580

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

+ Details

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Preferred Stock	Common Stock	Treasury Stock	Additional Paid-In Capital Cumulative Effect, Period of Adoption, Adjustment	Additional Paid-In Capital	Retained Earnings Cumulative Effect, Period of Adoption, Adjustment	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Cumulative Effect, Period of Adoption, Adjustment	Total
Balance at Dec. 31, 2019		$ 6,017	$ (73,441)		$ 26,690		$ 326,073	$ 74		$ 285,413
Increase (decrease) in shareholders' equity
Net Income Attributable to the Company							78,509			78,509
Equity Component of Convertible Debt					5,248					5,248
Stock Repurchase			(4,100)							(4,100)
Vested Restricted Stock and Performance Shares		24			(562)					(538)
Stock Issuance		10			503					513
Stock-Based Compensation Expense					2,308					2,308
Common Stock Dividends Declared for the Period							(8,866)			(8,866)
Special Distribution - REIT Conversion		1,199			48,996		(55,799)			(5,604)
Other Comprehensive Income								(1,984)		(1,984)
Balance at Dec. 31, 2020		7,250	(77,541)		83,183		339,917	(1,910)		350,899
Increase (decrease) in shareholders' equity
Net Income Attributable to the Company							29,940			29,940
Stock Repurchase					(2,210)					(2,210)
Vested Restricted Stock and Performance Shares					(436)					(436)
Issuance of Preferred Stock, Net of Underwriting Discount and Expenses	$ 30				72,400					72,430
Exercise of Stock Options and Stock Issuance to Directors					357					357
Equity Issuance Costs					(197)					(197)
Stock-Based Compensation Expense					2,668					2,668
Par Value $0.01 per Share and Treasury Stock Derecognized at January 29, 2021		(7,190)	$ 77,541		(70,351)
Preferred Stock Dividends Declared for the Period							(2,325)			(2,325)
Common Stock Dividends Declared for the Period							(24,073)			(24,073)
Other Comprehensive Income								3,427		3,427
Balance at Dec. 31, 2021	30	60			85,414		343,459	1,517		430,480
Increase (decrease) in shareholders' equity
Net Income Attributable to the Company							3,158			3,158
Three-for-One Stock Split		122			(122)
Stock Repurchase		(1)			(2,791)					(2,792)
Vested Restricted Stock and Performance Shares					(845)					(845)
Exercise of Stock Options and Stock Issuance to Directors					315					315
Stock Issuance		48			94,803					94,851
Stock-Based Compensation Expense					2,731					2,731
Preferred Stock Dividends Declared for the Period							(4,781)			(4,781)
Common Stock Dividends Declared for the Period							(29,579)			(29,579)
Other Comprehensive Income								14,244		14,244
Balance at Dec. 31, 2022	$ 30	$ 229		$ (7,034)	$ 172,471	$ 4,022	$ 316,279	$ 15,761	$ (3,012)	$ 504,770

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical)	12 Months Ended
	Dec. 31, 2021 $ / shares	Dec. 31, 2020 $ / shares
Common Stock
Cash Dividends (in dollars per share)		$ 0.63
Special Distribution - REIT Conversion (per share)		$ 3.99
Par Value $0.01 per Share and Treasury Stock Derecognized	$ 0.01

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash Flow from Operating Activities:
Net Income Attributable to the Company	$ 3,158	$ 29,940	$ 78,509
Adjustments to Reconcile Net Income Attributable to the Company to Net Cash Provided by Operating Activities:
Depreciation and Amortization	28,855	20,581	19,063
Amortization of Intangible Liabilities to Income Property Revenue	2,161	(404)	(1,754)
Amortization of Deferred Financing Costs to Interest Expense	755	586	454
Amortization of Discount on Convertible Debt	189	1,278	1,379
Gain on Disposition of Real Estate and Intangible Lease Assets and Liabilities	(3,869)	(28,316)	(7,509)
Loss on Disposition of Mitigation Bank	11,713
Gain on Disposition of Assets Held for Sale			(2,590)
Loss (Gain) on Disposition of Commercial Loans and Investments	(802)		353
Loss (Gain) on Extinguishment of Debt		3,431	(1,141)
Impairment Charges		17,599	9,147
Accretion of Commercial Loans and Investments Origination Fees	(174)	(2)	(161)
Non-Cash Imputed Interest	(126)	(438)	(428)
Deferred Income Taxes	(3,013)	(3,038)	(90,532)
Unrealized (Gain) Loss on Investment Securities	1,697	(10,340)	8,240
Non-Cash Compensation	3,232	3,168	2,786
Decrease (Increase) in Assets:
Refundable Income Taxes	(5)	(416)	(26)
Assets Held for Sale		833
Land and Development Costs	7	6,391	(493)
Mitigation Credits and Mitigation Credit Rights	10,427	(15,750)	3,323
Other Assets	(5,067)	(3,191)	(1,802)
(Decrease) Increase in Liabilities:
Accounts Payable	1,866	(370)	(340)
Accrued and Other Liabilities	3,863	5,680	3,402
Deferred Revenue	1,230	1,186	(2,511)
Liabilities Held for Sale		(831)
Income Taxes Payable			(439)
Net Cash Provided By Operating Activities	56,097	27,577	16,930
Cash Flow from Investing Activities:
Acquisition of Real Estate and Intangible Lease Assets and Liabilities	(313,926)	(256,381)	(167,811)
Acquisition of Commercial Loans and Investments	(53,369)	(364)	(28,235)
Acquisition of Mitigation Credits			(3,621)
Restricted Cash Balance Received in Acquisition of Interest in Joint Venture		596
Cash Received (Contribution to) Joint Ventures		23,864	(41)
Proceeds from Disposition of Property, Plant, and Equipment, Net, and Assets Held for Sale	40,777	129,461	85,621
Principal Payments Received on Commercial Loans and Investments	61,628		22,965
Acquisition of Investment Securities	(2,739)	(143)
Net Cash Used In Investing Activities	(267,629)	(102,967)	(91,122)
Cash Flow From Financing Activities:
Proceeds from Long-Term Debt	380,500	314,500	66,640
Payments on Long-Term Debt	(233,750)	(283,519)	(72,269)
Cash Paid for Loan Fees	(2,724)	(1,587)	(2,187)
Cash Received (Paid for) Exercise of Stock Options and Common Stock Issuance	315	(162)
Proceeds from Issuance of Preferred Stock, Net of Underwriting Discount and Expenses		72,430
Cash Used to Purchase Common Stock	(2,792)	(2,210)	(4,100)
Cash Paid for Vesting of Restricted Stock	(845)	(436)	(502)
Proceeds from (Cash Paid for) Issuance of Common Stock, Net	94,350	(197)
Dividends Paid - Preferred Stock	(4,781)	(2,325)
Dividends Paid - Common Stock	(28,896)	(23,580)	(14,470)
Net Cash Provided By (Used In) Financing Activities	201,377	72,914	(26,888)
Net Decrease in Cash, Cash Equivalents and Restricted Cash	(10,155)	(2,476)	(101,080)
Cash, Cash Equivalents and Restricted Cash, Beginning of Period	31,349	33,825	134,905
Cash, Cash Equivalents and Restricted Cash, End of Period	21,194	31,349	33,825
Reconciliation of Cash to the Consolidated Balance Sheets:
Cash and Cash Equivalents	19,333	8,615	4,289
Restricted Cash	1,861	22,734	29,536
Total Cash	$ 21,194	$ 31,349	$ 33,825

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Supplemental Disclosure of Cash Flow Information:
Cash Paid for Taxes, Net of Refunds Received	$ 107,000	$ 406,000	$ 5,026,000
Cash Paid for Interest	9,862,000	7,274,000	9,716,000
Capital Expenditures included in Accrued and Other Liabilities			1,600,000
Special Distribution Paid in Stock			50,194,000
Supplemental Disclosure of Non-Cash Investing and Financing Activities:
Unrealized Gain (Loss) on Cash Flow Hedges	14,244,000	3,427,000	(1,984,000)
Adjustment to Equity Component of Convertible Debt Upon Adoption of ASU 2020-06	3,012,000		5,248,000
Convertible Note Exchange			57,359,000
Common Stock Dividends Declared and Unpaid	683,000	493,000
Assumption of Mortgage Note Payable	17,800,000	30,000,000
Interest capitalized	$ 200,000	$ 0	$ 0

ORGANIZATION

12 Months Ended

Dec. 31, 2022

ORGANIZATION

ORGANIZATION

NOTE 1. ORGANIZATION

NATURE OF OPERATIONS

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

We are a publicly traded, self-managed equity REIT that focuses on the ownership, management, and repositioning of high-quality retail and mixed-use properties located primarily in what we believe to be faster growing, business-friendly markets exhibiting accommodative business tax policies, outsized relative job and population growth, and where retail demand exceeds supply. We have pursued our investment strategy by investing primarily through fee simple ownership of our properties, commercial loans and preferred equity.

We own and manage, sometimes utilizing third-party property management companies, 23 commercial real estate properties in 9 states in the United States. As of December 31, 2022, we owned 8 single-tenant and 15 multi-tenant income-producing properties comprising 3.7 million square feet of gross leasable space.

In addition to our income property portfolio, as of December 31, 2022, our business included the following:

Management Services:

●

A fee-based management business that is engaged in managing Alpine Income Property Trust, Inc. (“PINE”), see Note 5, “Related Party Management Services Business.”

Commercial Loans and Investments:

●

A portfolio of three commercial loan investments and one preferred equity investment which is classified as a commercial loan investment.

Real Estate Operations:

●

A portfolio of subsurface mineral interests associated with approximately 355,000 surface acres in 19 counties in the State of Florida (“Subsurface Interests”); and

●

An inventory of mitigation credits as well as mitigation credits to be produced by the Company’s formerly owned mitigation bank.

On December 10, 2021, the entity that held approximately 1,600 acres of undeveloped land in Daytona Beach, Florida (the “Land JV”), of which the Company previously held a 33.5% retained interest, completed the sale of all of its remaining land holdings for $66.3 million to Timberline Acquisition Partners, LLC an affiliate of Timberline Real Estate Partners (the “Land JV Sale”). Proceeds to the Company after distributions to the other member of the Land JV, and before taxes, were $24.5 million. Prior to the completion of the Land JV Sale, the Company was engaged in managing the Land JV, as further described in Note 5, “Related Party Management Services Business” in the notes to the consolidated financial statements in Item 8. As a result of the Land JV Sale and corresponding dissolution of the Land JV, the Company no longer holds a retained interest in the Land JV as of December 31, 2021.

Our business also includes our investment in PINE. As of December 31, 2022, the fair value of our investment totaled $42.0 million, or 14.6% of PINE’s outstanding equity, including the units of limited partnership interest (“OP Units”) we hold in Alpine Income Property OP, LP (the “PINE Operating Partnership”), which are redeemable for cash, based upon the value of an equivalent number of shares of PINE common stock at the time of the redemption, or shares of PINE common stock on a one-for-one basis, at PINE’s election. Our investment in PINE generates investment income through the dividends distributed by PINE. In addition to the dividends we receive from PINE, our investment in PINE may benefit from any appreciation in PINE’s stock price, although no assurances can be provided that such appreciation will occur, the amount by which our investment will increase in value, or the timing thereof. Any dividends received from PINE are included in investment and other income (loss) on the accompanying consolidated statements of operations.

REIT CONVERSION

As of December 31, 2020, the Company had completed certain internal reorganization transactions necessary to begin operating in compliance with the requirements for qualification and taxation as a REIT for U.S. federal income tax purposes under the Internal Revenue Code of 1986, as amended (the “Code”), commencing with the taxable year ended December 31, 2020.

On January 29, 2021, in connection with the REIT conversion, the Company completed the merger of CTO Realty Growth, Inc., a Florida corporation (“CTO FL”), with and into CTO NEWCO REIT, Inc., a wholly owned Maryland subsidiary of CTO FL (“CTO MD”), in order to reincorporate in Maryland and facilitate its ongoing compliance with the REIT requirements (the “Merger”).

As a result of the Merger, existing shares of CTO FL 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.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2022

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

PRINCIPLES OF CONSOLIDATION

The consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries, and other entities in which we have a controlling interest. Any real estate entities or properties included in the consolidated financial statements have been consolidated only for the periods that such entities or properties were owned or under control by us. All inter-company balances and transactions have been eliminated in the consolidated financial statements. As of December 31, 2022, the Company has an equity investment in PINE.

Prior to the Interest Purchase (hereinafter defined in Note 7, “Investment in Joint Ventures”) completed on September 30, 2021, the Company held a 30% retained interest in the entity that owns the Mitigation Bank. On December 29, 2022, the Company completed the sale of the entity that owned the Mitigation Bank.

Additionally, the Company held a 33.5% retained interest in the entity that held approximately 1,600 acres of undeveloped land in Daytona Beach, FL (the “Land JV”) prior the sale of all of its remaining land holdings, which sale was completed on December 10, 2021, for $66.3 million to Timberline Acquisition Partners, LLC an affiliate of Timberline Real Estate Partners (the “Land JV Sale”).

SEGMENT REPORTING

ASC Topic 280, Segment Reporting, 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 loans and 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 of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Among other factors, fluctuating market conditions that can exist in the national real estate markets and the volatility and uncertainty in the financial and credit markets make it possible that the estimates and assumptions, most notably those

related to the Company’s investment in income properties, could change materially due to continued volatility in the real estate and financial markets, or as a result of a significant dislocation in those markets.

RECENTLY ISSUED ACCOUNTING STANDARDS

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 that its interest rate swaps, hereinafter described in Note 17, “Interest Rate Swaps”, meet the scope of Topic 848-10-15-3A and therefore, the 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. Effective January 1, 2022, the Company adopted ASU 2020-06 whereby diluted EPS includes the dilutive impact, if any, of the 2025 Notes (hereinafter defined) using the if-converted method. Further, the Company elected, upon adoption, to utilize the modified retrospective approach, negating the required restatement of EPS for periods prior to adoption.

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, 2022 and 2021 include certain amounts over the Federal Deposit Insurance Corporation limits.

RESTRICTED CASH

Restricted cash totaled $1.9 million at December 31, 2022, of which $0.6 million is being held in an escrow account in connection with the Mitigation Bank as required by the applicable state and federal permitting authorities, and $1.3 million is being held in two interest reserve accounts related to the Company’s commercial loans and investments.

INVESTMENT SECURITIES

In accordance with FASB ASC Topic 320, Investments – Debt and Equity Securities 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

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 assessed

whether the derivatives that are used in hedging the transactions are highly effective in offsetting changes in cash flows of the hedged items, and we will continue to do so on a quarterly basis.

Changes in fair value of the hedging instruments that are highly effective and designated and qualified as cash-flow hedges are recorded in other comprehensive income and loss, until earnings are affected by the variability in cash flows of the designated hedged items (See Note 17, “Interest Rate Swaps”).

FAIR VALUE OF FINANCIAL INSTRUMENTS

The carrying amounts of the Company’s financial assets and liabilities including cash and cash equivalents, restricted cash, accounts receivable, accounts payable, and accrued and other liabilities at December 31, 2022 and 2021, approximate fair value because of the short maturity of these instruments. The carrying value of the Company’s Credit Facility (hereinafter defined) as of December 31, 2022 and 2021, approximates current market rates for revolving credit arrangements with similar risks and maturities. The face value of the Company’s fixed rate commercial loans and investments, the 2026 Term Loan (hereinafter defined), the 2027 Term Loan (hereinafter defined), the 2028 Term Loan (hereinafter defined), mortgage note, and convertible debt held as of December 31, 2022 and 2021 are measured at fair value based on current market rates for financial instruments with similar risks and maturities (see Note 9, “Fair Value of Financial Instruments”).

FAIR VALUE MEASUREMENTS

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

●

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

●

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

●

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

RECOGNITION OF INTEREST INCOME FROM COMMERCIAL LOANS AND INVESTMENTS

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

MITIGATION CREDITS AND MITIGATION CREDIT RIGHTS

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

ACCOUNTS RECEIVABLE

Accounts receivable related to income properties, which are classified in other assets on the consolidated balance sheets, primarily consist of accrued tenant reimbursable expenses and other tenant receivables. Receivables related to income property tenants totaled $2.2 million and $0.9 million as of December 31, 2022 and 2021, respectively. The $1.3

million increase is primarily attributable to an increase in estimated accrued receivables for variable lease payments including common area maintenance, insurance, real estate taxes and other operating expenses.

Accounts receivable related to real estate operations, which are classified in other assets on the consolidated balance sheets, totaled $0.8 million and $1.1 million as of December 31, 2022 and 2021, respectively. The accounts receivable as of December 31, 2022 and 2021 are primarily related to the reimbursement of certain infrastructure costs completed by the Company in conjunction with two land sale transactions that closed during the fourth quarter of 2015 as more fully described in Note 12, “Other Assets.”

As of December 31, 2022 and 2021, $0.2 million and $0.3 million was due from the buyer of the golf operations for the rounds surcharge the Company paid to the City of Daytona Beach, respectively.

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, 2022 and 2021, the Company recorded an allowance for doubtful accounts of $1.8 million and $0.5 million, respectively.

PURCHASE ACCOUNTING FOR ACQUISITIONS OF REAL ESTATE SUBJECT TO A LEASE

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

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

The Company incurs costs related to the development and leasing of its properties. Such costs include, but are not limited to, tenant improvements, leasing commissions, rebranding, facility expansion and other capital improvements, and are included in construction in progress during the development period. When a construction project is considered to be substantially complete, the capitalized costs are reclassified to the appropriate real estate asset and depreciation begins. The Company assesses the level of construction activity to determine the amount, if any, of interest expense to be capitalized to the underlying construction projects.

SALES OF REAL ESTATE

When income properties are disposed of, the related cost basis of the real estate, intangible lease assets, and intangible lease liabilities, net of accumulated depreciation and/or amortization, and any accrued straight-line rental income balance for the underlying operating leases are removed, and gains or losses from the dispositions are reflected in net income within gain on disposition of assets. In accordance with the FASB guidance, gains or losses on sales of real estate are generally recognized using the full accrual method.

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

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, 2022, 2021, and 2020, was $16.6 million, $12.3 million, and $11.3 million, respectively. No interest was capitalized during the years ended December 31, 2021 or 2020. During the year ended December 31, 2022, $0.2 million of interest was capitalized.


Income Properties Buildings and Improvements	3 - 48	Years
Other Furnishings and Equipment	3 - 25	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. Pursuant to FASB ASC Topic 842, 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 within other assets 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.

OTHER REAL ESTATE INTERESTS

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

INCOME TAXES

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

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

EARNINGS PER COMMON SHARE

Basic earnings per common share is computed by dividing net income attributable to common stockholders for the period by the weighted average number of shares outstanding for the period. Diluted earnings per common share is based on the assumption of the conversion of stock options and vesting of restricted stock at the beginning of each period using the treasury stock method at average cost for the periods. Effective as of January 1, 2022, diluted earnings per common share also reflects the 2025 Notes (hereinafter defined) on an if-converted basis, see Note 14, “Common Stock and Earnings Per Share.”

CONCENTRATION OF CREDIT RISK

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

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

●

Square Footage Concentrations. As of December 31, 2022, a total of 29%, 15%, 12%, and 11% of the Company’s income property portfolio, based on square footage, were located in the state of Georgia, Texas, Virginia, and Florida, respectively. As of December 31, 2021, a total of 23%, 13%, 13%, 12%, and 16% of the Company’s income property portfolio, based on square footage, were located in the state of Florida, Georgia, New Mexico, North Carolina, and Texas, respectively.

●

Tenant Concentrations. We did not have any tenants that accounted for more than 10% of total revenues during the years ended December 31, 2022 or 2021. We had one tenant, Wells Fargo, located in Raleigh, North Carolina, that accounted for 10.9% of our total revenue during the year ended December 31, 2020. This property also represented 18.1% of the total square footage of our income property portfolio as of December 31, 2020.

●

Base Rent Concentrations. A total of 33%, 16%, 13%, and 12% of our base rent revenue during the year ended December 31, 2022 was generated from tenants located in Georgia, Texas, Virginia and Florida, respectively.

INCOME PROPERTIES

12 Months Ended

Dec. 31, 2022

INCOME PROPERTIES

INCOME PROPERTIES

NOTE 3. 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 variable lease payments are primarily comprised of reimbursements from tenants for common area maintenance, insurance, real estate taxes, and other operating expenses.

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


	Year Ended December 31,
	2022		2021		2020
Leasing Revenue
Lease Payments	$	54,083	$	41,791	$	39,825
Variable Lease Payments		14,774		8,888		10,128
Total Leasing Revenue	$	68,857	$	50,679	$	49,953

Minimum future base rental revenue on non-cancelable leases subsequent to December 31, 2022, for the next five years ended December 31 are summarized as follows (in thousands). Certain of our tenant leases include tenant renewal options which could be exercised at the tenant’s election and are not included in the amounts in the table below.


Year Ending December 31,	Amounts
2023	$	72,552
2024		66,390
2025		61,717
2026		52,866
2027		42,785
2028 and Thereafter (Cumulative)		118,490
Total	$	414,800

2022 Acquisitions. During the year ended December 31, 2022, the Company acquired four multi-tenant income properties and one portfolio of three single-tenant properties for an aggregate purchase price of $314.0 million, or a total acquisition cost of $315.6 million, as follows:

●

Acquired Price Plaza Shopping Center on March 3, 2022, a multi-tenant income property located in Katy, Texas for a purchase price of $39.1 million, or a total acquisition cost of $39.2 million including capitalized acquisition costs. Price Plaza Shopping Center comprises 200,576 square feet and was 95% leased at acquisition. In connection with the acquisition of Price Plaza Shopping Center, the Company assumed a $17.8 million fixed-rate mortgage note, as further discussed in Note 16, “Long-Term Debt.”

●

Acquired Madison Yards on July 8, 2022, a multi-tenant grocery-anchored income property located in Atlanta, Georgia for a purchase price of $80.2 million, or a total acquisition cost of $80.5 million including capitalized acquisition costs. Madison Yards comprises 162,521 square feet and was 98% leased at acquisition.

●

Acquired West Broad Village on October 14, 2022, a multi-tenant income property located in Glen Allen, Virgina for a purchase price of $93.9 million, or a total acquisition cost of $94.6 million including capitalized acquisition costs. West Broad Village comprises 392,007 square feet and was 83% leased at acquisition.

●

Acquired Collection at Forsyth on December 29, 2022, a multi-tenant income property located in Cummings, Georgia for a purchase price of $96.0 million, or a total acquisition cost of $96.4 million including capitalized acquisition costs. Collection at Forsyth comprises 560,434 square feet and was 80% leased at acquisition.

●

Acquired MainStreet Portfolio on December 29, 2022, a restaurant portfolio comprised of three single tenant income properties located in Daytona Beach, Florida for a purchase price of $4.8 million, or a total acquisition cost of $4.9 million including capitalized acquisition costs. MainStreet Portfolio comprises 28,511 square feet and was 100% leased at acquisition.

Of the aggregate $315.6 acquisition cost, $60.1 million was allocated to land, $208.3 million was allocated to buildings and improvements, $52.7 million was allocated to intangible assets pertaining to the in-place lease value, leasing costs, and above market lease value, and $5.5 million was allocated to intangible liabilities for the below market lease value. The weighted average amortization period for the intangible assets and liabilities was 6.0 years at acquisition.

2022 Dispositions. During the year ended December 31, 2022, the Company sold six income properties, including (i) Party City, a single-tenant income property located in Oceanside, New York for $6.9 million, (ii) the Carpenter Hotel ground lease, a single-tenant income property located in Austin, Texas, which was recorded as a commercial loan investment prior to its disposition, for $17.1 million, (iii) the multi-tenant Westland Gateway Plaza located in Hialeah, Florida, which was recorded as a commercial loan investment prior to its disposition, for $22.2 million, (iv) Chuy’s, a single-tenant property, located in Jacksonville, Florida for $5.8 million, (v) Firebirds, a single-tenant property, located in Jacksonville, Florida for $5.5 million, and (vi) 245 Riverside, a multi-tenant office income property located in Jacksonville, Florida for $23.6 million. The sale of these six properties reflect a total disposition volume of $81.1 million, resulting in aggregate gains of $4.7 million.

2021 Acquisitions. During the year ended December 31, 2021, the Company acquired eight multi-tenant income properties for an aggregate purchase price of $249.1 million, or a total acquisition cost of $249.8 million including capitalized acquisition costs. Of the total acquisition cost, $78.0 million was allocated to land, $124.9 million was allocated to buildings and improvements, and $49.7 million was allocated to intangible assets pertaining to the in-place lease value, leasing costs, and above market lease value and $2.8 million was allocated to intangible liabilities for the below market lease value. The weighted average amortization period for the intangible assets and liabilities was 6.8 years at acquisition.

2021 Dispositions. During the year ended December 31, 2021, the Company disposed of one multi-tenant income property and 14 single-tenant income properties, including (i) World of Beer/Fuzzy’s Taco Shop, a multi-tenant income property located in Brandon, Florida for $2.3 million, (ii) Moe’s Southwest Grill, a single-tenant income property located in Jacksonville, Florida for $2.5 million, (iii) Burlington, a single-tenant income property located in North Richland Hills, Texas for $11.5 million, (iv) Staples, a single-tenant income property located in Sarasota, Florida for $4.7 million, (v) the CMBS Portfolio, sold to PINE, consisting of six single-tenant income properties for $44.5 million, (vi) Chick-fil-A, a single-tenant property, located in Chandler, Arizona for $2.9 million, (vii) JPMorgan Chase Bank, a single-tenant property, located in Chandler, Arizona for $4.7 million, (viii) Fogo De Chao, a single-tenant property, located in Jacksonville, Florida for $4.7 million, (ix) Wells Fargo, a single-tenant office income property located in Raleigh, North Carolina for $63.0 million, and (x) 24 Hour Fitness, a single-tenant income property located in Falls Church, VA for $21.5 million. The sale of the properties reflect a total disposition volume of $162.3 million, resulting in aggregate gains of $28.2 million.

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 including 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 4, “Commercial Loans and Investments.” The weighted average amortization period for the intangible assets and liabilities was 4.5 years at acquisition.

2020 Dispositions. During the year ended December 31, 2020, the Company sold 11 income properties and one vacant land parcel for a total disposition volume of $86.5 million. The sale of the properties generated aggregate gains 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.

COMMERCIAL LOANS AND INVESTMENTS

12 Months Ended

Dec. 31, 2022

COMMERCIAL LOANS AND INVESTMENTS

COMMERCIAL LOANS AND INVESTMENTS

NOTE 4. COMMERCIAL LOANS AND INVESTMENTS

Our investments in commercial loans or similarly structured investments, such as preferred equity, 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 investments are associated with 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.

2022 Activity. On January 26, 2022, the Company originated a construction loan secured by the property and improvements to be constructed thereon for the second phase of The Exchange at Gwinnett project located in Buford, Georgia for $8.7 million. The construction loan matures on January 26, 2024, has a one-year extension option, bears a fixed interest rate of 7.25%, and requires payments of interest only prior to maturity. At closing, an origination fee of $0.1 million was received by the Company. Funding of the loan occurs as the borrower completes the underlying construction. As of December 31, 2022, the Company had funded $3.2 million to the borrower, leaving a remaining commitment of $5.5 million to the borrower. During the year ended December 31, 2022, the Company received principal payments totaling $2.9 million, leaving an outstanding loan balance of $0.2 million as of December 31, 2022.

On March 11, 2022, the Company sold the Carpenter Hotel ground lease located in Austin, Texas for $17.1 million. The lease with Carpenter Hotel included two tenant repurchase options. Pursuant to FASB ASC Topic 842, Leases, the initial $16.25 million investment was recorded in the consolidated balance sheets as a commercial loan investment at the time of acquisition. The carrying value at the time of sale totaled $17.3 million, resulting in a loss of $0.2 million.

On April 7, 2022, the Company entered into a preferred equity agreement to provide $30.0 million of funding towards the total investment in Watters Creek at Montgomery Farm, a grocery-anchored, mixed-use property located in Allen, Texas (the “Watters Creek Investment”). Pursuant to FASB ASC Topic 810, Consolidation, and as further described in Note 7. “Investment in Joint Ventures,” the Company determined it is not the primary beneficiary of the entity underlying the Watters Creek Investment; accordingly, the $30.0 million was recorded in the consolidated balance sheets as a commercial loan investment at the time of acquisition. The Watters Creek Investment matures on April 6, 2025, has two one-year extension options, bears a fixed interest rate of 8.50% at the time of acquisition with increases during the initial term as well as the option terms, and requires payments of interest only prior to maturity. At closing, an origination fee of $0.15 million was received by the Company.

On April 29, 2022, the Company originated a construction loan secured by the property and improvements to be constructed thereon for the WaterStar Residential and Retail project located in Kissimmee, Florida for $19.0 million. The construction loan matures on August 31, 2022, bears a fixed interest rate of 8.00%, and requires payments of interest only prior to maturity. At closing, an origination fee of $0.1 million was received by the Company. Funding of the loan occurred as the borrower completed the underlying construction. The entire $19.0 million was funded to the borrower, leaving no remaining commitment. As of December 31, 2022, the borrower had repaid the $19.0 million construction loan principal balance.

On May 9, 2022, the Company originated an improvement loan for a tenant at the Ashford Lane property located in Atlanta, Georgia for $1.5 million. The improvement loan matures on April 30, 2025, bears a fixed interest rate of 12.00%, until the location is open at which time the fixed interest rate will be 10.00%, and requires payments of interest only prior to maturity. Funding of the loan will occur as the borrower completes the underlying improvements. As of December 31, 2022, the Company had funded $1.5 million to the borrower.

On July 28, 2022, the Company sold the Westland Gateway Plaza located in Hialeah, Florida for $22.2 million. The lease with Westland Gateway Plaza included a tenant purchase option. Pursuant to FASB ASC Topic 842, Leases, the initial $21.1 million investment was recorded in the consolidated balance sheets as a commercial loan investment at the time of acquisition. The carrying value at the time of sale totaled $21.2 million, resulting in a gain of $1.0 million.

On November 4, 2022, the borrower of the 110 N Beach St. mortgage note repaid the principal balance of $0.4 million, leaving no remaining balance outstanding at December 31, 2022.

The Company’s commercial loans and investments were comprised of the following at December 31, 2022 (in thousands):


Description	Date of Investment	Maturity Date	Original Face Amount		Current Face Amount		Carrying Value		Coupon Rate
Mortgage Note – 4311 Maple Avenue – Dallas, TX	October 2020	April 2023	$	400	$	400	$	395	7.50%
Construction Loan – The Exchange At Gwinnett – Buford, GA	January 2022	January 2024		8,700		220		173	7.25%
Preferred Investment - Watters Creek – Allen, TX	April 2022	April 2025		30,000		30,000		29,887	8.50%
Improvement Loan - Ashford Lane – Atlanta, GA	May 2022	April 2025		1,500		1,453		1,453	12.00%
			$	40,600	$	32,073	$	31,908

2021 Activity. On June 30, 2021, the Company originated a loan in connection with the sale of a land parcel with an existing structure located in Daytona Beach, Florida. The principal loan amount of $0.4 million bears interest at a fixed rate of 10.00% and had an initial term of 1.5 years.

The Company’s commercial loans and investments were comprised of the following at December 31, 2021 (in thousands):


Description	Date of Investment	Maturity Date	Original Face Amount		Current Face Amount		Carrying Value		Coupon Rate
Carpenter Hotel – 400 Josephine Street, Austin, TX	July 2019	N/A	$	16,250	$	16,250	$	17,189	N/A
Westland Gateway Plaza – Hialeah, FL	September 2020	N/A		21,085		21,085		21,148	N/A
Mortgage Note – 4311 Maple Avenue – Dallas, TX	October 2020	April 2023		400		400		394	7.50%
Mortgage Note – 110 N Beach Street – Daytona Beach, FL	June 2021	December 2022		364		364		364	10.00%
			$	38,099	$	38,099	$	39,095

The carrying value of the commercial loans and investment portfolio at December 31, 2022 and 2021 consisted of the following (in thousands):


	As of
	December 31, 2022		December 31, 2021
Current Face Amount	$	32,073	$	38,099
Imputed Interest over Rent Payments Received		—		1,002
Unaccreted Origination Fees		(161)		(2)
CECL Reserve		(4)		(4)
Total Commercial Loans and Investments	$	31,908	$	39,095

REAL ESTATE OPERATIONS

12 Months Ended

Dec. 31, 2022

REAL ESTATE OPERATIONS

REAL ESTATE OPERATIONS

NOTE 6. REAL ESTATE OPERATIONS

Real Estate Operations

Land and development costs at December 31, 2022 and 2021 were as follows (in thousands):


	As of
	December 31, 2022		December 31, 2021
Land and Development Costs	$	358	$	358
Subsurface Interests		327		334
Total Land and Development Costs	$	685	$	692

The Company’s real estate operations revenue is within the scope of FASB ASC Topic 606, Revenue from Contracts with Customers as summarized below. Revenue from real estate operations is recognized at the point in time the underlying assets are transferred.

Revenue from continuing real estate operations consisted of the following for the years ended December 31, 2022, 2021, and 2020 (in thousands):


	December 31,
	2022		2021		2020
Mitigation Credit Sales	$	3,462	$	708	$	6
Subsurface Revenue - Other		1,904		4,724		638
Land Sales Revenue		96		7,995		—
Fill Dirt and Other Revenue		—		—		6
Total Real Estate Operations Revenue	$	5,462	$	13,427	$	650

Daytona Beach Development. During the year ended December 31, 2021, the Company entered into a purchase and sale agreement to sell a six-acre parcel of land with existing structures in downtown Daytona Beach and other contiguous parcels (the “Daytona Beach Development”) for a sales price of $6.25 million, which sale was completed on December 28, 2021, resulting in a gain of $0.2 million. The Daytona Beach Development, representing a substantial portion of an entire city block in downtown Daytona Beach adjacent to International Speedway Boulevard, a major thoroughfare in Daytona Beach, was acquired by the Company for $4.1 million. Prior to its disposition, the Company incurred $1.6 million in raze and entitlement costs related to the Daytona Beach Development.

Mitigation Credits and Mitigation Credit Rights. The Company owns mitigation credits and mitigation credit rights with an aggregate cost basis of $2.6 million as of December 31, 2022, representing a $22.1 million decrease from the balance as of December 31, 2021. On December 29, 2022, the Company completed the sale of the entity that owned the Mitigation Bank for a sales price of $8.1 million resulting in a loss on disposition of assets of $11.9 million. A balance of mitigation credits and mitigation credit rights were retained by the Company as part of the sale agreement.

Revenues and the cost of sales of mitigation credit sales are reported as revenues from, and direct costs of, real estate operations, respectively, in the consolidated statements of operations. During the year ended December 31, 2022, the Company sold 34 mitigation credits for proceeds of $3.5 million with a cost basis of $2.3 million. During the year ended December 31, 2021, the Company sold six mitigation credits for proceeds of $0.7 million with a cost basis of $0.5 million. Additionally, two mitigation credits with a cost basis of $0.1 million were accrued for as an expense during the year ended December 31, 2021, as such credits are to be provided to buyers of land at no cost. Mitigation credit sales totaled less than $0.1 million during the year ended December 31, 2020, which sales were offset by an aggregate charge to cost of sales totaling $3.1 million, comprised of (i) 42 mitigation credits with a cost basis of $2.9 million that were provided at no cost to buyers, (ii) the Company’s purchase of two mitigation credits for $0.2 million, and (iii) 31 mitigation credits with a cost basis of less than $0.1 million transferred to buyers of land previously sold and of which costs were accrued for in prior years at the time of the original land sale. Additionally, during the year ended December 31, 2020, the Company transferred 13.31 federal mitigation credits to the permit related to the land that gave rise to an environmental restoration matter that has been fully resolved as of December 31, 2021. 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.

Subsurface Interests. As of December 31, 2022, the Company owns 355,000 acres of Subsurface Interests. The Company leases certain of the Subsurface Interests to mineral exploration firms for exploration. The Company’s 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, which revenues are included within real estate operations in the consolidated statements of operations. During the year ended December 31, 2022, the Company sold approximately 14,600 acres of subsurface oil, gas, and mineral rights for a sales price of $1.7 million. During the year ended December 31, 2021, the Company sold approximately 84,900 acres of subsurface oil, gas, and mineral rights for a sales price of $4.6 million. During the year ended December 31, 2020, the Company sold 345 acres of subsurface interests totaling $0.4 million.

During the years ended December 31, 2022, 2021, and 2020, 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, $0.1 million, and $0.2 million during the years ended December 31, 2022, 2021 and 2020, respectively.

Land Impairments. There were no impairment charges on the Company’s undeveloped land holdings, or its income property portfolio, during the years ended December 31, 2022, 2021, or 2020. The $17.6 million impairment charge recognized during the year ended December 31, 2021 is related to the Company’s previously held retained interest in the Land JV. The aggregate impairment charge of $17.6 million is a result of eliminating the investment in joint ventures based on the final proceeds received through distributions of the Land JV in connection with closing the sale of substantially all of the Land JV’s remaining land to Timberline Acquisition Partners, an affiliate of Timberline Real Estate Partners (“Timberline”), for a final sales price of $66.3 million.

Additionally, during the year ended December 31, 2020, the Company recognized an aggregate $7.2 million impairment charge 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 previously held retained interest in the Land LV. The $7.1 million impairment on the Company’s previously held retained interest in the Land JV was 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.

Real Estate Operations – Land JV

The Land JV, of which the Company previously held a 33.5% retained interest, completed the sale of all of its remaining land holdings on December 10, 2021. From its inception on October 16, 2019 through December 31, 2021, the Land JV completed $147.0 million in land sales. Upon the closing of the sale of the Land JV's remaining assets to Timberline, the value of the Company’s previously held retained interest in the Land JV was realized in the form of proceeds, which totaled $24.5 million, to the Company after distributions to the other member of the Land JV.

Through December 31, 2021, the Company served as the manager of the Land JV and was responsible for day-to-day operations at the direction of the partners of the Land JV (the “JV Partners”). All major decisions and certain other actions taken by the manager were approved by the unanimous consent of the JV Partners (the “Unanimous Actions”). Unanimous Actions included such matters as the approval of pricing for all land parcels in the Land JV; approval of contracts for the sale of land that contain material revisions to the standard purchase contract of the Land JV; entry into any lease agreement affiliated with the Land JV; entering into listing or brokerage agreements; approval and amendment of the Land JV’s operating budget; obtaining financing for the Land JV; admission of additional members; and dispositions of the Land JV’s real property for amounts less than market value. As a result of the Land JV Sale, no management fee revenues pertaining to the Land JV were earned during the year ended December 31, 2022.

RELATED PARTY MANAGEMENT SERVICES BUSINESS

12 Months Ended

Dec. 31, 2022

NOTE 5. RELATED PARTY MANAGEMENT SERVICES BUSINESS

The Company’s management fee income is within the scope of FASB ASC Topic 606, Revenue from Contracts with Customers, and totaled $3.8 million, $3.3 million, and $2.7 million during the years ended December 31, 2022, 2021, and 2020, respectively. Management fee income is recognized as revenue over time, over the period the services are performed.

Alpine Income Property Trust. Pursuant to the Company’s management agreement with PINE, the Company generates a base management fee equal to 0.375% per quarter of PINE’s total equity (as defined in the management agreement and based on a 1.5% annual rate), calculated and payable in cash, quarterly in arrears. The structure of the base fee provides the Company with an opportunity for the base fee to grow should PINE’s independent board members determine to raise additional equity capital in the future. The Company also has an opportunity to achieve additional cash flows as manager of PINE pursuant an annual incentive fee based on PINE’s total stockholder return exceeding an 8% cumulative annual hurdle rate (the “Outperformance Amount”) subject to a high-water mark price. PINE would pay the Company an incentive fee with respect to each annual measurement period in an amount equal to the greater of (i) $0.00 and (ii) the product of (a) 15% multiplied by (b) the Outperformance Amount multiplied by (c) the weighted average shares. No incentive fee was earned for the year ended December 31, 2022 or 2021.

During the years ended December 31, 2022, 2021, and 2020, the Company earned management fee revenue from PINE totaling $3.8 million, $3.2 million, and $2.6 million, respectively. Dividend income for the years ended December

31, 2022, 2021, and 2020 totaled $2.3 million, $2.1 million, and $1.7 million, respectively. Management fee revenue from PINE, included in management services, and dividend income, included in investment and other income (loss), are reflected in the accompanying consolidated statements of operations.

The following table represents amounts due from PINE to the Company as of December 31, 2022 and 2021 which are included in other assets on the consolidated balance sheets (in thousands):


	As of
Description	December 31, 2022		December 31, 2021
Management Services Fee due From PINE	$	993	$	913
Dividend Receivable		337		330
Other		(30)		410
Total	$	1,300	$	1,653

On November 26, 2019, as part of PINE’s IPO, the Company sold PINE 15 properties for aggregate cash consideration of $125.9 million. In connection with the IPO, the Company contributed to the PINE Operating Partnership five properties in exchange for an aggregate of 1,223,854 OP Units, which had an initial value of $23.3 million. Additionally, on November 26, 2019, the Company purchased 394,737 shares of PINE common stock for a total purchase price of $7.5 million in a private placement and 421,053 shares of PINE common stock in the IPO for a total purchase price of $8.0 million.

On October 26, 2021, the Board authorized the purchase by the Company of up to $5.0 million in shares of common stock of PINE, at a weighted average price not to exceed $17.75 per share (the “Prior PINE Share Purchase Authorization”). Pursuant to the Prior PINE Share Purchase Authorization, during the year ended December 31, 2022, CTO purchased 155,665 shares of PINE common stock in the open market for $2.7 million, or an average price per share of $17.57. Pursuant to the Prior PINE Share Purchase Authorization, during the year ended December 31, 2021, the Company purchased 8,088 shares of PINE common stock on the open market for a total of $0.1 million, or an average price of $17.65 per share. As of December 31, 2022, CTO owns, in the aggregate, 1,223,854 OP Units and 979,543 shares of PINE common stock, representing an investment totaling $42.0 million, or 14.6% of PINE’s outstanding equity.

On February 16, 2023, the Board cancelled the Prior PINE Share Purchase Authorization and authorized the purchase by the Company of up to $2.1 million in shares of common stock of PINE, at a weighted average price not to exceed $18.50 per share (the “2023 PINE Share Purchase Authorization”). Shares of PINE may be purchased under the 2023 PINE Share Purchase Authorization through open market purchases or unsolicited or solicited privately negotiated transactions. The 2023 PINE Share Purchase Authorization does not obligate the Company to acquire any particular amount of shares of PINE and may be modified or suspended.

During the year ended December 31, 2022, PINE exercised its right, pursuant to an Exclusivity and Right of First Offer Agreement between the Company and PINE (the “ROFO Agreement”), to purchase one single-tenant income property from the Company for a purchase price of $6.9 million, which sale was completed on January 7, 2022. During the year ended December 31, 2021, PINE exercised its right to purchase the following properties from the Company pursuant to the ROFO Agreement: (i) a portfolio of six net leased properties (the “CMBS Portfolio”) for an aggregate purchase price of $44.5 million, and (ii) one single-tenant income property for a purchase price of $11.5 million. In connection with the sale of the CMBS Portfolio, PINE assumed the related $30.0 million mortgage note payable which resulted in a loss on the extinguishment of debt of $0.5 million due to the write off of unamortized debt issuance costs.

Land JV. Prior to the Land JV Sale on December 10, 2021, 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 was evaluated quarterly and as land sales occurred in the Land JV, the basis for the Company’s management fee was reduced as the management fee was based on the value of real property that remained in the Land JV. The monthly management fee as of December 31, 2021 was $10,000 per month. As a result of the Land JV Sale, no management fee revenues pertaining to the Land JV were earned during the year ended December 31, 2022. During the years ended December 31, 2021, and 2020, the Company earned management fee revenue from the Land JV totaling $0.1 million, $0.2 million, respectively.

INVESTMENT IN JOINT VENTURES

12 Months Ended

Dec. 31, 2022

INVESTMENT IN JOINT VENTURES

INVESTMENT IN JOINT VENTURES

NOTE 7. INVESTMENT IN JOINT VENTURES

The Company has no investments in joint ventures as of December 31, 2022 or 2021.

Watters Creek Investment. As described in Note 4. “Commercial Loans and Investments,” on April 7, 2022, the Company entered into the Watters Creek Investment. The Watters Creek Investment represents $30.0 million, or approximately 23%, of funding towards the total investment in Watters Creek at Montgomery Farm, a grocery-anchored, mixed-use property located in Allen, Texas (the “Watters Creek Property”). The remaining funding is comprised of a combination of third-party sponsorship equity and a secured first mortgage. The Company’s variable interest in the entity underlying the Watters Creek Investment is primarily due to the inherent credit risk associated with the $30.0 million fixed-return preferred investment. The day-to-day operations, including asset management and leasing, of the Watters Creek Property are managed by an unrelated third-party. Pursuant to FASB ASC Topic 810, Consolidation, the Company determined we are not the primary beneficiary of the entity underlying the Watters Creek Investment; accordingly, the entity was not consolidated. The investment was recorded in the consolidated balance sheets as a commercial loan investment at the time of acquisition. The significant factors related to this determination included, but were not limited to, the Company not having the power to direct the activities of the entity underlying the Watters Creek Investment due to (i) the day-to-day operations being managed by an unrelated third-party and (ii) the Company’s position as minority lender with fixed returns and maturity dates for the repayment of the $30.0 million preferred investment.

Land JV. The Company’s previously held retained interest in the Land JV represented a notional 33.5% stake in the venture, the value of which was realized in the form of distributions based on the timing and the amount of proceeds achieved when the land was ultimately sold by the Land JV. As of September 30, 2021, the Land JV had completed $80.7 million in land sales since its inception in mid-October 2019. On December 10, 2021, the Land JV completed the sale of all of its remaining land holdings to Timberline for $66.3 million. Proceeds to the Company after distributions to the other member of the Land JV, and before taxes, were $24.5 million.

Through December 31, 2021, the Company served as the manager of the Land JV and was responsible for day-to-day operations at the direction of the JV Partners. All Unanimous Actions taken by the manager were approved by the unanimous consent of the JV Partners. Pursuant to the Land JV’s operating agreement, the Land JV paid the manager a management fee in the initial amount of $20,000 per month. The management fee was evaluated quarterly, and as land sales occurred in the Land JV, the basis for our management fee was reduced as the management fee was based on the value of real property that remained in the Land JV. The monthly management fee as of December 31, 2021, was $10,000 per month. No management fees pertaining to the Land JV were earned during the year ended December 31, 2022.

Prior to the Land JV Sale, the investment in joint ventures on the Company’s consolidated balance sheets included the Company’s previously held ownership interest in the Land JV. We concluded the Land JV to be a variable interest entity and therefore, it was accounted for under the equity method of accounting as the Company was not the primary beneficiary as defined in FASB ASC Topic 810, Consolidation. The significant factors related to this determination included, but were 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 used the equity method to account for the Land JV investment.

During the year ended December 31, 2021, the Company recognized impairment charges on its previously held retained interest in the Land JV totaling $17.6 million. The aggregate $17.6 million impairment on the previously held retained interest in the Land JV was a result of eliminating the investment in joint ventures based on the final proceeds received through distributions of the Land JV in connection with the sale of the Land JV’s remaining land.

Additionally, during the year ended December 31, 2020, the Company recognized an impairment on its previously held retained interest in the Land JV totaling $7.1 million. The $7.1 million impairment on the Company’s previously held retained interest in the Land JV is the result of a re-forecast of the then anticipated undiscounted future cash flows to be received by the Company based on the estimated timing of future land sales from the Land JV.

The following table provides summarized financial information of the Land JV for the years ended December 31, 2022, 2021, and 2020 (in thousands):


	Year Ended
	December 31, 2022		December 31, 2021		December 31, 2020
Revenues	$	—	$	67,367	$	65,446
Direct Cost of Revenues		—		(8,867)		(13,012)
Operating Income	$	—	$	58,500	$	52,434
Other Operating Expenses		—		(376)		(462)
Net Income	$	—	$	58,124	$	51,972

The Company’s share of the Land JV’s net income (loss) was zero for the years ended December 31, 2022, 2021, and 2020. Pursuant to ASC 323, certain adjustments are made when calculating the Company’s share of net income, including adjustments required to reflect the investor’s share of changes in investee’s capital to reflect distributions from the venture. Additionally, basis differences are also considered. The Company recorded the initial retained interest in the Land JV of $48.9 million at the estimated fair market value based on the relationship of the $97.0 million sales price of the 66.5% equity interest to the 33.5% retained interest. The Land JV recorded the assets contributed by the Company at carry-over basis pursuant to ASC 845 which states that transfers of nonmonetary assets should typically be recorded at the transferor’s historical cost basis. Accordingly, the Company’s basis difference in the 33.5% retained equity interest was evaluated each quarter upon determining the Company’s share of the Land JV’s net income. As a result of the Land JV Sale, the liquidation of the Land JV’s assets, and the dissolution of the underlying entities, such evaluation was and will no longer be required as of and subsequent to December 31, 2021.

Mitigation Bank. The mitigation bank transaction completed in June 2018 consisted of the sale of a 70% interest in the entity that owns the Mitigation Bank (the “Mitigation Bank JV”). The purchaser of the 70% interest in the Mitigation Bank JV was comprised of certain funds and accounts managed by an investment advisor subsidiary of BlackRock, Inc. (“BlackRock”). The Company retained a 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 JV property, responsible for the maintenance, generation, tracking, and other aspects of wetland mitigation credits. Prior to September 30, 2021, the investment in joint ventures included on the Company’s consolidated balance sheets included $6.9 million related to the fair market value of the 30% retained interest in the Mitigation Bank JV.

On September 30, 2021, the Company, through a wholly owned and fully consolidated TRS, purchased the remaining 70% interest in the Mitigation Bank JV from BlackRock for $18.0 million (the “Interest Purchase”) resulting in a net cash payment by the Company of $16.1 million after utilizing the available cash in the Mitigation Bank JV of $1.9 million. As a result of the Interest Purchase, the Mitigation Bank JV is now wholly owned by the Company and is referred to as the Mitigation Bank. Pursuant to ASU 2017-01, Business Combinations: Clarifying the Definition of a Business, the Interest Purchase represents an asset acquisition as substantially all of the fair value of the gross assets acquired are concentrated in a group of similar identifiable assets, i.e. the mitigation credits and mitigation credit rights. Accordingly, the Company recorded the Interest Purchase by allocating the total cost of the asset group to the individual assets acquired. The Company’s total cost of the Interest Purchase totaled $24.9 million which is comprised of (i) the $18.0 million Interest Purchase and (ii) the $6.9 million previously recorded value of the retained interest in the entity that owns the Mitigation Bank. In connection with the Interest Purchase, the previously recorded value of $6.9 million of the retained interest was eliminated and the $24.9 million total cost was allocated as follows: (i) $1.8 million to cash and cash equivalents, (ii) $0.6 million to restricted cash, (iii) $0.9 million to the mitigation credits, and (iv) $21.6 million to the mitigation credit rights.

On December 29, 2022, the Company completed the sale of the entity that owned the Mitigation Bank for a sales price of $8.1 million resulting in a loss on disposition of assets of $11.9 million. A balance of mitigation credits and mitigation credit rights were retained by the Company as part of the sale agreement.

The following table provides summarized financial information of the Mitigation Bank JV for the years ended December 31, 2022, 2021 and 2020 (in thousands).


	Year Ended
	December 31, 2022		December 31, 2021		December 31, 2020
Revenues	$	—	$	512	$	4,109
Direct Cost of Revenues		—		(16)		(167)
Operating Income	$	—	$	496	$	3,942
Other Operating Expenses		—		(162)		(175)
Net Income	$	—	$	334	$	3,767

The Company’s share of the Mitigation Bank JV’s net income (loss) was zero for the years ended December 31, 2022, 2021, and 2020. Pursuant to ASC 323, certain adjustments are made when calculating the Company’s share of net income, including adjustments required to reflect the investor’s share of changes in investee’s capital to reflect distributions from the venture. Additionally, basis differences are also considered. The Company recorded the initial retained interest in the Mitigation Bank JV of $6.8 million in June 2018 at the estimated fair market value based on the relationship of the $15.3 million sales price of the 70% equity interest to the 30% retained interest. The Mitigation Bank JV recorded the assets contributed by the Company at carry-over basis pursuant to ASC 845 which states that transfers of nonmonetary assets should typically be recorded at the transferor’s historical cost basis. Accordingly, the Company’s basis difference in the 30% retained equity interest was evaluated each quarter upon determining the Company’s share of the Mitigation Bank JV’s net income. As a result of the Interest Purchase, such evaluation was and will no longer be required as of and subsequent to December 31, 2021.

INVESTMENT SECURITIES

12 Months Ended

Dec. 31, 2022

INVESTMENT SECURITIES

INVESTMENT SECURITIES

NOTE 8. INVESTMENT SECURITIES

As of December 31, 2022, the Company owns, in the aggregate and on a fully diluted basis, 2.2 million shares of PINE, or 14.6% of PINE’s total shares outstanding for an investment value of $42.0 million, which total includes 1.2 million OP Units, or 8.1%, which the Company received in exchange for the contribution of certain income properties to the PINE Operating Partnership, in addition to 979,543 shares of common stock owned by the Company, or 6.5%. The Company has elected the fair value option related to the aggregate investment in securities of PINE pursuant to ASC 825, otherwise such investments would have been accounted for under the equity method. For detailed financial information regarding PINE, please refer to its financial statements, which are publicly available on the website of the Securities and Exchange Commission at http://www.sec.gov under the ticker symbol “PINE.”

The Company calculates the unrealized gain or loss based on the closing stock price of PINE at each respective balance sheet date. The unrealized, non-cash gains and losses resulting from the changes in the closing stock price of PINE are included in investment and other income (loss) in the consolidated statements of operations for years ended December 31, 2022, 2021, and 2020.

The Company’s available-for-sale securities as of December 31, 2022 and 2021 are summarized below (in thousands):


	Cost		Unrealized Gains in Investment Income		Unrealized Losses in Investment Income		Estimated Fair Value (Level 1 Inputs)
December 31, 2022
Common Stock	$	18,382	$	308	$	—	$	18,690
Operating Units		23,253		98		—		23,351
Total Equity Securities		41,635		406		—		42,041
Total Available-for-Sale Securities	$	41,635	$	406	$	—	$	42,041

December 31, 2021
Common Stock	$	15,643	$	868	$	—	$	16,511
Operating Units		23,253		1,273		—		24,526
Total Equity Securities		38,896		2,141		—		41,037
Total Available-for-Sale Securities	$	38,896	$	2,141	$	—	$	41,037

FAIR VALUE OF FINANCIAL INSTRUMENTS

12 Months Ended

Dec. 31, 2022

FAIR VALUE OF FINANCIAL INSTRUMENTS

FAIR VALUE OF FINANCIAL INSTRUMENTS

NOTE 9. FAIR VALUE OF FINANCIAL INSTRUMENTS

The following table presents the carrying value and estimated fair value of the Company’s financial instruments not carried at fair value on the consolidated balance sheets at December 31, 2022 and 2021 (in thousands):


	December 31, 2022				December 31, 2021
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Cash and Cash Equivalents - Level 1	$	19,333	$	19,333	$	8,615	$	8,615
Restricted Cash - Level 1	$	1,861	$	1,861	$	22,734	$	22,734
Commercial Loans and Investments - Level 2	$	31,908	$	32,960	$	39,095	$	39,109
Long-Term Debt - Level 2	$	445,583	$	426,421	$	278,273	$	288,000

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, 2022 and 2021 (in thousands). See Note 17, “Interest Rate Swaps” for further disclosure related to the Company’s interest rate swaps.


			Fair Value at Reporting Date Using
	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
December 31, 2022
Cash Flow Hedge - 2026 Term Loan Interest Rate Swap	$	4,586	$	—	$	4,586	$	—
Cash Flow Hedge - 2026 Term Loan Interest Rate Swap	$	1,461	$	—	$	1,461	$	—
Cash Flow Hedge - 2027 Term Loan Interest Rate Swap	$	10,111	$	—	$	10,111	$	—
Cash Flow Hedge - 2028 Term Loan Interest Rate Swap	$	(397)	$	—	$	(397)	$	—
Investment Securities	$	42,041	$	42,041	$	—	$	—
December 31, 2021
Cash Flow Hedge - 2026 Term Loan Interest Rate Swap	$	727	$	—	$	727	$	—
Cash Flow Hedge - 2026 Term Loan Interest Rate Swap	$	240	$	—	$	240	$	—
Cash Flow Hedge - 2027 Term Loan Interest Rate Swap	$	550	$	—	$	550	$	—
Investment Securities	$	41,037	$	41,037	$	—	$	—

No assets were measured on a non-recurring basis as of December 31, 2022 or 2021.

- 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, 2022

INTANGIBLE ASSETS AND LIABILITIES

INTANGIBLE ASSETS AND LIABILITIES

NOTE 10. INTANGIBLE ASSETS AND LIABILITIES

Intangible assets and liabilities consist of the value of above-market and below-market leases, the value of in-place leases, and the value of leasing costs, based in each case on their fair values. Intangible assets and liabilities consisted of the following as of December 31, 2022 and 2021 (in thousands):


	As of
	December 31, 2022		December 31, 2021
Intangible Lease Assets:
Value of In-Place Leases	$	90,335	$	59,293
Value of Above Market In-Place Leases		32,008		23,216
Value of Intangible Leasing Costs		25,531		18,456
Sub-total Intangible Lease Assets		147,874		100,965
Accumulated Amortization		(31,890)		(21,473)
Sub-total Intangible Lease Assets—Net		115,984		79,492
Intangible Lease Liabilities (Included in Accrued and Other Liabilities):
Value of Below Market In-Place Leases		(12,307)		(6,942)
Sub-total Intangible Lease Liabilities		(12,307)		(6,942)
Accumulated Amortization		2,422		1,341
Sub-total Intangible Lease Liabilities—Net		(9,885)		(5,601)
Total Intangible Assets and Liabilities—Net	$	106,099	$	73,891

The following table reflects the net amortization of intangible assets and liabilities during the years ended December 31, 2022, 2021, and 2020 (in thousands):


	Year Ended
	December 31, 2022		December 31, 2021		December 31, 2020
Amortization Expense	$	12,300	$	8,264	$	7,805
Accretion to Income Properties Revenue		2,161		(404)		(1,754)
Net Amortization of Intangible Assets and Liabilities	$	14,461	$	7,860	$	6,051

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


Year Ending December 31,	Future Amortization Amount		Future Accretion to Income Property Revenue		Net Future Amortization of Intangible Assets and Liabilities
2023	$	14,977	$	2,757	$	17,734
2024		14,764		2,803		17,567
2025		12,944		2,878		15,822
2026		11,233		2,597		13,830
2027		10,978		1,408		12,386
2028 and Thereafter		25,509		3,251		28,760
Total	$	90,405	$	15,694	$	106,099

As of December 31, 2022, the weighted average amortization period of total intangible assets and liabilities was 6.1 years and 7.7 years, respectively.

IMPAIRMENT OF LONG-LIVED ASSETS

12 Months Ended

Dec. 31, 2022

IMPAIRMENT OF LONG-LIVED ASSETS

IMPAIRMENT OF LONG-LIVED ASSETS

NOTE 11. 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 undeveloped land holdings, or its income property portfolio, during the years ended December 31, 2022, 2021, or 2020. The $17.6 million impairment charge recognized during the year ended December 31, 2021, is related to the Company’s previously held retained interest in the Land JV as a result of the estimated proceeds received in connection with the contract entered into with Timberline Acquisition Partners, an affiliate of Timberline Real Estate Partners (“Timberline”), which closed on December 10, 2021.

Additionally, during the year ended December 31, 2020, the Company recognized an aggregate $7.2 million impairment charge as a 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.

OTHER ASSETS

12 Months Ended

Dec. 31, 2022

OTHER ASSETS

OTHER ASSETS

NOTE 12. OTHER ASSETS

Other assets consisted of the following as of December 31, 2022 and 2021 (in thousands):


	As of
	December 31, 2022		December 31, 2021
Income Property Tenant Receivables, Net of Allowance for Doubtful Accounts ⁽¹⁾	$	2,206	$	885
Income Property Straight-line Rent Adjustment and COVID-19 Deferral Balance		6,214		5,180
Operating Leases - Right-of-Use Asset		63		168
Golf Rounds Surcharge		216		338
Cash Flow Hedge - Interest Rate Swap		16,158		1,543
Infrastructure Reimbursement Receivables		824		1,080
Prepaid Expenses, Deposits, and Other		5,421		3,526
Due from Alpine Income Property Trust, Inc.		1,300		1,653
Financing Costs, Net of Accumulated Amortization		2,051		524
Total Other Assets	$	34,453	$	14,897

⁽¹⁾Includes a $1.8 million and $0.5 million allowance for doubtful accounts as of December 31, 2022 and 2021, respectively.

Income Property Straight-Line Rent Adjustment. As of December 31, 2022 and 2021, the straight-line rent adjustment includes a balance of $0.05 million and $0.1 million of deferred rent related to the COVID-19 Pandemic, respectively. Pursuant to the interpretive guidance issued by the FASB in April 2020 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, 2022 and 2021, the infrastructure reimbursement receivables were all related to the land sales within the Tomoka Town Center. The balance as of December 31, 2022 consisted of $0.7 million due from Tanger for infrastructure reimbursement to be repaid in four remaining annual installments of approximately $0.2 million each, net of a discount of $0.08 million, and $0.2 million due from Sam’s Club for infrastructure reimbursement to be repaid in two remaining annual installments of $0.1 million each, net of a discount of $0.02 million.

EQUITY

12 Months Ended

Dec. 31, 2022

EQUITY

EQUITY

NOTE 13. EQUITY

STOCK SPLIT

On April 27, 2022, the Company announced that its Board of Directors approved a three-for-one stock split of the Company’s common stock to be effected in the form of a stock dividend. Each stockholder of record at the close of business on June 27, 2022 (the “Record Date”), received two additional shares of the Company’s common stock for each share held as of the Record Date. The new shares were distributed after the market closed on June 30, 2022. The Company’s stock began trading at the post-split price on July 1, 2022. Pursuant to FASB ASC Topic 505, Equity, the Company has adjusted the computations of basic and diluted earnings per share retroactively for all periods presented. Similarly, the Company has retroactively updated the disclosures in each prior period presented to conform to the split-adjusted dividend amount, for per share amounts including but not limited to dividends declared, stock-based compensation shares outstanding, ATM program activity, and share repurchases.

SHELF REGISTRATION

On April 1, 2021, the Company filed a shelf registration statement on Form S-3, relating to the registration and potential issuance of its common stock, preferred stock, debt securities, warrants, rights, and units with a maximum aggregate offering price of up to $350.0 million. The Securities and Exchange Commission declared the Form S-3 effective on April 19, 2021.

On October 11, 2022, the Company filed a new shelf registration statement on Form S-3, relating to the registration and potential issuance of its common stock, preferred stock, debt securities, warrants, rights, and units with a maximum aggregate offering price of up to $500.0 million. The Securities and Exchange Commission declared the Form S-3 effective on October 26, 2022.

EQUITY OFFERING

On December 5, 2022, the Company completed a follow-on public offering of 3,450,000 shares of common stock, which included the full exercise of the underwriters’ option to purchase an additional 450,000 shares of common stock. Upon closing, the Company issued 3,450,000 shares and received net proceeds of $62.4 million, after deducting the underwriting discount and expenses.

ATM PROGRAM

On April 30, 2021, the Company implemented a $150.0 million “at-the-market” equity offering program (the “2021 ATM Program”) pursuant to which the Company may sell, from time to time, shares of the Company’s common stock. During the year ended December 31, 2022, the Company sold 961,261 shares under the 2021 ATM Program for gross proceeds of $21.1 million at a weighted average price of $21.99 per share, generating net proceeds of $20.8 million after deducting transaction fees totaling less than $0.3 million. The Company was not active under the 2021 ATM Program during the year ended December 31, 2021. The 2021 ATM Program was terminated in connection with the establishment of the 2022 ATM Program, hereinafter defined.

On October 28, 2022, the Company implemented a $150.0 million “at-the-market” equity offering program (the “2022 ATM Program”) pursuant to which the Company may sell, from time to time, shares of the Company’s common stock. During the year ended December 31, 2022, the Company sold 604,765 shares under the 2022 ATM Program for gross proceeds of $12.3 million at a weighted average price of $20.29 per share, generating net proceeds of $12.1 million after deducting transaction fees totaling $0.2 million.

In the aggregate, under the 2021 ATM Program and 2022 ATM Program, during the year ended December 31, 2022,

the Company sold 1,566,026 shares for gross proceeds of $33.4 million at a weighted average price of $21.33 per share, generating net proceeds of $32.9 million after deducting transaction fees totaling $0.5 million.

PREFERRED STOCK

On June 28, 2021, the Company priced a public offering of 3,000,000 shares of its 6.375% Series A Cumulative Redeemable Preferred Stock (the “Series A Preferred Stock”) at a public offering price of $25.00 per share. The offering closed on July 6, 2021 and generated total net proceeds to the Company of $72.4 million, after deducting the underwriting

discount and expenses. The Series A Preferred Stock ranks senior to the Company’s common stock with respect to dividend rights and rights upon liquidation, dissolution or winding up of the Company. The Series A Preferred Stock has no maturity date and will remain outstanding unless redeemed.

The Series A Preferred Stock is not redeemable by the Company prior to July 6, 2026 except under limited circumstances intended to preserve the Company’s qualification as a REIT for U.S. federal income tax purposes or upon the occurrence of a change of control, as defined in the Articles Supplementary designating the Series A Preferred Stock (the “Articles Supplementary”). Upon such change in control, the Company may redeem, at its election, the Series A Preferred Stock at a redemption price of $25.00 per share plus any accumulated and unpaid dividends up to, but excluding the date of redemption, and in limited circumstances, the holders of preferred stock shares may convert some or all of their Series A Preferred Stock into shares of the Company’s common stock at conversion rates set forth in the Articles Supplementary.

The following details the public offering (in thousands, except per share data):


Series	Dividend Rate	Issued	Shares Outstanding	Gross Proceeds		Net Proceeds		Dividend per Share		Earliest Redemption Date
Series A	6.375%	July 2021	3,000,000	$	75,000	$	72,428	$	0.3984	July 2026

SERIES A PREFERRED STOCK REPURCHASE PROGRAM

On February 16, 2023, the Company’s Board of Directors approved a Series A Preferred Stock repurchase program, which is expected to be in effect until the approved dollar amount has been used to repurchase shares (the “Series A Preferred Stock Repurchase Program”). Pursuant to the Series A Preferred Stock Repurchase Program, the Company may repurchase shares of its Series A Preferred Stock for a total purchase price of up to $3.0 million at a purchase price per share equal to or less than $19.00. Shares may be purchased under the Series A Preferred Stock Repurchase Program in open market transactions, including through block purchases, through privately negotiated transactions or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 under the Exchange Act. The Series A Preferred Stock Repurchase Program does not obligate the Company to acquire any particular amount of shares of its Series A Preferred Stock and may be modified or suspended.

DIVIDENDS

The Company elected to be taxed as a REIT for U.S. federal income tax purposes under the Code commencing with its taxable year ended December 31, 2020. In order to maintain its qualification as a REIT, the Company must annually distribute, at a minimum, an amount equal to 90% of its taxable income, determined without regard to the deduction for dividends paid and excluding net capital gains, and must distribute 100% of its taxable income (including net capital gains) to eliminate U.S. federal income taxes payable by the Company. Because taxable income differs from cash flow from operations due to non-cash revenues and expenses (such as depreciation and other items), in certain circumstances, the Company may generate operating cash flow in excess of its dividends, or alternatively, may need to make dividend payments in excess of operating cash flows.

The following table outlines dividends declared and paid for each issuance of CTO’s stock during the years ended December 31, 2022, 2021, and 2020 (in thousands, except per share data):


	Year Ended
	December 31, 2022		December 31, 2021		December 31, 2020
Series A Preferred Stock
Dividends	$	4,781	$	2,325	$	—
Per Share	$	1.59	$	0.77	$	—

Common Stock
Dividends	$	28,896	$	23,580	$	64,665	⁽¹⁾
Per Share	$	1.49	$	1.33	$	4.63	⁽¹⁾


⁽¹⁾	Represents the aggregate of (i) $0.63 per share of regular cash dividends totaling $8.9 million and (ii) $3.99 per share Special Distribution totaling $55.8 million, of which $5.6 million was paid in cash.

2025 NOTES

Effective January 1, 2022, the Company adopted ASU 2020-06 whereby diluted EPS includes the dilutive impact of the 2025 Notes (hereinafter defined) using the if-converted method. Upon adoption, the Company recorded a $7.0 million adjustment to reduce additional paid-in capital to eliminate the non-cash equity component of the 2025 Notes with corresponding offsets including (i) a $4.0 million cumulative effect adjustment to the opening balance of retained earnings and (ii) a $3.0 million adjustment to eliminate the non-cash portion of the convertible notes discount, net of accumulated amortization (the “2025 Notes Adjustment”). The 2025 Notes Adjustment was made on January 1, 2022, and is reflected in the accompanying consolidated statements of stockholders’ equity.

2025 NOTES REPURCHASE PROGRAM

On February 16, 2023, the Company’s Board of Directors approved a 2025 Notes repurchase program, which is expected to be in effect until the approved dollar amount has been used to repurchase 2025 Notes (the “2025 Notes Repurchase Program”). Pursuant to the 2025 Notes Repurchase Program, the Company may repurchase, in one or more transactions, 2025 Notes in the aggregate principal amount of not more than $4.74 million, at a price not to exceed 117% of par value. The 2025 Notes Repurchase Program does not obligate the Company to acquire any particular amount of 2025 Notes and may be modified or suspended.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI https://asc.fasb.org/topic&trid=2208762

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI https://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 16
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496180-112644

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 50
-Paragraph 6
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126731327&loc=SL126733271-114008

+ Details

COMMON STOCK AND EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2022

COMMON STOCK AND EARNINGS PER SHARE

COMMON STOCK AND EARNINGS PER SHARE

NOTE 14. COMMON STOCK AND EARNINGS PER SHARE

Basic earnings per common share is computed by dividing net income (loss) attributable to common stockholders during the period by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per common share is based on the assumption of the conversion of stock options and vesting of restricted stock at the beginning of each period using the treasury stock method at average cost for the periods. Effective as of January 1, 2022, diluted earnings per common share also reflects the 2025 Notes on an if-converted basis.

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


	Year Ended
	December 31, 2022		December 31, 2021		December 31, 2020
Basic and Diluted Earnings:
Net Income (Loss) Attributable to Common Stockholders, Used in Basic EPS	$	(1,623)	$	27,615	$	78,509
Add Back: Effect of Dilutive Interest Related to 2025 Notes ⁽¹⁾		—		—		—
Net Income (Loss) Attributable to Common Stockholders, Used in Diluted EPS	$	(1,623)	$	27,615	$	78,509

Basic and Diluted Shares:
Weighted Average Shares Outstanding, Basic		18,508,201		17,676,809		14,114,631
Common Shares Applicable to Dilutive Effect of 2025 Notes ⁽²⁾		—		—		—
Weighted Average Shares Outstanding, Diluted		18,508,201		17,676,809		14,114,631

Per Share Information:
Net Income (Loss) Attributable to Common Stockholders
Basic and Diluted	$	(0.09)	$	1.56	$	5.56

(1)

As applicable, includes interest expense, amortization of discount, amortization of fees, and other changes in net income or loss that would result from the assumed conversion of the 2025 Convertible Senior Notes to derive FFO effective January 1, 2022 due to the implementation of ASU 2020-06 which requires presentation on an if-converted basis. For the year ended December 31 2022, a total of $2.2 million of interest was not included, as the impact of the 2025 Notes, if-converted, would be antidilutive to the net loss attributable to common stockholders of $1.6 million.

(2)

A total of 3.1 million shares, representing the dilutive impact of the 2025 Notes, upon adoption of ASU 2020-06 effective January 1, 2022, were not included in the computation of diluted net loss attributable to common stockholders for the year ended December 31, 2022 because they were antidilutive to the net loss attributable to common stockholders of $1.6 million.

There were no potentially dilutive securities for years ended December 31, 2022, 2021, or 2020. The effect of 68,269, 2,497, and 39,558 potentially dilutive securities were not included for the years ended December 31, 2022, 2021 and 2020, respectively, as the effect would be anti-dilutive.

Effective January 1, 2022, the Company adopted ASU 2020-06 whereby diluted EPS includes the dilutive impact, if any, of the 2025 Notes using the if-converted method, irrespective of intended cash settlement. The Company intends to settle its 3.875% Convertible Senior Notes due 2025 (the “2025 Notes”) in cash upon conversion with any excess conversion value to be settled in shares of our common stock. The Company elected, upon adoption, to utilize the modified retrospective approach, negating the required restatement of EPS for periods prior to adoption. The Company overcame the presumption of share settlement prior to the adoption of ASU 2020-06, and therefore, there was no dilutive impact for the years ended December 31, 2021 or 2020. The effect of 3.1 million potentially dilutive 2025 Notes, if-converted, were not included for the year ended December 31, 2022, as the effect would be anti-dilutive.

SHARE REPURCHASES

12 Months Ended

Dec. 31, 2022

SHARE REPURCHASES

SHARE REPURCHASES

NOTE 15. SHARE REPURCHASES

Prior to March 31, 2021, repurchases of the Company’s common stock were returned to treasury. As a result of the Merger and pursuant to Maryland state law, the Company’s treasury stock ceased to be outstanding and was returned to unissued status. Accordingly, a $77.5 million adjustment to eliminate treasury stock with a corresponding decrease to additional paid-in capital was made during the year ended December 31, 2021 and is reflected in the accompanying consolidated statements of stockholders’ equity.

In February 2020, the Company’s Board approved a $10.0 million common stock repurchase program (the “$10.0 Million Common Stock 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. During the year ended December 31, 2021, the Company repurchased 40,553 shares of its common stock on the open market for a total cost of $2.2 million, or an average price per share of $54.48. During the year ended December 31, 2022, the Company repurchased 145,724 shares of its common stock on the open market for a total cost of $2.8 million, or an average price per share of $19.15. The $10.0 Million Common Stock Repurchase Program does not have an expiration date.

On February 16, 2023, the Company’s Board of Directors approved a common stock repurchase program, which is expected to be in effect until the approved dollar amount has been used to repurchase shares (the “$5.0 Million Common Stock Repurchase Program”). Pursuant to the $5.0 Million Common Stock Repurchase Program, the Company may repurchase shares of its common stock for a total purchase price of up to $5.0 million at an average per share purchase price equal to or less than $17.00. Shares may be purchased under the Common Stock Repurchase Program in open market transactions, including through block purchases, through privately negotiated transactions or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The $5.0 Million Common Stock Repurchase Program does not obligate the Company to acquire any particular amount of shares of its common stock and may be modified or suspended.

LONG-TERM DEBT

12 Months Ended

Dec. 31, 2022

LONG-TERM DEBT

LONG-TERM DEBT

NOTE 16. LONG-TERM DEBT

As of December 31, 2022, the Company’s outstanding indebtedness, at face value, was as follows (in thousands):


	Face Value Debt		Maturity Date	Interest Rate
Credit Facility	$	113,750	January 2027		30-day SOFR + 0.10% + [1.25% - 2.20%]
2026 Term Loan ⁽¹⁾		65,000	March 2026		30-day SOFR + 0.10% + [1.25% - 2.20%]
2027 Term Loan ⁽²⁾		100,000	January 2027		30-day SOFR + 0.10% + [1.25% - 2.20%]
2028 Term Loan ⁽³⁾		100,000	January 2028		30-day SOFR + 0.10% + [1.20% - 2.15%]
3.875% Convertible Senior Notes due 2025		51,034	April 2025		3.875%
Mortgage Note Payable		17,800	August 2026		4.060%
Total Long-Term Face Value Debt	$	447,584

(1)	The Company utilized interest rate swaps on the $65.0 million 2026 Term Loan balance to fix SOFR and achieve a weighted average fixed swap rate of 0.26% plus the 10 bps SOFR adjustment plus the applicable spread.

(2)	The Company utilized interest rate swaps on the $100.0 million 2027 Term Loan balance to fix SOFR and achieve a fixed swap rate of 0.64% plus the 10 bps SOFR adjustment plus the applicable spread

(3)	The Company entered into interest rate swaps on the $100.0 million 2028 Term Loan balance to fix SOFR and achieve a weighted average fixed swap rate of 3.78% plus the 10 bps SOFR adjustment plus the applicable spread.

Credit Facility. The 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 Truist Bank and Wells Fargo. On September 7, 2017, the Company executed the second amendment and restatement of the Credit Facility (the “2017 Amended Credit Facility”). As a result of the March 2021 Revolver Amendment, as defined below, The Huntington National Bank was added as a lender to the Company’s Credit Facility.

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

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

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

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

On March 10, 2021, the Company entered into the sixth amendment to the 2017 Amended Credit Facility (the “March 2021 Revolver Amendment”). The March 2021 Revolver Amendment included, among other things, (i) increase of the revolving credit commitment from $200.0 million to $210.0 million, (ii) addition of the 2026 Term Loan in the aggregate amount of $50.0 million, (iii) updates to certain financing rate provisions provided therein, and (iv) joinder of The Huntington National Bank as a 2026 Term Loan lender and Credit Facility lender. The March 2021 Revolver Amendment also includes accordion options that allow the Company to request additional 2026 Term Loan lender commitments up to a total of $150.0 million and additional Credit Facility lender commitments up to a total of $300.0 million. During the three months ended June 30, 2021, the Company exercised the 2026 Term Loan accordion option for $15.0 million, increasing total lender commitments to $65.0 million.

On November 5, 2021, the Company entered into the seventh amendment to the 2017 Amended Credit Facility (the “November 2021 Revolver Amendment”). The November 2021 Revolver Amendment included, among other things, (i) addition of the 2027 Term Loan in the aggregate amount of $100.0 million and (ii) joinder of KeyBank National Association, Raymond James Bank, and Synovus Bank as 2027 Term Loan lenders. The November 2021 Revolver Amendment also includes an accordion option that allows the Company to request additional term loan lender commitments up to a total of $400.0 million in the aggregate.

On September 20, 2022, the Company entered into the eighth amendment to the 2017 Amended Credit Facility (the “Eighth Amendment”), which includes among other things: (i) the origination of the 2028 Term Loan, as defined in the Credit Agreement, (ii) the increase of Revolving Credit Commitments, as defined in the Credit Facility, up to $300.0 million, (iii) an accordion option that allows the Company to request additional revolving loan commitments and additional term loan commitments, provided, (a) the aggregate amount of revolving loan commitments shall not exceed $750,000,000 and (b) the aggregate amount of term loan commitments shall not exceed $500,000,000, (iv) an extension of the Revolving Credit Termination Date, as defined in the Credit Facility, from May 24, 2023 to January 31, 2027, (v) a sustainability-linked pricing component pursuant to which the Company will receive interest rate reductions based on its performance against certain sustainability performance targets, (vi) the release of the Pledge Collateral, as defined in the Eighth Amendment, and (vii) the joinder of PNC Bank, National Association (“PNC”) as a Term Loan Lender, as defined in the Credit Facility, and PNC and Regions Bank as Revolving Lenders, as defined in the Credit Facility.

At December 31, 2022, the current commitment level under the Credit Facility was $300.0 million. The undrawn borrowing capacity under the Credit Facility was $186.2 million, based on the level of borrowing base assets. As of December 31, 2022, the Credit Facility had a $113.8 million balance outstanding.

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

Mortgage Notes Payable. On March 3, 2022, in connection with the acquisition of Price Plaza Shopping Center, the Company assumed an existing $17.8 million secured fixed-rate mortgage note payable, which bears interest at a fixed rate of 4.06% and matures in August 2026.

Convertible Debt. The Company had an initial aggregate principal amount of $75.0 million of 3.875% Convertible Notes (the “2025 Notes”). During the year ended December 31, 2020, the Company repurchased $12.5 million aggregate principal amount of 2025 Notes at a $2.6 million discount, resulting in a gain on extinguishment of debt of $1.1 million. During the year ended December 31, 2021, the Company repurchased $11.4 million aggregate principal amount of 2025

Notes at a $1.6 million premium, resulting in a loss on extinguishment of debt of $2.9 million. Following the repurchases, $51.0 million aggregate principal amount of the 2025 Notes remains outstanding at December 31, 2022.

The 2025 Notes represent senior unsecured obligations of the Company and pay interest semi-annually in arrears on each April 15th and October 15th, commencing on April 15, 2020, at a rate of 3.875% per annum. The 2025 Notes mature on April 15, 2025 and may not be redeemed by the Company prior to the maturity date. The conversion rate for the 2025 Notes was initially 12.7910 shares of the Company’s common stock per $1,000 of principal of the 2025 Notes (equivalent to an initial conversion price of $78.18 per share of the Company’s common stock). The initial conversion price of the 2025 Notes represented a premium of 20% to the $65.15 closing sale price of the Company’s common stock on the NYSE American on January 29, 2020. If the Company’s Board increases the quarterly dividend above the $0.13 per share in place at issuance, the conversion rate is adjusted with each such increase in the quarterly dividend amount. After the fourth quarter 2022 dividend, the conversion rate is equal to 62.2047 shares of common stock for each $1,000 principal amount of 2025 Notes, which represents an adjusted conversion price of $16.08 per share of common stock. At the maturity date, the 2025 Notes are convertible into cash, common stock or a combination thereof, subject to various conditions, at the Company’s option. Should certain corporate transactions or events occur prior to the stated maturity date, the Company will increase the conversion rate for a holder that elects to convert its 2025 Notes in connection with such corporate transaction or event.

The conversion rate is subject to adjustment in certain circumstances. Holders may not surrender their 2025 Notes for conversion prior to January 15, 2025 except upon the occurrence of certain conditions relating to the closing sale price of the Company’s common stock, the trading price per $1,000 principal amount of 2025 Notes, or specified corporate events including a change in control of the Company. The Company may not redeem the 2025 Notes prior to the stated maturity date and no sinking fund is provided for the 2025 Notes. The 2025 Notes are convertible, at the election of the Company, into solely cash, solely shares of the Company’s common stock, or a combination of cash and shares of the Company’s common stock. The Company intends to settle the 2025 Notes in cash upon conversion, with any excess conversion value to be settled in shares of our common stock. At time of issuance, in accordance with U.S. GAAP, the 2025 Notes were accounted for as a liability with a separate equity component recorded for the conversion option. The equity component was eliminated on January 1, 2022 with the 2025 Notes Adjustment.

As of December 31, 2022, the unamortized debt discount of our 2025 Notes was $0.4 million, which represents the cash component of the discount.

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


	December 31, 2022				December 31, 2021
	Total		Due Within One Year		Total		Due Within One Year
Credit Facility	$	113,750	$	—	$	67,000	$	—
2026 Term Loan		65,000		—		65,000		—
2027 Term Loan		100,000		—		100,000		—
2028 Term Loan		100,000		—		—		—
3.875% Convertible Senior Notes, net of Discount		50,670		—		47,469		—
Mortgage Note Payable		17,800		—		—
Financing Costs, net of Accumulated Amortization		(1,637)		—		(1,196)		—
Total Long-Term Debt	$	445,583	$	—	$	278,273	$	—

Payments applicable to reduction of principal amounts as of December 31, 2022 will be required as follows (in thousands):


As of December 31, 2022	Amount
2023	$	—
2024		—
2025		51,034
2026		82,800
2027		213,750
2028 and Thereafter		100,000
Total Long-Term Debt - Face Value	$	447,584

The carrying value of long-term debt as of December 31, 2022 consisted of the following (in thousands):


	Total
Current Face Amount	$	447,584
Unamortized Discount on Convertible Debt		(364)
Financing Costs, net of Accumulated Amortization		(1,637)
Total Long-Term Debt	$	445,583

In addition to the $1.6 million of financing costs, net of accumulated amortization included in the table above, as of December 31, 2022, the Company also had financing costs, net of accumulated amortization related to the Credit Facility of $2.1 million which is included in other assets on the consolidated balance sheets. These costs are amortized on a straight-line basis over the term of the Credit Facility and are included in interest expense in the Company’s accompanying consolidated statements of operations.

The following table reflects a summary of interest expense incurred and paid during the years ended December 31, 2022, 2021 and 2020 (in thousands):


	Year Ended
	December 31, 2022		December 31, 2021		December 31, 2020
Interest Expense	$	10,171	$	7,065	$	9,005
Amortization of Deferred Financing Costs		755		586		454
Amortization of Discount on Convertible Notes		189		1,278		1,379
Total Interest Expense	$	11,115	$	8,929	$	10,838

Total Interest Paid	$	9,862	$	7,274	$	9,716

The Company was in compliance with all of its debt covenants as of December 31, 2022 and 2021.

INTEREST RATE SWAPS

12 Months Ended

Dec. 31, 2022

INTEREST RATE SWAPS

INTEREST RATE SWAPS

NOTE 17. INTEREST RATE SWAPS

The Company has entered into interest rate swap agreements to hedge against changes in future cash flows resulting from fluctuating interest rates related to the below noted borrowings. The interest rate agreements were 100% effective during the years ended December 31, 2022, 2021, and 2020. Accordingly, the changes in fair value on the interest rate swaps have been classified in accumulated other comprehensive income (loss). The fair value of the interest rate swap agreements are included in other assets and accrued and other liabilities, respectively, on the consolidated balance sheets. Information related to the Company’s interest rate swap agreements are noted below (in thousands):


Hedged Item ⁽¹⁾	Effective Date	Maturity Date	Rate	Amount		Fair Value as of December 31, 2022
2026 Term Loan	3/10/2021	3/29/2024	0.12% + 0.10% + applicable spread	$	50,000	$	2,818
2026 Term Loan	3/29/2024	3/10/2026	1.44% + 0.10% + applicable spread	$	50,000	$	1,768
2026 Term Loan	8/31/2021	3/10/2026	0.70% + 0.10% + applicable spread	$	15,000	$	1,461
2027 Term Loan	11/5/2021	3/29/2024	0.64% + 0.10% + applicable spread	$	100,000	$	5,007
2027 Term Loan	3/29/2024	1/31/2027	1.35% + 0.10% + applicable spread	$	100,000	$	5,104
2028 Term Loan	9/30/2022	1/31/2028	3.78% + 0.10% + applicable spread	$	50,000	$	(194)
2028 Term Loan	9/30/2022	1/31/2028	3.78% + 0.10% + applicable spread	$	50,000	$	(203)

⁽¹⁾	Effective September 30, 2022 the Company converted its existing interest rate swaps from 1-month LIBOR to SOFR.

ACCRUED AND OTHER LIABILITIES

12 Months Ended

Dec. 31, 2022

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, 2022		December 31, 2021
Accrued Property Taxes	$	716	$	813
Reserve for Tenant Improvements		6,186		5,457
Tenant Security Deposits		2,719		1,942
Accrued Construction Costs		903		190
Accrued Interest		872		431
Environmental Reserve		67		81
Cash Flow Hedge - Interest Rate Swaps		397		26
Operating Leases - Liability		64		198
Other		6,104		3,983
Total Accrued and Other Liabilities	$	18,028	$	13,121

Reserve for Tenant Improvements. In connection with recent acquisitions, the Company received, an aggregate $8.9 million from the sellers of the properties for tenant improvement allowances, leasing commissions and other capital improvements. These amounts are included in accrued and other liabilities on the consolidated balance sheets. Through December 31, 2022, payments totaling $2.7 million were made, leaving a remaining reserve for tenant improvements of $6.2 million.

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, 2022, leaving a remaining accrual of less than $0.1 million.

DEFERRED REVENUE

12 Months Ended

Dec. 31, 2022

DEFERRED REVENUE

DEFERRED REVENUE

NOTE 19. DEFERRED REVENUE

Deferred revenue consisted of the following (in thousands):


	As of
	December 31, 2022		December 31, 2021
Prepaid Rent	$	3,951	$	3,921
Interest Reserve from Commercial Loans and Investments		1,262		—
Tenant Contributions		522		574
Other Deferred Revenue		—		10
Total Deferred Revenue	$	5,735	$	4,505

STOCK-BASED COMPENSATION

12 Months Ended

Dec. 31, 2022

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, 2022, is presented below. As described in Note 13, “Equity” all share counts herein have been retroactively adjusted for the three-for-one stock split effective July 1, 2022.


Type of Award	Shares Outstanding at 1/1/2022		Granted Shares		Vested / Exercised Shares		Expired Shares		Forfeited Shares		Shares Outstanding at 12/31/22
Equity Classified - Performance Share Awards - Peer Group Market Condition Vesting		234,354		69,168		(73,275)		—		—		230,247
Equity Classified - Three Year Vest Restricted Shares		154,509		137,448		(72,465)		—		(7,413)		212,079
Equity Classified - Non-Qualified Stock Option Awards		64,623		—		(64,623)		—		—		—
Total Shares		453,486		206,616		(210,363)		—		(7,413)		442,326

Amounts recognized in the financial statements for stock-based compensation are as follows (in thousands):


	Year Ended
	December 31, 2022		December 31, 2021		December 31, 2020
Total Cost of Share-Based Plans Charged Against Income Before Tax Effect	$	3,232	$	3,168	$	2,786

Income Tax Expense Recognized in Income	$	—	$	—	$	(678)

EQUITY-CLASSIFIED STOCK COMPENSATION

Performance Share Awards – Peer Group Market Condition Vesting

Performance shares have been granted to certain employees under the 2010 Plan. The performance share awards entitle the recipient to receive, upon the vesting thereof, shares of common stock of the Company equal to between 0% and 150% of the number of performance shares awarded. The number of shares of common stock ultimately received by the award recipient is determined based on the Company’s total stockholder return as compared to the total stockholder return of a certain peer group during a three-year performance period. The Company granted a total of 69,168 performance shares during the year ended December 31, 2022.

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, 2022, there was $1.4 million of unrecognized compensation cost, adjusted for estimated forfeitures, related to the outstanding performance share awards, which will be recognized over a remaining weighted average period of 1.7 years.

A summary of the activity for these awards during the years ended December 31, 2022, 2021, and 2020 is presented below:


Performance Shares With Market Conditions	Shares		Wtd. Avg. Fair Value Per Share
Non-Vested at January 1, 2020		147,825	$	21.86
Granted		79,323	$	18.61
Vested		(37,905)	$	18.55
Expired		—		—
Forfeited		(21,690)	$	21.27
Non-Vested at December 31, 2020		167,553	$	21.15
Granted		144,402	$	10.68
Vested		(52,254)	$	19.43
Expired		—		—
Forfeited		(25,347)	$	15.68
Non-Vested at December 31, 2021		234,354	$	15.67
Granted		69,168	$	20.76
Vested		(73,275)	$	16.76
Expired		—		—
Forfeited		—		—
Non-Vested at December 31, 2022		230,247	$	16.85

Market Condition Restricted Shares– Stock Price Vesting

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

As of December 31, 2022 and 2021, there was no unrecognized compensation cost related to market condition restricted stock.

A summary of the activity for these awards during the years ended December 31, 2022, 2021, and 2020 is presented below:


Market Condition Non-Vested Restricted Shares	Shares		Wtd. Avg. Fair Value
Non-Vested at January 1, 2020		22,000	$	41.71
Granted		—		—
Vested		—		—
Expired		—		—
Forfeited		—		—
Non-Vested at December 31, 2020		22,000	$	41.71
Granted		—		—
Vested		—		—
Expired		(22,000)	$	41.71
Forfeited		—		—
Non-Vested at December 31, 2021		—		—
Granted		—		—
Vested		—		—
Expired		—		—
Forfeited		—		—
Non-Vested at December 31, 2022		—		—

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 137,448 shares of restricted Company common stock during the year ended December 31, 2022.

During the years ended December 31, 2022 and 2021, the Company’s determination of the fair value of the three-year vest restricted stock awards was calculated by multiplying the number of shares issued by the Company’s stock price at the grant date. During the year ended December 31, 2020, 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 applicable vesting period.

As of December 31, 2022, there was $2.5 million of unrecognized compensation cost, adjusted for estimated forfeitures, related to the three-year vest non-vested restricted shares, which will be recognized over a remaining weighted average period of 2.1 years.

A summary of the activity for these awards during the years ended December 31, 2022, 2021, and 2020 is presented below:


Non-Vested Restricted Shares	Shares		Wtd. Avg. Fair Value Per Share
Non-Vested at January 1, 2020		112,785	$	20.07
Granted		70,353	$	18.63
Vested		(54,162)	$	19.90
Expired		—		—
Forfeited		(13,539)	$	20.05
Non-Vested at December 31, 2020		115,437	$	19.27
Granted		129,150	$	11.82
Vested		(63,660)	$	16.18
Expired		—		—
Forfeited		(26,418)	$	15.53
Non-Vested at December 31, 2021		154,509	$	14.96
Granted		137,448	$	19.72
Vested		(72,465)	$	14.96
Expired		—		—
Forfeited		(7,413)	$	17.01
Non-Vested at December 31, 2022		212,079	$	17.97

Non-Qualified Stock Option Awards

Stock option awards have been granted to certain employees under the 2010 Plan. The vesting period of the options awards granted ranged from a period of one to three years. All options had vested as of December 31, 2018. The option expires 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.

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, 2022, 2021, and 2020 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, 2020	240,000	$	18.54
Granted	—		—
Exercised	—		—
Expired	—		—
Forfeited	—		—
Outstanding at December 31, 2020	240,000	$	18.54
Granted	60,996		—
Exercised	(236,373)	$	14.88
Expired	—		—
Forfeited	—		—
Outstanding at December 31, 2022	64,623	$	14.46
Granted	—		—
Exercised	(64,623)	$	14.46
Expired	—		—
Forfeited	—		—
Outstanding at December 31, 2022	—	$	—		—	$	—
Exercisable at January 1, 2022	64,623	$	14.46		3.21	$	388,837
Exercisable at December 31, 2022	—	$	—		—	$	—

The total intrinsic value of options exercised during the year ended December 31, 2022 totaled $0.4 million. As of December 31, 2022, there is no unrecognized compensation cost related to non-qualified, non-vested stock option awards.

NON-EMPLOYEE DIRECTOR STOCK COMPENSATION

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

Each non-employee director serving as of the beginning of each calendar year shall receive an annual award of the Company’s common stock. The value of such award totaled $35,000 for the years ended December 31, 2022 and 2021 and $20,000 for the year ended December 31, 2020 (the “Annual Award”). The number of shares awarded is calculated based on the trailing 20-day average price of the Company’s common stock as of the date two business days prior to the date of the award, rounded down to the nearest whole number of shares. Commencing in 2021, non-employee directors will no longer receive meeting fees, but will receive additional retainers for service on Board committees, as set forth in the Company’s Non-Employee Director Compensation Policy available on the Company’s website (www.ctoreit.com).

During the years ended December 31, 2022, 2021, and 2020, the expense recognized for the value of the Company’s common stock received by non-employee directors totaled $0.5 million or 25,034 shares, $0.5 million or 32,766 shares, and $0.5 million, or 30,384 shares, respectively. The expense recognized during the years ended December 31, 2022, 2021, and 2020 includes the Annual Award received during the first quarter of each year.

INCOME TAXES

12 Months Ended

Dec. 31, 2022

INCOME TAXES

INCOME TAXES

NOTE 21. INCOME TAXES

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

As a result of the Company’s election to be taxed as a REIT, during the year ended December 31, 2020, an $82.5 million deferred tax benefit was recorded to de-recognize the deferred tax assets and liabilities associated with the entities included in the REIT. A significant portion of the deferred tax benefit recognized related to the de-recognition of deferred tax liabilities resulting from 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 is summarized as follows (in thousands):


	Year Ended December 31,
	2022		2021		2020
Income Tax Benefit	$	2,830	$	3,079	$	83,499

The provisions for income tax benefit are summarized as follows (in thousands):


	2022				2021				2020
	Current		Deferred		Current		Deferred		Current		Deferred
Federal	$	(183)	$	2,571	$	235	$	2,362	$	341	$	70,106
State		—		442		44		438		63		12,989
Total	$	(183)	$	3,013	$	279	$	2,800	$	404	$	83,095

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
	2022		2021
Deferred Income Tax Assets
Capital Loss Carryforward	$	1,800	$	2,249
Net Operating Loss Carryforward		2,597		291
Gross Deferred Income Tax Assets		4,397		2,540
Less - Valuation Allowance		(1,800)		(2,249)
Net Deferred Income Tax Assets		2,597		291
Deferred Income Tax Liabilities
Unrealized Gain on Investment Securities		(39)		—
Basis Differences in Mitigation Credit Assets		(28)		(774)
Total Deferred Income Tax Liabilities		(67)		(774)
Net Deferred Income Tax Liabilities	$	2,530	$	(483)

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, 2022 and 2021, the Company has $2.6 million and $0.3 million in net operating loss (“NOL”) carryforwards, respectively. The Tax Cuts and Jobs Act allows for indefinite carryforwards for all NOLs generated in taxable years beginning after December 31, 2017. 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, 2022 and 2021, no valuation allowance was considered necessary related to the Company’s NOL carryforwards. As of December 31, 2022 and 2021, the Company had a capital loss carryforward totaling $7.2 million and $9.0 million, respectively, related to the elimination of the Company’s interest in the Land JV. The Company does not currently anticipate being able to utilize the capital loss carryforward and accordingly, has allowed for the $1.8 million and $2.2 million deferred tax asset in full as of December 31, 2022 and 2021, respectively.

Following is a reconciliation of the income tax computed at the federal statutory rate of 21% for 2022, 2021, and 2020, individually, for continuing operations (in thousands):


	Year Ended December 31,
	2022				2021				2020
Income Tax Benefit Computed at Federal Statutory Rate	$	2,795	852.1	%	$	4,408	16.4	%	$	971	(19.5)	%
Increase (Decrease) Resulting from:
State Income Tax, Net of Federal Income Tax Benefit		593	180.8	%		936	3.5	%		180	(3.6)	%
Income Tax on Permanently Non-Deductible Items		(484)	(147.6)	%		—	0.0	%		(112)	2.2	%
Tax Benefit due to De-Recognition of REIT Deferred Tax Liabilities		—	0.0	%		—	0.0	%		82,460	(1652.6)	%
Valuation Allowance		—	0.0	%		(2,216)	(8.2)	%		—	0.0	%
Other Reconciling Items		(74)	(22.6)	%		(49)	(0.2)	%		—	0.0	%
Benefit for Income Taxes	$	2,830	862.8	%	$	3,079	11.5	%	$	83,499	(1673.4)	%

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, 2022, 2021, and 2020, including the discontinued operations, was 862.5%, 11.5%, and (1673.4)%, respectively. The provision for income taxes reflects the Company’s estimate of the effective rate expected to be applicable for the full fiscal year, adjusted for any discrete events, which are reported in the period that they occur. There were no discrete events during the year ended December 31, 2022. The year ended December 31, 2021, included the impact of the capital loss carryforward valuation allowance. 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.

For prior taxable years through the year ended December 31, 2021 the Company has filed a consolidated income tax return in the United States Federal jurisdiction and the states of Alabama, Arizona, California, Colorado, Florida, Georgia, Maryland, Massachusetts, Nevada, New Mexico, New York, North Carolina, Oregon, Texas, Virginia, Washington, and Wisconsin. The Internal Revenue Service (“IRS”) has audited the federal tax returns through the year 2012, with all proposed adjustments settled. The Florida Department of Revenue has audited the Florida tax returns through the year 2014, with all proposed adjustments settled. For the years ended December 31, 2022, 2021, and 2020, the Company recognized no uncertain tax positions or accrued interest and penalties for uncertain tax positions. If such positions do arise, it is the Company’s intent that any interest or penalty amount related to such positions will be recorded as a component of the income tax provision (benefit) in the applicable period.

Income taxes totaling $0.1 million, $0.4 million, and $5.0 million were paid during the years ended December 31, 2022, 2021, and 2020, respectively. Additionally, income taxes totaling less than $0.1 million were refunded during the years ended December 31, 2021, with no income taxes refunded during the years ended December 31, 2022 or 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: 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.5.Q1)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2022

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

NOTE 22. COMMITMENTS AND CONTINGENCIES

LEGAL PROCEEDINGS

From time to time, the Company may be a party to certain legal proceedings, incidental to the normal course of its business. While the outcome of the legal proceedings cannot be predicted with certainty, the Company does not expect that these proceedings will have a material effect upon our financial condition or results of operations.

Buc-ee’s. On March 31, 2021, the Company and its wholly-owned subsidiary, Indigo Development LLC, a Florida limited liability company (collectively, “CTO”) filed a Complaint for Declaratory Relief in the Circuit Court, Seventh Judicial Circuit, in and for Volusia County, Florida (Case No. 2021-30415-CICI) against Buc-ee’s Ltd., a Texas limited partnership (“Buc-ee’s”), in connection with a dispute over funds deposited in escrow by CTO in the amount of $0.8 million (the “Escrowed Funds”). The Escrowed Funds were deposited simultaneously with CTO’s sale to Buc-ee’s in March 2018 of 35 acres of real property located in Daytona Beach, Volusia County, Florida (the “Buc-ee’s Parcel”). Pursuant to a post-closing escrow agreement between CTO and Buc-ee’s, the Escrowed Funds were to be released to CTO once CTO had obtained certain wetlands-related permits for the benefit of a portion of the Buc-ee’s Parcel. CTO was ultimately successful in obtaining the permits, although the permits were issued later than originally contemplated by the escrow agreement. Buc-ee’s was aware of and acquiesced to CTO’s continuing efforts and expenditures in obtaining the permits, including after the date originally contemplated in the escrow agreement; however, not until after the permits were issued did Buc-ee’s inform CTO that Buc-ee’s would not agree to release the Escrowed Funds to CTO. CTO’s complaint sought a declaratory judgment determining the parties’ entitlement to the Escrowed Funds and to reimburse CTO for its costs associated with seeking legal relief. On October 29, 2021, the Company entered into a settlement agreement with Buc-ee’s whereby the Company received $0.6 million of the Escrowed Funds, which revenue is included within real estate operations in the consolidated statements of operations.

CONTRACTUAL COMMITMENTS – EXPENDITURES

The Company has committed to fund the following capital improvements. The improvements, which are related to several properties, are estimated to be generally completed within twelve months. These commitments, as of December 31, 2022, are as follows (in thousands):


	As of December 31, 2022
Total Commitment ⁽¹⁾	$	29,033
Less Amount Funded		(7,812)
Remaining Commitment	$	21,221

(1)	Commitment includes tenant improvements, leasing commissions, rebranding, facility expansion and other capital improvements.

In addition, the Company is committed to fund the two construction loans as described in Note 4, “Commercial Loans and Investments”. The unfunded portion of the construction loans totaled $5.6 million of December 31, 2022.

BUSINESS SEGMENT DATA

12 Months Ended

Dec. 31, 2022

BUSINESS SEGMENT DATA

BUSINESS SEGMENT DATA

NOTE 23. BUSINESS SEGMENT DATA

The Company operates in four primary business segments: income properties, management services, commercial loans and investments, and real estate operations. The management services segment consists of the revenue generated from managing PINE and the Land JV.

Our income property operations consist of income-producing properties, and our business plan is focused on investing in additional income-producing properties. Our income property operations accounted for 91% and 86% of our identifiable assets as of December 31, 2022 and 2021, respectively, and 83.6%, 72.1%, and 88.6% of our consolidated revenues for the years ended December 31, 2022, 2021, and 2020, respectively. Our management fee income consists of the management fees earned for the management of PINE and the Land JV. As of December 31, 2022, our commercial loan and investment portfolio consisted of three commercial loan investments and one preferred equity investment which is classified as a commercial loan investment. Our continuing real estate operations consists of revenues generated from leasing and royalty income from our interests in subsurface oil, gas, and mineral rights, and the generation and sale of mitigation credits.

The Company evaluates segment performance based on operating income. The Company’s reportable segments are strategic business units that offer different products. They are managed separately because each segment requires different management techniques, knowledge, and skills.

Information about the Company’s operations in different segments for the years ended December 31, 2022, 2021, and 2020 is as follows (in thousands):


	For the Year Ended
	December 31, 2022		December 31, 2021		December 31, 2020
Revenues:
Income Properties	$	68,857	$	50,679	$	49,953
Management Fee Income		3,829		3,305		2,744
Interest Income From Commercial Loans and Investments		4,172		2,861		3,034
Real Estate Operations		5,462		13,427		650
Total Revenues	$	82,320	$	70,272	$	56,381
Operating Income:
Income Properties	$	48,493	$	36,864	$	37,964
Management Fee Income		3,829		3,305		2,744
Interest Income From Commercial Loans and Investments		4,172		2,861		3,034
Real Estate Operations		2,969		4,812		(2,572)
General and Corporate Expense		(41,754)		(31,783)		(30,630)
Impairment Charges		—		(17,599)		(9,147)
Gain (Loss) on Disposition of Assets		(7,042)		28,316		9,746
Gain (Loss) on Extinguishment of Debt		—		(3,431)		1,141
Total Operating Income	$	10,667	$	23,345	$	12,280
Depreciation and Amortization:
Income Properties	$	28,799	$	20,561	$	19,036
Corporate and Other		56		20		27
Total Depreciation and Amortization	$	28,855	$	20,581	$	19,063
Capital Expenditures:
Income Properties	$	331,754	$	256,456	$	188,849
Commercial Loans and Investments		53,369		364		7,150
Corporate and Other		42		34		30
Total Capital Expenditures	$	385,165	$	256,854	$	196,029

Identifiable assets of each segment as of December 31, 2022 and 2021 are as follows (in thousands):


	As of
	December 31, 2022		December 31, 2021
Identifiable Assets:
Income Properties	$	902,427	$	630,747
Management Services		1,370		1,653
Commercial Loans and Investments		32,269		39,095
Real Estate Operations		4,041		26,512
Corporate and Other		46,438		35,132
Total Assets	$	986,545	$	733,139

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

The Management Services segment had no capital expenditures as of December 31, 2022, 2021 or 2020.

- 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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

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

+ Details

ASSETS AND LIABILITIES HELD FOR SALE

12 Months Ended

Dec. 31, 2022

ASSETS AND LIABILITIES HELD FOR SALE

ASSETS AND LIABILITIES HELD FOR SALE

NOTE 24. ASSETS AND LIABILITIES HELD FOR SALE

Assets and liabilities held for sale as of December 31, 2021 are summarized below (in thousands). There were no assets or liabilities held for sale as of December 31, 2022.


	As of December 31, 2021
Plant, Property, and Equipment—Net	$	6,016
Intangible Lease Assets—Net		704
Total Assets Held for Sale	$	6,720

SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2022

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

NOTE 25. SUBSEQUENT EVENTS

Subsequent events and transactions were evaluated through February 23, 2023, the date the consolidated financial statements were issued. There were no reportable subsequent events or transactions.

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION

12 Months Ended

Dec. 31, 2022

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, 2022

(In thousands)


							Costs Capitalized
			Initial Cost to Company				Subsequent to Acquisition
Description	Encumbrances		Land		Buildings & Improvements		Improvements		Carrying Costs
Income Properties:
Westcliff Shopping Center, Fort Worth, TX	$	—	$	10,521	$	4,196	$	400	$	—
Crabby's Oceanside, Daytona Beach, FL		—		5,836		4,249		45		—
LandShark Bar & Grill, Daytona Beach, FL		—		5,836		4,577		10		—
Fidelity, Albuquerque, NM		—		5,739		29,537		12		—
General Dynamics, Reston, VA		—		7,530		9,068		—		—
The Strand at St. Johns Town Center, Jacksonville, FL		—		12,551		36,431		314		—
Crossroads Towne Center, Chandler, AZ		—		9,592		41,717		364		—
Ashford Lane, Atlanta, GA		—		37,717		33,422		11,622		—
Sabal Pavilion, Tampa, FL		—		3,265		20,629		—		—
Jordan Landing, West Jordan, UT		—		10,529		5,752		—		—
Eastern Commons, Henderson, NV		—		7,894		8,575		—		—
The Shops at Legacy, Plano, TX		—		22,008		27,192		794		—
Beaver Creek Crossings, Apex, NC		—		21,383		39,194		260		—
125 Lincoln & 150 Washington, Santa Fe, NM		—		459		12,525		—		—
369 N. New York Ave., Winter Park, FL		—		8,524		5,139		18		—
The Exchange at Gwinnett, Buford, GA		—		4,450		25,300		10		—
Price Plaza, Katy, TX		—		15,630		17,978		—		—
Madison Yards, Atlanta, GA		—		19,780		47,938		224		—
West Broad Village, Glen Allen, VA		—		12,120		65,829		—		—
Collection at Forsyth, Cummings, GA		—		9,062		75,286		—		—
MainStreet Portfolio, Daytona Beach, FL		—		3,504		1,422		—		—
	$	—	$	233,930	$	515,956	$	14,073	$	—

(1)	The aggregate cost, net of deferred tax liabilities, of Income Properties, Land, Buildings, and Improvements for Federal income tax purposes at December 31, 2022 is approximately $448.5 million.

Gross Amount at Which

Carried at Close of Period

December 31, 2022

(In thousands)


	Land		Buildings		Total		Accumulated Depreciation		Date of Completion of Construction	Date Acquired	Life
Income Properties:
Westcliff Shopping Center, Fort Worth, TX	$	10,521	$	4,596	$	15,117	$	2,528	N/A	03/01/17	10 Yrs.
Crabby's Oceanside, Daytona Beach, FL		5,836		4,294		10,130		1,151	01/25/18	N/A	40 Yrs.
LandShark Bar & Grill, Daytona Beach, FL		5,836		4,587		10,423		1,092	01/25/18	N/A	40 Yrs.
Fidelity, Albuquerque, NM		5,739		29,549		35,288		4,779	N/A	10/04/18	45 Yrs.
General Dynamics, Reston, VA		7,530		9,068		16,598		1,703	N/A	7/12/2019	35 Yrs.
The Strand at St. Johns Town Center, Jacksonville, FL		12,551		36,745		49,296		4,331	N/A	12/9/2019	48 Yrs.
Crossroads Towne Center, Chandler, AZ		9,592		42,081		51,673		4,220	N/A	1/24/2020	35 Yrs.
Ashford Lane, Atlanta, GA		37,717		45,099		82,816		3,547	N/A	2/21/2020	36 Yrs.
Sabal Pavilion, Tampa, FL		3,265		20,629		23,894		2,184	N/A	8/21/2020	40 Yrs.
Jordan Landing, West Jordan, UT		10,529		5,752		16,281		549	N/A	3/2/2021	30 Yrs.
Eastern Commons, Henderson, NV		7,894		8,575		16,469		715	N/A	3/10/2021	35 Yrs.
The Shops at Legacy, Plano, TX		22,008		27,986		49,994		2,794	N/A	6/23/2021	32 Yrs.
Beaver Creek Crossings, Apex, NC		21,383		39,454		60,837		2,005	N/A	12/2/2021	30 Yrs.
125 Lincoln & 150 Washington, Santa Fe, NM		459		12,525		12,984		672	N/A	12/20/2021	30 Yrs.
369 N. New York Ave., Winter Park, FL		8,524		5,157		13,681		303	N/A	12/20/2021	30 Yrs.
The Exchange at Gwinnett, Buford, GA		4,450		25,310		29,760		765	N/A	12/30/2021	45 Yrs.
Price Plaza, Katy, TX		15,630		17,978		33,608		857	N/A	3/3/2022	25 Yrs.
Madison Yards, Atlanta, GA		19,780		48,162		67,942		646	N/A	7/8/2022	42 Yrs.
West Broad Village, Glen Allen, VA		12,120		65,829		77,949		639	N/A	10/14/2022	40 Yrs.
Collection at Forsyth, Cummings, GA		9,007		75,286		84,293		31	N/A	12/29/2022	31 Yrs.
MainStreet Portfolio, Daytona Beach, FL		3,504		1,422		4,926		1	N/A	12/29/2022	25 Yrs.
	$	233,875	$	530,084	$	763,959	$	35,512

REAL ESTATE AND ACCUMULATED DEPRECIATION

FOR THE YEAR ENDED DECEMBER 31, 2022

(In thousands)


	2022		2021		2020
Cost:
Balance at Beginning of Year	$	521,260	$	472,126	$	392,842
Additions and Improvements		281,562		206,646		147,359
Cost of Real Estate Sold		(38,863)		(157,512)		(68,075)
Balance at End of Year	$	763,959	$	521,260	$	472,126

Accumulated Depreciation:
Balance at Beginning of Year		23,936		30,316		22,552
Depreciation and Amortization		16,262		12,270		11,207
Depreciation on Real Estate Sold		(4,686)		(18,650)		(3,443)
Balance at End of Year	$	35,512	$	23,936	$	30,316

Reconciliation to Consolidated Balance Sheet at December 31, 2022:
Income Properties, Land, Buildings, and Improvements	$	763,959	$	515,007
		763,959		515,007
Cost Basis of Assets Classified as Held for Sale on Balance Sheet		-		6,253
Total Per Schedule	$	763,959	$	521,260

SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE

12 Months Ended

Dec. 31, 2022

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, 2022

There was a portfolio of three commercial loan investments and one preferred equity investment which is classified as a commercial loan investment as of December 31, 2022 (in thousands).


Description	Interest Rate	Final Maturity Date	Periodic Payment Terms	Prior Liens		Face Amount of Mortgages		Carrying Amounts of Mortgages ⁽²⁾		Principal Amount of Loans Subject to Delinquent Principal or Interest
Mortgage Note – 4311 Maple Avenue – Dallas, TX	7.50%	April 2023	Monthly Interest Payments	$	—	$	400	$	395	$	—
Construction Loan – The Exchange At Gwinnett – Buford, GA	7.25%	January 2024	Monthly Interest Payments		—		220		173		—
Preferred Investment - Watters Creek – Allen, TX	8.50%	April 2025	Monthly Interest Payments		—		30,000		29,887		—
Improvement Loan - Ashford Lane – Atlanta, GA	12.00%	April 2025	Monthly Interest Payments		—		1,453		1,453		—
Totals				$	—	$	32,073	$	31,908	$	—

The following represents the activity within the Company’s commercial loans and investments segment for the years ended December 31, 2022, 2021, and 2020 (in thousands):


	2022		2021		2020
Balance at Beginning of Year	$	39,095	$	38,320	$	34,625
Additions During the Year:
New Mortgage Loans		53,282		364		28,360
Collection of Origination Fees		87		—		(125)
Accretion of Origination Fees ⁽¹⁾		174		2		161
Gain on Sale of Loans		807		—		—
Imputed Interest Over Rent Payments on Ground Lease Loan		97		409		399
Deductions During the Year:
Collection of Principal		(61,634)		—		(23,132)
Impairment / CECL Reserve		—		—		(1,968)
Balance at End of Year	$	31,908	$	39,095	$	38,320

(1)	Non-cash accretion of loan origination fees.

(2)	The aggregate carrying amount of mortgages for Federal income tax purposes at December 31, 2022 totaled $31.9 million.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2022

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation

PRINCIPLES OF CONSOLIDATION

Segment Reporting

SEGMENT REPORTING

Use of Estimates in the Preparation of Financial Statements

USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS

Recently Issued Accounting Standards

RECENTLY ISSUED ACCOUNTING STANDARDS

Cash and Cash Equivalents

CASH AND CASH EQUIVALENTS

Restricted Cash

RESTRICTED CASH

Investment Securities

INVESTMENT SECURITIES

Derivative Financial Instruments and Hedging Activity

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITY

whether the derivatives that are used in hedging the transactions are highly effective in offsetting changes in cash flows of the hedged items, and we will continue to do so on a quarterly basis.

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 Loans and Investments

RECOGNITION OF INTEREST INCOME FROM COMMERCIAL LOANS AND INVESTMENTS

Mitigation Credits and Mitigation Credit Rights

MITIGATION CREDITS AND MITIGATION CREDIT RIGHTS

Accounts Receivable

ACCOUNTS RECEIVABLE

As of December 31, 2022 and 2021, $0.2 million and $0.3 million was due from the buyer of the golf operations for the rounds surcharge the Company paid to the City of Daytona Beach, respectively.

Purchase Accounting for Acquisitions of Real Estate Subject to a Lease

PURCHASE ACCOUNTING FOR ACQUISITIONS OF REAL ESTATE SUBJECT TO A LEASE

Sales of Real Estate

SALES OF REAL ESTATE

Property, Plant, and Equipment

PROPERTY, PLANT, AND EQUIPMENT


Income Properties Buildings and Improvements	3 - 48	Years
Other Furnishings and Equipment	3 - 25	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.

Other Real Estate Interests

OTHER REAL ESTATE INTERESTS

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, 2022

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 - 25	Years

INCOME PROPERTIES (Tables)

12 Months Ended

Dec. 31, 2022

Table Text Blocks

Schedule of components of leasing revenue


	Year Ended December 31,
	2022		2021		2020
Leasing Revenue
Lease Payments	$	54,083	$	41,791	$	39,825
Variable Lease Payments		14,774		8,888		10,128
Total Leasing Revenue	$	68,857	$	50,679	$	49,953

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


Year Ending December 31,	Amounts
2023	$	72,552
2024		66,390
2025		61,717
2026		52,866
2027		42,785
2028 and Thereafter (Cumulative)		118,490
Total	$	414,800

COMMERCIAL LOANS AND INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2022

COMMERCIAL LOANS AND INVESTMENTS

Schedule of components of commercial loan investment portfolio


Description	Date of Investment	Maturity Date	Original Face Amount		Current Face Amount		Carrying Value		Coupon Rate
Mortgage Note – 4311 Maple Avenue – Dallas, TX	October 2020	April 2023	$	400	$	400	$	395	7.50%
Construction Loan – The Exchange At Gwinnett – Buford, GA	January 2022	January 2024		8,700		220		173	7.25%
Preferred Investment - Watters Creek – Allen, TX	April 2022	April 2025		30,000		30,000		29,887	8.50%
Improvement Loan - Ashford Lane – Atlanta, GA	May 2022	April 2025		1,500		1,453		1,453	12.00%
			$	40,600	$	32,073	$	31,908


Description	Date of Investment	Maturity Date	Original Face Amount		Current Face Amount		Carrying Value		Coupon Rate
Carpenter Hotel – 400 Josephine Street, Austin, TX	July 2019	N/A	$	16,250	$	16,250	$	17,189	N/A
Westland Gateway Plaza – Hialeah, FL	September 2020	N/A		21,085		21,085		21,148	N/A
Mortgage Note – 4311 Maple Avenue – Dallas, TX	October 2020	April 2023		400		400		394	7.50%
Mortgage Note – 110 N Beach Street – Daytona Beach, FL	June 2021	December 2022		364		364		364	10.00%
			$	38,099	$	38,099	$	39,095

The carrying value of the commercial loans and investment portfolio at December 31, 2022 and 2021 consisted of the following (in thousands):


	As of
	December 31, 2022		December 31, 2021
Current Face Amount	$	32,073	$	38,099
Imputed Interest over Rent Payments Received		—		1,002
Unaccreted Origination Fees		(161)		(2)
CECL Reserve		(4)		(4)
Total Commercial Loans and Investments	$	31,908	$	39,095

REAL ESTATE OPERATIONS (Tables)

12 Months Ended

Dec. 31, 2022

REAL ESTATE OPERATIONS

Summary of land and development costs

Land and development costs at December 31, 2022 and 2021 were as follows (in thousands):


	As of
	December 31, 2022		December 31, 2021
Land and Development Costs	$	358	$	358
Subsurface Interests		327		334
Total Land and Development Costs	$	685	$	692

Schedule of components of real estate operations revenue

Revenue from continuing real estate operations consisted of the following for the years ended December 31, 2022, 2021, and 2020 (in thousands):


	December 31,
	2022		2021		2020
Mitigation Credit Sales	$	3,462	$	708	$	6
Subsurface Revenue - Other		1,904		4,724		638
Land Sales Revenue		96		7,995		—
Fill Dirt and Other Revenue		—		—		6
Total Real Estate Operations Revenue	$	5,462	$	13,427	$	650

RELATED PARTY MANAGEMENT SERVICES BUSINESS (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of amounts due from PINE

The following table represents amounts due from PINE to the Company as of December 31, 2022 and 2021 which are included in other assets on the consolidated balance sheets (in thousands):


	As of
Description	December 31, 2022		December 31, 2021
Management Services Fee due From PINE	$	993	$	913
Dividend Receivable		337		330
Other		(30)		410
Total	$	1,300	$	1,653

INVESTMENT IN JOINT VENTURES (Tables)

12 Months Ended

Dec. 31, 2022

Land JV

Summarized financial information of the Company's JV Investment

The following table provides summarized financial information of the Land JV for the years ended December 31, 2022, 2021, and 2020 (in thousands):


	Year Ended
	December 31, 2022		December 31, 2021		December 31, 2020
Revenues	$	—	$	67,367	$	65,446
Direct Cost of Revenues		—		(8,867)		(13,012)
Operating Income	$	—	$	58,500	$	52,434
Other Operating Expenses		—		(376)		(462)
Net Income	$	—	$	58,124	$	51,972

Mitigation Bank

Summarized financial information of the Company's JV Investment

The following table provides summarized financial information of the Mitigation Bank JV for the years ended December 31, 2022, 2021 and 2020 (in thousands).


	Year Ended
	December 31, 2022		December 31, 2021		December 31, 2020
Revenues	$	—	$	512	$	4,109
Direct Cost of Revenues		—		(16)		(167)
Operating Income	$	—	$	496	$	3,942
Other Operating Expenses		—		(162)		(175)
Net Income	$	—	$	334	$	3,767

INVESTMENT SECURITIES (Tables)

12 Months Ended

Dec. 31, 2022

INVESTMENT SECURITIES

Schedule of marketable securities

The Company’s available-for-sale securities as of December 31, 2022 and 2021 are summarized below (in thousands):


	Cost		Unrealized Gains in Investment Income		Unrealized Losses in Investment Income		Estimated Fair Value (Level 1 Inputs)
December 31, 2022
Common Stock	$	18,382	$	308	$	—	$	18,690
Operating Units		23,253		98		—		23,351
Total Equity Securities		41,635		406		—		42,041
Total Available-for-Sale Securities	$	41,635	$	406	$	—	$	42,041

December 31, 2021
Common Stock	$	15,643	$	868	$	—	$	16,511
Operating Units		23,253		1,273		—		24,526
Total Equity Securities		38,896		2,141		—		41,037
Total Available-for-Sale Securities	$	38,896	$	2,141	$	—	$	41,037

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2022

FAIR VALUE OF FINANCIAL INSTRUMENTS

Schedule of carrying value and estimated fair value of financial instruments


	December 31, 2022				December 31, 2021
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Cash and Cash Equivalents - Level 1	$	19,333	$	19,333	$	8,615	$	8,615
Restricted Cash - Level 1	$	1,861	$	1,861	$	22,734	$	22,734
Commercial Loans and Investments - Level 2	$	31,908	$	32,960	$	39,095	$	39,109
Long-Term Debt - Level 2	$	445,583	$	426,421	$	278,273	$	288,000

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


			Fair Value at Reporting Date Using
	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
December 31, 2022
Cash Flow Hedge - 2026 Term Loan Interest Rate Swap	$	4,586	$	—	$	4,586	$	—
Cash Flow Hedge - 2026 Term Loan Interest Rate Swap	$	1,461	$	—	$	1,461	$	—
Cash Flow Hedge - 2027 Term Loan Interest Rate Swap	$	10,111	$	—	$	10,111	$	—
Cash Flow Hedge - 2028 Term Loan Interest Rate Swap	$	(397)	$	—	$	(397)	$	—
Investment Securities	$	42,041	$	42,041	$	—	$	—
December 31, 2021
Cash Flow Hedge - 2026 Term Loan Interest Rate Swap	$	727	$	—	$	727	$	—
Cash Flow Hedge - 2026 Term Loan Interest Rate Swap	$	240	$	—	$	240	$	—
Cash Flow Hedge - 2027 Term Loan Interest Rate Swap	$	550	$	—	$	550	$	—
Investment Securities	$	41,037	$	41,037	$	—	$	—

INTANGIBLE ASSETS AND LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2022

INTANGIBLE ASSETS AND LIABILITIES

Schedule of components of intangible lease assets and liabilities


	As of
	December 31, 2022		December 31, 2021
Intangible Lease Assets:
Value of In-Place Leases	$	90,335	$	59,293
Value of Above Market In-Place Leases		32,008		23,216
Value of Intangible Leasing Costs		25,531		18,456
Sub-total Intangible Lease Assets		147,874		100,965
Accumulated Amortization		(31,890)		(21,473)
Sub-total Intangible Lease Assets—Net		115,984		79,492
Intangible Lease Liabilities (Included in Accrued and Other Liabilities):
Value of Below Market In-Place Leases		(12,307)		(6,942)
Sub-total Intangible Lease Liabilities		(12,307)		(6,942)
Accumulated Amortization		2,422		1,341
Sub-total Intangible Lease Liabilities—Net		(9,885)		(5,601)
Total Intangible Assets and Liabilities—Net	$	106,099	$	73,891

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, 2022, 2021, and 2020 (in thousands):


	Year Ended
	December 31, 2022		December 31, 2021		December 31, 2020
Amortization Expense	$	12,300	$	8,264	$	7,805
Accretion to Income Properties Revenue		2,161		(404)		(1,754)
Net Amortization of Intangible Assets and Liabilities	$	14,461	$	7,860	$	6,051

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

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


Year Ending December 31,	Future Amortization Amount		Future Accretion to Income Property Revenue		Net Future Amortization of Intangible Assets and Liabilities
2023	$	14,977	$	2,757	$	17,734
2024		14,764		2,803		17,567
2025		12,944		2,878		15,822
2026		11,233		2,597		13,830
2027		10,978		1,408		12,386
2028 and Thereafter		25,509		3,251		28,760
Total	$	90,405	$	15,694	$	106,099

OTHER ASSETS (Tables)

12 Months Ended

Dec. 31, 2022

OTHER ASSETS

Schedule of components of other assets


	As of
	December 31, 2022		December 31, 2021
Income Property Tenant Receivables, Net of Allowance for Doubtful Accounts ⁽¹⁾	$	2,206	$	885
Income Property Straight-line Rent Adjustment and COVID-19 Deferral Balance		6,214		5,180
Operating Leases - Right-of-Use Asset		63		168
Golf Rounds Surcharge		216		338
Cash Flow Hedge - Interest Rate Swap		16,158		1,543
Infrastructure Reimbursement Receivables		824		1,080
Prepaid Expenses, Deposits, and Other		5,421		3,526
Due from Alpine Income Property Trust, Inc.		1,300		1,653
Financing Costs, Net of Accumulated Amortization		2,051		524
Total Other Assets	$	34,453	$	14,897

⁽¹⁾Includes a $1.8 million and $0.5 million allowance for doubtful accounts as of December 31, 2022 and 2021, respectively.

EQUITY (Tables)

12 Months Ended

Dec. 31, 2022

EQUITY

Schedule of details of public offering

The following details the public offering (in thousands, except per share data):


Series	Dividend Rate	Issued	Shares Outstanding	Gross Proceeds		Net Proceeds		Dividend per Share		Earliest Redemption Date
Series A	6.375%	July 2021	3,000,000	$	75,000	$	72,428	$	0.3984	July 2026

Schedule of dividend declared and paid for stock

The following table outlines dividends declared and paid for each issuance of CTO’s stock during the years ended December 31, 2022, 2021, and 2020 (in thousands, except per share data):


	Year Ended
	December 31, 2022		December 31, 2021		December 31, 2020
Series A Preferred Stock
Dividends	$	4,781	$	2,325	$	—
Per Share	$	1.59	$	0.77	$	—

Common Stock
Dividends	$	28,896	$	23,580	$	64,665	⁽¹⁾
Per Share	$	1.49	$	1.33	$	4.63	⁽¹⁾


⁽¹⁾	Represents the aggregate of (i) $0.63 per share of regular cash dividends totaling $8.9 million and (ii) $3.99 per share Special Distribution totaling $55.8 million, of which $5.6 million was paid in cash.

COMMON STOCK AND EARNINGS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2022

COMMON STOCK AND EARNINGS PER SHARE

Schedule of computation of earnings per share


	Year Ended
	December 31, 2022		December 31, 2021		December 31, 2020
Basic and Diluted Earnings:
Net Income (Loss) Attributable to Common Stockholders, Used in Basic EPS	$	(1,623)	$	27,615	$	78,509
Add Back: Effect of Dilutive Interest Related to 2025 Notes ⁽¹⁾		—		—		—
Net Income (Loss) Attributable to Common Stockholders, Used in Diluted EPS	$	(1,623)	$	27,615	$	78,509

Basic and Diluted Shares:
Weighted Average Shares Outstanding, Basic		18,508,201		17,676,809		14,114,631
Common Shares Applicable to Dilutive Effect of 2025 Notes ⁽²⁾		—		—		—
Weighted Average Shares Outstanding, Diluted		18,508,201		17,676,809		14,114,631

Per Share Information:
Net Income (Loss) Attributable to Common Stockholders
Basic and Diluted	$	(0.09)	$	1.56	$	5.56

(1)

(2)

LONG-TERM DEBT (Tables)

12 Months Ended

Dec. 31, 2022

LONG-TERM DEBT

Schedule of outstanding indebtedness, at face value

As of December 31, 2022, the Company’s outstanding indebtedness, at face value, was as follows (in thousands):


	Face Value Debt		Maturity Date	Interest Rate
Credit Facility	$	113,750	January 2027		30-day SOFR + 0.10% + [1.25% - 2.20%]
2026 Term Loan ⁽¹⁾		65,000	March 2026		30-day SOFR + 0.10% + [1.25% - 2.20%]
2027 Term Loan ⁽²⁾		100,000	January 2027		30-day SOFR + 0.10% + [1.25% - 2.20%]
2028 Term Loan ⁽³⁾		100,000	January 2028		30-day SOFR + 0.10% + [1.20% - 2.15%]
3.875% Convertible Senior Notes due 2025		51,034	April 2025		3.875%
Mortgage Note Payable		17,800	August 2026		4.060%
Total Long-Term Face Value Debt	$	447,584

(1)	The Company utilized interest rate swaps on the $65.0 million 2026 Term Loan balance to fix SOFR and achieve a weighted average fixed swap rate of 0.26% plus the 10 bps SOFR adjustment plus the applicable spread.

(2)	The Company utilized interest rate swaps on the $100.0 million 2027 Term Loan balance to fix SOFR and achieve a fixed swap rate of 0.64% plus the 10 bps SOFR adjustment plus the applicable spread

(3)	The Company entered into interest rate swaps on the $100.0 million 2028 Term Loan balance to fix SOFR and achieve a weighted average fixed swap rate of 3.78% plus the 10 bps SOFR adjustment plus the applicable spread.

Schedule of components of long-term debt

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


	December 31, 2022				December 31, 2021
	Total		Due Within One Year		Total		Due Within One Year
Credit Facility	$	113,750	$	—	$	67,000	$	—
2026 Term Loan		65,000		—		65,000		—
2027 Term Loan		100,000		—		100,000		—
2028 Term Loan		100,000		—		—		—
3.875% Convertible Senior Notes, net of Discount		50,670		—		47,469		—
Mortgage Note Payable		17,800		—		—
Financing Costs, net of Accumulated Amortization		(1,637)		—		(1,196)		—
Total Long-Term Debt	$	445,583	$	—	$	278,273	$	—

Schedule of payments applicable to reduction of principal amounts


As of December 31, 2022	Amount
2023	$	—
2024		—
2025		51,034
2026		82,800
2027		213,750
2028 and Thereafter		100,000
Total Long-Term Debt - Face Value	$	447,584

Schedule of carrying value of long-term debt

The carrying value of long-term debt as of December 31, 2022 consisted of the following (in thousands):


	Total
Current Face Amount	$	447,584
Unamortized Discount on Convertible Debt		(364)
Financing Costs, net of Accumulated Amortization		(1,637)
Total Long-Term Debt	$	445,583

Schedule of interest expense on debt

The following table reflects a summary of interest expense incurred and paid during the years ended December 31, 2022, 2021 and 2020 (in thousands):


	Year Ended
	December 31, 2022		December 31, 2021		December 31, 2020
Interest Expense	$	10,171	$	7,065	$	9,005
Amortization of Deferred Financing Costs		755		586		454
Amortization of Discount on Convertible Notes		189		1,278		1,379
Total Interest Expense	$	11,115	$	8,929	$	10,838

Total Interest Paid	$	9,862	$	7,274	$	9,716

- 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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI https://asc.fasb.org/extlink&oid=124435984&loc=d3e28541-108399

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21506-112644

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 55
-Paragraph 69B
-URI https://asc.fasb.org/extlink&oid=123466577&loc=SL123495735-112612

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=124435984&loc=d3e28551-108399

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 55
-Paragraph 69E
-URI https://asc.fasb.org/extlink&oid=123466577&loc=SL123495743-112612

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21521-112644

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21538-112644

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=123599511&loc=d3e64711-112823

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI https://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21475-112644

+ Details

INTEREST RATE SWAPS (Tables)

12 Months Ended

Dec. 31, 2022

INTEREST RATE SWAPS

Schedule of interest rate swap agreements


Hedged Item ⁽¹⁾	Effective Date	Maturity Date	Rate	Amount		Fair Value as of December 31, 2022
2026 Term Loan	3/10/2021	3/29/2024	0.12% + 0.10% + applicable spread	$	50,000	$	2,818
2026 Term Loan	3/29/2024	3/10/2026	1.44% + 0.10% + applicable spread	$	50,000	$	1,768
2026 Term Loan	8/31/2021	3/10/2026	0.70% + 0.10% + applicable spread	$	15,000	$	1,461
2027 Term Loan	11/5/2021	3/29/2024	0.64% + 0.10% + applicable spread	$	100,000	$	5,007
2027 Term Loan	3/29/2024	1/31/2027	1.35% + 0.10% + applicable spread	$	100,000	$	5,104
2028 Term Loan	9/30/2022	1/31/2028	3.78% + 0.10% + applicable spread	$	50,000	$	(194)
2028 Term Loan	9/30/2022	1/31/2028	3.78% + 0.10% + applicable spread	$	50,000	$	(203)

⁽¹⁾	Effective September 30, 2022 the Company converted its existing interest rate swaps from 1-month LIBOR to SOFR.

ACCRUED AND OTHER LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2022

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, 2022		December 31, 2021
Accrued Property Taxes	$	716	$	813
Reserve for Tenant Improvements		6,186		5,457
Tenant Security Deposits		2,719		1,942
Accrued Construction Costs		903		190
Accrued Interest		872		431
Environmental Reserve		67		81
Cash Flow Hedge - Interest Rate Swaps		397		26
Operating Leases - Liability		64		198
Other		6,104		3,983
Total Accrued and Other Liabilities	$	18,028	$	13,121

DEFERRED REVENUE (Tables)

12 Months Ended

Dec. 31, 2022

DEFERRED REVENUE

Schedule of components of deferred revenue

Deferred revenue consisted of the following (in thousands):


	As of
	December 31, 2022		December 31, 2021
Prepaid Rent	$	3,951	$	3,921
Interest Reserve from Commercial Loans and Investments		1,262		—
Tenant Contributions		522		574
Other Deferred Revenue		—		10
Total Deferred Revenue	$	5,735	$	4,505

STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2022

STOCK-BASED COMPENSATION

Summary of share activity for all equity classified stock compensation


Type of Award	Shares Outstanding at 1/1/2022		Granted Shares		Vested / Exercised Shares		Expired Shares		Forfeited Shares		Shares Outstanding at 12/31/22
Equity Classified - Performance Share Awards - Peer Group Market Condition Vesting		234,354		69,168		(73,275)		—		—		230,247
Equity Classified - Three Year Vest Restricted Shares		154,509		137,448		(72,465)		—		(7,413)		212,079
Equity Classified - Non-Qualified Stock Option Awards		64,623		—		(64,623)		—		—		—
Total Shares		453,486		206,616		(210,363)		—		(7,413)		442,326

Schedule of amounts recognized for stock-based compensation

Amounts recognized in the financial statements for stock-based compensation are as follows (in thousands):


	Year Ended
	December 31, 2022		December 31, 2021		December 31, 2020
Total Cost of Share-Based Plans Charged Against Income Before Tax Effect	$	3,232	$	3,168	$	2,786

Income Tax Expense Recognized in Income	$	—	$	—	$	(678)

January 28, 2017

STOCK-BASED COMPENSATION

Summary of performance share awards activity


Performance Shares With Market Conditions	Shares		Wtd. Avg. Fair Value Per Share
Non-Vested at January 1, 2020		147,825	$	21.86
Granted		79,323	$	18.61
Vested		(37,905)	$	18.55
Expired		—		—
Forfeited		(21,690)	$	21.27
Non-Vested at December 31, 2020		167,553	$	21.15
Granted		144,402	$	10.68
Vested		(52,254)	$	19.43
Expired		—		—
Forfeited		(25,347)	$	15.68
Non-Vested at December 31, 2021		234,354	$	15.67
Granted		69,168	$	20.76
Vested		(73,275)	$	16.76
Expired		—		—
Forfeited		—		—
Non-Vested at December 31, 2022		230,247	$	16.85

January 28, 2018

STOCK-BASED COMPENSATION

Summary of nonvested restricted stock award activity

A summary of the activity for these awards during the years ended December 31, 2022, 2021, and 2020 is presented below:


Market Condition Non-Vested Restricted Shares	Shares		Wtd. Avg. Fair Value
Non-Vested at January 1, 2020		22,000	$	41.71
Granted		—		—
Vested		—		—
Expired		—		—
Forfeited		—		—
Non-Vested at December 31, 2020		22,000	$	41.71
Granted		—		—
Vested		—		—
Expired		(22,000)	$	41.71
Forfeited		—		—
Non-Vested at December 31, 2021		—		—
Granted		—		—
Vested		—		—
Expired		—		—
Forfeited		—		—
Non-Vested at December 31, 2022		—		—

Three-Year Vesting

STOCK-BASED COMPENSATION

Summary of nonvested restricted stock award activity


Non-Vested Restricted Shares	Shares		Wtd. Avg. Fair Value Per Share
Non-Vested at January 1, 2020		112,785	$	20.07
Granted		70,353	$	18.63
Vested		(54,162)	$	19.90
Expired		—		—
Forfeited		(13,539)	$	20.05
Non-Vested at December 31, 2020		115,437	$	19.27
Granted		129,150	$	11.82
Vested		(63,660)	$	16.18
Expired		—		—
Forfeited		(26,418)	$	15.53
Non-Vested at December 31, 2021		154,509	$	14.96
Granted		137,448	$	19.72
Vested		(72,465)	$	14.96
Expired		—		—
Forfeited		(7,413)	$	17.01
Non-Vested at December 31, 2022		212,079	$	17.97

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, 2020	240,000	$	18.54
Granted	—		—
Exercised	—		—
Expired	—		—
Forfeited	—		—
Outstanding at December 31, 2020	240,000	$	18.54
Granted	60,996		—
Exercised	(236,373)	$	14.88
Expired	—		—
Forfeited	—		—
Outstanding at December 31, 2022	64,623	$	14.46
Granted	—		—
Exercised	(64,623)	$	14.46
Expired	—		—
Forfeited	—		—
Outstanding at December 31, 2022	—	$	—		—	$	—
Exercisable at January 1, 2022	64,623	$	14.46		3.21	$	388,837
Exercisable at December 31, 2022	—	$	—		—	$	—

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

INCOME TAXES

Schedule of total income tax benefit (expense)

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


	Year Ended December 31,
	2022		2021		2020
Income Tax Benefit	$	2,830	$	3,079	$	83,499

Summary of provisions for income tax benefit (expense)

The provisions for income tax benefit are summarized as follows (in thousands):


	2022				2021				2020
	Current		Deferred		Current		Deferred		Current		Deferred
Federal	$	(183)	$	2,571	$	235	$	2,362	$	341	$	70,106
State		—		442		44		438		63		12,989
Total	$	(183)	$	3,013	$	279	$	2,800	$	404	$	83,095

Summary of deferred income tax assets (liabilities)


	Deferred Tax
	2022		2021
Deferred Income Tax Assets
Capital Loss Carryforward	$	1,800	$	2,249
Net Operating Loss Carryforward		2,597		291
Gross Deferred Income Tax Assets		4,397		2,540
Less - Valuation Allowance		(1,800)		(2,249)
Net Deferred Income Tax Assets		2,597		291
Deferred Income Tax Liabilities
Unrealized Gain on Investment Securities		(39)		—
Basis Differences in Mitigation Credit Assets		(28)		(774)
Total Deferred Income Tax Liabilities		(67)		(774)
Net Deferred Income Tax Liabilities	$	2,530	$	(483)

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


	Year Ended December 31,
	2022				2021				2020
Income Tax Benefit Computed at Federal Statutory Rate	$	2,795	852.1	%	$	4,408	16.4	%	$	971	(19.5)	%
Increase (Decrease) Resulting from:
State Income Tax, Net of Federal Income Tax Benefit		593	180.8	%		936	3.5	%		180	(3.6)	%
Income Tax on Permanently Non-Deductible Items		(484)	(147.6)	%		—	0.0	%		(112)	2.2	%
Tax Benefit due to De-Recognition of REIT Deferred Tax Liabilities		—	0.0	%		—	0.0	%		82,460	(1652.6)	%
Valuation Allowance		—	0.0	%		(2,216)	(8.2)	%		—	0.0	%
Other Reconciling Items		(74)	(22.6)	%		(49)	(0.2)	%		—	0.0	%
Benefit for Income Taxes	$	2,830	862.8	%	$	3,079	11.5	%	$	83,499	(1673.4)	%

COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2022

COMMITMENTS AND CONTINGENCIES

Schedule of Commitments


	As of December 31, 2022
Total Commitment ⁽¹⁾	$	29,033
Less Amount Funded		(7,812)
Remaining Commitment	$	21,221

(1)	Commitment includes tenant improvements, leasing commissions, rebranding, facility expansion and other capital improvements.

BUSINESS SEGMENT DATA (Tables)

12 Months Ended

Dec. 31, 2022

BUSINESS SEGMENT DATA

Schedule of operations in different segments

Information about the Company’s operations in different segments for the years ended December 31, 2022, 2021, and 2020 is as follows (in thousands):


	For the Year Ended
	December 31, 2022		December 31, 2021		December 31, 2020
Revenues:
Income Properties	$	68,857	$	50,679	$	49,953
Management Fee Income		3,829		3,305		2,744
Interest Income From Commercial Loans and Investments		4,172		2,861		3,034
Real Estate Operations		5,462		13,427		650
Total Revenues	$	82,320	$	70,272	$	56,381
Operating Income:
Income Properties	$	48,493	$	36,864	$	37,964
Management Fee Income		3,829		3,305		2,744
Interest Income From Commercial Loans and Investments		4,172		2,861		3,034
Real Estate Operations		2,969		4,812		(2,572)
General and Corporate Expense		(41,754)		(31,783)		(30,630)
Impairment Charges		—		(17,599)		(9,147)
Gain (Loss) on Disposition of Assets		(7,042)		28,316		9,746
Gain (Loss) on Extinguishment of Debt		—		(3,431)		1,141
Total Operating Income	$	10,667	$	23,345	$	12,280
Depreciation and Amortization:
Income Properties	$	28,799	$	20,561	$	19,036
Corporate and Other		56		20		27
Total Depreciation and Amortization	$	28,855	$	20,581	$	19,063
Capital Expenditures:
Income Properties	$	331,754	$	256,456	$	188,849
Commercial Loans and Investments		53,369		364		7,150
Corporate and Other		42		34		30
Total Capital Expenditures	$	385,165	$	256,854	$	196,029

Identifiable assets of each segment as of December 31, 2022 and 2021 are as follows (in thousands):


	As of
	December 31, 2022		December 31, 2021
Identifiable Assets:
Income Properties	$	902,427	$	630,747
Management Services		1,370		1,653
Commercial Loans and Investments		32,269		39,095
Real Estate Operations		4,041		26,512
Corporate and Other		46,438		35,132
Total Assets	$	986,545	$	733,139

ASSETS AND LIABILITIES HELD FOR SALE (Tables)

12 Months Ended

Dec. 31, 2022

Table Text Blocks

Schedule of assets and liabilities held for sale and discontinued operations


	As of December 31, 2021
Plant, Property, and Equipment—Net	$	6,016
Intangible Lease Assets—Net		704
Total Assets Held for Sale	$	6,720

- 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 https://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 https://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 https://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 https://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 https://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 https://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
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=109226691&loc=d3e2941-110230

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5C
-URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721675-107760

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=109222650&loc=d3e1361-107760

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5A
-URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721671-107760

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5B
-URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721673-107760

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4A
-URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721663-107760

+ Details

ORGANIZATION (Details) ft² in Millions				1 Months Ended	12 Months Ended
ORGANIZATION (Details) ft² in Millions	Apr. 27, 2022	Dec. 10, 2021 USD ($) a	Jan. 29, 2021	Oct. 31, 2019	Dec. 31, 2022 USD ($) ft² a property country loan	Dec. 31, 2021 USD ($) a	Dec. 31, 2020 a
Real Estate Properties
Area of land (in acres) \| a					14,600	84,900	345
Number of commercial loan investment \| loan					3
Investment in Alpine Income Property Trust, Inc.					$ 42,041,000	$ 41,037,000
Conversion ratio on merger			1
Stock split ratio	3				3
Alpine Income Property Trust, Inc. Common Stock and Alpine Income Property OP, LP Limited Partnership Units
Real Estate Properties
Investment in Alpine Income Property Trust, Inc.					$ 42,041,000	$ 41,037,000
Investment ownership percentage (as a percent)					14.60%
Stock split ratio					1
Land JV
Real Estate Properties
No. of Acres \| a		1,600
Final sales price		$ 66,300,000
Interest in the joint venture (as a percent)		33.50%		33.50%	33.50%
Proceeds from sale of land		$ 24,500,000			$ 24,500,000
Florida
Real Estate Properties
Subsurface area of portfolio of mineral interests					355,000
Number of countries \| country					19
Commercial Real Estate Portfolio Segment
Real Estate Properties
Number of commercial loan investment \| loan					3
Number of commercial properties \| property					1
Commercial
Real Estate Properties
Number of real estate properties					23
Number of states in which entity operates \| country					9
Gross leasable space \| ft²					3.7
Single-tenant
Real Estate Properties
Number of real estate properties \| property					8
Multi-tenant
Real Estate Properties
Number of real estate properties \| property					15

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Principles of Consolidation (Details) $ in Millions	Dec. 10, 2021 USD ($) a	Dec. 31, 2022	Sep. 30, 2021	Jun. 30, 2018
Mitigation Bank
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Equity method investment, ownership percentage (as a percent)		30.00%	30.00%	30.00%
Land JV
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Equity method investment, ownership percentage (as a percent)	33.50%
Acres sold \| a	1,600
Final sales price \| $	$ 66.3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Segment Reporting (Details)	12 Months Ended
	Dec. 31, 2022 segment
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Number of business segments	4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Restricted Cash and Investment Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Restricted Cash
Restricted Cash	$ 1,861	$ 22,734	$ 29,536
Restricted cash, escrow account in connection with Mitigation Bank \| Mitigation Bank
Restricted Cash
Restricted Cash	600
Restricted cash escrow account in connection with reserves for commercial loans and investments
Restricted Cash
Restricted Cash	$ 1,300

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Accounts Receivable (Details) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2015 Transaction	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Accounts Receivable
Number of closed land transactions \| Transaction	2
Allowance for doubtful accounts		$ 1.8	$ 0.5
Other Assets
Accounts Receivable
Income Property Tenant Receivables, Net of Allowance for Doubtful Accounts		2.2	0.9
Income Property Tenant Receivables, Increase (Decrease)		1.3
Accounts receivable related to real estate operations		0.8	1.1
Receivable from Golf operations for rounds surcharge		$ 0.2	$ 0.3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property, Plant, and Equipment and Golf Operations (Details) - USD ($)	12 Months Ended			24 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021
PROPERTY, PLANT, AND EQUIPMENT
Depreciation	$ 16,600,000	$ 12,300,000	$ 11,300,000
Interest capitalized	$ 200,000	$ 0	$ 0	$ 0
Building and Building Improvements [Member] \| Minimum
PROPERTY, PLANT, AND EQUIPMENT
Useful lives for property, plant, and equipment	3 years
Building and Building Improvements [Member] \| Maximum
PROPERTY, PLANT, AND EQUIPMENT
Useful lives for property, plant, and equipment	48 years
Other Furnishings and Equipment
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	25 years

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Income Taxes (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) subsidiary	Dec. 31, 2021 subsidiary	Dec. 31, 2020 subsidiary
Income Taxes
REIT Eligibility, Distributable , Minimum Percentage of Taxable Income, Excluding Net Capital Gains	90.00%
Number of taxable REIT subsidiaries \| subsidiary	2	2	2
Reserves for uncertain income tax positions \| $	$ 0

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Concentration of Credit Risk (Details) - tenant	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Square Footage \| Geographic Concentration Risk \| Income Properties
CONCENTRATION OF CREDIT RISK
Concentration risk percentage			18.10%
Square Footage \| Geographic Concentration Risk \| Income Properties \| Georgia
CONCENTRATION OF CREDIT RISK
Concentration risk percentage	29.00%	13.00%
Square Footage \| Geographic Concentration Risk \| Income Properties \| Texas
CONCENTRATION OF CREDIT RISK
Concentration risk percentage	15.00%	16.00%
Square Footage \| Geographic Concentration Risk \| Income Properties \| VIRGINIA
CONCENTRATION OF CREDIT RISK
Concentration risk percentage	12.00%
Square Footage \| Geographic Concentration Risk \| Income Properties \| Florida
CONCENTRATION OF CREDIT RISK
Concentration risk percentage	11.00%	23.00%
Square Footage \| Geographic Concentration Risk \| Income Properties \| New Mexico
CONCENTRATION OF CREDIT RISK
Concentration risk percentage		13.00%
Square Footage \| Geographic Concentration Risk \| Income Properties \| North Carolina
CONCENTRATION OF CREDIT RISK
Concentration risk percentage		12.00%
Base Rent Revenues
CONCENTRATION OF CREDIT RISK
Number of tenants	1
Base Rent Revenues \| Geographic Concentration Risk \| Georgia
CONCENTRATION OF CREDIT RISK
Concentration risk percentage	33.00%
Base Rent Revenues \| Geographic Concentration Risk \| Texas
CONCENTRATION OF CREDIT RISK
Concentration risk percentage	16.00%
Base Rent Revenues \| Geographic Concentration Risk \| VIRGINIA
CONCENTRATION OF CREDIT RISK
Concentration risk percentage	13.00%
Base Rent Revenues \| Geographic Concentration Risk \| Florida
CONCENTRATION OF CREDIT RISK
Concentration risk percentage	12.00%
Base Rent Revenues \| Customer Concentration Risk \| Income Property, Wells Fargo, Raleigh, North Carolina
CONCENTRATION OF CREDIT RISK
Concentration risk percentage			10.90%

INCOME PROPERTIES - Leasing Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Leasing Revenue
Lease Payments	$ 54,083	$ 41,791	$ 39,825
Variable Lease Payments	14,774	8,888	10,128
Total Leasing Revenue	$ 68,857	$ 50,679	$ 49,953
Operating Lease, Lease Income, Statement of Income or Comprehensive Income	Revenues	Revenues	Revenues

INCOME PROPERTIES - Minimum Future Base Rental Revenue on Non-cancelable Leases (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Minimum future base rental revenue on non-cancelable leases
2023	$ 72,552
2024	66,390
2025	61,717
2026	52,866
2027	42,785
2028 and Thereafter (Cumulative)	118,490
Total	$ 414,800

INCOME PROPERTIES - Acquisitions (Details) $ in Thousands	12 Months Ended
INCOME PROPERTIES - Acquisitions (Details) $ in Thousands	Dec. 31, 2022 USD ($) ft² tenant	Dec. 31, 2021 USD ($) property tenant	Mar. 03, 2022 USD ($)
Acquisitions of Income Properties
Weighted average amortization period of intangible assets	6 years 1 month 6 days
Face Value of Debt	$ 447,584
Fixed-Rate Mortgage Note
Acquisitions of Income Properties
Face Value of Debt			$ 17,800
2022 Acquisitions
Acquisitions of Income Properties
Aggregate acquisition cost including capitalized acquisition costs	315,600
Purchase Price	$ 314,000
2022 Acquisitions \| Multi-tenant
Acquisitions of Income Properties
Number of tenant repurchase options \| tenant	4
2022 Acquisitions \| Single-tenant
Acquisitions of Income Properties
Number of real estate properties \| tenant	3
2022 Acquisitions \| Income Property, Multi-tenant, Ashford Lane, Atlanta, Georgia
Acquisitions of Income Properties
Aggregate acquisition cost including capitalized acquisition costs	$ 80,500
Property Square-Feet \| ft²	162,521
Purchase Price	$ 80,200
Percentage Leased at Acquisition	98.00%
2022 Acquisitions \| Income Property, Multi tenant, West Broad Village, Glen Allen, Virginia
Acquisitions of Income Properties
Aggregate acquisition cost including capitalized acquisition costs	$ 94,600
Property Square-Feet \| ft²	392,007
Purchase Price	$ 93,900
Percentage Leased at Acquisition	83.00%
2022 Acquisitions \| Income Property Collection at Forsyth, Cummings, Georgia
Acquisitions of Income Properties
Aggregate acquisition cost including capitalized acquisition costs	$ 96,400
Property Square-Feet \| ft²	560,434
Purchase Price	$ 96,000
Percentage Leased at Acquisition	80.00%
2022 Acquisitions \| Income Property MainStreet Portfolio, Daytona Beach, Florida
Acquisitions of Income Properties
Aggregate acquisition cost including capitalized acquisition costs	$ 4,900
Property Square-Feet \| ft²	28,511
Purchase Price	$ 4,800
Percentage Leased at Acquisition	100.00%
2022 Acquisitions \| Income Property MainStreet Portfolio, Daytona Beach, Florida \| Single-tenant
Acquisitions of Income Properties
Number of real estate properties \| tenant	3
2022 Acquisitions \| Income Property, Multi-tenant, Katy, Texas
Acquisitions of Income Properties
Aggregate acquisition cost including capitalized acquisition costs	$ 39,200
Property Square-Feet \| ft²	200,576
Purchase Price	$ 39,100
Percentage Leased at Acquisition	95.00%
2022 Acquisitions \| Income Property, Multi-tenant, Katy, Texas \| Fixed-Rate Mortgage Note
Acquisitions of Income Properties
Face Value of Debt	$ 17,800
2021 Acquisitions
Acquisitions of Income Properties
Number of tenant repurchase options \| tenant		8
Land		$ 78,000
Buildings and improvements		124,900
Intangible assets pertaining to the in-place lease value, leasing fees and above market lease value		49,700
Intangible liabilities for below market lease value		$ 2,800
Weighted average amortization period of intangible assets	6 years	6 years 9 months 18 days
2021 Acquisitions \| Nonrecurring basis
Acquisitions of Income Properties
Land	$ 60,100
Buildings and improvements	208,300
Intangible assets pertaining to the in-place lease value, leasing fees and above market lease value	52,700
Intangible liabilities for below market lease value	$ 5,500
2021 Acquisitions \| Income Property, Multi-tenant, Katy, Texas
Acquisitions of Income Properties
Aggregate acquisition cost including capitalized acquisition costs		$ 249,800
Purchase Price		249,100
2020 Acquisitions
Acquisitions of Income Properties
Aggregate acquisition cost including capitalized acquisition costs		$ 185,700
Weighted average amortization period of intangible assets		4 years 6 months
Purchase Price		$ 185,100
2020 Acquisitions \| Commercial Real Estate Portfolio Segment
Acquisitions of Income Properties
Purchase Price		21,000
2020 Acquisitions \| Nonrecurring basis
Acquisitions of Income Properties
Land		50,000
Buildings and improvements		94,600
Intangible assets pertaining to the in-place lease value, leasing fees and above market lease value		21,900
Intangible liabilities for below market lease value		$ 1,800
2020 Acquisitions, Multi-tenant
Acquisitions of Income Properties
Number of real estate properties \| property		2
2020 Acquisitions, Single-tenant
Acquisitions of Income Properties
Number of real estate properties \| property		2

INCOME PROPERTIES - Dispositions (Details) $ in Thousands	12 Months Ended
INCOME PROPERTIES - Dispositions (Details) $ in Thousands	Dec. 31, 2022 USD ($) property	Dec. 31, 2021 USD ($) property tenant	Jul. 28, 2022 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Dispositions of Income Properties
Carrying Value	$ 31,908	$ 39,095		$ 38,320	$ 34,625
2022 Dispositions, Income Properties
Dispositions of Income Properties
Number of real estate properties \| property	6
2022 Dispositions, Income Properties, Multi-tenant \| Westland Gateway Plaza, FL
Dispositions of Income Properties
Sales price	$ 22,200
2022 Dispositions, Income Properties, Single-tenant \| Income Property, Party City Corporation, Oceanside, New York
Dispositions of Income Properties
Sales price	6,900
2022 Dispositions, Income Properties, Single-tenant \| Income Property, Single-tenant, Outback, Austin, Texas
Dispositions of Income Properties
Sales price	17,100
Dispositions Income Properties 2022 Chuy's Single Tenant \| Income Property, The Strand - Fogo De Chao, Jacksonville, Florida
Dispositions of Income Properties
Sales price	5,800
Dispositions Income Properties 2022 Firebirds Single Tenant \| Income Property, The Strand - Fogo De Chao, Jacksonville, Florida
Dispositions of Income Properties
Sales price	5,500
Dispositions Income Properties 2022 245 Riverside Multi Tenant \| Income Property, The Strand - Fogo De Chao, Jacksonville, Florida
Dispositions of Income Properties
Sales price	23,600
2021 Dispositions, Multi-tenant
Dispositions of Income Properties
Number Of Tenant Repurchase Options \| tenant		1
2021 Dispositions, Single-tenant
Dispositions of Income Properties
Number Of Tenant Repurchase Options \| tenant		14
2021 Dispositions, Single-tenant \| Income Property, Burlington Coat Stores, Inc, North Richland Hills, Texas
Dispositions of Income Properties
Sales price		$ 11,500
2021 Dispositions, Single-tenant \| Income Properties, Single-tenant, CMBS Portfolio
Dispositions of Income Properties
Sales price		$ 44,500
Number of real estate properties \| property		6
2021 Dispositions, Single-tenant \| Twenty Four Hour Fitness, Falls Church, VA
Dispositions of Income Properties
Sales price		$ 21,500
Dispositions Income Properties 2021 Chick Fil A Single Tenant \| Crossroads Property, Chandler, Arizona
Dispositions of Income Properties
Sales price		2,900
Dispositions Income Properties 2021 JP Morgan Chase Bank Single Tenant \| Crossroads Property, Chandler, Arizona
Dispositions of Income Properties
Sales price		4,700
Dispositions Income Properties 2021 Fogo De Chao Single Tenant \| Income Property, The Strand - Fogo De Chao, Jacksonville, Florida
Dispositions of Income Properties
Sales price		4,700
Dispositions Income Properties 2021 Wells Fargo Single Tenant \| Income Property, Wells Fargo, Raleigh, North Carolina
Dispositions of Income Properties
Sales price		63,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Westland Gateway Plaza, FL
Dispositions of Income Properties
Sales price			$ 22,200
Carrying Value			$ 21,100
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 2022 Dispositions, Income Properties
Dispositions of Income Properties
Sales price	81,100
Gain (Loss) on Sale	$ 4,700
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 2022 Dispositions, Income Properties, Single-tenant \| Income Property, Single-tenant, Moe's Southwest Grill, Jacksonville, Florida
Dispositions of Income Properties
Sales price		2,500
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 2021 Dispositions, Income Properties
Dispositions of Income Properties
Sales price		162,300
Gain (Loss) on Sale		28,200
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 2021 Dispositions, Multi-tenant \| Income Property, World of Beer, Fuzzys Taco Shop, Brandon, Florida
Dispositions of Income Properties
Sales price		2,300
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 2020 Dispositions, Income Properties and Land Parcels
Dispositions of Income Properties
Sales price		86,500
Gain (Loss) on Sale		$ 8,600
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income		Gain (Loss) on Disposition of Assets

INCOME PROPERTIES - General Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($) property	Dec. 31, 2020 USD ($)	Mar. 11, 2022 USD ($)	Dec. 31, 2019 USD ($)
Acquisitions of Income Properties
Units issued \| shares	155,665
Stock Issuance	$ 94,851		$ 513
Payments for Tenant Improvements	7,812
Carrying Value	$ 31,908	$ 39,095	$ 38,320		$ 34,625
Amount allocated of total acquisition cost
Weighted average amortization period of intangible assets	6 years 1 month 6 days
Weighted average amortization period of intangible liabilities	7 years 8 months 12 days
2021 Acquisitions
Acquisitions of Income Properties
Land		78,000
Buildings and improvements		124,900
Intangible assets pertaining to the in-place lease value, leasing fees and above market lease value		49,700
Intangible liabilities for below market lease value		$ 2,800
Amount allocated of total acquisition cost
Weighted average amortization period of intangible assets	6 years	6 years 9 months 18 days
2020 Acquisitions
Acquisitions of Income Properties
Payments to Acquire Commercial Real Estate		$ 185,100
Aggregate acquisition cost including capitalized acquisition costs		$ 185,700
Amount allocated of total acquisition cost
Weighted average amortization period of intangible assets		4 years 6 months
2020 Acquisitions, Multi-tenant
Acquisitions of Income Properties
Number of real estate properties \| property		2
2020 Acquisitions, Single-tenant
Acquisitions of Income Properties
Number of real estate properties \| property		2
Commercial Real Estate Portfolio Segment
Acquisitions of Income Properties
Carrying Value	$ 31,908	$ 39,095
Commercial Real Estate Portfolio Segment \| 2020 Acquisitions
Acquisitions of Income Properties
Payments to Acquire Commercial Real Estate		21,000
Ground Lease Loan - 400 Josephine Street, Austin, TX
Acquisitions of Income Properties
Sales price				$ 17,100
Carrying Value		$ 17,189		$ 17,300
Lease Revenue - Billboards
Acquisitions of Income Properties
Number of real estate properties \| property		9
Nonrecurring basis \| 2021 Acquisitions
Acquisitions of Income Properties
Land	60,100
Buildings and improvements	208,300
Intangible assets pertaining to the in-place lease value, leasing fees and above market lease value	52,700
Intangible liabilities for below market lease value	$ 5,500
Nonrecurring basis \| 2020 Acquisitions
Acquisitions of Income Properties
Land		$ 50,000
Buildings and improvements		94,600
Intangible assets pertaining to the in-place lease value, leasing fees and above market lease value		21,900
Intangible liabilities for below market lease value		1,800
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 2020 Dispositions, Income Properties and Land Parcels
Acquisitions of Income Properties
Sales price		86,500
Gain (Loss) on Sale		$ 8,600
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 2020 Dispositions, Income Properties
Acquisitions of Income Properties
Number of properties sold \| property		11
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 2020 Dispositions, Billboard Sites
Acquisitions of Income Properties
Sales price		$ 1,500
Number of properties sold \| property		8
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 2020 Dispositions, Land Parcels
Acquisitions of Income Properties
Number of properties sold \| property		1

COMMERCIAL LOANS AND INVESTMENTS - Summary of Commercial Loan Investments (Details) $ in Thousands								12 Months Ended
	Nov. 04, 2022 USD ($)	Jul. 28, 2022 USD ($)	May 09, 2022 USD ($)	Apr. 29, 2022 USD ($)	Apr. 07, 2022 USD ($) item	Mar. 11, 2022 USD ($) item	Jan. 26, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Original Face Amount								$ 40,600	$ 38,099
Current Face Amount								32,073	38,099
Carrying Value								31,908	39,095	$ 38,320	$ 34,625
Mortgage Loans On Real Estate, Extension Term					1 year
Amount repaid by borrower								19,000
Carrying value at the time of sale									6,016
Gain (loss) on sale of mortgage loans								807
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Westland Gateway Plaza, FL
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying Value		$ 21,100
Sales price		22,200
Carrying value at the time of sale		21,200
Gain (loss) on sale of mortgage loans		$ 1,000
Ground Lease Loan - 400 Josephine Street, Austin, TX
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Original Face Amount									16,250
Current Face Amount									16,250
Carrying Value						$ 17,300			17,189
Sales price						$ 17,100
Number of tenant repurchase options \| item						2
Commercial Loan and Master Lease Investments						$ 16,250
Gain (loss) on sale of mortgage loans						$ 200
Master Tenant - Hialeah Lease Loan - Hialeah FL
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Original Face Amount									21,085
Current Face Amount									21,085
Carrying Value									21,148
Mortgage Note - 4311 Maple Avenue, Dallas, TX
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Original Face Amount								400	400
Current Face Amount								400	400
Carrying Value								$ 395	$ 394
Coupon Rate								7.50%	7.50%
Mortgage Note - 110 N Beach Street - Daytona Beach, FL
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Original Face Amount									$ 364
Current Face Amount									364
Carrying Value									$ 364
Coupon Rate									10.00%
Remaining commitment								$ 0
Amount repaid by borrower	$ 400
Construction Loans [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Current Face Amount								5,600
Construction Loan - The Exchange At Gwinnett - Buford, GA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Original Face Amount								8,700
Current Face Amount							$ 8,700	220
Carrying Value								$ 173
Coupon Rate								7.25%
Extension period (in years)							1 year
Interest rate (as a percent)							7.25%
Origination fee							$ 100
Loan origination								$ 3,200
Remaining commitment								5,500
Construction Loan - WaterStar Kissimmee retail property development project in Kissimmee, Florida
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Current Face Amount				$ 19,000
Coupon Rate				8.00%
Origination fee				$ 100
Loan origination				19,000
Remaining commitment				$ 0
Improvement Loan For Ashford Lane - Atlanta, Georgia
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Original Face Amount								1,500
Current Face Amount			$ 1,500					1,453
Carrying Value								$ 1,453
Coupon Rate			10.00%					12.00%
Loan origination								$ 1,500
Improvement Loan For Ashford Lane - Atlanta, Georgia \| Interest rate Until The location is Open
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Coupon Rate			12.00%
Preferred Investment - Watters Creek - Allen, TX
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Original Face Amount								30,000
Current Face Amount					$ 30,000			30,000
Carrying Value								$ 29,887
Coupon Rate					8.50%			8.50%
Origination fee					$ 150
Mortgage Loans On Real Estate, Extension Term, Number of Option \| item					2

COMMERCIAL LOANS AND INVESTMENTS - Carrying Value (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current Face Amount	$ 32,073	$ 38,099
Imputed Interest over Rent Payments Received	97	409	$ 399
CECL Reserve			(1,968)
Total Commercial Loan and Master Lease Investments	31,908	39,095	$ 38,320	$ 34,625
Commercial loan and master lease investments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current Face Amount	32,073	38,099
Imputed Interest over Rent Payments Received		1,002
Unaccreted Origination Fees	(161)	(2)
CECL Reserve	(4)	(4)
Total Commercial Loan and Master Lease Investments	$ 31,908	$ 39,095

COMMERCIAL LOANS AND INVESTMENTS - General Information (Details) $ in Thousands			12 Months Ended
	Mar. 11, 2022 USD ($)	Jun. 30, 2021 USD ($)	Dec. 31, 2022 USD ($) a	Dec. 31, 2020 USD ($) a	Dec. 31, 2021 USD ($) a	Dec. 31, 2019 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current expected credit losses reserve				$ 1,968
Loss on sale of loans			$ 802	$ (353)
Area of land (in acres) \| a			14,600	345	84,900
Principal Payments Received on Commercial Loans and Investments			$ 61,628	$ 22,965
Carrying Value			31,908	$ 38,320	$ 39,095	$ 34,625
Gain (loss) on sale of mortgage loans			807
Florida
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan Origination		$ 400
Term		1 year 6 months
Coupon Rate		10.00%
Ground Lease Loan - 400 Josephine Street, Austin, TX
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 17,300				17,189
Gain (loss) on sale of mortgage loans	$ 200
Income Property, Multi Tenant ,Exchange at Gwinnett ,Buford ,Georgia
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal Payments Received on Commercial Loans and Investments			2,900
Carrying Value			200
Commercial Real Estate Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current expected credit losses reserve			4		4
Carrying Value			$ 31,908		$ 39,095

RELATED PARTY MANAGEMENT SERVICES BUSINESS - General Information (Details)						12 Months Ended
	Feb. 16, 2023 USD ($) $ / shares	Jan. 07, 2022 USD ($) property	Dec. 10, 2021 USD ($)	Oct. 26, 2021 USD ($) $ / shares	Nov. 26, 2019 USD ($) property shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) property $ / shares shares	Dec. 31, 2020 USD ($)
Real Estate [Line Items]
Share purchased \| shares						155,665
Purchase price of shares						$ 94,851,000		$ 513,000
Average price per share \| $ / shares						$ 17.57
Investment in Alpine Income Property Trust, Inc.						$ 42,041,000	$ 41,037,000
Outstanding Principal						447,584,000
Gain (Loss) on Extinguishment of Debt							(3,431,000)	1,141,000
Revenues						82,320,000	70,272,000	56,381,000
Management Fee Income
Real Estate [Line Items]
Revenues						3,829,000	3,305,000	2,744,000
Common Stock [Member]
Real Estate [Line Items]
Purchase price of shares						48,000		10,000
Alpine Income Property Trust, Inc. Common Stock and Alpine Income Property OP, LP Limited Partnership Units [Member]
Real Estate [Line Items]
Investment in Alpine Income Property Trust, Inc.						$ 42,041,000	41,037,000
Investment ownership percentage (as a percent)						14.60%
Alpine Income Property OP, LP Limited Partnership Units
Real Estate [Line Items]
Number of contributed properties \| property					5
Aggregate of OP units \| shares					1,223,854
Initial value					$ 23,300,000
Share purchased \| shares						1,223,854
Investment in Alpine Income Property Trust, Inc.						$ 23,351,000	$ 24,526,000
Investment ownership percentage (as a percent)						8.10%
Common Stock [Member]
Real Estate [Line Items]
Share purchased \| shares					421,053	979,543	8,088
Purchase price of shares					$ 8,000,000.0	$ 2,700,000	$ 100,000
Investment in Alpine Income Property Trust, Inc.						$ 18,690,000	16,511,000
Investment ownership percentage (as a percent)						6.50%
Mortgage Notes Payable Under CMBS Portfolio
Real Estate [Line Items]
Outstanding Principal		$ 30,000,000.0
Private placement
Real Estate [Line Items]
Share purchased \| shares					394,737
Purchase price of shares					$ 7,500,000
2022 Acquisitions \| Income Property Single Tenant
Real Estate [Line Items]
Number of real estate properties \| property		1
Sales price		$ 6,900,000
Land JV
Real Estate [Line Items]
Management fee revenue earned						$ 0	100,000	200,000
Management fee revenue earned per month			$ 20,000			$ 20,000,000
Monthly management fee			$ 10,000				10,000,000
Management Agreement PINE
Real Estate [Line Items]
Percentage of base management fee						0.375%
Management fee (as a percent)						1.50%
Percentage of cumulative annual hurdle rate						8.00%
Amount of threshold incentive fee						$ 0.00
Percentage of multiply factor						15.00%
Amount of incentive fee						$ 0	0
Management fee revenue earned						3,800,000	3,200,000	2,600,000
Proceeds from Dividends Received						$ 2,300,000	$ 2,100,000	$ 1,700,000
Alpine
Real Estate [Line Items]
Number of properties sold \| property					15
Aggregate cash consideration					$ 125,900,000
Amount of shares authorized for purchase by the board	$ 2,100,000			$ 5,000,000.0
Average price per share \| $ / shares	$ 18.50			$ 17.75			$ 17.65
Alpine \| Mortgage Notes Payable Under CMBS Portfolio
Real Estate [Line Items]
Real estate acquired purchase price							$ 44,500,000
Number of real estate properties \| property							6
Gain (Loss) on Extinguishment of Debt		$ 500,000
Alpine \| Mortgage Notes Payable Under CMBS Portfolio \| Income Property Single Tenant
Real Estate [Line Items]
Real estate acquired purchase price							$ 11,500,000
Number of real estate properties \| property							1

RELATED PARTY MANAGEMENT SERVICES BUSINESS - Summary of Amounts Due (Details) - Management Agreement PINE - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Real Estate [Line Items]
Management Services Fee due from PINE	$ 993	$ 913
Dividend receivable	337	330
Other	(30)	410
Total	$ 1,300	$ 1,653

- Definition

For an unclassified balance sheet, amounts due from related parties including affiliates, employees, joint ventures, officers and stockholders, immediate families thereof, and pension funds.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(1))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03.10(3))
-URI https://asc.fasb.org/extlink&oid=126897435&loc=d3e534808-122878

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(3)(a)(2))
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(C))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(B))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03.3)
-URI https://asc.fasb.org/extlink&oid=126734703&loc=d3e572229-122910

+ Details

REAL ESTATE OPERATIONS - Land and Development Costs (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
REAL ESTATE OPERATIONS
Land and Development Costs	$ 358	$ 358
Subsurface Interests	327	334
Total Land and Development Costs	$ 685	$ 692

REAL ESTATE OPERATIONS - Real Estate Operations Revenues (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues
Subsurface Revenue	$ 1,904	$ 4,724	$ 638
Revenue from contract with customer, including assessed tax	5,462	13,427	650
Mitigation Credit Sales \| Real Estate Operations
Revenues
Revenue from contract with customer, including assessed tax	3,462	708	6
Fill Dirt and Other Revenue \| Real Estate Operations
Revenues
Revenue from contract with customer, including assessed tax			$ 6
Land Sales Revenue \| Real Estate Operations
Revenues
Revenue from contract with customer, including assessed tax	$ 96	$ 7,995

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130545-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130543-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

REAL ESTATE OPERATIONS - Daytona Beach (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($) a	Dec. 31, 2022 a	Dec. 31, 2020 a
Land and subsurface interests
Area of land (in acres) \| a	84,900	14,600	345
Land Parcel with Structures Beach Property
Land and subsurface interests
Area of land (in acres) \| a	6
Contiguous Parcels Beach Property
Land and subsurface interests
Acquisition of property	$ 4,100
Gain on Sale	200
Daytona Beach Development
Land and subsurface interests
Raze and entitlement cost	1,600
Sale price	$ 6,250

REAL ESTATE OPERATIONS - Mitigation Credits (Details) $ in Thousands		12 Months Ended
	Dec. 29, 2022 USD ($)	Dec. 31, 2022 USD ($) item	Dec. 31, 2021 USD ($) item	Dec. 31, 2020 USD ($)	Dec. 10, 2021
Real Estate Properties [Line Items]
Number of mitigation credits sold \| item		34	6
Number Of Mitigation Credits \| item			13.31
Decrease in mitigation credits and mitigation credit rights		$ (10,427)	$ 15,750	$ (3,323)
Mitigation credits, cost basis			$ 2,900
Number of mitigation credits accrued \| item		2
Mitigation credits accrued as an expense		$ 100
Number of Mitigation Credits Acquired \| item			42
Aggregate cost of sales			$ 3,100
Amount of Mitigation Credits With Cost Basis		3,500	700	100
Mitigation credits sold		2,300	500
Gross Sales Price		5,462	13,427	650
Gain (Loss) on Disposition of Assets		(7,042)	28,316	9,746
Maximum
Real Estate Properties [Line Items]
Amount of Mitigation Credits With Cost Basis			$ 100
Mitigation Bank
Real Estate Properties [Line Items]
Decrease in mitigation credits and mitigation credit rights		22,100
Mitigation credit and mitigation credit rights		2,600
Number of Mitigation Credits Acquired \| item			2
Mitigation Credits Purchased			$ 200
Mitigation credits sale price	$ 8,100
Gain (Loss) on Disposition of Assets	$ 11,900
Mitigation Credit Sales \| Real Estate Operations
Real Estate Properties [Line Items]
Gross Sales Price		$ 3,462	$ 708	$ 6
Land JV
Real Estate Properties [Line Items]
Equity method investment, ownership percentage (as a percent)					33.50%
Number of Mitigation Credits With Cost Basis \| item			31
Amount of Mitigation Credits With Cost Basis			$ 100

REAL ESTATE OPERATIONS - Subsurface Interests (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) a	Dec. 31, 2021 USD ($) a	Dec. 31, 2020 USD ($) a
Subsurface interests
Area of land (in acres) \| a	14,600	84,900	345
Revenue from contract with customer, including assessed tax	$ 5,462	$ 13,427	$ 650
Royalty
Subsurface interests
Area of land (in acres) \| a	800	800	800
Revenue from contract with customer, including assessed tax	$ 100	$ 100	$ 100
Subsurface Interests
Subsurface interests
Revenue from contract with customer, including assessed tax			400
Surface land over subsurface interests
Subsurface interests
Area of land (in acres) \| a	355,000
Revenue recognized for cash payments for the release of surface entry rights	$ 200	100	$ 200
Real Estate Operations \| Subsurface Revenue, Land Sales
Subsurface interests
Revenue from contract with customer, including assessed tax	$ 1,700	$ 4,600

- Definition

+ References

+ Details

REAL ESTATE OPERATIONS - Land Impairments (Details)		1 Months Ended	12 Months Ended			39 Months Ended
REAL ESTATE OPERATIONS - Land Impairments (Details)	Dec. 10, 2021 USD ($)	Sep. 30, 2021 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($) item	Dec. 31, 2022 USD ($)
Land and development costs and subsurface interests
Impairment Charges				$ 17,599,000	$ 9,147,000
Undeveloped land
Land and development costs and subsurface interests
Impairment Charges					7,200,000
Daytona Beach Development
Land and development costs and subsurface interests
Impairment Charges					100,000
Income Properties
Land and development costs and subsurface interests
Impairment of real estate			$ 0	0	0
Undeveloped Land in Daytona Beach, Florida, Along Interstate 95
Land and development costs and subsurface interests
Impairment Charges					$ 7,200,000
Land JV
Land and development costs and subsurface interests
Number of land sale transactions \| item					1
Area of land sales as a percentage of land holdings			33.50%
Proceeds from sale of land	$ 24,500,000		$ 24,500,000
Impairment Charges				17,600,000
Management fee revenue earned			$ 0	100,000	$ 200,000
Gross Sales Price		$ 80,700,000				$ 147,000,000.0
Land JV \| Daytona Beach Development
Land and development costs and subsurface interests
Impairment Charges					$ 7,100,000
Land JV \| Undeveloped Land in Daytona Beach, Florida, Along Interstate 95
Land and development costs and subsurface interests
Impairment Charges				$ 17,600,000

INVESTMENT IN JOINT VENTURES - Summary (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Equity Method Investment, Financial Statement, Reported Amounts [Abstract]
Equity method investments	$ 0	$ 0

INVESTMENT IN JOINT VENTURES - Commercial Loans and Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Apr. 07, 2022	Dec. 31, 2021
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Current Face Amount	$ 32,073		$ 38,099
Preferred Equity Agreement - Watters Creek at Montgomery Farm, a grocery-anchored, mixed-use property located in Allen, Texas
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Current Face Amount	$ 30,000	$ 30,000
Percentage of funding towards total investment (as a percent)		23.00%

INVESTMENT IN JOINT VENTURES - General Information (Details) - USD ($)			1 Months Ended			12 Months Ended			39 Months Ended
	Dec. 29, 2022	Dec. 10, 2021	Sep. 30, 2021	Oct. 31, 2019	Jun. 30, 2018	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Impairment Charges							$ 17,599,000	$ 9,147,000
Capital Expenditures						$ 385,165,000	256,854,000	196,029,000
Cash and Cash Equivalents						19,333,000	8,615,000	4,289,000	$ 19,333,000
Restricted Cash						1,861,000	22,734,000	29,536,000	1,861,000
Migration credits						1,856,000	3,702,000		1,856,000
Mitigation Credit Rights						725,000	21,018,000		$ 725,000
Gain (Loss) on Disposition of Assets						$ (7,042,000)	28,316,000	9,746,000
Mitigation Bank
Schedule of Equity Method Investments [Line Items]
Mitigation credits sale price	$ 8,100,000
Gain (Loss) on Disposition of Assets	11,900,000
Mitigation Bank
Schedule of Equity Method Investments [Line Items]
Equity interest acquired			70.00%
Acquired price			$ 18,000,000.0
Capital Expenditures			16,100,000
Cash			1,900,000
Previously recorded value			6,900,000
Total cost			24,900,000
Cash and Cash Equivalents			1,800,000
Restricted Cash			600,000
Migration credits			900,000
Mitigation Credit Rights			$ 21,600,000
Mitigation Bank
Schedule of Equity Method Investments [Line Items]
Sale of interest in joint venture					70.00%
Interest in the joint venture (as a percent)						70.00%
Income (loss) from equity method investments						$ 0	0	0
Investment in Joint Ventures					$ 6,800,000
Sales price					$ 15,300,000
Equity method investment, ownership percentage (as a percent)			30.00%		30.00%	30.00%			30.00%
Mitigation Bank \| Mitigation Bank
Schedule of Equity Method Investments [Line Items]
Mitigation credits sale price	$ 8,100,000
Mitigation Bank \| Mitigation Bank
Schedule of Equity Method Investments [Line Items]
Gross Sales Price			$ 6,900,000
Land JV
Schedule of Equity Method Investments [Line Items]
Sale of interest in joint venture						66.50%
Interest in the joint venture (as a percent)		33.50%		33.50%		33.50%
Gross Sales Price			$ 80,700,000						$ 147,000,000.0
Proceeds from sale of land		$ 24,500,000				$ 24,500,000
Impairment Charges							17,600,000
Income (loss) from equity method investments						0	0	0
Investment in Joint Ventures						48,900,000			$ 48,900,000
Sales price						97,000,000.0
Final sales price		$ 66,300,000
Equity method investment, ownership percentage (as a percent)		33.50%
Monthly management fee		$ 10,000					10,000,000
Management fee revenue earned per month		$ 20,000				20,000,000
Management fee revenue earned						$ 0	$ 100,000	$ 200,000

INVESTMENT IN JOINT VENTURES - Summarized Financial Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Equity Method Investment, Summarized Financial Information [Abstract]
Revenues	$ 82,320	$ 70,272	$ 56,381
Direct Cost of Revenues	(22,857)	(22,430)	(15,211)
Operating Income	10,667	23,345	12,280
Other Operating Expenses	7,042	(24,885)	(9,746)
Net Income	$ 3,158	29,940	78,509
Land JV
Equity Method Investment, Summarized Financial Information [Abstract]
Revenues		67,367	65,446
Direct Cost of Revenues		(8,867)	(13,012)
Operating Income		58,500	52,434
Other Operating Expenses		(376)	(462)
Net Income		58,124	51,972
Mitigation Bank
Equity Method Investment, Summarized Financial Information [Abstract]
Revenues		512	4,109
Direct Cost of Revenues		(16)	(167)
Operating Income		496	3,942
Other Operating Expenses		(162)	(175)
Net Income		$ 334	$ 3,767

- Definition

The aggregate cost of goods produced and sold and services rendered during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.2)
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

+ Details

- Definition

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

+ References

+ Details

- 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).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI https://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 22: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1))
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

+ Details

INVESTMENT SECURITIES - General Information (Details) - USD ($) $ in Thousands		12 Months Ended
	Nov. 26, 2019	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Marketable Securities [Line Items]
Share purchased		155,665
Purchase price of shares		$ 94,851		$ 513
Equity Method Investments		0	$ 0
Investment in Alpine Income Property Trust, Inc.		$ 42,041	41,037
Alpine Income Property Trust, Inc. Common Stock and Alpine Income Property OP, LP Limited Partnership Units
Marketable Securities [Line Items]
Number of shares owned		2,200,000
Investment in Alpine Income Property Trust, Inc.		$ 42,041	$ 41,037
Investment ownership percentage (as a percent)		14.60%
Common Stock [Member]
Marketable Securities [Line Items]
Share purchased	421,053	979,543	8,088
Purchase price of shares	$ 8,000	$ 2,700	$ 100
Investment in Alpine Income Property Trust, Inc.		$ 18,690	16,511
Investment ownership percentage (as a percent)		6.50%
Alpine Income Property OP, LP Limited Partnership Units
Marketable Securities [Line Items]
Share purchased		1,223,854
Investment in Alpine Income Property Trust, Inc.		$ 23,351	$ 24,526
Investment ownership percentage (as a percent)		8.10%

INVESTMENT SECURITIES - Tabular Disclosure (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Debt Securities, Trading, and Equity Securities, FV-NI [Abstract]
Cost	$ 41,635	$ 38,896
Unrealized Gains in Investment Income	406	2,141
Investment Securities	42,041	41,037
Alpine Income Property Trust, Inc. Common Stock and Alpine Income Property OP, LP Limited Partnership Units
Debt Securities, Trading, and Equity Securities, FV-NI [Abstract]
Cost	41,635	38,896
Unrealized Gains in Investment Income	406	2,141
Investment Securities	42,041	41,037
Common Stock [Member]
Debt Securities, Trading, and Equity Securities, FV-NI [Abstract]
Cost	18,382	15,643
Unrealized Gains in Investment Income	308	868
Investment Securities	18,690	16,511
Alpine Income Property OP, LP Limited Partnership Units
Debt Securities, Trading, and Equity Securities, FV-NI [Abstract]
Cost	23,253	23,253
Unrealized Gains in Investment Income	98	1,273
Investment Securities	$ 23,351	$ 24,526

FAIR VALUE OF FINANCIAL INSTRUMENTS - Carrying Value and Estimated Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
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	$ 19,333	$ 8,615
Restricted Cash	1,861	22,734
Carrying Value \| Significant Other Observable Inputs (Level 2)
Carrying value and estimated fair value of financial instruments
Commercial Loans and Investments	31,908	39,095
Long-Term Debt	445,583	278,273
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	19,333	8,615
Restricted Cash	1,861	22,734
Estimated Fair Value \| Significant Other Observable Inputs (Level 2)
Carrying value and estimated fair value of financial instruments
Commercial Loans and Investments	32,960	39,109
Long-Term Debt	$ 426,421	$ 288,000

FAIR VALUE OF FINANCIAL INSTRUMENTS - Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Fair value of assets
Cash Flow Hedge - Interest Rate Swap	$ 16,158	$ 1,543
Investment Securities	42,041	41,037
Recurring basis
Fair value of assets
Investment Securities	42,041	41,037
Recurring basis \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair value of assets
Investment Securities	42,041	41,037
Recurring basis \| 2026 Term Loan One \| Interest Rate Swap
Fair value of assets
Cash Flow Hedge - Interest Rate Swap	4,586	(727)
Recurring basis \| 2026 Term Loan One \| Interest Rate Swap \| Significant Other Observable Inputs (Level 2)
Fair value of assets
Cash Flow Hedge - Interest Rate Swap	4,586	(727)
Recurring basis \| 2026 Term Loan Two \| Interest Rate Swap
Fair value of assets
Cash Flow Hedge - Interest Rate Swap	1,461	(240)
Recurring basis \| 2026 Term Loan Two \| Interest Rate Swap \| Significant Other Observable Inputs (Level 2)
Fair value of assets
Cash Flow Hedge - Interest Rate Swap	1,461	(240)
Recurring basis \| 2027 Term Loan \| Interest Rate Swap
Fair value of assets
Cash Flow Hedge - Interest Rate Swap	10,111	(550)
Recurring basis \| 2027 Term Loan \| Interest Rate Swap \| Significant Other Observable Inputs (Level 2)
Fair value of assets
Cash Flow Hedge - Interest Rate Swap	10,111	$ (550)
Recurring basis \| 2028 Term Loan \| Interest Rate Swap
Fair value of assets
Cash Flow Hedge - Interest Rate Swap	(397)
Recurring basis \| 2028 Term Loan \| Interest Rate Swap \| Significant Other Observable Inputs (Level 2)
Fair value of assets
Cash Flow Hedge - Interest Rate Swap	$ (397)

INTANGIBLE ASSETS AND LIABILITIES - Components (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	$ 147,874	$ 100,965
Accumulated Amortization	(31,890)	(21,473)
Total	115,984	79,492
Intangible Lease Liabilities (Included in Accrued and Other Liabilities):
Value of Below Market In-Place Leases	(12,307)	(6,942)
Sub-total Intangible Lease Liabilities	(12,307)	(6,942)
Accumulated Amortization	2,422	1,341
Total	(9,885)	(5,601)
Total Intangible Assets and Liabilities-Net	106,099	73,891
Value of In-Place Leases
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	90,335	59,293
Value of Above Market In-Place Leases
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	32,008	23,216
Value of Intangible Leasing Costs
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	$ 25,531	$ 18,456

INTANGIBLE ASSETS AND LIABILITIES - Amortization (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
INTANGIBLE ASSETS AND LIABILITIES
Amortization Expense	$ 12,300	$ 8,264	$ 7,805
Accretion to Income Properties Revenue	2,161	(404)	(1,754)
Net Amortization of Intangible Assets and Liabilities	$ 14,461	$ 7,860	$ 6,051

INTANGIBLE ASSETS AND LIABILITIES - Summary of Estimated Amortization and Accretion (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Future Amortization Amount
Total	$ 115,984	$ 79,492
Future Accretion to Income Property Revenue
Total	(9,885)	$ (5,601)
Net Future Amortization of Intangible Assets and Liabilities
2023	17,734
2024	17,567
2025	15,822
2026	13,830
2027	12,386
2028 and Thereafter	28,760
Total	106,099
Future Amortization
Future Amortization Amount
2023	14,977
2024	14,764
2025	12,944
2026	11,233
2027	10,978
2028 and Thereafter	25,509
Total	90,405
Future Accretion to Income Property Revenue
Future Accretion to Income Property Revenue
2023	2,757
2024	2,803
2025	2,878
2026	2,597
2027	1,408
2028 and Thereafter	3,251
Total	$ 15,694

INTANGIBLE ASSETS AND LIABILITIES - Weighted Average Amortization Period (Details)	12 Months Ended
	Dec. 31, 2022
INTANGIBLE ASSETS AND LIABILITIES
Weighted average amortization period of intangible assets	6 years 1 month 6 days
Weighted average amortization period of intangible liabilities	7 years 8 months 12 days

IMPAIRMENT OF LONG-LIVED ASSETS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Impairment of Long-Lived Assets
Impairment Charges		$ 17,599	$ 9,147
Income Properties
Impairment of Long-Lived Assets
Impairment of real estate	$ 0	0	0
Land JV
Impairment of Long-Lived Assets
Impairment Charges		17,600
Undeveloped Land in Daytona Beach, Florida, Along Interstate 95
Impairment of Long-Lived Assets
Impairment Charges			$ 7,200
Undeveloped Land in Daytona Beach, Florida, Along Interstate 95 \| Land JV
Impairment of Long-Lived Assets
Impairment Charges		$ 17,600

OTHER ASSETS - Tabular Disclosure (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Other Assets
Income Property Tenant receivables, Net of Allowance for Doubtful Accounts	$ 2,206	$ 885
Income Property Straight-line Rent Adjustment and COVID-19 Deferral Balance	6,214	5,180
Operating Leases - Right-of-Use Asset	63	168
Golf Rounds Surcharge	216	338
Cash Flow Hedge - Interest Rate Swap	16,158	1,543
Infrastructure Reimbursement Receivables	824	1,080
Prepaid Expenses, Deposits, and Other	5,421	3,526
Due from Alpine Income Property Trust, Inc.	1,300	1,653
Financing Costs, Net of Accumulated Amortization	2,051	524
Total Other Assets	$ 34,453	$ 14,897
Operating Lease, Right-of-Use Asset, Statement of Financial Position	Total Other Assets	Total Other Assets
Allowance for doubtful accounts	$ 1,800	$ 500

OTHER ASSETS - Income Property Straight-Line Rent Adjustment (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Unusual or Infrequent Item, or Both [Line Items]
Income Property Straight-line Rent Adjustment and COVID-19 Deferral Balance	$ 6,214	$ 5,180
COVID-19
Unusual or Infrequent Item, or Both [Line Items]
Income Property Straight-line Rent Adjustment and COVID-19 Deferral Balance	$ 50	$ 100

OTHER ASSETS - Infrastructure Reimbursement Receivables (Details) $ in Thousands	Dec. 31, 2022 USD ($) installment	Dec. 31, 2021 USD ($)
Real Estate [Line Items]
Infrastructure Reimbursement Receivables	$ 824	$ 1,080
Tanger
Real Estate [Line Items]
Infrastructure Reimbursement Receivables	$ 700
Number of installments to repay infrastructure reimbursement receivable \| installment	4
Infrastructure reimbursement receivables, installment payment amounts	$ 200
Infrastructure reimbursement receivable, discount	80
Sam's Club
Real Estate [Line Items]
Infrastructure Reimbursement Receivables	$ 200
Number of installments to repay infrastructure reimbursement receivable \| installment	2
Infrastructure reimbursement receivables, installment payment amounts	$ 100
Infrastructure reimbursement receivable, discount	$ 20

EQUITY - General Information (Details) $ / shares in Units, $ in Thousands								12 Months Ended
	Feb. 16, 2023 USD ($) $ / shares	Dec. 05, 2022 USD ($) shares	Oct. 28, 2022 USD ($)	Apr. 27, 2022	Jun. 28, 2021 $ / shares shares	Jun. 07, 2021 USD ($)	Apr. 30, 2021 USD ($)	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2020 USD ($)	Oct. 11, 2022 USD ($)	Jun. 27, 2022 item	Apr. 01, 2021 USD ($)
Class of Stock [Line Items]
Stock split ratio				3				3
Number of additional shares received \| item											2
Aggregate offering price										$ 500,000		$ 350,000
Purchase price of shares								$ 94,851	$ 513
Units issued \| shares								155,665
Series A Preferred stock repurchase program
Class of Stock [Line Items]
Purchase price per share, maximum (in dollars per share) \| $ / shares	$ 19.00
Stock repurchase program authorized amount	$ 3,000
2025 Notes Repurchase Program \| Maximum
Class of Stock [Line Items]
Repurchase of notes	$ 4,740
Notes redemption percentage	117.00%
At Market Offering Program
Class of Stock [Line Items]
Purchase price of shares							$ 150,000
Units issued \| shares								961,261
Gross proceeds from issuance of common stock								$ 21,100
Total net proceeds								$ 20,800
Shares issued during period, weighted-average price per share (in dollars per share) \| $ / shares								$ 21.99
Transaction fees								$ 300
At Market Offering Program 2022
Class of Stock [Line Items]
Purchase price of shares			$ 150,000
Units issued \| shares								604,765
Gross proceeds from issuance of common stock								$ 12,300
Total net proceeds								$ 12,100
Shares issued during period, weighted-average price per share (in dollars per share) \| $ / shares								$ 20.29
Transaction fees								$ 200
Follow on Public Offering
Class of Stock [Line Items]
Share Price \| $ / shares					$ 25.00
Units issued \| shares		3,450,000			3,000,000
Dividend rate (as a percent)					6.375%
Total net proceeds		$ 62,400				$ 72,400
Preferred stock, redemption price per share \| $ / shares					$ 25.00
Over-Allotment option
Class of Stock [Line Items]
Units issued \| shares		450,000
2022 ATM Program and 2021 ATM Program
Class of Stock [Line Items]
Units issued \| shares								1,566,026
Gross proceeds from issuance of common stock								$ 33,400
Total net proceeds								$ 32,900
Shares issued during period, weighted-average price per share (in dollars per share) \| $ / shares								$ 21.33
Transaction fees								$ 500

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

EQUITY - Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Dividends, Preferred Stock	$ 4,781	$ 2,325
Cash dividends paid and declared (in dollars per share)			$ 0.63
Cash dividends	29,579	24,073	$ 8,866
Special distribution (in dollars per share)			$ 3.99
Aggregate amount of special distribution			$ 55,800
Special distribution paid in cash			5,600
Common Stock [Member]
Class of Stock [Line Items]
Dividends, Common Stock	$ 28,896	$ 23,580	$ 64,665
Cash dividends paid and declared (in dollars per share)	$ 1.49	$ 1.33	$ 4.63
Series A Preferred Stock
Class of Stock [Line Items]
Dividends, Preferred Stock	$ 4,781	$ 2,325
Cash dividends paid and declared (in dollars per share)	$ 1.59	$ 0.77

EQUITY - 2025 Notes (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Jan. 01, 2022	Dec. 31, 2021
Additional paid-in capital	$ 172,471		$ 85,414
Retained Earnings	$ 316,279		$ 343,459
2025 Notes \| ASU 2020-06 \| Restatement
Additional paid-in capital		$ 7,000
Retained Earnings		4,000
Non-cash portion of convertible notes		$ 3,000

COMMON STOCK AND EARNINGS PER SHARE - Summary of Common Stock and Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
COMMON STOCK AND EARNINGS PER SHARE
Net Income (Loss) Attributable to common stockholders - Basic	$ (1,623)	$ 27,615	$ 78,509
Net Income (Loss) Attributable to Common Stockholders - Diluted	$ (1,623)	$ 27,615	$ 78,509
Weighted Average Shares Outstanding, Basic (in shares)	18,508,201	17,676,809	14,114,631
Weighted Average Shares Outstanding, Diluted (in shares)	18,508,201	17,676,809	14,114,631
Per Share Information:
Basic Net Income (Loss) Attributable to Common Stockholders (in dollars per share)	$ (0.09)	$ 1.56	$ 5.56
Diluted Net Income (Loss) Attributable to Common Stockholders (in dollars per share)	$ (0.09)	$ 1.56	$ 5.56

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL123482106-238011

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22583-107794

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126958026&loc=d3e1448-109256

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22595-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 7
-URI https://asc.fasb.org/extlink&oid=126958026&loc=d3e1337-109256

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL123482106-238011

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 52
-URI https://asc.fasb.org/extlink&oid=128363288&loc=d3e4984-109258

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-URI https://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=128363288&loc=d3e3842-109258

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 7
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22644-107794

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=126958026&loc=d3e1252-109256

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126958026&loc=SL5780133-109256

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-URI https://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 52
-URI https://asc.fasb.org/extlink&oid=128363288&loc=d3e4984-109258

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 7
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22644-107794

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=128363288&loc=d3e3842-109258

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=126958026&loc=d3e1252-109256

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22595-107794

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22583-107794

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126958026&loc=SL5780133-109256

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL123482106-238011

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-URI https://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-URI https://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 7
-URI https://asc.fasb.org/extlink&oid=126958026&loc=d3e1337-109256

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL123482106-238011

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22595-107794

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126958026&loc=d3e1448-109256

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 11
-URI https://asc.fasb.org/extlink&oid=126958026&loc=d3e1377-109256

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126958026&loc=SL5780133-109256

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22583-107794

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

COMMON STOCK AND EARNINGS PER SHARE - Anti-dilutive Securities and Convertible Notes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net Income Attributable to Common Stockholders - Basic	$ (1,623)	$ 27,615	$ 78,509
Net Income Attributable to Common Stockholders - Diluted	$ (1,623)	$ 27,615	$ 78,509
Dilutive securities	0	0	0
Anti-dilutive securities (in shares)	68,269	2,497	39,558
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%
2025 Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive convertible securities excluded	$ 2,200
Net Income Attributable to Common Stockholders - Basic	1,600
Net Income Attributable to Common Stockholders - Diluted	$ 1,600
2025 Notes \| ASU 2020-06
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from computation of diluted net income (loss)	3,100,000

SHARE REPURCHASES (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Feb. 16, 2023	Feb. 29, 2020
Stock Repurchases
Stock repurchased amount		$ 2,792	$ 2,210	$ 4,100
Amount of treasury shares retired	$ 77,500
Stock Repurchase Program, February 2020
Stock Repurchases
Stock repurchase program authorized amount						$ 10,000
Shares repurchased (in shares)		145,724	40,553	88,565
Stock repurchased amount		$ 2,800	$ 2,200	$ 4,100
Average price per share of stock repurchased		$ 19.15	$ 54.48	$ 46.29
Stock Repurchase Program, February 2023 \| Subsequent Event
Stock Repurchases
Stock repurchase program authorized amount					$ 5,000
Purchase price per share, maximum (in dollars per share)					$ 17.00

LONG-TERM DEBT - Outstanding Indebtedness (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Mar. 03, 2022	Dec. 31, 2021	Nov. 05, 2021	Mar. 10, 2021	Dec. 31, 2020
Long-term debt
Face Value of Debt	$ 447,584
Derivative Liability	397		$ 26
Outstanding amount	445,583		278,273
Credit Facility
Long-term debt
Face Value of Debt	113,750
Outstanding amount	$ 113,750		67,000
Credit Facility \| Minimum
Long-term debt
Margin added to variable rate basis (as a percent)	1.35%
Credit Facility \| LIBOR \| Maximum
Long-term debt
Margin added to variable rate basis (as a percent)	1.95%
Credit Facility \| SOFR
Long-term debt
Debt instrument, variable rate, adjustment (as a percent)	0.10%
Credit Facility \| SOFR \| Minimum
Long-term debt
Margin added to variable rate basis (as a percent)	1.25%
Credit Facility \| SOFR \| Maximum
Long-term debt
Margin added to variable rate basis (as a percent)	2.20%
3.875% Convertible Senior Notes due 2025
Long-term debt
Face Value of Debt	$ 51,034					$ 75,000
Interest rate (as a percent)	3.875%
Outstanding amount	$ 50,670		47,469
Mortgage Note Payable
Long-term debt
Face Value of Debt	$ 17,800
Interest rate (as a percent)	4.06%
Outstanding amount	$ 17,800
Fixed-Rate Mortgage Note
Long-term debt
Face Value of Debt		$ 17,800
Interest rate (as a percent)		4.06%
2026 Term Loan
Long-term debt
Face Value of Debt	65				$ 50,000
Outstanding amount	$ 65,000		65,000
Weighted average fixed interest rate	0.26%
2026 Term Loan \| SOFR
Long-term debt
Debt instrument, variable rate, adjustment (as a percent)	0.10%
2026 Term Loan \| SOFR \| Minimum
Long-term debt
Margin added to variable rate basis (as a percent)	1.25%
2026 Term Loan \| SOFR \| Maximum
Long-term debt
Margin added to variable rate basis (as a percent)	2.20%
2027 Term loan
Long-term debt
Face Value of Debt	$ 100			$ 100,000
Outstanding amount	$ 100,000		$ 100,000
Weighted average fixed interest rate	0.64%
2027 Term loan \| SOFR \| Minimum
Long-term debt
Margin added to variable rate basis (as a percent)	1.25%
2027 Term loan \| SOFR \| Maximum
Long-term debt
Margin added to variable rate basis (as a percent)	2.20%
2027 Term Loan One \| SOFR
Long-term debt
Debt instrument, variable rate, adjustment (as a percent)	0.10%
2028 Term Loan
Long-term debt
Face Value of Debt	$ 100
Outstanding amount	$ 100,000
Weighted average fixed interest rate	3.78%
2028 Term Loan \| SOFR
Long-term debt
Debt instrument, variable rate, adjustment (as a percent)	0.10%
2028 Term Loan \| SOFR \| Minimum
Long-term debt
Margin added to variable rate basis (as a percent)	1.20%
2028 Term Loan \| SOFR \| Maximum
Long-term debt
Margin added to variable rate basis (as a percent)	2.15%

LONG-TERM DEBT - Credit Facility (Details) - USD ($)	3 Months Ended	12 Months Ended
LONG-TERM DEBT - Credit Facility (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2022	Sep. 20, 2022	Nov. 05, 2021	Mar. 10, 2021	Mar. 09, 2021	Sep. 20, 2020	Sep. 07, 2017
Long-term debt
Outstanding Principal		$ 447,584,000
Credit Facility
Long-term debt
Extension term		1 year
Maximum borrowing capacity								$ 200,000,000.0
Maximum borrowing capacity, after possible increase								$ 300,000,000.0
Unused portion of the borrowing capacity fee percentage condition		50.00%
Available borrowing capacity		$ 186,200,000
Amount outstanding		113,800,000
Borrowing capacity		300,000,000.0
Outstanding Principal		$ 113,750,000
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
Commitment fee percentage on unused portion of the borrowing capacity		25.00%
Credit Facility \| LIBOR \| Maximum
Long-term debt
Margin added to variable rate basis (as a percent)		1.95%
Credit Facility \| SOFR
Long-term debt
Debt instrument, variable rate, adjustment (as a percent)		0.10%
Credit Facility \| SOFR \| Minimum
Long-term debt
Margin added to variable rate basis (as a percent)		1.25%
Credit Facility \| SOFR \| Maximum
Long-term debt
Margin added to variable rate basis (as a percent)		2.20%
New Term Loan
Long-term debt
Outstanding Principal							$ 300,000,000.0
Debt instrument face amount after accordion option							$ 750,000,000
Eighth Amendment to Revolving Credit Facility
Long-term debt
Debt instrument face amount after accordion option			$ 500,000,000
Credit Revolver Amendment 2021
Long-term debt
Maximum borrowing capacity					$ 210,000,000.0	$ 200,000,000.0
Aggregate borrowing capacity, additional commitments					300,000,000.0
2026 Term Loan
Long-term debt
Proceeds from Lines of Credit	$ 15,000,000.0
Outstanding Principal		$ 65,000			50,000,000.0
Aggregate borrowing capacity, additional commitments		$ 65,000,000.0			$ 150,000,000.0
2026 Term Loan \| SOFR
Long-term debt
Debt instrument, variable rate, adjustment (as a percent)		0.10%
2026 Term Loan \| SOFR \| Minimum
Long-term debt
Margin added to variable rate basis (as a percent)		1.25%
2026 Term Loan \| SOFR \| Maximum
Long-term debt
Margin added to variable rate basis (as a percent)		2.20%
2027 Term loan
Long-term debt
Maximum borrowing capacity				$ 400,000,000.0
Outstanding Principal		$ 100,000		$ 100,000,000.0
2027 Term loan \| SOFR \| Minimum
Long-term debt
Margin added to variable rate basis (as a percent)		1.25%
2027 Term loan \| SOFR \| Maximum
Long-term debt
Margin added to variable rate basis (as a percent)		2.20%

LONG-TERM DEBT - Mortgage Notes Payable (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Mar. 03, 2022
Debt Instrument [Line Items]
Outstanding Principal	$ 447,584
Fixed-Rate Mortgage Note
Debt Instrument [Line Items]
Outstanding Principal		$ 17,800
Interest rate (as a percent)		4.06%

LONG-TERM DEBT - Convertible Notes (Details)				3 Months Ended	12 Months Ended
LONG-TERM DEBT - Convertible Notes (Details)	Apr. 27, 2022	Apr. 15, 2020 USD ($) $ / shares	Jan. 29, 2020 $ / shares	Dec. 31, 2022 USD ($) $ / shares	Dec. 31, 2022 USD ($) $ / shares	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Mar. 15, 2020
Long-term debt
Outstanding Principal				$ 447,584,000	$ 447,584,000
Debt conversion amount							$ 57,359,000
Unamortized debt discount of notes				364,000	$ 364,000
Gain (Loss) on Extinguishment of Debt						$ (3,431,000)	1,141,000
Stock split ratio	3				3
Outstanding amount				445,583,000	$ 445,583,000	278,273,000
4.50% Convertible Senior Notes due 2020
Long-term debt
Interest rate (as a percent)								3.875%
3.875% Convertible Senior Notes due 2025
Long-term debt
Outstanding Principal				$ 51,034,000	$ 51,034,000		75,000,000.0
Interest rate (as a percent)				3.875%	3.875%
Outstanding amount				$ 50,670,000	$ 50,670,000	47,469,000
2025 Notes maturing on April 15, 2025
Long-term debt
Debt instrument conversion ratio		12.7910		62.2047
Threshold principal amount for adjusted conversion price		$ 1,000		$ 1,000
Conversion price per share (in dollars per share) \| $ / shares		$ 78.18		$ 16.08	$ 16.08
Repurchase of notes						11,400,000	12,500,000
Unamortized debt discount of notes						1,600,000	2,600,000
Gain (Loss) on Extinguishment of Debt						$ 2,900,000	$ 1,100,000
Premium initial conversion price			20.00%
Closing share price (in dollars per share) \| $ / shares			$ 65.15
Dividends Declared and Paid - Common Stock (in dollars per share) \| $ / shares		$ 0.13
Sinking fund provided				$ 0	$ 0
Convertible Debt \| 2025 Notes maturing on April 15, 2025
Long-term debt
Threshold principal amount for adjusted conversion price					1,000
Unamortized debt discount of notes				400,000	400,000
Outstanding amount				$ 51,000,000.0	$ 51,000,000.0

LONG-TERM DEBT - Components (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Mar. 03, 2022	Dec. 31, 2021
Long-term debt
Long-term debt	$ 445,583		$ 278,273
Financing Costs, net of Accumulated Amortization	(1,637)		(1,196)
Credit Facility
Long-term debt
Long-term debt	113,750		67,000
2026 Term Loan
Long-term debt
Long-term debt	65,000		65,000
2027 Term loan
Long-term debt
Long-term debt	100,000		100,000
2028 Term Loan
Long-term debt
Long-term debt	100,000
Fixed-Rate Mortgage Note
Long-term debt due within one year
Interest rate (as a percent)		4.06%
3.875% Convertible Senior Notes due 2025
Long-term debt
Long-term debt	$ 50,670		$ 47,469
Long-term debt due within one year
Interest rate (as a percent)	3.875%
Mortgage Note Payable
Long-term debt
Long-term debt	$ 17,800
Long-term debt due within one year
Interest rate (as a percent)	4.06%

LONG-TERM DEBT - Payments Applicable to Reduction of Principal (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Payments applicable to reduction of principal amounts
2025	$ 51,034
2026	82,800
2027	213,750
2028 and Thereafter	100,000
Total Long-Term Debt - Face Value	$ 447,584

LONG-TERM DEBT - Carrying Value (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
LONG-TERM DEBT
Current Face Amount	$ 447,584
Unamortized Discount on Convertible Debt	(364)
Financing Costs, net of Accumulated Amortization	(1,637)	$ (1,196)
Total Long-Term Debt	$ 445,583	$ 278,273

- Definition

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

LONG-TERM DEBT - Financing Costs (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
LONG-TERM DEBT
Deferred financing costs, net	$ 1,637	$ 1,196
Financing Costs, Net of Accumulated Amortization	$ 2,051	$ 524

LONG-TERM DEBT - Interest Expense (Details) - USD ($)	12 Months Ended			24 Months Ended
LONG-TERM DEBT - Interest Expense (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021
LONG-TERM DEBT
Interest expense	$ 10,171,000	$ 7,065,000	$ 9,005,000
Amortization of Deferred Financing Costs	755,000	586,000	454,000
Amortization of Discount on Convertible Notes	189,000	1,278,000	1,379,000
Total Interest Expense	11,115,000	8,929,000	10,838,000
Total Interest Paid	9,862,000	7,274,000	9,716,000
Interest capitalized	$ 200,000	$ 0	$ 0	$ 0

INTEREST RATE SWAPS (Details) - USD ($) $ in Thousands	12 Months Ended
INTEREST RATE SWAPS (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021	Nov. 05, 2021	Aug. 31, 2021	Mar. 10, 2021
Derivative [Line Items]
Derivative Asset, Statement of Financial Position	Other Assets - See Note 12		Other Assets - See Note 12
Derivative Liability, Statement of Financial Position	Accrued and Other Liabilities-See Note 18		Accrued and Other Liabilities-See Note 18
Derivative fixed interest rate (as a percent)		3.78%
Derivative basis spread rate (as a percent)	0.10%	0.10%
Interest Rate Swap
Derivative [Line Items]
Effectiveness of interest rate cash flow hedge (as a percent)	100.00%
Designated as a hedge \| Interest Rate Swap \| 2026 Term Loan
Derivative [Line Items]
Derivative fixed interest rate (as a percent)					0.70%	0.12%
Notional amount	$ 50,000
Fair value of interest rate swap agreement to hedge cash flows, assets	$ 2,818
Designated as a hedge \| Interest Rate Swap \| 2026 Term Loan One
Derivative [Line Items]
Derivative fixed interest rate (as a percent)	1.44%
Notional amount	$ 50,000
Fair value of interest rate swap agreement to hedge cash flows, assets	1,768
Designated as a hedge \| Interest Rate Swap \| 2026 Term Loan Three
Derivative [Line Items]
Notional amount	15,000
Fair value of interest rate swap agreement to hedge cash flows, assets	$ 1,461
Designated as a hedge \| Interest Rate Swap \| 2027 Term loan
Derivative [Line Items]
Derivative fixed interest rate (as a percent)	3.78%			0.64%
Notional amount	$ 100,000
Fair value of interest rate swap agreement to hedge cash flows, assets	$ 5,007
Designated as a hedge \| Interest Rate Swap \| 2027 Term Loan One
Derivative [Line Items]
Derivative fixed interest rate (as a percent)	1.35%
Notional amount	$ 100,000
Fair value of interest rate swap agreement to hedge cash flows, assets	5,104
Designated as a hedge \| Interest Rate Swap \| 2028 Term Loan
Derivative [Line Items]
Notional amount	50,000
Fair value of interest rate swap agreement to hedge cash flows, liabilities	(194)
Designated as a hedge \| Interest Rate Swap \| 2028 Term Loan One
Derivative [Line Items]
Notional amount	50,000
Fair value of interest rate swap agreement to hedge cash flows, liabilities	$ (203)

ACCRUED AND OTHER LIABILITIES - Components (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Accrued and Other Liabilities
Accrued Property Taxes	$ 716	$ 813
Reserve for Tenant Improvements	6,186	5,457
Tenant Security Deposits	2,719	1,942
Accrued Construction Costs	903	190
Accrued Interest	872	431
Environmental Reserve	67	81
Cash Flow Hedge - Interest Rate Swaps	(397)	(26)
Operating Leases - Liability	64	198
Other	6,104	3,983
Total Accrued and Other Liabilities	$ 18,028	$ 13,121
Operating Lease, Liability, Statement of Financial Position	Total Accrued and Other Liabilities	Total Accrued and Other Liabilities

ACCRUED AND OTHER LIABILITIES - Reserve for Tenant Improvements and Environmental Reserves (Details) $ in Thousands	3 Months Ended	12 Months Ended			48 Months Ended	108 Months Ended
	Dec. 31, 2017 USD ($)	Dec. 31, 2022 USD ($) a	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($) a	Dec. 31, 2017 USD ($)	Dec. 31, 2022 USD ($) a	Dec. 31, 2021 USD ($) a	Dec. 31, 2020 a
Environmental reserves
Tenant improvement allowances and leasing commissions		$ 8,900				$ 8,900
Area of land (in acres) \| a		14,600				14,600	84,900	345
Environmental Reserve		$ 67				$ 67	$ 81
Environmental Loss Contingency, Statement of Financial Position		Accrued and Other Liabilities-See Note 18				Accrued and Other Liabilities-See Note 18	Accrued and Other Liabilities-See Note 18
Environmental Reserve for Monitoring Environmental Remediation Work Previously Performed
Environmental reserves
Additional environmental reserve accrued			$ 500	$ 100	$ 700
Environmental costs funded						$ 600
Environmental Reserve for Monitoring Environmental Remediation Work Previously Performed \| Minimum
Environmental reserves
Estimated cost			500
Environmental Reserve for Monitoring Environmental Remediation Work Previously Performed \| Maximum
Environmental reserves
Additional environmental reserve accrued	$ 100
Area of land (in acres) \| a				1
Estimated cost			$ 1,000
Environmental Reserve		$ 100				100
Income Property, Multi-tenant, Shops at Legacy, Plano, Texas
Environmental reserves
Payment of tenant improvement allowances and leasing commissions		2,700
Remaining reserve for tenant improvements		$ 6,200				$ 6,200

DEFERRED REVENUE (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
DEFERRED REVENUE
Prepaid Rent	$ 3,951	$ 3,921
Interest Reserve from Commercial Loans and Investments	1,262
Tenant Contributions	522	574
Other Deferred Revenue		10
Total Deferred Revenue	$ 5,735	$ 4,505

STOCK-BASED COMPENSATION - All Equity and Liability Classified Award Activity (Details)		12 Months Ended
	Apr. 27, 2022	Dec. 31, 2022 shares	Dec. 31, 2021 shares	Dec. 31, 2020 shares
Shares
Outstanding (in shares)		453,486
Granted (in shares)		206,616
Vested / Exercised (in shares)		(210,363)
Forfeited (in shares)		(7,413)
Outstanding (in shares)		442,326	453,486
Stock split ratio	3	3
January 28, 2017 \| Performance Shares
Shares
Nonvested (in shares)		234,354	167,553	147,825
Granted (in shares)		69,168	144,402	79,323
Vested / Exercised (in shares)		(73,275)	(52,254)	(37,905)
Forfeited (in shares)			(25,347)	(21,690)
Nonvested (in shares)		230,247	234,354	167,553
Three-Year Vesting \| Restricted Shares [Member]
Shares
Nonvested (in shares)		154,509	115,437	112,785
Granted (in shares)		137,448	129,150	70,353
Vested / Exercised (in shares)		(72,465)	(63,660)	(54,162)
Forfeited (in shares)		(7,413)	(26,418)	(13,539)
Nonvested (in shares)		212,079	154,509	115,437
Original 2010 Plan \| Stock Option [Member]
Shares
Outstanding (in shares)		64,623	240,000	240,000
Granted (in shares)			60,996	0
Vested / Exercised Shares		(64,623)	(236,373)
Outstanding (in shares)		0	64,623	240,000

STOCK-BASED COMPENSATION - Recognized in Financial Statements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
STOCK-BASED COMPENSATION
Total Cost of Share-Based Plans Charged Against Income Before Tax Effect	$ 3,232	$ 3,168	$ 2,786
Income Tax Expense Recognized in Income			$ (678)

STOCK-BASED COMPENSATION - Performance Share Awards - Peer Group Market Condition Vesting (Details) - Performance Shares - January 28, 2017 - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Stock-based compensation
Performance period	3 years
Shares
Nonvested (in shares)	234,354	167,553	147,825
Granted (in shares)	69,168	144,402	79,323
Vested (in shares)	(73,275)	(52,254)	(37,905)
Forfeited (in shares)		(25,347)	(21,690)
Nonvested (in shares)	230,247	234,354	167,553
Weighted Average Fair Value
Nonvested (in dollars per share)	$ 15.67	$ 21.15	$ 21.86
Granted (in dollars per share)	20.76	10.68	18.61
Vested (in dollars per share)	16.76	19.43	18.55
Forfeited (in dollars per share)		15.68	21.27
Nonvested (in dollars per share)	$ 16.85	$ 15.67	$ 21.15
Compensation cost
Unrecognized compensation cost	$ 1.4
Weighted average period of recognition of unrecognized compensation cost	1 year 8 months 12 days
Minimum
Stock-based compensation
Vesting percentage	0.00%
Maximum
Stock-based compensation
Vesting percentage	150.00%

STOCK-BASED COMPENSATION - Market Condition Restricted Shares - Stock Price Vesting (Details) - Restricted Shares [Member] - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Jan. 28, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
January 28, 2018 \| Mr Albright [Member]
Stock-based compensation
Restricted share award period after termination of employment		60 days
Period for average closing price		30 days
Share-based Compensation Award Stock Price Vesting Price Increment One \| Mr Albright [Member]
Stock-based compensation
Number of shares in each vesting increment	22,000
Share-based Compensation Award Stock Price Vesting Price Increment Two
Shares
Nonvested (in shares)			22,000	22,000
Expired (in shares)			(22,000)
Nonvested (in shares)				22,000
Weighted Average Fair Value
Nonvested (in dollars per share)			$ 41.71	$ 41.71
Expired (in dollars per share)			$ 41.71
Nonvested (in dollars per share)				$ 41.71
Compensation cost
Unrecognized compensation cost		$ 0	$ 0
Share-based Compensation Award Stock Price Vesting Price Increment Two \| Mr Albright [Member]
Stock-based compensation
Closing share price (in dollars per share)	$ 70
Number of shares in each vesting increment	18,000
Share-based Compensation Award Stock Price Vesting Price Increment Three \| Mr Albright [Member]
Stock-based compensation
Closing share price (in dollars per share)	$ 75
Number of shares in each vesting increment	4,000

STOCK-BASED COMPENSATION - Three Year Vest Restricted Shares (Details) - Three-Year Vesting - Restricted Shares [Member] - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Stock-based compensation
Vesting per year (as a percent)	0.33%
Granted (in shares)	137,448	129,150	70,353
Shares
Nonvested (in shares)	154,509	115,437	112,785
Granted (in shares)	137,448	129,150	70,353
Vested (in shares)	(72,465)	(63,660)	(54,162)
Forfeited (in shares)	(7,413)	(26,418)	(13,539)
Nonvested (in shares)	212,079	154,509	115,437
Weighted Average Fair Value
Nonvested (in dollars per share)	$ 14.96	$ 19.27	$ 20.07
Granted (in dollars per share)	19.72	11.82	18.63
Vested (in dollars per share)	14.96	16.18	19.90
Forfeited (in dollars per share)	17.01	15.53	20.05
Nonvested (in dollars per share)	$ 17.97	$ 14.96	$ 19.27
Compensation cost
Unrecognized compensation cost	$ 2.5
Weighted average period of recognition of unrecognized compensation cost	2 years 1 month 6 days

STOCK-BASED COMPENSATION - Non-Qualified Stock Option Awards Granted (Details) - Non-Qualified Stock Option Awards	12 Months Ended
	Dec. 31, 2022
Minimum
Stock-based compensation
Vesting period	1 year
Maximum
Stock-based compensation
Vesting period	3 years

STOCK-BASED COMPENSATION - Non-Qualified Stock Option Award Activity (Details) - Original 2010 Plan - Stock Option [Member] - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Shares
Outstanding (in shares)	64,623	240,000	240,000
Granted (in shares)		60,996	0
Exercised (in shares)	(64,623)	(236,373)
Outstanding (in shares)	0	64,623	240,000
Exercisable (in shares)		64,623
Weighted Average Exercise Price (in dollars per share)
Outstanding (in dollars per share)	$ 14.46	$ 18.54	$ 18.54
Granted (in dollars per share)			0
Exercised (in dollars per share)	14.46	14.88
Outstanding (in dollars per share)	$ 0	14.46	$ 18.54
Exercisable (in dollars per share)		$ 14.46
Weighted Average Remaining Contractual Term
Exercisable		3 years 2 months 15 days
Stock-based compensation
Aggregate Intrinsic Value, Exercisable (in dollars)		$ 388,837
Total intrinsic value of options exercised	$ 400,000
Unrecognized compensation cost (in dollars)	$ 0

STOCK-BASED COMPENSATION - Non-Employee Director Stock Compensation (Details) - Share-based Payment Arrangement, Nonemployee - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Stock-based compensation
Annual award	$ 35	$ 35	$ 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	$ 500
Expense recognized (in shares)	25,034	32,766	30,384

INCOME TAXES - Income Tax Benefit (Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Total income tax benefit (expense)
Income Tax (Expense) Benefit from Continuing Operations	$ 2,830	$ 3,079	$ 83,499

- 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, 2022	Dec. 31, 2021	Dec. 31, 2020
INCOME TAXES
Federal - Current	$ (183)	$ 235	$ 341
State - Current		44	63
Total - Current	(183)	279	404
Federal - Deferred	2,571	2,362	70,106
State - Deferred	442	438	12,989
Total - Deferred	$ 3,013	$ 2,800	$ 83,095

INCOME TAXES - Sources of Deferred Income Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred Income Tax Assets
Capital Loss Carryforward	$ 1,800	$ 2,249
Net Operating Loss Carryforward	2,597	291
Gross Deferred Income Tax Assets	4,397	2,540
Less - Valuation Allowance	(1,800)	(2,249)
Net Deferred Income Tax Assets	2,597	291
Deferred Income Tax Liabilities
Unrealized Gain on Investment Securities	(39)
Basis Differences in Mitigation Credit Assets	(28)	(774)
Total Deferred Income Tax Liabilities	(67)	(774)
Net Deferred Income Tax Liabilities		$ (483)
Net Deferred Income Tax Assets	$ 2,530

INCOME TAXES - Valuation Allowance (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Valuation Allowance [Line Items]
Net Operating Loss Carryforward	$ 2,597	$ 291
Capital Loss Carryforward	1,800	2,249
Valuation allowance related to carryforwards	0	0
Land JV
Valuation Allowance [Line Items]
Capital Loss Carryforward	$ 7,200	$ 9,000

INCOME TAXES - Reconciliation of Income Tax Computed at Federal Statutory Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Effective Income Tax Rate Reconciliation, Amount
Income Tax Benefit Computed at Federal Statutory Rate	$ 2,795	$ 4,408	$ 971
State Income Tax, Net of Federal Income Tax Benefit	593	936	180
Income Tax on Permanently Non-Deductible Items	(484)		(112)
Tax Benefit due to De-Recognition of REIT Deferred Tax Liabilities			82,460
Valuation Allowance		(2,216)
Other Reconciling Items	(74)	(49)
Benefit for Income Taxes	$ 2,830	$ 3,079	$ 83,499
Effective Income Tax Rate Reconciliation, Percent
Federal statutory rate (as a percent)	21.00%	21.00%	21.00%
Income Tax (Expense) Benefit Computed at Federal Statutory Rate (as a percent)	852.10%	16.40%	(19.50%)
State Income Tax, Net of Federal Income Tax Benefit (as a percent)	180.80%	3.50%	(3.60%)
Income Tax on Permanently Non-Deductible Items (as a percent)	(147.60%)	0.00%	2.20%
Tax Benefit due to De-Recognition of REIT Deferred Tax Liabilities (as a percent)	0.00%	0.00%	(1652.60%)
Valuation Allowance (as a percent)	0.00%	(8.20%)	0.00%
Other Reconciling Items (as a percent)	(22.60%)	(0.20%)	0.00%
Benefit (Expense) for Income Taxes (as a percent)	862.80%	11.50%	(1673.40%)

INCOME TAXES - General Information (Details) $ in Millions	12 Months Ended
INCOME TAXES - General Information (Details) $ in Millions	Dec. 31, 2022 subsidiary	Dec. 31, 2021 subsidiary	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	2	2	2
Effective income tax rate (as a percent)	862.80%	11.50%	(1673.40%)
Deferred tax benefit \| $			$ 82.5
Effective income tax rate, including income taxes attributable to the discontinued operations (as a percent)	862.50%	11.50%	(1673.40%)
Corporate tax rate (as a percent)	21.00%	21.00%	21.00%

INCOME TAXES - Uncertain Tax Positions (Details) $ in Millions	36 Months Ended
	Dec. 31, 2022 USD ($)
INCOME TAXES
Interest and penalties accrued for uncertain positions	$ 0.0

INCOME TAXES - Paid and Refunded (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
INCOME TAXES
Income taxes paid, gross	$ 0.1	$ 0.4	$ 5.0
Income tax refunds	$ 0.0	$ 0.1	$ 0.0

COMMITMENTS AND CONTINGENCIES - Legal Proceedings (Details) - Complaint for Declaratory Relief Against Buc-ee's Ltd $ in Millions		12 Months Ended
	Oct. 29, 2021 USD ($)	Dec. 31, 2022 a	Mar. 31, 2021 USD ($)
Commitments
Cash deposited related to improvements			$ 0.8
Land Sales, Area of Land \| a		35
Escrow funds received	$ 0.6

COMMITMENTS AND CONTINGENCIES - Contractual Commitments (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
COMMITMENTS AND CONTINGENCIES
Total Commitment	$ 29,033
Less Amount Funded	(7,812)
Remaining Commitment	$ 21,221

COMMITMENTS AND CONTINGENCIES - Construction Loans (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) loan	Dec. 31, 2021 USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Unfunded construction loans	$ 32,073	$ 38,099
Construction Loans [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of construction loans committed to fund \| loan	2
Unfunded construction loans	$ 5,600

BUSINESS SEGMENT DATA - Description (Details)	12 Months Ended
BUSINESS SEGMENT DATA - Description (Details)	Dec. 31, 2022 segment loan	Dec. 31, 2021	Dec. 31, 2020
BUSINESS SEGMENT DATA
Number of operating segment \| segment	4
Number of commercial loan investment	3
Commercial Real Estate Portfolio Segment
BUSINESS SEGMENT DATA
Number of commercial loan investment	3
Number of preferred equity investments	1
Product concentration \| Identifiable Assets [Member] \| Income Properties
BUSINESS SEGMENT DATA
Percentage of total	91.00%	86.00%
Product concentration \| Base Rent Revenues \| Income Properties
BUSINESS SEGMENT DATA
Percentage of total	83.60%	72.10%	88.60%

BUSINESS SEGMENT DATA - Summary of Operations in Different Segments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
BUSINESS SEGMENT DATA
Total Revenues	$ 82,320	$ 70,272	$ 56,381
Total Operating Income	10,667	23,345	12,280
Impairment Charges		(17,599)	(9,147)
Gain (Loss) on Disposition of Assets	(7,042)	28,316	9,746
Gain (Loss) on Extinguishment of Debt		(3,431)	1,141
Depreciation and Amortization	28,855	20,581	19,063
Capital Expenditures	385,165	256,854	196,029
Identifiable Assets	986,545	733,139
Operating Segments
BUSINESS SEGMENT DATA
Impairment Charges		(17,599)	(9,147)
Gain (Loss) on Disposition of Assets	(7,042)	28,316	9,746
Gain (Loss) on Extinguishment of Debt		(3,431)	1,141
General and Corporate Expense
BUSINESS SEGMENT DATA
Total Operating Income	(41,754)	(31,783)	(30,630)
Depreciation and Amortization	56	20	27
Capital Expenditures	42	34	30
Identifiable Assets	46,438	35,132
Income Properties
BUSINESS SEGMENT DATA
Total Revenues	68,857	50,679	49,953
Capital Expenditures	331,754	256,456	188,849
Identifiable Assets	902,427	630,747
Income Properties \| Operating Segments
BUSINESS SEGMENT DATA
Total Operating Income	48,493	36,864	37,964
Depreciation and Amortization	28,799	20,561	19,036
Management Fee Income
BUSINESS SEGMENT DATA
Total Revenues	3,829	3,305	2,744
Capital Expenditures	0	0	0
Identifiable Assets	1,370	1,653
Management Fee Income \| Operating Segments
BUSINESS SEGMENT DATA
Total Operating Income	3,829	3,305	2,744
Interest Income From Commercial Loans and Investments
BUSINESS SEGMENT DATA
Total Revenues	4,172	2,861	3,034
Capital Expenditures	53,369	364	7,150
Identifiable Assets	32,269	39,095
Interest Income From Commercial Loans and Investments \| Operating Segments
BUSINESS SEGMENT DATA
Total Operating Income	4,172	2,861	3,034
Real Estate Operations
BUSINESS SEGMENT DATA
Total Revenues	5,462	13,427	650
Identifiable Assets	4,041	26,512
Real Estate Operations \| Operating Segments
BUSINESS SEGMENT DATA
Total Operating Income	$ 2,969	$ 4,812	$ (2,572)

ASSETS AND LIABILITIES HELD FOR SALE (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Assets held for sale
Property, Plant, and Equipment-Net		$ 6,016
Intangible Lease Assets - Net		704
Total Assets Held for Sale	$ 0	$ 6,720

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION - Initial Cost and Subsequent Costs Capitalized (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cost:
Land	$ 233,930
Building & Improvements	515,956
Improvements	14,073
Gross Amount Carried at Close
Land	233,875
Buildings	530,084
Total	763,959	$ 521,260	$ 472,126	$ 392,842
Accumulated Depreciation	35,512	$ 23,936	$ 30,316	$ 22,552
Aggregate cost, net of deferred tax liabilities, of Income Properties, Land, Buildings, and Improvements for Federal income tax	448,500
Income Property, Westcliff Shopping Center, Fort Worth, Texas
Cost:
Land	10,521
Building & Improvements	4,196
Improvements	400
Gross Amount Carried at Close
Land	10,521
Buildings	4,596
Total	15,117
Accumulated Depreciation	$ 2,528
Date Acquired	Mar. 01, 2017
Life	10 years
Income Property, Crabby's Restaurant, Daytona Beach, Florida
Cost:
Land	$ 5,836
Building & Improvements	4,249
Improvements	45
Gross Amount Carried at Close
Land	5,836
Buildings	4,294
Total	10,130
Accumulated Depreciation	$ 1,151
Date of Completion	Jan. 25, 2018
Life	40 years
Income Property, LandShark Bar and Grill, Daytona Beach, Florida
Cost:
Land	$ 5,836
Building & Improvements	4,577
Improvements	10
Gross Amount Carried at Close
Land	5,836
Buildings	4,587
Total	10,423
Accumulated Depreciation	$ 1,092
Date of Completion	Jan. 25, 2018
Life	40 years
Income Property, Single-tenant, Fidelity Investments (affiliate of), Albuquerque, New Mexico
Cost:
Land	$ 5,739
Building & Improvements	29,537
Improvements	12
Gross Amount Carried at Close
Land	5,739
Buildings	29,549
Total	35,288
Accumulated Depreciation	$ 4,779
Date Acquired	Oct. 04, 2018
Life	45 years
Income Property, General Dynamics Corporation, Reston, Virginia
Cost:
Land	$ 7,530
Building & Improvements	9,068
Gross Amount Carried at Close
Land	7,530
Buildings	9,068
Total	16,598
Accumulated Depreciation	$ 1,703
Date Acquired	Jul. 12, 2019
Life	35 years
Income Property, The Strand - Fogo De Chao, Jacksonville, Florida
Cost:
Land	$ 12,551
Building & Improvements	36,431
Improvements	314
Gross Amount Carried at Close
Land	12,551
Buildings	36,745
Total	49,296
Accumulated Depreciation	$ 4,331
Date Acquired	Dec. 09, 2019
Life	48 years
Income Property, Multi-tenant, Crossroads Towne Center, Chandler, Arizona
Cost:
Land	$ 9,592
Building & Improvements	41,717
Improvements	364
Gross Amount Carried at Close
Land	9,592
Buildings	42,081
Total	51,673
Accumulated Depreciation	$ 4,220
Date Acquired	Jan. 24, 2020
Life	35 years
Income Property, Multi-tenant, Ashford Lane, Atlanta, Georgia
Cost:
Land	$ 37,717
Building & Improvements	33,422
Improvements	11,622
Gross Amount Carried at Close
Land	37,717
Buildings	45,099
Total	82,816
Accumulated Depreciation	$ 3,547
Date Acquired	Feb. 21, 2020
Life	36 years
Income Property, Single-tenant, Ford Motor Credit, Tampa, Florida
Cost:
Land	$ 3,265
Building & Improvements	20,629
Gross Amount Carried at Close
Land	3,265
Buildings	20,629
Total	23,894
Accumulated Depreciation	$ 2,184
Date Acquired	Aug. 21, 2020
Life	40 years
Income Property Jordan Landing, West Jordan, Utah
Cost:
Land	$ 10,529
Building & Improvements	5,752
Gross Amount Carried at Close
Land	10,529
Buildings	5,752
Total	16,281
Accumulated Depreciation	$ 549
Date Acquired	Mar. 02, 2021
Life	30 years
Income Property Eastern Commons, Henderson, Nevada
Cost:
Land	$ 7,894
Building & Improvements	8,575
Gross Amount Carried at Close
Land	7,894
Buildings	8,575
Total	16,469
Accumulated Depreciation	$ 715
Date Acquired	Mar. 10, 2021
Life	35 years
Income Property Shops at Legacy, Plano, Texas
Cost:
Land	$ 22,008
Building & Improvements	27,192
Improvements	794
Gross Amount Carried at Close
Land	22,008
Buildings	27,986
Total	49,994
Accumulated Depreciation	$ 2,794
Date Acquired	Jun. 23, 2021
Life	32 years
Income Property Beaver Creek, Apex, North Carolina
Cost:
Land	$ 21,383
Building & Improvements	39,194
Improvements	260
Gross Amount Carried at Close
Land	21,383
Buildings	39,454
Total	60,837
Accumulated Depreciation	$ 2,005
Date Acquired	Dec. 02, 2021
Life	30 years
Income Property 120 Lincoln & 150 Washington, Santa Fe, New Mexico
Cost:
Land	$ 459
Building & Improvements	12,525
Gross Amount Carried at Close
Land	459
Buildings	12,525
Total	12,984
Accumulated Depreciation	$ 672
Date Acquired	Dec. 20, 2021
Life	30 years
Income Property Synovus, Winter Park, Florida
Cost:
Land	$ 8,524
Building & Improvements	5,139
Improvements	18
Gross Amount Carried at Close
Land	8,524
Buildings	5,157
Total	13,681
Accumulated Depreciation	$ 303
Date Acquired	Dec. 20, 2021
Life	30 years
Income Property Exchange at Gwinnett, Buford, Georgia
Cost:
Land	$ 4,450
Building & Improvements	25,300
Improvements	10
Gross Amount Carried at Close
Land	4,450
Buildings	25,310
Total	29,760
Accumulated Depreciation	$ 765
Date Acquired	Dec. 30, 2021
Life	45 years
Income Property Price Plaza, Katy, Texas [Member]
Cost:
Land	$ 15,630
Building & Improvements	17,978
Gross Amount Carried at Close
Land	15,630
Buildings	17,978
Total	33,608
Accumulated Depreciation	$ 857
Date Acquired	Mar. 03, 2022
Life	25 years
Income Property Madison Yards, Atlanta, Georgia [Member]
Cost:
Land	$ 19,780
Building & Improvements	47,938
Improvements	224
Gross Amount Carried at Close
Land	19,780
Buildings	48,162
Total	67,942
Accumulated Depreciation	$ 646
Date Acquired	Jul. 08, 2022
Life	42 years
Income Property, Multi tenant, West Broad Village, Glen Allen, Virginia [Member]
Cost:
Land	$ 12,120
Building & Improvements	65,829
Gross Amount Carried at Close
Land	12,120
Buildings	65,829
Total	77,949
Accumulated Depreciation	$ 639
Date Acquired	Oct. 14, 2022
Life	40 years
Income Property Collection at Forsyth, Cummings, Georgia [Member]
Cost:
Land	$ 9,062
Building & Improvements	75,286
Gross Amount Carried at Close
Land	9,007
Buildings	75,286
Total	84,293
Accumulated Depreciation	$ 31
Date Acquired	Dec. 29, 2022
Life	31 years
Income Property MainStreet Portfolio, Daytona Beach, Florida [Member]
Cost:
Land	$ 3,504
Building & Improvements	1,422
Gross Amount Carried at Close
Land	3,504
Buildings	1,422
Total	4,926
Accumulated Depreciation	$ 1
Date Acquired	Dec. 29, 2022
Life	25 years

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION - Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cost:
Balance at Beginning of Year	$ 521,260	$ 472,126	$ 392,842
Additions and Improvements	281,562	206,646	147,359
Cost of Real Estate Sold	(38,863)	(157,512)	(68,075)
Balance at End of Year	763,959	521,260	472,126
Accumulated Depreciation:
Balance at Beginning of Year	23,936	30,316	22,552
Depreciation and Amortization	16,262	12,270	11,207
Depreciation on Real Estate Sold	(4,686)	(18,650)	(3,443)
Balance at End of Year	$ 35,512	$ 23,936	$ 30,316

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION - Reconciliation (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
Income Properties, Land, Buildings, and Improvements	$ 763,959	$ 515,007
Cost Basis of Assets Classified as Held for Sale on Balance Sheet		6,253
Total	$ 763,959	$ 521,260	$ 472,126	$ 392,842

SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE - Number of commercial loan investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Current Face Amount	$ 32,073	$ 38,099
Commercial Loans and Investments	$ 31,908	$ 39,095	$ 38,320	$ 34,625
Mortgage Note - 4311 Maple Avenue, Dallas, TX
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Coupon Rate	7.50%
Current Face Amount	$ 400
Commercial Loans and Investments	$ 395
Construction Loan - The Exchange At Gwinnett - Buford, GA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Coupon Rate	7.25%
Current Face Amount	$ 220
Commercial Loans and Investments	$ 173
Preferred Investment - Watters Creek – Allen, TX [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Coupon Rate	8.50%
Current Face Amount	$ 30,000
Commercial Loans and Investments	$ 29,887
Improvement Loan - Ashford Lane – Atlanta, GA [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Coupon Rate	12.00%
Current Face Amount	$ 1,453
Commercial Loans and Investments	$ 1,453

SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE - Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Mortgage Loans on Real Estate
Balance at Beginning of Year	$ 39,095	$ 38,320	$ 34,625
New Mortgage Loans	53,282	364	28,360
Collection of Origination Fees	87		(125)
Accretion of Origination Fees	174	2	161
Gain on Sale of Loans	807
Imputed Interest Over Rent Payments on Ground Lease Loan	97	409	399
Collection of Principal	(61,634)		(23,132)
CECL Reserve			(1,968)
Balance at End of Year	31,908	$ 39,095	$ 38,320
Carrying amount of mortgages for Federal income tax	$ 31,900