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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2013	Oct. 23, 2013
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2013
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q3
Entity Registrant Name	CONSOLIDATED TOMOKA LAND CO
Entity Central Index Key	0000023795
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		5,864,359

Consolidated Balance Sheets - USD ($)	Sep. 30, 2013	Dec. 31, 2012
ASSETS
Cash and Cash Equivalents	$ 743,424	$ 1,301,739
Restricted Cash	322,562
Refundable Income Taxes		239,720
Commercial Mortgage Loan, Held for Investment	18,006,024
Land and Development Costs	26,520,183	27,848,525
Intangible Assets - Net	6,616,419	4,527,426
Assets Held for Sale	3,203,100	3,433,500
Other Assets	8,654,440	8,254,399
Total assets before property, plant and equipment	64,066,152	45,605,309
Property, Plant, and Equipment:
Land, Timber, and Subsurface Interests	15,241,501	15,194,901
Golf Buildings, Improvements, and Equipment	3,013,856	2,879,263
Income Properties, Land, Buildings, and Improvements	158,189,373	132,202,887
Other Furnishings and Equipment	920,703	906,441
Construction in Process	51,215
Total Property, Plant, and Equipment	177,416,648	151,183,492
Less, Accumulated Depreciation and Amortization	(12,758,397)	(12,091,901)
Property, Plant, and Equipment - Net	164,658,251	139,091,591
TOTAL ASSETS	228,724,403	184,696,900
LIABILITIES
Accounts Payable	453,883	440,541
Accrued Liabilities	5,499,913	6,121,392
Deferred Revenue	4,199,583	850,951
Accrued Stock-Based Compensation	346,418	265,311
Pension Liability	1,225,932	1,317,683
Income Taxes Payable	1,356,638
Deferred Income Taxes - Net	31,646,987	32,357,505
Long-Term Debt	66,727,032	29,126,849
TOTAL LIABILITIES	111,456,386	70,480,232
Commitments and Contingencies
SHAREHOLDERS' EQUITY
Common Stock - 25,000,000 shares authorized; $1 par value, 5,864,359 shares issued and 5,849,725 shares outstanding at September 30, 2013; 5,847,036 shares issued and 5,832,402 shares outstanding at December 31, 2012	5,764,792	5,726,136
Treasury Stock, at cost - 14,634 shares held at September 30, 2013 and December 31, 2012	(453,654)	(453,654)
Additional Paid-In Capital	8,292,677	6,939,023
Retained Earnings	104,901,682	103,242,643
Accumulated Other Comprehensive Loss	(1,237,480)	(1,237,480)
TOTAL SHAREHOLDERS' EQUITY	117,268,017	114,216,668
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 228,724,403	$ 184,696,900

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2013	Dec. 31, 2012
Statement Of Financial Position [Abstract]
Common Stock, shares authorized	25,000,000	25,000,000
Common Stock, par value	$ 1	$ 1
Common Stock, shares issued	5,864,359	5,847,036
Common Stock, shares outstanding	5,849,725	5,832,402
Treasury Stock, shares held	14,634	14,634

Consolidated Statements of Operations - USD ($)	3 Months Ended		9 Months Ended
Consolidated Statements of Operations - USD ($)	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Revenues
Income Properties	$ 3,356,937	$ 2,177,895	$ 9,621,147	$ 6,390,847
Interest Income from Commercial Mortgage Loan	644,198		644,198
Real Estate Operations	1,369,397	421,983	2,010,722	2,417,367
Golf Operations	981,118	861,326	3,758,629	3,443,984
Agriculture and Other Income	20,845	95,971	149,028	146,629
Total Revenues	6,372,495	3,557,175	16,183,724	12,398,827
Direct Cost of Revenues
Income Properties	(427,341)	(199,710)	(1,038,922)	(518,904)
Real Estate Operations	(174,411)	(143,138)	(480,152)	(531,913)
Golf Operations	(1,321,337)	(1,314,428)	(4,154,338)	(4,210,961)
Agriculture and Other Income	(33,821)	(28,530)	(120,275)	(166,420)
Total Direct Cost of Revenues	(1,956,910)	(1,685,806)	(5,793,687)	(5,428,198)
General and Administrative Expenses	(1,207,593)	(2,311,448)	(4,221,831)	(5,070,383)
Impairment Charges			(616,278)
Depreciation and Amortization	(738,537)	(509,242)	(2,146,515)	(1,508,801)
Gain (Loss) on Disposition of Assets		(33,513)		242,051
Total Operating Expenses	(3,903,040)	(4,540,009)	(12,778,311)	(11,765,331)
Operating Income	2,469,455	(982,834)	3,405,413	633,496
Interest Income		453	391	820
Interest Expense	(509,898)	(152,847)	(1,316,026)	(475,449)
Loss on Early Extinguishment of Debt				(245,726)
Income (Loss) from Continuing Operations Before Income Tax Expense	1,959,557	(1,135,228)	2,089,778	(86,859)
Income Tax (Expense) Benefit	(755,918)	433,244	(796,738)	36,656
Income (Loss) from Continuing Operations	1,203,639	(701,984)	1,293,040	(50,203)
Income from Discontinued Operations (Net of Tax)	38,665	145,378	538,079	587,584
Net Income (Loss)	$ 1,242,304	$ (556,606)	$ 1,831,119	$ 537,381
Per Share Information: Basic and Diluted
Income (Loss) from Continuing Operations	$ 0.21	$ (0.13)	$ 0.23	$ (0.01)
Income from Discontinued Operations (Net of Tax)	0.01	0.03	0.09	0.10
Net Income (Loss)	$ 0.22	$ (0.10)	0.32	0.09
Dividends Declared and Paid			$ 0.03	$ 0.02

Consolidated Statements of Comprehensive Income - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Statement Of Income And Comprehensive Income [Abstract]
Net Income (Loss)	$ 1,242,304	$ (556,606)	$ 1,831,119	$ 537,381
Total Other Comprehensive Income, Net of Tax
Total Comprehensive Income (Loss)	$ 1,242,304	$ (556,606)	$ 1,831,119	$ 537,381

- Definition

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

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+ Details

Consolidated Statements of Shareholders' Equity - 9 months ended Sep. 30, 2013 - USD ($)	Total	Common Stock [Member]	Treasury Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Loss [Member]
Beginning Balance at Dec. 31, 2012	$ 114,216,668	$ 5,726,136	$ (453,654)	$ 6,939,023	$ 103,242,643	$ (1,237,480)
Net Income	1,831,119				1,831,119
Exercise of Stock Options	613,592	20,156		593,436
Vested Restricted Stock	119,532	18,500		101,032
Stock Compensation Expense from Restricted Stock Grants and Equity Classified Stock Options	659,186			659,186
Cash Dividends ($0.03 per share)	(172,080)				(172,080)
Ending Balance at Sep. 30, 2013	$ 117,268,017	$ 5,764,792	$ (453,654)	$ 8,292,677	$ 104,901,682	$ (1,237,480)

- Definition

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

+ References

+ Details

Consolidated Statements of Shareholders' Equity (Parenthetical)	9 Months Ended
	Sep. 30, 2013 $ / shares
Cash dividends, Per Share	$ 0.03
Retained Earnings [Member]
Cash dividends, Per Share	$ 0.03

Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Sep. 30, 2013	Sep. 30, 2012
Cash Flow from Operating Activities:
Net Income	$ 1,831,119	$ 537,381
Adjustments to Reconcile Net Income to Net Cash Provided By Operating Activities:
Depreciation and Amortization	2,211,346	1,894,965
Loan Cost Amortization	147,917	74,389
Gain on Disposition of Property, Plant, and Equipment and Intangible Assets	(557,216)	(242,051)
Loss on Disposition of Assets Held for Sale	26,367
Impairment charges	616,278
Discount Accretion on Commercial Mortgage Loan	(526,966)
Amortization of Fees on Acquisition of Commercial Mortgage Loan	20,021
Deferred Income Taxes	(710,518)	(185,447)
Non-Cash Compensation	852,536	870,304
Decrease (Increase) in Assets:
Refundable Income Taxes	239,720	399,905
Land and Development Costs	712,064	(18,363)
Other Assets	(486,670)	108,562
Increase (Decrease) in Liabilities:
Accounts Payable	13,342	(189,121)
Accrued Liabilities and Accrued Stock Based Compensation	(713,230)	(460,794)
Deferred Revenue	3,348,632	427,843
Income Taxes Payable	1,356,638	345,393
Net Cash Provided By Operating Activities	8,381,380	3,562,966
Cash Flow From Investing Activities:
Acquisition of Property, Plant, and Equipment	(36,790,580)	(8,661,344)
Acquisition of Intangible Assets	(2,920,739)	(610,870)
Acquisition of Commercial Mortgage Loan	(17,655,367)
Increase in Restricted Cash	(322,562)	(984,547)
Proceeds from Disposition of Property, Plant, and Equipment, Net	7,198,436	480,150
Proceeds from Disposition of Assets Held for Sale, Net	3,407,133	7,694,710
Principal Payments Received on Commercial Mortgage Loan	95,000
Net Cash Used In Investing Activities	(46,988,679)	(2,081,901)
Cash Flow from Financing Activities:
Proceeds from Long-Term Debt	85,250,000	22,341,849
Payments on Long-Term Debt	(47,649,817)	(20,881,714)
Cash Proceeds from Exercise of Stock Options	519,849	2,089
Cash Used to Purchase Common Stock		(453,654)
Cash from Excess Tax Benefit from Vesting of Restricted Stock	101,032
Dividends Paid	(172,080)	(114,510)
Net Cash Provided By Financing Activities	38,048,984	894,060
Net Increase (Decrease) in Cash	(558,315)	2,375,125
Cash, Beginning of Year	1,301,739	6,174
Cash, End of Period	$ 743,424	$ 2,381,299

Consolidated Statements of Cash Flows (Parenthetical) - USD ($)	1 Months Ended	9 Months Ended
	Mar. 31, 2013	Sep. 30, 2013	Sep. 30, 2012
Statement Of Cash Flows [Abstract]
Income tax refunds		$ 39,406	$ 227,500
Income taxes paid		187,186	0
Interest paid		$ 1,117,583	$ 367,703
Non-cash conveyance of certain real property acreage	$ 702,827

Description of Business and Principles of Interim Statements

9 Months Ended

Sep. 30, 2013

Accounting Policies [Abstract]

Description of Business and Principles of Interim Statements

NOTE 1. DESCRIPTION OF BUSINESS AND PRINCIPLES OF INTERIM STATEMENTS

Description of Business

The terms “us,” “we,” “our,” and “the Company” as used in this report refer to Consolidated-Tomoka Land Co. (“CTLC”) together with our consolidated subsidiaries.

We are a diversified real estate operating company. We own and manage commercial real estate properties in nine states in the U.S., and two self-developed multi-tenant properties located in Florida. As of September 30, 2013, we owned 37 single-tenant income-producing properties, in nine states, with more than 759,000 square feet of gross leasable space. We also own and manage a land portfolio of over 10,000 acres in Florida, a majority of which is located within and forms a substantial portion of, the western boundary of the City of Daytona Beach (the “City”). Our land is well-located along both sides of Interstate 95 and near central Florida’s Interstate 4 corridor. We also have an investment in a commercial mortgage loan collateralized by a hotel property in Atlanta, Georgia. We have a golf course operation which consists of the LPGA International golf club, lease property for billboards, have agricultural operations that are managed by a third party and consist of leasing land for hay production, timber harvesting, and hunting leases, and own and manage subsurface interests. The results of our agricultural and subsurface leasing operations are included in Agriculture and Other Income and Real Estate Operations in our consolidated statements of operations, respectively.

More than 50% of the Company’s income property portfolio, based on annual revenues, and all of our land, golf operations, agriculture operations, and subsurface interests, are located in the State of Florida.

Interim Financial Information

The accompanying unaudited consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. These unaudited consolidated financial statements do not include all of the information and notes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete financial statements and should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2012, which provides a more complete understanding of the Company’s accounting policies, financial position, operating results, business properties, and other matters. The unaudited consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary to present fairly the financial position of the Company and the results of operations for the interim periods.

The results of operations for the nine months ended September 30, 2013 are not necessarily indicative of results to be expected for the year ending December 31, 2013.

Principles of Consolidation

The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. Any real estate entities or properties included in the consolidated financial statements have been consolidated only for the periods that such entities or properties were owned or under control by us. All significant inter-company balances and transactions have been eliminated in the consolidated financial statements.

Use of Estimates in Preparation of Financial Statements

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

Because of the fluctuating market conditions that currently exist in the Florida and national real estate markets, and the volatility and uncertainty in the financial and credit markets, it is possible that the estimates and assumptions, most notably those related to the Company’s investment in income properties and pension liability, could change materially during the time span associated with the continued volatility of the real estate and financial markets or as a result of a significant dislocation in those markets.

Fair Value of Financial Instruments

The largest carrying amounts of the Company’s financial assets and liabilities, including cash and cash equivalents, restricted cash, accounts receivable, and accounts payable at September 30, 2013 and December 31, 2012, approximate fair value because of the short maturity of these instruments. The carrying amount of the Company’s long-term debt and commercial mortgage loan approximates fair value at September 30, 2013 and December 31, 2012, since the notes are at floating rates or fixed rates, which approximate current market rates for notes with similar risks and maturities.

Cash and Cash Equivalents

Cash and cash equivalents includes cash on hand and bank demand accounts having maturities at acquisition date of 90 days or less.

Restricted Cash

Restricted cash totaled approximately $323,000 at September 30, 2013 and consisted of cash being held in a reserve primarily for property taxes and insurance escrows in connection with our financing of two properties acquired in January 2013.

Classification of Loans

Loans held for investment are stated at the principal amount outstanding and include the unamortized deferred loan fees in accordance with GAAP.

Loan Impairment

The Company’s commercial mortgage loan is held for investment and collateralized by a hotel property in Atlanta, Georgia. The Company evaluates the performance of the collateral property and the financial and operating capabilities of the borrower/guarantor, in part, to assess whether any deterioration in the credit has occurred and for possible impairment of the loan. Impairment would reflect the Company’s determination that it is probable that all amounts due according to the contractual terms of the loan would not be collected. Impairment is measured based on the present value of the expected future cash flows from the loan discounted at the effective rate of the loan or the fair value of the collateral. Upon measurement of impairment, the Company would record an allowance to reduce the carrying value of the loan with a corresponding recognition of loss in the results of operations. Significant exercise of judgment is required in determining impairment, including assumptions regarding the estimate of expected future cash flows, collectability of the loan, the value of the underlying collateral and other provisions including guarantees. The Company has determined that, as of September 30, 2013, no allowance for impairment was required.

Interest Income Recognition

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

Intangible Assets

As of September 30, 2013, the in-place lease value totaled $6,616,419, net of accumulated amortization of $2,923,476. At December 31, 2012, the in-place lease value totaled $4,527,426, net of accumulated amortization of $3,443,102. Amortization expense for the three months ended September 30, 2013 and 2012 was approximately $168,000 and $103,000, respectively. Amortization expense for the nine months ended September 30, 2013 and 2012 was approximately $500,000 and $303,000, respectively.

The estimated future amortization expense related to intangible assets is as follows:


Year Ending December 31,	Amount
Remainder of 2013	$	172,620
2014		690,481
2015		690,481
2016		652,393
2017		561,639
2018		553,951
Thereafter		3,294,854

	$	6,616,419

Reclassifications

Certain items in the prior year’s consolidated statements of operations have been reclassified to conform to the presentation of statements of operations for the three and nine months ended September 30, 2013. Specifically, loan cost amortization was previously included in depreciation and amortization on the consolidated financial statements and is now included in interest expense. In addition, deferred revenue was previously included with accrued liabilities on the consolidated balance sheets and is now segregated as its own line item. These reclassifications had no effect on the current year and prior year presentation of income (loss) from continuing operations before taxes.

- Definition

The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.

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+ Details

Recent Acquisitions of Income Properties	9 Months Ended
Recent Acquisitions of Income Properties	Sep. 30, 2013
Business Combinations [Abstract]
Recent Acquisitions of Income Properties	NOTE 2. RECENT ACQUISITIONS OF INCOME PROPERTIES During the nine months ended September 30, 2013, the Company acquired nine income properties at a total acquisition cost of approximately $39.5 million. Of the total acquisition cost, approximately $13.2 million was allocated to land, approximately $23.4 million was allocated to buildings and improvements, and approximately $2.9 million was allocated to intangible assets pertaining to the in-place lease value. The weighted average amortization period for the $2.9 million allocated to intangible assets is approximately 10.5 years. On September 13, 2013, the Company acquired a 25,600 square foot building leased to Big Lots in Germantown, Maryland. The total purchase price was approximately $5.0 million. On the acquisition date, the remaining term of the lease was approximately 10.4 years, with three five-year option periods. On July 25, 2013, the Company acquired a 16,280 square foot building leased to a subsidiary of Rite Aid Corp. in Renton, Washington, a suburb of Seattle. The total purchase price was approximately $6.6 million. On the acquisition date, the remaining term of the lease was 13 years, with lease escalations during the six five-year option periods.

- Definition

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

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+ Details

Discontinued Operations

9 Months Ended

Sep. 30, 2013

Discontinued Operations And Disposal Groups [Abstract]

Discontinued Operations

NOTE 3. DISCONTINUED OPERATIONS

As described in Note 18 “Subsequent Events,” on October 14, 2013, the Company executed a purchase and sale agreement to sell its interest in the 15,120 square-foot building located in Orlando, Florida, which is leased to Walgreens. Accordingly, the property was presented as assets held for sale on the consolidated balance sheet at September 30, 2013 and the property’s operating results were included in discontinued operations for each of the three and nine month periods ending September 30, 2013 and 2012, respectively.

On May 31, 2013, the Company sold its interest in the 13,905 square-foot building, located in Kissimmee, Florida, which was leased to Walgreens, for $3,400,000. Upon the sale in May 2013, the property’s operating results were included in discontinued operations for each of the three and nine month periods ended September 30, 2013 and 2012. The proceeds from the sale of this property were used to complete a Section 1031 exchange for an income property the Company acquired in January 2013 located in Phoenix, Arizona, and leased to an affiliate of Big Lots. The Company recognized a gain of approximately $503,000 on this sale and as outlined below, this gain is included in the reported income from discontinued operations.

On February 21, 2013, the Company sold its interest in the 13,824 square-foot building, located in Clermont, Florida, which was leased to CVS, for $4,050,000 generating a gain of approximately $54,000. Upon the sale in February 2013, the property’s operating results were included in discontinued operations for each of the three and nine month periods ended September 30, 2013 and 2012.

On February 14, 2013, the Company sold its interest in the 4,128 square-foot building, located in Alpharetta, Georgia, which was leased to PNC Bank, for $3,550,000. The property was presented as assets held for sale on the consolidated balance sheet for the year ended December 31, 2012. As a result, the value was written down to reflect the contractual sales price resulting in a loss of approximately $427,000 for the year ended December 31, 2012. The property’s operating results were included in discontinued operations for each of the three and nine month periods ended September 30, 2013 and 2012.

On May 31, 2012, the Company sold its interest in the 25,454 square-foot building, located in Asheville, North Carolina, which was leased to Northern Tool and Equipment, for $3,925,000. Upon the sale in May 2012, the property’s operating results were included in discontinued operations for each of the three and nine month periods ended September 30, 2012.

On May 31, 2012, the Company sold its interest in the 15,120 square-foot building, located in Powder Springs, Georgia, which was leased to Walgreens, for $4,090,323. Upon the sale in May 2012, the property’s operating results were included in discontinued operations for each of the three and nine month periods ended September 30, 2012.

A gain of $78,455 was recognized on the sale of the properties in Asheville and Powder Springs during the nine months ended September 30, 2012.

Following is a summary of income from discontinued operations:


	Three Months Ended						Nine Months Ended
	September 30, 2013			September 30, 2012			September 30, 2013			September 30, 2012
Leasing Revenue and Other Income	$	74,412		$	283,447		$	409,973		$	1,018,447
Costs and Other Expenses		(11,465	)		(46,771	)		(64,830	)		(140,313	)

Income from Operations		62,947			236,676			345,143			878,134
Gain on Sale of Property		—			—			530,849			78,455

Income before Income Tax Expense		62,947			236,676			875,992			956,589
Income Tax Expense		(24,282	)		(91,298	)		(337,913	)		(369,005	)

Income from Discontinued Operations	$	38,665		$	145,378		$	538,079		$	587,584

- Definition

The entire disclosure for the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Commercial Mortgage Loan

9 Months Ended

Sep. 30, 2013

Receivables [Abstract]

Commercial Mortgage Loan

NOTE 4. COMMERCIAL MORTGAGE LOAN

On August 7, 2013, the Company acquired a $19.56 million loan secured by a hotel in Atlanta, Georgia, for approximately $17.65 million, a discount of approximately $2.05 million. The discount is being accreted into income ratably through the contractual maturity date in March 2014, which is included in Interest Income from Commercial Mortgage Loan in the consolidated financial statements.

The Company’s commercial mortgage loan portfolio comprised the following at September 30, 2013:


Description	Date of Investment	Maturity Date	Original Face Amount		Current Face Amount		Carrying Value		Coupon	Property Size

Hotel – Atlanta, GA	August 2013	March 2014	$	19,560,000	$	19,465,000	$	18,006,024	30-day LIBOR plus 4.50%		110 rooms


Total			$	19,560,000	$	19,465,000	$	18,006,024

The carrying value of the commercial mortgage loan as of September 30, 2013 consisted of the following:


	Total
Current Face Amount	$	19,465,000
Unamortized Fees		67,558
Unaccreted Purchase Discount		(1,526,534	)

	$	18,006,024

- Definition

The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.

+ References + Details

Common Stock and Earnings Per Share

9 Months Ended

Sep. 30, 2013

Earnings Per Share [Abstract]

Common Stock and Earnings Per Share

NOTE 5. COMMON STOCK AND EARNINGS PER SHARE

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


	Three Months Ended					Nine Months Ended
	September 30, 2013		September 30, 2012			September 30, 2013		September 30, 2012
Income Available to Common Shareholders:
Income (Loss) from Continuing Operations	$	1,203,639	$	(701,984	)	$	1,293,040	$	(50,203	)
Discontinued Operations		38,665		145,378			538,079		587,584

Net Income (Loss)	$	1,242,304	$	(566,606	)	$	1,831,119	$	537,381

Weighted Average Shares Outstanding		5,750,158		5,710,808			5,735,585		5,720,303
Common Shares Applicable to Stock
Options Using the Treasury Stock Method		5,657		—			3,598		—

Total Shares Applicable to Diluted Earnings Per Share		5,755,815		5,710,808			5,739,183		5,720,303

Basic and Diluted Per Share Information:
Income (Loss) from Continuing Operations	$	0.21	$	(0.13	)	$	0.23	$	(0.01	)
Discontinued Operations		0.01		0.03			0.09		0.10

Net Income (Loss)	$	0.22	$	(0.10	)	$	0.32	$	0.09

The effect of 38,800 and 58,800 potentially dilutive securities were not included for the three and nine months ended September 30, 2013, respectively, as the effect would be antidilutive. The effect of 179,600 and 217,700 potentially dilutive securities were not included for the three and nine months ended September 30, 2012, respectively, as the effect would be antidilutive.

Pension Plan	9 Months Ended
Pension Plan	Sep. 30, 2013
Compensation And Retirement Disclosure [Abstract]
Pension Plan	NOTE 6. PENSION PLAN The Company maintains a Defined Benefit Pension Plan (the “Pension Plan”) for all employees who have attained the age of 21 and completed one year of service. The pension benefits are based primarily on years of service and the average compensation for the five highest consecutive years during the final ten years of employment. The benefit formula generally provides for a life annuity benefit. Effective December 31, 2011, the Company amended its Pension Plan to freeze participants’ benefits with no future accruals after that date. Any current or future employee who was not a participant of the Pension Plan on December 31, 2011 will not be eligible to enter the Pension Plan. Although the Pension Plan will remain active with no new entrants and no future accruals, the Company’s contribution level is expected to decline over time. In January 2013, the Company made a cash contribution to the Pension Plan of $84,600 related to the 2012 Pension Plan year. The Company did not make any contributions related to the 2013 Pension Plan year during the nine months ended September 30, 2013. On October 23, 2013 the Company’s Board of Directors approved the commencement of the steps necessary to terminate the Pension Plan, pursuant to the Plan, and for the Company to make the required level of contribution whereby the Pension Plan would have sufficient funds to pay all benefits owed participants and beneficiaries through either the purchase of an annuity from an insurance company or, pay the benefit owed in a one-time lump sum payment. No termination date has been set but the Company expects to make a $1.0 million contribution prior to December 31, 2013 as part of the termination process. There can be no assurance that the Company will complete the termination of the Pension Plan or if completed, the timing within which the termination will occur.

Long-Term Debt

9 Months Ended

Sep. 30, 2013

Debt Disclosure [Abstract]

Long-Term Debt

NOTE 7. LONG-TERM DEBT

On February 27, 2012, the Company entered into a Credit Agreement (the “Agreement”) with Bank of Montreal (“BMO”) as Administrative Agent, Letter of Credit Issuer, and Lender. The Agreement consisted of a $46.0 million revolving credit facility with a maturity date of February 27, 2015 (the “Credit Facility”). The indebtedness outstanding under the Agreement accrued interest, prior to the amendments of the Agreement, at a rate ranging from the 30-day London Interbank Offer Rate (“LIBOR”) plus 175 basis points to LIBOR plus 250 basis points based on the total balance outstanding under the Credit Facility as a percentage of total asset value of the Company. The Credit Facility is unsecured and is guaranteed by certain subsidiaries of the Company.

The Credit Facility replaced the Company’s $25.0 million revolving credit facility with SunTrust Bank, which had a maturity date of September 27, 2014. Approximately $9.7 million of the initial disbursement under the Credit Facility was used to pay off the outstanding balance of the existing credit facility with SunTrust Bank and approximately $5.6 million was used to pay off a related term loan with SunTrust Bank, which had a maturity date of July 1, 2012. The indebtedness under the prior SunTrust revolving credit facility and term loan were secured by certain assets of the Company. The Company wrote off $245,726 of deferred loan costs in the first quarter of 2012 as a result of this early extinguishment of debt.

The Agreement contains restrictive covenants customary for this type of transaction, 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 Agreement also contains affirmative covenants and events of default, including, but not limited to, a cross default to the Company’s other indebtedness and upon the occurrence of a change of control. The Company’s failure to comply with these covenants or the occurrence of an event of default could result in acceleration of the Company’s debt and other financial obligations under the Agreement.

In September 2012, the Company entered into the First Amendment to the Agreement (“Amendment”) and added a second participating lender to the Agreement. Pursuant to the Agreement’s accordion feature, this Amendment expanded the Credit Facility to $62.0 million. The Amendment also modified some of the restrictive covenants contained in the original Agreement. These changes to the restrictive covenants were not material in nature. On February 14, 2013, the Company added a third participant lender to the Agreement, and pursuant to the accordion feature, the Credit Facility was expanded to $66.0 million.

On February 22, 2013, the Company closed on a $7.3 million loan originated with UBS Real Estate Securities Inc., secured by its interest in the two-building office complex leased to Hilton Resorts Corporation, which was acquired on January 31, 2013. The new mortgage loan matures in February 2018, carries a fixed rate of interest of 3.655% per annum, and requires payments of interest only prior to maturity.

On March 8, 2013, the Company closed on a $23.1 million loan originated with Bank of America, N.A., secured by its interest in fourteen income properties. The new mortgage loan matures in April 2023, carries a fixed rate of 3.67% per annum, and requires payments of interest only prior to maturity.

On March 29, 2013, the Company entered into the second amendment to the Agreement (“Second Amendment”). The Second Amendment, expands the accordion feature allowing the Company to increase the Credit Facility up to $125 million and reduces the interest rate by 25 basis points, so that it now ranges from LIBOR plus 150 basis points up to LIBOR plus 225 basis points, based on the total balance outstanding under the Credit Facility as a percentage of total asset value of the Company. The Second Amendment also extends the maturity date to March 31, 2016 from February 27, 2015, and reduces the limitations on the Company’s ability to make certain investments.

Notes payable and the line of credit consisted of the following:


	September 30, 2013
	Total		Due Within One Year
$66 Million Credit Facility	$	36,327,032	$	—
Note Payable (originated with UBS)		7,300,000		—
Note Payable (originated with BOA)		23,100,000		—

	$	66,727,032	$	—

Payments applicable to reduction of principal amounts will be required as follows:


Year Ending December 31,	Amount
2014	$	—
2015		—
2016		36,327,032
2017		—
2018		7,300,000
Thereafter		23,100,000

	$	66,727,032

At September 30, 2013, there was approximately $29.7 million of available borrowing capacity under the Credit Facility, which has a current commitment level of $66.0 million, subject to the borrowing base requirements.

For the three months ended September 30, 2013, interest expense was $455,670 with $454,828 paid during the period. For the three months ended September 30, 2012, interest expense was $124,650 with $118,512 paid during the period. For the first nine months of 2013, interest expense was $1,168,109 with $1,117,583 paid during the period. For the first nine months of 2012, interest expense was $401,060 with $367,703 paid during the period. No interest was capitalized during the first nine months of 2013 or 2012.

The amortization of loan costs incurred in connection with the Company’s long-term debt is included in interest expense in the consolidated financial statements. These loan costs are being amortized over the term of the respective loan agreements using the straight-line method, which approximates the effective interest method. For the three months ended September 30, 2013 and 2012, the amortization of loan costs totaled $54,228 and $28,197, respectively. For the first nine months of 2013 and 2012, the amortization of loan costs totaled $147,917 and $74,389, respectively. Previously, loan cost amortization was included in depreciation and amortization in the consolidated financial statements. The consolidated financial statements have been reclassified for all periods presented to conform to the current presentation.

The Company was in compliance with all of its debt covenants as of September 30, 2013 and December 31, 2012.

Stock-Based Compensation

9 Months Ended

Sep. 30, 2013

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-Based Compensation

NOTE 8. STOCK-BASED COMPENSATION

EQUITY-CLASSIFIED STOCK COMPENSATION

Market Condition Restricted Shares

Under the 2010 Equity Incentive Plan (the “2010 Plan”), the Company granted to certain employees non-vested restricted stock, which vests upon the achievement of certain market conditions, including thresholds relating to the Company’s total shareholder return as compared to the total shareholder return of a certain peer group during a five-year performance period.

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

A summary of activity during the nine months ended September 30, 2013, is presented below:


Market Condition Non-Vested Restricted Shares	Shares			Wtd. Avg. Grant Date Fair Value
Outstanding at December 31, 2012		7,900		$	23.13
Granted		—			—
Vested		—			—
Forfeited		(2,833	)		23.13

Outstanding at September 30, 2013		5,067		$	23.13

As of September 30, 2013, there was approximately $50,000 of unrecognized compensation cost, adjusted for forfeitures, related to market condition non-vested restricted shares, which will be recognized over a weighted average period of 2.1 years.

Market Condition Inducement Grant of Restricted Shares

Inducement grants of 96,000 and 17,000 restricted shares of the Company’s common stock were awarded to the Company’s President and Chief Executive Officer, Mr. John P. Albright and the Company’s Senior Vice President and Chief Financial Officer, Mr. Mark E. Patten on August 1, 2011 and April 16, 2012, respectively. Mr. Albright’s restricted shares were granted outside of the 2010 Plan while Mr. Patten’s restricted shares were awarded under the 2010 Plan. The Company filed a registration statement with the Securities and Exchange Commission on Form S-8 to register the resale of Mr. Albright’s restricted stock award. The restricted shares will vest in six increments based upon the price per share of the Company’s common stock during the term of their employment (or within sixty days after termination of employment by the Company without cause), meeting or exceeding the target trailing sixty-day average closing prices ranging from $36.00 per share for the first increment to $65.00 per share for the final increment. If any increment of the restricted shares fails to satisfy the applicable stock price condition prior to six years from the grant date, that increment of the restricted shares will be forfeited.

During the nine months ended September 30, 2013, the closing price per share of the Company’s common stock on a sixty-day trading average reached $36.00, and as a result, 16,000 shares and 2,500 shares vested for Mr. Albright and Mr. Patten, respectively.

A summary of the activity for both awards during the nine months ended September 30, 2013, is presented below:


	Shares			Wtd. Avg. Fair Value
Outstanding at December 31, 2012		113,000		$	18.40
Granted		—			—
Vested		(18,500	)		23.89
Forfeited		—			—

Outstanding at September 30, 2013		94,500		$	17.33

As of September 30, 2013, there was approximately $263,000 of unrecognized compensation cost, adjusted for estimated forfeitures, related to market condition non-vested restricted shares, which will be recognized over a weighted average period of 0.8 years.

Non-Qualified Stock Option Awards

Pursuant to the Non-Qualified Stock Option Award Agreements between the Company and Mr. Albright and Mr. Patten, Mr. Albright and Mr. Patten were granted options to purchase 50,000 and 10,000 shares of Company common stock, respectively, under the 2010 Plan with an exercise price per share equal to the fair market value on their respective grant dates of August 1, 2011 and April 16, 2012. One-third of the options will vest on each of the first, second, and third anniversaries of their respective grant dates, provided they are an employee of the Company on those dates. In addition, any unvested portion of the options will vest upon a change in control. The options expire on the earliest of: (a) the tenth anniversary of the grant date; (b) twelve months after the employee’s death or termination for disability; or (c) thirty days after the termination of employment for any reason other than death or disability.

On January 23, 2013, the Company granted options to purchase 51,000 shares of the Company’s common stock under the 2010 Plan to certain employees of the Company, including 10,000 shares to Mr. Patten, with an exercise price of $34.95 per share, which was equal to the fair market value at the date of grant. One-third of these options will vest on each of the first, second, and third anniversaries of the grant date, provided the recipient is an employee of the Company on those dates. Any unvested portion of the options will vest upon a change in control. The options expire on the earliest of: (a) the fifth anniversary of the grant date; (b) twelve months after the employee’s death or termination for disability; or (c) thirty days after the termination of employment for any reason other than death or disability.

A summary of the activity for the awards during the nine months ended September 30, 2013, is presented below:


	Shares			Wtd. Avg. Ex. Price		Wtd. Avg. Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding at December 31, 2012		60,000		$	28.97
Granted		51,000			34.95
Exercised		(16,500	)		28.90
Expired		—			—

Outstanding at September 30, 2013		94,500		$	32.21		6.01	$	593,305

Exercisable at September 30, 2013		19,800		$	28.97		7.95	$	188,430

The weighted-average grant-date fair value of options granted during the nine months ended September 30, 2013 was $6.58. The total intrinsic value of options exercised during the nine months ended September 30, 2013 was $166,850. As of September 30, 2013, there was approximately $419,000 of unrecognized compensation related to non-qualified, non-vested stock option awards, which will be recognized over a weighted average period of 1.7 years.

LIABILITY-CLASSIFIED STOCK COMPENSATION

The Company previously had a stock option plan (the “2001 Plan”) pursuant to which 500,000 shares of the Company’s common stock were eligible for issuance. The 2001 Plan expired in 2010, and no new stock options may be issued under the 2001 Plan. Under the 2001 Plan, both stock options and stock appreciation rights were issued in prior years and such issuances were deemed to be liability-classified awards under the Share-Based Payment Topic of FASB ASC.

A summary of share option activity under the 2001 Plan for the nine months ended September 30, 2013 is presented below:

Stock Options


	Shares			Wtd. Avg. Ex. Price		Wtd. Avg. Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding at December 31, 2012		80,800		$	52.43
Granted		—			—
Exercised		(9,200	)		30.06
Expired		(15,400	)		63.58

Outstanding at September 30, 2013		56,200		$	53.03		3.65	$	96,390

Exercisable at September 30, 2013		56,200		$	53.03		3.65	$	96,390

In connection with the grant of non-qualified stock options, a stock appreciation right for each share covered by the option was also granted. The stock appreciation right entitles the optionee to receive a supplemental payment, which may be paid in whole or in part in cash or in shares of common stock, equal to a portion of the spread between the exercise price and the fair market value of the underlying shares at the time of exercise. The total intrinsic value of options exercised during the nine months ended September 30, 2013 was $72,008.

Stock Appreciation Rights


	Shares			Wtd. Avg. Fair Value		Wtd. Avg. Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding at December 31, 2012		80,800		$	1.12
Granted		—			—
Exercised		(9,200	)		5.04
Expired		(15,400	)		0.76

Outstanding at September 30, 2013		56,200		$	2.16		3.65	$	51,902

Exercisable at September 30, 2013		56,200		$	2.16		3.65	$	51,902

The total intrinsic value of stock appreciation rights exercised during the nine months ended September 30, 2013 was $38,774.

The fair value of each share option and stock appreciation right is estimated on the measurement date using the Black-Scholes option pricing model based on assumptions noted in the following table. Expected volatility is based on the historical volatility of the Company and other factors. The Company has elected to use the simplified method of estimating the expected term of the options and stock appreciation rights. Due to the small number of employees included in the 2001 Plan, the Company uses the specific identification method to estimate forfeitures and includes all participants in one group. The risk-free rate for periods within the contractual term of the share option is based on the U.S. Treasury rates in effect at the time of measurement. The Company issues new, previously unissued, shares as options are exercised.

Following are assumptions used in determining the fair value of stock options and stock appreciation rights:


Assumptions at:	September 30, 2013			December 31, 2012
Expected Volatility		24.08	%		24.34	%
Expected Dividends		0.10	%		0.13	%
Expected Term		3 years			3 years
Risk-Free Rate		0.93	%		0.39	%

There were no stock options or stock appreciation rights granted under the 2001 Plan in the nine months ended September 30, 2013 or in the year ended December 31, 2012.

The liability for stock options and stock appreciation rights, valued at fair value, reflected on the consolidated balance sheets at September 30, 2013 and December 31, 2012, was $346,418 and $265,311, respectively. These fair value measurements are based on quoted prices in active markets (Level 1 Inputs).

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


	Three Months Ended						Nine Months Ended
	September 30, 2013			September 30, 2012			September 30, 2013			September 30, 2012
Total Cost of Share-Based Plans Charged
Against Income Before Tax Effect	$	251,210		$	446,679		$	852,536		$	870,304

Income Tax Expense
Recognized in Income	$	(96,904	)	$	(172,306	)	$	(328,866	)	$	(335,720	)

Accrued Liabilities

9 Months Ended

Sep. 30, 2013

Payables And Accruals [Abstract]

Accrued Liabilities

NOTE 9. ACCRUED LIABILITIES

Accrued liabilities consisted of the following:


	As of
	September 30, 2013		December 31, 2012
Golf Course Lease	$	3,431,617	$	3,702,194
Deferred Compensation		379,668		828,998
Accrued Property Taxes		682,556		—
Other Post-Retirement Benefits		165,409		186,695
Legal Reserves		—		723,058
Reserve for Tenant Improvement		58,977		—
Other		781,686		680,447

	$	5,499,913	$	6,121,392

In July 2012, the Company entered into an agreement with the City to, among other things, amend the lease payments under its golf course lease (the “Lease Amendment”), Under the Amendment, the base rent payment, which was scheduled to increase from $250,000 to $500,000 as of September 1, 2012, would remain at $250,000 for the remainder of the lease term and any extensions would be subject to an annual rate increase of 1.75% beginning September 1, 2013. The Company also agreed to invest $200,000 prior to September 1, 2015 for certain improvements to the facilities. In addition, pursuant to the Lease Amendment, beginning September 1, 2012, and continuing throughout the initial lease term and any extension option, the Company will pay additional rent to the City equal to 5.0% of gross revenues exceeding $5,500,000 and 7.0% of gross revenues exceeding $6,500,000. Since the inception of the lease, the Company has recognized the rent expense on a straight-line basis resulting in an estimated accrual for deferred rent. Upon the effective date of the Lease Amendment, the Company’s straight-line rent was revised to reflect the lower rent levels through expiration of the lease. As a result, approximately $3.0 million of the rent previously deferred will not be due to the City, and will be recognized into income over the remaining lease term, which expires in 2022. As of September 30, 2013, approximately $2.5 million of the rent, previously deferred that will not be due to the City, remained to be amortized through September 2022.

In connection with the acquisition of the two properties leased to Hilton Resorts Corporation on January 31, 2013, the Company was credited $773,000 at closing for certain required tenant improvements. The improvements were complete as of September 30, 2013, and during the nine months ended September 30, 2013, the accrued liability has been relieved in the amount of approximately $714,000 in payment for completion of the improvements. The remaining balance of approximately $59,000 is to be paid when the final funding request is received from the tenant.

On July 24, 2013, the Company’s Board of Directors terminated the Deferred Compensation Plan effective August 1, 2013. Accordingly, the Company will make the normal required distributions prior to March 1, 2014 with the balance of the accounts liquidated after August 1, 2014. The final payments are expected to be made prior to December 31, 2014.

Deferred Revenue

9 Months Ended

Sep. 30, 2013

Revenue Recognition [Abstract]

Deferred Revenue

NOTE 10. DEFERRED REVENUE

Deferred revenue consisted of the following:


	As of
	September 30, 2013		December 31, 2012
Deferred Oil Exploration Lease Revenue	$	3,220,825	$	665,499
Prepaid Rent		725,083		—
Other Deferred Revenue		253,675		185,452

	$	4,199,583	$	850,951

On September 22, 2013, the Company received a $3.293 million rent payment for the third year of the Company’s eight-year oil exploration lease. The payment is being recognized ratably over the 12 month lease period ending in September 2014.

Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2013

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

NOTE 11. 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 September 30, 2013 and December 31, 2012:


	September 30, 2013				December 31, 2012
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Cash and Cash Equivalents	$	743,424	$	743,424	$	1,301,739	$	1,301,739
Restricted Cash		322,562		322,562		—		—
Commercial Mortgage Loan		18,006,024		19,072,063		—		—
Long-Term Debt		66,727,032		66,727,032		29,126,849		29,126,849

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.

- 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

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2013
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 12. INCOME TAXES The effective income tax rate for the nine month periods ended September 30, 2013 and 2012, including income taxes attributable to the discontinued operations, was 38.26% and 38.21%, respectively. The provision for income taxes reflects the Company’s estimate of the effective rate expected to be applicable for the full fiscal year, adjusted for any discrete events, which are reported in the period that they occur. The Company and its subsidiaries file consolidated income tax returns in the United States Federal jurisdiction and in several states. The Internal Revenue Service has audited the Company’s consolidated federal tax returns through the year 2006 and all proposed adjustments have been settled.

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2013
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 13. COMMITMENTS AND CONTINGENCIES 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. In September 2010, St. Johns River Water Management District (“SJRWMD”) served the Company with an administrative complaint filed with the Florida Division of Administrative Hearings in connection with certain Company agricultural operations. In August 2012 the Company submitted a proposed settlement offer to SJRWMD, offering certain undeveloped acreage owned by the Company. The Company accrued a reserve equal to $611,691 in the quarter ended September 30, 2012, reflecting the Company’s carrying value of the acreage offered to settle the matter. In December 2012, the Company and SJRWMD executed a settlement agreement (“SJRWMD Agreement”) in which the Company agreed to submit an after-the-fact permit application and increased the undeveloped acreage offered for mitigation in connection with the permit. The Company adjusted the reserve to a total of $723,058 to reflect the increased acreage offered in the SJRWMD Agreement. The SJRWMD Agreement was contingent upon the Company and SJRWMD reaching agreement on a management fee and issuance of the permit. The Company submitted its permit application on January 28, 2013. In March 2013 the Company conveyed the acreage contemplated by the SJRWMD Agreement, SJRWMD issued the after-the-fact permit, and the litigation was settled. On November 21, 2011, the Company, Indigo Mallard Creek LLC and Indigo Development LLC, as owners of the property leased to Harris Teeter, Inc. (“Harris Teeter”) in Charlotte, North Carolina, were served with pleadings filed in the General Court of Justice, Superior Court Division for Mecklenburg County, North Carolina, for a highway condemnation action involving the property. The proposed road modifications would impact access to the Company’s property that is leased to Harris Teeter. The Company does not believe the road modifications provide a basis for Harris Teeter to terminate the Lease. In May 2012, the North Carolina Department of Transportation (“NCDOT”) indicated that while it had not reached a final decision on its consideration of this matter, the intersection would remain all-access. In January 30, 2013, NCDOT proposed to redesign the road modifications to keep the all access intersection open for ingress with no change to the planned limitation on egress to the right-in/right-out only. Additionally, NCDOT and the City of Charlotte (“Charlotte”) proposed to build and maintain a new access road/point into the property. These proposals are tentative and any proposed action by NCDOT and Charlotte would require NCDOT and Charlotte to obtain additional public funding. In light of the proposed redesign, the trial, initially scheduled for September 2013, has been continued until April 2014, with mediation to occur prior. In May 2010, the Company filed a lawsuit in the Circuit Court, Seventh Judicial Circuit, in and for Volusia County, Florida, in order to enforce its approximate $3.8 million claim of lien on real property owned by FM Bayberry Cove Holding, LLC (“FM Bayberry”) for its share of the costs for construction of a road. BB&T was included as a defendant as the current mortgage holder of the property subject to the Company’s lien. BB&T filed a counterclaim asserting that its mortgage is superior to the Company’s claim of lien which the Company denied. BB&T and the Company each filed motions for summary judgment as to the priority of their respective interests in the property which were heard by the court on January 12, 2012. The Circuit Court determined that the Company’s interests were superior to the lien imposed by BB&T and all other interests and a final judgment of foreclosure was subsequently entered. However, all further proceedings in the Circuit Court (including the foreclosure sale) were stayed pending BB&T’s appeal to the Florida District Court of Appeal, Fifth District (the “Appellate Court”), regarding the Circuit Court’s determination in the matter of priority. On October 29, 2013, the Appellate Court ruled in favor of the Company, affirming the Circuit Court’s determination that the Company’s lien against the approximately 600-acre parcel of residential land (lying west of I-95 near the LPGA International development and adjacent to Bayberry Colony) is superior to the lien imposed by BB&T. The judgment has accrued to over $4.6 million, including interest. The Company has not included an accrual related to interest in the consolidated financial statements. At this time, the Appellate Court’s decision is subject to possible motion for rehearing by BB&T.

Treasury Stock	9 Months Ended
Treasury Stock	Sep. 30, 2013
Equity [Abstract]
Treasury Stock	NOTE 14. TREASURY STOCK On April 26, 2012, the Company announced a voluntary Odd-Lot Buy-Back Program (the “Program”), whereby the Company offered to purchase shares from shareholders who owned less than 100 shares of the Company’s common stock as of April 26, 2012, for $31.00 per share. The Program reflected the Company’s interest in reducing the ongoing costs associated with shareholder recordkeeping and communications and to assist shareholders who may be deterred from selling their small lots of stock due to the costs that would be incurred. The Company paid all costs associated with the Program and purchased 14,634 shares under the Program at a total cost of $453,654. The Program expired June 30, 2012. The Company did not provide any recommendation regarding shareholder participation and the decision was entirely that of each shareholder as to whether to sell shares in this Program.

Business Segment Data

9 Months Ended

Sep. 30, 2013

Segment Reporting [Abstract]

Business Segment Data

NOTE 15. BUSINESS SEGMENT DATA

The Company primarily operates in four business segments: income properties, investment in a commercial mortgage loan, real estate operations, and golf operations. Our income property operations consist primarily of income producing properties and our business plan is focused on investing in additional income-producing properties. Our income property operations accounted for 69.1% and 70.8% of our identifiable assets as of September 30, 2013 and December 31, 2012, respectively, and 59.4% and 51.5% of our consolidated revenues for the nine months ended September 30, 2013 and 2012, respectively. Our commercial mortgage loan investment consisted of one loan collateralized by a hotel property in Atlanta, Georgia as of September 30, 2013. Our real estate operations primarily consist of revenues generated from land transactions and leasing and royalty income from our interests in subsurface oil, gas and mineral rights. Our golf operations consist of a single property located in the City, with two 18-hole championship golf courses, a practice facility, and clubhouse facilities, including a restaurant and bar operation and pro-shop with retail merchandise. The majority of the revenues generated by our golf operations are derived from members and public customers playing golf, club memberships, and food and beverage operations.

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

Information about the Company’s operations in the different segments for the three and nine months ended September 30, 2013 and 2012 is as follows:


	Three Months Ended						Nine Months Ended
	September 30, 2013			September 30, 2012			September 30, 2013			September 30, 2012
Revenues:
Income Properties	$	3,356,937		$	2,177,895		$	9,621,147		$	6,390,847
Commercial Mortgage Loan		644,198			—			644,198			—
Real Estate Operations		1,369,397			421,983			2,010,722			2,417,367
Golf Operations		981,118			861,326			3,758,629			3,443,984
Agriculture and Other Income		20,845			95,971			149,028			146,629

	$	6,372,495		$	3,557,175		$	16,183,724		$	12,398,827

Operating Income (Loss):
Income Properties	$	2,929,596		$	1,978,185		$	8,582,225		$	5,871,943
Commercial Mortgage Loan		644,198			—			644,198			—
Real Estate Operations		1,194,986			278,845			1,530,570			1,885,454
Golf Operations		(340,219	)		(453,102	)		(395,709	)		(766,977	)
Agriculture and Other Income		(12,976	)		67,441			28,753			(19,791	)
General and Corporate Expense		(1,946,130	)		(2,854,203	)		(6,984,624	)		(6,337,133	)

	$	2,469,455		$	(982,834	)	$	3,405,413		$	633,496

Depreciation and Amortization:
Income Properties	$	680,868		$	440,939		$	1,973,002		$	1,296,296
Commercial Mortgage Loan		—			—			—			—
Real Estate Operations		—			—			—			—
Golf Operations		51,600			42,940			151,593			130,147
Agriculture and Other		6,069			25,363			21,920			82,358

	$	738,537		$	509,242		$	2,146,515		$	1,508,801


Capital Expenditures:
Income Properties	$	11,706,215		$	1,718,374		$	39,516,889		$	8,608,494
Commercial Mortgage Loan		17,655,367			—			17,655,367			—
Real Estate Operations		—			—			—			—
Golf Operations		47,747			—			133,567			—
Agriculture and Other		15,400			15,344			60,861			52,850

	$	29,424,729		$	1,733,718		$	57,366,684		$	8,661,344


	As of
	September 30, 2013		December 31, 2012
Identifiable Assets:
Income Properties	$	158,068,190	$	130,726,326
Commercial Mortgage Loan		18,046,598		—
Real Estate		32,684,740		34,161,944
Golf		3,159,984		3,230,225
Agriculture and Other		16,764,891		16,578,405

	$	228,724,403	$	184,696,900

Operating income represents income from continuing operations before loss on early extinguishment of debt, interest expense, interest income, and income taxes. General and corporate expenses are an aggregate of general and administrative expenses, impairment charges, depreciation and amortization expense, and gains (losses) on the disposition of assets. Identifiable assets by segment are those assets that are used in the Company’s operations in each segment. Other assets consist primarily of cash, property, plant, and equipment related to the other operations, as well as the general and corporate operations. There were no transactions between segments for any of the periods presented. Certain items in the prior years’ consolidated statement of operations have been reclassified to conform to the presentation of the consolidated statements of operations for the nine months ended September 30, 2013 and year ended December 31, 2012. Specifically, the depreciation and amortization expense and interest expense have been segregated into separate line times, whereas previously, these amounts were included in direct cost of revenues and general and administrative expenses, respectively. These reclassifications had no effect on the prior year presentation of income from continuing operations before income tax.

- 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/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Recently Issued Accounting Policies	9 Months Ended
Recently Issued Accounting Policies	Sep. 30, 2013
Accounting Changes And Error Corrections [Abstract]
Recently Issued Accounting Policies	NOTE 16. RECENTLY ISSUED ACCOUNTING POLICIES On January 1, 2013, the Company adopted FASB changes related to offsetting assets and liabilities. The changes require additional disclosure information regarding offsetting assets and liabilities to enable users of financial statements to understand the effect on financial position. The adoption of these changes did not have a material impact on the Company’s consolidated financial statements. On January 1, 2013, the Company adopted FASB ASU 2013-2, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. This guidance requires an organization to present the effects on the line items of net income of significant amounts reclassified out of accumulated other comprehensive income, but only if the item reclassified is required under U.S. generally accepted accounting principles to be reclassified to net income in its entirety in the same reporting period. The adoption of these changes did not have a material impact on the Company’s consolidated financial statements. In July 2013, the FASB issued ASU 2013-11, which amends its guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The amendments in this update are effective for annual reporting periods beginning after December 15, 2013. The Company is currently evaluating the provisions to determine the potential impact, if any, the adoption will have on its consolidated financial statements.

- Definition

The entire disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6507316

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-Publisher FASB
-Name Accounting Standards Codification
-Glossary Direct Effects of a Change in Accounting Principle
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-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 01
-Paragraph b
-Subparagraph 6
-Article 10

+ Details

Land Impairment	9 Months Ended
Land Impairment	Sep. 30, 2013
Goodwill And Intangible Assets Disclosure [Abstract]
Land Impairment	NOTE 17. LAND IMPAIRMENT During the three months ended June 30, 2013, the Company executed a contract for the sale of 3.21 acres of land. Although at that time there was no assurance the sale would be consummated, based on the sales price for the land under contract and in accordance with Section 360 “Property, Plant and Equipment” under subsection 10 “Recoverability of Carry Amounts” of the GAAP codification, the Company determined an assessment of the recoverability of the recorded asset value for this land and a related parcel of 3.02 acres, which had been reacquired by the Company through a foreclosure in 2009, was required. Accordingly, the Company completed an impairment analysis on the 6.23 acres, which resulted in an impairment charge of approximately $616,000, during the three months ended June 30, 2013. The charge represented the portion of the cost basis of the property that management considered to be un-recoverable based on the value of the land under contract and other relevant market prices. During the three months ended September 30, 2013, the contract was terminated, however, management considers the value, as adjusted, to approximate fair values.

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2013
Subsequent Events [Abstract]
Subsequent Events	NOTE 18. SUBSEQUENT EVENTS On October 14, 2013, the Company executed a purchase and sale agreement to sell its interest in the 15,120 square-foot building, located in Orlando, Florida, which is leased to Walgreens. No loss is anticipated from the sale based on the agreed sales price. The property’s operating results were included in discontinued operations for each of the three and nine month periods ending September 30, 2013 and 2012, respectively.

Description of Business and Principles of Interim Statements (Policies)

9 Months Ended

Sep. 30, 2013

Accounting Changes And Error Corrections [Abstract]

Description of Business

Description of Business

The terms “us,” “we,” “our,” and “the Company” as used in this report refer to Consolidated-Tomoka Land Co. (“CTLC”) together with our consolidated subsidiaries.

Interim Financial Information

Interim Financial Information

The results of operations for the nine months ended September 30, 2013 are not necessarily indicative of results to be expected for the year ending December 31, 2013.

Principles of Consolidation

Principles of Consolidation

Use of Estimates in Preparation of Financial Statements

Use of Estimates in Preparation of Financial Statements

Fair Value of Financial Instruments

Fair Value of Financial Instruments

Cash and Cash Equivalents

Cash and Cash Equivalents

Cash and cash equivalents includes cash on hand and bank demand accounts having maturities at acquisition date of 90 days or less.

Restricted Cash

Restricted Cash

Classification of Loans

Classification of Loans

Loans held-for-investment are stated at the principal amount outstanding and include the unamortized deferred loan fees in accordance with GAAP.

Loan Impairment

Loan Impairment

Interest Income Recognition

Interest Income Recognition

Intangible Assets

Intangible Assets

The estimated future amortization expense related to intangible assets is as follows:


Year Ending December 31,	Amount
Remainder of 2013	$	172,620
2014		690,481
2015		690,481
2016		652,393
2017		561,639
2018		553,951
Thereafter		3,294,854

	$	6,616,419

Reclassifications

Reclassifications

Offsetting Financial Assets and Financial Liabilities

On January 1, 2013, the Company adopted FASB changes related to offsetting assets and liabilities. The changes require additional disclosure information regarding offsetting assets and liabilities to enable users of financial statements to understand the effect on financial position. The adoption of these changes did not have a material impact on the Company’s consolidated financial statements.

Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income

On January 1, 2013, the Company adopted FASB ASU 2013-2, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. This guidance requires an organization to present the effects on the line items of net income of significant amounts reclassified out of accumulated other comprehensive income, but only if the item reclassified is required under U.S. generally accepted accounting principles to be reclassified to net income in its entirety in the same reporting period. The adoption of these changes did not have a material impact on the Company’s consolidated financial statements.

Operating Loss Carry Forward and Tax Credit Carry Forward

In July 2013, the FASB issued ASU 2013-11, which amends its guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The amendments in this update are effective for annual reporting periods beginning after December 15, 2013. The Company is currently evaluating the provisions to determine the potential impact, if any, the adoption will have on its consolidated financial statements.

Description of Business and Principles of Interim Statements (Tables)

9 Months Ended

Sep. 30, 2013

Accounting Policies [Abstract]

Summary of Estimated Amortization Expense

The estimated future amortization expense related to intangible assets is as follows:


Year Ending December 31,	Amount
Remainder of 2013	$	172,620
2014		690,481
2015		690,481
2016		652,393
2017		561,639
2018		553,951
Thereafter		3,294,854

	$	6,616,419

Discontinued Operations (Tables)

9 Months Ended

Sep. 30, 2013

Discontinued Operations And Disposal Groups [Abstract]

Summary of Income from Discontinued Operations

Following is a summary of income from discontinued operations:


	Three Months Ended						Nine Months Ended
	September 30, 2013			September 30, 2012			September 30, 2013			September 30, 2012
Leasing Revenue and Other Income	$	74,412		$	283,447		$	409,973		$	1,018,447
Costs and Other Expenses		(11,465	)		(46,771	)		(64,830	)		(140,313	)

Income from Operations		62,947			236,676			345,143			878,134
Gain on Sale of Property		—			—			530,849			78,455

Income before Income Tax Expense		62,947			236,676			875,992			956,589
Income Tax Expense		(24,282	)		(91,298	)		(337,913	)		(369,005	)

Income from Discontinued Operations	$	38,665		$	145,378		$	538,079		$	587,584

- Definition

Tabular disclosure of disposal groups, which may include the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the classification and carrying value of the assets and liabilities comprising the disposal group, and the segment in which the disposal group was reported. Also may include the amount of adjustments to amounts previously reported in discontinued operations such as resolution of contingencies arising from the disposal transaction or the operations of the component prior to disposal.

+ References + Details

Commercial Mortgage Loan (Tables)

9 Months Ended

Sep. 30, 2013

Receivables [Abstract]

Summary of Commercial Mortgage Loan Portfolio

The Company’s commercial mortgage loan portfolio comprised the following at September 30, 2013:


Description	Date of Investment	Maturity Date	Original Face Amount		Current Face Amount		Carrying Value		Coupon	Property Size

Hotel – Atlanta, GA	August 2013	March 2014	$	19,560,000	$	19,465,000	$	18,006,024	30-day LIBOR plus 4.50%		110 rooms


Total			$	19,560,000	$	19,465,000	$	18,006,024

Carrying Value of the Commercial Mortgage Loan

The carrying value of the commercial mortgage loan as of September 30, 2013 consisted of the following:


	Total
Current Face Amount	$	19,465,000
Unamortized Fees		67,558
Unaccreted Purchase Discount		(1,526,534	)

	$	18,006,024

Common Stock and Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2013

Earnings Per Share [Abstract]

Summary of Common Stock and Earnings Per Share


	Three Months Ended					Nine Months Ended
	September 30, 2013		September 30, 2012			September 30, 2013		September 30, 2012
Income Available to Common Shareholders:
Income (Loss) from Continuing Operations	$	1,203,639	$	(701,984	)	$	1,293,040	$	(50,203	)
Discontinued Operations		38,665		145,378			538,079		587,584

Net Income (Loss)	$	1,242,304	$	(566,606	)	$	1,831,119	$	537,381

Weighted Average Shares Outstanding		5,750,158		5,710,808			5,735,585		5,720,303
Common Shares Applicable to Stock
Options Using the Treasury Stock Method		5,657		—			3,598		—

Total Shares Applicable to Diluted Earnings Per Share		5,755,815		5,710,808			5,739,183		5,720,303

Basic and Diluted Per Share Information:
Income (Loss) from Continuing Operations	$	0.21	$	(0.13	)	$	0.23	$	(0.01	)
Discontinued Operations		0.01		0.03			0.09		0.10

Net Income (Loss)	$	0.22	$	(0.10	)	$	0.32	$	0.09

Long-Term Debt (Tables)

9 Months Ended

Sep. 30, 2013

Debt Disclosure [Abstract]

Summary of Notes Payable and Line of Credit

Notes payable and the line of credit consisted of the following:


	September 30, 2013
	Total		Due Within One Year
$66 Million Credit Facility	$	36,327,032	$	—
Note Payable (originated with UBS)		7,300,000		—
Note Payable (originated with BOA)		23,100,000		—

	$	66,727,032	$	—

Summary of Payments Applicable to Reduction of Principal Amounts

Payments applicable to reduction of principal amounts will be required as follows:


Year Ending December 31,	Amount
2014	$	—
2015		—
2016		36,327,032
2017		—
2018		7,300,000
Thereafter		23,100,000

	$	66,727,032

- 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://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6584090&loc=d3e28878-108400

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28541-108399

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28551-108399

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 22
-Article 5

+ Details

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2013

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Stock Based Compensation Activity

A summary of activity during the nine months ended September 30, 2013, is presented below:


Market Condition Non-Vested Restricted Shares	Shares			Wtd. Avg. Grant Date Fair Value
Outstanding at December 31, 2012		7,900		$	23.13
Granted		—			—
Vested		—			—
Forfeited		(2,833	)		23.13

Outstanding at September 30, 2013		5,067		$	23.13

Summary of Market Condition Inducement Grant of Restricted Shares

A summary of the activity for both awards during the nine months ended September 30, 2013, is presented below:


	Shares			Wtd. Avg. Fair Value
Outstanding at December 31, 2012		113,000		$	18.40
Granted		—			—
Vested		(18,500	)		23.89
Forfeited		—			—

Outstanding at September 30, 2013		94,500		$	17.33

Summary of Stock Based Compensation Activity for Non-Qualified Stock Option Award

A summary of the activity for the awards during the nine months ended September 30, 2013, is presented below:


	Shares			Wtd. Avg. Ex. Price		Wtd. Avg. Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding at December 31, 2012		60,000		$	28.97
Granted		51,000			34.95
Exercised		(16,500	)		28.90
Expired		—			—

Outstanding at September 30, 2013		94,500		$	32.21		6.01	$	593,305

Exercisable at September 30, 2013		19,800		$	28.97		7.95	$	188,430

Summary of Share Option Activity of Stock Option and Stock Appreciation Rights Under 2001 Plan

A summary of share option activity under the 2001 Plan for the nine months ended September 30, 2013 is presented below:

Stock Options


	Shares			Wtd. Avg. Ex. Price		Wtd. Avg. Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding at December 31, 2012		80,800		$	52.43
Granted		—			—
Exercised		(9,200	)		30.06
Expired		(15,400	)		63.58

Outstanding at September 30, 2013		56,200		$	53.03		3.65	$	96,390

Exercisable at September 30, 2013		56,200		$	53.03		3.65	$	96,390

Stock Appreciation Rights


	Shares			Wtd. Avg. Fair Value		Wtd. Avg. Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding at December 31, 2012		80,800		$	1.12
Granted		—			—
Exercised		(9,200	)		5.04
Expired		(15,400	)		0.76

Outstanding at September 30, 2013		56,200		$	2.16		3.65	$	51,902

Exercisable at September 30, 2013		56,200		$	2.16		3.65	$	51,902

Assumptions Used in Determining Fair Value of Stock Options and Stock Appreciation Rights

Following are assumptions used in determining the fair value of stock options and stock appreciation rights:


Assumptions at:	September 30, 2013			December 31, 2012
Expected Volatility		24.08	%		24.34	%
Expected Dividends		0.10	%		0.13	%
Expected Term		3 years			3 years
Risk-Free Rate		0.93	%		0.39	%

Recognized Financial Statements for Stock Options, Stock Appreciation Rights, and Restricted Stock

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


	Three Months Ended						Nine Months Ended
	September 30, 2013			September 30, 2012			September 30, 2013			September 30, 2012
Total Cost of Share-Based Plans Charged
Against Income Before Tax Effect	$	251,210		$	446,679		$	852,536		$	870,304

Income Tax Expense
Recognized in Income	$	(96,904	)	$	(172,306	)	$	(328,866	)	$	(335,720	)

Accrued Liabilities (Tables)

9 Months Ended

Sep. 30, 2013

Payables And Accruals [Abstract]

Summary of Accrued Liabilities

Accrued liabilities consisted of the following:


	As of
	September 30, 2013		December 31, 2012
Golf Course Lease	$	3,431,617	$	3,702,194
Deferred Compensation		379,668		828,998
Accrued Property Taxes		682,556		—
Other Post-Retirement Benefits		165,409		186,695
Legal Reserves		—		723,058
Reserve for Tenant Improvement		58,977		—
Other		781,686		680,447

	$	5,499,913	$	6,121,392

Deferred Revenue (Tables)

9 Months Ended

Sep. 30, 2013

Revenue Recognition [Abstract]

Summary of Deferred Revenue

Deferred revenue consisted of the following:


	As of
	September 30, 2013		December 31, 2012
Deferred Oil Exploration Lease Revenue	$	3,220,825	$	665,499
Prepaid Rent		725,083		—
Other Deferred Revenue		253,675		185,452

	$	4,199,583	$	850,951

Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2013

Fair Value Disclosures [Abstract]

Summary of Carrying Value and Estimated Fair Value of Financial Instruments


	September 30, 2013				December 31, 2012
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Cash and Cash Equivalents	$	743,424	$	743,424	$	1,301,739	$	1,301,739
Restricted Cash		322,562		322,562		—		—
Commercial Mortgage Loan		18,006,024		19,072,063		—		—
Long-Term Debt		66,727,032		66,727,032		29,126,849		29,126,849

Business Segment Data (Tables)

9 Months Ended

Sep. 30, 2013

Segment Reporting [Abstract]

Summary of Operations in Different Segments

Information about the Company’s operations in the different segments for the three and nine months ended September 30, 2013 and 2012 is as follows:


	Three Months Ended						Nine Months Ended
	September 30, 2013			September 30, 2012			September 30, 2013			September 30, 2012
Revenues:
Income Properties	$	3,356,937		$	2,177,895		$	9,621,147		$	6,390,847
Commercial Mortgage Loan		644,198			—			644,198			—
Real Estate Operations		1,369,397			421,983			2,010,722			2,417,367
Golf Operations		981,118			861,326			3,758,629			3,443,984
Agriculture and Other Income		20,845			95,971			149,028			146,629

	$	6,372,495		$	3,557,175		$	16,183,724		$	12,398,827

Operating Income (Loss):
Income Properties	$	2,929,596		$	1,978,185		$	8,582,225		$	5,871,943
Commercial Mortgage Loan		644,198			—			644,198			—
Real Estate Operations		1,194,986			278,845			1,530,570			1,885,454
Golf Operations		(340,219	)		(453,102	)		(395,709	)		(766,977	)
Agriculture and Other Income		(12,976	)		67,441			28,753			(19,791	)
General and Corporate Expense		(1,946,130	)		(2,854,203	)		(6,984,624	)		(6,337,133	)

	$	2,469,455		$	(982,834	)	$	3,405,413		$	633,496

Depreciation and Amortization:
Income Properties	$	680,868		$	440,939		$	1,973,002		$	1,296,296
Commercial Mortgage Loan		—			—			—			—
Real Estate Operations		—			—			—			—
Golf Operations		51,600			42,940			151,593			130,147
Agriculture and Other		6,069			25,363			21,920			82,358

	$	738,537		$	509,242		$	2,146,515		$	1,508,801


Capital Expenditures:
Income Properties	$	11,706,215		$	1,718,374		$	39,516,889		$	8,608,494
Commercial Mortgage Loan		17,655,367			—			17,655,367			—
Real Estate Operations		—			—			—			—
Golf Operations		47,747			—			133,567			—
Agriculture and Other		15,400			15,344			60,861			52,850

	$	29,424,729		$	1,733,718		$	57,366,684		$	8,661,344


	As of
	September 30, 2013		December 31, 2012
Identifiable Assets:
Income Properties	$	158,068,190	$	130,726,326
Commercial Mortgage Loan		18,046,598		—
Real Estate		32,684,740		34,161,944
Golf		3,159,984		3,230,225
Agriculture and Other		16,764,891		16,578,405

	$	228,724,403	$	184,696,900

Description of Business and Principles of Interim Statements - Additional Information (Detail)	3 Months Ended		9 Months Ended
	Sep. 30, 2013 USD ($) ft² a Property State	Sep. 30, 2012 USD ($)	Sep. 30, 2013 USD ($) ft² a Property State	Sep. 30, 2012 USD ($)	Jan. 31, 2013 Property	Dec. 31, 2012 USD ($)
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Number of states in which entity operates \| State	9		9
Self developed multi-tenant properties \| Property	2		2
Commercial real estate properties \| Property	37		37
Gross leasable space \| ft²	759,000		759,000
Land portfolio \| a	10,000		10,000
Income property portfolio description			More than 50%
Cash and cash equivalents maximum original maturity period			90 days
Restricted Cash	$ 322,562		$ 322,562
Number of properties acquired \| Property					2
Intangible asset, in-place lease value net	6,616,419		6,616,419			$ 4,527,426
Accumulated amortization expense	2,923,476		2,923,476			$ 3,443,102
Amortization expense	$ 168,000	$ 103,000	$ 500,000	$ 303,000

Description of Business and Principles of Interim Statements - Summary of Estimated Amortization Expense (Detail) - USD ($)	Sep. 30, 2013	Dec. 31, 2012
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Remainder of 2013	$ 172,620
2014	690,481
2015	690,481
2016	652,393
2017	561,639
2018	553,951
Thereafter	3,294,854
Total	$ 6,616,419	$ 4,527,426

Recent Acquisitions of Income Properties - Additional Information (Detail)	1 Months Ended		9 Months Ended
	Sep. 13, 2013 USD ($) ft² Lease	Jul. 25, 2013 USD ($) ft² Lease	Sep. 30, 2013 USD ($) Property	Sep. 30, 2012 USD ($)
Business Acquisition [Line Items]
Number of income properties acquired \| Property			9
Total acquisition cost of property			$ 39,500,000
Purchase price allocated to amortizable intangible assets			$ 2,920,739	$ 610,870
Weighted average amortization allocated to intangible assets, period			10 years 6 months
Total acquisition cost of property			$ 36,790,580	$ 8,661,344
Germantown [Member]
Business Acquisition [Line Items]
Area of property acquired \| ft²	25,600
Total acquisition cost of property	$ 5,000,000
Remaining term of lease	10 years 4 months 24 days
Number of lease extension options \| Lease	3
Period of lease extension	5 years
Seattle [Member]
Business Acquisition [Line Items]
Area of property acquired \| ft²		16,280
Total acquisition cost of property		$ 6,600,000
Remaining term of lease		13 years
Number of lease extension options \| Lease		6
Period of lease extension		5 years
Intangible Assets [Member]
Business Acquisition [Line Items]
Purchase price allocated to amortizable intangible assets			2,900,000
Land [Member]
Business Acquisition [Line Items]
Purchase price allocated to land			13,200,000
Buildings and Improvements [Member]
Business Acquisition [Line Items]
Purchase price allocated to buildings and improvements			$ 23,400,000

Discontinued Operations - Additional Information (Detail)	1 Months Ended				3 Months Ended	9 Months Ended		12 Months Ended
	May 31, 2013 USD ($) ft²	Feb. 21, 2013 USD ($) ft²	Feb. 14, 2013 USD ($) ft²	May 31, 2012 USD ($) ft²	Sep. 30, 2012 USD ($)	Sep. 30, 2013 USD ($)	Sep. 30, 2012 USD ($)	Dec. 31, 2012 USD ($)	Oct. 14, 2013 ft²
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on Sale of Property					$ 78,455	$ 530,849	$ 78,455
Gain on disposition of assets						$ 557,216	$ 242,051
Kissimmee [Member] \| Walgreens [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of discontinued operations sold property under lease \| ft²	13,905
Selling price of disposition of assets	$ 3,400,000
Gain on Sale of Property	$ 503,000
Clermont [Member] \| CVS [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of discontinued operations sold property under lease \| ft²		13,824
Selling price of disposition of assets		$ 4,050,000
Gain on disposition of assets		$ 54,000
Alpharetta [Member] \| PNC Bank [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of discontinued operations sold property under lease \| ft²			4,128
Selling price of disposition of assets			$ 3,550,000
Loss from disposal of property discontinued operation before income tax								$ 427,000
Asheville [Member] \| Northern Tool and Equipment [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of discontinued operations sold property under lease \| ft²				25,454
Selling price of disposition of assets				$ 3,925,000
Powder Springs [Member] \| Walgreens [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of discontinued operations sold property under lease \| ft²				15,120
Selling price of disposition of assets				$ 4,090,323
Orlando [Member] \| Subsequent Event [Member] \| Walgreens [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of discontinued operations sold property under lease \| ft²									15,120

Discontinued Operations - Summary of Income from Discontinued Operations (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Discontinued Operations And Disposal Groups [Abstract]
Leasing Revenue and Other Income	$ 74,412	$ 283,447	$ 409,973	$ 1,018,447
Costs and Other Expenses	(11,465)	(46,771)	(64,830)	(140,313)
Income from Operations	62,947	236,676	345,143	878,134
Gain on Sale of Property		78,455	530,849	78,455
Income before Income Tax Expense	62,947	236,676	875,992	956,589
Income Tax Expense	(24,282)	(91,298)	(337,913)	(369,005)
Income from Discontinued Operations	$ 38,665	$ 145,378	$ 538,079	$ 587,584

Commercial Mortgage Loan - Additional Information (Detail) - USD ($)		9 Months Ended
	Aug. 07, 2013	Sep. 30, 2013
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment to acquired loan		$ 17,655,367
Commercial Mortgage Loan [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Acquired loan		19,560,000
Commercial Mortgage Loan [Member] \| Atlanta [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Acquired loan	$ 19,560,000	$ 19,560,000
Payment to acquired loan	17,650,000
Discount on acquired loan	$ 2,050,000
Maturity Date	2014-03	2014-03

Commercial Mortgage Loan - Summary of Commercial Mortgage Loan Portfolio (Detail) - USD ($)	9 Months Ended
	Sep. 30, 2013	Aug. 07, 2013
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 18,006,024
Commercial Mortgage Loan [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Original Face Amount	19,560,000
Current Face Amount	19,465,000
Carrying Value	$ 18,006,024
Atlanta [Member] \| Commercial Mortgage Loan [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Date of Investment	2013-08
Maturity Date	2014-03	2014-03
Original Face Amount	$ 19,560,000	$ 19,560,000
Current Face Amount	19,465,000
Carrying Value	$ 18,006,024
Coupon	30-day LIBOR plus 4.50%
Property Size	110 rooms

Commercial Mortgage Loan - Summary of Commercial Mortgage Loan Portfolio (Parenthetical) (Detail) - Atlanta [Member] - Commercial Mortgage Loan [Member]	Sep. 30, 2013 Hotel
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable basis spread on variable rate	4.50%
Number of rooms in hotel	110

Commercial Mortgage Loan - Carrying Value of the Commercial Mortgage Loan (Detail)	Sep. 30, 2013 USD ($)
Loans And Leases Receivable [Line Items]
Carrying value	$ 18,006,024
Commercial Mortgage Loan [Member]
Loans And Leases Receivable [Line Items]
Current Face Amount	19,465,000
Unamortized Fees	67,558
Unaccreted Purchase Discount	(1,526,534)
Carrying value	$ 18,006,024

Common Stock and Earnings Per Share - Summary of Common Stock and Earnings Per Share (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Income Available to Common Shareholders:
Income (Loss) from Continuing Operations	$ 1,203,639	$ (701,984)	$ 1,293,040	$ (50,203)
Discontinued Operations	38,665	145,378	538,079	587,584
Net Income (Loss)	$ 1,242,304	$ (556,606)	$ 1,831,119	$ 537,381
Weighted Average Shares Outstanding	5,750,158	5,710,808	5,735,585	5,720,303
Common Shares Applicable to Stock
Common Shares Applicable to Stock Options Using the Treasury Stock Method	5,657		3,598
Total Shares Applicable to Diluted Earnings Per Share	5,755,815	5,710,808	5,739,183	5,720,303
Basic and Diluted Per Share Information:
Income (Loss) from Continuing Operations	$ 0.21	$ (0.13)	$ 0.23	$ (0.01)
Discontinued Operations	0.01	0.03	0.09	0.10
Net Income (Loss)	$ 0.22	$ (0.10)	$ 0.32	$ 0.09

Common Stock and Earnings Per Share - Additional Information (Detail) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Earnings Per Share [Abstract]
Antidilutive potentially securities	38,800	179,600	58,800	217,700

Pension Plan - Additional Information (Detail) - USD ($)	1 Months Ended	3 Months Ended	9 Months Ended
	Jan. 31, 2013	Dec. 31, 2013	Sep. 30, 2013
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Defined benefit plan, general information			The Company maintains a Defined Benefit Pension Plan (the "Pension Plan") for all employees who have attained the age of 21 and completed one year of service. The pension benefits are based primarily on years of service and the average compensation for the five highest consecutive years during the final ten years of employment. The benefit formula generally provides for a life annuity benefit.
Pension benefits average compensation highest consecutive years			5 years
Pension benefits average compensation highest consecutive final years of employment			10 years
Total contribution to defined benefit plan	$ 84,600		$ 0
Subsequent Event [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Total contribution to defined benefit plan		$ 1,000,000
Minimum [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Defined benefit plan, eligibility age criteria			21 years
Defined benefit plan eligibility year of service rendered			1 year

Long-Term Debt - Additional Information (Detail)	1 Months Ended				3 Months Ended			9 Months Ended
Long-Term Debt - Additional Information (Detail)	Mar. 29, 2013 USD ($)	Feb. 14, 2013 USD ($)	Sep. 30, 2012 USD ($)	Feb. 27, 2012 USD ($)	Sep. 30, 2013 USD ($) Buildings	Sep. 30, 2012 USD ($)	Mar. 31, 2012 USD ($)	Sep. 30, 2013 USD ($) Buildings	Sep. 30, 2012 USD ($)	Mar. 08, 2013 USD ($) Property	Feb. 22, 2013 USD ($)	Dec. 31, 2012 USD ($)
Proforma Debt Instrument [Line Items]
Line of credit facility maximum borrowing capacity					$ 66,000,000			$ 66,000,000
Expiration date of line of credit	Mar. 31, 2016
Term loan								47,649,817	$ 20,881,714
Deferred loan costs write off									245,726
Capacity available on existing credit facility		$ 66,000,000	$ 62,000,000
Amount of loan closed					66,727,032			66,727,032				$ 29,126,849
Credit facility capacity available					29,700,000			29,700,000
Interest expense					455,670	$ 124,650		1,168,109	401,060
Interest paid					454,828	118,512		1,117,583	367,703
Interest capitalized								0	0
Amortization of loan costs					$ 54,228	$ 28,197		$ 147,917	$ 74,389
Hilton Resorts Corporation [Member]
Proforma Debt Instrument [Line Items]
Number of office building \| Buildings					2			2
Note Payable to Banks [Member]
Proforma Debt Instrument [Line Items]
Long-term debt LIBOR plus interest rate, reckoning period				30 days
UBS Note Payable [Member]
Proforma Debt Instrument [Line Items]
Amount of loan closed					$ 7,300,000			$ 7,300,000			$ 7,300,000
Maturity period								2018-02
Interest rate on mortgage loan					3.655%			3.655%
Date of acquisition								Jan. 31, 2013
BOA Note Payable [Member]
Proforma Debt Instrument [Line Items]
Amount of loan closed					$ 23,100,000			$ 23,100,000		$ 23,100,000
Maturity period								2023-04
Interest rate on mortgage loan					3.67%			3.67%
Number of income properties \| Property										14
Line of Credit New [Member]
Proforma Debt Instrument [Line Items]
Line of credit facility maximum borrowing capacity				$ 46,000,000
Line of Credit New [Member] \| Minimum [Member]
Proforma Debt Instrument [Line Items]
Interest rate description				LIBOR plus 175 basis points
LIBOR plus interest rate				1.75%
Line of Credit New [Member] \| Maximum [Member]
Proforma Debt Instrument [Line Items]
Interest rate description				LIBOR plus 250 basis points
LIBOR plus interest rate				2.50%
Bank of Montreal [Member]
Proforma Debt Instrument [Line Items]
Expiration date of line of credit				Feb. 27, 2015
SunTrust Bank [Member]
Proforma Debt Instrument [Line Items]
Line of credit facility maximum borrowing capacity					$ 25,000,000			$ 25,000,000
Expiration date of line of credit								Sep. 27, 2014
Initial disbursement of credit facility								$ 9,700,000
Term loan								$ 5,600,000
Term loan maturity date								Jul. 01, 2012
Deferred loan costs write off							$ 245,726
Line of Credit Facility Second Amendment [Member]
Proforma Debt Instrument [Line Items]
Line of credit facility maximum borrowing capacity	$ 125,000,000
Debt instrument decrease in variable interest rate	0.25%
Line of Credit Facility Second Amendment [Member] \| Minimum [Member]
Proforma Debt Instrument [Line Items]
Interest rate description	LIBOR plus 150 basis points
LIBOR plus interest rate	1.50%
Line of Credit Facility Second Amendment [Member] \| Maximum [Member]
Proforma Debt Instrument [Line Items]
Interest rate description	LIBOR plus 225 basis points
LIBOR plus interest rate	2.25%
Line of Credit Amended [Member]
Proforma Debt Instrument [Line Items]
Line of credit facility maximum borrowing capacity					$ 66,000,000			$ 66,000,000

Long-Term Debt - Summary of Notes Payable and Line of Credit (Detail) - USD ($)	Sep. 30, 2013	Mar. 08, 2013	Feb. 22, 2013	Dec. 31, 2012
Proforma Debt Instrument [Line Items]
Notes Payable and Line of Credit	$ 66,727,032			$ 29,126,849
Notes Payable and Line of Credit, Due Within One Year
$66 Million Credit Facility [Member]
Proforma Debt Instrument [Line Items]
Notes Payable and Line of Credit	36,327,032
Notes Payable and Line of Credit, Due Within One Year
UBS Note Payable [Member]
Proforma Debt Instrument [Line Items]
Notes Payable and Line of Credit	7,300,000		$ 7,300,000
Notes Payable and Line of Credit, Due Within One Year
BOA Note Payable [Member]
Proforma Debt Instrument [Line Items]
Notes Payable and Line of Credit	23,100,000	$ 23,100,000
Notes Payable and Line of Credit, Due Within One Year

Long-Term Debt - Summary of Notes Payable and Line of Credit (Parenthetical) (Detail) $ in Millions	Sep. 30, 2013 USD ($)
Debt Disclosure [Abstract]
Line of credit facility maximum borrowing capacity	$ 66

Long-Term Debt - Summary of Payments Applicable to Reduction of Principal Amounts (Detail) - USD ($)	Sep. 30, 2013	Dec. 31, 2012
Debt Disclosure [Abstract]
2014
2015
2016	36,327,032
2017
2018	7,300,000
Thereafter	23,100,000
Notes Payable	$ 66,727,032	$ 29,126,849

Stock-Based Compensation - Additional Information (Detail) - USD ($)	1 Months Ended	9 Months Ended	12 Months Ended
	Jan. 23, 2013	Sep. 30, 2013	Dec. 31, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average period of compensation cost to be recognized		9 months 18 days
Stock based compensation, Shares, Granted
Restricted shares vesting description		The restricted shares will vest in six increments based upon the price per share of the Company’s common stock during the term of their employment (or within sixty days after termination of employment by the Company without cause), meeting or exceeding the target trailing sixty-day average closing prices ranging from $36.00 per share for the first increment to $65.00 per share for the final increment.
Restricted share award closing prices range per share, Minimum		$ 36.00
Restricted share award closing prices range per share, Maximum		$ 65.00
Restricted share award average closing prices, period		60 days
Stock based compensation, Shares Vested
Restricted share award closing prices range per share, Average		$ 36.00
Trading average days of common stock		60 days
Percent of options vested in each anniversaries Description		One-third of these options will vest on each of the first, second, and third anniversaries of the grant date, provided the recipient is an employee of the Company on those dates.
Mr Albright [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, Shares Vested		16,000
Mr Patten [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, Shares Vested		2,500
Restricted Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost related to market condition non-vested restricted shares		$ 50,000
Weighted average period of compensation cost to be recognized		2 years 1 month 6 days
Stock based compensation, Shares, Granted
Stock based compensation, Shares Vested		18,500
Unrecognized compensation cost		$ 263,000
Non-Qualified Stock Option Award [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average period of compensation cost to be recognized		1 year 8 months 12 days
Stock based compensation, Shares, Granted		51,000
Expiry of option	(a) the fifth anniversary of the grant date; (b) twelve months after the employee's death or termination for disability; or (c) thirty days after the termination of employment for any reason other than death or disability.	(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.
Options granted exercise price		$ 34.95
Weighted-average grant-date fair value of options granted		$ 6.58
Intrinsic value of options exercised		$ 166,850
Unrecognized compensation related to non-qualified stock option awards		419,000
Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Intrinsic value of options exercised		72,008
Stock Appreciation Rights [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Intrinsic value of options exercised		$ 38,774
Option shares issued under stock appreciation rights		0	0
Stock Options and Stock Appreciation Rights [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Option liability		$ 346,418	$ 265,311
2010 Plan [Member] \| Restricted Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period		5 years
2010 Plan [Member] \| Restricted Shares [Member] \| Mr Albright [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, Shares, Granted		96,000
2010 Plan [Member] \| Restricted Shares [Member] \| Mr Patten [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, Shares, Granted		17,000
2010 Plan [Member] \| Non-Qualified Stock Option Award [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, Shares, Granted		51,000
Options granted exercise price	$ 34.95
2010 Plan [Member] \| Non-Qualified Stock Option Award [Member] \| Mr Albright [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, Shares, Granted		50,000
2010 Plan [Member] \| Non-Qualified Stock Option Award [Member] \| Mr Patten [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, Shares, Granted		10,000
2010 Plan [Member] \| Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option plan 2001 expiration date		2010
2001 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock could be issued under stock option plan 2001		500,000
Number of new stock options issued under 2001 plan		0
2001 Plan [Member] \| Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, Shares, Granted
Options granted exercise price
2001 Plan [Member] \| Stock Appreciation Rights [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, Shares, Granted
Options granted exercise price

Stock-Based Compensation - Summary of Stock Based Compensation Activity (Detail)	9 Months Ended
	Sep. 30, 2013 $ / shares shares
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock based compensation, Shares Outstanding, beginning balance \| shares	7,900
Stock based compensation, Shares, Granted \| shares
Stock based compensation, Shares, Vested \| shares
Stock based compensation, Shares, Forfeited \| shares	(2,833)
Stock based compensation, Shares Outstanding, ending balance \| shares	5,067
Stock based compensation, Weighted Average Grant Date Fair Value, beginning balance \| $ / shares	$ 23.13
Stock based compensation, Weighted Average Grant Date Fair Value, Granted \| $ / shares
Stock based compensation, Weighted Average Grant Date Fair Value, Vested \| $ / shares
Stock based compensation, Weighted Average Grant Date Fair Value, Forfeited \| $ / shares	23.13
Stock based compensation, Weighted Average Grant Date Fair Value, ending balance \| $ / shares	$ 23.13

Stock-Based Compensation - Summary of Market Condition Inducement Grant of Restricted Shares (Detail)	9 Months Ended
	Sep. 30, 2013 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, Shares Outstanding, beginning balance	7,900
Stock based compensation, Shares, Granted
Stock based compensation, Shares Vested
Stock based compensation, Forfeited	(2,833)
Stock based compensation, Shares Outstanding, ending balance	5,067
Restricted Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, Shares Outstanding, beginning balance	113,000
Stock based compensation, Shares, Granted
Stock based compensation, Shares Vested	(18,500)
Stock based compensation, Forfeited
Stock based compensation, Shares Outstanding, ending balance	94,500
Stock based compensation, Weighted Average Shares \| $ / shares	$ 18.40
Stock based compensation, Weighted Average Shares Granted \| $ / shares
Stock based compensation, Weighted Average Shares Vested \| $ / shares	23.89
Stock based compensation, Weighted Average Shares Forfeited \| $ / shares
Stock based compensation, Weighted Average Shares \| $ / shares	$ 17.33

Stock-Based Compensation - Summary of Stock Based Compensation Activity for Non-Qualified Stock Option Award (Detail) - Non-Qualified Stock Option Award [Member]	9 Months Ended
	Sep. 30, 2013 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, Shares Outstanding, beginning balance \| shares	60,000
Stock based compensation, Shares, Granted \| shares	51,000
Stock based compensation, Shares Exercised \| shares	(16,500)
Stock based compensation, Shares Expired \| shares
Stock based compensation, Shares Outstanding, ending balance \| shares	94,500
Stock based compensation, Shares, Exercisable \| shares	19,800
Stock based compensation, Weighted Average Exercise Price, beginning balance \| $ / shares	$ 28.97
Stock based compensation, Weighted Average Shares, Granted \| $ / shares	34.95
Stock based compensation, Weighted Average Shares, Exercised \| $ / shares	28.90
Stock based compensation, Weighted Average Shares, shares expired \| $ / shares
Stock based compensation, Weighted Average Exercise Price, ending balance \| $ / shares	32.21
Stock based compensation, Weighted Average Shares, Exercisable \| $ / shares	$ 28.97
Stock based compensation, Weighted Average Remaining Contractual Term, Outstanding	6 years 4 days
Stock based compensation, Weighted Average Remaining Contractual Term, Exercisable	7 years 11 months 12 days
Stock based compensation, Aggregate Intrinsic Value, Outstanding \| $	$ 593,305
Stock based compensation, Aggregate Intrinsic Value, Exercisable \| $	$ 188,430

Stock-Based Compensation - Summary of Share Option Activity of Stock Option and Stock Appreciation Rights Under 2001 Plan (Detail) - 2001 Plan [Member]	9 Months Ended
	Sep. 30, 2013 USD ($) $ / shares shares
Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, Shares Outstanding, beginning balance \| shares	80,800
Stock based compensation, Shares, Granted \| shares
Stock based compensation, Shares Exercised \| shares	(9,200)
Stock based compensation, Shares, Expired \| shares	(15,400)
Stock based compensation, Shares Outstanding, ending balance \| shares	56,200
Stock based compensation, Shares, Exercisable \| shares	56,200
Stock based compensation, Weighted Average Exercise Price, beginning balance \| $ / shares	$ 52.43
Stock based compensation, Weighted Average Exercise Price, Granted \| $ / shares
Stock based compensation, Weighted Average Exercise Price, Exercised \| $ / shares	30.06
Stock based compensation, Weighted Average Exercise Price, shares expired \| $ / shares	63.58
Stock based compensation, Weighted Average Exercise Price, ending balance \| $ / shares	53.03
Stock based compensation, Weighted Average Exercise Price, Exercisable \| $ / shares	$ 53.03
Stock based compensation, Weighted Average Remaining Contractual Term, Outstanding	3 years 7 months 24 days
Stock based compensation, Weighted Average Remaining Contractual Term, Exercisable	3 years 7 months 24 days
Stock based compensation, Aggregate Intrinsic Value, Outstanding \| $	$ 96,390
Stock based compensation, Aggregate Intrinsic Value, Exercisable \| $	$ 96,390
Stock Appreciation Rights [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, Shares Outstanding, beginning balance \| shares	80,800
Stock based compensation, Shares, Granted \| shares
Stock based compensation, Shares Exercised \| shares	(9,200)
Stock based compensation, Shares, Expired \| shares	(15,400)
Stock based compensation, Shares Outstanding, ending balance \| shares	56,200
Stock based compensation, Shares, Exercisable \| shares	56,200
Stock based compensation, Weighted Average Exercise Price, beginning balance \| $ / shares	$ 1.12
Stock based compensation, Weighted Average Exercise Price, Granted \| $ / shares
Stock based compensation, Weighted Average Exercise Price, Exercised \| $ / shares	5.04
Stock based compensation, Weighted Average Exercise Price, shares expired \| $ / shares	0.76
Stock based compensation, Weighted Average Exercise Price, ending balance \| $ / shares	2.16
Stock based compensation, Weighted Average Exercise Price, Exercisable \| $ / shares	$ 2.16
Stock based compensation, Weighted Average Remaining Contractual Term, Outstanding	3 years 7 months 24 days
Stock based compensation, Weighted Average Remaining Contractual Term, Exercisable	3 years 7 months 24 days
Stock based compensation, Aggregate Intrinsic Value, Outstanding \| $	$ 51,902
Stock based compensation, Aggregate Intrinsic Value, Exercisable \| $	$ 51,902

Stock-Based Compensation - Assumptions Used in Determining Fair Value of Stock Options and Stock Appreciation Rights (Detail)	9 Months Ended	12 Months Ended
	Sep. 30, 2013	Dec. 31, 2012
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Expected Volatility	24.08%	24.34%
Expected Dividends	0.10%	0.13%
Expected Term	3 years	3 years
Risk-Free Rate	0.93%	0.39%

Stock-Based Compensation - Recognized Financial Statements for Stock Options, Stock Appreciation Rights, and Restricted Stock (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Total Cost of Share-Based Plans Charged Against Income Before Tax Effect	$ 251,210	$ 446,679	$ 852,536	$ 870,304
Income Tax Expense Recognized in Income	$ (96,904)	$ (172,306)	$ (328,866)	$ (335,720)

Accrued Liabilities - Summary of Accrued Liabilities (Detail) - USD ($)	Sep. 30, 2013	Jan. 31, 2013	Dec. 31, 2012
Payables And Accruals [Abstract]
Golf Course Lease	$ 3,431,617		$ 3,702,194
Deferred Compensation	379,668		828,998
Accrued Property Taxes	682,556
Other Post-Retirement Benefits	165,409		186,695
Legal Reserves			723,058
Reserve for Tenant Improvement	58,977	$ 773,000
Other	781,686		680,447
Accrued Liabilities	$ 5,499,913		$ 6,121,392

Accrued Liabilities - Additional Information (Detail)	1 Months Ended	9 Months Ended
Accrued Liabilities - Additional Information (Detail)	Jul. 31, 2012 USD ($)	Sep. 30, 2013 USD ($)	Jan. 31, 2013 USD ($) Property
Accrued Liabilities [Line Items]
Lease, base rent		$ 250,000
Annual rate adjustment percentage		1.75%
Investments agreed under lease arrangement	$ 200,000
Description of additional rent payable	Company will pay additional rent to the City equal to 5.0% of gross revenues exceeding $5,500,000 and 7.0% of gross revenues exceeding $6,500,000.
Additional rent percentage exceeding $5,500,000 gross revenue	5.00%
Additional rent percentage on exceeding $6,500,000 gross revenue	7.00%
Gross revenue value for additional rent under lease amendment lower limit	$ 5,500,000
Gross revenue value for additional rent under lease amendment upper limit	6,500,000
Rent deferred, no longer due	$ 3,000,000	$ 2,500,000
Lease term expiration year	2022
Number of acquisition properties leased \| Property			2
Tenant improvements credited at closing balance		58,977	$ 773,000
Decrease in accrued liabilities for payments of completion of improvements		714,000
Remaining balance of completion of improvements to be paid on client request		$ 59,000
Minimum [Member]
Accrued Liabilities [Line Items]
Base rent payments per year	$ 250,000
Maximum [Member]
Accrued Liabilities [Line Items]
Base rent payments per year	$ 500,000

Deferred Revenue - Summary of Deferred Revenue (Detail) - USD ($)	Sep. 30, 2013	Dec. 31, 2012
Deferred Revenue Disclosure [Abstract]
Deferred Oil Exploration Lease Revenue	$ 3,220,825	$ 665,499
Prepaid Rent	725,083
Other Deferred Revenue	253,675	185,452
Total Deferred Revenue	$ 4,199,583	$ 850,951

Deferred Revenue - Additional Information (Detail) $ in Thousands	1 Months Ended
	Sep. 22, 2013 USD ($)
Deferred Revenue Disclosure [Abstract]
Received rent payment	$ 3,293
Term of oil exploration lease	8 years
Lease period where payment recognized	12 months

Fair Value of Financial Instruments - Summary of Carrying Value and Estimated Fair Value of Financial Instruments (Detail) - USD ($)	Sep. 30, 2013	Dec. 31, 2012	Sep. 30, 2012	Dec. 31, 2011
Fair Value Disclosures [Abstract]
Cash and Cash Equivalents, Carrying Value	$ 743,424	$ 1,301,739	$ 2,381,299	$ 6,174
Restricted Cash, Carrying Value	322,562
Commercial Mortgage Loan, Carrying Value	18,006,024
Long-Term Debt, Carrying Value	66,727,032	29,126,849
Cash and Cash Equivalents, Estimated Fair Value	743,424	1,301,739
Restricted Cash, Estimated Fair Value	322,562
Commercial Mortgage Loan, Estimated Fair Value	19,072,063
Long-Term Debt, Estimated Fair Value	$ 66,727,032	$ 29,126,849

Income Taxes - Additional Information (Detail)	9 Months Ended
Income Taxes - Additional Information (Detail)	Sep. 30, 2013	Sep. 30, 2012
Income Tax Disclosure [Abstract]
Effective income tax rate including income taxes attributable to the discontinued operations	38.26%	38.21%
Year for audit of federal tax return by revenue service	2006

Commitments and Contingencies - Additional Information (Detail)	3 Months Ended	9 Months Ended
	Sep. 30, 2012 USD ($)	Sep. 30, 2013 USD ($) ft² a	Dec. 31, 2012 USD ($)	May 31, 2010 USD ($)
Commitment And Contingencies [Line Items]
Settlement reserve accrued	$ 611,691
Additional reserve reflect value of additional underdeveloped acres and cost			$ 723,058
Area of real estate property \| ft²		759,000
Minimum [Member]
Commitment And Contingencies [Line Items]
Amount of the judgment plus interest		$ 4,600,000
FM Bayberry Cove Holding, LLC [Member]
Commitment And Contingencies [Line Items]
Claim of lien on real property				$ 3,800,000
Area of real estate property \| a		600

Treasury Stock - Additional Information (Detail) - USD ($)	Sep. 30, 2013	Dec. 31, 2012	Apr. 26, 2012
Equity, Class of Treasury Stock [Line Items]
Number of shares purchased	14,634	14,634
Costs of shares purchased	$ 453,654	$ 453,654
Odd-Lot Buy-Back Program [Member]
Equity, Class of Treasury Stock [Line Items]
Description of number of shares held by shareholder, maximum			Less than 100
Purchase price of shares from shareholders			$ 31.00
Number of shares purchased			14,634
Costs of shares purchased			$ 453,654
Buy back expiration date			Jun. 30, 2012
Odd-Lot Buy-Back Program [Member] \| Maximum [Member]
Equity, Class of Treasury Stock [Line Items]
Number of shares held by shareholders			100

Business Segment Data - Additional Information (Detail)	9 Months Ended		12 Months Ended
Business Segment Data - Additional Information (Detail)	Sep. 30, 2013 USD ($) MortgageLoan Segment	Sep. 30, 2012	Dec. 31, 2012
Segment Reporting Information [Line Items]
Number of operating segment \| Segment	4
Income property operation percent of identifiable asset	69.10%		70.80%
Income property operation percent of consolidated revenue	59.40%	51.50%
Golf operation description	Our golf operations consist of a single property located in the City, with two 18-hole championship golf courses
Prior period reclassification adjustment \| $	$ 0
Commercial Mortgage Loan [Member] \| Atlanta [Member]
Segment Reporting Information [Line Items]
Number of commercial mortgage loan investment collateralized by a hotel property \| MortgageLoan	1

Business Segment Data - Summary of Operations in Different Segments (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012
Segment Reporting Information [Line Items]
Revenues	$ 6,372,495	$ 3,557,175	$ 16,183,724	$ 12,398,827
Operating Income (Loss)	2,469,455	(982,834)	3,405,413	633,496
Depreciation and Amortization	738,537	509,242	2,146,515	1,508,801
Capital Expenditures	29,424,729	1,733,718	57,366,684	8,661,344
Identifiable Assets	228,724,403		228,724,403		$ 184,696,900
Operating Segments [Member] \| Income Properties [Member]
Segment Reporting Information [Line Items]
Revenues	3,356,937	2,177,895	9,621,147	6,390,847
Operating Income (Loss)	2,929,596	1,978,185	8,582,225	5,871,943
Depreciation and Amortization	680,868	440,939	1,973,002	1,296,296
Capital Expenditures	11,706,215	1,718,374	39,516,889	8,608,494
Identifiable Assets	158,068,190		158,068,190		130,726,326
Operating Segments [Member] \| Commercial Mortgage Loan [Member]
Segment Reporting Information [Line Items]
Revenues	644,198		644,198
Operating Income (Loss)	644,198		644,198
Depreciation and Amortization
Capital Expenditures	17,655,367		17,655,367
Identifiable Assets	18,046,598		18,046,598
Operating Segments [Member] \| Real Estate Operations [Member]
Segment Reporting Information [Line Items]
Revenues	1,369,397	421,983	2,010,722	2,417,367
Operating Income (Loss)	1,194,986	278,845	1,530,570	1,885,454
Depreciation and Amortization
Capital Expenditures
Identifiable Assets	32,684,740		32,684,740		34,161,944
Operating Segments [Member] \| Golf Operations [Member]
Segment Reporting Information [Line Items]
Revenues	981,118	861,326	3,758,629	3,443,984
Operating Income (Loss)	(340,219)	(453,102)	(395,709)	(766,977)
Depreciation and Amortization	51,600	42,940	151,593	130,147
Capital Expenditures	47,747		133,567
Identifiable Assets	3,159,984		3,159,984		3,230,225
Operating Segments [Member] \| Agriculture and Other [Member]
Segment Reporting Information [Line Items]
Revenues	20,845	95,971	149,028	146,629
Operating Income (Loss)	(12,976)	67,441	28,753	(19,791)
Depreciation and Amortization	6,069	25,363	21,920	82,358
Capital Expenditures	15,400	15,344	60,861	52,850
Identifiable Assets	16,764,891		16,764,891		$ 16,578,405
Operating Segments [Member] \| General and Corporate Expense [Member]
Segment Reporting Information [Line Items]
Operating Income (Loss)	$ (1,946,130)	$ (2,854,203)	$ (6,984,624)	$ (6,337,133)

Land Impairment - Additional Information (Detail)	3 Months Ended	9 Months Ended
Land Impairment - Additional Information (Detail)	Jun. 30, 2013 USD ($) a	Sep. 30, 2013 USD ($)
Property Plant And Equipment Useful Life And Values [Abstract]
Acres of land under agreement to sale	3.21
Acres of land subject to assessment of recoverability	3.02
Impairment analysis for specified acres of land	6.23
Impairment charges \| $	$ 616,000	$ 616,278

Subsequent Events - Additional Information (Detail) - Orlando, Florida [Member] - Subsequent Event [Member] - Walgreens [Member]	Oct. 14, 2013 USD ($) ft²
Subsequent Events [Line Items]
Area of acquired building \| ft²	15,120
Loss due to estimated fair value of property held for sale \| $	$ 0