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Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2013	Feb. 28, 2014	Jun. 30, 2013
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2013
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	FY
Entity Registrant Name	CONSOLIDATED TOMOKA LAND CO
Entity Central Index Key	0000023795
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		5,881,259
Entity Public Float			$ 220,500,882

Consolidated Balance Sheets - USD ($)	Dec. 31, 2013	Dec. 31, 2012
Property, Plant, and Equipment:
Land, Timber, and Subsurface Interests	$ 15,291,911	$ 15,194,901
Golf Buildings, Improvements, and Equipment	3,103,979	2,879,263
Income Properties, Land, Buildings, and Improvements	154,902,374	132,202,887
Other Furnishings and Equipment	955,597	906,441
Construction in Progress	987,303
Total Property, Plant, and Equipment	175,241,164	151,183,492
Less, Accumulated Depreciation and Amortization	(13,260,856)	(12,091,901)
Property, Plant, and Equipment - Net	161,980,308	139,091,591
Land and Development Costs	23,768,914	27,848,525
Intangible Assets - Net	6,359,438	4,527,426
Assets Held for Sale	0	3,433,500
Impact Fee and Mitigation Credits	6,081,433	6,313,419
Commercial Mortgage Loan, Held for Investment	18,845,053
Cash and Cash Equivalents	4,932,512	1,301,739
Restricted Cash	366,645
Investment Securities, Carrying Value	729,814
Net Pension Asset	407,670
Refundable Income Taxes		239,720
Other Assets	2,711,893	1,940,980
Total Assets	226,183,680	184,696,900
Liabilities:
Accounts Payable	872,331	440,541
Accrued Liabilities	4,726,809	6,121,392
Deferred Revenue	3,344,351	850,951
Accrued Stock-Based Compensation	247,671	265,311
Net Pension Obligation		1,317,683
Income Taxes Payable	1,044,061
Deferred Income Taxes - Net	32,552,068	32,357,505
Long-Term Debt	63,227,032	29,126,849
Total Liabilities	106,014,323	70,480,232
Shareholders' Equity:
Common Stock -25,000,000 shares authorized; $1 par value, 5,866,759 shares issued and 5,852,125 shares outstanding at December 31, 2013; 5,847,036 shares issued and 5,832,402 shares outstanding at December 31, 2012	5,767,192	5,726,136
Treasury Stock - 14,634 Shares	(453,654)	(453,654)
Additional Paid-In Capital	8,509,976	6,939,023
Retained Earnings	106,581,305	103,242,643
Accumulated Other Comprehensive Loss	(235,462)	(1,237,480)
Total Shareholders' Equity	120,169,357	114,216,668
Total Liabilities and Shareholders' Equity	$ 226,183,680	$ 184,696,900

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 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	5,866,759	5,847,036
Common Stock, shares outstanding	5,852,125	5,832,402
Treasury Stock, shares held	14,634	14,634

Consolidated Statements of Operations - USD ($)	12 Months Ended
Consolidated Statements of Operations - USD ($)	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Revenues
Income Properties	$ 12,828,214	$ 8,463,082	$ 7,679,224
Interest Income from Commercial Mortgage Loan	1,712,913
Real Estate Operations	5,945,510	3,098,840	501,626
Golf Operations	5,074,898	4,506,069	4,660,802
Agriculture and Other Income	276,309	164,979	124,776
Total Revenues	25,837,844	16,232,970	12,966,428
Direct Cost of Revenues
Income Properties	(1,333,974)	(676,096)	(526,959)
Real Estate Operations	(3,653,901)	(705,062)	(752,130)
Golf Operations	(5,487,075)	(5,393,633)	(5,993,637)
Agriculture and Other Income	(148,360)	(198,834)	(651,423)
Total Direct Cost of Revenues	(10,623,310)	(6,973,625)	(7,924,149)
General and Administrative Expenses	(5,433,562)	(6,624,584)	(5,440,721)
Impairment Charges	(616,278)		(6,618,888)
Depreciation and Amortization	(2,885,317)	(2,010,505)	(2,197,469)
Gain on Disposition of Assets		239,645	246,107
Total Operating Expenses	(19,558,467)	(15,369,069)	(21,935,120)
Operating Income (Loss)	6,279,377	863,901	(8,968,692)
Interest Income	405	1,485	160,369
Interest Expense	(1,826,564)	(648,683)	(722,979)
Loss on Early Extinguishment of Debt		(245,726)
Income (Loss) from Continuing Operations Before Income Tax	4,453,218	(29,023)	(9,531,302)
Income Tax (Expense) Benefit	(1,891,680)	28,722	3,732,653
Income (Loss) from Continuing Operations	2,561,538	(301)	(5,798,649)
Income from Discontinued Operations (Net of Tax)	1,121,709	599,503	1,092,458
Net Income (Loss)	$ 3,683,247	$ 599,202	$ (4,706,191)
Per Share Information: Basic and Diluted
Income (Loss) from Continuing Operations	$ 0.44		$ (1.01)
Income from Discontinued Operations (Net of Tax)	0.20	$ 0.10	0.19
Net Income (Loss)	0.64	0.10	(0.82)
Dividends Declared and Paid	$ 0.06	$ 0.04	$ 0.04

Consolidated Statements of Comprehensive Income - USD ($)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Statement Of Income And Comprehensive Income [Abstract]
Net Income (Loss)	$ 3,683,247	$ 599,202	$ (4,706,191)
Other Comprehensive Income
Cash Flow Hedging Derivative (Net of Tax of $-, $-, and $197,419, respectively)			314,361
Pension
Transition Obligation (Net of Tax of $-, $-, and $3,089, respectively)			(4,919)
Prior Service Cost (Net of Tax of $-, $-, and $21,653,respectively)			34,479
Actuarial Net Gain (Loss) (Net of Tax of $629,200, $67,859, and $237,412, respectively)	1,002,018	(108,055)	(378,043)
Total Other Comprehensive Income (Loss), Net of Tax	1,002,018	(108,055)	(34,122)
Total Comprehensive Income (Loss)	$ 4,685,265	$ 491,147	$ (4,740,313)

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Statement Of Income And Comprehensive Income [Abstract]
Cash flow derivative, tax			$ 197,419
Transition obligation, tax			3,089
Prior service cost, tax			21,653
Actuarial net gain (loss), tax	$ 629,200	$ 67,859	$ 237,412

Consolidated Statements of Shareholders' Equity - USD ($)	Total	Common Stock [Member]	Treasury Stock [Member]	Additional Paid-In Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]
Beginning balance at Dec. 31, 2010	$ 117,600,100	$ 5,723,980		$ 5,164,102	$ 107,807,321	$ (1,095,303)
Net Income (Loss)	(4,706,191)				(4,706,191)
Exercise of Stock Options	5,506	167		5,339
Stock Compensation Expense from Restricted Stock Grants and Equity Classified Stock Options	528,113			528,113
Cash Dividends	(228,963)				(228,963)
Other Comprehensive Income (Loss)	(34,122)					(34,122)
Ending balance at Dec. 31, 2011	113,164,443	5,724,147		5,697,554	102,872,167	(1,129,425)
Net Income (Loss)	599,202				599,202
Stock Repurchase	(453,654)		$ (453,654)
Exercise of Stock Options	59,696	1,989		57,707
Stock Compensation Expense from Restricted Stock Grants and Equity Classified Stock Options	993,255			993,255
Stock Options	190,507			190,507
Cash Dividends	(228,726)				(228,726)
Other Comprehensive Income (Loss)	(108,055)					(108,055)
Ending balance at Dec. 31, 2012	114,216,668	5,726,136	(453,654)	6,939,023	103,242,643	(1,237,480)
Net Income (Loss)	3,683,247				3,683,247
Exercise of Stock Options	700,123	22,556		677,567
Vested Restricted Stock	119,532	18,500		101,032
Stock Compensation Expense from Restricted Stock Grants and Equity Classified Stock Options	792,354			792,354
Cash Dividends	(344,585)				(344,585)
Other Comprehensive Income (Loss)	1,002,018					1,002,018
Ending balance at Dec. 31, 2013	$ 120,169,357	$ 5,767,192	$ (453,654)	$ 8,509,976	$ 106,581,305	$ (235,462)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Net Income
-URI http://asc.fasb.org/extlink&oid=6518256

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=31042434&loc=d3e3602-108585

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.19)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.18)
-URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.22)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Other Comprehensive Income
-URI http://asc.fasb.org/extlink&oid=6519514

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
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-Section 45
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=28358780&loc=d3e565-108580

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 19
-Article 5

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph 20
-Article 9

+ Details

Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Dividends Declared and Paid, Per Share	$ 0.06	$ 0.04	$ 0.04
Retained Earnings [Member]
Dividends Declared and Paid, Per Share	$ 0.06	$ 0.04	$ 0.04

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Cash Flow from Operating Activities:
Net Income (Loss)	$ 3,683,247	$ 599,202	$ (4,706,191)
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided By (Used In) Operating Activities:
Depreciation and Amortization	2,974,587	2,211,516	2,444,662
Loan Cost Amortization	202,500	112,666	67,704
Loss on Early Extinguishment of Debt		245,726
Gain on Disposition of Property, Plant, and Equipment and Intangible Assets	(1,242,295)	(239,645)	(456,152)
Loss (Gain) on Disposition of Assets Held for Sale	26,367	(78,455)
Impairment of Assets Held for Sale		426,794	68,454
Impairment of Long-Lived Assets	616,278		6,618,888
Discount Accretion on Commercial Mortgage Loan	(1,403,842)
Amortization of Fees on Acquisition of Commercial Mortgage Loan	60,805
Deferred Income Taxes	194,563	297,222	(3,032,931)
Non-Cash Compensation	901,447	1,047,335	253,812
Decrease (Increase) in Assets:
Refundable Income Taxes	239,720	160,185	(370,554)
Land and Development Costs	3,463,333	(22,601)	(3,385,019)
Impact Fees and Mitigation Credits	231,986	347,548	277,897
Other Assets	(912,225)	(936,467)	(109,064)
Increase (Decrease) in Liabilities:
Accounts Payable	431,790	54,855	(660,896)
Accrued Liabilities and Accrued Stock Based Compensation	(2,117,918)	(825,123)	171,821
Deferred Revenue	2,493,400	102,905	690,266
Income Taxes Payable	1,044,061
Net Cash Provided By (Used In) Operating Activities	10,887,804	3,503,663	(2,195,757)
Cash Flow From Investing Activities:
Acquisition of Property, Plant, and Equipment	(37,868,099)	(24,916,936)	(3,197,276)
Acquisition of Intangible Assets	(2,920,739)	(1,478,688)	(130,070)
Acquisition of Commercial Mortgage Loan	(17,658,204)
Decrease (Increase) in Restricted Cash	(366,645)	2,779,511	(2,779,511)
Proceeds from Sales, Calls, or Maturities of Investment Securities			6,813,222
Acquisition of Investment Securities	(729,814)		(1,873,597)
Proceeds from Disposition of Property, Plant, and Equipment - Net	14,335,817	480,150	3,240,573
Proceeds from Disposition of Assets Held for Sale - Net	3,407,133	7,773,165
Principal Payments Received on Commercial Mortgage Loan	95,000
Net Cash Provided By (Used In) Investing Activities	(41,705,551)	(15,362,798)	2,073,341
Cash Flow from Financing Activities:
Proceeds from Long-Term Debt	87,750,000	34,765,849	14,863,000
Payments on Long-Term Debt	(53,649,817)	(20,905,714)	(14,845,534)
Cash Proceeds (Disbursements) from Exercise of Stock Options	591,890	(23,055)	2,470
Cash Used to Repurchase Common Stock		(453,654)
Cash from Excess Tax Benefit from Vesting of Restricted Stock	101,032
Dividends Paid	(344,585)	(228,726)	(228,963)
Net Cash Provided by (Used In) Financing Activities	34,448,520	13,154,700	(209,027)
Net Increase (Decrease) in Cash	3,630,773	1,295,565	(331,443)
Cash, Beginning of Year	1,301,739	6,174	337,617
Cash, End of Year	$ 4,932,512	$ 1,301,739	$ 6,174

Consolidated Statements of Cash Flows (Parenthetical)	12 Months Ended
Consolidated Statements of Cash Flows (Parenthetical)	Dec. 31, 2013 USD ($)
Statement Of Cash Flows [Abstract]
Interest paid	$ 1,581,433
Interest paid, capitalized	8,172
Income taxes paid	1,645,939
Non-cash conveyance of certain real property for legal settlement	702,827
Costs incurred in settlement of legal proceeding	$ 20,231

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2013

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

NOTE 1.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

PRINCIPLES OF CONSOLIDATION

The consolidated financial statements include the accounts of Consolidated-Tomoka Land Co. and its consolidated subsidiaries (we, our, us, or the “Company”). 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.

NATURE OF OPERATIONS

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, flex-office properties, with multiple tenants, located in Florida. The Company has an additional flex-office property under construction as of December 31, 2013 which is adjacent to an existing self-developed property. As of December 31, 2013, we owned thirty-five single-tenant income-producing properties with more than 740,000 square feet of gross leasable space. We also own and manage a land portfolio, as of December 31, 2013, 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. In January 2014, the Company successfully foreclosed on approximately 600 acres of land west of I-95, bringing the Company’s land portfolio to over 10,500 acres. As of December 31, 2013, we also had an investment in a floating rate 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, which is managed by a third party, and we also 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, respectively, in our consolidated statements of operations.

USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS

The preparation of financial statements in conformity with U.S. generally accepted accounting principles 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 adverse market conditions that currently exist in the Florida and national real estate markets, and financial and credit markets, it is possible that the estimates and assumptions, most notably with the Company’s investment in income properties and its pension liability, could change materially during the time span associated with the continued weakened state of these real estate and financial markets.

CASH AND CASH EQUIVALENTS

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

FAIR VALUE OF FINANCIAL INSTRUMENTS

The carrying amounts of the Company’s financial assets and liabilities including cash and cash equivalents, restricted cash, investment securities, accounts receivable, and accounts payable at December 31, 2013 and 2012, approximate fair value because of the short maturity of these instruments. The carrying amount of the Company’s investment in a commercial mortgage loan approximates fair value at December 31, 2013, since the loan is at a floating rate, which approximates current market rates for notes with similar risks and maturities. The carrying amount of the Company’s long-term debt approximates fair value at December 31, 2013 and 2012, since the floating rate of our credit facility and the fixed rates of our secured financings, reasonably approximate current market rates for notes with similar risks and maturities.

FAIR VALUE MEASUREMENTS

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

•

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

•

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

•

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

RESTRICTED CASH

Restricted cash totaled approximately $367,000 at December 31, 2013 and consisted of approximately $83,000 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, and approximately $284,000 of cash being held in escrow related to a land transaction.

ACCOUNTS RECEIVABLE

Accounts receivable primarily consist of receivables related to golf operations. The collectability of these receivables is determined based on a review of specifically identified accounts using judgments. Accounts receivable are classified in other assets on the consolidated balance sheets and totaled approximately $229,000 and $158,000 as of December 31, 2013 and 2012, respectively. As of December 31, 2013 and 2012, no allowance for doubtful accounts was required.

INVESTMENT SECURITIES

The Company determines the appropriate classification of its investments in debt and equity securities at the time of purchase and reevaluates such determinations at each balance sheet date in accordance with ASC Topic 320, Investments – Debt and Equity Securities. Marketable equity securities not classified as held-to-maturity or as trading, are classified as available-for-sale, and are carried at fair market value, with the unrealized gains and losses, net of tax, included in the determination of comprehensive income and reported in shareholders’ equity. The fair value of securities is determined by quoted market prices.

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 December 31, 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.

PURCHASE ACOUNTING FOR ACQUISITIONS OF REAL ESTATE SUBJECT TO A LEASE

In accordance with the Financial Accounting Standards Board (“FASB”) guidance on business combinations, the fair value of the real estate acquired with in-place leases is allocated to the acquired tangible assets, consisting of land, building and tenant improvements, and identified intangible assets, consisting of the value of in-place leases, based in each case on their relative fair values. The Company has determined that income property purchases with a pre-existing lease at the time of acquisition qualify as a business combination, in which case acquisition costs are expensed in the period the transaction closes. For income property purchases in which a new lease is originated at the time of acquisition, the Company has determined that these asset purchases are outside the scope of the business combination standards and accordingly, the acquisition costs are capitalized with the purchase.

LAND AND DEVELOPMENT COSTS

The carrying value of land and development includes the initial acquisition costs of land, improvements thereto, and other costs incidental to the acquisition or development of land. These costs are allocated to properties on a relative sales value basis and are charged to costs of sales as specific properties are sold. Due to the nature of the business, land and development costs have been classified as an operating activity on the consolidated statements of cash flows.

ASSETS HELD FOR SALE

Assets held for sale consist of property which Management intends to sell and which the likelihood of such sale is considered highly probable. The value of the asset held for sale is recorded at the lower of fair market value or the net book value of the cumulative assets related to the property (generally, the land, building, building improvements, and the intangible asset net of related accumulated depreciation and amortization). As of December 31, 2012, assets held for sale consisted of one income property with a value of $3,433,500, which was sold in February 2013. No properties were held for sale as of December 31, 2013.

PROPERTY, PLANT, AND EQUIPMENT

Property, plant, and equipment are stated at cost, less accumulated depreciation and amortization. Such properties are depreciated on a straight-line basis over their estimated useful lives. Renewals and betterments are capitalized to property accounts. The cost of maintenance and repairs is expensed as incurred. The cost of property retired or otherwise disposed of, and the related accumulated depreciation or amortization, are removed from the accounts, and any resulting gain or loss is recorded in the statement of operations. Subsurface interests are included in property, plant, and equipment with no net cost basis at December 31, 2013, as the amounts have been fully depreciated. The amount of depreciation and amortization of property, plant, and equipment, exclusive of amortization related to intangible assets, recognized for the years ended December 31, 2013, 2012, and 2011, was $2,302,086, $1,810,720, and $2,159,361, respectively. Interest of $8,172 and $28,733 was capitalized to construction in process during 2013 and 2011, respectively, with no interest capitalized in 2012.

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


Golf Buildings and Improvements			10-43 Years
Golf Equipment			5-10 Years
Income Properties Buildings and Improvements			40 Years
Other Furnishings and Equipment			5-25 Years
Agriculture Equipment			5-10 Years

The acquisition cost of land, timber, real estate taxes, site preparation, and other costs relating to the planting and growing of timber are capitalized to land, timber, and subsurface interests. Such costs attributed to the timber are charged to cost of sales at the time timber is harvested. Timber and timberlands are stated at the lower cost or fair market value.

LONG-LIVED ASSETS

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

SALE OF REAL ESTATE

Gains and losses on sales of real estate are accounted for as required by the “Accounting for Sales of Real Estate” Topic of Financial Accounting Standards Board Accounting Standards Codification (“FASB ASC”) FASB ASC 976-605-25. The Company recognizes revenue from the sale of real estate at the time the sale is consummated, unless the property is sold on a deferred payment plan and the initial payment does not meet established criteria, or the Company retains some form of continuing involvement in the property. For sales of real estate which we estimate would cause us to incur a loss on the transaction, we would record a provision for the loss at the time the sales contract is deemed highly probable of closing.

INCOME PROPERTIES

The rental of the Company’s income properties are classified as operating leases. The Company recognizes lease income on these properties on a straight-line basis over the term of the lease.

OPERATING LEASE EXPENSE

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

GOLF OPERATIONS

The Company operates two 18-hole golf courses and a clubhouse facility, including food and beverage operations. Revenues from this operation, including greens fees, cart rentals, merchandise, and food and beverage sales, are recognized at the time of sale. Initiation fees and membership dues are recognized over the life of the membership, which is generally twelve months.

OTHER REAL ESTATE INTERESTS

From time to time the Company will release surface or subsurface entry rights upon request of the surface owner. The Company recognizes revenue from the release at the time the transaction is consummated, unless the property is released under a deferred payment plan and the initial payment does not meet the criteria established under the “Accounting for Sales of Real Estate Topic” FASB ASC 976-605-25, the Company retains some form of continuing involvement in the property, or the transaction does not meet other requirements.

STOCK-BASED COMPENSATION

Prior to 2010, the Company maintained a stock option plan (the “2001 Plan”) pursuant to which 500,000 shares of the Company’s common stock may be issued. The 2001 Plan in place was approved at the April 25, 2001 shareholders’ meeting and expired in April 2011, with no new option shares issued after that date. Under the 2001 Plan, the option exercise price equals the average of the high and low stock market price on the date of grant. The options generally vest over five years and expire after ten years. In connection with the grant of non-qualified options, a stock appreciation right for each share covered by the option may also be granted. The stock appreciation right will entitle 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 share at the time of exercise. The expenses associated with stock options and stock appreciation rights are recognized over their requisite service period.

Both the Company’s stock options and stock appreciation rights awarded under the 2001 Plan are liability classified awards and are required to be remeasured to fair value at each balance sheet date until the award is settled, as required by provisions of the “Share-Based Payments Topic of FASB ASC.” (See Note 16 “Stock-Based Compensation”).

At the Annual Meeting of Shareholders of the Company held on April 28, 2010, the Company’s shareholders approved the Consolidated-Tomoka Land Co. 2010 Equity Incentive Plan (the “2010 Plan”). The 2010 Plan replaced the Company’s 2001 Plan. At the Annual Meeting of Shareholders of the Company held on April 24, 2013, the Company’s shareholders approved an amendment to the 2010 Plan which among other things incorporated claw back provisions and clarified language regarding the shares available subsequent to forfeiture of any awards of restricted shares. Awards under the 2010 Plan may be in the form of stock options, stock appreciation rights, restricted shares, restricted share units, performance shares, and performance units. Employees of the Company and its subsidiaries and non-employee directors may be selected by the Compensation Committee to receive awards under the 2010 Plan. The maximum number of shares of which stock awards may be granted under the 2010 Plan is 210,000 shares. No participant may receive awards during any one calendar year representing more than 50,000 shares of common stock. In no event will the number of shares of common stock issued under the plan upon the exercise of incentive stock options exceed 210,000 shares. These limits are subject to adjustments by the Compensation Committee as provided in the 2010 Plan for stock splits, stock dividends, recapitalizations, and other similar transactions or events. The 2010 Plan will terminate on the tenth anniversary of the date that it was adopted by the Board, and no awards will be granted under the plan after that date.

Under the 2010 Plan, the Company granted, to certain employees, 12,150 shares of non-vested restricted stock where vesting is based upon the achievement of certain market conditions, which are defined as the Company’s total shareholder return as compared to the total shareholder return of certain peer groups during a five-year performance period.

As described in more detail in Note 16, (“Stock-Based Compensation”) in connection with the appointment of John P. Albright as President and Chief Executive Officer and Mark E. Patten as Senior Vice President and Chief Financial Officer of the Company, the Company granted certain non-qualified stock option awards and restricted share awards.

Both the non-qualified stock option award and the restricted share award were determined to be equity-based awards under the Share-Based Payment Topic of FASB ASC.

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

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

INCOME TAXES

The Company uses the asset and liability method to account for income taxes. Deferred income taxes result primarily from the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes (See Note 17 “Income Taxes”). In June 2006, the FASB issued additional guidance, which clarifies the accounting for uncertainty in income taxes recognized in a company’s financial statements included in income taxes. The interpretation prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The interpretation also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. In accordance with FASB guidance included in income taxes, the Company has analyzed its various federal and state filing positions and believes that its income tax filing positions and deductions are well documented and supported. Additionally, the Company believes that its accruals for tax liabilities are adequate. Therefore, no reserves for uncertain income tax positions have been recorded pursuant to the FASB guidance.

EARNINGS PER COMMON SHARE

Basic earnings per common share is computed by dividing net income by the weighted average number of shares outstanding. Diluted earnings per common share are based on the assumption of the conversion of stock options using the treasury stock method at average cost for the year (see Note 10 “Common Stock and Earnings Per Share”).

CONCENTRATION OF CREDIT RISK

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

More than 42% of the Company’s income property portfolio and all of the land holdings, golf operations, agriculture operations, and subsurface interests are in the State of Florida. Uncertainty of the duration of a prolonged real estate and economic downturn could have an adverse impact on the Company’s real estate values.

On a revenue basis, the largest of the Company’s income property tenants consist of Holiday CVS, L.L.C. and Walgreen Co., which the Company considers good credit-quality tenants. Holiday CVS, L.L.C. revenues accounted for 9%, 16%, and 18% of our consolidated revenue, excluding a property sold in February 2013, and Walgreen Co. accounted for 6%, 13%, and 16% of our consolidated revenue, excluding three properties sold in May 2012, May 2013, and December 2013, for the years ended December 31, 2013, 2012, and 2011, respectively. Holiday CVS, L.L.C. represented 13%, 19%, and 22% of the Company’s income portfolio in terms of rentable square feet, excluding a property sold in February 2013, and Walgreen Co. represented 9%, 17%, and 20% of the Company’s income portfolio in terms of rentable square feet, excluding three properties sold in May 2012, May 2013, and December 2013, as of December 31, 2013, 2012, and 2011, respectively. During the year ended December 31, 2013 revenue concentrations on the two tenants described above have dropped significantly due to the Company’s continuing diversification of its income property tenant mix particularly with the addition of Bank of America, Hilton Resorts Corporation, and Big Lots as tenants and the addition of new revenue sources including the interest income from a commercial mortgage loan.

DERIVATIVE INSTRUMENT AND CERTAIN HEDGING ACTIVITY

Until it was terminated on December 31, 2011, the Company had a cash flow derivative related to the interest rate swap on its term loan. The Company accounted for its cash flow hedging derivative under the “Accounting for Derivative Instruments and Certain Hedging Activities” topic of FASB ASC. The derivative was recognized on the balance sheet at its fair value. On the date the derivative contract was entered into, the Company designated the derivative as a hedge of the variability of cash flows to be paid related to a recognized liability (“cash flow hedge”). The Company formally documented the relationship between the hedging instrument and the hedged item, as well as its risk-management objective and strategy for undertaking the hedge transaction. The Company also formally assessed, both at the hedge’s inception and on an ongoing basis, whether the derivative that is used in hedging the transaction is highly effective in offsetting changes in cash flows of the hedged item. Changes in the fair value of the derivative, was deemed highly effective, and was designated and qualified as a cash-flow hedge is recorded in other comprehensive loss, until earnings are affected by the variability in cash flows of the designated hedged item. The Company discontinues hedge accounting prospectively when it is determined that the derivative is no longer effective in offsetting changes in the cash flows of the hedged item, the derivative expires or is sold, terminated, or exercised, the derivative is re-designated as a non-hedging instrument, or management determines that designation of the derivative as a hedging instrument is no longer appropriate. When hedge accounting is discontinued, the Company continues to carry the derivative at its fair value on the balance sheet, and recognizes any changes in its fair value in earnings.

RECENTLY ISSUED ACCOUNTING STANDARDS

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.

RECLASSIFICATIONS

Certain items in the prior year’s consolidated statements of operations have been reclassified to conform to the presentation of the statement of operations for the year ended December 31, 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.

Income Properties

12 Months Ended

Dec. 31, 2013

Business Combinations [Abstract]

Income Properties

NOTE 2.

INCOME PROPERTIES

During the year ended December 31, 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. In connection with the acquisition of two of the nine income properties acquired during the year ended December 31, 2013, the Company expensed approximately $90,000 of acquisition costs, in accordance FASB ASC 805 “Business Combinations.” These acquisitions costs are included in income properties expense in the consolidated financial statements. The income properties acquired in 2013 include the following:

On January 3, 2013, the Company acquired four properties leased to Bank of America, N.A. in both Los Angeles County and Orange County, California, at an aggregate purchase price of approximately $8.0 million. As of the acquisition date, the remaining terms of the leases were 15.0 years.

On January 23, 2013, the Company acquired a 34,512 square-foot free-standing building, situated on 3.62 acres in Glendale, Arizona. The total purchase price was approximately $5.0 million. The property is under lease to an affiliate of Big Lots with a remaining term of 10 years, as of the acquisition date.

On January 31, 2013, the Company acquired a two-building 133,000 square-foot office complex leased to Hilton Resorts Corporation in Orlando, Florida. The total purchase price was approximately $14.6 million. Both buildings are under a long term lease, which provides for annual lease escalations with over eight years remaining in the term, as of the acquisition date.

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. As of the acquisition date, the remaining term of the lease was 13 years, with lease escalations during the six five-year option periods.

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. As of the acquisition date, the remaining term of the lease was approximately 10.4 years, with three five-year option periods.

During the year ended December 31, 2012, the Company acquired eight income properties at a total acquisition cost of approximately $25.9 million. Of the total acquisition cost, approximately $14.7 million was allocated to land, approximately $9.7 million was allocated to buildings and improvements, and approximately $1.5 million was allocated to intangible assets pertaining to the in-place lease value.

- 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).

+ References

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+ Details

Discontinued Operations

12 Months Ended

Dec. 31, 2013

Discontinued Operations And Disposal Groups [Abstract]

Discontinued Operations

NOTE 3.

DISCONTINUED OPERATIONS

During the year ended December 31, 2013, the Company disposed of the following income properties:

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. An additional loss of approximately $26,000 was recognized at closing in February 2013. The property’s operating results have been included in discontinued operations for each period presented.

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 have been included in discontinued operations for each period presented.

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, generating a gain of approximately $503,000. Upon the sale in May 2013, the property’s operating results have been included in discontinued operations for each period presented.

On December 10, 2013, the Company sold its interest in the 15,120 square-foot building, located in Orlando, Florida, which was leased to Walgreens, for $3,877,373, generating a gain of approximately $487,000. Upon the sale in December 2013, the property’s operating results have been included in discontinued operations for each period presented.

On December 30, 2013, the Company sold its interest in the 4,128 square-foot building, located in Orlando, Florida, which was leased to PNC Bank, for $3,740,368, generating a gain of approximately $198,000. Upon the sale in December 2013, the property’s operating results have been included in discontinued operations for each period presented.

During the year ended December 31, 2012, the Company sold its interest in two properties for a combined gain of approximately $78,000. Upon the sales, the properties’ operating results were included in discontinued operations for each period presented.

The following is a summary of income from discontinued operations:


	Year ended December 31,
	2013			2012			2011
Leasing Revenue and Other Income	$	699,486		$	1,535,854		$	2,085,882
Costs and Other Expenses		(89,270	)		(211,524	)		(385,881	)

Income from Operations		610,216			1,324,330			1,700,001
Impairment Charges		—			(426,794	)		(68,454	)
Gain on Sale of Property		1,215,928			78,455			146,977

Income before Income Tax		1,826,144			975,991			1,778,524
Income Tax		(704,435	)		(376,488	)		(686,066	)

Income from Discontinued Operations	$	1,121,709		$	599,503		$	1,092,458

- 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).

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+ Details

Commercial Mortgage Loan

12 Months Ended

Dec. 31, 2013

Receivables [Abstract]

Commercial Mortgage Loan

NOTE 4.

COMMERCIAL MORTGAGE LOAN

On August 7, 2013, the Company acquired a $19.6 million first mortgage loan secured by a hotel in Atlanta, Georgia, for approximately $17.5 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 December 31, 2013:


Description	Date of Investment		Maturity Date		Original Face Amount		Current Face Amount		Carrying Value		Coupon Rate			Property Size
Hotel – Atlanta, GA		August 2013		March 2014	$	19,560,000	$	19,465,000	$	18,845,053		30-day LIBOR plus 4.50	%		110 rooms


Total					$	19,560,000	$	19,465,000	$	18,845,053

The carrying value of the commercial mortgage loan as of December 31, 2013 consisted of the following:


	Total
Current Face Amount	$	19,465,000
Unamortized Fees		29,711
Unaccreted Purchase Discount		(649,658	)

Total Commercial Mortgage Loan	$	18,845,053

Accrued interest on the commercial mortgage loan totaled approximately $43,000 as of December 31, 2013 and is included in Other Assets in the consolidated balance sheet. As more fully described in Note 20, Subsequent Events, this loan was paid in full on January 6, 2014.

- 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

Land and Subsurface Interests

12 Months Ended

Dec. 31, 2013

Real Estate [Abstract]

Land and Subsurface Interests

NOTE 5.

LAND AND SUBSURFACE INTERESTS

Land and development costs at December 31, 2013 and 2012, are summarized as follows:


	December 31,
	2013		2012
Undeveloped Land	$	301,780	$	1,004,607
Developed Land and Development Costs		23,467,134		26,843,918

Total Land and Development Costs	$	23,768,914	$	27,848,525

During the year ended December 31, 2013, a total of 11.655 acres were sold for approximately $3.0 million as described below:

On December 4, 2013, the Company sold approximately 3.405 acres to RaceTrac Petroleum, Inc. (“RaceTrac”) for $1.3 million or approximately $382,000 per acre. We recognized a loss on the sale of approximately $244,000 which is primarily attributable to a higher basis in the property as a result of the Company having repurchased this land in 2010. The parcel sold to RaceTrac is part of Williamson Crossing, an approximately 23-acre, proposed commercial development located at the southeast corner of Williamson and LPGA Boulevards in Daytona Beach. RaceTrac is the first occupant for the Williamson Crossing site. In connection with the transaction, the Company agreed to reimburse RaceTrac up to $976,500 over the next five years for road improvements and the other costs associated with bringing multiple ingress/egress points to the entire Williamson Crossing site. As of December 31, 2013, $283,500 of cash is held in escrow related to the improvements and is classified as restricted cash on the consolidated balance sheets. The Company anticipates that all or a portion of these reimbursable costs will be shared by other owners as parcels in the Williamson Crossing development are sold and additional businesses locate to the site. Based on the book basis of the remaining repurchased acres relative to the price per acre in the RaceTrac transaction, the Company determined that no adjustment for impairment was required as of December 31, 2013.

On December 19, 2013, the Company sold approximately 2.02 acres to Intracoastal Bank. The land was sold for $640,000 or approximately $317,000 per acre for a gain of approximately $581,000. This parcel is located on LPGA Boulevard, east of I-95 in Daytona Beach, Florida, between the Vince Carter’s and Wendy’s restaurants.

On December 20, 2013, the Company sold approximately 6.23 acres to CarMax Auto Super Stores, Inc. (“CarMax”) for $1.05 million, or approximately $168,500 per acre, for a total loss of approximately $1.0 million. We recognized a loss of approximately $416,000 on the sale. In the second quarter of 2013 the Company recognized an impairment loss of approximately $616,000 which was based on the contract price in a transaction that had been executed for approximately 3.21 acres of the total 6.23 acres sold to CarMax. That transaction was terminated prior to closing. The basis in these acres was higher than is typical for the Company’s land holdings as this land had been reacquired through foreclosure in 2009.

During the second quarter of 2012, the Company sold approximately16.6 acres of industrial land west of Interstate 95 at a price of approximately $618,000 or $37,000 per acre. The gain on the sale of this land totaled approximately $573,000.

During 2009, a real estate sales transaction closed in which the Company had a commitment to fund up to $1,125,000 for its share of road construction costs. During 2010, the Company paid $554,196 of this commitment. The remaining balance, totaling $570,804, was recorded as a liability and included in accrued liabilities on the consolidated balance sheets. The finalization of the construction costs occurred in the first quarter of 2012, and resulted in approximately $730,000 of income during the second quarter of 2012, representing the reversal of the remaining commitment and a reimbursement of approximately $160,000.

The Company owns full or fractional subsurface oil, gas, and mineral interests in approximately 490,000 “surface” acres of land owned by others in 20 counties in Florida. The Company leases its interests to mineral exploration firms for exploration. Our subsurface operations consist of revenue from the leasing of exploration rights and in some instances additional revenues from royalties applicable to production from the leased acreage. During the year ended December 31, 2013, the Company also received oil royalties from operating oil wells on 800 acres under a separate lease with a separate operator. Production volume from these oil wells was 88,782 barrels in 2013, 81,441 barrels in 2012 and 104,211 barrels in 2011, resulting in revenues received from oil royalties of $267,693, $286,536 and $228,494, respectively.

During 2011, an eight-year oil exploration lease covering approximately 136,000 net mineral acres primarily located in Lee County and Hendry County, Florida, was executed and a $913,657 first year rental payment was received. An additional $922,114, representing the guaranteed second year’s delay rent, was received in September 2012. The two payments totaling approximately $1.83 million have been recognized ratably into income through September 2013. On September 22, 2013, the Company entered into an amendment of the exploration lease (the “Oil Lease Amendment”). Under the Oil Lease Amendment, the net mineral acres under exploration lease was reduced from approximately 136,000 net mineral acres to approximately 82,000 net mineral acres in Hendry County. The approximately 54,000 net mineral acres removed from the exploration lease were located in Lee County, Florida. In connection with the Oil Lease Amendment, 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. Also during September 2013, the Company received, and recognized as revenue, a non-refundable penalty payment of $1.0 million relating to the drilling requirements in the lease. The terms of the lease state the Company will receive royalty payments if production occurs and may receive additional annual rental payments if the lease is continued in years four through eight. Lease income is being recognized on a straight-line basis over the guaranteed lease term. For the years ended December 31, 2013, 2012 and 2011 lease income of approximately $1.6 million, $919,000 and $251,000 was recognized, respectively.

Investment Securities

12 Months Ended

Dec. 31, 2013

Investments Debt And Equity Securities [Abstract]

Investment Securities

NOTE 6.

INVESTMENT SECURITIES

During December 2013, the Company purchased approximately $730,000 of preferred stock of a publicly traded real estate investment trust with a market capitalization of more than $1.5 billion. In accordance with ASC Topic 320, Investments – Debt and Equity Securities, the preferred stock investments have been determined to be equity securities classified as available-for-sale which are recorded at fair market value in the consolidated balance sheets. The fair value of the Company’s investment securities is measured quarterly, on a recurring basis, using Level 1 inputs, or quoted prices for identical, actively traded assets.

Available-for-Sale securities consist of the following:


	Year Ended December 31, 2013
	Cost		Gains in Accumulated Other Comprehensive Income		Losses in Accumulated Other Comprehensive Income		Estimated Fair Value (Level 1 Inputs)
Preferred Stock	$	729,814	$	—	$	—	$	729,814

Total Equity Securities	$	729,814	$	—	$	—	$	729,814

Total Available-for-Sale Securities	$	729,814	$	—	$	—	$	729,814

As of December 31, 2012 and 2011, the Company held no investment securities.

Prior to the 2013 purchases of preferred stock equity securities, the Company held a portfolio of investment securities until they were fully liquidated in the fourth quarter of 2011. Until the decision was made to liquidate the investment securities portfolio, the Company classified as held to maturity those securities which the Company had the intent and ability to hold through their stated maturity date. Investment securities, which were classified as held to maturity, were carried at cost, adjusted for amortization of premiums, and accretion of discounts. Gains and losses were determined using the specific identification method.

Following is a table reflecting the sale of investment securities and losses recognized during the three years ended December 31, 2013, 2012, and 2011:


	Year Ended December 31,
	2013		2012		2011
Proceeds from the Disposition of Investment Securities	$	—	$	—	$	6,929,493
Cost Basis of Investment Securities Sold		—		—		(7,069,929	)

Loss recognized in Statement of Operations on the Disposition of Investment Securities	$	—	$	—	$	(140,436	)

- Definition

The entire disclosure for investments in certain debt and equity securities.

+ References + Details

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2013

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

NOTE 7.

FAIR VALUE OF FINANCIAL INSTRUMENTS

The following table presents the carrying value and estimated fair value of the Company’s financial instruments not carried at fair value on the consolidated balance sheets at December 31, 2013 and 2012:


	December 31, 2013				December 31, 2012
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Cash and Cash Equivalents	$	4,932,512	$	4,932,512	$	1,301,739	$	1,301,739
Restricted Cash		366,645		366,645		—		—
Investment Securities		729,814		729,814		—		—
Commercial Mortgage Loan		18,845,053		19,297,110		—		—
Long-Term Debt		63,227,032		63,227,032		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

Intangible Assets

12 Months Ended

Dec. 31, 2013

Goodwill And Intangible Assets Disclosure [Abstract]

Intangible Assets

NOTE 8.

INTANGIBLE ASSETS

Intangible assets consist of the in-place lease value associated with single-tenant income properties acquired by the Company. This in-place lease value was determined by estimating the cost of replacing the lease should it not be in-place as of the date of the acquisition of the property. Factors, such as foregone rent and leasing commissions among others, are taken into account to determine the in-place lease value. This value is amortized over the remaining term of the lease at the time the properties are purchased. At December 31, 2013, the in-place lease value totaled $6,359,438, net of amortization of $2,979,156. At December 31, 2012, the in-place lease value totaled $4,527,426, net of amortization of $2,877,412.

During the year ended December 31, 2013, the intangible in-place lease value increased by approximately $2.9 million due to the acquisition of nine income properties. During the year ended December 31, 2013, the intangible in-place lease value decreased by approximately $416,000 due to the sale of four income properties. The net intangible in-place lease value related to the PNC Bank property located in Alpharetta, Georgia, which was sold in February 2013, was included in Assets Held for Sale on the consolidated balance sheet as of December 31, 2012.

Amortization expense was $672,501, $411,309, and $423,989 for the years ending December 31, 2013, 2012, and 2011, respectively. The estimated amortization expense for each of the calendar years 2014–2018 is as follows:


Year Ending December 31,	Amount
2014	$	676,518
2015		676,518
2016		638,430
2017		547,676
2018		539,988
Thereafter		3,280,308

Total	$	6,359,438

As of December 31, 2013, the weighted average amortization period of the in-place lease value is 16 years.

Impairment of Long-Lived Assets

12 Months Ended

Dec. 31, 2013

Goodwill And Intangible Assets Disclosure [Abstract]

Impairment of Long-Lived Assets

NOTE 9.

IMPAIRMENT OF LONG-LIVED ASSETS

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

During the year ended December 31, 2013, the Company conducted an impairment analysis on 6.23 acres of land in Daytona Beach, Florida, which had been reacquired through a foreclosure in 2009. Approximately 3.21 of these acres were subject to a sales contract that was executed during the second quarter of 2013 which we deemed highly probable of closing. Although the transaction was subsequently terminated prior to closing, the analysis resulted in an impairment charge of $616,278, representing the portion of the cost basis of the property that management considered to be un-recoverable based on the land under contract and other current market prices. The 6.23 acres of land were sold under a new sales contract on December 20, 2013, resulting in an additional loss of $416,236, as more fully described in Note 5 “Land and Subsurface Interests.”

During the year ended December 31, 2012, no impairment indicators were noted other than on the income property held for sale for which a $426,794 impairment charge was recorded and included in income from discontinued operations in the consolidated statement of operations.

During the year ended December 31, 2011, the Company recognized an impairment charge for its golf operations’ assets totaling $4,012,476. The fair market value of the property was determined to be $2,500,000. This fair market value was determined, among other things, through a third party valuation specialist in the golf course industry. The impairment charge was taken as several facts and circumstances changes surrounding the property during the period, including the following:

•

The community master developer abandoned its property and vacated the development;

•

The national, state, and local economies, after showing earlier signs of recovery, weakened further during the period;

•

This economic slowdown is significantly impacted by the residential home market which is soft. The absence of significant residential home growth in and around LPGA International, as well as the Volusia and Flagler Counties’ market, significantly reduces the potential for increased golf play;

•

Fully developed lots within the community are being sold at low prices indicating that the product to be sold in the community will be sold to a first time home buyers’ market segment. This market segment is not expected to support the golf operations in the same manner as the premium priced market segment; and

•

The Company had a change in management, who changed the asset’s estimated holding period. New management does not believe it is in the Company’s best interest to absorb the negative income and cash flow losses until the possibility of a turnaround in future years may be realized and made the decision that this is not a future core holding of the Company.

During the year ended December 31, 2011, the Company also conducted an impairment analysis on 317 acres of land in Daytona Beach, Florida. The analysis resulted in an impairment charge of $2,606,412. The charge represented the entire cost basis of the property, reflecting both the high carrying costs associated with these parcels relative to the current market value of the land and management’s determination to not pay the property taxes or other property assessments, and to not contest any legal proceedings, which would result in the forfeiture of title to the land through issuance of a tax deed or foreclosure. The Company sold substantially all of its interest in this land to a third party for de minimus proceeds and the assumption of approximately $238,000 of accrued liabilities, in the fourth quarter of 2012.

Common Stock and Earnings Per Share

12 Months Ended

Dec. 31, 2013

Earnings Per Share [Abstract]

Common Stock and Earnings Per Share

NOTE 10.

COMMON STOCK AND EARNINGS PER SHARE

Basic earnings per common share were computed by dividing net income by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per common share were determined based on the assumption of the conversion of stock options and restricted stock using the treasury stock method at average market prices for the periods.


	Year Ended December 31,
	2013		2012			2011
Income Available to Common Shareholders:
Income (Loss) from Continuing Operations	$	2,561,538	$	(301	)	$	(5,798,649	)
Discontinued Operations		1,121,709		599,503			1,092,458

Net Income (Loss)	$	3,683,247	$	599,202		$	(4,706,191	)

Weighted Average Shares Outstanding		5,739,383		5,717,937			5,724,147
Common Shares Applicable to Stock
Options Using the Treasury Stock Method		3,754		—			—

Total Shares Applicable to Diluted Earnings Per Share		5,743,137		5,717,937			5,724,147


Per Share Information:
Basic Net Income (Loss) Per Share
Income (Loss) from Continuing Operations	$	0.44	$	—		$	(1.01	)
Discontinued Operations		0.20		0.10			0.19

Net Income (Loss)	$	0.64	$	0.10		$	(0.82	)


Diluted Net Income (Loss) Per Share:
Income (Loss) from Continuing Operations	$	0.44	$	—		$	(1.01	)
Discontinued Operations		0.20		0.10			0.19

Net Income (Loss)	$	0.64	$	0.10		$	(0.82	)

The effect of 58,800, 198,300, and 205,113 potentially dilutive securities were not included for 2013, 2012, and 2011, respectively, as the effect would be antidilutive.

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. 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.

Long-Term Debt

12 Months Ended

Dec. 31, 2013

Debt Disclosure [Abstract]

Long-Term Debt

NOTE 11.

LONG-TERM DEBT

Credit Facility. 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.

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 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. The weighted average interest rate on the Credit Facility was 1.667% and 1.966% as of December 31, 2013 and 2012, respectively.

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.

Mortgage Notes Payable. On February 22, 2013, the Company closed on a $7.3 million loan originated with UBS Real Estate Securities Inc., secured by its interest in the two-building office complex leased to Hilton Resorts Corporation, which was acquired on January 31, 2013. The 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.

Long-term debt consisted of the following:


	December 31, 2013
	Total		Due Within One Year
Credit Facility	$	32,827,032	$	—
Mortgage Note Payable (originated with UBS)		7,300,000		—
Mortgage Note Payable (originated with BOA)		23,100,000		—

Total Long-Term Debt	$	63,227,032	$	—

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


Year Ending December 31,	Amount
2014	$	—
2015		—
2016		32,827,032
2017		—
2018		7,300,000
Thereafter		23,100,000

Total Long-Term Debt	$	63,227,032

At December 31, 2013, there was approximately $33.2 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.

In conjunction with required tenant improvements related to the acquisition of the two-building office complex leased to Hilton Resorts Corporation in January 2013, the Company secured a $723,000 letter of credit with BMO. As of December 31, 2013, the letter of credit was unused. Subsequent to year end, upon final disbursement of the required tenant improvement obligation, the letter of credit was successfully terminated.

For the year ended December 31, 2013, interest expense was $1,624,064 with $1,581,433 paid during the period. For the year ended December 31, 2012, interest expense was $536,017 with $491,048 paid during the period. For year ended December 31, 2011, interest expense was $655,275 with $684,008 paid during the period. No interest was capitalized during the year ended December 31, 2012, while $8,172 and $28,733 of interest was capitalized during the years ended December 31, 2013 and 2011.

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 years ended December 31, 2013, 2012 and 2011, the amortization of loan costs totaled $202,500, $112,666 and $67,704, 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 December 31, 2013 and 2012.

Accrued Liabilities

12 Months Ended

Dec. 31, 2013

Payables And Accruals [Abstract]

Accrued Liabilities

NOTE 12.

ACCRUED LIABILITIES

Accrued liabilities consist of the following:


	As of
	December 31, 2013		December 31, 2012
Golf Course Lease	$	3,340,389	$	3,702,194
Deferred Compensation		382,599		828,998
Other Post-Retirement Benefits		156,881		186,695
Legal Reserves		—		723,058
Reserve for Tenant Improvements		58,977		—
Other		787,963		680,447

Total Accrued Liabilities	$	4,726,809	$	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 December 31, 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 December 31, 2013, and during the year ended December 31, 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 was paid subsequent to December 31, 2013.

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

12 Months Ended

Dec. 31, 2013

Revenue Recognition [Abstract]

Deferred Revenue

NOTE 13.

DEFERRED REVENUE

Deferred revenue consisted of the following:


	As of
	December 31, 2013		December 31, 2012
Deferred Oil Exploration Lease Revenue	$	2,390,808	$	665,499
Prepaid Rent		698,653		—
Other Deferred Revenue		254,890		185,452

Total Deferred Revenue	$	3,344,351	$	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.

Pension Plan

12 Months Ended

Dec. 31, 2013

Compensation And Retirement Disclosure [Abstract]

Pension Plan

NOTE 14.

PENSION PLAN

The Company maintains a Defined Benefit Pension Plan (the “Pension Plan”) which prior to December 31, 2011 was for all employees who had attained the age of 21 and completed one year of service. The pension benefits were 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 provided 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. 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 year ended December 31, 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 Pension Plan, and, if necessary, for the Company to make the required level of contribution whereby the Pension Plan would have sufficient funds to pay all benefits owed participants and beneficiaries. On January 22, 2014, the Company’s Board of Directors approved the termination of the Pension Plan effective March 31, 2014. Termination of the Pension Plan will be completed through the distribution of the Pension Plan assets to participants and beneficiaries through either the purchase of an annuity from an insurance company or, payment of the benefit owed in a one-time lump sum payment based on a final calculation of benefit as of March 31, 2014. While the Company expects that the aforementioned distribution of the Pension Plan assets will be completed prior to December 31, 2014, 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.

The Company uses a December 31 measurement date.

Following are the components of the Net Period Pension Cost (Benefit):


	December 31,
	2013			2012			2011
Service Cost	$	87,496		$	94,374		$	298,378
Interest Cost		385,884			406,689			455,732
Actual Return on Plan Assets		(1,310,053	)		(932,366	)		(396,687	)
Amortization of Unrecognized Transition Loss (Gain) from Earlier Periods		91,111			69,699			(7,487	)
Amortization of Unrecognized Prior Service Cost		—			—			21,218
Amortization of Net Gain (Loss) from Earlier Periods		736,025			390,400			(129,257	)

Net Periodic Pension Cost (Benefit)	$	(9,537	)	$	28,796		$	241,897

The Company made contributions totaling $84,600 in 2013 and $473,540 in 2012.

The change in projected benefit obligation is as follows:


	December 31,
	2013			2012
Benefit Obligation at Beginning of Year	$	9,827,454		$	9,309,585
Service Cost		87,496			94,374
Interest Cost		385,884			406,689
Actuarial Loss (Gain)		(804,080	)		636,013
Benefits and Plan Expenses Paid		(644,492	)		(619,207	)

Benefit Obligation at End of Year	$	8,852,262		$	9,827,454

The change in plan assets is as follows:


	December 31,
	2013			2012
Fair Value of Plan Assets at Beginning of Year	$	8,509,771		$	7,723,072
Actual Return on Plan Assets		1,310,053			932,366
Employer Contribution		84,600			473,540
Plan Expenses Paid		(71,585	)		(84,131	)
Benefits Paid		(572,907	)		(535,076	)

Fair Value of Plan Assets at End of Year	$	9,259,932		$	8,509,771

The funded status of the pension obligation consists of the following:


	December 31,
	2013			2012
Estimated Pension Benefit Obligation
Projected Benefit Obligation	$	(8,852,262	)	$	(9,827,454	)
Fair Value of Plan Assets		9,259,932			8,509,771

Accrued Net Pension Asset (Obligation)	$	407,670		$	(1,317,683	)

The increase in the Net Pension Asset, is due primarily to gains in the underlying pension assets, as well as a change in the discount rate from 4% to 5%.

The actuarial assumptions made to determine the projected benefit obligation and the fair value of plan assets are as follows:


	December 31,
	2013			2012
Weighted Average Discount Rate		5.00	%		4.00	%
Weighted Average Asset Rate of Return		7.00	%		7.00	%
Compensation Scale		N/A			N/A

The Company uses the “Citigroup Pension Liability Index” to determine the discount rate. The weighted average asset rate of return is primarily based on both historical and projected future returns of the portfolio as a whole.

Amortization Periods

The transition liability (asset), was considered fully amortized as a result of the 2011 curtailment.

The excess of the unrecognized (gain) or loss (if any) over the larger of 10% of the projected benefit obligation or 10% of the market related value of assets is amortized in level amounts over 12.60 years.

The prior service cost re-established on January 1, 2001, was considered fully amortized as a result of the 2011 curtailment.

The prior service cost established on January 1, 2002, was considered fully amortized as a result of the 2011 curtailment.

Funding Policy

Periodic employer contributions are made in conformance with minimum funding requirements and maximum deductible limitations.

Benefit Payments and Other Disbursements

During the measurement period, disbursements from Pension Plan assets were as follows:


	December 31,
	2013		2012
Benefit Payments	$	572,907	$	535,076
Administrative Expenses		71,585		84,131

Total	$	644,492	$	619,207

Unrecognized (Gain) or Loss

The unrecognized (gain) or loss determined subsequent to last year’s measurement date is determined as follows:


Liability loss determined from the January 1, 2013 census and included in this year’s net periodic cost	$	129,024
Asset gain occurring over the measurement period		(736,025	)
Gain due to assumption changes effective as of December 31, 2013		(933,104	)

Total unrecognized gain	$	(1,540,105	)

Plan Assets

The Company’s investment policy for pension funds is to achieve four major objectives as follows:

Growth in the invested assets to maintain future purchasing power;

Provide a stable, increasing stream of investment income to support needs;

Ensure the preservation of asset values equal to or greater than the nominal book value of assets over the intermediate term or a complete economic cycle, whichever is longer; and

Maintain liquidity.

The allocation of investments is targeted at 60% in common equities and 40% in fixed income securities, exclusive of cash and cash equivalents with a typical 10% range of fluctuation. Equity securities primarily include investments in large-cap, mid-cap, and small-cap companies located in the United States and internationally. Fixed income securities primarily include corporate bonds of diversified industries and government bonds primarily located in the United States. No single security, except short-term obligations of the U.S. government, shall constitute more than 4% of consolidated assets.

The Pension Plan’s weighted average asset allocations at December 31, 2013 and 2012 by asset category are as follows:


	December 31,
	2013			2012
Cash and Cash Equivalents		3	%		6	%
Equity Securities		66	%		63	%
Fixed Income Securities		30	%		31	%
Alternative Investments		1	%		0	%

Total		100	%		100	%

The following is a table of the Fair Values of Pension Plan Assets and Fair Value Measurements at December 31, 2013 and 2012 (measured with quoted prices in active markets – Level 1 inputs):


	December 31,
	2013		2012
Cash and Cash Equivalents	$	263,452	$	369,174
Equity Securities		6,134,969		5,305,492
Fixed Income Securities		2,730,912		2,835,105
Alternative Investments		130,599		—

Total	$	9,259,932	$	8,509,771

The long-term rate of return on Pension Plan assets represents an estimate of long-term returns on an investment portfolio consisting of a mixture of equities, fixed income, and alternative investments. When determining the long-term rate of return on Pension Plan assets, the Company considers long-term rates of return on the asset classes (both historical and forecasted) in which the Company expects the pension funds to be invested.

Cash Flows

The Company makes periodic contributions in accordance with minimum funding requirements and maximum allowable deductions. It is estimated that no contribution will be required for 2014.

Estimated Future Benefit Payments

If termination of the Pension Plan is completed prior to December 31, 2014, the benefit payments will have been satisfied, otherwise the following benefit payments, which reflect expected future service as appropriate, would be expected to be paid.


Year Ending December 31,	Amount
2014	$	646,200
2015		659,900
2016		668,100
2017		671,900
2018		671,900
2019-2023		3,522,100

The following assumptions have been made regarding estimated benefit payments:

•

All currently retired participants survive through 2023;

•

All currently active participants survive and retire on their normal retirement dates; and

•

No additional benefits will accrue on or after January 1, 2012.

Post-Retirement Benefit Plans Other Than Pensions

12 Months Ended

Dec. 31, 2013

Text Block [Abstract]

Post-Retirement Benefit Plans Other Than Pensions

NOTE 15.

POST-RETIREMENT BENEFIT PLANS OTHER THAN PENSIONS

Other Post-Retirement Benefits

The Company has a policy regarding post-retirement benefit programs for certain health care and life insurance benefits for eligible retired employees. All full-time employees became eligible to receive life benefits if they retire after reaching age 55 with 20 or more years of service, and supplemental Medicare benefits if they reach age 65 and 20 years of service. The post-retirement health care plan is contributory with retiree contributions adjusted annually; the life insurance plan is non-contributory up to $5,000 of coverage.

The Company recognizes post-retirement expenses in accordance with the “Employers’ Accounting for Post-Retirement Benefits Other Than Pensions Topic of FASB ASC,” which requires that expected costs of post-retirement benefits be charged to expense during the years the employees render service. The accrued post-retirement benefit cost reflected in the consolidated balance sheet in accrued liabilities at December 31, 2013 and 2012, was $156,881 and $186,695, respectively.

Unfunded Deferred Compensation Plans

The Company previously established the Consolidated-Tomoka Land Co. Deferred Compensation Plan for Directors, and for Officers and Key Employees (the “Plans”). Both Plans provide that the Plans may be amended in whole or in part from time to time by the Board of Directors of the Company (the “Board”). At its Board meeting on October 26, 2011, the Board approved an amendment to the Plans to: 1) Freeze the Plans, effective January 1, 2012, to allow no new participants or deferrals into the Plans; and 2) to apply an interest rate of 6.0% to account balances for the year 2011 with the rate to be reviewed annually. An interest rate of 3.0% was applied to account balances for the years ended December 31, 2013 and 2012.

The amount of deferred compensation reflected in accrued liabilities on the consolidated balance sheets at December 31, 2013 and 2012, was $382,599 and $828,998, respectively. Deferred compensation earnings allocated to the deferred compensation balance for the three years ended December 31, 2013, 2012, and 2011, was $13,859, $40,575, and $91,552, respectively.

Stock-Based Compensation

12 Months Ended

Dec. 31, 2013

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-Based Compensation

NOTE 16.

STOCK-BASED COMPENSATION

EQUITY-CLASSIFIED STOCK COMPENSATION

Market Condition Restricted Shares

Under the 2010 Plan, the Company granted to certain employees non-vested restricted stock where vesting is based upon the achievement of certain market conditions, which are defined as 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 stock price as well as assumptions regarding a number of other variables. These variables include expected stock price volatility over the requisite performance term of awards, the relative performance of the Company’s stock price, and shareholder returns to those 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 years ended December 31, 2013 and 2012, is presented below:


Market Condition Non-Vested Restricted Shares	Shares			Wgt. Avg. Fair Value Per Share
Outstanding at December 31, 2011		9,317		$	23.13
Granted		—			—
Vested		—			—
Forfeited/Expired		(1,417	)		23.13

Outstanding at December 31, 2012		7,900			23.13
Granted		—			—
Vested		—			—
Forfeited/Expired		(2,833	)		23.13

Outstanding at December 31, 2013		5,067		$	23.13

As of December 31, 2013, there was approximately $44,000 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 1.9 years.

Market Condition Inducement Grant of Restricted Shares

“Inducement” grants of 96,000 and 17,000 shares of restricted Company common stock were awarded to Mr. Albright and Mr. Patten, in 2011 and 2012, respectively. Mr. Albright’s restricted shares were granted outside of the 2010 Plan while Mr. Patten’s restricted shares were awarded under the 2010 Plan. The Company filed a registration statement with the Securities and Exchange Commission on Form S-8 to register the resale of Mr. Albright’s restricted stock award. The restricted shares will vest in six increments based upon the price per share of Company common stock during the term of their employment (or within 60 days after termination of employment by the Company without cause), meeting or exceeding the target trailing 60-day average closing prices ranging from $36 per share for the first increment to $65 per share for the final increment. If any increment of the restricted shares fails to satisfy the applicable stock price condition prior to six years from the grant date, that increment of the restricted shares will be forfeited.

A summary of the activity for these awards during the years ended December 31, 2013 and 2012, is presented below:


Market Condition Non-Vested Restricted Shares	Shares			Wtd. Avg. Fair Value Per Share
Outstanding at December 31, 2011		96,000		$	18.47
Granted		17,000			18.02
Vested		—			—
Forfeited/Expired		—			—

Outstanding at December 31, 2012		113,000			18.40
Granted		—			—
Vested		(18,500	)		23.89
Forfeited/Expired		—			—

Outstanding at December 31, 2013		94,500		$	17.33

As of December 31, 2013, there was approximately $181,000 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 0.6 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, in 2011 and 2012, respectively, under the 2010 Plan with an exercise price per share equal to the fair market value on their respective grant dates. One-third of the options will vest on each of the first, second, and third anniversaries of their respective grant dates, provided 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 these awards during the years ended December 31, 2013 and 2012, is presented below:


Non-Qualified Stock Option Awards	Shares			Wtd. Avg. Fair Value Per Share		Wtd. Avg. Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding at December 31, 2011		50,000		$	28.90
Granted		10,000			29.34
Exercised		—			—
Forfeited/Expired		—			—

Outstanding at December 31, 2012		60,000			28.97
Granted		51,000			34.95
Exercised		(16,500	)		28.90
Forfeited/Expired		—			—

Outstanding at December 31, 2013		94,500		$	32.21		5.76	$	385,405


Exercisable at December 31, 2012		16,666		$	28.90		8.60	$	35,167

Exercisable at December 31, 2013		19,800		$	28.97		7.70	$	144,870

A summary of the non-vested options for these awards during the years ended December 31, 2013 and 2012, is presented below:


				Fair Value
				of Shares
Non-Qualified Stock Option Awards	Shares			Vested
Non-Vested at December 31, 2011		50,000
Granted		10,000
Vested		(16,666	)	$	(481,647	)

Non-Vested at December 31, 2012		43,334
Granted		51,000
Vested		(19,634	)	$	(568,875	)

Non-Vested at December 31, 2013		74,700

The weighted-average grant-date fair value of options granted during the year ended December 31, 2013 was $6.58. The total intrinsic value of options exercised during the year ended December 31, 2013 was $166,850. As of December 31, 2013, there was approximately $373,000 of unrecognized compensation related to non-qualified, non-vested stock option awards, which will be recognized over a weighted average period of 1.5 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 could be issued. The 2001 Plan is expired, and no new stock options may be issued thereunder. Under the 2001 Plan, both stock options and stock appreciation rights were issued in prior years and such issuances were deemed to be liability-classified awards under the Share-Based Payment Topic of FASB ASC, which are required to be remeasured at fair value at each balance sheet date until the award is settled.

A summary of share option activity under the 2001 Plan during the years ended December 31, 2013 and 2012 is presented below:

Stock Options


Liability-Classified Stock Options	Shares			Wtd. Avg. Fair Value Per Share		Wtd. Avg. Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding at December 31, 2011		205,800		$	53.12
Granted		—			—
Exercised		(5,600	)		20.12
Forfeited/Expired		(119,400	)		55.13

Outstanding at December 31, 2012		80,800			52.43
Granted		—			—
Exercised		(11,600	)		30.39
Forfeited/Expired		(15,400	)		63.58

Outstanding at December 31, 2013		53,800		$	53.99		3.80	$	46,950


Exercisable at December 31, 2012		78,160		$	56.81		3.98	$	21,780

Exercisable at December 31, 2013		53,800		$	53.99		3.80	$	46,950

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 underlying the share at the time of exercise. The total intrinsic value of options exercised during the year ended December 31, 2013 was $82,604.

Stock Appreciation Rights


Liability-Classified Stock Appreciation Rights	Shares			Wtd. Avg. Fair Value Per Share		Wtd. Avg. Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding at December 31, 2011		205,800		$	0.93
Granted		—			—
Exercised		(5,600	)		5.07
Forfeited/Expired		(119,400	)		0.73

Outstanding at December 31, 2012		80,800			1.12
Granted		—			—
Exercised		(11,600	)		4.29
Forfeited/Expired		(15,400	)		0.46

Outstanding at December 31, 2013		53,800		$	1.61		3.80	$	25,281


Exercisable at December 31, 2012		78,160		$	0.92		3.98	$	11,728

Exercisable at December 31, 2013		53,800		$	1.61		3.80	$	25,281

The total intrinsic value of stock appreciation rights exercised during the year ended December 31, 2013 was $44,479.

A summary of the non-vested options for these awards during the years ended December 31, 2013 and 2012, is presented below:


				Fair Value
				of Shares
Liability-Classified Stock Options and Stock Appreciation Rights	Shares			Vested
Non-Vested at December 31, 2011		42,160
Vested		(10,120	)	$	(23,962	)
Forfeited/Expired		(29,400	)

Non-Vested at December 31, 2012		2,640
Vested		(2,640	)	$	(20,038	)

Non-Vested at December 31, 2013		—

The fair value of each share option and stock appreciation right is estimated on the measurement date using the Black-Scholes option pricing model based on assumptions noted in the following table. Expected volatility is based on the historical volatility and other factors of the Company. 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 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 December 31,	2013			2012			2011
Expected Volatility		23.07	%		24.34	%		31.05	%
Expected Dividends		0.11	%		0.13	%		0.15	%
Expected Term		3 years			3 years			2 years
Risk-Free Rate		1.21	%		0.39	%		0.23	%

There were no stock options or stock appreciation rights granted under the 2001 plan in 2013, 2012 or 2011.

The liability for stock options and stock appreciation rights, valued at fair value, reflected on the consolidated balance sheets at December 31, 2013 and 2012, was $247,671 and $265,311, respectively. These fair value measurements are based on Level 2 inputs based on Black-Scholes and market implied volatility. The Black-Scholes determination of fair value is affected by variables including stock price, expected stock price volatility over the term of the awards, annual dividends, and a risk-free interest rate assumption.

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


	Year Ended December 31,
	2013			2012			2011
Total Cost of Share-Based Plans Charged Against
Income (Added To) Before Tax Effect	$	901,447		$	1,047,335		$	253,812

Income Tax Expense (Benefit)
Recognized in Income	$	(347,733	)	$	(404,010	)	$	(97,908	)

The aggregate intrinsic value of options is calculated by taking the current stock price of the Company as of the balance sheet date less the option exercise price, times the respective number of shares outstanding or exercisable, on a weighted average basis. Options with an exercise price greater than the current stock price are excluded from the calculation.

Income Taxes

12 Months Ended

Dec. 31, 2013

Income Tax Disclosure [Abstract]

Income Taxes

NOTE 17.

INCOME TAXES

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


	2013					2012					2011
	Current			Deferred		Current		Deferred			Current		Deferred
Federal	$	(1,817,112	)	$	264,121	$	58,443	$	(269,712	)	$	394,305	$	2,597,799
State		(354,061	)		15,372		335,361		(95,370	)		326,844		413,705

Total	$	(2,171,173	)	$	279,493	$	393,804	$	(365,082	)	$	721,149	$	3,011,504

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

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


	Deferred Tax
	2013			2012
Deferred Income Tax Assets
Depreciation	$	1,899,202		$	2,142,204
Deferred Compensation		147,588			319,786
Charitable Contributions Carryforward		—			252,619
Deferred Oil Lease Income		922,254			256,716
Deferred Lease Expense		1,288,555			1,428,121
Pension and Other Post Retirement Benefits		(48,342	)		593,489
Stock Options		837,156			766,042
Impairment Reserves		1,688,979			1,688,979
Other - Net		40,259			95,856

Gross Deferred Income Tax Assets		6,775,651			7,543,812
Less - Valuation Allowance		(415,453	)		(621,528	)

Net Deferred Income Tax Assets		6,360,198			6,922,284


Deferred Income Tax Liabilities
Sales of Real Estate	$	(37,810,005	)	$	(38,937,151	)
Commercial Mortgage Purchase Discount		(504,886	)		—
Basis Difference in Joint Venture		(342,015	)		(342,638	)
Other - Net		(255,360	)		—

Total Deferred Income Tax Liabilities		(38,912,266	)		(39,279,789	)

Net Deferred Income Tax Liabilities	$	(32,552,068	)	$	(32,357,505	)

In assessing the realizability of deferred income tax assets, Management considers whether it is more likely than not that some portion or all of the deferred income tax assets will not be realized. The ultimate realization of deferred income tax assets is dependent upon the realization of future taxable income during the periods in which those temporary differences become deductible. We consider past history, the scheduled reversal of taxable temporary differences, projected future taxable income, and tax planning strategies in making this assessment. As of December 31, 2013 and 2012, we believe it is more likely than not that a portion of the Company’s deferred income tax assets will not be realized, and accordingly, a valuation allowance has been provided. As of December 31, 2013 and 2012, the valuation allowance was $415,453 and $621,528, respectively.

As of December 31, 2012, the valuation allowance was related to charitable contribution carryforwards and a basis difference in a joint venture with a wholly owned and fully consolidated subsidiary. During the year ended December 31, 2012, the valuation allowance was increased by $14,175 related to charitable contributions. During the year ended December 31, 2013, the valuation allowance decreased by $206,075 due to the expiration of charitable contribution carryforwards, which had previously been reserved. As of December 31, 2013, the valuation allowance relates solely to a basis difference in a joint venture with a wholly owned and fully consolidated subsidiary, and no valuation allowance is provided for charitable contribution carryforwards due to the expectation of full utilization during 2013.

Following is a reconciliation of the income tax computed at the federal statutory rate of 35% for 2013, 2012, and 2011:


	Year ended December 31,
	2013			2012		2011
Income Tax (Expense) Benefit Computed at Federal Statutory Rate	$	(1,558,626	)	$	10,158	$	3,335,956
Increase (Decrease) Resulting from:
State Income Tax, Net of Federal Income Tax Benefit		(149,791	)		8,360		335,779
Tax Exempt Interest Income		—			—		55,922
Adjustment to Valuation Allowance		—			—		(28,810	)
Other Reconciling Items		(183,263	)		10,204		33,806

Benefit (Expense) for Income Taxes	$	(1,891,680	)	$	28,722	$	3,732,653

The effective income tax rate for each of the three years ended December 31, 2013, 2012, and 2011, including income taxes attributable to the discontinued operations, was 41.3%, 36.7% and 39.3%, respectively. There were no changes to unrecognized tax benefits during the years ended December 31, 2013 or 2012. The tax amounts recognized during the year ended December 31, 2011 were impacted by the recognition of previously unrecognized tax benefits of approximately $29,000.

The Company files a consolidated income tax return in the United States Federal jurisdiction and the States of Arizona, Colorado, California, Florida, Illinois, Georgia, Maryland, North Carolina, and Washington. The Internal Revenue Service has audited the federal and state tax returns through the year 2007, with all proposed adjustments settled. The Company recognizes all potential accrued interest and penalties to unrecognized tax benefits in income tax expense. For the year ended December 31, 2013, 2012, and 2011 the Company recognized no uncertain tax positions or accrued interest and penalties for uncertain tax positions.

Net income taxes paid during the year ended December 31, 2013 totaled $1,645,939, with net income taxes refunded during the year ended December 31, 2012 of $177,500.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2013

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

NOTE 18.

COMMITMENTS AND CONTINGENCIES

MINIMUM FUTURE RENTAL PAYMENTS

The Company leases, as lessee, certain equipment, land, and improvements under operating leases.

Minimum future rental payments under non-cancelable operating leases having remaining terms in excess of one year as of December 31, 2013, are summarized as follows:


Year Ending December 31,	Amounts
2014	$	673,653
2015		678,179
2016		494,625
2017		269,528
2018		274,245
2019 and thereafter (cumulative)		1,046,698

Total	$	3,436,928

Rental expense under all operating leases amounted to approximately $402,000, $666,000, and $902,000, for the years ended December 31, 2013, 2012, and 2011, respectively.

MINIMUM FUTURE RENTAL RECEIPTS

Additionally, the Company, as lessor, leases certain land, buildings, and improvements under operating leases.

Minimum future rental receipts under non-cancelable operating leases having remaining terms in excess of one year as of December 31, 2013, are summarized as follows:


Year Ending December 31,	Amounts
2014	$	12,498,722
2015		12,440,778
2016		12,401,759
2017		10,539,435
2018		10,601,691
2019 and thereafter (cumulative)		70,956,333

Total	$	129,438,718

LEGAL PROCEEDINGS

From time to time, the Company may be a party to certain legal proceedings, incidental to the normal course of our 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 (the “District”) 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 the District, 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 the District 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 the District 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, the District 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. Specifically, in its initial project plans, the North Carolina Department of Transportation (“NCDOT”) indicated that the relevant intersection would not remain all-access. The Company does not believe the road modifications provide a basis for Harris Teeter to terminate the Lease. On November 6, 2012, the Company filed its response to the condemnation pleadings. In January 2013, NCDOT proposed to redesign the road modifications to keep the all access intersection open for ingress with no change to the planned limitation on egress to 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 requires NCDOT and Charlotte to obtain additional public funding. The trial in this matter was initially scheduled for the week of September 16, 2013, with mediation to occur prior to July 22, 2013. In light of the proposed redesign, the trial was continued until April 2014, with mediation to occur prior thereto. Because construction is not yet underway, the Company anticipates that the trial and mediation will be continued again.

In May 2010, the Company filed a lawsuit in the Circuit Court, Seventh Judicial Circuit, in and for Volusia County, Florida (“Circuit Court”), 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 a final judgment 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 (“Appellate Court”), Fifth District regarding the Circuit Court’s determination in the matter of priority. On October 29, 2013, the Appellate Court affirmed 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. On December 3, 2013, the Circuit Court entered a Second Amended Final Judgment of Foreclosure in Accordance with the Appellate Court’s Mandate, which, among other things, set the date of the Company’s foreclosure sale to occur on January 29, 2014. On January 29, 2014, the Company’s approximately $4.7 million claim for un-reimbursed costs and accrued interest was satisfied through the successful foreclosure of approximately 600 acres of land.

CONSTRUCTION COMMITMENTS

In September 2013, the Company entered into a construction agreement for the construction of 30,720 square feet of flex office space in a two-building property referred to as Williamson Business Park. The total estimated costs of construction of the buildings pursuant to the agreement as well as tenant improvements required by the first lease signed for 7,700 square feet totals approximately $2.1 million. As of December 31, 2013, approximately $987,000 in costs have been incurred which are reported as construction in progress in the consolidated balance sheets. The remaining commitment as of December 31, 2013 is approximately $1.1 million.

In conjunction with the Company’s sale of approximately 3.4 acres of land to RaceTrac in December 2013, the Company agreed to reimburse RaceTrac for a portion of the costs for road improvements and the other costs associated with bringing multiple ingress/egress points to the entire 23 acre Williamson Crossing site, including the Company’s remaining 19.6 acres. The estimated cost for the improvements equals approximately $1.26 million and the Company’s commitment is to reimburse RaceTrac in an amount equal to the lesser of 77.5% of the actual costs or $976,500, and can be paid over the next five years from sales of the remaining land or at the end of the fifth year. As of December 31, 2013, the Company deposited $283,500 of cash in escrow related to the improvements which is classified as restricted cash in the consolidated balance sheets. Accordingly, as of December 31, 2013, the remaining maximum commitment is $693,000.

Business Segment Data

12 Months Ended

Dec. 31, 2013

Segment Reporting [Abstract]

Business Segment Data

NOTE 19.

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 67.1% and 70.8% of our identifiable assets as of December 31, 2013 and 2012, respectively, and 49.6%, 52.1%, and 59.2% of our consolidated revenues for the years ended December 31, 2013, 2012, and 2011, respectively. Our commercial mortgage loan investment consisted of one loan collateralized by a hotel property in Atlanta, Georgia as of December 31, 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 of Daytona Beach, 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 different segments for the years ended December 31, 2013, 2012, and 2011 is as follows:


	Year Ended December 31,
	2013			2012			2011
Revenues:
Income Properties	$	12,828,214		$	8,463,082		$	7,679,224
Commercial Mortgage Loan		1,712,913			—			—
Real Estate Operations		5,945,510			3,098,840			501,626
Golf Operations		5,074,898			4,506,069			4,660,802
Agriculture and Other Income		276,309			164,979			124,776

Total Revenues	$	25,837,844		$	16,232,970		$	12,966,428


Operating Income (Loss):
Income Properties	$	11,494,240		$	7,786,986		$	7,152,265
Commercial Mortgage Loan		1,712,913			—			—
Real Estate Operations		2,291,609			2,393,778			(250,504	)
Golf Operations		(412,177	)		(887,564	)		(1,332,835	)
Agriculture and Other		127,949			(33,855	)		(526,647	)
General and Corporate Expenses		(8,935,157	)		(8,395,444	)		(14,010,971	)

Total Operating Income (Loss)	$	6,279,377		$	863,901		$	(8,968,692	)


Identifiable Assets:
Income Properties	$	151,682,578		$	130,726,326		$	116,943,722
Commercial Mortgage Loan		18,887,979			—			—
Real Estate Operations		29,929,179			34,161,944			34,529,445
Golf Operations		3,269,212			3,230,225			2,858,448
Agriculture and Other		22,414,732			16,578,405			15,934,188

Total Assets	$	226,183,680		$	184,696,900		$	170,265,803


Depreciation and Amortization:
Income Properties	$	2,650,310		$	1,742,589		$	1,500,511
Commercial Mortgage Loan		—			—			—
Real Estate Operations		—			—			—
Golf Operations		205,097			173,110			359,743
Agriculture and Other		29,910			94,806			337,215

Total Depreciation and Amortization	$	2,885,317		$	2,010,505		$	2,197,469


Capital Expenditures:
Income Properties	$	40,418,981		$	25,945,926		$	2,493,663
Commercial Mortgage Loan		17,658,204			—			—
Real Estate Operations		—			—			—
Golf Operations		223,690			343,969			267,273
Agriculture and Other		146,165			105,729			566,410

Total Capital Expenditures	$	58,447,040		$	26,395,624		$	3,327,346

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 years ended December 2013, 2012, and 2011. 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
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 33
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 35
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 29
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599

+ Details

Subsequent Events

12 Months Ended

Dec. 31, 2013

Subsequent Events [Abstract]

Subsequent Events

NOTE 20.

SUBSEQUENT EVENTS

The Company reviewed all subsequent events and transactions that have occurred after December 31, 2013, the date of the consolidated balance sheet.

On January 6, 2014, the commercial first mortgage loan principal of $19.5 million was paid in full. The total revenue recognized in January 2014 is approximately $851,000 including the remaining accretion of the purchase discount of approximately $650,000, interest income of approximately $35,000, and an exit fee of approximately $196,000, offset by the remaining amortization of fees of approximately $30,000. On January 10, 2014, the Company paid down the outstanding balance of the Credit Facility by $18 million utilizing proceeds from the payoff of the commercial first mortgage loan.

On January 29, 2014, the Company successfully foreclosed on approximately 600 acres of land west of I-95. The foreclosure satisfied the Company’s approximate $4.7 million claim for un-reimbursed road costs and accrued interest, which was subject to a judgment from 2012. The Company originally sold the land to a residential developer in 2004. The Company believes that the property’s proximity to the Company’s LPGA International golf club, the USTA’s tennis facility, Champion Elementary School, and I-95 and I-4 makes the property attractive as a residential community development.

On January 31, 2014, the Company acquired a mezzanine loan secured by the borrowers’ equity interest in an upper upscale hotel in Atlanta, Georgia, that was previously subject to the Company’s first commercial mortgage loan investment. The Company purchased the $5.0 million performing loan at par. The loan matures in February 2019 and bears a fixed interest rate of 12.00% per annum.

On February 18, 2014, the Company sold approximately 3.06 acres to Halifax Humane Society, Inc. for $391,500 or approximately $128,000 per acre for a gain of approximately $340,000.

There were no other reportable subsequent events or transactions.

Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2013

Real Estate And Accumulated Depreciation Disclosure [Abstract]

Real Estate and Accumulated Depreciation

SCHEDULE III

REAL ESTATE AND ACCUMULATED DEPRECIATION

FOR THE YEAR ENDED DECEMBER 31, 2013


	Initial Cost to Company						Costs Capitalized Subsequent to Acquisition
Description	Encumbrances		Land		Buildings & Improvements		Improvements		Carrying Costs
	$		$		$		$		$
Income Properties:
Bank of America, Garden Grove, CA		1,840,985		1,745,447		1,454,531		—		—
Bank of America, La Habra, CA		1,236,866		571,573		1,578,333		—		—
Bank of America, Laguna, CA		1,657,646		1,231,328		1,649,972		—		—
Bank of America, Los Alamitos, CA		922,796		771,976		832,016		—		—
Bank of America, Puerta Real Mission Viejo, CA		734,920		523,539		753,890		—		—
Bank of America, Trabuca Mission Viejo, CA		1,115,623		544,713		1,394,450		—		—
Bank of America, Walnut, CA		1,298,571		1,043,050		1,214,110		—		—
Bank of America, Westminster, CA		1,744,565		1,950,902		1,081,480		—		—
Bank of America, Yorba Linda, CA		1,003,175		1,245,514		498,193		—		—
Barnes & Noble, Daytona Beach, FL		—		1,798,600		3,803,000		—		—
Best Buy, McDonough, GA		—		2,622,682		3,150,000		—		—
Big Lots, Germantown, MD		—		1,781,918		2,951,231		—		—
Big Lots, Phoenix, AZ		—		1,715,717		3,050,164		—		—
Buffalo Wild Wings, Phoenix, AZ		987,715		1,716,834		—		—		—
CVS, Clermont, FL		—		1,493,985		1,452,823				—
CVS, Melbourne, FL		—		1,567,788		919,186		—		—
CVS, Sanford, FL		—		1,565,176		1,890,671		—		—
CVS, Sanford, FL		—		2,345,694		1,275,625		—		—
CVS, Sebastian, FL		—		2,205,709		1,288,995		—		—
CVS, Sebring, FL		—		1,312,472		1,722,559		—		—
CVS, Tallahassee, FL		2,112,360		590,800		1,595,000		1,485,878		—
CVS, Vero Beach, FL		—		3,113,661		1,312,235		—		—
Dick’s Sporting Goods, McDonough, GA		—		3,934,022		4,725,000		—		—
Harris Teeter Supermarket, Charlotte, NC		—		5,601,837		3,409,338		—		—
Hilton Resorts Corporation (Office), Orlando, FL		5,252,926		2,810,942		6,590,681		—		—
Hilton Resorts Corporation (Office), Orlando, FL		2,047,074		1,210,138		2,453,690		—		—
JPMorgan Chase Bank, Chicago, IL		2,029,983		3,528,492		—		—		—
Lowe’s Corporation, Lexington, NC		—		5,048,640		4,548,880		—		—
PNC Bank, Altamonte Springs, FL		—		3,435,502		410,961		—		—
Rite Aid, Renton, WA		—		2,036,235		4,148,415		—		—
Walgreens, Alpharetta, GA		—		3,265,623		1,406,160		—		—
Walgreens, Apopka, FL		—		2,390,532		1,354,080		—		—
Walgreens, Boulder, CO		3,963,967		3,474,934		3,415,186		—		—
Walgreens, Clermont, FL		—		3,021,665		1,269,449		—		—
Walgreens, Palm Bay, FL		2,450,828		1,102,640		3,157,360		—		—
Mason Commerce Center, Daytona Beach, FL		—		132,609		2,554,055		1,495,845		—
Concierge Office Building, Daytona Beach, FL		—		293,872		2,862,171		—		—
Land, Timber, and Subsurface Interests		—		4,203,083		—		10,471,313		617,515

		30,400,000		78,949,844		77,173,890		13,453,036		617,515

Gross Amount at Which

Carried at Close of Period

December 31, 2013


	Land		Buildings		Total		Depreciation		Construction	Acquired	Life
	$		$		$		$
Income Properties:
Bank of America, Garden Grove, CA		1,745,447		1,454,531		3,199,978		39,394	N/A	12/13/12	40 Yrs.
Bank of America, La Habra, CA		571,573		1,578,333		2,149,906		39,404	N/A	12/13/12	40 Yrs.
Bank of America, Laguna Beach, CA		1,231,328		1,649,972		2,881,300		44,687	N/A	12/13/12	40 Yrs.
Bank of America, Los Alamitos, CA		771,976		832,016		1,603,992		20,800	N/A	12/13/12	40 Yrs.
Bank of America, Mission Viejo, CA (Puerta Real)		523,539		753,890		1,277,429		20,418	N/A	12/13/12	40 Yrs.
Bank of America, Mission Viejo, CA (Trabuco)		544,713		1,394,450		1,939,163		37,766	N/A	01/03/13	40 Yrs.
Bank of America, Walnut, CA		1,043,050		1,214,110		2,257,160		30,353	N/A	01/03/13	40 Yrs.
Bank of America, Westminster, CA		1,950,902		1,081,480		3,032,382		29,290	N/A	01/03/13	40 Yrs.
Bank of America, Yorba Linda, CA		1,245,514		498,193		1,743,707		12,505	N/A	01/03/13	40 Yrs.
Barnes & Noble, Daytona Beach, FL		1,798,600		3,803,000		5,601,600		1,235,975	N/A	12/15/05	40 Yrs.
Best Buy, McDonough, GA		2,622,682		3,150,000		5,772,682		587,348	N/A	06/15/06	40 Yrs.
Big Lots, Germantown, MD		1,781,918		2,951,231		4,733,149		24,594	N/A	09/13/13	40 Yrs.
Big Lots, Phoenix, AZ		1,715,717		3,050,164		4,765,881		69,900	N/A	01/23/13	40 Yrs.
Buffalo Wild Wings, Phoenix, AZ		1,716,834		—		1,716,834		—	N/A	09/30/12	N/A
CVS, Clermont, FL		1,493,985		1,452,823		2,946,808		404,300	N/A	11/22/02	40 Yrs.
CVS, Melbourne, FL		1,567,788		919,186		2,486,974		248,946	N/A	03/05/03	40 Yrs.
CVS, Sanford, FL		1,565,176		1,890,671		3,455,847		575,079	N/A	11/15/01	40 Yrs.
CVS, Sanford, FL		2,345,694		1,275,625		3,621,319		320,270	N/A	09/17/03	40 Yrs.
CVS, Sebastian, FL		2,205,709		1,288,995		3,494,704		312,292	N/A	04/23/04	40 Yrs.
CVS, Sebring, FL		1,312,472		1,722,559		3,035,031		470,115	N/A	02/04/03	40 Yrs.
CVS, Tallahassee, FL		2,076,678		1,595,000		3,671,678		564,654	N/A	12/13/00	40 Yrs.
CVS, Vero Beach, FL		3,113,661		1,312,235		4,425,896		281,584	N/A	06/02/05	40 Yrs.
Dick’s Sporting Goods, McDonough, GA		3,934,022		4,725,000		8,659,022		905,621	N/A	06/15/06	40 Yrs.
Harris Teeter Supermarket, Charlotte, NC		5,601,837		3,409,338		9,011,175		490,093	N/A	04/17/08	40 Yrs.
Hilton Resorts Corporation (Office), Orlando, FL		2,810,942		6,590,681		9,401,623		58,108	N/A	01/30/13	40 Yrs.
Hilton Resorts Corporation (Office), Orlando, FL		1,210,138		2,453,690		3,663,828		149,118	N/A	01/30/13	40 Yrs.
JPMorgan Chase Bank, Chicago, IL		3,528,492		—		3,528,492		—	N/A	11/30/12	N/A
Lowe’s Corporation, Lexington, NC		5,048,640		4,548,880		9,597,520		1,014,021	N/A	01/20/05	40 Yrs.
PNC Bank, Altamonte Springs, FL		3,435,502		410,961		3,846,463		89,042	N/A	05/25/05	40 Yrs.
Rite Aid, Renton, WA		2,036,235		4,148,415		6,184,650		43,213	N/A	07/25/13	40 Yrs.
Walgreens, Alpharetta, GA		3,265,623		1,406,160		4,671,783		342,752	N/A	03/31/04	40 Yrs.
Walgreens, Apopka, FL		2,390,532		1,354,080		3,744,612		330,057	N/A	03/29/04	40 Yrs.
Walgreens, Boulder, CO		3,474,934		3,415,186		6,890,120		304,139	N/A	04/11/12	40 Yrs.
Walgreens, Clermont, FL		3,021,665		1,269,449		4,291,114		993,253	N/A	05/27/04	40 Yrs.
Walgreens, Palm Bay, FL		1,102,640		3,157,360		4,260,000		149,414	N/A	02/12/03	40 Yrs.
Mason Commerce Center, Daytona Beach, FL		1,628,454		2,554,055		4,182,509		831,707	09/01/08	N/A	40 Yrs.
Concierge Office Building, Daytona Beach, FL		293,872		2,862,171		3,156,043		465,685	07/01/09	N/A	40 Yrs.
Land, Timber, and Subsurface Interests		15,291,911		—		15,291,911		451,052	Various	N/A

		93,020,395		77,173,890		170,194,285		11,986,949

REAL ESTATE AND ACCUMULATED DEPRECIATION

FOR THE YEAR ENDED DECEMBER 31, 2013


	2013			2012			2011
	$			$			$
Cost:

Balance at Beginning of Year		151,226,811			134,561,058			134,705,516
Additions and Improvements		36,607,950			24,552,841			3,050,496
Adjust to Fair Value		—			—			(68,454	)
Cost of Real Estate Sold		(17,640,476	)		(7,887,088	)		(3,126,500	)

Balance at End of Year		170,194,285			151,226,811			134,561,058


	$			$			$
Accumulated Depreciation:

Balance at Beginning of Year		11,135,501			10,089,354			9,136,562
Depreciation and Amortization		2,066,386			1,539,990			1,470,947
Depreciation on Real Estate Sold		(1,214,938	)		(493,843	)		(518,155	)

Balance at End of Year		11,986,949			11,135,501			10,089,354


(1) Reconciliation to Consolidated Balance Sheet at December 31, 2013
Land, Timber, and Subsurface Interests								15,291,911
Income Properties: Land Buildings, and Improvements								154,902,374

								170,194,285
(2) Cost Basis of Assets Classified as Held for Sale on Balance Sheet								—

Total Per Schedule								170,194,285

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2013

Business Combinations [Abstract]

Principles of Consolidation

PRINCIPLES OF CONSOLIDATION

Nature of Operations

NATURE OF OPERATIONS

Use of Estimates in Preparation of Financial Statements

USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS

Cash and Cash Equivalents

CASH AND CASH EQUIVALENTS

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

Fair Value of Financial Instruments

FAIR VALUE OF FINANCIAL INSTRUMENTS

Fair Value Measurements

FAIR VALUE MEASUREMENTS

•

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

•

Restricted Cash

RESTRICTED CASH

Accounts Receivable

ACCOUNTS RECEIVABLE

Investment Securities

INVESTMENT SECURITIES

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

Purchase Accounting for Acquisitions of Real Estate Subject to a Lease

PURCHASE ACOUNTING FOR ACQUISITIONS OF REAL ESTATE SUBJECT TO A LEASE

Land and Development Costs

LAND AND DEVELOPMENT COSTS

Assets Held for Sale

ASSETS HELD FOR SALE

Property, Plant, and Equipment

PROPERTY, PLANT, AND EQUIPMENT

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


Golf Buildings and Improvements			10-43 Years
Golf Equipment			5-10 Years
Income Properties Buildings and Improvements			40 Years
Other Furnishings and Equipment			5-25 Years
Agriculture Equipment			5-10 Years

Long-Lived Assets

LONG-LIVED ASSETS

Sale of Real Estate

SALE OF REAL ESTATE

Income Properties

INCOME PROPERTIES

The rental of the Company’s income properties are classified as operating leases. The Company recognizes lease income on these properties on a straight-line basis over the term of the lease.

Operating Lease Expense

OPERATING LEASE EXPENSE

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

Golf Operations

GOLF OPERATIONS

Other Real Estate Interests

OTHER REAL ESTATE INTERESTS

Stock-Based Compensation

STOCK-BASED COMPENSATION

Both the non-qualified stock option award and the restricted share award were determined to be equity-based awards under the Share-Based Payment Topic of FASB ASC.

Income Taxes

INCOME TAXES

Earnings Per Common Share

EARNINGS PER COMMON SHARE

Concentration of Credit Risk

CONCENTRATION OF CREDIT RISK

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

Derivative Instrument and Certain Hedging Activity

DERIVATIVE INSTRUMENT AND CERTAIN HEDGING ACTIVITY

Recently Issued Accounting Standards

RECENTLY ISSUED ACCOUNTING STANDARDS

Reclassifications

RECLASSIFICATIONS

Business Combinations

In connection with the acquisition of two of the nine income properties acquired during the year ended December 31, 2013, the Company expensed approximately $90,000 of acquisition costs, in accordance FASB ASC 805 “Business Combinations.” These acquisitions costs are included in income properties expense in the consolidated financial statements.

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2013

Accounting Policies [Abstract]

Schedule of Estimated Useful Lives for Property, Plant, and Equipment

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


Golf Buildings and Improvements			10-43 Years
Golf Equipment			5-10 Years
Income Properties Buildings and Improvements			40 Years
Other Furnishings and Equipment			5-25 Years
Agriculture Equipment			5-10 Years

Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2013

Discontinued Operations And Disposal Groups [Abstract]

Summary of Income from Discontinued Operations

The following is a summary of income from discontinued operations:


	Year ended December 31,
	2013			2012			2011
Leasing Revenue and Other Income	$	699,486		$	1,535,854		$	2,085,882
Costs and Other Expenses		(89,270	)		(211,524	)		(385,881	)

Income from Operations		610,216			1,324,330			1,700,001
Impairment Charges		—			(426,794	)		(68,454	)
Gain on Sale of Property		1,215,928			78,455			146,977

Income before Income Tax		1,826,144			975,991			1,778,524
Income Tax		(704,435	)		(376,488	)		(686,066	)

Income from Discontinued Operations	$	1,121,709		$	599,503		$	1,092,458

- 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)

12 Months Ended

Dec. 31, 2013

Receivables [Abstract]

Summary of Commercial Mortgage Loan Portfolio

The Company’s commercial mortgage loan portfolio comprised the following at December 31, 2013:


Description	Date of Investment		Maturity Date		Original Face Amount		Current Face Amount		Carrying Value		Coupon Rate			Property Size
Hotel – Atlanta, GA		August 2013		March 2014	$	19,560,000	$	19,465,000	$	18,845,053		30-day LIBOR plus 4.50	%		110 rooms


Total					$	19,560,000	$	19,465,000	$	18,845,053

Carrying Value of the Commercial Mortgage Loan

The carrying value of the commercial mortgage loan as of December 31, 2013 consisted of the following:


	Total
Current Face Amount	$	19,465,000
Unamortized Fees		29,711
Unaccreted Purchase Discount		(649,658	)

Total Commercial Mortgage Loan	$	18,845,053

Land and Subsurface Interests (Tables)

12 Months Ended

Dec. 31, 2013

Real Estate [Abstract]

Summary of Land and Development Costs

Land and development costs at December 31, 2013 and 2012, are summarized as follows:


	December 31,
	2013		2012
Undeveloped Land	$	301,780	$	1,004,607
Developed Land and Development Costs		23,467,134		26,843,918

Total Land and Development Costs	$	23,768,914	$	27,848,525

Investment Securities (Tables)

12 Months Ended

Dec. 31, 2013

Investments Debt And Equity Securities [Abstract]

Summary of Available for Sale Securities

Available-for-Sale securities consist of the following:


	Year Ended December 31, 2013
	Cost		Gains in Accumulated Other Comprehensive Income		Losses in Accumulated Other Comprehensive Income		Estimated Fair Value (Level 1 Inputs)
Preferred Stock	$	729,814	$	—	$	—	$	729,814

Total Equity Securities	$	729,814	$	—	$	—	$	729,814

Total Available-for-Sale Securities	$	729,814	$	—	$	—	$	729,814

Summary of Sale of Investment Securities and Losses

Following is a table reflecting the sale of investment securities and losses recognized during the three years ended December 31, 2013, 2012, and 2011:


	Year Ended December 31,
	2013		2012		2011
Proceeds from the Disposition of Investment Securities	$	—	$	—	$	6,929,493
Cost Basis of Investment Securities Sold		—		—		(7,069,929	)

Loss recognized in Statement of Operations on the Disposition of Investment Securities	$	—	$	—	$	(140,436	)

- Definition

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

+ References + Details

- Definition

Tabular disclosure of the realized and unrealized gains and losses reported in the statement of income which have resulted from the sale and holding of marketable securities, respectively, as well as the sale or disposal of cost method investments. Such amounts would include realized gains and losses on the sale or disposal of trading, available-for-sale, and held-to-maturity securities, unrealized gains and losses on trading securities, unrealized gains and losses on available-for-sale and held-to-maturity securities transferred to the trading securities category, realized gains and losses on the sale or disposal of cost method investments, and losses recognized for other than temporary impairments (OTTI) of such investments.

+ References + Details

Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2013

Fair Value Disclosures [Abstract]

Summary of Carrying Value and Estimated Fair Value of Financial Instruments


	December 31, 2013				December 31, 2012
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Cash and Cash Equivalents	$	4,932,512	$	4,932,512	$	1,301,739	$	1,301,739
Restricted Cash		366,645		366,645		—		—
Investment Securities		729,814		729,814		—		—
Commercial Mortgage Loan		18,845,053		19,297,110		—		—
Long-Term Debt		63,227,032		63,227,032		29,126,849		29,126,849

Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2013

Goodwill And Intangible Assets Disclosure [Abstract]

Summary of Estimated Amortization Expense

The estimated amortization expense for each of the calendar years 2014–2018 is as follows:


Year Ending December 31,	Amount
2014	$	676,518
2015		676,518
2016		638,430
2017		547,676
2018		539,988
Thereafter		3,280,308

Total	$	6,359,438

Common Stock and Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2013

Earnings Per Share [Abstract]

Summary of Common Stock and Earnings Per Share


	Year Ended December 31,
	2013		2012			2011
Income Available to Common Shareholders:
Income (Loss) from Continuing Operations	$	2,561,538	$	(301	)	$	(5,798,649	)
Discontinued Operations		1,121,709		599,503			1,092,458

Net Income (Loss)	$	3,683,247	$	599,202		$	(4,706,191	)

Weighted Average Shares Outstanding		5,739,383		5,717,937			5,724,147
Common Shares Applicable to Stock
Options Using the Treasury Stock Method		3,754		—			—

Total Shares Applicable to Diluted Earnings Per Share		5,743,137		5,717,937			5,724,147

Per Share Information:
Basic Net Income (Loss) Per Share
Income (Loss) from Continuing Operations	$	0.44	$	—		$	(1.01	)
Discontinued Operations		0.20		0.10			0.19

Net Income (Loss)	$	0.64	$	0.10		$	(0.82	)

Diluted Net Income (Loss) Per Share:
Income (Loss) from Continuing Operations	$	0.44	$	—		$	(1.01	)
Discontinued Operations		0.20		0.10			0.19

Net Income (Loss)	$	0.64	$	0.10		$	(0.82	)

Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2013

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

Long-term debt consisted of the following:


	December 31, 2013
	Total		Due Within One Year
Credit Facility	$	32,827,032	$	—
Mortgage Note Payable (originated with UBS)		7,300,000		—
Mortgage Note Payable (originated with BOA)		23,100,000		—

Total Long-Term Debt	$	63,227,032	$	—

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		32,827,032
2017		—
2018		7,300,000
Thereafter		23,100,000

Total Long-Term Debt	$	63,227,032

- 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

Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2013

Payables And Accruals [Abstract]

Summary of Accrued Liabilities

Accrued liabilities consist of the following:


	As of
	December 31, 2013		December 31, 2012
Golf Course Lease	$	3,340,389	$	3,702,194
Deferred Compensation		382,599		828,998
Other Post-Retirement Benefits		156,881		186,695
Legal Reserves		—		723,058
Reserve for Tenant Improvements		58,977		—
Other		787,963		680,447

Total Accrued Liabilities	$	4,726,809	$	6,121,392

Deferred Revenue (Tables)

12 Months Ended

Dec. 31, 2013

Revenue Recognition [Abstract]

Summary of Deferred Revenue

Deferred revenue consisted of the following:


	As of
	December 31, 2013		December 31, 2012
Deferred Oil Exploration Lease Revenue	$	2,390,808	$	665,499
Prepaid Rent		698,653		—
Other Deferred Revenue		254,890		185,452

Total Deferred Revenue	$	3,344,351	$	850,951

Pension Plan (Tables)

12 Months Ended

Dec. 31, 2013

Compensation And Retirement Disclosure [Abstract]

Summary of Components of Net Periodic Pension Cost (Benefit)

Following are the components of the Net Period Pension Cost (Benefit):


	December 31,
	2013			2012			2011
Service Cost	$	87,496		$	94,374		$	298,378
Interest Cost		385,884			406,689			455,732
Actual Return on Plan Assets		(1,310,053	)		(932,366	)		(396,687	)
Amortization of Unrecognized Transition Loss (Gain) from Earlier Periods		91,111			69,699			(7,487	)
Amortization of Unrecognized Prior Service Cost		—			—			21,218
Amortization of Net Gain (Loss) from Earlier Periods		736,025			390,400			(129,257	)

Net Periodic Pension Cost (Benefit)	$	(9,537	)	$	28,796		$	241,897

Schedule of Changes in Projected Benefit Obligations

The change in projected benefit obligation is as follows:


	December 31,
	2013			2012
Benefit Obligation at Beginning of Year	$	9,827,454		$	9,309,585
Service Cost		87,496			94,374
Interest Cost		385,884			406,689
Actuarial Loss (Gain)		(804,080	)		636,013
Benefits and Plan Expenses Paid		(644,492	)		(619,207	)

Benefit Obligation at End of Year	$	8,852,262		$	9,827,454

Schedule of Changes in Fair Value of Plan Assets

The change in plan assets is as follows:


	December 31,
	2013			2012
Fair Value of Plan Assets at Beginning of Year	$	8,509,771		$	7,723,072
Actual Return on Plan Assets		1,310,053			932,366
Employer Contribution		84,600			473,540
Plan Expenses Paid		(71,585	)		(84,131	)
Benefits Paid		(572,907	)		(535,076	)

Fair Value of Plan Assets at End of Year	$	9,259,932		$	8,509,771

Schedule of Funded Status of the Pension Obligation

The funded status of the pension obligation consists of the following:


	December 31,
	2013			2012
Estimated Pension Benefit Obligation
Projected Benefit Obligation	$	(8,852,262	)	$	(9,827,454	)
Fair Value of Plan Assets		9,259,932			8,509,771

Accrued Net Pension Asset (Obligation)	$	407,670		$	(1,317,683	)

Schedule of Projected Benefit Obligation and Fair Value of Plan Assets

The actuarial assumptions made to determine the projected benefit obligation and the fair value of plan assets are as follows:


	December 31,
	2013			2012
Weighted Average Discount Rate		5.00	%		4.00	%
Weighted Average Asset Rate of Return		7.00	%		7.00	%
Compensation Scale		N/A			N/A

Schedule of Disbursements from Plan Assets

During the measurement period, disbursements from Pension Plan assets were as follows:


	December 31,
	2013		2012
Benefit Payments	$	572,907	$	535,076
Administrative Expenses		71,585		84,131

Total	$	644,492	$	619,207

Schedule of Unrecognized (Gain) or Loss

The unrecognized (gain) or loss determined subsequent to last year’s measurement date is determined as follows:


Liability loss determined from the January 1, 2013 census and included in this year’s net periodic cost	$	129,024
Asset gain occurring over the measurement period		(736,025	)
Gain due to assumption changes effective as of December 31, 2013		(933,104	)

Total unrecognized gain	$	(1,540,105	)

Schedule of Plan's Weighted Average Asset Allocations

The Pension Plan’s weighted average asset allocations at December 31, 2013 and 2012 by asset category are as follows:


	December 31,
	2013			2012
Cash and Cash Equivalents		3	%		6	%
Equity Securities		66	%		63	%
Fixed Income Securities		30	%		31	%
Alternative Investments		1	%		0	%

Total		100	%		100	%

Schedule of Fair Values of Plan Assets and Fair Value Measurements

The following is a table of the Fair Values of Pension Plan Assets and Fair Value Measurements at December 31, 2013 and 2012 (measured with quoted prices in active markets – Level 1 inputs):


	December 31,
	2013		2012
Cash and Cash Equivalents	$	263,452	$	369,174
Equity Securities		6,134,969		5,305,492
Fixed Income Securities		2,730,912		2,835,105
Alternative Investments		130,599		—

Total	$	9,259,932	$	8,509,771

Schedule of Estimated Future Benefit Payments

The following benefit payments, which reflect expected future service as appropriate, would be expected to be paid.


Year Ending December 31,	Amount
2014	$	646,200
2015		659,900
2016		668,100
2017		671,900
2018		671,900
2019-2023		3,522,100

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2013

Summary of Stock Based Compensation Activity

A summary of activity during the years ended December 31, 2013 and 2012, is presented below:


Market Condition Non-Vested Restricted Shares	Shares			Wgt. Avg. Fair Value Per Share
Outstanding at December 31, 2011		9,317		$	23.13
Granted		—			—
Vested		—			—
Forfeited/Expired		(1,417	)		23.13

Outstanding at December 31, 2012		7,900			23.13
Granted		—			—
Vested		—			—
Forfeited/Expired		(2,833	)		23.13

Outstanding at December 31, 2013		5,067		$	23.13

Summary of Market Condition Inducement Grant of Restricted Shares

A summary of the activity for these awards during the years ended December 31, 2013 and 2012, is presented below:


Market Condition Non-Vested Restricted Shares	Shares			Wtd. Avg. Fair Value Per Share
Outstanding at December 31, 2011		96,000		$	18.47
Granted		17,000			18.02
Vested		—			—
Forfeited/Expired		—			—

Outstanding at December 31, 2012		113,000			18.40
Granted		—			—
Vested		(18,500	)		23.89
Forfeited/Expired		—			—

Outstanding at December 31, 2013		94,500		$	17.33

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

A summary of the activity for these awards during the years ended December 31, 2013 and 2012, is presented below:


Non-Qualified Stock Option Awards	Shares			Wtd. Avg. Fair Value Per Share		Wtd. Avg. Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding at December 31, 2011		50,000		$	28.90
Granted		10,000			29.34
Exercised		—			—
Forfeited/Expired		—			—

Outstanding at December 31, 2012		60,000			28.97
Granted		51,000			34.95
Exercised		(16,500	)		28.90
Forfeited/Expired		—			—

Outstanding at December 31, 2013		94,500		$	32.21		5.76	$	385,405


Exercisable at December 31, 2012		16,666		$	28.90		8.60	$	35,167

Exercisable at December 31, 2013		19,800		$	28.97		7.70	$	144,870

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 during the years ended December 31, 2013 and 2012 is presented below:

Stock Options


Liability-Classified Stock Options	Shares			Wtd. Avg. Fair Value Per Share		Wtd. Avg. Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding at December 31, 2011		205,800		$	53.12
Granted		—			—
Exercised		(5,600	)		20.12
Forfeited/Expired		(119,400	)		55.13

Outstanding at December 31, 2012		80,800			52.43
Granted		—			—
Exercised		(11,600	)		30.39
Forfeited/Expired		(15,400	)		63.58

Outstanding at December 31, 2013		53,800		$	53.99		3.80	$	46,950


Exercisable at December 31, 2012		78,160		$	56.81		3.98	$	21,780

Exercisable at December 31, 2013		53,800		$	53.99		3.80	$	46,950

Stock Appreciation Rights


Liability-Classified Stock Appreciation Rights	Shares			Wtd. Avg. Fair Value Per Share		Wtd. Avg. Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding at December 31, 2011		205,800		$	0.93
Granted		—			—
Exercised		(5,600	)		5.07
Forfeited/Expired		(119,400	)		0.73

Outstanding at December 31, 2012		80,800			1.12
Granted		—			—
Exercised		(11,600	)		4.29
Forfeited/Expired		(15,400	)		0.46

Outstanding at December 31, 2013		53,800		$	1.61		3.80	$	25,281


Exercisable at December 31, 2012		78,160		$	0.92		3.98	$	11,728

Exercisable at December 31, 2013		53,800		$	1.61		3.80	$	25,281

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 December 31,	2013			2012			2011
Expected Volatility		23.07	%		24.34	%		31.05	%
Expected Dividends		0.11	%		0.13	%		0.15	%
Expected Term		3 years			3 years			2 years
Risk-Free Rate		1.21	%		0.39	%		0.23	%

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

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


	Year Ended December 31,
	2013			2012			2011
Total Cost of Share-Based Plans Charged Against
Income (Added To) Before Tax Effect	$	901,447		$	1,047,335		$	253,812

Income Tax Expense (Benefit)
Recognized in Income	$	(347,733	)	$	(404,010	)	$	(97,908	)

Non-Qualified Stock Option Award [Member]

Summary of Non-Vested Options for Liability-Classified Stock Options and Stock Appreciation Rights

A summary of the non-vested options for these awards during the years ended December 31, 2013 and 2012, is presented below:


				Fair Value
				of Shares
Non-Qualified Stock Option Awards	Shares			Vested
Non-Vested at December 31, 2011		50,000
Granted		10,000
Vested		(16,666	)	$	(481,647	)

Non-Vested at December 31, 2012		43,334
Granted		51,000
Vested		(19,634	)	$	(568,875	)

Non-Vested at December 31, 2013		74,700

Stock Option and Stock Appreciation Rights [Member]

Summary of Non-Vested Options for Liability-Classified Stock Options and Stock Appreciation Rights

A summary of the non-vested options for these awards during the years ended December 31, 2013 and 2012, is presented below:


				Fair Value
				of Shares
Liability-Classified Stock Options and Stock Appreciation Rights	Shares			Vested
Non-Vested at December 31, 2011		42,160
Vested		(10,120	)	$	(23,962	)
Forfeited/Expired		(29,400	)

Non-Vested at December 31, 2012		2,640
Vested		(2,640	)	$	(20,038	)

Non-Vested at December 31, 2013		—

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Income Tax Disclosure [Abstract]

Summary of Provisions for Income Tax Benefit (Expense)

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


	2013					2012					2011
	Current			Deferred		Current		Deferred			Current		Deferred
Federal	$	(1,817,112	)	$	264,121	$	58,443	$	(269,712	)	$	394,305	$	2,597,799
State		(354,061	)		15,372		335,361		(95,370	)		326,844		413,705

Total	$	(2,171,173	)	$	279,493	$	393,804	$	(365,082	)	$	721,149	$	3,011,504

Summary of Deferred Income Tax Assets (Liabilities)

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


	Deferred Tax
	2013			2012
Deferred Income Tax Assets
Depreciation	$	1,899,202		$	2,142,204
Deferred Compensation		147,588			319,786
Charitable Contributions Carryforward		—			252,619
Deferred Oil Lease Income		922,254			256,716
Deferred Lease Expense		1,288,555			1,428,121
Pension and Other Post Retirement Benefits		(48,342	)		593,489
Stock Options		837,156			766,042
Impairment Reserves		1,688,979			1,688,979
Other - Net		40,259			95,856

Gross Deferred Income Tax Assets		6,775,651			7,543,812
Less - Valuation Allowance		(415,453	)		(621,528	)

Net Deferred Income Tax Assets		6,360,198			6,922,284

Deferred Income Tax Liabilities
Sales of Real Estate	$	(37,810,005	)	$	(38,937,151	)
Commercial Mortgage Purchase Discount		(504,886	)		—
Basis Difference in Joint Venture		(342,015	)		(342,638	)
Other - Net		(255,360	)		—

Total Deferred Income Tax Liabilities		(38,912,266	)		(39,279,789	)

Net Deferred Income Tax Liabilities	$	(32,552,068	)	$	(32,357,505	)

Reconciliation of Income Tax Computed at Federal Statutory Rate

Following is a reconciliation of the income tax computed at the federal statutory rate of 35% for 2013, 2012, and 2011:


	Year ended December 31,
	2013			2012		2011
Income Tax (Expense) Benefit Computed at Federal Statutory Rate	$	(1,558,626	)	$	10,158	$	3,335,956
Increase (Decrease) Resulting from:
State Income Tax, Net of Federal Income Tax Benefit		(149,791	)		8,360		335,779
Tax Exempt Interest Income		—			—		55,922
Adjustment to Valuation Allowance		—			—		(28,810	)
Other Reconciling Items		(183,263	)		10,204		33,806

Benefit (Expense) for Income Taxes	$	(1,891,680	)	$	28,722	$	3,732,653

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2013

Commitments And Contingencies Disclosure [Abstract]

Summary of Minimum Future Rental Payments under Non-Cancelable Operating Leases

Minimum future rental payments under non-cancelable operating leases having remaining terms in excess of one year as of December 31, 2013, are summarized as follows:


Year Ending December 31,	Amounts
2014	$	673,653
2015		678,179
2016		494,625
2017		269,528
2018		274,245
2019 and thereafter (cumulative)		1,046,698

Total	$	3,436,928

Summary of Minimum Future Rentals Receipts under Non-Cancelable Operating Leases

Minimum future rental receipts under non-cancelable operating leases having remaining terms in excess of one year as of December 31, 2013, are summarized as follows:


Year Ending December 31,	Amounts
2014	$	12,498,722
2015		12,440,778
2016		12,401,759
2017		10,539,435
2018		10,601,691
2019 and thereafter (cumulative)		70,956,333

Total	$	129,438,718

Business Segment Data (Tables)

12 Months Ended

Dec. 31, 2013

Segment Reporting [Abstract]

Summary of Operations in Different Segments

Information about the Company’s operations in different segments for the years ended December 31, 2013, 2012, and 2011 is as follows:


	Year Ended December 31,
	2013			2012			2011
Revenues:
Income Properties	$	12,828,214		$	8,463,082		$	7,679,224
Commercial Mortgage Loan		1,712,913			—			—
Real Estate Operations		5,945,510			3,098,840			501,626
Golf Operations		5,074,898			4,506,069			4,660,802
Agriculture and Other Income		276,309			164,979			124,776

Total Revenues	$	25,837,844		$	16,232,970		$	12,966,428


Operating Income (Loss):
Income Properties	$	11,494,240		$	7,786,986		$	7,152,265
Commercial Mortgage Loan		1,712,913			—			—
Real Estate Operations		2,291,609			2,393,778			(250,504	)
Golf Operations		(412,177	)		(887,564	)		(1,332,835	)
Agriculture and Other		127,949			(33,855	)		(526,647	)
General and Corporate Expenses		(8,935,157	)		(8,395,444	)		(14,010,971	)

Total Operating Income (Loss)	$	6,279,377		$	863,901		$	(8,968,692	)


Identifiable Assets:
Income Properties	$	151,682,578		$	130,726,326		$	116,943,722
Commercial Mortgage Loan		18,887,979			—			—
Real Estate Operations		29,929,179			34,161,944			34,529,445
Golf Operations		3,269,212			3,230,225			2,858,448
Agriculture and Other		22,414,732			16,578,405			15,934,188

Total Assets	$	226,183,680		$	184,696,900		$	170,265,803


Depreciation and Amortization:
Income Properties	$	2,650,310		$	1,742,589		$	1,500,511
Commercial Mortgage Loan		—			—			—
Real Estate Operations		—			—			—
Golf Operations		205,097			173,110			359,743
Agriculture and Other		29,910			94,806			337,215

Total Depreciation and Amortization	$	2,885,317		$	2,010,505		$	2,197,469


Capital Expenditures:
Income Properties	$	40,418,981		$	25,945,926		$	2,493,663
Commercial Mortgage Loan		17,658,204			—			—
Real Estate Operations		—			—			—
Golf Operations		223,690			343,969			267,273
Agriculture and Other		146,165			105,729			566,410

Total Capital Expenditures	$	58,447,040		$	26,395,624		$	3,327,346

Summary of Significant Accounting Policies - Additional Information (Detail)	1 Months Ended	12 Months Ended
	Jan. 31, 2014 a	Dec. 31, 2013 USD ($) ft² a Property State Tenants Facility shares	Dec. 31, 2012 USD ($) Property shares	Dec. 31, 2011 USD ($) Property shares	Jan. 29, 2014 a	Jan. 31, 2013 Property	Apr. 25, 2001 shares
Description of Business [Line Items]
Number of states in which entity operates \| State		9
Self developed multi-tenant properties \| Property		2
Commercial real estate properties \| Property		35
Gross leasable space \| ft²		740,000
Land portfolio \| a		10,000
Cash and cash equivalents maximum original maturity period		90 days
Restricted Cash		$ 366,645
Cash held in reserve for property taxes and insurance escrows		$ 83,000
Number of properties acquired \| Property		2				2
Accounts receivable including other assets		$ 229,000	$ 158,000
Allowance for doubtful accounts		0	0
Assets Held for Sale		0	$ 3,433,500
Number of income properties \| Property			1
Subsurface interest net cost basis		0
Depreciation and amortization of property plant and equipment		2,302,086	$ 1,810,720	$ 2,159,361
Interest paid, capitalized		$ 8,172	$ 0	$ 28,733
Facilities operated by company \| Facility		2
Golf course and clubhouse facility membership period		12 months
Award plan, number of common stock that may be issued \| shares							500,000
Stock options vesting period		5 years
Stock options expiration period		10 years
2001 plan expiry date		2011-04
Number of new option shares issued after April 2011 \| shares		0
Shares of non vested restricted stock \| shares		5,067	7,900	9,317
Reserves for uncertain income tax positions		$ 0
Number of tenants \| Tenants		2
Number of properties sold \| Property		3	3	3
Holiday CVS [Member]
Description of Business [Line Items]
Income portfolio, rent percentage		9.00%	16.00%	18.00%
Income portfolio, rent percentage based on rentable square feet		13.00%	19.00%	22.00%
Walgreen [Member]
Description of Business [Line Items]
Income portfolio, rent percentage		6.00%	13.00%	16.00%
Income portfolio, rent percentage based on rentable square feet		9.00%	17.00%	20.00%
2010 Plan [Member]
Description of Business [Line Items]
Award plan, number of common stock that may be issued \| shares		210,000
Share Based awards, maximum subscription per participant \| shares		50,000
2010 plan award termination description		The 2010 Plan will terminate on the tenth anniversary of the date that it was adopted by the Board, and no awards will be granted under the plan after that Date
Shares of non vested restricted stock \| shares		12,150
Restricted stock vested \| shares		0
Performance period		5 years
Subsequent Event [Member]
Description of Business [Line Items]
Land portfolio \| a	10,500				600
Area of land \| a	600
Minimum [Member]
Description of Business [Line Items]
Income property portfolio, interest rate		42.00%
Land [Member]
Description of Business [Line Items]
Cash held in escrow related to land transaction		$ 284,000

Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives for Property, Plant, and Equipment (Detail)	12 Months Ended
	Dec. 31, 2013
Income Properties Buildings and Improvements [Member]
Property, Plant and Equipment [Line Items]
Useful lives for property, plant, and equipment	40 years
Minimum [Member] \| Golf Buildings and Improvements [Member]
Property, Plant and Equipment [Line Items]
Useful lives for property, plant, and equipment	10 years
Minimum [Member] \| Golf Equipment [Member]
Property, Plant and Equipment [Line Items]
Useful lives for property, plant, and equipment	5 years
Minimum [Member] \| Other Furnishings and Equipment [Member]
Property, Plant and Equipment [Line Items]
Useful lives for property, plant, and equipment	5 years
Minimum [Member] \| Agriculture Equipment [Member]
Property, Plant and Equipment [Line Items]
Useful lives for property, plant, and equipment	5 years
Maximum [Member] \| Golf Buildings and Improvements [Member]
Property, Plant and Equipment [Line Items]
Useful lives for property, plant, and equipment	43 years
Maximum [Member] \| Golf Equipment [Member]
Property, Plant and Equipment [Line Items]
Useful lives for property, plant, and equipment	10 years
Maximum [Member] \| Other Furnishings and Equipment [Member]
Property, Plant and Equipment [Line Items]
Useful lives for property, plant, and equipment	25 years
Maximum [Member] \| Agriculture Equipment [Member]
Property, Plant and Equipment [Line Items]
Useful lives for property, plant, and equipment	10 years

Income Properties - Additional Information (Detail)						12 Months Ended
Income Properties - Additional Information (Detail)	Sep. 13, 2013 USD ($) ft² Lease	Jul. 25, 2013 USD ($) ft² Lease	Jan. 31, 2013 USD ($) ft² Buildings	Jan. 23, 2013 USD ($) ft² a	Jan. 03, 2013 USD ($) Property	Dec. 31, 2013 USD ($) ft² Property	Dec. 31, 2012 USD ($) Property	Dec. 31, 2011 USD ($)
Business Acquisition [Line Items]
Number of income properties acquired			2		4	9	8
Total acquisition cost of property						$ 39,500,000	$ 25,900,000
Purchase price allocated to amortizable intangible assets						$ 2,920,739	1,478,688	$ 130,070
Weighted average amortization allocated to intangible assets, period						10 years 6 months
Acquisition costs in connection with acquisition of two income properties						$ 90,000
Number of income properties on which company expensed \| Property						2
Remaining term of lease			8 years		15 years
Aggregate purchase price			$ 14,600,000		$ 8,000,000	$ 37,868,099	24,916,936	$ 3,197,276
Area of real property acquired \| ft²						740,000
Glendale [Member]
Business Acquisition [Line Items]
Remaining term of lease				10 years
Aggregate purchase price				$ 5,000,000
Area of real property acquired \| a				3.62
Seattle [Member]
Business Acquisition [Line Items]
Remaining term of lease		13 years
Aggregate purchase price		$ 6,600,000
Area of property acquired \| ft²		16,280
Number of lease extension options \| Lease		6
Period of lease extension		5 years
Germantown [Member]
Business Acquisition [Line Items]
Remaining term of lease	10 years 4 months 24 days
Aggregate purchase price	$ 5,000,000
Area of property acquired \| ft²	25,600
Number of lease extension options \| Lease	3
Period of lease extension	5 years
Building [Member]
Business Acquisition [Line Items]
Area of property acquired \| ft²			133,000
Building [Member] \| Glendale [Member]
Business Acquisition [Line Items]
Area of real property acquired \| ft²				34,512
Intangible Assets [Member]
Business Acquisition [Line Items]
Purchase price allocated to amortizable intangible assets						$ 2,900,000	1,500,000
Land [Member]
Business Acquisition [Line Items]
Purchase price allocated to land						13,200,000	14,700,000
Golf Buildings and Improvements [Member]
Business Acquisition [Line Items]
Purchase price allocated to buildings and improvements						$ 23,400,000	$ 9,700,000

Discontinued Operations - Additional Information (Detail)						1 Months Ended	12 Months Ended
	Dec. 30, 2013 USD ($) ft²	Dec. 10, 2013 USD ($) ft²	May 31, 2013 USD ($) ft²	Feb. 21, 2013 USD ($) ft²	Feb. 14, 2013 USD ($) ft²	Feb. 28, 2013 USD ($)	Dec. 31, 2013 USD ($)	Dec. 31, 2012 USD ($) Property	Dec. 31, 2011 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on sale of property							$ 1,215,928	$ 78,455	$ 146,977
Number of investment properties \| Property								2
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)
Gain (loss) on sale of property						$ (26,000)
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 (loss) on sale of property				$ 54,000
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 (loss) on sale of property			$ 503,000
Orlando [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	$ 3,740,368
Gain (loss) on sale of property	$ 198,000
Orlando [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		$ 3,877,373
Gain (loss) on sale of property		$ 487,000

Discontinued Operations - Summary of Income from Discontinued Operations (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Discontinued Operations And Disposal Groups [Abstract]
Leasing Revenue and Other Income	$ 699,486	$ 1,535,854	$ 2,085,882
Costs and Other Expenses	(89,270)	(211,524)	(385,881)
Income from Operations	610,216	1,324,330	1,700,001
Impairment Charges		(426,794)	(68,454)
Gain on Sale of Property	1,215,928	78,455	146,977
Income before Income Tax	1,826,144	975,991	1,778,524
Income Tax	(704,435)	(376,488)	(686,066)
Income from Discontinued Operations	$ 1,121,709	$ 599,503	$ 1,092,458

Commercial Mortgage Loan - Additional Information (Detail) - USD ($)		12 Months Ended
	Aug. 07, 2013	Dec. 31, 2013
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment to acquired loan		$ 17,658,204
Date on which loans were paid		Jan. 06, 2014
Commercial Mortgage Loan [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Acquired loan		$ 19,560,000
Accrued interest on the commercial mortgage loan		43,000
Commercial Mortgage Loan [Member] \| Atlanta [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Acquired loan	$ 19,600,000	$ 19,560,000
Payment to acquired loan	17,500,000
Discount on acquired loan	$ 2,050,000
Maturity Date	2014-03	2014-03

Commercial Mortgage Loan - Summary of Commercial Mortgage Loan Portfolio (Detail)	12 Months Ended
	Dec. 31, 2013 USD ($) Hotel	Aug. 07, 2013 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 18,845,053
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	$ 18,845,053
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	$ 19,600,000
Current Face Amount	19,465,000
Carrying Value	$ 18,845,053
Coupon Rate	30-day LIBOR plus 4.50%
Loans receivable basis spread on variable rate	4.50%
Property Size	110 rooms
Number of rooms in hotel \| Hotel	110

Commercial Mortgage Loan - Carrying Value of the Commercial Mortgage Loan (Detail)	Dec. 31, 2013 USD ($)
Loans And Leases Receivable [Line Items]
Total Commercial Mortgage Loan	$ 18,845,053
Commercial Mortgage Loan [Member]
Loans And Leases Receivable [Line Items]
Current Face Amount	19,465,000
Unamortized Fees	29,711
Unaccreted Purchase Discount	(649,658)
Total Commercial Mortgage Loan	$ 18,845,053

Land and Subsurface Interests - Summary of Land and Development Costs (Detail) - USD ($)	Dec. 31, 2013	Dec. 31, 2012
Real Estate [Abstract]
Undeveloped Land	$ 301,780	$ 1,004,607
Developed Land and Development Costs	23,467,134	26,843,918
Total Land and Development Costs	$ 23,768,914	$ 27,848,525

Land and Subsurface Interests - Additional Information (Detail)						1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Dec. 21, 2013 USD ($) a $ / a	Dec. 19, 2013 USD ($) a $ / a	Dec. 04, 2013 USD ($) a $ / a	Sep. 22, 2013 a	Sep. 30, 2012 USD ($)	Sep. 30, 2013 USD ($) Payments	Jun. 30, 2013 a	Jun. 30, 2012 USD ($) a	Jun. 30, 2013 USD ($) a	Jun. 30, 2012 USD ($) a $ / a	Dec. 31, 2013 USD ($) ft² a Country bbl	Dec. 31, 2012 USD ($) bbl	Dec. 31, 2011 USD ($) a bbl	Dec. 31, 2010 USD ($)	Dec. 31, 2009 USD ($)
Real Estate Properties [Line Items]
Area of land sold \| ft²											740,000
Revenue from land sold											$ 3,000,000
Gain (Loss) from sale of land	$ 416,236										(26,367)	$ 78,455
Cash held in escrow related to the improvements and classified as restricted cash on the consolidated balance sheet											283,500
Impairment charges									$ 616,000		$ 616,278		$ 6,618,888
Area of land used for transaction \| a							3.21		3.21
Commitment to fund for road construction costs															$ 1,125,000
Road construction costs amount paid														$ 554,196
Liability recorded for road construction cost														$ 570,804
Income from construction cost								$ 730,000
Reversal of the remaining commitment and a reimbursement								$ 160,000
Subsurface interest area of land \| a											490,000
Subsurface Interest in number of countries \| Country											20
Area on which royalties received \| a											800
Oil royalty income recognized											$ 267,693	$ 286,536	$ 228,494
Production of oil \| bbl											88,782	81,441	104,221
Oil exploration lease period				8 years									8 years
Oil exploration lease covering \| a				82,000									136,000
Bonus rental payment received					$ 922,114	$ 3,293,000							$ 913,657
Number of payments \| Payments						2
Amount recognized into income						$ 1,830,000
Area removed from exploration lease \| a				54,000
Duration of payment during lease period											12 months
Non refundable payment						$ 1,000,000
Lease income recognized from oil exploration lease											$ 1,600,000	$ 919,000	$ 251,000
Maximum [Member]
Real Estate Properties [Line Items]
Additional annual rental payments receive if lease is continued						8 years
Minimum [Member]
Real Estate Properties [Line Items]
Additional annual rental payments receive if lease is continued						4 years
RaceTrac [Member]
Real Estate Properties [Line Items]
Revenue from land sold			$ 1,300,000
Revenue per acre \| $ / a			382,000
Reimbursement period			5 years
Adjustment for impairment											$ 0
RaceTrac [Member] \| Maximum [Member]
Real Estate Properties [Line Items]
Reimbursement by Williamson for RaceTrac			$ 976,500
Intracoastal Bank [Member]
Real Estate Properties [Line Items]
Revenue from land sold		$ 640,000
Revenue per acre \| $ / a		317,000
CarMax [Member]
Real Estate Properties [Line Items]
Revenue from land sold	$ 1,050,000
Revenue per acre \| $ / a	168,500
Interstate [Member]
Real Estate Properties [Line Items]
Revenue from land sold										$ 618,000
Revenue per acre \| $ / a										37,000
Land [Member]
Real Estate Properties [Line Items]
Area of land sold \| a											11.655
Land [Member] \| RaceTrac [Member]
Real Estate Properties [Line Items]
Area of land sold \| a			3.405
Gain (Loss) from sale of land			$ 244,000
Land [Member] \| Williamson Crossing [Member]
Real Estate Properties [Line Items]
Area of land sold \| a			23
Land [Member] \| Intracoastal Bank [Member]
Real Estate Properties [Line Items]
Area of land sold \| a		2.02
Gain (Loss) from sale of land		$ 581,000
Land [Member] \| CarMax [Member]
Real Estate Properties [Line Items]
Area of land sold \| a	6.23
Gain (Loss) from sale of land	$ 1,000,000
Loss on sale of land	$ 416,000
Land [Member] \| Interstate [Member]
Real Estate Properties [Line Items]
Area of land sold \| a								16.6		16.6
Gain (Loss) from sale of land										$ 573,000

Investment Securities - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Investment Securities [Line Items]
REIT market capitalization value	$ 1,500,000,000
Investment securities		$ 0	$ 0
Preferred Stock [Member]
Investment Securities [Line Items]
Stock purchased	730,000

Investment Securities - Summary of Available for Sale Securities (Detail)	Dec. 31, 2013 USD ($)
Schedule of Available-for-sale Securities [Line Items]
Cost	$ 729,814
Gains in Accumulated Other Comprehensive Income
Losses in Accumulated Other Comprehensive Income
Estimated Fair Value (Level 1 Inputs)	729,814
Preferred Stock [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost	729,814
Gains in Accumulated Other Comprehensive Income
Losses in Accumulated Other Comprehensive Income
Equity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost	729,814
Gains in Accumulated Other Comprehensive Income
Losses in Accumulated Other Comprehensive Income
Quoted Prices in Active Markets (Level 1 Inputs) [Member]
Schedule of Available-for-sale Securities [Line Items]
Estimated Fair Value (Level 1 Inputs)	729,814
Quoted Prices in Active Markets (Level 1 Inputs) [Member] \| Preferred Stock [Member]
Schedule of Available-for-sale Securities [Line Items]
Estimated Fair Value (Level 1 Inputs)	729,814
Quoted Prices in Active Markets (Level 1 Inputs) [Member] \| Equity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Estimated Fair Value (Level 1 Inputs)	$ 729,814

Investment Securities - Summary of Sale of Investment Securities and Losses (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Investments Debt And Equity Securities [Abstract]
Proceeds from the Disposition of Investment Securities			$ 6,929,493
Cost Basis of Investment Securities Sold			(7,069,929)
Loss recognized in Statement of Operations on the Disposition of Investment Securities			$ (140,436)

- Definition

This item represents the net total realized and unrealized gain (loss) included in earnings for the period as a result of selling or holding marketable securities categorized as trading, available-for-sale, or held-to-maturity, including the unrealized holding gain (loss) of held-to-maturity securities transferred to the trading security category and the cumulative unrealized gain (loss) which was included in other comprehensive income (a separate component of shareholders' equity) for available-for-sale securities transferred to trading securities during the period. Additionally, this item would include any gains (losses) realized during the period from the sale of investments accounted for under the cost method of accounting and losses recognized for other than temporary impairments (OTTI) of the subject investments.

+ References + Details

Fair Value of Financial Instruments - Summary of Carrying Value and Estimated Fair Value of Financial Instruments (Detail) - USD ($)	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Debt Instrument Fair Value Carrying Value [Abstract]
Cash and Cash Equivalents, Carrying Value	$ 4,932,512	$ 1,301,739	$ 6,174	$ 337,617
Restricted Cash, Carrying Value	366,645
Investment Securities, Carrying Value	729,814
Commercial Mortgage Loan, Carrying Value	18,845,053
Long-Term Debt, Carrying Value	63,227,032	29,126,849
Cash and Cash Equivalents, Estimated Fair Value	4,932,512	1,301,739
Restricted Cash, Estimated Fair Value	366,645
Investment Securities, Estimated Fair Value	729,814
Commercial Mortgage Loan, Estimated Fair Value	19,297,110
Long-Term Debt, Estimated Fair Value	$ 63,227,032	$ 29,126,849

Intangible Assets - Additional Information (Detail)	12 Months Ended
Intangible Assets - Additional Information (Detail)	Dec. 31, 2013 USD ($) Property	Dec. 31, 2012 USD ($) Property	Dec. 31, 2011 USD ($)	Jan. 31, 2013 Buildings	Jan. 03, 2013 Property
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible asset, in-place lease value net	$ 6,359,438	$ 4,527,426
Accumulated amortization expense	2,979,156	2,877,412
Lease value increased	$ 2,920,739	$ 1,478,688	$ 130,070
Number of income properties acquired	9	8		2	4
Lease value decreased	$ 416,000
Number of sale of income properties \| Property	4
Amortization expense	$ 672,501	$ 411,309	$ 423,989
Intangible Assets [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Lease value increased	$ 2,900,000	$ 1,500,000
Leases Acquired in Place [Member] \| Weighted Average Maturity [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization period of in place lease value	16 years

Intangible Assets - Summary of Estimated Amortization Expense (Detail) - USD ($)	Dec. 31, 2013	Dec. 31, 2012
Goodwill And Intangible Assets Disclosure [Abstract]
2014	$ 676,518
2015	676,518
2016	638,430
2017	547,676
2018	539,988
Thereafter	3,280,308
Total	$ 6,359,438	$ 4,527,426

Impairment of Long-Lived Assets - Additional Information (Detail)		3 Months Ended	6 Months Ended	12 Months Ended
	Dec. 21, 2013 USD ($) a	Jun. 30, 2013 a	Jun. 30, 2013 USD ($) a	Dec. 31, 2013 USD ($) a	Dec. 31, 2012 USD ($) Indicator	Dec. 31, 2011 USD ($) a
Property, Plant and Equipment [Line Items]
Land sold under new sales contract \| a	6.23
Gain (Loss) from sale of land	$ 416,236			$ (26,367)	$ 78,455
Impairment charge			$ 616,000	616,278		$ 6,618,888
Area of land subject to sales \| a		3.21	3.21
Impairment of Assets Held for Sale					$ 426,794	68,454
Impairment Indicators for other than income property held for sale \| Indicator					0
Market fair value of the property						$ 2,500,000
Accrued Liabilities				$ 4,726,809	$ 6,121,392
Analysis of impairment land \| a						317
Golf Operating Assets [Member]
Property, Plant and Equipment [Line Items]
Impairment charge						$ 4,012,476
Daytona Beach Land [Member]
Property, Plant and Equipment [Line Items]
Impairment analysis for specified acres of land \| a				6.23
Accrued Liabilities					$ 238,000
Land [Member]
Property, Plant and Equipment [Line Items]
Impairment charge						$ 2,606,412

Common Stock and Earnings Per Share - Summary of Common Stock and Earnings Per Share (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Income Available to Common Shareholders:
Income (Loss) from Continuing Operations	$ 2,561,538	$ (301)	$ (5,798,649)
Discontinued Operations	1,121,709	599,503	1,092,458
Net Income (Loss)	$ 3,683,247	$ 599,202	$ (4,706,191)
Weighted Average Shares Outstanding	5,739,383	5,717,937	5,724,147
Common Shares Applicable to Stock
Options Using the Treasury Stock Method	3,754
Total Shares Applicable to Diluted Earnings Per Share	5,743,137	5,717,937	5,724,147
Basic Net Income (Loss) Per Share
Income (Loss) from Continuing Operations	$ 0.44		$ (1.01)
Discontinued Operations	0.20	$ 0.10	0.19
Net Income (Loss)	0.64	0.10	(0.82)
Diluted Net Income (Loss) Per Share:
Income (Loss) from Continuing Operations	0.44		(1.01)
Discontinued Operations	0.20	0.10	0.19
Net Income (Loss)	$ 0.64	$ 0.10	$ (0.82)

Common Stock and Earnings Per Share - Additional Information (Detail) - USD ($)		12 Months Ended
	Apr. 26, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Net Income Per Share [Line Items]
Antidilutive potentially securities		58,800	198,300	205,113
Common Stock [Member]
Net Income Per Share [Line Items]
Number of shares purchased	14,634
Total cost paid by company associated with the Program and purchased	$ 453,654
Share repurchase program expiration date		2012-06
Common Stock [Member] \| Maximum [Member]
Net Income Per Share [Line Items]
Number of shares to be purchased by the company from shareholders	100

Long-Term Debt - Additional Information (Detail)				1 Months Ended	3 Months Ended	12 Months Ended
Long-Term Debt - Additional Information (Detail)	Mar. 29, 2013 USD ($)	Feb. 14, 2013 USD ($)	Feb. 27, 2012 USD ($)	Sep. 30, 2012 USD ($)	Mar. 31, 2012 USD ($)	Dec. 31, 2013 USD ($) Buildings	Dec. 31, 2012 USD ($) Property	Dec. 31, 2011 USD ($)	Mar. 08, 2013 USD ($) Property	Feb. 22, 2013 USD ($)	Jan. 31, 2013 USD ($) Buildings
Proforma Debt Instrument [Line Items]
Expiration date of line of credit	Mar. 31, 2016
Term loan						$ 53,649,817	$ 20,905,714	$ 14,845,534
Deferred loan costs write off							245,726
Capacity available on existing credit facility		$ 66,000,000		$ 62,000,000
Amount of loan closed						63,227,032	$ 29,126,849
Number of income properties \| Property							1
Credit facility capacity available						33,200,000
Interest expense						1,624,064	$ 536,017	655,275
Interest paid						1,581,433	491,048	684,008
Interest capitalized						8,172	0	28,733
Amortization of loan costs						$ 202,500	$ 112,666	$ 67,704
Letter of Credit [Member]
Proforma Debt Instrument [Line Items]
Secured letter of credit with BMO											$ 723,000
Hilton Resorts Corporation [Member]
Proforma Debt Instrument [Line Items]
Number of office building \| Buildings						2					2
BOA Mortgage Note Payable [Member]
Proforma Debt Instrument [Line Items]
Amount of loan closed						$ 23,100,000			$ 23,100,000
Maturity period						2023-04
Interest rate on mortgage loan						3.67%
Number of income properties \| Property									14
UBS Mortgage Note Payable [Member]
Proforma Debt Instrument [Line Items]
Amount of loan closed						$ 7,300,000				$ 7,300,000
Maturity period						2018-02
Interest rate on mortgage loan						3.655%
Date of acquisition						Jan. 31, 2013
Note Payable to Banks [Member]
Proforma Debt Instrument [Line Items]
Long-term debt LIBOR plus interest rate, reckoning period			30 days
Credit Facility [Member]
Proforma Debt Instrument [Line Items]
Percentage of weighted average interest rate on Credit Facility						1.667%	1.966%
Amount of loan closed						$ 32,827,032
SunTrust Bank [Member]
Proforma Debt Instrument [Line Items]
Line of credit facility maximum borrowing capacity						$ 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 Amended [Member]
Proforma Debt Instrument [Line Items]
Line of credit facility maximum borrowing capacity						$ 66,000,000
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
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%

Long-Term Debt - Schedule of Long-Term Debt (Detail) - USD ($)	Dec. 31, 2013	Mar. 08, 2013	Feb. 22, 2013	Dec. 31, 2012
Proforma Debt Instrument [Line Items]
Total Long-Term Debt	$ 63,227,032			$ 29,126,849
Long-Term Debt, Due Within One Year
Credit Facility [Member]
Proforma Debt Instrument [Line Items]
Total Long-Term Debt	32,827,032
Long-Term Debt, Due Within One Year
UBS Mortgage Note Payable [Member]
Proforma Debt Instrument [Line Items]
Total Long-Term Debt	7,300,000		$ 7,300,000
Long-Term Debt, Due Within One Year
BOA Mortgage Note Payable [Member]
Proforma Debt Instrument [Line Items]
Total Long-Term Debt	23,100,000	$ 23,100,000
Long-Term Debt, Due Within One Year

Long-Term Debt - Summary of Payments Applicable to Reduction of Principal Amounts (Detail) - USD ($)	Dec. 31, 2013	Dec. 31, 2012
Debt Disclosure [Abstract]
2014
2015
2016	32,827,032
2017
2018	7,300,000
Thereafter	23,100,000
Total Long-Term Debt	$ 63,227,032	$ 29,126,849

Accrued Liabilities - Summary of Accrued Liabilities (Detail) - USD ($)	Dec. 31, 2013	Jan. 31, 2013	Dec. 31, 2012
Payables And Accruals [Abstract]
Golf Course Lease	$ 3,340,389		$ 3,702,194
Deferred Compensation	382,599		828,998
Other Post-Retirement Benefits	156,881		186,695
Legal Reserves			723,058
Reserve for Tenant Improvements	58,977	$ 773,000
Other	787,963		680,447
Total Accrued Liabilities	$ 4,726,809		$ 6,121,392

Accrued Liabilities - Additional Information (Detail)	1 Months Ended	12 Months Ended
Accrued Liabilities - Additional Information (Detail)	Jul. 31, 2012 USD ($)	Dec. 31, 2013 USD ($) Property	Dec. 31, 2012 USD ($)	Dec. 31, 2011 USD ($)	Jan. 31, 2013 USD ($) Property
Accrued Liabilities [Line Items]
Lease, base rent	$ 250,000	$ 402,000	$ 666,000	$ 902,000
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			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 ($)	Dec. 31, 2013	Dec. 31, 2012
Revenue Recognition [Abstract]
Deferred Oil Exploration Lease Revenue	$ 2,390,808	$ 665,499
Prepaid Rent	698,653
Other Deferred Revenue	254,890	185,452
Total Deferred Revenue	$ 3,344,351	$ 850,951

Deferred Revenue - Additional Information (Detail) - USD ($) $ in Thousands		12 Months Ended
	Sep. 22, 2013	Dec. 31, 2011
Revenue Recognition [Abstract]
Received rent payment	$ 3,293
Term of oil exploration lease	8 years	8 years
Lease period where payment recognized	12 months

Pension Plan - Additional Information (Detail)	1 Months Ended	12 Months Ended
Pension Plan - Additional Information (Detail)	Jan. 31, 2013 USD ($)	Dec. 31, 2013 USD ($) Securities	Dec. 31, 2012 USD ($)
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”) which prior to December 31, 2011 was for all employees who had attained the age of 21 and completed one year of service. The pension benefits were 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 provided 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	$ 84,600	$ 473,540
Future accrual for pension		$ 0
Excess of the unrecognized (gain) or loss of the projected benefit obligation, percent		10.00%
Excess of the unrecognized (gain) or loss of the market related value of assets, percent		10.00%
Excess of the unrecognized (gain) or loss, amortization period		12 years 7 months 6 days
Short-term obligations of the U.S. government, percentage of consolidated assets		4.00%
Number of security except short term obligations constitute more than 4% of consolidated assets \| Securities		0
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
Change in the discount rate		4.00%
Maximum [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Change in the discount rate		5.00%
Equity Securities [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Allocation of investments		60.00%
Fixed Income Securities [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Allocation of investments		40.00%
Cash and Cash Equivalents [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Allocation of investments		10.00%

Pension Plan - Summary of Components of Net Periodic Pension Cost (Benefit) (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Compensation And Retirement Disclosure [Abstract]
Service Cost	$ 87,496	$ 94,374	$ 298,378
Interest Cost	385,884	406,689	455,732
Actual Return on Plan Assets	(1,310,053)	(932,366)	(396,687)
Amortization of Unrecognized Transition Loss (Gain) from Earlier Periods	91,111	69,699	(7,487)
Amortization of Unrecognized Prior Service Cost			21,218
Amortization of Net Gain (Loss) from Earlier Periods	736,025	390,400	(129,257)
Net Periodic Pension Cost (Benefit)	$ (9,537)	$ 28,796	$ 241,897

Pension Plan - Schedule of Changes in Projected Benefit Obligations (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Compensation And Retirement Disclosure [Abstract]
Benefit Obligation at Beginning of Year	$ 9,827,454	$ 9,309,585
Service Cost	87,496	94,374	$ 298,378
Interest Cost	385,884	406,689	455,732
Actuarial Loss (Gain)	(804,080)	636,013
Benefits and Plan Expenses Paid	(644,492)	(619,207)
Benefit Obligation at End of Year	$ 8,852,262	$ 9,827,454	$ 9,309,585

Pension Plan - Schedule of Changes in Fair Value of Plan Assets (Detail) - USD ($)	1 Months Ended	12 Months Ended
	Jan. 31, 2013	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Compensation And Retirement Disclosure [Abstract]
Fair Value of Plan Assets at Beginning of Year	$ 8,509,771	$ 8,509,771	$ 7,723,072
Actual Return on Plan Assets		1,310,053	932,366	$ 396,687
Employer Contribution	$ 84,600	84,600	473,540
Plan Expenses Paid		(71,585)	(84,131)
Benefits Paid		(572,907)	(535,076)
Fair Value of Plan Assets at End of Year		$ 9,259,932	$ 8,509,771	$ 7,723,072

Pension Plan - Schedule of Funded Status of the Pension Obligation (Detail) - USD ($)	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Estimated Pension Benefit Obligation
Projected Benefit Obligation	$ (8,852,262)	$ (9,827,454)	$ (9,309,585)
Fair Value of Plan Assets	9,259,932	8,509,771	$ 7,723,072
Accrued Net Pension Asset (Obligation)	$ 407,670	$ (1,317,683)

Pension Plan - Schedule of Projected Benefit Obligation and Fair Value of Plan Assets (Detail)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Compensation And Retirement Disclosure [Abstract]
Weighted Average Discount Rate	5.00%	4.00%
Weighted Average Asset Rate of Return	7.00%	7.00%
Compensation Scale

Pension Plan - Schedule of Disbursements from Plan Assets (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Compensation And Retirement Disclosure [Abstract]
Benefit Payments	$ 572,907	$ 535,076
Administrative Expenses	71,585	84,131
Total	$ 644,492	$ 619,207

Pension Plan - Schedule of Unrecognized (Gain) or Loss (Detail)	12 Months Ended
	Dec. 31, 2013 USD ($)
Compensation And Retirement Disclosure [Abstract]
Liability loss determined from the January 1, 2013 census and included in this year's net periodic cost	$ 129,024
Asset gain occurring over the measurement period	(736,025)
Gain due to assumption changes effective as of December 31, 2013	(933,104)
Total unrecognized gain	$ (1,540,105)

Pension Plan - Schedule of Plan's Weighted Average Asset Allocations (Detail)	Dec. 31, 2013	Dec. 31, 2012
Defined Benefit Plan Disclosure [Line Items]
Total	100.00%	100.00%
Cash and Cash Equivalents [Member]
Defined Benefit Plan Disclosure [Line Items]
Total	3.00%	6.00%
Equity Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Total	66.00%	63.00%
Fixed Income Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Total	30.00%	31.00%
Alternative Investments [Member]
Defined Benefit Plan Disclosure [Line Items]
Total	1.00%	0.00%

Pension Plan - Schedule of Fair Values of Plan Assets and Fair Value Measurements (Detail) - USD ($)	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Defined Benefit Plan Disclosure [Line Items]
Alternative Investments	$ 9,259,932	$ 8,509,771	$ 7,723,072
Quoted Prices in Active Markets (Level 1 Inputs) [Member]
Defined Benefit Plan Disclosure [Line Items]
Alternative Investments	9,259,932	8,509,771
Cash and Cash Equivalents [Member] \| Quoted Prices in Active Markets (Level 1 Inputs) [Member]
Defined Benefit Plan Disclosure [Line Items]
Alternative Investments	263,452	369,174
Equity Securities [Member] \| Quoted Prices in Active Markets (Level 1 Inputs) [Member]
Defined Benefit Plan Disclosure [Line Items]
Alternative Investments	6,134,969	5,305,492
Fixed Income Securities [Member] \| Quoted Prices in Active Markets (Level 1 Inputs) [Member]
Defined Benefit Plan Disclosure [Line Items]
Alternative Investments	2,730,912	$ 2,835,105
Alternative Investments [Member] \| Quoted Prices in Active Markets (Level 1 Inputs) [Member]
Defined Benefit Plan Disclosure [Line Items]
Alternative Investments	$ 130,599

Pension Plan - Schedule of Estimated Future Benefit Payments (Detail)	Dec. 31, 2013 USD ($)
Compensation And Retirement Disclosure [Abstract]
2014	$ 646,200
2015	659,900
2016	668,100
2017	671,900
2018	671,900
2019-2023	$ 3,522,100

Post-Retirement Benefit Plans Other than Pensions - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Post retirement benefit plans other than pensions, life insurance plan, coverage value maximum	$ 5,000
Accrued post-retirement benefit cost	$ 156,881	$ 186,695
Deferred compensation plan interest Rate	3.00%	3.00%	6.00%
Deferred Compensation	$ 382,599	$ 828,998
Deferred compensation earnings allocated to the deferred compensation	$ 13,859	$ 40,575	$ 91,552
Post-Retirement Life Benefit Programs [Member]
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Post retirement benefit plans other than pensions, supplemental benefits, age	55 years
Post retirement benefit plans other than pensions, supplemental benefits, years of service	20 years
Post-Retirement Supplemental Medicare Benefits Programs [Member]
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Post retirement benefit plans other than pensions, supplemental benefits, age	65 years
Post retirement benefit plans other than pensions, supplemental benefits, years of service	20 years

Stock-Based Compensation - Additional Information (Detail) - USD ($)		12 Months Ended
	Jan. 23, 2013	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average period of compensation cost to be recognized		7 months 6 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 Company common stock during the term of their employment (or within 60 days after termination of employment by the Company without cause), meeting or exceeding the target trailing 60-day average closing prices ranging from $36 per share for the first increment to $65 per share for the final increment.
Restricted share award closing prices range per share, Minimum		$ 36
Restricted share award closing prices range per share, Maximum		$ 65
Restricted share award average closing prices, period		60 days
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.
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		$ 44,000
Weighted average period of compensation cost to be recognized		1 year 10 months 24 days
Stock based compensation, Shares Granted			17,000
Unrecognized compensation cost		$ 181,000
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 6 months
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.
Stock based compensation, Shares, Granted		51,000	10,000
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		373,000
Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Intrinsic value of options exercised		82,604
Stock Appreciation Rights [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Intrinsic value of options exercised		$ 44,479
Option shares issued under stock appreciation rights		0	0	0
Stock Options and Stock Appreciation Rights [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option liability		$ 247,671	$ 265,311
2010 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period		5 years
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	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	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	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	10,000
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) - $ / shares	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock based compensation, Shares Outstanding, beginning balance	7,900	9,317
Stock based compensation, Shares, Granted
Stock based compensation, Shares, Vested
Stock based compensation, Shares, Forfeited/Expired	(2,833)	(1,417)
Stock based compensation, Shares Outstanding, ending balance	5,067	7,900
Stock based compensation, Weighted Average Fair Value Per Share, beginning balance	$ 23.13	$ 23.13
Stock based compensation, Weighted Average Fair Value Per Share, Granted
Stock based compensation, Weighted Average Fair Value Per Share, Vested
Stock based compensation, Weighted Average Fair Value Per Share, Forfeited/Expired	23.13	23.13
Stock based compensation, Weighted Average Fair Value Per Share, ending balance	$ 23.13	$ 23.13

Stock-Based Compensation - Summary of Market Condition Inducement Grant of Restricted Shares (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, Shares Outstanding, beginning balance	7,900	9,317
Stock based compensation, Shares, Granted
Stock based compensation, Shares Vested
Stock based compensation, Shares, Forfeited/Expired	2,833	1,417
Stock based compensation, Shares Outstanding, ending balance	5,067	7,900
Restricted Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, Shares Outstanding, beginning balance	113,000	96,000
Stock based compensation, Shares, Granted		17,000
Stock based compensation, Shares Vested	(18,500)
Stock based compensation, Shares, Forfeited/Expired
Stock based compensation, Shares Outstanding, ending balance	94,500	113,000
Stock based compensation, Weighted Average Fair Value Per Share, beginning balance	$ 18.40	$ 18.47
Stock based compensation, Weighted Average Fair Value Per Share, Granted		18.02
Stock based compensation, Weighted Average Fair Value Per Share, Vested	23.89
Stock based compensation, Weighted Average Fair Value Per Share, Forfeited/Expired
Stock based compensation, Weighted Average Fair Value Per Share, ending balance	$ 17.33	$ 18.40

Stock-Based Compensation - Summary of Stock Based Compensation Activity for Non-Qualified Stock Option Award (Detail) - Non-Qualified Stock Option Award [Member] - USD ($)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, Shares Outstanding, beginning balance	60,000	50,000
Stock based compensation, Shares, Granted	51,000	10,000
Stock based compensation, Shares, Exercised	(16,500)
Stock based compensation, Shares, Forfeited/Expired
Stock based compensation, Shares Outstanding, ending balance	94,500	60,000
Stock based compensation, Shares, Exercisable	19,800	16,666
Stock based compensation, Weighted Average Fair Value Per Share, beginning balance	$ 28.97	$ 28.90
Stock based compensation, Weighted Average Fair Value Per Share, Granted	34.95	29.34
Stock based compensation, Weighted Average Fair Value Per Share, Exercised	28.90
Stock based compensation, Weighted Average Fair Value Per Share, Forfeited/Expired
Stock based compensation, Weighted Average Fair Value Per Share, ending balance	32.21	28.97
Stock based compensation, Weighted Average Fair Value Per Share, Exercisable	$ 28.97	$ 28.90
Stock based compensation, Weighted Average Remaining Contractual Term, Outstanding	5 years 9 months 4 days
Stock based compensation, Weighted Average Remaining Contractual Term, Exercisable	7 years 8 months 12 days	8 years 7 months 6 days
Stock based compensation, Aggregate Intrinsic Value, Outstanding	$ 385,405
Stock based compensation, Aggregate Intrinsic Value, Exercisable	$ 144,870	$ 35,167

Stock-Based Compensation - Summary of Non-Vested Options for Non-Qualified Stock Option Awards (Detail) - Non-Qualified Stock Option Award [Member] - USD ($)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-Vested Shares, beginning balance	43,334	50,000
Granted	51,000	10,000
Vested	(19,634)	(16,666)
Non-Vested Shares, ending balance	74,700	43,334
Fair Value of Shares Vested	$ (568,875)	$ (481,647)

Stock-Based Compensation - Summary of Share Option Activity of Stock Option and Stock Appreciation Rights Under 2001 Plan (Detail) - 2001 Plan [Member] - USD ($)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, Shares Outstanding, beginning balance	80,800	205,800
Stock based compensation, Shares, Granted
Stock based compensation, Shares, Exercised	(11,600)	(5,600)
Stock based compensation, Shares, Forfeited/Expired	(15,400)	(119,400)
Stock based compensation, Shares Outstanding, ending balance	53,800	80,800
Stock based compensation, Shares, Exercisable	53,800	78,160
Stock based compensation, Weighted Average Fair Value Per Share, beginning balance	$ 52.43	$ 53.12
Stock based compensation, Weighted Average Fair Value Per Share, Granted
Stock based compensation, Weighted Average Fair Value Per Share, Exercised	30.39	20.12
Stock based compensation, Weighted Average Fair Value Per Share, Forfeited/Expired	63.58	55.13
Stock based compensation, Weighted Average Fair Value Per Share, ending balance	53.99	52.43
Stock based compensation, Weighted Average Fair Value Per Share, Exercisable	$ 53.99	$ 56.81
Stock based compensation, Weighted Average Remaining Contractual Term, Outstanding	3 years 9 months 18 days
Stock based compensation, Weighted Average Remaining Contractual Term, Exercisable	3 years 9 months 18 days	3 years 11 months 23 days
Stock based compensation, Aggregate Intrinsic Value, Outstanding	$ 46,950
Stock based compensation, Aggregate Intrinsic Value, Exercisable	$ 46,950	$ 21,780
Stock Appreciation Rights [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, Shares Outstanding, beginning balance	80,800	205,800
Stock based compensation, Shares, Granted
Stock based compensation, Shares, Exercised	(11,600)	(5,600)
Stock based compensation, Shares, Forfeited/Expired	(15,400)	(119,400)
Stock based compensation, Shares Outstanding, ending balance	53,800	80,800
Stock based compensation, Shares, Exercisable	53,800	78,160
Stock based compensation, Weighted Average Fair Value Per Share, beginning balance	$ 1.12	$ 0.93
Stock based compensation, Weighted Average Fair Value Per Share, Granted
Stock based compensation, Weighted Average Fair Value Per Share, Exercised	4.29	5.07
Stock based compensation, Weighted Average Fair Value Per Share, Forfeited/Expired	0.46	0.73
Stock based compensation, Weighted Average Fair Value Per Share, ending balance	1.61	1.12
Stock based compensation, Weighted Average Fair Value Per Share, Exercisable	$ 1.61	$ 0.92
Stock based compensation, Weighted Average Remaining Contractual Term, Outstanding	3 years 9 months 18 days
Stock based compensation, Weighted Average Remaining Contractual Term, Exercisable	3 years 9 months 18 days	3 years 11 months 23 days
Stock based compensation, Aggregate Intrinsic Value, Outstanding	$ 25,281
Stock based compensation, Aggregate Intrinsic Value, Exercisable	$ 25,281	$ 11,728

Stock-Based Compensation - Summary of Non-Vested Options for Liability-Classified Stock Options and Stock Appreciation Rights (Detail) - Stock Option and Stock Appreciation Rights [Member] - USD ($)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-Vested Shares, beginning balance	2,640	42,160
Vested, Shares	(2,640)	(10,120)
Forfeited/Expired, Shares		(29,400)
Non-Vested Shares, ending balance		2,640
Fair Value of Shares Vested	$ (20,038)	$ (23,962)

Stock-Based Compensation - Assumptions Used in Determining Fair Value of Stock Options and Stock Appreciation Rights (Detail)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Expected Volatility	23.07%	24.34%	31.05%
Expected Dividends	0.11%	0.13%	0.15%
Expected Term	3 years	3 years	2 years
Risk-Free Rate	1.21%	0.39%	0.23%

Stock-Based Compensation - Recognized Financial Statements for Stock Options, Stock Appreciation Rights, and Restricted Stock (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Total Cost of Share-Based Plans Charged Against Income (Added To) Before Tax Effect	$ 901,447	$ 1,047,335	$ 253,812
Income Tax Expense (Benefit) Recognized in Income	$ (347,733)	$ (404,010)	$ (97,908)

Income Taxes - Summary of Provisions for Income Tax Benefit (Expense) (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Income Tax Disclosure [Abstract]
Federal - Current	$ (1,817,112)	$ 58,443	$ 394,305
State - Current	(354,061)	335,361	326,844
Total - Current	(2,171,173)	393,804	721,149
Federal - Deferred	264,121	(269,712)	2,597,799
State - Deferred	15,372	(95,370)	413,705
Total - Deferred	$ 279,493	$ (365,082)	$ 3,011,504

Income Taxes - Summary of Deferred Income Tax Assets (Liabilities) (Detail) - USD ($)	Dec. 31, 2013	Dec. 31, 2012
Deferred Income Tax Assets
Depreciation	$ 1,899,202	$ 2,142,204
Deferred Compensation	147,588	319,786
Charitable Contributions Carryforward		252,619
Deferred Oil Lease Income	922,254	256,716
Deferred Lease Expense	1,288,555	1,428,121
Pension and Other Post Retirement Benefits	(48,342)	593,489
Stock Options	837,156	766,042
Impairment Reserves	1,688,979	1,688,979
Other - Net	40,259	95,856
Gross Deferred Income Tax Assets	6,775,651	7,543,812
Less - Valuation Allowance	(415,453)	(621,528)
Net Deferred Income Tax Assets	6,360,198	6,922,284
Deferred Income Tax Liabilities
Sales of Real Estate	(37,810,005)	(38,937,151)
Commercial Mortgage Purchase Discount	(504,886)
Basis Difference in Joint Venture	(342,015)	(342,638)
Other - Net	(255,360)
Total Deferred Income Tax Liabilities	(38,912,266)	(39,279,789)
Net Deferred Income Tax Liabilities	$ (32,552,068)	$ (32,357,505)

Income Taxes - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Income Taxes [Line Items]
Valuation allowance	$ 415,453	$ 621,528
Valuation allowance, deferred tax asset, change in amount	$ 206,075
Federal statutory rate	35.00%	35.00%	35.00%
Effective income tax rates, income taxes attributable to the discontinued operations	41.30%	36.70%	39.30%
Uncertain tax positions	$ 0	$ 0	$ 29,000
Year for audit of federal and state tax return by revenue service	2007
Accrued interest and penalties for uncertain tax positions	$ 0	0	0
Income tax refunds		177,500
Income tax paid	1,645,939		$ 335,467
Charitable Contributions [Member]
Income Taxes [Line Items]
Valuation allowance	$ 0
Valuation allowance, deferred tax asset, change in amount		$ 14,175

Income Taxes - Reconciliation of Income Tax Computed at Federal Statutory Rate (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Income Tax Disclosure [Abstract]
Income Tax (Expense) Benefit Computed at Federal Statutory Rate	$ (1,558,626)	$ 10,158	$ 3,335,956
Increase (Decrease) Resulting from:
State Income Tax, Net of Federal Income Tax Benefit	(149,791)	8,360	335,779
Tax Exempt Interest Income			55,922
Adjustment to Valuation Allowance			(28,810)
Other Reconciling Items	(183,263)	10,204	33,806
Benefit (Expense) for Income Taxes	$ (1,891,680)	$ 28,722	$ 3,732,653

Commitments and Contingencies - Summary of Minimum Future Rental Payments under Non-Cancelable Operating Leases (Detail)	Dec. 31, 2013 USD ($)
Commitments And Contingencies Disclosure [Abstract]
2014	$ 673,653
2015	678,179
2016	494,625
2017	269,528
2018	274,245
2019 and thereafter (cumulative)	1,046,698
Total	$ 3,436,928

Commitments and Contingencies - Additional Information (Detail)	1 Months Ended		3 Months Ended	12 Months Ended
	Sep. 30, 2013 USD ($) ft² Buildings	Jul. 31, 2012 USD ($)	Sep. 30, 2012 USD ($)	Dec. 31, 2013 USD ($) ft² a	Dec. 31, 2012 USD ($)	Dec. 31, 2011 USD ($)	May 31, 2010 USD ($)
Loss Contingencies [Line Items]
Rental expense under operating leases		$ 250,000		$ 402,000	$ 666,000	$ 902,000
Settlement reserve accrued			$ 611,691
Additional reserve reflect value of additional underdeveloped acres and cost					$ 723,058
Trial continuation date				2014-04
Summary judgment of foreclosure hearing date				Jan. 12, 2012
Area of real estate property \| ft²				740,000
Estimated cost of construction, current year				$ 987,303
Cash deposited related to improvements				283,500
Maximum [Member]
Loss Contingencies [Line Items]
Remaining maximum commitment				$ 693,000
Construction Commitment [Member]
Loss Contingencies [Line Items]
Area of real estate property \| a				19.6
Total commitments				$ 1,100,000
Estimated cost of construction, current year				987,000
Actual cost paid for the next five years				976,500
Cash deposited related to improvements				$ 283,500
Reimbursement period of land improvement cost				5 years
Construction Commitment [Member] \| RaceTrac [Member]
Loss Contingencies [Line Items]
Area of real estate property \| a				3.4
Estimated cost for improvements				$ 1,260,000
Percentage of cost paid				77.50%
Construction Commitment [Member] \| Williamson Crossing [Member]
Loss Contingencies [Line Items]
Area of real estate property \| a				23
Construction Commitment [Member] \| Williamson Business Park [Member]
Loss Contingencies [Line Items]
Area of first lease \| ft²	7,700
Total estimated costs of construction buildings and tenant improvements	$ 2,100,000
Construction Commitment [Member] \| Williamson Business Park [Member] \| Office Building [Member]
Loss Contingencies [Line Items]
Area of real estate property \| ft²	30,720
Number of buildings \| Buildings	2
FM Bayberry Cove Holding, LLC [Member]
Loss Contingencies [Line Items]
Claim of lien on real property							$ 3,800,000
Area of real estate property \| a				600
Company's foreclosure sale date				Jan. 29, 2014
Claim for un-reimbursed costs and accrued interest				$ 4,700,000

Commitments and Contingencies - Summary of Minimum Future Rentals Receipts under Non-Cancelable Operating Leases (Detail)	Dec. 31, 2013 USD ($)
Commitments And Contingencies Disclosure [Abstract]
2014	$ 12,498,722
2015	12,440,778
2016	12,401,759
2017	10,539,435
2018	10,601,691
2019 and thereafter (cumulative)	70,956,333
Total	$ 129,438,718

Business Segment Data - Additional Information (Detail)	12 Months Ended
Business Segment Data - Additional Information (Detail)	Dec. 31, 2013 USD ($) MortgageLoan Segment	Dec. 31, 2012	Dec. 31, 2011
Segment Reporting Information [Line Items]
Number of operating segment \| Segment	4
Income property operation percent of identifiable asset	67.10%	70.80%
Income property operation percent of consolidated revenue	49.60%	52.10%	59.20%
Golf operation description	Our golf operations consist of a single property located in the City of Daytona Beach, 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 ($)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Segment Reporting Information [Line Items]
Revenues	$ 25,837,844	$ 16,232,970	$ 12,966,428
Operating Income (Loss)	6,279,377	863,901	(8,968,692)
Identifiable Assets	226,183,680	184,696,900	170,265,803
Depreciation and Amortization	2,885,317	2,010,505	2,197,469
Capital Expenditures	58,447,040	26,395,624	3,327,346
Operating Segments [Member] \| Income Properties [Member]
Segment Reporting Information [Line Items]
Revenues	12,828,214	8,463,082	7,679,224
Operating Income (Loss)	11,494,240	7,786,986	7,152,265
Identifiable Assets	151,682,578	130,726,326	116,943,722
Depreciation and Amortization	2,650,310	1,742,589	1,500,511
Capital Expenditures	40,418,981	25,945,926	2,493,663
Operating Segments [Member] \| Commercial Mortgage Loan [Member]
Segment Reporting Information [Line Items]
Revenues	1,712,913
Operating Income (Loss)	1,712,913
Identifiable Assets	18,887,979
Depreciation and Amortization
Capital Expenditures	17,658,204
Operating Segments [Member] \| Real Estate [Member]
Segment Reporting Information [Line Items]
Revenues	5,945,510	3,098,840	501,626
Operating Income (Loss)	2,291,609	2,393,778	(250,504)
Identifiable Assets	29,929,179	34,161,944	34,529,445
Depreciation and Amortization
Capital Expenditures
Operating Segments [Member] \| Golf Operations [Member]
Segment Reporting Information [Line Items]
Revenues	5,074,898	4,506,069	4,660,802
Operating Income (Loss)	(412,177)	(887,564)	(1,332,835)
Identifiable Assets	3,269,212	3,230,225	2,858,448
Depreciation and Amortization	205,097	173,110	359,743
Capital Expenditures	223,690	343,969	267,273
Operating Segments [Member] \| Agriculture and Other [Member]
Segment Reporting Information [Line Items]
Revenues	276,309	164,979	124,776
Operating Income (Loss)	127,949	(33,855)	(526,647)
Identifiable Assets	22,414,732	16,578,405	15,934,188
Depreciation and Amortization	29,910	94,806	337,215
Capital Expenditures	146,165	105,729	566,410
Operating Segments [Member] \| General and Corporate Expense [Member]
Segment Reporting Information [Line Items]
Operating Income (Loss)	$ (8,935,157)	$ (8,395,444)	$ (14,010,971)

Subsequent Events - Additional Information (Detail)						1 Months Ended	12 Months Ended
Subsequent Events - Additional Information (Detail)	Feb. 18, 2014 USD ($) a $ / a	Jan. 31, 2014 USD ($) a	Jan. 29, 2014 USD ($) a	Jan. 10, 2014 USD ($)	Dec. 21, 2013 a	Jan. 31, 2014 USD ($) a	Dec. 31, 2013 USD ($) a	Dec. 31, 2012 USD ($)	Dec. 31, 2011 USD ($)	Jan. 06, 2014 USD ($)
Subsequent Event [Line Items]
Total revenue recognized							$ 25,837,844	$ 16,232,970	$ 12,966,428
Interest Income							$ 405	$ 1,485	$ 160,369
Area of land \| a							10,000
Sale of land, area \| a					6.23
Subsequent Event [Member]
Subsequent Event [Line Items]
Total revenue recognized						$ 851,000
Accretion of purchase discount						650,000
Interest Income						35,000
Exit fees						196,000
Remaining amortization of fees						$ 30,000
Outstanding balance of the Credit Facility paid				$ 18,000,000
Area of land \| a		10,500	600			10,500
Company claim for un-reimbursed road costs and accrued interest			$ 4,700,000
Performing loan purchased at par		$ 5,000,000				$ 5,000,000
Loan maturities term		2019-02
Fixed interest rate		12.00%				12.00%
Subsequent Event [Member] \| Halifax Humane Society Inc [Member]
Subsequent Event [Line Items]
Sale of land, area \| a	3.06
Sale of land, amount	$ 391,500
Sale of land per acre, amount \| $ / a	128,000
Gain on sale of land	$ 340,000
Commercial Mortgage Loan [Member]
Subsequent Event [Line Items]
Payment of commercial loan							$ 19,560,000
Commercial Mortgage Loan [Member] \| Subsequent Event [Member]
Subsequent Event [Line Items]
Payment of commercial loan										$ 19,500,000

Schedule III - Real Estate and Accumulated Depreciation (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2013
Cost:
Balance at End of Year	$ 170,194,285
Encumbrances				$ 30,400,000
Accumulated Depreciation:
Balance at End of Year	11,986,949
Land				78,949,844
Building & Improvements				77,173,890
Improvements				13,453,036
Carrying Costs				617,515
Land				93,020,395
Buildings				77,173,890
Total	170,194,285			170,194,285
Depreciation	11,986,949			11,986,949
Real Estate [Member]
Cost:
Balance at Beginning of Year	151,226,811	$ 134,561,058	$ 134,705,516
Additions and Improvements	36,607,950	24,552,841	3,050,496
Adjust to Fair Value			(68,454)
Cost of Real Estate Sold	(17,640,476)	(7,887,088)	(3,126,500)
Balance at End of Year	170,194,285	151,226,811	134,561,058
Accumulated Depreciation:
Balance at Beginning of Year	11,135,501	10,089,354	9,136,562
Depreciation and Amortization	2,066,386	1,539,990	1,470,947
Depreciation on Real Estate Sold	(1,214,938)	(493,843)	(518,155)
Balance at End of Year	11,986,949	11,135,501	10,089,354
Total	151,226,811	134,561,058	134,705,516	170,194,285
Depreciation	11,135,501	$ 10,089,354	$ 9,136,562	11,986,949
Bank of America, Garden Grove, CA [Member]
Cost:
Balance at End of Year	3,199,978
Encumbrances				1,840,985
Accumulated Depreciation:
Balance at End of Year	39,394
Land				1,745,447
Building & Improvements				1,454,531
Improvements
Carrying Costs
Land				1,745,447
Buildings				1,454,531
Total	3,199,978			3,199,978
Depreciation	$ 39,394			39,394
Acquired	Dec. 13, 2012
Life	40 years
Bank of America, La Habra, CA [Member]
Cost:
Balance at End of Year	$ 2,149,906
Encumbrances				1,236,866
Accumulated Depreciation:
Balance at End of Year	39,404
Land				571,573
Building & Improvements				1,578,333
Improvements
Carrying Costs
Land				571,573
Buildings				1,578,333
Total	2,149,906			2,149,906
Depreciation	$ 39,404			39,404
Acquired	Dec. 13, 2012
Life	40 years
Bank of America Laguna CA [Member]
Cost:
Encumbrances				1,657,646
Accumulated Depreciation:
Land				1,231,328
Building & Improvements				1,649,972
Improvements
Carrying Costs
Bank of America, Los Alamitos, CA [Member]
Cost:
Balance at End of Year	$ 1,603,992
Encumbrances				922,796
Accumulated Depreciation:
Balance at End of Year	20,800
Land				771,976
Building & Improvements				832,016
Improvements
Carrying Costs
Land				771,976
Buildings				832,016
Total	1,603,992			1,603,992
Depreciation	$ 20,800			20,800
Acquired	Dec. 13, 2012
Life	40 years
Bank of America Puerta Real Mission Viejo CA [Member]
Cost:
Encumbrances				734,920
Accumulated Depreciation:
Land				523,539
Building & Improvements				753,890
Improvements
Carrying Costs
Bank of America Trabuca Mission Viejo CA [Member]
Cost:
Encumbrances				1,115,623
Accumulated Depreciation:
Land				544,713
Building & Improvements				1,394,450
Improvements
Carrying Costs
Bank of America, Walnut, CA [Member]
Cost:
Balance at End of Year	$ 2,257,160
Encumbrances				1,298,571
Accumulated Depreciation:
Balance at End of Year	30,353
Land				1,043,050
Building & Improvements				1,214,110
Improvements
Carrying Costs
Land				1,043,050
Buildings				1,214,110
Total	2,257,160			2,257,160
Depreciation	$ 30,353			30,353
Acquired	Jan. 03, 2013
Life	40 years
Bank of America, Westminster, CA [Member]
Cost:
Balance at End of Year	$ 3,032,382
Encumbrances				1,744,565
Accumulated Depreciation:
Balance at End of Year	29,290
Land				1,950,902
Building & Improvements				1,081,480
Improvements
Carrying Costs
Land				1,950,902
Buildings				1,081,480
Total	3,032,382			3,032,382
Depreciation	$ 29,290			29,290
Acquired	Jan. 03, 2013
Life	40 years
Bank of America, Yorba Linda, CA [Member]
Cost:
Balance at End of Year	$ 1,743,707
Encumbrances				1,003,175
Accumulated Depreciation:
Balance at End of Year	12,505
Land				1,245,514
Building & Improvements				498,193
Improvements
Carrying Costs
Land				1,245,514
Buildings				498,193
Total	1,743,707			1,743,707
Depreciation	$ 12,505			12,505
Acquired	Jan. 03, 2013
Life	40 years
Barnes & Noble, Daytona Beach, FL [Member]
Cost:
Balance at End of Year	$ 5,601,600
Encumbrances
Accumulated Depreciation:
Balance at End of Year	1,235,975
Land				1,798,600
Building & Improvements				3,803,000
Improvements
Carrying Costs
Land				1,798,600
Buildings				3,803,000
Total	5,601,600			5,601,600
Depreciation	$ 1,235,975			1,235,975
Acquired	Dec. 15, 2005
Life	40 years
Best Buy, McDonough, GA [Member]
Cost:
Balance at End of Year	$ 5,772,682
Encumbrances
Accumulated Depreciation:
Balance at End of Year	587,348
Land				2,622,682
Building & Improvements				3,150,000
Improvements
Carrying Costs
Land				2,622,682
Buildings				3,150,000
Total	5,772,682			5,772,682
Depreciation	$ 587,348			587,348
Acquired	Jun. 15, 2006
Life	40 years
Big Lots, Germantown, MD [Member]
Cost:
Balance at End of Year	$ 4,733,149
Encumbrances
Accumulated Depreciation:
Balance at End of Year	24,594
Land				1,781,918
Building & Improvements				2,951,231
Improvements
Carrying Costs
Land				1,781,918
Buildings				2,951,231
Total	4,733,149			4,733,149
Depreciation	$ 24,594			24,594
Acquired	Sep. 13, 2013
Life	40 years
Big Lots, Phoenix, AZ [Member]
Cost:
Balance at End of Year	$ 4,765,881
Encumbrances
Accumulated Depreciation:
Balance at End of Year	69,900
Land				1,715,717
Building & Improvements				3,050,164
Improvements
Carrying Costs
Land				1,715,717
Buildings				3,050,164
Total	4,765,881			4,765,881
Depreciation	$ 69,900			69,900
Acquired	Jan. 23, 2013
Life	40 years
Buffalo Wild Wings, Phoenix, AZ [Member]
Cost:
Balance at End of Year	$ 1,716,834
Encumbrances				987,715
Accumulated Depreciation:
Balance at End of Year
Land				1,716,834
Building & Improvements
Improvements
Carrying Costs
Land				1,716,834
Buildings
Total	1,716,834			1,716,834
Depreciation
Acquired	Sep. 30, 2012
CVS, Clermont, FL [Member]
Cost:
Balance at End of Year	$ 2,946,808
Encumbrances
Accumulated Depreciation:
Balance at End of Year	404,300
Land				1,493,985
Building & Improvements				1,452,823
Improvements
Carrying Costs
Land				1,493,985
Buildings				1,452,823
Total	2,946,808			2,946,808
Depreciation	$ 404,300			404,300
Acquired	Nov. 22, 2002
Life	40 years
CVS, Melbourne, FL [Member]
Cost:
Balance at End of Year	$ 2,486,974
Encumbrances
Accumulated Depreciation:
Balance at End of Year	248,946
Land				1,567,788
Building & Improvements				919,186
Improvements
Carrying Costs
Land				1,567,788
Buildings				919,186
Total	2,486,974			2,486,974
Depreciation	$ 248,946			248,946
Acquired	Mar. 05, 2003
Life	40 years
CVS, Sanford, FL [Member]
Cost:
Balance at End of Year	$ 3,455,847
Encumbrances
Accumulated Depreciation:
Balance at End of Year	575,079
Land				1,565,176
Building & Improvements				1,890,671
Improvements
Carrying Costs
Land				1,565,176
Buildings				1,890,671
Total	3,455,847			3,455,847
Depreciation	$ 575,079			575,079
Acquired	Nov. 15, 2001
Life	40 years
CVS, Sanford, FL [Member]
Cost:
Balance at End of Year	$ 3,621,319
Encumbrances
Accumulated Depreciation:
Balance at End of Year	320,270
Land				2,345,694
Building & Improvements				1,275,625
Improvements
Carrying Costs
Land				2,345,694
Buildings				1,275,625
Total	3,621,319			3,621,319
Depreciation	$ 320,270			320,270
Acquired	Sep. 17, 2003
Life	40 years
CVS, Sebastian, FL [Member]
Cost:
Balance at End of Year	$ 3,494,704
Encumbrances
Accumulated Depreciation:
Balance at End of Year	312,292
Land				2,205,709
Building & Improvements				1,288,995
Improvements
Carrying Costs
Land				2,205,709
Buildings				1,288,995
Total	3,494,704			3,494,704
Depreciation	$ 312,292			312,292
Acquired	Apr. 23, 2004
Life	40 years
CVS, Sebring, FL [Member]
Cost:
Balance at End of Year	$ 3,035,031
Encumbrances
Accumulated Depreciation:
Balance at End of Year	470,115
Land				1,312,472
Building & Improvements				1,722,559
Improvements
Carrying Costs
Land				1,312,472
Buildings				1,722,559
Total	3,035,031			3,035,031
Depreciation	$ 470,115			470,115
Acquired	Feb. 04, 2003
Life	40 years
CVS, Tallahassee, FL [Member]
Cost:
Balance at End of Year	$ 3,671,678
Encumbrances				2,112,360
Accumulated Depreciation:
Balance at End of Year	564,654
Land				590,800
Building & Improvements				1,595,000
Improvements				1,485,878
Carrying Costs
Land				2,076,678
Buildings				1,595,000
Total	3,671,678			3,671,678
Depreciation	$ 564,654			564,654
Acquired	Dec. 13, 2000
Life	40 years
CVS, Vero Beach, FL [Member]
Cost:
Balance at End of Year	$ 4,425,896
Encumbrances
Accumulated Depreciation:
Balance at End of Year	281,584
Land				3,113,661
Building & Improvements				1,312,235
Improvements
Carrying Costs
Land				3,113,661
Buildings				1,312,235
Total	4,425,896			4,425,896
Depreciation	$ 281,584			281,584
Acquired	Jun. 02, 2005
Life	40 years
Dick's Sporting Goods, McDonough, GA [Member]
Cost:
Balance at End of Year	$ 8,659,022
Encumbrances
Accumulated Depreciation:
Balance at End of Year	905,621
Land				3,934,022
Building & Improvements				4,725,000
Improvements
Carrying Costs
Land				3,934,022
Buildings				4,725,000
Total	8,659,022			8,659,022
Depreciation	$ 905,621			905,621
Acquired	Jun. 15, 2006
Life	40 years
Harris Teeter Supermarket, Charlotte, NC [Member]
Cost:
Balance at End of Year	$ 9,011,175
Encumbrances
Accumulated Depreciation:
Balance at End of Year	490,093
Land				5,601,837
Building & Improvements				3,409,338
Improvements
Carrying Costs
Land				5,601,837
Buildings				3,409,338
Total	9,011,175			9,011,175
Depreciation	$ 490,093			490,093
Acquired	Apr. 17, 2008
Life	40 years
Hilton Resorts Corporation (Office), Orlando, FL One [Member]
Cost:
Balance at End of Year	$ 9,401,623
Encumbrances				5,252,926
Accumulated Depreciation:
Balance at End of Year	58,108
Land				2,810,942
Building & Improvements				6,590,681
Improvements
Carrying Costs
Land				2,810,942
Buildings				6,590,681
Total	9,401,623			9,401,623
Depreciation	$ 58,108			58,108
Acquired	Jan. 30, 2013
Life	40 years
Hilton Resorts Corporation (Office), Orlando, FL Two [Member]
Cost:
Balance at End of Year	$ 3,663,828
Encumbrances				2,047,074
Accumulated Depreciation:
Balance at End of Year	149,118
Land				1,210,138
Building & Improvements				2,453,690
Improvements
Carrying Costs
Land				1,210,138
Buildings				2,453,690
Total	3,663,828			3,663,828
Depreciation	$ 149,118			149,118
Acquired	Jan. 30, 2013
Life	40 years
JPMorgan Chase Bank, Chicago, IL [Member]
Cost:
Balance at End of Year	$ 3,528,492
Encumbrances				2,029,983
Accumulated Depreciation:
Balance at End of Year
Land				3,528,492
Building & Improvements
Improvements
Carrying Costs
Land				3,528,492
Buildings
Total	3,528,492			3,528,492
Depreciation
Acquired	Nov. 30, 2012
Lowe's Corporation, Lexington, NC [Member]
Cost:
Balance at End of Year	$ 9,597,520
Encumbrances
Accumulated Depreciation:
Balance at End of Year	1,014,021
Land				5,048,640
Building & Improvements				4,548,880
Improvements
Carrying Costs
Land				5,048,640
Buildings				4,548,880
Total	9,597,520			9,597,520
Depreciation	$ 1,014,021			1,014,021
Acquired	Jan. 20, 2005
Life	40 years
PNC Bank, Altamonte Springs, FL [Member]
Cost:
Balance at End of Year	$ 3,846,463
Encumbrances
Accumulated Depreciation:
Balance at End of Year	89,042
Land				3,435,502
Building & Improvements				410,961
Improvements
Carrying Costs
Land				3,435,502
Buildings				410,961
Total	3,846,463			3,846,463
Depreciation	$ 89,042			89,042
Acquired	May 25, 2005
Life	40 years
Rite Aid, Renton, WA [Member]
Cost:
Balance at End of Year	$ 6,184,650
Encumbrances
Accumulated Depreciation:
Balance at End of Year	43,213
Land				2,036,235
Building & Improvements				4,148,415
Improvements
Carrying Costs
Land				2,036,235
Buildings				4,148,415
Total	6,184,650			6,184,650
Depreciation	$ 43,213			43,213
Acquired	Jul. 25, 2013
Life	40 years
Walgreens, Alpharetta, GA [Member]
Cost:
Balance at End of Year	$ 4,671,783
Encumbrances
Accumulated Depreciation:
Balance at End of Year	342,752
Land				3,265,623
Building & Improvements				1,406,160
Improvements
Carrying Costs
Land				3,265,623
Buildings				1,406,160
Total	4,671,783			4,671,783
Depreciation	$ 342,752			342,752
Acquired	Mar. 31, 2004
Life	40 years
Walgreens, Apopka, FL [Member]
Cost:
Balance at End of Year	$ 3,744,612
Encumbrances
Accumulated Depreciation:
Balance at End of Year	330,057
Land				2,390,532
Building & Improvements				1,354,080
Improvements
Carrying Costs
Land				2,390,532
Buildings				1,354,080
Total	3,744,612			3,744,612
Depreciation	$ 330,057			330,057
Acquired	Mar. 29, 2004
Life	40 years
Walgreens, Boulder, CO [Member]
Cost:
Balance at End of Year	$ 6,890,120
Encumbrances				3,963,967
Accumulated Depreciation:
Balance at End of Year	304,139
Land				3,474,934
Building & Improvements				3,415,186
Improvements
Carrying Costs
Land				3,474,934
Buildings				3,415,186
Total	6,890,120			6,890,120
Depreciation	$ 304,139			304,139
Acquired	Apr. 11, 2012
Life	40 years
Walgreens, Clermont, FL [Member]
Cost:
Balance at End of Year	$ 4,291,114
Encumbrances
Accumulated Depreciation:
Balance at End of Year	993,253
Land				3,021,665
Building & Improvements				1,269,449
Improvements
Carrying Costs
Land				3,021,665
Buildings				1,269,449
Total	4,291,114			4,291,114
Depreciation	$ 993,253			993,253
Acquired	May 27, 2004
Life	40 years
Walgreens, Palm Bay, FL [Member]
Cost:
Balance at End of Year	$ 4,260,000
Encumbrances				2,450,828
Accumulated Depreciation:
Balance at End of Year	149,414
Land				1,102,640
Building & Improvements				3,157,360
Improvements
Carrying Costs
Land				1,102,640
Buildings				3,157,360
Total	4,260,000			4,260,000
Depreciation	$ 149,414			149,414
Acquired	Feb. 12, 2003
Life	40 years
Mason Commerce Center, Daytona Beach, FL [Member]
Cost:
Balance at End of Year	$ 4,182,509
Encumbrances
Accumulated Depreciation:
Balance at End of Year	831,707
Land				132,609
Building & Improvements				2,554,055
Improvements				1,495,845
Carrying Costs
Land				1,628,454
Buildings				2,554,055
Total	4,182,509			4,182,509
Depreciation	$ 831,707			831,707
Construction	Sep. 01, 2008
Life	40 years
Concierge Office Building, Daytona Beach, FL [Member]
Cost:
Balance at End of Year	$ 3,156,043
Encumbrances
Accumulated Depreciation:
Balance at End of Year	465,685
Land				293,872
Building & Improvements				2,862,171
Improvements
Carrying Costs
Land				293,872
Buildings				2,862,171
Total	3,156,043			3,156,043
Depreciation	$ 465,685			465,685
Construction	Jul. 01, 2009
Life	40 years
Land, Timber, and Subsurface Interests [Member]
Cost:
Balance at End of Year	$ 15,291,911
Encumbrances
Accumulated Depreciation:
Balance at End of Year	451,052
Land				4,203,083
Building & Improvements
Improvements				10,471,313
Carrying Costs				617,515
Land				15,291,911
Buildings
Total	15,291,911			15,291,911
Depreciation	451,052			451,052
Bank of America, Laguna Beach, CA [Member]
Cost:
Balance at End of Year	2,881,300
Accumulated Depreciation:
Balance at End of Year	44,687
Land				1,231,328
Buildings				1,649,972
Total	2,881,300			2,881,300
Depreciation	$ 44,687			44,687
Acquired	Dec. 13, 2012
Life	40 years
Bank of America, Mission Viejo, CA (Puerta Real) [Member]
Cost:
Balance at End of Year	$ 1,277,429
Accumulated Depreciation:
Balance at End of Year	20,418
Land				523,539
Buildings				753,890
Total	1,277,429			1,277,429
Depreciation	$ 20,418			20,418
Acquired	Dec. 13, 2012
Life	40 years
Bank of America, Mission Viejo, CA (Trabuco) [Member]
Cost:
Balance at End of Year	$ 1,939,163
Accumulated Depreciation:
Balance at End of Year	37,766
Land				544,713
Buildings				1,394,450
Total	1,939,163			1,939,163
Depreciation	$ 37,766			$ 37,766
Acquired	Jan. 03, 2013
Life	40 years

Schedule III - Real Estate and Accumulated Depreciation (Parenthetical) (Detail) - USD ($)	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Reconciliation to Consolidated Balance Sheet at December 31, 2013
Income Properties: Land Buildings, and Improvements	$ 154,902,374	$ 132,202,887
Total	170,194,285
Real Estate [Member]
Reconciliation to Consolidated Balance Sheet at December 31, 2013
Land, Timber, and Subsurface Interests	15,291,911
Income Properties: Land Buildings, and Improvements	154,902,374
Land Timber Subsurface Interests and Income Properties	170,194,285
Cost Basis of Assets Classified as Held for Sale on Balance Sheet
Total	$ 170,194,285	$ 151,226,811	$ 134,561,058	$ 134,705,516