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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2014	Apr. 24, 2014
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2014
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	Q1
Entity Registrant Name	CONSOLIDATED TOMOKA LAND CO
Entity Central Index Key	0000023795
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		5,881,259

CONSOLIDATED BALANCE SHEETS - USD ($)	Mar. 31, 2014	Dec. 31, 2013
Property, Plant, and Equipment:
Land, Timber, and Subsurface Interests	$ 15,335,483	$ 15,291,911
Golf Buildings, Improvements, and Equipment	3,139,372	3,103,979
Income Properties, Land, Buildings, and Improvements	154,907,360	154,902,374
Other Furnishings and Equipment	964,484	955,597
Construction in Progress	1,734,341	987,303
Total Property, Plant, and Equipment	176,081,040	175,241,164
Less, Accumulated Depreciation and Amortization	(13,863,734)	(13,260,856)
Property, Plant, and Equipment - Net	162,217,306	161,980,308
Land and Development Costs	24,085,570	23,768,914
Intangible Assets - Net	6,190,308	6,359,438
Impact Fee and Mitigation Credits	6,008,698	6,081,433
Commercial Mortgage Loans, Held for Investment	5,000,000	18,845,053
Cash and Cash Equivalents	1,058,652	4,932,512
Restricted Cash	812,593	366,645
Investment Securities	800,442	729,814
Net Pension Asset	436,049	407,670
Other Assets	3,193,216	2,711,893
Total Assets	209,802,834	226,183,680
Liabilities:
Accounts Payable	1,056,967	872,331
Accrued Liabilities	4,322,918	4,726,809
Deferred Revenue	2,338,788	3,344,351
Accrued Stock-Based Compensation	347,720	247,671
Income Taxes Payable	1,104,153	1,044,061
Deferred Income Taxes - Net	32,428,978	32,552,068
Long-Term Debt	47,227,032	63,227,032
Total Liabilities	88,826,556	106,014,323
Shareholders' Equity:
Common Stock -25,000,000 shares authorized; $1 par value, 5,881,259 shares issued and -5,840,789 shares outstanding at March 31, 2014; 5,866,759 shares issued and 5,852,155 shares outstanding at December 31, 2013	5,767,192	5,767,192
Treasury Stock - 40,470 shares at March 31, 2014; 14,634 shares at December 31, 2013	(1,381,566)	(453,654)
Additional Paid-In Capital	8,701,019	8,509,976
Retained Earnings	108,081,712	106,581,305
Accumulated Other Comprehensive Loss	(192,079)	(235,462)
Total Shareholders' Equity	120,976,278	120,169,357
Total Liabilities and Shareholders' Equity	$ 209,802,834	$ 226,183,680

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2014	Dec. 31, 2013
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	5,881,259	5,866,759
Common Stock, shares outstanding	5,840,789	5,852,155
Treasury Stock, shares held	40,470	14,634

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Revenues
Income Properties	$ 3,404,359	$ 2,954,516
Interest Income from Commercial Mortgage Loans	943,890
Real Estate Operations	1,276,513	338,348
Golf Operations	1,417,379	1,464,685
Agriculture and Other Income	57,844	97,677
Total Revenues	7,099,985	4,855,226
Direct Cost of Revenues
Income Properties	(340,019)	(229,509)
Real Estate Operations	(179,216)	(121,478)
Golf Operations	(1,333,026)	(1,407,629)
Agriculture and Other Income	(61,413)	(31,369)
Total Direct Cost of Revenues	(1,913,674)	(1,789,985)
General and Administrative Expenses	(1,510,434)	(1,753,564)
Depreciation and Amortization	(772,008)	(699,134)
Total Operating Expenses	(4,196,116)	(4,242,683)
Operating Income	2,903,869	612,543
Interest Income	13,947	166
Interest Expense	(467,651)	(337,532)
Income from Continuing Operations Before Income Tax Expense	2,450,165	275,177
Income Tax (Expense) Benefit	(949,758)	(101,089)
Income from Continuing Operations	1,500,407	174,088
Income from Discontinued Operations (Net of Tax) - See Note 3		162,957
Net Income	$ 1,500,407	$ 337,045
Per Share Information - See Note 10: Basic and Diluted
Income from Continuing Operations	$ 0.26	$ 0.03
Income from Discontinued Operations (Net of Tax)	0.00	0.03
Net Income	0.26	0.06
Dividends Declared and Paid

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Statement Of Income And Comprehensive Income [Abstract]
Net Income	$ 1,500,407	$ 337,045
Other Comprehensive Income Unrealized Gain on Investment Securities (Net of Tax of $27,245 and $-, respectively)	43,383
Total Other Comprehensive Income, Net of Tax	43,383
Total Comprehensive Income	$ 1,543,790	$ 337,045

- Definition

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

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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (Parenthetical) - USD ($)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Statement Of Income And Comprehensive Income [Abstract]
Other Comprehensive Income Unrealized Gain on Investment Securities, tax	$ 27,245

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) - 3 months ended Mar. 31, 2014 - 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, 2013	$ 120,169,357	$ 5,767,192	$ (453,654)	$ 8,509,976	$ 106,581,305	$ (235,462)
Net Income	1,500,407				1,500,407
Stock Repurchase	(927,912)		(927,912)
Stock Compensation Expense from Restricted Stock Grants and Equity Classified Stock Options	191,043			191,043
Other Comprehensive Income, Net of Tax	43,383					43,383
Ending balance at Mar. 31, 2014	$ 120,976,278	$ 5,767,192	$ (1,381,566)	$ 8,701,019	$ 108,081,712	$ (192,079)

- Definition

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

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+ Details

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Cash Flow from Operating Activities:
Net Income	$ 1,500,407	$ 337,045
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation and Amortization	772,008	737,182
Loan Cost Amortization	54,775	40,864
Gain (Loss) on Disposition of Property, Plant, and Equipment and Intangible Assets		(54,179)
Gain (Loss) on Disposition of Assets Held for Sale		26,367
Discount Accretion on Commercial Mortgage Loan	(649,658)
Amortization of Fees on Acquisition of Commercial Mortgage Loan	29,711
Unrealized Gain on Investment Securities	43,383
Deferred Income Taxes	(123,090)	649,304
Non-Cash Compensation	291,092	444,416
Decrease (Increase) in Assets:
Refundable Income Taxes		(525,505)
Land and Development Costs	(316,656)	(4,799)
Impact Fees and Mitigation Credits	72,735	73,403
Investment Securities	(70,628)
Net Pension Asset	(28,379)
Other Assets	(536,098)	(531,497)
Increase (Decrease) in Liabilities:
Accounts Payable	184,636	(194,455)
Accrued Liabilities	(403,891)	162,472
Deferred Revenue	(1,005,563)	27,188
Accrued Stock-Based Compensation		14,707
Net Pension Obligation		86,982
Income Taxes Payable	60,092
Net Cash Provided By (Used In) Operating Activities	(125,124)	1,289,495
Cash Flow from Investing Activities:
Acquisition of Property, Plant, and Equipment	(839,876)	(25,709,940)
Acquisition of Intangible Assets		(2,183,538)
Acquisition of Commercial Mortgage Loan	(5,000,000)
Decrease (Increase) in Restricted Cash	(445,948)	(888,150)
Proceeds from Disposition of Property, Plant, and Equipment, Net		3,935,547
Proceeds from Disposition of Assets Held for Sale, Net		3,407,133
Principal Payments Received on Commercial Mortgage Loans	19,465,000
Net Cash Provided By (Used In) Investing Activities	13,179,176	(21,438,948)
Cash Flow from Financing Activities:
Proceeds from Long-Term Debt	2,000,000	57,700,000
Payments on Long-Term Debt	(18,000,000)	(37,678,691)
Cash Proceeds (Disbursements) from Exercise of Stock Options		155,003
Cash Used to Purchase Common Stock	(927,912)
Cash from Excess Tax Benefit from Vesting of Restricted Stock		101,032
Net Cash Provided By (Used In) Financing Activities	(16,927,912)	20,277,344
Net Increase (Decrease) in Cash	(3,873,860)	127,891
Cash, Beginning of Year	4,932,512	1,301,739
Cash, End of Period	$ 1,058,652	$ 1,429,630

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Parenthetical) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013	Dec. 31, 2012
Statement Of Cash Flows [Abstract]
Income tax refunds		$ 39,000
Income taxes paid	$ 1,000,000
Interest paid	378,000	299,000
Interest paid, capitalized	$ 6,700	$ 0
Legal reserve for certain proceeding				$ 723,000
Non-cash conveyance of certain real property for legal settlement			$ 703,000

DESCRIPTION OF BUSINESS AND PRINCIPLES OF INTERIM STATEMENTS

3 Months Ended

Mar. 31, 2014

Accounting Policies [Abstract]

DESCRIPTION OF BUSINESS AND PRINCIPLES OF INTERIM STATEMENTS

NOTE 1. DESCRIPTION OF BUSINESS AND PRINCIPLES OF INTERIM STATEMENTS

Description of Business

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

We are a diversified real estate operating company. We own and manage commercial real estate properties in nine states in the U.S., as well as two self-developed, flex-office properties, with multiple tenants, located in Florida. The Company had an additional flex-office property under construction as of March 31, 2014 which is adjacent to an existing self-developed property. As of March 31, 2014, 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 of over 10,500 acres. As of March 31, 2014, we also had an investment in a fixed-rate mezzanine commercial mortgage loan collateralized by the borrower’s equity interest in 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.

Interim Financial Information

The accompanying unaudited consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. These unaudited consolidated financial statements do not include all of the information and notes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete financial statements and should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2013, which provides a more complete understanding of the Company’s accounting policies, financial position, operating results, business properties, and other matters. The unaudited consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary to present fairly the financial position of the Company and the results of operations for the interim periods.

The results of operations for the three months ended March 31, 2014 are not necessarily indicative of results to be expected for the year ending December 31, 2014.

Principles of Consolidation

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

Use of Estimates in Preparation of Financial Statements

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

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

Cash and Cash Equivalents

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

Restricted Cash

Restricted cash totaled approximately $813,000 at March 31, 2014 of which approximately $160,000 is being held in a reserve primarily for property taxes and insurance escrows in connection with our financing of two properties acquired in January 2013, approximately $284,000 is being held in escrow related to a land transaction which closed in December 2013, and approximately $369,000 is being held for additional investments utilizing the tax-deferred like-kind exchange structure.

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 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.

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 March 31, 2014 and December 31, 2013, approximate fair value because of the short maturity of these instruments. The carrying amount of the Company’s investments in commercial mortgage loans approximate fair value at March 31, 2014 and December 31, 2013, since the floating and fixed rates of the loans reasonably 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 March 31, 2014 and December 31, 2013, 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.

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 the borrower’s equity interest in 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 March 31, 2014, 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 Accounting for Acquisitions of Real Estate Subject to a Lease

In accordance with the Financial Accounting Standards Board (“FASB”) guidance on business combinations, the fair value of the real estate acquired with in-place leases is allocated to the acquired tangible assets, consisting of land, building and tenant improvements, and identified intangible assets, 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.

Reclassifications

Certain items in the prior period’s consolidated statements of operations have been reclassified to conform to the presentation of statements of operations for the three months ended March 31, 2014. Specifically, loan cost amortization was previously included in depreciation and amortization on the consolidated financial statements and is now included in interest expense. These reclassifications had no effect on the current and prior period’s presentation of income (loss) from continuing operations before taxes. Additionally, certain items in the prior period’s consolidated statements of cash flows have been reclassified to conform to the current presentation. Specifically, loan cost amortization was previously included with depreciation and amortization and is now a separate line item. The excess tax benefit from the vesting of restricted stock was previously included with refundable income taxes and is now a separate line item. The change in impact fees and mitigation credits was previously included with other assets and is now a separate line item to conform to the new line item on the consolidated balance sheets. The changes in accrued stock-based compensation and the net pension obligation were previously included with the change in accrued liabilities and are now separate line items to conform to the consolidated balance sheet presentation. These reclassifications had no effect on the net increase or decrease in cash and cash equivalents.

- Definition

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

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+ Details

INCOME PROPERTIES	3 Months Ended
INCOME PROPERTIES	Mar. 31, 2014
Business Combinations [Abstract]
INCOME PROPERTIES	NOTE 2. INCOME PROPERTIES No income properties were acquired during the three months ended March 31, 2014. During the three months ended March 31, 2013, the Company acquired seven income properties at a total acquisition cost of approximately $27.8 million. Of the total acquisition cost, approximately $9.4 million was allocated to land, approximately $16.2 million was allocated to buildings and improvements, and approximately $2.2 million was allocated to intangible assets pertaining to the in-place lease value. The weighted average amortization period for the $2.2 million allocated to intangible assets is approximately 10.1 years.

- Definition

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

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+ Details

DISCONTINUED OPERATIONS

3 Months Ended

Mar. 31, 2014

Discontinued Operations And Disposal Groups [Abstract]

DISCONTINUED OPERATIONS

NOTE 3. DISCONTINUED OPERATIONS

No income properties were disposed of during the three months ended March 31, 2014.

During the three months ended March 31, 2013, the Company sold its interest in two properties for a combined gain of approximately $28,000. Upon the sales, the properties’ operating results were included in discontinued operations for each period presented.

Following is a summary of income from discontinued operations:


	Three Months Ended
	March 31, 2014		March 31, 2013
Leasing Revenue and Other Income	$	—	$	275,529
Costs and Other Expenses		—		(38,048	)

Income from Operations		—		237,481
Gain on Sale of Property		—		27,812

Income before Income Tax Expense		—		265,293
Income Tax Expense		—		(102,336	)

Income from Discontinued Operations	$	—	$	162,957

- Definition

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

+ References

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+ Details

COMMERCIAL MORTGAGE LOANS

3 Months Ended

Mar. 31, 2014

Receivables [Abstract]

COMMERCIAL MORTGAGE LOANS

NOTE 4. COMMERCIAL MORTGAGE LOANS

On January 31, 2014, the Company acquired a mezzanine loan secured by the borrower’s 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. Interest revenue recognized during the three months ended March 31, 2014 was approximately $100,000.

The Company’s commercial mortgage loan portfolio comprised the following at March 31, 2014:


Description	Date of Investment		Maturity Date		Original Face Amount		Current Face Amount		Carrying Value		Coupon Rate
Mezz – Hotel – Atlanta, GA		January 2014		February 2019	$	5,000,000	$	5,000,000	$	5,000,000		12.00	%

Total					$	5,000,000	$	5,000,000	$	5,000,000

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 was 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. On January 6, 2014, the remaining commercial mortgage loan principal of $19.5 million was paid in full. The total revenue recognized during the three months ended March 31, 2014 was approximately $844,000 including the remaining accretion of the purchase discount of approximately $650,000, interest income of approximately $36,000, and an exit fee of approximately $195,000, offset by the remaining amortization of fees of approximately $37,000.

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
Hotel – Atlanta, GA	August 2013	March 2014	$	19,560,000	$	19,465,000	$	18,845,053	30-day LIBOR plus 4.50%

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	$	18,845,053

- 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	3 Months Ended
LAND AND SUBSURFACE INTERESTS	Mar. 31, 2014
Real Estate [Abstract]
LAND AND SUBSURFACE INTERESTS	NOTE 5. LAND AND SUBSURFACE INTERESTS During the three months ended March 31, 2014, the Company sold approximately 3.1 acres to Halifax Humane Society, Inc. for $391,500 or approximately $128,000 per acre for a gain of approximately $347,000. This parcel is located on LPGA Boulevard, just west of I-95 in Daytona Beach, Florida and is adjacent to an existing property owned by Halifax Humane Society, Inc. During the three months ended March 31, 2013, there were no land transactions.

INVESTMENT SECURITIES

3 Months Ended

Mar. 31, 2014

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 consisted of the following:


	As of and For the Three Months Ended March 31, 2014
	Cost		Gains in Accumulated Other Comprehensive Income		Losses in Accumulated Other Comprehensive Income			Estimated Fair Value (Level 1 Inputs)
Preferred Stock	$	729,814	$	79,039	$	(8,411	)	$	800,442

Total Equity Securities	$	729,814	$	79,039	$	(8,411	)	$	800,442

Total Available-for-Sale Securities	$	729,814	$	79,039	$	(8,411	)	$	800,442

The net gain of $70,628 during the three months ended March 31, 2014, net of tax of $27,245, is included in other comprehensive income. As of and for the three months ended March 31, 2013, the Company held no investment securities.

- Definition

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

+ References + Details

FAIR VALUE OF FINANCIAL INSTRUMENTS

3 Months Ended

Mar. 31, 2014

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 at March 31, 2014 and December 31, 2013:


	March 31, 2014				December 31, 2013
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Cash and Cash Equivalents	$	1,058,652	$	1,058,652	$	4,932,512	$	4,932,512
Restricted Cash		812,593		812,593		366,645		366,645
Investment Securities		800,442		800,442		729,814		729,814
Commercial Mortgage Loan		5,000,000		5,000,000		18,845,053		19,297,110
Long-Term Debt		47,227,032		47,227,032		63,227,032		63,227,032

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

3 Months Ended

Mar. 31, 2014

Goodwill And Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS

NOTE 8. INTANGIBLE ASSETS

As of March 31, 2014, the in-place lease value totaled approximately $6.2 million, net of accumulated amortization of approximately $3.1 million. At December 31, 2013, the in-place lease value totaled approximately $6.4 million, net of accumulated amortization of approximately $3.0 million. Amortization expense for the three months ended March 31, 2014 and 2013 was approximately $169,000 and $168,000, respectively.

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


Year Ending December 31,	Amount
Remainder of 2014	$	507,389
2015		676,518
2016		638,430
2017		547,676
2018		539,988
2019		525,153
Thereafter		2,755,154

Total	$	6,190,308

IMPAIRMENT OF LONG-LIVED ASSETS	3 Months Ended
IMPAIRMENT OF LONG-LIVED ASSETS	Mar. 31, 2014
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 three months ended March 31, 2014 and 2013, no impairment charges were recognized.

COMMON STOCK AND EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2014

Earnings Per Share [Abstract]

COMMON STOCK AND EARNINGS PER SHARE

NOTE 10. COMMON STOCK AND EARNINGS PER SHARE

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


	Three Months Ended
	March 31, 2014		March 31, 2013
Income Available to Common Shareholders:
Income (Loss) from Continuing Operations	$	1,500,407	$	174,088
Discontinued Operations		—		162,957

Net Income (Loss)	$	1,500,407	$	337,045

Weighted Average Shares Outstanding		5,745,341		5,717,139
Common Shares Applicable to Stock
Options Using the Treasury Stock Method		2,188		—

Total Shares Applicable to Diluted Earnings Per Share		5,747,529		5,717,139

Basic and Diluted Per Share Information:
Income (Loss) from Continuing Operations	$	0.26	$	0.03
Discontinued Operations		0.00		0.03

Net Income (Loss)	$	0.26	$	0.06

The effect of 38,800 and 156,300 potentially dilutive securities were not included for the three months ended March 31, 2014 and 2013, respectively, as the effect would be antidilutive.

TREASURY STOCK	3 Months Ended
TREASURY STOCK	Mar. 31, 2014
Equity [Abstract]
TREASURY STOCK	NOTE 11. TREASURY STOCK On April 26, 2012, the Company announced a voluntary Odd-Lot Buy-Back Program (the “Program”), whereby the Company offered to purchase shares from shareholders who owned less than 100 shares of the Company’s common stock as of April 26, 2012, for $31.00 per share. The Program reflected the Company’s interest in reducing the ongoing costs associated with shareholder recordkeeping and communications and to assist shareholders who may be deterred from selling their small lots of stock due to the costs that would be incurred. The Company paid all costs associated with the Program and purchased 14,634 shares under the Program at a total cost of $453,654. The Program expired June 30, 2012. The Company did not provide any recommendation regarding shareholder participation and the decision was entirely that of each shareholder as to whether to sell shares in this Program. In November 2008, the Company’s Board of Directors authorized the Company to repurchase from time to time up to $8 million of its common stock. There is no expiration date for the plan. During the three months ended March 31, 2014, under the stock repurchase program described above, the Company has repurchased and placed in treasury 25,836 shares of its common stock on the open market for a total cost of approximately $928,000.

LONG-TERM DEBT

3 Months Ended

Mar. 31, 2014

Debt Disclosure [Abstract]

LONG-TERM DEBT

NOTE 12. 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.

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 1.90% and 1.95% as of March 31, 2014 and 2013, respectively.

The Credit Facility is subject to 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:


	March 31, 2014
	Total		Due Within One Year
Credit Facility	$	16,827,032	$	—
Mortgage Note Payable (originated with UBS)		7,300,000		—
Mortgage Note Payable (originated with BOA)		23,100,000		—

Total Long-Term Debt	$	47,227,032	$	—

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


Year Ending December 31,	Amount
2014	$	—
2015		—
2016		16,827,032
2017		—
2018		7,300,000
Thereafter		23,100,000

Total Long-Term Debt	$	47,227,032

At March 31, 2014, there was approximately $49.2 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.

For the three months ended March 31, 2014, interest expense was approximately $413,000 with approximately $378,000 paid during the period. For the three months ended March 31, 2013, interest expense was approximately $297,000 with approximately $299,000 paid during the period. Interest of approximately $6,700 was capitalized during the three months ended March 31, 2014, while no interest was capitalized during the three months ended March 31, 2013.

The amortization of loan costs incurred in connection with the Company’s long-term debt is included in interest expense in the consolidated financial statements. These loan costs are being amortized over the term of the respective loan agreements using the straight-line method, which approximates the effective interest method. For the three months ended March 31, 2014 and 2013, the amortization of loan costs totaled approximately $55,000 and $41,000, respectively.

The Company was in compliance with all of its debt covenants as of March 31, 2014 and December 31, 2013.

ACCRUED LIABILITIES

3 Months Ended

Mar. 31, 2014

Payables And Accruals [Abstract]

ACCRUED LIABILITIES

NOTE 13. ACCRUED LIABILITIES

Accrued liabilities consisted of the following:


	As of
	March 31, 2014		December 31, 2013
Golf Course Lease	$	3,249,162	$	3,340,389
Deferred Compensation		208,763		382,599
Accrued Property Taxes		225,765		—
Other Post-Retirement Benefits		153,360		156,881
Reserve for Tenant Improvement		—		58,977
Other		485,868		787,963

Total Accrued Liabilities	$	4,322,918	$	4,726,809

In July 2012, the Company entered into an agreement with the City of Daytona Beach, Florida (the “City”) to, among other things, amend the lease payments under its golf course lease (the “Lease Amendment”), Under the Amendment, the base rent payment, which was scheduled to increase from $250,000 to $500,000 as of September 1, 2012, will remain at $250,000 for the remainder of the lease term and any extensions would be subject to an annual rate increase of 1.75% beginning September 1, 2013. The Company also agreed to invest $200,000 prior to September 1, 2015 for certain improvements to the facilities. In addition, pursuant to the Lease Amendment, beginning September 1, 2012, and continuing throughout the initial lease term and any extension option, the Company will pay additional rent to the City equal to 5.0% of gross revenues exceeding $5,500,000 and 7.0% of gross revenues exceeding $6,500,000. Since the inception of the lease, the Company has recognized the rent expense on a straight-line basis resulting in an estimated accrual for deferred rent. Upon the effective date of the Lease Amendment, the Company’s straight-line rent was revised to reflect the lower rent levels through expiration of the lease. As a result, approximately $3.0 million of the rent previously deferred will not be due to the City, and will be recognized into income over the remaining lease term, which expires in 2022. As of March 31, 2014, approximately $2.4 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 the final payment of approximately $59,000 was made during the three months ended March 31, 2014.

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

DEFERRED REVENUE

3 Months Ended

Mar. 31, 2014

Revenue Recognition [Abstract]

DEFERRED REVENUE

NOTE 14. DEFERRED REVENUE

Deferred revenue consisted of the following:


	As of
	March 31, 2014		December 31, 2013
Deferred Oil Exploration Lease Revenue	$	1,578,836	$	2,390,808
Prepaid Rent		499,974		698,653
Other Deferred Revenue		259,978		254,890

Total Deferred Revenue	$	2,338,788	$	3,344,351

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	3 Months Ended
PENSION PLAN	Mar. 31, 2014
Compensation And Retirement Disclosure [Abstract]
PENSION PLAN	NOTE 15. PENSION PLAN The Company maintains a Defined Benefit Pension Plan (the “Pension Plan”) for all employees who have attained the age of 21 and completed one year of service. The pension benefits are based primarily on years of service and the average compensation for the five highest consecutive years during the final ten years of employment. The benefit formula generally provides for a life annuity benefit. Effective December 31, 2011, the Company amended its Pension Plan to freeze participants’ benefits with no future accruals after that date. Any current or future employee who was not a participant of the Pension Plan on December 31, 2011 will not be eligible to enter the Pension Plan. In January 2013, the Company made a cash contribution to the Pension Plan of $84,600 related to the 2012 Pension Plan year. No contributions were required and the Company did not make any contributions related to the 2013 Pension Plan year during the three months ended March 31, 2014. 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. Based on the estimate of benefit obligations and Pension Plan assets at the termination date, the Company does not anticipate having to make any further contributions to the Pension Plan.

STOCK-BASED COMPENSATION

3 Months Ended

Mar. 31, 2014

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

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

A summary of activity during the three months ended March 31, 2014, is presented below:


Market Condition Non-Vested Restricted Shares	Shares		Wtd. Avg. Grant Date Fair Value
Outstanding at December 31, 2013		5,067	$	23.13
Granted		—		—
Vested		—		—
Forfeited/Expired		—		—

Outstanding at March 31, 2014		5,067	$	23.13

As of March 31, 2014, there was approximately $38,000 of unrecognized compensation cost, adjusted for forfeitures, related to market condition non-vested restricted shares, which will be recognized over a weighted average period of 1.6 years.

Market Condition Inducement Grant of Restricted Shares

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

During the three months ended March 31, 2013, the closing price per share of the Company’s common stock on a sixty-day trading average reached $36.00, and as a result, 16,000 shares and 2,500 shares vested for Mr. Albright and Mr. Patten, respectively.

A summary of the activity for these awards during the three months ended March 31, 2014, is presented below:


Market Condition Non-Vested Restricted Shares	Shares		Wtd. Avg. Fair Value
Outstanding at December 31, 2013		94,500	$	17.33
Granted		—		—
Vested		—		—
Forfeited/Expired		—		—

Outstanding at March 31, 2014		94,500	$	17.33

As of March 31, 2014, there was approximately $108,000 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 0.4 years.

Three Year Vest Restricted Shares

On January 22, 2014, the Company granted to certain employees 14,500 shares of non-vested restricted stock under the 2010 Plan. One-third of the options will vest on each of the first, second, and third anniversaries of the grant date, 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 Company’s determination of the fair value of the three year vest restricted stock awards was calculated by multiplying the number of shares issued by the Company’s stock price at the grant date, less the present value of expected dividends during the vesting period. Compensation cost is recognized on a straight-line basis over the vesting period.

A summary of activity during the three months ended March 31, 2014, is presented below:


Three Year Vest - Non-Vested Restricted Shares	Shares		Wtd. Avg. Fair Value Per Share
Outstanding at December 31, 2013		—	$	—
Granted		14,500		36.08
Vested		—		—
Forfeited/Expired		—		—

Outstanding at March 31, 2014		14,500	$	36.08

As of March 31, 2014, there was approximately $489,000 of unrecognized compensation cost, adjusted for estimated forfeitures, related to the three year vest non-vested restricted shares, which will be recognized over a weighted average period of 2.8 years.

Non-Qualified Stock Option Awards

Pursuant to the Non-Qualified Stock Option Award Agreements between the Company and Mr. Albright and Mr. Patten, Mr. Albright and Mr. Patten were granted options to purchase 50,000 and 10,000 shares of Company common stock, 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 per share 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.

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

A summary of the activity for the awards during the three months ended March 31, 2014, is presented below:


Non-Qualified Stock Option Awards	Shares		Wtd. Avg. Ex. Price		Wtd. Avg. Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding at December 31, 2013		94,500	$	32.21
Granted		—		—
Exercised		—		—
Expired		—		—

Outstanding at March 31, 2014		94,500	$	32.21		5.51	$	762,460

Exercisable at March 31, 2014		36,630	$	31.72		5.78	$	313,576

A summary of the non-vested options for these awards during the three months ended March 31, 2014, is presented below:


				Fair Value
				of Shares
Non-Qualified Stock Option Awards	Shares			Vested
Non-Vested at December 31, 2013		74,700
Granted		—
Vested		(16,830	)	$	(588,209	)

Non-Vested at March 31, 2014		57,870

As of March 31, 2014, there was approximately $295,000 of unrecognized compensation related to non-qualified, non-vested stock option awards, which will be recognized over a weighted average period of 1.2 years.

LIABILITY-CLASSIFIED STOCK COMPENSATION

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

A summary of share option activity under the 2001 Plan for the three months ended March 31, 2014 is presented below:

Stock Options


Liability-Classified Stock Options	Shares		Wtd. Avg. Ex. Price		Wtd. Avg. Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding at December 31, 2013		53,800	$	53.99
Granted		—		—
Exercised		—		—
Forfeited/Expired		—		—

Outstanding at March 31, 2014		53,800	$	53.99		3.38	$	106,800

Exercisable at March 31, 2014		53,800	$	53.99		3.38	$	106,800

In connection with the grant of non-qualified stock options, a stock appreciation right for each share covered by the option was also granted. The stock appreciation right entitles the optionee to receive a supplemental payment, which may be paid in whole or in part in cash or in shares of common stock, equal to a portion of the spread between the exercise price and the fair market value of the underlying shares at the time of exercise. No options were exercised during the three months ended March 31, 2014. All options had vested as of December 31, 2013.

Stock Appreciation Rights


Liability-Classified Stock Appreciation Rights	Shares		Wtd. Avg. Fair Value		Wtd. Avg. Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding at December 31, 2013		53,800	$	1.61
Granted		—		—
Exercised		—		—
Expired		—		—

Outstanding at March 31, 2014		53,800	$	2.26		3.38	$	57,508

Exercisable at March 31, 2014		53,800	$	2.26		3.38	$	57,508

No stock appreciation rights were exercised during the three months ended March 31, 2014. All stock appreciation rights had vested as of December 31, 2013.

The fair value of each share option and stock appreciation right is estimated on the measurement date using the Black-Scholes option pricing model based on assumptions noted in the following table. Expected volatility is based on the historical volatility of the Company and other factors. The Company has elected to use the simplified method of estimating the expected term of the options and stock appreciation rights.

Due to the small number of employees included in the 2001 Plan, the Company uses the specific identification method to estimate forfeitures and includes all participants in one group. The risk-free rate for periods within the contractual term of the share option is based on the U.S. Treasury rates in effect at the time of measurement.

The Company issues new, previously unissued, shares as options are exercised.

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


Assumptions at:	March 31, 2014			December 31, 2013
Expected Volatility		20.79	%		23.07	%
Expected Dividends		0.10	%		0.11	%
Expected Term		3 years			3 years
Risk-Free Rate		1.08	%		1.21	%

There were no stock options or stock appreciation rights granted under the 2001 Plan in the three months ended March 31, 2014 or 2013.

The liability for stock options and stock appreciation rights, valued at fair value, reflected on the consolidated balance sheets at March 31, 2014 and December 31, 2013, was approximately $348,000 and $248,000, respectively. These fair value measurements are based on Level 2 inputs based on Black-Scholes and market implied volatility. The Black-Scholes determination of fair value is affected by variables including stock price, expected stock price volatility over the term of the awards, annual dividends, and a risk-free interest rate assumption.

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


	Three Months Ended
	March 31, 2014			March 31, 2013
Total Cost of Share-Based Plans Charged
Against Income Before Tax Effect	$	291,092		$	444,416

Income Tax Expense
Recognized in Income	$	(112,289	)	$	(171,433	)

INCOME TAXES	3 Months Ended
INCOME TAXES	Mar. 31, 2014
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 17. INCOME TAXES The effective income tax rate for the three month periods ended March 31, 2014, and 2013, including income taxes attributable to the discontinued operations, was 38.8% and 37.6%, respectively. The provision for income taxes reflects the Company’s estimate of the effective rate expected to be applicable for the full fiscal year, adjusted for any discrete events, which are reported in the period that they occur. The Company and its subsidiaries file consolidated income tax returns in the United States Federal jurisdiction and in several states. The Internal Revenue Service has audited the Company’s consolidated federal tax returns through the year 2007 and all proposed adjustments have been settled.

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 31, 2014
Commitments And Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 18. COMMITMENTS AND CONTINGENCIES *Legal Proceedings* From time to time, the Company may be a party to certain legal proceedings, incidental to the normal course of its business. While the outcome of the legal proceedings cannot be predicted with certainty, the Company does not expect that these proceedings will have a material effect upon our financial condition or results of operations. On November 21, 2011, the Company, Indigo Mallard Creek LLC and Indigo Development LLC, as owners of the property leased to Harris Teeter, Inc. (“Harris Teeter”) in Charlotte, North Carolina, were served with pleadings filed in the General Court of Justice, Superior Court Division for Mecklenburg County, North Carolina, for a highway condemnation action involving the property. The proposed road modifications would impact access to the Company’s property that is leased to Harris Teeter. The Company does not believe the road modifications provide a basis for Harris Teeter to terminate the Lease. In May 2012, the North Carolina Department of Transportation (“NCDOT”) indicated that while it had not reached a final decision on its consideration of this matter, the intersection would remain all-access. In January 30, 2013, NCDOT proposed to redesign the road modifications to keep the all access intersection open for ingress with no change to the planned limitation on egress to the right-in/right-out only. Additionally, NCDOT and the City of Charlotte (“Charlotte”) proposed to build and maintain a new access road/point into the property. These proposals are tentative and any proposed action by NCDOT and Charlotte would require NCDOT and Charlotte to obtain additional public funding. In light of the proposed redesign, the trial, initially scheduled for September 2013, has been continued until June 2014, with mediation to occur prior. In May 2010, the Company filed a lawsuit in the Circuit Court, Seventh Judicial Circuit, in and for Volusia County, Florida, in order to enforce its approximate $3.8 million claim of lien on real property owned by FM Bayberry Cove Holding, LLC (“FM Bayberry”) for its share of the costs for construction of a road. BB&T was included as a defendant as the current mortgage holder of the property subject to the Company’s lien. BB&T filed a counterclaim asserting that its mortgage is superior to the Company’s claim of lien which the Company denied. BB&T and the Company each filed motions for summary judgment as to the priority of their respective interests in the property which were heard by the court on January 12, 2012. The Circuit Court determined that the Company’s interests were superior to the lien imposed by BB&T and all other interests and a final judgment of foreclosure was subsequently entered. However, all further proceedings in the Circuit Court (including the foreclosure sale) were stayed pending BB&T’s appeal to the Florida District Court of Appeal, Fifth District (the “Appellate Court”), regarding the Circuit Court’s determination in the matter of priority. On October 29, 2013, the Appellate Court ruled in favor of the Company, affirming the Circuit Court’s determination that the Company’s lien against the approximately 600-acre parcel of residential land (lying west of I-95 near the LPGA International development and adjacent to Bayberry Colony) is superior to the lien imposed by BB&T. The judgment has accrued to over $4.6 million, including interest. The Company has not included an accrual related to interest in the consolidated financial statements. At this time, the Appellate Court’s decision is subject to possible motion for rehearing by BB&T. 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 unreimbursed 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 $2.6 million. As of March 31, 2014, approximately $1.7 million in costs have been incurred which are reported as construction in progress in the consolidated balance sheets. The remaining commitment as of March 31, 2014 is approximately $905,000. In conjunction with the Company’s sale of approximately 3.4 acres of land to RaceTrac Petroleum, Inc. (“RaceTrac”) in December 2013, the Company agreed to reimburse RaceTrac for a portion of the costs for road improvements and the other costs associated with bringing multiple ingress/egress points to the entire 23 acre Williamson Crossing site, including the Company’s remaining 19.6 acres. The estimated cost for the improvements equals approximately $1.26 million and the Company’s commitment is to reimburse RaceTrac in an amount equal to the lesser of 77.5% of the actual costs or $976,500, and can be paid over the next five years from sales of the remaining land or at the end of the fifth year. As of March 31, 2014, 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 March 31, 2014, the remaining maximum commitment is $693,000.

BUSINESS SEGMENT DATA

3 Months Ended

Mar. 31, 2014

Segment Reporting [Abstract]

BUSINESS SEGMENT DATA

NOTE 19. BUSINESS SEGMENT DATA

The Company primarily operates in four business segments: income properties, investments in commercial mortgage loans, 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 72.5% and 67.1% of our identifiable assets as of March 31, 2014 and December 31, 2013, respectively, and 47.9% and 60.7% of our consolidated revenues for the three months ended March 31, 2014 and 2013, respectively. Our commercial mortgage loan investment consisted of one loan collateralized by a hotel property in Atlanta, Georgia as of December 31, 2013 and one mezzanine loan collateralized by the borrower’s equity interest in the same property as of March 31, 2014. Our real estate operations primarily consist of revenues generated from land transactions and leasing and royalty income from our interests in subsurface oil, gas and mineral rights. Our golf operations consist of a single property located in the City, with two 18-hole championship golf courses, a practice facility, and clubhouse facilities, including a restaurant and bar operation and pro-shop with retail merchandise. The majority of the revenues generated by our golf operations are derived from members and public customers playing golf, club memberships, and food and beverage operations.

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

Information about the Company’s operations in the different segments for the three months ended March 31, 2014 and 2013 is as follows:


	Three Months Ended
	March 31, 2014			March 31, 2013
Revenues:
Income Properties	$	3,404,359		$	2,954,516
Commercial Mortgage Loan		943,890			—
Real Estate Operations		1,276,513			338,348
Golf Operations		1,417,379			1,464,685
Agriculture and Other Income		57,844			97,677

Total Revenues	$	7,099,985		$	4,855,226

Operating Income:
Income Properties	$	3,064,340		$	2,725,007
Commercial Mortgage Loan		943,890			—
Real Estate Operations		1,097,297			216,870
Golf Operations		84,353			57,056
Agriculture and Other		(3,569	)		66,308
General and Corporate Expenses		(2,282,442	)		(2,452,698	)

Total Operating Income	$	2,903,869		$	612,543

Depreciation and Amortization:
Income Properties	$	706,253		$	639,945
Commercial Mortgage Loan		—			—
Real Estate Operations		—			—
Golf Operations		56,863			49,675
Agriculture and Other		8,892			9,514

Total Depreciation and Amortization	$	772,008		$	699,134

Capital Expenditures:
Income Properties	$	752,024		$	27,806,176
Commercial Mortgage Loan		5,000,000			—
Real Estate Operations		—			—
Golf Operations		35,393			66,123
Agriculture and Other		52,460			21,179

Total Capital Expenditures	$	5,839,877		$	27,893,478


	As of
	March 31, 2014			December 31, 2013
Identifiable Assets:
Income Properties	$	152,154,023		$	151,682,578
Commercial Mortgage Loan		5,051,667			18,887,979
Real Estate Operations		30,195,108			29,929,179
Golf Operations		3,525,280			3,269,212
Agriculture and Other		18,876,756			22,414,732

Total Assets	$	209,802,834		$	226,183,680

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 three months ended March 31, 2014. 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

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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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+ Details

RECENTLY ISSUED ACCOUNTING POLICIES	3 Months Ended
RECENTLY ISSUED ACCOUNTING POLICIES	Mar. 31, 2014
Accounting Changes And Error Corrections [Abstract]
RECENTLY ISSUED ACCOUNTING POLICIES	NOTE 20. RECENTLY ISSUED ACCOUNTING POLICIES 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 adoption of these changes did not have a material impact on the Company’s consolidated financial statements.

- Definition

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

+ References

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

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-Publisher FASB
-Name Accounting Standards Codification
-Glossary Direct Effects of a Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6510796

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=28359718&loc=d3e22583-107794

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Indirect Effects of a Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6515603

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=28359718&loc=d3e22580-107794

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.10-01.(b)(6))
-URI http://asc.fasb.org/extlink&oid=27015980&loc=d3e46468-122699

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Accounting Change
-URI http://asc.fasb.org/extlink&oid=6503790

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=28359718&loc=d3e22499-107794

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Retrospective Application
-URI http://asc.fasb.org/extlink&oid=6523989

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e765-108305

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e725-108305

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 01
-Paragraph b
-Subparagraph 6
-Article 10

+ Details

SUBSEQUENT EVENTS	3 Months Ended
SUBSEQUENT EVENTS	Mar. 31, 2014
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 21. SUBSEQUENT EVENTS On April 22, 2014, the Company acquired a 131,644 square-foot building situated on 15.48 acres leased to Lowe’s Home Improvement in Katy, Texas, a suburb of Houston. The total purchase price was approximately $14.7 million. As of the acquisition date, the remaining term of the lease was approximately 13 years.

DESCRIPTION OF BUSINESS AND PRINCIPLES OF INTERIM STATEMENTS (Policies)

3 Months Ended

Mar. 31, 2014

Accounting Policies [Abstract]

Description of Business

Description of Business

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

Interim Financial Information

Interim Financial Information

The results of operations for the three months ended March 31, 2014 are not necessarily indicative of results to be expected for the year ending December 31, 2014.

Principles of Consolidation

Principles of Consolidation

Use of Estimates in Preparation of Financial Statements

Use of Estimates in Preparation of Financial Statements

Cash and Cash Equivalents

Cash and Cash Equivalents

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

Restricted Cash

Restricted Cash

Investment Securities

Investment Securities

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.

•

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 Accounting for Acquisitions of Real Estate Subject to a Lease

Reclassifications

Reclassifications

Operating Loss Carry Forward and Tax Credit Carry Forward

In July 2013, the FASB issued ASU 2013-11, which amends its guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The amendments in this update are effective for annual reporting periods beginning after December 15, 2013. The adoption of these changes did not have a material impact on the Company’s consolidated financial statements.

DISCONTINUED OPERATIONS (Tables)

3 Months Ended

Mar. 31, 2014

Discontinued Operations And Disposal Groups [Abstract]

Summary of Income from Discontinued Operations

Following is a summary of income from discontinued operations:


	Three Months Ended
	March 31, 2014		March 31, 2013
Leasing Revenue and Other Income	$	—	$	275,529
Costs and Other Expenses		—		(38,048	)

Income from Operations		—		237,481
Gain on Sale of Property		—		27,812

Income before Income Tax Expense		—		265,293
Income Tax Expense		—		(102,336	)

Income from Discontinued Operations	$	—	$	162,957

- 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 LOANS (Tables)

3 Months Ended

Mar. 31, 2014

Receivables [Abstract]

Summary of Commercial Mortgage Loan Portfolio

The Company’s commercial mortgage loan portfolio comprised the following at March 31, 2014:


Description	Date of Investment		Maturity Date		Original Face Amount		Current Face Amount		Carrying Value		Coupon Rate
Mezz – Hotel – Atlanta, GA		January 2014		February 2019	$	5,000,000	$	5,000,000	$	5,000,000		12.00	%

Total					$	5,000,000	$	5,000,000	$	5,000,000

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
Hotel – Atlanta, GA	August 2013	March 2014	$	19,560,000	$	19,465,000	$	18,845,053	30-day LIBOR plus 4.50%

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	$	18,845,053

INVESTMENT SECURITIES (Tables)

3 Months Ended

Mar. 31, 2014

Investments Debt And Equity Securities [Abstract]

Summary of Available for Sale Securities

Available-for-Sale securities consisted of the following:


	As of and For the Three Months Ended March 31, 2014
	Cost		Gains in Accumulated Other Comprehensive Income		Losses in Accumulated Other Comprehensive Income			Estimated Fair Value (Level 1 Inputs)
Preferred Stock	$	729,814	$	79,039	$	(8,411	)	$	800,442

Total Equity Securities	$	729,814	$	79,039	$	(8,411	)	$	800,442

Total Available-for-Sale Securities	$	729,814	$	79,039	$	(8,411	)	$	800,442

- 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

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2014

Fair Value Disclosures [Abstract]

Summary of Carrying Value and Estimated Fair Value of Financial Instruments

The following table presents the carrying value and estimated fair value of the Company’s financial instruments at March 31, 2014 and December 31, 2013:


	March 31, 2014				December 31, 2013
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Cash and Cash Equivalents	$	1,058,652	$	1,058,652	$	4,932,512	$	4,932,512
Restricted Cash		812,593		812,593		366,645		366,645
Investment Securities		800,442		800,442		729,814		729,814
Commercial Mortgage Loan		5,000,000		5,000,000		18,845,053		19,297,110
Long-Term Debt		47,227,032		47,227,032		63,227,032		63,227,032

INTANGIBLE ASSETS (Tables)

3 Months Ended

Mar. 31, 2014

Goodwill And Intangible Assets Disclosure [Abstract]

Summary of Estimated Amortization Expense

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


Year Ending December 31,	Amount
Remainder of 2014	$	507,389
2015		676,518
2016		638,430
2017		547,676
2018		539,988
2019		525,153
Thereafter		2,755,154

Total	$	6,190,308

COMMON STOCK AND EARNINGS PER SHARE (Tables)

3 Months Ended

Mar. 31, 2014

Earnings Per Share [Abstract]

Summary of Common Stock and Earnings Per Share


	Three Months Ended
	March 31, 2014		March 31, 2013
Income Available to Common Shareholders:
Income (Loss) from Continuing Operations	$	1,500,407	$	174,088
Discontinued Operations		—		162,957

Net Income (Loss)	$	1,500,407	$	337,045

Weighted Average Shares Outstanding		5,745,341		5,717,139
Common Shares Applicable to Stock
Options Using the Treasury Stock Method		2,188		—

Total Shares Applicable to Diluted Earnings Per Share		5,747,529		5,717,139

Basic and Diluted Per Share Information:
Income (Loss) from Continuing Operations	$	0.26	$	0.03
Discontinued Operations		0.00		0.03

Net Income (Loss)	$	0.26	$	0.06

LONG-TERM DEBT (Tables)

3 Months Ended

Mar. 31, 2014

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

Long-term debt consisted of the following:


	March 31, 2014
	Total		Due Within One Year
Credit Facility	$	16,827,032	$	—
Mortgage Note Payable (originated with UBS)		7,300,000		—
Mortgage Note Payable (originated with BOA)		23,100,000		—

Total Long-Term Debt	$	47,227,032	$	—

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		16,827,032
2017		—
2018		7,300,000
Thereafter		23,100,000

Total Long-Term Debt	$	47,227,032

- 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)

3 Months Ended

Mar. 31, 2014

Payables And Accruals [Abstract]

Summary of Accrued Liabilities

Accrued liabilities consisted of the following:


	As of
	March 31, 2014		December 31, 2013
Golf Course Lease	$	3,249,162	$	3,340,389
Deferred Compensation		208,763		382,599
Accrued Property Taxes		225,765		—
Other Post-Retirement Benefits		153,360		156,881
Reserve for Tenant Improvement		—		58,977
Other		485,868		787,963

Total Accrued Liabilities	$	4,322,918	$	4,726,809

DEFERRED REVENUE (Tables)

3 Months Ended

Mar. 31, 2014

Revenue Recognition [Abstract]

Summary of Deferred Revenue

Deferred revenue consisted of the following:


	As of
	March 31, 2014		December 31, 2013
Deferred Oil Exploration Lease Revenue	$	1,578,836	$	2,390,808
Prepaid Rent		499,974		698,653
Other Deferred Revenue		259,978		254,890

Total Deferred Revenue	$	2,338,788	$	3,344,351

STOCK-BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2014

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Stock Based Compensation Activity

A summary of activity during the three months ended March 31, 2014, is presented below:


Market Condition Non-Vested Restricted Shares	Shares		Wtd. Avg. Grant Date Fair Value
Outstanding at December 31, 2013		5,067	$	23.13
Granted		—		—
Vested		—		—
Forfeited/Expired		—		—

Outstanding at March 31, 2014		5,067	$	23.13

A summary of activity during the three months ended March 31, 2014, is presented below:


Three Year Vest - Non-Vested Restricted Shares	Shares		Wtd. Avg. Fair Value Per Share
Outstanding at December 31, 2013		—	$	—
Granted		14,500		36.08
Vested		—		—
Forfeited/Expired		—		—

Outstanding at March 31, 2014		14,500	$	36.08

Summary of Market Condition Inducement Grant of Restricted Shares

A summary of the activity for these awards during the three months ended March 31, 2014, is presented below:


Market Condition Non-Vested Restricted Shares	Shares		Wtd. Avg. Fair Value
Outstanding at December 31, 2013		94,500	$	17.33
Granted		—		—
Vested		—		—
Forfeited/Expired		—		—

Outstanding at March 31, 2014		94,500	$	17.33

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

A summary of the activity for the awards during the three months ended March 31, 2014, is presented below:


Non-Qualified Stock Option Awards	Shares		Wtd. Avg. Ex. Price		Wtd. Avg. Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding at December 31, 2013		94,500	$	32.21
Granted		—		—
Exercised		—		—
Expired		—		—

Outstanding at March 31, 2014		94,500	$	32.21		5.51	$	762,460

Exercisable at March 31, 2014		36,630	$	31.72		5.78	$	313,576

Summary of Non-Vested Options for Non-Qualified Stock Option Awards

A summary of the non-vested options for these awards during the three months ended March 31, 2014, is presented below:


Non-Qualified Stock Option Awards	Shares			Fair Value of Shares Vested
Non-Vested at December 31, 2013		74,700
Granted		—
Vested		(16,830	)	$	(588,209	)

Non-Vested at March 31, 2014		57,870

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 for the three months ended March 31, 2014 is presented below:

Stock Options


Liability-Classified Stock Options	Shares		Wtd. Avg. Ex. Price		Wtd. Avg. Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding at December 31, 2013		53,800	$	53.99
Granted		—		—
Exercised		—		—
Forfeited/Expired		—		—

Outstanding at March 31, 2014		53,800	$	53.99		3.38	$	106,800

Exercisable at March 31, 2014		53,800	$	53.99		3.38	$	106,800

Stock Appreciation Rights


Liability-Classified Stock Appreciation Rights	Shares		Wtd. Avg. Fair Value		Wtd. Avg. Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding at December 31, 2013		53,800	$	1.61
Granted		—		—
Exercised		—		—
Expired		—		—

Outstanding at March 31, 2014		53,800	$	2.26		3.38	$	57,508

Exercisable at March 31, 2014		53,800	$	2.26		3.38	$	57,508

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

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


Assumptions at:	March 31, 2014			December 31, 2013
Expected Volatility		20.79	%		23.07	%
Expected Dividends		0.10	%		0.11	%
Expected Term		3 years			3 years
Risk-Free Rate		1.08	%		1.21	%

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

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


	Three Months Ended
	March 31, 2014			March 31, 2013
Total Cost of Share-Based Plans Charged
Against Income Before Tax Effect	$	291,092		$	444,416

Income Tax Expense
Recognized in Income	$	(112,289	)	$	(171,433	)

BUSINESS SEGMENT DATA (Tables)

3 Months Ended

Mar. 31, 2014

Segment Reporting [Abstract]

Summary of Operations in Different Segments

Information about the Company’s operations in the different segments for the three months ended March 31, 2014 and 2013 is as follows:


	Three Months Ended
	March 31, 2014			March 31, 2013
Revenues:
Income Properties	$	3,404,359		$	2,954,516
Commercial Mortgage Loan		943,890			—
Real Estate Operations		1,276,513			338,348
Golf Operations		1,417,379			1,464,685
Agriculture and Other Income		57,844			97,677

Total Revenues	$	7,099,985		$	4,855,226

Operating Income:
Income Properties	$	3,064,340		$	2,725,007
Commercial Mortgage Loan		943,890			—
Real Estate Operations		1,097,297			216,870
Golf Operations		84,353			57,056
Agriculture and Other		(3,569	)		66,308
General and Corporate Expenses		(2,282,442	)		(2,452,698	)

Total Operating Income	$	2,903,869		$	612,543

Depreciation and Amortization:
Income Properties	$	706,253		$	639,945
Commercial Mortgage Loan		—			—
Real Estate Operations		—			—
Golf Operations		56,863			49,675
Agriculture and Other		8,892			9,514

Total Depreciation and Amortization	$	772,008		$	699,134

Capital Expenditures:
Income Properties	$	752,024		$	27,806,176
Commercial Mortgage Loan		5,000,000			—
Real Estate Operations		—			—
Golf Operations		35,393			66,123
Agriculture and Other		52,460			21,179

Total Capital Expenditures	$	5,839,877		$	27,893,478


	As of
	March 31, 2014			December 31, 2013
Identifiable Assets:
Income Properties	$	152,154,023		$	151,682,578
Commercial Mortgage Loan		5,051,667			18,887,979
Real Estate Operations		30,195,108			29,929,179
Golf Operations		3,525,280			3,269,212
Agriculture and Other		18,876,756			22,414,732

Total Assets	$	209,802,834		$	226,183,680

Description of Business and Principles of Interim Statement - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2014 USD ($) ft² a Property State	Dec. 31, 2013 USD ($)	Jan. 31, 2013 Property
Description of Business [Line Items]
Self developed multi-tenant properties \| Property	2
Commercial real estate properties \| Property	35
Gross leasable space \| ft²	740,000
Land portfolio \| a	10,500
Number of states in which entity operates \| State	9
Cash and cash equivalents maximum original maturity period	90 days
Restricted Cash	$ 812,593	$ 366,645
Cash held in reserve for property taxes and insurance escrows	160,000
Cash held in escrow related to land transaction	$ 284,000
Number of properties acquired \| Property	2		2
Cash Held In Escrow For Exchange Transaction [Member]
Description of Business [Line Items]
Restricted Cash	$ 369,000

Income Properties - Additional Information (Detail)	3 Months Ended
Income Properties - Additional Information (Detail)	Mar. 31, 2013 USD ($) Property	Mar. 31, 2014 Property
Business Acquisition [Line Items]
Number of income properties acquired \| Property	7	0
Total acquisition cost of property	$ 27,800,000
Purchase price allocated to amortizable intangible assets	2,183,538
Purchase price allocated to land	$ 9,400,000
Weighted average amortization allocated to intangible assets, period	10 years 1 month 6 days
Intangible Assets [Member]
Business Acquisition [Line Items]
Purchase price allocated to amortizable intangible assets	$ 2,200,000
Golf Buildings and Improvements [Member]
Business Acquisition [Line Items]
Purchase price allocated to buildings and improvements	$ 16,200,000

Discontinued Operations - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2014 USD ($) Property	Mar. 31, 2013 USD ($) Property
Discontinued Operations And Disposal Groups [Abstract]
Number of income properties disposed	0
Number of investment properties		2
Gain (loss) on sale of property \| $		$ 27,812

Discontinued Operations - Summary of Income from Discontinued Operations (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Discontinued Operations And Disposal Groups [Abstract]
Leasing Revenue and Other Income		$ 275,529
Costs and Other Expenses		(38,048)
Income from Operations		237,481
Gain on Sale of Property		27,812
Income before Income Tax Expense		265,293
Income Tax Expense		(102,336)
Income from Discontinued Operations		$ 162,957

Commercial Mortgage Loan - Additional Information (Detail) - USD ($)			3 Months Ended
	Jan. 31, 2014	Aug. 07, 2013	Mar. 31, 2014	Mar. 31, 2013	Jan. 06, 2014	Dec. 31, 2013
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment to acquired loan			$ 5,000,000
Total revenue recognized			7,099,985	$ 4,855,226
Interest Income			13,947	$ 166
Commercial Mortgage Backed Securities [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Acquisition of Commercial Mortgage Loan	$ 5,000,000
Long-term Debt, Interest Rate	12.00%
Debt Instrument, Maturity Date	Feb. 01, 2019
Interest revenue recognized			100,000
Commercial Mortgage Loan [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Acquired loan			5,000,000			$ 19,560,000
Commercial Mortgage Loan [Member] \| Atlanta [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Acquired loan		$ 19,600,000	$ 5,000,000		$ 19,500,000	$ 19,560,000
Payment to acquired loan		17,500,000
Discount on acquired loan		$ 2,050,000
Maturity Date		2014-03	2019-02			2014-03
Accretion of purchase discount			$ 650,000
Total revenue recognized			844,000
Interest Income			36,000
Exit fees			195,000
Remaining amortization of fees			$ 37,000

Commercial Mortgage Loan - Summary of Commercial Mortgage Loan Portfolio (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2013	Mar. 31, 2014	Jan. 06, 2014	Aug. 07, 2013
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 18,845,053	$ 5,000,000
Commercial Mortgage Loan [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Original Face Amount	19,560,000	5,000,000
Current Face Amount	19,465,000	5,000,000
Carrying Value	$ 18,845,053	$ 5,000,000
Loans receivable basis spread on variable rate		0.00%
Atlanta [Member] \| Commercial Mortgage Loan [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Date of Investment	2013-08	2014-01
Maturity Date	2014-03	2019-02		2014-03
Original Face Amount	$ 19,560,000	$ 5,000,000	$ 19,500,000	$ 19,600,000
Current Face Amount	19,465,000	5,000,000
Carrying Value	$ 18,845,053	$ 5,000,000
Coupon Rate	30-day LIBOR plus 4.50%
Loans receivable basis spread on variable rate	4.50%	12.00%

Commercial Mortgage Loan - Carrying Value of the Commercial Mortgage Loan (Detail) - USD ($)	Mar. 31, 2014	Dec. 31, 2013
Loans And Leases Receivable [Line Items]
Total	$ 5,000,000	$ 18,845,053
Commercial Mortgage Loan [Member]
Loans And Leases Receivable [Line Items]
Current Face Amount	5,000,000	19,465,000
Unamortized Fees		29,711
Unaccreted Purchase Discount		(649,658)
Total	$ 5,000,000	$ 18,845,053

Land and Subsurface Interests - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2014 USD ($) ft² a Transactions $ / a	Mar. 31, 2013 USD ($)
Real Estate Properties [Line Items]
Area of land sold \| ft²	740,000
Gain (Loss) from sale of land		$ (26,367)
Number of Land transactions \| Transactions	0
Halifax Humane Society Inc [Member]
Real Estate Properties [Line Items]
Revenue from land sold	$ 391,500
Revenue per acre \| $ / a	128,000
Land [Member] \| Halifax Humane Society Inc [Member]
Real Estate Properties [Line Items]
Area of land sold \| a	3.1
Gain (Loss) from sale of land	$ 347,000

Investment Securities - Additional Information (Detail) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Investment Securities [Line Items]
REIT market capitalization value			$ 1,500,000,000
Investment securities		$ 0
Investment Securities Net gain	$ 70,628
Other Comprehensive Income Unrealized Gain on Investment Securities, tax	$ 27,245
Preferred Stock [Member]
Investment Securities [Line Items]
Stock purchased			730,000

Investment Securities - Summary of Available for Sale Securities (Detail) - USD ($)	Mar. 31, 2014	Dec. 31, 2013
Schedule of Available-for-sale Securities [Line Items]
Cost	$ 729,814
Gains in Accumulated Other Comprehensive Income	79,039
Losses in Accumulated Other Comprehensive Income	(8,411)
Estimated Fair Value (Level 1 Inputs)	800,442	$ 729,814
Preferred Stock [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost	729,814
Gains in Accumulated Other Comprehensive Income	79,039
Losses in Accumulated Other Comprehensive Income	(8,411)
Equity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost	729,814
Gains in Accumulated Other Comprehensive Income	79,039
Losses in Accumulated Other Comprehensive Income	(8,411)
Quoted Prices in Active Markets (Level 1 Inputs) [Member]
Schedule of Available-for-sale Securities [Line Items]
Estimated Fair Value (Level 1 Inputs)	800,442
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)	800,442
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)	$ 800,442

Fair Value of Financial Instruments - Summary of Carrying Value and Estimated Fair Value of Financial Instruments (Detail) - USD ($)	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2013	Dec. 31, 2012
Debt Instrument Fair Value Carrying Value [Abstract]
Cash and Cash Equivalents, Carrying Value	$ 1,058,652	$ 4,932,512	$ 1,429,630	$ 1,301,739
Restricted Cash, Carrying Value	812,593	366,645
Investment Securities, Carrying Value	800,442	729,814
Commercial Mortgage Loan, Carrying Value	5,000,000	18,845,053
Long-Term Debt, Carrying Value	47,227,032	63,227,032
Cash and Cash Equivalents, Estimated Fair Value	1,058,652	4,932,512
Restricted Cash, Estimated Fair Value	812,593	366,645
Investment Securities, Estimated Fair Value	800,442	729,814
Commercial Mortgage Loan, Estimated Fair Value	5,000,000	19,297,110
Long-Term Debt, Estimated Fair Value	$ 47,227,032	$ 63,227,032

Intangible Assets - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Goodwill And Intangible Assets Disclosure [Abstract]
Intangible asset, in-place lease value net	$ 6,190,308		$ 6,359,438
Accumulated amortization expense	3,100,000		$ 3,000,000
Amortization expense	$ 169,000	$ 168,000

Intangible Assets - Summary of Estimated Amortization Expense (Detail) - USD ($)	Mar. 31, 2014	Dec. 31, 2013
Goodwill And Intangible Assets Disclosure [Abstract]
Remainder of 2014	$ 507,389
2015	676,518
2016	638,430
2017	547,676
2018	539,988
2019	525,153
Thereafter	2,755,154
Total	$ 6,190,308	$ 6,359,438

Impairment of Long-Lived Assets - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Property Plant And Equipment [Abstract]
Impairment charge	$ 0	$ 0

Common Stock and Earnings Per Share - Summary of Common Stock and Earnings Per Share (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Income Available to Common Shareholders:
Income (Loss) from Continuing Operations	$ 1,500,407	$ 174,088
Discontinued Operations		162,957
Net Income (Loss)	$ 1,500,407	$ 337,045
Weighted Average Shares Outstanding	5,745,341	5,717,139
Common Shares Applicable to Stock
Options Using the Treasury Stock Method	2,188
Total Shares Applicable to Diluted Earnings Per Share	5,747,529	5,717,139
Basic and Diluted Per Share Information:
Income (Loss) from Continuing Operations	$ 0.26	$ 0.03
Discontinued Operations	0.00	0.03
Net Income (Loss)	$ 0.26	$ 0.06

Common Stock and Earnings Per Share - Additional Information (Detail) - shares	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Earnings Per Share [Abstract]
Antidilutive potentially securities	38,800	156,300

Treasury Stock - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2014	Dec. 31, 2013	Apr. 26, 2012
Equity, Class of Treasury Stock [Line Items]
Number of shares purchased	40,470	14,634
Costs of shares purchased	$ 1,381,566	$ 453,654
Cost for repurchase of common stock	$ 927,912
Odd-Lot Buy-Back Program [Member]
Equity, Class of Treasury Stock [Line Items]
Description of number of shares held by shareholder, maximum			Less than 100
Purchase price of shares from shareholders			$ 31.00
Number of shares purchased	25,836		14,634
Costs of shares purchased	$ 928,000		$ 453,654
Buy back expiration date			Jun. 30, 2012
Cost for repurchase of common stock	$ 8,000,000
Odd-Lot Buy-Back Program [Member] \| Maximum [Member]
Equity, Class of Treasury Stock [Line Items]
Number of shares held by shareholders			100

Long-Term Debt - Additional Information (Detail)				1 Months Ended	3 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, 2014 USD ($) Buildings	Mar. 31, 2013 USD ($)	Dec. 31, 2013 USD ($)	Mar. 08, 2013 USD ($) Property	Feb. 22, 2013 USD ($)
Proforma Debt Instrument [Line Items]
Expiration date of line of credit	Mar. 31, 2016
Capacity available on existing credit facility		$ 66,000,000		$ 62,000,000
Amount of loan closed					$ 47,227,032		$ 63,227,032
Credit facility capacity available					49,200,000
Interest expense					413,000	$ 297,000
Interest paid					378,000	299,000
Interest capitalized					6,700	0
Amortization of loan costs					$ 54,775	$ 40,864
Hilton Resorts Corporation [Member]
Proforma Debt Instrument [Line Items]
Number of office building \| Buildings					2
Note Payable to Banks [Member]
Proforma Debt Instrument [Line Items]
Long-term debt LIBOR plus interest rate, reckoning period			30 days
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
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
Credit Facility [Member]
Proforma Debt Instrument [Line Items]
Percentage of weighted average interest rate on Credit Facility					1.90%	1.95%
Amount of loan closed					$ 16,827,032
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%
Line of Credit Amended [Member]
Proforma Debt Instrument [Line Items]
Line of credit facility maximum borrowing capacity					$ 66,000,000

Long-Term Debt - Schedule of Long-Term Debt (Detail) - USD ($)	Mar. 31, 2014	Dec. 31, 2013	Mar. 08, 2013	Feb. 22, 2013
Proforma Debt Instrument [Line Items]
Total Long-Term Debt	$ 47,227,032	$ 63,227,032
Long-Term Debt, Due Within One Year
Credit Facility [Member]
Proforma Debt Instrument [Line Items]
Total Long-Term Debt	16,827,032
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 ($)	Mar. 31, 2014	Dec. 31, 2013
Debt Disclosure [Abstract]
2014
2015
2016	16,827,032
2017
2018	7,300,000
Thereafter	23,100,000
Total Long-Term Debt	$ 47,227,032	$ 63,227,032

Accrued Liabilities - Summary of Accrued Liabilities (Detail) - USD ($)	Mar. 31, 2014	Dec. 31, 2013	Jan. 31, 2013
Payables And Accruals [Abstract]
Golf Course Lease	$ 3,249,162	$ 3,340,389
Deferred Compensation	208,763	382,599
Accrued Property Taxes	225,765
Other Post-Retirement Benefits	153,360	156,881
Reserve for Tenant Improvement		58,977	$ 773,000
Other	485,868	787,963
Total Accrued Liabilities	$ 4,322,918	$ 4,726,809

Accrued Liabilities - Additional Information (Detail)	1 Months Ended	3 Months Ended
Accrued Liabilities - Additional Information (Detail)	Jul. 31, 2012 USD ($)	Mar. 31, 2014 USD ($) Property	Dec. 31, 2013 USD ($)	Jan. 31, 2013 USD ($) Property
Accrued Liabilities [Line Items]
Lease, base rent	$ 250,000
Annual rate adjustment percentage	1.75%
Investments agreed under lease arrangement	$ 200,000
Description of additional rent payable		Company will pay additional rent to the City equal to 5.0% of gross revenues exceeding $5,500,000 and 7.0% of gross revenues exceeding $6,500,000
Additional rent percentage exceeding $5,500,000 gross revenue	5.00%
Additional rent percentage on exceeding $6,500,000 gross revenue	7.00%
Gross revenue value for additional rent under lease amendment lower limit	$ 5,500,000
Gross revenue value for additional rent under lease amendment upper limit	6,500,000
Rent deferred, no longer due	$ 3,000,000	$ 2,400,000
Lease term expiration year	2022
Number of acquisition properties leased \| Property		2		2
Tenant improvements credited at closing balance			$ 58,977	$ 773,000
Final Payment for the completion of improvements 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 ($)	Mar. 31, 2014	Dec. 31, 2013
Revenue Recognition [Abstract]
Deferred Oil Exploration Lease Revenue	$ 1,578,836	$ 2,390,808
Prepaid Rent	499,974	698,653
Other Deferred Revenue	259,978	254,890
Total Deferred Revenue	$ 2,338,788	$ 3,344,351

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

Pension Plan - Additional Information (Detail) - USD ($)	1 Months Ended	3 Months Ended
	Jan. 31, 2013	Mar. 31, 2014
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Defined benefit plan, general information		The Company maintains a Defined Benefit Pension Plan (the "Pension Plan") for all employees who have attained the age of 21 and completed one year of service. The pension benefits are based primarily on years of service and the average compensation for the five highest consecutive years during the final ten years of employment. The benefit formula generally provides for a life annuity benefit.
Pension benefits average compensation highest consecutive years		5 years
Pension benefits average compensation highest consecutive final years of employment		10 years
Total contribution to defined benefit plan	$ 84,600
2013 Pension Plan [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Employee contribution required		$ 0
Employer contribution		$ 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

Stock-Based Compensation - Additional Information (Detail) - USD ($)	1 Months Ended	3 Months Ended		12 Months Ended
	Jan. 23, 2013	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average period of compensation cost to be recognized		4 months 2 days
Stock based compensation, Shares, Granted
Restricted shares vesting description		The restricted shares will vest in six increments based upon the price per share of the Company’s common stock during the term of their employment (or within sixty days after termination of employment by the Company without cause), meeting or exceeding the target trailing sixty-day average closing prices ranging from $36.00 per share for the first increment to $65.00 per share for the final increment.
Restricted share award closing prices range per share, Minimum		$ 36
Restricted share award closing prices range per share, Maximum		$ 65
Restricted share award average closing prices, period		60 days
Stock based compensation, Shares Vested
Restricted share award closing prices range per share, Average		$ 36
Trading average days of common stock		60 days
Percent of options vested in each anniversaries Description		One-third of these options will vest on each of the first, second, and third anniversaries of the grant date, provided the recipient is an employee of the Company on those dates.
Mr Albright [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, Shares Vested		16,000
Mr Patten [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, Shares Vested		2,500
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
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		$ 38,000
Weighted average period of compensation cost to be recognized		1 year 7 months 6 days
Stock based compensation, Shares, Granted
Stock based compensation, Shares Vested
Unrecognized compensation cost		$ 108,000
Restricted Shares [Member] \| 2010 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period		5 years
Restricted Shares [Member] \| 2010 Plan [Member] \| Mr Albright [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, Shares, Granted				96,000	96,000
Restricted Shares [Member] \| 2010 Plan [Member] \| Mr Patten [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, Shares, Granted				17,000	17,000
Non-Qualified Stock Option Award [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost related to market condition non-vested restricted shares		$ 295,000
Weighted average period of compensation cost to be recognized		1 year 2 months 12 days
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
Non-Qualified Stock Option Award [Member] \| 2010 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, Shares, Granted		51,000
Non-Qualified Stock Option Award [Member] \| 2010 Plan [Member] \| Mr Albright [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, Shares, Granted		50,000
Non-Qualified Stock Option Award [Member] \| 2010 Plan [Member] \| Mr Patten [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, Shares, Granted		10,000
Stock based compensation, Shares, Granted		10,000
Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options exercised		$ 0
Stock Option [Member] \| 2010 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option plan 2001 expiration date		2010
Stock Option [Member] \| 2001 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, Shares, Granted
Stock Appreciation Rights [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option shares issued under stock appreciation rights		0	0
Stock Appreciation Rights [Member] \| 2001 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, Shares, Granted
Stock Options and Stock Appreciation Rights [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Option liability		$ 348,000				$ 248,000
Three Year Vest Non Vested Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average period of compensation cost to be recognized		2 years 9 months 18 days
Stock based compensation, Shares, Granted		14,500
Stock based compensation, Shares Vested
Unrecognized compensation cost		$ 489,000

Stock-Based Compensation - Summary of Stock Based Compensation Activity (Detail)	3 Months Ended
	Mar. 31, 2014 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, Shares Outstanding, beginning balance \| shares	5,067
Stock based compensation, Shares, Granted \| shares
Stock based compensation, Shares, Vested \| shares
Stock based compensation, Shares, Forfeited/Expired \| shares
Stock based compensation, Shares Outstanding, ending balance \| shares	5,067
Stock based compensation, Weighted Average Fair Value Per Share, beginning balance \| $ / shares	$ 23.13
Stock based compensation, Weighted Average Fair Value Per Share, Granted \| $ / shares
Stock based compensation, Weighted Average Fair Value Per Share, Vested \| $ / shares
Stock based compensation, Weighted Average Fair Value Per Share, Forfeited/Expired \| $ / shares
Stock based compensation, Weighted Average Fair Value Per Share, ending balance \| $ / shares	$ 23.13
Three Year Vest Non Vested Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, Shares Outstanding, beginning balance \| shares
Stock based compensation, Shares, Granted \| shares	14,500
Stock based compensation, Shares, Vested \| shares
Stock based compensation, Shares, Forfeited/Expired \| shares
Stock based compensation, Shares Outstanding, ending balance \| shares	14,500
Stock based compensation, Weighted Average Fair Value Per Share, beginning balance \| $ / shares
Stock based compensation, Weighted Average Shares Granted \| $ / shares	36.08
Stock based compensation, Weighted Average Shares Vested \| $ / shares
Stock based compensation, Weighted Average Shares Forfeited/Expired \| $ / shares
Stock based compensation, Weighted Average Fair Value Per Share, ending balance \| $ / shares	$ 36.08

Stock-Based Compensation - Summary of Market Condition Inducement Grant of Restricted Shares (Detail)	3 Months Ended
	Mar. 31, 2014 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, Shares Outstanding, beginning balance	5,067
Stock based compensation, Shares, Granted
Stock based compensation, Shares, Vested
Stock based compensation, Shares, Forfeited
Stock based compensation, Shares Outstanding, ending balance	5,067
Restricted Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, Shares Outstanding, beginning balance	94,500
Stock based compensation, Shares, Granted
Stock based compensation, Shares, Vested
Stock based compensation, Shares, Forfeited
Stock based compensation, Shares Outstanding, ending balance	94,500
Stock based compensation, Weighted Average Fair Value Per Share, beginning balance \| $ / shares	$ 17.33
Stock based compensation, Weighted Average Fair Value Per Share, Granted \| $ / shares
Stock based compensation, Weighted Average Fair Value Per Share, Vested \| $ / shares
Stock based compensation, Weighted Average Fair Value Per Share, Forfeited \| $ / shares
Stock based compensation, Weighted Average Fair Value Per Share, ending balance \| $ / shares	$ 17.33

Stock-Based Compensation - Summary of Stock Based Compensation Activity for Non-Qualified Stock Option Award (Detail) - Non-Qualified Stock Option Award [Member]	3 Months Ended
	Mar. 31, 2014 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, Shares Outstanding, beginning balance \| shares	94,500
Stock based compensation, Shares, Granted \| shares
Stock based compensation, Shares, Exercised \| shares
Stock based compensation, Shares, Expired \| shares
Stock based compensation, Shares Outstanding, ending balance \| shares	94,500
Stock based compensation, Shares, Exercisable \| shares	36,630
Stock based compensation, Weighted Average Fair Value Per Share, beginning balance \| $ / shares	$ 32.21
Stock based compensation, Weighted Average Fair Value Per Share, Granted \| $ / shares
Stock based compensation, Weighted Average Fair Value Per Share, Exercised \| $ / shares
Stock based compensation, Weighted Average Fair Value Per Share, Expired \| $ / shares
Stock based compensation, Weighted Average Fair Value Per Share, ending balance \| $ / shares	32.21
Stock based compensation, Weighted Average Fair Value Per Share, Exercisable \| $ / shares	$ 31.72
Stock based compensation, Weighted Average Remaining Contractual Term, Outstanding	5 years 6 months 4 days
Stock based compensation, Weighted Average Remaining Contractual Term, Exercisable	5 years 9 months 11 days
Stock based compensation, Aggregate Intrinsic Value, Outstanding \| $	$ 762,460
Stock based compensation, Aggregate Intrinsic Value, Exercisable \| $	$ 313,576

Stock-Based Compensation - Summary of Non-Vested Options for Non-Qualified Stock Option Awards (Detail) - Non-Qualified Stock Option Award [Member]	3 Months Ended
	Mar. 31, 2014 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-Vested Shares, beginning balance	74,700
Granted
Vested	(16,830)
Non-Vested Shares, ending balance	57,870
Fair Value of Shares Granted \| $
Fair Value of Shares Vested \| $	$ (588,209)

Stock-Based Compensation - Summary of Share Option Activity of Stock Option and Stock Appreciation Rights Under 2001 Plan (Detail) - 2001 Plan [Member]	3 Months Ended
	Mar. 31, 2014 USD ($) $ / shares shares
Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, Shares Outstanding, beginning balance \| shares	53,800
Stock based compensation, Shares, Granted \| shares
Stock based compensation, Shares, Exercised \| shares
Stock based compensation, Shares, Forfeited/Expired \| shares
Stock based compensation, Shares Outstanding, ending balance \| shares	53,800
Stock based compensation, Shares, Exercisable \| shares	53,800
Stock based compensation, Weighted Average Fair Value Per Share, beginning balance \| $ / shares	$ 53.99
Stock based compensation, Weighted Average Fair Value Per Share, Granted \| $ / shares
Stock based compensation, Weighted Average Fair Value Per Share, Exercised \| $ / shares
Stock based compensation, Weighted Average Fair Value Per Share, Forfeited/Expired \| $ / shares
Stock based compensation, Weighted Average Fair Value Per Share, ending balance \| $ / shares	53.99
Stock based compensation, Weighted Average Fair Value Per Share, Exercisable \| $ / shares	$ 53.99
Stock based compensation, Weighted Average Remaining Contractual Term, Outstanding	3 years 4 months 17 days
Stock based compensation, Weighted Average Remaining Contractual Term, Exercisable	3 years 4 months 17 days
Stock based compensation, Aggregate Intrinsic Value, Outstanding \| $	$ 106,800
Stock based compensation, Aggregate Intrinsic Value, Exercisable \| $	$ 106,800
Stock Appreciation Rights [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, Shares Outstanding, beginning balance \| shares	53,800
Stock based compensation, Shares, Granted \| shares
Stock based compensation, Shares, Exercised \| shares
Stock based compensation, Shares, Expired \| shares
Stock based compensation, Shares Outstanding, ending balance \| shares	53,800
Stock based compensation, Shares, Exercisable \| shares	53,800
Stock based compensation, Weighted Average Fair Value Per Share, beginning balance \| $ / shares	$ 1.61
Stock based compensation, Weighted Average Fair Value Per Share, Granted \| $ / shares
Stock based compensation, Weighted Average Fair Value Per Share, Exercised \| $ / shares
Stock based compensation, Weighted Average Fair Value Per Share, Expired \| $ / shares
Stock based compensation, Weighted Average Fair Value Per Share, ending balance \| $ / shares	2.26
Stock based compensation, Weighted Average Fair Value Per Share, Exercisable \| $ / shares	$ 2.26
Stock based compensation, Weighted Average Remaining Contractual Term, Outstanding	3 years 4 months 17 days
Stock based compensation, Weighted Average Remaining Contractual Term, Exercisable	3 years 4 months 17 days
Stock based compensation, Aggregate Intrinsic Value, Outstanding \| $	$ 57,508
Stock based compensation, Aggregate Intrinsic Value, Exercisable \| $	$ 57,508

Stock-Based Compensation - Assumptions Used in Determining Fair Value of Stock Options and Stock Appreciation Rights (Detail)	3 Months Ended	12 Months Ended
	Mar. 31, 2014	Dec. 31, 2013
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Expected Volatility	20.79%	23.07%
Expected Dividends	0.10%	0.11%
Expected Term	3 years	3 years
Risk-Free Rate	1.08%	1.21%

Stock-Based Compensation - Recognized Financial Statements for Stock Options, Stock Appreciation Rights, and Restricted Stock (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Total Cost of Share-Based Plans Charged Against Income Before Tax Effect	$ 291,092	$ 444,416
Income Tax Expense Recognized in Income	$ (112,289)	$ (171,433)

Income Taxes - Additional Information (Detail)	3 Months Ended
Income Taxes - Additional Information (Detail)	Mar. 31, 2014	Mar. 31, 2013
Income Tax Disclosure [Abstract]
Effective income tax rate including income taxes attributable to the discontinued operations	38.80%	37.60%
Year for audit of federal tax return by revenue service	2007

Commitments and Contingencies - Additional Information (Detail)	1 Months Ended	3 Months Ended
	Sep. 30, 2013 USD ($) ft² Buildings	Mar. 31, 2014 USD ($) ft² a	Dec. 31, 2013 USD ($)	May 31, 2010 USD ($)
Loss Contingencies [Line Items]
Summary judgment of foreclosure hearing date		Jan. 12, 2012
Area of real estate property \| ft²		740,000
Estimated cost of construction, current year		$ 1,734,341	$ 987,303
Construction Commitment [Member]
Loss Contingencies [Line Items]
Area of real estate property \| a		19.6
Total commitments		$ 1,700,000
Estimated cost of construction, current year		905,000
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	$ 2,600,000
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
Maximum [Member]
Loss Contingencies [Line Items]
Remaining maximum commitment		$ 693,000
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
FM Bayberry Cove Holding, LLC [Member] \| Minimum [Member]
Loss Contingencies [Line Items]
Claim for un-reimbursed costs and accrued interest		$ 4,600,000

Business Segment Data - Additional Information (Detail)	3 Months Ended		12 Months Ended
Business Segment Data - Additional Information (Detail)	Mar. 31, 2014 USD ($) MortgageLoan Segment	Mar. 31, 2013	Dec. 31, 2013
Segment Reporting Information [Line Items]
Number of operating segment \| Segment	4
Income property operation percent of identifiable asset	72.50%		67.10%
Income property operation percent of consolidated revenue	47.90%	60.70%
Golf operation description	Our golf operations consist of a single property located in the City, with two 18-hole championship golf courses
Prior period reclassification adjustment \| $	$ 0
Commercial Mortgage Loan [Member] \| Atlanta [Member]
Segment Reporting Information [Line Items]
Number of commercial mortgage loan investment collateralized by a hotel property	1
Mezzanine Loan [Member] \| Atlanta [Member]
Segment Reporting Information [Line Items]
Number of commercial mortgage loan investment collateralized by a hotel property	1

Business Segment Data - Summary of Operations in Different Segments (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Segment Reporting Information [Line Items]
Revenues	$ 7,099,985	$ 4,855,226
Operating Income	2,903,869	612,543
Depreciation and Amortization	772,008	699,134
Capital Expenditures	5,839,877	27,893,478
Identifiable Assets	209,802,834		$ 226,183,680
Income Properties [Member]
Segment Reporting Information [Line Items]
Revenues	3,404,359	2,954,516
Operating Income	3,064,340	2,725,007
Depreciation and Amortization	706,253	639,945
Capital Expenditures	752,024	27,806,176
Identifiable Assets	152,154,023		151,682,578
Commercial Mortgage Loan [Member]
Segment Reporting Information [Line Items]
Revenues	943,890
Operating Income	943,890
Capital Expenditures	5,000,000
Identifiable Assets	5,051,667		18,887,979
Real Estate [Member]
Segment Reporting Information [Line Items]
Revenues	1,276,513	338,348
Operating Income	1,097,297	216,870
Identifiable Assets	30,195,108		29,929,179
Golf Operations [Member]
Segment Reporting Information [Line Items]
Revenues	1,417,379	1,464,685
Operating Income	84,353	57,056
Depreciation and Amortization	56,863	49,675
Capital Expenditures	35,393	66,123
Identifiable Assets	3,525,280		3,269,212
Agriculture and Other [Member]
Segment Reporting Information [Line Items]
Revenues	57,844	97,677
Operating Income	(3,569)	66,308
Depreciation and Amortization	8,892	9,514
Capital Expenditures	52,460	21,179
Identifiable Assets	18,876,756		$ 22,414,732
General and Corporate Expense [Member]
Segment Reporting Information [Line Items]
Operating Income	$ (2,282,442)	$ (2,452,698)

Subsequent Events - Additional Information (Detail) - Subsequent Event [Member] $ in Millions	Apr. 22, 2014 USD ($) ft² a
Subsequent Event [Line Items]
Payments to acquire buildings \| $	$ 14.7
Number of square foot \| ft²	131,644
Number of acres \| a	15.48
Number of years for the lease	13 years

Stock-Based Compensation - Summary of Stock Based Compensation Activity (Detail)	3 Months Ended
	Mar. 31, 2014 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, Shares Outstanding, beginning balance \| shares	5,067
Stock based compensation, Shares, Granted \| shares
Stock based compensation, Shares, Vested \| shares
Stock based compensation, Shares, Forfeited/Expired \| shares
Stock based compensation, Shares Outstanding, ending balance \| shares	5,067
Stock based compensation, Weighted Average Fair Value Per Share, beginning balance \| $ / shares	$ 23.13
Stock based compensation, Weighted Average Fair Value Per Share, Granted \| $ / shares
Stock based compensation, Weighted Average Fair Value Per Share, Vested \| $ / shares
Stock based compensation, Weighted Average Fair Value Per Share, Forfeited/Expired \| $ / shares
Stock based compensation, Weighted Average Fair Value Per Share, ending balance \| $ / shares	$ 23.13
Three Year Vest Non Vested Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, Shares Outstanding, beginning balance \| shares
Stock based compensation, Shares, Granted \| shares	14,500
Stock based compensation, Shares, Vested \| shares
Stock based compensation, Shares, Forfeited/Expired \| shares
Stock based compensation, Shares Outstanding, ending balance \| shares	14,500
Stock based compensation, Weighted Average Fair Value Per Share, beginning balance \| $ / shares
Stock based compensation, Weighted Average Shares Granted \| $ / shares	36.08
Stock based compensation, Weighted Average Shares Vested \| $ / shares
Stock based compensation, Weighted Average Shares Forfeited/Expired \| $ / shares
Stock based compensation, Weighted Average Fair Value Per Share, ending balance \| $ / shares	$ 36.08