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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2015	Jul. 23, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q2
Trading Symbol	CTO
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		5,994,362

Consolidated Balance Sheets - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Property, Plant, and Equipment:
Income Properties, Land, Buildings, and Improvements	$ 192,475,053	$ 191,634,698
Golf Buildings, Improvements, and Equipment	3,429,594	3,323,177
Other Furnishings and Equipment	1,018,831	1,008,150
Construction in Progress	884,627
Total Property, Plant, and Equipment	197,808,105	195,966,025
Less, Accumulated Depreciation and Amortization	(15,972,692)	(15,177,102)
Property, Plant, and Equipment-Net	181,835,413	180,788,923
Land and Development Costs	38,511,871	38,071,264
Intangible Assets-Net	10,475,708	10,352,123
Impact Fee and Mitigation Credits	4,773,033	5,195,764
Commercial Loan Investments	23,960,467	30,208,074
Cash and Cash Equivalents	31,674,420	1,881,195
Restricted Cash	1,493,395	4,440,098
Investment Securities	6,811,429	821,436
Refundable Income Taxes	707,768	267,280
Other Assets	5,566,744	4,566,291
Total Assets	305,810,248	276,592,448
Liabilities:
Accounts Payable	1,391,498	859,225
Accrued and Other Liabilities	6,680,649	6,071,202
Deferred Revenue	1,147,277	2,718,543
Accrued Stock-Based Compensation	263,982	560,326
Deferred Income Taxes-Net	35,515,496	34,038,442
Long-Term Debt	129,625,551	103,940,011
Total Liabilities	174,624,453	148,187,749
Shareholders' Equity:
Common Stock - 25,000,000 shares authorized; $1 par value, 6,050,466 shares issued and 5,994,232 shares outstanding at June 30, 2015; 5,922,130 shares issued and 5,881,660 shares outstanding at December 31, 2014	5,880,133	5,862,063
Treasury Stock - 56,234 shares at June 30, 2015; 40,470 shares at December 31, 2014	(2,240,261)	(1,381,566)
Additional Paid-In Capital	14,713,763	11,289,846
Retained Earnings	112,905,901	112,561,115
Accumulated Other Comprehensive Income (Loss)	(73,741)	73,241
Total Shareholders' Equity	131,185,795	128,404,699
Total Liabilities and Shareholders' Equity	$ 305,810,248	$ 276,592,448

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2015	Dec. 31, 2014
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	6,050,466	5,922,130
Common Stock, shares outstanding	5,994,232	5,881,660
Treasury Stock, shares held	56,234	40,470

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues
Income Properties	$ 4,132,052	$ 3,552,130	$ 8,392,727	$ 6,956,489
Interest Income from Commercial Loan Investments	638,710	255,769	1,270,194	1,199,659
Real Estate Operations	1,368,141	1,053,585	2,227,942	2,402,832
Golf Operations	1,448,567	1,432,398	2,985,993	2,849,777
Agriculture and Other Income	20,738	17,477	39,677	75,321
Total Revenues	7,608,208	6,311,359	14,916,533	13,484,078
Direct Cost of Revenues
Income Properties	(682,887)	(484,492)	(1,323,733)	(824,511)
Real Estate Operations	(305,853)	(193,627)	(904,576)	(445,577)
Golf Operations	(1,456,232)	(1,512,194)	(2,845,844)	(2,845,220)
Agriculture and Other Income	(43,195)	(49,119)	(98,346)	(110,532)
Total Direct Cost of Revenues	(2,488,167)	(2,239,432)	(5,172,499)	(4,225,840)
General and Administrative Expenses	(1,874,877)	(1,545,247)	(3,344,643)	(3,055,681)
Impairment Charges			(510,041)	0
Depreciation and Amortization	(1,071,752)	(846,381)	(2,227,491)	(1,618,389)
Gain on Disposition of Assets	12,749		18,189
Total Operating Expenses	(5,422,047)	(4,631,060)	(11,236,485)	(8,899,910)
Operating Income	2,186,161	1,680,299	3,680,048	4,584,168
Investment Income	74,818	14,371	225,277	28,318
Interest Expense	(1,888,434)	(517,778)	(2,954,936)	(985,429)
Income Before Income Tax Expense	372,545	1,176,892	950,389	3,627,057
Income Tax Expense	(147,928)	(453,984)	(372,416)	(1,403,742)
Net Income	$ 224,617	$ 722,908	$ 577,973	$ 2,223,315
Per Share Information:Basic and Diluted
Net Income	$ 0.04	$ 0.13	$ 0.10	$ 0.39
Dividends Declared and Paid	$ 0.04	$ 0.03	$ 0.04	$ 0.03

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Statement of Comprehensive Income [Abstract]
Net Income	$ 224,617	$ 722,908	$ 577,973	$ 2,223,315
Other Comprehensive Income (Loss)
Realized Gain on Investment Securities Sold (Net of Tax of $-0- and $(49,240) for the three and six months ended June 30, 2015, respectively)			(81,551)
Unrealized Gain (Loss) on Investment Securities (Net of Tax of $(185,294) and $22,185 for the three months ended June 30, 2015 and 2014, respectively, and Net of Tax of $(41,094) and $49,430 for the six months ended June 30, 2015 and 2014, respectively)	(295,050)	35,326	(65,431)	78,709
Total Other Comprehensive Income (Loss), Net of Tax	(295,050)	35,326	(146,982)	78,709
Total Comprehensive Income (Loss)	$ (70,433)	$ 758,234	$ 430,991	$ 2,302,024

- Definition

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

+ References + Details

Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2015
Statement of Comprehensive Income [Abstract]
Other Comprehensive Income realized Gain on Investment Securities, tax	$ 0	$ (49,240)
Other Comprehensive Income Unrealized Gain on Investment Securities, tax	$ (185,294)	$ (41,094)

Consolidated Statements of Shareholders' Equity (Unaudited) - 6 months ended Jun. 30, 2015 - 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, 2014	$ 128,404,699	$ 5,862,063	$ (1,381,566)	$ 11,289,846	$ 112,561,115	$ 73,241
Net Income	577,973				577,973
Stock Repurchase	(858,695)		(858,695)
Equity Component of Convertible Debt	2,130,002			2,130,002
Exercise of Stock Options	485,105	14,150		470,955
Vested Restricted Stock	(29,563)	3,556		(33,119)
Stock Issuance	19,939	364		19,575
Stock Compensation Expense from Restricted Stock Grants and Equity Classified Stock Options	836,504			836,504
Cash Dividends ($0.04 per share)	(233,187)				(233,187)
Other Comprehensive Loss, Net of Tax	(146,982)					(146,982)
Ending balance at Jun. 30, 2015	$ 131,185,795	$ 5,880,133	$ (2,240,261)	$ 14,713,763	$ 112,905,901	$ (73,741)

Consolidated Statements of Shareholders' Equity (Unaudited) (Parenthetical)	6 Months Ended
	Jun. 30, 2015 $ / shares
Dividends Declared and Paid, Per Share	$ 0.04
Common Stock [Member]
Dividends Declared and Paid, Per Share	$ 0.04

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash Flow from Operating Activities:
Net Income	$ 577,973	$ 2,223,315
Adjustments to Reconcile Net Income to Net Cash Used In Operating Activities:
Depreciation and Amortization	2,227,491	1,618,389
Loan Cost Amortization	167,036	109,550
Amortization of Discount on Convertible Debt	318,197	0
Amortization of Discount on Debt Securities within Investment Securities	(4,228)
Gain on Disposition Property, Plant, and Equipment and Intangible Assets	(18,189)
Impairment charges	510,041	0
Discount Accretion on Commercial Loan Investments		(649,658)
Accretion of Commercial Loan Investments Origination Fees	(58,424)	(3,212)
Amortization of Fees on Acquisition of Commercial Loan Investments		29,711
Realized Gain on Investment Securities	(130,791)
Realized Gain on Put Option Investment	(24,915)
Deferred Income Taxes	229,744	187,407
Non-Cash Stock-Based Compensation	621,724	602,118
Decrease (Increase) in Assets:
Refundable Income Taxes	(440,488)
Land and Development Costs	(440,607)	(1,691,204)
Impact Fees and Mitigation Credits	422,731	168,674
Net Pension Asset		(56,757)
Other Assets	(1,167,489)	(453,763)
Increase (Decrease) in Liabilities:
Accounts Payable	532,273	699,338
Accrued and Other Liabilities	613,782	580,251
Deferred Revenue	(1,571,266)	(1,624,422)
Income Taxes Payable		(897,517)
Net Cash Provided by Operating Activities	2,364,595	842,220
Cash Flow from Investing Activities:
Acquisition of Property, Plant, and Equipment	(8,960,828)	(15,631,538)
Acquisition of Intangible Assets	(1,172,952)	(751,482)
Acquisition of Commercial Loan Investments	(894,878)	(16,948,338)
Decrease (Increase) in Restricted Cash	2,946,703	(475,863)
Proceeds from Sale of Investment Securities	834,964
Proceeds from Sale of Put Options	78,995
Acquisition of Investment Securities	(6,927,254)
Proceeds from Disposition of Property, Plant, and Equipment	6,185,947
Principal Payments Received on Commercial Loan Investments	7,200,909	19,465,000
Net Cash Used In Investing Activities	(708,394)	(14,342,221)
Cash Flow from Financing Activities:
Proceeds from Long-Term Debt	76,375,000	31,000,000
Payments on Long-Term Debt	(47,540,011)	(18,000,000)
Cash Proceeds from Exercise of Stock Options	423,480	461,938
Cash Used to Purchase Common Stock	(858,695)	(927,912)
Cash from Excess Tax Benefit (Expense) from Vesting of Restricted Stock	(29,563)	134,852
Dividends Paid	(233,187)	(171,904)
Net Cash Provided By Financing Activities	28,137,024	12,496,974
Net Increase (Decrease) in Cash	29,793,225	(1,003,027)
Cash, Beginning of Year	1,881,195	4,932,512
Cash, End of Period	$ 31,674,420	$ 3,929,485

Consolidated Statements of Cash Flows (Unaudited) (Parenthetical)	6 Months Ended
	Jun. 30, 2015 USD ($)	Jun. 30, 2014 USD ($)
Income taxes paid	$ 577,000	$ 2,000,000
Income taxes paid	577,000	2,000,000
Interest paid	1,500,000	880,000
Interest paid, capitalized	0	$ 11,000
Convertible notes face amount	$ 135,400,000
4.50% Convertible Senior Notes due 2020 [Member]
Debt instrument maturity year	2020
Equity component of the convertible notes issued	$ 2,100,000
Decrease in long-term debt	3,400,000
Increase in deferred income taxes	1,300,000
Convertible notes face amount	$ 75,000,000

Description of Business and Principles of Interim Statements

6 Months Ended

Jun. 30, 2015

Organization, Consolidation and Presentation of Financial Statements [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 forty-two commercial real estate properties in ten states in the U.S. As of June 30, 2015, we owned thirty-five single-tenant and seven multi-tenant income-producing properties with over 1,160,000 square feet of gross leasable space. We also own and manage a land portfolio of over 10,500 acres. As of June 30, 2015, we had three commercial loan investments including one fixed-rate and one variable–rate mezzanine commercial mortgage loan and a variable-rate B-Note. Our golf operations consist of the LPGA International golf club, which is managed by a third party. We also lease property for twenty-one billboards, have agricultural operations that are managed by a third party, which consists of leasing land for hay and sod 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, 2014, 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 six months ended June 30, 2015 are not necessarily indicative of results to be expected for the year ending December 31, 2015.

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 could change materially during the time span associated with the continued volatility of the real estate and financial markets or as a result of a significant dislocation in those markets.

Fair Value Measurements

The Company’s estimates of fair value of financial and non-financial assets and liabilities is 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.

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 June 30, 2015 and December 31, 2014, approximate fair value because of the short maturity of these instruments. The carrying amount of the Company’s investments in commercial loans approximates fair value at June 30, 2015 and December 31, 2014, since the floating and fixed rates of the loans reasonably approximate current market rates for notes with similar risks and maturities. The carrying amount of the Company’s long-term debt approximates fair value at June 30, 2015 and December 31, 2014, since the floating rate of our credit facility and the fixed rates of our secured financings and convertible debt reasonably approximate current market rates for notes with similar risks and maturities.

Cash and Cash Equivalents

Cash and cash equivalents include cash on hand and bank demand accounts. As of June 30, 2015, cash and cash equivalents included $28.2 million in money market funds which are valued as Level 2 investments.

Restricted Cash

Restricted cash totaled approximately $1.5 million at June 30, 2015 of which approximately $276,000 remaining from two land sales is being held in escrow to be reinvested through the like-kind exchange structure into another income property. Additionally, approximately $584,000 is being held in a reserve related to certain required tenant improvements for the Lowes in Katy, Texas; approximately $349,000 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; and approximately $285,000 is being held in escrow related to a land transaction which closed in December 2013.

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, above and below market in-place leases, and leasing costs, 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.

Investment Securities

In accordance with ASC Topic 320, Investments – Debt and Equity Securities, the Company’s debt and equity securities investments have been determined to be equity securities classified as available-for-sale. Available-for-sale securities are carried at fair value in the consolidated balance sheets, with the unrealized gains and losses, net of tax, reported in other comprehensive income. The amortized cost of debt securities in this category is adjusted for amortization of premiums and accretion of discounts to maturity computed under a method that approximates the effective interest method. Such amortization is included in investment income.

Realized gains and losses, and declines in value judged to be other-than-temporary related to equity securities, are included in investment income in the consolidated statements of operations. With respect to debt securities, when the fair value of a debt security classified as available-for-sale is less than its amortized cost, management assesses whether or not: (i) it has the intent to sell the security or (ii) it is more likely than not that the Company will be required to sell the security before its anticipated recovery. If either of these conditions are met, the Company must recognize an other-than-temporary impairment through earnings for the differences between the debt security’s amortized cost basis and its fair value, and such amount is included in investment income in the consolidated statements of operations. There were no other-than-temporary impairments during the six months ended June 30, 2015 or 2014.

The cost of securities sold is based on the specific identification method. Interest and dividends on securities classified as available-for-sale are included in investment income in the consolidated statements of operations.

The fair value of the Company’s available-for-sale equity securities are measured quarterly, on a recurring basis, using Level 1 inputs, or quoted prices for identical, actively traded assets. The fair value of the Company’s available-for-sale debt securities are measured quarterly, on a recurring basis, using Level 2 inputs.

Derivative Financial Instruments

Derivative instruments are classified as either assets or liabilities in the consolidated balance sheets at fair value. The derivatives outstanding as of June 30, 2015 are not designated as hedging instruments and, accordingly, the changes in fair value (i.e. gains or losses) are recorded in the consolidated statements of operations through investment income. The fair value of the Company’s derivatives not designated as hedging instruments are measured quarterly, on a recurring basis, using Level 2 inputs. The Company’s derivatives outstanding as of June 30, 2015 are for put options sold related to common stock investments within investment securities. The liability for the fair market value of the put options sold is included on the consolidated balance sheet in accrued and other liabilities. The Company had no derivatives outstanding as of December 31, 2014.

Impact Fees and Mitigation Credits

Impact fees and mitigation credits are stated at the lower of cost or market. As these assets are sold, the related revenues and cost basis are reported as revenues from, and direct costs of, real estate operations, respectively, in the consolidated statements of operations.

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.

Commercial Loan Investment Impairment

The Company’s commercial loans are held for investment. For each loan, 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 determination of an 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 factors including the existence of guarantees. The Company has determined that, as of June 30, 2015, no allowance for impairment was required.

Recognition of Interest Income from Commercial Loan Investments

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

Reclassifications

Certain items in the prior period’s consolidated balance sheet and statement of operations have been reclassified to conform to the presentation as of and for the six months ended June 30, 2015. Specifically, land, timber, and subsurface interests were previously stated as a separate line item within property, plant, and equipment and accumulated depreciation on the consolidated balance sheets, and are now included with land, timber, and development costs as all of the costs are related to the Company’s land portfolio of over 10,500 acres. The amount reclassified to land, timber, and development costs was approximately $14.9 million as of December 31, 2014. Also, third-party purchase price allocations performed during the six months ended June 30, 2015 related to three 2014 income property acquisitions resulted in a revised allocation between income properties, land, buildings, and improvements, intangible assets, and accrued and other liabilities. As of December 31, 2014, the reclassifications made relating to the purchase price allocations were to increase intangible assets by approximately $3.0 million, decrease income properties, land, buildings, and improvements by approximately $2.3 million, and increase accrued and other liabilities by approximately $670,000. In addition, revenue and cost of sales related to impact fees sold were previously reported net in the consolidated statements of income. Current presentation reports the revenues and cost basis of impact fees sold as revenues from, and direct costs of, real estate operations, respectively, in the consolidated statements of operations. The increase in revenues and the direct costs of revenues was approximately $50,000 and $123,000 for the three and six months ended June 30, 2014, respectively. These reclassifications had an immaterial effect on total assets as of December 31, 2014 and no effect on net income as of and for the three and six months ended June 30, 2014.

Income Properties

6 Months Ended

Jun. 30, 2015

Business Combinations [Abstract]

Income Properties

NOTE 2. INCOME PROPERTIES

During the six months ended June 30, 2015, the Company acquired two properties, one single-tenant income property and one vacant pad site, at an aggregate acquisition cost of approximately $9.1 million. Of the total acquisition cost, approximately $2.4 million was allocated to land, approximately $5.5 million was allocated to buildings and improvements, and approximately $1.2 million was allocated to intangible assets pertaining to the in-place lease value and leasing fees. The amortization period for the approximate $1.2 million allocated to intangible assets is approximately 14.8 years. The properties acquired during the six months ended June 30, 2015 include the following:

•

On May 18, 2015, the Company acquired a 23,329 square-foot property situated on 2.46 acres in Glendale, Arizona at a purchase price of approximately $8.6 million. The property is leased to The Container Store with a term of approximately 15 years having commenced in February 2015, with rent increases every 5 years. In a separate transaction, the Company’s approximately $6.2 million first mortgage loan to the developer of the property, which would have matured in November 2015, was paid off by the borrower at par.

•

On May 28, 2015, the Company acquired a 0.71 acre vacant outparcel located at The Grove at Winter Park in Winter Park, Florida at a purchase price of $409,000.

During the six months ended June 30, 2015, independent third-party purchase price allocation valuations were completed on three of the four income properties acquired during the year ended December 31, 2014 for a total purchase price of approximately $39.1 million. As a result of the valuations, the allocation of the total purchase price to intangible assets was increased by approximately $3.0 million while the allocation to income properties, land, buildings, and improvements decreased by approximately $2.3 million. In addition, the allocation to intangible lease liabilities was approximately $670,000 causing an increase in accrued and other liabilities of that amount.

On April 17, 2015, the Company sold its interest in two 13,813 square-foot buildings, located in Sanford and Sebastian, Florida, which were both under lease to Holiday CVS L.L.C., a wholly-owned subsidiary of CVS Health (“CVS”), but had been vacated by the tenant in a previous year, with a weighted average remaining lease term of 8.7 years, for proceeds of $6.4 million, generating a pre-tax loss of approximately $497,000 or approximately $0.05 per share, after tax. During the quarter ended March 31, 2015, the Company recognized an impairment charge of approximately $510,000 in connection with these sales; therefore, an adjustment of that charge in the amount of approximately $13,000 was recognized during the quarter ended June 30, 2015.

Additionally, during the six months ended June 30, 2015, tenant improvements totaling approximately $849,000 were completed related to (i) the Teledyne ODI (“Teledyne”) lease of approximately 15,000 square feet at the Williamson Business Park, for which the certificate of occupancy was received on July 7, 2015 and rent commenced on July 20, 2015, and (ii) the expanded and extended State of Florida Department of Revenue (“DOR”) lease of 21,000 square feet at the Mason Commerce Center building.

During the six months ended June 30, 2014, the Company acquired one income property at an acquisition cost of approximately $14.7 million. Of the total acquisition cost, approximately $9.4 million was allocated to land, approximately $3.5 million was allocated to buildings and improvements, and approximately $1.8 million was allocated to intangible assets pertaining to the in-place lease value and leasing fees. The amortization period for the approximate $1.8 million allocated to intangible assets is approximately 12.8 years. Additionally, during the six months ended June 30, 2014, construction was completed on two self-developed properties, known as the Williamson Business Park, in Daytona Beach, Florida for a total cost of approximately $2.4 million of which approximately $2.2 million was incurred for building and improvements and approximately $200,000 was related to the transfer of basis in the previously owned land.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1497-128463

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
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+ Details

Commercial Loan Investments

6 Months Ended

Jun. 30, 2015

Receivables [Abstract]

Commercial Loan Investments

NOTE 3. COMMERCIAL LOAN INVESTMENTS

During the three months ended June 30, 2015, two of the Company’s commercial loan investments were paid in full, at par. The construction loan to the developer of the Container Store in Glendale, Arizona was paid in full on May 18, 2015 with total principal received of approximately $6.2 million. On June 30, 2015, the development loan on entitled land in Ormond Beach, Florida was paid in full with total principal received of $1.0 million. Also during the three months ended June 30, 2015, the approximate $9.0 million B-Note secured by a retail shopping center located in Sarasota, Florida was extended one year to June 9, 2016 which included the rate increasing by 25 basis points and the borrower providing additional collateral on the loan.

As of June 30, 2015, the Company owned three performing commercial loan investments which have an aggregate outstanding principal balance of approximately $24.0 million. These loans are secured by real estate, or the borrower’s equity interest in real estate located in Dallas, Texas, Sarasota, Florida, and Atlanta, Georgia and have an average remaining maturity of approximately 1.6 years and a weighted average interest rate of 8.5%.

The Company’s commercial loan investment portfolio was comprised of the following at June 30, 2015:


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%
B-Note – Retail Shopping Center, Sarasota, FL	May 2014	June 2016		8,960,467		8,960,467		8,960,467	30-day LIBOR plus 7.50%
Mezz – Hotel, Dallas, TX	September 2014	September 2016		10,000,000		10,000,000		10,000,000	30-day LIBOR plus 7.25%

Total			$	23,960,467	$	23,960,467	$	23,960,467

The Company’s commercial loan investment portfolio was comprised of the following at December 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%
Construction – Container Store, Glendale, AZ	May 2014	November 2015		6,300,000		5,306,031		5,247,607	6.00%
B-Note – Retail Shopping Center, Sarasota, FL	May 2014	June 2015		8,960,467		8,960,467		8,960,467	30-day LIBOR plus 7.25%
Mezz – Hotel, Dallas, TX	September 2014	September 2016		10,000,000		10,000,000		10,000,000	30-day LIBOR plus 7.25%
Development – Real Estate, Ormond Beach, FL	November 2014	November 2015		1,000,000		1,000,000		1,000,000	30-day LIBOR plus 7.25%

Total			$	31,260,467	$	30,266,498	$	30,208,074

The carrying value of the commercial loan investment as of December 31, 2014 consisted of the following:


	Total
Current Face Amount	$	30,266,498
Unaccreted Origination Fees		(58,424	)

Total Commercial Loan Investments	$	30,208,074

Land and Subsurface Interests	6 Months Ended
Land and Subsurface Interests	Jun. 30, 2015
Real Estate [Abstract]
Land and Subsurface Interests	NOTE 4. LAND AND SUBSURFACE INTERESTS During the six months ended June 30, 2015, the Company sold approximately 3.9 acres. On June 1, 2015, the Company sold approximately 3.0 acres of land located on the south side of LPGA Boulevard, just east of Clyde Morris Boulevard, at a sales price of $505,000, or approximately $167,000 per acre, for a gain of approximately $476,000. On June 17, 2015, the Company sold approximately 0.9 acres of land located in Highlands County, at a sales price of $250,000 for a gain of approximately $223,000. During the six months ended June 30, 2014, the Company sold approximately 3.1 acres to Halifax Humane Society, Inc. (“HHS”) 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 HHS. During 2011, an eight-year oil exploration lease covering approximately 136,000 net mineral acres primarily located in Lee County and Hendry County, Florida was executed and an approximate $914,000 first year rental payment was received. An additional approximate $922,000, representing the guaranteed payment for the second year’s delay rent, was received in September 2012. The two payments totaling approximately $1.8 million have been recognized ratably into income through September 2013. On September 22, 2013, the Company entered into an amendment of the exploration lease (the “Oil Lease Amendment”). Under the Oil Lease Amendment, the net mineral acres under exploration lease was reduced from approximately 136,000 net mineral acres to approximately 82,000 net mineral acres in Hendry County, Florida. The approximately 54,000 net mineral acres removed from the exploration lease were located in Lee County, Florida. In connection with the Oil Lease Amendment, the Company received an approximate $3.3 million rent payment for the third year of the Company’s eight-year oil exploration lease. The payment was recognized ratably over the 12 month lease period ending in September 2014. Also during September 2013, the Company received, and recognized as revenue, a non-refundable penalty payment of $1.0 million relating to the drilling requirements in the lease. During September 2014, the Company received an approximate $1.9 million rent payment for the adjusted acreage of 42,000 acres for the fourth year of the Company’s eight-year exploration lease, which is being recognized ratably over the 12 month lease period ending in September 2015. Also during September 2014, the Company received, and recognized as revenue, a non-refundable penalty payment of $600,000 relating to drilling requirements in the lease. The terms of the lease state the Company will receive royalty payments if production occurs and may receive additional annual rental payments if the lease is continued in years five through eight. The lease is effectively eight one-year terms as the lessee has the option to terminate the lease annually. Lease income generated by the Oil Lease Amendment is being recognized on a straight-line basis over the guaranteed lease term. For the three months ended June 30, 2015 and 2014, lease income of approximately $465,000 and $821,000 was recognized, respectively. For the six months ended June 30, 2015 and 2014, lease income of approximately $925,000 and $1.6 million was recognized, respectively. There can be no assurance that the Oil Lease Amendment will be extended beyond the expiration of the current term of September 2015 or, if renewed, on similar terms or conditions. In addition, the Company generated revenue of approximately $73,000 and $123,000 during the three months ended June 30, 2015 and 2014, respectively, from fill dirt excavation agreements, while no revenue was recognized on fill dirt excavation agreements during the three months ended March 31, 2015 or 2014.

Investment Securities

6 Months Ended

Jun. 30, 2015

Investments, Debt and Equity Securities [Abstract]

Investment Securities

NOTE 5. INVESTMENT SECURITIES

The Company purchased approximately $730,000 of preferred stock during December 2013, a small portion of which was sold during the fourth quarter of 2014 with the remainder being sold during the first quarter of 2015. During the six months ended June 30, 2015 the Company purchased approximately $6.9 million of common stock and debt securities.

Available-for-Sale securities consisted of the following as of June 30, 2015:


	As of June 30, 2015
	Amortized Cost		Gains in Accumulated Other Comprehensive Income		Losses in Accumulated Other Comprehensive Income			Estimated Fair Value (Level 1 and 2 Inputs)
Debt Securities	$	1,929,234	$	145,766	$	—		$	2,075,000

Total Debt Securities		1,929,234		145,766		—			2,075,000

Common Stock		5,002,248		—		(265,819	)		4,736,429

Total Equity Securities		5,002,248		—		(265,819	)		4,736,429

Total Available-for-Sale Securities	$	6,931,482	$	145,766	$	(265,819	)	$	6,811,429

During the six months ended June 30, 2015, gross unrealized losses of approximately $106,000, net of tax of approximately $41,000, were recorded through other comprehensive income. The gross unrealized losses of approximately $106,000 include the gross unrealized loss as seen above of approximately $120,000, offset by the approximate $14,000 in gross unrealized gains on the preferred stock investments prior to their sale in the first quarter of 2015.

The debt securities have a maturity date of 5 – 10 years from June 30, 2015.

Available-for-Sale securities consisted of the following as of December 31, 2014:


	As of December 31, 2014
	Cost		Gains in Accumulated Other Comprehensive Income		Losses in Accumulated Other Comprehensive Income		Estimated Fair Value
Preferred Stock	$	704,173	$	117,263	$	—	$	821,436

Total Equity Securities	$	704,173	$	117,263	$	—	$	821,436

Total Available-for-Sale Securities	$	704,173	$	117,263	$	—	$	821,436

During the six months ended June 30, 2014, gross unrealized gains of approximately $128,000, net of tax of approximately $49,000, were recorded through other comprehensive income.

Following is a table reflecting the sale of investment securities and gains recognized during the six months ended June 30, 2015 and 2014:


	For the Six Months Ended June 30,
	2015			2014
Proceeds from the Disposition of Equity Securities	$	834,964		$	—
Cost Basis of Investment Securities Sold		(704,173	)		—

Gain recognized in Statement of Operations on the Disposition of Equity Securities	$	130,791		$	—

- Definition

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

+ References + Details

Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2015

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

NOTE 6. FAIR VALUE OF FINANCIAL INSTRUMENTS

The following table presents the carrying value and estimated fair value of the Company’s financial instruments at June 30, 2015 and December 31, 2014:


	June 30, 2015				December 31, 2014
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Cash and Cash Equivalents	$	31,674,420	$	31,674,420	$	1,881,195	$	1,881,195
Restricted Cash		1,493,395		1,493,395		4,440,098		4,440,098
Investment Securities		6,811,429		6,811,429		821,436		821,436
Commercial Loan Investments		23,960,467		23,960,467		30,208,074		30,266,498
Long-Term Debt		129,625,551		129,625,551		103,940,011		103,940,011

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

6 Months Ended

Jun. 30, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

NOTE 7. INTANGIBLE ASSETS

Intangible assets and liabilities consisted of the following as of June 30, 2015 and December 31, 2014:


	As of
	June 30, 2015			December 31, 2014
Intangible Lease Assets:
Value of In-Place Leases, net	$	8,708,873		$	9,043,617
Value of Above Market In-Place Leases, net		271,844			330,424
Value of Intangible Leasing Costs, net		1,494,991			978,082

Sub-total Intangible Lease Assets		10,475,708			10,352,123

Intangible Lease Liabilities (included in accrued and other liabilities):
Value of Below Market In-Place Leases, net		(611,278	)		(669,693	)

Sub-total Intangible Lease Liabilities		(611,278	)		(669,693	)

Total Intangible Assets—Net	$	9,864,430		$	9,682,430

Accumulated amortization was approximately $4.0 million and $3.6 million as of June 30, 2015 and December 31, 2014, respectively. Amortization expense for the three months ended June 30, 2015 and 2014 was approximately $296,000 and $181,000, respectively. Amortization expense for the six months ended June 30, 2015 and 2014 was approximately $718,000 and $350,000, respectively.

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


Year Ending December 31,	Amount
Remainder of 2015	$	610,812
2016		1,176,098
2017		1,089,183
2018		1,072,878
2019		1,056,927
2020		871,768
Thereafter		3,986,764

Total	$	9,864,430

Impairment of Long-Lived Assets	6 Months Ended
Impairment of Long-Lived Assets	Jun. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment of Long-Lived Assets	NOTE 8. 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 first quarter of 2015, an impairment charge of approximately $510,000 was recognized on the income properties held for sale as of March 31, 2015, for which the sale closed on April 17, 2015. The total impairment charge represented the loss on the sale of approximately $277,000 plus estimated closing costs of approximately $233,000. As the actual loss on the sale was approximately $497,000, an adjustment of that charge in the amount of approximately $13,000 was recognized during the three months ended June 30, 2015. During the six months ended June 30, 2014, no impairment charges were recognized.

Common Stock and Earnings Per Share

6 Months Ended

Jun. 30, 2015

Earnings Per Share [Abstract]

Common Stock and Earnings Per Share

NOTE 9. 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 and vesting of restricted stock at the beginning of each period using the treasury stock method at average cost for the periods.


	Three Months Ended				Six Months Ended
	June 30, 2015		June 30, 2014		June 30, 2015		June 30, 2014
Income Available to Common Shareholders:
Net Income	$	224,617	$	722,908	$	577,973	$	2,223,315

Weighted Average Shares Outstanding		5,822,815		5,743,450		5,824,717		5,744,390
Common Shares Applicable to Stock
Options Using the Treasury Stock Method		22,719		22,774		27,356		12,952

Total Shares Applicable to Diluted Earnings Per Share		5,845,534		5,766,224		5,852,073		5,757,342

Basic and Diluted Per Share Information:
Net Income	$	0.04	$	0.13	$	0.10	$	0.39

The effect of 25,000 and 40,200 potentially dilutive securities were not included for the three and six months ended June 30, 2015, respectively, as the effect would be antidilutive. The effect of 38,800 potentially dilutive securities were not included for the three and six months ended June 30, 2014, respectively, as the effect would be antidilutive.

The Company intends to settle its 4.50% Convertible Senior Notes due 2020 (the “Notes”) in cash upon conversion with any excess conversion value to be settled in shares of our common stock. Therefore, only the amount in excess of the par value of the Notes will be included in our calculation of diluted net income per share using the treasury stock method. As such, the Notes have no impact on diluted net income per share until the price of our common stock exceeds the conversion price of $68.90. The average price of our common stock during the three and six months ended June 30, 2015 did not exceed the conversion price which resulted in no additional diluted outstanding shares.

Treasury Stock	6 Months Ended
Treasury Stock	Jun. 30, 2015
Equity [Abstract]
Treasury Stock	NOTE 10. 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 approximately $454,000. 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. The Company repurchased 4,660 shares of its common stock at a cost of approximately $105,000 through December 31, 2013. During 2014, the Company repurchased 25,836 shares of its common stock on the open market for a total cost of approximately $928,000 and placed those shares in treasury. During the three months ended June 30, 2015, the Company repurchased an additional 15,764 shares of its common stock on the open market for a total cost of approximately $859,000 and placed those shares in treasury. Pursuant to a covenant in our Credit Facility, which includes the Odd-Lot Buy-Back Program as part of our stock repurchase capacity, the maximum approximate dollar value of shares that may yet be purchased under the plan or program was approximately $5.7 million as of June 30, 2015.

Long-Term Debt

6 Months Ended

Jun. 30, 2015

Debt Disclosure [Abstract]

Long-Term Debt

NOTE 11. LONG-TERM DEBT

Credit Facility. The Company has a revolving credit facility, as amended on April 20, 2015 (the “Credit Facility”) which matures on August 1, 2018 with the ability to extend the term for 1 year. The Credit Facility has a total borrowing capacity of $75.0 million with the ability to increase that capacity up to $125.0 million during the term. The Credit Facility provides the lenders with a secured interest in the equity of the subsidiaries that own the properties included in the borrowing base. The indebtedness outstanding under the Credit Facility accrues interest at a rate ranging from the 30-day LIBOR plus 135 basis points to the 30-day LIBOR plus 225 basis points based on the total balance outstanding under the Credit Facility as a percentage of the total asset value of the Company, as defined in the Credit Facility. The Credit Facility also accrues a fee of 20 to 25 basis points for any unused portion of the borrowing capacity based on whether the unused portion is greater or less than 50% of the total borrowing capacity. The Credit Facility is guaranteed by certain wholly-owned subsidiaries of the Company. The Credit Facility bank group is led by Bank of Montreal (“BMO”) and also includes Wells Fargo Bank, N.A. and Branch Banking & Trust Company.

At June 30, 2015, the current commitment level under the Credit Facility, was $75.0 million. As a result of the amendment to the Credit Facility the available borrowing capacity under the Credit Facility was approximately $57.2 million subject to the borrowing base requirements.

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

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 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 mortgage loan matures in April 2023, carries a fixed rate of 3.67% per annum, and requires payments of interest only prior to maturity.

September 30, 2014, the Company closed on a $30.0 million loan originated with Wells Fargo Bank, N.A., secured by its interest in six income properties. The mortgage loan matures in October 2034, and carries a fixed rate of 4.33% per annum during the first ten years of the term, and requires payments of interest only during the first ten years of the loan. After the tenth anniversary of the effective date of the loan, the cash flows generated by the underlying six income properties must be used to pay down the principal balance of the loan until paid off or until the loan matures. The loan is fully pre-payable after the tenth anniversary date of the effective date of the loan.

Convertible Debt. On March 11, 2015, the Company issued $75.0 million aggregate principal amount of 4.50% Convertible Senior Notes due 2020 (the “Notes”). The Notes bear interest at a rate of 4.50% per year, payable semiannually in arrears on March 15 and September 15 of each year, beginning on September 15, 2015. The Notes will mature on March 15, 2020, unless earlier purchased or converted. The initial conversion rate is 14.5136 shares of common stock for each $1,000 principal amount of Notes, which represents an initial conversion price of approximately $68.90 per share of common stock.

The conversion rate is subject to adjustment in certain circumstances. Holders may not surrender their Notes for conversion prior to December 15, 2019 except upon the occurrence of certain conditions relating to the closing sale price of the Common Stock, the trading price per $1,000 principal amount of Notes, or specified corporate events. The Company may not redeem the Notes prior to the stated maturity date and no sinking fund is provided for the Notes. The Notes are convertible, at the election of the Company, into solely cash, solely shares of the Company’s common stock, or a combination of cash and shares of the Company’s common stock. The Company intends to settle the Notes in cash upon conversion with any excess conversion value to be settled in shares of our common stock. In accordance with GAAP, the Notes are accounted for as a liability with a separate equity component recorded for the conversion option. A liability was recorded for the Notes on the issuance date at fair value based on a discounted cash flow analysis using current market rates for debt instruments with similar terms. The difference between the initial proceeds from the Notes and the estimated fair value of the debt instruments resulted in a debt discount, with an offset recorded to additional paid-in capital representing the equity component. The discount on the Notes was approximately $6.1 million at issuance, which represents the cash discount paid of approximately $2.6 million and the approximate $3.5 million attributable to the value of the conversion option recorded in equity, which is being amortized to interest expense through the maturity date of the Notes. As of June 30, 2015 the unamortized debt discount of our Notes was approximately $5.8 million.

Net proceeds from issuance of the Notes was approximately $72.4 million (net of the cash discount paid of approximately $2.6 million) of which approximately $47.5 million was used to repay our Credit Facility balance as of March 11, 2015. We intend to use the remaining amount for investments in income-producing properties or investments in commercial loans secured by commercial real estate.

Long-term debt consisted of the following:


	June 30, 2015
	Total		Due Within One Year
Credit Facility	$	—	$	—
Mortgage Note Payable (originated with UBS)		7,300,000		—
Mortgage Note Payable (originated with BOA)		23,100,000		—
Mortgage Note Payable (originated with Wells Fargo)		30,000,000		—
4.50% Convertible Senior Notes due 2020, net of discount		69,225,551		—

Total Long-Term Debt	$	129,625,551	$	—

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


Year Ending December 31,	Amount
Remainder of 2015	$	—
2016		—
2017		—
2018		7,300,000
2019		—
2020		75,000,000
Thereafter		53,100,000

Total Long-Term Debt	$	135,400,000

The carrying value of long-term debt as of June 30, 2015 consisted of the following:


	Total
Current Face Amount	$	135,400,000
Unamortized Discount on Convertible Debt		(5,774,449	)

Total Long-Term Debt	$	129,625,551

For the three months ended June 30, 2015, interest expense was approximately $1.5 million with approximately $665,000 paid during the period. For the six months ended June 30, 2015, interest expense was approximately $2.5 million with approximately $1.5 million paid during the period. No interest was capitalized during the three or six months ended June 30, 2015.

For the three months ended June 30, 2014, interest expense was approximately $463,000 with approximately $502,000 paid during the period. For the six months ended June 30, 2014, interest expense was approximately $876,000 with approximately $880,000 paid during the period. Interest of approximately $4,000 and $11,000 was capitalized during the three and six months ended June 30, 2014, respectively.

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 June 30, 2015 and 2014, the amortization of loan costs totaled approximately $94,000 and $55,000, respectively. For the six months ended June 30, 2015 and 2014, the amortization of loan costs totaled approximately $167,000 and $110,000, respectively.

The amortization of the approximate $6.1 million discount on the Company’s Notes is also included in interest expense in the consolidated financial statements. The discount is being amortized over the term of the Notes using the effective interest method. For the three and six months ended June 30, 2015 the amortization of the discount was approximately $293,000 and $318,000, respectively. No amounts were recognized during the three or six months ended June 30, 2014 as the debt was issued in March 2015.

The Company was in compliance with all of its debt covenants as of June 30, 2015 and December 31, 2014.

Accrued and Other Liabilities

6 Months Ended

Jun. 30, 2015

Payables and Accruals [Abstract]

Accrued and Other Liabilities

NOTE 12. ACCRUED AND OTHER LIABILITIES

Accrued and other liabilities consisted of the following:


	As of
	June 30, 2015		December 31, 2014
Golf Course Lease	$	2,789,072	$	2,973,898
Accrued Property Taxes		659,222		—
Other Post-Retirement Benefits		—		142,797
Reserve for Tenant Improvements		577,429		551,250
Accrued Interest		1,236,006		197,929
Environmental Reserve		96,238		108,733
Below Market In-Place Leases, net		611,278		669,693
Put Options		54,080		—
Other		657,324		1,426,902

Total Accrued and Other Liabilities	$	6,680,649	$	6,071,202

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 Lease 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 June 30, 2015, approximately $1.9 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 Lowes on April 22, 2014, the Company was credited approximately $651,000 at closing for certain required tenant improvements, some of which are not required to be completed until December 2016. As of June 30, 2015, approximately $100,000 of these tenant improvements had been completed and funded.

During the year ended December 31, 2014, the Company accrued an environmental reserve of approximately $110,000 in connection with an estimate of additional costs to monitor a parcel of less than one acre of land owned by the Company in Highlands County, Florida that previously had environmental remediation work performed. Approximately $14,000 in costs have been incurred through June 30, 2015.

Deferred Revenue

6 Months Ended

Jun. 30, 2015

Deferred Revenue Disclosure [Abstract]

Deferred Revenue

NOTE 13. DEFERRED REVENUE

Deferred revenue consisted of the following:


	As of
	June 30, 2015		December 31, 2014
Deferred Oil Exploration Lease Revenue	$	429,469	$	1,354,873
Deferred Land Sale Revenue		—		87,581
Prepaid Rent		489,340		674,165
Escrow Reserve, Container Store Loan		—		144,124
Escrow Reserve, Plantation Oaks Loan		—		65,216
Other Deferred Revenue		228,468		392,584

Total Deferred Revenue	$	1,147,277	$	2,718,543

On September 19, 2014, the Company received an approximate $1.9 million rent payment for the fourth year of the Company’s eight-year oil exploration lease, which is being recognized ratably over the 12 month lease period ending in September 2015.

In connection with the 75.6 acre land sale that closed in August 2014, approximately $597,000 of the $7.8 million sales price was deferred to be recognized as revenue on a percentage-of-completion basis as certain road improvements were completed. The road improvements were substantially completed as of March 31, 2015 and accordingly, through March 31, 2015, the entire approximate $597,000 of revenue had been recognized, with approximately $88,000 of the total recognized during the six months ended June 30, 2015.

Pension Plan	6 Months Ended
Pension Plan	Jun. 30, 2015
Compensation and Retirement Disclosure [Abstract]
Pension Plan	NOTE 14. PENSION PLAN The Company maintained a Defined Benefit Pension Plan (the “Pension Plan”) which had been, prior to December 31, 2011, for all employees who had attained the age of 21 and completed one year of service. 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 June 30, 2015. Termination of the Pension Plan was 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 June 30, 2015. The final termination settlement was completed during the six months ended December 31, 2014. The Company contributed approximately $43,000 to fully fund the Pension Plan to enable the distribution to participants of a lump sum benefit or the purchase of a life annuity to effectuate the termination. In addition, the Company incurred approximately $170,000 for the cost of legal and other advisors to complete the termination. During the six months ended June 30, 2015, the Company received the favorable determination letter from the IRS, which was the final step in terminating the Pension Plan.

Stock-Based Compensation

6 Months Ended

Jun. 30, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-Based Compensation

NOTE 15. 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 awards that are based on market conditions. The determination of the fair value of market condition-based awards is affected by the Company’s stock price as well as assumptions regarding a number of other variables. These variables include expected stock price volatility over the requisite performance term of the awards, the relative performance of the Company’s stock price and 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 six months ended June 30, 2015, is presented below:


Market Condition Non-Vested Restricted Shares	Shares			Wtd. Avg. Grant Date Fair Value
Outstanding at December 31, 2014		5,067		$	23.13
Granted		—			—
Vested		—			—
Forfeited		(567	)		23.13

Outstanding at June 30, 2015		4,500		$	23.13

As of June 30, 2015, there was approximately $8,000 of unrecognized compensation cost, adjusted for forfeitures, related to market condition non-vested restricted shares, which will be recognized over a remaining weighted average period of 0.4 years.

Market Condition Grants 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. As of June 30, 2015, four increments of Mr. Albright’s and Mr. Patten’s grants had vested.

Additional “inducement” grants of 2,500 and 3,000 shares of restricted Company common stock were awarded to Mr. Smith and another officer, under the 2010 Plan, during the fourth quarter of 2014 and the first quarter of 2015, respectively. The restricted stock will vest in two increments based upon the price per share of Company common stock during the term of their employment (or within 60 days after termination of employment by the Company without cause), meeting or exceeding the target trailing sixty-day average closing prices of $60 per share and $65 per share for the two increments. 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. As of June 30, 2015 no increments of Mr. Smith’s or the other officer’s grants had vested.

A grant of 94,000 shares of restricted Company common stock was awarded to Mr. Albright, under the 2010 Plan, during the second quarter of 2015. The restricted stock will vest in seven increments based upon the price per share of Company common stock during the term of his employment (or within 60 days after termination of employment by the Company without cause), meeting or exceeding the target trailing thirty-day average closing prices ranging from $60 per share for the first increment to $90 per share for the final increment. If any increment of the restricted shares fails to satisfy the applicable stock price condition prior to January 28, 2021, that increment of the restricted shares will be forfeited. As of June 30, 2015 no increments of this grant had vested.

A summary of the activity for these awards during the six months ended June 30, 2015, is presented below:


Market Condition Non-Vested Restricted Shares	Shares		Wtd. Avg. Fair Value
Outstanding at December 31, 2014		40,500	$	15.55
Granted		97,000		36.85
Vested		—		—
Forfeited		—		—

Outstanding at June 30, 2015		137,500	$	30.58

As of June 30, 2015, there was approximately $3.3 million of unrecognized compensation cost, adjusted for estimated forfeitures, related to market condition non-vested restricted shares, which will be recognized over a remaining weighted average period of 1.6 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 restricted shares 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 restricted shares will vest upon a change in control.

On January 28, 2015, the Company granted to certain employees, which did not include Mr. Albright, 11,700 shares of non-vested restricted stock under the 2010 Plan. Additionally, on February 9, 2015, the Company granted 8,000 shares of non-vested restricted stock to Mr. Albright under the 2010 Plan. One-third of both awards of restricted shares will vest on each of the first, second, and third anniversaries of the January 28, 2015 grant date, provided the grantee is an employee of the Company on those dates. In addition, any unvested portion of the restricted shares will vest upon a change in control.

The Company’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 six months ended June 30, 2015, is presented below:


Three Year Vest Non-Vested Restricted Shares	Shares			Wtd. Avg. Fair Value Per Share
Outstanding at December 31, 2014		14,200		$	36.08
Granted		19,700			55.93
Vested		(4,734	)		36.08
Forfeited		(833	)		48.00

Outstanding at June 30, 2015		28,333		$	49.53

As of June 30, 2015, there was approximately $1.2 million of unrecognized compensation cost, adjusted for estimated forfeitures, related to the three year vest non-vested restricted shares, which will be recognized over a remaining weighted average period of 2.4 years.

Non-Qualified Stock Option Awards

Pursuant to the Non-Qualified Stock Option Award Agreements between the Company and Messrs. Albright, Patten, and Smith, each of these Company employees was granted an option to purchase 50,000, 10,000, and 10,000 shares of Company common stock, in 2011, 2012, and 2014, 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 the recipient is 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.

On February 9, 2015, the Company granted to Mr. Albright an option to purchase 20,000 shares of the Company’s common stock under the 2010 Plan with an exercise price of $57.50. The option vests on January 28, 2016, provided he is an employee of the Company on that date. In addition, any unvested portion of the option will vest upon a change in control. The option expires on the earliest of: (a) January 28, 2025; (b) twelve months after the employee’s death or termination for disability; or (c) thirty days after the termination of employment for any reason other than death or disability.

On May 20, 2015, the Company granted to Mr. Albright an option to purchase 40,000 shares of the Company’s common stock under the 2010 Plan, with an exercise price of $55.62. One-third of the option will vest on each of January 28, 2016, January 28, 2017, and January 28, 2018, provided he is an employee of the Company on such dates. In addition, any unvested portion of the option will vest upon a change in control. The option expires on the earliest of: (a) January 28, 2025; (b) twelve months after the employee’s death or termination for disability; or (c) thirty days after the termination of employment for any reason other than death or disability.

On June 29, 2015, the Company granted to an officer of the Company an option to purchase 10,000 shares of the Company’s common stock under the 2010 Plan, with an exercise price of $57.54. One-third of the option 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 such dates. In addition, any unvested portion of the option will vest upon a change in control. The option expires on the earliest of: (a) June 29, 2025; (b) twelve months after the employee’s death or termination for disability; or (c) thirty days after the termination of employment for any reason other than death or disability.

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

A summary of the activity for the awards during the six months ended June 30, 2015, 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, 2014		84,765		$	34.39
Granted		70,000			56.43
Exercised		(11,650	)		29.76
Forfeited		(4,870	)		34.95

Outstanding at June 30, 2015		138,245		$	45.92		7.37	$	1,620,534

Exercisable at June 30, 2015		43,795		$	31.80		4.61	$	1,131,484

A summary of the non-vested options for these awards during the six months ended June 30, 2015, is presented below:


Non-Qualified Stock Option Awards	Shares			Fair Value of Shares Vested
Non-Vested at December 31, 2014		47,570
Granted		70,000
Vested		(18,250	)	$	618,764
Forfeited		(4,870	)

Non-Vested at June 30, 2015		94,450

The weighted average grant date fair value of options granted during the six months ended June 30, 2015 was approximately $14.12 per share. The total intrinsic value of options exercised during the six months ended June 30, 2015, was approximately $296,000. As of June 30, 2015, there was approximately $993,000 of unrecognized compensation related to non-qualified, non-vested stock option awards, which will be recognized over a remaining weighted average period of 2.0 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 six months ended June 30, 2015 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, 2014		35,300		$	62.47
Granted		—			—
Exercised		(2,500	)		33.16
Forfeited		(14,000	)		66.54

Outstanding at June 30, 2015		18,800		$	63.35		1.92	$	58,864

Exercisable at June 30, 2015		18,800		$	63.35		1.92	$	58,864

In connection with the grant of non-qualified stock options, a stock appreciation right for each share covered by the option was also granted. The stock appreciation right entitles the optionee to receive a supplemental payment, which may be paid in whole or in part in cash or in shares of common stock, equal to a portion of the spread between the exercise price and the fair market value of the underlying shares at the time of exercise. The total intrinsic value of options exercised during the six months ended June 30, 2015 was approximately $56,000. 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, 2014		35,300		$	5.56
Granted		—			—
Exercised		(2,500	)		14.52
Forfeited		(14,000	)		3.70

Outstanding at June 30, 2015		18,800		$	4.91		1.92	$	31,696

Exercisable at June 30, 2015		18,800		$	4.91		1.92	$	31,696

The total intrinsic value of stock appreciation rights exercised during the six months ended June 30, 2015 was approximately $30,000. 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:	June 30, 2015			December 31, 2014
Expected Volatility		32.75	%		34.07	%
Expected Dividends		0.14	%		0.07	%
Expected Term		2 years			2 years
Risk-Free Rate		0.76	%		0.78	%

There were no stock options or stock appreciation rights granted under the 2001 Plan in the six months ended June 30, 2015 or 2014. The liability for stock options and stock appreciation rights, valued at fair value, reflected on the consolidated balance sheets at June 30, 2015 and December 31, 2014, was approximately $264,000 and $560,000, 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:


	Six Months Ended
	June 30, 2015			June 30, 2014
Total Cost of Share-Based Plans Charged
Against Income Before Tax Effect	$	621,724		$	602,118

Income Tax Expense
Recognized in Income	$	(239,830	)	$	(232,267	)

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 16. INCOME TAXES The effective income tax rate was 39.2% and 38.7% for the six months ended June 30, 2015 and 2014, 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 files a consolidated income tax return in the United States Federal jurisdiction and the States of Arizona, Colorado, California, Florida, Illinois, Georgia, Maryland, North Carolina, Texas, and Washington. The Internal Revenue Service has audited the federal tax returns through the year 2012, with all proposed adjustments settled. The Company recognizes all potential accrued interest and penalties to unrecognized tax benefits in income tax expense.

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 17. 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 provided a basis for Harris Teeter to terminate the Lease. Regardless, in January 2013, NCDOT proposed to redesign the road modifications to keep the all access intersection open for ingress with no change to the planned limitation on egress to the right-in/right-out only. Additionally, NCDOT and the City of Charlotte proposed to build and maintain a new access road/point into the property. Both government entities have confirmed that funding is available and the redesigned project is proceeding. Harris Teeter has expressed satisfaction with the redesigned project and indicated that it will not attempt to terminate its lease if this project is built as currently redesigned. Because the redesigned project will not be completed until 2016, the condemnation case has been placed in administrative closure. As a result, the trial and mediation will not likely be scheduled until requested by the parties, most likely in 2016. 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. *Contractual Commitments – Expenditures* 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 five years from sales of the remaining land or at the end of the fifth year. During the year ended December 31, 2013, the Company deposited $283,500 of cash in escrow related to the improvements which is classified as restricted cash in the consolidated balance sheets. The total amount in escrow as of June 30, 2015 was approximately $285,000, accordingly as of June 30, 2015, the remaining maximum commitment is $691,500. In March 2015, the Company entered into two separate construction agreements for certain tenant improvements required by an executed lease expansion and extension at the Mason Commerce Center as well as a newly executed lease at the Williamson Business Park property, for a total commitment of approximately $1.3 million. Costs of approximately $800,000 have been incurred through June 30, 2015 under these agreements and therefore, the total remaining commitment as of June 30, 2015 is approximately $500,000. *Contractual Commitments – Land Pipeline* Since April 10, 2015 the Company executed a definitive sales contract for one additional land transaction, for the balance of the land not previously under contract in the Tomoka Town Center. As of July 17, 2015, the Company had executed definitive purchase and sale agreements with seven different buyers whose intended use for the land under contract includes residential (including multi-family), retail and mixed-use retail, and office. These agreements, in aggregate, represent the potential sale of nearly 1,900 acres, or 18% of our land holdings, with anticipated sales proceeds totaling approximately $82 million. All of these agreements contemplate closing dates ranging from the third quarter of 2015 through 2017, and the Company expects some of the transactions to close in 2015, although the buyers are not contractually obligated to close until after 2015. Each of the transactions are in varying stages of due diligence by the various buyers including, in some instances, having made submissions to the planning and development departments of the City of Daytona Beach and other permitting activities with other applicable governmental authorities. In addition to other customary closing conditions, the majority of these transactions are conditioned upon both the receipt of approvals or permits from those various governmental authorities, as well as other matters that are beyond our control. If such approvals are not obtained, the prospective buyers may have the ability to terminate their respective agreements prior to closing. As a result, there can be no assurances regarding the likelihood or timing of any one of these potential land transactions being completed or the final terms, including the sales price. *Minto Communities* One of the definitive sales contracts is with an affiliate of the Minto Communities for Minto’s development of a 3,400 unit master planned age restricted residential community on an approximate 1,600 acre parcel of the Company’s land holdings west of Interstate 95. As a result of recent delays in certain elements of the permitting process for this property, the Company now expects that this transaction is more likely to close later in 2016 and, consequently, we have adjusted our 2015 guidance to reduce our estimates for land sales this year. *Tanger Factory Outlets* One of the definitive sales contracts is with an affiliate of Tanger Factory Outlet Centers, Inc. for approximately 39 acres along the east side of Interstate 95 near LPGA Boulevard (the “Tanger Contract”). Provided Tanger’s customary conditions to begin construction are met, Tanger intends to develop the 39 acres into an approximately 380,000 square foot first-class outlet mall. Tanger recently received approval by the City of Daytona Beach and Volusia County for an incentive package valued at $4.5 million to assist Tanger in reimbursing the Company for Tanger’s share of the infrastructure costs required for the development of their site. The outlet mall, which Tanger expects to invest approximately $100 million to develop, has the potential to create approximately 400 jobs during the construction phase and over 800 full and part-time jobs once completed. Additionally, once completed, Tanger expects the project to bring an estimated 85 brand name and designer stores, in line with the existing Tanger portfolio, to the Daytona Beach market. *Tomoka Town Center* During the quarter, we entered into a definitive sales contract (the “NADG Contract”) with an affiliate of North American Development Group (“NADG”) for NADG to purchase the remaining land not previously under contract in the approximately 230 acre area of the Company’s land holdings referred to as the Tomoka Town Center (the “Town Center”). Under the NADG Contract, NADG would become the master developer of the remaining elements of the Town Center. NADG is in their initial due diligence phase for the development of a mixed-use town center that could include retail, office, lodging and residential. Three of the executed definitive purchase and sale agreements, including the Tanger Contract and the NADG Contract, represent the potential sale of approximately 230 acres for approximately $43.2 million. The third contract is with an affiliate of Sam’s Club for the sale of nearly 18 acres (the “Sam’s Contract”). Pursuant to the terms and conditions of the Tanger Contract and the Sam’s Contract, prior to closing the respective parties to each contract must mutually agree upon (i) the scope of certain infrastructure improvements, including, but not limited to, the addition or expansion of roads and underlying utilities, and storm water retention (the “Infrastructure Work”), and (ii) the financial responsibility of each party for the Infrastructure Work. The scope of the Infrastructure Work would benefit portions of the Company’s adjacent land holdings of approximately 170 acres that are not covered by the Tanger Contract and Sam’s Contract. The Company estimates the costs of the Infrastructure Work currently contemplated by these contracts could range from $10.0 million to $20.0 million. In the event that, of the three definitive purchase and sale agreements, only the Sam’s Contract were to close, the Company expects that the scope of the Infrastructure Work to be completed would be significantly less and therefore the estimated costs would also be substantially reduced. Pursuant to the terms and conditions of the NADG Contract, if the NADG Contract closes, NADG would assume all or a portion of the obligations of the Company with regard to the Company’s share of the financial responsibility for the Infrastructure Work, including reimbursement for any amounts already incurred, subject to a cap of approximately $16.0 million. *Other Matters* In connection with a certain land sale contract to which the Company is a party, the purchaser’s pursuit of customary development entitlements gave rise to an inquiry by federal regulatory agencies regarding prior agricultural activities by the Company on such land. During the quarter ended June 30, 2015, we received a written information request regarding such activities. We have submitted a written response to the information request along with supporting documentation. We believe the issues raised by, and the land which is the subject of, this inquiry are similar to or the same as those which were addressed and resolved by the settlement agreement executed in December 2012 between the Company and the St. Johns River Water Management District (the “District”) and the permit which the District subsequently issued to the Company. Given the early stage of this process, we are unable to reasonably estimate the liability, if any, that the Company may incur as a result of this inquiry. Accordingly, no amounts have been accrued as of June 30, 2015 related to this matter. In addition, in connection with other land sale contracts to which the Company is or may become a party, the pursuit of customary development entitlements by the potential purchasers may require the utilization or acquisition of mitigation credits for the purpose of obtaining certain permits from the applicable federal or state regulatory agencies. Any costs incurred in connection with utilizing or acquiring such credits would be incorporated into the basis of the land under contract and, accordingly, no amounts related to such potential future costs have been accrued as of June 30, 2015.

Business Segment Data

6 Months Ended

Jun. 30, 2015

Segment Reporting [Abstract]

Business Segment Data

NOTE 18. BUSINESS SEGMENT DATA

The Company primarily operates in four primary business segments: income properties, commercial loan investments, 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 62.7% and 68.7% of our identifiable assets as of June 30, 2015 and December 31, 2014, respectively, and 56.3% and 51.6% of our consolidated revenues for the six months ended June 30, 2015 and 2014, respectively. As of June 30, 2015 and December 31, 2014, we had three and five commercial loan investments, respectively. 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, fitness facility, and pro-shop with retail merchandise. The majority of the revenues generated by our golf operations are derived from members and public customers playing golf, club memberships, and food and beverage operations.

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

Information about the Company’s operations in the different segments for the three and six months ended June 30, 2015 and 2014 is as follows:


	Three Months Ended						Six Months Ended
	June 30, 2015			June 30, 2014			June 30, 2015			June 30, 2014
Revenues:
Income Properties	$	4,132,052		$	3,552,130		$	8,392,727		$	6,956,489
Commercial Loan Investments		638,710			255,769			1,270,194			1,199,659
Real Estate Operations		1,368,141			1,053,585			2,227,942			2,402,832
Golf Operations		1,448,567			1,432,398			2,985,993			2,849,777
Agriculture and Other Income		20,738			17,477			39,677			75,321

Total Revenues	$	7,608,208		$	6,311,359		$	14,916,533		$	13,484,078

Operating Income:
Income Properties	$	3,449,165		$	3,067,638		$	7,068,994		$	6,131,978
Commercial Loan Investments		638,710			255,769			1,270,194			1,199,659
Real Estate Operations		1,062,288			859,958			1,323,366			1,957,255
Golf Operations		(7,665	)		(79,796	)		140,149			4,557
Agriculture and Other Income		(22,457	)		(31,642	)		(58,669	)		(35,211	)
General and Corporate Expense		(2,933,880	)		(2,391,628	)		(6,063,986	)		(4,674,070	)

Total Operating Income	$	2,186,161		$	1,680,299		$	3,680,048		$	4,584,168

Depreciation and Amortization:
Income Properties	$	992,172		$	779,390		$	2,077,809		$	1,485,643
Commercial Loan Investments		—			—			—			—
Real Estate Operations		—			—			—			—
Golf Operations		67,130			57,710			125,906			114,573
Agriculture and Other		12,450			9,281			23,776			18,173

Total Depreciation and Amortization	$	1,071,752		$	846,381		$	2,227,491		$	1,618,389

Capital Expenditures:
Income Properties	$	9,959,693		$	15,484,082		$	10,013,957		$	16,236,106
Commercial Loan Investments		733,083			11,948,338			894,879			16,948,338
Real Estate Operations		—			—			—			—
Golf Operations		90,400			20,768			106,417			56,161
Agriculture and Other		2,334			38,294			13,406			90,754

Total Capital Expenditures	$	10,785,510		$	27,491,482		$	11,028,659		$	33,331,359


	As of
	June 30, 2015		December 31, 2014
Identifiable Assets:
Income Properties	$	191,659,081	$	190,087,575
Commercial Loan Investments		24,074,308		30,274,302
Real Estate Operations		43,963,769		43,833,515
Golf Operations		3,670,866		3,639,903
Agriculture and Other		42,442,224		8,757,153

Total Assets	$	305,810,248	$	276,592,448

Operating income represents income from continuing operations before loss on early extinguishment of debt, interest expense, investment income, and income taxes. General and corporate expenses are an aggregate of general and administrative expenses, 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. Land, timber, and subsurface interests were previously stated as a separate line item within property, plant, and equipment on the consolidated financial statements and are now included with land, timber, and development costs as all of the costs are related to the Company’s land portfolio of over 10,500 acres. The land, timber, and subsurface interests were previously included in the Agriculture and Other segment, but have been reclassified to the Real Estate Operations segment to conform to the revised presentation on the consolidated balance sheets.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 280
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Topic 280
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
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-Topic 280
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
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Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Recently Issued Accounting Policies	6 Months Ended
Recently Issued Accounting Policies	Jun. 30, 2015
Accounting Changes and Error Corrections [Abstract]
Recently Issued Accounting Policies	NOTE 19. RECENTLY ISSUED ACCOUNTING POLICIES In May 2014, the FASB issued ASU 2014-09, which amends its guidance on the recognition and reporting of revenue from contracts with customers. The amendments in this update are effective for annual reporting periods beginning after December 15, 2016. The Company is currently evaluating the provisions to determine the potential impact, if any, the adoption will have on its consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, related to simplifying the presentation of debt issuance costs. The amendments in this update are effective for annual reporting periods beginning after December 15, 2015. The amendment requires entities to present debt issuance costs related to a recognized debt liability as a direct deduction from the carrying amount of the debt liability, whereas previously, debt issuance costs were presented as a deferred charge in the asset section of the balance sheet. The Company plans to implement ASU 2015-03 effective January 1, 2016.

- 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

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Direct Effects of a Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6510796

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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Glossary Retrospective Application
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+ Details

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	NOTE 20. SUBSEQUENT EVENTS On July 16, 2015, the Company acquired a 136,856 square-foot Class A office property situated on 3.40 acres in Jacksonville, Florida at a purchase price of $25.1 million. The multi-tenant office property is approximately 99% occupied with an average remaining lease term of approximately 5.4 years. The Company has engaged a third party to manage and lease the property.

Description of Business and Principles of Interim Statements (Policies)

6 Months Ended

Jun. 30, 2015

Organization, Consolidation and Presentation of Financial Statements [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 six months ended June 30, 2015 are not necessarily indicative of results to be expected for the year ending December 31, 2015.

Principles of Consolidation

Principles of Consolidation

Use of Estimates in Preparation of Financial Statements

Use of Estimates in Preparation of Financial Statements

Fair Value Measurements

Fair Value Measurements

•

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

•

Fair Value of Financial Instruments

Fair Value of Financial Instruments

Cash and Cash Equivalents

Cash and Cash Equivalents

Restricted Cash

Restricted Cash

Purchase Accounting for Acquisitions of Real Estate Subject to a Lease

Purchase Accounting for Acquisitions of Real Estate Subject to a Lease

Investment Securities

Investment Securities

Derivative Financial Instruments

Derivative Financial Instruments

Impact Fees and Mitigation Credits

Impact Fees and Mitigation Credits

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.

Commercial Loan Investment Impairment

Commercial Loan Investment Impairment

Recognition of Interest Income from Commercial Loan Investments

Recognition of Interest Income from Commercial Loan Investments

Reclassifications

Reclassifications

Operating Loss Carry Forward and Tax Credit Carry Forward

In May 2014, the FASB issued ASU 2014-09, which amends its guidance on the recognition and reporting of revenue from contracts with customers. The amendments in this update are effective for annual reporting periods beginning after December 15, 2016. The Company is currently evaluating the provisions to determine the potential impact, if any, the adoption will have on its consolidated financial statements.

In April 2015, the FASB issued ASU 2015-03, related to simplifying the presentation of debt issuance costs. The amendments in this update are effective for annual reporting periods beginning after December 15, 2015. The amendment requires entities to present debt issuance costs related to a recognized debt liability as a direct deduction from the carrying amount of the debt liability, whereas previously, debt issuance costs were presented as a deferred charge in the asset section of the balance sheet. The Company plans to implement ASU 2015-03 effective January 1, 2016.

Commercial Loan Investments (Tables)

6 Months Ended

Jun. 30, 2015

Receivables [Abstract]

Summary of Commercial Loan Investment Portfolio

The Company’s commercial loan investment portfolio was comprised of the following at June 30, 2015:


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%
B-Note – Retail Shopping Center, Sarasota, FL	May 2014	June 2016		8,960,467		8,960,467		8,960,467	30-day LIBOR plus 7.50%
Mezz – Hotel, Dallas, TX	September 2014	September 2016		10,000,000		10,000,000		10,000,000	30-day LIBOR plus 7.25%

Total			$	23,960,467	$	23,960,467	$	23,960,467

The Company’s commercial loan investment portfolio was comprised of the following at December 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%
Construction – Container Store, Glendale, AZ	May 2014	November 2015		6,300,000		5,306,031		5,247,607	6.00%
B-Note – Retail Shopping Center, Sarasota, FL	May 2014	June 2015		8,960,467		8,960,467		8,960,467	30-day LIBOR plus 7.25%
Mezz – Hotel, Dallas, TX	September 2014	September 2016		10,000,000		10,000,000		10,000,000	30-day LIBOR plus 7.25%
Development – Real Estate, Ormond Beach, FL	November 2014	November 2015		1,000,000		1,000,000		1,000,000	30-day LIBOR plus 7.25%

Total			$	31,260,467	$	30,266,498	$	30,208,074

Carrying Value of the Commercial Loan Investments

The carrying value of the commercial loan investment as of December 31, 2014 consisted of the following:


	Total
Current Face Amount	$	30,266,498
Unaccreted Origination Fees		(58,424	)

Total Commercial Loan Investments	$	30,208,074

Investment Securities (Tables)

6 Months Ended

Jun. 30, 2015

Investments, Debt and Equity Securities [Abstract]

Summary of Available for Sale Securities

Available-for-Sale securities consisted of the following as of June 30, 2015:


	As of June 30, 2015
	Amortized Cost		Gains in Accumulated Other Comprehensive Income		Losses in Accumulated Other Comprehensive Income			Estimated Fair Value (Level 1 and 2 Inputs)
Debt Securities	$	1,929,234	$	145,766	$	—		$	2,075,000

Total Debt Securities		1,929,234		145,766		—			2,075,000

Common Stock		5,002,248		—		(265,819	)		4,736,429

Total Equity Securities		5,002,248		—		(265,819	)		4,736,429

Total Available-for-Sale Securities	$	6,931,482	$	145,766	$	(265,819	)	$	6,811,429

Available-for-Sale securities consisted of the following as of December 31, 2014:


	As of December 31, 2014
	Cost		Gains in Accumulated Other Comprehensive Income		Losses in Accumulated Other Comprehensive Income		Estimated Fair Value
Preferred Stock	$	704,173	$	117,263	$	—	$	821,436

Total Equity Securities	$	704,173	$	117,263	$	—	$	821,436

Total Available-for-Sale Securities	$	704,173	$	117,263	$	—	$	821,436

Summary of Sale of Investment Securities and Gains

Following is a table reflecting the sale of investment securities and gains recognized during the six months ended June 30, 2015 and 2014:


	For the Six Months Ended June 30,
	2015			2014
Proceeds from the Disposition of Equity Securities	$	834,964		$	—
Cost Basis of Investment Securities Sold		(704,173	)		—

Gain recognized in Statement of Operations on the Disposition of Equity Securities	$	130,791		$	—

- Definition

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

+ References + Details

- Definition

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

+ References + Details

Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2015

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 June 30, 2015 and December 31, 2014:


	June 30, 2015				December 31, 2014
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Cash and Cash Equivalents	$	31,674,420	$	31,674,420	$	1,881,195	$	1,881,195
Restricted Cash		1,493,395		1,493,395		4,440,098		4,440,098
Investment Securities		6,811,429		6,811,429		821,436		821,436
Commercial Loan Investments		23,960,467		23,960,467		30,208,074		30,266,498
Long-Term Debt		129,625,551		129,625,551		103,940,011		103,940,011

Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets and Liabilities

Intangible assets and liabilities consisted of the following as of June 30, 2015 and December 31, 2014:


	As of
	June 30, 2015			December 31, 2014
Intangible Lease Assets:
Value of In-Place Leases, net	$	8,708,873		$	9,043,617
Value of Above Market In-Place Leases, net		271,844			330,424
Value of Intangible Leasing Costs, net		1,494,991			978,082

Sub-total Intangible Lease Assets		10,475,708			10,352,123

Intangible Lease Liabilities (included in accrued and other liabilities):
Value of Below Market In-Place Leases, net		(611,278	)		(669,693	)

Sub-total Intangible Lease Liabilities		(611,278	)		(669,693	)

Total Intangible Assets—Net	$	9,864,430		$	9,682,430

Summary of Estimated Amortization Expense

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


Year Ending December 31,	Amount
Remainder of 2015	$	610,812
2016		1,176,098
2017		1,089,183
2018		1,072,878
2019		1,056,927
2020		871,768
Thereafter		3,986,764

Total	$	9,864,430

Common Stock and Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2015

Earnings Per Share [Abstract]

Summary of Common Stock and Earnings Per Share


	Three Months Ended				Six Months Ended
	June 30, 2015		June 30, 2014		June 30, 2015		June 30, 2014
Income Available to Common Shareholders:
Net Income	$	224,617	$	722,908	$	577,973	$	2,223,315

Weighted Average Shares Outstanding		5,822,815		5,743,450		5,824,717		5,744,390
Common Shares Applicable to Stock
Options Using the Treasury Stock Method		22,719		22,774		27,356		12,952

Total Shares Applicable to Diluted Earnings Per Share		5,845,534		5,766,224		5,852,073		5,757,342

Basic and Diluted Per Share Information:
Net Income	$	0.04	$	0.13	$	0.10	$	0.39

Long-Term Debt (Tables)

6 Months Ended

Jun. 30, 2015

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

Long-term debt consisted of the following:


	June 30, 2015
	Total		Due Within One Year
Credit Facility	$	—	$	—
Mortgage Note Payable (originated with UBS)		7,300,000		—
Mortgage Note Payable (originated with BOA)		23,100,000		—
Mortgage Note Payable (originated with Wells Fargo)		30,000,000		—
4.50% Convertible Senior Notes due 2020, net of discount		69,225,551		—

Total Long-Term Debt	$	129,625,551	$	—

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
Remainder of 2015	$	—
2016		—
2017		—
2018		7,300,000
2019		—
2020		75,000,000
Thereafter		53,100,000

Total Long-Term Debt	$	135,400,000

Summary of Carrying Value of Long-Term Debt

The carrying value of long-term debt as of June 30, 2015 consisted of the following:


	Total
Current Face Amount	$	135,400,000
Unamortized Discount on Convertible Debt		(5,774,449	)

Total Long-Term Debt	$	129,625,551

- 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=34725769&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

+ Details

Accrued and Other Liabilities (Tables)

6 Months Ended

Jun. 30, 2015

Payables and Accruals [Abstract]

Summary of Accrued and Other Liabilities

Accrued and other liabilities consisted of the following:


	As of
	June 30, 2015		December 31, 2014
Golf Course Lease	$	2,789,072	$	2,973,898
Accrued Property Taxes		659,222		—
Other Post-Retirement Benefits		—		142,797
Reserve for Tenant Improvements		577,429		551,250
Accrued Interest		1,236,006		197,929
Environmental Reserve		96,238		108,733
Below Market In-Place Leases, net		611,278		669,693
Put Options		54,080		—
Other		657,324		1,426,902

Total Accrued and Other Liabilities	$	6,680,649	$	6,071,202

Deferred Revenue (Tables)

6 Months Ended

Jun. 30, 2015

Deferred Revenue Disclosure [Abstract]

Summary of Deferred Revenue

Deferred revenue consisted of the following:


	As of
	June 30, 2015		December 31, 2014
Deferred Oil Exploration Lease Revenue	$	429,469	$	1,354,873
Deferred Land Sale Revenue		—		87,581
Prepaid Rent		489,340		674,165
Escrow Reserve, Container Store Loan		—		144,124
Escrow Reserve, Plantation Oaks Loan		—		65,216
Other Deferred Revenue		228,468		392,584

Total Deferred Revenue	$	1,147,277	$	2,718,543

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2015

Summary of Stock Based Compensation Activity

A summary of activity during the six months ended June 30, 2015, is presented below:


Market Condition Non-Vested Restricted Shares	Shares			Wtd. Avg. Grant Date Fair Value
Outstanding at December 31, 2014		5,067		$	23.13
Granted		—			—
Vested		—			—
Forfeited		(567	)		23.13

Outstanding at June 30, 2015		4,500		$	23.13

Summary of Market Condition Inducement Grant of Restricted Shares

A summary of the activity for these awards during the six months ended June 30, 2015, is presented below:


Market Condition Non-Vested Restricted Shares	Shares		Wtd. Avg. Fair Value
Outstanding at December 31, 2014		40,500	$	15.55
Granted		97,000		36.85
Vested		—		—
Forfeited		—		—

Outstanding at June 30, 2015		137,500	$	30.58

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

A summary of the activity for the awards during the six months ended June 30, 2015, 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, 2014		84,765		$	34.39
Granted		70,000			56.43
Exercised		(11,650	)		29.76
Forfeited		(4,870	)		34.95

Outstanding at June 30, 2015		138,245		$	45.92		7.37	$	1,620,534

Exercisable at June 30, 2015		43,795		$	31.80		4.61	$	1,131,484

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 six months ended June 30, 2015 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, 2014		35,300		$	62.47
Granted		—			—
Exercised		(2,500	)		33.16
Forfeited		(14,000	)		66.54

Outstanding at June 30, 2015		18,800		$	63.35		1.92	$	58,864

Exercisable at June 30, 2015		18,800		$	63.35		1.92	$	58,864

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, 2014		35,300		$	5.56
Granted		—			—
Exercised		(2,500	)		14.52
Forfeited		(14,000	)		3.70

Outstanding at June 30, 2015		18,800		$	4.91		1.92	$	31,696

Exercisable at June 30, 2015		18,800		$	4.91		1.92	$	31,696

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:	June 30, 2015			December 31, 2014
Expected Volatility		32.75	%		34.07	%
Expected Dividends		0.14	%		0.07	%
Expected Term		2 years			2 years
Risk-Free Rate		0.76	%		0.78	%

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:


	Six Months Ended
	June 30, 2015			June 30, 2014
Total Cost of Share-Based Plans Charged
Against Income Before Tax Effect	$	621,724		$	602,118

Income Tax Expense
Recognized in Income	$	(239,830	)	$	(232,267	)

Three Year Vest Non-Vested Restricted Stock [Member]

Summary of Stock Based Compensation Activity

A summary of activity during the six months ended June 30, 2015, is presented below:


Three Year Vest Non-Vested Restricted Shares	Shares			Wtd. Avg. Fair Value Per Share
Outstanding at December 31, 2014		14,200		$	36.08
Granted		19,700			55.93
Vested		(4,734	)		36.08
Forfeited		(833	)		48.00

Outstanding at June 30, 2015		28,333		$	49.53

Non-Qualified Stock Option Award [Member]

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

A summary of the non-vested options for these awards during the six months ended June 30, 2015, is presented below:


Non-Qualified Stock Option Awards	Shares			Fair Value of Shares Vested
Non-Vested at December 31, 2014		47,570
Granted		70,000
Vested		(18,250	)	$	618,764
Forfeited		(4,870	)

Non-Vested at June 30, 2015		94,450

Business Segment Data (Tables)

6 Months Ended

Jun. 30, 2015

Segment Reporting [Abstract]

Summary of Operations in Different Segments

Information about the Company’s operations in the different segments for the three and six months ended June 30, 2015 and 2014 is as follows:


	Three Months Ended						Six Months Ended
	June 30, 2015			June 30, 2014			June 30, 2015			June 30, 2014
Revenues:
Income Properties	$	4,132,052		$	3,552,130		$	8,392,727		$	6,956,489
Commercial Loan Investments		638,710			255,769			1,270,194			1,199,659
Real Estate Operations		1,368,141			1,053,585			2,227,942			2,402,832
Golf Operations		1,448,567			1,432,398			2,985,993			2,849,777
Agriculture and Other Income		20,738			17,477			39,677			75,321

Total Revenues	$	7,608,208		$	6,311,359		$	14,916,533		$	13,484,078

Operating Income:
Income Properties	$	3,449,165		$	3,067,638		$	7,068,994		$	6,131,978
Commercial Loan Investments		638,710			255,769			1,270,194			1,199,659
Real Estate Operations		1,062,288			859,958			1,323,366			1,957,255
Golf Operations		(7,665	)		(79,796	)		140,149			4,557
Agriculture and Other Income		(22,457	)		(31,642	)		(58,669	)		(35,211	)
General and Corporate Expense		(2,933,880	)		(2,391,628	)		(6,063,986	)		(4,674,070	)

Total Operating Income	$	2,186,161		$	1,680,299		$	3,680,048		$	4,584,168

Depreciation and Amortization:
Income Properties	$	992,172		$	779,390		$	2,077,809		$	1,485,643
Commercial Loan Investments		—			—			—			—
Real Estate Operations		—			—			—			—
Golf Operations		67,130			57,710			125,906			114,573
Agriculture and Other		12,450			9,281			23,776			18,173

Total Depreciation and Amortization	$	1,071,752		$	846,381		$	2,227,491		$	1,618,389

Capital Expenditures:
Income Properties	$	9,959,693		$	15,484,082		$	10,013,957		$	16,236,106
Commercial Loan Investments		733,083			11,948,338			894,879			16,948,338
Real Estate Operations		—			—			—			—
Golf Operations		90,400			20,768			106,417			56,161
Agriculture and Other		2,334			38,294			13,406			90,754

Total Capital Expenditures	$	10,785,510		$	27,491,482		$	11,028,659		$	33,331,359


	As of
	June 30, 2015		December 31, 2014
Identifiable Assets:
Income Properties	$	191,659,081	$	190,087,575
Commercial Loan Investments		24,074,308		30,274,302
Real Estate Operations		43,963,769		43,833,515
Golf Operations		3,670,866		3,639,903
Agriculture and Other		42,442,224		8,757,153

Total Assets	$	305,810,248	$	276,592,448

Description of Business and Principles of Interim Statements - Additional Information (Detail)	3 Months Ended	6 Months Ended		12 Months Ended
	Jun. 30, 2014 USD ($) Property	Jun. 30, 2015 USD ($) a ft² Property State Billboard Loans	Jun. 30, 2014 USD ($) Property	Dec. 31, 2014 USD ($) Property Derivative
Description of Business [Line Items]
Number of states in which entity operates \| State		10
Number of owned and managed commercial real estate properties \| Property		42
Commercial real estate properties \| Property		35
Self developed multi-tenant properties \| Property		7
Gross leasable space \| ft²		1,160,000
Land portfolio \| a		10,500
Number of billboards leased for property \| Billboard		21
Restricted Cash		$ 1,493,395		$ 4,440,098
Cash held in reserve for property taxes and insurance escrows		349,000
Cash held in escrow related to land transaction		$ 285,000
Derivatives outstanding \| Derivative				0
Number of income properties acquired \| Property	1	2	1	3
Amount reclassified to land, timber, and development costs				$ 14,900,000
Reclassifications to the purchase price allocations, increase in intangible assets				3,000,000
Reclassifications to the purchase price allocations, decrease in properties, land, buildings, and improvements				(2,300,000)
Reclassifications to the purchase price allocations, increase in accrued and other liabilities				$ 670,000
Increase in revenues and the direct costs of revenues	$ 50,000		$ 123,000
Fair Value Inputs, Level 2 [Member]
Description of Business [Line Items]
Money market funds, at carrying value		$ 28,200,000
Atlanta, GA [Member]
Description of Business [Line Items]
Number of commercial mortgage loan investments \| Loans		3
Katy, Texas [Member]
Description of Business [Line Items]
Cash held in escrow related to land transaction		$ 276,000
Katy, Texas [Member] \| Tenant Improvements [Member]
Description of Business [Line Items]
Restricted Cash		$ 584,000

Income Properties - Additional Information (Detail)				3 Months Ended		6 Months Ended		12 Months Ended
Income Properties - Additional Information (Detail)	May 28, 2015 USD ($) a	May 18, 2015 USD ($) a ft²	Apr. 17, 2015 USD ($) ft² Buildings $ / shares	Jun. 30, 2015 USD ($) ft² Property	Mar. 31, 2015 USD ($)	Jun. 30, 2015 USD ($) ft² Property	Jun. 30, 2014 USD ($) Property	Dec. 31, 2014 USD ($) Property
Business Acquisition Information [Line Items]
Number of income properties acquired \| Property				2		2	1	3
Aggregate acquisition cost of property						$ 9,100,000	$ 14,700,000
Purchase price allocated to land						2,400,000	9,400,000
Purchase price allocated to amortizable intangible assets						$ 1,172,952	$ 751,482
Amortization allocated to intangible assets, period						14 years 9 months 18 days	12 years 9 months 18 days
Area of a real estate property \| ft²				1,160,000		1,160,000
Acquisition cost of property						$ 8,960,828	$ 15,631,538
Reclassifications to the purchase price allocations, increase in intangible assets								$ 3,000,000
Reclassifications to the purchase price allocations, decrease in properties, land, buildings, and improvements								(2,300,000)
Reclassifications to the purchase price allocations, increase in accrued and other liabilities								670,000
Area of building sold \| ft²			13,813
Number of buildings sold \| Buildings			2
Weighted average remaining lease term			8 years 8 months 12 days
Proceeds from building			$ 6,400,000
Gain (loss) on sale of property			$ (497,000)	$ 13,000	$ (277,000)	(497,000)
Loss on sale of building per share after tax \| $ / shares			$ 0.05
Impairment charges					$ 510,000	510,041	0
Tenant improvements				$ 849,000		$ 849,000
Number of self-developed properties \| Property				7		7
Single-Tenant Properties [Member]
Business Acquisition Information [Line Items]
Number of income properties acquired \| Property				1		1
Vacant Pad Site [Member]
Business Acquisition Information [Line Items]
Number of income properties acquired \| Property				1		1
Buildings and Improvements [Member]
Business Acquisition Information [Line Items]
Purchase price allocated to buildings and improvements						$ 5,500,000	3,500,000
Minimum [Member]
Business Acquisition Information [Line Items]
Number of income properties acquired \| Property				3		3
Maximum [Member]
Business Acquisition Information [Line Items]
Number of income properties acquired \| Property				4		4
Independent Third-Party [Member]
Business Acquisition Information [Line Items]
Acquisition cost of property								$ 39,100,000
Glendale, Arizona [Member]
Business Acquisition Information [Line Items]
Area of property acquired \| ft²		23,329
Area of a real estate property \| a		2.46
Acquisition cost of property		$ 8,600,000
Initial lease term		15 years
Operating lease rent increment term, in years		5 years
Mortgage loans on real estate, carrying amount of mortgages		$ 6,200,000
Mortgage loans on real estate, maturity date		Nov. 30, 2015
Winter Park, Florida [Member]
Business Acquisition Information [Line Items]
Area of a real estate property \| a	0.71
Acquisition cost of property	$ 409,000
Teledyne ODI [Member]
Business Acquisition Information [Line Items]
Area of leased property \| ft²						15,000
Expanded and Extended State of Florida Department of Revenue [Member]
Business Acquisition Information [Line Items]
Area of leased property \| ft²						21,000
Daytona Beach, Florida [Member]
Business Acquisition Information [Line Items]
Cost related to construction							2,400,000
Daytona Beach, Florida [Member] \| Buildings and Improvements [Member]
Business Acquisition Information [Line Items]
Cost related to construction							$ 2,200,000
Daytona Beach, Florida [Member] \| Multi-Tenant Properties [Member]
Business Acquisition Information [Line Items]
Number of self-developed properties \| Property							2
Daytona Beach, Florida [Member] \| Land [Member]
Business Acquisition Information [Line Items]
Cost related to construction							$ 200,000
Intangible Assets [Member]
Business Acquisition Information [Line Items]
Purchase price allocated to amortizable intangible assets						$ 1,200,000	$ 1,800,000

Commercial Loan Investments - Additional Information (Detail)	3 Months Ended	6 Months Ended
	Jun. 30, 2015 USD ($) Loans	Jun. 30, 2015 USD ($) Loans	Dec. 31, 2014 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commercial loan investments, outstanding	$ 23,960,467	$ 23,960,467	$ 30,208,074
Commercial Mortgage Backed Securities [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans owned \| Loans	3	3
Dallas, TX , Sarasota, FL, and Atlanta, GA [Member] \| Commercial Mortgage Backed Securities [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commercial loan investments, outstanding	$ 24,000,000	$ 24,000,000
Commercial loan investments, average remaining maturity		1 year 7 months 6 days
Commercial loan investments, weighted average interest rate		8.50%
Commercial Loan [Member] \| Glendale, Arizona [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principle received from commercial loan	6,200,000
Development Loan [Member] \| Ormond Beach, FL [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principle received from commercial loan	$ 1,000,000
Number of commercial loan investments paid off \| Loans	2
B-Note [Member] \| Sarasota, FL [Member] \| Commercial Mortgage Backed Securities [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Acquisition of commercial mortgage loan	$ 9,000,000	$ 9,000,000
Debt instrument, basis points	25.00%	25.00%

Commercial Loan Investments - Summary of Commercial Loan Investment Portfolio (Detail) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
Original Face Amount	$ 23,960,467	$ 31,260,467
Current Face Amount	23,960,467	30,266,498
Carrying Value	$ 23,960,467	$ 30,208,074
Mezzanine [Member] \| Hotel [Member] \| Atlanta, GA [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Date of Investment	2014-01	2014-01
Maturity Date	2019-02	2019-02
Original Face Amount	$ 5,000,000	$ 5,000,000
Current Face Amount	5,000,000	5,000,000
Carrying Value	$ 5,000,000	$ 5,000,000
Loans receivable, fixed rate	12.00%	12.00%
Mezzanine [Member] \| Hotel [Member] \| Dallas, TX [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Date of Investment	2014-09	2014-09
Maturity Date	2016-09	2016-09
Original Face Amount	$ 10,000,000	$ 10,000,000
Current Face Amount	10,000,000	10,000,000
Carrying Value	$ 10,000,000	$ 10,000,000
Loans receivable basis spread on variable rate	7.25%	7.25%
Coupon Rate	30-day LIBOR plus 7.25%
Construction [Member] \| Container Store [Member] \| Glendale, AZ [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Date of Investment		2014-05
Maturity Date		2015-11
Current Face Amount		$ 5,306,031
Carrying Value		$ 5,247,607
Loans receivable basis spread on variable rate		6.00%
Original Face Amount		$ 6,300,000
Notes Receivable [Member] \| Retail Shopping Center [Member] \| Sarasota, FL [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Date of Investment	2014-05	2014-05
Maturity Date	2016-06	2015-06
Original Face Amount	$ 8,960,467	$ 8,960,467
Current Face Amount	8,960,467	8,960,467
Carrying Value	$ 8,960,467	$ 8,960,467
Loans receivable basis spread on variable rate	7.50%	7.25%
Coupon Rate	30-day LIBOR plus 7.50%
Development [Member] \| Commercial Real Estate Portfolio Segment [Member] \| Ormond Beach, FL [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Date of Investment		2014-11
Maturity Date		2015-11
Original Face Amount		$ 1,000,000
Current Face Amount		1,000,000
Carrying Value		$ 1,000,000
Loans receivable basis spread on variable rate		7.25%

Commercial Loan Investments - Carrying Value of Commercial Loan Investment (Detail) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Loans And Leases Receivable [Line Items]
Current Face Amount	$ 23,960,467	$ 30,266,498
Total Commercial Loan Investments	$ 23,960,467	30,208,074
Commercial Mortgage Loan [Member]
Loans And Leases Receivable [Line Items]
Current Face Amount		30,266,498
Unaccreted Origination Fees		(58,424)
Total Commercial Loan Investments		$ 30,208,074

Land and Subsurface Interests - Additional Information (Detail)					1 Months Ended		3 Months Ended				6 Months Ended		9 Months Ended	12 Months Ended
	Jun. 17, 2015 USD ($) a	Jun. 01, 2015 USD ($) a $ / a	Sep. 19, 2014 USD ($)	Sep. 22, 2013 a	Sep. 30, 2013 USD ($) Payments	Sep. 30, 2012 USD ($)	Jun. 30, 2015 USD ($) a ft²	Mar. 31, 2015 USD ($)	Jun. 30, 2014 USD ($) a	Mar. 31, 2014 USD ($)	Jun. 30, 2015 USD ($) a ft²	Jun. 30, 2014 USD ($) a $ / a	Sep. 30, 2014 USD ($)	Dec. 31, 2011 USD ($) a
Real Estate Properties [Line Items]
Area of land sold \| ft²							1,160,000				1,160,000
Oil exploration lease period			8 years								8 years			8 years
Oil exploration lease covering area \| a				82,000							42,000			136,000
Rental payment received					$ 3,300,000	$ 922,000								$ 914,000
Number of payments aggregated and ratably recognized into income \| Payments					2
Aggregate amount of payments received and ratably recognized into income					$ 1,800,000
Areas removed from oil exploration lease \| a				54,000
Period considered to recognize revenue ratably for payments received					12 months
Non-refundable penalty payment received and recognized in revenue					$ 1,000,000		$ 600,000				$ 600,000
Amended oil exploration lease term											The terms of the lease state the Company will receive royalty payments if production occurs and may receive additional annual rental payments if the lease is continued in years five through eight
Lease income recognized from oil exploration lease							465,000		$ 821,000		$ 925,000	$ 1,600,000
Received rent payment			$ 1,900,000										$ 1,900,000
Lease period where payment recognized			12 months								12 months
Fill Dirt Excavation [Member]
Real Estate Properties [Line Items]
Revenue generated from fill-dirt excavation agreement							$ 73,000	$ 0	$ 123,000	$ 0
South of LPGA Boulevard East of Clyde Morris Boulevard [Member]
Real Estate Properties [Line Items]
Area of land sold \| a		3.0
Revenue from land sold		$ 505,000
Revenue per acre \| $ / a		167,000
Gain (Loss) from sale of land		$ 476,000
Highlands County [Member]
Real Estate Properties [Line Items]
Area of land sold \| a	0.9
Revenue from land sold	$ 250,000
Gain (Loss) from sale of land	$ 223,000
Halifax Humane Society, Inc. (HHS") [Member]
Real Estate Properties [Line Items]
Revenue from land sold												$ 391,500
Revenue per acre \| $ / a												128,000
Land [Member]
Real Estate Properties [Line Items]
Area of land sold \| a							3.9				3.9
Land [Member] \| Halifax Humane Society, Inc. (HHS") [Member]
Real Estate Properties [Line Items]
Area of land sold \| a									3.1			3.1
Gain (Loss) from sale of land												$ 347,000

Investment Securities - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2013
Schedule of Available-for-sale Securities [Line Items]
Purchased of common stock and debt securities			$ 6,927,254
Investment securities unrealized gains (losses)				$ 128,000
Other Comprehensive Income Unrealized Gain on Investment Securities, tax	$ (185,294)	$ 22,185	$ (41,094)	$ 49,430
Minimum [Member]
Schedule of Available-for-sale Securities [Line Items]
Debt instrument maturity			5 years
Maximum [Member]
Schedule of Available-for-sale Securities [Line Items]
Debt instrument maturity			10 years
Available-for-sale Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Investment securities unrealized gains (losses)			$ (106,000)
Other Comprehensive Income Unrealized Gain on Investment Securities, tax			(41,000)
Investment securities unrealized loss			120,000
Investment securities unrealized gain			14,000
Preferred Stock [Member]
Schedule of Available-for-sale Securities [Line Items]
Purchased of common stock and debt securities					$ 730,000
Common Stock [Member] \| Debt Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Purchased of common stock and debt securities			$ 6,900,000

Investment Securities - Summary of Available for Sale Securities (Detail) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 6,931,482	$ 704,173
Gains in Accumulated Other Comprehensive Income	145,766	117,263
Losses in Accumulated Other Comprehensive Income	(265,819)
Estimated Fair Value (Level 1 and 2 Inputs)	6,811,429	821,436
Preferred Stock [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		704,173
Gains in Accumulated Other Comprehensive Income		117,263
Equity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	5,002,248	704,173
Gains in Accumulated Other Comprehensive Income		117,263
Losses in Accumulated Other Comprehensive Income	(265,819)
Equity Securities [Member] \| Common Stock [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	5,002,248
Losses in Accumulated Other Comprehensive Income	(265,819)
Debt Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	1,929,234
Gains in Accumulated Other Comprehensive Income	145,766
Debt Securities [Member] \| Corporate Debt Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	1,929,234
Gains in Accumulated Other Comprehensive Income	145,766
Quoted Prices in Active Markets (Level 1 Inputs) [Member]
Schedule of Available-for-sale Securities [Line Items]
Estimated Fair Value (Level 1 and 2 Inputs)		821,436
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 and 2 Inputs)		821,436
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 and 2 Inputs)		$ 821,436
Quoted Prices in Active Markets (Level 1 and 2 Inputs) [Member]
Schedule of Available-for-sale Securities [Line Items]
Estimated Fair Value (Level 1 and 2 Inputs)	6,811,429
Quoted Prices in Active Markets (Level 1 and 2 Inputs) [Member] \| Equity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Estimated Fair Value (Level 1 and 2 Inputs)	4,736,429
Quoted Prices in Active Markets (Level 1 and 2 Inputs) [Member] \| Equity Securities [Member] \| Common Stock [Member]
Schedule of Available-for-sale Securities [Line Items]
Estimated Fair Value (Level 1 and 2 Inputs)	4,736,429
Quoted Prices in Active Markets (Level 1 and 2 Inputs) [Member] \| Debt Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Estimated Fair Value (Level 1 and 2 Inputs)	2,075,000
Quoted Prices in Active Markets (Level 1 and 2 Inputs) [Member] \| Debt Securities [Member] \| Corporate Debt Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Estimated Fair Value (Level 1 and 2 Inputs)	$ 2,075,000

Investment Securities - Summary of Sale of Investment Securities and Gains (Detail)	6 Months Ended
	Jun. 30, 2015 USD ($)
Investments, Debt and Equity Securities [Abstract]
Proceeds from the Disposition of Equity Securities	$ 834,964
Cost Basis of Investment Securities Sold	(704,173)
Gain recognized in Statement of Operations on the Disposition of Equity Securities	$ 130,791

- Definition

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

+ References + Details

Fair Value of Financial Instruments - Summary of Carrying Value and Estimated Fair Value of Financial Instruments (Detail) - USD ($)	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014	Dec. 31, 2013
Debt Instrument Fair Value Carrying Value [Abstract]
Cash and Cash Equivalents, Carrying Value	$ 31,674,420	$ 1,881,195	$ 3,929,485	$ 4,932,512
Restricted Cash, Carrying Value	1,493,395	4,440,098
Investment Securities, Carrying Value	6,811,429	821,436
Commercial Loan Investments, Carrying Value	23,960,467	30,208,074
Long-Term Debt, Carrying Value	129,625,551	103,940,011
Cash and Cash Equivalents, Estimated Fair Value	31,674,420	1,881,195
Restricted Cash, Estimated Fair Value	1,493,395	4,440,098
Investment Securities, Estimated Fair Value	6,811,429	821,436
Commercial Loan Investments, Estimated Fair Value	23,960,467	30,266,498
Long-Term Debt, Estimated Fair Value	$ 129,625,551	$ 103,940,011

Intangible Assets - Schedule of Intangible Assets and Liabilities (Detail) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Acquired Indefinite-lived Intangible Assets [Line Items]
Sub-total Intangible Lease Assets	$ 8,708,873	$ 9,043,617
Sub-total Intangible Lease Assets	10,475,708	10,352,123
Value of Below Market In-Place Leases, net	(611,278)	(669,693)
Total	9,864,430	9,682,430
Value of Above Market In-Place Leases, Net [Member]
Acquired Indefinite-lived Intangible Assets [Line Items]
Sub-total Intangible Lease Assets	271,844	330,424
Value of Intangible Leasing Costs, Net [Member]
Acquired Indefinite-lived Intangible Assets [Line Items]
Sub-total Intangible Lease Assets	$ 1,494,991	$ 978,082

Intangible Assets - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Goodwill and Intangible Assets Disclosure [Abstract]
Accumulated amortization expense	$ 4,000,000		$ 4,000,000		$ 3,600,000
Amortization expense	$ 296,000	$ 181,000	$ 718,000	$ 350,000

Intangible Assets - Summary of Estimated Amortization Expense (Detail) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2015	$ 610,812
2016	1,176,098
2017	1,089,183
2018	1,072,878
2019	1,056,927
2020	871,768
Thereafter	3,986,764
Total	$ 9,864,430	$ 9,682,430

Impairment of Long-Lived Assets - Additional Information (Detail) - USD ($)		3 Months Ended		6 Months Ended
	Apr. 17, 2015	Jun. 30, 2015	Mar. 31, 2015	Jun. 30, 2015	Jun. 30, 2014
Property, Plant and Equipment [Abstract]
Impairment charges			$ 510,000	$ 510,041	$ 0
Gain (loss) on sale of property	$ (497,000)	$ 13,000	(277,000)	$ (497,000)
Estimated closing costs			$ 233,000

Common Stock and Earnings Per Share - Summary of Common Stock and Earnings Per Share (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Available to Common Shareholders:
Net Income	$ 224,617	$ 722,908	$ 577,973	$ 2,223,315
Weighted Average Shares Outstanding	5,822,815	5,743,450	5,824,717	5,744,390
Common Shares Applicable to Stock
Options Using the Treasury Stock Method	22,719	22,774	27,356	12,952
Total Shares Applicable to Diluted Earnings Per Share	5,845,534	5,766,224	5,852,073	5,757,342
Basic and Diluted Per Share Information:
Net Income	$ 0.04	$ 0.13	$ 0.10	$ 0.39

- Definition

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

+ References + Details

Common Stock and Earnings Per Share - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Mar. 11, 2015
Dilutive Securities Included And Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive potentially securities	25,000	38,800	40,200	38,800
Impact on diluted net income per share	$ 0.04	$ 0.13	$ 0.10	$ 0.39
Additional diluted outstanding shares	5,845,534	5,766,224	5,852,073	5,757,342
Convertible Note [Member]
Dilutive Securities Included And Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Debt instrument interest rate	4.50%		4.50%
Debt instrument interest rate terms			2020
4.50% Convertible Senior Notes due 2020 [Member]
Dilutive Securities Included And Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Impact on diluted net income per share			$ 0
Common stock exceeds conversion price			$ 68.90
Additional diluted outstanding shares	0		0
Debt instrument interest rate	4.50%		4.50%		4.50%

Treasury Stock - Additional Information (Detail) - USD ($)	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014	Dec. 31, 2013	Apr. 26, 2012
Equity, Class of Treasury Stock [Line Items]
Number of shares purchased	56,234	40,470
Costs of shares purchased	$ 2,240,261	$ 1,381,566
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	15,764	25,836	4,660	14,634
Costs of shares purchased	$ 859,000	$ 928,000	$ 105,000	$ 454,000
Buy back expiration date	Jun. 30, 2012
Repurchase of remaining shares	$ 5,700,000
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 (Credit Facility) - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2015 USD ($)
Debt Instrument [Line Items]
Amended date of line of credit	Apr. 20, 2015
Expiration date of line of credit	Aug. 01, 2018
Line of credit facility, extension term	1 year
Line of credit facility, maximum borrowing capacity	$ 125,000,000
Long-term debt LIBOR plus interest rate, reckoning period	30 days
Line of credit facility unused portion of borrowing capacity description	The Credit Facility also accrues a fee of 20 to 25 basis points for any unused portion of the borrowing capacity based on whether the unused portion is greater or less than 50% of the total borrowing capacity.
Line of credit facility unused portion of the borrowing capacity fee percentage condition	50.00%
Line of credit facility, maturity date	Aug. 01, 2018
Minimum [Member]
Debt Instrument [Line Items]
Line of credit facility, interest rate description	LIBOR plus 135 basis
Line of credit facility, basis points added to LIBOR interest rate	1.35%
Line of credit facility, commitment fee percentage on unused portion of the borrowing capacity	0.20%
Maximum [Member]
Debt Instrument [Line Items]
Line of credit facility, interest rate description	LIBOR plus 225 basis
Line of credit facility, basis points added to LIBOR interest rate	2.25%
Line of credit facility, commitment fee percentage on unused portion of the borrowing capacity	0.25%
Restatement Adjustment [Member]
Debt Instrument [Line Items]
Line of credit facility, current borrowing capacity	$ 57,200,000
Scenario, Previously Reported [Member]
Debt Instrument [Line Items]
Line of credit facility, current borrowing capacity	$ 75,000,000

Long-Term Debt (Mortgage Notes Payable) - Additional Information (Detail)	6 Months Ended	9 Months Ended
	Jun. 30, 2015 USD ($) Property Buildings	Sep. 30, 2014 USD ($) Property	Mar. 08, 2013 USD ($)	Feb. 22, 2013 USD ($)
UBS Mortgage Note Payable [Member]
Debt Instrument [Line Items]
Mortgage Note Payable	$ 7,300,000
BOA Mortgage Note Payable [Member]
Debt Instrument [Line Items]
Mortgage Note Payable	23,100,000
Wells Fargo Mortgage Note Payable [Member]
Debt Instrument [Line Items]
Mortgage Note Payable	$ 30,000,000
Mortgage Notes Payable [Member] \| UBS Mortgage Note Payable [Member]
Debt Instrument [Line Items]
Mortgage Note Payable				$ 7,300,000
Maturity period	2018-02
Interest rate on mortgage loan	3.655%
Date of acquisition	Jan. 31, 2013
Mortgage Notes Payable [Member] \| UBS Mortgage Note Payable [Member] \| Hilton Resorts Corporation [Member]
Debt Instrument [Line Items]
Number of office building \| Buildings	2
Mortgage Notes Payable [Member] \| BOA Mortgage Note Payable [Member]
Debt Instrument [Line Items]
Mortgage Note Payable			$ 23,100,000
Maturity period	2023-04
Interest rate on mortgage loan	3.67%
Number of income properties \| Property	14
Mortgage Notes Payable [Member] \| Wells Fargo Mortgage Note Payable [Member]
Debt Instrument [Line Items]
Mortgage Note Payable		$ 30,000,000
Maturity period		2034-10
Interest rate on mortgage loan		4.33%
Number of income properties \| Property		6
Mortgage loan payment terms	The mortgage loan matures in October 2034, and carries a fixed rate of 4.33% per annum during the first ten years of the term, and requires payments of interest only during the first ten years of the loan. After the tenth anniversary of the effective date of the loan the cash flows generated by the underlying six income properties must be used to pay down the principal balance of the loan until paid off or until the loan matures. The loan is fully pre-payable after the tenth anniversary date of the effective date of the loan.

Long-Term Debt (Convertible Debt) - Additional Information (Detail)		6 Months Ended
	Mar. 11, 2015 USD ($)	Jun. 30, 2015 USD ($) $ / shares
Debt Instrument [Line Items]
Amount of loan issued		$ 135,400,000
New Series Convertible Notes maturity date		Aug. 01, 2018
Unamortized debt discount of notes		$ 5,774,449
4.50% Convertible Senior Notes due 2020 [Member]
Debt Instrument [Line Items]
Amount of loan issued	$ 75,000,000	$ 75,000,000
Debt instrument maturity year	2020	2020
Debt instrument interest rate	4.50%	4.50%
New Series Convertible Notes maturity date	Mar. 15, 2020
Debt instrument conversion ratio		14.5136
Initial conversion price per share \| $ / shares		$ 68.90
Convertible notes principal amount		$ 1,000
Net proceeds from issuance of notes	$ 72,400,000
Cash Discount for issuance of the notes	2,600,000
Credit facility repayments	47,500,000
Equity component of the convertible notes issued	3,500,000	2,100,000
Unamortized debt discount of notes	$ 6,100,000	$ 5,800,000

Long-Term Debt - Schedule of Long-Term Debt (Detail) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Credit Facility	$ 0
4.50% Convertible Senior Notes due 2020, net of discount	69,225,551
Total Long-Term Debt	129,625,551	$ 103,940,011
Credit Facility	0
4.50% Convertible Senior Notes due 2020, net of discount	0
Total Long-Term Debt Current	0
UBS Mortgage Note Payable [Member]
Debt Instrument [Line Items]
Mortgage Note Payable	7,300,000
Mortgage Note Payable	0
BOA Mortgage Note Payable [Member]
Debt Instrument [Line Items]
Mortgage Note Payable	23,100,000
Mortgage Note Payable	0
Wells Fargo Mortgage Note Payable [Member]
Debt Instrument [Line Items]
Mortgage Note Payable	30,000,000
Mortgage Note Payable	$ 0

Long-Term Debt - Schedule of Long-Term Debt (Parenthetical) (Detail) - 4.50% Convertible Senior Notes due 2020 [Member]		6 Months Ended
	Mar. 11, 2015	Jun. 30, 2015
Debt Instrument [Line Items]
Debt instrument interest rate	4.50%	4.50%
Debt instrument maturity year	2020	2020

Long-Term Debt - Summary of Payments Applicable to Reduction of Principal Amounts (Detail)	Jun. 30, 2015 USD ($)
Debt Disclosure [Abstract]
Remainder of 2015	$ 0
2016	0
2017	0
2018	7,300,000
2019	0
2020	75,000,000
Thereafter	53,100,000
Total Long-Term Debt	$ 135,400,000

Long-Term Debt - Summary of Carrying Value of Long-Term Debt (Detail) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Debt Disclosure [Abstract]
Current Face Amount	$ 135,400,000
Unamortized Discount on Convertible Debt	(5,774,449)
Total Long-Term Debt	$ 129,625,551	$ 103,940,011

Long-Term Debt - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Debt Disclosure [Abstract]
Interest expense	$ 1,500,000	$ 463,000	$ 2,500,000	$ 876,000
Interest paid	665,000	502,000	1,500,000	880,000
Interest capitalized	0	4,000	0	11,000
Loan Cost Amortization	94,000	55,000	167,036	109,550
Amortization of discount	293,000	$ 0	318,197	$ 0
Amortization of discount	$ (5,774,449)		$ (5,774,449)

Accrued and Other Liabilities - Summary of Accrued and Other Liabilities (Detail) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Payables and Accruals [Abstract]
Golf Course Lease	$ 2,789,072	$ 2,973,898
Accrued Property Taxes	659,222
Other Post-Retirement Benefits		142,797
Reserve for Tenant Improvements	577,429	551,250
Accrued Interest	1,236,006	197,929
Environmental Reserve	96,238	108,733
Below Market In-Place Leases, net	611,278	669,693
Put Options	54,080
Other	657,324	1,426,902
Total Accrued and Other Liabilities	$ 6,680,649	$ 6,071,202

Accrued and Other Liabilities - Additional Information (Detail) - USD ($)	1 Months Ended	6 Months Ended
	Jul. 31, 2012	Jun. 30, 2015	Dec. 31, 2014	Apr. 22, 2014
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	$ 1,900,000
Lease term expiration year	2022
Tenant improvements credited at closing balance		577,429	$ 551,250
Tenant improvements		849,000
Environmental reserve accrued			$ 110,000
Environmental remediation cost		14,000
Lowes [Member]
Accrued Liabilities [Line Items]
Tenant improvements credited at closing balance				$ 651,000
Tenant improvements		$ 100,000
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 ($)	Jun. 30, 2015	Dec. 31, 2014
Deferred Revenue Arrangement [Line Items]
Deferred Oil Exploration Lease Revenue	$ 429,469	$ 1,354,873
Deferred Land Sale Revenue		87,581
Prepaid Rent	489,340	674,165
Other Deferred Revenue	228,468	392,584
Total Deferred Revenue	$ 1,147,277	2,718,543
Escrow Reserve, Container Store Loan [Member]
Deferred Revenue Arrangement [Line Items]
Escrow Reserve		144,124
Escrow Reserve, Plantation Oaks Loan [Member]
Deferred Revenue Arrangement [Line Items]
Escrow Reserve		$ 65,216

Deferred Revenue - Additional Information (Detail)		6 Months Ended	9 Months Ended	12 Months Ended
Deferred Revenue - Additional Information (Detail)	Sep. 19, 2014 USD ($)	Jun. 30, 2015 USD ($) a ft²	Sep. 30, 2014 USD ($)	Dec. 31, 2011
Deferred Revenue Arrangement [Line Items]
Received rent payment	$ 1,900,000		$ 1,900,000
Term of oil exploration lease	8 years	8 years		8 years
Lease period where payment recognized	12 months	12 months
Lease expiration year	2015-09
Area of land sold \| ft²		1,160,000
Land [Member]
Deferred Revenue Arrangement [Line Items]
Area of land sold \| a		3.9
Property East of Interstate 95 [Member]
Deferred Revenue Arrangement [Line Items]
Deferred revenue recognized from sale of land		$ 597,000
Deferred revenue recognized during the period		88,000
Revenue from land sold		$ 7,800,000
Property East of Interstate 95 [Member] \| Land [Member]
Deferred Revenue Arrangement [Line Items]
Area of land sold \| a		75.6

Pension Plan - Additional Information (Detail)	6 Months Ended
Pension Plan - Additional Information (Detail)	Jun. 30, 2015 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, general information	The Company maintained a Defined Benefit Pension Plan (the "Pension Plan") which had been, prior to December 31, 2011, for all employees who had attained the age of 21 and completed one year of service.
Contribution to fund the pension plan to effectuate termination	$ 43,000
Cost of legal and other advisors to complete termination	$ 170,000
Minimum [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, eligibility age criteria	21 years
Defined benefit plan eligibility year of service rendered	1 year

Stock-Based Compensation - Equity-Classified Stock Compensation (Market Condition Restricted Shares) - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2015 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average period of unrecognized compensation cost to be recognized	1 year 7 months 6 days
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	$ 8,000
Weighted average period of unrecognized compensation cost to be recognized	4 months 24 days
2010 Plan [Member] \| Restricted Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period	5 years

Stock-Based Compensation - Summary of Stock Based Compensation Activity (Detail)	6 Months Ended
	Jun. 30, 2015 $ / shares shares
Restricted Shares [Member]
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, Forfeited \| shares	(567)
Stock based compensation, Shares Outstanding, ending balance \| shares	4,500
Stock based compensation, Weighted Average Fair Value Per Share, beginning balance \| $ / shares	$ 23.13
Stock based compensation, Weighted Average Fair Value Per Share, Forfeited \| $ / shares	23.13
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	14,200
Stock based compensation, Shares, Granted \| shares	19,700
Stock based compensation, Shares, Vested \| shares	(4,734)
Stock based compensation, Shares, Forfeited \| shares	(833)
Stock based compensation, Shares Outstanding, ending balance \| shares	28,333
Stock based compensation, Weighted Average Fair Value Per Share, beginning balance \| $ / shares	$ 36.08
Stock based compensation, Weighted Average Fair Value Per Share, Granted \| $ / shares	55.93
Stock based compensation, Weighted Average Fair Value Per Share, Vested \| $ / shares	36.08
Stock based compensation, Weighted Average Fair Value Per Share, Forfeited \| $ / shares	48.00
Stock based compensation, Weighted Average Fair Value Per Share, ending balance \| $ / shares	$ 49.53

Stock-Based Compensation - Equity-Classified Stock Compensation (Market Condition Grants of Restricted Shares) - Additional Information (Detail) $ / shares in Units, $ in Millions	3 Months Ended			6 Months Ended	12 Months Ended
	Jun. 30, 2015 USD ($) Increment $ / shares shares	Mar. 31, 2015 shares	Dec. 31, 2014 shares	Jun. 30, 2015 USD ($) Increment $ / shares	Dec. 31, 2012 shares	Dec. 31, 2011 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
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 per share for the first increment to $65 per share for the final increment.
Restricted share award closing prices range per share, Minimum				$ 36
Restricted share award closing prices range per share, Maximum				$ 65
Restricted share award average closing prices, period				60 days
Number of increments had vested \| Increment	0			6
Weighted average period of compensation cost to be recognized				1 year 7 months 6 days
Mr Albright [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares vesting description				The restricted stock will vest in seven increments based upon the price per share of Company common stock during the term of his employment (or within 60 days after termination of employment by the Company without cause), meeting or exceeding the target trailing thirty-day average closing prices ranging from $60 per share for the first increment to $90 per share for the final increment.
Restricted share award closing prices range per share, Minimum	$ 60
Restricted share award closing prices range per share, Maximum	$ 90
Restricted share award average closing prices, period	30 days
Number of increments had vested \| Increment				4
Mr Patten [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of increments had vested \| Increment				4
Mr Smith [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares vesting description				The restricted stock will vest in two increments based upon the price per share of Company common stock during the term of their employment (or within 60 days after termination of employment by the Company without cause), meeting or exceeding the target trailing sixty-day average closing prices of $60 per share and $65 per share for the two increments.
Restricted share award closing prices range per share, Minimum				$ 60
Restricted share award closing prices range per share, Maximum				$ 65
Restricted share award average closing prices, period				60 days
Number of increments had vested \| Increment				0
Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of increments had vested \| Increment				0
Restricted Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost \| $	$ 3.3			$ 3.3
Weighted average period of compensation cost to be recognized				4 months 24 days
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 \| shares	94,000				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 \| shares					17,000	17,000
Restricted Shares [Member] \| 2010 Plan [Member] \| Mr Smith [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, Shares, Granted \| shares			2,500
Restricted Shares [Member] \| 2010 Plan [Member] \| Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, Shares, Granted \| shares		3,000

Stock-Based Compensation - Summary of Market Condition Grants of Restricted Shares (Detail) - Inducement Grant of Restricted Stock [Member]	6 Months Ended
	Jun. 30, 2015 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, Shares Outstanding, beginning balance \| shares	40,500
Stock based compensation, Shares, Granted \| shares	97,000
Stock based compensation, Shares, Vested \| shares	0
Stock based compensation, Shares, Forfeited \| shares	0
Stock based compensation, Shares Outstanding, ending balance \| shares	137,500
Stock based compensation, Weighted Average Fair Value, beginning balance \| $ / shares	$ 15.55
Stock based compensation, Weighted Average Fair Value, Granted \| $ / shares	36.85
Stock based compensation, Weighted Average Fair Value, Vested \| $ / shares	0
Stock based compensation, Weighted Average Fair Value, Forfeited \| $ / shares	0
Stock based compensation, Weighted Average Fair Value, ending balance \| $ / shares	$ 30.58

Stock-Based Compensation - Equity-Classified Stock Compensation (Three Year Vest Restricted Shares) - Additional Information (Detail) - USD ($) $ in Millions				6 Months Ended
	Feb. 09, 2015	Jan. 28, 2015	Jan. 22, 2014	Jun. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average period of compensation cost to be recognized				1 year 7 months 6 days
Three Year Vest Non-Vested Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, Shares, Granted				19,700
Percent of restricted shares vested in each anniversaries, description				One-third of restricted shares 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.
Unrecognized compensation cost				$ 1.2
Weighted average period of compensation cost to be recognized				2 years 4 months 24 days
Three Year Vest Non-Vested Restricted Stock [Member] \| 2010 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, Shares, Granted		11,700	14,500
Three Year Vest Non-Vested Restricted Stock [Member] \| 2010 Plan [Member] \| Mr Albright [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, Shares, Granted	8,000

Stock-Based Compensation - Equity-Classified Stock Compensation (Non-Qualified Stock Option Awards) - Additional Information (Detail) - USD ($)					6 Months Ended	12 Months Ended
	Jun. 29, 2015	May 20, 2015	Feb. 09, 2015	Jan. 23, 2013	Jun. 30, 2015	Dec. 31, 2014	Dec. 31, 2012	Dec. 31, 2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average period of compensation cost to be recognized					1 year 7 months 6 days
Non-Qualified Stock Option Award [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiry of option					(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					70,000
Weighted-average grant-date fair value of options granted					$ 14.12
Total intrinsic value of options exercised					$ 296,000
Unrecognized compensation cost related to market condition non-vested restricted shares					$ 993,000
Weighted average period of compensation cost to be recognized					2 years
Non-Qualified Stock Option Award [Member] \| Mr Albright [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiry of option					(a) January 28, 2025; (b) twelve months after the employee's death or termination for disability; or (c) thirty days after the termination of employment for any reason other than death or disability.
Percent of options vested in each anniversaries, description					The option vests on January 28, 2016, provided he is an employee of the Company on that date.
Non-Qualified Stock Option Award [Member] \| Mr Patten [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
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.
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.
Non-Qualified Stock Option Award [Member] \| Certain Employee [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiry of option					(a) June 29, 2025; (b) twelve months after the employee's death or termination for disability; or (c) thirty days after the termination of employment for any reason other than death or disability.
Percent of options vested in each anniversaries, description					One-third of the option 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 such dates.
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	10,000			51,000
Options granted exercise price	$ 57.54
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
Stock based compensation, Shares, Granted		40,000	20,000
Options granted exercise price		$ 55.62	$ 57.50
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
Non-Qualified Stock Option Award [Member] \| 2010 Plan [Member] \| Mr Smith [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, Shares, Granted						10,000

Stock-Based Compensation - Summary of Stock Based Compensation Activity for Non-Qualified Stock Option Award (Detail) - Non-Qualified Stock Option Award [Member]	6 Months Ended
	Jun. 30, 2015 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, Shares Outstanding, beginning balance \| shares	84,765
Stock based compensation, Shares, Granted \| shares	70,000
Stock based compensation, Shares, Exercised \| shares	(11,650)
Stock based compensation, Shares, Forfeited \| shares	(4,870)
Stock based compensation, Shares Outstanding, ending balance \| shares	138,245
Stock based compensation, Shares, Exercisable \| shares	43,795
Stock based compensation, Weighted Average Exercise Price, beginning balance \| $ / shares	$ 34.39
Stock based compensation, Weighted Average Exercise Price, Granted \| $ / shares	56.43
Stock based compensation, Weighted Average Exercise Price, Exercised \| $ / shares	29.76
Stock based compensation, Weighted Average Exercise Price, Forfeited \| $ / shares	34.95
Stock based compensation, Weighted Average Exercise Price, ending balance \| $ / shares	45.92
Stock based compensation, Weighted Average Exercise Price, Exercisable \| $ / shares	$ 31.80
Stock based compensation, Weighted Average Remaining Contractual Term, Outstanding	7 years 4 months 13 days
Stock based compensation, Weighted Average Remaining Contractual Term, Exercisable	4 years 7 months 10 days
Stock based compensation, Aggregate Intrinsic Value, Outstanding \| $	$ 1,620,534
Stock based compensation, Aggregate Intrinsic Value, Exercisable \| $	$ 1,131,484

Stock-Based Compensation - Summary of Non-Vested Options for Non-Qualified Stock Option Awards (Detail) - Non-Qualified Stock Option Award [Member]	6 Months Ended
	Jun. 30, 2015 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-Vested Shares, beginning balance	47,570
Granted	70,000
Vested	(18,250)
Forfeited	(4,870)
Non-Vested Shares, ending balance	94,450
Fair Value of Shares Vested \| $	$ 618,764

Stock-Based Compensation - Liability-Classified Stock Compensation - Additional Information (Detail) - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
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
Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total intrinsic value of options exercised	$ 56,000
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]
Total intrinsic value of options exercised	$ 30,000
Stock Options and Stock Appreciation Rights [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option liability	$ 264,000		$ 560,000

Stock-Based Compensation - Summary of Share Option Activity of Stock Option and Stock Appreciation Rights Under 2001 Plan (Detail) - 2001 Plan [Member]	6 Months Ended
	Jun. 30, 2015 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	35,300
Stock based compensation, Shares, Granted \| shares	0
Stock based compensation, Shares, Exercised \| shares	(2,500)
Stock based compensation, Shares, Forfeited \| shares	(14,000)
Stock based compensation, Shares Outstanding, ending balance \| shares	18,800
Stock based compensation, Shares, Exercisable \| shares	18,800
Stock based compensation, Weighted Average Fair Value, beginning balance \| $ / shares	$ 62.47
Stock based compensation, Weighted Average Fair Value, Granted \| $ / shares	0
Stock based compensation, Weighted Average Fair Value, Exercised \| $ / shares	33.16
Stock based compensation, Weighted Average Fair Value Per Share, Forfeited \| $ / shares	66.54
Stock based compensation, Weighted Average Fair Value, ending balance \| $ / shares	63.35
Stock based compensation, Weighted Average Fair Value, Exercisable \| $ / shares	$ 63.35
Stock based compensation, Weighted Average Remaining Contractual Term, Outstanding	1 year 11 months 1 day
Stock based compensation, Weighted Average Remaining Contractual Term, Exercisable	1 year 11 months 1 day
Stock based compensation, Aggregate Intrinsic Value, Outstanding \| $	$ 58,864
Stock based compensation, Aggregate Intrinsic Value, Exercisable \| $	$ 58,864
Stock Appreciation Rights [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, Shares Outstanding, beginning balance \| shares	35,300
Stock based compensation, Shares, Granted \| shares	0
Stock based compensation, Shares, Exercised \| shares	(2,500)
Stock based compensation, Shares, Forfeited \| shares	(14,000)
Stock based compensation, Shares Outstanding, ending balance \| shares	18,800
Stock based compensation, Shares, Exercisable \| shares	18,800
Stock based compensation, Weighted Average Fair Value, beginning balance \| $ / shares	$ 5.56
Stock based compensation, Weighted Average Fair Value, Granted \| $ / shares	0
Stock based compensation, Weighted Average Fair Value, Exercised \| $ / shares	14.52
Stock based compensation, Weighted Average Fair Value Per Share, Forfeited \| $ / shares	3.70
Stock based compensation, Weighted Average Fair Value, ending balance \| $ / shares	4.91
Stock based compensation, Weighted Average Fair Value, Exercisable \| $ / shares	$ 4.91
Stock based compensation, Aggregate Intrinsic Value, Outstanding \| $	$ 31,696
Stock based compensation, Aggregate Intrinsic Value, Exercisable \| $	$ 31,696

Stock-Based Compensation - Assumptions Used in Determining Fair Value of Stock Options and Stock Appreciation Rights (Detail)	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Expected Volatility	32.75%	34.07%
Expected Dividends	0.14%	0.07%
Expected Term	2 years	2 years
Risk-Free Rate	0.76%	0.78%

Stock-Based Compensation - Recognized Financial Statements for Stock Options, Stock Appreciation Rights, and Restricted Stock (Detail) - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Total Cost of Share-Based Plans Charged Against Income Before Tax Effect	$ 621,724	$ 602,118
Income Tax Expense Recognized in Income	$ (239,830)	$ (232,267)

Income Taxes - Additional Information (Detail)	6 Months Ended
Income Taxes - Additional Information (Detail)	Jun. 30, 2015	Jun. 30, 2014
Income Tax Disclosure [Abstract]
Effective income tax rate including income taxes attributable to the discontinued operations	39.20%	38.70%

Commitments and Contingencies (Legal Proceedings) - Additional Information (Detail)		6 Months Ended
	Jan. 29, 2014 USD ($)	Jun. 30, 2015 USD ($) a ft²	May 31, 2010 USD ($)
Loss Contingencies [Line Items]
Summary judgment of foreclosure hearing date		Jan. 12, 2012
Area of real estate property \| ft²		1,160,000
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

Commitments and Contingencies (Contractual Commitments - Expenditures) - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2015 USD ($) a ft² Agreement	Mar. 31, 2015 USD ($)	Dec. 31, 2013 USD ($)
Loss Contingencies [Line Items]
Area of real estate property \| ft²	1,160,000
Cash deposited related to improvements	$ 285,000
Construction and Other Commitment [Member] \| RaceTrac Petroleum, Inc. ("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%
Actual cost paid for the next five years	$ 976,500
Cash deposited related to improvements	$ 285,000		$ 283,500
Reimbursement period of land improvement cost	5 years
Construction and Other Commitment [Member] \| RaceTrac Petroleum, Inc. ("RaceTrac") [Member] \| Maximum [Member]
Loss Contingencies [Line Items]
Remaining commitment	$ 691,500
Construction and Other Commitment [Member] \| Williamson Crossing [Member]
Loss Contingencies [Line Items]
Area of real estate property \| a	23
Construction and Other Commitment [Member] \| Williamson Crossing Remaining Site [Member]
Loss Contingencies [Line Items]
Area of real estate property \| a	19.6
Construction and Other Commitment [Member] \| Mason Commerce Center and Williamson Business Park [Member]
Loss Contingencies [Line Items]
Number of construction agreements \| Agreement	2
Construction costs incurred	$ 800,000
Estimated cost of construction, current year	$ 500,000
Lease commitments		$ 1,300,000

Commitments and Contingencies (Contractual Commitments - Land Pipeline) - Additional Information (Detail) $ in Millions	Jul. 17, 2015 USD ($) a Buyer	Jul. 16, 2015 a	Jun. 30, 2015 ft²
Loss Contingencies [Line Items]
Area of real estate property \| ft²			1,160,000
Subsequent Event [Member]
Loss Contingencies [Line Items]
Area of real estate property		3.40
Subsequent Event [Member] \| Construction and Other Commitment [Member]
Loss Contingencies [Line Items]
Number of buyers \| Buyer	7
Area of real estate property	1,900
Percentage area of real estate property	18.00%
Anticipated sale proceeds \| $	$ 82

Commitments and Contingencies - Tanger Factory Outlets - Additional Information (Detail) $ in Millions	Jul. 17, 2015 USD ($) a ft² Job Stores	Jul. 16, 2015 a	Jun. 30, 2015 ft²
Loss Contingencies [Line Items]
Area of real estate property \| ft²			1,160,000
First Class Outlet Mall [Member] \| Tanger Factory Outlets [Member] \| Scenario, Forecast [Member]
Loss Contingencies [Line Items]
Possible new brand and designer stores addition \| Stores	85
First Class Outlet Mall [Member] \| Tanger Factory Outlets [Member] \| Construction Phase [Member] \| Scenario, Forecast [Member]
Loss Contingencies [Line Items]
Potential jobs creation \| Job	400
First Class Outlet Mall [Member] \| Tanger Factory Outlets [Member] \| Following Construction Phase [Member] \| Minimum [Member] \| Scenario, Forecast [Member]
Loss Contingencies [Line Items]
Potential jobs creation \| Job	800
Subsequent Event [Member]
Loss Contingencies [Line Items]
Area of real estate property \| a		3.40
Subsequent Event [Member] \| Definitive Sales Contracts [Member] \| Tanger Factory Outlets [Member]
Loss Contingencies [Line Items]
Area of real estate property \| a	39
Subsequent Event [Member] \| First Class Outlet Mall [Member] \| Tanger Factory Outlets [Member]
Loss Contingencies [Line Items]
Reimbursement of infrastructure costs \| $	$ 4.5
Real estate investments \| $	$ 100.0
Subsequent Event [Member] \| First Class Outlet Mall [Member] \| Definitive Sales Contracts [Member] \| Tanger Factory Outlets [Member]
Loss Contingencies [Line Items]
Area of real estate property \| ft²	380,000

Commitments and Contingencies - Minto Communities - Additional Information (Detail)	Jun. 30, 2015 a ft² Property
Loss Contingencies [Line Items]
Area of real estate property \| ft²	1,160,000
Definitive Sales Contracts [Member] \| Minto Communities [Member]
Loss Contingencies [Line Items]
Number of units planned on definitive sales contracts \| Property	3,400
Area of real estate property \| a	1,600

Commitments and Contingencies - Tomoka Town Center - Additional Information (Detail)	3 Months Ended		6 Months Ended
	Jun. 30, 2015 USD ($) a ft²	Jun. 30, 2014 USD ($)	Jun. 30, 2015 USD ($) a ft²	Jun. 30, 2014 USD ($)
Loss Contingencies [Line Items]
Area of real estate property \| ft²	1,160,000		1,160,000
Revenue from sales of real estate property	$ 1,368,141	$ 1,053,585	$ 2,227,942	$ 2,402,832
Definitive Sales Contracts [Member]
Loss Contingencies [Line Items]
Area of real estate property not covered under contract \| a	170		170
Amount of contractual obligation	$ 16,000,000		$ 16,000,000
Cost of infrastructure improvements			0
Costs affiliated with wetlands mitigation permits			0
Definitive Sales Contracts [Member] \| Minimum [Member]
Loss Contingencies [Line Items]
Cost of the contract	10,000,000		10,000,000
Definitive Sales Contracts [Member] \| Maximum [Member]
Loss Contingencies [Line Items]
Cost of the contract	$ 20,000,000		$ 20,000,000
Definitive Sales Contracts [Member] \| Tanger Contract and the NADG Contract [Member]
Loss Contingencies [Line Items]
Area of real estate property \| a	230		230
Revenue from sales of real estate property			$ 43,200,000
Definitive Sales Contracts [Member] \| Sam's Club [Member]
Loss Contingencies [Line Items]
Area of real estate property \| a	18		18

Business Segment Data - Additional Information (Detail)	6 Months Ended		12 Months Ended
Business Segment Data - Additional Information (Detail)	Jun. 30, 2015 a Segment Commercial_Loan	Jun. 30, 2014	Dec. 31, 2014 Commercial_Loan
Segment Reporting [Abstract]
Number of operating segment \| Segment	4
Income property operation percent of identifiable asset	62.70%		68.70%
Income property operation percent of consolidated revenue	56.30%	51.60%
Number of commercial loan investments \| Commercial_Loan	3		5
Golf operation description	Our golf operations consist of a single property located in the City, with two 18-hole championship golf courses
Land portfolio \| a	10,500

Business Segment Data - Summary of Operations in Different Segments (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Segment Reporting Information [Line Items]
Income Properties	$ 4,132,052	$ 3,552,130	$ 8,392,727	$ 6,956,489
Interest Income from Commercial Loan Investments	638,710	255,769	1,270,194	1,199,659
Real Estate Operations	1,368,141	1,053,585	2,227,942	2,402,832
Golf Operations	1,448,567	1,432,398	2,985,993	2,849,777
Agriculture and Other Income	20,738	17,477	39,677	75,321
Revenues	7,608,208	6,311,359	14,916,533	13,484,078
Operating Income (Loss)	2,186,161	1,680,299	3,680,048	4,584,168
Depreciation and Amortization	1,071,752	846,381	2,227,491	1,618,389
Capital Expenditures	10,785,510	27,491,482	11,028,659	33,331,359
Identifiable Assets	305,810,248		305,810,248		$ 276,592,448
Income Properties [Member]
Segment Reporting Information [Line Items]
Operating Income (Loss)	3,449,165	3,067,638	7,068,994	6,131,978
Depreciation and Amortization	992,172	779,390	2,077,809	1,485,643
Capital Expenditures	9,959,693	15,484,082	10,013,957	16,236,106
Identifiable Assets	191,659,081		191,659,081		190,087,575
Commercial Loan Investments [Member]
Segment Reporting Information [Line Items]
Operating Income (Loss)	638,710	255,769	1,270,194	1,199,659
Capital Expenditures	733,083	11,948,338	894,879	16,948,338
Identifiable Assets	24,074,308		24,074,308		30,274,302
Real Estate Operations [Member]
Segment Reporting Information [Line Items]
Operating Income (Loss)	1,062,288	859,958	1,323,366	1,957,255
Identifiable Assets	43,963,769		43,963,769		43,833,515
Golf Operations [Member]
Segment Reporting Information [Line Items]
Operating Income (Loss)	(7,665)	(79,796)	140,149	4,557
Depreciation and Amortization	67,130	57,710	125,906	114,573
Capital Expenditures	90,400	20,768	106,417	56,161
Identifiable Assets	3,670,866		3,670,866		3,639,903
Agriculture and Other Income [Member]
Segment Reporting Information [Line Items]
Operating Income (Loss)	(22,457)	(31,642)	(58,669)	(35,211)
Depreciation and Amortization	12,450	9,281	23,776	18,173
Capital Expenditures	2,334	38,294	13,406	90,754
Identifiable Assets	42,442,224		42,442,224		$ 8,757,153
General and Corporate Expense [Member]
Segment Reporting Information [Line Items]
Operating Income (Loss)	$ (2,933,880)	$ (2,391,628)	$ (6,063,986)	$ (4,674,070)

Subsequent Events -Additional Information (Detail)			6 Months Ended
Subsequent Events -Additional Information (Detail)	Jul. 16, 2015 USD ($) a ft²	Apr. 17, 2015	Jun. 30, 2015 USD ($) ft²	Jun. 30, 2014 USD ($)
Subsequent Event [Line Items]
Area of real property acquired \| ft²			1,160,000
Acquisition cost of property \| $			$ 8,960,828	$ 15,631,538
Weighted average remaining lease term		8 years 8 months 12 days
Subsequent Event [Member]
Subsequent Event [Line Items]
Area of class A office property acquired \| ft²	136,856
Area of real property acquired \| a	3.40
Acquisition cost of property \| $	$ 25,100,000
Percentage of property occupied	99.00%
Weighted average remaining lease term	5 years 4 months 24 days