Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 26, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Entity Central Index Key | 0000023795 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Transition Report | false | ||
Entity File Number | 001-11350 | ||
Entity Registrant Name | CTO REALTY GROWTH, INC. | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 59-0483700 | ||
Entity Address, Address Line One | 1140 N. Williamson Blvd. | ||
Entity Address, Address Line Two | Suite 140 | ||
Entity Address, City or Town | Daytona Beach | ||
Entity Address, State or Province | FL | ||
Entity Address, Postal Zip Code | 32114 | ||
City Area Code | 386 | ||
Local Phone Number | 274-2202 | ||
Title of 12(b) Security | Common Stock, $0.01 par value per share | ||
Trading Symbol | CTO | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
ICFR Auditor Attestation Flag | true | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 177,365,073 | ||
Entity Listing, Par Value Per Share | $ 0.01 | ||
Entity Common Stock, Shares Outstanding | 5,949,155 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Real Estate: | ||
Total Real Estate, at cost | $ 473,121 | $ 393,599 |
Less, Accumulated Depreciation | (30,737) | (23,008) |
Real Estate-Net | 442,384 | 370,591 |
Land and Development Costs | 7,083 | 6,732 |
Intangible Lease Assets-Net | 50,176 | 49,022 |
Assets Held for Sale-See Note 24 | 833 | 833 |
Investment in Joint Ventures | 48,677 | 55,737 |
Investment in Alpine Income Property Trust, Inc. | 30,574 | 38,814 |
Mitigation Credits | 2,622 | 2,323 |
Commercial Loan and Master Lease Investments | 38,320 | 34,625 |
Cash and Cash Equivalents | 4,289 | 6,475 |
Restricted Cash | 29,536 | 128,430 |
Refundable Income Taxes | 26 | |
Other Assets-See Note 13 | 11,411 | 9,704 |
Total Assets | 665,931 | 703,286 |
Liabilities: | ||
Accounts Payable | 1,047 | 1,387 |
Accrued and Other Liabilities-See Note 18 | 9,090 | 5,687 |
Deferred Revenue-See Note 19 | 3,319 | 5,831 |
Intangible Lease Liabilities-Net | 24,163 | 26,198 |
Liabilities Held for Sale-See Note 24 | 831 | 831 |
Income Taxes Payable | 439 | |
Deferred Income Taxes-Net | 3,521 | 90,282 |
Long-Term Debt | 273,061 | 287,218 |
Total Liabilities | 315,032 | 417,873 |
Commitments and Contingencies-See Note 22 | ||
Shareholders' Equity: | ||
Common Stock - 25,000,000 shares authorized; $1 par value, 7,310,680 shares issued and 5,915,756 shares outstanding at December 31, 2020; 6,076,813 shares issued and 4,770,454 shares outstanding at December 31, 2019 | 7,250 | 6,017 |
Treasury Stock - 1,394,924 shares at December 31, 2020 and 1,306,359 shares at December 31, 2019 | (77,541) | (73,441) |
Additional Paid-In Capital | 83,183 | 26,690 |
Retained Earnings | 339,917 | 326,073 |
Accumulated Other Comprehensive Income (Loss) | (1,910) | 74 |
Total Shareholders' Equity | 350,899 | 285,413 |
Total Liabilities and Shareholders' Equity | 665,931 | 703,286 |
Land | ||
Real Estate: | ||
Total Real Estate, at cost | 166,512 | 160,090 |
Building and Improvements | ||
Real Estate: | ||
Total Real Estate, at cost | 305,614 | 232,752 |
Other Furnishings and Equipment | ||
Real Estate: | ||
Total Real Estate, at cost | 672 | 733 |
Construction in Progress | ||
Real Estate: | ||
Total Real Estate, at cost | $ 323 | $ 24 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
Common Stock | ||
Common Stock, shares authorized | 25,000,000 | 25,000,000 |
Common Stock, par value (in dollars per share) | $ 1 | $ 1 |
Common Stock, shares issued | 7,310,680 | 6,076,813 |
Common Stock, shares outstanding | 5,915,756 | 4,770,454 |
Treasury Stock | ||
Treasury Stock, shares held | 1,394,924 | 1,306,359 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues | |||
Total Revenues | $ 56,381 | $ 44,941 | $ 43,658 |
Direct Cost of Revenues | |||
Total Direct Cost of Revenues | (15,211) | (7,105) | (8,761) |
General and Administrative Expenses | (11,567) | (9,818) | (9,785) |
Impairment Charges | (9,147) | ||
Depreciation and Amortization | (19,063) | (15,797) | (15,762) |
Total Operating Expenses | (54,988) | (32,720) | (34,308) |
Gain on Disposition of Assets | 9,746 | 21,978 | 22,035 |
Gain on Extinguishment of Debt | 1,141 | ||
Other Gains and Income | 10,887 | 21,978 | 22,035 |
Total Operating Income | 12,280 | 34,199 | 31,385 |
Investment and Other Income (Loss) | (6,432) | 344 | 52 |
Interest Expense | (10,838) | (12,466) | (10,423) |
Income (Loss) from Continuing Operations Before Income Tax Expense | (4,990) | 22,077 | 21,014 |
Income Tax Benefit (Expense) from Continuing Operations | 83,499 | (5,472) | (6,025) |
Income from Continuing Operations | 78,509 | 16,605 | 14,989 |
Income from Discontinued Operations (Net of Income Tax)-See Note 24 | 98,368 | 22,179 | |
Net Income | $ 78,509 | $ 114,973 | $ 37,168 |
Basic | |||
Net Income from Continuing Operations (in dollars per share) | $ 16.69 | $ 3.32 | $ 2.72 |
Net Loss from Discontinued Operations (Net of Income Tax) (in dollars per share) | 19.68 | 4.01 | |
Basic Net Income per Share (in dollars per share) | 16.69 | 23.03 | 6.76 |
Diluted | |||
Net Income from Continuing Operations (in dollars per share) | 16.69 | 3.32 | 2.71 |
Net Income from Discontinued Operations (Net of Income Tax) -Diluted (in dollars per share) | 19.68 | 4.01 | |
Diluted Net Income per Share (in dollars per share) | $ 16.69 | $ 23 | $ 6.72 |
Basic | 4,704,877 | 4,991,656 | 5,495,792 |
Diluted | 4,704,877 | 4,998,043 | 5,529,321 |
Dividends Declared and Paid (in dollars per share) | $ 13.88 | $ 0.44 | $ 0.27 |
Income Properties | |||
Revenues | |||
Total Revenues | $ 49,953 | $ 41,956 | $ 40,076 |
Direct Cost of Revenues | |||
Total Direct Cost of Revenues | (11,988) | (7,000) | (8,170) |
Depreciation and Amortization | (19,036) | (15,774) | (15,728) |
Management Fee Income | |||
Revenues | |||
Total Revenues | 2,744 | 304 | |
Interest Income from Commercial Loan and Master Lease Investments | |||
Revenues | |||
Total Revenues | 3,034 | 1,829 | 616 |
Real Estate Operations | |||
Revenues | |||
Total Revenues | 650 | 852 | 2,966 |
Direct Cost of Revenues | |||
Total Direct Cost of Revenues | $ (3,223) | $ (105) | $ (591) |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||
Net Income | $ 78,509 | $ 114,973 | $ 37,168 |
Other Comprehensive Income (Loss): | |||
Cash Flow Hedging Derivative - Interest Rate Swap (Net of Income Tax Benefit (Expense) of $0, $(0.1) million and Less Than $0.1 million, Respectively) | (1,984) | (413) | 114 |
Total Other Comprehensive Income (Loss), Net of Income Tax | (1,984) | (413) | 114 |
Total Comprehensive Income | $ 76,525 | $ 114,560 | $ 37,282 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||
Cash Flow Hedging Derivative - Interest Rate Swap, Income Tax | $ 0 | $ (0.1) | $ 0.1 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Common Stock | Treasury Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total |
Balance at Dec. 31, 2017 | $ 5,964 | $ (22,508) | $ 22,735 | $ 177,614 | $ 373 | $ 184,178 |
Increase (decrease) in shareholders' equity | ||||||
Net Income | 37,168 | 37,168 | ||||
Stock Repurchase | (9,837) | (9,837) | ||||
Exercise of Stock Options | 8 | 190 | 198 | |||
Vested Restricted Stock | 19 | (517) | (498) | |||
Stock Issuance | 4 | 235 | 239 | |||
Stock Compensation Expense from Restricted Stock Grants and Equity Classified Stock Options | 1,684 | 1,684 | ||||
Cash Dividends | (1,484) | (1,484) | ||||
Other Comprehensive Loss, Net of Income Tax | 114 | 114 | ||||
Balance at Dec. 31, 2018 | 5,995 | (32,345) | 24,327 | 213,298 | 487 | 211,762 |
Increase (decrease) in shareholders' equity | ||||||
Net Income | 114,973 | 114,973 | ||||
Stock Repurchase | (41,096) | (41,096) | ||||
Vested Restricted Stock | 13 | (316) | (303) | |||
Stock Issuance | 9 | 523 | 532 | |||
Stock Compensation Expense from Restricted Stock Grants and Equity Classified Stock Options | 2,156 | 2,156 | ||||
Cash Dividends | (2,198) | (2,198) | ||||
Other Comprehensive Loss, Net of Income Tax | (413) | (413) | ||||
Balance at Dec. 31, 2019 | 6,017 | (73,441) | 26,690 | 326,073 | 74 | 285,413 |
Increase (decrease) in shareholders' equity | ||||||
Net Income | 78,509 | 78,509 | ||||
Stock Repurchase | (4,100) | (4,100) | ||||
Equity Component of Convertible Debt | 5,248 | 5,248 | ||||
Vested Restricted Stock | 24 | (562) | (538) | |||
Stock Issuance | 10 | 503 | 513 | |||
Stock Compensation Expense from Restricted Stock Grants and Equity Classified Stock Options | 2,308 | 2,308 | ||||
Cash Dividends | (8,866) | (8,866) | ||||
Special Distribution - REIT Conversion ($11.98 per share) | 1,199 | 48,996 | (55,799) | (5,604) | ||
Other Comprehensive Loss, Net of Income Tax | (1,984) | (1,984) | ||||
Balance at Dec. 31, 2020 | $ 7,250 | $ (77,541) | $ 83,183 | $ 339,917 | $ (1,910) | $ 350,899 |
CONSOLIDATED STATEMENTS OF SH_2
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Common Stock | |||
Cash Dividends (in dollars per share) | $ 1.90 | $ 0.44 | $ 0.27 |
Special Distribution (in dollars per share) | $ 11.98 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash Flow from Operating Activities: | |||
Net Income | $ 78,509 | $ 114,973 | $ 37,168 |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | |||
Depreciation and Amortization | 19,063 | 15,797 | 16,135 |
Amortization of Intangible Liabilities to Income Property Revenue | (1,754) | (2,383) | (2,339) |
Loan Cost Amortization | 454 | 444 | 495 |
Amortization of Discount on Convertible Debt | 1,379 | 1,357 | 1,273 |
Gain on Disposition of Property, Plant, and Equipment and Intangible Assets | (7,509) | (3,296) | (3,651) |
Gain on Disposition of Assets Held for Sale | (2,590) | (18,697) | |
Gain on Sale of Equity Interest in Joint Ventures | (127,518) | (18,385) | |
Loss on Disposition of Commercial Loan and Master Lease Investments | 353 | ||
Gain on Extinguishment of Debt | (1,141) | ||
Impairment Charges | 9,147 | 1,119 | |
Discount Accretion on Commercial Loan and Master Lease Investments | (35) | ||
Accretion of Commercial Loan and Master Lease Investments Origination Fees | (161) | (135) | |
Non-Cash Imputed Interest on Commercial Loan and Master Lease Investments | (428) | (218) | (29) |
Deferred Income Taxes | (90,532) | 35,100 | 12,590 |
Unrealized Gain on Investment Securities | 8,240 | (61) | |
Non-Cash Compensation | 2,786 | 2,688 | 1,923 |
Decrease (Increase) in Assets: | |||
Refundable Income Taxes | (26) | 225 | 892 |
Assets Held for Sale | 3,893 | ||
Land and Development Costs | (493) | (1,107) | 5,477 |
Mitigation Credits | 3,323 | (1,861) | 664 |
Other Assets | (1,802) | (3,479) | (492) |
Increase (Decrease) in Liabilities: | |||
Accounts Payable | (340) | 349 | (631) |
Accrued and Other Liabilities | 3,402 | 490 | (4,596) |
Deferred Revenue | (2,511) | (540) | 245 |
Liabilities Held for Sale | (49) | ||
Income Taxes Payable | (439) | 439 | |
Net Cash Provided By Operating Activities | 16,930 | 16,411 | 47,823 |
Cash Flow from Investing Activities: | |||
Acquisition of Property, Plant, and Equipment and Intangible Lease Assets and Liabilities | (167,811) | (150,705) | (109,394) |
Acquisition of Commercial Loan and Master Lease Investments | (28,235) | (34,296) | |
Acquisition of Mitigation Credits | (3,621) | ||
Acquisition of Land | (4,702) | ||
Cash Contribution for Interest in Joint Venture | (41) | (84) | (2,137) |
Proceeds from Disposition of Property, Plant, and Equipment, Net, and Assets Held for Sale | 85,621 | 207,552 | 11,077 |
Proceeds from Sale of Equity Interests in Joint Ventures | 96,132 | 15,300 | |
Principal Payments Received on Commercial Loan and Master Lease Investments | 22,965 | 11,960 | |
Acquisition of Investment Securities | (15,500) | ||
Net Cash Provided By (Used In) Investing Activities | (91,122) | 103,099 | (77,896) |
Cash Flow from Financing Activities: | |||
Proceeds from Long-Term Debt | 66,640 | 141,500 | 106,300 |
Payments on Long-Term Debt | (72,269) | (103,073) | (55,997) |
Cash Paid for Loan Fees | (2,187) | (635) | (263) |
Cash Proceeds from Exercise of Stock Options and Stock Issuance | 437 | ||
Cash Used to Purchase Common Stock | (4,100) | (41,096) | (9,837) |
Cash Paid for Vesting of Restricted Stock | (502) | (303) | (498) |
Dividends Paid | (14,470) | (2,198) | (1,484) |
Net Cash Provided By (Used In) Financing Activities | (26,888) | (5,805) | 38,658 |
Net Increase (Decrease) in Cash and Cash Equivalents | (101,080) | 113,705 | 8,585 |
Cash and Cash Equivalents, Beginning of Period | 134,905 | 21,200 | 12,615 |
Cash and Cash Equivalents, End of Period | 33,825 | 134,905 | 21,200 |
Reconciliation of Cash to the Consolidated Balance Sheets: | |||
Cash and Cash Equivalents | 4,289 | 6,475 | 2,310 |
Restricted Cash | 29,536 | 128,430 | 18,890 |
Total Cash as of December 31, 2020, 2019 and 2018, respectively | $ 134,905 | $ 21,200 | $ 21,200 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Supplemental Disclosure of Cash Flows: | |||
Income taxes paid | $ 5,000 | $ 2,500 | $ 300 |
Cash Paid for Taxes, net of Refunds Received | (5,026) | (1,793) | (118) |
Income taxes paid, net of refunds received | 0 | 700 | 200 |
Cash Paid for Interest | (9,716) | (10,782) | (8,419) |
Contribution of Income Properties In Exchange Of OP Units | 23,253 | ||
Right-of-use Assets and Corresponding Lease Liability Recorded Upon ASC 842 Adoption | 681 | ||
Convertible Note Exchange | 57,359 | ||
Equity Component of Convertible Debt | 5,248 | ||
Capital Expenditures Included in Accrued and Other Liabilities | 1,600 | ||
Special Distribution Paid in Stock | 50,194 | ||
Outstanding Principal | 280,496 | 288,700 | |
Cash Provided by Operating Activities | 6,486 | 36,762 | |
Cash Provided by Investing Activities | 98,386 | ||
Lease liabilities | 245 | 365 | |
Supplemental disclosure of investing and financing activities | |||
Tenant contribution | 3,388 | ||
Land JV | |||
Supplemental Disclosure of Cash Flows: | |||
Gain on Disposition | $ 48,865 | ||
3.875% Convertible Senior Notes due 2025 | |||
Supplemental Disclosure of Cash Flows: | |||
Outstanding Principal | $ 62,468 | ||
Land Sales | Mitigation Bank Venture | |||
Supplemental Disclosure of Cash Flows: | |||
Gain on Disposition | $ 5,091 |
ORGANIZATION
ORGANIZATION | 12 Months Ended |
Dec. 31, 2020 | |
ORGANIZATION | |
ORGANIZATION | NOTE 1. ORGANIZATION NATURE OF OPERATIONS The terms “us,” “we,” “our,” and “the Company” as used in this report refer to CTO Realty Growth, Inc. together with our consolidated subsidiaries. We are a diversified real estate operating company that was founded in 1910. We own and manage, sometimes utilizing third-party property management companies, 27 commercial real estate properties in 10 states in the United States. As of December 31, 2020, we owned 21 single-tenant and six multi-tenant income-producing properties with 2.5 million square feet of gross leasable space. See Note 25, “Subsequent Events” for information related to the income properties acquired and sold subsequent to December 31, 2020. In addition to our income property portfolio, as of December 31, 2020, our business included the following: Management Services: ● A fee-based management business that is engaged in managing Alpine Income Property Trust, Inc. (“PINE”) and the entity that currently holds approximately 1,600 acres of undeveloped land in Daytona Beach, Florida (the “Land JV”), see Note 6, “Related Party Management Services Business”. Commercial Loan and Master Lease Investments: ● A portfolio of one commercial loan investment and two commercial properties, which are included in the 27 commercial real estate properties above, whose leases are classified as commercial loan and master lease investments. Real Estate Operations: ● A portfolio of subsurface mineral interests associated with 454,000 surface acres in 20 counties in the State of Florida and a portfolio of mitigation credits (see Note 25, “Subsequent Events” for information related to the subsurface acres sold subsequent to December 31, 2020); ● A retained interest in the Land JV which is seeking to sell approximately 1,600 acres of undeveloped land in Daytona Beach, Florida; and ● An interest in a joint venture (the “Mitigation Bank JV”) that owns a 2,500 acre parcel of land in the western part of Daytona Beach, Florida which is engaged in the operation of a mitigation bank, which, pursuant to a mitigation plan approved by the applicable state and federal authorities, produces mitigation credits that are marketed and sold to developers of land in the Daytona Beach area for the purpose of enabling the developers to obtain certain regulatory permits. Our business also includes, as outlined above, the current value of our investment in PINE of $30.6 million, or 23.5% of the PINE’s outstanding equity, including the units of limited partnership interest (“OP Units”) we hold in Alpine Income Property OP, LP (the “Operating Partnership”), which are exchangeable into common stock of PINE on a one-for-one basis, at PINE’s election. Our investment in PINE generates investment income through the dividends distributed by PINE. In addition to the dividends we receive from PINE, our investment in PINE may benefit from any appreciation in PINE’s stock price, although no assurances can be provided that such appreciation will occur, the amount by which our investment will increase in value, or the timing thereof. Any dividends received from PINE are included in investment and other income (loss) on the accompanying consolidated statements of operations. Discontinued Operations REIT CONVERSION As of December 31, 2020, the Company has completed certain internal reorganization transactions necessary to begin operating in compliance with the requirements for qualification and taxation as a real estate investment trust “REIT” for U.S. federal income tax purposes under the Internal Revenue Code of 1986, as amended (the “Code”), for the taxable year ended December 31, 2020. See Item 1, “Business” for information related to the Company’s REIT conversion and related transactions. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2020 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES PRINCIPLES OF CONSOLIDATION The consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries, and other entities in which we have a controlling interest. Any real estate entities or properties included in the consolidated financial statements have been consolidated only for the periods that such entities or properties were owned or under control by us. All inter-company balances and transactions have been eliminated in the consolidated financial statements. The Company has retained interests in the Land JV and the Mitigation Bank JV, as well as an equity investment in PINE. The Company has concluded that these entities are variable interest entities of which the Company is not the primary beneficiary and as a result, these entities are not consolidated. SEGMENT REPORTING ASC Topic 280, Segment Reporting, establishes standards related to the manner in which enterprises report operating segment information. The Company operates in four primary business segments including income properties, management services, commercial loan and master lease investments, and real estate operations, as further discussed within Note 23, “Business Segment Data”. The Company has no other reportable segments. The Company’s chief executive officer, who is the chief operating decision maker, reviews financial information on an aggregate basis for purposes of allocating and evaluating financial performance. USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Among other factors, fluctuating market conditions that can exist in the national real estate markets and the volatility and uncertainty in the financial and credit markets make it possible that the estimates and assumptions, most notably those related to the Company’s investment in income properties, could change materially due to continued volatility in the real estate and financial markets, or as a result of a significant dislocation in those markets. RECENTLY ISSUED ACCOUNTING STANDARDS Cessation of LIBOR. rates that are more observable or transaction based and less susceptible to manipulation. The amendments in ASU 2021-01 are effective immediately and clarify that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The Company believes it’s interest rate swaps, hereinafter described in Note 17, “Interest Rate Swaps”, meet the scope of Topic 848-10-15-3A and therefore, Company will be able to continue to apply a perfectly effective assessment method for each interest rate swap by electing the corresponding optional expedient for subsequent assessments. Debt with Conversion and Other Options. Lease Modifications. ASC Topic 326, Financial Instruments-Credit Losses Financial Instruments-Credit Losses RECLASSIFICATIONS Certain items in the prior period’s consolidated statements of operations have been reclassified to conform to the presentation as of and for the year ended December 31, 2019. Specifically, in the fourth quarter of 2019, the Company completed the sale of its remaining land holdings through the Land JV transaction. Accordingly, the results of the real estate operations related to land sales have been classified as discontinued operations in the accompanying consolidated statements of operations for the years ended December 31, 2019 and 2018. Additionally, the identifiable assets and liabilities related to the discontinued real estate operations were reclassified as assets and liabilities held for sale as of December 31, 2019. CASH AND CASH EQUIVALENTS Cash and cash equivalents includes cash on hand, bank demand accounts, and money market accounts having original maturities of 90 days or less. The Company’s bank balances as of December 31, 2020 include certain amounts over the Federal Deposit Insurance Corporation limits. RESTRICTED CASH Restricted cash totaled $29.5 million at December 31, 2020, which is comprised of the following: ● $26.7 million is being held in separate escrow accounts to be reinvested through the like-kind exchange structure into other income properties; ● $2.1 million is being held in a general tenant improvement reserve account with Wells Fargo Bank, NA (“Wells Fargo”) in connection with our financing of the property located in Raleigh, NC leased to Wells Fargo (“Wells Fargo Raleigh”); ● $0.5 million is being held in a capital replacement reserve account in connection with our financing of six income properties secured by Wells Fargo; ● $0.1 million is being held in an escrow account in connection with the sale of the Company’s ground lease located in Daytona Beach, FL; and ● $0.1 million is being held in an escrow account related to a separate land transaction which closed in February 2017. INVESTMENT SECURITIES In accordance with FASB ASC Topic 320, Investments – Debt and Equity Securities The cost of Investment Securities sold, if any, is based on the specific identification method. Interest and dividends on Investment Securities are included in investment income in the consolidated statements of operations. DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITY Interest Rate Swaps. Effective March 31, 2020, in conjunction with the variable-rate Credit Facility (hereinafter defined in Note 16, “Long-Term Debt”), the Company entered into an interest rate swap to fix the interest rate on $100.0 million of the outstanding Credit Facility balance (the “Credit Facility $100.0 Million Interest Rate Swap”). Effective August 31, 2020, the Company entered into a separate interest rate swap to fix the interest rate on an additional $50.0 million of the outstanding Credit Facility balance (the “Credit Facility $50.0 Million Interest Rate Swap”). The Company accounts for its cash flow hedging derivatives in accordance with FASB ASC Topic 815-20, Derivatives and Hedging The Company documented the relationship between the hedging instruments and the hedged item, as well as its risk-management objective and strategy for undertaking the hedge transactions. At the hedges’ inception, the Company formally assessed whether the derivatives that are used in hedging the transactions are highly effective in offsetting changes in cash flows of the hedged items, and we will continue to do so on an ongoing basis. As the terms of the Wells Interest Rate Swap, Credit Facility $100.0 Million Interest Rate Swap, and Credit Facility $50.0 Million Interest Rate Swap, and the associated debts are identical, both hedging instruments qualify for the shortcut method, therefore, it is assumed that there is no hedge ineffectiveness throughout the entire term of the hedging instruments. Changes in fair value of the hedging instruments that are highly effective and designated and qualified as cash-flow hedges are recorded in other comprehensive income and loss, until earnings are affected by the variability in cash flows of the designated hedged items. FAIR VALUE OF FINANCIAL INSTRUMENTS The carrying amounts of the Company’s financial assets and liabilities including cash and cash equivalents, restricted cash, accounts receivable, accounts payable, and accrued and other liabilities at December 31, 2020 and 2019, approximate fair value because of the short maturity of these instruments. The carrying value of the Company’s Credit Facility as of December 31, 2020 and 2019, as defined in Note 16, “Long-Term Debt,” approximates current market rates for revolving credit arrangements with similar risks and maturities. The face value of the Company’s fixed rate commercial loan and master lease investments held as of December 31, 2020 and 2019 and the mortgage notes and convertible debt held as of December 31, 2020 and 2019 are measured at fair value based on current market rates for financial instruments with similar risks and maturities. See Note 10, “Fair Value of Financial Instruments.” FAIR VALUE MEASUREMENTS The Company’s estimates of fair value of financial and non-financial assets and liabilities is based on the framework established by U.S. GAAP. The framework specifies a hierarchy of valuation inputs which was established to increase consistency, clarity and comparability in fair value measurements and related disclosures. U.S. GAAP describes a fair value hierarchy based upon three levels of inputs that may be used to measure fair value, two of which are considered observable and one that is considered unobservable. The following describes the three levels: ● Level 1 – Valuation is based upon quoted prices in active markets for identical assets or liabilities. ● Level 2 – Valuation is based upon inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. ● Level 3 – Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include option pricing models, discounted cash flow models and similar techniques. RECOGNITION OF INTEREST INCOME FROM COMMERCIAL LOAN AND MASTER LEASE INVESTMENTS Interest income on commercial loan and master lease investments includes interest payments made by the borrower and the accretion of purchase discounts and loan origination fees, offset by the amortization of loan costs. Interest payments are accrued based on the actual coupon rate and the outstanding principal balance and purchase discounts and loan origination fees are accreted into income using the effective yield method, adjusted for prepayments. MITIGATION CREDITS Mitigation credits are stated at historical cost. 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. ACCOUNTS RECEIVABLE Accounts receivable related to income properties, which are classified in other assets on the consolidated balance sheets, primarily consist of accrued tenant reimbursable expenses and other tenant receivables. Receivables related to income property tenants totaled $2.3 million and $0.5 million as of December 31, 2020 and December 31, 2019, respectively. The increase of $1.8 million is primarily attributable to an increase in accrued receivables for variable lease payments including common area maintenance, insurance, real estate taxes and other operating expenses due largely to the significant multi-tenant acquisitions during the fourth quarter of 2019 and the first quarter of 2020. Accounts receivable related to real estate operations, which are classified in other assets on the consolidated balance sheets, totaled $1.3 million and $1.6 million as December 31, 2020 and 2019, respectively. The accounts receivable as of December 31, 2020 and 2019 are primarily related to the reimbursement of certain infrastructure costs completed by the Company in conjunction with two land sale transactions that closed during the fourth quarter of 2015 as more fully described in Note 13, “Other Assets.” Trade accounts receivable primarily consists of receivables related to golf operations, which were classified in assets held for sale on the consolidated balance sheets as of December 31, 2018 and thereafter until the sale of the golf operations during the fourth quarter of 2019. As of December 31, 2020, $0.5 million is due from the buyer of the golf operations for the rounds surcharge the Company paid to the City of Daytona Beach. The collectability of the aforementioned receivables shall be considered and adjusted through an allowance for credit losses pursuant to ASC 326, Financial Instruments-Credit Losses PURCHASE ACCOUNTING FOR ACQUISITIONS OF REAL ESTATE SUBJECT TO A LEASE Investments in real estate are carried at cost less accumulated depreciation and impairment losses, if any. The cost of investments in real estate reflects their purchase price or development cost. We evaluate each acquisition transaction to determine whether the acquired asset meets the definition of a business. Under ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business In accordance with FASB guidance, the fair value of the real estate acquired with in-place leases is allocated to the acquired tangible assets, consisting of land, building and tenant improvements, and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases, the value of in-place leases, and the value of leasing costs, based in each case on their relative fair values. In allocating the fair value of the identified intangible assets and liabilities of an acquired property, above-market and below-market in-place lease values are recorded as other assets or liabilities based on the present value. The capitalized above-market lease values are amortized as a reduction of rental income over the remaining terms of the respective leases. The capitalized below-market lease values are amortized as an increase to rental income over the initial term unless the management believes that it is likely that the tenant will renew the lease upon expiration, in which case the Company amortizes the value attributable to the renewal over the renewal period. The value of in-place leases and leasing costs are amortized to expense over the remaining non-cancelable periods of the respective leases. If a lease were to be terminated prior to its stated expiration, all unamortized amounts relating to that lease would be written off. LAND AND DEVELOPMENT COSTS The carrying value of land and development costs includes the initial acquisition costs of land and improvements thereto. Subsurface Interests (hereinafter defined) are also included in land and development costs. These costs are allocated to properties on a relative sales value basis and are charged to costs of sales as specific properties are sold. Due to the nature of the business, land and development costs have been classified as an operating activity on the consolidated statements of cash flows. SALES OF REAL ESTATE Gains and losses on sales of real estate are accounted for as required by FASB ASC Topic 606, Revenue from Contracts with Customers PROPERTY, PLANT, AND EQUIPMENT Property, plant, and equipment are stated at cost, less accumulated depreciation and amortization. Such properties are depreciated on a straight-line basis over their estimated useful lives. Renewals and betterments are capitalized to property accounts. The cost of maintenance and repairs is expensed as incurred. The cost of property retired or otherwise disposed of, and the related accumulated depreciation or amortization, are removed from the accounts, and any resulting gain or loss is recorded in the consolidated statement of operations. The amount of depreciation of property, plant, and equipment, exclusive of amortization related to intangible assets, recognized for the years ended December 31, 2020, 2019, and 2018, was $11.3 million, $9.9 million, and $10.3 million, respectively. No interest was capitalized during the years ended December 31, 2020, 2019, or 2018. The range of estimated useful lives for property, plant, and equipment is as follows: Income Properties Buildings and Improvements 3 48 Years Other Furnishings and Equipment 3 20 Years LONG-LIVED ASSETS The Company follows FASB ASC Topic 360-10, Property, Plant, and Equipment INCOME PROPERTY LEASES The rental of the Company’s income properties are classified as operating leases. The Company recognizes lease income on these properties on a straight-line basis over the term of the lease. The periodic difference between lease income recognized under this method and contractual lease payment terms (i.e., straight-line rent) is recorded as a deferred operating lease receivable and is included in straight-line rent adjustment on the accompanying consolidated balance sheets. The Company’s leases provide for reimbursement from tenants for variable lease payments including common area maintenance, insurance, real estate taxes and other operating expenses. A portion of our variable lease payment revenue is estimated each period and is recognized as rental income in the period the recoverable costs are incurred and accrued. OPERATING LEASE EXPENSE The Company leases property and equipment, which are classified as operating leases. The Company recognizes lease expense on a straight-line basis over the term of the lease. GOLF OPERATIONS The Company previously owned the LPGA International Golf Club (the “Club”), which consists of two 18-hole golf courses and a 3-hole practice facility, a clubhouse facility, including food and beverage operations, and a fitness center. Revenues from this operation, including greens fees, cart rentals, merchandise, and food and beverage sales, were recognized at the time of sale pursuant to FASB ASC Topic 606, Revenue from Contracts with Customers Revenue from Contracts with Customers OTHER REAL ESTATE INTERESTS From time to time, the Company will release surface entry rights related to subsurface acres owned by the Company upon request of the surface owner. The Company recognizes revenue from the release at the time the transaction is consummated, unless the right is released under a deferred payment plan and the initial payment does not meet the criteria established under FASB ASC Topic 606, Revenue from Contracts with Customers STOCK-BASED COMPENSATION At the Annual Meeting of Stockholders of the Company held on April 28, 2010, the Company’s stockholders approved the Consolidated-Tomoka Land Co. 2010 Equity Incentive Plan (the “Original 2010 Plan”). At the Annual Meeting of Stockholders of the Company held on April 24, 2013, the Company’s stockholders approved an amendment and restatement of the entire Original 2010 Plan, which among other things, incorporated claw back provisions and clarified language regarding the shares available subsequent to forfeiture of any awards of restricted shares. At the Annual Meeting of Stockholders of the Company held on April 23, 2014, the Company’s stockholders approved an amendment to the Original 2010 Plan increasing the number of shares authorized for issuance by 240,000 shares, bringing the total number of shares authorized for issuance to 454,000. At the Annual Meeting of Stockholders of the Company held on April 25, 2018, the Company’s stockholders approved the Second Amended and Restated 2010 Equity Incentive Plan (the “2010 Plan”) which, among other things, increased the number of shares available thereunder to 720,000. At the Annual Meeting of Stockholders of the Company held on April 29, 2020, the Company’s stockholders approved an amendment to the 2010 Plan increasing the number of shares authorized for issuance by 175,000 shares, bringing the total number of shares authorized for issuance to 895,000. Awards under the 2010 Plan may be in the form of stock options, stock appreciation rights, restricted shares, restricted share units, performance shares, and performance units. Employees of the Company and its subsidiaries and non-employee directors may be selected by the Compensation Committee to receive awards under the 2010 Plan. The maximum number of shares of which stock awards may be granted under the 2010 Plan is 895,000 shares. No participant may receive awards during any one calendar year representing more than 50,000 shares of common stock. In no event will the number of shares of common stock issued under the plan upon the exercise of incentive stock options exceed 895,000 shares. These limits are subject to adjustments by the Compensation Committee as provided in the 2010 Plan for stock splits, stock dividends, recapitalizations, and other similar transactions or events. The 2010 Plan currently provides that it will expire on the tenth Share-Based Payments 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 expected term of the awards, annual dividends, and a risk-free interest rate assumption. Compensation cost is recognized over the vesting period. The Company used a Monte Carlo simulation pricing model to determine the fair value and vesting period of the restricted share awards subject to market conditions. The determination of the fair value of market condition-based awards is affected by the stock price as well as assumptions regarding a number of other variables. These variables include expected stock price volatility over the requisite performance term of awards, the performance of the Company’s stock price, annual dividends, and a risk-free interest rate assumptions. Compensation cost is recognized regardless of the achievement of the market conditions, provided the requisite service period is met. INCOME TAXES The Company has elected to be taxed as a REIT for U.S. federal income tax purposes under the Code commencing with its taxable year ended on December 31, 2020. The Company believes that, commencing with such taxable year, it has been organized and has operated in such a manner as to qualify for taxation as a REIT under the U.S. federal income tax laws. The Company intends to continue to operate in such a manner. As a REIT, the Company will be subject to U.S. federal and state income taxation at corporate rates on its net taxable income; the Company, however, may claim a deduction for the amount of dividends paid to its stockholders. Amounts distributed as dividends by the Company will be subject to taxation at the stockholder level only. While the Company must distribute at least 90% of its REIT taxable income, determined without regard to the dividends paid deduction and excluding any net capital gain, to qualify as a REIT, the Company intends to distribute all of its net taxable income. The Company is allowed certain other non-cash deductions or adjustments, such as depreciation expense, when computing its REIT taxable income and distribution requirement. These deductions permit the Company to reduce its dividend payout requirement under U.S. federal income tax laws. Certain states may impose minimum franchise taxes. To comply with certain REIT requirements, we hold certain of our non-REIT assets and operations through taxable REIT subsidiaries (“TRSs”) and subsidiaries of TRSs, which will be subject to applicable U.S. federal, state and local corporate income tax on their taxable income. For the periods presented, the Company held a total of five TRSs subject to taxation. The Company’s TRSs will file separately as C-Corporations for the taxable year ended December 31, 2020. The Company uses the asset and liability method to account for income taxes. Deferred income taxes result primarily from the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes (see Note 21, “Income Taxes”). In June 2006, the FASB issued additional guidance, which clarifies the accounting for uncertainty in income taxes recognized in a company’s financial statements included in income taxes. The interpretation prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The interpretation also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, and disclosure and transition. In accordance with FASB guidance included in income taxes, the Company has analyzed its various federal and state filing positions and believes that its income tax filing positions and deductions are well documented and supported. Additionally, the Company believes that its accruals for tax liabilities are adequate. Therefore, no reserves for uncertain income tax positions have been recorded pursuant to the FASB guidance. EARNINGS PER COMMON SHARE Basic earnings per common share is computed by dividing net income for the period by the weighted average number of shares outstanding for the period. Diluted earnings per common share are based on the assumption of the conversion of stock options using the treasury stock method at average cost for the year, see Note 14, “Common Stock and Earnings Per Share.” CONCENTRATION OF CREDIT RISK Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents. The Company also has certain tenants within our income property portfolio that make up more than 10% of our geographic concentration and/or revenues, as described below: ● Square Footage Concentrations. As of December 31, 2020, a total of 11% , 12% , 17% , 20% , and 26% of the Company’s income property portfolio, based on square footage, were located in the state of Georgia, Arizona, Texas, North Carolina, and Florida, respectively. As of December 31, 2019, a total of 12% , 21% , 24% , and 28% of the Company’s income property portfolio, based on square footage, were located in the state of New Mexico, Texas, Florida, and North Carolina, respectively. Additionally, as of December 31, 2019, all of the Company’s land holdings, golf operations, and agriculture operations, were located in the state of Florida. ● Tenant Concentrations. We had one tenant, Wells Fargo, located in Raleigh, North Carolina, that accounted for 10.9% , 12.5% , and 13.5% of our total revenue during the year ended December 31, 2020, 2019 and 2018, respectively. This property also represented 18.1% of the total square footage of our income property portfolio as of December 31, 2020. ● Base Rent Concentrations. A total of 11% , 13% , 15% , and 26% of our base rent revenue during the year ended December 31, 2020 was generated from tenants located in Georgia, Arizona, North Carolina, and Florida, respectively. Additionally, more than 20% of our base rent revenue during the year ended December 31, 2020 was generated from tenants in the financial services industry including Wells Fargo, Fidelity Investments, Bank of America, and JP Morgan Chase. |
REVENUE RECOGNITION
REVENUE RECOGNITION | 12 Months Ended |
Dec. 31, 2020 | |
REVENUE RECOGNITION | |
REVENUE RECOGNITION | NOTE 3. REVENUE RECOGNITION The Company implemented FASB ASC Topic 606, Revenue from Contracts with Customers The following table summarizes the Company’s revenue from continuing operations by segment, major good and/or service, and the related timing of revenue recognition for the year ended December 31, 2020 (in thousands): Income Properties Management Services Commercial Loan and Master Lease Investments Real Estate Operations Total Revenues Major Good / Service: Lease Revenue - Base Rent $ 37,826 $ — $ — $ — $ 37,826 Lease Revenue - CAM 3,154 — — — 3,154 Lease Revenue - Reimbursements 6,182 — — — 6,182 Lease Revenue - Billboards 231 — — — 231 Above / Below Market Lease Accretion 1,754 — — — 1,754 Contributed Leased Assets Accretion 245 — — — 245 Management Services — 2,744 — — 2,744 Commercial Loan and Master Lease Investments — — 3,034 — 3,034 Mitigation Credit Sales — — — 6 6 Subsurface Revenue - Other — — — 638 638 Fill Dirt and Other Revenue — — — 6 6 Interest and Other Revenue 561 — — — 561 Total Revenues $ 49,953 $ 2,744 $ 3,034 $ 650 $ 56,381 Timing of Revenue Recognition: Asset/Good Transferred at a Point in Time $ — $ — $ — $ 6 $ 6 Services Transferred Over Time 561 2,744 — 644 3,949 Over Lease Term 49,392 — — — 49,392 Commercial Loan and Master Lease Investments Related Revenue — — 3,034 — 3,034 Total Revenues $ 49,953 $ 2,744 $ 3,034 $ 650 $ 56,381 The following table summarizes the Company’s revenue from continuing operations by segment, major good and/or service, and the related timing of revenue recognition for the year ended December 31, 2019 (in thousands): Income Properties Management Services Commercial Loan and Master Lease Investments Real Estate Operations Total Revenues Major Good / Service: Lease Revenue - Base Rent $ 35,108 $ — $ — $ — $ 35,108 Lease Revenue - CAM 1,422 — — — 1,422 Lease Revenue - Reimbursements 2,759 — — — 2,759 Lease Revenue - Billboards 243 — — — 243 Above / Below Market Lease Accretion 2,383 — — — 2,383 Contributed Leased Assets Accretion 217 — — — 217 Lease Incentive Amortization (277) — — — (277) Management Services — 304 — — 304 Commercial Loan and Master Lease Investments — — 1,829 — 1,829 Subsurface Lease Revenue — — — 598 598 Subsurface Revenue - Other — — — 150 150 Fill Dirt and Other Revenue — — — 104 104 Interest and Other Revenue 101 — — — 101 Total Revenues $ 41,956 $ 304 $ 1,829 $ 852 $ 44,941 Timing of Revenue Recognition: Asset/Good Transferred at a Point in Time $ — $ — $ — $ 254 $ 254 Services Transferred Over Time 101 304 — — 405 Over Lease Term 41,855 — — 598 42,453 Commercial Loan and Master Lease Investments Related Revenue — — 1,829 — 1,829 Total Revenues $ 41,956 $ 304 $ 1,829 $ 852 $ 44,941 The following table summarizes the Company’s revenue from continuing operations by segment, major good and/or service, and the related timing of revenue recognition for the year ended December 31, 2018 (in thousands): Income Properties Commercial Loan and Master Lease Investments Real Estate Operations Total Revenues Major Good / Service: Lease Revenue - Base Rent $ 31,587 $ — $ — $ 31,587 Lease Revenue - CAM 2,905 — — 2,905 Lease Revenue - Reimbursements 2,934 — — 2,934 Lease Revenue - Billboards 250 — — 250 Above / Below Market Lease Accretion 2,339 — — 2,339 Contributed Leased Assets Accretion 218 — — 218 Lease Incentive Amortization (302) — — (302) Commercial Loan and Master Lease Investments — 616 — 616 Impact Fee and Mitigation Credit Sales — — 1,338 1,338 Subsurface Lease Revenue — — 957 957 Subsurface Revenue - Other — — 668 668 Fill Dirt and Other Revenue — — 3 3 Interest and Other Revenue 145 — — 145 Total Revenues $ 40,076 $ 616 $ 2,966 $ 43,658 Timing of Revenue Recognition: Asset/Good Transferred at a Point in Time $ — $ — $ 2,009 $ 2,009 Services Transferred Over Time 145 — — 145 Over Lease Term 39,931 — 957 40,888 Commercial Loan and Master Lease Investments Related Revenue — 616 — 616 Total Revenues $ 40,076 $ 616 $ 2,966 $ 43,658 |
INCOME PROPERTIES
INCOME PROPERTIES | 12 Months Ended |
Dec. 31, 2020 | |
INCOME PROPERTIES | |
INCOME PROPERTIES | NOTE 4. INCOME PROPERTIES Leasing revenue consists of long-term rental revenue from retail, office, and commercial income properties, and billboards, which is recognized as earned, using the straight-line method over the life of each lease. Lease payments below include straight-line base rental revenue as well as the non-cash accretion of above and below market lease amortization. The components of leasing revenue are as follows (in thousands): Year Ended December 31, 2020 2019 2018 Leasing Revenue Lease Payments $ 39,825 $ 37,431 $ 33,842 Variable Lease Payments 10,128 4,525 6,234 Total Leasing Revenue $ 49,953 $ 41,956 $ 40,076 Minimum future base rental revenue on non-cancelable leases subsequent to December 31, 2020, for the next five years ended December 31 are summarized as follows (in thousands): Year Ending December 31, Amounts 2021 $ 38,395 2022 37,053 2023 34,622 2024 31,476 2025 30,742 2026 and thereafter (cumulative) 376,917 Total $ 549,205 2020 Acquisitions. The properties acquired during the year ended December 31, 2020 are described below: Tenant Description Tenant Type Property Location Date of Acquisition Property Square-Feet Purchase Price Percentage Leased at Acquisition Remaining Lease Term at Acquisition Date (in years) Crossroads Towne Center Multi-Tenant Chandler, AZ 01/24/20 254,109 $ 61,800 99% 5.0 Ashford Lane Multi-Tenant Atlanta, GA 02/21/20 268,572 75,435 80% 3.6 Ford Motor Credit Single-Tenant Tampa, FL 08/21/20 120,500 26,900 100% 5.6 Master Tenant - Hialeah (1) Single-Tenant Hialeah, FL 09/25/20 108,029 21,000 100% 25.0 Total / Weighted Average 751,210 $ 185,135 6.5 (1) The lease with the Master Tenant – Hialeah (“Master Tenant – Hialeah Lease”) includes three tenant repurchase options. Pursuant to FASB ASC Topic 842, Leases , the $21.0 million investment has been recorded in the accompanying consolidated balance sheet as of December 31, 2020 as a commercial loan and master lease investment. See Note 25, “Subsequent Events” for information related to the multi-tenant income property acquired subsequent to December 31, 2020. 2020 Dispositions. The income properties disposed of during the year ended December 31, 2020 are described below: Tenant Description Tenant Type Date of Disposition Sales Price Gain (Loss) on Sale EPS, After Tax CVS, Dallas, TX Single-Tenant 04/24/20 $ 15,222 $ 854 $ 0.14 Wawa, Daytona Beach, FL Single-Tenant 04/29/20 6,002 1,769 0.29 JPMorgan Chase Bank, Jacksonville, FL Single-Tenant 06/18/20 6,715 959 0.15 7-Eleven, Dallas, TX Multi-Tenant 06/26/20 2,400 (46) (0.01) Bank of America, Monterey, CA Single-Tenant 06/29/20 9,000 3,892 0.63 Wawa, Jacksonville, FL Single-Tenant 07/23/20 7,143 246 0.04 Carrabbas, Austin, TX Single-Tenant 08/05/20 2,555 (84) (0.01) PDQ, Jacksonville, FL Single-Tenant 09/08/20 2,540 128 0.02 Macaroni Grill, Arlington, TX Single-Tenant 10/13/20 2,500 68 0.01 Aspen Development, Aspen, CO Single-Tenant 12/21/20 28,500 501 0.11 Outback, Austin, TX Single-Tenant 12/23/20 3,402 222 0.07 Total / Weighted Average $ 85,979 $ 8,509 $ 1.44 Operational Activities 2019 Acquisitions. liabilities 2019 Dispositions ● On November 26, 2019, as part of PINE’s initial public offering (the “IPO”), the Company sold or contributed 20 single-tenant net-leased income properties to PINE and its operating partnership (the “Alpine OP”) for aggregate cash consideration of $125.9 million for 15 of the properties and an aggregate of 1,223,854 of the Alpine OP (“OP Units”) for 5 of the properties, with the OP Units having an initial value of $23.3 million, based on Alpine’s IPO price, resulting in a gain of $1.0 million, or $0.16 per share, after tax (the “PINE Income Property Sale Transactions”). In addition to investing in PINE by way of receipt of the OP Units, the Company invested $15.5 million of cash in PINE at its IPO, receiving 815,790 shares of PINE’s common stock. In aggregate, the Company owns 2.04 million shares of PINE, or 22.3% of its total initial shares outstanding. ● On August 7, 2019, the Company sold its 1.56 -acre outparcel subject to a ground lease with Wawa located in Winter Park, Florida for $2.8 million (the “Wawa Sale”). The property is an outparcel to the Grove at Winter Park which the Company sold in May 2019. The gain on the Wawa Sale totaled $2.1 million, or $0.33 per share, after tax. Additionally, three multi-tenant income properties, which were classified in Assets Held for Sale as of December 31, 2018, were disposed of during the year ended December 31, 2019 (the “Multi-Tenant Dispositions”) as described below. ● On June 24, 2019, the Company sold its 76,000 square foot multi-tenant retail property located in Santa Clara, California for $37.0 million (the “Peterson Sale”). The gain on the Peterson Sale totaled $9.0 million, or $1.36 per share, after tax. ● On May 23, 2019, the Company sold its 112,000 square foot multi-tenant retail property, anchored by a 24 Hour Fitness, located in Winter Park, Florida for $18.3 million (the “Grove Sale”). The gain on the Grove Sale totaled $2.8 million, or $0.42 per share, after tax. ● On February 21, 2019, the Company sold its 59,000 square foot multi-tenant retail property, anchored by a Whole Foods Market retail store, located in Sarasota, Florida for $24.6 million (the “Whole Foods Sale”). The gain on the Whole Foods Sale totaled $6.9 million, or $0.96 per share, after tax. 2019 Leasing Activity On July 18, 2019, the Company entered into a lease agreement with Broken Hook, LLC to operate the beachfront restaurant as Crabby’s Oceanside Daytona Beach (the “Crabby’s Lease”). The Crabby’s Lease commenced on August 4, 2019 with rent commencing on August 26, 2019 and has an original lease term of ten years with four five-year renewal options. 2018 Acquisitions. liabilities 2018 Dispositions. |
COMMERCIAL LOAN AND MASTER LEAS
COMMERCIAL LOAN AND MASTER LEASE INVESTMENTS | 12 Months Ended |
Dec. 31, 2020 | |
COMMERCIAL LOAN AND MASTER LEASE INVESTMENTS | |
COMMERCIAL LOAN AND MASTER LEASE INVESTMENTS | NOTE 5. COMMERCIAL LOAN AND MASTER LEASE INVESTMENTS Our 2020 Activity. During the three months ended June 30, 2020, the Company sold four of its commercial loan and master lease investments in two separate transactions generating aggregate proceeds of $20.0 million and resulting in a second quarter loss of $0.4 million, or $0.06 per share, after tax. For the year ended December 31, 2020, the total loss on the loan portfolio disposition, including the $1.9 million impairment and CECL reserve charges on the four loans disposed of was $2.1 million, or $0.33 per share, after tax. On September 25, 2020, the Company acquired a 108,000 square foot retail property in Hialeah, Florida for $21.0 million which is master-leased to a national retail developer (the “Master Tenant”) . The 25-year lease includes annual rent escalations as well as certain future purchase rights by the Master Tenant (“Master Tenant – Hialeah Lease”). Pursuant to FASB ASC Topic 842, Leases On October 13, 2020, the Company originated a loan in connection with the sale of a vacant land parcel located adjacent to the formerly owned property in Dallas, Texas, leased to 7-Eleven which was sold in June 2020. The principal loan amount of $0.4 million bears interest at a fixed rate of 7.50% and has an initial term of 2.5 years. On November 3, 2020, the Company’s $2.0 million loan with the buyer of the Company’s former golf operations was repaid by the borrower generating proceeds of $2.0 million. The Company’s commercial loan and master lease investments were comprised of the following at December 31, 2020 (in thousands): Description Date of Investment Maturity Date Original Face Amount Current Face Amount Carrying Value Coupon Rate Ground Lease Loan – 400 Josephine Street, Austin, TX July 2019 N/A $ 16,250 $ 16,250 $ 16,827 N/A Master Tenant – Hialeah Lease Loan – Hialeah, FL September 2020 N/A 21,085 21,085 21,101 N/A Mortgage Note – 4311 Maple Avenue – Dallas, TX October 2020 April 2023 400 400 392 7.50% $ 37,735 $ 37,735 $ 38,320 The Company’s commercial loan and master lease investments were comprised of the following at December 31, 2019 (in thousands): Description Date of Investment Maturity Date Original Face Amount Current Face Amount Carrying Value Coupon Rate First Mortgage – 72-Acre Land Parcel, Orlando, FL June 2019 June 2020 $ 8,000 $ 8,000 $ 7,928 12.00% Mortgage Note – 400 Josephine Street, Austin, TX July 2019 July 2020 8,250 8,250 8,208 11.50% Ground Lease Loan – 400 Josephine Street, Austin, TX July 2019 N/A 16,250 16,250 16,444 N/A LPGA Buyer Loan – Daytona Beach, FL Oct 2019 Oct 2020 2,070 2,070 2,045 7.50% $ 34,570 $ 34,570 $ 34,625 The carrying value of the commercial loan and master lease investment portfolio at December 31, 2020 and 2019 consisted of the following (in thousands): December 31, 2020 2019 Current Face Amount $ 37,735 $ 34,570 Imputed Interest over Rent Payments Received 593 194 Unaccreted Origination Fees (4) (139) Impairment / CECL Reserve (4) — Total Commercial Loan and Master Lease Investments $ 38,320 $ 34,625 2019 Activity On July 5, 2019, the Company acquired 1.4 acres of land under the Carpenter Hotel in Austin, Texas (the “Carpenter Purchase”), for $16.25 million. Separately, the Company entered into a new 99-year ground lease (the “Ground Lease”) whereby the Company leased back the land to the seller. The Ground Lease includes annual escalations and certain future repurchase rights. Pursuant to FASB ASC Topic 842, Leases, due to the future repurchase rights, the Ground Lease does not qualify for treatment as a property purchase and has been accounted for on the consolidated balance sheets as a commercial loan and master lease investment (the “Ground Lease Loan”). The Company has imputed interest on the Ground Lease Loan which is being recognized as interest income on commercial loan and master lease investments in the Company’s consolidated statements of operations. On June 14, 2019, the Company originated an $8.0 million first mortgage bridge loan secured by 72 acres of land in Orlando, Florida. The loan was interest-only with a term of one-year with two 1-year extensions with a fixed interest rate of 12.00%. The Company received an origination fee of 2%, or $0.2 million. On October 17, 2019, the Company originated an $2.1 million first mortgage loan secured by the LPGA golf assets which were sold on October 17, 2019. The loan was interest-only with a term of one-year with two six-month extensions with a fixed interest rate of 7.50%. The Company received an origination fee of 1.5%, or less than $0.1 million. |
RELATED PARTY MANAGEMENT SERVIC
RELATED PARTY MANAGEMENT SERVICES BUSINESS | 12 Months Ended |
Dec. 31, 2020 | |
RELATED PARTY MANAGEMENT SERVICES BUSINESS | |
RELATED PARTY MANAGEMENT SERVICES BUSINESS | NOTE 6. RELATED PARTY MANAGEMENT SERVICES BUSINESS PINE. During the years ended December 31, 2020 and 2019, the Company earned management fee revenue from PINE totaling $2.5 million and $0.2 million, respectively, which is included in management services in the accompanying consolidated statements of operations. Dividend income for the years ended December 31, 2020 and 2019 totaled $1.7 million and $0.1 million and is included in investment and other income (loss) in the accompanying consolidated statements of operations. The management fee revenue and dividend income for the year ended December 31, 2019 represents the initial stub period of PINE’s operations from November 26, 2019 to December 31, 2019. The following table represents amounts due from PINE to the Company as of December 31, 2020 and December 31, 2019 which are included in other assets on the consolidated balance sheets (in thousands): As of Description December 31, 2020 December 31, 2019 Management Services Fee due from PINE $ 631 $ 254 Dividend Receivable — 71 Other 35 56 Total $ 666 $ 381 Land JV. |
REAL ESTATE OPERATIONS
REAL ESTATE OPERATIONS | 12 Months Ended |
Dec. 31, 2020 | |
REAL ESTATE OPERATIONS | |
REAL ESTATE OPERATIONS | NOTE 7. REAL ESTATE OPERATIONS Real Estate Operations Land and development costs at December 31, 2020 and 2019 were as follows (in thousands): December 31, 2020 2019 Land and Development Costs $ 6,377 $ 6,069 Subsurface Interests 706 663 Total Land and Development Costs $ 7,083 $ 6,732 Revenue from continuing real estate operations consisted of the following for the years ended December 31, 2020, 2019, and 2018 (in thousands): December 31, Revenue Description 2020 2019 2018 Impact Fee and Mitigation Credit Sales $ 6 $ — $ 1,338 Subsurface Revenue 638 748 1,625 Fill Dirt and Other Revenue 6 104 3 Total Real Estate Operations Revenue $ 650 $ 852 $ 2,966 Daytona Beach Development. Other Real Estate Assets. Mitigation credit sales totaled less than $0.1 million and $1.0 million during the years ended December 31, 2020 and 2018, respectively, with no mitigation credit sales during the year ended December 31, 2019. During the year ended December 31, 2018, the Company transferred mitigation credits with a basis of $0.1 million to the land acquired by Buc-ee’s with no such transfers during the year ended December 31, 2019. During the year ended December 31, 2018, the Company received cash payments of $0.3 million for impact fees with a cost basis that was generally of equal value, with no such impact fee sales during the year ended December 31, 2020 or 2019 as the balance of impact fees is nominal. Additionally, during the year ended December 31, 2018, impact fees with a cost basis of $0.1 million were transferred to the beachfront restaurant leased to LandShark Bar & Grill. Subsurface Interests. Prior to September 2019, the Company leased certain of the Subsurface Interests to a mineral exploration organization for exploration. The lessee had previously exercised renewal options through the eighth year of the lease which ended on September 22, 2019. The Lessee elected not to renew the oil exploration lease beyond September 22, 2019. Lease income generated by the annual lease payments was recognized on a straight-line basis over the guaranteed lease term. For the year ended December 31, 2019 and 2018, lease income of $0.6 million and $0.8 million was recognized, respectively, with no lease income recognized during the year ended December 31, 2020. During the year ended December 31, 2020, 2019 and 2018, the Company also received oil royalties from operating oil wells on 800 acres under a separate lease with a separate operator. Revenues received from oil royalties totaled less than $0.1 million during each respective year. The Company is not prohibited from selling any or all of its Subsurface Interests. The Company may release surface entry rights or other rights upon request of a surface owner for a negotiated release fee typically based on a percentage of the surface value. Should the Company complete a transaction to sell all or a portion of its Subsurface Interests or complete a release transaction, the Company may utilize the like-kind exchange structure in acquiring one or more replacement investments including income-producing properties. Cash payments for the release of surface entry rights totaled $0.2 million and $0.1 million during the years ended December 31, 2020 and 2019. During the year ended December 31, 2018, the Company completed a transaction releasing our surface entry rights on 600 acres in exchange for $0.2 million in cash and fee title to 40 additional acres in Hendry County, valued at $0.3 million. Including the non-cash value received, the gain from the transaction totaled $0.4 million, or $0.06 per share, after tax. Additional cash payments for the release of surface entry rights during 2018 totaled $0.1 million. Real Estate Operations – Discontinued Operations As of December 31, 2020, the Company continues to pursue land sales of the approximately 1,600 acres that formerly comprised its land holdings on behalf of the partners of the Land JV (“JV Partners”) in its role as manager of the Land JV. The Company’s retained interest in the Land JV represents a notional 33.5% stake in the venture, the value of which may be realized in the form of distributions based on the timing and the amount of proceeds achieved when the land is ultimately sold by the Land JV. As of December 31, 2020, the Land JV has completed $79.7 million in land sales since its inception in mid-October 2019 and currently has a pipeline of two purchase and sale agreements for potential land sale transactions representing $5.0 million of potential proceeds to the Land JV. The roughly 55 acres under contract represents 3% of the total remaining land in the Land JV. The Company currently serves as the manager of the Land JV and is responsible for day-to-day operations at the direction of the JV Partners. All major decisions and certain other actions that can be taken by the manager must be approved by the unanimous consent of the JV Partners (the “Unanimous Actions”). Unanimous Actions include such matters as the approval of pricing for all land parcels in the Land JV; approval of contracts for the sale of land that contain material revisions to the standard purchase contract of the Land JV; entry into any lease agreement affiliated with the Land JV; entering into listing or brokerage agreements; approval and amendment of the Land JV’s operating budget; obtaining financing for the Land JV; admission of additional members; and dispositions of the Land JV’s real property for amounts less than market value. Pursuant to the Land JV’s operating agreement, the Land JV paid the manager a management fee in the initial amount of $20,000 per month. The management fee is evaluated quarterly and as land sales occur in the Land JV, the basis for our management fee is reduced as the management fee is based on the value of real property that remains in the Land JV. The monthly management fee as of December 31, 2020 was $11,000 per month. Since the transition in our land operations occurred late in 2019, the impact of land sales for the periods prior to October 2019 are no longer germane to our financial condition, results of operations and cash flows. As such the following summarized information is provided regarding land sales activity prior to October 2019. Revenue from discontinued real estate operations consisted of the following for the years ended December 31, 2020, 2019 and 2018 (in thousands): Revenue Description December 31, 2019 December 31, 2018 Land Sales Revenue $ 10,975 $ 41,452 Revenue from Reimbursement of Infrastructure Costs — 1,556 Agriculture 68 23 Total Real Estate Operations Revenue $ 11,043 $ 43,031 2019 Land Sales. 2018 Land Sales. Land Impairments. |
INVESTMENT IN JOINT VENTURES
INVESTMENT IN JOINT VENTURES | 12 Months Ended |
Dec. 31, 2020 | |
INVESTMENT IN JOINT VENTURES | |
INVESTMENT IN JOINT VENTURES | NOTE 8. INVESTMENT IN JOINT VENTURES The Company’s investment in joint ventures were as follows as of December 31, 2020 and December 31, 2019 (in thousands): As of December 31, 2020 December 31, 2019 Land JV $ 41,765 $ 48,865 Mitigation Bank JV 6,912 6,872 Total Investment in Joint Ventures $ 48,677 $ 55,737 Land JV. Consolidation Investments-Equity Method and Joint Ventures During the year ended December 31, 2020, the Company recognized an impairment on its retained interest in the Land JV totaling $7.1 million which is included in investment in joint ventures on the consolidated balance sheet. The $7.1 million impairment on the retained interest in the Land JV is the result of a re-forecast of the anticipated undiscounted future cash flows to be received by the Company based on the estimated timing of future land sales from the Land JV. As the timing of land sales is a significant estimate, the Company deems that there is at least a remote possibility that this estimate could change in the near term. The following table provides summarized financial information of the Land JV as of December 31, 2020 and December 31, 2019 (in thousands): As of December 31, 2020 December 31, 2019 Assets, Cash and Cash Equivalents $ 802 $ 15,066 Assets, Prepaid Expenses 117 61 Assets, Investment in Land Assets 5,658 17,058 Total Assets $ 6,577 $ 32,185 Liabilities, Accounts Payable, Accrued Expenses, Deferred Revenue $ 228 $ 987 Equity $ 6,349 $ 31,198 Total Liabilities & Equity $ 6,577 $ 32,185 The following table provides summarized financial information of the Land JV for the years ended December 31, 2020 and 2019 (in thousands). There was no activity for the year ended December 31, 2018. Year Ended December 31, 2020 December 31, 2019 Revenues $ 65,446 $ 14,635 Direct Cost of Revenues (13,012) (1,268) Operating Income $ 52,434 $ 13,367 Other Operating Expenses (462) (90) Net Income $ 51,972 $ 13,277 The Company’s share of the Land JV’s net income was zero for the years ended December 31, 2020 and 2019. Pursuant to ASC 323, certain adjustments are made when calculating the Company’s share of net income, including adjustments required to reflect the investor’s share of changes in investee’s capital to reflect distributions from the venture. Additionally, basis differences are also considered. The Company recorded the retained interest in the Land JV of $48.9 million at the estimated fair market value based on the relationship of the $97.0 million sales price of the 66.5% equity interest to the 33.5% retained interest. The Land JV recorded the assets contributed by the Company at carry-over basis pursuant to ASC 845 which states that transfers of nonmonetary assets to should typically be recorded at the transferor’s historical cost basis. Accordingly, the Company’s basis difference in the 33.5% retained equity interest will be evaluated each quarter upon determining the Company’s share of the Land JV’s net income. No adjustment was required for the year ended December 31, 2020. Mitigation Bank. The Mitigation Bank JV intends to engage in the creation and sale of both federal and state wetland mitigation credits. These credits will be created pursuant to the applicable permits that have been or will be issued to the Mitigation Bank JV from the federal and state regulatory agencies that exercise jurisdiction over the awarding of such credits, but no assurances can be given as to the ultimate issuance, marketability or value of the credits. The Mitigation Bank JV received the permit from the state regulatory agency on June 8, 2018 (the “State Permit”). The state regulatory agency may award up to 355 state credits under the State Permit. On August 6, 2018, the state regulatory agency awarded the initial 88.84 credits under the State Permit. Receipt of the remaining federal permit is anticipated to occur prior to the end of 2021. The operating agreement of the Mitigation Bank JV (the “Operating Agreement”) executed in conjunction with the mitigation bank transaction stipulates that the Company shall arrange for sales of the Mitigation Bank JV’s mitigation credits to unrelated third parties totaling no less than $6.0 million of revenue to the Mitigation Bank JV, net of commissions, by the end of 2020, utilizing a maximum of 60 mitigation credits (the “Minimum Sales Requirement”). The Operating Agreement stipulates that if the Minimum Sales Requirement is not achieved, then BlackRock has the right, but is not required, to cause the Company to purchase the number of mitigation credits necessary to reach the Minimum Sales Requirement (the “Minimum Sales Guarantee”). Subsequent to December 31, 2020, the Company has had active discussion with BlackRock regarding the Minimum Sales Guarantee. Based on those discussions, the Company currently anticipates that the Minimum Sales Guarantee payment would be paid to BlackRock in the latter half of 2021. The Company is also in discussion with BlackRock regarding the Company’s potential buyout of BlackRock’s position in the Mitigation Bank JV, the timing of which could occur in the latter half of 2021. There can be no assurances regarding the likelihood, timing, or final terms of such potential buyout. During June 2018, upon closing the Mitigation Bank JV, the Company estimated the fair value of the Minimum Sales Guarantee at $0.1 million which was recorded as a reduction in the gain on the transaction and is included in accrued and other liabilities in the Company’s consolidated balance sheet. As of December 31, 2020, the Company considers the $0.1 million reasonable as upon payment of the Minimum Sales Guarantee, the Company will obtain mitigation credits, or the right to such credits, which would be recorded as an asset at the time of payment. Additionally, the Operating Agreement provides BlackRock the right to cause the Company to purchase a maximum of 8.536 mitigation credits per quarter (the “Commitment Amount”) from the Mitigation Bank JV at a price equal to 60% of the then fair market value for mitigation credits (the “Put Right”). The Put Right is applicable even if the Mitigation Bank JV has not yet been awarded a sufficient number of mitigation credits by the applicable federal and state regulatory agencies. Further, in any quarter that BlackRock does not exercise its Put Right, the unexercised Commitment Amount for the applicable quarter may be rolled over to future calendar quarters. However, the Operating Agreement also stipulates that any amount of third-party sales of mitigation credits will reduce the Put Rights outstanding on a one-for-one basis, if the sales price of the third-party sales equals or exceeds the prices stipulated by the Put Right. Further, any sales of mitigation credits to third parties at the requisite minimum prices in a quarter that exceeds the quarterly amount of the Put Right will reduce the Put Rights in future calendar quarters on a one-for-one basis. The initial maximum potential of future payments for the Company pursuant to the Put Right was $27.0 million. The Company estimates the fair value of the Put Right to be $0.2 million, which was recorded as a reduction in the gain on the transaction and is included in accrued and other liabilities in the Company’s consolidated balance sheet. During the year ended December 31, 2020, BlackRock exercised its Put Right and put 48 mitigation credits to the Company inclusive of (i) 20 mitigation credits acquired during the three months ended March 31, 2020 totaling $1.5 million, or $75,000 per credit, (ii) 20 mitigation credits acquired during the three months ended September 30, 2020 totaling $1.5 million, or $75,000 per credit, and (iii) 8 mitigation credits acquired during the three months ended December 31, 2020 totaling $0.6 million, or $75,000 per credit. In December 2019, BlackRock exercised its Put Right and put 25 mitigation credits to the Company, which the Company purchased for $1.9 million, or $75,000 per credit. The credits acquired were included as an increase to mitigation credits on the accompanying consolidated balance sheets as of December 31, 2020 and December 31, 2019, respectively. The Company evaluated the impact of the exercised Put Right on the fair value of the Company’s investment in the Mitigation Bank JV of $6.9 million and on the fair value of the mitigation credits purchased as of December 31, 2020 and December 31, 2019, noting no impairment. The Company evaluates its estimates of fair value on an ongoing basis; however, actual results may differ from those estimates. The following tables provide summarized financial information of the Mitigation Bank JV as of December 31, 2020 and 2019 (in thousands): As of December 31, 2020 December 31, 2019 Assets, Cash and Cash Equivalents $ 1,890 $ 4,015 Assets, Prepaid Expenses 20 19 Assets, Investment in Mitigation Credit Assets 1,409 1,521 Assets, Property, Plant, and Equipment—Net 14 17 Total Assets $ 3,333 $ 5,572 Liabilities, Accounts Payable, Accrued Liabilities, Deferred Mitigation Credit Sale Revenue $ 17 $ 39 Equity $ 3,316 $ 5,533 Total Liabilities & Equity $ 3,333 $ 5,572 The following table provides summarized financial information of the Mitigation Bank JV for the years ended December 31, 2020, 2019 and 2018 (in thousands). Year Ended December 31, 2020 December 31, 2019 December 31, 2018 Revenues $ 4,109 $ 1,922 $ — Direct Cost of Revenues (167) (76) — Operating Income $ 3,942 $ 1,846 $ — Other Operating Expenses (175) (197) (117) Net Income $ 3,767 $ 1,649 $ (117) The |
INVESTMENT SECURITIES
INVESTMENT SECURITIES | 12 Months Ended |
Dec. 31, 2020 | |
INVESTMENT SECURITIES | |
INVESTMENT SECURITIES | NOTE 9. INVESTMENT SECURITIES On November 26, 2019, the Company purchased 394,737 shares of PINE common stock for a total purchase price of $7.5 million. Also, on November 26, 2019, the Company purchased 421,053 shares of PINE common stock in the IPO for a total purchase price of $8.0 million. Including the 1,223,854 OP Units the Company received in exchange for the contribution of certain income properties to the Operating Partnership, as of December 31, 2020, the Company owns, in the aggregate, 2.04 million shares of PINE, or 23.5% of PINE’s total shares outstanding for an initial investment of $38.8 million. The Company has elected the fair value option related to the aggregate investment in securities of PINE pursuant to ASC 825, otherwise such investments would have been accounted for under the equity method. During the year ended December 31, 2020, the closing stock price of PINE decreased by $4.04 per share, with a closing price of $14.99 on December 31, 2020. This decrease resulted in an unrealized, non-cash loss on the Company’s investment in PINE of $8.2 million, or $1.75 per share, after tax, which is included in investment and other income (loss) in the consolidated statements of operations for the year ended December 31, 2020. During the initial stub period from November 26, 2019 through December 31, 2019, the closing stock price of PINE increased by $0.03 per share, with a closing price of $19.03 on December 31, 2019. This increase resulted in an unrealized, non-cash gain on the Company’s investment in PINE of less than $0.1 million, or $0.01 per share, after tax, which is included in investment and other income (loss) in the consolidated statements of operations for the year ended December 31, 2019. The Company’s available-for-sale securities as of December 31, 2020 and December 31, 2019 are summarized below (in thousands): The Company’s available-for-sale securities as of December 31, 2020 and December 31, 2019 are summarized below (in thousands): As of December 31, 2020 Cost Unrealized Gains in Unrealized Losses in Estimated Common Stock $ 15,500 $ — $ (3,271) $ 12,229 Operating Units 23,253 — (4,908) 18,345 Total Equity Securities 38,753 — (8,179) 30,574 Total Available-for-Sale Securities $ 38,753 $ — $ (8,179) $ 30,574 As of December 31, 2019 Cost Unrealized Gains in Unrealized Losses in Estimated Common Stock $ 15,500 $ 24 $ — $ 15,524 Operating Units 23,253 37 — 23,290 Total Equity Securities 38,753 61 — 38,814 Total Available-for-Sale Securities $ 38,753 $ 61 $ — $ 38,814 |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2020 | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | NOTE 10. FAIR VALUE OF FINANCIAL INSTRUMENTS The following table presents the carrying value and estimated fair value of the Company’s financial instruments not carried at fair value on the consolidated balance sheets at December 31, 2020 and 2019 (in thousands): December 31, 2020 December 31, 2019 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Cash and Cash Equivalents - Level 1 $ 4,289 $ 4,289 $ 6,475 $ 6,475 Restricted Cash - Level 1 $ 29,536 $ 29,536 $ 128,430 $ 128,430 Commercial Loan and Master Lease Investments - Level 2 $ 38,320 $ 38,318 $ 34,625 $ 35,002 Long-Term Debt - Level 2 $ 273,061 $ 282,884 $ 287,218 $ 288,830 To determine estimated fair values of the financial instruments listed above, market rates of interest, which include credit assumptions, were used to discount contractual cash flows. The estimated fair values are not necessarily indicative of the amount the Company could realize on disposition of the financial instruments. The use of different market assumptions or estimation methodologies could have a material effect on the estimated fair value amounts. The following table presents the fair value of assets (liabilities) measured on a recurring basis by level as of December 31, 2020 (in thousands): Fair Value at Reporting Date Using 12/31/2020 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash Flow Hedge - Interest Rate Swap - Wells Fargo $ (88) $ — $ (88) $ — Cash Flow Hedge - Interest Rate Swap - BMO (1) $ (1,772) $ — $ (1,772) $ — Cash Flow Hedge - Interest Rate Swap - BMO (2) $ (50) $ — $ (50) $ — Investment Securities $ 30,574 $ 30,574 $ — $ — (1) Effective March 31, 2020, utilized interest rate swap to achieve fixed interest rate of 0.7325% plus the applicable spread on $100.0 million of the outstanding principal balance on the Credit Facility. (2) Effective August 31, 2020, utilized a separate interest rate swap to achieve fixed interest rate of 0.2200% plus the applicable spread on $50.0 million of the outstanding principal balance on the Credit Facility. Fair Value at Reporting Date Using 12/31/2019 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash Flow Hedge - Interest Rate Swap - Wells Fargo $ 99 $ — $ 99 $ — Investment Securities $ 38,814 $ 38,814 $ — $ — No assets were measured on a non-recurring basis as of December 31, 2020 or 2019. |
INTANGIBLE ASSETS AND LIABILITI
INTANGIBLE ASSETS AND LIABILITIES | 12 Months Ended |
Dec. 31, 2020 | |
INTANGIBLE ASSETS AND LIABILITIES | |
INTANGIBLE ASSETS AND LIABILITIES | NOTE 11. INTANGIBLE ASSETS AND LIABILITIES Intangible assets and liabilities consist of the value of above-market and below-market leases, the value of in-place leases, and the value of leasing costs, based in each case on their fair values. Intangible assets and liabilities consisted of the following as of December 31, 2020 and 2019 (in thousands): As of December 31, 2020 December 31, 2019 Intangible Lease Assets: Value of In-Place Leases $ 44,558 $ 42,584 Value of Above Market In-Place Leases 10,604 7,119 Value of Intangible Leasing Costs 13,285 14,646 Sub-total Intangible Lease Assets 68,447 64,349 Accumulated Amortization (18,271) (15,327) Sub-total Intangible Lease Assets—Net 50,176 49,022 Intangible Lease Liabilities (included in accrued and other liabilities): Value of Below Market In-Place Leases (36,817) (36,507) Sub-total Intangible Lease Liabilities (36,817) (36,507) Accumulated Amortization 12,654 10,309 Sub-total Intangible Lease Liabilities—Net (24,163) (26,198) Total Intangible Assets and Liabilities—Net $ 26,013 $ 22,824 During the year ended December 31, 2020, the value of in-place leases increased by $2.0 million, the value of above-market in-place leases increased by $3.5 million, the value of intangible leasing costs decreased by $1.4 million, and the value of below-market in-place leases decreased by $0.3 million. Such increases reflect 2020 acquisitions, net of 2020 dispositions. Net accumulated amortization decreased by $0.6 million, for a net increase during the year ended December 31, 2020 of $3.2 million. As of December 31, 2020 and December 31, 2019, $19.9 and $22.2 million, respectively, of the total below market in-place lease value is related to Wells Fargo Raleigh, which was acquired on November 18, 2015. The following table reflects the net amortization of intangible assets and liabilities during the years ended December 31, 2020, 2019, and 2018 (in thousands): Year Ended December 31, December 31, December 31, Depreciation and Amortization Expense $ 7,805 $ 5,854 $ 5,872 Increase to Income Properties Revenue (1,754) (2,383) (2,339) Net Amortization of Intangible Assets and Liabilities $ 6,051 $ 3,471 $ 3,533 The estimated future amortization expense (income) related to net intangible assets and liabilities is as follows (in thousands): Future Accretion Net Future Future to Income Amortization of Amortization Property Intangible Assets Year Ending December 31, Amount Revenue and Liabilities 2021 $ 7,207 $ (1,684) $ 5,523 2022 6,799 (1,755) 5,044 2023 6,676 (1,752) 4,924 2024 6,641 (1,668) 4,973 2025 4,643 (1,614) 3,029 2026 and thereafter 10,116 (7,596) 2,520 Total $ 42,082 $ (16,069) $ 26,013 As of December 31, 2020, the weighted average amortization period of total intangible assets and liabilities was 9 years and 13 years, respectively. |
IMPAIRMENT OF LONG-LIVED ASSETS
IMPAIRMENT OF LONG-LIVED ASSETS | 12 Months Ended |
Dec. 31, 2020 | |
IMPAIRMENT OF LONG-LIVED ASSETS | |
IMPAIRMENT OF LONG-LIVED ASSETS | NOTE 12. IMPAIRMENT OF LONG-LIVED ASSETS The Company assesses the impairment of long-lived assets whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The fair value of long-lived assets required to be assessed for impairment is determined on a non-recurring basis using Level 3 inputs in the fair value hierarchy. These Level 3 inputs may include, but are not limited to, executed purchase and sale agreements on specific properties, third party valuations, discounted cash flow models, and other model-based techniques. There were no impairment charges on the Company’s income property portfolio during the years ended December 31, 2020, 2019, or 2018. During the years ended December 31, 2019, and 2018, the Company did not recognize any impairments on its undeveloped land holdings. During the year ended December 31, 2020, the Company recognized $7.2 million in impairment charges related to its undeveloped land holdings. The $7.2 million is comprised of a $0.1 million impairment charge on one of the land parcels included in the Daytona Beach Development and a $ 7.1 million impairment charge on the Company’s retained interest in the Land LV. The $7.1 million impairment on the retained interest in the Land JV is the result of a re-forecast of the anticipated undiscounted future cash flows to be received by the Company based on the estimated timing of future land sales from the Land JV. As the timing of land sales is a significant estimate, the Company deems that there is at least a remote possibility that this estimate could change in the near term. During the year ended December 31, 2018, the Company wrote down the value of the golf assets comprising the Club, which resulted in a corresponding impairment charge of $1.1 million, or $0.15 per share, after tax. The write-down of the golf operation assets to $3.1 million and the related $1.1 million impairment charge were the result of the Company’s assessment of certain triggering events, including activities related to a review of strategic alternatives for the golf operations, occurring during the third quarter of 2018, which required an assessment of the carrying value of the golf assets comprising the Club. In the fourth quarter of 2018, the Company commenced efforts to pursue the monetization of the golf operations and assets comprising the Club. Accordingly, as of December 31, 2018, the golf assets comprising the Club were classified as held for sale until the completion of the sale of the golf operation assets during the fourth quarter of 2019, which resulted in a nominal gain of less than $0.1 million. |
OTHER ASSETS
OTHER ASSETS | 12 Months Ended |
Dec. 31, 2020 | |
OTHER ASSETS | |
OTHER ASSETS | NOTE 13. OTHER ASSETS Other assets consisted of the following as of December 31, 2020 and 2019 (in thousands): As of December 31, 2020 December 31, 2019 Income Property Tenant Receivables $ 2,330 $ 533 Income Property Straight-line Rent Adjustment and COVID-19 Deferral Balance 4,686 3,352 Interest Receivable from Commercial Loan and Master Lease Investments — 97 Operating Leases - Right-of-Use Asset 246 364 Golf Rounds Surcharge 454 549 Cash Flow Hedge - Interest Rate Swap — 99 Infrastructure Reimbursement Receivables 1,336 1,591 Deferred Deal Costs — 5 Prepaid Expenses, Deposits, and Other 1,693 2,733 Due from Alpine Income Property Trust, Inc. 666 381 Total Other Assets $ 11,411 $ 9,704 Income Property Straight-Line Rent Adjustment.. Infrastructure Reimbursement Receivables. |
COMMON STOCK AND EARNINGS PER S
COMMON STOCK AND EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2020 | |
COMMON STOCK AND EARNINGS PER SHARE | |
COMMON STOCK AND EARNINGS PER SHARE | NOTE 14. COMMON STOCK AND EARNINGS PER SHARE Basic earnings per common share is computed by dividing net income during the period by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per common share is based on the assumption of the conversion of stock options and vesting of restricted stock at the beginning of each period using the treasury stock method at average cost for the periods. The following is a reconciliation of basic and diluted earnings per common share for each of the periods presented (in thousands, except share and per share data): Year Ended December 31, December 31, December 31, Income Available to Common Stockholders: Net Income $ 78,509 $ 114,973 $ 37,168 Weighted Average Shares Outstanding 4,704,877 4,991,656 5,495,792 Common Shares Applicable to Stock Options Using the Treasury Stock Method — 6,387 33,529 Total Shares Applicable to Diluted Earnings Per Share 4,704,877 4,998,043 5,529,321 Per Share Information: Basic and Diluted Net Income from Continuing Operations $ 16.69 $ 3.32 $ 2.72 Net Income from Discontinued Operations (Net of Tax) — 19.71 4.04 Net Income $ 16.69 $ 23.03 $ 6.76 Diluted Net Income from Continuing Operations $ 16.69 $ 3.32 $ 2.71 Net Income from Discontinued Operations (Net of Tax) — 19.68 4.01 Net Income $ 16.69 $ 23.00 $ 6.72 There were no potentially dilutive securities for years ended December 31, 2020, 2019 or 2018. The effect of 39,558, 7,500, and 15,000 potentially dilutive securities were not included for the years ended December 31, 2020, 2019 and 2018, respectively, as the effect would be anti-dilutive. The Company intends to settle its 3.875% Convertible Senior Notes due 2025 (the “Convertible 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 Convertible Notes will be included in our calculation of diluted net income per share using the treasury stock method. As such, the Convertible Notes have no impact on diluted net income per share until the price of our common stock exceeds the current conversion price of $54.77. The average price of our common stock during the year ended December 31, 2020 did not exceed the conversion price which resulted in no additional diluted outstanding shares. See Note 25, “Subsequent Events” for information related to the effectuation and completion of the Merger (hereinafter defined) whereby existing shares of CTO common stock were automatically converted, on a one-for-one basis, into shares of the surviving entity. |
TREASURY STOCK
TREASURY STOCK | 12 Months Ended |
Dec. 31, 2020 | |
TREASURY STOCK | |
TREASURY STOCK | NOTE 15. TREASURY STOCK In January 2019 and November 2019, the Company’s Board of Directors (the “Board”) approved two equal increases totaling $20.0 million to the open market stock repurchase program. During the year ended December 31, 2019, the Company repurchased 691,102 shares of its common stock for a total cost of $41.1 million, or an average price per share of $59.46, which includes both open market purchases and the Block Share Repurchase (hereinafter defined). The shares of the Company’s common stock repurchased during the year ended December 31, 2019 were returned to the Company’s treasury and substantially completed the aggregate $20.0 million buyback program. On April 10, 2019, the Company repurchased 320,741 shares of common stock, or 6% of the Company’s outstanding shares, for $18.4 million (the “Block Share Repurchase”). The shares were purchased from investment vehicles managed by Wintergreen Advisers, LLC (collectively, the “Wintergreen Entities”) in connection with the disposition of their entire position in the Company’s common stock ( 28% of the Company’s outstanding shares of common stock at the time of the Block Share Repurchase). The shares that were sold by the Wintergreen Entities and not repurchased by the Company were acquired by multiple third-party investors. The Block Share Repurchase was completed outside of the Company’s , which was substantially complete as of . In February 2020, the Company’s Board approved a $10.0 million stock repurchase program (the “ $10.0 |
LONG-TERM DEBT
LONG-TERM DEBT | 12 Months Ended |
Dec. 31, 2020 | |
LONG-TERM DEBT | |
LONG-TERM DEBT | NOTE 16. LONG-TERM DEBT Our consolidated indebtedness as of December 31, 2020 was $280.5 million, representing a leverage ratio of 47.1%, net of cash and restricted cash related to like-kind exchange transactions. This consolidated indebtedness was comprised of (i) $62.5 Long-term debt, at face value, totaled $280.5 million at December 31, 2020, representing a decrease of $8.2 million from the balance of $288.7 million at December 31, 2019. The decrease in the long-term debt was primarily related to the $12.5 million aggregate amount of 2025 Notes purchased at a discount during the year ended December 31, 2020, which was partially offset by net draws on our credit facility of $5.0 million. As of December 31, 2020, the Company’s outstanding indebtedness, at face value, was as follows (in thousands): Face Maturity Interest Value Debt Date Rate Credit Facility (1) $ 164,845 May 2023 30-day LIBOR Mortgage Note Payable (originated with Wells Fargo) (2) 30,000 October 2034 4.330% Mortgage Note Payable (originated with Wells Fargo) (3) 23,183 April 2021 3.170% 3.875% Convertible Senior Notes due 2025 62,468 April 2025 3.875% Total Long-Term Face Value Debt $ 280,496 (1) Effective March 31, 2020, utilized interest rate swap to achieve fixed interest rate of 0.7325% plus the applicable spread on $100.0 million of the outstanding principal balance. Effective August 31, 2020, utilized a separate interest rate swap to achieve fixed interest rate of 0.2200% plus the applicable spread on $50.0 million of the outstanding principal balance. (2) Secured by the Company’s interest in six income properties. The mortgage loan 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, as defined in the related loan agreement, 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 of the effective date of the loan. (3) Secured by the Company’s income property leased to Wells Fargo Raleigh. The mortgage loan has a 5-year term with two years interest only, and interest and a 25-year amortization for the balance of the term. The mortgage loan bears a variable rate of interest based on the 30-day LIBOR plus a rate of 190 basis points. The interest rate for this mortgage loan has been fixed through the use of an interest rate swap that fixed the rate at 3.17% . The mortgage loan can be prepaid at any time subject to the termination of the interest rate swap. Amortization of the principal balance began in May 2018. Credit Facility. The Credit Facility, with Bank of Montreal (“BMO”) as the administrative agent for the lenders thereunder, is unsecured with regard to our income property portfolio but is guaranteed by certain wholly owned subsidiaries of the Company. The Credit Facility bank group is led by BMO and also includes Wells Fargo and Branch Banking & Trust Company. On September 7, 2017, the Company executed the second amendment and restatement of the Credit Facility (the “2017 Amended Credit Facility”). On May 24, 2019, the Company executed the second amendment to the 2017 Amended Credit Facility (the “Second Revolver Amendment”). As a result of the Second Revolver Amendment, the Credit Facility has a total borrowing capacity of $200.0 million with the ability to increase that capacity up to $300.0 million during the term, subject to lender approval. The Credit Facility provides the lenders with a security interest in the equity of the Company subsidiaries that own the properties included in the borrowing base. The indebtedness outstanding under the Credit Facility accrues interest at a rate ranging from the 30-day LIBOR plus 135 basis points to the 30-day LIBOR plus 195 basis points based on the total balance outstanding under the Credit Facility as a percentage of the total asset value of the Company, as defined in the 2017 Amended Credit Facility, as amended by the Second Revolver Amendment. The Credit Facility also accrues a fee of 15 to 25 basis points for any unused portion of the borrowing capacity based on whether the unused portion is greater or less than 50% of the total borrowing capacity. Pursuant to the Second Revolver Amendment, the Credit Facility matures on May 24, 2023, with the ability to extend the term for 1 year . On November 26, 2019, the Company entered into the third amendment to the 2017 Amended Credit Facility (the “Second 2019 Revolver Amendment”), which further amends the 2017 Amended Credit Facility. The Second 2019 Revolver Amendment included, among other things, an adjustment of certain financial maintenance covenants, including a temporary reduction of the minimum fixed charge coverage ratio to allow the Company to redeploy the proceeds received from the sale of certain income properties to PINE (the “PINE Income Property Sale Transactions”), and an increase in the maximum amount the Company may invest in stock and stock equivalents of real estate investment trusts to allow the Company to invest in the common stock and OP Units. On July 1, 2020, the Company entered into the fourth amendment to the 2017 Amended Credit Facility (the “2020 Revolver Amendment”) whereby the tangible net worth covenant was adjusted to be more reflective of market terms. The 2020 Revolver Amendment was effective as of March 31, 2020. On November 12, 2020, the Company entered into the Fifth Amendment to the 2017 Amended Credit Facility (the “November 2020 Revolver Amendment”). The November 2020 Revolver Amendment provided that, among other things, (i) the Company must comply with certain adjusted additional financial maintenance requirements, including (x) a new restricted payments covenant which limits the type and amount of cash distributions that may be made by the Company and (y) an adjusted fix charges ratio, which now excludes certain onetime expenses for purposes of calculation and (ii) the Company must, from and after the date that the Company elects to qualify as a REIT, maintain its status as a REIT. At December 31, 2020, the current commitment level under the Credit Facility was $200.0 million. The available borrowing capacity under the Credit Facility was $35.2 million, based on the level of borrowing base assets. As of December 31, 2020, the Credit Facility had a $164.8 million balance outstanding. See Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations Overview” for a discussion of the potential impact on borrowing base availability due to the COVID-19 Pandemic. The Credit Facility is subject to customary restrictive covenants including, but not limited to, limitations on the Company’s ability to: (a) incur indebtedness; (b) make certain investments; (c) incur certain liens; (d) engage in certain affiliate transactions; and (e) engage in certain major transactions such as mergers. In addition, the Company is subject to various financial maintenance covenants including, but not limited to, a maximum indebtedness ratio, a maximum secured indebtedness ratio, and a minimum fixed charge coverage ratio. The Credit Facility also contains affirmative covenants and events of default including, but not limited to, a cross default to the Company’s other indebtedness and upon the occurrence of a change in control. The Company’s failure to comply with these covenants or the occurrence of an event of default could result in acceleration of the Company’s debt and other financial obligations under the Credit Facility. Mortgage Notes Payable. In addition to the Credit Facility, the Company has certain other borrowings, as noted in the table above, all of which are non-recourse. Convertible Debt . The Company’s $75.0 million aggregate principal amount of 4.50% Convertible Notes (the “2020 Notes”) were scheduled to mature on March 15, 2020; however, the Company completed the Note Exchanges, hereinafter defined, on February 4, 2020. The initial conversion rate was 14.5136 shares of common stock for each $1,000 principal amount of the 2020 Notes, which represented an initial conversion price of $68.90 per share of common stock. On February 4, 2020, the Company closed privately negotiated exchange agreements with certain holders of its outstanding 2020 Notes pursuant to which the Company issued $57.4 million principal amount of 3.875% Convertible Senior Notes due 2025 (the “2025 Notes”) in exchange for $57.4 million principal amount of the 2020 Notes (the “Note Exchanges”). In addition, the Company closed a privately negotiated purchase agreement with an investor, who had not invested in the 2020 Notes, and issued $17.6 million principal amount of the 2025 Notes (the “New Notes Placement,” and together with the Note Exchanges, the “Convert Transactions”). The Company used $5.9 million of the proceeds from the New Notes Placement to repurchase $5.9 million of the 2020 Notes. As a result of the Convert Transactions there was a total of $75.0 million aggregate principal amount of 2025 Notes outstanding. In exchange for issuing the 2025 Notes pursuant to the Note Exchanges, the Company received and cancelled the exchanged 2020 Notes. The $11.7 million of net proceeds from the New Notes Placement were used to redeem at maturity on March 15, 2020 $11.7 million of the aggregate principal amount of the 2020 Notes that remained outstanding. Through December 31, 2020, the Company repurchased $12.5 million aggregate principal amount of 2025 Notes at an approximate $2.6 million discount, resulting in a gain on the extinguishment of debt of $1.1 million. All such repurchases were made during the first and second quarter of 2020. Following the repurchase of the 2025 Notes, $62.5 million aggregate principal amount of the 2025 Notes remains outstanding at December 31, 2020. The 2025 Notes represent senior unsecured obligations of the Company and pay interest semi-annually in arrears on each April 15th and October 15th, commencing on April 15, 2020, at a rate of 3.875% per annum. The 2025 Notes mature on April 15, 2025 and may not be redeemed by the Company prior to the maturity date. The conversion rate for the 2025 Notes is initially 12.7910 shares of the Company’s common stock per $1,000 of principal of the 2025 Notes (equivalent to an initial conversion price of $78.18 per share of the Company’s common stock). The initial conversion price of the 2025 Notes represents a premium of 20% to the $65.15 closing sale price of the Company’s common stock on the NYSE American on January 29, 2020. If the Company’s Board increases the quarterly dividend above the $0.13 per share in place at issuance, the conversion rate is adjusted with each such increase in the quarterly dividend amount. After the fourth quarter 2020 regular dividend and the Special Distribution, the conversion rate is equal to 18.2596 shares of common stock for each $1,000 principal amount of 2025 Notes, which represents an adjusted conversion price of $54.77 per share of common stock. At the maturity date, the 2025 Notes are convertible into cash, common stock or a combination thereof, subject to various conditions, at the Company’s option. Should certain corporate transactions or events occur prior to the stated maturity date, the Company will increase the conversion rate for a holder that elects to convert its 2025 Notes in connection with such corporate transaction or event. The conversion rate is subject to adjustment in certain circumstances. Holders may not surrender their 2025 Notes for conversion prior to January 15, 2025 except upon the occurrence of certain conditions relating to the closing sale price of the Company’s common stock, the trading price per $1,000 principal amount of 2025 Notes, or specified corporate events including a change in control of the Company. The Company may not redeem the 2025 Notes prior to the stated maturity date and no sinking fund is provided for the 2025 Notes. The 2025 Notes are convertible, at the election of the Company, into solely cash, solely shares of the Company’s common stock, or a combination of cash and shares of the Company’s common stock. The Company intends to settle the 2025 Notes in cash upon conversion, with any excess conversion value to be settled in shares of our common stock. In accordance with U.S. GAAP, the 2025 Notes were accounted for as a liability with a separate equity component recorded for the conversion option. A liability was recorded for the 2025 Notes on the issuance date Long-term debt consisted of the following (in thousands): December 31, 2020 December 31, 2019 Total Due Within One Year Total Due Within One Year Credit Facility $ 164,845 $ — $ 159,845 $ — Mortgage Note Payable (originated with Wells Fargo) 30,000 — 30,000 — Mortgage Note Payable (originated with Wells Fargo) 23,183 23,183 23,884 — 4.500% Convertible Senior Notes, net of discount — — 74,706 75,000 3.875% Convertible Senior Notes, net of discount 56,296 — — — Loan Costs, net of accumulated amortization (1,263) — (1,217) — Total Long-Term Debt $ 273,061 $ 23,183 $ 287,218 $ 75,000 Payments applicable to reduction of principal amounts as of December 31, 2020 will be required as follows (in thousands): Year Ending December 31, Amount 2021 $ 23,183 2022 — 2023 164,845 2024 — 2025 62,468 2026 and thereafter 30,000 Total Long-Term Debt - Face Value $ 280,496 The carrying value of long-term debt as of December 31, 2020 consisted of the following (in thousands): Total Current Face Amount $ 280,496 Unamortized Discount on Convertible Debt (6,172) Loan Costs, net of accumulated amortization (1,263) Total Long-Term Debt $ 273,061 The following table reflects a summary of interest expense incurred and paid during the years ended December 31, 2020, 2019 and 2018 (in thousands): Year Ended December 31, 2020 December 31, 2019 December 31, 2018 Interest Expense $ 9,005 $ 10,665 $ 8,655 Amortization of Loan Costs 454 444 495 Amortization of Discount on Convertible Notes 1,379 1,357 1,273 Capitalized Interest — — — Total Interest Expense $ 10,838 $ 12,466 $ 10,423 Total Interest Paid $ 9,716 $ 10,782 $ 8,419 The Company was in compliance with all of its debt covenants as of December 31, 2020 and 2019. |
INTEREST RATE SWAPS
INTEREST RATE SWAPS | 12 Months Ended |
Dec. 31, 2020 | |
INTEREST RATE SWAPS | |
INTEREST RATE SWAPS | NOTE 17. INTEREST RATE SWAP During April 2016, the Company entered into an interest rate swap agreement to hedge cash flows tied to changes in the underlying floating interest rate tied to LIBOR for the $25.0 million mortgage note payable as discussed in Note 16, “Long-Term Debt.” During the year ended December 31, 2020, the interest rate swap agreement was 100% effective. Accordingly, the change in fair value on the interest rate swap has been classified in accumulated other comprehensive income (loss). As of December 31, 2020, the fair value of our interest rate swap agreement, which was a loss of $0.1 million is included in accrued and other liabilities on the consolidated balance sheets. As of December 31, 2019, the fair value of our interest rate swap agreement, which was a gain of $0.1 million, was included in other assets on the consolidated balance sheets. The interest rate swap was effective on April 7, 2016 and matures on April 7, 2021. The interest rate swap fixed the variable rate debt on the notional amount of related debt of $23.2 million to a rate of 3.17%. During March 2020, the Company entered into an interest rate swap agreement to hedge cash flows tied to changes in the underlying floating interest rate tied to LIBOR for $100.0 million of the outstanding balance on the Credit Facility as discussed in Note 16, “Long-Term Debt.” During the year ended December 31, 2020, the interest rate swap agreement was 100% effective. Accordingly, the change in fair value on the interest rate swap has been classified in accumulated other comprehensive income (loss). As of December 31, 2020, the fair value of our interest rate swap agreement, which was a loss of $1.8 million, was included in accrued and other liabilities on the consolidated balance sheets. The interest rate swap was effective on March 31, 2020 and matures on March 29, 2024. The interest rate swap fixed the variable rate debt on the notional amount of related debt of $100.0 million to a rate of 0.73250% plus the applicable spread. During August 2020, the Company entered into a separate interest rate swap agreement to hedge cash flows tied to changes in the underlying floating interest rate tied to LIBOR for $50.0 million of the outstanding balance on the Credit Facility as discussed in Note 16, “Long-Term Debt.” During the year ended December 31, 2020, the interest rate swap agreement was 100% effective. Accordingly, the change in fair value on the interest rate swap has been classified in accumulated other comprehensive income (loss). As of December 31, 2020, the fair value of our interest rate swap agreement, which was a loss of less than $0.1 million, was included in accrued and other liabilities on the consolidated balance sheets. The interest rate swap was effective on August 31, 2020 and matures on March 29, 2024. The interest rate swap fixed the variable rate debt on the notional amount of related debt of $50.0 million to a rate of 0.22000% plus the applicable spread. |
ACCRUED AND OTHER LIABILITIES
ACCRUED AND OTHER LIABILITIES | 12 Months Ended |
Dec. 31, 2020 | |
ACCRUED AND OTHER LIABILITIES | |
ACCRUED AND OTHER LIABILITIES | NOTE 18. ACCRUED AND OTHER LIABILITIES Accrued and other liabilities consisted of the following (in thousands): As of December 31, December 31, Accrued Property Taxes $ 945 $ 44 Reserve for Tenant Improvements 1,353 618 Accrued Construction Costs 1,783 93 Accrued Interest 602 1,313 Environmental Reserve and Restoration Cost Accrual 106 206 Interest Rate Swaps 1,910 — Operating Leases - Liability 245 365 Other 2,146 3,048 Total Accrued and Other Liabilities $ 9,090 $ 5,687 Reserve for Tenant Improvements. In connection with the acquisition of the Crossroads Towne Center property in Chandler, Arizona on January 24, 2020, the Company received $1.3 million from the seller of the property for tenant improvement allowances and leasing commissions for two tenants. This amount was included in accrued and other liabilities on the consolidated balance sheets. During the year ended December 31, 2020, payments totaling $0.8 million were made, leaving a remaining commitment of $0.5 million. Accrued Construction Costs. Environmental Reserve. Restoration Cost Accrual. Operating Leases – Liability. Leases, |
DEFERRED REVENUE
DEFERRED REVENUE | 12 Months Ended |
Dec. 31, 2020 | |
DEFERRED REVENUE | |
DEFERRED REVENUE | NOTE 19. DEFERRED REVENUE Deferred revenue consisted of the following (in thousands): As of December 31, December 31, Interest Reserve from Commercial Loan and Master Lease Investments $ — $ 835 Prepaid Rent 2,684 2,063 Tenant Contributions 625 2,889 Other Deferred Revenue 10 44 Total Deferred Revenue $ 3,319 $ 5,831 Interest Reserve from Commercial Loan and Master Lease Investments. Tenant Contributions. In connection with the construction of the Company’s beachfront restaurant formerly leased to Cocina 214 in Daytona Beach, Florida, pursuant to the lease agreement, the tenant contributed $1.9 million towards the completion of the building and tenant improvements through direct payments to various third-party construction vendors. The tenant contribution is being recognized ratably over the remaining term of the lease into income property rental revenue. As a result of the lease termination agreement, entered into on July 16, 2019 by the Company and Cocina 214, the balance of the tenant contribution liability was reduced by $1.0 million, leaving a balance of $0.7 million to be recognized into income property rental revenue ratably over the remaining term of the original Cocina 214 lease. A total of $0.1 million was recognized into income property rental revenue through December 31, 2020, leaving a balance of $0.6 million to be recognized over the remaining term of the lease. |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2020 | |
STOCK-BASED COMPENSATION | |
STOCK-BASED COMPENSATION | NOTE 20. STOCK-BASED COMPENSATION SUMMARY OF STOCK-BASED COMPENSATION A summary of share activity for all equity classified stock compensation during the year ended December 31, 2020, is presented below: Type of Award Shares Outstanding at 1/1/2020 Granted Shares Vested / Exercised Shares Expired Shares Forfeited Shares Shares Outstanding at 12/31/2020 Equity Classified - Performance Share Awards - Peer Group Market Condition Vesting 49,275 26,441 (12,635) — (7,230) 55,851 Equity Classified - Market Condition Restricted Shares - Stock Price Vesting 22,000 — — — — 22,000 Equity Classified - Three Year Vest Restricted Shares 37,595 23,451 (18,054) — (4,513) 38,479 Equity Classified - Non-Qualified Stock Option Awards 80,000 — — — — 80,000 Total Shares 188,870 49,892 (30,689) — (11,743) 196,330 Amounts recognized in the financial statements for stock options, stock appreciation rights, and restricted stock are as follows (in thousands): Year Ended December 31, 2020 December 31, 2019 December 31, 2018 Total Cost of Share-Based Plans Charged Against Income Before Tax Effect $ 2,786 $ 2,688 $ 1,923 Income Tax Expense Recognized in Income $ (678) $ (681) $ (487) Effective as of August 4, 2017, the Company entered into amendments to the employment agreements and certain stock option award agreements and restricted share award agreements whereby such awards will fully vest following a change in control (as defined in the executive’s employment agreement) only if the executive’s employment is terminated without cause or if the executive resigns for good reason (as such terms are defined in the executive’s employment agreement), in each case, at any time during the 24-month period following the change in control. EQUITY-CLASSIFIED STOCK COMPENSATION Performance Share Awards – Peer Group Market Condition Vesting Performance shares have under the Original 2010 Plan. The performance shares awards entitle the recipient to receive, upon the vesting thereof, shares of common stock of the Company equal to between 0% and 150% of the number of performance shares awarded. The number of shares of common stock vesting is determined based on the Company’s total stockholder return as compared to the total stockholder return of a certain peer group during a three-year performance period. The Company granted a total of 26,441 , 21,195 , and 15,445 performance shares during the years ended December 31, 2020, 2019, and 2018, respectively. During the three months ended March 31, 2020, pursuant to the calculation of the vesting criteria, as performed by an independent third party, 14,214 shares vested in the aggregate, related to the 12,635 shares outstanding as of January 1, 2020 as the actual vested percentage of the performance shares was 112.5%. The Company used a Monte Carlo simulation pricing model to determine the fair value of its awards that are based on market Compensation cost is recognized regardless of the achievement of the market conditions, provided the requisite service period is met. As of December 31, 2020, there was $1.6 million of unrecognized compensation cost, adjusted for estimated 1.6 years. A summary of activity during the years ended December 31, 2020, 2019, and 2018 is presented below: Performance Shares with Market Conditions Shares Wtd. Avg. Fair Value Outstanding at January 1, 2018 12,635 $ 55.66 Granted 15,445 $ 74.99 Vested — — Expired — — Forfeited — — Outstanding at December 31, 2018 28,080 $ 66.29 Granted 21,195 $ 64.66 Vested — — Expired — — Forfeited — — Outstanding at December 31, 2019 49,275 $ 65.59 Granted 26,441 $ 55.82 Vested (12,635) $ 55.66 Expired — — Forfeited (7,230) $ 63.81 Outstanding at December 31, 2020 55,851 $ 63.44 Market Condition Restricted Shares – Stock Price Vesting Restricted Company common stock has been granted to certain employees under the Original 2010 Plan. The restricted Company common stock outstanding from these grants vest in increments based upon the price per share of the Company common . As of December 31, 2020, 22,000 shares remain outstanding which consists of 18,000 shares with a $70 per share price vesting criteria and 4,000 shares with a $75 per share price vesting criteria. Effective January 28, 2021, the 22,000 shares outstanding were forfeited. The Company used a Monte Carlo simulation pricing model to determine the fair value of its awards that are based on market conditions. The determination of the fair value of market condition-based awards is affected by the Company’s stock price as well as assumptions regarding a number of other variables. These variables include expected stock price volatility over the requisite performance term of the awards, the relative performance of the Company’s stock price and stockholder returns to companies in its peer group, annual dividends, and a risk-free interest rate assumption. Compensation cost is recognized regardless of the achievement of the market conditions, provided the requisite service period is met. As of December 31, 2020, there is no unrecognized compensation cost related to market condition restricted stock. A summary of the activity for these awards during the years ended December 31, 2020, 2019 and 2018 is presented below: Market Condition Non-Vested Restricted Shares Shares Wtd. Avg. Fair Value Outstanding at January 1, 2018 29,750 $ 39.07 Granted — — Vested (7,750) $ 31.58 Expired — — Forfeited — — Outstanding at December 31, 2018 22,000 $ 41.71 Granted — — Vested — — Expired — — Forfeited — — Outstanding at December 31, 2019 22,000 $ 41.71 Granted — — Vested — — Expired — — Forfeited — — Outstanding at December 31, 2020 22,000 $ 41.71 Three Year Vest Restricted Shares Restricted shares have under the 2010 Plan. One -third of the restricted shares will vest on each of the first, second, and third anniversaries of January 28 of the applicable year provided the grantee is an employee of the Company on those dates. In addition, any unvested portion of the restricted shares will vest upon a change in control. The Company granted a total of 23,451 , 20,696 , and 17,712 shares of three-year restricted Company common stock during the years ended December 31, 2020, 2019, and 2018, respectively. The Com As of December 31, 2020, there was $1.4 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 1.7 years. A summary of activity for these awards during the years ended is presented below: Three Year Vest Non-Vested Restricted Shares Shares Wtd. Avg. Fair Value Per Share Outstanding at January 1, 2018 37,390 $ 51.39 Granted 17,712 $ 65.33 Vested (18,883) $ 51.57 Expired — — Forfeited (1,267) $ 59.39 Outstanding at December 31, 2018 34,952 $ 58.07 Granted 20,696 $ 58.78 Vested (18,053) $ 54.43 Expired — — Forfeited — — Outstanding at December 31, 2019 37,595 $ 60.21 Granted 23,451 $ 55.89 Vested (18,054) $ 59.69 Expired — — Forfeited (4,513) $ 60.14 Outstanding at December 31, 2020 38,479 $ 57.82 Non-Qualified Stock Option Awards On October 22, 2014, the Company granted to Mr. Smith an option to purchase 10,000 shares of the Company’s common stock under the Original 2010 Plan, with an exercise price of $50.00. One tenth 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 Original 2010 Plan, with an exercise price of $57.50. The option vested on January 28, 2016. 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 Original 2010 Plan, with an exercise price of $55.62. On February 26, 2016, this option was surrendered One two 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 Original 2010 Plan, with an exercise price of $57.54. One The Company used the Black-Scholes valuation pricing model to determine the fair value of its non-qualified stock option awards. The determination of the fair value of the awards is affected by the stock price as well as assumptions regarding a number of other variables. These variables include expected stock price volatility over the term of the awards, annual dividends, and a risk-free interest rate assumption. A summary of the activity for these awards during the years ended December 31, 2020, 2019, and 2018 is presented below: Non-Qualified Stock Option Awards Shares Wtd. Avg. Ex. Price Wtd. Avg. Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding at January 1, 2018 90,000 $ 52.71 Granted — — Exercised (10,000) 29.34 Expired — — Forfeited — — Outstanding at December 31, 2018 80,000 $ 55.63 Granted — — Exercised — — Expired — — Forfeited — — Outstanding at December 31, 2019 80,000 $ 55.63 Granted — — Exercised — — Expired — — Forfeited — — Outstanding at December 31, 2020 80,000 $ 55.63 4.26 — Exercisable at January 1, 2020 80,000 $ 55.63 6.50 $ 25,000 Exercisable at December 31, 2020 80,000 $ 55.63 4.26 — A summary of the non-vested options for these awards during the years ended December 31, 2018 is presented below: Non-Qualified Stock Option Awards Shares Fair Value of Shares Vested Non-Vested at January 1, 2018 17,000 — Granted — — Vested (17,000) $ 952,068 Expired — — Forfeited — — Non-Vested at December 31, 2018 — — No options were granted or exercised during the year ended December 31, 2020 or 2019. NON-EMPLOYEE DIRECTOR STOCK COMPENSATION Each member of the Company’s Board of Directors has the option to receive his or her annual retainer in shares of Company common stock rather than cash. The number of shares awarded to the directors making such election is calculated quarterly by dividing (i) the sum of (A) the amount of the quarterly retainer payment due to such director plus (B) meeting fees earned by such director during the quarter, by (ii) the closing price of the Company’s common stock on the last business day of the quarter for which such payment applied, rounded down to the nearest whole number of shares. Commencing in 2019, each non-employee director serving as of the beginning of each calendar year shall receive an annual award of the Company’s common stock valued at $20,000 (the “Annual Award”). The number of shares awarded will be calculated based on the trailing 20 -day average price of the Company’s common stock as of the date two business days prior to the date of the award, rounded down to the nearest whole number of shares. During the years ended December 31, 2020, 2019, and 2018, the expense recognized for the value of the Company’s common stock received by non-employee directors totaled $0.5 million or 10,128 shares, $0.5 million, or 9,004 shares, and $0.2 million, or 3,822 shares, respectively. The 2020 amount includes the $120,000 Annual Award received during the first quarter of 2020. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2020 | |
INCOME TAXES | |
INCOME TAXES | NOTE 21. INCOME TAXES The Company intends to elect to be taxed as a REIT for U.S. federal income tax purposes under the Internal Revenue Code commencing with its taxable year ended on December 31, 2020, upon filing of its tax return for such taxable year. The Company believes that, commencing with such taxable year, it has been organized and has operated in such a manner as to qualify for taxation as a REIT under the U.S. federal income tax laws. The Company intends to continue to operate in such a manner. As a REIT, the Company will be subject to U.S. federal and state income taxation at corporate rates on its net taxable income; the Company, however, may claim a deduction for the amount of dividends paid to its stockholders. Amounts distributed as dividends by the Company will be subject to taxation at the stockholder level only. While the Company must distribute at least 90% of its REIT taxable income, determined without regard to the dividends paid deduction and excluding any net capital gain, to qualify as a REIT, the Company intends to distribute all of its net taxable income. The Company is allowed certain other non-cash deductions or adjustments, such as depreciation expense, when computing its REIT taxable income and distribution requirement. These deductions permit the Company to reduce its dividend payout requirement under U.S. federal income tax laws. Certain states may impose minimum franchise taxes. To comply with certain REIT requirements, the Company holds certain of its non-REIT assets and operations through taxable REIT subsidiaries (“TRSs”) and subsidiaries of TRSs, which will be subject to applicable U.S. federal, state and local corporate income tax on their taxable income. For the periods presented, the Company held a total of five TRSs subject to taxation. The Company’s TRSs will file separately as C-Corporations for the taxable year ended December 31, 2020. As a result of the Company’s election to be taxed as a REIT, the income tax provision for the year ended December 31, 2020 includes an $82.5 million deferred tax benefit from the de-recognition of the deferred tax assets and liabilities associated with the entities included in the REIT. A significant portion of the deferred tax benefit recognized relates to the de-recognition of deferred tax liabilities resulting from Internal Revenue Code Section 1031 like-kind exchanges (“1031 Exchanges”). The Company will be subject to corporate income taxes related to assets held by it that are sold during the 5-year period following the date of conversion to the extent such sold assets had a built-in gain as of January 1, 2020. The Company generally does not intend to dispose of any REIT assets after the REIT conversion within the 5-year period, unless various tax planning strategies, including 1031 Exchanges or other deferred tax structures are available to mitigate the built-in gain tax liability of conversion. Total income tax benefit (expense) are summarized as follows (in thousands): Year ended December 31, 2020 2019 2018 Income Tax (Expense) Benefit from Continuing Operations $ 83,499 $ (5,472) $ (6,025) Income Tax Expense from Discontinued Operations — (32,641) (7,530) Total Consolidated Income Tax Benefit (Expense) $ 83,499 $ (38,113) $ (13,555) The provisions for income tax benefit (expense) from continuing operations are summarized as follows (in thousands): 2020 2019 2018 Current Deferred Current Deferred Current Deferred Federal $ 341 $ 70,106 $ (225) $ (4,974) $ (231) $ (5,381) State 63 12,989 20 (293) (127) (286) Total $ 404 $ 83,095 $ (205) $ (5,267) $ (358) $ (5,667) Deferred tax assets and liabilities are recognized for the future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The sources of these differences and the related deferred income tax assets (liabilities) are summarized as follows (in thousands): Deferred Tax 2020 2019 Deferred Income Tax Assets Depreciation $ — $ 4,786 Intangible Lease Liabilities — 6,504 Income Property Tenant Contributions — 732 Impairment Reserves — 93 Stock Options and Restricted Stock — 1,275 Net Operating Loss Carryforward 1,103 — Capital Loss Carryforward — 21 Other - Net — 6 Gross Deferred Income Tax Assets 1,103 13,417 Less - Valuation Allowance — (273) Net Deferred Income Tax Assets 1,103 13,144 Deferred Income Tax Liabilities Sales of Real Estate — (87,353) Discount on Equity Component of Convertible Debt — (43) Basis Differences in Joint Ventures (4,624) (11,789) Basis Difference in Alpine Income Property OP, LP — (3,980) Interest Rate Swap — (74) Deferred Revenue (Net of Straight-line Rent Adjustments) — (187) Total Deferred Income Tax Liabilities (4,624) (103,426) Net Deferred Income Tax Liabilities $ (3,521) $ (90,282) In assessing the realizability of deferred income tax assets, management considers whether it is more likely than not that some portion or all of the deferred income tax assets will not be realized. The ultimate realization of deferred income tax assets is dependent upon the realization of future taxable income during the periods in which those temporary differences become deductible. We consider past history, the scheduled reversal of taxable temporary differences, projected future taxable income, and tax planning strategies in making this assessment. As of December 31, 2019, we believed it was more likely than not that a portion of the Company’s deferred income tax assets would not be realized, and accordingly, a valuation allowance has been provided in the amount of $0.3 million. As of December 31, 2019, the valuation allowance related solely to a basis difference in a joint venture with a wholly owned and fully consolidated subsidiary which was eliminated during the year ended December 31, 2020 due to the de-recognition of the deferred tax assets and liabilities associated with the entities included in the REIT. As of December 31, 2020, the Company has $1.1 million in net operating loss (“NOL”) carryforwards. The Tax Cuts and Jobs Act allows for indefinite carryforwards for all NOLs generated in taxable years beginning after December 31, 2017. Additionally, there is no taxable income limitation, thus allowing an NOL carryforward to fully offset taxable income in tax years beginning before January 1, 2021. Accordingly, as of December 31, 2020, no valuation allowance was considered necessary. Following is a reconciliation of the income tax computed at the federal statutory rate of 21% for 2020, 2019, and 2018, individually, for continuing operations (in thousands): Year ended December 31, 2020 2019 2018 Income Tax (Expense) Benefit Computed at Federal Statutory Rate $ 971 (19.5) % $ (4,410) (20.0) % $ (4,557) (20.7) % Increase (Decrease) Resulting from: State Income Tax, Net of Federal Income Tax Benefit 180 (3.6) % (1,076) (5.0) % (1,363) (5.5) % Income Tax on Permanently Non-Deductible Items (112) 2.2 % (86) (0.4) % (32) (0.2) % Tax Benefit due to De-Recognition of REIT Deferred Tax Liabilities 82,460 (1652.6) % — 0.0 % — 0.0 % Other Reconciling Items — 0.0 % 100 0.5 % (73) (0.3) % Benefit (Expense) for Income Taxes $ 83,499 (1673.4) % $ (5,472) (24.9) % $ (6,025) (26.7) % The effective income tax rate assumes a blended rate for estimated state and local taxes on its income and property. The effective income tax rate for the years ended December 31, 2020, 2019, and 2018, including the discontinued operations, was 1673.4%, (24.9)%, and (26.7)%, 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 year ended December 31, 2020 included the impact for the discrete event described above related to the de-recognition of the deferred tax assets and liabilities associated with the entities included in the REIT. There were no discrete events during the years ended December 31, 2019 or 2018. For prior taxable years through the year ended December 31, 2019, the Company has filed a consolidated income tax return in the United States Federal jurisdiction and the states of Alabama, Arizona, California, Colorado, Florida, Georgia, Maryland, Massachusetts, Nevada, New Mexico, New York, North Carolina, Oregon, Texas, Virginia, Washington, and Wisconsin. The Internal Revenue Service (“IRS”) has audited the federal tax returns through the year 2012, with all proposed adjustments settled. The Florida Department of Revenue has audited the Florida tax returns through the year 2014, with all proposed adjustments settled. For the years ended December 31, 2020, 2019, and 2018, the Company recognized no uncertain tax positions or accrued interest and penalties for uncertain tax positions. If such positions do arise, it is the Company’s intent that any interest or penalty amount related to such positions will be recorded as a component of the income tax provision (benefit) in the applicable period. Income taxes totaling $5.0 million, $2.5 million, and $0.3 million were paid during the years ended December 31, 2020, 2019 and 2018, respectively. Additionally, income taxes totaling $0.7 million and $0.2 million were refunded during the years ended December 31, 2019 and 2018, respectively, with no income taxes refunded during the year ended December 31, 2020. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2020 | |
COMMITMENTS AND CONTINGENCIES | |
COMMITMENTS AND CONTINGENCIES | NOTE 22. COMMITMENTS AND CONTINGENCIES MINIMUM FUTURE RENTAL PAYMENTS The Company leases, as lessee, certain equipment under operating leases. Minimum future rental payments under non-cancelable operating leases having remaining terms in excess of one year as of December 31, 2020, are summarized as follows (in thousands): Year Ending December 31, Amounts 2021 $ 123 2022 118 2023 33 2024 — 2025 — 2026 and thereafter (cumulative) — Total $ 274 Rental expense under all operating leases amounted to $0.1 million, $0.3 million, and $0.3 million for the years ended December 31, 2020, 2019, and 2018, respectively. 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 this property. The proposed road modifications would impact access to the property but, in the Company’s view, did not provide a basis for Harris Teeter to terminate its lease. Regardless, in January 2013, the North Carolina Department of Transportation (“NCDOT”) agreed to redesign the road modifications in several respects. As redesigned, the project changed a signalized all-access point to an unsignalized access point, which permits all ingress and right-out egress. The modification to the other existing vehicular access point to a right-in/right-out access, was not altered, however, a third vehicular access point was added to the redesigned project. Harris Teeter has expressed satisfaction with the redesigned project and indicated that it will not attempt to terminate its lease as a result of the road modifications. The redesigned project was completed in late 2020. The condemnation case had been placed in administrative closure pending completion of the project. Now that the project has been completed, the Company expects that the stay of condemnation action will be lifted and, if requested by the parties, the trial and mediation may be scheduled and proceed. The Company has retained local counsel and will be engaging experts to assist in evaluating its claim for diminution in value of the property. Any proceedings regarding this matter would likely not be scheduled until late 2021 or early 2022. CONTRACTUAL COMMITMENTS – EXPENDITURES The following are commitments as of December 31, 2020 related to the Company’s multi-tenant income property acquisitions completed during the first quarter of 2020: ● In connection with the acquisition of Ashford Lane in Atlanta, Georgia on February 21, 2020, the Company received $0.5 million from the seller of the property for tenant improvement allowances and leasing commissions for multiple tenants. This amount is included in accrued and other liabilities. During the year ended December 31, 2020, payments totaling $0.4 million were made, leaving a remaining commitment of $0.1 million. Additionally, as of December 31, 2020, the Company is obligated to fund $1.9 million of tenant improvement and leasing commissions on new and amended leases entered into subsequent to acquisition. Lastly, in connection with the rebranding of this property, the Company has executed $0.2 million in architectural and civil engineering agreements which is committed as of December 31, 2020. ● In connection with the acquisition of the Crossroads Towne Center property in Chandler, Arizona on January 24, 2020, the Company received $1.3 million from the seller of the property for tenant improvement allowances and leasing commissions for two tenants. This amount is included in accrued and other liabilities. During the year ended December 31, 2020, payments totaling $0.8 million were made, leaving a remaining commitment of $0.5 million. The following are commitments as of December 31, 2020 pursuant to agreements executed related to the Company’s income property portfolio and undeveloped land holdings: ● During the year ended December 31, 2020, the Company approved the funding of $1.6 million in capital improvements for building automation systems at the property located in Raleigh, NC leased to Wells Fargo. Wells Fargo completed the capital improvements during the three months ended December 31, 2020 and accordingly, $1.6 million was accrued and committed as of December 31, 2020 which was funded subsequent to December 31, 2020. In addition to the $1.6 million committed as of December 31, 2020, in January 2021, the Company executed an agreement for the replacement of cooling towers in the amount of $0.9 million. ● During the year ended December 31, 2020, the Company entered into a lease amendment which includes $1.1 million of tenant improvement allowances at the property located in Daytona Beach, Florida leased to Crabby’s. Pursuant to the lease amendment, the tenant will expand their existing operations onto an adjacent piece of land currently owned by the Company, of which construction is scheduled to be completed over a one-year time period leaving a commitment of $1.1 million as of December 31, 2020. ● Subsequent to December 31, 2020, the Company entered into a lease amendment which includes tenant improvements at the property located in Falls Church, Virginia leased to 24 Hour Fitness in the amount of $0.4 million. ● In connection with the Daytona Beach Development, the Company has executed agreements for the demolition of certain existing structures, which commitments totaled $0.1 million as of December 31, 2020. OFF-BALANCE SHEET ARRANGEMENTS The Operating Agreement of the Mitigation Bank JV executed in conjunction with the mitigation bank transaction stipulates that the Company shall arrange for sales of the Mitigation Bank JV’s mitigation credits to unrelated third parties totaling no less than $6.0 million of revenue to the Mitigation Bank JV, net of commissions, by the end of 2020, utilizing the Minimum Sales Requirement. The Operating Agreement stipulates that if the Minimum Sales Requirement is not achieved, then BlackRock has the right, but is not required, to cause the Company to purchase the number of mitigation credits necessary to reach the Minimum Sales Guarantee. Subsequent to December 31, 2020, the Company has had active discussion with BlackRock regarding the Minimum Sales Guarantee. Based on those discussions, the Company currently anticipates that the Minimum Sales Guarantee payment would be paid to BlackRock in the latter half of 2021. The Company is also in discussion with BlackRock regarding the Company’s potential buyout of BlackRock’s position in the Mitigation Bank JV, the timing of which could occur in the latter half of 2021. There can be no assurances regarding the likelihood, timing, or final terms of such potential buyout. During June 2018, upon closing the Mitigation Bank JV, the Company estimated the fair value of the Minimum Sales Guarantee at $0.1 million which was recorded as a reduction in the gain on the transaction and is included in accrued and other liabilities in the Company’s consolidated balance sheet. As of December 31, 2020, the Company considers the $0.1 million reasonable as upon payment of the Minimum Sales Guarantee, the Company will obtain mitigation credits, or the right to such credits, which would be recorded as an asset at the time of payment. 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 second quarter of 2015, we received a written information request regarding such activities. We submitted a written response to the information request along with supporting documentation. During the fourth quarter of 2015, based on discussions with the agency, a penalty related to this matter was deemed probable, and accordingly the estimated penalty of $0.2 million was accrued as of December 31, 2015, for which payment was made during the quarter ended September 30, 2016. Also, during the fourth quarter of 2015, the agency advised the Company that the resolution to the inquiry would likely require the Company to incur costs associated with wetlands restoration relating to 148.4 acres of the Company’s land. At December 31, 2015, the Company’s third-party environmental engineers estimated the cost for such restoration activities to range from $1.7 million to $1.9 million. Accordingly, as of December 31, 2015, the Company accrued an obligation of $1.7 million, representing the low end of the estimated range of possible restoration costs, and included such estimated costs on the consolidated balance sheets as an increase in the basis of our land and development costs associated with those and benefitting surrounding acres. As of June 30, 2016, the final proposal from the Company’s third-party environmental engineer was received reflecting a total cost of $2.0 million. Accordingly, an increase in the accrual of $0.3 million was made during the second quarter of 2016. During the first quarter of 2019, the Company received a revised estimate for completion of the restoration work for which the adjusted final total cost was $2.4 million. Accordingly, an increase in the accrual of $0.4 million was recorded during the first quarter of 2019. The Company funded $2.4 million through December 31, 2020. On August 10, 2020, the Company transferred 13.31 federal mitigation credits to the permit related to the land that gave rise to the environmental restoration matter. The credits were transferred in anticipation of completing the steps necessary to receive the final acceptance from the federal regulatory agency. These credits had an aggregate cost basis of $0.1 million and were included in general and administrative expenses in the consolidated statements of operations during the year ended December 31, 2020. The Company received a closure letter during the first quarter of 2021 leaving no expected remaining commitment. During the first quarter of 2017, the Company completed the sale of 1,581 acres of land to Minto Communities LLC which acreage represents a portion of the Company’s remaining $0.4 million obligation. Accordingly, the Company deposited $0.4 million of cash in escrow to secure performance on the obligation. The funds in escrow can be drawn upon completion of certain milestones including completion of restoration and annual required monitoring. The first such milestone was achieved during the fourth quarter of 2017 and $0.2 million of the escrow was refunded. The second milestone related to the completion of the first-year maintenance and monitoring was achieved during the first quarter of 2019 and $0.1 million of the escrow was refunded, leaving an escrow balance of $0.2 million as of December 31, 2019. The third milestone related to the completion of the second-year maintenance and monitoring was achieved during the first quarter of 2020 and $0.1 million of the escrow was refunded, leaving an escrow balance of $0.1 million as of December 31, 2020. Additionally, resolution of the regulatory matter required the Company to apply for an additional permit pertaining to an additional 54.66 acres, which permit may require mitigation activities which the Company anticipates could be satisfied through the utilization of existing mitigation credits owned by the Company or the acquisition of mitigation credits. Resolution of this matter allowed the Company to obtain certain permits from the applicable federal or state regulatory agencies needed in connection with the closing of the land sale contract that gave rise to this matter. As of June 30, 2017, the Company determined that 36 mitigation credits were required to be utilized, which represents $0.3 million in cost basis of the Company’s mitigation credits. Accordingly, the Company transferred the mitigation credits through a charge to direct cost of revenues of real estate operations during the three months ended June 30, 2017, thereby resolving the required mitigation activities related to the 54.66 acres. |
BUSINESS SEGMENT DATA
BUSINESS SEGMENT DATA | 12 Months Ended |
Dec. 31, 2020 | |
BUSINESS SEGMENT DATA | |
BUSINESS SEGMENT DATA | NOTE 23. BUSINESS SEGMENT DATA The Company operates in four primary business segments: income properties, management services, commercial loan and master lease investments, and real estate operations. The management services segment consists of the revenue generated from managing PINE and the Land JV. The management services segment had $0.7 million and $0.4 million in assets as of December 31, 2020 and 2019, respectively. The real estate operations segment previously included land sales from the Daytona Beach land portfolio as well as revenue and expenses related to the sale of mitigation credits and subsurface operations. Upon the completion of the Land JV transaction in the fourth quarter of 2019, the real estate operations related to land sales have been classified as discontinued operations in the accompanying consolidated statements of operations for the years ended December 31, 2019 and 2018 and the real estate operations segment remaining consists of subsurface operations and mitigation credit sales. The identifiable assets and liabilities related to the discontinued real estate operations have been separately disclosed as discontinued real estate operations for the periods presented. 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 80.0% and 66.0% of our identifiable assets as of December 31, 2020 and December 31, 2019, respectively, and 88.6%, 93.4%, and 91.8% of our consolidated revenues for the years ended December 31, 2020, 2019, and 2018, respectively. Our management fee income consists of the management fees earned for the management of PINE and the Land JV. As of December 31, 2020, our commercial loan and master lease investments portfolio consisted of one commercial loan investment and two commercial properties whose leases are classified as commercial loan and master lease investments. Our continuing real estate operations primarily consist of revenues generated from leasing and royalty income from our interests in subsurface oil, gas and mineral rights, and the sale of mitigation credits. The Company evaluates performance based on profit or loss from operations before income taxes. The Company’s reportable segments are strategic business units that offer different products. They are managed separately because each segment requires different management techniques, knowledge, and skills. Information about the Company’s operations in different segments for the years ended December 31, 2020, 2019, and 2018 is as follows (in thousands): For the Year Ended December 31, 2020 December 31, 2019 December 31, 2018 Revenues: Income Properties $ 49,953 $ 41,956 $ 40,076 Management Fee Income 2,744 304 — Interest Income from Commercial Loan and Master Lease Investments 3,034 1,829 616 Real Estate Operations 650 852 2,966 Total Revenues $ 56,381 $ 44,941 $ 43,658 Operating Income (Loss): Income Properties $ 37,965 $ 34,955 $ 31,906 Management Fee Income 2,744 304 — Interest Income from Commercial Loan and Master Lease Investments 3,034 1,829 616 Real Estate Operations (2,573) 748 2,375 General and Corporate Expense (30,630) (25,615) (25,547) Impairment Charges (9,147) — — Gain on Disposition of Assets 9,746 21,978 22,035 Gain on Extinguishment of Debt 1,141 — — Total Operating Income $ 12,280 $ 34,199 $ 31,385 Depreciation and Amortization: Income Properties $ 19,036 $ 15,774 $ 15,728 Corporate and Other 27 23 34 Total Depreciation and Amortization $ 19,063 $ 15,797 $ 15,762 Capital Expenditures: Income Properties $ 188,849 $ 166,684 $ 108,997 Commercial Loan and Master Lease Investments 7,150 18,047 — Discontinued Real Estate Operations — 2,791 4,659 Discontinued Golf Operations — — 94 Corporate and Other 30 4 14 Total Capital Expenditures $ 196,029 $ 187,526 $ 113,764 Identifiable assets of each segment as of December 31, 2020 and December 31, 2019 are as follows (in thousands): As of December 31, December 31, Identifiable Assets: Income Properties $ 531,325 $ 464,285 Management Services 700 381 Commercial Loan and Master Lease Investments 38,321 35,742 Real Estate Operations 59,717 65,555 Discontinued Land Operations 833 833 Corporate and Other 35,035 136,490 Total Assets $ 665,931 $ 703,286 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 and depreciation and amortization expense. Identifiable assets by segment are those assets that are used in the Company’s operations in each segment. Real Estate Operations includes the identifiable assets of the Mitigation Bank JV and Land JV. Corporate and other assets consist primarily of cash, property, plant, and equipment related to the other operations, as well as the general and corporate operations. |
ASSETS AND LIABILITIES HELD FOR
ASSETS AND LIABILITIES HELD FOR SALE AND DISCONTINUED OPERATIONS | 12 Months Ended |
Dec. 31, 2020 | |
ASSETS AND LIABILITIES HELD FOR SALE AND DISCONTINUED OPERATIONS | |
ASSETS AND LIABILITIES HELD FOR SALE AND DISCONTINUED OPERATIONS | NOTE 24. ASSETS AND LIABILITIES HELD FOR SALE AND DISCONTINUED OPERATIONS Assets and liabilities held for sale as of December 31, 2020 and December 31, 2019 are summarized below (in thousands). As of December 31, 2020 Land JV Total Assets (Liabilities) Held for Sale Restricted Cash $ 833 $ 833 Total Assets Held for Sale $ 833 $ 833 Deferred Revenue (831) (831) Total Liabilities Held for Sale $ (831) $ (831) As of December 31, 2019 Land JV Total Assets (Liabilities) Held for Sale Restricted Cash $ 833 $ 833 Total Assets Held for Sale $ 833 $ 833 Deferred Revenue $ (831) $ (831) Total Liabilities Held for Sale $ (831) $ (831) Deferred Revenue on Land Sales. There were no discontinued operations for the year ended December 31, 2020. The following is a summary of discontinued operations for the years ended December 31, 2019 and 2018 (in thousands): Year Ended December 31, December 31, Golf Operations Revenue $ 4,097 $ 4,941 Golf Operations Direct Cost of Revenues (5,259) (5,848) Loss from Operations (1,162) (907) Impairment Charges — (1,119) Depreciation and Amortization — (373) Gain on Disposition of Assets 15 — Loss from Discontinued Operations Before Income Tax (1,147) (2,399) Income Tax Benefit 291 608 Loss from Discontinued Operations (Net of Income Tax) $ (856) $ (1,791) Land Operations Revenue $ 11,043 $ 43,031 Land Operations Direct Cost of Revenues (6,405) (10,923) Income from Operations 4,638 32,108 Gain on Disposition of Assets 127,518 — Income from Discontinued Operations Before Income Tax 132,156 32,108 Income Tax Expense (32,932) (8,138) Income from Discontinued Operations (Net of Income Tax) $ 99,224 $ 23,970 Total Income from Discontinued Operations (Net of Income Tax) $ 98,368 $ 22,179 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2020 | |
SUBSEQUENT EVENTS | |
SUBSEQUENT EVENTS | NOTE 25. SUBSEQUENT EVENTS The Company reviewed all subsequent events and transactions through March 5, 2021, the date the consolidated financial statements were issued. Merger On January 29, 2021, the Company completed the Merger (as defined within Item 1, “Business”) of CTO with and into CTO NEWCO REIT, Inc., a wholly owned subsidiary of CTO. The Merger was undertaken in connection with the Company’s plan to elect to be subject to tax as a REIT for U.S. federal income tax purposes commencing with its taxable year ended December 31, 2020. As a result of the Merger, existing shares of CTO common stock were automatically converted, on a one-for-one basis, into shares of common stock of the surviving entity (the “CTO Company”). The CTO Company is a corporation organized in the state of Maryland and has been renamed “CTO Realty Growth, Inc.” The CTO Company’s charter includes certain standard REIT provisions, including ownership limitations and transfer restrictions applicable to the Company’s capital stock. In connection with the REIT conversion and the Merger, CTO applied to list the CTO Company’s common stock on the New York Stock Exchange (the “NYSE”) under CTO’s current ticker symbol, “CTO.” This application was approved, and the CTO Company’s common stock began trading on the NYSE on February 1, 2021 under the ticker symbol “CTO.” COVID-19 Pandemic – 2021 Collections Update The Company received payments for CBR due in January and February 2021 from tenants representing 99%, individually, of the CBR due during such periods. Income Property Acquisition On March 2, 2021, the Company acquired a multi-tenant income property for a purchase price of $20.0 million. The property is located in West Jordan, Utah and is occupied by Burlington, Planet Fitness, and At Home. The property was purchased through a 1031 like-kind exchange using restricted cash generated from prior income property dispositions. Income Property Dispositions On January 20, 2021, the Company completed the sale of the property located in Brandon, Florida, formerly leased to two tenants operating as World of Beer and Fuzzy’s Taco Shop for a sales price of $2.3 million. The gain on the sale was $0.6 million, of which proceeds are expected to be a part of a 1031 like-kind exchange transaction. On February 23, 2021, the Company completed the sale of the property located in Jacksonville, Florida, formerly leased to Moe’s for a sales price of $2.5 million. The gain on the sale was $0.1 million, of which proceeds are expected to be a part of a 1031 like-kind exchange transaction. Subsurface Sales On January 28, 2021, the Company sold 25,300 acres of subsurface oil, gas and mineral rights for a sales price of $1.9 million, resulting in a gain on the sale of $1.8 million. There were no other reportable subsequent events or transactions. |
QUARTERLY FINANCIAL DATA
QUARTERLY FINANCIAL DATA | 12 Months Ended |
Dec. 31, 2020 | |
QUARTERLY FINANCIAL DATA | |
QUARTERLY FINANCIAL DATA | NOTE 26. QUARTERLY FINANCIAL DATA (UNAUDITED) (In thousands) March 31, June 30, September 30, December 31, 2020 2019 2020 2019 2020 2019 2020 2019 Revenues Income Properties $ 11,003 $ 10,724 $ 11,473 $ 10,375 $ 12,933 $ 10,261 $ 14,544 $ 10,595 Management Fee Income 702 — 695 — 682 — 664 304 Interest Income from Commercial Loan and Master Lease Investments 1,052 — 835 53 413 855 734 921 Real Estate Operations 81 235 7 261 544 214 19 143 Total Revenues 12,838 10,959 13,010 10,689 14,572 11,330 15,961 11,963 Direct Cost of Revenues Income Properties (2,113) (1,932) (2,568) (1,635) (3,593) (1,476) (3,715) (1,956) Real Estate Operations (1,524) (46) (57) (40) (1,681) (8) 40 (10) Total Direct Cost of Revenues (3,637) (1,978) (2,625) (1,675) (5,274) (1,484) (3,675) (1,966) General and Administrative Expenses (3,092) (2,502) (2,171) (2,119) (3,342) (2,261) (2,963) (2,936) Impairment Charges (1,905) — — — — — (7,242) — Depreciation and Amortization (4,552) (3,346) (5,021) (4,075) (4,762) (4,287) (4,729) (4,090) Total Operating Expenses (13,186) (7,826) (9,817) (7,869) (13,378) (8,032) (18,609) (8,992) Gain on Disposition of Assets — 6,870 7,076 11,812 290 2,187 2,381 1,108 Gain on Extinguishment of Debt 637 — 504 — — — — — Other Gains and Income 637 6,870 7,580 11,812 290 2,187 2,381 1,108 Operating Income 289 10,003 10,773 14,632 1,484 5,485 (267) 4,079 Investment and Other Income (Loss) (13,186) 39 8,470 15 (1,030) 33 (686) 258 Interest Expense (3,453) (2,923) (2,453) (3,042) (2,477) (3,254) (2,454) (3,247) Income from Continuing Operations Before Income Tax Benefit (Expense) (16,350) 7,119 16,790 11,605 (2,023) 2,264 (3,407) 1,090 Income Tax Benefit (Expense) from Continuing Operations 4,088 (1,775) (4,179) (2,941) 501 (574) 83,089 (182) Income (Loss) from Continuing Operations (12,262) 5,344 12,611 8,664 (1,522) 1,690 79,682 908 Income (Loss) from Discontinued Operations (Net of Tax) — 1,124 — 1,933 — (204) — 95,514 Net Income (Loss) $ (12,262) $ 6,468 $ 12,611 $ 10,597 $ (1,522) $ 1,486 $ 79,682 $ 96,422 Per Share Information: Basic Income (Loss) from Continuing Operations $ (2.60) $ 1.00 $ 2.71 $ 1.75 $ (0.33) $ 0.35 $ 16.60 $ 0.19 Income (Loss) from Discontinued Operations (Net of Tax) — 0.21 — 0.39 — (0.04) — 19.86 Net Income (Loss) $ (2.60) $ 1.21 $ 2.71 $ 2.14 $ (0.33) $ 0.31 $ 16.60 $ 20.05 Diluted Income (Loss) from Continuing Operations $ (2.60) $ 1.00 $ 2.71 $ 1.75 $ (0.33) $ 0.35 $ 16.60 $ 0.19 Income (Loss) from Discontinued Operations (Net of Tax) — 0.21 — 0.39 — (0.04) — 19.85 Net Income (Loss) $ (2.60) $ 1.21 $ 2.71 $ 2.14 $ (0.33) $ 0.31 $ 16.60 $ 20.04 |
SCHEDULE III REAL ESTATE AND AC
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION | 12 Months Ended |
Dec. 31, 2020 | |
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION | |
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION | SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION FOR THE YEAR ENDED DECEMBER 31, 2020 (In thousands) Costs Capitalized Initial Cost to Company Subsequent to Acquisition Description Encumbrances Land Buildings & Improvements Improvements Carrying Costs Income Properties: $ $ $ $ $ 24 Hour Fitness USA, Inc., Falls Church, VA — 7,308 11,560 — — Big Lots, Germantown, MD 3,300 1,782 2,951 7 — Big Lots, Phoenix, AZ 3,400 1,716 3,050 — — Burlington Coat Stores, Inc., North Richland Hills, TX — 3,916 7,029 — — Chuy's Restaurant & Bar, Jacksonville, FL — 5,504 — — — Crabby's Restaurant, Daytona Beach, FL — 5,836 4,249 8 — Crossroads, Phoenix, AZ — 11,731 41,956 109 — General Dynamic's Corporation, Reston, VA — 7,530 9,068 — — Fidelity Investments (affiliate of), Albuquerque, NM — 5,739 29,537 12 — Firebirds Wood Fired Grill, Jacksonville, FL — 4,203 — — — Ford Motor Credit, Tampa, FL — 3,265 20,629 — — Harris Teeter , Charlotte, NC 6,600 5,602 3,409 — — LandShark Bar & Grill, Daytona Beach, FL — 5,836 4,577 9 — Lowe's Corporation, Katy, TX 8,500 9,412 3,481 — — Moe's Southwest Grill, Jacksonville, FL — 1,862 — — — Party City Corporation, Oceanside, NY — 2,965 3,289 — — Ashford Lane, Atlanta, GA — 34,995 32,048 224 — Rite Aid Corp., Renton, WA 4,700 2,036 4,148 — — Riverside Avenue, Jacksonville, FL — 6,020 14,240 1,347 — Staples, Sarasota, FL — 2,728 1,145 — — The Strand, Jacksonville, FL — 13,886 38,833 — — Walgreens, Clermont, FL 3,500 3,022 1,269 — — Wells Fargo, Raleigh, NC 23,183 8,680 59,167 2,791 — Westcliff Shopping Center, Fort Worth, TX — 10,521 4,196 91 — World of Beer/Fuzzy's Taco Shop, Brandon, FL — 417 1,185 — — $ 53,183 $ 166,512 $ 301,016 $ 4,598 $ — Gross Amount at Which Carried at Close of Period December 31, 2020 (In thousands) Land Buildings Total Accumulated Depreciation Date of Completion of Construction Date Acquired Life Income Properties: 24 Hour Fitness USA, Inc., Falls Church, VA $ 7,308 $ 11,560 $ 18,868 $ 548 N/A 10/14/16 30 Yrs. Big Lots, Germantown, MD 1,782 2,958 4,740 543 N/A 09/13/13 40 Yrs. Big Lots, Phoenix, AZ 1,716 3,050 4,766 604 N/A 01/23/13 40 Yrs. Burlington Coat Stores, Inc., North Richland Hills, TX 3,916 7,029 10,945 402 N/A 10/28/2019 30 Yrs. Chuy's Restaurant & Bar, Jacksonville, FL 5,504 — 5,504 — N/A 10/10/18 N/A Crabby's Restaurant, Daytona Beach, FL 5,836 4,257 10,093 680 01/25/18 N/A 40 Yrs. Crossroads, Phoenix, AZ 11,731 42,065 53,796 1,339 N/A 1/24/2020 35 Yrs. General Dynamic's Corporation, Reston, VA 7,530 9,068 16,598 730 N/A 7/12/2019 35 Yrs. Fidelity Investments (affiliate of), Albuquerque, NM 5,739 29,549 35,288 2,530 N/A 10/04/18 45 Yrs. Firebirds Wood Fired Grill, Jacksonville, FL 4,203 — 4,203 — N/A 10/10/18 N/A Ford Motor Credit, Tampa, FL 3,265 20,629 23,894 312 N/A 8/21/2020 40 Yrs. Harris Teeter , Charlotte, NC 5,602 3,409 9,011 1,087 N/A 04/17/08 40 Yrs. LandShark Bar & Grill, Daytona Beach, FL 5,836 4,586 10,422 646 01/25/18 N/A 40 Yrs. Lowe's Corporation, Katy, TX 9,412 3,481 12,893 891 N/A 04/22/14 30 Yrs. Moe's Southwest Grill, Jacksonville, FL 1,862 — 1,862 — N/A 10/10/18 N/A Party City Corporation, Oceanside, NY 2,965 3,289 6,254 132 N/A 9/24/2019 35 Yrs. Ashford Lane, Atlanta, GA 34,995 32,272 67,267 979 N/A 2/21/2020 36 Yrs. Rite Aid Corp., Renton, WA 2,036 4,148 6,184 769 N/A 07/25/13 40 Yrs. Riverside Avenue, Jacksonville, FL 6,020 15,587 21,607 3,544 N/A 07/16/15 43 Yrs. Staples, Sarasota, FL 2,728 1,145 3,873 225 N/A 01/27/17 40 Yrs. The Strand, Jacksonville, FL 13,886 38,833 52,719 1,603 N/A 12/9/2019 48 Yrs. Walgreens, Clermont, FL 3,022 1,269 4,291 526 N/A 05/27/04 40 Yrs. Wells Fargo, Raleigh, NC 8,680 61,958 70,638 10,403 N/A 11/18/15 45 Yrs. Westcliff Shopping Center, Fort Worth, TX 10,521 4,287 14,808 1,641 N/A 03/01/17 10 Yrs. World of Beer/Fuzzy's Taco Shop, Brandon, FL 417 1,185 1,602 182 N/A 4/28/2017 30 Yrs. $ 166,512 $ 305,614 $ 472,126 $ 30,316 REAL ESTATE AND ACCUMULATED DEPRECIATION FOR THE YEAR ENDED DECEMBER 31, 2020 (In thousands) 2020 2019 2018 Cost: Balance at Beginning of Year $ 392,842 $ 463,704 $ 358,130 Additions and Improvements 147,359 130,005 104,044 Cost of Real Estate Sold (68,075) (200,867) (10,142) Reclassification from Land and Development Costs — — 11,672 Balance at End of Year $ 472,126 $ 392,842 $ 463,704 Accumulated Depreciation: Balance at Beginning of Year 22,552 28,733 21,879 Depreciation and Amortization 11,207 9,892 9,827 Depreciation on Real Estate Sold (3,443) (16,073) (2,973) Balance at End of Year $ 30,316 $ 22,552 $ 28,733 (1) Reconciliation to Consolidated Balance Sheet at December 31, 2020 Income Properties, Land, Buildings, and Improvements $ 472,126 472,126 (2) Cost Basis of Assets Classified as Held for Sale on Balance Sheet — Total Per Schedule $ 472,126 |
SCHEDULE IV MORTGAGE LOANS ON R
SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE | 12 Months Ended |
Dec. 31, 2020 | |
SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE | |
Schedule IV MORTGAGE LOANS ON REAL ESTATE | SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE FOR THE YEAR ENDED DECEMBER 31, 2020 There was a portfolio of one commercial loan investment and two commercial properties whose leases were classified as commercial loan and master lease investments as of December 31, 2020 (in thousands). Description Interest Rate Final Maturity Periodic Payment Prior Face Amount Carrying Amounts Principal Amount of Ground Lease Loan – 400 Josephine Street, Austin, TX N/A N/A Monthly Rent Payments $ — $ 16,250 $ 16,827 $ — Master Tenant – Hialeah Lease Loan – Hialeah, FL N/A N/A Monthly Rent Payments — 21,085 21,101 — Mortgage Note – 4311 Maple Avenue, Dallas, TX 7.50% April 2023 Principal payable — 400 392 — Totals $ — $ 37,735 $ 38,320 $ — The following represents the activity within the Company’s commercial loan and master lease investments segment for the years ended December 31, 2020, 2019, and 2018 (in thousands): 2020 2019 2018 Balance at Beginning of Year $ 34,625 $ — $ 11,926 Additions During the Year: New Mortgage Loans 28,360 34,570 — Collection of Origination Fees (125) — — Accretion of Origination Fees (1) 161 (139) 35 Imputed Interest Over Rent Payments on Ground Lease Loan 399 194 — Deductions During the Year: Collection of Principal (23,132) — (11,961) Impairment / CECL Reserve (1,968) — — Balance at End of Year $ 38,320 $ 34,625 $ — (1) Non-cash accretion of loan origination fees |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Principles of Consolidation | PRINCIPLES OF CONSOLIDATION The consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries, and other entities in which we have a controlling interest. Any real estate entities or properties included in the consolidated financial statements have been consolidated only for the periods that such entities or properties were owned or under control by us. All inter-company balances and transactions have been eliminated in the consolidated financial statements. The Company has retained interests in the Land JV and the Mitigation Bank JV, as well as an equity investment in PINE. The Company has concluded that these entities are variable interest entities of which the Company is not the primary beneficiary and as a result, these entities are not consolidated. |
Segment Reporting | SEGMENT REPORTING ASC Topic 280, Segment Reporting, establishes standards related to the manner in which enterprises report operating segment information. The Company operates in four primary business segments including income properties, management services, commercial loan and master lease investments, and real estate operations, as further discussed within Note 23, “Business Segment Data”. The Company has no other reportable segments. The Company’s chief executive officer, who is the chief operating decision maker, reviews financial information on an aggregate basis for purposes of allocating and evaluating financial performance. |
Use of Estimates in Preparation of Financial Statements | USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Among other factors, fluctuating market conditions that can exist in the national real estate markets and the volatility and uncertainty in the financial and credit markets make it possible that the estimates and assumptions, most notably those related to the Company’s investment in income properties, could change materially due to continued volatility in the real estate and financial markets, or as a result of a significant dislocation in those markets. |
Recently Issued Accounting Standards | RECENTLY ISSUED ACCOUNTING STANDARDS Cessation of LIBOR. rates that are more observable or transaction based and less susceptible to manipulation. The amendments in ASU 2021-01 are effective immediately and clarify that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The Company believes it’s interest rate swaps, hereinafter described in Note 17, “Interest Rate Swaps”, meet the scope of Topic 848-10-15-3A and therefore, Company will be able to continue to apply a perfectly effective assessment method for each interest rate swap by electing the corresponding optional expedient for subsequent assessments. Debt with Conversion and Other Options. Lease Modifications. ASC Topic 326, Financial Instruments-Credit Losses Financial Instruments-Credit Losses |
Reclassifications | RECLASSIFICATIONS Certain items in the prior period’s consolidated statements of operations have been reclassified to conform to the presentation as of and for the year ended December 31, 2019. Specifically, in the fourth quarter of 2019, the Company completed the sale of its remaining land holdings through the Land JV transaction. Accordingly, the results of the real estate operations related to land sales have been classified as discontinued operations in the accompanying consolidated statements of operations for the years ended December 31, 2019 and 2018. Additionally, the identifiable assets and liabilities related to the discontinued real estate operations were reclassified as assets and liabilities held for sale as of December 31, 2019. |
Cash and Cash Equivalents | CASH AND CASH EQUIVALENTS Cash and cash equivalents includes cash on hand, bank demand accounts, and money market accounts having original maturities of 90 days or less. The Company’s bank balances as of December 31, 2020 include certain amounts over the Federal Deposit Insurance Corporation limits. |
Restricted Cash | RESTRICTED CASH Restricted cash totaled $29.5 million at December 31, 2020, which is comprised of the following: ● $26.7 million is being held in separate escrow accounts to be reinvested through the like-kind exchange structure into other income properties; ● $2.1 million is being held in a general tenant improvement reserve account with Wells Fargo Bank, NA (“Wells Fargo”) in connection with our financing of the property located in Raleigh, NC leased to Wells Fargo (“Wells Fargo Raleigh”); ● $0.5 million is being held in a capital replacement reserve account in connection with our financing of six income properties secured by Wells Fargo; ● $0.1 million is being held in an escrow account in connection with the sale of the Company’s ground lease located in Daytona Beach, FL; and ● $0.1 million is being held in an escrow account related to a separate land transaction which closed in February 2017. |
Investment Securities | INVESTMENT SECURITIES In accordance with FASB ASC Topic 320, Investments – Debt and Equity Securities The cost of Investment Securities sold, if any, is based on the specific identification method. Interest and dividends on Investment Securities are included in investment income in the consolidated statements of operations. |
Derivative Financial Instruments and Hedging Activity | DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITY Interest Rate Swaps. Effective March 31, 2020, in conjunction with the variable-rate Credit Facility (hereinafter defined in Note 16, “Long-Term Debt”), the Company entered into an interest rate swap to fix the interest rate on $100.0 million of the outstanding Credit Facility balance (the “Credit Facility $100.0 Million Interest Rate Swap”). Effective August 31, 2020, the Company entered into a separate interest rate swap to fix the interest rate on an additional $50.0 million of the outstanding Credit Facility balance (the “Credit Facility $50.0 Million Interest Rate Swap”). The Company accounts for its cash flow hedging derivatives in accordance with FASB ASC Topic 815-20, Derivatives and Hedging The Company documented the relationship between the hedging instruments and the hedged item, as well as its risk-management objective and strategy for undertaking the hedge transactions. At the hedges’ inception, the Company formally assessed whether the derivatives that are used in hedging the transactions are highly effective in offsetting changes in cash flows of the hedged items, and we will continue to do so on an ongoing basis. As the terms of the Wells Interest Rate Swap, Credit Facility $100.0 Million Interest Rate Swap, and Credit Facility $50.0 Million Interest Rate Swap, and the associated debts are identical, both hedging instruments qualify for the shortcut method, therefore, it is assumed that there is no hedge ineffectiveness throughout the entire term of the hedging instruments. Changes in fair value of the hedging instruments that are highly effective and designated and qualified as cash-flow hedges are recorded in other comprehensive income and loss, until earnings are affected by the variability in cash flows of the designated hedged items. |
Fair Value of Financial Instruments | FAIR VALUE OF FINANCIAL INSTRUMENTS The carrying amounts of the Company’s financial assets and liabilities including cash and cash equivalents, restricted cash, accounts receivable, accounts payable, and accrued and other liabilities at December 31, 2020 and 2019, approximate fair value because of the short maturity of these instruments. The carrying value of the Company’s Credit Facility as of December 31, 2020 and 2019, as defined in Note 16, “Long-Term Debt,” approximates current market rates for revolving credit arrangements with similar risks and maturities. The face value of the Company’s fixed rate commercial loan and master lease investments held as of December 31, 2020 and 2019 and the mortgage notes and convertible debt held as of December 31, 2020 and 2019 are measured at fair value based on current market rates for financial instruments with similar risks and maturities. See Note 10, “Fair Value of Financial Instruments.” |
Fair Value Measurements | FAIR VALUE MEASUREMENTS The Company’s estimates of fair value of financial and non-financial assets and liabilities is based on the framework established by U.S. GAAP. The framework specifies a hierarchy of valuation inputs which was established to increase consistency, clarity and comparability in fair value measurements and related disclosures. U.S. GAAP describes a fair value hierarchy based upon three levels of inputs that may be used to measure fair value, two of which are considered observable and one that is considered unobservable. The following describes the three levels: ● Level 1 – Valuation is based upon quoted prices in active markets for identical assets or liabilities. ● Level 2 – Valuation is based upon inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. ● Level 3 – Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include option pricing models, discounted cash flow models and similar techniques. |
Recognition Of Interest Income From Commercial Loan And Master Lease Investments | RECOGNITION OF INTEREST INCOME FROM COMMERCIAL LOAN AND MASTER LEASE INVESTMENTS Interest income on commercial loan and master lease investments includes interest payments made by the borrower and the accretion of purchase discounts and loan origination fees, offset by the amortization of loan costs. Interest payments are accrued based on the actual coupon rate and the outstanding principal balance and purchase discounts and loan origination fees are accreted into income using the effective yield method, adjusted for prepayments. |
Mitigation Credits | MITIGATION CREDITS Mitigation credits are stated at historical cost. 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. |
Accounts Receivable | ACCOUNTS RECEIVABLE Accounts receivable related to income properties, which are classified in other assets on the consolidated balance sheets, primarily consist of accrued tenant reimbursable expenses and other tenant receivables. Receivables related to income property tenants totaled $2.3 million and $0.5 million as of December 31, 2020 and December 31, 2019, respectively. The increase of $1.8 million is primarily attributable to an increase in accrued receivables for variable lease payments including common area maintenance, insurance, real estate taxes and other operating expenses due largely to the significant multi-tenant acquisitions during the fourth quarter of 2019 and the first quarter of 2020. Accounts receivable related to real estate operations, which are classified in other assets on the consolidated balance sheets, totaled $1.3 million and $1.6 million as December 31, 2020 and 2019, respectively. The accounts receivable as of December 31, 2020 and 2019 are primarily related to the reimbursement of certain infrastructure costs completed by the Company in conjunction with two land sale transactions that closed during the fourth quarter of 2015 as more fully described in Note 13, “Other Assets.” Trade accounts receivable primarily consists of receivables related to golf operations, which were classified in assets held for sale on the consolidated balance sheets as of December 31, 2018 and thereafter until the sale of the golf operations during the fourth quarter of 2019. As of December 31, 2020, $0.5 million is due from the buyer of the golf operations for the rounds surcharge the Company paid to the City of Daytona Beach. The collectability of the aforementioned receivables shall be considered and adjusted through an allowance for credit losses pursuant to ASC 326, Financial Instruments-Credit Losses |
Purchase Accounting for Acquisitions of Real Estate Subject to a Lease | PURCHASE ACCOUNTING FOR ACQUISITIONS OF REAL ESTATE SUBJECT TO A LEASE Investments in real estate are carried at cost less accumulated depreciation and impairment losses, if any. The cost of investments in real estate reflects their purchase price or development cost. We evaluate each acquisition transaction to determine whether the acquired asset meets the definition of a business. Under ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business In accordance with FASB guidance, the fair value of the real estate acquired with in-place leases is allocated to the acquired tangible assets, consisting of land, building and tenant improvements, and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases, the value of in-place leases, and the value of leasing costs, based in each case on their relative fair values. In allocating the fair value of the identified intangible assets and liabilities of an acquired property, above-market and below-market in-place lease values are recorded as other assets or liabilities based on the present value. The capitalized above-market lease values are amortized as a reduction of rental income over the remaining terms of the respective leases. The capitalized below-market lease values are amortized as an increase to rental income over the initial term unless the management believes that it is likely that the tenant will renew the lease upon expiration, in which case the Company amortizes the value attributable to the renewal over the renewal period. The value of in-place leases and leasing costs are amortized to expense over the remaining non-cancelable periods of the respective leases. If a lease were to be terminated prior to its stated expiration, all unamortized amounts relating to that lease would be written off. |
Land and Development Costs | LAND AND DEVELOPMENT COSTS The carrying value of land and development costs includes the initial acquisition costs of land and improvements thereto. Subsurface Interests (hereinafter defined) are also included in land and development costs. These costs are allocated to properties on a relative sales value basis and are charged to costs of sales as specific properties are sold. Due to the nature of the business, land and development costs have been classified as an operating activity on the consolidated statements of cash flows. |
Sales of Real Estate | SALES OF REAL ESTATE Gains and losses on sales of real estate are accounted for as required by FASB ASC Topic 606, Revenue from Contracts with Customers |
Property, Plant, and Equipment | PROPERTY, PLANT, AND EQUIPMENT Property, plant, and equipment are stated at cost, less accumulated depreciation and amortization. Such properties are depreciated on a straight-line basis over their estimated useful lives. Renewals and betterments are capitalized to property accounts. The cost of maintenance and repairs is expensed as incurred. The cost of property retired or otherwise disposed of, and the related accumulated depreciation or amortization, are removed from the accounts, and any resulting gain or loss is recorded in the consolidated statement of operations. The amount of depreciation of property, plant, and equipment, exclusive of amortization related to intangible assets, recognized for the years ended December 31, 2020, 2019, and 2018, was $11.3 million, $9.9 million, and $10.3 million, respectively. No interest was capitalized during the years ended December 31, 2020, 2019, or 2018. The range of estimated useful lives for property, plant, and equipment is as follows: Income Properties Buildings and Improvements 3 48 Years Other Furnishings and Equipment 3 20 Years |
Long-Lived Assets | LONG-LIVED ASSETS The Company follows FASB ASC Topic 360-10, Property, Plant, and Equipment |
Income Property Leases | INCOME PROPERTY LEASES The rental of the Company’s income properties are classified as operating leases. The Company recognizes lease income on these properties on a straight-line basis over the term of the lease. The periodic difference between lease income recognized under this method and contractual lease payment terms (i.e., straight-line rent) is recorded as a deferred operating lease receivable and is included in straight-line rent adjustment on the accompanying consolidated balance sheets. The Company’s leases provide for reimbursement from tenants for variable lease payments including common area maintenance, insurance, real estate taxes and other operating expenses. A portion of our variable lease payment revenue is estimated each period and is recognized as rental income in the period the recoverable costs are incurred and accrued. |
Operating Lease Expense | OPERATING LEASE EXPENSE The Company leases property and equipment, which are classified as operating leases. The Company recognizes lease expense on a straight-line basis over the term of the lease. |
Golf Operations | GOLF OPERATIONS The Company previously owned the LPGA International Golf Club (the “Club”), which consists of two 18-hole golf courses and a 3-hole practice facility, a clubhouse facility, including food and beverage operations, and a fitness center. Revenues from this operation, including greens fees, cart rentals, merchandise, and food and beverage sales, were recognized at the time of sale pursuant to FASB ASC Topic 606, Revenue from Contracts with Customers Revenue from Contracts with Customers |
Other Real Estate Interests | OTHER REAL ESTATE INTERESTS From time to time, the Company will release surface entry rights related to subsurface acres owned by the Company upon request of the surface owner. The Company recognizes revenue from the release at the time the transaction is consummated, unless the right is released under a deferred payment plan and the initial payment does not meet the criteria established under FASB ASC Topic 606, Revenue from Contracts with Customers |
Stock-Based Compensation | STOCK-BASED COMPENSATION At the Annual Meeting of Stockholders of the Company held on April 28, 2010, the Company’s stockholders approved the Consolidated-Tomoka Land Co. 2010 Equity Incentive Plan (the “Original 2010 Plan”). At the Annual Meeting of Stockholders of the Company held on April 24, 2013, the Company’s stockholders approved an amendment and restatement of the entire Original 2010 Plan, which among other things, incorporated claw back provisions and clarified language regarding the shares available subsequent to forfeiture of any awards of restricted shares. At the Annual Meeting of Stockholders of the Company held on April 23, 2014, the Company’s stockholders approved an amendment to the Original 2010 Plan increasing the number of shares authorized for issuance by 240,000 shares, bringing the total number of shares authorized for issuance to 454,000. At the Annual Meeting of Stockholders of the Company held on April 25, 2018, the Company’s stockholders approved the Second Amended and Restated 2010 Equity Incentive Plan (the “2010 Plan”) which, among other things, increased the number of shares available thereunder to 720,000. At the Annual Meeting of Stockholders of the Company held on April 29, 2020, the Company’s stockholders approved an amendment to the 2010 Plan increasing the number of shares authorized for issuance by 175,000 shares, bringing the total number of shares authorized for issuance to 895,000. Awards under the 2010 Plan may be in the form of stock options, stock appreciation rights, restricted shares, restricted share units, performance shares, and performance units. Employees of the Company and its subsidiaries and non-employee directors may be selected by the Compensation Committee to receive awards under the 2010 Plan. The maximum number of shares of which stock awards may be granted under the 2010 Plan is 895,000 shares. No participant may receive awards during any one calendar year representing more than 50,000 shares of common stock. In no event will the number of shares of common stock issued under the plan upon the exercise of incentive stock options exceed 895,000 shares. These limits are subject to adjustments by the Compensation Committee as provided in the 2010 Plan for stock splits, stock dividends, recapitalizations, and other similar transactions or events. The 2010 Plan currently provides that it will expire on the tenth Share-Based Payments 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 expected term of the awards, annual dividends, and a risk-free interest rate assumption. Compensation cost is recognized over the vesting period. The Company used a Monte Carlo simulation pricing model to determine the fair value and vesting period of the restricted share awards subject to market conditions. The determination of the fair value of market condition-based awards is affected by the stock price as well as assumptions regarding a number of other variables. These variables include expected stock price volatility over the requisite performance term of awards, the performance of the Company’s stock price, annual dividends, and a risk-free interest rate assumptions. Compensation cost is recognized regardless of the achievement of the market conditions, provided the requisite service period is met. |
Income Taxes | INCOME TAXES The Company has elected to be taxed as a REIT for U.S. federal income tax purposes under the Code commencing with its taxable year ended on December 31, 2020. The Company believes that, commencing with such taxable year, it has been organized and has operated in such a manner as to qualify for taxation as a REIT under the U.S. federal income tax laws. The Company intends to continue to operate in such a manner. As a REIT, the Company will be subject to U.S. federal and state income taxation at corporate rates on its net taxable income; the Company, however, may claim a deduction for the amount of dividends paid to its stockholders. Amounts distributed as dividends by the Company will be subject to taxation at the stockholder level only. While the Company must distribute at least 90% of its REIT taxable income, determined without regard to the dividends paid deduction and excluding any net capital gain, to qualify as a REIT, the Company intends to distribute all of its net taxable income. The Company is allowed certain other non-cash deductions or adjustments, such as depreciation expense, when computing its REIT taxable income and distribution requirement. These deductions permit the Company to reduce its dividend payout requirement under U.S. federal income tax laws. Certain states may impose minimum franchise taxes. To comply with certain REIT requirements, we hold certain of our non-REIT assets and operations through taxable REIT subsidiaries (“TRSs”) and subsidiaries of TRSs, which will be subject to applicable U.S. federal, state and local corporate income tax on their taxable income. For the periods presented, the Company held a total of five TRSs subject to taxation. The Company’s TRSs will file separately as C-Corporations for the taxable year ended December 31, 2020. The Company uses the asset and liability method to account for income taxes. Deferred income taxes result primarily from the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes (see Note 21, “Income Taxes”). In June 2006, the FASB issued additional guidance, which clarifies the accounting for uncertainty in income taxes recognized in a company’s financial statements included in income taxes. The interpretation prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The interpretation also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, and disclosure and transition. In accordance with FASB guidance included in income taxes, the Company has analyzed its various federal and state filing positions and believes that its income tax filing positions and deductions are well documented and supported. Additionally, the Company believes that its accruals for tax liabilities are adequate. Therefore, no reserves for uncertain income tax positions have been recorded pursuant to the FASB guidance. |
Earnings Per Common Share | EARNINGS PER COMMON SHARE Basic earnings per common share is computed by dividing net income for the period by the weighted average number of shares outstanding for the period. Diluted earnings per common share are based on the assumption of the conversion of stock options using the treasury stock method at average cost for the year, see Note 14, “Common Stock and Earnings Per Share.” |
Concentration of Credit Risk | CONCENTRATION OF CREDIT RISK Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents. The Company also has certain tenants within our income property portfolio that make up more than 10% of our geographic concentration and/or revenues, as described below: ● Square Footage Concentrations. As of December 31, 2020, a total of 11% , 12% , 17% , 20% , and 26% of the Company’s income property portfolio, based on square footage, were located in the state of Georgia, Arizona, Texas, North Carolina, and Florida, respectively. As of December 31, 2019, a total of 12% , 21% , 24% , and 28% of the Company’s income property portfolio, based on square footage, were located in the state of New Mexico, Texas, Florida, and North Carolina, respectively. Additionally, as of December 31, 2019, all of the Company’s land holdings, golf operations, and agriculture operations, were located in the state of Florida. ● Tenant Concentrations. We had one tenant, Wells Fargo, located in Raleigh, North Carolina, that accounted for 10.9% , 12.5% , and 13.5% of our total revenue during the year ended December 31, 2020, 2019 and 2018, respectively. This property also represented 18.1% of the total square footage of our income property portfolio as of December 31, 2020. ● Base Rent Concentrations. A total of 11% , 13% , 15% , and 26% of our base rent revenue during the year ended December 31, 2020 was generated from tenants located in Georgia, Arizona, North Carolina, and Florida, respectively. Additionally, more than 20% of our base rent revenue during the year ended December 31, 2020 was generated from tenants in the financial services industry including Wells Fargo, Fidelity Investments, Bank of America, and JP Morgan Chase. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Schedule of estimated useful lives for property, plant, and equipment | Income Properties Buildings and Improvements 3 48 Years Other Furnishings and Equipment 3 20 Years |
REVENUE RECOGNITION (Tables)
REVENUE RECOGNITION (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
REVENUE RECOGNITION | |
Summary of revenue by segment, major good and/or service, and the related timing of revenue recognition | The following table summarizes the Company’s revenue from continuing operations by segment, major good and/or service, and the related timing of revenue recognition for the year ended December 31, 2020 (in thousands): Income Properties Management Services Commercial Loan and Master Lease Investments Real Estate Operations Total Revenues Major Good / Service: Lease Revenue - Base Rent $ 37,826 $ — $ — $ — $ 37,826 Lease Revenue - CAM 3,154 — — — 3,154 Lease Revenue - Reimbursements 6,182 — — — 6,182 Lease Revenue - Billboards 231 — — — 231 Above / Below Market Lease Accretion 1,754 — — — 1,754 Contributed Leased Assets Accretion 245 — — — 245 Management Services — 2,744 — — 2,744 Commercial Loan and Master Lease Investments — — 3,034 — 3,034 Mitigation Credit Sales — — — 6 6 Subsurface Revenue - Other — — — 638 638 Fill Dirt and Other Revenue — — — 6 6 Interest and Other Revenue 561 — — — 561 Total Revenues $ 49,953 $ 2,744 $ 3,034 $ 650 $ 56,381 Timing of Revenue Recognition: Asset/Good Transferred at a Point in Time $ — $ — $ — $ 6 $ 6 Services Transferred Over Time 561 2,744 — 644 3,949 Over Lease Term 49,392 — — — 49,392 Commercial Loan and Master Lease Investments Related Revenue — — 3,034 — 3,034 Total Revenues $ 49,953 $ 2,744 $ 3,034 $ 650 $ 56,381 The following table summarizes the Company’s revenue from continuing operations by segment, major good and/or service, and the related timing of revenue recognition for the year ended December 31, 2019 (in thousands): Income Properties Management Services Commercial Loan and Master Lease Investments Real Estate Operations Total Revenues Major Good / Service: Lease Revenue - Base Rent $ 35,108 $ — $ — $ — $ 35,108 Lease Revenue - CAM 1,422 — — — 1,422 Lease Revenue - Reimbursements 2,759 — — — 2,759 Lease Revenue - Billboards 243 — — — 243 Above / Below Market Lease Accretion 2,383 — — — 2,383 Contributed Leased Assets Accretion 217 — — — 217 Lease Incentive Amortization (277) — — — (277) Management Services — 304 — — 304 Commercial Loan and Master Lease Investments — — 1,829 — 1,829 Subsurface Lease Revenue — — — 598 598 Subsurface Revenue - Other — — — 150 150 Fill Dirt and Other Revenue — — — 104 104 Interest and Other Revenue 101 — — — 101 Total Revenues $ 41,956 $ 304 $ 1,829 $ 852 $ 44,941 Timing of Revenue Recognition: Asset/Good Transferred at a Point in Time $ — $ — $ — $ 254 $ 254 Services Transferred Over Time 101 304 — — 405 Over Lease Term 41,855 — — 598 42,453 Commercial Loan and Master Lease Investments Related Revenue — — 1,829 — 1,829 Total Revenues $ 41,956 $ 304 $ 1,829 $ 852 $ 44,941 The following table summarizes the Company’s revenue from continuing operations by segment, major good and/or service, and the related timing of revenue recognition for the year ended December 31, 2018 (in thousands): Income Properties Commercial Loan and Master Lease Investments Real Estate Operations Total Revenues Major Good / Service: Lease Revenue - Base Rent $ 31,587 $ — $ — $ 31,587 Lease Revenue - CAM 2,905 — — 2,905 Lease Revenue - Reimbursements 2,934 — — 2,934 Lease Revenue - Billboards 250 — — 250 Above / Below Market Lease Accretion 2,339 — — 2,339 Contributed Leased Assets Accretion 218 — — 218 Lease Incentive Amortization (302) — — (302) Commercial Loan and Master Lease Investments — 616 — 616 Impact Fee and Mitigation Credit Sales — — 1,338 1,338 Subsurface Lease Revenue — — 957 957 Subsurface Revenue - Other — — 668 668 Fill Dirt and Other Revenue — — 3 3 Interest and Other Revenue 145 — — 145 Total Revenues $ 40,076 $ 616 $ 2,966 $ 43,658 Timing of Revenue Recognition: Asset/Good Transferred at a Point in Time $ — $ — $ 2,009 $ 2,009 Services Transferred Over Time 145 — — 145 Over Lease Term 39,931 — 957 40,888 Commercial Loan and Master Lease Investments Related Revenue — 616 — 616 Total Revenues $ 40,076 $ 616 $ 2,966 $ 43,658 |
INCOME PROPERTIES (Tables)
INCOME PROPERTIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Schedule of components of leasing revenue | Year Ended December 31, 2020 2019 2018 Leasing Revenue Lease Payments $ 39,825 $ 37,431 $ 33,842 Variable Lease Payments 10,128 4,525 6,234 Total Leasing Revenue $ 49,953 $ 41,956 $ 40,076 |
Schedule of minimum future base rental revenue on non-cancelable leases | Minimum future base rental revenue on non-cancelable leases subsequent to December 31, 2020, for the next five years ended December 31 are summarized as follows (in thousands): Year Ending December 31, Amounts 2021 $ 38,395 2022 37,053 2023 34,622 2024 31,476 2025 30,742 2026 and thereafter (cumulative) 376,917 Total $ 549,205 |
Schedule of properties disposed | As of December 31, 2020 Land JV Total Assets (Liabilities) Held for Sale Restricted Cash $ 833 $ 833 Total Assets Held for Sale $ 833 $ 833 Deferred Revenue (831) (831) Total Liabilities Held for Sale $ (831) $ (831) As of December 31, 2019 Land JV Total Assets (Liabilities) Held for Sale Restricted Cash $ 833 $ 833 Total Assets Held for Sale $ 833 $ 833 Deferred Revenue $ (831) $ (831) Total Liabilities Held for Sale $ (831) $ (831) |
2020 acquisitions of income property subject to lease | |
Schedule of properties acquired | Tenant Description Tenant Type Property Location Date of Acquisition Property Square-Feet Purchase Price Percentage Leased at Acquisition Remaining Lease Term at Acquisition Date (in years) Crossroads Towne Center Multi-Tenant Chandler, AZ 01/24/20 254,109 $ 61,800 99% 5.0 Ashford Lane Multi-Tenant Atlanta, GA 02/21/20 268,572 75,435 80% 3.6 Ford Motor Credit Single-Tenant Tampa, FL 08/21/20 120,500 26,900 100% 5.6 Master Tenant - Hialeah (1) Single-Tenant Hialeah, FL 09/25/20 108,029 21,000 100% 25.0 Total / Weighted Average 751,210 $ 185,135 6.5 (1) The lease with the Master Tenant – Hialeah (“Master Tenant – Hialeah Lease”) includes three tenant repurchase options. Pursuant to FASB ASC Topic 842, Leases , the $21.0 million investment has been recorded in the accompanying consolidated balance sheet as of December 31, 2020 as a commercial loan and master lease investment. |
Disposal Group, Disposed of by Sale, Not Discontinued Operations | |
Schedule of properties disposed | Tenant Description Tenant Type Date of Disposition Sales Price Gain (Loss) on Sale EPS, After Tax CVS, Dallas, TX Single-Tenant 04/24/20 $ 15,222 $ 854 $ 0.14 Wawa, Daytona Beach, FL Single-Tenant 04/29/20 6,002 1,769 0.29 JPMorgan Chase Bank, Jacksonville, FL Single-Tenant 06/18/20 6,715 959 0.15 7-Eleven, Dallas, TX Multi-Tenant 06/26/20 2,400 (46) (0.01) Bank of America, Monterey, CA Single-Tenant 06/29/20 9,000 3,892 0.63 Wawa, Jacksonville, FL Single-Tenant 07/23/20 7,143 246 0.04 Carrabbas, Austin, TX Single-Tenant 08/05/20 2,555 (84) (0.01) PDQ, Jacksonville, FL Single-Tenant 09/08/20 2,540 128 0.02 Macaroni Grill, Arlington, TX Single-Tenant 10/13/20 2,500 68 0.01 Aspen Development, Aspen, CO Single-Tenant 12/21/20 28,500 501 0.11 Outback, Austin, TX Single-Tenant 12/23/20 3,402 222 0.07 Total / Weighted Average $ 85,979 $ 8,509 $ 1.44 |
COMMERCIAL LOAN AND MASTER LE_2
COMMERCIAL LOAN AND MASTER LEASE INVESTMENTS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
COMMERCIAL LOAN AND MASTER LEASE INVESTMENTS | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | The Company’s commercial loan and master lease investments were comprised of the following at December 31, 2020 (in thousands): Description Date of Investment Maturity Date Original Face Amount Current Face Amount Carrying Value Coupon Rate Ground Lease Loan – 400 Josephine Street, Austin, TX July 2019 N/A $ 16,250 $ 16,250 $ 16,827 N/A Master Tenant – Hialeah Lease Loan – Hialeah, FL September 2020 N/A 21,085 21,085 21,101 N/A Mortgage Note – 4311 Maple Avenue – Dallas, TX October 2020 April 2023 400 400 392 7.50% $ 37,735 $ 37,735 $ 38,320 The Company’s commercial loan and master lease investments were comprised of the following at December 31, 2019 (in thousands): Description Date of Investment Maturity Date Original Face Amount Current Face Amount Carrying Value Coupon Rate First Mortgage – 72-Acre Land Parcel, Orlando, FL June 2019 June 2020 $ 8,000 $ 8,000 $ 7,928 12.00% Mortgage Note – 400 Josephine Street, Austin, TX July 2019 July 2020 8,250 8,250 8,208 11.50% Ground Lease Loan – 400 Josephine Street, Austin, TX July 2019 N/A 16,250 16,250 16,444 N/A LPGA Buyer Loan – Daytona Beach, FL Oct 2019 Oct 2020 2,070 2,070 2,045 7.50% $ 34,570 $ 34,570 $ 34,625 The carrying value of the commercial loan and master lease investment portfolio at December 31, 2020 and 2019 consisted of the following (in thousands): December 31, 2020 2019 Current Face Amount $ 37,735 $ 34,570 Imputed Interest over Rent Payments Received 593 194 Unaccreted Origination Fees (4) (139) Impairment / CECL Reserve (4) — Total Commercial Loan and Master Lease Investments $ 38,320 $ 34,625 |
RELATED PARTY MANAGEMENT SERV_2
RELATED PARTY MANAGEMENT SERVICES BUSINESS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Pine | |
Real Estate [Line Items] | |
Schedule of amounts due from PINE | The following table represents amounts due from PINE to the Company as of December 31, 2020 and December 31, 2019 which are included in other assets on the consolidated balance sheets (in thousands): As of Description December 31, 2020 December 31, 2019 Management Services Fee due from PINE $ 631 $ 254 Dividend Receivable — 71 Other 35 56 Total $ 666 $ 381 |
REAL ESTATE OPERATIONS (Tables)
REAL ESTATE OPERATIONS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
REAL ESTATE OPERATIONS | |
Summary of land and development costs | Land and development costs at December 31, 2020 and 2019 were as follows (in thousands): December 31, 2020 2019 Land and Development Costs $ 6,377 $ 6,069 Subsurface Interests 706 663 Total Land and Development Costs $ 7,083 $ 6,732 |
Schedule of components of real estate operations revenue | Revenue from continuing real estate operations consisted of the following for the years ended December 31, 2020, 2019, and 2018 (in thousands): December 31, Revenue Description 2020 2019 2018 Impact Fee and Mitigation Credit Sales $ 6 $ — $ 1,338 Subsurface Revenue 638 748 1,625 Fill Dirt and Other Revenue 6 104 3 Total Real Estate Operations Revenue $ 650 $ 852 $ 2,966 Revenue from discontinued real estate operations consisted of the following for the years ended December 31, 2020, 2019 and 2018 (in thousands): Revenue Description December 31, 2019 December 31, 2018 Land Sales Revenue $ 10,975 $ 41,452 Revenue from Reimbursement of Infrastructure Costs — 1,556 Agriculture 68 23 Total Real Estate Operations Revenue $ 11,043 $ 43,031 |
INVESTMENT IN JOINT VENTURES (T
INVESTMENT IN JOINT VENTURES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Land JV | |
Summarized financial information of the Company's JV Investment | The Company’s investment in joint ventures were as follows as of December 31, 2020 and December 31, 2019 (in thousands): As of December 31, 2020 December 31, 2019 Land JV $ 41,765 $ 48,865 Mitigation Bank JV 6,912 6,872 Total Investment in Joint Ventures $ 48,677 $ 55,737 The following table provides summarized financial information of the Land JV as of December 31, 2020 and December 31, 2019 (in thousands): As of December 31, 2020 December 31, 2019 Assets, Cash and Cash Equivalents $ 802 $ 15,066 Assets, Prepaid Expenses 117 61 Assets, Investment in Land Assets 5,658 17,058 Total Assets $ 6,577 $ 32,185 Liabilities, Accounts Payable, Accrued Expenses, Deferred Revenue $ 228 $ 987 Equity $ 6,349 $ 31,198 Total Liabilities & Equity $ 6,577 $ 32,185 The following table provides summarized financial information of the Land JV for the years ended December 31, 2020 and 2019 (in thousands). There was no activity for the year ended December 31, 2018. Year Ended December 31, 2020 December 31, 2019 Revenues $ 65,446 $ 14,635 Direct Cost of Revenues (13,012) (1,268) Operating Income $ 52,434 $ 13,367 Other Operating Expenses (462) (90) Net Income $ 51,972 $ 13,277 |
Mitigation Bank | |
Summarized financial information of the Company's JV Investment | The following tables provide summarized financial information of the Mitigation Bank JV as of December 31, 2020 and 2019 (in thousands): As of December 31, 2020 December 31, 2019 Assets, Cash and Cash Equivalents $ 1,890 $ 4,015 Assets, Prepaid Expenses 20 19 Assets, Investment in Mitigation Credit Assets 1,409 1,521 Assets, Property, Plant, and Equipment—Net 14 17 Total Assets $ 3,333 $ 5,572 Liabilities, Accounts Payable, Accrued Liabilities, Deferred Mitigation Credit Sale Revenue $ 17 $ 39 Equity $ 3,316 $ 5,533 Total Liabilities & Equity $ 3,333 $ 5,572 The following table provides summarized financial information of the Mitigation Bank JV for the years ended December 31, 2020, 2019 and 2018 (in thousands). Year Ended December 31, 2020 December 31, 2019 December 31, 2018 Revenues $ 4,109 $ 1,922 $ — Direct Cost of Revenues (167) (76) — Operating Income $ 3,942 $ 1,846 $ — Other Operating Expenses (175) (197) (117) Net Income $ 3,767 $ 1,649 $ (117) |
INVESTMENT SECURITIES (Tables)
INVESTMENT SECURITIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
INVESTMENT SECURITIES | |
Schedule of marketable securities | The Company’s available-for-sale securities as of December 31, 2020 and December 31, 2019 are summarized below (in thousands): As of December 31, 2020 Cost Unrealized Gains in Unrealized Losses in Estimated Common Stock $ 15,500 $ — $ (3,271) $ 12,229 Operating Units 23,253 — (4,908) 18,345 Total Equity Securities 38,753 — (8,179) 30,574 Total Available-for-Sale Securities $ 38,753 $ — $ (8,179) $ 30,574 As of December 31, 2019 Cost Unrealized Gains in Unrealized Losses in Estimated Common Stock $ 15,500 $ 24 $ — $ 15,524 Operating Units 23,253 37 — 23,290 Total Equity Securities 38,753 61 — 38,814 Total Available-for-Sale Securities $ 38,753 $ 61 $ — $ 38,814 |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | |
Schedule of carrying value and estimated fair value of financial instruments | December 31, 2020 December 31, 2019 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Cash and Cash Equivalents - Level 1 $ 4,289 $ 4,289 $ 6,475 $ 6,475 Restricted Cash - Level 1 $ 29,536 $ 29,536 $ 128,430 $ 128,430 Commercial Loan and Master Lease Investments - Level 2 $ 38,320 $ 38,318 $ 34,625 $ 35,002 Long-Term Debt - Level 2 $ 273,061 $ 282,884 $ 287,218 $ 288,830 |
Schedule of fair value of assets measured on recurring basis by Level | The following table presents the fair value of assets (liabilities) measured on a recurring basis by level as of December 31, 2020 (in thousands): Fair Value at Reporting Date Using 12/31/2020 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash Flow Hedge - Interest Rate Swap - Wells Fargo $ (88) $ — $ (88) $ — Cash Flow Hedge - Interest Rate Swap - BMO (1) $ (1,772) $ — $ (1,772) $ — Cash Flow Hedge - Interest Rate Swap - BMO (2) $ (50) $ — $ (50) $ — Investment Securities $ 30,574 $ 30,574 $ — $ — (1) Effective March 31, 2020, utilized interest rate swap to achieve fixed interest rate of 0.7325% plus the applicable spread on $100.0 million of the outstanding principal balance on the Credit Facility. (2) Effective August 31, 2020, utilized a separate interest rate swap to achieve fixed interest rate of 0.2200% plus the applicable spread on $50.0 million of the outstanding principal balance on the Credit Facility. Fair Value at Reporting Date Using 12/31/2019 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash Flow Hedge - Interest Rate Swap - Wells Fargo $ 99 $ — $ 99 $ — Investment Securities $ 38,814 $ 38,814 $ — $ — |
INTANGIBLE LEASE ASSETS AND LIA
INTANGIBLE LEASE ASSETS AND LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
INTANGIBLE ASSETS AND LIABILITIES | |
Schedule of components of intangible lease assets and liabilities | As of December 31, 2020 December 31, 2019 Intangible Lease Assets: Value of In-Place Leases $ 44,558 $ 42,584 Value of Above Market In-Place Leases 10,604 7,119 Value of Intangible Leasing Costs 13,285 14,646 Sub-total Intangible Lease Assets 68,447 64,349 Accumulated Amortization (18,271) (15,327) Sub-total Intangible Lease Assets—Net 50,176 49,022 Intangible Lease Liabilities (included in accrued and other liabilities): Value of Below Market In-Place Leases (36,817) (36,507) Sub-total Intangible Lease Liabilities (36,817) (36,507) Accumulated Amortization 12,654 10,309 Sub-total Intangible Lease Liabilities—Net (24,163) (26,198) Total Intangible Assets and Liabilities—Net $ 26,013 $ 22,824 |
Schedule of amortization of intangible assets and liabilities | The following table reflects the net amortization of intangible assets and liabilities during the years ended December 31, 2020, 2019, and 2018 (in thousands): Year Ended December 31, December 31, December 31, Depreciation and Amortization Expense $ 7,805 $ 5,854 $ 5,872 Increase to Income Properties Revenue (1,754) (2,383) (2,339) Net Amortization of Intangible Assets and Liabilities $ 6,051 $ 3,471 $ 3,533 |
Schedule of estimated future amortization and accretion of intangible lease assets and liabilities | The estimated future amortization expense (income) related to net intangible assets and liabilities is as follows (in thousands): Future Accretion Net Future Future to Income Amortization of Amortization Property Intangible Assets Year Ending December 31, Amount Revenue and Liabilities 2021 $ 7,207 $ (1,684) $ 5,523 2022 6,799 (1,755) 5,044 2023 6,676 (1,752) 4,924 2024 6,641 (1,668) 4,973 2025 4,643 (1,614) 3,029 2026 and thereafter 10,116 (7,596) 2,520 Total $ 42,082 $ (16,069) $ 26,013 |
OTHER ASSETS (Tables)
OTHER ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
OTHER ASSETS | |
Schedule of components of other assets | As of December 31, 2020 December 31, 2019 Income Property Tenant Receivables $ 2,330 $ 533 Income Property Straight-line Rent Adjustment and COVID-19 Deferral Balance 4,686 3,352 Interest Receivable from Commercial Loan and Master Lease Investments — 97 Operating Leases - Right-of-Use Asset 246 364 Golf Rounds Surcharge 454 549 Cash Flow Hedge - Interest Rate Swap — 99 Infrastructure Reimbursement Receivables 1,336 1,591 Deferred Deal Costs — 5 Prepaid Expenses, Deposits, and Other 1,693 2,733 Due from Alpine Income Property Trust, Inc. 666 381 Total Other Assets $ 11,411 $ 9,704 |
COMMON STOCK AND EARNINGS PER_2
COMMON STOCK AND EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
COMMON STOCK AND EARNINGS PER SHARE | |
Schedule of computation of earnings per share | Year Ended December 31, December 31, December 31, Income Available to Common Stockholders: Net Income $ 78,509 $ 114,973 $ 37,168 Weighted Average Shares Outstanding 4,704,877 4,991,656 5,495,792 Common Shares Applicable to Stock Options Using the Treasury Stock Method — 6,387 33,529 Total Shares Applicable to Diluted Earnings Per Share 4,704,877 4,998,043 5,529,321 Per Share Information: Basic and Diluted Net Income from Continuing Operations $ 16.69 $ 3.32 $ 2.72 Net Income from Discontinued Operations (Net of Tax) — 19.71 4.04 Net Income $ 16.69 $ 23.03 $ 6.76 Diluted Net Income from Continuing Operations $ 16.69 $ 3.32 $ 2.71 Net Income from Discontinued Operations (Net of Tax) — 19.68 4.01 Net Income $ 16.69 $ 23.00 $ 6.72 |
LONG-TERM DEBT (Tables)
LONG-TERM DEBT (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
LONG-TERM DEBT | |
Schedule of outstanding indebtedness, at face value | Our consolidated indebtedness as of December 31, 2020 was $280.5 million, representing a leverage ratio of 47.1%, net of cash and restricted cash related to like-kind exchange transactions. This consolidated indebtedness was comprised of (i) $62.5 Long-term debt, at face value, totaled $280.5 million at December 31, 2020, representing a decrease of $8.2 million from the balance of $288.7 million at December 31, 2019. The decrease in the long-term debt was primarily related to the $12.5 million aggregate amount of 2025 Notes purchased at a discount during the year ended December 31, 2020, which was partially offset by net draws on our credit facility of $5.0 million. As of December 31, 2020, the Company’s outstanding indebtedness, at face value, was as follows (in thousands): Face Maturity Interest Value Debt Date Rate Credit Facility (1) $ 164,845 May 2023 30-day LIBOR Mortgage Note Payable (originated with Wells Fargo) (2) 30,000 October 2034 4.330% Mortgage Note Payable (originated with Wells Fargo) (3) 23,183 April 2021 3.170% 3.875% Convertible Senior Notes due 2025 62,468 April 2025 3.875% Total Long-Term Face Value Debt $ 280,496 (1) Effective March 31, 2020, utilized interest rate swap to achieve fixed interest rate of 0.7325% plus the applicable spread on $100.0 million of the outstanding principal balance. Effective August 31, 2020, utilized a separate interest rate swap to achieve fixed interest rate of 0.2200% plus the applicable spread on $50.0 million of the outstanding principal balance. (2) Secured by the Company’s interest in six income properties. The mortgage loan 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, as defined in the related loan agreement, 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 of the effective date of the loan. (3) Secured by the Company’s income property leased to Wells Fargo Raleigh. The mortgage loan has a 5-year term with two years interest only, and interest and a 25-year amortization for the balance of the term. The mortgage loan bears a variable rate of interest based on the 30-day LIBOR plus a rate of 190 basis points. The interest rate for this mortgage loan has been fixed through the use of an interest rate swap that fixed the rate at 3.17% . The mortgage loan can be prepaid at any time subject to the termination of the interest rate swap. Amortization of the principal balance began in May 2018. |
Schedule of components of long-term debt | Long-term debt consisted of the following (in thousands): December 31, 2020 December 31, 2019 Total Due Within One Year Total Due Within One Year Credit Facility $ 164,845 $ — $ 159,845 $ — Mortgage Note Payable (originated with Wells Fargo) 30,000 — 30,000 — Mortgage Note Payable (originated with Wells Fargo) 23,183 23,183 23,884 — 4.500% Convertible Senior Notes, net of discount — — 74,706 75,000 3.875% Convertible Senior Notes, net of discount 56,296 — — — Loan Costs, net of accumulated amortization (1,263) — (1,217) — Total Long-Term Debt $ 273,061 $ 23,183 $ 287,218 $ 75,000 |
Schedule of payments applicable to reduction of principal amounts | Year Ending December 31, Amount 2021 $ 23,183 2022 — 2023 164,845 2024 — 2025 62,468 2026 and thereafter 30,000 Total Long-Term Debt - Face Value $ 280,496 |
Schedule of carrying value of long-term debt | The carrying value of long-term debt as of December 31, 2020 consisted of the following (in thousands): Total Current Face Amount $ 280,496 Unamortized Discount on Convertible Debt (6,172) Loan Costs, net of accumulated amortization (1,263) Total Long-Term Debt $ 273,061 |
Schedule of interest expense on debt | The following table reflects a summary of interest expense incurred and paid during the years ended December 31, 2020, 2019 and 2018 (in thousands): Year Ended December 31, 2020 December 31, 2019 December 31, 2018 Interest Expense $ 9,005 $ 10,665 $ 8,655 Amortization of Loan Costs 454 444 495 Amortization of Discount on Convertible Notes 1,379 1,357 1,273 Capitalized Interest — — — Total Interest Expense $ 10,838 $ 12,466 $ 10,423 Total Interest Paid $ 9,716 $ 10,782 $ 8,419 |
ACCRUED AND OTHER LIABILITIES (
ACCRUED AND OTHER LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
ACCRUED AND OTHER LIABILITIES | |
Schedule of components of accrued and other liabilities | Accrued and other liabilities consisted of the following (in thousands): As of December 31, December 31, Accrued Property Taxes $ 945 $ 44 Reserve for Tenant Improvements 1,353 618 Accrued Construction Costs 1,783 93 Accrued Interest 602 1,313 Environmental Reserve and Restoration Cost Accrual 106 206 Interest Rate Swaps 1,910 — Operating Leases - Liability 245 365 Other 2,146 3,048 Total Accrued and Other Liabilities $ 9,090 $ 5,687 |
DEFERRED REVENUE (Tables)
DEFERRED REVENUE (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
DEFERRED REVENUE | |
Schedule of components of deferred revenue | As of December 31, December 31, Interest Reserve from Commercial Loan and Master Lease Investments $ — $ 835 Prepaid Rent 2,684 2,063 Tenant Contributions 625 2,889 Other Deferred Revenue 10 44 Total Deferred Revenue $ 3,319 $ 5,831 |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
STOCK-BASED COMPENSATION | |
Summary of share activity for all equity classified stock compensation | A summary of share activity for all equity classified stock compensation during the year ended December 31, 2020, is presented below: Type of Award Shares Outstanding at 1/1/2020 Granted Shares Vested / Exercised Shares Expired Shares Forfeited Shares Shares Outstanding at 12/31/2020 Equity Classified - Performance Share Awards - Peer Group Market Condition Vesting 49,275 26,441 (12,635) — (7,230) 55,851 Equity Classified - Market Condition Restricted Shares - Stock Price Vesting 22,000 — — — — 22,000 Equity Classified - Three Year Vest Restricted Shares 37,595 23,451 (18,054) — (4,513) 38,479 Equity Classified - Non-Qualified Stock Option Awards 80,000 — — — — 80,000 Total Shares 188,870 49,892 (30,689) — (11,743) 196,330 |
Schedule of amounts recognized for stock options, stock appreciation rights, and restricted stock | Amounts recognized in the financial statements for stock options, stock appreciation rights, and restricted stock are as follows (in thousands): Year Ended December 31, 2020 December 31, 2019 December 31, 2018 Total Cost of Share-Based Plans Charged Against Income Before Tax Effect $ 2,786 $ 2,688 $ 1,923 Income Tax Expense Recognized in Income $ (678) $ (681) $ (487) |
Peer Group Market Condition Vesting | |
STOCK-BASED COMPENSATION | |
Summary of performance share awards activity | Performance Shares with Market Conditions Shares Wtd. Avg. Fair Value Outstanding at January 1, 2018 12,635 $ 55.66 Granted 15,445 $ 74.99 Vested — — Expired — — Forfeited — — Outstanding at December 31, 2018 28,080 $ 66.29 Granted 21,195 $ 64.66 Vested — — Expired — — Forfeited — — Outstanding at December 31, 2019 49,275 $ 65.59 Granted 26,441 $ 55.82 Vested (12,635) $ 55.66 Expired — — Forfeited (7,230) $ 63.81 Outstanding at December 31, 2020 55,851 $ 63.44 |
Stock Price Vesting | |
STOCK-BASED COMPENSATION | |
Summary of nonvested restricted stock award activity | A summary of the activity for these awards during the years ended December 31, 2020, 2019 and 2018 is presented below: Market Condition Non-Vested Restricted Shares Shares Wtd. Avg. Fair Value Outstanding at January 1, 2018 29,750 $ 39.07 Granted — — Vested (7,750) $ 31.58 Expired — — Forfeited — — Outstanding at December 31, 2018 22,000 $ 41.71 Granted — — Vested — — Expired — — Forfeited — — Outstanding at December 31, 2019 22,000 $ 41.71 Granted — — Vested — — Expired — — Forfeited — — Outstanding at December 31, 2020 22,000 $ 41.71 |
Three-Year Vesting | |
STOCK-BASED COMPENSATION | |
Summary of nonvested restricted stock award activity | Three Year Vest Non-Vested Restricted Shares Shares Wtd. Avg. Fair Value Per Share Outstanding at January 1, 2018 37,390 $ 51.39 Granted 17,712 $ 65.33 Vested (18,883) $ 51.57 Expired — — Forfeited (1,267) $ 59.39 Outstanding at December 31, 2018 34,952 $ 58.07 Granted 20,696 $ 58.78 Vested (18,053) $ 54.43 Expired — — Forfeited — — Outstanding at December 31, 2019 37,595 $ 60.21 Granted 23,451 $ 55.89 Vested (18,054) $ 59.69 Expired — — Forfeited (4,513) $ 60.14 Outstanding at December 31, 2020 38,479 $ 57.82 |
Original 2010 Plan | |
STOCK-BASED COMPENSATION | |
Summary of activity for stock option awards | Non-Qualified Stock Option Awards Shares Wtd. Avg. Ex. Price Wtd. Avg. Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding at January 1, 2018 90,000 $ 52.71 Granted — — Exercised (10,000) 29.34 Expired — — Forfeited — — Outstanding at December 31, 2018 80,000 $ 55.63 Granted — — Exercised — — Expired — — Forfeited — — Outstanding at December 31, 2019 80,000 $ 55.63 Granted — — Exercised — — Expired — — Forfeited — — Outstanding at December 31, 2020 80,000 $ 55.63 4.26 — Exercisable at January 1, 2020 80,000 $ 55.63 6.50 $ 25,000 Exercisable at December 31, 2020 80,000 $ 55.63 4.26 — |
Summary of non-vested stock option awards | Non-Qualified Stock Option Awards Shares Fair Value of Shares Vested Non-Vested at January 1, 2018 17,000 — Granted — — Vested (17,000) $ 952,068 Expired — — Forfeited — — Non-Vested at December 31, 2018 — — |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
INCOME TAXES | |
Schedule of total income tax benefit (expense) | Total income tax benefit (expense) are summarized as follows (in thousands): Year ended December 31, 2020 2019 2018 Income Tax (Expense) Benefit from Continuing Operations $ 83,499 $ (5,472) $ (6,025) Income Tax Expense from Discontinued Operations — (32,641) (7,530) Total Consolidated Income Tax Benefit (Expense) $ 83,499 $ (38,113) $ (13,555) |
Summary of provisions for income tax benefit (expense) | The provisions for income tax benefit (expense) from continuing operations are summarized as follows (in thousands): 2020 2019 2018 Current Deferred Current Deferred Current Deferred Federal $ 341 $ 70,106 $ (225) $ (4,974) $ (231) $ (5,381) State 63 12,989 20 (293) (127) (286) Total $ 404 $ 83,095 $ (205) $ (5,267) $ (358) $ (5,667) |
Summary of deferred income tax assets (liabilities) | The sources of these differences and the related deferred income tax assets (liabilities) are summarized as follows (in thousands): Deferred Tax 2020 2019 Deferred Income Tax Assets Depreciation $ — $ 4,786 Intangible Lease Liabilities — 6,504 Income Property Tenant Contributions — 732 Impairment Reserves — 93 Stock Options and Restricted Stock — 1,275 Net Operating Loss Carryforward 1,103 — Capital Loss Carryforward — 21 Other - Net — 6 Gross Deferred Income Tax Assets 1,103 13,417 Less - Valuation Allowance — (273) Net Deferred Income Tax Assets 1,103 13,144 Deferred Income Tax Liabilities Sales of Real Estate — (87,353) Discount on Equity Component of Convertible Debt — (43) Basis Differences in Joint Ventures (4,624) (11,789) Basis Difference in Alpine Income Property OP, LP — (3,980) Interest Rate Swap — (74) Deferred Revenue (Net of Straight-line Rent Adjustments) — (187) Total Deferred Income Tax Liabilities (4,624) (103,426) Net Deferred Income Tax Liabilities $ (3,521) $ (90,282) |
Schedule of reconciliation of income tax computed at the federal statutory rate | Following is a reconciliation of the income tax computed at the federal statutory rate of 21% for 2020, 2019, and 2018, individually, for continuing operations (in thousands): Year ended December 31, 2020 2019 2018 Income Tax (Expense) Benefit Computed at Federal Statutory Rate $ 971 (19.5) % $ (4,410) (20.0) % $ (4,557) (20.7) % Increase (Decrease) Resulting from: State Income Tax, Net of Federal Income Tax Benefit 180 (3.6) % (1,076) (5.0) % (1,363) (5.5) % Income Tax on Permanently Non-Deductible Items (112) 2.2 % (86) (0.4) % (32) (0.2) % Tax Benefit due to De-Recognition of REIT Deferred Tax Liabilities 82,460 (1652.6) % — 0.0 % — 0.0 % Other Reconciling Items — 0.0 % 100 0.5 % (73) (0.3) % Benefit (Expense) for Income Taxes $ 83,499 (1673.4) % $ (5,472) (24.9) % $ (6,025) (26.7) % |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
COMMITMENTS AND CONTINGENCIES | |
Schedule of minimum future rental payments under non-cancelable operating leases having remaining terms in excess of one year | Minimum future rental payments under non-cancelable operating leases having remaining terms in excess of one year as of December 31, 2020, are summarized as follows (in thousands): Year Ending December 31, Amounts 2021 $ 123 2022 118 2023 33 2024 — 2025 — 2026 and thereafter (cumulative) — Total $ 274 |
BUSINESS SEGMENT DATA (Tables)
BUSINESS SEGMENT DATA (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
BUSINESS SEGMENT DATA | |
Schedule of operations in different segments | Information about the Company’s operations in different segments for the years ended December 31, 2020, 2019, and 2018 is as follows (in thousands): For the Year Ended December 31, 2020 December 31, 2019 December 31, 2018 Revenues: Income Properties $ 49,953 $ 41,956 $ 40,076 Management Fee Income 2,744 304 — Interest Income from Commercial Loan and Master Lease Investments 3,034 1,829 616 Real Estate Operations 650 852 2,966 Total Revenues $ 56,381 $ 44,941 $ 43,658 Operating Income (Loss): Income Properties $ 37,965 $ 34,955 $ 31,906 Management Fee Income 2,744 304 — Interest Income from Commercial Loan and Master Lease Investments 3,034 1,829 616 Real Estate Operations (2,573) 748 2,375 General and Corporate Expense (30,630) (25,615) (25,547) Impairment Charges (9,147) — — Gain on Disposition of Assets 9,746 21,978 22,035 Gain on Extinguishment of Debt 1,141 — — Total Operating Income $ 12,280 $ 34,199 $ 31,385 Depreciation and Amortization: Income Properties $ 19,036 $ 15,774 $ 15,728 Corporate and Other 27 23 34 Total Depreciation and Amortization $ 19,063 $ 15,797 $ 15,762 Capital Expenditures: Income Properties $ 188,849 $ 166,684 $ 108,997 Commercial Loan and Master Lease Investments 7,150 18,047 — Discontinued Real Estate Operations — 2,791 4,659 Discontinued Golf Operations — — 94 Corporate and Other 30 4 14 Total Capital Expenditures $ 196,029 $ 187,526 $ 113,764 Identifiable assets of each segment as of December 31, 2020 and December 31, 2019 are as follows (in thousands): As of December 31, December 31, Identifiable Assets: Income Properties $ 531,325 $ 464,285 Management Services 700 381 Commercial Loan and Master Lease Investments 38,321 35,742 Real Estate Operations 59,717 65,555 Discontinued Land Operations 833 833 Corporate and Other 35,035 136,490 Total Assets $ 665,931 $ 703,286 |
ASSETS AND LIABILITIES HELD F_2
ASSETS AND LIABILITIES HELD FOR SALE AND DISCONTINUED OPERATIONS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
ASSETS AND LIABILITIES HELD FOR SALE AND DISCONTINUED OPERATIONS | |
Schedule of assets and liabilities held for sale and discontinued operations | As of December 31, 2020 Land JV Total Assets (Liabilities) Held for Sale Restricted Cash $ 833 $ 833 Total Assets Held for Sale $ 833 $ 833 Deferred Revenue (831) (831) Total Liabilities Held for Sale $ (831) $ (831) As of December 31, 2019 Land JV Total Assets (Liabilities) Held for Sale Restricted Cash $ 833 $ 833 Total Assets Held for Sale $ 833 $ 833 Deferred Revenue $ (831) $ (831) Total Liabilities Held for Sale $ (831) $ (831) |
Summary of discontinued operations | There were no discontinued operations for the year ended December 31, 2020. The following is a summary of discontinued operations for the years ended December 31, 2019 and 2018 (in thousands): Year Ended December 31, December 31, Golf Operations Revenue $ 4,097 $ 4,941 Golf Operations Direct Cost of Revenues (5,259) (5,848) Loss from Operations (1,162) (907) Impairment Charges — (1,119) Depreciation and Amortization — (373) Gain on Disposition of Assets 15 — Loss from Discontinued Operations Before Income Tax (1,147) (2,399) Income Tax Benefit 291 608 Loss from Discontinued Operations (Net of Income Tax) $ (856) $ (1,791) Land Operations Revenue $ 11,043 $ 43,031 Land Operations Direct Cost of Revenues (6,405) (10,923) Income from Operations 4,638 32,108 Gain on Disposition of Assets 127,518 — Income from Discontinued Operations Before Income Tax 132,156 32,108 Income Tax Expense (32,932) (8,138) Income from Discontinued Operations (Net of Income Tax) $ 99,224 $ 23,970 Total Income from Discontinued Operations (Net of Income Tax) $ 98,368 $ 22,179 |
QUARTERLY FINANCIAL DATA (Table
QUARTERLY FINANCIAL DATA (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
QUARTERLY FINANCIAL DATA | |
Schedule of quarterly financial data | March 31, June 30, September 30, December 31, 2020 2019 2020 2019 2020 2019 2020 2019 Revenues Income Properties $ 11,003 $ 10,724 $ 11,473 $ 10,375 $ 12,933 $ 10,261 $ 14,544 $ 10,595 Management Fee Income 702 — 695 — 682 — 664 304 Interest Income from Commercial Loan and Master Lease Investments 1,052 — 835 53 413 855 734 921 Real Estate Operations 81 235 7 261 544 214 19 143 Total Revenues 12,838 10,959 13,010 10,689 14,572 11,330 15,961 11,963 Direct Cost of Revenues Income Properties (2,113) (1,932) (2,568) (1,635) (3,593) (1,476) (3,715) (1,956) Real Estate Operations (1,524) (46) (57) (40) (1,681) (8) 40 (10) Total Direct Cost of Revenues (3,637) (1,978) (2,625) (1,675) (5,274) (1,484) (3,675) (1,966) General and Administrative Expenses (3,092) (2,502) (2,171) (2,119) (3,342) (2,261) (2,963) (2,936) Impairment Charges (1,905) — — — — — (7,242) — Depreciation and Amortization (4,552) (3,346) (5,021) (4,075) (4,762) (4,287) (4,729) (4,090) Total Operating Expenses (13,186) (7,826) (9,817) (7,869) (13,378) (8,032) (18,609) (8,992) Gain on Disposition of Assets — 6,870 7,076 11,812 290 2,187 2,381 1,108 Gain on Extinguishment of Debt 637 — 504 — — — — — Other Gains and Income 637 6,870 7,580 11,812 290 2,187 2,381 1,108 Operating Income 289 10,003 10,773 14,632 1,484 5,485 (267) 4,079 Investment and Other Income (Loss) (13,186) 39 8,470 15 (1,030) 33 (686) 258 Interest Expense (3,453) (2,923) (2,453) (3,042) (2,477) (3,254) (2,454) (3,247) Income from Continuing Operations Before Income Tax Benefit (Expense) (16,350) 7,119 16,790 11,605 (2,023) 2,264 (3,407) 1,090 Income Tax Benefit (Expense) from Continuing Operations 4,088 (1,775) (4,179) (2,941) 501 (574) 83,089 (182) Income (Loss) from Continuing Operations (12,262) 5,344 12,611 8,664 (1,522) 1,690 79,682 908 Income (Loss) from Discontinued Operations (Net of Tax) — 1,124 — 1,933 — (204) — 95,514 Net Income (Loss) $ (12,262) $ 6,468 $ 12,611 $ 10,597 $ (1,522) $ 1,486 $ 79,682 $ 96,422 Per Share Information: Basic Income (Loss) from Continuing Operations $ (2.60) $ 1.00 $ 2.71 $ 1.75 $ (0.33) $ 0.35 $ 16.60 $ 0.19 Income (Loss) from Discontinued Operations (Net of Tax) — 0.21 — 0.39 — (0.04) — 19.86 Net Income (Loss) $ (2.60) $ 1.21 $ 2.71 $ 2.14 $ (0.33) $ 0.31 $ 16.60 $ 20.05 Diluted Income (Loss) from Continuing Operations $ (2.60) $ 1.00 $ 2.71 $ 1.75 $ (0.33) $ 0.35 $ 16.60 $ 0.19 Income (Loss) from Discontinued Operations (Net of Tax) — 0.21 — 0.39 — (0.04) — 19.85 Net Income (Loss) $ (2.60) $ 1.21 $ 2.71 $ 2.14 $ (0.33) $ 0.31 $ 16.60 $ 20.04 |
ORGANIZATION - Nature of Operat
ORGANIZATION - Nature of Operations (Details) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2020USD ($)aft²propertycountyloan | Sep. 30, 2020ft² | Dec. 31, 2019USD ($) | Nov. 26, 2019USD ($) | Oct. 16, 2019a | Dec. 31, 2018 | |
Real Estate Properties | ||||||
Gross leasable space | ft² | 751,210 | 269,000 | ||||
Area of land (in acres) | 345 | |||||
Number of commercial loan investment | loan | 1 | |||||
Estimated Fair Value (Level 1 and 2 Inputs) | $ | $ 30,574 | $ 38,814 | ||||
Undeveloped Land in Daytona Beach, Florida, Along Interstate 95 | ||||||
Real Estate Properties | ||||||
Area of land (in acres) | 5,300 | |||||
Pine | ||||||
Real Estate Properties | ||||||
Estimated Fair Value (Level 1 and 2 Inputs) | $ | $ 30,600 | $ 38,800 | ||||
Percentage of investment in PINE | 23.50% | |||||
Stock split ratio | 1 | |||||
Mitigation Bank | ||||||
Real Estate Properties | ||||||
Area of land owned | 2,500 | |||||
Percentage of investment in PINE | 30.00% | 30.00% | ||||
Florida | ||||||
Real Estate Properties | ||||||
Subsurface area of portfolio of mineral interests | 454,000 | |||||
Number of countries | county | 20 | |||||
Commercial loan and master lease investments | ||||||
Real Estate Properties | ||||||
Number of commercial loan investment | loan | 1 | |||||
Number of commercial properties | property | 2 | |||||
Commercial | ||||||
Real Estate Properties | ||||||
Number of real estate properties | property | 27 | |||||
Number of states in which entity operates | county | 10 | |||||
Gross leasable space | ft² | 2,500,000 | |||||
Single-tenant | ||||||
Real Estate Properties | ||||||
Number of real estate properties | property | 21 | |||||
Multi-tenant | ||||||
Real Estate Properties | ||||||
Number of real estate properties | property | 6 | |||||
Undeveloped land | Land JV | ||||||
Real Estate Properties | ||||||
Area of land held for sale | 1,600 | |||||
Undeveloped land | Daytona Beach, FL | ||||||
Real Estate Properties | ||||||
Area of land (in acres) | 1,600 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Segment Reporting (Details) | 12 Months Ended |
Dec. 31, 2020segment | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Number of business segments | 4 |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Recently Issued Accounting Standards - General Information (Details) - Accounting Standards Update 2016-13 | Dec. 31, 2020 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Change in Accounting Principle, Accounting Standards Update, Early Adoption | false |
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Jan. 1, 2020 |
Change in Accounting Principle, Accounting Standards Update, Adopted | true |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Recently Issued Accounting Standards - Credit Losses (Details) $ in Millions | Dec. 31, 2020USD ($) |
Commercial loan and master lease investments | |
Credit Losses | |
Current expected credit losses reserve | $ 0.3 |
SUMMARY OF SIGNIFICANT ACCOUN_7
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Restricted Cash and Investment Securities (Details) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020USD ($)property | Dec. 31, 2019USD ($) | Aug. 31, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2018USD ($) | |
Restricted Cash | |||||
Restricted Cash | $ 29,536 | $ 128,430 | $ 18,890 | ||
Mortgage loan originated | 28,360 | $ 34,570 | |||
Investment Securities | |||||
Derivatives fixed interest | 1,910 | $ 50,000 | $ 100,000 | ||
Notional amount | 50,000 | 100,000 | |||
Interest Rate Swap | |||||
Investment Securities | |||||
Notional amount | 23,200 | ||||
Credit Facility | |||||
Investment Securities | |||||
Derivatives fixed interest | 100,000 | ||||
Credit Facility | Interest Rate Swap | |||||
Investment Securities | |||||
Notional amount | $ 50,000 | $ 100,000 | |||
Escrow deposit to be reinvested through like-kind exchange structure | |||||
Restricted Cash | |||||
Restricted Cash | 26,700 | ||||
Restricted cash, escrow for general tenant improvements | |||||
Restricted Cash | |||||
Restricted Cash | 2,100 | ||||
Capital replacement reserve account | |||||
Restricted Cash | |||||
Restricted Cash | $ 500 | ||||
Number of real estate properties in financing | property | 6 | ||||
Restricted cash, escrow account in connection with sale of ground lease | |||||
Restricted Cash | |||||
Restricted Cash | $ 100 | ||||
Restricted cash, escrow deposit related to land transactions | |||||
Restricted Cash | |||||
Restricted Cash | $ 100 |
SUMMARY OF SIGNIFICANT ACCOUN_8
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Derivative Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Aug. 31, 2020 | Mar. 31, 2020 |
Derivative [Line Items] | |||
Outstanding credit facility balance | $ 1,910 | $ 50,000 | $ 100,000 |
Notional amount | 50,000 | 100,000 | |
Interest Rate Swap | |||
Derivative [Line Items] | |||
Notional amount | $ 23,200 | ||
Credit Facility | |||
Derivative [Line Items] | |||
Outstanding credit facility balance | 100,000 | ||
Credit Facility | Interest Rate Swap | |||
Derivative [Line Items] | |||
Notional amount | $ 50,000 | $ 100,000 |
SUMMARY OF SIGNIFICANT ACCOUN_9
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Commercial Loan Investments and Accounts Receivable (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2015Transaction | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Accounts Receivable | |||
Income Property Tenant Receivables | $ 2,330 | $ 533 | |
Number of closed land transactions | Transaction | 2 | ||
Allowance for doubtful accounts | 500 | 100 | |
Other Assets | |||
Accounts Receivable | |||
Income Property Tenant Receivables | 2,300 | 500 | |
Income Property Tenant Receivables, Increase (Decrease) | 1,800 | ||
Accounts receivable related to real estate operations | 1,300 | $ 1,600 | |
Receivable from Golf operations for rounds surcharge | $ 500 |
SUMMARY OF SIGNIFICANT ACCOU_10
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property, Plant, and Equipment and Golf Operations (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020USD ($)itemproperty | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
PROPERTY, PLANT, AND EQUIPMENT | |||
Depreciation | $ | $ 11.3 | $ 9.9 | $ 10.3 |
Interest capitalized | $ | $ 0 | $ 0 | $ 0 |
Golf Operations | |||
PROPERTY, PLANT, AND EQUIPMENT | |||
Number of golf courses | property | 2 | ||
Number of holes to the golf course | item | 18 | ||
Number of holes to the golf course practice facility | item | 3 | ||
Golf course and clubhouse facility membership period | 12 months | ||
Building and Improvements | Minimum | |||
PROPERTY, PLANT, AND EQUIPMENT | |||
Useful lives for property, plant, and equipment | 3 years | ||
Building and Improvements | Maximum | |||
PROPERTY, PLANT, AND EQUIPMENT | |||
Useful lives for property, plant, and equipment | 48 years | ||
Other Furnishings and Equipment | Minimum | |||
PROPERTY, PLANT, AND EQUIPMENT | |||
Useful lives for property, plant, and equipment | 3 years | ||
Other Furnishings and Equipment | Maximum | |||
PROPERTY, PLANT, AND EQUIPMENT | |||
Useful lives for property, plant, and equipment | 20 years |
SUMMARY OF SIGNIFICANT ACCOU_11
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Stock-based Compensation (Details) - shares | Apr. 29, 2020 | Apr. 23, 2014 | Dec. 31, 2020 | Apr. 25, 2018 |
Original 2010 Plan | ||||
STOCK-BASED COMPENSATION | ||||
Shares authorized for issuance | 454,000 | |||
Number of additional shares authorized | 240,000 | |||
Second Amended and Restated 2010 Equity Incentive Plan | ||||
STOCK-BASED COMPENSATION | ||||
Shares authorized for issuance | 895,000 | 720,000 | ||
Number of additional shares authorized | 175,000 | |||
Maximum award per participant | 50,000 | |||
Period after adoption that plan expires | 10 years | |||
Awards available for issue ( in shares) | 0 | |||
Second Amended and Restated 2010 Equity Incentive Plan | Maximum | ||||
STOCK-BASED COMPENSATION | ||||
Shares authorized for issuance | 895,000 |
SUMMARY OF SIGNIFICANT ACCOU_12
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Income Taxes (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($)subsidiary | |
Income Taxes | |
REIT Eligibility, Distributable , Minimum Percentage of Taxable Income, Excluding Net Capital Gains | 90.00% |
Number of taxable REIT subsidiaries | subsidiary | 5 |
Reserves for uncertain income tax positions | $ | $ 0 |
SUMMARY OF SIGNIFICANT ACCOU_13
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Concentration of Credit Risk (Details) - tenant | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment square footage | Income Properties | |||
CONCENTRATION OF CREDIT RISK | |||
Concentration risk percentage | 18.10% | ||
Segment square footage | Geographic Concentration Risk | Income Properties | Georgia | |||
CONCENTRATION OF CREDIT RISK | |||
Concentration risk percentage | 11.00% | ||
Segment square footage | Geographic Concentration Risk | Income Properties | Arizona | |||
CONCENTRATION OF CREDIT RISK | |||
Concentration risk percentage | 12.00% | ||
Segment square footage | Geographic Concentration Risk | Income Properties | New Mexico | |||
CONCENTRATION OF CREDIT RISK | |||
Concentration risk percentage | 12.00% | ||
Segment square footage | Geographic Concentration Risk | Income Properties | Texas | |||
CONCENTRATION OF CREDIT RISK | |||
Concentration risk percentage | 17.00% | 21.00% | |
Segment square footage | Geographic Concentration Risk | Income Properties | North Carolina | |||
CONCENTRATION OF CREDIT RISK | |||
Concentration risk percentage | 20.00% | 28.00% | |
Segment square footage | Geographic Concentration Risk | Income Properties | Florida | |||
CONCENTRATION OF CREDIT RISK | |||
Concentration risk percentage | 26.00% | 24.00% | |
Consolidated revenues | |||
CONCENTRATION OF CREDIT RISK | |||
Number of tenants | 1 | ||
Consolidated revenues | Financial Services | |||
CONCENTRATION OF CREDIT RISK | |||
Concentration risk percentage | 20.00% | ||
Consolidated revenues | Georgia | |||
CONCENTRATION OF CREDIT RISK | |||
Concentration risk percentage | 11.00% | ||
Consolidated revenues | Arizona | |||
CONCENTRATION OF CREDIT RISK | |||
Concentration risk percentage | 13.00% | ||
Consolidated revenues | North Carolina | |||
CONCENTRATION OF CREDIT RISK | |||
Concentration risk percentage | 15.00% | ||
Consolidated revenues | Florida | |||
CONCENTRATION OF CREDIT RISK | |||
Concentration risk percentage | 26.00% | ||
Consolidated revenues | Raleigh, North Carolina | |||
CONCENTRATION OF CREDIT RISK | |||
Concentration risk percentage | 10.90% | 12.50% | 13.50% |
REVENUE RECOGNITION - Major Goo
REVENUE RECOGNITION - Major Good or Service (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues | |||||||||||
Lease revenue | $ 49,953 | $ 41,956 | $ 40,076 | ||||||||
Lease Incentive Amortization | (277) | (302) | |||||||||
Commercial Loan and Master Lease Investments | 3,034 | 1,829 | 616 | ||||||||
Revenue from contract with customer, including assessed tax | 650 | 852 | 2,966 | ||||||||
Interest and Other Revenue | 561 | ||||||||||
Total Revenues | $ 15,961 | $ 14,572 | $ 13,010 | $ 12,838 | $ 11,963 | $ 11,330 | $ 10,689 | $ 10,959 | 56,381 | 44,941 | 43,658 |
Lease Revenue - Base Rent | |||||||||||
Revenues | |||||||||||
Lease revenue | 37,826 | 35,108 | 31,587 | ||||||||
Lease Revenue - CAM | |||||||||||
Revenues | |||||||||||
Lease revenue | 3,154 | 1,422 | 2,905 | ||||||||
Lease Revenue - Reimbursements | |||||||||||
Revenues | |||||||||||
Lease revenue | 6,182 | 2,759 | 2,934 | ||||||||
Billboards | |||||||||||
Revenues | |||||||||||
Lease revenue | 231 | 243 | 250 | ||||||||
Above / Below Market Lease Accretion | |||||||||||
Revenues | |||||||||||
Lease revenue | 1,754 | 2,383 | 2,339 | ||||||||
Contributed Leased Assets Accretion | |||||||||||
Revenues | |||||||||||
Lease revenue | 245 | 217 | 218 | ||||||||
Management Services | |||||||||||
Revenues | |||||||||||
Revenue from contract with customer, including assessed tax | 2,744 | 304 | |||||||||
Impact Fee and Mitigation Credit Sales | |||||||||||
Revenues | |||||||||||
Revenue from contract with customer, including assessed tax | 6 | ||||||||||
Subsurface Lease Revenue | |||||||||||
Revenues | |||||||||||
Revenue from contract with customer, including assessed tax | 598 | 957 | |||||||||
Subsurface Revenue - Other | |||||||||||
Revenues | |||||||||||
Revenue from contract with customer, including assessed tax | 638 | 150 | 668 | ||||||||
Fill Dirt and Other Revenue | |||||||||||
Revenues | |||||||||||
Revenue from contract with customer, including assessed tax | 6 | 104 | 3 | ||||||||
Interest and Other Revenue | |||||||||||
Revenues | |||||||||||
Interest and Other Revenue | 101 | 145 | |||||||||
Income Properties | |||||||||||
Revenues | |||||||||||
Lease Incentive Amortization | (277) | (302) | |||||||||
Interest and Other Revenue | 561 | ||||||||||
Total Revenues | 14,544 | 12,933 | 11,473 | 11,003 | 10,595 | 10,261 | 10,375 | 10,724 | 49,953 | 41,956 | 40,076 |
Income Properties | Lease Revenue - Base Rent | |||||||||||
Revenues | |||||||||||
Lease revenue | 37,826 | 35,108 | 31,587 | ||||||||
Income Properties | Lease Revenue - CAM | |||||||||||
Revenues | |||||||||||
Lease revenue | 3,154 | 1,422 | 2,905 | ||||||||
Income Properties | Lease Revenue - Reimbursements | |||||||||||
Revenues | |||||||||||
Lease revenue | 6,182 | 2,759 | 2,934 | ||||||||
Income Properties | Billboards | |||||||||||
Revenues | |||||||||||
Lease revenue | 231 | 243 | 250 | ||||||||
Income Properties | Above / Below Market Lease Accretion | |||||||||||
Revenues | |||||||||||
Lease revenue | 1,754 | 2,383 | 2,339 | ||||||||
Income Properties | Contributed Leased Assets Accretion | |||||||||||
Revenues | |||||||||||
Lease revenue | 245 | 217 | 218 | ||||||||
Income Properties | Interest and Other Revenue | |||||||||||
Revenues | |||||||||||
Interest and Other Revenue | 101 | 145 | |||||||||
Management Fee Income | |||||||||||
Revenues | |||||||||||
Total Revenues | 664 | 682 | 695 | 702 | 304 | 2,744 | 304 | ||||
Management Fee Income | Management Services | |||||||||||
Revenues | |||||||||||
Revenue from contract with customer, including assessed tax | 2,744 | 304 | |||||||||
Interest Income from Commercial Loan and Master Lease Investments | |||||||||||
Revenues | |||||||||||
Commercial Loan and Master Lease Investments | 3,034 | 1,829 | 616 | ||||||||
Total Revenues | 734 | 413 | 835 | 1,052 | 921 | 855 | 53 | 3,034 | 1,829 | 616 | |
Real Estate Operations | |||||||||||
Revenues | |||||||||||
Total Revenues | $ 19 | $ 544 | $ 7 | $ 81 | $ 143 | $ 214 | $ 261 | $ 235 | 650 | 852 | 2,966 |
Real Estate Operations | Impact Fee and Mitigation Credit Sales | |||||||||||
Revenues | |||||||||||
Revenue from contract with customer, including assessed tax | 6 | ||||||||||
Real Estate Operations | Subsurface Lease Revenue | |||||||||||
Revenues | |||||||||||
Revenue from contract with customer, including assessed tax | 598 | 957 | |||||||||
Real Estate Operations | Subsurface Revenue - Other | |||||||||||
Revenues | |||||||||||
Revenue from contract with customer, including assessed tax | 638 | 150 | 668 | ||||||||
Real Estate Operations | Fill Dirt and Other Revenue | |||||||||||
Revenues | |||||||||||
Revenue from contract with customer, including assessed tax | $ 6 | $ 104 | $ 3 |
REVENUE RECOGNITION - Timing of
REVENUE RECOGNITION - Timing of Revenue Recognition (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues | |||||||||||
Revenue from contract with customer, including assessed tax | $ 650 | $ 852 | $ 2,966 | ||||||||
Over lease term | 49,392 | 42,453 | 40,888 | ||||||||
Commercial Loan and Master Lease Investments Related Revenue | 3,034 | 1,829 | 616 | ||||||||
Total Revenues | $ 15,961 | $ 14,572 | $ 13,010 | $ 12,838 | $ 11,963 | $ 11,330 | $ 10,689 | $ 10,959 | 56,381 | 44,941 | 43,658 |
Asset/Good Transferred at a Point in Time | |||||||||||
Revenues | |||||||||||
Revenue from contract with customer, including assessed tax | 6 | 254 | 2,009 | ||||||||
Services Transferred Over Time | |||||||||||
Revenues | |||||||||||
Revenue from contract with customer, including assessed tax | 3,949 | 405 | 145 | ||||||||
Income Properties | |||||||||||
Revenues | |||||||||||
Over lease term | 49,392 | 41,855 | 39,931 | ||||||||
Total Revenues | 14,544 | 12,933 | 11,473 | 11,003 | 10,595 | 10,261 | 10,375 | 10,724 | 49,953 | 41,956 | 40,076 |
Income Properties | Services Transferred Over Time | |||||||||||
Revenues | |||||||||||
Revenue from contract with customer, including assessed tax | 561 | 101 | 145 | ||||||||
Management Fee Income | |||||||||||
Revenues | |||||||||||
Total Revenues | 664 | 682 | 695 | 702 | 304 | 2,744 | 304 | ||||
Management Fee Income | Services Transferred Over Time | |||||||||||
Revenues | |||||||||||
Revenue from contract with customer, including assessed tax | 2,744 | 304 | |||||||||
Interest Income from Commercial Loan and Master Lease Investments | |||||||||||
Revenues | |||||||||||
Commercial Loan and Master Lease Investments Related Revenue | 3,034 | 1,829 | 616 | ||||||||
Total Revenues | 734 | 413 | 835 | 1,052 | 921 | 855 | 53 | 3,034 | 1,829 | 616 | |
Real Estate Operations | |||||||||||
Revenues | |||||||||||
Over lease term | 598 | 957 | |||||||||
Total Revenues | $ 19 | $ 544 | $ 7 | $ 81 | $ 143 | $ 214 | $ 261 | $ 235 | 650 | 852 | 2,966 |
Real Estate Operations | Asset/Good Transferred at a Point in Time | |||||||||||
Revenues | |||||||||||
Revenue from contract with customer, including assessed tax | 6 | $ 254 | $ 2,009 | ||||||||
Real Estate Operations | Services Transferred Over Time | |||||||||||
Revenues | |||||||||||
Revenue from contract with customer, including assessed tax | $ 644 |
INCOME PROPERTIES - Leasing Rev
INCOME PROPERTIES - Leasing Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Leasing Revenue | |||
Lease Payments | $ 39,825 | $ 37,431 | $ 33,842 |
Variable Lease Payments | 10,128 | 4,525 | 6,234 |
Total Leasing Revenue | $ 49,953 | $ 41,956 | $ 40,076 |
INCOME PROPERTIES - Minimum Fut
INCOME PROPERTIES - Minimum Future Base Rental Revenue on Non-cancelable Leases (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Minimum future base rental revenue on non-cancelable leases | |
2021 | $ 38,395 |
2022 | 37,053 |
2023 | 34,622 |
2024 | 31,476 |
2025 | 30,742 |
2026 and thereafter (cumulative) | 376,917 |
Total | $ 549,205 |
INCOME PROPERTIES - Properties
INCOME PROPERTIES - Properties Acquired (Details) $ in Thousands | Sep. 25, 2020USD ($)ft² | Dec. 31, 2020USD ($)ft²item | Dec. 31, 2019USD ($) | Nov. 03, 2020USD ($) | Sep. 30, 2020ft² |
Acquisitions of Income Properties | |||||
Square-Feet | ft² | 751,210 | 269,000 | |||
Purchase price | $ 185,135 | ||||
Remaining Lease Term | 6 years 6 months | ||||
Aggregate outstanding principal balance | $ 2,000 | ||||
2019 acquisitions of income property subject to lease | |||||
Acquisitions of Income Properties | |||||
Purchase price | $ 164,700 | ||||
2020 acquisitions of income property subject to lease | |||||
Acquisitions of Income Properties | |||||
Purchase price | $ 185,100 | ||||
2020 acquisitions of income property subject to lease | Commercial loan and master lease investments | |||||
Acquisitions of Income Properties | |||||
Purchase price | $ 21,000 | ||||
2020 acquisitions of income property subject to lease - Crossroads Towne Center [Member] | |||||
Acquisitions of Income Properties | |||||
Square-Feet | ft² | 254,109 | ||||
Purchase price | $ 61,800 | ||||
Percentage Leased at Acquisition | 99.00% | ||||
Remaining Lease Term | 5 years | ||||
2020 acquisitions of income property subject to lease - Ashford Lane [Member] | |||||
Acquisitions of Income Properties | |||||
Square-Feet | ft² | 268,572 | ||||
Purchase price | $ 75,435 | ||||
Percentage Leased at Acquisition | 80.00% | ||||
Remaining Lease Term | 3 years 7 months 6 days | ||||
2020 acquisitions of income property subject to lease - Ford Motor Credit [Member] | |||||
Acquisitions of Income Properties | |||||
Square-Feet | ft² | 120,500 | ||||
Purchase price | $ 26,900 | ||||
Percentage Leased at Acquisition | 100.00% | ||||
Remaining Lease Term | 5 years 7 months 6 days | ||||
Master Tenant - Hialeah Lease Loan - Hialeah, FL | |||||
Acquisitions of Income Properties | |||||
Square-Feet | ft² | 108,029 | ||||
Purchase price | $ 21,000 | ||||
Percentage Leased at Acquisition | 100.00% | ||||
Remaining Lease Term | 25 years | ||||
Master Tenant - Hialeah Lease Loan - Hialeah, FL | Commercial loan and master lease investments | |||||
Acquisitions of Income Properties | |||||
Aggregate outstanding principal balance | $ 21,000 | ||||
Hialeah, FL | |||||
Acquisitions of Income Properties | |||||
Square-Feet | ft² | 108,000 | ||||
Purchase price | $ 21,000 | ||||
Hialeah, FL | Master Tenant - Hialeah Lease Loan - Hialeah, FL | |||||
Acquisitions of Income Properties | |||||
Number Of Tenant Repurchase Options | item | 3 |
INCOME PROPERTIES - Disposition
INCOME PROPERTIES - Dispositions and Impairment Charges (Details) | 12 Months Ended | ||||
Dec. 31, 2020USD ($)ft²property | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($)ft²building | Sep. 30, 2020ft² | Mar. 26, 2018USD ($) | |
Dispositions of Income Properties | |||||
Sales price | $ 86,500,000 | ||||
Area of real estate property | ft² | 751,210 | 269,000 | |||
Gain on Sale | $ 8,600,000 | ||||
Gain on sale of properties (in dollars per share) | $ 20.60 | ||||
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down | 9,147,000 | ||||
Daytona Beach, FL | |||||
Dispositions of Income Properties | |||||
Sales price | $ 11,400,000 | ||||
Concierge Office Building | |||||
Dispositions of Income Properties | |||||
Area of real estate property | ft² | 22,012 | ||||
Williamson Business Park office building | |||||
Dispositions of Income Properties | |||||
Area of real estate property | ft² | 15,360 | ||||
Area of real estate property leased | ft² | 7,600 | ||||
Gain on Sale | $ 3,700,000 | ||||
Gain on sale of properties (in dollars per share) | $ 0.49 | ||||
Lease term | 5 years | ||||
Mason Commerce Center | |||||
Dispositions of Income Properties | |||||
Area of real estate property | ft² | 30,720 | ||||
Number of office building | building | 2 | ||||
2020 dispositions | |||||
Dispositions of Income Properties | |||||
Sales price | 85,979,000 | ||||
Gain on Sale | 8,509,000 | ||||
2020 dispositions | Billboards | |||||
Dispositions of Income Properties | |||||
Sales price | $ 1,500,000 | ||||
Number of real estate properties | property | 9 |
INCOME PROPERTIES - Property Di
INCOME PROPERTIES - Property Disposed (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($)$ / shares | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Sales price | $ 86,500 |
Gain (Loss) on Sale | 8,600 |
C V S, Dallas TX, [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Sales price | 15,222 |
Gain (Loss) on Sale | $ 854 |
EPS, After Tax | $ / shares | $ 0.14 |
Wawa, Daytona Beach, FL [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Sales price | $ 6,002 |
Gain (Loss) on Sale | $ 1,769 |
EPS, After Tax | $ / shares | $ 0.29 |
J P Morgan Chase Bank, Jacksonville FL [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Sales price | $ 6,715 |
Gain (Loss) on Sale | $ 959 |
EPS, After Tax | $ / shares | $ 0.15 |
Seven-Eleven Dallas, TX [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Sales price | $ 2,400 |
Gain (Loss) on Sale | $ (46) |
EPS, After Tax | $ / shares | $ (0.01) |
Bank Of America, Monterey, CA [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Sales price | $ 9,000 |
Gain (Loss) on Sale | $ 3,892 |
EPS, After Tax | $ / shares | $ 0.63 |
Wawa, Jacksonville, FL [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Sales price | $ 7,143 |
Gain (Loss) on Sale | $ 246 |
EPS, After Tax | $ / shares | $ 0.04 |
Carrabbas, Austin, TX [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Sales price | $ 2,555 |
Gain (Loss) on Sale | $ (84) |
EPS, After Tax | $ / shares | $ (0.01) |
PDQ, Jacksonville, FL [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Sales price | $ 2,540 |
Gain (Loss) on Sale | $ 128 |
EPS, After Tax | $ / shares | $ 0.02 |
Macaroni Grill, Arlington, TX [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Sales price | $ 2,500 |
Gain (Loss) on Sale | $ 68 |
EPS, After Tax | $ / shares | $ 0.01 |
Aspen Development, Aspen, CO [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Sales price | $ 28,500 |
Gain (Loss) on Sale | $ 501 |
EPS, After Tax | $ / shares | $ 0.11 |
Outback, Austin, TX [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Sales price | $ 3,402 |
Gain (Loss) on Sale | $ 222 |
EPS, After Tax | $ / shares | $ 0.07 |
2020 dispositions | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Sales price | $ 85,979 |
Gain (Loss) on Sale | $ 8,509 |
EPS, After Tax | $ / shares | $ 1.44 |
INCOME PROPERTIES - General Inf
INCOME PROPERTIES - General Information (Details) | Nov. 26, 2019USD ($)propertyshares | Jul. 16, 2019USD ($)Options | May 23, 2019USD ($)ft² | Feb. 21, 2019USD ($)ft² | Dec. 31, 2020USD ($)ft²propertyshares | Dec. 31, 2019USD ($)property | Dec. 31, 2018USD ($)ft²buildingproperty | Sep. 30, 2020ft² | Aug. 07, 2019USD ($)a | Jun. 24, 2019USD ($)ft² | Mar. 26, 2018USD ($) | Dec. 31, 2017USD ($) |
Acquisitions of Income Properties | ||||||||||||
Payments to Acquire Commercial Real Estate | $ 185,135,000 | |||||||||||
Sales price | 86,500,000 | |||||||||||
Number of properties disposed for cash | property | 15 | 4 | ||||||||||
Units issued | shares | 1,223,854 | |||||||||||
Number of properties disposed for units | property | 5 | |||||||||||
Stock Issuance | $ 513,000 | $ 532,000 | $ 239,000 | |||||||||
Gain on sale of properties (in dollars per share) | 20.60 | |||||||||||
Area of real estate property | ft² | 751,210 | 269,000 | ||||||||||
Gain on Sale | $ 8,600,000 | |||||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate | 38,320,000 | 34,625,000 | $ 11,926,000 | |||||||||
Aggregate outstanding principal balance | $ 37,735,000 | 34,570,000 | ||||||||||
Amount allocated of total acquisition cost | ||||||||||||
Weighted average amortization period of intangible assets | 9 years | |||||||||||
Weighted average amortization period of intangible liabilities | 13 years | |||||||||||
Real Estate Operations | ||||||||||||
Acquisitions of Income Properties | ||||||||||||
Payments to Acquire Commercial Real Estate | 106,600,000 | |||||||||||
Commercial loan and master lease investments | ||||||||||||
Acquisitions of Income Properties | ||||||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate | $ 38,320,000 | 34,625,000 | ||||||||||
Aggregate outstanding principal balance | 37,735,000 | 34,570,000 | ||||||||||
2020 dispositions | ||||||||||||
Acquisitions of Income Properties | ||||||||||||
Sales price | 85,979,000 | |||||||||||
Gain on Sale | 8,509,000 | |||||||||||
2019 dispositions | ||||||||||||
Acquisitions of Income Properties | ||||||||||||
Gain on sale of properties (in dollars per share) | $ 0.16 | |||||||||||
Gain on Sale | $ 1,000,000 | |||||||||||
Ground Lease Loan - 400 Josephine Street, Austin, TX | ||||||||||||
Acquisitions of Income Properties | ||||||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate | 16,827,000 | 16,444,000 | ||||||||||
Aggregate outstanding principal balance | $ 16,250,000 | $ 16,250,000 | ||||||||||
Billboards | 2020 dispositions | ||||||||||||
Acquisitions of Income Properties | ||||||||||||
Number of real estate properties | property | 9 | |||||||||||
Sales price | $ 1,500,000 | |||||||||||
Vacant Land Parcel | 2020 dispositions | ||||||||||||
Acquisitions of Income Properties | ||||||||||||
Number of properties sold | property | 8 | |||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 2020 dispositions | ||||||||||||
Acquisitions of Income Properties | ||||||||||||
Number of properties sold | property | 11 | |||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 2019 dispositions | Single-tenant | ||||||||||||
Acquisitions of Income Properties | ||||||||||||
Number of properties sold | property | 21 | |||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 2019 dispositions | Multi-tenant | ||||||||||||
Acquisitions of Income Properties | ||||||||||||
Number of properties sold | property | 3 | |||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Vacant Land Parcel | 2020 dispositions | ||||||||||||
Acquisitions of Income Properties | ||||||||||||
Number of properties sold | property | 1 | |||||||||||
Daytona Beach, FL | ||||||||||||
Acquisitions of Income Properties | ||||||||||||
Sales price | $ 11,400,000 | |||||||||||
2020 acquisitions of income property subject to lease | ||||||||||||
Acquisitions of Income Properties | ||||||||||||
Payments to Acquire Commercial Real Estate | $ 185,100,000 | |||||||||||
Aggregate acquisition cost including capitalized acquisition costs | $ 185,700,000 | |||||||||||
Amount allocated of total acquisition cost | ||||||||||||
Weighted average amortization period of intangible assets | 4 years 6 months | |||||||||||
2020 acquisitions of income property subject to lease | Single-tenant | ||||||||||||
Acquisitions of Income Properties | ||||||||||||
Number of real estate properties | property | 2 | |||||||||||
2020 acquisitions of income property subject to lease | Multi-tenant | ||||||||||||
Acquisitions of Income Properties | ||||||||||||
Number of real estate properties | property | 2 | |||||||||||
2020 acquisitions of income property subject to lease | Commercial loan and master lease investments | ||||||||||||
Acquisitions of Income Properties | ||||||||||||
Payments to Acquire Commercial Real Estate | $ 21,000,000 | |||||||||||
2020 acquisitions of income property subject to lease | Nonrecurring basis | ||||||||||||
Acquisitions of Income Properties | ||||||||||||
Land | 50,000,000 | |||||||||||
Buildings and improvements | 94,600,000 | |||||||||||
Intangible assets pertaining to the in-place lease value, leasing fees and above market lease value | 21,900,000 | |||||||||||
Intangible liabilities for below market lease value | $ 1,800,000 | |||||||||||
Pine | ||||||||||||
Acquisitions of Income Properties | ||||||||||||
Units issued | shares | 2,040,000 | |||||||||||
Percentage of investment in PINE | 23.50% | |||||||||||
Pine | 2019 dispositions | ||||||||||||
Acquisitions of Income Properties | ||||||||||||
Units issued | shares | 2,040,000 | |||||||||||
Pine | 2019 dispositions | Single-tenant | ||||||||||||
Acquisitions of Income Properties | ||||||||||||
Number of properties in the disposal group | property | 20 | |||||||||||
Pine | OP Units | ||||||||||||
Acquisitions of Income Properties | ||||||||||||
Sales price | $ 125,900,000 | |||||||||||
Units issued | shares | 1,223,854 | |||||||||||
Stock Issuance | $ 23,300,000 | |||||||||||
Pine | OP Units | 2019 dispositions | ||||||||||||
Acquisitions of Income Properties | ||||||||||||
Stock Issuance | $ 15,500,000 | |||||||||||
Pine | Common Stock | 2019 dispositions | ||||||||||||
Acquisitions of Income Properties | ||||||||||||
Units issued | shares | 815,790 | |||||||||||
Percentage of investment in PINE | 22.30% | |||||||||||
2019 acquisitions of income property subject to lease | ||||||||||||
Acquisitions of Income Properties | ||||||||||||
Payments to Acquire Commercial Real Estate | $ 164,700,000 | |||||||||||
Aggregate acquisition cost including capitalized acquisition costs | $ 165,700,000 | |||||||||||
Amount allocated of total acquisition cost | ||||||||||||
Weighted average amortization period of intangible liabilities | 9 years 8 months 12 days | |||||||||||
2019 acquisitions of income property subject to lease | Single-tenant | ||||||||||||
Acquisitions of Income Properties | ||||||||||||
Number of real estate properties | property | 10 | |||||||||||
2019 acquisitions of income property subject to lease | Multi-tenant | ||||||||||||
Acquisitions of Income Properties | ||||||||||||
Number of real estate properties | property | 1 | |||||||||||
2019 acquisitions of income property subject to lease | Nonrecurring basis | ||||||||||||
Acquisitions of Income Properties | ||||||||||||
Land | $ 45,600,000 | |||||||||||
Buildings and improvements | 83,500,000 | |||||||||||
Intangible assets pertaining to the in-place lease value, leasing fees and above market lease value | 23,400,000 | |||||||||||
Intangible liabilities for below market lease value | $ 3,100,000 | |||||||||||
2017 acquisitions of income property subject to a lease | ||||||||||||
Amount allocated of total acquisition cost | ||||||||||||
Weighted average amortization period of intangible assets | 9 years 8 months 12 days | |||||||||||
2018 acquisitions of income property subject to a lease | Real Estate Operations | ||||||||||||
Acquisitions of Income Properties | ||||||||||||
Aggregate acquisition cost including capitalized acquisition costs | $ 107,800,000 | |||||||||||
Amount allocated of total acquisition cost | ||||||||||||
Weighted average amortization period of intangible assets | 13 years 2 months 12 days | |||||||||||
Weighted average amortization period of intangible liabilities | 13 years 2 months 12 days | |||||||||||
2018 acquisitions of income property subject to a lease | Single-tenant | ||||||||||||
Acquisitions of Income Properties | ||||||||||||
Number of real estate properties | property | 11 | |||||||||||
2018 acquisitions of income property subject to a lease | Nonrecurring basis | Real Estate Operations | ||||||||||||
Acquisitions of Income Properties | ||||||||||||
Land | $ 47,900,000 | |||||||||||
Buildings and improvements | 45,600,000 | |||||||||||
Intangible assets pertaining to the in-place lease value, leasing fees and above market lease value | 15,600,000 | |||||||||||
Intangible liabilities for below market lease value | $ 1,300,000 | |||||||||||
Concierge Office Building | ||||||||||||
Acquisitions of Income Properties | ||||||||||||
Area of real estate property | ft² | 22,012 | |||||||||||
Williamson Business Park office building | ||||||||||||
Acquisitions of Income Properties | ||||||||||||
Gain on sale of properties (in dollars per share) | $ 0.49 | |||||||||||
Area of real estate property | ft² | 15,360 | |||||||||||
Gain on Sale | $ 3,700,000 | |||||||||||
Area of real estate property leased | ft² | 7,600 | |||||||||||
Lease term | 5 years | |||||||||||
Mason Commerce Center | ||||||||||||
Acquisitions of Income Properties | ||||||||||||
Area of real estate property | ft² | 30,720 | |||||||||||
Number of office building | building | 2 | |||||||||||
3600 Peterson | Santa Clara, CA | Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||||||||||
Acquisitions of Income Properties | ||||||||||||
Sales price | $ 37,000,000 | |||||||||||
Gain on sale of properties (in dollars per share) | $ 1.36 | |||||||||||
Area of real estate property | ft² | 76,000 | |||||||||||
Gain on Sale | 9,000,000 | |||||||||||
The Grove | Winter Park, FL | Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||||||||||
Acquisitions of Income Properties | ||||||||||||
Sales price | $ 18,300,000 | |||||||||||
Number of properties disposed for cash | ft² | 24 | |||||||||||
Gain on sale of properties (in dollars per share) | $ 0.42 | |||||||||||
Area of real estate property | ft² | 112,000 | |||||||||||
Gain on Sale | $ 2,800,000 | |||||||||||
Wawa Sale | Sarasota, FL | Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||||||||||
Acquisitions of Income Properties | ||||||||||||
Sales price | $ 24,600,000 | |||||||||||
Gain on sale of properties (in dollars per share) | $ 0.96 | |||||||||||
Area of real estate property | ft² | 59,000 | |||||||||||
Gain on Sale | $ 6,900,000 | |||||||||||
Wawa Sale | Winter Park, FL | Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||||||||||
Acquisitions of Income Properties | ||||||||||||
Sales price | $ 2,800,000 | |||||||||||
Gain on sale of properties (in dollars per share) | 0.33 | |||||||||||
Area of real estate property | a | 1.56 | |||||||||||
Gain on Sale | 2,100,000 | |||||||||||
Beachfront restaurant properties | Daytona Beach, FL | Cocina 214 | ||||||||||||
Acquisitions of Income Properties | ||||||||||||
Amount funded to tenants | $ 1,000,000 | |||||||||||
Collection of lease rent | 300,000 | |||||||||||
Payments for Tenant Improvements | $ 700,000 | |||||||||||
Beachfront restaurant properties | Daytona Beach, FL | Broken Hook LLC | ||||||||||||
Acquisitions of Income Properties | ||||||||||||
Lease term | 10 years | |||||||||||
Option to extend | true | |||||||||||
Number of renewal options | Options | 4 | |||||||||||
Renewal term | 5 years | |||||||||||
2019 acquisitions of income property subject to lease - Carpenter Hotel | ||||||||||||
Acquisitions of Income Properties | ||||||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate | $ 16,300,000 |
COMMERCIAL LOAN AND MASTER LE_3
COMMERCIAL LOAN AND MASTER LEASE INVESTMENTS - General Information (Details) $ / shares in Units, $ in Thousands | Nov. 03, 2020USD ($) | Oct. 13, 2020USD ($) | Sep. 25, 2020USD ($)ft² | Jan. 01, 2020USD ($)$ / shares | Oct. 17, 2019USD ($)item | Jul. 15, 2019USD ($)a | Jul. 05, 2019USD ($) | Jun. 14, 2019USD ($)aitem | Jun. 30, 2020USD ($)propertyTransaction$ / shares | Dec. 31, 2020USD ($)ft²aloan$ / shares | Dec. 31, 2019USD ($) | Sep. 30, 2020ft² |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Current expected credit losses reserve | $ 300 | $ 1,968 | ||||||||||
Gain (Loss) on Sales of Loans, Net | (353) | |||||||||||
Face Amount of Mortgages | $ 37,735 | $ 34,570 | ||||||||||
Area of land (in acres) | a | 345 | |||||||||||
Area of Real Estate Property | ft² | 751,210 | 269,000 | ||||||||||
Purchase price | $ 185,135 | |||||||||||
Origination fee received | $ 100 | |||||||||||
Aggregate outstanding principal balance | $ 2,000 | |||||||||||
Proceeds from Collection of Loans Receivable | $ 2,000 | |||||||||||
Mortgage Note, 400 Josephine Street, Austin, TX | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Face Amount of Mortgages | $ 8,300 | $ 8,250 | ||||||||||
Term | 1 year | |||||||||||
Interest rate (as a percent) | 11.50% | 11.50% | ||||||||||
Origination fee (as a percent) | 1.00% | |||||||||||
Ground Lease Loan - 400 Josephine Street, Austin, TX | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Face Amount of Mortgages | $ 16,250 | 16,250 | $ 16,250 | |||||||||
Area of land (in acres) | a | 1.4 | |||||||||||
Term | 99 years | |||||||||||
First Mortgage, 72-Acre Land Parcel, Orlando, FL | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Face Amount of Mortgages | $ 8,000 | $ 8,000 | ||||||||||
Area of land (in acres) | a | 72 | |||||||||||
Term | 1 year | |||||||||||
Interest rate (as a percent) | 12.00% | 12.00% | ||||||||||
Origination fee (as a percent) | 2.00% | |||||||||||
Origination fee received | $ 200 | |||||||||||
Number of extensions | item | 2 | |||||||||||
Extension term | 1 year | |||||||||||
LPGA Buyer Loan - Daytona Beach, FL | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Face Amount of Mortgages | $ 2,100 | $ 2,070 | ||||||||||
Term | 1 year | |||||||||||
Interest rate (as a percent) | 7.50% | 7.50% | ||||||||||
Origination fee (as a percent) | 1.50% | |||||||||||
Origination fee received | $ 100 | |||||||||||
Number of extensions | item | 2 | |||||||||||
Extension term | 6 months | |||||||||||
Hialeah, FL | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Area of Real Estate Property | ft² | 108,000 | |||||||||||
Purchase price | $ 21,000 | |||||||||||
Term | 25 years | |||||||||||
Promissory note | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Loan Origination | $ 400 | |||||||||||
Term | 2 years 6 months | |||||||||||
Interest rate (as a percent) | 7.50% | |||||||||||
Commercial loan and master lease investments | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Current expected credit losses reserve | 4 | |||||||||||
Aggregate impairment charges after tax | $ 1,900 | $ 1,900 | ||||||||||
Aggregate impairment charges per share, after tax | $ / shares | $ 0.30 | |||||||||||
Number Of Commercial Loan Investment Sold | 4 | 4 | ||||||||||
Number Of Transactions In Which Commercial Loan Investments Were Sold | Transaction | 2 | |||||||||||
Proceeds from Sale of Loans Held-for-investment | $ 20,000 | |||||||||||
Gain (Loss) on Sales of Loans, Net | $ 400 | $ 2,100 | ||||||||||
Gain (Loss) On Sale Of Loans Held For Investment Per Share, Net Of Tax | $ / shares | $ 0.06 | $ 0.33 |
COMMERCIAL LOAN AND MASTER LE_4
COMMERCIAL LOAN AND MASTER LEASE INVESTMENTS - Summary of Commercial Loan Investments (Details) - USD ($) $ in Thousands | Oct. 17, 2019 | Jul. 05, 2019 | Jun. 14, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Jul. 15, 2019 | Dec. 31, 2017 |
Mortgage Loans On Real Estate [Line Items] | |||||||
Original Face Amount | $ 37,735 | $ 34,570 | |||||
Current Face Amount | 37,735 | 34,570 | |||||
Carrying Value | 38,320 | 34,625 | $ 11,926 | ||||
First Mortgage, 72-Acre Land Parcel, Orlando, FL | |||||||
Mortgage Loans On Real Estate [Line Items] | |||||||
Original Face Amount | $ 8,000 | 8,000 | |||||
Current Face Amount | 8,000 | ||||||
Carrying Value | $ 7,928 | ||||||
Interest rate (as a percent) | 12.00% | 12.00% | |||||
Mortgage Note, 400 Josephine Street, Austin, TX | |||||||
Mortgage Loans On Real Estate [Line Items] | |||||||
Original Face Amount | $ 8,300 | $ 8,250 | |||||
Current Face Amount | 8,250 | ||||||
Carrying Value | $ 8,208 | ||||||
Interest rate (as a percent) | 11.50% | 11.50% | |||||
LPGA Buyer Loan - Daytona Beach, FL | |||||||
Mortgage Loans On Real Estate [Line Items] | |||||||
Original Face Amount | $ 2,100 | $ 2,070 | |||||
Current Face Amount | 2,070 | ||||||
Carrying Value | $ 2,045 | ||||||
Interest rate (as a percent) | 7.50% | 7.50% | |||||
Master Tenant - Hialeah Lease Loan - Hialeah FL [Member] | |||||||
Mortgage Loans On Real Estate [Line Items] | |||||||
Original Face Amount | 21,085 | ||||||
Current Face Amount | 21,085 | ||||||
Carrying Value | 21,101 | ||||||
Mortgage Note - 4311 Maple Avenue, Dallas, TX | |||||||
Mortgage Loans On Real Estate [Line Items] | |||||||
Original Face Amount | 400 | ||||||
Current Face Amount | 400 | ||||||
Carrying Value | $ 392 | ||||||
Interest rate (as a percent) | 7.50% | ||||||
Ground Lease Loan - 400 Josephine Street, Austin, TX | |||||||
Mortgage Loans On Real Estate [Line Items] | |||||||
Original Face Amount | $ 16,250 | $ 16,250 | $ 16,250 | ||||
Current Face Amount | 16,250 | 16,250 | |||||
Carrying Value | $ 16,827 | $ 16,444 |
COMMERCIAL LOAN AND MASTER LE_5
COMMERCIAL LOAN AND MASTER LEASE INVESTMENTS - Carrying Value (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | Dec. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Current Face Amount | $ 37,735 | $ 34,570 | ||
Imputed Interest over Rent Payments Received | 399 | 194 | ||
Impairment / CECL Reserve | (1,968) | $ (300) | ||
Total Commercial Loan and Master Lease Investments | 38,320 | 34,625 | $ 11,926 | |
Commercial loan and master lease investments | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Current Face Amount | 37,735 | 34,570 | ||
Imputed Interest over Rent Payments Received | 593 | 194 | ||
Unaccreted Origination Fees | (4) | (139) | ||
Impairment / CECL Reserve | (4) | |||
Total Commercial Loan and Master Lease Investments | $ 38,320 | $ 34,625 |
RELATED PARTY MANAGEMENT SERV_3
RELATED PARTY MANAGEMENT SERVICES BUSINESS - General Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Land JV | |||
Real Estate [Line Items] | |||
Management fee revenue earned | $ 100 | $ 200 | |
Management fee revenue earned per month | 20 | ||
Monthly management fee | $ 11 | ||
Management Agreement PINE | |||
Real Estate [Line Items] | |||
Management fee (as a percent) | 1.50% | ||
Management fee revenue earned | $ 2,500 | $ 200 | |
Proceeds from Dividends Received | $ 1,700 | $ 100 |
RELATED PARTY MANAGEMENT SERV_4
RELATED PARTY MANAGEMENT SERVICES BUSINESS - Summary of Amounts Due (Details) - Management Agreement PINE - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Real Estate [Line Items] | ||
Management Services Fee due from PINE | $ 631 | $ 254 |
Dividend receivable | 71 | |
Other | 35 | 56 |
Total | $ 666 | $ 381 |
REAL ESTATE OPERATIONS - Land a
REAL ESTATE OPERATIONS - Land and Development Costs (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
REAL ESTATE OPERATIONS | ||
Land and Development Costs | $ 6,377 | $ 6,069 |
Subsurface Interests | 706 | 663 |
Total Land and Development Costs | $ 7,083 | $ 6,732 |
REAL ESTATE OPERATIONS - Real E
REAL ESTATE OPERATIONS - Real Estate Operations Revenues (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues | |||
Revenue from contract with customer, including assessed tax | $ 650 | $ 852 | $ 2,966 |
Subsurface Revenue | 638 | 748 | 1,625 |
Impact Fee and Mitigation Credit Sales | |||
Revenues | |||
Revenue from contract with customer, including assessed tax | 1,338 | ||
Impact Fee and Mitigation Credit Sales | Real Estate Operations | |||
Revenues | |||
Revenue from contract with customer, including assessed tax | 6 | 1,338 | |
Subsurface Revenue | 300 | ||
Fill Dirt and Other Revenue | |||
Revenues | |||
Revenue from contract with customer, including assessed tax | 6 | 104 | 3 |
Fill Dirt and Other Revenue | Real Estate Operations | |||
Revenues | |||
Revenue from contract with customer, including assessed tax | $ 6 | 104 | 3 |
Discontinued Operations | |||
Revenues | |||
Revenue from contract with customer, including assessed tax | 11,043 | 43,031 | |
Discontinued Operations | Land | |||
Revenues | |||
Revenue from contract with customer, including assessed tax | 10,975 | 41,452 | |
Discontinued Operations | Revenue from Reimbursement of Infrastructure Costs | |||
Revenues | |||
Revenue from contract with customer, including assessed tax | 1,556 | ||
Discontinued Operations | Agriculture | |||
Revenues | |||
Revenue from contract with customer, including assessed tax | $ 68 | $ 23 |
REAL ESTATE OPERATIONS - Dayton
REAL ESTATE OPERATIONS - Daytona Beach (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020USD ($)a | Dec. 31, 2018USD ($)a | |
Land and subsurface interests | ||
Area of land (in acres) | a | 345 | |
Acquisition of property | $ 4,702 | |
Land Parcel with Structures Beach Property | ||
Land and subsurface interests | ||
Area of land (in acres) | a | 5 | |
Acquisition of property | $ 2,000 | |
Contiguous Parcels Beach Property | ||
Land and subsurface interests | ||
Area of land (in acres) | a | 1 | |
Acquisition of property | $ 2,100 | |
Daytona Beach Development | ||
Land and subsurface interests | ||
Raze and entitlement cost | $ 1,600 |
REAL ESTATE OPERATIONS - Other
REAL ESTATE OPERATIONS - Other Real Estate Assets (Details) $ in Thousands | Oct. 08, 2020item | Aug. 10, 2020item | Dec. 31, 2020USD ($)item | Sep. 30, 2020USD ($)item | Mar. 31, 2020USD ($)item | Dec. 31, 2019USD ($)item | Dec. 31, 2020USD ($)item | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Land and development costs and subsurface interests | |||||||||
Revenue from contract with customer, including assessed tax | $ 650 | $ 852 | $ 2,966 | ||||||
Investment mitigation credits assets | $ 2,622 | $ 2,323 | 2,622 | 2,323 | |||||
Mitigation credits value per credit | $ 75 | $ 75 | $ 75 | $ 75 | $ 75 | 75 | |||
Number of mitigation credits with cost basis | item | 31 | ||||||||
Aggregate cost of sales | $ 3,000 | 0 | 1,000 | ||||||
Number of mitigation credits | item | 8 | 20 | 20 | 25 | 48 | ||||
Wetlands restoration | |||||||||
Land and development costs and subsurface interests | |||||||||
Number of mitigation credits | item | 13.31 | 13.31 | |||||||
Minimum | |||||||||
Land and development costs and subsurface interests | |||||||||
Amount of Mitigation Credits With Cost Basis | $ 100 | ||||||||
Aggregate cost of sales | 100 | ||||||||
General and Administrative Expense | Wetlands restoration | |||||||||
Land and development costs and subsurface interests | |||||||||
Amount of Mitigation Credits With Cost Basis | 100 | ||||||||
LandShark Bar and Grill | |||||||||
Land and development costs and subsurface interests | |||||||||
Cash payments received for impact fees | $ 0 | 0 | 100 | ||||||
Mitigation Bank | |||||||||
Land and development costs and subsurface interests | |||||||||
Number of mitigation credits acquired | item | 48 | ||||||||
Mitigation credits purchased | $ 3,600 | ||||||||
Mitigation credits value per credit | $ 75 | $ 75 | |||||||
Number of mitigation credits with cost basis | item | 42 | ||||||||
Amount of Mitigation Credits With Cost Basis | $ 2,900 | ||||||||
Mitigation Bank JV | |||||||||
Land and development costs and subsurface interests | |||||||||
Number of mitigation credits acquired | item | 2 | ||||||||
Mitigation credits purchased | $ 200 | ||||||||
Impact Fee and Mitigation Credit Sales | |||||||||
Land and development costs and subsurface interests | |||||||||
Revenue from contract with customer, including assessed tax | 1,338 | ||||||||
Real Estate Operations | Buc'ees - East of I-95 | |||||||||
Land and development costs and subsurface interests | |||||||||
Mitigation credits transferred | $ 0 | 100 | |||||||
Real Estate Operations | Impact Fee and Mitigation Credit Sales | |||||||||
Land and development costs and subsurface interests | |||||||||
Revenue from contract with customer, including assessed tax | $ 6 | $ 1,338 |
REAL ESTATE OPERATIONS - Subsur
REAL ESTATE OPERATIONS - Subsurface Interests (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)acounty | Dec. 31, 2019USD ($)a | Dec. 31, 2018USD ($)a$ / shares | |
Subsurface interests | |||
Area of land (in acres) | a | 345 | ||
Revenue from contract with customer, including assessed tax | $ 650 | $ 852 | $ 2,966 |
Over Lease Term | 49,953 | 41,956 | $ 40,076 |
Gain on Sale | 133,000 | ||
Hendry County | |||
Subsurface interests | |||
Area of land for which surface entry rights were released | a | 40 | ||
Subsurface Interests | |||
Subsurface interests | |||
Revenue from contract with customer, including assessed tax | 400 | 0 | $ 0 |
Over Lease Term | $ 0 | $ 600 | $ 800 |
Number of acres with operating oil wells | a | 800 | 800 | 800 |
Surface land over subsurface interests | |||
Subsurface interests | |||
Area of land (in acres) | a | 454,000 | ||
Number of counties in which Subsurface Interests are owned | county | 20 | ||
After tax gain on sale (in dollars per share) | $ / shares | $ 0.06 | ||
Revenue recognized for cash payments for the release of surface entry rights | $ 200 | $ 100 | $ 100 |
Area of land for which surface entry rights were released | a | 600 | ||
Gain on Sale | $ 400 | ||
Surface land over subsurface interests | Hendry County | |||
Subsurface interests | |||
Revenue from contract with customer, including assessed tax | 300 | ||
Real Estate Operations | Subsurface Interests | |||
Subsurface interests | |||
Revenue from contract with customer, including assessed tax | $ 100 | $ 100 | 100 |
Real Estate Operations | Surface land over subsurface interests | |||
Subsurface interests | |||
Revenue from contract with customer, including assessed tax | $ 200 |
REAL ESTATE OPERATIONS - Real_2
REAL ESTATE OPERATIONS - Real Estate Operations (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)aitem | Dec. 31, 2019USD ($)a | Dec. 31, 2018a | |
Disaggregation of Revenue [Line Items] | |||
No. of Acres | a | 5,400 | 205 | |
Gross Sales Price | $ 108,000 | ||
Land JV | |||
Disaggregation of Revenue [Line Items] | |||
No. of Acres | a | 1,600 | ||
Area of land sales as a percentage of land holdings | 33.50% | ||
Gross Sales Price | $ 79,700 | $ 48,900 | |
Number of purchase and sale agreements | item | 2 | ||
Proceeds from sale of land | $ 5,000 | ||
Area of land remaining under contract | a | 55 | ||
Percentage of remaining land under contract | 3.00% | ||
Management fee revenue earned per month | $ 20 | ||
Monthly management fee | $ 11 |
REAL ESTATE OPERATIONS - Land S
REAL ESTATE OPERATIONS - Land Sales and Impairments (Details) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($)aitem | Dec. 31, 2019USD ($)aTransaction | Dec. 31, 2018USD ($)aitem | |
Land and development costs and subsurface interests | |||||
Number of land sale transactions | Transaction | 5 | ||||
No. of Acres | a | 5,400 | 205 | |||
Gross Sales Price | $ 108,000,000 | ||||
Gain on Sale | 133,000,000 | ||||
Gain on disposal per share | 20.60 | ||||
Impairment Charges | $ 7,242,000 | $ 1,905,000 | $ 9,147,000 | $ 1,119,000 | |
Land JV | |||||
Land and development costs and subsurface interests | |||||
Number of land sale transactions | item | 1 | ||||
No. of Acres | a | 1,600 | ||||
Gross Sales Price | $ 79,700,000 | 48,900,000 | |||
Impairment Charges | 7,100,000 | ||||
Daytona Beach Development | |||||
Land and development costs and subsurface interests | |||||
Impairment Charges | 100,000 | ||||
Undeveloped Land in Daytona Beach, Florida, Along Interstate 95 | |||||
Land and development costs and subsurface interests | |||||
Impairment Charges | $ 7,200,000 | $ 0 | $ 0 | ||
Land Sales | |||||
Land and development costs and subsurface interests | |||||
Number of land sale transactions | item | 12 | ||||
No. of Acres | a | 2,697 | ||||
Gross Sales Price | $ 43,700,000 | ||||
Gain on Sale | 32,600,000 | ||||
Gain on disposal per share | $ 4.44 | ||||
Land Sales | Mitigation Bank | |||||
Land and development costs and subsurface interests | |||||
No. of Acres | a | 2,500 | ||||
Gross Sales Price | $ 15,300,000 | ||||
Land sales, ownership interest sold (as a percent) | 70.00% | ||||
Magnetar Land Sale | |||||
Land and development costs and subsurface interests | |||||
No. of Acres | a | 5,300 | ||||
Gross Sales Price | $ 97,000,000 | ||||
Unicorp Development One | |||||
Land and development costs and subsurface interests | |||||
Number of land sale transactions | Transaction | 2 | ||||
No. of Acres | a | 23.6 | ||||
Gross Sales Price | $ 7,100,000 | ||||
Unicorp Development Two | |||||
Land and development costs and subsurface interests | |||||
No. of Acres | a | 38 | ||||
Gross Sales Price | $ 700,000 | ||||
Land sale to NADG | |||||
Land and development costs and subsurface interests | |||||
No. of Acres | a | 13 | ||||
Gross Sales Price | $ 3,000,000 |
INVESTMENT IN JOINT VENTURES -
INVESTMENT IN JOINT VENTURES - Summary (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2018 | Dec. 31, 2019 | |
Equity Method Investment, Financial Statement, Reported Amounts [Abstract] | |||||
Equity method investments | $ 48,677 | $ 48,677 | $ 55,737 | ||
Asset Impairment Charges | 7,242 | $ 1,905 | 9,147 | $ 1,119 | |
Land JV | |||||
Equity Method Investment, Financial Statement, Reported Amounts [Abstract] | |||||
Equity method investments | 41,765 | 41,765 | 48,865 | ||
Asset Impairment Charges | 7,100 | ||||
Mitigation Bank | |||||
Equity Method Investment, Financial Statement, Reported Amounts [Abstract] | |||||
Equity method investments | $ 6,912 | $ 6,912 | $ 6,872 |
INVESTMENT IN JOINT VENTURES _2
INVESTMENT IN JOINT VENTURES - Summarized Financial Information - Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Equity Method Investment, Summarized Financial Information [Abstract] | ||||
Cash and Cash Equivalents | $ 4,289 | $ 6,475 | $ 2,310 | |
Investment mitigation credits assets | 2,622 | 2,323 | ||
Property, plant, and equipment | 442,384 | 370,591 | ||
Total Assets | 665,931 | 703,286 | ||
Liabilities | 315,032 | 417,873 | ||
Equity | 350,899 | 285,413 | $ 211,762 | $ 184,178 |
Total Liabilities and Shareholders' Equity | 665,931 | 703,286 | ||
Land JV | ||||
Equity Method Investment, Summarized Financial Information [Abstract] | ||||
Cash and Cash Equivalents | 802 | 15,066 | ||
Prepaid expenses | 117 | 61 | ||
Investment in land assets | 5,658 | 17,058 | ||
Total Assets | 6,577 | 32,185 | ||
Liabilities | 228 | 987 | ||
Equity | 6,349 | 31,198 | ||
Total Liabilities and Shareholders' Equity | 6,577 | 32,185 | ||
Mitigation Bank | ||||
Equity Method Investment, Summarized Financial Information [Abstract] | ||||
Cash and Cash Equivalents | 1,890 | 4,015 | ||
Prepaid expenses | 20 | 19 | ||
Investment mitigation credits assets | 1,409 | 1,521 | ||
Property, plant, and equipment | 14 | 17 | ||
Total Assets | 3,333 | 5,572 | ||
Liabilities | 17 | 39 | ||
Equity | 3,316 | 5,533 | ||
Total Liabilities and Shareholders' Equity | $ 3,333 | $ 5,572 |
INVESTMENT IN JOINT VENTURES _3
INVESTMENT IN JOINT VENTURES - Summarized Financial Information - Statement of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Equity Method Investment, Summarized Financial Information [Abstract] | |||||||||||
Total Revenues | $ 15,961 | $ 14,572 | $ 13,010 | $ 12,838 | $ 11,963 | $ 11,330 | $ 10,689 | $ 10,959 | $ 56,381 | $ 44,941 | $ 43,658 |
Total Direct Cost of Revenues | (3,675) | (5,274) | (2,625) | (3,637) | (1,966) | (1,484) | (1,675) | (1,978) | (15,211) | (7,105) | (8,761) |
Operating Income | (267) | 1,484 | 10,773 | 289 | 4,079 | 5,485 | 14,632 | 10,003 | 12,280 | 34,199 | 31,385 |
Net Income | $ 79,682 | $ (1,522) | $ 12,611 | $ (12,262) | $ 96,422 | $ 1,486 | $ 10,597 | $ 6,468 | 78,509 | 114,973 | 37,168 |
Land JV | |||||||||||
Equity Method Investment, Summarized Financial Information [Abstract] | |||||||||||
Total Revenues | 65,446 | 14,635 | |||||||||
Total Direct Cost of Revenues | (13,012) | (1,268) | |||||||||
Operating Income | 52,434 | 13,367 | |||||||||
Other Operating Expenses | (462) | (90) | |||||||||
Net Income | 51,972 | 13,277 | |||||||||
Mitigation Bank | |||||||||||
Equity Method Investment, Summarized Financial Information [Abstract] | |||||||||||
Total Revenues | 4,109 | 1,922 | |||||||||
Total Direct Cost of Revenues | (167) | (76) | |||||||||
Operating Income | 3,942 | 1,846 | |||||||||
Other Operating Expenses | (175) | (197) | (117) | ||||||||
Net Income | $ 3,767 | $ 1,649 | $ (117) |
INVESTMENT IN JOINT VENTURES _4
INVESTMENT IN JOINT VENTURES - Adjustments (Details) - USD ($) $ in Thousands | 12 Months Ended | 36 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | |
Schedule of Equity Method Investments [Line Items] | ||||
Investment in Joint Ventures | $ 48,677 | $ 55,737 | $ 48,677 | |
Mitigation Bank | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Income (loss) from equity method investments | 0 | |||
Investment in Joint Ventures | $ 6,800 | |||
Sales price | $ 15,300 | |||
Sale of interest in joint venture | 70.00% | |||
Interest in the joint venture (as a percent) | 70.00% | |||
Land JV | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Income (loss) from equity method investments | $ 0 | $ 0 | ||
Investment in Joint Ventures | 48,900 | $ 48,900 | ||
Sales price | $ 97,000 | |||
Sale of interest in joint venture | 66.50% | |||
Interest in the joint venture (as a percent) | 33.50% |
INVESTMENT IN JOINT VENTURES _5
INVESTMENT IN JOINT VENTURES - General information (Details) | 3 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2020USD ($)item | Sep. 30, 2020USD ($)item | Mar. 31, 2020USD ($)item | Dec. 31, 2019USD ($)item | Dec. 31, 2020USD ($)item | Dec. 31, 2019USD ($)a | Dec. 31, 2018USD ($)a | Aug. 06, 2018item | |
Schedule of Equity Method Investments [Line Items] | ||||||||
Land sale acres | a | 5,400 | 205 | ||||||
Number of state credits awarded | item | 88.84 | |||||||
Gain on Sale | $ 133,000,000 | |||||||
Gross Sales Price | 108,000,000 | |||||||
Investment in Joint Ventures | $ 48,677,000 | $ 55,737,000 | $ 48,677,000 | 55,737,000 | ||||
Mitigation credits, Put Right, fair value | $ 6,900,000 | $ 6,900,000 | $ 6,900,000 | 6,900,000 | ||||
Number of mitigation credits | item | 8 | 20 | 20 | 25 | 48 | |||
Mitigation credits, acquired | $ 600,000 | $ 1,500,000 | $ 1,500,000 | $ 1,900,000 | ||||
Mitigation credits value per credit | $ 75,000 | $ 75,000 | $ 75,000 | $ 75,000 | $ 75,000 | $ 75,000 | ||
Maximum | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Number of state credits awarded | item | 355 | |||||||
Consolidated Tomoka Land Co | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Retained equity interest (as a percent) | 30.00% | |||||||
Mitigation Bank | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Sale of interest in joint venture | 70.00% | |||||||
Gross Sales Price | $ 6,900,000 | |||||||
Investment in Joint Ventures | $ 6,800,000 | |||||||
Interest in the joint venture (as a percent) | 70.00% | |||||||
Equity method investment, ownership percentage (as a percent) | 30.00% | 30.00% | 30.00% | |||||
Mitigation credits, Operating Agreement, credit sales, Minimum Sales Requirement, minimum revenue, net of commissions | $ 6,000,000 | $ 6,000,000 | ||||||
Mitigation credits, Operating Agreement, credit sales, Minimum Sales Requirement, maximum credits, number | 60 | 60 | ||||||
Mitigation credits, Operating Agreement, credit sales, Minimum Sales Guarantee, fair value | $ 100,000 | $ 100,000 | ||||||
Mitigation credits, Put Right, maximum credits the Company must purchase, per quarter, number | instrument | item | 8.536 | 8.536 | ||||||
Mitigation credits, Put Right, maximum credits the Company must purchase, per quarter, price to fair value (as a percent) | 60.00% | 60.00% | ||||||
Mitigation credits, Put Right, third-party credit sales, reduction in Put Rights outstanding if sales price equals or exceeds price stipulated by Put Right, ratio | 1 | 1 | ||||||
Mitigation credits, Put Right, maximum potential future payments | $ 27,000,000 | $ 27,000,000 | ||||||
Mitigation credits, Put Right, fair value | $ 200,000 | $ 200,000 |
INVESTMENT SECURITIES - General
INVESTMENT SECURITIES - General Information (Details) - USD ($) $ / shares in Units, $ in Thousands | Nov. 26, 2019 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Marketable Securities [Line Items] | |||||
Share purchased | 1,223,854 | ||||
Purchase price of shares | $ 513 | $ 532 | $ 239 | ||
Units issued | 1,223,854 | ||||
Estimated Fair Value (Level 1 and 2 Inputs) | $ 38,814 | $ 30,574 | $ 38,814 | ||
Increase (decrease) in closing stock price | $ 0.03 | $ 4.04 | |||
Closing share price (in dollars per share) | $ 19.03 | $ 14.99 | $ 19.03 | ||
Unrealized, non-cash gain on investment | $ 100 | $ (8,240) | $ 61 | ||
Non Cash Unrealized Gain (Loss) On Investment Securities Per Share | $ 0.01 | $ 1.75 | |||
Pine | |||||
Marketable Securities [Line Items] | |||||
Share purchased | 2,040,000 | ||||
Units issued | 2,040,000 | ||||
Percentage of investment in PINE | 23.50% | ||||
Estimated Fair Value (Level 1 and 2 Inputs) | $ 38,800 | $ 30,600 | |||
Pine | OP Units | |||||
Marketable Securities [Line Items] | |||||
Share purchased | 1,223,854 | ||||
Purchase price of shares | $ 23,300 | ||||
Units issued | 1,223,854 | ||||
Private placement | Pine | |||||
Marketable Securities [Line Items] | |||||
Share purchased | 394,737 | ||||
Purchase price of shares | $ 7,500 | ||||
Units issued | 394,737 | ||||
IPO Purchase | Pine | |||||
Marketable Securities [Line Items] | |||||
Share purchased | 421,053 | ||||
Purchase price of shares | $ 8,000 | ||||
Units issued | 421,053 |
INVESTMENT SECURITIES - Tabular
INVESTMENT SECURITIES - Tabular Disclosure (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Securities, Trading, and Equity Securities, FV-NI [Abstract] | ||
Cost | $ 38,753 | $ 38,753 |
Unrealized Gains inInvestment Income | 61 | |
Unrealized Losses inInvestment Income | (8,179) | |
Investment in Alpine Income Property Trust, Inc. | 30,574 | 38,814 |
Common Stock | ||
Debt Securities, Trading, and Equity Securities, FV-NI [Abstract] | ||
Cost | 15,500 | 15,500 |
Unrealized Gains inInvestment Income | 24 | |
Unrealized Losses inInvestment Income | (3,271) | |
Investment in Alpine Income Property Trust, Inc. | 12,229 | 15,524 |
Operating Units | ||
Debt Securities, Trading, and Equity Securities, FV-NI [Abstract] | ||
Cost | 23,253 | 23,253 |
Unrealized Gains inInvestment Income | 37 | |
Unrealized Losses inInvestment Income | (4,908) | |
Investment in Alpine Income Property Trust, Inc. | $ 18,345 | $ 23,290 |
FAIR VALUE OF FINANCIAL INSTR_3
FAIR VALUE OF FINANCIAL INSTRUMENTS - Carrying Value and Estimated Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Carrying Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Carrying value and estimated fair value of financial instruments | ||
Cash and Cash Equivalents | $ 4,289 | $ 6,475 |
Restricted Cash | 29,536 | 128,430 |
Carrying Value | Significant Other Observable Inputs (Level 2) | ||
Carrying value and estimated fair value of financial instruments | ||
Commercial Loan Investments | 38,320 | 34,625 |
Long-Term Debt | 273,061 | 287,218 |
Estimated Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Carrying value and estimated fair value of financial instruments | ||
Cash and Cash Equivalents | 4,289 | 6,475 |
Restricted Cash | 29,536 | 128,430 |
Estimated Fair Value | Significant Other Observable Inputs (Level 2) | ||
Carrying value and estimated fair value of financial instruments | ||
Commercial Loan Investments | 38,318 | 35,002 |
Long-Term Debt | $ 282,884 | $ 288,830 |
FAIR VALUE OF FINANCIAL INSTR_4
FAIR VALUE OF FINANCIAL INSTRUMENTS - Measured on a Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Aug. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Fair value of assets | ||||
Cash Flow Hedge - Interest Rate Swap | $ 99 | |||
Investment Securities | 38,814 | |||
Interest rate (as a percent) | 0.22% | 0.7325% | ||
Notional amount | $ 50,000 | $ 100,000 | ||
Interest Rate Swap | ||||
Fair value of assets | ||||
Notional amount | $ 23,200 | |||
Credit Facility | ||||
Fair value of assets | ||||
Interest rate (as a percent) | 0.7325% | |||
Credit Facility | Interest Rate Swap | ||||
Fair value of assets | ||||
Notional amount | $ 50,000 | $ 100,000 | ||
Wells Fargo | Interest Rate Swap | ||||
Fair value of assets | ||||
Cash Flow Hedge - Interest Rate Swap | $ 99 | |||
Recurring basis | ||||
Fair value of assets | ||||
Investment Securities | 30,574 | |||
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||
Fair value of assets | ||||
Investment Securities | 30,574 | |||
Recurring basis | BMO | Interest Rate Swap | ||||
Fair value of assets | ||||
Cash Flow Hedge - Interest Rate Swap | (88) | |||
Recurring basis | BMO | Interest Rate Swap | Significant Other Observable Inputs (Level 2) | ||||
Fair value of assets | ||||
Cash Flow Hedge - Interest Rate Swap | (88) | |||
Recurring basis | BMO | ||||
Fair value of assets | ||||
Cash Flow Hedge - Interest Rate Swap | (1,772) | |||
Recurring basis | BMO | Significant Other Observable Inputs (Level 2) | ||||
Fair value of assets | ||||
Cash Flow Hedge - Interest Rate Swap | (1,772) | |||
Recurring basis | BMO | ||||
Fair value of assets | ||||
Cash Flow Hedge - Interest Rate Swap | (50) | |||
Recurring basis | BMO | Significant Other Observable Inputs (Level 2) | ||||
Fair value of assets | ||||
Cash Flow Hedge - Interest Rate Swap | $ (50) |
FAIR VALUE OF FINANCIAL INSTR_5
FAIR VALUE OF FINANCIAL INSTRUMENTS - Assets Measured on a Nonrecurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Fair value of assets | ||
Asset fair value | $ 0 | $ 0 |
Nonrecurring basis | ||
Fair value of assets | ||
Asset fair value | $ 0 | $ 0 |
INTANGIBLE ASSETS AND LIABILI_2
INTANGIBLE ASSETS AND LIABILITIES - Components (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Intangible Assets And Liabilities [Line Items] | ||
Sub-total Intangible Lease Assets | $ 68,447 | $ 64,349 |
Accumulated Amortization | (18,271) | (15,327) |
Total | 50,176 | 49,022 |
Intangible Lease Liabilities | ||
Value of Below Market In-Place Leases | (36,817) | (36,507) |
Sub-total Intangible Lease Liabilities-Net | (36,817) | (36,507) |
Accumulated Amortization | 12,654 | 10,309 |
Total | (24,163) | (26,198) |
Total Intangible Assets and Liabilities-Net | 26,013 | 22,824 |
Value of In-Place Leases | ||
Intangible Assets And Liabilities [Line Items] | ||
Sub-total Intangible Lease Assets | 44,558 | 42,584 |
Value of Above Market In-Place Leases | ||
Intangible Assets And Liabilities [Line Items] | ||
Sub-total Intangible Lease Assets | 10,604 | 7,119 |
Value of Intangible Leasing Costs | ||
Intangible Assets And Liabilities [Line Items] | ||
Sub-total Intangible Lease Assets | $ 13,285 | $ 14,646 |
INTANGIBLE ASSETS AND LIABILI_3
INTANGIBLE ASSETS AND LIABILITIES - Activity (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018property | |
Intangible Assets And Liabilities | |||
Net amortization increase (decrease) | $ 600 | ||
Net increase in intangible assets and liabilities | 3,200 | ||
Below market lease value | 24,163 | $ 26,198 | |
2018 acquisitions of income property subject to a lease | Single-tenant | |||
Intangible Assets And Liabilities | |||
Number of real estate properties | property | 11 | ||
Wells Fargo property | Raleigh, North Carolina | |||
Intangible Assets And Liabilities | |||
Below market lease value | 19,900 | $ 22,200 | |
Value of In-Place Leases | |||
Intangible Assets And Liabilities | |||
Increase from acquisitions | 2,000 | ||
Value of Above Market In-Place Leases | |||
Intangible Assets And Liabilities | |||
Increase from acquisitions | 3,500 | ||
Value of Intangible Leasing Costs | |||
Intangible Assets And Liabilities | |||
Decrease from acquisitions | (1,400) | ||
Value of Below Market In-Place Leases | |||
Intangible Assets And Liabilities | |||
Increase from acquisitions | $ 300 |
INTANGIBLE ASSETS AND LIABILI_4
INTANGIBLE ASSETS AND LIABILITIES - Amortization (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
INTANGIBLE ASSETS AND LIABILITIES | |||
Depreciation and Amortization Expense | $ 7,805 | $ 5,854 | $ 5,872 |
Increase to Income Properties Revenue | (1,754) | (2,383) | (2,339) |
Net Amortization of Intangible Assets and Liabilities | $ 6,051 | $ 3,471 | $ 3,533 |
INTANGIBLE ASSETS AND LIABILI_5
INTANGIBLE ASSETS AND LIABILITIES - Summary of Estimated Amortization and Accretion (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Future Amortization Amount | ||
Total | $ 50,176 | $ 49,022 |
Future Accretion to Income Property Revenue | ||
Total | (24,163) | $ (26,198) |
Net Future Amortization of Intangible Assets and Liabilities | ||
2021 | 5,523 | |
2022 | 5,044 | |
2023 | 4,924 | |
2024 | 4,973 | |
2025 | 3,029 | |
2026 and thereafter | 2,520 | |
Total | 26,013 | |
Future Amortization | ||
Future Amortization Amount | ||
2021 | 7,207 | |
2022 | 6,799 | |
2023 | 6,676 | |
2024 | 6,641 | |
2025 | 4,643 | |
2026 and thereafter | 10,116 | |
Total | 42,082 | |
Future Accretion to Income Property Revenue | ||
Future Accretion to Income Property Revenue | ||
2021 | (1,684) | |
2022 | (1,755) | |
2023 | (1,752) | |
2024 | (1,668) | |
2025 | (1,614) | |
2026 and thereafter | (7,596) | |
Total | $ (16,069) |
INTANGIBLE ASSETS AND LIABILI_6
INTANGIBLE ASSETS AND LIABILITIES - Weighted Average Amortization Period (Details) | 12 Months Ended |
Dec. 31, 2020 | |
INTANGIBLE ASSETS AND LIABILITIES | |
Weighted average amortization period of intangible assets | 9 years |
Weighted average amortization period of intangible liabilities | 13 years |
IMPAIRMENT OF LONG-LIVED ASSE_2
IMPAIRMENT OF LONG-LIVED ASSETS (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Impairment of Long-Lived Assets | |||||||||||
Impairment Charges | $ 7,242 | $ 1,905 | $ 9,147 | $ 1,119 | |||||||
Sales price | 86,500 | 86,500 | |||||||||
Gain on Disposition of Assets | $ 2,381 | $ 290 | $ 7,076 | $ 1,108 | $ 2,187 | $ 11,812 | $ 6,870 | 9,746 | $ 21,978 | 22,035 | |
Land JV | |||||||||||
Impairment of Long-Lived Assets | |||||||||||
Impairment Charges | 7,100 | ||||||||||
Daytona Beach Development | |||||||||||
Impairment of Long-Lived Assets | |||||||||||
Impairment Charges | 100 | ||||||||||
Income Properties | |||||||||||
Impairment of Long-Lived Assets | |||||||||||
Impairment Charges | 0 | 0 | 0 | ||||||||
Golf Operations | |||||||||||
Impairment of Long-Lived Assets | |||||||||||
Impairment Charges | $ 1,100 | ||||||||||
Impairment charge (in dollars per share) | $ 0.15 | ||||||||||
Total asset impairment | $ 3,100 | ||||||||||
Golf Operations | Maximum | |||||||||||
Impairment of Long-Lived Assets | |||||||||||
Gain on Disposition of Assets | $ 100 | ||||||||||
Undeveloped Land in Daytona Beach, Florida, Along Interstate 95 | |||||||||||
Impairment of Long-Lived Assets | |||||||||||
Impairment Charges | $ 7,200 | $ 0 | $ 0 |
OTHER ASSETS (Details)
OTHER ASSETS (Details) $ in Thousands | Dec. 31, 2020USD ($)installment | Dec. 31, 2019USD ($) |
Other Assets | ||
Income Property Tenant Receivables | $ 2,330 | $ 533 |
Income Property Straight-line Rent Adjustment and Covid-19 Deferral Balance | 4,686 | 3,352 |
Interest Receivable from Commercial Loan Investment | 97 | |
Operating Lease, Right-of-Use Asset | 246 | 364 |
Golf Rounds Surcharge | 454 | 549 |
Cash Flow Hedge - Interest Rate Swap | 99 | |
Infrastructure Reimbursement Receivables | 1,336 | 1,591 |
Deferred Deal Costs | 5 | |
Prepaid Expenses, Deposits, and Other | 1,693 | 2,733 |
Due from Alpine Income Property Trust, Inc. | 666 | 381 |
Total Other Assets | 11,411 | $ 9,704 |
COVID-19 | ||
Other Assets | ||
Income Property Straight-line Rent Adjustment and Covid-19 Deferral Balance | 1,000 | |
Tanger | ||
Other Assets | ||
Infrastructure Reimbursement Receivables | $ 900 | |
Number of installments to repay infrastructure reimbursement receivable | installment | 6 | |
Infrastructure reimbursement receivables, installment payment amounts | $ 200 | |
Infrastructure reimbursement receivable, discount | 100 | |
Sam's Club | ||
Other Assets | ||
Infrastructure Reimbursement Receivables | $ 400 | |
Number of installments to repay infrastructure reimbursement receivable | installment | 4 | |
Infrastructure reimbursement receivables, installment payment amounts | $ 100 | |
Sam's Club | Maximum | ||
Other Assets | ||
Infrastructure reimbursement receivable, discount | $ 100 |
COMMON STOCK AND EARNINGS PER_3
COMMON STOCK AND EARNINGS PER SHARE - Summary of Common Stock and Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Available to Common Shareholders: | |||||||||||
Net Income (Loss) | $ 78,509 | $ 114,973 | $ 37,168 | ||||||||
Basic | 4,704,877 | 4,991,656 | 5,495,792 | ||||||||
Common Shares Applicable to Stock | |||||||||||
Options Using the Treasury Stock Method | 6,387 | 33,529 | |||||||||
Total Shares Applicable to Diluted Earnings Per Share | 4,704,877 | 4,998,043 | 5,529,321 | ||||||||
Basic | |||||||||||
Net Income from Continuing Operations (in dollars per share) | $ 16.60 | $ (0.33) | $ 2.71 | $ (2.60) | $ 0.19 | $ 0.35 | $ 1.75 | $ 1 | $ 16.69 | $ 3.32 | $ 2.72 |
Net Income from Discontinued Operations (Net of Income Tax) (in dollars per share) | 19.86 | (0.04) | 0.39 | 0.21 | 19.71 | 4.04 | |||||
Basic Net Income per Share (in dollars per share) | 16.60 | (0.33) | 2.71 | (2.60) | 20.05 | 0.31 | 2.14 | 1.21 | 16.69 | 23.03 | 6.76 |
Diluted | |||||||||||
Net Income from Continuing Operations (in dollars per share) | 16.60 | (0.33) | 2.71 | (2.60) | 0.19 | 0.35 | 1.75 | 1 | 16.69 | 3.32 | 2.71 |
Net Income from Discontinued Operations (Net of Income Tax) -Diluted (in dollars per share) | 19.85 | (0.04) | 0.39 | 0.21 | 19.68 | 4.01 | |||||
Net Income (in dollars per share) | $ 16.60 | $ (0.33) | $ 2.71 | $ (2.60) | $ 20.04 | $ 0.31 | $ 2.14 | $ 1.21 | $ 16.69 | $ 23 | $ 6.72 |
COMMON STOCK AND EARNINGS PER_4
COMMON STOCK AND EARNINGS PER SHARE - Anti-dilutive Securities and Convertible Notes (Details) - $ / shares | 12 Months Ended | ||||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Aug. 31, 2020 | Mar. 31, 2020 | Mar. 15, 2020 | Feb. 04, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||
Anti-dilutive securities (in shares) | 39,558 | 7,500 | 15,000 | ||||
Interest rate (as a percent) | 0.22% | 0.7325% | |||||
Additional diluted outstanding shares related to Convertible Notes | 0 | ||||||
4.50% Convertible Senior Notes due 2020 | |||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||
Interest rate (as a percent) | 4.50% | ||||||
Conversion price per share (in dollars per share) | $ 68.90 | ||||||
3.875% Convertible Senior Notes due 2025 | |||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||
Interest rate (as a percent) | 3.875% | 3.875% | |||||
Conversion price per share (in dollars per share) | $ 54.77 |
TREASURY STOCK (Details)
TREASURY STOCK (Details) - USD ($) $ / shares in Units, $ in Thousands | Apr. 10, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Feb. 29, 2020 |
Treasury Stock | |||||
Stock repurchase program authorized amount | $ 20,000 | ||||
Shares repurchased (in shares) | 691,102 | ||||
Stock repurchased amount | $ 4,100 | $ 41,096 | $ 9,837 | ||
Average price per share of stock repurchased | $ 59.46 | ||||
Block Share Repurchase | |||||
Treasury Stock | |||||
Existing buyback program | 20,000,000 | ||||
Shares repurchased (in shares) | 320,741 | ||||
Percentage of Company's outstanding shares purchased | 6.00% | ||||
Stock repurchased amount | $ 18,400 | ||||
Minimum ownership interest held by largest shareholder | 28.00% | ||||
"$10 Million Repurchase Program | |||||
Treasury Stock | |||||
Stock repurchase program authorized amount | $ 10,000 | $ 10,000 | |||
Shares repurchased (in shares) | 88,565 | ||||
Stock repurchased amount | $ 4,100 | ||||
Average price per share of stock repurchased | $ 46.29 |
LONG-TERM DEBT - Outstanding In
LONG-TERM DEBT - Outstanding Indebtedness (Details) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2020USD ($)property | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Aug. 31, 2020USD ($) | Mar. 31, 2020USD ($) | Feb. 04, 2020USD ($) | Apr. 30, 2016USD ($) | |
Long-term debt | |||||||
Face Value of Debt | $ 280,496 | $ 288,700 | $ 25,000 | ||||
Interest rate (as a percent) | 0.22% | 0.7325% | |||||
Decrease in long term debt | 8,200 | ||||||
Borrowings repaid | 72,269 | $ 103,073 | $ 55,997 | ||||
Fixed interest rate through use of derivative (as a percent) | 0.22% | ||||||
Derivatives fixed interest | $ 1,910 | $ 50,000 | $ 100,000 | ||||
Leverage ratio | 47.1 | ||||||
Interest Rate Swap | |||||||
Long-term debt | |||||||
Fixed interest rate through use of derivative (as a percent) | 3.17% | ||||||
LIBOR | Maximum | |||||||
Long-term debt | |||||||
Margin added to variable rate basis (as a percent) | 195.00% | ||||||
Credit Facility | |||||||
Long-term debt | |||||||
Face Value of Debt | $ 164,845 | ||||||
Interest rate (as a percent) | 0.7325% | ||||||
Proceeds from line of credit | $ 5,000 | ||||||
Derivatives fixed interest | $ 100,000 | ||||||
Credit Facility | Minimum | |||||||
Long-term debt | |||||||
Margin added to variable rate basis (as a percent) | 1.35% | ||||||
Credit Facility | Maximum | |||||||
Long-term debt | |||||||
Margin added to variable rate basis (as a percent) | 1.95% | ||||||
Credit Facility | Interest Rate Swap | |||||||
Long-term debt | |||||||
Face Value of Debt | $ 50,000 | $ 100,000 | |||||
Fixed interest rate through use of derivative (as a percent) | 0.22% | 0.7325% | |||||
Credit Facility | LIBOR | Minimum | |||||||
Long-term debt | |||||||
Margin added to variable rate basis (as a percent) | 135.00% | ||||||
Wells Fargo Mortgage Note Payable Originated September 30, 2014 | |||||||
Long-term debt | |||||||
Face Value of Debt | $ 30,000 | ||||||
Interest rate (as a percent) | 4.33% | ||||||
Number of income properties securing debt | property | 6 | ||||||
Period of fixed interest rate | 10 years | ||||||
Wells Fargo Mortgage Note Payable Originated April 15, 2016 | |||||||
Long-term debt | |||||||
Face Value of Debt | $ 23,183 | ||||||
Margin added to variable rate basis (as a percent) | 1.90% | ||||||
Interest rate (as a percent) | 3.17% | ||||||
Term of loan | 5 years | ||||||
Period of interest only payments | 2 years | ||||||
Period of amortization for principal payments | 25 years | ||||||
3.875% Convertible Senior Notes due 2025 | |||||||
Long-term debt | |||||||
Face Value of Debt | $ 62,468 | $ 17,600 | |||||
Interest rate (as a percent) | 3.875% | 3.875% | |||||
Borrowings repaid | $ 12,500 | ||||||
Wells Fargo Mortgage Loan | |||||||
Long-term debt | |||||||
Face Value of Debt | $ 53,200 |
LONG-TERM DEBT - Credit Facilit
LONG-TERM DEBT - Credit Facility (Details) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Sep. 07, 2017 | |
Block Share Repurchase | |||
Long-term debt | |||
Existing buyback program | 20 | ||
LIBOR | Maximum | |||
Long-term debt | |||
Margin added to variable rate basis (as a percent) | 195.00% | ||
Credit Facility | |||
Long-term debt | |||
Extension term | 1 year | ||
Maximum borrowing capacity | $ 200 | ||
Maximum borrowing capacity, after possible increase | $ 300 | ||
Unused portion of the borrowing capacity fee percentage condition | 50.00% | ||
Available borrowing capacity | $ 35.2 | ||
Amount outstanding | 164.8 | ||
Line of Credit Facility, Current Borrowing Capacity | $ 200 | ||
Credit Facility | Minimum | |||
Long-term debt | |||
Margin added to variable rate basis (as a percent) | 1.35% | ||
Commitment fee percentage on unused portion of the borrowing capacity | 15.00% | ||
Credit Facility | Maximum | |||
Long-term debt | |||
Margin added to variable rate basis (as a percent) | 1.95% | ||
Commitment fee percentage on unused portion of the borrowing capacity | 25.00% | ||
Credit Facility | LIBOR | Minimum | |||
Long-term debt | |||
Margin added to variable rate basis (as a percent) | 135.00% |
LONG-TERM DEBT - Convertible No
LONG-TERM DEBT - Convertible Notes (Details) | Apr. 15, 2020USD ($)$ / shares | Mar. 15, 2020USD ($)$ / shares | Feb. 04, 2020USD ($) | Jan. 29, 2020$ / shares | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($)$ / shares | Dec. 31, 2019USD ($)$ / shares | Dec. 31, 2018$ / shares | Aug. 31, 2020 | Apr. 30, 2016USD ($) |
Long-term debt | |||||||||||
Outstanding Principal | $ 280,496,000 | $ 288,700,000 | $ 25,000,000 | ||||||||
Debt conversion amount | $ 57,359,000 | ||||||||||
Interest rate (as a percent) | 0.7325% | 0.22% | |||||||||
Dividends Declared and Paid (in dollars per share) | $ / shares | $ 13.88 | $ 0.44 | $ 0.27 | ||||||||
Closing share price (in dollars per share) | $ / shares | $ 14.99 | $ 19.03 | |||||||||
Unamortized debt discount of notes | $ 6,172,000 | ||||||||||
Gain (Loss) on Extinguishment of Debt | $ 504,000 | $ 637,000 | 1,141,000 | ||||||||
Outstanding amount | 273,061,000 | $ 287,218,000 | |||||||||
4.50% Convertible Senior Notes due 2020 | |||||||||||
Long-term debt | |||||||||||
Outstanding Principal | $ 75,000,000 | ||||||||||
Interest rate (as a percent) | 4.50% | ||||||||||
Debt instrument conversion ratio | 14.5136 | ||||||||||
Conversion price per share (in dollars per share) | $ / shares | $ 68.90 | ||||||||||
Proceeds from private placement | $ 5,900,000 | ||||||||||
Outstanding amount | 75,000,000 | $ 74,706,000 | |||||||||
3.875% Convertible Senior Notes due 2025 | |||||||||||
Long-term debt | |||||||||||
Outstanding Principal | 17,600,000 | $ 62,468,000 | |||||||||
Debt conversion amount | $ 57,400,000 | ||||||||||
Interest rate (as a percent) | 3.875% | 3.875% | |||||||||
Conversion price per share (in dollars per share) | $ / shares | $ 54.77 | ||||||||||
Proceeds from private placement | $ 11,700,000 | ||||||||||
Repurchase of notes | 5,900,000 | ||||||||||
Outstanding amount | $ 11,700,000 | $ 56,296,000 | |||||||||
2025 Notes maturing on April 15, 2025 | |||||||||||
Long-term debt | |||||||||||
Debt instrument conversion ratio | 12.7910 | 18.2596 | |||||||||
Conversion price per share (in dollars per share) | $ / shares | $ 78.18 | $ 54.77 | |||||||||
Threshold principal amount for adjusted conversion price | $ 1,000 | ||||||||||
Dividends Declared and Paid (in dollars per share) | $ / shares | $ 0.13 | ||||||||||
Premium initial conversion price | 20.00% | ||||||||||
Closing share price (in dollars per share) | $ / shares | $ 65.15 | ||||||||||
Sinking fund provided | $ 0 | ||||||||||
Unamortized debt discount of notes | 2,600,000 | ||||||||||
Repurchase of notes | 12,500,000 | ||||||||||
Convertible Debt | 3.875% Convertible Senior Notes due 2025 | |||||||||||
Long-term debt | |||||||||||
Outstanding Principal | 62,500,000 | ||||||||||
Convertible Debt | 2025 Notes maturing on April 15, 2025 | |||||||||||
Long-term debt | |||||||||||
Unamortized debt discount of notes | $ 6,200,000 |
LONG-TERM DEBT - Components (De
LONG-TERM DEBT - Components (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Aug. 31, 2020 | Mar. 31, 2020 | Mar. 15, 2020 | Feb. 04, 2020 | Dec. 31, 2019 |
Long-term debt | ||||||
Long-term debt | $ 273,061 | $ 287,218 | ||||
Loan Costs, net of accumulated amortization | (1,263) | (1,217) | ||||
Long-Term Debt | 273,061 | 287,218 | ||||
Long-term debt due within one year | ||||||
Due Within One Year | 23,183 | 75,000 | ||||
Interest rate (as a percent) | 0.22% | 0.7325% | ||||
Credit Facility | ||||||
Long-term debt | ||||||
Long-term debt | 164,845 | 159,845 | ||||
Long-term debt due within one year | ||||||
Interest rate (as a percent) | 0.7325% | |||||
Wells Fargo Mortgage Note Payable Originated September 30, 2014 | ||||||
Long-term debt | ||||||
Long-term debt | $ 30,000 | 30,000 | ||||
Long-term debt due within one year | ||||||
Interest rate (as a percent) | 4.33% | |||||
Wells Fargo Mortgage Note Payable Originated April 15, 2016 | ||||||
Long-term debt | ||||||
Long-term debt | $ 23,183 | 23,884 | ||||
Long-term debt due within one year | ||||||
Due Within One Year | $ 23,183 | |||||
Interest rate (as a percent) | 3.17% | |||||
4.50% Convertible Senior Notes due 2020 | ||||||
Long-term debt | ||||||
Long-term debt | $ 75,000 | 74,706 | ||||
Long-term debt due within one year | ||||||
Due Within One Year | $ 75,000 | |||||
Interest rate (as a percent) | 4.50% | |||||
4.500% Convertible Senior Notes due | ||||||
Long-term debt due within one year | ||||||
Interest rate (as a percent) | 4.50% | |||||
3.875% Convertible Senior Notes due 2025 | ||||||
Long-term debt | ||||||
Long-term debt | $ 56,296 | $ 11,700 | ||||
Long-term debt due within one year | ||||||
Interest rate (as a percent) | 3.875% | 3.875% |
LONG-TERM DEBT - Interest Expen
LONG-TERM DEBT - Interest Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
LONG-TERM DEBT | |||
Interest expense | $ 9,005 | $ 10,665 | $ 8,655 |
Amortization of Loan Costs | 454 | 444 | 495 |
Amortization of Discount on Convertible Notes | 1,379 | 1,357 | 1,273 |
Total Interest Expense | 10,838 | 12,466 | 10,423 |
Total Interest Paid | $ 9,716 | $ 10,782 | $ 8,419 |
LONG-TERM DEBT - Payments Appli
LONG-TERM DEBT - Payments Applicable to Reduction of Principal (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Apr. 30, 2016 |
Payments applicable to reduction of principal amounts | |||
2021 | $ 23,183 | ||
2023 | 164,845 | ||
2025 | 62,468 | ||
2026 and thereafter | 30,000 | ||
Total Long-Term Debt - Face Value | $ 280,496 | $ 288,700 | $ 25,000 |
LONG-TERM DEBT - Carrying Value
LONG-TERM DEBT - Carrying Value (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Apr. 30, 2016 |
LONG-TERM DEBT | |||
Current Face Amount | $ 280,496 | $ 288,700 | $ 25,000 |
Unamortized Discount on Convertible Debt | (6,172) | ||
Loan Costs, net of accumulated amortization | (1,263) | (1,217) | |
Total Long-Term Debt | $ 273,061 | $ 287,218 |
INTEREST RATE SWAPS (Details)
INTEREST RATE SWAPS (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Aug. 31, 2020 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Apr. 30, 2016 | |
Derivative [Line Items] | |||||
Outstanding Principal | $ 280,496 | $ 288,700 | $ 25,000 | ||
Notional amount | $ 50,000 | $ 100,000 | |||
Derivative fixed interest rate (as a percent) | 0.22% | ||||
Wells Fargo Mortgage Note Payable Originated April 15, 2016 | |||||
Derivative [Line Items] | |||||
Outstanding Principal | 23,183 | ||||
Credit Facility | |||||
Derivative [Line Items] | |||||
Outstanding Principal | $ 164,845 | ||||
Interest Rate Swap | |||||
Derivative [Line Items] | |||||
Effectiveness of interest rate cash flow hedge (as a percent) | 100.00% | ||||
Notional amount | $ 23,200 | ||||
Derivative fixed interest rate (as a percent) | 3.17% | ||||
Interest Rate Swap | Other Assets | |||||
Derivative [Line Items] | |||||
Fair value of interest rate swap agreement to hedge cash flows | $ 100 | $ 100 | |||
Interest Rate Swap | Credit Facility | |||||
Derivative [Line Items] | |||||
Outstanding Principal | $ 50,000 | 100,000 | |||
Effectiveness of interest rate cash flow hedge (as a percent) | 100.00% | 100.00% | |||
Notional amount | $ 50,000 | $ 100,000 | |||
Derivative fixed interest rate (as a percent) | 0.22% | 0.7325% | |||
Interest Rate Swap | Credit Facility | Accrued and Other Liabilities | |||||
Derivative [Line Items] | |||||
Fair value of interest rate swap agreement to hedge cash flows | $ 100 | ||||
Designated as a hedge | Interest Rate Swap | Accrued and Other Liabilities | |||||
Derivative [Line Items] | |||||
Fair value of interest rate swap agreement to hedge cash flows | $ 1,800 |
ACCRUED AND OTHER LIABILITIES -
ACCRUED AND OTHER LIABILITIES - Components (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Aug. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
ACCRUED AND OTHER LIABILITIES | ||||
Accrued Property Taxes | $ 945 | $ 44 | ||
Reserve for Tenant Improvements | 1,353 | 618 | ||
Accrued Construction Costs | 1,783 | 93 | ||
Accrued Interest | 602 | 1,313 | ||
Environmental Reserve and Restoration Cost Accrual | 106 | 206 | ||
Interest Rate Swaps | 1,910 | $ 50,000 | $ 100,000 | |
Operating Leases - Liability | 245 | 365 | ||
Other | 2,146 | 3,048 | ||
Total Accrued and Other Liabilities | $ 9,090 | $ 5,687 |
ACCRUED AND OTHER LIABILITIES_2
ACCRUED AND OTHER LIABILITIES - Reserve for Tenant Improvements and Environmental Reserves (Details) $ in Millions | Oct. 08, 2020item | Aug. 10, 2020item | Jun. 30, 2016USD ($) | Dec. 31, 2015USD ($)a | Dec. 31, 2020USD ($)aitem | Sep. 30, 2020item | Mar. 31, 2020item | Dec. 31, 2019item | Mar. 31, 2019USD ($) | Dec. 31, 2017USD ($) | Jun. 30, 2016USD ($) | Dec. 31, 2020USD ($)aitem | Dec. 31, 2018USD ($) | Dec. 31, 2015USD ($)a | Dec. 31, 2014USD ($)a | Feb. 21, 2020USD ($)property | Jan. 24, 2020USD ($)tenant |
Environmental reserves | |||||||||||||||||
Commitment amount | $ 1.6 | $ 1.6 | |||||||||||||||
Accrual for Capital Improvements | $ 1.6 | 1.6 | |||||||||||||||
Payment For Capital Improvements | $ 1.6 | ||||||||||||||||
Area of land (in acres) | a | 345 | 345 | |||||||||||||||
Number Of Mitigation Credits | item | 8 | 20 | 20 | 25 | 48 | ||||||||||||
Minimum | |||||||||||||||||
Environmental reserves | |||||||||||||||||
Amount of Mitigation Credits With Cost Basis | $ 0.1 | ||||||||||||||||
Environmental Reserve for Monitoring Environmental Remediation Work Previously Performed | |||||||||||||||||
Environmental reserves | |||||||||||||||||
Additional environmental reserve accrued | $ 0.7 | $ 0.5 | $ 0.1 | ||||||||||||||
Environmental costs funded | 0.6 | ||||||||||||||||
Environmental reserve accrued | $ 0.1 | 0.1 | |||||||||||||||
Environmental Reserve for Monitoring Environmental Remediation Work Previously Performed | Minimum | |||||||||||||||||
Environmental reserves | |||||||||||||||||
Additional environmental reserve accrued | $ 0.1 | ||||||||||||||||
Estimated cost | 0.5 | ||||||||||||||||
Environmental Reserve for Monitoring Environmental Remediation Work Previously Performed | Maximum | |||||||||||||||||
Environmental reserves | |||||||||||||||||
Area of land (in acres) | a | 1 | ||||||||||||||||
Estimated cost | $ 1 | ||||||||||||||||
Wetlands restoration | |||||||||||||||||
Environmental reserves | |||||||||||||||||
Tenant improvement allowances and leasing commissions | $ 2.4 | ||||||||||||||||
Area of land (in acres) | a | 148.4 | 148.4 | |||||||||||||||
Estimated cost | $ 2 | 2.4 | $ 2 | ||||||||||||||
Environmental costs funded | 2.4 | ||||||||||||||||
Accrued restoration cost | $ 1.7 | $ 1.7 | |||||||||||||||
Area of previously disposed land subject to remediation | 1.7 | $ 1.7 | |||||||||||||||
Increase in accrual of remediation costs | $ 0.4 | $ 0.3 | |||||||||||||||
Number Of Mitigation Credits | item | 13.31 | 13.31 | |||||||||||||||
Wetlands restoration | General and Administrative Expense | |||||||||||||||||
Environmental reserves | |||||||||||||||||
Amount of Mitigation Credits With Cost Basis | 0.1 | ||||||||||||||||
Wetlands restoration | Minimum | |||||||||||||||||
Environmental reserves | |||||||||||||||||
Estimated cost | 1.7 | ||||||||||||||||
Wetlands restoration | Maximum | |||||||||||||||||
Environmental reserves | |||||||||||||||||
Estimated cost | $ 1.9 | ||||||||||||||||
Crossroads Towne Center, Chandler, Arizona | |||||||||||||||||
Environmental reserves | |||||||||||||||||
Tenant improvement allowances and leasing commissions | 0.5 | 0.5 | $ 1.3 | ||||||||||||||
Payment of tenant improvement allowances and leasing commissions | 0.8 | ||||||||||||||||
Number of tenant | 2 | 2 | |||||||||||||||
Atlanta, Georgia | |||||||||||||||||
Environmental reserves | |||||||||||||||||
Tenant improvement allowances and leasing commissions | $ 0.1 | 0.1 | $ 0.5 | ||||||||||||||
Payment of tenant improvement allowances and leasing commissions | $ 0.4 |
DEFERRED REVENUE - Summary of D
DEFERRED REVENUE - Summary of Deferred Revenue (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
DEFERRED REVENUE | ||
Interest Reserve from Commercial Loan Investment | $ 835 | |
Prepaid Rent | $ 2,684 | 2,063 |
Tenant Contributions | 625 | 2,889 |
Other Deferred Revenue | 10 | 44 |
Deferred Revenue, Total | $ 3,319 | $ 5,831 |
DEFERRED REVENUE - Rent Paid in
DEFERRED REVENUE - Rent Paid in Advance (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Feb. 21, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
Deferred revenue | ||||||
Purchase price | $ 167,811 | $ 150,705 | $ 109,394 | |||
Master tenant funded incurred related to property acquisition from their leasing reserve escrow | $ 1,000 | |||||
Lease revenue | 49,953 | 41,956 | 40,076 | |||
Total deferred revenue | 3,319 | $ 5,831 | ||||
Tenant Contributions | $ 3,388 | |||||
Aggregate contributions related to total acquisition cost will be recognized into income property rental revenue over the remaining term of the lease | $ 29,000 | |||||
Aspen, Colorado | ||||||
Deferred revenue | ||||||
Tenant contribution | 1,500 | |||||
Purchase price | $ 28,000 | |||||
Lease revenue | 300 | |||||
Total deferred revenue | $ 2,100 | |||||
Florida | ||||||
Deferred revenue | ||||||
Tenant contribution | 1,900 | |||||
Lease revenue | 100 | |||||
Total deferred revenue | 600 | |||||
Buc'ees - East of I-95 | ||||||
Deferred revenue | ||||||
Escrow reserve | $ 800 | |||||
Remaining gain to be recognized | 100 | |||||
Total deferred revenue | $ 800 | |||||
Cocina 214 | ||||||
Deferred revenue | ||||||
Tenant contribution | 1,000 | |||||
Lease revenue | $ 700 |
STOCK-BASED COMPENSATION - All
STOCK-BASED COMPENSATION - All Equity and Liability Classified Award Activity (Details) - shares | Jan. 01, 2020 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Shares | |||||
Outstanding (in shares) | 188,870 | 188,870 | 188,870 | ||
Granted (in shares) | 49,892 | ||||
Vested / Exercised (in shares) | (30,689) | ||||
Forfeited (in shares) | (11,743) | ||||
Outstanding (in shares) | 196,330 | 188,870 | |||
Stock Option Awards | |||||
Shares | |||||
Exercised (in shares) | 0 | 0 | |||
Peer Group Market Condition Vesting | Performance Shares | |||||
Shares | |||||
Outstanding (in shares) | 49,275 | 49,275 | 49,275 | 28,080 | 12,635 |
Granted (in shares) | 26,441 | 21,195 | 15,445 | ||
Vested / Exercised (in shares) | (12,635) | (14,214) | (12,635) | ||
Forfeited (in shares) | (7,230) | ||||
Outstanding (in shares) | 55,851 | 49,275 | 28,080 | ||
Stock Price Vesting | Restricted Shares | |||||
Shares | |||||
Outstanding (in shares) | 22,000 | 22,000 | 22,000 | 22,000 | 29,750 |
Vested / Exercised (in shares) | (7,750) | ||||
Outstanding (in shares) | 22,000 | 22,000 | 22,000 | ||
Three-Year Vesting | Restricted Shares | |||||
Shares | |||||
Outstanding (in shares) | 37,595 | 37,595 | 37,595 | 34,952 | 37,390 |
Granted (in shares) | 23,451 | 20,696 | 17,712 | ||
Vested / Exercised (in shares) | (18,054) | (18,053) | (18,883) | ||
Forfeited (in shares) | (4,513) | (1,267) | |||
Outstanding (in shares) | 38,479 | 37,595 | 34,952 | ||
Original 2010 Plan | Stock Option Awards | |||||
Shares | |||||
Outstanding (in shares) | 80,000 | 80,000 | 80,000 | 80,000 | 90,000 |
Granted (in shares) | 0 | 0 | |||
Exercised (in shares) | (10,000) | ||||
Outstanding (in shares) | 80,000 | 80,000 | 80,000 | ||
Original 2010 Plan | Stock Price Vesting | Restricted Shares | |||||
Shares | |||||
Forfeited (in shares) | (22,000) |
STOCK-BASED COMPENSATION - Reco
STOCK-BASED COMPENSATION - Recognized in Financial Statements (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
STOCK-BASED COMPENSATION | |||
Total Cost of Share-Based Plans Charged Against Income Before Tax Effect | $ 2,786 | $ 2,688 | $ 1,923 |
Income Tax Expense Recognized in Income | $ (678) | $ (681) | $ (487) |
STOCK-BASED COMPENSATION - Perf
STOCK-BASED COMPENSATION - Performance Share Awards - Peer Group Market Condition Vesting (Details) - USD ($) | Jan. 01, 2020 | Mar. 31, 2020 | Dec. 31, 2030 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Stock-based compensation | ||||||
Vested | 30,689 | |||||
Shares | ||||||
Outstanding (in shares) | 188,870 | 188,870 | 188,870 | |||
Granted (in shares) | 49,892 | |||||
Vested (in shares) | (30,689) | |||||
Forfeited (in shares) | (11,743) | |||||
Outstanding (in shares) | 196,330 | 188,870 | ||||
Performance Shares | ||||||
Stock-based compensation | ||||||
Vesting percentage | 112.50% | |||||
Performance Shares | Peer Group Market Condition Vesting | ||||||
Stock-based compensation | ||||||
Performance period | 3 years | |||||
Vested | 12,635 | 14,214 | 12,635 | |||
Shares | ||||||
Outstanding (in shares) | 49,275 | 49,275 | 49,275 | 28,080 | 12,635 | |
Granted (in shares) | 26,441 | 21,195 | 15,445 | |||
Vested (in shares) | (12,635) | (14,214) | (12,635) | |||
Forfeited (in shares) | (7,230) | |||||
Outstanding (in shares) | 55,851 | 49,275 | 28,080 | |||
Weighted Average Fair Value | ||||||
Outstanding (in dollars per share) | $ 65.59 | $ 65.59 | $ 65.59 | $ 66.29 | $ 55.66 | |
Granted (in dollars per share) | 55.82 | 64.66 | 74.99 | |||
Vested (in dollars per share) | 55.66 | |||||
Forfeited (in dollars per share) | 63.81 | |||||
Outstanding (in dollars per share) | $ 63.44 | $ 65.59 | $ 66.29 | |||
Compensation cost | ||||||
Unrecognized compensation cost | $ 1,600,000 | |||||
Weighted average period of recognition of unrecognized compensation cost | 1 year 7 months 6 days | |||||
Performance Shares | Minimum | Peer Group Market Condition Vesting | ||||||
Stock-based compensation | ||||||
Vesting percentage | 0.00% | |||||
Performance Shares | Maximum | Peer Group Market Condition Vesting | ||||||
Stock-based compensation | ||||||
Vesting percentage | 150.00% |
STOCK-BASED COMPENSATION - Mark
STOCK-BASED COMPENSATION - Market Condition Restricted Shares - Stock Price Vesting (Details) - USD ($) $ / shares in Units, $ in Thousands | Jan. 28, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Stock-based compensation | ||||
Closing share price (in dollars per share) | $ 14.99 | $ 19.03 | ||
Forfeited (in shares) | 11,743 | |||
Shares | ||||
Outstanding (in shares) | 188,870 | |||
Granted (in shares) | 49,892 | |||
Vested (in shares) | (30,689) | |||
Forfeited (in shares) | (11,743) | |||
Outstanding (in shares) | 196,330 | 188,870 | ||
Stock Price Vesting | Restricted Shares | ||||
Shares | ||||
Outstanding (in shares) | 22,000 | 22,000 | 29,750 | |
Vested (in shares) | (7,750) | |||
Outstanding (in shares) | 22,000 | 22,000 | 22,000 | |
Weighted Average Fair Value | ||||
Outstanding (in dollars per share) | $ 41.71 | $ 41.71 | $ 39.07 | |
Vested (in dollars per share) | 31.58 | |||
Outstanding (in dollars per share) | $ 41.71 | $ 41.71 | $ 41.71 | |
Compensation cost | ||||
Unrecognized compensation cost | $ 0 | |||
Stock Price Vesting | Restricted Shares | Mr. Albright | ||||
Stock-based compensation | ||||
Restricted share award period after termination of employment | 60 days | |||
Period for average closing price | 30 days | |||
Share-based Compensation Award Stock Price Vesting Price Increment One | Restricted Shares | Mr. Albright | ||||
Stock-based compensation | ||||
Number of shares in each vesting increment | 22,000 | |||
Share-based Compensation Award Stock Price Vesting Price Increment Two | Restricted Shares | Mr. Albright | ||||
Stock-based compensation | ||||
Closing share price (in dollars per share) | $ 70 | |||
Number of shares in each vesting increment | 18,000 | |||
Share-based Compensation Award Stock Price Vesting Price Increment Three | Restricted Shares | Mr. Albright | ||||
Stock-based compensation | ||||
Closing share price (in dollars per share) | $ 75 | |||
Number of shares in each vesting increment | 4,000 | |||
Forecast | Stock Price Vesting | Restricted Shares | Mr. Albright | ||||
Stock-based compensation | ||||
Forfeited (in shares) | 22,000 | |||
Shares | ||||
Forfeited (in shares) | (22,000) |
STOCK-BASED COMPENSATION - Thre
STOCK-BASED COMPENSATION - Three Year Vest Restricted Shares (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Shares | |||
Outstanding (in shares) | 188,870 | ||
Granted (in shares) | 49,892 | ||
Vested (in shares) | (30,689) | ||
Forfeited (in shares) | (11,743) | ||
Outstanding (in shares) | 196,330 | 188,870 | |
Three-Year Vesting | Restricted Shares | |||
Stock-based compensation | |||
Vesting per year (as a percent) | 33.33% | ||
Shares | |||
Outstanding (in shares) | 37,595 | 34,952 | 37,390 |
Granted (in shares) | 23,451 | 20,696 | 17,712 |
Vested (in shares) | (18,054) | (18,053) | (18,883) |
Forfeited (in shares) | (4,513) | (1,267) | |
Outstanding (in shares) | 38,479 | 37,595 | 34,952 |
Weighted Average Fair Value | |||
Outstanding (in dollars per share) | $ 60.21 | $ 58.07 | $ 51.39 |
Granted (in dollars per share) | 55.89 | 58.78 | 65.33 |
Vested (in dollars per share) | 59.69 | 54.43 | 51.57 |
Forfeited (in dollars per share) | 60.14 | 59.39 | |
Outstanding (in dollars per share) | $ 57.82 | $ 60.21 | $ 58.07 |
Compensation cost | |||
Unrecognized compensation cost | $ 1.4 | ||
Weighted average period of recognition of unrecognized compensation cost | 1 year 8 months 12 days |
STOCK-BASED COMPENSATION - Non-
STOCK-BASED COMPENSATION - Non-Qualified Stock Option Awards Granted (Details) - Stock Option Awards - $ / shares | Jan. 28, 2018 | Jan. 28, 2017 | Feb. 26, 2016 | Jun. 29, 2015 | May 20, 2015 | Feb. 09, 2015 | Oct. 24, 2014 | Oct. 22, 2014 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Stock-based compensation | |||||||||||
Exercised (in shares) | 0 | 0 | |||||||||
Original 2010 Plan | |||||||||||
Stock-based compensation | |||||||||||
Granted (in shares) | 0 | 0 | |||||||||
Exercised (in shares) | 10,000 | ||||||||||
Original 2010 Plan | Mr. Albright | |||||||||||
Stock-based compensation | |||||||||||
Granted (in shares) | 40,000 | 20,000 | |||||||||
Vesting per year (as a percent) | 0.67% | 0.33% | |||||||||
Period of expiration after death or termination for disability | 12 months | 12 months | |||||||||
Period of expiration after termination of employment for reason other than death or disability | 30 days | 30 days | |||||||||
Exercise price (in dollars per share) | $ 55.62 | ||||||||||
Surrendered (in shares) | 40,000 | 57.50 | |||||||||
Original 2010 Plan | Mr. Smith | |||||||||||
Stock-based compensation | |||||||||||
Granted (in shares) | 10,000 | ||||||||||
Vesting per year (as a percent) | 0.33% | ||||||||||
Period of expiration from grant date | 10 years | ||||||||||
Period of expiration after death or termination for disability | 12 months | ||||||||||
Period of expiration after termination of employment for reason other than death or disability | 30 days | ||||||||||
Exercise price (in dollars per share) | $ 50 | ||||||||||
Original 2010 Plan | Officer | |||||||||||
Stock-based compensation | |||||||||||
Granted (in shares) | 10,000 | ||||||||||
Vesting per year (as a percent) | 0.33% | ||||||||||
Period of expiration after death or termination for disability | 12 months | ||||||||||
Period of expiration after termination of employment for reason other than death or disability | 30 days | ||||||||||
Exercise price (in dollars per share) | $ 57.54 | ||||||||||
Equity Award Agreements | Original 2010 Plan | |||||||||||
Stock-based compensation | |||||||||||
Granted (in shares) | 40,000 |
STOCK-BASED COMPENSATION - No_2
STOCK-BASED COMPENSATION - Non-Qualified Stock Option Award Activity (Details) - Stock Option Awards - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Shares | |||
Exercised (in shares) | 0 | 0 | |
Original 2010 Plan | |||
Shares | |||
Outstanding (in shares) | 80,000 | 80,000 | 90,000 |
Granted (in shares) | 0 | 0 | |
Exercised (in shares) | (10,000) | ||
Outstanding (in shares) | 80,000 | 80,000 | 80,000 |
Exercisable (in shares) | 80,000 | 80,000 | |
Weighted Average Exercise Price (in dollars per share) | |||
Outstanding (in dollars per share) | $ 55.63 | $ 55.63 | $ 52.71 |
Exercised (in dollars per share) | 29.34 | ||
Outstanding (in dollars per share) | 55.63 | 55.63 | $ 55.63 |
Exercisable (in dollars per share) | $ 55.63 | $ 55.63 | |
Weighted Average Remaining Contractual Term | |||
Outstanding | 4 years 3 months 3 days | ||
Exercisable | 4 years 3 months 3 days | 6 years 6 months | |
Stock-based compensation | |||
Aggregate Intrinsic Value, Exercisable (in dollars) | $ 25,000 |
STOCK-BASED COMPENSATION - No_3
STOCK-BASED COMPENSATION - Non-Qualified Stock Option Non-Vested Award Activity (Details) - Original 2010 Plan - Stock Option Awards - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Non-Vested Shares | |||
Outstanding (in shares) | 17,000 | ||
Granted (in shares) | 0 | 0 | |
Vested (in shares) | (17,000) | ||
Stock-based compensation | |||
Fair Value of Shares Vested | $ 952,068 |
STOCK-BASED COMPENSATION - Liab
STOCK-BASED COMPENSATION - Liability-Classified Stock Compensation Activity (Details) - shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Shares | ||
Outstanding (in shares) | 188,870 | |
Granted (in shares) | 49,892 | |
Forfeited (in shares) | (11,743) | |
Outstanding (in shares) | 196,330 | 188,870 |
Stock Option Awards | ||
Shares | ||
Exercised (in shares) | 0 | 0 |
STOCK-BASED COMPENSATION - No_4
STOCK-BASED COMPENSATION - Non-Employee Director Stock Compensation (Details) - Share-based Payment Arrangement, Nonemployee - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Stock-based compensation | ||||
Annual award | $ 20 | |||
Number of shares awarded calculated based on the number of days of average price of the Company's common stock | 20 days | |||
Number of business days based on which number of days of average price of the Company's common stock, the number of shares awarded are calculated | 2 days | |||
Expense recognized | $ 500 | $ 500 | $ 200 | |
Expense recognized (in shares) | 10,128 | 9,004 | 3,822 | |
Annual award received | $ 120,000 |
INCOME TAXES - Income Tax Benef
INCOME TAXES - Income Tax Benefit (Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Total income tax benefit (expense) | |||||||||||
Income Tax (Expense) Benefit from Continuing Operations | $ 83,089 | $ 501 | $ (4,179) | $ 4,088 | $ (182) | $ (574) | $ (2,941) | $ (1,775) | $ 83,499 | $ (5,472) | $ (6,025) |
Income Tax Expense from Discontinued Operations | (32,641) | (7,530) | |||||||||
Total Consolidated Income Tax Benefit (Expense) | $ 83,499 | $ (38,113) | $ (13,555) |
INCOME TAXES - Components of Pr
INCOME TAXES - Components of Provision (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
INCOME TAXES | |||
Federal - Current | $ 341 | $ (225) | $ (231) |
State - Current | 63 | 20 | (127) |
Total - Current | 404 | (205) | (358) |
Federal - Deferred | 70,106 | (4,974) | (5,381) |
State - Deferred | 12,989 | (293) | (286) |
Total - Deferred | $ 83,095 | $ (5,267) | $ (5,667) |
INCOME TAXES - Sources of Defer
INCOME TAXES - Sources of Deferred Income Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred Income Tax Assets | ||
Depreciation | $ 4,786 | |
Intangible Lease Liabilities | 6,504 | |
Income Property Lease Incentive | 732 | |
Impairment Reserves | 93 | |
Stock Options and Restricted Stock | 1,275 | |
Net Operating Loss Carryforward | $ 1,103 | |
Capital Loss Carryforward | 21 | |
Other - Net | 6 | |
Gross Deferred Income Tax Assets | 1,103 | 13,417 |
Less - Valuation Allowance | 0 | (273) |
Net Deferred Income Tax Assets | 1,103 | 13,144 |
Deferred Income Tax Liabilities | ||
Sales of Real Estate | (87,353) | |
Discount on Equity Component of Convertible Debt | (43) | |
Basis Difference in Joint Venture | (4,624) | (11,789) |
Basis Difference in Alpine Income Property OP, LP | (3,980) | |
Interest Rate Swap | (74) | |
Deferred Revenue (Net of Straight-line Rent Adjustments) | (187) | |
Total Deferred Income Tax Liabilities | (4,624) | (103,426) |
Net Deferred Income Tax Liabilities | $ (3,521) | $ (90,282) |
INCOME TAXES - Valuation Allowa
INCOME TAXES - Valuation Allowance - Charitable Contributions (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
INCOME TAXES | ||
Valuation allowance | $ 0 | $ 273 |
Net operating loss carryforwards | $ 1,100 |
INCOME TAXES - Reconciliation o
INCOME TAXES - Reconciliation of Income Tax Computed at Federal Statutory Rate (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | 36 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | |
INCOME TAXES | ||||||||||||
Federal statutory rate (as a percent) | 19.50% | 20.00% | 20.70% | 21.00% | ||||||||
Increase (Decrease) Resulting from: | ||||||||||||
Income Tax (Expense) Benefit Computed at Federal Statutory Rate | $ 971 | $ (4,410) | $ (4,557) | |||||||||
State Income Tax, Net of Federal Income Tax Benefit | 180 | (1,076) | (1,363) | |||||||||
Income Tax on Permanently Non-Deductible Items | (112) | (86) | (32) | |||||||||
Tax Benefit due to De-Recognition of REIT Deferred Tax Liabilities | 82,460 | |||||||||||
Other Reconciling Items | 100 | (73) | ||||||||||
Benefit (Expense) for Income Taxes | $ 83,089 | $ 501 | $ (4,179) | $ 4,088 | $ (182) | $ (574) | $ (2,941) | $ (1,775) | $ 83,499 | $ (5,472) | $ (6,025) | |
Federal statutory rate (as a percent) | (19.50%) | (20.00%) | (20.70%) | (21.00%) | ||||||||
State Income Tax, Net of Federal Income Tax Benefit | (3.60%) | (5.00%) | (5.50%) | |||||||||
Income Tax on Permanently Non-Deductible Items | 2.20% | (0.40%) | (0.20%) | |||||||||
Tax Benefit due to De-Recognition of REIT | (1652.60%) | 0.00% | 0.00% | |||||||||
Other Reconciling Items | 0.00% | 0.50% | (0.30%) | |||||||||
Effective Income Tax Rate Reconciliation, Percent, Total | (1673.40%) | (24.90%) | (26.70%) |
INCOME TAXES - General Informat
INCOME TAXES - General Information (Details) $ in Millions | 12 Months Ended | 36 Months Ended | ||
Dec. 31, 2020USD ($)subsidiary | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | |
INCOME TAXES | ||||
Number of taxable REIT subsidiaries | subsidiary | 5 | |||
Effective income tax rate (as a percent) | (1673.40%) | (24.90%) | (26.70%) | |
Deferred tax benefit | $ | $ 82.5 | |||
Effective income tax rate, including income taxes attributable to the discontinued operations (as a percent) | 1673.40% | (24.90%) | (26.70%) | |
Corporate tax rate (as a percent) | 19.50% | 20.00% | 20.70% | 21.00% |
INCOME TAXES - Uncertain Tax Po
INCOME TAXES - Uncertain Tax Positions (Details) $ in Millions | 36 Months Ended |
Dec. 31, 2020USD ($) | |
INCOME TAXES | |
Interest and penalties accrued for uncertain positions | $ 0 |
INCOME TAXES - Paid and Refunde
INCOME TAXES - Paid and Refunded (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
INCOME TAXES | |||
Net income taxes paid | $ 5,026 | $ 1,793 | $ 118 |
Income taxes paid, gross | 5,000 | 2,500 | 300 |
Income tax refunds | $ 0 | $ 700 | $ 200 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Minimum Future Rental Payments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Minimum future rental payments under non-cancelable operating leases having remaining terms in excess of one year | |||
2021 | $ 123 | ||
2022 | 118 | ||
2023 | 33 | ||
Total | 274 | ||
Operating leases | |||
Rental expense under all operating leases | $ 100 | $ 300 | $ 300 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES - Contractual Commitments - Expenditures (Details) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2020USD ($) | Jan. 31, 2021USD ($) | Jan. 01, 2021USD ($) | Feb. 21, 2020USD ($)property | Jan. 24, 2020USD ($)tenant | |
Commitments | |||||
Other commitment | $ 1.6 | ||||
Daytona Beach Development agreement | |||||
Commitments | |||||
Commitment amount | 0.1 | ||||
Cooling towers | Subsequent Event | |||||
Commitments | |||||
Other commitment | $ 0.9 | ||||
Ashford Lane, Atlanta, Georgia | |||||
Commitments | |||||
Tenant improvement allowances and leasing commissions | 0.1 | $ 0.5 | |||
Payment of tenant improvement allowances and leasing commissions | 0.4 | ||||
Ashford Lane, Atlanta, Georgia | Tenant improvements and leasing commissions | |||||
Commitments | |||||
Other commitment | 1.9 | ||||
Ashford Lane, Atlanta, Georgia | Architectural and civil engineering agreement | |||||
Commitments | |||||
Other commitment | 0.2 | ||||
Crossroads Towne Center, Chandler, Arizona | |||||
Commitments | |||||
Tenant improvement allowances and leasing commissions | 0.5 | $ 1.3 | |||
Payment of tenant improvement allowances and leasing commissions | 0.8 | ||||
Number of tenants | 2 | 2 | |||
Raleigh, North Carolina | Capital improvements for building automation system | |||||
Commitments | |||||
Other commitment | 1.6 | ||||
Daytona Beach, FL | |||||
Commitments | |||||
Tenant improvement allowances | 1.1 | ||||
Commitment amount | $ 1.1 | ||||
Falls Church, VA | Tenant improvements | Subsequent Event | |||||
Commitments | |||||
Commitment amount | $ 0.4 |
COMMITMENTS AND CONTINGENCIES_3
COMMITMENTS AND CONTINGENCIES - Off-Balance Sheet Arrangements (Details) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2020USD ($)item | Sep. 30, 2020item | Mar. 31, 2020item | Dec. 31, 2019item | Dec. 31, 2020USD ($)item | Jun. 30, 2018USD ($) | |
Loss Contingencies [Line Items] | ||||||
Number of mitigation credits | item | 8 | 20 | 20 | 25 | 48 | |
Operating agreement | ||||||
Loss Contingencies [Line Items] | ||||||
Fair value of Minimum Sales Guarantee | $ 0.1 | |||||
MSG, Upfront payment | $ 0.1 | |||||
Operating agreement | Minimum | ||||||
Loss Contingencies [Line Items] | ||||||
Supply commitments | $ 6 | $ 6 |
COMMITMENTS AND CONTINGENCIES_4
COMMITMENTS AND CONTINGENCIES - Other Matters (Details) $ in Thousands | Oct. 08, 2020item | Aug. 10, 2020item | Jun. 30, 2017USD ($)aitem | Jun. 30, 2016USD ($) | Dec. 31, 2015USD ($)a | Dec. 31, 2020USD ($)aitem | Sep. 30, 2020item | Mar. 31, 2020USD ($)item | Dec. 31, 2019USD ($)item | Mar. 31, 2019USD ($) | Mar. 31, 2017USD ($)a | Jun. 30, 2016USD ($) | Dec. 31, 2020USD ($)aitem | Dec. 31, 2019USD ($)a | Dec. 31, 2018USD ($)a |
Contingencies | |||||||||||||||
Area of land (in acres) | a | 345 | 345 | |||||||||||||
Acres sold | a | 5,400 | 205 | |||||||||||||
Escrow balance | $ 29,536 | $ 128,430 | $ 29,536 | $ 128,430 | $ 18,890 | ||||||||||
Number of mitigation credits | item | 8 | 20 | 20 | 25 | 48 | ||||||||||
Unfavorable regulatory action | |||||||||||||||
Contingencies | |||||||||||||||
Accrued loss contingency | $ 200 | ||||||||||||||
Minto Communities LLC | |||||||||||||||
Contingencies | |||||||||||||||
Acres sold | a | 1,581 | ||||||||||||||
Accrued restoration cost | $ 400 | ||||||||||||||
Cash deposited in (refunded from) escrow | 400 | ||||||||||||||
Land Sales | |||||||||||||||
Contingencies | |||||||||||||||
Acres sold | a | 2,697 | ||||||||||||||
Minimum | |||||||||||||||
Contingencies | |||||||||||||||
Amount of mitigation credits with cost basis | $ 100 | ||||||||||||||
Wetlands restoration | |||||||||||||||
Contingencies | |||||||||||||||
Area of land (in acres) | a | 148.4 | ||||||||||||||
Estimated cost | $ 2,000 | $ 2,400 | $ 2,000 | ||||||||||||
Increase in accrual of remediation costs | 400 | $ 300 | |||||||||||||
Environmental costs funded | 2,400 | ||||||||||||||
Accrued restoration cost | $ 1,700 | ||||||||||||||
Tenant improvement allowances and leasing commissions | 2,400 | ||||||||||||||
Number of mitigation credits | item | 13.31 | 13.31 | |||||||||||||
Wetlands restoration | General and Administrative Expense | |||||||||||||||
Contingencies | |||||||||||||||
Amount of mitigation credits with cost basis | 100 | ||||||||||||||
Wetlands restoration | Minto Communities LLC | |||||||||||||||
Contingencies | |||||||||||||||
Cash deposited in (refunded from) escrow | $ 100 | $ 100 | $ 200 | ||||||||||||
Escrow balance | $ 100 | $ 200 | $ 100 | $ 200 | |||||||||||
Wetlands restoration | Minimum | |||||||||||||||
Contingencies | |||||||||||||||
Estimated cost | 1,700 | ||||||||||||||
Wetlands restoration | Maximum | |||||||||||||||
Contingencies | |||||||||||||||
Estimated cost | $ 1,900 | ||||||||||||||
Mitigation activities | |||||||||||||||
Contingencies | |||||||||||||||
Area of land (in acres) | a | 54.66 | ||||||||||||||
Number of mitigation credits required to be utilized | item | 36 | ||||||||||||||
Mitigation credits transferred | $ 300 |
BUSINESS SEGMENT DATA - Descrip
BUSINESS SEGMENT DATA - Description (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020USD ($) | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2020USD ($)loansegmentproperty | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Business segment data | |||||||||||
Number of operating segment | segment | 4 | ||||||||||
Assets | $ 665,931 | $ 703,286 | $ 665,931 | $ 703,286 | |||||||
Depreciation and Amortization | 4,729 | $ 4,762 | $ 5,021 | $ 4,552 | 4,090 | $ 4,287 | $ 4,075 | $ 3,346 | $ 19,063 | 15,797 | $ 15,762 |
Number of commercial loan investment | loan | 1 | ||||||||||
Income Properties | |||||||||||
Business segment data | |||||||||||
Assets | 531,325 | 464,285 | $ 531,325 | 464,285 | |||||||
Depreciation and Amortization | 19,036 | 15,774 | $ 15,728 | ||||||||
Management Fee Income | |||||||||||
Business segment data | |||||||||||
Assets | $ 700 | $ 381 | $ 700 | $ 381 | |||||||
Commercial loan and master lease investments | |||||||||||
Business segment data | |||||||||||
Number of commercial loan investment | loan | 1 | ||||||||||
Number of commercial properties | property | 2 | ||||||||||
Product concentration | Identifiable assets | Income Properties | |||||||||||
Business segment data | |||||||||||
Percentage of total | 80.00% | 66.00% | |||||||||
Product concentration | Consolidated revenues | Income Properties | |||||||||||
Business segment data | |||||||||||
Percentage of total | 88.60% | 93.40% | 91.80% |
BUSINESS SEGMENT DATA - Summary
BUSINESS SEGMENT DATA - Summary of Operations in Different Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Business segment data | |||||||||||
Total Revenues | $ 15,961 | $ 14,572 | $ 13,010 | $ 12,838 | $ 11,963 | $ 11,330 | $ 10,689 | $ 10,959 | $ 56,381 | $ 44,941 | $ 43,658 |
Total Operating Income | (267) | 1,484 | 10,773 | 289 | 4,079 | 5,485 | 14,632 | 10,003 | 12,280 | 34,199 | 31,385 |
Impairment charge | 9,147 | ||||||||||
Gain on Disposition of Assets | 2,381 | 290 | 7,076 | 1,108 | 2,187 | 11,812 | 6,870 | 9,746 | 21,978 | 22,035 | |
Gain on Extinguishment of Debt | 504 | 637 | 1,141 | ||||||||
Depreciation and Amortization | 4,729 | 4,762 | 5,021 | 4,552 | 4,090 | 4,287 | 4,075 | 3,346 | 19,063 | 15,797 | 15,762 |
Capital Expenditures | 196,029 | 187,526 | 113,764 | ||||||||
Identifiable Assets | 665,931 | 703,286 | 665,931 | 703,286 | |||||||
Operating Segments | |||||||||||
Business segment data | |||||||||||
Impairment charge | (9,147) | ||||||||||
Gain on Disposition of Assets | 9,746 | 21,978 | 22,035 | ||||||||
General and Corporate Expense | |||||||||||
Business segment data | |||||||||||
Total Operating Income | (30,630) | (25,615) | (25,547) | ||||||||
Income Properties | |||||||||||
Business segment data | |||||||||||
Total Revenues | 14,544 | 12,933 | 11,473 | 11,003 | 10,595 | 10,261 | 10,375 | 10,724 | 49,953 | 41,956 | 40,076 |
Depreciation and Amortization | 19,036 | 15,774 | 15,728 | ||||||||
Identifiable Assets | 531,325 | 464,285 | 531,325 | 464,285 | |||||||
Income Properties | Operating Segments | |||||||||||
Business segment data | |||||||||||
Total Operating Income | 37,965 | 34,955 | 31,906 | ||||||||
Capital Expenditures | 188,849 | 166,684 | 108,997 | ||||||||
Management Fee Income | |||||||||||
Business segment data | |||||||||||
Total Revenues | 664 | 682 | 695 | 702 | 304 | 2,744 | 304 | ||||
Identifiable Assets | 700 | 381 | 700 | 381 | |||||||
Management Fee Income | Operating Segments | |||||||||||
Business segment data | |||||||||||
Total Operating Income | 2,744 | 304 | |||||||||
Interest Income from Commercial Loan and Master Lease Investments | |||||||||||
Business segment data | |||||||||||
Total Revenues | 734 | 413 | 835 | 1,052 | 921 | 855 | 53 | 3,034 | 1,829 | 616 | |
Identifiable Assets | 38,321 | 35,742 | 38,321 | 35,742 | |||||||
Interest Income from Commercial Loan and Master Lease Investments | Operating Segments | |||||||||||
Business segment data | |||||||||||
Total Operating Income | 3,034 | 1,829 | 616 | ||||||||
Capital Expenditures | 7,150 | 18,047 | |||||||||
Real Estate Operations | |||||||||||
Business segment data | |||||||||||
Total Revenues | 19 | $ 544 | $ 7 | $ 81 | 143 | $ 214 | $ 261 | $ 235 | 650 | 852 | 2,966 |
Identifiable Assets | 59,717 | 65,555 | 59,717 | 65,555 | |||||||
Real Estate Operations | Operating Segments | |||||||||||
Business segment data | |||||||||||
Total Operating Income | (2,573) | 748 | 2,375 | ||||||||
Capital Expenditures | 2,791 | 4,659 | |||||||||
Land Operations | |||||||||||
Business segment data | |||||||||||
Identifiable Assets | 833 | 833 | 833 | 833 | |||||||
Golf Operations | Operating Segments | |||||||||||
Business segment data | |||||||||||
Capital Expenditures | 94 | ||||||||||
Corporate and Other | |||||||||||
Business segment data | |||||||||||
Depreciation and Amortization | 27 | 23 | 34 | ||||||||
Identifiable Assets | $ 35,035 | $ 136,490 | 35,035 | 136,490 | |||||||
Corporate and Other | Operating Segments | |||||||||||
Business segment data | |||||||||||
Capital Expenditures | $ 30 | $ 4 | $ 14 |
ASSETS AND LIABILITIES HELD F_3
ASSETS AND LIABILITIES HELD FOR SALE AND DISCONTINUED OPERATIONS - Assets and Liabilities Held for Sale (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Assets held for sale | ||
Restricted Cash | $ 833 | $ 833 |
Total Assets Held for Sale | 833 | 833 |
Liabilities held for sale | ||
Deferred Revenue | (831) | (831) |
Total Liabilities Held for Sale | (831) | (831) |
Land JV Assets | Discontinued Operations, Held-for-sale or Disposed of by Sale [Member] | ||
Assets held for sale | ||
Restricted Cash | 833 | 833 |
Total Assets Held for Sale | 833 | 833 |
Land JV Liabilities | Discontinued Operations, Held-for-sale or Disposed of by Sale [Member] | ||
Liabilities held for sale | ||
Deferred Revenue | (831) | (831) |
Total Liabilities Held for Sale | $ (831) | $ (831) |
ASSETS AND LIABILITIES HELD F_4
ASSETS AND LIABILITIES HELD FOR SALE AND DISCONTINUED OPERATIONS - Deferred Revenue on Land Sales (Details) - Buc'ees - East of I-95 $ in Millions | Mar. 31, 2018USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Escrow reserve | $ 0.8 |
Remaining gain to be recognized | $ 0.1 |
ASSETS AND LIABILITIES HELD F_5
ASSETS AND LIABILITIES HELD FOR SALE AND DISCONTINUED OPERATIONS - Discontinued Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS | |||||||
Income Tax Benefit (Expense) | $ (32,641) | $ (7,530) | |||||
Total Income (loss) from Discontinued Operations (Net of Income Tax) | $ 95,514 | $ (204) | $ 1,933 | $ 1,124 | 98,368 | 22,179 | |
Discontinued Operations, Held-for-sale | |||||||
ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS | |||||||
Total Income (loss) from Discontinued Operations (Net of Income Tax) | $ 0 | 98,368 | 22,179 | ||||
Golf Operations | Discontinued Operations, Held-for-sale | |||||||
ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS | |||||||
Revenue | 4,097 | 4,941 | |||||
Cost of Revenues | (5,259) | (5,848) | |||||
Loss from Operations | (1,162) | (907) | |||||
Impairment Charges | (1,119) | ||||||
Depreciation and Amortization | (373) | ||||||
Gain on Disposition of Assets | 15 | ||||||
Income (Loss) from Discontinued Operations Before Income Tax | (1,147) | (2,399) | |||||
Income Tax Benefit (Expense) | 291 | 608 | |||||
Total Income (loss) from Discontinued Operations (Net of Income Tax) | (856) | (1,791) | |||||
Land Operations | Discontinued Operations, Held-for-sale | |||||||
ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS | |||||||
Revenue | 11,043 | 43,031 | |||||
Cost of Revenues | (6,405) | (10,923) | |||||
Loss from Operations | 4,638 | 32,108 | |||||
Gain on Disposition of Assets | 127,518 | ||||||
Income (Loss) from Discontinued Operations Before Income Tax | 132,156 | 32,108 | |||||
Income Tax Benefit (Expense) | (32,932) | (8,138) | |||||
Total Income (loss) from Discontinued Operations (Net of Income Tax) | $ 99,224 | $ 23,970 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) $ / shares in Units, $ in Thousands | Mar. 02, 2021USD ($) | Feb. 23, 2021USD ($) | Jan. 29, 2021 | Jan. 28, 2021USD ($)a | Jan. 20, 2021USD ($)tenant | Feb. 28, 2021 | Jan. 31, 2021 | Dec. 31, 2020USD ($)$ / shares |
Subsequent Event [Line Items] | ||||||||
Sales price | $ 86,500 | |||||||
Gain on Sale | 8,600 | |||||||
Seven-Eleven Dallas, TX [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Sales price | 2,400 | |||||||
Gain on Sale | $ (46) | |||||||
Earning per share, after tax | $ / shares | $ (0.01) | |||||||
Subsequent Event | ||||||||
Subsequent Event [Line Items] | ||||||||
Conversion ratio on merger | 1 | |||||||
Subsequent Event | COVID-19 | ||||||||
Subsequent Event [Line Items] | ||||||||
Percentage of contractual base rent received | 99.00% | 99.00% | ||||||
Subsequent Event | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Subsurface oil, gas and mineral rights | ||||||||
Subsequent Event [Line Items] | ||||||||
Sales price | $ 1,900 | |||||||
Gain on Sale | $ 1,800 | |||||||
Area of land sold | a | 25,300 | |||||||
Subsequent Event | Acquisition of multi tenant income property | West Jordan, Utah | ||||||||
Subsequent Event [Line Items] | ||||||||
Purchase price | $ 20,000 | |||||||
Subsequent Event | Brandon, FL | ||||||||
Subsequent Event [Line Items] | ||||||||
Number of former tenants | tenant | 2 | |||||||
Subsequent Event | Brandon, FL | Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||||||
Subsequent Event [Line Items] | ||||||||
Sales price | $ 2,300 | |||||||
Gain on Sale | $ 600 | |||||||
Subsequent Event | Jacksonville, FL | Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||||||
Subsequent Event [Line Items] | ||||||||
Sales price | $ 2,500 | |||||||
Gain on Sale | $ 100 |
QUARTERLY FINANCIAL DATA (UNAUD
QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues | |||||||||||
Total Revenues | $ 15,961 | $ 14,572 | $ 13,010 | $ 12,838 | $ 11,963 | $ 11,330 | $ 10,689 | $ 10,959 | $ 56,381 | $ 44,941 | $ 43,658 |
Direct Cost of Revenues | |||||||||||
Total Direct Cost of Revenues | (3,675) | (5,274) | (2,625) | (3,637) | (1,966) | (1,484) | (1,675) | (1,978) | (15,211) | (7,105) | (8,761) |
General and Administrative Expenses | (2,963) | (3,342) | (2,171) | (3,092) | (2,936) | (2,261) | (2,119) | (2,502) | (11,567) | (9,818) | (9,785) |
Depreciation and Amortization | (4,729) | (4,762) | (5,021) | (4,552) | (4,090) | (4,287) | (4,075) | (3,346) | (19,063) | (15,797) | (15,762) |
Impairment Charges | (7,242) | (1,905) | (9,147) | (1,119) | |||||||
Total Operating Expenses | 18,609 | 13,378 | 9,817 | 13,186 | 8,992 | 8,032 | 7,869 | 7,826 | |||
Gain on Disposition of Assets | 2,381 | 290 | 7,076 | 1,108 | 2,187 | 11,812 | 6,870 | 9,746 | 21,978 | 22,035 | |
Gain on Extinguishment of Debt | 504 | 637 | 1,141 | ||||||||
Other Gains and Income | 2,381 | 290 | 7,580 | 637 | 1,108 | 2,187 | 11,812 | 6,870 | 10,887 | 21,978 | 22,035 |
Total Operating Income | (267) | 1,484 | 10,773 | 289 | 4,079 | 5,485 | 14,632 | 10,003 | 12,280 | 34,199 | 31,385 |
Investment Income | (686) | (1,030) | 8,470 | (13,186) | 258 | 33 | 15 | 39 | (6,432) | 344 | 52 |
Interest Expense | (2,454) | (2,477) | (2,453) | (3,453) | (3,247) | (3,254) | (3,042) | (2,923) | (10,838) | (12,466) | (10,423) |
Income (Loss) from Continuing Operations Before Income Tax Expense | (3,407) | (2,023) | 16,790 | (16,350) | 1,090 | 2,264 | 11,605 | 7,119 | (4,990) | 22,077 | 21,014 |
Income Tax Benefit (Expense) from Continuing Operations | 83,089 | 501 | (4,179) | 4,088 | (182) | (574) | (2,941) | (1,775) | 83,499 | (5,472) | (6,025) |
Income from Continuing Operations | 79,682 | (1,522) | 12,611 | (12,262) | 908 | 1,690 | 8,664 | 5,344 | 78,509 | 16,605 | 14,989 |
Income (Loss) from Discontinued Operations (Net of Tax) | 95,514 | (204) | 1,933 | 1,124 | 98,368 | 22,179 | |||||
Net Income | $ 79,682 | $ (1,522) | $ 12,611 | $ (12,262) | $ 96,422 | $ 1,486 | $ 10,597 | $ 6,468 | $ 78,509 | $ 114,973 | $ 37,168 |
Basic | |||||||||||
Income (Loss) from Continuing Operations (in dollars per share) | $ 16.60 | $ (0.33) | $ 2.71 | $ (2.60) | $ 0.19 | $ 0.35 | $ 1.75 | $ 1 | $ 16.69 | $ 3.32 | $ 2.72 |
Income (Loss) from Discontinued Operations (Net of Tax) (in dollars per share) | 19.86 | (0.04) | 0.39 | 0.21 | 19.71 | 4.04 | |||||
Net Income (Loss) (in dollars per share) | 16.60 | (0.33) | 2.71 | (2.60) | 20.05 | 0.31 | 2.14 | 1.21 | 16.69 | 23.03 | 6.76 |
Diluted | |||||||||||
Income (Loss) from Continuing Operations (in dollars per share) | 16.60 | (0.33) | 2.71 | (2.60) | 0.19 | 0.35 | 1.75 | 1 | 16.69 | 3.32 | 2.71 |
Income (Loss) from Discontinued Operations (Net of Tax) (in dollars per share) | 19.85 | (0.04) | 0.39 | 0.21 | 19.68 | 4.01 | |||||
Net Income (Loss) (in dollars per share) | $ 16.60 | $ (0.33) | $ 2.71 | $ (2.60) | $ 20.04 | $ 0.31 | $ 2.14 | $ 1.21 | $ 16.69 | $ 23 | $ 6.72 |
Income Properties | |||||||||||
Revenues | |||||||||||
Total Revenues | $ 14,544 | $ 12,933 | $ 11,473 | $ 11,003 | $ 10,595 | $ 10,261 | $ 10,375 | $ 10,724 | $ 49,953 | $ 41,956 | $ 40,076 |
Direct Cost of Revenues | |||||||||||
Total Direct Cost of Revenues | (3,715) | (3,593) | (2,568) | (2,113) | (1,956) | (1,476) | (1,635) | (1,932) | (11,988) | (7,000) | (8,170) |
Depreciation and Amortization | (19,036) | (15,774) | (15,728) | ||||||||
Impairment Charges | 0 | 0 | 0 | ||||||||
Management Fee Income | |||||||||||
Revenues | |||||||||||
Total Revenues | 664 | 682 | 695 | 702 | 304 | 2,744 | 304 | ||||
Interest Income from Commercial Loan and Master Lease Investments | |||||||||||
Revenues | |||||||||||
Total Revenues | 734 | 413 | 835 | 1,052 | 921 | 855 | 53 | 3,034 | 1,829 | 616 | |
Real Estate Operations | |||||||||||
Revenues | |||||||||||
Total Revenues | 19 | 544 | 7 | 81 | 143 | 214 | 261 | 235 | 650 | 852 | 2,966 |
Direct Cost of Revenues | |||||||||||
Total Direct Cost of Revenues | $ (1,681) | $ (57) | $ (1,524) | $ (10) | $ (8) | $ (40) | $ (46) | $ (3,223) | $ (105) | (591) | |
Total Direct Cost of Revenues | $ 40 | ||||||||||
Golf Operations | |||||||||||
Direct Cost of Revenues | |||||||||||
Impairment Charges | $ (1,100) |
SCHEDULE III REAL ESTATE AND _2
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION - Initial Cost and Subsequent Costs Capitalized (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cost: | ||||
Encumbrances | $ 53,183 | |||
Land | 166,512 | |||
Building & Improvements | 301,016 | |||
Improvements | 4,598 | |||
Gross Amount Carried at Close | ||||
Land | 166,512 | |||
Buildings | 305,614 | |||
Total | 472,126 | $ 392,842 | $ 463,704 | $ 358,130 |
Accumulated Depreciation | 30,316 | $ 22,552 | $ 28,733 | $ 21,879 |
24 Hour Fitness USA, Inc | Falls Church, VA | ||||
Cost: | ||||
Land | 7,308 | |||
Building & Improvements | 11,560 | |||
Gross Amount Carried at Close | ||||
Land | 7,308 | |||
Buildings | 11,560 | |||
Total | 18,868 | |||
Accumulated Depreciation | $ 548 | |||
Life | 30 years | |||
Big Lots | Germantown, MD | ||||
Cost: | ||||
Encumbrances | $ 3,300 | |||
Land | 1,782 | |||
Building & Improvements | 2,951 | |||
Improvements | 7 | |||
Gross Amount Carried at Close | ||||
Land | 1,782 | |||
Buildings | 2,958 | |||
Total | 4,740 | |||
Accumulated Depreciation | $ 543 | |||
Life | 40 years | |||
Big Lots | Phoenix, AZ | ||||
Cost: | ||||
Encumbrances | $ 3,400 | |||
Land | 1,716 | |||
Building & Improvements | 3,050 | |||
Gross Amount Carried at Close | ||||
Land | 1,716 | |||
Buildings | 3,050 | |||
Total | 4,766 | |||
Accumulated Depreciation | $ 604 | |||
Life | 40 years | |||
Burlington Coat Stores, Inc. | North Richland Hills, TX | ||||
Cost: | ||||
Land | $ 3,916 | |||
Building & Improvements | 7,029 | |||
Gross Amount Carried at Close | ||||
Land | 3,916 | |||
Buildings | 7,029 | |||
Total | 10,945 | |||
Accumulated Depreciation | $ 402 | |||
Life | 30 years | |||
Chuy'S Restaurant & Bar | Jacksonville, FL | ||||
Cost: | ||||
Land | $ 5,504 | |||
Gross Amount Carried at Close | ||||
Land | 5,504 | |||
Total | 5,504 | |||
Crabby's Restaurant | Daytona Beach, FL | ||||
Cost: | ||||
Land | 5,836 | |||
Building & Improvements | 4,249 | |||
Improvements | 8 | |||
Gross Amount Carried at Close | ||||
Land | 5,836 | |||
Buildings | 4,257 | |||
Total | 10,093 | |||
Accumulated Depreciation | $ 680 | |||
Life | 40 years | |||
Crossroads | Phoenix, AZ | ||||
Cost: | ||||
Land | $ 11,731 | |||
Building & Improvements | 41,956 | |||
Improvements | 109 | |||
Gross Amount Carried at Close | ||||
Land | 11,731 | |||
Buildings | 42,065 | |||
Total | 53,796 | |||
Accumulated Depreciation | $ 1,339 | |||
Life | 35 years | |||
General Dynamics Corporation | Reston, VA | ||||
Cost: | ||||
Land | $ 7,530 | |||
Building & Improvements | 9,068 | |||
Gross Amount Carried at Close | ||||
Land | 7,530 | |||
Buildings | 9,068 | |||
Total | 16,598 | |||
Accumulated Depreciation | $ 730 | |||
Life | 35 years | |||
Fidelity Investment (affiliate of) | Albuquerque, NM | ||||
Cost: | ||||
Land | $ 5,739 | |||
Building & Improvements | 29,537 | |||
Improvements | 12 | |||
Gross Amount Carried at Close | ||||
Land | 5,739 | |||
Buildings | 29,549 | |||
Total | 35,288 | |||
Accumulated Depreciation | $ 2,530 | |||
Life | 45 years | |||
Firebirds Woodfired Grill | Jacksonville, FL | ||||
Cost: | ||||
Land | $ 4,203 | |||
Gross Amount Carried at Close | ||||
Land | 4,203 | |||
Total | 4,203 | |||
Ford Motor Credit | Tampa, FL | ||||
Cost: | ||||
Land | 3,265 | |||
Building & Improvements | 20,629 | |||
Gross Amount Carried at Close | ||||
Land | 3,265 | |||
Buildings | 20,629 | |||
Total | 23,894 | |||
Accumulated Depreciation | $ 312 | |||
Life | 40 years | |||
Harris Teeter | Charlotte, NC | ||||
Cost: | ||||
Encumbrances | $ 6,600 | |||
Land | 5,602 | |||
Building & Improvements | 3,409 | |||
Gross Amount Carried at Close | ||||
Land | 5,602 | |||
Buildings | 3,409 | |||
Total | 9,011 | |||
Accumulated Depreciation | $ 1,087 | |||
Life | 40 years | |||
LandShark Bar and Grill | Daytona Beach, FL | ||||
Cost: | ||||
Land | $ 5,836 | |||
Building & Improvements | 4,577 | |||
Improvements | 9 | |||
Gross Amount Carried at Close | ||||
Land | 5,836 | |||
Buildings | 4,586 | |||
Total | 10,422 | |||
Accumulated Depreciation | $ 646 | |||
Life | 40 years | |||
Lowe's Corporation | Katy, TX | ||||
Cost: | ||||
Encumbrances | $ 8,500 | |||
Land | 9,412 | |||
Building & Improvements | 3,481 | |||
Gross Amount Carried at Close | ||||
Land | 9,412 | |||
Buildings | 3,481 | |||
Total | 12,893 | |||
Accumulated Depreciation | $ 891 | |||
Life | 30 years | |||
Moe's Southwest Grill | Jacksonville, FL | ||||
Cost: | ||||
Land | $ 1,862 | |||
Gross Amount Carried at Close | ||||
Land | 1,862 | |||
Total | 1,862 | |||
Party City Corporation | Oceanside, NY | ||||
Cost: | ||||
Land | 2,965 | |||
Building & Improvements | 3,289 | |||
Gross Amount Carried at Close | ||||
Land | 2,965 | |||
Buildings | 3,289 | |||
Total | 6,254 | |||
Accumulated Depreciation | $ 132 | |||
Life | 35 years | |||
2020 acquisitions of income property subject to lease - Ashford Lane [Member] | Atlanta, Georgia | ||||
Cost: | ||||
Land | $ 34,995 | |||
Building & Improvements | 32,048 | |||
Improvements | 224 | |||
Gross Amount Carried at Close | ||||
Land | 34,995 | |||
Buildings | 32,272 | |||
Total | 67,267 | |||
Accumulated Depreciation | $ 979 | |||
Life | 36 years | |||
Rite Aid Corp. | Renton, WA | ||||
Cost: | ||||
Encumbrances | $ 4,700 | |||
Land | 2,036 | |||
Building & Improvements | 4,148 | |||
Gross Amount Carried at Close | ||||
Land | 2,036 | |||
Buildings | 4,148 | |||
Total | 6,184 | |||
Accumulated Depreciation | $ 769 | |||
Life | 40 years | |||
Riverside Avenue | Jacksonville, FL | ||||
Cost: | ||||
Land | $ 6,020 | |||
Building & Improvements | 14,240 | |||
Improvements | 1,347 | |||
Gross Amount Carried at Close | ||||
Land | 6,020 | |||
Buildings | 15,587 | |||
Total | 21,607 | |||
Accumulated Depreciation | $ 3,544 | |||
Life | 43 years | |||
Staples | Sarasota, FL | ||||
Cost: | ||||
Land | $ 2,728 | |||
Building & Improvements | 1,145 | |||
Gross Amount Carried at Close | ||||
Land | 2,728 | |||
Buildings | 1,145 | |||
Total | 3,873 | |||
Accumulated Depreciation | $ 225 | |||
Life | 40 years | |||
The Strand | Jacksonville, FL | ||||
Cost: | ||||
Land | $ 13,886 | |||
Building & Improvements | 38,833 | |||
Gross Amount Carried at Close | ||||
Land | 13,886 | |||
Buildings | 38,833 | |||
Total | 52,719 | |||
Accumulated Depreciation | $ 1,603 | |||
Life | 48 years | |||
Walgreens | Clermont, FL | ||||
Cost: | ||||
Encumbrances | $ 3,500 | |||
Land | 3,022 | |||
Building & Improvements | 1,269 | |||
Gross Amount Carried at Close | ||||
Land | 3,022 | |||
Buildings | 1,269 | |||
Total | 4,291 | |||
Accumulated Depreciation | $ 526 | |||
Life | 40 years | |||
Wells Fargo | Raleigh, North Carolina | ||||
Cost: | ||||
Encumbrances | $ 23,183 | |||
Land | 8,680 | |||
Building & Improvements | 59,167 | |||
Improvements | 2,791 | |||
Gross Amount Carried at Close | ||||
Land | 8,680 | |||
Buildings | 61,958 | |||
Total | 70,638 | |||
Accumulated Depreciation | $ 10,403 | |||
Life | 45 years | |||
Westcliff Shopping Center | Fort Worth, TX | ||||
Cost: | ||||
Land | $ 10,521 | |||
Building & Improvements | 4,196 | |||
Improvements | 91 | |||
Gross Amount Carried at Close | ||||
Land | 10,521 | |||
Buildings | 4,287 | |||
Total | 14,808 | |||
Accumulated Depreciation | $ 1,641 | |||
Life | 10 years | |||
World of Beer/Fuzzy's Taco Shop | Brandon, FL | ||||
Cost: | ||||
Land | $ 417 | |||
Building & Improvements | 1,185 | |||
Gross Amount Carried at Close | ||||
Land | 417 | |||
Buildings | 1,185 | |||
Total | 1,602 | |||
Accumulated Depreciation | $ 182 | |||
Life | 30 years |
SCHEDULE III REAL ESTATE AND _3
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION - Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cost: | |||
Balance at Beginning of Year | $ 392,842 | $ 463,704 | $ 358,130 |
Additions and Improvements | 147,359 | 130,005 | 104,044 |
Cost of Real Estate Sold | (68,075) | (200,867) | (10,142) |
Reclassification to Land and Development Costs | 11,672 | ||
Balance at End of Year | 472,126 | 392,842 | 463,704 |
Accumulated Depreciation: | |||
Balance at Beginning of Year | 22,552 | 28,733 | 21,879 |
Depreciation and Amortization | 11,207 | 9,892 | 9,827 |
Depreciation on Real Estate Sold | (3,443) | (16,073) | (2,973) |
Balance at End of Year | $ 30,316 | $ 22,552 | $ 28,733 |
SCHEDULE III REAL ESTATE AND _4
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION - Reconciliation (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Total | $ 472,126 | $ 392,842 | $ 463,704 | $ 358,130 |
Building and Improvements | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Income Properties, Land, Buildings, and Improvements | $ 472,126 |
SCHEDULE IV MORTGAGE LOANS ON_2
SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE - Number of commercial loan investments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2017 | |
Mortgage Loans On Real Estate [Line Items] | |||
Face Amount of Mortgages | $ 37,735 | $ 34,570 | |
Carrying Amounts of Mortgages | 38,320 | $ 34,625 | $ 11,926 |
Ground Lease Loan - 400 Josephine Street, Austin, TX | |||
Mortgage Loans On Real Estate [Line Items] | |||
Face Amount of Mortgages | 16,250 | ||
Carrying Amounts of Mortgages | 16,827 | ||
Master Tenant - Hialeah Lease Loan - Hialeah, FL | |||
Mortgage Loans On Real Estate [Line Items] | |||
Face Amount of Mortgages | 21,085 | ||
Carrying Amounts of Mortgages | $ 21,101 | ||
Mortgage Note - 4311 Maple Avenue, Dallas, TX | |||
Mortgage Loans On Real Estate [Line Items] | |||
Interest rate (as a percent) | 7.50% | ||
Face Amount of Mortgages | $ 400 | ||
Carrying Amounts of Mortgages | $ 392 |
SCHEDULE IV MORTGAGE LOANS ON_3
SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE - Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2020 | |
Mortgage Loans on Real Estate Roll Forward | ||||
Balance at Beginning of Year | $ 34,625 | $ 11,926 | ||
New Mortgage Loans | 28,360 | $ 34,570 | ||
Collection of Origination Fees | (125) | |||
Accretion of Origination Fees | 161 | (139) | 35 | |
Imputed Interest Over Rent Payments on Ground Lease Loan | 399 | 194 | ||
Collection of Principal | (23,132) | $ (11,961) | ||
Impairment / CECL Reserve | (1,968) | $ (300) | ||
Balance at End of Year | $ 38,320 | $ 34,625 |