Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 17, 2022 | Jun. 30, 2021 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0000023795 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2021 | ||
Current Fiscal Year End Date | --12-31 | ||
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 | ||
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 | $ 305,315,253 | ||
Entity Common Stock, Shares Outstanding | 5,968,590 | ||
Auditor Name | GRANT THORNTON LLP | ||
Auditor Firm ID | 248 | ||
Auditor Location | Orlando, F | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Common Stock | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Common Stock, $0.01 par value per share | ||
Trading Symbol | CTO | ||
Security Exchange Name | NYSE | ||
Entity Listing, Par Value Per Share | $ 0.01 | ||
Cumulative Preferred Stock | |||
Document Information [Line Items] | |||
Title of 12(b) Security | 6.375% Series A Cumulative Redeemable | ||
Trading Symbol | CTO PrA | ||
Security Exchange Name | NYSE | ||
Entity Listing, Par Value Per Share | $ 0.01 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Real Estate: | ||
Land, at Cost | $ 189,589 | $ 166,512 |
Building and Improvements, at Cost | 325,418 | 305,614 |
Other Furnishings and Equipment, at Cost | 707 | 672 |
Construction in Process, at Cost | 3,150 | 323 |
Total Real Estate, at Cost | 518,864 | 473,121 |
Less, Accumulated Depreciation | (24,169) | (30,737) |
Real Estate-Net | 494,695 | 442,384 |
Land and Development Costs | 692 | 7,083 |
Intangible Lease Assets-Net | 79,492 | 50,176 |
Assets Held for Sale-See Note 25 | 6,720 | 833 |
Investment in Joint Ventures | 48,677 | |
Investment in Alpine Income Property Trust, Inc. | 41,037 | 30,574 |
Mitigation Credits | 3,702 | 2,622 |
Mitigation Credit Rights | 21,018 | |
Commercial Loan and Master Lease Investments | 39,095 | 38,320 |
Cash and Cash Equivalents | 8,615 | 4,289 |
Restricted Cash | 22,734 | 29,536 |
Refundable Income Taxes | 442 | 26 |
Other Assets - See Note 13 | 14,897 | 12,180 |
Total Assets | 733,139 | 666,700 |
Liabilities: | ||
Accounts Payable | 676 | 1,047 |
Accrued and Other Liabilities-See Note 19 | 13,121 | 9,090 |
Deferred Revenue-See Note 20 | 4,505 | 3,319 |
Intangible Lease Liabilities-Net | 5,601 | 24,163 |
Liabilities Held for Sale-See Note 25 | 831 | |
Deferred Income Taxes-Net | 483 | 3,521 |
Long-Term Debt | 278,273 | 273,830 |
Total Liabilities | 302,659 | 315,801 |
Commitments and Contingencies-See Note 23 | ||
Stockholders' Equity: | ||
Preferred Stock - 100,000,000 shares authorized; $0.01 par value, 6.375% Series A Cumulative Redeemable Preferred Stock, $25.00 Per Share Liquidation Preference, 3,000,000 shares issued and outstanding at December 31, 2021; 50,000 shares authorized; $100.00 par value, no shares issued or outstanding at December 31, 2020 | 30 | |
Common Stock - 500,000,000 shares authorized; $0.01 par value, 7,351,703 shares issued and 5,916,226 shares outstanding at December 31, 2021; 25,000,000 shares authorized; $1.00 par value, 7,310,680 shares issued and 5,915,756 shares outstanding at December 31, 2020 | 60 | 7,250 |
Treasury Stock - 0 shares at December 31, 2021 and 1,394,924 shares at December 31, 2020 | (77,541) | |
Additional Paid-In Capital | 85,414 | 83,183 |
Retained Earnings | 343,459 | 339,917 |
Accumulated Other Comprehensive Income (Loss) | 1,517 | (1,910) |
Total Stockholders' Equity | 430,480 | 350,899 |
Total Liabilities and Stockholders' Equity | $ 733,139 | $ 666,700 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Preferred Stock | ||
Preferred Stock, Shares Authorized | 100,000,000 | 50,000 |
Preferred Stock, par value (in dollars per share) | $ 0.01 | $ 100 |
Preferred Stock, Shares Issued | 3,000,000 | 0 |
Preferred Stock, Shares Outstanding | 3,000,000 | 0 |
Common Stock | ||
Common Stock, shares authorized | 500,000,000 | 25,000,000 |
Common Stock, par value (in dollars per share) | $ 0.01 | $ 1 |
Common Stock, shares issued | 5,916,226 | 7,310,680 |
Common Stock, shares outstanding | 5,916,226 | 5,915,756 |
Treasury Stock | ||
Treasury Stock, shares held | 0 | 1,394,924 |
Cumulative Preferred Stock | ||
Preferred Stock | ||
Dividend rate (as a percent) | 6.375% | |
Share Price | $ 25 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues | |||
Total Revenues | $ 70,272 | $ 56,381 | $ 44,941 |
Direct Cost of Revenues | |||
Total Direct Cost of Revenues | (22,430) | (15,211) | (7,105) |
General and Administrative Expenses | (11,202) | (11,567) | (9,818) |
Impairment Charges | (17,599) | (9,147) | |
Depreciation and Amortization | (20,581) | (19,063) | (15,797) |
Total Operating Expenses | (71,812) | (54,988) | (32,720) |
Gain on Disposition of Assets | 28,316 | 9,746 | 21,978 |
Gain (Loss) on Extinguishment of Debt | (3,431) | 1,141 | |
Other Gains and Income | 24,885 | 10,887 | 21,978 |
Total Operating Income | 23,345 | 12,280 | 34,199 |
Investment and Other Income (Loss) | 12,445 | (6,432) | 344 |
Interest Expense | (8,929) | (10,838) | (12,466) |
Income (Loss) From Continuing Operations Before Income Tax Benefit (Expense) | 26,861 | (4,990) | 22,077 |
Income Tax Benefit (Expense) from Continuing Operations | 3,079 | 83,499 | (5,472) |
Income from Continuing Operations | 29,940 | 78,509 | 16,605 |
Income from Discontinued Operations (Net of Income Tax)-See Note 25 | 98,368 | ||
Net Income Attributable to the Company | 29,940 | 78,509 | 114,973 |
Distributions to Preferred Stockholders | (2,325) | ||
Net Income Attributable to Common Stockholders | $ 27,615 | $ 78,509 | $ 114,973 |
Per Share Information-See Note 15: Basic | |||
Income From Continuing Operations Attributable to Common Stockholders (in dollars per share) | $ 4.69 | $ 16.69 | $ 3.32 |
Income From Discontinued Operations (Net of Income Tax) Attributable to Common Stockholders (in dollars per share) | 19.71 | ||
Basic Net Income per Share Attributable to Common Stockholders (in dollars per share) | 4.69 | 16.69 | 23.03 |
Per Share Information-See Note 15: Diluted | |||
Income From Continuing Operations Attributable to Common Stockholders (in dollars per share) | 4.69 | 16.69 | 3.32 |
Income From Discontinued Operations (Net of Income Tax) Attributable to Common Stockholders (in dollars per share) | 19.68 | ||
Diluted Net Income per Share Attributable to Common Stockholders (in dollars per share) | $ 4.69 | $ 16.69 | $ 23 |
Weighted Average Number of Common Shares - Basic (in shares) | 5,892,270 | 4,704,877 | 4,991,656 |
Weighted Average Number of Common Shares - Diluted (in shares) | 5,892,270 | 4,704,877 | 4,998,043 |
Income Properties | |||
Revenues | |||
Total Revenues | $ 50,679 | $ 49,953 | $ 41,956 |
Direct Cost of Revenues | |||
Total Direct Cost of Revenues | (13,815) | (11,988) | (7,000) |
Management Fee Income | |||
Revenues | |||
Total Revenues | 3,305 | 2,744 | 304 |
Interest Income from Commercial Loan and Master Lease Investments | |||
Revenues | |||
Total Revenues | 2,861 | 3,034 | 1,829 |
Real Estate Operations | |||
Revenues | |||
Total Revenues | 13,427 | 650 | 852 |
Direct Cost of Revenues | |||
Total Direct Cost of Revenues | $ (8,615) | $ (3,223) | $ (105) |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||
Net Income Attributable to the Company | $ 29,940 | $ 78,509 | $ 114,973 |
Other Comprehensive Income (Loss): | |||
Cash Flow Hedging Derivative - Interest Rate Swaps (Net of Income Tax Benefit (Expense) of $0, $0, and ($0.1) million, respectively) | 3,427 | (1,984) | (413) |
Total Other Comprehensive Income (Loss), Net of Income Tax | 3,427 | (1,984) | (413) |
Total Comprehensive Income | $ 33,367 | $ 76,525 | $ 114,560 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||
Cash Flow Hedging Derivative - Interest Rate Swap, Income Tax | $ 0 | $ 0 | $ (0.1) |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Preferred Stock | Common Stock | Treasury Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total |
Balance at Dec. 31, 2018 | $ 5,995 | $ (32,345) | $ 24,327 | $ 213,298 | $ 487 | $ 211,762 | |
Increase (decrease) in shareholders' equity | |||||||
Net Income Attributable to the Company | 114,973 | 114,973 | |||||
Stock Repurchase | (41,096) | (41,096) | |||||
Vested Restricted Stock and Performance Shares | 13 | (316) | (303) | ||||
Stock Issuance | 9 | 523 | 532 | ||||
Cash Dividends | (2,198) | (2,198) | |||||
Stock-Based Compensation Expense | 2,156 | 2,156 | |||||
Other Comprehensive Income (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 Attributable to the Company | 78,509 | 78,509 | |||||
Stock Repurchase | (4,100) | (4,100) | |||||
Equity Component of Convertible Debt | 5,248 | 5,248 | |||||
Vested Restricted Stock and Performance Shares | 24 | (562) | (538) | ||||
Stock Issuance | 10 | 503 | 513 | ||||
Cash Dividends | (8,866) | (8,866) | |||||
Stock-Based Compensation Expense | 2,308 | 2,308 | |||||
Special Distribution - REIT Conversion | 1,199 | 48,996 | (55,799) | (5,604) | |||
Other Comprehensive Income (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 | |
Increase (decrease) in shareholders' equity | |||||||
Net Income Attributable to the Company | 29,940 | 29,940 | |||||
Issuance of Preferred Stock, Net of Underwriting Discount and Expenses | $ 30 | 72,400 | 72,430 | ||||
Common Stock Equity Issuance Costs | (197) | (197) | |||||
Stock Repurchase | (2,210) | (2,210) | |||||
Vested Restricted Stock and Performance Shares | (436) | (436) | |||||
Stock Issuance | 357 | 357 | |||||
Cash Dividends | (24,073) | (24,073) | |||||
Stock-Based Compensation Expense | 2,668 | 2,668 | |||||
Par Value $0.01 per Share and Treasury Stock Derecognized at January 29, 2021 | (7,190) | $ 77,541 | (70,351) | ||||
Preferred Stock Dividends Declared for the Period | (2,325) | (2,325) | |||||
Other Comprehensive Income (Loss), Net of Income Tax | 3,427 | 3,427 | |||||
Balance at Dec. 31, 2021 | $ 30 | $ 60 | $ 85,414 | $ 343,459 | $ 1,517 | $ 430,480 |
CONSOLIDATED STATEMENTS OF SH_2
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Common Stock | ||
Special Distribution (in dollars per share) | $ 0.01 | $ 11.98 |
Cash Dividends (in dollars per share) | $ 1.90 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash Flow from Operating Activities: | |||
Net Income Attributable to the Company | $ 29,940 | $ 78,509 | $ 114,973 |
Adjustments to Reconcile Net Income Attributable to the Company to Net Cash Provided by Operating Activities: | |||
Depreciation and Amortization | 20,581 | 19,063 | 15,797 |
Amortization of Intangible Liabilities to Income Property Revenue | (404) | (1,754) | (2,383) |
Amortization of Deferred Financing Costs to Interest Expense | 586 | 454 | 444 |
Amortization of Discount on Convertible Debt | 1,278 | 1,379 | 1,357 |
Gain on Disposition of Real Estate and Intangible Lease Assets and Liabilities | (28,316) | (7,509) | (3,296) |
Gain on Disposition of Assets Held for Sale | (2,590) | (18,697) | |
Gain on Sale of Equity Interest in Joint Ventures | (127,518) | ||
Loss on Disposition of Commercial Loan and Master Lease Investments | 353 | ||
Loss (Gain) on Extinguishment of Debt | 3,431 | (1,141) | |
Impairment Charges | 17,599 | 9,147 | |
Accretion of Commercial Loan and Master Lease Investment Origination Fees | (2) | (161) | (135) |
Non-Cash Imputed Interest | (438) | (428) | (218) |
Deferred Income Taxes | (3,038) | (90,532) | 35,100 |
Unrealized (Gain) Loss on Investment Securities | (10,340) | 8,240 | (61) |
Non-Cash Compensation | 3,168 | 2,786 | 2,688 |
Decrease (Increase) in Assets: | |||
Refundable Income Taxes | (416) | (26) | 225 |
Assets Held for Sale | 833 | 3,893 | |
Land and Development Costs | 6,391 | (493) | (1,107) |
Mitigation Credits and Mitigation Credit Rights | (15,750) | 3,323 | (1,861) |
Other Assets | (3,191) | (1,802) | (3,479) |
Increase (Decrease) in Liabilities: | |||
Accounts Payable | (370) | (340) | 349 |
Accrued and Other Liabilities | 5,680 | 3,402 | 490 |
Deferred Revenue | 1,186 | (2,511) | (540) |
Liabilities Held for Sale | (831) | (49) | |
Income Taxes Payable | (439) | 439 | |
Net Cash Provided By Operating Activities | 27,577 | 16,930 | 16,411 |
Cash Flow from Investing Activities: | |||
Acquisition of Real Estate and Intangible Lease Assets and Liabilities | (256,381) | (167,811) | (150,705) |
Acquisition of Commercial Loan Investments and Master Lease Investments | (364) | (28,235) | (34,296) |
Acquisition of Mitigation Credits | (3,621) | ||
Restricted Cash Balance Received in Acquisition of Interest in Joint Venture | 596 | ||
Cash Received from (Contribution to) Joint Ventures | 23,864 | (41) | (84) |
Proceeds from Disposition of Property, Plant, and Equipment, Net, and Assets Held for Sale | 129,461 | 85,621 | 207,552 |
Proceeds from Sale of Equity Interests in Joint Ventures | 96,132 | ||
Principal Payments Received on Commercial Loan and Master Lease Investments | 22,965 | ||
Acquisition of Investment Securities | (143) | (15,500) | |
Net Cash Provided By (Used In) Investing Activities | (102,967) | (91,122) | 103,099 |
Cash Flow from Financing Activities: | |||
Proceeds from Long-Term Debt | 314,500 | 66,640 | 141,500 |
Payments on Long-Term Debt | (283,519) | (72,269) | (103,073) |
Cash Paid for Loan Fees | (1,587) | (2,187) | (635) |
Payments for Exercise of Stock Options and Common Stock Issuance | (162) | ||
Proceeds from Issuance of Preferred Stock, Net of Underwriting Discount and Expenses | 72,430 | ||
Cash Used to Purchase Common Stock | (2,210) | (4,100) | (41,096) |
Cash Paid for Vesting of Restricted Stock | (436) | (502) | (303) |
Cash Paid for Equity Issuance Costs | (197) | ||
Dividends Paid - Preferred Stock | (2,325) | ||
Dividends Paid - Common Stock | (23,580) | (14,470) | (2,198) |
Net Cash Provided By (Used In) Financing Activities | 72,914 | (26,888) | (5,805) |
Net Increase (Decrease) in Cash and Cash Equivalents | (2,476) | (101,080) | 113,705 |
Cash and Cash Equivalents, Beginning of Period | 33,825 | 134,905 | 21,200 |
Cash and Cash Equivalents, End of Period | 31,349 | 33,825 | 134,905 |
Reconciliation of Cash to the Consolidated Balance Sheets: | |||
Cash and Cash Equivalents | 8,615 | 4,289 | 6,475 |
Restricted Cash | 22,734 | 29,536 | 128,430 |
Total Cash | $ 31,349 | $ 33,825 | $ 134,905 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Supplemental Disclosure of Cash Flow Information: | |||
Cash Paid for Taxes, Net of Refunds Received | $ (406) | $ (5,026) | $ (1,793) |
Cash Paid for Interest | (7,274) | (9,716) | (10,782) |
Capital Expenditures Included in Accrued and Other Liabilities | 1,600 | ||
Special Distribution Paid in Stock | 50,194 | ||
Supplemental Disclosure of Non-Cash Investing and Financing Activities: | |||
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 | ||
Unrealized Gain (Loss) on Cash Flow Hedges | 3,427 | (1,984) | (413) |
Convertible Note Exchange | 57,359 | ||
Equity Component of Convertible Debt | $ 5,248 | ||
Common Stock Dividends Declared and Unpaid | 493 | ||
Assumption of Mortgage Note Payable by Buyer | $ 30,000 | ||
Cash Provided by Operating Activities | 6,486 | ||
Cash Provided by Investing Activities | 98,386 | ||
Land JV | |||
Supplemental Disclosure of Non-Cash Investing and Financing Activities: | |||
Gain on Disposition | $ 48,865 |
ORGANIZATION
ORGANIZATION | 12 Months Ended |
Dec. 31, 2021 | |
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 publicly traded, primarily retail-oriented, real estate investment trust (“REIT”) that was founded in 1910. We own and manage, sometimes utilizing third-party property management companies, 22 commercial real estate properties in 10 states in the United States. As of December 31, 2021, we owned 9 single-tenant and 13 multi-tenant income-producing properties comprising 2.7 million square feet of gross leasable space. In addition to our income property portfolio, as of December 31, 2021, our business included the following: Management Services: ● A fee-based management business that is engaged in managing Alpine Income Property Trust, Inc. (“PINE”), see Note 6, “Related Party Management Services Business.” Commercial Loan and Master Lease Investments: ● A portfolio of two commercial loan investments and two commercial properties, which are included in the 22 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 approximately 370,000 surface acres in 19 counties in the State of Florida (“Subsurface Interests”); and ● An inventory of historically owned mitigation credits as well as mitigation credits produced by the Company’s mitigation bank. The mitigation bank owns a 2,500 acre parcel of land in the western part of Daytona Beach, Florida and, pursuant to a mitigation plan approved by the applicable state and federal authorities, produces mitigation credits that are sold to developers of land in the Daytona Beach area for the purpose of enabling the developers to obtain certain regulatory permits for property development (the “Mitigation Bank”). Prior to the Interest Purchase (hereinafter defined in Note 8, “Investment in Joint Ventures”) completed on September 30, 2021, the Company held a 30 % retained interest in the entity that owns the Mitigation Bank. On December 10, 2021, the entity that held approximately 1,600 acres of undeveloped land in Daytona Beach, Florida (the “Land JV”), of which the Company previously held a 33.5% retained interest, Our business also includes our investment in PINE. As of December 31, 2021, the fair value of our investment totaled $41.0 million, or 15.6% of PINE’s outstanding equity, including the units of limited partnership interest (“OP Units”) we hold in Alpine Income Property OP, LP (the “PINE Operating Partnership”), which are redeemable for cash, based upon the value of an equivalent number of shares of PINE common stock at the time of the redemption, or shares of PINE common stock 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 had completed certain internal reorganization transactions necessary to begin operating in compliance with the requirements for qualification and taxation as a REIT for U.S. federal income tax purposes under the Internal Revenue Code of 1986, as amended (the “Code”), commencing with the taxable year ended December 31, 2020. On January 29, 2021, in connection with the REIT conversion, the Company completed the merger of CTO Realty Growth, Inc., a Florida corporation (“CTO FL”), with and into CTO NEWCO REIT, Inc., a wholly owned Maryland subsidiary of CTO FL (“CTO MD”), in order to reincorporate in Maryland and facilitate its ongoing compliance with the REIT requirements (the “Merger”). As a result of the Merger, existing shares of CTO FL 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. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2021 | |
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. As of December 31, 2021, the Company has an equity investment in PINE. Prior to the Interest Purchase (hereinafter defined in Note 8, “Investment in Joint Ventures”) completed on September 30, 2021, the Company held a 30% retained interest in the entity that owns the Mitigation Bank. Additionally, prior to the Land JV Sale completed on December 10, 2021, the Company held a 33.5% retained interest in the Land JV. The Company concluded that these entities are variable interest entities, of which the Company is not the primary beneficiary and as a result, these entities were not consolidated. As of December 31, 2021, the Company had no remaining investments in joint ventures. SEGMENT REPORTING ASC Topic 280 , Segment Reporting 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 of America (“U.S. 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. Debt with Conversion and Other Options. Lease Modifications. ASC Topic 326, Financial Instruments-Credit Losses Financial Instruments-Credit Losses million on the Company’s commercial loan and master lease investments portfolio during the year ended December 31, 2020. See Note 5 “Commercial Loan and Master Lease Investments” for further information. RECLASSIFICATIONS In the first quarter of 2021, the Company reclassified deferred financing costs incurred in connection with its Credit Facility (as further described in Note 17, “Long-Term Debt”), net of accumulated amortization, as a component of other assets on the accompanying consolidated balance sheet. Accordingly, deferred financing costs of $1.2 million, net of accumulated amortization of $0.5 million, were reclassified from long-term debt to other assets as of December 31, 2020. Additionally, 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 Magnetar Land Sale, hereinafter defined. 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 year ended 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, 2021 include certain amounts over the Federal Deposit Insurance Corporation limits. RESTRICTED CASH Restricted cash totaled $22.7 million at December 31, 2021, of which $21.2 million is being held in various escrow accounts to be reinvested through the like-kind exchange structure into other income properties, $0.6 million is being held in an escrow account in connection with the Mitigation Bank as required by the applicable state and federal permitting authorities, and the remaining $0.9 million is being held in various escrow accounts related to certain tenant improvements and commissions payable. 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 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 each 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, 2021 and 2020, approximate fair value because of the short maturity of these instruments. The carrying value of the Company’s Credit Facility (hereinafter defined) as of December 31, 2021 and 2020, 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, the 2026 Term Loan (hereinafter defined), the 2027 Term Loan (hereinafter defined), and convertible debt held as of December 31, 2021 and 2020 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 of sales 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 $0.9 million and $2.3 million as of December 31, 2021 and 2020, respectively. The $1.4 million decrease is primarily attributable to a decrease in estimated accrued receivables for variable lease payments including common area maintenance, insurance, real estate taxes and other operating expenses. Accounts receivable related to real estate operations, which are classified in other assets on the consolidated balance sheets, totaled $1.1 million and $1.3 million as of December 31, 2021 and 2020, respectively. The accounts receivable as of December 31, 2021 and 2020 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.” As of December 31, 2021 and 2020, $0.3 million and $0.5 million was due from the buyer of the golf operations for the rounds surcharge the Company paid to the City of Daytona Beach, respectively. 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 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 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 When income properties are disposed of, the related cost basis of the real estate, intangible lease assets, and intangible lease liabilities, net of accumulated depreciation and/or amortization, and any accrued straight-line rental income balance for the underlying operating leases are removed, and gains or losses from the dispositions are reflected in net income within gain on disposition of assets. In accordance with the FASB guidance, gains or losses on sales of real estate are generally recognized using the full accrual method. Gains and losses on land sales, in addition to the sale of Subsurface Interests and mitigation credits, 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, 2021, 2020, and 2019, was $12.3 million, $11.3 million, and $9.9 million, respectively. No interest was capitalized during the years ended December 31, 2021, 2020, or 2019. 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 and membership dues were recognized over the life of the membership, pursuant to FASB ASC Topic 606, 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 “Second A&R 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 Second A&R 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. On July 28, 2021, the Board approved the Third Amended and Restated 2010 Equity Incentive Plan to reflect the Company's name change to CTO Realty Growth, Inc. and the Company's reincorporation in Maryland (together with its predecessor plans, the “2010 Plan”). 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 April 25, 2028 and that no awards will be granted under the plan after that date. All non-qualified stock option awards, restricted share awards, and performance share awards granted under the 2010 Plan were determined to be equity-based awards under FASB ASC Topic, 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 elected to be taxed as a REIT for U.S. federal income tax purposes under the Code commencing with its taxable year ended 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, 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 tax returns separately as C-Corporations. For the Company’s TRSs, and prior to the three months ended December 31, 2020 preceding the Company’s REIT election, 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 22, “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 attributable to common stockholders 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 periods, see Note 15, “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, 2021, a total of 23% , 13% , 13% , 12% , and 16% of the Company’s income property portfolio, based on square footage, were located in the state of Florida, Georgia, New Mexico, North Carolina, and Texas, respectively. 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. ● Tenant Concentrations. We did not have any tenants that accounted for more than 10% of total revenues as of December 31, 2021. Ashford Lane, the Company’s multi-tenant income property located in Atlanta, Georgia, and Beaver Creek Crossings, the Company’s multi-tenant income property located in Apex, North Carolina, accounted for 10.5% and 11.8% , respectively, of the total square footage of our income property portfolio as of December 31, 2021. We had one tenant, Wells Fargo, located in Raleigh, North Carolina, that accounted for 10.9% and 12.5% of our total revenue during the years ended December 31, 2020 and 2019, 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% , 31% , 13% , and 16% of our base rent revenue during the year ended December 31, 2021 was generated from tenants located in Arizona, Florida, Georgia, and Texas, respectively. |
REVENUE RECOGNITION
REVENUE RECOGNITION | 12 Months Ended |
Dec. 31, 2021 | |
REVENUE RECOGNITION | |
REVENUE RECOGNITION | NOTE 3. 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, 2021 (in thousands): Income Properties Management Services Commercial Loan and Master Lease Investments Real Estate Operations Total Revenues Major Good / Service: Lease Revenue - Base Rent $ 41,151 $ — $ — $ — $ 41,151 Lease Revenue - CAM 3,791 — — — 3,791 Lease Revenue - Reimbursements 4,763 — — — 4,763 Lease Revenue - Billboards 6 — — — 6 Above / Below Market Lease Accretion 404 — — — 404 Contributed Leased Assets Accretion 236 — — — 236 Management Services — 3,305 — — 3,305 Commercial Loan and Master Lease Investments — — 2,861 — 2,861 Mitigation Credit Sales — — — 708 708 Subsurface Revenue - Other — — — 4,724 4,724 Land Sales Revenue — — — 7,995 7,995 Interest and Other Revenue 328 — — — 328 Total Revenues $ 50,679 $ 3,305 $ 2,861 $ 13,427 $ 70,272 Timing of Revenue Recognition: Asset/Good Transferred at a Point in Time $ — $ — $ — $ 13,427 $ 13,427 Services Transferred Over Time 328 3,305 — — 3,633 Over Lease Term 50,351 — — — 50,351 Commercial Loan and Master Lease Investments Related Revenue — — 2,861 — 2,861 Total Revenues $ 50,679 $ 3,305 $ 2,861 $ 13,427 $ 70,272 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 |
INCOME PROPERTIES
INCOME PROPERTIES | 12 Months Ended |
Dec. 31, 2021 | |
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 variable lease payments are primarily comprised of reimbursements from tenants for common area maintenance, insurance, real estate taxes, and other operating expenses. The components of leasing revenue are as follows (in thousands): Year Ended December 31, 2021 2020 2019 Leasing Revenue Lease Payments $ 41,791 $ 39,825 $ 37,431 Variable Lease Payments 8,888 10,128 4,525 Total Leasing Revenue $ 50,679 $ 49,953 $ 41,956 Minimum future base rental revenue on non-cancelable leases subsequent to December 31, 2021, for the next five years ended December 31 are summarized as follows (in thousands): Year Ending December 31, Amounts 2022 $ 49,275 2023 47,369 2024 45,023 2025 43,658 2026 37,842 2027 and Thereafter (Cumulative) 168,754 Total $ 391,921 2021 Acquisitions The properties acquired during the year ended December 31, 2021 are described below: Tenant Description Tenant Type Property Location Date of Acquisition Property Square-Feet Purchase Price ($000's) Percentage Leased at Acquisition Remaining Lease Term at Acquisition Date (in years) Jordan Landing Multi-Tenant West Jordan, UT 03/02/21 170,996 $ 20,000 100% 7.9 Eastern Commons Multi-Tenant Henderson, NV 03/10/21 133,304 18,500 96% 6.9 The Shops at Legacy Multi-Tenant Plano, TX 06/23/21 236,867 72,500 83% 6.9 Beaver Creek Crossings Multi-Tenant Apex, NC 12/02/21 320,732 70,500 97% 5.8 125 Lincoln & 150 Washington Multi-Tenant Santa Fe, NM 12/20/21 136,638 16,250 66% 2.7 369 N. New York Ave. Multi-Tenant Winter Park, FL 12/20/21 28,008 13,200 100% 5.0 The Exchange at Gwinnett Multi-Tenant Buford, GA 12/30/21 69,265 34,000 98% 10.7 Ashford Lane Outparcel (1) Multi-Tenant Atlanta, GA 12/30/21 15,681 4,100 19% 0.9 Total / Weighted Average 1,111,491 $ 249,050 6.5 (1) Represents a two-tenant outparcel to Ashford Lane, the Company’s multi-tenant income property located in Atlanta, Georgia. During the year ended December 31, 2021, the Company sold one multi-tenant income property and 14 single-tenant income properties for a total disposition volume of $162.3 million. The sale of the properties generated aggregate gains of $28.2 million. The income properties disposed of during the year ended December 31, 2021 are described below (in thousands): Tenant Description Tenant Type Date of Disposition Sales Price Gain on Sale World of Beer/Fuzzy's Taco Shop, Brandon, FL Multi-Tenant 01/20/21 $ 2,310 $ 599 Moe's Southwest Grill, Jacksonville, FL (4) Single-Tenant 02/23/21 2,541 109 Burlington, N. Richland Hills, TX Single-Tenant 04/23/21 11,528 62 Staples, Sarasota, FL Single-Tenant 05/07/21 4,650 662 CMBS Portfolio (1) Single-Tenant 06/30/21 44,500 3,899 Chick-fil-A, Chandler, AZ (4) Single-Tenant (2) 07/14/21 2,884 1,582 JPMorgan Chase Bank, Chandler, AZ (4) Single-Tenant (2) 07/27/21 4,710 2,738 Fogo De Chao, Jacksonville, FL (4) Single-Tenant (3) 09/02/21 4,717 866 Wells Fargo, Raleigh, NC Single-Tenant 09/16/21 63,000 17,480 24 Hour Fitness, Falls Church, VA Single-Tenant 12/16/21 21,500 212 Total $ 162,340 $ 28,209 (1) On June 30, 2021, the Company sold six single-tenant income properties (the “CMBS Portfolio”) to PINE for an aggregate purchase price of $44.5 million. (2) Represents a single-tenant outparcel to Crossroads Towne Center, the Company’s multi-tenant income property located in Chandler, Arizona. (3) Represents a single-tenant property at The Strand at St. Johns Town Center, the Company’s multi-tenant income property located in Jacksonville, Florida. (4) Property or outparcel represents a ground lease. 2020 Acquisitions. investment, see below in addition to Note 5, “Commercial Loan and Master Lease Investments.” The weighted average amortization period for the intangible assets and liabilities was 4.5 years at acquisition. 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 ($000's) 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 Sabal Pavilion Single-Tenant Tampa, FL 08/21/20 120,500 26,900 100% 5.6 Westland Gateway Plaza (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 in Hialeah (“Westland Gateway Plaza”) 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 sheets as a commercial loan and master lease investment. 2020 Dispositions. The income properties disposed of during the year ended December 31, 2020 are described below (in thousands): Tenant Description Tenant Type Date of Disposition Sales Price Gain (Loss) on Sale CVS, Dallas, TX (1) Single-Tenant 04/24/20 $ 15,222 $ 854 Wawa, Daytona Beach, FL (1) Single-Tenant 04/29/20 6,002 1,769 JPMorgan Chase Bank, Jacksonville, FL (1) Single-Tenant 06/18/20 6,715 959 7-Eleven, Dallas, TX Multi-Tenant 06/26/20 2,400 (46) Bank of America, Monterey, CA (1) Single-Tenant 06/29/20 9,000 3,892 Wawa, Jacksonville, FL (1) Single-Tenant 07/23/20 7,143 246 Carrabbas, Austin, TX Single-Tenant 08/05/20 2,555 (84) PDQ, Jacksonville, FL (1) Single-Tenant 09/08/20 2,540 128 Macaroni Grill, Arlington, TX Single-Tenant 10/13/20 2,500 68 Aspen Development, Aspen, CO Single-Tenant 12/21/20 28,500 501 Outback, Austin, TX Single-Tenant 12/23/20 3,402 222 Total $ 85,979 $ 8,509 (1) Property represents a ground lease. 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 the PINE Operating Partnership for aggregate cash consideration of $125.9 million for 15 of the properties and an aggregate of 1,223,854 OP Units for five 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. 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. ● 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 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. |
COMMERCIAL LOAN AND MASTER LEAS
COMMERCIAL LOAN AND MASTER LEASE INVESTMENTS | 12 Months Ended |
Dec. 31, 2021 | |
COMMERCIAL LOAN AND MASTER LEASE INVESTMENTS. | |
COMMERCIAL LOAN AND MASTER LEASE INVESTMENTS | NOTE 5. COMMERCIAL LOAN AND MASTER LEASE INVESTMENTS Our 2021 Activity The Company’s commercial loan and master lease investments were comprised of the following at December 31, 2021 (in thousands): Description Date of Investment Maturity Date Original Face Amount Current Face Amount Carrying Value Coupon Rate Carpenter Hotel – 400 Josephine Street, Austin, TX July 2019 N/A $ 16,250 $ 16,250 $ 17,189 N/A Westland Gateway Plaza – Hialeah, FL September 2020 N/A 21,085 21,085 21,148 N/A Mortgage Note – 4311 Maple Avenue – Dallas, TX October 2020 April 2023 400 400 394 7.50% Mortgage Note – 110 N Beach Street – Daytona Beach, FL June 2021 December 2022 364 364 364 10.00% $ 38,099 $ 38,099 $ 39,095 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 Carpenter Hotel – 400 Josephine Street, Austin, TX July 2019 N/A $ 16,250 $ 16,250 $ 16,827 N/A Westland Gateway Plaza – 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 carrying value of the commercial loan and master lease investment portfolio at December 31, 2021 and 2020 consisted of the following (in thousands): As of December 31, 2021 December 31, 2020 Current Face Amount $ 38,099 $ 37,735 Imputed Interest over Rent Payments Received 1,002 593 Unaccreted Origination Fees (2) (4) CECL Reserve (4) (4) Total Commercial Loan and Master Lease Investments $ 39,095 $ 38,320 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 (“Westland Gateway Plaza 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. |
RELATED PARTY MANAGEMENT SERVIC
RELATED PARTY MANAGEMENT SERVICES BUSINESS | 12 Months Ended |
Dec. 31, 2021 | |
RELATED PARTY MANAGEMENT SERVICES BUSINESS | |
RELATED PARTY MANAGEMENT SERVICES BUSINESS | NOTE 6. RELATED PARTY MANAGEMENT SERVICES BUSINESS Alpine Income Property Trust. During the years ended December 31, 2021, 2020, and 2019, the Company earned management fee revenue from PINE totaling $3.2 million, $2.6 million, and $0.3 million, respectively. Dividend income for the years ended December 31, 2021, 2020, and 2019 totaled $2.1 million, $1.7 million, and $0.1 million, respectively. 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. Management fee revenue from PINE, included in management services, and dividend income, included in investment and other income (loss), are reflected in the accompanying consolidated statements of operations. The following table represents amounts due from PINE to the Company as of December 31, 2021 and December 31, 2020 which are included in other assets on the consolidated balance sheets (in thousands): As of Description December 31, 2021 December 31, 2020 Management Services Fee due From PINE $ 913 $ 631 Dividend Receivable 330 — Other 410 35 Total $ 1,653 $ 666 On November 26, 2019, as part of PINE’s IPO, the Company sold PINE 15 properties for aggregate cash consideration of $125.9 million. In connection with the IPO, the Company contributed to the PINE Operating Partnership five properties in exchange for an aggregate of 1,223,854 OP Units, which had an initial value of $23.3 million. Additionally, on November 26, 2019, the Company purchased 394,737 shares of PINE common stock for a total purchase price of $7.5 million in a private placement and 421,053 shares of PINE common stock in the IPO for a total purchase price of $8.0 million. On October 26, 2021, the Board authorized the purchase by the Company of up to $5.0 million in shares of common stock of PINE, at a weighted average price not to exceed $17.75 per share. During the year ended December 31, 2021, the Company purchased 8,088 shares of PINE common stock on the open market for a total of $0.1 million, or an average price of $17.65 per share. As of December 31, 2021, CTO owns, in the aggregate, 1,223,854 OP Units and 823,878 shares of PINE common stock, representing an investment totaling $41.0 million, or 15.6% of PINE’s outstanding equity. During the three months ended June 30, 2021, PINE exercised its right to purchase the following properties from the Company pursuant to the Exclusivity and Right of First Offer Agreement (the “ROFO Agreement”) including, (i) the CMBS Portfolio for a purchase price of $44.5 million, and (ii) one single-tenant income property for a purchase price of $11.5 million. In connection with the sale of the CMBS Portfolio, PINE assumed the related $30.0 million mortgage note payable which resulted in a loss on the extinguishment of debt of $0.5 million due to the write off of unamortized debt issuance costs. These sales were completed during the three months ended June 30, 2021. Subsequent to December 31, 2021, on January 7, 2022, PINE exercised its right, pursuant to the ROFO Agreement, to purchase one single-tenant income property from the Company for a purchase price of $6.9 million (see Note 26, “Subsequent Events”). Land JV. During the years ended December 31, 2021, 2020, and 2019, the Company earned management fee revenue from the Land JV totaling $0.1 million, $0.2 million and $0.1 million, respectively, and was collected in full during the periods earned. The management fee revenue earned during the year ended December 31, 2019 represents the initial stub period of the Land JV’s operations from October 16, 2019 to December 31, 2019. Management fee revenue from the Land JV is included in management services in the accompanying consolidated statements of operations. |
REAL ESTATE OPERATIONS
REAL ESTATE OPERATIONS | 12 Months Ended |
Dec. 31, 2021 | |
REAL ESTATE OPERATIONS | |
REAL ESTATE OPERATIONS | NOTE 7. REAL ESTATE OPERATIONS Real Estate Operations Land and development costs at December 31, 2021 and 2020 were as follows (in thousands): As of December 31, 2021 December 31, 2020 Land and Development Costs $ 358 $ 6,377 Subsurface Interests 334 706 Total Land and Development Costs $ 692 $ 7,083 Revenue from continuing real estate operations consisted of the following for the years ended December 31, 2021, 2020, and 2019 (in thousands): December 31, 2021 2020 2019 Mitigation Credit Sales $ 708 $ 6 $ — Subsurface Revenue - Other 4,724 638 748 Land Sales Revenue 7,995 — — Fill Dirt and Other Revenue — 6 104 Total Real Estate Operations Revenue $ 13,427 $ 650 $ 852 Daytona Beach Development. During the three months ended September 30, 2021, the Company entered into a purchase and sale agreement to sell for a sales price of $6.25 million, which sale was completed on December 28, 2021, resulting in a gain of $0.2 million. The Daytona Beach Development, representing a substantial portion of an entire city block in downtown Daytona Beach adjacent to International Speedway Boulevard, a major thoroughfare in Daytona Beach, was acquired by the Company for $4.1 million. Prior to its disposition, the Company incurred $1.6 million in raze and entitlement costs related to the Daytona Beach Development. Mitigation Credits. Revenues and the cost of sales of mitigation credit sales are reported as revenues from, and direct costs of, real estate operations, respectively, in the consolidated statements of operations. During the year ended December 31, 2021, the Company sold six mitigation credits for proceeds of $0.7 million with a cost basis of $0.5 million. Additionally, two mitigation credits with a cost basis of $0.1 million were accrued for as an expense during the year ended December 31, 2021, as such credits are to be provided to buyers of land at no cost. Mitigation credit sales totaled less than $0.1 million during the year ended December 31, 2020, which sales were offset by an aggregate charge to cost of sales totaling $3.1 million, comprised of (i) 42 mitigation credits with a cost basis of $2.9 million that were provided at no cost to buyers, (ii) the Company’s purchase of two mitigation credits for $0.2 million, and (iii) 31 mitigation credits with a cost basis of less than $0.1 million transferred to buyers of land previously sold and of which costs were accrued for in prior years at the time of the original land sale. There were no mitigation credit sales during the year ended December 31, 2019. Additionally, during the year ended December 31, 2020, the Company transferred 13.31 federal mitigation credits to the permit related to the land that gave rise to an environmental restoration matter that has been fully resolved as of December 31, 2021. These credits had an aggregate cost basis of $0.1 million and are included in general and administrative expenses in the consolidated statements of operations for the year ended December 31, 2020. 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, lease income of $0.6 million was recognized with no lease income recognized during the years ended December 31, 2021 and 2020. During the years ended December 31, 2021, 2020, and 2019, 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 $0.1 million, $0.2 million, and $0.1 million during the years ended December 31, 2021, 2020, and 2019, respectively. Land Impairments. Timberline Acquisition Partners, an affiliate of Timberline Real Estate Partners (“Timberline”) Additionally, during the year ended December 31, 2020, the Company recognized an aggregate $7.2 million impairment charge 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 previously held retained interest in the Land LV. The $7.1 million impairment on the Company’s previously held retained interest in the Land JV was 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. Real Estate Operations – Discontinued Operations As previously noted, the Land JV, of which the Company previously held a 33.5% retained interest, Through December 31, 2021, the Company served as the manager of the Land JV and was responsible for day-to-day operations at the direction of the partners of the Land JV (the “JV Partners”). All major decisions and certain other actions taken by the manager were approved by the unanimous consent of the JV Partners (the “Unanimous Actions”). Unanimous Actions included 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. On October 16, 2019, the Company sold a controlling interest in its wholly owned subsidiary that held 5,300 acres of undeveloped land in Daytona Beach, Florida (the “Magnetar Land Sale”). 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 year ended December 31, 2019 (in thousands): December 31, 2019 Land Sales Revenue $ 10,975 Agriculture 68 Total Real Estate Operations Revenue $ 11,043 2019 Land Sales. |
INVESTMENT IN JOINT VENTURES
INVESTMENT IN JOINT VENTURES | 12 Months Ended |
Dec. 31, 2021 | |
INVESTMENT IN JOINT VENTURES | |
INVESTMENT IN JOINT VENTURES | NOTE 8. INVESTMENT IN JOINT VENTURES The Company has no investments in joint ventures as of December 31, 2021. The Company’s investment in joint ventures were as follows as of December 31, 2020 (in thousands): As of December 31, 2020 Land JV $ 41,765 Mitigation Bank JV 6,912 Total Investment in Joint Ventures $ 48,677 Land JV. Land JV all of its remaining land holdings to Timberline for $66.3 million. Proceeds to the Company after distributions to the other member of the Land JV, and before taxes, were $24.5 million. Through December 31, 2021, the Company served as the manager of the Land JV and was responsible for day-to-day operations at the direction of the JV Partners. All Unanimous Actions taken by the manager were approved by the unanimous consent of the JV Partners. 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 was evaluated quarterly, and as land sales occurred in the Land JV, the basis for our management fee was reduced as the management fee was based on the value of real property that remained in the Land JV. The monthly management fee as of December 31, 2021, was $10,000 per month. Prior to the Land JV Sale, the investment in joint ventures on the Company’s consolidated balance sheets included the Company’s previously held ownership interest in the Land JV. We concluded the Land JV to be a variable interest entity and therefore, it was accounted for under the equity method of accounting as the Company was not the primary beneficiary as defined in FASB ASC Topic 810, Consolidation Investments-Equity Method and Joint Ventures During the year ended December 31, 2021, the Company recognized impairment charges on its previously held retained interest in the Land JV totaling $17.6 million. The aggregate $17.6 million impairment on the previously held retained interest in the Land JV, is comprised of a $16.5 million charge during the three months ended June 30, 2021 and a $1.1 million charge during the three months ended December 31, 2021, which is a result of eliminating the investment in joint ventures based on the final proceeds received through distributions of the Land JV in connection with the sale of the Land JV’s remaining land. Additionally, during the year ended December 31, 2020, the Company recognized an impairment on its previously held retained interest in the Land JV totaling $7.1 million. The $7.1 million impairment on the Company’s previously held retained interest in the Land JV is the result of a re-forecast of the then anticipated undiscounted future cash flows to be received by the Company based on the estimated timing of future land sales from the Land JV. The following table provides summarized financial information of the Land JV as of December 31, 2020 (in thousands). No balances remain as of December 31, 2021 as a result of the Land JV Sale, the liquidation of the Land JV’s assets, and the dissolution of the underlying entities: As of December 31, 2020 Assets, Cash and Cash Equivalents $ 802 Assets, Receivables and Prepaid Expenses 117 Assets, Investment in Land Assets 5,658 Total Assets $ 6,577 Liabilities, Accounts Payable, Accrued Expenses, Deferred Revenue $ 228 Equity $ 6,349 Total Liabilities & Equity $ 6,577 The following table provides summarized financial information of the Land JV for the years ended December 31, 2021, 2020, and 2019 (in thousands): Year Ended December 31, 2021 December 31, 2020 December 31, 2019 Revenues $ 67,367 $ 65,446 $ 14,635 Direct Cost of Revenues (8,867) (13,012) (1,268) Operating Income $ 58,500 $ 52,434 $ 13,367 Other Operating Expenses (376) (462) (90) Net Income $ 58,124 $ 51,972 $ 13,277 The Company’s share of the Land JV’s net income (loss) was zero for the years ended December 31, 2021, 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 initial 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 should typically be recorded at the transferor’s historical cost basis. Accordingly, the Company’s basis difference in the 33.5% retained equity interest was evaluated each quarter upon determining the Company’s share of the Land JV’s net income. As a result of the Land JV Sale, the liquidation of the Land JV’s assets, and the dissolution of the underlying entities, such evaluation was and will no longer be required as of and subsequent to December 31, 2021. Mitigation Bank. On September 30, 2021, the Company, through a wholly owned and fully consolidated TRS, purchased the remaining 70% interest in the Mitigation Bank JV from BlackRock for $18.0 million (the “Interest Purchase”) resulting in a net cash payment by the Company of $16.1 million after utilizing the available cash in the Mitigation Bank JV of $1.9 million. As a result of the Interest Purchase, the Mitigation Bank JV is now wholly owned by the Company and is referred to as the Mitigation Bank. Pursuant to ASU 2017-01, Business Combinations: Clarifying the Definition of a Business During the period from June 2018 through the date of the Interest Purchase on September 30, 2021, the operations of the Mitigation Bank JV are summarized as follows. The operating agreement of the Mitigation Bank JV (the “Operating Agreement”) was executed in conjunction with the mitigation bank transaction and stipulated that the Company should have arranged 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 stipulated that if the Minimum Sales Requirement was not achieved, then BlackRock had the right, but was not required, to cause the Company to purchase the number of mitigation credits necessary to reach the Minimum Sales Requirement (the “Minimum Sales Guarantee”). As a result of not having achieved the Minimum Sales Requirement prior to December 31, 2020, during the nine months ended September 30, 2021, the Company had active discussions with BlackRock whereby BlackRock did not cause the Company to effectuate the Minimum Sales Guarantee, rather, the Company purchased the remaining 70% interest in the Mitigation Bank JV from BlackRock. 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 was included in accrued and other liabilities in the Company’s consolidated balance sheet. As a result of the Interest Purchase, as of September 30, 2021, there is no remaining liability related to the Minimum Sales Guarantee. Additionally, the Operating Agreement provided BlackRock had 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 was applicable even if the Mitigation Bank JV had not yet been awarded a sufficient number of mitigation credits by the applicable federal and state regulatory agencies. Further, in any quarter that BlackRock did not exercise its Put Right, the unexercised Commitment Amount for the applicable quarter may have been rolled over to future calendar quarters. However, the Operating Agreement also stipulated that any amount of third-party sales of mitigation credits would reduce the Put Rights outstanding on a one-for-one basis, if the sales price of the third-party sales equaled or exceeded 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 exceeded the quarterly amount of the Put Right would 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. During June 2018, the Company estimated 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 was included in accrued and other liabilities in the Company’s consolidated balance sheet. As a result of the Interest Purchase, as of September 30, 2021, there is no remaining liability related to the Put Right. During the nine months ended September 30, 2021, BlackRock did not exercise its Put Right. 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. For periods prior to the Interest Purchase completed on September 30, 2021, 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, noting no impairment issues. The following tables provide summarized financial information of the Mitigation Bank JV as of December 31, 2020 (in thousands). No balances remain as of December 31, 2021 as a result of the Interest Purchase: As of December 31, 2020 Assets, Cash and Cash Equivalents $ 1,890 Assets, Prepaid Expenses 20 Assets, Investment in Mitigation Credit Assets 1,409 Assets, Property, Plant, and Equipment—Net 14 Total Assets $ 3,333 Liabilities, Accounts Payable, Accrued Liabilities $ 17 Equity $ 3,316 Total Liabilities & Equity $ 3,333 The following table provides summarized financial information of the Mitigation Bank JV for the years ended December 31, 2021, 2020 and 2019 (in thousands). Year Ended December 31, 2021 December 31, 2020 December 31, 2019 Revenues $ 512 $ 4,109 $ 1,922 Direct Cost of Revenues (16) (167) (76) Operating Income $ 496 $ 3,942 $ 1,846 Other Operating Expenses (162) (175) (197) Net Income $ 334 $ 3,767 $ 1,649 The Company’s share of the Mitigation Bank JV’s net income (loss) was zero for the years ended December 31, 2021, 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 initial retained interest in the Mitigation Bank JV of $6.8 million in June 2018 at the estimated fair market value based on the relationship of the $15.3 million sales price of the 70% equity interest to the 30% retained interest. The Mitigation Bank JV recorded the assets contributed by the Company at carry-over basis pursuant to ASC 845 which states that transfers of nonmonetary assets should typically be recorded at the transferor’s historical cost basis. Accordingly, the Company’s basis difference in the 30% retained equity interest was evaluated each quarter upon determining the Company’s share of the Mitigation Bank JV’s net income. As a result of the Interest Purchase, such evaluation was and will no longer be required as of and subsequent to December 31, 2021. |
INVESTMENT SECURITIES
INVESTMENT SECURITIES | 12 Months Ended |
Dec. 31, 2021 | |
INVESTMENT SECURITIES | |
INVESTMENT SECURITIES | NOTE 9. INVESTMENT SECURITIES As of December 31, 2019 and 2020, the Company owned 815,790 shares of PINE common stock which were acquired in connection with the IPO. During the year ended December 31, 2021, the Company purchased an additional 8,088 shares of PINE common stock on the open market for a total of $0.1 million, or an average price of $17.65 per share. As of December 31, 2021, the Company owns, in the aggregate, 2.05 million shares of PINE, or 15.6% of PINE’s total shares outstanding for an investment value of $41.0 million, which total includes 1.2 million OP Units, or 9.3%, which the Company received in exchange for the contribution of certain income properties to the PINE Operating Partnership, in addition to 823,878 shares of common stock owned by the Company, or 6.3%. 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. The Company calculates the unrealized gain or loss based on the closing stock price of PINE at each respective balance sheet date. The unrealized, non-cash gains and losses resulting from the changes in the closing stock price of PINE are included in investment and other income (loss) in the consolidated statements of operations for years ended December 31, 2021, 2020, and 2019. The Company’s available-for-sale securities as of December 31, 2021 and 2020 are summarized below (in thousands): Cost Unrealized Gains in Investment Income Unrealized Losses in Investment Income Estimated Fair Value (Level 1 Inputs) December 31, 2021 Common Stock $ 15,643 $ 868 $ — $ 16,511 Operating Units 23,253 1,273 — 24,526 Total Equity Securities 38,896 2,141 — 41,037 Total Available-for-Sale Securities $ 38,896 $ 2,141 $ — $ 41,037 December 31, 2020 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 |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 and 2020 (in thousands): December 31, 2021 December 31, 2020 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Cash and Cash Equivalents - Level 1 $ 8,615 $ 8,615 $ 4,289 $ 4,289 Restricted Cash - Level 1 $ 22,734 $ 22,734 $ 29,536 $ 29,536 Commercial Loan and Master Lease Investments - Level 2 $ 39,095 $ 39,109 $ 38,320 $ 38,318 Long-Term Debt - Level 2 $ 278,273 $ 288,000 $ 273,830 $ 282,884 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, 2021 and 2020 (in thousands). See Note 18, “Interest Rate Swaps” for further disclosure related to the Company’s interest rate swaps. Fair Value at Reporting Date Using Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) December 31, 2021 Cash Flow Hedge - 2026 Term Loan Interest Rate Swap (1) $ 727 $ — $ 727 $ — Cash Flow Hedge - 2026 Term Loan Interest Rate Swap (2) $ 240 $ — $ 240 $ — Cash Flow Hedge - 2027 Term Loan Interest Rate Swap (3) $ 550 $ — $ 550 $ — Investment Securities $ 41,037 $ 41,037 $ — $ — December 31, 2020 Cash Flow Hedge - Credit Facility Interest Rate Swap (4) $ (1,772) $ — $ (1,772) $ — Cash Flow Hedge - 2026 Term Loan Interest Rate Swap (1) $ (50) $ — $ (50) $ — Cash Flow Hedge - Mortgage Note Payable Interest Rate Swap (5) $ (88) $ — $ (88) $ — Investment Securities $ 30,574 $ 30,574 $ — $ — (1) Effective March 10, 2021, the Company redesignated the interest rate swap, entered into as of August 31, 2020, to fix LIBOR and achieve a fixed interest rate of 0.22% plus the applicable spread on the $50.0 million 2026 Term Loan, hereinafter defined. (2) Effective August 31, 2021, the Company utilized an interest rate swap to fix LIBOR and achieve a fixed interest rate of 0.77% plus the applicable spread on the remaining $15.0 million outstanding principal balance on the 2026 Term Loan, hereinafter defined. (3) Effective November 5, 2021 the Company redesignated the interest rate swap, entered into as of March 31, 2020, to fix LIBOR and achieve a fixed interest rate of 0.73% plus the applicable spread on the $100.0 million 2027 Term Loan, hereinafter defined. (4) Effective March 31, 2020, the Company utilized an interest rate swap to fix LIBOR and achieve a fixed interest rate of 0.73% plus the applicable spread on $100.0 million of the outstanding balance on the Credit Facility, hereinafter defined, which interest rate swap was redesignated to the 2027 Term Loan, hereinafter defined, effective November 5, 2021 (see note 3 above). (5) Effective March 12, 2021, in connection with the payoff of the $23.2 million variable-rate mortgage loan secured by Wells Fargo in Raleigh, North Carolina, the interest rate swap was terminated. No assets were measured on a non-recurring basis as of December 31, 2021 or 2020. |
INTANGIBLE LEASE ASSETS AND LIA
INTANGIBLE LEASE ASSETS AND LIABILITIES | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 and 2020 (in thousands): As of December 31, 2021 December 31, 2020 Intangible Lease Assets: Value of In-Place Leases $ 59,293 $ 44,558 Value of Above Market In-Place Leases 23,216 10,604 Value of Intangible Leasing Costs 18,456 13,285 Sub-total Intangible Lease Assets 100,965 68,447 Accumulated Amortization (21,473) (18,271) Sub-total Intangible Lease Assets—Net 79,492 50,176 Intangible Lease Liabilities (Included in Accrued and Other Liabilities): Value of Below Market In-Place Leases (6,942) (36,817) Sub-total Intangible Lease Liabilities (6,942) (36,817) Accumulated Amortization 1,341 12,654 Sub-total Intangible Lease Liabilities—Net (5,601) (24,163) Total Intangible Assets and Liabilities—Net $ 73,891 $ 26,013 During the year ended December 31, 2021, the value of in-place leases increased by $14.7 million, the value of above-market in-place leases increased by $12.6 million, the value of intangible leasing costs increased by $5.2 million, and the value of below-market in-place leases decreased by $29.9 million. Such increases reflect 2021 acquisitions, net of 2021 dispositions. Net accumulated amortization decreased by $14.5 million, for a net increase during the year ended December 31, 2021 of $47.9 million. The $29.9 million decrease in the value of below market in-place leases is primarily attributable to the disposition of the Company’s office property in Raleigh, North Carolina leased to Wells Fargo (“Wells Fargo Raleigh”), which unamortized below market in-place lease value was $31.6 million prior to its disposition during the three months ended September 30, 2021. As of December 31, 2020, $19.9 million of the total below market in-place lease value was related to Wells Fargo Raleigh. The following table reflects the net amortization of intangible assets and liabilities during the years ended December 31, 2021, 2020, and 2019 (in thousands): Year Ended December 31, 2021 December 31, 2020 December 31, 2019 Amortization Expense $ 8,264 $ 7,805 $ 5,854 Accretion to Income Properties Revenue (404) (1,754) (2,383) Net Amortization of Intangible Assets and Liabilities $ 7,860 $ 6,051 $ 3,471 The estimated future amortization expense (income) related to net intangible assets and liabilities is as follows (in thousands): Year Ending December 31, Future Amortization Amount Future Accretion to Income Property Revenue Net Future Amortization of Intangible Assets and Liabilities 2022 $ 9,506 $ 1,893 $ 11,399 2023 9,392 1,917 11,309 2024 9,381 2,002 11,383 2025 7,554 2,049 9,603 2026 6,438 1,905 8,343 2027 and Thereafter 18,250 3,604 21,854 Total $ 60,521 $ 13,370 $ 73,891 As of December 31, 2021, the weighted average amortization period of total intangible assets and liabilities was 7.8 years and 8.7 years, respectively. |
IMPAIRMENT OF LONG-LIVED ASSETS
IMPAIRMENT OF LONG-LIVED ASSETS | 12 Months Ended |
Dec. 31, 2021 | |
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 undeveloped land holdings, or its income property portfolio, during the years ended December 31, 2021, 2020, or 2019. The $17.6 million impairment charge recognized during the year ended December 31, 2021, which is comprised of a $16.5 million charge during the three months ended June 30, 2021 and a $1.1 million charge during the three months ended December 31, 2021, is related to the Company’s previously held retained interest in the Land JV. The aggregate impairment charge of $17.6 million is a result of eliminating the investment in joint ventures based on the final proceeds received through distributions of the Land JV in connection with closing the sale of the Land JV’s remaining land. Additionally, during the year ended December 31, 2020, the Company recognized an aggregate $7.2 million impairment charge 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 previously held retained interest in the Land LV. The $7.1 million impairment on the Company’s previously held retained interest in the Land JV was 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. |
OTHER ASSETS
OTHER ASSETS | 12 Months Ended |
Dec. 31, 2021 | |
OTHER ASSETS. | |
OTHER ASSETS | NOTE 13. OTHER ASSETS Other assets consisted of the following as of December 31, 2021 and 2020 (in thousands): As of December 31, 2021 December 31, 2020 Income Property Tenant Receivables $ 885 $ 2,330 Income Property Straight-line Rent Adjustment and COVID-19 Deferral Balance 5,180 4,686 Operating Leases - Right-of-Use Asset 168 246 Golf Rounds Surcharge 338 454 Cash Flow Hedge - Interest Rate Swap 1,543 — Infrastructure Reimbursement Receivables 1,080 1,336 Prepaid Expenses, Deposits, and Other 3,526 1,693 Due from Alpine Income Property Trust, Inc. 1,653 666 Financing Costs, Net of Accumulated Amortization 524 769 Total Other Assets $ 14,897 $ 12,180 Income Property Straight-Line Rent Adjustment. Infrastructure Reimbursement Receivables. |
EQUITY
EQUITY | 12 Months Ended |
Dec. 31, 2021 | |
EQUITY | |
EQUITY | NOTE 14. EQUITY REIT CONVERSION MERGER As a result of the Merger, as described in Note 1, “Organization”, the Company is authorized to issue 500,000,000 shares of common stock, $0.01 par value per share, and 100,000,000 shares of preferred stock, $0.01 par value per share. Prior to the Merger, the Company’s Accordingly, a $7.2 million adjustment to reduce common stock Additionally, as a result of the Merger and pursuant to Maryland state law, the Company’s treasury stock ceased to be outstanding and was returned to unissued status. Accordingly, a $77.5 million adjustment to eliminate treasury stock with a corresponding decrease to additional paid-in capital was made during the three months ended March 31, 2021 and is reflected in the accompanying consolidated statements of stockholders’ equity. SHELF REGISTRATION On April 1, 2021, the Company filed a shelf registration statement on Form S-3, relating to the registration and potential issuance of its common stock, preferred stock, debt securities, warrants, rights, and units with a maximum aggregate offering price of up to $350.0 million. The Securities and Exchange Commission declared the Form S-3 effective on April 19, 2021. ATM PROGRAM On April 30, 2021, the Company implemented a $150.0 million “at-the-market” equity offering program (the “ATM Program”) pursuant to which the Company may sell, from time to time, shares of the Company’s common stock. The Company was not active under the ATM Program during the year ended December 31, 2021. PREFERRED STOCK On June 28, 2021, the Company priced a public offering of shares of its 6.375% Series A Cumulative Redeemable Preferred Stock (the “Series A Preferred Stock”) at a public offering price of $25.00 per share. The offering closed on July 6, 2021 and generated total net proceeds to the Company of $72.4 million, after deducting the underwriting discount and expenses. Series A Preferred Stock Series A Preferred Stock The Series A Preferred Stock Series A Preferred Stock the date of redemption, and in limited circumstances, the holders of preferred stock shares Series A Preferred Stock The following details the public offering (in thousands, except per share data): Series Dividend Rate Issued Shares Outstanding Gross Proceeds Net Proceeds Dividend per Share Earliest Redemption Date Series A 6.375% July 2021 3,000,000 $ 75,000 $ 72,428 $ 0.3984 July 2026 DIVIDENDS The Company elected to be taxed as a REIT for U.S. federal income tax purposes under the Code commencing with its taxable year ended December 31, 2020. In order to maintain its qualification as a REIT, the Company must annually distribute, at a minimum, an amount equal to 90% of its taxable income, determined without regard to the deduction for dividends paid and excluding net capital gains, and must distribute 100% of its taxable income (including net capital gains) to eliminate U.S. federal income taxes payable by the Company. Because taxable income differs from cash flow from operations due to non-cash revenues and expenses (such as depreciation and other items), in certain circumstances, the Company may generate operating cash flow in excess of its dividends, or alternatively, may need to make dividend payments in excess of operating cash flows. In connection with the REIT conversion, on November 9, 2020, the Board declared a special distribution on its shares of common stock in an aggregate amount of $55.8 million (the “Special Distribution”), payable in cash and shares of the Company’s common stock, in order to distribute the Company’s previously undistributed earnings and profits attributable to taxable periods ended on or prior to December 31, 2019, as required in connection with the Company’s election to be taxable as a REIT. The Special Distribution was paid on December 21, 2020 to stockholders of record as of the close of business on November 19, 2020 through an aggregate of $5.6 million in cash and the issuance of 1,198,963 shares of the Company’s common stock. The following table outlines dividends declared and paid for each issuance of CTO’s stock during the years ended December 31, 2021, 2020, and 2019 (in thousands, except per share data): Year Ended December 31, 2021 December 31, 2020 December 31, 2019 Series A Preferred Stock Dividends $ 2,325 $ — $ — Per Share $ 0.77 $ — $ — Common Stock Dividends $ 23,580 $ 64,665 (1) $ 2,198 Per Share $ 4.00 $ 13.88 (1) $ 0.44 (1) Represents the aggregate of (i) $1.90 per share of regular cash dividends totaling $8.9 million and (ii) $11.98 per share Special Distribution totaling $55.8 million, of which $5.6 million was paid in cash . |
COMMON STOCK AND EARNINGS PER S
COMMON STOCK AND EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2021 | |
COMMON STOCK AND EARNINGS PER SHARE | |
COMMON STOCK AND EARNINGS PER SHARE | NOTE 15. COMMON STOCK AND EARNINGS PER SHARE Basic earnings per common share is computed by dividing net income (loss) attributable to common stockholders 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, 2021 December 31, 2020 December 31, 2019 Net Income Attributable to Common Stockholders $ 27,615 $ 78,509 $ 114,973 Weighted Average Shares Outstanding 5,892,270 4,704,877 4,991,656 Common Shares Applicable to Stock Options Using the Treasury Stock Method — — 6,387 Total Shares Applicable to Diluted Earnings Per Share 5,892,270 4,704,877 4,998,043 Per Share Information: Basic Income From Continuing Operations Attributable to Common Stockholders $ 4.69 $ 16.69 $ 3.32 Income From Discontinued Operations (Net of Income Tax) Attributable to Common Stockholders — — 19.71 Basic Net Income per Share Attributable to Common Stockholders $ 4.69 $ 16.69 $ 23.03 Diluted Income From Continuing Operations Attributable to Common Stockholders $ 4.69 $ 16.69 $ 3.32 Income From Discontinued Operations (Net of Income Tax) Attributable to Common Stockholders — — 19.68 Diluted Net Income per Share Attributable to Common Stockholders $ 4.69 $ 16.69 $ 23.00 There were no potentially dilutive securities for years ended December 31, 2021, 2020, or 2019. The effect of 2,497, 39,558, and 7,500 potentially dilutive securities were not included for the years ended December 31, 2021, 2020 and 2019, respectively, as the effect would be anti-dilutive. The Company intends to settle its 3.875% Convertible Senior Notes due 2025 (the “2025 Notes”) in cash upon conversion with any excess conversion value to be settled in shares of our common stock. Pursuant to ASC 260, Earnings per Share |
SHARE REPURCHASES
SHARE REPURCHASES | 12 Months Ended |
Dec. 31, 2021 | |
SHARE REPURCHASES | |
SHARE REPURCHASES | NOTE 16. SHARE REPURCHASES Prior to March 31, 2021, repurchases of the Company’s common stock were returned to treasury. As a result of the Merger and pursuant to Maryland state law, the Company’s treasury stock ceased to be outstanding and was returned to unissued status. Accordingly, a $77.5 million adjustment to eliminate treasury stock with a corresponding decrease to additional paid-in capital was made during the year ended December 31, 2021 and is reflected in the accompanying consolidated statements of stockholders’ equity. 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, 2021 | |
LONG-TERM DEBT | |
LONG-TERM DEBT | NOTE 17. LONG-TERM DEBT As of December 31, 2021, long-term debt, at face value, totaled $283.0 million, which was comprised of (i) $67.0 million outstanding under our revolving credit facility (the “Credit Facility”), (ii) the $65.0 million term loan (the “2026 Term Loan”), (iii) the $100.0 million term loan (the “2027 Term Loan”), and (iv) the $51.0 million principal amount of 2025 Notes. The long-term debt, at face value, of $283.0 million at December 31, 2021, represented an increase of $2.5 million from the balance of $280.5 million at December 31, 2020. The $2.5 million increase in long-term debt was due to the impact of (i) the origination of the $50.0 million 2026 Term Loan under the Company’s Credit Facility and subsequent exercise of the accordion option of $15.0 million, (ii) the origination of the $100.0 million 2027 Term Loan under the Company’s Credit Facility, (iii) the net repayments on the Credit Facility totaling $97.9 million, (iv) assumption of the $30.0 million fixed-rate mortgage note by the buyer in connection with the disposition of the CMBS Portfolio during the second quarter of 2021, (v) the payoff of the $23.2 million variable-rate mortgage note, and (vi) the repurchase of $11.4 million aggregate amount of the 2025 Notes. As of December 31, 2021, the Company’s outstanding indebtedness, at face value, was as follows (in thousands): Face Value Debt Maturity Date Interest Rate Credit Facility $ 67,000 May 2023 30-day LIBOR + 2026 Term Loan (1) 65,000 March 2026 30-day LIBOR + 2027 Term Loan (2) 100,000 January 2027 30-day LIBOR + 3.875% Convertible Senior Notes due 2025 51,034 April 2025 3.875% Total Long-Term Face Value Debt $ 283,034 (1) The Company utilized interest rate swaps on the $65.0 million 2026 Term Loan balance, including (i) its redesignation of the existing $50.0 million interest rate swap, entered into as of August 31, 2020, and (ii) a $15.0 million interest rate swap effective August 31, 2021, to fix LIBOR and achieve a weighted average fixed interest rate of 0.35% plus the applicable spread (see Note 18, “Interest Rate Swaps” for further disclosure related to the Company’s interest rate swaps). (2) Effective November 5, 2021 the Company redesignated the interest rate swap, entered into as of March 31, 2020, to fix LIBOR and achieve a fixed interest rate of 0.73% plus the applicable spread on the $100.0 million 2027 Term Loan balance (see Note 18, “Interest Rate Swaps” for further disclosure related to the Company’s interest rate swaps). Credit Facility. The Huntington National Bank was added as a lender to the Company’s Credit Facility. On May 24, 2019, the Company executed the second amendment to the 2017 Amended Credit Facility (the “May 2019 Revolver Amendment”). As a result of the May 2019 Revolver Amendment, the Credit Facility had 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 May 2019 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 May 2019 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 “November 2019 Revolver Amendment”), which further amends the 2017 Amended Credit Facility. The November 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, 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 “July 2020 Revolver Amendment”) whereby the tangible net worth covenant was adjusted to be more reflective of market terms. The July 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. On March 10, 2021, the Company entered into the sixth amendment to the 2017 Amended Credit Facility (the “March 2021 Revolver Amendment”). The March 2021 Revolver Amendment included, among other things, (i) increase of the revolving credit commitment from $200.0 million to $210.0 million, (ii) addition of the 2026 Term Loan in the aggregate amount of $50.0 million, (iii) updates to certain financing rate provisions provided therein, and (iv) joinder of The Huntington National Bank as a 2026 Term Loan lender and Credit Facility lender. The March 2021 Revolver Amendment also includes accordion options that allow the Company to request additional 2026 Term Loan lender commitments up to a total of $150.0 million and additional Credit Facility lender commitments up to a total of $300.0 million. During the three months ended June 30, 2021, the Company exercised the 2026 Term Loan accordion option for $15.0 million, increasing total lender commitments to $65.0 million. On November 5, 2021, the Company entered into the seventh amendment to the 2017 Amended Credit Facility (the “November 2021 Revolver Amendment”). The November 2021 Revolver Amendment included, among other things, (i) addition of the 2027 Term Loan in the aggregate amount of $100.0 million and (ii) joinder of KeyBank National Association, Raymond James Bank, and Synovus Bank as 2027 Term Loan lenders. The November 2021 Revolver Amendment also includes an accordion option that allows the Company to request additional term loan lender commitments up to a total of $400.0 million in the aggregate. At December 31, 2021, the current commitment level under the Credit Facility was $210.0 million. The available borrowing capacity under the Credit Facility was $143.0 million, based on the level of borrowing base assets. As of December 31, 2021, the Credit Facility had a $67.0 million balance outstanding. 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 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 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. During the year ended December 31, 2020, the Company repurchased $12.5 million aggregate principal amount of 2025 Notes at a $2.6 million discount, resulting in a gain on extinguishment of debt of $1.1 million. All such repurchases were made during first and second quarter of 2020. During the year ended December 31, 2021, the Company repurchased $11.4 million aggregate principal amount of 2025 Notes at a $1.6 million premium, resulting in a loss on extinguishment of debt of $2.9 million. Following the repurchase, $51.0 million aggregate principal amount of the 2025 Notes remains outstanding at December 31, 2021. 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 was 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 represented 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 2021 dividend, the conversion rate is equal to 19.4453 shares of common stock for each $1,000 principal amount of 2025 Notes, which represents an adjusted conversion price of $51.43 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 at fair value based on a discounted cash flow analysis using current market rates for debt instruments with similar terms. The difference between the initial proceeds from the 2025 Notes and the estimated fair value of the debt instruments resulted in a debt discount, with an offset recorded to additional paid-in capital representing the equity component. As of December 31, 2021, the unamortized debt discount of our 2025 Notes was $3.6 million. Long-term debt consisted of the following (in thousands): December 31, 2021 December 31, 2020 Total Due Within One Year Total Due Within One Year Credit Facility $ 67,000 $ — $ 164,845 $ — 2026 Term Loan 65,000 — — — 2027 Term Loan 100,000 — — — Mortgage Note Payable (Originated with Wells Fargo) — — 30,000 — Mortgage Note Payable (Originated with Wells Fargo) — — 23,183 23,183 3.875% Convertible Senior Notes, net of Discount 47,469 — 56,296 — Financing Costs, net of Accumulated Amortization (1,196) — (494) — Total Long-Term Debt $ 278,273 $ — $ 273,830 $ 23,183 Payments applicable to reduction of principal amounts as of December 31, 2021 will be required as follows (in thousands): Year Ending December 31, Amount 2022 $ — 2023 67,000 2024 — 2025 51,034 2026 65,000 2027 and Thereafter 100,000 Total Long-Term Debt - Face Value $ 283,034 The carrying value of long-term debt as of December 31, 2021 consisted of the following (in thousands): Total Current Face Amount $ 283,034 Unamortized Discount on Convertible Debt (3,565) Financing Costs, net of Accumulated Amortization (1,196) Total Long-Term Debt $ 278,273 In addition to the $1.2 million of financing costs, net of accumulated amortization included in the table above, as of December 31, 2021, the Company also had financing costs, net of accumulated amortization related to the Credit Facility of $0.5 million which is included in other assets on the consolidated balance sheets. These costs are amortized on a straight-line basis over the term of the Credit Facility and are included in interest expense in the Company’s accompanying consolidated statements of operations. The following table reflects a summary of interest expense incurred and paid during the years ended December 31, 2021, 2020 and 2019 (in thousands): Year Ended December 31, 2021 December 31, 2020 December 31, 2019 Interest Expense $ 7,065 $ 9,005 $ 10,665 Amortization of Deferred Financing Costs 586 454 444 Amortization of Discount on Convertible Notes 1,278 1,379 1,357 Total Interest Expense $ 8,929 $ 10,838 $ 12,466 Total Interest Paid $ 7,274 $ 9,716 $ 10,782 The Company was in compliance with all of its debt covenants as of December 31, 2021 and 2020. |
INTEREST RATE SWAPS
INTEREST RATE SWAPS | 12 Months Ended |
Dec. 31, 2021 | |
INTEREST RATE SWAPS | |
INTEREST RATE SWAPS | NOTE 18. INTEREST RATE SWAPS The Company has entered into interest rate swap agreements to hedge against changes in future cash flows resulting from fluctuating interest rates related to the below noted borrowings. The interest rate agreements were 100% effective during the year ended December 31, 2021. Accordingly, the changes in fair value on the interest rate swaps have been classified in accumulated other comprehensive income (loss). The fair value of the interest rate swap agreements are included in other assets and accrued and other liabilities, respectively, on the consolidated balance sheets. Information related to the Company’s interest rate swap agreements are noted below (in thousands): Hedged Item Effective Date Maturity Date Rate Amount Fair Value as of December 31, 2021 2026 Term Loan (1) 3/10/2021 3/29/2024 0.22% + applicable spread $ 50,000 $ 753 2026 Term Loan (2) 3/29/2024 3/10/2026 1.51% + applicable spread $ 50,000 $ (26) 2026 Term Loan 8/31/2021 3/10/2026 0.77% + applicable spread $ 15,000 $ 240 2027 Term Loan (3) 11/5/2021 3/29/2024 0.73% + applicable spread $ 100,000 $ 352 2027 Term Loan (4) 3/29/2024 1/31/2017 1.42% + applicable spread $ 100,000 $ 198 (1) Effective March 10, 2021, the Company redesignated the interest rate swap, entered into as of August 31, 2020, that previously hedged $50.0 million of the outstanding principal balance on the Credit Facility. (2) The interest rate swap agreement hedges the identical $50.0 million portion of the 2026 Term Loan borrowing under different terms and commences concurrent to the interest rate agreement maturing on March 29, 2024. (3) Effective November 5, 2021, the Company redesignated the interest rate swap, entered into as of March 31, 2020, that previously hedged $100.0 million of the outstanding principal balance on the Credit Facility. (4) The interest rate swap agreement hedges the identical $100.0 million portion of the 2027 Term Loan borrowing under different terms and commences concurrent to the interest rate agreement maturing on March 29, 2024. |
ACCRUED AND OTHER LIABILITIES
ACCRUED AND OTHER LIABILITIES | 12 Months Ended |
Dec. 31, 2021 | |
ACCRUED AND OTHER LIABILITIES. | |
ACCRUED AND OTHER LIABILITIES | NOTE 19. ACCRUED AND OTHER LIABILITIES Accrued and other liabilities consisted of the following (in thousands): As of December 31, 2021 December 31, 2020 Accrued Property Taxes $ 813 $ 945 Reserve for Tenant Improvements 5,457 1,353 Tenant Security Deposits 1,942 824 Accrued Construction Costs 190 1,783 Accrued Interest 431 602 Environmental Reserve 81 106 Cash Flow Hedge - Interest Rate Swaps 26 1,910 Operating Leases - Liability 198 245 Other 3,983 1,322 Total Accrued and Other Liabilities $ 13,121 $ 9,090 Reserve for Tenant Improvements. Environmental Reserve. “FDEP Approval”) in August 2016 which supports the approximate $0.5 million accrual made in 2015. The Company is implementing the remediation plan pursuant to the FDEP Approval. During the fourth quarter of 2017, the Company made an additional accrual of less than $0.1 million for the second year of monitoring as the low end of the original range of estimated costs was increased for the amount of monitoring now anticipated. Since the total accrual of $0.7 million was made, $0.6 million in costs have been incurred through December 31, 2021, leaving a remaining accrual of less than $0.1 million. |
DEFERRED REVENUE
DEFERRED REVENUE | 12 Months Ended |
Dec. 31, 2021 | |
DEFERRED REVENUE | |
DEFERRED REVENUE | NOTE 20. DEFERRED REVENUE Deferred revenue consisted of the following (in thousands): As of December 31, 2021 December 31, 2020 Prepaid Rent $ 3,921 $ 2,684 Tenant Contributions 574 625 Other Deferred Revenue 10 10 Total Deferred Revenue $ 4,505 $ 3,319 |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2021 | |
STOCK-BASED COMPENSATION | |
STOCK-BASED COMPENSATION | NOTE 21. 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, 2021, is presented below: Type of Award Shares Outstanding at 1/1/2021 Granted Shares Vested / Exercised Shares Expired Shares Forfeited Shares Shares Outstanding at 12/31/2021 Equity Classified - Performance Share Awards - Peer Group Market Condition Vesting 55,851 48,134 (17,418) — (8,449) 78,118 Equity Classified - Market Condition Restricted Shares - Stock Price Vesting 22,000 — — (22,000) — — Equity Classified - Three Year Vest Restricted Shares 38,479 43,050 (21,220) — (8,806) 51,503 Equity Classified - Non-Qualified Stock Option Awards 80,000 20,332 (78,791) — — 21,541 Total Shares 196,330 111,516 (117,429) (22,000) (17,255) 151,162 As contemplated under the terms of the 2010 Plan, on January 20, 2021, in order to address the dilutive effect of the stock component of the Special Distribution that was paid to the Company’s stockholders on December 21, 2020 in connection with the Company’s REIT conversion, the Board’s Compensation Committee made an equitable adjustment (the “Equitable Adjustment”) to certain of the awards outstanding as of December 31, 2020. Accordingly, during the three months ended March 31, 2021, the 111,516 shares granted includes 46,237 shares attributable to the Equitable Adjustment which resulted in no incremental compensation cost. 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. Amounts recognized in the financial statements for stock-based compensation are as follows (in thousands): Year Ended December 31, 2021 December 31, 2020 December 31, 2019 Total Cost of Share-Based Plans Charged Against Income Before Tax Effect $ 3,168 $ 2,786 $ 2,688 Income Tax Expense Recognized in Income $ — $ (678) $ (681) EQUITY-CLASSIFIED STOCK COMPENSATION Performance Share Awards – Peer Group Market Condition Vesting Performance shares have been granted to certain employees under the 2010 Plan. The performance share 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 ultimately received by the award recipient 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 48,134 performance shares during the three months ended March 31, 2021, of which 15,988 were attributable to the Equitable Adjustment. 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, 2021, there was $1.4 million of unrecognized compensation cost, adjusted for estimated forfeitures, related to the outstanding performance share awards, which will be recognized over a remaining weighted average period of 1.7 years. A summary of the activity for these awards during the years ended December 31, 2021, 2020, and 2019 is presented below: Performance Shares With Market Conditions Shares Wtd. Avg. Fair Value Non-Vested at January 1, 2019 28,080 $ 66.29 Granted 21,195 $ 64.66 Vested — — Expired — — Forfeited — — Non-Vested at December 31, 2019 49,275 $ 65.59 Granted 26,441 $ 55.82 Vested (12,635) $ 55.66 Expired — — Forfeited (7,230) $ 63.81 Non-Vested at December 31, 2020 55,851 $ 63.44 Granted 48,134 $ 32.04 Vested (17,418) $ 58.30 Expired — — Forfeited (8,449) $ 47.04 Non-Vested at December 31, 2021 78,118 $ 47.01 Market Condition Restricted Shares – Stock Price Vesting Restricted Company common stock has been granted to certain employees under the 2010 Plan. The restricted Company common stock outstanding from these grants vest in increments based upon the price per share of the Company common stock during the term of employment (or within sixty days after termination of employment by the Company without cause), meeting or exceeding the target trailing thirty-day average closing prices. Effective January 28, 2021, the 22,000 shares outstanding, consisting of 18,000 shares with a $70 per share price vesting criteria and 4,000 shares with a $75 per share price vesting criteria, expired prior to vesting. 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, 2021, 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, 2021, 2020, and 2019 is presented below: Market Condition Non-Vested Restricted Shares Shares Wtd. Avg. Fair Value Non-Vested at January 1, 2019 22,000 $ 41.71 Granted — — Vested — — Expired — — Forfeited — — Non-Vested at December 31, 2019 22,000 $ 41.71 Granted — — Vested — — Expired — — Forfeited — — Non-Vested at December 31, 2020 22,000 $ 41.71 Granted — — Vested — — Expired (22,000) $ 41.71 Forfeited — — Non-Vested at December 31, 2021 — — Three Year Vest Restricted Shares Restricted shares have been granted to certain employees under the 2010 Plan. One The Company’s determination of the fair value of the three-year vest restricted stock awards was calculated by multiplying the number of shares issued by the Company’s stock price at the grant date, less the present value of expected dividends during the vesting period. Compensation cost is recognized on a straight-line basis over the vesting period. As of December 31, 2021, 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 the activity for these awards during the years ended December 31, 2021, 2020, and 2019 is presented below: Three Year Vest Non-Vested Restricted Shares Shares Wtd. Avg. Fair Value Per Share Non-Vested at January 1, 2019 34,952 $ 58.07 Granted 20,696 $ 58.78 Vested (18,053) $ 54.43 Expired — — Forfeited — — Non-Vested at December 31, 2019 37,595 $ 60.21 Granted 23,451 $ 55.89 Vested (18,054) $ 59.69 Expired — — Forfeited (4,513) $ 60.14 Non-Vested at December 31, 2020 38,479 $ 57.82 Granted 43,050 $ 35.47 Vested (21,220) $ 48.55 Expired — — Forfeited (8,806) $ 46.59 Non-Vested at December 31, 2021 51,503 $ 44.88 Non-Qualified Stock Option Awards Stock option awards have been granted to certain employees under the 2010 Plan. The vesting period of the options awards granted ranged from a period of 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, 2021, 2020, and 2019 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, 2019 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 Granted 20,332 — Exercised (78,791) $ 44.63 Expired — — Forfeited — — Outstanding at December 31, 2021 21,541 $ 43.37 3.21 $ 388,837 Exercisable at January 1, 2021 80,000 $ 55.63 4.26 — Exercisable at December 31, 2021 21,541 $ 43.37 3.21 $ 388,837 The total intrinsic value of options exercised during the year ended December 31, 2021 totaled $0.9 million. As of December 31, 2021, there is no unrecognized compensation cost related to non-qualified, non-vested stock option awards. NON-EMPLOYEE DIRECTOR STOCK COMPENSATION Each member of the Company’s Board of Directors has the option to receive his or her annual retainer and meeting fees 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 for the years ended December 31, 2019 and 2020 and $35,000 for the year ended December 31, 2021 (the “Annual Award”). The number of shares awarded is 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. Commencing in 2021, non-employee directors will no longer receive meeting fees, but will receive additional retainers for service on Board committees, as set forth in the Company’s Non-Employee Director Compensation Policy available on the Company’s website (www.ctoreit.com). During the years ended December 31, 2021, 2020, and 2019, the expense recognized for the value of the Company’s common stock received by non-employee directors totaled $0.5 million or 10,922 shares, $0.5 million or 10,128 shares, and $0.5 million, or 9,004 shares, respectively. The expense recognized during the years ended December 31, 2021, 2020, and 2019 includes the Annual Award received during the first quarter of each year which totaled $0.2 million, $0.1 million, and $0.2 million, respectively. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2021 | |
INCOME TAXES | |
INCOME TAXES | NOTE 22. INCOME TAXES The Company elected to be taxed as a REIT for U.S. federal income tax purposes under the Code commencing with its taxable year ended 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, 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 tax returns separately as C-Corporations. As a result of the Company’s election to be taxed as a REIT, during the year ended December 31, 2020, an $82.5 million deferred tax benefit was recorded to de-recognize the deferred tax assets and liabilities associated with the entities included in the REIT. A significant portion of the deferred tax benefit recognized related to the de-recognition of deferred tax liabilities resulting from 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, 2021 2020 2019 Income Tax (Expense) Benefit from Continuing Operations $ 3,079 $ 83,499 $ (5,472) Income Tax Expense from Discontinued Operations — — (32,641) Total Consolidated Income Tax Benefit (Expense) $ 3,079 $ 83,499 $ (38,113) The provisions for income tax benefit (expense) from continuing operations are summarized as follows (in thousands): 2021 2020 2019 Current Deferred Current Deferred Current Deferred Federal $ 235 $ 2,362 $ 341 $ 70,106 $ (225) $ (4,974) State 44 438 63 12,989 20 (293) Total $ 279 $ 2,800 $ 404 $ 83,095 $ (205) $ (5,267) 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 2021 2020 Deferred Income Tax Assets Capital Loss Carryforward $ 2,249 $ — Net Operating Loss Carryforward 291 1,103 Gross Deferred Income Tax Assets 2,540 1,103 Less - Valuation Allowance (2,249) — Net Deferred Income Tax Assets 291 1,103 Deferred Income Tax Liabilities Basis Differences in Joint Ventures — (4,624) Basis Differences in Mitigation Credit Assets (774) — Total Deferred Income Tax Liabilities (774) (4,624) Net Deferred Income Tax Liabilities $ (483) $ (3,521) 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, 2021 and 2020, the Company has $0.3 million and $1.1 million in net operating loss (“NOL”) carryforwards, respectively. 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, 2021 and 2020, no valuation allowance was considered necessary related to the Company’s NOL carryforwards. As of December 31, 2021, the Company had a capital loss carryforward totaling $9.0 million related to the elimination of the Company’s interest in the Land JV. The Company does not currently anticipate being able to utilize the capital loss carryforward and accordingly, has allowed for the $2.2 million deferred tax asset in full as of December 31, 2021. Following is a reconciliation of the income tax computed at the federal statutory rate of 21% for 2021, 2020, and 2019, individually, for continuing operations (in thousands): Year Ended December 31, 2021 2020 2019 Income Tax (Expense) Benefit Computed at Federal Statutory Rate $ 4,408 16.4 % $ 971 (19.5) % $ (4,410) (20.0) % Increase (Decrease) Resulting from: State Income Tax, Net of Federal Income Tax Benefit 936 3.5 % 180 (3.6) % (1,076) (5.0) % Income Tax on Permanently Non-Deductible Items — 0.0 % (112) 2.2 % (86) (0.4) % Tax Benefit due to De-Recognition of REIT Deferred Tax Liabilities — 0.0 % 82,460 (1652.6) % — 0.0 % Valuation Allowance (2,216) (8.2) % — 0.0 % — 0.0 % Other Reconciling Items (49) (0.2) % — 0.0 % 100 0.5 % Benefit (Expense) for Income Taxes $ 3,079 11.5 % $ 83,499 (1673.4) % $ (5,472) (24.9) % 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, 2021, 2020, and 2019, including the discontinued operations, was 11.5%, 1673.4%, and (24.9)%, 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, 2021 included the impact of the capital loss carryforward valuation allowance. 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 year ended December 31, 2019. For prior taxable years through the year ended December 31, 2020, 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, 2021, 2020, and 2019, 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 $0.4 million, $5.0 million, and $2.5 million were paid during the years ended December 31, 2021, 2020, and 2019, respectively. Additionally, income taxes totaling less than $0.1 million and $0.7 million were refunded during the years ended December 31, 2021 and 2019, respectively, with no income taxes refunded during the year ended December 31, 2020. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2021 | |
COMMITMENTS AND CONTINGENCIES | |
COMMITMENTS AND CONTINGENCIES | NOTE 23. 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, 2021, are summarized as follows (in thousands): Year Ending December 31, Amounts 2022 $ 132 2023 47 2024 12 2025 7 2026 — 2027 and Thereafter (Cumulative) — Total $ 198 Rental expense under all operating leases amounted to $0.1 million, $0.1 million, and $0.3 million for the years ended December 31, 2021, 2020, and 2019, 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. Buc-ee’s. agreement with Buc-ee’s whereby the Company received $0.6 million of the Escrowed Funds, which revenue is included within real estate operations in the consolidated statements of operations. CONTRACTUAL COMMITMENTS – EXPENDITURES The Company has committed to fund the following capital improvements. The improvements, which are related to several properties, are estimated to be generally completed within twelve months. These commitments, as of December 31, 2021, are as follows (in thousands): As of December 31, 2021 Total Commitment (1) $ 19,737 Less Amount Funded (5,041) Remaining Commitment $ 14,696 (1) Commitment includes tenant improvements, leasing commissions, rebranding, facility expansion and other capital improvements. OFF-BALANCE SHEET ARRANGEMENTS None. OTHER MATTERS None. |
BUSINESS SEGMENT DATA
BUSINESS SEGMENT DATA | 12 Months Ended |
Dec. 31, 2021 | |
BUSINESS SEGMENT DATA | |
BUSINESS SEGMENT DATA | NOTE 24. 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. Our income property operations consist of income-producing properties, and our business plan is focused on investing in additional income-producing properties. Our income property operations accounted for 86% and 80.0% of our identifiable assets as of December 31, 2021 and 2020, respectively, and 72.1%, 88.6%, and 93.4% of our consolidated revenues for the years ended December 31, 2021, 2020, and 2019, respectively. Our management fee income consists of the management fees earned for the management of PINE and the Land JV. As of December 31, 2021, our commercial loan and master lease investments portfolio consisted of two commercial loan investments and two commercial properties whose leases are classified as commercial loan and master lease investments. Our continuing real estate operations consists of revenues generated from leasing and royalty income from our interests in subsurface oil, gas, and mineral rights, and the generation and sale of mitigation credits. The Company evaluates segment performance based on operating income. 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, 2021, 2020, and 2019 is as follows (in thousands): For the Year Ended December 31, 2021 December 31, 2020 December 31, 2019 Revenues: Income Properties $ 50,679 $ 49,953 $ 41,956 Management Fee Income 3,305 2,744 304 Interest Income From Commercial Loan and Master Lease Investments 2,861 3,034 1,829 Real Estate Operations 13,427 650 852 Total Revenues $ 70,272 $ 56,381 $ 44,941 Operating Income (Loss): Income Properties $ 36,864 $ 37,965 $ 34,955 Management Fee Income 3,305 2,744 304 Interest Income From Commercial Loan and Master Lease Investments 2,861 3,034 1,829 Real Estate Operations 4,812 (2,573) 748 General and Corporate Expense (31,783) (30,630) (25,615) Impairment Charges (17,599) (9,147) — Gain on Disposition of Assets 28,316 9,746 21,978 Gain (Loss) on Extinguishment of Debt (3,431) 1,141 — Total Operating Income $ 23,345 $ 12,280 $ 34,199 Depreciation and Amortization: Income Properties $ 20,561 $ 19,036 $ 15,774 Corporate and Other 20 27 23 Total Depreciation and Amortization $ 20,581 $ 19,063 $ 15,797 Capital Expenditures: Income Properties $ 256,456 $ 188,849 $ 166,684 Commercial Loan and Master Lease Investments 364 7,150 18,047 Discontinued Real Estate Operations — — 2,791 Corporate and Other 34 30 4 Total Capital Expenditures $ 256,854 $ 196,029 $ 187,526 Identifiable assets of each segment as of December 31, 2021 and 2020 are as follows (in thousands): As of December 31, 2021 December 31, 2020 Identifiable Assets: Income Properties $ 630,747 $ 531,325 Management Services 1,653 700 Commercial Loan and Master Lease Investments 39,095 38,321 Real Estate Operations 26,512 59,717 Discontinued Real Estate Operations — 833 Corporate and Other 35,132 35,804 Total Assets $ 733,139 $ 666,700 Operating income represents income from continuing operations before 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 Land JV, the Mitigation Bank, and Subsurface Interests. Corporate and other assets consist primarily of cash and restricted cash, property, plant, and equipment related to the other operations, as well as the general and corporate operations. The Management Services segment had no capital expenditures as of December 31, 2021, 2020 or 2019. |
ASSETS AND LIABILITIES HELD FOR
ASSETS AND LIABILITIES HELD FOR SALE AND DISCONTINUED OPERATIONS | 12 Months Ended |
Dec. 31, 2021 | |
ASSETS AND LIABILITIES HELD FOR SALE AND DISCONTINUED OPERATIONS | |
ASSETS AND LIABILITIES HELD FOR SALE | NOTE 25. ASSETS AND LIABILITIES HELD FOR SALE AND DISCONTINUED OPERATIONS Assets and liabilities held for sale as of December 31, 2021 and 2020 are summarized below (in thousands). As of December 31, 2021 Land JV Income Properties Total Assets Held for Sale Plant, Property, and Equipment—Net $ — $ 6,016 $ 6,016 Intangible Lease Assets - Net — 704 704 Total Assets Held for Sale $ — $ 6,720 $ 6,720 As of December 31, 2020 Land JV Income Properties 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 years ended December 31, 2021 and 2020. The following is a summary of discontinued operations for the year ended December 31, 2019 (in thousands): Year Ended December 31, 2019 Golf Operations Revenue $ 4,097 Golf Operations Direct Cost of Revenues (5,259) Loss From Operations (1,162) Gain on Disposition of Assets 15 Loss From Discontinued Operations Before Income Tax (1,147) Income Tax Benefit 291 Loss From Discontinued Operations (Net of Income Tax) $ (856) Land Operations Revenue $ 11,043 Land Operations Direct Cost of Revenues (6,405) Income From Operations 4,638 Gain on Disposition of Assets 127,518 Income From Discontinued Operations Before Income Tax 132,156 Income Tax Expense (32,932) Income From Discontinued Operations (Net of Income Tax) $ 99,224 Total Income From Discontinued Operations (Net of Income Tax) $ 98,368 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2021 | |
SUBSEQUENT EVENTS | |
SUBSEQUENT EVENTS | NOTE 26. SUBSEQUENT EVENTS The Company reviewed all subsequent events and transactions through February 24, 2022, the date the consolidated financial statements were issued. Income Property Disposition On January 5, 2022, the Company entered into a purchase and sale agreement with PINE for the sale of one single-tenant, net leased property located in Oceanside, New York, and occupied by Party City, for a purchase price of $6.9 million. The disposition was completed on January 7, 2022. Commercial Loan Investment On January 26, 2022, the Company originated a construction loan secured by the property and improvements to be constructed thereon for the second phase of The Exchange at Gwinnett project located in Buford, Georgia of an amount up to $8.7 million (the “Construction Loan”). Funding of the loan will occur as the borrower completes the underlying construction. The Construction Loan matures on January 26, 2024, has a one-year extension option, bears a fixed interest rate of 7.25%, and requires payments of interest only prior to maturity. At closing, a loan origination fee of $0.1 million was received by the Company. There were no other reportable subsequent events or transactions. |
SCHEDULE III REAL ESTATE AND AC
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 (In thousands) Costs Capitalized Initial Cost to Company Subsequent to Acquisition Description Encumbrances Land Buildings & Improvements Improvements Carrying Costs Income Properties: $ $ $ $ $ 245 Riverside, Jacksonville, FL — 6,020 14,240 2,033 — Westcliff Shopping Center, Fort Worth, TX — 10,521 4,196 287 — Crabby's Oceanside, Daytona Beach, FL — 5,836 4,249 45 — LandShark Bar & Grill, Daytona Beach, FL — 5,836 4,577 10 — Chuy's, Jacksonville, FL — 5,504 — — — Fidelity, Albuquerque, NM — 5,739 29,537 12 — Firebirds Wood Fired Grill, Jacksonville, FL — 4,203 — — — General Dynamics, Reston, VA — 7,530 9,068 — — Party City Corporation, Oceanside, NY — 2,965 3,289 — — The Strand at St. Johns Town Center, Jacksonville, FL — 12,551 36,431 204 — Crossroads Towne Center, Chandler, AZ — 9,592 41,717 199 — Ashford Lane, Atlanta, GA — 37,717 33,422 825 — Sabal Pavilion, Tampa, FL — 3,265 20,629 — — Jordan Landing, West Jordan, UT — 10,529 5,752 — — Eastern Commons, Henderson, NV — 7,894 8,575 — — The Shops at Legacy, Plano, TX — 22,008 27,192 87 — Beaver Creek Crossings, Apex, NC — 21,383 39,194 — — 125 Lincoln & 150 Washington, Santa Fe, NM — 459 12,525 — — 369 N. New York Ave., Winter Park, FL — 8,524 5,139 — — The Exchange at Gwinnett, Buford, GA — 4,450 25,300 — — $ — $ 192,526 $ 325,032 $ 3,702 $ — (1) The aggregate cost, net of deferred tax liabilities, of Income Properties, Land, Buildings, and Improvements for Federal income tax purposes at December 31, 2021 is approximately $290.8 million. (2) The company also owns two commercial properties whose leases are classified as a commercial loan and master lease investment pursuant to U.S. GAAP and, accordingly, are included on Schedule IV, Mortgage Loans on Real Estate. Gross Amount at Which Carried at Close of Period December 31, 2021 (In thousands) Land Buildings Total Accumulated Depreciation Date of Completion of Construction Date Acquired Life Income Properties: 245 Riverside, Jacksonville, FL $ 6,020 $ 16,273 $ 22,293 $ 4,177 N/A 07/16/15 43 Yrs. Westcliff Shopping Center, Fort Worth, TX 10,521 4,483 15,004 2,086 N/A 03/01/17 10 Yrs. Crabby's Oceanside, Daytona Beach, FL 5,836 4,294 10,130 919 01/25/18 N/A 40 Yrs. LandShark Bar & Grill, Daytona Beach, FL 5,836 4,587 10,423 869 01/25/18 N/A 40 Yrs. Chuy's, Jacksonville, FL 5,504 — 5,504 — N/A 10/10/18 N/A Fidelity, Albuquerque, NM 5,739 29,549 35,288 3,655 N/A 10/04/18 45 Yrs. Firebirds Wood Fired Grill, Jacksonville, FL 4,203 — 4,203 — N/A 10/10/18 N/A General Dynamics, Reston, VA 7,530 9,068 16,598 1,216 N/A 7/12/2019 35 Yrs. Party City Corporation, Oceanside, NY 2,965 3,289 6,254 237 N/A 9/24/2019 35 Yrs. The Strand at St. Johns Town Center, Jacksonville, FL 12,551 36,635 49,186 2,906 N/A 12/9/2019 48 Yrs Crossroads Towne Center, Chandler, AZ 9,592 41,916 51,508 2,766 N/A 1/24/2020 35 Yrs. Ashford Lane, Atlanta, GA 37,717 34,247 71,964 2,181 N/A 2/21/2020 36 Yrs. Sabal Pavilion, Tampa, FL 3,265 20,629 23,894 1,248 N/A 8/21/2020 40 Yrs. Jordan Landing, West Jordan, UT 10,529 5,752 16,281 250 N/A 3/2/2021 30 Yrs. Eastern Commons, Henderson, NV 7,894 8,575 16,469 325 N/A 3/10/2021 35 Yrs. The Shops at Legacy, Plano, TX 22,008 27,279 49,287 918 N/A 6/23/2021 32 Yrs. Beaver Creek Crossings, Apex, NC 21,383 39,194 60,577 149 N/A 12/2/2021 30 Yrs. 125 Lincoln & 150 Washington, Santa Fe, NM 459 12,525 12,984 20 N/A 12/20/2021 30 Yrs. 369 N. New York Ave., Winter Park, FL 8,524 5,139 13,663 10 N/A 12/20/2021 30 Yrs. The Exchange at Gwinnett, Buford, GA 4,450 25,300 29,750 4 N/A 12/30/2021 45 Yrs. $ 192,526 $ 328,734 $ 521,260 $ 23,936 REAL ESTATE AND ACCUMULATED DEPRECIATION FOR THE YEAR ENDED DECEMBER 31, 2021 (In thousands) 2021 2020 2019 Cost: Balance at Beginning of Year $ 472,126 $ 392,842 $ 463,704 Additions and Improvements 206,646 147,359 130,005 Cost of Real Estate Sold (157,512) (68,075) (200,867) Balance at End of Year $ 521,260 $ 472,126 $ 392,842 Accumulated Depreciation: Balance at Beginning of Year 30,316 22,552 28,733 Depreciation and Amortization 12,270 11,207 9,892 Depreciation on Real Estate Sold (18,650) (3,443) (16,073) Balance at End of Year $ 23,936 $ 30,316 $ 22,552 Reconciliation to Consolidated Balance Sheet at December 31, 2021: Income Properties, Land, Buildings, and Improvements $ 515,007 515,007 Cost Basis of Assets Classified as Held for Sale on Balance Sheet 6,253 Total Per Schedule $ 521,260 |
SCHEDULE IV MORTGAGE LOANS ON R
SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 There was a portfolio of two commercial loan investments and two commercial properties whose leases were classified as commercial loan and master lease investments as of December 31, 2021 (in thousands). Description Interest Rate Final Maturity Date Periodic Payment Terms Prior Liens Face Amount of Mortgages Carrying Amounts of Mortgages (2) Principal Amount of Loans Subject to Delinquent Principal or Interest Carpenter Hotel – 400 Josephine Street, Austin, TX (1) N/A N/A Monthly Rent Payments $ — $ 16,250 $ 17,189 $ — Westland Gateway Plaza – Hialeah, FL (1) N/A N/A Monthly Rent Payments — 21,085 21,148 — Mortgage Note – 4311 Maple Avenue, Dallas, TX 7.50% April 2023 Principal payable — 400 394 — Mortgage Note – 110 N Beach Street, Daytona Beach, FL 10.00% December 2022 Principal payable — 364 364 — Totals $ — $ 38,099 $ 39,095 $ — The following represents the activity within the Company’s commercial loan and master lease investments segment for the years ended December 31, 2021, 2020, and 2019 (in thousands): 2021 2020 2019 Balance at Beginning of Year $ 38,320 $ 34,625 $ — Additions During the Year: New Mortgage Loans 364 28,360 34,570 Collection of Origination Fees — (125) — Accretion of Origination Fees (3) 2 161 (139) Imputed Interest Over Rent Payments on Ground Lease Loan 409 399 194 Deductions During the Year: Collection of Principal — (23,132) — Impairment / CECL Reserve — (1,968) — Balance at End of Year $ 39,095 $ 38,320 $ 34,625 (1) Represents a commercial property whose lease is classified as a commercial loan and master lease investment pursuant to U.S. GAAP. (2) The aggregate carrying amount of mortgages for Federal income tax purposes at December 31, 2021 totaled $18.4 million. (3) Non-cash accretion of loan origination fees |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
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. As of December 31, 2021, the Company has an equity investment in PINE. Prior to the Interest Purchase (hereinafter defined in Note 8, “Investment in Joint Ventures”) completed on September 30, 2021, the Company held a 30% retained interest in the entity that owns the Mitigation Bank. Additionally, prior to the Land JV Sale completed on December 10, 2021, the Company held a 33.5% retained interest in the Land JV. The Company concluded that these entities are variable interest entities, of which the Company is not the primary beneficiary and as a result, these entities were not consolidated. As of December 31, 2021, the Company had no remaining investments in joint ventures. |
Segment Reporting | SEGMENT REPORTING ASC Topic 280 , Segment Reporting |
Use of Estimates in the 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 of America (“U.S. 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. Debt with Conversion and Other Options. Lease Modifications. ASC Topic 326, Financial Instruments-Credit Losses Financial Instruments-Credit Losses million on the Company’s commercial loan and master lease investments portfolio during the year ended December 31, 2020. See Note 5 “Commercial Loan and Master Lease Investments” for further information. |
Reclassifications | RECLASSIFICATIONS In the first quarter of 2021, the Company reclassified deferred financing costs incurred in connection with its Credit Facility (as further described in Note 17, “Long-Term Debt”), net of accumulated amortization, as a component of other assets on the accompanying consolidated balance sheet. Accordingly, deferred financing costs of $1.2 million, net of accumulated amortization of $0.5 million, were reclassified from long-term debt to other assets as of December 31, 2020. Additionally, 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 Magnetar Land Sale, hereinafter defined. 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 year ended 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, 2021 include certain amounts over the Federal Deposit Insurance Corporation limits. |
Restricted Cash | RESTRICTED CASH Restricted cash totaled $22.7 million at December 31, 2021, of which $21.2 million is being held in various escrow accounts to be reinvested through the like-kind exchange structure into other income properties, $0.6 million is being held in an escrow account in connection with the Mitigation Bank as required by the applicable state and federal permitting authorities, and the remaining $0.9 million is being held in various escrow accounts related to certain tenant improvements and commissions payable. |
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 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 each 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, 2021 and 2020, approximate fair value because of the short maturity of these instruments. The carrying value of the Company’s Credit Facility (hereinafter defined) as of December 31, 2021 and 2020, 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, the 2026 Term Loan (hereinafter defined), the 2027 Term Loan (hereinafter defined), and convertible debt held as of December 31, 2021 and 2020 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 of sales 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 $0.9 million and $2.3 million as of December 31, 2021 and 2020, respectively. The $1.4 million decrease is primarily attributable to a decrease in estimated accrued receivables for variable lease payments including common area maintenance, insurance, real estate taxes and other operating expenses. Accounts receivable related to real estate operations, which are classified in other assets on the consolidated balance sheets, totaled $1.1 million and $1.3 million as of December 31, 2021 and 2020, respectively. The accounts receivable as of December 31, 2021 and 2020 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.” As of December 31, 2021 and 2020, $0.3 million and $0.5 million was due from the buyer of the golf operations for the rounds surcharge the Company paid to the City of Daytona Beach, respectively. 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 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 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 When income properties are disposed of, the related cost basis of the real estate, intangible lease assets, and intangible lease liabilities, net of accumulated depreciation and/or amortization, and any accrued straight-line rental income balance for the underlying operating leases are removed, and gains or losses from the dispositions are reflected in net income within gain on disposition of assets. In accordance with the FASB guidance, gains or losses on sales of real estate are generally recognized using the full accrual method. Gains and losses on land sales, in addition to the sale of Subsurface Interests and mitigation credits, 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, 2021, 2020, and 2019, was $12.3 million, $11.3 million, and $9.9 million, respectively. No interest was capitalized during the years ended December 31, 2021, 2020, or 2019. 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 and membership dues were recognized over the life of the membership, pursuant to FASB ASC Topic 606, 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 “Second A&R 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 Second A&R 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. On July 28, 2021, the Board approved the Third Amended and Restated 2010 Equity Incentive Plan to reflect the Company's name change to CTO Realty Growth, Inc. and the Company's reincorporation in Maryland (together with its predecessor plans, the “2010 Plan”). 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 April 25, 2028 and that no awards will be granted under the plan after that date. All non-qualified stock option awards, restricted share awards, and performance share awards granted under the 2010 Plan were determined to be equity-based awards under FASB ASC Topic, 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 elected to be taxed as a REIT for U.S. federal income tax purposes under the Code commencing with its taxable year ended 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, 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 tax returns separately as C-Corporations. For the Company’s TRSs, and prior to the three months ended December 31, 2020 preceding the Company’s REIT election, 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 22, “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 attributable to common stockholders 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 periods, see Note 15, “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, 2021, a total of 23% , 13% , 13% , 12% , and 16% of the Company’s income property portfolio, based on square footage, were located in the state of Florida, Georgia, New Mexico, North Carolina, and Texas, respectively. 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. ● Tenant Concentrations. We did not have any tenants that accounted for more than 10% of total revenues as of December 31, 2021. Ashford Lane, the Company’s multi-tenant income property located in Atlanta, Georgia, and Beaver Creek Crossings, the Company’s multi-tenant income property located in Apex, North Carolina, accounted for 10.5% and 11.8% , respectively, of the total square footage of our income property portfolio as of December 31, 2021. We had one tenant, Wells Fargo, located in Raleigh, North Carolina, that accounted for 10.9% and 12.5% of our total revenue during the years ended December 31, 2020 and 2019, 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% , 31% , 13% , and 16% of our base rent revenue during the year ended December 31, 2021 was generated from tenants located in Arizona, Florida, Georgia, and Texas, respectively. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 | |
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, 2021 (in thousands): Income Properties Management Services Commercial Loan and Master Lease Investments Real Estate Operations Total Revenues Major Good / Service: Lease Revenue - Base Rent $ 41,151 $ — $ — $ — $ 41,151 Lease Revenue - CAM 3,791 — — — 3,791 Lease Revenue - Reimbursements 4,763 — — — 4,763 Lease Revenue - Billboards 6 — — — 6 Above / Below Market Lease Accretion 404 — — — 404 Contributed Leased Assets Accretion 236 — — — 236 Management Services — 3,305 — — 3,305 Commercial Loan and Master Lease Investments — — 2,861 — 2,861 Mitigation Credit Sales — — — 708 708 Subsurface Revenue - Other — — — 4,724 4,724 Land Sales Revenue — — — 7,995 7,995 Interest and Other Revenue 328 — — — 328 Total Revenues $ 50,679 $ 3,305 $ 2,861 $ 13,427 $ 70,272 Timing of Revenue Recognition: Asset/Good Transferred at a Point in Time $ — $ — $ — $ 13,427 $ 13,427 Services Transferred Over Time 328 3,305 — — 3,633 Over Lease Term 50,351 — — — 50,351 Commercial Loan and Master Lease Investments Related Revenue — — 2,861 — 2,861 Total Revenues $ 50,679 $ 3,305 $ 2,861 $ 13,427 $ 70,272 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 |
INCOME PROPERTIES (Tables)
INCOME PROPERTIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Table Text Blocks | |
Schedule of components of leasing revenue | Year Ended December 31, 2021 2020 2019 Leasing Revenue Lease Payments $ 41,791 $ 39,825 $ 37,431 Variable Lease Payments 8,888 10,128 4,525 Total Leasing Revenue $ 50,679 $ 49,953 $ 41,956 |
Schedule of minimum future base rental revenue on non-cancelable leases | Minimum future base rental revenue on non-cancelable leases subsequent to December 31, 2021, for the next five years ended December 31 are summarized as follows (in thousands): Year Ending December 31, Amounts 2022 $ 49,275 2023 47,369 2024 45,023 2025 43,658 2026 37,842 2027 and Thereafter (Cumulative) 168,754 Total $ 391,921 |
Schedule of properties acquired | The properties acquired during the year ended December 31, 2021 are described below: Tenant Description Tenant Type Property Location Date of Acquisition Property Square-Feet Purchase Price ($000's) Percentage Leased at Acquisition Remaining Lease Term at Acquisition Date (in years) Jordan Landing Multi-Tenant West Jordan, UT 03/02/21 170,996 $ 20,000 100% 7.9 Eastern Commons Multi-Tenant Henderson, NV 03/10/21 133,304 18,500 96% 6.9 The Shops at Legacy Multi-Tenant Plano, TX 06/23/21 236,867 72,500 83% 6.9 Beaver Creek Crossings Multi-Tenant Apex, NC 12/02/21 320,732 70,500 97% 5.8 125 Lincoln & 150 Washington Multi-Tenant Santa Fe, NM 12/20/21 136,638 16,250 66% 2.7 369 N. New York Ave. Multi-Tenant Winter Park, FL 12/20/21 28,008 13,200 100% 5.0 The Exchange at Gwinnett Multi-Tenant Buford, GA 12/30/21 69,265 34,000 98% 10.7 Ashford Lane Outparcel (1) Multi-Tenant Atlanta, GA 12/30/21 15,681 4,100 19% 0.9 Total / Weighted Average 1,111,491 $ 249,050 6.5 (1) Represents a two-tenant outparcel to Ashford Lane, the Company’s multi-tenant income property located in Atlanta, Georgia. 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 ($000's) 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 Sabal Pavilion Single-Tenant Tampa, FL 08/21/20 120,500 26,900 100% 5.6 Westland Gateway Plaza (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 in Hialeah (“Westland Gateway Plaza”) 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 sheets as a commercial loan and master lease investment. |
Disposal Group, Disposed of by Sale, Not Discontinued Operations | |
Table Text Blocks | |
Schedule of properties disposed | The income properties disposed of during the year ended December 31, 2021 are described below (in thousands): Tenant Description Tenant Type Date of Disposition Sales Price Gain on Sale World of Beer/Fuzzy's Taco Shop, Brandon, FL Multi-Tenant 01/20/21 $ 2,310 $ 599 Moe's Southwest Grill, Jacksonville, FL (4) Single-Tenant 02/23/21 2,541 109 Burlington, N. Richland Hills, TX Single-Tenant 04/23/21 11,528 62 Staples, Sarasota, FL Single-Tenant 05/07/21 4,650 662 CMBS Portfolio (1) Single-Tenant 06/30/21 44,500 3,899 Chick-fil-A, Chandler, AZ (4) Single-Tenant (2) 07/14/21 2,884 1,582 JPMorgan Chase Bank, Chandler, AZ (4) Single-Tenant (2) 07/27/21 4,710 2,738 Fogo De Chao, Jacksonville, FL (4) Single-Tenant (3) 09/02/21 4,717 866 Wells Fargo, Raleigh, NC Single-Tenant 09/16/21 63,000 17,480 24 Hour Fitness, Falls Church, VA Single-Tenant 12/16/21 21,500 212 Total $ 162,340 $ 28,209 (1) On June 30, 2021, the Company sold six single-tenant income properties (the “CMBS Portfolio”) to PINE for an aggregate purchase price of $44.5 million. (2) Represents a single-tenant outparcel to Crossroads Towne Center, the Company’s multi-tenant income property located in Chandler, Arizona. (3) Represents a single-tenant property at The Strand at St. Johns Town Center, the Company’s multi-tenant income property located in Jacksonville, Florida. (4) Property or outparcel represents a ground lease. The income properties disposed of during the year ended December 31, 2020 are described below (in thousands): Tenant Description Tenant Type Date of Disposition Sales Price Gain (Loss) on Sale CVS, Dallas, TX (1) Single-Tenant 04/24/20 $ 15,222 $ 854 Wawa, Daytona Beach, FL (1) Single-Tenant 04/29/20 6,002 1,769 JPMorgan Chase Bank, Jacksonville, FL (1) Single-Tenant 06/18/20 6,715 959 7-Eleven, Dallas, TX Multi-Tenant 06/26/20 2,400 (46) Bank of America, Monterey, CA (1) Single-Tenant 06/29/20 9,000 3,892 Wawa, Jacksonville, FL (1) Single-Tenant 07/23/20 7,143 246 Carrabbas, Austin, TX Single-Tenant 08/05/20 2,555 (84) PDQ, Jacksonville, FL (1) Single-Tenant 09/08/20 2,540 128 Macaroni Grill, Arlington, TX Single-Tenant 10/13/20 2,500 68 Aspen Development, Aspen, CO Single-Tenant 12/21/20 28,500 501 Outback, Austin, TX Single-Tenant 12/23/20 3,402 222 Total $ 85,979 $ 8,509 (1) Property represents a ground lease. |
COMMERCIAL LOAN AND MASTER LE_2
COMMERCIAL LOAN AND MASTER LEASE INVESTMENTS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
COMMERCIAL LOAN AND MASTER LEASE INVESTMENTS. | |
Schedule of components of commercial loan investment portfolio | The Company’s commercial loan and master lease investments were comprised of the following at December 31, 2021 (in thousands): Description Date of Investment Maturity Date Original Face Amount Current Face Amount Carrying Value Coupon Rate Carpenter Hotel – 400 Josephine Street, Austin, TX July 2019 N/A $ 16,250 $ 16,250 $ 17,189 N/A Westland Gateway Plaza – Hialeah, FL September 2020 N/A 21,085 21,085 21,148 N/A Mortgage Note – 4311 Maple Avenue – Dallas, TX October 2020 April 2023 400 400 394 7.50% Mortgage Note – 110 N Beach Street – Daytona Beach, FL June 2021 December 2022 364 364 364 10.00% $ 38,099 $ 38,099 $ 39,095 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 Carpenter Hotel – 400 Josephine Street, Austin, TX July 2019 N/A $ 16,250 $ 16,250 $ 16,827 N/A Westland Gateway Plaza – 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 carrying value of the commercial loan and master lease investment portfolio at December 31, 2021 and 2020 consisted of the following (in thousands): As of December 31, 2021 December 31, 2020 Current Face Amount $ 38,099 $ 37,735 Imputed Interest over Rent Payments Received 1,002 593 Unaccreted Origination Fees (2) (4) CECL Reserve (4) (4) Total Commercial Loan and Master Lease Investments $ 39,095 $ 38,320 |
RELATED PARTY MANAGEMENT SERV_2
RELATED PARTY MANAGEMENT SERVICES BUSINESS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
RELATED PARTY MANAGEMENT SERVICES BUSINESS | |
Schedule of amounts due from PINE | The following table represents amounts due from PINE to the Company as of December 31, 2021 and December 31, 2020 which are included in other assets on the consolidated balance sheets (in thousands): As of Description December 31, 2021 December 31, 2020 Management Services Fee due From PINE $ 913 $ 631 Dividend Receivable 330 — Other 410 35 Total $ 1,653 $ 666 |
REAL ESTATE OPERATIONS (Tables)
REAL ESTATE OPERATIONS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
REAL ESTATE OPERATIONS | |
Summary of land and development costs | Land and development costs at December 31, 2021 and 2020 were as follows (in thousands): As of December 31, 2021 December 31, 2020 Land and Development Costs $ 358 $ 6,377 Subsurface Interests 334 706 Total Land and Development Costs $ 692 $ 7,083 |
Schedule of components of real estate operations revenue | Revenue from continuing real estate operations consisted of the following for the years ended December 31, 2021, 2020, and 2019 (in thousands): December 31, 2021 2020 2019 Mitigation Credit Sales $ 708 $ 6 $ — Subsurface Revenue - Other 4,724 638 748 Land Sales Revenue 7,995 — — Fill Dirt and Other Revenue — 6 104 Total Real Estate Operations Revenue $ 13,427 $ 650 $ 852 Revenue from discontinued real estate operations consisted of the following for the year ended December 31, 2019 (in thousands): December 31, 2019 Land Sales Revenue $ 10,975 Agriculture 68 Total Real Estate Operations Revenue $ 11,043 |
INVESTMENT IN JOINT VENTURES (T
INVESTMENT IN JOINT VENTURES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Land JV | |
Summarized financial information of the Company's JV Investment | The Company has no investments in joint ventures as of December 31, 2021. The Company’s investment in joint ventures were as follows as of December 31, 2020 (in thousands): As of December 31, 2020 Land JV $ 41,765 Mitigation Bank JV 6,912 Total Investment in Joint Ventures $ 48,677 The following table provides summarized financial information of the Land JV as of December 31, 2020 (in thousands). No balances remain as of December 31, 2021 as a result of the Land JV Sale, the liquidation of the Land JV’s assets, and the dissolution of the underlying entities: As of December 31, 2020 Assets, Cash and Cash Equivalents $ 802 Assets, Receivables and Prepaid Expenses 117 Assets, Investment in Land Assets 5,658 Total Assets $ 6,577 Liabilities, Accounts Payable, Accrued Expenses, Deferred Revenue $ 228 Equity $ 6,349 Total Liabilities & Equity $ 6,577 The following table provides summarized financial information of the Land JV for the years ended December 31, 2021, 2020, and 2019 (in thousands): Year Ended December 31, 2021 December 31, 2020 December 31, 2019 Revenues $ 67,367 $ 65,446 $ 14,635 Direct Cost of Revenues (8,867) (13,012) (1,268) Operating Income $ 58,500 $ 52,434 $ 13,367 Other Operating Expenses (376) (462) (90) Net Income $ 58,124 $ 51,972 $ 13,277 |
Mitigation Bank | |
Summarized financial information of the Company's JV Investment | As of December 31, 2020 Assets, Cash and Cash Equivalents $ 1,890 Assets, Prepaid Expenses 20 Assets, Investment in Mitigation Credit Assets 1,409 Assets, Property, Plant, and Equipment—Net 14 Total Assets $ 3,333 Liabilities, Accounts Payable, Accrued Liabilities $ 17 Equity $ 3,316 Total Liabilities & Equity $ 3,333 The following table provides summarized financial information of the Mitigation Bank JV for the years ended December 31, 2021, 2020 and 2019 (in thousands). Year Ended December 31, 2021 December 31, 2020 December 31, 2019 Revenues $ 512 $ 4,109 $ 1,922 Direct Cost of Revenues (16) (167) (76) Operating Income $ 496 $ 3,942 $ 1,846 Other Operating Expenses (162) (175) (197) Net Income $ 334 $ 3,767 $ 1,649 |
INVESTMENT SECURITIES (Tables)
INVESTMENT SECURITIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
INVESTMENT SECURITIES | |
Schedule of marketable securities | The Company’s available-for-sale securities as of December 31, 2021 and 2020 are summarized below (in thousands): Cost Unrealized Gains in Investment Income Unrealized Losses in Investment Income Estimated Fair Value (Level 1 Inputs) December 31, 2021 Common Stock $ 15,643 $ 868 $ — $ 16,511 Operating Units 23,253 1,273 — 24,526 Total Equity Securities 38,896 2,141 — 41,037 Total Available-for-Sale Securities $ 38,896 $ 2,141 $ — $ 41,037 December 31, 2020 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 |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | |
Schedule of carrying value and estimated fair value of financial instruments | December 31, 2021 December 31, 2020 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Cash and Cash Equivalents - Level 1 $ 8,615 $ 8,615 $ 4,289 $ 4,289 Restricted Cash - Level 1 $ 22,734 $ 22,734 $ 29,536 $ 29,536 Commercial Loan and Master Lease Investments - Level 2 $ 39,095 $ 39,109 $ 38,320 $ 38,318 Long-Term Debt - Level 2 $ 278,273 $ 288,000 $ 273,830 $ 282,884 |
Schedule of fair value of assets measured on recurring basis by Level | Fair Value at Reporting Date Using Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) December 31, 2021 Cash Flow Hedge - 2026 Term Loan Interest Rate Swap (1) $ 727 $ — $ 727 $ — Cash Flow Hedge - 2026 Term Loan Interest Rate Swap (2) $ 240 $ — $ 240 $ — Cash Flow Hedge - 2027 Term Loan Interest Rate Swap (3) $ 550 $ — $ 550 $ — Investment Securities $ 41,037 $ 41,037 $ — $ — December 31, 2020 Cash Flow Hedge - Credit Facility Interest Rate Swap (4) $ (1,772) $ — $ (1,772) $ — Cash Flow Hedge - 2026 Term Loan Interest Rate Swap (1) $ (50) $ — $ (50) $ — Cash Flow Hedge - Mortgage Note Payable Interest Rate Swap (5) $ (88) $ — $ (88) $ — Investment Securities $ 30,574 $ 30,574 $ — $ — |
INTANGIBLE ASSETS AND LIABILITI
INTANGIBLE ASSETS AND LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
INTANGIBLE ASSETS AND LIABILITIES | |
Schedule of components of intangible lease assets and liabilities | As of December 31, 2021 December 31, 2020 Intangible Lease Assets: Value of In-Place Leases $ 59,293 $ 44,558 Value of Above Market In-Place Leases 23,216 10,604 Value of Intangible Leasing Costs 18,456 13,285 Sub-total Intangible Lease Assets 100,965 68,447 Accumulated Amortization (21,473) (18,271) Sub-total Intangible Lease Assets—Net 79,492 50,176 Intangible Lease Liabilities (Included in Accrued and Other Liabilities): Value of Below Market In-Place Leases (6,942) (36,817) Sub-total Intangible Lease Liabilities (6,942) (36,817) Accumulated Amortization 1,341 12,654 Sub-total Intangible Lease Liabilities—Net (5,601) (24,163) Total Intangible Assets and Liabilities—Net $ 73,891 $ 26,013 |
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, 2021, 2020, and 2019 (in thousands): Year Ended December 31, 2021 December 31, 2020 December 31, 2019 Amortization Expense $ 8,264 $ 7,805 $ 5,854 Accretion to Income Properties Revenue (404) (1,754) (2,383) Net Amortization of Intangible Assets and Liabilities $ 7,860 $ 6,051 $ 3,471 |
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): Year Ending December 31, Future Amortization Amount Future Accretion to Income Property Revenue Net Future Amortization of Intangible Assets and Liabilities 2022 $ 9,506 $ 1,893 $ 11,399 2023 9,392 1,917 11,309 2024 9,381 2,002 11,383 2025 7,554 2,049 9,603 2026 6,438 1,905 8,343 2027 and Thereafter 18,250 3,604 21,854 Total $ 60,521 $ 13,370 $ 73,891 |
OTHER ASSETS (Tables)
OTHER ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
OTHER ASSETS. | |
Schedule of components of other assets | As of December 31, 2021 December 31, 2020 Income Property Tenant Receivables $ 885 $ 2,330 Income Property Straight-line Rent Adjustment and COVID-19 Deferral Balance 5,180 4,686 Operating Leases - Right-of-Use Asset 168 246 Golf Rounds Surcharge 338 454 Cash Flow Hedge - Interest Rate Swap 1,543 — Infrastructure Reimbursement Receivables 1,080 1,336 Prepaid Expenses, Deposits, and Other 3,526 1,693 Due from Alpine Income Property Trust, Inc. 1,653 666 Financing Costs, Net of Accumulated Amortization 524 769 Total Other Assets $ 14,897 $ 12,180 |
EQUITY (Tables)
EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
EQUITY | |
Schedule of details of public offering | The following details the public offering (in thousands, except per share data): Series Dividend Rate Issued Shares Outstanding Gross Proceeds Net Proceeds Dividend per Share Earliest Redemption Date Series A 6.375% July 2021 3,000,000 $ 75,000 $ 72,428 $ 0.3984 July 2026 |
Schedule of dividend declared and paid for stock | The following table outlines dividends declared and paid for each issuance of CTO’s stock during the years ended December 31, 2021, 2020, and 2019 (in thousands, except per share data): Year Ended December 31, 2021 December 31, 2020 December 31, 2019 Series A Preferred Stock Dividends $ 2,325 $ — $ — Per Share $ 0.77 $ — $ — Common Stock Dividends $ 23,580 $ 64,665 (1) $ 2,198 Per Share $ 4.00 $ 13.88 (1) $ 0.44 (1) Represents the aggregate of (i) $1.90 per share of regular cash dividends totaling $8.9 million and (ii) $11.98 per share Special Distribution totaling $55.8 million, of which $5.6 million was paid in cash . |
COMMON STOCK AND EARNINGS PER_2
COMMON STOCK AND EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
COMMON STOCK AND EARNINGS PER SHARE | |
Schedule of computation of earnings per share | 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, 2021 December 31, 2020 December 31, 2019 Net Income Attributable to Common Stockholders $ 27,615 $ 78,509 $ 114,973 Weighted Average Shares Outstanding 5,892,270 4,704,877 4,991,656 Common Shares Applicable to Stock Options Using the Treasury Stock Method — — 6,387 Total Shares Applicable to Diluted Earnings Per Share 5,892,270 4,704,877 4,998,043 Per Share Information: Basic Income From Continuing Operations Attributable to Common Stockholders $ 4.69 $ 16.69 $ 3.32 Income From Discontinued Operations (Net of Income Tax) Attributable to Common Stockholders — — 19.71 Basic Net Income per Share Attributable to Common Stockholders $ 4.69 $ 16.69 $ 23.03 Diluted Income From Continuing Operations Attributable to Common Stockholders $ 4.69 $ 16.69 $ 3.32 Income From Discontinued Operations (Net of Income Tax) Attributable to Common Stockholders — — 19.68 Diluted Net Income per Share Attributable to Common Stockholders $ 4.69 $ 16.69 $ 23.00 |
LONG-TERM DEBT (Tables)
LONG-TERM DEBT (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
LONG-TERM DEBT | |
Schedule of outstanding indebtedness, at face value | As of December 31, 2021, the Company’s outstanding indebtedness, at face value, was as follows (in thousands): Face Value Debt Maturity Date Interest Rate Credit Facility $ 67,000 May 2023 30-day LIBOR + 2026 Term Loan (1) 65,000 March 2026 30-day LIBOR + 2027 Term Loan (2) 100,000 January 2027 30-day LIBOR + 3.875% Convertible Senior Notes due 2025 51,034 April 2025 3.875% Total Long-Term Face Value Debt $ 283,034 (1) The Company utilized interest rate swaps on the $65.0 million 2026 Term Loan balance, including (i) its redesignation of the existing $50.0 million interest rate swap, entered into as of August 31, 2020, and (ii) a $15.0 million interest rate swap effective August 31, 2021, to fix LIBOR and achieve a weighted average fixed interest rate of 0.35% plus the applicable spread (see Note 18, “Interest Rate Swaps” for further disclosure related to the Company’s interest rate swaps). (2) Effective November 5, 2021 the Company redesignated the interest rate swap, entered into as of March 31, 2020, to fix LIBOR and achieve a fixed interest rate of 0.73% plus the applicable spread on the $100.0 million 2027 Term Loan balance (see Note 18, “Interest Rate Swaps” for further disclosure related to the Company’s interest rate swaps). |
Schedule of components of long-term debt | Long-term debt consisted of the following (in thousands): December 31, 2021 December 31, 2020 Total Due Within One Year Total Due Within One Year Credit Facility $ 67,000 $ — $ 164,845 $ — 2026 Term Loan 65,000 — — — 2027 Term Loan 100,000 — — — Mortgage Note Payable (Originated with Wells Fargo) — — 30,000 — Mortgage Note Payable (Originated with Wells Fargo) — — 23,183 23,183 3.875% Convertible Senior Notes, net of Discount 47,469 — 56,296 — Financing Costs, net of Accumulated Amortization (1,196) — (494) — Total Long-Term Debt $ 278,273 $ — $ 273,830 $ 23,183 |
Schedule of payments applicable to reduction of principal amounts | Year Ending December 31, Amount 2022 $ — 2023 67,000 2024 — 2025 51,034 2026 65,000 2027 and Thereafter 100,000 Total Long-Term Debt - Face Value $ 283,034 |
Schedule of carrying value of long-term debt | The carrying value of long-term debt as of December 31, 2021 consisted of the following (in thousands): Total Current Face Amount $ 283,034 Unamortized Discount on Convertible Debt (3,565) Financing Costs, net of Accumulated Amortization (1,196) Total Long-Term Debt $ 278,273 |
Schedule of interest expense on debt | Total Current Face Amount $ 283,034 Unamortized Discount on Convertible Debt (3,565) Financing Costs, net of Accumulated Amortization (1,196) Total Long-Term Debt $ 278,273 |
INTEREST RATE SWAPS (Tables)
INTEREST RATE SWAPS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
INTEREST RATE SWAPS | |
Schedule of interest rate swap agreements | Hedged Item Effective Date Maturity Date Rate Amount Fair Value as of December 31, 2021 2026 Term Loan (1) 3/10/2021 3/29/2024 0.22% + applicable spread $ 50,000 $ 753 2026 Term Loan (2) 3/29/2024 3/10/2026 1.51% + applicable spread $ 50,000 $ (26) 2026 Term Loan 8/31/2021 3/10/2026 0.77% + applicable spread $ 15,000 $ 240 2027 Term Loan (3) 11/5/2021 3/29/2024 0.73% + applicable spread $ 100,000 $ 352 2027 Term Loan (4) 3/29/2024 1/31/2017 1.42% + applicable spread $ 100,000 $ 198 (1) Effective March 10, 2021, the Company redesignated the interest rate swap, entered into as of August 31, 2020, that previously hedged $50.0 million of the outstanding principal balance on the Credit Facility. (2) The interest rate swap agreement hedges the identical $50.0 million portion of the 2026 Term Loan borrowing under different terms and commences concurrent to the interest rate agreement maturing on March 29, 2024. (3) Effective November 5, 2021, the Company redesignated the interest rate swap, entered into as of March 31, 2020, that previously hedged $100.0 million of the outstanding principal balance on the Credit Facility. (4) The interest rate swap agreement hedges the identical $100.0 million portion of the 2027 Term Loan borrowing under different terms and commences concurrent to the interest rate agreement maturing on March 29, 2024. |
ACCRUED AND OTHER LIABILITIES (
ACCRUED AND OTHER LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 December 31, 2020 Accrued Property Taxes $ 813 $ 945 Reserve for Tenant Improvements 5,457 1,353 Tenant Security Deposits 1,942 824 Accrued Construction Costs 190 1,783 Accrued Interest 431 602 Environmental Reserve 81 106 Cash Flow Hedge - Interest Rate Swaps 26 1,910 Operating Leases - Liability 198 245 Other 3,983 1,322 Total Accrued and Other Liabilities $ 13,121 $ 9,090 |
DEFERRED REVENUE (Tables)
DEFERRED REVENUE (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
DEFERRED REVENUE | |
Schedule of components of deferred revenue | As of December 31, 2021 December 31, 2020 Prepaid Rent $ 3,921 $ 2,684 Tenant Contributions 574 625 Other Deferred Revenue 10 10 Total Deferred Revenue $ 4,505 $ 3,319 |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021, is presented below: Type of Award Shares Outstanding at 1/1/2021 Granted Shares Vested / Exercised Shares Expired Shares Forfeited Shares Shares Outstanding at 12/31/2021 Equity Classified - Performance Share Awards - Peer Group Market Condition Vesting 55,851 48,134 (17,418) — (8,449) 78,118 Equity Classified - Market Condition Restricted Shares - Stock Price Vesting 22,000 — — (22,000) — — Equity Classified - Three Year Vest Restricted Shares 38,479 43,050 (21,220) — (8,806) 51,503 Equity Classified - Non-Qualified Stock Option Awards 80,000 20,332 (78,791) — — 21,541 Total Shares 196,330 111,516 (117,429) (22,000) (17,255) 151,162 |
Schedule of amounts recognized for stock-based compensation | Amounts recognized in the financial statements for stock-based compensation are as follows (in thousands): Year Ended December 31, 2021 December 31, 2020 December 31, 2019 Total Cost of Share-Based Plans Charged Against Income Before Tax Effect $ 3,168 $ 2,786 $ 2,688 Income Tax Expense Recognized in Income $ — $ (678) $ (681) |
January 28, 2017 | |
STOCK-BASED COMPENSATION | |
Summary of performance share awards activity | Performance Shares With Market Conditions Shares Wtd. Avg. Fair Value Non-Vested at January 1, 2019 28,080 $ 66.29 Granted 21,195 $ 64.66 Vested — — Expired — — Forfeited — — Non-Vested at December 31, 2019 49,275 $ 65.59 Granted 26,441 $ 55.82 Vested (12,635) $ 55.66 Expired — — Forfeited (7,230) $ 63.81 Non-Vested at December 31, 2020 55,851 $ 63.44 Granted 48,134 $ 32.04 Vested (17,418) $ 58.30 Expired — — Forfeited (8,449) $ 47.04 Non-Vested at December 31, 2021 78,118 $ 47.01 |
January 28, 2018 | |
STOCK-BASED COMPENSATION | |
Summary of nonvested restricted stock award activity | A summary of the activity for these awards during the years ended December 31, 2021, 2020, and 2019 is presented below: Market Condition Non-Vested Restricted Shares Shares Wtd. Avg. Fair Value Non-Vested at January 1, 2019 22,000 $ 41.71 Granted — — Vested — — Expired — — Forfeited — — Non-Vested at December 31, 2019 22,000 $ 41.71 Granted — — Vested — — Expired — — Forfeited — — Non-Vested at December 31, 2020 22,000 $ 41.71 Granted — — Vested — — Expired (22,000) $ 41.71 Forfeited — — Non-Vested at December 31, 2021 — — |
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 Non-Vested at January 1, 2019 34,952 $ 58.07 Granted 20,696 $ 58.78 Vested (18,053) $ 54.43 Expired — — Forfeited — — Non-Vested at December 31, 2019 37,595 $ 60.21 Granted 23,451 $ 55.89 Vested (18,054) $ 59.69 Expired — — Forfeited (4,513) $ 60.14 Non-Vested at December 31, 2020 38,479 $ 57.82 Granted 43,050 $ 35.47 Vested (21,220) $ 48.55 Expired — — Forfeited (8,806) $ 46.59 Non-Vested at December 31, 2021 51,503 $ 44.88 |
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, 2019 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 Granted 20,332 — Exercised (78,791) $ 44.63 Expired — — Forfeited — — Outstanding at December 31, 2021 21,541 $ 43.37 3.21 $ 388,837 Exercisable at January 1, 2021 80,000 $ 55.63 4.26 — Exercisable at December 31, 2021 21,541 $ 43.37 3.21 $ 388,837 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
INCOME TAXES | |
Schedule of total income tax benefit (expense) | Total income tax benefit (expense) are summarized as follows (in thousands): Year Ended December 31, 2021 2020 2019 Income Tax (Expense) Benefit from Continuing Operations $ 3,079 $ 83,499 $ (5,472) Income Tax Expense from Discontinued Operations — — (32,641) Total Consolidated Income Tax Benefit (Expense) $ 3,079 $ 83,499 $ (38,113) |
Summary of provisions for income tax benefit (expense) | Year Ended December 31, 2021 2020 2019 Income Tax (Expense) Benefit from Continuing Operations $ 3,079 $ 83,499 $ (5,472) Income Tax Expense from Discontinued Operations — — (32,641) Total Consolidated Income Tax Benefit (Expense) $ 3,079 $ 83,499 $ (38,113) |
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 2021 2020 Deferred Income Tax Assets Capital Loss Carryforward $ 2,249 $ — Net Operating Loss Carryforward 291 1,103 Gross Deferred Income Tax Assets 2,540 1,103 Less - Valuation Allowance (2,249) — Net Deferred Income Tax Assets 291 1,103 Deferred Income Tax Liabilities Basis Differences in Joint Ventures — (4,624) Basis Differences in Mitigation Credit Assets (774) — Total Deferred Income Tax Liabilities (774) (4,624) Net Deferred Income Tax Liabilities $ (483) $ (3,521) |
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 2021, 2020, and 2019, individually, for continuing operations (in thousands): Year Ended December 31, 2021 2020 2019 Income Tax (Expense) Benefit Computed at Federal Statutory Rate $ 4,408 16.4 % $ 971 (19.5) % $ (4,410) (20.0) % Increase (Decrease) Resulting from: State Income Tax, Net of Federal Income Tax Benefit 936 3.5 % 180 (3.6) % (1,076) (5.0) % Income Tax on Permanently Non-Deductible Items — 0.0 % (112) 2.2 % (86) (0.4) % Tax Benefit due to De-Recognition of REIT Deferred Tax Liabilities — 0.0 % 82,460 (1652.6) % — 0.0 % Valuation Allowance (2,216) (8.2) % — 0.0 % — 0.0 % Other Reconciling Items (49) (0.2) % — 0.0 % 100 0.5 % Benefit (Expense) for Income Taxes $ 3,079 11.5 % $ 83,499 (1673.4) % $ (5,472) (24.9) % |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
COMMITMENTS AND CONTINGENCIES | |
Schedule of minimum future rental payments under non-cancelable operating leases having remaining terms in excess of one year | Year Ending December 31, Amounts 2022 $ 132 2023 47 2024 12 2025 7 2026 — 2027 and Thereafter (Cumulative) — Total $ 198 |
Schedule of Commitments | As of December 31, 2021 Total Commitment (1) $ 19,737 Less Amount Funded (5,041) Remaining Commitment $ 14,696 (1) Commitment includes tenant improvements, leasing commissions, rebranding, facility expansion and other capital improvements. |
BUSINESS SEGMENT DATA (Tables)
BUSINESS SEGMENT DATA (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
BUSINESS SEGMENT DATA | |
Schedule of operations in different segments | Information about the Company’s operations in different segments for the years ended December 31, 2021, 2020, and 2019 is as follows (in thousands): For the Year Ended December 31, 2021 December 31, 2020 December 31, 2019 Revenues: Income Properties $ 50,679 $ 49,953 $ 41,956 Management Fee Income 3,305 2,744 304 Interest Income From Commercial Loan and Master Lease Investments 2,861 3,034 1,829 Real Estate Operations 13,427 650 852 Total Revenues $ 70,272 $ 56,381 $ 44,941 Operating Income (Loss): Income Properties $ 36,864 $ 37,965 $ 34,955 Management Fee Income 3,305 2,744 304 Interest Income From Commercial Loan and Master Lease Investments 2,861 3,034 1,829 Real Estate Operations 4,812 (2,573) 748 General and Corporate Expense (31,783) (30,630) (25,615) Impairment Charges (17,599) (9,147) — Gain on Disposition of Assets 28,316 9,746 21,978 Gain (Loss) on Extinguishment of Debt (3,431) 1,141 — Total Operating Income $ 23,345 $ 12,280 $ 34,199 Depreciation and Amortization: Income Properties $ 20,561 $ 19,036 $ 15,774 Corporate and Other 20 27 23 Total Depreciation and Amortization $ 20,581 $ 19,063 $ 15,797 Capital Expenditures: Income Properties $ 256,456 $ 188,849 $ 166,684 Commercial Loan and Master Lease Investments 364 7,150 18,047 Discontinued Real Estate Operations — — 2,791 Corporate and Other 34 30 4 Total Capital Expenditures $ 256,854 $ 196,029 $ 187,526 Identifiable assets of each segment as of December 31, 2021 and 2020 are as follows (in thousands): As of December 31, 2021 December 31, 2020 Identifiable Assets: Income Properties $ 630,747 $ 531,325 Management Services 1,653 700 Commercial Loan and Master Lease Investments 39,095 38,321 Real Estate Operations 26,512 59,717 Discontinued Real Estate Operations — 833 Corporate and Other 35,132 35,804 Total Assets $ 733,139 $ 666,700 |
ASSETS AND LIABILITIES HELD F_2
ASSETS AND LIABILITIES HELD FOR SALE AND DISCONTINUED OPERATIONS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Table Text Blocks | |
Summary of discontinued operations | Year Ended December 31, 2019 Golf Operations Revenue $ 4,097 Golf Operations Direct Cost of Revenues (5,259) Loss From Operations (1,162) Gain on Disposition of Assets 15 Loss From Discontinued Operations Before Income Tax (1,147) Income Tax Benefit 291 Loss From Discontinued Operations (Net of Income Tax) $ (856) Land Operations Revenue $ 11,043 Land Operations Direct Cost of Revenues (6,405) Income From Operations 4,638 Gain on Disposition of Assets 127,518 Income From Discontinued Operations Before Income Tax 132,156 Income Tax Expense (32,932) Income From Discontinued Operations (Net of Income Tax) $ 99,224 Total Income From Discontinued Operations (Net of Income Tax) $ 98,368 |
Disposal Group, Held-for-sale, Not Discontinued Operations | |
Table Text Blocks | |
Schedule of assets and liabilities held for sale and discontinued operations | As of December 31, 2021 Land JV Income Properties Total Assets Held for Sale Plant, Property, and Equipment—Net $ — $ 6,016 $ 6,016 Intangible Lease Assets - Net — 704 704 Total Assets Held for Sale $ — $ 6,720 $ 6,720 As of December 31, 2020 Land JV Income Properties 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) |
ORGANIZATION (Details)
ORGANIZATION (Details) | Dec. 10, 2021USD ($)a | Jan. 29, 2021 | Jun. 30, 2021 | Dec. 31, 2021USD ($)aft²propertyloancountry | Dec. 31, 2019a | Sep. 30, 2021 | Dec. 31, 2020USD ($)a | Sep. 25, 2020ft² | Oct. 16, 2019a | Jun. 30, 2018 |
Real Estate Properties | ||||||||||
Area of land (in acres) | a | 84,900 | 345 | ||||||||
Acres sold | a | 5,400 | |||||||||
Number of commercial loan investment | loan | 2 | |||||||||
Investment in Alpine Income Property Trust, Inc. | $ 41,037,000 | $ 30,574,000 | ||||||||
Equity method investment, ownership percentage (as a percent) | 6.30% | |||||||||
Conversion ratio on merger | 1 | |||||||||
Undeveloped Land in Daytona Beach, Florida, Along Interstate 95 | ||||||||||
Real Estate Properties | ||||||||||
Area of land (in acres) | a | 5,300 | |||||||||
Alpine Income Property Trust, Inc. | ||||||||||
Real Estate Properties | ||||||||||
Investment in Alpine Income Property Trust, Inc. | $ 41,000,000 | |||||||||
Equity method investment, ownership percentage (as a percent) | 15.60% | |||||||||
Stock split ratio | 1 | |||||||||
Land JV | ||||||||||
Real Estate Properties | ||||||||||
Acres sold | a | 1,600 | |||||||||
Interest in the joint venture (as a percent) | 33.50% | 33.50% | 33.50% | |||||||
Final sales price | $ 66,300,000 | |||||||||
Proceeds from sale of land | $ 24,500,000 | $ 24,500,000 | ||||||||
Equity method investment, ownership percentage (as a percent) | 33.50% | |||||||||
Mitigation Bank | ||||||||||
Real Estate Properties | ||||||||||
Interest in the joint venture (as a percent) | 70.00% | |||||||||
Area of land owned | 2,500 | |||||||||
Equity method investment, ownership percentage (as a percent) | 30.00% | 30.00% | ||||||||
Florida | ||||||||||
Real Estate Properties | ||||||||||
Gross leasable space | ft² | 108,000 | |||||||||
Subsurface area of portfolio of mineral interests | 370,000 | |||||||||
Number of countries | country | 19 | |||||||||
Commercial loan and master lease investments | ||||||||||
Real Estate Properties | ||||||||||
Number of commercial loan investment | loan | 2 | |||||||||
Number of commercial properties | property | 2 | |||||||||
Commercial | ||||||||||
Real Estate Properties | ||||||||||
Number of real estate properties | property | 22 | |||||||||
Number of states in which entity operates | country | 10 | |||||||||
Gross leasable space | ft² | 2,700,000 | |||||||||
Single-tenant | ||||||||||
Real Estate Properties | ||||||||||
Number of real estate properties | property | 9 | |||||||||
Multi-tenant | ||||||||||
Real Estate Properties | ||||||||||
Number of real estate properties | property | 13 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Principles of Consolidation (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 10, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Equity method investment, ownership percentage (as a percent) | 6.30% | ||||
Equity Method Investments | $ 0 | $ 48,677 | |||
Mitigation Bank | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Equity method investment, ownership percentage (as a percent) | 30.00% | 30.00% | |||
Equity Method Investments | 6,912 | ||||
Land JV | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Equity method investment, ownership percentage (as a percent) | 33.50% | ||||
Equity Method Investments | $ 41,765 |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Segment Reporting (Details) | 12 Months Ended |
Dec. 31, 2021segment | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Number of business segments | 4 |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Recently Issued Accounting Standards (Details) $ in Millions | Dec. 31, 2021USD ($) |
Commercial loan and master lease investments | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Current expected credit losses reserve | $ 0.3 |
Accounting Standards Update 2016-13 | |
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, Adopted | true |
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Jan. 1, 2020 |
SUMMARY OF SIGNIFICANT ACCOUN_7
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reclassifications (Details) - Revision of Prior Period, Reclassification, Adjustment - Other Asset $ in Millions | Dec. 31, 2020USD ($) |
Reclassification [Line Items] | |
Deferred financing costs | $ 1.2 |
Accumulated Amortization, Deferred Finance Costs, Revolving Line of Credit | $ 0.5 |
SUMMARY OF SIGNIFICANT ACCOUN_8
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Restricted Cash and Investment Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Restricted Cash | |||
Restricted Cash | $ 22,734 | $ 29,536 | $ 128,430 |
Restricted cash escrow account | |||
Restricted Cash | |||
Restricted Cash | 21,200 | ||
Restricted cash, escrow account in connection with sale of ground lease | |||
Restricted Cash | |||
Restricted Cash | 900 | ||
Restricted cash, escrow account in connection with Mitigation Bank | Mitigation Bank | |||
Restricted Cash | |||
Restricted Cash | $ 600 |
SUMMARY OF SIGNIFICANT ACCOUN_9
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Accounts Receivable (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2015Transaction | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Accounts Receivable | |||
Income Property Tenant Receivables | $ 885 | $ 2,330 | |
Number of closed land transactions | Transaction | 2 | ||
Allowance for doubtful accounts | 500 | 500 | |
Other Asset | |||
Accounts Receivable | |||
Income Property Tenant Receivables | 900 | 2,300 | |
Income Property Tenant Receivables, Increase (Decrease) | (1,400) | ||
Accounts receivable related to real estate operations | 1,100 | 1,300 | |
Receivable from Golf operations for rounds surcharge | $ 300 | $ 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, 2021USD ($)itemproperty | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
PROPERTY, PLANT, AND EQUIPMENT | |||
Depreciation | $ | $ 12.3 | $ 11.3 | $ 9.9 |
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 Building Improvements [Member] | Minimum | |||
PROPERTY, PLANT, AND EQUIPMENT | |||
Useful lives for property, plant, and equipment | 3 years | ||
Building and Building Improvements [Member] | 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, 2021 | 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 | |||
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, 2021USD ($)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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Square Footage | Geographic Concentration Risk | Income Properties | |||
CONCENTRATION OF CREDIT RISK | |||
Concentration risk percentage | 18.10% | ||
Square Footage | Geographic Concentration Risk | Income Properties | Florida | |||
CONCENTRATION OF CREDIT RISK | |||
Concentration risk percentage | 23.00% | 26.00% | |
Square Footage | Geographic Concentration Risk | Income Properties | Georgia | |||
CONCENTRATION OF CREDIT RISK | |||
Concentration risk percentage | 13.00% | 11.00% | |
Square Footage | Geographic Concentration Risk | Income Properties | New Mexico | |||
CONCENTRATION OF CREDIT RISK | |||
Concentration risk percentage | 13.00% | ||
Square Footage | Geographic Concentration Risk | Income Properties | North Carolina | |||
CONCENTRATION OF CREDIT RISK | |||
Concentration risk percentage | 12.00% | 20.00% | |
Square Footage | Geographic Concentration Risk | Income Properties | Texas | |||
CONCENTRATION OF CREDIT RISK | |||
Concentration risk percentage | 16.00% | 17.00% | |
Square Footage | Geographic Concentration Risk | Income Properties | Arizona | |||
CONCENTRATION OF CREDIT RISK | |||
Concentration risk percentage | 12.00% | ||
Multi-Tenant Income Property | Geographic Concentration Risk | Income Properties | Income Property, Multi-tenant, Ashford Lane, Atlanta, Georgia | |||
CONCENTRATION OF CREDIT RISK | |||
Concentration risk percentage | 10.50% | ||
Multi-Tenant Income Property | Geographic Concentration Risk | Income Properties | Income Property, Multi Tenant, Beaver Creek, Apex, North Carolina | |||
CONCENTRATION OF CREDIT RISK | |||
Concentration risk percentage | 11.80% | ||
Base Rent Revenues | |||
CONCENTRATION OF CREDIT RISK | |||
Number of tenants | 1 | ||
Base Rent Revenues | Geographic Concentration Risk | Florida | |||
CONCENTRATION OF CREDIT RISK | |||
Concentration risk percentage | 31.00% | ||
Base Rent Revenues | Geographic Concentration Risk | Georgia | |||
CONCENTRATION OF CREDIT RISK | |||
Concentration risk percentage | 13.00% | ||
Base Rent Revenues | Geographic Concentration Risk | Texas | |||
CONCENTRATION OF CREDIT RISK | |||
Concentration risk percentage | 16.00% | ||
Base Rent Revenues | Geographic Concentration Risk | Arizona | |||
CONCENTRATION OF CREDIT RISK | |||
Concentration risk percentage | 11.00% | ||
Base Rent Revenues | Customer Concentration Risk | Income Property, Wells Fargo, Raleigh, North Carolina | |||
CONCENTRATION OF CREDIT RISK | |||
Concentration risk percentage | 10.90% | 12.50% |
REVENUE RECOGNITION - Major Goo
REVENUE RECOGNITION - Major Good or Service (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues | |||
Lease revenue | $ 50,679 | $ 49,953 | $ 41,956 |
Revenue from contract with customer, including assessed tax | 13,427 | 650 | 852 |
Lease Incentive Amortization | (277) | ||
Commercial Loan Investments | 3,034 | 1,829 | |
Interest and Other Revenue | 561 | ||
Total Revenues | 70,272 | 56,381 | 44,941 |
Lease Revenue - Base Rent | |||
Revenues | |||
Lease revenue | 41,151 | 37,826 | 35,108 |
Lease Revenue - CAM | |||
Revenues | |||
Lease revenue | 3,791 | 3,154 | 1,422 |
Lease Revenue - Reimbursements | |||
Revenues | |||
Lease revenue | 4,763 | 6,182 | 2,759 |
Lease Revenue - Billboards | |||
Revenues | |||
Lease revenue | 6 | 231 | 243 |
Subsurface Revenue, Lease | |||
Revenues | |||
Lease revenue | 598 | ||
Above / Below Market Lease Accretion | |||
Revenues | |||
Lease revenue | 404 | 1,754 | 2,383 |
Contributed Leased Assets Accretion | |||
Revenues | |||
Lease revenue | 236 | 245 | 217 |
Management Services | |||
Revenues | |||
Revenue from contract with customer, including assessed tax | 3,305 | 2,744 | 304 |
Mitigation Credit Sales | |||
Revenues | |||
Revenue from contract with customer, including assessed tax | 708 | 6 | |
Subsurface Revenue - Other | |||
Revenues | |||
Revenue from contract with customer, including assessed tax | 4,724 | 638 | 150 |
Land Sales Revenue | |||
Revenues | |||
Revenue from contract with customer, including assessed tax | 7,995 | ||
Fill Dirt and Other Revenue | |||
Revenues | |||
Revenue from contract with customer, including assessed tax | 6 | 104 | |
Interest and Other Revenue | |||
Revenues | |||
Interest and Other Revenue | 328 | 101 | |
Income Properties | |||
Revenues | |||
Lease Incentive Amortization | (277) | ||
Interest and Other Revenue | 561 | ||
Total Revenues | 50,679 | 49,953 | 41,956 |
Income Properties | Lease Revenue - Base Rent | |||
Revenues | |||
Lease revenue | 41,151 | 37,826 | 35,108 |
Income Properties | Lease Revenue - CAM | |||
Revenues | |||
Lease revenue | 3,791 | 3,154 | 1,422 |
Income Properties | Lease Revenue - Reimbursements | |||
Revenues | |||
Lease revenue | 4,763 | 6,182 | 2,759 |
Income Properties | Lease Revenue - Billboards | |||
Revenues | |||
Lease revenue | 6 | 231 | 243 |
Income Properties | Above / Below Market Lease Accretion | |||
Revenues | |||
Lease revenue | 404 | 1,754 | 2,383 |
Income Properties | Contributed Leased Assets Accretion | |||
Revenues | |||
Lease revenue | 236 | 245 | 217 |
Income Properties | Interest and Other Revenue | |||
Revenues | |||
Interest and Other Revenue | 328 | 101 | |
Management Fee Income | |||
Revenues | |||
Total Revenues | 3,305 | 2,744 | 304 |
Management Fee Income | Management Services | |||
Revenues | |||
Revenue from contract with customer, including assessed tax | 3,305 | 2,744 | 304 |
Interest Income from Commercial Loan and Master Lease Investments | |||
Revenues | |||
Commercial Loan Investments | 2,861 | 3,034 | 1,829 |
Total Revenues | 2,861 | 3,034 | 1,829 |
Real Estate Operations | |||
Revenues | |||
Total Revenues | 13,427 | 650 | 852 |
Real Estate Operations | Subsurface Revenue, Lease | |||
Revenues | |||
Lease revenue | 598 | ||
Real Estate Operations | Mitigation Credit Sales | |||
Revenues | |||
Revenue from contract with customer, including assessed tax | 708 | 6 | |
Real Estate Operations | Subsurface Revenue - Other | |||
Revenues | |||
Revenue from contract with customer, including assessed tax | 4,724 | 638 | 150 |
Real Estate Operations | Land Sales Revenue | |||
Revenues | |||
Revenue from contract with customer, including assessed tax | $ 7,995 | ||
Real Estate Operations | Fill Dirt and Other Revenue | |||
Revenues | |||
Revenue from contract with customer, including assessed tax | $ 6 | $ 104 |
REVENUE RECOGNITION - Timing of
REVENUE RECOGNITION - Timing of Revenue Recognition (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues | |||
Revenue from contract with customer, including assessed tax | $ 13,427 | $ 650 | $ 852 |
Over Lease Term | 50,351 | 49,392 | 42,453 |
Commercial Loan Investment Related Revenue | 3,034 | 1,829 | |
Total Revenues | 70,272 | 56,381 | 44,941 |
Asset/Good Transferred at a Point in Time | |||
Revenues | |||
Revenue from contract with customer, including assessed tax | 13,427 | 6 | 254 |
Services Transferred Over Time | |||
Revenues | |||
Revenue from contract with customer, including assessed tax | 3,633 | 3,949 | 405 |
Income Properties | |||
Revenues | |||
Over Lease Term | 50,351 | 49,392 | 41,855 |
Total Revenues | 50,679 | 49,953 | 41,956 |
Income Properties | Services Transferred Over Time | |||
Revenues | |||
Revenue from contract with customer, including assessed tax | 328 | 561 | 101 |
Management Fee Income | |||
Revenues | |||
Total Revenues | 3,305 | 2,744 | 304 |
Management Fee Income | Services Transferred Over Time | |||
Revenues | |||
Revenue from contract with customer, including assessed tax | 3,305 | 2,744 | 304 |
Interest Income from Commercial Loan and Master Lease Investments | |||
Revenues | |||
Commercial Loan Investment Related Revenue | 2,861 | 3,034 | 1,829 |
Total Revenues | 2,861 | 3,034 | 1,829 |
Real Estate Operations | |||
Revenues | |||
Over Lease Term | 598 | ||
Total Revenues | 13,427 | 650 | 852 |
Real Estate Operations | Asset/Good Transferred at a Point in Time | |||
Revenues | |||
Revenue from contract with customer, including assessed tax | $ 13,427 | 6 | $ 254 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Leasing Revenue | |||
Lease Payments | $ 41,791 | $ 39,825 | $ 37,431 |
Variable Lease Payments | 8,888 | 10,128 | 4,525 |
Total Leasing Revenue | $ 50,679 | $ 49,953 | $ 41,956 |
INCOME PROPERTIES - Minimum Fut
INCOME PROPERTIES - Minimum Future Base Rental Revenue on Non-cancelable Leases (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Minimum future base rental revenue on non-cancelable leases | |
2022 | $ 49,275 |
2023 | 47,369 |
2024 | 45,023 |
2025 | 43,658 |
2026 | 37,842 |
2027 and thereafter (cumulative) | 168,754 |
Total | $ 391,921 |
INCOME PROPERTIES - Acquisition
INCOME PROPERTIES - Acquisitions (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021USD ($)ft²propertyitem | Dec. 31, 2020USD ($)ft²property | Dec. 31, 2019USD ($)property | Nov. 03, 2020USD ($) | |
Acquisitions of Income Properties | ||||
Weighted average amortization period of intangible assets | 7 years 9 months 18 days | |||
Aggregate outstanding principal balance | $ 2,000 | |||
Income Property, Multi-tenant, Crossroads Towne Center, Chandler, Arizona | ||||
Acquisitions of Income Properties | ||||
Date of Acquisition | Jan. 24, 2020 | |||
Income Property, Multi-tenant, Ashford Lane, Atlanta, Georgia | ||||
Acquisitions of Income Properties | ||||
Date of Acquisition | Feb. 21, 2020 | |||
Income Property, Single-tenant, Ford Motor Credit, Tampa, Florida | ||||
Acquisitions of Income Properties | ||||
Date of Acquisition | Aug. 21, 2020 | |||
2021 Acquisitions | ||||
Acquisitions of Income Properties | ||||
Number of real estate properties | property | 8 | |||
Aggregate acquisition cost including capitalized acquisition costs | $ 249,800 | |||
Weighted average amortization period of intangible assets | 6 years 9 months 18 days | |||
Property Square-Feet | ft² | 1,111,491 | |||
Purchase Price | $ 249,050 | |||
Remaining Lease Term at Acquisition Date (in years) | 6 years 6 months | |||
2021 Acquisitions | Nonrecurring basis | ||||
Acquisitions of Income Properties | ||||
Land | $ 78,000 | |||
Buildings and improvements | 124,900 | |||
Intangible assets pertaining to the in-place lease value, leasing fees and above market lease value | 49,700 | |||
Intangible liabilities for below market lease value | $ 2,800 | |||
2021 Acquisitions | Income Property, Multi-tenant, Jordan Landing, West Jordan, Utah | ||||
Acquisitions of Income Properties | ||||
Date of Acquisition | Mar. 2, 2021 | |||
Property Square-Feet | ft² | 170,996 | |||
Purchase Price | $ 20,000 | |||
Percentage Leased at Acquisition | 100.00% | |||
Remaining Lease Term at Acquisition Date (in years) | 7 years 10 months 24 days | |||
2021 Acquisitions | Income Property, Multi-tenant, Eastern Commons, Henderson, Nevada | ||||
Acquisitions of Income Properties | ||||
Date of Acquisition | Mar. 10, 2021 | |||
Property Square-Feet | ft² | 133,304 | |||
Purchase Price | $ 18,500 | |||
Percentage Leased at Acquisition | 96.00% | |||
Remaining Lease Term at Acquisition Date (in years) | 6 years 10 months 24 days | |||
2021 Acquisitions | Income Property, Multi-tenant, Shops at Legacy, Plano, Texas | ||||
Acquisitions of Income Properties | ||||
Date of Acquisition | Jun. 23, 2021 | |||
Property Square-Feet | ft² | 236,867 | |||
Purchase Price | $ 72,500 | |||
Percentage Leased at Acquisition | 83.00% | |||
Remaining Lease Term at Acquisition Date (in years) | 6 years 10 months 24 days | |||
2021 Acquisitions | Income Property, Multi Tenant, Beaver Creek, Apex, North Carolina | ||||
Acquisitions of Income Properties | ||||
Date of Acquisition | Dec. 2, 2021 | |||
Property Square-Feet | ft² | 320,732 | |||
Purchase Price | $ 70,500 | |||
Percentage Leased at Acquisition | 97.00% | |||
Remaining Lease Term at Acquisition Date (in years) | 5 years 9 months 18 days | |||
2021 Acquisitions | Income Property, Multi Tenant ,125 Lincoln & 150 Washington ,Santa Fe, New Mexico | ||||
Acquisitions of Income Properties | ||||
Date of Acquisition | Dec. 20, 2021 | |||
Property Square-Feet | ft² | 136,638 | |||
Purchase Price | $ 16,250 | |||
Percentage Leased at Acquisition | 66.00% | |||
Remaining Lease Term at Acquisition Date (in years) | 2 years 8 months 12 days | |||
2021 Acquisitions | Income Property, Multi Tenant, Synovus ,Winter Park ,Florida | ||||
Acquisitions of Income Properties | ||||
Date of Acquisition | Dec. 20, 2021 | |||
Property Square-Feet | ft² | 28,008 | |||
Purchase Price | $ 13,200 | |||
Percentage Leased at Acquisition | 100.00% | |||
Remaining Lease Term at Acquisition Date (in years) | 5 years | |||
2021 Acquisitions | Income Property, Multi Tenant ,Exchange at Gwinnett ,Buford ,Georgia | ||||
Acquisitions of Income Properties | ||||
Date of Acquisition | Dec. 30, 2021 | |||
Property Square-Feet | ft² | 69,265 | |||
Purchase Price | $ 34,000 | |||
Percentage Leased at Acquisition | 98.00% | |||
Remaining Lease Term at Acquisition Date (in years) | 10 years 8 months 12 days | |||
2021 Acquisitions | Income Property, Two Tenant, Ashford Lane Outparcel, Atlanta, Georgia | ||||
Acquisitions of Income Properties | ||||
Date of Acquisition | Dec. 30, 2021 | |||
Property Square-Feet | ft² | 15,681 | |||
Purchase Price | $ 4,100 | |||
Percentage Leased at Acquisition | 19.00% | |||
Remaining Lease Term at Acquisition Date (in years) | 10 months 24 days | |||
2020 Acquisitions | ||||
Acquisitions of Income Properties | ||||
Aggregate acquisition cost including capitalized acquisition costs | $ 185,700 | |||
Weighted average amortization period of intangible assets | 4 years 6 months | |||
Property Square-Feet | ft² | 751,210 | |||
Purchase Price | $ 185,135 | |||
Remaining Lease Term at Acquisition Date (in years) | 6 years 6 months | |||
2020 Acquisitions | Commercial loan and master lease investments | ||||
Acquisitions of Income Properties | ||||
Purchase Price | $ 21,000 | |||
2020 Acquisitions | Nonrecurring basis | ||||
Acquisitions of Income Properties | ||||
Land | 50,000 | |||
Buildings and improvements | 94,600 | |||
Intangible assets pertaining to the in-place lease value, leasing fees and above market lease value | 21,900 | |||
Intangible liabilities for below market lease value | $ 1,800 | |||
2020 Acquisitions | Income Property, Multi-tenant, Crossroads Towne Center, Chandler, Arizona | ||||
Acquisitions of Income Properties | ||||
Date of Acquisition | Jan. 24, 2020 | |||
Property Square-Feet | ft² | 254,109 | |||
Purchase Price | $ 61,800 | |||
Percentage Leased at Acquisition | 99.00% | |||
Remaining Lease Term at Acquisition Date (in years) | 5 years | |||
2020 Acquisitions | Income Property, Multi-tenant, Ashford Lane, Atlanta, Georgia | ||||
Acquisitions of Income Properties | ||||
Date of Acquisition | Feb. 21, 2020 | |||
Property Square-Feet | ft² | 268,572 | |||
Purchase Price | $ 75,435 | |||
Percentage Leased at Acquisition | 80.00% | |||
Remaining Lease Term at Acquisition Date (in years) | 3 years 7 months 6 days | |||
2020 Acquisitions | Income Property, Single-tenant, Ford Motor Credit, Tampa, Florida | ||||
Acquisitions of Income Properties | ||||
Date of Acquisition | Aug. 21, 2020 | |||
Property Square-Feet | ft² | 120,500 | |||
Purchase Price | $ 26,900 | |||
Percentage Leased at Acquisition | 100.00% | |||
Remaining Lease Term at Acquisition Date (in years) | 5 years 7 months 6 days | |||
2020 Acquisitions | Income Property, Single-tenant, Master Tenant, Hialeah, Florida | ||||
Acquisitions of Income Properties | ||||
Date of Acquisition | Sep. 25, 2020 | |||
Property Square-Feet | ft² | 108,029 | |||
Purchase Price | $ 21,000 | |||
Percentage Leased at Acquisition | 100.00% | |||
Remaining Lease Term at Acquisition Date (in years) | 25 years | |||
Number Of Tenant Repurchase Options | item | 3 | |||
2020 Acquisitions | Income Property, Single-tenant, Master Tenant, Hialeah, Florida | Commercial loan and master lease investments | ||||
Acquisitions of Income Properties | ||||
Aggregate outstanding principal balance | $ 21,000 | |||
2020 Acquisitions, Multi-tenant | ||||
Acquisitions of Income Properties | ||||
Number of real estate properties | property | 2 | |||
2020 Acquisitions, Single-tenant | ||||
Acquisitions of Income Properties | ||||
Number of real estate properties | property | 2 | |||
2019 Acquisitions | ||||
Acquisitions of Income Properties | ||||
Aggregate acquisition cost including capitalized acquisition costs | $ 165,700 | |||
Weighted average amortization period of intangible assets | 9 years 8 months 12 days | |||
Purchase Price | $ 164,700 | |||
2019 Acquisitions | Nonrecurring basis | ||||
Acquisitions of Income Properties | ||||
Land | 45,600 | |||
Buildings and improvements | 83,500 | |||
Intangible assets pertaining to the in-place lease value, leasing fees and above market lease value | 23,400 | |||
Intangible liabilities for below market lease value | $ 3,100 | |||
2019 Acquisitions, Multi-tenant | ||||
Acquisitions of Income Properties | ||||
Number of real estate properties | property | 1 | |||
2019 Acquisitions, Single-tenant | ||||
Acquisitions of Income Properties | ||||
Number of real estate properties | property | 10 |
INCOME PROPERTIES - Disposition
INCOME PROPERTIES - Dispositions (Details) $ in Thousands | Nov. 26, 2019USD ($) | Dec. 31, 2021USD ($)property | Dec. 31, 2020USD ($) | Jun. 30, 2021USD ($)property |
Dispositions of Income Properties | ||||
Sales price | $ 162,300 | |||
Gain (Loss) on Sale | 28,200 | |||
2019 Dispositions, Income Properties | ||||
Dispositions of Income Properties | ||||
Gain (Loss) on Sale | $ 1,000 | |||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 2021 Dispositions, Income Properties | ||||
Dispositions of Income Properties | ||||
Sales price | 162,340 | |||
Gain (Loss) on Sale | 28,209 | |||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 2021 Dispositions, Income Properties | Income Property, World of Beer, Fuzzys Taco Shop, Brandon, Florida | ||||
Dispositions of Income Properties | ||||
Sales price | 2,310 | |||
Gain (Loss) on Sale | 599 | |||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 2021 Dispositions, Income Properties | Income Property, Single-tenant, Moe's Southwest Grill, Jacksonville, Florida | ||||
Dispositions of Income Properties | ||||
Sales price | 2,541 | |||
Gain (Loss) on Sale | 109 | |||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 2021 Dispositions, Income Properties | Income Property, Burlington Coat Stores, Inc, North Richland Hills, Texas | ||||
Dispositions of Income Properties | ||||
Sales price | 11,528 | |||
Gain (Loss) on Sale | 62 | |||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 2021 Dispositions, Income Properties | Income Property, Staples, Sarasota, Florida | ||||
Dispositions of Income Properties | ||||
Sales price | 4,650 | |||
Gain (Loss) on Sale | 662 | |||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 2021 Dispositions, Income Properties | Income Property, The Strand - Fogo De Chao, Jacksonville, Florida | ||||
Dispositions of Income Properties | ||||
Sales price | 4,717 | |||
Gain (Loss) on Sale | 866 | |||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 2021 Dispositions, Income Properties | Income Property, Wells Fargo, Raleigh, North Carolina | ||||
Dispositions of Income Properties | ||||
Sales price | 63,000 | |||
Gain (Loss) on Sale | 17,480 | |||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 2021 Dispositions, Income Properties | Income Properties, Single-tenant, CMBS Portfolio | ||||
Dispositions of Income Properties | ||||
Sales price | 44,500 | |||
Gain (Loss) on Sale | 3,899 | |||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 2021 Dispositions, Income Properties | Income Property, Single-tenant, Chick-fil-A, Chandler, Arizona | ||||
Dispositions of Income Properties | ||||
Sales price | 2,884 | |||
Gain (Loss) on Sale | 1,582 | |||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 2021 Dispositions, Income Properties | Income Property, Single-tenant, JPMorgan Chase Bank, Chandler, Arizona | ||||
Dispositions of Income Properties | ||||
Sales price | 4,710 | |||
Gain (Loss) on Sale | 2,738 | |||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 2021 Dispositions, Income Properties | Twenty Four Hour Fitness, Falls Church, VA | ||||
Dispositions of Income Properties | ||||
Sales price | 21,500 | |||
Gain (Loss) on Sale | $ 212 | |||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 2021 Dispositions, Multi-tenant | ||||
Dispositions of Income Properties | ||||
Number of real estate properties | property | 1 | |||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 2021 Dispositions, Single-tenant | ||||
Dispositions of Income Properties | ||||
Number of real estate properties | property | 14 | |||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 2021 Dispositions, Single-tenant | Income Properties, Single-tenant, CMBS Portfolio | ||||
Dispositions of Income Properties | ||||
Sales price | $ 44,500 | |||
Number of real estate properties | property | 6 | |||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 2020 Dispositions, Income Properties and Land Parcels | ||||
Dispositions of Income Properties | ||||
Sales price | $ 86,500 | |||
Gain (Loss) on Sale | 8,600 | |||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 2020 Dispositions, Income Properties | ||||
Dispositions of Income Properties | ||||
Sales price | 85,979 | |||
Gain (Loss) on Sale | 8,509 | |||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 2020 Dispositions, Income Properties | CVS, Dallas, TX | ||||
Dispositions of Income Properties | ||||
Sales price | 15,222 | |||
Gain (Loss) on Sale | 854 | |||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 2020 Dispositions, Income Properties | Wawa, Daytona Beach, FL | ||||
Dispositions of Income Properties | ||||
Sales price | 6,002 | |||
Gain (Loss) on Sale | 1,769 | |||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 2020 Dispositions, Income Properties | JPMorgan Chase Bank, Jacksonville, FL | ||||
Dispositions of Income Properties | ||||
Sales price | 6,715 | |||
Gain (Loss) on Sale | 959 | |||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 2020 Dispositions, Income Properties | 7-Eleven, Dallas, TX | ||||
Dispositions of Income Properties | ||||
Sales price | 2,400 | |||
Gain (Loss) on Sale | (46) | |||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 2020 Dispositions, Income Properties | Bank of America, Monterey, CA | ||||
Dispositions of Income Properties | ||||
Sales price | 9,000 | |||
Gain (Loss) on Sale | 3,892 | |||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 2020 Dispositions, Income Properties | Wawa, Jacksonville, FL | ||||
Dispositions of Income Properties | ||||
Sales price | 7,143 | |||
Gain (Loss) on Sale | 246 | |||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 2020 Dispositions, Income Properties | Carrabbas, Austin, TX | ||||
Dispositions of Income Properties | ||||
Sales price | 2,555 | |||
Gain (Loss) on Sale | (84) | |||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 2020 Dispositions, Income Properties | PDQ, Jacksonville, FL | ||||
Dispositions of Income Properties | ||||
Sales price | 2,540 | |||
Gain (Loss) on Sale | 128 | |||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 2020 Dispositions, Income Properties | Macaroni Grill | ||||
Dispositions of Income Properties | ||||
Sales price | 2,500 | |||
Gain (Loss) on Sale | 68 | |||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 2020 Dispositions, Income Properties | Aspen Development, Aspen, CO | ||||
Dispositions of Income Properties | ||||
Sales price | 28,500 | |||
Gain (Loss) on Sale | 501 | |||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 2020 Dispositions, Income Properties | Outback, Austin, TX | ||||
Dispositions of Income Properties | ||||
Sales price | 3,402 | |||
Gain (Loss) on Sale | $ 222 |
INCOME PROPERTIES - General Inf
INCOME PROPERTIES - General Information (Details) | Sep. 25, 2020USD ($)ft² | Nov. 26, 2019USD ($)propertyshares | Jul. 16, 2019USD ($)Options | May 23, 2019USD ($)ft² | Feb. 21, 2019USD ($)ft² | Dec. 31, 2021USD ($)ft²propertyshares | Dec. 31, 2020USD ($)ft²property | Dec. 31, 2019USD ($)property | Aug. 07, 2019USD ($)a | Jun. 24, 2019USD ($)ft² | Dec. 31, 2018property |
Acquisitions of Income Properties | |||||||||||
Sales price | $ 162,300,000 | ||||||||||
Number of properties disposed for cash | property | 15 | ||||||||||
Units issued | shares | 1,223,854 | 823,878 | |||||||||
Number of properties disposed for units | property | 5 | ||||||||||
Stock Issuance | $ 357,000 | $ 513,000 | $ 532,000 | ||||||||
Gain on sale of properties (in dollars per share) | 20.60 | ||||||||||
Percentage of investment in PINE | 6.30% | ||||||||||
Gain (Loss) on Sale | $ 28,200,000 | ||||||||||
Payments for Tenant Improvements | 5,041,000 | ||||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate | 39,095,000 | 38,320,000 | 34,625,000 | ||||||||
Aggregate outstanding principal balance | $ 38,099,000 | 37,735,000 | |||||||||
Amount allocated of total acquisition cost | |||||||||||
Weighted average amortization period of intangible assets | 7 years 9 months 18 days | ||||||||||
Weighted average amortization period of intangible liabilities | 8 years 8 months 12 days | ||||||||||
2021 Acquisitions | |||||||||||
Acquisitions of Income Properties | |||||||||||
Number of real estate properties | property | 8 | ||||||||||
Payments to Acquire Commercial Real Estate | $ 249,050,000 | ||||||||||
Aggregate acquisition cost including capitalized acquisition costs | $ 249,800,000 | ||||||||||
Area of real estate property | ft² | 1,111,491 | ||||||||||
Amount allocated of total acquisition cost | |||||||||||
Weighted average amortization period of intangible assets | 6 years 9 months 18 days | ||||||||||
2020 Acquisitions | |||||||||||
Acquisitions of Income Properties | |||||||||||
Payments to Acquire Commercial Real Estate | 185,135,000 | ||||||||||
Aggregate acquisition cost including capitalized acquisition costs | $ 185,700,000 | ||||||||||
Area of real estate property | ft² | 751,210 | ||||||||||
Amount allocated of total acquisition cost | |||||||||||
Weighted average amortization period of intangible assets | 4 years 6 months | ||||||||||
2020 Acquisitions, Multi-tenant | |||||||||||
Acquisitions of Income Properties | |||||||||||
Number of real estate properties | property | 2 | ||||||||||
2020 Acquisitions, Single-tenant | |||||||||||
Acquisitions of Income Properties | |||||||||||
Number of real estate properties | property | 2 | ||||||||||
2019 Acquisitions | |||||||||||
Acquisitions of Income Properties | |||||||||||
Payments to Acquire Commercial Real Estate | 164,700,000 | ||||||||||
Aggregate acquisition cost including capitalized acquisition costs | 165,700,000 | ||||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate | $ 16,300,000 | ||||||||||
Amount allocated of total acquisition cost | |||||||||||
Weighted average amortization period of intangible assets | 9 years 8 months 12 days | ||||||||||
Weighted average amortization period of intangible liabilities | 9 years 8 months 12 days | ||||||||||
2019 Acquisitions, Multi-tenant | |||||||||||
Acquisitions of Income Properties | |||||||||||
Number of real estate properties | property | 1 | ||||||||||
2019 Acquisitions, Single-tenant | |||||||||||
Acquisitions of Income Properties | |||||||||||
Number of real estate properties | property | 10 | ||||||||||
Commercial loan and master lease investments | |||||||||||
Acquisitions of Income Properties | |||||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate | $ 39,095,000 | $ 38,320,000 | |||||||||
Aggregate outstanding principal balance | 38,099,000 | 37,735,000 | |||||||||
Commercial loan and master lease investments | 2020 Acquisitions | |||||||||||
Acquisitions of Income Properties | |||||||||||
Payments to Acquire Commercial Real Estate | 21,000,000 | ||||||||||
2019 Dispositions, Income Properties | |||||||||||
Acquisitions of Income Properties | |||||||||||
Gain on sale of properties (in dollars per share) | $ 0.16 | ||||||||||
Gain (Loss) on Sale | 1,000,000 | ||||||||||
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 | ||||||||||
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 | ||||||||||
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 | 17,189,000 | 16,827,000 | |||||||||
Aggregate outstanding principal balance | 16,250,000 | $ 16,250,000 | |||||||||
Lease Revenue - Billboards | |||||||||||
Acquisitions of Income Properties | |||||||||||
Number of real estate properties | property | 9 | ||||||||||
Nonrecurring basis | 2021 Acquisitions | |||||||||||
Acquisitions of Income Properties | |||||||||||
Land | 78,000,000 | ||||||||||
Buildings and improvements | 124,900,000 | ||||||||||
Intangible assets pertaining to the in-place lease value, leasing fees and above market lease value | 49,700,000 | ||||||||||
Intangible liabilities for below market lease value | $ 2,800,000 | ||||||||||
Nonrecurring basis | 2020 Acquisitions | |||||||||||
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 | ||||||||||
Nonrecurring basis | 2019 Acquisitions | |||||||||||
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 | ||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||||||||
Acquisitions of Income Properties | |||||||||||
Number of properties sold | property | 21 | ||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Income Property Subject To Lease Disposal Group2019 | Single-tenant | |||||||||||
Acquisitions of Income Properties | |||||||||||
Number of properties sold | property | 21 | ||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Income Property Subject To Lease Disposal Group2019 | Multi-tenant | |||||||||||
Acquisitions of Income Properties | |||||||||||
Number of properties sold | property | 3 | ||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 2020 Dispositions, Income Properties and Land Parcels | |||||||||||
Acquisitions of Income Properties | |||||||||||
Sales price | 86,500,000 | ||||||||||
Gain (Loss) on Sale | 8,600,000 | ||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 2020 Dispositions, Income Properties | |||||||||||
Acquisitions of Income Properties | |||||||||||
Sales price | $ 85,979,000 | ||||||||||
Number of properties sold | property | 11 | ||||||||||
Gain (Loss) on Sale | $ 8,509,000 | ||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 2020 Dispositions, Billboard Sites | |||||||||||
Acquisitions of Income Properties | |||||||||||
Sales price | $ 1,500,000 | ||||||||||
Number of properties sold | property | 8 | ||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 2020 Dispositions, Land Parcels | |||||||||||
Acquisitions of Income Properties | |||||||||||
Number of properties sold | property | 1 | ||||||||||
Florida | |||||||||||
Acquisitions of Income Properties | |||||||||||
Payments to Acquire Commercial Real Estate | $ 21,000,000 | ||||||||||
Area of real estate property | ft² | 108,000 | ||||||||||
Alpine Income Property Trust, Inc. | |||||||||||
Acquisitions of Income Properties | |||||||||||
Units issued | shares | 8,088 | ||||||||||
Stock Issuance | $ 100,000 | ||||||||||
Percentage of investment in PINE | 15.60% | ||||||||||
Alpine Income Property Trust, Inc. | OP Units | |||||||||||
Acquisitions of Income Properties | |||||||||||
Sales price | 125,900,000 | ||||||||||
Stock Issuance | 23,300,000 | ||||||||||
Percentage of investment in PINE | 9.30% | ||||||||||
Alpine Income Property Trust, Inc. | OP Units | 2019 Dispositions, Income Properties | |||||||||||
Acquisitions of Income Properties | |||||||||||
Stock Issuance | $ 15,500,000 | ||||||||||
Alpine Income Property Trust, Inc. | Common Stock | 2019 Dispositions, Income Properties | |||||||||||
Acquisitions of Income Properties | |||||||||||
Units issued | shares | 815,790 | ||||||||||
Alpine Income Property Trust, Inc. | Disposal Group, Disposed of by Sale, Not Discontinued Operations | 2019 Dispositions, Income Properties, Single-tenant | |||||||||||
Acquisitions of Income Properties | |||||||||||
Number of properties in the disposal group | property | 20 | ||||||||||
Income Property, Multi-tenant, The Grove, Wawa Outparcel, Winter Park, Florida | Disposal Group, Disposed of by Sale, Not Discontinued Operations | 2019 Dispositions, Income Properties | |||||||||||
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 (Loss) on Sale | 2,100,000 | ||||||||||
Income Property, Multi-tenant, 3600 Peterson, Santa Clara, California | Disposal Group, Disposed of by Sale, Not Discontinued Operations | 2019 Dispositions, Income Properties | |||||||||||
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 (Loss) on Sale | $ 9,000,000 | ||||||||||
Income Property, Multi-tenant, The Grove, Winter Park, Florida | Disposal Group, Disposed of by Sale, Not Discontinued Operations | 2019 Dispositions, Income Properties | |||||||||||
Acquisitions of Income Properties | |||||||||||
Sales price | $ 18,300,000 | ||||||||||
Gain on sale of properties (in dollars per share) | $ 0.42 | ||||||||||
Area of real estate property | ft² | 112,000 | ||||||||||
Gain (Loss) on Sale | $ 2,800,000 | ||||||||||
Income Property, Multi-tenant, Whole Foods Market Centre, Sarasota, Florida | Disposal Group, Disposed of by Sale, Not Discontinued Operations | 2019 Dispositions, Income Properties | |||||||||||
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 (Loss) on Sale | $ 6,900,000 |
COMMERCIAL LOAN AND MASTER LE_3
COMMERCIAL LOAN AND MASTER LEASE INVESTMENTS - Summary of Commercial Loan Investments (Details) - USD ($) $ in Thousands | Sep. 25, 2020 | Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Mortgage Loans On Real Estate [Line Items] | |||||
Original Face Amount | $ 38,099 | $ 37,735 | |||
Current Face Amount | 38,099 | 37,735 | |||
Carrying Value | 39,095 | 38,320 | $ 34,625 | ||
Florida | |||||
Mortgage Loans On Real Estate [Line Items] | |||||
Loan Origination | $ 400 | ||||
Term | 25 years | 1 year 6 months | |||
Coupon Rate | 10.00% | ||||
Ground Lease Loan - 400 Josephine Street, Austin, TX | |||||
Mortgage Loans On Real Estate [Line Items] | |||||
Original Face Amount | 16,250 | 16,250 | |||
Current Face Amount | 16,250 | 16,250 | |||
Carrying Value | 17,189 | 16,827 | |||
Master Tenant - Hialeah Lease Loan - Hialeah FL | |||||
Mortgage Loans On Real Estate [Line Items] | |||||
Original Face Amount | 21,085 | 21,085 | |||
Current Face Amount | 21,085 | 21,085 | |||
Carrying Value | 21,148 | 21,101 | |||
Mortgage Note - 4311 Maple Avenue, Dallas, TX | |||||
Mortgage Loans On Real Estate [Line Items] | |||||
Original Face Amount | 400 | 400 | |||
Current Face Amount | 400 | 400 | |||
Carrying Value | $ 394 | $ 392 | |||
Coupon Rate | 7.50% | 7.50% | |||
Mortgage Note - 110 N Beach Street - Daytona Beach, FL | |||||
Mortgage Loans On Real Estate [Line Items] | |||||
Original Face Amount | $ 364 | ||||
Current Face Amount | 364 | ||||
Carrying Value | $ 364 | ||||
Coupon Rate | 10.00% |
COMMERCIAL LOAN AND MASTER LE_4
COMMERCIAL LOAN AND MASTER LEASE INVESTMENTS - Carrying Value (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Current Face Amount | $ 38,099 | $ 37,735 | ||
Imputed Interest over Rent Payments Received | 409 | 399 | $ 194 | |
CECL Reserve | (1,968) | $ (300) | ||
Total Commercial Loan and Master Lease Investments | 39,095 | 38,320 | $ 34,625 | |
Commercial loan and master lease investments | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Current Face Amount | 38,099 | 37,735 | ||
Imputed Interest over Rent Payments Received | 1,002 | 593 | ||
Unaccreted Origination Fees | (2) | (4) | ||
CECL Reserve | (4) | (4) | ||
Total Commercial Loan and Master Lease Investments | $ 39,095 | $ 38,320 |
COMMERCIAL LOAN AND MASTER LE_5
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 | Jun. 30, 2020USD ($)Transactionproperty$ / shares | Jun. 30, 2021USD ($) | Dec. 31, 2020USD ($)aloan$ / shares | Dec. 31, 2021USD ($)a |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Current expected credit losses reserve | $ 300 | $ 1,968 | ||||||
Loss on sale of loans | $ (353) | |||||||
Area of land (in acres) | a | 345 | 84,900 | ||||||
Aggregate outstanding principal balance | $ 2,000 | |||||||
Proceeds from Collection of Loans Receivable | $ 2,000 | |||||||
Florida | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Area of Real Estate Property | ft² | 108,000 | |||||||
Purchase price | $ 21,000 | |||||||
Loan Origination | $ 400 | |||||||
Term | 25 years | 1 year 6 months | ||||||
Coupon Rate | 10.00% | |||||||
Promissory note | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Loan Origination | $ 400 | |||||||
Term | 2 years 6 months | |||||||
Coupon Rate | 7.50% | |||||||
Commercial loan and master lease investments | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Current expected credit losses reserve | $ 4 | $ 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 | |||||||
Loss on sale of loans | $ 400 | $ 2,100 | ||||||
Loss on sale of loans (in dollars per share) | $ / shares | $ 0.06 | $ 0.33 |
RELATED PARTY MANAGEMENT SERV_3
RELATED PARTY MANAGEMENT SERVICES BUSINESS - General Information (Details) $ / shares in Units, $ in Thousands | Dec. 10, 2021USD ($) | Nov. 26, 2019USD ($)propertyshares | Jun. 30, 2021USD ($) | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($)shares | Jan. 07, 2022USD ($)property | Aug. 26, 2021USD ($)$ / shares |
Real Estate [Line Items] | ||||||||
Share purchased | shares | 1,223,854 | 823,878 | ||||||
Purchase price of shares | $ 357 | $ 513 | $ 532 | |||||
Equity Method Investments | 0 | 48,677 | ||||||
Investment in Alpine Income Property Trust, Inc. | $ 41,037 | 30,574 | ||||||
Percentage of investment in PINE | 6.30% | |||||||
Sales price | $ 162,300 | |||||||
Outstanding Principal | 283,034 | 280,500 | ||||||
Gain (Loss) on Extinguishment of Debt | $ (3,431) | $ 1,141 | ||||||
Alpine Income Property Trust, Inc. | ||||||||
Real Estate [Line Items] | ||||||||
Share purchased | shares | 8,088 | |||||||
Purchase price of shares | $ 100 | |||||||
Closing share price (in dollars per share) | $ / shares | $ 17.65 | |||||||
Investment in Alpine Income Property Trust, Inc. | $ 41,000 | |||||||
Percentage of investment in PINE | 15.60% | |||||||
Private placement | ||||||||
Real Estate [Line Items] | ||||||||
Share purchased | shares | 394,737 | |||||||
Purchase price of shares | $ 7,500 | |||||||
IPO Purchase | ||||||||
Real Estate [Line Items] | ||||||||
Share purchased | shares | 815,790 | 815,790 | ||||||
IPO Purchase | Alpine Income Property Trust, Inc. | ||||||||
Real Estate [Line Items] | ||||||||
Share purchased | shares | 421,053 | |||||||
Purchase price of shares | $ 8,000 | |||||||
OP Units | Alpine Income Property Trust, Inc. | ||||||||
Real Estate [Line Items] | ||||||||
Share purchased | shares | 1,223,854 | |||||||
2022 Acquisitions | Subsequent Event | ||||||||
Real Estate [Line Items] | ||||||||
Number of real estate properties | property | 1 | |||||||
Sales price | $ 6,900 | |||||||
Land JV | ||||||||
Real Estate [Line Items] | ||||||||
Management fee revenue earned | $ 100 | $ 200 | $ 100 | |||||
Equity Method Investments | 41,765 | |||||||
Percentage of investment in PINE | 33.50% | |||||||
Management fee revenue earned per month | $ 20 | 20,000 | ||||||
Monthly management fee | $ 10 | $ 10,000 | ||||||
Management Agreement PINE | ||||||||
Real Estate [Line Items] | ||||||||
Percentage of base management fee | 0.375% | |||||||
Management fee (as a percent) | 1.50% | |||||||
Percentage of cumulative annual hurdle rate | 8.00% | |||||||
Amount of threshold incentive fee | $ 0 | |||||||
Percentage of multiply factor | 15.00% | |||||||
Amount of incentive fee | $ 0 | 0 | ||||||
Management fee revenue earned | 3,200 | 2,600 | 300 | |||||
Proceeds from Dividends Received | $ 2,100 | $ 1,700 | $ 100 | |||||
Alpine | ||||||||
Real Estate [Line Items] | ||||||||
Number of properties sold | property | 15 | |||||||
Aggregate cash consideration | $ 125,900 | |||||||
Share purchased | shares | 823,878 | |||||||
Amount of shares authorized for purchase by the board | $ 5,000 | |||||||
Closing share price (in dollars per share) | $ / shares | $ 17.65 | $ 17.75 | ||||||
Alpine | Mortgage Notes Payable Under CMBS Portfolio | ||||||||
Real Estate [Line Items] | ||||||||
Real estate acquired purchase price | $ 44,500 | |||||||
Outstanding Principal | 30,000 | |||||||
Gain (Loss) on Extinguishment of Debt | 500 | |||||||
Alpine | Mortgage Notes Payable Under CMBS Portfolio | Income Property Single Tenant | ||||||||
Real Estate [Line Items] | ||||||||
Real estate acquired purchase price | $ 11,500 | |||||||
Alpine | IPO Purchase | ||||||||
Real Estate [Line Items] | ||||||||
Number of contributed properties | property | 5 | |||||||
Aggregate of OP units | shares | 1,223,854 | |||||||
Initial value | $ 23,300 |
RELATED PARTY MANAGEMENT SERV_4
RELATED PARTY MANAGEMENT SERVICES BUSINESS - Summary of Amounts Due (Details) - Management Agreement PINE - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Real Estate [Line Items] | ||
Management Services Fee due from PINE | $ 913 | $ 631 |
Dividend receivable | 330 | |
Other | 410 | 35 |
Total | $ 1,653 | $ 666 |
REAL ESTATE OPERATIONS - Land a
REAL ESTATE OPERATIONS - Land and Development Costs (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
REAL ESTATE OPERATIONS | ||
Land and Development Costs | $ 358 | $ 6,377 |
Subsurface Interests | 334 | 706 |
Total Land and Development Costs | $ 692 | $ 7,083 |
REAL ESTATE OPERATIONS - Real E
REAL ESTATE OPERATIONS - Real Estate Operations Revenues (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues | |||
Subsurface Revenue | $ 4,724 | $ 638 | $ 748 |
Revenue from contract with customer, including assessed tax | 13,427 | 650 | 852 |
Discontinued operations | |||
Revenues | |||
Revenue from contract with customer, including assessed tax | 11,043 | ||
Mitigation Credit Sales | |||
Revenues | |||
Revenue from contract with customer, including assessed tax | 708 | 6 | |
Mitigation Credit Sales | Real Estate Operations | |||
Revenues | |||
Revenue from contract with customer, including assessed tax | 708 | 6 | |
Land Sales Revenue | |||
Revenues | |||
Revenue from contract with customer, including assessed tax | 7,995 | ||
Land Sales Revenue | Discontinued operations | |||
Revenues | |||
Revenue from contract with customer, including assessed tax | 10,975 | ||
Land Sales Revenue | Real Estate Operations | |||
Revenues | |||
Revenue from contract with customer, including assessed tax | $ 7,995 | ||
Fill Dirt and Other Revenue | |||
Revenues | |||
Revenue from contract with customer, including assessed tax | 6 | 104 | |
Fill Dirt and Other Revenue | Real Estate Operations | |||
Revenues | |||
Revenue from contract with customer, including assessed tax | $ 6 | 104 | |
Agriculture | Discontinued operations | |||
Revenues | |||
Revenue from contract with customer, including assessed tax | $ 68 |
REAL ESTATE OPERATIONS - Dayton
REAL ESTATE OPERATIONS - Daytona Beach (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2021USD ($)a | Dec. 31, 2019USD ($) | Dec. 31, 2021a | Dec. 31, 2020a | |
Land and subsurface interests | ||||
Area of land (in acres) | a | 84,900 | 345 | ||
Gain on Sale | $ 133,000 | |||
Land Parcel with Structures Beach Property | ||||
Land and subsurface interests | ||||
Area of land (in acres) | a | 6 | |||
Contiguous Parcels Beach Property | ||||
Land and subsurface interests | ||||
Acquisition of property | $ 4,100 | |||
Gain on Sale | 200 | |||
Daytona Beach Development | ||||
Land and subsurface interests | ||||
Raze and entitlement cost | 1,600 | |||
Sale price | $ 6,250 |
REAL ESTATE OPERATIONS - Mitiga
REAL ESTATE OPERATIONS - Mitigation Credits (Details) $ in Thousands | Sep. 30, 2022USD ($) | Dec. 31, 2020USD ($) | Sep. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2021USD ($)item | Dec. 31, 2020USD ($)item | Dec. 31, 2019USD ($)item | Dec. 10, 2021 | Sep. 30, 2021 |
Real Estate Properties [Line Items] | |||||||||
Equity method investment, ownership percentage (as a percent) | 6.30% | ||||||||
Number of mitigation credits sold | item | 6 | ||||||||
Mitigation credits, acquired | $ 600 | $ 1,500 | $ 1,500 | ||||||
Asset Acquisition, Interest Purchase Amount Allocated to Mitigation Credits | $ 15,600 | ||||||||
Increase in mitigation credits and mitigation credit rights | $ 15,750 | $ (3,323) | $ 1,861 | ||||||
Investment mitigation credits assets | 2,622 | $ 3,702 | 2,622 | ||||||
Mitigation credits, cost basis | $ 2,900 | ||||||||
Number of mitigation credits accrued | item | 2 | ||||||||
Mitigation credits accrued as an expense | $ 100 | ||||||||
Number of Mitigation Credits Acquired | item | 42 | 0 | |||||||
Mitigation credits value per credit | $ 75,000 | $ 75,000 | $ 75,000 | ||||||
Aggregate cost of sales | $ 75,000 | 3,100 | |||||||
Amount of Mitigation Credits With Cost Basis | 700 | 100 | |||||||
Mitigation credits sold | 500 | ||||||||
Maximum | |||||||||
Real Estate Properties [Line Items] | |||||||||
Amount of Mitigation Credits With Cost Basis | $ 100 | ||||||||
Mitigation Bank | |||||||||
Real Estate Properties [Line Items] | |||||||||
Mitigation credits, acquired | 900 | ||||||||
Asset Acquisition, Consideration Transferred, Contingent Consideration | 18,000 | ||||||||
Asset Retained Interest, Previously Recorded Value | 6,900 | ||||||||
Mitigation credit and mitigation credit rights | 24,700 | ||||||||
Increase in mitigation credits and mitigation credit rights | $ 22,100 | ||||||||
Mitigation credit rights acquired | $ 21,600 | ||||||||
Number of Mitigation Credits Acquired | item | 2 | ||||||||
Mitigation Credits Purchased | $ 200 | ||||||||
Land JV | |||||||||
Real Estate Properties [Line Items] | |||||||||
Equity method investment, ownership percentage (as a percent) | 33.50% | ||||||||
Number of Mitigation Credits With Cost Basis | item | 31 | ||||||||
Amount of Mitigation Credits With Cost Basis | $ 100 | ||||||||
Land JV | Mitigation Bank | |||||||||
Real Estate Properties [Line Items] | |||||||||
Equity method investment, ownership percentage (as a percent) | 100.00% |
REAL ESTATE OPERATIONS - Subsur
REAL ESTATE OPERATIONS - Subsurface Interests (Details) $ in Thousands | 12 Months Ended | 36 Months Ended | ||
Dec. 31, 2021USD ($)a | Dec. 31, 2020USD ($)a | Dec. 31, 2019USD ($) | Dec. 31, 2021USD ($)a | |
Subsurface interests | ||||
Area of land (in acres) | a | 84,900 | 345 | 84,900 | |
Revenue from contract with customer, including assessed tax | $ 13,427 | $ 650 | $ 852 | |
Lease revenue | 50,679 | 49,953 | 41,956 | |
Subsurface Revenue - Other | ||||
Subsurface interests | ||||
Revenue from contract with customer, including assessed tax | $ 4,724 | 638 | 150 | |
Royalty | ||||
Subsurface interests | ||||
Area of land (in acres) | a | 800 | 800 | ||
Revenue from contract with customer, including assessed tax | $ 100 | |||
Subsurface Revenue, Lease | ||||
Subsurface interests | ||||
Lease revenue | 598 | |||
Subsurface Interests | ||||
Subsurface interests | ||||
Revenue from contract with customer, including assessed tax | 400 | 0 | ||
Surface land over subsurface interests | ||||
Subsurface interests | ||||
Area of land (in acres) | a | 370,000 | 370,000 | ||
Revenue recognized for cash payments for the release of surface entry rights | $ 100 | 200 | 100 | |
Surface land over subsurface interests | Lease Revenue [Member] | ||||
Subsurface interests | ||||
Lease revenue | 0 | 0 | 600 | |
Real Estate Operations | Subsurface Revenue - Other | ||||
Subsurface interests | ||||
Revenue from contract with customer, including assessed tax | 4,724 | $ 638 | 150 | |
Real Estate Operations | Subsurface Revenue, Land Sales | ||||
Subsurface interests | ||||
Revenue from contract with customer, including assessed tax | $ 4,600 | |||
Real Estate Operations | Subsurface Revenue, Lease | ||||
Subsurface interests | ||||
Lease revenue | $ 598 |
REAL ESTATE OPERATIONS - Land I
REAL ESTATE OPERATIONS - Land Impairments and Discontinued Operations (Details) | Dec. 10, 2021USD ($)a | Oct. 16, 2019a | Dec. 31, 2021USD ($) | Jun. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($)item | Dec. 31, 2019USD ($)aTransaction | Dec. 31, 2021USD ($) |
Land and development costs and subsurface interests | ||||||||||
Number of land sale transactions | Transaction | 5 | |||||||||
No. of Acres | a | 5,400 | |||||||||
Gross Sales Price | $ 108,000,000 | |||||||||
Gain on Sale | 133,000,000 | |||||||||
Gain on disposal per share | 20.60 | |||||||||
Impairment Charges | $ 17,599,000 | $ 9,147,000 | ||||||||
Undeveloped land | ||||||||||
Land and development costs and subsurface interests | ||||||||||
Impairment Charges | 7,200,000 | |||||||||
Daytona Beach Development | ||||||||||
Land and development costs and subsurface interests | ||||||||||
Impairment Charges | $ 100,000 | $ 100,000 | ||||||||
Land JV | ||||||||||
Land and development costs and subsurface interests | ||||||||||
Number of land sale transactions | item | 1 | |||||||||
No. of Acres | a | 1,600 | |||||||||
Area of land sales as a percentage of land holdings | 33.50% | |||||||||
Gross Sales Price | $ 80,700,000 | 48,900,000 | $ 147,000,000 | |||||||
Proceeds from sale of land | $ 24,500,000 | $ 24,500,000 | ||||||||
Final sales price | $ 66,300,000 | |||||||||
Impairment Charges | $ 1,100,000 | $ 16,500,000 | 17,600,000 | $ 7,100,000 | ||||||
Land JV | Daytona Beach Development | ||||||||||
Land and development costs and subsurface interests | ||||||||||
No. of Acres | a | 5,300 | |||||||||
Impairment Charges | 7,100,000 | |||||||||
Income Properties | ||||||||||
Land and development costs and subsurface interests | ||||||||||
Impairment Charges | 0 | 0 | 0 | |||||||
Undeveloped Land in Daytona Beach, Florida, Along Interstate 95 | ||||||||||
Land and development costs and subsurface interests | ||||||||||
Impairment Charges | 17,600,000 | $ 7,200,000 | ||||||||
Undeveloped Land in Daytona Beach, Florida, Along Interstate 95 | Land JV | ||||||||||
Land and development costs and subsurface interests | ||||||||||
Impairment Charges | $ 1,100,000 | $ 16,500,000 | $ 17,600,000 | |||||||
Magnetar Land Sale | ||||||||||
Land and development costs and subsurface interests | ||||||||||
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 | Dec. 31, 2021 | Dec. 31, 2020 |
Equity Method Investment, Financial Statement, Reported Amounts [Abstract] | ||
Equity method investments | $ 0 | $ 48,677 |
Land JV | ||
Equity Method Investment, Financial Statement, Reported Amounts [Abstract] | ||
Equity method investments | 41,765 | |
Mitigation Bank | ||
Equity Method Investment, Financial Statement, Reported Amounts [Abstract] | ||
Equity method investments | $ 6,912 |
INVESTMENT IN JOINT VENTURES _2
INVESTMENT IN JOINT VENTURES - Summarized Financial Information - Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Equity Method Investment, Summarized Financial Information [Abstract] | ||||
Cash and Cash Equivalents | $ 8,615 | $ 4,289 | $ 6,475 | |
Mitigation Credits | 3,702 | 2,622 | ||
Total Assets | 733,139 | 666,700 | ||
Liabilities | 302,659 | 315,801 | ||
Equity | 430,480 | 350,899 | $ 285,413 | $ 211,762 |
Total Liabilities and Shareholders' Equity | $ 733,139 | 666,700 | ||
Land JV | ||||
Equity Method Investment, Summarized Financial Information [Abstract] | ||||
Cash and Cash Equivalents | 802 | |||
Prepaid expenses | 117 | |||
Investment in land assets | 5,658 | |||
Total Assets | 6,577 | |||
Liabilities | 228 | |||
Equity | 6,349 | |||
Total Liabilities and Shareholders' Equity | 6,577 | |||
Mitigation Bank | ||||
Equity Method Investment, Summarized Financial Information [Abstract] | ||||
Cash and Cash Equivalents | 1,890 | |||
Prepaid expenses | 20 | |||
Mitigation Credits | 1,409 | |||
Property, Plant and Equipment, Net | 14 | |||
Total Assets | 3,333 | |||
Liabilities | 17 | |||
Equity | 3,316 | |||
Total Liabilities and Shareholders' Equity | $ 3,333 |
INVESTMENT IN JOINT VENTURES _3
INVESTMENT IN JOINT VENTURES - Summarized Financial Information - Statement of Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Equity Method Investment, Summarized Financial Information [Abstract] | |||
Total Revenues | $ 70,272 | $ 56,381 | $ 44,941 |
Total Direct Cost of Revenues | (22,430) | (15,211) | (7,105) |
Operating Income | 23,345 | 12,280 | 34,199 |
Net Income | 29,940 | 78,509 | 114,973 |
Land JV | |||
Equity Method Investment, Summarized Financial Information [Abstract] | |||
Total Revenues | 67,367 | 65,446 | 14,635 |
Total Direct Cost of Revenues | (8,867) | (13,012) | (1,268) |
Operating Income | 58,500 | 52,434 | 13,367 |
Other Operating Expenses | (376) | (462) | (90) |
Net Income | 58,124 | 51,972 | 13,277 |
Mitigation Bank | |||
Equity Method Investment, Summarized Financial Information [Abstract] | |||
Total Revenues | 512 | 4,109 | 1,922 |
Total Direct Cost of Revenues | (16) | (167) | (76) |
Operating Income | 496 | 3,942 | 1,846 |
Other Operating Expenses | (162) | (175) | (197) |
Net Income | $ 334 | $ 3,767 | $ 1,649 |
INVESTMENT IN JOINT VENTURES _4
INVESTMENT IN JOINT VENTURES - Adjustments (Details) - USD ($) $ in Thousands | Dec. 10, 2021 | Jun. 30, 2018 | Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2021 | Sep. 30, 2021 |
Schedule of Equity Method Investments [Line Items] | ||||||||
Investment in Joint Ventures | $ 48,677 | |||||||
Equity method investment, ownership percentage (as a percent) | 6.30% | 6.30% | ||||||
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% | 70.00% | ||||||
Interest in the joint venture (as a percent) | 70.00% | |||||||
Equity method investment, ownership percentage (as a percent) | 30.00% | 30.00% | ||||||
Land JV | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Income (loss) from equity method investments | $ 0 | $ 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% | 33.50% | 33.50% | |||||
Equity method investment, ownership percentage (as a percent) | 33.50% |
INVESTMENT IN JOINT VENTURES _5
INVESTMENT IN JOINT VENTURES - General information (Details) $ in Thousands | Dec. 10, 2021USD ($) | Nov. 26, 2019shares | Jun. 30, 2018USD ($) | Dec. 31, 2021USD ($)item | Jun. 30, 2021USD ($) | Dec. 31, 2020USD ($)item | Sep. 30, 2020USD ($) | Mar. 31, 2020USD ($)item | Jun. 30, 2021 | Sep. 30, 2021USD ($) | Dec. 31, 2021USD ($)itemshares | Dec. 31, 2020USD ($)item | Dec. 31, 2019USD ($) | Dec. 31, 2021USD ($)item |
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Gain on Sale | $ 133,000 | |||||||||||||
Units issued | shares | 1,223,854 | 823,878 | ||||||||||||
Stock Issuance | $ 357 | $ 513 | 532 | |||||||||||
Gross Sales Price | 108,000 | |||||||||||||
Land and Development Costs | $ 692 | $ 7,083 | 692 | 7,083 | $ 692 | |||||||||
Impairment Charges | $ 17,599 | 9,147 | ||||||||||||
Investment in Joint Ventures | 48,677 | 48,677 | ||||||||||||
Equity method investment, ownership percentage (as a percent) | 6.30% | 6.30% | 6.30% | |||||||||||
Capital Expenditures | $ 256,854 | 196,029 | 187,526 | |||||||||||
Cash and Cash Equivalents | $ 8,615 | 4,289 | 8,615 | 4,289 | 6,475 | $ 8,615 | ||||||||
Migration credits | 3,702 | 2,622 | 3,702 | 2,622 | 3,702 | |||||||||
Mitigation credits, Put Right, fair value | $ 6,900 | $ 6,900 | ||||||||||||
Mitigation credits, exercised Put Right | item | 48 | |||||||||||||
Number of mitigation credits | item | 8 | 20 | 13.31 | |||||||||||
Mitigation credits, acquired | $ 600 | $ 1,500 | $ 1,500 | |||||||||||
Mitigation credits value per credit | $ 75,000 | $ 75,000 | $ 75,000 | |||||||||||
Mitigation Credit Rights | 21,018 | $ 21,018 | 21,018 | |||||||||||
Aggregate cost of sales | $ 75,000 | 3,100 | ||||||||||||
Mitigation Bank | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Equity interest acquired | 70.00% | |||||||||||||
Acquired price | $ 18,000 | |||||||||||||
Capital Expenditures | 16,100 | |||||||||||||
Cash | 1,900 | |||||||||||||
Previously recorded value | 6,900 | |||||||||||||
Total cost | 24,900 | |||||||||||||
Cash and Cash Equivalents | 1,800 | |||||||||||||
Restricted cash | 600 | |||||||||||||
Migration credits | 900 | |||||||||||||
Mitigation Credit Rights | $ 21,600 | |||||||||||||
Mitigation Bank | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Sale of interest in joint venture | 70.00% | 70.00% | ||||||||||||
Interest in the joint venture (as a percent) | 70.00% | |||||||||||||
Investment in Joint Ventures | $ 6,800 | |||||||||||||
Equity method investment, ownership percentage (as a percent) | 30.00% | 30.00% | ||||||||||||
Mitigation credits, Operating Agreement, credit sales, Minimum Sales Requirement, minimum revenue, net of commissions | $ 6,000 | $ 6,000 | $ 6,000 | |||||||||||
Mitigation credits, Operating Agreement, credit sales, Minimum Sales Requirement, maximum credits, number | item | 60 | 60 | 60 | |||||||||||
Mitigation credits, Operating Agreement, credit sales, Minimum Sales Guarantee, fair value | $ 100 | |||||||||||||
Mitigation credits, Put Right, maximum credits the Company must purchase, per quarter, number | instrument | 8.536 | |||||||||||||
Mitigation credits, Put Right, maximum credits the Company must purchase, per quarter, price to fair value (as a percent) | 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 | |||||||||||||
Mitigation credits, Put Right, maximum potential future payments | $ 27,000 | |||||||||||||
Mitigation credits, Put Right, fair value | $ 200 | |||||||||||||
Mitigation Bank | Mitigation Bank | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Gross Sales Price | 6,900 | |||||||||||||
Land JV | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Sale of interest in joint venture | 66.50% | |||||||||||||
Interest in the joint venture (as a percent) | 33.50% | 33.50% | 33.50% | |||||||||||
Gross Sales Price | $ 80,700 | $ 48,900 | $ 147,000 | |||||||||||
Final sales price | $ 66,300 | |||||||||||||
Proceeds from sale of land | $ 24,500 | $ 24,500 | ||||||||||||
Impairment Charges | $ 1,100 | $ 16,500 | 17,600 | $ 7,100 | ||||||||||
Investment in Joint Ventures | $ 48,900 | 48,900 | $ 48,900 | |||||||||||
Equity method investment, ownership percentage (as a percent) | 33.50% | |||||||||||||
Monthly management fee | $ 10 | 10,000 | ||||||||||||
Management fee revenue earned per month | $ 20 | $ 20,000 |
INVESTMENT SECURITIES - General
INVESTMENT SECURITIES - General Information (Details) - USD ($) $ / shares in Units, $ in Thousands | Nov. 26, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Aug. 26, 2021 |
Marketable Securities [Line Items] | |||||
Share purchased | 1,223,854 | 823,878 | |||
Purchase price of shares | $ 357 | $ 513 | $ 532 | ||
Equity Method Investments | $ 0 | 48,677 | |||
Equity method investment, ownership percentage (as a percent) | 6.30% | ||||
Investment in Alpine Income Property Trust, Inc. | $ 41,037 | $ 30,574 | |||
Alpine Income Property Trust, Inc. | |||||
Marketable Securities [Line Items] | |||||
Share purchased | 8,088 | ||||
Number of shares owned | 2,050,000 | ||||
Purchase price of shares | $ 100 | ||||
Closing share price (in dollars per share) | $ 17.65 | ||||
Equity method investment, ownership percentage (as a percent) | 15.60% | ||||
Investment in Alpine Income Property Trust, Inc. | $ 41,000 | ||||
Alpine Income Property Trust, Inc. | OP Units | |||||
Marketable Securities [Line Items] | |||||
Purchase price of shares | $ 23,300 | ||||
Equity method investment, ownership percentage (as a percent) | 9.30% | ||||
Alpine | |||||
Marketable Securities [Line Items] | |||||
Share purchased | 823,878 | ||||
Closing share price (in dollars per share) | $ 17.65 | $ 17.75 | |||
Private placement | |||||
Marketable Securities [Line Items] | |||||
Share purchased | 394,737 | ||||
Purchase price of shares | $ 7,500 | ||||
IPO Purchase | |||||
Marketable Securities [Line Items] | |||||
Share purchased | 815,790 | 815,790 | |||
IPO Purchase | Alpine Income Property Trust, Inc. | |||||
Marketable Securities [Line Items] | |||||
Share purchased | 421,053 | ||||
Purchase price of shares | $ 8,000 | ||||
OP Units | Alpine Income Property Trust, Inc. | |||||
Marketable Securities [Line Items] | |||||
Share purchased | 1,223,854 |
INVESTMENT SECURITIES - Tabular
INVESTMENT SECURITIES - Tabular Disclosure (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Securities, Trading, and Equity Securities, FV-NI [Abstract] | ||
Cost | $ 38,896 | $ 38,753 |
Unrealized Gains inInvestment Income | 2,141 | |
Unrealized Losses in Investment Income | (8,179) | |
Estimated Fair Value (Level 1 Inputs) | 41,037 | 30,574 |
Common Stock | ||
Debt Securities, Trading, and Equity Securities, FV-NI [Abstract] | ||
Cost | 15,643 | 15,500 |
Unrealized Gains inInvestment Income | 868 | |
Unrealized Losses in Investment Income | (3,271) | |
Estimated Fair Value (Level 1 Inputs) | 16,511 | 12,229 |
Operating Units | ||
Debt Securities, Trading, and Equity Securities, FV-NI [Abstract] | ||
Cost | 23,253 | 23,253 |
Unrealized Gains inInvestment Income | 1,273 | |
Unrealized Losses in Investment Income | (4,908) | |
Estimated Fair Value (Level 1 Inputs) | $ 24,526 | $ 18,345 |
FAIR VALUE OF FINANCIAL INSTR_3
FAIR VALUE OF FINANCIAL INSTRUMENTS - Carrying Value and Estimated Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Carrying Value | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Carrying value and estimated fair value of financial instruments | ||
Cash and Cash Equivalents | $ 8,615 | $ 4,289 |
Restricted Cash | 22,734 | 29,536 |
Carrying Value | Significant Other Observable Inputs (Level 2) [Member] | ||
Carrying value and estimated fair value of financial instruments | ||
Commercial Loan Investments | 39,095 | 38,320 |
Long-Term Debt | 278,273 | 273,830 |
Estimated Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Carrying value and estimated fair value of financial instruments | ||
Cash and Cash Equivalents | 8,615 | 4,289 |
Restricted Cash | 22,734 | 29,536 |
Estimated Fair Value | Significant Other Observable Inputs (Level 2) [Member] | ||
Carrying value and estimated fair value of financial instruments | ||
Commercial Loan Investments | 39,109 | 38,318 |
Long-Term Debt | $ 288,000 | $ 282,884 |
FAIR VALUE OF FINANCIAL INSTR_4
FAIR VALUE OF FINANCIAL INSTRUMENTS - Measured on a Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 12, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Nov. 05, 2021 | Aug. 31, 2021 | Mar. 31, 2021 | Mar. 10, 2021 |
Fair value of assets | ||||||||
Cash Flow Hedge - Interest Rate Swap | $ 1,543 | |||||||
Interest rate (as a percent) | 0.73% | 0.77% | 0.73% | 0.22% | ||||
Notional amount | $ 23,200 | $ 100,000 | $ 15,000 | $ 100,000 | $ 50,000 | |||
Payoff of variable-rate mortgage loan | 283,519 | $ 72,269 | $ 103,073 | |||||
Wells Fargo Mortgage Loan | ||||||||
Fair value of assets | ||||||||
Payoff of variable-rate mortgage loan | $ 23,200 | 23,200 | ||||||
Recurring basis | ||||||||
Fair value of assets | ||||||||
Cash Flow Hedge - Interest Rate Swap | 41,037 | 30,574 | ||||||
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||||||
Fair value of assets | ||||||||
Cash Flow Hedge - Interest Rate Swap | 41,037 | 30,574 | ||||||
Recurring basis | 2026 Term Loan One [Member] | Interest Rate Swap | ||||||||
Fair value of assets | ||||||||
Cash Flow Hedge - Interest Rate Swap | 240 | (50) | ||||||
Recurring basis | 2026 Term Loan One [Member] | Interest Rate Swap | Significant Other Observable Inputs (Level 2) [Member] | ||||||||
Fair value of assets | ||||||||
Cash Flow Hedge - Interest Rate Swap | 240 | (50) | ||||||
Recurring basis | 2027 Term Loan Two [Member] | Interest Rate Swap | ||||||||
Fair value of assets | ||||||||
Cash Flow Hedge - Interest Rate Swap | 550 | |||||||
Recurring basis | 2027 Term Loan Two [Member] | Interest Rate Swap | Significant Other Observable Inputs (Level 2) [Member] | ||||||||
Fair value of assets | ||||||||
Cash Flow Hedge - Interest Rate Swap | 550 | |||||||
Recurring basis | Credit Facility | Interest Rate Swap | ||||||||
Fair value of assets | ||||||||
Cash Flow Hedge - Interest Rate Swap | 727 | (1,772) | ||||||
Recurring basis | Credit Facility | Interest Rate Swap | Significant Other Observable Inputs (Level 2) [Member] | ||||||||
Fair value of assets | ||||||||
Cash Flow Hedge - Interest Rate Swap | $ 727 | (1,772) | ||||||
Recurring basis | Wells Fargo Mortgage Note Payable [Member] | Interest Rate Swap | ||||||||
Fair value of assets | ||||||||
Cash Flow Hedge - Interest Rate Swap | (88) | |||||||
Recurring basis | Wells Fargo Mortgage Note Payable [Member] | Interest Rate Swap | Significant Other Observable Inputs (Level 2) [Member] | ||||||||
Fair value of assets | ||||||||
Cash Flow Hedge - Interest Rate Swap | $ (88) |
FAIR VALUE OF FINANCIAL INSTR_5
FAIR VALUE OF FINANCIAL INSTRUMENTS - Assets Measured on a Nonrecurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
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, 2021 | Dec. 31, 2020 |
Intangible Assets And Liabilities [Line Items] | ||
Sub-total Intangible Lease Assets | $ 100,965 | $ 68,447 |
Accumulated Amortization | (21,473) | (18,271) |
Total | 79,492 | 50,176 |
Intangible Lease Liabilities (Included in Accrued and Other Liabilities): | ||
Value of Below Market In-Place Leases | (6,942) | (36,817) |
Sub-total Intangible Lease Liabilities-Net | (6,942) | (36,817) |
Accumulated Amortization | 1,341 | 12,654 |
Total | (5,601) | (24,163) |
Total Intangible Assets and Liabilities-Net | 73,891 | 26,013 |
Value of In-Place Leases [Member] | ||
Intangible Assets And Liabilities [Line Items] | ||
Sub-total Intangible Lease Assets | 59,293 | 44,558 |
Value of Above Market In-Place Leases [Member] | ||
Intangible Assets And Liabilities [Line Items] | ||
Sub-total Intangible Lease Assets | 23,216 | 10,604 |
Value of Intangible Leasing Costs [Member] | ||
Intangible Assets And Liabilities [Line Items] | ||
Sub-total Intangible Lease Assets | $ 18,456 | $ 13,285 |
INTANGIBLE ASSETS AND LIABILI_3
INTANGIBLE ASSETS AND LIABILITIES - Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Intangible Assets And Liabilities | |||
Net amortization increase (decrease) | $ 14,500 | ||
Net increase in intangible assets and liabilities | 47,900 | ||
Below market lease value | 5,601 | $ 24,163 | |
Income Property, Wells Fargo, Raleigh, North Carolina | |||
Intangible Assets And Liabilities | |||
Below market lease value | 19,900 | ||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Income Property, Wells Fargo, Raleigh, North Carolina | |||
Intangible Assets And Liabilities | |||
Increase from acquisitions | 29,900 | ||
Value of In-Place Leases [Member] | |||
Intangible Assets And Liabilities | |||
Increase from acquisitions | 14,700 | ||
Value of Above Market In-Place Leases [Member] | |||
Intangible Assets And Liabilities | |||
Increase from acquisitions | 12,600 | ||
Value of Intangible Leasing Costs [Member] | |||
Intangible Assets And Liabilities | |||
Increase from acquisitions | 5,200 | ||
Value of Below Market In-Place Leases | |||
Intangible Assets And Liabilities | |||
Increase from acquisitions | $ 29,900 | ||
Value of Below Market In-Place Leases | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Income Property, Wells Fargo, Raleigh, North Carolina | |||
Intangible Assets And Liabilities | |||
Increase from acquisitions | $ 31,600 |
INTANGIBLE ASSETS AND LIABILI_4
INTANGIBLE ASSETS AND LIABILITIES - Amortization (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
INTANGIBLE ASSETS AND LIABILITIES | |||
Amortization Expense | $ 8,264 | $ 7,805 | $ 5,854 |
Accretion to Income Properties Revenue | (404) | (1,754) | (2,383) |
Net Amortization of Intangible Assets and Liabilities | $ 7,860 | $ 6,051 | $ 3,471 |
INTANGIBLE ASSETS AND LIABILI_5
INTANGIBLE ASSETS AND LIABILITIES - Summary of Estimated Amortization and Accretion (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Future Amortization Amount | ||
Total | $ 79,492 | $ 50,176 |
Future Accretion to Income Property Revenue | ||
Total | (5,601) | $ (24,163) |
Net Future Amortization of Intangible Assets and Liabilities | ||
2022 | 11,399 | |
2023 | 11,309 | |
2024 | 11,383 | |
2025 | 9,603 | |
2026 | 8,343 | |
2027 and Thereafter | 21,854 | |
Total | 73,891 | |
Future Amortization | ||
Future Amortization Amount | ||
2022 | 9,506 | |
2023 | 9,392 | |
2024 | 9,381 | |
2025 | 7,554 | |
2026 | 6,438 | |
2027 and Thereafter | 18,250 | |
Total | 60,521 | |
Future Accretion to Income Property Revenue | ||
Future Accretion to Income Property Revenue | ||
2022 | 1,893 | |
2023 | 1,917 | |
2024 | 2,002 | |
2025 | 2,049 | |
2026 | 1,905 | |
2027 and Thereafter | 3,604 | |
Total | $ 13,370 |
INTANGIBLE ASSETS AND LIABILI_6
INTANGIBLE ASSETS AND LIABILITIES - Weighted Average Amortization Period (Details) | 12 Months Ended |
Dec. 31, 2021 | |
INTANGIBLE ASSETS AND LIABILITIES | |
Weighted average amortization period of intangible assets | 7 years 9 months 18 days |
Weighted average amortization period of intangible liabilities | 8 years 8 months 12 days |
IMPAIRMENT OF LONG-LIVED ASSE_2
IMPAIRMENT OF LONG-LIVED ASSETS (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2021 | Jun. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Impairment of Long-Lived Assets | ||||||
Impairment Charges | $ 17,599 | $ 9,147 | ||||
Land JV | ||||||
Impairment of Long-Lived Assets | ||||||
Impairment Charges | $ 1,100 | $ 16,500 | 17,600 | 7,100 | ||
Daytona Beach Development | ||||||
Impairment of Long-Lived Assets | ||||||
Impairment Charges | $ 100 | 100 | ||||
Daytona Beach Development | Land JV | ||||||
Impairment of Long-Lived Assets | ||||||
Impairment Charges | 7,100 | |||||
Income Properties | ||||||
Impairment of Long-Lived Assets | ||||||
Impairment Charges | 0 | 0 | $ 0 | |||
Undeveloped Land in Daytona Beach, Florida, Along Interstate 95 | ||||||
Impairment of Long-Lived Assets | ||||||
Impairment Charges | 17,600 | $ 7,200 | ||||
Undeveloped Land in Daytona Beach, Florida, Along Interstate 95 | Land JV | ||||||
Impairment of Long-Lived Assets | ||||||
Impairment Charges | $ 1,100 | $ 16,500 | $ 17,600 |
OTHER ASSETS (Details)
OTHER ASSETS (Details) $ in Thousands | Dec. 31, 2021USD ($)installment | Dec. 31, 2020USD ($) |
Other Assets | ||
Income Property Tenant Receivables | $ 885 | $ 2,330 |
Income Property Straight-line Rent Adjustment and Covid-19 Deferral Balance | 5,180 | 4,686 |
Operating Leases, Right-of-Use Asset | $ 168 | $ 246 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Total Other Assets | Total Other Assets |
Golf Rounds Surcharge | $ 338 | $ 454 |
Cash Flow Hedge - Interest Rate Swap | 1,543 | |
Infrastructure Reimbursement Receivables | 1,080 | 1,336 |
Prepaid Expenses, Deposits, and Other | 3,526 | 1,693 |
Due from Alpine Income Property Trust, Inc. | 1,653 | 666 |
Financing Costs, Net of Accumulated Amortization | 524 | 769 |
Total Other Assets | 14,897 | 12,180 |
COVID-19 | ||
Other Assets | ||
Income Property Straight-line Rent Adjustment and Covid-19 Deferral Balance | 100 | $ 1,000 |
Tanger | ||
Other Assets | ||
Infrastructure Reimbursement Receivables | $ 800 | |
Number of installments to repay infrastructure reimbursement receivable | installment | 5 | |
Infrastructure reimbursement receivables, installment payment amounts | $ 200 | |
Infrastructure reimbursement receivable, discount | $ 100 | |
Sam's Club | ||
Other Assets | ||
Number of installments to repay infrastructure reimbursement receivable | installment | 3 | |
Infrastructure reimbursement receivables, installment payment amounts | $ 100 | |
Infrastructure reimbursement receivable, discount | 300 | |
Sam's Club | Maximum | ||
Other Assets | ||
Infrastructure reimbursement receivable, discount | $ 30 |
EQUITY - General Information (D
EQUITY - General Information (Details) - USD ($) $ / shares in Units, $ in Thousands | Jun. 28, 2021 | Jun. 07, 2021 | Apr. 30, 2021 | Nov. 26, 2019 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2021 | Apr. 01, 2021 |
Class of Stock [Line Items] | ||||||||||
Common Stock, shares authorized | 500,000,000 | 25,000,000 | ||||||||
Common Stock, par value (in dollars per share) | $ 0.01 | $ 1 | ||||||||
Preferred stock, shares authorized | 100,000,000 | 50,000 | ||||||||
Preferred Stock, par value (in dollars per share) | $ 0.01 | $ 100 | ||||||||
Aggregate offering price | $ 350,000 | |||||||||
Purchase price of shares | $ 357 | $ 513 | $ 532 | |||||||
Units issued | 1,223,854 | 823,878 | ||||||||
Preferred stock, redemption price per share | $ 25 | |||||||||
At Market Offering Program | ||||||||||
Class of Stock [Line Items] | ||||||||||
Purchase price of shares | $ 150,000 | |||||||||
Follow on Public Offering | ||||||||||
Class of Stock [Line Items] | ||||||||||
Units issued | 3,000,000 | |||||||||
Dividend rate (as a percent) | 6.375% | |||||||||
Share Price | $ 25 | |||||||||
Total net proceeds | $ 72,400 | |||||||||
Common Stock | ||||||||||
Class of Stock [Line Items] | ||||||||||
Treasury stock, retired, par value method, amount | $ 7,200 | $ (7,190) | ||||||||
Purchase price of shares | $ 10 | $ 9 | ||||||||
Treasury Stock | ||||||||||
Class of Stock [Line Items] | ||||||||||
Treasury stock, retired, par value method, amount | $ 77,500 | $ 77,541 |
EQUITY - Public Offering (Detai
EQUITY - Public Offering (Details) - USD ($) $ / shares in Units, $ in Thousands | Jun. 28, 2021 | Dec. 31, 2021 | Dec. 31, 2020 |
Class of Stock [Line Items] | |||
Shares Outstanding | 3,000,000 | 0 | |
Gross Proceeds | $ 72,430 | ||
Follow on Public Offering | |||
Class of Stock [Line Items] | |||
Dividend Rate | 6.375% | ||
Series A Preferred Stock | Follow on Public Offering | |||
Class of Stock [Line Items] | |||
Dividend Rate | 6.375% | ||
Shares Outstanding | 3,000,000 | ||
Gross Proceeds | $ 75,000 | ||
Net Proceeds | $ 72,428 | ||
Dividend per Share | $ 0.3984 |
EQUITY - Dividends (Details)
EQUITY - Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Nov. 09, 2020 | |
Class of Stock [Line Items] | ||||
Special distribution paid in cash | $ 5,600 | |||
Special distribution paid in shares | 1,198,963 | |||
Dividends, Preferred Stock | $ 2,325 | |||
Cash dividends paid and declared (in dollars per share) | $ 1.90 | $ 0.44 | ||
Cash dividends | 24,073 | $ 8,866 | $ 2,198 | |
Special distribution (in dollars per share) | $ 11.98 | |||
Aggregate amount of special distribution | $ 55,800 | $ 55,800 | ||
Common Stock | ||||
Class of Stock [Line Items] | ||||
Dividends, Common Stock | $ 23,580 | $ 64,665 | $ 2,198 | |
Cash dividends paid and declared (in dollars per share) | $ 4 | $ 13.88 | $ 0.44 | |
Series A Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Dividends, Preferred Stock | $ 2,325 | |||
Cash dividends paid and declared (in dollars per share) | $ 0.77 |
COMMON STOCK AND EARNINGS (LOSS
COMMON STOCK AND EARNINGS (LOSS) PER SHARE - Summary of Common Stock and Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
COMMON STOCK AND EARNINGS PER SHARE | |||
Net Income (Loss) Attributable to Common Stockholders - Basic | $ 27,615 | $ 78,509 | $ 114,973 |
Net Income (Loss) Attributable to Common Stockholders - Diluted | $ 27,615 | $ 78,509 | $ 114,973 |
Weighted Average Shares Outstanding (in shares) | 5,892,270 | 4,704,877 | 4,991,656 |
Common Shares Applicable to Stock Options Using the Treasury Stock Method | 6,387 | ||
Total Shares Applicable to Diluted Earnings Per Share (in shares) | 5,892,270 | 4,704,877 | 4,998,043 |
Per Share Information-See Note 15: Basic | |||
Income From Continuing Operations Attributable to Common Stockholders (in dollars per share) | $ 4.69 | $ 16.69 | $ 3.32 |
Income From Discontinued Operations (Net of Income Tax) Attributable to Common Stockholders (in dollars per share) | 19.71 | ||
Basic Net Income per Share Attributable to Common Stockholders (in dollars per share) | 4.69 | 16.69 | 23.03 |
Diluted | |||
Income From Continuing Operations Attributable to Common Stockholders (in dollars per share) | 4.69 | 16.69 | 3.32 |
Income From Discontinued Operations (Net of Income Tax) Attributable to Common Stockholders (in dollars per share) | 19.68 | ||
Diluted Net Income per Share Attributable to Common Stockholders (in dollars per share) | $ 4.69 | $ 16.69 | $ 23 |
COMMON STOCK AND EARNINGS (LO_2
COMMON STOCK AND EARNINGS (LOSS) PER SHARE - Anti-dilutive Securities and Convertible Notes (Details) - shares | 12 Months Ended | |||||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Nov. 05, 2021 | Aug. 31, 2021 | Mar. 31, 2021 | Mar. 10, 2021 | Mar. 15, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||
Anti-dilutive securities (in shares) | 2,497 | 39,558 | 7,500 | |||||
Interest rate (as a percent) | 0.73% | 0.77% | 0.73% | 0.22% | ||||
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% | |||||||
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% |
SHARE REPURCHASES (Details)
SHARE REPURCHASES (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Feb. 29, 2020 | |
Stock Repurchases | |||||
Stock repurchased amount | $ 2,210 | $ 4,100 | $ 41,096 | ||
Amount of treasury shares retired | $ 77,500 | ||||
Stock Repurchase Program, February 2020 | |||||
Stock Repurchases | |||||
Stock repurchase program authorized amount | $ 10,000 | $ 10,000 | |||
Shares repurchased (in shares) | 40,553 | 88,565 | |||
Stock repurchased amount | $ 2,200 | $ 4,100 | |||
Average price per share of stock repurchased | $ 54.48 | $ 46.29 |
LONG-TERM DEBT - Outstanding In
LONG-TERM DEBT - Outstanding Indebtedness (Details) - USD ($) $ in Thousands | Mar. 12, 2021 | Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Nov. 05, 2021 | Aug. 31, 2021 | Mar. 31, 2021 | Mar. 10, 2021 | Aug. 31, 2020 | Feb. 04, 2020 |
Long-term debt | |||||||||||
Face Value of Debt | $ 283,034 | $ 280,500 | |||||||||
Interest rate (as a percent) | 0.73% | 0.77% | 0.73% | 0.22% | |||||||
Increase (decrease) in long term debt | 2,500 | ||||||||||
Borrowings repaid | 283,519 | 72,269 | $ 103,073 | ||||||||
Derivatives fixed interest | 26 | 1,910 | $ 100,000 | $ 50,000 | $ 50,000 | ||||||
Outstanding amount | $ 278,273 | 273,830 | $ 15,000 | ||||||||
Weighted average fixed interest rate | 0.35% | ||||||||||
Credit Facility | |||||||||||
Long-term debt | |||||||||||
Face Value of Debt | $ 67,000 | ||||||||||
Outstanding amount | $ 67,000 | 164,845 | |||||||||
Credit Facility | Minimum | |||||||||||
Long-term debt | |||||||||||
Margin added to variable rate basis (as a percent) | 1.35% | ||||||||||
Credit Facility | LIBOR | Minimum | |||||||||||
Long-term debt | |||||||||||
Margin added to variable rate basis (as a percent) | 1.35% | ||||||||||
Credit Facility | LIBOR | Maximum | |||||||||||
Long-term debt | |||||||||||
Margin added to variable rate basis (as a percent) | 1.95% | ||||||||||
Wells Fargo Mortgage Note Payable Originated September 30, 2014 | |||||||||||
Long-term debt | |||||||||||
Outstanding amount | 30,000 | ||||||||||
Wells Fargo Mortgage Note Payable Originated April 15, 2016 | |||||||||||
Long-term debt | |||||||||||
Outstanding amount | 23,183 | ||||||||||
3.875% Convertible Senior Notes due 2025 | |||||||||||
Long-term debt | |||||||||||
Face Value of Debt | $ 51,034 | $ 17,600 | |||||||||
Interest rate (as a percent) | 3.875% | ||||||||||
Outstanding amount | $ 47,469 | $ 56,296 | $ 11,700 | ||||||||
Wells Fargo Mortgage Loan | |||||||||||
Long-term debt | |||||||||||
Face Value of Debt | $ 30,000 | 0 | |||||||||
Borrowings repaid | $ 23,200 | 23,200 | |||||||||
Fixed interest rate through use of derivative (as a percent) | 3.17% | ||||||||||
Credit Revolver Amendment 2021 | |||||||||||
Long-term debt | |||||||||||
Proceeds from line of credit | 97,900 | ||||||||||
2026 Term Loan | |||||||||||
Long-term debt | |||||||||||
Face Value of Debt | 65,000 | $ 50,000 | |||||||||
Proceeds from line of credit | $ 15,000 | 50,000 | |||||||||
Outstanding amount | $ 65,000 | ||||||||||
2026 Term Loan | LIBOR | Minimum | |||||||||||
Long-term debt | |||||||||||
Margin added to variable rate basis (as a percent) | 1.35% | ||||||||||
2026 Term Loan | LIBOR | Maximum | |||||||||||
Long-term debt | |||||||||||
Margin added to variable rate basis (as a percent) | 1.95% | ||||||||||
2025 Notes | |||||||||||
Long-term debt | |||||||||||
Face Value of Debt | $ 51,000 | ||||||||||
2025 Notes | Interest Rate Swap | |||||||||||
Long-term debt | |||||||||||
Outstanding amount | 11,400 | ||||||||||
2027 Term loan | |||||||||||
Long-term debt | |||||||||||
Face Value of Debt | 100,000 | $ 100,000 | |||||||||
Interest rate (as a percent) | 0.73% | ||||||||||
Proceeds from line of credit | 100,000 | ||||||||||
Derivatives fixed interest | $ 100,000 | ||||||||||
Outstanding amount | $ 100,000 | ||||||||||
2027 Term loan | LIBOR | Minimum | |||||||||||
Long-term debt | |||||||||||
Margin added to variable rate basis (as a percent) | 1.35% | ||||||||||
2027 Term loan | LIBOR | Maximum | |||||||||||
Long-term debt | |||||||||||
Margin added to variable rate basis (as a percent) | 1.95% | ||||||||||
Credit Facility and Subsequent Draw | |||||||||||
Long-term debt | |||||||||||
Proceeds from line of credit | $ 15,000 |
LONG-TERM DEBT - Credit Facilit
LONG-TERM DEBT - Credit Facility (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2021 | Nov. 05, 2021 | Mar. 10, 2021 | Mar. 09, 2021 | Dec. 31, 2020 | Sep. 07, 2017 | |
Long-term debt | ||||||
Outstanding Principal | $ 283,034 | $ 280,500 | ||||
Credit Facility | ||||||
Long-term debt | ||||||
Extension term | 1 year | |||||
Maximum borrowing capacity | $ 200,000 | |||||
Maximum borrowing capacity, after possible increase | $ 300,000 | |||||
Unused portion of the borrowing capacity fee percentage condition | 50.00% | |||||
Available borrowing capacity | $ 143,000 | |||||
Amount outstanding | 67,000 | |||||
Borrowing capacity | 210,000 | |||||
Outstanding Principal | $ 67,000 | |||||
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 | ||||||
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) | 1.35% | |||||
Credit Facility | LIBOR | Maximum | ||||||
Long-term debt | ||||||
Margin added to variable rate basis (as a percent) | 1.95% | |||||
Credit Revolver Amendment 2021 | ||||||
Long-term debt | ||||||
Maximum borrowing capacity | $ 210,000 | $ 200,000 | ||||
Aggregate borrowing capacity, additional commitments | 300,000 | |||||
2026 Term Loan | ||||||
Long-term debt | ||||||
Outstanding Principal | $ 65,000 | 50,000 | ||||
Aggregate borrowing capacity, additional commitments | $ 65,000 | $ 150,000 | ||||
2026 Term Loan | LIBOR | Minimum | ||||||
Long-term debt | ||||||
Margin added to variable rate basis (as a percent) | 1.35% | |||||
2026 Term Loan | LIBOR | Maximum | ||||||
Long-term debt | ||||||
Margin added to variable rate basis (as a percent) | 1.95% | |||||
2027 Term loan | ||||||
Long-term debt | ||||||
Maximum borrowing capacity | $ 400,000 | |||||
Outstanding Principal | $ 100,000 | $ 100,000 | ||||
2027 Term loan | LIBOR | Minimum | ||||||
Long-term debt | ||||||
Margin added to variable rate basis (as a percent) | 1.35% | |||||
2027 Term loan | LIBOR | Maximum | ||||||
Long-term debt | ||||||
Margin added to variable rate basis (as a percent) | 1.95% |
LONG-TERM DEBT - Mortgage Notes
LONG-TERM DEBT - Mortgage Notes Payable (Details) - USD ($) $ in Thousands | Mar. 12, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2021 |
Debt Instrument [Line Items] | |||||
Borrowings repaid | $ 283,519 | $ 72,269 | $ 103,073 | ||
Outstanding Principal | 283,034 | $ 280,500 | |||
Wells Fargo Mortgage Loan | |||||
Debt Instrument [Line Items] | |||||
Borrowings repaid | $ 23,200 | 23,200 | |||
Derivative fixed interest rate (as a percent) | 3.17% | ||||
Outstanding Principal | $ 0 | $ 30,000 |
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 | Dec. 31, 2021USD ($)$ / shares | Dec. 31, 2021USD ($)$ / shares | Dec. 31, 2020USD ($) | Nov. 05, 2021 | Aug. 31, 2021USD ($) | Mar. 31, 2021 | Mar. 10, 2021 |
Long-term debt | |||||||||||
Outstanding Principal | $ 283,034,000 | $ 283,034,000 | $ 280,500,000 | ||||||||
Debt conversion amount | 57,359,000 | ||||||||||
Interest rate (as a percent) | 0.73% | 0.77% | 0.73% | 0.22% | |||||||
Unamortized debt discount of notes | 3,565,000 | 3,565,000 | |||||||||
Gain (Loss) on Extinguishment of Debt | (3,431,000) | 1,141,000 | |||||||||
Outstanding amount | 278,273,000 | 278,273,000 | 273,830,000 | $ 15,000,000 | |||||||
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 | ||||||||||
Threshold principal amount for adjusted conversion price | $ 1,000 | ||||||||||
Proceeds from private placement | $ 5,900,000 | ||||||||||
Outstanding amount | 75,000,000 | ||||||||||
3.875% Convertible Senior Notes due 2025 | |||||||||||
Long-term debt | |||||||||||
Outstanding Principal | 17,600,000 | $ 51,034,000 | $ 51,034,000 | ||||||||
Debt conversion amount | 57,400,000 | ||||||||||
Interest rate (as a percent) | 3.875% | 3.875% | |||||||||
Proceeds from private placement | 11,700,000 | ||||||||||
Repurchase of notes | 5,900,000 | ||||||||||
Outstanding amount | $ 11,700,000 | $ 47,469,000 | $ 47,469,000 | 56,296,000 | |||||||
2025 Notes maturing on April 15, 2025 | |||||||||||
Long-term debt | |||||||||||
Debt instrument conversion ratio | 12.7910 | 19.4453 | |||||||||
Conversion price per share (in dollars per share) | $ / shares | $ 78.18 | $ 51.43 | $ 51.43 | ||||||||
Threshold principal amount for adjusted conversion price | $ 1,000 | $ 1,000 | |||||||||
Dividends Declared and Paid - Common Stock (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 | $ 0 | |||||||||
Unamortized debt discount of notes | 1,600,000 | 1,600,000 | 2,600,000 | ||||||||
Gain (Loss) on Extinguishment of Debt | 2,900,000 | 1,100,000 | |||||||||
Repurchase of notes | 11,400,000 | 11,400,000 | $ 12,500,000 | ||||||||
Convertible Debt | 2025 Notes maturing on April 15, 2025 | |||||||||||
Long-term debt | |||||||||||
Threshold principal amount for adjusted conversion price | 1,000 | ||||||||||
Unamortized debt discount of notes | 3,600,000 | 3,600,000 | |||||||||
Outstanding amount | $ 51,000,000 | $ 51,000,000 |
LONG-TERM DEBT - Components (De
LONG-TERM DEBT - Components (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Nov. 05, 2021 | Aug. 31, 2021 | Mar. 31, 2021 | Mar. 10, 2021 | Dec. 31, 2020 | Feb. 04, 2020 |
Long-term debt | |||||||
Long-term debt | $ 278,273 | $ 15,000 | $ 273,830 | ||||
Financing Costs, net of accumulated amortization | (1,196) | (494) | |||||
Long-term debt due within one year | |||||||
Due Within One Year | 23,183 | ||||||
Interest rate (as a percent) | 0.73% | 0.77% | 0.73% | 0.22% | |||
Credit Facility | |||||||
Long-term debt | |||||||
Long-term debt | 67,000 | 164,845 | |||||
2026 Term Loan | |||||||
Long-term debt | |||||||
Long-term debt | 65,000 | ||||||
Wells Fargo Mortgage Note Payable Originated September 30, 2014 | |||||||
Long-term debt | |||||||
Long-term debt | 30,000 | ||||||
Wells Fargo Mortgage Note Payable Originated April 15, 2016 | |||||||
Long-term debt | |||||||
Long-term debt | 23,183 | ||||||
Long-term debt due within one year | |||||||
Due Within One Year | 23,183 | ||||||
3.875% Convertible Senior Notes due 2025 | |||||||
Long-term debt | |||||||
Long-term debt | $ 47,469 | $ 56,296 | $ 11,700 | ||||
Long-term debt due within one year | |||||||
Interest rate (as a percent) | 3.875% | ||||||
2027 Term loan | |||||||
Long-term debt | |||||||
Long-term debt | $ 100,000 | ||||||
Long-term debt due within one year | |||||||
Interest rate (as a percent) | 0.73% |
LONG-TERM DEBT - Payments Appli
LONG-TERM DEBT - Payments Applicable to Reduction of Principal (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Payments applicable to reduction of principal amounts | ||
2023 | $ 67,000 | |
2025 | 51,034 | |
2026 | 65,000 | |
2027 and thereafter | 100,000 | |
Total Long-Term Debt - Face Value | $ 283,034 | $ 280,500 |
LONG-TERM DEBT - Carrying Value
LONG-TERM DEBT - Carrying Value (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
LONG-TERM DEBT | ||
Current Face Amount | $ 283,034 | $ 280,500 |
Unamortized Discount on Convertible Debt | (3,565) | |
Financing Costs, net of accumulated amortization | (1,196) | (494) |
Total Long-Term Debt | $ 278,273 | $ 273,830 |
LONG-TERM DEBT - Financing Cost
LONG-TERM DEBT - Financing Costs (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
LONG-TERM DEBT | ||
Deferred financing costs, net | $ 1,196 | $ 494 |
Financing Costs, Net of Accumulated Amortization | $ 524 | $ 769 |
LONG-TERM DEBT - Interest Expen
LONG-TERM DEBT - Interest Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
LONG-TERM DEBT | |||
Interest expense | $ 7,065 | $ 9,005 | $ 10,665 |
Amortization of Deferred Financing Costs | 586 | 454 | 444 |
Amortization of Discount on Convertible Notes | 1,278 | 1,379 | 1,357 |
Total Interest Expense | 8,929 | 10,838 | 12,466 |
Total Interest Paid | $ 7,274 | $ 9,716 | $ 10,782 |
INTEREST RATE SWAPS (Details)
INTEREST RATE SWAPS (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||||
Dec. 31, 2021 | Nov. 05, 2021 | Aug. 31, 2021 | Mar. 31, 2021 | Mar. 12, 2021 | Mar. 10, 2021 | Dec. 31, 2020 | Aug. 31, 2020 | |
Derivative [Line Items] | ||||||||
Notional amount | $ 100,000 | $ 15,000 | $ 100,000 | $ 23,200 | $ 50,000 | |||
Outstanding Principal | $ 283,034 | $ 280,500 | ||||||
Derivatives fixed interest | 26 | 100,000 | 50,000 | $ 1,910 | $ 50,000 | |||
Credit Facility | ||||||||
Derivative [Line Items] | ||||||||
Outstanding Principal | 67,000 | |||||||
2026 Term Loan | ||||||||
Derivative [Line Items] | ||||||||
Outstanding Principal | 65,000 | $ 50,000 | ||||||
2027 Term loan | ||||||||
Derivative [Line Items] | ||||||||
Outstanding Principal | $ 100,000 | 100,000 | ||||||
Derivatives fixed interest | $ 100,000 | |||||||
Interest Rate Swap | ||||||||
Derivative [Line Items] | ||||||||
Effectiveness of interest rate cash flow hedge (as a percent) | 100.00% | |||||||
Designated as a hedge | Interest Rate Swap | 2026 Term Loan | ||||||||
Derivative [Line Items] | ||||||||
Derivative fixed interest rate (as a percent) | 1.51% | 0.77% | 0.22% | |||||
Notional amount | $ 50,000 | $ 15,000 | $ 50,000 | |||||
Fair value of interest rate swap agreement to hedge cash flows, assets | $ 240 | $ 753 | ||||||
Fair value of interest rate swap agreement to hedge cash flows, liabilities | (26) | |||||||
Outstanding Principal | $ 50,000 | |||||||
Designated as a hedge | Interest Rate Swap | 2027 Term loan | ||||||||
Derivative [Line Items] | ||||||||
Derivative fixed interest rate (as a percent) | 1.42% | 0.73% | ||||||
Notional amount | $ 100,000 | $ 100,000 | ||||||
Fair value of interest rate swap agreement to hedge cash flows, assets | 198 | $ 352 | ||||||
Outstanding Principal | $ 100,000 |
ACCRUED AND OTHER LIABILITIES -
ACCRUED AND OTHER LIABILITIES - Components (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Nov. 05, 2021 | Mar. 10, 2021 | Dec. 31, 2020 | Aug. 31, 2020 |
ACCRUED AND OTHER LIABILITIES. | |||||
Accrued Property Taxes | $ 813 | $ 945 | |||
Reserve for Tenant Improvements | 5,457 | 1,353 | |||
Tenant Security Deposits | 1,942 | 824 | |||
Accrued Construction Costs | 190 | 1,783 | |||
Accrued Interest | 431 | 602 | |||
Environmental Reserve | 81 | 106 | |||
Cash Flow Hedge - Interest Rate Swap | 26 | $ 100,000 | $ 50,000 | 1,910 | $ 50,000 |
Operating Leases - Liability | $ 198 | $ 245 | |||
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Total Accrued and Other Liabilities | Total Accrued and Other Liabilities | |||
Other | $ 3,983 | $ 1,322 | |||
Total Accrued and Other Liabilities | $ 13,121 | $ 9,090 |
ACCRUED AND OTHER LIABILITIES_2
ACCRUED AND OTHER LIABILITIES - Reserve for Tenant Improvements and Environmental Reserves (Details) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2017USD ($) | Dec. 31, 2021USD ($)a | Dec. 31, 2018USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($)a | Dec. 31, 2020a | |
Environmental reserves | ||||||
Tenant improvement allowances and leasing commissions | $ 6.7 | |||||
Area of land (in acres) | a | 84,900 | 345 | ||||
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 | |||||
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 | |||||
Income Property, Multi-tenant, Shops at Legacy, Plano, Texas | ||||||
Environmental reserves | ||||||
Payment of tenant improvement allowances and leasing commissions | 1.2 | |||||
Remaining reserve for tenant improvements | $ 5.5 |
DEFERRED REVENUE (Details)
DEFERRED REVENUE (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
DEFERRED REVENUE | ||
Prepaid Rent | $ 3,921 | $ 2,684 |
Tenant Contributions | 574 | 625 |
Other Deferred Revenue | 10 | 10 |
Deferred Revenue, Total | $ 4,505 | $ 3,319 |
STOCK-BASED COMPENSATION - All
STOCK-BASED COMPENSATION - All Equity and Liability Classified Award Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Shares | ||||
Incremental compensation cost | $ 0 | |||
Shares | ||||
Outstanding (in shares) | 196,330 | 196,330 | ||
Granted (in shares) | 111,516 | |||
Vested / Exercised (in shares) | (117,429) | |||
Expired (in shares) | (22,000) | |||
Forfeited (in shares) | (17,255) | |||
Outstanding (in shares) | 151,162 | 196,330 | ||
January 28, 2017 | Performance Shares | ||||
Shares | ||||
Nonvested (in shares) | 55,851 | 55,851 | 49,275 | 28,080 |
Granted (in shares) | 48,134 | 48,134 | 26,441 | 21,195 |
Vested / Exercised (in shares) | (17,418) | (12,635) | ||
Forfeited (in shares) | (8,449) | (7,230) | ||
Nonvested (in shares) | 78,118 | 55,851 | 49,275 | |
Shares | ||||
Number of shares attributable to Equitable Adjustment (in shares) | 15,988 | |||
January 28, 2018 | Restricted Shares [Member] | ||||
Shares | ||||
Nonvested (in shares) | 22,000 | 22,000 | ||
Expired (in shares) | (22,000) | |||
Nonvested (in shares) | 22,000 | |||
Three-Year Vesting | Restricted Shares [Member] | ||||
Shares | ||||
Nonvested (in shares) | 38,479 | 38,479 | 37,595 | 34,952 |
Granted (in shares) | 43,050 | 43,050 | 23,451 | 20,696 |
Vested / Exercised (in shares) | (21,220) | (18,054) | (18,053) | |
Forfeited (in shares) | (8,806) | (4,513) | ||
Nonvested (in shares) | 51,503 | 38,479 | 37,595 | |
Original 2010 Plan | ||||
Shares | ||||
Granted (in shares) | 111,516 | |||
Number of shares attributable to Equitable Adjustment (in shares) | 46,237 | |||
Original 2010 Plan | Stock Option [Member] | ||||
Shares | ||||
Outstanding (in shares) | 80,000 | 80,000 | 80,000 | 80,000 |
Granted (in shares) | 20,332 | 0 | 0 | |
Vested / Exercised Shares | (78,791) | |||
Outstanding (in shares) | 21,541 | 80,000 | 80,000 |
STOCK-BASED COMPENSATION - Reco
STOCK-BASED COMPENSATION - Recognized in Financial Statements (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
STOCK-BASED COMPENSATION | |||
Total Cost of Share-Based Plans Charged Against Income Before Tax Effect | $ 3,168 | $ 2,786 | $ 2,688 |
Income Tax Expense Recognized in Income | $ (678) | $ (681) |
STOCK-BASED COMPENSATION - Perf
STOCK-BASED COMPENSATION - Performance Share Awards - Peer Group Market Condition Vesting (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Original 2010 Plan | ||||
Stock-based compensation | ||||
Number of shares attributable to Equitable Adjustment (in shares) | 46,237 | |||
Performance Shares | January 28, 2017 | ||||
Stock-based compensation | ||||
Performance period | 3 years | |||
Number of shares attributable to Equitable Adjustment (in shares) | 15,988 | |||
Shares | ||||
Nonvested (in shares) | 55,851 | 55,851 | 49,275 | 28,080 |
Granted (in shares) | 48,134 | 48,134 | 26,441 | 21,195 |
Vested (in shares) | (17,418) | (12,635) | ||
Forfeited (in shares) | (8,449) | (7,230) | ||
Nonvested (in shares) | 78,118 | 55,851 | 49,275 | |
Weighted Average Fair Value | ||||
Nonvested (in dollars per share) | $ 63.44 | $ 63.44 | $ 65.59 | $ 66.29 |
Granted (in dollars per share) | 32.04 | 55.82 | 64.66 | |
Vested (in dollars per share) | 58.30 | 55.66 | ||
Forfeited (in dollars per share) | 47.04 | 63.81 | ||
Nonvested (in dollars per share) | $ 47.01 | $ 63.44 | $ 65.59 | |
Compensation cost | ||||
Unrecognized compensation cost | $ 1.4 | |||
Weighted average period of recognition of unrecognized compensation cost | 1 year 8 months 12 days | |||
Performance Shares | Minimum | January 28, 2017 | ||||
Stock-based compensation | ||||
Vesting percentage | 0.00% | |||
Performance Shares | Maximum | January 28, 2017 | ||||
Stock-based compensation | ||||
Vesting percentage | 150.00% |
STOCK-BASED COMPENSATION - Mark
STOCK-BASED COMPENSATION - Market Condition Restricted Shares - Stock Price Vesting (Details) - Restricted Shares [Member] - USD ($) $ / shares in Units, $ in Thousands | Jan. 28, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
January 28, 2018 | ||||
Shares | ||||
Nonvested (in shares) | 22,000 | |||
Expired (in shares) | (22,000) | |||
Nonvested (in shares) | 22,000 | |||
January 28, 2018 | Mr Albright [Member] | ||||
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 | Mr Albright [Member] | ||||
Stock-based compensation | ||||
Number of shares in each vesting increment | 22,000 | |||
Share-based Compensation Award Stock Price Vesting Price Increment Two | ||||
Shares | ||||
Nonvested (in shares) | 22,000 | 22,000 | 22,000 | |
Expired (in shares) | (22,000) | |||
Nonvested (in shares) | 22,000 | 22,000 | ||
Weighted Average Fair Value | ||||
Nonvested (in dollars per share) | $ 41.71 | $ 41.71 | $ 41.71 | |
Expired (in dollars per share) | $ 41.71 | |||
Nonvested (in dollars per share) | $ 41.71 | $ 41.71 | ||
Compensation cost | ||||
Unrecognized compensation cost | $ 0 | |||
Share-based Compensation Award Stock Price Vesting Price Increment Two | Mr Albright [Member] | ||||
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 | Mr Albright [Member] | ||||
Stock-based compensation | ||||
Closing share price (in dollars per share) | $ 75 | |||
Number of shares in each vesting increment | 4,000 |
STOCK-BASED COMPENSATION - Thre
STOCK-BASED COMPENSATION - Three Year Vest Restricted Shares (Details) - Three-Year Vesting - Restricted Shares [Member] - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Stock-based compensation | ||||
Vesting per year (as a percent) | 0.33% | |||
Granted (in shares) | 43,050 | 43,050 | 23,451 | 20,696 |
Shares | ||||
Nonvested (in shares) | 38,479 | 38,479 | 37,595 | 34,952 |
Granted (in shares) | 43,050 | 43,050 | 23,451 | 20,696 |
Vested (in shares) | (21,220) | (18,054) | (18,053) | |
Forfeited (in shares) | (8,806) | (4,513) | ||
Nonvested (in shares) | 51,503 | 38,479 | 37,595 | |
Weighted Average Fair Value | ||||
Nonvested (in dollars per share) | $ 57.82 | $ 57.82 | $ 60.21 | $ 58.07 |
Granted (in dollars per share) | 35.47 | 55.89 | 58.78 | |
Vested (in dollars per share) | 48.55 | 59.69 | 54.43 | |
Forfeited (in dollars per share) | 46.59 | 60.14 | ||
Nonvested (in dollars per share) | $ 44.88 | $ 57.82 | $ 60.21 | |
Compensation cost | ||||
Unrecognized compensation cost | $ 1.4 | |||
Weighted average period of recognition of unrecognized compensation cost | 1 year 8 months 12 days | |||
Equity Award Agreements | ||||
Stock-based compensation | ||||
Number of shares attributable to Equitable Adjustment (in shares) | 9,917 |
STOCK-BASED COMPENSATION - Non-
STOCK-BASED COMPENSATION - Non-Qualified Stock Option Awards Granted (Details) - shares | Jan. 20, 2021 | Mar. 31, 2021 | Dec. 31, 2021 |
Original 2010 Plan | |||
Stock-based compensation | |||
Number of shares attributable to Equitable Adjustment (in shares) | 46,237 | ||
Non-Qualified Stock Option Awards | |||
Stock-based compensation | |||
Number of shares attributable to Equitable Adjustment (in shares) | 20,332 | ||
Non-Qualified Stock Option Awards | Minimum | |||
Stock-based compensation | |||
Vesting period | 1 year | ||
Non-Qualified Stock Option Awards | Maximum | |||
Stock-based compensation | |||
Vesting period | 3 years |
STOCK-BASED COMPENSATION - No_2
STOCK-BASED COMPENSATION - Non-Qualified Stock Option Award Activity (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Weighted Average Remaining Contractual Term | |||
Outstanding | 3 years 2 months 15 days | ||
Exercisable | 3 years 2 months 15 days | 4 years 3 months 3 days | |
Stock-based compensation | |||
Aggregate Intrinsic Value, Outstanding (in dollars) | $ 388,837 | ||
Aggregate Intrinsic Value, Exercisable (in dollars) | $ 388,837 | ||
Original 2010 Plan | Stock Option [Member] | |||
Shares | |||
Outstanding (in shares) | 80,000 | 80,000 | 80,000 |
Granted (in shares) | 20,332 | 0 | 0 |
Exercised (in shares) | (78,791) | ||
Outstanding (in shares) | 21,541 | 80,000 | 80,000 |
Exercisable (in shares) | 21,541 | 80,000 | |
Weighted Average Exercise Price (in dollars per share) | |||
Outstanding (in dollars per share) | $ 55.63 | $ 55.63 | $ 55.63 |
Granted (in dollars per share) | 0 | 0 | |
Exercised (in dollars per share) | 44.63 | ||
Outstanding (in dollars per share) | 43.37 | 55.63 | $ 55.63 |
Exercisable (in dollars per share) | $ 43.37 | $ 55.63 | |
Stock-based compensation | |||
Total intrinsic value of options exercised | $ 900,000 | ||
Unrecognized compensation cost (in dollars) | $ 0 |
STOCK-BASED COMPENSATION - No_3
STOCK-BASED COMPENSATION - Non-Employee Director Stock Compensation (Details) - Share-based Payment Arrangement, Nonemployee - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Stock-based compensation | |||
Annual award | $ 35,000 | $ 20,000 | $ 20,000 |
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 | $ 500,000 | $ 500,000 | $ 500,000 |
Expense recognized (in shares) | 10,922 | 10,128 | 9,004 |
Annual award received | $ 200,000 | $ 100,000 | $ 200,000 |
INCOME TAXES - Income Tax Benef
INCOME TAXES - Income Tax Benefit (Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Total income tax benefit (expense) | |||
Income Tax (Expense) Benefit from Continuing Operations | $ 3,079 | $ 83,499 | $ (5,472) |
Income Tax Expense from Discontinued Operations | (32,641) | ||
Total Consolidated Income Tax Benefit (Expense) | $ 3,079 | $ 83,499 | $ (38,113) |
INCOME TAXES - Components of Pr
INCOME TAXES - Components of Provision (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
INCOME TAXES | |||
Federal - Current | $ 235 | $ 341 | $ (225) |
State - Current | 44 | 63 | 20 |
Total - Current | 279 | 404 | (205) |
Federal - Deferred | 2,362 | 70,106 | (4,974) |
State - Deferred | 438 | 12,989 | (293) |
Total - Deferred | $ 2,800 | $ 83,095 | $ (5,267) |
INCOME TAXES - Sources of Defer
INCOME TAXES - Sources of Deferred Income Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred Income Tax Assets | ||
Capital Loss Carryforward | $ 2,249 | |
Net Operating Loss Carryforward | 291 | $ 1,103 |
Gross Deferred Income Tax Assets | 2,540 | 1,103 |
Less - Valuation Allowance | (2,249) | |
Net Deferred Income Tax Assets | 291 | 1,103 |
Deferred Income Tax Liabilities | ||
Basis Difference in Joint Venture | (4,624) | |
Basis Differences in Mitigation Credit Assets | (774) | |
Total Deferred Income Tax Liabilities | (774) | (4,624) |
Net Deferred Income Tax Liabilities | $ (483) | $ (3,521) |
INCOME TAXES - Valuation Allowa
INCOME TAXES - Valuation Allowance (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Valuation Allowance [Line Items] | ||
Net Operating Loss Carryforward | $ 291 | $ 1,103 |
Capital Loss Carryforward | 2,249 | |
Valuation allowance | 2,249 | |
Valuation allowance related to carryforwards | 0 | $ 0 |
Land JV | ||
Valuation Allowance [Line Items] | ||
Capital Loss Carryforward | $ 9,000 |
INCOME TAXES - Reconciliation o
INCOME TAXES - Reconciliation of Income Tax Computed at Federal Statutory Rate (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Effective Income Tax Rate Reconciliation, Amount | |||
Income Tax (Expense) Benefit Computed at Federal Statutory Rate | $ 4,408 | $ 971 | $ (4,410) |
State Income Tax, Net of Federal Income Tax Benefit | 936 | 180 | (1,076) |
Income Tax on Permanently Non-Deductible Items | (112) | (86) | |
Tax Benefit due to De-Recognition of REIT Deferred Tax Liabilities | 82,460 | ||
Valuation Allowance | (2,216) | ||
Other Reconciling Items | (49) | 100 | |
Benefit (Expense) for Income Taxes | $ 3,079 | $ 83,499 | $ (5,472) |
Effective Income Tax Rate Reconciliation, Percent | |||
Federal statutory rate (as a percent) | 21.00% | 21.00% | 21.00% |
Income Tax (Expense) Benefit Computed at Federal Statutory Rate (as a percent) | 16.40% | (19.50%) | (20.00%) |
State Income Tax, Net of Federal Income Tax Benefit (as a percent) | 3.50% | (3.60%) | (5.00%) |
Income Tax on Permanently Non-Deductible Items (as a percent) | 0.00% | 2.20% | (0.40%) |
Tax Benefit due to De-Recognition of REIT Deferred Tax Liabilities (as a percent) | 0.00% | (1652.60%) | 0.00% |
Valuation Allowance (as a percent) | (8.20%) | 0.00% | 0.00% |
Other Reconciling Items | (0.20%) | 0.00% | 0.50% |
Benefit (Expense) for Income Taxes (as a percent) | 11.50% | (1673.40%) | (24.90%) |
INCOME TAXES - General Informat
INCOME TAXES - General Information (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021subsidiary | Dec. 31, 2020USD ($) | Dec. 31, 2019 | |
INCOME TAXES | |||
REIT Eligibility, Distributable , Minimum Percentage of Taxable Income, Excluding Net Capital Gains | 90.00% | ||
Number of taxable REIT subsidiaries | subsidiary | 5 | ||
Effective income tax rate (as a percent) | 11.50% | (1673.40%) | (24.90%) |
Deferred tax benefit | $ | $ 82.5 | ||
Effective income tax rate, including income taxes attributable to the discontinued operations (as a percent) | 11.50% | 1673.40% | (24.90%) |
Corporate tax rate (as a percent) | 21.00% | 21.00% | 21.00% |
INCOME TAXES - Uncertain Tax Po
INCOME TAXES - Uncertain Tax Positions (Details) $ in Millions | 36 Months Ended |
Dec. 31, 2021USD ($) | |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
INCOME TAXES | |||
Income taxes paid, gross | $ 400 | $ 5,000 | $ 2,500 |
Income tax refunds | $ 100 | $ 0 | $ 700 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Minimum Future Rental Payments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Minimum future rental payments under non-cancelable operating leases having remaining terms in excess of one year | |||
2022 | $ 132 | ||
2023 | 47 | ||
2024 | 12 | ||
2025 | 7 | ||
Total | 198 | ||
Operating leases | |||
Rental expense under all operating leases | $ 100 | $ 100 | $ 300 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES - Legal Proceedings (Details) $ in Millions | Oct. 29, 2022USD ($) | Dec. 31, 2021a | Dec. 31, 2019a | Mar. 31, 2021USD ($) |
Commitments | ||||
Land Sales, Area of Land | a | 5,400 | |||
Complaint for Declaratory Relief Against Buc-ee's Ltd | ||||
Commitments | ||||
Cash deposited related to improvements | $ | $ 0.8 | |||
Land Sales, Area of Land | a | 35 | |||
Escrow funds received | $ | $ 0.6 |
COMMITMENTS AND CONTINGENCIES_3
COMMITMENTS AND CONTINGENCIES - Contractual Commitments - Expenditures (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
COMMITMENTS AND CONTINGENCIES | |
Total Commitment | $ 19,737 |
Less Amount Funded | (5,041) |
Remaining Commitment | $ 14,696 |
BUSINESS SEGMENT DATA - Descrip
BUSINESS SEGMENT DATA - Description (Details) | 12 Months Ended | ||
Dec. 31, 2021propertyloansegment | Dec. 31, 2020 | Dec. 31, 2019 | |
Business segment data | |||
Number of operating segment | segment | 4 | ||
Number of commercial loan investment | 2 | ||
Commercial loan and master lease investments | |||
Business segment data | |||
Number of commercial loan investment | 2 | ||
Number of commercial properties | property | 2 | ||
Product concentration | Identifiable Assets [Member] | Income Properties | |||
Business segment data | |||
Percentage of total | 86.00% | 80.00% | |
Product concentration | Base Rent Revenues | Income Properties | |||
Business segment data | |||
Percentage of total | 72.10% | 88.60% | 93.40% |
BUSINESS SEGMENT DATA - Summary
BUSINESS SEGMENT DATA - Summary of Operations in Different Segments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Business segment data | |||
Total Revenues | $ 70,272 | $ 56,381 | $ 44,941 |
Operating Income | 23,345 | 12,280 | 34,199 |
Impairment charge | 17,599 | 9,147 | |
Gain on Disposition of Assets | 28,316 | 9,746 | 21,978 |
Gain (Loss) on Extinguishment of Debt | (3,431) | 1,141 | |
Depreciation and Amortization | 20,581 | 19,063 | 15,797 |
Capital Expenditures | 256,854 | 196,029 | 187,526 |
Identifiable Assets | 733,139 | 666,700 | |
Operating Segments | |||
Business segment data | |||
Impairment charge | (17,599) | (9,147) | |
Gain on Disposition of Assets | 28,316 | 9,746 | 21,978 |
General and Corporate Expense | |||
Business segment data | |||
Operating Income | (31,783) | (30,630) | (25,615) |
Depreciation and Amortization | 20 | 27 | 23 |
Capital Expenditures | 34 | 30 | 4 |
Identifiable Assets | 35,132 | 35,804 | |
Income Properties | |||
Business segment data | |||
Total Revenues | 50,679 | 49,953 | 41,956 |
Capital Expenditures | 256,456 | 188,849 | 166,684 |
Identifiable Assets | 630,747 | 531,325 | |
Income Properties | Operating Segments | |||
Business segment data | |||
Operating Income | 36,864 | 37,965 | 34,955 |
Depreciation and Amortization | 20,561 | 19,036 | 15,774 |
Management Fee Income | |||
Business segment data | |||
Total Revenues | 3,305 | 2,744 | 304 |
Capital Expenditures | 0 | 0 | 0 |
Identifiable Assets | 1,653 | 700 | |
Management Fee Income | Operating Segments | |||
Business segment data | |||
Operating Income | 3,305 | 2,744 | 304 |
Interest Income from Commercial Loan and Master Lease Investments | |||
Business segment data | |||
Total Revenues | 2,861 | 3,034 | 1,829 |
Capital Expenditures | 364 | 7,150 | 18,047 |
Identifiable Assets | 39,095 | 38,321 | |
Interest Income from Commercial Loan and Master Lease Investments | Operating Segments | |||
Business segment data | |||
Operating Income | 2,861 | 3,034 | 1,829 |
Real Estate Operations | |||
Business segment data | |||
Total Revenues | 13,427 | 650 | 852 |
Identifiable Assets | 26,512 | 59,717 | |
Real Estate Operations | Operating Segments | |||
Business segment data | |||
Operating Income | $ 4,812 | (2,573) | 748 |
Discontinued Real Estate Operations | |||
Business segment data | |||
Capital Expenditures | $ 2,791 | ||
Identifiable Assets | $ 833 |
ASSETS AND LIABILITIES HELD F_3
ASSETS AND LIABILITIES HELD FOR SALE AND DISCONTINUED OPERATIONS - Tabular Disclosure (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Assets held for sale | ||
Total Assets Held for Sale | $ 6,720 | $ 833 |
Liabilities held for sale | ||
Total Liabilities Held for Sale | (831) | |
Disposal Group, Held-for-sale, Not Discontinued Operations | ||
Assets held for sale | ||
Property, Plant, and Equipment-Net | 6,016 | |
Restricted Cash | 833 | |
Intangible Lease Assets - Net | 704 | |
Total Assets Held for Sale | 6,720 | 833 |
Liabilities held for sale | ||
Deferred Revenue | (831) | |
Total Liabilities Held for Sale | (831) | |
Land JV Assets | Disposal Group, Held-for-sale, Not Discontinued Operations | ||
Assets held for sale | ||
Restricted Cash | 833 | |
Total Assets Held for Sale | 833 | |
Land JV Liabilities | Disposal Group, Held-for-sale, Not Discontinued Operations | ||
Liabilities held for sale | ||
Deferred Revenue | (831) | |
Total Liabilities Held for Sale | $ (831) | |
Income Properties. | Disposal Group, Held-for-sale, Not Discontinued Operations | ||
Assets held for sale | ||
Property, Plant, and Equipment-Net | 6,016 | |
Intangible Lease Assets - Net | 704 | |
Total Assets Held for Sale | $ 6,720 |
ASSETS AND LIABILITIES HELD F_4
ASSETS AND LIABILITIES HELD FOR SALE AND DISCONTINUED OPERATIONS - Deferred Revenue on Land Sales (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2018 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Total deferred revenue | $ 4,505 | $ 3,319 | |
Buc'ees - East of I-95 | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Escrow reserve | $ 800 | ||
Total deferred revenue | $ 800 |
ASSETS AND LIABILITIES HELD F_5
ASSETS AND LIABILITIES HELD FOR SALE AND DISCONTINUED OPERATIONS - Discontinued Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS | |||
Income Tax Benefit (Expense) | $ (32,641) | ||
Total Income (loss) from Discontinued Operations (Net of Income Tax) | 98,368 | ||
Discontinued Operations, Held-for-sale | |||
ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS | |||
Total Income (loss) from Discontinued Operations (Net of Income Tax) | $ 0 | $ 0 | 98,368 |
Golf Operations | Discontinued Operations, Held-for-sale | |||
ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS | |||
Revenue | 4,097 | ||
Cost of Revenues | (5,259) | ||
Loss from Operations | (1,162) | ||
Gain on Disposition of Assets | 15 | ||
Income (Loss) from Discontinued Operations Before Income Tax | (1,147) | ||
Income Tax Benefit (Expense) | 291 | ||
Total Income (loss) from Discontinued Operations (Net of Income Tax) | (856) | ||
Land Operation | Discontinued Operations, Held-for-sale | |||
ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS | |||
Revenue | 11,043 | ||
Cost of Revenues | (6,405) | ||
Loss from Operations | 4,638 | ||
Gain on Disposition of Assets | 127,518 | ||
Income (Loss) from Discontinued Operations Before Income Tax | 132,156 | ||
Income Tax Benefit (Expense) | (32,932) | ||
Total Income (loss) from Discontinued Operations (Net of Income Tax) | $ 99,224 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) $ in Millions | Jan. 26, 2022USD ($) | Jan. 07, 2022USD ($)property | Dec. 31, 2021USD ($)property | Nov. 05, 2021 | Aug. 31, 2021 | Mar. 31, 2021 | Mar. 10, 2021 |
Subsequent Events | |||||||
Purchase price | $ 162.3 | ||||||
Interest rate (as a percent) | 0.73% | 0.77% | 0.73% | 0.22% | |||
2021 Acquisitions | |||||||
Subsequent Events | |||||||
Number of real estate properties | property | 8 | ||||||
Subsequent Event | Construction Loan | |||||||
Subsequent Events | |||||||
Loan amount | $ 8.7 | ||||||
Extension period (in years) | 1 year | ||||||
Interest rate (as a percent) | 7.25% | ||||||
Origination fee | $ 0.1 | ||||||
Subsequent Event | 2022 Acquisitions | |||||||
Subsequent Events | |||||||
Number of real estate properties | property | 1 | ||||||
Purchase price | $ 6.9 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cost: | ||||
Land | $ 192,526 | |||
Building & Improvements | 325,032 | |||
Improvements | 3,702 | |||
Gross Amount Carried at Close | ||||
Land | 192,526 | |||
Buildings | 328,734 | |||
Total | 521,260 | $ 472,126 | $ 392,842 | $ 463,704 |
Accumulated Depreciation | 23,936 | $ 30,316 | $ 22,552 | $ 28,733 |
Aggregate cost, net of deferred tax liabilities, of Income Properties, Land, Buildings, and Improvements for Federal income tax | 290,800 | |||
Income Property, Riverside Avenue, Jacksonville, Florida | ||||
Cost: | ||||
Land | 6,020 | |||
Building & Improvements | 14,240 | |||
Improvements | 2,033 | |||
Gross Amount Carried at Close | ||||
Land | 6,020 | |||
Buildings | 16,273 | |||
Total | 22,293 | |||
Accumulated Depreciation | $ 4,177 | |||
Date Acquired | Jul. 16, 2015 | |||
Life | 43 years | |||
Income Property, Westcliff Shopping Center, Fort Worth, Texas | ||||
Cost: | ||||
Land | $ 10,521 | |||
Building & Improvements | 4,196 | |||
Improvements | 287 | |||
Gross Amount Carried at Close | ||||
Land | 10,521 | |||
Buildings | 4,483 | |||
Total | 15,004 | |||
Accumulated Depreciation | $ 2,086 | |||
Date Acquired | Mar. 1, 2017 | |||
Life | 10 years | |||
Income Property, Single-tenant, Chuy's Restaurant and Bar, Jacksonville, Florida | ||||
Cost: | ||||
Land | $ 5,504 | |||
Gross Amount Carried at Close | ||||
Land | 5,504 | |||
Total | $ 5,504 | |||
Date Acquired | Oct. 10, 2018 | |||
Income Property, Crabby's Restaurant, Daytona Beach, Florida | ||||
Cost: | ||||
Land | $ 5,836 | |||
Building & Improvements | 4,249 | |||
Improvements | 45 | |||
Gross Amount Carried at Close | ||||
Land | 5,836 | |||
Buildings | 4,294 | |||
Total | 10,130 | |||
Accumulated Depreciation | $ 919 | |||
Date of Completion | Jan. 25, 2018 | |||
Life | 40 years | |||
Income Property, Multi-tenant, Crossroads Towne Center, Chandler, Arizona | ||||
Cost: | ||||
Land | $ 9,592 | |||
Building & Improvements | 41,717 | |||
Improvements | 199 | |||
Gross Amount Carried at Close | ||||
Land | 9,592 | |||
Buildings | 41,916 | |||
Total | 51,508 | |||
Accumulated Depreciation | $ 2,766 | |||
Date Acquired | Jan. 24, 2020 | |||
Life | 35 years | |||
Income Property, General Dynamics Corporation, Reston, Virginia | ||||
Cost: | ||||
Land | $ 7,530 | |||
Building & Improvements | 9,068 | |||
Gross Amount Carried at Close | ||||
Land | 7,530 | |||
Buildings | 9,068 | |||
Total | 16,598 | |||
Accumulated Depreciation | $ 1,216 | |||
Date Acquired | Jul. 12, 2019 | |||
Life | 35 years | |||
Income Property, Single-tenant, Fidelity Investments (affiliate of), Albuquerque, New Mexico | ||||
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 | $ 3,655 | |||
Date Acquired | Oct. 4, 2018 | |||
Life | 45 years | |||
Income Property, Single-tenant, Firebirds Wood Fired Grill, Jacksonville, Florida | ||||
Cost: | ||||
Land | $ 4,203 | |||
Gross Amount Carried at Close | ||||
Land | 4,203 | |||
Total | $ 4,203 | |||
Date Acquired | Oct. 10, 2018 | |||
Income Property, Single-tenant, Ford Motor Credit, Tampa, Florida | ||||
Cost: | ||||
Land | $ 3,265 | |||
Building & Improvements | 20,629 | |||
Gross Amount Carried at Close | ||||
Land | 3,265 | |||
Buildings | 20,629 | |||
Total | 23,894 | |||
Accumulated Depreciation | $ 1,248 | |||
Date Acquired | Aug. 21, 2020 | |||
Life | 40 years | |||
Income Property, LandShark Bar and Grill, Daytona Beach, Florida | ||||
Cost: | ||||
Land | $ 5,836 | |||
Building & Improvements | 4,577 | |||
Improvements | 10 | |||
Gross Amount Carried at Close | ||||
Land | 5,836 | |||
Buildings | 4,587 | |||
Total | 10,423 | |||
Accumulated Depreciation | $ 869 | |||
Date of Completion | Jan. 25, 2018 | |||
Life | 40 years | |||
Income Property, Party City Corporation, Oceanside, New York | ||||
Cost: | ||||
Land | $ 2,965 | |||
Building & Improvements | 3,289 | |||
Gross Amount Carried at Close | ||||
Land | 2,965 | |||
Buildings | 3,289 | |||
Total | 6,254 | |||
Accumulated Depreciation | $ 237 | |||
Date Acquired | Sep. 24, 2019 | |||
Life | 35 years | |||
Income Property, Multi-tenant, Ashford Lane, Atlanta, Georgia | ||||
Cost: | ||||
Land | $ 37,717 | |||
Building & Improvements | 33,422 | |||
Improvements | 825 | |||
Gross Amount Carried at Close | ||||
Land | 37,717 | |||
Buildings | 34,247 | |||
Total | 71,964 | |||
Accumulated Depreciation | $ 2,181 | |||
Date Acquired | Feb. 21, 2020 | |||
Life | 36 years | |||
Income Property, The Strand - Fogo De Chao, Jacksonville, Florida | ||||
Cost: | ||||
Land | $ 12,551 | |||
Building & Improvements | 36,431 | |||
Improvements | 204 | |||
Gross Amount Carried at Close | ||||
Land | 12,551 | |||
Buildings | 36,635 | |||
Total | 49,186 | |||
Accumulated Depreciation | $ 2,906 | |||
Date Acquired | Dec. 9, 2019 | |||
Life | 48 years | |||
Income Property Beaver Creek, Apex, North Carolina | ||||
Cost: | ||||
Land | $ 21,383 | |||
Building & Improvements | 39,194 | |||
Gross Amount Carried at Close | ||||
Land | 21,383 | |||
Buildings | 39,194 | |||
Total | 60,577 | |||
Accumulated Depreciation | $ 149 | |||
Date Acquired | Dec. 2, 2021 | |||
Life | 30 years | |||
Income Property Eastern Commons, Henderson, Nevada | ||||
Cost: | ||||
Land | $ 7,894 | |||
Building & Improvements | 8,575 | |||
Gross Amount Carried at Close | ||||
Land | 7,894 | |||
Buildings | 8,575 | |||
Total | 16,469 | |||
Accumulated Depreciation | $ 325 | |||
Date Acquired | Mar. 10, 2021 | |||
Life | 35 years | |||
Income Property Exchange at Gwinnett, Buford, Georgia | ||||
Cost: | ||||
Land | $ 4,450 | |||
Building & Improvements | 25,300 | |||
Gross Amount Carried at Close | ||||
Land | 4,450 | |||
Buildings | 25,300 | |||
Total | 29,750 | |||
Accumulated Depreciation | $ 4 | |||
Date Acquired | Dec. 30, 2021 | |||
Life | 45 years | |||
Income Property Jordan Landing, West Jordan, Utah | ||||
Cost: | ||||
Land | $ 10,529 | |||
Building & Improvements | 5,752 | |||
Gross Amount Carried at Close | ||||
Land | 10,529 | |||
Buildings | 5,752 | |||
Total | 16,281 | |||
Accumulated Depreciation | $ 250 | |||
Date Acquired | Mar. 2, 2021 | |||
Life | 30 years | |||
Income Property Shops at Legacy, Plano, Texas | ||||
Cost: | ||||
Land | $ 22,008 | |||
Building & Improvements | 27,192 | |||
Improvements | 87 | |||
Gross Amount Carried at Close | ||||
Land | 22,008 | |||
Buildings | 27,279 | |||
Total | 49,287 | |||
Accumulated Depreciation | $ 918 | |||
Date Acquired | Jun. 23, 2021 | |||
Life | 32 years | |||
Income Property 120 Lincoln & 150 Washington, Santa Fe, New Mexico | ||||
Cost: | ||||
Land | $ 459 | |||
Building & Improvements | 12,525 | |||
Gross Amount Carried at Close | ||||
Land | 459 | |||
Buildings | 12,525 | |||
Total | 12,984 | |||
Accumulated Depreciation | $ 20 | |||
Date Acquired | Dec. 20, 2021 | |||
Life | 30 years | |||
Income Property Synovus, Winter Park, Florida | ||||
Cost: | ||||
Land | $ 8,524 | |||
Building & Improvements | 5,139 | |||
Gross Amount Carried at Close | ||||
Land | 8,524 | |||
Buildings | 5,139 | |||
Total | 13,663 | |||
Accumulated Depreciation | $ 10 | |||
Date Acquired | Dec. 20, 2021 | |||
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cost: | |||
Balance at Beginning of Year | $ 472,126 | $ 392,842 | $ 463,704 |
Additions and Improvements | 206,646 | 147,359 | 130,005 |
Cost of Real Estate Sold | (157,512) | (68,075) | (200,867) |
Balance at End of Year | 521,260 | 472,126 | 392,842 |
Accumulated Depreciation: | |||
Balance at Beginning of Year | 30,316 | 22,552 | 28,733 |
Depreciation and Amortization | 12,270 | 11,207 | 9,892 |
Depreciation on Real Estate Sold | (18,650) | (3,443) | (16,073) |
Balance at End of Year | $ 23,936 | $ 30,316 | $ 22,552 |
SCHEDULE III REAL ESTATE AND _4
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION - Reconciliation (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Income Properties, Land, Buildings, and Improvements | $ 515,007 | |||
Cost Basis of Assets Classified as Held for Sale on Balance Sheet | 6,253 | |||
Total | $ 521,260 | $ 472,126 | $ 392,842 | $ 463,704 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Mortgage Loans On Real Estate [Line Items] | |||
Face Amount of Mortgages | $ 38,099 | $ 37,735 | |
Carrying Amounts of Mortgages | 39,095 | $ 38,320 | $ 34,625 |
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 | 17,189 | ||
Master Tenant - Hialeah Lease Loan - Hialeah, FL | |||
Mortgage Loans On Real Estate [Line Items] | |||
Face Amount of Mortgages | 21,085 | ||
Carrying Amounts of Mortgages | $ 21,148 | ||
Mortgage Note - 4311 Maple Avenue, Dallas, TX | |||
Mortgage Loans On Real Estate [Line Items] | |||
Coupon Rate | 7.50% | ||
Face Amount of Mortgages | $ 400 | ||
Carrying Amounts of Mortgages | $ 394 | ||
Mortgage Note - 110 N Beach Street - Daytona Beach, FL | |||
Mortgage Loans On Real Estate [Line Items] | |||
Coupon Rate | 10.00% | ||
Face Amount of Mortgages | $ 364 | ||
Carrying Amounts of Mortgages | $ 364 |
SCHEDULE IV MORTGAGE LOANS ON_3
SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE - Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2020 | |
Mortgage Loans on Real Estate | ||||
Balance at Beginning of Year | $ 38,320 | $ 34,625 | ||
New Mortgage Loans | 364 | 28,360 | $ 34,570 | |
Collection of Origination Fees | (125) | |||
Accretion of Origination Fees | 2 | 161 | (139) | |
Imputed Interest Over Rent Payments on Ground Lease Loan | 409 | 399 | 194 | |
Collection of Principal | (23,132) | |||
CECL Reserve | (1,968) | $ (300) | ||
Balance at End of Year | 39,095 | $ 38,320 | $ 34,625 | |
Carrying amount of mortgages for Federal income tax | $ 18,400 |