Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Jul. 22, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | CTO | |
Entity Registrant Name | CONSOLIDATED TOMOKA LAND CO | |
Entity Central Index Key | 23,795 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 5,796,325 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Property, Plant, and Equipment: | ||
Income Properties, Land, Buildings, and Improvements | $ 211,698,872 | $ 268,970,875 |
Golf Buildings, Improvements, and Equipment | 3,445,842 | 3,432,681 |
Other Furnishings and Equipment | 1,060,007 | 1,044,139 |
Construction in Progress | 234,677 | 50,610 |
Total Property, Plant, and Equipment | 216,439,398 | 273,498,305 |
Less, Accumulated Depreciation and Amortization | (13,814,002) | (16,242,277) |
Property, Plant, and Equipment—Net | 202,625,396 | 257,256,028 |
Land and Development Costs ($11,484,560 and $11,329,574 Related to Consolidated VIE as of June 30, 2016 and December 31, 2015, respectively) | 56,962,202 | 53,406,020 |
Intangible Lease Assets—Net | 16,646,400 | 20,087,151 |
Assets Held for Sale | 38,685,310 | |
Impact Fee and Mitigation Credits | 4,277,767 | 4,554,227 |
Commercial Loan Investments | 23,960,467 | 38,331,956 |
Cash and Cash Equivalents | 24,742,236 | 4,060,677 |
Restricted Cash | 10,568,618 | 14,060,523 |
Investment Securities | 0 | 5,703,767 |
Refundable Income Taxes | 117,079 | 858,471 |
Other Assets | 8,544,663 | 6,034,824 |
Total Assets | 387,130,138 | 404,353,644 |
Liabilities: | ||
Accounts Payable | 2,225,130 | 1,934,417 |
Accrued and Other Liabilities | 9,382,443 | 8,867,919 |
Deferred Revenue | 5,393,195 | 14,724,610 |
Intangible Lease Liabilities - Net | 30,870,405 | 31,979,559 |
Accrued Stock-Based Compensation | 48,000 | 135,554 |
Deferred Income Taxes—Net | 42,405,361 | 39,526,406 |
Long-Term Debt | 153,887,378 | 166,796,853 |
Total Liabilities | 244,211,912 | 263,965,318 |
Commitments and Contingencies - See Note 18 | ||
Consolidated-Tomoka Land Co. Shareholders' Equity: | ||
Common Stock – 25,000,000 shares authorized; $1 par value, 6,018,739 shares issued and 5,796,115 shares outstanding at June 30, 2016; 6,068,310 shares issued and 5,908,437 shares outstanding at December 31, 2015 | 5,911,602 | 5,901,510 |
Treasury Stock – 222,624 shares at June 30, 2016; 159,873 shares at December 31, 2015 | (10,864,945) | (7,866,410) |
Additional Paid-In Capital | 19,411,293 | 16,991,257 |
Retained Earnings | 123,210,563 | 120,444,002 |
Accumulated Other Comprehensive Loss | (335,271) | (688,971) |
Total Consolidated-Tomoka Land Co. Shareholders' Equity | 137,333,242 | 134,781,388 |
Noncontrolling Interest in Consolidated VIE | 5,584,984 | 5,606,938 |
Total Shareholders’ Equity | 142,918,226 | 140,388,326 |
Total Liabilities and Shareholders’ Equity | $ 387,130,138 | $ 404,353,644 |
Consolidated Balance Sheets (U3
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Land and Development Costs | $ 56,962,202 | $ 53,406,020 |
Common Stock, shares authorized | 25,000,000 | 25,000,000 |
Common Stock, par value | $ 1 | $ 1 |
Common Stock, shares issued | 6,018,739 | 6,068,310 |
Common Stock, shares outstanding | 5,796,115 | 5,908,437 |
Treasury Stock, shares held | 222,624 | 159,873 |
Variable Interest Entity [Member] | ||
Land and Development Costs | $ 11,484,560 | $ 11,329,574 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Revenues | ||||
Income Properties | $ 6,033,082 | $ 4,132,052 | $ 12,462,323 | $ 8,392,727 |
Interest Income from Commercial Loan Investments | 635,050 | 638,710 | 1,516,295 | 1,270,194 |
Real Estate Operations | 4,774,620 | 1,368,141 | 14,335,518 | 2,227,942 |
Golf Operations | 1,412,196 | 1,448,567 | 2,876,555 | 2,985,993 |
Agriculture and Other Income | 18,990 | 20,738 | 37,682 | 39,677 |
Total Revenues | 12,873,938 | 7,608,208 | 31,228,373 | 14,916,533 |
Direct Cost of Revenues | ||||
Income Properties | (1,204,040) | (682,887) | (2,380,747) | (1,323,733) |
Real Estate Operations | (1,124,641) | (305,853) | (3,381,682) | (904,576) |
Golf Operations | (1,447,176) | (1,456,232) | (2,851,764) | (2,845,844) |
Agriculture and Other Income | (52,654) | (43,195) | (100,705) | (98,346) |
Total Direct Cost of Revenues | (3,828,511) | (2,488,167) | (8,714,898) | (5,172,499) |
General and Administrative Expenses | (1,899,126) | (1,874,877) | (6,696,583) | (3,344,643) |
Impairment Charges | (1,970,822) | (2,180,730) | (510,041) | |
Depreciation and Amortization | (1,805,559) | (1,071,752) | (3,872,926) | (2,227,491) |
Gain on Disposition of Assets | 1,362,948 | 12,749 | 1,362,948 | 18,189 |
Total Operating Expenses | (8,141,070) | (5,422,047) | (20,102,189) | (11,236,485) |
Operating Income | 4,732,868 | 2,186,161 | 11,126,184 | 3,680,048 |
Investment Income (Loss) | 2,691 | 74,818 | (563,693) | 225,277 |
Interest Expense | (2,154,437) | (1,888,434) | (4,246,203) | (2,954,936) |
Income Before Income Tax Expense | 2,581,122 | 372,545 | 6,316,288 | 950,389 |
Income Tax Expense | (1,000,480) | (147,928) | (3,343,081) | (372,416) |
Net Income | 1,580,642 | 224,617 | 2,973,207 | 577,973 |
Less: Net Loss (Income) Attributable to Noncontrolling Interest in Consolidated VIE | (10,199) | 21,954 | ||
Net Income Attributable to Consolidated-Tomoka Land Co. | $ 1,570,443 | $ 224,617 | $ 2,995,161 | $ 577,973 |
Per Share Information: Basic and Diluted | ||||
Net Income Attributable to Consolidated-Tomoka Land Co. | $ 0.28 | $ 0.04 | $ 0.52 | $ 0.10 |
Dividends Declared and Paid | $ 0.04 | $ 0.04 | $ 0.04 | $ 0.04 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net Income Attributable to Consolidated-Tomoka Land Co. | $ 1,570,443 | $ 224,617 | $ 2,995,161 | $ 577,973 |
Other Comprehensive Income | ||||
Realized Loss (Gain) on Investment Securities Sold (Net of Tax of $222,025 and $(49,240) for the six months ended June 30, 2016 and 2015, respectively) | 353,542 | (81,551) | ||
Unrealized Gain (Loss) on Investment Securities (Net of Tax of $-0- and $(185,294) for the three months ended June 30, 2016 and 2015, respectively and Net of Tax of $210,652 and $(41,094) for the six months ended June 30, 2016 and 2015, respectively) | (295,050) | 335,429 | (65,431) | |
Cash Flow Hedging Derivative - Interest Rate Swap (Net of Tax of $(210,550) and $-0- for the three and six months ended June 30, 2016 and 2015, respectively) | (335,271) | (335,271) | ||
Total Other Comprehensive Income (Loss), Net of Tax | (335,271) | (295,050) | 353,700 | (146,982) |
Total Comprehensive Income (Loss) | $ 1,235,172 | $ (70,433) | $ 3,348,861 | $ 430,991 |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Other Comprehensive Income Realized Gain on Investment Securities, tax | $ 222,025 | $ (49,240) | ||
Other Comprehensive Income Unrealized Gain (Loss) on Available-for-Sale Investment Securities, tax | $ 0 | $ (185,294) | 210,652 | (41,094) |
Cash Flow Hedging Derivative - Interest Rate Swap, Net of tax | $ (210,550) | $ 0 | $ (210,550) | $ 0 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity (Unaudited) - 6 months ended Jun. 30, 2016 - USD ($) | Total | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total Consolidated-Tomoka Land Co. Shareholders’ Equity [Member] | Noncontrolling Interest in Consolidated VIE [Member] |
Beginning balance at Dec. 31, 2015 | $ 140,388,326 | $ 5,901,510 | $ (7,866,410) | $ 16,991,257 | $ 120,444,002 | $ (688,971) | $ 134,781,388 | $ 5,606,938 |
Net Income | 2,973,207 | 2,995,161 | 2,995,161 | (21,954) | ||||
Stock Repurchase | (2,998,535) | (2,998,535) | (2,998,535) | |||||
Exercise of Stock Options | 29,708 | 850 | 28,858 | 29,708 | ||||
Vested Restricted Stock | (196,206) | 8,884 | (205,090) | (196,206) | ||||
Stock Issuance | 17,451 | 358 | 17,093 | 17,451 | ||||
Stock Compensation Expense from Restricted Stock Grants and Equity Classified Stock Options | 2,579,175 | 2,579,175 | 2,579,175 | |||||
Cash Dividends | (228,600) | (228,600) | (228,600) | |||||
Other Comprehensive Income, Net of Tax | 353,700 | 353,700 | 353,700 | |||||
Ending balance at Jun. 30, 2016 | $ 142,918,226 | $ 5,911,602 | $ (10,864,945) | $ 19,411,293 | $ 123,210,563 | $ (335,271) | $ 137,333,242 | $ 5,584,984 |
Consolidated Statements of Sha8
Consolidated Statements of Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Statement Of Stockholders Equity [Abstract] | ||||
Dividends Declared and Paid | $ 0.04 | $ 0.04 | $ 0.04 | $ 0.04 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Cash Flow from Operating Activities: | ||
Net Income | $ 2,973,207 | $ 577,973 |
Adjustments to Reconcile Net Income to Net Cash Provided by (Used In) Operating Activities: | ||
Depreciation and Amortization | 3,872,926 | 2,227,491 |
Amortization of Intangible Liabilities to Income Property Revenue | (1,162,780) | |
Loan Cost Amortization | 227,293 | 167,036 |
Amortization of Discount on Convertible Debt | 551,489 | 318,197 |
Amortization of Discount on Debt Securities within Investment Securities | (4,228) | |
Gain on Disposition of Property, Plant, and Equipment and Intangible Assets | (1,362,948) | (18,189) |
Impairment Charges | 2,180,730 | 510,041 |
Accretion of Commercial Loan Origination Fees | (164,893) | (58,424) |
Amortization of Fees on Acquisition of Commercial Loan Investments | 36,382 | |
Discount on Commercial Loan Investment Payoff | 217,500 | |
Realized Loss (Gain) on Investment Securities | 575,567 | (130,791) |
Realized Gain on Put Option Derivative | (24,915) | |
Deferred Income Taxes | 2,108,493 | 229,744 |
Non-Cash Compensation | 2,491,621 | 621,724 |
Decrease (Increase) in Assets: | ||
Refundable Income Taxes | 741,392 | (440,488) |
Land and Development Costs | (4,584,904) | (440,607) |
Impact Fees and Mitigation Credits | 276,460 | 422,731 |
Other Assets | (2,678,702) | (1,167,489) |
Increase (Decrease) in Liabilities: | ||
Accounts Payable | 290,713 | 532,273 |
Accrued and Other Liabilities | 514,524 | 613,782 |
Deferred Revenue | (9,331,415) | (1,571,266) |
Net Cash Provided By (Used In) Operating Activities | (2,227,345) | 2,364,595 |
Cash Flow from Investing Activities: | ||
Acquisition of Property, Plant, and Equipment | (422,002) | (1,499,328) |
Acquisition of Property, Plant, and Equipment and Intangible Lease Assets and Liabilities through Business Combinations | (2,460,000) | (8,634,452) |
Acquisition of Commercial Loan Investments | (894,878) | |
Decrease in Restricted Cash | 3,491,905 | 2,946,703 |
Proceeds from Sale of Investment Securities | 6,252,362 | 834,964 |
Proceeds from Sale of Put Options | 78,995 | |
Acquisition of Investment Securities | (6,927,254) | |
Proceeds from Disposition of Property, Plant, and Equipment | 18,828,578 | 6,185,947 |
Principal Payments Received on Commercial Loan Investments | 14,282,500 | 7,200,909 |
Net Cash Provided By (Used In) Investing Activities | 39,973,343 | (708,394) |
Cash Flow from Financing Activities: | ||
Proceeds from Long-Term Debt | 28,750,000 | 76,375,000 |
Payments on Long-Term Debt | (42,050,000) | (47,540,011) |
Cash Paid for Loan Fees | (388,257) | |
Cash Proceeds from Exercise of Stock Options | 47,159 | 423,480 |
Cash Used to Purchase Common Stock | (2,998,535) | (858,695) |
Cash From (Used for) Excess Tax Benefit (Expense) from Vesting of Restricted Stock | 2,507 | (29,563) |
Cash Paid for Vesting of Restricted Stock | (198,713) | |
Dividends Paid | (228,600) | (233,187) |
Net Cash Provided By (Used In) Financing Activities | (17,064,439) | 28,137,024 |
Net Increase in Cash | 20,681,559 | 29,793,225 |
Cash, Beginning of Year | 4,060,677 | 1,881,195 |
Cash, End of Period | $ 24,742,236 | $ 31,674,420 |
Consolidated Statements of Ca10
Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) | 6 Months Ended | |
Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | |
Income Taxes Paid | $ 577,000 | |
Income tax refunds, net of payments made | $ 58,000 | |
Interest paid | 3,500,000 | 1,500,000 |
Interest paid, Capitalized | 0 | $ 0 |
Convertible notes face amount | 160,400,000 | |
Reduction in the value of accrued stock based Compensation | $ 88,000 | |
4.50% Convertible Senior Notes due 2020 [Member] | ||
Debt Instrument Maturity Year | 2,020 | |
Equity component of the convertible notes issued | $ 2,100,000 | |
Decrease in long-term debt | 3,400,000 | |
Increase in deferred income taxes | 1,300,000 | |
Convertible notes face amount | $ 75,000,000 |
Description of Business and Pri
Description of Business and Principles of Interim Statements | 6 Months Ended |
Jun. 30, 2016 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Description of Business and Principles of Interim Statements | NOTE 1. DESCRIPTION OF BUSINESS AND PRINCIPLES OF INTERIM STATEMENTS Description of Business The terms “us,” “we,” “our,” and “the Company” as used in this report refer to Consolidated-Tomoka Land Co. together with our consolidated subsidiaries. We are a diversified real estate operating company. We own and manage thirty-seven commercial real estate properties in ten states in the U.S. As of June 30, 2016, we owned twenty-nine single-tenant and eight multi-tenant income-producing properties with over 1,500,000 square feet of gross leasable space. We also own and manage a land portfolio of approximately 10,500 acres. As of June 30, 2016, we had three commercial loan investments including one fixed-rate and one variable–rate mezzanine loan and a variable-rate B-Note representing a secondary tranche in a commercial mortgage loan. Our golf operations consist of the LPGA International golf club, which is managed by a third party. We also lease property for twenty billboards, have agricultural operations that are managed by a third party, which consists of leasing land for hay and sod production, timber harvesting, and hunting leases, and own and manage subsurface interests. The results of our agricultural and subsurface leasing operations are included in Agriculture and Other Income and Real Estate Operations, respectively, in our consolidated statements of operations. Interim Financial Information The accompanying unaudited consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. These unaudited consolidated financial statements do not include all of the information and notes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete financial statements and should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2015, which provides a more complete understanding of the Company’s accounting policies, financial position, operating results, business properties, and other matters. The unaudited consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary to present fairly the financial position of the Company and the results of operations for the interim periods. The results of operations for the six months ended June 30, 2016 are not necessarily indicative of results to be expected for the year ending December 31, 2016. 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 significant inter-company balances and transactions have been eliminated in the consolidated financial statements. Noncontrolling interests in consolidated pass-through entities are recognized before income taxes. Use of Estimates in Preparation of Financial Statements The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents Cash and cash equivalents include cash on hand, bank demand accounts, and money market accounts having maturities at acquisition date of 90 days or less. The Company’s bank balances as of June 30, 2016 include certain amounts over the Federal Deposit Insurance Corporation limits. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) NOTE 1. DESCRIPTION OF BUSINESS AND PRINCIPLES OF INTERIM STATEMENTS (continued) Restricted Cash Restricted cash totaled approximately $10.6 million at June 30, 2016 of which approximately $9.1 million of cash is being held in escrow, from the sale of an income property and a surface entry right release, to be reinvested through the like-kind exchange structure into one or more other income properties. Approximately $306,000 is being held in a reserve primarily for property taxes and insurance escrows in connection with our financing of two properties acquired in January 2013; approximately $504,000 is being held in three separate escrow accounts related to three separate land transactions of which one closed in December 2013 and two closed in December 2015; approximately $17,000 is being held by the consolidated variable interest entity in which the Company is the primary beneficiary; and approximately $634,000 is being held in a reserve primarily for certain required tenant improvements for the Lowes in Katy, Texas. Investment Securities In accordance with ASC Topic 320, Investments – Debt and Equity Securities Realized gains and losses, and declines in value judged to be other-than-temporary related to equity securities, are included in investment income in the consolidated statements of operations. With respect to debt securities, when the fair value of a debt security classified as available-for-sale is less than its cost, management assesses whether or not: (i) it has the intent to sell the security or (ii) it is more likely than not that the Company will be required to sell the security before its anticipated recovery. If either of these conditions are met, the Company must recognize an other-than-temporary impairment through earnings for the differences between the debt security’s cost basis and its fair value, and such amount is included in investment income in the consolidated statements of operations. There were no other-than-temporary impairments during the six months ended June 30, 2016 or 2015. During the fourth quarter of 2015, an other-than-temporary impairment was deemed to exist on a portion of the equity securities held by the Company, resulting in an impairment charge of approximately $60,000. The Company completed the disposition of its remaining position in investment securities during the six months ended June 30, 2016 resulting in a loss of approximately $576,000. The cost of securities sold is based on the specific identification method. Interest and dividends on securities classified as available-for-sale are included in investment income in the consolidated statements of operations. The fair value of the Company’s available-for-sale equity securities were measured quarterly, on a recurring basis, using Level 1 inputs, or quoted prices for identical, actively traded assets. The fair value of the Company’s available-for-sale debt securities were measured quarterly, on a recurring basis, using Level 2 inputs. Derivative Instrument and Hedging Activity In conjunction with the variable-rate mortgage loan secured by our property located in Raleigh, NC leased to Wells Fargo Bank, NA (“Wells Fargo”), the Company entered into an interest rate swap to fix the interest rate (the “Interest Rate Swap”). The Company accounts for its cash flow hedging derivative in accordance with ASC 815-20 “Derivatives and Hedging”. The derivative is included in Accrued and Other Liabilities on the consolidated balance sheet at its fair value. On the date the Interest Rate Swap was entered into, the Company designated the derivative as a hedge of the variability of cash flows to be paid related to the recognized long-term debt liability. The Company formally documented the relationship between the hedging instrument and the hedged item, as well as its risk-management objective and strategy for undertaking the hedge transaction. At the hedge’s inception, the Company formally assessed whether the derivative that is used in hedging the transaction is highly effective in offsetting changes in cash flows of the hedged item, and we will continue to do so on an ongoing basis. Changes in fair value of the Interest Rate Swap that are highly effective and designated and qualified as a cash-flow hedge are recorded in other comprehensive income and loss, until earnings are affected by the variability in cash flows of the designated hedged item. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) NOTE 1. DESCRIPTION OF BUSINESS AND PRINCIPLES OF INTERIM STATEMENTS (continued) 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, and accounts payable at June 30, 2016 and December 31, 2015, approximate fair value because of the short maturity of these instruments. The carrying amount of the Company’s investments in commercial loans approximates fair value at June 30, 2016 and December 31, 2015, since the floating and fixed rates of the loans reasonably approximate current market rates for notes with similar risks and maturities. The carrying value of the Company’s credit facility approximates fair value at June 30, 2016 and December 31, 2015, since the floating rate reasonably approximates current market rates for revolving credit arrangements with similar risks and maturities. The face value of the Company’s fixed rate mortgage notes and convertible debt is measured at fair value based on current market rates for debt instruments with similar risks and maturities, see Note 6, “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 in the fair value accounting guidance. The framework specifies a hierarchy of valuation inputs which was established to increase consistency, clarity and comparability in fair value measurements and related disclosures. The guidance describes a fair value hierarchy based upon three levels of inputs that may be used to measure fair value, two of which are considered observable and one that is considered unobservable. The following describes the three levels: · Level 1 – Valuation is based upon quoted prices in active markets for identical assets or liabilities. · Level 2 – Valuation is based upon inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. · Level 3 – Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include option pricing models, discounted cash flow models and similar techniques. Classification of Commercial Loan Investments Loans held for investment are stated at the principal amount outstanding and include the unamortized deferred loan fees offset by any applicable unaccreted purchase discounts and origination fees, if applicable, in accordance with GAAP. Commercial Loan Investment Impairment The Company’s commercial loans are held for investment. For each loan, the Company evaluates the performance of the collateral property and the financial and operating capabilities of the borrower/guarantor, in part, to assess whether any deterioration in the credit has occurred and for possible impairment of the loan. Impairment would reflect the Company’s determination that it is probable that all amounts due according to the contractual terms of the loan would not be collected. Impairment is measured based on the present value of the expected future cash flows from the loan discounted at the effective rate of the loan or the fair value of the collateral. Upon determination of an impairment, the Company would record an allowance to reduce the carrying value of the loan with a corresponding recognition of loss in the results of operations. Significant exercise of judgment is required in determining impairment, including assumptions regarding the estimate of expected future cash flows, collectability of the loan, the value of the underlying collateral and other factors including the existence of guarantees. The Company has determined that, as of June 30, 2016 and December 31, 2015, no allowance for impairment was required. Recognition of Interest Income from Commercial Loan Investments Interest income on commercial loan investments includes interest payments made by the borrower and the accretion of purchase discounts and loan origination fees, offset by the amortization of 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. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) NOTE 1. DESCRIPTION OF BUSINESS AND PRINCIPLES OF INTERIM STATEMENTS (continued) Impact Fees and Mitigation Credits Impact fees and mitigation credits are stated at historical cost. As these assets are sold, the related revenues and cost basis are reported as revenues from, and direct costs of, real estate operations, respectively, in the consolidated statements of operations. Accounts Receivable Accounts receivable related to income properties, which are classified in other assets on the consolidated balance sheets, primarily consist of tenant reimbursable expenses. Receivables related to tenant reimbursable expenses totaled approximately $494,000 and $831,000 as of June 30, 2016 and December 31, 2015, respectively. Accounts receivable related to real estate operations, which are classified in other assets on the consolidated balance sheets, totaled approximately $3.4 million and $1.3 million as of as of June 30, 2016 and December 31, 2015, respectively. These accounts receivable are related to the reimbursement of certain infrastructure costs completed by the Company in conjunction with three land sale transactions that closed during the fourth quarter of 2015 and one land sale transaction that closed during the first quarter of 2016. Trade accounts receivable primarily consist of receivables related to golf operations, which are classified in other assets on the consolidated balance sheets. Trade accounts receivable related to golf operations, which primarily consist of membership and event receivables, totaled approximately $294,000 and $253,000 as of June 30, 2016 and December 31, 2015, respectively. The collectability of the aforementioned receivables is determined based on a review of specifically identified accounts using judgments. As of as of June 30, 2016 and December 31, 2015, no allowance for doubtful accounts was required. Purchase Accounting for Acquisitions of Real Estate Subject to a Lease In accordance with the Financial Accounting Standards Board (“FASB”) guidance on business combinations, the fair value of the real estate acquired with in-place leases is allocated to the acquired tangible assets, consisting of land, building and tenant improvements, and identified intangible assets 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. The Company has determined that income property purchases with a pre-existing lease at the time of acquisition qualify as a business combination, in which case acquisition costs are expensed in the period the transaction closes. For income property purchases in which a new lease is originated at the time of acquisition, the Company has determined that these asset purchases are outside the scope of the business combination standards and accordingly, the acquisition costs are capitalized with the purchase. The fair value of the tangible assets of an acquired leased property is determined by valuing the property as if it were vacant, and the “as-if-vacant” value is then allocated to land, building and tenant improvements based on the determination of the fair values of these assets. 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 (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases, and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining term of the lease, including the probability of renewal periods. The capitalized above-market lease values are amortized as a reduction of rental income over the remaining terms of the respective leases. The capitalized below-market lease values are amortized as an increase to rental income over the initial term unless the Company believes that it is likely that the tenant will renew the option whereby the Company amortizes the value attributable to the renewal over the renewal period. The aggregate value of other acquired intangible assets, consisting of in-place leases, is measured by the excess of (i) the purchase price paid for a property after adjusting existing in-place leases to market rental rates over (ii) the estimated fair value of the property as-if-vacant, determined as set forth above. The value of in-place leases exclusive of the value of above-market and below-market in-place leases is 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. The value of tenant relationships is reviewed on individual transactions to determine if future value was derived from the acquisition. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) NOTE 1. DESCRIPTION OF BUSINESS AND PRINCIPLES OF INTERIM STATEMENTS (continued) Sales of Real Estate Gains and losses on sales of real estate are accounted for as required by the “Accounting for Sales of Real Estate” Topic of FASB Accounting Standards Codification (“FASB ASC”) FASB ASC 976-605-25. The Company recognizes revenue from the sale of real estate at the time the sale is consummated, unless the property is sold on a deferred payment plan and the initial payment does not meet established criteria, or the Company retains some form of continuing involvement in the property. As market information becomes available, real estate cost basis is analyzed and recorded at the lower of cost or market. Adoption of New Accounting Standard A certain item in the prior period’s consolidated balance sheet has been reclassified to conform to the presentation as of and for the six months ended June 30, 2016. Specifically, upon the adoption of ASU 2015-03, related to simplifying the presentation of debt issuance costs effective January 1, 2016, debt issuance costs, net of accumulated amortization, are required to be presented as a direct deduction from the carrying amount of the related long-term debt liability. The amount reclassified from other assets to long-term debt was approximately $1.7 million as of December 31, 2015. |
Income Properties
Income Properties | 6 Months Ended |
Jun. 30, 2016 | |
Business Combinations [Abstract] | |
Income Properties | NOTE 2. INCOME PROPERTIES During the six months ended June 30, 2016, the Company acquired one multi-tenant income property, for an acquisition cost of approximately $2.5 million. Of the total acquisition cost, approximately $1.0 million was allocated to land, approximately $1.6 million was allocated to buildings and improvements, approximately $100,000 was allocated to intangible assets pertaining to the in-place lease value and leasing fees, and approximately $200,000 was allocated to intangible liabilities for the below market lease value. The amortization period for the intangible assets and liabilities is approximately 8.3 years. The property acquired during the six months ended June 30, 2016 is described below: · On February 18, 2016, the Company acquired a 4,685 square-foot building situated on approximately 0.37 acres in Dallas, TX which was 100% occupied and leased to two tenants, anchored by 7-Eleven, Inc. The purchase price was approximately $2.5 million, and as of the acquisition date, the weighted average remaining term of the leases was approximately 8.2 years. Four income properties were disposed of during the six months ended June 30, 2016 as described below: · On April 5, 2016, the Company sold its income property leased to American Signature Furniture located in Daytona Beach, Florida, which had 3.8 years remaining on the lease, for a sales price of approximately $5.2 million. The Company’s gain on the sale was approximately $197,000, or $0.02 per share after tax. · On April 6, 2016, the Company sold its income property leased to an affiliate of CVS, located in Sebring, Florida, which was sub-leased to Advanced Auto Parts and had approximately 3.1 years remaining on the lease, for a sales price of approximately $2.4 million. The Company’s loss on the sale was approximately $210,000, or $0.02 per share after tax, which was charged to earnings as an impairment during the three months ended March 31, 2016. · On April 22, 2016, the Company sold its 15,360 square foot self-developed property leased to Teledyne ODI, located in Daytona Beach, Florida, which had approximately 9.3 years remaining on the lease, for a sales price of approximately $3.0 million. The Company’s gain on the sale was approximately $822,000, or $0.09 per share after tax. · On June 22, 2016, the Company sold its income property leased to Lowe’s located in Lexington, North Carolina, which had 9.6 years remaining on the lease, for a sales price of approximately $9.1 million. The Company’s gain on the sale was approximately $344,000, or $0.04 per share after tax. An impairment charge of approximately $942,000 was recognized during the three months ended June 30, 2016 on the single-tenant income property in Altamonte Springs, Florida leased to PNC Bank as described in Note 8, “Impairment of Long-Lived Assets.” NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) NOTE 2. INCOME PROPERTIES (continued) Fourteen single-tenant properties were classified as held for sale as of March 31, 2016 which continue to be held for sale as of June 30, 2016 as the sale has not yet closed. Those fourteen properties classified as held for sale are described below: · On March 28, 2016, the Company entered into a purchase and sale agreement for the sale of a portfolio of fourteen single-tenant income properties (the “Portfolio Sale”). The properties include nine properties leased to Bank of America, located primarily in Orange County and also in Los Angeles County, California; two properties leased to Walgreens, located in Boulder, Colorado and Palm Bay, Florida; a property leased to a subsidiary of CVS located in Tallahassee, Florida; a ground lease for a property leased to Chase Bank located in Chicago, Illinois; and a ground lease for a property leased to Buffalo Wild Wings in Phoenix, Arizona. The sales price for the Portfolio Sale is approximately $51.6 million. The Portfolio Sale contemplates that the sales price includes the buyer’s assumption of the existing $23.1 million mortgage loan secured by the aforementioned properties. The Portfolio Sale, if completed, would result in an estimated gain of approximately $11.4 million, or approximately $1.22 per share, after tax. The Portfolio Sale is anticipated to close in the third quarter of 2016. The closing of the Portfolio Sale is subject to customary closing conditions. On April 5, 2016, the Company entered into a 15 year lease with a national fitness center for the anchor space at The Grove at Winter Park located in Winter Park, Florida. The lease is for approximately 40,000 square feet, or 36%, of the 112,000 square foot multi-tenant retail center. On July 6, 2016, the Company funded approximately $4.0 million into an escrow account for customary tenant improvements for the fitness center, which could open as early as the fourth quarter of 2016. The tenant will draw funding from escrow as construction progresses. One single-tenant income property and one vacant pad site were acquired during the six months ended June 30, 2015 at an aggregate acquisition cost of approximately $9.1 million. Two single-tenant income properties were classified as held for sale as of March 31, 2015, for which the sale closed in April 2015. An impairment of approximately $510,000 was charged to earnings during the three months ended March 31, 2015, related to the April 2015 sale as described in Note 8, “Impairment of Long-Lived Assets.” |
Commercial Loan Investments
Commercial Loan Investments | 6 Months Ended |
Jun. 30, 2016 | |
Receivables [Abstract] | |
Commercial Loan Investments | NOTE 3. COMMERCIAL LOAN INVESTMENTS On May 26, 2016, the Company’s $14.5 million first mortgage loan secured by the Sheraton Old San Juan Hotel located in San Juan, Puerto Rico was paid off at a discount of approximately $218,000. On payoff, the remaining loan origination fee net of loan costs was accreted into income. During the three months ended June 30, 2016, the approximately $9.0 million B-Note secured by property in Sarasota, Florida and the $10.0 million mezzanine loan secured by property in Dallas, Texas were extended by the borrowers, each borrower having exercised one-year extension options thereby extending the maturity dates to June 2017 and September 2017, respectively. As of June 30, 2016, the Company owned three performing commercial loan investments which have an aggregate outstanding principal balance of approximately $24.0 million. These loans are secured by real estate, or the borrower’s equity interest in real estate, located in Dallas, Texas, Sarasota, Florida, and Atlanta, Georgia and have an average remaining maturity of approximately 1.4 years and a weighted average interest rate of 8.7%. The Company’s commercial loan investment portfolio was comprised of the following at June 30, 2016: Description Date of Investment Maturity Date Original Face Amount Current Face Amount Carrying Value Coupon Rate Mezz – Hotel – Atlanta, GA January 2014 February 2019 $ 5,000,000 $ 5,000,000 $ 5,000,000 12.00% B-Note – Retail Shopping Center, Sarasota, FL May 2014 June 2017 8,960,467 8,960,467 8,960,467 30-day LIBOR plus 7.50% Mezz – Hotel, Dallas, TX September 2014 September 2017 10,000,000 10,000,000 10,000,000 30-day LIBOR plus 7.25% Total $ 23,960,467 $ 23,960,467 $ 23,960,467 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) NOTE 3. COMMERCIAL LOAN INVESTMENTS (continued) The carrying value of the commercial loan investment portfolio as of June 30, 2016 consisted of the following: Total Current Face Amount $ 23,960,467 Unamortized Fees - Unaccreted Origination Fees - Total Commercial Loan Investments $ 23,960,467 The Company’s commercial loan investment portfolio was comprised of the following at December 31, 2015: Description Date of Investment Maturity Date Original Face Amount Current Face Amount Carrying Value Coupon Rate Mezz – Hotel – Atlanta, GA January 2014 February 2019 $ 5,000,000 $ 5,000,000 $ 5,000,000 12.00% B-Note – Retail Shopping Center, Sarasota, FL May 2014 June 2016 8,960,467 8,960,467 8,960,467 30-day LIBOR plus 7.50% Mezz – Hotel, Dallas, TX September 2014 September 2016 10,000,000 10,000,000 10,000,000 30-day LIBOR plus 7.25% First Mortgage – Hotel, San Juan, Puerto Rico September 2015 September 2018 14,500,000 14,500,000 14,371,489 30-day LIBOR plus 9.00% Total $ 38,460,467 $ 38,460,467 $ 38,331,956 The carrying value of the commercial loan investment portfolio as of December 31, 2015 consisted of the following: Total Current Face Amount $ 38,460,467 Unamortized Fees 36,382 Unaccreted Origination Fees (164,893 ) Total Commercial Loan Investments $ 38,331,956 |
Land and Subsurface Interests
Land and Subsurface Interests | 6 Months Ended |
Jun. 30, 2016 | |
Real Estate [Abstract] | |
Land and Subsurface Interests | NOTE 4. LAND AND SUBSURFACE INTERESTS During the six months ended June 30, 2016, a total of approximately 7.46 acres of land was sold for approximately $2.2 million as described below: · On February 12, 2016, the Company sold approximately 3.06 acres of land located in Daytona Beach, Florida at a sales price of $190,000, or approximately $62,000 per acre, for a gain of approximately $145,000. · On March 30, 2016, the Company sold approximately 4.40 acres of land located within the 235-acre Tomoka Town Center located in Daytona Beach, Florida east of Interstate 95 and south of LPGA Boulevard (the “Town Center”) at a sales price of approximately $2.0 million, or approximately $455,000 per acre, for a gain of approximately $1.25 million recognized at closing, with the remaining estimated gain of approximately $683,000 to be recognized as related infrastructure work is completed. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) NOTE 4. LAND AND SUBSURFACE INTERESTS (continued) In addition, the gain recognized on the percentage-of-completion basis for the sales within the Town Center, of which approximately 180 of the total 235 acres are developable, is described below. The Town Center infrastructure work was approximately 81% complete as of June 30, 2016. The gain consists of revenue from a portion of the sales price and revenue from expected reimbursement of infrastructure costs, less the allocated cost basis of the infrastructure costs incurred, as the infrastructure work is completed: Land Tract Date Closed No. of Acres Sales Price Avg. Sales Price per Acre Revenue (1) Q2 2016 Revenue (1) Gain (2) Gain (2) Deferred Revenue (3) Tanger Outlet 11/12/2015 38.93 $ 9,700,000 $ 249,165 $ 1,633,919 $ 5,129,130 $ 1,314,682 $ 4,106,231 $ 1,773,019 Sam's Club 12/23/2015 18.10 4,500,000 248,619 837,596 2,627,483 689,171 2,151,898 770,425 NADG - First Parcel 12/29/2015 37.26 5,168,335 138,710 1,040,527 3,269,246 734,984 2,290,225 1,018,759 NADG - Outparcel 3/30/2016 4.40 2,000,000 454,545 330,730 1,775,334 294,649 1,546,609 394,230 Total Tomoka Town Center Sales 98.69 $ 21,368,335 $ 216,520 $ 3,842,772 $ 12,801,193 $ 3,033,486 $ 10,094,963 $ 3,956,433 (1) The revenue recognized in each quarter consists of revenue from a portion of the sales price that was previously deferred and revenue from expected reimbursements, as the infrastructure work is completed. (2) The gain recognized in each quarter consists of revenue less the allocated cost basis of the infrastructure costs, as the infrastructure work is completed. (3) The NADG First Parcel and Outparcel sales represent the first two of multiple transactions contemplated under a single purchase and sale agreement (the “NADG Agreement”) with an affiliate of North American Development Group (“NADG”). The NADG Agreement provides NADG with the ability to acquire portions of the remaining acreage under contract within the Town Center (the “Remaining Option Parcels”) in multiple, separate transactions through 2018 (the “Option Period”). The Remaining Option Parcels represent a total of approximately 81.55 acres and total potential proceeds to the Company of approximately $20.2 million, or approximately $248,000 per acre. Pursuant to the NADG Agreement, NADG can close on any and all of the Remaining Option Parcels at any time during the Option Period. The NADG Agreement also establishes a price escalation percentage that would be applied to any of the Remaining Option Parcels that are acquired after January 2017, and an additional price escalation percentage that would be applied to any Remaining Option Parcels acquired in 2018. Pursuant to the agreements with Tanger, Sam’s Club, and NADG (the “Town Center Sales Agreements”), which together represent the potential sale of the developable acreage in the Town Center, the Company is responsible for the completion of certain infrastructure improvements (the “Infrastructure Work”) at the Town Center. The Infrastructure Work is currently estimated to cost between $12.5 million and $13.0 million and is expected to be completed in or around October 2016. In connection with the transaction with Tanger, the Company expects to receive approximately $4.5 million for the portion of the Infrastructure Work attributable to the Tanger property from the Tomoka Town Center Community Development District (the “Town Center District”), a special purpose governmental entity, based upon the achievement of certain milestones related to the Infrastructure Work and the Tanger project, and based upon when the Company dedicates the Infrastructure Work to the Town Center District. The payment of the $4.5 million will be recognized into revenue when earned. The Company expects to receive payments, in addition to the sales proceeds from each of the Town Center Sales Agreements (the “Incremental Payments”), including certain fixed annual payments, over the next ten years from Tanger and Sam’s, which annual amounts are included in the estimated gains from the transactions. In aggregate, the majority of the Incremental Payments and the payment received from the Town Center District are expected to largely offset the cost of the Infrastructure Work. As a result of our responsibility for completing the Infrastructure Work, we have applied the percentage of completion basis of accounting to the Tanger Outlet, Sam’s Club and NADG transactions whereby we will recognize the revenue deferred for each transaction as the Infrastructure Work is completed. The Incremental Payments recorded as receivables as of June 30, 2016 and December 31, 2015 totaled approximately $3.4 million and $1.3 million, respectively, and are included as a part of other assets on the consolidated balance sheets. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) NOTE 4. LAND AND SUBSURFACE INTERESTS (continued) The following table provides a reconciliation of the land transactions closed (as of June 30, 2016) or under contract for all the developable parcels of the Town Center (sales price and estimated infrastructure reimbursement presented in $000’s) and the reimbursement amounts for the Infrastructure Work from each buyer: Land Tract No. of Acres Sales Price (In $000's) Sales Price per Acre Infrastructure Reimbursement (in $000s) Tanger Outlet [Closed] (1) 38.93 $ 9,700 $ 249,165 $ 5,500 Sam's Club [Closed] (2) 18.10 4,500 248,619 1,100 NADG - First Parcel [Closed] (3) 37.26 5,168 138,710 1,800 NADG - Outparcel [Closed] (3) 4.40 2,000 454,545 211 NADG - Option Parcels (4) 81.55 20,196 247,645 3,889 Total Developable Area 180.24 41,564 230,602 12,500 Common Area (5) 54.32 N/A N/A (12,800 ) Total Town Center 234.56 $ 41,564 $ 177,199 $ (300 ) (1) (2) (3) (4) (5) During the six months ended June 30, 2015, the Company sold approximately 3.9 acres. On June 1, 2015, the Company sold approximately 3.0 acres of land located on the south side of LPGA Boulevard, just east of Clyde Morris Boulevard, at a sales price of $505,000, or approximately $167,000 per acre, for a gain of approximately $476,000. On June 17, 2015, the Company sold approximately 0.9 acres of land located in Highlands County, at a sales price of $250,000 for a gain of approximately $223,000. For a description of impairment charges totaling approximately $1.0 million on the Company’s undeveloped land during the three months ended June 30, 2016, see Note 8, “Impairment of Long-Lived Assets.” During the year ended December 31, 2015, the Company acquired, through a real estate venture with an unaffiliated third party institutional investor, an interest in approximately six acres of vacant beachfront property located in Daytona Beach, Florida as more fully described in Note 21, “Variable Interest Entity.” The Company owns full or fractional subsurface oil, gas, and mineral interests underlying approximately 500,000 “surface” acres of land owned by others in 20 counties in Florida. The Company leases its interests to mineral exploration firms for exploration. Our subsurface operations consist of revenue from the leasing of exploration rights and in some instances additional revenues from royalties applicable to production from the leased acreage. During November 2015, the Company hired Lantana Advisors, a subsidiary of SunTrust, to evaluate the possible sale of its subsurface interests. On April 13, 2016 the Company entered into a purchase and sale agreement with Land Venture Partners, LLC for the sale of its 500,000 acres of subsurface interests, all located in the state of Florida, including the royalty interests in two operating oil wells in Lee County, Florida and its interests in the oil exploration lease with Kerogen Florida Energy Company LP, for a sales price of approximately $24 million (the “Subsurface Sale”). The purchase and sale agreement contemplates a closing of the Subsurface Sale prior to year-end 2016. The Subsurface Sale, if completed, would result in an estimated gain of approximately $22.6 million, or approximately $2.40 per share, after tax. The Company intends to use the proceeds from this sale as part of a Section 1031 like-kind exchange. The closing of the Subsurface Sale is subject to customary closing conditions. There can be no assurances regarding the likelihood or timing of the Subsurface Sale being completed or the final terms thereof, including the sales price. During 2011, an eight-year oil exploration lease was executed. The lease calls for annual lease payments which are recognized as revenue ratably over the respective twelve month lease periods. In addition, non-refundable drilling penalty payments are made as required by the drilling requirements in the lease which are recognized as revenue when received. Cash payments for both the annual lease payment and the drilling penalty, if applicable, are received in full on or before the first day of the respective lease year. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) NOTE 4. LAND AND SUBSURFACE INTERESTS (continued) Lease payments on the respective acreages and drilling penalties received through lease year five are as follows: Lease Year Acreage (Approximate) Florida County Lease Payment (1) Drilling Penalty (1) Lease Year 1 - 9/23/2011 - 9/22/2012 136,000 Lee and Hendry $ 913,657 $ - Lease Year 2 - 9/23/2012 - 9/22/2013 136,000 Lee and Hendry 922,114 - Lease Year 3 - 9/23/2013 - 9/22/2014 82,000 Hendry 3,293,000 1,000,000 Lease Year 4 - 9/23/2014 - 9/22/2015 42,000 Hendry 1,866,146 600,000 Lease Year 5 - 9/23/2015 - 9/22/2016 25,000 Hendry 1,218,838 175,000 Total Payments Received to Date $ 8,213,755 $ 1,775,000 (1) The terms of the lease state the Company will receive royalty payments if production occurs, and may receive additional annual rental payments if the lease is continued in years six through eight. The lease is effectively eight one-year terms as the lessee has the option to terminate the lease. Lease income generated by the annual lease payments is recognized on a straight-line basis over the guaranteed lease term. For the three months ended June 30, 2016 and 2015, lease income of approximately $303,000 and $465,000, respectively, was recognized. For the six months ended June 30, 2016 and 2015, lease income of approximately $606,000 and $925,000, respectively, was recognized. There can be no assurance that the oil exploration lease will be extended beyond the expiration of the current term of September 22, 2016 or, if renewed, on similar terms or conditions. 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 approximately $11,000 and $28,000, during the three months ended June 30, 2016 and 2015, respectively. Revenues from oil royalties totaled approximately $16,000 and $49,000, during the six months ended June 30, 2016 and 2015, respectively. The Company may release surface entry rights or other rights upon request of a surface owner for a negotiated release fee based on a percentage of the surface value. Cash payments for the release of surface entry rights totaled approximately $450,000 and $2,000 during the six months ended June 30, 2016 and 2015, respectively, which is included in revenue from real estate operations. The May 2016 transaction for approximately $450,000 reflected gross proceeds net of fees, for the release of the Company’s surface entry rights related to approximately 960 acres of surface rights in Hendry County, Florida. The Company intends to utilize the proceeds from this transaction as part of a like-kind exchange transaction. |
Investment Securities
Investment Securities | 6 Months Ended |
Jun. 30, 2016 | |
Investments Debt And Equity Securities [Abstract] | |
Investment Securities | NOTE 5. INVESTMENT SECURITIES During the six months ended June 30, 2016, the Company completed the disposition of its remaining position in investment securities, including common stock and debt securities of a publicly traded real estate company, with a total basis of approximately $6.8 million, resulting in net proceeds of approximately $6.3 million, or a loss of approximately $576,000. During the six months ended June 30, 2015, the Company sold preferred stock of a publicly traded real estate company with a total basis of approximately $704,000 resulting in net proceeds of approximately $835,000, or a gain of approximately $131,000. The Company had no remaining available-for-sale securities as of June 30, 2016. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) NOTE 5. INVESTMENT SECURITIES (continued) Available-for-sale securities consisted of the following as of December 31, 2015: As of December 31, 2015 Cost (1) Gains in Accumulated Other Comprehensive Income Losses in Accumulated Other Comprehensive Income Estimated Fair Value (Level 1 and 2 Inputs) Debt Securities $ 843,951 $ — $ (41,451 ) $ 802,500 Total Debt Securities 843,951 - (41,451 ) 802,500 Common Stock 5,981,464 — (1,080,197 ) 4,901,267 Total Equity Securities 5,981,464 — (1,080,197 ) 4,901,267 Total Available-for-Sale Securities $ 6,825,415 $ - $ (1,121,648 ) $ 5,703,767 (1) The gross unrealized loss included in accumulated other comprehensive income as of December 31, 2015 was approximately $1.1 million, net of tax of approximately $433,000. During the six months ended June 30, 2016, but prior to the disposition of the investment securities, gross unrealized gains of approximately $546,000, net of tax of approximately $211,000, were earned and included in other comprehensive income to reduce the accumulated comprehensive loss balance. The remaining unrealized loss of approximately $576,000, was then realized upon disposition during the six months ended June 30, 2016, and removed from accumulated other comprehensive income, net of tax of approximately $222,000, and charged to earnings as an investment loss. During the six months ended June 30, 2015, gross unrealized losses of approximately $106,000, net of tax of approximately $41,000, were recorded through other comprehensive income. The gross unrealized losses of approximately $106,000 include the gross unrealized loss of approximately $120,000, offset by the approximate $14,000 in gross unrealized gains on the preferred stock investments prior to their sale in the first quarter of 2015. Following is a table reflecting the sale of investment securities and the gains or losses recognized during the six months ended June 30, 2016 and 2015: For the six months ended June 30, 2016 2015 Proceeds from the Disposition of Debt Securities $ 827,738 $ — Cost Basis of Debt Securities Sold (843,951 ) — Loss recognized in Statement of Operations on the Disposition of Debt Securities $ (16,213 ) $ — Proceeds from the Disposition of Equity Securities 5,424,624 834,964 Cost Basis of Equity Securities Sold (5,983,978 ) (704,173 ) Gain (Loss) recognized in Statement of Operations on the Disposition of Equity Securities $ (559,354 ) $ 130,791 Total Gain (Loss) recognized in Statement of Operations on the Disposition of Debt and Equity Securities $ (575,567 ) $ 130,791 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | NOTE 6. FAIR VALUE OF FINANCIAL INSTRUMENTS The following table presents the carrying value and estimated fair value of the Company’s financial instruments at June 30, 2016 and December 31, 2015: June 30, 2016 December 31, 2015 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Cash and Cash Equivalents - Level 1 $ 24,742,236 $ 24,742,236 $ 4,060,677 $ 4,060,677 Restricted Cash - Level 1 10,568,618 10,568,618 14,060,523 14,060,523 Commercial Loan Investments - Level 2 23,960,467 23,960,467 38,331,956 38,460,467 Long-Term Debt - Level 2 153,887,378 158,562,177 166,796,853 172,572,305 Interest Rate Swap - Level 2 545,821 545,821 - - 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 by Level at December 31, 2015 (there were none as of June 30, 2016): 12/31/2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Available-for-Sale Securities Available-for-Sale Debt Securities $ 802,500 $ - $ 802,500 $ - Available-for-Sale Equity Securities 4,901,267 4,901,267 - - Total Available-for-Sale Securities 5,703,767 4,901,267 802,500 - Total $ 5,703,767 $ 4,901,267 $ 802,500 $ - |
Intangible Lease Assets and Lia
Intangible Lease Assets and Liabilities | 6 Months Ended |
Jun. 30, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Intangible Lease Assets and Liabilities | NOTE 7. INTANGIBLE LEASE ASSETS AND LIABILITIES Intangible lease 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 lease assets and liabilities consisted of the following as of June 30, 2016 and December 31, 2015: As of June 30, 2016 December 31, 2015 Intangible Lease Assets: Value of In-Place Leases $ 16,324,202 $ 19,588,642 Value of Above Market In-Place Leases 1,178,878 1,469,143 Value of Intangible Leasing Costs 3,719,078 3,835,158 Sub-total Intangible Lease Assets 21,222,158 24,892,943 Accumulated Amortization (4,575,758 ) (4,805,792 ) Sub-total Intangible Lease Assets—Net 16,646,400 20,087,151 Intangible Lease Liabilities: Value of Below Market In-Place Leases (32,483,281 ) (32,315,741 ) Sub-total Intangible Lease Liabilities (32,483,281 ) (32,315,741 ) Accumulated Amortization 1,612,876 336,182 Sub-total Intangible Lease Liabilities—Net (30,870,405 ) (31,979,559 ) Total Intangible Assets and Liabilities—Net $ (14,224,005 ) $ (11,892,408 ) NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) NOTE 7. INTANGIBLE LEASE ASSETS AND LIABILITIES (continued) Total amortization related to intangible lease assets during the six months ended June 30, 2016 and 2015 was approximately $1.1 million and $718,000, respectively, and was included in depreciation and amortization in the consolidated statements of operations. Total amortization related to intangible lease liabilities during the six months ended June 30, 2016 was approximately $1.2 million and was included as an increase to income properties revenue in the consolidated statements of operations. The estimated future amortization and accretion of intangible lease assets and liabilities is as follows: Year Ending December 31, Future Amortization Expense Future Accretion to Income Property Revenue Net Future Amortization of Intangible Assets and Liabilities Remainder of 2016 $ 990,549 $ (1,111,603 ) $ (121,054 ) 2017 1,941,510 (2,189,685 ) (248,175 ) 2018 1,937,911 (2,191,717 ) (253,806 ) 2019 1,935,341 (2,192,911 ) (257,570 ) 2020 1,886,208 (2,192,911 ) (306,703 ) 2021 1,369,584 (2,279,897 ) (910,313 ) Thereafter 5,609,190 (17,735,574 ) (12,126,384 ) Total $ 15,670,293 $ (29,894,298 ) $ (14,224,005 ) |
Impairment of Long-Lived Assets
Impairment of Long-Lived Assets | 6 Months Ended |
Jun. 30, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Impairment of Long-Lived Assets | NOTE 8. IMPAIRMENT OF LONG-LIVED ASSETS The Company assesses the impairment of long-lived assets whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The fair value of long-lived assets required to be assessed for impairment is determined on a non-recurring basis using Level 3 inputs in the fair value hierarchy. These Level 3 inputs may include, but are not limited to, executed purchase and sale agreements on specific properties, third party valuations, discounted cash flow models, and other model-based techniques. During the three months ended June 30, 2016, an impairment charge of approximately $942,000 was recognized on an income property in Altamonte Springs, Florida leased to PNC Bank under contract for sale as of June 30, 2016. The total impairment charge represents the anticipated loss on the sale of approximately $783,000 plus estimated closing costs of approximately $159,000. During the three months ended June 30, 2016, an impairment charge of approximately $717,000 was recognized on approximately 4 of the approximately 6 acres of undeveloped land in Daytona Beach, Florida for which a contract for sale was executed during the three months ended June 30, 2016. Such acreage was repurchased in prior years by the Company and carried a higher cost basis than the remainder of the Company’s historical land holdings. The total impairment charge represents the anticipated loss on the sale of approximately $646,000 plus estimated closing costs of approximately $71,000. During the three months ended June 30, 2016, an impairment charge of approximately $311,000 was recognized on approximately 4 acres of undeveloped land in Daytona Beach, Florida for which a contract for sale was executed subsequent to June 30, 2016. Such acreage was repurchased in a prior year by the Company and carried a higher cost basis than the remainder of the Company’s historical land holdings. The total impairment charge represents the anticipated loss on the sale of approximately $256,000 plus estimated closing costs of approximately $55,000. During the three months ended March 31, 2016, an impairment charge of approximately $210,000 was recognized on an income property held for sale as of March 31, 2016 for which the sale closed on April 6, 2016, as described in Note 2, “Income Properties.” The total impairment charge represented the loss on the sale of approximately $134,000 plus closing costs of approximately $76,000. During the six months ended June 30, 2015, an impairment charge of approximately $510,000 was recognized on two income properties held for sale as of March 31, 2015, for which the sale closed on April 17, 2015. The total impairment charge represented the loss on the sale of approximately $277,000 plus estimated closing costs of approximately $233,000. |
Other Assets
Other Assets | 6 Months Ended |
Jun. 30, 2016 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | |
Other Assets | NOTE 9. OTHER ASSETS Other assets consisted of the following: As of June 30, 2016 December 31, 2015 Income Property Tenant Receivables $ 493,820 $ 830,574 Income Property Straight-line Rent Adjustment 1,977,575 1,781,798 Interest Receivable from Commercial Loan Investments 116,007 155,163 Infrastructure Reimbursement Receivables 3,407,454 1,306,602 Golf Operations Receivables 294,244 253,358 Deferred Deal Costs 604,957 520,308 Prepaid Expenses, Deposits, and Other 1,650,606 1,187,021 Total Other Assets $ 8,544,663 $ 6,034,824 |
Common Stock and Earnings Per S
Common Stock and Earnings Per Share | 6 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Common Stock and Earnings Per Share | NOTE 10. COMMON STOCK AND EARNINGS PER SHARE Basic earnings per common share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per common share is based on the assumption of the conversion of stock options and vesting of restricted stock at the beginning of each period using the treasury stock method at average cost for the periods. Three Months Ended Six Months Ended June 30, 2016 June 30, 2015 June 30, 2016 June 30, 2015 Income Available to Common Shareholders: Net Income Attributable to Consolidated-Tomoka Land Co. $ 1,570,443 $ 224,617 $ 2,995,161 $ 577,973 Weighted Average Shares Outstanding 5,703,542 5,822,815 5,719,213 5,824,717 Common Shares Applicable to Stock Options Using the Treasury Stock Method - 22,719 - 27,356 Total Shares Applicable to Diluted Earnings Per Share 5,703,542 5,845,534 5,719,213 5,852,073 Per Share Information: Basic and Diluted net Income Per Share Net Income Attributable to Consolidated-Tomoka Land Co. $ 0.28 $ 0.04 $ 0.52 $ 0.10 The effect of 81,250 and 87,500 potentially dilutive securities were not included for the three and six months ended June 30, 2016, respectively, as the effect would be antidilutive. The effect of 25,000 and 40,200 potentially dilutive securities were not included for the three and six months ended June 30, 2015, respectively, as the effect would be antidilutive. The Company intends to settle its 4.50% Convertible Senior Notes due 2020 (the “Notes”) in cash upon conversion with any excess conversion value to be settled in shares of our common stock. Therefore, only the amount in excess of the par value of the Notes will be included in our calculation of diluted net income per share using the treasury stock method. As such, the Notes have no impact on diluted net income per share until the price of our common stock exceeds the conversion price of $68.90. The average price of our common stock during the three and six months ended June 30, 2016 and 2015 did not exceed the conversion price which resulted in no additional diluted outstanding shares. |
Treasury Stock
Treasury Stock | 6 Months Ended |
Jun. 30, 2016 | |
Equity [Abstract] | |
Treasury Stock | NOTE 11. TREASURY STOCK In November 2008, the Company’s Board of Directors authorized the Company to repurchase from time to time up to $8 million of its common stock. There was no expiration date for the repurchase authorization. The Company repurchased 4,660 shares of its common stock at a cost of approximately $105,000 through December 31, 2013 and those shares were retired. During 2014, the Company repurchased an additional 25,836 shares of its common stock on the open market for a total cost of approximately $928,000, or an average price per share of $35.92, and placed those shares in treasury. During the year ended December 31, 2015, the Company repurchased an additional 119,403 shares of its common stock on the open market for a total cost of approximately $6.5 million, or an average price per share of $54.31, and placed those shares in treasury, thereby completing the $8 million share repurchase program. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) NOTE 11. TREASURY STOCK (continued) In the fourth quarter of 2015, the Company also announced a new $10 million stock repurchase program. Under the new $10 million repurchase program, during the six months ended June 30, 2016, the Company repurchased 62,751 shares of its common stock on the open market for a total cost of approximately $3.0 million, or an average price per share of $47.78, and placed those shares in treasury. |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | NOTE 12. LONG-TERM DEBT Credit Facility. The Company has a revolving credit facility (the “Credit Facility”) with Bank of Montreal (“BMO”) as the administrative agent for the lenders thereunder. The Credit Facility is guaranteed by certain wholly-owned subsidiaries of the Company. The Credit Facility bank group is led by BMO and also includes Wells Fargo and Branch Banking & Trust Company. The Credit Facility matures on August 1, 2018 with the ability to extend the term for 1 year. The Credit Facility has a total borrowing capacity of $75.0 million with the ability to increase that capacity up to $125.0 million during the term. The Credit Facility provides the lenders with a secured interest in the equity of the 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 225 basis points based on the total balance outstanding under the Credit Facility as a percentage of the total asset value of the Company, as defined in the Credit Facility. The Credit Facility also accrues a fee of 20 to 25 basis points for any unused portion of the borrowing capacity based on whether the unused portion is greater or less than 50% of the total borrowing capacity. At June 30, 2016, the current commitment level under the Credit Facility was $75.0 million. The available borrowing capacity under the Credit Facility was approximately $42.3 million subject to the borrowing base requirements. As of May 13, 2016, the Credit Facility had a zero balance after the Company had paid off all outstanding draws. On March 21, 2016, the Company entered into an amendment of the Credit Facility (the “First Amendment”). The First Amendment modified certain terms of the Company’s Credit Facility effective as of September 30, 2015, including, among other things, (i) modifying certain non-cash or non-recurring items in the calculation of Adjusted EBITDA and eliminating stock repurchases from the calculation of fixed charges, both of which are part of the calculation of the fixed charge coverage ratio financial covenant, (ii) the addition of a measure for the fixed charge coverage ratio that must be met before the Company may repurchase shares of its own stock, and (iii) providing a consent of the lenders regarding the amount of the Company’s stock repurchases since the third quarter of 2015. On April 13, 2016, the Company entered into an amendment of the Credit Facility (the “Second Amendment”). The Second Amendment modified section 8.8(n) of the Credit Facility which pertains to permitted stock repurchases by the Company, by, among other things, (i) adding the gains from the sale of unimproved land, including the sale of subsurface interests or the release of surface entry rights, net of taxes incurred in connection with the sale, to the calculation of Adjusted EBITDA, for the purpose of determining the coverage ratio that must be met before the Company may repurchase shares of its own stock, and (ii) reducing the coverage ratio that must be met before the Company may repurchase shares of its own stock pursuant to section 8.8(n) from 1.75x to 1.50x. As of the date of the Second Amendment, the Company meets the required coverage ratio; therefore, subject to black-out periods and other restrictions applicable to share repurchases, the Company will be able to continue to make additional repurchases of its own common stock under its existing $10 million repurchase program. The Credit Facility is subject to customary restrictive covenants, including, but not limited to, limitations on the Company’s ability to: (a) incur indebtedness; (b) make certain investments; (c) incur certain liens; (d) engage in certain affiliate transactions; and (e) engage in certain major transactions such as mergers. In addition, the Company is subject to various financial maintenance covenants, including, but not limited to, a maximum indebtedness ratio, a maximum secured indebtedness ratio, and a minimum fixed charge coverage ratio. The Credit Facility also contains affirmative covenants and events of default, including, but not limited to, a cross default to the Company’s other indebtedness and upon the occurrence of a change of control. The Company’s failure to comply with these covenants or the occurrence of an event of default could result in acceleration of the Company’s debt and other financial obligations under the Credit Facility. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) NOTE 12. LONG-TERM DEBT (continued) Mortgage Notes Payable. On February 22, 2013, the Company closed on a $7.3 million non-recourse first mortgage loan originated with UBS Real Estate Securities Inc., secured by its interest in the two-building office complex leased to Hilton Resorts Corporation, which was acquired on January 31, 2013. The mortgage loan matures in February 2018, carries a fixed rate of interest of 3.655% per annum, and requires payments of interest only prior to maturity. On March 8, 2013, the Company closed on a $23.1 million non-recourse first mortgage loan originated with Bank of America, N.A., secured by its interest in fourteen income properties. The mortgage loan matures in April 2023, carries a fixed rate of 3.67% per annum, and requires payments of interest only prior to maturity. On September 30, 2014, the Company closed on a $30.0 million non-recourse first mortgage loan originated with Wells Fargo, secured by its interest in six income properties. The mortgage loan matures in October 2034, and carries a fixed rate of 4.33% per annum during the first ten years of the term, and requires payments of interest only during the first ten years of the loan. After the tenth anniversary of the effective date of the loan, the cash flows generated by the underlying six income properties must be used to pay down the principal balance of the loan until paid off or until the loan matures. The loan is fully pre-payable after the tenth anniversary date of the effective date of the loan. On April 15, 2016, the Company closed on a $25.0 million non-recourse first mortgage loan originated with Wells Fargo, secured by the Company’s income property leased to Wells Fargo located in Raleigh, North Carolina. The mortgage loan has a 5-year term with two years interest only, and interest and a 25-year amortization for the balance of the term. The mortgage loan, bears a variable rate of interest based on the 30-day LIBOR plus a rate of 190 basis points. The interest rate for this mortgage loan has been fixed through the use of an interest rate swap that fixed the rate at 3.17%. The mortgage loan can be prepaid at any time subject to the termination of the interest rate swap. Convertible Debt. On March 11, 2015, the Company issued $75.0 million aggregate principal amount of 4.50% Convertible Senior Notes due 2020 (the “Notes”). The Notes bear interest at a rate of 4.50% per year, payable semiannually in arrears on March 15 and September 15 of each year, beginning on September 15, 2015. The Notes will mature on March 15, 2020, unless earlier purchased or converted. The initial conversion rate is 14.5136 shares of common stock for each $1,000 principal amount of Notes, which represents an initial conversion price of approximately $68.90 per share of common stock. The conversion rate is subject to adjustment in certain circumstances. Holders may not surrender their Notes for conversion prior to December 15, 2019 except upon the occurrence of certain conditions relating to the closing sale price of the Company’s common stock, the trading price per $1,000 principal amount of Notes, or specified corporate events. The Company may not redeem the Notes prior to the stated maturity date and no sinking fund is provided for the Notes. The Notes are convertible, at the election of the Company, into solely cash, solely shares of the Company’s common stock, or a combination of cash and shares of the Company’s common stock. The Company intends to settle the Notes in cash upon conversion with any excess conversion value to be settled in shares of our common stock. In accordance with GAAP, the Notes are accounted for as a liability with a separate equity component recorded for the conversion option. A liability was recorded for the Notes on the issuance date at fair value based on a discounted cash flow analysis using current market rates for debt instruments with similar terms. The difference between the initial proceeds from the Notes and the estimated fair value of the debt instruments resulted in a debt discount, with an offset recorded to additional paid-in capital representing the equity component. The discount on the Notes was approximately $6.1 million at issuance, which represents the cash discount paid of approximately $2.6 million and the approximate $3.5 million attributable to the value of the conversion option recorded in equity, which is being amortized into interest expense through the maturity date of the Notes. As of June 30, 2016 the unamortized debt discount of our Notes was approximately $4.7 million. Net proceeds from issuance of the Notes was approximately $72.4 million (net of the cash discount paid of approximately $2.6 million) of which approximately $47.5 million was used to repay the outstanding balance of our Credit Facility as of March 11, 2015. We utilized the remaining amount for investments in income-producing properties or investments in commercial loans secured by commercial real estate. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) NOTE 12. LONG-TERM DEBT (continued) Long-term debt consisted of the following: June 30, 2016 Total Due Within One Year Credit Facility $ — $ — Mortgage Note Payable (originated with UBS) 7,300,000 — Mortgage Note Payable (originated with BOA) 23,100,000 — Mortgage Note Payable (originated with Wells Fargo) 30,000,000 — Mortgage Note Payable (originated with Wells Fargo) 25,000,000 4.50% Convertible Senior Notes due 2020, net of discount 70,311,211 — Loan Costs, net of accumulated amortization (1,823,833 ) — Total Long-Term Debt $ 153,887,378 $ — Payments applicable to reduction of principal amounts will be required as follows: Year Ending December 31, Amount Remainder of 2016 $ — 2017 — 2018 7,300,000 2019 — 2020 75,000,000 2021 25,000,000 Thereafter 53,100,000 Total Long-Term Debt - Face Value $ 160,400,000 The carrying value of long-term debt as of June 30, 2016 consisted of the following: Total Current Face Amount $ 160,400,000 Unamortized Discount on Convertible Debt (4,688,789 ) Loan Costs, net of accumulated amortization (1,823,833 ) Total Long-Term Debt $ 153,887,378 For the three months ended June 30, 2016, interest expense, excluding amortization of loan costs and debt discounts, was approximately $1.8 million with approximately $801,000 paid during the period. For the six months ended June 30, 2016, interest expense, excluding amortization of loan costs and debt discounts, was approximately $3.5 million with approximately $3.5 million paid during the quarter. No interest was capitalized during the three or six months ended June 30, 2016. For the three months ended June 30, 2015, interest expense, excluding amortization of loan costs and debt discounts, was approximately $1.5 million with approximately $665,000 paid during the period. For the six months ended June 30, 2015, interest expense, excluding amortization of loan costs and debt discounts, was approximately $2.5 million with approximately $1.5 million paid during the period. No interest was capitalized during the three and six months ended June 30, 2015. The amortization of loan costs incurred in connection with the Company’s long-term debt is included in interest expense in the consolidated financial statements. Loan costs are amortized over the term of the respective loan agreements using the straight-line method, which approximates the effective interest method. For the three months ended June 30, 2016 and 2015, the amortization of loan costs totaled approximately $125,000 and $94,000, respectively. For the six months ended June 30, 2016 and 2015, the amortization of loan costs totaled approximately $227,000 and $167,000, respectively. The amortization of the approximately $6.1 million discount on the Notes is also included in interest expense in the consolidated financial statements. The discount is amortized over the term of the Notes using the effective interest method. For the three months ended June 30, 2016 and 2015 the amortization of the discount totaled approximately $278,000 and $293,000, respectively. For the six months ended June 30, 2016 and 2015 the amortization of the discount totaled approximately $551,000 and $318,000, respectively. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) NOTE 12. LONG-TERM DEBT (continued) The Company was in compliance with all of its debt covenants as of December 31, 2015 and March 31, 2016. As of June 30, 2016, the Company was in compliance with all of its debt covenants but for a default with respect to a covenant under the Credit Facility which requires the Company to maintain a borrowing base value of $75 million for income properties included in the borrowing base. Subsequent to our disposition of the income property leased to Lowe’s in Lexington, North Carolina in June 2016, the value of income properties on the borrowing base was approximately $71 million. The total value of the calculated borrowing base was also impacted by a provision of the Credit Facility which limits the value for a single income property to no more than 20% of the total borrowing base value. As a result, our $25.1 million investment in the 245 Riverside property in Jacksonville, Florida, which is included in the borrowing base, had a value of approximately $14 million in the borrowing base calculation. The Company obtained a waiver from the lending group effective until the earlier of (i) the date on which the Company adds one or more properties to the borrowing base sufficient to establish compliance with the covenant or (ii) December 31, 2016. As of May 13, 2016, the Credit Facility had a zero balance after the Company paid off all outstanding draws. If the Company fails to become compliant with the covenant by December 31, 2016, its liquidity could be adversely affected if another waiver from the lending group is not obtained or the lending group elects to terminate the Credit Facility. The Company expects to become compliant with the covenant through the acquisition of income-producing properties prior to December 31, 2016. As of July 29, 2016, the Company is under contract to acquire certain income-producing properties, some of which we expect to close before the end of the third quarter 2016. We expect the acquisition of these properties would result in the Company satisfying the borrowing base covenant; however, there can be no assurances regarding the likelihood or timing of any one of these potential acquisition transactions being completed or the final terms thereof. |
Interest Rate Swap
Interest Rate Swap | 6 Months Ended |
Jun. 30, 2016 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Interest Rate Swap | NOTE 13. INTEREST RATE SWAP During April 2016, the Company entered into an interest rate swap agreement to hedge cash flows tied to changes in the underlying floating interest rate tied to LIBOR for the $25.0 mortgage note payable as discussed in Note 12, “Long-Term Debt.” During the three months ended June 30, 2016, the interest rate swap agreement was 100% effective. Accordingly, the change in fair value on the interest rate swap has been classified in accumulated other comprehensive loss. As of June 30, 2016, the fair value of our interest rate swap agreement, which was a loss of approximately $546,000, was included in accrued and other liabilities on the consolidated balance sheets. The interest rate swap was effective on April 7, 2016 and matures on April 7, 2021. The interest rate swap fixed the variable rate debt on the notional amount of related debt of $25.0 million to a rate of 3.17%. |
Accrued and Other Liabilities
Accrued and Other Liabilities | 6 Months Ended |
Jun. 30, 2016 | |
Payables And Accruals [Abstract] | |
Accrued and Other Liabilities | NOTE 14. ACCRUED AND OTHER LIABILITIES Accrued and other liabilities consisted of the following: As of June 30, 2016 December 31, 2015 Golf Course Lease $ 2,415,401 $ 2,602,638 Accrued Property Taxes 1,223,698 40,042 Reserve for Tenant Improvements 756,651 812,493 Accrued Interest 1,204,004 1,195,231 Environmental Reserve and Restoration Cost Accrual 2,103,190 2,405,635 Cash Flow Hedge - Interest Rate Swap 545,821 - Other 1,133,678 1,811,880 Total Accrued and Other Liabilities $ 9,382,443 $ 8,867,919 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) NOTE 14. ACCRUED AND OTHER LIABILITIES (continued) In July 2012, the Company entered into an agreement with the City of Daytona Beach, Florida (the “City”) to, among other things, amend the lease payments under its golf course lease (the “Lease Amendment”). Under the Lease Amendment, the base rent payment, which was scheduled to increase from $250,000 to $500,000 as of September 1, 2012, will remain at $250,000 for the remainder of the lease term and any extensions would be subject to an annual rate increase of 1.75% beginning September 1, 2013. The Company also agreed to invest $200,000 prior to September 1, 2015 for certain improvements to the facilities. In addition, pursuant to the Lease Amendment, beginning September 1, 2012, and continuing throughout the initial lease term and any extension option, the Company will pay additional rent to the City equal to 5.0% of gross revenues exceeding $5,500,000 and 7.0% of gross revenues exceeding $6,500,000. Since the inception of the lease, the Company has recognized the rent expense on a straight-line basis resulting in an estimated accrual for deferred rent. Upon the effective date of the Lease Amendment, the Company’s straight-line rent was revised to reflect the lower rent levels through expiration of the lease. As a result, approximately $3.0 million of the rent previously deferred will not be due to the City, and will be recognized into income over the remaining lease term, which expires in 2022. As of June 30, 2016, approximately $1.5 million of the rent previously deferred that will not be due to the City remained to be amortized through September 2022. In connection with the acquisition of the Lowes on April 22, 2014, the Company was credited approximately $651,000 at closing for certain required tenant improvements, some of which are not required to be completed until December 2016. As of June 30, 2016, approximately $100,000 of these tenant improvements had been completed and funded, leaving approximately $551,000 remaining to be funded. During the year ended December 31, 2014, the Company accrued an environmental reserve of approximately $110,000 in connection with an estimate of additional costs required to monitor a parcel of less than one acre of land owned by the Company in Highlands County, Florida on which environmental remediation work had previously been performed. The Company engaged legal counsel who, in turn, engaged environmental engineers to review the site and the prior monitoring test results. During the year ended December 31, 2015, their review was completed, and the Company made an additional accrual of approximately $500,000, representing the low end of the range of possible costs estimated by the engineers to be between $500,000 and $1.0 million to resolve this matter subject to the approval of the state department of environmental protection (the “FDEP”). The FDEP has preliminarily accepted the Company’s proposed remediation plan which supports the approximate $500,000 accrual. Since the initial accrual of approximately $110,000 was made, approximately $129,000 in costs have been incurred through June 30, 2016. During the year ended December 31, 2015, the Company accrued $187,500 for the estimated penalty associated with a regulatory matter pertaining to the Company’s prior agricultural activities on certain of the Company’s land located in Daytona Beach, Florida. Additionally, as part of the resolution of the regulatory matter, as of December 31, 2015, the Company accrued an obligation of approximately $1.7 million, representing the low end of the estimated range of possible wetlands restoration costs for approximately 148.35 acres within such land, and included such estimated costs on the consolidated balance sheets as an increase in the basis of our land and development costs associated with those and benefitting surrounding acres. The final proposal for restoration work was received during the three months ended June 30, 2016 which totaled approximately $2.0 million. Accordingly, an increase in the accrual of approximately $300,000 was recorded during the three months ended June 30, 2016. The Company funded approximately $590,000 of the total $2.0 million of estimated costs during the three months ended June 30, 2016. This matter is more fully described in Note 18 “Commitments and Contingencies”. |
Deferred Revenue
Deferred Revenue | 6 Months Ended |
Jun. 30, 2016 | |
Deferred Revenue Disclosure [Abstract] | |
Deferred Revenue | NOTE 15. DEFERRED REVENUE Deferred revenue consisted of the following: As of June 30, 2016 December 31, 2015 Deferred Oil Exploration Lease Revenue $ 279,733 $ 885,822 Deferred Land Sale Revenue 3,956,433 12,656,773 Prepaid Rent 879,785 907,325 Other Deferred Revenue 277,244 274,690 Total Deferred Revenue $ 5,393,195 $ 14,724,610 On September 22, 2015, the Company received an approximate $1.2 million rent payment for the fifth year of the Company’s eight-year oil exploration lease, which is being recognized ratably over the twelve month lease period ending in September 2016. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) NOTE 15. DEFERRED REVENUE (continued) In connection with the 98.69 acres of land sales in the Town Center which closed during the fourth quarter of 2015 and the first quarter of 2016, approximately $3.9 million of the aggregate $21.4 million sales price is deferred as of June 30, 2016 to be recognized as revenue on a percentage-of-completion basis as the required infrastructure costs are completed. The estimated completion date in or around October 2016. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | NOTE 16. STOCK-BASED COMPENSATION EQUITY-CLASSIFIED STOCK COMPENSATION Market Condition Restricted Shares – Peer Group Vesting Under the Amended and Restated 2010 Equity Incentive Plan (the “2010 Plan”) in September 2010 and January 2011, the Company granted to certain employees restricted shares of the Company’s common stock, which would vest upon the achievement of certain market conditions, including thresholds relating to the Company’s total shareholder return as compared to the total shareholder return of a certain peer group during a five-year performance period. The Company used a Monte Carlo simulation pricing model to determine the fair value of its awards that are based on market conditions. The determination of the fair value of market condition-based awards is affected by the Company’s stock price as well as assumptions regarding a number of other variables. These variables include expected stock price volatility over the requisite performance term of the awards, the relative performance of the Company’s stock price and shareholder returns to companies in its peer group, annual dividends, and a risk-free interest rate assumption. Compensation cost is recognized regardless of the achievement of the market conditions, provided the requisite service period is met. A summary of activity during the six months ended June 30, 2016, is presented below: Market Condition Non-Vested Restricted Shares Shares Wtd. Grant Date Fair Value Outstanding at January 1, 2016 2,400 $ 23.42 Granted — — Vested (2,300 ) 23.42 Expired — — Forfeited (100 ) 23.42 Outstanding at June 30, 2016 - $ - As of June 30, 2016, there is no unrecognized compensation cost as there are no outstanding shares remaining. Market Condition Restricted Shares – Stock Price Vesting “Inducement” grants of 96,000 and 17,000 shares of restricted Company common stock were awarded to Mr. Albright and Mr. Patten in 2011 and 2012, respectively. Mr. Albright’s restricted shares were granted outside of the 2010 Plan while Mr. Patten’s restricted shares were awarded under the 2010 Plan. The Company filed a registration statement with the Securities and Exchange Commission on Form S-8 to register the resale of Mr. Albright’s restricted stock award. The restricted shares will vest in six increments based upon the price per share of the Company’s common stock during the term of their employment (or within sixty days after termination of employment by the Company without cause) meeting or exceeding the target trailing sixty-day average closing prices ranging from $36 per share for the first increment to $65 per share for the final increment. If any increment of the restricted shares fails to satisfy the applicable stock price condition prior to six years from the grant date, that increment of the restricted shares will be forfeited. As of June 30, 2016, four increments of Mr. Albright’s and Mr. Patten’s grants had vested. Additional grants of 2,500 and 3,000 shares of restricted Company common stock were awarded to Mr. Smith and another officer under the 2010 Plan, during the fourth quarter of 2014 and the first quarter of 2015, respectively. The restricted stock will vest in two increments based upon the price per share of Company common stock during the term of their employment (or within sixty days after termination of employment by the Company without cause), meeting or exceeding the target trailing sixty-day average closing prices of $60 per share and $65 per share for the two increments. If any increment of the restricted shares fails to satisfy the applicable stock price condition prior to six years from the grant date, that increment of the restricted shares will be forfeited. As of June 30, 2016, no increments of Mr. Smith’s or the other officer’s grants had vested. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) NOTE 16. STOCK-BASED COMPENSATION (continued) A grant of 94,000 shares of restricted Company common stock was awarded to Mr. Albright under the 2010 Plan during the second quarter of 2015. As more fully described at the end of Note 16 “Stock-Based Compensation,” on February 26, 2016, 72,000 of these shares were surrendered, of which 4,000 were re-granted on February 26, 2016 with identical terms of the surrendered common stock and 68,000 were permanently surrendered. The 26,000 shares of restricted Company common stock outstanding from these grants will vest in seven increments based upon the price per share of Company common stock during the term of his 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 ranging from $60 per share for the first increment to $75 per share for the final increment. If any increment of the restricted shares fails to satisfy the applicable stock price condition prior to January 28, 2021, that increment of the restricted shares will be forfeited. As of June 30, 2016, no increments of this grant had vested. On February 26, 2016, the Company entered into amendments to the employment agreements and certain restricted share award agreements to clarify the Company’s intention that the restricted shares granted thereunder, if they are subject to performance-based vesting conditions, will fully vest at any time during the 24-month period following a change in control and termination of the employee subsequent to the change in control. The Company used a Monte Carlo simulation pricing model to determine the fair value of its awards that are based on market conditions. The determination of the fair value of market condition-based awards is affected by the Company’s stock price as well as assumptions regarding a number of other variables. These variables include expected stock price volatility over the requisite performance term of the awards, the relative performance of the Company’s stock price and shareholder returns to companies in its peer group, annual dividends, and a risk-free interest rate assumption. Compensation cost is recognized regardless of the achievement of the market conditions, provided the requisite service period is met. A summary of the activity for these awards during the six months ended June 30, 2016, is presented below: Market Condition Non-Vested Restricted Shares Shares Wtd. Avg. Fair Value Outstanding at January 1, 2016 137,500 $ 30.58 Granted 4,000 38.98 Vested — — Expired — — Forfeited (72,000 ) 34.46 Outstanding at June 30, 2016 69,500 $ 27.03 In connection with the permanent surrender of 68,000 shares of restricted Company common stock, approximately $1.6 million of related stock-based compensation expense was recognized during the six months ended June 30, 2016 to accelerate the remaining expense pertaining the total grant date fair value of these awards. As of June 30, 2016, there was approximately $160,000 of unrecognized compensation cost, adjusted for estimated forfeitures, related to market condition non-vested restricted shares, which will be recognized over a remaining weighted average period of 0.2 years. Three Year Vest Restricted Shares On January 22, 2014, the Company granted to certain employees 14,500 shares of restricted Company common stock under the 2010 Plan. One-third of the restricted shares will vest on each of the first, second, and third anniversaries of the grant date, provided the grantee is an employee of the Company on those dates. In addition, any unvested portion of the restricted shares will vest upon a change in control. On January 28, 2015, the Company granted to certain employees, which did not include Mr. Albright, 11,700 shares of restricted Company common stock under the 2010 Plan. Additionally, on February 9, 2015, the Company granted 8,000 shares of restricted Company common stock to Mr. Albright under the 2010 Plan. One-third of both awards of restricted shares will vest on each of the first, second, and third anniversaries of the January 28, 2015 grant date, provided the grantee is an employee of the Company on those dates. In addition, any unvested portion of the restricted shares will vest upon a change in control. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) NOTE 16. STOCK-BASED COMPENSATION (continued) On January 27, 2016, the Company granted to certain employees 21,100 shares of restricted Company common stock under the 2010 Plan. One-third of the restricted shares will vest on each of the first, second, and third anniversaries of January 28, 2016, provided the grantee is an employee of the Company on those dates. In addition, any unvested portion of the restricted shares will vest upon a change in control. The Company’s determination of the fair value of the three year vest restricted stock awards was calculated by multiplying the number of shares issued by the Company’s stock price at the grant date, less the present value of expected dividends during the vesting period. Compensation cost is recognized on a straight-line basis over the vesting period. A summary of activity during the six months ended June 30, 2016, is presented below: Three Year Vest Non-Vested Restricted Shares Shares Wtd. Avg. Fair Value Per Share Outstanding at January 1, 2016 26,900 $ 49.73 Granted 21,100 44.88 Vested (10,363 ) 47.89 Expired — — Forfeited — — Outstanding at June 30, 2016 37,637 $ 47.52 As of June 30, 2016, there was approximately $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 2.1 years. Non-Qualified Stock Option Awards Pursuant to the Non-Qualified Stock Option Award Agreements between the Company and Messrs. Albright, Patten, and Smith, each of these Company employees was granted an option to purchase 50,000, 10,000, and 10,000 shares of Company common stock, in 2011, 2012, and 2014, respectively, under the 2010 Plan with an exercise price per share equal to the fair market value on their respective grant dates. One-third of the options will vest on each of the first, second, and third anniversaries of their respective grant dates, provided the recipient is an employee of the Company on those dates. In addition, any unvested portion of the options will vest upon a change in control. The options expire on the earliest of: (a) the tenth anniversary of the grant date; (b) twelve months after the employee’s death or termination for disability; or (c) thirty days after the termination of employment for any reason other than death or disability. On January 23, 2013, the Company granted options to purchase 51,000 shares of the Company’s common stock under the 2010 Plan to certain employees of the Company, including 10,000 shares to Mr. Patten, with an exercise price per share equal to the fair market value at the date of grant. One-third of these options vested on each of the first, second, and third anniversaries of the grant date, provided the recipient was an employee of the Company on those dates. The options expire on the earliest of: (a) the fifth anniversary of the grant date; (b) twelve months after the employee’s death or termination for disability; or (c) thirty days after the termination of employment for any reason other than death or disability. On February 9, 2015, the Company granted to Mr. Albright an option to purchase 20,000 shares of the Company’s common stock under the 2010 Plan with an exercise price of $57.50. The option vested on January 28, 2016. The option expires on the earliest of: (a) January 28, 2025; (b) twelve months after the employee’s death or termination for disability; or (c) thirty days after the termination of employment for any reason other than death or disability. On May 20, 2015, the Company granted to Mr. Albright an option to purchase 40,000 shares of the Company’s common stock under the 2010 Plan, with an exercise price of $55.62. As more fully described at the end of Note 16 “Stock-Based Compensation,” on February 26, 2016, this option was surrendered and an option to purchase 40,000 shares was granted on February 26, 2016 with identical terms. One-third of the option vested immediately and the remaining two-thirds will vest on January 28, 2017 and January 28, 2018, provided he is an employee of the Company on such dates. In addition, any unvested portion of the option will vest upon a change in control. The option expires on the earliest of: (a) January 28, 2025; (b) twelve months after the employee’s death or termination for disability; or (c) thirty days after the termination of employment for any reason other than death or disability. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) NOTE 16. STOCK-BASED COMPENSATION (continued) On June 29, 2015, the Company granted to an officer of the Company an option to purchase 10,000 shares of the Company’s common stock under the 2010 Plan, with an exercise price of $57.54. One-third of the option will vest on each of the first, second, and third anniversaries of the grant date, provided the recipient is an employee of the Company on such dates. In addition, any unvested portion of the option will vest upon a change in control. The option expires on the earliest of: (a) June 29, 2025; (b) twelve months after the employee’s death or termination for disability; or (c) thirty days after the termination of employment for any reason other than death or disability. The Company used the Black-Scholes valuation pricing model to determine the fair value of its non-qualified stock option awards. The determination of the fair value of the awards is affected by the stock price as well as assumptions regarding a number of other variables. These variables include expected stock price volatility over the term of the awards, annual dividends, and a risk-free interest rate assumption. A summary of the activity for the awards during the six months ended June 30, 2016, 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, 2016 116,850 $ 48.63 Granted 40,000 55.62 Exercised (850 ) 34.95 Expired — — Forfeited (40,000 ) 55.62 Outstanding at June 30, 2016 116,000 $ 48.73 6.91 $ (145,780 ) Exercisable at June 30, 2016 75,800 $ 45.40 1.73 $ 157,060 A summary of the non-vested options for these awards during the six months ended June 30, 2016, is presented below: Non-Qualified Stock Option Awards Shares Fair Value of Shares Vested Non-Vested at January 1, 2016 88,260 Granted 40,000 Vested (48,060 ) $ 2,478,088 Expired — Forfeited (40,000 ) Non-Vested at June 30, 2016 40,200 The weighted average grant date fair value of options granted during the six months ended June 30, 2016 was approximately $13.97 per share. The total intrinsic value of options exercised during the six months ended June 30, 2016 was approximately $30,000. As of June 30, 2016, there was approximately $494,000 of unrecognized compensation related to non-qualified, non-vested stock option awards, which will be recognized over a remaining weighted average period of 1.8 years. LIABILITY-CLASSIFIED STOCK COMPENSATION The Company previously had a stock option plan (the “2001 Plan”) pursuant to which 500,000 shares of the Company’s common stock were eligible for issuance. The 2001 Plan expired in 2010, and no new stock options may be issued under the 2001 Plan. Under the 2001 Plan, both stock options and stock appreciation rights were issued in prior years and such issuances were deemed to be liability-classified awards under the Share-Based Payment Topic of FASB ASC, which are required to be remeasured at fair value at each balance sheet date until the award is settled. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) NOTE 16. STOCK-BASED COMPENSATION (continued) A summary of share option activity under the 2001 Plan for the six months ended June 30, 2016 is presented below: Stock Options Liability-Classified Stock Options Shares Wtd. Avg. Ex. Price Wtd. Avg. Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding at January 1, 2016 18,000 $ 64.69 Granted — — Exercised — — Expired (3,000 ) 67.27 Forfeited — — Outstanding at June 30, 2016 15,000 $ 64.17 1.10 $ — Exercisable at June 30, 2016 15,000 $ 64.17 1.10 $ — In connection with the grant of non-qualified stock options, a stock appreciation right for each share covered by the option was also granted. The stock appreciation right entitles the optionee to receive a supplemental payment, which may be paid in whole or in part in cash or in shares of common stock, equal to a portion of the spread between the exercise price and the fair market value of the underlying shares at the time of exercise. No options were exercised during the six months ended June 30, 2016. All options had vested as of December 31, 2013. Stock Appreciation Rights Liability-Classified Stock Appreciation Rights Shares Wtd. Avg. Fair Value Wtd. Avg. Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding at January 1, 2016 18,000 $ 2.64 Granted — — Exercised — — Expired (3,000 ) — Forfeited — — Outstanding at June 30, 2016 15,000 $ 1.12 1.10 $ — Exercisable at June 30, 2016 15,000 $ 1.12 1.10 $ — No stock appreciation rights were exercised during the six months ended June 30, 2016. All stock appreciation rights had vested as of December 31, 2013. The fair value of each share option and stock appreciation right is estimated on the measurement date using the Black-Scholes option pricing model based on assumptions noted in the following table. Expected volatility is based on the historical volatility of the Company and other factors. The Company has elected to use the simplified method of estimating the expected term of the options and stock appreciation rights. Due to the small number of employees included in the 2001 Plan, the Company uses the specific identification method to estimate forfeitures and includes all participants in one group. The risk-free rate for periods within the contractual term of the share option is based on the U.S. Treasury rates in effect at the time of measurement. The Company issues new, previously unissued, shares as options are exercised. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) NOTE 16. STOCK-BASED COMPENSATION (continued) Following are assumptions used in determining the fair value of stock options and stock appreciation rights: Assumptions at: June 30, 2016 December 31, 2015 Expected Volatility 22.77 % 29.40 % Expected Dividends 0.17 % 0.15 % Expected Term 1.1 years 1.3 years Risk-Free Rate 0.48 % 0.75 % There were no stock options or stock appreciation rights granted under the 2001 Plan during the six months ended June 30, 2016 or 2015. The liability for stock options and stock appreciation rights, valued at fair value, reflected on the consolidated balance sheets at June 30, 2016 and December 31, 2015, was approximately $48,000 and $136,000, respectively. These fair value measurements are based on Level 2 inputs based on Black-Scholes and market implied volatility. The Black-Scholes determination of fair value is affected by variables including stock price, expected stock price volatility over the term of the awards, annual dividends, and a risk-free interest rate assumption. Amounts recognized in the consolidated financial statements for stock options, stock appreciation rights, and restricted stock are as follows: Three Months Ended Six Months Ended June 30, 2016 June 30, 2015 June 30, 2016 June 30, 2015 Total Cost of Share-Based Plans Charged Against Income Before Tax Effect $ 418,639 $ 546,372 $ 2,491,621 $ 621,724 Income Tax Expense Recognized in Income $ (161,490 ) $ (210,763 ) $ (324,843 ) $ (239,830 ) As described above, in January 2015, the Compensation Committee awarded to Mr. Albright 8,000 restricted shares of the Company’s common stock. In February 2015, the Compensation Committee awarded to Mr. Albright options to purchase a total of 20,000 shares of the Company’s common stock. In May 2015, in connection with the extension of Mr. Albright’s employment agreement, the Compensation Committee awarded to Mr. Albright 94,000 restricted shares of the Company’s common stock (the “May 2015 Restricted Share Grant”) and options to purchase a total of 40,000 shares of the Company’s common stock (the “May 2015 Option Grant”). Each of these awards were approved by the Company’s Board. Upon review of the total grant awards to Mr. Albright in 2015 it was determined that the annual per person award limit under the 2010 Plan was inadvertently exceeded. In determining the extent to which the 2010 Plan’s individual annual award limit had been exceeded by the above awards, the Compensation Committee, as the administrator of the 2010 Plan, identified a conflict between Sections 3(d) and 3(e) of the 2010 Plan, the relevant provisions which provide limitations of the 2010 Plan. Section 3(d) of the 2010 Plan could be read to provide an overall limit of 50,000 shares applicable to all awards granted to a participant in any calendar year; however, the Compensation Committee could not disregard Section 3(e) of the 2010 Plan. Section 3(e) could be read to provide for two additional limits of 50,000 shares each for any (a) “Qualified Performance-Based Awards” (as defined in the 2010 Plan) constituting stock options and stock appreciation rights and (b) “Qualified Performance-Based Awards” other than stock options and stock appreciation rights. If the Compensation Committee were to determine that Section 3(e) of the 2010 Plan provides the applicable limits for two categories of “Qualified Performance-Based Awards,” then the Compensation Committee could conclude that Section 3(d) of the 2010 Plan provides the limit for awards other than Qualified Performance-Based Awards. The Compensation Committee consulted with outside advisors and determined that it was not possible to conclude which interpretation of the 2010 Plan was conclusively correct. Pursuant to its authority to interpret the 2010 Plan, the Compensation Committee elected to comply with the limit in Section 3(d) of the 2010 Plan. As a result of applying this interpretation of the 2010 Plan, the awards granted to Mr. Albright in 2015 exceeded the 2010 Plan’s individual annual award limit by 112,000 shares of our common stock (the “Excess 2015 Awards”). NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) NOTE 16. STOCK-BASED COMPENSATION (continued) On February 26, 2016, the Company notified the NYSE MKT (i) that the Excess 2015 Awards may have violated Rule 711 of the NYSE MKT Company Guide and (ii) of the Company and Mr. Albright’s intention to rectify the Excess 2015 Awards in the manner described below. On March 4, 2016, the NYSE MKT notified the Company that it would not take any action and considered the matter closed. In consultation with the Board, Mr. Albright elected to rectify the Excess 2015 Awards by surrendering, in full, the May 2015 Option Grant and surrendering, in part, the May 2015 Restricted Share Grant. A portion of the surrendered awards has been replaced with new awards under the 2010 Plan in 2016. Effective as of February 26, 2016, the Compensation Committee awarded Mr. Albright (i) an option to purchase an additional The New Option Grant has an exercise price per share of $55.62, which is equal to the exercise price per share applicable to the May 2015 Option Grant. This option is intended to have the same vesting terms as the May 2015 Option Grant, and as a result has vested with respect to 13,200 shares and will vest with respect to 13,200 shares and 13,600 shares on January 28, 2017 and January 28, 2018, respectively. The New Restricted Share Grant is intended to have the same vesting terms as the May 2015 Restricted Share Grant, and as a result will vest upon the price per share of Company common stock during the term of Mr. Albright’s employment (or within 60 days after termination of his employment by the Company other than for cause, due to death or disability or due to his voluntary resignation) meeting or exceeding the target trailing 30-day average closing price of $75 per share. If the restricted shares fail to satisfy the stock price condition prior to January 28, 2021, the restricted shares will be forfeited. Any unvested restricted shares will vest immediately upon Mr. Albright’s termination of employment without Cause or for his resignation for Good Reason (as such terms are defined in his amended and restated employment agreement), in each case, at any time during the 24-month period following a change in control. Mr. Albright has the right to vote the restricted shares prior to their vesting but is not entitled to dividends paid on any unvested shares. These restricted shares have not yet vested. Because the Excess 2015 Awards exceeded the 2010 Plan limits, the grants do not qualify, for purposes of calculating the Code Section 162(m) compensation for Mr. Albright for tax purposes, as performance-based awards. As noted herein, 112,000 shares of the awards granted to Mr. Albright in 2015 exceeded the limits of the 2010 Plan. However, when granted these shares were issued and outstanding as of their grant date and all legal requirements for their issuance under Florida law and the Company’s organizational documents were fulfilled and Mr. Albright’s ability to enforce his rights to such grants could not be negated or otherwise impaired. All requirements under ASC 718-10-20 were met, including a mutual understanding of the key terms and conditions of the awards, the company was contingently liable to issue the awards, and all required approvals for the awards to be legally issued and outstanding were obtained as of the grant date. Consequently, the 112,000 shares were deemed appropriately reflected as stock compensation expense as of the year ended December 31, 2015. Effective as of February 26, 2016, the Company entered into amendments to the employment agreements and certain restricted share award agreements of Messrs. Albright, Patten, and Smith to clarify the Company’s intention that the restricted shares granted thereunder, if they are subject to performance-based vesting conditions, will fully vest upon the executive’s termination of employment without cause or his resignation for good reason (as such terms are defined in his employment agreement), in each case, at any time during the 24-month period following a change in control. There was no impact to the valuation established at the original date of grant of the modification of the restricted share award agreements of Messrs. Albright, Patten, and Smith. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 17. INCOME TAXES The effective income tax rate was 52.1% and 39.2% for the six months ended June 30, 2016 and 2015, 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. During the first quarter of 2016, 68,000 shares of restricted Company common stock were permanently surrendered which constituted a discrete event in which the total related stock compensation expense charged to earnings under GAAP of approximately $2.3 million, of which approximately $1.6 million was recognized during the first quarter of 2016 and approximately $676,000 was recognized during the year ended December 31, 2015, became permanently non-deductible for tax purposes as the surrendered shares will not vest. Accordingly, no income tax benefit was recorded related to the approximately $2.3 million of stock compensation expense. The Company files a consolidated income tax return in the United States Federal jurisdiction and the States of Arizona, Colorado, California, Florida, Illinois, Georgia, Maryland, North Carolina, Texas, and Washington. The Internal Revenue Service has audited the federal tax returns through the year 2012, with all proposed adjustments settled. The Company recognizes all potential accrued interest and penalties to unrecognized tax benefits in income tax expense. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2016 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) NOTE 18. COMMITMENTS AND CONTINGENCIES Legal Proceedings From time to time, the Company may be a party to certain legal proceedings, incidental to the normal course of its business. While the outcome of the legal proceedings cannot be predicted with certainty, the Company does not expect that these proceedings will have a material effect upon our financial condition or results of operations. On November 21, 2011, the Company, Indigo Mallard Creek LLC and Indigo Development LLC, as owners of the property leased to Harris Teeter, Inc. (“Harris Teeter”) in Charlotte, North Carolina, were served with pleadings filed in the General Court of Justice, Superior Court Division for Mecklenburg County, North Carolina, for a highway condemnation action involving the property. The proposed road modifications would impact access to the Company’s property that is leased to Harris Teeter. The Company does not believe the road modifications provided a basis for Harris Teeter to terminate the Lease. Regardless, in January 2013, the North Carolina Department of Transportation (“NCDOT”) proposed to redesign the road modifications to keep the all access intersection open for ingress with no change to the planned limitation on egress to the right-in/right-out only. Additionally, NCDOT and the City of Charlotte proposed to build and maintain a new access road/point into the property. Construction has begun. Harris Teeter has expressed satisfaction with the redesigned project and indicated that it will not attempt to terminate its lease if this project is built as currently redesigned. Because the redesigned project will not be completed until 2017, the condemnation case has been placed in administrative closure. As a result, the trial and mediation will not likely be scheduled until requested by the parties, most likely in 2017. Contractual Commitments – Expenditures In conjunction with the Company’s sale of approximately 3.4 acres of land to RaceTrac Petroleum, Inc. (“RaceTrac”) in December 2013, the Company agreed to reimburse RaceTrac for a portion of the costs for road improvements and the other costs associated with bringing multiple ingress/egress points to the entire approximately 23 acre Williamson Crossing site, including the Company’s remaining approximately 19.6 acres. The estimated cost for the improvements equals approximately $1.26 million and the Company’s commitment is to reimburse RaceTrac in an amount equal to the lesser of 77.5% of the actual costs or $976,500, and can be paid over five years from sales of the remaining land or at the end of the fifth year. During the year ended December 31, 2013, the Company deposited $283,500 of cash in escrow related to the improvements, which is classified as restricted cash in the consolidated balance sheets. The total amount in escrow as of June 30, 2016 was approximately $286,000, including accrued interest. Accordingly as of June 30, 2016, the remaining maximum commitment is approximately $691,000. In connection with the acquisition of the Lowes on April 22, 2014, the Company was credited approximately $651,000 at closing for certain required tenant improvements, some of which are not required to be completed until December 2016. As of June 30, 2016, $100,000 of these tenant improvements had been completed and funded, leaving approximately $551,000 remaining to be funded as of June 30, 2016. In conjunction with the Company’s sale of approximately 98.69 acres within the Town Center, the Company is obligated to complete certain infrastructure improvements, including, but not limited to, the addition or expansion of roads and underlying utilities, and storm water retention (the “Infrastructure Work”). The Company entered into a construction agreement for approximately $9.1 million, including change orders through June 30, 2016, for the substantial portion of the Infrastructure Work. Approximately $7.0 million of the costs under this agreement have been incurred through June 30, 2016 and therefore, the remaining maximum commitment as of June 30, 2016 under this agreement is approximately $2.1 million. The anticipated completion for the Infrastructure Work is in or around October 2016. In conjunction with the Company’s sale of approximately 18.10 acres of land to an affiliate of Sam’s Club (“Sam’s”) in December 2015, the Company agreed to reimburse Sam’s for a portion of their construction costs applicable to adjacent outparcels retained by the Company. As a result, in December 2015, the Company deposited $125,000 of cash in escrow related to construction work which is classified as restricted cash in the consolidated balance sheets. The total amount in escrow as of June 30, 2016 was approximately $125,000, including accrued interest. Accordingly, the Company’s maximum commitment related to the construction work benefitting outparcels adjacent to Sam’s is approximately $125,000, to be paid from escrow upon completion. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) NOTE 18. COMMITMENTS AND CONTINGENCIES (continued) In conjunction with the Company’s sale of approximately 14.98 acres of land to an affiliate of Integra Land Company (“Integra”) in December 2015, the Company agreed to reimburse Integra approximately $276,000 for a portion of the costs for road access and related utility improvements that will benefit the 14.98 acre land parcel sold to Integra as well as the surrounding acreage still owned by the Company. The Company also agreed to reimburse Integra approximately $94,000 for site relocation costs. Accordingly, in December 2015, the Company deposited a combined $370,000 of cash in escrow related to these reimbursements which are classified as restricted cash in the consolidated balance sheets. During the six months ended June 30, 2016, approximately $277,000 was disbursed from the escrow account. Accordingly, as of June 30, 2016, the Company’s maximum remaining commitment related to these reimbursements is approximately $93,000 to be paid from escrow as costs are incurred. Contractual Commitments – Land Pipeline As of July 29, 2016, the Company had executed ten definitive purchase and sale agreements with eight different buyers whose intended use for the land under contract includes residential (including multi-family), retail and mixed-use retail, and office. These agreements, in aggregate, represent the potential sale of approximately 4,100 acres, or 39% of our land holdings, with anticipated sales proceeds totaling approximately $103 million, or an average of approximately $25,000 per acre. All of these agreements contemplate closing dates ranging from the third quarter of 2016 through 2018, and the Company expects some of the transactions to close in 2016, although the buyers are not contractually obligated to close until after 2016. Each of the transactions are in varying stages of due diligence by the various buyers including, in some instances, having made submissions to the planning and development departments of the City of Daytona Beach and other permitting activities with other applicable governmental authorities. In addition to other customary closing conditions, the majority of these transactions are conditioned upon the receipt of approvals or permits from those various governmental authorities, as well as other matters that are beyond our control. If such approvals are not obtained, the prospective buyers may have the ability to terminate their respective agreements prior to closing. As a result, there can be no assurances regarding the likelihood or timing of any one of these potential land transactions being completed or the final terms thereof, including the sales price. Minto Communities One of the definitive purchase and sale agreements is with an affiliate of Minto Communities for Minto’s development of a 3,400-unit master planned age restricted residential community on an approximately 1,600-acre parcel of the Company’s land holdings west of Interstate 95. Minto received zoning and entitlement approvals from the City of Daytona Beach, Florida in April 2016 for the 3,400 residential units and approximately 215,000 square feet of commercial space. In addition, the contract with Minto currently contemplates the Company would provide seller financing for a portion of the sales price (the “Minto Note”). The Company anticipates utilizing the proceeds from the transaction in a 1031 like-kind exchange and therefore would be required to sell the Minto Note prior to the completion of the 1031 exchange which could be up to 180 days after the closing of the transaction with Minto. With the Company having resolved certain regulatory matters related to the Company’s prior agricultural activities on the land that includes the property under contract with Minto, and with Minto’s filing of its permit application with the U.S. Army Corps of Engineers (the “ACOE”), the Company now expects this transaction to close in late 2016 subject to Minto’s receipt of their permit from the ACOE. Tomoka Town Center The NADG First Parcel and Outparcel sales represent the first two of multiple transactions contemplated under the NADG Agreement. The NADG Agreement provides NADG with the ability to acquire the Remaining Option Parcels during the Option Period. The Remaining Option Parcels represent a total of approximately 81.55 acres and total potential proceeds to the Company of approximately $20.2 million, or approximately $248,000 per acre. Pursuant to the NADG Agreement, NADG can close on any or all of the Remaining Option Parcels at any time during the Option Period, should certain conditions be met. The NADG Agreement also establishes a price escalation percentage that would be applied to any of the Remaining Option Parcels that are acquired after January 2017, and an additional price escalation percentage that would be applied to any Remaining Option Parcels acquired in 2018. Other Matters In connection with a certain land sale contract to which the Company is a party, the purchaser’s pursuit of customary development entitlements gave rise to an inquiry by federal regulatory agencies regarding prior agricultural activities by the Company on such land. During the second quarter of 2015, we received a written information request regarding such activities. We submitted a written response to the information request along with supporting documentation. We believe the issues raised by, and the land which was the subject of, this inquiry are similar to or the same as those which were addressed and resolved by the settlement agreement executed in December 2012 between the Company and the St. Johns River Water Management District (the “District”) and the permit which the District subsequently issued to the Company. During the fourth quarter of 2015, based on discussions with the agency, a penalty related to this matter was deemed probable, and accordingly the estimated penalty of $187,500 has been accrued as of December 31, 2015, with no adjustment to that accrual being made during the six months ended June 30, 2016. Also during the fourth quarter of 2015, the agency advised the Company that the resolution to the inquiry would likely require the Company to incur costs associated NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) NOTE 18. COMMITMENTS AND CONTINGENCIES (continued) with wetlands restoration relating to approximately 148.35 acres of the Company’s land. At December 31, 2015, the Company’s third-party environmental engineers estimated the cost for such restoration activities to range from approximately $1.7 million to approximately $1.9 million. Accordingly, as of December 31, 2015, the Company accrued an obligation of approximately $1.7 million, representing the low end of the estimated range of possible restoration costs and included such estimated costs on the consolidated balance sheets as an increase in the basis of our land and development costs associated with those and benefitting surrounding acres. As of June 30, 2016 the final proposal from the Company’s third-party environmental engineer was received for a total cost of approximately $2.0 million. Accordingly, an increase in the accrual of approximately $300,000 was made during the three months ended June 30, 2016. The Company funded approximately $590,000 of the total $2.0 million of estimated costs during the three months ended June 30, 2016. The Company believes there is at least a reasonable possibility that the estimated remaining liability of approximately $1.4 million could change within one year of the date of the consolidated financial statements, which in turn could have a material impact on the Company’s consolidated balance sheets and future cash flows. The Company evaluates its estimates on an ongoing basis; however, actual results may differ from those estimates. Additionally, resolution of the regulatory matter required the Company to apply for an additional permit pertaining to an additional approximately 54.66 acres, which permit may require mitigation activities which the Company anticipates could be satisfied through the utilization of existing mitigation credits owned by the Company or the acquisition of mitigation credits. The Company anticipates that resolution of this matter will allow the Company to obtain certain permits from the applicable federal or state regulatory agencies needed in connection with the closing of the land sale contract that gave rise to this matter. The number of mitigation credits that may be required is not currently estimable and as the utilization or purchase of such credits would be incorporated into the basis of the land under contract, no amounts related to mitigation credits have been accrued as of June 30, 2016. In addition, in connection with other land sale contracts to which the Company is or may become a party, the pursuit of customary development entitlements by the potential purchasers may require the Company to utilize or acquire mitigation credits for the purpose of obtaining certain permits from the applicable federal or state regulatory agencies. Any costs incurred in connection with utilizing or acquiring such credits would be incorporated into the basis of the land under contract and, accordingly, no amounts related to such potential future costs have been accrued as of June 30, 2016. D u t h u 0 a r 6 m i e c o m i f o the o m p w h o a a a e m h C o m p y s u p n |
Business Segment Data
Business Segment Data | 6 Months Ended |
Jun. 30, 2016 | |
Segment Reporting [Abstract] | |
Business Segment Data | NOTE 19. BUSINESS SEGMENT DATA The Company operates in four primary business segments: income properties, commercial loan investments, real estate operations, and golf operations. Our income property operations consist primarily of income-producing properties, and our business plan is focused on investing in additional income-producing properties. Our income property operations accounted for 66.8% and 68.6% of our identifiable assets as of June 30, 2016 and December 31, 2015, respectively, and 39.9% and 56.3% of our consolidated revenues for the six months ended June 30, 2016 and 2015, respectively. As of June 30, 2016, we had three commercial loan investments including one fixed-rate and one variable-rate mezzanine loan and a variable-rate B-Note representing a secondary tranche in a commercial mortgage loan. Our real estate operations primarily consist of revenues generated from land transactions and leasing, royalty income, and revenue from the release of surface entry rights from our subsurface interests. Our golf operations consist of a single property located in the City, with two 18-hole championship golf courses, a practice facility, and clubhouse facilities, including a restaurant and bar operation, fitness facility, and pro-shop with retail merchandise. The majority of the revenues generated by our golf operations are derived from members and public customers playing golf, club memberships, and food and beverage operations. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) NOTE 19. BUSINESS SEGMENT DATA (continued) The Company evaluates performance based on profit or loss from operations before income taxes. The Company’s reportable segments are strategic business units that offer different products. They are managed separately because each segment requires different management techniques, knowledge, and skills. Information about the Company’s operations in the different segments for the three and six months ended June 30, 2016 and 2015 is as follows: Three Months Ended Six Months Ended June 30, 2016 June 30, 2015 June 30, 2016 June 30, 2015 Revenues: Income Properties $ 6,033,082 $ 4,132,052 $ 12,462,323 $ 8,392,727 Commercial Loan Investments 635,050 638,710 1,516,295 1,270,194 Real Estate Operations 4,774,620 1,368,141 14,335,518 2,227,942 Golf Operations 1,412,196 1,448,567 2,876,555 2,985,993 Agriculture and Other Income 18,990 20,738 37,682 39,677 Total Revenues $ 12,873,938 $ 7,608,208 $ 31,228,373 $ 14,916,533 Operating Income: Income Properties $ 4,829,042 $ 3,449,165 $ 10,081,576 $ 7,068,994 Commercial Loan Investments 635,050 638,710 1,516,295 1,270,194 Real Estate Operations 3,649,979 1,062,288 10,953,836 1,323,366 Golf Operations (34,980 ) (7,665 ) 24,791 140,149 Agriculture and Other Income (33,664 ) (22,457 ) (63,023 ) (58,669 ) General and Corporate Expense (4,312,559 ) (2,933,880 ) (11,387,291 ) (6,063,986 ) Total Operating Income $ 4,732,868 $ 2,186,161 $ 11,126,184 $ 3,680,048 Depreciation and Amortization: Income Properties $ 1,724,573 $ 992,172 $ 3,705,623 $ 2,077,809 Golf Operations 68,619 67,130 137,268 125,906 Agriculture and Other 12,367 12,450 30,035 23,776 Total Depreciation and Amortization $ 1,805,559 $ 1,071,752 $ 3,872,926 $ 2,227,491 Capital Expenditures: Income Properties $ 122,260 $ 9,959,693 $ 2,918,580 $ 10,013,957 Commercial Loan Investments — 733,083 — 894,879 Golf Operations 13,161 90,400 13,161 106,417 Agriculture and Other — 2,334 15,867 13,406 Total Capital Expenditures $ 135,421 $ 10,785,510 $ 2,947,608 $ 11,028,659 As of June 30, 2016 December 31, 2015 Identifiable Assets: Income Properties $ 258,494,674 $ 277,519,902 Commercial Loan Investments 24,076,474 38,487,119 Real Estate Operations 65,252,380 59,787,157 Golf Operations 3,257,527 3,607,259 Agriculture and Other 36,049,083 24,952,207 Total Assets $ 387,130,138 $ 404,353,644 Operating income represents income from continuing operations before loss on early extinguishment of debt, interest expense, investment income, and income taxes. General and corporate expenses are an aggregate of general and administrative expenses, impairment charges, depreciation and amortization expense, and gains (losses) on the disposition of assets. Identifiable assets by segment are those assets that are used in the Company’s operations in each segment. Other assets consist primarily of cash, property, plant, and equipment related to the other operations, as well as the general and corporate operations. |
Recently Issued Accounting Poli
Recently Issued Accounting Policies | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Changes And Error Corrections [Abstract] | |
Recently Issued Accounting Policies | NOTE 20. RECENTLY ISSUED ACCOUNTING POLICIES In May 2014, the FASB issued ASU 2014-09, which amends its guidance on the recognition and reporting of revenue from contracts with customers. The amendments in this update are effective for annual reporting periods beginning after December 15, 2018. The Company is currently evaluating the provisions to determine the potential impact, if any, the adoption will have on its consolidated financial statements. The Company plans to implement ASU 2014-09 effective January 1, 2019. In April 2015, the FASB issued ASU 2015-03, related to simplifying the presentation of debt issuance costs. The amendments in this update are effective for annual reporting periods beginning after December 15, 2015. The amendment requires entities to present debt issuance costs related to a recognized debt liability as a direct deduction from the carrying amount of the debt liability, whereas previously, debt issuance costs were presented as a deferred charge in the asset section of the balance sheet. The Company has adopted ASU 2015-03 effective January 1, 2016. The amount of unamortized debt issuance costs as of December 31, 2015 that were reclassified to be included as a direct deduction from the carrying amount of the debt liability was approximately $1.7 million. In January 2016, the FASB issued ASU 2016-01, relating to the recognition and measurement of financial assets and financial liabilities. The amendments in this update are effective for annual reporting periods beginning after December 15, 2017. The Company is currently evaluating the provisions to determine the potential impact, if any, the adoption will have on its consolidated financial statements. The Company plans to implement ASU 2016-01 effective January 1, 2018. In February 2016, the FASB issued ASU 2016-02, which requires entities to recognize assets and liabilities that arise from financing and operating leases and to classify those finance and operating lease payments in the financing or operating sections, respectively, of the statement of cash flows. The amendments in this update are effective for annual reporting periods beginning after December 15, 2018. The Company is currently evaluating the provisions to determine the potential impact, if any, the adoption will have on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, which amends certain aspects of the stock-based compensation guidance. The amendments in this update are effective for annual reporting periods beginning after December 15, 2016. The Company is currently evaluating the provisions to determine the potential impact, if any, the adoption will have on its consolidated financial statements. The Company plans to implement ASU 2016-09 effective January 1, 2017. |
Variable Interest Entity
Variable Interest Entity | 6 Months Ended |
Jun. 30, 2016 | |
Variable Interest Entity Measure Of Activity [Abstract] | |
Variable Interest Entity | NOTE 21. VARIABLE INTEREST ENTITY During the year ended December 31, 2015, the Company entered into a real estate venture with an unaffiliated third party institutional investor, whereby the venture acquired approximately six acres of vacant beachfront property located in Daytona Beach, Florida. The Company acquired its 50% interest in the real estate venture for approximately $5.7 million and serves as its general partner with day-to-day management responsibilities. The venture is structured such that the Company earns a base management fee and will receive a preferred interest as well as a promoted interest if certain return hurdles are achieved. The Company’s preferred interest represents the first 9% of the investment return achieved at the disposition of the property. GAAP requires consolidation of a variable interest entity (“VIE”) in which an enterprise has a controlling financial interest and is the primary beneficiary. Upon entering into the venture described above and as of June 30, 2016, the Company determined it has a controlling financial interest and is the primary beneficiary; therefore, the venture is a VIE and has been consolidated in the Company’s financial statements. As of June 30, 2016, the VIE has one asset totaling $11,484,560 consisting of the six acre vacant beachfront property. During the year ended December 31, 2015, the Company contributed 50%, or $5,664,787, to the VIE for the initial property acquisition, with the other 50% contributed by the noncontrolling interest in the consolidated VIE. This consolidated venture has been accounted for in real estate operations with the inter-company management fees totaling approximately $12,000 during the six months ended June 30, 2016, eliminated upon consolidation. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 22. SUBSEQUENT EVENTS On April 5, 2016, the Company entered into a 15-year lease with a national fitness center for the anchor space at The Grove at Winter Park located in Winter Park, Florida. The lease is for approximately 40,000 square feet, or 36% of the approximately 112,000 square foot multi-tenant retail center. On July 6, 2016, the Company funded approximately $4.0 million into an escrow account for customary tenant improvements for the fitness center, which could open as early as the fourth quarter of 2016. The tenant will draw funding from escrow as construction progresses. Under the $10 million stock repurchase program, subsequent to June 30, 2016 through July 28, 2016, the Company has repurchased 8,611 shares of its common stock on the open market for a total cost of approximately $417,000, or an average price per share of $48.48, and placed those shares in treasury. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) NOTE 22. SUBSEQUENT EVENTS (continued) On July 20, 2016, the Company’s Board of Directors approved the implementation of a quarterly dividend effective in the third quarter of 2016 in place of the present semi-annual dividend. The Board of Directors declared a quarterly dividend of $0.04 for shareholders of record on August 10, 2016, to be paid on August 30, 2016, representing an annualized dividend of $0.16 per share, which would be a 100% increase over our present $0.08 per share annual dividend. The payment of the quarterly dividend is expected to impact the conversion rate applicable to the Notes pursuant to the terms and conditions thereof. |
Description of Business and P33
Description of Business and Principles of Interim Statements (Policies) | 6 Months Ended |
Jun. 30, 2016 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Description of Business | Description of Business The terms “us,” “we,” “our,” and “the Company” as used in this report refer to Consolidated-Tomoka Land Co. together with our consolidated subsidiaries. We are a diversified real estate operating company. We own and manage thirty-seven commercial real estate properties in ten states in the U.S. As of June 30, 2016, we owned twenty-nine single-tenant and eight multi-tenant income-producing properties with over 1,500,000 square feet of gross leasable space. We also own and manage a land portfolio of approximately 10,500 acres. As of June 30, 2016, we had three commercial loan investments including one fixed-rate and one variable–rate mezzanine loan and a variable-rate B-Note representing a secondary tranche in a commercial mortgage loan. Our golf operations consist of the LPGA International golf club, which is managed by a third party. We also lease property for twenty billboards, have agricultural operations that are managed by a third party, which consists of leasing land for hay and sod production, timber harvesting, and hunting leases, and own and manage subsurface interests. The results of our agricultural and subsurface leasing operations are included in Agriculture and Other Income and Real Estate Operations, respectively, in our consolidated statements of operations. |
Interim Financial Information | Interim Financial Information The accompanying unaudited consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. These unaudited consolidated financial statements do not include all of the information and notes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete financial statements and should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2015, which provides a more complete understanding of the Company’s accounting policies, financial position, operating results, business properties, and other matters. The unaudited consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary to present fairly the financial position of the Company and the results of operations for the interim periods. The results of operations for the six months ended June 30, 2016 are not necessarily indicative of results to be expected for the year ending December 31, 2016. |
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 significant inter-company balances and transactions have been eliminated in the consolidated financial statements. Noncontrolling interests in consolidated pass-through entities are recognized before income taxes. |
Use of Estimates in the Preparation of Financial Statements | Use of Estimates in Preparation of Financial Statements The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash on hand, bank demand accounts, and money market accounts having maturities at acquisition date of 90 days or less. The Company’s bank balances as of June 30, 2016 include certain amounts over the Federal Deposit Insurance Corporation limits. |
Restricted Cash | Restricted Cash Restricted cash totaled approximately $10.6 million at June 30, 2016 of which approximately $9.1 million of cash is being held in escrow, from the sale of an income property and a surface entry right release, to be reinvested through the like-kind exchange structure into one or more other income properties. Approximately $306,000 is being held in a reserve primarily for property taxes and insurance escrows in connection with our financing of two properties acquired in January 2013; approximately $504,000 is being held in three separate escrow accounts related to three separate land transactions of which one closed in December 2013 and two closed in December 2015; approximately $17,000 is being held by the consolidated variable interest entity in which the Company is the primary beneficiary; and approximately $634,000 is being held in a reserve primarily for certain required tenant improvements for the Lowes in Katy, Texas. |
Investment Securities | Investment Securities In accordance with ASC Topic 320, Investments – Debt and Equity Securities Realized gains and losses, and declines in value judged to be other-than-temporary related to equity securities, are included in investment income in the consolidated statements of operations. With respect to debt securities, when the fair value of a debt security classified as available-for-sale is less than its cost, management assesses whether or not: (i) it has the intent to sell the security or (ii) it is more likely than not that the Company will be required to sell the security before its anticipated recovery. If either of these conditions are met, the Company must recognize an other-than-temporary impairment through earnings for the differences between the debt security’s cost basis and its fair value, and such amount is included in investment income in the consolidated statements of operations. There were no other-than-temporary impairments during the six months ended June 30, 2016 or 2015. During the fourth quarter of 2015, an other-than-temporary impairment was deemed to exist on a portion of the equity securities held by the Company, resulting in an impairment charge of approximately $60,000. The Company completed the disposition of its remaining position in investment securities during the six months ended June 30, 2016 resulting in a loss of approximately $576,000. The cost of securities sold is based on the specific identification method. Interest and dividends on securities classified as available-for-sale are included in investment income in the consolidated statements of operations. The fair value of the Company’s available-for-sale equity securities were measured quarterly, on a recurring basis, using Level 1 inputs, or quoted prices for identical, actively traded assets. The fair value of the Company’s available-for-sale debt securities were measured quarterly, on a recurring basis, using Level 2 inputs. |
Derivative Instrument and Hedging Activity | Derivative Instrument and Hedging Activity In conjunction with the variable-rate mortgage loan secured by our property located in Raleigh, NC leased to Wells Fargo Bank, NA (“Wells Fargo”), the Company entered into an interest rate swap to fix the interest rate (the “Interest Rate Swap”). The Company accounts for its cash flow hedging derivative in accordance with ASC 815-20 “Derivatives and Hedging”. The derivative is included in Accrued and Other Liabilities on the consolidated balance sheet at its fair value. On the date the Interest Rate Swap was entered into, the Company designated the derivative as a hedge of the variability of cash flows to be paid related to the recognized long-term debt liability. The Company formally documented the relationship between the hedging instrument and the hedged item, as well as its risk-management objective and strategy for undertaking the hedge transaction. At the hedge’s inception, the Company formally assessed whether the derivative that is used in hedging the transaction is highly effective in offsetting changes in cash flows of the hedged item, and we will continue to do so on an ongoing basis. Changes in fair value of the Interest Rate Swap that are highly effective and designated and qualified as a cash-flow hedge are recorded in other comprehensive income and loss, until earnings are affected by the variability in cash flows of the designated hedged item. |
Fair Value Measurements | 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, and accounts payable at June 30, 2016 and December 31, 2015, approximate fair value because of the short maturity of these instruments. The carrying amount of the Company’s investments in commercial loans approximates fair value at June 30, 2016 and December 31, 2015, since the floating and fixed rates of the loans reasonably approximate current market rates for notes with similar risks and maturities. The carrying value of the Company’s credit facility approximates fair value at June 30, 2016 and December 31, 2015, since the floating rate reasonably approximates current market rates for revolving credit arrangements with similar risks and maturities. The face value of the Company’s fixed rate mortgage notes and convertible debt is measured at fair value based on current market rates for debt instruments with similar risks and maturities, see Note 6, “Fair Value of Financial Instruments.” |
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 in the fair value accounting guidance. The framework specifies a hierarchy of valuation inputs which was established to increase consistency, clarity and comparability in fair value measurements and related disclosures. The guidance describes a fair value hierarchy based upon three levels of inputs that may be used to measure fair value, two of which are considered observable and one that is considered unobservable. The following describes the three levels: · Level 1 – Valuation is based upon quoted prices in active markets for identical assets or liabilities. · Level 2 – Valuation is based upon inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. · Level 3 – Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include option pricing models, discounted cash flow models and similar techniques. |
Classification of Commercial Loan Investments | Classification of Commercial Loan Investments Loans held for investment are stated at the principal amount outstanding and include the unamortized deferred loan fees offset by any applicable unaccreted purchase discounts and origination fees, if applicable, in accordance with GAAP. |
Commercial Loan Investment Impairment | Commercial Loan Investment Impairment The Company’s commercial loans are held for investment. For each loan, the Company evaluates the performance of the collateral property and the financial and operating capabilities of the borrower/guarantor, in part, to assess whether any deterioration in the credit has occurred and for possible impairment of the loan. Impairment would reflect the Company’s determination that it is probable that all amounts due according to the contractual terms of the loan would not be collected. Impairment is measured based on the present value of the expected future cash flows from the loan discounted at the effective rate of the loan or the fair value of the collateral. Upon determination of an impairment, the Company would record an allowance to reduce the carrying value of the loan with a corresponding recognition of loss in the results of operations. Significant exercise of judgment is required in determining impairment, including assumptions regarding the estimate of expected future cash flows, collectability of the loan, the value of the underlying collateral and other factors including the existence of guarantees. The Company has determined that, as of June 30, 2016 and December 31, 2015, no allowance for impairment was required. |
Recognition of Interest Income from Commercial Loan Investments | Recognition of Interest Income from Commercial Loan Investments Interest income on commercial loan investments includes interest payments made by the borrower and the accretion of purchase discounts and loan origination fees, offset by the amortization of 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. |
Impact Fees and Mitigation Credits | Impact Fees and Mitigation Credits Impact fees and mitigation credits are stated at historical cost. As these assets are sold, the related revenues and cost basis are reported as revenues from, and direct costs of, real estate operations, respectively, in the consolidated statements of operations. |
Accounts Receivable | Accounts Receivable Accounts receivable related to income properties, which are classified in other assets on the consolidated balance sheets, primarily consist of tenant reimbursable expenses. Receivables related to tenant reimbursable expenses totaled approximately $494,000 and $831,000 as of June 30, 2016 and December 31, 2015, respectively. Accounts receivable related to real estate operations, which are classified in other assets on the consolidated balance sheets, totaled approximately $3.4 million and $1.3 million as of as of June 30, 2016 and December 31, 2015, respectively. These accounts receivable are related to the reimbursement of certain infrastructure costs completed by the Company in conjunction with three land sale transactions that closed during the fourth quarter of 2015 and one land sale transaction that closed during the first quarter of 2016. Trade accounts receivable primarily consist of receivables related to golf operations, which are classified in other assets on the consolidated balance sheets. Trade accounts receivable related to golf operations, which primarily consist of membership and event receivables, totaled approximately $294,000 and $253,000 as of June 30, 2016 and December 31, 2015, respectively. The collectability of the aforementioned receivables is determined based on a review of specifically identified accounts using judgments. As of as of June 30, 2016 and December 31, 2015, no allowance for doubtful accounts was required. |
Purchase Accounting for Acquisitions of Real Estate Subject to a Lease | Purchase Accounting for Acquisitions of Real Estate Subject to a Lease In accordance with the Financial Accounting Standards Board (“FASB”) guidance on business combinations, the fair value of the real estate acquired with in-place leases is allocated to the acquired tangible assets, consisting of land, building and tenant improvements, and identified intangible assets 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. The Company has determined that income property purchases with a pre-existing lease at the time of acquisition qualify as a business combination, in which case acquisition costs are expensed in the period the transaction closes. For income property purchases in which a new lease is originated at the time of acquisition, the Company has determined that these asset purchases are outside the scope of the business combination standards and accordingly, the acquisition costs are capitalized with the purchase. The fair value of the tangible assets of an acquired leased property is determined by valuing the property as if it were vacant, and the “as-if-vacant” value is then allocated to land, building and tenant improvements based on the determination of the fair values of these assets. 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 (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases, and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining term of the lease, including the probability of renewal periods. The capitalized above-market lease values are amortized as a reduction of rental income over the remaining terms of the respective leases. The capitalized below-market lease values are amortized as an increase to rental income over the initial term unless the Company believes that it is likely that the tenant will renew the option whereby the Company amortizes the value attributable to the renewal over the renewal period. The aggregate value of other acquired intangible assets, consisting of in-place leases, is measured by the excess of (i) the purchase price paid for a property after adjusting existing in-place leases to market rental rates over (ii) the estimated fair value of the property as-if-vacant, determined as set forth above. The value of in-place leases exclusive of the value of above-market and below-market in-place leases is 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. The value of tenant relationships is reviewed on individual transactions to determine if future value was derived from the acquisition. |
Sale of Real Estate | Sales of Real Estate Gains and losses on sales of real estate are accounted for as required by the “Accounting for Sales of Real Estate” Topic of FASB Accounting Standards Codification (“FASB ASC”) FASB ASC 976-605-25. The Company recognizes revenue from the sale of real estate at the time the sale is consummated, unless the property is sold on a deferred payment plan and the initial payment does not meet established criteria, or the Company retains some form of continuing involvement in the property. As market information becomes available, real estate cost basis is analyzed and recorded at the lower of cost or market. |
Adoption of New Accounting Standard | Adoption of New Accounting Standard A certain item in the prior period’s consolidated balance sheet has been reclassified to conform to the presentation as of and for the six months ended June 30, 2016. Specifically, upon the adoption of ASU 2015-03, related to simplifying the presentation of debt issuance costs effective January 1, 2016, debt issuance costs, net of accumulated amortization, are required to be presented as a direct deduction from the carrying amount of the related long-term debt liability. The amount reclassified from other assets to long-term debt was approximately $1.7 million as of December 31, 2015. |
Operating Loss Carry Forward and Tax Credit Carry Forward | In May 2014, the FASB issued ASU 2014-09, which amends its guidance on the recognition and reporting of revenue from contracts with customers. The amendments in this update are effective for annual reporting periods beginning after December 15, 2018. The Company is currently evaluating the provisions to determine the potential impact, if any, the adoption will have on its consolidated financial statements. The Company plans to implement ASU 2014-09 effective January 1, 2019. In April 2015, the FASB issued ASU 2015-03, related to simplifying the presentation of debt issuance costs. The amendments in this update are effective for annual reporting periods beginning after December 15, 2015. The amendment requires entities to present debt issuance costs related to a recognized debt liability as a direct deduction from the carrying amount of the debt liability, whereas previously, debt issuance costs were presented as a deferred charge in the asset section of the balance sheet. The Company has adopted ASU 2015-03 effective January 1, 2016. The amount of unamortized debt issuance costs as of December 31, 2015 that were reclassified to be included as a direct deduction from the carrying amount of the debt liability was approximately $1.7 million. In January 2016, the FASB issued ASU 2016-01, relating to the recognition and measurement of financial assets and financial liabilities. The amendments in this update are effective for annual reporting periods beginning after December 15, 2017. The Company is currently evaluating the provisions to determine the potential impact, if any, the adoption will have on its consolidated financial statements. The Company plans to implement ASU 2016-01 effective January 1, 2018. In February 2016, the FASB issued ASU 2016-02, which requires entities to recognize assets and liabilities that arise from financing and operating leases and to classify those finance and operating lease payments in the financing or operating sections, respectively, of the statement of cash flows. The amendments in this update are effective for annual reporting periods beginning after December 15, 2018. The Company is currently evaluating the provisions to determine the potential impact, if any, the adoption will have on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, which amends certain aspects of the stock-based compensation guidance. The amendments in this update are effective for annual reporting periods beginning after December 15, 2016. The Company is currently evaluating the provisions to determine the potential impact, if any, the adoption will have on its consolidated financial statements. The Company plans to implement ASU 2016-09 effective January 1, 2017. |
Commercial Loan Investments (Ta
Commercial Loan Investments (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Receivables [Abstract] | |
Summary of Commercial Loan Investment Portfolio | The Company’s commercial loan investment portfolio was comprised of the following at June 30, 2016: Description Date of Investment Maturity Date Original Face Amount Current Face Amount Carrying Value Coupon Rate Mezz – Hotel – Atlanta, GA January 2014 February 2019 $ 5,000,000 $ 5,000,000 $ 5,000,000 12.00% B-Note – Retail Shopping Center, Sarasota, FL May 2014 June 2017 8,960,467 8,960,467 8,960,467 30-day LIBOR plus 7.50% Mezz – Hotel, Dallas, TX September 2014 September 2017 10,000,000 10,000,000 10,000,000 30-day LIBOR plus 7.25% Total $ 23,960,467 $ 23,960,467 $ 23,960,467 The Company’s commercial loan investment portfolio was comprised of the following at December 31, 2015: Description Date of Investment Maturity Date Original Face Amount Current Face Amount Carrying Value Coupon Rate Mezz – Hotel – Atlanta, GA January 2014 February 2019 $ 5,000,000 $ 5,000,000 $ 5,000,000 12.00% B-Note – Retail Shopping Center, Sarasota, FL May 2014 June 2016 8,960,467 8,960,467 8,960,467 30-day LIBOR plus 7.50% Mezz – Hotel, Dallas, TX September 2014 September 2016 10,000,000 10,000,000 10,000,000 30-day LIBOR plus 7.25% First Mortgage – Hotel, San Juan, Puerto Rico September 2015 September 2018 14,500,000 14,500,000 14,371,489 30-day LIBOR plus 9.00% Total $ 38,460,467 $ 38,460,467 $ 38,331,956 |
Carrying Value of the Commercial Loan Investments Portfolio | The carrying value of the commercial loan investment portfolio as of June 30, 2016 consisted of the following: Total Current Face Amount $ 23,960,467 Unamortized Fees - Unaccreted Origination Fees - Total Commercial Loan Investments $ 23,960,467 The carrying value of the commercial loan investment portfolio as of December 31, 2015 consisted of the following: Total Current Face Amount $ 38,460,467 Unamortized Fees 36,382 Unaccreted Origination Fees (164,893 ) Total Commercial Loan Investments $ 38,331,956 |
Land and Subsurface Interests (
Land and Subsurface Interests (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Real Estate [Abstract] | |
Summary of Sales within the Tomoka Town Center | Land Tract Date Closed No. of Acres Sales Price Avg. Sales Price per Acre Revenue (1) Q2 2016 Revenue (1) Gain (2) Gain (2) Deferred Revenue (3) Tanger Outlet 11/12/2015 38.93 $ 9,700,000 $ 249,165 $ 1,633,919 $ 5,129,130 $ 1,314,682 $ 4,106,231 $ 1,773,019 Sam's Club 12/23/2015 18.10 4,500,000 248,619 837,596 2,627,483 689,171 2,151,898 770,425 NADG - First Parcel 12/29/2015 37.26 5,168,335 138,710 1,040,527 3,269,246 734,984 2,290,225 1,018,759 NADG - Outparcel 3/30/2016 4.40 2,000,000 454,545 330,730 1,775,334 294,649 1,546,609 394,230 Total Tomoka Town Center Sales 98.69 $ 21,368,335 $ 216,520 $ 3,842,772 $ 12,801,193 $ 3,033,486 $ 10,094,963 $ 3,956,433 (1) The revenue recognized in each quarter consists of revenue from a portion of the sales price that was previously deferred and revenue from expected reimbursements, as the infrastructure work is completed. (2) The gain recognized in each quarter consists of revenue less the allocated cost basis of the infrastructure costs, as the infrastructure work is completed. (3) |
Summary of Reconciliation of the Land Transactions Closed | NOTE 4. LAND AND SUBSURFACE INTERESTS (continued) The following table provides a reconciliation of the land transactions closed (as of June 30, 2016) or under contract for all the developable parcels of the Town Center (sales price and estimated infrastructure reimbursement presented in $000’s) and the reimbursement amounts for the Infrastructure Work from each buyer: Land Tract No. of Acres Sales Price (In $000's) Sales Price per Acre Infrastructure Reimbursement (in $000s) Tanger Outlet [Closed] (1) 38.93 $ 9,700 $ 249,165 $ 5,500 Sam's Club [Closed] (2) 18.10 4,500 248,619 1,100 NADG - First Parcel [Closed] (3) 37.26 5,168 138,710 1,800 NADG - Outparcel [Closed] (3) 4.40 2,000 454,545 211 NADG - Option Parcels (4) 81.55 20,196 247,645 3,889 Total Developable Area 180.24 41,564 230,602 12,500 Common Area (5) 54.32 N/A N/A (12,800 ) Total Town Center 234.56 $ 41,564 $ 177,199 $ (300 ) (1) (2) (3) (4) (5) |
Summary of Lease Payments and Drilling Penalties Received on Acreages | Lease payments on the respective acreages and drilling penalties received through lease year five are as follows: Lease Year Acreage (Approximate) Florida County Lease Payment (1) Drilling Penalty (1) Lease Year 1 - 9/23/2011 - 9/22/2012 136,000 Lee and Hendry $ 913,657 $ - Lease Year 2 - 9/23/2012 - 9/22/2013 136,000 Lee and Hendry 922,114 - Lease Year 3 - 9/23/2013 - 9/22/2014 82,000 Hendry 3,293,000 1,000,000 Lease Year 4 - 9/23/2014 - 9/22/2015 42,000 Hendry 1,866,146 600,000 Lease Year 5 - 9/23/2015 - 9/22/2016 25,000 Hendry 1,218,838 175,000 Total Payments Received to Date $ 8,213,755 $ 1,775,000 (1) |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Investments Debt And Equity Securities [Abstract] | |
Summary of Available for Sale Securities | The Company had no remaining available-for-sale securities as of June 30, 2016. Available-for-sale securities consisted of the following as of December 31, 2015: As of December 31, 2015 Cost (1) Gains in Accumulated Other Comprehensive Income Losses in Accumulated Other Comprehensive Income Estimated Fair Value (Level 1 and 2 Inputs) Debt Securities $ 843,951 $ — $ (41,451 ) $ 802,500 Total Debt Securities 843,951 - (41,451 ) 802,500 Common Stock 5,981,464 — (1,080,197 ) 4,901,267 Total Equity Securities 5,981,464 — (1,080,197 ) 4,901,267 Total Available-for-Sale Securities $ 6,825,415 $ - $ (1,121,648 ) $ 5,703,767 (1) |
Summary of Recognized Gain and Losses on Sale of Investment Securities | Following is a table reflecting the sale of investment securities and the gains or losses recognized during the six months ended June 30, 2016 and 2015: For the six months ended June 30, 2016 2015 Proceeds from the Disposition of Debt Securities $ 827,738 $ — Cost Basis of Debt Securities Sold (843,951 ) — Loss recognized in Statement of Operations on the Disposition of Debt Securities $ (16,213 ) $ — Proceeds from the Disposition of Equity Securities 5,424,624 834,964 Cost Basis of Equity Securities Sold (5,983,978 ) (704,173 ) Gain (Loss) recognized in Statement of Operations on the Disposition of Equity Securities $ (559,354 ) $ 130,791 Total Gain (Loss) recognized in Statement of Operations on the Disposition of Debt and Equity Securities $ (575,567 ) $ 130,791 |
Fair Value of Financial Instr37
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Summary of Carrying Value and Estimated Fair Value of Financial Instruments | The following table presents the carrying value and estimated fair value of the Company’s financial instruments at June 30, 2016 and December 31, 2015: June 30, 2016 December 31, 2015 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Cash and Cash Equivalents - Level 1 $ 24,742,236 $ 24,742,236 $ 4,060,677 $ 4,060,677 Restricted Cash - Level 1 10,568,618 10,568,618 14,060,523 14,060,523 Commercial Loan Investments - Level 2 23,960,467 23,960,467 38,331,956 38,460,467 Long-Term Debt - Level 2 153,887,378 158,562,177 166,796,853 172,572,305 Interest Rate Swap - Level 2 545,821 545,821 - - The following table presents the fair value of assets by Level at December 31, 2015 (there were none as of June 30, 2016): 12/31/2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Available-for-Sale Securities Available-for-Sale Debt Securities $ 802,500 $ - $ 802,500 $ - Available-for-Sale Equity Securities 4,901,267 4,901,267 - - Total Available-for-Sale Securities 5,703,767 4,901,267 802,500 - Total $ 5,703,767 $ 4,901,267 $ 802,500 $ - |
Intangible Lease Assets and L38
Intangible Lease Assets and Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Lease Assets and Liabilities | Intangible lease assets and liabilities consisted of the following as of June 30, 2016 and December 31, 2015: As of June 30, 2016 December 31, 2015 Intangible Lease Assets: Value of In-Place Leases $ 16,324,202 $ 19,588,642 Value of Above Market In-Place Leases 1,178,878 1,469,143 Value of Intangible Leasing Costs 3,719,078 3,835,158 Sub-total Intangible Lease Assets 21,222,158 24,892,943 Accumulated Amortization (4,575,758 ) (4,805,792 ) Sub-total Intangible Lease Assets—Net 16,646,400 20,087,151 Intangible Lease Liabilities: Value of Below Market In-Place Leases (32,483,281 ) (32,315,741 ) Sub-total Intangible Lease Liabilities (32,483,281 ) (32,315,741 ) Accumulated Amortization 1,612,876 336,182 Sub-total Intangible Lease Liabilities—Net (30,870,405 ) (31,979,559 ) Total Intangible Assets and Liabilities—Net $ (14,224,005 ) $ (11,892,408 ) |
Summary of Estimated Amortization and Accretion of Intangible Lease Assets and Liabilities | The estimated future amortization and accretion of intangible lease assets and liabilities is as follows: Year Ending December 31, Future Amortization Expense Future Accretion to Income Property Revenue Net Future Amortization of Intangible Assets and Liabilities Remainder of 2016 $ 990,549 $ (1,111,603 ) $ (121,054 ) 2017 1,941,510 (2,189,685 ) (248,175 ) 2018 1,937,911 (2,191,717 ) (253,806 ) 2019 1,935,341 (2,192,911 ) (257,570 ) 2020 1,886,208 (2,192,911 ) (306,703 ) 2021 1,369,584 (2,279,897 ) (910,313 ) Thereafter 5,609,190 (17,735,574 ) (12,126,384 ) Total $ 15,670,293 $ (29,894,298 ) $ (14,224,005 ) |
Other Assets (Tables)
Other Assets (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | |
Components of Other Assets | Other assets consisted of the following: As of June 30, 2016 December 31, 2015 Income Property Tenant Receivables $ 493,820 $ 830,574 Income Property Straight-line Rent Adjustment 1,977,575 1,781,798 Interest Receivable from Commercial Loan Investments 116,007 155,163 Infrastructure Reimbursement Receivables 3,407,454 1,306,602 Golf Operations Receivables 294,244 253,358 Deferred Deal Costs 604,957 520,308 Prepaid Expenses, Deposits, and Other 1,650,606 1,187,021 Total Other Assets $ 8,544,663 $ 6,034,824 |
Common Stock and Earnings Per40
Common Stock and Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Summary of Common Stock and Earnings Per Share | Basic earnings per common share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per common share is based on the assumption of the conversion of stock options and vesting of restricted stock at the beginning of each period using the treasury stock method at average cost for the periods. Three Months Ended Six Months Ended June 30, 2016 June 30, 2015 June 30, 2016 June 30, 2015 Income Available to Common Shareholders: Net Income Attributable to Consolidated-Tomoka Land Co. $ 1,570,443 $ 224,617 $ 2,995,161 $ 577,973 Weighted Average Shares Outstanding 5,703,542 5,822,815 5,719,213 5,824,717 Common Shares Applicable to Stock Options Using the Treasury Stock Method - 22,719 - 27,356 Total Shares Applicable to Diluted Earnings Per Share 5,703,542 5,845,534 5,719,213 5,852,073 Per Share Information: Basic and Diluted net Income Per Share Net Income Attributable to Consolidated-Tomoka Land Co. $ 0.28 $ 0.04 $ 0.52 $ 0.10 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt | Long-term debt consisted of the following: June 30, 2016 Total Due Within One Year Credit Facility $ — $ — Mortgage Note Payable (originated with UBS) 7,300,000 — Mortgage Note Payable (originated with BOA) 23,100,000 — Mortgage Note Payable (originated with Wells Fargo) 30,000,000 — Mortgage Note Payable (originated with Wells Fargo) 25,000,000 4.50% Convertible Senior Notes due 2020, net of discount 70,311,211 — Loan Costs, net of accumulated amortization (1,823,833 ) — Total Long-Term Debt $ 153,887,378 $ — |
Summary of Payments Applicable to Reduction of Principal Amounts | Payments applicable to reduction of principal amounts will be required as follows: Year Ending December 31, Amount Remainder of 2016 $ — 2017 — 2018 7,300,000 2019 — 2020 75,000,000 2021 25,000,000 Thereafter 53,100,000 Total Long-Term Debt - Face Value $ 160,400,000 |
Summary of Carrying Value of Long-Term Debt | The carrying value of long-term debt as of June 30, 2016 consisted of the following: Total Current Face Amount $ 160,400,000 Unamortized Discount on Convertible Debt (4,688,789 ) Loan Costs, net of accumulated amortization (1,823,833 ) Total Long-Term Debt $ 153,887,378 |
Accrued and Other Liabilities (
Accrued and Other Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Payables And Accruals [Abstract] | |
Summary of Accrued and Other Liabilities | Accrued and other liabilities consisted of the following: As of June 30, 2016 December 31, 2015 Golf Course Lease $ 2,415,401 $ 2,602,638 Accrued Property Taxes 1,223,698 40,042 Reserve for Tenant Improvements 756,651 812,493 Accrued Interest 1,204,004 1,195,231 Environmental Reserve and Restoration Cost Accrual 2,103,190 2,405,635 Cash Flow Hedge - Interest Rate Swap 545,821 - Other 1,133,678 1,811,880 Total Accrued and Other Liabilities $ 9,382,443 $ 8,867,919 |
Deferred Revenue (Tables)
Deferred Revenue (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Deferred Revenue Disclosure [Abstract] | |
Summary of Deferred Revenue | Deferred revenue consisted of the following: As of June 30, 2016 December 31, 2015 Deferred Oil Exploration Lease Revenue $ 279,733 $ 885,822 Deferred Land Sale Revenue 3,956,433 12,656,773 Prepaid Rent 879,785 907,325 Other Deferred Revenue 277,244 274,690 Total Deferred Revenue $ 5,393,195 $ 14,724,610 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Summary of Stock Based Compensation Activity | A summary of activity during the six months ended June 30, 2016, is presented below: Market Condition Non-Vested Restricted Shares Shares Wtd. Grant Date Fair Value Outstanding at January 1, 2016 2,400 $ 23.42 Granted — — Vested (2,300 ) 23.42 Expired — — Forfeited (100 ) 23.42 Outstanding at June 30, 2016 - $ - |
Summary of Market Condition Inducement Grant of Restricted Shares | A summary of the activity for these awards during the six months ended June 30, 2016, is presented below: Market Condition Non-Vested Restricted Shares Shares Wtd. Avg. Fair Value Outstanding at January 1, 2016 137,500 $ 30.58 Granted 4,000 38.98 Vested — — Expired — — Forfeited (72,000 ) 34.46 Outstanding at June 30, 2016 69,500 $ 27.03 |
Summary of Stock Based Compensation Activity for Non-Qualified Stock Option Award | A summary of the activity for the awards during the six months ended June 30, 2016, 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, 2016 116,850 $ 48.63 Granted 40,000 55.62 Exercised (850 ) 34.95 Expired — — Forfeited (40,000 ) 55.62 Outstanding at June 30, 2016 116,000 $ 48.73 6.91 $ (145,780 ) Exercisable at June 30, 2016 75,800 $ 45.40 1.73 $ 157,060 |
Summary of Share Option Activity of Stock Option and Stock Appreciation Rights Under 2001 Plan | NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) NOTE 16. STOCK-BASED COMPENSATION (continued) A summary of share option activity under the 2001 Plan for the six months ended June 30, 2016 is presented below: Stock Options Liability-Classified Stock Options Shares Wtd. Avg. Ex. Price Wtd. Avg. Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding at January 1, 2016 18,000 $ 64.69 Granted — — Exercised — — Expired (3,000 ) 67.27 Forfeited — — Outstanding at June 30, 2016 15,000 $ 64.17 1.10 $ — Exercisable at June 30, 2016 15,000 $ 64.17 1.10 $ — Stock Appreciation Rights Liability-Classified Stock Appreciation Rights Shares Wtd. Avg. Fair Value Wtd. Avg. Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding at January 1, 2016 18,000 $ 2.64 Granted — — Exercised — — Expired (3,000 ) — Forfeited — — Outstanding at June 30, 2016 15,000 $ 1.12 1.10 $ — Exercisable at June 30, 2016 15,000 $ 1.12 1.10 $ — |
Assumptions Used in Determining Fair Value of Stock Options and Stock Appreciation Rights | NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) NOTE 16. STOCK-BASED COMPENSATION (continued) Following are assumptions used in determining the fair value of stock options and stock appreciation rights: Assumptions at: June 30, 2016 December 31, 2015 Expected Volatility 22.77 % 29.40 % Expected Dividends 0.17 % 0.15 % Expected Term 1.1 years 1.3 years Risk-Free Rate 0.48 % 0.75 % |
Recognized Financial Statements for Stock Options, Stock Appreciation Rights, and Restricted Stock | Amounts recognized in the consolidated financial statements for stock options, stock appreciation rights, and restricted stock are as follows: Three Months Ended Six Months Ended June 30, 2016 June 30, 2015 June 30, 2016 June 30, 2015 Total Cost of Share-Based Plans Charged Against Income Before Tax Effect $ 418,639 $ 546,372 $ 2,491,621 $ 621,724 Income Tax Expense Recognized in Income $ (161,490 ) $ (210,763 ) $ (324,843 ) $ (239,830 ) |
Three Year Vest Non-Vested Restricted Stock [Member] | |
Summary of Stock Based Compensation Activity | A summary of activity during the six months ended June 30, 2016, is presented below: Three Year Vest Non-Vested Restricted Shares Shares Wtd. Avg. Fair Value Per Share Outstanding at January 1, 2016 26,900 $ 49.73 Granted 21,100 44.88 Vested (10,363 ) 47.89 Expired — — Forfeited — — Outstanding at June 30, 2016 37,637 $ 47.52 |
Non-Qualified Stock Option Award [Member] | |
Summary of Non-Vested Options for Non-Qualified Stock Option Awards | A summary of the non-vested options for these awards during the six months ended June 30, 2016, is presented below: Non-Qualified Stock Option Awards Shares Fair Value of Shares Vested Non-Vested at January 1, 2016 88,260 Granted 40,000 Vested (48,060 ) $ 2,478,088 Expired — Forfeited (40,000 ) Non-Vested at June 30, 2016 40,200 |
Business Segment Data (Tables)
Business Segment Data (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Segment Reporting [Abstract] | |
Summary of Operations in Different Segments | Information about the Company’s operations in the different segments for the three and six months ended June 30, 2016 and 2015 is as follows: Three Months Ended Six Months Ended June 30, 2016 June 30, 2015 June 30, 2016 June 30, 2015 Revenues: Income Properties $ 6,033,082 $ 4,132,052 $ 12,462,323 $ 8,392,727 Commercial Loan Investments 635,050 638,710 1,516,295 1,270,194 Real Estate Operations 4,774,620 1,368,141 14,335,518 2,227,942 Golf Operations 1,412,196 1,448,567 2,876,555 2,985,993 Agriculture and Other Income 18,990 20,738 37,682 39,677 Total Revenues $ 12,873,938 $ 7,608,208 $ 31,228,373 $ 14,916,533 Operating Income: Income Properties $ 4,829,042 $ 3,449,165 $ 10,081,576 $ 7,068,994 Commercial Loan Investments 635,050 638,710 1,516,295 1,270,194 Real Estate Operations 3,649,979 1,062,288 10,953,836 1,323,366 Golf Operations (34,980 ) (7,665 ) 24,791 140,149 Agriculture and Other Income (33,664 ) (22,457 ) (63,023 ) (58,669 ) General and Corporate Expense (4,312,559 ) (2,933,880 ) (11,387,291 ) (6,063,986 ) Total Operating Income $ 4,732,868 $ 2,186,161 $ 11,126,184 $ 3,680,048 Depreciation and Amortization: Income Properties $ 1,724,573 $ 992,172 $ 3,705,623 $ 2,077,809 Golf Operations 68,619 67,130 137,268 125,906 Agriculture and Other 12,367 12,450 30,035 23,776 Total Depreciation and Amortization $ 1,805,559 $ 1,071,752 $ 3,872,926 $ 2,227,491 Capital Expenditures: Income Properties $ 122,260 $ 9,959,693 $ 2,918,580 $ 10,013,957 Commercial Loan Investments — 733,083 — 894,879 Golf Operations 13,161 90,400 13,161 106,417 Agriculture and Other — 2,334 15,867 13,406 Total Capital Expenditures $ 135,421 $ 10,785,510 $ 2,947,608 $ 11,028,659 As of June 30, 2016 December 31, 2015 Identifiable Assets: Income Properties $ 258,494,674 $ 277,519,902 Commercial Loan Investments 24,076,474 38,487,119 Real Estate Operations 65,252,380 59,787,157 Golf Operations 3,257,527 3,607,259 Agriculture and Other 36,049,083 24,952,207 Total Assets $ 387,130,138 $ 404,353,644 |
Description of Business and P46
Description of Business and Principles of Interim Statements - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Dec. 31, 2015USD ($)a | Jun. 30, 2016USD ($)ft²aStatePropertyBillboardLoan | Jun. 30, 2015USD ($) | Dec. 31, 2015USD ($)a | Feb. 18, 2016a | Dec. 31, 2013USD ($) | Jan. 31, 2013Property | |
Description of Business [Line Items] | |||||||
Number of states in which entity operates | State | 10 | ||||||
Number of owned and managed commercial real estate properties | Property | 37 | ||||||
Commercial real estate properties | Property | 29 | ||||||
Self developed multi-tenant properties | Property | 8 | ||||||
Gross leasable space | 148.35 | 1,500,000 | 148.35 | 0.37 | |||
Land portfolio | a | 10,500 | ||||||
Number of billboards leased for property | Billboard | 20 | ||||||
Cash and cash equivalents maximum original maturity period | 90 days | ||||||
Restricted Cash | $ 14,060,523 | $ 10,568,618 | $ 14,060,523 | ||||
Cash held in reserve for property taxes and insurance escrows | 9,100,000 | ||||||
Cash held in escrow related to land transaction | 306,000 | $ 17,000 | |||||
Number of income properties acquired | Property | 2 | ||||||
Reserve for future interest payment | 504,000 | ||||||
Impairment charge other-than-temporary impairments | 60,000 | 0 | $ 0 | 60,000 | |||
Net realized loss on investments | (575,567) | $ 130,791 | |||||
Allowance for doubtful accounts | 0 | 0 | 0 | ||||
Amount reclassified from other assets to long-term debt | 1,700,000 | 1,700,000 | |||||
Tenant Reimbursable Expenses | |||||||
Description of Business [Line Items] | |||||||
Accounts receivable included in other assets | 831,000 | 494,000 | 831,000 | ||||
Real Estate Operations | |||||||
Description of Business [Line Items] | |||||||
Accounts receivable included in other assets | 1,300,000 | 3,400,000 | 1,300,000 | ||||
ship And Event Receivables | |||||||
Description of Business [Line Items] | |||||||
Accounts receivable included in other assets | $ 253,000 | $ 294,000 | $ 253,000 | ||||
Atlanta, GA [Member] | |||||||
Description of Business [Line Items] | |||||||
Number of commercial mortgage loan investments | Loan | 3 | ||||||
Katy, Texas [Member] | Reserve for Tenant Improvements [Member] | |||||||
Description of Business [Line Items] | |||||||
Restricted Cash | $ 634,000 |
Income Properties - Additional
Income Properties - Additional Information (Detail) | Jun. 22, 2016USD ($)$ / shares | Apr. 22, 2016USD ($)ft²$ / shares | Apr. 06, 2016USD ($)$ / shares | Apr. 05, 2016USD ($)ft²$ / shares | Mar. 28, 2016USD ($)$ / shares | Feb. 18, 2016USD ($)ft²a | Jun. 30, 2016USD ($)ft²aProperty | Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($) | Jun. 30, 2016USD ($)ft²aProperty | Jun. 30, 2015USD ($)Property | Jul. 06, 2016USD ($) | Dec. 31, 2015a | Jan. 31, 2013Property |
Schedule Of Business Acquisitions And Disposition [Line Items] | ||||||||||||||
Number of income properties acquired | Property | 2 | |||||||||||||
Total acquisition cost of property | $ 2,500,000 | $ 9,100,000 | ||||||||||||
Purchase price allocated to land | 1,000,000 | |||||||||||||
Purchase price allocated to amortizable intangible liabilities | $ 200,000 | |||||||||||||
Amortization allocated to intangible assets and liabilities, period | 8 years 3 months 18 days | |||||||||||||
Area of office building acquired | ft² | 4,685 | |||||||||||||
Area of a real estate property | 0.37 | 1,500,000 | 1,500,000 | 148.35 | ||||||||||
Acquisition price of real state property | $ 2,500,000 | |||||||||||||
Weighted average remaining lease term | 8 years 2 months 12 days | |||||||||||||
Gain (Loss) recognized | $ 11,400,000 | $ (134,000) | (277,000) | |||||||||||
Impairment Charges | $ 1,970,822 | $ 210,000 | $ 510,000 | $ 2,180,730 | $ 510,041 | |||||||||
Sale price of property portfolio | 51,600,000 | |||||||||||||
Mortgage loan secured by properties portfolio | $ 23,100,000 | |||||||||||||
Loss on sale of property portfolio per share after tax | $ / shares | $ 1.22 | |||||||||||||
Area of lease | a | 10,500 | 10,500 | ||||||||||||
Subsequent Event [Member] | Escrow [Member] | ||||||||||||||
Schedule Of Business Acquisitions And Disposition [Line Items] | ||||||||||||||
Tenant improvements | $ 4,000,000 | |||||||||||||
Daytona Beach, Florida [Member] | ||||||||||||||
Schedule Of Business Acquisitions And Disposition [Line Items] | ||||||||||||||
Area of a real estate property | a | 6 | 6 | 6 | |||||||||||
Weighted average remaining lease term | 9 years 3 months 18 days | 3 years 9 months 18 days | ||||||||||||
Proceeds from building | $ 3,000,000 | $ 5,200,000 | ||||||||||||
Gain (Loss) recognized | $ 822,000 | $ 197,000 | ||||||||||||
Loss on sale of building per share after tax | $ / shares | $ 0.09 | $ 0.02 | ||||||||||||
Area of building sold | ft² | 15,360 | |||||||||||||
Sebring, Florida [Member] | ||||||||||||||
Schedule Of Business Acquisitions And Disposition [Line Items] | ||||||||||||||
Weighted average remaining lease term | 3 years 1 month 6 days | |||||||||||||
Proceeds from building | $ 2,400,000 | |||||||||||||
Gain (Loss) recognized | $ 210,000 | |||||||||||||
Loss on sale of building per share after tax | $ / shares | $ 0.02 | |||||||||||||
Lexington, North Carolina [Member] | ||||||||||||||
Schedule Of Business Acquisitions And Disposition [Line Items] | ||||||||||||||
Weighted average remaining lease term | 9 years 7 months 6 days | |||||||||||||
Proceeds from building | $ 9,100,000 | |||||||||||||
Gain (Loss) recognized | $ 344,000 | |||||||||||||
Loss on sale of building per share after tax | $ / shares | $ 0.04 | |||||||||||||
Altamonte Springs Florida [Member] | ||||||||||||||
Schedule Of Business Acquisitions And Disposition [Line Items] | ||||||||||||||
Gain (Loss) recognized | $ (783,000) | |||||||||||||
Impairment Charges | $ 942,000 | |||||||||||||
Winter Park, Florida [Member] | ||||||||||||||
Schedule Of Business Acquisitions And Disposition [Line Items] | ||||||||||||||
Lease term | 15 years | |||||||||||||
Area of lease | ft² | 40,000 | |||||||||||||
Area of land in percentage | 36.00% | |||||||||||||
Area of land multi-tenant retail center | ft² | 112,000 | |||||||||||||
Multi-Tenant Properties [Member] | ||||||||||||||
Schedule Of Business Acquisitions And Disposition [Line Items] | ||||||||||||||
Number of income properties acquired | Property | 1 | 1 | ||||||||||||
Building and Building Improvements [Member] | ||||||||||||||
Schedule Of Business Acquisitions And Disposition [Line Items] | ||||||||||||||
Purchase price allocated to buildings and improvements | $ 1,600,000 | |||||||||||||
Single Tenant Property [Member] | ||||||||||||||
Schedule Of Business Acquisitions And Disposition [Line Items] | ||||||||||||||
Number of income properties acquired | Property | 1 | |||||||||||||
Vacant Property [Member] | ||||||||||||||
Schedule Of Business Acquisitions And Disposition [Line Items] | ||||||||||||||
Number of income properties acquired | Property | 1 | |||||||||||||
Intangible Assets [Member] | ||||||||||||||
Schedule Of Business Acquisitions And Disposition [Line Items] | ||||||||||||||
Purchase price allocated to amortizable intangible assets | $ 100,000 |
Commercial Loan Investments - A
Commercial Loan Investments - Additional Information (Detail) | May 26, 2016USD ($) | Jun. 30, 2016USD ($)Loan | Jun. 30, 2016USD ($)Loan | Jun. 30, 2015USD ($) | Dec. 31, 2015USD ($) | |
Accounts Notes And Loans Receivable [Line Items] | ||||||
Principal Payments Received on Commercial Loan Investments | $ 14,282,500 | $ 7,200,909 | ||||
Current Face Amount | $ 23,960,467 | 23,960,467 | $ 38,460,467 | |||
Commercial Loan Investments | $ 23,960,467 | $ 23,960,467 | 38,331,956 | |||
Commercial Mortgage Backed Securities [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Number of loans owned | Loan | 3 | 3 | ||||
San Juan, Puerto Rico [Member] | First Mortgage [Member] | Hotel [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Principal Payments Received on Commercial Loan Investments | $ 14,500,000 | |||||
Discount on mortgage loan | $ 218,000 | |||||
Current Face Amount | 14,500,000 | |||||
Commercial Loan Investments | 14,371,489 | |||||
Sarasota, Florida [Member] | Notes Receivable [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Extended maturity date | [1] | 2017-06 | ||||
Sarasota, Florida [Member] | Notes Receivable [Member] | Retail Shopping Center [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Current Face Amount | $ 8,960,467 | $ 8,960,467 | 8,960,467 | |||
Commercial Loan Investments | $ 8,960,467 | 8,960,467 | 8,960,467 | |||
Dallas, Texas [Member] | Mezzanine [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Extended maturity date | [1] | 2017-09 | ||||
Dallas, Texas [Member] | Hotel [Member] | Mezzanine [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Current Face Amount | $ 10,000,000 | 10,000,000 | 10,000,000 | |||
Commercial Loan Investments | 10,000,000 | 10,000,000 | $ 10,000,000 | |||
Dallas, TX , Sarasota, FL, and Atlanta, GA [Member] | Commercial Mortgage Backed Securities [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Commercial Loan Investments | $ 24,000,000 | $ 24,000,000 | ||||
Commercial loan investments, average remaining maturity | 1 year 4 months 24 days | |||||
Commercial loan investments, weighted average interest rate | 8.70% | |||||
[1] | 10 |
Commercial Loan Investments - S
Commercial Loan Investments - Summary of Commercial Loan Investment Portfolio (Detail) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Dec. 31, 2015 | |
Accounts Notes And Loans Receivable [Line Items] | ||
Original Face Amount | $ 23,960,467 | $ 38,460,467 |
Current Face Amount | 23,960,467 | 38,460,467 |
Carrying Value | $ 23,960,467 | $ 38,331,956 |
Hotel [Member] | San Juan, Puerto Rico [Member] | First Mortgage [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Date of Investment | 2015-09 | |
Maturity Date | 2018-09 | |
Original Face Amount | $ 14,500,000 | |
Current Face Amount | 14,500,000 | |
Carrying Value | $ 14,371,489 | |
Loans receivable basis spread on variable rate | 9.00% | |
Mezzanine [Member] | Hotel [Member] | Atlanta, GA [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Date of Investment | 2014-01 | 2014-01 |
Maturity Date | 2019-02 | 2019-02 |
Original Face Amount | $ 5,000,000 | $ 5,000,000 |
Current Face Amount | 5,000,000 | 5,000,000 |
Carrying Value | $ 5,000,000 | $ 5,000,000 |
Loans receivable, fixed rate | 12.00% | 12.00% |
Mezzanine [Member] | Hotel [Member] | Dallas, Texas [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Date of Investment | 2014-09 | 2014-09 |
Maturity Date | 2017-09 | 2016-09 |
Original Face Amount | $ 10,000,000 | $ 10,000,000 |
Current Face Amount | 10,000,000 | 10,000,000 |
Carrying Value | $ 10,000,000 | $ 10,000,000 |
Loans receivable basis spread on variable rate | 7.25% | 7.25% |
Coupon Rate | 30-day LIBOR plus 7.25% | |
Notes Receivable [Member] | Retail Shopping Center [Member] | Sarasota, Florida [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Date of Investment | 2014-05 | 2014-05 |
Maturity Date | 2017-06 | 2016-06 |
Original Face Amount | $ 8,960,467 | $ 8,960,467 |
Current Face Amount | 8,960,467 | 8,960,467 |
Carrying Value | $ 8,960,467 | $ 8,960,467 |
Loans receivable basis spread on variable rate | 7.50% | 7.50% |
Coupon Rate | 30-day LIBOR plus 7.50% |
Commercial Loan Investments - C
Commercial Loan Investments - Carrying Value of the Commercial Loan Investments Portfolio (Detail) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Receivables [Abstract] | ||
Current Face Amount | $ 23,960,467 | $ 38,460,467 |
Unamortized Fees | 36,382 | |
Unaccreted Origination Fees | (164,893) | |
Total Commercial Loan Investments | $ 23,960,467 | $ 38,331,956 |
Land and Subsurface Interests -
Land and Subsurface Interests - Additional Information (Detail) | Apr. 13, 2016USD ($)a$ / shares | Mar. 30, 2016USD ($)a$ / a | Feb. 12, 2016USD ($)a$ / a | Jun. 17, 2015USD ($)a | Jun. 01, 2015USD ($)a$ / a | May 31, 2016USD ($) | Jun. 30, 2016USD ($)ft²a | Mar. 31, 2016USD ($) | Jun. 30, 2015USD ($)a | Mar. 31, 2015USD ($) | Jun. 30, 2016USD ($)ft²aCountry$ / a | Jun. 30, 2015USD ($)a | Feb. 18, 2016a | Dec. 31, 2015USD ($)a |
Real Estate Properties [Line Items] | ||||||||||||||
Area of a real estate property | 1,500,000 | 1,500,000 | 0.37 | 148.35 | ||||||||||
Revenue from land sold | $ 2,000,000 | $ 2,200,000 | ||||||||||||
Revenue per acre | $ / a | 455,000 | |||||||||||||
Gain (Loss) from sale of land | $ 1,362,948 | $ 12,749 | $ 1,362,948 | $ 18,189 | ||||||||||
Percentage of infrastructure work completed | 81.00% | 81.00% | ||||||||||||
Other Assets | $ 8,544,663 | $ 8,544,663 | $ 6,034,824 | |||||||||||
Impairment Charges | 1,970,822 | $ 210,000 | $ 510,000 | $ 2,180,730 | 510,041 | |||||||||
Subsurface interest area of land | a | 500,000 | |||||||||||||
Subsurface Interest in number of countries | Country | 20 | |||||||||||||
Amended oil exploration lease term | The terms of the lease state the Company will receive royalty payments if production occurs, and may receive additional annual rental payments if the lease is continued in years six through eight. | |||||||||||||
Lease income recognized from oil exploration lease | 303,000 | 465,000 | $ 606,000 | 925,000 | ||||||||||
Area on which royalties received | a | 800 | |||||||||||||
Oil royalty income recognized | 11,000 | $ 28,000 | $ 16,000 | 49,000 | ||||||||||
Payments for release of surface entry rights | 450,000 | $ 2,000 | ||||||||||||
Gross proceeds from release of surface entry rights | $ 450,000 | |||||||||||||
Land Venture Partners, LLC [Member] | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Sale of subsurface interest area of land | a | 500,000 | |||||||||||||
Sale price of subsurface interest area of land | $ 24,000,000 | |||||||||||||
Gain (loss) on sale of subsurface interest area of land after tax | $ 22,600,000 | |||||||||||||
Gain (loss) on sale of subsurface interest area of land per share after tax | $ / shares | $ 2.40 | |||||||||||||
Town Center Sales Agreements | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Amount of contractual obligation | 4,500,000 | 4,500,000 | ||||||||||||
Other Assets | 3,400,000 | 3,400,000 | $ 1,300,000 | |||||||||||
Town Center Sales Agreements | Minimum [Member] | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Cost of the contract | 12,500,000 | 12,500,000 | ||||||||||||
Town Center Sales Agreements | Maximum [Member] | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Cost of the contract | $ 13,000,000 | $ 13,000,000 | ||||||||||||
NADG - First Parcel | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Area of a real estate property | a | 81.55 | 81.55 | ||||||||||||
Revenue from land sold | $ 20,200,000 | |||||||||||||
Revenue per acre | $ / a | 248,000 | |||||||||||||
Daytona Beach, Florida [Member] | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Area of a real estate property | a | 6 | 6 | 6 | |||||||||||
Revenue from land sold | $ 190,000 | |||||||||||||
Revenue per acre | $ / a | 62,000 | |||||||||||||
South of LPGA Boulevard East of Clyde Morris Boulevard [Member] | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Revenue from land sold | $ 505,000 | |||||||||||||
Revenue per acre | $ / a | 167,000 | |||||||||||||
Highlands County [Member] | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Revenue from land sold | $ 250,000 | |||||||||||||
Hendry County Florida | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Area of a real estate property | a | 960 | 960 | ||||||||||||
Land [Member] | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Area of a real estate property | a | 4.40 | 7.46 | 3.9 | 7.46 | 3.9 | |||||||||
Gain (Loss) from sale of land | $ 1,250,000 | |||||||||||||
Remaining gain (loss) from sale of land | $ 683,000 | |||||||||||||
Land [Member] | Daytona Beach, Florida [Member] | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Area of a real estate property | a | 3.06 | |||||||||||||
Gain (Loss) from sale of land | $ 145,000 | |||||||||||||
Land [Member] | South of LPGA Boulevard East of Clyde Morris Boulevard [Member] | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Area of a real estate property | a | 3 | |||||||||||||
Gain (Loss) from sale of land | $ 476,000 | |||||||||||||
Land [Member] | Highlands County [Member] | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Area of a real estate property | a | 0.9 | |||||||||||||
Gain (Loss) from sale of land | $ 223,000 | |||||||||||||
Undeveloped Land [Member] | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Impairment Charges | $ 1,000,000 |
Land and Subsurface Interests52
Land and Subsurface Interests - Summary of Sales within the Tomoka Town Center (Detail) | Mar. 30, 2016USD ($)$ / a | Mar. 28, 2016USD ($) | Jun. 30, 2016USD ($)ft²a | Mar. 31, 2016USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2016USD ($)ft²a$ / a | Jun. 30, 2015USD ($) | Feb. 18, 2016a | Dec. 31, 2015a |
Real Estate Properties [Line Items] | |||||||||
Area of a real estate property | 1,500,000 | 1,500,000 | 0.37 | 148.35 | |||||
Sales Price | $ 2,000,000 | $ 2,200,000 | |||||||
Avg. Sales Price per Acre | $ / a | 455,000 | ||||||||
Revenue Recognized | $ 12,873,938 | $ 7,608,208 | $ 31,228,373 | $ 14,916,533 | |||||
Gain Recognized | $ 11,400,000 | $ (134,000) | $ (277,000) | ||||||
Tanger Outlet [Member] | |||||||||
Real Estate Properties [Line Items] | |||||||||
Date Closed | Nov. 12, 2015 | ||||||||
Area of a real estate property | a | 38.93 | 38.93 | |||||||
Sales Price | $ 9,700,000 | ||||||||
Avg. Sales Price per Acre | $ / a | 249,165 | ||||||||
Revenue Recognized | $ 1,633,919 | $ 5,129,130 | |||||||
Gain Recognized | 1,314,682 | 4,106,231 | |||||||
Deferred Revenue as of June 30, 2016 | $ 1,773,019 | $ 1,773,019 | |||||||
Sam’s Club [Member] | |||||||||
Real Estate Properties [Line Items] | |||||||||
Date Closed | Dec. 23, 2015 | ||||||||
Area of a real estate property | a | 18.10 | 18.10 | |||||||
Sales Price | $ 4,500,000 | ||||||||
Avg. Sales Price per Acre | $ / a | 248,619 | ||||||||
Revenue Recognized | $ 837,596 | $ 2,627,483 | |||||||
Gain Recognized | 689,171 | 2,151,898 | |||||||
Deferred Revenue as of June 30, 2016 | $ 770,425 | $ 770,425 | |||||||
NADG - First Parcel [Member] | |||||||||
Real Estate Properties [Line Items] | |||||||||
Date Closed | Dec. 29, 2015 | ||||||||
Area of a real estate property | a | 37.26 | 37.26 | |||||||
Sales Price | $ 5,168,335 | ||||||||
Avg. Sales Price per Acre | $ / a | 138,710 | ||||||||
Revenue Recognized | $ 1,040,527 | $ 3,269,246 | |||||||
Gain Recognized | 734,984 | 2,290,225 | |||||||
Deferred Revenue as of June 30, 2016 | $ 1,018,759 | $ 1,018,759 | |||||||
NADG - Out Parcel [Member] | |||||||||
Real Estate Properties [Line Items] | |||||||||
Date Closed | Mar. 30, 2016 | ||||||||
Area of a real estate property | a | 4.40 | 4.40 | |||||||
Sales Price | $ 2,000,000 | ||||||||
Avg. Sales Price per Acre | $ / a | 454,545 | ||||||||
Revenue Recognized | $ 330,730 | $ 1,775,334 | |||||||
Gain Recognized | 294,649 | 1,546,609 | |||||||
Deferred Revenue as of June 30, 2016 | $ 394,230 | $ 394,230 | |||||||
Tomoka Town Center [Member] | |||||||||
Real Estate Properties [Line Items] | |||||||||
Area of a real estate property | a | 98.69 | 98.69 | |||||||
Sales Price | $ 21,368,335 | ||||||||
Avg. Sales Price per Acre | $ / a | 216,520 | ||||||||
Revenue Recognized | $ 3,842,772 | $ 12,801,193 | |||||||
Gain Recognized | 3,033,486 | 10,094,963 | |||||||
Deferred Revenue as of June 30, 2016 | $ 3,956,433 | $ 3,956,433 |
Land and Subsurface Interests53
Land and Subsurface Interests - Summary of Sales within the Tomoka Town Center (Parenthetical) (Detail) | Jun. 30, 2016USD ($) |
Real Estate Properties [Line Items] | |
Reimbursement on infrastructure costs | $ 806,000 |
Estimated remaining infrastructure cost | 1,000,000 |
Tomoka Town Center [Member] | |
Real Estate Properties [Line Items] | |
Total deferred revenue | $ 3,956,433 |
Land and Subsurface Interests54
Land and Subsurface Interests - Summary of Reconciliation of the Land Transactions Closed (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2016USD ($)a$ / a | |
Real Estate Properties [Line Items] | |
Incentives from community development district | $ 4,500 |
Installment period for incentives repayment | 10 years |
Infrastructure reimbursement, equal installments | 10 years |
Tanger Outlet [Member] | |
Real Estate Properties [Line Items] | |
No. of Acres | a | 38.93 |
Sales Price | $ 9,700 |
Sales Price per Acre | $ / a | 249,165 |
Infrastructure Reimbursement | $ 5,500 |
Sam’s Club [Member] | |
Real Estate Properties [Line Items] | |
No. of Acres | a | 18.10 |
Sales Price | $ 4,500 |
Sales Price per Acre | $ / a | 248,619 |
Infrastructure Reimbursement | $ 1,100 |
NADG - First Parcel [Member] | |
Real Estate Properties [Line Items] | |
No. of Acres | a | 37.26 |
Sales Price | $ 5,168 |
Sales Price per Acre | $ / a | 138,710 |
Infrastructure Reimbursement | $ 1,800 |
NADG - Out Parcel [Member] | |
Real Estate Properties [Line Items] | |
No. of Acres | a | 4.40 |
Sales Price | $ 2,000 |
Sales Price per Acre | $ / a | 454,545 |
Infrastructure Reimbursement | $ 211 |
NADG - Option Parcels [Member] | |
Real Estate Properties [Line Items] | |
No. of Acres | a | 81.55 |
Sales Price | $ 20,196 |
Sales Price per Acre | $ / a | 247,645 |
Infrastructure Reimbursement | $ 3,889 |
Total Developable Area [Member] | |
Real Estate Properties [Line Items] | |
No. of Acres | a | 180.24 |
Sales Price | $ 41,564 |
Sales Price per Acre | $ / a | 230,602 |
Infrastructure Reimbursement | $ 12,500 |
Common Area [Member] | |
Real Estate Properties [Line Items] | |
No. of Acres | a | 54.32 |
Infrastructure Reimbursement | $ (12,800) |
Tomoka Town Center [Member] | |
Real Estate Properties [Line Items] | |
No. of Acres | a | 234.56 |
Sales Price | $ 41,564 |
Sales Price per Acre | $ / a | 177,199 |
Infrastructure Reimbursement | $ (300) |
Land and Subsurface Interests55
Land and Subsurface Interests - Summary of Lease Payments on the Respective Acreages and Drilling Penalties Received (Detail) | 6 Months Ended |
Jun. 30, 2016USD ($)a | |
Real Estate Properties [Line Items] | |
Lease Payment, Received | $ 8,213,755 |
Drilling Penalty, Received | $ 1,775,000 |
Lease Year 1 - 9/23/2011 - 9/22/2012 [Member] | Lee and Hendry County Florida [Member] | |
Real Estate Properties [Line Items] | |
Oil exploration lease covering area | a | 136,000 |
Lease Payment, Received | $ 913,657 |
Lease Year 2 - 9/23/2012 - 9/22/2013 [Member] | Lee and Hendry County Florida [Member] | |
Real Estate Properties [Line Items] | |
Oil exploration lease covering area | a | 136,000 |
Lease Payment, Received | $ 922,114 |
Lease Year 3 - 9/23/2013 - 9/22/2014 [Member] | Hendry County Florida | |
Real Estate Properties [Line Items] | |
Oil exploration lease covering area | a | 82,000 |
Lease Payment, Received | $ 3,293,000 |
Drilling Penalty, Received | $ 1,000,000 |
Lease Year 4 - 9/23/2014 - 9/22/2015 [Member] | Hendry County Florida | |
Real Estate Properties [Line Items] | |
Oil exploration lease covering area | a | 42,000 |
Lease Payment, Received | $ 1,866,146 |
Drilling Penalty, Received | $ 600,000 |
Lease Year 5 - 9/23/2015 - 9/22/2016 [Member] | Hendry County Florida | |
Real Estate Properties [Line Items] | |
Oil exploration lease covering area | a | 25,000 |
Lease Payment, Received | $ 1,218,838 |
Drilling Penalty, Received | $ 175,000 |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Schedule of Available-for-sale Securities [Line Items] | |||||
Investment sold | $ 6,800,000 | ||||
Proceeds from Sale of Investment Securities | 6,252,362 | $ 834,964 | |||
Net realized gain loss on investments | (576,000) | ||||
Investment Securities | $ 0 | 0 | $ 5,703,767 | ||
Investment securities unrealized gains (losses) | (576,000) | (1,100,000) | |||
Other Comprehensive Income Unrealized Gain (Loss) on Available-for-Sale Investment Securities, tax | $ 0 | $ (185,294) | 210,652 | (41,094) | $ 433,000 |
Other Comprehensive Income Realized Gain on Investment Securities, tax | 222,025 | (49,240) | |||
Available-for-sale Securities [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Investment securities unrealized gains (losses) | $ 546,000 | (106,000) | |||
Investment securities unrealized loss | 120,000 | ||||
Investment securities unrealized gain | 14,000 | ||||
Preferred Stock [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Investment sold | 704,000 | ||||
Proceeds from Sale of Investment Securities | 835,000 | ||||
Net realized gain loss on investments | $ 131,000 |
Investment Securities - Summary
Investment Securities - Summary of Available for Sale Securities (Detail) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Estimated Fair Value (Level 1 and 2 Inputs) | $ 4,901,267 | ||
Cost | 6,825,415 | ||
Losses in Accumulated Other Comprehensive Income | (1,121,648) | ||
Estimated Fair Value(Level 1 and 2 Inputs) | $ 0 | 5,703,767 | |
Estimated Fair Value(Level 1 and 2 Inputs) | 802,500 | ||
Quoted Prices in Active Markets (Level 1 and 2 Inputs) [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Estimated Fair Value(Level 1 and 2 Inputs) | 5,703,767 | ||
Equity Securities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Cost | [1] | 5,981,464 | |
Losses in Accumulated Other Comprehensive Income | (1,080,197) | ||
Equity Securities | Quoted Prices in Active Markets (Level 1 and 2 Inputs) [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Estimated Fair Value (Level 1 and 2 Inputs) | 4,901,267 | ||
Debt Securities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Cost | 843,951 | ||
Losses in Accumulated Other Comprehensive Income | (41,451) | ||
Debt Securities | Corporate Debt Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Cost | 843,951 | ||
Losses in Accumulated Other Comprehensive Income | (41,451) | ||
Debt Securities | Quoted Prices in Active Markets (Level 1 and 2 Inputs) [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Estimated Fair Value(Level 1 and 2 Inputs) | 802,500 | ||
Debt Securities | Quoted Prices in Active Markets (Level 1 and 2 Inputs) [Member] | Corporate Debt Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Estimated Fair Value(Level 1 and 2 Inputs) | 802,500 | ||
Common Stock [Member] | Equity Securities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Cost | [1] | 5,981,464 | |
Losses in Accumulated Other Comprehensive Income | (1,080,197) | ||
Common Stock [Member] | Equity Securities | Quoted Prices in Active Markets (Level 1 and 2 Inputs) [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Estimated Fair Value (Level 1 and 2 Inputs) | $ 4,901,267 | ||
[1] | (1) The cost basis in the common stock investment is net of an other-than-temporary impairment charge of approximately $60,000 charged to earnings through investment income in the consolidated statements of operations. |
Investment Securities - Summa58
Investment Securities - Summary of Available for Sale Securities (Parenthetical) (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Dec. 31, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Investments Debt And Equity Securities [Abstract] | ||||
Impairment charge other-than-temporary impairments | $ 60,000 | $ 0 | $ 0 | $ 60,000 |
Investment Securities - Summa59
Investment Securities - Summary of Recognized Gain and Losses on Sale of Investment Securities (Detail) - USD ($) | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Schedule Of Gain Loss On Investments Including Marketable Securities And Investments Held At Cost Income Statement Reported Amounts Summary [Line Items] | ||
Proceeds from Sale of Investment Securities | $ 6,252,362 | $ 834,964 |
Gain (Loss) recognized in Statement of Operations on the Disposition of Securities | (575,567) | 130,791 |
Debt Securities | ||
Schedule Of Gain Loss On Investments Including Marketable Securities And Investments Held At Cost Income Statement Reported Amounts Summary [Line Items] | ||
Proceeds from Sale of Investment Securities | 827,738 | |
Cost Basis of Securities Sold | (843,951) | |
Gain (Loss) recognized in Statement of Operations on the Disposition of Securities | (16,213) | |
Equity Securities | ||
Schedule Of Gain Loss On Investments Including Marketable Securities And Investments Held At Cost Income Statement Reported Amounts Summary [Line Items] | ||
Proceeds from Sale of Investment Securities | 5,424,624 | 834,964 |
Cost Basis of Securities Sold | (5,983,978) | (704,173) |
Gain (Loss) recognized in Statement of Operations on the Disposition of Securities | $ (559,354) | $ 130,791 |
Fair Value of Financial Instr60
Fair Value of Financial Instruments - Summary of Carrying Value and Estimated Fair Value of Financial Instruments (Detail) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Carrying And Estimated Fair Value Financial Instruments [Line Items] | ||||
Cash and Cash Equivalents, Carrying Value | $ 24,742,236 | $ 4,060,677 | $ 31,674,420 | $ 1,881,195 |
Restricted Cash, Carrying Value | 10,568,618 | 14,060,523 | ||
Commercial Loan Investments, Carrying Value | 23,960,467 | 38,331,956 | ||
Long-Term Debt, Carrying Value | 153,887,378 | 166,796,853 | ||
Interest Rate Swap, Estimated Fair Value | 545,821 | |||
Level 1 [Member] | ||||
Carrying And Estimated Fair Value Financial Instruments [Line Items] | ||||
Cash and Cash Equivalents, Carrying Value | 24,742,236 | 4,060,677 | ||
Restricted Cash, Carrying Value | 10,568,618 | 14,060,523 | ||
Cash and Cash Equivalents, Estimated Fair Value | 24,742,236 | 4,060,677 | ||
Restricted Cash, Estimated Fair Value | 10,568,618 | 14,060,523 | ||
Level 2 [Member] | ||||
Carrying And Estimated Fair Value Financial Instruments [Line Items] | ||||
Long-Term Debt, Carrying Value | 153,887,378 | 166,796,853 | ||
Interest Rate Swap, Carrying Value | 545,821 | |||
Commercial Loan Investments, Estimated Fair Value | 23,960,467 | 38,460,467 | ||
Long-Term Debt, Estimated Fair Value | 158,562,177 | 172,572,305 | ||
Interest Rate Swap, Estimated Fair Value | 545,821 | |||
Commercial Portfolio Segment | Level 2 [Member] | ||||
Carrying And Estimated Fair Value Financial Instruments [Line Items] | ||||
Commercial Loan Investments, Carrying Value | $ 23,960,467 | $ 38,331,956 |
Fair Value of Financial Instr61
Fair Value of Financial Instruments - Summary of Fair Value of Assets by Level (Detail) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Available-for-Sale Securities | ||
Estimated Fair Value (Level 1 and 2 Inputs) | $ 802,500 | |
Estimated Fair Value (Level 1 and 2 Inputs) | 4,901,267 | |
Total Available-for-Sale Securities | $ 0 | 5,703,767 |
Total | 5,703,767 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Available-for-Sale Securities | ||
Estimated Fair Value (Level 1 and 2 Inputs) | 4,901,267 | |
Total Available-for-Sale Securities | 4,901,267 | |
Total | 4,901,267 | |
Significant Other Observable Inputs (Level 2) [Member] | ||
Available-for-Sale Securities | ||
Estimated Fair Value (Level 1 and 2 Inputs) | 802,500 | |
Total Available-for-Sale Securities | 802,500 | |
Total | $ 802,500 |
Intangible Lease Assets and L62
Intangible Lease Assets and Liabilities - Schedule of Intangible Lease Assets and Liabilities (Detail) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Acquired Indefinite-lived Intangible Assets [Line Items] | ||
Sub-total Intangible Lease Assets | $ 21,222,158 | $ 24,892,943 |
Accumulated Amortization | (4,575,758) | (4,805,792) |
Sub-total Intangible Lease Assets—Net | 16,646,400 | 20,087,151 |
Value of Below Market In-Place Leases | (32,483,281) | (32,315,741) |
Sub-total Intangible Lease Liabilities | (32,483,281) | (32,315,741) |
Accumulated Amortization | 1,612,876 | 336,182 |
Sub-total Intangible Lease Liabilities—Net | (30,870,405) | (31,979,559) |
Total | (14,224,005) | (11,892,408) |
Value of In-Place Leases [Member] | ||
Acquired Indefinite-lived Intangible Assets [Line Items] | ||
Sub-total Intangible Lease Assets | 16,324,202 | 19,588,642 |
Value of Above Market In-Place Leases [Member] | ||
Acquired Indefinite-lived Intangible Assets [Line Items] | ||
Sub-total Intangible Lease Assets | 1,178,878 | 1,469,143 |
Value of Intangible Leasing Costs [Member] | ||
Acquired Indefinite-lived Intangible Assets [Line Items] | ||
Sub-total Intangible Lease Assets | $ 3,719,078 | $ 3,835,158 |
Intangible Lease Assets and L63
Intangible Lease Assets and Liabilities - Additional Information (Detail) - USD ($) | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Intangible Assets And Liabilities [Line Items] | ||
Total amortization expense | $ 1,100,000 | $ 718,000 |
Income Properties Revenue [Member] | ||
Intangible Assets And Liabilities [Line Items] | ||
Amortization of lease liabilities in income properties | $ 1,200,000 |
Intangible Lease Assets and L64
Intangible Lease Assets and Liabilities - Summary of Estimated Amortization and Accretion of Intangible Lease Assets and Liabilities (Detail) | Jun. 30, 2016USD ($) |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Future Amortization Expense, Remainder of 2016 | $ 990,549 |
Future Amortization Expense, 2017 | 1,941,510 |
Future Amortization Expense, 2018 | 1,937,911 |
Future Amortization Expense, 2019 | 1,935,341 |
Future Amortization Expense, 2020 | 1,886,208 |
Future Amortization Expense, 2021 | 1,369,584 |
Future Amortization Expense, Thereafter | 5,609,190 |
Future Amortization Expense, Total | 15,670,293 |
Future Accretion to Income Property Revenue, Remainder of 2016 | (1,111,603) |
Future Accretion to Income Property Revenue, 2017 | (2,189,685) |
Future Accretion to Income Property Revenue, 2018 | (2,191,717) |
Future Accretion to Income Property Revenue, 2019 | (2,192,911) |
Future Accretion to Income Property Revenue, 2020 | (2,192,911) |
Future Accretion to Income Property Revenue, 2021 | (2,279,897) |
Future Accretion to Income Property Revenue, Thereafter | (17,735,574) |
Future Accretion to Income Property Revenue, Total | (29,894,298) |
Net Future Amortization of Intangible Assets and Liabilities, Remainder of 2016 | (121,054) |
Net Future Amortization of Intangible Assets and Liabilities, 2017 | (248,175) |
Net Future Amortization of Intangible Assets and Liabilities, 2018 | (253,806) |
Net Future Amortization of Intangible Assets and Liabilities, 2019 | (257,570) |
Net Future Amortization of Intangible Assets and Liabilities, 2020 | (306,703) |
Net Future Amortization of Intangible Assets and Liabilities, 2021 | (910,313) |
Net Future Amortization of Intangible Assets and Liabilities, Thereafter | (12,126,384) |
Net Future Amortization of Intangible Assets and Liabilities, Total | $ (14,224,005) |
Impairment of Long-Lived Asse65
Impairment of Long-Lived Assets - Additional Information (Detail) | Mar. 28, 2016USD ($) | Jun. 30, 2016USD ($)aProperty | Mar. 31, 2016USD ($)Property | Mar. 31, 2015USD ($)Property | Jun. 30, 2016USD ($)aProperty | Jun. 30, 2015USD ($) |
Property Plant And Equipment [Line Items] | ||||||
Impairment Charges | $ 1,970,822 | $ 210,000 | $ 510,000 | $ 2,180,730 | $ 510,041 | |
Number of income properties held for sales | Property | 1 | 2 | ||||
Gain (Loss) recognized | $ 11,400,000 | $ (134,000) | (277,000) | |||
Estimated closing costs | $ 76,000 | $ 233,000 | ||||
Area of lease | a | 10,500 | 10,500 | ||||
Altamonte Springs Florida [Member] | ||||||
Property Plant And Equipment [Line Items] | ||||||
Impairment Charges | $ 942,000 | |||||
Number of income properties held for sales | Property | 1 | 1 | ||||
Gain (Loss) recognized | $ (783,000) | |||||
Estimated closing costs | 159,000 | |||||
6 Acres of Undeveloped Land in Daytona Beach Florida [Member] | ||||||
Property Plant And Equipment [Line Items] | ||||||
Impairment Charges | 717,000 | |||||
Gain (Loss) recognized | (646,000) | |||||
Estimated closing costs | $ 71,000 | |||||
Area of land impairment charges recognized | a | 4 | 4 | ||||
Area of lease | a | 6 | 6 | ||||
4 Acres of Undeveloped Land in Daytona Beach Florida [Member] | ||||||
Property Plant And Equipment [Line Items] | ||||||
Impairment Charges | $ 311,000 | |||||
Gain (Loss) recognized | (256,000) | |||||
Estimated closing costs | $ 55,000 | |||||
Area of lease | a | 4 | 4 |
Other Assets - Components of Ot
Other Assets - Components of Other Assets (Detail) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | ||
Income Property Tenant Receivables | $ 493,820 | $ 830,574 |
Income Property Straight-line Rent Adjustment | 1,977,575 | 1,781,798 |
Interest Receivable from Commercial Loan Investments | 116,007 | 155,163 |
Infrastructure Reimbursement Receivables | 3,407,454 | 1,306,602 |
Golf Operations Receivables | 294,244 | 253,358 |
Deferred Deal Costs | 604,957 | 520,308 |
Prepaid Expenses, Deposits, and Other | 1,650,606 | 1,187,021 |
Total Other Assets | $ 8,544,663 | $ 6,034,824 |
Common Stock and Earnings Per67
Common Stock and Earnings Per Share - Summary of Common Stock and Earnings Per Share (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Income Available to Common Shareholders: | ||||
Net Income Attributable to Consolidated-Tomoka Land Co. | $ 1,570,443 | $ 224,617 | $ 2,995,161 | $ 577,973 |
Weighted Average Shares Outstanding | 5,703,542 | 5,822,815 | 5,719,213 | 5,824,717 |
Common Shares Applicable to Stock | ||||
Options Using the Treasury Stock Method | 22,719 | 27,356 | ||
Total Shares Applicable to Diluted Earnings Per Share | 5,703,542 | 5,845,534 | 5,719,213 | 5,852,073 |
Basic and Diluted net Income Per Share | ||||
Net Income Attributable to Consolidated-Tomoka Land Co. | $ 0.28 | $ 0.04 | $ 0.52 | $ 0.10 |
Common Stock and Earnings Per68
Common Stock and Earnings Per Share - Additional Information (Detail) - $ / shares | Mar. 11, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 |
Dilutive Securities Included And Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||||
Antidilutive potentially securities | 81,250 | 25,000 | 87,500 | 40,200 | |
Initial conversion price per share | $ 68.90 | $ 68.90 | |||
Additional diluted outstanding shares | 0 | 0 | 0 | 0 | |
4.50% Convertible Senior Notes due 2020 [Member] | |||||
Dilutive Securities Included And Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||||
Debt instrument interest rate | 4.50% | 4.50% | 4.50% | ||
Debt Instrument Maturity Year | 2,020 | 2,020 | |||
Initial conversion price per share | $ 68.90 | $ 68.90 |
Treasury Stock - Additional Inf
Treasury Stock - Additional Information (Detail) - USD ($) | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Nov. 30, 2008 | |
Equity, Class of Treasury Stock [Line Items] | |||||
Number of shares purchased | 222,624 | 159,873 | |||
Costs of shares purchased | $ 10,864,945 | $ 7,866,410 | |||
Odd-Lot Buy-Back Program [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Repurchase of common stock, authorized amount | $ 8,000,000 | ||||
Number of shares retired | 4,660 | ||||
Amount of treasury shares retired | $ 105,000 | ||||
Number of shares purchased | 119,403 | 25,836 | |||
Costs of shares purchased | $ 6,500,000 | $ 928,000 | |||
Average price per share | $ 54.31 | $ 35.92 | |||
New Repurchase Program [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Repurchase of common stock, authorized amount | 10,000,000 | $ 10,000,000 | |||
Costs of shares purchased | $ 3,000,000 | ||||
Average price per share | $ 47.78 | ||||
Number of shares repurchased | 62,751 |
Long-Term Debt (Credit Facility
Long-Term Debt (Credit Facility) - Additional Information (Detail) - USD ($) | 6 Months Ended | |
Jun. 30, 2016 | Apr. 13, 2016 | |
Debt Instrument [Line Items] | ||
Line of credit facility, current borrowing capacity | $ 75,000,000 | |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Line of credit facility, maturity date | Aug. 1, 2018 | |
Line of credit facility, extension term | 1 year | |
Line of credit facility, maximum borrowing capacity | $ 125,000,000 | |
Line of credit facility, current borrowing capacity | $ 75,000,000 | |
Long-term debt LIBOR plus interest rate, reckoning period | 30 days | |
Line of credit facility unused portion of borrowing capacity description | The Credit Facility also accrues a fee of 20 to 25 basis points for any unused portion of the borrowing capacity based on whether the unused portion is greater or less than 50% of the total borrowing capacity | |
Line of credit facility unused portion of the borrowing capacity fee percentage condition | 50.00% | |
Credit Facility | $ 0 | |
Repurchase of common stock, authorized amount | $ 10,000,000 | |
Revolving Credit Facility [Member] | Amended Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Line of credit facility, current borrowing capacity | $ 42,300,000 | |
Revolving Credit Facility [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Line of credit facility, interest rate description | LIBOR plus 135 basis | |
Line of credit facility, basis points added to LIBOR interest rate | 1.35% | |
Line of credit facility, commitment fee percentage on unused portion of the borrowing capacity | 0.20% | |
Revolving Credit Facility [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Line of credit facility, interest rate description | LIBOR plus 225 basis | |
Line of credit facility, basis points added to LIBOR interest rate | 2.25% | |
Line of credit facility, commitment fee percentage on unused portion of the borrowing capacity | 0.25% |
Long-Term Debt (Mortgage Notes
Long-Term Debt (Mortgage Notes Payable) - Additional Information (Detail) | Apr. 15, 2016USD ($) | Sep. 30, 2014USD ($)Property | Jun. 30, 2016USD ($)PropertyBuilding | Mar. 08, 2013USD ($) | Feb. 22, 2013USD ($) |
UBS Mortgage Note Payable [Member] | |||||
Debt Instrument [Line Items] | |||||
Mortgage Note Payable | $ 7,300,000 | ||||
BOA Mortgage Note Payable [Member] | |||||
Debt Instrument [Line Items] | |||||
Mortgage Note Payable | 23,100,000 | ||||
Wells Fargo Mortgage Note Payable [Member] | |||||
Debt Instrument [Line Items] | |||||
Mortgage Note Payable | $ 30,000,000 | ||||
Mortgage Notes Payable [Member] | UBS Mortgage Note Payable [Member] | |||||
Debt Instrument [Line Items] | |||||
Mortgage Note Payable | $ 7,300,000 | ||||
Maturity period | 2018-02 | ||||
Interest rate on mortgage loan | 3.655% | ||||
Date of acquisition | Jan. 31, 2013 | ||||
Mortgage Notes Payable [Member] | UBS Mortgage Note Payable [Member] | Hilton Resorts Corporation [Member] | |||||
Debt Instrument [Line Items] | |||||
Number of office building | Building | 2 | ||||
Mortgage Notes Payable [Member] | BOA Mortgage Note Payable [Member] | |||||
Debt Instrument [Line Items] | |||||
Mortgage Note Payable | $ 23,100,000 | ||||
Maturity period | 2023-04 | ||||
Interest rate on mortgage loan | 3.67% | ||||
Number of income properties | Property | 14 | ||||
Mortgage Notes Payable [Member] | Wells Fargo Mortgage Note Payable [Member] | |||||
Debt Instrument [Line Items] | |||||
Mortgage Note Payable | $ 30,000,000 | ||||
Maturity period | 2034-10 | ||||
Interest rate on mortgage loan | 3.17% | 4.33% | |||
Number of income properties | Property | 6 | ||||
Mortgage loan payment terms | The mortgage loan matures in October 2034, and carries a fixed rate of 4.33% per annum during the first ten years of the term, and requires payments of interest only during the first ten years of the loan. After the tenth anniversary of the effective date of the loan, the cash flows generated by the underlying six income properties must be used to pay down the principal balance of the loan until paid off or until the loan matures. The loan is fully pre-payable after the tenth anniversary date of the effective date of the loan. | ||||
Proceeds from first mortgage bond | $ 25,000,000 | ||||
Term of mortgage loan | 5 years | ||||
Mortgage loan agreement, description | The mortgage loan has a 5-year term with two years interest only, and interest and a 25-year amortization for the balance of the term. | ||||
Long-term debt LIBOR plus interest rate, reckoning period | 30 days | ||||
Line of credit facility, interest rate description | LIBOR plus a rate of 190 basis points | ||||
Line of credit facility, basis points added to LIBOR interest rate | 1.90% |
Long-Term Debt (Convertible Deb
Long-Term Debt (Convertible Debt) - Additional Information (Detail) | Mar. 11, 2015USD ($) | Jun. 30, 2016USD ($)$ / shares |
Debt Instrument [Line Items] | ||
Amount of loan issued | $ 160,400,000 | |
Initial conversion price per share | $ / shares | $ 68.90 | |
Unamortized debt discount of notes | $ 4,688,789 | |
4.50% Convertible Senior Notes due 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Amount of loan issued | $ 75,000,000 | $ 75,000,000 |
Debt Instrument Maturity Year | 2,020 | 2,020 |
Debt instrument interest rate | 4.50% | 4.50% |
Line of credit facility, maturity date | Mar. 15, 2020 | |
Debt instrument conversion ratio | 14.5136 | |
Convertible notes principal amount | $ 1,000 | |
Initial conversion price per share | $ / shares | $ 68.90 | |
Unamortized debt discount of notes | $ 6,100,000 | $ 4,700,000 |
Cash Discount for issuance of the notes | 2,600,000 | |
Equity component of the convertible notes issued | 3,500,000 | $ 2,100,000 |
Net proceeds from issuance of notes | 72,400,000 | |
Credit facility repayments | $ 47,500,000 |
Long-Term Debt - Schedule of Lo
Long-Term Debt - Schedule of Long-Term Debt (Detail) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
4.50% Convertible Senior Notes due 2020, net of discount | $ 70,311,211 | |
Loan Costs, net of accumulated amortization | (1,823,833) | |
Total Long-Term Debt | 153,887,378 | $ 166,796,853 |
UBS Mortgage Note Payable [Member] | ||
Debt Instrument [Line Items] | ||
Mortgage Note Payable | 7,300,000 | |
BOA Mortgage Note Payable [Member] | ||
Debt Instrument [Line Items] | ||
Mortgage Note Payable | 23,100,000 | |
Wells Fargo Mortgage Note Payable [Member] | ||
Debt Instrument [Line Items] | ||
Mortgage Note Payable | 30,000,000 | |
Wells Fargo Mortgage Note Payable [Member] | ||
Debt Instrument [Line Items] | ||
Mortgage Note Payable | $ 25,000,000 |
Long-Term Debt - Schedule of 74
Long-Term Debt - Schedule of Long-Term Debt (Parenthetical) (Detail) - 4.50% Convertible Senior Notes due 2020 [Member] | Mar. 11, 2015 | Jun. 30, 2016 |
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 4.50% | 4.50% |
Debt Instrument Maturity Year | 2,020 | 2,020 |
Long-Term Debt - Summary of Pay
Long-Term Debt - Summary of Payments Applicable to Reduction of Principal Amounts (Detail) | Jun. 30, 2016USD ($) |
Debt Disclosure [Abstract] | |
2,018 | $ 7,300,000 |
2,020 | 75,000,000 |
2,021 | 25,000,000 |
Thereafter | 53,100,000 |
Total Long-Term Debt - Face Value | $ 160,400,000 |
Long-Term Debt - Summary of Car
Long-Term Debt - Summary of Carrying Value of Long-Term Debt (Detail) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Debt Disclosure [Abstract] | ||
Current Face Amount | $ 160,400,000 | |
Unamortized Discount on Convertible Debt | (4,688,789) | |
Loan Costs, net of accumulated amortization | (1,823,833) | |
Total Long-Term Debt | $ 153,887,378 | $ 166,796,853 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) - USD ($) | Mar. 11, 2015 | Jun. 30, 2016 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | May 13, 2016 |
Debt Instrument [Line Items] | |||||||
Interest expense | $ 1,800,000 | $ 1,500,000 | $ 3,500,000 | $ 2,500,000 | |||
Interest paid | 801,000 | 665,000 | 3,500,000 | 1,500,000 | |||
Interest capitalized | 0 | 0 | 0 | 0 | |||
Loan Cost Amortization | 125,000 | 94,000 | 227,293 | 167,036 | |||
Amortization of Discount on Convertible Debt | 278,000 | $ 293,000 | 551,489 | $ 318,197 | |||
Line of credit facility, current borrowing capacity | $ 75,000,000 | 75,000,000 | 75,000,000 | ||||
Value of income properties on the borrowing base | 71,000,000 | ||||||
Investment in riverside property | 25,100,000 | ||||||
Value of properties included in the borrowing base calculation | $ 14,000,000 | $ 14,000,000 | $ 14,000,000 | ||||
Line of credit facility balance | $ 0 | ||||||
Maximum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Credit facility limits value for a single income property for borrowing base value | 20.00% | ||||||
4.50% Convertible Senior Notes due 2020 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt discount | $ 6,100,000 |
Interest Rate Swap - Additional
Interest Rate Swap - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2016USD ($) | |
Derivatives Fair Value [Line Items] | |
Loss on fair value of swap agreement | $ 545,821 |
Interest Rate Swap Agreement [Member] | |
Derivatives Fair Value [Line Items] | |
Mortgage Note Payable | $ 25 |
Interest swap agreement effective interest rate | 100.00% |
Loss on fair value of swap agreement | $ 546,000 |
Notional amount | $ 25,000,000 |
Derivative variable interest rate | 3.17% |
Interest rate swap agreement effective date | Apr. 7, 2016 |
Interest rate swap agreement maturity date | Apr. 7, 2021 |
Accrued and Other Liabilities -
Accrued and Other Liabilities - Summary of Accrued and Other Liabilities (Detail) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Payables And Accruals [Abstract] | ||
Golf Course Lease | $ 2,415,401 | $ 2,602,638 |
Accrued Property Taxes | 1,223,698 | 40,042 |
Reserve for Tenant Improvements | 756,651 | 812,493 |
Accrued Interest | 1,204,004 | 1,195,231 |
Environmental Reserve and Restoration Cost Accrual | 2,103,190 | 2,405,635 |
Cash Flow Hedge - Interest Rate Swap | 545,821 | |
Other | 1,133,678 | 1,811,880 |
Total Accrued and Other Liabilities | $ 9,382,443 | $ 8,867,919 |
Accrued and Other Liabilities80
Accrued and Other Liabilities - Additional Information (Detail) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jul. 31, 2012USD ($) | Jun. 30, 2016USD ($)ft² | Jun. 30, 2016USD ($)ft² | Dec. 31, 2015USD ($)a | Feb. 18, 2016a | Dec. 31, 2014USD ($) | Apr. 22, 2014USD ($) | |
Accrued Liabilities [Line Items] | |||||||
Lease, base rent | $ 250,000 | ||||||
Annual rate adjustment percentage | 1.75% | ||||||
Investments agreed under lease arrangement | $ 200,000 | ||||||
Description of additional rent payable | Company will pay additional rent to the City equal to 5.0% of gross revenues exceeding $5,500,000 and 7.0% of gross revenues exceeding $6,500,000. | ||||||
Additional rent percentage exceeding $5,500,000 gross revenue | 5.00% | ||||||
Additional rent percentage on exceeding $6,500,000 gross revenue | 7.00% | ||||||
Gross revenue value for additional rent under lease amendment lower limit | $ 5,500,000 | ||||||
Gross revenue value for additional rent under lease amendment upper limit | 6,500,000 | ||||||
Rent deferred, no longer due | $ 3,000,000 | $ 1,500,000 | $ 1,500,000 | ||||
Lease term expiration year | 2,022 | ||||||
Tenant improvements credited at closing balance | $ 756,651 | 756,651 | $ 812,493 | ||||
Environmental reserve accrued | $ 110,000 | ||||||
Additional environmental reserve accrued | 500,000 | ||||||
Environmental remediation cost | $ 129,000 | ||||||
Costs affiliated with wetlands mitigation permits | $ 187,500 | ||||||
Area of a real estate property | 1,500,000 | 1,500,000 | 148.35 | 0.37 | |||
Restoration cost accrual | $ 2,103,190 | $ 2,103,190 | $ 2,405,635 | ||||
Definitive Sales Contracts [Member] | |||||||
Accrued Liabilities [Line Items] | |||||||
Costs affiliated with wetlands mitigation permits | 0 | ||||||
Area of a real estate property | a | 148.35 | ||||||
Estimated restoration costs | 2,000,000 | ||||||
Increase in accrual of restoration Costs | 300,000 | ||||||
Funded on estimated costs | 590,000 | ||||||
Lowes [Member] | |||||||
Accrued Liabilities [Line Items] | |||||||
Tenant improvements credited at closing balance | $ 651,000 | ||||||
Tenant improvements | 100,000 | 100,000 | |||||
Unfunded [Member] | |||||||
Accrued Liabilities [Line Items] | |||||||
Tenant improvements | $ 551,000 | 551,000 | |||||
Minimum [Member] | |||||||
Accrued Liabilities [Line Items] | |||||||
Base rent payments per year | $ 250,000 | ||||||
Estimated additional environmental remediation costs | 500,000 | ||||||
Minimum [Member] | Definitive Sales Contracts [Member] | |||||||
Accrued Liabilities [Line Items] | |||||||
Restoration cost accrual | $ 1,700,000 | ||||||
Maximum [Member] | |||||||
Accrued Liabilities [Line Items] | |||||||
Base rent payments per year | $ 500,000 | ||||||
Estimated additional environmental remediation costs | $ 1,000,000 |
Deferred Revenue - Summary of D
Deferred Revenue - Summary of Deferred Revenue (Detail) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Revenue Recognition [Abstract] | ||
Deferred Oil Exploration Lease Revenue | $ 279,733 | $ 885,822 |
Deferred Land Sale Revenue | 3,956,433 | 12,656,773 |
Prepaid Rent | 879,785 | 907,325 |
Other Deferred Revenue | 277,244 | 274,690 |
Total Deferred Revenue | $ 5,393,195 | $ 14,724,610 |
Deferred Revenue - Additional I
Deferred Revenue - Additional Information (Detail) | Mar. 30, 2016USD ($)a | Sep. 22, 2015USD ($) | Jun. 30, 2016USD ($)ft²a | Mar. 31, 2016a | Feb. 18, 2016a | Dec. 31, 2015a | Jun. 30, 2015a |
Deferred Revenue Arrangement [Line Items] | |||||||
Received rent payment | $ 1,200,000 | ||||||
Term of oil exploration lease | 8 years | ||||||
Lease period where payment recognized | 12 months | ||||||
Lease expiration year | 2016-09 | ||||||
Area of a real estate property | 1,500,000 | 0.37 | 148.35 | ||||
Revenue from land sold | $ 2,000,000 | $ 2,200,000 | |||||
Land [Member] | |||||||
Deferred Revenue Arrangement [Line Items] | |||||||
Area of a real estate property | a | 4.40 | 7.46 | 3.9 | ||||
Tomoka Town Center [Member] | |||||||
Deferred Revenue Arrangement [Line Items] | |||||||
Area of a real estate property | a | 98.69 | ||||||
Deferred revenue recognized from sale of land | $ 3,900,000 | ||||||
Revenue from land sold | $ 21,368,335 | ||||||
Estimated Completion Date | 2016-10 | ||||||
Tomoka Town Center [Member] | Land [Member] | |||||||
Deferred Revenue Arrangement [Line Items] | |||||||
Area of a real estate property | a | 98.69 | 98.69 |
Stock-Based Compensation - Equi
Stock-Based Compensation - Equity-Classified Stock Compensation (Market Condition Restricted Shares) - Additional Information (Detail) - Restricted Shares [Member] | 6 Months Ended |
Jun. 30, 2016USD ($) | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Unrecognized compensation cost related to market condition non-vested restricted shares | $ 0 |
2010 Plan [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Performance period | 5 years |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock Based Compensation Activity (Detail) | 6 Months Ended |
Jun. 30, 2016$ / sharesshares | |
Restricted Shares [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Stock based compensation, Shares Outstanding, beginning balance | shares | 2,400 |
Stock based compensation, Shares, Vested | shares | (2,300) |
Stock based compensation, Shares, Forfeited | shares | (100) |
Stock based compensation, Weighted Average Fair Value Per Share, beginning balance | $ / shares | $ 23.42 |
Stock based compensation, Weighted Average Fair Value Per Share, Vested | $ / shares | 23.42 |
Stock based compensation, Weighted Average Fair Value Per Share, Forfeited | $ / shares | $ 23.42 |
Three Year Vest Non-Vested Restricted Stock [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Stock based compensation, Shares Outstanding, beginning balance | shares | 26,900 |
Stock based compensation, Shares, Granted | shares | 21,100 |
Stock based compensation, Shares, Vested | shares | (10,363) |
Stock based compensation, Shares Outstanding, ending balance | shares | 37,637 |
Stock based compensation, Weighted Average Fair Value Per Share, beginning balance | $ / shares | $ 49.73 |
Stock based compensation, Weighted Average Fair Value Per Share, Granted | $ / shares | 44.88 |
Stock based compensation, Weighted Average Fair Value Per Share, Vested | $ / shares | 47.89 |
Stock based compensation, Weighted Average Fair Value Per Share, ending balance | $ / shares | $ 47.52 |
Stock-Based Compensation - Eq85
Stock-Based Compensation - Equity-Classified Stock Compensation (Market Condition Grants of Restricted Shares) - Additional Information (Detail) | Jun. 30, 2016USD ($)Incrementshares | Feb. 26, 2016$ / sharesshares | Jan. 31, 2015shares | Mar. 31, 2016USD ($) | Jun. 30, 2015$ / sharesshares | Mar. 31, 2015shares | Dec. 31, 2014shares | Jun. 30, 2016USD ($)Increment$ / sharesshares | Dec. 31, 2015USD ($)shares | Dec. 31, 2012shares | Dec. 31, 2011shares |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Restricted shares vesting description | The restricted shares will vest in six increments based upon the price per share of the Company’s common stock during the term of their employment (or within sixty days after termination of employment by the Company without cause) meeting or exceeding the target trailing sixty-day average closing prices ranging from $36 per share for the first increment to $65 per share for the final increment. | ||||||||||
Restricted share award closing prices range per share, Minimum | $ / shares | $ 75 | $ 36 | |||||||||
Restricted share award closing prices range per share, Maximum | $ / shares | $ 65 | ||||||||||
Restricted share award average closing prices, period | 60 days | ||||||||||
Number of increments had vested | Increment | 6 | ||||||||||
Mr Albright [Member] | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Restricted shares vesting description | The 26,000 shares of restricted Company common stock outstanding from these grants will vest in seven increments based upon the price per share of Company common stock during the term of his 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 ranging from $60 per share for the first increment to $75 per share for the final increment. | ||||||||||
Restricted share award closing prices range per share, Minimum | $ / shares | $ 60 | ||||||||||
Restricted share award closing prices range per share, Maximum | $ / shares | $ 75 | ||||||||||
Restricted share award average closing prices, period | 30 days | ||||||||||
Number of increments had vested | Increment | 0 | 4 | |||||||||
Mr Patten [Member] | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Number of increments had vested | Increment | 4 | ||||||||||
Mr Smith [Member] | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Restricted shares vesting description | The restricted stock will vest in two increments based upon the price per share of Company common stock during the term of their employment (or within sixty days after termination of employment by the Company without cause), meeting or exceeding the target trailing sixty-day average closing prices of $60 per share and $65 per share for the two increments. | ||||||||||
Restricted share award closing prices range per share, Minimum | $ / shares | $ 60 | ||||||||||
Restricted share award closing prices range per share, Maximum | $ / shares | $ 65 | ||||||||||
Restricted share award average closing prices, period | 60 days | ||||||||||
Number of increments had vested | Increment | 0 | ||||||||||
Officer [Member] | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Number of increments had vested | Increment | 0 | ||||||||||
Restricted Shares [Member] | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Stock based compensation, shares, outstanding | 2,400 | ||||||||||
Stock-based compensation expense | $ | $ 1,600,000 | $ 1,600,000 | $ 676,000 | ||||||||
Unrecognized compensation cost related to market condition non-vested restricted shares | $ | $ 0 | $ 0 | |||||||||
Restricted Shares [Member] | 2010 Plan [Member] | Mr Albright [Member] | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Stock based compensation, Shares, Granted | 4,000 | 8,000 | 94,000 | 96,000 | 96,000 | ||||||
Stock based compensation, shares, outstanding | 26,000 | ||||||||||
Stock based compensation, shares, surrendered | 72,000 | ||||||||||
Stock based compensation, shares, permanently surrendered | 68,000 | ||||||||||
Restricted Shares [Member] | 2010 Plan [Member] | Mr Patten [Member] | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Stock based compensation, Shares, Granted | 17,000 | 17,000 | |||||||||
Restricted Shares [Member] | 2010 Plan [Member] | Mr Smith [Member] | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Stock based compensation, Shares, Granted | 2,500 | ||||||||||
Restricted Shares [Member] | 2010 Plan [Member] | Officer [Member] | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Stock based compensation, Shares, Granted | 3,000 | ||||||||||
Inducement Grant of Restricted Stock [Member] | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Stock based compensation, Shares, Granted | 4,000 | ||||||||||
Stock based compensation, shares, outstanding | 69,500 | 69,500 | 137,500 | ||||||||
Unrecognized compensation cost related to market condition non-vested restricted shares | $ | $ 160,000 | $ 160,000 | |||||||||
Weighted average period of compensation cost to be recognized | 6 months |
Stock-Based Compensation - Su86
Stock-Based Compensation - Summary of Market Condition Grants of Restricted Shares (Detail) - Inducement Grant of Restricted Stock [Member] | 6 Months Ended |
Jun. 30, 2016$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Stock based compensation, Shares Outstanding, beginning balance | shares | 137,500 |
Stock based compensation, Shares, Granted | shares | 4,000 |
Stock based compensation, Shares, Forfeited | shares | (72,000) |
Stock based compensation, Shares Outstanding, ending balance | shares | 69,500 |
Stock based compensation, Weighted Average Fair Value Per Share, beginning balance | $ / shares | $ 30.58 |
Stock based compensation, Weighted Average Fair Value, Granted | $ / shares | 38.98 |
Stock based compensation, Weighted Average Fair Value, Forfeited | $ / shares | 34.46 |
Stock based compensation, Weighted Average Fair Value Per Share, ending balance | $ / shares | $ 27.03 |
Stock-Based Compensation - Eq87
Stock-Based Compensation - Equity-Classified Stock Compensation (Three Year Vest Restricted Shares) - Additional Information (Detail) - Three Year Vest Non-Vested Restricted Stock [Member] - USD ($) $ in Millions | Jan. 27, 2016 | Feb. 09, 2015 | Jan. 28, 2015 | Jan. 22, 2014 | Jun. 30, 2016 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock based compensation, Shares, Granted | 21,100 | ||||
Percent of restricted shares vested in each anniversaries, description | One-third of the restricted shares will vest on each of the first, second, and third anniversaries of the grant date, provided the grantee is an employee of the Company on those dates. | ||||
Unrecognized compensation cost | $ 1.4 | ||||
Weighted average period of compensation cost to be recognized | 2 years 1 month 6 days | ||||
2010 Plan [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock based compensation, Shares, Granted | 11,700 | 14,500 | |||
2010 Plan [Member] | Mr Albright [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock based compensation, Shares, Granted | 8,000 | ||||
2010 Plan [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock based compensation, Shares, Granted | 21,100 |
Stock-Based Compensation - Eq88
Stock-Based Compensation - Equity-Classified Stock Compensation (Non-Qualified Stock Option Awards) - Additional Information (Detail) - USD ($) | Feb. 26, 2016 | Jun. 29, 2015 | May 20, 2015 | Feb. 09, 2015 | Jan. 23, 2013 | Jun. 30, 2016 | Dec. 31, 2014 | Dec. 31, 2012 | Dec. 31, 2011 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Options granted exercise price | $ 55.62 | ||||||||
Non-Qualified Stock Option Award [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Expiry of option | (a) the tenth anniversary of the grant date; (b) twelve months after the employee’s death or termination for disability; or (c) thirty days after the termination of employment for any reason other than death or disability. | ||||||||
Stock based compensation, Shares, Granted | 40,000 | ||||||||
Options granted exercise price | $ 55.62 | ||||||||
Weighted-average grant-date fair value of options granted | $ 13.97 | ||||||||
Total intrinsic value of options exercised | $ 30,000 | ||||||||
Unrecognized compensation cost | $ 494,000 | ||||||||
Weighted average period of compensation cost to be recognized | 1 year 9 months 18 days | ||||||||
Non-Qualified Stock Option Award [Member] | Mr Albright [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Expiry of option | (a) January 28, 2025; (b) twelve months after the employee’s death or termination for disability; or (c) thirty days after the termination of employment for any reason other than death or disability. | ||||||||
Percent of options vested in each anniversaries, description | The option vested on January 28, 2016. | ||||||||
Non-Qualified Stock Option Award [Member] | Mr Patten [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Expiry of option | (a) the fifth anniversary of the grant date; (b) twelve months after the employee’s death or termination for disability; or (c) thirty days after the termination of employment for any reason other than death or disability. | ||||||||
Percent of options vested in each anniversaries, description | One-third of these options vested on each of the first, second, and third anniversaries of the grant date, provided the recipient was an employee of the Company on those dates. | ||||||||
Non-Qualified Stock Option Award [Member] | Certain Employee [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Expiry of option | (a) June 29, 2025; (b) twelve months after the employee’s death or termination for disability; or (c) thirty days after the termination of employment for any reason other than death or disability. | ||||||||
Percent of options vested in each anniversaries, description | One-third of the option will vest on each of the first, second, and third anniversaries of the grant date, provided the recipient is an employee of the Company on such dates. | ||||||||
Non-Qualified Stock Option Award [Member] | 2010 Plan [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Stock based compensation, Shares, Granted | 51,000 | ||||||||
Stock based compensation, Shares, Granted | 10,000 | ||||||||
Options granted exercise price | $ 57.54 | ||||||||
Non-Qualified Stock Option Award [Member] | 2010 Plan [Member] | Mr Albright [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Stock based compensation, Shares, Granted | 50,000 | ||||||||
Stock based compensation, Shares, Granted | 40,000 | 40,000 | 20,000 | ||||||
Options granted exercise price | $ 55.62 | $ 57.50 | |||||||
Non-Qualified Stock Option Award [Member] | 2010 Plan [Member] | Mr Patten [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Stock based compensation, Shares, Granted | 10,000 | ||||||||
Stock based compensation, Shares, Granted | 10,000 | ||||||||
Non-Qualified Stock Option Award [Member] | 2010 Plan [Member] | Mr Smith [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Stock based compensation, Shares, Granted | 10,000 |
Stock-Based Compensation - Su89
Stock-Based Compensation - Summary of Stock Based Compensation Activity for Non-Qualified Stock Option Award (Detail) - USD ($) | Feb. 26, 2016 | Jun. 30, 2016 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock based compensation, Weighted Average Exercise Price, Granted | $ 55.62 | |
Non-Qualified Stock Option Award [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock based compensation, Shares Outstanding, beginning balance | 116,850 | |
Stock based compensation, Shares, Granted | 40,000 | |
Stock based compensation, Shares, Exercised | (850) | |
Stock based compensation, Shares, Forfeited | (40,000) | |
Stock based compensation, Shares Outstanding, ending balance | 116,000 | |
Stock based compensation, Shares, Exercisable | 75,800 | |
Stock based compensation, Weighted Average Exercise Price, beginning balance | $ 48.63 | |
Stock based compensation, Weighted Average Exercise Price, Granted | 55.62 | |
Stock based compensation, Weighted Average Exercise Price, Exercised | 34.95 | |
Stock based compensation, Weighted Average Exercise Price, Forfeited | 55.62 | |
Stock based compensation, Weighted Average Exercise Price, ending balance | 48.73 | |
Stock based compensation, Weighted Average Exercise Price, Exercisable | $ 45.40 | |
Stock based compensation, Weighted Average Remaining Contractual Term, Outstanding | 6 years 10 months 28 days | |
Stock based compensation, Weighted Average Remaining Contractual Term, Exercisable | 1 year 8 months 23 days | |
Stock based compensation, Aggregate Intrinsic Value, Outstanding | $ (145,780) | |
Stock based compensation, Aggregate Intrinsic Value, Exercisable | $ 157,060 |
Stock-Based Compensation - Su90
Stock-Based Compensation - Summary of Non-Vested Options for Non-Qualified Stock Option Awards (Detail) - USD ($) | Feb. 26, 2016 | Jun. 30, 2016 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Vested | (13,200) | |
Non-Qualified Stock Option Award [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Non-Vested Shares, beginning balance | 88,260 | |
Granted | 40,000 | |
Vested | (48,060) | |
Forfeited | (40,000) | |
Non-Vested Shares, ending balance | 40,200 | |
Fair Value of Shares Vested | $ 2,478,088 |
Stock-Based Compensation - Liab
Stock-Based Compensation - Liability-Classified Stock Compensation - Additional Information (Detail) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Dec. 31, 2015 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Accrued Stock-Based Compensation | $ 48,000 | $ 135,554 |
Stock Option [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock options exercised | 0 | |
Stock Appreciation Rights [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Option shares issued under stock appreciation rights | 0 | 0 |
Stock Option and Stock Appreciation Rights [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Accrued Stock-Based Compensation | $ 48,000 | $ 136,000 |
2001 Plan [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Common stock eligible for issuance under stock option plan 2001 | 500,000 | |
Number of new stock options issued under 2001 plan | 0 | |
2001 Plan [Member] | Stock Appreciation Rights [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock options exercised | 0 |
Stock-Based Compensation - Su92
Stock-Based Compensation - Summary of Share Option Activity of Stock Option and Stock Appreciation Rights Under 2001 Plan (Detail) - $ / shares | Feb. 26, 2016 | Jun. 30, 2016 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock based compensation, Weighted Average Exercise Price, Granted | $ 55.62 | |
Stock Option [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock based compensation, Shares, Exercised | 0 | |
2001 Plan [Member] | Stock Option [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock based compensation, Shares Outstanding, beginning balance | 18,000 | |
Stock based compensation, Shares, Expired | (3,000) | |
Stock based compensation, Shares Outstanding, ending balance | 15,000 | |
Stock based compensation, Shares, Exercisable | 15,000 | |
Stock based compensation, Weighted Average Exercise Price, beginning balance | $ 64.69 | |
Stock based compensation, Weighted Average Exercise Price, Expired | 67.27 | |
Stock based compensation, Weighted Average Exercise Price, ending balance | 64.17 | |
Stock based compensation, Weighted Average Fair Value, Exercisable | $ 64.17 | |
Stock based compensation, Weighted Average Remaining Contractual Term, Outstanding | 1 year 1 month 6 days | |
Stock based compensation, Weighted Average Remaining Contractual Term, Exercisable | 1 year 1 month 6 days | |
2001 Plan [Member] | Stock Appreciation Rights [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock based compensation, Shares Outstanding, beginning balance | 18,000 | |
Stock based compensation, Shares, Exercised | 0 | |
Stock based compensation, Shares, Expired | (3,000) | |
Stock based compensation, Shares Outstanding, ending balance | 15,000 | |
Stock based compensation, Shares, Exercisable | 15,000 | |
Stock based compensation, Weighted Average Exercise Price, beginning balance | $ 2.64 | |
Stock based compensation, Weighted Average Exercise Price, ending balance | 1.12 | |
Stock based compensation, Weighted Average Fair Value, Exercisable | $ 1.12 | |
Stock based compensation, Weighted Average Remaining Contractual Term, Outstanding | 1 year 1 month 6 days | |
Stock based compensation, Weighted Average Remaining Contractual Term, Exercisable | 1 year 1 month 6 days |
Stock-Based Compensation - Assu
Stock-Based Compensation - Assumptions Used in Determining Fair Value of Stock Options and Stock Appreciation Rights (Detail) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Dec. 31, 2015 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Expected Volatility | 22.77% | 29.40% |
Expected Dividends | 0.17% | 0.15% |
Expected Term | 1 year 1 month 6 days | 1 year 3 months 18 days |
Risk-Free Rate | 0.48% | 0.75% |
Stock-Based Compensation - Reco
Stock-Based Compensation - Recognized Financial Statements for Stock Options, Stock Appreciation Rights, and Restricted Stock (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||||
Total Cost of Share-Based Plans Charged Against Income Before Tax Effect | $ 418,639 | $ 546,372 | $ 2,491,621 | $ 621,724 |
Income Tax Expense Recognized in Income | $ (161,490) | $ (210,763) | $ (324,843) | $ (239,830) |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - $ / shares | Feb. 26, 2016 | Feb. 28, 2015 | Jan. 31, 2015 | Jun. 30, 2015 | Jun. 30, 2016 | Dec. 31, 2015 | Dec. 31, 2012 | Dec. 31, 2011 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Number of shares limit on compensation plan | 112,000 | |||||||
Number of shares exceeding annual award limit | 112,000 | |||||||
Options granted exercise price | $ 55.62 | |||||||
Stock based compensation, option grant vested | 13,200 | |||||||
Restricted share award closing prices range per share, Minimum | $ 75 | $ 36 | ||||||
January 28, 2017 | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 13,200 | |||||||
January 28, 2018 | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 13,600 | |||||||
Mr Albright [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Restricted share award closing prices range per share, Minimum | $ 60 | |||||||
2010 Plan [Member] | Mr Albright [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Number of shares limit on compensation plan | 50,000 | |||||||
Number of shares exceeding annual award limit | 112,000 | |||||||
2010 Plan [Member] | Mr Albright [Member] | Restricted Shares [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Stock based compensation, Shares, Granted | 4,000 | 8,000 | 94,000 | 96,000 | 96,000 | |||
2010 Plan [Member] | Mr Albright [Member] | Restricted Common Stock [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Stock based compensation, Shares, Granted | 4,000 | |||||||
2010 Plan [Member] | Mr Albright [Member] | Common Stock [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Stock based compensation, Shares, Granted | 40,000 | 20,000 | 40,000 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Income Taxes [Line Items] | ||||||
Effective income tax rate including income taxes attributable to the discontinued operations | 52.10% | 39.20% | ||||
Income tax benefit related to stock compensation expense | $ 161,490 | $ 210,763 | $ 324,843 | $ 239,830 | ||
Restricted Shares [Member] | ||||||
Income Taxes [Line Items] | ||||||
Number of common stock shares permanently surrendered | 68,000 | |||||
Total stock compensation expense | $ 2,300,000 | |||||
Stock-based compensation expense | 1,600,000 | $ 1,600,000 | $ 676,000 | |||
Income tax benefit related to stock compensation expense | $ 0 |
Commitments and Contingencies (
Commitments and Contingencies (Contractual Commitments - Expenditures) - Additional Information (Detail) | 6 Months Ended | ||||
Jun. 30, 2016USD ($)ft²a | Feb. 18, 2016a | Dec. 31, 2015USD ($)a | Apr. 22, 2014USD ($) | Dec. 31, 2013USD ($) | |
Loss Contingencies [Line Items] | |||||
Area of real estate property | 1,500,000 | 0.37 | 148.35 | ||
Cash deposited related to improvements | $ 306,000 | $ 17,000 | |||
Reserve for Tenant Improvements | 756,651 | $ 812,493 | |||
Lease commitments | |||||
Lowes [Member] | |||||
Loss Contingencies [Line Items] | |||||
Reserve for Tenant Improvements | $ 651,000 | ||||
Tenant improvements | 100,000 | ||||
Unfunded [Member] | |||||
Loss Contingencies [Line Items] | |||||
Tenant improvements | $ 551,000 | ||||
Construction and Other Commitment [Member] | |||||
Loss Contingencies [Line Items] | |||||
Reimbursement period of land improvement cost | 5 years | ||||
Cash deposited related to improvements | $ 286,000 | $ 283,500 | |||
Construction and Other Commitment [Member] | Williamson Crossing Remaining Site [Member] | |||||
Loss Contingencies [Line Items] | |||||
Area of real estate property | a | 19.6 | ||||
Construction and Other Commitment [Member] | RaceTrac Petroleum, Inc. ("RaceTrac") [Member] | |||||
Loss Contingencies [Line Items] | |||||
Area of real estate property | a | 3.4 | ||||
Estimated cost for improvements | $ 1,260,000 | ||||
Percentage of cost paid | 77.50% | ||||
Actual cost paid for the next five years | $ 976,500 | ||||
Construction and Other Commitment [Member] | Williamson Crossing [Member] | |||||
Loss Contingencies [Line Items] | |||||
Area of real estate property | a | 23 | ||||
Construction and Other Commitment [Member] | Tomoka Town Center [Member] | |||||
Loss Contingencies [Line Items] | |||||
Area of real estate property | a | 98.69 | ||||
Remaining commitment | $ 2,100,000 | ||||
Lease commitments | 9,100,000 | ||||
Construction costs incurred | 7,000,000 | ||||
Construction and Other Commitment [Member] | Sam’s Club [Member] | |||||
Loss Contingencies [Line Items] | |||||
Area of real estate property | a | 18.10 | ||||
Cash deposited related to improvements | 125,000 | $ 125,000 | |||
Remaining commitment | 125,000 | ||||
Construction and Other Commitment [Member] | Integra Land Company [Member] | |||||
Loss Contingencies [Line Items] | |||||
Area of real estate property | a | 14.98 | ||||
Actual cost paid for the next five years | $ 276,000 | ||||
Cash deposited related to improvements | 370,000 | ||||
Remaining commitment | 93,000 | ||||
Reimbursement of Capital Expenditure Commitments | $ 94,000 | ||||
Escrow Deposit Disbursements | 277,000 | ||||
Maximum [Member] | Construction and Other Commitment [Member] | |||||
Loss Contingencies [Line Items] | |||||
Remaining commitment | $ 691,000 |
Commitments and Contingencies98
Commitments and Contingencies (Contractual Commitments - Land Pipeline) - Additional Information (Detail) $ in Millions | Jul. 29, 2016USD ($)aBuyer$ / a | Jun. 30, 2016ft² | Feb. 18, 2016a | Dec. 31, 2015a |
Loss Contingencies [Line Items] | ||||
Area of real estate property | 1,500,000 | 0.37 | 148.35 | |
Construction and Other Commitment [Member] | Subsequent Event [Member] | ||||
Loss Contingencies [Line Items] | ||||
Number of buyers | Buyer | 8 | |||
Area of real estate property | a | 4,100 | |||
Percentage area of real estate property | 39.00% | |||
Anticipated sale proceeds | $ | $ 103 | |||
Anticipated revenue per acre | $ / a | 25,000 |
Commitments and Contingencies -
Commitments and Contingencies - Minto Communities - Additional Information (Detail) | Jun. 30, 2016ft²aProperty | Apr. 30, 2016ft²Residential_Unit | Feb. 18, 2016a | Dec. 31, 2015a |
Loss Contingencies [Line Items] | ||||
Area of real estate property | 1,500,000 | 0.37 | 148.35 | |
Definitive Sales Contracts [Member] | ||||
Loss Contingencies [Line Items] | ||||
Area of real estate property | 148.35 | |||
Definitive Sales Contracts [Member] | Minto Communities [Member] | ||||
Loss Contingencies [Line Items] | ||||
Number of units planned on definitive sales contracts | Property | 3,400 | |||
Area of real estate property | 1,600 | |||
Number of residential units zoning and entitlements received | Residential_Unit | 3,400 | |||
Area of commercial space zoning and entitlements received | ft² | 215,000 |
Commitments and Contingencie100
Commitments and Contingencies - Tomoka Town Center - Additional Information (Detail) | Mar. 30, 2016$ / a | Jun. 30, 2016USD ($)ft²a | Jun. 30, 2015USD ($) | Jun. 30, 2016USD ($)ft²a$ / a | Jun. 30, 2015USD ($) | Feb. 18, 2016a | Dec. 31, 2015a |
Loss Contingencies [Line Items] | |||||||
Area of a real estate property | 1,500,000 | 1,500,000 | 0.37 | 148.35 | |||
Revenue from sales of real estate property | $ | $ 4,774,620 | $ 1,368,141 | $ 14,335,518 | $ 2,227,942 | |||
Revenue per acre | $ / a | 455,000 | ||||||
Definitive Sales Contracts [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Area of a real estate property | a | 148.35 | ||||||
NADG - First Parcel | Definitive Sales Contracts [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Area of a real estate property | a | 81.55 | 81.55 | |||||
Revenue from sales of real estate property | $ | $ 20,200,000 | ||||||
Revenue per acre | $ / a | 248,000 |
Commitments and Contingencie101
Commitments and Contingencies - Other Matters - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||
Jun. 30, 2016USD ($)ft²a | Dec. 31, 2015USD ($)a | Jun. 30, 2016USD ($)ft²a | Jun. 30, 2016USD ($)ft²a | Dec. 31, 2015USD ($)a | Feb. 18, 2016a | |
Loss Contingencies [Line Items] | ||||||
Area of real estate property | 1,500,000 | 148.35 | 1,500,000 | 1,500,000 | 148.35 | 0.37 |
Costs affiliated with wetlands mitigation permits | $ 187,500 | |||||
Other third party cost | $ 1,200,000 | $ 1,300,000 | ||||
Definitive Sales Contracts [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Area of real estate property | a | 148.35 | 148.35 | ||||
Estimated cost of construction, current year | $ 1,400,000 | $ 1,700,000 | 1,400,000 | $ 1,400,000 | $ 1,700,000 | |
Estimated restoration costs | 2,000,000 | |||||
Increase in accrual of restoration Costs | 300,000 | |||||
Funded on estimated costs | $ 590,000 | |||||
Cost of infrastructure improvements | 0 | |||||
Costs affiliated with wetlands mitigation permits | $ 0 | |||||
Mitigation Activities [Member] | Definitive Sales Contracts [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Area of real estate property | a | 54.66 | 54.66 | 54.66 | |||
Minimum [Member] | Definitive Sales Contracts [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Cost of the contract | 1,700,000 | 1,700,000 | ||||
Maximum [Member] | Definitive Sales Contracts [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Cost of the contract | 1,900,000 | $ 1,900,000 | ||||
Environmental Restoration Costs [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Accrued Penalties | $ 187,500 | $ 0 |
Business Segment Data - Additio
Business Segment Data - Additional Information (Detail) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2016SegmentCommercial_LoanMortgageLoan | Jun. 30, 2015 | Dec. 31, 2015Commercial_LoanMortgageLoan | |
Segment Reporting Information [Line Items] | |||
Number of operating segment | Segment | 4 | ||
Number of commercial loan investments | 3 | 3 | |
Golf operation description | Our golf operations consist of a single property located in the City, with two 18-hole championship golf courses | ||
Income Property Operations [Member] | Identifiable Assets [Member] | |||
Segment Reporting Information [Line Items] | |||
Concentration risk percentage | 66.80% | 68.60% | |
Income Property Operations [Member] | Consolidated Revenues [Member] | |||
Segment Reporting Information [Line Items] | |||
Concentration risk percentage | 39.90% | 56.30% | |
Commercial Mortgage Loan [Member] | |||
Segment Reporting Information [Line Items] | |||
Number of fixed-rate commercial mortgage loan investment | 1 | 1 | |
Mezzanine Loan [Member] | |||
Segment Reporting Information [Line Items] | |||
Number of fixed-rate commercial mortgage loan investment | MortgageLoan | 1 | 1 |
Business Segment Data - Summary
Business Segment Data - Summary of Operations in Different Segments (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||||
Income Properties | $ 6,033,082 | $ 4,132,052 | $ 12,462,323 | $ 8,392,727 | |
Commercial Loan Investments | 635,050 | 638,710 | 1,516,295 | 1,270,194 | |
Real Estate Operations | 4,774,620 | 1,368,141 | 14,335,518 | 2,227,942 | |
Golf Operations | 1,412,196 | 1,448,567 | 2,876,555 | 2,985,993 | |
Agriculture and Other Income | 18,990 | 20,738 | 37,682 | 39,677 | |
Total Revenues | 12,873,938 | 7,608,208 | 31,228,373 | 14,916,533 | |
Operating Income (Loss) | 4,732,868 | 2,186,161 | 11,126,184 | 3,680,048 | |
Depreciation and Amortization | 1,805,559 | 1,071,752 | 3,872,926 | 2,227,491 | |
Capital Expenditures | 135,421 | 10,785,510 | 2,947,608 | 11,028,659 | |
Identifiable Assets | 387,130,138 | 387,130,138 | $ 404,353,644 | ||
Income Properties [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating Income (Loss) | 4,829,042 | 3,449,165 | 10,081,576 | 7,068,994 | |
Depreciation and Amortization | 1,724,573 | 992,172 | 3,705,623 | 2,077,809 | |
Capital Expenditures | 122,260 | 9,959,693 | 2,918,580 | 10,013,957 | |
Identifiable Assets | 258,494,674 | 258,494,674 | 277,519,902 | ||
Commercial Loan Investments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating Income (Loss) | 635,050 | 638,710 | 1,516,295 | 1,270,194 | |
Capital Expenditures | 733,083 | 894,879 | |||
Identifiable Assets | 24,076,474 | 24,076,474 | 38,487,119 | ||
Real Estate Operations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating Income (Loss) | 3,649,979 | 1,062,288 | 10,953,836 | 1,323,366 | |
Identifiable Assets | 65,252,380 | 65,252,380 | 59,787,157 | ||
Golf Operations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating Income (Loss) | (34,980) | (7,665) | 24,791 | 140,149 | |
Depreciation and Amortization | 68,619 | 67,130 | 137,268 | 125,906 | |
Capital Expenditures | 13,161 | 90,400 | 13,161 | 106,417 | |
Identifiable Assets | 3,257,527 | 3,257,527 | 3,607,259 | ||
Agriculture and Other Income [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating Income (Loss) | (33,664) | (22,457) | (63,023) | (58,669) | |
Depreciation and Amortization | 12,367 | 12,450 | 30,035 | 23,776 | |
Capital Expenditures | 2,334 | 15,867 | 13,406 | ||
Identifiable Assets | 36,049,083 | 36,049,083 | $ 24,952,207 | ||
General and Corporate Expense [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating Income (Loss) | $ (4,312,559) | $ (2,933,880) | $ (11,387,291) | $ (6,063,986) |
Recently Issued Accounting P104
Recently Issued Accounting Policies - Additional Information (Detail) $ in Millions | Dec. 31, 2015USD ($) |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Unamortized debt issuance costs | $ 1.7 |
Variable Interest Entity - Addi
Variable Interest Entity - Additional Information (Detail) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2016USD ($)ft²a | Dec. 31, 2015USD ($)a | Feb. 18, 2016a | |
Variable Interest Entity [Line Items] | |||
Area of a real estate property | 1,500,000 | 148.35 | 0.37 |
Daytona Beach, Florida [Member] | |||
Variable Interest Entity [Line Items] | |||
Area of a real estate property | a | 6 | 6 | |
Percentage acquired in real estate venture | 50.00% | ||
Cash paid to acquire real estate venture | $ 5,700,000 | ||
Preferred interest rate | 9.00% | ||
Land and Development Costs | $ 11,484,560 | ||
Real estate operations with management fees | $ 12,000 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) | Jul. 28, 2016USD ($)$ / sharesshares | Jul. 20, 2016$ / shares | Apr. 05, 2016ft² | Jun. 30, 2016USD ($)a$ / sharesshares | Dec. 31, 2016$ / shares | Jul. 06, 2016USD ($) | Dec. 31, 2015USD ($) |
Subsequent Event [Line Items] | |||||||
Area of lease | a | 10,500 | ||||||
Costs of shares repurchased | $ | $ 2,998,535 | ||||||
Dividend declared, per share | $ 0.08 | ||||||
Winter Park, Florida [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Area of lease | ft² | 40,000 | ||||||
Area of land in percentage | 36.00% | ||||||
Lease term | 15 years | ||||||
Area of land multi-tenant retail center | ft² | 112,000 | ||||||
Annualized dividend [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Dividend declared, per share | $ 0.16 | ||||||
Subsequent Event [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Dividend declared, per share | $ 0.04 | ||||||
Dividend recorded date | Aug. 10, 2016 | ||||||
Dividend Payment date | Aug. 30, 2016 | ||||||
Increase in dividend percentage | 100.00% | ||||||
New Repurchase Program [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Repurchase of common stock, authorized amount | $ | $ 10,000,000 | $ 10,000,000 | |||||
Number of shares repurchased | shares | 62,751 | ||||||
Average price per share | $ 47.78 | ||||||
New Repurchase Program [Member] | Subsequent Event [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Number of shares repurchased | shares | 8,611 | ||||||
Costs of shares repurchased | $ | $ 417,000 | ||||||
Average price per share | $ 48.48 | ||||||
Escrow [Member] | Subsequent Event [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Tenant improvements | $ | $ 4,000,000 |