Subsequent Events

9 Months Ended

Sep. 30, 2016

Subsequent Events [Abstract]

Subsequent Events

NOTE 22. SUBSEQUENT EVENTS

Under the $10.0 million stock repurchase program, subsequent to September 30, 2016 through October 27, 2016, the Company has repurchased 12,196 shares of its common stock on the open market for a total cost of approximately $613,000, or an average price per share of $50.25, and placed those shares in treasury.

On October 13, 2016, the Company sold approximately 17 acres of land at a sales price of approximately $3.0 million, or approximately $174,000 per acre, resulting in an estimated gain at closing of approximately $2.7 million, or approximately $0.29 per share after tax. The land is located on the west side of Interstate 95 on Tomoka Farms Road just south of the soon to open CarMax dealership. The proceeds from the transaction are expected to be used as part of one or more Section 1031 like-kind exchange transactions.

On October 14, 2016, the Company acquired an approximately 76,000 square foot single-story Class A two-tenant office building in Santa Clara, California (the “Property”) for $30 million. The Property is situated on approximately 5.24 acres and is 100% leased to Centrify Corporation and Adesto Technologies under triple-net leases with remaining terms of approximately 4 years and 7 years, respectively. The Property was built in 1978 and underwent a complete renovation in 2014 totaling approximately $14 million. The current zoning of the 5.24 acre parcel also allows for an additional 100,000 square feet of density. The purchase is expected to be part of a 1031 like-kind exchange.

During October 2016, the Company received cash payments totaling approximately $1.6 million from two of the buyers of the Company’s land sold in the fourth quarter of 2015 to purchase impact fees from the Company with a basis of equal value.