Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 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 not carried at fair value on the consolidated balance sheets at December 31, 2016 and 2015:

	December 31, 2016				December 31, 2015
	Carrying		Estimated		Carrying		Estimated
	Value		Fair Value		Value		Fair Value
Cash and Cash Equivalents - Level 1	$	7,779,562	$	7,779,562	$	4,060,677	$	4,060,677
Restricted Cash - Level 1		9,855,469		9,855,469		14,060,523		14,060,523
Commercial Loan Investments - Level 2		23,960,467		24,228,242		38,331,956		38,460,467
Long-Term Debt - Level 2		166,245,201		171,111,337		166,796,853		172,572,305

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 measured on a recurring basis by Level at December 31, 2016:

			Fair Value at Reporting Date Using
			Quoted Prices in				Significant
			Active Markets		Significant Other		Unobservable
			for Identical		Observable Inputs		Inputs
	12/31/2016		Assets (Level 1)		(Level 2)		(Level 3)
Cash Flow Hedge - Interest Rate Swap	$	416,590	$	—	$	416,590	$	—
Total	$	416,590	$	—	$	416,590	$	—

At December 31, 2016, approximately eight acres of undeveloped land under contract for sale as of December 31, 2016 were measured on a non-recurring basis using Level 3 inputs in the fair value hierarchy, which resulted in aggregate impairment charge of approximately $1.0 million as further described in Note 8, “Impairment of Long-Lived Assets.” The following table presents the fair value of those assets measured on a non-recurring basis by Level as of December 31, 2016:

			Fair Value at Reporting Date Using
			Quoted Prices in				Significant
			Active Markets		Significant Other		Unobservable
			for Identical		Observable Inputs		Inputs
	12/31/2016		Assets (Level 1)		(Level 2)		(Level 3)
Land Parcel - 3.6 Repurchased Acres	$	1,398,374	$	—	$	—	$	1,398,374
Land Parcel - 4.5 Repurchased Acres		1,119,410		—		—		1,119,410
Total	$	2,517,784	$	—	$	—	$	2,517,784

The following table presents the fair value of assets measured on a recurring basis by Level at December 31, 2015:

			Fair Value at Reporting Date Using
			Quoted Prices in				Significant
			Active Markets		Significant Other		Unobservable
			for Identical		Observable Inputs		Inputs
	12/31/2015		Assets (Level 1)		(Level 2)		(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	$	—