Land and Development Costs and Subsurface Interests (Tables)

12 Months Ended

Dec. 31, 2016


	December 31,
	2016		2015
Land and Development Costs ($-0- and $11,329,574 Related to Consolidated VIE as of December 31, 2016 and 2015, respectively)	$	39,681,558	$	38,736,865
Land, Timber, and Subsurface Interests		12,273,720		14,669,155
Total Land and Development Costs	$	51,955,278	$	53,406,020

Summary of Real Estate operations revenue


	2016		2015		2014
Revenue Description	($000's)		($000's)		($000's)
Land Sales Revenue	$	11,871	$	4,276	$	8,744
Tomoka Town Center - Percentage of Completion Revenue		17,490		8,128		—
Revenue from Reimbursement of Infrastructure Costs		4,500		—		—
Impact Fee and Mitigation Credit Sales		2,220		463		926
Subsurface Revenue		1,802		3,003		3,704
Fill Dirt and Other Revenue		261		73		119
Total Real Estate Operations Revenue	$	38,144	$	15,943	$	13,493

Summary of land sales

					Gross Sales				Gain
			Date of	No. of	Price (1)		Price		on Sale
	Buyer (or Description)	Location	Sale	Acres	($000's)		per Acre		($000's)
1	Commercial / Retail	East of I-95	02/12/16	3.1	$	190	$	61,000	$	145
2	NADG - OutParcel	East of I-95	03/30/16	4.4		2,000		455,000		1,304
3	Minto Sales Center	West of I-95	09/27/16	4.5		205		46,000		126
4	Commercial / Retail	West of I-95	10/13/16	17.1		3,034		177,000		2,675
5	Commercial / Retail	East of I-95	12/22/16	74.6		830		11,000		751
6	ICI Homes	West of I-95	12/29/16	604.0		7,500		12,000		3,303
				707.7	$	13,759	$	19,000	$	8,304

⁽¹⁾

Land Sales Revenue for 2016 is equal to the Gross Sales Price of land sales during 2016 of $13,759, less the $2.0 million sales price for the NADG – OutParcel, plus approximately $112,000 of incentives earned and received during 2016 related to the Distribution Center sale which closed during 2014.

During the year ended December 31, 2015, a total of approximately 114.1 acres were sold for approximately $22.5 million as described below:


					Gross Sales				Gain
			Date of	No. of	Price (1)		Price		on Sale
	Buyer (or Description)	Location	Sale	Acres	($000's)		per Acre		($000's)
1	Commercial / Retail	East of I-95	06/01/15	3.0	$	505	$	168,000	$	476
2	Commercial / Retail	Highlands County	06/17/15	0.9		250		278,000		223
3	Tanger	East of I-95	11/12/15	38.9		9,700		249,000		2,793
4	Integra Land Company	East of I-95	12/18/15	15.0		2,376		158,000		2,265
5	Sam's Club	East of I-95	12/23/15	18.1		4,500		249,000		1,279
6	NADG - First Parcel	East of I-95	12/29/15	37.3		5,168		139,000		1,421
7	Commercial / Retail	East of I-95	12/29/15	0.9		30		33,000		20
				114.1	$	22,529	$	197,000	$	8,477

⁽¹⁾

Land Sales Revenue for 2015 is equal to the Gross Sales Price of land sales during 2015 of $22,529, less the aggregate $19.4 million sales price for the Tomoka Town Center Sales (Tanger, Sam’s Club, and NADG – First Parcel), plus approximately $1.03 million of incentives received and earned during 2015 related to the Distribution Center sale which closed during 2014, plus approximately $87,000 of percentage-of-completion revenue earned during 2015 for the Distribution Center Sale which closed during 2014.

During the year ended December 31, 2014, a total of 99.7 acres were sold for approximately $8.8 million as described below:


					Gross Sales				Gain
			Date of	No. of	Price (1)		Price		on Sale
	Buyer (or Description)	Location	Sale	Acres	($000's)		per Acre		($000's)
1	Halifax Humane Society, Inc.	West of I-95	02/18/14	3.1	$	392	$	126,000	$	347
2	Distribution Center	East of I-95	08/15/14	75.6		7,790		103,000		3,903
3	Victor Indigo Lakes, L.L.C.	East of I-95	10/30/14	21.0		625		30,000		552
				99.7	$	8,807	$	88,000	$	4,802

⁽¹⁾

Land Sales Revenue for 2014 is equal to the Gross Sales Price of land sales during 2014 of $8,807, less approximately $87,000 of percentage-of-completion revenue recognized during 2015 for the Distribution Center Sale which closed during 2014, plus approximately $25,000 for the sale of a ditch parcel.

Summary of Lease Payments and Drilling Penalties Received on Acreages

Lease payments on the respective acreages and drilling penalties received through lease year six are as follows:


	Acreage
Lease Year	(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
Lease Year 6 - 9/23/2016 - 9/22/2017	15,000	Hendry		806,683		150,000
Total Payments Received to Date			$	9,020,438	$	1,925,000

⁽¹⁾

Cash payment for the Lease Payment and Drilling Penalty is received on or before the first day of the lease year. The Drilling Penalty is recorded as revenue when received, while the Lease Payment is recognized on a straight-line basis over the respective lease term. See separate disclosure of the revenue per year below.