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CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2018
Dec. 31, 2017
Property, Plant, and Equipment:    
Income Properties, Land, Buildings, and Improvements $ 392,520,783 $ 358,130,350
Other Furnishings and Equipment 728,817 715,042
Construction in Progress 19,384 6,005,397
Total Property, Plant, and Equipment 393,268,984 364,850,789
Less, Accumulated Depreciation and Amortization (24,518,215) (22,222,388)
Property, Plant, and Equipment - Net 368,750,769 342,628,401
Land and Development Costs 25,764,633 39,477,697
Intangible Lease Assets - Net 43,555,445 38,758,059
Assets Held for Sale—See Note 22 75,866,510 6,262,633
Investment in Joint Venture 6,788,034  
Impact Fee and Mitigation Credits 462,040 1,125,269
Commercial Loan Investments   11,925,699
Cash and Cash Equivalents 2,310,489 6,107,252
Restricted Cash 19,721,475 6,508,131
Refundable Income Taxes 225,024 1,116,580
Other Assets—See Note 11 12,885,453 12,220,657
Total Assets 556,329,872 466,130,378
Liabilities:    
Accounts Payable 1,036,547 1,667,214
Accrued and Other Liabilities—See Note 16 5,197,884 9,068,461
Deferred Revenue—See Note 17 7,201,604 1,801,696
Intangible Lease Liabilities - Net 27,390,350 29,770,441
Liabilities Held for Sale—See Note 22 1,347,296 1,534,130
Deferred Income Taxes - Net 54,769,907 42,293,864
Long-Term Debt 247,624,811 195,816,364
Total Liabilities 344,568,399 281,952,170
Commitments and Contingencies—See Note 20
Shareholders' Equity:    
Common Stock – 25,000,000 shares authorized; $1 par value, 6,052,209 shares issued and 5,436,952 shares outstanding at December 31, 2018; 6,030,990 shares issued and 5,584,335 shares outstanding at December 31, 2017 5,995,257 5,963,850
Treasury Stock – 615,257 shares at December 31, 2018 and 446,655 shares at December 31, 2017 (32,345,002) (22,507,760)
Additional Paid-In Capital 24,326,778 22,735,228
Retained Earnings 213,297,897 177,614,274
Accumulated Other Comprehensive Income 486,543 372,616
Total Shareholders' Equity 211,761,473 184,178,208
Total Liabilities and Shareholders’ Equity $ 556,329,872 $ 466,130,378