LAND AND SUBSURFACE INTERESTS (Tables)

3 Months Ended

Mar. 31, 2019

Schedule of components of real estate operations revenue


		Three Months Ended
	March 31, 2019		March 31, 2018
Revenue Description	($000's)		($000's)
Land Sales Revenue	$	3,300	$	13,117
Impact Fee and Mitigation Credit Sales		—		116
Subsurface Revenue		208		746
Fill Dirt and Other Revenue		27		—
Agriculture		—		11
Total Real Estate Operations Revenue	$	3,535	$	13,990

Summary of land sales


		Three Months Ended
	March 31, 2019		March 31, 2018
Revenue Description	($000's)		($000's)
Land Sales Revenue	$	3,300	$	13,117
Impact Fee and Mitigation Credit Sales		—		116
Subsurface Revenue		208		746
Fill Dirt and Other Revenue		27		—
Agriculture		—		11
Total Real Estate Operations Revenue	$	3,535	$	13,990

2019 Land Sales. During the three months ended March 31, 2019, a total of approximately 9.9 acres were sold for approximately $3.3 million, as described below:

Gross Sales

Gain

Date of

No. of

Price

on Sale

Buyer (or Description)

Location

Sale

Acres

($000's)

per Acre

($000's)

Unicorp-Grocery Anchored Project

East of I-95

02/27/19

9.9

3,300

333,000

2,274

2018 Land Sales. During the three months ended March 31, 2018, a total of approximately 34.9 acres were sold for approximately $13.9 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)

Buc-ee's

East of I-95

03/16/18

34.9

13,948

400,000

11,926

(1)The gain recognized during the three months ended March 31, 2018 on the Buc-ee’s sale totaling approximately $11.9 million excludes approximately $831,000 held in an escrow reserve related to the portion of the acreage sold for which the Company remains obligated to perform wetlands mitigation. The Company expects to recognize the remaining gain of approximately $831,000 upon completion of the mitigation work. See Note 15, “Deferred Revenue”.

Schedule of lease payments on respective acreages and drilling penalties received


	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
Lease Year 7 - 9/23/2017 - 9/22/2018	15,000	Hendry		806,683		50,000
Lease Year 8 - 9/23/2018 - 9/22/2019	15,000	Hendry		806,684		150,000
Total Payments			$	10,633,805	$	2,125,000

(1)Generally, cash payment for the Lease Payment is received on or before the first day of the lease year. The Drilling Penalty, which is due within thirty days from the end of the prior lease year, is recorded as revenue when earned, i.e. when the amount is agreed upon, while the Lease Payment is recognized on a straight-line basis over the respective lease term. Pursuant to the amendment for the Year 8 renewal, the Lease Payment and Drilling Penalty were to be received in monthly installments. As of March 31, 2019, the entire amount of approximately $957,000 had been received pursuant to the payment installment schedule. See separate disclosure of revenue recognized per period below.