Subsequent Events

6 Months Ended

Jun. 30, 2016

Subsequent Events [Abstract]

Subsequent Events

NOTE 22. SUBSEQUENT EVENTS

On April 5, 2016, the Company entered into a 15-year lease with a national fitness center for the anchor space at The Grove at Winter Park located in Winter Park, Florida. The lease is for approximately 40,000 square feet, or 36% of the approximately 112,000 square foot multi-tenant retail center. On July 6, 2016, the Company funded approximately $4.0 million into an escrow account for customary tenant improvements for the fitness center, which could open as early as the fourth quarter of 2016. The tenant will draw funding from escrow as construction progresses.

Under the $10 million stock repurchase program, subsequent to June 30, 2016 through July 28, 2016, the Company has repurchased 8,611 shares of its common stock on the open market for a total cost of approximately $417,000, or an average price per share of $48.48, and placed those shares in treasury.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

NOTE 22. SUBSEQUENT EVENTS (continued)

On July 20, 2016, the Company’s Board of Directors approved the implementation of a quarterly dividend effective in the third quarter of 2016 in place of the present semi-annual dividend. The Board of Directors declared a quarterly dividend of $0.04 for shareholders of record on August 10, 2016, to be paid on August 30, 2016, representing an annualized dividend of $0.16 per share, which would be a 100% increase over our present $0.08 per share annual dividend. The payment of the quarterly dividend is expected to impact the conversion rate applicable to the Notes pursuant to the terms and conditions thereof.