Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2016	Feb. 27, 2017	Jun. 30, 2016
Document and Entity Information [Abstract]
Entity Registrant Name	ST JOE CO
Trading Symbol	JOE
Entity Central Index Key	0000745308
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Document Type	10-K
Document Period End Date	Dec. 31, 2016
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Common Stock, Shares Outstanding		74,342,826
Entity Public Float			$ 522.7

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2016	Dec. 31, 2015
ASSETS
Investment in real estate, net	$ 314,620,000	$ 313,599,000
Cash and cash equivalents	241,111,000	212,773,000
Investments	175,725,000	191,240,000
Restricted investments	5,636,000	7,072,000
Notes receivable, net	1,926,000	2,555,000
Income tax receivable	27,057,000	2,275,000
Claim settlement receivable	7,804,000	0
Other assets	38,410,000	36,853,000
Property and equipment, net of accumulated depreciation of $59.4 million and $57.1 million at December 31, 2016 and 2015, respectively	8,992,000	10,145,000
Investments held by special purpose entities	208,590,000	208,785,000
Total assets	1,027,945,000	982,742,000
LIABILITIES:
Debt	55,040,000	54,474,000
Other liabilities	40,950,000	41,880,000
Deferred tax liabilities	68,846,000	36,847,000
Senior Notes held by special purpose entity	176,310,000	176,094,000
Total liabilities	341,146,000	309,295,000
EQUITY:
Common stock, no par value; 180,000,000 shares authorized; 74,342,826 and 92,332,565 issued at December 31, 2016 and 2015, respectively; 74,342,826 and 75,329,557 outstanding at December 31, 2016 and 2015, respectively	572,040,000	892,387,000
Retained earnings	94,746,000	78,851,000
Accumulated other comprehensive income (loss)	2,507,000	(686,000)
Treasury stock at cost, 17,003,008 shares held at December 31, 2015	0	(305,289,000)
Total stockholders’ equity	669,293,000	665,263,000
Non-controlling interest	17,506,000	8,184,000
Total equity	686,799,000	673,447,000
Total liabilities and equity	1,027,945,000	982,742,000
Variable Interest Entity, Primary Beneficiary
ASSETS
Investment in real estate, net	63,362,000	46,156,000
Cash and cash equivalents	3,965,000	4,067,000
Other assets	13,209,000	12,853,000
Investments held by special purpose entities	208,590,000	208,785,000
Total assets	289,126,000	271,861,000
LIABILITIES:
Debt	47,519,000	47,480,000
Other liabilities	4,275,000	4,416,000
Senior Notes held by special purpose entity	176,310,000	176,094,000
Total liabilities	$ 228,104,000	$ 227,990,000

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Property and equipment, Accumulated depreciation	$ 59,404	$ 57,103
Common stock, shares authorized (in shares)	180,000,000	180,000,000
Common stock, issued (in shares)	74,342,826	92,332,565
Common stock, outstanding (in shares)	74,342,826	75,329,557
Treasury stock, shares (in shares)		17,003,008

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Revenue:
Real estate revenue	$ 23,397,000	$ 33,704,000	$ 634,976,000
Resorts and leisure revenue	57,284,000	54,488,000	48,414,000
Leasing revenue	9,858,000	8,978,000	6,977,000
Timber revenue	5,205,000	6,701,000	11,506,000
Total revenue	95,744,000	103,871,000	701,873,000
Expenses:
Cost of real estate revenue	8,036,000	16,399,000	87,132,000
Cost of resorts and leisure revenue	50,229,000	47,069,000	42,900,000
Cost of leasing revenue	3,108,000	2,792,000	2,253,000
Cost of timber revenue	821,000	834,000	4,513,000
Other operating and corporate expenses	23,019,000	33,426,000	26,128,000
Pension charges	0	0	13,529,000
Administrative costs associated with special purpose entities	0	0	3,746,000
Depreciation, depletion and amortization	8,571,000	9,486,000	8,422,000
Total expenses	93,784,000	110,006,000	188,623,000
Operating income (loss)	1,960,000	(6,135,000)	513,250,000
Other income (expense):
Investment income, net	17,776,000	22,688,000	12,691,000
Interest expense	(12,295,000)	(11,429,000)	(8,608,000)
Claim settlement	12,548,000	0	0
Other income (expense), net	2,622,000	(6,287,000)	4,488,000
Total other income, net	20,651,000	4,972,000	8,571,000
Income (loss) before equity in loss from unconsolidated affiliates and income taxes	22,611,000	(1,163,000)	521,821,000
Equity in loss from unconsolidated affiliates	0	0	(32,000)
Income tax expense	(7,147,000)	(808,000)	(115,507,000)
Net income (loss)	15,464,000	(1,971,000)	406,282,000
Net loss attributable to non-controlling interest	431,000	240,000	171,000
Net income (loss) attributable to the Company	$ 15,895,000	$ (1,731,000)	$ 406,453,000
Basic and Diluted
Weighted average shares outstanding (in shares)	74,457,541	87,827,869	92,297,467
Net income (loss) per share attributable to the Company (in dollars per share)	$ 0.21	$ (0.02)	$ 4.40

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Net income (loss):	$ 15,464	$ (1,971)	$ 406,282
Available-for-sale investment items:
Reclassification of other-than-temporary impairment losses included in earnings	0	0	1,295
Reclassification of realized (gains) losses included in earnings	(795)	(5,311)	833
Total before income taxes	5,196	339	673
Income tax (expense) benefit	(2,003)	300	127
Total	3,193	639	800
Defined benefit pension items:
Net loss arising during the period	0	0	(2,180)
Amortization and settlement included in net periodic cost	0	0	7,107
Amortization of loss included in net periodic cost	0	0	465
Total before income taxes	0	0	5,392
Income tax	0	0	0
Total	0	0	5,392
Total other comprehensive income, net of tax	3,193	639	6,192
Total comprehensive income (loss)	18,657	(1,332)	412,474
Available-for-sale securities
Available-for-sale investment items:
Net unrealized gains (losses) on available-for-sale investments	5,997	5,650	(1,455)
Restricted investments
Available-for-sale investment items:
Net unrealized gains (losses) on available-for-sale investments	$ (6)	$ 0	$ 0

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Retained (Deficit) Earnings	Accumulated Other Comprehensive (Loss) Income	Treasury Stock	Non-controlling Interest
Beginning Balance (in shares) at Dec. 31, 2013		92,292,913
Beginning Balance at Dec. 31, 2013	$ 563,525	$ 892,027	$ (325,871)	$ (7,517)	$ (285)	$ 5,171
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Capital contributions from non-controlling interest	3,492					3,492
Issuance of common stock for director fees (in shares)		9,723
Issuance of common stock for director fees	210	$ 210
Other comprehensive income	6,192			6,192
Net income (loss)	406,282		406,453			(171)
Ending Balance (in shares) at Dec. 31, 2014		92,302,636
Ending Balance at Dec. 31, 2014	979,701	$ 892,237	80,582	(1,325)	(285)	8,492
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Capital distribution to non-controlling interest	(68)					(68)
Issuance of common stock for director fees (in shares)		9,660
Issuance of common stock for director fees	$ 150	$ 150
Repurchase of common shares (in shares)	(16,982,739)	(16,982,739)
Repurchase of common shares	$ (305,004)				(305,004)
Other comprehensive income	639			639
Net income (loss)	(1,971)		(1,731)			(240)
Ending Balance (in shares) at Dec. 31, 2015		75,329,557
Ending Balance at Dec. 31, 2015	673,447	$ 892,387	78,851	(686)	(305,289)	8,184
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Capital contributions from non-controlling interest	10,353					10,353
Capital distribution to non-controlling interest	(600)					(600)
Issuance of common stock for director fees (in shares)		8,919
Issuance of common stock for director fees	131	$ 131
Adjustments to Additional Paid in Capital, Income Tax Deficiency from Share-based Compensation	$ (369)	$ (369)
Repurchase of common shares (in shares)	(995,650)	(995,650)
Repurchase of common shares	$ (14,820)				(14,820)
Retirement of treasury stock		$ (320,109)			320,109
Other comprehensive income	3,193			3,193
Net income (loss)	15,464		15,895			(431)
Ending Balance (in shares) at Dec. 31, 2016		74,342,826
Ending Balance at Dec. 31, 2016	$ 686,799	$ 572,040	$ 94,746	$ 2,507	$ 0	$ 17,506

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Cash flows from operating activities:
Net income (loss):	$ 15,464	$ (1,971)	$ 406,282
Adjustments to reconcile net income (loss) to net cash from operating activities:
Depreciation, depletion and amortization	8,571	9,486	8,422
Stock based compensation	131	150	210
Pension charges	0	0	8,749
(Gain) loss on sale of investments	(795)	(5,311)	833
Other-than-temporary impairment loss	0	0	1,295
Equity in loss from unconsolidated joint ventures	0	0	32
Deferred income tax expense	29,627	2,323	46,127
Impairment losses	357	0	0
Gain (loss) on disposal of real estate and property and equipment	9	77	(202)
Cost of real estate sold	6,489	14,584	76,060
Expenditures for and acquisition of real estate to be sold	(8,335)	(8,378)	(7,368)
Notes financed by the Company for operating properties sold	0	0	(19,600)
Timber Note	0	0	(200,000)
Deferred revenue	0	(65)	(13,562)
Accretion income and other	(2,792)	(1,780)	(2,129)
Changes in operating assets and liabilities:
Pension Plan assets reverted to the Company	0	0	23,820
Notes receivable	694	21,780	3,242
Claim settlement receivable	(7,804)	0	0
Other assets	(1,576)	(3,650)	(5,010)
Other liabilities	(2,384)	(3,330)	4,946
Income taxes receivable	(24,782)	(1,497)	(1,112)
Net cash provided by operating activities	12,874	22,418	331,035
Cash flows from investing activities:
Expenditures for Pier Park North JV	(1,624)	(5,783)	(22,592)
Purchases of property and equipment	(2,899)	(3,304)	(2,483)
Proceeds from the disposition of assets	3	0	0
Purchases of investments	(357,787)	(341,994)	(723,099)
Maturities of investments	185,000	410,000	150,319
Sales of investments	197,548	385,695	83,239
Sales of unconsolidated affiliates	0	0	3,000
Investment and maturities of assets held by special purpose entities	787	787	(6,921)
Other	0	0	(148)
Net cash provided by (used in) investing activities	21,028	445,401	(518,685)
Cash flows from financing activities:
Borrowings on construction/refinanced loan in Pier Park North JV	0	48,200	25,173
Capital contribution from non-controlling interest	10,353	0	0
Capital distribution to non-controlling interest	(600)	(68)	0
Repurchase of common shares	(14,820)	(305,004)	0
Principal payments for debt	(497)	(31,942)	(627)
Proceeds from issuance of Senior Notes by special purpose entity	0	0	177,269
Debt issuance costs	0	(747)	(1,544)
Net cash (used in) provided by financing activities	(5,564)	(289,561)	200,271
Net increase in cash and cash equivalents	28,338	178,258	12,621
Cash and cash equivalents at beginning of the year	212,773	34,515	21,894
Cash and cash equivalents at end of the year	241,111	212,773	34,515
Cash paid during the period for:
Interest	11,811	10,569	1,733
Income taxes	2,302	0	70,491
Non-cash financing and investment activities:
Increase (decrease) in Community Development District debt	955	(768)	(4,369)
Decrease in pledged treasury securities related to defeased debt	0	(25,670)	(590)
Expenditures for operating properties and property and equipment financed through accounts payable	139	1,138	4,866
Exchange of Timber Note for investments held by special purpose entity	0	0	200,000
Capital contributions to special purpose entity from non-controlling interest	0	0	3,492
Pension Plan assets transferred to the Company’s 401(k) Plan and invested in restricted investments	$ 0	$ 0	$ 7,940

Nature of Operations	12 Months Ended
Nature of Operations	Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations	Nature of Operations The St. Joe Company together with its consolidated subsidiaries (the “Company”) is a Florida real estate development, asset management, and operating company with real estate assets and operations concentrated primarily between Tallahassee and Destin, Florida. The Company conducts primarily all of its business in the following five reportable operating segments: 1) residential real estate, 2) commercial real estate, 3) resorts and leisure, 4) leasing operations and 5) forestry.

Significant Accounting Policies

12 Months Ended

Dec. 31, 2016

Accounting Policies [Abstract]

Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

The consolidated financial statements include the accounts of the Company and all of its majority-owned and controlled subsidiaries and variable interest entities where the Company is the primary beneficiary. Investments in joint ventures and limited partnerships in which the Company has significant influence, but not a controlling interest are accounted for by the equity method. All significant intercompany transactions and balances have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform to the current period’s presentation. These reclassifications had no effect on the Company’s previously reported stockholders’ equity or net income.

A variable interest entity (“VIE”) is an entity in which a controlling financial interest may be achieved through arrangements that do not involve voting interests. A VIE is required to be consolidated by its primary beneficiary, which is the entity that possesses the power to direct the activities of the VIE that most significantly impact its economic performance and has the obligation to absorb losses or the right to receive benefits from the VIE that are significant to it. The Company consolidates VIEs when it is the primary beneficiary of the VIE, including real estate joint ventures determined to be VIEs (see Note 10. Real Estate Joint Ventures) and VIEs involved in a 2014 real estate sale.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates and assumptions including investment in real estate, impairment assessments, investments, other-than-temporary impairment assessments, retained interest investments, accruals and deferred income taxes. Actual results could differ from those estimates.

Revenue Recognition

Revenue consists primarily of real estate sales, resorts and leisure operations, leasing operations, and timber sales. Taxes collected from customers and remitted to governmental authorities (e.g. sales tax) are excluded from revenue and costs and expenses.

Real estate revenue

Revenue from real estate sales, including sales of homesites, commercial properties and rural or timberland, are recognized when a sale is closed and title transfers to the buyer, the buyer’s initial investment is adequate, any receivables are probable of collection, the usual risks and rewards of ownership have been transferred to the buyer, and the Company does not have significant continuing involvement with the real estate sold.

The buyer’s minimum initial investment requirement is typically the receipt of cash for approximately twenty to twenty-five percent of the sales value depending on the type and use of the property purchased. If the minimum initial investment requirement is not met, revenue may be deferred depending on the circumstances. In addition, revenue is not recognized until title transfers and any consideration received is deferred until title is transferred.

Percentage-of-completion accounting, where revenue is recognized in proportion to the percentage of total costs incurred in relation to estimated total costs, is used for commercial and other land sales if there are uncompleted development costs yet to be incurred for the property sold.

As part of the purchase price consideration for a homesite from sales to homebuilders, the Company may receive a percentage of the sale price of the completed home if the home price or gross profit of the home exceeds a negotiated threshold. These lot residuals are recognized in revenue when consideration is received by the Company in periods subsequent to the initial recognition of revenue for the sale of the homesite.

Resorts and leisure revenue

Resorts and leisure revenue includes service and rental fees associated with the WaterColor Inn and the Company’s vacation rental programs in WaterColor, WaterSound Beach and surrounding communities. In addition, other resorts and leisure revenue include club memberships, daily play at golf courses, merchandise sales, food and beverage sales, marina boat slip rentals and fuel sales, and management services of The Pearl Hotel. The revenue is generally recognized as services are provided. Vacation rental revenue includes the entire rental fee collected from the customer, including the homeowner’s portion. A percentage of the fee is remitted to the homeowner and presented in cost of resorts and leisure revenue. The Company is the principal in its vacation rental business and has determined that it is the primary obligor to the guest, as it has sole discretion in establishing prices and provides the majority of the services to the guest. Club membership revenue is recognized when billed to the member and the non-refundable initiation fee is deferred and recognized ratably over the estimated membership period. Revenue generated from our management services of The Pearl Hotel include a management fee, fifty percent of certain resort fees and a percentage of The Pearl Hotel’s gross operating profit.

Leasing revenue

Leasing revenue consists of long term rental revenue from retail/commercial leasing operations, cell towers, and other leases, including properties located in our consolidated joint venture at Pier Park North, and our industrial park, VentureCrossings, which are recognized as earned, using the straight-line method over the life of the lease. Certain leases provide for tenant occupancy during periods for which no rent is due or where minimum rent payments change during the lease term. Accordingly, a receivable or liability is recorded representing the difference between the straight-line rent and the rent that is contractually due from the tenant.

Minimum future base rents on non-cancelable leases for the next five years are:




2017	$	7,784
2018	7,575
2019	7,370
2020	6,729
2021	6,545
	$	36,003

Forestry product revenue

Revenue from the sale of the Company’s forestry products is primarily derived from pay-as-cut sales contracts or timber bid sales, whereby risk of loss and title to the trees transfer to the buyer when cut by the buyer. Under a pay-as-cut sales contract, the buyer or some other third party is responsible for all logging and hauling costs, if any. Prior to the AgReserves Sale in 2014, sales of forestry products were recognized generally on delivery of the product to the customer.

Timber bid sales are agreements in which the buyer agrees to purchase and harvest specified timber (i.e. mature pulpwood and/or sawlogs) on a tract of land over the term of the contract. Unlike a pay-as-cut sales contract, risk of loss and title to the trees transfer to the buyer when the contract is signed. The buyer pays the full purchase price when the contract is signed and the Company does not have any additional performance obligations. Under a timber bid sale, the buyer or some other third party is responsible for all logging and hauling costs, if any, and the timing of such activity. Revenue from a timber bid sale is recognized when the contract is signed since the earnings process is complete.

Comprehensive Income (Loss)

The Company’s comprehensive income (loss) includes unrealized gains and temporary losses on available-for-sale securities and restricted investments. During 2014, comprehensive income also included changes in the funded status of the Company’s terminated pension plan, which were initially recognized in other comprehensive income and amortized into net income or recognized at the time of a specific event, such as the curtailment of benefit plan obligations or the pension plan termination during 2014. See Note 17. Employee Benefit Plans.

Cash and Cash Equivalents

Cash and cash equivalents include cash on hand, bank demand accounts, money market instruments and short term commercial paper having original maturities at acquisition date of ninety days or less.

Investments

Investments consist of available-for-sale securities and are recorded at fair value, which is based on observable market inputs. Unrealized gains and temporary losses on investments, net of tax, are recorded in other comprehensive income. Realized gains and losses are determined using the specific identification method.

The Company evaluates investments classified as available-for-sale with unrealized losses to determine if they are other-than-temporary impaired. This evaluation is based on various factors, including the financial condition, business prospects, industry and creditworthiness of the issuer, severity and length of time the securities were in a loss position, the Company’s ability and intent to hold investments until unrealized losses are recovered or until maturity and the amount of the unrealized loss. If a decline in fair value is considered other-than-temporary, the decline is then bifurcated into its credit and non-credit related components. The amount of the credit-related component is recognized in earnings, and the amount of the non-credit related component is recognized in other comprehensive loss, unless the Company intends to sell the security or it is more likely than not that the Company will be required to sell the security prior to its anticipated recovery. Based on these factors, the unrealized losses related to the Company's investments and restricted investments of $1.9 million were determined to be temporary at December 31, 2016. During 2014, the Company determined that certain unrealized losses were other than temporarily impaired and recorded an other-than-temporary impairment of $1.3 million related to credit-related losses in investment income, net on the Company’s consolidated statements of operations. During 2015 the Company sold these investments and recorded a realized gain of $5.3 million. The non-credit component of $1.5 million remained in accumulated other comprehensive income (loss) as of December 31, 2014.

Restricted Investments

The Company’s restricted investments are related to the Company’s deferred compensation plan. As part of the Pension Plan termination in 2014, the Company directed the Pension Plan to transfer the Pension Plan’s surplus assets into a suspense account in the Company’s 401(k) Plan. The Company has retained the risks and rewards of ownership of these assets; therefore, the assets held in the suspense account are included in the Company’s consolidated balance sheets until they are allocated to current and future 401(k) plan participants for up to the next five years. See Note 17. Employee Benefit Plans.

Notes Receivable

The Company’s notes receivable consists primarily of Pier Park Community Development District notes. The Company evaluates the carrying value of notes receivable at each reporting date. Notes receivable balances are adjusted to net realizable value based upon a review of entity specific facts or when terms are modified. Judgments are made with respect to the collectability of accounts based on historical experience and current economic trends. Actual losses could differ from those estimates. As of December 31, 2016 and 2015 there were no collectability issues.

Investment in Real Estate

The Company capitalizes costs directly associated with development and construction of identified real estate projects. The Company also capitalizes those indirect costs that relate to the projects under development or construction. These indirect costs include construction and development administration, legal fees, capitalized interest, and project administration to the extent that such costs are related to a specific project. Interest is capitalized (up to total interest expense) based on the amount of underlying expenditures and real estate taxes on real estate projects under development.

Real estate development costs also include land and common development costs (such as roads, utilities and amenities), capitalized property taxes, capitalized interest and certain indirect costs. A portion of real estate inventory costs and estimates for costs to complete are allocated to each unit based on the relative sales value of each unit as compared to the estimated sales value of the total project. These estimates are reevaluated at least annually and more frequently if warranted by market conditions, changes in the project’s scope or other factors, with any adjustments being allocated prospectively to the remaining units available for sale.

The capitalization period relating to direct and indirect project costs is the period in which activities necessary to ready a property for its intended use are in progress. The period begins when such activities commence, typically when the Company begins the entitlement processes for land already owned, and ends when the asset is substantially complete and ready for its intended use. Determination of when construction of a project is substantially complete and ready for its intended use requires judgment. The Company determines when the capitalization period begins and ends through communication with project and other managers responsible for the tracking and oversight of individual projects. In the event that the activities to ready the asset for its intended use are suspended, the capitalization period will cease until such activities are resumed. If the Company determines not to complete a project, any previously capitalized costs are expensed in the period in which the determination is made and recovery is not deemed reasonable. The Company had no capitalized indirect development costs during 2016, and $0.2 million and $0.6 million during 2015 and 2014, respectively. These capitalized indirect development costs are primarily related to the consolidated Pier Park North JV.

Investment in real estate is carried at cost, net of depreciation and timber depletion, unless circumstances indicate that the carrying value of the assets may not be recoverable. If the Company determines that an impairment exists due to the inability to recover an asset’s carrying value, an impairment charge is recorded to the extent that the carrying value exceeds estimated fair value. If such assets were held for sale, the provision for loss would be recorded to the extent that the carrying value exceeds estimated fair value less costs to sell.

Depreciation is computed on straight-line method over the estimated economic lives of the assets, as follows:



			Estimated Useful Life (in years)
Land			N/A
Land improvements			15 - 20
Buildings			20-40
Building improvements			5-25
Timber			N/A

Building improvements are amortized on a straight-line basis over the shorter of the minimum lease term or the estimated economic life of the assets.

Long-Lived Assets

The Company reviews its long-lived assets for impairment quarterly to determine whether events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. Long-lived assets include the Company’s investments in operating and development property and property and equipment, net. As part of the Company’s review for impairment of its long-lived assets, the Company reviews long-lived asset’s carrying value, current period actual financial results as compared to prior period and forecast contained in the Company’s business plan and other events or changes in circumstances to identify whether an indicator of potential impairment may exist. Some of the events or changes in circumstances that are considered by the Company as indicators of potential impairment include:


•	a prolonged decrease in the fair value or demand for the Company’s properties;


•	a change in the expected use or development plans for the Company’s properties;


•	a material change in strategy that would affect the fair value of the Company’s properties;


•	continuing operating or cash flow losses for an operating property;


•	an accumulation of costs in excess of the projected costs for a development property; and


•	any other adverse change that may affect the fair value of the property.

The Company uses varying methods to determine if an impairment exists, such as (i) considering indicators of potential impairment, (ii) analyzing expected future cash flows and comparing the expected future undiscounted cash flows of the property to its carrying value or (iii) determining market resale values.

For projects under development, an estimate of undiscounted future cash flows is performed using estimated future expenditures necessary to develop and maintain the existing project and using management’s best estimates about future sales prices and holding periods. The projection of undiscounted cash flows requires that management develop various assumptions including:


•	the projected pace of sales of homesites based on estimated market conditions and the Company’s development plans;


•	estimated pricing and projected price appreciation over time;


•	the amount and trajectory of price appreciation over the estimate selling period;


•	the length of the estimated development and selling periods, which can differ depending on the size of the development and the number of phases to be developed;


•	the amount of remaining development costs, including the extent of infrastructure or amenities included in such development costs;


•	holding costs to be incurred over the selling period;


•	for bulk land sales of undeveloped and developed parcels future pricing is based upon estimated developed lot pricing less estimated development costs and estimated developer profit;


•	for commercial development property, future pricing is based on sales of comparable property in similar markets; and


•	whether liquidity is available to fund continued development.

For operating properties, an estimate of undiscounted cash flows also requires management to make assumptions about the use and disposition of such properties. These assumptions include:


•	for investments in inns and rental condominium units, average occupancy and room rates, revenue from food and beverage and other amenity operations, operating expenses and capital expenditures, and eventual disposition of such properties as private residence vacation units or condominiums, based on current prices for similar units appreciated to the expected sale date;


•	for investments in commercial or retail property, future occupancy and rental rates and the amount of proceeds to be realized upon eventual disposition of such property at a terminal capitalization rate; and,


•	for investments in a beach club, golf courses, memberships, future rounds and greens fees, operating expenses and capital expenditures, and the amount of proceeds to be realized upon eventual disposition of such properties at a multiple of terminal year cash flows.

Homesites substantially completed and ready for sale are measured at the lower of carrying value or fair value less costs to sell. Management identifies homesites as being substantially completed and ready for sale when the properties are being actively marketed with intent to sell such properties in the near term and under current market conditions. Other homesites for which management does not intend to sell in the near term under current market conditions are evaluated for impairment based on management’s best estimate of the long-term use and eventual disposition of such property.

Other properties that management does not intend to sell in the near term under current market conditions and has the ability to hold are evaluated for impairment based on management’s best estimate of the long-term use and eventual disposition of the property. The results of impairment analyses for development and operating properties are particularly dependent on the estimated holding and selling period for each asset group.

If a property is considered impaired, the impairment charge is determined by the amount the property’s carrying value exceeds its fair value. The Company uses varying methods to determine fair value, such as (i) analyzing expected future cash flows, (ii) determining resale values by market (iii) applying a capitalization rate to net operating income using prevailing rates in a given market or (iv) applying a multiplier to revenue using prevailing rates in a given market. The fair value of a property may be derived either from discounting projected cash flows at an appropriate discount rate, through appraisals of the underlying property, or a combination thereof.

The Company classifies the assets and liabilities of a long-lived asset as held-for-sale when management approves and commits to a formal plan of sale and it is probable that a sale will be completed. The carrying value of the assets held-for-sale are then recorded at the lower of their carrying value or fair value less estimated costs to sell.

Timber Inventory

The Company estimates its standing timber inventory on an annual basis utilizing a process referred to as a “timber cruise.” Specifically, the Company conducts field measurements of the number of trees, tree height and tree diameter on a sample area equal to approximately 20% of our timber holdings each year. Inventory data is used to calculate volumes and products along with growth projections to maintain accurate data. Industry practices are used for modeling including growth projections, volume and product classifications. Depletion is adjusted based on current volumes and accounting practices.

Property and Equipment, net

Property and equipment is stated at cost, net of accumulated depreciation. Major improvements are capitalized while maintenance and repairs are expensed in the period the cost is incurred. Depreciation is computed using the straight-line method over the estimated economic lives of various assets, as follows:



			Estimated Useful Life (in years)
Railroad and equipment			15-30
Furniture and fixtures			5-10
Machinery and equipment			3-10
Office equipment			5-10
Autos and trucks			5

Income Taxes

The Company follows the asset and liability method of accounting for income taxes. Deferred tax assets and liabilities are recognized for the estimated future tax impact of differences between financial statement carrying amounts of assets and liabilities and their respective tax bases. Deferred income tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in earnings in the period in which the new rate is enacted. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than fifty percent likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company records interest related to unrecognized tax benefits, if any, in interest expense and penalties in other income (expense), net.

A valuation allowance is recorded if based on the weight of available evidence it is more likely than not that some portion or all of the deferred tax asset will not be realized. Realization of the Company’s deferred tax assets is dependent upon the Company generating sufficient taxable income in future years in the appropriate tax jurisdictions to obtain a benefit from the reversal of deductible temporary differences and from loss carryforwards. The Company records a valuation allowance based on the timing of reversal of existing taxable temporary differences and the Company’s history of losses and future expectations of reporting taxable losses, if management does not believe it met the requirements to realize the benefits of certain of its deferred tax assets.

Concentration of Risks and Uncertainties

The Company’s real estate investments are concentrated in Northwest Florida in a number of specific development projects. Uncertain economic conditions could have an adverse impact on the Company’s real estate values and could cause the Company to sell assets at depressed values in order to pay ongoing obligations.

Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash, cash equivalents, investments, other receivables, investments held by special purpose entity or entities (“SPE”), and investments in retained interests. The Company deposits and invests cash with regional financial institutions, which balances as of December 31, 2016 exceed the amount of F.D.I.C. insurance provided on such deposits by $40.4 million. As of December 31, 2016, the Company had $139.1 million invested in ten issuers of corporate debt securities that are non-investment grade and $36.6 million invested in three issuers of preferred stock that are non-investment grade. In addition the Company had investments in short term commercial paper from seven issuers of $129.7 million.

Earnings Per Share

Basic earnings per share is calculated by dividing net income by the average number of common shares outstanding for the period. Diluted earnings per share is calculated by dividing net income by the weighted average number of common shares outstanding for the period, including all potentially dilutive shares issuable under outstanding stock options. Stock options are not considered in any diluted earnings per share calculation when the Company has a loss from operations as their effect would be anti-dilutive. Non-vested restricted stock is included in outstanding shares at the time of grant. For the three years ended December 31, 2016 basic average shares outstanding were the same as diluted shares outstanding. There were no outstanding common stock equivalents as of December 31, 2016 or 2015.

Recently Adopted Accounting Pronouncements

Consolidation

In February 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-02 that amends the existing consolidation guidance related to (i) limited partnerships and similar legal entities, (ii) the evaluation of variable interests for fees paid to decision makers or service providers, (iii) the effect of fee arrangements and related parties on the primary beneficiary determination, and (iv) certain investment funds. These changes are expected to limit the number of consolidation models and place more emphasis on risk of loss when determining a controlling financial interest. The Company adopted the new guidance as of January 1, 2016. The adoption of this guidance had no impact on the Company’s financial condition, results of operations or cash flows.

Debt issuance costs

In April 2015, the FASB issued ASU 2015-3 that requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The amendment does not affect the recognition and measurement guidance for debt issuance costs. As of January 1, 2016, the Company adopted this ASU, which required retrospective application and resulted in the reclassification of debt issuance costs of $2.1 million from other assets to a reduction of $0.7 million in debt and a reduction of $1.4 million in SeniorNotes held by SPE in the Company’s consolidated balance sheets as of December 31, 2015. Other than this change in presentation, this ASU did not have an impact on the Company’s financial condition, results of operations or cash flows. See Note 11. Debt for more information.

Recently Issued Accounting Pronouncements

Revenue recognition

In May 2014, the FASB issued ASU 2014-09 that establishes the principles used to recognize revenue for all entities. In March 2016, the FASB issued ASU 2016-08 that further clarifies the implementation guidance on principal versus agent considerations. In April 2016, the FASB issued ASU 2016-10 that clarifies guidance on identifying performance obligations and to improve the operability and understandability of licensing implementation guidance. In May 2016, the FASB issued ASU 2016-11 that rescinds SEC guidance pursuant to announcements at the March 3, 2016 Emerging Issues Task Force Meeting. In May 2016, the FASB issued ASU 2016-12 that provides narrow-scope improvements and practical expedients to Revenue from Contracts with Customers. In December 2016, the FASB issued ASU 2016-20 that includes technical corrections and improvements to ASU 2014-09. The new guidance will be effective for annual and interim periods beginning after December 15, 2017. Early application will be permitted, but not before annual reporting periods beginning after December 15, 2016. The Company has evaluated the impact of the adoption of this guidance and as a result of this evaluation does not expect it will have a material impact on its financial condition, results of operations and cash flows.

Financial Instruments

In January 2016, the FASB issued ASU 2016-01 that amends existing guidance to address certain aspects of recognition, measurement, presentation and disclosure of financial instruments. The new guidance will require equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in results of operations. Additionally, certain disclosure requirements and other aspects of accounting for financial instruments will change as a result of the new guidance, which is effective for interim and annual reporting periods beginning after December 15, 2017. The Company is currently evaluating the impact that the adoption of the new guidance will have on its financial condition, results of operations and cash flows.

Leases

In February 2016, the FASB issued ASU 2016-02 that amends the existing accounting standards for lease accounting, including requiring lessees to recognize both finance and operating leases with terms of more than 12 months on the balance sheet. The accounting applied by a lessor is largely unchanged from existing guidance. The amendments also require certain quantitative and qualitative disclosures about leasing arrangements. The new guidance will be effective for annual and interim periods beginning after December 15, 2018 and requires a modified retrospective adoption. The Company is currently evaluating the impact that the adoption of this guidance will have on its financial condition, results of operations and cash flows.

Financial Instruments - Credit Losses

In June 2016, the FASB issued ASU 2016-13 that requires a financial asset measured at amortized cost to be presented at the net amount expected to be collected and requires that credit losses from available-for-sale debt securities be presented as an allowance for credit losses. This new guidance will be effective for annual and interim periods beginning after December 15, 2019, with early adoption permitted for annual and interim periods beginning after December 15, 2018. The Company is currently evaluating the impact that the adoption of the new guidance will have on its financial condition, results of operations and cash flows.

Statement of Cash Flows

In August 2016, the FASB issued ASU 2016-15 that amends the classification of certain cash receipts and cash payments, to reduce the diversity in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The new standard is effective for annual periods beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted, including adoption in an interim period. The Company is currently evaluating the impact that the adoption of the new guidance will have on its financial condition, results of operations and cash flows.

Income Taxes

In October 2016, the FASB issued ASU 2016-16 that requires an entity to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. This amendment eliminates the exception for an intra-entity transfer of an asset other than inventory. The new standard is effective for annual and interim periods beginning after December 15, 2017, with early adoption permitted in the first interim period and the amendments should be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. The Company is currently evaluating the impact that the adoption of the new guidance will have on its financial condition, results of operations and cash flows.

Consolidation

In October 2016, the FASB issued ASU 2016-17 that amends the evaluation of whether a reporting entity is the primary beneficiary of a VIE by changing how a reporting entity that is a single decision maker of a VIE treats indirect interests in the entity held through related parties that are under common control with the reporting entity. The new standard is effective for annual and interim periods beginning after December 15, 2016, with early adoption permitted, including adoption in an interim period. The Company does not believe that the adoption of the new guidance will have an impact on its financial condition, results of operations and cash flows.

Business Combinations

In January 2017, the FASB issued ASU 2017-01 that clarifies the definition of a business for entities that must determine whether a business has been acquired or sold. The amendment is intended to assist entities with evaluating whether transactions should be accounted for as acquisitions or disposals of assets or businesses. The new standard is effective for annual and interim periods beginning after December 15, 2017, with early adoption permitted under certain circumstances. The Company is currently evaluating the impact that the adoption of the new guidance will have on its financial condition, results of operations and cash flows.

Investment in Real Estate

12 Months Ended

Dec. 31, 2016

Real Estate [Abstract]

Investment in Real Estate

Real estate by property type and segment includes the following:



	December 31, 2016		December 31, 2015
Development property:
Residential real estate	$	101,292	$	99,413
Commercial real estate	57,932		56,587
Resorts and leisure	263		—
Leasing operations	432		360
Forestry	2,492		2,681
Corporate	2,438		2,211
Total development property	164,849		161,252

Operating property:
Residential real estate	8,097		8,091
Resorts and leisure	107,029		109,425
Leasing operations	82,336		79,550
Forestry	19,608		19,300
Other	50		50
Total operating property	217,120		216,416
Less: Accumulated depreciation	67,349		64,069
Net operating property	149,771		152,347

Investment in real estate, net	$	314,620	$	313,599

Development property consists of land the Company is developing or intends to develop for sale or future operations. Residential real estate includes primary residential and resort residential communities and includes costs directly associated with the land, development and construction of these communities, including common development costs such as roads, utilities and amenities and indirect costs such as development overhead, capitalized interest, marketing and project administration. Commercial real estate includes land for commercial and industrial uses, including land holdings near the Northwest Florida Beaches International Airport and Port of Port St. Joe, and includes costs directly associated with the land and development costs for these properties, which also include common development costs such as roads and utilities. Resorts and leisure development property consists of improvements and expansion of existing beach club property. Leasing development property primarily includes the land development and construction for the consolidated Pier Park North JV. Development property in the leasing operations and resorts and leisure segments will be reclassified as operating property as it is placed into service.

Operating property includes the following components:



	December 31, 2016		December 31, 2015
Land and land improvements	$	73,239	$	73,161
Buildings and building improvements	133,678		133,399
Timber	10,203		9,856
	217,120		216,416
Less: Accumulated depreciation	67,349		64,069
Total operating property, net	$	149,771	$	152,347

Operating property includes property that the Company uses for operations and activities. Residential real estate operating property consists primarily of residential utility assets. The resorts and leisure operating property includes the WaterColor Inn, vacation rental properties, golf courses, a beach club and marinas. Leasing operating property includes property developed or purchased by the Company and used for retail and commercial rental purposes, including property in the Pier Park North JV and Windmark JV. Forestry operating property includes the Company’s timberlands. Operating property may be sold in the future as part of the Company’s principal real estate business.

Depreciation expense related to real estate investments was $6.0 million, $6.2 million and $5.7 million in 2016, 2015 and 2014, respectively. Depletion and amortization expense related to our timber operations was $0.5 million in each 2016, 2015 and 2014.

- Definition

The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures.

+ References + Details

Real Estate Sales

12 Months Ended

Dec. 31, 2016

Discontinued Operations and Disposal Groups [Abstract]

Real Estate Sales

AgReserves Sale

On March 5, 2014, the Company completed its AgReserves Sale for $562.0 million and recorded pre-tax income of $511.1 million for the AgReserves Sale, which included $1.2 million of severance costs recorded in other operating and corporate expenses during 2014. As a result of certain adjustments to the purchase price, consideration received for the AgReserves Sale was (1) $358.5 million in cash, (2) a $200.0 million fifteen year installment note (the “Timber Note”) issued by Panama City Timber Finance Company, LLC, a buyer-sponsored special purpose entity (the “Buyer SPE”), and (3) an Irrevocable Standby Letter of Credit issued by JPMorgan Chase Bank, N.A. (the “Letter of Credit”) at the request of the Buyer SPE, in favor of the Company. The Buyer SPE was created by AgReserves with financial instruments with an aggregate principal balance of $203.5 million that secure the Letter of Credit.

In April 2014, the Company contributed the Timber Note and assigned its rights as a beneficiary under the Letter of Credit to Northwest Florida Timber Finance, LLC, a bankruptcy-remote, qualified special purpose entity wholly owned by the Company. NFTF monetized the Timber Note by issuing $180.0 million aggregate principal amount of its 4.8% Senior Secured Notes due 2029 (the “Senior Notes”) at an issue price of 98.5% of the face value to third party investors. The Senior Notes are payable solely by the property of NFTF, which consists solely of (i) the Timber Note, (ii) the Letter of Credit, (iii) any cash, securities and other property in certain NFTF accounts, (iv) the rights of NFTF under the contribution agreement with the Company (which was solely to contribute the Timber Note and the Letter of Credit) and (v) any proceeds relating to the property listed in (i) through (iv) above. The investors holding the Senior Notes of NFTF have no recourse against the Company for payment of the Senior Notes or the related interest expense.

The Company received $165.0 million in cash, net of $15.0 million in costs, from the monetization and expects to receive the remaining $20.0 million upon maturity of the Timber Note in 2029 and after payment of the Senior Notes and any other liabilities of NFTF. The $15.0 million of costs from the monetization include (1) a total of $4.3 million for the discount and issuance costs for the Senior Notes, which will be amortized over the term of the Senior Notes, (2) $7.0 million for U.S. Treasury securities and cash that the Company contributed to NFTF to be used for interest and operating expenses over the fifteen year period and which are recorded in Investments held by SPEs on the Company’s consolidated balance sheets and (3) $3.7 million of costs related to the monetization that were expensed during 2014 and are recorded in administrative costs associated with SPEs on the Company’s consolidated statements of operations.

The Company owns the equity interest in NFTF, but no equity interest in the Buyer SPE. Both the Buyer SPE and NFTF are distinct legal entities and the assets of the Buyer SPE and NFTF are not available to satisfy the Company's liabilities or obligations and the liabilities of the Buyer SPE and NFTF are not the Company's liabilities or obligations. In the event that proceeds from the financial instruments are insufficient to settle all of the liabilities of the Buyer SPE or NFTF, the Company is not obligated to contribute any funds to either the Buyer SPE or NFTF.

The Company has determined that it was the primary beneficiary of the Buyer SPE and NFTF as of December 31, 2016 and December 31, 2015, and therefore, the Buyer SPE’s and NFTF’s assets and liabilities are consolidated in the Company’s financial statements as of December 31, 2016 and December 31, 2015. The carrying amounts of the Buyer SPE’s and NFTF’s assets and non-recourse liabilities were $211.5 million and $179.2 million, respectively, as of December 31, 2016. The investments held by the SPEs consist of a $200.0 million time deposit that subsequent to April 2, 2014 pays interest at 4.0% and matures in March 2029, accrued interest of $2.9 million, U.S. Treasuries of $8.2 million and cash of $0.4 million. The Senior Notes issued by NFTF consist of $176.3 million net of the $3.7 million discount and debt issuance costs and $2.9 million accrued interest expense on the Senior Notes.

The Company’s consolidated statements of operations includes the following amounts related to the Buyer SPE and NFTF for (i) interest income on the time deposit and amortization of the discounts on the U.S. Treasuries and (ii) interest expense for the Senior Notes, amortization of the discount and issuance costs:



	2016			2015			2014
Investment income, net	$	8,202		$	8,217		$	6,116
Interest expense	$	(8,833	)	$	(8,755	)	$	(6,584	)

The Company has classified the U.S. Treasury securities held by the Buyer SPE and NFTF as held-to-maturity based on their intent and ability to hold these securities to maturity. Accordingly, the debt securities, which mature at various dates over the remaining thirteen year period, are recorded at amortized cost, which approximates fair value as of December 31, 2016. The U.S. Treasuries mature over the remaining thirteen year period or $0.6 million within one year, $2.5 million after one year through five years, $3.4 million after five years through ten years and $1.7 million after ten years.

RiverTown Sale

On April 2, 2014, the Company completed its sale to an affiliate of Mattamy (Jacksonville) Partnership d/b/a Mattamy Homes (“Mattamy”), of approximately 4,057 acres of real property, which constitutes the RiverTown community in St. Johns County, Florida, along with all of the Company’s related development or developer rights, founder’s rights and certain tangible and intangible personal property in exchange for (1) $24.0 million in cash, (2) $19.6 million in the form of a purchase money note (the “RiverTown Note”), (3) the assumption of the Company’s Rivers Edge Community Development District (“Rivers Edge CDD”) assessments and (4) the obligation to purchase from the Company certain RiverTown community related impact fee credits from the Company as the RiverTown community is developed (the “RiverTown Sale”). The $19.6 million purchase money note was paid in full as of June 30, 2015.

Based on Mattamy’s current development plans and St. Johns County’s current costs for impact fees, the Company estimates that it may receive $20.0 million to $26.0 million for the impact fees over the remaining three-year period (most of which, the Company expects to receive at the end of that remaining three-year period). However, the actual additional consideration received for the impact fees, will be based on Mattamy’s actual development of the RiverTown community, the timing of Mattamy’s development of the RiverTown community and the impact fee rates at the time of such development (as determined by St. Johns County’s then current impact fee rate schedule), which are all factors beyond the Company's control. The Company cannot provide any assurance as to the amount or timing of any payments it may receive for the impact fees. The Company received $0.4 million during 2016 and $0.1 million for these impact fees during both 2015 and 2014.

The Company recorded net earnings of $26.0 million before income taxes for the RiverTown Sale in the second quarter of 2014. Mattamy also assumed the Company’s total outstanding Rivers Edge CDD assessments, which were $11.0 million, of which $5.4 million was recorded on the Company’s consolidated balance sheet as of March 31, 2014.

- Definition

The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
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-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=65878427&loc=SL51721533-107759

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Topic 205
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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Reference 10: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Investments

12 Months Ended

Dec. 31, 2016

Investments, Debt and Equity Securities [Abstract]

Investments

Investments and restricted investments consist of available-for-sale securities and are recorded at fair value, which is based on quoted market prices and pricing data from external pricing services that use prices observed for recently executed market transactions. Unrealized gains and temporary losses on investments, net of tax, are recorded in other comprehensive income. Realized gains and losses are determined using the specific identification method. The amortized cost of debt securities are adjusted for amortization of premiums and accretion of discounts to maturity computed under the effective interest method. Such amortization and accretion is included in investment income, net. In addition, at December 31, 2016, the Company had investments in short term commercial paper that are classified as cash equivalents, since they had maturity dates of ninety days or less from the date of purchase.

At December 31, 2016 investments and restricted investments classified as available-for-sale securities were as follows:



	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Investments:
Corporate debt securities	$	135,590	$	5,311	$	1,769	$	139,132
Preferred stock	36,048		656		111		36,593
	171,638		5,967		1,880		175,725
Restricted investments:
Short-term bond	4,232		—		6		4,226
Money market fund	1,410		—		—		1,410
	5,642		—		6		5,636
	$	177,280	$	5,967	$	1,886	$	181,361

At December 31, 2015 investments and restricted investments classified as available-for-sale securities were as follows:



	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Investments:
U.S. Treasury securities	$	184,819	$	—	$	79	$	184,740
Corporate debt securities	7,273		—		981		6,292
Preferred stock	265		—		57		208
	192,357		—		1,117		191,240
Restricted investments:
Guaranteed income fund	7,072		—		—		7,072
	$	199,429	$	—	$	1,117	$	198,312

Fairholme Trust Company, LLC, or one of its affiliates (“Fairholme”), has served as an investment advisor to the Company since April 2013. As of December 31, 2016, funds managed by Fairholme beneficially owned approximately 32.9% of the Company’s common stock. Mr. Bruce Berkowitz is the Chief Investment Officer of Fairholme Capital Management, L.L.C., a director of Fairholme Trust Company, LLC and the Chairman of our Board of Directors. Mr. Cesar Alvarez also serves as a director of Fairholme Trust Company, LLC and is a member of our Board of Directors. Fairholme does not receive any compensation for services as the Company’s investment advisor.

Pursuant to the terms of the Investment Management Agreement with Fairholme, as amended (the “Agreement”), Fairholme agreed to supervise and direct the investments of investment accounts established by the Company in accordance with the investment guidelines and restrictions approved by the Investment Committee of the Company’s Board of Directors. The investment guidelines are set forth in the Agreement and require that, as of the date of any investment: (i) no more than 15% of the investment account may be invested in securities of any one issuer (excluding the U.S. Government) and (ii) any investment in any one issuer (excluding the U.S. Government) that exceeds 10%, but not 15%, requires the consent of at least two members of the Investment Committee. Effective November 1, 2016, the Company and Fairholme entered into an Amendment (the “Amendment”) to the Agreement, pursuant to which the Company modified the investment guidelines and restrictions described in the Agreement to (i) decrease from at least 50% to 25% the amount of the investment account that must be held in cash and cash equivalents, (ii) permit the investment account to be invested in common equity securities; however, common stock investments shall be limited to exchange-traded common equities, shall not exceed 5% ownership of a single issuer and, cumulatively, the common stock held in the Company’s investment portfolio shall not exceed $100.0 million market value, and (iii) provide that the aggregate market value of investments in common stock, preferred stock or other equity investments cannot exceed 25% of the market value of the Company’s investment portfolio at the time of purchase. All other material investment guidelines remain the same.

As of December 31, 2016, the investment account included $139.1 million of corporate debt securities and $36.6 million of preferred stock investments. $9.4 million of the $139.1 million corporate debt securities and $0.2 million of the $36.6 million preferred stock are issued by Sears Holdings Corp or affiliates, of which Messrs. Berkowitz and Alvarez are on the board of directors and may be deemed an affiliate of Fairholme.

During 2016, realized gains from the sale of available-for-sale securities were $0.8 million and proceeds from the sale of available-for-sale securities were $197.5 million and proceeds from the maturity of available-for-sale securities were $185.0 million. During 2015, realized gains from the sale of available-for-sale securities were $5.3 million, proceeds from the sale of available-for-sale securities were $385.7 million and proceeds from the maturity of available-for-sale securities were $410.0 million.

The following table provides the debt securities, preferred stock and restricted investments unrealized loss position and related fair values:



	As of December 31, 2016								As of December 31, 2015
	Less Than 12 Months				12 Months or Greater				Less Than 12 Months				12 Months or Greater
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Investments:
U.S. Treasury securities	$	—	$	—	$	—	$	—	$	184,740	$	79	$	—	$	—
Corporate debt securities	64,516		1,410		6,971		359		6,292		981		—		—
Preferred stock	—		—		153		111		208		57		—		—
Restricted investments:
Short-term bond	4,226		6		—		—		—		—		—		—
	$	68,742	$	1,416	$	7,124	$	470	$	191,240	$	1,117	$	—	$	—

As of December 31, 2016, the Company had unrealized losses of $1.9 million related to corporate debt securities, preferred stock and restricted investments. The Company had unrealized losses of $1.1 million as of December 31, 2015 related to U. S. Treasury securities, corporate debt securities and preferred stock. As of December 31, 2016 and 2015, the Company did not intend to sell the investments with material unrealized losses and it is more likely than not that the Company will not be required to sell any of these securities prior to their anticipated recovery, which could be maturity; therefore, the Company does not believe that its investment in the corporate debt securities, preferred stock and restricted investments was other-than-temporarily impaired at December 31, 2016 and 2015.

The net carrying value and estimated fair value of investments and restricted investments classified as available-for-sale at December 31, 2016, by contractual maturity are shown in the following table. Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay obligations.



	Amortized Cost		Fair Value
Due in one year or less	$	3,910	$	3,719
Due after one year through five years	131,581		135,344
Due after ten through fifteen years	99		69
	135,590		139,132
Preferred stock	36,048		36,593
Restricted investments	5,642		5,636
	$	177,280	$	181,361

- Definition

The entire disclosure for investments in certain debt and equity securities.

+ References + Details

Financial Instruments and Fair Value Measurements

12 Months Ended

Dec. 31, 2016

Fair Value Disclosures [Abstract]

Financial Instruments and Fair Value Measurements

Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. A three-tier fair value hierarchy is established as a basis for considering such assumptions and for inputs used in the valuation methodologies in measuring fair value:

Level 1. Quoted prices in active markets for identical assets or liabilities;

Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and

Level 3. Unobservable inputs in which there is little or no market data, such as internally-developed valuation models which require the reporting entity to develop its own assumptions.

The financial instruments measured at fair value on a recurring basis at December 31, 2016 were as follows:



	Level 1		Level 2		Level 3		Total Fair Value
Cash equivalents:
Money market funds	$	86,236	$	—	$	—	$	86,236
Commercial paper	129,671		—		—		129,671
	215,907		—		—		215,907
Investments:
Corporate debt securities	57,788		81,344		—		139,132
Preferred stock	19,177		17,416		—		36,593
	76,965		98,760		—		175,725
Restricted investments:
Short-term bond	4,226		—		—		4,226
Money market fund	1,410		—		—		1,410
	5,636		—		—		5,636
	$	298,508	$	98,760	$	—	$	397,268

The financial instruments measured at fair value on a recurring basis at December 31, 2015 were as follows:



	Level 1		Level 2		Level 3		Total Fair Value
Cash equivalents:
Money market funds	$	18,233	$	—	$	—	$	18,233
Commercial paper	174,973		—		—		174,973
	193,206		—		—		193,206
Investments:
U.S. treasury securities	184,740		—		—		184,740
Corporate debt securities	—		6,292		—		6,292
Preferred stock	—		208		—		208
	184,740		6,500		—		191,240
Restricted investments:
Guaranteed income fund	—		7,072		—		7,072
	$	377,946	$	13,572	$	—	$	391,518

Money market funds, U.S. Treasury securities, commercial paper, certain corporate debt securities and certain preferred stock are measured based on quoted market prices in an active market and categorized within level 1 of the fair value hierarchy. Money market funds and commercial paper with a maturity date of 90 days or less from the date of purchase are classified as cash equivalents in the Company’s consolidated balance sheets.

Certain corporate debt securities and certain preferred stock are not traded on a nationally recognized exchange but rather are traded in the U.S. over-the-counter market where there is less trading activity and these are measured primarily using pricing data from external pricing services that use prices observed for recently executed market transactions. For these reasons, the Company has determined that certain corporate debt securities and certain preferred stock are categorized as level 2 financial instruments since their fair values were determined from market inputs in an inactive market.

Restricted investments include certain of the surplus assets that were transferred from the Company’s Pension Plan to a suspense account in the Company’s 401(k) Plan in December 2014. The Company has retained the risks and rewards of ownership of these assets; therefore, the assets held in the suspense account are included in the Company’s consolidated financial statements until they are allocated to participants. As of December 31, 2015, the assets held in the suspense account were invested in the Prudential Guaranteed Income Fund, which is a stable value fund designed to provide safety of principal, liquidity and a rate of return. The Prudential Guaranteed Income Fund was valued based upon the contributions made to the fund, plus earnings at guaranteed crediting rates, less withdrawals and fees and was categorized as a level 2 financial instrument. During the year ended December 31, 2016, the assets were transferred to a Vanguard Money Market Fund, which invests in short-term, high quality securities and seeks to provide current income and preserve shareholders’ principal investment and a Vanguard Short-Term Bond Fund, which invests in money market instruments and short-term high quality bonds, including asset-backed, government, and investment grade corporate securities with an expected maturity of 0-3 years. The Vanguard Money Market Fund and Vanguard Short-Term Bond Fund are measured based on quoted market prices in an active market and categorized within level 1 of the fair value hierarchy. The Company’s Retirement Plan Investment Committee is responsible for investing decisions and allocation decisions of the suspense account. Refer to Note 17. Employee Benefit Plans.

Long-lived Assets

The Company reviews its long lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Company uses varying methods to determine fair value, such as (i) analyzing expected future cash flows, (ii) determining resale values by market, (iii) applying a capitalization rate to net operating income using prevailing rates in a given market or (iv) applying a multiple to revenue using prevailing rates in a given market. The fair value of a property may be derived either from discounting projected cash flows at an appropriate discount rate, through appraisals of the underlying property, or a combination thereof.

The Company’s assets measured at fair value on a nonrecurring basis are those assets for which the Company has recorded valuation adjustments and impairments during the year. There were no material non-financial assets measured at fair value on a nonrecurring basis at December 31, 2016 and 2015.

Fair Value of Financial Instruments

The Company uses the following methods and assumptions in estimating fair value for financial instruments:


•	The fair value of the Company’s retained interest investments is based on the present value of the expected future cash flows at the effective yield.


•	The fair value of the Investments held by SPEs - time deposit is based on the present value of future cash flows at the current market rate. See Note 4. Real Estate Sales.


•	The fair value of the Investments held by SPEs - U.S. Treasury securities are measured based on quoted market prices in an active market. See Note 4. Real Estate Sales.


•	The fair value of the Senior Notes held by SPE is based on the present value of future cash flows at the current market rate. See Note 4. Real Estate Sales.

The carrying amount and fair value of the Company’s financial instruments were as follows:



	December 31, 2016					December 31, 2015
	Carrying value		Fair value		Level	Carrying value		Fair value		Level
Assets
Retained interest investments	$	10,635	$	13,669	3	$	10,246	$	13,333	3
Investments held by SPEs:
Time deposit	$	200,000	$	200,000	3	$	200,000	$	200,000	3
U.S. Treasury securities and cash equivalents	$	8,590	$	8,398	1	$	8,785	$	9,033	1
Liabilities
Senior Notes held by SPE	$	176,310	$	199,691	3	$	176,094	$	178,035	3

Retained Interest Investments

The Company has a beneficial interest in certain bankruptcy remote qualified SPEs used in the installment sale monetization of certain sales of timberlands in 2007 and 2008. The SPEs’ assets are not available to satisfy the Company’s liabilities or obligations and the liabilities of the SPEs are not the Company’s liabilities or obligations. In the event that proceeds from the financial instruments are insufficient to settle all of the liabilities of the SPEs, the Company is not obligated to contribute any funds to the SPEs. The Company has determined that it is not the primary beneficiary of the SPEs, since the Company is not the primary decision maker with respect to activities that could significantly impact the economic performance of the SPEs, nor does the Company perform any service activity related to the SPEs. Therefore, the SPEs’ assets and liabilities are not consolidated in the Company’s financial statements as of December 31, 2016 and 2015.

At the time of monetization the initial retained interest recorded was an estimate based on the present value of future excess cash flows expected to be received over the life of the retained interest, using management’s best estimate of underlying assumptions, including credit risk and discount rates. The Company’s continuing involvement with the SPEs is the receipt of the net interest payments and the remaining principal of approximately $16.9 million to be received towards the end of the installment notes’ fifteen year maturity period, in 2022 through 2024.

The Company has a beneficial or retained interest investment related to these SPEs of $10.6 million and $10.2 million as of December 31, 2016 and 2015, respectively, recorded in other assets on the Company’s consolidated balance sheets. The Company has classified its retained interest investment as held-to-maturity because the Company has both the intent and the ability to hold its interest in the SPEs to maturity. Accordingly, the Company has recorded the retained interest investment at cost, adjusted for the accretion of investment income over the life of the retained interest using the effective yield method with rates ranging from 3.7% - 11.8%. The Company continues to update the expectation of cash flows to be collected over the term of the retained interest. Changes to the previously projected cash flows are accounted for prospectively, unless based on management’s assessment of current information and events, it is determined that there is an other-than-temporary impairment. The Company has not recorded an other-than-temporary impairment related to its retained interest investments during the years ended December 31, 2016 and 2015.

In the event of a failure and liquidation of the counterparties involved in the installment sales, the Company could be required to write-off the remaining retained interest recorded on its consolidated balance sheets in connection with the installment sale monetization transactions in 2007 and 2008.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Claim Settlement Receivable

12 Months Ended

Dec. 31, 2016

Receivables [Abstract]

Claim Settlement Receivable

Notes Receivable, net

Notes receivable, net consists of the following:

Pier Park Community Development District notes, non-interest bearing, due September 2022, effective rates 5.93% — 6.50% through November 2016

Interest bearing homebuilder notes, secured by the real estate sold — 4.0% interest rate, due December 2016, paid January 2017

Various mortgage notes, secured by certain real estate, bearing interest at various rates

Total notes receivable, net

The Company evaluates the carrying value of the notes receivable and the need for an allowance for doubtful notes receivable at each reporting date.

Claim Settlement Receivable

On March 24, 2016, the Company entered into a full and final release agreement with BP p.l.c. and various related entities pursuant to which the Company, on its own behalf and on behalf of certain wholly owned subsidiaries, released any and all claims related to the Deepwater Horizon oil spill which occurred on April 20, 2010. In exchange for this release, the Company will receive $13.2 million, of which $7.8 million remains receivable as of December 31, 2016, from BP Exploration & Production Inc., a large portion of which will reimburse the Company for expenses incurred. On October 3, 2016, the Company received a $5.0 million payment. The remaining settlement amount will be made in payments of $2.7 million due in October of 2017, 2018 and 2019. The Company also received a guaranty of payments from BP North America Corporation Inc. As of March 24, 2016, the Company recorded the claim settlement receivable using an imputed interest rate of 3.0%, based on its best estimate of the prevailing market rates for the source of credit, resulting in an initial present value of $12.5 million and a discount of $0.7 million. $12.5 million of the claim settlement was recognized as other income in the Company’s consolidated statements of income for the year ended December 31, 2016. The discount is being accreted over the term of the receivable using the effective interest method. Interest income for the period from March 24, 2016 to December 31, 2016 was $0.3 million.

- Definition

The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.

+ References + Details

Other Assets

12 Months Ended

Dec. 31, 2016

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Other Assets

Other assets consist of the following:



	December 31, 2016		December 31, 2015
Retained interest investments	$	10,635	$	10,246
Accounts receivable, net	4,625		4,382
Notes receivable, net	1,926		2,555
Prepaid expenses	5,685		5,849
Straight line rent	3,812		3,732
Other assets	8,789		6,751
Accrued interest receivable for Senior Notes held by SPE	2,938		3,338
Total other assets	$	38,410	$	36,853

Notes receivable, net consists of the following:



	December 31, 2016		December 31, 2015
Pier Park Community Development District notes, non-interest bearing, due September 2022, effective rates 5.93% — 6.50% through November 2016	$	1,684	$	1,985
Interest bearing homebuilder notes, secured by the real estate sold — 4.0% interest rate, due December 2016, paid January 2017	33		90
Various mortgage notes, secured by certain real estate, bearing interest at various rates	209		480
Total notes receivable, net	$	1,926	$	2,555

The Company evaluates the carrying value of the notes receivable and the need for an allowance for doubtful notes receivable at each reporting date. As of December 31, 2016 and 2015, there was no allowance for doubtful notes receivable.

Property and Equipment, Net

12 Months Ended

Dec. 31, 2016

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

Property and equipment, net consists of the following:



	December 31, 2016		December 31, 2015
Railroad and equipment	$	33,626	$	33,626
Furniture and fixtures	19,191		16,749
Machinery and equipment	8,998		9,900
Office equipment	5,154		5,600
Autos and trucks	1,075		1,044
	68,044		66,919
Less: Accumulated depreciation	59,404		57,103
	8,640		9,816
Construction in progress	352		329
Total property and equipment, net	$	8,992	$	10,145

Depreciation expense on property and equipment was $2.1 million in 2016, $2.8 million in 2015 and $2.2 million in 2014.

Real Estate Joint Ventures

12 Months Ended

Dec. 31, 2016

Equity Method Investments and Joint Ventures [Abstract]

Real Estate Joint Ventures

The Company enters into real estate joint ventures, from time to time, for the purpose of developing real estate in which the Company may or may not have a controlling financial interest. Generally accepted accounting principles (“GAAP”) require consolidation of VIEs in which an enterprise has a controlling financial interest and is the primary beneficiary. A controlling financial interest will have both of the following characteristics: (a) the power to direct the VIE activities that most significantly impact economic performance and (b) the obligation to absorb the VIE losses and right to receive benefits that are significant to the VIE. The Company examines specific criteria and uses judgment when determining whether the Company is the primary beneficiary and must consolidate a VIE. The Company continues to assess whether it is the primary beneficiary on an ongoing basis.

Consolidated Real Estate Joint Ventures

In December 2016, the Company entered into a joint venture agreement with Windmark JV pursuant to which the Company transferred to Windmark JV all of its interest in the Windmark Beach project. Windmark JV is a joint venture between Windmark Beach, LLC (“WMBLLC”), a wholly owned subsidiary of the Company, The Fairholme Unlimited Foundation, Inc. (a 501(c)(3) private operating foundation), and another unrelated 501(c)(3) charitable foundation. WMBLLC, a wholly owned subsidiary of the Company is the managing member of Windmark JV and runs its day-to-day operations. Windmark JV owns and its members make major decisions related to the management and development of the Windmark Beach project. For financial accounting purposes, the Company is deemed to control Windmark JV, which is consolidated within the financial results of the Company. The joint venture agreement provided for Windmark JV to transfer $20.0 million to the Company in exchange for the Windmark Beach property and assets. However, WMBLLC contributed capital of $9.9 million to Windmark JV in exchange for 49.0% equity interest, resulting in a net increase in cash and cash equivalents of $10.3 million, which was received from the non-controlling members for their 51.0% equity interest and an increase in non-controlling interests for the same amount on the Company’s consolidated balance sheets as of December 31, 2016. There was no impact on the results of operations of the Company as a result of the transaction. The sale of the Windmark Beach project created a net taxable loss for the Company in 2016. The loss will be carried back to 2014 for a federal income tax refund of $24.6 million. The carryback of the loss will also create an alternative minimum tax (“AMT”) credit carryforward of $13.5 million. The AMT credit carryforward may be carried forward indefinitely to offset future federal income tax liabilities. For Florida income tax purposes, the net taxable loss may be carried forward through 2036 to offset future Florida taxable income.

During 2012, the Company entered into a joint venture agreement with a partner to develop a retail center at Pier Park North. As of December 31, 2016, the Company owned a 60.0% equity interest in the consolidated joint venture. The Company’s partner is responsible for the day-to-day activities of the joint venture. However, the Company has significant involvement in the design of the development and approves all major decisions, including project development, annual budgets and financing. The Company determined the joint venture is a VIE and that the Company is the VIE’s primary beneficiary as of December 31, 2016 and 2015.

In October 2015, the Pier Park North JV refinanced a construction loan and entered into a $48.2 million loan (the “Refinanced Loan”). As of December 31, 2016, $48.1 million was outstanding on the Refinanced Loan. At issuance, the Refinanced Loan was secured by a first lien on, and security interest in, a majority of Pier Park North JV’s property and a short term $6.6 million letter of credit. In October 2016, the letter of credit was reduced to $1.3 million based on the terms of the Refinanced Loan agreement. Additionally, in connection with this refinancing, each of the Pier Park North JV partners executed a limited guarantee in favor of the lender, based on their percentage ownership in the joint venture. See Note 11. Debt.

In addition, the Company is the primary beneficiary of Artisan Park, L.L.C, another real estate joint venture, that is consolidated within the financial results of the Company. The Company is entitled to 74% of the profits or losses of this VIE and is responsible for the day-to-day activities of the joint venture.

Unconsolidated Real Estate VIE

During 2016 and 2015, the Company was a partner in ALP Liquidating Trust (“ALP”) that is accounted for using the equity method. The joint venture was entered into to develop and sell certain mixed use residential and commercial projects. The Company has evaluated the VIE consolidation requirements with respect to this joint venture and has determined that the Company is not the primary beneficiary, since the Company does not have the power to direct the activities that most significantly impact the economic performance of the VIE. The Company is not required to contribute additional funds to ALP.

Summarized financial information for ALP is as follows:



	December 31, 2016		December 31, 2015
BALANCE SHEETS:
Cash and cash equivalents	$	11,948	$	13,760
Other assets	59		58
Total assets	$	12,007	$	13,818

Accounts payable and other liabilities	$	955	$	1,978
Equity⁽¹⁾	11,052		11,840
Total liabilities and equity	$	12,007	$	13,818

(1) In 2008, the Company wrote-off its investment in ALP as a result of ALP reserving its assets to satisfy potential claims and obligations in accordance with its publicly reported liquidation basis of accounting. Subsequently, ALP changed its method of accounting to a going concern basis and reinstated its equity and stated it would report certain expenses as they are incurred. The Company has not recorded any additional equity income as a result of the ALP’s change in accounting.



	2016		2015		2014
STATEMENTS OF OPERATIONS:
Income	$	371	$	—	$	5
Total expenses	1,159		3,073		1,957
Net loss	$	788	$	3,073	$	1,952

Total ALP income of $0.4 million for the year ended December 31, 2016, is due to the sale of remnant parcels.

Debt

12 Months Ended

Dec. 31, 2016

Debt Disclosure [Abstract]

Debt

Debt consists of the following as of December 31, 2016:



	Principal		Unamortized Discount and Debt Issuance Costs		Net
Refinanced Loan in the Pier Park North JV, due November 2025, bearing interest at 4.1%	$	48,132	$	613	$	47,519
Community Development District debt, secured by certain real estate and standby note purchase agreements, due May 2031 — May 2039, bearing interest at 3.4% to 7.0%	7,521		—		7,521
Total debt	$	55,653	$	613	$	55,040

Debt consists of the following as of December 31, 2015:



	Principal		Unamortized Discount and Debt Issuance Costs		Net
Refinanced Loan in the Pier Park North JV, due November 2025, bearing interest at 4.1%	$	48,200	$	720	$	47,480
Community Development District debt, secured by certain real estate and standby note purchase agreements, due May 2016 — May 2039, bearing interest at 2.8% to 7.0%	6,994		—		6,994
Total debt	$	55,194	$	720	$	54,474

The Refinanced Loan accrues interest at a rate of 4.1% per annum and will mature on November 1, 2025. In connection with the Refinanced Loan, the Company entered into a limited guarantee in favor of the lender, based on its percentage ownership of the joint venture. In addition, the guarantee can become full recourse in the case of any fraud or intentional misrepresentation by the Pier Park North JV; any voluntary transfer or encumbrance of the property in violation of the due-on-sale clause in the security instrument; upon commencement of voluntary bankruptcy or insolvency proceedings and upon breach of covenants in the security instrument.

Community Development District (“CDD”) bonds financed the construction of infrastructure improvements at several of the Company’s projects. The principal and interest payments on the bonds are paid by assessments on, or from sales proceeds of, the properties benefited by the improvements financed by the bonds. The Company has recorded a liability for CDD assessments that are associated with platted property, which is the point at which the assessments become fixed or determinable. Additionally, the Company has recorded a liability for the balance of the CDD assessment that is associated with unplatted property if it is probable and reasonably estimable that the Company will ultimately be responsible for repaying. The Company has recorded debt of $7.5 million and $7.0 million related to CDD assessments as of December 31, 2016 and 2015, respectively. The Company’s total outstanding CDD assessments were $22.6 million and $22.5 million at December 31, 2016 and 2015, respectively. The Company pays interest on the total outstanding CDD assessments.

The aggregate maturities of debt subsequent to December 31, 2016 are:



	December 31, 2016
2017	$	991
2018	1,033
2019	1,075
2020	1,120
2021	1,166
Thereafter	50,268
	$	55,653

Other Liabilities

12 Months Ended

Dec. 31, 2016

Payables and Accruals [Abstract]

Other Liabilities

Other liabilities consist of the following:



	December 31, 2016		December 31, 2015
Accounts payable	$	4,376	$	2,585
Accrued compensation	2,655		3,366
Deferred revenue	15,289		15,584
Membership deposits and initiation fees	7,384		7,416
Advance deposits	3,419		3,574
Other accrued liabilities	4,977		6,505
Accrued interest expense for Senior Notes held by SPE	2,850		2,850
Total other liabilities	$	40,950	$	41,880

Deferred revenue at December 31, 2016 and 2015 includes $12.5 million related to a 2006 agreement pursuant to which the Company agreed to sell rural land to the Florida Department of Transportation (the “FDOT”). Revenue is recognized when title to a specific parcel is legally transferred.

Membership deposits and initiation fees consist of deposits and fees received for club memberships. Initiation fees are recognized as revenue over the estimated average duration of membership.

Advance deposits consist of deposits received on hotel rooms and vacation rentals. Advance deposits are recorded as other liabilities in the consolidated balance sheets without regard to whether they are refundable and are recognized as income at the time the service is provided for the related deposit.

Income Taxes

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Income Taxes

Income tax (benefit) expense for the years ended December 31, 2016, 2015, and 2014 consist of the following:



	2016			2015			2014
Current:
Federal	$	(22,416	)	$	(1,377	)	$	69,245
State	(64		)	(138		)	135
Total	(22,480		)	(1,515		)	69,380
Deferred:
Federal	29,796			2,261			35,314
State	(169		)	62			10,813
Total	29,627			2,323			46,127
Income tax expense	$	7,147		$	808		$	115,507

Total income tax expense (benefit) for the years ended December 31, 2016, 2015, and 2014 was allocated in the consolidated financial statements as follows:



	2016		2015			2014
Income tax expense	$	7,147	$	808		$	115,507
Income tax recorded in accumulated other comprehensive income (loss)
Income tax expense (benefit)	2,003		(300		)	(127		)
Total income tax expense	$	9,150	$	508		$	115,380

Income tax expense attributable to income from operations differed from the amount computed by applying the statutory federal income tax rate of 35% to pre-tax income or loss as a result of the following:



	2016			2015			2014
Tax at the statutory federal rate	$	8,065		$	(323	)	$	182,700
State income taxes (net of federal benefit)	806			(32		)	18,270
Decrease in valuation allowance	(941		)	(164		)	(86,882		)
Fees and expenses for SEC investigation	—			1,092			—
Other	(783		)	235			1,419
Total income tax expense	$	7,147		$	808		$	115,507

The tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities as of December 31, 2016 and 2015 are presented below:



	2016			2015
Deferred tax assets:
State net operating loss carryforwards	$	14,956		$	11,400
Alternative minimum tax credit carryforward	13,477			—
Impairment losses	63,108			112,143
Prepaid income from land sales	5,461			5,490
Other	—			1,358
Total gross deferred tax assets	97,002			130,391
Valuation allowance	(5,135		)	(6,012		)
Total net deferred tax assets	91,867			124,379
Deferred tax liabilities:
Investment in real estate and property and equipment basis differences	647			3,071
Deferred gain on land sales and involuntary conversions	28,920			28,691
Installment sales	127,260			126,741
Pension Plan assets transferred to the 401(k) Plan	2,170			2,723
Other	1,716			—
Total gross deferred tax liabilities	160,713			161,226
Net deferred tax liability	$	(68,846	)	$	(36,847	)

The Company had no federal net operating loss carryforwards at December 31, 2016 and 2015. The Company had a federal AMT credit carryforward of $13.5 million at December 31, 2016. The AMT credit carryforward is available indefinitely to offset future federal income tax liabilities. The Company had no federal AMT tax credit carryforward at December 31, 2015. At December 31, 2016 and 2015, the Company had state net operating loss carryforwards of $427.3 million and $325.7 million, respectively. The majority of state net operating losses are available to offset future taxable income through 2036.

In general, a valuation allowance is recorded if, based on the available evidence, it is more likely than not that some portion or all of the deferred tax asset will not be realized. Realization of the Company’s deferred tax assets is dependent upon the Company generating sufficient taxable income in future years in the appropriate tax jurisdictions to obtain a benefit from the reversal of deductible temporary differences and from loss carryforwards.

As of December 31, 2016 and 2015, management believed it had not met the requirements to realize the benefits for a portion of its deferred tax assets for state net operating loss carryforwards; therefore, the Company has maintained a valuation allowance of $5.1 million and $6.0 million, respectively, related to state net operating losses. During 2016, the Company decreased the valuation allowance by $0.9 million to $5.1 million.

The Company had approximately $1.7 million of total unrecognized tax benefits as of December 31, 2016 and 2015, respectively. Of this total, there are no amounts of unrecognized tax benefits that, if recognized, would affect the effective income tax rate. There were no decreases or increases related to prior year or current year tax positions.

There were no penalties required to be accrued at December 31, 2016 and 2015. The Company recognizes interest and/or penalties related to income tax matters in income tax expense.

The Company is currently open to examination by taxing authorities for the years ended December 31, 2013 through 2015. The IRS has completed the examination of the Company’s tax return for 2013 without adjustment.

Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2016

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

Following is a summary of the changes in the accumulated balances of accumulated other comprehensive income (loss), which is presented net of tax, as of December 31, 2016 and 2015:



	Unrealized Gains and (Losses) on Available-for-Sale Securities
Accumulated other comprehensive loss at December 31, 2014	$	(1,325	)
Other comprehensive income before reclassifications	3,428
Amounts reclassified from accumulated other comprehensive loss	(2,789		)
Net current year other comprehensive income	639
Accumulated other comprehensive loss at December 31, 2015	(686		)
Other comprehensive income before reclassifications	3,685
Amounts reclassified from accumulated other comprehensive income	(492		)
Net current year other comprehensive income	3,193
Accumulated other comprehensive income at December 31, 2016	$	2,507

The following is a summary of the tax effects allocated to other comprehensive income for the year ended December 31, 2016:



	Year Ended December 31, 2016
	Before-Tax Amount			Tax Benefit or (Expense)			Net-of-Tax Amount
Unrealized gains and (losses) on investments and restricted investments:
Unrealized gains on available-for-sale investments	$	5,997		$	(2,308	)	$	3,689
Unrealized losses on restricted investments	(6		)	2			(4		)
Less: reclassification adjustment for gains included in earnings	(795		)	303			(492		)
Net unrealized gains	5,196			(2,003		)	3,193
Other comprehensive income	$	5,196		$	(2,003	)	$	3,193

The following is a summary of the tax effects allocated to other comprehensive income for the year ended December 31, 2015:



	Year Ended December 31, 2015
	Before-Tax Amount			Tax Benefit or (Expense)			Net-of-Tax Amount
Unrealized gains on investments:
Unrealized gains on available-for-sale investments	$	5,650		$	(2,222	)	$	3,428
Less: reclassification adjustment for gains included in earnings	(5,311		)	2,522			(2,789		)
Net unrealized gains	339			300			639
Other comprehensive income	$	339		$	300		$	639

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SAB Topic 4.E)
-URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74567-122707

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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-Topic 235
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-Paragraph 1
-Subparagraph (SX 210.4-08(e))
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
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-Paragraph 1
-Subparagraph (SX 210.5-02(30))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 6
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Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
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Reference 11: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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Reference 13: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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+ Details

Stockholders' Equity	12 Months Ended
Stockholders' Equity	Dec. 31, 2016
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Stock Repurchase Program During the years ended December 31, 2016 and 2015, the Company repurchased 995,650 and 16,982,739 shares, respectively, of its common stock at an average purchase price of $14.88 and $17.93, respectively, per share, for an aggregate purchase price of $14.8 million and $305.0 million, respectively, pursuant to its stock repurchase program (the “Stock Repurchase Program”). As of December 31, 2016, the Company had a total authority of $190.9 million available for purchase of shares of its common stock pursuant to its Stock Repurchase Program. The Company may repurchase its common stock in open market purchases from time to time, in privately negotiated transactions or otherwise, pursuant to Rule 10b-18 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The timing and amount of any additional shares to be repurchased will depend upon a variety of factors, including market and business conditions and other factors. Repurchases may be commenced or suspended at any time or from time to time without prior notice. The Stock Repurchase Program will continue until otherwise modified or terminated by the Company’s Board of Directors at any time in its sole discretion. In July 2016, the Company retired 17,998,658 shares of treasury stock at a value of $320.1 million. Issuance of Common Stock for Director’s Fees On May 17, 2016, the Board approved the issuance of 8,919 restricted stock awards to three members of the Board of Directors as part of their compensation package and pursuant to the 2015 Performance and Equity Incentive Plan. These restricted stock awards vested 25% on the date of issue and 25% on August 17, 2016 and November 17, 2016, with the remaining balance vesting 25% on February 17, 2017. For the year ended December 31, 2016, the Company recorded expense of $0.1 million, related to restricted stock awards to the Company’s directors.

Stock Based Compensation

12 Months Ended

Dec. 31, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock Based Compensation

The Company previously offered a stock incentive plan whereby awards were granted to certain employees and non-employee directors of the Company in various forms including restricted shares of Company common stock and options to purchase Company common stock. Awards were discretionary and were determined by the Compensation Committee of the Board of Directors. Stock based compensation cost is measured at the grant date based on the fair value of the award and is typically recognized as expense on a straight-line basis over the requisite service period, which is the vesting period.

During 2015, the Company had two equity plans available for issuance of equity compensation instruments, including restricted shares of Company common stock and options to purchase Company common stock, the 2009 Equity Incentive Plan (the “2009 Plan”) and the 2015 Performance and Equity Incentive Plan (the “2015 Plan”). Upon adoption of the 2015 Plan, the remaining shares available for awards under the 2009 Plan were included in the 1,500,000 shares approved under the 2015 Plan. As of December 31, 2016, 1,491,081 shares were available under the 2015 Plan. Stock options previously granted under the 2009 Plan were still outstanding as of December 31, 2016 and expired in February 2017.

Total stock-based compensation recorded in corporate expense, net on the consolidated statements of operations for the three years ended December 31, 2016 is as follows:



	2016			2015			2014
Stock compensation expense before tax benefit	$	131		$	150		$	210
Income tax benefit	(50		)	(58		)	(81		)
	$	81		$	92		$	129

The following table sets forth the summary of option activity outstanding under the stock option program for 2016:



	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value ($000)
Balance at December 31, 2015	99,775	$	54.15	0.9	—
Forfeited or expired	54,370	54.24		—	—
Balance at December 31, 2016	45,405	$	54.05	0.1	—
Vested or expected to vest at December 31, 2016	45,405	$	54.05	0.1	—
Exercisable at December 31, 2016	45,405	$	54.05	0.1	—

In 2016, the Company granted 8,919 of vested restricted stock awards granted to certain of the Company’s directors as fees for services rendered under the 2015 Plan of which 6,690 vested during the year ended December 31, 2016. As of December 31, 2016, the Company had 2,229 unvested restricted stock units outstanding, which will vest on February 17, 2017. The weighted average grant date fair value of restricted stock units during 2016, 2015 and 2014 were $16.82, $15.53 and $21.59, respectively. The total fair values of restricted stock units which vested were $0.1 million during 2016 and $0.2 million during both 2015 and 2014.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References + Details

Employee Benefit Plans

12 Months Ended

Dec. 31, 2016

Compensation and Retirement Disclosure [Abstract]

Employee Benefit Plans

The Company previously sponsored a cash balance defined benefit pension plan that covered substantially all of its salaried employees (the “Pension Plan”). In November 2012, the Board of Directors approved the termination of the Pension Plan. The Pension Plan was frozen in March 2013 pending regulatory approvals, which were received in August 2014. As of December 31, 2014, the Pension Plan assets were distributed to Pension Plan participants and $7.9 million was distributed to the Company’s 401(k) Plan to pay additional future benefits to current and future 401(k) plan participants over a period of up to seven years. Subsequent to these distributions, the remaining Pension Plan assets of $23.8 million were reverted to the Company in December 2014. As a result of the Pension Plan termination, the Company had no prepaid pension asset or accumulated benefit obligation at December 31, 2016 and 2015.

There were no pension charges in 2016 and 2015. During 2014, the Company recorded a total of $13.5 million in Pension charges on the Company’s consolidated statements of operations, which included $8.7 million for net periodic pension costs, including settlements related to the termination of the Pension Plan and $4.8 million of excise tax.

Obligations and Funded Status

A summary of the net periodic pension cost and other amounts recognized in other comprehensive income are as follows:



	2014
Interest cost	$	625
Expected return on assets	550
Amortization of loss	465
Settlement charges	7,107
Net periodic pension cost	$	8,747

Other changes in plan assets and obligations recognized in other comprehensive income:
Gain	(5,392		)
Total other comprehensive income	(5,392		)
Total net periodic pension cost and other comprehensive income	$	3,355

As of December 31, 2016, 2015, and 2014 there were no actuarial loss amounts not yet reflected in net periodic pension cost and included in accumulated other comprehensive income (loss) as they were recognized in net periodic cost during 2014 due to the final settlement of the Pension Plan in 2014.

Assumptions

Assumptions used to develop net periodic pension cost:



	2014
Discount rate	3.75%
Expected long-term rate on plan assets	—%
Rate of compensation increase	N/A

The Pension Plan was terminated in 2014. Early in 2014, the Pension Plan transferred the majority of its investments held in plan assets to U.S. Treasury securities to maintain the Pension Plan asset balance, which resulted in the selection of a minimal expected long-term rate on plan assets as the U.S. Treasury securities in 2014.

Plan Assets

During 2014, the Pension Plan transferred the majority of its investments held in plan assets to U.S. Treasury securities to maintain the Pension Plan asset balance. There were no Plan assets as of December 31, 2016 and 2015.

Deferred Compensation Plan

The Company maintains a 401(k) retirement plan covering substantially all officers and employees of the Company, which permits participants to defer up to the maximum allowable amount determined by the IRS of their eligible compensation.

As part of the Pension Plan termination in 2014, the Company directed the Pension Plan to transfer $7.9 million of the Pension Plan’s surplus assets into a suspense account in the Company’s 401(k) Plan. The Company has retained the risks and rewards of ownership of these assets; therefore, the assets held in the suspense account are included in the Company’s consolidated financial statements until they are allocated to participants. At December 31, 2016 and 2015, the fair values of these assets were $5.6 million and $7.1 million, respectively, and were recorded in restricted investments on the Company’s consolidated balance sheets.

The Company expenses the fair value of the assets at the time the assets are allocated to participants, which is expected to be allocated up to the next five years. During 2016 and 2015, the Company recorded an expense of $1.4 million and $1.3 million, respectively, for the fair value of the assets, less expenses, that were allocated to participants. Any gains and losses on these assets are reflected in the Company’s consolidated statements of operations and were less than a $0.1 million gain for both of the years ended December 31, 2016 and 2015.

As of December 31, 2016, the assets held in the suspense account were invested in the Vanguard Money Market Fund and Vanguard Short-Term Bond Fund. The Vanguard Money Market Fund and Vanguard Short-Term Bond Fund are measured based on quoted market prices in an active market and categorized within level 1 of the fair value hierarchy. The Company’s Retirement Plan Investment Committee is responsible for investing decisions and allocation decisions of the suspense account. Refer to Note 6. Financial Instruments and Fair Value Measurements for further information on the three-tier fair value hierarchy.

Other Income (Expense)

12 Months Ended

Dec. 31, 2016

Other Income and Expenses [Abstract]

Other Income (Expense)

Other income (expense) consists of the following during the three years ended December 31, 2016:



	2016			2015			2014
Investment income, net
Net investment income from available-for-sale securities
Interest and dividend income	$	6,602		$	6,940		$	6,258
Accretion income	1,829			1,526			1,455
Realized gains (losses) on the sale of investments	795			5,311			(833		)
Other-than-temporary impairment losses	—			—			(1,295		)
Total net investment income from available-for-sale securities	9,226			13,777			5,585
Interest income from investments in SPEs	8,202			8,217			6,116
Interest accrued on notes receivable and other interest	348			694			990
Total investment income, net	17,776			22,688			12,691
Interest expense
Interest expense and amortization of discount and issuance costs for Senior Notes issued by SPE	(8,833		)	(8,755		)	(6,584		)
Interest expense	(3,462		)	(2,674		)	(2,024		)
Total interest expense	(12,295		)	(11,429		)	(8,608		)
Claim settlement	12,548			—			—
Other income (expense), net
SEC investigation fees and expenses	742			(8,161		)	—
Accretion income from retained interest investments	991			913			889
Hunting lease income	553			562			764
Litigation and insurance proceeds received	—			—			1,814
Other income, net	336			399			1,021
Other income (expense), net	2,622			(6,287		)	4,488
Total other income, net	$	20,651		$	4,972		$	8,571

Investment income, net

Interest and dividend income includes interest income accrued on the Company’s corporate debt securities and dividend income received from the Company’s preferred stock and other investments. Accretion income includes the amortization of the premium or accretion of discount related to the Company’s available-for-sale securities, which is amortized based on an effective interest rate method over the term of the available-for-sale securities. Realized gains (losses) on the sale of investments include the gain or loss recognized on the sale of an available for sale security prior to maturity. Other-than-temporary impairment losses include the credit-related losses on the Company’s corporate debt securities. See Note 5. Investments.

Interest income from investments in SPEs primarily includes interest accrued on the Timber Note, which is used to pay the interest expense for the Senior Notes issued by NFTF. See Note 4. Real Estate Sales.

Interest expense

Interest expense includes interest expense related to the Company’s CDD debt and the construction loan and Refinanced Loan in the Pier Park North JV. Borrowing costs, including the discount and issuance costs for the Senior Notes issued by the SPE, are amortized based on the effective interest method at an effective rate of 4.9%.

Claim settlement

Claim settlement during the year ended December 31, 2016 includes $12.5 million for a settlement related to the Deepwater Horizon oil spill. See Note 7. Claim Settlement Receivable for further discussion.

Other income (expense), net

During 2016, the Company negotiated a settlement of SEC investigation expenses that resulted in the reversal of an accrual of $0.7 million. During 2015, the Company expensed a total of $8.2 million, related to an SEC investigation, which was resolved in October 2015.

Litigation and insurance proceeds include the cash receipt of $1.8 million as a settlement for a real estate easement litigation during 2014, as compared to no material recoveries in 2016 and 2015.

The Company records the accretion of investment income from its retained interest investment over the life of the retained interest using the effective yield method with rates ranging from 3.7% to 11.8%. Hunting lease income is recognized as income over the term of the lease.

Segment Information

12 Months Ended

Dec. 31, 2016

Segment Reporting [Abstract]

Segment Information

The Company currently conducts primarily all of its business in the following five operating segments: 1) residential real estate, 2) commercial real estate, 3) resorts and leisure, 4) leasing operations and 5) forestry.

The residential real estate segment generates revenue from the development and sale of homes and homesites and the sale of parcels of entitled, undeveloped lots. The commercial real estate segment sells undeveloped or developed land and commercial operating property. The resorts and leisure segment generates revenue and incurs costs from the WaterColor Inn and Resort, vacation rental program, management of The Pearl Hotel, four golf courses, a beach club, marina operations and other related resort activities. The leasing segment generates revenue and cost from retail and commercial leasing operations, including the Company’s consolidated Pier Park North JV. The forestry segment produces and sells woodfiber, sawtimber and other forest products and may sell the Company’s timber or rural land holdings.

The Company’s reportable segments are strategic business units that offer different products and services. They are each managed separately and decisions about allocations of resources are determined by management based on these strategic business units.

The Company uses income (loss) before equity in loss from unconsolidated affiliates, income taxes and non-controlling interest for purposes of making decisions about allocating resources to each segment and assessing each segment’s performance, which the Company believes represents current performance measures.

The accounting policies of the segments are the same as those described herein. Total revenue represents sales to unaffiliated customers, as reported in the Company’s consolidated statements of operations. All significant intercompany transactions have been eliminated in consolidation. The caption entitled “Other” consists of mitigation credit revenue and non-allocated corporate general and administrative expenses, net of investment income.

Information by business segment is as follows:



	2016		2015		2014
OPERATING REVENUE:
Residential real estate ^(a)	$	19,483	$	21,137	$	61,444
Commercial real estate	2,187		7,160		3,265
Resorts and leisure	57,284		54,488		48,414
Leasing operations	9,742		8,978		6,977
Forestry revenue ^(b)	6,673		12,042		581,442
Other	375		66		331
Consolidated operating revenue	$	95,744	$	103,871	$	701,873

COST OF REVENUE:
Cost of residential real estate revenue ^(c)	$	6,383	$	10,853	$	27,562
Cost of commercial real estate revenue	1,323		4,974		1,031
Cost of resorts and leisure revenue	50,229		47,069		42,900
Cost of leasing revenue	3,108		2,792		2,253
Cost of forestry revenue ^(d)	1,121		1,402		63,029
Cost of other revenue	30		4		23
Consolidated cost of revenue	$	62,194	$	67,094	$	136,798

OTHER OPERATING AND CORPORATE EXPENSES:
Residential real estate	$	5,744	$	10,215	$	8,269
Commercial real estate	2,167		2,104		2,271
Resorts and leisure	547		426		452
Leasing operations	1,325		927		557
Forestry revenue	530		941		1,910
Other	12,706		18,813		12,669
Consolidated other operating and corporate expenses	$	23,019	$	33,426	$	26,128

DEPRECIATION, DEPLETION AND AMORTIZATION:
Residential real estate	$	286	$	544	$	662
Resorts and leisure	4,402		5,096		4,143
Leasing operations	3,137		3,118		2,685
Forestry	552		581		729
Other	194		147		203
Consolidated depreciation, depletion and amortization	$	8,571	$	9,486	$	8,422

INVESTMENT INCOME, NET
Residential real estate and other	$	97	$	571	$	994
Corporate ^(e)	17,679		22,117		11,697
Consolidated investment income, net	$	17,776	$	22,688	$	12,691



	2016			2015			2014
INTEREST EXPENSE
Residential real estate	$	(1,284	)	$	(1,174	)	$	(1,316	)
Commercial and other	(2,169		)	(1,489		)	(696		)
Corporate ^(f)	(8,842		)	(8,766		)	(6,596		)
Consolidated interest expense	$	(12,295	)	$	(11,429	)	$	(8,608	)

INCOME (LOSS) BEFORE EQUITY IN LOSS FROM UNCONSOLDIATED AFFILIATES AND INCOME TAXES:
Residential real estate^{(a) (c)}	$	5,887		$	(821	)	$	24,854
Commercial real estate	(1,323		)	126			(163		)
Resorts and leisure	2,087			1,819			1,559
Leasing operations	90			676			1,165
Forestry ^{(b) (d)}	5,609			10,259			517,087
Corporate ^(e)(f)(g)	10,261			(13,222		)	(22,681		)
Consolidated income (loss) before equity in loss from unconsolidated affiliates and income taxes	$	22,611		$	(1,163	)	$	521,821



	2016		2015		2014
CAPITAL EXPENDITURES:
Residential real estate	$	3,319	$	4,923	$	4,981
Commercial real estate	3,937		2,165		854
Resorts and leisure	1,287		2,526		2,198
Leasing operations	2,899		5,849		22,600
Forestry	1,095		1,366		1,537
Other	321		636		271
Total capital expenditures	$	12,858	$	17,465	$	32,441



	December 31, 2016		December 31, 2015
TOTAL ASSETS:
Residential real estate	$	112,220	$	109,791
Commercial real estate	62,009		62,649
Resorts and leisure	73,436		75,441
Leasing operations	79,004		81,400
Forestry	20,664		20,244
Other	680,612		633,217
Total assets	$	1,027,945	$	982,742



(a)	Includes revenue of $43.6 million from the RiverTown Sale in 2014.
(b)	Includes revenue of $570.9 million from the AgReserves Sale in 2014.
(c)	Includes cost of revenue of $17.6 million from the RiverTown Sale in 2014.
(d)	Includes cost of revenue of $58.4 million from the AgReserves Sale in 2014.
(e)	Includes interest income from investments in SPEs of $8.2 million in both 2016 and 2015 and $6.1 million in 2014.
(f)	Includes interest expense from Senior Note issued by SPE of $8.8 million in both 2016 and 2015 and $6.6 million in 2014.
(g)	Includes pension charges of $13.5 million in 2014.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8981-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9038-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8595-108599

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8380-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 280
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9031-108599

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9054-108599

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Name Accounting Standards Codification
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Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8924-108599

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8906-108599

+ Details

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company establishes an accrued liability when it is both probable that a material loss has been incurred and the amount of the loss can be reasonably estimated. The Company will evaluate the range of reasonably estimated losses and record an accrued liability based on what it believes to be the minimum amount in the range, unless it believes an amount within the range is a better estimate than any other amount. In such cases, there may be an exposure to loss in excess of the amounts accrued. The Company evaluates quarterly whether further developments could affect the amount of the accrued liability previously established or would make a loss contingency both probable and reasonably estimable. The Company also provides disclosure when it believes it is reasonably possible that a material loss will be incurred or when it believes it is reasonably possible that the amount of a loss will exceed the recorded liability. The Company reviews loss contingencies at least quarterly to determine whether the likelihood of loss has changed and to assess whether a reasonable estimate of the loss or range of loss can be made. This estimated range of possible loss is based upon currently available information and is subject to significant judgment and a variety of assumptions, as well as known and unknown uncertainties. The matters underlying the estimated range will change from time to time and actual results may vary significantly from the current estimate. The Company is subject to a variety of litigation, claims, other disputes and governmental proceedings that arise from time to time in the ordinary course of its business, including litigation related to its prior homebuilding activities and those described herein. The Company cannot assure that it will be successful in defending these matters. Based on current knowledge, the Company does not believe that loss contingencies arising from pending litigation, claims, other disputes and governmental proceedings, including those described herein, will have a material adverse effect on the consolidated financial condition or liquidity of the Company. However, in light of the inherent uncertainties involved in these matters, an adverse outcome in one or more of these matters could be material to the Company’s results of operations or cash flows for any particular reporting period. The Company is subject to costs arising out of environmental laws and regulations, which include obligations to remove or limit the effects on the environment of the disposal or release of certain wastes or substances at various sites, including sites which have been previously sold. It is the Company’s policy to accrue and charge against earnings environmental cleanup costs when it is probable that a liability has been incurred or range of loss can be reasonably estimated. As assessments and cleanups proceed, these accruals are reviewed and adjusted, if necessary, as additional information becomes available. The Company’s former paper mill site in Gulf County and certain adjacent properties are subject to various Consent Agreements and Brownfield Site Rehabilitation Agreements with the Florida Department of Environmental Protection (“FDEP”). The paper mill site has been rehabilitated by Smurfit-Stone Container Corporation in accordance with these agreements and a final Site Rehabilitation Completion Order (“SRCO”) issued by the FDEP has been received. The Company is in the process of assessing certain neighboring properties. Management is unable to quantify future rehabilitation costs above present accruals at this time or provide a reasonably estimated range of loss. Other litigation, claims, disputes and governmental proceedings, including environmental matters, are pending against the Company. Accrued aggregate liabilities related to the matters described above and other litigation matters were $1.3 million and $2.5 million as of December 31, 2016 and 2015, respectively. Significant judgment is required in both the determination of probability and the determination as to whether the amount of an exposure is reasonably estimable. Due to uncertainties related to these matters, accruals are based only on the information available at the time. As additional information becomes available, management reassesses potential liabilities related to pending claims and litigation and may revise its previous estimates, which could materially affect the Company's results of operations in a given period. The Company has retained certain self-insurance risks with respect to losses for third party liability and property damage, including its timber assets. At December 31, 2016 and 2015, the Company was required to provide surety bonds that guarantee completion of certain infrastructure in certain development projects and mitigation banks of $6.2 million and $7.1 million, respectively, and standby letters of credit in the amount of $0.4 million and $0.5 million, respectively, which may potentially result in liability to the Company if certain obligations of the Company are not met. At December 31, 2016, the Company has a total of $25.3 million in purchase obligations, all of which are for 2017. In connection with the Refinanced Loan, the Company guaranteed the joint venture’s obligations under a short term $6.6 million letter of credit which is securing a portion of the joint venture’s obligations under the Refinanced Loan. In October 2016, the letter of credit was reduced to $1.3 million based on the terms of the Refinanced Loan agreement. See Note 10. Real Estate Joint Ventures for a further discussion on the Refinanced Loan. As part of the AgReserves Sale in 2014 and certain sales of timberlands in 2007 and 2008, the Company generated significant tax gains. The installment notes structure allowed the Company to defer the resulting tax liability of $61.8 million until 2022 - 2024 and $69.3 million until 2029, respectively, the maturity dates for the installment notes. The Company has a deferred tax liability related to the gains in connection with these sales.

Quarterly Financial Data (unaudited)

12 Months Ended

Dec. 31, 2016

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Data (unaudited)



	Quarters Ended
	December 31			September 30			June 30			March 31
2016
Operating revenue	$	18,747		$	27,192		$	29,551		$	20,254
Operating (loss) income	$	(881	)	$	1,595		$	2,143		$	(897	)
Net income attributable to the Company	$	2,709		$	2,711		$	1,810		$	8,665
Basic and diluted income per share attributable to the Company	$	0.04		$	0.04		$	0.02		$	0.11
2015
Operating revenue	$	21,104		$	27,830		$	37,846		$	17,091
Operating (loss) income	$	(3,861	)	$	(2,383	)	$	5,811		$	(5,702	)
Net (loss) income attributable to the Company	$	(2,541	)	$	2,772		$	(224	)	$	(1,738	)
Basic and diluted (loss) income per share attributable to the Company	$	(0.03	)	$	0.03		$	—		$	(0.02	)

Schedule III (Consolidated) - Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2016

SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]

SCHEDULE III (CONSOLIDATED) - REAL ESTATE AND ACCUMULATED DEPRECIATION

THE ST. JOE COMPANY

SCHEDULE III (CONSOLIDATED) - REAL ESTATE AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2016

(in thousands)



			Initial Cost to Company ⁽¹⁾							Gross Amount at December 31, 2016
Description	Encumbrances		Land & Improvements		Buildings & Improvements		Costs Capitalized Subsequent to Acquisition or Construction ⁽²⁾			Land & Land Improvements		Buildings and Improvements		Total		Accumulated Depreciation		Date of Construction or Acquisition	Depreciation Life (In Years)
Residential developments	$	2,732	$	49,884	$	11,351	$	48,154		$	107,532	$	1,857	$	109,389	$	2,654	through 2016	n/a
Commercial developments	4,769		35,656		—		22,276			57,932		—		57,932		42		through 2016	n/a
Resorts and leisure
WaterColor Inn	—		1,137		13,692		5,984			1,568		19,245		20,813		8,193		2002, 2013	10 - 40
Clubs and golf courses	—		37,851		23,998		(2,989		)	35,138		23,722		58,860		26,474		2001 - 2007	10 - 25
Marinas	—		6,400		9,529		2			6,286		9,645		15,931		4,203		2006 - 2007	10 - 25
Other	—		—		11,599		89			—		11,688		11,688		4,137		2008 - 2009	10 - 30
Commercial leasing
Pier Park North	47,519		13,711		35,243		1,270			13,449		36,775		50,224		4,238		2014 - 2016	15 - 40
Town centers	—		823		20,332		(2,251		)	784		18,120		18,904		12,728		2001 - 2008	10 - 25
VentureCrossings	—		3,203		8,491		(1,729		)	2,024		7,941		9,965		2,055		2012	10 - 25
Other	20		466		2,399		274			740		2,399		3,139		469		through 2016	10 - 25
Timberlands	—		6,421		1,872		11,315			17,322		2,286		19,608		2,131		n/a	n/a
Unimproved land	—		85		—		5,431			5,516		—		5,516		25		n/a	n/a
Total	$	55,040	$	155,637	$	138,506	$	87,826		$	248,291	$	133,678	$	381,969	$	67,349



(1)	Includes initial costs to the Company to place the assets in service.
(2)	Includes cumulative impairments.

Notes:



(A)	The aggregate cost of real estate owned at December 31, 2016 for federal income tax purposes is approximately $410.2 million.
(B)	Reconciliation of real estate owned (in thousands of dollars):



	2016			2015			2014
Balance at beginning of the year	$	377,668		$	379,944		$	436,264
Amounts capitalized	13,875			13,372			26,047
Impairments	(357		)	—			—
Cost of real estate sold	(6,489		)	(14,584		)	(76,060		)
Amounts retired or adjusted	(2,728		)	(1,064		)	(6,307		)
Balance at the end of the year	$	381,969		$	377,668		$	379,944



(C)	Reconciliation of accumulated depreciation (in thousands of dollars):



	2016			2015			2014
Balance at beginning of the year	$	64,069		$	58,132		$	53,496
Depreciation expense	6,002			6,204			5,694
Amounts retired or adjusted	(2,722		)	(267		)	(1,058		)
Balance at the end of the year	$	67,349		$	64,069		$	58,132

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2016

Accounting Policies [Abstract]

Basis of Presentation and Principles of Consolidation

Use of Estimates

Revenue Recognition

Investment in Real Estate and Real estate revenue

Real estate revenue

Investment in Real Estate

Depreciation is computed on straight-line method over the estimated economic lives of the assets, as follows:



			Estimated Useful Life (in years)
Land			N/A
Land improvements			15 - 20
Buildings			20-40
Building improvements			5-25
Timber			N/A

Resorts and leisure revenue

Leasing revenue

Forestry product revenue

Comprehensive Income (Loss)

Cash and Cash Equivalents

Cash and cash equivalents include cash on hand, bank demand accounts, money market instruments and short term commercial paper having original maturities at acquisition date of ninety days or less.

Investments

Restricted Investments

Notes Receivable

Long-Lived Assets


•	a prolonged decrease in the fair value or demand for the Company’s properties;


•	a change in the expected use or development plans for the Company’s properties;


•	a material change in strategy that would affect the fair value of the Company’s properties;


•	continuing operating or cash flow losses for an operating property;


•	an accumulation of costs in excess of the projected costs for a development property; and


•	any other adverse change that may affect the fair value of the property.


•	the projected pace of sales of homesites based on estimated market conditions and the Company’s development plans;


•	estimated pricing and projected price appreciation over time;


•	the amount and trajectory of price appreciation over the estimate selling period;


•	the length of the estimated development and selling periods, which can differ depending on the size of the development and the number of phases to be developed;


•	the amount of remaining development costs, including the extent of infrastructure or amenities included in such development costs;


•	holding costs to be incurred over the selling period;


•	for bulk land sales of undeveloped and developed parcels future pricing is based upon estimated developed lot pricing less estimated development costs and estimated developer profit;


•	for commercial development property, future pricing is based on sales of comparable property in similar markets; and


•	whether liquidity is available to fund continued development.

For operating properties, an estimate of undiscounted cash flows also requires management to make assumptions about the use and disposition of such properties. These assumptions include:


•	for investments in inns and rental condominium units, average occupancy and room rates, revenue from food and beverage and other amenity operations, operating expenses and capital expenditures, and eventual disposition of such properties as private residence vacation units or condominiums, based on current prices for similar units appreciated to the expected sale date;


•	for investments in commercial or retail property, future occupancy and rental rates and the amount of proceeds to be realized upon eventual disposition of such property at a terminal capitalization rate; and,


•	for investments in a beach club, golf courses, memberships, future rounds and greens fees, operating expenses and capital expenditures, and the amount of proceeds to be realized upon eventual disposition of such properties at a multiple of terminal year cash flows.

Real Estate Held for Development and Sale

Timber Inventory

Property and Equipment, net

Income Taxes

Concentration of Risks and Uncertainties

Earnings Per Share

Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements

Recently Adopted Accounting Pronouncements

Consolidation

Debt issuance costs

Recently Issued Accounting Pronouncements

Revenue recognition

Financial Instruments

Leases

Financial Instruments - Credit Losses

Statement of Cash Flows

Income Taxes

Consolidation

Business Combinations

Investments

Significant Accounting Policies Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2016

Accounting Policies [Abstract]

Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]

Minimum future base rents on non-cancelable leases for the next five years are:




2017	$	7,784
2018	7,575
2019	7,370
2020	6,729
2021	6,545
	$	36,003

Property, Plant and Equipment

Depreciation is computed using the straight-line method over the estimated economic lives of various assets, as follows:



			Estimated Useful Life (in years)
Railroad and equipment			15-30
Furniture and fixtures			5-10
Machinery and equipment			3-10
Office equipment			5-10
Autos and trucks			5

Depreciation is computed on straight-line method over the estimated economic lives of the assets, as follows:



			Estimated Useful Life (in years)
Land			N/A
Land improvements			15 - 20
Buildings			20-40
Building improvements			5-25
Timber			N/A

Operating property includes the following components:



	December 31, 2016		December 31, 2015
Land and land improvements	$	73,239	$	73,161
Buildings and building improvements	133,678		133,399
Timber	10,203		9,856
	217,120		216,416
Less: Accumulated depreciation	67,349		64,069
Total operating property, net	$	149,771	$	152,347

Property and equipment, net consists of the following:



	December 31, 2016		December 31, 2015
Railroad and equipment	$	33,626	$	33,626
Furniture and fixtures	19,191		16,749
Machinery and equipment	8,998		9,900
Office equipment	5,154		5,600
Autos and trucks	1,075		1,044
	68,044		66,919
Less: Accumulated depreciation	59,404		57,103
	8,640		9,816
Construction in progress	352		329
Total property and equipment, net	$	8,992	$	10,145

Investment in Real Estate (Tables)

12 Months Ended

Dec. 31, 2016

Real Estate [Abstract]

Real Estate by Property Type and Segment

Real estate by property type and segment includes the following:



	December 31, 2016		December 31, 2015
Development property:
Residential real estate	$	101,292	$	99,413
Commercial real estate	57,932		56,587
Resorts and leisure	263		—
Leasing operations	432		360
Forestry	2,492		2,681
Corporate	2,438		2,211
Total development property	164,849		161,252

Operating property:
Residential real estate	8,097		8,091
Resorts and leisure	107,029		109,425
Leasing operations	82,336		79,550
Forestry	19,608		19,300
Other	50		50
Total operating property	217,120		216,416
Less: Accumulated depreciation	67,349		64,069
Net operating property	149,771		152,347

Investment in real estate, net	$	314,620	$	313,599

Property, Plant and Equipment

Depreciation is computed using the straight-line method over the estimated economic lives of various assets, as follows:



			Estimated Useful Life (in years)
Railroad and equipment			15-30
Furniture and fixtures			5-10
Machinery and equipment			3-10
Office equipment			5-10
Autos and trucks			5

Depreciation is computed on straight-line method over the estimated economic lives of the assets, as follows:



			Estimated Useful Life (in years)
Land			N/A
Land improvements			15 - 20
Buildings			20-40
Building improvements			5-25
Timber			N/A

Operating property includes the following components:



	December 31, 2016		December 31, 2015
Land and land improvements	$	73,239	$	73,161
Buildings and building improvements	133,678		133,399
Timber	10,203		9,856
	217,120		216,416
Less: Accumulated depreciation	67,349		64,069
Total operating property, net	$	149,771	$	152,347

Property and equipment, net consists of the following:



	December 31, 2016		December 31, 2015
Railroad and equipment	$	33,626	$	33,626
Furniture and fixtures	19,191		16,749
Machinery and equipment	8,998		9,900
Office equipment	5,154		5,600
Autos and trucks	1,075		1,044
	68,044		66,919
Less: Accumulated depreciation	59,404		57,103
	8,640		9,816
Construction in progress	352		329
Total property and equipment, net	$	8,992	$	10,145

Real Estate Sales (Tables)

12 Months Ended

Dec. 31, 2016

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures



	2016			2015			2014
Investment income, net	$	8,202		$	8,217		$	6,116
Interest expense	$	(8,833	)	$	(8,755	)	$	(6,584	)

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
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-Paragraph 5C
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721675-107760

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721663-107760

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=64862545&loc=d3e2941-110230

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5B
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721673-107760

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721659-107760

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5A
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721671-107760

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5D
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721677-107760

+ Details

Investments (Tables)

12 Months Ended

Dec. 31, 2016

Investments, Debt and Equity Securities [Abstract]

Schedule of Investments and Restricted Investments

At December 31, 2016 investments and restricted investments classified as available-for-sale securities were as follows:



	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Investments:
Corporate debt securities	$	135,590	$	5,311	$	1,769	$	139,132
Preferred stock	36,048		656		111		36,593
	171,638		5,967		1,880		175,725
Restricted investments:
Short-term bond	4,232		—		6		4,226
Money market fund	1,410		—		—		1,410
	5,642		—		6		5,636
	$	177,280	$	5,967	$	1,886	$	181,361

At December 31, 2015 investments and restricted investments classified as available-for-sale securities were as follows:



	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Investments:
U.S. Treasury securities	$	184,819	$	—	$	79	$	184,740
Corporate debt securities	7,273		—		981		6,292
Preferred stock	265		—		57		208
	192,357		—		1,117		191,240
Restricted investments:
Guaranteed income fund	7,072		—		—		7,072
	$	199,429	$	—	$	1,117	$	198,312

Continuous Unrealized Loss Position

The following table provides the debt securities, preferred stock and restricted investments unrealized loss position and related fair values:



	As of December 31, 2016								As of December 31, 2015
	Less Than 12 Months				12 Months or Greater				Less Than 12 Months				12 Months or Greater
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Investments:
U.S. Treasury securities	$	—	$	—	$	—	$	—	$	184,740	$	79	$	—	$	—
Corporate debt securities	64,516		1,410		6,971		359		6,292		981		—		—
Preferred stock	—		—		153		111		208		57		—		—
Restricted investments:
Short-term bond	4,226		6		—		—		—		—		—		—
	$	68,742	$	1,416	$	7,124	$	470	$	191,240	$	1,117	$	—	$	—

Contractual Maturities of Investments



	Amortized Cost		Fair Value
Due in one year or less	$	3,910	$	3,719
Due after one year through five years	131,581		135,344
Due after ten through fifteen years	99		69
	135,590		139,132
Preferred stock	36,048		36,593
Restricted investments	5,642		5,636
	$	177,280	$	181,361

- Definition

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

+ References + Details

Financial Instruments and Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2016

Fair Value Disclosures [Abstract]

Schedule of Financial Instruments Measured at Fair Value on a Recurring Basis

The financial instruments measured at fair value on a recurring basis at December 31, 2016 were as follows:



	Level 1		Level 2		Level 3		Total Fair Value
Cash equivalents:
Money market funds	$	86,236	$	—	$	—	$	86,236
Commercial paper	129,671		—		—		129,671
	215,907		—		—		215,907
Investments:
Corporate debt securities	57,788		81,344		—		139,132
Preferred stock	19,177		17,416		—		36,593
	76,965		98,760		—		175,725
Restricted investments:
Short-term bond	4,226		—		—		4,226
Money market fund	1,410		—		—		1,410
	5,636		—		—		5,636
	$	298,508	$	98,760	$	—	$	397,268

The financial instruments measured at fair value on a recurring basis at December 31, 2015 were as follows:



	Level 1		Level 2		Level 3		Total Fair Value
Cash equivalents:
Money market funds	$	18,233	$	—	$	—	$	18,233
Commercial paper	174,973		—		—		174,973
	193,206		—		—		193,206
Investments:
U.S. treasury securities	184,740		—		—		184,740
Corporate debt securities	—		6,292		—		6,292
Preferred stock	—		208		—		208
	184,740		6,500		—		191,240
Restricted investments:
Guaranteed income fund	—		7,072		—		7,072
	$	377,946	$	13,572	$	—	$	391,518

Carrying Amount and Fair Value of Financial Instruments

The carrying amount and fair value of the Company’s financial instruments were as follows:



	December 31, 2016					December 31, 2015
	Carrying value		Fair value		Level	Carrying value		Fair value		Level
Assets
Retained interest investments	$	10,635	$	13,669	3	$	10,246	$	13,333	3
Investments held by SPEs:
Time deposit	$	200,000	$	200,000	3	$	200,000	$	200,000	3
U.S. Treasury securities and cash equivalents	$	8,590	$	8,398	1	$	8,785	$	9,033	1
Liabilities
Senior Notes held by SPE	$	176,310	$	199,691	3	$	176,094	$	178,035	3

Other Assets (Tables)

12 Months Ended

Dec. 31, 2016

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Other Assets

Other assets consist of the following:



	December 31, 2016		December 31, 2015
Retained interest investments	$	10,635	$	10,246
Accounts receivable, net	4,625		4,382
Notes receivable, net	1,926		2,555
Prepaid expenses	5,685		5,849
Straight line rent	3,812		3,732
Other assets	8,789		6,751
Accrued interest receivable for Senior Notes held by SPE	2,938		3,338
Total other assets	$	38,410	$	36,853

Notes Receivable, Net

Notes receivable, net consists of the following:

Pier Park Community Development District notes, non-interest bearing, due September 2022, effective rates 5.93% — 6.50% through November 2016

Interest bearing homebuilder notes, secured by the real estate sold — 4.0% interest rate, due December 2016, paid January 2017

Various mortgage notes, secured by certain real estate, bearing interest at various rates

Total notes receivable, net

Notes receivable, net consists of the following:



	December 31, 2016		December 31, 2015
Pier Park Community Development District notes, non-interest bearing, due September 2022, effective rates 5.93% — 6.50% through November 2016	$	1,684	$	1,985
Interest bearing homebuilder notes, secured by the real estate sold — 4.0% interest rate, due December 2016, paid January 2017	33		90
Various mortgage notes, secured by certain real estate, bearing interest at various rates	209		480
Total notes receivable, net	$	1,926	$	2,555

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2016

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Depreciation is computed using the straight-line method over the estimated economic lives of various assets, as follows:



			Estimated Useful Life (in years)
Railroad and equipment			15-30
Furniture and fixtures			5-10
Machinery and equipment			3-10
Office equipment			5-10
Autos and trucks			5

Depreciation is computed on straight-line method over the estimated economic lives of the assets, as follows:



			Estimated Useful Life (in years)
Land			N/A
Land improvements			15 - 20
Buildings			20-40
Building improvements			5-25
Timber			N/A

Operating property includes the following components:



	December 31, 2016		December 31, 2015
Land and land improvements	$	73,239	$	73,161
Buildings and building improvements	133,678		133,399
Timber	10,203		9,856
	217,120		216,416
Less: Accumulated depreciation	67,349		64,069
Total operating property, net	$	149,771	$	152,347

Property and equipment, net consists of the following:



	December 31, 2016		December 31, 2015
Railroad and equipment	$	33,626	$	33,626
Furniture and fixtures	19,191		16,749
Machinery and equipment	8,998		9,900
Office equipment	5,154		5,600
Autos and trucks	1,075		1,044
	68,044		66,919
Less: Accumulated depreciation	59,404		57,103
	8,640		9,816
Construction in progress	352		329
Total property and equipment, net	$	8,992	$	10,145

Real Estate Joint Ventures (Tables)

12 Months Ended

Dec. 31, 2016

Equity Method Investments and Joint Ventures [Abstract]

Summarized Balance Sheets for Unconsolidated Investments

Summarized financial information for ALP is as follows:



	December 31, 2016		December 31, 2015
BALANCE SHEETS:
Cash and cash equivalents	$	11,948	$	13,760
Other assets	59		58
Total assets	$	12,007	$	13,818

Accounts payable and other liabilities	$	955	$	1,978
Equity⁽¹⁾	11,052		11,840
Total liabilities and equity	$	12,007	$	13,818

Summarized Statements of Operations for Unconsolidated Investments



	2016		2015		2014
STATEMENTS OF OPERATIONS:
Income	$	371	$	—	$	5
Total expenses	1,159		3,073		1,957
Net loss	$	788	$	3,073	$	1,952

Debt (Tables)

12 Months Ended

Dec. 31, 2016

Debt Disclosure [Abstract]

Debt

Debt consists of the following as of December 31, 2016:



	Principal		Unamortized Discount and Debt Issuance Costs		Net
Refinanced Loan in the Pier Park North JV, due November 2025, bearing interest at 4.1%	$	48,132	$	613	$	47,519
Community Development District debt, secured by certain real estate and standby note purchase agreements, due May 2031 — May 2039, bearing interest at 3.4% to 7.0%	7,521		—		7,521
Total debt	$	55,653	$	613	$	55,040

Debt consists of the following as of December 31, 2015:



	Principal		Unamortized Discount and Debt Issuance Costs		Net
Refinanced Loan in the Pier Park North JV, due November 2025, bearing interest at 4.1%	$	48,200	$	720	$	47,480
Community Development District debt, secured by certain real estate and standby note purchase agreements, due May 2016 — May 2039, bearing interest at 2.8% to 7.0%	6,994		—		6,994
Total debt	$	55,194	$	720	$	54,474

Maturities of Debt

The aggregate maturities of debt subsequent to December 31, 2016 are:



	December 31, 2016
2017	$	991
2018	1,033
2019	1,075
2020	1,120
2021	1,166
Thereafter	50,268
	$	55,653

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Summary of the provision for income tax expense (benefit)

Income tax (benefit) expense for the years ended December 31, 2016, 2015, and 2014 consist of the following:



	2016			2015			2014
Current:
Federal	$	(22,416	)	$	(1,377	)	$	69,245
State	(64		)	(138		)	135
Total	(22,480		)	(1,515		)	69,380
Deferred:
Federal	29,796			2,261			35,314
State	(169		)	62			10,813
Total	29,627			2,323			46,127
Income tax expense	$	7,147		$	808		$	115,507

Summary of total income tax expense (benefit) allocated in the consolidated financial statements

Total income tax expense (benefit) for the years ended December 31, 2016, 2015, and 2014 was allocated in the consolidated financial statements as follows:



	2016		2015			2014
Income tax expense	$	7,147	$	808		$	115,507
Income tax recorded in accumulated other comprehensive income (loss)
Income tax expense (benefit)	2,003		(300		)	(127		)
Total income tax expense	$	9,150	$	508		$	115,380

Schedule of effective income tax rate reconciliation



	2016			2015			2014
Tax at the statutory federal rate	$	8,065		$	(323	)	$	182,700
State income taxes (net of federal benefit)	806			(32		)	18,270
Decrease in valuation allowance	(941		)	(164		)	(86,882		)
Fees and expenses for SEC investigation	—			1,092			—
Other	(783		)	235			1,419
Total income tax expense	$	7,147		$	808		$	115,507

Schedule of deferred tax assets and liabilities

The tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities as of December 31, 2016 and 2015 are presented below:



	2016			2015
Deferred tax assets:
State net operating loss carryforwards	$	14,956		$	11,400
Alternative minimum tax credit carryforward	13,477			—
Impairment losses	63,108			112,143
Prepaid income from land sales	5,461			5,490
Other	—			1,358
Total gross deferred tax assets	97,002			130,391
Valuation allowance	(5,135		)	(6,012		)
Total net deferred tax assets	91,867			124,379
Deferred tax liabilities:
Investment in real estate and property and equipment basis differences	647			3,071
Deferred gain on land sales and involuntary conversions	28,920			28,691
Installment sales	127,260			126,741
Pension Plan assets transferred to the 401(k) Plan	2,170			2,723
Other	1,716			—
Total gross deferred tax liabilities	160,713			161,226
Net deferred tax liability	$	(68,846	)	$	(36,847	)

Accumulated Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 31, 2016

Equity [Abstract]

Summary of Changes in Accumulated Other Comprehensive Loss

Following is a summary of the changes in the accumulated balances of accumulated other comprehensive income (loss), which is presented net of tax, as of December 31, 2016 and 2015:



	Unrealized Gains and (Losses) on Available-for-Sale Securities
Accumulated other comprehensive loss at December 31, 2014	$	(1,325	)
Other comprehensive income before reclassifications	3,428
Amounts reclassified from accumulated other comprehensive loss	(2,789		)
Net current year other comprehensive income	639
Accumulated other comprehensive loss at December 31, 2015	(686		)
Other comprehensive income before reclassifications	3,685
Amounts reclassified from accumulated other comprehensive income	(492		)
Net current year other comprehensive income	3,193
Accumulated other comprehensive income at December 31, 2016	$	2,507

Reclassification out of Accumulated Other Comprehensive Loss

The following is a summary of the tax effects allocated to other comprehensive income for the year ended December 31, 2016:



	Year Ended December 31, 2016
	Before-Tax Amount			Tax Benefit or (Expense)			Net-of-Tax Amount
Unrealized gains and (losses) on investments and restricted investments:
Unrealized gains on available-for-sale investments	$	5,997		$	(2,308	)	$	3,689
Unrealized losses on restricted investments	(6		)	2			(4		)
Less: reclassification adjustment for gains included in earnings	(795		)	303			(492		)
Net unrealized gains	5,196			(2,003		)	3,193
Other comprehensive income	$	5,196		$	(2,003	)	$	3,193

The following is a summary of the tax effects allocated to other comprehensive income for the year ended December 31, 2015:



	Year Ended December 31, 2015
	Before-Tax Amount			Tax Benefit or (Expense)			Net-of-Tax Amount
Unrealized gains on investments:
Unrealized gains on available-for-sale investments	$	5,650		$	(2,222	)	$	3,428
Less: reclassification adjustment for gains included in earnings	(5,311		)	2,522			(2,789		)
Net unrealized gains	339			300			639
Other comprehensive income	$	339		$	300		$	639

Stock Based Compensation (Tables)

12 Months Ended

Dec. 31, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-Based Compensation Recognized as Expense

Total stock-based compensation recorded in corporate expense, net on the consolidated statements of operations for the three years ended December 31, 2016 is as follows:



	2016			2015			2014
Stock compensation expense before tax benefit	$	131		$	150		$	210
Income tax benefit	(50		)	(58		)	(81		)
	$	81		$	92		$	129

Summary of Option Activity Outstanding

The following table sets forth the summary of option activity outstanding under the stock option program for 2016:



	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value ($000)
Balance at December 31, 2015	99,775	$	54.15	0.9	—
Forfeited or expired	54,370	54.24		—	—
Balance at December 31, 2016	45,405	$	54.05	0.1	—
Vested or expected to vest at December 31, 2016	45,405	$	54.05	0.1	—
Exercisable at December 31, 2016	45,405	$	54.05	0.1	—

Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2016

Compensation and Retirement Disclosure [Abstract]

Summary of Components of Net Periodic Pension Cost (Benefit)

A summary of the net periodic pension cost and other amounts recognized in other comprehensive income are as follows:



	2014
Interest cost	$	625
Expected return on assets	550
Amortization of loss	465
Settlement charges	7,107
Net periodic pension cost	$	8,747

Other changes in plan assets and obligations recognized in other comprehensive income:
Gain	(5,392		)
Total other comprehensive income	(5,392		)
Total net periodic pension cost and other comprehensive income	$	3,355

Schedule of Assumptions Used

Assumptions used to develop net periodic pension cost:



	2014
Discount rate	3.75%
Expected long-term rate on plan assets	—%
Rate of compensation increase	N/A

Other Income (Expense) (Tables)

12 Months Ended

Dec. 31, 2016

Other Income and Expenses [Abstract]

Other Income (Expense)

Other income (expense) consists of the following during the three years ended December 31, 2016:



	2016			2015			2014
Investment income, net
Net investment income from available-for-sale securities
Interest and dividend income	$	6,602		$	6,940		$	6,258
Accretion income	1,829			1,526			1,455
Realized gains (losses) on the sale of investments	795			5,311			(833		)
Other-than-temporary impairment losses	—			—			(1,295		)
Total net investment income from available-for-sale securities	9,226			13,777			5,585
Interest income from investments in SPEs	8,202			8,217			6,116
Interest accrued on notes receivable and other interest	348			694			990
Total investment income, net	17,776			22,688			12,691
Interest expense
Interest expense and amortization of discount and issuance costs for Senior Notes issued by SPE	(8,833		)	(8,755		)	(6,584		)
Interest expense	(3,462		)	(2,674		)	(2,024		)
Total interest expense	(12,295		)	(11,429		)	(8,608		)
Claim settlement	12,548			—			—
Other income (expense), net
SEC investigation fees and expenses	742			(8,161		)	—
Accretion income from retained interest investments	991			913			889
Hunting lease income	553			562			764
Litigation and insurance proceeds received	—			—			1,814
Other income, net	336			399			1,021
Other income (expense), net	2,622			(6,287		)	4,488
Total other income, net	$	20,651		$	4,972		$	8,571

Segment Information (Tables)

12 Months Ended

Dec. 31, 2016

Segment Reporting [Abstract]

Information by Business Segment

Information by business segment is as follows:



	2016		2015		2014
OPERATING REVENUE:
Residential real estate ^(a)	$	19,483	$	21,137	$	61,444
Commercial real estate	2,187		7,160		3,265
Resorts and leisure	57,284		54,488		48,414
Leasing operations	9,742		8,978		6,977
Forestry revenue ^(b)	6,673		12,042		581,442
Other	375		66		331
Consolidated operating revenue	$	95,744	$	103,871	$	701,873

COST OF REVENUE:
Cost of residential real estate revenue ^(c)	$	6,383	$	10,853	$	27,562
Cost of commercial real estate revenue	1,323		4,974		1,031
Cost of resorts and leisure revenue	50,229		47,069		42,900
Cost of leasing revenue	3,108		2,792		2,253
Cost of forestry revenue ^(d)	1,121		1,402		63,029
Cost of other revenue	30		4		23
Consolidated cost of revenue	$	62,194	$	67,094	$	136,798

OTHER OPERATING AND CORPORATE EXPENSES:
Residential real estate	$	5,744	$	10,215	$	8,269
Commercial real estate	2,167		2,104		2,271
Resorts and leisure	547		426		452
Leasing operations	1,325		927		557
Forestry revenue	530		941		1,910
Other	12,706		18,813		12,669
Consolidated other operating and corporate expenses	$	23,019	$	33,426	$	26,128

DEPRECIATION, DEPLETION AND AMORTIZATION:
Residential real estate	$	286	$	544	$	662
Resorts and leisure	4,402		5,096		4,143
Leasing operations	3,137		3,118		2,685
Forestry	552		581		729
Other	194		147		203
Consolidated depreciation, depletion and amortization	$	8,571	$	9,486	$	8,422

INVESTMENT INCOME, NET
Residential real estate and other	$	97	$	571	$	994
Corporate ^(e)	17,679		22,117		11,697
Consolidated investment income, net	$	17,776	$	22,688	$	12,691



	2016			2015			2014
INTEREST EXPENSE
Residential real estate	$	(1,284	)	$	(1,174	)	$	(1,316	)
Commercial and other	(2,169		)	(1,489		)	(696		)
Corporate ^(f)	(8,842		)	(8,766		)	(6,596		)
Consolidated interest expense	$	(12,295	)	$	(11,429	)	$	(8,608	)

INCOME (LOSS) BEFORE EQUITY IN LOSS FROM UNCONSOLDIATED AFFILIATES AND INCOME TAXES:
Residential real estate^{(a) (c)}	$	5,887		$	(821	)	$	24,854
Commercial real estate	(1,323		)	126			(163		)
Resorts and leisure	2,087			1,819			1,559
Leasing operations	90			676			1,165
Forestry ^{(b) (d)}	5,609			10,259			517,087
Corporate ^(e)(f)(g)	10,261			(13,222		)	(22,681		)
Consolidated income (loss) before equity in loss from unconsolidated affiliates and income taxes	$	22,611		$	(1,163	)	$	521,821



	2016		2015		2014
CAPITAL EXPENDITURES:
Residential real estate	$	3,319	$	4,923	$	4,981
Commercial real estate	3,937		2,165		854
Resorts and leisure	1,287		2,526		2,198
Leasing operations	2,899		5,849		22,600
Forestry	1,095		1,366		1,537
Other	321		636		271
Total capital expenditures	$	12,858	$	17,465	$	32,441



	December 31, 2016		December 31, 2015
TOTAL ASSETS:
Residential real estate	$	112,220	$	109,791
Commercial real estate	62,009		62,649
Resorts and leisure	73,436		75,441
Leasing operations	79,004		81,400
Forestry	20,664		20,244
Other	680,612		633,217
Total assets	$	1,027,945	$	982,742



(a)	Includes revenue of $43.6 million from the RiverTown Sale in 2014.
(b)	Includes revenue of $570.9 million from the AgReserves Sale in 2014.
(c)	Includes cost of revenue of $17.6 million from the RiverTown Sale in 2014.
(d)	Includes cost of revenue of $58.4 million from the AgReserves Sale in 2014.
(e)	Includes interest income from investments in SPEs of $8.2 million in both 2016 and 2015 and $6.1 million in 2014.
(f)	Includes interest expense from Senior Note issued by SPE of $8.8 million in both 2016 and 2015 and $6.6 million in 2014.
(g)	Includes pension charges of $13.5 million in 2014.

Quarterly Financial Data (unaudited) (Tables)

12 Months Ended

Dec. 31, 2016

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Data



	Quarters Ended
	December 31			September 30			June 30			March 31
2016
Operating revenue	$	18,747		$	27,192		$	29,551		$	20,254
Operating (loss) income	$	(881	)	$	1,595		$	2,143		$	(897	)
Net income attributable to the Company	$	2,709		$	2,711		$	1,810		$	8,665
Basic and diluted income per share attributable to the Company	$	0.04		$	0.04		$	0.02		$	0.11
2015
Operating revenue	$	21,104		$	27,830		$	37,846		$	17,091
Operating (loss) income	$	(3,861	)	$	(2,383	)	$	5,811		$	(5,702	)
Net (loss) income attributable to the Company	$	(2,541	)	$	2,772		$	(224	)	$	(1,738	)
Basic and diluted (loss) income per share attributable to the Company	$	(0.03	)	$	0.03		$	—		$	(0.02	)

Significant Accounting Policies (Details)	12 Months Ended
Significant Accounting Policies (Details)	Dec. 31, 2016 USD ($) issuer shares	Dec. 31, 2015 USD ($) shares	Dec. 31, 2014 USD ($)
Operating Leases, Future Minimum Payments Due
2017	$ 7,784,000
2018	7,575,000
2019	7,370,000
2020	6,729,000
2021	6,545,000
Operating Leases, Future Minimum Payments Receivable	$ 36,003,000
Percentage of certain resort fees included in management services revenues	50.00%
Temporary unrealized losses related to debt securities	$ 1,886,000	$ 1,117,000
Other-than-temporary impairment losses	0	0	$ 1,295,000
Realized gains (losses) on sale of securities	$ 795,000	5,311,000	(833,000)
Other than temporary losses, investments, portion in other comprehensive loss			$ 1,500,000
Period restricted investments are to be allocated to 401(k) plan participants	5 years		7 years
Allowance for doubtful accounts	$ 0	0
Capitalized indirect costs incurred	$ 0	$ 200,000	$ 600,000
Timber holdings valuation sample	20.00%
Cash, uninsured amount	$ 40,400,000
Debt securities, fair value	$ 139,132,000
Common stock equivalents (in shares) \| shares	0	0
U.S. Treasury securities
Operating Leases, Future Minimum Payments Due
Temporary unrealized losses related to debt securities		$ 79,000
Corporate debt securities
Operating Leases, Future Minimum Payments Due
Temporary unrealized losses related to debt securities	$ 1,769,000	981,000
Debt securities, fair value	$ 139,100,000
Number of issuers \| issuer	10
Preferred stock
Operating Leases, Future Minimum Payments Due
Temporary unrealized losses related to debt securities	$ 111,000	57,000
Commercial paper
Operating Leases, Future Minimum Payments Due
Debt securities, fair value	$ 129,700,000
Number of issuers \| issuer	7
Other Assets \| Accounting Standards Update 2015-03
Operating Leases, Future Minimum Payments Due
Debt issuance costs, net		(2,100,000)
Long-term Debt \| Accounting Standards Update 2015-03
Operating Leases, Future Minimum Payments Due
Debt issuance costs, net		700,000
Senior Notes Held By Special Purpose Entity \| Accounting Standards Update 2015-03
Operating Leases, Future Minimum Payments Due
Debt issuance costs, net		$ 1,400,000
External Credit Rating, Non Investment Grade \| Preferred stock
Operating Leases, Future Minimum Payments Due
Other marketable securities, noncurrent	$ 36,600,000
Number of issuers \| issuer	3
Land improvements \| Minimum \| Real Estate
Operating Leases, Future Minimum Payments Due
Estimated useful life (in years)	15 years
Land improvements \| Maximum \| Real Estate
Operating Leases, Future Minimum Payments Due
Estimated useful life (in years)	20 years
Buildings \| Minimum \| Real Estate
Operating Leases, Future Minimum Payments Due
Estimated useful life (in years)	20 years
Buildings \| Maximum \| Real Estate
Operating Leases, Future Minimum Payments Due
Estimated useful life (in years)	40 years
Building improvements \| Minimum \| Real Estate
Operating Leases, Future Minimum Payments Due
Estimated useful life (in years)	5 years
Building improvements \| Maximum \| Real Estate
Operating Leases, Future Minimum Payments Due
Estimated useful life (in years)	25 years
Railroad and equipment \| Minimum
Operating Leases, Future Minimum Payments Due
Estimated useful life (in years)	15 years
Railroad and equipment \| Maximum
Operating Leases, Future Minimum Payments Due
Estimated useful life (in years)	30 years
Furniture and fixtures \| Minimum
Operating Leases, Future Minimum Payments Due
Estimated useful life (in years)	5 years
Furniture and fixtures \| Maximum
Operating Leases, Future Minimum Payments Due
Estimated useful life (in years)	10 years
Machinery and equipment \| Minimum
Operating Leases, Future Minimum Payments Due
Estimated useful life (in years)	3 years
Machinery and equipment \| Maximum
Operating Leases, Future Minimum Payments Due
Estimated useful life (in years)	10 years
Office equipment \| Minimum
Operating Leases, Future Minimum Payments Due
Estimated useful life (in years)	5 years
Office equipment \| Maximum
Operating Leases, Future Minimum Payments Due
Estimated useful life (in years)	10 years
Autos and trucks
Operating Leases, Future Minimum Payments Due
Estimated useful life (in years)	5 years

Investment in Real Estate - Real Estate by Property Type and Segment (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Real Estate Properties [Line Items]
Development property	$ 164,849	$ 161,252
Operating property	217,120	216,416
Less: Accumulated depreciation	67,349	64,069
Net operating property	149,771	152,347
Investment in real estate, net	314,620	313,599
Residential real estate
Real Estate Properties [Line Items]
Development property	101,292	99,413
Operating property	8,097	8,091
Commercial real estate
Real Estate Properties [Line Items]
Development property	57,932	56,587
Resorts and leisure
Real Estate Properties [Line Items]
Development property	263	0
Operating property	107,029	109,425
Leasing operations
Real Estate Properties [Line Items]
Development property	432	360
Operating property	82,336	79,550
Forestry
Real Estate Properties [Line Items]
Development property	2,492	2,681
Operating property	19,608	19,300
Corporate
Real Estate Properties [Line Items]
Development property	2,438	2,211
Other
Real Estate Properties [Line Items]
Operating property	$ 50	$ 50

Investment in Real Estate - Operating Property (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Real Estate Properties [Line Items]
Land and land improvements	$ 73,239	$ 73,161
Buildings and building improvements	133,678	133,399
Timber	10,203	9,856
Operating property	217,120	216,416
Less: Accumulated depreciation	67,349	64,069
Net operating property	149,771	152,347
Depletion	$ 500	$ 500	$ 500
Land and land improvements \| Minimum
Real Estate Properties [Line Items]
Estimated Useful Life (in years)	5 years
Land and land improvements \| Maximum
Real Estate Properties [Line Items]
Estimated Useful Life (in years)	20 years
Buildings and building improvements \| Minimum
Real Estate Properties [Line Items]
Estimated Useful Life (in years)	20 years
Buildings and building improvements \| Maximum
Real Estate Properties [Line Items]
Estimated Useful Life (in years)	40 years

Investment in Real Estate - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Real Estate [Abstract]
Depreciation expense related to real estate investments	$ 6.0	$ 6.2	$ 5.7
Depletion	$ 0.5	$ 0.5	$ 0.5

Real Estate Sales - AgReserves Sales (Details) - USD ($)		1 Months Ended	12 Months Ended
	Mar. 05, 2014	Apr. 30, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Other operating expenses			$ 23,019,000	$ 33,426,000	$ 26,128,000
Investments held by special purpose entities	$ 203,500,000.0		208,590,000	208,785,000
Debt principal amount		$ 180,000,000
Debt interest rate		4.75%
Accrued interest receivable for Senior Notes held by SPE			2,938,000	3,338,000
Proceeds from monetization		$ 165,000,000.0
Cost of monetization		$ 15,000,000.0
Expected amount to receive upon maturity of note after payment of note and any other liabilities			20,000,000.0
Administrative costs associated with special purpose entities			$ 0	0	3,746,000
Percent ownership in special purpose entity			0.00%
Senior Notes held by special purpose entity			$ 176,310,000	176,094,000
Investment income, net			8,202,000	8,217,000	6,116,000
Interest expense			(8,833,000)	$ (8,755,000)	(6,584,000)
Subsidiaries \| Notes Receivable
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Issue price of senior secured notes		98.50%
Special Purpose Entities
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Accrued interest receivable for Senior Notes held by SPE			2,900,000
Expected amount to receive upon maturity of note after payment of note and any other liabilities			16,900,000
Debt discount and issuance costs		$ 4,300,000
Investments contributed to special purpose entity by the company		$ 7,000,000
Time deposits			200,000,000
U.S. Treasury securities			8,200,000
Cash			$ 400,000
Held-to-maturity security, term			13 years
Held-to-maturity Securities, debt maturities, within one year			$ 600,000
Held-to-maturity Securities, debt maturities, year two through five			2,500,000
Held-to-maturity Securities, debt maturities, after five through ten years			3,400,000
Held-to-maturity Securities, debt maturities, after ten years			$ 1,700,000
Special Purpose Entities \| Notes Receivable
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Debt interest rate			4.00%
Northwest Florida Timber Finance, LLC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Accrued interest			$ 2,900,000
Senior Notes held by special purpose entity			176,300,000
Debt unamortized discount			3,700,000
Buyer Special Purpose Entity
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held by special purpose entity			211,500,000
Liabilities held by special purpose entity			$ 179,200,000
AgReserves Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration received for real estate sale	562,000,000
Pre-tax income on real estate sale	511,100,000
Other operating expenses					$ 1,200,000
Cash proceeds from sale of real estate	358,500,000.0
Notes received in sale of real estate	$ 200,000,000
Maturity of notes receivables	15 years

Real Estate Sales - RiverTown Sale (Details)		3 Months Ended	12 Months Ended
Real Estate Sales - RiverTown Sale (Details)	Apr. 02, 2014 USD ($) a	Jun. 30, 2014 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Mar. 31, 2014 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impact fees received			$ 400,000	$ 100,000	$ 100,000
Long term debt			55,040,000	54,474,000
Total Community Development District debt			$ 22,600,000	$ 22,500,000
RiverTown Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proposed land sale, area of land (in acres) \| a	4,057
Cash proceeds from sale of real estate	$ 24,000,000.0
Notes received in sale of real estate	19,600,000.0
Proposed land sale, expected impact fee credit, period for recognition			3 years
Net earnings before income taxes for real estate sale		$ 26,000,000
Minimum \| RiverTown Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proposed land sale, expected impact fee credit	20,000,000
Maximum \| RiverTown Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proposed land sale, expected impact fee credit	26,000,000
Community Development District debt, secured by certain real estate and standby note purchase agreements, due May 2016 — May 2039, bearing interest at 2.8% to 7.0% \| Rivers Edge CDD Assessments
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Long term debt	$ 11,000,000
Total Community Development District debt						$ 5,400,000

Investments - Investments Classified as Available-for-Sale Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 177,280	$ 199,429
Gross Unrealized Gains	5,967	0
Gross Unrealized Losses	1,886	1,117
Fair Value	181,361	198,312
U.S. Treasury securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		184,819
Gross Unrealized Gains		0
Gross Unrealized Losses		79
Fair Value		184,740
Corporate debt securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	135,590	7,273
Gross Unrealized Gains	5,311	0
Gross Unrealized Losses	1,769	981
Fair Value	139,132	6,292
Preferred stock
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	36,048	265
Gross Unrealized Gains	656	0
Gross Unrealized Losses	111	57
Fair Value	36,593	208
Debt securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	171,638	192,357
Gross Unrealized Gains	5,967	0
Gross Unrealized Losses	1,880	1,117
Fair Value	175,725	191,240
Short-term bond
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	4,232
Gross Unrealized Gains	0
Gross Unrealized Losses	6
Fair Value	4,226
Restricted investments
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	5,642
Gross Unrealized Gains	0
Gross Unrealized Losses	6
Fair Value	5,636
Money market fund
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	1,410	7,072
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	$ 1,410	$ 7,072

Investments - Narrative (Details)		10 Months Ended	12 Months Ended
Investments - Narrative (Details)	Nov. 01, 2016 USD ($)	Oct. 31, 2016	Dec. 31, 2016 USD ($) member	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)
Schedule of Available-for-sale Securities [Line Items]
Number of Investment Committee members required to authorize investment \| member			2
Fair Value			$ 181,361,000	$ 198,312,000
Realized gains (losses) on sale of securities			795,000	5,311,000	$ (833,000)
Proceeds from sales of securities			197,548,000	385,695,000	83,239,000
Maturities of securities			185,000,000	410,000,000
Gross Unrealized Losses			1,886,000	1,117,000
Other-than-temporary impairment losses			0	0	$ 1,295,000
Debt securities, fair value			139,132,000
U.S. Treasury securities
Schedule of Available-for-sale Securities [Line Items]
Fair Value				184,740,000
Gross Unrealized Losses				79,000
Corporate debt securities
Schedule of Available-for-sale Securities [Line Items]
Fair Value			139,132,000	6,292,000
Gross Unrealized Losses			1,769,000	981,000
Debt securities, fair value			139,100,000
Preferred stock
Schedule of Available-for-sale Securities [Line Items]
Fair Value			36,593,000	208,000
Gross Unrealized Losses			111,000	$ 57,000
Short-term bond
Schedule of Available-for-sale Securities [Line Items]
Fair Value			4,226,000
Gross Unrealized Losses			6,000
Sears Holdings Corp or affiliates \| Corporate debt securities
Schedule of Available-for-sale Securities [Line Items]
Debt securities, fair value			9,400,000
Sears Holdings Corp or affiliates \| Preferred stock
Schedule of Available-for-sale Securities [Line Items]
Other marketable securities, noncurrent			$ 200,000
Corporate debt securities \| Maximum
Schedule of Available-for-sale Securities [Line Items]
Investments, target portfolio allocations percent			15.00%
Cash, investment grade cash equivalents or U.S. treasury securities \| Minimum
Schedule of Available-for-sale Securities [Line Items]
Investments, target portfolio allocations percent	25.00%	50.00%
Other aggregated investments \| Minimum \| Securities of any one issuer (excluding the U.S. Government)
Schedule of Available-for-sale Securities [Line Items]
Investments, target portfolio allocations percent			10.00%
Other aggregated investments \| Maximum \| Securities of any one issuer (excluding the U.S. Government)
Schedule of Available-for-sale Securities [Line Items]
Investments, target portfolio allocations percent			15.00%
Other aggregated investments \| Maximum \| Single Issuer, Exchange-Traded Common Equities
Schedule of Available-for-sale Securities [Line Items]
Investments, target portfolio allocations percent	5.00%
Common stock investments \| Maximum
Schedule of Available-for-sale Securities [Line Items]
Investments, target portfolio allocations, amount	$ 100,000,000.0
Common, preferred or other equity investments \| Maximum
Schedule of Available-for-sale Securities [Line Items]
Investments, target portfolio allocations percent	25.00%
Investor \| Fairholme Capital Management, L.L.C.
Schedule of Available-for-sale Securities [Line Items]
Common stock ownership percentage			32.90%

Investments - Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Months, Fair Value	$ 68,742	$ 191,240
Less Than 12 Months, Unrealized Losses	1,416	1,117
12 Months or Greater, Fair Value	7,124	0
12 Months or Greater, Unrealized Losses	470	0
U.S. Treasury securities
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Months, Fair Value	0	184,740
Less Than 12 Months, Unrealized Losses	0	79
12 Months or Greater, Fair Value	0	0
12 Months or Greater, Unrealized Losses	0	0
Corporate debt securities
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Months, Fair Value	64,516	6,292
Less Than 12 Months, Unrealized Losses	1,410	981
12 Months or Greater, Fair Value	6,971	0
12 Months or Greater, Unrealized Losses	359	0
Preferred stock
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Months, Fair Value	0	208
Less Than 12 Months, Unrealized Losses	0	57
12 Months or Greater, Fair Value	153	0
12 Months or Greater, Unrealized Losses	111	0
Short-term bond
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Months, Fair Value	4,226	0
Less Than 12 Months, Unrealized Losses	6	0
12 Months or Greater, Fair Value	0	0
12 Months or Greater, Unrealized Losses	$ 0	$ 0

Investments - Contractual Maturities of Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Cost
Due in one year or less	$ 3,910
Due after one year through five years	131,581
Due after ten through fifteen years	99
Amortized Cost	135,590
Preferred stock	36,048
Restricted investments	5,642
Amortized Cost	177,280	$ 199,429
Fair Value
Due in one year or less	3,719
Due after one year through five years	135,344
Due after ten through fifteen years	69
Fair Value	139,132
Preferred stock	36,593
Restricted investments	5,636
Available-for-sale Securities	$ 181,361	$ 198,312

Financial Instruments and Fair Value Measurements - Fair Value Hierarchy (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments	$ 5,636	$ 7,072
Assets, fair value, nonrecurring	0	0
Recurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	215,907	193,206
Debt securities	175,725	191,240
Restricted investments	5,636
Total	397,268	391,518
Recurring basis \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	215,907	193,206
Debt securities	76,965	184,740
Restricted investments	5,636
Total	298,508	377,946
Recurring basis \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Debt securities	98,760	6,500
Restricted investments	0
Total	98,760	13,572
Recurring basis \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Debt securities	0	0
Restricted investments	0
Total	0	0
Recurring basis \| Money market fund
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	86,236	18,233
Restricted investments	1,410
Recurring basis \| Money market fund \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	86,236	18,233
Restricted investments	1,410
Recurring basis \| Money market fund \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Restricted investments	0
Recurring basis \| Money market fund \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Restricted investments	0
Recurring basis \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	129,671	174,973
Recurring basis \| Commercial paper \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	129,671	174,973
Recurring basis \| Commercial paper \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Recurring basis \| Commercial paper \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Recurring basis \| U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities		184,740
Recurring basis \| U.S. Treasury securities \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities		184,740
Recurring basis \| U.S. Treasury securities \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities		0
Recurring basis \| U.S. Treasury securities \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities		0
Recurring basis \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	139,132	6,292
Recurring basis \| Corporate debt securities \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	57,788	0
Recurring basis \| Corporate debt securities \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	81,344	6,292
Recurring basis \| Corporate debt securities \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	0	0
Recurring basis \| Preferred stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	36,593	208
Recurring basis \| Preferred stock \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	19,177	0
Recurring basis \| Preferred stock \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	17,416	208
Recurring basis \| Preferred stock \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	0	0
Recurring basis \| Short-term bond
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments	4,226
Recurring basis \| Short-term bond \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments	4,226
Recurring basis \| Short-term bond \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments	0
Recurring basis \| Short-term bond \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments	$ 0
Recurring basis \| Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments		7,072
Recurring basis \| Investments \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments		0
Recurring basis \| Investments \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments		7,072
Recurring basis \| Investments \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments		$ 0

Financial Instruments and Fair Value Measurements - Carrying Amount and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior Notes held by special purpose entity	$ 176,310	$ 176,094
Carrying Value \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Retained interest investments	10,635	10,246
Time deposit	200,000	200,000
U.S. Treasury securities and cash equivalents	8,590	8,785
Senior Notes held by special purpose entity	176,310	176,094
Fair Value \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Retained interest investments	13,669	13,333
Time deposit	200,000	200,000
U.S. Treasury securities and cash equivalents	8,398	9,033
Senior Notes held by special purpose entity	$ 199,691	$ 178,035

Financial Instruments and Fair Value Measurements - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Expected amount to receive upon maturity of note after payment of note and any other liabilities	$ 20,000,000.0
Retained interest investments	10,635,000	$ 10,246,000
Other than temporary impairment losses, investments	0	0
Senior Notes held by special purpose entity	176,310,000	176,094,000
Assets, fair value, nonrecurring	$ 0	0
Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Retained interest, effective interest rate	3.70%
Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Retained interest, effective interest rate	11.80%
Special Purpose Entities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Expected amount to receive upon maturity of note after payment of note and any other liabilities	$ 16,900,000
Retained interest investments	$ 10,600,000	$ 10,200,000
Promissory notes maturity period	15 years
Special Purpose Entities \| Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes maturity year	2022
Special Purpose Entities \| Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes maturity year	2024
Short-term bond \| Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment term	0 years
Short-term bond \| Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment term	3 years

Claim Settlement Receivable (Details) - USD ($) $ in Thousands			9 Months Ended	12 Months Ended
	Oct. 03, 2016	Mar. 24, 2016	Dec. 31, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Receivables with Imputed Interest [Line Items]
Litigation settlement amount						$ 1,800
Litigation settlement receivable			$ 7,804	$ 7,804	$ 0
Litigation settlement proceeds				12,548	$ 0	$ 0
BP Exploration & Production Inc.
Receivables with Imputed Interest [Line Items]
Litigation settlement amount		$ 13,200
Litigation settlement amount received	$ 5,000
Litigation settlement receivable due in October 2017, 2018 and 2019		$ 2,700
Imputed interest rate on litigation settlement receivable		3.00%
Litigation settlement receivable		$ 12,500	7,800	7,800
Unamortized discount		$ 700
Interest income, operating			$ 300
Other income \| BP Exploration & Production Inc.
Receivables with Imputed Interest [Line Items]
Litigation settlement proceeds				$ 12,500

Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Retained interest investments	$ 10,635	$ 10,246
Accounts receivable, net	4,625	4,382
Notes receivable, net	1,926	2,555
Prepaid expenses	5,685	5,849
Straight line rent	3,812	3,732
Other assets	8,789	6,751
Accrued interest receivable for Senior Notes held by SPE	2,938	3,338
Total other assets	$ 38,410	$ 36,853

Other Assets Notes Receivable, net (Details) - USD ($)	1 Months Ended
Other Assets Notes Receivable, net (Details) - USD ($)	Jan. 31, 2017	Dec. 31, 2016	Nov. 30, 2016	Dec. 31, 2015
Loans and Leases Receivable Disclosure [Line Items]
Notes receivable, net		$ 1,926,000		$ 2,555,000
Allowance for notes receivable		0		0
Pier Park Community Development District notes, non-interest bearing, due September 2022, effective rates 5.93% — 6.50% through November 2016
Loans and Leases Receivable Disclosure [Line Items]
Notes receivable, net		1,684,000		1,985,000
Pier Park Community Development District notes, non-interest bearing, due September 2022, effective rates 5.93% — 6.50% through November 2016 \| Minimum
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, stated interest rate			5.93%
Pier Park Community Development District notes, non-interest bearing, due September 2022, effective rates 5.93% — 6.50% through November 2016 \| Maximum
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, stated interest rate			6.50%
Interest bearing homebuilder notes, secured by the real estate sold — 4.0% interest rate, due December 2016, paid January 2017
Loans and Leases Receivable Disclosure [Line Items]
Notes receivable, net		$ 33,000		90,000
Mortgage loans, stated interest rate		4.00%
Various mortgage notes, secured by certain real estate, bearing interest at various rates
Loans and Leases Receivable Disclosure [Line Items]
Notes receivable, net		$ 209,000		$ 480,000
Subsequent Event
Loans and Leases Receivable Disclosure [Line Items]
Proceeds from collection of homebuilder notes	$ 33,000

Property and Equipment, Net (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 68,044	$ 66,919
Less: Accumulated depreciation	59,404	57,103
Property, plant and equipment, excluding construction in progress, net	8,640	9,816
Construction in progress	352	329
Total	8,992	10,145
Depreciation expense	2,100	2,800	$ 2,200
Railroad and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	33,626	33,626
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	19,191	16,749
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	8,998	9,900
Office equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	5,154	5,600
Autos and trucks
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 1,075	$ 1,044

Real Estate Joint Ventures - Narrative (Details) - USD ($)	1 Months Ended	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Oct. 31, 2016	Oct. 31, 2015	Apr. 30, 2014	Dec. 31, 2013
Variable Interest Entity [Line Items]
Noncontrolling interest, capital contribution made to joint venture		$ 10,353,000	$ 0	$ 0
Income tax receivable	$ 27,057,000	27,057,000	2,275,000
Alternative minimum tax credit carryforward	13,477,000	13,477,000	0
Long-term Debt, Gross	55,653,000	55,653,000	55,194,000
Long term debt	55,040,000	55,040,000	54,474,000
Unrestricted cash and cash equivalents	241,111,000	241,111,000	212,773,000	$ 34,515,000				$ 21,894,000
Debt interest rate							4.75%
Amount of letters of credit outstanding	400,000	400,000	500,000
Assets	1,027,945,000	1,027,945,000	982,742,000
Liabilities	341,146,000	341,146,000	309,295,000
Pier Park North Joint Venture Refinanced Construction Loan \| Construction loan
Variable Interest Entity [Line Items]
Long-term Debt, Gross	48,132,000	48,132,000	48,200,000
Long term debt	$ 47,519,000	$ 47,519,000	$ 47,480,000
Consolidated Variable Interest Entities \| Pier Park North Joint Venture Refinanced Construction Loan
Variable Interest Entity [Line Items]
Debt interest rate	4.10%	4.10%
Consolidated Variable Interest Entities \| Pier Park North Joint Venture Refinanced Construction Loan \| Construction loan
Variable Interest Entity [Line Items]
Debt interest rate	4.10%	4.10%	4.10%
Pier Park North \| Consolidated Variable Interest Entities \| Pier Park North Joint Venture Refinanced Construction Loan
Variable Interest Entity [Line Items]
Construction loan						$ 48,200,000
Amount of letters of credit outstanding					$ 1,300,000	$ 6,600,000
Artisan Park, L.L.C \| Consolidated Variable Interest Entities
Variable Interest Entity [Line Items]
Percentage of cash contribution for joint venture by parent	74.00%	74.00%
Windmark
Variable Interest Entity [Line Items]
Capital contributions (distribution) from (to) non-controlling interest	$ 10,300,000
Variable interest entity, consideration received	20,000,000
Variable interest entity, consideration transferred	$ 9,900,000.0
Variable interest entity, ownership percentage	49.00%
Noncontrolling interest, capital contribution made to joint venture		$ 10,300,000
Noncontrolling interest, ownership percentage by noncontrolling owners	51.00%	51.00%
Variable interest entity, initial consolidation, gain (loss)	$ 0
Income tax receivable	$ 24,600,000	$ 24,600,000
Pier Park North
Variable Interest Entity [Line Items]
Variable interest entity, ownership percentage		60.00%

Real Estate Joint Ventures - Summarized Financial Information for Unconsolidated Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Investments in and Advances to Affiliates [Line Items]
Cash and cash equivalents	$ 241,111	$ 212,773	$ 34,515	$ 21,894
Other assets	38,410	36,853
Total assets	1,027,945	982,742
Equity	669,293	665,263
Total liabilities and equity	1,027,945	982,742
Other Affiliates
Investments in and Advances to Affiliates [Line Items]
Cash and cash equivalents	11,948	13,760
Other assets	59	58
Total assets	12,007	13,818
Accounts payable and other liabilities	955	1,978
Equity	11,052	11,840
Total liabilities and equity	$ 12,007	$ 13,818

Real Estate Joint Ventures - Summarized Statements of Operations for Unconsolidated Investments (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Investments in and Advances to Affiliates [Line Items]
Operating revenue	$ 18,747	$ 27,192	$ 29,551	$ 20,254	$ 21,104	$ 27,830	$ 37,846	$ 17,091	$ 95,744	$ 103,871	$ 701,873
Total expenses									93,784	110,006	188,623
Net loss									(15,464)	1,971	(406,282)
Statements Of Operations
Investments in and Advances to Affiliates [Line Items]
Operating revenue									371	0	5
Total expenses									1,159	3,073	1,957
Net loss									788	$ 3,073	$ 1,952
Artisan Park, L.L.C \| Consolidated Variable Interest Entities
Investments in and Advances to Affiliates [Line Items]
Operating revenue									$ 400

Debt - Schedule of Total Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 55,653	$ 55,194
Debt issuance costs	613	720
Long term debt	55,040	54,474
Construction loan \| Refinanced Loan in the Pier Park North JV, due November 2025, bearing interest at 4.1%
Debt Instrument [Line Items]
Long-term Debt, Gross	48,132	48,200
Debt issuance costs	613	720
Long term debt	47,519	47,480
Secured debt \| Community Development District debt, secured by certain real estate and standby note purchase agreements, due May 2031 — May 2039
Debt Instrument [Line Items]
Long-term Debt, Gross	7,521	6,994
Debt issuance costs	0	0
Long term debt	$ 7,521	$ 6,994

Debt - Descriptors (Details)	Dec. 31, 2016	Dec. 31, 2015	Apr. 30, 2014
Debt Instrument [Line Items]
Debt interest rate			4.75%
Consolidated Variable Interest Entities \| Refinanced Loan in the Pier Park North JV, due November 2025, bearing interest at 4.1%
Debt Instrument [Line Items]
Debt interest rate	4.10%
Consolidated Variable Interest Entities \| Construction loan \| Refinanced Loan in the Pier Park North JV, due November 2025, bearing interest at 4.1%
Debt Instrument [Line Items]
Debt interest rate	4.10%	4.10%
Maximum \| Secured debt \| Community Development District debt, secured by certain real estate and standby note purchase agreements, due May 2016 — May 2039, bearing interest at 2.8% to 7.0%
Debt Instrument [Line Items]
Debt interest rate	7.00%	2.80%
Minimum \| Secured debt \| Community Development District debt, secured by certain real estate and standby note purchase agreements, due May 2016 — May 2039, bearing interest at 2.8% to 7.0%
Debt Instrument [Line Items]
Debt interest rate	3.40%	7.00%

Debt - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Apr. 30, 2014
Debt Instrument [Line Items]
Long term debt	$ 55,040	$ 54,474
Debt interest rate			4.75%
Total Community Development District debt	$ 22,600	22,500
Consolidated Variable Interest Entities \| Pier Park North Joint Venture Refinanced Construction Loan
Debt Instrument [Line Items]
Debt interest rate	4.10%
Construction loan \| Pier Park North Joint Venture Refinanced Construction Loan
Debt Instrument [Line Items]
Long term debt	$ 47,519	$ 47,480
Construction loan \| Consolidated Variable Interest Entities \| Pier Park North Joint Venture Refinanced Construction Loan
Debt Instrument [Line Items]
Debt interest rate	4.10%	4.10%
Secured debt \| Community Development District debt, secured by certain real estate and standby note purchase agreements, due May 2016 — May 2039, bearing interest at 2.8% to 7.0%
Debt Instrument [Line Items]
Long term debt	$ 7,521	$ 6,994

Debt - Maturities of Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Debt Disclosure [Abstract]
2017	$ 991
2018	1,033
2019	1,075
2020	1,120
2021	1,166
Thereafter	50,268
Long term debt	$ 55,653	$ 55,194

Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Accrued Liabilities And Deferred Credits [Line Items]
Accounts payable	$ 4,376	$ 2,585
Accrued compensation	2,655	3,366
Deferred revenue	15,289	15,584
Membership deposits and initiation fees	7,384	7,416
Advance deposits	3,419	3,574
Other accrued liabilities	4,977	6,505
Total other liabilities	40,950	41,880
Special Purpose Entities
Accrued Liabilities And Deferred Credits [Line Items]
Accrued interest expense for Senior Notes held by SPE	$ 2,850	$ 2,850

Other Liabilities - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Deferred revenue	$ 15,289	$ 15,584
Florida Department of Transportation
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Deferred revenue	$ 12,500	$ 12,500

Income Taxes - Provision for Income Tax (Benefit) Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Current:
Federal	$ (22,416)	$ (1,377)	$ 69,245
State	(64)	(138)	135
Total	(22,480)	(1,515)	69,380
Deferred:
Federal	29,796	2,261	35,314
State	(169)	62	10,813
Total	29,627	2,323	46,127
Income tax expense	$ 7,147	$ 808	$ 115,507

Income Taxes - Allocation of Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Income tax expense	$ 7,147	$ 808	$ 115,507
Income tax expense (benefit)	2,003	(300)	(127)
Total income tax expense	$ 9,150	$ 508	$ 115,380

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Operating Loss Carryforwards [Line Items]
Statutory federal income tax rate	35.00%	35.00%	35.00%
Valuation allowance	$ 5,135,000	$ 6,012,000
Valuation allowance, decrease	900,000
Unrecognized tax benefits	1,700,000	1,700,000
Unrecognized tax benefits that would impact effective tax rate	0	0
Unrecognized tax benefits, period increase (decrease)	0	0
Unrecognized tax benefits, income tax penalties accrued	0	0
Domestic Tax Authority
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	0	0
State and Local Jurisdiction
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 427,300,000	$ 325,700,000

Income Taxes - Income Tax Expense (Benefit) Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Tax at the statutory federal rate	$ 8,065	$ (323)	$ 182,700
State income taxes (net of federal benefit)	806	(32)	18,270
Decrease in valuation allowance	(941)	(164)	(86,882)
Fees and expenses for SEC investigation	0	1,092	0
Other	(783)	235	1,419
Total income tax expense	$ 7,147	$ 808	$ 115,507

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Deferred tax assets:
State net operating loss carryforwards	$ 14,956,000	$ 11,400,000
Alternative minimum tax credit carryforward	13,477,000	0
Impairment losses	63,108,000	112,143,000
Prepaid income from land sales	5,461,000	5,490,000
Other	0	1,358,000
Total gross deferred tax assets	97,002,000	130,391,000
Valuation allowance	(5,135,000)	(6,012,000)
Total net deferred tax assets	91,867,000	124,379,000
Deferred tax liabilities:
Investment in real estate and property and equipment basis differences	647,000	3,071,000
Deferred gain on land sales and involuntary conversions	28,920,000	28,691,000
Installment sales	127,260,000	126,741,000
Pension Plan assets transferred to the 401(k) Plan	2,170,000	2,723,000
Other	1,716,000	0
Total gross deferred tax liabilities	160,713,000	161,226,000
Net deferred tax liability	$ (68,846,000)	$ (36,847,000)

Accumulated Other Comprehensive Income (Loss) - Summary of Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	$ 686,799	$ 673,447	$ 979,701	$ 563,525
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Total other comprehensive income, net of tax	3,193	639	6,192
Unrealized Gains and (Losses) on Available-for-Sale Securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	2,507	(686)	$ (1,325)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Other comprehensive income before reclassifications	3,685	3,428
Amounts reclassified from accumulated other comprehensive income	(492)	(2,789)
Total other comprehensive income, net of tax	$ 3,193	$ 639

Accumulated Other Comprehensive Income (Loss) - Summary of Reclassifications out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Unrealized gains and (losses) on investments and restricted investments:
Other comprehensive income before-tax amount	$ 5,196	$ 339
Other comprehensive income tax benefit or (expense)	(2,003)	300
Total other comprehensive income, net of tax	3,193	639	$ 6,192
Accumulated Net Investment Gain (Loss) Including Portion Attributable to Noncontrolling Interest [Member]
Unrealized gains and (losses) on investments and restricted investments:
Less: reclassification adjustment for gains included in earnings before-tax amount	(795)	(5,311)
Less: reclassification adjustment for gains included in earnings tax benefit or (expense)	303	2,522
Less: reclassification adjustment for gains included in earnings net-of-tax amount	(492)	(2,789)
Other comprehensive income before-tax amount	5,196	339
Other comprehensive income tax benefit or (expense)	(2,003)	300
Total other comprehensive income, net of tax	3,193	639
Available-for-sale Securities \| Accumulated Net Investment Gain (Loss) Including Portion Attributable to Noncontrolling Interest [Member]
Unrealized gains and (losses) on investments and restricted investments:
Unrealized gains on available-for-sale investments before-tax amount	5,997	5,650
Unrealized gains on available-for-sale investments tax benefit or (expense)	(2,308)	(2,222)
Unrealized gains on available-for-sale investments net-of-tax amount	3,689	$ 3,428
Restricted investments \| Accumulated Net Investment Gain (Loss) Including Portion Attributable to Noncontrolling Interest [Member]
Unrealized gains and (losses) on investments and restricted investments:
Unrealized gains on available-for-sale investments before-tax amount	(6)
Unrealized gains on available-for-sale investments tax benefit or (expense)	2
Unrealized gains on available-for-sale investments net-of-tax amount	$ (4)

Stockholders' Equity (Details) $ / shares in Units, $ in Thousands		1 Months Ended	12 Months Ended
	May 17, 2016 director shares	Jul. 31, 2016 USD ($) shares	Dec. 31, 2016 USD ($) $ / shares shares	Dec. 31, 2015 USD ($) $ / shares shares	Dec. 31, 2014 USD ($)
Equity [Abstract]
Shares repurchased during the period (in shares) \| shares			995,650	16,982,739
Average purchase price per share for share repurchase (in dollars per share) \| $ / shares			$ 14.88	$ 17.93
Payments for repurchase of common stock			$ 14,820	$ 305,004	$ 0
Stock repurchase program, authorized amount			190,900
Treasury stock, shares, retired (in shares) \| shares		17,998,658
Retirement of treasury stock		$ 320,100
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock awards expense (less than)			131	$ 150	$ 210
Restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock awards expense (less than)			$ 100
2015 Plan \| Restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted stock awards issued (in shares) \| shares	8,919
Number of Board of Directors members granted restricted stock awards \| director	3
August 17, 2016 \| Restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	25.00%
November 17, 2016 \| Restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	25.00%
February 17, 2017 \| Restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	25.00%

Stock Based Compensation - Narrative (Details)		12 Months Ended
Stock Based Compensation - Narrative (Details)	May 17, 2016 shares	Dec. 31, 2016 USD ($) $ / shares shares	Dec. 31, 2015 USD ($) equity_plan $ / shares	Dec. 31, 2014 USD ($) $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equity plans \| equity_plan			2
Weighted Average Grant Date Fair Value
Weighted average grant date fair value, granted (in dollars per share) \| $ / shares		$ 16.82	$ 15.53	$ 21.59
Fair values of vested restricted stock and stock options \| $		$ 100,000.0	$ 200,000.0	$ 200,000
2015 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares approved		1,500,000
Shares available for future issuance		1,491,081
Number of Units
Number of units, vested		6,690
2015 Plan \| Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested restricted stock units outstanding		2,229
Restricted stock units issued	8,919
Director \| 2015 Plan \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units issued		8,919

Stock Based Compensation - Recorded in Corporate Expense, Net, on Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock compensation expense before tax benefit	$ 131	$ 150	$ 210
Income tax benefit	(50)	(58)	(81)
Stock compensation expense after tax benefit	$ 81	$ 92	$ 129

Stock Based Compensation - Summary of Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Number of Shares
Number of shares, beginning balance	99,775
Number of shares, forfeitures or expirations	54,370
Number of shares, ending balance	45,405	99,775
Weighted Average Exercise Price
Weighted average exercise price, beginning balance (in dollars per share)	$ 54.15
Weighted average exercise price, forfeitures or expirations (in dollars per share)	54.24
Weighted average exercise price, ending balance (in dollars per share)	$ 54.05	$ 54.15
Additional Disclosures
Number of shares, vested or expected to vest	45,405
Number of shares, exercisable	45,405
Weighted average exercise price, vested or expected to vest (in dollars per share)	$ 54.05
Weighted average exercise price, exercisable (in dollars per share)	$ 54.05
Weighted average remaining contractual life (years)	1 month 18 days	10 months 24 days
Weighted average remaining contractual life (years), vested or expected to vest	1 month 18 days
Weighted average remaining contractual life (years), exercisable	1 month 18 days
Options, outstanding, intrinsic value	$ 0	$ 0
Options vested or expected to vest, intrinsic value	0
Options exercisable, intrinsic value	$ 0

Employee Benefit Plans - Narrative (Details) - USD ($)	1 Months Ended	12 Months Ended
Employee Benefit Plans - Narrative (Details) - USD ($)	Dec. 31, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Compensation and Retirement Disclosure [Abstract]
Assets contributed to 401(k) Plan		$ 0	$ 0	$ 7,940,000
401(k) Plan distribution period (in years)		5 years		7 years
Pension Plan assets reverted to the Company	$ 23,800,000	$ 0	0	$ 23,820,000
Prepaid pension asset		0	0
Pension charges		0	0	13,529,000
Net periodic pension cost, including settlements				8,747,000
Excise tax on pension plan				4,800,000
Settlement losses				7,107,000
Net periodic pension cost included in accumulated other comprehensive loss	$ 0	0	0	$ 0
Expected long-term rate on plan assets				0.00%
Plan assets		0	0
Restricted investments		5,636,000	7,072,000
Compensation expense for assets allocated to participants		1,400,000	1,300,000
Gain on unallocated asset		$ 100,000	$ 100,000

Employee Benefit Plans - Summary of Components of Net Periodic Pension Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Compensation and Retirement Disclosure [Abstract]
Interest cost			$ 625
Expected return on assets			550
Amortization of loss			465
Settlement charges			7,107
Net periodic pension cost			8,747
Other changes in plan assets and obligations recognized in other comprehensive income:
Gain			(5,392)
Total other comprehensive income	$ 0	$ 0	(5,392)
Total net periodic pension cost and other comprehensive income			$ 3,355

Employee Benefit Plans - Summary of Assumptions Used (Details)	12 Months Ended
	Dec. 31, 2014
Compensation and Retirement Disclosure [Abstract]
Discount rate	3.75%
Expected long-term rate on plan assets	0.00%

Other Income (Expense) - Summary (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Investment Income, Net [Abstract]
Interest and dividend income	$ 6,602	$ 6,940	$ 6,258
Accretion income	1,829	1,526	1,455
Realized gains (losses) on the sale of investments	795	5,311	(833)
Other-than-temporary impairment losses	0	0	(1,295)
Total net investment income from available-for-sale securities	9,226	13,777	5,585
Interest income from investments in SPEs	8,202	8,217	6,116
Interest accrued on notes receivable and other interest	348	694	990
Total investment income, net	17,776	22,688	12,691
Interest expense
Interest expense and amortization of discount and issuance costs for Senior Notes issued by SPE	(8,833)	(8,755)	(6,584)
Interest expense	(3,462)	(2,674)	(2,024)
Total interest expense	(12,295)	(11,429)	(8,608)
Claim settlement	12,548	0	0
Other income (expense), net
SEC investigation fees and expenses	742	(8,161)	0
Accretion income from retained interest investments	991	913	889
Hunting lease income	553	562	764
Litigation and insurance proceeds received	0	0	1,814
Other income, net	336	399	1,021
Other income (expense), net	2,622	(6,287)	4,488
Total other income, net	$ 20,651	$ 4,972	$ 8,571

Other Income (Expense) - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Other Income (Expense) [Line Items]
Effective interest rate	4.90%
Claim settlement	$ 12,548	$ 0	$ 0
Fees and expenses for the SEC investigation	(742)	8,161	0
Litigation settlement amount			1,800
Litigation and insurance proceeds received	$ 0	$ 0	$ 1,814
Minimum
Other Income (Expense) [Line Items]
Retained interest, effective interest rate	3.70%
Maximum
Other Income (Expense) [Line Items]
Retained interest, effective interest rate	11.80%

Segment Information - Information by Business Segment (Details)	3 Months Ended								12 Months Ended
	Dec. 31, 2016 USD ($)	Sep. 30, 2016 USD ($)	Jun. 30, 2016 USD ($)	Mar. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Sep. 30, 2015 USD ($)	Jun. 30, 2015 USD ($)	Mar. 31, 2015 USD ($)	Dec. 31, 2016 USD ($) Segment golf_course	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)
Segment Reporting Information [Line Items]
Number of reportable operating segments \| Segment									5
Operating revenue	$ 18,747,000	$ 27,192,000	$ 29,551,000	$ 20,254,000	$ 21,104,000	$ 27,830,000	$ 37,846,000	$ 17,091,000	$ 95,744,000	$ 103,871,000	$ 701,873,000
Cost of Revenue									8,036,000	16,399,000	87,132,000
Other operating and corporate expenses									23,019,000	33,426,000	26,128,000
Depreciation, depletion and amortization									8,571,000	9,486,000	8,422,000
Investment income, net									17,776,000	22,688,000	12,691,000
Interest expense									(12,295,000)	(11,429,000)	(8,608,000)
Income (Loss) Before Equity In Loss From Unconsolidated Affiliates and Income Taxes									22,611,000	(1,163,000)	521,821,000
Capital expenditures									12,858,000	17,465,000	32,441,000
Assets	1,027,945,000				982,742,000				1,027,945,000	982,742,000
Interest Income, Other									348,000	694,000	990,000
Pension charges									0	0	13,529,000
Residential real estate
Segment Reporting Information [Line Items]
Operating revenue									19,483,000	21,137,000	61,444,000
Cost of Revenue									6,383,000	10,853,000	27,562,000
Other operating and corporate expenses									5,744,000	10,215,000	8,269,000
Depreciation, depletion and amortization									286,000	544,000	662,000
Interest expense									(1,284,000)	(1,174,000)	(1,316,000)
Income (Loss) Before Equity In Loss From Unconsolidated Affiliates and Income Taxes									5,887,000	(821,000)	24,854,000
Capital expenditures									3,319,000	4,923,000	4,981,000
Assets	112,220,000				109,791,000				112,220,000	109,791,000
Commercial real estate
Segment Reporting Information [Line Items]
Operating revenue									2,187,000	7,160,000	3,265,000
Cost of Revenue									1,323,000	4,974,000	1,031,000
Other operating and corporate expenses									2,167,000	2,104,000	2,271,000
Interest expense									(2,169,000)	(1,489,000)	(696,000)
Income (Loss) Before Equity In Loss From Unconsolidated Affiliates and Income Taxes									(1,323,000)	126,000	(163,000)
Capital expenditures									3,937,000	2,165,000	854,000
Assets	62,009,000				62,649,000				62,009,000	62,649,000
Resorts and leisure
Segment Reporting Information [Line Items]
Operating revenue									57,284,000	54,488,000	48,414,000
Cost of Revenue									50,229,000	47,069,000	42,900,000
Other operating and corporate expenses									547,000	426,000	452,000
Depreciation, depletion and amortization									4,402,000	5,096,000	4,143,000
Income (Loss) Before Equity In Loss From Unconsolidated Affiliates and Income Taxes									2,087,000	1,819,000	1,559,000
Capital expenditures									1,287,000	2,526,000	2,198,000
Assets	73,436,000				75,441,000				$ 73,436,000	75,441,000
Number of golf courses \| golf_course									4
Leasing operations
Segment Reporting Information [Line Items]
Operating revenue									$ 9,742,000	8,978,000	6,977,000
Cost of Revenue									3,108,000	2,792,000	2,253,000
Other operating and corporate expenses									1,325,000	927,000	557,000
Depreciation, depletion and amortization									3,137,000	3,118,000	2,685,000
Income (Loss) Before Equity In Loss From Unconsolidated Affiliates and Income Taxes									90,000	676,000	1,165,000
Capital expenditures									2,899,000	5,849,000	22,600,000
Assets	79,004,000				81,400,000				79,004,000	81,400,000
Forestry revenue
Segment Reporting Information [Line Items]
Operating revenue									6,673,000	12,042,000	581,442,000
Cost of Revenue									1,121,000	1,402,000	63,029,000
Other operating and corporate expenses									530,000	941,000	1,910,000
Depreciation, depletion and amortization									552,000	581,000	729,000
Income (Loss) Before Equity In Loss From Unconsolidated Affiliates and Income Taxes									5,609,000	10,259,000	517,087,000
Capital expenditures									1,095,000	1,366,000	1,537,000
Assets	20,664,000				20,244,000				20,664,000	20,244,000
Residential real estate and other
Segment Reporting Information [Line Items]
Investment income, net									97,000	571,000	994,000
Corporate
Segment Reporting Information [Line Items]
Investment income, net									17,679,000	22,117,000	11,697,000
Interest expense									(8,842,000)	(8,766,000)	(6,596,000)
Income (Loss) Before Equity In Loss From Unconsolidated Affiliates and Income Taxes									10,261,000	(13,222,000)	(22,681,000)
Interest Income, Other									8,200,000	8,200,000	6,100,000
Other
Segment Reporting Information [Line Items]
Operating revenue									375,000	66,000	331,000
Cost of Revenue									30,000	4,000	23,000
Other operating and corporate expenses									12,706,000	18,813,000	12,669,000
Depreciation, depletion and amortization									194,000	147,000	203,000
Capital expenditures									321,000	636,000	271,000
Assets	$ 680,612,000				$ 633,217,000				680,612,000	633,217,000
Operating Segments
Segment Reporting Information [Line Items]
Operating revenue									95,744,000	103,871,000	701,873,000
Cost of Revenue									62,194,000	67,094,000	136,798,000
Other operating and corporate expenses									$ 23,019,000	$ 33,426,000	26,128,000
RiverTown Sale
Segment Reporting Information [Line Items]
Operating revenue											43,600,000
Cost of Revenue											17,600,000
AgReserves Sale
Segment Reporting Information [Line Items]
Operating revenue											570,900,000
Cost of Revenue											$ 58,400,000

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2016	Oct. 31, 2016	Dec. 31, 2015	Oct. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Accrued liabilities, other litigation, claims, other disputes, governmental proceedings and environmental matters	$ 1.3		$ 2.5
Purchase obligations, total	25.3
Purchase obligations, 2017	25.3
Guarantor Obligations [Line Items]
Amount of letters of credit outstanding	0.4		0.5
Tax Year 2022 To 2024
Guarantor Obligations [Line Items]
Deferred tax liabilities	61.8
Tax Year 2029
Guarantor Obligations [Line Items]
Deferred tax liabilities	69.3
Consolidated Variable Interest Entities \| Pier Park North \| Pier Park North Joint Venture Refinanced Construction Loan
Guarantor Obligations [Line Items]
Amount of letters of credit outstanding		$ 1.3		$ 6.6
Surety bonds \| Commercial developments
Guarantor Obligations [Line Items]
Commitment obligations	$ 6.2		$ 7.1

Quarterly Financial Data (unaudited) (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]
Operating revenue	$ 18,747	$ 27,192	$ 29,551	$ 20,254	$ 21,104	$ 27,830	$ 37,846	$ 17,091	$ 95,744	$ 103,871	$ 701,873
Operating (loss) income	(881)	1,595	2,143	(897)	(3,861)	(2,383)	5,811	(5,702)	1,960	(6,135)	513,250
Net income (loss) attributable to the Company	$ 2,709	$ 2,711	$ 1,810	$ 8,665	$ (2,541)	$ 2,772	$ (224)	$ (1,738)	$ 15,895	$ (1,731)	$ 406,453
Basic and diluted income per share attributable to the Company (in dollars per share)	$ 0.04	$ 0.04	$ 0.02	$ 0.11	$ (0.03)	$ 0.03	$ 0.00	$ (0.02)	$ 0.21	$ (0.02)	$ 4.40

Schedule III (Consolidated) - Real Estate and Accumulated Depreciation Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 55,040
Initial Cost to Company, Land & Improvements	155,637
Initial Cost to Company, Buildings & Improvements	138,506
Costs Capitalized Subsequent to Acquisition or Construction	87,826
Land & Land Improvements	248,291
Buildings and Improvements	133,678
Total	381,969	$ 377,668	$ 379,944	$ 436,264
Accumulated Depreciation	67,349	$ 64,069
Aggregate cost of real estate owned for federal income tax purposes	410,200
Residential developments
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,732
Initial Cost to Company, Land & Improvements	49,884
Initial Cost to Company, Buildings & Improvements	11,351
Costs Capitalized Subsequent to Acquisition or Construction	48,154
Land & Land Improvements	107,532
Buildings and Improvements	1,857
Total	109,389
Accumulated Depreciation	2,654
Commercial developments
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,769
Initial Cost to Company, Land & Improvements	35,656
Initial Cost to Company, Buildings & Improvements	0
Costs Capitalized Subsequent to Acquisition or Construction	22,276
Land & Land Improvements	57,932
Buildings and Improvements	0
Total	57,932
Accumulated Depreciation	42
WaterColor Inn
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company, Land & Improvements	1,137
Initial Cost to Company, Buildings & Improvements	13,692
Costs Capitalized Subsequent to Acquisition or Construction	5,984
Land & Land Improvements	1,568
Buildings and Improvements	19,245
Total	20,813
Accumulated Depreciation	$ 8,193
WaterColor Inn \| Minimum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	10 years
WaterColor Inn \| Maximum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	40 years
Clubs and golf courses
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company, Land & Improvements	37,851
Initial Cost to Company, Buildings & Improvements	23,998
Costs Capitalized Subsequent to Acquisition or Construction	(2,989)
Land & Land Improvements	35,138
Buildings and Improvements	23,722
Total	58,860
Accumulated Depreciation	$ 26,474
Clubs and golf courses \| Minimum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	10 years
Clubs and golf courses \| Maximum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	25 years
Marinas
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company, Land & Improvements	6,400
Initial Cost to Company, Buildings & Improvements	9,529
Costs Capitalized Subsequent to Acquisition or Construction	2
Land & Land Improvements	6,286
Buildings and Improvements	9,645
Total	15,931
Accumulated Depreciation	$ 4,203
Marinas \| Minimum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	10 years
Marinas \| Maximum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	25 years
Other
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company, Land & Improvements	0
Initial Cost to Company, Buildings & Improvements	11,599
Costs Capitalized Subsequent to Acquisition or Construction	89
Land & Land Improvements	0
Buildings and Improvements	11,688
Total	11,688
Accumulated Depreciation	$ 4,137
Other \| Minimum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	10 years
Other \| Maximum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	30 years
Pier Park North
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 47,519
Initial Cost to Company, Land & Improvements	13,711
Initial Cost to Company, Buildings & Improvements	35,243
Costs Capitalized Subsequent to Acquisition or Construction	1,270
Land & Land Improvements	13,449
Buildings and Improvements	36,775
Total	50,224
Accumulated Depreciation	$ 4,238
Pier Park North \| Minimum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	15 years
Pier Park North \| Maximum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	40 years
Town centers
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company, Land & Improvements	823
Initial Cost to Company, Buildings & Improvements	20,332
Costs Capitalized Subsequent to Acquisition or Construction	(2,251)
Land & Land Improvements	784
Buildings and Improvements	18,120
Total	18,904
Accumulated Depreciation	$ 12,728
Town centers \| Minimum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	10 years
Town centers \| Maximum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	25 years
VentureCrossings
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company, Land & Improvements	3,203
Initial Cost to Company, Buildings & Improvements	8,491
Costs Capitalized Subsequent to Acquisition or Construction	(1,729)
Land & Land Improvements	2,024
Buildings and Improvements	7,941
Total	9,965
Accumulated Depreciation	$ 2,055
VentureCrossings \| Minimum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	10 years
VentureCrossings \| Maximum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	25 years
Other
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 20
Initial Cost to Company, Land & Improvements	466
Initial Cost to Company, Buildings & Improvements	2,399
Costs Capitalized Subsequent to Acquisition or Construction	274
Land & Land Improvements	740
Buildings and Improvements	2,399
Total	3,139
Accumulated Depreciation	$ 469
Other \| Minimum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	10 years
Other \| Maximum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	25 years
Timberlands
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company, Land & Improvements	6,421
Initial Cost to Company, Buildings & Improvements	1,872
Costs Capitalized Subsequent to Acquisition or Construction	11,315
Land & Land Improvements	17,322
Buildings and Improvements	2,286
Total	19,608
Accumulated Depreciation	2,131
Unimproved land
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company, Land & Improvements	85
Initial Cost to Company, Buildings & Improvements	0
Costs Capitalized Subsequent to Acquisition or Construction	5,431
Land & Land Improvements	5,516
Buildings and Improvements	0
Total	5,516
Accumulated Depreciation	$ 25

Schedule III (Consolidated) - Real Estate and Accumulated Depreciation - Reconciliation of Real Estate Owned (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Balance at beginning of the year	$ 377,668	$ 379,944	$ 436,264
Amounts capitalized	13,875	13,372	26,047
Impairments	(357)	0	0
Cost of real estate sold	(6,489)	(14,584)	(76,060)
Amounts retired or adjusted	(2,728)	(1,064)	(6,307)
Balance at the end of the year	$ 381,969	$ 377,668	$ 379,944

Schedule III (Consolidated) - Real Estate and Accumulated Depreciation - Reconciliation of Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at beginning of the year	$ 64,069	$ 58,132	$ 53,496
Depreciation expense	6,002	6,204	5,694
Amounts retired or adjusted	(2,722)	(267)	(1,058)
Balance at the end of the year	$ 67,349	$ 64,069	$ 58,132

Nature of Operations (Details)	12 Months Ended
Nature of Operations (Details)	Dec. 31, 2016 Segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable operating segments	5