Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2017	Feb. 26, 2018	Jun. 30, 2017
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, 2017
Document Fiscal Year Focus	2017
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		65,333,311
Entity Public Float			$ 402.3

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
ASSETS
Investment in real estate, net	$ 332,624	$ 314,620
Cash and cash equivalents	192,083	241,111
Investments	111,268	175,725
Restricted investments	4,469	5,636
Income tax receivable	8,371	27,057
Claim settlement receivable	5,280	7,804
Other assets	47,133	38,410
Property and equipment, net of accumulated depreciation of $60,697 and $59,404 at December 31, 2017 and 2016, respectively	11,776	8,992
Investments held by special purpose entities	207,989	208,590
Total assets	920,993	1,027,945
Liabilities:
Debt	55,630	55,040
Other liabilities	47,259	40,950
Deferred tax liabilities, net	48,983	68,846
Senior Notes held by special purpose entity	176,537	176,310
Total liabilities	328,409	341,146
Equity:
Common stock, no par value; 180,000,000 shares authorized; 65,897,866 and 74,342,826 issued and outstanding at December 31, 2017 and 2016, respectively	424,694	572,040
Retained earnings	154,324	94,746
Accumulated other comprehensive (loss) income	(1,461)	2,507
Total stockholders’ equity	577,557	669,293
Non-controlling interest	15,027	17,506
Total equity	592,584	686,799
Total liabilities and equity	920,993	1,027,945
Variable Interest Entity, Primary Beneficiary
ASSETS
Investment in real estate, net	58,441	63,362
Cash and cash equivalents	5,084	3,965
Other assets	11,889	13,209
Investments held by special purpose entities	207,989	208,590
Total assets	283,403	289,126
Liabilities:
Debt	46,783	47,519
Other liabilities	4,357	4,275
Senior Notes held by special purpose entity	176,537	176,310
Total liabilities	$ 227,677	$ 228,104

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Property and equipment, Accumulated depreciation	$ 60,697	$ 59,404
Common stock, shares authorized (in shares)	180,000,000	180,000,000
Common stock, issued (in shares)	65,897,866	74,342,826
Common stock, outstanding (in shares)	65,897,866	74,342,826

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Revenue:
Real estate revenue	$ 27,717	$ 23,397	$ 33,704
Resorts and leisure revenue	54,820	57,284	54,488
Leasing revenue	10,637	9,858	8,978
Timber revenue	5,622	5,205	6,701
Total revenue	98,796	95,744	103,871
Expenses:
Cost of real estate revenue	15,370	8,036	16,399
Cost of resorts and leisure revenue	47,816	50,229	47,069
Cost of leasing revenue	3,199	3,108	2,792
Cost of timber revenue	809	821	834
Other operating and corporate expenses	20,382	23,019	33,426
Depreciation, depletion and amortization	8,885	8,571	9,486
Total expenses	96,461	93,784	110,006
Operating income (loss)	2,335	1,960	(6,135)
Other income (expense):
Investment income, net	35,410	17,776	22,688
Interest expense	(12,145)	(12,295)	(11,429)
Claim settlement	0	12,548	0
Sale of vacation rental management, net	9,800	0	0
Other income (expense), net	5,955	2,622	(6,287)
Total other income, net	39,020	20,651	4,972
Income (loss) before income taxes	41,355	22,611	(1,163)
Income tax benefit (expense)	17,881	(7,147)	(808)
Net income (loss)	59,236	15,464	(1,971)
Net loss attributable to non-controlling interest	342	431	240
Net income (loss) attributable to the Company	$ 59,578	$ 15,895	$ (1,731)
Basic and Diluted
Weighted average shares outstanding (in shares)	70,548,411	74,457,541	87,827,869
Net income (loss) per share attributable to the Company (in dollars per share)	$ 0.84	$ 0.21	$ (0.02)

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Net income (loss):	$ 59,236	$ 15,464	$ (1,971)
Available-for-sale investment items:
Reclassification of net realized gain included in earnings	(10,750)	(795)	(5,311)
Reclassification of other-than-temporary impairment loss included in earnings	2,288	0	0
Total before income taxes	(6,456)	5,196	339
Income tax benefit (expense)	2,488	(2,003)	300
Total other comprehensive (loss) income, net of tax	(3,968)	3,193	639
Total comprehensive income (loss), net of tax	55,268	18,657	(1,332)
Available-for-sale securities
Available-for-sale investment items:
Net unrealized gain on available-for-sale investments	2,015	5,997	5,650
Restricted investments
Available-for-sale investment items:
Net unrealized gain on available-for-sale investments	$ (9)	$ (6)	$ 0

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Retained Earnings	Accumulated Other Comprehensive (Loss) Income	Treasury Stock	Non-controlling Interest
Beginning Balance (in shares) at Dec. 31, 2014		92,302,636
Beginning Balance at Dec. 31, 2014	$ 979,701	$ 892,237	$ 80,582	$ (1,325)	$ (285)	$ 8,492
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Capital contributions from 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)
Repurchase of common shares	(305,004)				(305,004)
Other comprehensive income (loss)	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
Reduction in excess tax benefits on stock options	(369)	$ (369)
Repurchase of common shares (in shares)		(995,650)
Repurchase of common shares	(14,820)				(14,820)
Retirement of treasury stock		$ (320,109)			320,109
Other comprehensive income (loss)	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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Capital contributions from non-controlling interest	193					193
Capital distribution to non-controlling interest	(2,330)					(2,330)
Issuance of common stock for director fees (in shares)		5,334
Issuance of common stock for director fees	76	$ 76
Repurchase of common shares (in shares)		(8,450,294)
Repurchase of common shares	(147,422)				(147,422)
Retirement of treasury stock		$ (147,422)			147,422
Other comprehensive income (loss)	(3,968)			(3,968)
Net income (loss)	59,236		59,578			(342)
Ending Balance (in shares) at Dec. 31, 2017		65,897,866
Ending Balance at Dec. 31, 2017	$ 592,584	$ 424,694	$ 154,324	$ (1,461)	$ 0	$ 15,027

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Cash flows from operating activities:
Net income (loss)	$ 59,236,000	$ 15,464,000	$ (1,971,000)
Adjustments to reconcile net income (loss) to net cash from operating activities:
Depreciation, depletion and amortization	8,885,000	8,571,000	9,486,000
Stock based compensation	76,000	131,000	150,000
Gain on sale of investments	(10,750,000)	(795,000)	(5,311,000)
Other-than-temporary impairment loss on investments	2,288,000	0	0
Deferred income tax (benefit) expense	(17,375,000)	29,627,000	2,323,000
Impairment losses on investment in real estate	714,000	357,000	0
Loss on disposal of real estate and property and equipment	887,000	9,000	77,000
Gain on sale of vacation rental management	(9,800,000)	0	0
Cost of real estate sold	13,727,000	6,489,000	14,584,000
Expenditures for and acquisition of real estate to be sold	(8,475,000)	(8,335,000)	(8,378,000)
Accretion income and other	(3,159,000)	(2,792,000)	(1,780,000)
Changes in operating assets and liabilities:
Notes receivable	(2,596,000)	694,000	21,780,000
Claim settlement receivable	2,741,000	(7,804,000)	0
Other assets	(3,667,000)	(1,576,000)	(3,650,000)
Other liabilities	4,734,000	(2,384,000)	(3,395,000)
Income taxes receivable	18,300,000	(24,782,000)	(1,497,000)
Net cash provided by operating activities	55,766,000	12,874,000	22,418,000
Cash flows from investing activities:
Expenditures for operating property	(28,400,000)	(3,226,000)	(6,619,000)
Expenditures for property and equipment	(3,005,000)	(1,297,000)	(2,468,000)
Proceeds from the disposition of assets	2,518,000	3,000	0
Purchases of investments	(115,944,000)	(357,787,000)	(341,994,000)
Maturities of investments	13,988,000	185,000,000	410,000,000
Sales of investments	174,507,000	197,548,000	385,695,000
Maturities of assets held by special purpose entities	787,000	787,000	787,000
Net cash provided by investing activities	44,451,000	21,028,000	445,401,000
Cash flows from financing activities:
Capital contribution from non-controlling interest	193,000	10,353,000	0
Capital distribution to non-controlling interest	(2,330,000)	(600,000)	(68,000)
Repurchase of common shares	(147,422,000)	(14,820,000)	(305,004,000)
Borrowings on debt	1,624,000	0	48,200,000
Principal payments for debt	(1,290,000)	(497,000)	(31,942,000)
Debt issuance costs	(20,000)	0	(747,000)
Net cash used in financing activities	(149,245,000)	(5,564,000)	(289,561,000)
Net (decrease) increase in cash and cash equivalents	(49,028,000)	28,338,000	178,258,000
Cash and cash equivalents at beginning of the year	241,111,000	212,773,000	34,515,000
Cash and cash equivalents at end of the year	192,083,000	241,111,000	212,773,000
Cash paid during the period for:
Interest	11,823,000	11,811,000	10,569,000
Income taxes	5,430,000	2,302,000	0
Non-cash financing and investment activities:
Increase in notes receivable - PCR Note	(5,000,000)	0	0
Increase (decrease) in Community Development District debt	174,000	955,000	(768,000)
Decrease in pledged treasury securities related to defeased debt	0	0	(25,670,000)
Expenditures for operating properties and property and equipment financed through accounts payable	$ 2,525,000	$ 139,000	$ 1,138,000

Nature of Operations	12 Months Ended
Nature of Operations	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations	Nature of Operations The St. Joe Company together with its consolidated subsidiaries (“St. Joe” or the “Company”) is a real estate development, asset management and operating company with real estate assets and operations currently concentrated primarily between Tallahassee and Destin, Florida. The Company conducts primarily all of its business in the following four reportable operating segments: 1) residential real estate, 2) resorts and leisure, 3) commercial leasing and sales and 4) forestry. In prior periods, the Company’s reportable operating segments were 1) residential real estate, 2) commercial real estate, 3) resorts and leisure 4) leasing operations and 5) forestry. Commencing in the fourth quarter of 2017, the Company’s commercial real estate segment and leasing operations segment were combined into a new segment titled “commercial leasing and sales”. This change is consistent with the Company’s belief that the decision making and management of the assets in these segments are being made as one group. Prior to the fourth quarter of 2017, commercial real estate and leasing operations were treated as individual operating segments. All prior years’ segment information has been reclassified to conform to the 2017 presentation. The change in reporting segments has no effect on the consolidated balance sheets, statements of operations, statements of comprehensive income (loss) or statements of cash flows for the periods presented. See Note 19. Segment Information.

Significant Accounting Policies

12 Months Ended

Dec. 31, 2017

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 does not have a controlling interest are accounted for by the equity method. All significant intercompany transactions and balances have been eliminated in consolidation.

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 the VIEs economic performance and has the obligation to absorb losses or the right to receive benefits from the VIE that are significant to the entity. 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.

Use of Estimates

The preparation of financial statements in conformity with GAAP 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, 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.

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 borrowings and real estate taxes are capitalized 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.

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 the 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.

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 and restricted investments consist of available-for-sale securities recorded at fair value, which is established through external pricing services that use quoted market prices and pricing data from recently executed market transactions. Unrealized gains and temporary losses on investments, net of tax, are recorded in other comprehensive (loss) income. Realized gains and losses on investments 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.

The Company evaluates investments classified as available-for-sale with an unrealized loss to determine if they are other-than- temporarily 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 the unrealized loss is 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) income, 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.

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 or future 401(k) plan participants for up to the next four years. See Note 17. Employee Benefit Plan.

Fair Value Measurements

Fair value is an exit price, representing the amount that would be received by selling an asset or paying 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.

Comprehensive Income (Loss)

The Company’s comprehensive income (loss) includes unrealized gains and temporary losses on available-for-sale securities and restricted investments.

Receivables

The Company’s receivables include primarily the PCR Note, Pier Park CDD notes, homebuilder notes and claim settlement receivable. The Company evaluates the carrying value of receivables at each reporting date. 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, 2017 and 2016 there were no collectability issues.

Long-Lived Assets

Long-lived assets include the Company’s investments in operating and development property and property and equipment. 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. As part of the Company’s review for impairment of its long-lived assets, the Company reviews the long-lived asset’s carrying value, current period actual financial results as compared to prior period and forecasted results contained in the Company’s business plan and any 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 loss for an operating property;


•	an accumulation of costs in excess of the projected costs for development or operating 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 estimated 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 in a given 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. A depletion rate is established annually by dividing merchantable inventory cost by standing merchantable inventory volume.

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’s provision for income taxes includes the current tax owed on the current period earnings, as well as a deferred provision, which reflects the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Changes in existing tax laws and rates, their related interpretations, as well as the uncertainty generated by the prospect of tax legislation in the future may affect the amounts of deferred tax liabilities or the realizability of deferred tax assets.

For tax positions the Company has taken or expects to take in a tax return, the Company applies a more likely than not assessment (i.e., there is a greater than 50 percent chance) about whether the tax position will be sustained upon examination by the appropriate tax authority with full knowledge of all relevant information. Amounts recorded for uncertain tax positions are periodically assessed, including the evaluation of new facts and circumstances, to ensure sustainability of the position. The Company records interest related to unrecognized tax benefits, if any, in interest expense and penalties in other income (expense), net.

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 and as of December 31, 2017 these balances exceed the amount of FDIC insurance provided on such deposits by $18.6 million. In addition, as of December 31, 2017, the Company had $9.9 million invested in U.S. Treasury securities, $66.4 million invested in six issuers of corporate debt securities that are non-investment grade and $35.0 million invested in five issuers of preferred stock that are non-investment grade, as well as investments of $160.0 million in short term commercial paper from twelve issuers.

Earnings Per Share

Basic and diluted earnings per share are calculated by dividing net income by the average number of common shares outstanding for the period. For the three years ended December 31, 2017, basic and diluted average shares outstanding were the same and there were no outstanding common stock equivalents as of December 31, 2017 or 2016. Non-vested restricted stock is included in outstanding shares at the time of grant.

Revenue and 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, costs and expenses.

Real Estate Revenue

Revenue from real estate sales, including sales of homesites, commercial properties and rural or timberland, is 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.

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. Effective January 1, 2018, with the adoption of ASU 2014-09, estimated lot residuals, marketing fees and tap and impact fees will be recognized as revenue at the time of sale to homebuilders, subject to constraints, and any change in circumstances from the estimated amounts will be updated at each reporting period.

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 includes club memberships, membership reservations, daily play at golf courses, merchandise sales, food and beverage sales, marina boat slip rentals, 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 management 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. As discussed further in Note 7. Sale of Vacation Rental Management, the Company sold its short term vacation rental management business during December 2017. 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 the Company’s management services of The Pearl Hotel includes 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, office and commercial operations, cell towers, and other assets, which is recognized as earned, using the straight-line method over the life of each lease. Leasing revenue includes properties located in the Company’s Beckrich Office Park, consolidated Pier Park North JV and Windmark JV, as well as the Company’s industrial park, VentureCrossings, and other properties. 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:




2018	$	10,189
2019	9,718
2020	9,073
2021	8,632
2022	8,339
	$	45,951

Forestry Product Revenue

Revenue from the sale of the Company’s forestry products is primarily derived from either pay-as-cut sales contracts or timber bid sales. Under a pay-as-cut sales contract, the risk of loss and title to the specified timber transfers to the buyer when cut by the buyer, and the buyer or some other third party is responsible for all logging and hauling costs, if any.

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.

Recently Adopted Accounting Pronouncements

Improvements to Employee Share-Based Payment Accounting

In March 2016, the FASB issued ASU 2016-09 that simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The Company adopted the new guidance as of January 1, 2017. The adoption of this guidance did not have a material impact on the Company’s financial condition, results of operations or 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 Company adopted the new guidance as of January 1, 2017. The adoption of this guidance had no impact on the Company’s financial condition, results of operations or 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. This guidance is intended to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The Company adopted the new guidance as of April 1, 2017. The adoption of this guidance had no impact on the Company’s financial condition, results of operations or cash flows.

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. The Company has elected to implement ASU 2014-09 using the modified retrospective application, with the cumulative effect recorded as an adjustment to opening retained earnings at January 1, 2018. The Company has evaluated the impact of adopting this guidance and as a result of this evaluation estimate an adjustment to increase retained earnings by $1.6 million, related to the recognition of lot residuals, marketing fees, and tap and impact fee credits. The Company also expects an impact to revenue-related disclosures as a result of adopting this guidance.

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. ASU 2016-01 will be effective for the Company January 1, 2018 and implemented using a cumulative-effect adjustment to retained earnings as of the date of adoption. The Company has evaluated the impact of the adoption of this guidance, and as a result of this evaluation, determined the change in the fair value of its equity investments after January 1, 2018, will be recognized in the consolidated statements of operations rather than the consolidated statements of comprehensive income (loss), and estimate a cumulative-effect adjustment to reduce retained earnings by $0.9 million.

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. This amendment also requires certain quantitative and qualitative disclosures about leasing arrangements. In January 2018, the FASB issued ASU 2018-01 which provides an optional transition practical expedient to not evaluate under the new lease standard, existing or expired land easements that were not previously accounted for as leases. 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 loss. 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 this 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 these 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. As this guidance only affects the classification within the statement of cash flows, it is not currently expected to have an impact on the Company’s cash flows.

Statement of Cash Flows - Restricted Cash

In November 2016, the FASB issued ASU 2016-18 that requires that the statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. This guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years and should be applied using a retrospective transition method to each period presented. Early adoption is permitted, including adoption in an interim period. ASU 2016-18 will be effective for the Company on January 1, 2018 and is not expected to have a material impact on the Company’s cash flows.

Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income

In February 2018, the FASB issued ASU 2018-02 that allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Act. The ASU also requires additional disclosures that include a description of the accounting policy for releasing income tax effects from accumulated other comprehensive income, whether the Company elected to reclassify the effects from the Tax Act and information about other tax effects related to the Tax Act that are reclassified from accumulated other comprehensive income to retained earnings, if any. This guidance is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years and should be applied either in the period of adoption or retrospectively to each period in which the effect of the Tax Act is recognized. Early adoption is permitted, including adoption in an interim period. 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.

Investment in Real Estate

12 Months Ended

Dec. 31, 2017

Real Estate [Abstract]

Investment in Real Estate

Real estate by property type and segment includes the following:



	December 31, 2017		December 31, 2016
Development property:
Residential real estate	$	100,279	$	101,292
Resorts and leisure	4,131		263
Commercial leasing and sales	53,896		58,364
Forestry	2,488		2,492
Corporate	2,571		2,438
Total development property	163,365		164,849

Operating property:
Residential real estate	7,344		8,097
Resorts and leisure	103,616		107,029
Commercial leasing and sales	110,491		82,336
Forestry	19,510		19,608
Other	50		50
Total operating property	241,011		217,120
Less: Accumulated depreciation	71,752		67,349
Total operating property, net	169,259		149,771
Investment in real estate, net	$	332,624	$	314,620

Development property consists of land the Company is developing or intends to develop for sale or future operations and includes direct costs associated with the land, development and construction costs and indirect costs. Residential real estate includes residential communities. Resorts and leisure development property consists of the improvement and expansion of existing beach club property, land and development costs and improvements to existing restaurant property. Commercial leasing and sales development property primarily consists of land and development costs for commercial and industrial uses, including the Pier Park Crossings JV, land holdings near the Northwest Florida Beaches International Airport and Port of Port St. Joe. Development property in the commercial leasing and sales 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, 2017		December 31, 2016
Land and land improvements	$	77,788	$	73,239
Buildings and building improvements	152,272		133,678
Timber	10,951		10,203
	241,011		217,120
Less: Accumulated depreciation	71,752		67,349
Total operating property, net	$	169,259	$	149,771

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, certain vacation rental properties, golf courses, a beach club and marinas. Commercial leasing and sales 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, Venture Crossings, and Beckrich Office Park as well as other properties. 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 $6.2 million, $6.0 million and $6.2 million in 2017, 2016 and 2015, respectively. Depletion and amortization expense related to our timber operations was $0.5 million in each of 2017, 2016 and 2015.

Investments

12 Months Ended

Dec. 31, 2017

Investments, Debt and Equity Securities [Abstract]

Investments

At December 31, 2017, 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	$	9,892	$	—	$	22	$	9,870
Corporate debt securities	67,781		411		1,817		66,375
Preferred stock	35,955		423		1,355		35,023
	113,628		834		3,194		111,268
Restricted investments:
Short-term bond	4,264		—		13		4,251
Money market fund	218		—		—		218
	4,482		—		13		4,469
	$	118,110	$	834	$	3,207	$	115,737

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

Mr. Bruce R. Berkowitz is the Chairman of the Company’s Board. He is the Manager of, and controls entities that own and control, Fairholme Holdings, which wholly owns FCM and FTC. Mr. Berkowitz is the Chief Investment Officer of FCM, and the Chief Executive Officer and a director of FTC. Since April 2013, FCM has provided investment advisory services to the Company directly, or more recently, as the sub-advisor to FTC. Neither FCM nor FTC receives any compensation for services as the Company’s investment advisor. As of December 31, 2017, clients of FCM and FTC beneficially owned approximately 42.33% of the Company’s common stock and Fairholme, including Mr. Berkowitz and clients of FCM and FTC, collectively beneficially owned 43.95% of the Company’s common stock. FCM and its client The Fairholme Fund, a series of the Fairholme Funds, Inc., may be deemed affiliates of the Company.

Prior to October 31, 2017, Mr. Berkowitz served on the Sears Holding Corporation board of directors, which may have been deemed an affiliate of FCM, or the Company. On October 31, 2017, Mr. Berkowitz stepped down from the Sears Holding Corporation board of directors.

Both Mr. Cesar Alvarez and Mr. Howard Frank are members of the Company’s Board and also serve as directors of Fairholme Funds, Inc. Mr. Alvarez is also a director of FTC.

Pursuant to the terms of the Investment Management Agreement, as amended, with the Company, FTC 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. The investment guidelines are set forth in the Investment Management 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), (ii) any investment in any one issuer (excluding the U.S. Government) that exceeds 10% of the investment account, but not 15%, requires the consent of at least two members of the Investment Committee, (iii) 25% of the investment account must be held in cash and cash equivalents, (iv) the investment account is permitted 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 (v) 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.

During 2017, net realized gains from the sale of available-for-sale securities were $10.7 million, proceeds from the sale of available-for-sale securities were $174.5 million and proceeds from the maturity of available-for-sale securities were $14.0 million. During 2016, net realized gains from the sale of available-for-sale securities were $0.8 million, 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.

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



	As of December 31, 2017								As of December 31, 2016
	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	$	9,870	$	22	$	—	$	—	$	—	$	—	$	—	$	—
Corporate debt securities	15,515		691		29,595		1,126		64,516		1,410		6,971		359
Preferred stock	11,263		1,337		1,986		18		—		—		153		111
Restricted investments:
Short-term bond	—		—		4,251		13		4,226		6		—		—
	$	36,648	$	2,050	$	35,832	$	1,157	$	68,742	$	1,416	$	7,124	$	470

As of December 31, 2017, the Company had unrealized losses of $3.2 million related to U.S. Treasury securities, corporate debt securities, preferred stock and restricted investments. The Company had unrealized losses of $1.9 million as of December 31, 2016 related to corporate debt securities, preferred stock and restricted investments. As of December 31, 2017 and 2016, the Company did not intend to sell the investments with a material unrealized loss 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. During 2017, the Company determined that unrealized losses related to its corporate debt securities and preferred stock were other-than-temporary and recorded an impairment of $2.3 million for credit-related loss in investment income, net in the Company's consolidated statements of operations.

The net carrying value and estimated fair value of investments and restricted investments classified as available-for-sale at December 31, 2017, 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	$	11,892	$	11,852
Due after one year through five years	65,713		64,332
Due after five year through ten years	68		61
	77,673		76,245
Preferred stock	35,955		35,023
Restricted investments	4,482		4,469
	$	118,110	$	115,737

Financial Instruments and Fair Value Measurements

12 Months Ended

Dec. 31, 2017

Fair Value Disclosures [Abstract]

Financial Instruments and Fair Value Measurements

Fair Value Measurements

The financial instruments measured at fair value on a recurring basis at December 31, 2017 were as follows:



	Level 1		Level 2		Level 3		Total Fair Value
Cash equivalents:
Money market funds	$	10,505	$	—	$	—	$	10,505
Commercial paper	159,970		—		—		159,970
	170,475		—		—		170,475
Investments:
U.S. Treasury securities	9,870		—		—		9,870
Corporate debt securities	—		66,375		—		66,375
Preferred stock	10,717		24,306		—		35,023
	20,587		90,681		—		111,268
Restricted investments:
Short-term bond	4,251		—		—		4,251
Money market fund	218		—		—		218
	4,469		—		—		4,469
	$	195,531	$	90,681	$	—	$	286,212

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

Money market funds, commercial paper, U.S. Treasury securities, certain preferred stocks and short-term bonds were measured based on quoted market prices in an active market and categorized within level 1 of the fair value hierarchy. In addition, during 2016 certain corporate debt securities were also classified as 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.

The Company’s corporate debt securities and certain preferred stocks 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 the investments are measured primarily using pricing data from external pricing services that report prices observed for recently executed market transactions. For these reasons, the Company has determined that certain corporate debt securities and certain preferred stocks 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, 2017 and 2016, the assets held in the suspense account were invested in Vanguard Money Market Funds, which invest in short-term, high quality securities or short-term U.S. government securities and seek 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 Funds 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 Plan.

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’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. During 2017, the Company recorded an impairment charge of $0.7 million included in cost of resorts and leisure revenue, related to a non-strategic resorts and leisure asset. During 2016, the Company recorded an impairment charge of $0.4 million, included in cost of real estate revenue, related to a commercial leasing and sales property. During 2015 there were no impairments.

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 SPE - time deposit is based on the present value of future cash flows at the current market rate.


•	The fair value of the Investments held by SPE - U.S. Treasury securities are measured based on quoted market prices in an active market.


•	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.

The carrying amount and fair value, measured on a nonrecurring basis, of the Company’s financial instruments were as follows:



	December 31, 2017					December 31, 2016
	Carrying value		Fair value		Level	Carrying value		Fair value		Level
Assets
Retained interest investments	$	11,147	$	14,106	3	$	10,635	$	13,669	3
Investments held by SPEs:
Time deposit	$	200,000	$	200,000	3	$	200,000	$	200,000	3
U.S. Treasury securities and cash equivalents	$	7,989	$	7,797	1	$	8,590	$	8,398	1
Liabilities
Senior Notes held by SPE	$	176,537	$	198,530	3	$	176,310	$	199,691	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. Therefore, the SPEs’ assets and liabilities are not consolidated in the Company’s consolidated financial statements as of December 31, 2017 and 2016. The Company’s continuing involvement with the SPEs is the receipt of the net interest payments and the remaining principal of approximately $16.8 million to be received at 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 $11.1 million and $10.6 million as of December 31, 2017 and 2016, respectively, recorded in other assets on the Company’s consolidated balance sheets.

Investments and Senior Notes Held by Special Purpose Entities

In connection with a real estate sale in 2014, the Company received consideration including a $200.0 million fifteen-year installment note (the “Timber Note”) issued by Panama City Timber Finance Company, LLC. The Company contributed the Timber Note and assigned its rights as a beneficiary under a letter of credit to Northwest Florida Timber Finance, LLC. Northwest Florida Timber Finance, LLC monetized the Timber Note by issuing $180.0 million aggregate principal amount of its 4.8% Senior Secured Notes due in 2029 at an issue price of 98.5% of face value to third party investors. The investments held by Panama City Timber Finance Company, LLC as of December 31, 2017, consist of a $200.0 million time deposit that, subsequent to April 2, 2014, pays interest at 4.0% and matures in March 2029, U.S. Treasuries of $7.6 million and cash of $0.4 million. The Senior Notes held by Northwest Florida Timber Finance, LLC as of December 31, 2017 consist of $176.5 million, net of the $3.5 million discount and debt issuance costs. Panama City Timber Finance Company, LLC and Northwest Florida Timber Finance, LLC are VIEs, which the Company consolidates as the primary beneficiary of each entity.

- 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
Claim Settlement Receivable	Dec. 31, 2017
Receivables [Abstract]
Claim Settlement Receivable	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, from BP Exploration & Production Inc., a large portion of which will reimburse the Company for expenses incurred. In October 2017 and 2016, the Company received payments of $2.7 million and $5.0 million, respectively. The remaining settlement amount will be made in payments of $2.7 million due in October 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. The claim settlement of $12.5 million was recognized as other income in the Company’s consolidated statements of operations 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 year ended December 31, 2017 and the period from March 24, 2016 to December 31, 2016 was $0.2 million and $0.3 million, respectively.

- 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

Sale of Vacation Rental Management	12 Months Ended
Sale of Vacation Rental Management	Dec. 31, 2017
Discontinued Operations and Disposal Groups [Abstract]
Sale of Vacation Rental Management	Sale of Vacation Rental Management In December 2017, the Company entered into and consummated the PCR Purchase Agreement with PCR for the sale of the Company’s short term vacation rental management business. The PCR Purchase Agreement contained representations and warranties, confidentiality and indemnification provisions of the type customarily found in these types of transactions. The Company also has a limited right of first refusal on any third party offer to purchase the vacation rental management business that will end upon the earlier of (i) 18 months after the date of the PCR Rentals Sale or (ii) the later of (x) the date of payoff of the PCR Note and (y) nine months after the date of the PCR Rentals Sale. The Company received proceeds of approximately $9.9 million, which resulted in a net gain of $9.8 million, from the PCR Rentals Sale, consisting of approximately $4.9 million in cash and transfer of liabilities and $5.0 million in the form of a promissory note secured by certain assets of PCR. The PCR Note bears interest at 10% per annum and matures on December 31, 2020, unless it matures earlier upon acceleration, by prepayment or otherwise. See Note 8. Other Assets for additional information. On February 14, 2018, the PCR Note was paid in full.

Other Assets

12 Months Ended

Dec. 31, 2017

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

Other Assets

Other assets consist of the following:



	December 31, 2017		December 31, 2016
Retained interest investments	$	11,147	$	10,635
Accounts receivable, net	8,460		4,625
Notes receivable	9,522		1,926
Prepaid expenses	6,625		5,685
Straight line rent	3,804		3,812
Other assets	4,637		8,789
Accrued interest receivable for Senior Notes held by SPE	2,938		2,938
Total other assets	$	47,133	$	38,410

Notes receivable consists of the following:



	December 31, 2017		December 31, 2016
PCR Note, secured by certain assets, 10% interest rate, principal payments due beginning September 2018 per agreed upon schedule, and any remaining amount outstanding is due by December 2020, paid in full February 2018	$	5,000	$	—
Pier Park Community Development District notes, non-interest bearing, due September 2022	1,527		1,684
Interest bearing homebuilder note, secured by the real estate sold — 5.5% interest rate, principal payment of $0.1 million due November 2018 and any remaining amount outstanding is due by November 2019	1,060		—
Interest bearing homebuilder note, secured by the real estate sold — 5.5% interest rate, principal payment of $0.1 million due September 2018 and any remaining amount outstanding is due by September 2019	904		—
Interest bearing homebuilder note, secured by the real estate sold — 5.5% interest rate, principal payment of $0.1 million due June 2018 and any remaining amount outstanding is due by June 2019	857		—
Interest bearing homebuilder notes, secured by the real estate sold — 4.0% interest rate, due December 2016, paid January 2017	—		33
Various mortgage notes, secured by certain real estate, bearing interest at various rates	174		209
Total notes receivable	$	9,522	$	1,926

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, 2017 and 2016, there was no allowance for doubtful notes receivable.

Property and Equipment, Net

12 Months Ended

Dec. 31, 2017

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

Property and equipment, net consists of the following:



	December 31, 2017		December 31, 2016
Railroad and equipment	$	33,626	$	33,626
Furniture and fixtures	22,552		19,191
Machinery and equipment	9,468		8,998
Office equipment	5,322		5,154
Autos and trucks	1,012		1,075
	71,980		68,044
Less: Accumulated depreciation	60,697		59,404
	11,283		8,640
Construction in progress	493		352
Total property and equipment, net	$	11,776	$	8,992

Depreciation expense on property and equipment was $1.9 million, $2.1 million and $2.8 million in 2017, 2016 and 2015, respectively.

Real Estate Joint Ventures	12 Months Ended
Real Estate Joint Ventures	Dec. 31, 2017
Equity Method Investments and Joint Ventures [Abstract]
Real Estate Joint Ventures	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. GAAP requires 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 losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be 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 April 2017, the Company entered into a joint venture agreement to develop, manage and lease apartments in Panama City Beach, Florida. The joint venture parties are working together to design, develop and construct a 240 unit multi-family apartment home community. The community will be located on land in the Pier Park area that is currently owned by the Company and will be contributed to the joint venture. During the fourth quarter of 2017, the Company’s equity interest in the consolidated joint venture increased from 65.0% to 75.0%. The Company’s partners are 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 Pier Park Crossings JV is a VIE and that the Company is the VIE’s primary beneficiary as of December 31, 2017. In December 2016, the Company entered into a joint venture agreement, pursuant to which the Company sold to Windmark JV all of its interest in the WindMark Beach project. As of December 31, 2017 and 2016, the Company owned a 49.0% equity interest in the consolidated joint venture. 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 as of December 31, 2017 and 2016. 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, 2017 and 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, 2017 and 2016. 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 74.0% of the profit or loss of this VIE and is responsible for the day-to-day activities of the joint venture. Unconsolidated Real Estate VIE As of December 31, 2017 and 2016, 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. 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. Financial information for ALP is provided to the Company on a delayed basis. The summarized information as of September 30, 2017 and December 31, 2016 includes total assets of $10.8 million and $11.5 million, respectively, total liabilities of $0.5 million and $0.6 million, respectively and total equity of $10.3 million and $10.9 million, respectively. For the nine months ended September 30, 2017, 2016 and 2015 ALP reported a net loss of $0.6 million, $0.8 million and $2.7 million, respectively.

Debt

12 Months Ended

Dec. 31, 2017

Debt Disclosure [Abstract]

Debt

Debt consists of the following as of December 31, 2017:



	Principal		Unamortized Discount and Debt Issuance Costs		Net
Refinanced Loan in the Pier Park North JV, due November 2025, bearing interest at 4.1%	$	47,295	$	512	$	46,783
Community Development District debt, secured by certain real estate or other collateral, due May 2031 — May 2039, bearing interest at 3.6% to 7.0%	7,241		—		7,241
Construction Loan, due March 2027, bearing interest at LIBOR plus 1.7% (effective rate of 3.3% at December 31, 2017)	1,624		18		1,606
Total debt	$	56,160	$	530	$	55,630

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 or other collateral, due May 2031 — May 2039, bearing interest at 3.4% to 7.0%	7,521		—		7,521
Total debt	$	55,653	$	613	$	55,040

In October 2015, the Pier Park North JV refinanced a construction loan by entering into a $48.2 million loan. As of December 31, 2017, the Refinanced Loan was secured by a first lien on, and security interest in, a majority of the Pier Park North JV’s property. Security on the Refinanced Loan also included a remaining $1.3 million short term letter of credit, which was released during October 2017. 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.

CDD bonds financed the construction of infrastructure improvements at some of the Company’s projects. The principal and interest payments on the bonds are paid by assessments on the properties benefited by the improvements financed by the bonds. The Company has recorded a liability for CDD debt that is associated with platted property, which is the point at which it becomes fixed or determinable. Additionally, the Company has recorded a liability for the portion of the CDD debt that is associated with unplatted property if it is probable and reasonably estimable that the Company will ultimately be responsible for repaying. The Company’s total outstanding CDD debt was $21.7 million and $22.6 million at December 31, 2017 and 2016, respectively. The Company pays interest on this total outstanding CDD debt.

In March 2017, a wholly owned subsidiary of the Company entered into a $1.6 million Construction Loan to finance the construction of a commercial leasing property located in Panama City Beach, Florida. The Construction Loan provides for interest only payments during the first twelve months and principal and interest payments thereafter with a final balloon payment at maturity. The Construction Loan is secured by the real property, assignment of rents and the security interest in the rents and personal property. In connection with the Construction Loan, the Company executed a guarantee in favor of the lender to guarantee the payment and performance of the borrower under the Construction Loan until the project meets certain cash flow stabilization requirements.

The aggregate maturities of debt subsequent to December 31, 2017 are:



	December 31, 2017
2018	$	1,487
2019	1,533
2020	1,536
2021	1,517
2022	1,495
Thereafter	48,592
	$	56,160

Other Liabilities

12 Months Ended

Dec. 31, 2017

Payables and Accruals [Abstract]

Other Liabilities

Other liabilities consist of the following:



	December 31, 2017		December 31, 2016
Accounts payable	$	7,524	$	4,376
Accrued compensation	2,664		2,655
Deferred revenue	17,864		15,289
Membership deposits and initiation fees	9,704		7,384
Advance deposits	1,468		3,419
Other accrued liabilities	5,185		4,977
Accrued interest expense for Senior Notes held by SPE	2,850		2,850
Total other liabilities	$	47,259	$	40,950

Deferred revenue at December 31, 2017 and 2016 includes $12.5 million related to a 2006 agreement pursuant to which the Company agreed to sell land to the Florida Department of Transportation. 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, which is evaluated periodically.

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, 2017

Income Tax Disclosure [Abstract]

Income Taxes

Income tax (benefit) expense for the years ended December 31, 2017, 2016, and 2015 consist of the following:



	2017			2016			2015
Current:
Federal	$	7,418		$	(22,416	)	$	(1,377	)
State	48			(64		)	(138		)
Total	7,466			(22,480		)	(1,515		)
Deferred:
Federal	(23,512		)	29,796			2,261
State	(1,835		)	(169		)	62
Total	(25,347		)	29,627			2,323
Income tax (benefit) expense	$	(17,881	)	$	7,147		$	808

Total income tax (benefit) expense for the years ended December 31, 2017, 2016, and 2015 was allocated in the consolidated financial statements as follows:



	2017			2016		2015
Income tax (benefit) expense	$	(17,881	)	$	7,147	$	808
Income tax recorded in accumulated other comprehensive (loss) income
Income tax (benefit) expense	(2,488		)	2,003		(300		)
Total income tax (benefit) expense	$	(20,369	)	$	9,150	$	508

Income tax (benefit) expense attributable to income (loss) 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:



	2017			2016			2015
Tax at the statutory federal rate	$	14,594		$	8,065		$	(323	)
State income taxes (net of federal benefit)	1,340			806			(32		)
Decrease in valuation allowance, net	(142		)	(941		)	(164		)
Fees and expenses for SEC investigation	—			—			1,092
Change in statutory federal rate to 21%	(33,542		)	—			—
Dividend received deduction	(530		)	(40		)	—
Other	399			(743		)	235
Total income tax (benefit) expense	$	(17,881	)	$	7,147		$	808

The tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities as of December 31, 2017 and 2016 are presented below:



	2017			2016
Deferred tax assets:
State net operating loss carryforwards	$	17,237		$	14,956
Alternative minimum tax credit carryforward	—			13,477
Impairment losses	41,837			63,108
Prepaid income from land sales	3,734			5,461
Other	322			—
Total gross deferred tax assets	63,130			97,002
Valuation allowance	(4,993		)	(5,135		)
Total net deferred tax assets	58,137			91,867
Deferred tax liabilities:
Investment in real estate and property and equipment basis differences	525			647
Deferred gain on land sales and involuntary conversions	19,671			28,920
Installment sales	85,769			127,260
Pension Plan assets transferred to the 401(k) Plan	1,155			2,170
Other	—			1,716
Total gross deferred tax liabilities	107,120			160,713
Net deferred tax liabilities	$	(48,983	)	$	(68,846	)

As of December 31, 2017 and 2016, the Company had state net operating loss carryforwards of $391.7 million and $427.3 million, respectively and no federal net operating loss carryforwards. The majority of state net operating losses are available to offset future taxable income through 2037. The Company had a federal AMT credit carryforward of $13.5 million as of December 31, 2016. During 2017, $5.1 million of the AMT credit was utilized, leaving a remaining balance of $8.4 million as of December 31, 2017. This AMT credit was reclassified as an income tax receivable following the enactment of the Tax Act in December 2017 and is refundable to the Company in the years 2018 through 2021.

The Tax Act was enacted on December 22, 2017 and changed many aspects of U.S. corporate income taxation including reducing the U.S. federal corporate tax rate from 35% to 21% for tax years beginning after December 31, 2017. The Company recognized the tax effects of the Tax Act during the year ended December 31, 2017, which included a $33.5 million income tax benefit from the reassessment of net deferred tax balances to reflect the newly enacted tax rate.

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, 2017 and 2016, based on the timing of reversal of future taxable amounts and the Company’s history of losses, management believes it has not met the requirements to realize the benefits of certain of its deferred tax assets; therefore, the Company has maintained a valuation allowance of $5.0 million and $5.1 million, respectively. As of December 31, 2017, management believes it has 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 $5.0 million for these deferred tax assets.

The Company had approximately $1.7 million of total unrecognized tax benefits as of both December 31, 2017 and 2016. 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.

In December 2016, the Company entered into a joint venture agreement, pursuant to which the Company sold to Windmark JV all of its interest in the WindMark Beach project. The sale of the WindMark Beach project created a net taxable loss for the Company in 2016. The loss was carried back to 2014 for a federal income tax refund of $21.9 million, which was received during 2017. In addition, the Company received a federal tax refund for 2016 of $4.4 million during 2017.

There were no penalties required to be accrued at December 31, 2017 and 2016. The Company recognizes interest and/or penalties related to income tax matters in income tax benefit (expense).

The Company is currently open to examination by taxing authorities for the years ended December 31, 2015 through 2017. Our federal income tax returns for 2016 and 2015 are currently under a limited scope review by the Internal Revenue Service (the “IRS”). The IRS has completed the examination of the Company’s tax return for 2014 without adjustment.

Accumulated Other Comprehensive (Loss) Income

12 Months Ended

Dec. 31, 2017

Equity [Abstract]

Accumulated Other Comprehensive (Loss) Income

Following is a summary of the changes in the balances of accumulated other comprehensive (loss) income, which is presented net of tax, as of December 31, 2017 and 2016:



	Unrealized Gain and (Loss) on Available-for-Sale Securities
Accumulated other comprehensive loss at December 31, 2015	$	(686	)
Other comprehensive income before reclassifications	3,685
Amounts reclassified from accumulated other comprehensive income	(492		)
Other comprehensive income	3,193
Accumulated other comprehensive income at December 31, 2016	2,507
Other comprehensive income before reclassifications	1,235
Amounts reclassified from accumulated other comprehensive loss	(5,203		)
Other comprehensive loss	(3,968		)
Accumulated other comprehensive loss at December 31, 2017	$	(1,461	)

The following is a summary of the tax effects allocated to other comprehensive loss for the year ended December 31, 2017:



	Year Ended December 31, 2017
	Before-Tax Amount			Tax (Expense) or Benefit			Net-of-Tax Amount
Unrealized gain (loss) on investments and restricted investments:
Unrealized gain on available-for-sale investments	$	2,015		$	(774	)	$	1,241
Unrealized loss on restricted investments	(9		)	3			(6		)
Reclassification adjustment for net gain included in earnings	(10,750		)	4,139			(6,611		)
Reclassification adjustment for other-than-temporary impairment loss included in earnings	2,288			(880		)	1,408
Net unrealized loss	(6,456		)	2,488			(3,968		)
Other comprehensive loss	$	(6,456	)	$	2,488		$	(3,968	)

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 (Expense) or Benefit			Net-of-Tax Amount
Unrealized gain (loss) on investments and restricted investments:
Unrealized gain on available-for-sale investments	$	5,997		$	(2,308	)	$	3,689
Unrealized loss on restricted investments	(6		)	2			(4		)
Reclassification adjustment for net gain included in earnings	(795		)	303			(492		)
Net unrealized gain	5,196			(2,003		)	3,193
Other comprehensive income	$	5,196		$	(2,003	)	$	3,193

Stockholders' Equity	12 Months Ended
Stockholders' Equity	Dec. 31, 2017
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Stock Repurchase Program During the years ended December 31, 2017 and 2016, the Company repurchased 8,450,294 and 995,650 shares, respectively, of its common stock at an average purchase price of $17.46 and $14.88, per share, respectively, for an aggregate purchase price of $147.4 million and $14.8 million, respectively, pursuant to its Stock Repurchase Program. On July 7, 2017, the Company’s Board authorized additional repurchases of up to $28.0 million of the Company’s shares of its common stock under the Stock Repurchase Program. On July 11, 2017, the Company repurchased 1,500,000 shares for an aggregate purchase price of $27.0 million. On September 18, 2017, the Company’s Board authorized additional repurchase authority of up to $66.0 million of the Company’s shares of its common stock under the Stock Repurchase Program. On September 20, 2017, the Company repurchased 3,742,111 shares for an aggregate purchase price of $65.8 million. After giving effect to these and other recent repurchase activities, as of December 31, 2017, the Company has $136.3 million remaining under the 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 at any time in its sole discretion. In December 2017, the Company retired 8,450,294 shares of treasury stock at a value of $147.4 million. In July 2016, the Company retired 17,998,658 shares of treasury stock at a value of $320.1 million. Subsequent to December 31, 2017 and through February 26, 2018, the Company purchased an additional 564,555 shares for an aggregate purchase price of $10.1 million. Issuance of Common Stock for Director’s Fees On May 25, 2017, the Company’s Board approved granting to each non-employee director an equity grant with an aggregate fair market value of $50,000 or, at the director’s election, its cash equivalent. On July 3, 2017, 5,334 shares of restricted stock were granted to two of the Company’s directors pursuant to the Board’s May 25th approval and the Company's 2015 Performance and Equity Incentive Plan (the “2015 Plan”). This restricted stock will vest on the date of the Company's 2018 Annual Meeting of Shareholders (the “Annual Meeting”) and is subject to forfeiture upon termination of service on the Board prior to the Annual Meeting. Four non-employee directors elected to receive cash in lieu of the stock. On May 17, 2016, the Board approved the issuance of 8,919 restricted stock awards to three members of the Board as part of their 2016 compensation package and pursuant to the 2015 Plan. These restricted stock awards vested 25% on the date of issue and 25% on August 17, 2016, November 17, 2016, and February 17, 2017. For each of the years ended December 31, 2017 and 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, 2017

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. 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 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, 2017, 1,485,747 shares were available under the 2015 Plan. Stock options previously granted under the 2009 Plan expired in February 2017.

Total stock-based compensation recorded in other operating and corporate expenses on the consolidated statements of operations for the three years ended December 31, 2017 is as follows:



	2017			2016			2015
Stock compensation expense before tax benefit	$	76		$	131		$	150
Income tax benefit	(22		)	(50		)	(58		)
	$	54		$	81		$	92

The following table sets forth the summary of option activity outstanding under the stock option program for 2017:



	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value ($000)
Balance at December 31, 2016	45,405	$	54.05	0.1	—
Forfeited or expired	45,405	54.05		—	—
Balance at December 31, 2017	—	$	—	—	—
Vested or expected to vest at December 31, 2017	—	$	—	—	—
Exercisable at December 31, 2017	—	$	—	—	—

In 2017 and 2016, the Company granted 5,334 and 8,919, respectively, of restricted stock awards to certain of the Company’s directors as fees for services rendered under the 2015 Plan, of which 2,229 and 6,690 vested during the year ended December 31, 2017 and 2016, respectively. As of December 31, 2017, the Company had 5,334 unvested restricted stock units outstanding, which will vest in May 2018. The weighted average grant date fair value of restricted stock units during 2017, 2016 and 2015 were $18.75, $16.82 and $15.53, respectively. The total fair values of restricted stock units that vested were $0.1 million during both 2017 and 2016 and $0.2 million during 2015.

Employee Benefit Plans	12 Months Ended
Employee Benefit Plans	Dec. 31, 2017
Retirement Benefits [Abstract]
Employee Benefit Plans	Employee Benefit 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, 2017 and 2016, the fair value of these assets were $4.5 million and $5.6 million, respectively. 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 four years. During 2017, 2016 and 2015, the Company recorded an expense of $1.2 million, $1.4 million and $1.3 million, respectively, for the fair value of the assets, less expenses, that were allocated to participants. Any gain or loss on these assets is reflected in the Company’s consolidated statements of operations and was less than a $0.1 million gain for each of the years ended December 31, 2017, 2016 and 2015.

Other Income (Expense)

12 Months Ended

Dec. 31, 2017

Other Income and Expenses [Abstract]

Other Income (Expense)

Other income (expense) consists of the following during the three years ended December 31, 2017:



	2017			2016			2015
Investment income, net
Net investment income from available-for-sale securities
Interest and dividend income	$	16,380		$	6,602		$	6,940
Accretion income	1,983			1,829			1,526
Net realized gain on the sale of investments	10,750			795			5,311
Other-than-temporary impairment loss	(2,288		)	—			—
Total net investment income from available-for-sale securities	26,825			9,226			13,777
Interest income from investments in SPEs	8,201			8,202			8,217
Interest accrued on notes receivable and other interest	384			348			694
Total investment income, net	35,410			17,776			22,688
Interest expense
Interest expense and amortization of discount and issuance costs for Senior Notes issued by SPE	(8,777		)	(8,833		)	(8,755		)
Other interest expense	(3,368		)	(3,462		)	(2,674		)
Total interest expense	(12,145		)	(12,295		)	(11,429		)
Claim settlement	—			12,548			—
Sale of vacation rental management, net	9,800			—			—
Other income (expense), net
Accretion income from retained interest investments	1,100			991			913
Hunting lease income	569			553			562
Miscellaneous income (expense), net	4,286			1,078			(7,762		)
Other income (expense), net	5,955			2,622			(6,287		)
Total other income, net	$	39,020		$	20,651		$	4,972

Investment Income, Net

Interest and dividend income includes interest income accrued or received on the Company’s corporate debt securities, commercial paper and money market funds, 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. Net realized gain on the sale of investments include the gain or loss recognized on the sale of an available-for-sale security prior to maturity. During the year ended December 31, 2017, the Company determined that a portion of its investments in corporate debt securities and preferred stock were other-than-temporary impaired and recorded a $2.3 million impairment related to credit-related loss in investment income, net on the Company's consolidated statements of operations. See Note 4. Investments.

Interest income from investments in SPEs primarily includes interest accrued or received on the investments held by Panama City Timber Finance Company, LLC, which is used to pay the interest expense for Senior Notes held by Northwest Florida Timber Finance, LLC.

Interest Expense

Interest expense includes interest expense related to the Company’s CDD debt, Refinanced Loan in the Pier Park North JV and Construction Loan. Borrowing costs, including the discount and issuance costs for the Senior Notes issued by Northwest Florida Timber Finance, LLC, 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 6. Claim Settlement Receivable for further discussion.

Sale of Vacation Rental Management, Net

Sale of vacation rental management, net includes proceeds of $9.9 million, which resulted in a gain of $9.8 million from the PCR Rentals sale in December 2017. See Note 7. Sale of Vacation Rental Management for further discussion.

Other Income (Expense), Net

Other income (expense), net primarily includes insurance settlement proceeds and fees and expenses related to a resolved SEC investigation, income from the Company’s retained interest investments, hunting lease income and other income and expense items.

During 2017, the Company negotiated an insurance settlement that resulted in proceeds of $3.5 million, for reimbursement of certain attorney fees and related costs incurred by the Company in defending shareholder litigation and the SEC investigation, which was resolved in October 2015. 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 the SEC investigation. These amounts were included within miscellaneous income (expense), net.

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, 2017

Segment Reporting [Abstract]

Segment Information

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

In prior periods, the Company’s reportable operating segments were 1) residential real estate, 2) commercial real estate, 3) resorts and leisure 4) leasing operations and 5) forestry. Commencing in the fourth quarter of 2017, the Company’s commercial real estate segment and leasing operations segment were combined into a new segment titled “commercial leasing and sales”. This change is consistent with the Company’s belief that the decision making and management of the assets in these segments are being made as one group. Prior to the fourth quarter of 2017, commercial real estate and leasing operations were treated as individual operating segments. All prior years’ segment information has been reclassified to conform to the 2017 presentation. The change in reporting segments has no effect on the consolidated balance sheets, statements of operations, statements of comprehensive income (loss) or statements of cash flows for the periods presented.

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 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 and title fee revenue and non-allocated corporate general and administrative expenses, net of investment income.

Information by business segment is as follows:



	2017		2016		2015
OPERATING REVENUE:
Residential real estate	$	21,747	$	19,483	$	21,137
Resorts and leisure	54,820		57,284		54,488
Commercial leasing and sales	14,510		11,929		16,138
Forestry revenue	7,201		6,673		12,042
Other	518		375		66
Consolidated operating revenue	$	98,796	$	95,744	$	103,871

COST OF REVENUE:
Cost of residential real estate revenue	$	12,455	$	6,383	$	10,853
Cost of resorts and leisure revenue	47,816		50,229		47,069
Cost of commercial leasing and sales revenue	5,979		4,431		7,766
Cost of forestry revenue	903		1,121		1,402
Cost of other revenue	41		30		4
Consolidated cost of revenue	$	67,194	$	62,194	$	67,094

OTHER OPERATING AND CORPORATE EXPENSES:
Residential real estate	$	4,297	$	5,744	$	10,215
Resorts and leisure	494		547		426
Commercial leasing and sales	3,444		3,492		3,031
Forestry revenue	396		530		941
Other	11,751		12,706		18,813
Consolidated other operating and corporate expenses	$	20,382	$	23,019	$	33,426

DEPRECIATION, DEPLETION AND AMORTIZATION:
Residential real estate	$	187	$	286	$	544
Resorts and leisure	4,225		4,402		5,096
Commercial leasing and sales	3,729		3,137		3,118
Forestry	575		552		581
Other	169		194		147
Consolidated depreciation, depletion and amortization	$	8,885	$	8,571	$	9,486

INVESTMENT INCOME, NET
Residential real estate and other	$	89	$	97	$	571
Corporate ^(a)	35,321		17,679		22,117
Consolidated investment income, net	$	35,410	$	17,776	$	22,688



	2017			2016			2015
INTEREST EXPENSE
Residential real estate	$	(1,164	)	$	(1,284	)	$	(1,174	)
Commercial leasing and sales	(2,200		)	(2,169		)	(1,489		)
Corporate ^(b)	(8,781		)	(8,842		)	(8,766		)
Consolidated interest expense	$	(12,145	)	$	(12,295	)	$	(11,429	)

SALE OF VACATION RENTAL MANAGEMENT, NET
Resorts and leisure ^(c)	$	9,800		$	—		$	—
Consolidated sale of vacation rental management, net	$	9,800		$	—		$	—

INCOME (LOSS) BEFORE INCOME TAXES:
Residential real estate	$	3,903		$	5,887		$	(821	)
Resorts and leisure ^(c)	12,444			2,087			1,819
Commercial leasing and sales	(836		)	(1,233		)	802
Forestry	6,586			5,609			10,259
Corporate ^(a)(b)	19,258			10,261			(13,222		)
Consolidated income (loss) before income taxes	$	41,355		$	22,611		$	(1,163	)



	2017		2016		2015
CAPITAL EXPENDITURES:
Residential real estate	$	8,407	$	3,319	$	4,923
Resorts and leisure	4,918		1,287		2,526
Commercial leasing and sales	25,248		6,836		8,014
Forestry	1,100		1,095		1,366
Other	207		321		636
Total capital expenditures	$	39,880	$	12,858	$	17,465



	December 31, 2017		December 31, 2016
TOTAL ASSETS:
Residential real estate	$	117,732	$	112,220
Resorts and leisure	83,151		73,436
Commercial leasing and sales	163,271		141,013
Forestry	20,212		20,664
Other	536,627		680,612
Total assets	$	920,993	$	1,027,945



(a)	Includes interest income from investments in SPEs of $8.2 million in each 2017, 2016 and 2015.
(b)	Includes interest expense from Senior Notes issued by SPE of $8.8 million in each 2017, 2016 and 2015.
(c)	Includes proceeds of $9.9 million, which resulted in a net gain of $9.8 million from the PCR Rentals sale in 2017. See Note 7. Sale of Vacation Rental Management.

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2017
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 losses 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 and development activities. 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 position 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 is in the process of assessing certain properties in regard to the effects, if any, on the environment from the disposal or release of wastes or substances. 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 as of both December 31, 2017 and 2016, 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, 2017 and 2016, the Company was required to provide surety bonds that guarantee completion of certain infrastructure in certain development projects and mitigation banks of $8.6 million and $6.2 million, respectively, and standby letters of credit in the amount of less than $0.1 million and $0.4 million, respectively, which may potentially result in liability to the Company if certain obligations of the Company are not met. At December 31, 2017, the Company has a total of $9.6 million in contractual obligations all of which are due in 2018. Security on the Refinanced Loan included a remaining $1.3 million short term letter of credit, which was released during October 2017. See Note 11. Debt for a further discussion on the Refinanced Loan. As part of certain sales of timberlands in 2007, 2008 and 2014, the Company generated significant tax gains. The installment notes structure allowed the Company to defer the resulting federal tax liability of $33.7 million until 2022 - 2024 and $37.8 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, 2017

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Data (unaudited)



	Quarters Ended
	December 31			September 30		June 30		March 31
2017
Operating revenue	$	21,562		$	33,654	$	30,383	$	13,197
Operating (loss) income	$	(1,884	)	$	4,453	$	4,663	$	(4,897	)
Net income attributable to the Company	$	38,503		$	5,943	$	10,764	$	4,368
Basic and diluted income per share attributable to the Company ⁽¹⁾	$	0.58		$	0.08	$	0.15	$	0.06
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 ⁽¹⁾	$	0.04		$	0.04	$	0.02	$	0.11



(1)	Quarterly and year-to-date computations of per share amounts are made independently. Therefore, the sum of per share amounts for the quarters may not be consistent with the per share amounts for the year.

Schedule III (Consolidated) - Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2017

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, 2017

(in thousands)



			Initial Cost to Company ⁽¹⁾							Gross Amount at December 31, 2017
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	$	1,928	$	48,430	$	10,954	$	48,239		$	106,163	$	1,460	$	107,623	$	1,952	through 2017	5-25
Resorts and leisure
WaterColor Inn	—		1,137		13,689		6,413			1,794		19,445		21,239		8,865		2002, 2013	10 - 40
Clubs and golf courses	—		39,147		20,748		(1,083		)	38,889		19,923		58,812		26,026		2001 - 2007	10 - 25
Marinas	—		5,765		9,520		1,165			6,786		9,664		16,450		4,669		2006 - 2007	10 - 25
Other	—		1,100		10,057		89			1,100		10,146		11,246		3,933		2008 - 2009	10 - 30
Commercial leasing and sales
Leasing properties:
Pier Park North	46,783		13,711		35,243		2,312			13,711		37,555		51,266		5,930		2014 - 2017	15 - 39
Town centers	—		713		21,887		(2,141		)	784		19,675		20,459		14,873		2001 - 2008	10 - 25
VentureCrossings	—		5,791		24,490		(3,730		)	2,611		23,940		26,551		2,537		2012, 2017	10 - 39
Other	1,606		3,304		8,579		721			4,025		8,579		12,604		870		through 2017	10 - 39
Commercial developments	5,313		35,068		—		18,439			53,507		—		53,507		59		through 2017	5
Timberlands	—		6,694		1,886		10,930			17,625		1,885		19,510		2,010		n/a	5-30
Unimproved land	—		85		—		5,024			5,109		—		5,109		28		n/a	15-20
Total	$	55,630	$	160,945	$	157,053	$	86,378		$	252,104	$	152,272	$	404,376	$	71,752



(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, 2017 for federal income tax purposes is approximately $431.7 million.
(B)	Reconciliation of real estate owned (in thousands of dollars):



	2017			2016			2015
Balance at beginning of the year	$	381,969		$	377,668		$	379,944
Amounts capitalized	39,261			13,875			13,372
Impairments	(714		)	(357		)	—
Cost of real estate sold	(14,274		)	(6,489		)	(14,584		)
Amounts retired or adjusted	(1,866		)	(2,728		)	(1,064		)
Balance at the end of the year	$	404,376		$	381,969		$	377,668



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



	2017			2016			2015
Balance at beginning of the year	$	67,349		$	64,069		$	58,132
Depreciation expense	6,245			6,002			6,204
Amounts retired or adjusted	(1,842		)	(2,722		)	(267		)
Balance at the end of the year	$	71,752		$	67,349		$	64,069

Schedule IV (Consolidated) - Mortgage Loans on Real Estate

12 Months Ended

Dec. 31, 2017

Mortgage Loans on Real Estate [Abstract]

SCHEDULE IV (CONSOLIDATED) - MORTGAGE LOANS ON REAL ESTATE

THE ST. JOE COMPANY

SCHEDULE IV (CONSOLIDATED) - MORTGAGE LOANS ON REAL ESTATE

DECEMBER 31, 2017

(in thousands)



Description	Interest Rate	Final Maturity Date	Periodic Payment Terms	Prior Liens	Carrying Amount of Mortgages		Principal Amount of Loans Subject to Delinquent Principal or Interest
Seller financing	5.5%	November 2019	P&I ^(a)	—	$	1,060	—
Seller financing	5.5%	September 2019	P&I ^(a)	—	904		—
Seller financing	5.5%	June 2019	P&I ^(a)	—	857		—
Various other seller financing	4.80% to 8.15%	October 2022 through November 2023	P&I ^(b)	—	174		—
Total ^(c)					$	2,995



(a)	Annual principal payment of $0.1 million due and interest is paid quarterly over a twenty year amortization schedule. On the maturity date, all outstanding principal, all accrued interest and any other customary charges shall be due and payable in full.
(b)	Principal and interest is paid monthly.
(c)	The aggregate cost for federal income tax purposes approximates the amount of unpaid principal.

The summarized changes in the carrying amount of mortgage loans are as follows:



	2017		2016		2015
Balance at beginning of the year	$	242	$	570	$	22,122
Additions during the year - new mortgage loans	2,821		—		—
Deductions during the year:
Collections of principal	68		328		21,552
Foreclosures	—		—		—
Balance at the end of the year	$	2,995	$	242	$	570

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2017

Accounting Policies [Abstract]

Basis of Presentation and Principles of Consolidation

Use of Estimates

Investment in Real Estate

Depreciation is computed on the 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.

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

Fair Value Measurements

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.

Comprehensive Income (Loss)

The Company’s comprehensive income (loss) includes unrealized gains and temporary losses on available-for-sale securities and restricted investments.

Receivables

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 loss for an operating property;


•	an accumulation of costs in excess of the projected costs for development or operating 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 estimated 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.

Timber Inventory

Property and Equipment, net



			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

Concentration of Risks and Uncertainties

Earnings Per Share

Basic and diluted earnings per share are calculated by dividing net income by the average number of common shares outstanding for the period.

Revenue and Revenue Recognition

Real Estate Revenue

Resorts and Leisure Revenue

Leasing Revenue

Forestry Product Revenue

Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements

Recently Adopted Accounting Pronouncements

Improvements to Employee Share-Based Payment Accounting

Consolidation

Business Combinations

Recently Issued Accounting Pronouncements

Revenue Recognition

Financial Instruments

Leases

Financial Instruments - Credit Losses

Statement of Cash Flows

Statement of Cash Flows - Restricted Cash

Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income

Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2017

Accounting Policies [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 the 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, 2017		December 31, 2016
Land and land improvements	$	77,788	$	73,239
Buildings and building improvements	152,272		133,678
Timber	10,951		10,203
	241,011		217,120
Less: Accumulated depreciation	71,752		67,349
Total operating property, net	$	169,259	$	149,771

Property and equipment, net consists of the following:



	December 31, 2017		December 31, 2016
Railroad and equipment	$	33,626	$	33,626
Furniture and fixtures	22,552		19,191
Machinery and equipment	9,468		8,998
Office equipment	5,322		5,154
Autos and trucks	1,012		1,075
	71,980		68,044
Less: Accumulated depreciation	60,697		59,404
	11,283		8,640
Construction in progress	493		352
Total property and equipment, net	$	11,776	$	8,992

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:




2018	$	10,189
2019	9,718
2020	9,073
2021	8,632
2022	8,339
	$	45,951

Investment in Real Estate (Tables)

12 Months Ended

Dec. 31, 2017

Real Estate [Abstract]

Real Estate by Property Type and Segment

Real estate by property type and segment includes the following:



	December 31, 2017		December 31, 2016
Development property:
Residential real estate	$	100,279	$	101,292
Resorts and leisure	4,131		263
Commercial leasing and sales	53,896		58,364
Forestry	2,488		2,492
Corporate	2,571		2,438
Total development property	163,365		164,849

Operating property:
Residential real estate	7,344		8,097
Resorts and leisure	103,616		107,029
Commercial leasing and sales	110,491		82,336
Forestry	19,510		19,608
Other	50		50
Total operating property	241,011		217,120
Less: Accumulated depreciation	71,752		67,349
Total operating property, net	169,259		149,771
Investment in real estate, net	$	332,624	$	314,620

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 the 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, 2017		December 31, 2016
Land and land improvements	$	77,788	$	73,239
Buildings and building improvements	152,272		133,678
Timber	10,951		10,203
	241,011		217,120
Less: Accumulated depreciation	71,752		67,349
Total operating property, net	$	169,259	$	149,771

Property and equipment, net consists of the following:



	December 31, 2017		December 31, 2016
Railroad and equipment	$	33,626	$	33,626
Furniture and fixtures	22,552		19,191
Machinery and equipment	9,468		8,998
Office equipment	5,322		5,154
Autos and trucks	1,012		1,075
	71,980		68,044
Less: Accumulated depreciation	60,697		59,404
	11,283		8,640
Construction in progress	493		352
Total property and equipment, net	$	11,776	$	8,992

Investments (Tables)

12 Months Ended

Dec. 31, 2017

Investments, Debt and Equity Securities [Abstract]

Schedule of Investments and Restricted Investments

At December 31, 2017, 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	$	9,892	$	—	$	22	$	9,870
Corporate debt securities	67,781		411		1,817		66,375
Preferred stock	35,955		423		1,355		35,023
	113,628		834		3,194		111,268
Restricted investments:
Short-term bond	4,264		—		13		4,251
Money market fund	218		—		—		218
	4,482		—		13		4,469
	$	118,110	$	834	$	3,207	$	115,737

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

Continuous Unrealized Loss Position

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



	As of December 31, 2017								As of December 31, 2016
	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	$	9,870	$	22	$	—	$	—	$	—	$	—	$	—	$	—
Corporate debt securities	15,515		691		29,595		1,126		64,516		1,410		6,971		359
Preferred stock	11,263		1,337		1,986		18		—		—		153		111
Restricted investments:
Short-term bond	—		—		4,251		13		4,226		6		—		—
	$	36,648	$	2,050	$	35,832	$	1,157	$	68,742	$	1,416	$	7,124	$	470

Contractual Maturities of Investments



	Amortized Cost		Fair Value
Due in one year or less	$	11,892	$	11,852
Due after one year through five years	65,713		64,332
Due after five year through ten years	68		61
	77,673		76,245
Preferred stock	35,955		35,023
Restricted investments	4,482		4,469
	$	118,110	$	115,737

- 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, 2017

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, 2017 were as follows:



	Level 1		Level 2		Level 3		Total Fair Value
Cash equivalents:
Money market funds	$	10,505	$	—	$	—	$	10,505
Commercial paper	159,970		—		—		159,970
	170,475		—		—		170,475
Investments:
U.S. Treasury securities	9,870		—		—		9,870
Corporate debt securities	—		66,375		—		66,375
Preferred stock	10,717		24,306		—		35,023
	20,587		90,681		—		111,268
Restricted investments:
Short-term bond	4,251		—		—		4,251
Money market fund	218		—		—		218
	4,469		—		—		4,469
	$	195,531	$	90,681	$	—	$	286,212

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

Carrying Amount and Fair Value of Financial Instruments

The carrying amount and fair value, measured on a nonrecurring basis, of the Company’s financial instruments were as follows:



	December 31, 2017					December 31, 2016
	Carrying value		Fair value		Level	Carrying value		Fair value		Level
Assets
Retained interest investments	$	11,147	$	14,106	3	$	10,635	$	13,669	3
Investments held by SPEs:
Time deposit	$	200,000	$	200,000	3	$	200,000	$	200,000	3
U.S. Treasury securities and cash equivalents	$	7,989	$	7,797	1	$	8,590	$	8,398	1
Liabilities
Senior Notes held by SPE	$	176,537	$	198,530	3	$	176,310	$	199,691	3

Other Assets (Tables)

12 Months Ended

Dec. 31, 2017

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

Schedule of Other Assets

Other assets consist of the following:



	December 31, 2017		December 31, 2016
Retained interest investments	$	11,147	$	10,635
Accounts receivable, net	8,460		4,625
Notes receivable	9,522		1,926
Prepaid expenses	6,625		5,685
Straight line rent	3,804		3,812
Other assets	4,637		8,789
Accrued interest receivable for Senior Notes held by SPE	2,938		2,938
Total other assets	$	47,133	$	38,410

Notes Receivable, Net

Notes receivable consists of the following:



	December 31, 2017		December 31, 2016
PCR Note, secured by certain assets, 10% interest rate, principal payments due beginning September 2018 per agreed upon schedule, and any remaining amount outstanding is due by December 2020, paid in full February 2018	$	5,000	$	—
Pier Park Community Development District notes, non-interest bearing, due September 2022	1,527		1,684
Interest bearing homebuilder note, secured by the real estate sold — 5.5% interest rate, principal payment of $0.1 million due November 2018 and any remaining amount outstanding is due by November 2019	1,060		—
Interest bearing homebuilder note, secured by the real estate sold — 5.5% interest rate, principal payment of $0.1 million due September 2018 and any remaining amount outstanding is due by September 2019	904		—
Interest bearing homebuilder note, secured by the real estate sold — 5.5% interest rate, principal payment of $0.1 million due June 2018 and any remaining amount outstanding is due by June 2019	857		—
Interest bearing homebuilder notes, secured by the real estate sold — 4.0% interest rate, due December 2016, paid January 2017	—		33
Various mortgage notes, secured by certain real estate, bearing interest at various rates	174		209
Total notes receivable	$	9,522	$	1,926

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2017

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 the 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, 2017		December 31, 2016
Land and land improvements	$	77,788	$	73,239
Buildings and building improvements	152,272		133,678
Timber	10,951		10,203
	241,011		217,120
Less: Accumulated depreciation	71,752		67,349
Total operating property, net	$	169,259	$	149,771

Property and equipment, net consists of the following:



	December 31, 2017		December 31, 2016
Railroad and equipment	$	33,626	$	33,626
Furniture and fixtures	22,552		19,191
Machinery and equipment	9,468		8,998
Office equipment	5,322		5,154
Autos and trucks	1,012		1,075
	71,980		68,044
Less: Accumulated depreciation	60,697		59,404
	11,283		8,640
Construction in progress	493		352
Total property and equipment, net	$	11,776	$	8,992

Debt (Tables)

12 Months Ended

Dec. 31, 2017

Debt Disclosure [Abstract]

Debt

Debt consists of the following as of December 31, 2017:



	Principal		Unamortized Discount and Debt Issuance Costs		Net
Refinanced Loan in the Pier Park North JV, due November 2025, bearing interest at 4.1%	$	47,295	$	512	$	46,783
Community Development District debt, secured by certain real estate or other collateral, due May 2031 — May 2039, bearing interest at 3.6% to 7.0%	7,241		—		7,241
Construction Loan, due March 2027, bearing interest at LIBOR plus 1.7% (effective rate of 3.3% at December 31, 2017)	1,624		18		1,606
Total debt	$	56,160	$	530	$	55,630

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 or other collateral, due May 2031 — May 2039, bearing interest at 3.4% to 7.0%	7,521		—		7,521
Total debt	$	55,653	$	613	$	55,040

Maturities of Debt

The aggregate maturities of debt subsequent to December 31, 2017 are:



	December 31, 2017
2018	$	1,487
2019	1,533
2020	1,536
2021	1,517
2022	1,495
Thereafter	48,592
	$	56,160

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Summary of the provision for income tax expense (benefit)

Income tax (benefit) expense for the years ended December 31, 2017, 2016, and 2015 consist of the following:



	2017			2016			2015
Current:
Federal	$	7,418		$	(22,416	)	$	(1,377	)
State	48			(64		)	(138		)
Total	7,466			(22,480		)	(1,515		)
Deferred:
Federal	(23,512		)	29,796			2,261
State	(1,835		)	(169		)	62
Total	(25,347		)	29,627			2,323
Income tax (benefit) expense	$	(17,881	)	$	7,147		$	808

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

Total income tax (benefit) expense for the years ended December 31, 2017, 2016, and 2015 was allocated in the consolidated financial statements as follows:



	2017			2016		2015
Income tax (benefit) expense	$	(17,881	)	$	7,147	$	808
Income tax recorded in accumulated other comprehensive (loss) income
Income tax (benefit) expense	(2,488		)	2,003		(300		)
Total income tax (benefit) expense	$	(20,369	)	$	9,150	$	508

Schedule of effective income tax rate reconciliation



	2017			2016			2015
Tax at the statutory federal rate	$	14,594		$	8,065		$	(323	)
State income taxes (net of federal benefit)	1,340			806			(32		)
Decrease in valuation allowance, net	(142		)	(941		)	(164		)
Fees and expenses for SEC investigation	—			—			1,092
Change in statutory federal rate to 21%	(33,542		)	—			—
Dividend received deduction	(530		)	(40		)	—
Other	399			(743		)	235
Total income tax (benefit) expense	$	(17,881	)	$	7,147		$	808

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, 2017 and 2016 are presented below:



	2017			2016
Deferred tax assets:
State net operating loss carryforwards	$	17,237		$	14,956
Alternative minimum tax credit carryforward	—			13,477
Impairment losses	41,837			63,108
Prepaid income from land sales	3,734			5,461
Other	322			—
Total gross deferred tax assets	63,130			97,002
Valuation allowance	(4,993		)	(5,135		)
Total net deferred tax assets	58,137			91,867
Deferred tax liabilities:
Investment in real estate and property and equipment basis differences	525			647
Deferred gain on land sales and involuntary conversions	19,671			28,920
Installment sales	85,769			127,260
Pension Plan assets transferred to the 401(k) Plan	1,155			2,170
Other	—			1,716
Total gross deferred tax liabilities	107,120			160,713
Net deferred tax liabilities	$	(48,983	)	$	(68,846	)

Accumulated Other Comprehensive (Loss) Income (Tables)

12 Months Ended

Dec. 31, 2017

Equity [Abstract]

Summary of Changes in Accumulated Other Comprehensive (Loss) Income

Following is a summary of the changes in the balances of accumulated other comprehensive (loss) income, which is presented net of tax, as of December 31, 2017 and 2016:



	Unrealized Gain and (Loss) on Available-for-Sale Securities
Accumulated other comprehensive loss at December 31, 2015	$	(686	)
Other comprehensive income before reclassifications	3,685
Amounts reclassified from accumulated other comprehensive income	(492		)
Other comprehensive income	3,193
Accumulated other comprehensive income at December 31, 2016	2,507
Other comprehensive income before reclassifications	1,235
Amounts reclassified from accumulated other comprehensive loss	(5,203		)
Other comprehensive loss	(3,968		)
Accumulated other comprehensive loss at December 31, 2017	$	(1,461	)

Reclassification out of Accumulated Other Comprehensive (Loss) Income

The following is a summary of the tax effects allocated to other comprehensive loss for the year ended December 31, 2017:



	Year Ended December 31, 2017
	Before-Tax Amount			Tax (Expense) or Benefit			Net-of-Tax Amount
Unrealized gain (loss) on investments and restricted investments:
Unrealized gain on available-for-sale investments	$	2,015		$	(774	)	$	1,241
Unrealized loss on restricted investments	(9		)	3			(6		)
Reclassification adjustment for net gain included in earnings	(10,750		)	4,139			(6,611		)
Reclassification adjustment for other-than-temporary impairment loss included in earnings	2,288			(880		)	1,408
Net unrealized loss	(6,456		)	2,488			(3,968		)
Other comprehensive loss	$	(6,456	)	$	2,488		$	(3,968	)

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 (Expense) or Benefit			Net-of-Tax Amount
Unrealized gain (loss) on investments and restricted investments:
Unrealized gain on available-for-sale investments	$	5,997		$	(2,308	)	$	3,689
Unrealized loss on restricted investments	(6		)	2			(4		)
Reclassification adjustment for net gain included in earnings	(795		)	303			(492		)
Net unrealized gain	5,196			(2,003		)	3,193
Other comprehensive income	$	5,196		$	(2,003	)	$	3,193

Stock Based Compensation (Tables)

12 Months Ended

Dec. 31, 2017

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

Stock-Based Compensation Recognized as Expense

Total stock-based compensation recorded in other operating and corporate expenses on the consolidated statements of operations for the three years ended December 31, 2017 is as follows:



	2017			2016			2015
Stock compensation expense before tax benefit	$	76		$	131		$	150
Income tax benefit	(22		)	(50		)	(58		)
	$	54		$	81		$	92

Summary of Option Activity Outstanding

The following table sets forth the summary of option activity outstanding under the stock option program for 2017:



	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value ($000)
Balance at December 31, 2016	45,405	$	54.05	0.1	—
Forfeited or expired	45,405	54.05		—	—
Balance at December 31, 2017	—	$	—	—	—
Vested or expected to vest at December 31, 2017	—	$	—	—	—
Exercisable at December 31, 2017	—	$	—	—	—

Other Income (Expense) (Tables)

12 Months Ended

Dec. 31, 2017

Other Income and Expenses [Abstract]

Other Income (Expense)

Other income (expense) consists of the following during the three years ended December 31, 2017:



	2017			2016			2015
Investment income, net
Net investment income from available-for-sale securities
Interest and dividend income	$	16,380		$	6,602		$	6,940
Accretion income	1,983			1,829			1,526
Net realized gain on the sale of investments	10,750			795			5,311
Other-than-temporary impairment loss	(2,288		)	—			—
Total net investment income from available-for-sale securities	26,825			9,226			13,777
Interest income from investments in SPEs	8,201			8,202			8,217
Interest accrued on notes receivable and other interest	384			348			694
Total investment income, net	35,410			17,776			22,688
Interest expense
Interest expense and amortization of discount and issuance costs for Senior Notes issued by SPE	(8,777		)	(8,833		)	(8,755		)
Other interest expense	(3,368		)	(3,462		)	(2,674		)
Total interest expense	(12,145		)	(12,295		)	(11,429		)
Claim settlement	—			12,548			—
Sale of vacation rental management, net	9,800			—			—
Other income (expense), net
Accretion income from retained interest investments	1,100			991			913
Hunting lease income	569			553			562
Miscellaneous income (expense), net	4,286			1,078			(7,762		)
Other income (expense), net	5,955			2,622			(6,287		)
Total other income, net	$	39,020		$	20,651		$	4,972

Segment Information (Tables)

12 Months Ended

Dec. 31, 2017

Segment Reporting [Abstract]

Information by Business Segment

Information by business segment is as follows:



	2017		2016		2015
OPERATING REVENUE:
Residential real estate	$	21,747	$	19,483	$	21,137
Resorts and leisure	54,820		57,284		54,488
Commercial leasing and sales	14,510		11,929		16,138
Forestry revenue	7,201		6,673		12,042
Other	518		375		66
Consolidated operating revenue	$	98,796	$	95,744	$	103,871

COST OF REVENUE:
Cost of residential real estate revenue	$	12,455	$	6,383	$	10,853
Cost of resorts and leisure revenue	47,816		50,229		47,069
Cost of commercial leasing and sales revenue	5,979		4,431		7,766
Cost of forestry revenue	903		1,121		1,402
Cost of other revenue	41		30		4
Consolidated cost of revenue	$	67,194	$	62,194	$	67,094

OTHER OPERATING AND CORPORATE EXPENSES:
Residential real estate	$	4,297	$	5,744	$	10,215
Resorts and leisure	494		547		426
Commercial leasing and sales	3,444		3,492		3,031
Forestry revenue	396		530		941
Other	11,751		12,706		18,813
Consolidated other operating and corporate expenses	$	20,382	$	23,019	$	33,426

DEPRECIATION, DEPLETION AND AMORTIZATION:
Residential real estate	$	187	$	286	$	544
Resorts and leisure	4,225		4,402		5,096
Commercial leasing and sales	3,729		3,137		3,118
Forestry	575		552		581
Other	169		194		147
Consolidated depreciation, depletion and amortization	$	8,885	$	8,571	$	9,486

INVESTMENT INCOME, NET
Residential real estate and other	$	89	$	97	$	571
Corporate ^(a)	35,321		17,679		22,117
Consolidated investment income, net	$	35,410	$	17,776	$	22,688



	2017			2016			2015
INTEREST EXPENSE
Residential real estate	$	(1,164	)	$	(1,284	)	$	(1,174	)
Commercial leasing and sales	(2,200		)	(2,169		)	(1,489		)
Corporate ^(b)	(8,781		)	(8,842		)	(8,766		)
Consolidated interest expense	$	(12,145	)	$	(12,295	)	$	(11,429	)

SALE OF VACATION RENTAL MANAGEMENT, NET
Resorts and leisure ^(c)	$	9,800		$	—		$	—
Consolidated sale of vacation rental management, net	$	9,800		$	—		$	—

INCOME (LOSS) BEFORE INCOME TAXES:
Residential real estate	$	3,903		$	5,887		$	(821	)
Resorts and leisure ^(c)	12,444			2,087			1,819
Commercial leasing and sales	(836		)	(1,233		)	802
Forestry	6,586			5,609			10,259
Corporate ^(a)(b)	19,258			10,261			(13,222		)
Consolidated income (loss) before income taxes	$	41,355		$	22,611		$	(1,163	)



	2017		2016		2015
CAPITAL EXPENDITURES:
Residential real estate	$	8,407	$	3,319	$	4,923
Resorts and leisure	4,918		1,287		2,526
Commercial leasing and sales	25,248		6,836		8,014
Forestry	1,100		1,095		1,366
Other	207		321		636
Total capital expenditures	$	39,880	$	12,858	$	17,465



	December 31, 2017		December 31, 2016
TOTAL ASSETS:
Residential real estate	$	117,732	$	112,220
Resorts and leisure	83,151		73,436
Commercial leasing and sales	163,271		141,013
Forestry	20,212		20,664
Other	536,627		680,612
Total assets	$	920,993	$	1,027,945



(a)	Includes interest income from investments in SPEs of $8.2 million in each 2017, 2016 and 2015.
(b)	Includes interest expense from Senior Notes issued by SPE of $8.8 million in each 2017, 2016 and 2015.
(c)	Includes proceeds of $9.9 million, which resulted in a net gain of $9.8 million from the PCR Rentals sale in 2017. See Note 7. Sale of Vacation Rental Management.

Quarterly Financial Data (unaudited) (Tables)

12 Months Ended

Dec. 31, 2017

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Data



	Quarters Ended
	December 31			September 30		June 30		March 31
2017
Operating revenue	$	21,562		$	33,654	$	30,383	$	13,197
Operating (loss) income	$	(1,884	)	$	4,453	$	4,663	$	(4,897	)
Net income attributable to the Company	$	38,503		$	5,943	$	10,764	$	4,368
Basic and diluted income per share attributable to the Company ⁽¹⁾	$	0.58		$	0.08	$	0.15	$	0.06
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 ⁽¹⁾	$	0.04		$	0.04	$	0.02	$	0.11



(1)	Quarterly and year-to-date computations of per share amounts are made independently. Therefore, the sum of per share amounts for the quarters may not be consistent with the per share amounts for the year.

Significant Accounting Policies - Schedule of Economic Lives of Assets (Details)	12 Months Ended
	Dec. 31, 2017
Railroad and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	15 years
Railroad and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	30 years
Furniture and fixtures \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	5 years
Furniture and fixtures \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	10 years
Machinery and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	3 years
Machinery and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	10 years
Office equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	5 years
Office equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	10 years
Autos and trucks
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	5 years
Real Estate \| Land improvements \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	15 years
Real Estate \| Land improvements \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	20 years
Real Estate \| Buildings \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	20 years
Real Estate \| Buildings \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	40 years
Real Estate \| Building improvements \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	5 years
Real Estate \| Building improvements \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	25 years

Significant Accounting Policies - Narrative (Details)	12 Months Ended
Significant Accounting Policies - Narrative (Details)	Dec. 31, 2017 USD ($) issuer shares	Jan. 01, 2018 USD ($)	Dec. 31, 2016 USD ($) shares
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Period restricted investments are to be allocated to 401(k) plan participants	4 years
Allowance for doubtful accounts	$ 0		$ 0
Timber holdings valuation sample	20.00%
Cash, uninsured amount	$ 18,600,000
Debt securities, fair value	$ 76,245,000
Common stock equivalents (in shares) \| shares	0		0
Reduction in retained earnings	$ (577,557,000)		$ (669,293,000)
U.S. Treasury securities
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Debt securities, fair value	9,900,000
Corporate debt securities
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Debt securities, fair value	$ 66,400,000
Number of issuers \| issuer	6
Commercial paper
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Debt securities, fair value	$ 160,000,000
Number of issuers \| issuer	12
External Credit Rating, Non Investment Grade \| Preferred stock
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of issuers \| issuer	5
Other marketable securities, noncurrent	$ 35,000,000
Retained Earnings \| Subsequent Event \| ASU 2014-09
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Effect of new accounting principal in period of adoption		$ 1,600,000
Retained Earnings \| Subsequent Event \| ASU 2016-01
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Reduction in retained earnings		$ 900,000

Significant Accounting Policies - Schedule of Future Payments Receivable (Details) $ in Thousands	Dec. 31, 2017 USD ($)
Accounting Policies [Abstract]
2018	$ 10,189
2019	9,718
2020	9,073
2021	8,632
2022	8,339
Operating Leases, Future Minimum Payments Receivable	$ 45,951

Investment in Real Estate - Real Estate by Property Type and Segment (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Real Estate Properties [Line Items]
Development property	$ 163,365	$ 164,849
Operating property	241,011	217,120
Less: Accumulated depreciation	71,752	67,349
Total operating property, net	169,259	149,771
Investment in real estate, net	332,624	314,620
Residential real estate
Real Estate Properties [Line Items]
Development property	100,279	101,292
Operating property	7,344	8,097
Resorts and leisure
Real Estate Properties [Line Items]
Development property	4,131	263
Operating property	103,616	107,029
Commercial leasing and sales
Real Estate Properties [Line Items]
Development property	53,896	58,364
Operating property	110,491	82,336
Forestry
Real Estate Properties [Line Items]
Development property	2,488	2,492
Operating property	19,510	19,608
Corporate
Real Estate Properties [Line Items]
Development property	2,571	2,438
Other
Real Estate Properties [Line Items]
Operating property	$ 50	$ 50

Investment in Real Estate - Operating Property (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Real Estate [Abstract]
Land and land improvements	$ 77,788	$ 73,239
Buildings and building improvements	152,272	133,678
Timber	10,951	10,203
Operating property	241,011	217,120
Less: Accumulated depreciation	71,752	67,349
Total operating property, net	$ 169,259	$ 149,771

Investment in Real Estate - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Real Estate [Abstract]
Depreciation expense related to real estate investments	$ 6.2	$ 6.0	$ 6.2
Depletion	$ 0.5	$ 0.5	$ 0.5

Investments - Investments Classified as Available-for-Sale Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 118,110	$ 177,280
Gross Unrealized Gains	834	5,967
Gross Unrealized Losses	3,207	1,886
Fair Value	115,737	181,361
U.S. Treasury securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	9,892
Gross Unrealized Gains	0
Gross Unrealized Losses	22
Fair Value	9,870
Corporate debt securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	67,781	135,590
Gross Unrealized Gains	411	5,311
Gross Unrealized Losses	1,817	1,769
Fair Value	66,375	139,132
Preferred stock
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	35,955	36,048
Gross Unrealized Gains	423	656
Gross Unrealized Losses	1,355	111
Fair Value	35,023	36,593
Debt securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	113,628	171,638
Gross Unrealized Gains	834	5,967
Gross Unrealized Losses	3,194	1,880
Fair Value	111,268	175,725
Short-term bond
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	4,264	4,232
Gross Unrealized Gains	0	0
Gross Unrealized Losses	13	6
Fair Value	4,251	4,226
Money market fund
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	218	1,410
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	218	1,410
Restricted investments
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	4,482	5,642
Gross Unrealized Gains	0	0
Gross Unrealized Losses	13	6
Fair Value	$ 4,469	$ 5,636

Investments - Narrative (Details)	12 Months Ended
Investments - Narrative (Details)	Dec. 31, 2017 USD ($) member	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)
Schedule of Available-for-sale Securities [Line Items]
Number of Investment Committee members required to authorize investment \| member	2
Net realized gains (losses) on sale of securities	$ 10,750,000	$ 795,000	$ 5,311,000
Proceeds from sales of securities	174,507,000	197,548,000	385,695,000
Maturities of securities	14,000,000	185,000,000
Gross Unrealized Losses	3,207,000	1,886,000
Other-than-temporary impairment losses	$ 2,288,000	$ 0	$ 0
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%
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 \| FCM and FTC
Schedule of Available-for-sale Securities [Line Items]
Common stock ownership percentage	42.33%
Investor \| FCM, FTC and Mr Berkowitz
Schedule of Available-for-sale Securities [Line Items]
Common stock ownership percentage	43.95%

Investments - Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Months, Fair Value	$ 36,648	$ 68,742
Less Than 12 Months, Unrealized Losses	2,050	1,416
12 Months or Greater, Fair Value	35,832	7,124
12 Months or Greater, Unrealized Losses	1,157	470
U.S. Treasury securities
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Months, Fair Value	9,870	0
Less Than 12 Months, Unrealized Losses	22	0
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	15,515	64,516
Less Than 12 Months, Unrealized Losses	691	1,410
12 Months or Greater, Fair Value	29,595	6,971
12 Months or Greater, Unrealized Losses	1,126	359
Preferred stock
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Months, Fair Value	11,263	0
Less Than 12 Months, Unrealized Losses	1,337	0
12 Months or Greater, Fair Value	1,986	153
12 Months or Greater, Unrealized Losses	18	111
Short-term bond
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Months, Fair Value	0	4,226
Less Than 12 Months, Unrealized Losses	0	6
12 Months or Greater, Fair Value	4,251	0
12 Months or Greater, Unrealized Losses	$ 13	$ 0

Investments - Contractual Maturities of Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Cost
Due in one year or less	$ 11,892
Due after one year through five years	65,713
Due after five year through ten years	68
Amortized Cost	77,673
Preferred stock	35,955
Restricted investments	4,482
Amortized Cost	118,110	$ 177,280
Fair Value
Due in one year or less	11,852
Due after one year through five years	64,332
Due after five year through ten years	61
Fair Value	76,245
Preferred stock	35,023
Restricted investments	4,469
Available-for-sale Securities	$ 115,737	$ 181,361

Financial Instruments and Fair Value Measurements - Fair Value Hierarchy (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments	$ 4,469	$ 5,636
Recurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	170,475	215,907
Debt securities	111,268	175,725
Restricted investments	4,469	5,636
Total	286,212	397,268
Recurring basis \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	170,475	215,907
Debt securities	20,587	76,965
Restricted investments	4,469	5,636
Total	195,531	298,508
Recurring basis \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Debt securities	90,681	98,760
Restricted investments	0	0
Total	90,681	98,760
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	0
Total	0	0
Recurring basis \| Money market fund
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	10,505	86,236
Restricted investments	218	1,410
Recurring basis \| Money market fund \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	10,505	86,236
Restricted investments	218	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	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	0
Recurring basis \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	159,970	129,671
Recurring basis \| Commercial paper \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	159,970	129,671
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	9,870
Recurring basis \| U.S. Treasury securities \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	9,870
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	66,375	139,132
Recurring basis \| Corporate debt securities \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	0	57,788
Recurring basis \| Corporate debt securities \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	66,375	81,344
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	35,023	36,593
Recurring basis \| Preferred stock \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	10,717	19,177
Recurring basis \| Preferred stock \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	24,306	17,416
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	4,251	4,226
Recurring basis \| Short-term bond \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments	4,251	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	0
Recurring basis \| Short-term bond \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments	$ 0	$ 0

Financial Instruments and Fair Value Measurements - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset impairment charges	$ 714,000	$ 357,000	$ 0
Retained interest investments	11,147,000	10,635,000
Debt principal amount				$ 180,000,000.0
Debt interest rate				4.80%
Senior Notes held by special purpose entity	176,537,000	176,310,000
Northwest Florida Timber Finance, LLC
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes held by special purpose entity	176,500,000
Debt unamortized discount	3,500,000
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	$ 16,800,000
Promissory notes maturity period	15 years
Retained interest investments	$ 11,100,000	$ 10,600,000
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
AgReserves Sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes received in sale of real estate				$ 200,000,000
Maturity of notes receivables				15 years
Special Purpose Entities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Time deposits	$ 200,000,000.0
U.S. Treasury securities	7,600,000
Cash	$ 400,000
Notes Receivable \| Subsidiaries
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Issue price of senior secured notes				98.50%
Notes Receivable \| Special Purpose Entities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt interest rate	4.00%

Financial Instruments and Fair Value Measurements - Carrying Amount and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior Notes held by special purpose entity	$ 176,537	$ 176,310
Carrying Value \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
U.S. Treasury securities and cash equivalents	7,989	8,590
Carrying Value \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Retained interest investments	11,147	10,635
Time deposit	200,000	200,000
Senior Notes held by special purpose entity	176,537	176,310
Fair Value \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
U.S. Treasury securities and cash equivalents	7,797	8,398
Fair Value \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Retained interest investments	14,106	13,669
Time deposit	200,000	200,000
Senior Notes held by special purpose entity	$ 198,530	$ 199,691

Claim Settlement Receivable (Details) - USD ($) $ in Thousands		1 Months Ended		9 Months Ended	12 Months Ended
	Mar. 24, 2016	Oct. 31, 2017	Oct. 31, 2016	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Receivables with Imputed Interest [Line Items]
Litigation settlement receivable due October 2019					$ 2,700
Litigation settlement receivable				$ 7,804	5,280	$ 7,804
Litigation settlement proceeds					0	12,548	$ 0
BP Exploration & Production Inc.
Receivables with Imputed Interest [Line Items]
Litigation settlement amount	$ 13,200
Litigation settlement amount received		$ 2,700	$ 5,000
Litigation settlement receivable due in October 2018	$ 2,700
Imputed interest rate on litigation settlement receivable	3.00%
Litigation settlement receivable	$ 12,500
Unamortized discount	$ 700
Interest income, operating				$ 300	$ 200
BP Exploration & Production Inc. \| Other income
Receivables with Imputed Interest [Line Items]
Litigation settlement proceeds						$ 12,500

Sale of Vacation Rental Management (Details) - USD ($) $ in Thousands		1 Months Ended	12 Months Ended
	Feb. 14, 2018	Dec. 31, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of assets			$ 9,800	$ 0	$ 0
Disposed of by Sale \| PCR Rentals Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Right of first refusal on third party offer to purchase, period after the date of sale		18 months
Right of first refusal on third party offer to purchase, period after PCR note is paid off and after date of sale		9 months
Consideration received from sale of assets		$ 9,900	9,900
Gain on sale of assets		9,800
Proceeds from sale of real estate		4,900
Financing receivable, gross		$ 5,000	$ 5,000
Interest rate on loans receivable		10.00%
Subsequent Event \| Disposed of by Sale \| PCR Rentals Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from collection of loans receivable	$ 5,000

Other Assets - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Retained interest investments	$ 11,147	$ 10,635
Accounts receivable, net	8,460	4,625
Notes receivable	9,522	1,926
Prepaid expenses	6,625	5,685
Straight line rent	3,804	3,812
Other assets	4,637	8,789
Accrued interest receivable for Senior Notes held by SPE	2,938	2,938
Total other assets	$ 47,133	$ 38,410

Other Assets - Schedule of Notes Receivable, net (Details) - USD ($)	1 Months Ended	2 Months Ended	12 Months Ended
	Jan. 31, 2017	Feb. 26, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Loans and Leases Receivable Disclosure [Line Items]
Notes receivable			$ 9,522,000	$ 1,926,000
Proceeds from collection of homebuilder notes			68,000	328,000	$ 21,552,000
Allowance for notes receivable			0	0
PCR Note
Loans and Leases Receivable Disclosure [Line Items]
Notes receivable			$ 5,000,000	0
Interest rate on loans receivable			10.00%
Pier Park Community Development District notes, non-interest bearing, due September 2022
Loans and Leases Receivable Disclosure [Line Items]
Notes receivable			$ 1,527,000	1,684,000
Interest Bearing - 5.5% interest rate due November 2019
Loans and Leases Receivable Disclosure [Line Items]
Notes receivable			$ 1,060,000	0
Interest rate			5.50%
Principal receivable amount			$ 100,000
Interest Bearing - 5.5% interest rate due September 2019
Loans and Leases Receivable Disclosure [Line Items]
Notes receivable			$ 904,000	0
Interest rate			5.50%
Principal receivable amount			$ 100,000
Interest Bearing - 5.5% interest rate due June 2019
Loans and Leases Receivable Disclosure [Line Items]
Notes receivable			$ 857,000	0
Interest rate			5.50%
Principal receivable amount			$ 100,000
Interest Bearing - 4.0% interest rate due 2016
Loans and Leases Receivable Disclosure [Line Items]
Notes receivable			$ 0	33,000
Interest rate			4.00%
Proceeds from collection of homebuilder notes	$ 33,000
Various mortgage notes, secured by certain real estate, bearing interest at various rates
Loans and Leases Receivable Disclosure [Line Items]
Notes receivable			$ 174,000	$ 209,000
Subsequent Event \| PCR Note
Loans and Leases Receivable Disclosure [Line Items]
Proceeds from collection of homebuilder notes		$ 5,000,000

Property and Equipment, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 71,980	$ 68,044
Less: Accumulated depreciation	60,697	59,404
Property, plant and equipment, excluding construction in progress, net	11,283	8,640
Construction in progress	493	352
Total	11,776	8,992
Depreciation expense	1,900	2,100	$ 2,800
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	22,552	19,191
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	9,468	8,998
Office equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	5,322	5,154
Autos and trucks
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 1,012	$ 1,075

Real Estate Joint Ventures - Narrative (Details) $ in Millions	1 Months Ended		3 Months Ended	9 Months Ended			12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016 USD ($)	Dec. 31, 2017	Sep. 30, 2017 USD ($)	Sep. 30, 2016 USD ($)	Sep. 30, 2015 USD ($)	Dec. 31, 2017	Apr. 30, 2017 apartment
Pier Park Crossings JV \| Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Number of units \| apartment								240
Variable interest entity, ownership percentage			75.00%	65.00%
Windmark \| Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Variable interest entity, ownership percentage	49.00%	49.00%
Pier Park North \| Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Variable interest entity, ownership percentage	60.00%	60.00%
Artisan Park, L.L.C \| Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Variable interest entity, ownership percentage							74.00%
ALP Liquidating Trust
Equity Method Investment, Summarized Financial Information [Abstract]
Assets		$ 11.5		$ 10.8
Liabilities		0.6		0.5
Equity		$ 10.9		10.3
Net loss				$ 0.6	$ 0.8	$ 2.7

Debt - Schedule of Total Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 56,160	$ 55,653
Debt issuance costs	530	613
Long term debt	55,630	55,040
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	47,295	48,132
Debt issuance costs	512	613
Long term debt	46,783	47,519
Construction loan \| Construction Loan, due March 2027, bearing interest at LIBOR plus 1.7% (effective rate of 3.3% at December 31, 2017)
Debt Instrument [Line Items]
Long-term Debt, Gross	1,624
Debt issuance costs	18
Long term debt	1,606
Secured debt \| Community Development District debt, secured by certain real estate or other collateral, due May 2031 — May 2039, bearing interest at 3.6% to 7.0%
Debt Instrument [Line Items]
Long-term Debt, Gross	7,241
Debt issuance costs	0
Long term debt	$ 7,241
Secured debt \| Community Development District debt, secured by certain real estate or other collateral, due May 2031 — May 2039, bearing interest at 3.4% to 7.0%
Debt Instrument [Line Items]
Long-term Debt, Gross		7,521
Debt issuance costs		0
Long term debt		$ 7,521

Debt - Descriptors (Details)	12 Months Ended
Debt - Descriptors (Details)	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2014
Debt Instrument [Line Items]
Debt interest rate			4.80%
Effective interest rate	4.90%
Construction loan \| Construction Loan, due March 2027, bearing interest at LIBOR plus 1.7% (effective rate of 3.3% at December 31, 2017)
Debt Instrument [Line Items]
Effective interest rate	3.30%
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 or other collateral, due May 2031 — May 2039, bearing interest at 3.6% to 7.0%
Debt Instrument [Line Items]
Debt interest rate	7.00%
Maximum \| Secured debt \| Community Development District debt, secured by certain real estate or other collateral, due May 2031 — May 2039, bearing interest at 3.4% to 7.0%
Debt Instrument [Line Items]
Debt interest rate		3.40%
Minimum \| Secured debt \| Community Development District debt, secured by certain real estate or other collateral, due May 2031 — May 2039, bearing interest at 3.6% to 7.0%
Debt Instrument [Line Items]
Debt interest rate	3.60%
Minimum \| Secured debt \| Community Development District debt, secured by certain real estate or other collateral, due May 2031 — May 2039, bearing interest at 3.4% to 7.0%
Debt Instrument [Line Items]
Debt interest rate		7.00%
LIBOR \| Construction loan \| Construction Loan, due March 2027, bearing interest at LIBOR plus 1.7% (effective rate of 3.3% at December 31, 2017)
Debt Instrument [Line Items]
Basis spread on variable rate	1.70%

Debt - Narrative (Details) - USD ($) $ in Millions	1 Months Ended
Debt - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2017	Oct. 30, 2017	Dec. 31, 2016	Oct. 31, 2015
Debt Instrument [Line Items]
Amount of letters of credit outstanding		$ 0.1		$ 0.4
Total community development district debt		$ 21.7		$ 22.6
Construction loan \| Construction Loan Due March 2027
Debt Instrument [Line Items]
Borrowings on debt	$ 1.6
Pier Park North \| Consolidated Variable Interest Entities \| Pier Park North Joint Venture Refinanced Construction Loan
Debt Instrument [Line Items]
Construction Loan					$ 48.2
Amount of letters of credit outstanding			$ 1.3

Debt - Maturities of Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Debt Disclosure [Abstract]
2018	$ 1,487
2019	1,533
2020	1,536
2021	1,517
2022	1,495
Thereafter	48,592
Long term debt	$ 56,160	$ 55,653

Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Accrued Liabilities And Deferred Credits [Line Items]
Accounts payable	$ 7,524	$ 4,376
Accrued compensation	2,664	2,655
Deferred revenue	17,864	15,289
Membership deposits and initiation fees	9,704	7,384
Advance deposits	1,468	3,419
Other accrued liabilities	5,185	4,977
Total other liabilities	47,259	40,950
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, 2017	Dec. 31, 2016
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Deferred revenue	$ 17,864	$ 15,289
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, 2017	Dec. 31, 2016	Dec. 31, 2015
Current:
Federal	$ 7,418	$ (22,416)	$ (1,377)
State	48	(64)	(138)
Total	7,466	(22,480)	(1,515)
Deferred:
Federal	(23,512)	29,796	2,261
State	(1,835)	(169)	62
Total	(25,347)	29,627	2,323
Income tax (benefit) expense	$ (17,881)	$ 7,147	$ 808

Income Taxes - Allocation of Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Income tax (benefit) expense	$ (17,881)	$ 7,147	$ 808
Income tax recorded in accumulated other comprehensive (loss) income	(2,488)	2,003	(300)
Total income tax (benefit) expense	$ (20,369)	$ 9,150	$ 508

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Operating Loss Carryforwards [Line Items]
Income tax receivable	$ 8,371,000	$ 27,057,000
Income tax benefit due to change in tax rate	33,500,000
Valuation allowance	4,993,000	5,135,000
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	391,700,000	427,300,000
ATM Credit \| Domestic Tax Authority
Operating Loss Carryforwards [Line Items]
Tax credit carryforward		$ 13,500,000
Amount of AMT credit utilized	5,100,000
Income tax receivable	8,400,000
Tax Year 2014
Operating Loss Carryforwards [Line Items]
Federal income tax refund received	21,900,000
Tax Year 2016
Operating Loss Carryforwards [Line Items]
Federal income tax refund received	$ 4,400,000

Income Taxes - Income Tax Expense (Benefit) Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Tax at the statutory federal rate	$ 14,594	$ 8,065	$ (323)
State income taxes (net of federal benefit)	1,340	806	(32)
Decrease in valuation allowance, net	(142)	(941)	(164)
Fees and expenses for SEC investigation	0	0	1,092
Change in statutory federal rate to 21%	(33,542)	0	0
Dividend received deduction	(530)	(40)	0
Other	399	(743)	235
Total income tax (benefit) expense	$ (17,881)	$ 7,147	$ 808

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Deferred tax assets:
State net operating loss carryforwards	$ 17,237	$ 14,956
Alternative minimum tax credit carryforward	0	13,477
Impairment losses	41,837	63,108
Prepaid income from land sales	3,734	5,461
Other	322	0
Total gross deferred tax assets	63,130	97,002
Valuation allowance	(4,993)	(5,135)
Total net deferred tax assets	58,137	91,867
Deferred tax liabilities:
Investment in real estate and property and equipment basis differences	525	647
Deferred gain on land sales and involuntary conversions	19,671	28,920
Installment sales	85,769	127,260
Pension Plan assets transferred to the 401(k) Plan	1,155	2,170
Other	0	1,716
Total gross deferred tax liabilities	107,120	160,713
Net deferred tax liabilities	$ (48,983)	$ (68,846)

Accumulated Other Comprehensive (Loss) Income - Summary of Changes in Accumulated Other Comprehensive (Loss) Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning Balance	$ 686,799	$ 673,447	$ 979,701
Total other comprehensive (loss) income, net of tax	(3,968)	3,193	639
Ending Balance	592,584	686,799	673,447
Unrealized Gain and (Loss) on Available-for-Sale Securities
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning Balance	2,507	(686)
Other comprehensive income before reclassifications	1,235	3,685
Amounts reclassified from accumulated other comprehensive loss	(5,203)	(492)
Total other comprehensive (loss) income, net of tax	(3,968)	3,193
Ending Balance	$ (1,461)	$ 2,507	$ (686)

Accumulated Other Comprehensive (Loss) Income - Summary of Reclassifications out of Accumulated Other Comprehensive (Loss) Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Unrealized gain (loss) on investments and restricted investments:
Reclassification adjustment for other-than-temporary impairment loss included in earnings before-tax amount	$ 2,288	$ 0	$ 0
Other comprehensive loss before-tax amount	(6,456)	5,196
Other comprehensive loss tax benefit or (expense)	2,488	(2,003)
Total other comprehensive (loss) income, net of tax	(3,968)	3,193	$ 639
Accumulated Net Investment Gain (Loss) Including Portion Attributable to Noncontrolling Interest [Member]
Unrealized gain (loss) on investments and restricted investments:
Reclassification adjustment for net gain included in earnings before-tax amount	(10,750)	(795)
Reclassification adjustment for net gain included in earnings tax (expense) or benefit	4,139	303
Reclassification adjustment for net gain included in earnings net-of-tax amount	(6,611)	(492)
Reclassification adjustment for other-than-temporary impairment loss included in earnings before-tax amount	2,288
Reclassification adjustment for other-than-temporary impairment loss included in earnings tax (expense) or benefit	(880)
Reclassification adjustment for other-than-temporary impairment loss included in earnings net-of-tax amount	1,408
Other comprehensive loss before-tax amount	(6,456)	5,196
Other comprehensive loss tax benefit or (expense)	2,488	(2,003)
Total other comprehensive (loss) income, net of tax	(3,968)	3,193
Available-for-sale Securities \| Accumulated Net Investment Gain (Loss) Including Portion Attributable to Noncontrolling Interest [Member]
Unrealized gain (loss) on investments and restricted investments:
Unrealized gain (loss) on investments before-tax amount	2,015	5,997
Unrealized gain (loss) on investments tax (expense) or benefit	(774)	(2,308)
Unrealized gain (loss) on investments net-of-tax amount	1,241	3,689
Restricted investments \| Accumulated Net Investment Gain (Loss) Including Portion Attributable to Noncontrolling Interest [Member]
Unrealized gain (loss) on investments and restricted investments:
Unrealized gain (loss) on investments before-tax amount	(9)	(6)
Unrealized gain (loss) on investments tax (expense) or benefit	3	2
Unrealized gain (loss) on investments net-of-tax amount	$ (6)	$ (4)

Stockholders' Equity (Details)					1 Months Ended		2 Months Ended	12 Months Ended
Stockholders' Equity (Details)	Sep. 20, 2017 USD ($) shares	Jul. 11, 2017 USD ($) shares	Jul. 03, 2017 director shares	May 17, 2016 director shares	Dec. 31, 2017 USD ($) shares	Jul. 31, 2016 USD ($) shares	Feb. 26, 2018 USD ($) shares	Dec. 31, 2017 USD ($) $ / shares shares	Dec. 31, 2016 USD ($) $ / shares shares	Dec. 31, 2015 USD ($) shares	Sep. 18, 2017 USD ($)	Jul. 07, 2017 USD ($)	May 25, 2017 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares repurchased during the period (in shares) \| shares	3,742,111	1,500,000
Payments for repurchase of common stock	$ 65,800,000	$ 27,000,000						$ 147,422,000	$ 14,820,000	$ 305,004,000
Additional authorized repurchase amount											$ 66,000,000.0	$ 28,000,000.0
Remaining authorized repurchase amount					$ 136,300,000			136,300,000
Treasury stock, shares, retired (in shares) \| shares					8,450,294	17,998,658
Retirement of treasury stock					$ 147,400,000	$ 320,100,000
Restricted stock awards expense (less than)								76,000	131,000	$ 150,000
Restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Amount approved granting to each non-employee director													$ 50,000
Number of restricted stock awards issued (in shares) \| shares			5,334	8,919
Number of Board of Directors members granted restricted stock awards \| director			2	3
Restricted stock awards expense (less than)								$ 100,000	$ 100,000
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%
Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares repurchased during the period (in shares) \| shares							564,555
Payments for repurchase of common stock							$ 10,100,000
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares repurchased during the period (in shares) \| shares								8,450,294	995,650	16,982,739
Average purchase price per share for share repurchase (in dollars per share) \| $ / shares								$ 17.46	$ 14.88
Retirement of treasury stock								$ 147,422,000	$ 320,109,000

Stock Based Compensation - Narrative (Details) $ / shares in Units, $ in Millions			12 Months Ended
	Jul. 03, 2017 shares	May 17, 2016 shares	Dec. 31, 2017 USD ($) $ / shares shares	Dec. 31, 2016 USD ($) $ / shares shares	Dec. 31, 2015 USD ($) equity_plan $ / shares 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			$ 18.75	$ 16.82	$ 15.53
Fair values of vested restricted stock and stock options \| $			$ 0.1	$ 0.1	$ 0.2
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units issued	5,334	8,919
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			1,485,747
Number of Units
Number of units, vested			2,229	6,690
2015 Plan \| Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested restricted stock units outstanding			5,334
Director \| 2015 Plan \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units issued			5,334	8,919

Stock Based Compensation - Recorded in Corporate Expense, Net, on Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock compensation expense before tax benefit	$ 76	$ 131	$ 150
Income tax benefit	(22)	(50)	(58)
Stock compensation expense after tax benefit	$ 54	$ 81	$ 92

Stock Based Compensation - Summary of Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Number of Shares
Number of shares, beginning balance	45,405
Number of shares, forfeitures or expirations	45,405
Number of shares, ending balance	0	45,405
Weighted Average Exercise Price
Weighted average exercise price, beginning balance (in dollars per share)	$ 54.05
Weighted average exercise price, forfeitures or expirations (in dollars per share)	54.05
Weighted average exercise price, ending balance (in dollars per share)	$ 0.00	$ 54.05
Additional Disclosures
Number of shares, vested or expected to vest	0
Number of shares, exercisable	0
Weighted average exercise price, vested or expected to vest (in dollars per share)	$ 0.00
Weighted average exercise price, exercisable (in dollars per share)	$ 0.00
Weighted average remaining contractual life (years)	0 years	1 month 18 days
Weighted average remaining contractual life (years), vested or expected to vest	0 years
Weighted average remaining contractual life (years), exercisable	0 years
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 ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Retirement Benefits [Abstract]
Assets contributed to 401(k) Plan			$ 7,900
Restricted investments	$ 4,469	$ 5,636
401(k) Plan distribution period (in years)	4 years
Compensation expense for assets allocated to participants	$ 1,200	1,400	1,300
Gain on unallocated asset	$ 100	$ 100	$ 100

Other Income (Expense) - Summary (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Investment Income, Net [Abstract]
Interest and dividend income	$ 16,380	$ 6,602	$ 6,940
Accretion income	1,983	1,829	1,526
Net realized gain on the sale of investments	10,750	795	5,311
Other-than-temporary impairment loss	(2,288)	0	0
Total net investment income from available-for-sale securities	26,825	9,226	13,777
Interest income from investments in SPEs	8,201	8,202	8,217
Interest accrued on notes receivable and other interest	384	348	694
Total investment income, net	35,410	17,776	22,688
Interest expense
Interest expense and amortization of discount and issuance costs for Senior Notes issued by SPE	(8,777)	(8,833)	(8,755)
Other interest expense	(3,368)	(3,462)	(2,674)
Total interest expense	(12,145)	(12,295)	(11,429)
Claim settlement	0	12,548	0
Sale of vacation rental management, net	9,800	0	0
Other income (expense), net
Accretion income from retained interest investments	1,100	991	913
Hunting lease income	569	553	562
Miscellaneous income (expense), net	4,286	1,078	(7,762)
Other income (expense), net	5,955	2,622	(6,287)
Total other income, net	$ 39,020	$ 20,651	$ 4,972

Other Income (Expense) - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Other Income (Expense) [Line Items]
Other-than-temporary impairment losses		$ 2,288	$ 0	$ 0
Effective interest rate	4.90%	4.90%
Claim settlement		$ 0	12,548	0
Gain on sale of assets		9,800	0	0
Proceeds from settlement received		$ 3,500
Fees and expenses for the SEC investigation			$ (700)	$ 8,200
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%
PCR Rentals Sale \| Disposed of by Sale
Other Income (Expense) [Line Items]
Consideration received from sale of assets	$ 9,900	$ 9,900
Gain on sale of assets	$ 9,800

Segment Information - Information by Business Segment (Details) $ in Thousands	1 Months Ended	3 Months Ended								12 Months Ended
	Dec. 31, 2017 USD ($)	Dec. 31, 2017 USD ($)	Sep. 30, 2017 USD ($)	Jun. 30, 2017 USD ($)	Mar. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Sep. 30, 2016 USD ($)	Jun. 30, 2016 USD ($)	Mar. 31, 2016 USD ($)	Dec. 31, 2017 USD ($) Segment	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)
Segment Reporting Information [Line Items]
Number of reportable operating segments \| Segment										4
Revenues		$ 21,562	$ 33,654	$ 30,383	$ 13,197	$ 18,747	$ 27,192	$ 29,551	$ 20,254	$ 98,796	$ 95,744	$ 103,871
Cost of revenue										67,194	62,194	67,094
Other operating and corporate expenses										20,382	23,019	33,426
Depreciation, depletion and amortization										8,885	8,571	9,486
Investment Income, Net										35,410	17,776	22,688
Interest expense										(12,145)	(12,295)	(11,429)
Sale of vacation rental management, net										9,800	0	0
Income (loss) before income taxes										41,355	22,611	(1,163)
Expenditures for operating property										39,880	12,858	17,465
Assets	$ 920,993	920,993				1,027,945				920,993	1,027,945
Interest income										384	348	694
Disposed of by Sale \| PCR Rentals Sale
Segment Reporting Information [Line Items]
Sale of vacation rental management, net	9,800
Consideration received from sale of assets	9,900	9,900								9,900
Resorts and leisure \| Disposed of by Sale \| PCR Rentals Sale
Segment Reporting Information [Line Items]
Sale of vacation rental management, net	9,800
Consideration received from sale of assets	9,900	9,900								9,900
Operating Segments \| Residential real estate
Segment Reporting Information [Line Items]
Revenues										21,747	19,483	21,137
Cost of revenue										12,455	6,383	10,853
Other operating and corporate expenses										4,297	5,744	10,215
Depreciation, depletion and amortization										187	286	544
Interest expense										(1,164)	(1,284)	(1,174)
Income (loss) before income taxes										3,903	5,887	(821)
Expenditures for operating property										8,407	3,319	4,923
Assets	117,732	117,732				112,220				117,732	112,220
Operating Segments \| Resorts and leisure
Segment Reporting Information [Line Items]
Revenues										54,820	57,284	54,488
Cost of revenue										47,816	50,229	47,069
Other operating and corporate expenses										494	547	426
Depreciation, depletion and amortization										4,225	4,402	5,096
Sale of vacation rental management, net										9,800	0	0
Income (loss) before income taxes										12,444	2,087	1,819
Expenditures for operating property										4,918	1,287	2,526
Assets	83,151	83,151				73,436				83,151	73,436
Operating Segments \| Commercial leasing and sales
Segment Reporting Information [Line Items]
Revenues										14,510	11,929	16,138
Cost of revenue										5,979	4,431	7,766
Other operating and corporate expenses										3,444	3,492	3,031
Depreciation, depletion and amortization										3,729	3,137	3,118
Interest expense										(2,200)	(2,169)	(1,489)
Income (loss) before income taxes										(836)	(1,233)	802
Expenditures for operating property										25,248	6,836	8,014
Assets	163,271	163,271				141,013				163,271	141,013
Operating Segments \| Forestry revenue
Segment Reporting Information [Line Items]
Revenues										7,201	6,673	12,042
Cost of revenue										903	1,121	1,402
Other operating and corporate expenses										396	530	941
Depreciation, depletion and amortization										575	552	581
Income (loss) before income taxes										6,586	5,609	10,259
Expenditures for operating property										1,100	1,095	1,366
Assets	20,212	20,212				20,664				20,212	20,664
Operating Segments \| Residential real estate and other
Segment Reporting Information [Line Items]
Investment Income, Net										89	97	571
Corporate/Other
Segment Reporting Information [Line Items]
Revenues										518	375	66
Cost of revenue										41	30	4
Other operating and corporate expenses										11,751	12,706	18,813
Depreciation, depletion and amortization										169	194	147
Investment Income, Net										35,321	17,679	22,117
Interest expense										(8,781)	(8,842)	(8,766)
Income (loss) before income taxes										19,258	10,261	(13,222)
Expenditures for operating property										207	321	636
Assets	$ 536,627	$ 536,627				$ 680,612				536,627	680,612
Corporate/Other \| Special Purpose Entities
Segment Reporting Information [Line Items]
Interest expense										(8,800)	(8,800)	(8,800)
Interest income										$ 8,200	$ 8,200	$ 8,200

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Oct. 30, 2017	Dec. 31, 2016
Guarantor Obligations [Line Items]
Accrued liabilities, other litigation, claims, other disputes, governmental proceedings and environmental matters	$ 1,300		$ 1,300
Amount of letters of credit outstanding	100		400
Purchase obligations, total	9,600
Deferred tax liabilities	107,120		160,713
Tax Year 2022 To 2024
Guarantor Obligations [Line Items]
Deferred tax liabilities	33,700
Tax Year 2029
Guarantor Obligations [Line Items]
Deferred tax liabilities	37,800
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		$ 1,300
Surety bonds \| Commercial developments
Guarantor Obligations [Line Items]
Commitment obligations	$ 8,600		$ 6,200

Quarterly Financial Data (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Operating revenue	$ 21,562	$ 33,654	$ 30,383	$ 13,197	$ 18,747	$ 27,192	$ 29,551	$ 20,254	$ 98,796	$ 95,744	$ 103,871
Operating (loss) income	(1,884)	4,453	4,663	(4,897)	(881)	1,595	2,143	(897)	2,335	1,960	(6,135)
Net income (loss) attributable to the Company	$ 38,503	$ 5,943	$ 10,764	$ 4,368	$ 2,709	$ 2,711	$ 1,810	$ 8,665	$ 59,578	$ 15,895	$ (1,731)
Basic and diluted income per share attributable to the Company (in dollars per share)	$ 0.58	$ 0.08	$ 0.15	$ 0.06	$ 0.04	$ 0.04	$ 0.02	$ 0.11	$ 0.84	$ 0.21	$ (0.02)

Schedule III (Consolidated) - Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 55,630
Initial Cost to Company, Land & Improvements	160,945
Initial Cost to Company, Buildings & Improvements	157,053
Costs Capitalized Subsequent to Acquisition or Construction	86,378
Land & Land Improvements	252,104
Buildings and Improvements	152,272
Total	404,376	$ 381,969	$ 377,668	$ 379,944
Accumulated Depreciation	71,752	$ 67,349
Aggregate cost of real estate owned for federal income tax purposes	431,700
Residential developments
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,928
Initial Cost to Company, Land & Improvements	48,430
Initial Cost to Company, Buildings & Improvements	10,954
Costs Capitalized Subsequent to Acquisition or Construction	48,239
Land & Land Improvements	106,163
Buildings and Improvements	1,460
Total	107,623
Accumulated Depreciation	$ 1,952
Residential developments \| Minimum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	5 years
Residential developments \| Maximum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	25 years
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	13,689
Costs Capitalized Subsequent to Acquisition or Construction	6,413
Land & Land Improvements	1,794
Buildings and Improvements	19,445
Total	21,239
Accumulated Depreciation	$ 8,865
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	39,147
Initial Cost to Company, Buildings & Improvements	20,748
Costs Capitalized Subsequent to Acquisition or Construction	(1,083)
Land & Land Improvements	38,889
Buildings and Improvements	19,923
Total	58,812
Accumulated Depreciation	$ 26,026
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	5,765
Initial Cost to Company, Buildings & Improvements	9,520
Costs Capitalized Subsequent to Acquisition or Construction	1,165
Land & Land Improvements	6,786
Buildings and Improvements	9,664
Total	16,450
Accumulated Depreciation	$ 4,669
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	1,100
Initial Cost to Company, Buildings & Improvements	10,057
Costs Capitalized Subsequent to Acquisition or Construction	89
Land & Land Improvements	1,100
Buildings and Improvements	10,146
Total	11,246
Accumulated Depreciation	$ 3,933
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	$ 46,783
Initial Cost to Company, Land & Improvements	13,711
Initial Cost to Company, Buildings & Improvements	35,243
Costs Capitalized Subsequent to Acquisition or Construction	2,312
Land & Land Improvements	13,711
Buildings and Improvements	37,555
Total	51,266
Accumulated Depreciation	$ 5,930
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)	39 years
Town centers
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company, Land & Improvements	713
Initial Cost to Company, Buildings & Improvements	21,887
Costs Capitalized Subsequent to Acquisition or Construction	(2,141)
Land & Land Improvements	784
Buildings and Improvements	19,675
Total	20,459
Accumulated Depreciation	$ 14,873
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	5,791
Initial Cost to Company, Buildings & Improvements	24,490
Costs Capitalized Subsequent to Acquisition or Construction	(3,730)
Land & Land Improvements	2,611
Buildings and Improvements	23,940
Total	26,551
Accumulated Depreciation	$ 2,537
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)	39 years
Other
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,606
Initial Cost to Company, Land & Improvements	3,304
Initial Cost to Company, Buildings & Improvements	8,579
Costs Capitalized Subsequent to Acquisition or Construction	721
Land & Land Improvements	4,025
Buildings and Improvements	8,579
Total	12,604
Accumulated Depreciation	$ 870
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)	39 years
Commercial developments
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 5,313
Initial Cost to Company, Land & Improvements	35,068
Initial Cost to Company, Buildings & Improvements	0
Costs Capitalized Subsequent to Acquisition or Construction	18,439
Land & Land Improvements	53,507
Buildings and Improvements	0
Total	53,507
Accumulated Depreciation	$ 59
Depreciation Life (in years)	5 years
Timberlands
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company, Land & Improvements	6,694
Initial Cost to Company, Buildings & Improvements	1,886
Costs Capitalized Subsequent to Acquisition or Construction	10,930
Land & Land Improvements	17,625
Buildings and Improvements	1,885
Total	19,510
Accumulated Depreciation	$ 2,010
Timberlands \| Minimum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	5 years
Timberlands \| Maximum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	30 years
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	5,024
Land & Land Improvements	5,109
Buildings and Improvements	0
Total	5,109
Accumulated Depreciation	$ 28
Unimproved land \| Minimum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	15 years
Unimproved land \| Maximum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	20 years

Schedule III (Consolidated) - Real Estate and Accumulated Depreciation - Reconciliation of Real Estate Owned (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Balance at beginning of the year	$ 381,969	$ 377,668	$ 379,944
Amounts capitalized	39,261	13,875	13,372
Impairments	(714)	(357)	0
Cost of real estate sold	(14,274)	(6,489)	(14,584)
Amounts retired or adjusted	(1,866)	(2,728)	(1,064)
Balance at the end of the year	$ 404,376	$ 381,969	$ 377,668

Schedule III (Consolidated) - Real Estate and Accumulated Depreciation - Reconciliation of Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at beginning of the year	$ 67,349	$ 64,069	$ 58,132
Depreciation expense	6,245	6,002	6,204
Amounts retired or adjusted	(1,842)	(2,722)	(267)
Balance at the end of the year	$ 71,752	$ 67,349	$ 64,069

Schedule IV (Consolidated) - Mortgage Loans on Real Estate (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017 USD ($)
Mortgage Loans on Real Estate [Line Items]
Carrying Amount of Mortgages	$ 2,995
Annual principal payment	$ 100
Amortization period	20 years
Interest Bearing - 5.5% interest rate due November 2019
Mortgage Loans on Real Estate [Line Items]
Interest rate	5.50%
Interest Bearing - 5.5% interest rate due November 2019 \| Seller financing \| Seller Financing, Maturing November 2019
Mortgage Loans on Real Estate [Line Items]
Interest rate	5.50%
Carrying Amount of Mortgages	$ 1,060
Interest Bearing - 5.5% interest rate due September 2019
Mortgage Loans on Real Estate [Line Items]
Interest rate	5.50%
Interest Bearing - 5.5% interest rate due September 2019 \| Seller financing \| Seller Financing, Maturing September 2019
Mortgage Loans on Real Estate [Line Items]
Interest rate	5.50%
Carrying Amount of Mortgages	$ 904
Interest Bearing - 5.5% interest rate due June 2019
Mortgage Loans on Real Estate [Line Items]
Interest rate	5.50%
Interest Bearing - 5.5% interest rate due June 2019 \| Seller financing \| Seller Financing, Maturing June 2019
Mortgage Loans on Real Estate [Line Items]
Interest rate	5.50%
Carrying Amount of Mortgages	$ 857
Various other seller financing \| Various other seller financing \| Various other seller financing maturing October 2022 through November 2023
Mortgage Loans on Real Estate [Line Items]
Carrying Amount of Mortgages	$ 174
Various other seller financing \| Minimum \| Various other seller financing \| Various other seller financing maturing October 2022 through November 2023
Mortgage Loans on Real Estate [Line Items]
Interest rate	4.80%
Various other seller financing \| Maximum \| Various other seller financing \| Various other seller financing maturing October 2022 through November 2023
Mortgage Loans on Real Estate [Line Items]
Interest rate	8.15%

Schedule IV (Consolidated) - Mortgage Loans on Real Estate - Carrying Amount of Mortgage Loans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Movement in Mortgage Loans on Real Estate [Roll Forward]
Balance at beginning of the year	$ 242	$ 570	$ 22,122
Additions during the year - new mortgage loans	2,821	0	0
Collections of principal	68	328	21,552
Foreclosures	0	0	0
Balance at the end of the year	$ 2,995	$ 242	$ 570

Nature of Operations (Details)	12 Months Ended
Nature of Operations (Details)	Dec. 31, 2017 Segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable operating segments	4