Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2019	Apr. 29, 2019
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
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		60,200,534

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
ASSETS
Investment in real estate, net	$ 364,715	$ 350,994
Cash and cash equivalents	190,821	195,155
Investments - debt securities	9,817	8,958
Investments - equity securities	38,186	36,132
Income tax receivable	3,253	3,914
Other assets	52,541	60,308
Property and equipment, net of accumulated depreciation of $60,874 and $60,271 at March 31, 2019 and December 31, 2018, respectively	12,749	12,031
Investments held by special purpose entity	207,011	207,384
Total assets	875,840	870,962
Liabilities:
Debt, net	77,792	69,374
Other liabilities	46,369	47,387
Deferred tax liabilities, net	44,522	44,315
Senior Notes held by special purpose entity	176,837	176,775
Total liabilities	345,520	337,851
Commitments and contingencies (Note 18)
Equity:
Common stock, no par value; 180,000,000 shares authorized; 60,672,034 issued at March 31, 2019 and December 31, 2018; and 60,200,534 and 60,672,034 outstanding at March 31, 2019 and December 31, 2018, respectively	331,408	331,395
Retained earnings	189,447	187,450
Accumulated other comprehensive loss	(68)	(674)
Treasury stock at cost, 471,500 shares held at March 31, 2019	(7,073)
Total stockholders' equity	513,714	518,171
Non-controlling interest	16,606	14,940
Total equity	530,320	533,111
Total liabilities and equity	$ 875,840	$ 870,962

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
CONDENSED CONSOLIDATED BALANCE SHEETS
Property and equipment, Accumulated depreciation	$ 60,874	$ 60,271
Common stock, par value	$ 0	$ 0
Common stock, shares authorized (in shares)	180,000,000	180,000,000
Common stock, issued (in shares)	60,672,034	60,672,034
Common stock, outstanding (in shares)	60,200,534	60,672,034
Treasury stock (in shares)	471,500

CONDENSED CONSOLIDATED BALANCE SHEETS - VIEs - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
ASSETS
Investment in real estate	$ 364,715	$ 350,994
Cash and cash equivalents	190,821	195,155
Other assets	52,541	60,308
Investments held by special purpose entity	207,011	207,384
Total assets	875,840	870,962
LIABILITIES
Debt, net	77,792	69,374
Other liabilities	46,369	47,387
Senior Notes held by special purpose entity	176,837	176,775
Total liabilities	345,520	337,851
Variable Interest Entities
ASSETS
Investment in real estate	77,557	70,124
Cash and cash equivalents	4,763	2,113
Other assets	14,139	16,165
Investments held by special purpose entity	207,011	207,384
Total assets	303,470	295,786
LIABILITIES
Debt, net	66,360	60,262
Other liabilities	1,861	5,773
Senior Notes held by special purpose entity	176,837	176,775
Total liabilities	$ 245,058	$ 242,810

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenue:
Leasing revenue	$ 3,506
Leasing revenue		$ 3,418
Total revenue	16,023	19,865
Expenses:
Cost of leasing revenue	1,066
Cost of leasing revenue		1,113
Other operating and corporate expenses	5,968	5,946
Depreciation, depletion and amortization	2,111	2,255
Total expenses	18,184	20,406
Operating loss	(2,161)	(541)
Other income (expense):
Investment income, net	6,046	3,665
Interest expense	(2,942)	(3,025)
Other income, net	1,698	277
Total other income, net	4,802	917
Income before income taxes	2,641	376
Income tax (expense) benefit	(661)	249
Net income	1,980	625
Net loss attributable to non-controlling interest	17	132
Net income attributable to the Company	$ 1,997	$ 757
Basic and Diluted
Weighted average shares outstanding (in shares)	60,321,028	65,476,054
Net income per share attributable to the Company (in dollars per share)	$ 0.03	$ 0.01
Real estate
Revenue:
Revenue	$ 4,591	$ 7,702
Expenses:
Cost of revenue	1,833	4,169
Hospitality
Revenue:
Revenue	7,431	7,079
Expenses:
Cost of revenue	7,065	6,710
Timber
Revenue:
Revenue	495	1,666
Expenses:
Cost of revenue	$ 141	$ 213

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2019

Mar. 31, 2018

Net income:

$ 1,980

$ 625

Other comprehensive income (loss):

Reclassification of net realized loss included in earnings

1,078

Reclassification into retained earnings

^[1]

932

Reclassification of other-than-temporary impairment loss included in earnings

Total before income taxes

812

1,261

Income tax expense

^[2]

(206)

(632)

Total other comprehensive income, net of tax

606

629

Total comprehensive income, net of tax

2,586

1,254

Unrestricted available-for-sale, Debt securities

Other comprehensive income (loss):

Net unrealized gain (loss) on investments

799

(803)

Restricted

Other comprehensive income (loss):

Net unrealized gain (loss) on investments

$ 11

$ (9)

[1]

The reclassification into retained earnings for the three months ended March 31, 2018 relates to the adoption of Accounting Standards Update (“ASU”) 201601 Financial Instruments - Overall, as amended (“ASU 201601”). The new guidance was effective January 1, 2018, and required equity investments to be measured at fair value with changes in fair value recognized in results of operations rather than the condensed consolidated statements of comprehensive income.

[2]

Income tax expense for the three months ended March 31, 2018 includes $0.3 million of income tax expense related to the adoption of ASU 201802 Income Statement - Reporting Comprehensive Income (“ASU 201802”). The new guidance was effective January 1, 2018, and allowed a reclassification from accumulated other comprehensive loss to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act (the “Tax Act”).

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical)
$ in Thousands

3 Months Ended

Mar. 31, 2018

USD ($)

Income tax expense

$ (632)

^[1]

Scenario, Adjustment | ASU 2018-02

Income tax expense

$ (300)

[1]

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock	Retained Earnings	Accumulated Other Comprehensive (Loss) Income	Treasury Stock	Non-controlling Interest	Total
Beginning Balance (in shares) at Dec. 31, 2017	65,897,866
Beginning Balance at Dec. 31, 2017	$ 424,694	$ 154,324	$ (1,461)		$ 15,027	$ 592,584
Increase (Decrease) in Stockholders' Equity
Additional ownership interest acquired in Artisan Park, LLC	297				(297)
Capital contribution from non-controlling interest					64	64
Stock based compensation expense	28					28
Issuance of common stock for officer compensation, net of tax withholding	$ 204					204
Issuance of common stock for officer compensation, net of tax withholding (in shares)	9,956
Repurchase of common shares				$ (13,695)		(13,695)
Repurchase of common shares (in shares)	(764,825)
Adoption of ASU 2018-02 Income Statement - Reporting Comprehensive Income		313	(313)
Other comprehensive income, net of tax			246			246
Net income		757			(132)	625
Ending Balance at Mar. 31, 2018	$ 425,223	155,838	(832)	(13,695)	14,662	581,196
Ending Balance (in shares) at Mar. 31, 2018	65,142,997
Increase (Decrease) in Stockholders' Equity
Adoption of ASU, net of tax \| ASU 2014-09		1,140				$ 1,140
Adoption of ASU, net of tax \| ASU 2016-01		(696)	696
Beginning Balance (in shares) at Dec. 31, 2018	60,672,034					60,672,034
Beginning Balance at Dec. 31, 2018	$ 331,395	187,450	(674)		14,940	$ 533,111
Increase (Decrease) in Stockholders' Equity
Capital contribution from non-controlling interest					1,683	1,683
Stock based compensation expense	$ 13					13
Repurchase of common shares				(7,073)		(7,073)
Repurchase of common shares (in shares)	(471,500)
Other comprehensive income, net of tax			606			606
Net income		1,997			(17)	1,980
Ending Balance at Mar. 31, 2019	$ 331,408	$ 189,447	$ (68)	$ (7,073)	$ 16,606	$ 530,320
Ending Balance (in shares) at Mar. 31, 2019	60,200,534					60,200,534

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash flows from operating activities:
Net income	$ 1,980	$ 625
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation, depletion and amortization	2,111	2,255
Stock based compensation	13	232
Net realized losses from sale of investments	2	1,078
Unrealized (gain) loss on investments, net	(2,049)	538
Other-than-temporary impairment loss		63
Deferred income tax benefit		(550)
Cost of real estate sold	1,613	3,943
Expenditures for and acquisition of real estate to be sold	(7,085)	(3,045)
Accretion income and other	(361)	(524)
Loss on disposal of property and equipment		7
Gain on land contribution	(1,472)
Changes in operating assets and liabilities:
Other assets	4,645	596
Other liabilities	(1,284)	(2,999)
Income taxes receivable	661
Net cash (used in) provided by operating activities	(1,226)	2,219
Cash flows from investing activities:
Expenditures for operating property	(8,834)	(3,914)
Expenditures for property and equipment	(1,182)	(590)
Proceeds from the disposition of assets		5,000
Proceeds from the settlement of insurance claims	5,798
Purchases of investments - equity securities	(5)	(10,442)
Purchases of restricted investments	(23)	(20)
Sales of investments - debt securities		30,871
Sales of restricted investments	1,138	1,087
Maturities of assets held by special purpose entities	414	415
Net cash (used in) provided by investing activities	(2,694)	22,407
Cash flows from financing activities:
Capital contribution from non-controlling interest		64
Capital contribution to unconsolidated affiliate	(254)
Repurchase of common shares	(7,073)	(13,695)
Borrowings on debt	7,279	33
Principal payments for debt	(236)	(215)
Principal payments under finance lease obligation	(4)
Debt issuance costs	(21)	(27)
Net cash used in financing activities	(309)	(13,840)
Net (decrease) increase in cash, cash equivalents and restricted cash	(4,229)	10,786
Cash, cash equivalents and restricted cash at beginning of the period	198,073	192,451
Cash, cash equivalents and restricted cash at end of the period	$ 193,844	$ 203,237

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash, cash equivalents and restricted cash:
Cash and cash equivalents	$ 190,821	$ 202,585
Restricted cash included in other assets	3,023	652
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	193,844	203,237
Cash paid during the period for:
Interest	5,135	5,128
Income taxes		2,005
Non-cash financing and investment activities:
Non-cash contribution to equity method investment	(1,730)
Increase in capital contribution from non-controlling interest	1,683	64
Increase in Community Development District debt	1,371	15
Increase in expenditures for operating properties and property and equipment financed through accounts payable	$ 336	$ 818

Nature of Operations	3 Months Ended
Nature of Operations	Mar. 31, 2019
Nature of Operations
Nature of Operations	1. Nature of Operations The St. Joe Company together with its consolidated subsidiaries (“St. Joe” or the “Company”) is a Florida real estate development, asset management and operating company with real estate assets and operations concentrated in Northwest Florida. Approximately 90% of the Company’s real estate land holdings are located within fifteen miles of the Gulf of Mexico. The Company conducts primarily all of its business in the following four reportable operating segments: 1) residential real estate, 2) hospitality, 3) commercial leasing and sales and 4) forestry. Commencing in the fourth quarter of 2018, the Company’s previously titled “resorts and leisure” segment was retitled “hospitality,” with no effect on the condensed consolidated balance sheets, statements of income, statements of comprehensive income or statements of cash flows for the periods presented.

Significant Accounting Policies

3 Months Ended

Mar. 31, 2019

Significant Accounting Policies

Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

The accompanying unaudited interim condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for reporting on Form 10‑Q. Accordingly, certain information and footnotes required by United States generally accepted accounting principles (“GAAP”) for complete financial statements are not included herein. The unaudited interim condensed 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 deems itself the primary beneficiary. Investments in joint ventures (“JV”) and limited partnerships in which the Company is not the primary beneficiary are accounted for by the equity method. All significant intercompany transactions and balances have been eliminated in consolidation. The December 31, 2018 condensed consolidated balance sheet amounts have been derived from the Company’s December 31, 2018 audited consolidated financial statements. Certain prior period amounts in the accompanying condensed consolidated financial statements have been reclassified to conform to the current year presentation. These reclassifications had no effect on the Company’s previously reported total assets and liabilities, stockholders’ equity or net income. Operating results for the three months ended March 31, 2019 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2019.

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 VIE’s 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 JVs determined to be VIEs. See Note 9. Real Estate Joint Ventures.

The interim condensed consolidated financial statements reflect all normal recurring adjustments that, in the opinion of management, are necessary for fair presentation of the information contained herein. The interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10‑K for the year ended December 31, 2018. The Company adheres to the same accounting policies in preparation of its unaudited interim condensed consolidated financial statements as the Company’s December 31, 2018 annual financial statements, except for recently adopted accounting pronouncements detailed below. As required under GAAP, interim accounting for certain expenses, including income taxes, are based on full year assumptions. For interim financial reporting purposes, income taxes are recorded based upon estimated annual income tax rates.

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 local and regional financial institutions, and as of March 31, 2019, these balances exceeded the amount of F.D.I.C. insurance provided on such deposits. In addition, as of March 31, 2019 the company had $7.0 million invested in U.S. Treasury securities, $2.8 million invested in two issuers of corporate debt securities that are non-investment grade, $38.2 million invested in five issuers of preferred stock that are non-investment grade and one issuer of preferred stock that is investment grade, as well as investments of $168.1 million in short term commercial paper from twenty issuers.

Earnings Per Share

Basic and diluted earnings per share are calculated by dividing net income attributable to the Company by the average number of common shares outstanding for the period. For the three months ended March 31, 2019 and 2018, basic and diluted average shares outstanding were the same. There were no outstanding common stock equivalents as of March 31, 2019 or March 31, 2018. Non-vested restricted stock is included in outstanding shares at the time of grant.

Recently Adopted Accounting Pronouncements

Leases

In February 2016, the FASB issued ASU 2016‑02, Leases (“ASU 2016-02”) that amended 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 by this amendment. This amendment also required certain quantitative and qualitative disclosures about leasing arrangements. In January 2018, the FASB issued ASU 2018‑01, which provided 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. In July 2018, the FASB issued ASU 2018-10 that provided clarifications and improvements to ASU 2016-02. In July 2018, the FASB issued ASU 2018-11 that provided entities with an additional and optional transition method to apply the new standard at the adoption date and recognize a cumulative-effect adjustment to the beginning balance of retained earnings in the period of adoption. In December 2018, the FASB issued ASU 2018-20 that provided an accounting policy election for certain narrow-scope improvements for lessors. In March 2019, the FASB issued ASU 2019-01 that provided clarifications and improvements to ASU 2016-02. During the Company’s evaluation of ASU 2016-02, as amended, (“Topic 842”) the following practical expedients and accounting policies with respect to Topic 842 have been elected and/or adopted effective January 1, 2019:

The Company, as lessee and as lessor, will not reassess (i) whether any expired or existing contracts are or contain leases, (ii) lease classification for any expired or existing leases or (iii) initial direct costs for any expired or existing leases.

The Company, as lessee, will not apply the recognition requirements of Topic 842 to short-term (twelve months or less) leases. Instead, the Company, as lessee, will recognize the lease payments in profit or loss on a straight-line basis over the lease term and variable lease payments in the period in which the obligation for those payments is incurred.

The Company, as lessor, will not separate nonlease components from lease components and, instead, will account for each separate lease component and the nonlease components associated with that lease as a single component if the nonlease components otherwise would be accounted for under Accounting Standards Codification Topic 606, Revenue from Contracts with Customers. The primary reason for this election is related to instances where common area maintenance is, or may be, a component of base rent within a lease agreement.

The Company adopted the new guidance, including amendments, as of January 1, 2019 and has elected to implement Topic 842 retrospectively using the cumulative-effect adjustment transition method as of the date of adoption. As a result, prior periods have not been restated. As of the date of adoption a cumulative-effect adjustment was not necessary and the Company recognized an operating lease right-of use assets of $0.4 million and corresponding operating lease liabilities of $0.4 million based on the present value of minimum rental payments related to leases for which the Company is the lessee. The operating lease right-of-use assets and corresponding operating lease liabilities are included within other assets and other liabilities, respectively, on the condensed consolidated balance sheets. There were no adjustments related to the leases for which the Company is the lessor. The adoption of this guidance did not materially impact results of operations or cash flows.

Recently Issued Accounting Pronouncements

Financial Instruments - Credit Losses

In June 2016, the FASB issued ASU 2016‑13, Financial Instruments – Credit Losses (Topic 326) (“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. In November 2018, the FASB issued ASU 2018-19, which clarifies that impairment of receivables from operating leases should be accounted for using lease guidance. 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.

Investment in Real Estate

3 Months Ended

Mar. 31, 2019

Investment in Real Estate

Investment in Real Estate

3. Investment in Real Estate

Real estate by property type and segment includes the following:


	March 31,		December 31,
	2019		2018
Development property:
Residential real estate	$	110,819	$	105,323
Hospitality		5,429		3,726
Commercial leasing and sales		78,949		73,128
Forestry		2,144		2,144
Corporate		2,557		2,497
Total development property		199,898		186,818

Operating property:
Residential real estate		7,344		7,344
Hospitality		93,046		93,046
Commercial leasing and sales		113,189		111,471
Forestry		20,141		19,765
Other		50		50
Total operating property		233,770		231,676
Less: Accumulated depreciation		68,953		67,500
Total operating property, net		164,817		164,176
Investment in real estate, net	$	364,715	$	350,994

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. Hospitality development property consists of the improvement and expansion of existing beach club property, land and construction costs related to two gulf-front vacation rental homes and development costs and improvements for other 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 hospitality and commercial leasing and sales segments will be reclassified as operating property as it is placed into service.

Operating property includes property that the Company uses for operations and activities. Residential real estate operating property consists primarily of residential utility assets. The hospitality operating property includes the WaterColor Inn, WaterSound Inn, golf courses, a beach club, marinas and certain vacation rental properties. 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, VentureCrossings 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.

Investments

3 Months Ended

Mar. 31, 2019

Investments

Investments

4. Investments

Available-For-Sale Investments

Investments classified as available-for-sale securities were as follows:


	March 31, 2019
			Gross Unrealized		Gross Unrealized
	Amortized Cost		Gains		(Losses)		Fair Value
Investments - debt securities:
U.S. Treasury securities	$	6,978	$	1	$	—	$	6,979
Corporate debt securities		2,927		—		(89)		2,838
		9,905		1		(89)		9,817
Restricted investments:
Short-term bond		2,210		5		—		2,215
Money market fund		113		—		—		113
		2,323		5		—		2,328
	$	12,228	$	6	$	(89)	$	12,145


	December 31, 2018
			Gross Unrealized		Gross Unrealized
	Amortized Cost		Gains		(Losses)		Fair Value
Investments - debt securities:
U.S. Treasury securities	$	6,936	$	1	$	—	$	6,937
Corporate debt securities		2,908		—		(887)		2,021
		9,844		1		(887)		8,958
Restricted investments:
Short-term bond		3,274		—		(9)		3,265
Money market fund		167		—		—		167
		3,441		—		(9)		3,432
	$	13,285	$	1	$	(896)	$	12,390

During the three months ended March 31, 2019, net realized losses from the sale of available-for-sale securities were less than $0.1 million, proceeds from the sale of available-for-sale securities were $1.1 million and purchases of available-for-sale securities were less than $0.1 million.

During the three months ended March 31, 2018, net realized losses from the sale of available for-sale securities were $1.1 million, proceeds from the sale of available-for-sale securities were $32.0 million and purchases of available-for sale securities were less than $0.1 million.

The following table provides the available-for-sale investments unrealized loss position and related fair values:


	March 31, 2019
	Less Than 12 Months				12 Months or Greater
			Unrealized				Unrealized
	Fair Value		Losses		Fair Value		Losses
Investments - debt securities:
Corporate debt securities	$	—	$	—	$	2,838	$	89


	December 31, 2018
	Less Than 12 Months				12 Months or Greater
			Unrealized				Unrealized
	Fair Value		Losses		Fair Value		Losses
Investments - debt securities:
Corporate debt securities	$	—	$	—	$	1,843	$	887
Restricted investments:
Short-term bond		—		—		3,265		9
	$	—	$	—	$	5,108	$	896

As of March 31, 2019, the Company had unrealized losses of $0.1 million related to corporate debt securities. The Company had unrealized losses of $0.9 million as of December 31, 2018 related to corporate debt securities and restricted investments. As of March 31, 2019 and December 31, 2018, 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 the three months ended March 31, 2018, the Company determined unrealized losses related to its corporate debt securities were other-than-temporarily impaired and recorded an impairment of $0.1 million for credit-related loss in investment income, net in the Company’s condensed consolidated statements of income.

The amortized cost and estimated fair value of investments - debt securities and restricted investments classified as available-for-sale, by contractual maturity are shown in the following table. Actual maturities may differ from contractual maturities since certain borrowers have the right to call or prepay obligations.


	March 31, 2019
	Amortized Cost		Fair Value
Due in one year or less	$	9,905	$	9,817
Restricted investments		2,323		2,328
	$	12,228	$	12,145

Investments - Equity Securities

As of March 31, 2019 and December 31, 2018, investments - equity securities included $38.2 million and $36.1 million, respectively, of preferred stock investments recorded at fair value. During the three months ended March 31, 2019 the Company had an unrealized gain on investments - equity securities of $2.0 million, compared to an unrealized loss on investments – equity securities of $0.5 million during the three months ended March 31, 2018, which were included within investment income, net on the condensed consolidated statements of income.

Investment Management Agreement

Mr. Bruce R. Berkowitz is the Chairman of the Company’s Board of Directors (the “Board”). He is the Manager of, and controls entities that own and control, Fairholme Holdings, LLC (“Fairholme”), which wholly owns Fairholme Capital Management, L.L.C. (“FCM”, an investment advisor registered with the SEC) and the Fairholme Trust Company, L.L.C. (“FTC”, a non-depository trust company regulated by the Florida Office of Financial Regulation). 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 March 31, 2019, clients of FCM and FTC beneficially owned approximately 41.47% of the Company’s common stock and Fairholme, including Mr. Berkowitz and clients of FCM and FTC, collectively beneficially owned 44.07% 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.

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 an Investment Management Agreement, as amended, with the Company (the “Investment Management Agreement”), 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 or 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.

Financial Instruments and Fair Value Measurements

3 Months Ended

Mar. 31, 2019

Financial Instruments and Fair Value Measurements

Financial Instruments and Fair Value Measurements

5. Financial Instruments and Fair Value Measurements

Fair Value Measurements

The financial instruments measured at fair value on a recurring basis are as follows:


	March 31, 2019
							Total Fair
	Level 1		Level 2		Level 3		Value
Cash equivalents:
Money market funds	$	5,711	$	—	$	—	$	5,711
Commercial paper		168,076		—		—		168,076
		173,787		—		—		173,787

Investments - debt securities:
U.S. Treasury securities		6,979		—		—		6,979
Corporate debt securities		—		2,838		—		2,838
		6,979		2,838		—		9,817

Investments - equity securities:
Preferred stock		10,755		27,431		—		38,186

Restricted investments:
Short-term bond		2,215		—		—		2,215
Money market fund		113		—		—		113
		2,328		—		—		2,328
	$	193,849	$	30,269	$	—	$	224,118


	December 31, 2018
							Total Fair
	Level 1		Level 2		Level 3		Value
Cash equivalents:
Money market funds	$	43,346	$	—	$	—	$	43,346
Commercial paper		107,586		—		—		107,586
U.S. Treasury securities		29,998		—		—		29,998
		180,930		—		—		180,930

Investments - debt securities:
U.S. Treasury securities		6,937		—		—		6,937
Corporate debt securities		—		2,021		—		2,021
		6,937		2,021		—		8,958

Investments - equity securities:
Preferred stock		10,470		25,662		—		36,132

Restricted investments:
Short-term bond		3,265		—		—		3,265
Money market fund		167		—		—		167
		3,432		—		—		3,432
	$	201,769	$	27,683	$	—	$	229,452

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

The Company’s corporate debt securities and certain preferred stock investments are not traded on a nationally recognized exchange, but 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 corporate debt securities and certain preferred stock investments are categorized as Level 2 financial instruments since their fair values were determined from market inputs in an inactive market.

Restricted investments are included within other assets on the condensed consolidated balance sheets and 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 condensed consolidated financial statements until they are allocated to participants. As of March 31, 2019 and December 31, 2018, 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 8. Other Assets.

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 investments held by SPEs - 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 SPEs - 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:


	March 31, 2019					December 31, 2018
	Carrying					Carrying
	value		Fair value		Level	value		Fair value		Level
Assets
Investments held by SPEs:
Time deposit	$	200,000	$	200,000	3	$	200,000	$	200,000	3
U.S. Treasury securities and cash	$	7,011	$	6,809	1	$	7,384	$	7,092	1
Liabilities
Senior Notes held by SPE	$	176,837	$	196,106	3	$	176,775	$	193,293	3

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 (the “Senior Notes”) 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 March 31, 2019, 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 $6.6 million and cash of $0.4 million. The Senior Notes held by Northwest Florida Timber Finance, LLC as of March 31, 2019 consist of $176.8 million, net of the $3.2 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

Hurricane Michael	3 Months Ended
Hurricane Michael	Mar. 31, 2019
Hurricane Michael
Hurricane Michael	6. Hurricane Michael On October 10, 2018, Hurricane Michael made landfall in the Florida Panhandle, which resulted in widespread damage to the area. The majority of the Company’s properties incurred minimal or no damage; however the Company’s Bay Point Marina in Bay County and Port St. Joe Marina in Gulf County, as well as certain timber and commercial leasing assets were impacted. The marinas suffered significant damage requiring long-term restoration and will remain closed during the reconstruction of significant portions of these assets, which is currently underway. The Company maintains property and business interruption insurance, subject to certain deductibles, and is currently assessing claims under such policies; however, the timing and amount of insurance proceeds are uncertain and may not be sufficient to cover all losses. Timing differences are likely to exist between the impairment losses, capital expenditures made to repair or restore properties and recognition and receipt of insurance proceeds reflected in the Company’s financial statements. GAAP guidance provides that property damaged by a natural disaster be evaluated for impairment loss in the period the loss occurs, recording an insurance receivable for the lesser of the expected net insurance recovery or the net book value of damaged assets that are planned to be replaced. Insurance recoveries for business interruption, clean-up and demolition costs, post-event costs or property damage in excess of net book value will be recognized in income in the period received or when all contingencies associated with the recoveries are resolved and the insurance companies have committed to a recovery amount. The impairment loss represents the Company’s estimate of property damage. The Company is continuing to make a full assessment of the extent of the impact. During the fourth quarter of 2018, the Company recorded a loss on disposal of assets related to the net book value of the marinas and certain forestry and commercial leasing assets. During the three months ended March 31, 2019, the Company recognized $0.3 million of insurance proceeds, included in other income, net on the condensed consolidated statements of income. As of March 31, 2019 and December 31, 2018, accounts receivable, net included $0.9 million and $6.7 million, respectively, related to insurance proceeds the Company believes is probable of receipt. The insurance proceeds receivable are included in other assets on the condensed consolidated balance sheets. During the three months ended March 31, 2019, the Company has incurred costs of $0.3 million for additional hurricane expenses for repairs, clean-up costs, landscape repairs, demolition costs, professional fees and temporary housing for employees included in other income, net on the condensed consolidated statements of income. No insurance recoveries have been recorded for these costs, however some of these costs may be covered by business interruption or property insurance. Costs incurred due to business interruption, primarily at the marinas, are currently being evaluated. The Company does not expect revenue at these locations until the properties have been rebuilt, but will incur costs for employee retention and property maintenance. As of March 31, 2019, no insurance proceeds have been recorded related to business interruption insurance. The Company expects that its results of operations related to the marinas and timber assets will be impacted in the near term. Subsequent to March 31, 2019, the Company received the $0.9 million of insurance proceeds receivable as of March 31, 2019 from its insurance carriers for property damage.

Leases

3 Months Ended

Mar. 31, 2019

Leases

Leases

7. Leases

Leasing revenue consists of long term rental revenue from retail, office and commercial property, cell towers and other assets, which is recognized as earned, using the straight-line method over the life of each lease.

The components of leasing revenue are as follows:


	Three Months Ended
	March 31, 2019
Leasing revenue
Lease payments	$	2,680
Variable lease payments		826
Total leasing revenue	$	3,506

Minimum future base rental revenue on non-cancelable leases subsequent to March 31, 2019, for the next five years ending December 31 are:



2019	$	8,480
2020		10,852
2021		9,788
2022		8,995
2023		7,110
	$	45,225

As of March 31, 2019, the Company leased certain office equipment under a finance lease and had operating leases for property and equipment used in hospitality operations with remaining lease terms up to the year 2024. Certain leases include options to purchase, terminate or renew for one or more years, which are included in the lease term used to establish right-of-use assets and lease liabilities when it is reasonably certain that the option will be exercised. Finance lease right-of-use assets are included within property, plant and equipment and operating lease right-of-use assets are included within other assets on the condensed consolidated balance sheets, which represent the Company’s right to use an underlying asset during a lease term for leases in excess of one year. Corresponding finance lease liability and operating lease liabilities are included within other liabilities on the condensed consolidated balance sheets and are related to the Company’s obligation to make lease payments for leases in excess of one year. Prior to the adoption ASU 2016-02 on January 1, 2019 lease assets and liabilities for operating leases were not recognized. The Company uses its incremental borrowing rate to determine the present value of the lease payments since the rate implicit in each lease is not readily determinable.

The components of lease expense are as follows:



	Three Months Ended
	March 31, 2019
Lease cost
Finance lease cost:
Amortization of right-of-use assets	$	4
Interest on lease liability		1
Operating lease cost		52
Short-term lease cost		64
Total lease cost	$	121

Other information
Weighted-average remaining lease term - finance lease (in years)		4.9
Weighted-average remaining lease term - operating leases (in years)		1.9
Weighted-average discount rate - finance lease		5.0	%
Weighted-average discount rate - operating leases		5.0	%

The aggregate payments of finance lease liability subsequent to March 31, 2019, for the years ending December 31 are:


2019	$	41
2020		54
2021		54
2022		54
2023		54
Thereafter		10
Total		267
Less imputed interest		(31)
Total finance lease liability	$	236

The aggregate payments of operating lease liabilities subsequent to March 31, 2019, for the years ending December 31 are:


2019	$	141
2020		145
2021		78
Total		364
Less imputed interest		(20)
Total operating lease liabilities	$	344

Other Assets

3 Months Ended

Mar. 31, 2019

Other Assets

Other Assets

8. Other Assets

Other assets consist of the following:


	March 31,		December 31,
	2019		2018
Restricted investments	$	2,328	$	3,432
Accounts receivable, net		7,373		14,061
Homesite sales receivable		2,691		2,977
Claim settlement receivable		2,699		2,679
Notes receivable		1,791		2,265
Income tax receivable		3,253		3,914
Prepaid expenses		6,727		6,751
Straight-line rent		3,534		3,581
Operating lease right-of-use assets		344		—
Investment in unconsolidated joint venture		3,088		1,105
Other assets		6,133		5,069
Retained interest investments		11,645		11,536
Accrued interest receivable for Senior Notes held by SPE		935		2,938
Total other assets	$	52,541	$	60,308

Restricted Investments

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 condensed consolidated financial statements until they are allocated to participants. 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 two years. During both the three months ended March 31, 2019 and 2018, the Company recorded an expense of $1.1 million, 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 condensed consolidated statements of income and was less than a $0.1 million loss for the three months ended March 31, 2019 and 2018. Refer to Note 5. Financial Instruments and Fair Value Measurements.

Accounts Receivable, Net

As of March 31, 2019 and December 31, 2018, accounts receivable, net includes $0.9 million and $6.7 million of insurance proceeds receivable related to Hurricane Michael that the Company believes are probable of receipt. During the three months ended March 31, 2019, the Company received $5.8 million of insurance proceeds receivable from its insurance carriers for property damage. See Note 6. Hurricane Michael for additional information.

Homesite Sales Receivable

Homesite sales receivable from contracts with customers include estimated homesite residuals and certain estimated fees that are recognized as revenue at the time of sale to homebuilders, subject to constraints. Any change in circumstances from the estimated amounts will be updated at each reporting period. The receivable will be collected as the homebuilders build the homes and sell to retail consumers, which can occur over multiple years. The following table presents the changes in homesite sales receivable:


				Increases Due To
		Balance		Revenue Recognized		Decreases Due to		Balance
		January 1, 2019		for Homesites Sold		Amounts Received		March 31, 2019
Homesite sales receivable	$	2,977	$	138	$	(424)	$	2,691


				Increases Due To
		Balance		Revenue Recognized		Decreases Due to		Balance
		January 1, 2018		for Homesites Sold		Amounts Received		March 31, 2018
Homesite sales receivable	$	2,585	$	629	$	(450)	$	2,764

Claim Settlement Receivable

The remaining settlement amount of $2.7 million related to the Deepwater Horizon oil spill is due in October 2019.

Notes Receivable

Notes receivable consists of the following:


	March 31,		December 31,
	2019		2018
Pier Park Community Development District notes, non-interest bearing, due September 2022	$	803	$	803
Interest bearing homebuilder note, secured by the real estate sold — 5.5% interest rate, due September 2019		416		749
Interest bearing homebuilder note, secured by the real estate sold — 5.5% interest rate, due June 2019		337		422
Interest bearing homebuilder note, secured by the real estate sold — 6.3% interest rate, due March 2020		135		150
Various mortgage notes, secured by certain real estate, bearing interest at various rates		100		141
Total notes receivable	$	1,791	$	2,265

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 March 31, 2019 and December 31, 2018, there was no allowance for doubtful notes receivable.

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 condensed consolidated financial statements as of March 31, 2019 and December 31, 2018. 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 $11.6 million and $11.5 million as of March 31, 2019 and December 31, 2018, respectively, recorded in other assets on the Company’s condensed consolidated balance sheets.

Real Estate Joint Ventures

3 Months Ended

Mar. 31, 2019

Real Estate Joint Ventures

Real Estate Joint Ventures

9. Real Estate Joint Ventures

The Company enters into real estate JVs, 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

Origins Crossings JV

Origins Crossings JV was created in January 2019, when the Company entered into a JV agreement to develop, manage and lease apartments in Watersound, Florida. The JV parties are working together to design, develop and construct a 217 unit apartment community. The community will be located on land near the entrance to the Watersound Origins community that is currently owned by the Company and will be contributed to the JV. As of March 31, 2019, the Company owned a 75.0% equity interest in the consolidated JV. The Company’s partners are responsible for the day-to-day activities of the JV. 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 Origins Crossings JV is a VIE and that the Company is the VIE’s primary beneficiary as of March 31, 2019.

Pier Park Crossings JV

In April 2017, the Company entered into a JV agreement to develop, manage and lease apartments in Panama City Beach, Florida. The JV parties are working together to develop and construct a 240 unit apartment community. The community is located on land in the Pier Park area that was contributed to the JV by the Company. As of March 31, 2019 and December 31, 2018, the Company owned a 75.0% equity interest in the consolidated JV. The Company’s partners are responsible for the day-to-day activities of the JV. 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 March 31, 2019 and December 31, 2018.

Windmark JV

In December 2016, the Company sold all of its interest in the Windmark Beach project to Windmark JV. As of March 31, 2019 and December 31, 2018, the Company owned a 49.0% equity interest in Windmark JV. 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. The Company determined Windmark JV is a VIE and that the Company is the VIE’s primary beneficiary as of March 31, 2019 and December 31, 2018.

Pier Park North JV

During 2012, the Company entered into a JV agreement with a partner to develop a retail center at Pier Park North. As of March 31, 2019 and December 31, 2018, the Company owned a 60.0% equity interest in the consolidated JV. The Company’s partner is responsible for the day-to-day activities of the JV. 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 Pier Park North JV is a VIE and that the Company is the VIE’s primary beneficiary as of March 31, 2019 and December 31, 2018.

Unconsolidated Joint Ventures

Pier Park TPS, LLC

Pier Park TPS, LLC (“Pier Park TPS JV”) was created in April 2018, when the Company entered into a JV agreement to develop and operate a 124 room hotel in Panama City Beach, Florida. The hotel will be located on land in the Pier Park area that the Company contributed to the JV on January 14, 2019 with a fair value of $1.7 million. In addition, during the three months ended March 31, 2019, the Company contributed cash of $0.2 million and mitigation bank credits of $0.1 million. As of December 31, 2018, the Company had an investment in the JV project of $1.1 million that was contributed to the JV during the first quarter of 2019. As of March 31, 2019 and December 31, 2018, the investment in the unconsolidated JV was $3.1 million and $1.1 million, respectively, which is included in other assets on the condensed consolidated balance sheets. The hotel is currently under construction and the Company did not recognize any income or loss on this investment for the three months ended March 31, 2019. As of March 31, 2019 and December 31, 2018, the Company owned a 50.0% equity interest in the JV. The Company’s partner is responsible for the day-to-day activities of the JV. The Company has determined that Pier Park TPS JV is a VIE, but that the Company is not the primary beneficiary since it does not have the power to direct the activities that most significantly impact the economic performance of the JV. The Company’s investment in Pier Park TPS JV is accounted for using the equity method. See Note 18. Commitments and Contingencies for additional information related to debt guaranteed by the Company.

Summarized financial information for Pier Park TPS JV is as follows:


	March 31,		December 31,
	2019		2018
BALANCE SHEETS:
Investment in real estate	$	4,614	$	285
Cash and cash equivalents		2,369		64
Total assets	$	6,983	$	349

Other liabilities	$	805	$	3
Equity		6,178		346
Total liabilities and equity	$	6,983	$	349

Debt

3 Months Ended

Mar. 31, 2019

Debt

Debt

10. Debt, Net

Debt consists of the following:


	March 31, 2019						December 31, 2018
			Unamortized						Unamortized
			Discount and						Discount and
			Debt Issuance						Debt Issuance
	Principal		Costs		Net		Principal		Costs		Net
PPN JV Loan, due November 2025, bearing interest at 4.1%	$	46,199	$	429	$	45,770	$	46,423	$	446	$	45,977
Pier Park Crossings JV Loan, insured by HUD, due June 2060, bearing interest at 4.0%		21,697		1,107		20,590		15,399		1,114		14,285
Community Development District debt, secured by certain real estate or other collateral, due May 2023 through May 2039, bearing interest at 3.6% to 6.0%		7,695		—		7,695		6,324		—		6,324
Pier Park Outparcel Construction Loan, due March 2027, bearing interest at LIBOR plus 1.7% (effective rate of 4.2% at March 31, 2019)		1,574		16		1,558		1,585		16		1,569
WaterColor Crossings Construction Loan, due February 2029, bearing interest at LIBOR plus 1.7% (effective rate of 4.2% at March 31, 2019)		1,478		25		1,453		1,245		26		1,219
Beach Homes Loan, due May 2029, bearing interest at LIBOR plus 1.7% (effective rate of 4.2% at March 31, 2019)		747		21		726		—		—		—
Total debt	$	79,390	$	1,598	$	77,792	$	70,976	$	1,602	$	69,374

In October 2015, the Pier Park North JV entered into a $48.2 million loan (the “PPN JV Loan”), secured by a first lien on, and security interest in, a majority of the Pier Park North JV’s property. In connection with the PPN JV Loan, the Company entered into a limited guarantee in favor of the lender, based on its percentage ownership of the JV. 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.

In May 2018, the Pier Park Crossings JV entered into a $36.6 million loan, insured by the U.S. Department of Housing and Urban Development (“HUD”), to finance the construction of apartments in Panama City Beach, Florida (the “PPC JV Loan”). The PPC JV Loan provides for interest only payments during the first twenty-four months and monthly principal and interest payments thereafter through maturity in June 2060. The PPC JV Loan may not be prepaid prior to July 1, 2020. From July 1, 2020 through June 30, 2030, a prepayment premium is due to the lender of 1.0% - 10.0% of any prepaid principal. The PPC JV Loan is secured by the Pier Park Crossings JV’s real property and the assignment of rents and leases.

Community Development District (“CDD”) bonds financed the construction of infrastructure improvements at some of the Company’s communities. 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 repayment. The Company’s total CDD debt assigned to property it owns was $19.9 million as of each March 31, 2019 and December 31, 2018. 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 “Pier Park Outparcel Construction Loan”). The Pier Park Outparcel Construction Loan provides for monthly principal and interest payments with a final balloon payment at maturity. The Pier Park Outparcel Construction Loan is secured by the real property, assignment of rents and the security interest in the rents and personal property.

In February 2018, a wholly owned subsidiary of the Company entered into a $1.9 million construction loan to finance the construction of a commercial leasing property located in Santa Rosa Beach, Florida (the “WaterColor Crossings Construction Loan”). The WaterColor Crossings Construction Loan provides for interest only payments during the first twelve months and monthly principal and interest payments thereafter with a final balloon payment at maturity. The WaterColor Crossings 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 WaterColor Crossings Construction Loan, the Company executed a guarantee in favor of the lender to guarantee the payment and performance of the borrower under the WaterColor Crossings Construction Loan.

In May 2018, a wholly owned subsidiary of the Company entered into a $1.7 million construction loan to finance the construction of two beach homes located in Panama City Beach, Florida (the “Beach Homes Loan”). The Beach Homes Loan provides for interest only payments during the first twelve months and monthly principal and interest payments thereafter with a final balloon payment at maturity. The Beach Homes Loan is secured by the real property, assignment of rents and the security interest in the rents and personal property. In connection with the Beach Homes Loan, the Company executed a guarantee in favor of the lender to guarantee the payment and performance of the borrower under the Beach Homes Loan.

The aggregate maturities of debt subsequent to March 31, 2019, for the years ending December 31 are:


	March 31,
	2019
2019	$	1,457
2020		1,968
2021		2,174
2022		2,189
2023		2,212
Thereafter		69,390
	$	79,390

Other Liabilities

3 Months Ended

Mar. 31, 2019

Other Liabilities

Other Liabilities

11. Other Liabilities

Other liabilities consist of the following:


	March 31,		December 31,
	2019		2018
Accounts payable	$	9,186	$	10,148
Finance lease liability		236		—
Operating lease liabilities		344		—
Accrued compensation		1,761		3,112
Other accrued liabilities		3,824		2,560
Deferred revenue		17,378		17,478
Club initiation fees		5,976		5,676
Club membership deposits		4,156		4,286
Advance deposits		2,795		1,277
Accrued interest expense for Senior Notes held by SPE		713		2,850
Total other liabilities	$	46,369	$	47,387

Other accrued liabilities include $1.2 million of accrued property taxes as of March 31, 2019, which are generally paid annually in November. As of December 31, 2018 the Company had no accrued property taxes.

Deferred revenue as of March 31, 2019 and December 31, 2018 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.

Club initiation fees are recognized as revenue over the estimated average duration of membership, which is evaluated periodically. The following table presents the changes in club initiation fees related to contracts with customers:


		Balance		Increases Due To		Decreases Due to		Balance
		January 1, 2019		Cash Received		Revenue Recognized		March 31, 2019
Contract liabilities
Club initiation fees	$	5,676	$	753	$	(453)	$	5,976


		Balance		Increases Due To		Decreases Due to		Balance
		January 1, 2018		Cash Received		Revenue Recognized		March 31, 2018
Contract liabilities
Club initiation fees	$	5,199	$	253	$	(272)	$	5,180

Advance deposits consist of deposits received on hotel rooms and lodging rentals. Advance deposits are recorded as other liabilities in the condensed 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

3 Months Ended

Mar. 31, 2019

Income Taxes

Income Taxes

12. Income Taxes

Income tax expense (benefit) attributable to income from operations differed from the amount computed by applying the statutory federal income tax rate of 21% as of March 31, 2019 and 2018 to pre-tax income or loss as a result of the following:


	Three Months Ended
	March 31,
	2019		2018
Tax at the federal statutory rate	$	555	$	107
State income taxes (net of federal benefit)		116		22
2017 qualified timber gains at the federal statutory rate of 23.8% (1)		—		(345)
Decrease in valuation allowance		—		(33)
Other		(10)		—
Total income tax expense (benefit)	$	661	$	(249)

(1)

The Bipartisan Budget Act of 2018 was signed into law on February 9, 2018 (the “2018 Act”). The 2018 Act retroactively re-established the preferential 23.8% tax rate on C Corporation Qualified Timber Gains, extending its applicability from 2016 to include the 2017 tax year. The benefit of this retroactive tax rate reduction is included in 2018 income from continuing operations.

Significant judgment is required in evaluating the Company's uncertain tax positions and determining its provision for income taxes. The Company regularly assesses the likelihood of adverse outcomes resulting from potential examinations to determine the adequacy of its provision for income taxes and applies a “more-likely-than-not” in determining the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The Company has not identified any unrecognized tax benefits as of either March 31, 2019 or December 31, 2018.

Accumulated Other Comprehensive Loss

3 Months Ended

Mar. 31, 2019

Accumulated Other Comprehensive Loss

Accumulated Other Comprehensive Loss

13. Accumulated Other Comprehensive Loss

Following is a summary of the changes in the balances of accumulated other comprehensive loss, which is presented net of tax:


	Unrealized Gain
	on Available-for-
	Sale Securities
Accumulated other comprehensive loss at December 31, 2018	$	(674)
Other comprehensive income before reclassifications		604
Amounts reclassified from accumulated other comprehensive loss		2
Other comprehensive income		606
Accumulated other comprehensive loss at March 31, 2019	$	(68)

Following is a summary of the tax effects allocated to other comprehensive income:


	Three Months Ended March 31, 2019
	Before-		Tax		Net-of-
	Tax Amount		Expense		Tax Amount
Unrealized gain on investments - debt securities and restricted investments:
Unrealized gain on available-for-sale investments	$	799	$	(203)	$	596
Unrealized gain on restricted investments		11		(3)		8
Reclassification adjustment for net loss included in earnings		2		—		2
Net unrealized gain		812		(206)		606
Other comprehensive income	$	812	$	(206)	$	606


	Three Months Ended March 31, 2018
	Before-		Tax Benefit or		Net-of-
	Tax Amount		(Expense)		Tax Amount
Unrealized loss on investments - debt securities and restricted investments:
Unrealized loss on available-for-sale investments	$	(803)	$	204	$	(599)
Unrealized loss on restricted investments		(9)		2		(7)
Reclassification adjustment for net loss included in earnings		1,078		(273)		805
Reclassification adjustment for other-than-temporary impairment loss included in earnings		63		(16)		47
Reclassification into retained earnings for the adoption of ASU 2016-01 (1)		932		(236)		696
Reclassification into retained earnings for the adoption of ASU 2018-02 (2)		—		(313)		(313)
Net unrealized gain		1,261		(632)		629
Other comprehensive income	$	1,261	$	(632)	$	629

(1)

The reclassification into retained earnings relates to the adoption of ASU 2016‑01. The new guidance was effective January 1, 2018, and required equity investments to be measured at fair value with changes in fair value recognized in results of operations rather than the condensed consolidated statements of comprehensive income.

(2)

The reclassification into retained earnings relates to the adoption of ASU 2018‑02. The new guidance was effective January 1, 2018, and allowed a reclassification from accumulated other comprehensive loss to retained earnings for stranded tax effects resulting from the Tax Act.

Stockholders' Equity	3 Months Ended
Stockholders' Equity	Mar. 31, 2019
Stockholders’ Equity
Stockholders' Equity	14. Stockholders’ Equity Stock Repurchase Program The Company’s Board has approved a stock repurchase program (the “Stock Repurchase Program”) pursuant to which the Company is authorized to repurchase shares of its common stock. The Stock Repurchase Program has no expiration date. During the three months ended March 31, 2019 and 2018, the Company repurchased 471,500 and 764,825 shares, respectively, of its common stock at an average purchase price of $15.00 and $17.90, per share, respectively, for an aggregate purchase price of $7.1 million and $13.7 million, respectively, pursuant to its Stock Repurchase Program. As of March 31, 2019, the Company had a total authority of $35.8 million available for purchase of shares of its common stock pursuant to its Stock Repurchase Program. The Company may repurchase its common stock in open market purchases from time to time, in privately negotiated transactions or otherwise, pursuant to Rule 10b‑18 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The timing and amount of any additional shares to be repurchased will depend upon a variety of factors, including market and business conditions. 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. Issuance of Common Stock for Director’s Fees On May 23, 2018, 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 2, 2018, 2,778 shares of restricted stock were granted to one of the Company’s directors pursuant to the Board’s May 23, 2018 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 2019 Annual Meeting of Shareholders (the “2019 Annual Meeting”) and is subject to forfeiture upon termination of service on the Board prior to the 2019 Annual Meeting. Three non-employee directors elected to receive cash in lieu of the stock. 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 25, 2017 approval and the Company’s 2015 Plan. This restricted stock vested on May 23, 2018, the date of the Company’s 2018 Annual Meeting of Shareholders. Four non-employee directors elected to receive cash in lieu of the stock. For each of the three months ended March 31, 2019 and 2018, the Company recorded expense of less than $0.1 million, related to restricted stock awards to the Company’s directors. Issuance of Common Stock for Officer Compensation Pursuant to the Company’s 2015 Plan, the Company’s named executive officers (“NEOs”) were provided with the opportunity to elect to receive up to 50% of their discretionary cash incentive award for 2017 performance in shares of Company stock and four of the Company’s NEOs elected to do so. On March 15, 2018, 9,956 shares, net of shares withheld for taxes, of restricted stock were granted to four of the Company’s NEOs. The restricted stock vested immediately. For the three months ended March 31, 2018, the Company recorded expense of $0.2 million related to restricted stock awards to the Company’s NEOs.

Revenue Recognition

3 Months Ended

Mar. 31, 2019

Revenue Recognition

Revenue Recognition

15. Revenue Recognition

Revenue consists primarily of real estate sales, hospitality 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. The following represents revenue disaggregated by segment, good or service and timing:


	Three Months Ended March 31, 2019
						Commercial
		Residential				Leasing
		Real Estate		Hospitality		and Sales		Forestry		Other		Total
Revenue by Major Good/Service:
Real estate revenue	$	3,362	$	—	$	923	$	188	$	118	$	4,591
Hospitality revenue		—		7,431		—		—		—		7,431
Leasing revenue		—		36		3,288		182		—		3,506
Timber revenue		—		—		—		495		—		495
Total revenue	$	3,362	$	7,467	$	4,211	$	865	$	118	$	16,023

Timing of Revenue Recognition:
Recognized at a point in time	$	3,362	$	6,920	$	923	$	683	$	118	$	12,006
Recognized over time		—		511		—		—		—		511
Over lease term		—		36		3,288		182		—		3,506
Total revenue	$	3,362	$	7,467	$	4,211	$	865	$	118	$	16,023


	Three Months Ended March 31, 2018
						Commercial
		Residential				Leasing
		Real Estate		Hospitality		and Sales		Forestry		Other		Total
Revenue by Major Good/Service:
Real estate revenue	$	6,957	$	—	$	310	$	184	$	251	$	7,702
Hospitality revenue		—		7,079		—		—		—		7,079
Leasing revenue		—		371		2,840		207		—		3,418
Timber revenue		77		—		—		1,589		—		1,666
Total revenue	$	7,034	$	7,450	$	3,150	$	1,980	$	251	$	19,865

Timing of Revenue Recognition:
Recognized at a point in time	$	7,034	$	6,754	$	310	$	1,773	$	251	$	16,122
Recognized over time		—		325		—		—		—		325
Over lease term		—		371		2,840		207		—		3,418
Total revenue	$	7,034	$	7,450	$	3,150	$	1,980	$	251	$	19,865

Other Income (Expense)

3 Months Ended

Mar. 31, 2019

Other Income (Expense)

Other Income (Expense)

16. Other Income (Expense)

Other income (expense) consists of the following:


	Three Months Ended
	March 31,
	2019		2018
Investment income, net
Interest and dividend income	$	1,813	$	2,880
Accretion income		61		221
Net realized loss on the sale of investments		(2)		(1,078)
Other-than-temporary impairment loss		—		(63)
Unrealized gain (loss) on investments, net		2,049		(538)
Interest income from investments in SPEs		2,049		2,050
Interest accrued on notes receivable and other interest		76		193
Total investment income, net		6,046		3,665
Interest expense
Interest expense and amortization of discount and issuance costs for Senior Notes issued by SPE		(2,199)		(2,196)
Other interest expense		(743)		(829)
Total interest expense		(2,942)		(3,025)
Other income (expense), net
Gain on land contribution		1,472		—
Accretion income from retained interest investments		320		290
Insurance proceeds		279		—
Hurricane expense		(322)		—
Miscellaneous expense, net		(51)		(13)
Other income, net		1,698		277
Total other income, net	$	4,802	$	917

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 investment in preferred stock. 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 loss on the sale of investments include the gains or losses recognized on the sale of available-for-sale securities prior to maturity. Other-than-temporary impairment loss includes impairments related to the Company’s corporate debt securities for the three months ended March 31, 2018. Unrealized gain (loss) on investments, net includes unrealized gains or losses on investments - equity securities.

Interest income from investments in SPEs primarily includes interest earned 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, PPN JV Loan, Pier Park Outparcel Construction Loan, WaterColor Crossings Construction Loan and finance leases. 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%.

Other Income, Net

Other income, net primarily includes gain on land contribution, income from the Company’s retained interest investments, insurance proceeds, hurricane expenses and other income and expense items. The three months ended March 31, 2019, include a gain of $1.5 million on land contributed to our unconsolidated Pier Park TPS JV. See Note 9, Real Estate Joint Ventures for additional information. During the three months ended March 31, 2019, the Company received $0.3 million of insurance proceeds and incurred $0.3 million of hurricane expenses related to Hurricane Michael. See Note 6. Hurricane Michael for additional information. These amounts were included in other income, net in the condensed consolidated statements of income.

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 11.9%.

Segment Information

3 Months Ended

Mar. 31, 2019

Segment Information

Segment Information

17. Segment Information

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

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 before income taxes and non-controlling interest and other measures 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 set forth in Note 2 to the Company’s consolidated financial statements contained in Item 15 of the Company’s Annual Report on Form 10‑K for the year ended December 31, 2018. Total revenue represents sales to unaffiliated customers, as reported in the Company’s condensed consolidated statements of income. All significant intercompany transactions have been eliminated in consolidation. The caption entitled “Other” under operating revenue consists of mitigation credit and title fee revenue. The caption entitled “Other” under income (loss) before income taxes consists of corporate operating expenses, net of corporate other income.

Information by business segment is as follows:


	Three Months Ended
	March 31,
	2019		2018
Operating revenue:
Residential real estate	$	3,362	$	7,034
Hospitality		7,467		7,450
Commercial leasing and sales		4,211		3,150
Forestry revenue		865		1,980
Other		118		251
Consolidated operating revenue	$	16,023	$	19,865

Income (loss) before income taxes:
Residential real estate	$	255	$	1,459
Hospitality		(807)		(534)
Commercial leasing and sales		2,490		(90)
Forestry		580		1,531
Other		123		(1,990)
Consolidated income before income taxes	$	2,641	$	376


	March 31,		December 31,
	2019		2018
Total assets:
Residential real estate	$	129,166	$	125,642
Hospitality		73,616		70,746
Commercial leasing and sales		192,273		182,658
Forestry		20,464		20,189
Other		460,321		471,727
Total assets	$	875,840	$	870,962

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2019
Commitments and Contingencies
Commitments and Contingencies	18. Commitments and Contingencies The Company establishes an accrued liability when it believes 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 make assurances 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 and a 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 $1.2 million as of each March 31, 2019 and December 31, 2018, 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 for any particular reporting 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 both March 31, 2019 and December 31, 2018, the Company was required to provide surety bonds that guarantee completion of certain infrastructure in certain development projects and mitigation banks of $9.4 million, which may potentially result in liability to the Company if certain obligations of the Company are not met. As of March 31, 2019, the Company had a total of $33.0 million in contractual obligations. In January 2019, the Company’s unconsolidated Pier Park TPS JV, entered into a $14.4 million loan, maturing in January 2026 (the “Pier Park TPS JV Loan”). The Pier Park TPS JV Loan is secured by the real property, assignment of rents and the security interest in the rents and personal property. In connection with the Pier Park TPS JV Loan, the Company and a wholly owned subsidiary of the Company (the “Guarantor”) entered into a joint and several guarantee in favor of the lender, to guarantee the payment and performance of the borrower. The Guarantors’ liability under the Pier Park TPS JV Loan will be automatically reduced to 50.0%, or a further 25.0% of the outstanding principal balance upon reaching and maintaining certain debt service coverage. In addition, the guarantee can become full recourse in the case of the failure of Guarantor to abide by or perform any of the covenants or warranties to be performed on the part of such Guarantor; any sale, conveyance or transfer of the property; upon the filing or commencement of voluntary bankruptcy or insolvency proceedings; the entry of monetary judgement or assessment or the filing of any tax lien against either the borrower or Guarantor; and the dissolution of the borrower or Guarantor. As of March 31, 2019, there was no principal balance related to the Pier Park TPS JV Loan.

Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2019

Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

Concentration of Risks and Uncertainties

Earnings Per Share

Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements

Recently Adopted Accounting Pronouncements

Leases

Recently Issued Accounting Pronouncements

Financial Instruments - Credit Losses

Investment in Real Estate (Table)

3 Months Ended

Mar. 31, 2019

Investment in Real Estate

Schedule of real estate by property type and segment


	March 31,		December 31,
	2019		2018
Development property:
Residential real estate	$	110,819	$	105,323
Hospitality		5,429		3,726
Commercial leasing and sales		78,949		73,128
Forestry		2,144		2,144
Corporate		2,557		2,497
Total development property		199,898		186,818

Operating property:
Residential real estate		7,344		7,344
Hospitality		93,046		93,046
Commercial leasing and sales		113,189		111,471
Forestry		20,141		19,765
Other		50		50
Total operating property		233,770		231,676
Less: Accumulated depreciation		68,953		67,500
Total operating property, net		164,817		164,176
Investment in real estate, net	$	364,715	$	350,994

Investments (Tables)

3 Months Ended

Mar. 31, 2019

Investments

Schedule of Investments


	March 31, 2019
			Gross Unrealized		Gross Unrealized
	Amortized Cost		Gains		(Losses)		Fair Value
Investments - debt securities:
U.S. Treasury securities	$	6,978	$	1	$	—	$	6,979
Corporate debt securities		2,927		—		(89)		2,838
		9,905		1		(89)		9,817
Restricted investments:
Short-term bond		2,210		5		—		2,215
Money market fund		113		—		—		113
		2,323		5		—		2,328
	$	12,228	$	6	$	(89)	$	12,145


	December 31, 2018
			Gross Unrealized		Gross Unrealized
	Amortized Cost		Gains		(Losses)		Fair Value
Investments - debt securities:
U.S. Treasury securities	$	6,936	$	1	$	—	$	6,937
Corporate debt securities		2,908		—		(887)		2,021
		9,844		1		(887)		8,958
Restricted investments:
Short-term bond		3,274		—		(9)		3,265
Money market fund		167		—		—		167
		3,441		—		(9)		3,432
	$	13,285	$	1	$	(896)	$	12,390

Schedule of Unrealized Loss Position and Related Fair Value of Investments


	March 31, 2019
	Less Than 12 Months				12 Months or Greater
			Unrealized				Unrealized
	Fair Value		Losses		Fair Value		Losses
Investments - debt securities:
Corporate debt securities	$	—	$	—	$	2,838	$	89


	December 31, 2018
	Less Than 12 Months				12 Months or Greater
			Unrealized				Unrealized
	Fair Value		Losses		Fair Value		Losses
Investments - debt securities:
Corporate debt securities	$	—	$	—	$	1,843	$	887
Restricted investments:
Short-term bond		—		—		3,265		9
	$	—	$	—	$	5,108	$	896

Schedule of Contractual Maturities of Investments


	March 31, 2019
	Amortized Cost		Fair Value
Due in one year or less	$	9,905	$	9,817
Restricted investments		2,323		2,328
	$	12,228	$	12,145

Financial Instruments and Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2019

Financial Instruments and Fair Value Measurements

Schedule of Financial Instruments Measured at Fair Value on Recurring Basis


	March 31, 2019
							Total Fair
	Level 1		Level 2		Level 3		Value
Cash equivalents:
Money market funds	$	5,711	$	—	$	—	$	5,711
Commercial paper		168,076		—		—		168,076
		173,787		—		—		173,787

Investments - debt securities:
U.S. Treasury securities		6,979		—		—		6,979
Corporate debt securities		—		2,838		—		2,838
		6,979		2,838		—		9,817

Investments - equity securities:
Preferred stock		10,755		27,431		—		38,186

Restricted investments:
Short-term bond		2,215		—		—		2,215
Money market fund		113		—		—		113
		2,328		—		—		2,328
	$	193,849	$	30,269	$	—	$	224,118


	December 31, 2018
							Total Fair
	Level 1		Level 2		Level 3		Value
Cash equivalents:
Money market funds	$	43,346	$	—	$	—	$	43,346
Commercial paper		107,586		—		—		107,586
U.S. Treasury securities		29,998		—		—		29,998
		180,930		—		—		180,930

Investments - debt securities:
U.S. Treasury securities		6,937		—		—		6,937
Corporate debt securities		—		2,021		—		2,021
		6,937		2,021		—		8,958

Investments - equity securities:
Preferred stock		10,470		25,662		—		36,132

Restricted investments:
Short-term bond		3,265		—		—		3,265
Money market fund		167		—		—		167
		3,432		—		—		3,432
	$	201,769	$	27,683	$	—	$	229,452

Schedule of Carrying Amount and Fair Value Measured on Nonrecurring Basis of Financial Instruments


	March 31, 2019					December 31, 2018
	Carrying					Carrying
	value		Fair value		Level	value		Fair value		Level
Assets
Investments held by SPEs:
Time deposit	$	200,000	$	200,000	3	$	200,000	$	200,000	3
U.S. Treasury securities and cash	$	7,011	$	6,809	1	$	7,384	$	7,092	1
Liabilities
Senior Notes held by SPE	$	176,837	$	196,106	3	$	176,775	$	193,293	3

Leases (Tables)

3 Months Ended

Mar. 31, 2019

Leases

Schedule of components of leasing revenue


	Three Months Ended
	March 31, 2019
Leasing revenue
Lease payments	$	2,680
Variable lease payments		826
Total leasing revenue	$	3,506

Schedule of minimum future base rental revenue



2019	$	8,480
2020		10,852
2021		9,788
2022		8,995
2023		7,110
	$	45,225

Schedule of lease cost



	Three Months Ended
	March 31, 2019
Lease cost
Finance lease cost:
Amortization of right-of-use assets	$	4
Interest on lease liability		1
Operating lease cost		52
Short-term lease cost		64
Total lease cost	$	121

Other information
Weighted-average remaining lease term - finance lease (in years)		4.9
Weighted-average remaining lease term - operating leases (in years)		1.9
Weighted-average discount rate - finance lease		5.0	%
Weighted-average discount rate - operating leases		5.0	%

Schedule of aggregate payments of finance lease liability

The aggregate payments of finance lease liability subsequent to March 31, 2019, for the years ending December 31 are:


2019	$	41
2020		54
2021		54
2022		54
2023		54
Thereafter		10
Total		267
Less imputed interest		(31)
Total finance lease liability	$	236

Schedule of aggregate payments of operating lease liabilities

The aggregate payments of operating lease liabilities subsequent to March 31, 2019, for the years ending December 31 are:


2019	$	141
2020		145
2021		78
Total		364
Less imputed interest		(20)
Total operating lease liabilities	$	344

Other Assets (Tables)

3 Months Ended

Mar. 31, 2019

Other Assets

Schedule of Other Assets


	March 31,		December 31,
	2019		2018
Restricted investments	$	2,328	$	3,432
Accounts receivable, net		7,373		14,061
Homesite sales receivable		2,691		2,977
Claim settlement receivable		2,699		2,679
Notes receivable		1,791		2,265
Income tax receivable		3,253		3,914
Prepaid expenses		6,727		6,751
Straight-line rent		3,534		3,581
Operating lease right-of-use assets		344		—
Investment in unconsolidated joint venture		3,088		1,105
Other assets		6,133		5,069
Retained interest investments		11,645		11,536
Accrued interest receivable for Senior Notes held by SPE		935		2,938
Total other assets	$	52,541	$	60,308

Schedule of Lot Sales Receivable


				Increases Due To
		Balance		Revenue Recognized		Decreases Due to		Balance
		January 1, 2019		for Homesites Sold		Amounts Received		March 31, 2019
Homesite sales receivable	$	2,977	$	138	$	(424)	$	2,691


				Increases Due To
		Balance		Revenue Recognized		Decreases Due to		Balance
		January 1, 2018		for Homesites Sold		Amounts Received		March 31, 2018
Homesite sales receivable	$	2,585	$	629	$	(450)	$	2,764

Schedule of Notes Receivable


	March 31,		December 31,
	2019		2018
Pier Park Community Development District notes, non-interest bearing, due September 2022	$	803	$	803
Interest bearing homebuilder note, secured by the real estate sold — 5.5% interest rate, due September 2019		416		749
Interest bearing homebuilder note, secured by the real estate sold — 5.5% interest rate, due June 2019		337		422
Interest bearing homebuilder note, secured by the real estate sold — 6.3% interest rate, due March 2020		135		150
Various mortgage notes, secured by certain real estate, bearing interest at various rates		100		141
Total notes receivable	$	1,791	$	2,265

Real Estate Joint Ventures (Tables)

3 Months Ended

Mar. 31, 2019

Real Estate Joint Ventures

Schedule of financial information of unconsolidated joint venture


	March 31,		December 31,
	2019		2018
BALANCE SHEETS:
Investment in real estate	$	4,614	$	285
Cash and cash equivalents		2,369		64
Total assets	$	6,983	$	349

Other liabilities	$	805	$	3
Equity		6,178		346
Total liabilities and equity	$	6,983	$	349

Debt (Tables)

3 Months Ended

Mar. 31, 2019

Debt

Schedule of Debt


	March 31, 2019						December 31, 2018
			Unamortized						Unamortized
			Discount and						Discount and
			Debt Issuance						Debt Issuance
	Principal		Costs		Net		Principal		Costs		Net
PPN JV Loan, due November 2025, bearing interest at 4.1%	$	46,199	$	429	$	45,770	$	46,423	$	446	$	45,977
Pier Park Crossings JV Loan, insured by HUD, due June 2060, bearing interest at 4.0%		21,697		1,107		20,590		15,399		1,114		14,285
Community Development District debt, secured by certain real estate or other collateral, due May 2023 through May 2039, bearing interest at 3.6% to 6.0%		7,695		—		7,695		6,324		—		6,324
Pier Park Outparcel Construction Loan, due March 2027, bearing interest at LIBOR plus 1.7% (effective rate of 4.2% at March 31, 2019)		1,574		16		1,558		1,585		16		1,569
WaterColor Crossings Construction Loan, due February 2029, bearing interest at LIBOR plus 1.7% (effective rate of 4.2% at March 31, 2019)		1,478		25		1,453		1,245		26		1,219
Beach Homes Loan, due May 2029, bearing interest at LIBOR plus 1.7% (effective rate of 4.2% at March 31, 2019)		747		21		726		—		—		—
Total debt	$	79,390	$	1,598	$	77,792	$	70,976	$	1,602	$	69,374

Schedule of Aggregate Maturities of Debt

The aggregate maturities of debt subsequent to March 31, 2019, for the years ending December 31 are:


	March 31,
	2019
2019	$	1,457
2020		1,968
2021		2,174
2022		2,189
2023		2,212
Thereafter		69,390
	$	79,390

Other Liabilities (Tables)

3 Months Ended

Mar. 31, 2019

Other Liabilities

Schedule of Other Liabilities


	March 31,		December 31,
	2019		2018
Accounts payable	$	9,186	$	10,148
Finance lease liability		236		—
Operating lease liabilities		344		—
Accrued compensation		1,761		3,112
Other accrued liabilities		3,824		2,560
Deferred revenue		17,378		17,478
Club initiation fees		5,976		5,676
Club membership deposits		4,156		4,286
Advance deposits		2,795		1,277
Accrued interest expense for Senior Notes held by SPE		713		2,850
Total other liabilities	$	46,369	$	47,387

Schedule of changes in club initiation fees related to contracts with customers


		Balance		Increases Due To		Decreases Due to		Balance
		January 1, 2019		Cash Received		Revenue Recognized		March 31, 2019
Contract liabilities
Club initiation fees	$	5,676	$	753	$	(453)	$	5,976


		Balance		Increases Due To		Decreases Due to		Balance
		January 1, 2018		Cash Received		Revenue Recognized		March 31, 2018
Contract liabilities
Club initiation fees	$	5,199	$	253	$	(272)	$	5,180

Income Taxes (Tables)

3 Months Ended

Mar. 31, 2019

Income Taxes

Schedule of effective income tax rate reconciliation


	Three Months Ended
	March 31,
	2019		2018
Tax at the federal statutory rate	$	555	$	107
State income taxes (net of federal benefit)		116		22
2017 qualified timber gains at the federal statutory rate of 23.8% (1)		—		(345)
Decrease in valuation allowance		—		(33)
Other		(10)		—
Total income tax expense (benefit)	$	661	$	(249)

(1)

Accumulated Other Comprehensive Loss (Tables)

3 Months Ended

Mar. 31, 2019

Accumulated Other Comprehensive Loss

Summary of Changes in Accumulated Other Comprehensive Loss


	Unrealized Gain
	on Available-for-
	Sale Securities
Accumulated other comprehensive loss at December 31, 2018	$	(674)
Other comprehensive income before reclassifications		604
Amounts reclassified from accumulated other comprehensive loss		2
Other comprehensive income		606
Accumulated other comprehensive loss at March 31, 2019	$	(68)

Summary of Tax Effects Allocated to Other Comprehensive Income


	Three Months Ended March 31, 2019
	Before-		Tax		Net-of-
	Tax Amount		Expense		Tax Amount
Unrealized gain on investments - debt securities and restricted investments:
Unrealized gain on available-for-sale investments	$	799	$	(203)	$	596
Unrealized gain on restricted investments		11		(3)		8
Reclassification adjustment for net loss included in earnings		2		—		2
Net unrealized gain		812		(206)		606
Other comprehensive income	$	812	$	(206)	$	606


	Three Months Ended March 31, 2018
	Before-		Tax Benefit or		Net-of-
	Tax Amount		(Expense)		Tax Amount
Unrealized loss on investments - debt securities and restricted investments:
Unrealized loss on available-for-sale investments	$	(803)	$	204	$	(599)
Unrealized loss on restricted investments		(9)		2		(7)
Reclassification adjustment for net loss included in earnings		1,078		(273)		805
Reclassification adjustment for other-than-temporary impairment loss included in earnings		63		(16)		47
Reclassification into retained earnings for the adoption of ASU 2016-01 (1)		932		(236)		696
Reclassification into retained earnings for the adoption of ASU 2018-02 (2)		—		(313)		(313)
Net unrealized gain		1,261		(632)		629
Other comprehensive income	$	1,261	$	(632)	$	629

(1)

(2)

Revenue Recognition (Tables)

3 Months Ended

Mar. 31, 2019

Revenue Recognition

Schedule of revenue disaggregated by segment, good or service and timing


	Three Months Ended March 31, 2019
						Commercial
		Residential				Leasing
		Real Estate		Hospitality		and Sales		Forestry		Other		Total
Revenue by Major Good/Service:
Real estate revenue	$	3,362	$	—	$	923	$	188	$	118	$	4,591
Hospitality revenue		—		7,431		—		—		—		7,431
Leasing revenue		—		36		3,288		182		—		3,506
Timber revenue		—		—		—		495		—		495
Total revenue	$	3,362	$	7,467	$	4,211	$	865	$	118	$	16,023

Timing of Revenue Recognition:
Recognized at a point in time	$	3,362	$	6,920	$	923	$	683	$	118	$	12,006
Recognized over time		—		511		—		—		—		511
Over lease term		—		36		3,288		182		—		3,506
Total revenue	$	3,362	$	7,467	$	4,211	$	865	$	118	$	16,023


	Three Months Ended March 31, 2018
						Commercial
		Residential				Leasing
		Real Estate		Hospitality		and Sales		Forestry		Other		Total
Revenue by Major Good/Service:
Real estate revenue	$	6,957	$	—	$	310	$	184	$	251	$	7,702
Hospitality revenue		—		7,079		—		—		—		7,079
Leasing revenue		—		371		2,840		207		—		3,418
Timber revenue		77		—		—		1,589		—		1,666
Total revenue	$	7,034	$	7,450	$	3,150	$	1,980	$	251	$	19,865

Timing of Revenue Recognition:
Recognized at a point in time	$	7,034	$	6,754	$	310	$	1,773	$	251	$	16,122
Recognized over time		—		325		—		—		—		325
Over lease term		—		371		2,840		207		—		3,418
Total revenue	$	7,034	$	7,450	$	3,150	$	1,980	$	251	$	19,865

Other Income (Expense) - (Tables)

3 Months Ended

Mar. 31, 2019

Other Income (Expense)

Schedule of Other Income (Expense)


	Three Months Ended
	March 31,
	2019		2018
Investment income, net
Interest and dividend income	$	1,813	$	2,880
Accretion income		61		221
Net realized loss on the sale of investments		(2)		(1,078)
Other-than-temporary impairment loss		—		(63)
Unrealized gain (loss) on investments, net		2,049		(538)
Interest income from investments in SPEs		2,049		2,050
Interest accrued on notes receivable and other interest		76		193
Total investment income, net		6,046		3,665
Interest expense
Interest expense and amortization of discount and issuance costs for Senior Notes issued by SPE		(2,199)		(2,196)
Other interest expense		(743)		(829)
Total interest expense		(2,942)		(3,025)
Other income (expense), net
Gain on land contribution		1,472		—
Accretion income from retained interest investments		320		290
Insurance proceeds		279		—
Hurricane expense		(322)		—
Miscellaneous expense, net		(51)		(13)
Other income, net		1,698		277
Total other income, net	$	4,802	$	917

Segment Information (Tables)

3 Months Ended

Mar. 31, 2019

Segment Information

Schedule of Information by Business Segment


	Three Months Ended
	March 31,
	2019		2018
Operating revenue:
Residential real estate	$	3,362	$	7,034
Hospitality		7,467		7,450
Commercial leasing and sales		4,211		3,150
Forestry revenue		865		1,980
Other		118		251
Consolidated operating revenue	$	16,023	$	19,865

Income (loss) before income taxes:
Residential real estate	$	255	$	1,459
Hospitality		(807)		(534)
Commercial leasing and sales		2,490		(90)
Forestry		580		1,531
Other		123		(1,990)
Consolidated income before income taxes	$	2,641	$	376


	March 31,		December 31,
	2019		2018
Total assets:
Residential real estate	$	129,166	$	125,642
Hospitality		73,616		70,746
Commercial leasing and sales		192,273		182,658
Forestry		20,464		20,189
Other		460,321		471,727
Total assets	$	875,840	$	870,962

Significant Accounting Policies - Concentrations (Details) $ in Thousands	Mar. 31, 2019 USD ($) issuer	Dec. 31, 2018 USD ($)	Mar. 31, 2018 USD ($)
Concentration risk
Investments - debt securities	$ 9,817	$ 8,958
Investments - equity securities	38,186	36,132
Cash and cash equivalents	190,821	$ 195,155	$ 202,585
U.S. Treasury securities
Concentration risk
Investments - debt securities	7,000
Preferred stock
Concentration risk
Investments - equity securities	38,200
Commercial paper
Concentration risk
Cash and cash equivalents	$ 168,100
Number of issuers \| issuer	20
Non-investment grade \| Corporate debt securities
Concentration risk
Investments - debt securities	$ 2,800
Number of issuers \| issuer	2
Non-investment grade \| Preferred stock
Concentration risk
Number of issuers \| issuer	5
Investment grade \| Preferred stock
Concentration risk
Number of issuers \| issuer	1

Significant Accounting Policies - Recently Issued Accounting Pronouncements (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Jan. 01, 2019
New accounting pronouncements or change in accounting principle
Lease, Practical Expedients, Package [true false]	true
Operating lease, right-of use assets	$ 344
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other Assets..
Operating lease liabilities	$ 344
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Other Liabilities.
ASU 2016-02 \| Adjustment
New accounting pronouncements or change in accounting principle
Operating lease, right-of use assets		$ 400
Operating lease liabilities		$ 400

Investment in Real Estate - Real Estate by Property Type and Segment (Details) $ in Thousands	Mar. 31, 2019 USD ($) item	Dec. 31, 2018 USD ($)
Real estate properties
Investment in real estate, net	$ 364,715	$ 350,994
Development property
Real estate properties
Investment in real estate, net	199,898	186,818
Development property \| Corporate
Real estate properties
Investment in real estate, net	2,557	2,497
Development property \| Residential real estate \| Operating Segments
Real estate properties
Investment in real estate, net	$ 110,819	105,323
Development property \| Hospitality
Real estate properties
Number of gulf-front vacation homes under construction \| item	2
Development property \| Hospitality \| Operating Segments
Real estate properties
Investment in real estate, net	$ 5,429	3,726
Development property \| Commercial leasing and sales \| Operating Segments
Real estate properties
Investment in real estate, net	78,949	73,128
Development property \| Forestry \| Operating Segments
Real estate properties
Investment in real estate, net	2,144	2,144
Operating property
Real estate properties
Investment in real estate	233,770	231,676
Less: Accumulated depreciation	68,953	67,500
Investment in real estate, net	164,817	164,176
Operating property \| Other
Real estate properties
Investment in real estate	50	50
Operating property \| Residential real estate \| Operating Segments
Real estate properties
Investment in real estate	7,344	7,344
Operating property \| Hospitality \| Operating Segments
Real estate properties
Investment in real estate	93,046	93,046
Operating property \| Commercial leasing and sales \| Operating Segments
Real estate properties
Investment in real estate	113,189	111,471
Operating property \| Forestry \| Operating Segments
Real estate properties
Investment in real estate	$ 20,141	$ 19,765

Investments - Schedule of investments (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Debt securities and restricted investments
Amortized Cost	$ 12,228	$ 13,285
Gross Unrealized Gains	6	1
Gross Unrealized (Losses)	(89)	(896)
Fair Value	12,145	12,390
Unrestricted available-for-sale, Debt securities
Debt securities and restricted investments
Amortized Cost	9,905	9,844
Gross Unrealized Gains	1	1
Gross Unrealized (Losses)	(89)	(887)
Fair Value	9,817	8,958
Unrestricted available-for-sale, Debt securities \| U.S. Treasury securities
Debt securities and restricted investments
Amortized Cost	6,978	6,936
Gross Unrealized Gains	1	1
Fair Value	6,979	6,937
Unrestricted available-for-sale, Debt securities \| Corporate debt securities
Debt securities and restricted investments
Amortized Cost	2,927	2,908
Gross Unrealized (Losses)	(89)	(887)
Fair Value	2,838	2,021
Restricted
Debt securities and restricted investments
Amortized Cost	2,323	3,441
Gross Unrealized Gains	5
Gross Unrealized (Losses)		(9)
Fair Value	2,328	3,432
Restricted \| Short-term bond
Debt securities and restricted investments
Amortized Cost	2,210	3,274
Gross Unrealized Gains	5
Gross Unrealized (Losses)		(9)
Fair Value	2,215	3,265
Restricted \| Money market fund
Debt securities and restricted investments
Amortized Cost	113	167
Fair Value	$ 113	$ 167

Investments - Gains and proceeds (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Investments
Net realized losses from sale of investments	$ 2	$ 1,078
Proceeds from sale of available-for-sale debt securities	1,100	32,000
Maximum
Investments
Net realized losses from sale of investments	100
Purchases of investments - debt securities	$ 100	$ 100

Investments - Unrealized Loss Position (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Investments
12 Months or Greater, Fair Value		$ 5,108
12 Months or Greater, Unrealized Losses		896
Unrestricted available-for-sale, Debt securities \| Corporate debt securities
Investments
12 Months or Greater, Fair Value	$ 2,838	1,843
12 Months or Greater, Unrealized Losses	$ 89	887
Restricted \| Short-term bond
Investments
12 Months or Greater, Fair Value		3,265
12 Months or Greater, Unrealized Losses		$ 9

Investments - Unrealized Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2019	Dec. 31, 2018
Investments
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax		$ 89	$ 896
Other-than-temporary impairment loss	$ 63

Investments - Contractual Maturities of Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Amortized Cost
Amortized Cost	$ 12,228	$ 13,285
Fair Value
Fair Value	12,145	12,390
Unrestricted available-for-sale, Debt securities
Amortized Cost
Due in one year or less	9,905
Amortized Cost	9,905	9,844
Fair Value
Due in one year or less	9,817
Fair Value	9,817	8,958
Restricted
Amortized Cost
Amortized Cost	2,323	3,441
Fair Value
Fair Value	$ 2,328	$ 3,432

Investments - Equity Securities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Investments
Investments - equity securities	$ 38,186		$ 36,132
Unrealized gains on investments - equity securities	$ 2,049	$ (538)

Investments - Investment Management Agreement (Details) $ in Millions	3 Months Ended
	Mar. 31, 2019 USD ($) item
Securities of any one issuer (excluding the U.S. Government)
Investments
Number of Investment Committee members required to authorize investment \| item	2
Minimum \| Securities of any one issuer (excluding the U.S. Government)
Investments
Investments, portfolio allocations requiring additional consent	10.00%
Maximum \| Securities of any one issuer (excluding the U.S. Government)
Investments
Investments, target portfolio allocations percent	15.00%
Investments, portfolio allocations requiring additional consent	15.00%
Cash investment grade cash equivalents or U . S . treasury securities \| Minimum
Investments
Investments, target portfolio allocations percent	25.00%
Common stock investments \| Maximum
Investments
Investments, target portfolio allocations, amount \| $	$ 100.0
Common stock investments \| Maximum \| Single issuer of exchange-traded common equities
Investments
Investments, target portfolio allocations percent	5.00%
Common, preferred or other equity investments \| Maximum
Investments
Investments, target portfolio allocations percent	25.00%
Investor \| FCM and FTC
Investments
Common stock ownership percentage	41.47%
Investor \| FCM, FTC and Mr. Berkowitz
Investments
Common stock ownership percentage	44.07%

Financial Instruments and Fair Value Measurements - Measurements on Recurring Basis (Details) - Recurring basis - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Financial instruments and fair value measurements
Cash equivalents	$ 173,787	$ 180,930
Total	224,118	229,452
Level 1
Financial instruments and fair value measurements
Cash equivalents	173,787	180,930
Total	193,849	201,769
Level 2
Financial instruments and fair value measurements
Total	30,269	27,683
Unrestricted available-for-sale, Debt securities
Financial instruments and fair value measurements
Investments	9,817	8,958
Unrestricted available-for-sale, Debt securities \| Level 1
Financial instruments and fair value measurements
Investments	6,979	6,937
Unrestricted available-for-sale, Debt securities \| Level 2
Financial instruments and fair value measurements
Investments	2,838	2,021
Restricted
Financial instruments and fair value measurements
Investments	2,328	3,432
Restricted \| Level 1
Financial instruments and fair value measurements
Investments	2,328	3,432
Money market fund
Financial instruments and fair value measurements
Cash equivalents	5,711	43,346
Money market fund \| Level 1
Financial instruments and fair value measurements
Cash equivalents	5,711	43,346
Money market fund \| Restricted
Financial instruments and fair value measurements
Investments	113	167
Money market fund \| Restricted \| Level 1
Financial instruments and fair value measurements
Investments	113	167
Commercial paper
Financial instruments and fair value measurements
Cash equivalents	168,076	107,586
Commercial paper \| Level 1
Financial instruments and fair value measurements
Cash equivalents	168,076	107,586
U.S. Treasury securities
Financial instruments and fair value measurements
Cash equivalents		29,998
U.S. Treasury securities \| Level 1
Financial instruments and fair value measurements
Cash equivalents		29,998
U.S. Treasury securities \| Unrestricted available-for-sale, Debt securities
Financial instruments and fair value measurements
Investments	6,979	6,937
U.S. Treasury securities \| Unrestricted available-for-sale, Debt securities \| Level 1
Financial instruments and fair value measurements
Investments	6,979	6,937
Corporate debt securities \| Unrestricted available-for-sale, Debt securities
Financial instruments and fair value measurements
Investments	2,838	2,021
Corporate debt securities \| Unrestricted available-for-sale, Debt securities \| Level 2
Financial instruments and fair value measurements
Investments	2,838	2,021
Preferred stock \| Equity securities
Financial instruments and fair value measurements
Investments	38,186	36,132
Preferred stock \| Equity securities \| Level 1
Financial instruments and fair value measurements
Investments	10,755	10,470
Preferred stock \| Equity securities \| Level 2
Financial instruments and fair value measurements
Investments	27,431	25,662
Short-term bond \| Restricted
Financial instruments and fair value measurements
Investments	2,215	3,265
Short-term bond \| Restricted \| Level 1
Financial instruments and fair value measurements
Investments	$ 2,215	$ 3,265

Financial Instruments and Fair Value Measurements - Expected Maturity (Details) - Y	Mar. 31, 2019	Dec. 31, 2018
Financial instruments and fair value measurements
Debt Securities, Available-for-sale, Measurement Input [Extensible List]	us-gaap:MeasurementInputExpectedTermMember	us-gaap:MeasurementInputExpectedTermMember
Restricted \| Short-term bond \| Minimum
Financial instruments and fair value measurements
Measurement input (in years)	0	0
Restricted \| Short-term bond \| Maximum
Financial instruments and fair value measurements
Measurement input (in years)	3	3

Financial Instruments and Fair Value Measurements - Carrying Amount and Fair Value (Details) - Nonrecurring - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Level 3 \| Carrying Value
Financial instruments and fair value measurements
Senior Notes held by SPE	$ 176,837	$ 176,775
Level 3 \| Carrying Value \| Time deposit
Financial instruments and fair value measurements
Investments held by SPEs	200,000	200,000
Level 3 \| Fair Value
Financial instruments and fair value measurements
Senior Notes held by SPE	196,106	193,293
Level 3 \| Fair Value \| Time deposit
Financial instruments and fair value measurements
Investments held by SPEs	200,000	200,000
Level 1 \| Carrying Value \| U. S Treasury securities and cash
Financial instruments and fair value measurements
Investments held by SPEs	7,011	7,384
Level 1 \| Fair Value \| U. S Treasury securities and cash
Financial instruments and fair value measurements
Investments held by SPEs	$ 6,809	$ 7,092

Financial Instruments and Fair Value Measurements - Held by Special Purpose Entities (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2014	Dec. 31, 2018
Financial instruments and fair value measurements
Investments held by special purpose entity	$ 207,011		$ 207,384
Senior Notes held by special purpose entity	176,837		$ 176,775
Panama City Timber Finance Company, LLC \| 2014 real estate sale
Financial instruments and fair value measurements
Notes received as consideration in sale of real estate		$ 200,000
Promissory notes maturity period		15 years
Panama City Timber Finance Company, LLC \| Time deposit
Financial instruments and fair value measurements
Investments held by special purpose entity	$ 200,000
Investment interest rate (as a percent)	4.00%
Panama City Timber Finance Company, LLC \| U.S. Treasury securities
Financial instruments and fair value measurements
Investments held by special purpose entity	$ 6,600
Panama City Timber Finance Company, LLC \| Cash
Financial instruments and fair value measurements
Investments held by special purpose entity	400
Northwest Florida Timber Finance, LLC
Financial instruments and fair value measurements
Loan amount		$ 180,000
Debt interest rate (as a percent)		4.80%
Issue price of senior secured notes (as a percent)		98.50%
Senior Notes held by special purpose entity	176,800
Unamortized discount and debt issuance costs	$ 3,200

Hurricane Michael (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
Hurricane Michael (Details) - USD ($) $ in Thousands	May 01, 2019	Mar. 31, 2019	Dec. 31, 2018
Loss contingency
Insurance proceeds		$ 279
Proceeds from settlement received		5,798
Hurricane Michael.
Loss contingency
Insurance proceeds		300
Insurance settlements receivable		900	$ 6,700
Additional hurricane expense		300
Insurance recovery for additional hurricane expense		0
Proceeds from business interruption insurance		0
Proceeds from settlement received		$ 5,800
Hurricane Michael. \| Subsequent Event.
Loss contingency
Proceeds from settlement received	$ 900

Leases - Components of lease revenue (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019 USD ($)
Leasing revenue
Lease payments	$ 2,680
Variable lease payments	826
Total leasing revenue	$ 3,506

Leases - Minimum future base rental revenue (Details) $ in Thousands	Mar. 31, 2019 USD ($)
Minimum future base rental revenue:
2019	$ 8,480
2020	10,852
2021	9,788
2022	8,995
2023	7,110
Total	$ 45,225

Leases - Lease cost (Details) $ in Thousands	3 Months Ended
Leases - Lease cost (Details) $ in Thousands	Mar. 31, 2019 USD ($)
Finance lease cost:
Amortization of right-of-use assets	$ 4
Interest on lease liability	1
Operating lease cost	52
Short-term lease cost	64
Total lease cost	$ 121

Leases - Lease cost - Other information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019 USD ($)
Leases
Weighted-average remaining lease term - finance lease (in years)	4 years 10 months 24 days
Weighted-average remaining lease term - operating leases (in years)	1 year 10 months 24 days
Weighted-average discount rate - finance lease (as a percent)	5.00%
Weighted-average discount rate - operating leases (as a percent)	5.00%
Cash paid for amounts included in the measurement of lease liabilities
Financing cash flows from finance leases	$ 4

Leases - Aggregate payments of finance lease liability (Details) $ in Thousands	Mar. 31, 2019 USD ($)
Aggregate payments of finance lease liability:
2019	$ 41
2020	54
2021	54
2022	54
2023	54
Thereafter	10
Total	267
Less imputed interest	(31)
Total finance lease liability	$ 236

Leases - Aggregate payments of operating lease liabilities (Details) $ in Thousands	Mar. 31, 2019 USD ($)
Aggregate payments of operating lease liabilities:
2019	$ 141
2020	145
2021	78
Total	364
Less imputed interest	(20)
Total operating lease liabilities	$ 344

Other Assets - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Other Assets
Restricted investments	$ 2,328	$ 3,432
Accounts receivable, net	7,373	14,061
Homesite sales receivable	2,691	2,977	$ 2,764	$ 2,585
Claim settlement receivable	2,699	2,679
Notes receivable	1,791	2,265
Income tax receivable	3,253	3,914
Prepaid expenses	6,727	6,751
Straight line rent	3,534	3,581
Operating lease, right-of use assets	344
Investment in unconsolidated joint venture	3,088	1,105
Other assets	6,133	5,069
Retained interest investments	11,645	11,536
Accrued interest receivable for Senior Notes held by SPE	935	2,938
Total other assets	$ 52,541	$ 60,308

Other Assets - Restricted Investments (Details) - Restricted - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Investments
Expense for fair value of assets, less expenses, allocated to participants	$ 1.1	$ 1.1
Maximum
Investments
Expense period	2 years
Gain (loss) on assets	$ 0.1	$ 0.1

Other Assets - Accounts Receivable, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Investments
Proceeds from settlement received	$ 5,798
Hurricane Michael.
Investments
Insurance settlements receivable	900	$ 6,700
Proceeds from settlement received	$ 5,800

Other Assets - Homesite Sales Receivable (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Changes in lot sales receivable
Homesite Sales Receivable, Beginning Balance	$ 2,977	$ 2,585
Increases Due To Revenue Recognized for Lots Sold	138	629
Decreases Due to Amounts Received	(424)	(450)
Homesite Sales Receivable, Ending Balance	$ 2,691	$ 2,764

Other Assets - Notes Receivable (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Receivables
Notes receivable	$ 1,791	$ 1,791	$ 2,265
Allowance for notes receivable	0	0	0
Pier Park Community Development District notes, non-interest bearing, due September 2022
Receivables
Notes receivable	803	803	803
Interest bearing homebuilder note - 5.5% interest rate, due September 2019
Receivables
Notes receivable	416	$ 416	$ 749
Interest rate (as a percent)		5.50%	5.50%
Interest bearing homebuilder note - 5.5% interest rate, due June 2019
Receivables
Notes receivable	337	$ 337	$ 422
Interest rate (as a percent)		5.50%	5.50%
Interest bearing homebuilder note - 6.3% interest rate, due March 2020
Receivables
Notes receivable	135	$ 135	$ 150
Interest rate (as a percent)		6.30%	6.30%
Interest bearing homebuilder note - 6.3% interest rate, due March 2020 \| Maximum
Receivables
Proceeds of principal payment	2,020,000
Various other seller financing maturing December 2022 through November 2023
Receivables
Notes receivable	$ 100	$ 100	$ 141

Other Assets - Retained Interest Investments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Investments
Retained interest investments	$ 11,645	$ 11,536
Retained interest investments
Investments
Expected amount to receive upon maturity of note after payment of note and any other liabilities	$ 16,800
Promissory notes maturity period	15 years
Minimum \| Retained interest investments
Investments
Notes maturity year	2022
Maximum \| Retained interest investments
Investments
Notes maturity year	2024

Real Estate Joint Ventures - Consolidated Real Estate Joint Ventures (Details) - item	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018	Apr. 30, 2017
Origins Crossings JV
Variable interest entity
Number of units	217
Variable interest entity, ownership percentage	75.00%
Pier Park Crossings JV
Variable interest entity
Number of units			240
Variable interest entity, ownership percentage	75.00%	75.00%
Windmark JV
Variable interest entity
Variable interest entity, ownership percentage	49.00%	49.00%
Pier Park North
Variable interest entity
Variable interest entity, ownership percentage	60.00%	60.00%

Real Estate Joint Ventures - Unconsolidated Joint Ventures (Details) $ in Thousands		3 Months Ended
	Jan. 14, 2019 USD ($)	Mar. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Apr. 30, 2018 item
Investments
Investment in unconsolidated joint venture		$ 3,088	$ 1,105
Pier Park TPS JV
Investments
Number of hotel rooms \| item				124
Value of land contributed	$ 1,700
Cash contributed		200
Mitigation bank credits contributed		$ 100
Investment in unconsolidated joint venture			$ 1,100
Ownership percentage		50.00%	50.00%
Summarized financial information - Balance Sheets
Investment in real estate		$ 4,614	$ 285
Cash and cash equivalents		2,369	64
Total assets		6,983	349
Other liabilities		805	3
Equity		6,178	346
Total liabilities and equity		6,983	349
Pier Park TPS JV \| Other assets.
Investments
Investment in unconsolidated joint venture		$ 3,100	$ 1,100

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Debt instruments
Debt, Principal	$ 79,390	$ 70,976
Unamortized Discount and Debt Issuance Costs	1,598	1,602
Debt, Net	77,792	69,374
PPN JV Loan, due November 2025, bearing interest at 4.1%
Debt instruments
Debt, Principal	46,199	46,423
Unamortized Discount and Debt Issuance Costs	429	446
Debt, Net	$ 45,770	$ 45,977
Debt interest rate (as a percent)	4.10%	4.10%
Pier Park Crossings JV Loan, due June 2060, bearing interest at 4.0%
Debt instruments
Debt, Principal	$ 21,697	$ 15,399
Unamortized Discount and Debt Issuance Costs	1,107	1,114
Debt, Net	$ 20,590	$ 14,285
Debt interest rate (as a percent)	4.00%	4.00%
Community Development District debt
Debt instruments
Debt, Principal	$ 7,695	$ 6,324
Debt, Net	$ 7,695	$ 6,324
Community Development District debt \| Minimum
Debt instruments
Debt interest rate (as a percent)	3.60%	3.60%
Community Development District debt \| Maximum
Debt instruments
Debt interest rate (as a percent)	6.00%	6.00%
Pier Park Outparcel Construction Loan, due March 2027, bearing interest at LIBOR plus 1.7%
Debt instruments
Debt, Principal	$ 1,574	$ 1,585
Unamortized Discount and Debt Issuance Costs	16	16
Debt, Net	$ 1,558	$ 1,569
Effective interest rate (as a percent)	4.20%
Pier Park Outparcel Construction Loan, due March 2027, bearing interest at LIBOR plus 1.7% \| LIBOR
Debt instruments
Basis spread on variable rate	1.70%	1.70%
WaterColor Crossings Construction Loan, due February 2029, bearing interest at LIBOR plus 1.7%
Debt instruments
Debt, Principal	$ 1,478	$ 1,245
Unamortized Discount and Debt Issuance Costs	25	26
Debt, Net	$ 1,453	$ 1,219
Effective interest rate (as a percent)	4.20%	4.20%
WaterColor Crossings Construction Loan, due February 2029, bearing interest at LIBOR plus 1.7% \| LIBOR
Debt instruments
Basis spread on variable rate	1.70%	1.70%
Beach Homes Loan, due May 2029, bearing interest at LIBOR plus 1.7%.
Debt instruments
Debt, Principal	$ 747
Unamortized Discount and Debt Issuance Costs	21
Debt, Net	$ 726
Effective interest rate (as a percent)	4.20%
Beach Homes Loan, due May 2029, bearing interest at LIBOR plus 1.7%. \| LIBOR
Debt instruments
Basis spread on variable rate	1.70%	1.70%

Debt - Debt Agreements (Details) $ in Millions	1 Months Ended		120 Months Ended
Debt - Debt Agreements (Details) $ in Millions	May 31, 2018 USD ($) item	Feb. 28, 2018 USD ($)	Jun. 30, 2030	Mar. 31, 2019 USD ($)	Mar. 31, 2017 USD ($)	Oct. 31, 2015 USD ($)
Debt instruments
Total Community Development District debt				$ 19.9
PPN JV Loan, due November 2025, bearing interest at 4.1%
Debt instruments
Loan amount						$ 48.2
Pier Park Outparcel Construction Loan, due March 2027, bearing interest at LIBOR plus 1.7%
Debt instruments
Loan amount					$ 1.6
Pier Park Crossings JV Loan, due June 2060, bearing interest at 4.0%
Debt instruments
Loan amount	$ 36.6
Debt instrument, period subject to interest payments only	24 months
Pier Park Crossings JV Loan, due June 2060, bearing interest at 4.0% \| Minimum \| Forecast
Debt instruments
Prepayment premium, as a percent of principal repaid			1.00%
Pier Park Crossings JV Loan, due June 2060, bearing interest at 4.0% \| Maximum \| Forecast
Debt instruments
Prepayment premium, as a percent of principal repaid			10.00%
WaterColor Crossings Construction Loan, due February 2029, bearing interest at LIBOR plus 1.7%
Debt instruments
Loan amount		$ 1.9
Debt instrument, period subject to interest payments only		12 months
Beach Homes Loan, due May 2029, bearing interest at LIBOR plus 1.7%.
Debt instruments
Loan amount	$ 1.7
Debt instrument, period subject to interest payments only	12 months
Number of homes financed \| item	2

Debt - Maturities of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Debt
2019	$ 1,457
2020	1,968
2021	2,174
2022	2,189
2023	2,212
Thereafter	69,390
Long term debt	$ 79,390	$ 70,976

Other Liabilities - Schedule of Other Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Other Liabilities
Accounts payable	$ 9,186	$ 10,148
Finance lease liability	236
Operating lease liabilities	344
Accrued compensation	1,761	3,112
Other accrued liabilities	3,824	2,560
Deferred revenue	17,378	17,478
Club initiation fees	5,976	5,676	$ 5,180	$ 5,199
Club membership deposits	4,156	4,286
Advance deposits	2,795	1,277
Accrued interest expense for Senior Notes held by SPE	713	2,850
Total other liabilities	$ 46,369	$ 47,387

Other Liabilities - Additional information (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Other Liabilities
Accrued property taxes	$ 1,200	$ 0
Deferred revenue	17,378	17,478
Florida Department of Transportation
Other Liabilities
Deferred revenue	$ 12,500	$ 12,500

Other Liabilities - Changes in contract liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Changes in contract liabilities
Contract liabilities - Club initiation fees (Balance at beginning of period)	$ 5,676	$ 5,199
Increases Due To Cash Received	753	253
Decreases Due to Revenue Recognized	(453)	(272)
Contract liabilities - Club initiation fees (Balance at end of period)	$ 5,976	$ 5,180

Income Taxes - Expense (benefit) reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Income Taxes
Statutory federal income tax rate (as a percent)	21.00%		21.00%
Tax at the statutory federal rate	$ 555	$ 107
State income taxes (net of federal benefit)	116	22
2017 qualified timber gains at the federal statutory rate of 23.8%		(345)
Decrease in valuation allowance, net		(33)
Other	(10)
Total income tax expense (benefit)	$ 661	$ (249)
Timber statutory federal rate		23.80%

Accumulated Other Comprehensive Loss - Summary of Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Summary of changes in accumulated other comprehensive loss
Beginning Balance	$ 533,111	$ 592,584
Total other comprehensive income, net of tax	606	629
Ending Balance	530,320	581,196
Unrealized gain on available for sale securities
Summary of changes in accumulated other comprehensive loss
Beginning Balance	(674)
Other comprehensive loss before reclassifications	604
Amounts reclassified from accumulated other comprehensive loss	2
Total other comprehensive income, net of tax	606	$ 629
Ending Balance	$ (68)

Accumulated Other Comprehensive Loss - Summary of the Tax Effects Allocated to Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2019

Mar. 31, 2018

Accumulated Other Comprehensive Loss

Reclassification adjustment for loss (gain) included in earnings, Before-tax-amount

$ 2

$ 1,078

Reclassification of other-than-temporary impairment loss included in earnings, Before-tax-amount

Reclassification into retained earnings for the adoption of ASU, Before-tax-amount

^[1]

932

Total before income taxes

812

1,261

Other comprehensive loss, Tax (expense) or benefit

^[2]

(206)

(632)

Total other comprehensive income, net of tax

606

629

Unrealized gain on available for sale securities

Accumulated Other Comprehensive Loss

Unrealized gain (loss) on investments, Net-of-tax amount

604

Reclassification adjustment for loss (gain) included in earnings, Before-tax-amount

1,078

Reclassification adjustment for loss (gain) included in earnings, Tax (expense) or benefit

(273)

Reclassification adjustment for loss (gain) included in earnings, Net-of-tax amount

805

Reclassification of other-than-temporary impairment loss included in earnings, Before-tax-amount

Reclassification adjustment for other-than-temporary impairment loss included in earnings, Tax (expense) or benefit

(16)

Reclassification adjustment for other-than-temporary impairment loss included in earnings, Net-of-tax amount

Total before income taxes

812

1,261

Other comprehensive loss, Tax (expense) or benefit

(206)

(632)

Total other comprehensive income, net of tax

606

629

Unrealized gain on available for sale securities | ASU 2016-01

Accumulated Other Comprehensive Loss

Reclassification into retained earnings for the adoption of ASU, Before-tax-amount

932

Reclassification into retained earnings for the adoption of ASU, Tax (expense) or benefit

(236)

Reclassification into retained earnings for the adoption of ASU, Net-of-tax amount

696

Unrealized gain on available for sale securities | ASU 2018-02

Accumulated Other Comprehensive Loss

Reclassification into retained earnings for the adoption of ASU, Tax (expense) or benefit

(313)

Reclassification into retained earnings for the adoption of ASU, Net-of-tax amount

(313)

Unrestricted available-for-sale, Debt securities | Unrealized gain on available for sale securities

Accumulated Other Comprehensive Loss

Unrealized gain (loss) on investments, Before-tax amount

799

(803)

Unrealized gain (loss) on investments, Tax (expense) or benefit

(203)

204

Unrealized gain (loss) on investments, Net-of-tax amount

596

(599)

Restricted | Unrealized gain on available for sale securities

Accumulated Other Comprehensive Loss

Unrealized gain (loss) on investments, Before-tax amount

(9)

Unrealized gain (loss) on investments, Tax (expense) or benefit

(3)

Unrealized gain (loss) on investments, Net-of-tax amount

$ 8

$ (7)

[1]

[2]

Stockholders' Equity - Stock Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Stockholders’ Equity
Average purchase price per share for share repurchase (in dollars per share)	$ 15.00	$ 17.90
Aggregate cost	$ 7,073	$ 13,695
Remaining authorized repurchase amount	$ 35,800
Common Stock
Stockholders’ Equity
Shares repurchased during the period (in shares)	471,500	764,825

Stockholders' Equity - Issuance of Common Stock (Details) - Restricted Stock				3 Months Ended		12 Months Ended
	Jul. 02, 2018 director shares	Mar. 15, 2018 employee shares	Jul. 03, 2017 director shares	Mar. 31, 2019 USD ($)	Mar. 31, 2018 USD ($)	Dec. 31, 2017 employee	May 23, 2018 USD ($)	May 25, 2017 USD ($)
Directors
Share-based compensation
Fair value of equity grant award approved for each director							$ 50,000	$ 50,000
Number of restricted stock awards granted \| shares	2,778		5,334
Number of directors granted restricted stock awards \| director	1		2
Number of directors who elected to receive cash in lieu of the stock \| director	3		4
Directors \| Maximum
Share-based compensation
Stock compensation expense				$ 100,000	$ 100,000
Officers
Share-based compensation
Issuance of common stock for officer compensation, net of tax withholding (in shares) \| shares		9,956
Number of directors granted restricted stock awards \| employee		4
Stock compensation expense					$ 200,000
Percentage of total discretionary cash incentive award elected to be received in shares of Company stock						50.00%
Number of grantees who elected to receive a portion of total discretionary cash incentive award in shares of company stock \| employee						4

Revenue Recognition - Disaggregation of revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Disaggregation of revenue
Leasing revenue	$ 3,506
Leasing revenue		$ 3,418
Total revenue	16,023	19,865
Recognized at a point in time
Disaggregation of revenue
Revenue	12,006	16,122
Recognized over time
Disaggregation of revenue
Revenue	511	325
Real estate
Disaggregation of revenue
Revenue	4,591	7,702
Hospitality
Disaggregation of revenue
Revenue	7,431	7,079
Timber
Disaggregation of revenue
Revenue	495	1,666
Operating Segments \| Residential real estate
Disaggregation of revenue
Total revenue	3,362	7,034
Operating Segments \| Residential real estate \| Recognized at a point in time
Disaggregation of revenue
Revenue	3,362	7,034
Operating Segments \| Residential real estate \| Real estate
Disaggregation of revenue
Revenue	3,362	6,957
Operating Segments \| Residential real estate \| Timber
Disaggregation of revenue
Revenue		77
Operating Segments \| Hospitality
Disaggregation of revenue
Leasing revenue	36
Leasing revenue		371
Total revenue	7,467	7,450
Operating Segments \| Hospitality \| Recognized at a point in time
Disaggregation of revenue
Revenue	6,920	6,754
Operating Segments \| Hospitality \| Recognized over time
Disaggregation of revenue
Revenue	511	325
Operating Segments \| Hospitality \| Hospitality
Disaggregation of revenue
Revenue	7,431	7,079
Operating Segments \| Commercial leasing and sales
Disaggregation of revenue
Leasing revenue	3,288
Leasing revenue		2,840
Total revenue	4,211	3,150
Operating Segments \| Commercial leasing and sales \| Recognized at a point in time
Disaggregation of revenue
Revenue	923	310
Operating Segments \| Commercial leasing and sales \| Real estate
Disaggregation of revenue
Revenue	923	310
Operating Segments \| Forestry
Disaggregation of revenue
Leasing revenue	182
Leasing revenue		207
Total revenue	865	1,980
Operating Segments \| Forestry \| Recognized at a point in time
Disaggregation of revenue
Revenue	683	1,773
Operating Segments \| Forestry \| Real estate
Disaggregation of revenue
Revenue	188	184
Operating Segments \| Forestry \| Timber
Disaggregation of revenue
Revenue	495	1,589
Other
Disaggregation of revenue
Total revenue	118	251
Other \| Recognized at a point in time
Disaggregation of revenue
Revenue	118	251
Other \| Real estate
Disaggregation of revenue
Revenue	$ 118	$ 251

Other Income (Expense) - Components (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Investment income, net
Interest and dividend income	$ 1,813	$ 2,880
Accretion income	61	221
Net realized loss on the sale of investments	(2)	(1,078)
Other-than-temporary impairment loss		(63)
Unrealized gain (loss) on investments, net	2,049	(538)
Interest income from investments in SPEs	2,049	2,050
Interest accrued on notes receivable and other interest	76	193
Total investment income, net	6,046	3,665
Interest expense
Interest expense and amortization of discount and issuance costs for Senior Notes issued by SPE	(2,199)	(2,196)
Other interest expense	(743)	(829)
Total interest expense	(2,942)	(3,025)
Other income (expense), net
Gain on land contribution	1,472
Accretion income from retained interest investments	320	290
Insurance proceeds	279
Hurricane expense	(322)
Miscellaneous expense, net	(51)	(13)
Other income, net	1,698	277
Total other income, net	$ 4,802	$ 917

Other Income (Expense) - Investment Income, Net and Interest Expense (Details)	Mar. 31, 2019
Senior Notes held by special purpose entity
Other income (expense)
Effective interest rate (as a percent)	4.90%

Other Income (Expense) - Other Income, Net (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019 USD ($)
Other income (expense)
Gain on land contribution	$ 1,472
Insurance proceeds	279
Hurricane expense	$ 322
Minimum
Other income (expense)
Retained interest, effective interest rate (as a percent)	3.70%
Maximum
Other income (expense)
Retained interest, effective interest rate (as a percent)	11.90%
Hurricane Michael.
Other income (expense)
Insurance proceeds	$ 300
Hurricane expense	300
Pier Park TPS JV
Other income (expense)
Gain on land contribution	$ 1,500

Segment Information - Information by Business Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Segments
Revenues	$ 16,023	$ 19,865
Consolidated income (loss) before income taxes	2,641	376
Total assets	875,840		$ 870,962
Operating Segments \| Residential real estate
Segments
Revenues	3,362	7,034
Consolidated income (loss) before income taxes	255	1,459
Total assets	129,166		125,642
Operating Segments \| Hospitality
Segments
Revenues	7,467	7,450
Consolidated income (loss) before income taxes	(807)	(534)
Total assets	73,616		70,746
Operating Segments \| Commercial leasing and sales
Segments
Revenues	4,211	3,150
Consolidated income (loss) before income taxes	2,490	(90)
Total assets	192,273		182,658
Operating Segments \| Forestry
Segments
Revenues	865	1,980
Consolidated income (loss) before income taxes	580	1,531
Total assets	20,464		20,189
Other
Segments
Revenues	118	251
Consolidated income (loss) before income taxes	123	$ (1,990)
Total assets	$ 460,321		$ 471,727

Commitments and Contingencies - (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Jan. 31, 2019	Dec. 31, 2018	Oct. 31, 2015
Obligations
Accrued liabilities for other litigation, claims, other disputes and governmental proceedings	$ 1,200		$ 1,200
Purchase obligations, total	33,000
Debt, Principal	79,390		70,976
PPN JV Loan, due November 2025, bearing interest at 4.1%
Obligations
Loan amount				$ 48,200
Debt, Principal	46,199		46,423
Pier Park TPS JV Loan
Obligations
Guarantor liability, Scenario 1 (as a percent)		50.00%
Guarantor liability, Scenario 2 (as a percent)		25.00%
Pier Park TPS JV Loan \| Pier Park TPS JV
Obligations
Loan amount		$ 14,400
Debt, Principal	0
Surety bonds
Obligations
Commitment obligations	$ 9,400		$ 9,400

Nature of Operations - Real Estate Assets (Details)	3 Months Ended
Nature of Operations - Real Estate Assets (Details)	Mar. 31, 2019 segment
Nature of Operations
Percentage of real estate land holdings located within fifteen miles of Gulf of Mexico	90.00%
Number of reportable operating segments	4

Other Assets - Claim Settlement Receivable (Details) $ in Millions	1 Months Ended
	Oct. 31, 2019 USD ($)
BP Exploration & Production Inc. \| Forecast
Receivables
Litigation settlement amount received	$ 2.7

Significant Accounting Policies - EPS (Details) - shares	Mar. 31, 2019	Mar. 31, 2018
Significant Accounting Policies
Common stock equivalents (in shares)	0	0

Segment Information - Reportable Segments (Details)	3 Months Ended
Segment Information - Reportable Segments (Details)	Mar. 31, 2019 segment
Segment Information
Number of reportable operating segments	4