Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2019	Oct. 28, 2019
Document and Entity Information [Abstract]
Document Type	10-Q
Document Period End Date	Sep. 30, 2019
Entity Registrant Name	ST JOE CO
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		59,414,583
Entity Central Index Key	0000745308
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
ASSETS
Investment in real estate, net	$ 410,176	$ 350,994
Cash and cash equivalents	165,311	195,155
Investments - debt securities	35	8,958
Investments - equity securities	37,074	36,132
Other assets	59,953	60,308
Property and equipment, net of accumulated depreciation of $62,462 and $60,271 at September 30, 2019 and December 31, 2018, respectively	18,749	12,031
Investments held by special purpose entities	206,728	207,384
Total assets	898,026	870,962
Liabilities:
Debt, net	85,581	69,374
Other liabilities	60,850	47,387
Deferred tax liabilities, net	52,083	44,315
Senior Notes held by special purpose entity	176,962	176,775
Total liabilities	375,476	337,851
Commitments and contingencies (Note 18)
Equity:
Common stock, no par value; 180,000,000 shares authorized; 60,677,742 and 60,672,034 issued at September 30, 2019 and December 31, 2018, respectively; and 59,536,213 and 60,672,034 outstanding at September 30, 2019 and December 31, 2018, respectively	326,449	331,395
Retained earnings	205,537	187,450
Accumulated other comprehensive loss	(490)	(674)
Treasury stock at cost, 1,141,529 shares held at September 30, 2019	(18,794)
Total stockholders' equity	512,702	518,171
Non-controlling interest	9,848	14,940
Total equity	522,550	533,111
Total liabilities and equity	$ 898,026	$ 870,962

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
CONDENSED CONSOLIDATED BALANCE SHEETS
Property and equipment, Accumulated depreciation	$ 62,462	$ 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)	60,677,742	60,672,034
Common stock, outstanding (in shares)	59,536,213	60,672,034
Treasury stock (in shares)	1,141,529

CONDENSED CONSOLIDATED BALANCE SHEETS - VIEs - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
ASSETS
Investment in real estate	$ 410,176	$ 350,994
Cash and cash equivalents	165,311	195,155
Other assets	59,953	60,308
Investments held by special purpose entities	206,728	207,384
Total assets	898,026	870,962
LIABILITIES
Debt, net	85,581	69,374
Other liabilities	60,850	47,387
Senior Notes held by special purpose entity	176,962	176,775
Total liabilities	375,476	337,851
Variable Interest Entities
ASSETS
Investment in real estate	84,241	70,124
Cash and cash equivalents	1,993	2,113
Other assets	11,360	16,165
Investments held by special purpose entities	206,728	207,384
Total assets	304,322	295,786
LIABILITIES
Debt, net	73,972	60,262
Other liabilities	3,458	5,773
Senior Notes held by special purpose entity	176,962	176,775
Total liabilities	$ 254,392	$ 242,810

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenue:
Leasing revenue	$ 4,037		$ 11,218
Leasing revenue		$ 3,573		$ 10,507
Total revenue	32,856	23,676	84,426	93,974
Expenses:
Cost of leasing revenue	1,351	1,184	3,411	3,511
Other operating and corporate expenses	5,054	5,113	16,116	16,068
Depreciation, depletion and amortization	2,629	2,309	7,162	6,836
Total expenses	25,436	21,732	68,297	63,227
Operating income	7,420	1,944	16,129	30,747
Other income (expense):
Investment income, net	2,371	2,575	10,952	12,221
Interest expense	(3,109)	(2,926)	(9,075)	(8,905)
Other income, net	2,147	268	7,126	787
Total other income (expense), net	1,409	(83)	9,003	4,103
Income before income taxes	8,829	1,861	25,132	34,850
Income tax (expense) benefit	(3,003)	3,483	(7,098)	(2,815)
Net income	5,826	5,344	18,034	32,035
Net (income) loss attributable to non-controlling interest	(109)	139	53	400
Net income attributable to the Company	$ 5,717	$ 5,483	$ 18,087	$ 32,435
Basic and Diluted
Weighted average shares outstanding (in shares)	60,043,427	61,066,731	60,187,313	63,418,118
Net income per share attributable to the Company (in dollars per share)	$ 0.10	$ 0.09	$ 0.30	$ 0.51
Real estate
Revenue:
Revenue	$ 13,490	$ 6,200	$ 33,634	$ 46,061
Expenses:
Cost of revenue	6,036	3,709	14,715	10,831
Hospitality
Revenue:
Revenue	14,003	12,130	36,994	32,056
Expenses:
Cost of revenue	10,191	9,269	26,384	25,427
Timber
Revenue:
Revenue	1,326	1,773	2,580	5,350
Expenses:
Cost of revenue	$ 175	$ 148	$ 509	$ 554

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

3 Months Ended

9 Months Ended

Sep. 30, 2019

Sep. 30, 2018

Sep. 30, 2019

Sep. 30, 2018

Net income:

$ 5,826

$ 5,344

$ 18,034

$ 32,035

Other comprehensive (loss) income:

Interest rate swap

(509)

Reclassification of net realized (gain) loss included in earnings

(80)

(78)

1,050

Reclassification into retained earnings

^[1]

932

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

1,660

1,723

Total before income taxes

(555)

416

255

1,970

Income tax benefit (expense)

^[2]

135

(105)

(71)

(811)

Total other comprehensive (loss) income, net of tax

(420)

311

184

1,159

Total comprehensive income, net of tax

5,406

5,655

18,218

33,194

Unrestricted available-for-sale, Debt securities

Other comprehensive (loss) income:

Net unrealized gain (loss) on investments

$ 34

$ (1,244)

824

(1,726)

Restricted

Other comprehensive (loss) income:

Net unrealized gain (loss) on investments

$ 18

$ (9)

[1]

The reclassification into retained earnings for the nine months ended September 30, 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.Income tax expense for the nine months ended September 30, 2018

[2]

Income tax expense for the nine months ended September 30, 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

9 Months Ended

Sep. 30, 2018

USD ($)

Income tax benefit (expense)

$ (811)

^[1]

Scenario, Adjustment | ASU 2018-02

Income tax benefit (expense)

$ (300)

[1]

CONDENSED CONSOLIDATED STATEMENTS 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
Allocation of ownership interest	(490)				490
Additional ownership interest	297				(297)
Capital contribution from non-controlling interest					887	887
Capital distribution to non-controlling interest					(200)	(200)
Stock based compensation expense	$ 57					57
Stock based compensation expense (in shares)	2,778
Issuance of common stock for officer compensation, net of tax withholding	$ 192					192
Issuance of common stock for officer compensation, net of tax withholding (in shares)	9,956
Repurchase of common shares				$ (93,369)		(93,369)
Repurchase of common shares (in shares)	(5,238,566)
Retirement of treasury stock	$ (93,369)			93,369
Adoption of ASU 2018-02 Income Statement - Reporting Comprehensive Income		313	(313)
Other comprehensive income (loss)						1,159
Other comprehensive (loss) income, net of tax, excluding adoption of ASUs			776			776
Net income		32,435			(400)	32,035
Ending Balance at Sep. 30, 2018	$ 331,381	187,516	(302)		15,507	534,102
Ending Balance (in shares) at Sep. 30, 2018	60,672,034
Beginning Balance (in shares) at Jun. 30, 2018	61,842,662
Beginning Balance at Jun. 30, 2018	$ 424,736	182,033	(613)	(72,463)	15,847	549,540
Increase (Decrease) in Stockholders' Equity
Capital distribution to non-controlling interest					(201)	(201)
Stock based compensation expense	$ 14					14
Stock based compensation expense (in shares)	2,778
Repurchase of common shares				(20,906)		(20,906)
Repurchase of common shares (in shares)	(1,173,406)
Retirement of treasury stock	$ (93,369)			93,369
Other comprehensive income (loss)			311			311
Net income		5,483			(139)	5,344
Ending Balance at Sep. 30, 2018	$ 331,381	187,516	(302)		15,507	534,102
Ending Balance (in shares) at Sep. 30, 2018	60,672,034
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
Allocation of ownership interest	(1,209)				1,209
Additional ownership interest	(3,787)				(7,832)	(11,619)
Capital contribution from non-controlling interest					1,784	1,784
Capital distribution to non-controlling interest					(200)	(200)
Stock based compensation expense	$ 50					50
Stock based compensation expense (in shares)	5,708
Repurchase of common shares				(18,794)		(18,794)
Repurchase of common shares (in shares)	(1,141,529)
Other comprehensive income (loss)			184			184
Net income		18,087			(53)	18,034
Ending Balance at Sep. 30, 2019	$ 326,449	205,537	(490)	(18,794)	9,848	$ 522,550
Ending Balance (in shares) at Sep. 30, 2019	59,536,213					59,536,213
Beginning Balance (in shares) at Jun. 30, 2019	60,200,534
Beginning Balance at Jun. 30, 2019	$ 330,209	199,820	(70)	(7,073)	19,254	$ 542,140
Increase (Decrease) in Stockholders' Equity
Additional ownership interest	(3,787)				(7,832)	(11,619)
Capital contribution from non-controlling interest					(1,683)	(1,683)
Stock based compensation expense	$ 27					27
Stock based compensation expense (in shares)	5,708
Repurchase of common shares				(11,721)		(11,721)
Repurchase of common shares (in shares)	(670,029)
Other comprehensive income (loss)			(420)			(420)
Net income		5,717			109	5,826
Ending Balance at Sep. 30, 2019	$ 326,449	$ 205,537	$ (490)	$ (18,794)	$ 9,848	$ 522,550
Ending Balance (in shares) at Sep. 30, 2019	59,536,213					59,536,213

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash flows from operating activities:
Net income	$ 18,034	$ 32,035
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	7,162	6,836
Stock based compensation	50	249
(Gain) loss on sale of investments	(26)	961
Unrealized loss (gain) on investments, net	1,305	(641)
Other-than-temporary impairment loss		1,723
Deferred income tax expense (benefit)	7,697	(1,795)
Impairment loss on investment in real estate		99
Cost of real estate sold	13,763	9,839
Expenditures for and acquisition of real estate to be sold	(25,810)	(13,580)
Accretion income and other	(967)	(1,571)
Loss on disposal of property and equipment		13
Gain on land contribution to equity method investment	(2,317)
Gain on insurance for damage to property and equipment	(5,347)
Changes in operating assets and liabilities:
Other assets	(871)	6,030
Other liabilities	2,655	1,096
Income taxes receivable	(599)	4,976
Net cash provided by operating activities	14,729	46,270
Cash flows from investing activities:
Expenditures for operating property	(43,705)	(18,042)
Expenditures for property and equipment	(8,205)	(1,692)
Proceeds from the disposition of assets		5,000
Proceeds from insurance claims	13,378
Purchases of investments - equity securities	(4,608)	(10,442)
Purchases of restricted investments	(60)	(62)
Maturities of investments - debt securities	7,000
Sales of investments - debt securities	2,830	63,539
Sales of investments - equity securities	2,310	11,051
Sales of restricted investments	1,156	1,092
Maturities of assets held by special purpose entities	787	785
Net cash (used in) provided by investing activities	(29,117)	51,229
Cash flows from financing activities:
Capital contribution from non-controlling interest	1,784	887
Capital distribution to non-controlling interest	(200)	(200)
Capital contribution to unconsolidated affiliate	(254)	(159)
Additional ownership interest	(11,619)
Repurchase of common shares	(18,794)	(93,369)
Borrowings on debt	16,174	9,304
Principal payments for debt	(1,305)	(1,103)
Principal payments under finance lease obligation	(25)
Debt issuance costs	(889)	(1,159)
Net cash used in financing activities	(15,128)	(85,799)
Net (decrease) increase in cash, cash equivalents and restricted cash	(29,516)	11,700
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	$ 168,557	$ 204,151

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash, cash equivalents and restricted cash:
Cash and cash equivalents	$ 165,311	$ 200,884
Restricted cash included in other assets	3,246	3,267
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	168,557	204,151
Cash paid during the period for:
Interest, net of amounts capitalized	10,753	10,787
Income taxes		2,005
Non-cash financing and investment activities:
Non-cash allocation of ownership interest in JV	1,209	490
Non-cash contribution to equity method investment	(2,108)
Increase (decrease) in Community Development District debt	1,285	(409)
Decrease in expenditures for operating properties and property and equipment financed through accounts payable	$ (2,070)	$ (655)

Nature of Operations	9 Months Ended
Nature of Operations	Sep. 30, 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

9 Months Ended

Sep. 30, 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 nine months ended September 30, 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 September 30, 2019, these balances exceeded the amount of F.D.I.C. insurance provided on such deposits. In addition, as of September 30, 2019 the company had $35.2 million invested in seven issuers of preferred stock that are non-investment grade and one issuer of preferred stock that is investment grade, $1.9 million invested in one issuer of common stock, as well as investments of $138.4 million in short term commercial paper from twenty-two issuers and short term U.S. Treasury securities of $7.0 million.

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 and nine months ended September 30, 2019 and 2018, basic and diluted average shares outstanding were the same. There were no outstanding common stock equivalents as of September 30, 2019 or September 30, 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, did 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, did 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, did 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.

Codification Updates

In July 2019, the FASB issued ASU 2019-07, Codification Updates to SEC Sections—Amendments to SEC Paragraphs Pursuant to SEC Final Rule Releases No. 33-10532, Disclosure Update and Simplification, and Nos. 33-10231 and 33-10442, Investment Company Reporting Modernization, and Miscellaneous Updates (“ASU 2019-07”) that aligns SEC paragraphs in the codification with changes made in the above-referenced SEC rules to simplify disclosures, modernize the reporting and disclosure of information by registered investment companies and other items. This new guidance was effective upon issuance and did not have a material impact on the Company’s financial condition, results of operations and 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. In April 2019, the FASB issued ASU 2019-04, which clarifies and improves ASU 2016-13. In May 2019, the FASB issued ASU 2019-05, which provides an option to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost basis. 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

9 Months Ended

Sep. 30, 2019

Investment in Real Estate

Investment in Real Estate

3. Investment in Real Estate

Real estate by property type and segment includes the following:


	September 30,		December 31,
	2019		2018
Development property:
Residential real estate	$	116,810	$	105,323
Hospitality		2,664		3,726
Commercial leasing and sales		99,506		73,128
Forestry		1,884		2,144
Corporate		2,540		2,497
Total development property		223,404		186,818

Operating property:
Residential real estate		7,344		7,344
Hospitality		98,961		93,046
Commercial leasing and sales		131,778		111,471
Forestry		20,811		19,765
Other		50		50
Total operating property		258,944		231,676
Less: Accumulated depreciation		72,172		67,500
Total operating property, net		186,772		164,176
Investment in real estate, net	$	410,176	$	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 construction and development costs and improvements primarily related to the Camp Creek Lifestyle Village amenity center as well as other properties. Commercial leasing and sales development property primarily consists of land and development costs for commercial and industrial uses, including the Pier Park Crossings JV, Origins Crossings JV, Watercrest JV, Beckrich Office Park, 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, Pier Park Crossings JV 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

9 Months Ended

Sep. 30, 2019

Investments

Investments

4. Investments

Available-For-Sale Investments

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


	September 30, 2019
			Gross Unrealized		Gross Unrealized
	Amortized Cost		Gains		(Losses)		Fair Value
Investments - debt securities:
Corporate debt securities	$	178	$	—	$	(143)	$	35
		178		—		(143)		35
Restricted investments:
Short-term bond		2,229		11		—		2,240
Money market fund		113		—		—		113
		2,342		11		—		2,353
	$	2,520	$	11	$	(143)	$	2,388


	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 and nine months ended September 30, 2019 net realized gains from the sale of available-for-sale securities were $0.1 million. During the nine months ended September 30, 2019 proceeds from the sale of available-for-sale securities were $4.0 million and purchases of available-for-sale securities were less than $0.1 million.

During the three months ended September 30, 2018 there were no realized gains or losses from the sale of available-for-sale securities. During the nine months ended September 30, 2018 net realized losses from the sale of available for-sale securities were $1.0 million. During the nine months ended September 30, 2018 proceeds from the sale of available-for-sale securities were $64.6 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:


	September 30, 2019
	Less Than 12 Months				12 Months or Greater
			Unrealized				Unrealized
	Fair Value		Losses		Fair Value		Losses
Investments - debt securities:
Corporate debt securities	$	—	$	—	$	35	$	143


	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 September 30, 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 September 30, 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 nine months ended September 30, 2018, the Company determined unrealized losses related to its corporate debt securities were other-than-temporarily impaired and recorded an impairment of $1.7 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.


	September 30, 2019
	Amortized Cost		Fair Value
Due in one year or less	$	178	$	35
Restricted investments		2,342		2,353
	$	2,520	$	2,388

Investments - Equity Securities

As of September 30, 2019 and December 31, 2018 investments - equity securities included $35.2 million and $36.1 million, respectively, of preferred stock investments recorded at fair value. As of September 30, 2019 investments – equity securities also included $1.9 million of common stock investments recorded at fair value. During the three and nine months ended September 30, 2019 the Company had an unrealized loss on investments - equity securities of $1.4 million and $1.3 million, respectively. During the three and nine months ended September 30, 2018 the Company had an unrealized loss on investments – equity securities of $0.1 million and an unrealized gain on investments – equity securities of $0.6 million, respectively. These amounts 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). Mr. Berkowitz is the Chief Investment Officer of FCM. FCM has provided investment advisory services to the Company since April 2013. FCM does not receive any compensation for services as the Company’s investment advisor. As of September 30, 2019, clients of FCM, including Mr. Berkowitz, beneficially owned approximately 44.24% 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.

Pursuant to the terms of an Investment Management Agreement, as amended, with the Company (the “Investment Management Agreement”), FCM 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

9 Months Ended

Sep. 30, 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:


	September 30, 2019
							Total Fair
	Level 1		Level 2		Level 3		Value
Cash equivalents:
Money market funds	$	6,916	$	—	$	—	$	6,916
Commercial paper		138,357		—		—		138,357
U.S. Treasury securities		6,998		—		—		6,998
		152,271		—		—		152,271

Investments - debt securities:
Corporate debt securities		—		35		—		35
		—		35		—		35

Investments - equity securities:
Preferred stock		10,825		24,349		—		35,174
Common stock		1,900		—		—		1,900
		12,725		24,349		—		37,074

Restricted investments:
Short-term bond		2,240		—		—		2,240
Money market fund		113		—		—		113
		2,353		—		—		2,353
	$	167,349	$	24,384	$	—	$	191,733


	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, common stock 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, commercial paper and short term U.S. Treasury securities 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 September 30, 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.

Liabilities measured at fair value on a recurring basis are as follows:


		September 30, 2019
	Location in							Total Fair
	Balance Sheet	Level 1		Level 2		Level 3		Value
Derivative Liabilities:
Interest rate swap	Other liabilities	$	—	$	509	$	—	$	509
		$	—	$	509	$	—	$	509

In June 2019 the Company entered into an interest rate swap agreement designated as a cash flow hedge to manage the interest rate risk associated with variable rate debt. The interest rate swap is effective June 1, 2021 and matures on June 1, 2024 and fixed the variable rate debt on the notional amount of related debt of $20.0 million. As of September 30, 2019, the interest rate swap was recorded at its estimated fair value, based on level 2 measurements, of $0.5 million and is included within other liabilities on the condensed consolidated balance sheet. The gain or loss on the derivative instrument is reported as a component of other comprehensive income and reclassified into earnings in the period during which the hedged transaction affects earnings. The Company did not reclassify any amounts out of other comprehensive income into interest expense during the nine months ended September 30, 2019. See Note 10. Debt for additional information.

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:


	September 30, 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	$	6,728	$	6,736	1	$	7,384	$	7,092	1
Liabilities
Senior Notes held by SPE	$	176,962	$	208,957	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 September 30, 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 $6.3 million and cash of $0.4 million. The Senior Notes held by Northwest Florida Timber Finance, LLC as of September 30, 2019 consist of $177.0 million, net of the $3.0 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	9 Months Ended
Hurricane Michael	Sep. 30, 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 continuing to assess 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. During the three months ended September 30, 2019, no insurance proceeds were received related to business interruption insurance. During the nine months ended September 30, 2019, $1.3 million of insurance proceeds were received related to business interruption insurance, included within cost of hospitality revenue on the condensed consolidated statements of income. Costs incurred due to business interruption, primarily at the marinas, are continuing to be 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. 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 and nine months ended September 30, 2019, the Company recognized $1.2 million and $5.3 million, respectively, of insurance proceeds, included in other income, net on the condensed consolidated statements of income. During the three and nine months ended September 30, 2019, the Company has incurred costs of $0.6 million and $1.7 million, respectively 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. The Company expects that its results of operations related to the marinas and timber assets will be impacted in the near term.

Leases

9 Months Ended

Sep. 30, 2019

Leases

Leases

7. Leases

Leasing revenue consists of rental revenue from multi-family, 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 Company’s leases have remaining lease terms up to the year 2036, some of which include options to terminate or extend.

The components of leasing revenue are as follows:


	Three Months Ended		Nine Months Ended
	September 30, 2019		September 30, 2019
Leasing revenue
Lease payments	$	3,107	$	8,511
Variable lease payments		930		2,707
Total leasing revenue	$	4,037	$	11,218

Minimum future base rental revenue on non-cancelable leases subsequent to September 30, 2019, for the years ending December 31 are:



2019	$	3,950
2020		13,520
2021		10,025
2022		9,115
2023		7,138
Thereafter		19,089
	$	62,837

As of September 30, 2019, the Company leased certain office equipment under a finance lease and had operating leases for property and equipment used in corporate and hospitality operations with remaining lease terms up to the year 2049. 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		Nine Months Ended
	September 30, 2019		September 30, 2019
Lease cost
Finance lease cost:
Amortization of right-of-use assets	$	12	$	28
Interest on lease liability		3		7
Operating lease cost		71		176
Short-term lease cost		332		633
Total lease cost	$	418	$	844

Other information
Weighted-average remaining lease term - finance lease (in years)				4.4
Weighted-average remaining lease term - operating leases (in years)				3.4
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 September 30, 2019, for the years ending December 31 are:


2019	$	14
2020		54
2021		54
2022		54
2023		54
Thereafter		10
Total		240
Less imputed interest		(25)
Total finance lease liability	$	215

The aggregate payments of operating lease liabilities subsequent to September 30, 2019, for the years ending December 31 are:


2019	$	62
2020		246
2021		180
2022		102
2023		63
Thereafter		305
Total		958
Less imputed interest		(214)
Total operating lease liabilities	$	744

Other Assets

9 Months Ended

Sep. 30, 2019

Other Assets

Other Assets

8. Other Assets

Other assets consist of the following:


	September 30,		December 31,
	2019		2018
Restricted investments	$	2,353	$	3,432
Accounts receivable, net		8,537		14,061
Homesite sales receivable		3,760		2,977
Claim settlement receivable		2,741		2,679
Notes receivable		2,724		2,265
Income tax receivable		4,513		3,914
Prepaid expenses		7,012		6,751
Straight-line rent		3,399		3,581
Operating lease right-of-use assets		744		—
Investment in unconsolidated joint venture		4,299		1,105
Other assets		6,883		5,069
Retained interest investments		12,053		11,536
Accrued interest receivable for Senior Notes held by SPE		935		2,938
Total other assets	$	59,953	$	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 nine months ended September 30, 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 and nine months ended September 30, 2019 and 2018. Refer to Note 5. Financial Instruments and Fair Value Measurements.

Accounts Receivable, Net

As of December 31, 2018, accounts receivable, net included $6.7 million of insurance proceeds receivable from the Company’s insurance carriers for property damage related to Hurricane Michael, which were received during the nine months ended September 30, 2019. 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		Decreases Due to
		Balance		Revenue Recognized		Amounts		Balance
		January 1, 2019		for Homesites Sold		Received/Transferred		September 30, 2019
Homesite sales receivable	$	2,977	$	2,663	$	(1,880)	$	3,760


				Increases Due To		Decreases Due to
		Balance		Revenue Recognized		Amounts		Balance
		January 1, 2018		for Homesites Sold		Received/Transferred		September 30, 2018
Homesite sales receivable	$	2,585	$	1,162	$	(1,385)	$	2,362

Claim Settlement Receivable

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

Notes Receivable

Notes receivable consists of the following:


	September 30,		December 31,
	2019		2018
Interest bearing homebuilder note, secured by the real estate sold — 5.5% interest rate, due June 2021	$	1,514	$	—
Interest bearing note with a JV partner, secured by the partner's membership interest in the JV - 8.0% interest rate, due May 2039		363		—
Interest bearing note with a JV partner, secured by the partner's membership interest in the JV - 8.0% interest rate, due July 2039		210		—
Interest bearing homebuilder note, secured by the real estate sold — 5.5% interest rate, due June 2020		253		422
Interest bearing homebuilder note, secured by the real estate sold — 5.5% interest rate, due January 2020		166		749
Interest bearing homebuilder note, secured by the real estate sold — 6.3% interest rate, due March 2020		128		150
Various mortgage notes, secured by certain real estate, bearing interest at various rates		90		141
Pier Park Community Development District notes, non-interest bearing, paid in full in August 2019		—		803
Total notes receivable	$	2,724	$	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 September 30, 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 September 30, 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 $16.7 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 $12.1 million and $11.5 million as of September 30, 2019 and December 31, 2018, respectively, recorded in other assets on the Company’s condensed consolidated balance sheets.

Real Estate Joint Ventures

9 Months Ended

Sep. 30, 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.

Latitude Margaritaville Watersound JV

LMWS, LLC (“Latitude Margaritaville Watersound JV”) was created in June 2019, when the Company entered into a JV agreement to develop a 55+ active adult residential community in Bay County, Florida. The JV parties are working together to develop the first phase of the community, which is anticipated to include 3,500 homes. The community will be located on land that will be contributed to the JV by the Company. As of September 30, 2019, the Company owned a 50.0% voting interest in the JV. Each JV member will initially contribute an equal amount of cash and the Company’s additional land contribution will be returned as each residential unit is sold by the JV until the cumulative distributions equal the land contribution value. The day-to-day activities of the JV will be managed through a board of managers, with each JV partner having equal voting rights. As of September 30, 2019, Latitude Margaritaville Watersound JV did not have any material activity and the Company is currently evaluating whether it is the VIE’s primary beneficiary.

Consolidated Real Estate Joint Ventures

Watercrest JV

Watercrest JV was created in May 2019, when the Company entered into a JV agreement to develop and operate a new assisted living and memory care community in Santa Rosa Beach, Florida. The JV parties are working together to develop and construct a 107 unit community. The community will be located on land that was contributed to the JV by the Company. As of September 30, 2019, the Company owned an 87.0% 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 Watercrest JV is a VIE and that the Company is the VIE’s primary beneficiary as of September 30, 2019.

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 develop and construct a 217 unit apartment community. The community will be located on land near the entrance to the Watersound Origins community, which was contributed to the JV by the Company. As of September 30, 2019, the Company owned a 75.0% 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 Origins Crossings JV is a VIE and that the Company is the VIE’s primary beneficiary as of September 30, 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 construct the remaining 120 units of the 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 September 30, 2019 and December 31, 2018, the Company owned a 75.0% 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 Pier Park Crossings JV is a VIE and that the Company is the VIE’s primary beneficiary as of September 30, 2019 and December 31, 2018.

Windmark JV

As of December 31, 2018, the Company owned a 49.0% interest in Windmark JV. A wholly owned subsidiary of the Company was the managing member of Windmark JV and ran its day-to-day operations. Windmark JV owned and its members made major decisions related to the management and development of the Windmark Beach project. The Company determined Windmark JV was a VIE and that the Company was the VIE’s primary beneficiary as of December 31, 2018. During the third quarter 2019, the Windmark JV distributed property to the two other JV members and a wholly owned subsidiary of the Company purchased the property from the two other members for a total consideration of $11.6 million and, as a result, the Company now owns 100.0% of the Windmark project.

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 September 30, 2019 and December 31, 2018, the Company owned a 60.0% 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 September 30, 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 nine months ended September 30, 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 September 30, 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 with no income or loss impacting the condensed consolidated statements of income for the three and nine months ended September 30, 2019. As of September 30, 2019 and December 31, 2018, the Company owned a 50.0% 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:


	September 30,		December 31,
	2019		2018
BALANCE SHEETS:
Investment in real estate	$	10,905	$	285
Cash and cash equivalents		86		64
Total assets	$	10,991	$	349

Debt, net	$	2,787	$	—
Other liabilities		2,026		3
Equity		6,178		346
Total liabilities and equity	$	10,991	$	349

SJBB, LLC

SJBB, LLC (“Busy Bee JV”) was created in July 2019, when the Company entered into a JV agreement to construct, own and manage a Busy Bee branded fuel station and convenience store in Panama City Beach, Florida. The fuel station and convenience store will be located on land that the Company contributed to the JV on July 5, 2019. As of September 30, 2019, the investment in the unconsolidated JV was $1.2 million, which is included in other assets on the condensed consolidated balance sheets. The investment in the unconsolidated JV as of September 30, 2019 includes $1.4 million for the fair value of land contributed by the Company, which was offset by a $0.2 million note receivable from the JV partner. The project is currently under construction with no income or loss impacting the condensed consolidated statements of income for the three and nine months ended September 30, 2019. As of September 30, 2019, the Company owned a 50.0% interest in the JV. The Company’s partner is responsible for the day-to-day activities of the JV. The Company has determined that Busy Bee 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 the Busy Bee JV is accounted for using the equity method.

Summarized financial information for Busy Bee JV is as follows:


	September 30,
	2019
BALANCE SHEETS:
Investment in real estate	$	1,865
Cash and cash equivalents		554
Total assets	$	2,419

Other liabilities	$	39
Equity		2,380
Total liabilities and equity	$	2,419

Debt

9 Months Ended

Sep. 30, 2019

Debt

Debt

10. Debt, Net

Debt consists of the following:


	September 30, 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%	$	45,745	$	396	$	45,349	$	46,423	$	446	$	45,977
Pier Park Crossings JV Loan, insured by HUD, due June 2060, bearing interest at 4.0%		29,717		1,094		28,623		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%		7,079		—		7,079		6,324		—		6,324
Beach Homes Loan, due May 2029, bearing interest at LIBOR plus 1.7% (effective rate of 3.7% at September 30, 2019)		1,605		20		1,585		—		—		—
Pier Park Outparcel Construction Loan, due March 2027, bearing interest at LIBOR plus 1.7% (effective rate of 3.7% at September 30, 2019)		1,550		15		1,535		1,585		16		1,569
WaterColor Crossings Construction Loan, due February 2029, bearing interest at LIBOR plus 1.7% (effective rate of 3.7% at September 30, 2019)		1,434		24		1,410		1,245		26		1,219
Total debt	$	87,130	$	1,549	$	85,581	$	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 $18.8 million and $19.9 million as of September 30, 2019 and December 31, 2018, respectively. The Company pays interest on this total outstanding CDD debt.

In March 2017, a wholly owned subsidiary of the Company entered into a $1.6 million construction loan to finance the construction of a commercial leasing property located in Panama City Beach, Florida (the “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 monthly principal and interest payments 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 monthly principal and interest payments 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.

In May 2019, the Origins Crossings JV entered into a $37.9 million loan (the “Origins Crossings JV Loan”) to finance the construction of apartments in Watersound, Florida. The Origins Crossings JV Loan provides for interest only payments for the first thirty months and principal and interest payments thereafter through maturity in May 2024. The Origins Crossings 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 Origins Crossings JV Loan, the Company executed a guarantee in favor of the lender to guarantee the payment and performance of the borrower under the Origins Crossings JV Loan. The Company is the sole guarantor and will receive a fee related to the guarantee from its JV partner based on the JV partner’s ownership percentage. As of September 30, 2019, there was no principal balance and the JV incurred $0.5 million of loan costs related to the Origins Crossings JV Loan.

In June 2019, the Watercrest JV entered into a $22.5 million loan (the “Watercrest JV Loan”) to finance the construction of a senior living facility in Santa Rosa Beach, Florida. The Watercrest JV Loan provides for interest only payments for the first thirty-six months and principal and interest payments thereafter through maturity in June 2047. The Watercrest JV Loan is secured by the real property, assignment of rents, leases and deposits and the security interest in the rents and personal property. In connection with the Watercrest JV Loan, the Company executed a guarantee in favor of the lender to guarantee the payment and performance of the borrower under the Watercrest JV Loan. The Company is the sole guarantor and will receive a fee related to the guarantee from its JV partner based on the JV partner’s ownership percentage. The Company entered into an interest rate swap to hedge cash flows tied to changes in the underlying floating interest rate tied to LIBOR. The interest rate swap is effective June 1, 2021 and matures on June 1, 2024 and fixed the variable rate debt on the notional amount of related debt of $20.0 million to a rate of 4.37%. As of September 30, 2019, there was no principal balance and the JV incurred $0.3 million of loan costs related to the Watercrest JV Loan.

In August 2019, a wholly owned subsidiary of the Company entered into a $5.5 million loan (the “Beckrich Building III Loan”) to finance the construction of an office building in Panama City Beach, Florida. The Beckrich Building III Loan provides for interest only payments for the first twelve months and principal and interest payments thereafter through maturity in August 2029. The Beckrich Building III Loan is secured by the real property, assignment of leases, rents and profits and the security interest in the rents and personal property. In connection with the Beckrich Building III Loan, the Company executed a guarantee in favor of the lender to guarantee the payment and performance of the borrower under the Beckrich Building III Loan. As of September 30, 2019, there was no principal balance and the Company incurred $0.1 million of loan costs related to the Beckrich Building III Loan.

The aggregate maturities of debt subsequent to September 30, 2019, for the years ending December 31 are:


	September 30,
	2019
2019	$	294
2020		2,013
2021		2,221
2022		2,235
2023		2,260
Thereafter		78,107
	$	87,130

Other Liabilities

9 Months Ended

Sep. 30, 2019

Other Liabilities

Other Liabilities

11. Other Liabilities

Other liabilities consist of the following:


	September 30,		December 31,
	2019		2018
Accounts payable	$	17,537	$	10,148
Finance lease liability		215		—
Operating lease liabilities		744		—
Accrued compensation		2,793		3,112
Other accrued liabilities		7,083		2,560
Deferred revenue		19,525		17,478
Club initiation fees		6,845		5,676
Club membership deposits		4,097		4,286
Advance deposits		1,298		1,277
Accrued interest expense for Senior Notes held by SPE		713		2,850
Total other liabilities	$	60,850	$	47,387

Accounts payable increased to $17.5 million as of September 30, 2019, compared to $10.1 million as of December 31, 2018, due to the timing of payables related to new projects under development and construction.

Other accrued liabilities include $3.5 million of accrued property taxes as of September 30, 2019, which are generally paid annually in November. As of December 31, 2018 the Company had no accrued property taxes.

Deferred revenue as of September 30, 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		September 30, 2019
Contract liabilities
Club initiation fees	$	5,676	$	2,518	$	(1,349)	$	6,845


		Balance		Increases Due To		Decreases Due to		Balance
		January 1, 2018		Cash Received		Revenue Recognized		September 30, 2018
Contract liabilities
Club initiation fees	$	5,199	$	1,395	$	(1,073)	$	5,521

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

9 Months Ended

Sep. 30, 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 September 30, 2019 and 2018 to pre-tax income as a result of the following:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2019		2018		2019		2018
Tax at the federal statutory rate	$	1,854	$	420	$	5,278	$	7,402
State income taxes (net of federal benefit)		311		88		885		1,532
Change in state tax rate		1,187		—		1,187		—
2017 qualified timber gains at the federal statutory rate of 23.8% (1)		—		—		—		(524)
Decrease in valuation allowance		—		(3,480)		—		(4,931)
Change in federal AMT credit carryforward (1)		—		(511)		—		(511)
Other		(349)		—		(252)		(153)
Total income tax expense (benefit)	$	3,003	$	(3,483)	$	7,098	$	2,815

(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.

On September 12, 2019, the Florida Department of Revenue announced that the corporate income tax rate for tax years 2019, 2020, and 2021 is reduced from 5.5% to 4.458%. As a result, the Company has recorded $1.2 million of income tax expense during both the three and nine months ending September 30, 2019 to adjust its deferred tax balances due to the impact on the Company’s existing Florida net operating loss carried forward in addition to other temporary differences.

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 September 30, 2019 or December 31, 2018.

Accumulated Other Comprehensive Loss

9 Months Ended

Sep. 30, 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		Unrealized Loss
	on Available-for-		Cash Flow
	Sale Securities		Hedge		Total
Accumulated other comprehensive loss at December 31, 2018	$	(674)	$	—	$	(674)
Other comprehensive income (loss) before reclassifications		628		(385)		243
Amounts reclassified from accumulated other comprehensive loss		(59)		—		(59)
Other comprehensive income (loss)		569		(385)		184
Accumulated other comprehensive loss at September 30, 2019	$	(105)	$	(385)	$	(490)

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


	Three Months Ended September 30, 2019
	Before-		Tax (Expense) or		Net-of-
	Tax Amount		Benefit		Tax Amount
Unrealized gain on available-for-sale investments	$	34	$	(8)	$	26
Interest rate swap		(509)		124		(385)
Reclassification adjustment for net gain included in earnings		(80)		19		(61)
Net unrealized loss		(555)		135		(420)
Other comprehensive loss	$	(555)	$	135	$	(420)


	Three Months Ended September 30, 2018
	Before-		Tax Benefit or		Net-of-
	Tax Amount		(Expense)		Tax Amount
Unrealized loss on available-for-sale investments	$	(1,244)	$	316	$	(928)
Reclassification adjustment for other-than-temporary impairment loss included in earnings		1,660		(421)		1,239
Net unrealized gain		416		(105)		311
Other comprehensive income	$	416	$	(105)	$	311


	Nine Months Ended September 30, 2019
	Before-		Tax (Expense) or		Net-of-
	Tax Amount		Benefit		Tax Amount
Unrealized gain on available-for-sale investments	$	824	$	(210)	$	614
Unrealized gain on restricted investments		18		(4)		14
Interest rate swap		(509)		124		(385)
Reclassification adjustment for net gain included in earnings		(78)		19		(59)
Net unrealized gain		255		(71)		184
Other comprehensive income	$	255	$	(71)	$	184


	Nine Months Ended September 30, 2018
	Before-		Tax Benefit or		Net-of-
	Tax Amount		(Expense)		Tax Amount
Unrealized loss on available-for-sale investments	$	(1,726)	$	438	$	(1,288)
Unrealized loss on restricted investments		(9)		2		(7)
Reclassification adjustment for net loss included in earnings		1,050		(266)		784
Reclassification adjustment for other-than-temporary impairment loss included in earnings		1,723		(436)		1,287
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		1,970		(811)		1,159
Other comprehensive income	$	1,970	$	(811)	$	1,159

(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	9 Months Ended
Stockholders' Equity	Sep. 30, 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 nine months ended September 30, 2019 and 2018, the Company repurchased 1,141,529 and 5,238,566 shares, respectively, of its common stock at an average purchase price of $16.55 and $17.82, per share, respectively, for an aggregate purchase price of $18.8 million and $93.4 million, respectively, pursuant to its Stock Repurchase Program. As of August 15, 2019, the Company had a total authority of $35.8 million available for purchase of shares of its common stock pursuant to its previously announced Stock Repurchase Program. On August 15, 2019, the Company’s Board authorized additional repurchase authority of up to $64.2 million of the Company’s shares of its common stock under the Stock Repurchase Program, bringing the total authorized repurchase authority to $100.0 million. As of September 30, 2019, the Company had a total authority of $88.3 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 20, 2019, 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 1, 2019, 5,708 shares of restricted stock were granted to two of the Company’s directors pursuant to the Board’s May 20, 2019 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 2020 Annual Meeting of Shareholders. Two non-employee directors elected to receive cash in lieu of the stock, which was paid in July 2019. 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 Plan. This restricted stock vested on May 20, 2019, the date of the Company’s 2019 Annual Meeting of Shareholders. 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 and nine months ended September 30, 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 nine months ended September 30, 2018, the Company recorded expense of $0.2 million related to restricted stock awards to the Company’s NEOs.

Revenue Recognition

9 Months Ended

Sep. 30, 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 September 30, 2019
						Commercial
		Residential				Leasing
		Real Estate		Hospitality		and Sales		Forestry		Other		Total
Revenue by Major Good/Service:
Real estate revenue	$	10,963	$	—	$	2,150	$	42	$	335	$	13,490
Hospitality revenue		—		14,003		—		—		—		14,003
Leasing revenue		—		39		3,792		206		—		4,037
Timber revenue		—		—		—		1,326		—		1,326
Total revenue	$	10,963	$	14,042	$	5,942	$	1,574	$	335	$	32,856

Timing of Revenue Recognition:
Recognized at a point in time	$	10,963	$	13,224	$	2,150	$	1,368	$	335	$	28,040
Recognized over time		—		779		—		—		—		779
Over lease term		—		39		3,792		206		—		4,037
Total revenue	$	10,963	$	14,042	$	5,942	$	1,574	$	335	$	32,856


	Three Months Ended September 30, 2018
						Commercial
		Residential				Leasing
		Real Estate		Hospitality		and Sales		Forestry		Other		Total
Revenue by Major Good/Service:
Real estate revenue	$	1,959	$	—	$	3,275	$	666	$	300	$	6,200
Hospitality revenue		—		12,130		—		—		—		12,130
Leasing revenue		—		435		2,950		188		—		3,573
Timber revenue		—		—		—		1,773		—		1,773
Total revenue	$	1,959	$	12,565	$	6,225	$	2,627	$	300	$	23,676

Timing of Revenue Recognition:
Recognized at a point in time	$	1,959	$	11,416	$	3,275	$	2,439	$	300	$	19,389
Recognized over time		—		714		—		—		—		714
Over lease term		—		435		2,950		188		—		3,573
Total revenue	$	1,959	$	12,565	$	6,225	$	2,627	$	300	$	23,676


	Nine Months Ended September 30, 2019
						Commercial
		Residential				Leasing
		Real Estate		Hospitality		and Sales		Forestry		Other		Total
Revenue by Major Good/Service:
Real estate revenue	$	28,150	$	—	$	3,176	$	1,415	$	893	$	33,634
Hospitality revenue		—		36,994		—		—		—		36,994
Leasing revenue		—		113		10,518		587		—		11,218
Timber revenue		—		—		—		2,580		—		2,580
Total revenue	$	28,150	$	37,107	$	13,694	$	4,582	$	893	$	84,426

Timing of Revenue Recognition:
Recognized at a point in time	$	28,150	$	34,923	$	3,176	$	3,995	$	893	$	71,137
Recognized over time		—		2,071		—		—		—		2,071
Over lease term		—		113		10,518		587		—		11,218
Total revenue	$	28,150	$	37,107	$	13,694	$	4,582	$	893	$	84,426


	Nine Months Ended September 30, 2018
						Commercial
		Residential				Leasing
		Real Estate		Hospitality		and Sales		Forestry		Other		Total
Revenue by Major Good/Service:
Real estate revenue (a)	$	37,641	$	—	$	4,039	$	1,576	$	2,805	$	46,061
Hospitality revenue		—		32,056		—		—		—		32,056
Leasing revenue		—		1,229		8,681		597		—		10,507
Timber revenue		108		—		—		5,242		—		5,350
Total revenue	$	37,749	$	33,285	$	12,720	$	7,415	$	2,805	$	93,974

Timing of Revenue Recognition:
Recognized at a point in time	$	37,749	$	30,519	$	4,039	$	6,818	$	2,805	$	81,930
Recognized over time		—		1,537		—		—		—		1,537
Over lease term		—		1,229		8,681		597		—		10,507
Total revenue	$	37,749	$	33,285	$	12,720	$	7,415	$	2,805	$	93,974

(a)

Residential real estate includes revenue of $23.1 million for the nine months ended September 30, 2018 for a one-time receipt of RiverTown impact fees related to the 2014 RiverTown transaction.

Other Income (Expense)

9 Months Ended

Sep. 30, 2019

Other Income (Expense)

Other Income (Expense)

16. Other Income (Expense)

Other income (expense) consists of the following:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2019		2018		2019		2018
Investment income, net
Interest and dividend income	$	1,637	$	1,802	$	5,752	$	7,025
Accretion income		—		218		84		641
Net realized gain (loss) on the sale of investments		28		125		26		(961)
Other-than-temporary impairment loss		—		(1,660)		—		(1,723)
Unrealized (loss) gain on investments, net		(1,439)		(89)		(1,305)		641
Interest income from investments in SPEs		2,047		2,049		6,143		6,148
Interest accrued on notes receivable and other interest		98		130		252		450
Total investment income, net		2,371		2,575		10,952		12,221
Interest expense
Interest expense and amortization of discount and issuance costs for Senior Notes issued by SPE		(2,201)		(2,197)		(6,599)		(6,590)
Other interest expense		(908)		(729)		(2,476)		(2,315)
Total interest expense		(3,109)		(2,926)		(9,075)		(8,905)
Other income (expense), net
Gain on land contribution to equity method investment		846		—		2,317		—
Accretion income from retained interest investments		335		316		982		909
Insurance proceeds		1,243		—		5,314		—
Hurricane expense		(575)		—		(1,703)		—
Miscellaneous income (expense), net		298		(48)		216		(122)
Other income, net		2,147		268		7,126		787
Total other income (expense), net	$	1,409	$	(83)	$	9,003	$	4,103

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 investments 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 gain (loss) on the sale of investments include the gains or losses recognized on the sale of available-for-sale and equity securities prior to maturity. Other-than-temporary impairment loss includes impairments related to the Company’s corporate debt securities for the three and nine months ended September 30, 2018. Unrealized (loss) gain 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 incurred related to the Company’s CDD debt, Senior Notes issued by Northwest Florida Timber Finance, LLC, project financing 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%.

During the three and nine months ended September 30, 2019 the Company capitalized $0.1 million and $0.5 million, respectively in interest related to projects under development. During both the three and nine months ended September 30, 2018 the Company capitalized $0.1 million in interest related to projects under development. These amounts are included within investment in real estate, net on the Company’s condensed consolidated balance sheets.

Other Income, Net

Other income, net primarily includes gain on land contributions, income from the Company’s retained interest investments, insurance proceeds, hurricane expenses and other income and expense items. The three and nine months ended September 30, 2019 include a gain of $0.8 million on land contributed to the Company’s unconsolidated Busy Bee JV. The nine months ended September 30, 2019, include a gain of $1.5 million on land contributed to the Company’s unconsolidated Pier Park TPS JV. See Note 9, Real Estate Joint Ventures for additional information. During the three and nine months ended September 30, 2019, the Company received $1.2 million and $5.3 million, respectively, of insurance proceeds and incurred $0.6 million and $1.7 million, respectively, 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 11.7%.

Segment Information

9 Months Ended

Sep. 30, 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, cash flows 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 before income taxes consists of corporate operating expenses, net of corporate other income.

Information by business segment is as follows:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2019		2018		2019		2018
Operating revenue:
Residential real estate (a)	$	10,963	$	1,959	$	28,150	$	37,749
Hospitality		14,042		12,565		37,107		33,285
Commercial leasing and sales		5,942		6,225		13,694		12,720
Forestry revenue		1,574		2,627		4,582		7,415
Other (b)		335		300		893		2,805
Consolidated operating revenue	$	32,856	$	23,676	$	84,426	$	93,974

Income (loss) before income taxes:
Residential real estate (a)	$	4,102	$	(368)	$	9,910	$	26,048
Hospitality		2,779		1,747		7,285		3,615
Commercial leasing and sales		3,291		609		5,610		329
Forestry		1,168		2,072		3,473		5,830
Other		(2,511)		(2,199)		(1,146)		(972)
Consolidated income before income taxes	$	8,829	$	1,861	$	25,132	$	34,850

(a)

Includes revenue of $23.1 million for the nine months ended September 30, 2018 for a one-time receipt of RiverTown impact fees related to the 2014 RiverTown transaction.

(b)

Includes revenue of $2.2 million for the nine months ended September 30, 2018 related to a specific sale of mitigation bank credits.


	September 30,		December 31,
	2019		2018
Total assets:
Residential real estate	$	136,469	$	125,642
Hospitality		84,877		70,746
Commercial leasing and sales		222,692		182,658
Forestry		20,842		20,189
Other		433,146		471,727
Total assets	$	898,026	$	870,962

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 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 September 30, 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. As of September 30, 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 $10.7 million and $9.4 million, respectively, which may potentially result in liability to the Company if certain obligations of the Company are not met. As of September 30, 2019, the Company had a total of $111.0 million in construction and development related contractual obligations, of which a significant portion will be funded through committed financing arrangements. 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 September 30, 2019, $3.1 million was outstanding on the Pier Park TPS JV Loan.

Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 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

Codification Updates

Recently Issued Accounting Pronouncements

Financial Instruments - Credit Losses

Investment in Real Estate (Table)

9 Months Ended

Sep. 30, 2019

Investment in Real Estate

Schedule of real estate by property type and segment


	September 30,		December 31,
	2019		2018
Development property:
Residential real estate	$	116,810	$	105,323
Hospitality		2,664		3,726
Commercial leasing and sales		99,506		73,128
Forestry		1,884		2,144
Corporate		2,540		2,497
Total development property		223,404		186,818

Operating property:
Residential real estate		7,344		7,344
Hospitality		98,961		93,046
Commercial leasing and sales		131,778		111,471
Forestry		20,811		19,765
Other		50		50
Total operating property		258,944		231,676
Less: Accumulated depreciation		72,172		67,500
Total operating property, net		186,772		164,176
Investment in real estate, net	$	410,176	$	350,994

Investments (Tables)

9 Months Ended

Sep. 30, 2019

Investments

Schedule of Investments


	September 30, 2019
			Gross Unrealized		Gross Unrealized
	Amortized Cost		Gains		(Losses)		Fair Value
Investments - debt securities:
Corporate debt securities	$	178	$	—	$	(143)	$	35
		178		—		(143)		35
Restricted investments:
Short-term bond		2,229		11		—		2,240
Money market fund		113		—		—		113
		2,342		11		—		2,353
	$	2,520	$	11	$	(143)	$	2,388


	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


	September 30, 2019
	Less Than 12 Months				12 Months or Greater
			Unrealized				Unrealized
	Fair Value		Losses		Fair Value		Losses
Investments - debt securities:
Corporate debt securities	$	—	$	—	$	35	$	143


	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


	September 30, 2019
	Amortized Cost		Fair Value
Due in one year or less	$	178	$	35
Restricted investments		2,342		2,353
	$	2,520	$	2,388

Financial Instruments and Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2019

Financial Instruments and Fair Value Measurements

Schedule of Financial Instruments Measured at Fair Value on Recurring Basis


	September 30, 2019
							Total Fair
	Level 1		Level 2		Level 3		Value
Cash equivalents:
Money market funds	$	6,916	$	—	$	—	$	6,916
Commercial paper		138,357		—		—		138,357
U.S. Treasury securities		6,998		—		—		6,998
		152,271		—		—		152,271

Investments - debt securities:
Corporate debt securities		—		35		—		35
		—		35		—		35

Investments - equity securities:
Preferred stock		10,825		24,349		—		35,174
Common stock		1,900		—		—		1,900
		12,725		24,349		—		37,074

Restricted investments:
Short-term bond		2,240		—		—		2,240
Money market fund		113		—		—		113
		2,353		—		—		2,353
	$	167,349	$	24,384	$	—	$	191,733


	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 Liabilities Measured at Fair Value on Recurring Basis


		September 30, 2019
	Location in							Total Fair
	Balance Sheet	Level 1		Level 2		Level 3		Value
Derivative Liabilities:
Interest rate swap	Other liabilities	$	—	$	509	$	—	$	509
		$	—	$	509	$	—	$	509

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


	September 30, 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	$	6,728	$	6,736	1	$	7,384	$	7,092	1
Liabilities
Senior Notes held by SPE	$	176,962	$	208,957	3	$	176,775	$	193,293	3

Leases (Tables)

9 Months Ended

Sep. 30, 2019

Leases

Schedule of components of leasing revenue


	Three Months Ended		Nine Months Ended
	September 30, 2019		September 30, 2019
Leasing revenue
Lease payments	$	3,107	$	8,511
Variable lease payments		930		2,707
Total leasing revenue	$	4,037	$	11,218

Schedule of minimum future base rental revenue



2019	$	3,950
2020		13,520
2021		10,025
2022		9,115
2023		7,138
Thereafter		19,089
	$	62,837

Schedule of lease cost



	Three Months Ended		Nine Months Ended
	September 30, 2019		September 30, 2019
Lease cost
Finance lease cost:
Amortization of right-of-use assets	$	12	$	28
Interest on lease liability		3		7
Operating lease cost		71		176
Short-term lease cost		332		633
Total lease cost	$	418	$	844

Other information
Weighted-average remaining lease term - finance lease (in years)				4.4
Weighted-average remaining lease term - operating leases (in years)				3.4
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 September 30, 2019, for the years ending December 31 are:


2019	$	14
2020		54
2021		54
2022		54
2023		54
Thereafter		10
Total		240
Less imputed interest		(25)
Total finance lease liability	$	215

Schedule of aggregate payments of operating lease liabilities

The aggregate payments of operating lease liabilities subsequent to September 30, 2019, for the years ending December 31 are:


2019	$	62
2020		246
2021		180
2022		102
2023		63
Thereafter		305
Total		958
Less imputed interest		(214)
Total operating lease liabilities	$	744

Other Assets (Tables)

9 Months Ended

Sep. 30, 2019

Other Assets

Schedule of Other Assets


	September 30,		December 31,
	2019		2018
Restricted investments	$	2,353	$	3,432
Accounts receivable, net		8,537		14,061
Homesite sales receivable		3,760		2,977
Claim settlement receivable		2,741		2,679
Notes receivable		2,724		2,265
Income tax receivable		4,513		3,914
Prepaid expenses		7,012		6,751
Straight-line rent		3,399		3,581
Operating lease right-of-use assets		744		—
Investment in unconsolidated joint venture		4,299		1,105
Other assets		6,883		5,069
Retained interest investments		12,053		11,536
Accrued interest receivable for Senior Notes held by SPE		935		2,938
Total other assets	$	59,953	$	60,308

Schedule of Lot Sales Receivable


				Increases Due To		Decreases Due to
		Balance		Revenue Recognized		Amounts		Balance
		January 1, 2019		for Homesites Sold		Received/Transferred		September 30, 2019
Homesite sales receivable	$	2,977	$	2,663	$	(1,880)	$	3,760


				Increases Due To		Decreases Due to
		Balance		Revenue Recognized		Amounts		Balance
		January 1, 2018		for Homesites Sold		Received/Transferred		September 30, 2018
Homesite sales receivable	$	2,585	$	1,162	$	(1,385)	$	2,362

Schedule of Notes Receivable


	September 30,		December 31,
	2019		2018
Interest bearing homebuilder note, secured by the real estate sold — 5.5% interest rate, due June 2021	$	1,514	$	—
Interest bearing note with a JV partner, secured by the partner's membership interest in the JV - 8.0% interest rate, due May 2039		363		—
Interest bearing note with a JV partner, secured by the partner's membership interest in the JV - 8.0% interest rate, due July 2039		210		—
Interest bearing homebuilder note, secured by the real estate sold — 5.5% interest rate, due June 2020		253		422
Interest bearing homebuilder note, secured by the real estate sold — 5.5% interest rate, due January 2020		166		749
Interest bearing homebuilder note, secured by the real estate sold — 6.3% interest rate, due March 2020		128		150
Various mortgage notes, secured by certain real estate, bearing interest at various rates		90		141
Pier Park Community Development District notes, non-interest bearing, paid in full in August 2019		—		803
Total notes receivable	$	2,724	$	2,265

Real Estate Joint Ventures (Tables)

9 Months Ended

Sep. 30, 2019

Pier Park TPS JV

Investments

Schedule of financial information of unconsolidated joint venture


	September 30,		December 31,
	2019		2018
BALANCE SHEETS:
Investment in real estate	$	10,905	$	285
Cash and cash equivalents		86		64
Total assets	$	10,991	$	349

Debt, net	$	2,787	$	—
Other liabilities		2,026		3
Equity		6,178		346
Total liabilities and equity	$	10,991	$	349

Busy Bee JV

Investments

Schedule of financial information of unconsolidated joint venture


	September 30,
	2019
BALANCE SHEETS:
Investment in real estate	$	1,865
Cash and cash equivalents		554
Total assets	$	2,419

Other liabilities	$	39
Equity		2,380
Total liabilities and equity	$	2,419

Debt (Tables)

9 Months Ended

Sep. 30, 2019

Debt

Schedule of Debt


	September 30, 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%	$	45,745	$	396	$	45,349	$	46,423	$	446	$	45,977
Pier Park Crossings JV Loan, insured by HUD, due June 2060, bearing interest at 4.0%		29,717		1,094		28,623		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%		7,079		—		7,079		6,324		—		6,324
Beach Homes Loan, due May 2029, bearing interest at LIBOR plus 1.7% (effective rate of 3.7% at September 30, 2019)		1,605		20		1,585		—		—		—
Pier Park Outparcel Construction Loan, due March 2027, bearing interest at LIBOR plus 1.7% (effective rate of 3.7% at September 30, 2019)		1,550		15		1,535		1,585		16		1,569
WaterColor Crossings Construction Loan, due February 2029, bearing interest at LIBOR plus 1.7% (effective rate of 3.7% at September 30, 2019)		1,434		24		1,410		1,245		26		1,219
Total debt	$	87,130	$	1,549	$	85,581	$	70,976	$	1,602	$	69,374

Schedule of Aggregate Maturities of Debt

The aggregate maturities of debt subsequent to September 30, 2019, for the years ending December 31 are:


	September 30,
	2019
2019	$	294
2020		2,013
2021		2,221
2022		2,235
2023		2,260
Thereafter		78,107
	$	87,130

Other Liabilities (Tables)

9 Months Ended

Sep. 30, 2019

Other Liabilities

Schedule of Other Liabilities


	September 30,		December 31,
	2019		2018
Accounts payable	$	17,537	$	10,148
Finance lease liability		215		—
Operating lease liabilities		744		—
Accrued compensation		2,793		3,112
Other accrued liabilities		7,083		2,560
Deferred revenue		19,525		17,478
Club initiation fees		6,845		5,676
Club membership deposits		4,097		4,286
Advance deposits		1,298		1,277
Accrued interest expense for Senior Notes held by SPE		713		2,850
Total other liabilities	$	60,850	$	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		September 30, 2019
Contract liabilities
Club initiation fees	$	5,676	$	2,518	$	(1,349)	$	6,845


		Balance		Increases Due To		Decreases Due to		Balance
		January 1, 2018		Cash Received		Revenue Recognized		September 30, 2018
Contract liabilities
Club initiation fees	$	5,199	$	1,395	$	(1,073)	$	5,521

Income Taxes (Tables)

9 Months Ended

Sep. 30, 2019

Income Taxes

Schedule of effective income tax rate reconciliation


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2019		2018		2019		2018
Tax at the federal statutory rate	$	1,854	$	420	$	5,278	$	7,402
State income taxes (net of federal benefit)		311		88		885		1,532
Change in state tax rate		1,187		—		1,187		—
2017 qualified timber gains at the federal statutory rate of 23.8% (1)		—		—		—		(524)
Decrease in valuation allowance		—		(3,480)		—		(4,931)
Change in federal AMT credit carryforward (1)		—		(511)		—		(511)
Other		(349)		—		(252)		(153)
Total income tax expense (benefit)	$	3,003	$	(3,483)	$	7,098	$	2,815

(1)

Accumulated Other Comprehensive Loss (Tables)

9 Months Ended

Sep. 30, 2019

Accumulated Other Comprehensive Loss

Summary of Changes in Accumulated Other Comprehensive Loss


	Unrealized Gain		Unrealized Loss
	on Available-for-		Cash Flow
	Sale Securities		Hedge		Total
Accumulated other comprehensive loss at December 31, 2018	$	(674)	$	—	$	(674)
Other comprehensive income (loss) before reclassifications		628		(385)		243
Amounts reclassified from accumulated other comprehensive loss		(59)		—		(59)
Other comprehensive income (loss)		569		(385)		184
Accumulated other comprehensive loss at September 30, 2019	$	(105)	$	(385)	$	(490)

Summary of Tax Effects Allocated to Other Comprehensive Income

	Three Months Ended September 30, 2019
	Before-		Tax (Expense) or		Net-of-
	Tax Amount		Benefit		Tax Amount
Unrealized gain on available-for-sale investments	$	34	$	(8)	$	26
Interest rate swap		(509)		124		(385)
Reclassification adjustment for net gain included in earnings		(80)		19		(61)
Net unrealized loss		(555)		135		(420)
Other comprehensive loss	$	(555)	$	135	$	(420)


	Three Months Ended September 30, 2018
	Before-		Tax Benefit or		Net-of-
	Tax Amount		(Expense)		Tax Amount
Unrealized loss on available-for-sale investments	$	(1,244)	$	316	$	(928)
Reclassification adjustment for other-than-temporary impairment loss included in earnings		1,660		(421)		1,239
Net unrealized gain		416		(105)		311
Other comprehensive income	$	416	$	(105)	$	311


	Nine Months Ended September 30, 2019
	Before-		Tax (Expense) or		Net-of-
	Tax Amount		Benefit		Tax Amount
Unrealized gain on available-for-sale investments	$	824	$	(210)	$	614
Unrealized gain on restricted investments		18		(4)		14
Interest rate swap		(509)		124		(385)
Reclassification adjustment for net gain included in earnings		(78)		19		(59)
Net unrealized gain		255		(71)		184
Other comprehensive income	$	255	$	(71)	$	184


	Nine Months Ended September 30, 2018
	Before-		Tax Benefit or		Net-of-
	Tax Amount		(Expense)		Tax Amount
Unrealized loss on available-for-sale investments	$	(1,726)	$	438	$	(1,288)
Unrealized loss on restricted investments		(9)		2		(7)
Reclassification adjustment for net loss included in earnings		1,050		(266)		784
Reclassification adjustment for other-than-temporary impairment loss included in earnings		1,723		(436)		1,287
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		1,970		(811)		1,159
Other comprehensive income	$	1,970	$	(811)	$	1,159

(1)

(2)

Revenue Recognition (Tables)

9 Months Ended

Sep. 30, 2019

Revenue Recognition

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

	Three Months Ended September 30, 2019
						Commercial
		Residential				Leasing
		Real Estate		Hospitality		and Sales		Forestry		Other		Total
Revenue by Major Good/Service:
Real estate revenue	$	10,963	$	—	$	2,150	$	42	$	335	$	13,490
Hospitality revenue		—		14,003		—		—		—		14,003
Leasing revenue		—		39		3,792		206		—		4,037
Timber revenue		—		—		—		1,326		—		1,326
Total revenue	$	10,963	$	14,042	$	5,942	$	1,574	$	335	$	32,856

Timing of Revenue Recognition:
Recognized at a point in time	$	10,963	$	13,224	$	2,150	$	1,368	$	335	$	28,040
Recognized over time		—		779		—		—		—		779
Over lease term		—		39		3,792		206		—		4,037
Total revenue	$	10,963	$	14,042	$	5,942	$	1,574	$	335	$	32,856


	Three Months Ended September 30, 2018
						Commercial
		Residential				Leasing
		Real Estate		Hospitality		and Sales		Forestry		Other		Total
Revenue by Major Good/Service:
Real estate revenue	$	1,959	$	—	$	3,275	$	666	$	300	$	6,200
Hospitality revenue		—		12,130		—		—		—		12,130
Leasing revenue		—		435		2,950		188		—		3,573
Timber revenue		—		—		—		1,773		—		1,773
Total revenue	$	1,959	$	12,565	$	6,225	$	2,627	$	300	$	23,676

Timing of Revenue Recognition:
Recognized at a point in time	$	1,959	$	11,416	$	3,275	$	2,439	$	300	$	19,389
Recognized over time		—		714		—		—		—		714
Over lease term		—		435		2,950		188		—		3,573
Total revenue	$	1,959	$	12,565	$	6,225	$	2,627	$	300	$	23,676


	Nine Months Ended September 30, 2019
						Commercial
		Residential				Leasing
		Real Estate		Hospitality		and Sales		Forestry		Other		Total
Revenue by Major Good/Service:
Real estate revenue	$	28,150	$	—	$	3,176	$	1,415	$	893	$	33,634
Hospitality revenue		—		36,994		—		—		—		36,994
Leasing revenue		—		113		10,518		587		—		11,218
Timber revenue		—		—		—		2,580		—		2,580
Total revenue	$	28,150	$	37,107	$	13,694	$	4,582	$	893	$	84,426

Timing of Revenue Recognition:
Recognized at a point in time	$	28,150	$	34,923	$	3,176	$	3,995	$	893	$	71,137
Recognized over time		—		2,071		—		—		—		2,071
Over lease term		—		113		10,518		587		—		11,218
Total revenue	$	28,150	$	37,107	$	13,694	$	4,582	$	893	$	84,426


	Nine Months Ended September 30, 2018
						Commercial
		Residential				Leasing
		Real Estate		Hospitality		and Sales		Forestry		Other		Total
Revenue by Major Good/Service:
Real estate revenue (a)	$	37,641	$	—	$	4,039	$	1,576	$	2,805	$	46,061
Hospitality revenue		—		32,056		—		—		—		32,056
Leasing revenue		—		1,229		8,681		597		—		10,507
Timber revenue		108		—		—		5,242		—		5,350
Total revenue	$	37,749	$	33,285	$	12,720	$	7,415	$	2,805	$	93,974

Timing of Revenue Recognition:
Recognized at a point in time	$	37,749	$	30,519	$	4,039	$	6,818	$	2,805	$	81,930
Recognized over time		—		1,537		—		—		—		1,537
Over lease term		—		1,229		8,681		597		—		10,507
Total revenue	$	37,749	$	33,285	$	12,720	$	7,415	$	2,805	$	93,974

(a)

Residential real estate includes revenue of $23.1 million for the nine months ended September 30, 2018 for a one-time receipt of RiverTown impact fees related to the 2014 RiverTown transaction.

Other Income (Expense) - (Tables)

9 Months Ended

Sep. 30, 2019

Other Income (Expense)

Schedule of Other Income (Expense)


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2019		2018		2019		2018
Investment income, net
Interest and dividend income	$	1,637	$	1,802	$	5,752	$	7,025
Accretion income		—		218		84		641
Net realized gain (loss) on the sale of investments		28		125		26		(961)
Other-than-temporary impairment loss		—		(1,660)		—		(1,723)
Unrealized (loss) gain on investments, net		(1,439)		(89)		(1,305)		641
Interest income from investments in SPEs		2,047		2,049		6,143		6,148
Interest accrued on notes receivable and other interest		98		130		252		450
Total investment income, net		2,371		2,575		10,952		12,221
Interest expense
Interest expense and amortization of discount and issuance costs for Senior Notes issued by SPE		(2,201)		(2,197)		(6,599)		(6,590)
Other interest expense		(908)		(729)		(2,476)		(2,315)
Total interest expense		(3,109)		(2,926)		(9,075)		(8,905)
Other income (expense), net
Gain on land contribution to equity method investment		846		—		2,317		—
Accretion income from retained interest investments		335		316		982		909
Insurance proceeds		1,243		—		5,314		—
Hurricane expense		(575)		—		(1,703)		—
Miscellaneous income (expense), net		298		(48)		216		(122)
Other income, net		2,147		268		7,126		787
Total other income (expense), net	$	1,409	$	(83)	$	9,003	$	4,103

Segment Information (Tables)

9 Months Ended

Sep. 30, 2019

Segment Information

Schedule of Information by Business Segment


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2019		2018		2019		2018
Operating revenue:
Residential real estate (a)	$	10,963	$	1,959	$	28,150	$	37,749
Hospitality		14,042		12,565		37,107		33,285
Commercial leasing and sales		5,942		6,225		13,694		12,720
Forestry revenue		1,574		2,627		4,582		7,415
Other (b)		335		300		893		2,805
Consolidated operating revenue	$	32,856	$	23,676	$	84,426	$	93,974

Income (loss) before income taxes:
Residential real estate (a)	$	4,102	$	(368)	$	9,910	$	26,048
Hospitality		2,779		1,747		7,285		3,615
Commercial leasing and sales		3,291		609		5,610		329
Forestry		1,168		2,072		3,473		5,830
Other		(2,511)		(2,199)		(1,146)		(972)
Consolidated income before income taxes	$	8,829	$	1,861	$	25,132	$	34,850

(a)

Includes revenue of $23.1 million for the nine months ended September 30, 2018 for a one-time receipt of RiverTown impact fees related to the 2014 RiverTown transaction.

(b)

Includes revenue of $2.2 million for the nine months ended September 30, 2018 related to a specific sale of mitigation bank credits.


	September 30,		December 31,
	2019		2018
Total assets:
Residential real estate	$	136,469	$	125,642
Hospitality		84,877		70,746
Commercial leasing and sales		222,692		182,658
Forestry		20,842		20,189
Other		433,146		471,727
Total assets	$	898,026	$	870,962

Significant Accounting Policies - Concentrations (Details) $ in Thousands	Sep. 30, 2019 USD ($) issuer item	Dec. 31, 2018 USD ($)	Sep. 30, 2018 USD ($)
Concentration risk
Investments - debt securities	$ 35	$ 8,958
Investments - equity securities	37,074	36,132
Cash and cash equivalents	165,311	195,155	$ 200,884
U.S. Treasury securities \| Credit concentration risk
Concentration risk
Cash and cash equivalents	7,000
Preferred stock
Concentration risk
Investments - equity securities	35,200	$ 36,100
Preferred stock \| Credit concentration risk
Concentration risk
Investments - equity securities	35,200
Common Stock
Concentration risk
Investments - equity securities	1,900
Common Stock \| Credit concentration risk
Concentration risk
Investments - equity securities	$ 1,900
Number of issuers \| item	1
Commercial paper \| Credit concentration risk
Concentration risk
Cash and cash equivalents	$ 138,400
Number of issuers \| issuer	22
Non-investment grade \| Preferred stock \| Credit concentration risk
Concentration risk
Number of issuers \| issuer	7
Investment grade \| Preferred stock \| Credit concentration risk
Concentration risk
Number of issuers \| issuer	1

Significant Accounting Policies - Recently Issued Accounting Pronouncements (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Jan. 01, 2019
New accounting pronouncements or change in accounting principle
Lease, Practical Expedients, Package	true
Lease, Practical Expedient, Lessor Single Lease Component	true
Operating lease, right-of use assets	$ 744
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other Assets..
Operating lease liabilities	$ 744
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Other Liabilities.
ASU 2016-02
New accounting pronouncements or change in accounting principle
Change in Accounting Principle, Accounting Standards Update, Adopted		true
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) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Real estate properties
Investment in real estate, net	$ 410,176	$ 350,994
Development property
Real estate properties
Investment in real estate, net	223,404	186,818
Development property \| Corporate
Real estate properties
Investment in real estate, net	2,540	2,497
Development property \| Residential real estate \| Operating Segments
Real estate properties
Investment in real estate, net	116,810	105,323
Development property \| Hospitality \| Operating Segments
Real estate properties
Investment in real estate, net	2,664	3,726
Development property \| Commercial leasing and sales \| Operating Segments
Real estate properties
Investment in real estate, net	99,506	73,128
Development property \| Forestry \| Operating Segments
Real estate properties
Investment in real estate, net	1,884	2,144
Operating property
Real estate properties
Investment in real estate	258,944	231,676
Less: Accumulated depreciation	72,172	67,500
Investment in real estate, net	186,772	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	98,961	93,046
Operating property \| Commercial leasing and sales \| Operating Segments
Real estate properties
Investment in real estate	131,778	111,471
Operating property \| Forestry \| Operating Segments
Real estate properties
Investment in real estate	$ 20,811	$ 19,765

Investments - Schedule of investments (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Debt securities and restricted investments
Amortized Cost	$ 2,520	$ 13,285
Gross Unrealized Gains	11	1
Gross Unrealized (Losses)	(143)	(896)
Fair Value	2,388	12,390
Unrestricted available-for-sale, Debt securities
Debt securities and restricted investments
Amortized Cost	178	9,844
Gross Unrealized Gains		1
Gross Unrealized (Losses)	(143)	(887)
Fair Value	35	8,958
Unrestricted available-for-sale, Debt securities \| U.S. Treasury securities
Debt securities and restricted investments
Amortized Cost		6,936
Gross Unrealized Gains		1
Fair Value		6,937
Unrestricted available-for-sale, Debt securities \| Corporate debt securities
Debt securities and restricted investments
Amortized Cost	178	2,908
Gross Unrealized (Losses)	(143)	(887)
Fair Value	35	2,021
Restricted
Debt securities and restricted investments
Amortized Cost	2,342	3,441
Gross Unrealized Gains	11
Gross Unrealized (Losses)		(9)
Fair Value	2,353	3,432
Restricted \| Short-term bond
Debt securities and restricted investments
Amortized Cost	2,229	3,274
Gross Unrealized Gains	11
Gross Unrealized (Losses)		(9)
Fair Value	2,240	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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Investments
Realized loss (gain) on sale of investments		$ 0	$ (26)	$ 961
Proceeds from sale of available-for-sale debt securities			4,000	64,600
Maximum
Investments
Realized loss (gain) on sale of investments	$ 100		100
Purchases of investments - debt securities			$ 100	$ 100

Investments - Unrealized Loss Position (Details) - USD ($) $ in Thousands	Sep. 30, 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	$ 35	1,843
12 Months or Greater, Unrealized Losses	$ 143	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	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2018	Sep. 30, 2019	Dec. 31, 2018
Investments
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax			$ 143	$ 896
Other-than-temporary impairment loss	$ 1,660	$ 1,723

Investments - Contractual Maturities of Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Amortized Cost
Amortized Cost	$ 2,520	$ 13,285
Fair Value
Fair Value	2,388	12,390
Unrestricted available-for-sale, Debt securities
Amortized Cost
Due in one year or less	178
Amortized Cost	178	9,844
Fair Value
Due in one year or less	35
Fair Value	35	8,958
Restricted
Amortized Cost
Amortized Cost	2,342	3,441
Fair Value
Fair Value	$ 2,353	$ 3,432

Investments - Equity Securities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Equity Securities
Investments - equity securities	$ 37,074		$ 37,074		$ 36,132
Unrealized (loss) gain on investments, net	(1,439)	$ (89)	(1,305)	$ 641
Preferred stock
Equity Securities
Investments - equity securities	35,200		35,200		$ 36,100
Common Stock
Equity Securities
Investments - equity securities	$ 1,900		$ 1,900

Investments - Investment Management Agreement (Details) $ in Millions	9 Months Ended
	Sep. 30, 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%
Minimum \| Cash investment grade cash equivalents or U . S . treasury securities
Investments
Investments, target portfolio allocations percent	25.00%
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%
Maximum \| Single issuer of exchange-traded common equities
Investments
Investments, target portfolio allocations percent	5.00%
Maximum \| Common Stock
Investments
Investments, target portfolio allocations, amount \| $	$ 100.0
Maximum \| Common, preferred or other equity investments
Investments
Investments, target portfolio allocations percent	25.00%
Investor \| Clients of FCM, including Mr. Berkowitz
Investments
Common stock ownership percentage	44.24%

Financial Instruments and Fair Value Measurements - Measurements on Recurring Basis (Details) - Recurring basis - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Financial instruments and fair value measurements
Cash equivalents	$ 152,271	$ 180,930
Total	191,733	229,452
Level 1
Financial instruments and fair value measurements
Cash equivalents	152,271	180,930
Total	167,349	201,769
Level 2
Financial instruments and fair value measurements
Total	24,384	27,683
Unrestricted available-for-sale, Debt securities
Financial instruments and fair value measurements
Investments	35	8,958
Unrestricted available-for-sale, Debt securities \| Level 1
Financial instruments and fair value measurements
Investments		6,937
Unrestricted available-for-sale, Debt securities \| Level 2
Financial instruments and fair value measurements
Investments	35	2,021
Equity securities
Financial instruments and fair value measurements
Investments	37,074
Equity securities \| Level 1
Financial instruments and fair value measurements
Investments	12,725
Equity securities \| Level 2
Financial instruments and fair value measurements
Investments	24,349
Restricted
Financial instruments and fair value measurements
Investments	2,353	3,432
Restricted \| Level 1
Financial instruments and fair value measurements
Investments	2,353	3,432
Money market fund
Financial instruments and fair value measurements
Cash equivalents	6,916	43,346
Money market fund \| Level 1
Financial instruments and fair value measurements
Cash equivalents	6,916	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	138,357	107,586
Commercial paper \| Level 1
Financial instruments and fair value measurements
Cash equivalents	138,357	107,586
U.S. Treasury securities
Financial instruments and fair value measurements
Cash equivalents	6,998	29,998
U.S. Treasury securities \| Level 1
Financial instruments and fair value measurements
Cash equivalents	6,998	29,998
U.S. Treasury securities \| Unrestricted available-for-sale, Debt securities
Financial instruments and fair value measurements
Investments		6,937
U.S. Treasury securities \| Unrestricted available-for-sale, Debt securities \| Level 1
Financial instruments and fair value measurements
Investments		6,937
Corporate debt securities \| Unrestricted available-for-sale, Debt securities
Financial instruments and fair value measurements
Investments	35	2,021
Corporate debt securities \| Unrestricted available-for-sale, Debt securities \| Level 2
Financial instruments and fair value measurements
Investments	35	2,021
Preferred stock \| Equity securities
Financial instruments and fair value measurements
Investments	35,174	36,132
Preferred stock \| Equity securities \| Level 1
Financial instruments and fair value measurements
Investments	10,825	10,470
Preferred stock \| Equity securities \| Level 2
Financial instruments and fair value measurements
Investments	24,349	25,662
Common Stock \| Equity securities
Financial instruments and fair value measurements
Investments	1,900
Common Stock \| Equity securities \| Level 1
Financial instruments and fair value measurements
Investments	1,900
Short-term bond \| Restricted
Financial instruments and fair value measurements
Investments	2,240	3,265
Short-term bond \| Restricted \| Level 1
Financial instruments and fair value measurements
Investments	$ 2,240	$ 3,265

Financial Instruments and Fair Value Measurements - Expected Maturity (Details) - Y	Sep. 30, 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 - Liabilities measured at FV (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Jun. 30, 2019
Interest rate swap
Financial instruments and fair value measurements
Notional amount		$ 20,000
Level 2 \| Interest rate swap \| Other liabilities
Financial instruments and fair value measurements
Derivative liabilities	$ 500
Recurring basis
Financial instruments and fair value measurements
Liabilities	509
Recurring basis \| Interest rate swap \| Other liabilities
Financial instruments and fair value measurements
Derivative liabilities	509
Recurring basis \| Level 2
Financial instruments and fair value measurements
Liabilities	509
Recurring basis \| Level 2 \| Interest rate swap \| Other liabilities
Financial instruments and fair value measurements
Derivative liabilities	$ 509

Financial Instruments and Fair Value Measurements - Carrying Amount and Fair Value (Details) - Nonrecurring - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Level 3 \| Carrying Value
Financial instruments and fair value measurements
Senior Notes held by SPE	$ 176,962	$ 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	208,957	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	6,728	7,384
Level 1 \| Fair Value \| U. S Treasury securities and cash
Financial instruments and fair value measurements
Investments held by SPEs	$ 6,736	$ 7,092

Financial Instruments and Fair Value Measurements - Held by Special Purpose Entities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Sep. 30, 2019	Dec. 31, 2018
Financial instruments and fair value measurements
Investments held by special purpose entities		$ 206,728	$ 207,384
Senior Notes held by special purpose entity		176,962	$ 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 entities		$ 200,000
Investment interest rate (as a percent)		0.04%
Panama City Timber Finance Company, LLC \| U.S. Treasury securities
Financial instruments and fair value measurements
Investments held by special purpose entities		$ 6,300
Panama City Timber Finance Company, LLC \| Cash
Financial instruments and fair value measurements
Investments held by special purpose entities		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		177,000
Unamortized discount and debt issuance costs		$ 3,000

Hurricane Michael (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
Hurricane Michael (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Sep. 30, 2019
Loss contingency
Insurance proceeds	$ 1,243	$ 5,314
Hurricane expense	575	1,703
Hurricane Michael.
Loss contingency
Proceeds from business interruption insurance	0	1,300
Insurance proceeds	1,200	5,300
Hurricane expense	$ 600	$ 1,700

Leases - Components of lease revenue (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019
Leasing revenue
Lease payments	$ 3,107	$ 8,511
Variable lease payments	930	2,707
Total leasing revenue	$ 4,037	$ 11,218

Leases - Minimum future base rental revenue (Details) $ in Thousands	Sep. 30, 2019 USD ($)
Minimum future base rental revenue:
2019	$ 3,950
2020	13,520
2021	10,025
2022	9,115
2023	7,138
Thereafter	19,089
Total	$ 62,837

Leases - Lease cost (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
Leases - Lease cost (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Sep. 30, 2019
Lease cost
Amortization of right-of-use assets	$ 12	$ 28
Interest on lease liability	3	7
Operating lease cost	71	176
Short-term lease cost	332	633
Total lease cost	$ 418	$ 844

Leases - Lease cost - Other information (Details)	Sep. 30, 2019
Leases
Weighted-average remaining lease term - finance lease (in years)	4 years 4 months 24 days
Weighted-average remaining lease term - operating leases (in years)	3 years 4 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%

Leases - Aggregate payments of finance lease liability (Details) $ in Thousands	Sep. 30, 2019 USD ($)
Aggregate payments of finance lease liability:
2019	$ 14
2020	54
2021	54
2022	54
2023	54
Thereafter	10
Total	240
Less imputed interest	(25)
Total finance lease liability	$ 215

Leases - Aggregate payments of operating lease liabilities (Details) $ in Thousands	Sep. 30, 2019 USD ($)
Aggregate payments of operating lease liabilities:
2019	$ 62
2020	246
2021	180
2022	102
2023	63
Thereafter	305
Total	958
Less imputed interest	(214)
Total operating lease liabilities	$ 744

Other Assets - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018	Sep. 30, 2018	Dec. 31, 2017
Other Assets
Restricted investments	$ 2,353	$ 3,432
Accounts receivable, net	8,537	14,061
Homesite sales receivable	3,760	2,977	$ 2,362	$ 2,585
Claim settlement receivable	2,741	2,679
Notes receivable	2,724	2,265
Income tax receivable	4,513	3,914
Prepaid expenses	7,012	6,751
Straight line rent	3,399	3,581
Operating lease, right-of use assets	744
Investment in unconsolidated joint venture	4,299	1,105
Other assets	6,883	5,069
Retained interest investments	12,053	11,536
Accrued interest receivable for Senior Notes held by SPE	935	2,938
Total other assets	$ 59,953	$ 60,308

Other Assets - Restricted Investments (Details) - Restricted - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 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	$ 0.1	$ 0.1

Other Assets - Accounts Receivable, Net (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Investments
Proceeds from settlement received	$ 13,378
Hurricane Michael.
Investments
Insurance settlements receivable		$ 6,700

Other Assets - Homesite Sales Receivable (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Changes in lot sales receivable
Homesite Sales Receivable, Beginning Balance	$ 2,977	$ 2,585
Increases Due To Revenue Recognized for Lots Sold	2,663	1,162
Decreases Due to Amounts Received/Transferred	(1,880)	(1,385)
Homesite Sales Receivable, Ending Balance	$ 3,760	$ 2,362

Other Assets - Notes Receivable (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Receivables
Notes receivable	$ 2,724	$ 2,265
Allowance for notes receivable	0	$ 0
Interest bearing homebuilder note - 5.5% interest rate, due June 2021
Receivables
Notes receivable	$ 1,514
Interest rate (as a percent)	5.50%	5.50%
Interest bearing note with a JV partner, secured by the partner's membership interest in the JV - 8.0% interest rate, due May 2039
Receivables
Notes receivable	$ 363
Interest rate, note (as a percent)	8.00%
Interest bearing note with a JV partner, secured by the partner's membership interest in the JV - 8.0% interest rate, due July 2039
Receivables
Notes receivable	$ 210
Interest rate, note (as a percent)	8.00%
Interest bearing homebuilder note - 5.5% interest rate, due June 2020
Receivables
Notes receivable	$ 253	$ 422
Interest rate (as a percent)	5.50%	5.50%
Interest bearing homebuilder note - 5.5% interest rate, due January 2020
Receivables
Notes receivable	$ 166	$ 749
Interest rate (as a percent)	5.50%	5.50%
Interest bearing homebuilder note - 6.3% interest rate, due March 2020
Receivables
Notes receivable	$ 128	$ 150
Interest rate (as a percent)	6.30%	6.30%
Various mortgage notes, secured by certain real estate, bearing interest at various rates
Receivables
Notes receivable	$ 90	$ 141
Pier Park Community Development District notes, non-interest bearing, paid in full August 2019
Receivables
Notes receivable		$ 803

Other Assets - Retained Interest Investments (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Investments
Retained interest investments	$ 12,053	$ 11,536
Retained interest investments
Investments
Expected amount to receive upon maturity of note after payment of note and any other liabilities	$ 16,700
Promissory notes maturity period	15 years
Retained interest investments	$ 12,100	$ 11,500
Minimum \| Retained interest investments
Investments
Notes maturity year	2022
Maximum \| Retained interest investments
Investments
Notes maturity year	2024

Real Estate Joint Ventures - Latitude Margaritaville Watersound JV (Details) - LMWS, LLC - home	9 Months Ended
	Sep. 30, 2019	Jun. 30, 2019
Variable interest entity
Number of units to be developed and constructed		3,500
Variable interest entity, ownership percentage	50.00%

Real Estate Joint Ventures - Consolidated Real Estate Joint Ventures (Details) $ in Millions	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2019 USD ($) item	Sep. 30, 2019 item	Dec. 31, 2018	Apr. 30, 2017 item
Watercrest JV
Variable interest entity
Number of units to be developed and constructed	107	107
Variable interest entity, ownership percentage		87.00%
Origins Crossings JV
Variable interest entity
Number of units to be developed and constructed	217	217
Variable interest entity, ownership percentage		75.00%
Pier Park Crossings JV
Variable interest entity
Number of units remaining to be constructed	120	120
Number of units to be developed and constructed				240
Variable interest entity, ownership percentage		75.00%
Windmark JV
Variable interest entity
Variable interest entity, ownership percentage	100.00%		49.00%
Number of other members	2
Total consideration \| $	$ 11.6
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	9 Months Ended
	Jul. 05, 2019 USD ($)	Jan. 14, 2019 USD ($)	Sep. 30, 2019 USD ($)	Sep. 30, 2019 USD ($)	Dec. 31, 2018 USD ($)	Apr. 30, 2018 item
Investments
Notes receivable			$ 2,724	$ 2,724	$ 2,265
Investment in unconsolidated joint venture			4,299	4,299	1,105
Pier Park TPS JV
Investments
Number of units to be developed and constructed \| item						124
Value of land contributed		$ 1,700
Cash contributed				200
Mitigation bank credits contributed				100
Investment in unconsolidated joint venture					$ 1,100
Net loss			$ 0	$ 0
Ownership percentage			50.00%	50.00%	50.00%
Summarized financial information - Balance Sheets
Investment in real estate			$ 10,905	$ 10,905	$ 285
Cash and cash equivalents			86	86	64
Total assets			10,991	10,991	349
Debt, net			2,787	2,787
Other liabilities			2,026	2,026	3
Equity			6,178	6,178	346
Total liabilities and equity			10,991	10,991	349
Pier Park TPS JV \| Other assets.
Investments
Investment in unconsolidated joint venture			3,100	3,100	$ 1,100
Busy Bee JV
Investments
Notes receivable			200	200
Net loss			$ 0	$ 0
Ownership percentage			50.00%	50.00%
Summarized financial information - Balance Sheets
Investment in real estate			$ 1,865	$ 1,865
Cash and cash equivalents			554	554
Total assets			2,419	2,419
Other liabilities			39	39
Equity			2,380	2,380
Total liabilities and equity			2,419	2,419
Busy Bee JV \| Other assets.
Investments
Value of land contributed	$ 1,400
Investment in unconsolidated joint venture			$ 1,200	$ 1,200

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Debt instruments
Debt, Principal	$ 87,130	$ 70,976
Unamortized Discount and Debt Issuance Costs	1,549	1,602
Debt, Net	85,581	69,374
PPN JV Loan, due November 2025, bearing interest at 4.1%
Debt instruments
Debt, Principal	45,745	46,423
Unamortized Discount and Debt Issuance Costs	396	446
Debt, Net	$ 45,349	$ 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	$ 29,717	$ 15,399
Unamortized Discount and Debt Issuance Costs	1,094	1,114
Debt, Net	$ 28,623	$ 14,285
Debt interest rate (as a percent)	4.00%	4.00%
Community Development District debt
Debt instruments
Debt, Principal	$ 7,079	$ 6,324
Debt, Net	$ 7,079	$ 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%
Beach Homes Loan, due May 2029, bearing interest at LIBOR plus 1.7%.
Debt instruments
Debt, Principal	$ 1,605
Unamortized Discount and Debt Issuance Costs	20
Debt, Net	$ 1,585
Effective interest rate (as a percent)	3.70%
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%
Pier Park Outparcel Construction Loan, due March 2027, bearing interest at LIBOR plus 1.7%
Debt instruments
Debt, Principal	$ 1,550	$ 1,585
Unamortized Discount and Debt Issuance Costs	15	16
Debt, Net	$ 1,535	$ 1,569
Effective interest rate (as a percent)	3.70%
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	$ 1,434	$ 1,245
Unamortized Discount and Debt Issuance Costs	24	26
Debt, Net	$ 1,410	$ 1,219
Effective interest rate (as a percent)	3.70%
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%

Debt - Debt Agreements (Details) $ in Thousands	1 Months Ended				120 Months Ended
Debt - Debt Agreements (Details) $ in Thousands	Aug. 31, 2019 USD ($)	Jun. 30, 2019 USD ($)	May 31, 2019 USD ($)	May 31, 2018 USD ($) item	Jun. 30, 2030	Sep. 30, 2019 USD ($)	Dec. 31, 2018 USD ($)	Feb. 28, 2018 USD ($)	Mar. 31, 2017 USD ($)	Oct. 31, 2015 USD ($)
Debt instruments
Total Community Development District debt						$ 18,800	$ 19,900
Principal balance						87,130	70,976
PPN JV Loan, due November 2025, bearing interest at 4.1%
Debt instruments
Loan amount										$ 48,200
Principal balance						45,745	46,423
Pier Park Outparcel Construction Loan, due March 2027, bearing interest at LIBOR plus 1.7%
Debt instruments
Loan amount									$ 1,600
Principal balance						1,550	1,585
Pier Park Crossings JV Loan, due June 2060, bearing interest at 4.0%
Debt instruments
Loan amount				$ 36,600
Debt instrument, period subject to interest payments only				24 months
Principal balance						29,717	15,399
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								$ 1,900
Principal balance						1,434	$ 1,245
Beach Homes Loan, due May 2029, bearing interest at LIBOR plus 1.7%.
Debt instruments
Loan amount				$ 1,700
Number of homes financed \| item				2
Principal balance						1,605
Origins Crossings JV Loan, due May 2024
Debt instruments
Loan amount			$ 37,900
Debt instrument, period subject to interest payments only			30 months
Principal balance						0
Loan costs						500
Watercrest JV Loan, due June 2047
Debt instruments
Loan amount		$ 22,500
Debt instrument, period subject to interest payments only		36 months
Notional amount		$ 20,000
Fixed interest rate (as a percent)		4.37%
Principal balance						0
Loan costs						300
Beckrich Building III Loan, due August 2029
Debt instruments
Loan amount	$ 5,500
Debt instrument, period subject to interest payments only	12 months
Principal balance						0
Loan costs						$ 100

Debt - Maturities of Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Debt
2019	$ 294
2020	2,013
2021	2,221
2022	2,235
2023	2,260
Thereafter	78,107
Long term debt	$ 87,130	$ 70,976

Other Liabilities - Schedule of Other Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018	Sep. 30, 2018	Dec. 31, 2017
Other Liabilities
Accounts payable	$ 17,537	$ 10,148
Finance lease liability	215
Operating lease liabilities	744
Accrued compensation	2,793	3,112
Other accrued liabilities	7,083	2,560
Deferred revenue	19,525	17,478
Club initiation fees	6,845	5,676	$ 5,521	$ 5,199
Club membership deposits	4,097	4,286
Advance deposits	1,298	1,277
Accrued interest expense for Senior Notes held by SPE	713	2,850
Total other liabilities	$ 60,850	$ 47,387

Other Liabilities - Additional information (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Other Liabilities
Accrued property taxes	$ 3,500	$ 0
Deferred revenue	19,525	17,478
Florida Department of Transportation
Other Liabilities
Deferred revenue	$ 12,500	$ 12,500

Other Liabilities - Changes in contract liabilities (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Changes in contract liabilities
Contract liabilities - Club initiation fees (Balance at beginning of period)	$ 5,676	$ 5,199
Increases Due To Cash Received	2,518	1,395
Decreases Due to Revenue Recognized	(1,349)	(1,073)
Contract liabilities - Club initiation fees (Balance at end of period)	$ 6,845	$ 5,521

Income Taxes - Expense (benefit) reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Income Taxes
Statutory federal income tax rate (as a percent)			21.00%	21.00%
Tax at the federal statutory rate	$ 1,854	$ 420	$ 5,278	$ 7,402
State income taxes (net of federal benefit)	311	88	885	1,532
Change in state tax rate	1,187		1,187
2017 qualified timber gains at the federal statutory rate of 23.8%				(524)
Decrease in valuation allowance		(3,480)		(4,931)
Change in federal AMT credit carryforward		(511)		(511)
Other	(349)		(252)	(153)
Total income tax expense (benefit)	$ 3,003	$ (3,483)	$ 7,098	$ 2,815
Timber statutory federal rate				23.80%

Income Taxes - Change in state tax rate (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Sep. 30, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income taxes
Change in state tax rate	$ 1,187	$ 1,187
Florida Department of Revenue
Income taxes
Tax at the state statutory rate (as a percent)						5.50%
Florida Department of Revenue \| Forecast
Income taxes
Tax at the state statutory rate (as a percent)			4.458%	4.458%	4.458%

Accumulated Other Comprehensive Loss - Summary of Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Summary of changes in accumulated other comprehensive loss
Beginning Balance	$ 542,140	$ 549,540	$ 533,111	$ 592,584
Total other comprehensive (loss) income, net of tax	(420)	311	184	1,159
Ending Balance	522,550	534,102	522,550	534,102
Accumulated Other Comprehensive (Loss) Income
Summary of changes in accumulated other comprehensive loss
Beginning Balance	(70)	(613)	(674)	(1,461)
Other comprehensive income (loss) before reclassifications			243
Amounts reclassified from accumulated other comprehensive loss			(59)
Total other comprehensive (loss) income, net of tax	(420)	311	184
Ending Balance	(490)	(302)	(490)	(302)
Unrealized (loss) gain on available for sale securities
Summary of changes in accumulated other comprehensive loss
Beginning Balance			(674)
Other comprehensive income (loss) before reclassifications			628
Amounts reclassified from accumulated other comprehensive loss	(61)		(59)
Total other comprehensive (loss) income, net of tax		$ 311	569	$ 1,159
Ending Balance	(105)		(105)
Unrealized (loss) gain, Cash flow hedge, Interest rate swap
Summary of changes in accumulated other comprehensive loss
Other comprehensive income (loss) before reclassifications	(385)		(385)
Total other comprehensive (loss) income, net of tax			(385)
Ending Balance	$ (385)		$ (385)

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

3 Months Ended

9 Months Ended

Sep. 30, 2019

Sep. 30, 2018

Sep. 30, 2019

Sep. 30, 2018

Accumulated Other Comprehensive Loss

Reclassification adjustment for net gain included in earnings, Before-tax-amount

$ (80)

$ (78)

$ 1,050

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

$ 1,660

1,723

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

^[1]

932

Total before income taxes

(555)

416

255

1,970

Other comprehensive loss, Tax (expense) or benefit

^[2]

135

(105)

(71)

(811)

Total other comprehensive (loss) income, net of tax

(420)

311

184

1,159

Unrealized (loss) gain on available for sale securities

Accumulated Other Comprehensive Loss

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

628

Reclassification adjustment for net gain included in earnings before-tax amount

(80)

(78)

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

Reclassification adjustment for net gain included in earnings net-of-tax amount

(61)

(59)

Reclassification adjustment for net gain included in earnings, Before-tax-amount

1,050

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

(266)

Reclassification adjustment for net gain included in earnings, Net-of-tax amount

784

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

1,660

1,723

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

(421)

(436)

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

1,239

1,287

Total before income taxes

416

1,970

Other comprehensive loss, Tax (expense) or benefit

(105)

(811)

Total other comprehensive (loss) income, net of tax

311

569

1,159

Unrealized (loss) 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 (loss) 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)

Unrealized (loss) gain, Cash flow hedge, Interest rate swap

Accumulated Other Comprehensive Loss

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

(509)

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

124

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

(385)

Total other comprehensive (loss) income, net of tax

(385)

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

Accumulated Other Comprehensive Loss

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

(1,244)

824

(1,726)

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

(8)

316

(210)

438

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

$ 26

$ (928)

614

(1,288)

Restricted | Unrealized (loss) 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

(4)

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

$ 14

$ (7)

[1]

[2]

Stockholders' Equity - Stock Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Aug. 15, 2019	Aug. 14, 2019
Stockholders’ Equity
Average purchase price per share for share repurchase (in dollars per share)			$ 16.55	$ 17.82
Aggregate cost			$ 18,794	$ 93,369
Additional authorized repurchase amount					$ 64,200
Remaining authorized repurchase amount	$ 88,300		$ 88,300		$ 100,000	$ 35,800
Common Stock
Stockholders’ Equity
Shares repurchased during the period (in shares)	670,029	1,173,406	1,141,529	5,238,566

Stockholders' Equity - Issuance of Common Stock (Details) - Restricted Stock					3 Months Ended		9 Months Ended		12 Months Ended
	Jul. 01, 2019 director shares	Jul. 02, 2018 director shares	Mar. 15, 2018 employee shares	Jul. 03, 2017 director shares	Sep. 30, 2019 USD ($)	Sep. 30, 2018 USD ($)	Sep. 30, 2019 USD ($)	Sep. 30, 2018 USD ($)	Dec. 31, 2017 employee	May 20, 2019 USD ($)	May 23, 2018 USD ($)	May 25, 2017 USD ($)
Directors
Share-based compensation
Fair value of equity grant award approved for each director										$ 50,000	$ 50,000	$ 50,000
Number of restricted stock awards granted \| shares	5,708	2,778		5,334
Number of directors granted restricted stock awards \| director	2	1		2
Number of directors who elected to receive cash in lieu of the stock \| director	2	3		4
Directors \| Maximum
Share-based compensation
Stock compensation expense					$ 100,000	$ 100,000	$ 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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Disaggregation of revenue
Leasing revenue	$ 4,037		$ 11,218
Leasing revenue		$ 3,573		$ 10,507
Total revenue	32,856	23,676	84,426	93,974
Recognized at a point in time
Disaggregation of revenue
Revenue	28,040	19,389	71,137	81,930
Recognized over time
Disaggregation of revenue
Revenue	779	714	2,071	1,537
Real estate
Disaggregation of revenue
Revenue	13,490	6,200	33,634	46,061
Hospitality
Disaggregation of revenue
Revenue	14,003	12,130	36,994	32,056
Timber
Disaggregation of revenue
Revenue	1,326	1,773	2,580	5,350
Operating Segments \| Residential real estate
Disaggregation of revenue
Total revenue	10,963	1,959	28,150	37,749
Operating Segments \| Residential real estate \| Recognized at a point in time
Disaggregation of revenue
Revenue	10,963	1,959	28,150	37,749
Operating Segments \| Residential real estate \| Real estate
Disaggregation of revenue
Revenue	10,963	1,959	28,150	37,641
Operating Segments \| Residential real estate \| Timber
Disaggregation of revenue
Revenue				108
Operating Segments \| Hospitality
Disaggregation of revenue
Leasing revenue	39		113
Leasing revenue		435		1,229
Total revenue	14,042	12,565	37,107	33,285
Operating Segments \| Hospitality \| Recognized at a point in time
Disaggregation of revenue
Revenue	13,224	11,416	34,923	30,519
Operating Segments \| Hospitality \| Recognized over time
Disaggregation of revenue
Revenue	779	714	2,071	1,537
Operating Segments \| Hospitality \| Hospitality
Disaggregation of revenue
Revenue	14,003	12,130	36,994	32,056
Operating Segments \| Commercial leasing and sales
Disaggregation of revenue
Leasing revenue	3,792		10,518
Leasing revenue		2,950		8,681
Total revenue	5,942	6,225	13,694	12,720
Operating Segments \| Commercial leasing and sales \| Recognized at a point in time
Disaggregation of revenue
Revenue	2,150	3,275	3,176	4,039
Operating Segments \| Commercial leasing and sales \| Real estate
Disaggregation of revenue
Revenue	2,150	3,275	3,176	4,039
Operating Segments \| Forestry
Disaggregation of revenue
Leasing revenue	206		587
Leasing revenue		188		597
Total revenue	1,574	2,627	4,582	7,415
Operating Segments \| Forestry \| Recognized at a point in time
Disaggregation of revenue
Revenue	1,368	2,439	3,995	6,818
Operating Segments \| Forestry \| Real estate
Disaggregation of revenue
Revenue	42	666	1,415	1,576
Operating Segments \| Forestry \| Timber
Disaggregation of revenue
Revenue	1,326	1,773	2,580	5,242
Other
Disaggregation of revenue
Total revenue	335	300	893	2,805
Other \| Recognized at a point in time
Disaggregation of revenue
Revenue	335	300	893	2,805
Other \| Real estate
Disaggregation of revenue
Revenue	$ 335	$ 300	$ 893	2,805
Mattamy - RiverTown sale \| Operating Segments \| Residential real estate \| Real estate - Impact fees
Disaggregation of revenue
Revenue				23,100
Total revenue				$ 23,100

Other Income (Expense) - Components (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Investment income, net
Interest and dividend income	$ 1,637	$ 1,802	$ 5,752	$ 7,025
Accretion income		218	84	641
Net realized gain (loss) on the sale of investments	28	125	26	(961)
Other-than-temporary impairment loss		(1,660)		(1,723)
Unrealized (loss) gain on investments, net	(1,439)	(89)	(1,305)	641
Interest income from investments in SPEs	2,047	2,049	6,143	6,148
Interest accrued on notes receivable and other interest	98	130	252	450
Total investment income, net	2,371	2,575	10,952	12,221
Interest expense
Interest expense and amortization of discount and issuance costs for Senior Notes issued by SPE	(2,201)	(2,197)	(6,599)	(6,590)
Other interest expense	(908)	(729)	(2,476)	(2,315)
Total interest expense	(3,109)	(2,926)	(9,075)	(8,905)
Other income (expense), net
Gain on land contribution to equity method investment	846		2,317
Accretion income from retained interest investments	335	316	982	909
Insurance proceeds	1,243		5,314
Hurricane expense	(575)		(1,703)
Miscellaneous income (expense), net	298	(48)	216	(122)
Other income, net	2,147	268	7,126	787
Total other income (expense), net	$ 1,409	$ (83)	$ 9,003	$ 4,103

Other Income (Expense) - Investment Income, Net and Interest Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Other income (expense)
Capitalized interest cost	$ 0.1	$ 0.1	$ 0.5	$ 0.1
Senior Notes held by special purpose entity
Other income (expense)
Effective interest rate (as a percent)	4.90%		4.90%

Other Income (Expense) - Other Income, Net (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019
Other income (expense)
Gain on land contribution to equity method investment	$ 846	$ 2,317
Insurance proceeds	1,243	5,314
Hurricane expense	575	$ 1,703
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)		11.70%
Hurricane Michael.
Other income (expense)
Insurance proceeds	1,200	$ 5,300
Hurricane expense	600	1,700
Busy Bee JV
Other income (expense)
Gain on land contribution to equity method investment	$ 800	800
Pier Park TPS JV
Other income (expense)
Gain on land contribution to equity method investment		$ 1,500

Segment Information - Information by Business Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Segments
Revenues	$ 32,856	$ 23,676	$ 84,426	$ 93,974
Consolidated income (loss) before income taxes	8,829	1,861	25,132	34,850
Total assets	898,026		898,026		$ 870,962
Operating Segments \| Residential real estate
Segments
Revenues	10,963	1,959	28,150	37,749
Consolidated income (loss) before income taxes	4,102	(368)	9,910	26,048
Total assets	136,469		136,469		125,642
Operating Segments \| Residential real estate \| Real estate - Impact fees \| Mattamy - RiverTown sale
Segments
Revenues				23,100
Operating Segments \| Hospitality
Segments
Revenues	14,042	12,565	37,107	33,285
Consolidated income (loss) before income taxes	2,779	1,747	7,285	3,615
Total assets	84,877		84,877		70,746
Operating Segments \| Commercial leasing and sales
Segments
Revenues	5,942	6,225	13,694	12,720
Consolidated income (loss) before income taxes	3,291	609	5,610	329
Total assets	222,692		222,692		182,658
Operating Segments \| Forestry
Segments
Revenues	1,574	2,627	4,582	7,415
Consolidated income (loss) before income taxes	1,168	2,072	3,473	5,830
Total assets	20,842		20,842		20,189
Other
Segments
Revenues	335	300	893	2,805
Consolidated income (loss) before income taxes	(2,511)	$ (2,199)	(1,146)	(972)
Total assets	$ 433,146		$ 433,146		$ 471,727
Other \| Mitigation bank credit
Segments
Revenues				$ 2,200

Commitments and Contingencies - (Details) - USD ($) $ in Thousands	Sep. 30, 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	111,000
Principal balance	87,130		70,976
PPN JV Loan, due November 2025, bearing interest at 4.1%
Obligations
Loan amount				$ 48,200
Principal balance	45,745		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
Principal balance	3,100
Surety bonds
Obligations
Commitment obligations	$ 10,700		$ 9,400

Nature of Operations - Real Estate Assets (Details)	9 Months Ended
Nature of Operations - Real Estate Assets (Details)	Sep. 30, 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. \| Subsequent Event.
Receivables
Litigation settlement amount received	$ 2.7

Significant Accounting Policies - EPS (Details) - shares	Sep. 30, 2019	Sep. 30, 2018
Significant Accounting Policies
Common stock equivalents (in shares)	0	0

Segment Information - Reportable Segments (Details)	9 Months Ended
Segment Information - Reportable Segments (Details)	Sep. 30, 2019 segment
Segment Information
Number of reportable operating segments	4