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Three Months Ended March 31,

STATEMENT OF OPERATIONS:

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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2020	Apr. 27, 2020
Document and Entity Information [Abstract]
Document Type	10-Q
Document Period End Date	Mar. 31, 2020
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		58,898,950
Entity Central Index Key	0000745308
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
ASSETS
Investment in real estate, net	$ 468,896	$ 430,776
Investment in unconsolidated joint ventures	11,077	5,084
Cash and cash equivalents	106,427	185,716
Investments - debt securities (primarily U.S. Treasury Bills)	49,997	53
Investments - equity securities	2,432	9,746
Other assets	48,393	52,069
Property and equipment, net of accumulated depreciation of $63,648 and $63,223 at March 31, 2020 and December 31, 2019, respectively	19,404	19,018
Investments held by special purpose entities	206,396	206,771
Total assets	913,022	909,233
Liabilities:
Debt, net	98,337	92,529
Other liabilities	63,160	57,200
Deferred tax liabilities, net	53,525	52,808
Senior Notes held by special purpose entity	177,090	177,026
Total liabilities	392,112	379,563
Commitments and contingencies (Note 18)
Equity:
Common stock, no par value; 180,000,000 shares authorized; 59,414,583 issued at March 31, 2020 and December 31, 2019; and 59,003,470 and 59,414,583 outstanding at March 31, 2020 and December 31, 2019, respectively	305,658	305,631
Retained earnings	212,602	214,225
Accumulated other comprehensive loss	(890)	(335)
Treasury stock at cost, 411,113 shares held at March 31, 2020	(6,807)
Total stockholders' equity	510,563	519,521
Non-controlling interest	10,347	10,149
Total equity	520,910	529,670
Total liabilities and equity	$ 913,022	$ 909,233

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
CONDENSED CONSOLIDATED BALANCE SHEETS
Property and equipment, Accumulated depreciation	$ 63,648	$ 63,223
Common stock, par value	$ 0	$ 0
Common stock, shares authorized (in shares)	180,000,000	180,000,000
Common stock, issued (in shares)	59,414,583	59,414,583
Common stock, outstanding (in shares)	59,003,470	59,414,583
Treasury stock (in shares)	411,113

- Definition

Amount of accumulated depreciation, depletion and amortization for physical assets used in the normal conduct of business to produce goods and services.

+ References + Details

- Definition

Number of common and preferred shares that were previously issued and that were repurchased by the issuing entity and held in treasury on the financial statement date. This stock has no voting rights and receives no dividends.

+ References + Details

CONDENSED CONSOLIDATED BALANCE SHEETS - VIEs - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
ASSETS
Investment in real estate	$ 468,896	$ 430,776
Cash and cash equivalents	106,427	185,716
Other assets	48,393	52,069
Investments held by special purpose entities	206,396	206,771
Total assets	913,022	909,233
LIABILITIES
Debt, net	98,337	92,529
Other liabilities	63,160	57,200
Senior Notes held by special purpose entity	177,090	177,026
Total liabilities	392,112	379,563
Variable Interest Entities
ASSETS
Investment in real estate	110,211	96,001
Cash and cash equivalents	3,572	3,483
Other assets	10,503	12,766
Investments held by special purpose entities	206,396	206,771
Total assets	330,682	319,021
LIABILITIES
Debt, net	87,139	81,071
Other liabilities	11,895	3,471
Senior Notes held by special purpose entity	177,090	177,026
Total liabilities	$ 276,124	$ 261,568

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenue:
Leasing revenue	$ 4,300	$ 3,506
Total revenue	18,574	16,023
Expenses:
Cost of leasing revenue	612	1,066
Other operating and corporate expenses	6,916	5,968
Depreciation, depletion and amortization	3,073	2,111
Total expenses	19,899	18,184
Operating loss	(1,325)	(2,161)
Other income (expense):
Investment (loss) income, net	(1,609)	6,046
Interest expense	(3,345)	(2,942)
Other income, net	4,532	1,698
Total other (expense) income, net	(422)	4,802
(Loss) income before equity in loss from unconsolidated affiliates and income taxes	(1,747)	2,641
Equity in loss from unconsolidated affiliates	(83)
Consolidated (loss) income before equity in loss from unconsolidated affiliates and income taxes	(1,747)	2,641
Income tax benefit (expense)	495	(661)
Net (loss) income	(1,335)	1,980
Net (income) loss attributable to non-controlling interest	(198)	17
Net (loss) income attributable to the Company	$ (1,533)	$ 1,997
Basic and Diluted
Weighted average shares outstanding (in shares)	59,375,618	60,321,028
Net (loss) income per share attributable to the Company	$ (0.03)	$ 0.03
Real estate
Revenue:
Revenue	$ 5,808	$ 4,591
Expenses:
Cost of revenue	1,799	1,833
Hospitality
Revenue:
Revenue	6,610	7,431
Expenses:
Cost of revenue	7,320	7,065
Timber
Revenue:
Revenue	1,856	495
Expenses:
Cost of revenue	$ 179	$ 141

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Net (loss) income:	$ (1,335)	$ 1,980
Other comprehensive (loss) income:
Interest rate swap	(729)
Reclassification of net realized (gain) loss included in earnings	(4)	2
Total before income taxes	(743)	812
Income tax benefit (expense)	188	(206)
Total other comprehensive (loss) income, net of tax	(555)	606
Total comprehensive (loss) income, net of tax	(1,890)	2,586
Unrestricted available-for-sale, Debt securities
Other comprehensive (loss) income:
Net unrealized gain (loss) on investments		799
Restricted
Other comprehensive (loss) income:
Net unrealized gain (loss) on investments	$ (10)	$ 11

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, 2018	60,672,034
Beginning Balance at Dec. 31, 2018	$ 331,395	$ 187,450	$ (674)		$ 14,940	$ 533,111
Increase (Decrease) in Stockholders' Equity
Capital contribution from non-controlling interest					1,683	1,683
Stock based compensation expense	$ 13					13
Repurchase of common shares				$ (7,073)		(7,073)
Repurchase of common shares (in shares)	(471,500)
Other comprehensive income (loss)			606			606
Net (loss) income		1,997			(17)	1,980
Ending Balance at Mar. 31, 2019	$ 331,408	189,447	(68)	(7,073)	16,606	530,320
Ending Balance (in shares) at Mar. 31, 2019	60,200,534
Increase (Decrease) in Stockholders' Equity
Adoption of ASU, net of tax		(90)				$ (90)
Beginning Balance (in shares) at Dec. 31, 2019	59,414,583					59,414,583
Beginning Balance at Dec. 31, 2019	$ 305,631	214,225	(335)		10,149	$ 529,670
Increase (Decrease) in Stockholders' Equity
Stock based compensation expense	$ 27					27
Repurchase of common shares				(6,807)		(6,807)
Repurchase of common shares (in shares)	(411,113)
Other comprehensive income (loss)			(555)			(555)
Net (loss) income		(1,533)			198	(1,335)
Ending Balance at Mar. 31, 2020	$ 305,658	$ 212,602	$ (890)	$ (6,807)	$ 10,347	$ 520,910
Ending Balance (in shares) at Mar. 31, 2020	59,003,470					59,003,470

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities:
Net (loss) income	$ (1,335)	$ 1,980
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	3,073	2,111
Stock based compensation	27	13
Loss on sale of investments	48	2
Unrealized loss (gain) on investments, net	4,761	(2,049)
Equity in loss from unconsolidated affiliates	83
Deferred income tax expense (benefit)	935
Cost of real estate sold	1,593	1,613
Expenditures for and acquisition of real estate to be sold	(6,323)	(7,085)
Accretion income and other	(268)	(361)
Gain on land contribution to equity method investment	(4,277)	(1,472)
Changes in operating assets and liabilities:
Other assets	4,390	4,645
Other liabilities	1,408	(1,284)
Income taxes receivable	(998)	661
Net cash provided by (used in) operating activities	3,117	(1,226)
Cash flows from investing activities:
Expenditures for operating property	(32,974)	(8,834)
Expenditures for property and equipment	(1,476)	(1,182)
Proceeds from insurance claims		5,798
Purchases of investments - debt securities	(49,927)
Purchases of investments - equity securities		(5)
Purchases of restricted investments	(12)	(23)
Sales of investments - equity securities	2,502
Sales of restricted investments	1,208	1,138
Maturities of assets held by special purpose entities	415	414
Net cash used in investing activities	(80,264)	(2,694)
Cash flows from financing activities:
Capital contribution to unconsolidated affiliate	(600)	(254)
Repurchase of common shares	(6,807)	(7,073)
Borrowings on debt	6,545	7,279
Principal payments for debt	(272)	(236)
Principal payments under finance lease obligation	(11)	(4)
Debt issuance costs	(193)	(21)
Net cash used in financing activities	(1,338)	(309)
Net decrease in cash, cash equivalents and restricted cash	(78,485)	(4,229)
Cash, cash equivalents and restricted cash at beginning of the period	188,677	198,073
Cash, cash equivalents and restricted cash at end of the period	$ 110,192	$ 193,844

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash, cash equivalents and restricted cash:
Cash and cash equivalents	$ 106,427	$ 190,821
Restricted cash included in other assets	3,765	3,023
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	110,192	193,844
Cash paid during the period for:
Interest, net of amounts capitalized	5,110	4,948
Non-cash financing and investment activities:
Non-cash contribution to equity method investment	(5,476)	(1,730)
Increase in capital contribution from non-controlling interest		1,683
(Decrease) increase in Community Development District debt	(225)	1,371
(Decrease) increase in expenditures for operating properties and property and equipment financed through accounts payable	$ (1,556)	$ 336

Nature of Operations	3 Months Ended
Nature of Operations	Mar. 31, 2020
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 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 three reportable operating segments: 1) residential, 2) hospitality and 3) commercial. Prior to the first quarter of 2020, commercial leasing and sales, as well as forestry were treated as individual operating segments. Commencing in the first quarter of 2020, due to organizational changes, the Company’s previously titled “commercial leasing and sales” and “forestry” segments are now reported as one segment and retitled to “commercial.” This change is consistent with the Company’s belief that the decision making and management of the assets in these segments are being made as one group. All prior year segment information has been reclassified to conform to the 2020 presentation. Also commencing in the first quarter of 2020, the Company’s previously titled “residential real estate” segment was retitled to “residential.” The changes had no effect on the condensed consolidated balance sheets, statements of operations, statements of comprehensive (loss) income or statements of cash flows for the periods presented. See Note 17. Segment Information.

- Definition

The entire disclosure for the nature of an entity's business, major products or services, principal markets including location, and the relative importance of its operations in each business and the basis for the determination, including but not limited to, assets, revenues, or earnings. For an entity that has not commenced principal operations, disclosures about the risks and uncertainties related to the activities in which the entity is currently engaged and an understanding of what those activities are being directed toward.

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Significant Accounting Policies	3 Months Ended
Significant Accounting Policies	Mar. 31, 2020
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, 2019 condensed consolidated balance sheet amounts have been derived from the Company’s December 31, 2019 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 (loss) income. Operating results for the three months ended March 31, 2020 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2020. 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 4. Real Estate Joint Ventures . The unaudited 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 unaudited 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, 2019. The Company adheres to the same accounting policies in preparation of its unaudited interim condensed consolidated financial statements as the Company’s December 31, 2019 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. Uncertain economic conditions could have an adverse impact on the Company’s real estate values. On March 11, 2020, the World Health Organization characterized the outbreak of the novel coronavirus (“COVID-19”), as a global pandemic and recommended containment and mitigation measures. The overall economic conditions in the United States have been negatively impacted by the emerging threat posed by COVID-19. The Company’s hospitality operations have already been, and may continue to be, disrupted by the impacts of the COVID-19 pandemic and the governmental response to address it. While the breadth and duration of the COVID-19 pandemic impact is unknown, it could have a material adverse impact on the Company’s business, results of operations, cash flows and financial condition. See Part II. Item 1A. Risk Factors . Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash, cash equivalents, investments, other receivables, investments held by special purpose entity or entities (“SPE”) and investments in retained interests. The Company deposits and invests cash with local and regional financial institutions, and as of March 31, 2020, these balances exceeded the amount of F.D.I.C. insurance provided on such deposits. In addition, as of March 31, 2020 the company had $49.9 million invested in U.S. Treasury Bills and $2.4 million invested in three issuers of preferred stock that are non-investment grade, as well as investments of $37.5 million in short term commercial paper from s even issuers. Earnings Per Share Basic and diluted earnings per share are calculated by dividing net (loss) income attributable to the Company by the weighted average number of common shares outstanding for the period. For the three months ended March 31, 2020 and March 31, 2019, basic and diluted average shares outstanding were the same. There were no outstanding common stock equivalents as of March 31, 2020 or March 31, 2019. Non-vested restricted stock is included in outstanding shares at the time of grant. Recently Adopted 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. The allowance for credit losses should reflect management’s current estimate of credit losses that are expected to occur over the remaining life of a financial asset. 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. The Company adopted the new guidance, including amendments, as of January 1, 2020, and has elected to implement Topic 326 retrospectively using the cumulative-effect adjustment transition method as of the date of adoption. As a result, prior periods have not been restated. The Company elected the practical expedient to not measure an allowance for credit losses for accrued interest receivables and will write off uncollectible balances in a timely manner, which is 90 days from when it is determined uncollectible. As of the date of adoption, a cumulative-effect adjustment was recorded to beginning retained earnings. The impact of adopting this guidance resulted in an adjustment to decrease retained earnings by $0.1 million, net of the related tax effects, a decrease in accounts receivable, net and notes receivable, net for allowance for credit losses of $0.1 million and an increase to other liabilities related to allowance for credit losses for unconsolidated JV debt guaranteed by the Company of less than $0.1 million. There were no adjustments related to operating lease receivables for which the Company is the lessor. The adoption of this guidance did not materially impact results of operations or cash flows. Codification Improvements to Financial Instruments In March 2020, the FASB issued ASU 2020-03 , Codification Improvements to Financial Instruments , which makes narrow-scope improvements to various aspects of financial instruments guidance. The standard is effective immediately for certain amendments and for fiscal years beginning after December 15, 2019. The implementation of this guidance did not have a material impact on the Company’s financial condition, results of operations and cash flows. Recently Issued Accounting Pronouncements Income Taxes In December 2019, the FASB issued ASU 2019-12, which simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendment also improves consistent application of and simplifies GAAP for other areas of Topic 740 by clarifying and amending existing guidance. This new guidance will be effective for annual and interim periods beginning after December 15, 2020, with early adoption permitted. The Company does not expect the adoption of this guidance to have a material impact on its financial condition, results of operations and cash flows. Investments – Equity Securities, Investments-Equity Method and Joint Ventures and Derivatives and Hedging In January 2020, the FASB issued ASU 2020-01, Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 (a consensus of the Emerging Issues Task Force ) which clarifies the interaction between the accounting standard on recognition and measurement of financial instruments in Topic 321, Investments—Equity Securities and Topic 323, Investments—Equity Method and Joint Ventures . The new guidance will be effective for annual and interim periods beginning after December 15, 2020, with early adoption permitted. 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. Reference Rate Reform In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting that provides temporary optional guidance to ease the potential burden in accounting for or recognizing the effects of reference rate reform on financial reporting. The new guidance provides expedients and exceptions for applying GAAP to contract modifications and hedging relationships affected by reference rate reform if certain criteria are met. The amendments apply only to contracts and hedging relationships that reference LIBOR or another reference rate that is expected to be discontinued due to reference rate reform. This new guidance is effective prospectively beginning on March 12, 2020 through December 31, 2022. The Company is currently evaluating the impact that the adoption of this guidance will have on its financial condition, results of operations and cash flows.

Investment in Real Estate

3 Months Ended

Mar. 31, 2020

Investment in Real Estate

Investment in Real Estate

3. Investment in Real Estate

Real estate by property type and segment includes the following:


	March 31,		December 31,
	2020		2019
Development property:
Residential	$	123,767	$	115,384
Hospitality		21,297		12,229
Commercial		109,054		103,326
Corporate		2,635		2,631
Total development property		256,753		233,570

Operating property:
Residential		11,988		11,985
Hospitality		95,070		94,838
Commercial		175,205		164,589
Other		50		50
Total operating property		282,313		271,462
Less: Accumulated depreciation		70,170		74,256
Total operating property, net		212,143		197,206
Investment in real estate, net	$	468,896	$	430,776

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 includes residential communities such as Watersound Origins, SouthWood, WindMark Beach, as well as other communities. Hospitality development property consists of land, construction costs, development costs and improvements primarily related to the Camp Creek Lifestyle Village amenity center, a new hotel in the Pier Park area and a new hotel near the Northwest Florida Beaches International Airport, as well as other properties. Commercial development property primarily consists of land, construction costs and development costs for commercial, multi-family, assisted living and industrial uses, including the Watercrest JV, Watersound Origins Crossings JV, Pier Park Crossings Phase II JV, Beckrich Office Park, land holdings near the Northwest Florida Beaches International Airport and Port of Port St. Joe as well as other properties. Development property in the hospitality and commercial 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 operating property consists primarily of residential utility assets and certain rental properties. The hospitality operating property includes the WaterColor Inn, WaterSound Inn, golf courses, a beach club, marinas and certain vacation rental properties. Commercial operating property includes property developed or purchased by the Company and used for retail, multi-family 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. Commercial operating property also includes the Company’s timberlands. Operating property may be sold in the future as part of the Company’s principal real estate business.

- Definition

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

+ References + Details

Real Estate Joint Ventures

3 Months Ended

Mar. 31, 2020

Real Estate Joint Ventures

Real Estate Joint Ventures

4. Real Estate Joint Ventures

The Company enters into real estate JVs, from time to time, for the purpose of developing real estate and other business activities 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 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. Investments in JVs and limited partnerships in which the Company is not the primary beneficiary are accounted for by the equity method.

The timing of cash flows for additional required capital contributions related to the Company’s JVs varies by agreement. Some of the Company’s consolidated and unconsolidated JVs have entered into financing agreements, where the Company or its JV partners have provided guarantees. See Note 10. Debt, Net and Note 18. Commitments and Contingencies for additional information.

Consolidated Joint Ventures

Pier Park Crossings Phase II JV

Pier Park Crossings Phase II JV was created in October 2019, when the Company entered into a JV agreement to develop, manage and lease apartments in Panama City Beach, Florida. The JV parties are working together to develop and construct a 120 unit apartment community. The community is located on land in the Pier Park area that was contributed to the JV by the Company. As of March 31, 2020 and December 31, 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 Pier Park Crossings Phase II JV is a VIE and that the Company is the VIE’s primary beneficiary as of March 31, 2020 and December 31, 2019.

Reliant Title JV

Reliant Title JV was created in October 2019, when the Company entered into a JV agreement to own, operate and manage a real estate title insurance agency business. As of March 31, 2020 and December 31, 2019, the Company owned a 66.0% interest in the consolidated JV. A wholly owned subsidiary of the Company is the managing member of Reliant Title JV and is responsible for the day-to-day activities of the JV. As the manager of the JV, as well as the majority member, the Company has the power to direct all of the activities of the JV that most significantly impact economic performance. The Company determined Reliant Title JV is a VIE and that the Company is the VIE’s primary beneficiary as of March 31, 2020 and December 31, 2019.

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 March 31, 2020 and December 31, 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 March 31, 2020 and December 31, 2019.

Watersound Origins Crossings JV

Watersound 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 March 31, 2020 and December 31, 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 Watersound Origins Crossings JV is a VIE and that the Company is the VIE’s primary beneficiary as of March 31, 2020 and December 31, 2019.

Pier Park Crossings JV

In April 2017, the Company entered into a JV agreement to develop, manage and lease apartments in Panama City Beach, Florida. Construction of the 240 unit apartment community was completed in the first quarter of 2020. The community is located on land in the Pier Park area that was contributed to the JV by the Company. As of March 31, 2020 and December 31, 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 Pier Park Crossings JV is a VIE and that the Company is the VIE’s primary beneficiary as of March 31, 2020 and December 31, 2019.

Pier Park North JV

During 2012, the Company entered into a JV agreement with a partner to develop a retail center at Pier Park North. As of March 31, 2020 and December 31, 2019, 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 March 31, 2020 and December 31, 2019.

Unconsolidated Joint Ventures

Investment in unconsolidated joint ventures includes the Company’s investment accounted for using the equity method. The following table presents detail of the Company’s investment in unconsolidated joint ventures and total outstanding debt of unconsolidated JVs:


	March 31,		December 31,
	2020		2019
Investment in unconsolidated joint ventures
Latitude Margaritaville Watersound JV	$	1,317	$	791
Pier Park TPS JV		3,080		3,083
Sea Sound Apartments JV (a)		5,476		—
Busy Bee JV		1,204		1,210
Total investment in unconsolidated joint ventures	$	11,077	$	5,084

Outstanding debt of unconsolidated JVs
Pier Park TPS JV	$	11,068	$	6,791
Busy Bee JV		4,486		1,451
Total outstanding debt of unconsolidated JVs (b)	$	15,554	$	8,242

JV was formed in January 2020.

See Note 18. Commitments and Contingencies for additional information.

The following table presents detail of the Company’s equity in loss from unconsolidated affiliates:


	Three Months Ended March 31, 2020
Equity in loss from unconsolidated affiliates
Latitude Margaritaville Watersound JV	$	74
Pier Park TPS JV		3
Busy Bee JV		6
Total equity in loss from unconsolidated affiliates	$	83

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 and the sales center is currently under construction. The community will be located on land that will be contributed to the JV by the Company. The first phase is estimated to include approximately 3,500 residential homes which will be developed in smaller increments of discrete neighborhoods. As of March 31, 2020 and December 31, 2019, the Company owned a 50.0% voting interest in the JV. Each JV member initially contributed and will continue to contribute an equal amount of cash t owards the development and construction of the main spine infrastructure and amenities. The Company’s unimproved land contribution will be returned at an average of $10,000 as each home is sold by the JV. Per the JV agreement, the Company will provide interest-bearing financing in the form of a promissory note to the Latitude Margaritaville Watersound JV to finance the development of the pod-level, non-spine infrastructure, which will be repaid by the JV as each home is sold by the JV. The day-to-day activities of the JV will be managed through a board of managers, with each JV partner having equal voting rights. The Company has determined that Latitude Margaritaville Watersound 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 Latitude Margaritaville Watersound JV is accounted for using the equity method .

Summarized financial information for Latitude Margaritaville Watersound JV is as follows:


	March 31,		December 31,
	2020		2019
BALANCE SHEETS:
Investment in real estate	$	2,106	$	1,116
Cash and cash equivalents		568		525
Other assets		25		—
Total assets	$	2,699	$	1,641

Other liabilities	$	66	$	58
Equity		2,633		1,583
Total liabilities and equity	$	2,699	$	1,641


	Three Months Ended March 31, 2020
STATEMENT OF OPERATIONS:
Total expenses	$	149
Net loss	$	149

Sea Sound Apartments JV

FDSJ Eventide, LLC (“Sea Sound Apartments JV”) was created in January 2020. The Company entered into a JV agreement to develop, construct and manage apartments in Panama City Beach, Florida. The JV parties are working together to develop and construct a 300 unit apartment community. The community will be located near the Breakfast Point residential community on land that was contributed to the JV by the Company in January 2020, with a fair value of $5.1 million. In addition, during the three months ended March 31, 2020, the Company contributed mitigation bank credits of $0.4 million. During the three months ended March 31, 2020, the JV partner contributed $3.6 million of cash. The project is currently under development with no income or loss impacting the condensed consolidated statements of operations for the three months ended March 31, 2020. As of March 31, 2020, the Company owned a 60.0% interest in the JV. The Company’s partner is responsible for the day-to-day activities of the JV. The Company has determined that Sea Sound Apartments 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 Sea Sound Apartments JV is accounted for using the equity method . In January 2020, the JV entered into a $40.3 million loan, maturing in January 2024 (the “Sea Sound Apartments JV Loan”). The Sea Sound Apartments JV Loan is secured by the real property, all assets of the borrower, assignment of leases and rents and the security interest in the rents and personal property. The Company’s JV partner is the sole guarantor of the Sea Sound Apartments JV Loan and will receive a fee related to the guarantee from the Company based on its ownership percentage. As of March 31, 2020, there was no principal balance outstanding and the JV incurred $0.6 million of loan costs related to the Sea Sound Apartments JV Loan.

Summarized financial information for Sea Sound Apartments JV is as follows:


	March 31,
	2020
BALANCE SHEET:
Investment in real estate	$	9,443
Cash and cash equivalents		53
Other assets		559
Total assets	$	10,055

Other liabilities	$	892
Equity		9,163
Total liabilities and equity	$	10,055

Pier Park TPS, LLC

Pier Park TPS, LLC (“Pier Park TPS JV”) was created in April 2018. The Company entered into a JV agreement to develop and operate a 124 room hotel in Panama City Beach, Florida. The hotel will be located on land in the Pier Park area that the Company contributed to the JV on January 14, 2019, with a fair value of $1.7 million. In addition, during the three months ended March 31, 2019 , the Company contributed cash of $0.2 million and mitigation bank credits of $0.1 million. As of March 31, 2020 and December 31, 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 Pier Park TPS JV is a VIE, but that the Company is not the primary beneficiary since it does not have the power to direct the activities that most significantly impact the economic performance of the JV. The Company’s investment in Pier Park TPS JV is accounted for using the equity method. See Note 18. Commitments and Contingencies for additional information related to debt guaranteed by the Company.

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


	March 31,		December 31,
	2020		2019
BALANCE SHEETS:
Investment in real estate	$	17,703	$	14,775
Cash and cash equivalents		67		51
Other assets		9		12
Total assets	$	17,779	$	14,838

Debt, net	$	10,761	$	6,480
Other liabilities		871		2,193
Equity		6,147		6,165
Total liabilities and equity	$	17,779	$	14,838

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. The investment in the unconsolidated JV of $1.2 million as of March 31, 2020 and December 31, 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. As of March 31, 2020 and December 31, 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. See Note 18. Commitments and Contingencies for additional information related to debt guaranteed by the Company.

Summarized financial information for Busy Bee JV is as follows:


	March 31,		December 31,
	2020		2019
BALANCE SHEETS:
Investment in real estate	$	6,852	$	3,886
Cash and cash equivalents		27		36
Other assets		14		28
Total assets	$	6,893	$	3,950

Debt, net	$	4,390	$	1,349
Other liabilities		94		181
Equity		2,409		2,420
Total liabilities and equity	$	6,893	$	3,950


	Three Months Ended March 31, 2020
STATEMENT OF OPERATIONS:
Total expenses	$	11
Net loss	$	11

Investments

3 Months Ended

Mar. 31, 2020

Investments

Investments

5. Investments

Available-For-Sale Investments

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


	March 31, 2020
			Gross Unrealized		Gross Unrealized
	Amortized Cost		Gains		(Losses)		Fair Value
Investments - debt securities:
U.S. Treasury Bills	$	49,944	$	18	$	(14)	$	49,948
Corporate debt securities		178		—		(129)		49
		50,122		18		(143)		49,997
Restricted investments:
Short-term bond		1,165		—		(7)		1,158
		1,165		—		(7)		1,158
	$	51,287	$	18	$	(150)	$	51,155


	December 31, 2019
			Gross Unrealized		Gross Unrealized
	Amortized Cost		Gains		(Losses)		Fair Value
Investments - debt securities:
Corporate debt securities	$	178	$	—	$	(125)	$	53
		178		—		(125)		53
Restricted investments:
Short-term bond		2,239		11		—		2,250
Money market fund		114		—		—		114
		2,353		11		—		2,364
	$	2,531	$	11	$	(125)	$	2,417

During the three months ended March 31, 2020 net realized gains from the sale of available-for-sale securities were less than $0. 1 million, proceeds from the sale of available-for-sale securities were $1.2 million and purchases of available-for-sale securities were $49.9 million.

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

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


	March 31, 2020
	Less Than 12 Months				12 Months or Greater
			Unrealized				Unrealized
	Fair Value		Losses		Fair Value		Losses
Investments - debt securities:
U.S. Treasury Bills	$	42,949	$	14	$	—	$	—
Corporate debt securities		—		—		49		129
Restricted investments:
Short-term bond		—		—		1,158		7
	$	42,949	$	14	$	1,207	$	136


	December 31, 2019
	Less Than 12 Months				12 Months or Greater
			Unrealized				Unrealized
	Fair Value		Losses		Fair Value		Losses
Investments - debt securities:
Corporate debt securities	$	—	$	—	$	53	$	125

As of March 31, 2020, the Company had unrealized losses of $0.2 million related to U.S. Treasury Bills, corporate debt securities and restricted investments. The Company had unrealized losses of $0.1 million as of December 31, 2019 related to corporate debt securities. As of March 31, 2020, the Company determined unrealized losses related to U.S. Treasury Bills, corporate debt securities and restricted investments were not due to credit impairment and did not record an allowance for credit losses related to available-for-sale debt securities. As of March 31, 2020 and December 31, 2019, 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.

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


	March 31, 2020
	Amortized Cost		Fair Value
Due in one year or less	$	50,122	$	49,997
Restricted investments		1,165		1,158
	$	51,287	$	51,155

Investments - Equity Securities

As of March 31, 2020 and December 31, 2019 investments - equity securities included $2.4 million and $9.7 million, respectively, of preferred stock investments recorded at fair value. During the three months ended March 31, 2020 the Company had an unrealized loss on investments – equity securities of $4.8 million, compared to an unrealized gain on investments – equity securities of $2.0 million during the three months ended March 31, 2019. These amounts were included within investment (loss) income, net on the condensed consolidated statements of operations.

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, which 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 March 31, 2020, clients of FCM, including Mr. Berkowitz, beneficially owned approximately 44.94% 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.

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 Company. 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 approval by a second member of Company’s Board, (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.

- Definition

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

+ References + Details

Financial Instruments and Fair Value Measurements

3 Months Ended

Mar. 31, 2020

Financial Instruments and Fair Value Measurements

Financial Instruments and Fair Value Measurements

6. Financial Instruments and Fair Value Measurements

Fair Value Measurements

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


	March 31, 2020
							Total Fair
	Level 1		Level 2		Level 3		Value
Cash equivalents:
Money market funds	$	55,404	$	—	$	—	$	55,404
Commercial paper		37,468		—		—		37,468
		92,872		—		—		92,872

Investments - debt securities:
U.S. Treasury Bills		49,948		—		—		49,948
Corporate debt securities		—		49		—		49
		49,948		49		—		49,997

Investments - equity securities:
Preferred stock		—		2,432		—		2,432
		—		2,432		—		2,432

Restricted investments:
Short-term bond		1,158		—		—		1,158
		1,158		—		—		1,158
	$	143,978	$	2,481	$	—	$	146,459


	December 31, 2019
							Total Fair
	Level 1		Level 2		Level 3		Value
Cash equivalents:
Money market funds	$	21,043	$	—	$	—	$	21,043
Commercial paper		138,220		—		—		138,220
U.S. Treasury Bills		6,990		—		—		6,990
		166,253		—		—		166,253

Investments - debt securities:
Corporate debt securities		—		53		—		53
		—		53		—		53

Investments - equity securities:
Preferred stock		—		9,746		—		9,746
		—		9,746		—		9,746

Restricted investments:
Short-term bond		2,250		—		—		2,250
Money market fund		114		—		—		114
		2,364		—		—		2,364
	$	168,617	$	9,799	$	—	$	178,416

Money market funds, commercial paper, U.S. Treasury Bills 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 Bills 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 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 preferred stock investments are categorized as Level 2 financial instruments since their fair values were determined from market inputs in an inactive market.

Restricted investments are included within other assets on the condensed consolidated balance sheets and include certain of the surplus assets that were transferred from the Company’s Pension Plan to a suspense account in the Company’s 401(k) Plan in December 2014. The Company has retained the risks and rewards of ownership of these assets; therefore, the assets held in the suspense account are included in the Company’s condensed consolidated financial statements until they are allocated to participants. As of March 31, 2020 and December 31, 2019, 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 9. Other Assets .

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


		March 31, 2020
	Location in							Total Fair
	Balance Sheet	Level 1		Level 2		Level 3		Value
Derivative Liabilities:
Interest rate swap	Other liabilities	$	—	$	1,064	$	—	$	1,064
		$	—	$	1,064	$	—	$	1,064


		December 31, 2019
	Location in							Total Fair
	Balance Sheet	Level 1		Level 2		Level 3		Value
Derivative Liabilities:
Interest rate swap	Other liabilities	$	—	$	336	$	—	$	336
		$	—	$	336	$	—	$	336

In June 2019 the Watercrest JV 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 March 31, 2020 and December 31, 2019, the interest rate swap was recorded at its estimated fair value, based on level 2 measurements, of $1.1 million and $0.3 million, respectively, 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 (loss) 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 (loss) income into interest expense during the three months ended March 31, 2020. See Note 10. Debt for additional information.

Investment in Unconsolidated Joint Ventures

The Company evaluates its investment in unconsolidated JVs for impairment during each reporting period. A series of operating losses of an investee or other factors may indicate that a decrease in the value of the Company’s investment in the unconsolidated JV has occurred. The amount of impairment recognized is the excess of the investment’s carrying value over its estimated fair value. The fair value of the Company’s investment in unconsolidated JVs is determined primarily using a discounted cash flow model to value the underlying net assets of the respective JV. The fair value of investment in unconsolidated JVs required to be assessed for impairment is determined on a nonrecurring basis using Level 3 inputs in the fair value hierarchy. No impairment for unconsolidated JVs was recorded during the three months ended March 31, 2020 and 2019. See Note 4. Real Estate Joint Ventures 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 Bills are measured based on quoted market prices in an active market.

The fair value of debt is based on discounted future expected cash flows based on current market rates for financial instruments with similar risks, terms and maturities.

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 estimated fair value, measured on a nonrecurring basis, of the Company’s financial instruments were as follows:


	March 31, 2020					December 31, 2019
	Carrying		Estimated			Carrying		Estimated
	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 Bills and cash	$	6,396	$	6,695	1	$	6,771	$	6,712	1
Liabilities
Debt
Fixed-rate debt	$	93,925	$	92,147	2	$	89,969	$	92,276	2
Variable-rate debt		6,631		6,631	2		4,538		4,538	2
Total debt	$	100,556	$	98,778		$	94,507	$	96,814
Senior Notes held by SPE	$	177,090	$	220,540	3	$	177,026	$	204,347	3

Investments and Senior Notes Held by Special Purpose Entities

In connection with a real estate sale in 2014, the Company received consideration including a $200.0 million fifteen-year installment note (the “Timber Note”) issued by Panama City Timber Finance Company, LLC. The Company contributed the Timber Note and assigned its rights as a beneficiary under a letter of credit to Northwest Florida Timber Finance, LLC. Northwest Florida Timber Finance, LLC monetized the Timber Note by issuing $180.0 million aggregate principal amount of its 4.8% Senior Secured Notes due in 2029 (the “Senior Notes”) at an issue price of 98.5% of face value to third party investors. The investments held by Panama City Timber Finance Company, LLC as of March 31, 2020, 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 $6.0 million and cash of $0.4 million. The Senior Notes held by Northwest Florida Timber Finance, LLC as of March 31, 2020 consist of $177.1 million, net of the $2.9 million discount and debt issuance costs. Panama City Timber Finance Company, LLC and Northwest Florida Timber Finance, LLC are VIEs, which the Company consolidates as the primary beneficiary of each entity.

- Definition

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

+ References + Details

Hurricane Michael	3 Months Ended
Hurricane Michael	Mar. 31, 2020
Hurricane Michael
Hurricane Michael	7. 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, commercial and multi-family 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. During the three months ended March 31, 2020, $0.7 million of business interruption insurance proceeds were received related to the Pier Park Crossings JV, included within cost of leasing revenue on the condensed consolidated statements of operations. During the three months ended March 31, 2019, no insurance proceeds were received related to business interruption insurance. 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 three months ended March 31, 2020, the Company did not recognize any gain on insurance recovery. During the three months ended March 31, 2019, the Company recognized a $0.3 million gain on insurance recovery, included in other income, net on the condensed consolidated statements of operations. During the three months ended March 31, 2020 and 2019, the Company incurred loss from hurricane damage of $0.1 million and $0.3 million, respectively, for additional hurricane expense items such as repairs, clean-up costs, landscape repairs, demolition costs, professional fees, damaged inventory and temporary housing for employees included in other income, net on the condensed consolidated statements of operations. The Company expects that its results of operations related to the marinas assets will be impacted in the near term.

Leases

3 Months Ended

Mar. 31, 2020

Leases

Leases

8. 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 March 31,
	2020		2019
Leasing revenue
Lease payments	$	3,382	$	2,680
Variable lease payments		918		826
Total leasing revenue	$	4,300	$	3,506

Minimum future base rental revenue on non-cancelable leases subsequent to March 31, 2020, for the years ending December 31 are:



2020	$	10,863
2021		10,878
2022		9,745
2023		7,705
2024		6,505
Thereafter		17,762
	$	63,458

As of March 31, 2020, the Company leased certain office equipment under a finance lease and had operating leases for property and equipment used in corporate, hospitality and commercial 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. The Company uses its incremental borrowing rate to determine the present value of the lease payments since the rate implicit in each lease is not readily determinable.

The components of lease expense are as follows:



	Three Months Ended March 31,
	2020			2019
Lease cost
Finance lease cost:
Amortization of right-of-use assets	$	12		$	4
Interest on lease liability		3			1
Operating lease cost		65			52
Short-term lease cost		78			64
Total lease cost	$	158		$	121

Other information
Weighted-average remaining lease term - finance lease (in years)		3.9			4.9
Weighted-average remaining lease term - operating leases (in years)		2.9			1.9
Weighted-average discount rate - finance lease		5.0	%		5.0	%
Weighted-average discount rate - operating leases		5.0	%		5.0	%

The aggregate payments of finance lease liability subsequent to March 31, 2020, for the years ending December 31 are:


2020	$	41
2021		54
2022		54
2023		54
2024		10
Total		213
Less imputed interest		(20)
Total finance lease liability	$	193

The aggregate payments of operating lease liabilities subsequent to March 31, 2020, for the years ending December 31 are:


2020	$	200
2021		201
2022		123
2023		83
2024		14
Thereafter		293
Total		914
Less imputed interest		(204)
Total operating lease liabilities	$	710

Other Assets

3 Months Ended

Mar. 31, 2020

Other Assets

Other Assets

9. Other Assets

Other assets consist of the following:


	March 31,		December 31,
	2020		2019
Restricted investments	$	1,158	$	2,364
Accounts receivable, net		5,004		6,957
Homesite sales receivable		4,547		5,211
Notes receivable, net		3,239		3,252
Income tax receivable		3,841		2,843
Prepaid expenses		6,869		6,592
Straight-line rent		3,112		3,292
Operating lease right-of-use assets		710		691
Other assets		6,630		5,715
Retained interest investments		12,348		12,214
Accrued interest receivable for Senior Notes held by SPE		935		2,938
Total other assets	$	48,393	$	52,069

Restricted Investments

The Company’s restricted investments are related to the Company’s deferred compensation plan . As part of the Pension Plan termination in 2014, the Company directed the Pension Plan to transfer the Pension Plan’s surplus assets into a suspense account in the Company’s 401(k) plan. The Company has retained the risks and rewards of ownership of these assets; therefore, the assets held in the suspense account are included in the Company’s condensed consolidated balance sheets until they are allocated to current or future 401(k) plan participants within the next year . During the three months ended March 31, 2020 and 2019, the Company recorded an expense of $1.2 million and $1.1 million, respectively, for the fair value of the assets, less expenses that were allocated to participants. Any gain or loss on these assets is reflected in the Company’s condensed consolidated statements of operations and was less than a $0.1 million gain for the three months ended March 31, 2020 and less than a $0.1 million loss for the three months ended March 31, 2019. Refer to Note 6. Financial Instruments and Fair Value Measurements .

Accounts Receivable, Net

The Company’s accounts receivable, net primarily include receivables related to certain homesite sales, leasing receivables, membership initiation fees, hospitality receivables and other receivables. At each reporting period accounts receivable in the scope of Topic 326 are pooled by type and judgements are made based on historical losses and expected credit losses based on economic trends to determine the allowance for credit losses primarily using the aging method. Actual losses could differ from those estimates. Write-offs are recorded when the Company concludes that all or a portion of the receivable is no longer collectible and recoveries on receivables previously charged-off are credited to the allowance. As of March 31, 2020 , accounts receivable were presented net of allowance for credit losses of $0.2 million and net of allowance for lease related receivables of $0.1 million. As of December 31, 2019, allowance for doubtful accounts receivable was $0.3 million. During the three months ended March 31, 2020, allowance for credit losses related to accounts receivable, net increased less than $0.1 million.

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, 2020		for Homesites Sold		Received/Transferred		March 31, 2020
Homesite sales receivable	$	5,211	$	—	$	(664)	$	4,547


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

Notes Receivable, Net

Notes receivable, net consists of the following:


	March 31,		December 31,
	2020		2019
Interest bearing homebuilder note, secured by the real estate sold — 5.5% interest rate, due June 2021	$	1,514	$	1,514
Interest bearing homebuilder note, secured by the real estate sold — 5.5% interest rate, due December 2021		872		872
Interest bearing note with a JV partner, secured by the partner's membership interest in the JV - 8.0% interest rate, due May 2039		359		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		202		206
Interest bearing homebuilder note, secured by the real estate sold — 6.3% interest rate, due March 2020		128		128
Interest bearing homebuilder note, secured by the real estate sold — 5.5% interest rate, due June 2020		84		84
Various mortgage notes, secured by certain real estate, bearing interest at various rates		80		85
Total notes receivable, net	$	3,239	$	3,252

The Company may allow homebuilders to pay for homesites during the home construction period in the form of homebuilder notes. The Company evaluates the carrying value of the notes receivable and the need for an allowance for credit losses at each reporting date. As of March 31, 2020 , notes receivable were presented net of allowance for credit losses of less than $0.1 million. As of December 31, 2019, there was no allowance for doubtful notes receivable. As of both March 31, 2020 and December 31, 2019, accrued interest receivable related to notes receivable was $0.1 million, and is included within other assets on the condensed consolidated balance sheets.

Retained Interest Investments

The Company has a beneficial interest in certain bankruptcy-remote qualified SPEs used in the installment sale monetization of certain sales of timberlands in 2007 and 2008. The SPEs’ assets are not available to satisfy the Company’s liabilities or obligations and the liabilities of the SPEs are not the Company’s liabilities or obligations. Therefore, the SPEs’ assets and liabilities are not consolidated in the Company’s condensed consolidated financial statements as of March 31, 2020 and December 31, 2019. The Company’s continuing involvement with the SPEs is the receipt of the net interest payments and the remaining principal of approximately $16.5 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 $12.3 million and $12.2 million as of March 31, 2020 and December 31, 2019, respectively, recorded in other assets on the Company’s condensed consolidated balance sheets.

Debt, Net

3 Months Ended

Mar. 31, 2020

Debt

Debt

10. Debt, Net

Debt consists of the following:


	March 31, 2020						December 31, 2019
			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%	$	45,281	$	363	$	44,918	$	45,514	$	380	$	45,134
PPC JV Loan, insured by HUD, due June 2060, bearing interest at 4.0%		35,690		1,081		34,609		34,610		1,087		33,523
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%		6,752		—		6,752		6,977		—		6,977
Watersound Origins Crossings JV Loan, due May 2024, bearing interest at 5.0%		6,202		428		5,774		2,868		454		2,414
Watercrest JV Loan, due June 2047, bearing interest at LIBOR plus 2.2% (effective rate of 3.2% at March 31, 2020		2,130		292		1,838		—		—		—
Beach Homes Loan, due May 2029, bearing interest at LIBOR plus 1.7% (effective rate of 2.7% at March 31, 2020)		1,584		19		1,565		1,594		20		1,574
Pier Park Outparcel Construction Loan, due March 2027, bearing interest at LIBOR plus 1.7% (effective rate of 2.7% at March 31, 2020)		1,520		14		1,506		1,535		14		1,521
WaterColor Crossings Construction Loan, due February 2029, bearing interest at LIBOR plus 1.7% (effective rate of 2.7% at March 31, 2020)		1,397		22		1,375		1,409		23		1,386
Total debt	$	100,556	$	2,219	$	98,337	$	94,507	$	1,978	$	92,529

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. The PPN JV Loan provides for principal and interest payments with a final balloon payment at maturity. 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 projects. The principal and interest payments on the bonds are paid by assessments on the properties benefited by the improvements financed by the bonds. The Company has recorded a liability for CDD debt that is associated with platted property, which is the point at which it becomes fixed or determinable. Additionally, the Company has recorded a liability for the portion of the CDD debt that is associated with unplatted property if it is probable and reasonably estimable that the Company will ultimately be responsible for repayment. The Company’s total CDD debt assigned to property it owns was $17.7 million as of both March 31, 2020 and December 31, 2019, 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 Watersound Origins Crossings JV entered into a $37.9 million loan (the “Watersound Origins Crossings JV Loan”) to finance the construction of apartments in Watersound, Florida. The Watersound 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 Watersound 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 Watersound 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 Watersound Origins Crossings JV Loan. The Company is the sole guarantor and receives a monthly fee related to the guarantee from its JV partner based on the JV partner’s ownership percentage.

In June 2019, the Watercrest JV entered into a $22.5 million loan (the “Watercrest JV Loan”) to finance the construction of an assisted 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 quarterly fee related to the guarantee from its JV partner based on the JV partner’s ownership percentage. The Watercrest JV 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%.

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 both March 31, 2020 and December 31, 2019, there was no principal balance and the Company incurred $0.1 million of loan costs related to the Beckrich Building III Loan.

In October 2019, the Pier Park Crossings Phase II JV entered into a $17.5 million loan (the “PPC II JV Loan”) to finance the construction of apartments in Panama City Beach, Florida. The PPC II JV Loan provides for interest only payments for the first twenty-four months and principal and interest payments thereafter through maturity in October 2024. The PPC II JV Loan is secured by the real property, assignment of rents and leases and the security interest in the rents, leases and personal property. In connection with the PPC II JV Loan, the Company executed a guarantee in favor of the lender to guarantee the payment and performance of the borrower under the PPC II JV Loan. The Company is the sole guarantor and will receive a monthly fee related to the guarantee from its JV partner based on the JV partner’s ownership percentage. As of both March 31, 2020 and December 31, 2019, there was no principal balance and the Company incurred $0.3 million of loan costs related to the PPC II JV Loan.

In March 2020, a wholly owned subsidiary of the Company entered into a $15.3 million loan (the “Airport Hotel Loan”) to finance the construction of a Hilton Garden Inn near the Northwest Florida Beaches International Airport in Panama City, Florida. The Airport Hotel Loan provides for interest only payments for the first thirty-six months and principal and interest payments thereafter through maturity in March 2025. The Airport Hotel 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 Airport Hotel Loan, the Company executed a guarantee in favor of the lender to guarantee the payment and performance of the borrower under the Airport Hotel Loan. As of March 31, 2020, there was no principal balance and the Company incurred $0.2 million of loan costs related to the Airport Hotel Loan.

The Company’s financing agreements are subject to various customary debt covenants and as of both March 31, 2020 and December 31, 2019 the Company was in compliance with the financial debt covenants.

The aggregate maturities of debt subsequent to March 31, 2020, for the years ending December 31 are:


	March 31,
	2020
2020	$	1,681
2021		2,261
2022		2,404
2023		2,468
2024		8,392
Thereafter		83,350
	$	100,556

Other Liabilities

3 Months Ended

Mar. 31, 2020

Other Liabilities

Other Liabilities

11. Other Liabilities

Other liabilities consist of the following:


	March 31,		December 31,
	2020		2019
Accounts payable	$	23,603	$	16,207
Finance lease liability		193		204
Operating lease liabilities		710		691
Accrued compensation		1,859		3,151
Other accrued liabilities		4,616		3,277
Deferred revenue		18,934		18,972
Club initiation fees		6,648		6,917
Club membership deposits		3,985		3,985
Advance deposits		1,899		946
Accrued interest expense for Senior Notes held by SPE		713		2,850
Total other liabilities	$	63,160	$	57,200

Accounts payable as of March 31, 2020 and December 31, 2019 includes payables for new projects under development and construction.

Other accrued liabilities include $1.2 million and $0.1 million of accrued property taxes as of March 31, 2020 and December 31, 2019, respectively, which are generally paid annually in November.

Deferred revenue as of March 31, 2020 and December 31, 2019 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, 2020		Cash Received		Revenue Recognized		March 31, 2020
Contract liabilities
Club initiation fees	$	6,917	$	327	$	(596)	$	6,648


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

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

Income Taxes

3 Months Ended

Mar. 31, 2020

Income Taxes

Income Taxes

12. Income Taxes

Income tax (benefit) expense attributable to (loss) income from operations differed from the amount computed by applying the statutory federal income tax rate of 21% as of March 31, 2020 and 2019 to pre-tax income as a result of the following:


	Three Months Ended
	March 31,
	2020		2019
Tax at the federal statutory rate	$	(426)	$	555
State income taxes (net of federal benefit)		(71)		116
Other		2		(10)
Total income tax (benefit) expense	$	(495)	$	661

As of December 31, 2019 the Company had a federal alternative minimum tax (“AMT”) credit receivable of $2.8 million. During the three months ended March 31, 2020 the Company received a refund of $0.4 million, reducing the federal AMT credit receivable to $2.4 million.

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 material unrecognized tax benefits as of either March 31, 2020 or December 31, 2019.

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was enacted in response to the COVID-19 pandemic. The CARES Act, among other things, permits net operating loss (“NOL”) carryovers and carrybacks to offset 100% of taxable income for taxable years beginning before 2021. In addition, the CARES Act allows NOLs incurred in 2018, 2019, and 2020 to be carried back to each of the five preceding taxable years to generate a refund of previously paid income taxes. The CARES Act also contains modifications on the limitation of business interest for tax years beginning in 2019 and 2020. The modifications to Section 163(j) increase the allowable business interest deduction from 30% of adjusted taxable income to 50% of adjusted taxable income. Based upon current facts and circumstances, the Company does not expect that these provisions would result in a material cash benefit.

Accumulated Other Comprehensive Loss

3 Months Ended

Mar. 31, 2020

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 Loss		Unrealized Loss
	on Available-for-		Cash Flow
	Sale Securities		Hedge		Total
Accumulated other comprehensive loss at December 31, 2019	$	(84)	$	(251)	$	(335)
Other comprehensive loss before reclassifications		(8)		(544)		(552)
Amounts reclassified from accumulated other comprehensive loss		(3)		—		(3)
Other comprehensive loss		(11)		(544)		(555)
Accumulated other comprehensive loss at March 31, 2020	$	(95)	$	(795)	$	(890)

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


	Three Months Ended March 31, 2020
	Before-		Tax		Net-of-
	Tax Amount		Benefit		Tax Amount
Unrealized loss on restricted investments	$	(10)	$	2	$	(8)
Interest rate swap		(729)		185		(544)
Reclassification adjustment for net gain included in earnings		(4)		1		(3)
Net unrealized loss		(743)		188		(555)
Other comprehensive loss	$	(743)	$	188	$	(555)


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

Stockholders' Equity	3 Months Ended
Stockholders' Equity	Mar. 31, 2020
Stockholders’ Equity
Stockholders' Equity	14. Stockholders’ Equity Stock Repurchase Program The Company’s Board has approved a stock repurchase program (the “Stock Repurchase Program”) pursuant to which the Company is authorized to repurchase shares of its common stock. The Stock Repurchase Program has no expiration date. During the three months ended March 31, 2020 and 2019, the Company repurchased 411,113 and 471,500 shares, respectively, of its common stock at an average purchase price of $16.55 and $15.00, per share, respectively, for an aggregate purchase price of $6.8 million and $7.1 million, respectively, pursuant to its Stock Repurchase Program. As of March 31, 2020, the Company had a total authority of $79.4 million available for purchase of shares of its common stock pursuant to its Stock Repurchase Program. The Company may repurchase its common stock in open market purchases from time to time, in privately negotiated transactions or otherwise, pursuant to Rule 10b‑18 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The timing and amount of any additional shares to be repurchased will depend upon a variety of factors, including market and business conditions and is subject to the Company maintaining $100.0 million in cash, cash equivalents and/or investments . 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. For each of the three months ended March 31, 2020 and 2019, the Company recorded expense of less than $0.1 million, related to restricted stock awards to the Company’s directors.

Revenue Recognition

3 Months Ended

Mar. 31, 2020

Revenue Recognition

Revenue Recognition

15. Revenue Recognition

Revenue consists primarily of real estate sales, hospitality operations, leasing operations, and timber sales. Taxes collected from customers and remitted to governmental authorities (e.g., sales tax) are excluded from revenue, costs and expenses. The following represents revenue disaggregated by segment, good or service and timing:


	Three Months Ended March 31, 2020
	Residential		Hospitality		Commercial		Other		Total
Revenue by Major Good/Service:
Real estate revenue	$	2,954	$	—	$	2,765	$	89	$	5,808
Hospitality revenue		62		6,548		—		—		6,610
Leasing revenue		22		3		4,275		—		4,300
Timber revenue		—		—		1,856		—		1,856
Total revenue	$	3,038	$	6,551	$	8,896	$	89	$	18,574

Timing of Revenue Recognition:
Recognized at a point in time	$	3,016	$	5,906	$	4,621	$	89	$	13,632
Recognized over time		—		642		—		—		642
Over lease term		22		3		4,275		—		4,300
Total revenue	$	3,038	$	6,551	$	8,896	$	89	$	18,574


	Three Months Ended March 31, 2019
	Residential		Hospitality		Commercial		Other		Total
Revenue by Major Good/Service:
Real estate revenue	$	3,362	$	—	$	1,111	$	118	$	4,591
Hospitality revenue		152		7,279		—		—		7,431
Leasing revenue		11		25		3,470		—		3,506
Timber revenue		—		—		495		—		495
Total revenue	$	3,525	$	7,304	$	5,076	$	118	$	16,023

Timing of Revenue Recognition:
Recognized at a point in time	$	3,514	$	6,768	$	1,606	$	118	$	12,006
Recognized over time		—		511		—		—		511
Over lease term		11		25		3,470		—		3,506
Total revenue	$	3,525	$	7,304	$	5,076	$	118	$	16,023

Other (Expense) Income

3 Months Ended

Mar. 31, 2020

Other (Expense) Income

Other Income (Expense)

16. Other (Expense) Income, Net

Other (expense) income, net consists of the following:


	Three Months Ended
	March 31,
	2020		2019
Investment income (loss), net
Interest and dividend income	$	1,043	$	1,813
Accretion income		17		61
Net realized loss on the sale of investments		(48)		(2)
Unrealized (loss) gain on investments, net		(4,761)		2,049
Interest income from investments in SPEs		2,046		2,049
Interest accrued on notes receivable and other interest		94		76
Total investment (loss) income, net		(1,609)		6,046
Interest expense
Interest expense and amortization of discount and issuance costs for Senior Notes issued by SPE		(2,202)		(2,199)
Other interest expense		(1,143)		(743)
Total interest expense		(3,345)		(2,942)
Other income (expense), net
Gain on land contribution to equity method investment		4,277		1,472
Accretion income from retained interest investments		344		320
Gain on insurance recovery		—		279
Loss from hurricane damage		(55)		(322)
Miscellaneous expense, net		(34)		(51)
Other income, net		4,532		1,698
Total other (expense) income, net	$	(422)	$	4,802

Investment (Loss) Income, Net

Interest and dividend income includes interest income accrued or received on the Company’s U. S. Treasury Bills, 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 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. 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 months ended March 31, 2020 and 2019 the Company capitalized $0.1 million and $0.2 million, respectively, 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, gain on insurance recovery, loss from hurricane damage and other income and expense items.

The three months ended March 31, 2020 include a gain of $4.3 million on land and mitigation credits contributed to the Company’s unconsolidated Sea Sound Apartments JV. The three months ended March 31, 2019, include a gain of $1.5 million on land contributed to the Company’s unconsolidated Pier Park TPS JV. See Note 4. Real Estate Joint Ventures for additional information.

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 11.3%.

During the three months ended March 31, 2020, the Company did not have any gain on insurance recovery and incurred $0.1 million of loss from hurricane damage related to Hurricane Michael. During the three months ended March 31, 2019, the Company had a $0.3 million gain on insurance recovery and incurred $0.3 million of loss from hurricane damage related to Hurricane Michael See Note 7. Hurricane Michael for additional information.

Segment Information

3 Months Ended

Mar. 31, 2020

Segment Information

Segment Information

17. Segment Information

The Company currently conducts primarily all of its business in the following three operating segments: (1) residential, (2) hospitality and (3) commercial. Prior to the first quarter of 2020, commercial leasing and sales, as well as forestry were treated as individual operating segments. Commencing in the first quarter of 2020, due to organizational changes, the Company’s previously titled “commercial leasing and sales” and “forestry” segments are now reported as one segment and retitled to “commercial.” This change is consistent with the Company’s belief that the decision making and management of the assets in these segments are being made as one group. All prior year segment information has been reclassified to conform to the 2020 presentation. Also commencing in the first quarter of 2020, the Company’s previously titled “residential real estate” segment was retitled to “residential.” The changes had no effect on the condensed consolidated balance sheets, statements of operations, statements of comprehensive (loss) income or statements of cash flows for the periods presented.

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

The Company uses (loss) income before equity in loss from unconsolidated affiliates, 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, 2019. Total revenue represents sales to unaffiliated customers, as reported in the Company’s condensed consolidated statements of operations. All significant intercompany transactions have been eliminated in consolidation. The caption entitled “Other” consists of mitigation credit revenue, title fee revenue and corporate operating and general and administrative expenses, net of investment income.

Information by business segment is as follows:


	Three Months Ended
	March 31,
	2020		2019
Operating revenue:
Residential	$	3,038	$	3,525
Hospitality		6,551		7,304
Commercial		8,896		5,076
Other		89		118
Consolidated operating revenue	$	18,574	$	16,023

Income (loss) before equity in loss from unconsolidated affiliates and income taxes:
Residential	$	404	$	270
Hospitality		(2,258)		(822)
Commercial		7,954		3,070
Other		(7,847)		123
Consolidated (loss) income before equity in loss from unconsolidated affiliates and income taxes	$	(1,747)	$	2,641


	March 31,		December 31,
	2020		2019
Total assets:
Residential	$	144,086	$	139,349
Hospitality		97,695		89,570
Commercial		277,631		253,936
Other		393,610		426,378
Total assets	$	913,022	$	909,233

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2020
Commitments and Contingencies
Commitments and Contingencies	18. Commitments and Contingencies The Company establishes an accrued liability when it is both probable that a material loss has been incurred and the amount of the loss can be reasonably estimated. The Company will evaluate the range of reasonably estimated losses and record an accrued liability based on what it believes to be the minimum amount in the range, unless it believes an amount within the range is a better estimate than any other amount. In such cases, there may be an exposure to loss in excess of the amounts accrued. The Company evaluates quarterly whether further developments could affect the amount of the accrued liability previously established or would make a loss contingency both probable and reasonably estimable. The Company also provides disclosure when it believes it is reasonably possible that a material loss will be incurred or when it believes it is reasonably possible that the amount of a loss will exceed the recorded liability. The Company reviews loss contingencies at least quarterly to determine whether the likelihood of loss has changed and to assess whether a reasonable estimate of the loss or range of loss can be made. This estimated range of possible losses is based upon currently available information and is subject to significant judgment and a variety of assumptions, as well as known and unknown uncertainties. The matters underlying the estimated range will change from time to time, and actual results may vary significantly from the current estimate. The Company is subject to a variety of litigation, claims, other disputes and governmental proceedings that arise from time to time in the ordinary course of its business, including litigation related to its prior homebuilding and development activities. The Company cannot 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 $0.8 million and $1.5 million as of March 31, 2020 and December 31, 2019, 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 March 31, 2020 and December 31, 2019, the Company was required to provide surety bonds that guarantee completion of certain infrastructure in certain development projects and mitigation banks of $17.2 million and $10.7 million, respectively, as well as a standby letter of credit in the amount of $1.9 million as of March 31, 2020, which may potentially result in liability to the Company if certain obligations of the Company are not met. As of March 31, 2020, the Company had a total of $106.0 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, as guarantor the Company, a wholly owned subsidiary of the Company and the Company’s JV partner entered into a joint and several guarantee in favor of the lender, to guarantee the payment and performance of the borrower. As guarantor the Company’s liability under the Pier Park TPS JV Loan will be automatically reduced to 50.0%, or a further 25.0% of the outstanding principal balance upon reaching and maintaining certain debt service coverage. In addition, the guarantee can become full recourse in the case of the failure of guarantor to abide by or perform any of the covenants or warranties to be performed on the part of such guarantor; any sale, conveyance or transfer of the property; upon the filing or commencement of voluntary bankruptcy or insolvency proceedings; the entry of monetary judgement or assessment or the filing of any tax lien against either the borrower or guarantor; and the dissolution of the borrower or guarantor. As of March 31, 2020 and December 31, 2019, $11.1 million and $6.8 million, respectively, was outstanding on the Pier Park TPS JV Loan. In November 2019, the Company’s unconsolidated Busy Bee JV, entered into a $5.4 million construction loan maturing in November 2035 (the “Busy Bee JV Construction Loan”) and a $1.2 million equipment loan maturing in November 2027 (the “Busy Bee JV Equipment Loan”). The loans are secured by the real and personal property, assignment of rents and leases and a security interest in the construction contract and management agreement. In connection with the Busy Bee JV Construction Loan and the Busy Bee JV Equipment Loan, as guarantor the Company, a wholly owned subsidiary of the Company and the Company’s JV partner entered into a joint and several guarantee in favor of the lender, to guarantee the payment and performance of the borrower through substantial completion. As guarantor, the Company’s liability under the loans upon substantial completion will be reduced to 50.0% for a twelve month period. Subsequent to that time, the Company’s guarantee will be released upon request. Upon release of the Company’s guarantee, the JV partner will be the sole guarantor and will receive a fee related to the guarantee from the Company based on the Company’s ownership percentage. As of March 31, 2020 and December 31, 2019, $4.5 million and $1.4 million, respectively, was outstanding on the Busy Bee JV Construction Loan. As of both March 31, 2020 and December 31, 2019, less than $0.1 million was outstanding on the Busy Bee JV Equipment Loan. The Company has assessed the need to record a liability for the guarantees related to the Company’s unconsolidated JVs and did not record an obligation as of both March 31, 2020 and December 31, 2019. As of March 31, 2020, allowance for credit losses related to the contingent aspect of these guarantees, based on historical experience and economic trends, was $0.1 million and is included within other liabilities on the condensed consolidated balance sheets.

Significant Accounting Policies (Policies)	3 Months Ended
Significant Accounting Policies (Policies)	Mar. 31, 2020
Significant Accounting Policies
Basis of Presentation and Principles of Consolidation	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, 2019 condensed consolidated balance sheet amounts have been derived from the Company’s December 31, 2019 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 (loss) income. Operating results for the three months ended March 31, 2020 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2020. 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 4. Real Estate Joint Ventures . The unaudited 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 unaudited 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, 2019. The Company adheres to the same accounting policies in preparation of its unaudited interim condensed consolidated financial statements as the Company’s December 31, 2019 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	Concentration of Risks and Uncertainties The Company’s real estate investments are concentrated in Northwest Florida. Uncertain economic conditions could have an adverse impact on the Company’s real estate values. On March 11, 2020, the World Health Organization characterized the outbreak of the novel coronavirus (“COVID-19”), as a global pandemic and recommended containment and mitigation measures. The overall economic conditions in the United States have been negatively impacted by the emerging threat posed by COVID-19. The Company’s hospitality operations have already been, and may continue to be, disrupted by the impacts of the COVID-19 pandemic and the governmental response to address it. While the breadth and duration of the COVID-19 pandemic impact is unknown, it could have a material adverse impact on the Company’s business, results of operations, cash flows and financial condition. See Part II. Item 1A. Risk Factors . Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash, cash equivalents, investments, other receivables, investments held by special purpose entity or entities (“SPE”) and investments in retained interests. The Company deposits and invests cash with local and regional financial institutions, and as of March 31, 2020, these balances exceeded the amount of F.D.I.C. insurance provided on such deposits. In addition, as of March 31, 2020 the company had $49.9 million invested in U.S. Treasury Bills and $2.4 million invested in three issuers of preferred stock that are non-investment grade, as well as investments of $37.5 million in short term commercial paper from s even issuers.
Earnings Per Share	Earnings Per Share Basic and diluted earnings per share are calculated by dividing net (loss) income attributable to the Company by the weighted average number of common shares outstanding for the period. For the three months ended March 31, 2020 and March 31, 2019, basic and diluted average shares outstanding were the same. There were no outstanding common stock equivalents as of March 31, 2020 or March 31, 2019. Non-vested restricted stock is included in outstanding shares at the time of grant.
Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements	Recently Adopted 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. The allowance for credit losses should reflect management’s current estimate of credit losses that are expected to occur over the remaining life of a financial asset. 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. The Company adopted the new guidance, including amendments, as of January 1, 2020, and has elected to implement Topic 326 retrospectively using the cumulative-effect adjustment transition method as of the date of adoption. As a result, prior periods have not been restated. The Company elected the practical expedient to not measure an allowance for credit losses for accrued interest receivables and will write off uncollectible balances in a timely manner, which is 90 days from when it is determined uncollectible. As of the date of adoption, a cumulative-effect adjustment was recorded to beginning retained earnings. The impact of adopting this guidance resulted in an adjustment to decrease retained earnings by $0.1 million, net of the related tax effects, a decrease in accounts receivable, net and notes receivable, net for allowance for credit losses of $0.1 million and an increase to other liabilities related to allowance for credit losses for unconsolidated JV debt guaranteed by the Company of less than $0.1 million. There were no adjustments related to operating lease receivables for which the Company is the lessor. The adoption of this guidance did not materially impact results of operations or cash flows. Codification Improvements to Financial Instruments In March 2020, the FASB issued ASU 2020-03 , Codification Improvements to Financial Instruments , which makes narrow-scope improvements to various aspects of financial instruments guidance. The standard is effective immediately for certain amendments and for fiscal years beginning after December 15, 2019. The implementation of this guidance did not have a material impact on the Company’s financial condition, results of operations and cash flows. Recently Issued Accounting Pronouncements Income Taxes In December 2019, the FASB issued ASU 2019-12, which simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendment also improves consistent application of and simplifies GAAP for other areas of Topic 740 by clarifying and amending existing guidance. This new guidance will be effective for annual and interim periods beginning after December 15, 2020, with early adoption permitted. The Company does not expect the adoption of this guidance to have a material impact on its financial condition, results of operations and cash flows. Investments – Equity Securities, Investments-Equity Method and Joint Ventures and Derivatives and Hedging In January 2020, the FASB issued ASU 2020-01, Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 (a consensus of the Emerging Issues Task Force ) which clarifies the interaction between the accounting standard on recognition and measurement of financial instruments in Topic 321, Investments—Equity Securities and Topic 323, Investments—Equity Method and Joint Ventures . The new guidance will be effective for annual and interim periods beginning after December 15, 2020, with early adoption permitted. 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. Reference Rate Reform In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting that provides temporary optional guidance to ease the potential burden in accounting for or recognizing the effects of reference rate reform on financial reporting. The new guidance provides expedients and exceptions for applying GAAP to contract modifications and hedging relationships affected by reference rate reform if certain criteria are met. The amendments apply only to contracts and hedging relationships that reference LIBOR or another reference rate that is expected to be discontinued due to reference rate reform. This new guidance is effective prospectively beginning on March 12, 2020 through December 31, 2022. 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.

- Definition

Disclosure of accounting policy for computing basic and diluted earnings or loss per share for each class of common stock and participating security. Addresses all significant policy factors, including any antidilutive items that have been excluded from the computation and takes into account stock dividends, splits and reverse splits that occur after the balance sheet date of the latest reporting period but before the issuance of the financial statements.

+ References + Details

Investment in Real Estate (Table)

3 Months Ended

Mar. 31, 2020

Investment in Real Estate

Schedule of real estate by property type and segment


	March 31,		December 31,
	2020		2019
Development property:
Residential	$	123,767	$	115,384
Hospitality		21,297		12,229
Commercial		109,054		103,326
Corporate		2,635		2,631
Total development property		256,753		233,570

Operating property:
Residential		11,988		11,985
Hospitality		95,070		94,838
Commercial		175,205		164,589
Other		50		50
Total operating property		282,313		271,462
Less: Accumulated depreciation		70,170		74,256
Total operating property, net		212,143		197,206
Investment in real estate, net	$	468,896	$	430,776

Real Estate Joint Ventures (Tables)

3 Months Ended

Mar. 31, 2020

Investments

Schedule of financial information of unconsolidated joint venture


	March 31,		December 31,
	2020		2019
Investment in unconsolidated joint ventures
Latitude Margaritaville Watersound JV	$	1,317	$	791
Pier Park TPS JV		3,080		3,083
Sea Sound Apartments JV (a)		5,476		—
Busy Bee JV		1,204		1,210
Total investment in unconsolidated joint ventures	$	11,077	$	5,084

Outstanding debt of unconsolidated JVs
Pier Park TPS JV	$	11,068	$	6,791
Busy Bee JV		4,486		1,451
Total outstanding debt of unconsolidated JVs (b)	$	15,554	$	8,242

JV was formed in January 2020.

See Note 18. Commitments and Contingencies for additional information.

The following table presents detail of the Company’s equity in loss from unconsolidated affiliates:


	Three Months Ended March 31, 2020
Equity in loss from unconsolidated affiliates
Latitude Margaritaville Watersound JV	$	74
Pier Park TPS JV		3
Busy Bee JV		6
Total equity in loss from unconsolidated affiliates	$	83

Latitude Margaritaville Watersound JV

Investments

Schedule of financial information of unconsolidated joint venture

	March 31,		December 31,
	2020		2019
BALANCE SHEETS:
Investment in real estate	$	2,106	$	1,116
Cash and cash equivalents		568		525
Other assets		25		—
Total assets	$	2,699	$	1,641

Other liabilities	$	66	$	58
Equity		2,633		1,583
Total liabilities and equity	$	2,699	$	1,641


	Three Months Ended March 31, 2020
STATEMENT OF OPERATIONS:
Total expenses	$	149
Net loss	$	149

Sea Sound Apartments JV

Investments

Schedule of financial information of unconsolidated joint venture


	March 31,
	2020
BALANCE SHEET:
Investment in real estate	$	9,443
Cash and cash equivalents		53
Other assets		559
Total assets	$	10,055

Other liabilities	$	892
Equity		9,163
Total liabilities and equity	$	10,055

Pier Park TPS JV

Investments

Schedule of financial information of unconsolidated joint venture


	March 31,		December 31,
	2020		2019
BALANCE SHEETS:
Investment in real estate	$	17,703	$	14,775
Cash and cash equivalents		67		51
Other assets		9		12
Total assets	$	17,779	$	14,838

Debt, net	$	10,761	$	6,480
Other liabilities		871		2,193
Equity		6,147		6,165
Total liabilities and equity	$	17,779	$	14,838

Busy Bee JV (SJBB, LLC)

Investments

Schedule of financial information of unconsolidated joint venture


	March 31,		December 31,
	2020		2019
BALANCE SHEETS:
Investment in real estate	$	6,852	$	3,886
Cash and cash equivalents		27		36
Other assets		14		28
Total assets	$	6,893	$	3,950

Debt, net	$	4,390	$	1,349
Other liabilities		94		181
Equity		2,409		2,420
Total liabilities and equity	$	6,893	$	3,950


	Three Months Ended March 31, 2020
STATEMENT OF OPERATIONS:
Total expenses	$	11
Net loss	$	11

Investments (Tables)

3 Months Ended

Mar. 31, 2020

Investments

Schedule of Investments


	March 31, 2020
			Gross Unrealized		Gross Unrealized
	Amortized Cost		Gains		(Losses)		Fair Value
Investments - debt securities:
U.S. Treasury Bills	$	49,944	$	18	$	(14)	$	49,948
Corporate debt securities		178		—		(129)		49
		50,122		18		(143)		49,997
Restricted investments:
Short-term bond		1,165		—		(7)		1,158
		1,165		—		(7)		1,158
	$	51,287	$	18	$	(150)	$	51,155


	December 31, 2019
			Gross Unrealized		Gross Unrealized
	Amortized Cost		Gains		(Losses)		Fair Value
Investments - debt securities:
Corporate debt securities	$	178	$	—	$	(125)	$	53
		178		—		(125)		53
Restricted investments:
Short-term bond		2,239		11		—		2,250
Money market fund		114		—		—		114
		2,353		11		—		2,364
	$	2,531	$	11	$	(125)	$	2,417

Schedule of Unrealized Loss Position and Related Fair Value of Investments


	March 31, 2020
	Less Than 12 Months				12 Months or Greater
			Unrealized				Unrealized
	Fair Value		Losses		Fair Value		Losses
Investments - debt securities:
U.S. Treasury Bills	$	42,949	$	14	$	—	$	—
Corporate debt securities		—		—		49		129
Restricted investments:
Short-term bond		—		—		1,158		7
	$	42,949	$	14	$	1,207	$	136


	December 31, 2019
	Less Than 12 Months				12 Months or Greater
			Unrealized				Unrealized
	Fair Value		Losses		Fair Value		Losses
Investments - debt securities:
Corporate debt securities	$	—	$	—	$	53	$	125

Schedule of Contractual Maturities of Investments


	March 31, 2020
	Amortized Cost		Fair Value
Due in one year or less	$	50,122	$	49,997
Restricted investments		1,165		1,158
	$	51,287	$	51,155

Financial Instruments and Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2020

Financial Instruments and Fair Value Measurements

Schedule of Financial Instruments Measured at Fair Value on Recurring Basis


	March 31, 2020
							Total Fair
	Level 1		Level 2		Level 3		Value
Cash equivalents:
Money market funds	$	55,404	$	—	$	—	$	55,404
Commercial paper		37,468		—		—		37,468
		92,872		—		—		92,872

Investments - debt securities:
U.S. Treasury Bills		49,948		—		—		49,948
Corporate debt securities		—		49		—		49
		49,948		49		—		49,997

Investments - equity securities:
Preferred stock		—		2,432		—		2,432
		—		2,432		—		2,432

Restricted investments:
Short-term bond		1,158		—		—		1,158
		1,158		—		—		1,158
	$	143,978	$	2,481	$	—	$	146,459


	December 31, 2019
							Total Fair
	Level 1		Level 2		Level 3		Value
Cash equivalents:
Money market funds	$	21,043	$	—	$	—	$	21,043
Commercial paper		138,220		—		—		138,220
U.S. Treasury Bills		6,990		—		—		6,990
		166,253		—		—		166,253

Investments - debt securities:
Corporate debt securities		—		53		—		53
		—		53		—		53

Investments - equity securities:
Preferred stock		—		9,746		—		9,746
		—		9,746		—		9,746

Restricted investments:
Short-term bond		2,250		—		—		2,250
Money market fund		114		—		—		114
		2,364		—		—		2,364
	$	168,617	$	9,799	$	—	$	178,416

Schedule of Liabilities Measured at Fair Value on Recurring Basis


		March 31, 2020
	Location in							Total Fair
	Balance Sheet	Level 1		Level 2		Level 3		Value
Derivative Liabilities:
Interest rate swap	Other liabilities	$	—	$	1,064	$	—	$	1,064
		$	—	$	1,064	$	—	$	1,064


		December 31, 2019
	Location in							Total Fair
	Balance Sheet	Level 1		Level 2		Level 3		Value
Derivative Liabilities:
Interest rate swap	Other liabilities	$	—	$	336	$	—	$	336
		$	—	$	336	$	—	$	336

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


	March 31, 2020					December 31, 2019
	Carrying		Estimated			Carrying		Estimated
	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 Bills and cash	$	6,396	$	6,695	1	$	6,771	$	6,712	1
Liabilities
Debt
Fixed-rate debt	$	93,925	$	92,147	2	$	89,969	$	92,276	2
Variable-rate debt		6,631		6,631	2		4,538		4,538	2
Total debt	$	100,556	$	98,778		$	94,507	$	96,814
Senior Notes held by SPE	$	177,090	$	220,540	3	$	177,026	$	204,347	3

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References + Details

- Definition

Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

+ References + Details

- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References + Details

Leases (Tables)

3 Months Ended

Mar. 31, 2020

Leases

Schedule of components of leasing revenue


	Three Months Ended March 31,
	2020		2019
Leasing revenue
Lease payments	$	3,382	$	2,680
Variable lease payments		918		826
Total leasing revenue	$	4,300	$	3,506

Schedule of minimum future base rental revenue



2020	$	10,863
2021		10,878
2022		9,745
2023		7,705
2024		6,505
Thereafter		17,762
	$	63,458

Schedule of lease cost



	Three Months Ended March 31,
	2020			2019
Lease cost
Finance lease cost:
Amortization of right-of-use assets	$	12		$	4
Interest on lease liability		3			1
Operating lease cost		65			52
Short-term lease cost		78			64
Total lease cost	$	158		$	121

Other information
Weighted-average remaining lease term - finance lease (in years)		3.9			4.9
Weighted-average remaining lease term - operating leases (in years)		2.9			1.9
Weighted-average discount rate - finance lease		5.0	%		5.0	%
Weighted-average discount rate - operating leases		5.0	%		5.0	%

Schedule of aggregate payments of finance lease liability

The aggregate payments of finance lease liability subsequent to March 31, 2020, for the years ending December 31 are:


2020	$	41
2021		54
2022		54
2023		54
2024		10
Total		213
Less imputed interest		(20)
Total finance lease liability	$	193

Schedule of aggregate payments of operating lease liabilities

The aggregate payments of operating lease liabilities subsequent to March 31, 2020, for the years ending December 31 are:


2020	$	200
2021		201
2022		123
2023		83
2024		14
Thereafter		293
Total		914
Less imputed interest		(204)
Total operating lease liabilities	$	710

Other Assets (Tables)

3 Months Ended

Mar. 31, 2020

Other Assets

Schedule of Other Assets


	March 31,		December 31,
	2020		2019
Restricted investments	$	1,158	$	2,364
Accounts receivable, net		5,004		6,957
Homesite sales receivable		4,547		5,211
Notes receivable, net		3,239		3,252
Income tax receivable		3,841		2,843
Prepaid expenses		6,869		6,592
Straight-line rent		3,112		3,292
Operating lease right-of-use assets		710		691
Other assets		6,630		5,715
Retained interest investments		12,348		12,214
Accrued interest receivable for Senior Notes held by SPE		935		2,938
Total other assets	$	48,393	$	52,069

Schedule of Lot Sales Receivable


				Increases Due To		Decreases Due to
		Balance		Revenue Recognized		Amounts		Balance
		January 1, 2020		for Homesites Sold		Received/Transferred		March 31, 2020
Homesite sales receivable	$	5,211	$	—	$	(664)	$	4,547


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

Schedule of Notes Receivable, Net


	March 31,		December 31,
	2020		2019
Interest bearing homebuilder note, secured by the real estate sold — 5.5% interest rate, due June 2021	$	1,514	$	1,514
Interest bearing homebuilder note, secured by the real estate sold — 5.5% interest rate, due December 2021		872		872
Interest bearing note with a JV partner, secured by the partner's membership interest in the JV - 8.0% interest rate, due May 2039		359		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		202		206
Interest bearing homebuilder note, secured by the real estate sold — 6.3% interest rate, due March 2020		128		128
Interest bearing homebuilder note, secured by the real estate sold — 5.5% interest rate, due June 2020		84		84
Various mortgage notes, secured by certain real estate, bearing interest at various rates		80		85
Total notes receivable, net	$	3,239	$	3,252

Debt, Net (Tables)

3 Months Ended

Mar. 31, 2020

Debt

Schedule of Debt


	March 31, 2020						December 31, 2019
			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%	$	45,281	$	363	$	44,918	$	45,514	$	380	$	45,134
PPC JV Loan, insured by HUD, due June 2060, bearing interest at 4.0%		35,690		1,081		34,609		34,610		1,087		33,523
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%		6,752		—		6,752		6,977		—		6,977
Watersound Origins Crossings JV Loan, due May 2024, bearing interest at 5.0%		6,202		428		5,774		2,868		454		2,414
Watercrest JV Loan, due June 2047, bearing interest at LIBOR plus 2.2% (effective rate of 3.2% at March 31, 2020		2,130		292		1,838		—		—		—
Beach Homes Loan, due May 2029, bearing interest at LIBOR plus 1.7% (effective rate of 2.7% at March 31, 2020)		1,584		19		1,565		1,594		20		1,574
Pier Park Outparcel Construction Loan, due March 2027, bearing interest at LIBOR plus 1.7% (effective rate of 2.7% at March 31, 2020)		1,520		14		1,506		1,535		14		1,521
WaterColor Crossings Construction Loan, due February 2029, bearing interest at LIBOR plus 1.7% (effective rate of 2.7% at March 31, 2020)		1,397		22		1,375		1,409		23		1,386
Total debt	$	100,556	$	2,219	$	98,337	$	94,507	$	1,978	$	92,529

Schedule of Aggregate Maturities of Debt

The aggregate maturities of debt subsequent to March 31, 2020, for the years ending December 31 are:


	March 31,
	2020
2020	$	1,681
2021		2,261
2022		2,404
2023		2,468
2024		8,392
Thereafter		83,350
	$	100,556

Other Liabilities (Tables)

3 Months Ended

Mar. 31, 2020

Other Liabilities

Schedule of Other Liabilities


	March 31,		December 31,
	2020		2019
Accounts payable	$	23,603	$	16,207
Finance lease liability		193		204
Operating lease liabilities		710		691
Accrued compensation		1,859		3,151
Other accrued liabilities		4,616		3,277
Deferred revenue		18,934		18,972
Club initiation fees		6,648		6,917
Club membership deposits		3,985		3,985
Advance deposits		1,899		946
Accrued interest expense for Senior Notes held by SPE		713		2,850
Total other liabilities	$	63,160	$	57,200

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


		Balance		Increases Due To		Decreases Due to		Balance
		January 1, 2020		Cash Received		Revenue Recognized		March 31, 2020
Contract liabilities
Club initiation fees	$	6,917	$	327	$	(596)	$	6,648


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

Income Taxes (Tables)

3 Months Ended

Mar. 31, 2020

Income Taxes

Schedule of effective income tax rate reconciliation


	Three Months Ended
	March 31,
	2020		2019
Tax at the federal statutory rate	$	(426)	$	555
State income taxes (net of federal benefit)		(71)		116
Other		2		(10)
Total income tax (benefit) expense	$	(495)	$	661

Accumulated Other Comprehensive Loss (Tables)

3 Months Ended

Mar. 31, 2020

Accumulated Other Comprehensive Loss

Summary of Changes in Accumulated Other Comprehensive Loss


	Unrealized Loss		Unrealized Loss
	on Available-for-		Cash Flow
	Sale Securities		Hedge		Total
Accumulated other comprehensive loss at December 31, 2019	$	(84)	$	(251)	$	(335)
Other comprehensive loss before reclassifications		(8)		(544)		(552)
Amounts reclassified from accumulated other comprehensive loss		(3)		—		(3)
Other comprehensive loss		(11)		(544)		(555)
Accumulated other comprehensive loss at March 31, 2020	$	(95)	$	(795)	$	(890)

Summary of Tax Effects Allocated to Other Comprehensive Income


	Three Months Ended March 31, 2020
	Before-		Tax		Net-of-
	Tax Amount		Benefit		Tax Amount
Unrealized loss on restricted investments	$	(10)	$	2	$	(8)
Interest rate swap		(729)		185		(544)
Reclassification adjustment for net gain included in earnings		(4)		1		(3)
Net unrealized loss		(743)		188		(555)
Other comprehensive loss	$	(743)	$	188	$	(555)


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

Revenue Recognition (Tables)

3 Months Ended

Mar. 31, 2020

Revenue Recognition

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


	Three Months Ended March 31, 2020
	Residential		Hospitality		Commercial		Other		Total
Revenue by Major Good/Service:
Real estate revenue	$	2,954	$	—	$	2,765	$	89	$	5,808
Hospitality revenue		62		6,548		—		—		6,610
Leasing revenue		22		3		4,275		—		4,300
Timber revenue		—		—		1,856		—		1,856
Total revenue	$	3,038	$	6,551	$	8,896	$	89	$	18,574

Timing of Revenue Recognition:
Recognized at a point in time	$	3,016	$	5,906	$	4,621	$	89	$	13,632
Recognized over time		—		642		—		—		642
Over lease term		22		3		4,275		—		4,300
Total revenue	$	3,038	$	6,551	$	8,896	$	89	$	18,574


	Three Months Ended March 31, 2019
	Residential		Hospitality		Commercial		Other		Total
Revenue by Major Good/Service:
Real estate revenue	$	3,362	$	—	$	1,111	$	118	$	4,591
Hospitality revenue		152		7,279		—		—		7,431
Leasing revenue		11		25		3,470		—		3,506
Timber revenue		—		—		495		—		495
Total revenue	$	3,525	$	7,304	$	5,076	$	118	$	16,023

Timing of Revenue Recognition:
Recognized at a point in time	$	3,514	$	6,768	$	1,606	$	118	$	12,006
Recognized over time		—		511		—		—		511
Over lease term		11		25		3,470		—		3,506
Total revenue	$	3,525	$	7,304	$	5,076	$	118	$	16,023

Other (Expense) Income - (Tables)

3 Months Ended

Mar. 31, 2020

Other (Expense) Income

Schedule of Other (Expense) Income


	Three Months Ended
	March 31,
	2020		2019
Investment income (loss), net
Interest and dividend income	$	1,043	$	1,813
Accretion income		17		61
Net realized loss on the sale of investments		(48)		(2)
Unrealized (loss) gain on investments, net		(4,761)		2,049
Interest income from investments in SPEs		2,046		2,049
Interest accrued on notes receivable and other interest		94		76
Total investment (loss) income, net		(1,609)		6,046
Interest expense
Interest expense and amortization of discount and issuance costs for Senior Notes issued by SPE		(2,202)		(2,199)
Other interest expense		(1,143)		(743)
Total interest expense		(3,345)		(2,942)
Other income (expense), net
Gain on land contribution to equity method investment		4,277		1,472
Accretion income from retained interest investments		344		320
Gain on insurance recovery		—		279
Loss from hurricane damage		(55)		(322)
Miscellaneous expense, net		(34)		(51)
Other income, net		4,532		1,698
Total other (expense) income, net	$	(422)	$	4,802

Segment Information (Tables)

3 Months Ended

Mar. 31, 2020

Segment Information

Schedule of Information by Business Segment


	Three Months Ended
	March 31,
	2020		2019
Operating revenue:
Residential	$	3,038	$	3,525
Hospitality		6,551		7,304
Commercial		8,896		5,076
Other		89		118
Consolidated operating revenue	$	18,574	$	16,023

Income (loss) before equity in loss from unconsolidated affiliates and income taxes:
Residential	$	404	$	270
Hospitality		(2,258)		(822)
Commercial		7,954		3,070
Other		(7,847)		123
Consolidated (loss) income before equity in loss from unconsolidated affiliates and income taxes	$	(1,747)	$	2,641


	March 31,		December 31,
	2020		2019
Total assets:
Residential	$	144,086	$	139,349
Hospitality		97,695		89,570
Commercial		277,631		253,936
Other		393,610		426,378
Total assets	$	913,022	$	909,233

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8736-108599

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 25
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8813-108599

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=108376223&loc=d3e13816-109267

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8721-108599

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8906-108599

+ Details

Nature of Operations - Real Estate Assets (Details)	3 Months Ended
Nature of Operations - Real Estate Assets (Details)	Mar. 31, 2020 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	3

Significant Accounting Policies - Concentrations (Details) $ in Thousands	Mar. 31, 2020 USD ($) issuer	Dec. 31, 2019 USD ($)	Mar. 31, 2019 USD ($)
Concentration risk
Investments - debt securities (primarily U.S. Treasury Bills)	$ 49,997	$ 53
Investments - equity securities	2,432	9,746
Cash and cash equivalents	106,427	185,716	$ 190,821
Preferred stock
Concentration risk
Investments - equity securities	2,400	$ 9,700
Credit concentration risk \| Assets \| U.S. Treasury Bills
Concentration risk
Investments - debt securities (primarily U.S. Treasury Bills)	49,900
Credit concentration risk \| Assets \| Preferred stock \| Non-investment grade
Concentration risk
Investments - equity securities	$ 2,400
Number of issuers \| issuer	3
Credit concentration risk \| Assets \| Commercial paper
Concentration risk
Cash and cash equivalents	$ 37,500
Number of issuers \| issuer	7

Significant Accounting Policies - EPS (Details) - shares	Mar. 31, 2020	Mar. 31, 2019
Significant Accounting Policies
Common stock equivalents (in shares)	0	0

Significant Accounting Policies - Recently Issued Accounting Pronouncements (Details) - USD ($) $ in Thousands	Jan. 01, 2020	Mar. 31, 2020	Dec. 31, 2019
New accounting pronouncements or change in accounting principle
Retained earnings		$ 212,602	$ 214,225
Allowance for credit losses within other liabilities		$ 100
ASU 2016-13
New accounting pronouncements or change in accounting principle
Change in Accounting Principle, Accounting Standards Update, Adopted	true
New Accounting Pronouncement or Change in Accounting Principle, Prior Period Not Restated	true
Write off threshold	90 days
ASU 2016-13 \| Adjustment
New accounting pronouncements or change in accounting principle
Retained earnings			(100)
Accounts receivable, net and notes receivable, net			(100)
Allowance for credit losses, Accounts receivable and notes receivable			100
Operating lease receivables			0
ASU 2016-13 \| Adjustment \| Maximum
New accounting pronouncements or change in accounting principle
Allowance for credit losses within other liabilities			$ 100

Investment in Real Estate - Real Estate by Property Type and Segment (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Real estate properties
Investment in real estate, net	$ 468,896	$ 430,776
Development property
Real estate properties
Investment in real estate, net	256,753	233,570
Development property \| Corporate
Real estate properties
Investment in real estate, net	2,635	2,631
Development property \| Residential \| Operating Segments
Real estate properties
Investment in real estate, net	123,767	115,384
Development property \| Hospitality \| Operating Segments
Real estate properties
Investment in real estate, net	21,297	12,229
Development property \| Commercial \| Operating Segments
Real estate properties
Investment in real estate, net	109,054	103,326
Operating property
Real estate properties
Investment in real estate	282,313	271,462
Less: Accumulated depreciation	70,170	74,256
Investment in real estate, net	212,143	197,206
Operating property \| Other
Real estate properties
Investment in real estate	50	50
Operating property \| Residential \| Operating Segments
Real estate properties
Investment in real estate	11,988	11,985
Operating property \| Hospitality \| Operating Segments
Real estate properties
Investment in real estate	95,070	94,838
Operating property \| Commercial \| Operating Segments
Real estate properties
Investment in real estate	$ 175,205	$ 164,589

Real Estate Joint Ventures - Consolidated Joint Ventures (Details) - item	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Apr. 30, 2017
Pier Park Crossings Phase II JV
Variable interest entity
Number of units to be developed and constructed	120
Variable interest entity, ownership percentage	75.00%	75.00%
Reliant Title JV
Variable interest entity
Variable interest entity, ownership percentage	66.00%	66.00%
Watercrest JV
Variable interest entity
Number of units to be developed and constructed	107
Variable interest entity, ownership percentage	87.00%	87.00%
Watersound Origins Crossings JV
Variable interest entity
Number of units to be developed and constructed	217
Variable interest entity, ownership percentage	75.00%	75.00%
Pier Park Crossings JV
Variable interest entity
Number of units to be developed and constructed			240
Variable interest entity, ownership percentage	75.00%	75.00%
Pier Park North JV
Variable interest entity
Variable interest entity, ownership percentage	60.00%	60.00%

Real Estate Joint Ventures - Investment in unconsolidated JVs (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Investments
Investment in unconsolidated joint ventures	$ 11,077	$ 5,084
Latitude Margaritaville Watersound JV
Investments
Investment in unconsolidated joint ventures	1,317	791
Pier Park TPS JV
Investments
Investment in unconsolidated joint ventures	3,080	3,083
Sea Sound Apartments JV
Investments
Investment in unconsolidated joint ventures	5,476
Busy Bee JV (SJBB, LLC)
Investments
Investment in unconsolidated joint ventures	$ 1,204	$ 1,210

Real Estate Joint Ventures - Unconsolidated JV debt (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Investments
Outstanding debt	$ 100,556	$ 94,507
Unconsolidated joint ventures
Investments
Outstanding debt	15,554	8,242
Pier Park TPS JV
Investments
Outstanding debt	11,068	6,791
Busy Bee JV (SJBB, LLC)
Investments
Outstanding debt	$ 4,486	$ 1,451

- Definition

Amount, before unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but is not limited to, notes payable, bonds payable, commercial loans, mortgage loans, convertible debt, subordinated debt and other types of debt.

+ References + Details

Real Estate Joint Ventures - Equity in loss of unconsolidated JV debt (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020 USD ($)
Investments
Equity in loss from unconsolidated affiliates	$ 83
Latitude Margaritaville Watersound JV
Investments
Equity in loss from unconsolidated affiliates	74
Pier Park TPS JV
Investments
Equity in loss from unconsolidated affiliates	3
Busy Bee JV (SJBB, LLC)
Investments
Equity in loss from unconsolidated affiliates	$ 6

- Definition

Amount of income (loss) for proportionate share of equity method investee's income (loss).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(12))
-URI http://asc.fasb.org/extlink&oid=116634182&loc=SL114868664-224227

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(10))
-URI http://asc.fasb.org/extlink&oid=116637232&loc=SL114874131-224263

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=118932676&loc=d3e3602-108585

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(13)(f))
-URI http://asc.fasb.org/extlink&oid=116637391&loc=SL114874048-224260

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (g)
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8736-108599

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=109237563&loc=d3e33749-111570

+ Details

Real Estate Joint Ventures - Summarized financial information by unconsolidated JV (Details) $ in Thousands			3 Months Ended		12 Months Ended
	Jul. 05, 2019 USD ($)	Jan. 14, 2019 USD ($)	Mar. 31, 2020 USD ($) item	Mar. 31, 2019 USD ($)	Dec. 31, 2019 USD ($)	Jan. 31, 2020 USD ($)	Jun. 30, 2019 home	Apr. 30, 2018 item
Investments
Notes receivable, net			$ 3,239		$ 3,252
Outstanding debt			100,556		94,507
Unconsolidated joint ventures
Investments
Outstanding debt			15,554		$ 8,242
Sea Sound Apartments JV
Investments
Cash contributed			3,600
Sea Sound Apartments JV \| Sea Sound Apartments JV Loan
Investments
Loan amount						$ 40,300
Outstanding debt			0
Loan costs			$ 600
Latitude Margaritaville Watersound JV
Investments
Number of units to be developed and constructed \| home							3,500
Variable interest entity, ownership percentage			50.00%		50.00%
Average amount of land contribution returned upon each home sale			$ 10
Summarized financial information - Balance Sheets:
Investment in real estate			2,106		$ 1,116
Cash and cash equivalents			568		525
Other assets			25
Total assets			2,699		1,641
Other liabilities			66		58
Equity			2,633		1,583
Total liabilities and equity			2,699		$ 1,641
Summarized financial information - Statement of Operations:
Total expenses			149
Net loss			$ 149
Sea Sound Apartments JV
Investments
Number of units to be developed and constructed \| item			300
Value of land contributed			$ 5,100
Mitigation bank credits contributed			$ 400
Variable interest entity, ownership percentage			60.00%
Summarized financial information - Balance Sheets:
Investment in real estate			$ 9,443
Cash and cash equivalents			53
Other assets			559
Total assets			10,055
Other liabilities			892
Equity			9,163
Total liabilities and equity			10,055
Summarized financial information - Statement of Operations:
Net loss			$ 0
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
Ownership percentage			50.00%		50.00%
Summarized financial information - Balance Sheets:
Investment in real estate			$ 17,703		$ 14,775
Cash and cash equivalents			67		51
Other assets			9		12
Total assets			17,779		14,838
Debt, net			10,761		6,480
Other liabilities			871		2,193
Equity			6,147		6,165
Total liabilities and equity			17,779		14,838
Summarized financial information - Statement of Operations:
Total expenses			6
Net loss			6
Busy Bee JV (SJBB, LLC)
Investments
Value of land contributed	$ 1,400
Investment in unconsolidated joint venture			1,200		$ 1,200
Notes receivable, net			$ 200
Ownership percentage			50.00%		50.00%
Summarized financial information - Balance Sheets:
Investment in real estate			$ 6,852		$ 3,886
Cash and cash equivalents			27		36
Other assets			14		28
Total assets			6,893		3,950
Debt, net			4,390		1,349
Other liabilities			94		181
Equity			2,409		2,420
Total liabilities and equity			6,893		$ 3,950
Summarized financial information - Statement of Operations:
Total expenses			11
Net loss			$ 11

Investments - Schedule of investments (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Debt securities and restricted investments
Amortized Cost	$ 51,287	$ 2,531
Gross Unrealized Gains	18	11
Gross Unrealized (Losses)	(150)	(125)
Fair Value	51,155	2,417
Unrestricted available-for-sale, Debt securities
Debt securities and restricted investments
Amortized Cost	50,122	178
Gross Unrealized Gains	18
Gross Unrealized (Losses)	(143)	(125)
Fair Value	49,997	53
Unrestricted available-for-sale, Debt securities \| U.S. Treasury Bills
Debt securities and restricted investments
Amortized Cost	49,944
Gross Unrealized Gains	18
Gross Unrealized (Losses)	(14)
Fair Value	49,948
Unrestricted available-for-sale, Debt securities \| Corporate debt securities
Debt securities and restricted investments
Amortized Cost	178	178
Gross Unrealized (Losses)	(129)	(125)
Fair Value	49	53
Restricted
Debt securities and restricted investments
Amortized Cost	1,165	2,353
Gross Unrealized Gains		11
Gross Unrealized (Losses)	(7)
Fair Value	1,158	2,364
Restricted \| Short-term bond
Debt securities and restricted investments
Amortized Cost	1,165	2,239
Gross Unrealized Gains		11
Gross Unrealized (Losses)	(7)
Fair Value	$ 1,158	2,250
Restricted \| Money market fund
Debt securities and restricted investments
Amortized Cost		114
Fair Value		$ 114

Investments - Gains and proceeds (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Investments
Proceeds from sale of available-for-sale debt securities	$ 1.2	$ 1.1
Purchases of available-for-sale securities	49.9
Maximum
Investments
Realized loss (gain) on sale of investments	$ 0.1	0.1
Purchases of available-for-sale securities		$ 0.1

- Definition

Amount of cash inflow from sale of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References + Details

Investments - Unrealized Loss Position (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Investments
Less Than 12 Months, Fair Value	$ 42,949
Less Than 12 Months, Unrealized Losses	14
12 Months or Greater, Fair Value	1,207
12 Months or Greater, Unrealized Losses	136
Unrestricted available-for-sale, Debt securities \| U.S. Treasury Bills
Investments
Less Than 12 Months, Fair Value	42,949
Less Than 12 Months, Unrealized Losses	14
Unrestricted available-for-sale, Debt securities \| Corporate debt securities
Investments
12 Months or Greater, Fair Value	49	$ 53
12 Months or Greater, Unrealized Losses	129	$ 125
Restricted \| Short-term bond
Investments
12 Months or Greater, Fair Value	1,158
12 Months or Greater, Unrealized Losses	$ 7

Investments - Unrealized Losses (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Investments
Unrealized losses, debt securities	$ 150	$ 125

Investments - Contractual Maturities of Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Amortized Cost
Amortized Cost	$ 51,287	$ 2,531
Fair Value
Fair Value	51,155	2,417
Unrestricted available-for-sale, Debt securities
Amortized Cost
Amortized Cost, Due in one year or less	50,122
Amortized Cost	50,122	178
Fair Value
Fair Value, Due in one year or less	49,997
Fair Value	49,997	53
Restricted
Amortized Cost
Amortized Cost	1,165	2,353
Fair Value
Fair Value	$ 1,158	$ 2,364

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References + Details

Investments - Equity Securities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Equity Securities
Investments - equity securities	$ 2,432		$ 9,746
Unrealized (loss) gain on investments, net	(4,761)	$ 2,049
Preferred stock
Equity Securities
Investments - equity securities	$ 2,400		$ 9,700

Investments - Investment Management Agreement (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020 USD ($)
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	44.94%

Financial Instruments and Fair Value Measurements - Measurements on Recurring Basis (Details) - Recurring basis - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Financial instruments and fair value measurements
Cash equivalents	$ 92,872	$ 166,253
Total	146,459	178,416
Level 1
Financial instruments and fair value measurements
Cash equivalents	92,872	166,253
Total	143,978	168,617
Level 2
Financial instruments and fair value measurements
Total	2,481	9,799
Unrestricted available-for-sale, Debt securities
Financial instruments and fair value measurements
Investments	49,997	53
Unrestricted available-for-sale, Debt securities \| Level 1
Financial instruments and fair value measurements
Investments	49,948
Unrestricted available-for-sale, Debt securities \| Level 2
Financial instruments and fair value measurements
Investments	49	53
Equity securities
Financial instruments and fair value measurements
Investments	2,432	9,746
Equity securities \| Level 2
Financial instruments and fair value measurements
Investments	2,432	9,746
Restricted
Financial instruments and fair value measurements
Investments	1,158	2,364
Restricted \| Level 1
Financial instruments and fair value measurements
Investments	1,158	2,364
Money market fund
Financial instruments and fair value measurements
Cash equivalents	55,404	21,043
Money market fund \| Level 1
Financial instruments and fair value measurements
Cash equivalents	55,404	21,043
Money market fund \| Restricted
Financial instruments and fair value measurements
Investments		114
Money market fund \| Restricted \| Level 1
Financial instruments and fair value measurements
Investments		114
Commercial paper
Financial instruments and fair value measurements
Cash equivalents	37,468	138,220
Commercial paper \| Level 1
Financial instruments and fair value measurements
Cash equivalents	37,468	138,220
U.S. Treasury Bills
Financial instruments and fair value measurements
Cash equivalents		6,990
U.S. Treasury Bills \| Level 1
Financial instruments and fair value measurements
Cash equivalents		6,990
U.S. Treasury Bills \| Unrestricted available-for-sale, Debt securities
Financial instruments and fair value measurements
Investments	49,948
U.S. Treasury Bills \| Unrestricted available-for-sale, Debt securities \| Level 1
Financial instruments and fair value measurements
Investments	49,948
Corporate debt securities \| Unrestricted available-for-sale, Debt securities
Financial instruments and fair value measurements
Investments	49	53
Corporate debt securities \| Unrestricted available-for-sale, Debt securities \| Level 2
Financial instruments and fair value measurements
Investments	49	53
Preferred stock \| Equity securities
Financial instruments and fair value measurements
Investments	2,432	9,746
Preferred stock \| Equity securities \| Level 2
Financial instruments and fair value measurements
Investments	2,432	9,746
Short-term bond \| Restricted
Financial instruments and fair value measurements
Investments	1,158	2,250
Short-term bond \| Restricted \| Level 1
Financial instruments and fair value measurements
Investments	$ 1,158	$ 2,250

Financial Instruments and Fair Value Measurements - Expected Maturity (Details) - Restricted - Short-term bond - Y	Mar. 31, 2020	Dec. 31, 2019
Minimum
Financial instruments and fair value measurements
Measurement input (in years)	0	0
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	Mar. 31, 2020	Dec. 31, 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	$ 1,100	$ 300
Recurring basis
Financial instruments and fair value measurements
Liabilities	1,064	336
Recurring basis \| Interest rate swap \| Other liabilities.
Financial instruments and fair value measurements
Derivative liabilities	1,064	336
Recurring basis \| Level 2
Financial instruments and fair value measurements
Liabilities	1,064	336
Recurring basis \| Level 2 \| Interest rate swap \| Other liabilities.
Financial instruments and fair value measurements
Derivative liabilities	$ 1,064	$ 336

- Definition

Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities not subject to a master netting arrangement and not elected to be offset.

+ References + Details

- Definition

Nominal or face amount used to calculate payments on the derivative liability.

+ References + Details

Financial Instruments and Fair Value Measurements - Investment in unconsolidated JVs and Long-lived assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Financial Instruments and Fair Value Measurements
Impairment loss on investment in unconsolidated joint ventures	$ 0	$ 0

Financial Instruments and Fair Value Measurements - Carrying Amount and Fair Value (Details) - Nonrecurring - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Carrying Value
Financial instruments and fair value measurements
Debt	$ 100,556	$ 94,507
Fair Value
Financial instruments and fair value measurements
Debt	98,778	96,814
Level 1 \| Carrying Value \| U. S Treasury Bills and cash
Financial instruments and fair value measurements
Investments held by SPEs	6,396	6,771
Level 1 \| Fair Value \| U. S Treasury Bills and cash
Financial instruments and fair value measurements
Investments held by SPEs	6,695	6,712
Level 2 \| Carrying Value \| Fixed-rate debt
Financial instruments and fair value measurements
Debt	93,925	89,969
Level 2 \| Carrying Value \| Variable rate debt
Financial instruments and fair value measurements
Debt	6,631	4,538
Level 2 \| Fair Value \| Fixed-rate debt
Financial instruments and fair value measurements
Debt	92,147	92,276
Level 2 \| Fair Value \| Variable rate debt
Financial instruments and fair value measurements
Debt	6,631	4,538
Level 3 \| Carrying Value
Financial instruments and fair value measurements
Senior Notes held by SPE	177,090	177,026
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	220,540	204,347
Level 3 \| Fair Value \| Time deposit
Financial instruments and fair value measurements
Investments held by SPEs	$ 200,000	$ 200,000

Financial Instruments and Fair Value Measurements - Held by Special Purpose Entities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Mar. 31, 2020	Dec. 31, 2019
Financial instruments and fair value measurements
Investments held by special purpose entities		$ 206,396	$ 206,771
Senior Notes held by special purpose entity		177,090	$ 177,026
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)		4.00%
Panama City Timber Finance Company, LLC \| U.S. Treasury Bills
Financial instruments and fair value measurements
Investments held by special purpose entities		$ 6,000
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		177,100
Unamortized discount and debt issuance costs		$ 2,900

Hurricane Michael (Details) - USD ($) $ in Thousands	3 Months Ended
Hurricane Michael (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Mar. 31, 2019
Loss contingency
Insurance proceeds		$ 279
Loss from hurricane damage	$ 55	322
Proceeds from settlement received		5,798
Hurricane Michael.
Loss contingency
Proceeds from business interruption insurance	700	0
Insurance proceeds	0	300
Loss from hurricane damage	$ 100	$ 300

Leases - Components of lease revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Leasing revenue
Lease payments	$ 3,382	$ 2,680
Variable lease payments	918	826
Total leasing revenue	$ 4,300	$ 3,506

- Definition

Amount of operating lease income from lease payments and variable lease payments paid and payable to lessor. Includes, but is not limited to, variable lease payments not included in measurement of lease receivable.

+ References + Details

Leases - Minimum future base rental revenue (Details) $ in Thousands	Mar. 31, 2020 USD ($)
Minimum future base rental revenue:
Remainder of 2020	$ 10,863
2021	10,878
2022	9,745
2023	7,705
2024	6,505
Thereafter	17,762
Total	$ 63,458

Leases - Lease cost (Details) - USD ($) $ in Thousands	3 Months Ended
Leases - Lease cost (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Mar. 31, 2019
Lease cost
Finance lease cost: Amortization of right-of-use assets	$ 12	$ 4
Finance lease cost: Interest on lease liability	3	1
Operating lease cost	65	52
Short-term lease cost	78	64
Total lease cost	$ 158	$ 121

- Definition

Amount of interest expense on finance lease liability.

+ References + Details

- Definition

Amount of amortization expense attributable to right-of-use asset from finance lease.

+ References + Details

- Definition

Amount of single lease cost, calculated by allocation of remaining cost of lease over remaining lease term. Includes, but is not limited to, single lease cost, after impairment of right-of-use asset, calculated by amortization of remaining right-of-use asset and accretion of lease liability.

+ References + Details

Leases - Lease cost - Other information (Details)	Mar. 31, 2020	Mar. 31, 2019
Leases
Weighted-average remaining lease term - finance lease (in years)	3 years 10 months 24 days	4 years 10 months 24 days
Weighted-average remaining lease term - operating leases (in years)	2 years 10 months 24 days	1 year 10 months 24 days
Weighted-average discount rate - finance lease (as a percent)	5.00%	5.00%
Weighted-average discount rate - operating leases (as a percent)	5.00%	5.00%

- Definition

Weighted average remaining lease term for finance lease, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents reported fact of one year, five months, and thirteen days.

+ References + Details

- Definition

Weighted average remaining lease term for operating lease, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents reported fact of one year, five months, and thirteen days.

+ References + Details

Leases - Aggregate payments of finance lease liability (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Aggregate payments of finance lease liability:
Remainder of 2020	$ 41
2021	54
2022	54
2023	54
2024	10
Total	213
Less imputed interest	(20)
Total finance lease liability	$ 193	$ 204

Leases - Aggregate payments of operating lease liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Aggregate payments of operating lease liabilities:
Remainder of 2020	$ 200
2021	201
2022	123
2023	83
2024	14
Thereafter	293
Total	914
Less imputed interest	(204)
Total operating lease liabilities	$ 710	$ 691

Other Assets - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Other Assets
Restricted investments	$ 1,158	$ 2,364
Accounts receivable, net	5,004	6,957
Homesite sales receivable	4,547	5,211	$ 2,691	$ 2,977
Notes receivable, net	3,239	3,252
Income tax receivable	3,841	2,843
Prepaid expenses	6,869	6,592
Straight line rent	3,112	3,292
Operating lease, right-of use assets	710	691
Other assets	6,630	5,715
Retained interest investments	12,348	12,214
Accrued interest receivable for Senior Notes held by SPE	935	2,938
Total other assets	$ 48,393	$ 52,069

Other Assets - Restricted Investments (Details) - Restricted - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Investments
Expense for fair value of assets, less expenses, allocated to participants	$ 1.2	$ 1.1
Maximum
Investments
Gain (loss) on assets	$ 0.1	$ 0.1

Other Assets - Accounts Receivable, Net (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Accounts Receivable, Net
Allowance for credit losses	$ 0.2
Allowance for lease related receivables	0.1
Allowance for doubtful accounts		$ 0.3
Maximum
Accounts Receivable, Net
Increase (decrease) in allowance for credit losses related to accounts receivable	$ 0.1

- Definition

Amount of allowance for credit loss on accounts receivable.

+ References + Details

Other Assets - Homesite Sales Receivable (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Changes in lot sales receivable
Homesite Sales Receivable, Beginning Balance	$ 5,211	$ 2,977
Increases Due To Revenue Recognized for Lots Sold		138
Decreases Due to Amounts Received/Transferred	(664)	(424)
Homesite Sales Receivable, Ending Balance	$ 4,547	$ 2,691

- Definition

Amount, after allowance for credit loss, of right to consideration in exchange for good or service transferred to customer when right is conditioned on something other than passage of time.

+ References + Details

Other Assets - Notes Receivable, Net (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Receivables
Notes receivable, net	$ 3,239	$ 3,252
Allowance for credit losses, Notes receivable		0
Accrued interest receivable	935	2,938
Maximum
Receivables
Allowance for credit losses, Notes receivable	100
Notes Receivable
Receivables
Accrued interest receivable	100
Interest bearing homebuilder note - 5.5% interest rate, due June 2021
Receivables
Notes receivable, net	$ 1,514	$ 1,514
Interest rate (as a percent)	5.50%	5.50%
Interest bearing homebuilder note - 5.5% interest rate, due December 2021
Receivables
Notes receivable, net	$ 872	$ 872
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, net	$ 359	$ 363
Interest rate, note (as a percent)	8.00%	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, net	$ 202	$ 206
Interest rate, note (as a percent)	8.00%	8.00%
Interest bearing homebuilder note - 6.3% interest rate, due March 2020
Receivables
Notes receivable, net	$ 128	$ 128
Interest rate (as a percent)	6.30%	6.30%
Interest gearing homebuilder note - 5.5% interest rate, due June 2020
Receivables
Notes receivable, net	$ 84	$ 84
Interest rate (as a percent)	5.50%	5.50%
Various mortgage notes, secured by certain real estate, bearing interest at various rates
Receivables
Notes receivable, net	$ 80	$ 85

Other Assets - Retained Interest Investments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Investments
Retained interest investments	$ 12,348	$ 12,214
Retained interest investments
Investments
Expected amount to receive upon maturity of note after payment of note and any other liabilities	$ 16,500
Promissory notes maturity period	15 years
Retained interest investments	$ 12,300	$ 12,200
Minimum \| Retained interest investments
Investments
Notes maturity year	2022
Maximum \| Retained interest investments
Investments
Notes maturity year	2024

Debt, Net - Schedule of Debt (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Debt instruments
Outstanding debt	$ 100,556	$ 94,507
Unamortized Discount and Debt Issuance Costs	2,219	1,978
Debt, Net	98,337	92,529
PPN JV Loan, due November 2025, bearing interest at 4.1%
Debt instruments
Outstanding debt	45,281	45,514
Unamortized Discount and Debt Issuance Costs	363	380
Debt, Net	$ 44,918	$ 45,134
Debt interest rate (as a percent)	4.10%	4.10%
PPC JV Loan, due June 2060, bearing interest at 4.0%
Debt instruments
Outstanding debt	$ 35,690	$ 34,610
Unamortized Discount and Debt Issuance Costs	1,081	1,087
Debt, Net	$ 34,609	$ 33,523
Debt interest rate (as a percent)	4.00%	4.00%
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%
Debt instruments
Outstanding debt	$ 6,752	$ 6,977
Debt, Net	$ 6,752	$ 6,977
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% \| Minimum
Debt instruments
Debt interest rate (as a percent)	3.60%	3.60%
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% \| Maximum
Debt instruments
Debt interest rate (as a percent)	6.00%	6.00%
Watersound Origins Crossings JV Loan, due May 2024, bearing interest at 5.0%
Debt instruments
Outstanding debt	$ 6,202	$ 2,868
Unamortized Discount and Debt Issuance Costs	428	454
Debt, Net	$ 5,774	$ 2,414
Debt interest rate (as a percent)	5.00%	5.00%
Watercrest JV Loan, due June 2047, bearing interest at LIBOR plus 2.2%
Debt instruments
Outstanding debt	$ 2,130
Unamortized Discount and Debt Issuance Costs	292
Debt, Net	$ 1,838
Effective interest rate (as a percent)	3.20%
Watercrest JV Loan, due June 2047, bearing interest at LIBOR plus 2.2% \| LIBOR
Debt instruments
Basis spread on variable rate	2.20%
Beach Homes Loan, due May 2029, bearing interest at LIBOR plus 1.7%.
Debt instruments
Outstanding debt	$ 1,584	$ 1,594
Unamortized Discount and Debt Issuance Costs	19	20
Debt, Net	$ 1,565	$ 1,574
Effective interest rate (as a percent)	2.70%
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
Outstanding debt	$ 1,520	$ 1,535
Unamortized Discount and Debt Issuance Costs	14	14
Debt, Net	$ 1,506	$ 1,521
Effective interest rate (as a percent)	2.70%
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
Outstanding debt	$ 1,397	$ 1,409
Unamortized Discount and Debt Issuance Costs	22	23
Debt, Net	$ 1,375	$ 1,386
Effective interest rate (as a percent)	2.70%
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, Net - Debt Agreements (Details) $ in Thousands	1 Months Ended					3 Months Ended	120 Months Ended
Debt, Net - Debt Agreements (Details) $ in Thousands	Oct. 31, 2019 USD ($)	Aug. 31, 2019 USD ($)	Jun. 30, 2019 USD ($)	May 31, 2019 USD ($)	May 31, 2018 USD ($) item	Mar. 31, 2020 USD ($)	Jun. 30, 2030	Mar. 31, 2030 USD ($)	Dec. 31, 2019 USD ($)	Feb. 28, 2018 USD ($)	Mar. 31, 2017 USD ($)	Oct. 31, 2015 USD ($)
Debt instruments
Total Community Development District debt						$ 17,700			$ 17,700
Principal balance						100,556			94,507
PPN JV Loan, due November 2025, bearing interest at 4.1%
Debt instruments
Loan amount												$ 48,200
Principal balance						45,281			45,514
Pier Park Outparcel Construction Loan, due March 2027, bearing interest at LIBOR plus 1.7%
Debt instruments
Loan amount											$ 1,600
Principal balance						1,520			1,535
PPC 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						35,690			34,610
PPC JV Loan, due June 2060, bearing interest at 4.0% \| Minimum \| Forecast
Debt instruments
Prepayment premium, as a percent of principal repaid							1.00%
PPC 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						1,397			1,409
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						1,584			1,594
Watersound Origins Crossings JV Loan, due May 2024, bearing interest at 5.0%
Debt instruments
Loan amount				$ 37,900
Debt instrument, period subject to interest payments only				30 months
Principal balance						6,202			2,868
Watercrest JV Loan, due June 2047, bearing interest at LIBOR plus 2.2%
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						2,130
Beckrich Building 3 Loan
Debt instruments
Loan amount		$ 5,500
Debt instrument, period subject to interest payments only		12 months
Principal balance						0			0
Loan costs						100
Pier Park Crossings II JV Loan
Debt instruments
Loan amount	$ 17,500
Debt instrument, period subject to interest payments only	24 months
Principal balance						0			0
Loan costs								$ 300	$ 300
Airport Hotel Loan
Debt instruments
Loan amount						$ 15,300
Debt instrument, period subject to interest payments only						36 months
Principal balance						$ 0
Loan costs						$ 200

Debt, Net - Maturities of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Debt
Remainder of 2020	$ 1,681
2021	2,261
2022	2,404
2023	2,468
2024	8,392
Thereafter	83,350
Long term debt	$ 100,556	$ 94,507

- Definition

+ References + Details

- Definition

Amount of long-term debt payable, sinking fund requirements, and other securities issued that are redeemable by holder at fixed or determinable prices and dates maturing after the fifth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.

+ References + Details

- Definition

Amount of long-term debt payable, sinking fund requirements, and other securities issued that are redeemable by holder at fixed or determinable prices and dates maturing in the fifth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.

+ References + Details

- Definition

Amount of long-term debt payable, sinking fund requirements, and other securities issued that are redeemable by holder at fixed or determinable prices and dates maturing in the fourth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.

+ References + Details

- Definition

Amount of long-term debt payable, sinking fund requirements, and other securities issued that are redeemable by holder at fixed or determinable prices and dates maturing in the third fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.

+ References + Details

- Definition

Amount of long-term debt payable, sinking fund requirements, and other securities issued that are redeemable by holder at fixed or determinable prices and dates maturing in the second fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.

+ References + Details

Other Liabilities - Schedule of Other Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Other Liabilities
Accounts payable	$ 23,603	$ 16,207
Finance lease liability	193	204
Operating lease liabilities	710	691
Accrued compensation	1,859	3,151
Other accrued liabilities	4,616	3,277
Deferred revenue	18,934	18,972
Club initiation fees	6,648	6,917	$ 5,976	$ 5,676
Club membership deposits	3,985	3,985
Advance deposits	1,899	946
Accrued interest expense for Senior Notes held by SPE	713	2,850
Total other liabilities	$ 63,160	$ 57,200

Other Liabilities - Additional information (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Other Liabilities
Accrued property taxes	$ 1,200	$ 100
Deferred revenue	18,934	18,972
Florida Department of Transportation
Other Liabilities
Deferred revenue	$ 12,500	$ 12,500

- Definition

Carrying value as of the balance sheet date of obligations incurred and payable for real and property taxes.

+ References + Details

Other Liabilities - Changes in contract liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Changes in contract liabilities
Contract liabilities - Club initiation fees (Balance at beginning of period)	$ 6,917	$ 5,676
Increases Due To Cash Received	327	753
Decreases Due to Revenue Recognized	(596)	(453)
Contract liabilities - Club initiation fees (Balance at end of period)	$ 6,648	$ 5,976

Income Taxes - Expense (benefit) reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Taxes
Statutory federal income tax rate (as a percent)	21.00%	21.00%
Tax at the federal statutory rate	$ (426)	$ 555
State income taxes (net of federal benefit)	(71)	116
Other	2	(10)
Total income tax (benefit) expense	$ (495)	$ 661

- Definition

Percentage of domestic federal statutory tax rate applicable to pretax income (loss).

+ References + Details

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

- Definition

The amount of income tax expense or benefit for the period computed by applying the domestic federal statutory tax rates to pretax income from continuing operations.

+ References + Details

- Definition

Amount of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to state and local income tax expense (benefit).

+ References + Details

Income Taxes - Tax credit carryforward (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Tax credit carryforward
Income tax receivable	$ 3,841	$ 2,843
ATM credit carryforward \| Federal
Tax credit carryforward
Income tax receivable	2,400	$ 2,800
Decrease in alternative minimum tax credit credit carryforward	$ 400

- Definition

Carrying amount as of the balance sheet date of income taxes previously overpaid to tax authorities (such as U.S. Federal, state and local tax authorities) representing refunds of overpayments or recoveries based on agreed-upon resolutions of disputes. Also called income tax refund receivable.

+ References + Details

Accumulated Other Comprehensive Loss - Summary of Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Summary of changes in accumulated other comprehensive loss
Beginning Balance	$ 529,670	$ 533,111
Amounts reclassified from accumulated other comprehensive loss	(3)	2
Total other comprehensive (loss) income, net of tax	(555)	606
Ending Balance	520,910	530,320
Accumulated Other Comprehensive (Loss) Income
Summary of changes in accumulated other comprehensive loss
Beginning Balance	(335)	(674)
Other comprehensive loss before reclassifications	(552)
Amounts reclassified from accumulated other comprehensive loss	(3)
Total other comprehensive (loss) income, net of tax	(555)	606
Ending Balance	(890)	$ (68)
Unrealized (loss) and gain on available for sale securities
Summary of changes in accumulated other comprehensive loss
Beginning Balance	(84)
Other comprehensive loss before reclassifications	(8)
Amounts reclassified from accumulated other comprehensive loss	(3)
Total other comprehensive (loss) income, net of tax	(11)
Ending Balance	(95)
Unrealized loss Cash flow hedge, Interest rate swap
Summary of changes in accumulated other comprehensive loss
Beginning Balance	(251)
Other comprehensive loss before reclassifications	(544)
Total other comprehensive (loss) income, net of tax	(544)
Ending Balance	$ (795)

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References + Details

- Definition

Amount after tax of reclassification adjustments of other comprehensive income (loss).

+ References + Details

- Definition

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

+ References + Details

Accumulated Other Comprehensive Loss - Summary of the Tax Effects Allocated to Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Accumulated Other Comprehensive Loss
Reclassification adjustment for net gain included in earnings before-tax amount	$ (4)	$ 2
Reclassification adjustment for net gain included in earnings, Tax (expense) or benefit	1
Reclassification adjustment for net gain included in earnings net-of-tax amount	(3)	2
Total before income taxes	(743)	812
Other comprehensive loss, Tax (expense) or benefit	188	(206)
Total other comprehensive (loss) income, net of tax	(555)	606
Accumulated Other Comprehensive (Loss) Income
Accumulated Other Comprehensive Loss
Unrealized gain (loss) on investments, Net-of-tax amount	(552)
Reclassification adjustment for net gain included in earnings net-of-tax amount	(3)
Total other comprehensive (loss) income, net of tax	(555)	606
Unrealized (loss) and gain on available for sale securities
Accumulated Other Comprehensive Loss
Unrealized gain (loss) on investments, Net-of-tax amount	(8)
Reclassification adjustment for net gain included in earnings net-of-tax amount	(3)
Total other comprehensive (loss) income, net of tax	(11)
Unrealized loss Cash flow hedge, Interest rate swap
Accumulated Other Comprehensive Loss
Unrealized gain (loss) on investments, Before-tax amount	(729)
Unrealized gain (loss) on investments, Tax (expense) or benefit	185
Unrealized gain (loss) on investments, Net-of-tax amount	(544)
Total other comprehensive (loss) income, net of tax	(544)
Unrestricted available-for-sale, Debt securities \| Unrealized (loss) and gain on available for sale securities
Accumulated Other Comprehensive Loss
Unrealized gain (loss) on investments, Before-tax amount		799
Unrealized gain (loss) on investments, Tax (expense) or benefit		(203)
Unrealized gain (loss) on investments, Net-of-tax amount		596
Restricted \| Unrealized (loss) and gain on available for sale securities
Accumulated Other Comprehensive Loss
Unrealized gain (loss) on investments, Before-tax amount	(10)	11
Unrealized gain (loss) on investments, Tax (expense) or benefit	2	(3)
Unrealized gain (loss) on investments, Net-of-tax amount	$ (8)	$ 8

Stockholders' Equity - Stock Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Stockholders’ Equity
Average purchase price per share for share repurchase (in dollars per share)	$ 16.55	$ 15.00
Aggregate cost	$ 6,807	$ 7,073
Remaining authorized repurchase amount	79,400
Cash, cash equivalents and/or investments to be maintained	$ 100,000
Common Stock
Stockholders’ Equity
Shares repurchased during the period (in shares)	411,113	471,500

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

Stockholders' Equity - Issuance of Common Stock (Details) - Directors - Restricted Stock			3 Months Ended
	Jul. 01, 2019 director shares	Jul. 02, 2018 director shares	Mar. 31, 2020 USD ($)	Mar. 31, 2019 USD ($)	May 20, 2019 USD ($)	May 23, 2018 USD ($)
Share-based compensation
Fair value of equity grant award approved for each director \| $					$ 50,000	$ 50,000
Number of restricted stock awards granted \| shares	5,708	2,778
Number of directors granted restricted stock awards \| director	2	1
Number of directors who elected to receive cash in lieu of the stock \| director	2	3
Maximum
Share-based compensation
Stock compensation expense \| $			$ 100,000	$ 100,000

- Definition

Amount of expense for award under share-based payment arrangement. Excludes amount capitalized.

+ References + Details

Revenue Recognition - Disaggregation of revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Disaggregation of revenue
Leasing revenue	$ 4,300	$ 3,506
Total revenue	18,574	16,023
Recognized at a point in time
Disaggregation of revenue
Revenue	13,632	12,006
Recognized over time
Disaggregation of revenue
Revenue	642	511
Real estate
Disaggregation of revenue
Revenue	5,808	4,591
Hospitality
Disaggregation of revenue
Revenue	6,610	7,431
Timber
Disaggregation of revenue
Revenue	1,856	495
Operating Segments \| Residential
Disaggregation of revenue
Leasing revenue	22	11
Total revenue	3,038	3,525
Operating Segments \| Residential \| Recognized at a point in time
Disaggregation of revenue
Revenue	3,016	3,514
Operating Segments \| Residential \| Real estate
Disaggregation of revenue
Revenue	2,954	3,362
Operating Segments \| Residential \| Hospitality
Disaggregation of revenue
Revenue	62	152
Operating Segments \| Hospitality
Disaggregation of revenue
Leasing revenue	3	25
Total revenue	6,551	7,304
Operating Segments \| Hospitality \| Recognized at a point in time
Disaggregation of revenue
Revenue	5,906	6,768
Operating Segments \| Hospitality \| Recognized over time
Disaggregation of revenue
Revenue	642	511
Operating Segments \| Hospitality \| Hospitality
Disaggregation of revenue
Revenue	6,548	7,279
Operating Segments \| Commercial
Disaggregation of revenue
Leasing revenue	4,275	3,470
Total revenue	8,896	5,076
Operating Segments \| Commercial \| Recognized at a point in time
Disaggregation of revenue
Revenue	4,621	1,606
Operating Segments \| Commercial \| Real estate
Disaggregation of revenue
Revenue	2,765	1,111
Operating Segments \| Commercial \| Timber
Disaggregation of revenue
Revenue	1,856	495
Other
Disaggregation of revenue
Total revenue	89	118
Other \| Recognized at a point in time
Disaggregation of revenue
Revenue	89	118
Other \| Real estate
Disaggregation of revenue
Revenue	$ 89	$ 118

Other (Expense) Income - Components (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Investment (loss) income, net
Interest and dividend income	$ 1,043	$ 1,813
Accretion income	17	61
Net realized loss on the sale of investments	(48)	(2)
Unrealized (loss) gain on investments, net	(4,761)	2,049
Interest income from investments in SPEs	2,046	2,049
Interest accrued on notes receivable and other interest	94	76
Total investment (loss) income, net	(1,609)	6,046
Interest expense
Interest expense and amortization of discount and issuance costs for Senior Notes issued by SPE	(2,202)	(2,199)
Other interest expense	(1,143)	(743)
Total interest expense	(3,345)	(2,942)
Other income (expense), net
Gain on land contribution to equity method investment	4,277	1,472
Accretion income from retained interest investments	344	320
Gain on insurance recovery		279
Loss from hurricane damage	55	322
Miscellaneous expense, net	(34)	(51)
Other income, net	4,532	1,698
Total other (expense) income, net	$ (422)	$ 4,802

Other (Expense) Income - Interest Expense (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Other (expense) income
Capitalized interest cost	$ 0.1	$ 0.2
Senior Notes held by special purpose entity
Other (expense) income
Effective interest rate (as a percent)	4.90%

- Definition

Effective interest rate for the funds borrowed under the debt agreement considering interest compounding and original issue discount or premium.

+ References + Details

Other (Expense) Income - Other Income, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Other income (expense)
Gain on land contribution to equity method investment	$ 4,277	$ 1,472
Gain on insurance recovery		279
Loss from hurricane damage	$ 55	322
Minimum
Other income (expense)
Retained interest, effective interest rate (as a percent)	3.70%
Maximum
Other income (expense)
Retained interest, effective interest rate (as a percent)	11.30%
Hurricane Michael.
Other income (expense)
Gain on insurance recovery	$ 0	300
Loss from hurricane damage	100	300
Pier Park TPS JV
Other income (expense)
Gain on land contribution to equity method investment		$ 1,500
Sea Sound Apartments JV
Other income (expense)
Gain on land contribution to equity method investment	$ 4,300

Segment Information - Reportable Segments (Details)	3 Months Ended
Segment Information - Reportable Segments (Details)	Mar. 31, 2020 segment
Segments
Number of reportable operating segments	3
Commercial
Segments
Number of reportable operating segments	1

Segment Information - Information by Business Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Segments
Revenues	$ 18,574	$ 16,023
Consolidated (loss) income before equity in loss from unconsolidated affiliates and income taxes	(1,747)	2,641
Total assets	913,022		$ 909,233
Operating Segments \| Residential
Segments
Revenues	3,038	3,525
Consolidated (loss) income before equity in loss from unconsolidated affiliates and income taxes	404	270
Total assets	144,086		139,349
Operating Segments \| Hospitality
Segments
Revenues	6,551	7,304
Consolidated (loss) income before equity in loss from unconsolidated affiliates and income taxes	(2,258)	(822)
Total assets	97,695		89,570
Operating Segments \| Commercial
Segments
Revenues	8,896	5,076
Consolidated (loss) income before equity in loss from unconsolidated affiliates and income taxes	7,954	3,070
Total assets	277,631		253,936
Other
Segments
Revenues	89	118
Consolidated (loss) income before equity in loss from unconsolidated affiliates and income taxes	(7,847)	$ 123
Total assets	$ 393,610		$ 426,378

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References + Details

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 940
-SubTopic 20
-Section 25
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=68072869&loc=d3e41242-110953

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-URI http://asc.fasb.org/extlink&oid=116634182&loc=SL114868664-224227

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(8))
-URI http://asc.fasb.org/extlink&oid=116637232&loc=SL114874131-224263

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-URI http://asc.fasb.org/extlink&oid=116637391&loc=SL114874048-224260

+ Details

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References + Details

Commitments and Contingencies - (Details) - USD ($) $ in Thousands	1 Months Ended
	Nov. 30, 2019	Mar. 31, 2020	Dec. 31, 2019	Jan. 31, 2019
Obligations
Accrued liabilities for other litigation, claims, other disputes and governmental proceedings		$ 800	$ 1,500
Amount of letters of credit outstanding		1,900
Purchase obligations, total		106,000
Principal balance		100,556	94,507
Allowance for credit losses within other liabilities		100
Pier Park TPS JV Loan
Obligations
Guarantor liability, Scenario 1 (as a percent)				50.00%
Guarantor liability, Scenario 2 (as a percent)				25.00%
Busy Bee JV Construction and Equipment Loans
Obligations
Guarantor liability upon substantial completion (as a percent)	50.00%
Period of financial reporting and financial covenant obligations upon completion at specified rate	12 months
Surety bonds
Obligations
Commitment obligations		17,200	10,700
Pier Park TPS JV
Obligations
Principal balance		11,068	6,791
Pier Park TPS JV \| Pier Park TPS JV Loan
Obligations
Loan amount				$ 14,400
Principal balance		11,100	6,800
Busy Bee JV (SJBB, LLC)
Obligations
Principal balance		4,486	1,451
Busy Bee JV (SJBB, LLC) \| Busy Bee JV Construction Loan, due November 2035
Obligations
Loan amount	$ 5,400
Principal balance		4,500	1,400
Busy Bee JV (SJBB, LLC) \| Busy Bee JV Equipment Loan, due November 2027
Obligations
Loan amount	$ 1,200
Busy Bee JV (SJBB, LLC) \| Busy Bee JV Equipment Loan, due November 2027 \| Maximum
Obligations
Principal balance		$ 100	$ 100