0000745308--12-312020Q2falseYesYes1000000000745308joe:WatersoundOriginsCrossingsJvMember2020-01-012020-06-300000745308joe:WatercrestJvMember2020-01-012020-06-300000745308joe:ReliantTitleJvMember2020-01-012020-06-300000745308joe:PierParkResortHotelJvMember2020-01-012020-06-300000745308joe:PierParkNorthMember2020-01-012020-06-300000745308joe:PierParkCrossingsPhaseIiJvMember2020-01-012020-06-300000745308joe:PierParkCrossingsJVMember2020-01-012020-06-300000745308joe:WatersoundOriginsCrossingsJvMember2019-01-012019-12-310000745308joe:WatercrestJvMember2019-01-012019-12-310000745308joe:ReliantTitleJvMember2019-01-012019-12-310000745308joe:PierParkNorthMember2019-01-012019-12-310000745308joe:PierParkCrossingsPhaseIiJvMember2019-01-012019-12-310000745308joe:PierParkCrossingsJVMember2019-01-012019-12-310000745308joe:LatitudeMargaritavilleWatersoundJvMember2019-01-012019-12-310000745308us-gaap:TreasuryStockMember2020-04-012020-06-300000745308us-gaap:TreasuryStockMember2020-01-012020-06-300000745308us-gaap:TreasuryStockMember2019-01-012019-06-300000745308us-gaap:CommonStockMember2020-04-012020-06-300000745308us-gaap:CommonStockMember2020-01-012020-06-300000745308us-gaap:TreasuryStockMember2020-06-300000745308us-gaap:RetainedEarningsMember2020-06-300000745308us-gaap:NoncontrollingInterestMember2020-06-300000745308us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-06-300000745308us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-06-300000745308us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-06-300000745308us-gaap:TreasuryStockMember2020-03-310000745308us-gaap:RetainedEarningsMember2020-03-310000745308us-gaap:NoncontrollingInterestMember2020-03-310000745308us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-03-3100007453082020-03-310000745308us-gaap:NoncontrollingInterestMember2019-12-310000745308us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-310000745308us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2019-12-310000745308us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2019-12-310000745308us-gaap:TreasuryStockMember2019-06-300000745308us-gaap:RetainedEarningsMember2019-06-300000745308us-gaap:NoncontrollingInterestMember2019-06-300000745308us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-06-300000745308us-gaap:TreasuryStockMember2019-03-310000745308us-gaap:RetainedEarningsMember2019-03-310000745308us-gaap:NoncontrollingInterestMember2019-03-310000745308us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-03-3100007453082019-03-310000745308us-gaap:RetainedEarningsMember2018-12-310000745308us-gaap:NoncontrollingInterestMember2018-12-310000745308us-gaap:AccumulatedOtherComprehensiveIncomeMember2018-12-310000745308us-gaap:OperatingSegmentsMemberus-gaap:TimberMemberjoe:CommercialMember2020-04-012020-06-300000745308us-gaap:OperatingSegmentsMemberus-gaap:RealEstateMemberjoe:ResidentialRealEstateSegmentMember2020-04-012020-06-300000745308us-gaap:OperatingSegmentsMemberus-gaap:RealEstateMemberjoe:CommercialMember2020-04-012020-06-300000745308us-gaap:OperatingSegmentsMemberjoe:ResidentialRealEstateSegmentMemberus-gaap:TransferredAtPointInTimeMember2020-04-012020-06-300000745308us-gaap:OperatingSegmentsMemberjoe:HospitalitySegmentMemberus-gaap:TransferredOverTimeMember2020-04-012020-06-300000745308us-gaap:OperatingSegmentsMemberjoe:HospitalitySegmentMemberus-gaap:TransferredAtPointInTimeMember2020-04-012020-06-300000745308us-gaap:OperatingSegmentsMemberjoe:HospitalityMemberjoe:ResidentialRealEstateSegmentMember2020-04-012020-06-300000745308us-gaap:OperatingSegmentsMemberjoe:HospitalityMemberjoe:HospitalitySegmentMember2020-04-012020-06-300000745308us-gaap:OperatingSegmentsMemberjoe:CommercialMemberus-gaap:TransferredAtPointInTimeMember2020-04-012020-06-300000745308joe:CorporateAndReconcilingItemsMemberus-gaap:TransferredAtPointInTimeMember2020-04-012020-06-300000745308joe:CorporateAndReconcilingItemsMemberus-gaap:RealEstateMember2020-04-012020-06-300000745308us-gaap:TransferredOverTimeMember2020-04-012020-06-300000745308us-gaap:TransferredAtPointInTimeMember2020-04-012020-06-300000745308us-gaap:OperatingSegmentsMemberus-gaap:TimberMemberjoe:CommercialMember2020-01-012020-06-300000745308us-gaap:OperatingSegmentsMemberus-gaap:RealEstateMemberjoe:ResidentialRealEstateSegmentMember2020-01-012020-06-300000745308us-gaap:OperatingSegmentsMemberus-gaap:RealEstateMemberjoe:CommercialMember2020-01-012020-06-300000745308us-gaap:OperatingSegmentsMemberjoe:ResidentialRealEstateSegmentMemberus-gaap:TransferredAtPointInTimeMember2020-01-012020-06-300000745308us-gaap:OperatingSegmentsMemberjoe:HospitalitySegmentMemberus-gaap:TransferredOverTimeMember2020-01-012020-06-300000745308us-gaap:OperatingSegmentsMemberjoe:HospitalitySegmentMemberus-gaap:TransferredAtPointInTimeMember2020-01-012020-06-300000745308us-gaap:OperatingSegmentsMemberjoe:HospitalityMemberjoe:ResidentialRealEstateSegmentMember2020-01-012020-06-300000745308us-gaap:OperatingSegmentsMemberjoe:HospitalityMemberjoe:HospitalitySegmentMember2020-01-012020-06-300000745308us-gaap:OperatingSegmentsMemberjoe:CommercialMemberus-gaap:TransferredAtPointInTimeMember2020-01-012020-06-300000745308joe:CorporateAndReconcilingItemsMemberus-gaap:TransferredAtPointInTimeMember2020-01-012020-06-300000745308joe:CorporateAndReconcilingItemsMemberus-gaap:RealEstateMember2020-01-012020-06-300000745308us-gaap:TransferredOverTimeMember2020-01-012020-06-300000745308us-gaap:TransferredAtPointInTimeMember2020-01-012020-06-300000745308us-gaap:OperatingSegmentsMemberus-gaap:TimberMemberjoe:CommercialMember2019-04-012019-06-300000745308us-gaap:OperatingSegmentsMemberus-gaap:RealEstateMemberjoe:ResidentialRealEstateSegmentMember2019-04-012019-06-300000745308us-gaap:OperatingSegmentsMemberus-gaap:RealEstateMemberjoe:CommercialMember2019-04-012019-06-300000745308us-gaap:OperatingSegmentsMemberjoe:ResidentialRealEstateSegmentMemberus-gaap:TransferredAtPointInTimeMember2019-04-012019-06-300000745308us-gaap:OperatingSegmentsMemberjoe:HospitalitySegmentMemberus-gaap:TransferredOverTimeMember2019-04-012019-06-300000745308us-gaap:OperatingSegmentsMemberjoe:HospitalitySegmentMemberus-gaap:TransferredAtPointInTimeMember2019-04-012019-06-300000745308us-gaap:OperatingSegmentsMemberjoe:HospitalityMemberjoe:ResidentialRealEstateSegmentMember2019-04-012019-06-300000745308us-gaap:OperatingSegmentsMemberjoe:HospitalityMemberjoe:HospitalitySegmentMember2019-04-012019-06-300000745308us-gaap:OperatingSegmentsMemberjoe:CommercialMemberus-gaap:TransferredAtPointInTimeMember2019-04-012019-06-300000745308joe:CorporateAndReconcilingItemsMemberus-gaap:TransferredAtPointInTimeMember2019-04-012019-06-300000745308joe:CorporateAndReconcilingItemsMemberus-gaap:RealEstateMember2019-04-012019-06-300000745308us-gaap:TransferredOverTimeMember2019-04-012019-06-300000745308us-gaap:TransferredAtPointInTimeMember2019-04-012019-06-300000745308us-gaap:OperatingSegmentsMemberus-gaap:TimberMemberjoe:CommercialMember2019-01-012019-06-300000745308us-gaap:OperatingSegmentsMemberus-gaap:RealEstateMemberjoe:ResidentialRealEstateSegmentMember2019-01-012019-06-300000745308us-gaap:OperatingSegmentsMemberus-gaap:RealEstateMemberjoe:CommercialMember2019-01-012019-06-300000745308us-gaap:OperatingSegmentsMemberjoe:ResidentialRealEstateSegmentMemberus-gaap:TransferredAtPointInTimeMember2019-01-012019-06-300000745308us-gaap:OperatingSegmentsMemberjoe:HospitalitySegmentMemberus-gaap:TransferredOverTimeMember2019-01-012019-06-300000745308us-gaap:OperatingSegmentsMemberjoe:HospitalitySegmentMemberus-gaap:TransferredAtPointInTimeMember2019-01-012019-06-300000745308us-gaap:OperatingSegmentsMemberjoe:HospitalityMemberjoe:ResidentialRealEstateSegmentMember2019-01-012019-06-300000745308us-gaap:OperatingSegmentsMemberjoe:HospitalityMemberjoe:HospitalitySegmentMember2019-01-012019-06-300000745308us-gaap:OperatingSegmentsMemberjoe:CommercialMemberus-gaap:TransferredAtPointInTimeMember2019-01-012019-06-300000745308joe:CorporateAndReconcilingItemsMemberus-gaap:TransferredAtPointInTimeMember2019-01-012019-06-300000745308joe:CorporateAndReconcilingItemsMemberus-gaap:RealEstateMember2019-01-012019-06-300000745308us-gaap:TransferredOverTimeMember2019-01-012019-06-300000745308us-gaap:TransferredAtPointInTimeMember2019-01-012019-06-300000745308us-gaap:OperatingSegmentsMemberjoe:DevelopmentPropertyMemberjoe:ResidentialRealEstateSegmentMember2020-06-300000745308us-gaap:OperatingSegmentsMemberjoe:DevelopmentPropertyMemberjoe:HospitalitySegmentMember2020-06-300000745308us-gaap:OperatingSegmentsMemberjoe:DevelopmentPropertyMemberjoe:CommercialMember2020-06-300000745308joe:CorporateAndReconcilingItemsMemberjoe:DevelopmentPropertyMember2020-06-300000745308joe:DevelopmentPropertyMember2020-06-300000745308us-gaap:OperatingSegmentsMemberjoe:DevelopmentPropertyMemberjoe:ResidentialRealEstateSegmentMember2019-12-310000745308us-gaap:OperatingSegmentsMemberjoe:DevelopmentPropertyMemberjoe:HospitalitySegmentMember2019-12-310000745308us-gaap:OperatingSegmentsMemberjoe:DevelopmentPropertyMemberjoe:CommercialMember2019-12-310000745308joe:CorporateAndReconcilingItemsMemberjoe:DevelopmentPropertyMember2019-12-310000745308joe:DevelopmentPropertyMember2019-12-310000745308us-gaap:OperatingSegmentsMemberjoe:OperatingPropertyMemberjoe:ResidentialRealEstateSegmentMember2020-06-300000745308us-gaap:OperatingSegmentsMemberjoe:OperatingPropertyMemberjoe:HospitalitySegmentMember2020-06-300000745308us-gaap:OperatingSegmentsMemberjoe:OperatingPropertyMemberjoe:CommercialMember2020-06-300000745308joe:CorporateAndReconcilingItemsMemberjoe:OperatingPropertyMember2020-06-300000745308us-gaap:OperatingSegmentsMemberjoe:OperatingPropertyMemberjoe:ResidentialRealEstateSegmentMember2019-12-310000745308us-gaap:OperatingSegmentsMemberjoe:OperatingPropertyMemberjoe:HospitalitySegmentMember2019-12-310000745308us-gaap:OperatingSegmentsMemberjoe:OperatingPropertyMemberjoe:CommercialMember2019-12-310000745308joe:CorporateAndReconcilingItemsMemberjoe:OperatingPropertyMember2019-12-310000745308joe:OperatingPropertyMember2020-06-300000745308joe:OperatingPropertyMember2019-12-310000745308us-gaap:RetainedEarningsMember2020-04-012020-06-300000745308us-gaap:RetainedEarningsMember2020-01-012020-06-300000745308us-gaap:RetainedEarningsMember2019-04-012019-06-300000745308us-gaap:RetainedEarningsMember2019-01-012019-06-300000745308joe:FdsjEventideLlcJvMember2020-01-012020-06-300000745308joe:DebtSecuritiesRestrictedMember2020-04-012020-06-300000745308joe:DebtSecuritiesNotRestrictedMember2020-04-012020-06-300000745308joe:DebtSecuritiesNotRestrictedMember2020-01-012020-06-300000745308joe:DebtSecuritiesNotRestrictedMember2019-04-012019-06-300000745308joe:DebtSecuritiesNotRestrictedMember2019-01-012019-06-300000745308us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-04-012020-06-300000745308us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-04-012019-06-300000745308us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-01-012019-06-300000745308joe:InterestRateSwapConsolidatedAffiliatesMember2020-04-012020-06-300000745308joe:InterestRateSwapConsolidatedAffiliatesMember2020-01-012020-06-300000745308us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-012020-06-300000745308us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-01-012020-06-300000745308us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-01-012020-06-300000745308joe:InterestRateSwapUnconsolidatedAffiliatesMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-04-012020-06-300000745308joe:InterestRateSwapConsolidatedAffiliatesMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-04-012020-06-300000745308joe:DebtSecuritiesRestrictedMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-04-012020-06-300000745308joe:DebtSecuritiesNotRestrictedMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-04-012020-06-300000745308joe:InterestRateSwapUnconsolidatedAffiliatesMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-01-012020-06-300000745308joe:InterestRateSwapConsolidatedAffiliatesMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-01-012020-06-300000745308joe:DebtSecuritiesRestrictedMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-01-012020-06-300000745308joe:DebtSecuritiesNotRestrictedMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-01-012020-06-300000745308joe:DebtSecuritiesRestrictedMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2019-04-012019-06-300000745308joe:DebtSecuritiesNotRestrictedMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2019-04-012019-06-300000745308joe:DebtSecuritiesRestrictedMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2019-01-012019-06-300000745308joe:DebtSecuritiesNotRestrictedMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2019-01-012019-06-300000745308srt:MaximumMembersrt:RestatementAdjustmentMemberus-gaap:AccountingStandardsUpdate201613Member2019-12-310000745308joe:CommercialMember2020-01-012020-06-300000745308joe:VariousMortgagesAndOtherMember2020-06-300000745308joe:InterestBearingNote.LatitudeMargaritavilleWatersoundJv5percentInterestRateDueJune2025Member2020-06-300000745308joe:InterestBearingHomebuilderNoteSecuredByRealEstateSold5.5InterestRateDueDecember2021Member2020-06-300000745308joe:InterestBearingHomebuilderNote6.3PercentDueMarch2020Member2020-06-300000745308joe:InterestBearingHomeBuilderNote5.5PercentDueJune2021Member2020-06-300000745308joe:VariousMortgagesAndOtherMember2019-12-310000745308joe:InterestBearingHomebuilderNoteSecuredByRealEstateSold5.5InterestRateDueDecember2021Member2019-12-310000745308joe:InterestBearingHomebuilderNote6.3PercentDueMarch2020Member2019-12-310000745308joe:InterestBearingHomeBuilderNote5.5PercentDueJune2021Member2019-12-310000745308joe:InterestBearingHomebuilderNote5.5PercentDueJune2020Member2019-12-310000745308us-gaap:NoncontrollingInterestMember2020-04-012020-06-300000745308us-gaap:NoncontrollingInterestMember2020-01-012020-06-300000745308us-gaap:AccountingStandardsUpdate201613Member2020-01-012020-01-010000745308us-gaap:USTreasurySecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberjoe:DebtSecuritiesNotRestrictedMember2020-06-300000745308us-gaap:PreferredStockMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2020-06-300000745308us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberjoe:DebtSecuritiesNotRestrictedMember2020-06-300000745308joe:ShortTermBondInvestmentsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberjoe:DebtSecuritiesRestrictedMember2020-06-300000745308us-gaap:USTreasurySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberjoe:DebtSecuritiesNotRestrictedMember2020-06-300000745308us-gaap:PreferredStockMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2020-06-300000745308us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2020-06-300000745308us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberjoe:DebtSecuritiesNotRestrictedMember2020-06-300000745308us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberjoe:DebtSecuritiesRestrictedMember2020-06-300000745308us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberjoe:DebtSecuritiesNotRestrictedMember2020-06-300000745308us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberjoe:DebtSecuritiesNotRestrictedMember2020-06-300000745308joe:ShortTermBondInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMemberjoe:DebtSecuritiesRestrictedMember2020-06-300000745308us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2020-06-300000745308us-gaap:FairValueMeasurementsRecurringMemberjoe:DebtSecuritiesRestrictedMember2020-06-300000745308us-gaap:FairValueMeasurementsRecurringMemberjoe:DebtSecuritiesNotRestrictedMember2020-06-300000745308us-gaap:PreferredStockMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2019-12-310000745308us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberjoe:DebtSecuritiesRestrictedMember2019-12-310000745308us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberjoe:DebtSecuritiesNotRestrictedMember2019-12-310000745308joe:ShortTermBondInvestmentsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberjoe:DebtSecuritiesRestrictedMember2019-12-310000745308us-gaap:PreferredStockMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2019-12-310000745308us-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMemberjoe:DebtSecuritiesRestrictedMember2019-12-310000745308us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2019-12-310000745308us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberjoe:DebtSecuritiesNotRestrictedMember2019-12-310000745308us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberjoe:DebtSecuritiesRestrictedMember2019-12-310000745308us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberjoe:DebtSecuritiesNotRestrictedMember2019-12-310000745308joe:ShortTermBondInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMemberjoe:DebtSecuritiesRestrictedMember2019-12-310000745308us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2019-12-310000745308us-gaap:FairValueMeasurementsRecurringMemberjoe:DebtSecuritiesRestrictedMember2019-12-310000745308us-gaap:FairValueMeasurementsRecurringMemberjoe:DebtSecuritiesNotRestrictedMember2019-12-310000745308us-gaap:NotesReceivableMember2020-06-300000745308us-gaap:NotesReceivableMember2019-12-310000745308us-gaap:DomesticCountryMemberjoe:AlternativeMinimumTaxCreditCarryforwardMember2019-12-310000745308us-gaap:OperatingSegmentsMemberjoe:ResidentialRealEstateSegmentMember2020-04-012020-06-300000745308us-gaap:OperatingSegmentsMemberjoe:HospitalitySegmentMember2020-04-012020-06-300000745308us-gaap:OperatingSegmentsMemberjoe:CommercialMember2020-04-012020-06-300000745308joe:CorporateAndReconcilingItemsMember2020-04-012020-06-300000745308us-gaap:OperatingSegmentsMemberjoe:ResidentialRealEstateSegmentMember2020-01-012020-06-300000745308us-gaap:OperatingSegmentsMemberjoe:HospitalitySegmentMember2020-01-012020-06-300000745308us-gaap:OperatingSegmentsMemberjoe:CommercialMember2020-01-012020-06-300000745308joe:CorporateAndReconcilingItemsMember2020-01-012020-06-300000745308us-gaap:OperatingSegmentsMemberjoe:ResidentialRealEstateSegmentMember2019-04-012019-06-300000745308us-gaap:OperatingSegmentsMemberjoe:HospitalitySegmentMember2019-04-012019-06-300000745308us-gaap:OperatingSegmentsMemberjoe:CommercialMember2019-04-012019-06-300000745308joe:CorporateAndReconcilingItemsMember2019-04-012019-06-300000745308us-gaap:OperatingSegmentsMemberjoe:ResidentialRealEstateSegmentMember2019-01-012019-06-300000745308us-gaap:OperatingSegmentsMemberjoe:HospitalitySegmentMember2019-01-012019-06-300000745308us-gaap:OperatingSegmentsMemberjoe:CommercialMember2019-01-012019-06-300000745308joe:CorporateAndReconcilingItemsMember2019-01-012019-06-300000745308us-gaap:SuretyBondMember2020-06-300000745308us-gaap:SuretyBondMember2019-12-310000745308us-gaap:PreferredStockMember2020-06-300000745308us-gaap:PreferredStockMember2019-12-310000745308joe:FdsjEventideLlcJvMember2020-04-012020-06-3000007453082019-01-012019-12-310000745308joe:PierParkTpsLlcMemberjoe:PierParkTpsJvLoanMemberus-gaap:InterestRateSwapMember2020-06-300000745308us-gaap:InterestRateSwapMember2019-06-300000745308joe:PierParkTpsLlcMember2019-01-310000745308us-gaap:OtherLiabilitiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateSwapMember2020-06-300000745308joe:RealEstateInvestmentsUnconsolidatedRealEstateAndOtherJointVenturesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateSwapMember2020-06-300000745308joe:PierParkTpsLlcMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateSwapMember2020-06-300000745308us-gaap:OtherLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateSwapMember2020-06-300000745308us-gaap:OtherLiabilitiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:InterestRateSwapMember2020-06-300000745308joe:RealEstateInvestmentsUnconsolidatedRealEstateAndOtherJointVenturesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateSwapMember2020-06-300000745308us-gaap:OtherLiabilitiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateSwapMember2019-12-310000745308us-gaap:OtherLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateSwapMember2019-12-310000745308us-gaap:OtherLiabilitiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:InterestRateSwapMember2019-12-310000745308srt:MaximumMemberjoe:DebtSecuritiesRestrictedMember2020-04-012020-06-300000745308srt:MaximumMemberjoe:DebtSecuritiesRestrictedMember2020-01-012020-06-300000745308joe:DebtSecuritiesRestrictedMember2019-04-012019-06-300000745308srt:MaximumMember2019-01-012019-06-300000745308srt:MinimumMemberjoe:ShortTermBondInvestmentsMemberjoe:DebtSecuritiesRestrictedMember2020-06-300000745308srt:MaximumMemberjoe:ShortTermBondInvestmentsMemberjoe:DebtSecuritiesRestrictedMember2020-06-300000745308srt:MinimumMemberjoe:ShortTermBondInvestmentsMemberjoe:DebtSecuritiesRestrictedMember2019-12-310000745308srt:MaximumMemberjoe:ShortTermBondInvestmentsMemberjoe:DebtSecuritiesRestrictedMember2019-12-310000745308srt:MinimumMemberjoe:CommunityDevelopmentDistrictDebtMember2020-06-300000745308srt:MaximumMemberjoe:CommunityDevelopmentDistrictDebtMember2020-06-300000745308srt:MinimumMemberjoe:CommunityDevelopmentDistrictDebtMember2019-12-310000745308srt:MaximumMemberjoe:CommunityDevelopmentDistrictDebtMember2019-12-310000745308joe:SeniorNotesHeldBySpecialPurposeEntityMember2020-06-300000745308us-gaap:FairValueInputsLevel2Memberjoe:VariableRateDebtMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMember2020-06-300000745308us-gaap:FairValueInputsLevel2Memberjoe:VariableRateDebtMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMember2020-06-300000745308us-gaap:FairValueInputsLevel2Memberjoe:FixedRateDebtMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMember2020-06-300000745308us-gaap:FairValueInputsLevel2Memberjoe:FixedRateDebtMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMember2020-06-300000745308us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMember2020-06-300000745308us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMember2020-06-300000745308us-gaap:FairValueInputsLevel2Memberjoe:VariableRateDebtMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMember2019-12-310000745308us-gaap:FairValueInputsLevel2Memberjoe:VariableRateDebtMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMember2019-12-310000745308us-gaap:FairValueInputsLevel2Memberjoe:FixedRateDebtMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMember2019-12-310000745308us-gaap:FairValueInputsLevel2Memberjoe:FixedRateDebtMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMember2019-12-310000745308us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMember2019-12-310000745308us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMember2019-12-310000745308srt:MaximumMemberjoe:PierParkResortHotelJvLoanMember2020-04-300000745308joe:PierParkResortHotelJvLoanMember2020-04-300000745308joe:AirportHotelLoanMember2020-03-310000745308joe:FdsjEventideLlcJvMemberjoe:SeaSoundApartmentsJvLoanMember2020-01-310000745308joe:SjbbLlcMemberjoe:BusyBeeJvEquipmentLoanMember2019-11-300000745308joe:SjbbLlcMemberjoe:BusyBeeJvConstructionLoanMember2019-11-300000745308joe:PierParkCrossingsPhaseIiJvLoanMember2019-10-310000745308joe:BeckrichBuildingIiiLoanMember2019-08-310000745308joe:WatercrestJvLoanMember2019-06-300000745308joe:OriginsCrossingsJvLoanMember2019-05-310000745308joe:PierParkTpsLlcMemberjoe:PierParkTpsJvLoanMember2019-01-310000745308joe:LoanInPierParkCrossingsJvDueJune2060Member2018-05-310000745308joe:ConstructionLoanDueFebruary2029Member2018-02-280000745308joe:ConstructionLoanDueMarch2027Member2017-03-310000745308joe:PierParkNorthJointVentureLoanDueNovember2025Member2015-10-310000745308joe:SjbbLlcMemberjoe:BusyBeeJvEquipmentLoanMember2020-06-300000745308joe:SjbbLlcMemberjoe:BusyBeeJvConstructionLoanMember2020-06-300000745308joe:PierParkTpsLlcMemberjoe:PierParkTpsJvLoanMember2020-06-300000745308joe:FdsjEventideLlcJvMemberjoe:SeaSoundApartmentsJvLoanMember2020-06-300000745308joe:WatercrestJvLoanMember2020-06-300000745308joe:UnconsolidatedJointVenturesMember2020-06-300000745308joe:SjbbLlcMember2020-06-300000745308joe:PpcIiJvLoanDueOctober2024Member2020-06-300000745308joe:PierParkTpsLlcMember2020-06-300000745308joe:PierParkResortHotelJvLoanMember2020-06-300000745308joe:PierParkNorthJointVentureLoanDueNovember2025Member2020-06-300000745308joe:OriginsCrossingsJvLoanMember2020-06-300000745308joe:LoanInPierParkCrossingsJvDueJune2060Member2020-06-300000745308joe:LatitudeMargaritavilleWatersoundJvMember2020-06-300000745308joe:ConstructionLoanDueMarch2027Member2020-06-300000745308joe:ConstructionLoanDueFebruary2029Member2020-06-300000745308joe:CommunityDevelopmentDistrictDebtMember2020-06-300000745308joe:BeckrichBuildingIiiLoanDueAugust2029Member2020-06-300000745308joe:BeachHomesLoanMember2020-06-300000745308joe:AirportHotelLoanMember2020-06-300000745308joe:SjbbLlcMemberjoe:BusyBeeJvEquipmentLoanMember2019-12-310000745308joe:SjbbLlcMemberjoe:BusyBeeJvConstructionLoanMember2019-12-310000745308joe:PierParkTpsLlcMemberjoe:PierParkTpsJvLoanMember2019-12-310000745308joe:UnconsolidatedJointVenturesMember2019-12-310000745308joe:SjbbLlcMember2019-12-310000745308joe:PierParkTpsLlcMember2019-12-310000745308joe:PierParkNorthJointVentureLoanDueNovember2025Member2019-12-310000745308joe:OriginsCrossingsJvLoanMember2019-12-310000745308joe:LoanInPierParkCrossingsJvDueJune2060Member2019-12-310000745308joe:ConstructionLoanDueMarch2027Member2019-12-310000745308joe:ConstructionLoanDueFebruary2029Member2019-12-310000745308joe:CommunityDevelopmentDistrictDebtMember2019-12-310000745308joe:BeachHomesLoanMember2019-12-310000745308joe:ConstructionLoanDueMarch2027Memberus-gaap:LondonInterbankOfferedRateLIBORMember2020-01-012020-06-300000745308joe:ConstructionLoanDueFebruary2029Memberus-gaap:LondonInterbankOfferedRateLIBORMember2020-01-012020-06-300000745308joe:BeckrichBuildingIiiLoanDueAugust2029Memberus-gaap:LondonInterbankOfferedRateLIBORMember2020-01-012020-06-300000745308joe:BeachHomesLoanMemberus-gaap:LondonInterbankOfferedRateLIBORMember2020-01-012020-06-300000745308joe:WatercrestJvLoanMember2020-01-012020-06-300000745308joe:ConstructionLoanDueMarch2027Memberus-gaap:LondonInterbankOfferedRateLIBORMember2019-01-012019-12-310000745308joe:ConstructionLoanDueFebruary2029Memberus-gaap:LondonInterbankOfferedRateLIBORMember2019-01-012019-12-310000745308joe:BeachHomesLoanMemberus-gaap:LondonInterbankOfferedRateLIBORMember2019-01-012019-12-310000745308joe:WatercrestJvLoanMember2019-01-012019-12-310000745308us-gaap:RetainedEarningsMember2019-12-310000745308us-gaap:TimberMember2020-04-012020-06-300000745308us-gaap:RealEstateMember2020-04-012020-06-300000745308joe:HospitalityMember2020-04-012020-06-300000745308us-gaap:TimberMember2020-01-012020-06-300000745308us-gaap:RealEstateMember2020-01-012020-06-300000745308joe:HospitalityMember2020-01-012020-06-300000745308us-gaap:TimberMember2019-04-012019-06-300000745308us-gaap:RealEstateMember2019-04-012019-06-300000745308joe:HospitalityMember2019-04-012019-06-300000745308us-gaap:TimberMember2019-01-012019-06-300000745308us-gaap:RealEstateMember2019-01-012019-06-300000745308joe:HospitalityMember2019-01-012019-06-300000745308joe:SjbbLlcMember2019-07-052019-07-050000745308joe:PierParkTpsLlcMember2019-01-142019-01-140000745308us-gaap:CommonStockMember2020-06-300000745308us-gaap:CommonStockMember2020-03-310000745308us-gaap:CommonStockMember2019-12-310000745308us-gaap:CommonStockMember2019-06-300000745308us-gaap:CommonStockMember2019-03-310000745308us-gaap:CommonStockMember2018-12-310000745308us-gaap:AccountingStandardsUpdate201613Member2020-01-010000745308us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2020-06-300000745308us-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2020-06-300000745308us-gaap:USTreasurySecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2019-12-310000745308us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2019-12-310000745308us-gaap:CommercialPaperMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2019-12-310000745308us-gaap:USTreasurySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310000745308us-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310000745308us-gaap:CommercialPaperMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310000745308us-gaap:AssetsTotalMemberus-gaap:MoneyMarketFundsMember2020-06-300000745308us-gaap:CorporateDebtSecuritiesMemberjoe:DebtSecuritiesNotRestrictedMember2020-06-300000745308us-gaap:MoneyMarketFundsMemberjoe:DebtSecuritiesRestrictedMember2019-12-310000745308us-gaap:USTreasurySecuritiesMemberjoe:DebtSecuritiesNotRestrictedMember2020-06-300000745308srt:MaximumMember2020-06-300000745308joe:DebtSecuritiesNotRestrictedMember2020-06-300000745308us-gaap:CorporateDebtSecuritiesMemberjoe:DebtSecuritiesNotRestrictedMember2019-12-310000745308joe:DebtSecuritiesNotRestrictedMember2019-12-310000745308joe:ShortTermBondInvestmentsMemberjoe:DebtSecuritiesRestrictedMember2020-06-300000745308joe:DebtSecuritiesRestrictedMember2020-06-300000745308joe:ShortTermBondInvestmentsMemberjoe:DebtSecuritiesRestrictedMember2019-12-310000745308joe:DebtSecuritiesRestrictedMember2019-12-310000745308us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2020-06-300000745308us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2020-06-300000745308us-gaap:FairValueMeasurementsRecurringMember2020-06-300000745308us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2019-12-310000745308us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2019-12-310000745308us-gaap:FairValueMeasurementsRecurringMember2019-12-310000745308us-gaap:OperatingSegmentsMemberjoe:ResidentialRealEstateSegmentMember2020-06-300000745308us-gaap:OperatingSegmentsMemberjoe:HospitalitySegmentMember2020-06-300000745308us-gaap:OperatingSegmentsMemberjoe:CommercialMember2020-06-300000745308joe:CorporateAndReconcilingItemsMember2020-06-300000745308us-gaap:OperatingSegmentsMemberjoe:ResidentialRealEstateSegmentMember2019-12-310000745308us-gaap:OperatingSegmentsMemberjoe:HospitalitySegmentMember2019-12-310000745308us-gaap:OperatingSegmentsMemberjoe:CommercialMember2019-12-310000745308joe:CorporateAndReconcilingItemsMember2019-12-310000745308srt:MaximumMembersrt:DirectorMemberus-gaap:RestrictedStockMember2020-04-012020-06-300000745308srt:MaximumMembersrt:DirectorMemberus-gaap:RestrictedStockMember2020-01-012020-06-300000745308srt:MaximumMembersrt:DirectorMemberus-gaap:RestrictedStockMember2019-04-012019-06-300000745308srt:MaximumMembersrt:DirectorMemberus-gaap:RestrictedStockMember2019-01-012019-06-300000745308joe:InterestBearingNote.LatitudeMargaritavilleWatersoundJv5percentInterestRateDueJune2025Member2020-01-012020-06-300000745308joe:InterestBearingHomebuilderNoteSecuredByRealEstateSold5.5InterestRateDueDecember2021Member2020-01-012020-06-300000745308joe:InterestBearingHomebuilderNote6.3PercentDueMarch2020Member2020-01-012020-06-300000745308joe:InterestBearingHomeBuilderNote5.5PercentDueJune2021Member2020-01-012020-06-300000745308joe:InterestBearingHomebuilderNoteSecuredByRealEstateSold5.5InterestRateDueDecember2021Member2019-01-012019-12-310000745308joe:InterestBearingHomebuilderNote6.3PercentDueMarch2020Member2019-01-012019-12-310000745308joe:InterestBearingHomeBuilderNote5.5PercentDueJune2021Member2019-01-012019-12-310000745308joe:InterestBearingHomebuilderNote5.5PercentDueJune2020Member2019-01-012019-12-310000745308srt:DirectorMemberus-gaap:RestrictedStockMember2019-07-012019-07-010000745308srt:DirectorMemberus-gaap:RestrictedStockMember2018-07-022018-07-020000745308srt:DirectorMemberus-gaap:RestrictedStockMember2019-05-200000745308srt:DirectorMemberus-gaap:RestrictedStockMember2018-05-230000745308us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMember2020-06-300000745308us-gaap:FairValueInputsLevel3Memberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMember2020-06-300000745308us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMember2019-12-310000745308us-gaap:FairValueInputsLevel3Memberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMember2019-12-310000745308joe:NorthwestFloridaTimberFinanceLLCMember2020-06-300000745308joe:RetainedInterestInvestmentMember2019-12-310000745308joe:RetainedInterestInvestmentMember2020-01-012020-06-300000745308joe:RealEstateSale2014Memberjoe:PanamaCityTimberFinanceCompanyLlcMember2014-01-012014-12-310000745308joe:RetainedInterestInvestmentMember2020-06-300000745308joe:InterestRateSwapUnconsolidatedAffiliatesMember2020-04-012020-06-300000745308joe:InterestRateSwapUnconsolidatedAffiliatesMember2020-01-012020-06-300000745308srt:RestatementAdjustmentMemberus-gaap:AccountingStandardsUpdate201613Member2019-12-310000745308joe:BeachHomesLoanMember2018-05-310000745308joe:WatersoundOriginsCrossingsJvMember2020-06-300000745308joe:WatercrestJvMember2020-06-300000745308joe:PierParkResortHotelJvMember2020-06-300000745308joe:PierParkCrossingsPhaseIiJvMember2020-06-300000745308joe:PierParkTpsLlcMember2018-04-300000745308joe:PierParkCrossingsJVMember2017-04-300000745308us-gaap:AssetsTotalMemberus-gaap:CreditConcentrationRiskMemberus-gaap:ExternalCreditRatingNonInvestmentGradeMemberus-gaap:PreferredStockMember2020-06-300000745308srt:MinimumMemberjoe:RetainedInterestInvestmentMember2020-01-012020-06-300000745308srt:MaximumMemberjoe:RetainedInterestInvestmentMember2020-01-012020-06-300000745308us-gaap:NoncontrollingInterestMember2019-04-012019-06-300000745308us-gaap:CommonStockMember2019-04-012019-06-300000745308us-gaap:NoncontrollingInterestMember2019-01-012019-06-300000745308us-gaap:CommonStockMember2019-01-012019-06-300000745308joe:NorthwestFloridaTimberFinanceLLCMember2014-12-310000745308srt:MaximumMemberus-gaap:CommonStockMember2020-01-012020-06-300000745308srt:MinimumMemberjoe:CashInvestmentGradeCashEquivalentsOrU.S.TreasurySecuritiesMember2020-01-012020-06-300000745308srt:MaximumMemberjoe:SingleIssuerExchangeTradedCommonEquitiesMember2020-01-012020-06-300000745308srt:MaximumMemberjoe:CommonPreferredOrOtherEquityInvestmentsMember2020-01-012020-06-300000745308srt:MinimumMemberjoe:SingleIssuerExcludingUSGovernmentMember2020-01-012020-06-300000745308srt:MaximumMemberjoe:SingleIssuerExcludingUSGovernmentMember2020-01-012020-06-300000745308us-gaap:BankTimeDepositsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMember2020-06-300000745308us-gaap:BankTimeDepositsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMember2020-06-300000745308joe:UsTreasurySecuritiesAndCashAndOtherCashEquivalentsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMember2020-06-300000745308joe:UsTreasurySecuritiesAndCashAndOtherCashEquivalentsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMember2020-06-300000745308us-gaap:BankTimeDepositsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMember2019-12-310000745308us-gaap:BankTimeDepositsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMember2019-12-310000745308joe:UsTreasurySecuritiesAndCashAndOtherCashEquivalentsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMember2019-12-310000745308joe:UsTreasurySecuritiesAndCashAndOtherCashEquivalentsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMember2019-12-310000745308us-gaap:USTreasurySecuritiesMemberjoe:PanamaCityTimberFinanceCompanyLlcMember2020-06-300000745308us-gaap:CashMemberjoe:PanamaCityTimberFinanceCompanyLlcMember2020-06-300000745308us-gaap:BankTimeDepositsMemberjoe:PanamaCityTimberFinanceCompanyLlcMember2020-06-300000745308us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-06-300000745308us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310000745308joe:DebtSecuritiesRestrictedMember2020-01-012020-06-300000745308joe:DebtSecuritiesRestrictedMember2019-01-012019-06-300000745308joe:InterestBearingNoteWithJvPartnerNote8.0PercentDueMay2039Member2020-06-300000745308joe:InterestBearingNoteWithJvPartnerNote8.0PercentDueJuly2039Member2020-06-300000745308joe:InterestBearingNoteWithJvPartnerNote8.0PercentDueMay2039Member2019-12-310000745308joe:InterestBearingNoteWithJvPartnerNote8.0PercentDueJuly2039Member2019-12-310000745308joe:BusyBeeJvConstructionAndEquipmentLoansMember2019-11-300000745308joe:PierParkTpsJvLoanMember2019-01-310000745308joe:BusyBeeJvConstructionAndEquipmentLoansMember2019-11-012019-11-300000745308joe:LatitudeMargaritavilleWatersoundJvMemberjoe:ResidentialRealEstateSegmentMember2020-04-012020-06-300000745308joe:LatitudeMargaritavilleWatersoundJvMemberjoe:ResidentialRealEstateSegmentMember2020-01-012020-06-300000745308joe:FdsjEventideLlcJvMemberjoe:CommercialMember2020-01-012020-06-300000745308joe:FdsjEventideLlcJvMember2020-01-012020-06-300000745308joe:PierParkTpsLlcMember2019-01-012019-06-300000745308joe:SjbbLlcMember2020-04-012020-06-300000745308joe:PierParkTpsLlcMember2020-04-012020-06-300000745308joe:LatitudeMargaritavilleWatersoundJvMember2020-04-012020-06-300000745308joe:SjbbLlcMember2020-01-012020-06-300000745308joe:PierParkTpsLlcMember2020-01-012020-06-300000745308joe:SjbbLlcMember2020-06-300000745308joe:PierParkTpsLlcMember2020-06-300000745308joe:FdsjEventideLlcJvMember2020-06-300000745308joe:SjbbLlcMember2019-12-310000745308joe:PierParkTpsLlcMember2019-12-310000745308joe:LatitudeMargaritavilleWatersoundJvMember2019-12-310000745308joe:ClientsOfFairholmeCapitalManagementL.l.c.AndMr.BerkowitzMemberus-gaap:InvestorMember2020-06-300000745308joe:RealEstateSale2014Memberjoe:PanamaCityTimberFinanceCompanyLlcMember2014-12-310000745308srt:MinimumMember2020-01-012020-06-300000745308srt:MaximumMember2020-01-012020-06-300000745308srt:MinimumMembersrt:ScenarioForecastMemberjoe:LoanInPierParkCrossingsJvDueJune2060Member2020-07-012030-06-300000745308srt:MaximumMembersrt:ScenarioForecastMemberjoe:LoanInPierParkCrossingsJvDueJune2060Member2020-07-012030-06-300000745308joe:AirportHotelLoanMember2020-03-012020-03-310000745308joe:PierParkCrossingsPhaseIiJvLoanMember2019-10-012019-10-310000745308joe:BeckrichBuildingIiiLoanMember2019-08-012019-08-310000745308joe:WatercrestJvLoanMember2019-06-012019-06-300000745308joe:OriginsCrossingsJvLoanMember2019-05-012019-05-310000745308joe:PierParkResortHotelJvLoanMember2020-04-012020-04-300000745308joe:LatitudeMargaritavilleWatersoundJvMember2020-01-012020-06-300000745308joe:LatitudeMargaritavilleWatersoundJvMember2020-06-300000745308joe:FloridaDepartmentOfTransportationMember2020-06-300000745308joe:FloridaDepartmentOfTransportationMember2019-12-3100007453082018-12-3100007453082019-06-300000745308joe:LatitudeMargaritavilleWatersoundJvMember2020-06-300000745308us-gaap:LossFromCatastrophesMember2020-04-012020-06-300000745308us-gaap:LossFromCatastrophesMember2020-01-012020-06-300000745308us-gaap:LossFromCatastrophesMember2019-04-012019-06-300000745308us-gaap:LossFromCatastrophesMember2019-01-012019-06-300000745308us-gaap:AssetsTotalMemberus-gaap:CreditConcentrationRiskMemberus-gaap:USTreasurySecuritiesMember2020-06-3000007453082020-06-3000007453082019-12-3100007453082020-04-012020-06-3000007453082019-04-012019-06-3000007453082019-01-012019-06-3000007453082020-07-2700007453082020-01-012020-06-30joe:segmentxbrli:sharesiso4217:USDxbrli:purejoe:issuerjoe:itemjoe:homejoe:directoriso4217:USDxbrli:sharesjoe:Y

Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2020

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     .

Commission file number: 1-10466

The St. Joe Company

(Exact name of registrant as specified in its charter)

Florida

59-0432511

(State or other jurisdiction of

(I.R.S. Employer

incorporation or organization)

Identification No.)

130 Richard Jackson Boulevard, Suite 200

Panama City Beach, Florida

32407

(Address of principal executive offices)

(Zip Code)

(850) 231-6400

(Registrant’s telephone number, including area code)

Securities Registered Pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol(s)

Name of Exchange on Which Registered

Common Stock, no par value

JOE

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   YES      NO  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   YES      NO  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   YES      NO  

As of July 27, 2020, there were 58,882,549 shares of common stock, no par value, outstanding.

Table of Contents

THE ST. JOE COMPANY

INDEX

Page No.

PART I

Item 1. Financial Statements (Unaudited)

3

Condensed Consolidated Balance Sheets - June 30, 2020 and December 31, 2019

3

Condensed Consolidated Statements of Income - Three and Six Months Ended June 30, 2020 and 2019

5

Condensed Consolidated Statements of Comprehensive Income - Three and Six Months Ended June 30, 2020 and 2019

6

Condensed Consolidated Statements of Changes in Stockholders’ Equity - Three and Six Months Ended June 30, 2020 and 2019

7

Condensed Consolidated Statements of Cash Flows - Six Months Ended June 30, 2020 and 2019

9

Notes to the Condensed Consolidated Financial Statements

11

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

44

Item 3. Quantitative and Qualitative Disclosures About Market Risk

72

Item 4. Controls and Procedures

73

PART II

Item 1. Legal Proceedings

74

Item 1A. Risk Factors

74

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

75

Item 3. Defaults Upon Senior Securities

76

Item 4. Mine Safety Disclosures

76

Item 5. Other Information

76

Item 6. Exhibits

76

SIGNATURES

77

2

Table of Contents

PART I - FINANCIAL INFORMATION

Item 1.         Financial Statements

THE ST. JOE COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)

(Unaudited)

June 30, 

December 31, 

    

2020

    

2019

ASSETS

 

  

 

  

Investment in real estate, net

$

497,658

$

430,776

Investment in unconsolidated joint ventures

29,293

5,084

Cash and cash equivalents

 

106,039

 

185,716

Investments - debt securities

49,996

53

Investments - equity securities

 

2,415

 

9,746

Other assets

 

54,977

 

52,069

Property and equipment, net of accumulated depreciation of $64,523 and $63,223 at June 30, 2020 and December 31, 2019, respectively

 

19,500

 

19,018

Investments held by special purpose entities

 

206,438

 

206,771

Total assets

$

966,316

$

909,233

LIABILITIES AND EQUITY

 

  

 

  

Liabilities:

 

  

 

  

Debt, net

$

120,522

$

92,529

Other liabilities

 

68,128

 

57,200

Deferred tax liabilities, net

 

57,860

 

52,808

Senior Notes held by special purpose entity

 

177,156

 

177,026

Total liabilities

 

423,666

 

379,563

Commitments and contingencies (Note 18)

Equity:

 

  

 

  

Common stock, no par value; 180,000,000 shares authorized; 59,414,583 issued at June 30, 2020 and December 31, 2019; and 58,882,549 and 59,414,583 outstanding at June 30, 2020 and December 31, 2019, respectively

 

305,676

 

305,631

Retained earnings

 

231,801

 

214,225

Accumulated other comprehensive loss

 

(1,530)

 

(335)

Treasury stock at cost, 532,034 shares held at June 30, 2020

(8,803)

Total stockholders’ equity

 

527,144

 

519,521

Non-controlling interest

 

15,506

 

10,149

Total equity

 

542,650

 

529,670

Total liabilities and equity

$

966,316

$

909,233

See accompanying notes to the condensed consolidated financial statements.

3

Table of Contents

THE ST. JOE COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)

(Unaudited)

The following presents the portion of the condensed consolidated balances attributable to the Company’s consolidated variable interest entities, which, as of June 30, 2020 and December 31, 2019, include the Pier Park North joint venture (“Pier Park North JV”), Pier Park Crossings LLC (“Pier Park Crossings JV”), Origins Crossings, LLC (“Watersound Origins Crossings JV”), SJWCSL, LLC (“Watercrest JV”), Reliant Title and Closing Services, LLC (“Reliant Title JV”), Pier Park Crossings Phase II LLC (“Pier Park Crossings Phase II JV”), Panama City Timber Finance Company, LLC and Northwest Florida Timber Finance, LLC as discussed in Note 2. Summary of Significant Accounting Policies. Basis of Presentation and Principles of Consolidation. As of June 30, 2020, the condensed consolidated balances attributable to the Company’s consolidated variable interest entities also include the Pier Park Resort Hotel, LLC (“Pier Park Resort Hotel JV”). The following assets may only be used to settle obligations of the consolidated variable interest entities and the following liabilities are only obligations of the variable interest entities and do not have recourse to the general credit of the Company, except for covenants and guarantees discussed in Note 10. Debt, Net.

    

June 30, 

    

December 31, 

2020

2019

ASSETS

 

  

 

  

Investment in real estate

$

129,536

$

96,001

Cash and cash equivalents

 

3,786

 

3,483

Other assets

 

13,175

 

12,766

Investments held by special purpose entities

 

206,438

 

206,771

Total assets

$

352,935

$

319,021

LIABILITIES

 

  

 

  

Debt, net

$

106,479

$

81,071

Other liabilities

 

14,548

 

3,471

Senior Notes held by special purpose entity

 

177,156

 

177,026

Total liabilities

$

298,183

$

261,568

See accompanying notes to the condensed consolidated financial statements.

4

Table of Contents

THE ST. JOE COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Dollars in thousands except per share amounts)

(Unaudited)

Three Months Ended

Six Months Ended

June 30, 

June 30, 

2020

2019

    

2020

    

2019

 

Revenue:

    

  

    

  

  

  

Real estate revenue

$

17,555

$

15,553

$

23,362

$

20,144

Hospitality revenue

 

11,565

 

15,560

 

18,176

 

22,991

Leasing revenue

 

4,907

 

3,674

 

9,206

 

7,181

Timber revenue

 

2,055

 

759

 

3,911

 

1,254

Total revenue

 

36,082

 

35,546

 

54,655

 

51,570

Expenses:

 

  

 

  

 

  

 

  

Cost of real estate revenue

 

7,245

 

6,846

 

9,044

 

8,679

Cost of hospitality revenue

 

8,240

 

9,002

 

15,560

 

16,193

Cost of leasing revenue

 

1,314

 

1,121

 

1,925

 

2,060

Cost of timber revenue

 

212

 

193

 

391

 

334

Other operating and corporate expenses

 

4,946

 

5,094

 

11,862

 

11,062

Depreciation, depletion and amortization

 

3,018

 

2,422

 

6,092

 

4,533

Total expenses

 

24,975

 

24,678

 

44,874

 

42,861

Operating income

 

11,107

 

10,868

 

9,781

 

8,709

Other income (expense):

 

  

 

  

 

  

 

  

Investment income, net

 

2,055

 

2,535

 

446

 

8,580

Interest expense

 

(3,390)

 

(3,024)

 

(6,734)

 

(5,966)

Other income, net

 

15,477

 

3,283

 

20,009

 

4,979

Total other income, net

 

14,142

 

2,794

 

13,721

 

7,593

Income before equity in loss from unconsolidated affiliates and income taxes

 

25,249

 

13,662

 

23,502

 

16,302

Equity in loss from unconsolidated affiliates

(123)

(206)

Income tax expense

 

(5,907)

 

(3,434)

 

(5,412)

 

(4,095)

Net income

 

19,219

 

10,228

 

17,884

 

12,207

Net (income) loss attributable to non-controlling interest

 

(20)

 

145

 

(218)

 

163

Net income attributable to the Company

$

19,199

$

10,373

$

17,666

$

12,370

NET INCOME PER SHARE

 

  

 

  

 

  

 

  

Basic and Diluted

 

  

 

  

 

  

 

  

Weighted average shares outstanding

 

58,901,540

 

60,200,534

 

59,138,579

 

60,260,488

Net income per share attributable to the Company

$

0.33

$

0.17

$

0.30

$

0.21

See accompanying notes to the condensed consolidated financial statements.

5

Table of Contents

THE ST. JOE COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Dollars in thousands)

(Unaudited)

Three Months Ended

Six Months Ended

June 30, 

June 30, 

    

2020

    

2019

    

2020

    

2019

Net income:

$

19,219

$

10,228

$

17,884

$

12,207

Other comprehensive income (loss):

 

 

  

 

 

  

Net unrealized gain (loss) on available-for-sale investments

 

106

 

(9)

 

106

 

790

Net unrealized gain on restricted investments

 

15

 

7

 

5

 

18

Interest rate swap

(137)

(866)

Interest rate swap - unconsolidated affiliate

(841)

(841)

Reclassification of net realized (gain) loss included in earnings

 

 

 

(4)

 

2

Total before income taxes

 

(857)

 

(2)

 

(1,600)

 

810

Income tax benefit (expense)

 

217

 

 

405

 

(206)

Total other comprehensive (loss) income, net of tax

 

(640)

 

(2)

 

(1,195)

 

604

Total comprehensive income, net of tax

18,579

10,226

16,689

12,811

Total comprehensive (income) loss attributable to non-controlling interest

(20)

145

(218)

163

Total comprehensive income attributable to the Company

$

18,559

$

10,371

$

16,471

$

12,974

See accompanying notes to the condensed consolidated financial statements.

6

Table of Contents

THE ST. JOE COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(Dollars in thousands)

(Unaudited)

    

    

    

    

    

    

    

Accumulated

    

    

    

    

    

    

Common Stock

Other

Outstanding

Retained

Comprehensive

Treasury

Non-controlling

    

Shares

    

Amount

    

Earnings

    

Loss

    

Stock

    

Interest

    

Total

Balance at March 31, 2020

 

59,003,470

$

305,658

$

212,602

$

(890)

$

(6,807)

$

10,347

$

520,910

Capital contribution from non-controlling interest

 

 

 

 

 

 

5,139

 

5,139

Stock based compensation expense

 

 

18

 

 

 

 

 

18

Repurchase of common shares

 

(120,921)

 

 

 

 

(1,996)

 

 

(1,996)

Other comprehensive loss, net of tax

 

 

 

 

(640)

 

 

 

(640)

Net income

 

 

 

19,199

 

 

 

20

 

19,219

Balance at June 30, 2020

 

58,882,549

$

305,676

$

231,801

$

(1,530)

$

(8,803)

$

15,506

$

542,650

    

    

    

    

    

    

    

Accumulated

    

    

    

    

    

    

Common Stock

Other

Outstanding

Retained

Comprehensive

Treasury

Non-controlling

    

Shares

    

Amount

    

Earnings

    

Loss

    

Stock

    

Interest

    

Total

Balance at March 31, 2019

 

60,200,534

$

331,408

$

189,447

$

(68)

$

(7,073)

$

16,606

$

530,320

Allocation of ownership interest in Watercrest JV

(1,209)

1,209

Capital contribution from non-controlling interest

 

 

 

 

 

 

1,784

 

1,784

Capital distribution to non-controlling interest

 

 

 

 

 

 

(200)

 

(200)

Stock based compensation expense

 

 

10

 

 

 

 

 

10

Other comprehensive loss, net of tax

 

 

 

 

(2)

 

 

 

(2)

Net income

 

 

 

10,373

 

 

 

(145)

 

10,228

Balance at June 30, 2019

 

60,200,534

$

330,209

$

199,820

$

(70)

$

(7,073)

$

19,254

$

542,140

See accompanying notes to the condensed consolidated financial statements.

7

Table of Contents

    

    

    

    

    

    

    

Accumulated

    

    

    

    

    

    

Common Stock

Other

Outstanding

Retained

Comprehensive

Treasury

Non-controlling

    

Shares

    

Amount

    

Earnings

    

Loss

    

Stock

    

Interest

    

Total

Balance at December 31, 2019

 

59,414,583

$

305,631

$

214,225

$

(335)

$

$

10,149

$

529,670

Capital contribution from non-controlling interest

 

 

 

 

 

 

5,139

 

5,139

Stock based compensation expense

 

 

45

 

 

 

 

 

45

Repurchase of common shares

 

(532,034)

 

 

 

 

(8,803)

 

 

(8,803)

Adoption of ASU 2016-13 Financial Instruments - Credit Losses, net of tax

(90)

(90)

Other comprehensive loss, net of tax

 

 

 

 

(1,195)

 

 

 

(1,195)

Net income

 

 

 

17,666

 

 

 

218

 

17,884

Balance at June 30, 2020

 

58,882,549

$

305,676

$

231,801

$

(1,530)

$

(8,803)

$

15,506

$

542,650

    

    

    

    

    

    

    

Accumulated

    

    

    

    

    

    

Common Stock

Other

Outstanding

Retained

Comprehensive

Treasury

Non-controlling

    

Shares

    

Amount

    

Earnings

    

(Loss) Income

    

Stock

    

Interest

    

Total

Balance at December 31, 2018

60,672,034

$

331,395

$

187,450

$

(674)

$

$

14,940

$

533,111

Allocation of ownership interest in Watercrest JV

(1,209)

1,209

Capital contribution from non-controlling interest

3,468

3,468

Capital distribution to non-controlling interest

(200)

(200)

Stock based compensation expense

23

23

Repurchase of common shares

(471,500)

(7,073)

(7,073)

Other comprehensive income, net of tax

604

604

Net income

12,370

(163)

12,207

Balance at June 30, 2019

60,200,534

$

330,209

$

199,820

$

(70)

$

(7,073)

$

19,254

$

542,140

See accompanying notes to the condensed consolidated financial statements.

8

Table of Contents

THE ST. JOE COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS