0001558370-21-001636 | 10-K | XBRL Viewer

Amount of tax expense (benefit) allocated to other comprehensive income (loss).

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CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock	Retained Earnings Adjustment	Retained Earnings	Accumulated Other Comprehensive Loss. Adjustment	Accumulated Other Comprehensive Loss.	Treasury Stock	Non-controlling Interest	Adjustment	Total
Beginning Balance (in shares) at Dec. 31, 2017	65,897,866
Beginning Balance (ASU 2014-09) at Dec. 31, 2017		$ 1,140						$ 1,140
Beginning Balance (ASU 2016-01) at Dec. 31, 2017		(696)		$ 696
Beginning Balance at Dec. 31, 2017	$ 424,694		$ 154,324		$ (1,461)		$ 15,027		$ 592,584
Increase (Decrease) in Stockholders' Equity
Allocation of ownership interest	(490)						490
Additional ownership interest	297						(297)
Capital contribution from non-controlling interest							887		887
Capital distribution to non-controlling interest							(400)		(400)
Stock based compensation expense	$ 71								71
Stock based compensation expense (in shares)	2,778
Issuance of common stock for officer compensation, net of tax withholding	$ 192								192
Issuance of common stock for officer compensation, net of tax withholding	9,956
Repurchase of common shares						$ (93,369)			(93,369)
Repurchase of common shares (in shares)	(5,238,566)
Retirement of treasury stock	$ (93,369)					93,369
Adoption of ASU 2018-02 Income Statement - Reporting Comprehensive Income			313		(313)
Other comprehensive income (loss), net of tax									787
Other comprehensive (loss) income, net of tax, excluding adoption of ASUs - 2018					404				404
Net income			32,369				(767)		31,602
Ending Balance at Dec. 31, 2018	$ 331,395		187,450		(674)		14,940		533,111
Ending Balance (in shares) at Dec. 31, 2018	60,672,034
Increase (Decrease) in Stockholders' Equity
Allocation of ownership interest	$ (1,209)						1,209
Additional ownership interest	(3,787)						(7,832)		(11,619)
Capital contribution from non-controlling interest							2,546		2,546
Capital distribution to non-controlling interest							(600)		(600)
Stock based compensation expense	$ 77								77
Stock based compensation expense (in shares)	5,708
Repurchase of common shares						(20,845)			(20,845)
Repurchase of common shares (in shares)	(1,263,159)
Retirement of treasury stock	$ (20,845)					20,845
Other comprehensive income (loss), net of tax					339				339
Net income			26,775				(114)		26,661
Ending Balance at Dec. 31, 2019	$ 305,631	$ (90)	214,225		(335)		10,149	$ (90)	$ 529,670
Ending Balance (in shares) at Dec. 31, 2019	59,414,583								59,414,583
Increase (Decrease) in Stockholders' Equity
Capital contribution from non-controlling interest							7,748		$ 7,748
Capital distribution to non-controlling interest							(621)		(621)
Stock based compensation expense	$ 45								45
Repurchase of common shares						(8,803)			(8,803)
Repurchase of common shares (in shares)	(532,034)
Retirement of treasury stock	$ (8,803)					$ 8,803
Dividends ($0.07 per share)			(4,122)						(4,122)
Other comprehensive income (loss), net of tax					(1,137)				(1,137)
Net income			45,203				277		45,480
Ending Balance at Dec. 31, 2020	$ 296,873		$ 255,216		$ (1,472)		$ 17,553		$ 568,170
Ending Balance (in shares) at Dec. 31, 2020	58,882,549								58,882,549

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
Dividends (in dollars per share)	$ 0.07	$ 0.07	$ 0	$ 0

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities:
Net income:	$ 45,480	$ 26,661	$ 31,602
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	12,788	10,287	8,998
Stock based compensation	45	77	263
Loss (gain) on sale of investments	48	(87)	973
Unrealized loss on investments, net	4,688	5,342	3,035
Other-than-temporary impairment loss			2,330
Equity in loss from unconsolidated affiliates	666	77
Deferred income tax expense (benefit)	8,088	8,378	(4,804)
Impairment loss on investment in real estate	0	0	99
Cost of real estate sold	33,366	22,814	12,235
Expenditures for and acquisition of real estate to be sold	(40,469)	(40,081)	(19,819)
Accretion income and other	(919)	(1,221)	(1,919)
Loss (gain) on disposal of property and equipment	146	(67)	5,223
Gain on land contribution to equity method investment	(19,983)	(2,317)
Gain on insurance for damage to property and equipment, net	(690)	(5,347)
Changes in operating assets and liabilities:
Other assets	(12,991)	1,078	(17)
Other liabilities	4,225	3,728	(1,236)
Income taxes receivable	2,843	1,071	4,457
Net cash provided by operating activities	37,331	30,393	41,420
Cash flows from investing activities:
Expenditures for operating property	(116,085)	(64,851)	(22,762)
Expenditures for property and equipment	(5,689)	(9,354)	(2,615)
Proceeds from the disposition of assets	8	72	5,000
Proceeds from insurance claims	690	12,071
Purchases of investments - debt securities	(58,912)		(6,917)
Purchases of investments - equity securities		(5,797)	(15,105)
Purchases of restricted investments	(24)	(74)	(78)
Maturities of investments - debt securities	11,000	7,000	10,000
Sales of investments - debt securities		2,830	63,597
Sales of investments - equity securities	2,502	26,859	11,051
Sales of restricted investments	1,225	1,159	1,109
Maturities of assets held by special purpose entities	787	787	785
Net cash (used in) provided by investing activities	(164,498)	(29,298)	44,065
Cash flows from financing activities:
Capital contribution from non-controlling interests	7,748	2,546	887
Capital distribution to non-controlling interests	(621)	(600)	(400)
Capital contribution to unconsolidated affiliates	(10,815)	(1,116)	(1,105)
Additional ownership interest in Windmark		(11,619)
Repurchase of common shares	(8,803)	(20,845)	(93,369)
Dividends paid	(4,122)
Borrowings on debt	69,008	23,935	16,644
Principal payments for debt	(1,940)	(1,607)	(1,362)
Principal payments under finance lease obligation	(55)	(36)
Debt issuance costs	(1,791)	(1,149)	(1,158)
Net cash provided by (used in) financing activities	48,609	(10,491)	(79,863)
Net (decrease) increase in cash, cash equivalents and restricted cash	(78,558)	(9,396)	5,622
Cash, cash equivalents and restricted cash at beginning of the year	188,677	198,073	192,451
Cash, cash equivalents and restricted cash at end of the year	$ 110,119	$ 188,677	$ 198,073

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash, cash equivalents and restricted cash:
Cash and cash equivalents	$ 106,794	$ 185,716	$ 195,155
Restricted cash included in other assets	3,325	2,961	2,918
Total cash, cash equivalents and restricted cash shown in the accompanying consolidated statements of cash flows	110,119	188,677	198,073
Cash paid during the period for:
Interest, net of amounts capitalized	12,801	11,886	11,617
Income taxes			2,005
Non-cash financing and investment activities:
Non-cash allocation of ownership interest in JV		1,209	490
Non-cash capital contribution from non-controlling interest	2,359
Non-cash contribution to equity method investment	(23,737)	(2,940)
(Decrease) increase in Community Development District debt	(157)	1,203	(467)
Increase (decrease) in expenditures for operating properties and property and equipment financed through accounts payable	$ 7,939	$ 3,158	$ (1,273)

Nature of Operations

12 Months Ended

Dec. 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 86% of the Company’s real estate is located in Florida’s Bay, Gulf, and Walton counties. Approximately 90% of the Company’s real estate land holdings are located within 15 miles of the Gulf of Mexico.

The Company conducts primarily all of its business in the following three reportable 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 reportable 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 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 change had no effect on the consolidated balance sheets, statements of income, statements of comprehensive income or statements of cash flows for the periods presented. See Note 20. Segment Information.

Significant Accounting Policies

12 Months Ended

Dec. 31, 2020

Significant Accounting Policies

2. Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

The consolidated financial statements include the accounts of the Company and all of its majority-owned and controlled subsidiaries and variable interest entities where the Company deems itself the primary beneficiary. Investments in JVs 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. Certain prior year amounts in the accompanying consolidated financial statements have been reclassified to conform to the current year presentation. These reclassifications had no effect on the Company’s previously reported total assets and liabilities, stockholders’ equity or net income.

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. The Company continues to assess whether it is the primary beneficiary on an ongoing basis. See Note 4. Joint Ventures.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates and assumptions including investment in real estate, real estate impairment assessments, investments, retained interest investments, accruals, deferred income taxes, allowance for credit losses and revenue recognition. Actual results could differ from those estimates.

Investment in Real Estate

The Company capitalizes costs directly associated with development and construction of identified real estate projects. These costs include land and common development costs (such as roads, structures, utilities and amenities). The Company also capitalizes indirect costs that relate to specific projects under development or construction. These indirect costs include construction and development administration, legal fees, project administration, interest (up to total interest expense) and real estate taxes.

A portion of real estate development costs and estimates for costs to complete are allocated to each unit based on the relative sales value of each unit as compared to the estimated sales value of the total project. These estimates are reevaluated at least annually and more frequently if warranted by market conditions, changes in the project’s scope or other factors, with any adjustments being allocated prospectively to the remaining property or units.

The capitalization period relating to direct and indirect project costs is the period in which activities necessary to ready a property for its intended use are in progress. The period begins when such activities commence, typically when the Company begins site work or construction on land already owned, and ends when the asset is substantially complete and ready for its intended use. In the event that the activities to ready the asset for its intended use are suspended, the capitalization period will cease until such activities are resumed. If the Company determines a project will not be completed, any previously capitalized costs that are not recoverable are expensed in the period in which the determination is made and recovery is not deemed probable.

Investment in real estate is carried at cost, net of depreciation and timber depletion, unless circumstances indicate that the carrying value of the assets may not be recoverable. If the Company determines that an impairment exists due to the inability to recover an asset’s carrying value, an impairment charge is recorded to the extent that the carrying value exceeds estimated fair value. If such assets were held for sale, the provision for loss would be recorded to the extent that the carrying value exceeds estimated fair value less costs to sell.

Depreciation for operating property is computed on the straight-line method over the estimated economic life of the assets, as follows:


		Estimated Useful
		Life (in years)
Land		N/A
Land improvements		15 - 20
Buildings		20 - 40
Building improvements		5 - 25
Timber		N/A

Building improvements are amortized on a straight-line basis over the shorter of the minimum lease term or the estimated economic life of the assets.

Long-Lived Assets

Long-lived assets include the Company’s investments in land holdings, operating and development properties and property and equipment, which are carried at cost, net of depreciation and timber depletion. The Company reviews its long-lived assets for impairment quarterly to determine whether events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. As part of the Company’s review for impairment of its long-lived assets, the Company reviews the long-lived asset’s carrying value, current period actual financial results as compared to prior period and forecasted results contained in the Company’s business plan and any other events or changes in circumstances to identify whether an indicator of potential impairment may exist. Some of the events or changes in circumstances that are considered by the Company as indicators of potential impairment include:

●

a prolonged decrease in the value to below cost or demand for the Company’s properties;

●

a change in the expected use or development plans for the Company’s properties;

●

a material change in strategy that would affect the value of the Company’s properties;

●

continuing operating or cash flow loss for an operating property;

●

an accumulation of costs in excess of the projected costs for development or operating property; and

●

any other adverse change that may affect the value of the property.

The Company uses varying methods to determine if an impairment exists, such as (i) considering indicators of potential impairment, (ii) analyzing expected future cash flows and comparing the expected future undiscounted cash flows of the property to its carrying value or (iii) determining market resale values.

For projects under development or construction, an estimate of undiscounted future cash flows is performed using estimated future expenditures necessary to develop and maintain the existing project and using management’s best estimates about future sales prices and holding periods. The projection of undiscounted cash flows requires that management develop various assumptions including:

●

the projected pace of sales of homesites based on estimated market conditions and the Company’s development plans;

●

estimated pricing and projected price appreciation over time;

●

the amount and trajectory of price appreciation over the estimated selling period;

●

the length of the estimated development and selling periods, which can differ depending on the size of the development and the number of phases to be developed;

●

the amount of remaining development costs, including the extent of infrastructure or amenities included in such development costs;

●

holding costs to be incurred over the selling period;

●

for bulk land sales of undeveloped and developed parcels future pricing is based upon estimated developed homesite pricing less estimated development costs and estimated developer profit;

●

for commercial, multi-family and senior living development property, future pricing is based on sales of comparable property in similar markets; and

●

whether liquidity is available to fund continued development.

For operating properties, an estimate of undiscounted cash flows also requires management to make assumptions about the use and disposition of such properties. These assumptions include:

●

for investments in hotels, other rental units and vacation rental homes, use of average occupancy and room rates, revenue from food and beverage and other amenity operations, operating expenses and capital expenditures, and eventual disposition of such properties as hotels, private residence vacation units or condominiums, based on current prices for similar units appreciated to the expected sale date;

●

for investments in commercial, multi-family, senior living or retail property, use of future occupancy and rental rates, operating expenses and capital expenditures and the amount of proceeds to be realized upon eventual disposition of such property at a terminal capitalization rate; and,

●

for investments in club and retail assets, use of revenue from membership dues, future golf rounds and greens fees, merchandise and other hospitality operations, operating expenses and capital expenditures, and the amount of proceeds to be realized upon eventual disposition of such properties at a multiple of terminal year cash flows.

Homesites substantially completed and ready for sale are measured at the lower of carrying value or fair value less costs to sell. Management identifies homesites as being substantially completed and ready for sale when the properties are being actively marketed with intent to sell such properties in the near term and under current market conditions.

Other homesites, which management does not intend to sell in the near term under current market conditions, are evaluated for impairment based on management’s best estimate of the long-term use and eventual disposition of such property.

Other properties that management does not intend to sell in the near term under current market conditions and has the ability to hold are evaluated for impairment based on management’s best estimate of the long-term use and eventual disposition of the property. The results of impairment analyses for development and operating properties are particularly dependent on the estimated holding and selling period for each asset group.

If a property is considered impaired, the impairment charge is determined by the amount the property’s carrying value exceeds its fair value. The Company uses varying methods to determine fair value, such as (i) analyzing expected future cash flows, (ii) determining resale values in a given market (iii) applying a capitalization rate to net operating income using prevailing rates in a given market or (iv) applying a multiplier to revenue using prevailing rates in a given market. The fair value of a property may be derived either from discounting projected cash flows at an appropriate discount rate, through appraisals of the underlying property, or a combination thereof.

The Company classifies the assets and liabilities of a long-lived asset as held-for-sale when management approves and commits to a formal plan of sale and it is probable that a sale will be completed. The carrying value of the assets held-for-sale are then recorded at the lower of their carrying value or fair value less estimated costs to sell.

Timber Inventory

The Company estimates its standing timber inventory on an annual basis utilizing a process referred to as a “timber cruise.” Specifically, the Company conducts field measurements of the number of trees, tree height and tree diameter on a sample area equal to approximately 20% of the Company’s timber holdings each year. Inventory data is used to calculate volumes and products along with growth projections to maintain accurate data. Industry practices are used for modeling, including growth projections, volume and product classifications. A depletion rate is established annually by dividing merchantable inventory cost by standing merchantable inventory volume.

Investment in Unconsolidated Joint Ventures

The Company has entered into real estate JVs in which the Company is not the primary beneficiary and the Company’s investment in these JVs are accounted for by the equity method. 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. Some of the Company’s unconsolidated JVs have entered into financing agreements, where the Company or its JV partners have provided guarantees. See Note 4. Joint Ventures and Note 21. Commitments and Contingencies for additional information.

Cash and Cash Equivalents

Cash and cash equivalents can include cash on hand, bank demand accounts, money market instruments, commercial paper and U.S. Treasury Bills having original maturities at acquisition date, of ninety days or less.

Investments

Investments – debt securities and restricted investments consist of available-for-sale securities recorded at fair value, which is established through external pricing services that use quoted market prices and pricing data from recently executed market transactions. Unrealized gains and losses on investments, net of tax, are recorded in other comprehensive (loss) income. Realized gains and losses on investments are determined using the specific identification method. The amortized cost of debt securities are adjusted for amortization of premiums and accretion of discounts to maturity computed under the effective interest method. Such amortization and accretion is included in investment income, net.

For available-for-sale securities where fair value is less than cost, credit related impairment, if any, will be recognized through an allowance for credit losses and adjusted each period for changes in credit risk. If the Company intends to sell the security, or more likely than not will be required to sell the security before recovery of its amortized cost basis, any allowance for credit losses will be written off and the amortized cost basis will be written down to the security's fair value at the reporting date with any incremental impairment reported in earnings.

Investments - equity securities with a readily determinable fair value are recorded at fair value, which is established through external pricing services that use quoted market prices and pricing data from recently executed market transactions. Unrealized holding gains and losses are recognized in investment income, net in the consolidated statements of income.

Fair Value Measurements

Fair value is an exit price, representing the amount that would be received by selling an asset or paying to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. A three-tier fair value hierarchy is established as a basis for considering such assumptions and for inputs used in the valuation methodologies in measuring fair value:

Level 1. Quoted prices in active markets for identical assets or liabilities;

Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and

Level 3. Unobservable inputs in which there is little or no market data, such as internally-developed valuation models, which require the reporting entity to develop its own assumptions.

Comprehensive Income

The Company’s comprehensive income includes unrealized gains and losses on available-for-sale securities and restricted investments and fair value adjustments for cash flow hedges.

Receivables

The Company’s receivables primarily include receivables related to certain homesite sales, homebuilder notes, a revolving promissory note with an unconsolidated JV, leasing receivables, membership initiation fees, hospitality receivables and other receivables. At each reporting period, receivables 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. The Company does 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.

Inventory

Inventory primarily consists of food, beverage, retail products and operating supplies, which are reported at the lower of cost or net realizable value. Cost is determined using weighted-average cost basis or specific identification.

Property and Equipment, net

Property and equipment is stated at cost, net of accumulated depreciation. Major improvements are capitalized while maintenance and repairs are expensed in the period the cost is incurred. Depreciation is computed using the straight-line method over the estimated economic life of various assets, as follows:


		Estimated Useful
		Life (in years)
Railroad and equipment		15 - 30
Furniture and fixtures		5 - 10
Machinery and equipment		3 - 10
Office equipment		5 - 10
Autos, trucks and aircraft		5 - 10

Income Taxes

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

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

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 COVID-19, as a global pandemic and recommended containment and mitigation measures. The economic conditions in the United States have been negatively impacted by the continued threat by the COVID-19 pandemic. The Company’s hospitality operations have already been, and may continue to be, disrupted by the impacts of the COVID-19 pandemic and the federal, state and local government actions 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 results of operations, cash flows and financial condition. See Part I. 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, regional and national financial institutions and as of December 31, 2020 these balances exceed the amount of FDIC insurance provided on such deposits by $15.6 million. In addition, as of December 31, 2020, the Company had $79.0 million invested in short term U.S. Treasury Bills classified as cash equivalents, $11.0 invested in U.S. Treasury Money Market Funds, $48.0 million invested in U.S. Treasury Bills classified as investments – debt securities and $2.6 million invested in three issuers of preferred stock that are non-investment grade.

Earnings Per Share

Basic and diluted earnings per share are calculated by dividing net income attributable to the Company by the weighted average number of common shares outstanding for the period. For the three years ended December 31, 2020, basic and diluted average shares outstanding were the same. There were no outstanding common stock equivalents as of December 31, 2020 or 2019. Non-vested restricted stock is included in outstanding shares at the time of grant.

Revenue and Revenue Recognition

Revenue consists primarily of real estate sales, 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.

In accordance with Accounting Standards Codification Topic 606, Revenue from Contracts with Customers (“Topic 606”), revenue is recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services by applying the following steps; (i) identifying the contract(s) with a customer, (ii) identifying the performance obligations in the contract, (iii) determining the transaction price, (iv) allocating the transaction price to the performance obligations in the contract and (v) recognizing revenue when (or as) the Company satisfies a performance obligation. Lease related revenue is excluded from Topic 606. The following summary details the Company’s revenue and the related timing of revenue recognition.

Real Estate Revenue

Revenue from real estate sales, including homesites, commercial properties, operating properties and rural or timberland, is recognized at the point in time when a sale is closed and title and control has been transferred to the buyer. If a performance obligation is not yet substantially complete when title transfers to the buyer, the revenue associated with the incomplete performance obligation is deferred until completed.

Residential real estate revenue includes (i) the sale of developed homesites; (ii) the sale of parcels of entitled or undeveloped land; (iii) a homesite residual on homebuilder sales that provides the Company a percentage of the sale price of the completed home if the home price exceeds a negotiated threshold; (iv) the sale of tap and impact fee credits; (v) marketing fees and (vi) other fees on certain transactions.

Estimated homesite residuals and certain estimated fees are recognized as revenue at the point in time of sale to homebuilders, subject to constraints, and any change in material circumstances from the estimated amounts are updated at each reporting period. The variable consideration for homesite residuals and certain estimated fees are based on historical experience and are recognized as revenue when it can be reasonably estimated and only to the extent it is probable that a significant reversal in the estimated amount of cumulative revenue will not occur when uncertainties are resolved. For the years ended December 31, 2020, 2019 and 2018, real estate revenue includes $1.9 million, $2.5 million and $1.0 million, respectively of estimated homesite residuals and $1.9 million, $2.3 million and $1.1 million, respectively of certain estimated fees related to homebuilder homesite sales.

Hospitality Revenue

The Company’s hospitality operations generate revenue from membership sales, membership reservations, golf courses, the WaterColor Inn and WaterSound Inn, short-term vacation rentals, management of The Pearl Hotel, food and beverage operations, merchandise sales, marina operations, charter flights, other resort and entertainment activities and beach clubs, which includes operation of the WaterColor Beach Club. Hospitality revenue is generally recognized at the point in time services are provided and represent a single performance obligation with a fixed transaction price. Hospitality revenue recognized over time includes non-refundable club membership initiation fees, club membership dues, management fees and other membership fees.

Clubs – Club operations include the Company’s golf courses, beach club, N850J aircraft and facilities that generate revenue from membership sales, membership reservations, daily play at the golf courses, merchandise sales, charter flights and food and beverage sales. Daily play at the golf courses, merchandise sales, charter flights and food and beverage sales are recognized at the point of sale. Club membership revenue consists of monthly dues, which are recognized monthly over time as access is provided for the period, non-refundable initiation fees that are deferred and recognized ratably over time, which is the estimated membership period and membership reservations that are recognized at the point in time when certain performance obligations are met.

Hotel Operations, Food and Beverage Operations, Short-Term Vacation Rentals and Other Management Services – Hotel operations, food and beverage operations, short-term vacation rentals and other management services generate revenue from (i) the WaterColor Inn, WaterSound Inn and operation of the WaterColor Beach Club, (ii) management of The Pearl Hotel, (iii) short-term vacation rentals, (iv) food and beverage operations and (v) merchandise sales. The WaterColor Inn, WaterSound Inn and operation of the WaterColor Beach Club generate revenue from service and/or daily rental fees, recognized at the point in time services are provided. Revenue generated from the Company’s management services are recognized over time as time elapses and the Company’s performance obligations are met. The short-term vacation rentals owned by the Company generate revenue from rental fees, which are recognized at the point of sale. The Company’s food and beverage operations and retail outlets generate revenue from food and beverage sales and merchandise sales, which are recognized at the point of sale.

Other Hospitality Operations – Other hospitality operations include the WaterColor retail store, marinas and The Powder Room. Other hospitality operations generate revenue from merchandise sales, fuel sales and service fees, which are recognized at the point of sale.

Leasing Revenue

Leasing revenue is excluded from Topic 606 and consists of rental revenue from multi-family, retail, office and commercial property and other assets, which is recognized as earned, using the straight-line method over the life of each lease. Certain leases provide for tenant occupancy during periods for which no rent is due or where minimum rent payments change during the lease term. Accordingly, a receivable or liability is recorded representing the difference between the straight-line rent and the rent that is contractually due from the tenant. The Company does not separate nonlease components from lease components and, instead, accounts for each separate lease component and the nonlease components associated with that lease as a single component if the nonlease components otherwise would be accounted for under Topic 606. Nonlease components primarily include common area maintenance. Leasing revenue includes properties located in the Company’s Beckrich Office Park, consolidated Pier Park North JV, Pier Park Crossings JV and Pier Park Crossings II JV, as well as the Company’s industrial park, VentureCrossings and other properties.

Leasing revenue within the forestry segment consists primarily of hunting leases, which is recognized as income over the term of each lease. The Company’s marinas generate revenue from boat slip rentals recognized over the term of the lease. See Note 8. Leases for additional information related to leases.

Forestry Product Revenue

Revenue from the sale of the Company’s forestry products is primarily from open market sales of timber on site without the associated delivery costs and is derived from either pay-as-cut sales contracts or timber bid sales.

Under a pay-as-cut sales contract, the risk of loss and title to the specified timber transfers to the buyer when cut by the buyer, and the buyer or some other third party is responsible for all logging and hauling costs, if any. Revenue is recognized at the point in time when risk of loss and title to the specified timber are transferred.

Timber bid sales are agreements in which the buyer agrees to purchase and harvest specified timber (i.e., mature pulpwood and/or sawlogs) on a tract of land over the term of the contract. Unlike a pay-as-cut sales contract, risk of loss and title to the trees transfer to the buyer when the contract is signed and revenue is recognized at that point in time

accordingly. The buyer pays the full purchase price when the contract is signed and the Company does not have any additional performance obligations.

The following represents revenue disaggregated by segment, good or service and timing:


	Year Ended December 31, 2020
	Residential		Hospitality		Commercial		Other		Total
Revenue by Major Good/Service:
Real estate revenue	$	74,137	$	—	$	11,689	$	1,801	$	87,627
Hospitality revenue		412		47,366		—		—		47,778
Leasing revenue		166		8		18,645		—		18,819
Timber revenue		—		—		6,331		—		6,331
Total revenue	$	74,715	$	47,374	$	36,665	$	1,801	$	160,555

Timing of Revenue Recognition:
Recognized at a point in time	$	74,549	$	36,262	$	18,020	$	1,801	$	130,632
Recognized over time		—		11,104		—		—		11,104
Over lease term		166		8		18,645		—		18,819
Total revenue	$	74,715	$	47,374	$	36,665	$	1,801	$	160,555


	Year Ended December 31, 2019
	Residential		Hospitality		Commercial		Other		Total
Revenue by Major Good/Service:
Real estate revenue	$	41,055	$	—	$	19,477	$	956	$	61,488
Hospitality revenue		496		45,616		—		—		46,112
Leasing revenue		35		104		15,442		—		15,581
Timber revenue		—		—		3,904		—		3,904
Total revenue	$	41,586	$	45,720	$	38,823	$	956	$	127,085

Timing of Revenue Recognition:
Recognized at a point in time	$	41,551	$	35,894	$	23,381	$	956	$	101,782
Recognized over time		—		9,722		—		—		9,722
Over lease term		35		104		15,442		—		15,581
Total revenue	$	41,586	$	45,720	$	38,823	$	956	$	127,085


	Year Ended December 31, 2018
	Residential		Hospitality		Commercial		Other		Total
Revenue by Major Good/Service:
Real estate revenue^(a)	$	42,761	$	—	$	6,608	$	2,814	$	52,183
Hospitality revenue		397		38,339		—		—		38,736
Leasing revenue		—		1,237		12,490		—		13,727
Timber revenue		108		—		5,522		—		5,630
Total revenue	$	43,266	$	39,576	$	24,620	$	2,814	$	110,276

Timing of Revenue Recognition:
Recognized at a point in time	$	43,266	$	30,068	$	12,130	$	2,814	$	88,278
Recognized over time		—		8,271		—		—		8,271
Over lease term		—		1,237		12,490		—		13,727
Total revenue	$	43,266	$	39,576	$	24,620	$	2,814	$	110,276

(a)	Residential real estate revenue includes revenue of $23.1 million in 2018 for a one-time receipt of RiverTown impact fees related to the 2014 RiverTown transaction. See Note 18. RiverTown Impact Fees.

Recently Adopted Accounting Pronouncements

Financial Instruments - Credit Losses

In June 2016, the FASB issued ASU 2016-13 that required a financial asset measured at amortized cost to be presented at the net amount expected to be collected and required 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 clarified that impairment of receivables from operating leases should be accounted for using lease guidance. In April 2019, the FASB issued ASU 2019-04, which clarified and improved ASU 2016-13. In May 2019, the FASB issued ASU 2019-05, which provided an option to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost basis. In November 2019, the FASB issued ASU 2019-11, which provided codification improvements to clarify narrow-scope issues of ASU 2016-13.

The Company adopted the new guidance, including amendments, as of January 1, 2020, and 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 which made narrow-scope improvements to various aspects of financial instruments guidance. The standard was 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 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 does not expect the adoption of this guidance to have a material impact on its financial condition, results of operations and cash flows.

Reference Rate Reform

In March 2020, the FASB issued ASU 2020-04 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. In January 2021, the FASB issued ASU 2021-01 that clarifies that certain optional expedients and exceptions in contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. This new guidance is effective immediately through December 31, 2022. There is no current impact to the Company from this guidance and the Company is evaluating the impact that the adoption of this guidance will have on its financial condition, results of operations and cash flows.

Codification Improvements

In October 2020, the FASB issued ASU 2020-10 that improves consistency by including all disclosure guidance in the appropriate disclosure sections and clarifies application of various provisions in the Codification. The amendments in this ASU should be applied retrospectively. This new guidance is effective for annual periods beginning after December 15, 2020. The adoption of this guidance is not expected to have an impact on the Company’s financial condition, results of operations and cash flows and the Company does not expect a material impact on the disclosures to the financial statements.

Investment in Real Estate

12 Months Ended

Dec. 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:


	December 31,		December 31,
	2020		2019
Development property:
Residential	$	116,911	$	115,384
Hospitality		51,113		12,229
Commercial		123,389		103,326
Other		2,691		2,631
Total development property		294,104		233,570

Operating property:
Residential		13,254		11,985
Hospitality		103,687		94,838
Commercial		216,439		164,589
Other		129		50
Total operating property		333,509		271,462
Less: Accumulated depreciation		75,960		74,256
Total operating property, net		257,549		197,206
Investment in real estate, net	$	551,653	$	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, as well as development, construction 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 Pier Park Resort Hotel JV, Camp Creek Lifestyle Village amenity center, Homewood Suites by Hilton hotel in Panama City Beach, Florida, The Lodge 30A JV hotel and a Hilton Garden Inn 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, senior living and industrial uses, including the Watercrest JV, Watersound Origins Crossings JV, Watersound Town Center, 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 the following components:


		December 31,		December 31,
		2020		2019
Land and land improvements	$	97,031	$	83,995
Buildings and building improvements		223,095		174,712
Timber		13,383		12,755
		333,509		271,462
Less: Accumulated depreciation		75,960		74,256
Total operating property, net	$	257,549	$	197,206

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, The Powder Room, golf courses, a beach club 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, Pier Park Crossings II 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.

Depreciation expense related to real estate investments was $8.3 million, $6.8 million and $6.0 million in 2020, 2019 and 2018, respectively. Depletion and amortization expense related to the Company’s timber operations was $0.4 million, $0.3 million and $0.5 million in 2020, 2019 and 2018, respectively.

Joint Ventures

12 Months Ended

Dec. 31, 2020

Joint Ventures

Joint Ventures

4. 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: (i) the power to direct the VIE activities that most significantly impact economic performance and (ii) 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. The Company, as lender, entered into a $10.0 million secured revolving promissory note with the unconsolidated Latitude Margaritaville Watersound JV as borrower. 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 9. Other Assets, Note 11. Debt, Net and Note 21. Commitments and Contingencies for additional information.

Consolidated Joint Ventures

The Lodge 30A JV

30A Greenway Hotel, LLC was created in July 2020, when the Company entered into a JV agreement to develop and operate a boutique hotel in Seagrove Beach, Florida. The JV parties are working together to develop and construct the hotel. The hotel is located on Scenic County Highway 30A on land that was contributed to the JV by the Company’s

JV partner. As of December 31, 2020, the Company owned a 52.8% interest in the consolidated JV. The Company’s partner is currently responsible for the construction activities of the JV, but once operational, a wholly-owned subsidiary of the Company will manage the day-to-day operations of the hotel. The Company has significant involvement in the project design and development and approves all major decisions, including annual budgets and financing. The Company determined The Lodge 30A JV is a VIE and that the Company is the VIE’s primary beneficiary as of December 31, 2020.

Pier Park Resort Hotel JV

Pier Park Resort Hotel, LLC was created in April 2020, when the Company entered into a JV agreement to develop and operate an Embassy Suites hotel in Panama City Beach, Florida. The JV parties are working together to develop and construct a 255 room hotel. The hotel is located on land in the Pier Park area that was contributed to the JV by the Company. As of December 31, 2020, the Company owned a 70.0% interest in the consolidated JV. The Company’s partner is currently responsible for the construction activities of the JV, but once operational, a wholly-owned subsidiary of the Company will manage the day-to-day operations of the hotel. The Company has significant involvement in the project design and development, annual budgets and financing. The Company determined Pier Park Resort Hotel JV is a VIE and that the Company is the VIE’s primary beneficiary as of December 31, 2020.

Pier Park Crossings II JV

Pier Park Crossings Phase II LLC was created in October 2019, when the Company entered into a JV agreement to develop, manage and lease apartments in Panama City Beach, Florida. Construction of the 120 unit apartment community was completed in December 2020. The community is located on land in the Pier Park area that was contributed to the JV by the Company. As of December 31, 2020 and 2019, the Company owned a 75.0% interest in the consolidated JV. A wholly-owned subsidiary of the Company’s JV partner is responsible for the day-to-day activities of the community. However, the Company approves all major decisions, including project development, annual budgets and financing. The Company determined Pier Park Crossings II JV is a VIE and that the Company is the VIE’s primary beneficiary as of December 31, 2020 and 2019.

Watersound Closings JV

Watersound Closings & Escrow, LLC, formerly Reliant Title and Closing Services, LLC, 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 December 31, 2020 and 2019, the Company owned a 58.0% and 66.0%, respectively, interest in the consolidated JV. A wholly-owned subsidiary of the Company is the managing member of Watersound Closings JV and is responsible for the day-to-day activities of the business. 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 Watersound Closings JV is a VIE and that the Company is the VIE’s primary beneficiary as of December 31, 2020 and 2019.

Watercrest JV

SJWCSL, LLC was created in May 2019, when the Company entered into a JV agreement to develop and operate a new senior living community in Santa Rosa Beach, Florida. Construction of the 107 unit community was completed in the fourth quarter of 2020. Subsequent to December 31, 2020, the AHCA issued a license for the facility, which allowed operations and initial resident occupancy to begin. The community is located on land that was contributed to the JV by the Company. As of December 31, 2020 and 2019, the Company owned an 87.0% interest in the consolidated JV. A wholly-owned subsidiary of the Company’s JV partner is responsible for the day-to-day activities of the community. However, the Company 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 December 31, 2020 and 2019.

Watersound Origins Crossings JV

Origins Crossings, LLC 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 the remaining 199 units of the 217 unit apartment community. The community is located on land near the entrance to the Watersound Origins residential community, which was contributed to the JV by the Company. As of December 31, 2020 and 2019, the Company owned a 75.0% interest in the consolidated JV. A wholly-owned subsidiary of the Company’s JV partner is responsible for the day-to-day activities of the community. 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 December 31, 2020 and 2019.

Pier Park Crossings JV

Pier Park Crossings LLC was created in April 2017, when 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 December 31, 2020 and 2019, the Company owned a 75.0% interest in the consolidated JV. A wholly-owned subsidiary of the Company’s JV partner is responsible for the day-to-day activities of the community. However, the Company approves all major decisions, including project development, annual budgets and financing. The Company determined Pier Park Crossings JV is a VIE and that the Company is the VIE’s primary beneficiary as of December 31, 2020 and 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 December 31, 2020 and 2019, the Company owned a 60.0% interest in the consolidated JV. A wholly-owned subsidiary of the Company’s JV s partner is responsible for the day-to-day activities of the retail center. However, the Company 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 December 31, 2020 and 2019.

Windmark JV

Through September 2019, the Company owned a 49.0% interest in Windmark JV, LLC (the “Windmark JV”). During September 2019, the Windmark JV distributed property to the two other JV members and a wholly-owned subsidiary of the Company purchased the property from the two other members for a total consideration of $11.6 million and, as a result, the Company now owns 100.0% of the WindMark Beach project.

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:


	December 31,		December 31,
	2020		2019
Investment in unconsolidated joint ventures
Latitude Margaritaville Watersound JV	$	24,288	$	791
Pier Park TPS JV		2,149		3,083
Sea Sound Apartments JV		10,348		—
Busy Bee JV		1,180		1,210
Total investment in unconsolidated joint ventures	$	37,965	$	5,084

Outstanding debt of unconsolidated JVs
Latitude Margaritaville Watersound JV^(a)	$	3,297	$	—
Sea Sound Apartments JV		8,789		—
Pier Park TPS JV		14,388		6,791
Busy Bee JV		6,614		1,451
Total outstanding debt of unconsolidated JVs^(b)	$	33,088	$	8,242

(a)	See Note 9. Other Assets for additional information on the $10.0 million secured revolving promissory note the Company entered into with the unconsolidated Latitude Margaritaville Watersound JV.

(b)	See Note 21. Commitments and Contingencies for additional information.

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


	Year Ended December 31,
	2020		2019		2018
Equity in loss from unconsolidated affiliates
Latitude Margaritaville Watersound JV	$	(524)	$	(71)	$	—
Pier Park TPS JV		(112)		(6)		—
Busy Bee JV		(30)		—		—
Total equity in loss from unconsolidated affiliates	$	(666)	$	(77)	$	—

Latitude Margaritaville Watersound JV

LMWS, LLC 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. The sales center and 13 model homes are currently under construction. In addition, homesite infrastructure for the initial neighborhoods including models is underway, with site development of 629 homesites. The community is located on land that was contributed to the JV by the Company in June 2020. As part of the land contribution, the Company agreed to make certain infrastructure improvements, such that the total contractual value of the land and its improvements equals $35.0 million. As of December 31, 2020, the Company’s investment in the unconsolidated Latitude Margaritaville Watersound JV includes $6.7 million of cash contributions and $16.6 million for the present value of the land contribution. As of December 31, 2020, the Company’s JV partner contributed $6.7 million of cash. The present value of the land contribution was based on the Company’s best estimate of the prevailing market rates for the source of credit using an imputed interest rate of 5.75% and timing of home sales. The Company continues to have a performance obligation to provide agreed upon infrastructure improvements in the vicinity of the contributed land, which will be recognized over time as improvements are completed. As of December 31, 2020, the Company completed $1.8 million of the agreed upon infrastructure improvements. The transaction price was allocated based on the stand-

alone selling prices of the land and agreed upon improvements. The Latitude Margaritaville Watersound JV community is estimated to include approximately 3,500 residential homes, which will be developed in smaller increments of discrete neighborhoods. As of December 31, 2020 and 2019, the Company owned a 50.0% voting interest in the JV. Each JV member will continue to contribute an equal amount of cash towards operations and the development and construction of the main spine infrastructure and amenities. The Company’s unimproved land contribution and agreed upon infrastructure improvements will be returned at an average of $10,000 per home, as each home is sold by the JV.

Per the JV agreement, the Company has provided interest-bearing financing in the form of a revolving 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. See Note 9. Other Assets for additional information related to the revolving promissory note. The day-to-day activities of the JV are being 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. See Note 21. Commitments and Contingencies for additional information related to the guaranty by the Company.

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


	December 31,		December 31,
	2020		2019
BALANCE SHEETS:
Investment in real estate^(a)	$	18,255	$	1,116
Cash and cash equivalents		1,603		525
Other assets		136		—
Total assets	$	19,994	$	1,641

Debt, net	$	2,844	$	—
Other liabilities		1,794		58
Equity		15,356		1,583
Total liabilities and equity	$	19,994	$	1,641

(a)	As of December 31, 2020, investment in real estate includes the land contributed to the Latitude Margaritaville Watersound JV at the Company’s historical cost basis of $1.3 million and additional completed infrastructure improvements of $1.8 million.



	Year Ended December 31,
	2020			2019
STATEMENTS OF OPERATIONS:
Total expenses	$	1,005	$	142
Net loss	$	(1,005)	$	(142)

Sea Sound Apartments JV

FDSJ Eventide, LLC was created in January 2020. The Company entered into a JV agreement to develop, construct and manage a 300 unit apartment community in Panama City Beach, Florida. The community is 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 2020 the Company contributed mitigation bank credits of $0.4 million and cash of $4.9 million and the JV partner contributed $6.9 million of cash. The project is currently under development with no income or loss impacting the consolidated statements of income for the year ended December 31, 2020. As of December 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 (the “Sea Sound Apartments JV Loan”). The Sea Sound Apartments JV Loan bears interest at LIBOR plus 2.15% and matures in January 2024. 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. As of December 31, 2020, $8.8 million was outstanding on the Sea Sound Apartments JV Loan.

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


	December 31,
	2020
BALANCE SHEET:
Investment in real estate	$	29,085
Cash and cash equivalents		15
Total assets	$	29,100

Debt, net	$	8,378
Other liabilities		3,439
Equity		17,283
Total liabilities and equity	$	29,100

Pier Park TPS JV

Pier Park TPS, LLC 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 opened in May 2020 and is located on land in the Pier Park area that the Company contributed to the JV in January 2019, with a fair value of $1.7 million. As of December 31, 2020, the Company contributed $1.3 million of cash and mitigation bank credits of $0.1 million and the Company’s JV partner contributed $3.1 million of cash. As of December 31, 2020 and 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 21. Commitments and Contingencies for additional information related to debt guaranteed by the Company.

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


	December 31,		December 31,
	2020		2019
BALANCE SHEETS:
Property and equipment, net	$	17,946	$	14,775
Cash and cash equivalents		1,705		51
Other assets		483		12
Total assets	$	20,134	$	14,838

Debt, net	$	14,090	$	6,480
Other liabilities		1,745		2,193
Equity		4,299		6,165
Total liabilities and equity	$	20,134	$	14,838


	Year Ended December 31,
	2020		2019		2018
STATEMENTS OF OPERATIONS:
Total revenue	$	2,338	$	—	$	—

Expenses:
Cost of revenue		1,209		—		—
Other operating expenses		161		—		—
Depreciation and amortization		962		—		—
Total expenses		2,332		—		—
Operating income		6		—		—
Interest expense		(230)		(13)		—
Net loss	$	(224)	$	(13)	$	—

Busy Bee JV

SJBB, LLC 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 project is located on land that the Company contributed to the JV in July 2019. Construction of the fuel station and convenience store was completed in June 2020. The investment in the unconsolidated JV of $1.2 million as of December 31, 2020 and 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 December 31, 2020, the Company’s JV partner contributed $1.2 million of cash. As of December 31, 2020 and 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 21. Commitments and Contingencies for additional information related to debt guaranteed by the Company.

Summarized financial information for Busy Bee JV is as follows:


	December 31,		December 31,
	2020		2019
BALANCE SHEETS:
Property and equipment, net	$	8,466	$	3,886
Cash and cash equivalents		227		36
Other assets		717		28
Total assets	$	9,410	$	3,950

Debt, net	$	6,532	$	1,349
Other liabilities		506		181
Equity		2,372		2,420
Total liabilities and equity	$	9,410	$	3,950


	Year Ended December 31,
	2020		2019
STATEMENTS OF OPERATIONS:
Total revenue	$	5,846	$	—

Expenses:
Cost of revenue		4,364		—
Other operating expenses		1,057		—
Depreciation and amortization		229		—
Total expenses		5,650		—
Operating income		196		—
Other expense:
Interest expense		(99)		—
Other expense, net		(145)		—
Total other expense		(244)
Net loss	$	(48)	$	—

ALP

Through November 2018, the Company was a partner in ALP Liquidating Trust (“ALP”) and beneficially owned 23.9% of ALP’s outstanding beneficial interest units, for which the Company had no basis. In November 2018, the Company received a final distribution of $2.2 million, which is recorded in other income, net on the consolidated statements of income.

Investments

12 Months Ended

Dec. 31, 2020

Financial Instruments and Fair Value Measurements

Investments

5. Investments

Available-For-Sale Investments

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


	December 31, 2020
			Gross Unrealized		Gross Unrealized
	Amortized Cost		Gains		(Losses)		Fair Value
Investments - debt securities:
U.S. Treasury Bills	$	47,986	$	5	$	—	$	47,991
Corporate debt securities		60		—		—		60
		48,046		5		—		48,051
Restricted investments:
Short-term bond		1,160		11		—		1,171
		1,160		11		—		1,171
	$	49,206	$	16	$	—	$	49,222


	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 2020, net realized gains from the sale of available-for-sale securities were $0.1 million, proceeds from the sale of available-for-sale securities were $1.2 million, proceeds from the maturity of available-for-sale securities were $11.0 million and purchases of available-for-sale securities were $58.9 million. During 2019, net realized gains from the sale of available-for-sale securities were $0.1 million, proceeds from the sale of available-for-sale securities were $4.0 million, proceeds from the maturity of available-for-sale securities were $7.0 million and purchases of available-for-sale securities were $0.1 million.

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


	December 31, 2020								December 31, 2019
	Less Than 12 Months				12 Months or Greater				Less Than 12 Months				12 Months or Greater
			Unrealized				Unrealized				Unrealized				Unrealized
	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
Investments - debt securities:
Corporate debt securities	$	—	$	—	$	—	$	—	$	—	$	—	$	53	$	125

As of December 31, 2020, the Company did not have unrealized losses related to investments – debt securities. The Company had unrealized losses of $0.1 million as of December 31, 2019 related to corporate debt securities.

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.


	December 31, 2020
	Amortized Cost		Fair Value
Due in one year or less	$	48,046	$	48,051
Restricted investments		1,160		1,171
	$	49,206	$	49,222

Investments – Equity Securities

As of December 31, 2020 and 2019, investments – equity securities included $2.6 million and $9.7 million, respectively, of preferred stock investments recorded at fair value. During 2020, 2019 and 2018 the Company had net unrealized losses on investments – equity securities of $4.7 million, $5.3 million and $3.0 million respectively, which were included within investment income, net on the consolidated statements of income.

Investment Management Agreement

Mr. Bruce R. Berkowitz is the Chairman of the Company’s Board. He is the Manager of, and controls entities that own and control, Fairholme Holdings, LLC, which wholly owns FCM. 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 December 31, 2020, clients of FCM, including Mr. Berkowitz, beneficially owned approximately 44.89% of the Company’s common stock. FCM and its client, The Fairholme Fund, a series of investments originating from the Fairholme Funds, Inc., may be deemed affiliates of the Company.

Pursuant to the terms of the Investment Management Agreement, as amended, with the Company, FCM agreed to supervise and direct the 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 the Company’s Board, (iii) 25% of the investment account must be held in cash and cash equivalents, (iv) the investment account is permitted to be invested in common equity securities; however, common stock investments shall be limited to exchange-traded common equities, shall not exceed 5% ownership of a single issuer and, cumulatively, the common stock held in the Company’s investment portfolio shall not exceed $100.0 million market value and (v) the aggregate market value of investments in common stock, preferred stock or other equity investments cannot exceed 25% of the market value of the Company’s investment portfolio at the time of purchase. See Note 22. Subsequent Events for information regarding the Amended Investment Management Agreement dated February 23, 2021.

Financial Instruments and Fair Value Measurements

12 Months Ended

Dec. 31, 2020

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:


	December 31, 2020
							Total Fair
	Level 1		Level 2		Level 3		Value
Cash equivalents:
Money market funds	$	10,973	$	—	$	—	$	10,973
U.S. Treasury Bills		78,991		—		—		78,991
		89,964		—		—		89,964

Investments - debt securities:
U.S. Treasury Bills		47,991		—		—		47,991
Corporate debt securities		—		60		—		60
		47,991		60		—		48,051

Investments - equity securities:
Preferred stock		—		2,623		—		2,623
		—		2,623		—		2,623

Restricted investments:
Short-term bond		1,171		—		—		1,171
		1,171		—		—		1,171
	$	139,126	$	2,683	$	—	$	141,809


	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 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 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 consolidated financial statements until they are allocated to participants. As of December 31, 2020 and 2019, the assets held in the suspense account were invested in 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. As of December 31, 2019, the assets held in the suspense account were also 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. 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. See Note 17. Employee Benefit Plan.

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


		December 31, 2020
	Location in							Total Fair
	Balance Sheet	Level 1		Level 2		Level 3		Value
Derivative Liabilities:
Interest rate swap	Other liabilities	$	—	$	1,172	$	—	$	1,172
Interest rate swap - unconsolidated affiliate	Investment in unconsolidated joint ventures		—		821		—		821
		$	—	$	1,993	$	—	$	1,993


		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 December 31, 2020 and 2019, the interest rate swap was recorded at its estimated fair value, based on level 2 measurements, of $1.2 million and $0.3 million, respectively, and is included within other liabilities on the consolidated balance sheets. 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 2020 or 2019. See Note 11. Debt, Net for additional information.

In January 2019 the Pier Park TPS JV, which is unconsolidated and accounted for using the equity method, 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 January 14, 2021 and matures on January 14, 2026 and fixed the variable rate on the related debt of $14.4 million. As of December 31, 2020, the interest rate swap was recorded at the Company’s proportionate share of its estimated fair value, based on Level 2 measurements, of $0.8 million and is included within investment in unconsolidated joint ventures on the consolidated balance sheets. 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 equity in loss from unconsolidated affiliates during 2020. See Note 21. Commitments and Contingencies 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 and operations 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 2020, 2019 or 2018. See Note 4. Joint Ventures for additional information.

Long-lived Assets

The Company reviews its long lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The fair value of long-lived assets required to be assessed

for impairment is determined on a nonrecurring basis using Level 3 inputs in the fair value hierarchy. During 2020 and 2019 the Company did not record any impairment charges related to long-lived assets. During 2018, the Company recorded impairment charges of $0.1 million included in cost of hospitality revenue, related to non-strategic hospitality assets.

Fair Value of Financial Instruments

The Company uses the following methods and assumptions in estimating fair value for financial instruments:

●

The fair value of the investments held by SPE - time deposit is based on the present value of future cash flows at the current market rate.

●

The fair value of the investments held by SPE - U.S. Treasury 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:


	December 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	$	5,759	$	6,363	1	$	6,382	$	6,712	1
Liabilities
Debt
Fixed-rate debt	$	114,125	$	116,509	2	$	89,969	$	92,276	2
Variable-rate debt		47,293		47,293	2		4,538		4,538	2
Total debt	$	161,418	$	163,802		$	94,507	$	96,814
Senior Notes held by SPE	$	177,289	$	216,363	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 the $200.0 million fifteen-year installment note (the “Timber Note”) issued by Panama City Timber Finance Company, LLC. The Company contributed the Timber Note and assigned its rights as a beneficiary under a letter of credit to Northwest Florida Timber Finance, LLC. Northwest Florida Timber Finance, LLC monetized the Timber Note by issuing $180.0 million aggregate principal amount of its 4.8% Senior Secured Notes due in 2029 at an issue price of 98.5% of face value to third party investors. The investments held by Panama City Timber Finance Company, LLC as of December 31, 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 $5.7 million and cash of $0.4 million. The Senior Notes held by Northwest Florida Timber Finance, LLC as of December 31, 2020 consist of $177.3 million, net of the $2.7 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.

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.

Property and Equipment, Net

Hurricane Michael

12 Months Ended

Dec. 31, 2020

Hurricane Michael

Hurricane Michael

7. Hurricane Michael

On October 10, 2018, Hurricane Michael made landfall in the Florida Panhandle. 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 both 2020 and 2019, $1.3 million of insurance proceeds were received related to business interruption insurance, included within cost of hospitality revenue on the consolidated statements of income. During 2020, $0.7 million of business interruption insurance proceeds were received related to Pier Park Crossings JV, included within cost of leasing revenue on the consolidated statements of income. Costs incurred due to business interruption, primarily at the marinas, are continuing to be evaluated. The Company does not expect revenue at these locations until the properties have been rebuilt, but will incur costs for employee retention and property maintenance.

During 2020, 2019 and 2018, the Company incurred loss from hurricane damage of $1.1 million, $2.7 million and $8.6 million, respectively, for loss on disposal of assets, timber loss and additional hurricane related items. During 2020, 2019 and 2018 the Company recognized $0.7 million, $5.3 million and $7.2 million, respectively, of gain on insurance recovery. The loss from hurricane damage and gain on insurance recovery were recorded in other income, net on the consolidated statements of income.

Leases

12 Months Ended

Dec. 31, 2020

Leases

Leases

8. Leases

Leasing revenue consists of rental revenue from multi-family, retail, office and commercial property 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:


	Year Ended December 31,
	2020		2019		2018
Leasing revenue
Lease payments	$	14,710	$	11,637	$	10,660
Variable lease payments		4,109		3,944		3,067
Total leasing revenue	$	18,819	$	15,581	$	13,727

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



2021	$	14,820
2022		11,204
2023		8,967
2024		7,505
2025		5,076
Thereafter		14,656
	$	62,228

As of December 31, 2020, the Company leased certain office and other equipment under finance leases 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 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 consolidated balance sheets and are related to the Company’s obligation to make lease payments for leases in excess of one year. Prior to the adoption ASU 2016-02, Leases on January 1, 2019 lease assets and liabilities for operating leases were not recognized. The Company uses its incremental borrowing rate to determine the present value of the lease payments since the rate implicit in each lease is not readily determinable. The Company recognizes short-term (twelve months or less) lease payments in profit or loss on a straight-line basis over the term of the lease and variable lease payments in the period in which the obligation for those payments is incurred.

The components of lease expense are as follows:



	Year Ended December 31,
	2020			2019
Lease cost
Finance lease cost:
Amortization of right-of-use assets	$	57		$	40
Interest on lease liability		11			9
Operating lease cost		289			238
Short-term lease cost		1,016			721
Total lease cost	$	1,373		$	1,008

Other information
Weighted-average remaining lease term - finance lease (in years)		3.9			4.2
Weighted-average remaining lease term - operating leases (in years)		3.9			3.1
Weighted-average discount rate - finance lease		5.0	%		5.0
Weighted-average discount rate - operating leases		4.9	%		5.0

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


2021	$	94
2022		94
2023		94
2024		47
2025		12
Total		341
Less imputed interest		(25)
Total finance lease liability	$	316

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


2021	$	256
2022		201
2023		158
2024		88
2025		37
Thereafter		281
Total		1,021
Less imputed interest		(213)
Total operating lease liabilities	$	808

Other Assets

12 Months Ended

Dec. 31, 2020

Other Assets

Other Assets

9. Other Assets

Other assets consist of the following:


	December 31,		December 31,
	2020		2019
Restricted investments	$	1,171	$	2,364
Accounts receivable, net		10,791		6,957
Homesite sales receivable		5,675		5,211
Notes receivable, net		10,877		3,252
Income tax receivable		—		2,843
Inventory		2,026		1,384
Prepaid expenses		7,135		6,592
Straight-line rent		3,174		3,292
Operating lease right-of-use assets		808		691
Other assets		5,743		4,331
Retained interest investments		12,905		12,214
Accrued interest receivable for Senior Notes held by SPE		2,938		2,938
Total other assets	$	63,243	$	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 consolidated balance sheets until they are allocated to current or future 401(k) plan participants within the next year. See Note 17. Employee Benefit Plan.

Accounts Receivable, Net

As of December 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 2020, allowance for credit losses related to accounts receivable, net decreased 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. See Note 2. Summary of Significant Accounting Policies for additional information.

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		December 31, 2020
Homesite sales receivable	$	5,211	$	3,854	$	(3,390)	$	5,675


				Increases Due To		Decreases Due to
		Balance		Revenue Recognized		Amounts		Balance
		January 1, 2019		for Homesites Sold		Received/Transferred		December 31, 2019
Homesite sales receivable	$	2,977	$	4,755	$	(2,521)	$	5,211

Notes Receivable

Notes receivable consist of the following:


	December 31,		December 31,
	2020		2019
Various interest bearing homebuilder notes, secured by the real estate sold — bearing interest at rates of 5.5% to 6.3% , due June 2021 through December 2022	$	7,544	$	2,598
Interest bearing revolving promissory note with the unconsolidated Latitude Margaritaville Watersound JV, secured by the JV's real property — bearing interest at a rate of 5.0%, matures June 2025		2,714		—
Interest bearing notes with JV partners, secured by the partner's membership interest in the JV — bearing interest at a rate of 8.0%, due May 2039 through July 2039		556		569
Various mortgage notes, secured by certain real estate, bearing interest at rates of 6.4% to 6.5%, due December 2022 through November 2023		63		85
Total notes receivable, net	$	10,877	$	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 all notes and the need for an allowance for credit losses at each reporting date. As of December 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 December 31, 2020 and 2019, accrued interest receivable related to notes receivable was $0.2 million, which is included within other assets on the consolidated balance sheets.

In June 2020, the Company entered into a $10.0 million secured revolving promissory note with the unconsolidated Latitude Margaritaville Watersound JV. The Latitude Margaritaville Watersound JV Note was provided 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, with the aggregate unpaid principal and all accrued and unpaid interest due at maturity in June 2025. The Latitude Margaritaville Watersound JV Note is secured by a mortgage and security interest in and on the real property and improvements located on the real property of the JV. See Note 4. Joint Ventures for additional information.

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 financial statements as of December 31, 2020 and 2019. The Company’s continuing involvement with the SPEs is the receipt of the net interest payments and the remaining principal of approximately $16.4 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 $12.9 million and $12.2 million as of December 31, 2020 and 2019, respectively, recorded in other assets on the Company’s consolidated balance sheets.

Property and Equipment, Net

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment, Net

10. Property and Equipment, Net

Property and equipment, net consists of the following:


	December 31,		December 31,
	2020		2019
Railroad and equipment	$	33,626	$	33,626
Furniture and fixtures		22,601		24,062
Machinery and equipment		13,502		11,100
Office equipment		4,607		5,920
Autos, trucks and aircraft		6,240		6,274
		80,576		80,982
Less: Accumulated depreciation		60,433		63,223
		20,143		17,759
Construction in progress		703		1,259
Total property and equipment, net	$	20,846	$	19,018

Depreciation expense on property and equipment was $4.0 million, $3.2 million and $2.4 million in 2020, 2019 and 2018, respectively.

Debt, Net

12 Months Ended

Dec. 31, 2020

Debt, Net

Debt, Net

11. Debt, Net

Debt consists of the following:


	December 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%	$	44,568	$	314	$	44,254	$	45,514	$	380	$	45,134
PPC JV Loan, insured by HUD, due June 2060, bearing interest at 4.0%		36,084		1,079		35,005		34,610		1,087		33,523
Watersound Origins Crossings JV Loan, due May 2024, bearing interest at 5.0%		27,179		351		26,828		2,868		454		2,414
Watercrest JV Loan, due June 2047, bearing interest at LIBOR plus 2.2% (effective rate of 2.3% at December 31, 2020)		18,066		284		17,782		—		—		—
PPC II JV Loan, due October 2024, bearing interest at LIBOR plus 2.3% (effective rate of 2.4% at December 31, 2020)		15,921		198		15,723		—		—		—
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%		6,294		—		6,294		6,977		—		6,977
Beckrich Building III Loan, due August 2029, bearing interest at LIBOR plus 1.7% (effective rate of 1.8% at December 31, 2020)		5,421		59		5,362		—		—		—
Airport Hotel Loan, due March 2025, bearing interest at LIBOR plus 2.0%, with a floor rate of 3.0% (effective rate of 3.0% at December 31, 2020)		3,548		168		3,380		—		—		—
Beach Homes Loan, due May 2029, bearing interest at LIBOR plus 1.7% (effective rate of 1.8% at December 31, 2020)		1,545		17		1,528		1,594		20		1,574
Pier Park Outparcel Construction Loan, due March 2027, bearing interest at LIBOR plus 1.7% (effective rate of 1.8% at December 31, 2020)		1,458		12		1,446		1,535		14		1,521
WaterColor Crossings Construction Loan, due February 2029, bearing interest at LIBOR plus 1.7% (effective rate of 1.8% at December 31, 2020)		1,334		21		1,313		1,409		23		1,386
Total debt	$	161,418	$	2,503	$	158,915	$	94,507	$	1,978	$	92,529

In October 2015, the Pier Park North JV entered into a $48.2 million 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 or 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 HUD, to finance the construction of apartments in Panama City Beach, Florida. The PPC JV Loan provides for monthly principal and interest payments through maturity in June 2060. A prepayment premium is due to the lender of 1.0% - 10.0% of any prepaid principal through June 30, 2030. The PPC JV Loan is secured by the Pier Park Crossings JV’s real property and the assignment of rents and leases.

In May 2019, the Watersound Origins Crossings JV entered into a $37.9 million 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 with a final balloon payment at 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 October 2019, the Pier Park Crossings II JV entered into a $17.5 million 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 with a final balloon payment at 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 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 to finance the construction of a senior living community 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 receives 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%.

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 and 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 $15.8 million and $17.8 million at December 31, 2020 and 2019, respectively. The Company pays interest on this total outstanding CDD debt.

In August 2019, a wholly-owned subsidiary of the Company entered into a $5.5 million loan to finance the construction of an office building in Panama City Beach, Florida. The Beckrich Building III Loan provides for monthly principal and interest payments with a final balloon payment at 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.

In March 2020, a wholly-owned subsidiary of the Company entered into a $15.3 million 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 with a final balloon payment at 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.

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 in May 2029. 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 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 principal and interest payments with a final balloon payment at maturity in March 2027. 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 in February 2029. 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 April 2020, the Pier Park Resort Hotel JV entered into a loan with an initial amount of $52.5 million up to a maximum of $60.0 million through additional earn-out requests. The Pier Park Resort Hotel JV Loan was entered into to finance the construction of an Embassy Suites by Hilton hotel in the Pier Park area of Panama City Beach, Florida. The Pier Park Resort Hotel JV Loan provides for interest only payments for the first thirty-six months and principal and interest payments thereafter with a final balloon payment at maturity in March 2027. The Pier Park Resort Hotel 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 Pier Park Resort Hotel JV Loan, as guarantor, the Company and the Company’s JV partner entered into a guarantee based on each partner’s ownership interest in favor of the lender, to guarantee the payment and performance of the borrower. As guarantor, the Company’s liability under the Pier Park Resort Hotel JV Loan will be released upon reaching and maintaining certain debt service coverage for twelve months. 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. As of December 31, 2020, there was no principal balance and the JV had incurred $1.1 million of loan costs related to the Pier Park Resort Hotel JV Loan.

In November 2020, a wholly-owned subsidiary of the Company entered into a $16.8 million construction loan to finance the construction of a Homewood Suites by Hilton hotel in the Breakfast Point area of Panama City Beach, Florida. The Breakfast Point Hotel Loan provides for interest only payments for the first twenty-four months and principal and interest payments thereafter through maturity in November 2042. The Breakfast Point Hotel Loan is secured by the real property, assignment of rents and the security interest in the rents and personal property. In connection with the Breakfast Point Hotel Loan, the Company executed a guarantee in favor of the lender to guarantee the payment and performance of the borrower under the Breakfast Point Hotel Loan. As of December 31, 2020, there was no principal balance and the Company had incurred $0.2 million of loan costs related to the Breakfast Point Hotel Loan.

In November 2020, a wholly-owned subsidiary of the Company entered into a $5.8 million construction loan to finance the construction of a self-storage facility in Santa Rosa Beach, Florida. The Self-Storage Facility Loan provides for interest only payments for the first forty-eight months and principal and interest payments thereafter with a final balloon payment at maturity in November 2025. The Self-Storage Facility Loan is secured by the real property,

assignment of leases and rents and the security interest in the rents and personal property. In connection with the Self-Storage Facility Loan, the Company executed a guarantee in favor of the lender to guarantee the payment and performance of the borrower under the Self-Storage Facility Loan. The Company’s liability as guarantor under the Self-Storage Facility Loan shall not exceed $2.9 million, plus any additional fees, upon reaching and maintaining certain debt service coverage. As of December 31, 2020, there was no principal balance and the Company had incurred $0.1 million of loan costs related to the Self-Storage Facility Loan.

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

The aggregate maturities of debt subsequent to December 31, 2020 are:


	December 31,
	2020
2021	$	2,605
2022		3,402
2023		3,750
2024		44,993
2025		45,903
Thereafter		60,765
	$	161,418

Other Liabilities

12 Months Ended

Dec. 31, 2020

Other Liabilities

Other Liabilities

12. Other Liabilities

Other liabilities consist of the following:


	December 31,		December 31,
	2020		2019
Accounts payable	$	25,376	$	16,207
Finance lease liability		316		204
Operating lease liabilities		808		691
Accrued compensation		3,337		3,151
Other accrued liabilities		6,892		3,277
Deferred revenue		16,632		18,972
Club initiation fees		10,716		6,917
Club membership deposits		3,764		3,985
Advance deposits		1,344		946
Accrued interest expense for Senior Notes held by SPE		2,850		2,850
Total other liabilities	$	72,035	$	57,200

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

Deferred revenue as of December 31, 2020 and 2019 includes $11.5 million and $12.5 million, respectively, 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:


	Club Initiation Fees
Balance as of January 1, 2020	$	6,917
New club memberships		6,268
Revenue from amounts included in contract liability opening balance		(2,062)
Revenue from current period new memberships		(407)
Balance as of December 31, 2020	$	10,716


	Club Initiation Fees
Balance as of January 1, 2019	$	5,676
New club memberships		3,083
Revenue from amounts included in contract liability opening balance		(1,553)
Revenue from current period new memberships		(289)
Balance as of December 31, 2019	$	6,917

Remaining performance obligations represent contracted revenue that has not been recognized, which include club initiation fees. As of December 31, 2020 remaining performance obligations were $10.7 million, of which the Company expects to recognize as revenue $2.6 million in less than 1 year, $4.5 million in 1-3 years, $3.0 million in 3-5 years and $0.6 million after 5 years.

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

Income Taxes

12 Months Ended

Dec. 31, 2020

Income Taxes

Income Taxes

13. Income Taxes

Income tax expense (benefit) consist of the following:


	Year Ended December 31,
	2020		2019		2018
Current:
Federal	$	5,146	$	1,070	$	4,305
State		—		—		—
Total		5,146		1,070		4,305
Deferred:
Federal		6,321		5,903		488
State		2,203		2,474		(5,529)
Total		8,524		8,377		(5,041)
Income tax expense (benefit)	$	13,670	$	9,447	$	(736)

Total income tax expense (benefit) was allocated in the consolidated financial statements as follows:


	Year Ended December 31,
	2020		2019		2018
Income tax expense (benefit)	$	13,670	$	9,447	$	(736)
Income tax recorded in accumulated other comprehensive loss
Income tax (benefit) expense		(386)		116		685
Total income tax expense (benefit)	$	13,284	$	9,563	$	(51)

Income tax expense (benefit) attributable to income from operations differed from the amount computed by applying the statutory federal income tax rate of 21% as of December 31, 2020, 2019 and 2018 to pre-tax income as a result of the following:


	Year Ended December 31,
	2020		2019		2018
Tax at the statutory federal rate	$	12,385	$	7,607	$	6,643
State income taxes (net of federal benefit)		2,203		1,477		1,392
Decrease in valuation allowance, net		—		—		(4,993)
Decrease in uncertain tax positions		—		—		(2,165)
Change in US and State tax rates		—		1,006		(1,035)
Income tax credits		(454)		—		—
Benefit of Qualified Opportunity Zone investment		(161)		(561)		—
Dividend received deduction		(33)		(188)		(322)
Other permanent items		(270)		106		(256)
Total income tax expense (benefit)	$	13,670	$	9,447	$	(736)

The tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities are presented below:


	December 31,		December 31,
	2020		2019
Deferred tax assets:
State net operating loss carryforwards	$	13,355	$	14,316
Impairment losses		33,660		36,751
Prepaid income from land sales		3,812		3,180
Capitalized costs		2,851		2,468
Reserves and accruals		1,586		1,672
Unrealized losses on investments		3,403		2,282
Other		765		765
Total gross deferred tax assets		59,432		61,434
Deferred tax liabilities:
Investment in real estate and property and equipment basis differences		5,929		4,000
Deferred gain on land sales and involuntary conversions		29,101		24,956
Installment sales		83,337		83,275
Pension Plan assets transferred to the 401(k) plan		287		580
Other		1,693		1,431
Total gross deferred tax liabilities		120,347		114,242
Net deferred tax liabilities	$	(60,915)	$	(52,808)

As of December 31, 2020 and 2019, the Company had state net operating loss carryforwards of $304.0 million and $341.4 million, respectively. As of December 31, 2020, the Company had $2.3 million of federal net operating loss carryforwards and no federal net operating loss carryforwards as of December 31, 2019. The federal net operating loss carryforwards as of December 31, 2020 are applicable to a specific QOF entity of the Company and do not expire. The majority of state net operating losses are available to offset future taxable income through 2036 and will begin expiring in 2029. As of December 31, 2020, the Company had income tax payable of $2.7 million, included within other liabilities on the consolidated balance sheets. As of December 31, 2019, the Company had an income tax receivable of $2.8 million, included in other assets on the consolidated balance sheets that included a federal AMT credit receivable of $2.2 million, which was converted to a tax deposit and partially utilized on the federal income tax return filed for the tax year ended December 31, 2019.

On September 12, 2019, the Florida Department of Revenue announced that the corporate income tax rate for tax years 2019, 2020, and 2021 was reduced from 5.5% to 4.5%. As a result, the Company has recorded $1.0 million of

income tax expense during 2019 to adjust its deferred tax balances due to the impact on the Company’s existing Florida net operating loss carryforward in addition to other temporary differences.

In general, a valuation allowance is recorded if, based on the available evidence, it is more likely than not that some portion or all of the deferred tax asset will not be realized. Realization of the Company’s deferred tax assets is dependent upon the Company generating sufficient taxable income in future years in the appropriate tax jurisdictions to obtain a benefit from the reversal of deductible temporary differences and from loss carryforwards. In 2018, the Company reassessed its need for a valuation allowance by evaluating all available evidence, including but not limited to historical and projected pre-tax income. Based on this assessment, the Company determined it had the ability to fully realize the future benefit of its net operating loss carryforward and released the valuation allowance in full resulting in a $5.0 million tax benefit in 2018.

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 December 31, 2020, 2019 and 2018. During 2018, the Company recognized a $2.1 million income tax benefit due to the expiration of the statute of limitations for the tax year covering the previously unrecognized tax benefits. There were no penalties required to be accrued as of December 31, 2020 and 2019. The Company records interest related to unrecognized tax benefits, if any, in interest expense and penalties in other income, net.

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 carryovers and carrybacks to offset 100% of taxable income for taxable years beginning before 2021. In addition, the CARES Act allows net operating loss carryovers and carrybacks 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 or impact to the effective tax rate.

On December 27, 2020, the Taxpayer Certainty and Disaster Tax Relief Act of 2020, a part of the Consolidated Appropriations Act, 2021, was enacted also in response to the COVID-19 pandemic. This legislation provided extensions on several federal tax credits and the expansion of the Employee Retention Credit, in addition to many other provisions. Based upon current facts and circumstances, the Company does not expect that these provisions would result in a material cash benefit or impact to the effective tax rate.

The Company is currently open to examination by taxing authorities for the years ended December 31, 2017 through 2019.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

Accumulated Other Comprehensive Loss

12 Months Ended

Dec. 31, 2020

Accumulated Other Comprehensive Loss

14. 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) Gain		Unrealized Loss
	on Available-for-		Cash Flow
	Sale Securities		Hedge		Total
Accumulated other comprehensive loss at December 31, 2018	$	(674)	$	—	$	(674)
Other comprehensive income (loss) before reclassifications		642		(251)		391
Amounts reclassified from accumulated other comprehensive loss		(52)		—		(52)
Other comprehensive income (loss)		590		(251)		339
Accumulated other comprehensive loss at December 31, 2019	$	(84)	$	(251)	$	(335)
Other comprehensive income (loss) before reclassifications		103		(1,237)		(1,134)
Amounts reclassified from accumulated other comprehensive loss		(3)		—		(3)
Other comprehensive income (loss)		100		(1,237)		(1,137)
Accumulated other comprehensive income (loss) at December 31, 2020	$	16	$	(1,488)	$	(1,472)

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


	Year Ended December 31, 2020
	Before-		Tax (Expense) or		Net-of-
	Tax Amount		Benefit		Tax Amount
Unrealized gain on available-for-sale investments	$	130	$	(33)	$	97
Unrealized gain on restricted investments		8		(2)		6
Interest rate swap		(836)		212		(624)
Interest rate swap - unconsolidated affiliate		(821)		208		(613)
Reclassification adjustment for net gain included in earnings		(4)		1		(3)
Net unrealized loss		(1,523)		386		(1,137)
Other comprehensive loss	$	(1,523)	$	386	$	(1,137)


	Year Ended December 31, 2019
	Before-		Tax (Expense) or		Net-of-
	Tax Amount		Benefit		Tax Amount
Unrealized gain on available-for-sale investments	$	842	$	(214)	$	628
Unrealized gain on restricted investments		18		(4)		14
Interest rate swap		(336)		85		(251)
Reclassification adjustment for net gain included in earnings		(69)		17		(52)
Net unrealized gain		455		(116)		339
Other comprehensive income	$	455	$	(116)	$	339

Stockholders' Equity

12 Months Ended

Dec. 31, 2020

Stockholders' Equity

Stockholders' Equity

15. Stockholders’ Equity

Stock Repurchase Program

The Company’s Board approved a 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 years ended December 31, 2020 and 2019, the Company repurchased 532,034 and 1,263,159 shares, respectively, of its common stock at an average purchase price of $16.54 and $16.59, per share, respectively, for an aggregate purchase price of $8.8 million and $20.8 million, respectively, pursuant to its Stock Repurchase Program. As of December 31, 2020, the Company had a total authority of $77.4 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 Exchange Act. The timing and amount of any additional shares to be repurchased will depend upon a variety of factors. Repurchases may be commenced or suspended at any time or from time to time without prior notice. The Stock Repurchase Program will continue until otherwise modified or terminated by the Company’s Board at any time in its sole discretion. In December 2020, the Company retired 532,034 shares of treasury stock at a value of $8.8 million. In December 2019, the Company retired 1,263,159 shares of treasury stock at a value of $20.8 million.

Dividends

During the fourth quarter of 2020, the Company paid a cash dividend of $0.07 per share on the Company’s common stock for a total of $4.1 million. The Company did not pay cash dividends during the years ended December 31, 2019 or 2018.

Issuance of Common Stock for Director’s Fees

During the year ended December 31, 2020, the Company did not issue any 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 vested on May 19, 2020, the date of the Company’s 2020 Annual Meeting of Shareholders. Two non-employee directors elected to receive cash in lieu of the stock, which was paid in July 2019.

On May 23, 2018, the Company’s Board approved granting to each non-employee director an equity grant with an aggregate fair market value of $50,000 or, at the director’s election, its cash equivalent. On July 2, 2018, 2,778 shares of restricted stock were granted to one of the Company’s directors pursuant to the Board’s May 23, 2018 approval and the Company’s 2015 Plan. This restricted stock vested on May 20, 2019, the date of the Company’s 2019 Annual Meeting of Shareholders. Three non-employee directors elected to receive cash in lieu of the stock.

On May 25, 2017, the Company’s Board approved granting to each non-employee director an equity grant with an aggregate fair market value of $50,000 or, at the director’s election, its cash equivalent. On July 3, 2017, 5,334 shares of restricted stock were granted to two of the Company’s directors pursuant to the Board’s May 25, 2017 approval and the Company’s 2015 Plan. This restricted stock vested on May 23, 2018, the date of the Company’s 2018 Annual Meeting of Shareholders. Four non-employee directors elected to receive cash in lieu of the stock.

For each of the years ended December 31, 2020, 2019 and 2018, the Company recorded expense of $0.1 million, related to restricted stock awards to the Company’s directors.

Issuance of Common Stock for Officer Compensation

Pursuant to the Company’s 2015 Plan, the Company’s named executive officers (“NEOs”) were provided with the opportunity to elect to receive up to 50% of their discretionary cash incentive award for 2017 performance in shares of Company stock and four of the Company’s NEOs elected to do so. On March 15, 2018, 9,956 shares, net of shares withheld for taxes, of restricted stock were granted to four of the Company’s NEOs. The restricted stock vested immediately.

For the year ended December 31, 2018, the Company recorded expense of $0.2 million related to restricted stock awards to the Company’s NEOs.

Stock Based Compensation

12 Months Ended

Dec. 31, 2020

Stock Based Compensation

Stock Based Compensation

16. Stock Based Compensation

The Company’s 2015 Plan offers a stock incentive plan whereby awards are granted to certain employees and non-employee directors of the Company in various forms including restricted shares of Company common stock and options to purchase Company common stock. Awards are discretionary and determined by the Compensation Committee of the Board. Stock based compensation cost is measured at the grant date based on the fair value of the award and is typically recognized as expense on a straight-line basis over the requisite service period, which is the vesting period. As of December 31, 2020, 1,463,543 shares were available for awards under the 2015 Plan.

Total stock-based compensation recorded in other operating and corporate expenses on the consolidated statements of income is as follows:


	Year Ended December 31,
	2020		2019		2018
Stock compensation expense before tax benefit	$	45	$	77	$	71
Income tax benefit		(11)		(19)		(19)
	$	34	$	58	$	52

In 2019 and 2018, the Company granted 5,708 and 2,778 shares, respectively, of restricted stock awards to certain of the Company’s directors as fees for services rendered under the 2015 Plan, of which 5,708 and 2,778 and 5,334 vested during the years ended December 31, 2020, 2019 and 2018, respectively. As of December 31, 2020, there were no unvested restricted stock units outstanding. The weighted average grant date fair value of restricted stock units during 2019 and 2018 were $17.52 and $18.00, respectively. The total fair values of restricted stock units that vested were $0.1 million during each 2020, 2019 and 2018.

In 2018, the Company granted 9,956 shares, net of shares withheld for taxes, of restricted stock awards to certain of the Company’s NEO’s as their discretionary cash incentive award for 2017 performance under the 2015 Plan, of which all vested during the year ended December 31, 2018. The weighted average grant date fair value of the restricted stock units granted to the Company’s NEO’s during 2018 was $19.32. The total fair value of restricted stock units related to restricted stock awards to the Company’s NEO’s that vested were $0.2 million during 2018.

Employee Benefit Plan

12 Months Ended

Dec. 31, 2020

Employee Benefit Plan

Employee Benefit Plan

17. Employee Benefit Plan

The Company maintains a 401(k) retirement plan covering substantially all officers and employees of the Company, which permits participants to defer up to the maximum allowable amount determined by the IRS of their eligible compensation.

As part of the Pension Plan termination in 2014, the Company directed the Pension Plan to transfer $7.9 million of the Pension Plan’s surplus assets into a suspense account in the Company’s 401(k) plan. The Company has retained the risks and rewards of ownership of these assets; therefore, the assets held in the suspense account are included in the Company’s consolidated financial statements until they are allocated to participants. As of December 31, 2020 and 2019, the fair value of these assets was recorded in other assets on the Company’s consolidated balance sheets and were $1.2 million and $2.4 million, respectively.

The Company expenses the fair value of the assets at the time the assets are allocated to participants, which is expected to be allocated within the next year. During 2020 the Company recorded an expense of $1.2 million and during both 2019 and 2018, the Company recorded an expense of $1.1 million, for the fair value of the assets, less expenses, that were allocated to participants. Any gain or loss on these assets is reflected in the Company’s consolidated statements of income and was less than a $0.1 million gain during 2020 and less than a $0.1 million loss during both 2019 and 2018.

The entire disclosure for retirement benefits.

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RiverTown Impact Fees

12 Months Ended

Dec. 31, 2020

RiverTown Impact Fees

RiverTown Impact Fees

18. RiverTown Impact Fees

As part of the Company’s April 2014 RiverTown transaction, the buyer, an affiliate of Mattamy (Jacksonville) Partnership d/b/a Mattamy Homes (“Mattamy”), was obligated to pay certain impact fees to the Company prior to April 2, 2019 and, depending on circumstances, potentially thereafter. In June 2018, the Company received $23.1 million from Mattamy to pay the estimated impact fees based on Mattamy’s current development plans and the impact fee schedule in effect at the time of the payment. For the year ended December 31, 2018, the impact fees of $23.1 million were included in real estate revenue in the Company’s consolidated statements of income. Mattamy may be required to pay to the Company additional impact fees based on its future development plans. Any consideration the Company may receive for additional impact fees will be based on a variety of factors outside the Company’s control or ability to estimate, including impact fee increases or decreases by St. Johns County, home sizes and the number of homes built in the project. The Company received impact fees for a total of $1.7 million, $1.3 million and $23.7 million during 2020, 2019 and 2018, respectively.

Other Income, Net

12 Months Ended

Dec. 31, 2020

Other Income, Net

Other Income, Net

19. Other Income, Net

Other income (expense) consists of the following:



	Year Ended December 31,
	2020		2019		2018
Investment income, net
Interest and dividend income	$	1,121	$	7,375	$	9,060
Accretion income		74		84		684
Net realized (loss) gain on the sale of investments		(48)		87		(973)
Other-than-temporary impairment loss		—		—		(2,330)
Unrealized loss on investments, net		(4,688)		(5,342)		(3,035)
Interest income from investments in SPEs		8,180		8,190		8,197
Interest accrued on notes receivable and other interest		344		320		547
Total investment income, net		4,983		10,714		12,150
Interest expense
Interest expense and amortization of discount and issuance costs for Senior Notes issued by SPE		(8,813)		(8,801)		(8,788)
Other interest expense		(4,751)		(3,501)		(3,052)
Total interest expense		(13,564)		(12,302)		(11,840)
Gain on land contribution to equity method investment		19,983		2,317		—
Other income (expense), net
Accretion income from retained interest investments		1,391		1,325		1,232
Gain on insurance recovery		690		5,314		7,199
Loss from hurricane damage		(1,123)		(2,704)		(8,628)
Miscellaneous income, net		371		198		1,349
Other income, net		1,329		4,133		1,152
Total other income, net	$	12,731	$	4,862	$	1,462

Investment 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 investment in preferred stock. Accretion income includes the amortization of the premium or accretion of discount related to the Company’s available-for-sale securities, which is amortized based on an effective interest rate method over the term of the available-for-sale securities. Net realized (loss) gain on the sale of investments include the gains or losses recognized on the sale of available-for-sale and equity securities prior to maturity. Other-than-temporary impairment loss includes impairments related to the Company’s corporate debt securities for the year ended December 31, 2018. Unrealized loss on investments, net includes unrealized gains or losses on investments – equity securities.

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

Interest Expense

Interest expense includes interest incurred related to the Company’s Senior Notes issued by Northwest Florida Timber Finance, LLC, project financing, CDD debt 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 2020, 2019 and 2018 the Company capitalized $1.1 million, $0.6 million and $0.2 million, respectively, in interest related to projects under development or construction. These amounts are included within investment in real estate, net on the Company’s consolidated balance sheets.

Gain on Land Contribution to Equity Method Investment

Gain on land contribution to equity method investment for the year ended December 31, 2020 includes a gain of $15.3 million on land and $0.4 million on additional infrastructure improvements contributed to the Company’s unconsolidated Latitude Margaritaville Watersound JV. The $15.3 million gain on land contributed to the Latitude Margaritaville Watersound JV is comprised of $16.6 million for the present value of the land contribution, net of $1.3 million cost basis. The present value of the land contribution was based on the Company’s best estimate of the prevailing market rates for the source of credit using an imputed interest rate of 5.75%, the timing of home sales and an additional performance obligation to provide for infrastructure improvements in the vicinity of the contributed land. The year ended December 31, 2020 also includes a gain of $4.3 million on land and mitigation credits contributed to the Company’s unconsolidated Sea Sound Apartments JV. Gain on land contribution to equity method investment for the year ended December 31, 2019 includes a gain of $0.8 million on land contributed to the Company’s unconsolidated Busy Bee JV and a gain of $1.5 million on land and mitigation credits contributed to the Company’s unconsolidated Pier Park TPS JV. See Note 4. Joint Ventures for additional information.

Other Income, Net

Other income, net primarily includes income from the Company’s retained interest investments, gain on insurance recovery, loss from hurricane damage and other income and expense items.

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 year ended December 31, 2020 the Company had a $0.7 million gain on insurance recovery and incurred $1.1 million of loss from hurricane damage related to Hurricane Michael. During the year ended December 31, 2019 the company had a $5.3 million gain on insurance recovery and incurred $2.7 million of loss from hurricane damage related to Hurricane Michael. The year ended December 31, 2018 includes a $7.2 million gain on insurance recovery and $8.6 million of loss from hurricane damage, which includes $7.3 million for loss on disposal of assets related to damage and $1.3 million of expenses related to Hurricane Michael. See Note 7. Hurricane Michael for additional information.

Miscellaneous income, net for the year ended December 31, 2018 primarily consists of $2.2 million of income related to the final distribution from the Company’s unconsolidated ALP JV, offset by $0.6 million for a homeowners’ association settlement related to one of the Company’s residential communities.

Segment Information

12 Months Ended

Dec. 31, 2020

Segment Information

Segment Information

20. Segment Information

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

The Company uses income before 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 the same as those described herein. Total revenue represents sales to unaffiliated customers, as reported in the Company’s consolidated statements of income. 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 reportable segment is as follows:



	Year Ended December 31,
	2020		2019		2018
Operating revenue:
Residential^(a)	$	74,715	$	41,586	$	43,266
Hospitality		47,374		45,720		39,576
Commercial		36,665		38,823		24,620
Other^(b)		1,801		956		2,814
Consolidated operating revenue	$	160,555	$	127,085	$	110,276

Cost of revenue:
Cost of residential revenue	$	30,359	$	20,492	$	10,215
Cost of hospitality revenue		34,670		33,924		33,385
Cost of commercial revenue		12,228		9,593		7,494
Cost of other revenue		519		77		223
Consolidated cost of revenue	$	77,776	$	64,086	$	51,317

Other operating and corporate expenses:
Residential	$	5,283	$	4,873	$	4,717
Hospitality		1,180		838		533
Commercial		3,681		3,479		3,567
Other		12,762		12,199		11,740
Consolidated other operating and corporate expenses	$	22,906	$	21,389	$	20,557

Depreciation, depletion and amortization:
Residential	$	318	$	283	$	288
Hospitality		4,638		4,579		3,640
Commercial		6,987		5,253		4,925
Other		845		172		145
Consolidated depreciation, depletion and amortization	$	12,788	$	10,287	$	8,998

Investment income, net:
Residential and commercial	$	298	$	184	$	320
Other ^(c)		4,685		10,530		11,830
Consolidated investment income, net	$	4,983	$	10,714	$	12,150

Interest expense:
Residential	$	683	$	717	$	867
Hospitality		222		30		4
Commercial		3,836		2,739		2,180
Other ^(d)		8,823		8,816		8,789
Consolidated interest expense	$	13,564	$	12,302	$	11,840

Gain on land contribution to equity method investment:
Residential^(e)	$	15,706	$	—	$	—
Commercial^{(f) (g)}		3,949		2,244		—
Other		328		73		—
Consolidated gain on land contribution to equity method investment	$	19,983	$	2,317	$	—

Other (expense) income, net:
Residential	$	(22)	$	(217)	$	(508)
Hospitality		575		225		(259)
Commercial		51		1,190		(362)
Other		725		2,935		2,281
Other income, net	$	1,329	$	4,133	$	1,152

Income (loss) before equity in loss from unconsolidated affiliates and income taxes:
Residential^{(a) (e)}	$	53,998	$	15,144	$	26,919
Hospitality		7,238		6,574		1,817
Commercial ^{(f) (g)}		13,988		21,239		6,101
Other^(b)		(15,408)		(6,772)		(3,971)
Consolidated income before equity in loss from unconsolidated affiliates and income taxes	$	59,816	$	36,185	$	30,866

Equity in loss from unconsolidated affiliates:
Residential	$	(524)	$	(71)	$	—
Commercial		(142)		(6)		—
Consolidated equity in loss from unconsolidated affiliates	$	(666)	$	(77)	$	—

Capital expenditures:
Residential	$	33,634	$	28,639	$	15,865
Hospitality		42,770		15,923		7,400
Commercial		85,070		69,219		21,552
Other		769		505		379
Total capital expenditures	$	162,243	$	114,286	$	45,196


	December 31,		December 31,
	2020		2019
Investment in unconsolidated joint ventures:
Residential	$	24,287	$	791
Commercial		13,678		4,293
Total investment in unconsolidated joint ventures	$	37,965	$	5,084

Total assets:
Residential	$	172,610	$	139,349
Hospitality		146,724		89,570
Commercial		332,649		253,936
Other		385,341		426,378
Total assets	$	1,037,324	$	909,233

(a)	Includes revenue of $23.1 million in 2018 for a one-time receipt of RiverTown impact fees related to the 2014 RiverTown transaction. See Note 18. RiverTown Impact Fees.

(b)	Includes revenue of $2.2 million in 2018 related to a specific sale of mitigation bank credits.

(c)	Includes interest income from investments in SPEs of $8.2 million in each 2020, 2019 and 2018.

(d)	Includes interest expense from Senior Notes issued by SPE of $8.8 million in each 2020, 2019 and 2018.

(e)	Includes a gain of $15.7 million in 2020 on land and additional infrastructure improvements contributed to the unconsolidated Latitude Watersound Margaritaville JV. See Note 4. Joint Ventures and Note 19. Other Income, Net for additional information.

(f)	Includes a gain of $3.9 million in 2020 on land contributed to the Sea Sound Apartments JV. See Note 4. Joint Ventures and Note 19. Other Income, Net for additional information.

(g)	Includes a gain of $0.8 million in 2019 on land contributed to the Company’s unconsolidated Busy Bee JV and a gain of $1.4 million in 2019 on land contributed to the Company’s unconsolidated Pier Park TPS JV. See Note 4. Joint Ventures and Note 19. Other Income, Net for additional information.

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Commitments and Contingencies

Commitments and Contingencies

12 Months Ended

Dec. 31, 2020

Commitments and Contingencies

21. 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 that 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 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 and disputes, including environmental matters, are pending against the Company. Accrued aggregate liabilities related to the matters described above and other litigation matters were $0.7 million and $1.5 million as of December 31, 2020 and 2019, respectively. Significant judgment is required in both the determination of probability and 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 that 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.

In June 2020, the Company, as lender, entered into a $10.0 million secured revolving promissory note with the unconsolidated Latitude Margaritaville Watersound JV, as borrower. As of December 31, 2020, $2.7 million was outstanding on the Latitude Margaritaville Watersound JV Note. The Latitude Margaritaville Watersound JV Note was provided by the Company 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, with the aggregate unpaid principal and all accrued and unpaid interest due at maturity in June 2025. The Latitude Margaritaville Watersound JV Note is secured by a mortgage and security interest in and on the real property and improvements located on the real property of the JV. See Note 4. Joint Ventures and Note 9. Other Assets for additional information.

As of December 31, 2020 and 2019, the Company was required to provide surety bonds that guarantee completion of certain infrastructure in certain development projects and mitigation banks of $24.2 million and $10.7 million, respectively, as well as standby letters of credit in the amount of $6.6 million as of December 31, 2020, which may potentially result in liability to the Company if certain obligations of the Company are not met.

As of December 31, 2020, the Company had a total of $157.1 million in construction and development related contractual obligations, of which a significant portion will be funded through committed or new financing arrangements.

In January 2019, the Company’s unconsolidated Pier Park TPS JV, entered into a $14.4 million loan (the “Pier Park TPS JV Loan”). The Pier Park TPS JV Loan bears interest at LIBOR plus 2.5% and matures in January 2026. The Pier Park TPS JV Loan is secured by the real and personal property and an assignment of rents and the security interest in the rents. In connection with the Pier Park TPS JV Loan, the Company, a wholly-owned subsidiary of the Company and the Company’s JV partner entered into a joint and several payment and performance guarantee in favor of the lender. The Company’s liability as guarantor 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. The guarantee can become full recourse if the guarantor fails to abide by or perform any of the covenants or warranties; 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; or the dissolution of the borrower or guarantor. The Pier Park TPS 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 January 14, 2021 and matures on January 14, 2026 and fixed the variable rate on the related debt of $14.4 million to a rate of 5.21%. As of December 31, 2020 and 2019, $14.4 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 Busy Bee JV Construction Loan bears interest at LIBOR plus 1.5%, which was swapped to a fixed rate of 2.68%. The Busy Bee JV Equipment Loan bears interest at LIBOR plus 1.5%, which was swapped to a fixed rate of 2.08%. 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, the Company, a wholly-owned subsidiary of the Company and the Company’s JV partner entered into a joint and several payment and performance guarantee in favor of the lender through substantial completion, which occurred in June 2020. The Company’s liability as guarantor under the loans upon substantial completion was 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. The Busy Bee JV entered into an interest rate swap to hedge cash flows tied to changes in the underlying floating interest rate tied to LIBOR for the Busy Bee JV Construction Loan and the Busy Bee JV Equipment Loan. The Busy Bee JV Construction Loan interest rate swap was effective November 12, 2020 and matures on November 12, 2035 and fixed the variable rate debt, initially at $5.4 million amortizing to $2.8 million at swap maturity, to a rate of 2.68%. The Busy Bee JV Equipment Loan interest rate swap was effective November 12, 2020 and matures on November 12, 2027 and fixed the variable rate debt, initially at $1.2 million to maturity, to a rate of 2.08%. As of December 31, 2020 and 2019, $5.4 million and $1.4 million, respectively, was outstanding on the Busy Bee JV Construction Loan. As of December 31, 2020 and 2019, $1.2 million and less than $0.1 million, respectively, was outstanding on the Busy Bee JV Equipment Loan.

In November 2020, the Company’s unconsolidated Latitude Margaritaville Watersound JV, entered into a $25.0 million construction loan (the “Latitude Margaritaville Watersound JV Loan”). The Latitude Margaritaville Watersound JV Loan bears interest at LIBOR plus 2.5%, with a floor of 3.25%. The Latitude Margaritaville Watersound JV Loan matures in November 2023 and includes additional annual extension rights, subject to bank approval. The Latitude Margaritaville Watersound JV Loan is secured by the real and personal property, assignment of rents, leases and deposits and security interest in the land development, construction contracts, plans and specifications, permits, agreements, approvals, fees and deposits. In connection with the Latitude Margaritaville Watersound JV Loan, the Company and the Company’s JV partner entered into an unconditional guaranty of completion of certain homes in favor of the lender. As of December 31, 2020, $0.6 million was outstanding on the Latitude Margaritaville Watersound JV 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 December 31, 2020 and 2019. As of December 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 consolidated balance sheets.

As part of certain sales of timberlands in 2007, 2008 and 2014, the Company generated significant tax gains. The installment notes structure allowed the Company to defer the resulting federal tax liability of $33.7 million until 2022 - 2023 and $37.8 million until 2029, respectively, the maturity dates for the installment notes. The Company has a deferred tax liability related to the gains in connection with these sales.

Subsequent Event

12 Months Ended

Dec. 31, 2020

Subsequent Event

Subsequent Event

22. Subsequent Events

On February 23, 2021, the Company and FCM amended the Investment Management Agreement, to provide that the investment guidelines and restrictions described in the Amended Investment Management Agreement require that any new securities for purchase must be issues of the U.S. Treasury or U.S. Treasury Money Market Funds. The Amended Investment Management Agreement terminated specific restrictions from the previous investment guidelines and restrictions.

On February 24, 2021, the Company’s Board declared a cash dividend of $0.08 per share on the Company’s common stock, payable on March 30, 2021, to shareholders of record at the close of business on March 8, 2021.

Schedule III (Consolidated) - Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2020

SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]

SCHEDULE III (CONSOLIDATED) - REAL ESTATE AND ACCUMULATED DEPRECIATION

THE ST. JOE COMPANY

SCHEDULE III (CONSOLIDATED) - REAL ESTATE AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2020

(in thousands)


			Initial Cost to Company ^(b)						Gross Amount at December 31, 2020
							Costs Capitalized
							Subsequent to								Accumulated		Date of	Depreciation
			Land &		Buildings &		Acquisition or		Land & Land		Buildings and				Depreciation and		Construction or	Life
Description^(a)	Encumbrances		Improvements		Improvements		Construction ^(c)		Improvements		Improvements		Total		Amortization		Acquisition	(In Years)
Residential developments	$	1,976	$	42,248	$	14,846	$	73,071	$	122,826	$	7,339	$	130,165	$	4,744	through 2020	5 - 25
Hospitality
WaterColor Hospitality		—		1,137		13,688		11,387		2,216		23,996		26,212		11,194	2002, 2013, 2018 - 2020	5 - 40
Pier Park Hospitality		—		1,438		—		9,543		10,981		—		10,981		—	2019 - 2020	N/A
30A Hospitality		—		2,143		—		1,580		3,723		—		3,723		—	2020	N/A
Airport Hospitality		3,548		—		—		13,424		13,424				13,424		—	2019 - 2020	N/A
Breakfast Point Hospitality		—		—		—		5,848		5,848		—		5,848		—	2020	N/A
The Clubs by JOE		—		34,648		20,132		10,477		46,372		18,885		65,257		23,214	2001 - 2007, 2018 - 2020	10 - 25
Marinas		—		5,350		2,546		4,097		9,438		2,555		11,993		1,723	2006 - 2007, 2019 - 2020	15 - 25
Other		4,047		1,558		12,374		3,430		4,898		12,464		17,362		2,443	2008 - 2009, 2019 - 2020	5 - 39
Commercial
Leasing properties:
Pier Park North		44,568		13,711		35,243		3,115		13,711		38,358		52,069		11,086	2014 - 2017	15 - 39
Town centers		—		—		12,278		1,965		335		13,908		14,243		10,374	2001 - 2008	10 - 25
VentureCrossings		—		6,419		29,824		(2,032)		4,937		29,274		34,211		5,428	2012, 2017, 2019	10 - 39
Watersound Origins Crossings		27,179		739		3,457		29,129		29,868		3,457		33,325		—	2019 - 2020	N/A
Pier Park Crossings		36,084		8,228		27,820		—		8,228		27,820		36,048		1,396	2018 - 2020	7 - 39
Pier Park Crossings Phase II		15,921		3,528		15,389		158		3,686		15,389		19,075		46	2019 - 2020	7 - 39
Watercrest		18,066		894		—		27,266		28,160		—		28,160		—	2019 - 2020	N/A
Self-Storage		—		440		—		2,754		3,194		—		3,194		—	2020	N/A
Beckrich		5,421		2,200		13,298		183		2,223		13,458		15,681		741	2017 - 2020	5 - 39
Watersound Origins		—		1,216		1,835		40		1,256		1,835		3,091		102	2018 - 2020	15 - 25
Other		2,792		4,674		12,122		436		4,717		12,515		17,232		1,403	through 2020	10 - 39
Commercial developments		1,816		35,702		—		24,347		60,049		—		60,049		35	through 2020	5
Timberlands		—		6,571		1,758		13,254		19,825		1,758		21,583		1,986	n/a	5 - 30
Corporate and other		—		—		—		2,820		2,736		84		2,820		45	through 2020	5 - 20
Unimproved land		—		85		—		1,782		1,867		—		1,867		—	n/a	N/A
Total	$	161,418	$	172,929	$	216,610	$	238,074	$	404,518	$	223,095	$	627,613	$	75,960

(a)	Substantially all real estate properties are located in Northwest Florida.

(b)	Includes initial costs to the Company to place the assets in service.

(c)	Includes cumulative impairments.

Notes:

(A)	The aggregate cost of real estate owned at December 31, 2020 for federal income tax purposes is approximately $590.3 million.

(B)	Reconciliation of real estate owned (in thousands of dollars):


	December 31,		December 31,		December 31,
	2020		2019		2018
Balance at beginning of the year	$	505,032	$	418,494	$	404,376
Amounts capitalized		167,258		109,699		43,306
Impairments		—		—		(99)
Cost of real estate sold		(33,324)		(23,608)		(18,347)
Amounts retired or adjusted		(11,353)		447		(10,742)
Balance at the end of the year	$	627,613	$	505,032	$	418,494

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


	December 31,		December 31,		December 31,
	2020		2019		2018
Balance at beginning of the year	$	74,256	$	67,500	$	71,752
Depreciation expense		8,298		6,756		6,018
Amounts retired or adjusted		(6,594)		—		(10,270)
Balance at the end of the year	$	75,960	$	74,256	$	67,500

Schedule IV (Consolidated) - Mortgage Loans on Real Estate

12 Months Ended

Dec. 31, 2020

Mortgage Loans on Real Estate [Abstract]

SCHEDULE IV (CONSOLIDATED) - MORTGAGE LOANS ON REAL ESTATE

THE ST. JOE COMPANY

SCHEDULE IV (CONSOLIDATED) - MORTGAGE LOANS ON REAL ESTATE

DECEMBER 31, 2020

(in thousands)


									Principal Amount
									of Loans Subject
			Periodic		Face		Carrying		to Delinquent
	Interest		Payment	Prior	Amount of		Amount of		Principal
Description^(a)	Rate	Final Maturity Date	Terms	Liens	Mortgages		Mortgages		or Interest
Secured revolving promissory note with unconsolidated Latitude Margaritaville Watersound JV, homesite development	5.0%	June 2025	P&I^(b)	—	$	2,742	$	2,714	$	—
Seller financing, residential homesites	5.5%	July 2022	P&I^(c)	—		1,308		1,308		—
Seller financing, residential homesites	5.5%	November 2022	P&I^(c)	—		1,111		1,111		—
Seller financing, residential homesites	5.5%	December 2022	P&I^(c)	—		1,064		1,064		—
Seller financing, residential homesites	5.5%	November 2022	P&I^(c)	—		940		940		—
Seller financing, residential homesites	5.5%	December 2022	P&I^(c)	—		742		742		—
Seller financing, residential homesites	5.5%	June 2021	P&I^(c)	—		637		637		—
Seller financing, residential homesites	5.5%	December 2021	P&I^(c)	—		554		554		—
Seller financing, residential homesites	5.5%	September 2022	P&I^(c)	—		532		532		—
Seller financing, residential homesites	5.5%	September 2022	P&I^(c)	—		528		528		—
Seller financing, residential homesites	6.3%	March 2020	P&I^(d)	—		128		128		128
Various other seller financing, rural land	6.4% to 6.5%	December 2022 through November 2023	P&I^(e)	—		63		63		—
Total^(f)					$	10,349	$	10,321	$	128

(a)	All seller financed properties are located in Northwest Florida.

(b)

Principal and interest due at closing of each residential homesite to a third party. On the maturity date, all outstanding principal, all accrued interest and any other customary charges shall be due and payable in full. See Note 9. Other Assets for additional information related to the revolving promissory note.

(c)	Interest is paid quarterly over a twenty year amortization schedule. On the maturity date, all outstanding principal, all accrued interest and any other customary charges shall be due and payable in full.

(d)	Annual principal payment of $0.1 million due and interest is accrued over a twenty year amortization schedule. On the maturity date, all outstanding principal, all accrued interest and any other customary charges shall be due and payable in full. The loan was settled in January 2021.

(e)	Principal and interest is paid monthly.

(f)	The aggregate cost for federal income tax purposes approximates the amount of unpaid principal.

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


	December 31,		December 31,		December 31,
	2020		2019		2018
Balance at beginning of the year	$	2,683	$	1,462	$	2,995
Additions during the year - new mortgage loans		9,615		2,386		1,471
Deductions during the year:
Collections of principal		1,949		1,165		3,004
Foreclosures		—		—		—
Other		28		—		—
Balance at the end of the year	$	10,321	$	2,683	$	1,462

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2020

Basis of Presentation and Principles of Consolidation

Use of Estimates

Investment in Real Estate

Depreciation for operating property is computed on the straight-line method over the estimated economic life of the assets, as follows:


		Estimated Useful
		Life (in years)
Land		N/A
Land improvements		15 - 20
Buildings		20 - 40
Building improvements		5 - 25
Timber		N/A

Building improvements are amortized on a straight-line basis over the shorter of the minimum lease term or the estimated economic life of the assets.

Long-Lived Assets

●

a prolonged decrease in the value to below cost or demand for the Company’s properties;

●

a change in the expected use or development plans for the Company’s properties;

●

a material change in strategy that would affect the value of the Company’s properties;

●

continuing operating or cash flow loss for an operating property;

●

an accumulation of costs in excess of the projected costs for development or operating property; and

●

any other adverse change that may affect the value of the property.

●

the projected pace of sales of homesites based on estimated market conditions and the Company’s development plans;

●

estimated pricing and projected price appreciation over time;

●

the amount and trajectory of price appreciation over the estimated selling period;

●

the length of the estimated development and selling periods, which can differ depending on the size of the development and the number of phases to be developed;

●

the amount of remaining development costs, including the extent of infrastructure or amenities included in such development costs;

●

holding costs to be incurred over the selling period;

●

for bulk land sales of undeveloped and developed parcels future pricing is based upon estimated developed homesite pricing less estimated development costs and estimated developer profit;

●

for commercial, multi-family and senior living development property, future pricing is based on sales of comparable property in similar markets; and

●

whether liquidity is available to fund continued development.

For operating properties, an estimate of undiscounted cash flows also requires management to make assumptions about the use and disposition of such properties. These assumptions include:

●

Inventory

Timber Inventory

Inventory

Investment in Unconsolidated Joint Ventures

Cash and Cash Equivalents

Investments

Fair Value Measurements

Level 1. Quoted prices in active markets for identical assets or liabilities;

Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and

Level 3. Unobservable inputs in which there is little or no market data, such as internally-developed valuation models, which require the reporting entity to develop its own assumptions.

Comprehensive Income

The Company’s comprehensive income includes unrealized gains and losses on available-for-sale securities and restricted investments and fair value adjustments for cash flow hedges.

Receivables

Property and Equipment, net


		Estimated Useful
		Life (in years)
Railroad and equipment		15 - 30
Furniture and fixtures		5 - 10
Machinery and equipment		3 - 10
Office equipment		5 - 10
Autos, trucks and aircraft		5 - 10

Income Taxes

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.

Earnings Per Share

Revenue and Revenue Recognition

Real Estate Revenue

Hospitality Revenue

Leasing Revenue

Forestry Product Revenue

accordingly. The buyer pays the full purchase price when the contract is signed and the Company does not have any additional performance obligations.

The following represents revenue disaggregated by segment, good or service and timing:


	Year Ended December 31, 2020
	Residential		Hospitality		Commercial		Other		Total
Revenue by Major Good/Service:
Real estate revenue	$	74,137	$	—	$	11,689	$	1,801	$	87,627
Hospitality revenue		412		47,366		—		—		47,778
Leasing revenue		166		8		18,645		—		18,819
Timber revenue		—		—		6,331		—		6,331
Total revenue	$	74,715	$	47,374	$	36,665	$	1,801	$	160,555

Timing of Revenue Recognition:
Recognized at a point in time	$	74,549	$	36,262	$	18,020	$	1,801	$	130,632
Recognized over time		—		11,104		—		—		11,104
Over lease term		166		8		18,645		—		18,819
Total revenue	$	74,715	$	47,374	$	36,665	$	1,801	$	160,555


	Year Ended December 31, 2019
	Residential		Hospitality		Commercial		Other		Total
Revenue by Major Good/Service:
Real estate revenue	$	41,055	$	—	$	19,477	$	956	$	61,488
Hospitality revenue		496		45,616		—		—		46,112
Leasing revenue		35		104		15,442		—		15,581
Timber revenue		—		—		3,904		—		3,904
Total revenue	$	41,586	$	45,720	$	38,823	$	956	$	127,085

Timing of Revenue Recognition:
Recognized at a point in time	$	41,551	$	35,894	$	23,381	$	956	$	101,782
Recognized over time		—		9,722		—		—		9,722
Over lease term		35		104		15,442		—		15,581
Total revenue	$	41,586	$	45,720	$	38,823	$	956	$	127,085


	Year Ended December 31, 2018
	Residential		Hospitality		Commercial		Other		Total
Revenue by Major Good/Service:
Real estate revenue^(a)	$	42,761	$	—	$	6,608	$	2,814	$	52,183
Hospitality revenue		397		38,339		—		—		38,736
Leasing revenue		—		1,237		12,490		—		13,727
Timber revenue		108		—		5,522		—		5,630
Total revenue	$	43,266	$	39,576	$	24,620	$	2,814	$	110,276

Timing of Revenue Recognition:
Recognized at a point in time	$	43,266	$	30,068	$	12,130	$	2,814	$	88,278
Recognized over time		—		8,271		—		—		8,271
Over lease term		—		1,237		12,490		—		13,727
Total revenue	$	43,266	$	39,576	$	24,620	$	2,814	$	110,276

(a)	Residential real estate revenue includes revenue of $23.1 million in 2018 for a one-time receipt of RiverTown impact fees related to the 2014 RiverTown transaction. See Note 18. RiverTown Impact Fees.

Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements

Recently Adopted Accounting Pronouncements

Financial Instruments - Credit Losses

Codification Improvements to Financial Instruments

Recently Issued Accounting Pronouncements

Income Taxes

Investments - Equity Securities, Investments - Equity Method and Joint Ventures and Derivatives and Hedging

Reference Rate Reform

Codification Improvements

Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

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

The following represents revenue disaggregated by segment, good or service and timing:


	Year Ended December 31, 2020
	Residential		Hospitality		Commercial		Other		Total
Revenue by Major Good/Service:
Real estate revenue	$	74,137	$	—	$	11,689	$	1,801	$	87,627
Hospitality revenue		412		47,366		—		—		47,778
Leasing revenue		166		8		18,645		—		18,819
Timber revenue		—		—		6,331		—		6,331
Total revenue	$	74,715	$	47,374	$	36,665	$	1,801	$	160,555

Timing of Revenue Recognition:
Recognized at a point in time	$	74,549	$	36,262	$	18,020	$	1,801	$	130,632
Recognized over time		—		11,104		—		—		11,104
Over lease term		166		8		18,645		—		18,819
Total revenue	$	74,715	$	47,374	$	36,665	$	1,801	$	160,555


	Year Ended December 31, 2019
	Residential		Hospitality		Commercial		Other		Total
Revenue by Major Good/Service:
Real estate revenue	$	41,055	$	—	$	19,477	$	956	$	61,488
Hospitality revenue		496		45,616		—		—		46,112
Leasing revenue		35		104		15,442		—		15,581
Timber revenue		—		—		3,904		—		3,904
Total revenue	$	41,586	$	45,720	$	38,823	$	956	$	127,085

Timing of Revenue Recognition:
Recognized at a point in time	$	41,551	$	35,894	$	23,381	$	956	$	101,782
Recognized over time		—		9,722		—		—		9,722
Over lease term		35		104		15,442		—		15,581
Total revenue	$	41,586	$	45,720	$	38,823	$	956	$	127,085


	Year Ended December 31, 2018
	Residential		Hospitality		Commercial		Other		Total
Revenue by Major Good/Service:
Real estate revenue^(a)	$	42,761	$	—	$	6,608	$	2,814	$	52,183
Hospitality revenue		397		38,339		—		—		38,736
Leasing revenue		—		1,237		12,490		—		13,727
Timber revenue		108		—		5,522		—		5,630
Total revenue	$	43,266	$	39,576	$	24,620	$	2,814	$	110,276

Timing of Revenue Recognition:
Recognized at a point in time	$	43,266	$	30,068	$	12,130	$	2,814	$	88,278
Recognized over time		—		8,271		—		—		8,271
Over lease term		—		1,237		12,490		—		13,727
Total revenue	$	43,266	$	39,576	$	24,620	$	2,814	$	110,276

(a)	Residential real estate revenue includes revenue of $23.1 million in 2018 for a one-time receipt of RiverTown impact fees related to the 2014 RiverTown transaction. See Note 18. RiverTown Impact Fees.

Investment in real estate, net

Schedule of estimated economic life


		Estimated Useful
		Life (in years)
Land		N/A
Land improvements		15 - 20
Buildings		20 - 40
Building improvements		5 - 25
Timber		N/A

Property and equipment, net

Schedule of estimated economic life


		Estimated Useful
		Life (in years)
Railroad and equipment		15 - 30
Furniture and fixtures		5 - 10
Machinery and equipment		3 - 10
Office equipment		5 - 10
Autos, trucks and aircraft		5 - 10

Investment in Real Estate (Table) - Investment in real estate, net

12 Months Ended

Dec. 31, 2020

Real estate properties

Schedule of real estate by property type and segment


	December 31,		December 31,
	2020		2019
Development property:
Residential	$	116,911	$	115,384
Hospitality		51,113		12,229
Commercial		123,389		103,326
Other		2,691		2,631
Total development property		294,104		233,570

Operating property:
Residential		13,254		11,985
Hospitality		103,687		94,838
Commercial		216,439		164,589
Other		129		50
Total operating property		333,509		271,462
Less: Accumulated depreciation		75,960		74,256
Total operating property, net		257,549		197,206
Investment in real estate, net	$	551,653	$	430,776

Operating property

Real estate properties

Schedule of property


		December 31,		December 31,
		2020		2019
Land and land improvements	$	97,031	$	83,995
Buildings and building improvements		223,095		174,712
Timber		13,383		12,755
		333,509		271,462
Less: Accumulated depreciation		75,960		74,256
Total operating property, net	$	257,549	$	197,206

Joint Ventures (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of financial information of unconsolidated joint venture


	December 31,		December 31,
	2020		2019
Investment in unconsolidated joint ventures
Latitude Margaritaville Watersound JV	$	24,288	$	791
Pier Park TPS JV		2,149		3,083
Sea Sound Apartments JV		10,348		—
Busy Bee JV		1,180		1,210
Total investment in unconsolidated joint ventures	$	37,965	$	5,084

Outstanding debt of unconsolidated JVs
Latitude Margaritaville Watersound JV^(a)	$	3,297	$	—
Sea Sound Apartments JV		8,789		—
Pier Park TPS JV		14,388		6,791
Busy Bee JV		6,614		1,451
Total outstanding debt of unconsolidated JVs^(b)	$	33,088	$	8,242

(a)	See Note 9. Other Assets for additional information on the $10.0 million secured revolving promissory note the Company entered into with the unconsolidated Latitude Margaritaville Watersound JV.

(b)	See Note 21. Commitments and Contingencies for additional information.

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


	Year Ended December 31,
	2020		2019		2018
Equity in loss from unconsolidated affiliates
Latitude Margaritaville Watersound JV	$	(524)	$	(71)	$	—
Pier Park TPS JV		(112)		(6)		—
Busy Bee JV		(30)		—		—
Total equity in loss from unconsolidated affiliates	$	(666)	$	(77)	$	—

Latitude Margaritaville Watersound JV

Schedule of financial information of unconsolidated joint venture


	December 31,		December 31,
	2020		2019
BALANCE SHEETS:
Investment in real estate^(a)	$	18,255	$	1,116
Cash and cash equivalents		1,603		525
Other assets		136		—
Total assets	$	19,994	$	1,641

Debt, net	$	2,844	$	—
Other liabilities		1,794		58
Equity		15,356		1,583
Total liabilities and equity	$	19,994	$	1,641

(a)	As of December 31, 2020, investment in real estate includes the land contributed to the Latitude Margaritaville Watersound JV at the Company’s historical cost basis of $1.3 million and additional completed infrastructure improvements of $1.8 million.



	Year Ended December 31,
	2020			2019
STATEMENTS OF OPERATIONS:
Total expenses	$	1,005	$	142
Net loss	$	(1,005)	$	(142)

Sea Sound Apartments JV

Schedule of financial information of unconsolidated joint venture


	December 31,
	2020
BALANCE SHEET:
Investment in real estate	$	29,085
Cash and cash equivalents		15
Total assets	$	29,100

Debt, net	$	8,378
Other liabilities		3,439
Equity		17,283
Total liabilities and equity	$	29,100

Pier Park TPS JV

Schedule of financial information of unconsolidated joint venture


	December 31,		December 31,
	2020		2019
BALANCE SHEETS:
Property and equipment, net	$	17,946	$	14,775
Cash and cash equivalents		1,705		51
Other assets		483		12
Total assets	$	20,134	$	14,838

Debt, net	$	14,090	$	6,480
Other liabilities		1,745		2,193
Equity		4,299		6,165
Total liabilities and equity	$	20,134	$	14,838


	Year Ended December 31,
	2020		2019		2018
STATEMENTS OF OPERATIONS:
Total revenue	$	2,338	$	—	$	—

Expenses:
Cost of revenue		1,209		—		—
Other operating expenses		161		—		—
Depreciation and amortization		962		—		—
Total expenses		2,332		—		—
Operating income		6		—		—
Interest expense		(230)		(13)		—
Net loss	$	(224)	$	(13)	$	—

Busy Bee JV (SJBB, LLC)

Schedule of financial information of unconsolidated joint venture


	December 31,		December 31,
	2020		2019
BALANCE SHEETS:
Property and equipment, net	$	8,466	$	3,886
Cash and cash equivalents		227		36
Other assets		717		28
Total assets	$	9,410	$	3,950

Debt, net	$	6,532	$	1,349
Other liabilities		506		181
Equity		2,372		2,420
Total liabilities and equity	$	9,410	$	3,950


	Year Ended December 31,
	2020		2019
STATEMENTS OF OPERATIONS:
Total revenue	$	5,846	$	—

Expenses:
Cost of revenue		4,364		—
Other operating expenses		1,057		—
Depreciation and amortization		229		—
Total expenses		5,650		—
Operating income		196		—
Other expense:
Interest expense		(99)		—
Other expense, net		(145)		—
Total other expense		(244)
Net loss	$	(48)	$	—

Investments (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of Unrealized Loss Position and Related Fair Value of Investments

Schedule of Investments

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


	December 31, 2020
			Gross Unrealized		Gross Unrealized
	Amortized Cost		Gains		(Losses)		Fair Value
Investments - debt securities:
U.S. Treasury Bills	$	47,986	$	5	$	—	$	47,991
Corporate debt securities		60		—		—		60
		48,046		5		—		48,051
Restricted investments:
Short-term bond		1,160		11		—		1,171
		1,160		11		—		1,171
	$	49,206	$	16	$	—	$	49,222


	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

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


	December 31, 2020								December 31, 2019
	Less Than 12 Months				12 Months or Greater				Less Than 12 Months				12 Months or Greater
			Unrealized				Unrealized				Unrealized				Unrealized
	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
Investments - debt securities:
Corporate debt securities	$	—	$	—	$	—	$	—	$	—	$	—	$	53	$	125

Schedule of Contractual Maturities of Investments


	December 31, 2020
	Amortized Cost		Fair Value
Due in one year or less	$	48,046	$	48,051
Restricted investments		1,160		1,171
	$	49,206	$	49,222

Financial Instruments and Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2020

Financial Instruments and Fair Value Measurements

Schedule of Financial Instruments Measured at Fair Value on Recurring Basis

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


	December 31, 2020
							Total Fair
	Level 1		Level 2		Level 3		Value
Cash equivalents:
Money market funds	$	10,973	$	—	$	—	$	10,973
U.S. Treasury Bills		78,991		—		—		78,991
		89,964		—		—		89,964

Investments - debt securities:
U.S. Treasury Bills		47,991		—		—		47,991
Corporate debt securities		—		60		—		60
		47,991		60		—		48,051

Investments - equity securities:
Preferred stock		—		2,623		—		2,623
		—		2,623		—		2,623

Restricted investments:
Short-term bond		1,171		—		—		1,171
		1,171		—		—		1,171
	$	139,126	$	2,683	$	—	$	141,809


	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


		December 31, 2020
	Location in							Total Fair
	Balance Sheet	Level 1		Level 2		Level 3		Value
Derivative Liabilities:
Interest rate swap	Other liabilities	$	—	$	1,172	$	—	$	1,172
Interest rate swap - unconsolidated affiliate	Investment in unconsolidated joint ventures		—		821		—		821
		$	—	$	1,993	$	—	$	1,993


		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


	December 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	$	5,759	$	6,363	1	$	6,382	$	6,712	1
Liabilities
Debt
Fixed-rate debt	$	114,125	$	116,509	2	$	89,969	$	92,276	2
Variable-rate debt		47,293		47,293	2		4,538		4,538	2
Total debt	$	161,418	$	163,802		$	94,507	$	96,814
Senior Notes held by SPE	$	177,289	$	216,363	3	$	177,026	$	204,347	3

Leases (Tables)

12 Months Ended

Dec. 31, 2020

Leases

Schedule of components of leasing revenue


	Year Ended December 31,
	2020		2019		2018
Leasing revenue
Lease payments	$	14,710	$	11,637	$	10,660
Variable lease payments		4,109		3,944		3,067
Total leasing revenue	$	18,819	$	15,581	$	13,727

Schedule of minimum future base rental revenue



2021	$	14,820
2022		11,204
2023		8,967
2024		7,505
2025		5,076
Thereafter		14,656
	$	62,228

Schedule of lease cost



	Year Ended December 31,
	2020			2019
Lease cost
Finance lease cost:
Amortization of right-of-use assets	$	57		$	40
Interest on lease liability		11			9
Operating lease cost		289			238
Short-term lease cost		1,016			721
Total lease cost	$	1,373		$	1,008

Other information
Weighted-average remaining lease term - finance lease (in years)		3.9			4.2
Weighted-average remaining lease term - operating leases (in years)		3.9			3.1
Weighted-average discount rate - finance lease		5.0	%		5.0
Weighted-average discount rate - operating leases		4.9	%		5.0

Schedule of aggregate payments of finance lease liability

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


2021	$	94
2022		94
2023		94
2024		47
2025		12
Total		341
Less imputed interest		(25)
Total finance lease liability	$	316

Schedule of aggregate payments of operating lease liabilities

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


2021	$	256
2022		201
2023		158
2024		88
2025		37
Thereafter		281
Total		1,021
Less imputed interest		(213)
Total operating lease liabilities	$	808

Other Assets (Tables)

12 Months Ended

Dec. 31, 2020

Other Assets

Schedule of Other Assets


	December 31,		December 31,
	2020		2019
Restricted investments	$	1,171	$	2,364
Accounts receivable, net		10,791		6,957
Homesite sales receivable		5,675		5,211
Notes receivable, net		10,877		3,252
Income tax receivable		—		2,843
Inventory		2,026		1,384
Prepaid expenses		7,135		6,592
Straight-line rent		3,174		3,292
Operating lease right-of-use assets		808		691
Other assets		5,743		4,331
Retained interest investments		12,905		12,214
Accrued interest receivable for Senior Notes held by SPE		2,938		2,938
Total other assets	$	63,243	$	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		December 31, 2020
Homesite sales receivable	$	5,211	$	3,854	$	(3,390)	$	5,675


				Increases Due To		Decreases Due to
		Balance		Revenue Recognized		Amounts		Balance
		January 1, 2019		for Homesites Sold		Received/Transferred		December 31, 2019
Homesite sales receivable	$	2,977	$	4,755	$	(2,521)	$	5,211

Schedule of Notes Receivable, Net


	December 31,		December 31,
	2020		2019
Various interest bearing homebuilder notes, secured by the real estate sold — bearing interest at rates of 5.5% to 6.3% , due June 2021 through December 2022	$	7,544	$	2,598
Interest bearing revolving promissory note with the unconsolidated Latitude Margaritaville Watersound JV, secured by the JV's real property — bearing interest at a rate of 5.0%, matures June 2025		2,714		—
Interest bearing notes with JV partners, secured by the partner's membership interest in the JV — bearing interest at a rate of 8.0%, due May 2039 through July 2039		556		569
Various mortgage notes, secured by certain real estate, bearing interest at rates of 6.4% to 6.5%, due December 2022 through November 2023		63		85
Total notes receivable, net	$	10,877	$	3,252

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2020

Property and equipment, net

Property, plant and equipment

Schedule of property and equipment, net


	December 31,		December 31,
	2020		2019
Railroad and equipment	$	33,626	$	33,626
Furniture and fixtures		22,601		24,062
Machinery and equipment		13,502		11,100
Office equipment		4,607		5,920
Autos, trucks and aircraft		6,240		6,274
		80,576		80,982
Less: Accumulated depreciation		60,433		63,223
		20,143		17,759
Construction in progress		703		1,259
Total property and equipment, net	$	20,846	$	19,018

Debt, Net (Tables)

12 Months Ended

Dec. 31, 2020

Debt, Net

Schedule of Debt

Debt consists of the following:


	December 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%	$	44,568	$	314	$	44,254	$	45,514	$	380	$	45,134
PPC JV Loan, insured by HUD, due June 2060, bearing interest at 4.0%		36,084		1,079		35,005		34,610		1,087		33,523
Watersound Origins Crossings JV Loan, due May 2024, bearing interest at 5.0%		27,179		351		26,828		2,868		454		2,414
Watercrest JV Loan, due June 2047, bearing interest at LIBOR plus 2.2% (effective rate of 2.3% at December 31, 2020)		18,066		284		17,782		—		—		—
PPC II JV Loan, due October 2024, bearing interest at LIBOR plus 2.3% (effective rate of 2.4% at December 31, 2020)		15,921		198		15,723		—		—		—
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%		6,294		—		6,294		6,977		—		6,977
Beckrich Building III Loan, due August 2029, bearing interest at LIBOR plus 1.7% (effective rate of 1.8% at December 31, 2020)		5,421		59		5,362		—		—		—
Airport Hotel Loan, due March 2025, bearing interest at LIBOR plus 2.0%, with a floor rate of 3.0% (effective rate of 3.0% at December 31, 2020)		3,548		168		3,380		—		—		—
Beach Homes Loan, due May 2029, bearing interest at LIBOR plus 1.7% (effective rate of 1.8% at December 31, 2020)		1,545		17		1,528		1,594		20		1,574
Pier Park Outparcel Construction Loan, due March 2027, bearing interest at LIBOR plus 1.7% (effective rate of 1.8% at December 31, 2020)		1,458		12		1,446		1,535		14		1,521
WaterColor Crossings Construction Loan, due February 2029, bearing interest at LIBOR plus 1.7% (effective rate of 1.8% at December 31, 2020)		1,334		21		1,313		1,409		23		1,386
Total debt	$	161,418	$	2,503	$	158,915	$	94,507	$	1,978	$	92,529

Schedule of Aggregate Maturities of Debt

The aggregate maturities of debt subsequent to December 31, 2020 are:


	December 31,
	2020
2021	$	2,605
2022		3,402
2023		3,750
2024		44,993
2025		45,903
Thereafter		60,765
	$	161,418

Other Liabilities (Tables)

12 Months Ended

Dec. 31, 2020

Other Liabilities

Schedule of Other Liabilities


	December 31,		December 31,
	2020		2019
Accounts payable	$	25,376	$	16,207
Finance lease liability		316		204
Operating lease liabilities		808		691
Accrued compensation		3,337		3,151
Other accrued liabilities		6,892		3,277
Deferred revenue		16,632		18,972
Club initiation fees		10,716		6,917
Club membership deposits		3,764		3,985
Advance deposits		1,344		946
Accrued interest expense for Senior Notes held by SPE		2,850		2,850
Total other liabilities	$	72,035	$	57,200

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


	Club Initiation Fees
Balance as of January 1, 2020	$	6,917
New club memberships		6,268
Revenue from amounts included in contract liability opening balance		(2,062)
Revenue from current period new memberships		(407)
Balance as of December 31, 2020	$	10,716


	Club Initiation Fees
Balance as of January 1, 2019	$	5,676
New club memberships		3,083
Revenue from amounts included in contract liability opening balance		(1,553)
Revenue from current period new memberships		(289)
Balance as of December 31, 2019	$	6,917

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Taxes

Schedule of current and deferred income tax expense (benefit)


	Year Ended December 31,
	2020		2019		2018
Current:
Federal	$	5,146	$	1,070	$	4,305
State		—		—		—
Total		5,146		1,070		4,305
Deferred:
Federal		6,321		5,903		488
State		2,203		2,474		(5,529)
Total		8,524		8,377		(5,041)
Income tax expense (benefit)	$	13,670	$	9,447	$	(736)

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


	Year Ended December 31,
	2020		2019		2018
Income tax expense (benefit)	$	13,670	$	9,447	$	(736)
Income tax recorded in accumulated other comprehensive loss
Income tax (benefit) expense		(386)		116		685
Total income tax expense (benefit)	$	13,284	$	9,563	$	(51)

Schedule of effective income tax rate reconciliation


	Year Ended December 31,
	2020		2019		2018
Tax at the statutory federal rate	$	12,385	$	7,607	$	6,643
State income taxes (net of federal benefit)		2,203		1,477		1,392
Decrease in valuation allowance, net		—		—		(4,993)
Decrease in uncertain tax positions		—		—		(2,165)
Change in US and State tax rates		—		1,006		(1,035)
Income tax credits		(454)		—		—
Benefit of Qualified Opportunity Zone investment		(161)		(561)		—
Dividend received deduction		(33)		(188)		(322)
Other permanent items		(270)		106		(256)
Total income tax expense (benefit)	$	13,670	$	9,447	$	(736)

Schedule of deferred tax assets and liabilities


	December 31,		December 31,
	2020		2019
Deferred tax assets:
State net operating loss carryforwards	$	13,355	$	14,316
Impairment losses		33,660		36,751
Prepaid income from land sales		3,812		3,180
Capitalized costs		2,851		2,468
Reserves and accruals		1,586		1,672
Unrealized losses on investments		3,403		2,282
Other		765		765
Total gross deferred tax assets		59,432		61,434
Deferred tax liabilities:
Investment in real estate and property and equipment basis differences		5,929		4,000
Deferred gain on land sales and involuntary conversions		29,101		24,956
Installment sales		83,337		83,275
Pension Plan assets transferred to the 401(k) plan		287		580
Other		1,693		1,431
Total gross deferred tax liabilities		120,347		114,242
Net deferred tax liabilities	$	(60,915)	$	(52,808)

Accumulated Other Comprehensive Loss (Tables)

12 Months Ended

Dec. 31, 2020

Summary of Changes in Accumulated Other Comprehensive Loss


	Unrealized (Loss) Gain		Unrealized Loss
	on Available-for-		Cash Flow
	Sale Securities		Hedge		Total
Accumulated other comprehensive loss at December 31, 2018	$	(674)	$	—	$	(674)
Other comprehensive income (loss) before reclassifications		642		(251)		391
Amounts reclassified from accumulated other comprehensive loss		(52)		—		(52)
Other comprehensive income (loss)		590		(251)		339
Accumulated other comprehensive loss at December 31, 2019	$	(84)	$	(251)	$	(335)
Other comprehensive income (loss) before reclassifications		103		(1,237)		(1,134)
Amounts reclassified from accumulated other comprehensive loss		(3)		—		(3)
Other comprehensive income (loss)		100		(1,237)		(1,137)
Accumulated other comprehensive income (loss) at December 31, 2020	$	16	$	(1,488)	$	(1,472)

Summary of Tax Effects Allocated to Other Comprehensive Income


	Year Ended December 31, 2020
	Before-		Tax (Expense) or		Net-of-
	Tax Amount		Benefit		Tax Amount
Unrealized gain on available-for-sale investments	$	130	$	(33)	$	97
Unrealized gain on restricted investments		8		(2)		6
Interest rate swap		(836)		212		(624)
Interest rate swap - unconsolidated affiliate		(821)		208		(613)
Reclassification adjustment for net gain included in earnings		(4)		1		(3)
Net unrealized loss		(1,523)		386		(1,137)
Other comprehensive loss	$	(1,523)	$	386	$	(1,137)


	Year Ended December 31, 2019
	Before-		Tax (Expense) or		Net-of-
	Tax Amount		Benefit		Tax Amount
Unrealized gain on available-for-sale investments	$	842	$	(214)	$	628
Unrealized gain on restricted investments		18		(4)		14
Interest rate swap		(336)		85		(251)
Reclassification adjustment for net gain included in earnings		(69)		17		(52)
Net unrealized gain		455		(116)		339
Other comprehensive income	$	455	$	(116)	$	339

Stock Based Compensation (Tables)

12 Months Ended

Dec. 31, 2020

Stock Based Compensation

Stock-Based Compensation Recognized as Expense


	Year Ended December 31,
	2020		2019		2018
Stock compensation expense before tax benefit	$	45	$	77	$	71
Income tax benefit		(11)		(19)		(19)
	$	34	$	58	$	52

Other Income, Net - (Tables)

12 Months Ended

Dec. 31, 2020

Other Income, Net

Schedule of Other (Expense) Income, Net



	Year Ended December 31,
	2020		2019		2018
Investment income, net
Interest and dividend income	$	1,121	$	7,375	$	9,060
Accretion income		74		84		684
Net realized (loss) gain on the sale of investments		(48)		87		(973)
Other-than-temporary impairment loss		—		—		(2,330)
Unrealized loss on investments, net		(4,688)		(5,342)		(3,035)
Interest income from investments in SPEs		8,180		8,190		8,197
Interest accrued on notes receivable and other interest		344		320		547
Total investment income, net		4,983		10,714		12,150
Interest expense
Interest expense and amortization of discount and issuance costs for Senior Notes issued by SPE		(8,813)		(8,801)		(8,788)
Other interest expense		(4,751)		(3,501)		(3,052)
Total interest expense		(13,564)		(12,302)		(11,840)
Gain on land contribution to equity method investment		19,983		2,317		—
Other income (expense), net
Accretion income from retained interest investments		1,391		1,325		1,232
Gain on insurance recovery		690		5,314		7,199
Loss from hurricane damage		(1,123)		(2,704)		(8,628)
Miscellaneous income, net		371		198		1,349
Other income, net		1,329		4,133		1,152
Total other income, net	$	12,731	$	4,862	$	1,462

Segment Information (Tables)

12 Months Ended

Dec. 31, 2020

Segment Information

Schedule of Information by Business Segment



	Year Ended December 31,
	2020		2019		2018
Operating revenue:
Residential^(a)	$	74,715	$	41,586	$	43,266
Hospitality		47,374		45,720		39,576
Commercial		36,665		38,823		24,620
Other^(b)		1,801		956		2,814
Consolidated operating revenue	$	160,555	$	127,085	$	110,276

Cost of revenue:
Cost of residential revenue	$	30,359	$	20,492	$	10,215
Cost of hospitality revenue		34,670		33,924		33,385
Cost of commercial revenue		12,228		9,593		7,494
Cost of other revenue		519		77		223
Consolidated cost of revenue	$	77,776	$	64,086	$	51,317

Other operating and corporate expenses:
Residential	$	5,283	$	4,873	$	4,717
Hospitality		1,180		838		533
Commercial		3,681		3,479		3,567
Other		12,762		12,199		11,740
Consolidated other operating and corporate expenses	$	22,906	$	21,389	$	20,557

Depreciation, depletion and amortization:
Residential	$	318	$	283	$	288
Hospitality		4,638		4,579		3,640
Commercial		6,987		5,253		4,925
Other		845		172		145
Consolidated depreciation, depletion and amortization	$	12,788	$	10,287	$	8,998

Investment income, net:
Residential and commercial	$	298	$	184	$	320
Other ^(c)		4,685		10,530		11,830
Consolidated investment income, net	$	4,983	$	10,714	$	12,150

Interest expense:
Residential	$	683	$	717	$	867
Hospitality		222		30		4
Commercial		3,836		2,739		2,180
Other ^(d)		8,823		8,816		8,789
Consolidated interest expense	$	13,564	$	12,302	$	11,840

Gain on land contribution to equity method investment:
Residential^(e)	$	15,706	$	—	$	—
Commercial^{(f) (g)}		3,949		2,244		—
Other		328		73		—
Consolidated gain on land contribution to equity method investment	$	19,983	$	2,317	$	—

Other (expense) income, net:
Residential	$	(22)	$	(217)	$	(508)
Hospitality		575		225		(259)
Commercial		51		1,190		(362)
Other		725		2,935		2,281
Other income, net	$	1,329	$	4,133	$	1,152

Income (loss) before equity in loss from unconsolidated affiliates and income taxes:
Residential^{(a) (e)}	$	53,998	$	15,144	$	26,919
Hospitality		7,238		6,574		1,817
Commercial ^{(f) (g)}		13,988		21,239		6,101
Other^(b)		(15,408)		(6,772)		(3,971)
Consolidated income before equity in loss from unconsolidated affiliates and income taxes	$	59,816	$	36,185	$	30,866

Equity in loss from unconsolidated affiliates:
Residential	$	(524)	$	(71)	$	—
Commercial		(142)		(6)		—
Consolidated equity in loss from unconsolidated affiliates	$	(666)	$	(77)	$	—

Capital expenditures:
Residential	$	33,634	$	28,639	$	15,865
Hospitality		42,770		15,923		7,400
Commercial		85,070		69,219		21,552
Other		769		505		379
Total capital expenditures	$	162,243	$	114,286	$	45,196


	December 31,		December 31,
	2020		2019
Investment in unconsolidated joint ventures:
Residential	$	24,287	$	791
Commercial		13,678		4,293
Total investment in unconsolidated joint ventures	$	37,965	$	5,084

Total assets:
Residential	$	172,610	$	139,349
Hospitality		146,724		89,570
Commercial		332,649		253,936
Other		385,341		426,378
Total assets	$	1,037,324	$	909,233

(a)	Includes revenue of $23.1 million in 2018 for a one-time receipt of RiverTown impact fees related to the 2014 RiverTown transaction. See Note 18. RiverTown Impact Fees.

(b)	Includes revenue of $2.2 million in 2018 related to a specific sale of mitigation bank credits.

(c)	Includes interest income from investments in SPEs of $8.2 million in each 2020, 2019 and 2018.

(d)	Includes interest expense from Senior Notes issued by SPE of $8.8 million in each 2020, 2019 and 2018.

(e)	Includes a gain of $15.7 million in 2020 on land and additional infrastructure improvements contributed to the unconsolidated Latitude Watersound Margaritaville JV. See Note 4. Joint Ventures and Note 19. Other Income, Net for additional information.

(f)	Includes a gain of $3.9 million in 2020 on land contributed to the Sea Sound Apartments JV. See Note 4. Joint Ventures and Note 19. Other Income, Net for additional information.

(g)	Includes a gain of $0.8 million in 2019 on land contributed to the Company’s unconsolidated Busy Bee JV and a gain of $1.4 million in 2019 on land contributed to the Company’s unconsolidated Pier Park TPS JV. See Note 4. Joint Ventures and Note 19. Other Income, Net for additional information.

Nature of Operations - Real Estate Assets (Details)	12 Months Ended
Nature of Operations - Real Estate Assets (Details)	Dec. 31, 2020 segment
Real estate
Number of reportable segments	3
Florida's Bay, Gulf, and Walton counties
Real estate
Percentage of real estate within geographical region	86.00%
Within fifteen miles of the Gulf of Mexico
Real estate
Percentage of real estate within geographical region	90.00%
Commercial
Real estate
Number of reportable segments	1

Significant Accounting Policies - Investment in Real Estate (Details)	12 Months Ended
	Dec. 31, 2020
Land improvements \| Minimum
Real estate
Estimated useful life (in years)	15 years
Land improvements \| Maximum
Real estate
Estimated useful life (in years)	20 years
Buildings \| Minimum
Real estate
Estimated useful life (in years)	20 years
Buildings \| Maximum
Real estate
Estimated useful life (in years)	40 years
Building improvements \| Minimum
Real estate
Estimated useful life (in years)	5 years
Building improvements \| Maximum
Real estate
Estimated useful life (in years)	25 years

Significant Accounting Policies - Timber Inventory (Details)	12 Months Ended
	Dec. 31, 2020
Significant Accounting Policies
Timber holdings valuation sample (as a percent)	20.00%

Significant Accounting Policies - Receivables (Details)	12 Months Ended
Significant Accounting Policies - Receivables (Details)	Dec. 31, 2020
Significant Accounting Policies
Receivables, write off period	90 days

Significant Accounting Policies - Property and Equipment, Net (Details)	12 Months Ended
	Dec. 31, 2020
Railroad and equipment \| Minimum
Property, plant and equipment
Estimated useful life (in years)	15 years
Railroad and equipment \| Maximum
Property, plant and equipment
Estimated useful life (in years)	30 years
Furniture and fixtures \| Minimum
Property, plant and equipment
Estimated useful life (in years)	5 years
Furniture and fixtures \| Maximum
Property, plant and equipment
Estimated useful life (in years)	10 years
Machinery and equipment \| Minimum
Property, plant and equipment
Estimated useful life (in years)	3 years
Machinery and equipment \| Maximum
Property, plant and equipment
Estimated useful life (in years)	10 years
Office equipment \| Minimum
Property, plant and equipment
Estimated useful life (in years)	5 years
Office equipment \| Maximum
Property, plant and equipment
Estimated useful life (in years)	10 years
Autos, trucks and aircraft \| Minimum
Property, plant and equipment
Estimated useful life (in years)	5 years
Autos, trucks and aircraft \| Maximum
Property, plant and equipment
Estimated useful life (in years)	10 years

Significant Accounting Policies - Concentrations (Details) $ in Thousands	Dec. 31, 2020 USD ($) issuer	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Concentration risk
Cash and cash equivalents	$ 106,794	$ 185,716	$ 195,155
Investments - debt securities	48,051	53
Investments - equity securities	2,623	9,746
Preferred stock
Concentration risk
Investments - equity securities	2,600	$ 9,700
Credit concentration risk \| Assets
Concentration risk
Cash amount not insured by FDIC	15,600
Credit concentration risk \| Assets \| U.S. Treasury Bills
Concentration risk
Cash and cash equivalents	79,000
Credit concentration risk \| Assets \| U.S. Treasury Bills \| Non-investment grade
Concentration risk
Investments - debt securities	48,000
Credit concentration risk \| Assets \| Money Market Funds
Concentration risk
Cash and cash equivalents	11,000
Credit concentration risk \| Assets \| Preferred stock
Concentration risk
Investments - equity securities	$ 2,600
Credit concentration risk \| Assets \| Preferred stock \| Non-investment grade
Concentration risk
Number of issuers \| issuer	3

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

Significant Accounting Policies - Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Real estate
Disaggregation of revenue
Revenue	$ 87,627	$ 61,488	$ 52,183
Homebuilder homesite sales, Lot residuals
Disaggregation of revenue
Revenue	1,900	2,500	1,000
Homebuilder homesite sales, Certain products and services
Disaggregation of revenue
Revenue	$ 1,900	$ 2,300	$ 1,100

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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Investments - equity securities

Significant Accounting Policies - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disaggregation of revenue
Leasing revenue	$ 18,819	$ 15,581
Leasing revenue			$ 13,727
Total revenue	160,555	127,085	110,276
Recognized at a point in time
Disaggregation of revenue
Revenue	130,632	101,782	88,278
Recognized over time
Disaggregation of revenue
Revenue	11,104	9,722	8,271
Real estate
Disaggregation of revenue
Revenue	87,627	61,488	52,183
Homebuilder homesite sales, Lot residuals
Disaggregation of revenue
Revenue	1,900	2,500	1,000
Homebuilder homesite sales, Certain products and services
Disaggregation of revenue
Revenue	1,900	2,300	1,100
Hospitality
Disaggregation of revenue
Revenue	47,778	46,112	38,736
Timber
Disaggregation of revenue
Revenue	6,331	3,904	5,630
Operating Segments \| Residential
Disaggregation of revenue
Leasing revenue	166	35
Total revenue	74,715	41,586	43,266
Operating Segments \| Residential \| Recognized at a point in time
Disaggregation of revenue
Revenue	74,549	41,551	43,266
Operating Segments \| Residential \| Real estate
Disaggregation of revenue
Revenue	74,137	41,055	42,761
Operating Segments \| Residential \| Real estate \| Mattamy - RiverTown sale
Disaggregation of revenue
Revenue			23,100
Operating Segments \| Residential \| Hospitality
Disaggregation of revenue
Revenue	412	496	397
Operating Segments \| Residential \| Timber
Disaggregation of revenue
Revenue			108
Operating Segments \| Hospitality
Disaggregation of revenue
Leasing revenue	8	104
Leasing revenue			1,237
Total revenue	47,374	45,720	39,576
Operating Segments \| Hospitality \| Recognized at a point in time
Disaggregation of revenue
Revenue	36,262	35,894	30,068
Operating Segments \| Hospitality \| Recognized over time
Disaggregation of revenue
Revenue	11,104	9,722	8,271
Operating Segments \| Hospitality \| Hospitality
Disaggregation of revenue
Revenue	47,366	45,616	38,339
Operating Segments \| Commercial
Disaggregation of revenue
Leasing revenue	18,645	15,442
Leasing revenue			12,490
Total revenue	36,665	38,823	24,620
Operating Segments \| Commercial \| Recognized at a point in time
Disaggregation of revenue
Revenue	18,020	23,381	12,130
Operating Segments \| Commercial \| Real estate
Disaggregation of revenue
Revenue	11,689	19,477	6,608
Operating Segments \| Commercial \| Timber
Disaggregation of revenue
Revenue	6,331	3,904	5,522
Other
Disaggregation of revenue
Total revenue	1,801	956	2,814
Other \| Recognized at a point in time
Disaggregation of revenue
Revenue	1,801	956	2,814
Other \| Real estate
Disaggregation of revenue
Revenue	$ 1,801	$ 956	$ 2,814

Significant Accounting Policies - Recently Issued Accounting Pronouncements (Details) - USD ($) $ in Thousands	Jan. 01, 2020	Dec. 31, 2020	Dec. 31, 2019
New accounting pronouncements or change in accounting principle
Retained earnings		$ 255,216	$ 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
Adjustment \| ASU 2016-13
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
Adjustment \| ASU 2016-13 \| 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	Dec. 31, 2020	Dec. 31, 2019
Real estate properties
Less: Accumulated depreciation	$ 75,960
Investment in real estate, net	551,653	$ 430,776
Development property
Real estate properties
Investment in real estate, net	294,104	233,570
Development property \| Other
Real estate properties
Investment in real estate, net	2,691	2,631
Development property \| Residential \| Operating Segments
Real estate properties
Investment in real estate, net	116,911	115,384
Development property \| Hospitality \| Operating Segments
Real estate properties
Investment in real estate, net	51,113	12,229
Development property \| Commercial \| Operating Segments
Real estate properties
Investment in real estate, net	123,389	103,326
Operating property
Real estate properties
Operating property	333,509	271,462
Less: Accumulated depreciation	75,960	74,256
Investment in real estate, net	257,549	197,206
Operating property \| Other
Real estate properties
Operating property	129	50
Operating property \| Residential \| Operating Segments
Real estate properties
Operating property	13,254	11,985
Operating property \| Hospitality \| Operating Segments
Real estate properties
Operating property	103,687	94,838
Operating property \| Commercial \| Operating Segments
Real estate properties
Operating property	$ 216,439	$ 164,589

Investment in Real Estate - Operating Property (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Real estate properties
Less: Accumulated depreciation	$ 75,960
Investment in real estate, net	551,653	$ 430,776
Operating property
Real estate properties
Investment in real estate	333,509	271,462
Less: Accumulated depreciation	75,960	74,256
Investment in real estate, net	257,549	197,206
Operating property \| Land and land improvements
Real estate properties
Investment in real estate	97,031	83,995
Operating property \| Building and Building improvements
Real estate properties
Investment in real estate	223,095	174,712
Operating property \| Timberlands
Real estate properties
Investment in real estate	$ 13,383	$ 12,755

Investment in Real Estate - Depreciation, Depletion and Amortization (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Investment in Real Estate
Depreciation expense related to real estate investments	$ 8.3	$ 6.8	$ 6.0
Depletion and amortization	$ 0.4	$ 0.3	$ 0.5

Joint Ventures - General (Details) - USD ($) $ in Millions	Dec. 31, 2020	Jun. 30, 2020
Latitude Margaritaville Watersound JV
Investments
Amount as lender of secured revolving promissory note	$ 10.0	$ 10.0

Joint Ventures - Consolidated Joint Ventures (Details) $ in Millions	1 Months Ended	8 Months Ended	12 Months Ended
	Sep. 30, 2019 USD ($) item	Aug. 31, 2019	Dec. 31, 2020 item room	Dec. 31, 2019	Mar. 31, 2020 item
Lodge 30A JV
Variable interest entity
Variable interest entity, ownership percentage			52.80%
Pier Park Resort Hotel JV
Variable interest entity
Variable interest entity, ownership percentage			70.00%
Pier Park Resort Hotel JV \| Hotel
Variable interest entity
Number of units to be developed \| room			255
Pier Park Crossings Phase II JV
Variable interest entity
Variable interest entity, ownership percentage			75.00%	75.00%
Pier Park Crossings Phase II JV \| Apartment
Variable interest entity
Number of units completed			120
Watersound Closings JV
Variable interest entity
Variable interest entity, ownership percentage			58.00%	66.00%
Watercrest JV
Variable interest entity
Variable interest entity, ownership percentage			87.00%	87.00%
Watercrest JV \| Senior living community
Variable interest entity
Number of units completed			107
Watersound Origins Crossings JV
Variable interest entity
Variable interest entity, ownership percentage			75.00%	75.00%
Watersound Origins Crossings JV \| Apartment
Variable interest entity
Number of units remaining to be constructed			199
Number of units to be developed, under development, or developed and constructed			217
Pier Park Crossings JV
Variable interest entity
Number of units completed					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%
Windmark JV
Variable interest entity
Variable interest entity, ownership percentage		49.00%	100.00%
Number of members property was distributed to and purchased from	2
Total consideration \| $	$ 11.6

Joint Ventures - Investment in Unconsolidated JVs (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Investments
Investment in unconsolidated joint ventures	$ 37,965	$ 5,084
Latitude Margaritaville Watersound JV
Investments
Investment in unconsolidated joint ventures	24,288	791
Pier Park TPS JV
Investments
Investment in unconsolidated joint ventures	2,149	3,083
Sea Sound Apartments JV
Investments
Investment in unconsolidated joint ventures	10,348
Busy Bee JV (SJBB, LLC)
Investments
Investment in unconsolidated joint ventures	$ 1,180	$ 1,210

Joint Ventures - Unconsolidated JV Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Investments
Outstanding debt	$ 161,418		$ 94,507
Unconsolidated joint ventures
Investments
Outstanding debt	33,088		8,242
Latitude Margaritaville Watersound JV
Investments
Outstanding debt	3,297
Sea Sound Apartments JV
Investments
Outstanding debt	8,789
Pier Park TPS JV
Investments
Outstanding debt	14,388		6,791
Busy Bee JV (SJBB, LLC)
Investments
Outstanding debt	6,614		$ 1,451
Latitude Margaritaville Watersound JV
Investments
Amount as lender of secured revolving promissory note	$ 10,000	$ 10,000

Joint Ventures - Equity in Loss of Unconsolidated JV Debt (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Investments
Equity in loss from unconsolidated affiliates	$ (666)	$ (77)
Latitude Margaritaville Watersound JV
Investments
Equity in loss from unconsolidated affiliates	(524)	(71)
Pier Park TPS JV
Investments
Equity in loss from unconsolidated affiliates	(112)	$ (6)
Busy Bee JV (SJBB, LLC)
Investments
Equity in loss from unconsolidated affiliates	$ (30)

Joint Ventures - Unconsolidated JV - Latitude Margaritaville Watersound JV (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($) item site home	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Summarized financial information
Investment in real estate	$ 551,653	$ 430,776
Cash and cash equivalents	106,794	185,716	$ 195,155
Other assets	63,243	52,069
Total assets	1,037,324	909,233
Debt, net	158,915	92,529
Other liabilities	72,035	57,200
Equity	568,170	529,670	533,111	$ 592,584
Total liabilities and equity	1,037,324	909,233
Total expenses	113,470	95,762	80,872
Net income	45,480	26,661	$ 31,602
Latitude Margaritaville Watersound JV
Investments
Contractual value of land and improvements to be contributed	35,000
Cash contributed	6,700
Net present value of land contribution	16,600
Cash contributed by JV partner	$ 6,700
Imputed interest rate (as a percent)	5.75%
Amount of infrastructure improvements completed	$ 1,800
Variable interest entity, ownership percentage	50.00%
Average amount of land contribution returned per home	$ 10
Summarized financial information
Historical cost basis of land contributed	1,300
Amount of infrastructure improvements completed	1,800
Latitude Margaritaville Watersound JV
Summarized financial information
Investment in real estate	18,255	1,116
Cash and cash equivalents	1,603	525
Other assets	136
Total assets	19,994	1,641
Debt, net	2,844
Other liabilities	1,794	58
Equity	15,356	1,583
Total liabilities and equity	19,994	1,641
Total expenses	1,005	142
Net income	$ (1,005)	$ (142)
Latitude Margaritaville Watersound JV \| Residential homes
Investments
Number of units under construction \| home	13
Number of units to be developed, under development, or developed and constructed \| item	3,500
Latitude Margaritaville Watersound JV \| Homesites
Investments
Number of units under construction \| site	629

Joint Ventures - Unconsolidated JV - Sea Sound Apartments JV (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Jan. 31, 2020 USD ($)	Dec. 31, 2020 USD ($) item	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Investments
Net income		$ 45,480	$ 26,661	$ 31,602
Outstanding debt		161,418	94,507
Summarized financial information
Investment in real estate		551,653	430,776
Cash and cash equivalents		106,794	185,716	195,155
Total assets		1,037,324	909,233
Debt, net		158,915	92,529
Other liabilities		72,035	57,200
Equity		568,170	529,670	$ 533,111	$ 592,584
Total liabilities and equity		1,037,324	909,233
Sea Sound Apartments JV
Investments
Value of land contributed	$ 5,100
Mitigation bank credits contributed		400
Cash contributed		4,900
Net income		$ 0
Ownership percentage		60.00%
Unconsolidated joint ventures
Investments
Outstanding debt		$ 33,088	$ 8,242
Sea Sound Apartments JV
Investments
Cash contributed by JV partner		6,900
Outstanding debt		8,789
Summarized financial information
Investment in real estate		29,085
Cash and cash equivalents		15
Total assets		29,100
Debt, net		8,378
Other liabilities		3,439
Equity		17,283
Total liabilities and equity		29,100
Sea Sound Apartments JV \| Sea Sound Apartments JV Loan
Investments
Loan amount	$ 40,300
Outstanding debt		$ 8,800
Sea Sound Apartments JV \| LIBOR \| Sea Sound Apartments JV Loan
Investments
Basis spread on variable rate	2.15%
Sea Sound Apartments JV \| Apartment
Investments
Number of units to be developed \| item		300

Joint Ventures - Unconsolidated JV - Pier Park TPS JV (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Jan. 31, 2019 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Apr. 30, 2018 room	Dec. 31, 2017 USD ($)
Summarized financial information
Property and equipment, net		$ 20,846	$ 19,018
Cash and cash equivalents		106,794	185,716	$ 195,155
Other assets		63,243	52,069
Total assets		1,037,324	909,233
Debt, net		158,915	92,529
Other liabilities		72,035	57,200
Equity		568,170	529,670	533,111		$ 592,584
Total liabilities and equity		1,037,324	909,233
Total revenue		160,555	127,085	110,276
Cost of revenue		77,776	64,086	51,317
Other operating expenses		22,906	21,389	20,557
Depreciation and amortization		12,788	10,287	8,998
Total expenses		113,470	95,762	80,872
Operating income		47,085	31,323	29,404
Interest expense		(13,564)	(12,302)	(11,840)
Net income		45,480	$ 26,661	$ 31,602
Pier Park TPS JV
Investments
Value of land contributed	$ 1,700
Cash contributed		1,300
Mitigation bank credits contributed		100
Cash contributed by JV partner		$ 3,100
Ownership percentage		50.00%	50.00%
Pier Park TPS JV
Summarized financial information
Property and equipment, net		$ 17,946	$ 14,775
Cash and cash equivalents		1,705	51
Other assets		483	12
Total assets		20,134	14,838
Debt, net		14,090	6,480
Other liabilities		1,745	2,193
Equity		4,299	6,165
Total liabilities and equity		20,134	14,838
Total revenue		2,338
Cost of revenue		1,209
Other operating expenses		161
Depreciation and amortization		962
Total expenses		2,332
Operating income		6
Interest expense		(230)	(13)
Net income		$ (224)	$ (13)
Pier Park TPS JV \| Hotel
Investments
Number of units to be developed \| room					124

Joint Ventures - Unconsolidated JV - Busy Bee JV (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Investments
Notes receivable, net	$ 10,877	$ 3,252
Summarized financial information
Property and equipment, net	20,846	19,018
Cash and cash equivalents	106,794	185,716	$ 195,155
Other assets	63,243	52,069
Total assets	1,037,324	909,233
Debt, net	158,915	92,529
Other liabilities	72,035	57,200
Equity	568,170	529,670	533,111	$ 592,584
Total liabilities and equity	1,037,324	909,233
Total revenue	160,555	127,085	110,276
Cost of revenue	77,776	64,086	51,317
Other operating expenses	22,906	21,389	20,557
Depreciation and amortization	12,788	10,287	8,998
Total expenses	113,470	95,762	80,872
Operating income	47,085	31,323	29,404
Interest expense	(13,564)	(12,302)	(11,840)
Other (expense) income, net	1,329	4,133	1,152
Total other income, net	12,731	4,862	1,462
Net income	45,480	26,661	$ 31,602
Busy Bee JV (SJBB, LLC)
Investments
Investment in unconsolidated joint venture	1,200
Value of land contributed	1,400
Notes receivable, net	200
Cash contributed by JV partner	$ 1,200
Ownership percentage	50.00%
Busy Bee JV (SJBB, LLC)
Summarized financial information
Property and equipment, net	$ 8,466	3,886
Cash and cash equivalents	227	36
Other assets	717	28
Total assets	9,410	3,950
Debt, net	6,532	1,349
Other liabilities	506	181
Equity	2,372	2,420
Total liabilities and equity	9,410	$ 3,950
Total revenue	5,846
Cost of revenue	4,364
Other operating expenses	1,057
Depreciation and amortization	229
Total expenses	5,650
Operating income	196
Interest expense	(99)
Other (expense) income, net	(145)
Total other income, net	(244)
Net income	$ (48)

Joint Ventures - Unconsolidated JV - ALP (Details) - ALP - USD ($) $ in Millions	1 Months Ended	11 Months Ended	12 Months Ended
	Nov. 30, 2018	Nov. 30, 2018	Dec. 31, 2018
Investments
Variable interest entity, ownership percentage		23.90%
Distributions from termination of unconsolidated joint venture	$ 2.2		$ 2.2

Investments - Schedule of Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Debt securities and restricted investments
Amortized Cost	$ 49,206	$ 2,531
Gross Unrealized Gains	16	11
Gross Unrealized (Losses)	0	(125)
Fair Value	49,222	2,417
Unrestricted available-for-sale, Debt securities
Debt securities and restricted investments
Amortized Cost	48,046	178
Gross Unrealized Gains	5
Gross Unrealized (Losses)		(125)
Fair Value	48,051	53
Unrestricted available-for-sale, Debt securities \| U.S. Treasury Bills
Debt securities and restricted investments
Amortized Cost	47,986
Gross Unrealized Gains	5
Fair Value	47,991
Unrestricted available-for-sale, Debt securities \| Corporate debt securities
Debt securities and restricted investments
Amortized Cost	60	178
Gross Unrealized (Losses)		(125)
Fair Value	60	53
Restricted
Debt securities and restricted investments
Amortized Cost	1,160	2,353
Gross Unrealized Gains	11	11
Fair Value	1,171	2,364
Restricted \| Short-term bond
Debt securities and restricted investments
Amortized Cost	1,160	2,239
Gross Unrealized Gains	11	11
Fair Value	$ 1,171	2,250
Restricted \| Money Market Funds
Debt securities and restricted investments
Amortized Cost		114
Fair Value		$ 114

Investments - Gains and Proceeds (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Investments
Realized loss (gain) on sale of investments	$ (100)	$ (100)
Proceeds from sale of available-for-sale debt securities	1,200	4,000
Maturities of investments - debt securities	11,000	7,000	$ 10,000
Purchases of available-for-sale securities	$ 58,900	$ 100

Investments - Unrealized Loss Position (Details) - Unrestricted available-for-sale, Debt securities - Corporate debt securities - Level 3 $ in Thousands	Dec. 31, 2019 USD ($)
Investments
12 Months or Greater, Fair Value	$ 53
12 Months or Greater, Unrealized Losses	$ 125

Investments - Unrealized Loss (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Investments
Unrealized losses, debt securities	$ 0	$ 125

Investments - Contractual Maturities of Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Amortized Cost
Amortized Cost	$ 49,206	$ 2,531
Fair Value
Fair Value	49,222	2,417
Unrestricted available-for-sale, Debt securities
Amortized Cost
Amortized Cost, Due in one year or less	48,046
Amortized Cost	48,046	178
Fair Value
Fair Value, Due in one year or less	48,051
Fair Value	48,051	53
Restricted
Amortized Cost
Amortized Cost	1,160	2,353
Fair Value
Fair Value	$ 1,171	$ 2,364

Investments - Equity Securities (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Equity Securities

$ 2,623

$ 9,746

Unrealized loss on investments, net

(4,688)

(5,342)

$ (3,035)

Reclassification into retained earnings

^[1]

$ 932

Preferred stock

Equity Securities

Investments - equity securities

$ 2,600

$ 9,700

[1]

Investments - Investment Management Agreement (Details) $ in Millions	12 Months Ended
	Dec. 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	44.89%

Financial Instruments and Fair Value Measurements - Measurements on Recurring Basis (Details) - Recurring basis - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Financial instruments and fair value measurements
Cash equivalents	$ 89,964	$ 166,253
Total	141,809	178,416
Level 1
Financial instruments and fair value measurements
Cash equivalents	89,964	166,253
Total	139,126	168,617
Level 2
Financial instruments and fair value measurements
Total	2,683	9,799
Unrestricted available-for-sale, Debt securities
Financial instruments and fair value measurements
Investments	48,051	53
Unrestricted available-for-sale, Debt securities \| Level 1
Financial instruments and fair value measurements
Investments	47,991
Unrestricted available-for-sale, Debt securities \| Level 2
Financial instruments and fair value measurements
Investments	60	53
Equity securities
Financial instruments and fair value measurements
Investments	2,623	9,746
Equity securities \| Level 2
Financial instruments and fair value measurements
Investments	2,623	9,746
Restricted
Financial instruments and fair value measurements
Investments	1,171	2,364
Restricted \| Level 1
Financial instruments and fair value measurements
Investments	1,171	2,364
Money Market Funds
Financial instruments and fair value measurements
Cash equivalents	10,973	21,043
Money Market Funds \| Level 1
Financial instruments and fair value measurements
Cash equivalents	10,973	21,043
Money Market Funds \| Restricted
Financial instruments and fair value measurements
Investments		114
Money Market Funds \| Restricted \| Level 1
Financial instruments and fair value measurements
Investments		114
Commercial paper
Financial instruments and fair value measurements
Cash equivalents		138,220
Commercial paper \| Level 1
Financial instruments and fair value measurements
Cash equivalents		138,220
U.S. Treasury Bills
Financial instruments and fair value measurements
Cash equivalents	78,991	6,990
U.S. Treasury Bills \| Level 1
Financial instruments and fair value measurements
Cash equivalents	78,991	6,990
U.S. Treasury Bills \| Unrestricted available-for-sale, Debt securities
Financial instruments and fair value measurements
Investments	47,991
U.S. Treasury Bills \| Unrestricted available-for-sale, Debt securities \| Level 1
Financial instruments and fair value measurements
Investments	47,991
Corporate debt securities \| Unrestricted available-for-sale, Debt securities
Financial instruments and fair value measurements
Investments	60	53
Corporate debt securities \| Unrestricted available-for-sale, Debt securities \| Level 2
Financial instruments and fair value measurements
Investments	60	53
Preferred stock \| Equity securities
Financial instruments and fair value measurements
Investments	2,623	9,746
Preferred stock \| Equity securities \| Level 2
Financial instruments and fair value measurements
Investments	2,623	9,746
Short-term bond \| Restricted
Financial instruments and fair value measurements
Investments	1,171	2,250
Short-term bond \| Restricted \| Level 1
Financial instruments and fair value measurements
Investments	$ 1,171	$ 2,250

Financial Instruments and Fair Value Measurements - Expected Maturity (Details) - Y	Dec. 31, 2020	Dec. 31, 2019
Financial instruments and fair value measurements
Debt Securities, Available-for-sale, Measurement Input [Extensible List]	us-gaap:MeasurementInputExpectedTermMember	us-gaap:MeasurementInputExpectedTermMember
Restricted \| Short-term bond \| Minimum
Financial instruments and fair value measurements
Measurement input (in years)	0	0
Restricted \| Short-term bond \| Maximum
Financial instruments and fair value measurements
Measurement input (in years)	3	3

Financial Instruments and Fair Value Measurements - Liabilities Measured at FV (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Jun. 30, 2019	Jan. 31, 2019
Recurring basis
Financial instruments and fair value measurements
Liabilities	$ 1,993	$ 336
Recurring basis \| Interest rate swap \| Other liabilities.
Financial instruments and fair value measurements
Derivative liabilities	1,172	336
Recurring basis \| Interest rate swap \| Investment in unconsolidated joint ventures
Financial instruments and fair value measurements
Derivative liabilities	821
Recurring basis \| Level 2
Financial instruments and fair value measurements
Liabilities	1,993	336
Recurring basis \| Level 2 \| Interest rate swap \| Other liabilities.
Financial instruments and fair value measurements
Derivative liabilities	1,172	$ 336
Recurring basis \| Level 2 \| Interest rate swap \| Investment in unconsolidated joint ventures
Financial instruments and fair value measurements
Derivative liabilities	821
Pier Park TPS JV \| Interest rate swap
Financial instruments and fair value measurements
Notional amount				$ 14,400
Pier Park TPS JV \| Recurring basis \| Level 2 \| Interest rate swap
Financial instruments and fair value measurements
Derivative liabilities	$ 800
Latitude Margaritaville Watersound JV \| Interest rate swap \| Watercrest JV
Financial instruments and fair value measurements
Notional amount			$ 20,000

Financial Instruments and Fair Value Measurements - Investment in Unconsolidated JVs and Long-lived assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Financial Instruments and Fair Value Measurements
Impairment loss on investment in unconsolidated joint ventures	$ 0	$ 0	$ 0
Impairment loss on investment in real estate	$ 0	$ 0	$ 99

Financial Instruments and Fair Value Measurements - Carrying Amount and Fair Value (Details) - Nonrecurring - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Carrying Value
Financial instruments and fair value measurements
Debt	$ 161,418	$ 94,507
Fair Value
Financial instruments and fair value measurements
Debt	163,802	96,814
Level 1 \| Carrying Value \| U. S Treasury Bills and cash
Financial instruments and fair value measurements
Investments held by SPEs	5,759	6,382
Level 1 \| Fair Value \| U. S Treasury Bills and cash
Financial instruments and fair value measurements
Investments held by SPEs	6,363	6,712
Level 2 \| Carrying Value \| Fixed-rate debt
Financial instruments and fair value measurements
Debt	114,125	89,969
Level 2 \| Carrying Value \| Variable rate debt
Financial instruments and fair value measurements
Debt	47,293	4,538
Level 2 \| Fair Value \| Fixed-rate debt
Financial instruments and fair value measurements
Debt	116,509	92,276
Level 2 \| Fair Value \| Variable rate debt
Financial instruments and fair value measurements
Debt	47,293	4,538
Level 3 \| Carrying Value
Financial instruments and fair value measurements
Senior Notes held by SPE	177,289	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	216,363	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	Dec. 31, 2020	Dec. 31, 2019
Financial instruments and fair value measurements
Investments held by special purpose entities		$ 206,149	$ 206,771
Senior Notes held by special purpose entity		177,289	177,026
Variable Interest Entities
Financial instruments and fair value measurements
Investments held by special purpose entities		206,149	206,771
Senior Notes held by special purpose entity		177,289	$ 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		$ 5,700
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		177,300
Unamortized discount and debt issuance costs		$ 2,700

Hurricane Michael (Details) - USD ($) $ in Thousands	12 Months Ended
Hurricane Michael (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Loss contingency
Insurance proceeds	$ 690	$ 5,314	$ 7,199
Loss from hurricane damage	1,123	2,704	8,628
Hurricane Michael.
Loss contingency
Insurance proceeds	700	5,300	7,200
Loss from hurricane damage	1,100	2,700	$ 8,600
Hurricane Michael. \| Hospitality \| Cost of revenue
Loss contingency
Proceeds from business interruption insurance	1,300	$ 1,300
Hurricane Michael. \| Pier Park Crossings JV \| Cost of leasing revenue
Loss contingency
Proceeds from business interruption insurance	$ 700

Leases - Components of Lease Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Leasing revenue
Lease payments	$ 14,710	$ 11,637	$ 10,660
Variable lease payments	4,109	3,944	3,067
Total leasing revenue	$ 18,819	$ 15,581
Leasing revenue			$ 13,727

Leases - Minimum Future Base Rental Revenue (Details) $ in Thousands	Dec. 31, 2020 USD ($)
Minimum future base rental revenue:
2021	$ 14,820
2022	11,204
2023	8,967
2024	7,505
2025	5,076
Thereafter	14,656
Total	$ 62,228

Leases - Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
Leases - Lease Cost (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Lease cost
Finance lease cost: Amortization of right-of-use assets	$ 57	$ 40
Finance lease cost: Interest on lease liability	11	9
Operating lease cost	289	238
Short-term lease cost	1,016	721
Total lease cost	$ 1,373	$ 1,008

Leases - Lease Cost - Other Information (Details)	Dec. 31, 2020	Dec. 31, 2019
Leases
Weighted-average remaining lease term - finance lease (in years)	3 years 10 months 24 days	4 years 2 months 12 days
Weighted-average remaining lease term - operating leases (in years)	3 years 10 months 24 days	3 years 1 month 6 days
Weighted-average discount rate - finance lease (as a percent)	5.00%	5.00%
Weighted-average discount rate - operating leases (as a percent)	4.90%	5.00%

Leases - Aggregate Payments of Finance Lease Liability (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Aggregate payments of finance lease liability:
2021	$ 94
2022	94
2023	94
2024	47
2025	12
Total	341
Less imputed interest	(25)
Total finance lease liability	$ 316	$ 204

Leases - Aggregate Payments of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Aggregate payments of operating lease liabilities:
2021	$ 256
2022	201
2023	158
2024	88
2025	37
Thereafter	281
Total	1,021
Less imputed interest	(213)
Total operating lease liabilities	$ 808	$ 691

Other Assets - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Other Assets
Restricted investments	$ 1,171	$ 2,364
Accounts receivable, net	10,791	6,957
Homesite sales receivable	5,675	5,211	$ 2,977
Notes receivable, net	10,877	3,252
Income tax receivable		2,843
Inventory	2,026	1,384
Prepaid expenses	7,135	6,592
Straight-line rent	3,174	3,292
Operating lease, right-of use assets	808	691
Other assets	5,743	4,331
Retained interest investments	12,905	12,214
Accrued interest receivable for Senior Notes held by SPE	2,938	2,938
Total other assets	$ 63,243	$ 52,069

Other Assets - Restricted Investments (Details)	12 Months Ended
Other Assets - Restricted Investments (Details)	Dec. 31, 2020
Other Assets
401(k) Plan distribution period (in years)	1 year

Other Assets - Accounts Receivable, Net (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 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 receivable		$ 0.3
Maximum
Accounts Receivable, Net
Increase (decrease) in allowance for credit losses related to accounts receivable	$ (0.1)

Other Assets - Homesite Sales Receivable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Changes in lot sales receivable
Homesite Sales Receivable, Beginning Balance	$ 5,211	$ 2,977
Increases Due To Revenue Recognized for Lots Sold	3,854	4,755
Decreases Due to Amounts Received/Transferred	(3,390)	(2,521)
Homesite Sales Receivable, Ending Balance	$ 5,675	$ 5,211

Other Assets - Notes Receivable, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Jun. 30, 2020
Receivables
Notes receivable, net	$ 10,877	$ 3,252
Proceeds from collection of principal	1,949	1,165	$ 3,004
Allowance for credit losses, Notes receivable		0
Accrued interest receivable	2,938	2,938
Latitude Margaritaville Watersound JV
Receivables
Notes receivable, net	2,700
Amount as lender of secured revolving promissory note	10,000			$ 10,000
Maximum
Receivables
Allowance for credit losses, Notes receivable	100
Notes Receivable
Receivables
Accrued interest receivable	200	200
Various interest bearing homebuilder notes, secured by the real estate sold - bearing interest at rates of 5.5% to 6.3% , due June 2021 through December 2022
Receivables
Notes receivable, net	$ 7,544	$ 2,598
Various interest bearing homebuilder notes, secured by the real estate sold - bearing interest at rates of 5.5% to 6.3% , due June 2021 through December 2022 \| Minimum
Receivables
Interest rate, note (as a percent)	5.50%	5.50%
Various interest bearing homebuilder notes, secured by the real estate sold - bearing interest at rates of 5.5% to 6.3% , due June 2021 through December 2022 \| Maximum
Receivables
Interest rate, note (as a percent)	6.30%	6.30%
Interest bearing revolving promissory note with the unconsolidated Latitude Margaritaville Watersound JV, secured by the JV's real property - bearing interest at a rate of 5.0%, matures June 2025
Receivables
Notes receivable, net	$ 2,714
Interest rate, note (as a percent)	5.00%
Interest bearing note with a JV partner, secured by the partner's membership interest in the JV - 8.0% interest rate, due May 2039 through July 2039
Receivables
Notes receivable, net	$ 556	$ 569
Interest rate, note (as a percent)	8.00%	8.00%
Various mortgage notes, secured by certain real estate, bearing interest at rates of 6.4% to 6.5%, due December 2022 through November 2023
Receivables
Notes receivable, net	$ 63	$ 85
Various mortgage notes, secured by certain real estate, bearing interest at rates of 6.4% to 6.5%, due December 2022 through November 2023 \| Minimum
Receivables
Interest rate (as a percent)	6.40%	6.40%
Various mortgage notes, secured by certain real estate, bearing interest at rates of 6.4% to 6.5%, due December 2022 through November 2023 \| Maximum
Receivables
Interest rate (as a percent)	6.50%	6.50%

Other Assets - Retained Interest Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Investments
Retained interest investments	$ 12,905	$ 12,214
Retained interest investments
Investments
Expected amount to receive upon maturity of note after payment of note and any other liabilities	$ 16,400
Promissory notes maturity period	15 years
Retained interest investments	$ 12,900	$ 12,200
Minimum \| Retained interest investments
Investments
Notes maturity year	2022
Maximum \| Retained interest investments
Investments
Notes maturity year	2024

Property and Equipment, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Property, plant and equipment
Property and equipment, gross	$ 80,576	$ 80,982
Less: Accumulated depreciation	60,433	63,223
Property, plant and equipment, excluding construction in progress, net	20,143	17,759
Construction in progress	703	1,259
Total	20,846	19,018
Depreciation expense	4,000	3,200	$ 2,400
Railroad and equipment
Property, plant and equipment
Property and equipment, gross	33,626	33,626
Furniture and fixtures
Property, plant and equipment
Property and equipment, gross	22,601	24,062
Machinery and equipment
Property, plant and equipment
Property and equipment, gross	13,502	11,100
Office equipment
Property, plant and equipment
Property and equipment, gross	4,607	5,920
Autos and trucks
Property, plant and equipment
Property and equipment, gross	$ 6,240	$ 6,274

Debt, Net - Schedule of Debt (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Debt instruments
Outstanding debt	$ 161,418	$ 94,507
Unamortized Discount and Debt Issuance Costs	2,503	1,978
Debt, Net	158,915	92,529
PPN JV Loan, due November 2025, bearing interest at 4.1%
Debt instruments
Outstanding debt	44,568	45,514
Unamortized Discount and Debt Issuance Costs	314	380
Debt, Net	$ 44,254	$ 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	$ 36,084	$ 34,610
Unamortized Discount and Debt Issuance Costs	1,079	1,087
Debt, Net	$ 35,005	$ 33,523
Debt interest rate (as a percent)	4.00%	4.00%
Watersound Origins Crossings JV Loan, due May 2024, bearing interest at 5.0%
Debt instruments
Outstanding debt	$ 27,179	$ 2,868
Unamortized Discount and Debt Issuance Costs	351	454
Debt, Net	$ 26,828	$ 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	$ 18,066
Unamortized Discount and Debt Issuance Costs	284
Debt, Net	$ 17,782
Effective interest rate (as a percent)	2.30%
Watercrest JV Loan, due June 2047, bearing interest at LIBOR plus 2.2% \| LIBOR
Debt instruments
Basis spread on variable rate	2.20%
PPC II JV Loan, due October 2024, bearing interest at LIBOR plus 2.3%
Debt instruments
Outstanding debt	$ 15,921
Unamortized Discount and Debt Issuance Costs	198
Debt, Net	$ 15,723
Effective interest rate (as a percent)	2.40%
PPC II JV Loan, due October 2024, bearing interest at LIBOR plus 2.3% \| LIBOR
Debt instruments
Basis spread on variable rate	2.30%
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	$ 6,294	$ 6,977
Debt, Net	$ 6,294	$ 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%
Beckrich Building III Loan, due August 2029, bearing interest at LIBOR plus 1.7%
Debt instruments
Outstanding debt	$ 5,421
Unamortized Discount and Debt Issuance Costs	59
Debt, Net	$ 5,362
Effective interest rate (as a percent)	1.80%
Beckrich Building III Loan, due August 2029, bearing interest at LIBOR plus 1.7% \| LIBOR
Debt instruments
Basis spread on variable rate	1.70%
Airport Hotel Loan, due March 2025, bearing interest at LIBOR plus 2.0%
Debt instruments
Outstanding debt	$ 3,548
Unamortized Discount and Debt Issuance Costs	168
Debt, Net	$ 3,380
Floor rate (as a percent)	3.00%
Effective interest rate (as a percent)	3.00%
Airport Hotel Loan, due March 2025, bearing interest at LIBOR plus 2.0% \| LIBOR
Debt instruments
Basis spread on variable rate	2.00%
Beach Homes Loan, due May 2029, bearing interest at LIBOR plus 1.7%.
Debt instruments
Outstanding debt	$ 1,545	$ 1,594
Unamortized Discount and Debt Issuance Costs	17	20
Debt, Net	$ 1,528	$ 1,574
Effective interest rate (as a percent)	1.80%
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	$ 1,458	$ 1,535
Unamortized Discount and Debt Issuance Costs	12	14
Debt, Net	$ 1,446	$ 1,521
Effective interest rate (as a percent)	1.80%
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	$ 1,334	$ 1,409
Unamortized Discount and Debt Issuance Costs	21	23
Debt, Net	$ 1,313	$ 1,386
Effective interest rate (as a percent)	1.80%
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						120 Months Ended
Debt, Net - Debt Agreements (Details) $ in Thousands	Nov. 30, 2020 USD ($)	Apr. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Oct. 31, 2019 USD ($)	Jun. 30, 2019 USD ($)	May 31, 2019 USD ($)	Jun. 30, 2030	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Aug. 31, 2019 USD ($)	May 31, 2018 USD ($) item	Feb. 28, 2018 USD ($)	Mar. 31, 2017 USD ($)	Oct. 31, 2015 USD ($)
Debt instruments
Outstanding debt								$ 161,418	$ 94,507
Total Community Development District debt								15,800	17,800
PPN JV Loan, due November 2025, bearing interest at 4.1%
Debt instruments
Loan amount														$ 48,200
Outstanding debt								44,568	45,514
PPC JV Loan, due June 2060, bearing interest at 4.0%
Debt instruments
Loan amount											$ 36,600
Outstanding debt								36,084	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%
Watersound Origins Crossings JV Loan, due May 2024, bearing interest at 5.0%
Debt instruments
Loan amount						$ 37,900
Outstanding debt								27,179	2,868
Debt instrument, period subject to interest payments only						30 months
PPC II JV Loan, due October 2024, bearing interest at LIBOR plus 2.3%
Debt instruments
Loan amount				$ 17,500
Outstanding debt								15,921
Debt instrument, period subject to interest payments only				24 months
Watercrest JV Loan, due June 2047, bearing interest at LIBOR plus 2.2%
Debt instruments
Loan amount					$ 22,500
Outstanding debt								18,066
Debt instrument, period subject to interest payments only					36 months
Notional amount					$ 20,000
Fixed interest rate (as a percent)					4.37%
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								6,294	6,977
Beckrich Building III Loan, due August 2029, bearing interest at LIBOR plus 1.7%
Debt instruments
Loan amount										$ 5,500
Outstanding debt								5,421
Airport Hotel Loan, due March 2025, bearing interest at LIBOR plus 2.0%
Debt instruments
Loan amount			$ 15,300
Outstanding debt								3,548
Debt instrument, period subject to interest payments only			36 months
Beach Homes Loan, due May 2029, bearing interest at LIBOR plus 1.7%.
Debt instruments
Loan amount											$ 1,700
Outstanding debt								1,545	1,594
Number of homes financed \| item											2
Pier Park Outparcel Construction Loan, due March 2027, bearing interest at LIBOR plus 1.7%
Debt instruments
Loan amount													$ 1,600
Outstanding debt								1,458	1,535
WaterColor Crossings Construction Loan, due February 2029, bearing interest at LIBOR plus 1.7%
Debt instruments
Loan amount												$ 1,900
Outstanding debt								1,334	$ 1,409
Pier Park Resort Hotel JV Loan
Debt instruments
Loan amount		$ 52,500
Outstanding debt								0
Debt instrument, period subject to interest payments only		36 months
Debt Instrument, Guarantor, Debt Service Coverage Period		12 months
Loan costs								1,100
Pier Park Resort Hotel JV Loan \| Maximum
Debt instruments
Loan amount		$ 60,000
Breakfast Point Hotel Loan, Due November 2042
Debt instruments
Loan amount	$ 16,800
Outstanding debt								0
Debt instrument, period subject to interest payments only	24 months
Loan costs								200
Self-Storage Facility Loan, Due November 2025
Debt instruments
Loan amount	$ 5,800
Outstanding debt								0
Debt instrument, period subject to interest payments only	48 months
Loan costs								$ 100
Self-Storage Facility Loan, Due November 2025 \| Maximum
Debt instruments
Amount of liability as guarantor	$ 2,900

Debt, Net - Maturities of Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Debt, Net
2021	$ 2,605
2022	3,402
2023	3,750
2024	44,993
2025	45,903
Thereafter	60,765
Long term debt	$ 161,418	$ 94,507

Other Liabilities - Schedule of Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Other Liabilities
Accounts payable	$ 25,376	$ 16,207
Finance lease liability	316	204
Operating lease liabilities	808	691
Accrued compensation	3,337	3,151
Other accrued liabilities	6,892	3,277
Deferred revenue	16,632	18,972
Club initiation fees	10,716	6,917
Club membership deposits	3,764	3,985
Advance deposits	1,344	946
Accrued interest expense for Senior Notes held by SPE	2,850	2,850
Total other liabilities	$ 72,035	$ 57,200
Finance Lease, Liability, Statement of Financial Position [Extensible List]	Total other liabilities	Total other liabilities
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Total other liabilities	Total other liabilities

Other Liabilities - Additional Information (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Other Liabilities
Deferred revenue	$ 16,632	$ 18,972
Florida Department of Transportation
Other Liabilities
Deferred revenue	$ 11,500	$ 12,500

Other Liabilities - Changes in Contract Liabilities (Details) - Club Membership - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Change in contract with customer liability
Balance at beginning of period	$ 6,917	$ 5,676
New club memberships	6,268	3,083
Revenue from amounts included in contract liability opening balance	(2,062)	(1,553)
Revenue from current period new memberships	(407)	(289)
Balance at end of period	$ 10,716	$ 6,917

Other Liabilities - Performance Obligations (Details) $ in Millions	Dec. 31, 2020 USD ($)
Other Liabilities
Remaining performance obligations	$ 10.7
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01
Other Liabilities
Remaining performance obligations	$ 2.6
Performance obligations
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Other Liabilities
Remaining performance obligations	$ 4.5
Performance obligations
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Other Liabilities
Remaining performance obligations	$ 3.0
Performance obligations
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Other Liabilities
Remaining performance obligations	$ 0.6
Performance obligations
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period

Income Taxes - Provision for Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Current:
Federal	$ 5,146	$ 1,070	$ 4,305
Total	5,146	1,070	4,305
Deferred:
Federal	6,321	5,903	488
State	2,203	2,474	(5,529)
Total	8,524	8,377	(5,041)
Total income tax expense (benefit)	$ 13,670	$ 9,447	$ (736)

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

Income Taxes - Allocation of Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Taxes
Income tax expense (benefit)	$ 13,670	$ 9,447	$ (736)
Income tax recorded in accumulated other comprehensive loss, Income tax (benefit) expense	(386)	116	685
Total income tax expense (benefit)	$ 13,284	$ 9,563	$ (51)

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

Income Taxes - Expense (Benefit) Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Taxes
Statutory federal income tax rate (as a percent)	21.00%	21.00%	21.00%
Tax at the statutory federal rate	$ 12,385	$ 7,607	$ 6,643
State income taxes (net of federal benefit)	2,203	1,477	1,392
Decrease in valuation allowance, net			(4,993)
Decrease in uncertain tax positions			(2,165)
Change in US and State tax rates		1,006	(1,035)
Income tax credits	(454)
Benefit of Qualified Opportunity Zone investment	(161)	(561)
Dividend received deduction	(33)	(188)	(322)
Other permanent items	(270)	106	(256)
Total income tax expense (benefit)	$ 13,670	$ 9,447	$ (736)

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets:
State net operating loss carryforwards	$ 13,355	$ 14,316
Impairment losses	33,660	36,751
Prepaid income from land sales	3,812	3,180
Capitalized costs	2,851	2,468
Reserves and accruals	1,586	1,672
Unrealized losses on investments	3,403	2,282
Other	765	765
Total gross deferred tax assets	59,432	61,434
Deferred tax liabilities:
Investment in real estate and property and equipment basis differences	5,929	4,000
Deferred gain on land sales and involuntary conversions	29,101	24,956
Installment sales	83,337	83,275
Pension Plan assets transferred to the 401(k) Plan	287	580
Other	1,693	1,431
Total gross deferred tax liabilities	120,347	114,242
Net deferred tax liabilities	$ (60,915)	$ (52,808)

Income Taxes - Operating Loss Carryforwards (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
State
Operating loss carryforwards
Operating loss carryforwards	$ 304.0	$ 341.4
Federal
Operating loss carryforwards
Operating loss carryforwards	$ 2.3	$ 0.0

Income Taxes - Tax Credit Carryforward (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Income Taxes
Income tax payable	$ 2,700
Income tax receivable		$ 2,843
AMT credit receivable		$ 2,200

Income Taxes - Tax Rates (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes - Tax Rates (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income taxes
Statutory federal income tax rate (as a percent)		21.00%	21.00%	21.00%
Impact of change in tax rate			$ 1,006	$ (1,035)
Florida Department of Revenue
Income taxes
Tax at the state statutory rate (as a percent)		4.50%	4.50%	5.50%
Impact of change in tax rate			$ 1,000
Florida Department of Revenue \| Forecast
Income taxes
Tax at the state statutory rate (as a percent)	4.50%

Income Taxes - Valuation Allowances and Unrecognized Tax Benefits (Details) $ in Millions	12 Months Ended
	Dec. 31, 2018 USD ($)
Income Taxes
Amount of decrease in valuation allowance	$ 5.0
Decrease in unrecognized tax benefits, expiration of statute of limitations	$ 2.1

Income Taxes - Tax Refund (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Income Taxes
Unrecognized tax benefits, income tax penalties accrued	$ 0.0	$ 0.0

Accumulated Other Comprehensive Loss - Summary of Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Summary of changes in accumulated other comprehensive loss
Beginning Balance	$ 529,670	$ 533,111	$ 592,584
Amounts reclassified from accumulated other comprehensive loss	(3)	(52)
Total other comprehensive (loss) income, net of tax	(1,137)	339	787
Ending Balance	568,170	529,670	533,111
Accumulated Other Comprehensive Loss.
Summary of changes in accumulated other comprehensive loss
Beginning Balance	(335)	(674)	(1,461)
Other comprehensive income (loss) before reclassifications	(1,134)	391
Amounts reclassified from accumulated other comprehensive loss	(3)	(52)
Total other comprehensive (loss) income, net of tax	(1,137)	339
Ending Balance	(1,472)	(335)	(674)
Unrealized (loss) and gain on available for sale securities
Summary of changes in accumulated other comprehensive loss
Beginning Balance	(84)	(674)
Other comprehensive income (loss) before reclassifications	103	642
Amounts reclassified from accumulated other comprehensive loss	(3)	(52)
Total other comprehensive (loss) income, net of tax	100	590
Ending Balance	16	(84)	$ (674)
Unrealized loss Cash flow hedge, Interest rate swap
Summary of changes in accumulated other comprehensive loss
Beginning Balance	(251)
Other comprehensive income (loss) before reclassifications	(1,237)	(251)
Total other comprehensive (loss) income, net of tax	(1,237)	(251)
Ending Balance	$ (1,488)	$ (251)

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

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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.

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

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

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

$ (4)

$ (69)

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

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

(3)

(52)

Total before income taxes

(1,523)

455

$ 1,472

Other comprehensive loss, Tax (expense) or benefit

^[1]

386

(116)

(685)

Total other comprehensive (loss) income, net of tax

(1,137)

339

$ 787

Accumulated Other Comprehensive Loss.

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

(1,134)

391

(3)

(52)

Total other comprehensive (loss) income, net of tax

(1,137)

339

Unrealized (loss) and gain on available for sale securities

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

103

642

(3)

(52)

Total other comprehensive (loss) income, net of tax

100

590

Unrealized loss Cash flow hedge, Interest rate swap

Total other comprehensive (loss) income, net of tax

(1,237)

(251)

(1,237)

(251)

Unrealized loss Cash flow hedge, Interest rate swap | Interest rate swap

Unrealized gain on investments, Tax (expense) or benefit

(836)

(336)

212

Unrealized loss Cash flow hedge, Interest rate swap | Interest rate swap, unconsolidated affiliates

(624)

(251)

Unrealized gain on investments, Tax (expense) or benefit

(821)

208

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

(613)

Unrealized gain on investments, Tax (expense) or benefit

130

842

(33)

(214)

Restricted | Unrealized (loss) and gain on available for sale securities

628

Unrealized gain on investments, Tax (expense) or benefit

(2)

(4)

$ 6

$ 14

[1]

Stockholders' Equity - Stock Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Stockholders' Equity
Average purchase price per share for share repurchase (in dollars per share)			$ 16.54	$ 16.59
Aggregate cost			$ 8,803	$ 20,845	$ 93,369
Remaining authorized repurchase amount	$ 77,400		$ 77,400
Common Stock
Stockholders' Equity
Shares repurchased during the period (in shares)			532,034	1,263,159	5,238,566
Treasury stock, shares, retired (in shares)	532,034	1,263,159
Retirement of treasury stock	$ 8,800	$ 20,800	$ 8,803	$ 20,845	$ 93,369

Stockholders' Equity - Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Stockholders' Equity
Dividends paid (in dollars per share)	$ 0.07	$ 0.07	$ 0	$ 0
Amount of dividends paid		$ 4,122

Stockholders' Equity - Issuance of Common Stock (Details) $ in Thousands					12 Months Ended
	Jul. 01, 2019 director shares	Jul. 02, 2018 director shares	Mar. 15, 2018 employee shares	Jul. 03, 2017 director shares	Dec. 31, 2020 USD ($) shares	Dec. 31, 2019 USD ($) shares	Dec. 31, 2018 USD ($) employee shares	May 20, 2019 USD ($)	May 23, 2018 USD ($)	Dec. 31, 2017	May 25, 2017 USD ($)
Share-based compensation
Stock compensation expense before tax benefit					$ 45	$ 77	$ 71
Directors \| Restricted Stock
Share-based compensation
Fair value of equity grant award approved for each director								$ 50	$ 50		$ 50
Number of restricted stock awards granted \| shares	5,708	2,778		5,334	0	5,708	2,778
Number of directors granted restricted stock awards \| director	2	1		2
Number of directors who elected to receive cash in lieu of the stock \| director	2	3		4
Stock compensation expense before tax benefit					$ 100	$ 100	$ 100
Officers \| Restricted Stock
Share-based compensation
Number of restricted stock awards granted \| shares							9,956
Issuance of common stock for officer compensation, net of tax withholding \| shares			9,956
Number of directors granted restricted stock awards \| employee			4
Percentage of total discretionary cash incentive award elected to be received in shares of Company stock										50.00%
Number of grantees who elected to receive a portion of total discretionary cash incentive award in shares of company stock \| employee							4
Stock compensation expense before tax benefit							$ 200

Stock Based Compensation - Plans (Details)	Dec. 31, 2020 shares
Stock Based Compensation
Shares available for future issuance	1,463,543

Stock Based Compensation - Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Stock Based Compensation
Stock compensation expense before tax benefit	$ 45	$ 77	$ 71
Income tax benefit	(11)	(19)	(19)
Stock compensation expense after tax benefit	$ 34	$ 58	$ 52

Stock Based Compensation - Restricted stock (Details) - Restricted Stock - USD ($) $ / shares in Units, $ in Millions					12 Months Ended
	Jul. 01, 2019	Jul. 02, 2018	Mar. 15, 2018	Jul. 03, 2017	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Number of Units
Unvested restricted stock units outstanding					0
Weighted Average Grant Date Fair Value
Fair values of vested restricted stock and stock options					$ 0.1	$ 0.1	$ 0.1
Directors
Number of Units
Number of restricted stock awards granted	5,708	2,778		5,334	0	5,708	2,778
Number of units, vested					5,708	2,778	5,334
Weighted Average Grant Date Fair Value
Weighted average grant date fair value, granted (in dollars per share)						$ 17.52	$ 18.00
Officers
Number of Units
Number of restricted stock awards granted							9,956
Number of units, vested							9,956
Issuance of common stock for officer compensation, net of tax withholding			9,956
Weighted Average Grant Date Fair Value
Weighted average grant date fair value, granted (in dollars per share)							$ 19.32
Fair values of vested restricted stock and stock options							$ 0.2

Employee Benefit Plan (Details) - USD ($) $ in Millions	12 Months Ended
Employee Benefit Plan (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2014
Defined Benefit Plan, Plan Assets, Allocation [Line Items]
Assets Contributed to 401k Plan				$ 7.9
Restricted investments	$ 1.2	$ 2.4
401(k) Plan distribution period (in years)	1 year
Compensation expense for assets allocated to participants	$ 1.2	1.1	$ 1.1
Restricted \| Maximum
Defined Benefit Plan, Plan Assets, Allocation [Line Items]
Gain (loss) on assets	$ 0.1	$ (0.1)	$ (0.1)

RiverTown Impact Fees (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
RiverTown Impact Fees (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Real estate sale
Revenues		$ 160,555	$ 127,085	$ 110,276
Mattamy - RiverTown sale
Real estate sale
Impact fees received	$ 23,100	1,700	1,300	23,700
Residential \| Operating Segments
Real estate sale
Revenues		$ 74,715	$ 41,586	43,266
Residential \| Operating Segments \| Real estate - Impact fees \| Mattamy - RiverTown sale
Real estate sale
Revenues				$ 23,100

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).

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